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 811-2105
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)
William C. Coffey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
| |
Date of fiscal year end: | October 31 |
| |
Date of reporting period: | October 31, 2018 |
Item 1.
Reports to Stockholders
Fidelity® Series Global ex U.S. Index Fund
Annual Report October 31, 2018 |
 |
Contents
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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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2018 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity® Series Global ex U.S. Index Fund | (8.48)% | 1.62% | 3.96% |
A From September 29, 2009
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Series Global ex U.S. Index Fund on September 29, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
| Period Ending Values |
| $14,234 | Fidelity® Series Global ex U.S. Index Fund |
| $14,630 | MSCI ACWI (All Country World Index) ex USA Index |
Management's Discussion of Fund Performance
Market Recap: International equities returned -8.08% for the 12 months ending October 31, 2018, according to the MSCI ACWI (All Country World Index) ex USA Index. A modestly positive first half of the period gave way to a confluence of overwhelmingly negative factors – including escalating trade tension, a surging U.S. dollar, tepid economic growth in Europe, global central bank tightening, concerns about Italy’s budget stalemate with the EU, and weakness in China’s stock market – that yielded a -11% second-half return. The index lost 8% in October alone, its largest monthly drop in more than six years. Among sectors, new-media-infused communications services (-15%) was hit the hardest, while economically sensitive consumer discretionary (-13%), information technology (-12%), financials (-10%), industrials (-9%) and materials (-7%) stocks also fared poorly. Even the more defensive real estate (-9%), utilities (-6%) and consumer staples (-5%) sectors weren’t spared this period. Conversely, elevated crude-oil prices fueled a positive return for energy (+7%), the top-performing sector, followed by the relatively stable-growing health care segment (+2%). Regionally, emerging markets (-12%) fared the worst, hampered by the impact of foreign exchange and concerns about economic weakness in China, India and South Korea. Sluggish growth also pressured shares in continental Europe (-9%). Stocks in Japan (-3%) and the U.K. (-4%) held up better, followed by Canada (-5%) and Asia-Pacific ex Japan (-6%).
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team: For the fiscal year, the fund's share classes gained roughly -8.5%, compared with a return of -8.08% for the benchmark MSCI ACWI (All Country World Index) ex USA Index. (Note: The fund may use fair-value pricing techniques to better reflect the value of foreign securities whose prices may be stale due to differences in market-closure times and dates around the world. Fair-value pricing is a common industry adjustment process that attempts to best represent the value of fund holdings as of the close in trading in U.S. markets, accounting for any major changes occurring after the close of foreign markets. The MSCI ACWI ex USA Index does not engage in fair-value pricing; differences between fund and index pricing methodologies may cause short-term discrepancies in performance, which tend to smooth out over time.) The biggest detractor in absolute terms was Chinese internet company Tencent (-24%), which struggled due to questions about the sustainability of the company's growth rate as well as regulatory concern. Tencent's decline also weighed on South African media company Naspers (-28%), which owns a large Tencent stake. German pharmaceutical and life sciences company Bayer (-40%) posed another challenge for performance. An unfavorable and costly legal ruling for seed company Monsanto, which Bayer acquired in June, weighed on the stock. British American Tobacco (-30%) also detracted, as the company faced new competitive and regulatory challenges. In contrast, the top individual contributor was Japanese electronics giant Sony (+41%), which experienced strong financial results. Brazilian mining company Vale (+62%) also added value; the company has benefited from better commodity pricing coupled with the firm's success at cutting costs. Better-than-expected earnings boosted shares of Swiss pharmaceutical company Novartis (+10%), while U.K.-based energy giant BP (+13%) also added value.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2018 |
| | Japan | 15.9% |
| | United Kingdom | 10.5% |
| | Canada | 6.7% |
| | France | 6.6% |
| | Germany | 5.9% |
| | Switzerland | 5.6% |
| | United States of America* | 5.5% |
| | Australia | 4.4% |
| | Cayman Islands | 3.7% |
| | Other | 35.2% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2018
| | % of fund's net assets |
| Stocks and Equity Futures | 100.0 |
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 1.3 |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 1.0 |
| Novartis AG (Switzerland, Pharmaceuticals) | 0.9 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 0.9 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 0.9 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 0.8 |
| HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) | 0.8 |
| Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 0.8 |
| BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 0.7 |
| Total SA (France, Oil, Gas & Consumable Fuels) | 0.7 |
| | 8.8 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Financials | 22.7 |
| Industrials | 10.3 |
| Consumer Discretionary | 9.6 |
| Consumer Staples | 9.1 |
| Health Care | 7.8 |
| Information Technology | 7.7 |
| Materials | 7.4 |
| Energy | 7.3 |
| Communication Services | 7.0 |
| Real Estate | 2.5 |
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 92.8% | | | |
| | | Shares | Value |
| Australia - 4.4% | | | |
| AGL Energy Ltd. | | 192,771 | $2,457,194 |
| Alumina Ltd. | | 717,549 | 1,295,737 |
| Amcor Ltd. | | 333,455 | 3,140,611 |
| AMP Ltd. | | 844,394 | 1,476,955 |
| APA Group unit | | 345,649 | 2,349,805 |
| Aristocrat Leisure Ltd. | | 167,555 | 3,144,333 |
| ASX Ltd. | | 56,156 | 2,353,006 |
| Aurizon Holdings Ltd. | | 584,801 | 1,739,333 |
| Australia & New Zealand Banking Group Ltd. | | 843,918 | 15,496,300 |
| Bank of Queensland Ltd. | | 113,056 | 772,585 |
| Bendigo & Adelaide Bank Ltd. | | 142,727 | 1,033,968 |
| BHP Billiton Ltd. | | 936,701 | 21,613,115 |
| BlueScope Steel Ltd. | | 162,164 | 1,650,200 |
| Boral Ltd. | | 343,980 | 1,366,537 |
| Brambles Ltd. | | 464,966 | 3,496,801 |
| Caltex Australia Ltd. | | 76,693 | 1,534,805 |
| Challenger Ltd. | | 164,784 | 1,197,258 |
| Cimic Group Ltd. | | 27,873 | 933,423 |
| Coca-Cola Amatil Ltd. | | 147,903 | 1,037,949 |
| Cochlear Ltd. | | 16,928 | 2,128,751 |
| Commonwealth Bank of Australia | | 513,305 | 25,164,893 |
| Computershare Ltd. | | 134,932 | 1,889,065 |
| Crown Ltd. | | 108,791 | 963,775 |
| CSL Ltd. | | 132,050 | 17,580,107 |
| DEXUS Property Group unit | | 297,005 | 2,145,306 |
| Dominos Pizza Enterprises Ltd. | | 18,025 | 689,405 |
| Flight Centre Travel Group Ltd. | | 16,137 | 530,232 |
| Fortescue Metals Group Ltd. | | 455,909 | 1,291,408 |
| Goodman Group unit | | 473,700 | 3,481,978 |
| Harvey Norman Holdings Ltd. (a) | | 162,693 | 367,523 |
| Healthscope Ltd. | | 502,443 | 750,749 |
| Incitec Pivot Ltd. | | 480,087 | 1,325,897 |
| Insurance Australia Group Ltd. | | 673,091 | 3,255,515 |
| Lendlease Group unit | | 167,208 | 2,083,987 |
| Macquarie Group Ltd. | | 94,412 | 7,835,741 |
| Medibank Private Ltd. | | 808,381 | 1,597,149 |
| Mirvac Group unit | | 1,076,858 | 1,654,792 |
| National Australia Bank Ltd. | | 793,115 | 14,204,309 |
| Newcrest Mining Ltd. | | 224,284 | 3,273,419 |
| Orica Ltd. | | 110,350 | 1,340,957 |
| Origin Energy Ltd. (b) | | 516,164 | 2,664,652 |
| QBE Insurance Group Ltd. | | 396,495 | 3,178,406 |
| Ramsay Health Care Ltd. | | 41,879 | 1,667,295 |
| realestate.com.au Ltd. | | 15,950 | 808,947 |
| Rio Tinto Ltd. | | 120,095 | 6,497,459 |
| Santos Ltd. | | 518,599 | 2,438,513 |
| Scentre Group unit | | 1,547,683 | 4,362,047 |
| SEEK Ltd. | | 99,096 | 1,253,323 |
| Sonic Healthcare Ltd. | | 116,426 | 1,859,181 |
| South32 Ltd. | | 1,496,122 | 3,835,313 |
| SP AusNet | | 520,342 | 630,101 |
| Stockland Corp. Ltd. unit | | 711,054 | 1,817,754 |
| Suncorp Group Ltd. | | 377,083 | 3,741,109 |
| Sydney Airport unit | | 318,961 | 1,454,617 |
| Tabcorp Holdings Ltd. | | 552,482 | 1,807,529 |
| Telstra Corp. Ltd. | | 1,220,638 | 2,662,336 |
| The GPT Group unit | | 530,844 | 1,939,733 |
| TPG Telecom Ltd. | | 109,622 | 556,599 |
| Transurban Group unit | | 760,561 | 6,107,625 |
| Treasury Wine Estates Ltd. | | 207,740 | 2,224,320 |
| Vicinity Centres unit | | 964,241 | 1,809,492 |
| Wesfarmers Ltd. | | 329,852 | 10,889,718 |
| Westpac Banking Corp. | | 998,145 | 18,960,493 |
| Woodside Petroleum Ltd. | | 272,762 | 6,731,501 |
| Woolworths Group Ltd. | | 381,285 | 7,676,298 |
|
| TOTAL AUSTRALIA | | | 259,219,234 |
|
| Austria - 0.2% | | | |
| Andritz AG | | 21,068 | 1,091,956 |
| Erste Group Bank AG | | 87,993 | 3,587,950 |
| OMV AG | | 42,709 | 2,376,632 |
| Raiffeisen International Bank-Holding AG | | 43,593 | 1,189,952 |
| Voestalpine AG | | 32,987 | 1,172,816 |
|
| TOTAL AUSTRIA | | | 9,419,306 |
|
| Bailiwick of Jersey - 0.8% | | | |
| Experian PLC | | 267,959 | 6,162,843 |
| Ferguson PLC | | 67,734 | 4,573,895 |
| Glencore Xstrata PLC | | 3,366,646 | 13,720,903 |
| Randgold Resources Ltd. | | 27,418 | 2,156,528 |
| Shire PLC | | 266,830 | 16,103,441 |
| WPP PLC | | 368,402 | 4,168,738 |
|
| TOTAL BAILIWICK OF JERSEY | | | 46,886,348 |
|
| Belgium - 0.6% | | | |
| Ageas | | 53,252 | 2,666,565 |
| Anheuser-Busch InBev SA NV | | 222,090 | 16,426,077 |
| Colruyt NV | | 17,526 | 1,018,744 |
| Groupe Bruxelles Lambert SA | | 23,032 | 2,143,846 |
| KBC Groep NV | | 73,293 | 5,055,633 |
| Proximus | | 44,843 | 1,145,347 |
| Solvay SA Class A | | 21,681 | 2,471,661 |
| Telenet Group Holding NV | | 15,742 | 764,558 |
| UCB SA | | 37,432 | 3,145,036 |
| Umicore SA | | 61,110 | 2,878,703 |
|
| TOTAL BELGIUM | | | 37,716,170 |
|
| Bermuda - 0.5% | | | |
| Alibaba Health Information Technology Ltd. (b) | | 1,008,000 | 814,940 |
| Alibaba Pictures Group Ltd. (b) | | 3,960,000 | 545,375 |
| Beijing Enterprises Water Group Ltd. | | 1,604,000 | 816,118 |
| Brilliance China Automotive Holdings Ltd. | | 896,000 | 781,520 |
| Cheung Kong Infrastructure Holdings Ltd. | | 191,500 | 1,399,263 |
| China Gas Holdings Ltd. | | 502,000 | 1,587,564 |
| China Resource Gas Group Ltd. | | 258,000 | 986,999 |
| Cosco Shipping Ports Ltd. | | 457,800 | 467,027 |
| Credicorp Ltd. (United States) | | 19,883 | 4,487,792 |
| Dairy Farm International Holdings Ltd. | | 100,630 | 908,689 |
| GOME Electrical Appliances Holdings Ltd. (a)(b) | | 3,070,418 | 305,399 |
| Haier Electronics Group Co. Ltd. | | 361,000 | 754,045 |
| Hanergy Thin Film Power Group Ltd. (b)(c) | | 1,902,000 | 2 |
| HengTen Networks Group Ltd. (b) | | 5,680,000 | 202,807 |
| Hongkong Land Holdings Ltd. | | 338,165 | 2,001,937 |
| Jardine Matheson Holdings Ltd. | | 64,422 | 3,717,794 |
| Jardine Strategic Holdings Ltd. | | 64,300 | 2,154,050 |
| Kerry Properties Ltd. | | 198,000 | 622,383 |
| Kunlun Energy Co. Ltd. | | 962,000 | 1,091,795 |
| Li & Fung Ltd. | | 1,610,000 | 318,224 |
| Luye Pharma Group Ltd. | | 340,000 | 262,307 |
| Nine Dragons Paper (Holdings) Ltd. | | 483,000 | 460,707 |
| NWS Holdings Ltd. | | 473,515 | 937,133 |
| Shangri-La Asia Ltd. | | 372,000 | 507,578 |
| Shenzhen International Holdings Ltd. | | 236,000 | 451,418 |
| Sihuan Pharmaceutical Holdings Group Ltd. | | 980,000 | 198,701 |
| Skyworth Digital Holdings Ltd. | | 406,000 | 93,709 |
| Yue Yuen Industrial (Holdings) Ltd. | | 220,500 | 603,131 |
|
| TOTAL BERMUDA | | | 27,478,407 |
|
| Brazil - 1.2% | | | |
| Ambev SA | | 1,334,330 | 5,858,646 |
| Atacadao Distribuicao Comercio e Industria Ltda | | 113,700 | 465,615 |
| Banco Bradesco SA | | 284,383 | 2,311,591 |
| Banco do Brasil SA | | 250,500 | 2,877,570 |
| Banco Santander SA (Brasil) unit | | 121,500 | 1,377,751 |
| BB Seguridade Participacoes SA | | 205,400 | 1,461,505 |
| BM&F BOVESPA SA | | 603,325 | 4,302,632 |
| BR Malls Participacoes SA | | 246,130 | 839,944 |
| Brasil Foods SA (b) | | 144,200 | 848,577 |
| CCR SA | | 366,000 | 1,078,871 |
| Centrais Eletricas Brasileiras SA (Electrobras) (b) | | 62,100 | 392,140 |
| Cielo SA | | 355,914 | 1,262,412 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 99,000 | 743,531 |
| Companhia Siderurgica Nacional SA (CSN) | | 180,000 | 462,878 |
| Cosan SA Industria e Comercio | | 47,400 | 410,762 |
| Drogasil SA | | 65,800 | 1,110,723 |
| EDP Energias do Brasil SA | | 84,280 | 317,055 |
| Embraer SA | | 195,600 | 1,100,069 |
| ENGIE Brasil Energia SA | | 44,600 | 476,980 |
| Equatorial Energia SA | | 51,300 | 937,226 |
| Fibria Celulose SA | | 70,295 | 1,357,167 |
| Hypermarcas SA | | 101,200 | 809,818 |
| IRB Brasil Resseguros SA | | 34,400 | 669,790 |
| JBS SA | | 282,000 | 776,703 |
| Klabin SA unit | | 196,900 | 987,807 |
| Kroton Educacional SA | | 412,892 | 1,267,023 |
| Localiza Rent A Car SA | | 151,854 | 1,173,130 |
| Lojas Renner SA | | 208,330 | 2,104,852 |
| M. Dias Branco SA | | 28,100 | 335,780 |
| Magazine Luiza SA | | 23,200 | 1,052,307 |
| Multiplan Empreendimentos Imobiliarios SA | | 73,656 | 455,216 |
| Natura Cosmeticos SA | | 62,900 | 550,829 |
| Odontoprev SA | | 68,200 | 242,269 |
| Petrobras Distribuidora SA | | 102,600 | 661,117 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 848,111 | 6,909,774 |
| Porto Seguro SA | | 29,300 | 428,143 |
| Rumo SA (b) | | 321,000 | 1,436,155 |
| Sul America SA unit | | 59,237 | 394,754 |
| Suzano Papel e Celulose SA | | 129,100 | 1,313,028 |
| TIM Participacoes SA | | 259,403 | 807,868 |
| Ultrapar Participacoes SA | | 103,400 | 1,229,464 |
| Vale SA | | 891,986 | 13,592,510 |
| Vale SA sponsored ADR | | 32,996 | 498,240 |
| Weg SA | | 245,166 | 1,185,809 |
|
| TOTAL BRAZIL | | | 68,876,031 |
|
| Canada - 6.3% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 68,015 | 2,402,444 |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 126,225 | 6,028,156 |
| AltaGas Ltd. | | 76,952 | 967,417 |
| ARC Resources Ltd. | | 104,659 | 974,681 |
| ATCO Ltd. Class I (non-vtg.) | | 22,443 | 654,307 |
| Bank of Montreal | | 187,428 | 14,013,854 |
| Bank of Nova Scotia | | 350,235 | 18,796,082 |
| Barrick Gold Corp. | | 343,561 | 4,303,484 |
| Bausch Health Cos., Inc. (Canada) (b) | | 92,445 | 2,115,142 |
| BCE, Inc. | | 44,849 | 1,735,772 |
| BlackBerry Ltd. (b) | | 150,133 | 1,385,633 |
| Bombardier, Inc. Class B (sub. vtg.) (b) | | 621,943 | 1,507,082 |
| Brookfield Asset Management, Inc. Class A | | 246,534 | 10,060,243 |
| CAE, Inc. | | 78,336 | 1,381,717 |
| Cameco Corp. | | 116,067 | 1,243,150 |
| Canadian Imperial Bank of Commerce | | 130,149 | 11,238,815 |
| Canadian National Railway Co. | | 214,852 | 18,367,157 |
| Canadian Natural Resources Ltd. | | 358,608 | 9,839,281 |
| Canadian Pacific Railway Ltd. | | 41,932 | 8,599,174 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 18,351 | 2,065,036 |
| Canadian Utilities Ltd. Class A (non-vtg.) | | 37,898 | 899,050 |
| CCL Industries, Inc. Class B | | 43,350 | 1,823,634 |
| Cenovus Energy, Inc. (Canada) | | 303,521 | 2,568,441 |
| CGI Group, Inc. Class A (sub. vtg.) (b) | | 75,229 | 4,645,917 |
| CI Financial Corp. | | 80,431 | 1,189,556 |
| Constellation Software, Inc. | | 5,904 | 4,063,263 |
| Crescent Point Energy Corp. | | 163,102 | 770,629 |
| Dollarama, Inc. | | 90,259 | 2,496,358 |
| Emera, Inc. | | 20,697 | 638,621 |
| Empire Co. Ltd. Class A (non-vtg.) | | 51,931 | 944,774 |
| Enbridge, Inc. | | 497,401 | 15,498,795 |
| Encana Corp. | | 283,370 | 2,893,002 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 8,152 | 3,961,286 |
| Finning International, Inc. | | 49,806 | 1,034,370 |
| First Capital Realty, Inc. | | 51,300 | 765,340 |
| First Quantum Minerals Ltd. | | 199,441 | 1,990,698 |
| Fortis, Inc. | | 123,051 | 4,066,025 |
| Franco-Nevada Corp. | | 53,916 | 3,367,369 |
| George Weston Ltd. | | 15,846 | 1,152,535 |
| Gildan Activewear, Inc. | | 62,033 | 1,854,228 |
| Goldcorp, Inc. | | 252,962 | 2,284,719 |
| Great-West Lifeco, Inc. | | 85,842 | 1,969,909 |
| H&R (REIT) unit | | 44,569 | 674,062 |
| Husky Energy, Inc. | | 104,316 | 1,474,664 |
| Hydro One Ltd. (d) | | 94,997 | 1,381,893 |
| IGM Financial, Inc. | | 26,589 | 652,985 |
| Imperial Oil Ltd. | | 85,275 | 2,663,609 |
| Industrial Alliance Insurance and Financial Services, Inc. | | 32,948 | 1,164,799 |
| Intact Financial Corp. | | 41,146 | 3,250,861 |
| Inter Pipeline Ltd. | | 111,007 | 1,800,296 |
| Keyera Corp. | | 61,111 | 1,522,611 |
| Kinross Gold Corp. (b) | | 365,469 | 949,450 |
| Linamar Corp. | | 14,102 | 583,919 |
| Loblaw Companies Ltd. | | 55,530 | 2,777,238 |
| Lundin Mining Corp. | | 194,507 | 799,334 |
| Magna International, Inc. Class A (sub. vtg.) | | 98,304 | 4,839,593 |
| Manulife Financial Corp. | | 579,747 | 9,129,215 |
| Methanex Corp. | | 21,095 | 1,366,059 |
| Metro, Inc. Class A (sub. vtg.) | | 71,472 | 2,242,780 |
| National Bank of Canada | | 99,263 | 4,506,025 |
| Nutrien Ltd. | | 185,227 | 9,805,515 |
| Onex Corp. (sub. vtg.) | | 25,367 | 1,667,753 |
| Open Text Corp. | | 77,882 | 2,629,098 |
| Pembina Pipeline Corp. | | 146,900 | 4,751,416 |
| Power Corp. of Canada (sub. vtg.) | | 102,298 | 2,112,089 |
| Power Financial Corp. | | 73,508 | 1,583,009 |
| PrairieSky Royalty Ltd. | | 62,696 | 952,501 |
| Restaurant Brands International, Inc. | | 69,504 | 3,807,686 |
| RioCan (REIT) | | 47,386 | 863,887 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 106,166 | 5,466,970 |
| Royal Bank of Canada | | 421,295 | 30,696,659 |
| Saputo, Inc. | | 68,293 | 2,080,772 |
| Seven Generations Energy Ltd. (b) | | 79,560 | 852,742 |
| Shaw Communications, Inc. Class B | | 132,291 | 2,463,027 |
| Shopify, Inc. Class A (b) | | 25,868 | 3,573,712 |
| Smart (REIT) | | 26,271 | 600,275 |
| SNC-Lavalin Group, Inc. | | 51,569 | 1,841,120 |
| Sun Life Financial, Inc. | | 177,973 | 6,517,588 |
| Suncor Energy, Inc. | | 476,992 | 16,000,582 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 148,923 | 3,078,123 |
| TELUS Corp. (b) | | 57,495 | 1,968,836 |
| The Toronto-Dominion Bank | | 539,214 | 29,912,871 |
| Thomson Reuters Corp. | | 82,118 | 3,821,922 |
| Tourmaline Oil Corp. | | 76,739 | 1,119,214 |
| TransCanada Corp. | | 260,538 | 9,824,229 |
| Turquoise Hill Resources Ltd. (b) | | 292,941 | 494,002 |
| Vermilion Energy, Inc. | | 42,737 | 1,133,312 |
| West Fraser Timber Co. Ltd. | | 17,615 | 884,998 |
| Wheaton Precious Metals Corp. | | 130,050 | 2,137,781 |
| WSP Global, Inc. | | 30,349 | 1,515,087 |
|
| TOTAL CANADA | | | 374,493,315 |
|
| Cayman Islands - 3.7% | | | |
| 3SBio, Inc. (d) | | 378,000 | 548,542 |
| 51job, Inc. sponsored ADR (a)(b) | | 7,233 | 444,179 |
| 58.com, Inc. ADR (b) | | 26,874 | 1,762,666 |
| AAC Technology Holdings, Inc. | | 214,000 | 1,630,095 |
| Agile Property Holdings Ltd. | | 454,000 | 517,570 |
| Airtac International Group | | 33,000 | 284,055 |
| Alibaba Group Holding Ltd. sponsored ADR (b) | | 337,162 | 47,971,409 |
| Anta Sports Products Ltd. | | 310,000 | 1,272,898 |
| ASM Pacific Technology Ltd. | | 87,800 | 757,982 |
| Autohome, Inc. ADR Class A (a) | | 17,205 | 1,245,298 |
| Baidu.com, Inc. sponsored ADR (b) | | 80,678 | 15,333,661 |
| Baozun, Inc. sponsored ADR (a)(b) | | 10,488 | 417,527 |
| Car, Inc. (b) | | 188,000 | 149,116 |
| Chailease Holding Co. Ltd. | | 338,316 | 963,792 |
| Cheung Kong Property Holdings Ltd. | | 758,116 | 4,920,728 |
| China Conch Venture Holdings Ltd. | | 472,500 | 1,325,563 |
| China First Capital Group Ltd. (b) | | 912,000 | 367,500 |
| China Huishan Dairy Holdings Co. Ltd. (b)(c) | | 894,000 | 23,940 |
| China Literature Ltd. (b)(d) | | 54,000 | 291,624 |
| China Medical System Holdings Ltd. | | 400,000 | 475,902 |
| China Mengniu Dairy Co. Ltd. | | 805,000 | 2,371,285 |
| China Resources Cement Holdings Ltd. | | 688,000 | 606,237 |
| China Resources Land Ltd. | | 814,465 | 2,762,676 |
| China State Construction International Holdings Ltd. | | 581,750 | 414,691 |
| China Zhongwang Holdings Ltd. (a) | | 504,000 | 223,659 |
| Chong Sing Holdings Fintech Group (b) | | 5,120,000 | 231,779 |
| CIFI Holdings Group Co. Ltd. | | 978,000 | 409,062 |
| CK Hutchison Holdings Ltd. | | 785,616 | 7,909,306 |
| Country Garden Holdings Co. Ltd. | | 2,213,537 | 2,368,234 |
| Country Garden Services Holdings Co. Ltd. (b) | | 288,000 | 371,663 |
| Ctrip.com International Ltd. ADR (a)(b) | | 119,260 | 3,968,973 |
| Dali Foods Group Co. Ltd. (d) | | 597,500 | 426,680 |
| ENN Energy Holdings Ltd. | | 221,500 | 1,882,564 |
| Evergrande Real Estate Group Ltd. | | 764,000 | 1,821,843 |
| Fang Holdings Ltd. ADR (b) | | 54,396 | 110,424 |
| Fullshare Holdings Ltd. (a) | | 2,040,000 | 793,425 |
| Future Land Development Holding Ltd. | | 542,000 | 311,020 |
| GCL-Poly Energy Holdings Ltd. (a)(b) | | 3,932,000 | 233,154 |
| GDS Holdings Ltd. ADR (a)(b) | | 17,049 | 400,140 |
| Geely Automobile Holdings Ltd. | | 1,447,000 | 2,767,806 |
| General Interface Solution Holding Ltd. | | 47,000 | 155,601 |
| Genscript Biotech Corp. (b) | | 230,000 | 350,780 |
| Greentown China Holdings Ltd. | | 218,500 | 151,575 |
| Greentown Service Group Co. Ltd. | | 304,000 | 200,807 |
| Haitian International Holdings Ltd. | | 182,000 | 355,090 |
| Hengan International Group Co. Ltd. | | 214,000�� | 1,694,655 |
| Huazhu Group Ltd. ADR (a) | | 38,449 | 1,005,826 |
| JD.com, Inc. sponsored ADR (b) | | 210,925 | 4,960,956 |
| Jiayuan International Group Ltd. | | 291,496 | 511,478 |
| Kaisa Group Holdings Ltd. | | 532,000 | 129,575 |
| Kingboard Chemical Holdings Ltd. | | 197,000 | 527,547 |
| Kingboard Laminates Holdings Ltd. | | 315,500 | 241,394 |
| Kingdee International Software Group Co. Ltd. | | 648,000 | 528,848 |
| Kingsoft Corp. Ltd. | | 211,000 | 298,663 |
| KWG Property Holding Ltd. | | 324,500 | 247,866 |
| Lee & Man Paper Manufacturing Ltd. | | 441,000 | 377,344 |
| Lijun International Pharmaceutical Holding Ltd. | | 444,000 | 373,116 |
| Logan Property Holdings Co. Ltd. | | 406,000 | 374,835 |
| Longfor Properties Co. Ltd. | | 424,000 | 1,029,458 |
| Meitu, Inc. (b)(d) | | 497,500 | 259,473 |
| Melco Crown Entertainment Ltd. sponsored ADR | | 71,914 | 1,195,930 |
| MGM China Holdings Ltd. | | 288,000 | 406,919 |
| Minth Group Ltd. | | 220,000 | 712,578 |
| Momo, Inc. ADR (b) | | 42,579 | 1,429,377 |
| NetEase, Inc. ADR | | 22,987 | 4,777,848 |
| New Oriental Education & Technology Group, Inc. sponsored ADR | | 41,553 | 2,431,266 |
| Nexteer Auto Group Ltd. | | 237,000 | 332,443 |
| Noah Holdings Ltd. sponsored ADR (a)(b) | | 8,664 | 326,719 |
| Sands China Ltd. | | 704,000 | 2,774,004 |
| Semiconductor Manufacturing International Corp. (b) | | 889,500 | 734,760 |
| Shenzhou International Group Holdings Ltd. | | 216,000 | 2,385,325 |
| Shimao Property Holdings Ltd. | | 355,500 | 695,410 |
| Shui On Land Ltd. | | 908,000 | 182,944 |
| SINA Corp. (b) | | 18,466 | 1,169,082 |
| Sino Biopharmaceutical Ltd. | | 2,022,000 | 1,812,644 |
| SOHO China Ltd. | | 537,500 | 182,321 |
| Sunac China Holdings Ltd. | | 704,000 | 1,912,177 |
| Sunny Optical Technology Group Co. Ltd. | | 207,200 | 1,796,696 |
| TAL Education Group ADR (b) | | 103,225 | 2,991,461 |
| Tencent Holdings Ltd. | | 1,662,800 | 56,966,303 |
| Tingyi (Cayman Islands) Holding Corp. | | 582,000 | 860,908 |
| Towngas China Co. Ltd. | | 248,922 | 180,931 |
| Uni-President China Holdings Ltd. | | 388,000 | 376,524 |
| Vipshop Holdings Ltd. ADR (b) | | 121,439 | 590,194 |
| Want Want China Holdings Ltd. | | 1,483,000 | 1,059,022 |
| Weibo Corp. sponsored ADR (a)(b) | | 15,473 | 913,062 |
| WH Group Ltd. (d) | | 2,561,000 | 1,792,907 |
| Wharf Real Estate Investment Co. Ltd. | | 352,000 | 2,179,254 |
| Wuxi Biologics (Cayman), Inc. (b) | | 143,500 | 1,022,000 |
| Wynn Macau Ltd. | | 460,000 | 949,101 |
| Xinyi Solar Holdings Ltd. | | 775,254 | 242,207 |
| Yuzhou Properties Co. | | 423,000 | 151,034 |
| YY, Inc. ADR (b) | | 14,493 | 926,103 |
| Zhen Ding Technology Holding Ltd. | | 125,230 | 285,970 |
| Zhongsheng Group Holdings Ltd. Class H | | 145,500 | 265,323 |
|
| TOTAL CAYMAN ISLANDS | | | 221,874,302 |
|
| Chile - 0.2% | | | |
| Aguas Andinas SA | | 833,467 | 435,891 |
| Banco de Chile | | 7,080,632 | 986,805 |
| Banco de Credito e Inversiones | | 13,084 | 820,282 |
| Banco de Credito e Inversiones rights 11/29/18 (b) | | 1,001 | 3,071 |
| Banco Santander Chile | | 18,609,227 | 1,374,292 |
| Cencosud SA | | 407,905 | 838,075 |
| Colbun SA | | 2,507,517 | 477,362 |
| Compania Cervecerias Unidas SA | | 49,099 | 612,322 |
| Compania de Petroleos de Chile SA (COPEC) | | 112,403 | 1,579,461 |
| CorpBanca SA | | 41,793,784 | 387,310 |
| Empresa Nacional de Telecomunicaciones SA (ENTEL) | | 40,943 | 297,070 |
| Empresas CMPC SA | | 354,575 | 1,220,626 |
| Enel Chile SA | | 8,722,515 | 758,202 |
| Enersis SA | | 8,095,327 | 1,266,630 |
| LATAM Airlines Group SA | | 88,763 | 809,829 |
| S.A.C.I. Falabella | | 209,506 | 1,581,819 |
| S.A.C.I. Falabella rights 11/17/18 (b) | | 7,257 | 730 |
|
| TOTAL CHILE | | | 13,449,777 |
|
| China - 2.5% | | | |
| Agricultural Bank of China Ltd. (H Shares) | | 8,888,000 | 3,898,867 |
| Air China Ltd. (H Shares) | | 552,000 | 444,165 |
| Aisino Co. Ltd. Class A | | 20,200 | 68,051 |
| Aluminum Corp. of China Ltd. (H Shares) (b) | | 1,098,000 | 397,646 |
| Angang Steel Co. Ltd. (H Shares) | | 326,000 | 277,281 |
| Anhui Conch Cement Co. Ltd. (H Shares) | | 373,000 | 1,926,370 |
| Anxin Trust Co. Ltd. Class A | | 38,000 | 26,529 |
| AVIC Aviation Engine Corp. PLC Class A | | 12,952 | 42,315 |
| AVIC Capital Co. Ltd. Class A | | 60,100 | 39,632 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 553,000 | 368,105 |
| Baic Motor Corp. Ltd. (d) | | 503,500 | 282,506 |
| Bank Communications Co. Ltd. (H Shares) | | 2,653,200 | 1,989,405 |
| Bank of Beijing Co. Ltd. Class A | | 149,400 | 130,218 |
| Bank of China Ltd. | | 150,000 | 79,993 |
| Bank of China Ltd. (H Shares) | | 23,071,024 | 9,826,283 |
| Bank of Hangzhou Co. Ltd. Class A | | 176,031 | 201,376 |
| Bank of Jiangsu Co. Ltd. Class A | | 75,500 | 70,244 |
| Bank of Nanjing Co. Ltd. Class A | | 38,800 | 40,771 |
| Bank of Ningbo Co. Ltd. Class A | | 18,500 | 46,703 |
| Bank of Shanghai Co. Ltd. Class A | | 125,000 | 218,797 |
| Baoshan Iron & Steel Co. Ltd. | | 132,500 | 145,309 |
| BBMG Corp. (H Shares) | | 700,000 | 192,809 |
| Beijing Capital International Airport Co. Ltd. (H Shares) | | 480,000 | 519,667 |
| Beijing Tongrentang Co. Ltd. Class A | | 7,500 | 30,567 |
| BOE Technology Group Co. Ltd. Class A | | 280,900 | 110,739 |
| BYD Co. Ltd. (H Shares) (a) | | 201,000 | 1,292,990 |
| CGN Power Co. Ltd. (H Shares) (d) | | 2,649,000 | 608,038 |
| Changjiang Securities Co. Ltd. Class A | | 47,800 | 35,290 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 2,464,000 | 603,279 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 2,463,293 | 1,523,469 |
| China Coal Energy Co. Ltd. (H Shares) | | 456,000 | 204,102 |
| China Communications Construction Co. Ltd. (H Shares) | | 1,315,000 | 1,202,322 |
| China Communications Services Corp. Ltd. (H Shares) | | 722,000 | 583,717 |
| China Construction Bank Corp. (H Shares) | | 27,900,649 | 22,140,480 |
| China Eastern Airlines Corp. Ltd. (H Shares) | | 452,000 | 249,576 |
| China Everbright Bank Co. Ltd. (H Shares) | | 741,000 | 329,776 |
| China Fortune Land Development Co. Ltd. Class A | | 11,300 | 37,825 |
| China Galaxy Securities Co. Ltd. (H Shares) | | 901,500 | 452,937 |
| China Gezhouba Group Co. Ltd. Class A | | 76,500 | 70,297 |
| China Huarong Asset Management Co. Ltd. (d) | | 2,908,000 | 526,573 |
| China International Capital Corp. Ltd. Class H | | 300,400 | 493,392 |
| China International Marine Containers (Group) Ltd. (H Shares) | | 142,900 | 126,100 |
| China International Travel Service Corp. Ltd. (A Shares) | | 6,600 | 50,789 |
| China Life Insurance Co. Ltd. (H Shares) | | 2,187,000 | 4,382,307 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 902,000 | 685,534 |
| China Merchants Bank Co. Ltd. (H Shares) | | 1,239,191 | 4,772,227 |
| China Merchants Securities Co. Ltd. Class A | | 21,400 | 40,587 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | | 54,700 | 147,421 |
| China Minsheng Banking Corp. Ltd. (H Shares) | | 1,997,832 | 1,472,525 |
| China Molybdenum Co. Ltd. (H Shares) | | 1,008,000 | 374,050 |
| China National Building Materials Co. Ltd. (H Shares) | | 1,108,000 | 791,232 |
| China National Chemical Engineering Co. Ltd. Class A | | 87,400 | 73,046 |
| China National Nuclear Power Co. Ltd. Class A | | 198,800 | 158,740 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 108,600 | 163,469 |
| China Oilfield Services Ltd. (H Shares) | | 528,000 | 494,877 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 805,800 | 3,000,448 |
| China Petroleum & Chemical Corp. (H Shares) | | 7,479,800 | 6,092,868 |
| China Railway Construction Corp. Ltd. (H Shares) | | 620,000 | 784,295 |
| China Railway Group Ltd. (H Shares) | | 1,044,000 | 931,911 |
| China Railway Signal & Communications Corp. (d) | | 416,000 | 279,033 |
| China Reinsurance Group Corp. | | 1,524,000 | 291,509 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. | | 30,700 | 105,669 |
| China Shenhua Energy Co. Ltd.: | | | |
| (H Shares) | | 950,000 | 2,151,506 |
| Class A | | 31,000 | 89,058 |
| China Shipbuilding Industry Group Power Co. Ltd. | | 13,400 | 39,956 |
| China Shipping Container Lines Co. Ltd. (H Shares) (b) | | 1,337,000 | 136,395 |
| China Shipping Development Co. Ltd. (H Shares) | | 364,000 | 199,129 |
| China Southern Airlines Ltd. (H Shares) | | 592,000 | 320,084 |
| China State Construction Engineering Corp. Ltd. Class A | | 261,840 | 201,945 |
| China Telecom Corp. Ltd. (H Shares) | | 3,990,000 | 1,882,567 |
| China Tower Corp. Ltd. Class H | | 10,136,000 | 1,538,117 |
| China United Network Communications Ltd. Class A | | 209,200 | 162,546 |
| China Vanke Co. Ltd. (H Shares) | | 413,300 | 1,272,795 |
| China Yangtze Power Co. Ltd. Class A | | 68,700 | 153,736 |
| Chongqing Changan Automobile Co. Ltd. (B Shares) | | 277,800 | 187,043 |
| Chongqing Rural Commercial Bank Co. Ltd. (H Shares) | | 622,000 | 342,649 |
| CITIC Securities Co. Ltd. (H Shares) | | 794,000 | 1,397,255 |
| COSCO SHIPPING Holdings Co. Ltd. (H Shares) (b) | | 670,500 | 239,405 |
| CRRC Corp. Ltd. (H Shares) | | 1,293,800 | 1,135,093 |
| Daqin Railway Co. Ltd. (A Shares) | | 72,100 | 83,308 |
| Datang International Power Generation Co. Ltd. (H Shares) | | 934,000 | 208,430 |
| Dong E-E-Jiao Co. Ltd. Class A | | 18,800 | 105,782 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 768,000 | 756,057 |
| Everbright Securities Co. Ltd. Class A | | 26,300 | 36,458 |
| Focus Media Information Technology Co. Ltd. Class A | | 32,640 | 28,075 |
| Foshan Haitian Flavouring & Food Co. Ltd. Class A | | 8,200 | 75,903 |
| Founder Securities Co. Ltd. Class A | | 52,800 | 41,176 |
| Future Land Holdings Co. Ltd. Class A | | 23,100 | 82,357 |
| Fuyao Glass Industries Group Co. Ltd. | | 154,000 | 454,619 |
| GD Power Development Co. Ltd. Class A | | 451,300 | 157,859 |
| Gemdale Corp. Class A | | 30,000 | 39,394 |
| GF Securities Co. Ltd. (H Shares) | | 452,000 | 584,457 |
| Great Wall Motor Co. Ltd. (H Shares) (a) | | 868,500 | 513,882 |
| Gree Electric Appliances, Inc. of Zhuhai Class A (b) | | 24,200 | 132,038 |
| Greenland Holdings Corp. Ltd. Class A | | 45,500 | 40,245 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 825,526 | 834,795 |
| Guangzhou R&F Properties Co. Ltd. (H Shares) | | 259,200 | 406,552 |
| Guotai Junan Securities Co. Ltd. Class H | | 239,600 | 504,746 |
| Haitong Securities Co. Ltd. (H Shares) | | 856,400 | 861,647 |
| Han's Laser Technology Industry Group Co. Ltd. | | 5,800 | 26,075 |
| Hangzhou Hikvision Digital Technology Co. Ltd. Class A | | 50,900 | 176,583 |
| Henan Shuanghui Investment & Development Co. Ltd. Class A | | 12,000 | 38,775 |
| Hengli Petrochemical Co. Ltd. Class A | | 34,400 | 69,731 |
| Hengtong Optic-electric Co. Ltd. Class A | | 23,400 | 54,813 |
| Huadian Power International Corp. Ltd. (H Shares) | | 526,000 | 199,213 |
| Huadong Medicine Co. Ltd. Class A | | 6,300 | 32,206 |
| Huaneng Power International, Inc. (H Shares) | | 1,292,000 | 719,979 |
| Huaneng Renewables Corp. Ltd. (H Shares) | | 1,374,000 | 352,175 |
| Huatai Securities Co. Ltd. (H Shares) (d) | | 543,000 | 872,462 |
| Huaxia Bank Co. Ltd. Class A | | 236,200 | 270,885 |
| Huayu Automotive Systems Co. Ltd. Class A | | 12,700 | 31,733 |
| iFlytek Co. Ltd. | | 8,700 | 28,149 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 20,438,008 | 13,866,638 |
| Industrial Bank Co. Ltd. Class A | | 145,200 | 335,542 |
| Industrial Securities Co. Ltd. Class A | | 51,400 | 36,106 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 35,500 | 112,368 |
| Inner Mongolia Baotou Steel Union Co. Ltd. Class A | | 176,600 | 41,013 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 290,400 | 344,995 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 300,000 | 402,451 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 18,800 | 165,964 |
| Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | | 9,100 | 115,308 |
| Jiangxi Copper Co. Ltd. (H Shares) | | 345,000 | 380,110 |
| Jinke Properties Group Co. Ltd. Class A | | 152,000 | 130,958 |
| Kangmei Pharmaceutical Co. Ltd. Class A | | 42,400 | 75,067 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 6,000 | 472,128 |
| Legend Holdings Corp. (d) | | 122,800 | 333,545 |
| LONGi Green Energy Technology Co. Ltd. | | 9,100 | 17,676 |
| Luxshare Precision Industry Co. Ltd. Class A | | 17,550 | 41,764 |
| Luzhou Laojiao Co. Ltd. Class A | | 4,700 | 25,644 |
| Meinian Onehealth Healthcare Holdings Co. Ltd. Class A | | 12,720 | 26,641 |
| Metallurgical Corp. China Ltd. (H Shares) | | 663,000 | 160,636 |
| Midea Group Co. Ltd. Class A | | 37,800 | 200,714 |
| NARI Technology Co. Ltd. Class A | | 70,200 | 174,603 |
| New China Life Insurance Co. Ltd. (H Shares) | | 249,600 | 1,166,526 |
| Ningbo Zhoushan Port Co. Ltd. Class A | | 70,000 | 37,731 |
| Orient Securities Co. Ltd. Class A | | 27,500 | 36,348 |
| People's Insurance Co. of China Group (H Shares) | | 2,069,000 | 844,280 |
| PetroChina Co. Ltd. (H Shares) | | 6,208,000 | 4,463,699 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 2,014,001 | 1,951,862 |
| Ping An Bank Co. Ltd. Class A | | 135,300 | 211,611 |
| Ping An Insurance (Group) Co. of China Ltd. (H Shares) | | 1,563,500 | 14,723,949 |
| Poly Developments & Holdings Class A | | 77,200 | 139,445 |
| Postal Savings Bank of China Co. Ltd. | | 773,000 | 461,319 |
| Power Construction Corp. of China Ltd. Class A | | 52,346 | 35,494 |
| Qingdao Haier Co. Ltd. | | 59,700 | 108,349 |
| Rongsheng Petrochemical Co. Ltd. Class A | | 48,000 | 71,013 |
| SAIC Motor Corp. Ltd. | | 51,800 | 201,314 |
| Sanan Optoelectronics Co. Ltd. Class A | | 15,300 | 30,838 |
| Sany Heavy Industry Co. Ltd. Class A | | 38,500 | 43,436 |
| SDIC Power Holdings Co. Ltd. Class A | | 46,600 | 47,498 |
| Shaanxi Coal Industry Co. Ltd. Class A | | 40,100 | 49,035 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 588,000 | 525,619 |
| Shanghai Construction Group Co. Ltd. Class A | | 192,600 | 83,107 |
| Shanghai Electric Group Co. Ltd. (H Shares) | | 820,000 | 266,643 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 171,500 | 513,935 |
| Shanghai International Airport Co. Ltd. (A Shares) | | 6,272 | 44,552 |
| Shanghai International Port Group Co. Ltd. Class A | | 48,000 | 37,158 |
| Shanghai Lujiazui Finance Trust Ltd. (B Shares) | | 258,410 | 328,181 |
| Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | | 257,800 | 569,386 |
| Shanghai Pudong Development Bank Co. Ltd. | | 175,800 | 276,717 |
| Shanghaioriental Pearl Media Co. Ltd. | | 22,490 | 29,436 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. Class A | | 11,900 | 55,170 |
| Shenergy Co. Ltd. Class A | | 85,171 | 61,659 |
| Shenwan Hongyuan Group Co. Ltd. Class A | | 322,100 | 205,940 |
| Shenzhen Overseas Chinese Town Co. Ltd. Class A | | 40,200 | 33,252 |
| Sichuan Chuantou Energy Co. Ltd. class A | | 59,800 | 69,096 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 371,500 | 345,352 |
| Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) | | 874,000 | 383,394 |
| Sinopharm Group Co. Ltd. (H Shares) | | 340,400 | 1,640,806 |
| Sinotrans Ltd. (H Shares) | | 498,000 | 173,368 |
| Suning.com Co. Ltd. Class A | | 26,000 | 42,416 |
| Suzhou Gold Mantis Consolidated Co. Ltd. | | 81,600 | 93,817 |
| TBEA Co. Ltd. Class A | | 39,900 | 39,753 |
| TCL Corp. Class A | | 339,900 | 120,355 |
| Tong Ren Tang Technologies Co. Ltd. (H Shares) | | 193,000 | 276,138 |
| TravelSky Technology Ltd. (H Shares) | | 252,000 | 610,562 |
| Tsingtao Brewery Co. Ltd. (H Shares) | | 106,000 | 418,353 |
| Weichai Power Co. Ltd. (H Shares) | | 571,800 | 565,095 |
| Wuliangye Yibin Co. Ltd. Class A | | 22,300 | 153,928 |
| XCMG Construction Machinery Co. Ltd. Class A | | 180,500 | 85,907 |
| Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares) | | 195,600 | 145,666 |
| Yanzhou Coal Mining Co. Ltd. (H Shares) | | 534,000 | 504,586 |
| Yonghui Superstores Co. Ltd. Class A | | 36,600 | 37,462 |
| Yunnan Baiyao Group Co. Ltd. (c) | | 3,000 | 30,204 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | | 2,500 | 27,775 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) (a) | | 340,500 | 300,469 |
| Zhejiang Century Huatong Group Co. Ltd. Class A (c) | | 9,100 | 42,267 |
| Zhejiang Chint Electric Co. Ltd. Class A | | 11,400 | 37,179 |
| Zhejiang Dahua Technology Co. Ltd. | | 13,200 | 21,780 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 362,000 | 303,284 |
| Zhejiang Longsheng Group Co. Ltd. Class A | | 69,200 | 88,092 |
| Zhejiang Zheneng Electric Power Co. Ltd. Class A | | 83,500 | 56,619 |
| Zhengzhou Yutong Bus Co. Ltd. | | 14,600 | 22,311 |
| ZhongAn Online P & C Insurance Co. Ltd. Class H (a)(b)(d) | | 50,200 | 166,758 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 155,300 | 829,777 |
| Zijin Mng Group Co. Ltd. (H Shares) | | 1,887,000 | 700,230 |
| ZTE Corp. (H Shares) | | 233,136 | 355,563 |
|
| TOTAL CHINA | | | 151,019,621 |
|
| Colombia - 0.1% | | | |
| Bancolombia SA | | 74,733 | 702,877 |
| Cementos Argos SA | | 136,748 | 298,173 |
| Ecopetrol SA | | 1,444,045 | 1,677,503 |
| Grupo de Inversiones Suramerica SA | | 71,012 | 692,584 |
| Interconexion Electrica SA ESP | | 132,250 | 491,290 |
| Inversiones Argos SA | | 86,960 | 405,155 |
|
| TOTAL COLOMBIA | | | 4,267,582 |
|
| Czech Republic - 0.0% | | | |
| Ceske Energeticke Zavody A/S | | 46,846 | 1,114,816 |
| Komercni Banka A/S | | 21,454 | 815,008 |
| MONETA Money Bank A/S (d) | | 131,694 | 437,033 |
| Telefonica Czech Rep A/S | | 17,456 | 183,694 |
|
| TOTAL CZECH REPUBLIC | | | 2,550,551 |
|
| Denmark - 1.1% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 1,065 | 1,267,607 |
| Series B | | 1,941 | 2,449,951 |
| Carlsberg A/S Series B | | 30,771 | 3,394,345 |
| Christian Hansen Holding A/S | | 28,859 | 2,917,051 |
| Coloplast A/S Series B | | 34,615 | 3,231,903 |
| Danske Bank A/S | | 209,131 | 4,011,554 |
| DONG Energy A/S (d) | | 55,202 | 3,507,270 |
| DSV de Sammensluttede Vognmaend A/S | | 54,923 | 4,415,920 |
| Genmab A/S (b) | | 18,099 | 2,479,548 |
| H Lundbeck A/S | | 20,658 | 964,703 |
| ISS Holdings A/S | | 48,495 | 1,594,683 |
| Novo Nordisk A/S Series B | | 530,590 | 22,914,355 |
| Novozymes A/S Series B | | 63,480 | 3,136,945 |
| Pandora A/S | | 31,874 | 1,994,151 |
| Tryg A/S | | 34,664 | 837,801 |
| Vestas Wind Systems A/S | | 57,077 | 3,579,606 |
| William Demant Holding A/S (b) | | 29,342 | 965,757 |
|
| TOTAL DENMARK | | | 63,663,150 |
|
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 242,126 | 1,074,164 |
| Commercial International Bank SAE sponsored GDR | | 61,969 | 269,255 |
| Eastern Tobacco Co. | | 246,485 | 218,425 |
| Elsewedy Electric Co. | | 266,250 | 223,608 |
|
| TOTAL EGYPT | | | 1,785,452 |
|
| Finland - 0.8% | | | |
| Elisa Corp. (A Shares) | | 41,408 | 1,648,562 |
| Fortum Corp. | | 129,628 | 2,730,177 |
| Kone Oyj (B Shares) | | 98,854 | 4,816,820 |
| Metso Corp. | | 31,344 | 990,855 |
| Neste Oyj | | 37,570 | 3,096,204 |
| Nokia Corp. | | 1,643,450 | 9,283,165 |
| Nokian Tyres PLC | | 34,064 | 1,083,399 |
| Nordea Bank ABP (b) | | 885,146 | 7,698,352 |
| Orion Oyj (B Shares) | | 30,687 | 1,056,632 |
| Sampo Oyj (A Shares) | | 128,982 | 5,940,079 |
| Stora Enso Oyj (R Shares) | | 161,534 | 2,434,303 |
| UPM-Kymmene Corp. | | 155,968 | 5,018,830 |
| Wartsila Corp. | | 128,007 | 2,182,781 |
|
| TOTAL FINLAND | | | 47,980,159 |
|
| France - 6.5% | | | |
| Accor SA | | 54,309 | 2,486,359 |
| Aeroports de Paris | | 8,697 | 1,821,386 |
| Air Liquide SA | | 88,478 | 10,722,963 |
| Alstom SA | | 44,545 | 1,950,043 |
| Amundi SA (d) | | 17,730 | 1,055,905 |
| Arkema SA | | 19,823 | 2,083,145 |
| Atos Origin SA | | 27,848 | 2,390,256 |
| AXA SA | | 566,614 | 14,180,468 |
| BIC SA | | 7,317 | 701,131 |
| bioMerieux SA | | 11,853 | 904,865 |
| BNP Paribas SA | | 327,989 | 17,137,145 |
| Bollore SA | | 252,219 | 1,068,999 |
| Bouygues SA | | 63,460 | 2,317,346 |
| Bureau Veritas SA | | 76,909 | 1,737,864 |
| Capgemini SA | | 46,913 | 5,738,689 |
| Carrefour SA | | 170,663 | 3,315,120 |
| Casino Guichard Perrachon SA (a) | | 17,132 | 756,778 |
| CNP Assurances | | 49,831 | 1,111,889 |
| Compagnie de St. Gobain | | 145,206 | 5,470,117 |
| Credit Agricole SA | | 332,909 | 4,263,718 |
| Danone SA | | 179,598 | 12,717,943 |
| Dassault Aviation SA | | 729 | 1,209,653 |
| Dassault Systemes SA | | 38,097 | 4,783,240 |
| Edenred SA | | 68,421 | 2,598,476 |
| EDF SA | | 148,035 | 2,461,423 |
| EDF SA (b) | | 23,260 | 386,751 |
| Eiffage SA | | 23,009 | 2,252,204 |
| ENGIE | | 533,048 | 7,109,237 |
| Essilor International SA | | 60,741 | 8,307,394 |
| Eurazeo SA | | 14,017 | 1,024,819 |
| Eutelsat Communications | | 50,378 | 1,021,956 |
| Faurecia SA | | 22,258 | 1,081,784 |
| Fonciere des Regions | | 10,697 | 1,075,291 |
| Gecina SA | | 13,120 | 1,927,390 |
| Groupe Eurotunnel SA | | 136,609 | 1,719,826 |
| Hermes International SCA | | 9,264 | 5,298,899 |
| ICADE | | 9,867 | 837,072 |
| Iliad SA | | 7,833 | 907,167 |
| Imerys SA | | 10,822 | 668,036 |
| Ingenico SA | | 17,260 | 1,224,583 |
| Ipsen SA | | 11,168 | 1,550,821 |
| JCDecaux SA | | 22,870 | 752,762 |
| Kering SA | | 22,135 | 9,868,027 |
| Klepierre SA | | 59,415 | 2,018,892 |
| L'Oreal SA | | 50,693 | 11,420,326 |
| L'Oreal SA (b) | | 23,031 | 5,188,518 |
| Legrand SA | | 77,467 | 5,066,281 |
| LVMH Moet Hennessy - Louis Vuitton SA | | 81,215 | 24,641,072 |
| Michelin CGDE Series B | | 49,758 | 5,093,953 |
| Natixis SA | | 278,119 | 1,627,349 |
| Orange SA | | 580,961 | 9,067,842 |
| Pernod Ricard SA | | 61,909 | 9,452,342 |
| Peugeot Citroen SA | | 171,749 | 4,090,998 |
| Publicis Groupe SA | | 60,695 | 3,522,555 |
| Remy Cointreau SA | | 6,878 | 817,209 |
| Renault SA | | 56,086 | 4,197,150 |
| Rexel SA | | 86,974 | 1,110,220 |
| Safran SA | | 97,431 | 12,590,796 |
| Sanofi SA | | 328,438 | 29,349,408 |
| Schneider Electric SA | | 159,372 | 11,524,365 |
| SCOR SE | | 47,326 | 2,186,972 |
| SEB SA | | 6,488 | 931,072 |
| Societe Generale Series A | | 223,973 | 8,210,347 |
| Sodexo SA | | 18,491 | 1,887,458 |
| Sodexo SA (b) | | 7,786 | 794,751 |
| SR Teleperformance SA | | 16,870 | 2,782,096 |
| Suez Environnement SA | | 109,494 | 1,585,575 |
| Thales SA | | 31,008 | 3,968,697 |
| Total SA | | 706,534 | 41,456,182 |
| Ubisoft Entertainment SA (b) | | 23,020 | 2,072,851 |
| Valeo SA | | 69,415 | 2,238,930 |
| Veolia Environnement SA | | 155,858 | 3,110,504 |
| VINCI SA | | 147,533 | 13,130,344 |
| Vivendi SA | | 303,484 | 7,319,522 |
| Wendel SA | | 7,965 | 1,033,870 |
|
| TOTAL FRANCE | | | 385,487,387 |
|
| Germany - 5.5% | | | |
| adidas AG | | 54,949 | 12,945,501 |
| Allianz SE | | 128,538 | 26,777,031 |
| Axel Springer Verlag AG | | 14,266 | 948,497 |
| BASF AG | | 267,751 | 20,546,826 |
| Bayer AG | | 272,189 | 20,863,956 |
| Bayerische Motoren Werke AG (BMW) | | 96,839 | 8,361,264 |
| Beiersdorf AG | | 29,293 | 3,032,535 |
| Brenntag AG | | 45,001 | 2,353,303 |
| Commerzbank AG (b) | | 295,362 | 2,789,744 |
| Continental AG | | 32,096 | 5,305,798 |
| Covestro AG (d) | | 56,109 | 3,630,082 |
| Daimler AG (Germany) | | 265,347 | 15,736,551 |
| Delivery Hero AG (b)(d) | | 26,659 | 1,076,161 |
| Deutsche Bank AG | | 573,088 | 5,615,434 |
| Deutsche Borse AG | | 56,360 | 7,122,359 |
| Deutsche Lufthansa AG | | 70,131 | 1,410,746 |
| Deutsche Post AG | | 288,043 | 9,095,036 |
| Deutsche Telekom AG | | 970,646 | 15,920,222 |
| Deutsche Wohnen AG (Bearer) | | 103,502 | 4,740,843 |
| Drillisch AG | | 16,022 | 715,730 |
| E.ON AG | | 642,523 | 6,213,236 |
| Evonik Industries AG | | 46,784 | 1,451,923 |
| Fraport AG Frankfurt Airport Services Worldwide | | 11,799 | 912,771 |
| Fresenius Medical Care AG & Co. KGaA | | 62,257 | 4,888,202 |
| Fresenius Medical Care AG & Co. KGaA sponsored ADR | | 1,480 | 57,838 |
| Fresenius SE & Co. KGaA | | 121,476 | 7,720,508 |
| GEA Group AG | | 50,158 | 1,525,956 |
| Hannover Reuck SE | | 17,484 | 2,358,567 |
| HeidelbergCement Finance AG | | 43,536 | 2,958,663 |
| Henkel AG & Co. KGaA | | 28,986 | 2,843,164 |
| Hochtief AG | | 5,691 | 844,414 |
| Hugo Boss AG | | 18,460 | 1,321,013 |
| Infineon Technologies AG | | 331,477 | 6,641,769 |
| innogy SE (d) | | 38,328 | 1,693,076 |
| K&S AG (a) | | 55,420 | 1,033,846 |
| KION Group AG | | 20,685 | 1,211,272 |
| Lanxess AG | | 25,167 | 1,560,956 |
| MAN SE | | 9,370 | 976,390 |
| Merck KGaA | | 37,931 | 4,065,116 |
| Metro Wholesale & Food Specialist AG | | 54,243 | 817,130 |
| MTU Aero Engines Holdings AG | | 15,198 | 3,232,792 |
| Muenchener Rueckversicherungs AG | | 43,605 | 9,381,479 |
| OSRAM Licht AG | | 29,512 | 1,197,347 |
| ProSiebenSat.1 Media AG | | 67,568 | 1,560,246 |
| Puma AG | | 2,443 | 1,256,247 |
| RWE AG | | 151,341 | 2,951,790 |
| SAP SE | | 286,906 | 30,720,028 |
| Schaeffler AG | | 49,524 | 523,463 |
| Siemens AG | | 223,242 | 25,660,955 |
| Siemens Healthineers AG (d) | | 43,503 | 1,802,924 |
| Symrise AG | | 36,001 | 3,023,988 |
| Telefonica Deutschland Holding AG | | 219,912 | 855,601 |
| Thyssenkrupp AG | | 127,855 | 2,689,938 |
| TUI AG | | 21,520 | 356,113 |
| TUI AG (GB) | | 106,795 | 1,773,205 |
| Uniper SE | | 58,916 | 1,702,313 |
| United Internet AG | | 35,675 | 1,478,099 |
| Volkswagen AG | | 11,522 | 1,902,747 |
| Vonovia SE | | 141,765 | 6,490,245 |
| Wirecard AG | | 34,325 | 6,430,456 |
| Zalando SE (a)(b) | | 33,051 | 1,280,284 |
|
| TOTAL GERMANY | | | 326,353,689 |
|
| Greece - 0.1% | | | |
| Alpha Bank AE (b) | | 401,880 | 607,678 |
| EFG Eurobank Ergasias SA (b) | | 544,814 | 367,165 |
| Ff Group (b)(c) | | 7,090 | 30,837 |
| Greek Organization of Football Prognostics SA | | 62,209 | 584,827 |
| Hellenic Telecommunications Organization SA | | 72,928 | 813,629 |
| Jumbo SA | | 29,549 | 431,077 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 19,546 | 462,700 |
| National Bank of Greece SA (b) | | 164,640 | 285,314 |
| Piraeus Bank SA | | 71,596 | 105,421 |
| Titan Cement Co. SA (Reg.) | | 12,970 | 285,583 |
|
| TOTAL GREECE | | | 3,974,231 |
|
| Hong Kong - 2.4% | | | |
| AIA Group Ltd. | | 3,522,000 | 26,655,449 |
| Bank of East Asia Ltd. | | 370,821 | 1,201,086 |
| Beijing Enterprises Holdings Ltd. | | 142,500 | 770,472 |
| BOC Hong Kong (Holdings) Ltd. | | 1,081,000 | 4,038,957 |
| BYD Electronic International Co. Ltd. | | 190,000 | 222,661 |
| China Agri-Industries Holdings Ltd. | | 486,000 | 162,373 |
| China Everbright International Ltd. | | 1,012,629 | 807,061 |
| China Everbright Ltd. | | 280,000 | 494,877 |
| China Jinmao Holdings Group Ltd. | | 1,494,000 | 626,791 |
| China Merchants Holdings International Co. Ltd. | | 397,250 | 675,765 |
| China Mobile Ltd. | | 1,785,500 | 16,726,347 |
| China Overseas Land and Investment Ltd. | | 1,096,000 | 3,431,136 |
| China Power International Development Ltd. (a) | | 1,391,000 | 274,938 |
| China Resources Beer Holdings Co. Ltd. | | 426,989 | 1,483,745 |
| China Resources Pharmaceutical Group Ltd. (d) | | 460,000 | 674,577 |
| China Resources Power Holdings Co. Ltd. | | 533,780 | 937,967 |
| China Taiping Insurance Group Ltd. | | 468,865 | 1,566,481 |
| China Travel International Investment HK Ltd. | | 566,000 | 151,569 |
| China Unicom Ltd. | | 1,810,000 | 1,893,168 |
| CITIC Pacific Ltd. | | 1,662,000 | 2,492,380 |
| CLP Holdings Ltd. | | 477,500 | 5,352,272 |
| CNOOC Ltd. | | 5,198,000 | 8,852,090 |
| CSPC Pharmaceutical Group Ltd. | | 1,364,000 | 2,876,907 |
| Far East Horizon Ltd. | | 640,000 | 620,254 |
| Fosun International Ltd. | | 709,500 | 1,035,033 |
| Galaxy Entertainment Group Ltd. | | 695,000 | 3,757,739 |
| Guangdong Investment Ltd. | | 864,000 | 1,542,473 |
| Hang Lung Group Ltd. | | 254,000 | 624,477 |
| Hang Lung Properties Ltd. | | 577,000 | 1,044,817 |
| Hang Seng Bank Ltd. | | 222,300 | 5,204,609 |
| Henderson Land Development Co. Ltd. | | 391,724 | 1,823,262 |
| Hong Kong & China Gas Co. Ltd. | | 2,672,359 | 5,104,579 |
| Hong Kong Exchanges and Clearing Ltd. | | 343,291 | 9,105,456 |
| Hua Hong Semiconductor Ltd. (d) | | 120,000 | 208,724 |
| Hysan Development Co. Ltd. | | 181,434 | 850,260 |
| Lenovo Group Ltd. | | 2,080,000 | 1,323,548 |
| Link (REIT) | | 625,730 | 5,545,589 |
| MMG Ltd. (b) | | 704,000 | 263,934 |
| MTR Corp. Ltd. | | 439,117 | 2,127,844 |
| New World Development Co. Ltd. | | 1,828,497 | 2,317,697 |
| PCCW Ltd. | | 1,208,627 | 662,730 |
| Power Assets Holdings Ltd. | | 401,000 | 2,676,930 |
| Shanghai Industrial Holdings Ltd. | | 128,000 | 268,994 |
| Shenzhen Investment Ltd. | | 722,000 | 207,155 |
| Sino Land Ltd. | | 980,114 | 1,537,296 |
| Sino-Ocean Group Holding Ltd. | | 951,913 | 372,659 |
| Sinotruk Hong Kong Ltd. | | 224,500 | 322,352 |
| SJM Holdings Ltd. | | 582,000 | 469,789 |
| Sun Art Retail Group Ltd. | | 683,417 | 746,866 |
| Sun Hung Kai Properties Ltd. | | 464,083 | 6,031,309 |
| Swire Pacific Ltd. (A Shares) | | 145,000 | 1,504,186 |
| Swire Properties Ltd. | | 333,800 | 1,138,639 |
| Techtronic Industries Co. Ltd. | | 398,000 | 1,862,623 |
| Wharf Holdings Ltd. | | 349,000 | 870,503 |
| Wheelock and Co. Ltd. | | 230,000 | 1,227,437 |
| Winteam Pharmaceutical Group Ltd. | | 720,000 | 458,151 |
| Yuexiu Property Co. Ltd. | | 1,656,000 | 261,853 |
|
| TOTAL HONG KONG | | | 145,488,836 |
|
| Hungary - 0.1% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 107,352 | 1,125,760 |
| OTP Bank PLC | | 64,832 | 2,329,558 |
| Richter Gedeon PLC | | 43,208 | 803,412 |
|
| TOTAL HUNGARY | | | 4,258,730 |
|
| India - 2.0% | | | |
| Adani Ports & Special Economic Zone Ltd. | | 149,401 | 644,085 |
| Ambuja Cements Ltd. | | 182,145 | 485,531 |
| Ashok Leyland Ltd. | | 343,417 | 532,584 |
| Asian Paints Ltd. | | 83,876 | 1,395,363 |
| Aurobindo Pharma Ltd. | | 78,274 | 837,720 |
| Avenue Supermarts Ltd. (b)(d) | | 35,692 | 645,675 |
| Axis Bank Ltd. (b) | | 524,385 | 4,129,284 |
| Bajaj Auto Ltd. | | 24,707 | 866,449 |
| Bajaj Finance Ltd. | | 50,538 | 1,628,033 |
| Bajaj Finserv Ltd. | | 10,916 | 797,690 |
| Bharat Forge Ltd. | | 59,538 | 470,846 |
| Bharat Heavy Electricals Ltd. | | 270,422 | 251,373 |
| Bharat Petroleum Corp. Ltd. | | 224,507 | 835,071 |
| Bharti Airtel Ltd. | | 406,566 | 1,607,079 |
| Bharti Infratel Ltd. | | 152,647 | 555,709 |
| Bosch Ltd. (b) | | 2,183 | 582,837 |
| Britannia Industries Ltd. | | 8,193 | 625,231 |
| Cadila Healthcare Ltd. | | 69,489 | 338,284 |
| Cipla Ltd. (b) | | 104,194 | 886,480 |
| Coal India Ltd. | | 196,205 | 706,057 |
| Container Corp. of India Ltd. | | 46,508 | 398,519 |
| Dabur India Ltd. | | 156,831 | 815,856 |
| Dr. Reddy's Laboratories Ltd. | | 33,473 | 1,149,662 |
| Eicher Motors Ltd. | | 3,887 | 1,149,104 |
| GAIL India Ltd. | | 232,501 | 1,176,494 |
| Glenmark Pharmaceuticals Ltd. | | 46,694 | 392,379 |
| Godrej Consumer Products Ltd. | | 104,618 | 1,025,316 |
| Grasim Industries Ltd. (b) | | 93,415 | 1,052,813 |
| Havells India Ltd. (b) | | 72,836 | 635,986 |
| HCL Technologies Ltd. | | 163,973 | 2,340,318 |
| Hero Motocorp Ltd. | | 14,683 | 548,399 |
| Hindalco Industries Ltd. | | 340,430 | 1,014,478 |
| Hindustan Petroleum Corp. Ltd. | | 178,106 | 539,784 |
| Hindustan Unilever Ltd. | | 188,844 | 4,140,729 |
| Housing Development Finance Corp. Ltd. | | 464,897 | 11,121,133 |
| ICICI Bank Ltd. | | 690,943 | 3,313,314 |
| Indiabulls Housing Finance Ltd. | | 82,270 | 928,374 |
| Indian Oil Corp. Ltd. | | 422,332 | 790,588 |
| Infosys Ltd. | | 1,019,162 | 9,416,227 |
| InterGlobe Aviation Ltd. (d) | | 26,910 | 323,422 |
| ITC Ltd. | | 997,450 | 3,777,525 |
| JSW Steel Ltd. | | 244,564 | 1,122,296 |
| Larsen & Toubro Ltd. | | 137,486 | 2,411,954 |
| LIC Housing Finance Ltd. | | 80,085 | 445,145 |
| Lupin Ltd. (b) | | 67,567 | 808,913 |
| Mahindra & Mahindra Financial Services Ltd. (b) | | 93,524 | 517,189 |
| Mahindra & Mahindra Ltd. | | 216,053 | 2,237,504 |
| Marico Ltd. | | 130,409 | 566,528 |
| Maruti Suzuki India Ltd. | | 30,452 | 2,724,211 |
| Motherson Sumi Systems Ltd. (b) | | 275,010 | 607,022 |
| Nestle India Ltd. | | 6,561 | 900,217 |
| NTPC Ltd. | | 568,395 | 1,226,937 |
| Oil & Natural Gas Corp. Ltd. | | 405,537 | 840,299 |
| Page Industries Ltd. | | 1,626 | 647,533 |
| Petronet LNG Ltd. | | 164,878 | 503,150 |
| Pidilite Industries Ltd. | | 33,297 | 431,677 |
| Piramal Enterprises Ltd. | | 24,331 | 714,797 |
| Power Grid Corp. of India Ltd. | | 457,097 | 1,149,232 |
| Rec Ltd. | | 191,503 | 301,392 |
| Reliance Industries Ltd. | | 831,134 | 11,925,919 |
| Shree Cement Ltd. | | 2,452 | 461,403 |
| Shriram Transport Finance Co. Ltd. | | 42,577 | 670,547 |
| Siemens India Ltd. | | 17,780 | 223,981 |
| State Bank of India (b) | | 518,439 | 1,972,536 |
| Sun Pharmaceutical Industries Ltd. | | 247,171 | 1,939,169 |
| Tata Consultancy Services Ltd. | | 268,059 | 7,024,588 |
| Tata Motors Ltd. (b) | | 463,373 | 1,122,527 |
| Tata Power Co. Ltd. | | 303,384 | 314,008 |
| Tata Steel Ltd. | | 105,865 | 792,771 |
| Tech Mahindra Ltd. (b) | | 137,603 | 1,384,030 |
| Titan Co. Ltd. | | 88,292 | 1,008,267 |
| Ultratech Cemco Ltd. (b) | | 28,205 | 1,334,513 |
| United Spirits Ltd. (b) | | 85,378 | 665,847 |
| UPL Ltd. (b) | | 104,554 | 953,299 |
| Vedanta Ltd. (b) | | 383,680 | 1,095,376 |
| Vodafone Idea Ltd. (b) | | 538,861 | 281,598 |
| Wipro Ltd. | | 327,067 | 1,463,891 |
| Yes Bank Ltd. | | 494,464 | 1,257,554 |
| Zee Entertainment Enterprises Ltd. | | 135,750 | 827,972 |
|
| TOTAL INDIA | | | 119,747,593 |
|
| Indonesia - 0.5% | | | |
| PT Adaro Energy Tbk | | 4,314,600 | 468,284 |
| PT Astra International Tbk | | 5,940,300 | 3,086,885 |
| PT Bank Central Asia Tbk | | 2,875,200 | 4,472,849 |
| PT Bank Danamon Indonesia Tbk Series A | | 866,613 | 423,259 |
| PT Bank Mandiri (Persero) Tbk | | 5,476,300 | 2,460,620 |
| PT Bank Negara Indonesia (Persero) Tbk | | 2,142,389 | 1,032,264 |
| PT Bank Rakyat Indonesia Tbk | | 16,138,400 | 3,343,921 |
| PT Bank Tabungan Negara Tbk | | 1,333,900 | 186,013 |
| PT Bumi Serpong Damai Tbk (b) | | 2,115,300 | 153,056 |
| PT Charoen Pokphand Indonesia Tbk | | 2,134,800 | 772,334 |
| PT Gudang Garam Tbk | | 140,000 | 665,812 |
| PT Hanjaya Mandala Sampoerna Tbk | | 2,721,900 | 667,830 |
| PT Indah Kiat Pulp & Paper Tbk | | 780,800 | 653,556 |
| PT Indocement Tunggal Prakarsa Tbk | | 539,700 | 614,163 |
| PT Indofood CBP Sukses Makmur Tbk | | 676,300 | 397,038 |
| PT Indofood Sukses Makmur Tbk | | 1,255,600 | 493,485 |
| PT Jasa Marga Tbk | | 636,453 | 173,740 |
| PT Kalbe Farma Tbk | | 6,297,200 | 567,483 |
| PT Matahari Department Store Tbk | | 732,200 | 233,591 |
| PT Pakuwon Jati Tbk | | 5,371,500 | 168,892 |
| PT Perusahaan Gas Negara Tbk Series B | | 3,228,800 | 471,497 |
| PT Semen Gresik (Persero) Tbk | | 888,900 | 526,236 |
| PT Surya Citra Media Tbk | | 1,503,100 | 155,229 |
| PT Telekomunikasi Indonesia Tbk Series B | | 14,661,400 | 3,714,088 |
| PT Tower Bersama Infrastructure Tbk | | 518,900 | 159,740 |
| PT Unilever Indonesia Tbk | | 447,800 | 1,273,222 |
| PT United Tractors Tbk | | 479,912 | 1,057,527 |
| PT Waskita Karya Persero Tbk | | 1,384,500 | 131,142 |
|
| TOTAL INDONESIA | | | 28,523,756 |
|
| Ireland - 0.4% | | | |
| AIB Group PLC | | 240,525 | 1,163,824 |
| Bank Ireland Group PLC | | 284,354 | 2,017,791 |
| CRH PLC | | 245,148 | 7,312,319 |
| DCC PLC (United Kingdom) | | 28,740 | 2,466,787 |
| James Hardie Industries PLC CDI | | 129,376 | 1,721,495 |
| Kerry Group PLC Class A | | 46,233 | 4,739,106 |
| Paddy Power Betfair PLC (Ireland) | | 24,430 | 2,108,503 |
| Ryanair Holdings PLC (b) | | 4,983 | 67,414 |
| Ryanair Holdings PLC sponsored ADR (b) | | 7,974 | 660,247 |
| Smurfit Kappa Group PLC | | 65,586 | 2,137,951 |
|
| TOTAL IRELAND | | | 24,395,437 |
|
| Isle of Man - 0.1% | | | |
| Gaming VC Holdings SA | | 158,442 | 1,897,618 |
| Genting Singapore Ltd. | | 1,763,000 | 1,120,052 |
| NEPI Rockcastle PLC | | 107,350 | 926,983 |
|
| TOTAL ISLE OF MAN | | | 3,944,653 |
|
| Israel - 0.3% | | | |
| Azrieli Group | | 12,436 | 603,772 |
| Bank Hapoalim BM (Reg.) | | 309,933 | 2,099,631 |
| Bank Leumi le-Israel BM | | 438,820 | 2,739,197 |
| Bezeq The Israel Telecommunication Corp. Ltd. | | 637,184 | 732,791 |
| Check Point Software Technologies Ltd. (b) | | 37,144 | 4,122,984 |
| Elbit Systems Ltd. (Israel) | | 7,016 | 839,313 |
| Israel Chemicals Ltd. | | 202,320 | 1,167,194 |
| Mizrahi Tefahot Bank Ltd. | | 40,829 | 687,974 |
| NICE Systems Ltd. (b) | | 18,055 | 1,914,295 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 282,417 | 5,642,692 |
|
| TOTAL ISRAEL | | | 20,549,843 |
|
| Italy - 1.2% | | | |
| Assicurazioni Generali SpA | | 341,503 | 5,523,552 |
| Atlantia SpA | | 145,674 | 2,930,358 |
| Davide Campari-Milano SpA | | 170,382 | 1,311,321 |
| Enel SpA | | 2,370,156 | 11,621,029 |
| Eni SpA | | 740,958 | 13,159,230 |
| Intesa Sanpaolo SpA | | 4,343,909 | 9,622,083 |
| Leonardo SpA | | 116,239 | 1,262,601 |
| Luxottica Group SpA | | 49,462 | 3,110,404 |
| Mediobanca SpA | | 180,017 | 1,580,604 |
| Moncler SpA | | 52,900 | 1,839,458 |
| Pirelli & C. S.p.A. (d) | | 119,514 | 879,077 |
| Poste Italiane SpA (d) | | 152,460 | 1,096,542 |
| Prysmian SpA | | 69,835 | 1,357,332 |
| Recordati SpA | | 30,024 | 1,017,480 |
| Snam Rete Gas SpA | | 658,705 | 2,726,184 |
| Telecom Italia SpA (b) | | 3,449,361 | 2,028,756 |
| Terna SpA | | 407,621 | 2,107,624 |
| UniCredit SpA | | 585,824 | 7,508,546 |
|
| TOTAL ITALY | | | 70,682,181 |
|
| Japan - 15.9% | | | |
| ABC-MART, Inc. | | 8,900 | 520,583 |
| ACOM Co. Ltd. (a) | | 109,200 | 403,566 |
| AEON Co. Ltd. | | 178,000 | 4,085,485 |
| AEON Financial Service Co. Ltd. | | 33,800 | 663,808 |
| AEON MALL Co. Ltd. | | 28,320 | 524,310 |
| Agc, Inc. | | 54,200 | 1,775,290 |
| Air Water, Inc. | | 42,400 | 688,035 |
| Aisin Seiki Co. Ltd. | | 47,100 | 1,851,274 |
| Ajinomoto Co., Inc. | | 133,200 | 2,151,908 |
| Alfresa Holdings Corp. | | 55,000 | 1,469,624 |
| All Nippon Airways Ltd. | | 33,000 | 1,109,645 |
| Alps Electric Co. Ltd. | | 55,100 | 1,298,862 |
| Amada Holdings Co. Ltd. | | 99,100 | 933,605 |
| Aozora Bank Ltd. | | 34,300 | 1,183,570 |
| Asahi Group Holdings | | 105,600 | 4,640,600 |
| Asahi Kasei Corp. | | 367,800 | 4,413,031 |
| Asics Corp. | | 46,400 | 674,401 |
| Astellas Pharma, Inc. | | 550,200 | 8,500,703 |
| Bandai Namco Holdings, Inc. | | 57,800 | 2,056,693 |
| Bank of Kyoto Ltd. | | 15,200 | 685,674 |
| Benesse Holdings, Inc. | | 21,000 | 585,324 |
| Bridgestone Corp. | | 177,100 | 6,828,852 |
| Brother Industries Ltd. | | 64,100 | 1,176,506 |
| Calbee, Inc. | | 24,200 | 804,272 |
| Canon, Inc. | | 286,600 | 8,163,346 |
| Canon, Inc. sponsored ADR (a) | | 4,174 | 117,623 |
| Casio Computer Co. Ltd. | | 55,800 | 842,198 |
| Central Japan Railway Co. | | 42,100 | 8,079,356 |
| Chiba Bank Ltd. | | 183,300 | 1,159,622 |
| Chubu Electric Power Co., Inc. | | 176,700 | 2,548,135 |
| Chugai Pharmaceutical Co. Ltd. | | 65,700 | 3,846,523 |
| Chugoku Electric Power Co., Inc. | | 79,900 | 1,028,181 |
| Coca-Cola West Co. Ltd. | | 39,500 | 1,034,453 |
| Concordia Financial Group Ltd. | | 316,700 | 1,449,460 |
| Credit Saison Co. Ltd. | | 47,900 | 760,653 |
| CyberAgent, Inc. | | 29,400 | 1,251,063 |
| CYBERDYNE, Inc. (a)(b) | | 34,400 | 243,286 |
| Dai Nippon Printing Co. Ltd. | | 70,300 | 1,577,357 |
| Dai-ichi Mutual Life Insurance Co. | | 314,900 | 5,909,204 |
| Daicel Chemical Industries Ltd. | | 78,100 | 827,133 |
| Daifuku Co. Ltd. | | 29,700 | 1,279,231 |
| Daiichi Sankyo Kabushiki Kaisha | | 165,900 | 6,341,230 |
| Daikin Industries Ltd. | | 72,700 | 8,426,797 |
| Dainippon Sumitomo Pharma Co. Ltd. | | 46,800 | 977,826 |
| Daito Trust Construction Co. Ltd. | | 20,900 | 2,759,871 |
| Daiwa House Industry Co. Ltd. | | 165,200 | 4,988,105 |
| Daiwa House REIT Investment Corp. | | 482 | 1,055,116 |
| Daiwa Securities Group, Inc. | | 470,700 | 2,699,328 |
| DeNA Co. Ltd. | | 28,900 | 480,717 |
| DENSO Corp. | | 127,300 | 5,678,315 |
| Dentsu, Inc. | | 63,100 | 2,926,567 |
| Disco Corp. | | 8,400 | 1,337,776 |
| Don Quijote Holdings Co. Ltd. | | 34,600 | 2,072,903 |
| East Japan Railway Co. | | 89,900 | 7,851,663 |
| Eisai Co. Ltd. | | 73,600 | 6,129,440 |
| Electric Power Development Co. Ltd. | | 42,100 | 1,147,317 |
| FamilyMart Co. Ltd. | | 21,200 | 2,457,291 |
| Fanuc Corp. | | 56,600 | 9,846,536 |
| Fast Retailing Co. Ltd. | | 17,000 | 8,559,592 |
| Fuji Electric Co. Ltd. | | 34,800 | 1,062,286 |
| Fujifilm Holdings Corp. | | 112,500 | 4,865,668 |
| Fujitsu Ltd. | | 57,300 | 3,486,040 |
| Fukuoka Financial Group, Inc. | | 42,800 | 1,051,627 |
| Hakuhodo DY Holdings, Inc. | | 69,500 | 1,161,670 |
| Hamamatsu Photonics K.K. | | 40,900 | 1,370,160 |
| Hankyu Hanshin Holdings, Inc. | | 65,900 | 2,172,624 |
| Hikari Tsushin, Inc. | | 6,200 | 1,083,565 |
| Hino Motors Ltd. | | 77,700 | 743,766 |
| Hirose Electric Co. Ltd. | | 9,516 | 904,920 |
| Hisamitsu Pharmaceutical Co., Inc. | | 16,700 | 942,784 |
| Hitachi Chemical Co. Ltd. | | 30,000 | 473,523 |
| Hitachi Construction Machinery Co. Ltd. | | 31,600 | 838,993 |
| Hitachi High-Technologies Corp. | | 20,000 | 754,199 |
| Hitachi Ltd. | | 282,000 | 8,620,795 |
| Hitachi Metals Ltd. | | 62,400 | 736,623 |
| Honda Motor Co. Ltd. | | 475,300 | 13,567,691 |
| Hoshizaki Corp. | | 15,800 | 1,275,650 |
| Hoya Corp. | | 111,200 | 6,321,060 |
| Hulic Co. Ltd. | | 89,400 | 820,038 |
| Idemitsu Kosan Co. Ltd. | | 39,400 | 1,798,290 |
| IHI Corp. | | 43,200 | 1,580,363 |
| Iida Group Holdings Co. Ltd. | | 42,400 | 771,831 |
| INPEX Corp. | | 298,500 | 3,398,904 |
| Isetan Mitsukoshi Holdings Ltd. | | 95,700 | 1,118,474 |
| Isuzu Motors Ltd. | | 160,100 | 2,098,999 |
| Itochu Corp. | | 412,400 | 7,648,357 |
| J. Front Retailing Co. Ltd. | | 68,400 | 896,335 |
| Japan Airlines Co. Ltd. | | 33,100 | 1,178,382 |
| Japan Airport Terminal Co. Ltd. | | 14,100 | 542,332 |
| Japan Exchange Group, Inc. | | 146,900 | 2,637,651 |
| Japan Post Bank Co. Ltd. | | 118,500 | 1,383,121 |
| Japan Post Holdings Co. Ltd. | | 457,800 | 5,428,816 |
| Japan Prime Realty Investment Corp. | | 234 | 835,751 |
| Japan Real Estate Investment Corp. | | 381 | 1,965,188 |
| Japan Retail Fund Investment Corp. | | 747 | 1,379,668 |
| Japan Tobacco, Inc. | | 320,200 | 8,227,644 |
| JFE Holdings, Inc. | | 143,000 | 2,687,195 |
| JGC Corp. | | 59,800 | 1,157,539 |
| JSR Corp. | | 56,400 | 842,739 |
| JTEKT Corp. | | 58,900 | 732,813 |
| JX Holdings, Inc. | | 950,410 | 6,421,904 |
| Kajima Corp. | | 129,800 | 1,671,374 |
| Kakaku.com, Inc. | | 39,200 | 711,148 |
| Kamigumi Co. Ltd. | | 31,100 | 643,306 |
| Kaneka Corp. | | 14,100 | 589,817 |
| Kansai Electric Power Co., Inc. | | 205,300 | 3,142,219 |
| Kansai Paint Co. Ltd. | | 51,900 | 768,599 |
| Kao Corp. | | 144,400 | 9,605,810 |
| Kawasaki Heavy Industries Ltd. | | 41,500 | 983,485 |
| KDDI Corp. | | 517,400 | 12,521,003 |
| Keihan Electric Railway Co., Ltd. | | 28,000 | 1,062,082 |
| Keihin Electric Express Railway Co. Ltd. | | 65,000 | 962,600 |
| Keio Corp. | | 30,000 | 1,629,422 |
| Keisei Electric Railway Co. | | 38,500 | 1,186,496 |
| Keyence Corp. | | 28,440 | 13,938,335 |
| Kikkoman Corp. | | 42,400 | 2,322,982 |
| Kintetsu Group Holdings Co. Ltd. | | 49,800 | 1,911,056 |
| Kirin Holdings Co. Ltd. | | 239,900 | 5,724,623 |
| Kobayashi Pharmaceutical Co. Ltd. | | 14,500 | 950,946 |
| Kobe Steel Ltd. | | 93,400 | 750,965 |
| Koito Manufacturing Co. Ltd. | | 30,700 | 1,463,783 |
| Komatsu Ltd. | | 269,500 | 7,018,442 |
| Konami Holdings Corp. | | 27,900 | 1,064,391 |
| Konica Minolta, Inc. | | 134,800 | 1,334,303 |
| Kose Corp. | | 8,900 | 1,330,642 |
| Kubota Corp. | | 287,700 | 4,541,861 |
| Kuraray Co. Ltd. | | 93,200 | 1,280,150 |
| Kurita Water Industries Ltd. | | 28,400 | 700,467 |
| Kyocera Corp. | | 93,600 | 5,065,903 |
| Kyowa Hakko Kirin Co., Ltd. | | 76,900 | 1,489,311 |
| Kyushu Electric Power Co., Inc. | | 110,100 | 1,282,150 |
| Kyushu Railway Co. | | 45,300 | 1,389,090 |
| Lawson, Inc. | | 14,000 | 885,895 |
| LINE Corp. (b) | | 21,800 | 695,026 |
| Lion Corp. | | 66,700 | 1,253,193 |
| LIXIL Group Corp. | | 77,300 | 1,219,427 |
| M3, Inc. | | 123,500 | 1,989,835 |
| Mabuchi Motor Co. Ltd. | | 13,800 | 491,656 |
| Makita Corp. | | 64,900 | 2,246,063 |
| Marubeni Corp. | | 456,800 | 3,704,050 |
| Marui Group Co. Ltd. | | 56,100 | 1,207,933 |
| Maruichi Steel Tube Ltd. | | 16,700 | 482,492 |
| Mazda Motor Corp. | | 167,100 | 1,779,797 |
| McDonald's Holdings Co. (Japan) Ltd. | | 19,800 | 872,123 |
| Mebuki Financial Group, Inc. | | 260,610 | 796,831 |
| Medipal Holdings Corp. | | 49,900 | 1,071,544 |
| Meiji Holdings Co. Ltd. | | 35,200 | 2,335,510 |
| Minebea Mitsumi, Inc. | | 112,900 | 1,727,147 |
| Misumi Group, Inc. | | 82,300 | 1,652,783 |
| Mitsubishi Chemical Holdings Corp. | | 374,400 | 2,918,596 |
| Mitsubishi Corp. | | 394,400 | 11,100,511 |
| Mitsubishi Electric Corp. | | 531,700 | 6,731,025 |
| Mitsubishi Estate Co. Ltd. | | 344,600 | 5,507,329 |
| Mitsubishi Gas Chemical Co., Inc. | | 47,900 | 807,000 |
| Mitsubishi Heavy Industries Ltd. | | 88,000 | 3,102,153 |
| Mitsubishi Materials Corp. | | 29,900 | 827,779 |
| Mitsubishi Motors Corp. of Japan | | 194,700 | 1,222,963 |
| Mitsubishi Tanabe Pharma Corp. | | 74,500 | 1,101,307 |
| Mitsubishi UFJ Financial Group, Inc. | | 3,446,700 | 20,861,127 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | | 123,000 | 633,341 |
| Mitsui & Co. Ltd. | | 482,500 | 8,061,904 |
| Mitsui Chemicals, Inc. | | 53,200 | 1,192,966 |
| Mitsui Fudosan Co. Ltd. | | 260,400 | 5,864,793 |
| Mitsui OSK Lines Ltd. | | 34,100 | 828,786 |
| Mizuho Financial Group, Inc. | | 7,018,460 | 12,053,248 |
| MS&AD Insurance Group Holdings, Inc. | | 138,290 | 4,153,850 |
| Murata Manufacturing Co. Ltd. | | 52,600 | 8,001,764 |
| Nabtesco Corp. | | 32,500 | 716,622 |
| Nagoya Railroad Co. Ltd. | | 52,400 | 1,265,941 |
| NEC Corp. | | 75,500 | 2,167,245 |
| New Hampshire Foods Ltd. | | 26,300 | 906,978 |
| Nexon Co. Ltd. (b) | | 128,700 | 1,466,816 |
| NGK Insulators Ltd. | | 76,000 | 1,069,629 |
| NGK Spark Plug Co. Ltd. | | 47,400 | 962,829 |
| Nidec Corp. | | 65,200 | 8,372,828 |
| Nikon Corp. | | 93,800 | 1,635,182 |
| Nintendo Co. Ltd. | | 33,100 | 10,333,915 |
| Nippon Building Fund, Inc. | | 389 | 2,223,645 |
| Nippon Electric Glass Co. Ltd. | | 24,600 | 619,809 |
| Nippon Express Co. Ltd. | | 22,100 | 1,394,698 |
| Nippon Paint Holdings Co. Ltd. (a) | | 42,700 | 1,337,745 |
| Nippon Prologis REIT, Inc. | | 495 | 998,467 |
| Nippon Steel & Sumitomo Metal Corp. | | 220,417 | 4,065,850 |
| Nippon Telegraph & Telephone Corp. | | 201,700 | 8,317,829 |
| Nippon Yusen KK | | 46,400 | 748,243 |
| Nissan Chemical Corp. | | 37,700 | 1,777,603 |
| Nissan Motor Co. Ltd. | | 674,700 | 6,138,261 |
| Nisshin Seifun Group, Inc. | | 56,745 | 1,129,112 |
| Nissin Food Holdings Co. Ltd. | | 18,500 | 1,195,241 |
| Nitori Holdings Co. Ltd. | | 23,500 | 3,068,839 |
| Nitto Denko Corp. | | 48,200 | 3,011,299 |
| NKSJ Holdings, Inc. | | 96,900 | 3,996,693 |
| NOK Corp. | | 23,500 | 338,228 |
| Nomura Holdings, Inc. | | 1,007,400 | 4,837,494 |
| Nomura Real Estate Holdings, Inc. | | 35,900 | 674,189 |
| Nomura Real Estate Master Fund, Inc. | | 1,089 | 1,411,979 |
| Nomura Research Institute Ltd. | | 32,540 | 1,441,928 |
| NSK Ltd. | | 104,400 | 1,031,465 |
| NTT Data Corp. | | 185,300 | 2,378,973 |
| NTT DOCOMO, Inc. | | 386,800 | 9,592,193 |
| NTT DOCOMO, Inc. sponsored ADR (a) | | 10,464 | 250,194 |
| Obayashi Corp. | | 187,900 | 1,658,823 |
| OBIC Co. Ltd. | | 19,000 | 1,731,023 |
| Odakyu Electric Railway Co. Ltd. | | 85,400 | 1,805,416 |
| Oji Holdings Corp. | | 251,400 | 1,785,223 |
| Olympus Corp. | | 84,800 | 2,826,537 |
| OMRON Corp. | | 55,700 | 2,260,877 |
| Ono Pharmaceutical Co. Ltd. | | 111,600 | 2,543,849 |
| Oracle Corp. Japan | | 11,300 | 767,120 |
| Oriental Land Co. Ltd. | | 58,300 | 5,484,597 |
| ORIX Corp. | | 386,000 | 6,297,922 |
| Osaka Gas Co. Ltd. | | 108,700 | 1,987,688 |
| Otsuka Corp. | | 30,700 | 1,020,295 |
| Otsuka Holdings Co. Ltd. | | 114,200 | 5,461,954 |
| Panasonic Corp. | | 642,600 | 6,896,034 |
| Park24 Co. Ltd. | | 34,600 | 911,035 |
| Pola Orbis Holdings, Inc. | | 27,900 | 746,736 |
| Rakuten, Inc. | | 251,100 | 1,698,437 |
| Recruit Holdings Co. Ltd. | | 321,900 | 8,639,665 |
| Renesas Electronics Corp. (b) | | 244,900 | 1,297,915 |
| Resona Holdings, Inc. | | 611,000 | 3,213,882 |
| Ricoh Co. Ltd. | | 193,700 | 1,933,567 |
| Rinnai Corp. | | 9,500 | 692,073 |
| ROHM Co. Ltd. | | 27,500 | 1,935,127 |
| Ryohin Keikaku Co. Ltd. | | 6,900 | 1,822,918 |
| Sankyo Co. Ltd. (Gunma) | | 13,000 | 495,990 |
| Santen Pharmaceutical Co. Ltd. | | 108,900 | 1,616,586 |
| SBI Holdings, Inc. Japan | | 66,680 | 1,749,807 |
| Secom Co. Ltd. | | 61,100 | 5,002,354 |
| Sega Sammy Holdings, Inc. | | 52,800 | 679,917 |
| Seibu Holdings, Inc. | | 64,800 | 1,175,571 |
| Seiko Epson Corp. | | 79,000 | 1,272,789 |
| Sekisui Chemical Co. Ltd. | | 107,000 | 1,681,313 |
| Sekisui House Ltd. | | 179,100 | 2,628,655 |
| Seven & i Holdings Co. Ltd. | | 219,500 | 9,504,350 |
| Seven Bank Ltd. | | 181,500 | 567,816 |
| SG Holdings Co. Ltd. | | 27,600 | 695,656 |
| Sharp Corp. (a) | | 51,300 | 786,993 |
| Shimadzu Corp. | | 65,200 | 1,648,563 |
| Shimamura Co. Ltd. | | 6,600 | 555,094 |
| SHIMANO, Inc. | | 21,400 | 2,928,311 |
| SHIMIZU Corp. | | 161,600 | 1,311,765 |
| Shin-Etsu Chemical Co. Ltd. | | 106,000 | 8,857,415 |
| Shinsei Bank Ltd. | | 44,600 | 679,392 |
| Shionogi & Co. Ltd. | | 80,900 | 5,173,046 |
| Shiseido Co. Ltd. | | 110,900 | 6,997,291 |
| Shizuoka Bank Ltd. | | 132,400 | 1,158,369 |
| Showa Denko K.K. | | 39,900 | 1,737,390 |
| Showa Shell Sekiyu K.K. | | 55,800 | 1,065,008 |
| SMC Corp. | | 16,700 | 5,350,335 |
| SoftBank Corp. | | 240,900 | 19,064,541 |
| Sohgo Security Services Co., Ltd. | | 21,100 | 940,604 |
| Sony Corp. | | 370,200 | 20,034,022 |
| Sony Financial Holdings, Inc. | | 51,100 | 1,178,849 |
| Stanley Electric Co. Ltd. | | 38,400 | 1,138,370 |
| Subaru Corp. | | 179,200 | 4,833,866 |
| Sumco Corp. | | 69,300 | 935,345 |
| Sumitomo Chemical Co. Ltd. | | 429,000 | 2,149,028 |
| Sumitomo Corp. | | 327,600 | 4,968,604 |
| Sumitomo Electric Industries Ltd. | | 219,900 | 2,998,906 |
| Sumitomo Heavy Industries Ltd. | | 32,500 | 1,022,150 |
| Sumitomo Metal Mining Co. Ltd. | | 67,300 | 2,119,011 |
| Sumitomo Mitsui Financial Group, Inc. | | 391,800 | 15,254,772 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 96,525 | 3,835,277 |
| Sumitomo Realty & Development Co. Ltd. | | 104,000 | 3,573,447 |
| Sumitomo Rubber Industries Ltd. | | 49,000 | 705,676 |
| Sundrug Co. Ltd. | | 20,800 | 755,794 |
| Suntory Beverage & Food Ltd. | | 40,200 | 1,640,635 |
| Suzuken Co. Ltd. | | 21,510 | 1,090,417 |
| Suzuki Motor Corp. | | 100,300 | 5,001,632 |
| Sysmex Corp. | | 48,800 | 3,427,050 |
| T&D Holdings, Inc. | | 161,500 | 2,581,693 |
| Taiheiyo Cement Corp. | | 35,400 | 1,041,705 |
| Taisei Corp. | | 61,500 | 2,630,262 |
| Taisho Pharmaceutical Holdings Co. Ltd. | | 10,600 | 1,131,067 |
| Taiyo Nippon Sanso Corp. | | 40,300 | 648,957 |
| Takashimaya Co. Ltd. | | 40,900 | 643,672 |
| Takeda Pharmaceutical Co. Ltd. (a) | | 208,900 | 8,660,900 |
| TDK Corp. | | 37,900 | 3,268,120 |
| Teijin Ltd. | | 50,000 | 866,835 |
| Temp Holdings Co., Ltd. | | 51,200 | 974,676 |
| Terumo Corp. | | 88,700 | 4,788,198 |
| THK Co. Ltd. | | 34,700 | 769,129 |
| Tobu Railway Co. Ltd. | | 55,700 | 1,549,164 |
| Toho Co. Ltd. | | 33,200 | 1,083,163 |
| Toho Gas Co. Ltd. | | 22,700 | 784,597 |
| Tohoku Electric Power Co., Inc. | | 122,200 | 1,546,520 |
| Tokio Marine Holdings, Inc. | | 196,500 | 9,257,535 |
| Tokyo Century Corp. | | 13,100 | 702,397 |
| Tokyo Electric Power Co., Inc. (b) | | 422,500 | 2,162,430 |
| Tokyo Electron Ltd. | | 45,800 | 6,180,651 |
| Tokyo Gas Co. Ltd. | | 113,300 | 2,786,376 |
| Tokyo Tatemono Co. Ltd. | | 59,900 | 644,234 |
| Tokyu Corp. | | 146,700 | 2,423,553 |
| Tokyu Fudosan Holdings Corp. | | 150,700 | 849,095 |
| Toppan Printing Co. Ltd. | | 72,000 | 1,017,895 |
| Toray Industries, Inc. | | 398,600 | 2,827,387 |
| Toshiba Corp. (b) | | 190,200 | 5,697,487 |
| Tosoh Corp. | | 77,100 | 1,015,083 |
| Toto Ltd. | | 41,800 | 1,495,448 |
| Toyo Seikan Group Holdings Ltd. | | 44,800 | 914,001 |
| Toyo Suisan Kaisha Ltd. | | 26,000 | 896,353 |
| Toyoda Gosei Co. Ltd. | | 18,400 | 397,075 |
| Toyota Industries Corp. | | 42,100 | 2,070,767 |
| Toyota Motor Corp. | | 666,372 | 39,036,719 |
| Toyota Tsusho Corp. | | 61,900 | 2,233,886 |
| Trend Micro, Inc. | | 35,000 | 2,014,803 |
| Tsuruha Holdings, Inc. | | 10,900 | 1,136,030 |
| Unicharm Corp. | | 117,700 | 3,204,453 |
| United Urban Investment Corp. | | 834 | 1,270,569 |
| USS Co. Ltd. | | 65,500 | 1,182,466 |
| West Japan Railway Co. | | 47,900 | 3,221,642 |
| Yahoo! Japan Corp. | | 828,300 | 2,584,129 |
| Yakult Honsha Co. Ltd. | | 32,800 | 2,328,426 |
| Yamada Denki Co. Ltd. (a) | | 187,300 | 883,091 |
| Yamaguchi Financial Group, Inc. | | 53,000 | 560,367 |
| Yamaha Corp. | | 40,500 | 1,779,748 |
| Yamaha Motor Co. Ltd. | | 81,600 | 1,929,825 |
| Yamato Holdings Co. Ltd. | | 90,900 | 2,485,061 |
| Yamazaki Baking Co. Ltd. | | 35,200 | 635,150 |
| Yaskawa Electric Corp. | | 69,600 | 2,011,697 |
| Yokogawa Electric Corp. | | 67,600 | 1,327,264 |
| Yokohama Rubber Co. Ltd. | | 34,000 | 658,628 |
| Zozo, Inc. | | 59,300 | 1,428,960 |
|
| TOTAL JAPAN | | | 944,787,107 |
|
| Korea (South) - 3.1% | | | |
| AMOREPACIFIC Corp. | | 9,133 | 1,224,670 |
| AMOREPACIFIC Group, Inc. | | 8,769 | 477,261 |
| BGF Retail Co. Ltd. | | 2,524 | 372,738 |
| BS Financial Group, Inc. | | 70,542 | 469,250 |
| Celltrion Healthcare Co. Ltd. | | 10,157 | 567,047 |
| Celltrion Pharm, Inc. | | 5,250 | 246,166 |
| Celltrion, Inc. (b) | | 23,806 | 4,537,954 |
| Cheil Industries, Inc. | | 21,831 | 2,075,954 |
| Cheil Worldwide, Inc. | | 19,967 | 397,240 |
| CJ CheilJedang Corp. | | 2,367 | 672,137 |
| CJ Corp. | | 4,333 | 413,933 |
| CJ O Shopping Co. Ltd. | | 3,270 | 647,695 |
| Coway Co. Ltd. | | 14,978 | 922,834 |
| Daelim Industrial Co. | | 8,141 | 542,258 |
| Daewoo Engineering & Construction Co. Ltd. (b) | | 49,122 | 194,809 |
| Db Insurance Co. Ltd. | | 15,015 | 944,853 |
| DGB Financial Group Co. Ltd. | | 53,333 | 439,378 |
| Dong Suh Companies, Inc. | | 8,128 | 132,855 |
| Doosan Bobcat, Inc. | | 13,451 | 414,965 |
| Doosan Heavy Industries & Construction Co. Ltd. (b) | | 16,464 | 158,002 |
| E-Mart Co. Ltd. | | 5,947 | 1,065,873 |
| EUSU Holdings Co. Ltd. (b) | | 6 | 33 |
| GS Engineering & Construction Corp. | | 14,825 | 542,457 |
| GS Holdings Corp. | | 14,723 | 625,824 |
| GS Retail Co. Ltd. | | 7,314 | 230,125 |
| Hana Financial Group, Inc. | | 87,833 | 2,948,294 |
| Hanjin Shipping Co. Ltd. (b)(c) | | 12 | 0 |
| Hankook Tire Co. Ltd. | | 21,345 | 774,481 |
| Hanmi Pharm Co. Ltd. | | 1,896 | 647,232 |
| Hanmi Science Co. Ltd. | | 3,588 | 209,745 |
| Hanon Systems | | 55,532 | 532,932 |
| Hanssem Co. Ltd. | | 2,680 | 114,740 |
| Hanwha Chemical Corp. | | 28,762 | 407,105 |
| Hanwha Corp. | | 11,109 | 273,587 |
| Hanwha Life Insurance Co. Ltd. | | 87,126 | 342,472 |
| HDC Hyundai Development Co. (b) | | 10,931 | 421,528 |
| HLB, Inc. (b) | | 9,041 | 686,197 |
| Hotel Shilla Co. | | 9,346 | 584,023 |
| Hyundai Department Store Co. Ltd. | | 4,235 | 321,801 |
| Hyundai Engineering & Construction Co. Ltd. | | 22,549 | 904,134 |
| Hyundai Fire & Marine Insurance Co. Ltd. | | 18,353 | 672,354 |
| Hyundai Glovis Co. Ltd. | | 5,470 | 546,521 |
| Hyundai Heavy Industries Co. Ltd. (b) | | 11,107 | 1,211,938 |
| Hyundai Mobis | | 19,857 | 3,306,599 |
| Hyundai Motor Co. | | 44,311 | 4,135,952 |
| Hyundai Robotics Co. Ltd. (b) | | 2,843 | 888,282 |
| Hyundai Steel Co. | | 22,938 | 839,318 |
| Industrial Bank of Korea | | 73,247 | 953,302 |
| ING Life Insurance Korea Ltd. (d) | | 9,227 | 247,859 |
| Kakao Corp. | | 14,296 | 1,147,689 |
| Kangwon Land, Inc. | | 35,406 | 890,580 |
| KB Financial Group, Inc. | | 115,769 | 4,814,983 |
| KCC Corp. | | 1,794 | 388,359 |
| KEPCO Plant Service & Engineering Co. Ltd. | | 6,141 | 148,008 |
| Kia Motors Corp. | | 76,978 | 1,916,017 |
| Korea Aerospace Industries Ltd. (b) | | 21,529 | 546,244 |
| Korea Electric Power Corp. | | 73,733 | 1,758,982 |
| Korea Express Co. Ltd. (b) | | 2,152 | 298,941 |
| Korea Gas Corp. (b) | | 8,260 | 377,166 |
| Korea Investment Holdings Co. Ltd. | | 12,436 | 646,323 |
| Korea Zinc Co. Ltd. | | 2,502 | 831,076 |
| Korean Air Lines Co. Ltd. | | 13,390 | 322,135 |
| KT Corp. | | 6,424 | 161,423 |
| KT&G Corp. | | 33,715 | 2,999,187 |
| Kumho Petro Chemical Co. Ltd. | | 5,785 | 436,537 |
| LG Chemical Ltd. | | 13,089 | 3,980,616 |
| LG Corp. | | 26,945 | 1,565,691 |
| LG Display Co. Ltd. | | 66,448 | 968,344 |
| LG Electronics, Inc. | | 30,950 | 1,717,033 |
| LG Household & Health Care Ltd. | | 2,639 | 2,414,650 |
| LG Innotek Co. Ltd. | | 4,465 | 485,241 |
| LG Telecom Ltd. | | 62,120 | 879,262 |
| Lotte Chemical Corp. | | 5,059 | 1,163,880 |
| Lotte Confectionery Co. Ltd. (b) | | 9,375 | 390,693 |
| Lotte Shopping Co. Ltd. | | 3,284 | 556,927 |
| Medy-Tox, Inc. | | 1,278 | 522,401 |
| Mirae Asset Daewoo Co. Ltd. | | 112,707 | 635,150 |
| NAVER Corp. | | 40,890 | 4,103,335 |
| NCSOFT Corp. | | 5,123 | 1,928,421 |
| Netmarble Corp. (d) | | 7,265 | 713,129 |
| Oci Co. Ltd. | | 5,564 | 415,471 |
| Orion Corp./Republic of Korea | | 6,366 | 530,593 |
| Ottogi Corp. | | 360 | 207,923 |
| Pearl Abyss Corp. (b) | | 1,722 | 310,292 |
| POSCO | | 22,824 | 5,217,614 |
| Posco Daewoo Corp. | | 14,945 | 233,147 |
| S-Oil Corp. | | 13,226 | 1,437,357 |
| S1 Corp. | | 4,669 | 394,880 |
| Samsung Biologics Co. Ltd. (b)(d) | | 4,830 | 1,640,337 |
| Samsung Card Co. Ltd. | | 7,471 | 220,332 |
| Samsung Electro-Mechanics Co. Ltd. | | 16,188 | 1,674,131 |
| Samsung Electronics Co. Ltd. | | 1,408,405 | 52,336,873 |
| Samsung Engineering Co. Ltd. (b) | | 46,369 | 741,660 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 8,957 | 2,186,262 |
| Samsung Heavy Industries Co. Ltd. (b) | | 129,378 | 789,194 |
| Samsung Life Insurance Co. Ltd. | | 20,515 | 1,654,145 |
| Samsung SDI Co. Ltd. | | 16,163 | 3,336,009 |
| Samsung SDS Co. Ltd. | | 10,019 | 1,690,322 |
| Samsung Securities Co. Ltd. | | 18,097 | 424,272 |
| Shinhan Financial Group Co. Ltd. | | 124,237 | 4,621,431 |
| Shinsegae Co. Ltd. | | 2,290 | 518,812 |
| SillaJen, Inc. (b) | | 17,337 | 1,046,906 |
| SK C&C Co. Ltd. | | 9,138 | 2,094,292 |
| SK Energy Co. Ltd. | | 18,873 | 3,531,451 |
| SK Hynix, Inc. | | 169,848 | 10,152,177 |
| SK Telecom Co. Ltd. | | 5,805 | 1,362,213 |
| STX Pan Ocean Co. Ltd. (Korea) (b) | | 68,952 | 288,257 |
| ViroMed Co. Ltd. (b) | | 3,924 | 640,702 |
| Woori Bank | | 137,307 | 1,895,342 |
| Woori Investment & Securities Co. Ltd. | | 42,184 | 449,199 |
| Yuhan Corp. | | 2,549 | 374,196 |
|
| TOTAL KOREA (SOUTH) | | | 182,410,922 |
|
| Luxembourg - 0.2% | | | |
| ArcelorMittal SA (Netherlands) | | 193,804 | 4,838,047 |
| Eurofins Scientific SA | | 3,337 | 1,687,237 |
| Millicom International Cellular SA (depository receipt) | | 18,846 | 1,064,717 |
| PLAY Communications SA (d) | | 31,356 | 134,833 |
| Reinet Investments SCA | | 42,735 | 716,088 |
| RTL Group SA | | 11,738 | 753,829 |
| SES SA (France) (depositary receipt) | | 107,247 | 2,304,956 |
| Tenaris SA | | 136,599 | 2,010,825 |
|
| TOTAL LUXEMBOURG | | | 13,510,532 |
|
| Malaysia - 0.6% | | | |
| AirAsia Group BHD | | 458,800 | 288,360 |
| Alliance Bank Malaysia Bhd | | 255,500 | 241,792 |
| AMMB Holdings Bhd | | 473,700 | 430,173 |
| Astro Malaysia Holdings Bhd (d) | | 472,100 | 152,309 |
| Axiata Group Bhd | | 818,890 | 667,323 |
| British American Tobacco (Malaysia) Bhd | | 44,500 | 330,732 |
| Bumiputra-Commerce Holdings Bhd | | 1,400,594 | 1,914,541 |
| Dialog Group Bhd | | 1,065,422 | 863,133 |
| DiGi.com Bhd | | 928,200 | 956,038 |
| Felda Global Ventures Holdings Bhd (d) | | 513,900 | 171,935 |
| Fraser & Neave Holdings BHD | | 32,200 | 259,324 |
| Gamuda Bhd | | 582,075 | 332,455 |
| Genting Bhd | | 602,900 | 1,057,542 |
| Genting Malaysia Bhd | | 856,300 | 918,816 |
| Genting Plantations Bhd | | 53,500 | 123,378 |
| Hap Seng Consolidated Bhd | | 156,100 | 367,448 |
| Hartalega Holdings Bhd | | 403,900 | 604,233 |
| Hong Leong Bank Bhd | | 188,000 | 930,004 |
| Hong Leong Credit Bhd | | 60,500 | 265,740 |
| IHH Healthcare Bhd (d) | | 714,800 | 854,104 |
| IJM Corp. Bhd | | 865,100 | 336,985 |
| IOI Corp. Bhd | | 540,400 | 581,145 |
| IOI Properties Group Bhd | | 524,000 | 164,043 |
| Kuala Lumpur Kepong Bhd | | 118,800 | 707,491 |
| Malayan Banking Bhd | | 1,128,465 | 2,559,238 |
| Malaysia Airports Holdings Bhd | | 276,098 | 547,643 |
| Maxis Bhd | | 684,400 | 855,398 |
| MISC Bhd | | 306,600 | 446,949 |
| My E.G.Services Bhd | | 598,000 | 171,490 |
| Nestle (Malaysia) BHD | | 17,000 | 584,204 |
| Petronas Chemicals Group Bhd | | 701,000 | 1,566,340 |
| Petronas Dagangan Bhd | | 63,400 | 393,930 |
| Petronas Gas Bhd | | 207,400 | 906,027 |
| PPB Group Bhd | | 154,320 | 618,091 |
| Press Metal Bhd | | 424,800 | 491,345 |
| Public Bank Bhd | | 848,100 | 4,985,843 |
| RHB Capital Bhd | | 329,157 | 411,397 |
| RHB Capital Bhd (b)(c) | | 122,876 | 0 |
| Sime Darby Bhd | | 659,207 | 346,578 |
| Sime Darby Plantation Bhd | | 732,407 | 920,650 |
| Sime Darby Property Bhd | | 979,607 | 228,251 |
| SP Setia Bhd | | 489,702 | 245,758 |
| Telekom Malaysia Bhd | | 312,874 | 177,952 |
| Tenaga Nasional Bhd | | 901,125 | 3,165,620 |
| Top Glove Corp. Bhd | | 439,000 | 623,171 |
| UMW Holdings Bhd | | 112,100 | 127,249 |
| Westports Holdings Bhd | | 306,100 | 249,445 |
| YTL Corp. Bhd | | 1,033,812 | 261,881 |
|
| TOTAL MALAYSIA | | | 34,403,494 |
|
| Mauritius - 0.0% | | | |
| Golden Agri-Resources Ltd. | | 1,853,400 | 341,203 |
| Mexico - 0.7% | | | |
| Alfa SA de CV Series A | | 885,100 | 932,888 |
| Alsea S.A.B. de CV | | 146,300 | 374,082 |
| America Movil S.A.B. de CV Series L | | 9,819,646 | 7,110,974 |
| Banco Santander Mexico SA | | 554,550 | 691,507 |
| CEMEX S.A.B. de CV unit (b) | | 4,212,840 | 2,102,972 |
| Coca-Cola FEMSA S.A.B. de CV Series L | | 149,800 | 854,409 |
| El Puerto de Liverpool S.A.B. de CV Class C | | 60,155 | 381,217 |
| Embotelladoras Arca S.A.B. de CV | | 126,062 | 633,933 |
| Fibra Uno Administracion SA de CV | | 1,002,100 | 1,076,925 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 565,400 | 4,806,662 |
| Gruma S.A.B. de CV Series B | | 63,645 | 664,233 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 106,500 | 881,067 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 60,960 | 1,013,257 |
| Grupo Bimbo S.A.B. de CV Series A | | 471,700 | 883,570 |
| Grupo Carso SA de CV Series A1 | | 140,500 | 413,478 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 757,300 | 4,166,534 |
| Grupo Financiero Inbursa S.A.B. de CV Series O | | 669,000 | 867,157 |
| Grupo Mexico SA de CV Series B | | 1,016,723 | 2,345,947 |
| Grupo Televisa SA de CV | | 703,900 | 2,029,236 |
| Industrias Penoles SA de CV | | 42,165 | 594,284 |
| Infraestructura Energetica Nova S.A.B. de CV | | 156,700 | 614,280 |
| Kimberly-Clark de Mexico SA de CV Series A | | 461,700 | 665,505 |
| Mexichem S.A.B. de CV | | 298,116 | 787,511 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 67,170 | 611,278 |
| Wal-Mart de Mexico SA de CV Series V | | 1,527,300 | 3,900,721 |
|
| TOTAL MEXICO | | | 39,403,627 |
|
| Multi-National - 0.0% | | | |
| HK Electric Investments & HK Electric Investments Ltd. unit (d) | | 784,000 | 745,815 |
| HKT Trust/HKT Ltd. unit | | 1,106,640 | 1,524,074 |
|
| TOTAL MULTI-NATIONAL | | | 2,269,889 |
|
| Netherlands - 2.9% | | | |
| ABN AMRO Group NV GDR | | 123,705 | 3,040,484 |
| AEGON NV | | 529,153 | 3,253,245 |
| AerCap Holdings NV (b) | | 37,566 | 1,881,305 |
| Airbus Group NV | | 169,985 | 18,785,769 |
| Akzo Nobel NV | | 73,381 | 6,173,781 |
| ASML Holding NV (Netherlands) | | 119,577 | 20,596,436 |
| CNH Industrial NV | | 297,430 | 3,094,617 |
| EXOR NV | | 31,763 | 1,800,257 |
| Ferrari NV | | 35,826 | 4,199,856 |
| Fiat Chrysler Automobiles NV | | 314,751 | 4,794,962 |
| Heineken Holding NV | | 33,361 | 2,890,655 |
| Heineken NV (Bearer) | | 75,322 | 6,790,952 |
| ING Groep NV (Certificaten Van Aandelen) | | 1,134,809 | 13,425,920 |
| Koninklijke Ahold Delhaize NV | | 363,611 | 8,331,604 |
| Koninklijke DSM NV | | 52,812 | 4,628,679 |
| Koninklijke KPN NV | | 978,168 | 2,580,922 |
| Koninklijke Philips Electronics NV | | 274,383 | 10,233,349 |
| NN Group NV | | 87,749 | 3,776,778 |
| NXP Semiconductors NV | | 100,281 | 7,520,072 |
| QIAGEN NV (Germany) (b) | | 65,722 | 2,387,292 |
| Randstad NV | | 34,882 | 1,760,130 |
| STMicroelectronics NV (France) | | 200,116 | 3,042,049 |
| Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit | | 40,318 | 7,319,376 |
| Unilever NV (Certificaten Van Aandelen) (Bearer) | | 449,537 | 24,155,871 |
| Vopak NV | | 20,260 | 917,900 |
| Wolters Kluwer NV | | 84,743 | 4,814,565 |
| X5 Retail Group NV unit | | 35,256 | 823,681 |
|
| TOTAL NETHERLANDS | | | 173,020,507 |
|
| New Zealand - 0.1% | | | |
| Auckland International Airport Ltd. | | 280,546 | 1,279,661 |
| Fisher & Paykel Healthcare Corp. | | 168,839 | 1,498,392 |
| Fletcher Building Ltd. | | 250,606 | 987,739 |
| Meridian Energy Ltd. | | 388,152 | 794,060 |
| Ryman Healthcare Group Ltd. | | 117,941 | 931,245 |
| Spark New Zealand Ltd. | | 538,294 | 1,387,492 |
| The a2 Milk Co. Ltd. (b) | | 213,271 | 1,450,151 |
|
| TOTAL NEW ZEALAND | | | 8,328,740 |
|
| Norway - 0.5% | | | |
| Aker Bp ASA | | 31,828 | 1,049,632 |
| DNB ASA | | 284,148 | 5,142,088 |
| Equinor ASA | | 338,688 | 8,810,918 |
| Equinor ASA sponsored ADR | | 1,798 | 46,209 |
| Gjensidige Forsikring ASA | | 58,569 | 907,389 |
| Marine Harvest ASA | | 122,501 | 2,964,507 |
| Norsk Hydro ASA | | 390,969 | 2,029,562 |
| Orkla ASA | | 235,801 | 2,034,706 |
| Schibsted ASA (B Shares) | | 29,206 | 925,052 |
| Telenor ASA | | 218,249 | 4,003,916 |
| Yara International ASA | | 51,541 | 2,217,600 |
|
| TOTAL NORWAY | | | 30,131,579 |
|
| Pakistan - 0.0% | | | |
| Habib Bank Ltd. | | 164,100 | 180,556 |
| Lucky Cement Ltd. | | 28,800 | 108,118 |
| MCB Bank Ltd. | | 121,500 | 181,513 |
| Oil & Gas Development Co. Ltd. | | 186,600 | 224,047 |
| United Bank Ltd. | | 108,600 | 122,961 |
|
| TOTAL PAKISTAN | | | 817,195 |
|
| Papua New Guinea - 0.0% | | | |
| Oil Search Ltd. ADR | | 402,611 | 2,215,297 |
| Peru - 0.0% | | | |
| Compania de Minas Buenaventura SA sponsored ADR | | 50,987 | 705,660 |
| Philippines - 0.2% | | | |
| Aboitiz Equity Ventures, Inc. | | 584,710 | 514,276 |
| Aboitiz Power Corp. | | 381,200 | 240,403 |
| Alliance Global Group, Inc. (b) | | 1,226,500 | 260,738 |
| Ayala Corp. | | 72,525 | 1,248,629 |
| Ayala Land, Inc. | | 2,146,100 | 1,592,396 |
| Bank of the Philippine Islands (BPI) | | 266,023 | 408,964 |
| BDO Unibank, Inc. | | 559,658 | 1,281,923 |
| DMCI Holdings, Inc. | | 1,042,100 | 250,399 |
| Globe Telecom, Inc. | | 9,790 | 382,901 |
| GT Capital Holdings, Inc. | | 26,082 | 370,947 |
| International Container Terminal Services, Inc. | | 132,360 | 224,163 |
| JG Summit Holdings, Inc. | | 904,530 | 800,649 |
| Jollibee Food Corp. | | 128,250 | 662,406 |
| Manila Electric Co. | | 60,370 | 415,519 |
| Megaworld Corp. | | 2,959,300 | 244,222 |
| Metro Pacific Investments Corp. | | 3,918,700 | 351,999 |
| Metropolitan Bank & Trust Co. | | 234,495 | 287,650 |
| Philippine Long Distance Telephone Co. | | 25,090 | 648,323 |
| Robinsons Land Corp. | | 561,242 | 220,035 |
| Security Bank Corp. | | 64,610 | 174,592 |
| SM Investments Corp. | | 70,100 | 1,180,643 |
| SM Prime Holdings, Inc. | | 3,087,475 | 1,952,891 |
| Universal Robina Corp. | | 262,440 | 638,457 |
|
| TOTAL PHILIPPINES | | | 14,353,125 |
|
| Poland - 0.3% | | | |
| Alior Bank SA (b) | | 28,596 | 430,376 |
| Bank Handlowy w Warszawie SA | | 8,748 | 159,587 |
| Bank Millennium SA (b) | | 172,921 | 397,924 |
| Bank Polska Kasa Opieki SA | | 50,424 | 1,375,863 |
| Bank Zachodni WBK SA | | 10,211 | 905,835 |
| BRE Bank SA | | 4,500 | 438,607 |
| CD Projekt RED SA (b) | | 19,986 | 824,514 |
| Cyfrowy Polsat SA (b) | | 72,401 | 416,992 |
| Dino Polska SA (b)(d) | | 14,869 | 327,438 |
| Grupa Lotos SA | | 28,814 | 520,239 |
| Jastrzebska Spolka Weglowa SA (b) | | 14,632 | 282,180 |
| KGHM Polska Miedz SA (Bearer) (b) | | 40,872 | 925,416 |
| LPP SA | | 384 | 785,583 |
| NG2 SA | | 9,127 | 397,224 |
| Polish Oil & Gas Co. SA | | 525,608 | 857,487 |
| Polska Grupa Energetyczna SA (b) | | 248,508 | 680,666 |
| Polski Koncern Naftowy Orlen SA | | 87,723 | 2,108,745 |
| Powszechna Kasa Oszczednosci Bank SA | | 252,035 | 2,622,717 |
| Powszechny Zaklad Ubezpieczen SA | | 175,038 | 1,787,261 |
| Telekomunikacja Polska SA (b) | | 171,368 | 193,825 |
| Zaklady Azotowe w Tarnowie-Moscicach SA | | 9,795 | 66,114 |
|
| TOTAL POLAND | | | 16,504,593 |
|
| Portugal - 0.1% | | | |
| Banco Espirito Santo SA (Reg.) (b)(c) | | 319,729 | 4 |
| Energias de Portugal SA | | 742,054 | 2,608,873 |
| Galp Energia SGPS SA Class B | | 146,378 | 2,552,415 |
| Jeronimo Martins SGPS SA | | 73,503 | 904,129 |
|
| TOTAL PORTUGAL | | | 6,065,421 |
|
| Qatar - 0.3% | | | |
| Barwa Real Estate Co. (b) | | 27,681 | 284,261 |
| Doha Bank (b) | | 39,212 | 236,607 |
| Ezdan Holding Group (b) | | 230,978 | 694,012 |
| Industries Qatar QSC (b) | | 53,304 | 2,049,444 |
| Masraf al Rayan (b) | | 113,478 | 1,184,023 |
| Qatar Electricity & Water Co. (b) | | 13,401 | 691,508 |
| Qatar Insurance Co. SAQ | | 44,799 | 451,558 |
| Qatar Islamic Bank (b) | | 33,473 | 1,406,583 |
| Qatar National Bank SAQ | | 131,698 | 7,053,312 |
| Qatar Telecom (Qtel) Q.S.C. (b) | | 22,940 | 433,976 |
| The Commercial Bank of Qatar (b) | | 66,423 | 756,175 |
|
| TOTAL QATAR | | | 15,241,459 |
|
| Russia - 0.9% | | | |
| Alrosa Co. Ltd. | | 737,300 | 1,118,143 |
| Gazprom OAO | | 993,294 | 2,344,294 |
| Gazprom OAO sponsored ADR (Reg. S) | | 1,057,398 | 5,009,952 |
| Inter Rao Ues JSC | | 9,276,000 | 560,725 |
| Lukoil PJSC | | 52,986 | 3,977,544 |
| Lukoil PJSC sponsored ADR | | 89,585 | 6,692,000 |
| Magnit OJSC GDR (Reg. S) | | 104,567 | 1,395,447 |
| Magnitogorsk Iron & Steel Works PJSC | | 642,400 | 467,559 |
| MMC Norilsk Nickel PJSC | | 8,394 | 1,401,681 |
| MMC Norilsk Nickel PJSC sponsored ADR | | 98,554 | 1,634,025 |
| Mobile TeleSystems OJSC sponsored ADR | | 149,330 | 1,196,133 |
| Moscow Exchange MICEX-RTS OAO | | 389,190 | 519,324 |
| NOVATEK OAO GDR (Reg. S) | | 26,606 | 4,509,717 |
| Novolipetsk Steel OJSC | | 353,220 | 860,184 |
| PhosAgro OJSC GDR (Reg. S) | | 35,331 | 462,836 |
| Polyus PJSC | | 8,381 | 528,252 |
| Rosneft Oil Co. OJSC | | 120,756 | 844,071 |
| Rosneft Oil Co. OJSC GDR (Reg. S) | | 217,412 | 1,528,406 |
| RusHydro PJSC | | 9,108,700 | 76,024 |
| RusHydro PJSC ADR | | 207,336 | 162,551 |
| Sberbank of Russia | | 3,152,133 | 9,060,130 |
| Severstal PAO | | 21,149 | 330,685 |
| Severstal PAO GDR (Reg. S) | | 39,925 | 619,237 |
| Surgutneftegas OJSC | | 10,100 | 4,074 |
| Surgutneftegas OJSC sponsored ADR | | 201,700 | 802,766 |
| Tatneft PAO | | 190,280 | 2,265,783 |
| Tatneft PAO sponsored ADR | | 42,623 | 3,003,217 |
| VTB Bank OJSC (b) | | 933,188,000 | 518,204 |
|
| TOTAL RUSSIA | | | 51,892,964 |
|
| Singapore - 0.8% | | | |
| Ascendas Real Estate Investment Trust | | 765,900 | 1,393,400 |
| BOC Aviation Ltd. Class A | | 60,200 | 430,277 |
| CapitaCommercial Trust (REIT) | | 872,550 | 1,089,782 |
| CapitaLand Ltd. | | 748,600 | 1,697,003 |
| CapitaMall Trust | | 729,100 | 1,110,639 |
| City Developments Ltd. | | 119,100 | 680,129 |
| ComfortDelgro Corp. Ltd. | | 622,900 | 1,011,822 |
| DBS Group Holdings Ltd. | | 522,441 | 8,848,476 |
| Jardine Cycle & Carriage Ltd. | | 26,593 | 581,143 |
| Keppel Corp. Ltd. | | 429,800 | 1,923,806 |
| Oversea-Chinese Banking Corp. Ltd. | | 931,832 | 7,225,121 |
| Sembcorp Industries Ltd. | | 308,900 | 628,884 |
| Singapore Airlines Ltd. | | 168,500 | 1,153,218 |
| Singapore Airport Terminal Service Ltd. | | 191,200 | 687,417 |
| Singapore Exchange Ltd. | | 225,300 | 1,112,552 |
| Singapore Press Holdings Ltd. | | 475,400 | 909,512 |
| Singapore Technologies Engineering Ltd. | | 442,900 | 1,135,108 |
| Singapore Telecommunications Ltd. | | 2,374,800 | 5,417,729 |
| Suntec (REIT) | | 596,300 | 761,976 |
| United Overseas Bank Ltd. | | 389,089 | 6,848,348 |
| UOL Group Ltd. | | 151,821 | 660,925 |
| Venture Corp. Ltd. | | 80,100 | 885,920 |
| Wilmar International Ltd. | | 549,800 | 1,254,281 |
| Yangzijiang Shipbuilding Holdings Ltd. | | 695,600 | 622,708 |
|
| TOTAL SINGAPORE | | | 48,070,176 |
|
| South Africa - 1.3% | | | |
| Anglo American Platinum Ltd. | | 16,712 | 545,942 |
| AngloGold Ashanti Ltd. | | 121,680 | 1,177,910 |
| Aspen Pharmacare Holdings Ltd. | | 113,154 | 1,196,545 |
| Barclays Africa Group Ltd. | | 210,891 | 2,131,568 |
| Bidcorp Ltd. | | 97,260 | 1,824,157 |
| Bidvest Group Ltd. | | 98,434 | 1,226,180 |
| Capitec Bank Holdings Ltd. | | 11,756 | 789,447 |
| Clicks Group Ltd. | | 72,774 | 927,403 |
| Coronation Fund Managers Ltd. | | 57,492 | 191,465 |
| Discovery Ltd. | | 101,152 | 1,082,863 |
| Exxaro Resources Ltd. | | 72,308 | 739,622 |
| FirstRand Ltd. | | 983,336 | 4,286,618 |
| Fortress (REIT) Ltd.: | | | |
| Class A | | 311,745 | 357,337 |
| Class B | | 285,115 | 278,109 |
| Foschini Ltd. | | 67,849 | 741,475 |
| Gold Fields Ltd. | | 240,815 | 636,655 |
| Growthpoint Properties Ltd. | | 837,009 | 1,285,088 |
| Hyprop Investments Ltd. | | 75,290 | 460,697 |
| Imperial Holdings Ltd. | | 49,404 | 545,562 |
| Investec Ltd. | | 84,016 | 522,633 |
| Kumba Iron Ore Ltd. | | 19,504 | 382,081 |
| Liberty Holdings Ltd. | | 35,604 | 260,625 |
| Life Healthcare Group Holdings Ltd. | | 413,623 | 686,918 |
| MMI Holdings Ltd. | | 255,346 | 308,960 |
| Mondi Ltd. | | 34,960 | 836,244 |
| Mr Price Group Ltd. | | 74,759 | 1,170,452 |
| MTN Group Ltd. | | 491,922 | 2,850,997 |
| Naspers Ltd. Class N | | 127,984 | 22,492,564 |
| Nedbank Group Ltd. | | 112,242 | 1,893,867 |
| Netcare Ltd. | | 332,981 | 560,442 |
| Old Mutual Ltd. | | 1,426,837 | 2,194,539 |
| Pick 'n Pay Stores Ltd. | | 103,351 | 477,296 |
| Pioneer Foods Ltd. | | 32,222 | 176,874 |
| PSG Group Ltd. | | 43,283 | 645,438 |
| Rand Merchant Insurance Holdings Ltd. | | 210,853 | 490,811 |
| Redefine Properties Ltd. | | 1,613,823 | 1,049,081 |
| Remgro Ltd. | | 157,163 | 2,026,047 |
| Resilient Property Income Fund Ltd. | | 73,882 | 299,585 |
| RMB Holdings Ltd. | | 201,332 | 1,016,179 |
| Sanlam Ltd. | | 520,545 | 2,620,279 |
| Sappi Ltd. | | 155,315 | 873,196 |
| Sasol Ltd. | | 160,131 | 5,233,076 |
| Shoprite Holdings Ltd. | | 129,941 | 1,588,094 |
| Spar Group Ltd. | | 51,128 | 609,377 |
| Standard Bank Group Ltd. | | 378,089 | 4,185,953 |
| Telkom SA Ltd. | | 80,101 | 291,301 |
| Tiger Brands Ltd. | | 46,127 | 824,142 |
| Truworths International Ltd. | | 134,967 | 740,317 |
| Vodacom Group Ltd. | | 178,126 | 1,502,042 |
| Woolworths Holdings Ltd. | | 287,083 | 991,096 |
|
| TOTAL SOUTH AFRICA | | | 80,225,149 |
|
| Spain - 1.9% | | | |
| ACS Actividades de Construccion y Servicios SA | | 75,424 | 2,828,554 |
| Aena Sme SA | | 19,697 | 3,149,029 |
| Amadeus IT Holding SA Class A | | 128,295 | 10,343,403 |
| Banco Bilbao Vizcaya Argentaria SA | | 1,947,277 | 10,747,207 |
| Banco de Sabadell SA | | 1,649,146 | 2,176,110 |
| Banco Santander SA | | 4,695,077 | 22,338,973 |
| Banco Santander SA rights (b) | | 4,695,077 | 182,403 |
| Banco Santander SA (Spain) sponsored ADR (a) | | 13,477 | 64,420 |
| Bankia SA | | 363,782 | 1,145,053 |
| Bankinter SA | | 194,893 | 1,599,081 |
| CaixaBank SA | | 1,047,775 | 4,240,043 |
| Enagas SA | | 65,922 | 1,750,184 |
| Endesa SA | | 91,099 | 1,906,827 |
| Ferrovial SA | | 140,584 | 2,818,415 |
| Gas Natural SDG SA | | 102,442 | 2,520,192 |
| Grifols SA | | 86,910 | 2,479,669 |
| Iberdrola SA | | 1,736,003 | 12,301,071 |
| Inditex SA | | 318,215 | 8,985,426 |
| International Consolidated Airlines Group SA | | 178,826 | 1,381,372 |
| MAPFRE SA (Reg.) | | 317,763 | 951,613 |
| Red Electrica Corporacion SA | | 124,445 | 2,576,815 |
| Repsol SA | | 397,017 | 7,094,238 |
| Siemens Gamesa Renewable Energy SA (a)(b) | | 69,276 | 768,334 |
| Telefonica SA | | 1,360,307 | 11,158,682 |
|
| TOTAL SPAIN | | | 115,507,114 |
|
| Sweden - 1.6% | | | |
| Alfa Laval AB | | 85,160 | 2,174,797 |
| ASSA ABLOY AB (B Shares) | | 291,751 | 5,803,150 |
| Atlas Copco AB: | | | |
| (A Shares) | | 197,459 | 4,889,463 |
| (B Shares) | | 112,179 | 2,571,212 |
| Boliden AB | | 79,901 | 1,826,141 |
| Electrolux AB (B Shares) | | 70,889 | 1,473,376 |
| Epiroc AB: | | | |
| Class A (b) | | 200,009 | 1,756,361 |
| Class B (b) | | 109,543 | 902,928 |
| Essity AB Class B | | 176,496 | 4,029,003 |
| H&M Hennes & Mauritz AB (B Shares) (a) | | 255,817 | 4,518,437 |
| Hexagon AB (B Shares) | | 75,576 | 3,704,823 |
| Husqvarna AB (B Shares) | | 120,230 | 908,115 |
| ICA Gruppen AB (a) | | 23,012 | 814,497 |
| Industrivarden AB (C Shares) | | 50,063 | 1,040,523 |
| Investor AB (B Shares) | | 132,851 | 5,759,057 |
| Kinnevik AB (B Shares) | | 67,926 | 1,884,617 |
| Lundbergfoeretagen AB | | 22,979 | 709,121 |
| Lundin Petroleum AB | | 54,353 | 1,659,489 |
| Sandvik AB | | 329,548 | 5,218,088 |
| Securitas AB (B Shares) | | 91,041 | 1,561,431 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 474,137 | 4,909,680 |
| Skanska AB (B Shares) | | 98,745 | 1,554,364 |
| SKF AB (B Shares) | | 110,668 | 1,777,721 |
| Svenska Handelsbanken AB (A Shares) | | 444,574 | 4,832,449 |
| Swedbank AB (A Shares) | | 263,732 | 5,939,709 |
| Swedish Match Co. AB | | 51,349 | 2,616,506 |
| Tele2 AB (B Shares) | | 105,720 | 1,201,475 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 896,829 | 7,808,473 |
| TeliaSonera AB | | 819,446 | 3,694,655 |
| Volvo AB (B Shares) | | 456,964 | 6,831,128 |
|
| TOTAL SWEDEN | | | 94,370,789 |
|
| Switzerland - 5.6% | | | |
| ABB Ltd. (Reg.) | | 536,803 | 10,801,304 |
| Adecco SA (Reg.) | | 47,237 | 2,314,128 |
| Baloise Holdings AG | | 14,178 | 2,029,953 |
| Barry Callebaut AG | | 639 | 1,249,259 |
| Clariant AG (Reg.) | | 60,680 | 1,308,011 |
| Coca-Cola HBC AG | | 58,778 | 1,735,504 |
| Compagnie Financiere Richemont SA Series A | | 152,082 | 11,115,771 |
| Credit Suisse Group AG | | 744,771 | 9,736,888 |
| Credit Suisse Group AG sponsored ADR | | 421 | 5,444 |
| Dufry AG | | 9,635 | 1,086,287 |
| Ems-Chemie Holding AG | | 2,309 | 1,272,397 |
| Galenica AG | | 13,275 | 1,918,459 |
| Geberit AG (Reg.) | | 10,748 | 4,207,850 |
| Givaudan SA | | 2,683 | 6,510,700 |
| Julius Baer Group Ltd. | | 65,631 | 2,993,088 |
| Kuehne & Nagel International AG | | 15,541 | 2,161,837 |
| Lafargeholcim Ltd. (Reg.) | | 141,604 | 6,558,930 |
| Lindt & Spruengli AG | | 30 | 2,394,877 |
| Lindt & Spruengli AG (participation certificate) | | 304 | 2,097,801 |
| Lonza Group AG | | 21,750 | 6,839,324 |
| Nestle SA (Reg. S) | | 907,627 | 76,624,696 |
| Novartis AG | | 633,041 | 55,436,899 |
| Pargesa Holding SA | | 11,548 | 847,912 |
| Partners Group Holding AG | | 5,064 | 3,607,625 |
| Roche Holding AG (participation certificate) | | 205,148 | 49,925,312 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 11,829 | 2,494,643 |
| (Reg.) | | 5,912 | 1,228,010 |
| SGS SA (Reg.) | | 1,550 | 3,681,279 |
| Sika AG | | 37,737 | 4,841,007 |
| Sonova Holding AG Class B | | 16,252 | 2,655,281 |
| Straumann Holding AG | | 3,028 | 2,066,971 |
| Swatch Group AG (Bearer) | | 8,977 | 3,037,642 |
| Swatch Group AG (Bearer) (Reg.) | | 16,082 | 1,073,837 |
| Swiss Life Holding AG | | 9,966 | 3,762,174 |
| Swiss Prime Site AG | | 21,579 | 1,752,631 |
| Swiss Re Ltd. | | 91,445 | 8,258,787 |
| Swisscom AG | | 7,433 | 3,405,239 |
| Temenos Group AG | | 17,723 | 2,437,209 |
| UBS Group AG | | 1,116,845 | 15,624,630 |
| UBS Group AG | | 7,544 | 104,862 |
| Zurich Insurance Group AG | | 44,077 | 13,685,089 |
|
| TOTAL SWITZERLAND | | | 334,889,547 |
|
| Taiwan - 2.7% | | | |
| Acer, Inc. | | 891,060 | 624,538 |
| Advantech Co. Ltd. | | 106,465 | 732,451 |
| ASE Industrial Holding Co. Ltd. | | 1,000,943 | 2,017,372 |
| Asia Cement Corp. | | 659,785 | 697,920 |
| ASUSTeK Computer, Inc. | | 205,422 | 1,519,408 |
| AU Optronics Corp. | | 2,568,000 | 1,002,765 |
| Catcher Technology Co. Ltd. | | 191,000 | 1,921,691 |
| Cathay Financial Holding Co. Ltd. | | 2,359,227 | 3,733,858 |
| Chang Hwa Commercial Bank | | 1,596,188 | 904,801 |
| Cheng Shin Rubber Industry Co. Ltd. | | 556,513 | 782,808 |
| Chicony Electronics Co. Ltd. | | 166,870 | 333,627 |
| China Airlines Ltd. | | 708,835 | 209,717 |
| China Development Finance Holding Corp. | | 3,888,819 | 1,247,266 |
| China Life Insurance Co. Ltd. | | 733,327 | 696,365 |
| China Steel Corp. | | 3,625,421 | 2,857,198 |
| Chinatrust Financial Holding Co. Ltd. | | 5,092,255 | 3,396,427 |
| Chunghwa Picture Tubes, Ltd. (b) | | 551 | 25 |
| Chunghwa Telecom Co. Ltd. | | 1,105,400 | 3,902,234 |
| Compal Electronics, Inc. | | 1,122,394 | 618,104 |
| Delta Electronics, Inc. | | 605,383 | 2,541,942 |
| E.SUN Financial Holdings Co. Ltd. | | 2,847,772 | 1,885,607 |
| ECLAT Textile Co. Ltd. | | 52,420 | 622,223 |
| EVA Airways Corp. | | 558,072 | 255,058 |
| Evergreen Marine Corp. (Taiwan) | | 564,567 | 207,880 |
| Evergreen Marine Corp. (Taiwan) rights 11/18/18 (b) | | 32,161 | 727 |
| Far Eastern Textile Ltd. | | 972,032 | 974,842 |
| Far EasTone Telecommunications Co. Ltd. | | 447,000 | 1,064,062 |
| Feng Tay Enterprise Co. Ltd. | | 103,760 | 623,354 |
| First Financial Holding Co. Ltd. | | 2,846,720 | 1,797,561 |
| Formosa Chemicals & Fibre Corp. | | 1,025,620 | 3,710,193 |
| Formosa Petrochemical Corp. | | 362,000 | 1,426,463 |
| Formosa Plastics Corp. | | 1,297,640 | 4,233,189 |
| Formosa Taffeta Co. Ltd. | | 247,000 | 268,457 |
| Foxconn Technology Co. Ltd. | | 269,811 | 571,683 |
| Fubon Financial Holding Co. Ltd. | | 1,923,487 | 3,010,059 |
| Giant Manufacturing Co. Ltd. | | 92,042 | 350,800 |
| GlobalWafers Co. Ltd. | | 63,000 | 499,556 |
| Highwealth Construction Corp. | | 239,400 | 350,666 |
| HIWIN Technologies Corp. | | 67,908 | 438,675 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 3,840,593 | 9,774,995 |
| Hotai Motor Co. Ltd. | | 79,000 | 544,775 |
| HTC Corp. (b) | | 171,057 | 185,640 |
| Hua Nan Financial Holdings Co. Ltd. | | 2,147,552 | 1,210,406 |
| Innolux Corp. | | 2,683,819 | 812,241 |
| Inventec Corp. | | 754,209 | 607,791 |
| Largan Precision Co. Ltd. | | 29,000 | 3,137,869 |
| Lite-On Technology Corp. | | 641,053 | 735,046 |
| Macronix International Co. Ltd. | | 546,582 | 302,769 |
| MediaTek, Inc. | | 439,989 | 3,233,071 |
| Mega Financial Holding Co. Ltd. | | 3,155,833 | 2,665,494 |
| Micro-Star International Co. Ltd. | | 200,000 | 441,207 |
| Nan Ya Plastics Corp. | | 1,500,980 | 3,728,149 |
| Nanya Technology Corp. | | 305,000 | 506,355 |
| Nien Made Enterprise Co. Ltd. | | 44,000 | 271,443 |
| Novatek Microelectronics Corp. | | 168,000 | 740,686 |
| Pegatron Corp. | | 558,652 | 1,015,879 |
| Phison Electronics Corp. | | 44,199 | 289,801 |
| Pou Chen Corp. | | 648,240 | 656,395 |
| Powertech Technology, Inc. | | 214,700 | 468,782 |
| President Chain Store Corp. | | 166,000 | 1,871,223 |
| Quanta Computer, Inc. | | 799,000 | 1,260,676 |
| Realtek Semiconductor Corp. | | 137,744 | 551,679 |
| Ruentex Development Co. Ltd. | | 198,948 | 275,027 |
| Ruentex Industries Ltd. | | 110,690 | 277,078 |
| Shin Kong Financial Holding Co. Ltd. | | 3,064,268 | 1,004,581 |
| Sinopac Holdings Co. | | 3,060,250 | 1,037,859 |
| Standard Foods Corp. | | 197,981 | 297,031 |
| Synnex Technology International Corp. | | 422,920 | 454,878 |
| TaiMed Biologics, Inc. (b) | | 55,000 | 342,856 |
| Taishin Financial Holdings Co. Ltd. | | 2,848,934 | 1,265,252 |
| Taishin Financial Holdings Co. Ltd. rights 11/22/18 (b) | | 57,470 | 5,569 |
| Taiwan Business Bank | | 1,186,547 | 390,910 |
| Taiwan Cement Corp. | | 1,330,221 | 1,490,889 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 2,558,119 | 1,437,679 |
| Taiwan High Speed Rail Corp. | | 580,000 | 575,120 |
| Taiwan Mobile Co. Ltd. | | 462,400 | 1,650,335 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 7,187,000 | 53,925,058 |
| TECO Electric & Machinery Co. Ltd. | | 526,000 | 301,562 |
| Unified-President Enterprises Corp. | | 1,398,620 | 3,383,558 |
| United Microelectronics Corp. | | 3,492,000 | 1,329,985 |
| Vanguard International Semiconductor Corp. | | 278,000 | 511,813 |
| Walsin Technology Corp. | | 90,000 | 379,354 |
| Win Semiconductors Corp. | | 107,000 | 328,322 |
| Winbond Electronics Corp. | | 857,000 | 370,918 |
| Wistron Corp. | | 852,291 | 520,286 |
| WPG Holding Co. Ltd. | | 445,378 | 528,662 |
| Yageo Corp. | | 74,292 | 757,065 |
| Yuanta Financial Holding Co. Ltd. | | 2,883,085 | 1,396,821 |
|
| TOTAL TAIWAN | | | 161,282,412 |
|
| Thailand - 0.6% | | | |
| Advanced Info Service PCL (For. Reg.) | | 300,100 | 1,773,812 |
| Airports of Thailand PCL (For. Reg.) | | 1,248,300 | 2,409,264 |
| Bangkok Bank PCL (For. Reg.) | | 61,400 | 392,545 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 1,125,200 | 831,345 |
| Bangkok Expressway and Metro PCL | | 2,051,200 | 525,790 |
| Banpu PCL (For. Reg.) | | 569,000 | 298,571 |
| Berli Jucker PCL (For. Reg) | | 361,300 | 607,433 |
| BTS Group Holdings PCL | | 1,611,900 | 444,779 |
| BTS Group Holdings PCL warrants 12/31/19 (b) | | 179,100 | 448 |
| Bumrungrad Hospital PCL (For. Reg.) | | 105,900 | 616,366 |
| C.P. ALL PCL (For. Reg.) | | 1,464,100 | 2,969,262 |
| Central Pattana PCL (For. Reg.) | | 402,400 | 958,673 |
| Charoen Pokphand Foods PCL (For. Reg.) | | 1,010,940 | 769,790 |
| Delta Electronics PCL (For. Reg.) | | 133,500 | 277,790 |
| Electricity Generating PCL (For. Reg.) | | 33,700 | 234,762 |
| Energy Absolute PCL | | 396,800 | 592,328 |
| Glow Energy PCL (For. Reg.) | | 132,200 | 333,889 |
| Home Product Center PCL (For. Reg.) | | 1,122,647 | 504,446 |
| Indorama Ventures PCL (For. Reg.) | | 546,700 | 894,405 |
| IRPC PCL (For. Reg.) | | 2,902,700 | 533,971 |
| Kasikornbank PCL | | 92,900 | 558,913 |
| Kasikornbank PCL (For. Reg.) | | 455,200 | 2,738,613 |
| Krung Thai Bank PCL (For. Reg.) | | 949,375 | 575,466 |
| Land & House PCL (For. Reg.) | | 958,900 | 297,849 |
| Minor International PCL (For. Reg.) | | 685,170 | 754,183 |
| PTT Exploration and Production PCL (For. Reg.) | | 403,751 | 1,698,530 |
| PTT Global Chemical PCL (For. Reg.) | | 652,086 | 1,519,109 |
| PTT PCL (For. Reg.) | | 3,080,200 | 4,737,340 |
| Robinsons Department Store PCL (For. Reg.) | | 133,500 | 262,692 |
| Siam Cement PCL (For. Reg.) | | 111,350 | 1,403,628 |
| Siam Commercial Bank PCL (For. Reg.) | | 536,700 | 2,225,460 |
| Thai Oil PCL (For. Reg.) | | 335,500 | 857,468 |
| Thai Union Frozen Products PCL (For. Reg.) | | 576,600 | 288,648 |
| TMB PCL (For. Reg.) | | 3,467,300 | 238,403 |
| True Corp. PCL (For. Reg.) | | 2,936,835 | 522,537 |
|
| TOTAL THAILAND | | | 34,648,508 |
|
| Turkey - 0.2% | | | |
| Akbank T.A.S. | | 628,420 | 743,140 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 51,893 | 174,444 |
| Arcelik A/S | | 64,562 | 179,377 |
| Aselsan A/S | | 100,353 | 453,506 |
| Bim Birlesik Magazalar A/S JSC | | 62,239 | 884,102 |
| Coca-Cola Icecek Sanayi A/S | | 27,636 | 136,262 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | | 527,174 | 157,503 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 407,759 | 660,923 |
| Ford Otomotiv Sanayi A/S | | 18,668 | 200,386 |
| Haci Omer Sabanci Holding A/S | | 248,445 | 316,468 |
| Koc Holding A/S | | 222,693 | 620,717 |
| Petkim Petrokimya Holding A/S | | 258,296 | 234,747 |
| TAV Havalimanlari Holding A/S | | 59,615 | 248,076 |
| Tofas Turk Otomobil Fabrikasi A/S | | 33,412 | 126,126 |
| Tupras Turkiye Petrol Rafinerileri A/S | | 38,046 | 896,425 |
| Turk Hava Yollari AO (b) | | 166,509 | 418,536 |
| Turk Sise ve Cam Fabrikalari A/S | | 197,616 | 167,226 |
| Turkcell Iletisim Hizmet A/S | | 318,161 | 646,044 |
| Turkiye Garanti Bankasi A/S | | 764,748 | 956,345 |
| Turkiye Halk Bankasi A/S | | 173,612 | 191,639 |
| Turkiye Is Bankasi A/S Series C | | 418,549 | 298,771 |
| Turkiye Vakiflar Bankasi TAO | | 185,286 | 113,367 |
| Ulker Biskuvi Sanayi A/S (b) | | 39,964 | 105,673 |
| Yapi ve Kredi Bankasi A/S (b) | | 389,789 | 112,970 |
|
| TOTAL TURKEY | | | 9,042,773 |
|
| United Arab Emirates - 0.2% | | | |
| Abu Dhabi Commercial Bank PJSC (b) | | 613,052 | 1,350,228 |
| Aldar Properties PJSC | | 1,111,485 | 523,493 |
| Damac Properties Dubai Co. PJSC (b) | | 554,289 | 304,824 |
| DP World Ltd. | | 47,199 | 849,110 |
| Dubai Investments Ltd. (b) | | 626,451 | 276,289 |
| Dubai Islamic Bank Pakistan Ltd. (b) | | 502,602 | 719,733 |
| Emaar Development PJSC (b) | | 234,311 | 315,762 |
| Emaar Malls Group PJSC (b) | | 497,176 | 247,698 |
| Emaar Properties PJSC | | 1,013,216 | 1,406,804 |
| Emirates Telecommunications Corp. (b) | | 509,787 | 2,414,901 |
| National Bank of Abu Dhabi PJSC | | 413,353 | 1,555,215 |
|
| TOTAL UNITED ARAB EMIRATES | | | 9,964,057 |
|
| United Kingdom - 10.5% | | | |
| 3i Group PLC | | 284,323 | 3,191,569 |
| Admiral Group PLC | | 60,190 | 1,548,699 |
| Anglo American PLC (United Kingdom) | | 307,492 | 6,584,144 |
| Antofagasta PLC | | 116,243 | 1,166,070 |
| Ashtead Group PLC | | 143,282 | 3,544,734 |
| Associated British Foods PLC | | 102,853 | 3,136,796 |
| AstraZeneca PLC (United Kingdom) | | 369,997 | 28,300,948 |
| Auto Trader Group PLC (d) | | 277,712 | 1,451,146 |
| Aviva PLC | | 1,165,768 | 6,370,793 |
| Babcock International Group PLC | | 77,398 | 604,661 |
| BAE Systems PLC | | 929,701 | 6,233,912 |
| Barclays PLC | | 4,988,863 | 10,991,996 |
| Barratt Developments PLC | | 295,300 | 1,940,106 |
| Berkeley Group Holdings PLC | | 37,411 | 1,674,134 |
| BHP Billiton PLC | | 616,087 | 12,290,129 |
| BP PLC | | 5,820,907 | 42,048,604 |
| British American Tobacco PLC (United Kingdom) | | 669,090 | 29,005,231 |
| British Land Co. PLC | | 271,942 | 2,057,770 |
| BT Group PLC | | 2,458,884 | 7,529,119 |
| Bunzl PLC | | 97,068 | 2,867,311 |
| Burberry Group PLC | | 121,219 | 2,806,002 |
| Carnival PLC | | 52,870 | 2,881,706 |
| Centrica PLC | | 1,633,666 | 3,073,760 |
| Coca-Cola European Partners PLC | | 63,759 | 2,900,397 |
| Compass Group PLC | | 462,003 | 9,094,196 |
| ConvaTec Group PLC (d) | | 411,596 | 852,285 |
| Croda International PLC | | 38,569 | 2,376,207 |
| Diageo PLC | | 717,596 | 24,808,380 |
| Direct Line Insurance Group PLC | | 399,902 | 1,684,255 |
| easyJet PLC | | 48,294 | 740,753 |
| Fresnillo PLC | | 66,889 | 725,532 |
| G4S PLC (United Kingdom) | | 451,665 | 1,241,234 |
| GlaxoSmithKline PLC | | 1,448,710 | 28,058,270 |
| Hammerson PLC | | 231,853 | 1,299,515 |
| Hargreaves Lansdown PLC | | 82,955 | 1,980,698 |
| HSBC Holdings PLC (United Kingdom) | | 5,849,267 | 48,137,136 |
| Imperial Tobacco Group PLC | | 277,869 | 9,422,717 |
| Informa PLC | | 364,011 | 3,320,230 |
| InterContinental Hotel Group PLC | | 53,125 | 2,790,870 |
| Intertek Group PLC | | 47,178 | 2,827,001 |
| Investec PLC | | 196,648 | 1,216,560 |
| ITV PLC | | 1,045,392 | 1,990,300 |
| J Sainsbury PLC | | 506,650 | 2,015,331 |
| John Wood Group PLC | | 197,535 | 1,803,278 |
| Johnson Matthey PLC | | 55,824 | 2,121,361 |
| Kingfisher PLC | | 627,245 | 2,036,768 |
| Land Securities Group PLC | | 210,711 | 2,297,930 |
| Legal & General Group PLC | | 1,738,055 | 5,587,278 |
| Lloyds Banking Group PLC | | 21,023,497 | 15,341,688 |
| London Stock Exchange Group PLC | | 91,526 | 5,048,055 |
| Marks & Spencer Group PLC | | 483,060 | 1,827,644 |
| Mediclinic International PLC | | 47,912 | 230,816 |
| Mediclinic International PLC | | 66,321 | 319,165 |
| Meggitt PLC | | 225,220 | 1,525,168 |
| Melrose Industries PLC | | 1,418,220 | 3,057,235 |
| Merlin Entertainments PLC (d) | | 211,018 | 871,745 |
| Micro Focus International PLC | | 126,767 | 1,965,169 |
| Mondi PLC | | 108,149 | 2,549,764 |
| National Grid PLC | | 977,937 | 10,364,992 |
| Next PLC | | 41,029 | 2,729,148 |
| NMC Health PLC | | 30,419 | 1,373,297 |
| Pearson PLC | | 223,666 | 2,569,463 |
| Pearson PLC sponsored ADR (a) | | 4,952 | 56,453 |
| Persimmon PLC | | 90,153 | 2,643,458 |
| Prudential PLC | | 756,515 | 15,148,172 |
| Reckitt Benckiser Group PLC | | 195,305 | 15,793,166 |
| RELX PLC | | 310,640 | 6,154,431 |
| RELX PLC | | 266,349 | 5,270,353 |
| Rio Tinto PLC | | 346,331 | 16,814,638 |
| Rolls-Royce Holdings PLC | | 488,248 | 5,236,065 |
| Royal Bank of Scotland Group PLC | | 1,403,592 | 4,225,513 |
| Royal Dutch Shell PLC: | | | |
| Class A | | 75,363 | 2,393,637 |
| Class A (United Kingdom) | | 1,265,634 | 40,320,712 |
| Class B (United Kingdom) | | 1,092,981 | 35,645,310 |
| Royal Mail PLC | | 266,393 | 1,222,408 |
| RSA Insurance Group PLC | | 297,774 | 2,148,190 |
| Sage Group PLC | | 314,180 | 2,186,228 |
| Schroders PLC | | 36,177 | 1,239,271 |
| Scottish & Southern Energy PLC | | 305,810 | 4,457,310 |
| Segro PLC | | 295,256 | 2,319,477 |
| Severn Trent PLC | | 68,861 | 1,639,778 |
| Smith & Nephew PLC | | 254,630 | 4,138,974 |
| Smiths Group PLC | | 114,649 | 2,047,957 |
| St. James's Place Capital PLC | | 153,554 | 1,989,224 |
| Standard Chartered PLC (United Kingdom) | | 818,388 | 5,748,119 |
| Standard Life PLC | | 680,008 | 2,351,149 |
| Taylor Wimpey PLC | | 949,965 | 1,961,006 |
| Tesco PLC | | 2,852,886 | 7,769,623 |
| The Weir Group PLC | | 70,140 | 1,421,896 |
| Travis Perkins PLC | | 71,398 | 1,010,258 |
| Unilever PLC | | 355,796 | 18,846,385 |
| United Utilities Group PLC | | 201,590 | 1,872,247 |
| Vodafone Group PLC | | 7,783,969 | 14,638,052 |
| Whitbread PLC | | 53,710 | 3,020,693 |
| WM Morrison Supermarkets PLC | | 643,514 | 2,040,721 |
|
| TOTAL UNITED KINGDOM | | | 626,172,045 |
|
| United States of America - 0.1% | | | |
| Southern Copper Corp. (a) | | 24,172 | 926,754 |
| Yum China Holdings, Inc. | | 106,113 | 3,828,557 |
|
| TOTAL UNITED STATES OF AMERICA | | | 4,755,311 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $5,427,384,666) | | | 5,519,416,936 |
|
| Nonconvertible Preferred Stocks - 1.4% | | | |
| Brazil - 0.7% | | | |
| Ambev SA sponsored ADR | | 39,361 | 170,433 |
| Banco Bradesco SA: | | | |
| (PN) | | 958,323 | 8,832,589 |
| (PN) sponsored ADR | | 28,180 | 258,414 |
| Brasil Foods SA sponsored ADR (b) | | 5,717 | 33,845 |
| Braskem SA (PN-A) | | 50,100 | 702,060 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 71,900 | 513,916 |
| Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) | | 47,101 | 989,988 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 247,765 | 734,340 |
| Gerdau SA | | 293,950 | 1,284,328 |
| Itau Unibanco Holding SA | | 900,774 | 11,920,763 |
| Itau Unibanco Holding SA sponsored ADR | | 41,228 | 542,973 |
| Itausa-Investimentos Itau SA (PN) | | 1,286,407 | 3,885,319 |
| Lojas Americanas SA (PN) | | 212,937 | 1,075,699 |
| Petroleo Brasileiro SA - Petrobras: | | | |
| (PN) (non-vtg.) | | 1,081,640 | 8,027,649 |
| (PN) sponsored ADR (non-vtg.) | | 35,440 | 525,221 |
| sponsored ADR | | 6,520 | 105,950 |
| Telefonica Brasil SA | | 129,240 | 1,500,941 |
|
| TOTAL BRAZIL | | | 41,104,428 |
|
| Chile - 0.0% | | | |
| Embotelladora Andina SA Class B | | 84,533 | 297,564 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 35,865 | 1,551,047 |
|
| TOTAL CHILE | | | 1,848,611 |
|
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 126,692 | 1,184,477 |
| Grupo Aval Acciones y Valores SA | | 1,043,585 | 366,283 |
| Grupo de Inversiones Suramerica SA | | 31,028 | 283,343 |
|
| TOTAL COLOMBIA | | | 1,834,103 |
|
| France - 0.1% | | | |
| Air Liquide SA (b) | | 36,543 | 4,428,776 |
| Germany - 0.4% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 15,754 | 1,190,179 |
| Fuchs Petrolub AG | | 20,439 | 947,771 |
| Henkel AG & Co. KGaA | | 52,970 | 5,794,459 |
| Porsche Automobil Holding SE (Germany) | | 45,232 | 2,876,528 |
| Sartorius AG (non-vtg.) | | 10,445 | 1,514,308 |
| Volkswagen AG | | 52,262 | 8,805,782 |
|
| TOTAL GERMANY | | | 21,129,027 |
|
| Italy - 0.0% | | | |
| Telecom Italia SpA (Risparmio Shares) | | 1,666,717 | 843,472 |
| Korea (South) - 0.2% | | | |
| AMOREPACIFIC Corp. | | 3,090 | 243,734 |
| Hyundai Motor Co. | | 9,454 | 551,829 |
| Hyundai Motor Co. Series 2 | | 9,503 | 589,669 |
| LG Chemical Ltd. | | 2,748 | 480,479 |
| LG Household & Health Care Ltd. | | 764 | 490,138 |
| Samsung Electronics Co. Ltd. | | 245,455 | 7,690,637 |
|
| TOTAL KOREA (SOUTH) | | | 10,046,486 |
|
| Russia - 0.0% | | | |
| AK Transneft OAO | | 131 | 339,861 |
| Surgutneftegas OJSC | | 2,053,717 | 1,188,918 |
|
| TOTAL RUSSIA | | | 1,528,779 |
|
| United Kingdom - 0.0% | | | |
| Rolls-Royce Holdings PLC Series C (b) | | 22,459,408 | 28,708 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | |
| (Cost $78,481,429) | | | 82,792,390 |
| | | Principal Amount(e) | Value |
|
| Nonconvertible Bonds - 0.0% | | | |
| India - 0.0% | | | |
NTPC Ltd. 8.49% 3/25/25
(Cost $46,681) | INR | 233,068 | 44,728 |
|
| U.S. Government and Government Agency Obligations - 0.2% | | | |
| U.S. Treasury Obligations - 0.2% | | | |
| U.S. Treasury Bills, yield at date of purchase 2.07% 1/3/19 (f) | | | |
| (Cost $10,960,624) | | 11,000,000 | 10,957,265 |
| | | Shares | Value |
|
| Money Market Funds - 3.2% | | | |
| Fidelity Cash Central Fund, 2.23% (g) | | 156,954,372 | $156,985,763 |
| Fidelity Securities Lending Cash Central Fund 2.23% (g)(h) | | 32,422,571 | 32,425,813 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $189,411,575) | | | 189,411,576 |
| TOTAL INVESTMENT IN SECURITIES - 97.6% | | | |
| (Cost $5,706,284,975) | | | 5,802,622,895 |
| NET OTHER ASSETS (LIABILITIES) - 2.4% | | | 144,102,067 |
| NET ASSETS - 100% | | | $5,946,724,962 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 2,621 | Dec. 2018 | $237,528,125 | $(6,754,284) | $(6,754,283) |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 1,768 | Dec. 2018 | 84,572,280 | (1,555,098) | (1,555,098) |
| TME S&P/TSX 60 Index Contracts (Canada) | 171 | Dec. 2018 | 23,230,385 | (458,647) | (458,647) |
| TOTAL FUTURES CONTRACTS | | | | | $(8,768,028) |
The notional amount of futures purchased as a percentage of Net Assets is 5.8%
Currency Abbreviations
INR – Indian rupee
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Level 3 security
(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 $32,963,437 or 0.6% 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 $10,105,587.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $2,679,865 |
| Fidelity Securities Lending Cash Central Fund | 701,373 |
| Total | $3,381,238 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $401,824,605 | $166,543,259 | $235,281,346 | $-- |
| Consumer Discretionary | 580,214,097 | 382,607,575 | 197,533,418 | 73,104 |
| Consumer Staples | 549,581,196 | 263,320,300 | 286,236,956 | 23,940 |
| Energy | 433,982,880 | 219,559,669 | 214,423,211 | -- |
| Financials | 1,257,377,152 | 802,261,409 | 455,115,739 | 4 |
| Health Care | 483,358,752 | 150,049,596 | 333,278,952 | 30,204 |
| Industrials | 655,804,423 | 370,637,057 | 285,167,366 | -- |
| Information Technology | 459,004,537 | 251,531,141 | 207,473,394 | 2 |
| Materials | 435,912,458 | 297,853,046 | 138,059,412 | -- |
| Real Estate | 174,331,850 | 146,873,538 | 27,458,312 | -- |
| Utilities | 170,817,376 | 126,458,577 | 44,358,799 | -- |
| Corporate Bonds | 44,728 | -- | 44,728 | -- |
| U.S. Government and Government Agency Obligations | 10,957,265 | -- | 10,957,265 | -- |
| Money Market Funds | 189,411,576 | 189,411,576 | -- | -- |
| Total Investments in Securities: | $5,802,622,895 | $3,367,106,743 | $2,435,388,898 | $127,254 |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(8,768,028) | $(8,768,028) | $-- | $-- |
| Total Liabilities | $(8,768,028) | $(8,768,028) | $-- | $-- |
| Total Derivative Instruments: | $(8,768,028) | $(8,768,028) | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:
| Transfers | Total |
| Level 1 to Level 2 | $203,378,568 |
| Level 2 to Level 1 | $227,565,235 |
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, 2018. 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 | $(8,768,028) |
| Total Equity Risk | 0 | (8,768,028) |
| Total Value of Derivatives | $0 | $(8,768,028) |
(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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $31,537,712) — See accompanying schedule:
Unaffiliated issuers (cost $5,516,873,400) | $5,613,211,319 | |
| Fidelity Central Funds (cost $189,411,575) | 189,411,576 | |
| Total Investment in Securities (cost $5,706,284,975) | | $5,802,622,895 |
| Foreign currency held at value (cost $7,800,385) | | 7,724,965 |
| Receivable for investments sold | | 2,015,487 |
| Receivable for fund shares sold | | 147,458,217 |
| Dividends receivable | | 18,948,251 |
| Distributions receivable from Fidelity Central Funds | | 281,042 |
| Receivable for daily variation margin on futures contracts | | 1,728,424 |
| Other receivables | | 13,590 |
| Total assets | | 5,980,792,871 |
| Liabilities | | |
| Payable to custodian bank | $746,572 | |
| Payable for fund shares redeemed | 5,530 | |
| Accrued management fee | 296,309 | |
| Other payables and accrued expenses | 581,360 | |
| Collateral on securities loaned | 32,438,138 | |
| Total liabilities | | 34,067,909 |
| Net Assets | | $5,946,724,962 |
| Net Assets consist of: | | |
| Paid in capital | | $5,822,534,394 |
| Total distributable earnings (loss) | | 124,190,568 |
| Net Assets, for 503,837,101 shares outstanding | | $5,946,724,962 |
| Net Asset Value, offering price and redemption price per share ($5,946,724,962 ÷ 503,837,101 shares) | | $11.80 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2018 |
| Investment Income | | |
| Dividends | | $176,144,930 |
| Interest | | 160,120 |
| Income from Fidelity Central Funds | | 3,381,238 |
| Income before foreign taxes withheld | | 179,686,288 |
| Less foreign taxes withheld | | (16,567,499) |
| Total income | | 163,118,789 |
| Expenses | | |
| Management fee | $3,398,008 | |
| Independent trustees' fees and expenses | 24,027 | |
| Legal | 751 | |
| Commitment fees | 15,037 | |
| Total expenses before reductions | 3,437,823 | |
| Expense reductions | (318) | |
| Total expenses after reductions | | 3,437,505 |
| Net investment income (loss) | | 159,681,284 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (20,661,743) | |
| Fidelity Central Funds | (14,896) | |
| Foreign currency transactions | (258,632) | |
| Futures contracts | 9,746,725 | |
| Total net realized gain (loss) | | (11,188,546) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $913,976) | (675,005,331) | |
| Fidelity Central Funds | (1,036) | |
| Assets and liabilities in foreign currencies | (321,221) | |
| Futures contracts | (12,541,081) | |
| Total change in net unrealized appreciation (depreciation) | | (687,868,669) |
| Net gain (loss) | | (699,057,215) |
| Net increase (decrease) in net assets resulting from operations | | $(539,375,931) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2018 | Year ended October 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $159,681,284 | $117,237,792 |
| Net realized gain (loss) | (11,188,546) | (29,868,089) |
| Change in net unrealized appreciation (depreciation) | (687,868,669) | 836,876,743 |
| Net increase (decrease) in net assets resulting from operations | (539,375,931) | 924,246,446 |
| Distributions to shareholders | (128,402,196) | – |
| Distributions to shareholders from net investment income | – | (95,231,725) |
| Distributions to shareholders from net realized gain | – | (2,140,039) |
| Total distributions | (128,402,196) | (97,371,764) |
| Share transactions | | |
| Proceeds from sales of shares | 1,917,429,917 | 1,206,059,282 |
| Reinvestment of distributions | 128,402,196 | 97,371,764 |
| Cost of shares redeemed | (428,336,990) | (771,760,724) |
| Net increase (decrease) in net assets resulting from share transactions | 1,617,495,123 | 531,670,322 |
| Total increase (decrease) in net assets | 949,716,996 | 1,358,545,004 |
| Net Assets | | |
| Beginning of period | 4,997,007,966 | 3,638,462,962 |
| End of period | $5,946,724,962 | $4,997,007,966 |
| Other Information | | |
| Undistributed net investment income end of period | | $105,631,221 |
| Shares | | |
| Sold | 148,225,327 | 103,730,595 |
| Issued in reinvestment of distributions | 9,922,890 | 9,177,358 |
| Redeemed | (32,286,725) | (67,302,786) |
| Net increase (decrease) | 125,861,492 | 45,605,167 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series Global ex U.S. Index Fund
| | | | | | |
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.22 | $10.95 | $11.15 | $12.16 | $12.35 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .37 | .33 | .30 | .31 | .39 |
| Net realized and unrealized gain (loss) | (1.46) | 2.21 | (.23) | (.96) | (.33) |
| Total from investment operations | (1.09) | 2.54 | .07 | (.65) | .06 |
| Distributions from net investment income | (.31) | (.27) | (.27) | (.35) | (.24) |
| Distributions from net realized gain | (.02) | (.01) | – | (.01) | (.01) |
| Total distributions | (.33) | (.27)B | (.27) | (.36) | (.25) |
| Net asset value, end of period | $11.80 | $13.22 | $10.95 | $11.15 | $12.16 |
| Total ReturnC | (8.48)% | 23.84% | .71% | (5.53)% | .52% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .06% | .06% | .16% | .20% | .20% |
| Expenses net of fee waivers, if any | .06% | .06% | .16% | .20% | .20% |
| Expenses net of all reductions | .06% | .06% | .16% | .20% | .20% |
| Net investment income (loss) | 2.82% | 2.74% | 2.84% | 2.68% | 3.19% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,946,725 | $4,997,008 | $3,638,463 | $2,998,297 | $2,478,198 |
| Portfolio turnover rateF | 2% | 4% | 1% | 2% | 2% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.27 per share is comprised of distributions from net investment income of $.267 and distributions from net realized gain of $.006 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2018
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 of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. 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.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendor 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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, 2018, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. 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, 2018, 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 Other payables and accrued expenses on the Statement of Assets & 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.
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), partnerships, market discount, 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 | $808,104,062 |
| Gross unrealized depreciation | (764,873,303) |
| Net unrealized appreciation (depreciation) | $43,230,759 |
| Tax Cost | $5,758,933,489 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $141,403,831 |
| Capital loss carryforward | $(59,562,446) |
| Net unrealized appreciation (depreciation) on securities and other investments | $42,930,523 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| Fiscal year of expiration | |
| 2019 | $(2,685,793) |
| No expiration | |
| Short-term | (1,560,691) |
| Long-term | (55,315,962) |
| Total no expiration | (56,876,653) |
| Total capital loss carryforward | $(59,562,446) |
The tax character of distributions paid was as follows:
| | October 31, 2018 | October 31, 2017 |
| Ordinary Income | $128,402,196 | $ 97,371,764 |
Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation | Prior Line-Item Presentation |
| Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.
The Fund used derivatives 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| 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.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,553,129,017 and $110,470,110, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 .06% of the Fund's average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees.
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. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $15,037 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $283,143. 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. Total security lending income during the period amounted to $701,373, including $1,741 from securities loaned to FCM.
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 management fee. During the period, these credits reduced the Fund's management fee by $318.
10. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Salem Street Trust and 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, 2018, and 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, 2018, 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 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, 2018, by correspondence with the custodians 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 18, 2018
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 260 funds. Mr. Chiel oversees 154 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2018 | Ending
Account Value
October 31, 2018 | Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 |
| Actual | .06% | $1,000.00 | $887.90 | $.29 |
| Hypothetical-C | | $1,000.00 | $1,024.90 | $.31 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The fund designates 78% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
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), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). FMR and the sub-advisers 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 has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 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 2018 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives 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. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
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, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, 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 under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. 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 for specific 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) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one-, three-, and five-year 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 considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, in prior years, the fund was compared on the basis of a hypothetical "net management fee," which was derived by subtracting payments made by FMR for "fund-level" non-management expenses (including pricing and bookkeeping fees and fees paid to non-affiliated custodians) from the fund's management fee. Fidelity no longer calculates a hypothetical net management fee for the fund and, as a result, the chart does not include hypothetical net management fees for 2016 and 2017.
Fidelity Series Global ex U.S. Index Fund
The Board considered that effective August 1, 2016, the fund's management fee rate was reduced from 0.20% to 0.06%. The Board considered that the chart below reflects the fund's lower management fee rate for 2016, as if the lower fee rate were in effect for the entire year.
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2017.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
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.
Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also considered other "class-level" expenses, such as transfer agent fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the fund's total expense ratio ranked below the competitive median for 2017.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, 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 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 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.
PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's 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, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 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 affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.
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.
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 (the Economies of Scale 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 Economies of Scale 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) 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; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of Fidelity's voluntary expense limitation agreements; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (ix) the impact of recent changes to the money market fund landscape, including the full implementation of money market fund reform and rising interest rates, on Fidelity's money market funds; (x) the funds' share class structures and distribution channels; and (xi) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
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SGX-ANN-1218
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Fidelity® Emerging Markets Index Fund
Institutional Class and Institutional Premium Class Fidelity® Global ex U.S. Index Fund
Institutional Class and Institutional Premium Class
Annual Report October 31, 2018 |
|
Contents
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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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Fidelity® Emerging Markets Index Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2018 | Past 1 year | Past 5 years | Life of fundA |
| Institutional Class | (12.67)% | 1.15% | 1.23% |
| Institutional Premium Class | (12.65)% | 1.18% | 1.26% |
A From September 8, 2011
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Markets Index Fund - Institutional Class on September 8, 2011, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
| Period Ending Values |
| $10,917 | Fidelity® Emerging Markets Index Fund - Institutional Class |
| $11,234 | MSCI Emerging Markets Index |
Fidelity® Emerging Markets Index Fund
Management's Discussion of Fund Performance
Market Recap: International equities returned -8.08% for the 12 months ending October 31, 2018, according to the MSCI ACWI (All Country World Index) ex USA Index. A modestly positive first half of the period gave way to a confluence of overwhelmingly negative factors – including escalating trade tension, a surging U.S. dollar, tepid economic growth in Europe, global central bank tightening, concerns about Italy’s budget stalemate with the EU, and weakness in China’s stock market – that yielded a -11% second-half return. The index lost 8% in October alone, its largest monthly drop in more than six years. Among sectors, new-media-infused communications services (-15%) was hit the hardest, while economically sensitive consumer discretionary (-13%), information technology (-12%), financials (-10%), industrials (-9%) and materials (-7%) stocks also fared poorly. Even the more defensive real estate (-9%), utilities (-6%) and consumer staples (-5%) sectors weren’t spared this period. Conversely, elevated crude-oil prices fueled a positive return for energy (+7%), the top-performing sector, followed by the relatively stable-growing health care segment (+2%). Regionally, emerging markets (-12%) fared the worst, hampered by the impact of foreign exchange and concerns about economic weakness in China, India and South Korea. Sluggish growth also pressured shares in continental Europe (-9%). Stocks in Japan (-3%) and the U.K. (-4%) held up better, followed by Canada (-5%) and Asia-Pacific ex Japan (-6%).
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team: For the fiscal year, the fund's share classes returned between roughly -12.6% and -12.8%, compared with a return of -12.49% for the benchmark MSCI Emerging Markets Index.
(The fund's performance relative to the index can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index.) With the exception of energy (+14%), all 11 sectors in the index posted a negative return for the period. By individual holding, Chinese internet company Tencent (-24%) notably detracted in absolute terms. Tencent struggled due to questions about the sustainability of the company's growth rate as well as regulatory concern. Tencent's decline also weighed on South African media company Naspers (-28%), which owns a large Tencent stake. Also detracting was Chinese e-commerce company Alibaba (-23%) and Korean electronics giant Samsung (-23%). Conversely, the top individual contributor was Brazilian mining company Vale (+62%), which benefited from better commodity pricing and management's success at cutting costs. An improved pricing environment also lifted shares of various energy producers, led by Petrobras and CNOOC, headquartered in Brazil and China, respectively
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Emerging Markets Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 3.8 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.6 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 3.5 |
| Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 3.2 |
| Naspers Ltd. Class N (South Africa, Media) | 1.5 |
| China Construction Bank Corp. (H Shares) (China, Banks) | 1.5 |
| China Mobile Ltd. (Hong Kong, Wireless Telecommunication Services) | 1.1 |
| Baidu.com, Inc. sponsored ADR (Cayman Islands, Interactive Media & Services) | 1.0 |
| Ping An Insurance (Group) Co. of China Ltd. (H Shares) (China, Insurance) | 1.0 |
| Vale SA (Brazil, Metals & Mining) | 0.9 |
| | 21.1 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Financials | 22.5 |
| Information Technology | 13.8 |
| Communication Services | 12.5 |
| Consumer Discretionary | 9.4 |
| Energy | 8.3 |
| Materials | 7.4 |
| Consumer Staples | 6.1 |
| Industrials | 4.2 |
| Health Care | 2.7 |
| Real Estate | 2.2 |
Geographic Diversification (% of fund's net assets)
| As of October 31, 2018 |
| | Cayman Islands | 13.1% |
| | Korea (South) | 12.8% |
| | Taiwan | 10.7% |
| | China | 10.0% |
| | United States of America | 9.0% |
| | India | 7.9% |
| | Brazil | 7.3% |
| | South Africa | 5.3% |
| | Russia | 3.5% |
| | Other* | 20.4% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2018
| | % of fund's net assets |
| Stocks and Equity Futures | 99.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |
Fidelity® Emerging Markets Index Fund
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 87.6% | | | |
| | | Shares | Value |
| Bermuda - 0.9% | | | |
| Alibaba Health Information Technology Ltd. (a) | | 1,054,000 | $852,130 |
| Alibaba Pictures Group Ltd. (a) | | 4,360,000 | 600,463 |
| Beijing Enterprises Water Group Ltd. | | 1,702,000 | 865,981 |
| Brilliance China Automotive Holdings Ltd. | | 928,000 | 809,431 |
| China Gas Holdings Ltd. | | 540,400 | 1,709,004 |
| China Resource Gas Group Ltd. | | 272,000 | 1,040,558 |
| Cosco Shipping Ports Ltd. | | 501,082 | 511,181 |
| Credicorp Ltd. | | 6,502 | 1,462,950 |
| Credicorp Ltd. (United States) | | 14,620 | 3,299,880 |
| GOME Electrical Appliances Holdings Ltd. (a)(b) | | 3,089,802 | 307,327 |
| Haier Electronics Group Co. Ltd. | | 388,000 | 810,441 |
| Hanergy Thin Film Power Group Ltd. (a)(c) | | 1,618,000 | 2 |
| HengTen Networks Group Ltd. (a)(b) | | 6,472,000 | 231,085 |
| Kunlun Energy Co. Ltd. | | 990,000 | 1,123,573 |
| Luye Pharma Group Ltd. (b) | | 331,000 | 255,364 |
| Nine Dragons Paper (Holdings) Ltd. | | 509,000 | 485,507 |
| Shenzhen International Holdings Ltd. | | 267,500 | 511,671 |
| Sihuan Pharmaceutical Holdings Group Ltd. | | 1,095,000 | 222,017 |
| Skyworth Digital Holdings Ltd. | | 532,000 | 122,791 |
|
| TOTAL BERMUDA | | | 15,221,356 |
|
| Brazil - 4.6% | | | |
| Ambev SA | | 1,468,900 | 6,449,503 |
| Atacadao Distribuicao Comercio e Industria Ltda | | 126,100 | 516,395 |
| Banco Bradesco SA | | 347,315 | 2,823,130 |
| Banco do Brasil SA | | 268,900 | 3,088,936 |
| Banco Santander SA (Brasil) unit | | 130,000 | 1,474,137 |
| BB Seguridade Participacoes SA | | 214,600 | 1,526,967 |
| BM&F BOVESPA SA | | 642,514 | 4,582,110 |
| BR Malls Participacoes SA | | 259,495 | 885,553 |
| Brasil Foods SA (a) | | 161,900 | 952,737 |
| CCR SA | | 373,700 | 1,101,569 |
| Centrais Eletricas Brasileiras SA (Electrobras) (a) | | 66,900 | 422,451 |
| Cielo SA | | 382,114 | 1,355,342 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 105,100 | 789,344 |
| Companhia Siderurgica Nacional SA (CSN) | | 201,200 | 517,395 |
| Cosan SA Industria e Comercio | | 52,600 | 455,824 |
| Drogasil SA | | 71,000 | 1,198,501 |
| EDP Energias do Brasil SA | | 88,257 | 332,016 |
| Embraer SA | | 205,000 | 1,152,936 |
| ENGIE Brasil Energia SA | | 47,600 | 509,064 |
| Equatorial Energia SA | | 52,400 | 957,323 |
| Fibria Celulose SA | | 77,600 | 1,498,202 |
| Hypermarcas SA | | 107,600 | 861,031 |
| IRB Brasil Resseguros SA | | 34,200 | 665,896 |
| Itausa-Investimentos Itau SA | | 12 | 38 |
| JBS SA | | 293,900 | 809,479 |
| Klabin SA unit | | 215,600 | 1,081,621 |
| Kroton Educacional SA | | 427,548 | 1,311,997 |
| Localiza Rent A Car SA | | 154,852 | 1,196,290 |
| Lojas Renner SA | | 224,690 | 2,270,145 |
| M. Dias Branco SA | | 29,900 | 357,290 |
| Magazine Luiza SA | | 23,400 | 1,061,378 |
| Multiplan Empreendimentos Imobiliarios SA | | 81,558 | 504,053 |
| Natura Cosmeticos SA | | 61,400 | 537,693 |
| Odontoprev SA | | 79,000 | 280,634 |
| Petrobras Distribuidora SA | | 107,800 | 694,624 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 904,500 | 7,369,190 |
| Porto Seguro SA | | 30,700 | 448,600 |
| Rumo SA (a) | | 336,500 | 1,505,502 |
| Sul America SA unit | | 60,074 | 400,332 |
| Suzano Papel e Celulose SA | | 137,800 | 1,401,513 |
| TIM Participacoes SA | | 261,600 | 814,710 |
| Ultrapar Participacoes SA | | 111,200 | 1,322,209 |
| Vale SA | | 986,884 | 15,038,611 |
| Weg SA | | 257,932 | 1,247,555 |
|
| TOTAL BRAZIL | | | 73,769,826 |
|
| British Virgin Islands - 0.0% | | | |
| Tianhe Chemicals Group Ltd. (a)(c)(d) | | 376,000 | 28,049 |
| Cayman Islands - 13.1% | | | |
| 3SBio, Inc. (d) | | 391,000 | 567,407 |
| 51job, Inc. sponsored ADR (a) | | 7,647 | 469,602 |
| 58.com, Inc. ADR (a) | | 28,852 | 1,892,403 |
| AAC Technology Holdings, Inc. | | 228,500 | 1,740,545 |
| Agile Property Holdings Ltd. | | 484,000 | 551,771 |
| Airtac International Group | | 33,000 | 284,055 |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 359,493 | 51,148,664 |
| Anta Sports Products Ltd. | | 329,000 | 1,350,914 |
| Autohome, Inc. ADR Class A (b) | | 18,083 | 1,308,848 |
| Baidu.com, Inc. sponsored ADR (a) | | 86,038 | 16,352,382 |
| Baozun, Inc. sponsored ADR (a)(b) | | 11,213 | 446,390 |
| Car, Inc. (a) | | 219,000 | 173,704 |
| Chailease Holding Co. Ltd. | | 358,020 | 1,019,924 |
| China Conch Venture Holdings Ltd. | | 498,000 | 1,397,101 |
| China First Capital Group Ltd. (a) | | 968,000 | 390,066 |
| China Huishan Dairy Holdings Co. Ltd. (a)(c) | | 888,000 | 23,780 |
| China Literature Ltd. (a)(d) | | 52,800 | 285,143 |
| China Medical System Holdings Ltd. | | 422,000 | 502,077 |
| China Mengniu Dairy Co. Ltd. | | 855,000 | 2,518,570 |
| China Resources Cement Holdings Ltd. | | 750,000 | 660,869 |
| China Resources Land Ltd. | | 850,744 | 2,885,735 |
| China State Construction International Holdings Ltd. | | 629,000 | 448,372 |
| China Zhongwang Holdings Ltd. (b) | | 472,800 | 209,813 |
| Chong Sing Holdings Fintech Group (a) | | 4,904,000 | 222,001 |
| CIFI Holdings Group Co. Ltd. | | 1,058,000 | 442,523 |
| Country Garden Holdings Co. Ltd. | | 2,366,737 | 2,532,141 |
| Country Garden Services Holdings Co. Ltd. (a) | | 307,000 | 396,182 |
| Ctrip.com International Ltd. ADR (a)(b) | | 127,170 | 4,232,218 |
| Dali Foods Group Co. Ltd. (d) | | 635,000 | 453,459 |
| ENN Energy Holdings Ltd. | | 236,300 | 2,008,352 |
| Evergrande Real Estate Group Ltd. | | 820,000 | 1,955,381 |
| Fang Holdings Ltd. ADR (a) | | 60,859 | 123,544 |
| Fullshare Holdings Ltd. (b) | | 2,117,500 | 823,567 |
| Future Land Development Holding Ltd. | | 556,000 | 319,053 |
| GCL-Poly Energy Holdings Ltd. (a)(b) | | 3,755,000 | 222,658 |
| GDS Holdings Ltd. ADR (a)(b) | | 18,005 | 422,577 |
| Geely Automobile Holdings Ltd. | | 1,532,000 | 2,930,394 |
| General Interface Solution Holding Ltd. | | 55,000 | 182,087 |
| Genscript Biotech Corp. (a) | | 246,000 | 375,182 |
| Greentown China Holdings Ltd. | | 250,000 | 173,426 |
| Greentown Service Group Co. Ltd. | | 298,000 | 196,844 |
| Haitian International Holdings Ltd. | | 184,000 | 358,992 |
| Hengan International Group Co. Ltd. | | 221,500 | 1,754,047 |
| Huazhu Group Ltd. ADR (b) | | 40,171 | 1,050,873 |
| JD.com, Inc. sponsored ADR (a) | | 224,746 | 5,286,026 |
| Jiayuan International Group Ltd. | | 303,818 | 533,099 |
| Kaisa Group Holdings Ltd. | | 609,000 | 148,329 |
| Kingboard Chemical Holdings Ltd. | | 214,000 | 573,072 |
| Kingboard Laminates Holdings Ltd. | | 311,000 | 237,951 |
| Kingdee International Software Group Co. Ltd. | | 704,000 | 574,551 |
| Kingsoft Corp. Ltd. | | 255,000 | 360,943 |
| KWG Property Holding Ltd. | | 395,500 | 302,099 |
| Lee & Man Paper Manufacturing Ltd. | | 456,000 | 390,178 |
| Lijun International Pharmaceutical Holding Ltd. | | 474,000 | 398,327 |
| Logan Property Holdings Co. Ltd. | | 428,000 | 395,147 |
| Longfor Properties Co. Ltd. | | 455,000 | 1,104,725 |
| Meitu, Inc. (a)(d) | | 494,500 | 257,908 |
| Momo, Inc. ADR (a) | | 45,122 | 1,514,746 |
| NetEase, Inc. ADR | | 24,517 | 5,095,858 |
| New Oriental Education & Technology Group, Inc. sponsored ADR | | 44,260 | 2,589,653 |
| Nexteer Auto Group Ltd. | | 253,000 | 354,886 |
| Noah Holdings Ltd. sponsored ADR (a)(b) | | 8,277 | 312,126 |
| Semiconductor Manufacturing International Corp. (a) | | 906,200 | 748,555 |
| Shenzhou International Group Holdings Ltd. | | 233,000 | 2,573,059 |
| Shimao Property Holdings Ltd. | | 365,000 | 713,993 |
| Shui On Land Ltd. | | 1,041,500 | 209,842 |
| SINA Corp. (a) | | 19,755 | 1,250,689 |
| Sino Biopharmaceutical Ltd. | | 2,167,000 | 1,942,630 |
| SOHO China Ltd. | | 586,000 | 198,772 |
| Sunac China Holdings Ltd. | | 754,000 | 2,047,986 |
| Sunny Optical Technology Group Co. Ltd. | | 222,000 | 1,925,031 |
| TAL Education Group ADR (a) | | 110,526 | 3,203,043 |
| Tencent Holdings Ltd. | | 1,772,900 | 60,738,234 |
| Tingyi (Cayman Islands) Holding Corp. | | 602,000 | 890,493 |
| Towngas China Co. Ltd. | | 278,506 | 202,435 |
| Uni-President China Holdings Ltd. | | 406,000 | 393,991 |
| Vipshop Holdings Ltd. ADR (a) | | 131,842 | 640,752 |
| Want Want China Holdings Ltd. | | 1,529,000 | 1,091,871 |
| Weibo Corp. sponsored ADR (a)(b) | | 16,699 | 985,408 |
| Wuxi Biologics (Cayman), Inc. (a) | | 152,500 | 1,086,098 |
| Xinyi Solar Holdings Ltd. | | 889,568 | 277,921 |
| Yuzhou Properties Co. | | 480,000 | 171,386 |
| YY, Inc. ADR (a) | | 14,802 | 945,848 |
| Zhen Ding Technology Holding Ltd. | | 146,000 | 333,399 |
| Zhongsheng Group Holdings Ltd. Class H | | 177,000 | 322,764 |
|
| TOTAL CAYMAN ISLANDS | | | 211,127,460 |
|
| Chile - 0.9% | | | |
| Aguas Andinas SA | | 767,030 | 401,145 |
| Banco de Chile | | 7,677,257 | 1,069,955 |
| Banco de Credito e Inversiones | | 13,605 | 852,945 |
| Banco de Credito e Inversiones rights 11/29/18 (a) | | 1,041 | 3,193 |
| Banco Santander Chile | | 20,749,246 | 1,532,333 |
| Cencosud SA | | 446,541 | 917,456 |
| Colbun SA | | 2,457,076 | 467,759 |
| Compania Cervecerias Unidas SA | | 47,897 | 597,332 |
| Compania de Petroleos de Chile SA (COPEC) | | 122,266 | 1,718,053 |
| CorpBanca SA | | 45,037,784 | 417,373 |
| Empresa Nacional de Telecomunicaciones SA (ENTEL) | | 50,644 | 367,457 |
| Empresas CMPC SA | | 392,082 | 1,349,744 |
| Enel Chile SA | | 8,603,120 | 747,823 |
| Enersis SA | | 8,816,699 | 1,379,499 |
| LATAM Airlines Group SA | | 89,353 | 815,212 |
| LATAM Airlines Group SA sponsored ADR (b) | | 6,995 | 64,494 |
| S.A.C.I. Falabella | | 223,677 | 1,688,813 |
| S.A.C.I. Falabella rights 11/17/18 (a) | | 7,748 | 779 |
| Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (b) | | 1,980 | 86,744 |
|
| TOTAL CHILE | | | 14,478,109 |
|
| China - 10.0% | | | |
| Agricultural Bank of China Ltd. (H Shares) | | 9,385,000 | 4,116,884 |
| Air China Ltd. (H Shares) | | 584,000 | 469,914 |
| Aisino Co. Ltd. Class A | | 4,500 | 15,160 |
| Aluminum Corp. of China Ltd. (H Shares) (a) | | 1,242,000 | 449,796 |
| Angang Steel Co. Ltd. (H Shares) | | 320,000 | 272,177 |
| Anhui Conch Cement Co. Ltd. (H Shares) | | 401,000 | 2,070,977 |
| Anxin Trust Co. Ltd. Class A | | 11,000 | 7,680 |
| AVIC Aircraft Co. Ltd. Class A | | 4,800 | 10,184 |
| AVIC Aviation Engine Corp. PLC Class A | | 3,600 | 11,761 |
| AVIC Capital Co. Ltd. Class A | | 20,600 | 13,584 |
| AVIC Shenyang Aircraft Co. Ltd. Class A (a) | | 7,600 | 36,379 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 609,000 | 405,381 |
| Baic Motor Corp. Ltd. (d) | | 510,000 | 286,153 |
| Bank Communications Co. Ltd. (H Shares) | | 2,857,000 | 2,142,217 |
| Bank of Beijing Co. Ltd. Class A | | 110,480 | 96,295 |
| Bank of China Ltd. (H Shares) | | 24,856,000 | 10,586,530 |
| Bank of Guiyang Co. Ltd. Class A | | 66,700 | 114,073 |
| Bank of Hangzhou Co. Ltd. Class A | | 127,320 | 145,651 |
| Bank of Jiangsu Co. Ltd. Class A | | 91,600 | 85,223 |
| Bank of Nanjing Co. Ltd. Class A | | 49,300 | 51,804 |
| Bank of Ningbo Co. Ltd. Class A | | 46,000 | 116,127 |
| Bank of Shanghai Co. Ltd. Class A | | 59,806 | 104,683 |
| Baoshan Iron & Steel Co. Ltd. | | 127,400 | 139,716 |
| BBMG Corp. (H Shares) | | 702,000 | 193,360 |
| Beijing Capital Co. Ltd. Class A | | 117,400 | 54,361 |
| Beijing Capital International Airport Co. Ltd. (H Shares) | | 530,000 | 573,799 |
| Beijing Dabeinong Technology Group Co. Ltd. Class A | | 10,900 | 5,250 |
| Beijing Shiji Information Technology Co. Ltd. Class A | | 2,300 | 9,611 |
| Beijing Tongrentang Co. Ltd. Class A | | 3,200 | 13,042 |
| BOE Technology Group Co. Ltd. Class A | | 240,800 | 94,930 |
| BYD Co. Ltd. (H Shares) (b) | | 208,000 | 1,338,019 |
| CGN Power Co. Ltd. (H Shares) (d) | | 2,960,000 | 679,423 |
| Changjiang Securities Co. Ltd. Class A | | 18,900 | 13,954 |
| China Avionics Systems Co. Ltd. Class A | | 1,600 | 3,113 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 2,549,000 | 624,090 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 2,736,000 | 1,692,130 |
| China Coal Energy Co. Ltd. (H Shares) | | 578,000 | 258,709 |
| China Communications Construction Co. Ltd. (H Shares) | | 1,400,000 | 1,280,039 |
| China Communications Services Corp. Ltd. (H Shares) | | 746,000 | 603,120 |
| China Construction Bank Corp. (H Shares) | | 29,867,000 | 23,700,872 |
| China Eastern Airlines Corp. Ltd. (H Shares) | | 438,000 | 241,845 |
| China Everbright Bank Co. Ltd. (H Shares) | | 830,000 | 369,385 |
| China Film Co. Ltd. Class A | | 7,500 | 13,010 |
| China Fortune Land Development Co. Ltd. Class A | | 5,700 | 19,080 |
| China Galaxy Securities Co. Ltd. (H Shares) | | 1,016,000 | 510,465 |
| China Gezhouba Group Co. Ltd. Class A | | 10,900 | 10,016 |
| China Grand Automotive Services Co. Ltd. Class A | | 8,100 | 4,796 |
| China Huarong Asset Management Co. Ltd. (d) | | 3,085,000 | 558,624 |
| China International Capital Corp. Ltd. Class H | | 322,400 | 529,525 |
| China International Marine Containers (Group) Ltd. (H Shares) | | 127,000 | 112,069 |
| China International Travel Service Corp. Ltd. (A Shares) | | 10,900 | 83,879 |
| China Life Insurance Co. Ltd. (H Shares) | | 2,319,000 | 4,646,809 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 973,000 | 739,495 |
| China Merchants Bank Co. Ltd. (H Shares) | | 1,324,846 | 5,102,092 |
| China Merchants Securities Co. Ltd. Class A | | 35,500 | 67,329 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | | 47,700 | 128,556 |
| China Minsheng Banking Corp. Ltd. (H Shares) | | 2,079,040 | 1,532,380 |
| China Molybdenum Co. Ltd. (H Shares) | | 1,188,000 | 440,844 |
| China National Building Materials Co. Ltd. (H Shares) | | 1,186,000 | 846,932 |
| China National Chemical Engineering Co. Ltd. Class A | | 13,400 | 11,199 |
| China National Nuclear Power Co. Ltd. Class A | | 75,700 | 60,446 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 8,900 | 13,397 |
| China Nuclear Engineering Corp. Ltd. Class A | | 6,601 | 6,615 |
| China Oilfield Services Ltd. (H Shares) | | 562,000 | 526,744 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 858,600 | 3,197,052 |
| China Petroleum & Chemical Corp. (H Shares) | | 8,029,000 | 6,540,233 |
| China Railway Construction Corp. Ltd. (H Shares) | | 673,500 | 851,972 |
| China Railway Group Ltd. (H Shares) | | 1,148,000 | 1,024,745 |
| China Railway Signal & Communications Corp. (d) | | 425,000 | 285,069 |
| China Reinsurance Group Corp. | | 1,661,000 | 317,714 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. | | 2,700 | 9,293 |
| China Shenhua Energy Co. Ltd.: | | | |
| (H Shares) | | 1,038,000 | 2,350,803 |
| Class A | | 42,400 | 121,809 |
| China Shipbuilding Industry Group Power Co. Ltd. | | 2,300 | 6,858 |
| China Shipping Container Lines Co. Ltd. (H Shares) (a) | | 1,148,000 | 117,114 |
| China Shipping Development Co. Ltd. (H Shares) | | 360,000 | 196,941 |
| China South Publishing & Media Group Co. Ltd. Class A | | 8,200 | 13,765 |
| China Southern Airlines Ltd. (H Shares) | | 618,000 | 334,141 |
| China Spacesat Co. Ltd. Class A | | 24,100 | 56,073 |
| China State Construction Engineering Corp. Ltd. Class A | | 280,780 | 216,553 |
| China Telecom Corp. Ltd. (H Shares) | | 4,298,000 | 2,027,888 |
| China Tower Corp. Ltd. Class H | | 10,722,000 | 1,627,042 |
| China United Network Communications Ltd. Class A | | 202,900 | 157,651 |
| China Vanke Co. Ltd. (H Shares) | | 434,500 | 1,338,082 |
| China Yangtze Power Co. Ltd. Class A | | 84,800 | 189,764 |
| Chinese Universe Publishing and Media Co. Ltd. Class A | | 5,700 | 9,389 |
| Chongqing Changan Automobile Co. Ltd. (B Shares) | | 566,800 | 381,628 |
| Chongqing Rural Commercial Bank Co. Ltd. (H Shares) | | 720,000 | 396,636 |
| CITIC Guoan Information Industry Co. Ltd. Class A | | 12,500 | 5,573 |
| CITIC Securities Co. Ltd. (H Shares) | | 765,000 | 1,346,221 |
| COSCO SHIPPING Holdings Co. Ltd. (H Shares) (a) | | 780,500 | 278,681 |
| CRRC Corp. Ltd. (H Shares) | | 1,376,600 | 1,207,736 |
| Daqin Railway Co. Ltd. (A Shares) | | 120,800 | 139,578 |
| Datang International Power Generation Co. Ltd. (H Shares) | | 840,000 | 187,453 |
| DHC Software Co. Ltd. Class A | | 7,700 | 7,892 |
| Dong E-E-Jiao Co. Ltd. Class A | | 1,400 | 7,877 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 830,000 | 817,093 |
| Dongxing Securities Co. Ltd. Class A | | 5,800 | 8,439 |
| Dr. Peng Telcom & Media Group Ltd. Class A | | 3,400 | 3,485 |
| Everbright Securities Co. Ltd. Class A | | 71,100 | 98,562 |
| Fangda Carbon New Material Co. Ltd. | | 3,800 | 10,792 |
| Financial Street Holdings Co. Ltd. Class A | | 116,000 | 108,589 |
| First Capital Securities Co. Ltd. Class A | | 9,500 | 7,055 |
| Focus Media Information Technology Co. Ltd. Class A | | 77,220 | 66,420 |
| Foshan Haitian Flavouring & Food Co. Ltd. Class A | | 13,800 | 127,739 |
| Founder Securities Co. Ltd. Class A | | 22,500 | 17,547 |
| Future Land Holdings Co. Ltd. Class A | | 4,300 | 15,331 |
| Fuyao Glass Industries Group Co. Ltd. | | 155,600 | 459,342 |
| GD Power Development Co. Ltd. Class A | | 258,900 | 90,560 |
| Gemdale Corp. Class A | | 90,500 | 118,839 |
| GF Securities Co. Ltd. (H Shares) | | 433,000 | 559,889 |
| Giant Network Group Co. Ltd. Class A (c) | | 3,200 | 8,707 |
| GoerTek, Inc. Class A | | 6,600 | 6,879 |
| Great Wall Motor Co. Ltd. (H Shares) (b) | | 887,000 | 524,829 |
| Gree Electric Appliances, Inc. of Zhuhai Class A (a) | | 19,500 | 106,394 |
| Greenland Holdings Corp. Ltd. Class A | | 130,233 | 115,192 |
| Guangshen Railway Co. Ltd. Class A | | 15,900 | 7,066 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 910,000 | 920,218 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A | | 3,300 | 17,438 |
| Guangzhou Haige Communications Group Class A | | 5,800 | 6,145 |
| Guangzhou R&F Properties Co. Ltd. (H Shares) | | 290,800 | 456,116 |
| Guosen Securities Co. Ltd. Class A | | 106,200 | 127,580 |
| Guotai Junan Securities Co. Ltd. Class H | | 210,400 | 443,233 |
| Guoyuan Securities Co. Ltd. Class A | | 9,100 | 9,393 |
| Haitong Securities Co. Ltd. (H Shares) | | 1,028,800 | 1,035,104 |
| Han's Laser Technology Industry Group Co. Ltd. | | 2,500 | 11,239 |
| Hangzhou Hikvision Digital Technology Co. Ltd. Class A | | 51,400 | 178,317 |
| Hangzhou Robam Appliances Co. Ltd. Class A | | 2,300 | 6,924 |
| Heilan Home Co. Ltd. Class A | | 4,800 | 5,326 |
| Henan Shuanghui Investment & Development Co. Ltd. Class A | | 5,800 | 18,741 |
| Hengli Petrochemical Co. Ltd. Class A | | 25,100 | 50,879 |
| Hengtong Optic-electric Co. Ltd. Class A | | 4,480 | 10,494 |
| Hesteel Co. Ltd. Class A | | 32,300 | 14,678 |
| Huaan Securities Co. Ltd. Class A | | 183,200 | 134,203 |
| Huadian Power International Corp. Ltd. (H Shares) | | 490,000 | 185,579 |
| Huadong Medicine Co. Ltd. Class A | | 3,300 | 16,870 |
| Huaneng Power International, Inc. (H Shares) | | 1,314,000 | 732,239 |
| Huaneng Renewables Corp. Ltd. (H Shares) | | 1,492,000 | 382,420 |
| Huatai Securities Co. Ltd. (H Shares) (d) | | 562,000 | 902,990 |
| Huaxia Bank Co. Ltd. Class A | | 89,600 | 102,757 |
| Huayu Automotive Systems Co. Ltd. Class A | | 23,200 | 57,970 |
| Hubei Biocause Pharmaceutical Co. Ltd. Class A | | 98,400 | 82,239 |
| Hubei Energy Group Co. Ltd. Class A | | 155,500 | 81,142 |
| Hundsun Technologies, Inc. Class A | | 1,500 | 10,049 |
| iFlytek Co. Ltd. | | 4,800 | 15,531 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 21,832,000 | 14,812,424 |
| Industrial Bank Co. Ltd. Class A | | 163,600 | 378,063 |
| Industrial Securities Co. Ltd. Class A | | 177,100 | 124,403 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 12,700 | 40,199 |
| Inner Mongolia Baotou Steel Union Co. Ltd. Class A | | 84,200 | 19,554 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 476,100 | 565,607 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 336,000 | 450,745 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 19,900 | 175,674 |
| Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | | 8,800 | 111,507 |
| Jiangxi Copper Co. Ltd. (H Shares) | | 372,000 | 409,857 |
| Jiangxi Ganfeng Lithium Co. Ltd. | | 1,700 | 5,751 |
| Jihua Group Corp. Ltd. Class A | | 9,200 | 4,576 |
| Jinduicheng Molybdenum Co. Ltd. Class A | | 8,900 | 8,025 |
| Jinke Properties Group Co. Ltd. Class A | | 94,000 | 80,987 |
| Jointown Pharmaceutical Group Class A | | 4,400 | 9,632 |
| Kangmei Pharmaceutical Co. Ltd. Class A | | 40,900 | 72,411 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 6,400 | 503,603 |
| Legend Holdings Corp. (d) | | 111,200 | 302,037 |
| Liaoning Chengda Co. Ltd. Class A | | 25,500 | 39,846 |
| LONGi Green Energy Technology Co. Ltd. | | 3,900 | 7,576 |
| Luxshare Precision Industry Co. Ltd. Class A | | 8,450 | 20,109 |
| Luzhou Laojiao Co. Ltd. Class A | | 3,400 | 18,551 |
| Maanshan Iron & Steel Co. Ltd. Class A | | 12,400 | 7,413 |
| Meinian Onehealth Healthcare Holdings Co. Ltd. Class A | | 6,600 | 13,823 |
| Metallurgical Corp. China Ltd. (H Shares) | | 896,000 | 217,089 |
| Midea Group Co. Ltd. Class A | | 35,600 | 189,032 |
| Muyuan Foodstuff Co. Ltd. Class A | | 3,600 | 11,818 |
| NARI Technology Co. Ltd. Class A | | 47,600 | 118,392 |
| New China Life Insurance Co. Ltd. (H Shares) | | 273,200 | 1,276,823 |
| Ningbo Zhoushan Port Co. Ltd. Class A | | 36,800 | 19,836 |
| O-film Tech Co. Ltd. Class A | | 5,900 | 11,080 |
| Offshore Oil Enginering Co. Ltd. Class A | | 11,500 | 9,199 |
| Orient Securities Co. Ltd. Class A | | 11,800 | 15,597 |
| People's Insurance Co. of China Group (H Shares) | | 2,273,000 | 927,524 |
| Perfect World Co. Ltd. Class A | | 2,400 | 8,402 |
| PetroChina Co. Ltd. (H Shares) | | 6,652,000 | 4,782,946 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 2,137,840 | 2,071,881 |
| Ping An Bank Co. Ltd. Class A | | 113,800 | 177,985 |
| Ping An Insurance (Group) Co. of China Ltd. (H Shares) | | 1,670,000 | 15,726,892 |
| Poly Developments & Holdings Class A | | 71,400 | 128,969 |
| Postal Savings Bank of China Co. Ltd. | | 797,000 | 475,642 |
| Power Construction Corp. of China Ltd. Class A | | 149,200 | 101,168 |
| Qingdao Haier Co. Ltd. | | 43,800 | 79,492 |
| Qinghai Salt Lake Potash Co. Ltd. Class A (a) | | 5,700 | 6,210 |
| Risesun Real Estate Development Co. Ltd. Class A | | 7,300 | 8,309 |
| Rongsheng Petrochemical Co. Ltd. Class A | | 5,700 | 8,433 |
| SAIC Motor Corp. Ltd. | | 47,800 | 185,769 |
| Sanan Optoelectronics Co. Ltd. Class A | | 8,800 | 17,737 |
| Sany Heavy Industry Co. Ltd. Class A | | 78,400 | 88,452 |
| SDIC Capital Co. Ltd. | | 5,500 | 7,096 |
| SDIC Power Holdings Co. Ltd. Class A | | 71,500 | 72,877 |
| Shaanxi Coal Industry Co. Ltd. Class A | | 83,100 | 101,617 |
| Shandong Buchang Pharmaceuticals Co. Ltd. Class A | | 2,210 | 8,636 |
| Shandong Gold Mining Co. Ltd. Class A | | 3,900 | 14,704 |
| Shandong Linglong Tyre Co. Ltd. Class A | | 15,500 | 31,219 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 620,000 | 554,224 |
| Shanghai 2345 Network Holding Group Co. Ltd. Class A | | 9,750 | 5,549 |
| Shanghai Construction Group Co. Ltd. Class A | | 50,200 | 21,661 |
| Shanghai Electric Group Co. Ltd. (H Shares) | | 812,000 | 264,041 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 180,000 | 539,407 |
| Shanghai International Airport Co. Ltd. (A Shares) | | 2,600 | 18,469 |
| Shanghai International Port Group Co. Ltd. Class A | | 60,500 | 46,834 |
| Shanghai Lujiazui Finance Trust Ltd. (B Shares) | | 306,124 | 388,777 |
| Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | | 276,600 | 610,908 |
| Shanghai Pudong Development Bank Co. Ltd. | | 196,200 | 308,828 |
| Shanghai Tunnel Engineering Co. Ltd. | | 18,600 | 15,199 |
| Shanghai Zhangjiang High Ltd. Class A | | 35,200 | 44,658 |
| Shanghaioriental Pearl Media Co. Ltd. | | 10,790 | 14,122 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A | | 5,900 | 6,978 |
| Shanxi Securities Co. Ltd. Class A | | 7,100 | 6,015 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. Class A | | 2,000 | 9,272 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd. Class A | | 6,400 | 5,945 |
| Shenergy Co. Ltd. Class A | | 138,900 | 100,556 |
| Shenwan Hongyuan Group Co. Ltd. Class A | | 122,100 | 78,067 |
| Shenzhen Energy Group Co. Ltd. Class A | | 100,000 | 74,545 |
| Shenzhen Overseas Chinese Town Co. Ltd. Class A | | 59,700 | 49,382 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd. Class A | | 2,000 | 7,067 |
| Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. Class A | | 10,500 | 6,442 |
| Shijiazhuang Baosh Electric Co. Ltd. Class A | | 11,300 | 7,630 |
| Sichuan Chuantou Energy Co. Ltd. class A | | 72,000 | 83,192 |
| Sichuan Kelun Pharmaceutical Co. Ltd. | | 2,900 | 9,770 |
| Sichuan New Hope Agribusiness Co. Ltd. Class A | | 110,600 | 94,338 |
| Sinolink Securities Co. Ltd. Class A | | 8,000 | 8,223 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 382,500 | 355,578 |
| Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) | | 969,000 | 425,068 |
| Sinopharm Group Co. Ltd. (H Shares) | | 371,200 | 1,789,269 |
| Sinotrans Ltd. (H Shares) | | 600,000 | 208,877 |
| Soochow Securities Co. Ltd. Class A | | 9,800 | 9,314 |
| Southwest Securities Co. Ltd. Class A | | 20,200 | 11,815 |
| Spring Airlines Co. Ltd. Class A | | 3,287 | 16,021 |
| Suning.com Co. Ltd. Class A | | 54,500 | 88,911 |
| Suzhou Gold Mantis Consolidated Co. Ltd. | | 7,800 | 8,968 |
| Tasly Pharmaceutical Group Co. Ltd. | | 2,800 | 8,080 |
| TBEA Co. Ltd. Class A | | 120,800 | 120,356 |
| TCL Corp. Class A | | 199,100 | 70,499 |
| Tianma Microelectronics Co. Ltd. Class A | | 5,100 | 7,684 |
| Tianqi Lithium Corp. Class A | | 9,200 | 38,432 |
| Tong Ren Tang Technologies Co. Ltd. (H Shares) | | 163,000 | 233,215 |
| Tonghua Dongbao Pharmaceutical Co. Ltd. Class A | | 4,400 | 8,440 |
| Tongling Nonferrous Metals Group Co. Ltd. Class A | | 42,400 | 12,704 |
| Tongwei Co. Ltd. Class A | | 7,600 | 6,973 |
| TravelSky Technology Ltd. (H Shares) | | 287,000 | 695,363 |
| Tsingtao Brewery Co. Ltd. (H Shares) | | 116,000 | 457,820 |
| Tus-Sound Environmental Resources Co. Ltd. Class A | | 3,200 | 5,000 |
| Unisplendour Corp. Ltd. Class A | | 1,260 | 5,995 |
| Wanxiang Qianchao Co. Ltd. Class A | | 71,800 | 51,465 |
| Weichai Power Co. Ltd. (H Shares) | | 618,200 | 610,951 |
| Weifu High-Technology Group Co. Ltd. Class A | | 30,900 | 78,804 |
| Western Securities Co. Ltd. Class A | | 9,500 | 11,385 |
| Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd. Class A | | 22,200 | 35,103 |
| Wuliangye Yibin Co. Ltd. Class A | | 21,900 | 151,167 |
| XCMG Construction Machinery Co. Ltd. Class A | | 17,500 | 8,329 |
| Xiamen C&D, Inc. Class A | | 83,700 | 90,352 |
| Xinhu Zhongbao Co. Ltd. Class A | | 14,800 | 6,598 |
| Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares) | | 223,800 | 166,667 |
| Yanzhou Coal Mining Co. Ltd. (H Shares) | | 572,000 | 540,493 |
| Yonghui Superstores Co. Ltd. Class A | | 85,700 | 87,719 |
| Yonyou Network Technology Co. Ltd. Class A | | 12,200 | 41,957 |
| Youngor Group Co. Ltd. Class A | | 107,900 | 114,464 |
| Yunnan Baiyao Group Co. Ltd. (c) | | 2,400 | 24,163 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | | 1,400 | 15,554 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) (b) | | 308,000 | 271,790 |
| Zhejiang Century Huatong Group Co. Ltd. Class A (c) | | 1,600 | 7,432 |
| Zhejiang China Commodities City Group Co. Ltd. Class A | | 144,800 | 75,974 |
| Zhejiang Chint Electric Co. Ltd. Class A | | 4,000 | 13,045 |
| Zhejiang Dahua Technology Co. Ltd. | | 6,200 | 10,230 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 416,000 | 348,526 |
| Zhejiang Huayou Cobalt Co. Ltd. Class A | | 1,820 | 8,806 |
| Zhejiang Longsheng Group Co. Ltd. Class A | | 8,400 | 10,693 |
| Zhejiang Zheneng Electric Power Co. Ltd. Class A | | 59,900 | 40,617 |
| Zhengzhou Yutong Bus Co. Ltd. | | 5,100 | 7,794 |
| ZhongAn Online P & C Insurance Co. Ltd. Class H (a)(b)(d) | | 47,600 | 158,121 |
| Zhongjin Gold Co. Ltd. Class A | | 7,900 | 8,947 |
| Zhuhai Wanlida Electric Co. Ltd. Class A | | 1,200 | 4,337 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 168,700 | 901,374 |
| Zijin Mng Group Co. Ltd. (H Shares) | | 1,822,000 | 676,110 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A | | 238,400 | 114,148 |
| ZTE Corp. (H Shares) | | 254,880 | 388,725 |
|
| TOTAL CHINA | | | 161,835,012 |
|
| Colombia - 0.3% | | | |
| Bancolombia SA | | 68,689 | 646,032 |
| Bancolombia SA sponsored ADR | | 2,970 | 109,712 |
| Cementos Argos SA | | 147,256 | 321,086 |
| Ecopetrol SA | | 1,540,076 | 1,789,059 |
| Grupo de Inversiones Suramerica SA | | 69,899 | 681,729 |
| Interconexion Electrica SA ESP | | 137,246 | 509,849 |
| Inversiones Argos SA | | 92,246 | 429,783 |
|
| TOTAL COLOMBIA | | | 4,487,250 |
|
| Czech Republic - 0.2% | | | |
| Ceske Energeticke Zavody A/S | | 49,496 | 1,177,879 |
| Komercni Banka A/S | | 23,283 | 884,489 |
| MONETA Money Bank A/S (d) | | 151,385 | 502,378 |
| Telefonica Czech Rep A/S | | 19,262 | 202,699 |
|
| TOTAL CZECH REPUBLIC | | | 2,767,445 |
|
| Egypt - 0.1% | | | |
| Commercial International Bank SAE | | 321,508 | 1,426,333 |
| Commercial International Bank SAE sponsored GDR | | 2,831 | 12,301 |
| Eastern Tobacco Co. | | 262,800 | 232,883 |
| Elsewedy Electric Co. | | 220,500 | 185,186 |
|
| TOTAL EGYPT | | | 1,856,703 |
|
| Greece - 0.3% | | | |
| Alpha Bank AE (a) | | 427,155 | 645,896 |
| EFG Eurobank Ergasias SA (a) | | 573,374 | 386,412 |
| Ff Group (a)(c) | | 10,260 | 44,625 |
| Greek Organization of Football Prognostics SA | | 68,371 | 642,755 |
| Hellenic Telecommunications Organization SA | | 75,511 | 842,446 |
| Jumbo SA | | 33,774 | 492,713 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 18,742 | 443,668 |
| National Bank of Greece SA (a) | | 169,559 | 293,838 |
| Piraeus Bank SA | | 81,521 | 120,035 |
| Titan Cement Co. SA (Reg.) | | 13,384 | 294,698 |
|
| TOTAL GREECE | | | 4,207,086 |
|
| Hong Kong - 3.5% | | | |
| Beijing Enterprises Holdings Ltd. | | 154,000 | 832,650 |
| BYD Electronic International Co. Ltd. | | 196,000 | 229,693 |
| China Agri-Industries Holdings Ltd. | | 602,000 | 201,129 |
| China Everbright International Ltd. | | 1,314,333 | 1,047,518 |
| China Everbright Ltd. | | 270,000 | 477,203 |
| China Jinmao Holdings Group Ltd. | | 1,620,000 | 679,652 |
| China Merchants Holdings International Co. Ltd. | | 382,105 | 650,002 |
| China Mobile Ltd. | | 1,906,500 | 17,859,860 |
| China Overseas Land and Investment Ltd. | | 1,186,000 | 3,712,890 |
| China Power International Development Ltd. (b) | | 1,261,000 | 249,243 |
| China Resources Beer Holdings Co. Ltd. | | 446,878 | 1,552,857 |
| China Resources Pharmaceutical Group Ltd. (d) | | 485,000 | 711,239 |
| China Resources Power Holdings Co. Ltd. | | 569,691 | 1,001,070 |
| China Taiping Insurance Group Ltd. | | 495,177 | 1,654,389 |
| China Travel International Investment HK Ltd. | | 632,000 | 169,244 |
| China Unicom Ltd. | | 1,872,000 | 1,958,016 |
| CITIC Pacific Ltd. | | 1,790,000 | 2,684,332 |
| CNOOC Ltd. | | 5,250,000 | 8,940,645 |
| CNOOC Ltd. sponsored ADR (b) | | 2,944 | 498,272 |
| CSPC Pharmaceutical Group Ltd. | | 1,458,000 | 3,075,169 |
| Far East Horizon Ltd. | | 671,000 | 650,297 |
| Fosun International Ltd. | | 776,000 | 1,132,045 |
| Guangdong Investment Ltd. | | 898,000 | 1,603,173 |
| Hua Hong Semiconductor Ltd. (d) | | 128,000 | 222,639 |
| Lenovo Group Ltd. | | 2,214,000 | 1,408,815 |
| MMG Ltd. (a) | | 764,000 | 286,429 |
| Shanghai Industrial Holdings Ltd. | | 125,000 | 262,690 |
| Shenzhen Investment Ltd. | | 902,000 | 258,800 |
| Sino-Ocean Group Holding Ltd. | | 866,979 | 339,409 |
| Sinotruk Hong Kong Ltd. | | 215,500 | 309,429 |
| Sun Art Retail Group Ltd. | | 731,466 | 799,376 |
| Winteam Pharmaceutical Group Ltd. | | 716,000 | 455,606 |
| Yuexiu Property Co. Ltd. | | 1,946,000 | 307,709 |
|
| TOTAL HONG KONG | | | 56,221,490 |
|
| Hungary - 0.3% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 113,512 | 1,190,358 |
| OTP Bank PLC | | 69,999 | 2,515,220 |
| Richter Gedeon PLC | | 43,422 | 807,391 |
|
| TOTAL HUNGARY | | | 4,512,969 |
|
| India - 7.9% | | | |
| Adani Ports & Special Economic Zone Ltd. | | 161,445 | 696,008 |
| Ambuja Cements Ltd. | | 185,816 | 495,317 |
| Ashok Leyland Ltd. | | 362,450 | 562,101 |
| Asian Paints Ltd. | | 89,330 | 1,486,096 |
| Aurobindo Pharma Ltd. | | 82,568 | 883,676 |
| Avenue Supermarts Ltd. (a)(d) | | 38,347 | 693,704 |
| Axis Bank Ltd. (a) | | 559,682 | 4,407,231 |
| Bajaj Auto Ltd. | | 25,675 | 900,395 |
| Bajaj Finance Ltd. | | 54,070 | 1,741,813 |
| Bajaj Finserv Ltd. | | 11,702 | 855,127 |
| Bharat Forge Ltd. | | 65,199 | 515,615 |
| Bharat Heavy Electricals Ltd. | | 287,146 | 266,918 |
| Bharat Petroleum Corp. Ltd. | | 232,506 | 864,824 |
| Bharti Airtel Ltd. | | 436,530 | 1,725,521 |
| Bharti Infratel Ltd. | | 106,816 | 388,862 |
| Bosch Ltd. (a) | | 2,258 | 602,861 |
| Britannia Industries Ltd. | | 8,770 | 669,264 |
| Cadila Healthcare Ltd. | | 65,950 | 321,056 |
| Cipla Ltd. (a) | | 107,031 | 910,617 |
| Coal India Ltd. | | 208,877 | 751,658 |
| Container Corp. of India Ltd. | | 52,409 | 449,083 |
| Dabur India Ltd. | | 166,173 | 864,455 |
| Dr. Reddy's Laboratories Ltd. | | 35,384 | 1,215,297 |
| Eicher Motors Ltd. | | 4,111 | 1,215,324 |
| GAIL India Ltd. | | 246,725 | 1,248,470 |
| Glenmark Pharmaceuticals Ltd. | | 45,375 | 381,295 |
| Godrej Consumer Products Ltd. | | 111,914 | 1,096,821 |
| Grasim Industries Ltd. (a) | | 101,405 | 1,142,863 |
| Havells India Ltd. (a) | | 78,543 | 685,818 |
| HCL Technologies Ltd. | | 173,729 | 2,479,561 |
| Hero Motocorp Ltd. | | 15,266 | 570,174 |
| Hindalco Industries Ltd. | | 359,314 | 1,070,752 |
| Hindustan Petroleum Corp. Ltd. | | 187,141 | 567,167 |
| Hindustan Unilever Ltd. | | 201,943 | 4,427,947 |
| Housing Development Finance Corp. Ltd. | | 495,758 | 11,859,381 |
| ICICI Bank Ltd. | | 741,305 | 3,554,817 |
| Indiabulls Housing Finance Ltd. | | 84,997 | 959,147 |
| Indian Oil Corp. Ltd. | | 445,448 | 833,860 |
| Infosys Ltd. | | 1,087,199 | 10,044,833 |
| InterGlobe Aviation Ltd. (d) | | 29,528 | 354,887 |
| ITC Ltd. | | 1,061,241 | 4,019,113 |
| JSW Steel Ltd. | | 265,976 | 1,220,555 |
| Larsen & Toubro Ltd. | | 148,743 | 2,609,438 |
| LIC Housing Finance Ltd. | | 91,988 | 511,307 |
| Lupin Ltd. (a) | | 69,112 | 827,410 |
| Mahindra & Mahindra Financial Services Ltd. (a) | | 94,621 | 523,256 |
| Mahindra & Mahindra Ltd. | | 231,426 | 2,396,711 |
| Marico Ltd. | | 138,924 | 603,519 |
| Maruti Suzuki India Ltd. | | 32,798 | 2,934,082 |
| Motherson Sumi Systems Ltd. (a) | | 291,217 | 642,796 |
| Nestle India Ltd. | | 7,235 | 992,695 |
| NTPC Ltd. | | 617,296 | 1,332,495 |
| Oil & Natural Gas Corp. Ltd. | | 442,233 | 916,336 |
| Page Industries Ltd. | | 1,716 | 683,374 |
| Petronet LNG Ltd. | | 186,756 | 569,914 |
| Pidilite Industries Ltd. | | 37,432 | 485,285 |
| Piramal Enterprises Ltd. | | 25,035 | 735,479 |
| Power Grid Corp. of India Ltd. | | 490,292 | 1,232,691 |
| Rec Ltd. | | 224,391 | 353,152 |
| Reliance Industries Ltd. | | 886,753 | 12,723,994 |
| Shree Cement Ltd. | | 2,604 | 490,005 |
| Shriram Transport Finance Co. Ltd. | | 45,524 | 716,960 |
| Siemens India Ltd. | | 20,716 | 260,967 |
| State Bank of India (a) | | 556,540 | 2,117,501 |
| Sun Pharmaceutical Industries Ltd. | | 262,310 | 2,057,942 |
| Tata Consultancy Services Ltd. | | 285,705 | 7,487,008 |
| Tata Motors Ltd. (a) | | 494,629 | 1,198,245 |
| Tata Power Co. Ltd. | | 355,178 | 367,616 |
| Tata Steel Ltd. | | 108,128 | 809,717 |
| Tech Mahindra Ltd. (a) | | 147,264 | 1,481,202 |
| Titan Co. Ltd. | | 95,406 | 1,089,507 |
| Ultratech Cemco Ltd. (a) | | 30,189 | 1,428,385 |
| United Spirits Ltd. (a) | | 90,559 | 706,252 |
| UPL Ltd. (a) | | 109,668 | 999,927 |
| Vedanta Ltd. (a) | | 400,839 | 1,144,364 |
| Vodafone Idea Ltd. (a) | | 622,649 | 325,384 |
| Wipro Ltd. | | 352,732 | 1,578,762 |
| Yes Bank Ltd. | | 532,322 | 1,353,837 |
| Zee Entertainment Enterprises Ltd. | | 148,607 | 906,390 |
|
| TOTAL INDIA | | | 127,594,189 |
|
| Indonesia - 1.9% | | | |
| PT Adaro Energy Tbk | | 4,463,400 | 484,434 |
| PT Astra International Tbk | | 6,312,100 | 3,280,091 |
| PT Bank Central Asia Tbk | | 3,074,900 | 4,783,515 |
| PT Bank Danamon Indonesia Tbk Series A | | 910,100 | 444,499 |
| PT Bank Mandiri (Persero) Tbk | | 5,835,000 | 2,621,792 |
| PT Bank Negara Indonesia (Persero) Tbk | | 2,297,900 | 1,107,194 |
| PT Bank Rakyat Indonesia Tbk | | 17,311,000 | 3,586,887 |
| PT Bank Tabungan Negara Tbk | | 1,229,000 | 171,385 |
| PT Bumi Serpong Damai Tbk (a) | | 2,195,600 | 158,866 |
| PT Charoen Pokphand Indonesia Tbk | | 2,273,700 | 822,585 |
| PT Gudang Garam Tbk | | 149,600 | 711,467 |
| PT Hanjaya Mandala Sampoerna Tbk | | 2,872,000 | 704,658 |
| PT Indah Kiat Pulp & Paper Tbk | | 839,100 | 702,355 |
| PT Indocement Tunggal Prakarsa Tbk | | 573,400 | 652,512 |
| PT Indofood CBP Sukses Makmur Tbk | | 748,600 | 439,484 |
| PT Indofood Sukses Makmur Tbk | | 1,402,800 | 551,339 |
| PT Jasa Marga Tbk | | 645,637 | 176,247 |
| PT Kalbe Farma Tbk | | 6,617,800 | 596,375 |
| PT Matahari Department Store Tbk | | 783,900 | 250,085 |
| PT Pakuwon Jati Tbk | | 4,745,500 | 149,209 |
| PT Perusahaan Gas Negara Tbk Series B | | 3,447,000 | 503,361 |
| PT Semen Gresik (Persero) Tbk | | 915,900 | 542,220 |
| PT Surya Citra Media Tbk | | 1,716,800 | 177,298 |
| PT Telekomunikasi Indonesia Tbk Series B | | 15,738,400 | 3,986,918 |
| PT Tower Bersama Infrastructure Tbk | | 586,700 | 180,612 |
| PT Unilever Indonesia Tbk | | 471,000 | 1,339,186 |
| PT United Tractors Tbk | | 517,100 | 1,139,474 |
| PT Waskita Karya Persero Tbk | | 1,383,300 | 131,028 |
|
| TOTAL INDONESIA | | | 30,395,076 |
|
| Isle of Man - 0.1% | | | |
| NEPI Rockcastle PLC | | 115,140 | 994,251 |
| Korea (South) - 12.1% | | | |
| AMOREPACIFIC Corp. | | 9,722 | 1,303,651 |
| AMOREPACIFIC Group, Inc. | | 8,899 | 484,336 |
| BGF Retail Co. Ltd. | | 2,454 | 362,401 |
| BS Financial Group, Inc. | | 80,862 | 537,899 |
| Celltrion Healthcare Co. Ltd. | | 11,024 | 615,450 |
| Celltrion Pharm, Inc. | | 4,953 | 232,240 |
| Celltrion, Inc. (a) | | 25,393 | 4,840,471 |
| Cheil Industries, Inc. | | 23,730 | 2,256,534 |
| Cheil Worldwide, Inc. | | 22,457 | 446,778 |
| CJ CheilJedang Corp. | | 2,565 | 728,361 |
| CJ Corp. | | 4,625 | 441,827 |
| CJ O Shopping Co. Ltd. | | 3,343 | 662,154 |
| Coway Co. Ltd. | | 14,979 | 922,895 |
| Daelim Industrial Co. | | 8,609 | 573,430 |
| Daewoo Engineering & Construction Co. Ltd. (a) | | 48,576 | 192,644 |
| Db Insurance Co. Ltd. | | 15,269 | 960,836 |
| DGB Financial Group Co. Ltd. | | 52,695 | 434,122 |
| Dong Suh Companies, Inc. | | 10,287 | 168,144 |
| Doosan Bobcat, Inc. | | 14,400 | 444,242 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 18,579 | 178,300 |
| E-Mart Co. Ltd. | | 6,423 | 1,151,186 |
| GS Engineering & Construction Corp. | | 15,705 | 574,657 |
| GS Holdings Corp. | | 15,743 | 669,181 |
| GS Retail Co. Ltd. | | 8,565 | 269,486 |
| Hana Financial Group, Inc. | | 93,605 | 3,142,043 |
| Hankook Tire Co. Ltd. | | 22,937 | 832,245 |
| Hanmi Pharm Co. Ltd. | | 1,934 | 660,204 |
| Hanmi Science Co. Ltd. | | 4,190 | 244,937 |
| Hanon Systems | | 57,768 | 554,391 |
| Hanssem Co. Ltd. | | 3,083 | 131,993 |
| Hanwha Chemical Corp. | | 33,680 | 476,715 |
| Hanwha Corp. | | 13,402 | 330,058 |
| Hanwha Life Insurance Co. Ltd. | | 97,154 | 381,889 |
| HDC Hyundai Development Co. (a) | | 10,869 | 419,138 |
| HLB, Inc. (a) | | 9,510 | 721,793 |
| Hotel Shilla Co. | | 9,666 | 604,019 |
| Hyundai Department Store Co. Ltd. | | 4,483 | 340,645 |
| Hyundai Engineering & Construction Co. Ltd. | | 24,323 | 975,265 |
| Hyundai Fire & Marine Insurance Co. Ltd. | | 19,354 | 709,025 |
| Hyundai Glovis Co. Ltd. | | 5,801 | 579,592 |
| Hyundai Heavy Industries Co. Ltd. (a) | | 11,896 | 1,298,030 |
| Hyundai Mobis | | 21,170 | 3,525,241 |
| Hyundai Motor Co. | | 47,056 | 4,392,168 |
| Hyundai Robotics Co. Ltd. (a) | | 3,031 | 947,021 |
| Hyundai Steel Co. | | 24,693 | 903,534 |
| Industrial Bank of Korea | | 77,421 | 1,007,627 |
| ING Life Insurance Korea Ltd. (d) | | 10,366 | 278,456 |
| Kakao Corp. | | 15,723 | 1,262,250 |
| Kangwon Land, Inc. | | 36,263 | 912,137 |
| KB Financial Group, Inc. | | 123,696 | 5,144,678 |
| KCC Corp. | | 1,848 | 400,049 |
| KEPCO Plant Service & Engineering Co. Ltd. | | 6,544 | 157,721 |
| Kia Motors Corp. | | 81,960 | 2,040,021 |
| Korea Aerospace Industries Ltd. (a) | | 22,650 | 574,687 |
| Korea Electric Power Corp. | | 80,046 | 1,909,586 |
| Korea Express Co. Ltd. (a) | | 2,533 | 351,867 |
| Korea Gas Corp. (a) | | 8,620 | 393,604 |
| Korea Investment Holdings Co. Ltd. | | 12,946 | 672,829 |
| Korea Zinc Co. Ltd. | | 2,628 | 872,929 |
| Korean Air Lines Co. Ltd. | | 14,082 | 338,783 |
| KT Corp. | | 216 | 5,428 |
| KT&G Corp. | | 36,294 | 3,228,607 |
| Kumho Petro Chemical Co. Ltd. | | 5,634 | 425,142 |
| LG Chemical Ltd. | | 13,915 | 4,231,819 |
| LG Corp. | | 29,778 | 1,730,308 |
| LG Display Co. Ltd. | | 72,955 | 1,063,171 |
| LG Electronics, Inc. | | 33,201 | 1,841,914 |
| LG Household & Health Care Ltd. | | 2,776 | 2,540,004 |
| LG Innotek Co. Ltd. | | 4,380 | 476,004 |
| LG Telecom Ltd. | | 67,279 | 952,284 |
| Lotte Chemical Corp. | | 5,366 | 1,234,509 |
| Lotte Confectionery Co. Ltd. (a) | | 9,380 | 390,902 |
| Lotte Shopping Co. Ltd. | | 3,499 | 593,389 |
| Medy-Tox, Inc. | | 1,306 | 533,846 |
| Mirae Asset Daewoo Co. Ltd. | | 124,602 | 702,183 |
| NAVER Corp. | | 43,725 | 4,387,829 |
| NCSOFT Corp. | | 5,493 | 2,067,698 |
| Netmarble Corp. (d) | | 7,817 | 767,313 |
| Oci Co. Ltd. | | 5,508 | 411,290 |
| Orion Corp./Republic of Korea | | 6,689 | 557,514 |
| Ottogi Corp. | | 352 | 203,302 |
| Pearl Abyss Corp. (a) | | 1,823 | 328,492 |
| POSCO | | 24,475 | 5,595,036 |
| Posco Daewoo Corp. | | 14,344 | 223,771 |
| S-Oil Corp. | | 14,120 | 1,534,514 |
| S1 Corp. | | 5,440 | 460,088 |
| Samsung Biologics Co. Ltd. (a)(d) | | 5,153 | 1,750,033 |
| Samsung Card Co. Ltd. | | 8,563 | 252,537 |
| Samsung Electro-Mechanics Co. Ltd. | | 17,498 | 1,809,609 |
| Samsung Electronics Co. Ltd. | | 1,494,057 | 55,519,734 |
| Samsung Engineering Co. Ltd. (a) | | 48,608 | 777,472 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 9,599 | 2,342,964 |
| Samsung Heavy Industries Co. Ltd. (a) | | 135,335 | 825,532 |
| Samsung Life Insurance Co. Ltd. | | 21,817 | 1,759,127 |
| Samsung SDI Co. Ltd. | | 17,152 | 3,540,137 |
| Samsung SDS Co. Ltd. | | 10,859 | 1,832,040 |
| Samsung Securities Co. Ltd. | | 19,246 | 451,210 |
| Shinhan Financial Group Co. Ltd. | | 132,849 | 4,941,784 |
| Shinsegae Co. Ltd. | | 2,286 | 517,906 |
| SillaJen, Inc. (a) | | 18,164 | 1,096,845 |
| SK C&C Co. Ltd. | | 9,928 | 2,275,348 |
| SK Energy Co. Ltd. | | 20,178 | 3,775,638 |
| SK Hynix, Inc. | | 181,247 | 10,833,519 |
| SK Telecom Co. Ltd. | | 6,311 | 1,480,952 |
| STX Pan Ocean Co. Ltd. (Korea) (a) | | 78,433 | 327,893 |
| ViroMed Co. Ltd. (a) | | 4,176 | 681,848 |
| Woori Bank | | 147,722 | 2,039,107 |
| Woori Investment & Securities Co. Ltd. | | 43,830 | 466,726 |
| Yuhan Corp. | | 2,669 | 391,812 |
|
| TOTAL KOREA (SOUTH) | | | 194,114,525 |
|
| Luxembourg - 0.1% | | | |
| PLAY Communications SA (d) | | 34,291 | 147,454 |
| Reinet Investments SCA | | 45,492 | 762,286 |
|
| TOTAL LUXEMBOURG | | | 909,740 |
|
| Malaysia - 2.3% | | | |
| AirAsia Group BHD | | 443,800 | 278,933 |
| Alliance Bank Malaysia Bhd | | 323,600 | 306,239 |
| AMMB Holdings Bhd | | 505,000 | 458,597 |
| Astro Malaysia Holdings Bhd (d) | | 377,700 | 121,853 |
| Axiata Group Bhd | | 842,071 | 686,214 |
| British American Tobacco (Malaysia) Bhd | | 44,900 | 333,705 |
| Bumiputra-Commerce Holdings Bhd | | 1,496,223 | 2,045,261 |
| Dialog Group Bhd | | 1,132,800 | 917,718 |
| DiGi.com Bhd | | 970,900 | 1,000,019 |
| Felda Global Ventures Holdings Bhd (d) | | 467,100 | 156,277 |
| Fraser & Neave Holdings BHD | | 37,600 | 302,813 |
| Gamuda Bhd | | 607,700 | 347,091 |
| Genting Bhd | | 663,600 | 1,164,016 |
| Genting Malaysia Bhd | | 928,600 | 996,395 |
| Genting Plantations Bhd | | 68,900 | 158,892 |
| Hap Seng Consolidated Bhd | | 179,500 | 422,530 |
| Hartalega Holdings Bhd | | 412,000 | 616,351 |
| Hong Leong Bank Bhd | | 201,700 | 997,775 |
| Hong Leong Credit Bhd | | 73,200 | 321,524 |
| IHH Healthcare Bhd (d) | | 770,200 | 920,301 |
| IJM Corp. Bhd | | 917,800 | 357,513 |
| IOI Corp. Bhd | | 603,000 | 648,465 |
| IOI Properties Group Bhd | | 467,675 | 146,410 |
| Kuala Lumpur Kepong Bhd | | 134,100 | 798,607 |
| Malayan Banking Bhd | | 1,204,767 | 2,732,283 |
| Malaysia Airports Holdings Bhd | | 280,306 | 555,990 |
| Maxis Bhd | | 732,500 | 915,516 |
| MISC Bhd | | 353,500 | 515,318 |
| My E.G.Services Bhd | | 620,900 | 178,057 |
| Nestle (Malaysia) BHD | | 18,000 | 618,569 |
| Petronas Chemicals Group Bhd | | 741,600 | 1,657,058 |
| Petronas Dagangan Bhd | | 57,400 | 356,650 |
| Petronas Gas Bhd | | 215,600 | 941,849 |
| PPB Group Bhd | | 178,520 | 715,019 |
| Press Metal Bhd | | 419,800 | 485,561 |
| Public Bank Bhd | | 904,800 | 5,319,173 |
| RHB Capital Bhd | | 321,689 | 402,063 |
| RHB Capital Bhd (a)(c) | | 99,132 | 0 |
| Sime Darby Bhd | | 729,449 | 383,508 |
| Sime Darby Plantation Bhd | | 745,649 | 937,296 |
| Sime Darby Property Bhd | | 974,149 | 226,979 |
| SP Setia Bhd | | 497,040 | 249,441 |
| Telekom Malaysia Bhd | | 366,280 | 208,327 |
| Tenaga Nasional Bhd | | 972,900 | 3,417,763 |
| Top Glove Corp. Bhd | | 436,200 | 619,197 |
| UMW Holdings Bhd | | 116,800 | 132,585 |
| Westports Holdings Bhd | | 342,600 | 279,189 |
| YTL Corp. Bhd | | 1,036,843 | 262,649 |
|
| TOTAL MALAYSIA | | | 36,613,539 |
|
| Mexico - 2.6% | | | |
| Alfa SA de CV Series A | | 935,000 | 985,482 |
| Alsea S.A.B. de CV | | 159,900 | 408,857 |
| America Movil S.A.B. de CV Series L | | 10,491,800 | 7,597,720 |
| Banco Santander Mexico SA | | 560,595 | 699,045 |
| CEMEX S.A.B. de CV unit (a) | | 4,550,618 | 2,271,585 |
| Coca-Cola FEMSA S.A.B. de CV Series L | | 162,000 | 923,994 |
| El Puerto de Liverpool S.A.B. de CV Class C | | 59,340 | 376,052 |
| Embotelladoras Arca S.A.B. de CV | | 135,800 | 682,903 |
| Fibra Uno Administracion SA de CV | | 1,035,900 | 1,113,249 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 605,400 | 5,146,716 |
| Gruma S.A.B. de CV Series B | | 66,060 | 689,438 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 111,100 | 919,122 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 64,290 | 1,068,607 |
| Grupo Bimbo S.A.B. de CV Series A | | 505,200 | 946,321 |
| Grupo Carso SA de CV Series A1 | | 141,800 | 417,304 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 808,500 | 4,448,228 |
| Grupo Financiero Inbursa S.A.B. de CV Series O | | 726,200 | 941,299 |
| Grupo Mexico SA de CV Series B | | 1,095,507 | 2,527,730 |
| Grupo Televisa SA de CV | | 763,600 | 2,201,342 |
| Industrias Penoles SA de CV | | 43,100 | 607,462 |
| Infraestructura Energetica Nova S.A.B. de CV | | 163,400 | 640,545 |
| Kimberly-Clark de Mexico SA de CV Series A | | 468,300 | 675,019 |
| Mexichem S.A.B. de CV | | 326,855 | 863,429 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 73,855 | 672,115 |
| Wal-Mart de Mexico SA de CV Series V | | 1,632,200 | 4,168,636 |
|
| TOTAL MEXICO | | | 41,992,200 |
|
| Netherlands - 0.0% | | | |
| X5 Retail Group NV unit | | 37,733 | 881,551 |
| Pakistan - 0.1% | | | |
| Habib Bank Ltd. | | 171,400 | 188,589 |
| Lucky Cement Ltd. | | 38,100 | 143,032 |
| MCB Bank Ltd. | | 123,000 | 183,754 |
| Oil & Gas Development Co. Ltd. | | 191,100 | 229,450 |
| United Bank Ltd. | | 143,000 | 161,910 |
|
| TOTAL PAKISTAN | | | 906,735 |
|
| Peru - 0.0% | | | |
| Compania de Minas Buenaventura SA | | 337 | 4,588 |
| Compania de Minas Buenaventura SA sponsored ADR | | 55,575 | 769,158 |
|
| TOTAL PERU | | | 773,746 |
|
| Philippines - 0.9% | | | |
| Aboitiz Equity Ventures, Inc. | | 622,430 | 547,452 |
| Aboitiz Power Corp. | | 475,900 | 300,126 |
| Alliance Global Group, Inc. (a) | | 1,332,500 | 283,272 |
| Ayala Corp. | | 76,705 | 1,320,594 |
| Ayala Land, Inc. | | 2,282,600 | 1,693,678 |
| Bank of the Philippine Islands (BPI) | | 280,587 | 431,353 |
| BDO Unibank, Inc. | | 606,906 | 1,390,147 |
| DMCI Holdings, Inc. | | 1,285,350 | 308,848 |
| Globe Telecom, Inc. | | 10,555 | 412,822 |
| GT Capital Holdings, Inc. | | 28,321 | 402,791 |
| International Container Terminal Services, Inc. | | 140,630 | 238,169 |
| JG Summit Holdings, Inc. | | 893,580 | 790,956 |
| Jollibee Food Corp. | | 134,990 | 697,218 |
| Manila Electric Co. | | 71,230 | 490,267 |
| Megaworld Corp. | | 3,626,100 | 299,251 |
| Metro Pacific Investments Corp. | | 4,501,800 | 404,376 |
| Metropolitan Bank & Trust Co. | | 232,614 | 285,343 |
| Philippine Long Distance Telephone Co. | | 27,050 | 698,969 |
| Robinsons Land Corp. | | 599,151 | 234,897 |
| Security Bank Corp. | | 65,050 | 175,781 |
| SM Investments Corp. | | 74,670 | 1,257,612 |
| SM Prime Holdings, Inc. | | 3,154,700 | 1,995,413 |
| Universal Robina Corp. | | 274,910 | 668,793 |
|
| TOTAL PHILIPPINES | | | 15,328,128 |
|
| Poland - 1.1% | | | |
| Alior Bank SA (a) | | 28,442 | 428,059 |
| Bank Handlowy w Warszawie SA | | 9,789 | 178,578 |
| Bank Millennium SA (a) | | 192,275 | 442,461 |
| Bank Polska Kasa Opieki SA | | 52,855 | 1,442,195 |
| Bank Zachodni WBK SA | | 10,774 | 955,780 |
| BRE Bank SA | | 4,690 | 457,126 |
| CD Projekt RED SA (a) | | 21,117 | 871,173 |
| Cyfrowy Polsat SA (a) | | 76,108 | 438,343 |
| Dino Polska SA (a)(d) | | 15,606 | 343,668 |
| Grupa Lotos SA | | 28,660 | 517,458 |
| Jastrzebska Spolka Weglowa SA (a) | | 17,119 | 330,142 |
| KGHM Polska Miedz SA (Bearer) (a) | | 43,310 | 980,617 |
| LPP SA | | 401 | 820,361 |
| NG2 SA | | 8,754 | 380,991 |
| Polish Oil & Gas Co. SA | | 535,686 | 873,928 |
| Polska Grupa Energetyczna SA (a) | | 260,566 | 713,693 |
| Polski Koncern Naftowy Orlen SA | | 93,353 | 2,244,082 |
| Powszechna Kasa Oszczednosci Bank SA | | 273,018 | 2,841,069 |
| Powszechny Zaklad Ubezpieczen SA | | 188,675 | 1,926,504 |
| Telekomunikacja Polska SA (a) | | 221,585 | 250,623 |
| Zaklady Azotowe w Tarnowie-Moscicach SA | | 12,902 | 87,086 |
|
| TOTAL POLAND | | | 17,523,937 |
|
| Qatar - 1.0% | | | |
| Barwa Real Estate Co. (a) | | 31,134 | 319,720 |
| Doha Bank (a) | | 44,254 | 267,031 |
| Ezdan Holding Group (a) | | 247,552 | 743,812 |
| Industries Qatar QSC (a) | | 56,926 | 2,188,704 |
| Masraf al Rayan (a) | | 113,182 | 1,180,935 |
| Qatar Electricity & Water Co. (a) | | 15,184 | 783,513 |
| Qatar Insurance Co. SAQ | | 48,177 | 485,607 |
| Qatar Islamic Bank (a) | | 36,458 | 1,532,017 |
| Qatar National Bank SAQ | | 140,898 | 7,546,034 |
| Qatar Telecom (Qtel) Q.S.C. (a) | | 25,210 | 476,920 |
| The Commercial Bank of Qatar (a) | | 61,238 | 697,148 |
|
| TOTAL QATAR | | | 16,221,441 |
|
| Russia - 3.4% | | | |
| Alrosa Co. Ltd. | | 796,663 | 1,208,169 |
| Gazprom OAO | | 1,338,016 | 3,157,879 |
| Gazprom OAO sponsored ADR (Reg. S) | | 958,252 | 4,540,198 |
| Inter Rao Ues JSC | | 9,763,744 | 590,208 |
| Lukoil PJSC | | 82,670 | 6,205,858 |
| Lukoil PJSC sponsored ADR | | 68,904 | 5,147,129 |
| Magnit OJSC GDR (Reg. S) | | 112,091 | 1,495,854 |
| Magnitogorsk Iron & Steel Works PJSC | | 693,800 | 504,970 |
| MMC Norilsk Nickel PJSC | | 10,619 | 1,773,225 |
| MMC Norilsk Nickel PJSC sponsored ADR | | 92,519 | 1,533,965 |
| Mobile TeleSystems OJSC sponsored ADR | | 154,708 | 1,239,211 |
| Moscow Exchange MICEX-RTS OAO | | 433,321 | 578,211 |
| NOVATEK OAO GDR (Reg. S) | | 28,369 | 4,808,546 |
| Novolipetsk Steel OJSC | | 372,772 | 907,798 |
| PhosAgro OJSC GDR (Reg. S) | | 36,906 | 483,469 |
| Polyus PJSC | | 8,332 | 525,163 |
| Rosneft Oil Co. OJSC | | 176,414 | 1,233,114 |
| Rosneft Oil Co. OJSC GDR (Reg. S) | | 191,497 | 1,346,224 |
| RusHydro PJSC | | 15,637,801 | 130,517 |
| RusHydro PJSC ADR (b) | | 194,501 | 152,489 |
| Sberbank of Russia | | 3,359,056 | 9,654,886 |
| Severstal PAO | | 26,724 | 417,856 |
| Severstal PAO GDR (Reg. S) | | 38,232 | 592,978 |
| Surgutneftegas OJSC | | 1,252,149 | 505,051 |
| Surgutneftegas OJSC sponsored ADR | | 116,797 | 464,852 |
| Tatneft PAO | | 245,415 | 2,922,310 |
| Tatneft PAO sponsored ADR | | 37,903 | 2,670,645 |
| VTB Bank OJSC (a) | | 1,010,825,800 | 561,316 |
|
| TOTAL RUSSIA | | | 55,352,091 |
|
| Singapore - 0.0% | | | |
| BOC Aviation Ltd. Class A | | 66,700 | 476,735 |
| South Africa - 5.3% | | | |
| Adcock Ingram Holdings Ltd. warrants 7/26/19 (a) | | 859 | 148 |
| Anglo American Platinum Ltd. | | 16,892 | 551,823 |
| AngloGold Ashanti Ltd. | | 126,121 | 1,220,901 |
| Aspen Pharmacare Holdings Ltd. | | 121,802 | 1,287,993 |
| Barclays Africa Group Ltd. | | 225,832 | 2,282,583 |
| Bidcorp Ltd. | | 104,996 | 1,969,249 |
| Bidvest Group Ltd. | | 106,445 | 1,325,972 |
| Capitec Bank Holdings Ltd. | | 12,377 | 831,149 |
| Clicks Group Ltd. | | 78,248 | 997,161 |
| Coronation Fund Managers Ltd. | | 66,031 | 219,902 |
| Discovery Ltd. | | 111,543 | 1,194,102 |
| Exxaro Resources Ltd. | | 76,941 | 787,012 |
| FirstRand Ltd. | | 1,049,892 | 4,576,753 |
| Fortress (REIT) Ltd.: | | | |
| Class A | | 323,442 | 370,744 |
| Class B | | 237,513 | 231,677 |
| Foschini Ltd. | | 69,355 | 757,933 |
| Gold Fields Ltd. | | 252,259 | 666,910 |
| Growthpoint Properties Ltd. | | 915,490 | 1,405,582 |
| Hyprop Investments Ltd. | | 78,421 | 479,855 |
| Imperial Holdings Ltd. | | 49,760 | 549,493 |
| Investec Ltd. | | 86,188 | 536,145 |
| Kumba Iron Ore Ltd. | | 20,674 | 405,002 |
| Liberty Holdings Ltd. | | 37,504 | 274,534 |
| Life Healthcare Group Holdings Ltd. | | 413,289 | 686,364 |
| MMI Holdings Ltd. | | 274,220 | 331,796 |
| Mondi Ltd. | | 36,154 | 864,804 |
| Mr Price Group Ltd. | | 78,796 | 1,233,656 |
| MTN Group Ltd. | | 529,116 | 3,066,559 |
| Naspers Ltd. Class N | | 136,423 | 23,975,678 |
| Nedbank Group Ltd. | | 120,199 | 2,028,126 |
| Netcare Ltd. | | 361,990 | 609,267 |
| Old Mutual Ltd. | | 1,537,749 | 2,365,126 |
| Pick 'n Pay Stores Ltd. | | 113,314 | 523,307 |
| Pioneer Foods Ltd. | | 36,887 | 202,482 |
| PSG Group Ltd. | | 46,237 | 689,488 |
| Rand Merchant Insurance Holdings Ltd. | | 210,955 | 491,049 |
| Redefine Properties Ltd. | | 1,728,227 | 1,123,450 |
| Remgro Ltd. | | 166,913 | 2,151,738 |
| Resilient Property Income Fund Ltd. | | 80,241 | 325,370 |
| RMB Holdings Ltd. | | 223,401 | 1,127,567 |
| Sanlam Ltd. | | 556,947 | 2,803,517 |
| Sappi Ltd. | | 161,906 | 910,251 |
| Sasol Ltd. | | 170,859 | 5,583,666 |
| Shoprite Holdings Ltd. | | 139,619 | 1,706,376 |
| Spar Group Ltd. | | 60,016 | 715,310 |
| Standard Bank Group Ltd. | | 403,538 | 4,467,708 |
| Telkom SA Ltd. | | 94,733 | 344,513 |
| Tiger Brands Ltd. | | 49,399 | 882,602 |
| Truworths International Ltd. | | 136,615 | 749,357 |
| Vodacom Group Ltd. | | 189,531 | 1,598,214 |
| Woolworths Holdings Ltd. | | 307,037 | 1,059,983 |
|
| TOTAL SOUTH AFRICA | | | 85,539,947 |
|
| Taiwan - 10.7% | | | |
| Acer, Inc. | | 898,994 | 630,099 |
| Advantech Co. Ltd. | | 108,459 | 746,169 |
| ASE Industrial Holding Co. Ltd. | | 1,068,927 | 2,154,392 |
| Asia Cement Corp. | | 676,153 | 715,234 |
| ASUSTeK Computer, Inc. | | 221,000 | 1,634,631 |
| AU Optronics Corp. | | 2,722,000 | 1,062,900 |
| Catcher Technology Co. Ltd. | | 206,000 | 2,072,609 |
| Cathay Financial Holding Co. Ltd. | | 2,536,641 | 4,014,645 |
| Chang Hwa Commercial Bank | | 1,653,288 | 937,168 |
| Cheng Shin Rubber Industry Co. Ltd. | | 602,937 | 848,110 |
| Chicony Electronics Co. Ltd. | | 192,766 | 385,401 |
| China Airlines Ltd. | | 817,043 | 241,731 |
| China Development Finance Holding Corp. | | 4,134,800 | 1,326,160 |
| China Life Insurance Co. Ltd. | | 808,728 | 767,966 |
| China Steel Corp. | | 3,949,204 | 3,112,371 |
| Chinatrust Financial Holding Co. Ltd. | | 5,460,826 | 3,642,256 |
| Chunghwa Telecom Co. Ltd. | | 1,183,000 | 4,176,174 |
| Compal Electronics, Inc. | | 1,301,000 | 716,463 |
| Delta Electronics, Inc. | | 649,381 | 2,726,685 |
| E.SUN Financial Holdings Co. Ltd. | | 3,030,224 | 2,006,414 |
| ECLAT Textile Co. Ltd. | | 55,613 | 660,124 |
| EVA Airways Corp. | | 667,375 | 305,013 |
| Evergreen Marine Corp. (Taiwan) | | 627,054 | 230,888 |
| Evergreen Marine Corp. (Taiwan) rights 11/18/18 (a) | | 35,721 | 808 |
| Far Eastern Textile Ltd. | | 992,705 | 995,575 |
| Far EasTone Telecommunications Co. Ltd. | | 492,000 | 1,171,183 |
| Feng Tay Enterprise Co. Ltd. | | 103,520 | 621,912 |
| First Financial Holding Co. Ltd. | | 3,013,443 | 1,902,838 |
| Formosa Chemicals & Fibre Corp. | | 1,094,760 | 3,960,308 |
| Formosa Petrochemical Corp. | | 387,000 | 1,524,975 |
| Formosa Plastics Corp. | | 1,386,520 | 4,523,135 |
| Formosa Taffeta Co. Ltd. | | 250,000 | 271,717 |
| Foxconn Technology Co. Ltd. | | 285,587 | 605,110 |
| Fubon Financial Holding Co. Ltd. | | 2,067,334 | 3,235,165 |
| Giant Manufacturing Co. Ltd. | | 101,000 | 384,942 |
| GlobalWafers Co. Ltd. | | 67,000 | 531,274 |
| Highwealth Construction Corp. | | 268,000 | 392,558 |
| HIWIN Technologies Corp. | | 71,570 | 462,331 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 4,096,869 | 10,427,263 |
| Hotai Motor Co. Ltd. | | 86,000 | 593,046 |
| HTC Corp. (a) | | 214,000 | 232,244 |
| Hua Nan Financial Holdings Co. Ltd. | | 2,284,181 | 1,287,413 |
| Innolux Corp. | | 2,751,347 | 832,678 |
| Inventec Corp. | | 785,865 | 633,302 |
| Largan Precision Co. Ltd. | | 31,000 | 3,354,274 |
| Lite-On Technology Corp. | | 654,279 | 750,211 |
| Macronix International Co. Ltd. | | 566,103 | 313,582 |
| MediaTek, Inc. | | 468,292 | 3,441,044 |
| Mega Financial Holding Co. Ltd. | | 3,374,413 | 2,850,112 |
| Micro-Star International Co. Ltd. | | 208,000 | 458,856 |
| Nan Ya Plastics Corp. | | 1,599,860 | 3,973,748 |
| Nanya Technology Corp. | | 319,000 | 529,597 |
| Nien Made Enterprise Co. Ltd. | | 51,000 | 314,627 |
| Novatek Microelectronics Corp. | | 178,000 | 784,774 |
| Pegatron Corp. | | 603,000 | 1,096,523 |
| Phison Electronics Corp. | | 49,000 | 321,280 |
| Pou Chen Corp. | | 691,000 | 699,693 |
| Powertech Technology, Inc. | | 231,000 | 504,372 |
| President Chain Store Corp. | | 179,000 | 2,017,765 |
| Quanta Computer, Inc. | | 833,000 | 1,314,321 |
| Realtek Semiconductor Corp. | | 141,401 | 566,326 |
| Ruentex Development Co. Ltd. | | 180,480 | 249,497 |
| Ruentex Industries Ltd. | | 118,200 | 295,877 |
| Shin Kong Financial Holding Co. Ltd. | | 2,649,142 | 868,487 |
| Sinopac Holdings Co. | | 3,291,591 | 1,116,316 |
| Standard Foods Corp. | | 119,812 | 179,754 |
| Synnex Technology International Corp. | | 442,500 | 475,937 |
| TaiMed Biologics, Inc. (a) | | 57,000 | 355,324 |
| Taishin Financial Holdings Co. Ltd. | | 3,036,707 | 1,348,645 |
| Taishin Financial Holdings Co. Ltd. rights 11/22/18 (a) | | 61,258 | 5,936 |
| Taiwan Business Bank | | 1,164,771 | 383,736 |
| Taiwan Cement Corp. | | 1,442,400 | 1,616,617 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 2,719,818 | 1,528,555 |
| Taiwan High Speed Rail Corp. | | 595,000 | 589,994 |
| Taiwan Mobile Co. Ltd. | | 497,900 | 1,777,037 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 7,660,000 | 57,474,043 |
| TECO Electric & Machinery Co. Ltd. | | 551,000 | 315,894 |
| Unified-President Enterprises Corp. | | 1,505,983 | 3,643,292 |
| United Microelectronics Corp. | | 3,755,000 | 1,430,153 |
| Vanguard International Semiconductor Corp. | | 278,000 | 511,813 |
| Walsin Technology Corp. | | 97,000 | 408,860 |
| Win Semiconductors Corp. | | 110,000 | 337,527 |
| Winbond Electronics Corp. | | 924,000 | 399,916 |
| Wistron Corp. | | 880,008 | 537,206 |
| WPG Holding Co. Ltd. | | 469,200 | 556,939 |
| Yageo Corp. | | 79,085 | 805,908 |
| Yuanta Financial Holding Co. Ltd. | | 3,107,952 | 1,505,766 |
|
| TOTAL TAIWAN | | | 171,713,514 |
|
| Thailand - 2.3% | | | |
| Advanced Info Service PCL (For. Reg.) | | 317,500 | 1,876,659 |
| Airports of Thailand PCL (For. Reg.) | | 1,315,500 | 2,538,963 |
| Bangkok Bank PCL (For. Reg.) | | 73,400 | 469,264 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 1,173,800 | 867,253 |
| Bangkok Expressway and Metro PCL | | 2,451,800 | 628,477 |
| Banpu PCL (For. Reg.) | | 685,400 | 359,649 |
| Berli Jucker PCL (For. Reg) | | 366,300 | 615,839 |
| BTS Group Holdings PCL | | 1,762,200 | 486,252 |
| BTS Group Holdings PCL warrants 12/31/19 (a) | | 195,800 | 490 |
| Bumrungrad Hospital PCL (For. Reg.) | | 111,700 | 650,124 |
| C.P. ALL PCL (For. Reg.) | | 1,538,000 | 3,119,135 |
| Central Pattana PCL (For. Reg.) | | 420,100 | 1,000,841 |
| Charoen Pokphand Foods PCL (For. Reg.) | | 1,053,820 | 802,441 |
| Delta Electronics PCL (For. Reg.) | | 168,100 | 349,786 |
| Electricity Generating PCL (For. Reg.) | | 38,200 | 266,110 |
| Energy Absolute PCL | | 410,100 | 612,182 |
| Glow Energy PCL (For. Reg.) | | 147,700 | 373,036 |
| Home Product Center PCL (For. Reg.) | | 1,240,406 | 557,360 |
| Indorama Ventures PCL (For. Reg.) | | 603,100 | 986,676 |
| IRPC PCL (For. Reg.) | | 3,127,800 | 575,379 |
| Kasikornbank PCL (For. Reg.) | | 583,100 | 3,508,096 |
| Krung Thai Bank PCL (For. Reg.) | | 1,030,570 | 624,682 |
| Land & House PCL (For. Reg.) | | 877,300 | 272,503 |
| Minor International PCL (For. Reg.) | | 720,880 | 793,490 |
| PTT Exploration and Production PCL (For. Reg.) | | 426,839 | 1,795,659 |
| PTT Global Chemical PCL (For. Reg.) | | 693,139 | 1,614,746 |
| PTT PCL (For. Reg.) | | 3,285,100 | 5,052,476 |
| Robinsons Department Store PCL (For. Reg.) | | 146,900 | 289,060 |
| Siam Cement PCL (For. Reg.) | | 118,050 | 1,488,085 |
| Siam Commercial Bank PCL (For. Reg.) | | 589,300 | 2,443,569 |
| Thai Oil PCL (For. Reg.) | | 362,900 | 927,496 |
| Thai Union Frozen Products PCL (For. Reg.) | | 559,920 | 280,298 |
| TMB PCL (For. Reg.) | | 3,220,500 | 221,434 |
| True Corp. PCL (For. Reg.) | | 3,147,519 | 560,023 |
|
| TOTAL THAILAND | | | 37,007,533 |
|
| Turkey - 0.6% | | | |
| Akbank T.A.S. | | 693,199 | 819,745 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 60,541 | 203,515 |
| Arcelik A/S | | 69,022 | 191,769 |
| Aselsan A/S | | 106,395 | 480,810 |
| Bim Birlesik Magazalar A/S JSC | | 65,930 | 936,532 |
| Coca-Cola Icecek Sanayi A/S | | 22,570 | 111,283 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | | 512,344 | 153,073 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 432,245 | 700,612 |
| Ford Otomotiv Sanayi A/S | | 20,251 | 217,379 |
| Haci Omer Sabanci Holding A/S | | 267,868 | 341,209 |
| Koc Holding A/S | | 243,153 | 677,745 |
| Petkim Petrokimya Holding A/S | | 272,406 | 247,571 |
| TAV Havalimanlari Holding A/S | | 60,391 | 251,305 |
| Tofas Turk Otomobil Fabrikasi A/S | | 35,377 | 133,543 |
| Tupras Turkiye Petrol Rafinerileri A/S | | 38,739 | 912,753 |
| Turk Hava Yollari AO (a) | | 171,845 | 431,949 |
| Turk Sise ve Cam Fabrikalari A/S | | 234,887 | 198,765 |
| Turkcell Iletisim Hizmet A/S | | 347,851 | 706,331 |
| Turkiye Garanti Bankasi A/S | | 720,352 | 900,827 |
| Turkiye Halk Bankasi A/S | | 181,369 | 200,202 |
| Turkiye Is Bankasi A/S Series C | | 507,690 | 362,402 |
| Turkiye Vakiflar Bankasi TAO | | 213,985 | 130,927 |
| Ulker Biskuvi Sanayi A/S (a) | | 43,794 | 115,800 |
| Yapi ve Kredi Bankasi A/S (a) | | 487,939 | 141,416 |
|
| TOTAL TURKEY | | | 9,567,463 |
|
| United Arab Emirates - 0.7% | | | |
| Abu Dhabi Commercial Bank PJSC (a) | | 637,096 | 1,403,184 |
| Aldar Properties PJSC | | 1,208,900 | 569,374 |
| Damac Properties Dubai Co. PJSC (a) | | 566,753 | 311,678 |
| DP World Ltd. | | 51,247 | 921,934 |
| Dubai Investments Ltd. (a) | | 605,867 | 267,211 |
| Dubai Islamic Bank Pakistan Ltd. (a) | | 507,172 | 726,277 |
| Emaar Development PJSC (a) | | 260,172 | 350,612 |
| Emaar Malls Group PJSC (a) | | 555,135 | 276,574 |
| Emaar Properties PJSC | | 1,083,073 | 1,503,797 |
| Emirates Telecommunications Corp. (a) | | 547,792 | 2,594,934 |
| National Bank of Abu Dhabi PJSC | | 442,775 | 1,665,914 |
|
| TOTAL UNITED ARAB EMIRATES | | | 10,591,489 |
|
| United States of America - 0.3% | | | |
| Southern Copper Corp. | | 26,343 | 1,009,991 |
| Yum China Holdings, Inc. | | 114,022 | 4,113,914 |
|
| TOTAL UNITED STATES OF AMERICA | | | 5,123,905 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $1,394,682,294) | | | 1,410,134,490 |
|
| Nonconvertible Preferred Stocks - 3.7% | | | |
| Brazil - 2.7% | | | |
| Banco Bradesco SA (PN) | | 1,020,263 | 9,403,472 |
| Braskem SA (PN-A) | | 52,900 | 741,297 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 69,000 | 493,188 |
| Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) | | 49,100 | 1,032,004 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 292,633 | 867,323 |
| Gerdau SA | | 326,700 | 1,427,420 |
| Itau Unibanco Holding SA | | 1,007,121 | 13,328,150 |
| Itausa-Investimentos Itau SA (PN) | | 1,381,128 | 4,171,404 |
| Lojas Americanas SA (PN) | | 228,484 | 1,154,239 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 1,246,200 | 9,248,971 |
| Telefonica Brasil SA | | 140,300 | 1,629,388 |
|
| TOTAL BRAZIL | | | 43,496,856 |
|
| Chile - 0.1% | | | |
| Embotelladora Andina SA Class B | | 84,176 | 296,307 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 35,756 | 1,546,333 |
|
| TOTAL CHILE | | | 1,842,640 |
|
| Colombia - 0.1% | | | |
| Bancolombia SA (PN) | | 131,821 | 1,232,429 |
| Grupo Aval Acciones y Valores SA | | 1,222,500 | 429,080 |
| Grupo de Inversiones Suramerica SA | | 38,228 | 349,092 |
|
| TOTAL COLOMBIA | | | 2,010,601 |
|
| Korea (South) - 0.7% | | | |
| AMOREPACIFIC Corp. | | 3,439 | 271,262 |
| Hyundai Motor Co. | | 9,594 | 560,000 |
| Hyundai Motor Co. Series 2 | | 10,892 | 675,858 |
| LG Chemical Ltd. | | 3,066 | 536,080 |
| LG Household & Health Care Ltd. | | 918 | 588,936 |
| Samsung Electronics Co. Ltd. | | 270,568 | 8,477,481 |
|
| TOTAL KOREA (SOUTH) | | | 11,109,617 |
|
| Russia - 0.1% | | | |
| AK Transneft OAO | | 152 | 394,342 |
| Surgutneftegas OJSC | | 2,028,040 | 1,174,053 |
|
| TOTAL RUSSIA | | | 1,568,395 |
|
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | |
| (Cost $51,946,851) | | | 60,028,109 |
| | | Principal Amount(e) | Value |
|
| Nonconvertible Bonds - 0.0% | | | |
| India - 0.0% | | | |
| NTPC Ltd. 8.49% 3/25/25 | INR | | |
| (Cost $52,909) | | 264,162 | 50,695 |
|
| Government Obligations - 0.3% | | | |
| United States of America - 0.3% | | | |
| U.S. Treasury Bills, yield at date of purchase 2.07% 1/3/19 (f) | | | |
| (Cost $4,982,045) | | 5,000,000 | 4,980,575 |
| | | Shares | Value |
|
| Money Market Funds - 8.2% | | | |
| Fidelity Cash Central Fund, 2.23% (g) | | 118,149,006 | 118,172,636 |
| Fidelity Securities Lending Cash Central Fund 2.23% (g)(h) | | 12,809,816 | 12,811,097 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $130,983,733) | | | 130,983,733 |
| TOTAL INVESTMENT IN SECURITIES - 99.8% | | | |
| (Cost $1,582,647,832) | | | 1,606,177,602 |
| NET OTHER ASSETS (LIABILITIES) - 0.2% | | | 3,536,670 |
| NET ASSETS - 100% | | | $1,609,714,272 |
| 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) | 2,889 | Dec. 2018 | $138,195,315 | $(6,234,220) | $(6,234,220) |
The notional amount of futures purchased as a percentage of Net Assets is 8.6%
Currency Abbreviations
INR – Indian rupee
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Level 3 security
(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 $11,734,585 or 0.7% 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 $4,980,575.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $714,716 |
| Fidelity Securities Lending Cash Central Fund | 193,898 |
| Total | $908,614 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $194,761,110 | $103,856,559 | $90,904,551 | $-- |
| Consumer Discretionary | 153,939,970 | 151,342,942 | 2,536,264 | 60,764 |
| Consumer Staples | 95,342,502 | 95,318,722 | -- | 23,780 |
| Energy | 126,998,967 | 106,735,143 | 20,263,824 | -- |
| Financials | 361,067,341 | 291,980,150 | 69,087,191 | -- |
| Health Care | 42,126,250 | 40,886,790 | 1,215,297 | 24,163 |
| Industrials | 79,204,718 | 78,379,853 | 824,865 | -- |
| Information Technology | 223,452,352 | 148,309,388 | 75,142,962 | 2 |
| Materials | 114,411,886 | 102,538,225 | 11,845,612 | 28,049 |
| Real Estate | 41,232,940 | 41,232,940 | -- | -- |
| Utilities | 37,624,563 | 35,714,977 | 1,909,586 | -- |
| Corporate Bonds | 50,695 | -- | 50,695 | -- |
| Government Obligations | 4,980,575 | -- | 4,980,575 | -- |
| Money Market Funds | 130,983,733 | 130,983,733 | -- | -- |
| Total Investments in Securities: | $1,606,177,602 | $1,327,279,422 | $278,761,422 | $136,758 |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(6,234,220) | $(6,234,220) | $-- | $-- |
| Total Liabilities | $(6,234,220) | $(6,234,220) | $-- | $-- |
| Total Derivative Instruments: | $(6,234,220) | $(6,234,220) | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:
| Transfers | Total |
| Level 1 to Level 2 | $51,650,785 |
| Level 2 to Level 1 | $3,599,983 |
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, 2018. 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 | $(6,234,220) |
| Total Equity Risk | 0 | (6,234,220) |
| Total Value of Derivatives | $0 | $(6,234,220) |
(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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Fidelity® Emerging Markets Index Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $12,550,275) — See accompanying schedule:
Unaffiliated issuers (cost $1,451,664,099) | $1,475,193,869 | |
| Fidelity Central Funds (cost $130,983,733) | 130,983,733 | |
| Total Investment in Securities (cost $1,582,647,832) | | $1,606,177,602 |
| Segregated cash with brokers for derivative instruments | | 2,295,200 |
| Cash | | 25,107 |
| Foreign currency held at value (cost $5,297,195) | | 5,262,573 |
| Receivable for fund shares sold | | 77,450,359 |
| Dividends receivable | | 1,740,105 |
| Distributions receivable from Fidelity Central Funds | | 180,261 |
| Receivable for daily variation margin on futures contracts | | 1,524,744 |
| Other receivables | | 3,328 |
| Total assets | | 1,694,659,279 |
| Liabilities | | |
| Payable for fund shares redeemed | $71,381,423 | |
| Accrued management fee | 106,743 | |
| Other payables and accrued expenses | 648,796 | |
| Collateral on securities loaned | 12,808,045 | |
| Total liabilities | | 84,945,007 |
| Net Assets | | $1,609,714,272 |
| Net Assets consist of: | | |
| Paid in capital | | $1,646,192,137 |
| Total distributable earnings (loss) | | (36,477,865) |
| Net Assets | | $1,609,714,272 |
| Net Asset Value and Maximum Offering Price | | |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($36,222,334 ÷ 3,771,646 shares) | | $9.60 |
| Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($737,187,439 ÷ 76,712,062 shares) | | $9.61 |
| Institutional Class: | | |
| Net Asset Value, offering price and redemption price per share ($242,838,418 ÷ 25,237,490 shares) | | $9.62 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($593,466,081 ÷ 61,689,800 shares) | | $9.62 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2018 |
| Investment Income | | |
| Dividends | | $44,349,804 |
| Interest | | 46,956 |
| Income from Fidelity Central Funds | | 908,614 |
| Income before foreign taxes withheld | | 45,305,374 |
| Less foreign taxes withheld | | (4,928,161) |
| Total income | | 40,377,213 |
| Expenses | | |
| Management fee | $1,273,593 | |
| Transfer agent fees | 492,185 | |
| Independent trustees' fees and expenses | 6,763 | |
| Commitment fees | 4,276 | |
| Total expenses before reductions | 1,776,817 | |
| Expense reductions | (11,431) | |
| Total expenses after reductions | | 1,765,386 |
| Net investment income (loss) | | 38,611,827 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $1,849) | (16,277,784) | |
| Fidelity Central Funds | 6,889 | |
| Foreign currency transactions | (552,125) | |
| Futures contracts | 1,302,247 | |
| Total net realized gain (loss) | | (15,520,773) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,181,263) | (242,555,205) | |
| Fidelity Central Funds | (249) | |
| Assets and liabilities in foreign currencies | (41,906) | |
| Futures contracts | (6,782,369) | |
| Total change in net unrealized appreciation (depreciation) | | (249,379,729) |
| Net gain (loss) | | (264,900,502) |
| Net increase (decrease) in net assets resulting from operations | | $(226,288,675) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2018 | Year ended October 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $38,611,827 | $24,352,616 |
| Net realized gain (loss) | (15,520,773) | 1,339,665 |
| Change in net unrealized appreciation (depreciation) | (249,379,729) | 230,671,077 |
| Net increase (decrease) in net assets resulting from operations | (226,288,675) | 256,363,358 |
| Distributions to shareholders | (26,736,653) | – |
| Distributions to shareholders from net investment income | – | (12,638,479) |
| Total distributions | (26,736,653) | (12,638,479) |
| Share transactions - net increase (decrease) | 470,526,076 | 363,360,248 |
| Redemption fees | 26,623 | 185,042 |
| Total increase (decrease) in net assets | 217,527,371 | 607,270,169 |
| Net Assets | | |
| Beginning of period | 1,392,186,901 | 784,916,732 |
| End of period | $1,609,714,272 | $1,392,186,901 |
| Other Information | | |
| Undistributed net investment income end of period | | $20,500,963 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Emerging Markets Index Fund Investor Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.20 | $9.02 | $8.41 | $10.16 | $10.04 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .25 | .21 | .17 | .24 | .25 |
| Net realized and unrealized gain (loss) | (1.66) | 2.10 | .61 | (1.82) | .06 |
| Total from investment operations | (1.41) | 2.31 | .78 | (1.58) | .31 |
| Distributions from net investment income | (.18) | (.13) | (.17) | (.17) | (.19) |
| Distributions from net realized gain | (.01) | – | – | – | – |
| Total distributions | (.19) | (.13) | (.17) | (.17) | (.19) |
| Redemption fees added to paid in capitalA,B | – | – | – | – | – |
| Net asset value, end of period | $9.60 | $11.20 | $9.02 | $8.41 | $10.16 |
| Total ReturnC | (12.78)% | 25.97% | 9.76% | (15.68)% | 3.18% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .24% | .30% | .41% | .46% | .46% |
| Expenses net of fee waivers, if any | .24% | .30% | .31% | .31% | .31% |
| Expenses net of all reductions | .24% | .30% | .31% | .31% | .31% |
| Net investment income (loss) | 2.29% | 2.15% | 2.05% | 2.55% | 2.50% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $36,222 | $32,614 | $19,862 | $23,983 | $16,792 |
| Portfolio turnover rateF | 4% | 4% | 25% | 1% | 8% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Index Fund Premium Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.21 | $9.03 | $8.42 | $10.17 | $10.05 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .27 | .23 | .18 | .25 | .26 |
| Net realized and unrealized gain (loss) | (1.66) | 2.09 | .61 | (1.82) | .06 |
| Total from investment operations | (1.39) | 2.32 | .79 | (1.57) | .32 |
| Distributions from net investment income | (.20) | (.14) | (.18) | (.18) | (.20) |
| Distributions from net realized gain | (.01) | – | – | – | – |
| Total distributions | (.21) | (.14) | (.18) | (.18) | (.20) |
| Redemption fees added to paid in capitalA,B | – | – | – | – | – |
| Net asset value, end of period | $9.61 | $11.21 | $9.03 | $8.42 | $10.17 |
| Total ReturnC | (12.63)% | 26.14% | 9.87% | (15.57)% | 3.30% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .12% | .14% | .27% | .35% | .35% |
| Expenses net of fee waivers, if any | .12% | .14% | .18% | .20% | .20% |
| Expenses net of all reductions | .12% | .14% | .18% | .20% | .20% |
| Net investment income (loss) | 2.42% | 2.31% | 2.18% | 2.66% | 2.61% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $737,187 | $913,578 | $583,548 | $443,052 | $323,342 |
| Portfolio turnover rateF | 4% | 4% | 25% | 1% | 8% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Index Fund Institutional Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.23 | $9.04 | $8.43 | $10.18 | $10.06 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .27 | .23 | .18 | .25 | .26 |
| Net realized and unrealized gain (loss) | (1.67) | 2.10 | .62 | (1.81) | .06 |
| Total from investment operations | (1.40) | 2.33 | .80 | (1.56) | .32 |
| Distributions from net investment income | (.20) | (.14) | (.19) | (.19) | (.20) |
| Distributions from net realized gain | (.01) | – | – | – | – |
| Total distributions | (.21) | (.14) | (.19) | (.19) | (.20) |
| Redemption fees added to paid in capitalA,B | – | – | – | – | – |
| Net asset value, end of period | $9.62 | $11.23 | $9.04 | $8.43 | $10.18 |
| Total ReturnC | (12.67)% | 26.26% | 9.94% | (15.49)% | 3.37% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .09% | .11% | .20% | .28% | .28% |
| Expenses net of fee waivers, if any | .09% | .11% | .12% | .13% | .13% |
| Expenses net of all reductions | .09% | .11% | .12% | .13% | .13% |
| Net investment income (loss) | 2.44% | 2.34% | 2.24% | 2.73% | 2.68% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $242,838 | $253,315 | $181,237 | $49,626 | $21,598 |
| Portfolio turnover rateF | 4% | 4% | 25% | 1% | 8% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Index Fund Institutional Premium Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.23 | $9.04 | $8.43 | $10.18 | $10.06 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .27 | .24 | .19 | .26 | .27 |
| Net realized and unrealized gain (loss) | (1.66) | 2.09 | .61 | (1.82) | .06 |
| Total from investment operations | (1.39) | 2.33 | .80 | (1.56) | .33 |
| Distributions from net investment income | (.20) | (.14) | (.19) | (.19) | (.21) |
| Distributions from net realized gain | (.01) | – | – | – | – |
| Total distributions | (.22)B | (.14) | (.19) | (.19) | (.21) |
| Redemption fees added to paid in capitalA,C | – | – | – | – | – |
| Net asset value, end of period | $9.62 | $11.23 | $9.04 | $8.43 | $10.18 |
| Total ReturnD | (12.65)% | 26.29% | 9.98% | (15.46)% | 3.40% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .08% | .09% | .19% | .25% | .25% |
| Expenses net of fee waivers, if any | .08% | .09% | .10% | .10% | .10% |
| Expenses net of all reductions | .08% | .09% | .10% | .10% | .10% |
| Net investment income (loss) | 2.46% | 2.36% | 2.26% | 2.76% | 2.71% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $593,466 | $192,681 | $269 | $243 | $111 |
| Portfolio turnover rateG | 4% | 4% | 25% | 1% | 8% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.22 per share is comprised of distributions from net investment income of $.201 and distributions from net realized gain of $.014 per share.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Global ex U.S. Index Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2018 | Past 1 year | Past 5 years | Life of fundA |
| Institutional Class | (8.50)% | 1.62% | 4.57% |
| Institutional Premium Class | (8.47)% | 1.67% | 4.60% |
A From September 8, 2011
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Global ex U.S. Index Fund - Institutional Class on September 8, 2011, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
| Period Ending Values |
| $13,762 | Fidelity® Global ex U.S. Index Fund - Institutional Class |
| $13,963 | MSCI ACWI (All Country World Index) ex USA Index |
Fidelity® Global ex U.S. Index Fund
Management's Discussion of Fund Performance
Market Recap: International equities returned -8.08% for the 12 months ending October 31, 2018, according to the MSCI ACWI (All Country World Index) ex USA Index. A modestly positive first half of the period gave way to a confluence of overwhelmingly negative factors – including escalating trade tension, a surging U.S. dollar, tepid economic growth in Europe, global central bank tightening, concerns about Italy’s budget stalemate with the EU, and weakness in China’s stock market – that yielded a -11% second-half return. The index lost 8% in October alone, its largest monthly drop in more than six years. Among sectors, new-media-infused communications services (-15%) was hit the hardest, while economically sensitive consumer discretionary (-13%), information technology (-12%), financials (-10%), industrials (-9%) and materials (-7%) stocks also fared poorly. Even the more defensive real estate (-9%), utilities (-6%) and consumer staples (-5%) sectors weren’t spared this period. Conversely, elevated crude-oil prices fueled a positive return for energy (+7%), the top-performing sector, followed by the relatively stable-growing health care segment (+2%). Regionally, emerging markets (-12%) fared the worst, hampered by the impact of foreign exchange and concerns about economic weakness in China, India and South Korea. Sluggish growth also pressured shares in continental Europe (-9%). Stocks in Japan (-3%) and the U.K. (-4%) held up better, followed by Canada (-5%) and Asia-Pacific ex Japan (-6%).
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team: For the fiscal year, the fund's share classes returned roughly -8.5%, compared with a return of -8.08% for the benchmark MSCI ACWI (All Country World Index) ex USA.
(The fund's performance relative to the index can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index.) Nine of the 11 sectors in the index posted a negative return for the period, with energy and health care generating single-digit positive results. Shares of Chinese internet company Tencent (-24%) detracted the most in absolute terms, as this company faced questions about the sustainability of the company's growth rate as well as regulatory concern. Tencent's decline also weighed on South African media company Naspers (-28%), which owns a large Tencent stake. German pharmaceutical and life sciences company Bayer (-40%) struggled due to an unfavorable and costly legal ruling for seed company Monsanto, which Bayer acquired in June. British American Tobacco (-30%) also detracted, as the company faced new competitive and regulatory challenges. In contrast, Japanese electronics giant Sony (+41%) added the most value, driven by strong financial results. Brazilian mining company Vale (+62%) also contributed, due to better commodity pricing and management's success at cutting costs.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Global ex U.S. Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 1.3 |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 1.0 |
| Novartis AG (Switzerland, Pharmaceuticals) | 1.0 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 0.9 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 0.9 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 0.9 |
| HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) | 0.8 |
| Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 0.8 |
| BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 0.7 |
| Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) | 0.7 |
| | 9.0 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Financials | 22.6 |
| Industrials | 10.5 |
| Consumer Discretionary | 9.7 |
| Consumer Staples | 9.4 |
| Health Care | 8.0 |
| Information Technology | 7.6 |
| Materials | 7.0 |
| Energy | 7.5 |
| Communication Services | 7.0 |
| Real Estate | 2.4 |
Geographic Diversification (% of fund's net assets)
| As of October 31, 2018 |
| | Japan | 16.0% |
| | United Kingdom | 10.6% |
| | Canada | 6.6% |
| | France | 6.6% |
| | Germany | 5.9% |
| | Switzerland | 5.7% |
| | United States of America | 5.0% |
| | Australia | 4.4% |
| | Cayman Islands | 3.8% |
| | Other* | 35.4% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2018
| | % of fund's net assets |
| Stocks and Equity Futures | 100.0 |
Fidelity® Global ex U.S. Index Fund
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 93.5% | | | |
| | | Shares | Value |
| Australia - 4.4% | | | |
| AGL Energy Ltd. | | 132,852 | $1,693,425 |
| Alumina Ltd. | | 493,311 | 890,812 |
| Amcor Ltd. | | 234,821 | 2,211,637 |
| AMP Ltd. | | 592,183 | 1,035,805 |
| APA Group unit | | 239,396 | 1,627,471 |
| Aristocrat Leisure Ltd. | | 116,470 | 2,185,673 |
| ASX Ltd. | | 39,140 | 1,640,014 |
| Aurizon Holdings Ltd. | | 397,520 | 1,182,316 |
| Australia & New Zealand Banking Group Ltd. | | 588,950 | 10,814,494 |
| Bank of Queensland Ltd. | | 78,236 | 534,637 |
| Bendigo & Adelaide Bank Ltd. | | 95,139 | 689,223 |
| BHP Billiton Ltd. | | 647,107 | 14,931,124 |
| BlueScope Steel Ltd. | | 112,306 | 1,142,839 |
| Boral Ltd. | | 238,427 | 947,204 |
| Brambles Ltd. | | 322,871 | 2,428,168 |
| Caltex Australia Ltd. | | 52,916 | 1,058,972 |
| Challenger Ltd. | | 113,126 | 821,930 |
| Cimic Group Ltd. | | 20,079 | 672,414 |
| Coca-Cola Amatil Ltd. | | 98,001 | 687,748 |
| Cochlear Ltd. | | 11,654 | 1,465,529 |
| Commonwealth Bank of Australia | | 355,946 | 17,450,333 |
| Computershare Ltd. | | 92,415 | 1,293,822 |
| Crown Ltd. | | 75,088 | 665,201 |
| CSL Ltd. | | 91,318 | 12,157,366 |
| DEXUS Property Group unit | | 206,443 | 1,491,165 |
| Dominos Pizza Enterprises Ltd. | | 12,991 | 496,869 |
| Flight Centre Travel Group Ltd. | | 10,880 | 357,497 |
| Fortescue Metals Group Ltd. | | 304,086 | 861,354 |
| Goodman Group unit | | 328,719 | 2,416,281 |
| Harvey Norman Holdings Ltd. (a) | | 106,263 | 240,048 |
| Healthscope Ltd. | | 351,704 | 525,515 |
| Incitec Pivot Ltd. | | 328,174 | 906,346 |
| Insurance Australia Group Ltd. | | 468,524 | 2,266,093 |
| Lendlease Group unit | | 118,467 | 1,476,506 |
| Macquarie Group Ltd. | | 66,076 | 5,483,990 |
| Medibank Private Ltd. | | 558,851 | 1,104,143 |
| Mirvac Group unit | | 752,856 | 1,156,903 |
| National Australia Bank Ltd. | | 552,782 | 9,900,060 |
| Newcrest Mining Ltd. | | 155,847 | 2,274,583 |
| Orica Ltd. | | 73,423 | 892,226 |
| Origin Energy Ltd. (b) | | 356,686 | 1,841,361 |
| QBE Insurance Group Ltd. | | 271,360 | 2,175,292 |
| Ramsay Health Care Ltd. | | 28,716 | 1,143,247 |
| realestate.com.au Ltd. | | 11,006 | 558,199 |
| Rio Tinto Ltd. | | 82,752 | 4,477,103 |
| Santos Ltd. | | 354,347 | 1,666,181 |
| Scentre Group unit | | 1,063,042 | 2,996,117 |
| SEEK Ltd. | | 68,359 | 864,574 |
| Sonic Healthcare Ltd. | | 80,977 | 1,293,104 |
| South32 Ltd. | | 1,051,475 | 2,695,459 |
| SP AusNet | | 368,473 | 446,197 |
| Stockland Corp. Ltd. unit | | 481,778 | 1,231,628 |
| Suncorp Group Ltd. | | 262,807 | 2,607,356 |
| Sydney Airport unit | | 225,184 | 1,026,948 |
| Tabcorp Holdings Ltd. | | 387,984 | 1,269,349 |
| Telstra Corp. Ltd. | | 845,284 | 1,843,651 |
| The GPT Group unit | | 365,749 | 1,336,467 |
| TPG Telecom Ltd. | | 69,604 | 353,410 |
| Transurban Group unit | | 522,561 | 4,196,385 |
| Treasury Wine Estates Ltd. | | 146,341 | 1,566,906 |
| Vicinity Centres unit | | 666,807 | 1,251,328 |
| Wesfarmers Ltd. | | 228,099 | 7,530,450 |
| Westpac Banking Corp. | | 691,890 | 13,142,956 |
| Woodside Petroleum Ltd. | | 188,851 | 4,660,659 |
| Woolworths Group Ltd. | | 261,654 | 5,267,803 |
|
| TOTAL AUSTRALIA | | | 179,519,866 |
|
| Austria - 0.2% | | | |
| Andritz AG | | 14,277 | 739,978 |
| Erste Group Bank AG | | 60,973 | 2,486,198 |
| OMV AG | | 30,162 | 1,678,428 |
| Raiffeisen International Bank-Holding AG | | 30,622 | 835,885 |
| Voestalpine AG | | 23,488 | 835,090 |
|
| TOTAL AUSTRIA | | | 6,575,579 |
|
| Bailiwick of Jersey - 0.8% | | | |
| Experian PLC | | 184,314 | 4,239,075 |
| Ferguson PLC | | 47,854 | 3,231,452 |
| Glencore Xstrata PLC | | 2,323,788 | 9,470,693 |
| Randgold Resources Ltd. | | 18,818 | 1,480,106 |
| Shire PLC | | 185,429 | 11,190,814 |
| WPP PLC | | 257,581 | 2,914,718 |
|
| TOTAL BAILIWICK OF JERSEY | | | 32,526,858 |
|
| Belgium - 0.6% | | | |
| Ageas | | 38,376 | 1,921,657 |
| Anheuser-Busch InBev SA NV | | 153,530 | 11,355,287 |
| Colruyt NV | | 11,781 | 684,801 |
| Groupe Bruxelles Lambert SA | | 16,406 | 1,527,090 |
| KBC Groep NV | | 50,957 | 3,514,932 |
| Proximus | | 30,992 | 791,575 |
| Solvay SA Class A | | 15,069 | 1,717,884 |
| Telenet Group Holding NV | | 11,056 | 536,968 |
| UCB SA | | 25,669 | 2,156,709 |
| Umicore SA | | 42,515 | 2,002,750 |
|
| TOTAL BELGIUM | | | 26,209,653 |
|
| Bermuda - 0.5% | | | |
| Alibaba Health Information Technology Ltd. (b) | | 696,000 | 562,697 |
| Alibaba Pictures Group Ltd. (b) | | 2,820,000 | 388,373 |
| Beijing Enterprises Water Group Ltd. | | 1,126,000 | 572,911 |
| Brilliance China Automotive Holdings Ltd. | | 626,000 | 546,017 |
| Cheung Kong Infrastructure Holdings Ltd. | | 131,500 | 960,852 |
| China Gas Holdings Ltd. | | 349,000 | 1,103,705 |
| China Resource Gas Group Ltd. | | 184,000 | 703,907 |
| Cosco Shipping Ports Ltd. | | 329,129 | 335,762 |
| Credicorp Ltd. (United States) | | 13,788 | 3,112,089 |
| Dairy Farm International Holdings Ltd. | | 68,000 | 614,040 |
| GOME Electrical Appliances Holdings Ltd. (a)(b) | | 2,035,104 | 202,422 |
| Haier Electronics Group Co. Ltd. | | 257,000 | 536,813 |
| Hanergy Thin Film Power Group Ltd. (b)(c) | | 576,000 | 1 |
| HengTen Networks Group Ltd. (b) | | 4,492,000 | 160,389 |
| Hongkong Land Holdings Ltd. | | 238,336 | 1,410,949 |
| Jardine Matheson Holdings Ltd. | | 43,376 | 2,503,229 |
| Jardine Strategic Holdings Ltd. | | 44,900 | 1,504,150 |
| Kerry Properties Ltd. | | 132,500 | 416,494 |
| Kunlun Energy Co. Ltd. | | 672,000 | 762,667 |
| Li & Fung Ltd. | | 1,172,000 | 231,652 |
| Luye Pharma Group Ltd. | | 231,000 | 178,215 |
| Nine Dragons Paper (Holdings) Ltd. | | 343,000 | 327,169 |
| NWS Holdings Ltd. | | 308,871 | 611,286 |
| Shangri-La Asia Ltd. | | 254,000 | 346,572 |
| Shenzhen International Holdings Ltd. | | 180,500 | 345,259 |
| Sihuan Pharmaceutical Holdings Group Ltd. | | 730,000 | 148,012 |
| Skyworth Digital Holdings Ltd. | | 366,000 | 84,476 |
| Yue Yuen Industrial (Holdings) Ltd. | | 146,500 | 400,720 |
|
| TOTAL BERMUDA | | | 19,070,828 |
|
| Brazil - 1.2% | | | |
| Ambev SA | | 945,300 | 4,150,531 |
| Atacadao Distribuicao Comercio e Industria Ltda | | 75,400 | 308,772 |
| Banco Bradesco SA | | 206,432 | 1,677,971 |
| Banco do Brasil SA | | 175,500 | 2,016,022 |
| Banco Santander SA (Brasil) unit | | 84,000 | 952,519 |
| BB Seguridade Participacoes SA | | 139,300 | 991,177 |
| BM&F BOVESPA SA | | 417,766 | 2,979,312 |
| BR Malls Participacoes SA | | 174,440 | 595,294 |
| Brasil Foods SA (b) | | 107,200 | 630,842 |
| CCR SA | | 247,500 | 729,565 |
| Centrais Eletricas Brasileiras SA (Electrobras) (b) | | 43,400 | 274,056 |
| Cielo SA | | 251,671 | 892,666 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 72,500 | 544,505 |
| Companhia Siderurgica Nacional SA (CSN) | | 118,500 | 304,728 |
| Cosan SA Industria e Comercio | | 31,200 | 270,375 |
| Drogasil SA | | 46,800 | 789,998 |
| EDP Energias do Brasil SA | | 62,881 | 236,554 |
| Embraer SA | | 135,500 | 762,062 |
| ENGIE Brasil Energia SA | | 31,500 | 336,880 |
| Equatorial Energia SA | | 34,600 | 632,125 |
| Fibria Celulose SA | | 50,500 | 974,990 |
| Hypermarcas SA | | 67,100 | 536,944 |
| IRB Brasil Resseguros SA | | 22,200 | 432,248 |
| JBS SA | | 193,600 | 533,226 |
| Klabin SA unit | | 142,900 | 716,900 |
| Kroton Educacional SA | | 280,452 | 860,610 |
| Localiza Rent A Car SA | | 104,367 | 806,275 |
| Lojas Renner SA | | 147,380 | 1,489,047 |
| M. Dias Branco SA | | 19,300 | 230,625 |
| Magazine Luiza SA | | 15,400 | 698,514 |
| Multiplan Empreendimentos Imobiliarios SA | | 57,966 | 358,247 |
| Natura Cosmeticos SA | | 39,300 | 344,159 |
| Odontoprev SA | | 53,800 | 191,115 |
| Petrobras Distribuidora SA | | 70,700 | 455,565 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 594,100 | 4,840,283 |
| Porto Seguro SA | | 21,700 | 317,089 |
| Rumo SA (b) | | 222,700 | 996,360 |
| Sul America SA unit | | 39,547 | 263,540 |
| Suzano Papel e Celulose SA | | 89,700 | 912,306 |
| TIM Participacoes SA | | 176,500 | 549,680 |
| Ultrapar Participacoes SA | | 71,600 | 851,350 |
| Vale SA | | 639,145 | 9,739,598 |
| Weg SA | | 170,550 | 824,909 |
|
| TOTAL BRAZIL | | | 47,999,534 |
|
| Canada - 6.3% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 47,294 | 1,670,531 |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 87,597 | 4,183,390 |
| AltaGas Ltd. | | 53,606 | 673,918 |
| ARC Resources Ltd. | | 72,643 | 676,519 |
| ATCO Ltd. Class I (non-vtg.) | | 14,545 | 424,047 |
| Bank of Montreal | | 130,228 | 9,737,052 |
| Bank of Nova Scotia | | 241,760 | 12,974,548 |
| Barrick Gold Corp. | | 237,064 | 2,969,490 |
| Bausch Health Cos., Inc. (Canada) (b) | | 63,666 | 1,456,678 |
| BCE, Inc. | | 30,856 | 1,194,207 |
| BlackBerry Ltd. (b) | | 105,445 | 973,191 |
| Bombardier, Inc. Class B (sub. vtg.) (b) | | 430,244 | 1,042,560 |
| Brookfield Asset Management, Inc. Class A | | 170,347 | 6,951,301 |
| CAE, Inc. | | 54,697 | 964,765 |
| Cameco Corp. | | 80,484 | 862,034 |
| Canadian Imperial Bank of Commerce | | 89,080 | 7,692,365 |
| Canadian National Railway Co. | | 149,399 | 12,771,745 |
| Canadian Natural Resources Ltd. | | 248,132 | 6,808,103 |
| Canadian Pacific Railway Ltd. | | 29,225 | 5,993,295 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 12,809 | 1,441,396 |
| Canadian Utilities Ltd. Class A (non-vtg.) | | 26,488 | 628,372 |
| CCL Industries, Inc. Class B | | 30,111 | 1,266,700 |
| Cenovus Energy, Inc. (Canada) | | 211,888 | 1,793,028 |
| CGI Group, Inc. Class A (sub. vtg.) (b) | | 51,703 | 3,193,022 |
| CI Financial Corp. | | 56,368 | 833,670 |
| Constellation Software, Inc. | | 4,089 | 2,814,140 |
| Crescent Point Energy Corp. | | 110,831 | 523,657 |
| Dollarama, Inc. | | 62,583 | 1,730,903 |
| Emera, Inc. | | 10,848 | 334,723 |
| Empire Co. Ltd. Class A (non-vtg.) | | 35,863 | 652,451 |
| Enbridge, Inc. | | 344,435 | 10,732,442 |
| Encana Corp. | | 197,486 | 2,016,189 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 5,662 | 2,751,325 |
| Finning International, Inc. | | 34,213 | 710,535 |
| First Capital Realty, Inc. | | 34,693 | 517,582 |
| First Quantum Minerals Ltd. | | 139,899 | 1,396,386 |
| Fortis, Inc. | | 85,525 | 2,826,038 |
| Franco-Nevada Corp. | | 37,743 | 2,357,271 |
| George Weston Ltd. | | 10,419 | 757,810 |
| Gildan Activewear, Inc. | | 44,639 | 1,334,304 |
| Goldcorp, Inc. | | 176,078 | 1,590,313 |
| Great-West Lifeco, Inc. | | 60,527 | 1,388,978 |
| H&R (REIT) unit | | 27,148 | 410,587 |
| Husky Energy, Inc. | | 71,689 | 1,013,432 |
| Hydro One Ltd. (d) | | 66,687 | 970,076 |
| IGM Financial, Inc. | | 17,774 | 436,502 |
| Imperial Oil Ltd. | | 59,029 | 1,843,802 |
| Industrial Alliance Insurance and Financial Services, Inc. | | 21,728 | 768,142 |
| Intact Financial Corp. | | 28,270 | 2,233,554 |
| Inter Pipeline Ltd. | | 77,234 | 1,252,570 |
| Keyera Corp. | | 42,168 | 1,050,636 |
| Kinross Gold Corp. (b) | | 253,523 | 658,626 |
| Linamar Corp. | | 9,369 | 387,940 |
| Loblaw Companies Ltd. | | 38,674 | 1,934,214 |
| Lundin Mining Corp. | | 133,225 | 547,493 |
| Magna International, Inc. Class A (sub. vtg.) | | 69,519 | 3,422,482 |
| Manulife Financial Corp. | | 402,047 | 6,330,992 |
| Methanex Corp. | | 13,611 | 881,414 |
| Metro, Inc. Class A (sub. vtg.) | | 49,211 | 1,544,234 |
| National Bank of Canada | | 69,375 | 3,149,265 |
| Nutrien Ltd. | | 129,722 | 6,867,201 |
| Onex Corp. (sub. vtg.) | | 17,521 | 1,151,918 |
| Open Text Corp. | | 53,996 | 1,822,767 |
| Pembina Pipeline Corp. | | 101,887 | 3,295,490 |
| Power Corp. of Canada (sub. vtg.) | | 71,700 | 1,480,349 |
| Power Financial Corp. | | 51,602 | 1,111,259 |
| PrairieSky Royalty Ltd. | | 43,469 | 660,397 |
| Restaurant Brands International, Inc. | | 46,686 | 2,557,632 |
| Restaurant Brands International, Inc. | | 292 | 15,993 |
| RioCan (REIT) | | 33,298 | 607,051 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 73,502 | 3,784,952 |
| Royal Bank of Canada | | 291,422 | 21,233,771 |
| Saputo, Inc. | | 47,059 | 1,433,808 |
| Seven Generations Energy Ltd. (b) | | 54,022 | 579,020 |
| Shaw Communications, Inc. Class B | | 91,758 | 1,708,374 |
| Shopify, Inc. Class A (b) | | 17,760 | 2,453,577 |
| Smart (REIT) | | 12,614 | 288,221 |
| SNC-Lavalin Group, Inc. | | 35,854 | 1,280,062 |
| Sun Life Financial, Inc. | | 123,812 | 4,534,146 |
| Suncor Energy, Inc. | | 330,561 | 11,088,590 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 104,232 | 2,154,395 |
| TELUS Corp. (b) | | 39,181 | 1,341,699 |
| The Toronto-Dominion Bank | | 371,852 | 20,628,472 |
| Thomson Reuters Corp. | | 57,684 | 2,684,719 |
| Tourmaline Oil Corp. | | 52,268 | 762,312 |
| TransCanada Corp. | | 180,031 | 6,788,514 |
| Turquoise Hill Resources Ltd. (b) | | 210,681 | 355,283 |
| Vermilion Energy, Inc. | | 29,071 | 770,913 |
| West Fraser Timber Co. Ltd. | | 12,258 | 615,856 |
| Wheaton Precious Metals Corp. | | 90,027 | 1,479,877 |
| WSP Global, Inc. | | 21,009 | 1,048,814 |
|
| TOTAL CANADA | | | 259,032,367 |
|
| Cayman Islands - 3.8% | | | |
| 3SBio, Inc. (d) | | 231,500 | 335,946 |
| 51job, Inc. sponsored ADR (b) | | 4,999 | 306,989 |
| 58.com, Inc. ADR (b) | | 18,393 | 1,206,397 |
| AAC Technology Holdings, Inc. | | 148,500 | 1,131,164 |
| Agile Property Holdings Ltd. | | 326,000 | 371,647 |
| Airtac International Group | | 22,000 | 189,370 |
| Alibaba Group Holding Ltd. sponsored ADR (b) | | 233,891 | 33,278,011 |
| Anta Sports Products Ltd. | | 217,000 | 891,028 |
| ASM Pacific Technology Ltd. | | 62,100 | 536,113 |
| Autohome, Inc. ADR Class A (a) | | 11,965 | 866,027 |
| Baidu.com, Inc. sponsored ADR (b) | | 55,664 | 10,579,500 |
| Baozun, Inc. sponsored ADR (a)(b) | | 7,587 | 302,038 |
| Car, Inc. (b) | | 148,000 | 117,389 |
| Chailease Holding Co. Ltd. | | 235,432 | 670,697 |
| Cheung Kong Property Holdings Ltd. | | 514,216 | 3,337,639 |
| China Conch Venture Holdings Ltd. | | 321,500 | 901,944 |
| China First Capital Group Ltd. (b) | | 642,000 | 258,701 |
| China Huishan Dairy Holdings Co. Ltd. (b)(c) | | 461,000 | 12,345 |
| China Literature Ltd. (b)(d) | | 36,400 | 196,576 |
| China Medical System Holdings Ltd. | | 283,000 | 336,701 |
| China Mengniu Dairy Co. Ltd. | | 557,000 | 1,640,753 |
| China Resources Cement Holdings Ltd. | | 500,000 | 440,579 |
| China Resources Land Ltd. | | 560,634 | 1,901,678 |
| China State Construction International Holdings Ltd. | | 421,250 | 300,281 |
| China Zhongwang Holdings Ltd. (a) | | 324,800 | 144,136 |
| Chong Sing Holdings Fintech Group (b) | | 3,400,000 | 153,916 |
| CIFI Holdings Group Co. Ltd. | | 718,000 | 300,313 |
| CK Hutchison Holdings Ltd. | | 540,216 | 5,438,705 |
| Country Garden Holdings Co. Ltd. | | 1,541,644 | 1,649,385 |
| Country Garden Services Holdings Co. Ltd. (b) | | 205,000 | 264,552 |
| Ctrip.com International Ltd. ADR (a)(b) | | 82,797 | 2,755,484 |
| Dali Foods Group Co. Ltd. (d) | | 412,000 | 294,213 |
| ENN Energy Holdings Ltd. | | 152,000 | 1,291,873 |
| Evergrande Real Estate Group Ltd. | | 533,000 | 1,270,998 |
| Fang Holdings Ltd. ADR (b) | | 42,173 | 85,611 |
| Fullshare Holdings Ltd. (a) | | 1,417,500 | 551,314 |
| Future Land Development Holding Ltd. | | 358,000 | 205,434 |
| GCL-Poly Energy Holdings Ltd. (a)(b) | | 2,473,000 | 146,640 |
| GDS Holdings Ltd. ADR (a)(b) | | 11,885 | 278,941 |
| Geely Automobile Holdings Ltd. | | 999,000 | 1,910,877 |
| General Interface Solution Holding Ltd. | | 34,000 | 112,563 |
| Genscript Biotech Corp. (b) | | 158,000 | 240,971 |
| Greentown China Holdings Ltd. | | 174,000 | 120,705 |
| Greentown Service Group Co. Ltd. | | 204,000 | 134,752 |
| Haitian International Holdings Ltd. | | 122,000 | 238,028 |
| Hengan International Group Co. Ltd. | | 148,000 | 1,172,004 |
| Huazhu Group Ltd. ADR (a) | | 26,547 | 694,470 |
| JD.com, Inc. sponsored ADR (b) | | 146,322 | 3,441,493 |
| Jiayuan International Group Ltd. | | 200,662 | 352,095 |
| Kaisa Group Holdings Ltd. | | 426,000 | 103,757 |
| Kingboard Chemical Holdings Ltd. | | 140,000 | 374,907 |
| Kingboard Laminates Holdings Ltd. | | 217,000 | 166,030 |
| Kingdee International Software Group Co. Ltd. | | 490,000 | 399,901 |
| Kingsoft Corp. Ltd. | | 167,000 | 236,383 |
| KWG Property Holding Ltd. | | 254,500 | 194,397 |
| Lee & Man Paper Manufacturing Ltd. | | 303,000 | 259,263 |
| Lijun International Pharmaceutical Holding Ltd. | | 304,000 | 255,467 |
| Logan Property Holdings Co. Ltd. | | 276,000 | 254,814 |
| Longfor Properties Co. Ltd. | | 298,500 | 724,748 |
| Meitu, Inc. (b)(d) | | 343,000 | 178,893 |
| Melco Crown Entertainment Ltd. sponsored ADR | | 49,964 | 830,901 |
| MGM China Holdings Ltd. | | 191,200 | 270,149 |
| Minth Group Ltd. | | 146,000 | 472,893 |
| Momo, Inc. ADR (b) | | 29,524 | 991,121 |
| NetEase, Inc. ADR | | 16,067 | 3,339,526 |
| New Oriental Education & Technology Group, Inc. sponsored ADR | | 28,820 | 1,686,258 |
| Nexteer Auto Group Ltd. | | 167,000 | 234,253 |
| Noah Holdings Ltd. sponsored ADR (a)(b) | | 5,744 | 216,606 |
| Sands China Ltd. | | 490,800 | 1,933,922 |
| Semiconductor Manufacturing International Corp. (b) | | 601,100 | 496,531 |
| Shenzhou International Group Holdings Ltd. | | 151,000 | 1,667,519 |
| Shimao Property Holdings Ltd. | | 243,500 | 476,322 |
| Shui On Land Ltd. | | 723,500 | 145,771 |
| SINA Corp. (b) | | 13,033 | 825,119 |
| Sino Biopharmaceutical Ltd. | | 1,351,500 | 1,211,567 |
| SOHO China Ltd. | | 400,000 | 135,681 |
| Sunac China Holdings Ltd. | | 491,000 | 1,333,635 |
| Sunny Optical Technology Group Co. Ltd. | | 144,600 | 1,253,872 |
| TAL Education Group ADR (b) | | 72,028 | 2,087,371 |
| Tencent Holdings Ltd. | | 1,153,300 | 39,511,209 |
| Tingyi (Cayman Islands) Holding Corp. | | 394,000 | 582,814 |
| Towngas China Co. Ltd. | | 194,852 | 141,630 |
| Uni-President China Holdings Ltd. | | 258,000 | 250,369 |
| Vipshop Holdings Ltd. ADR (b) | | 87,133 | 423,466 |
| Want Want China Holdings Ltd. | | 1,014,000 | 724,106 |
| Weibo Corp. sponsored ADR (a)(b) | | 11,233 | 662,859 |
| WH Group Ltd. (d) | | 1,790,500 | 1,253,495 |
| Wharf Real Estate Investment Co. Ltd. | | 246,000 | 1,523,001 |
| Wuxi Biologics (Cayman), Inc. (b) | | 99,000 | 705,073 |
| Wynn Macau Ltd. | | 310,000 | 639,611 |
| Xinyi Solar Holdings Ltd. | | 619,372 | 193,506 |
| Yuzhou Properties Co. | | 335,000 | 119,613 |
| YY, Inc. ADR (b) | | 9,352 | 597,593 |
| Zhen Ding Technology Holding Ltd. | | 96,302 | 219,911 |
| Zhongsheng Group Holdings Ltd. Class H | | 113,000 | 206,058 |
|
| TOTAL CAYMAN ISLANDS | | | 153,870,877 |
|
| Chile - 0.2% | | | |
| Aguas Andinas SA | | 499,124 | 261,034 |
| Banco de Chile | | 5,195,297 | 724,052 |
| Banco de Credito e Inversiones | | 9,127 | 572,204 |
| Banco de Credito e Inversiones rights 11/29/18 (b) | | 698 | 2,141 |
| Banco Santander Chile | | 13,216,569 | 976,044 |
| Cencosud SA | | 287,481 | 590,654 |
| Colbun SA | | 1,502,321 | 286,000 |
| Compania Cervecerias Unidas SA | | 31,789 | 396,446 |
| Compania de Petroleos de Chile SA (COPEC) | | 80,687 | 1,133,795 |
| CorpBanca SA | | 29,459,530 | 273,007 |
| Empresa Nacional de Telecomunicaciones SA (ENTEL) | | 28,495 | 206,751 |
| Empresas CMPC SA | | 252,609 | 869,607 |
| Enel Chile SA | | 5,545,139 | 482,009 |
| Enersis SA | | 5,941,972 | 929,707 |
| LATAM Airlines Group SA | | 62,086 | 566,441 |
| S.A.C.I. Falabella | | 149,083 | 1,125,611 |
| S.A.C.I. Falabella rights 11/17/18 (b) | | 5,164 | 519 |
|
| TOTAL CHILE | | | 9,396,022 |
|
| China - 2.6% | | | |
| Agricultural Bank of China Ltd. (H Shares) | | 5,990,000 | 2,627,612 |
| Air China Ltd. (H Shares) | | 392,000 | 315,422 |
| Aluminum Corp. of China Ltd. (H Shares) (b) | | 758,000 | 274,513 |
| Angang Steel Co. Ltd. (H Shares) | | 222,000 | 188,823 |
| Anhui Conch Cement Co. Ltd. (H Shares) | | 255,000 | 1,316,956 |
| Anxin Trust Co. Ltd. Class A | | 38,000 | 26,529 |
| AVIC Capital Co. Ltd. Class A | | 60,100 | 39,632 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 399,000 | 265,595 |
| Baic Motor Corp. Ltd. (d) | | 356,500 | 200,027 |
| Bank Communications Co. Ltd. (H Shares) | | 1,810,000 | 1,357,162 |
| Bank of Beijing Co. Ltd. Class A | | 219,216 | 191,069 |
| Bank of China Ltd. (H Shares) | | 16,017,000 | 6,821,872 |
| Bank of Guiyang Co. Ltd. Class A | | 68,300 | 116,809 |
| Bank of Hangzhou Co. Ltd. Class A | | 38,780 | 44,364 |
| Bank of Jiangsu Co. Ltd. Class A | | 210,000 | 195,380 |
| Bank of Nanjing Co. Ltd. Class A | | 38,800 | 40,771 |
| Bank of Ningbo Co. Ltd. Class A | | 18,500 | 46,703 |
| Bank of Shanghai Co. Ltd. Class A | | 108,400 | 189,741 |
| Baoshan Iron & Steel Co. Ltd. | | 38,500 | 42,222 |
| BBMG Corp. (H Shares) | | 487,000 | 134,140 |
| Beijing Capital International Airport Co. Ltd. (H Shares) | | 358,000 | 387,585 |
| Beijing Tongrentang Co. Ltd. Class A | | 7,500 | 30,567 |
| BOE Technology Group Co. Ltd. Class A | | 80,900 | 31,893 |
| BYD Co. Ltd. (H Shares) (a) | | 129,000 | 829,829 |
| CGN Power Co. Ltd. (H Shares) (d) | | 2,031,000 | 466,185 |
| Changjiang Securities Co. Ltd. Class A | | 53,700 | 39,646 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 1,685,000 | 412,550 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 1,750,000 | 1,082,320 |
| China Coal Energy Co. Ltd. (H Shares) | | 387,000 | 173,218 |
| China Communications Construction Co. Ltd. (H Shares) | | 901,000 | 823,796 |
| China Communications Services Corp. Ltd. (H Shares) | | 464,000 | 375,131 |
| China Construction Bank Corp. (H Shares) | | 19,351,000 | 15,355,931 |
| China Eastern Airlines Corp. Ltd. (H Shares) | | 288,000 | 159,022 |
| China Everbright Bank Co. Ltd. (H Shares) | | 585,000 | 260,350 |
| China Fortune Land Development Co. Ltd. Class A | | 11,300 | 37,825 |
| China Galaxy Securities Co. Ltd. (H Shares) | | 713,000 | 358,230 |
| China Huarong Asset Management Co. Ltd. (d) | | 2,064,000 | 373,744 |
| China International Capital Corp. Ltd. Class H | | 208,000 | 341,629 |
| China International Marine Containers (Group) Ltd. (H Shares) | | 87,000 | 76,772 |
| China International Travel Service Corp. Ltd. (A Shares) | | 5,200 | 40,016 |
| China Life Insurance Co. Ltd. (H Shares) | | 1,510,000 | 3,025,736 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 663,000 | 503,890 |
| China Merchants Bank Co. Ltd. (H Shares) | | 858,751 | 3,307,121 |
| China Merchants Securities Co. Ltd. Class A | | 22,100 | 41,915 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | | 14,900 | 40,157 |
| China Minsheng Banking Corp. Ltd. (H Shares) | | 1,297,800 | 956,559 |
| China Molybdenum Co. Ltd. (H Shares) | | 792,000 | 293,896 |
| China National Building Materials Co. Ltd. (H Shares) | | 799,000 | 570,572 |
| China National Nuclear Power Co. Ltd. Class A | | 65,000 | 51,902 |
| China Oilfield Services Ltd. (H Shares) | | 350,000 | 328,043 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 545,200 | 2,030,087 |
| China Petroleum & Chemical Corp. (H Shares) | | 5,156,000 | 4,199,955 |
| China Railway Construction Corp. Ltd. (H Shares) | | 419,500 | 530,664 |
| China Railway Group Ltd. (H Shares) | | 704,000 | 628,415 |
| China Railway Signal & Communications Corp. (d) | | 293,000 | 196,530 |
| China Reinsurance Group Corp. | | 1,096,000 | 209,642 |
| China Shenhua Energy Co. Ltd. (H Shares) | | 687,000 | 1,555,878 |
| China Shipping Container Lines Co. Ltd. (H Shares) (b) | | 733,000 | 74,777 |
| China Shipping Development Co. Ltd. (H Shares) | | 242,000 | 132,388 |
| China Southern Airlines Ltd. (H Shares) | | 402,000 | 217,354 |
| China State Construction Engineering Corp. Ltd. Class A | | 240,860 | 185,764 |
| China Telecom Corp. Ltd. (H Shares) | | 2,766,000 | 1,305,058 |
| China Tower Corp. Ltd. Class H | | 6,890,000 | 1,045,544 |
| China United Network Communications Ltd. Class A | | 100,000 | 77,699 |
| China Vanke Co. Ltd. (H Shares) | | 267,900 | 825,022 |
| China Yangtze Power Co. Ltd. Class A | | 78,000 | 174,547 |
| Chongqing Changan Automobile Co. Ltd. (B Shares) | | 189,300 | 127,456 |
| Chongqing Rural Commercial Bank Co. Ltd. (H Shares) | | 481,000 | 264,975 |
| CITIC Securities Co. Ltd. (H Shares) | | 467,500 | 822,691 |
| COSCO SHIPPING Holdings Co. Ltd. (H Shares) (b) | | 532,000 | 189,953 |
| CRRC Corp. Ltd. (H Shares) | | 874,950 | 767,622 |
| Daqin Railway Co. Ltd. (A Shares) | | 50,700 | 58,581 |
| Datang International Power Generation Co. Ltd. (H Shares) | | 558,000 | 124,523 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 562,000 | 553,260 |
| Everbright Securities Co. Ltd. Class A | | 30,900 | 42,835 |
| Focus Media Information Technology Co. Ltd. Class A | | 32,640 | 28,075 |
| Foshan Haitian Flavouring & Food Co. Ltd. Class A | | 4,800 | 44,431 |
| Founder Securities Co. Ltd. Class A | | 52,800 | 41,176 |
| Fuyao Glass Industries Group Co. Ltd. | | 110,400 | 325,909 |
| GD Power Development Co. Ltd. Class A | | 302,700 | 105,881 |
| Gemdale Corp. Class A | | 97,900 | 128,556 |
| GF Securities Co. Ltd. (H Shares) | | 293,000 | 378,862 |
| Great Wall Motor Co. Ltd. (H Shares) (a) | | 642,500 | 380,161 |
| Gree Electric Appliances, Inc. of Zhuhai Class A (b) | | 6,900 | 37,647 |
| Greenland Holdings Corp. Ltd. Class A | | 152,300 | 134,710 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 602,000 | 608,759 |
| Guangzhou R&F Properties Co. Ltd. (H Shares) | | 184,000 | 288,602 |
| Guosen Securities Co. Ltd. Class A | | 123,100 | 147,883 |
| Guotai Junan Securities Co. Ltd.: | | | |
| Class A | | 18,000 | 39,351 |
| Class H | | 89,200 | 187,910 |
| Haitong Securities Co. Ltd. (H Shares) | | 658,800 | 662,837 |
| Hangzhou Hikvision Digital Technology Co. Ltd. Class A | | 44,400 | 154,033 |
| Henan Shuanghui Investment & Development Co. Ltd. Class A | | 11,600 | 37,482 |
| Huaan Securities Co. Ltd. Class A | | 217,800 | 159,549 |
| Huadian Power International Corp. Ltd. (H Shares) | | 328,000 | 124,224 |
| Huadong Medicine Co. Ltd. Class A | | 6,300 | 32,206 |
| Huaneng Power International, Inc. (H Shares) | | 878,000 | 489,274 |
| Huaneng Renewables Corp. Ltd. (H Shares) | | 930,000 | 238,372 |
| Huatai Securities Co. Ltd. (H Shares) (d) | | 338,800 | 544,365 |
| Huaxia Bank Co. Ltd. Class A | | 190,800 | 218,818 |
| Huayu Automotive Systems Co. Ltd. Class A | | 12,631 | 31,561 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 14,196,000 | 9,631,604 |
| Industrial Bank Co. Ltd. Class A | | 138,400 | 319,828 |
| Industrial Securities Co. Ltd. Class A | | 50,000 | 35,122 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 12,100 | 38,300 |
| Inner Mongolia Baotou Steel Union Co. Ltd. Class A | | 176,600 | 41,013 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 230,000 | 273,240 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 234,000 | 313,912 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 15,500 | 136,832 |
| Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | | 2,700 | 34,212 |
| Jiangxi Copper Co. Ltd. (H Shares) | | 270,000 | 297,477 |
| Kangmei Pharmaceutical Co. Ltd. Class A | | 12,200 | 21,599 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 4,900 | 385,571 |
| Legend Holdings Corp. (d) | | 66,900 | 181,711 |
| Luxshare Precision Industry Co. Ltd. Class A | | 17,550 | 41,764 |
| Luzhou Laojiao Co. Ltd. Class A | | 4,700 | 25,644 |
| Meinian Onehealth Healthcare Holdings Co. Ltd. Class A | | 12,720 | 26,641 |
| Metallurgical Corp. China Ltd. (H Shares) | | 590,000 | 142,949 |
| Midea Group Co. Ltd. Class A | | 33,700 | 178,944 |
| NARI Technology Co. Ltd. Class A | | 61,400 | 152,716 |
| New China Life Insurance Co. Ltd. (H Shares) | | 172,000 | 803,856 |
| Ningbo Zhoushan Port Co. Ltd. Class A | | 70,000 | 37,731 |
| Orient Securities Co. Ltd. Class A | | 27,500 | 36,348 |
| People's Insurance Co. of China Group (H Shares) | | 1,485,000 | 605,972 |
| PetroChina Co. Ltd. (H Shares) | | 4,294,000 | 3,087,488 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 1,396,933 | 1,353,833 |
| Ping An Bank Co. Ltd. Class A | | 113,400 | 177,359 |
| Ping An Insurance (Group) Co. of China Ltd. (H Shares) | | 1,088,000 | 10,246,023 |
| Poly Developments & Holdings Class A | | 25,400 | 45,880 |
| Postal Savings Bank of China Co. Ltd. | | 552,000 | 329,428 |
| Power Construction Corp. of China Ltd. Class A | | 60,300 | 40,888 |
| Qingdao Haier Co. Ltd. | | 17,100 | 31,035 |
| SAIC Motor Corp. Ltd. | | 47,700 | 185,380 |
| Sany Heavy Industry Co. Ltd. Class A | | 38,500 | 43,436 |
| SDIC Power Holdings Co. Ltd. Class A | | 45,700 | 46,580 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 388,000 | 346,837 |
| Shanghai Construction Group Co. Ltd. Class A | | 100,000 | 43,150 |
| Shanghai Electric Group Co. Ltd. (H Shares) | | 598,000 | 194,454 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 101,500 | 304,165 |
| Shanghai International Airport Co. Ltd. (A Shares) | | 6,100 | 43,330 |
| Shanghai International Port Group Co. Ltd. Class A | | 48,000 | 37,158 |
| Shanghai Lujiazui Finance Trust Ltd. (B Shares) | | 177,040 | 224,841 |
| Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | | 184,700 | 407,935 |
| Shanghai Pudong Development Bank Co. Ltd. | | 152,300 | 239,727 |
| Shanghaioriental Pearl Media Co. Ltd. | | 22,490 | 29,436 |
| Shenwan Hongyuan Group Co. Ltd. Class A | | 305,100 | 195,071 |
| Shenzhen Overseas Chinese Town Co. Ltd. Class A | | 40,200 | 33,252 |
| Sichuan Chuantou Energy Co. Ltd. class A | | 36,436 | 42,100 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 263,000 | 244,489 |
| Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) | | 669,000 | 293,468 |
| Sinopharm Group Co. Ltd. (H Shares) | | 238,800 | 1,151,071 |
| Sinotrans Ltd. (H Shares) | | 406,000 | 141,340 |
| Suning.com Co. Ltd. Class A | | 20,800 | 33,933 |
| Tong Ren Tang Technologies Co. Ltd. (H Shares) | | 113,000 | 161,677 |
| TravelSky Technology Ltd. (H Shares) | | 196,000 | 474,882 |
| Tsingtao Brewery Co. Ltd. (H Shares) | | 78,000 | 307,844 |
| Weichai Power Co. Ltd. (H Shares) | | 410,600 | 405,786 |
| Weifu High-Technology Group Co. Ltd. Class A | | 60,800 | 155,058 |
| Wuliangye Yibin Co. Ltd. Class A | | 18,300 | 126,317 |
| Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares) | | 130,800 | 97,408 |
| Yanzhou Coal Mining Co. Ltd. (H Shares) | | 392,000 | 370,408 |
| Yonghui Superstores Co. Ltd. Class A | | 34,200 | 35,006 |
| Yunnan Baiyao Group Co. Ltd. (c) | | 2,700 | 27,183 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | | 2,498 | 27,753 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) (a) | | 207,000 | 182,664 |
| Zhejiang Century Huatong Group Co. Ltd. Class A (c) | | 9,100 | 42,267 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 272,000 | 227,882 |
| Zhejiang Zheneng Electric Power Co. Ltd. Class A | | 60,802 | 41,228 |
| ZhongAn Online P & C Insurance Co. Ltd. Class H (a)(b)(d) | | 32,700 | 108,625 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 114,300 | 610,712 |
| Zijin Mng Group Co. Ltd. (H Shares) | | 1,208,000 | 448,266 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A | | 288,100 | 137,945 |
| ZTE Corp. (H Shares) | | 137,480 | 209,675 |
|
| TOTAL CHINA | | | 104,677,885 |
|
| Colombia - 0.1% | | | |
| Bancolombia SA | | 47,669 | 448,335 |
| Cementos Argos SA | | 86,907 | 189,497 |
| Ecopetrol SA | | 999,195 | 1,160,734 |
| Grupo de Inversiones Suramerica SA | | 48,515 | 473,169 |
| Interconexion Electrica SA ESP | | 89,408 | 332,138 |
| Inversiones Argos SA | | 61,982 | 288,780 |
|
| TOTAL COLOMBIA | | | 2,892,653 |
|
| Czech Republic - 0.0% | | | |
| Ceske Energeticke Zavody A/S | | 33,122 | 788,220 |
| Komercni Banka A/S | | 15,733 | 597,675 |
| MONETA Money Bank A/S (d) | | 92,793 | 307,938 |
| Telefonica Czech Rep A/S | | 11,537 | 121,407 |
|
| TOTAL CZECH REPUBLIC | | | 1,815,240 |
|
| Denmark - 1.1% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 805 | 958,144 |
| Series B | | 1,283 | 1,619,416 |
| Carlsberg A/S Series B | | 21,631 | 2,386,113 |
| Christian Hansen Holding A/S | | 20,072 | 2,028,866 |
| Coloplast A/S Series B | | 24,064 | 2,246,787 |
| Danske Bank A/S | | 150,253 | 2,882,155 |
| DONG Energy A/S (d) | | 38,382 | 2,438,608 |
| DSV de Sammensluttede Vognmaend A/S | | 38,467 | 3,092,824 |
| Genmab A/S (b) | | 12,436 | 1,703,722 |
| H Lundbeck A/S | | 14,280 | 666,858 |
| ISS Holdings A/S | | 34,167 | 1,123,529 |
| Novo Nordisk A/S Series B | | 365,974 | 15,805,157 |
| Novozymes A/S Series B | | 45,881 | 2,267,268 |
| Pandora A/S | | 22,837 | 1,428,764 |
| Tryg A/S | | 22,121 | 534,647 |
| Vestas Wind Systems A/S | | 41,542 | 2,605,323 |
| William Demant Holding A/S (b) | | 20,993 | 690,960 |
|
| TOTAL DENMARK | | | 44,479,141 |
|
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 127,815 | 567,036 |
| Commercial International Bank SAE sponsored GDR | | 82,964 | 360,479 |
| Eastern Tobacco Co. | | 174,915 | 155,003 |
| Elsewedy Electric Co. | | 155,990 | 131,007 |
|
| TOTAL EGYPT | | | 1,213,525 |
|
| Finland - 0.8% | | | |
| Elisa Corp. (A Shares) | | 29,111 | 1,158,986 |
| Fortum Corp. | | 90,146 | 1,898,621 |
| Kone Oyj (B Shares) | | 67,749 | 3,301,179 |
| Metso Corp. | | 21,364 | 675,364 |
| Neste Oyj | | 26,178 | 2,157,371 |
| Nokia Corp. | | 1,140,737 | 6,443,549 |
| Nokian Tyres PLC | | 23,117 | 735,232 |
| Nordea Bank ABP (b) | | 611,733 | 5,320,406 |
| Orion Oyj (B Shares) | | 20,354 | 700,840 |
| Sampo Oyj (A Shares) | | 88,942 | 4,096,095 |
| Stora Enso Oyj (R Shares) | | 111,829 | 1,685,253 |
| UPM-Kymmene Corp. | | 108,093 | 3,478,280 |
| Wartsila Corp. | | 90,266 | 1,539,220 |
|
| TOTAL FINLAND | | | 33,190,396 |
|
| France - 6.6% | | | |
| Accor SA | | 38,077 | 1,743,230 |
| Aeroports de Paris | | 5,931 | 1,242,111 |
| Air Liquide SA | | 77,969 | 9,449,340 |
| Alstom SA | | 31,734 | 1,389,217 |
| Amundi SA (d) | | 12,540 | 746,816 |
| Arkema SA | | 14,019 | 1,473,218 |
| Atos Origin SA | | 19,091 | 1,638,623 |
| AXA SA | | 391,239 | 9,791,414 |
| BIC SA | | 4,983 | 477,482 |
| bioMerieux SA | | 8,346 | 637,139 |
| BNP Paribas SA | | 226,429 | 11,830,722 |
| Bollore SA | | 175,216 | 742,631 |
| Bouygues SA | | 43,277 | 1,580,330 |
| Bureau Veritas SA | | 53,829 | 1,216,340 |
| Capgemini SA | | 32,465 | 3,971,320 |
| Carrefour SA (a) | | 116,613 | 2,265,201 |
| Casino Guichard Perrachon SA (a) | | 10,737 | 474,289 |
| CNP Assurances | | 32,653 | 728,593 |
| Compagnie de St. Gobain | | 101,065 | 3,807,262 |
| Credit Agricole SA | | 227,389 | 2,912,275 |
| Danone SA | | 124,716 | 8,831,563 |
| Dassault Aviation SA | | 514 | 852,897 |
| Dassault Systemes SA | | 26,082 | 3,274,706 |
| Edenred SA | | 47,369 | 1,798,968 |
| EDF SA (b) | | 5,248 | 87,260 |
| EDF SA | | 112,725 | 1,874,313 |
| Eiffage SA | | 15,931 | 1,559,384 |
| ENGIE | | 367,030 | 4,895,062 |
| Essilor International SA | | 41,875 | 5,727,139 |
| Eurazeo SA | | 8,930 | 652,895 |
| Eutelsat Communications | | 36,355 | 737,489 |
| Faurecia SA | | 15,406 | 748,763 |
| Fonciere des Regions | | 7,631 | 767,089 |
| Gecina SA | | 9,003 | 1,322,583 |
| Groupe Eurotunnel SA | | 94,878 | 1,194,458 |
| Hermes International SCA | | 6,341 | 3,626,977 |
| ICADE | | 6,983 | 592,406 |
| Iliad SA | | 5,424 | 628,172 |
| Imerys SA | | 7,389 | 456,119 |
| Ingenico SA | | 11,785 | 836,136 |
| Ipsen SA | | 7,570 | 1,051,192 |
| JCDecaux SA | | 15,565 | 512,319 |
| Kering SA | | 15,277 | 6,810,655 |
| Klepierre SA | | 41,509 | 1,410,455 |
| L'Oreal SA | | 46,145 | 10,395,734 |
| L'Oreal SA (b) | | 5,097 | 1,148,273 |
| Legrand SA | | 54,063 | 3,535,678 |
| LVMH Moet Hennessy - Louis Vuitton SA | | 56,234 | 17,061,701 |
| Michelin CGDE Series B | | 34,195 | 3,500,698 |
| Natixis SA | | 188,987 | 1,105,814 |
| Orange SA | | 401,508 | 6,266,877 |
| Pernod Ricard SA | | 42,588 | 6,502,388 |
| Peugeot Citroen SA | | 119,347 | 2,842,801 |
| Publicis Groupe SA | | 41,644 | 2,416,892 |
| Remy Cointreau SA | | 4,570 | 542,984 |
| Renault SA | | 38,997 | 2,918,309 |
| Rexel SA | | 60,090 | 767,047 |
| Safran SA | | 67,335 | 8,701,555 |
| Sanofi SA | | 228,133 | 20,386,095 |
| Schneider Electric SA | | 111,231 | 8,043,237 |
| SCOR SE | | 33,741 | 1,559,199 |
| SEB SA | | 4,463 | 640,471 |
| Societe Generale Series A | | 154,495 | 5,663,439 |
| Sodexo SA | | 15,877 | 1,620,636 |
| Sodexo SA (b) | | 2,580 | 263,352 |
| SR Teleperformance SA | | 11,738 | 1,935,759 |
| Suez Environnement SA | | 76,098 | 1,101,970 |
| Thales SA | | 21,602 | 2,764,828 |
| Total SA | | 491,594 | 28,844,487 |
| Ubisoft Entertainment SA (b) | | 15,904 | 1,432,086 |
| Valeo SA | | 48,611 | 1,567,913 |
| Veolia Environnement SA | | 108,532 | 2,166,005 |
| VINCI SA | | 103,128 | 9,178,327 |
| Vivendi SA | | 208,296 | 5,023,748 |
| Wendel SA | | 5,736 | 744,542 |
|
| TOTAL FRANCE | | | 269,009,398 |
|
| Germany - 5.5% | | | |
| adidas AG | | 37,961 | 8,943,278 |
| Allianz SE | | 88,803 | 18,499,438 |
| Axel Springer Verlag AG | | 10,035 | 667,193 |
| BASF AG | | 184,970 | 14,194,331 |
| Bayer AG | | 188,512 | 14,449,908 |
| Bayerische Motoren Werke AG (BMW) | | 66,707 | 5,759,610 |
| Beiersdorf AG | | 20,345 | 2,106,200 |
| Brenntag AG | | 31,545 | 1,649,628 |
| Commerzbank AG (b) | | 202,953 | 1,916,925 |
| Continental AG | | 22,062 | 3,647,075 |
| Covestro AG (d) | | 39,012 | 2,523,958 |
| Daimler AG (Germany) | | 182,965 | 10,850,841 |
| Delivery Hero AG (b)(d) | | 18,697 | 754,754 |
| Deutsche Bank AG | | 398,157 | 3,901,363 |
| Deutsche Borse AG | | 38,753 | 4,897,317 |
| Deutsche Lufthansa AG | | 48,756 | 980,769 |
| Deutsche Post AG | | 197,927 | 6,249,599 |
| Deutsche Telekom AG | | 671,492 | 11,013,595 |
| Deutsche Wohnen AG (Bearer) | | 71,424 | 3,271,531 |
| Drillisch AG | | 10,526 | 470,214 |
| E.ON AG | | 446,204 | 4,314,819 |
| Evonik Industries AG | | 32,181 | 998,725 |
| Fraport AG Frankfurt Airport Services Worldwide | | 8,325 | 644,022 |
| Fresenius Medical Care AG & Co. KGaA | | 43,630 | 3,425,675 |
| Fresenius SE & Co. KGaA | | 84,312 | 5,358,519 |
| GEA Group AG | | 35,187 | 1,070,493 |
| Hannover Reuck SE | | 12,247 | 1,652,103 |
| HeidelbergCement Finance AG | | 30,301 | 2,059,226 |
| Henkel AG & Co. KGaA | | 20,994 | 2,059,249 |
| Hochtief AG | | 3,987 | 591,580 |
| Hugo Boss AG | | 13,122 | 939,021 |
| Infineon Technologies AG | | 227,586 | 4,560,116 |
| innogy SE (d) | | 27,219 | 1,202,354 |
| K&S AG (a) | | 38,615 | 720,353 |
| KION Group AG | | 14,567 | 853,014 |
| Lanxess AG | | 17,734 | 1,099,932 |
| MAN SE | | 6,713 | 699,520 |
| Merck KGaA | | 26,204 | 2,808,318 |
| Metro Wholesale & Food Specialist AG | | 34,774 | 523,844 |
| MTU Aero Engines Holdings AG | | 10,580 | 2,250,489 |
| Muenchener Rueckversicherungs AG | | 31,206 | 6,713,873 |
| OSRAM Licht AG | | 19,934 | 808,753 |
| ProSiebenSat.1 Media AG | | 46,758 | 1,079,712 |
| Puma AG | | 1,684 | 865,952 |
| RWE AG | | 105,080 | 2,049,505 |
| SAP SE | | 199,578 | 21,369,514 |
| Schaeffler AG | | 34,758 | 367,388 |
| Siemens AG | | 154,216 | 17,726,637 |
| Siemens Healthineers AG (d) | | 30,372 | 1,258,727 |
| Symrise AG | | 25,044 | 2,103,629 |
| Telefonica Deutschland Holding AG | | 151,713 | 590,263 |
| Thyssenkrupp AG | | 88,451 | 1,860,918 |
| TUI AG | | 7,441 | 123,134 |
| TUI AG (GB) | | 82,213 | 1,365,050 |
| Uniper SE | | 40,918 | 1,182,281 |
| United Internet AG | | 24,366 | 1,009,540 |
| Volkswagen AG | | 6,321 | 1,043,852 |
| Vonovia SE | | 97,944 | 4,484,044 |
| Wirecard AG | | 23,807 | 4,460,011 |
| Zalando SE (b) | | 23,032 | 892,182 |
|
| TOTAL GERMANY | | | 225,933,864 |
|
| Greece - 0.1% | | | |
| Alpha Bank AE (b) | | 290,153 | 438,737 |
| EFG Eurobank Ergasias SA (b) | | 356,217 | 240,064 |
| Ff Group (b)(c) | | 6,325 | 27,510 |
| Greek Organization of Football Prognostics SA | | 43,296 | 407,025 |
| Hellenic Telecommunications Organization SA | | 51,283 | 572,144 |
| Jumbo SA | | 22,521 | 328,548 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 11,677 | 276,422 |
| National Bank of Greece SA (b) | | 105,565 | 182,939 |
| Piraeus Bank SA | | 54,301 | 79,955 |
| Titan Cement Co. SA (Reg.) | | 8,915 | 196,297 |
|
| TOTAL GREECE | | | 2,749,641 |
|
| Hong Kong - 2.5% | | | |
| AIA Group Ltd. | | 2,432,600 | 18,410,575 |
| Bank of East Asia Ltd. | | 254,445 | 824,145 |
| Beijing Enterprises Holdings Ltd. | | 96,500 | 521,758 |
| BOC Hong Kong (Holdings) Ltd. | | 750,500 | 2,804,105 |
| BYD Electronic International Co. Ltd. | | 129,500 | 151,761 |
| China Agri-Industries Holdings Ltd. | | 399,000 | 133,306 |
| China Everbright International Ltd. | | 671,481 | 535,167 |
| China Everbright Ltd. | | 176,000 | 311,065 |
| China Jinmao Holdings Group Ltd. | | 1,080,000 | 453,102 |
| China Merchants Holdings International Co. Ltd. | | 229,123 | 389,763 |
| China Mobile Ltd. | | 1,236,000 | 11,578,698 |
| China Overseas Land and Investment Ltd. | | 774,000 | 2,423,084 |
| China Power International Development Ltd. | | 842,000 | 166,425 |
| China Resources Beer Holdings Co. Ltd. | | 295,162 | 1,025,659 |
| China Resources Pharmaceutical Group Ltd. (d) | | 316,000 | 463,405 |
| China Resources Power Holdings Co. Ltd. | | 394,523 | 693,262 |
| China Taiping Insurance Group Ltd. | | 326,377 | 1,090,427 |
| China Travel International Investment HK Ltd. | | 430,000 | 115,150 |
| China Unicom Ltd. | | 1,246,000 | 1,303,252 |
| CITIC Pacific Ltd. | | 1,153,000 | 1,729,070 |
| CLP Holdings Ltd. | | 333,000 | 3,732,579 |
| CNOOC Ltd. | | 3,618,000 | 6,161,381 |
| CSPC Pharmaceutical Group Ltd. | | 950,000 | 2,003,711 |
| Far East Horizon Ltd. | | 436,000 | 422,548 |
| Fosun International Ltd. | | 522,500 | 762,234 |
| Galaxy Entertainment Group Ltd. | | 481,000 | 2,600,680 |
| Guangdong Investment Ltd. | | 598,000 | 1,067,592 |
| Hang Lung Group Ltd. | | 185,000 | 454,836 |
| Hang Lung Properties Ltd. | | 403,000 | 729,742 |
| Hang Seng Bank Ltd. | | 155,200 | 3,633,627 |
| Henderson Land Development Co. Ltd. | | 266,750 | 1,241,576 |
| Hong Kong & China Gas Co. Ltd. | | 1,838,891 | 3,512,539 |
| Hong Kong Exchanges and Clearing Ltd. | | 235,764 | 6,253,408 |
| Hua Hong Semiconductor Ltd. (d) | | 88,000 | 153,064 |
| Hysan Development Co. Ltd. | | 130,020 | 609,317 |
| Lenovo Group Ltd. | | 1,418,000 | 902,304 |
| Link (REIT) | | 434,547 | 3,851,213 |
| MMG Ltd. (b) | | 488,000 | 182,954 |
| MTR Corp. Ltd. | | 301,976 | 1,463,295 |
| New World Development Co. Ltd. | | 1,245,354 | 1,578,538 |
| PCCW Ltd. | | 846,913 | 464,390 |
| Power Assets Holdings Ltd. | | 282,000 | 1,882,529 |
| Shanghai Industrial Holdings Ltd. | | 98,000 | 205,949 |
| Shenzhen Investment Ltd. | | 610,000 | 175,020 |
| Sino Land Ltd. | | 654,673 | 1,026,846 |
| Sino-Ocean Group Holding Ltd. | | 577,591 | 226,118 |
| Sinotruk Hong Kong Ltd. | | 139,000 | 199,586 |
| SJM Holdings Ltd. | | 408,000 | 329,336 |
| Sun Art Retail Group Ltd. | | 498,872 | 545,187 |
| Sun Hung Kai Properties Ltd. | | 317,781 | 4,129,941 |
| Swire Pacific Ltd. (A Shares) | | 102,000 | 1,058,117 |
| Swire Properties Ltd. | | 237,200 | 809,123 |
| Techtronic Industries Co. Ltd. | | 279,000 | 1,305,708 |
| Wharf Holdings Ltd. | | 247,000 | 616,087 |
| Wheelock and Co. Ltd. | | 167,000 | 891,226 |
| Winteam Pharmaceutical Group Ltd. | | 458,000 | 291,435 |
| Yuexiu Property Co. Ltd. | | 1,356,000 | 214,416 |
|
| TOTAL HONG KONG | | | 100,811,331 |
|
| Hungary - 0.1% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 75,708 | 793,922 |
| OTP Bank PLC | | 45,571 | 1,637,467 |
| Richter Gedeon PLC | | 29,266 | 544,174 |
|
| TOTAL HUNGARY | | | 2,975,563 |
|
| India - 2.0% | | | |
| Adani Ports & Special Economic Zone Ltd. | | 104,834 | 451,951 |
| Ambuja Cements Ltd. | | 112,932 | 301,035 |
| Ashok Leyland Ltd. | | 245,885 | 381,328 |
| Asian Paints Ltd. | | 57,570 | 957,736 |
| Aurobindo Pharma Ltd. | | 50,212 | 537,389 |
| Avenue Supermarts Ltd. (b)(d) | | 25,245 | 456,687 |
| Axis Bank Ltd. (b) | | 364,350 | 2,869,084 |
| Bajaj Auto Ltd. | | 17,178 | 602,415 |
| Bajaj Finance Ltd. | | 34,791 | 1,120,758 |
| Bajaj Finserv Ltd. | | 7,809 | 570,645 |
| Bharat Forge Ltd. | | 39,863 | 315,250 |
| Bharat Heavy Electricals Ltd. | | 183,714 | 170,773 |
| Bharat Petroleum Corp. Ltd. | | 154,054 | 573,016 |
| Bharti Airtel Ltd. | | 284,027 | 1,122,705 |
| Bharti Infratel Ltd. | | 67,471 | 245,627 |
| Bosch Ltd. (b) | | 1,387 | 370,314 |
| Britannia Industries Ltd. | | 6,027 | 459,938 |
| Cadila Healthcare Ltd. | | 40,609 | 197,692 |
| Cipla Ltd. (b) | | 72,300 | 615,127 |
| Coal India Ltd. | | 141,842 | 510,428 |
| Container Corp. of India Ltd. | | 33,516 | 287,193 |
| Dabur India Ltd. | | 110,192 | 573,234 |
| Dr. Reddy's Laboratories Ltd. | | 23,659 | 812,591 |
| Eicher Motors Ltd. | | 2,650 | 783,413 |
| GAIL India Ltd. | | 160,348 | 811,388 |
| Glenmark Pharmaceuticals Ltd. | | 28,576 | 240,130 |
| Godrej Consumer Products Ltd. | | 71,641 | 702,122 |
| Grasim Industries Ltd. (b) | | 65,556 | 738,835 |
| Havells India Ltd. (b) | | 47,522 | 414,950 |
| HCL Technologies Ltd. | | 113,381 | 1,618,239 |
| Hero Motocorp Ltd. | | 10,412 | 388,880 |
| Hindalco Industries Ltd. | | 234,673 | 699,323 |
| Hindustan Petroleum Corp. Ltd. | | 127,067 | 385,101 |
| Hindustan Unilever Ltd. | | 131,565 | 2,884,789 |
| Housing Development Finance Corp. Ltd. | | 321,184 | 7,683,272 |
| ICICI Bank Ltd. | | 482,362 | 2,313,095 |
| Indiabulls Housing Finance Ltd. | | 56,140 | 633,511 |
| Indian Oil Corp. Ltd. | | 295,235 | 552,667 |
| Infosys Ltd. | | 698,012 | 6,449,062 |
| Infosys Ltd. sponsored ADR | | 4,614 | 43,695 |
| InterGlobe Aviation Ltd. (d) | | 18,546 | 222,898 |
| ITC Ltd. | | 691,541 | 2,618,992 |
| JSW Steel Ltd. | | 173,319 | 795,355 |
| Larsen & Toubro Ltd. | | 96,681 | 1,696,101 |
| LIC Housing Finance Ltd. | | 62,957 | 349,941 |
| Lupin Ltd. (b) | | 46,535 | 557,118 |
| Mahindra & Mahindra Financial Services Ltd. (b) | | 62,054 | 343,160 |
| Mahindra & Mahindra Ltd. | | 151,377 | 1,567,702 |
| Marico Ltd. | | 94,585 | 410,900 |
| Maruti Suzuki India Ltd. | | 21,426 | 1,916,752 |
| Motherson Sumi Systems Ltd. (b) | | 197,038 | 434,917 |
| Nestle India Ltd. | | 4,761 | 653,244 |
| NTPC Ltd. | | 398,959 | 861,193 |
| Oil & Natural Gas Corp. Ltd. | | 286,074 | 592,764 |
| Page Industries Ltd. | | 1,071 | 426,512 |
| Petronet LNG Ltd. | | 114,189 | 348,465 |
| Pidilite Industries Ltd. | | 24,762 | 321,025 |
| Piramal Enterprises Ltd. | | 16,905 | 496,636 |
| Power Grid Corp. of India Ltd. | | 318,730 | 801,350 |
| Rec Ltd. | | 131,108 | 206,341 |
| Reliance Industries Ltd. | | 573,698 | 8,231,977 |
| Shree Cement Ltd. | | 1,588 | 298,820 |
| Shriram Transport Finance Co. Ltd. | | 30,333 | 477,716 |
| Siemens India Ltd. | | 14,569 | 183,531 |
| State Bank of India (b) | | 354,732 | 1,349,670 |
| Sun Pharmaceutical Industries Ltd. | | 170,483 | 1,337,517 |
| Tata Consultancy Services Ltd. | | 183,622 | 4,811,885 |
| Tata Motors Ltd. (b) | | 322,106 | 780,306 |
| Tata Power Co. Ltd. | | 210,949 | 218,336 |
| Tata Steel Ltd. | | 72,644 | 543,995 |
| Tech Mahindra Ltd. (b) | | 95,385 | 959,396 |
| Titan Co. Ltd. | | 63,099 | 720,571 |
| Ultratech Cemco Ltd. (b) | | 19,634 | 928,978 |
| United Spirits Ltd. (b) | | 60,700 | 473,388 |
| UPL Ltd. (b) | | 73,125 | 666,737 |
| Vedanta Ltd. (b) | | 264,912 | 756,303 |
| Vodafone Idea Ltd. (b) | | 380,671 | 198,931 |
| Wipro Ltd. | | 229,444 | 1,026,948 |
| Yes Bank Ltd. | | 345,606 | 878,968 |
| Zee Entertainment Enterprises Ltd. | | 97,267 | 593,255 |
|
| TOTAL INDIA | | | 82,903,982 |
|
| Indonesia - 0.5% | | | |
| PT Adaro Energy Tbk | | 2,745,700 | 298,004 |
| PT Astra International Tbk | | 4,121,100 | 2,141,535 |
| PT Bank Central Asia Tbk | | 2,008,800 | 3,125,020 |
| PT Bank Danamon Indonesia Tbk Series A | | 641,100 | 313,117 |
| PT Bank Mandiri (Persero) Tbk | | 3,802,200 | 1,708,411 |
| PT Bank Negara Indonesia (Persero) Tbk | | 1,520,000 | 732,380 |
| PT Bank Rakyat Indonesia Tbk | | 11,286,800 | 2,338,656 |
| PT Bank Tabungan Negara Tbk | | 811,400 | 113,150 |
| PT Bumi Serpong Damai Tbk (b) | | 1,483,600 | 107,348 |
| PT Charoen Pokphand Indonesia Tbk | | 1,405,800 | 508,594 |
| PT Gudang Garam Tbk | | 102,200 | 486,042 |
| PT Hanjaya Mandala Sampoerna Tbk | | 1,962,800 | 481,582 |
| PT Indah Kiat Pulp & Paper Tbk | | 556,500 | 465,809 |
| PT Indocement Tunggal Prakarsa Tbk | | 389,700 | 443,467 |
| PT Indofood CBP Sukses Makmur Tbk | | 446,400 | 262,070 |
| PT Indofood Sukses Makmur Tbk | | 931,600 | 366,144 |
| PT Jasa Marga Tbk | | 504,596 | 137,745 |
| PT Kalbe Farma Tbk | | 4,035,000 | 363,621 |
| PT Matahari Department Store Tbk | | 472,100 | 150,612 |
| PT Pakuwon Jati Tbk | | 3,488,300 | 109,680 |
| PT Perusahaan Gas Negara Tbk Series B | | 2,078,500 | 303,520 |
| PT Semen Gresik (Persero) Tbk | | 564,700 | 334,307 |
| PT Surya Citra Media Tbk | | 1,168,600 | 120,684 |
| PT Telekomunikasi Indonesia Tbk Series B | | 10,257,200 | 2,598,398 |
| PT Tower Bersama Infrastructure Tbk | | 366,700 | 112,886 |
| PT Unilever Indonesia Tbk | | 305,200 | 867,770 |
| PT United Tractors Tbk | | 342,300 | 754,287 |
| PT Waskita Karya Persero Tbk | | 895,000 | 84,776 |
|
| TOTAL INDONESIA | | | 19,829,615 |
|
| Ireland - 0.4% | | | |
| AIB Group PLC | | 161,039 | 779,216 |
| Bank Ireland Group PLC | | 196,701 | 1,395,801 |
| CRH PLC | | 169,678 | 5,061,186 |
| CRH PLC sponsored ADR | | 769 | 22,901 |
| DCC PLC (United Kingdom) | | 17,699 | 1,519,125 |
| James Hardie Industries PLC CDI | | 89,806 | 1,194,971 |
| Kerry Group PLC Class A | | 32,182 | 3,298,810 |
| Paddy Power Betfair PLC (Ireland) | | 17,160 | 1,481,044 |
| Ryanair Holdings PLC (b) | | 12,173 | 164,686 |
| Ryanair Holdings PLC sponsored ADR (b) | | 3,659 | 302,965 |
| Smurfit Kappa Group PLC | | 45,717 | 1,490,268 |
|
| TOTAL IRELAND | | | 16,710,973 |
|
| Isle of Man - 0.1% | | | |
| Gaming VC Holdings SA | | 110,558 | 1,324,124 |
| Genting Singapore Ltd. | | 1,202,600 | 764,024 |
| NEPI Rockcastle PLC | | 76,862 | 663,715 |
|
| TOTAL ISLE OF MAN | | | 2,751,863 |
|
| Israel - 0.3% | | | |
| Azrieli Group | | 8,840 | 429,185 |
| Bank Hapoalim BM (Reg.) | | 215,732 | 1,461,469 |
| Bank Leumi le-Israel BM | | 287,096 | 1,792,107 |
| Bezeq The Israel Telecommunication Corp. Ltd. | | 439,937 | 505,948 |
| Check Point Software Technologies Ltd. (a)(b) | | 26,483 | 2,939,613 |
| Elbit Systems Ltd. (Israel) | | 4,554 | 544,788 |
| Israel Chemicals Ltd. | | 143,846 | 829,855 |
| Mizrahi Tefahot Bank Ltd. | | 27,878 | 469,748 |
| NICE Systems Ltd. (b) | | 11,359 | 1,204,347 |
| NICE Systems Ltd. sponsored ADR(a)(b) | | 976 | 103,397 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 195,925 | 3,914,582 |
|
| TOTAL ISRAEL | | | 14,195,039 |
|
| Italy - 1.2% | | | |
| Assicurazioni Generali SpA | | 241,054 | 3,898,866 |
| Atlantia SpA | | 100,505 | 2,021,745 |
| Davide Campari-Milano SpA | | 115,159 | 886,305 |
| Enel SpA | | 1,638,621 | 8,034,265 |
| Eni SpA | | 513,243 | 9,115,068 |
| Intesa Sanpaolo SpA | | 2,997,850 | 6,640,462 |
| Leonardo SpA | | 80,130 | 870,381 |
| Luxottica Group SpA | | 35,237 | 2,215,869 |
| Mediobanca SpA | | 124,413 | 1,092,384 |
| Moncler SpA | | 36,349 | 1,263,940 |
| Pirelli & C. S.p.A. (d) | | 81,471 | 599,254 |
| Poste Italiane SpA (d) | | 104,095 | 748,685 |
| Prysmian SpA | | 48,286 | 938,500 |
| Recordati SpA | | 20,700 | 701,500 |
| Snam Rete Gas SpA | | 462,404 | 1,913,753 |
| Telecom Italia SpA (b) | | 2,295,713 | 1,350,233 |
| Terna SpA | | 278,354 | 1,439,243 |
| UniCredit SpA | | 404,125 | 5,179,697 |
|
| TOTAL ITALY | | | 48,910,150 |
|
| Japan - 16.0% | | | |
| ABC-MART, Inc. | | 7,000 | 409,447 |
| ACOM Co. Ltd. | | 75,900 | 280,501 |
| AEON Co. Ltd. | | 123,700 | 2,839,182 |
| AEON Financial Service Co. Ltd. | | 22,300 | 437,956 |
| AEON MALL Co. Ltd. | | 20,870 | 386,382 |
| Agc, Inc. | | 38,200 | 1,251,219 |
| Air Water, Inc. | | 30,100 | 488,440 |
| Aisin Seiki Co. Ltd. | | 32,900 | 1,293,140 |
| Ajinomoto Co., Inc. | | 92,900 | 1,500,842 |
| Alfresa Holdings Corp. | | 38,200 | 1,020,721 |
| All Nippon Airways Ltd. | | 23,100 | 776,751 |
| Alps Electric Co. Ltd. | | 38,200 | 900,481 |
| Amada Holdings Co. Ltd. | | 67,200 | 633,080 |
| Aozora Bank Ltd. | | 23,400 | 807,450 |
| Asahi Group Holdings | | 73,500 | 3,229,963 |
| Asahi Kasei Corp. | | 252,900 | 3,034,409 |
| Asics Corp. | | 32,100 | 466,557 |
| Astellas Pharma, Inc. | | 398,800 | 6,161,542 |
| Bandai Namco Holdings, Inc. | | 40,600 | 1,444,667 |
| Bank of Kyoto Ltd. | | 10,900 | 491,700 |
| Benesse Holdings, Inc. | | 15,200 | 423,663 |
| Bridgestone Corp. | | 121,600 | 4,688,811 |
| Brother Industries Ltd. | | 44,500 | 816,763 |
| Calbee, Inc. | | 16,000 | 531,750 |
| Canon, Inc. | | 200,400 | 5,708,076 |
| Casio Computer Co. Ltd. | | 38,400 | 579,577 |
| Central Japan Railway Co. | | 29,000 | 5,565,352 |
| Chiba Bank Ltd. | | 123,400 | 780,673 |
| Chubu Electric Power Co., Inc. | | 121,100 | 1,746,345 |
| Chugai Pharmaceutical Co. Ltd. | | 45,400 | 2,658,024 |
| Chugoku Electric Power Co., Inc. | | 55,100 | 709,046 |
| Coca-Cola West Co. Ltd. | | 27,200 | 712,332 |
| Concordia Financial Group Ltd. | | 222,600 | 1,018,787 |
| Credit Saison Co. Ltd. | | 33,300 | 528,805 |
| CyberAgent, Inc. | | 20,500 | 872,340 |
| CYBERDYNE, Inc. (a)(b) | | 22,400 | 158,419 |
| Dai Nippon Printing Co. Ltd. | | 49,800 | 1,117,388 |
| Dai-ichi Mutual Life Insurance Co. | | 218,800 | 4,105,856 |
| Daicel Chemical Industries Ltd. | | 54,000 | 571,897 |
| Daifuku Co. Ltd. | | 20,600 | 887,278 |
| Daiichi Sankyo Kabushiki Kaisha | | 115,100 | 4,399,491 |
| Daikin Industries Ltd. | | 50,100 | 5,807,187 |
| Dainippon Sumitomo Pharma Co. Ltd. | | 31,900 | 666,510 |
| Daito Trust Construction Co. Ltd. | | 14,800 | 1,954,358 |
| Daiwa House Industry Co. Ltd. | | 113,300 | 3,421,018 |
| Daiwa House REIT Investment Corp. | | 348 | 761,785 |
| Daiwa Securities Group, Inc. | | 328,000 | 1,880,985 |
| DeNA Co. Ltd. | | 21,800 | 362,617 |
| DENSO Corp. | | 87,300 | 3,894,084 |
| Dentsu, Inc. | | 44,000 | 2,040,713 |
| Disco Corp. | | 5,900 | 939,629 |
| Don Quijote Holdings Co. Ltd. | | 24,400 | 1,461,816 |
| East Japan Railway Co. | | 62,000 | 5,414,940 |
| Eisai Co. Ltd. | | 50,600 | 4,213,990 |
| Electric Power Development Co. Ltd. | | 29,800 | 812,115 |
| FamilyMart Co. Ltd. | | 15,400 | 1,785,013 |
| Fanuc Corp. | | 39,000 | 6,784,715 |
| Fast Retailing Co. Ltd. | | 11,800 | 5,941,364 |
| Fuji Electric Co. Ltd. | | 24,400 | 744,822 |
| Fujifilm Holdings Corp. | | 77,000 | 3,330,279 |
| Fujitsu Ltd. | | 39,900 | 2,427,452 |
| Fukuoka Financial Group, Inc. | | 29,200 | 717,465 |
| Hakuhodo DY Holdings, Inc. | | 46,800 | 782,247 |
| Hamamatsu Photonics K.K. | | 29,000 | 971,507 |
| Hankyu Hanshin Holdings, Inc. | | 46,400 | 1,529,738 |
| Hikari Tsushin, Inc. | | 4,200 | 734,028 |
| Hino Motors Ltd. | | 54,300 | 519,775 |
| Hirose Electric Co. Ltd. | | 6,383 | 606,989 |
| Hisamitsu Pharmaceutical Co., Inc. | | 11,300 | 637,931 |
| Hitachi Chemical Co. Ltd. | | 22,300 | 351,986 |
| Hitachi Construction Machinery Co. Ltd. | | 22,500 | 597,385 |
| Hitachi High-Technologies Corp. | | 13,600 | 512,855 |
| Hitachi Ltd. | | 193,800 | 5,924,504 |
| Hitachi Metals Ltd. | | 43,300 | 511,150 |
| Honda Motor Co. Ltd. | | 327,500 | 9,348,661 |
| Hoshizaki Corp. | | 10,800 | 871,963 |
| Hoya Corp. | | 76,500 | 4,348,571 |
| Hulic Co. Ltd. | | 62,100 | 569,624 |
| Idemitsu Kosan Co. Ltd. | | 26,700 | 1,218,638 |
| IHI Corp. | | 29,800 | 1,090,158 |
| Iida Group Holdings Co. Ltd. | | 28,800 | 524,263 |
| INPEX Corp. | | 207,800 | 2,366,138 |
| Isetan Mitsukoshi Holdings Ltd. | | 67,800 | 792,399 |
| Isuzu Motors Ltd. | | 110,100 | 1,443,471 |
| Itochu Corp. | | 283,900 | 5,265,200 |
| J. Front Retailing Co. Ltd. | | 45,300 | 593,625 |
| Japan Airlines Co. Ltd. | | 23,800 | 847,296 |
| Japan Airport Terminal Co. Ltd. | | 9,900 | 380,786 |
| Japan Exchange Group, Inc. | | 103,500 | 1,858,386 |
| Japan Post Bank Co. Ltd. | | 78,000 | 910,409 |
| Japan Post Holdings Co. Ltd. | | 315,200 | 3,737,795 |
| Japan Prime Realty Investment Corp. | | 164 | 585,740 |
| Japan Real Estate Investment Corp. | | 266 | 1,372,021 |
| Japan Retail Fund Investment Corp. | | 528 | 975,187 |
| Japan Tobacco, Inc. | | 221,200 | 5,683,806 |
| JFE Holdings, Inc. | | 100,000 | 1,879,158 |
| JGC Corp. | | 42,300 | 818,795 |
| JSR Corp. | | 39,600 | 591,710 |
| JTEKT Corp. | | 42,300 | 526,281 |
| JX Holdings, Inc. | | 660,700 | 4,464,338 |
| Kajima Corp. | | 90,500 | 1,165,326 |
| Kakaku.com, Inc. | | 28,500 | 517,034 |
| Kamigumi Co. Ltd. | | 21,100 | 436,455 |
| Kaneka Corp. | | 10,000 | 418,310 |
| Kansai Electric Power Co., Inc. | | 140,500 | 2,150,423 |
| Kansai Paint Co. Ltd. | | 36,200 | 536,094 |
| Kao Corp. | | 99,500 | 6,618,962 |
| Kawasaki Heavy Industries Ltd. | | 28,100 | 665,926 |
| KDDI Corp. | | 364,800 | 8,828,106 |
| Keihan Electric Railway Co., Ltd. | | 20,000 | 758,630 |
| Keihin Electric Express Railway Co. Ltd. | | 44,800 | 663,454 |
| Keio Corp. | | 20,900 | 1,135,164 |
| Keisei Electric Railway Co. | | 26,100 | 804,352 |
| Keyence Corp. | | 19,620 | 9,615,687 |
| Kikkoman Corp. | | 29,500 | 1,616,225 |
| Kintetsu Group Holdings Co. Ltd. | | 33,800 | 1,297,062 |
| Kirin Holdings Co. Ltd. | | 166,800 | 3,980,271 |
| Kobayashi Pharmaceutical Co. Ltd. | | 10,000 | 655,825 |
| Kobe Steel Ltd. | | 61,100 | 491,263 |
| Koito Manufacturing Co. Ltd. | | 21,100 | 1,006,053 |
| Komatsu Ltd. | | 185,600 | 4,833,480 |
| Konami Holdings Corp. | | 19,000 | 724,854 |
| Konica Minolta, Inc. | | 92,000 | 910,652 |
| Kose Corp. | | 6,200 | 926,964 |
| Kubota Corp. | | 200,600 | 3,166,831 |
| Kuraray Co. Ltd. | | 65,200 | 895,556 |
| Kurita Water Industries Ltd. | | 19,300 | 476,022 |
| Kyocera Corp. | | 65,100 | 3,523,401 |
| Kyowa Hakko Kirin Co., Ltd. | | 52,800 | 1,022,570 |
| Kyushu Electric Power Co., Inc. | | 77,300 | 900,183 |
| Kyushu Railway Co. | | 32,500 | 996,588 |
| Lawson, Inc. | | 9,900 | 626,455 |
| LINE Corp. (b) | | 14,600 | 465,476 |
| Lion Corp. | | 46,000 | 864,271 |
| LIXIL Group Corp. | | 54,400 | 858,173 |
| M3, Inc. | | 85,400 | 1,375,967 |
| Mabuchi Motor Co. Ltd. | | 9,500 | 338,459 |
| Makita Corp. | | 45,500 | 1,574,667 |
| Marubeni Corp. | | 316,500 | 2,566,400 |
| Marui Group Co. Ltd. | | 39,500 | 850,506 |
| Maruichi Steel Tube Ltd. | | 10,800 | 312,031 |
| Mazda Motor Corp. | | 115,800 | 1,233,396 |
| McDonald's Holdings Co. (Japan) Ltd. | | 13,300 | 585,820 |
| Mebuki Financial Group, Inc. | | 168,740 | 515,933 |
| Medipal Holdings Corp. | | 35,300 | 758,026 |
| Meiji Holdings Co. Ltd. | | 24,800 | 1,645,473 |
| Minebea Mitsumi, Inc. | | 79,300 | 1,213,133 |
| Misumi Group, Inc. | | 57,600 | 1,156,747 |
| Mitsubishi Chemical Holdings Corp. | | 260,200 | 2,028,362 |
| Mitsubishi Corp. | | 271,800 | 7,649,896 |
| Mitsubishi Electric Corp. | | 366,000 | 4,633,356 |
| Mitsubishi Estate Co. Ltd. | | 236,800 | 3,784,490 |
| Mitsubishi Gas Chemical Co., Inc. | | 32,100 | 540,808 |
| Mitsubishi Heavy Industries Ltd. | | 61,400 | 2,164,457 |
| Mitsubishi Materials Corp. | | 21,400 | 592,457 |
| Mitsubishi Motors Corp. of Japan | | 136,300 | 856,137 |
| Mitsubishi Tanabe Pharma Corp. | | 51,500 | 761,306 |
| Mitsubishi UFJ Financial Group, Inc. | | 2,381,500 | 14,414,012 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | | 79,900 | 411,414 |
| Mitsui & Co. Ltd. | | 342,200 | 5,717,686 |
| Mitsui Chemicals, Inc. | | 37,000 | 829,694 |
| Mitsui Fudosan Co. Ltd. | | 178,800 | 4,026,978 |
| Mitsui OSK Lines Ltd. | | 23,600 | 573,588 |
| Mizuho Financial Group, Inc. | | 4,859,200 | 8,345,013 |
| MS&AD Insurance Group Holdings, Inc. | | 94,800 | 2,847,530 |
| Murata Manufacturing Co. Ltd. | | 36,300 | 5,522,130 |
| Nabtesco Corp. | | 23,000 | 507,148 |
| Nagoya Railroad Co. Ltd. | | 35,800 | 864,898 |
| NEC Corp. | | 52,700 | 1,512,766 |
| New Hampshire Foods Ltd. | | 18,700 | 644,886 |
| Nexon Co. Ltd. (b) | | 89,400 | 1,018,907 |
| NGK Insulators Ltd. | | 53,700 | 755,778 |
| NGK Spark Plug Co. Ltd. | | 32,300 | 656,105 |
| Nidec Corp. | | 44,900 | 5,765,950 |
| Nikon Corp. | | 63,700 | 1,110,460 |
| Nintendo Co. Ltd. | | 22,800 | 7,118,226 |
| Nippon Building Fund, Inc. | | 273 | 1,560,553 |
| Nippon Electric Glass Co. Ltd. | | 17,600 | 443,440 |
| Nippon Express Co. Ltd. | | 15,100 | 952,939 |
| Nippon Paint Holdings Co. Ltd. | | 29,700 | 930,469 |
| Nippon Prologis REIT, Inc. | | 349 | 703,970 |
| Nippon Steel & Sumitomo Metal Corp. | | 151,570 | 2,795,886 |
| Nippon Telegraph & Telephone Corp. | | 139,200 | 5,740,416 |
| Nippon Yusen KK | | 30,800 | 496,678 |
| Nissan Chemical Corp. | | 26,100 | 1,230,649 |
| Nissan Motor Co. Ltd. | | 463,900 | 4,220,452 |
| Nisshin Seifun Group, Inc. | | 40,295 | 801,790 |
| Nissin Food Holdings Co. Ltd. | | 11,600 | 749,448 |
| Nitori Holdings Co. Ltd. | | 16,200 | 2,115,540 |
| Nitto Denko Corp. | | 33,500 | 2,092,915 |
| NKSJ Holdings, Inc. | | 67,450 | 2,782,012 |
| NOK Corp. | | 15,900 | 228,844 |
| Nomura Holdings, Inc. | | 691,600 | 3,321,035 |
| Nomura Real Estate Holdings, Inc. | | 24,300 | 456,345 |
| Nomura Real Estate Master Fund, Inc. | | 794 | 1,029,487 |
| Nomura Research Institute Ltd. | | 22,902 | 1,014,845 |
| NSK Ltd. | | 71,900 | 710,368 |
| NTT Data Corp. | | 128,800 | 1,653,598 |
| NTT DOCOMO, Inc. | | 274,700 | 6,812,243 |
| Obayashi Corp. | | 132,100 | 1,166,208 |
| OBIC Co. Ltd. | | 12,800 | 1,166,163 |
| Odakyu Electric Railway Co. Ltd. | | 60,200 | 1,272,670 |
| Oji Holdings Corp. | | 175,000 | 1,242,697 |
| Olympus Corp. | | 59,200 | 1,973,242 |
| OMRON Corp. | | 39,100 | 1,587,078 |
| Ono Pharmaceutical Co. Ltd. | | 77,200 | 1,759,723 |
| Oracle Corp. Japan | | 7,900 | 536,305 |
| Oriental Land Co. Ltd. | | 40,100 | 3,772,424 |
| ORIX Corp. | | 265,600 | 4,333,492 |
| Osaka Gas Co. Ltd. | | 76,300 | 1,395,222 |
| Otsuka Corp. | | 21,400 | 711,215 |
| Otsuka Holdings Co. Ltd. | | 79,200 | 3,787,975 |
| Panasonic Corp. | | 442,900 | 4,752,962 |
| Park24 Co. Ltd. | | 20,500 | 539,775 |
| Pola Orbis Holdings, Inc. | | 19,000 | 508,530 |
| Rakuten, Inc. | | 172,400 | 1,166,111 |
| Recruit Holdings Co. Ltd. | | 221,900 | 5,955,705 |
| Renesas Electronics Corp. (b) | | 169,200 | 896,722 |
| Resona Holdings, Inc. | | 421,800 | 2,218,683 |
| Ricoh Co. Ltd. | | 137,800 | 1,375,558 |
| Rinnai Corp. | | 6,700 | 488,093 |
| ROHM Co. Ltd. | | 19,300 | 1,358,107 |
| Ryohin Keikaku Co. Ltd. | | 4,800 | 1,268,117 |
| Sankyo Co. Ltd. (Gunma) | | 8,600 | 328,116 |
| Santen Pharmaceutical Co. Ltd. | | 73,900 | 1,097,022 |
| SBI Holdings, Inc. Japan | | 45,530 | 1,194,792 |
| Secom Co. Ltd. | | 41,900 | 3,430,419 |
| Sega Sammy Holdings, Inc. | | 35,800 | 461,004 |
| Seibu Holdings, Inc. | | 44,500 | 807,298 |
| Seiko Epson Corp. | | 57,200 | 921,563 |
| Sekisui Chemical Co. Ltd. | | 75,200 | 1,181,633 |
| Sekisui House Ltd. | | 126,400 | 1,855,176 |
| Seven & i Holdings Co. Ltd. | | 151,100 | 6,542,630 |
| Seven Bank Ltd. | | 126,300 | 395,125 |
| SG Holdings Co. Ltd. | | 19,600 | 494,017 |
| Sharp Corp. (a) | | 35,400 | 543,071 |
| Shimadzu Corp. | | 45,200 | 1,142,869 |
| Shimamura Co. Ltd. | | 4,400 | 370,062 |
| SHIMANO, Inc. | | 14,800 | 2,025,187 |
| SHIMIZU Corp. | | 108,500 | 880,733 |
| Shin-Etsu Chemical Co. Ltd. | | 73,900 | 6,175,122 |
| Shinsei Bank Ltd. | | 34,600 | 527,062 |
| Shionogi & Co. Ltd. | | 56,900 | 3,638,397 |
| Shiseido Co. Ltd. | | 76,400 | 4,820,496 |
| Shizuoka Bank Ltd. | | 92,100 | 805,784 |
| Showa Denko K.K. | | 27,000 | 1,175,678 |
| Showa Shell Sekiyu K.K. | | 39,000 | 744,361 |
| SMC Corp. | | 11,600 | 3,716,400 |
| SoftBank Corp. | | 166,500 | 13,176,613 |
| Sohgo Security Services Co., Ltd. | | 14,800 | 659,760 |
| Sony Corp. | | 255,000 | 13,799,772 |
| Sony Financial Holdings, Inc. | | 34,700 | 800,510 |
| Stanley Electric Co. Ltd. | | 25,600 | 758,913 |
| Subaru Corp. | | 122,500 | 3,304,400 |
| Sumco Corp. | | 47,700 | 643,809 |
| Sumitomo Chemical Co. Ltd. | | 301,000 | 1,507,826 |
| Sumitomo Corp. | | 225,100 | 3,414,019 |
| Sumitomo Electric Industries Ltd. | | 149,900 | 2,044,275 |
| Sumitomo Heavy Industries Ltd. | | 22,200 | 698,207 |
| Sumitomo Metal Mining Co. Ltd. | | 47,300 | 1,489,290 |
| Sumitomo Mitsui Financial Group, Inc. | | 270,800 | 10,543,625 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 67,500 | 2,682,012 |
| Sumitomo Realty & Development Co. Ltd. | | 71,000 | 2,439,565 |
| Sumitomo Rubber Industries Ltd. | | 33,700 | 485,333 |
| Sundrug Co. Ltd. | | 15,300 | 555,945 |
| Suntory Beverage & Food Ltd. | | 28,300 | 1,154,974 |
| Suzuken Co. Ltd. | | 15,030 | 761,923 |
| Suzuki Motor Corp. | | 69,700 | 3,475,710 |
| Sysmex Corp. | | 33,900 | 2,380,676 |
| T&D Holdings, Inc. | | 113,200 | 1,809,583 |
| Taiheiyo Cement Corp. | | 24,700 | 726,839 |
| Taisei Corp. | | 43,300 | 1,851,875 |
| Taisho Pharmaceutical Holdings Co. Ltd. | | 7,300 | 778,943 |
| Taiyo Nippon Sanso Corp. | | 25,100 | 404,189 |
| Takashimaya Co. Ltd. | | 27,500 | 432,787 |
| Takeda Pharmaceutical Co. Ltd. (a) | | 143,300 | 5,941,153 |
| TDK Corp. | | 26,300 | 2,267,851 |
| Teijin Ltd. | | 36,600 | 634,523 |
| Temp Holdings Co., Ltd. | | 35,200 | 670,090 |
| Terumo Corp. | | 61,600 | 3,325,287 |
| THK Co. Ltd. | | 24,200 | 536,396 |
| Tobu Railway Co. Ltd. | | 38,000 | 1,056,880 |
| Toho Co. Ltd. | | 23,000 | 750,384 |
| Toho Gas Co. Ltd. | | 15,200 | 525,369 |
| Tohoku Electric Power Co., Inc. | | 84,700 | 1,071,933 |
| Tokio Marine Holdings, Inc. | | 135,500 | 6,383,695 |
| Tokyo Century Corp. | | 8,700 | 466,478 |
| Tokyo Electric Power Co., Inc.(b) | | 296,800 | 1,519,075 |
| Tokyo Electron Ltd. | | 31,800 | 4,291,369 |
| Tokyo Gas Co. Ltd. | | 79,100 | 1,945,299 |
| Tokyo Tatemono Co. Ltd. | | 40,800 | 438,810 |
| Tokyu Corp. | | 100,300 | 1,657,003 |
| Tokyu Fudosan Holdings Corp. | | 100,300 | 565,124 |
| Toppan Printing Co. Ltd. | | 50,500 | 713,940 |
| Toray Industries, Inc. | | 281,700 | 1,998,181 |
| Toshiba Corp. (b) | | 132,300 | 3,963,079 |
| Tosoh Corp. | | 53,000 | 697,787 |
| Toto Ltd. | | 28,800 | 1,030,356 |
| Toyo Seikan Group Holdings Ltd. | | 30,300 | 618,175 |
| Toyo Suisan Kaisha Ltd. | | 18,400 | 634,342 |
| Toyoda Gosei Co. Ltd. | | 14,100 | 304,281 |
| Toyota Industries Corp. | | 29,700 | 1,460,850 |
| Toyota Motor Corp. | | 462,282 | 27,080,928 |
| Toyota Tsusho Corp. | | 43,200 | 1,559,029 |
| Trend Micro, Inc. | | 24,300 | 1,398,849 |
| Tsuruha Holdings, Inc. | | 7,500 | 781,672 |
| Unicharm Corp. | | 81,800 | 2,227,054 |
| United Urban Investment Corp. | | 591 | 900,367 |
| USS Co. Ltd. | | 45,000 | 812,381 |
| West Japan Railway Co. | | 32,700 | 2,199,325 |
| Yahoo! Japan Corp. | | 581,400 | 1,813,851 |
| Yakult Honsha Co. Ltd. | | 22,600 | 1,604,343 |
| Yamada Denki Co. Ltd. (a) | | 121,200 | 571,440 |
| Yamaguchi Financial Group, Inc. | | 40,000 | 422,918 |
| Yamaha Corp. | | 28,100 | 1,234,837 |
| Yamaha Motor Co. Ltd. | | 56,000 | 1,324,390 |
| Yamato Holdings Co. Ltd. | | 62,700 | 1,714,118 |
| Yamazaki Baking Co. Ltd. | | 24,400 | 440,275 |
| Yaskawa Electric Corp. | | 48,300 | 1,396,048 |
| Yokogawa Electric Corp. | | 45,200 | 887,460 |
| Yokohama Rubber Co. Ltd. | | 25,000 | 484,285 |
| Zozo, Inc. | | 41,100 | 990,392 |
|
| TOTAL JAPAN | | | 654,319,329 |
|
| Korea (South) - 3.1% | | | |
| AMOREPACIFIC Corp. | | 6,577 | 881,929 |
| AMOREPACIFIC Group, Inc. | | 5,913 | 321,821 |
| BGF Retail Co. Ltd. | | 1,685 | 248,837 |
| BS Financial Group, Inc. | | 55,102 | 366,542 |
| Celltrion Healthcare Co. Ltd. | | 6,701 | 374,105 |
| Celltrion Pharm, Inc. | | 3,123 | 146,433 |
| Celltrion, Inc. (b) | | 16,505 | 3,146,220 |
| Cheil Industries, Inc. | | 15,424 | 1,466,699 |
| Cheil Worldwide, Inc. | | 14,313 | 284,755 |
| CJ CheilJedang Corp. | | 1,663 | 472,228 |
| CJ Corp. | | 2,787 | 266,243 |
| CJ O Shopping Co. Ltd. | | 2,218 | 439,323 |
| Coway Co. Ltd. | | 9,904 | 610,211 |
| Daelim Industrial Co. | | 5,871 | 391,057 |
| Daewoo Engineering & Construction Co. Ltd. (b) | | 34,104 | 135,250 |
| Db Insurance Co. Ltd. | | 10,345 | 650,982 |
| DGB Financial Group Co. Ltd. | | 32,192 | 265,210 |
| Dong Suh Companies, Inc. | | 5,993 | 97,957 |
| Doosan Bobcat, Inc. | | 6,913 | 213,267 |
| Doosan Heavy Industries & Construction Co. Ltd. (b) | | 11,852 | 113,742 |
| E-Mart Co. Ltd. | | 4,219 | 756,166 |
| GS Engineering & Construction Corp. | | 10,469 | 383,068 |
| GS Holdings Corp. | | 10,662 | 453,205 |
| GS Retail Co. Ltd. | | 5,894 | 185,447 |
| Hana Financial Group, Inc. | | 60,119 | 2,018,017 |
| Hankook Tire Co. Ltd. | | 15,301 | 555,181 |
| Hanmi Pharm Co. Ltd. | | 1,311 | 447,532 |
| Hanmi Science Co. Ltd. | | 2,543 | 148,657 |
| Hanon Systems | | 35,715 | 342,751 |
| Hanssem Co. Ltd. | | 2,000 | 85,627 |
| Hanwha Chemical Corp. | | 22,403 | 317,098 |
| Hanwha Corp. | | 8,590 | 211,550 |
| Hanwha Life Insurance Co. Ltd. | | 62,699 | 246,455 |
| HDC Hyundai Development Co. (b) | | 6,658 | 256,750 |
| HLB, Inc. (b) | | 6,289 | 477,325 |
| Hotel Shilla Co. | | 6,436 | 402,179 |
| Hyundai Department Store Co. Ltd. | | 2,962 | 225,070 |
| Hyundai Engineering & Construction Co. Ltd. | | 15,820 | 634,325 |
| Hyundai Fire & Marine Insurance Co. Ltd. | | 11,954 | 437,929 |
| Hyundai Glovis Co. Ltd. | | 3,985 | 398,151 |
| Hyundai Heavy Industries Co. Ltd. (b) | | 7,371 | 804,285 |
| Hyundai Mobis | | 13,827 | 2,302,480 |
| Hyundai Motor Co. | | 30,891 | 2,883,340 |
| Hyundai Robotics Co. Ltd. (b) | | 2,000 | 624,890 |
| Hyundai Steel Co. | | 16,269 | 595,294 |
| Industrial Bank of Korea | | 51,558 | 671,022 |
| ING Life Insurance Korea Ltd. (d) | | 6,276 | 168,588 |
| Kakao Corp. | | 10,244 | 822,393 |
| Kangwon Land, Inc. | | 24,347 | 612,409 |
| KB Financial Group, Inc. | | 80,658 | 3,354,671 |
| KCC Corp. | | 1,104 | 238,990 |
| KEPCO Plant Service & Engineering Co. Ltd. | | 4,991 | 120,291 |
| Kia Motors Corp. | | 53,624 | 1,334,725 |
| Korea Aerospace Industries Ltd. (b) | | 14,252 | 361,609 |
| Korea Electric Power Corp. | | 52,163 | 1,244,406 |
| Korea Express Co. Ltd. (b) | | 1,608 | 223,372 |
| Korea Gas Corp. (b) | | 5,699 | 260,226 |
| Korea Investment Holdings Co. Ltd. | | 8,492 | 441,346 |
| Korea Zinc Co. Ltd. | | 1,736 | 576,638 |
| Korean Air Lines Co. Ltd. | | 9,109 | 219,143 |
| KT Corp. | | 2,367 | 59,478 |
| KT Corp. sponsored ADR | | 4,577 | 63,346 |
| KT&G Corp. | | 23,648 | 2,103,656 |
| Kumho Petro Chemical Co. Ltd. | | 3,489 | 263,280 |
| LG Chemical Ltd. | | 9,325 | 2,835,911 |
| LG Corp. | | 19,277 | 1,120,127 |
| LG Display Co. Ltd. | | 47,363 | 690,219 |
| LG Electronics, Inc. | | 21,604 | 1,198,539 |
| LG Household & Health Care Ltd. | | 1,927 | 1,763,180 |
| LG Innotek Co. Ltd. | | 2,694 | 292,775 |
| LG Telecom Ltd. | | 43,058 | 609,454 |
| Lotte Chemical Corp. | | 3,483 | 801,304 |
| Lotte Confectionery Co. Ltd. (b) | | 5,621 | 234,249 |
| Lotte Shopping Co. Ltd. | | 2,390 | 405,316 |
| Medy-Tox, Inc. | | 884 | 361,348 |
| Mirae Asset Daewoo Co. Ltd. | | 81,270 | 457,990 |
| NAVER Corp. | | 28,025 | 2,812,325 |
| NCSOFT Corp. | | 3,517 | 1,323,884 |
| Netmarble Corp. (d) | | 5,227 | 513,080 |
| Oci Co. Ltd. | | 3,640 | 271,804 |
| Orion Corp./Republic of Korea | | 4,559 | 379,983 |
| Ottogi Corp. | | 238 | 137,460 |
| Pearl Abyss Corp. (b) | | 1,151 | 207,402 |
| POSCO | | 15,703 | 3,589,739 |
| Posco Daewoo Corp. | | 10,498 | 163,772 |
| S-Oil Corp. | | 9,159 | 995,369 |
| S1 Corp. | | 3,231 | 273,262 |
| Samsung Biologics Co. Ltd. (b)(d) | | 3,302 | 1,121,407 |
| Samsung Card Co. Ltd. | | 5,624 | 165,861 |
| Samsung Electro-Mechanics Co. Ltd. | | 11,405 | 1,179,483 |
| Samsung Electronics Co. Ltd. | | 975,411 | 36,246,649 |
| Samsung Engineering Co. Ltd. (b) | | 31,899 | 510,216 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 6,280 | 1,532,848 |
| Samsung Heavy Industries Co. Ltd. (b) | | 94,504 | 576,466 |
| Samsung Life Insurance Co. Ltd. | | 14,324 | 1,154,959 |
| Samsung SDI Co. Ltd. | | 11,169 | 2,305,258 |
| Samsung SDS Co. Ltd. | | 6,949 | 1,172,377 |
| Samsung Securities Co. Ltd. | | 12,729 | 298,423 |
| Shinhan Financial Group Co. Ltd. | | 86,695 | 3,224,924 |
| Shinsegae Co. Ltd. | | 1,533 | 347,310 |
| SillaJen, Inc. (b) | | 12,196 | 736,463 |
| SK C&C Co. Ltd. | | 6,451 | 1,478,472 |
| SK Energy Co. Ltd. | | 13,140 | 2,458,712 |
| SK Hynix, Inc. | | 117,188 | 7,004,576 |
| SK Telecom Co. Ltd. | | 4,113 | 965,165 |
| STX Pan Ocean Co. Ltd. (Korea) (b) | | 43,787 | 183,053 |
| ViroMed Co. Ltd. (b) | | 2,757 | 450,157 |
| Woori Bank | | 95,874 | 1,323,414 |
| Woori Investment & Securities Co. Ltd. | | 26,870 | 286,127 |
| Yuhan Corp. | | 1,637 | 240,313 |
|
| TOTAL KOREA (SOUTH) | | | 126,626,297 |
|
| Luxembourg - 0.2% | | | |
| ArcelorMittal SA (Netherlands) | | 134,852 | 3,366,392 |
| Eurofins Scientific SA | | 2,336 | 1,181,117 |
| Millicom International Cellular SA (depository receipt) | | 13,807 | 780,035 |
| PLAY Communications SA (d) | | 23,760 | 102,170 |
| Reinet Investments SCA | | 29,906 | 501,119 |
| RTL Group SA | | 7,675 | 492,898 |
| SES SA (France) (depositary receipt) | | 72,448 | 1,557,055 |
| Tenaris SA | | 95,961 | 1,412,608 |
|
| TOTAL LUXEMBOURG | | | 9,393,394 |
|
| Malaysia - 0.6% | | | |
| AirAsia Group BHD | | 300,900 | 189,119 |
| Alliance Bank Malaysia Bhd | | 222,900 | 210,941 |
| AMMB Holdings Bhd | | 318,100 | 288,871 |
| Astro Malaysia Holdings Bhd (d) | | 299,300 | 96,560 |
| Axiata Group Bhd | | 572,683 | 466,686 |
| British American Tobacco (Malaysia) Bhd | | 30,700 | 228,168 |
| Bumiputra-Commerce Holdings Bhd | | 950,673 | 1,299,522 |
| Dialog Group Bhd | | 744,122 | 602,838 |
| DiGi.com Bhd | | 638,800 | 657,959 |
| Felda Global Ventures Holdings Bhd (d) | | 279,200 | 93,411 |
| Fraser & Neave Holdings BHD | | 25,900 | 208,586 |
| Gamuda Bhd | | 399,500 | 228,177 |
| Genting Bhd | | 429,900 | 754,084 |
| Genting Malaysia Bhd | | 610,800 | 655,393 |
| Genting Plantations Bhd | | 48,500 | 111,847 |
| Hap Seng Consolidated Bhd | | 125,000 | 294,241 |
| Hartalega Holdings Bhd | | 254,700 | 381,030 |
| Hong Leong Bank Bhd | | 135,300 | 669,306 |
| Hong Leong Credit Bhd | | 45,600 | 200,293 |
| IHH Healthcare Bhd (d) | | 497,500 | 594,456 |
| IJM Corp. Bhd | | 551,500 | 214,827 |
| IOI Corp. Bhd | | 378,900 | 407,468 |
| IOI Properties Group Bhd | | 282,350 | 88,393 |
| Kuala Lumpur Kepong Bhd | | 83,900 | 499,651 |
| Malayan Banking Bhd | | 780,643 | 1,770,415 |
| Malaysia Airports Holdings Bhd | | 184,602 | 366,160 |
| Maxis Bhd | | 476,300 | 595,304 |
| MISC Bhd | | 226,700 | 330,474 |
| My E.G.Services Bhd | | 442,000 | 126,754 |
| Nestle (Malaysia) BHD | | 11,200 | 384,887 |
| Petronas Chemicals Group Bhd | | 488,700 | 1,091,969 |
| Petronas Dagangan Bhd | | 39,700 | 246,672 |
| Petronas Gas Bhd | | 144,600 | 631,686 |
| PPB Group Bhd | | 121,080 | 484,957 |
| Press Metal Bhd | | 252,200 | 291,707 |
| Public Bank Bhd | | 591,000 | 3,474,394 |
| RHB Capital Bhd | | 213,374 | 266,686 |
| RHB Capital Bhd (b)(c) | | 46,292 | 0 |
| Sime Darby Bhd | | 455,285 | 239,366 |
| Sime Darby Plantation Bhd | | 493,485 | 620,320 |
| Sime Darby Property Bhd | | 627,685 | 146,252 |
| SP Setia Bhd | | 308,677 | 154,910 |
| Telekom Malaysia Bhd | | 213,826 | 121,617 |
| Tenaga Nasional Bhd | | 632,700 | 2,222,653 |
| Top Glove Corp. Bhd | | 285,600 | 405,416 |
| UMW Holdings Bhd | | 94,200 | 106,930 |
| Westports Holdings Bhd | | 234,100 | 190,771 |
| YTL Corp. Bhd | | 657,222 | 166,485 |
|
| TOTAL MALAYSIA | | | 23,878,612 |
|
| Mauritius - 0.0% | | | |
| Golden Agri-Resources Ltd. | | 1,340,600 | 246,799 |
| Mexico - 0.7% | | | |
| Alfa SA de CV Series A | | 627,200 | 661,064 |
| Alsea S.A.B. de CV | | 100,900 | 257,996 |
| America Movil S.A.B. de CV Series L | | 6,830,300 | 4,946,216 |
| Banco Santander Mexico SA | | 350,460 | 437,013 |
| CEMEX S.A.B. de CV unit (b) | | 2,957,094 | 1,476,127 |
| Coca-Cola FEMSA S.A.B. de CV Series L | | 105,600 | 602,307 |
| El Puerto de Liverpool S.A.B. de CV Class C | | 38,270 | 242,526 |
| Embotelladoras Arca S.A.B. de CV | | 93,200 | 468,678 |
| Fibra Uno Administracion SA de CV | | 681,600 | 732,494 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 393,900 | 3,348,681 |
| Gruma S.A.B. de CV Series B | | 41,265 | 430,664 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 74,700 | 617,988 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 42,850 | 712,238 |
| Grupo Bimbo S.A.B. de CV Series A | | 341,200 | 639,123 |
| Grupo Carso SA de CV Series A1 | | 86,700 | 255,150 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 524,900 | 2,887,909 |
| Grupo Financiero Inbursa S.A.B. de CV Series O | | 480,100 | 622,305 |
| Grupo Mexico SA de CV Series B | | 711,324 | 1,641,281 |
| Grupo Televisa SA de CV | | 495,600 | 1,428,739 |
| Industrias Penoles SA de CV | | 28,485 | 401,475 |
| Infraestructura Energetica Nova S.A.B. de CV | | 102,600 | 402,202 |
| Kimberly-Clark de Mexico SA de CV Series A | | 292,800 | 422,049 |
| Mexichem S.A.B. de CV | | 218,337 | 576,765 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 43,550 | 396,325 |
| Wal-Mart de Mexico SA de CV Series V | | 1,059,900 | 2,706,982 |
|
| TOTAL MEXICO | | | 27,314,297 |
|
| Multi-National - 0.0% | | | |
| HK Electric Investments & HK Electric Investments Ltd. unit (d) | | 537,500 | 511,321 |
| HKT Trust/HKT Ltd. unit | | 779,860 | 1,074,030 |
|
| TOTAL MULTI-NATIONAL | | | 1,585,351 |
|
| Netherlands - 2.9% | | | |
| ABN AMRO Group NV GDR | | 85,844 | 2,109,917 |
| AEGON NV | | 368,144 | 2,263,358 |
| AerCap Holdings NV (b) | | 27,375 | 1,370,940 |
| Airbus Group NV | | 117,257 | 12,958,573 |
| Akzo Nobel NV | | 50,595 | 4,256,721 |
| ASML Holding NV (Netherlands) | | 82,539 | 14,216,858 |
| CNH Industrial NV | | 207,948 | 2,163,600 |
| EXOR NV | | 22,063 | 1,250,482 |
| Ferrari NV | | 24,927 | 2,922,174 |
| Fiat Chrysler Automobiles NV | | 218,781 | 3,332,941 |
| Heineken Holding NV | | 23,213 | 2,011,354 |
| Heineken NV (Bearer) | | 52,383 | 4,722,796 |
| ING Groep NV (Certificaten Van Aandelen) | | 782,847 | 9,261,859 |
| Koninklijke Ahold Delhaize NV | | 251,982 | 5,773,792 |
| Koninklijke DSM NV | | 36,661 | 3,213,133 |
| Koninklijke KPN NV | | 682,267 | 1,800,180 |
| Koninklijke Philips Electronics NV | | 189,670 | 7,073,905 |
| NN Group NV | | 62,596 | 2,694,176 |
| NXP Semiconductors NV | | 69,173 | 5,187,283 |
| QIAGEN NV (Germany) (b) | | 46,472 | 1,688,053 |
| Randstad NV | | 24,129 | 1,217,539 |
| STMicroelectronics NV (France) | | 138,576 | 2,106,553 |
| Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit | | 27,742 | 5,036,314 |
| Unilever NV (Certificaten Van Aandelen) (Bearer) | | 310,856 | 16,703,847 |
| Vopak NV | | 14,707 | 666,315 |
| Wolters Kluwer NV | | 58,880 | 3,345,192 |
| X5 Retail Group NV unit | | 24,767 | 578,628 |
|
| TOTAL NETHERLANDS | | | 119,926,483 |
|
| New Zealand - 0.1% | | | |
| Auckland International Airport Ltd. | | 197,239 | 899,671 |
| Fisher & Paykel Healthcare Corp. | | 117,382 | 1,041,728 |
| Fletcher Building Ltd. | | 175,937 | 693,438 |
| Meridian Energy Ltd. | | 258,545 | 528,917 |
| Ryman Healthcare Group Ltd. | | 77,827 | 614,511 |
| Spark New Zealand Ltd. | | 372,704 | 960,672 |
| The a2 Milk Co. Ltd. (b) | | 148,506 | 1,009,777 |
|
| TOTAL NEW ZEALAND | | | 5,748,714 |
|
| Norway - 0.5% | | | |
| Aker Bp ASA | | 21,840 | 720,245 |
| DNB ASA | | 195,542 | 3,538,629 |
| Equinor ASA | | 233,474 | 6,073,792 |
| Gjensidige Forsikring ASA | | 41,773 | 647,175 |
| Marine Harvest ASA | | 84,481 | 2,044,429 |
| Norsk Hydro ASA | | 267,167 | 1,386,893 |
| Orkla ASA | | 163,126 | 1,407,600 |
| Schibsted ASA (B Shares) | | 20,365 | 645,028 |
| Telenor ASA | | 152,032 | 2,789,123 |
| Yara International ASA | | 36,008 | 1,549,278 |
|
| TOTAL NORWAY | | | 20,802,192 |
|
| Pakistan - 0.0% | | | |
| Habib Bank Ltd. | | 129,900 | 142,927 |
| Lucky Cement Ltd. | | 26,450 | 99,296 |
| MCB Bank Ltd. | | 74,000 | 110,551 |
| Oil & Gas Development Co. Ltd. | | 126,500 | 151,886 |
| United Bank Ltd. | | 90,100 | 102,015 |
|
| TOTAL PAKISTAN | | | 606,675 |
|
| Papua New Guinea - 0.0% | | | |
| Oil Search Ltd. ADR | | 277,710 | 1,528,051 |
| Peru - 0.0% | | | |
| Compania de Minas Buenaventura SA sponsored ADR | | 35,796 | 495,417 |
| Philippines - 0.2% | | | |
| Aboitiz Equity Ventures, Inc. | | 415,210 | 365,194 |
| Aboitiz Power Corp. | | 295,900 | 186,609 |
| Alliance Global Group, Inc. (b) | | 783,100 | 166,477 |
| Ayala Corp. | | 50,640 | 871,845 |
| Ayala Land, Inc. | | 1,456,400 | 1,080,642 |
| Bank of the Philippine Islands (BPI) | | 170,906 | 262,738 |
| BDO Unibank, Inc. | | 397,304 | 910,044 |
| DMCI Holdings, Inc. | | 844,450 | 202,907 |
| Globe Telecom, Inc. | | 6,890 | 269,478 |
| GT Capital Holdings, Inc. | | 17,052 | 242,520 |
| International Container Terminal Services, Inc. | | 106,740 | 180,773 |
| JG Summit Holdings, Inc. | | 589,990 | 522,232 |
| Jollibee Food Corp. | | 91,420 | 472,181 |
| Manila Electric Co. | | 42,530 | 292,729 |
| Megaworld Corp. | | 2,361,100 | 194,855 |
| Metro Pacific Investments Corp. | | 2,677,200 | 240,481 |
| Metropolitan Bank & Trust Co. | | 158,120 | 193,962 |
| Philippine Long Distance Telephone Co. | | 18,400 | 475,454 |
| Robinsons Land Corp. | | 380,806 | 149,295 |
| Security Bank Corp. | | 43,910 | 118,656 |
| SM Investments Corp. | | 49,143 | 827,679 |
| SM Prime Holdings, Inc. | | 2,055,100 | 1,299,893 |
| Universal Robina Corp. | | 186,800 | 454,442 |
|
| TOTAL PHILIPPINES | | | 9,981,086 |
|
| Poland - 0.3% | | | |
| Alior Bank SA (b) | | 17,300 | 260,369 |
| Bank Handlowy w Warszawie SA | | 6,306 | 115,039 |
| Bank Millennium SA (b) | | 116,377 | 267,805 |
| Bank Polska Kasa Opieki SA | | 34,954 | 953,751 |
| Bank Zachodni WBK SA | | 7,165 | 635,619 |
| BRE Bank SA | | 2,838 | 276,615 |
| CD Projekt RED SA (b) | | 14,136 | 583,175 |
| Cyfrowy Polsat SA (b) | | 52,688 | 303,456 |
| Dino Polska SA (b)(d) | | 9,430 | 207,663 |
| Grupa Lotos SA | | 17,638 | 318,455 |
| Jastrzebska Spolka Weglowa SA (b) | | 10,000 | 192,851 |
| KGHM Polska Miedz SA (Bearer) (b) | | 28,106 | 636,371 |
| LPP SA | | 268 | 548,272 |
| NG2 SA | | 5,491 | 238,979 |
| Polish Oil & Gas Co. SA | | 362,515 | 591,414 |
| Polska Grupa Energetyczna SA (b) | | 160,952 | 440,849 |
| Polski Koncern Naftowy Orlen SA | | 61,137 | 1,469,652 |
| Powszechna Kasa Oszczednosci Bank SA | | 178,406 | 1,856,522 |
| Powszechny Zaklad Ubezpieczen SA | | 124,012 | 1,266,250 |
| Telekomunikacja Polska SA (b) | | 134,004 | 151,565 |
| Zaklady Azotowe w Tarnowie-Moscicach SA | | 8,499 | 57,367 |
|
| TOTAL POLAND | | | 11,372,039 |
|
| Portugal - 0.1% | | | |
| Banco Espirito Santo SA (Reg.) (b)(c) | | 82,039 | 1 |
| Energias de Portugal SA | | 519,880 | 1,827,766 |
| Galp Energia SGPS SA Class B | | 101,554 | 1,770,812 |
| Jeronimo Martins SGPS SA | | 51,461 | 633,000 |
|
| TOTAL PORTUGAL | | | 4,231,579 |
|
| Qatar - 0.3% | | | |
| Barwa Real Estate Co. (b) | | 18,460 | 189,569 |
| Doha Bank (b) | | 30,003 | 181,040 |
| Ezdan Holding Group (b) | | 157,953 | 474,596 |
| Industries Qatar QSC (b) | | 36,991 | 1,422,238 |
| Masraf al Rayan (b) | | 72,989 | 761,563 |
| Qatar Electricity & Water Co. (b) | | 10,104 | 521,379 |
| Qatar Insurance Co. SAQ | | 34,095 | 343,666 |
| Qatar Islamic Bank (b) | | 23,654 | 993,975 |
| Qatar National Bank SAQ | | 91,898 | 4,921,755 |
| Qatar Telecom (Qtel) Q.S.C. (b) | | 15,850 | 299,848 |
| The Commercial Bank of Qatar (b) | | 39,983 | 455,176 |
|
| TOTAL QATAR | | | 10,564,805 |
|
| Russia - 0.9% | | | |
| Alrosa Co. Ltd. | | 523,901 | 794,515 |
| Gazprom OAO | | 1,535,512 | 3,623,994 |
| Gazprom OAO sponsored ADR (Reg. S) | | 300,704 | 1,424,736 |
| Inter Rao Ues JSC | | 6,755,000 | 408,333 |
| Lukoil PJSC | | 71,846 | 5,393,324 |
| Lukoil PJSC sponsored ADR | | 26,871 | 2,007,264 |
| Magnit OJSC GDR (Reg. S) | | 73,524 | 981,178 |
| Magnitogorsk Iron & Steel Works PJSC | | 420,400 | 305,980 |
| MMC Norilsk Nickel PJSC | | 9,533 | 1,591,878 |
| MMC Norilsk Nickel PJSC sponsored ADR | | 33,213 | 550,672 |
| Mobile TeleSystems OJSC sponsored ADR | | 100,626 | 806,014 |
| Moscow Exchange MICEX-RTS OAO | | 282,805 | 377,367 |
| NOVATEK OAO GDR (Reg. S) | | 18,478 | 3,132,021 |
| Novolipetsk Steel OJSC | | 247,420 | 602,533 |
| PhosAgro OJSC GDR (Reg. S) | | 22,289 | 291,986 |
| Polyus PJSC | | 5,052 | 318,426 |
| Rosneft Oil Co. OJSC | | 176,573 | 1,234,225 |
| Rosneft Oil Co. OJSC GDR (Reg. S) | | 57,870 | 406,826 |
| RusHydro PJSC | | 13,548,000 | 113,075 |
| RusHydro PJSC ADR | | 68,343 | 53,581 |
| Sberbank of Russia | | 2,172,156 | 6,243,396 |
| Severstal PAO | | 28,843 | 450,988 |
| Severstal PAO GDR (Reg. S) | | 14,614 | 226,663 |
| Surgutneftegas OJSC | | 637,100 | 256,973 |
| Surgutneftegas OJSC sponsored ADR | | 72,932 | 290,269 |
| Tatneft PAO | | 238,461 | 2,839,504 |
| Tatneft PAO sponsored ADR | | 11,837 | 834,035 |
| VTB Bank OJSC (b) | | 659,090,334 | 365,996 |
|
| TOTAL RUSSIA | | | 35,925,752 |
|
| Singapore - 0.8% | | | |
| Ascendas Real Estate Investment Trust | | 479,100 | 871,625 |
| BOC Aviation Ltd. Class A | | 42,400 | 303,052 |
| CapitaCommercial Trust (REIT) | | 509,046 | 635,779 |
| CapitaLand Ltd. | | 521,500 | 1,182,190 |
| CapitaMall Trust | | 504,600 | 768,658 |
| City Developments Ltd. | | 84,700 | 483,686 |
| ComfortDelgro Corp. Ltd. | | 445,500 | 723,658 |
| DBS Group Holdings Ltd. | | 360,529 | 6,106,205 |
| Jardine Cycle & Carriage Ltd. | | 19,300 | 421,767 |
| Keppel Corp. Ltd. | | 299,200 | 1,339,234 |
| Oversea-Chinese Banking Corp. Ltd. | | 643,569 | 4,990,024 |
| Sembcorp Industries Ltd. | | 203,100 | 413,487 |
| Singapore Airlines Ltd. | | 107,300 | 734,364 |
| Singapore Airport Terminal Service Ltd. | | 132,600 | 476,734 |
| Singapore Exchange Ltd. | | 160,700 | 793,552 |
| Singapore Press Holdings Ltd. | | 335,100 | 641,097 |
| Singapore Technologies Engineering Ltd. | | 316,400 | 810,901 |
| Singapore Telecommunications Ltd. | | 1,652,700 | 3,770,373 |
| Suntec (REIT) | | 434,200 | 554,838 |
| United Overseas Bank Ltd. | | 268,453 | 4,725,036 |
| UOL Group Ltd. | | 105,077 | 457,434 |
| Venture Corp. Ltd. | | 55,600 | 614,946 |
| Wilmar International Ltd. | | 389,400 | 888,354 |
| Yangzijiang Shipbuilding Holdings Ltd. | | 470,400 | 421,107 |
|
| TOTAL SINGAPORE | | | 33,128,101 |
|
| South Africa - 1.4% | | | |
| Anglo American Platinum Ltd. | | 10,251 | 334,876 |
| AngloGold Ashanti Ltd. | | 84,246 | 815,534 |
| Aspen Pharmacare Holdings Ltd. | | 79,004 | 835,426 |
| Barclays Africa Group Ltd. | | 145,740 | 1,473,058 |
| Bidcorp Ltd. | | 68,663 | 1,287,807 |
| Bidvest Group Ltd. | | 67,521 | 841,100 |
| Capitec Bank Holdings Ltd. | | 8,474 | 569,052 |
| Clicks Group Ltd. | | 50,982 | 649,694 |
| Coronation Fund Managers Ltd. | | 43,671 | 145,437 |
| Discovery Ltd. | | 72,036 | 771,167 |
| Exxaro Resources Ltd. | | 53,187 | 544,038 |
| FirstRand Ltd. | | 681,250 | 2,969,747 |
| Fortress (REIT) Ltd.: | | | |
| Class A | | 214,018 | 245,317 |
| Class B | | 110,459 | 107,745 |
| Foschini Ltd. | | 45,861 | 501,184 |
| Gold Fields Ltd. | | 170,820 | 451,606 |
| Growthpoint Properties Ltd. | | 597,556 | 917,447 |
| Hyprop Investments Ltd. | | 51,417 | 314,619 |
| Imperial Holdings Ltd. | | 32,298 | 356,663 |
| Investec Ltd. | | 59,944 | 372,890 |
| Kumba Iron Ore Ltd. | | 12,325 | 241,446 |
| Liberty Holdings Ltd. | | 24,831 | 181,766 |
| Life Healthcare Group Holdings Ltd. | | 276,485 | 459,168 |
| MMI Holdings Ltd. | | 180,265 | 218,114 |
| Mondi Ltd. | | 24,422 | 584,175 |
| Mr Price Group Ltd. | | 51,580 | 807,553 |
| MTN Group Ltd. | | 343,162 | 1,988,839 |
| Naspers Ltd. Class N | | 88,393 | 15,534,639 |
| Nedbank Group Ltd. | | 77,460 | 1,306,988 |
| Netcare Ltd. | | 234,543 | 394,760 |
| Old Mutual Ltd. | | 1,001,292 | 1,540,032 |
| Pick 'n Pay Stores Ltd. | | 78,245 | 361,351 |
| Pioneer Foods Ltd. | | 24,540 | 134,706 |
| PSG Group Ltd. | | 31,595 | 471,146 |
| Rand Merchant Insurance Holdings Ltd. | | 131,214 | 305,432 |
| Redefine Properties Ltd. | | 1,114,993 | 724,812 |
| Remgro Ltd. | | 107,474 | 1,385,488 |
| Resilient Property Income Fund Ltd. | | 56,772 | 230,205 |
| RMB Holdings Ltd. | | 143,673 | 725,158 |
| Sanlam Ltd. | | 350,500 | 1,764,320 |
| Sappi Ltd. | | 106,648 | 599,586 |
| Sasol Ltd. | | 112,415 | 3,673,718 |
| Shoprite Holdings Ltd. | | 89,668 | 1,095,892 |
| Spar Group Ltd. | | 40,081 | 477,712 |
| Standard Bank Group Ltd. | | 262,137 | 2,902,209 |
| Telkom SA Ltd. | | 55,360 | 201,326 |
| Tiger Brands Ltd. | | 33,118 | 591,713 |
| Truworths International Ltd. | | 90,418 | 495,958 |
| Vodacom Group Ltd. | | 122,739 | 1,034,993 |
| Woolworths Holdings Ltd. | | 201,527 | 695,731 |
|
| TOTAL SOUTH AFRICA | | | 55,633,343 |
|
| Spain - 1.9% | | | |
| ACS Actividades de Construccion y Servicios SA | | 52,436 | 1,966,457 |
| Aena Sme SA | | 13,661 | 2,184,033 |
| Amadeus IT Holding SA Class A | | 88,455 | 7,131,421 |
| Banco Bilbao Vizcaya Argentaria SA | | 1,342,486 | 7,409,308 |
| Banco de Sabadell SA | | 1,142,922 | 1,508,128 |
| Banco Santander SA: | | | |
| rights (b) | | 3,255,079 | 126,459 |
| (Spain) | | 3,255,079 | 15,487,525 |
| Bankia SA | | 250,821 | 789,493 |
| Bankinter SA | | 137,201 | 1,125,723 |
| CaixaBank SA | | 728,449 | 2,947,823 |
| Enagas SA | | 46,304 | 1,229,340 |
| Endesa SA | | 62,430 | 1,306,746 |
| Ferrovial SA | | 96,621 | 1,937,049 |
| Gas Natural SDG SA | | 71,081 | 1,748,675 |
| Grifols SA | | 59,691 | 1,703,071 |
| Iberdrola SA | | 1,200,699 | 8,507,983 |
| Inditex SA | | 219,584 | 6,200,386 |
| International Consolidated Airlines Group SA | | 103,426 | 798,932 |
| International Consolidated Airlines Group SA CDI | | 20,429 | 157,562 |
| MAPFRE SA (Reg.) | | 220,388 | 660,002 |
| Red Electrica Corporacion SA | | 86,490 | 1,790,902 |
| Repsol SA | | 273,699 | 4,890,687 |
| Siemens Gamesa Renewable Energy SA (b) | | 48,445 | 537,299 |
| Telefonica SA | | 941,011 | 7,719,171 |
|
| TOTAL SPAIN | | | 79,864,175 |
|
| Sweden - 1.6% | | | |
| Alfa Laval AB | | 59,808 | 1,527,363 |
| ASSA ABLOY AB (B Shares) | | 200,746 | 3,992,991 |
| Atlas Copco AB: | | | |
| (A Shares) | | 136,170 | 3,371,830 |
| (B Shares) | | 77,336 | 1,772,589 |
| Boliden AB | | 55,732 | 1,273,758 |
| Electrolux AB (B Shares) | | 48,870 | 1,015,727 |
| Epiroc AB: | | | |
| Class A (b) | | 136,170 | 1,195,765 |
| Class B (b) | | 79,314 | 653,760 |
| Essity AB Class B | | 122,896 | 2,805,437 |
| H&M Hennes & Mauritz AB (B Shares) | | 177,725 | 3,139,116 |
| Hexagon AB (B Shares) | | 52,510 | 2,574,101 |
| Husqvarna AB (B Shares) | | 83,005 | 626,949 |
| ICA Gruppen AB (a) | | 15,877 | 561,958 |
| Industrivarden AB (C Shares) | | 32,774 | 681,184 |
| Investor AB (B Shares) | | 91,218 | 3,954,277 |
| Kinnevik AB (B Shares) | | 47,573 | 1,319,920 |
| Lundbergfoeretagen AB | | 15,222 | 469,743 |
| Lundin Petroleum AB | | 38,075 | 1,162,494 |
| Sandvik AB | | 226,464 | 3,585,848 |
| Securitas AB (B Shares) | | 62,976 | 1,080,092 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 325,981 | 3,375,528 |
| Skanska AB (B Shares) | | 69,337 | 1,091,447 |
| SKF AB (B Shares) | | 77,015 | 1,237,135 |
| Svenska Handelsbanken AB (A Shares) | | 305,922 | 3,325,324 |
| Swedbank AB (A Shares) | | 181,745 | 4,093,217 |
| Swedish Match Co. AB | | 36,786 | 1,874,443 |
| Tele2 AB (B Shares) | | 72,098 | 819,372 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 617,495 | 5,376,380 |
| TeliaSonera AB | | 571,133 | 2,575,080 |
| Volvo AB (B Shares) | | 314,915 | 4,707,646 |
|
| TOTAL SWEDEN | | | 65,240,474 |
|
| Switzerland - 5.7% | | | |
| ABB Ltd. (Reg.) | | 369,741 | 7,439,759 |
| Adecco SA (Reg.) | | 32,996 | 1,616,465 |
| Baloise Holdings AG | | 9,941 | 1,423,315 |
| Barry Callebaut AG | | 436 | 852,389 |
| Clariant AG (Reg.) | | 40,562 | 874,349 |
| Coca-Cola HBC AG | | 40,925 | 1,208,369 |
| Compagnie Financiere Richemont SA Series A | | 105,031 | 7,676,783 |
| Credit Suisse Group AG | | 514,572 | 6,727,343 |
| Dufry AG | | 6,522 | 735,316 |
| Ems-Chemie Holding AG | | 1,630 | 898,228 |
| Galenica AG | | 9,243 | 1,335,768 |
| Geberit AG (Reg.) | | 7,511 | 2,940,562 |
| Givaudan SA | | 1,842 | 4,469,888 |
| Julius Baer Group Ltd. | | 45,339 | 2,067,675 |
| Kuehne & Nagel International AG | | 10,664 | 1,483,420 |
| Lafargeholcim Ltd. (Reg.) | | 98,633 | 4,568,564 |
| Lindt & Spruengli AG | | 20 | 1,596,584 |
| Lindt & Spruengli AG (participation certificate) | | 213 | 1,469,841 |
| Lonza Group AG | | 14,957 | 4,703,254 |
| Nestle SA (Reg. S) | | 627,374 | 52,964,860 |
| Novartis AG | | 446,067 | 39,063,143 |
| Pargesa Holding SA | | 8,018 | 588,722 |
| Partners Group Holding AG | | 3,447 | 2,455,665 |
| Roche Holding AG (participation certificate) | | 141,844 | 34,519,498 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 8,196 | 1,728,472 |
| (Reg.) | | 3,929 | 816,112 |
| SGS SA (Reg.) | | 1,082 | 2,569,770 |
| Sika AG | | 26,160 | 3,355,877 |
| Sonova Holding AG Class B | | 11,260 | 1,839,679 |
| Straumann Holding AG | | 2,092 | 1,428,040 |
| Swatch Group AG (Bearer) | | 6,293 | 2,129,429 |
| Swatch Group AG (Bearer) (Reg.) | | 11,122 | 742,645 |
| Swiss Life Holding AG | | 6,953 | 2,624,764 |
| Swiss Prime Site AG | | 14,870 | 1,207,731 |
| Swiss Re Ltd. | | 63,223 | 5,709,938 |
| Swisscom AG | | 5,257 | 2,408,360 |
| Temenos Group AG | | 12,219 | 1,680,317 |
| UBS Group AG | | 775,918 | 10,855,071 |
| Zurich Insurance Group AG | | 30,481 | 9,463,784 |
|
| TOTAL SWITZERLAND | | | 232,239,749 |
|
| Taiwan - 2.7% | | | |
| Acer, Inc. | | 619,288 | 434,055 |
| Advantech Co. Ltd. | | 72,591 | 499,407 |
| ASE Industrial Holding Co. Ltd. | | 707,840 | 1,426,631 |
| Asia Cement Corp. | | 449,466 | 475,445 |
| ASUSTeK Computer, Inc. | | 144,000 | 1,065,099 |
| AU Optronics Corp. | | 1,780,000 | 695,063 |
| Catcher Technology Co. Ltd. | | 133,000 | 1,338,141 |
| Cathay Financial Holding Co. Ltd. | | 1,650,285 | 2,611,843 |
| Chang Hwa Commercial Bank | | 1,056,980 | 599,151 |
| Cheng Shin Rubber Industry Co. Ltd. | | 403,899 | 568,137 |
| Chicony Electronics Co. Ltd. | | 124,493 | 248,902 |
| China Airlines Ltd. | | 590,490 | 174,703 |
| China Development Finance Holding Corp. | | 2,726,800 | 874,570 |
| China Life Insurance Co. Ltd. | | 510,995 | 485,239 |
| China Steel Corp. | | 2,540,426 | 2,002,112 |
| Chinatrust Financial Holding Co. Ltd. | | 3,540,579 | 2,361,491 |
| Chunghwa Telecom Co. Ltd. | | 769,000 | 2,714,690 |
| Compal Electronics, Inc. | | 874,000 | 481,313 |
| Delta Electronics, Inc. | | 420,621 | 1,766,145 |
| E.SUN Financial Holdings Co. Ltd. | | 1,954,804 | 1,294,342 |
| ECLAT Textile Co. Ltd. | | 37,941 | 450,358 |
| EVA Airways Corp. | | 477,265 | 218,126 |
| Evergreen Marine Corp. (Taiwan) | | 455,122 | 167,581 |
| Evergreen Marine Corp. (Taiwan) rights 11/18/18 (b) | | 25,926 | 586 |
| Far Eastern Textile Ltd. | | 672,664 | 674,609 |
| Far EasTone Telecommunications Co. Ltd. | | 326,000 | 776,028 |
| Feng Tay Enterprise Co. Ltd. | | 64,436 | 387,109 |
| First Financial Holding Co. Ltd. | | 1,974,197 | 1,246,606 |
| Formosa Chemicals & Fibre Corp. | | 711,590 | 2,574,186 |
| Formosa Petrochemical Corp. | | 256,000 | 1,008,769 |
| Formosa Plastics Corp. | | 900,480 | 2,937,565 |
| Formosa Taffeta Co. Ltd. | | 149,000 | 161,943 |
| Foxconn Technology Co. Ltd. | | 194,535 | 412,186 |
| Fubon Financial Holding Co. Ltd. | | 1,337,398 | 2,092,890 |
| Giant Manufacturing Co. Ltd. | | 68,000 | 259,169 |
| GlobalWafers Co. Ltd. | | 44,000 | 348,896 |
| Highwealth Construction Corp. | | 176,480 | 258,503 |
| HIWIN Technologies Corp. | | 45,362 | 293,031 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 2,641,990 | 6,724,336 |
| Hotai Motor Co. Ltd. | | 57,000 | 393,065 |
| HTC Corp. (b) | | 125,000 | 135,657 |
| Hua Nan Financial Holdings Co. Ltd. | | 1,544,909 | 870,744 |
| Innolux Corp. | | 1,835,427 | 555,480 |
| Inventec Corp. | | 476,280 | 383,818 |
| Largan Precision Co. Ltd. | | 20,000 | 2,164,048 |
| Lite-On Technology Corp. | | 439,910 | 504,411 |
| Macronix International Co. Ltd. | | 382,502 | 211,880 |
| MediaTek, Inc. | | 304,970 | 2,240,942 |
| Mega Financial Holding Co. Ltd. | | 2,178,246 | 1,839,800 |
| Micro-Star International Co. Ltd. | | 141,000 | 311,051 |
| Nan Ya Plastics Corp. | | 1,039,780 | 2,582,616 |
| Nanya Technology Corp. | | 212,000 | 351,958 |
| Nien Made Enterprise Co. Ltd. | | 35,000 | 215,920 |
| Novatek Microelectronics Corp. | | 120,000 | 529,061 |
| Pegatron Corp. | | 392,000 | 712,831 |
| Phison Electronics Corp. | | 29,000 | 190,146 |
| Pou Chen Corp. | | 460,000 | 465,787 |
| Powertech Technology, Inc. | | 144,000 | 314,414 |
| President Chain Store Corp. | | 116,000 | 1,307,602 |
| Quanta Computer, Inc. | | 539,000 | 850,443 |
| Realtek Semiconductor Corp. | | 98,090 | 392,861 |
| Ruentex Development Co. Ltd. | | 106,694 | 147,494 |
| Ruentex Industries Ltd. | | 73,809 | 184,758 |
| Shin Kong Financial Holding Co. Ltd. | | 1,713,659 | 561,801 |
| Sinopac Holdings Co. | | 2,209,314 | 749,271 |
| Standard Foods Corp. | | 80,986 | 121,503 |
| Synnex Technology International Corp. | | 300,500 | 323,207 |
| TaiMed Biologics, Inc. (b) | | 36,000 | 224,415 |
| Taishin Financial Holdings Co. Ltd. | | 2,017,362 | 895,939 |
| Taishin Financial Holdings Co. Ltd. rights 11/22/18 (b) | | 40,695 | 3,943 |
| Taiwan Business Bank | | 782,089 | 257,661 |
| Taiwan Cement Corp. | | 918,000 | 1,028,879 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 1,755,223 | 986,447 |
| Taiwan High Speed Rail Corp. | | 389,000 | 385,727 |
| Taiwan Mobile Co. Ltd. | | 326,600 | 1,165,656 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 4,955,000 | 37,178,052 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 4,998 | 190,424 |
| TECO Electric & Machinery Co. Ltd. | | 363,000 | 208,112 |
| Unified-President Enterprises Corp. | | 974,080 | 2,356,506 |
| United Microelectronics Corp. | | 2,463,000 | 938,073 |
| Vanguard International Semiconductor Corp. | | 193,000 | 355,324 |
| Walsin Technology Corp. | | 64,000 | 269,763 |
| Win Semiconductors Corp. | | 73,000 | 223,995 |
| Winbond Electronics Corp. | | 569,000 | 246,269 |
| Wistron Corp. | | 576,666 | 352,029 |
| WPG Holding Co. Ltd. | | 318,320 | 377,845 |
| Yageo Corp. | | 51,519 | 524,999 |
| Yuanta Financial Holding Co. Ltd. | | 2,018,372 | 977,878 |
|
| TOTAL TAIWAN | | | 111,869,461 |
|
| Thailand - 0.6% | | | |
| Advanced Info Service PCL (For. Reg.) | | 214,700 | 1,269,035 |
| Airports of Thailand PCL (For. Reg.) | | 866,900 | 1,673,148 |
| Bangkok Bank PCL (For. Reg.) | | 48,000 | 306,876 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 801,600 | 592,256 |
| Bangkok Expressway and Metro PCL | | 1,607,400 | 412,030 |
| Banpu PCL (For. Reg.) | | 391,500 | 205,431 |
| Berli Jucker PCL (For. Reg) | | 256,700 | 431,575 |
| BTS Group Holdings PCL | | 1,132,400 | 312,469 |
| BTS Group Holdings PCL warrants 12/31/19 (b) | | 125,822 | 315 |
| Bumrungrad Hospital PCL (For. Reg.) | | 76,600 | 445,832 |
| C.P. ALL PCL (For. Reg.) | | 1,016,000 | 2,060,495 |
| Central Pattana PCL (For. Reg.) | | 277,100 | 660,160 |
| Charoen Pokphand Foods PCL (For. Reg.) | | 690,800 | 526,016 |
| Delta Electronics PCL (For. Reg.) | | 108,400 | 225,561 |
| Electricity Generating PCL (For. Reg.) | | 25,100 | 174,852 |
| Energy Absolute PCL | | 264,300 | 394,537 |
| Glow Energy PCL (For. Reg.) | | 98,700 | 249,280 |
| Home Product Center PCL (For. Reg.) | | 750,367 | 337,167 |
| Indorama Ventures PCL (For. Reg.) | | 328,300 | 537,101 |
| IRPC PCL (For. Reg.) | | 2,158,100 | 396,997 |
| Kasikornbank PCL (For. Reg.) | | 372,900 | 2,243,473 |
| Krung Thai Bank PCL (For. Reg.) | | 672,155 | 407,428 |
| Land & House PCL (For. Reg.) | | 590,900 | 183,543 |
| Minor International PCL (For. Reg.) | | 476,670 | 524,682 |
| PTT Exploration and Production PCL (For. Reg.) | | 281,644 | 1,184,841 |
| PTT Global Chemical PCL (For. Reg.) | | 465,439 | 1,084,293 |
| PTT PCL (For. Reg.) | | 2,140,900 | 3,292,699 |
| Robinsons Department Store PCL (For. Reg.) | | 112,300 | 220,976 |
| Siam Cement PCL (For. Reg.) | | 81,700 | 1,029,873 |
| Siam Commercial Bank PCL (For. Reg.) | | 372,400 | 1,544,180 |
| Thai Oil PCL (For. Reg.) | | 232,600 | 594,477 |
| Thai Union Frozen Products PCL (For. Reg.) | | 377,200 | 188,828 |
| TMB PCL (For. Reg.) | | 2,093,400 | 143,937 |
| True Corp. PCL (For. Reg.) | | 2,121,012 | 377,382 |
|
| TOTAL THAILAND | | | 24,231,745 |
|
| Turkey - 0.1% | | | |
| Akbank T.A.S. | | 440,675 | 521,122 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 39,807 | 133,815 |
| Arcelik A/S | | 46,392 | 128,894 |
| Aselsan A/S | | 62,502 | 282,453 |
| Bim Birlesik Magazalar A/S JSC | | 43,707 | 620,856 |
| Coca-Cola Icecek Sanayi A/S | | 14,842 | 73,180 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | | 380,688 | 113,738 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 286,516 | 464,404 |
| Ford Otomotiv Sanayi A/S | | 14,785 | 158,705 |
| Haci Omer Sabanci Holding A/S | | 198,241 | 252,518 |
| Koc Holding A/S | | 160,879 | 448,421 |
| Petkim Petrokimya Holding A/S | | 194,011 | 176,323 |
| TAV Havalimanlari Holding A/S | | 41,171 | 171,325 |
| Tofas Turk Otomobil Fabrikasi A/S | | 23,666 | 89,336 |
| Tupras Turkiye Petrol Rafinerileri A/S | | 26,098 | 614,911 |
| Turk Hava Yollari AO (b) | | 119,164 | 299,530 |
| Turk Sise ve Cam Fabrikalari A/S | | 142,895 | 120,920 |
| Turkcell Iletisim Hizmet A/S | | 225,428 | 457,744 |
| Turkiye Garanti Bankasi A/S | | 461,557 | 577,194 |
| Turkiye Halk Bankasi A/S | | 118,556 | 130,866 |
| Turkiye Is Bankasi A/S Series C | | 335,209 | 239,281 |
| Turkiye Vakiflar Bankasi TAO | | 146,943 | 89,907 |
| Ulker Biskuvi Sanayi A/S (b) | | 29,143 | 77,060 |
| Yapi ve Kredi Bankasi A/S (b) | | 317,595 | 92,047 |
|
| TOTAL TURKEY | | | 6,334,550 |
|
| United Arab Emirates - 0.2% | | | |
| Abu Dhabi Commercial Bank PJSC (b) | | 414,560 | 913,056 |
| Aldar Properties PJSC | | 783,778 | 369,148 |
| Damac Properties Dubai Co. PJSC (b) | | 357,558 | 196,634 |
| DP World Ltd. | | 33,467 | 602,071 |
| Dubai Investments Ltd. (b) | | 425,521 | 187,671 |
| Dubai Islamic Bank Pakistan Ltd. (b) | | 331,502 | 474,715 |
| Emaar Development PJSC (b) | | 162,900 | 219,527 |
| Emaar Malls Group PJSC (b) | | 382,642 | 190,636 |
| Emaar Properties PJSC | | 727,404 | 1,009,967 |
| Emirates Telecommunications Corp. (b) | | 355,939 | 1,686,111 |
| National Bank of Abu Dhabi PJSC | | 282,944 | 1,064,559 |
|
| TOTAL UNITED ARAB EMIRATES | | | 6,914,095 |
|
| United Kingdom - 10.6% | | | |
| 3i Group PLC | | 193,078 | 2,167,330 |
| Admiral Group PLC | | 40,049 | 1,030,467 |
| Anglo American PLC (United Kingdom) | | 213,830 | 4,578,615 |
| Antofagasta PLC | | 81,280 | 815,345 |
| Ashtead Group PLC | | 100,389 | 2,483,580 |
| Associated British Foods PLC | | 72,257 | 2,203,683 |
| AstraZeneca PLC (United Kingdom) | | 255,799 | 19,565,981 |
| Auto Trader Group PLC (d) | | 189,018 | 987,687 |
| Aviva PLC | | 805,276 | 4,400,744 |
| Babcock International Group PLC | | 51,554 | 402,758 |
| BAE Systems PLC | | 640,963 | 4,297,841 |
| Barclays PLC | | 3,435,148�� | 7,568,685 |
| Barratt Developments PLC | | 203,060 | 1,334,094 |
| Berkeley Group Holdings PLC | | 26,202 | 1,172,534 |
| BHP Billiton PLC | | 424,916 | 8,476,518 |
| BP PLC | | 4,059,884 | 29,327,467 |
| BP PLC sponsored ADR | | 5,396 | 234,025 |
| British American Tobacco PLC (United Kingdom) | | 464,296 | 20,127,356 |
| British Land Co. PLC | | 190,246 | 1,439,581 |
| BT Group PLC | | 1,693,837 | 5,186,540 |
| Bunzl PLC | | 66,481 | 1,963,796 |
| Burberry Group PLC | | 84,930 | 1,965,977 |
| Carnival PLC | | 36,792 | 2,005,367 |
| Centrica PLC | | 1,135,642 | 2,136,722 |
| Coca-Cola European Partners PLC | | 44,929 | 2,043,820 |
| Compass Group PLC | | 318,012 | 6,259,837 |
| ConvaTec Group PLC (d) | | 282,757 | 585,500 |
| Croda International PLC | | 26,295 | 1,620,015 |
| Diageo PLC | | 494,769 | 17,104,913 |
| Direct Line Insurance Group PLC | | 280,032 | 1,179,402 |
| easyJet PLC | | 32,990 | 506,014 |
| Fresnillo PLC | | 46,135 | 500,417 |
| G4S PLC (United Kingdom) | | 318,684 | 875,785 |
| GlaxoSmithKline PLC | | 1,001,329 | 19,393,501 |
| Hammerson PLC | | 158,135 | 886,332 |
| Hargreaves Lansdown PLC | | 57,677 | 1,377,141 |
| HSBC Holdings PLC (United Kingdom) | | 4,056,256 | 33,381,370 |
| Imperial Tobacco Group PLC | | 191,891 | 6,507,148 |
| Informa PLC | | 250,000 | 2,280,309 |
| InterContinental Hotel Group PLC | | 36,568 | 1,921,064 |
| Intertek Group PLC | | 32,751 | 1,962,506 |
| Investec PLC | | 138,781 | 858,567 |
| ITV PLC | | 728,409 | 1,386,803 |
| J Sainsbury PLC | | 355,242 | 1,413,067 |
| John Wood Group PLC | | 139,151 | 1,270,296 |
| Johnson Matthey PLC | | 38,723 | 1,471,508 |
| Kingfisher PLC | | 437,788 | 1,421,570 |
| Land Securities Group PLC | | 150,797 | 1,644,532 |
| Legal & General Group PLC | | 1,193,988 | 3,838,281 |
| Lloyds Banking Group PLC | | 14,519,705 | 10,595,610 |
| London Stock Exchange Group PLC | | 64,138 | 3,537,488 |
| Marks & Spencer Group PLC | | 332,811 | 1,259,181 |
| Mediclinic International PLC | | 14,885 | 71,708 |
| Mediclinic International PLC | | 62,431 | 300,444 |
| Meggitt PLC | | 158,850 | 1,075,717 |
| Melrose Industries PLC | | 982,971 | 2,118,975 |
| Merlin Entertainments PLC (d) | | 140,576 | 580,739 |
| Micro Focus International PLC | | 88,522 | 1,372,287 |
| Mondi PLC | | 74,746 | 1,762,242 |
| National Grid PLC | | 677,643 | 7,182,226 |
| Next PLC | | 29,134 | 1,937,922 |
| NMC Health PLC | | 21,040 | 949,872 |
| Pearson PLC | | 160,156 | 1,839,864 |
| Persimmon PLC | | 62,748 | 1,839,891 |
| Prudential PLC | | 525,836 | 10,529,143 |
| Reckitt Benckiser Group PLC | | 134,700 | 10,892,396 |
| RELX PLC | | 212,199 | 4,204,108 |
| RELX PLC | | 193,624 | 3,831,315 |
| Rio Tinto PLC | | 241,696 | 11,734,528 |
| Rolls-Royce Holdings PLC | | 334,256 | 3,584,626 |
| Royal Bank of Scotland Group PLC | | 971,144 | 2,923,628 |
| Royal Dutch Shell PLC: | | | |
| Class A | | 14,363 | 456,189 |
| Class A (United Kingdom) | | 907,577 | 28,913,692 |
| Class A sponsored ADR | | 2,832 | 178,954 |
| Class B (United Kingdom) | | 758,152 | 24,725,556 |
| Royal Mail PLC | | 184,588 | 847,026 |
| RSA Insurance Group PLC | | 203,246 | 1,466,249 |
| Sage Group PLC | | 220,220 | 1,532,405 |
| Schroders PLC | | 25,591 | 876,639 |
| Scottish & Southern Energy PLC | | 213,283 | 3,108,690 |
| Segro PLC | | 203,761 | 1,600,709 |
| Severn Trent PLC | | 47,402 | 1,128,777 |
| Smith & Nephew PLC | | 177,535 | 2,885,806 |
| Smiths Group PLC | | 80,443 | 1,436,941 |
| St. James's Place Capital PLC | | 105,673 | 1,368,947 |
| Standard Chartered PLC (United Kingdom) | | 562,764 | 3,952,691 |
| Standard Life PLC | | 476,134 | 1,646,248 |
| Taylor Wimpey PLC | | 672,877 | 1,389,015 |
| Tesco PLC | | 1,957,739 | 5,331,756 |
| The Weir Group PLC | | 49,608 | 1,005,666 |
| Travis Perkins PLC | | 51,248 | 725,142 |
| Unilever PLC | | 247,939 | 13,133,239 |
| United Utilities Group PLC | | 138,047 | 1,282,098 |
| Vodafone Group PLC | | 5,348,685 | 10,058,407 |
| Vodafone Group PLC sponsored ADR | | 2,705 | 51,206 |
| Whitbread PLC | | 36,337 | 2,043,622 |
| WM Morrison Supermarkets PLC | | 453,351 | 1,437,673 |
|
| TOTAL UNITED KINGDOM | | | 434,269,644 |
|
| United States of America - 0.1% | | | |
| Southern Copper Corp. | | 16,906 | 648,176 |
| Yum China Holdings, Inc. | | 73,846 | 2,664,364 |
|
| TOTAL UNITED STATES OF AMERICA | | | 3,312,540 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $3,923,959,356) | | | 3,826,836,592 |
|
| Nonconvertible Preferred Stocks - 1.3% | | | |
| Brazil - 0.7% | | | |
| Banco Bradesco SA (PN) | | 672,790 | 6,200,913 |
| Braskem SA (PN-A) | | 33,200 | 465,237 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 41,200 | 294,483 |
| Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) | | 32,900 | 691,506 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 184,507 | 546,853 |
| Gerdau SA | | 209,200 | 914,038 |
| Itau Unibanco Holding SA | | 650,281 | 8,605,761 |
| Itausa-Investimentos Itau SA (PN) | | 891,898 | 2,693,788 |
| Lojas Americanas SA (PN) | | 152,036 | 768,044 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 795,700 | 5,905,477 |
| Telefonica Brasil SA | | 87,800 | 1,019,674 |
|
| TOTAL BRAZIL | | | 28,105,774 |
|
| Chile - 0.0% | | | |
| Embotelladora Andina SA Class B | | 62,058 | 218,450 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 24,424 | 1,056,260 |
|
| TOTAL CHILE | | | 1,274,710 |
|
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 90,830 | 849,194 |
| Grupo Aval Acciones y Valores SA | | 787,281 | 276,324 |
| Grupo de Inversiones Suramerica SA | | 21,002 | 191,787 |
|
| TOTAL COLOMBIA | | | 1,317,305 |
|
| France - 0.0% | | | |
| Air Liquide SA (b) | | 8,120 | 984,092 |
| Germany - 0.4% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 10,885 | 822,337 |
| Fuchs Petrolub AG | | 13,737 | 636,994 |
| Henkel AG & Co. KGaA | | 35,776 | 3,913,584 |
| Porsche Automobil Holding SE (Germany) | | 31,059 | 1,975,197 |
| Sartorius AG (non-vtg.) | | 7,213 | 1,045,735 |
| Volkswagen AG | | 37,584 | 6,332,641 |
|
| TOTAL GERMANY | | | 14,726,488 |
|
| Italy - 0.0% | | | |
| Telecom Italia SpA (Risparmio Shares) | | 1,245,504 | 630,310 |
| Korea (South) - 0.2% | | | |
| AMOREPACIFIC Corp. | | 1,715 | 135,276 |
| Hyundai Motor Co. | | 4,726 | 275,856 |
| Hyundai Motor Co. Series 2 | | 7,593 | 471,152 |
| LG Chemical Ltd. | | 1,547 | 270,488 |
| LG Household & Health Care Ltd. | | 378 | 242,503 |
| Samsung Electronics Co. Ltd. | | 170,783 | 5,351,001 |
|
| TOTAL KOREA (SOUTH) | | | 6,746,276 |
|
| Russia - 0.0% | | | |
| AK Transneft OAO | | 90 | 233,492 |
| Surgutneftegas OJSC | | 1,409,133 | 815,762 |
|
| TOTAL RUSSIA | | | 1,049,254 |
|
| United Kingdom - 0.0% | | | |
| Rolls-Royce Holdings PLC Series C (b) | | 15,375,776 | 19,653 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | |
| (Cost $51,490,036) | | | 54,853,862 |
| | | Principal Amount(e) | Value |
|
| Nonconvertible Bonds - 0.0% | | | |
| India - 0.0% | | | |
| NTPC Ltd. 8.49% 3/25/25 | INR | | |
| (Cost $13,959) | | 69,696 | 13,375 |
|
| Government Obligations - 0.2% | | | |
| United States of America - 0.2% | | | |
| U.S. Treasury Bills, yield at date of purchase 2% 11/8/18 (f) | | | |
| (Cost $9,996,156) | | 10,000,000 | 9,995,914 |
| | | Shares | Value |
|
| Money Market Funds - 4.6% | | | |
| Fidelity Cash Central Fund, 2.23% (g) | | 162,730,390 | 162,762,936 |
| Fidelity Securities Lending Cash Central Fund 2.23% (g)(h) | | 23,270,432 | 23,272,759 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $186,035,695) | | | 186,035,695 |
| TOTAL INVESTMENT IN SECURITIES - 99.6% | | | |
| (Cost $4,171,495,202) | | | 4,077,735,438 |
| NET OTHER ASSETS (LIABILITIES) - 0.4% | | | 15,966,383 |
| NET ASSETS - 100% | | | $4,093,701,821 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 1,606 | Dec. 2018 | $145,543,750 | $(4,780,829) | $(4,780,829) |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 1,084 | Dec. 2018 | 51,853,140 | (1,226,309) | (1,226,309) |
| TME S&P/TSX 60 Index Contracts (Canada) | 105 | Dec. 2018 | 14,264,271 | (361,568) | (361,568) |
| TOTAL FUTURES CONTRACTS | | | | | $(6,368,706) |
The notional amount of futures purchased as a percentage of Net Assets is 5.2%
Currency Abbreviations
INR – Indian rupee
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Level 3 security
(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 $22,740,116 or 0.6% 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 $9,882,960.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $1,443,121 |
| Fidelity Securities Lending Cash Central Fund | 454,911 |
| Total | $1,898,032 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
| Affiliate | Value, beginning of period | Purchases(a) | Sales Proceeds(a) | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity International Index Fund | $- | $620,000,000 | $621,987,635 | $- | $1,987,635 | $- | $- |
(a) Includes the value of shares purchased or redeemed through in-kind transactions. See Note 6 of the Notes to Financial Statements.
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $278,469,272 | $115,316,357 | $163,152,915 | $-- |
| Consumer Discretionary | 402,030,689 | 265,493,856 | 136,467,056 | 69,777 |
| Consumer Staples | 380,762,401 | 182,595,300 | 198,154,756 | 12,345 |
| Energy | 301,216,599 | 152,507,184 | 148,709,415 | -- |
| Financials | 871,182,522 | 556,163,916 | 315,018,605 | 1 |
| Health Care | 334,882,917 | 103,136,960 | 231,718,774 | 27,183 |
| Industrials | 454,427,588 | 257,152,896 | 197,274,692 | -- |
| Information Technology | 317,760,178 | 174,192,652 | 143,567,525 | 1 |
| Materials | 302,002,798 | 206,273,475 | 95,729,323 | -- |
| Real Estate | 120,608,764 | 101,802,838 | 18,805,926 | -- |
| Utilities | 118,346,726 | 87,584,741 | 30,761,985 | -- |
| Corporate Bonds | 13,375 | -- | 13,375 | -- |
| Government Obligations | 9,995,914 | -- | 9,995,914 | -- |
| Money Market Funds | 186,035,695 | 186,035,695 | -- | -- |
| Total Investments in Securities: | $4,077,735,438 | $2,388,255,870 | $1,689,370,261 | $109,307 |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(6,368,706) | $(6,368,706) | $-- | $-- |
| Total Liabilities | $(6,368,706) | $(6,368,706) | $-- | $-- |
| Total Derivative Instruments: | $(6,368,706) | $(6,368,706) | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:
| Transfers | Total |
| Level 1 to Level 2 | $130,447,225 |
| Level 2 to Level 1 | $148,544,603 |
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, 2018. 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 | $(6,368,706) |
| Total Equity Risk | 0 | (6,368,706) |
| Total Value of Derivatives | $0 | $(6,368,706) |
(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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Fidelity® Global ex U.S. Index Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $22,738,901) — See accompanying schedule:
Unaffiliated issuers (cost $3,985,459,507) | $3,891,699,743 | |
| Fidelity Central Funds (cost $186,035,695) | 186,035,695 | |
| Total Investment in Securities (cost $4,171,495,202) | | $4,077,735,438 |
| Cash | | 16,664 |
| Foreign currency held at value (cost $3,767,852) | | 3,729,564 |
| Receivable for fund shares sold | | 97,858,074 |
| Dividends receivable | | 12,725,864 |
| Distributions receivable from Fidelity Central Funds | | 219,247 |
| Receivable for daily variation margin on futures contracts | | 1,710,489 |
| Other receivables | | 4,626 |
| Total assets | | 4,193,999,966 |
| Liabilities | | |
| Payable for fund shares redeemed | $76,474,355 | |
| Accrued management fee | 206,516 | |
| Other payables and accrued expenses | 346,351 | |
| Collateral on securities loaned | 23,270,923 | |
| Total liabilities | | 100,298,145 |
| Net Assets | | $4,093,701,821 |
| Net Assets consist of: | | |
| Paid in capital | | $4,152,346,639 |
| Total distributable earnings (loss) | | (58,644,818) |
| Net Assets | | $4,093,701,821 |
| Net Asset Value and Maximum Offering Price | | |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($45,641,107 ÷ 3,785,745 shares) | | $12.06 |
| Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($870,640,116 ÷ 72,195,380 shares) | | $12.06 |
| Institutional Class: | | |
| Net Asset Value, offering price and redemption price per share ($298,310,868 ÷ 24,727,259 shares) | | $12.06 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($2,879,109,730 ÷ 238,552,190 shares) | | $12.07 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2018 |
| Investment Income | | |
| Dividends | | $131,726,648 |
| Interest | | 135,686 |
| Income from Fidelity Central Funds | | 1,898,032 |
| Income before foreign taxes withheld | | 133,760,366 |
| Less foreign taxes withheld | | (12,341,419) |
| Total income | | 121,418,947 |
| Expenses | | |
| Management fee | $2,445,969 | |
| Transfer agent fees | 660,273 | |
| Independent trustees' fees and expenses | 17,223 | |
| Legal | 560 | |
| Interest | 2,882 | |
| Commitment fees | 10,785 | |
| Total expenses before reductions | 3,137,692 | |
| Expense reductions | (6,466) | |
| Total expenses after reductions | | 3,131,226 |
| Net investment income (loss) | | 118,287,721 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $2,020) | (18,028,322) | |
| Redemptions in-kind with affiliated entities | 62,615,780 | |
| Fidelity Central Funds | 4,483 | |
| Other affiliated issuers | 1,987,635 | |
| Foreign currency transactions | (756,214) | |
| Futures contracts | (5,540,298) | |
| Total net realized gain (loss) | | 40,283,064 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $815,233) | (575,195,719) | |
| Fidelity Central Funds | (751) | |
| Assets and liabilities in foreign currencies | (213,985) | |
| Futures contracts | (7,676,604) | |
| Total change in net unrealized appreciation (depreciation) | | (583,087,059) |
| Net gain (loss) | | (542,803,995) |
| Net increase (decrease) in net assets resulting from operations | | $(424,516,274) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2018 | Year ended October 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $118,287,721 | $69,087,197 |
| Net realized gain (loss) | 40,283,064 | (12,914,287) |
| Change in net unrealized appreciation (depreciation) | (583,087,059) | 500,936,477 |
| Net increase (decrease) in net assets resulting from operations | (424,516,274) | 557,109,387 |
| Distributions to shareholders | (72,436,849) | – |
| Distributions to shareholders from net investment income | – | (36,723,329) |
| Distributions to shareholders from net realized gain | – | (830,683) |
| Total distributions | (72,436,849) | (37,554,012) |
| Share transactions - net increase (decrease) | 1,402,582,678 | 933,598,280 |
| Redemption fees | – | 37,194 |
| Total increase (decrease) in net assets | 905,629,555 | 1,453,190,849 |
| Net Assets | | |
| Beginning of period | 3,188,072,266 | 1,734,881,417 |
| End of period | $4,093,701,821 | $3,188,072,266 |
| Other Information | | |
| Undistributed net investment income end of period | | $56,148,756 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Global ex U.S. Index Fund Investor Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.48 | $11.12 | $11.32 | $12.28 | $12.44 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .38 | .32 | .31 | .31 | .37B |
| Net realized and unrealized gain (loss) | (1.50) | 2.26 | (.26)C | (.98) | (.32) |
| Total from investment operations | (1.12) | 2.58 | .05 | (.67) | .05 |
| Distributions from net investment income | (.27) | (.21) | (.25) | (.28) | (.18) |
| Distributions from net realized gain | (.03) | (.01) | – | (.01) | (.03) |
| Total distributions | (.30) | (.22) | (.25) | (.29) | (.21) |
| Redemption fees added to paid in capitalA | – | –D | –D | –D | –D |
| Net asset value, end of period | $12.06 | $13.48 | $11.12 | $11.32 | $12.28 |
| Total ReturnE | (8.51)% | 23.61% | .56% | (5.49)% | .46% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .14% | .18% | .27% | .34% | .34% |
| Expenses net of fee waivers, if any | .14% | .18% | .19% | .22% | .22% |
| Expenses net of all reductions | .14% | .18% | .19% | .22% | .22% |
| Net investment income (loss) | 2.83% | 2.64% | 2.87% | 2.66% | 3.00%B |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $45,641 | $45,439 | $37,465 | $18,132 | $15,309 |
| Portfolio turnover rateH | 19%I | 9% | 1%I | 1% | 1% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 2.63%.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Global ex U.S. Index Fund Premium Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.49 | $11.12 | $11.32 | $12.29 | $12.44 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .39 | .33 | .32 | .32 | .38B |
| Net realized and unrealized gain (loss) | (1.51) | 2.26 | (.27)C | (1.00) | (.31) |
| Total from investment operations | (1.12) | 2.59 | .05 | (.68) | .07 |
| Distributions from net investment income | (.28) | (.22) | (.25) | (.28) | (.19) |
| Distributions from net realized gain | (.03) | (.01) | – | (.01) | (.03) |
| Total distributions | (.31) | (.22)D | (.25) | (.29) | (.22) |
| Redemption fees added to paid in capitalA | – | –E | –E | –E | –E |
| Net asset value, end of period | $12.06 | $13.49 | $11.12 | $11.32 | $12.29 |
| Total ReturnF | (8.52)% | 23.79% | .64% | (5.53)% | .59% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .09% | .11% | .21% | .28% | .28% |
| Expenses net of fee waivers, if any | .09% | .11% | .12% | .17% | .18% |
| Expenses net of all reductions | .09% | .11% | .12% | .17% | .18% |
| Net investment income (loss) | 2.88% | 2.71% | 2.95% | 2.71% | 3.04%B |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $870,640 | $1,565,118 | $774,360 | $563,796 | $485,998 |
| Portfolio turnover rateI | 19%J | 9% | 1%J | 1% | 1% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.67%.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D Total distributions of $.22 per share is comprised of distributions from net investment income of $.219 and distributions from net realized gain of $.005 per share.
E Amount represents less than $.005 per share.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Global ex U.S. Index Fund Institutional Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.49 | $11.13 | $11.33 | $12.29 | $12.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .39 | .33 | .32 | .33 | .39B |
| Net realized and unrealized gain (loss) | (1.51) | 2.26 | (.26)C | (.99) | (.33) |
| Total from investment operations | (1.12) | 2.59 | .06 | (.66) | .06 |
| Distributions from net investment income | (.28) | (.22) | (.26) | (.29) | (.20) |
| Distributions from net realized gain | (.03) | (.01) | – | (.01) | (.03) |
| Total distributions | (.31) | (.23) | (.26) | (.30) | (.22)D |
| Redemption fees added to paid in capitalA | – | –E | –E | –E | –E |
| Net asset value, end of period | $12.06 | $13.49 | $11.13 | $11.33 | $12.29 |
| Total ReturnF | (8.50)% | 23.70% | .66% | (5.40)% | .56% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .08% | .09% | .17% | .23% | .23% |
| Expenses net of fee waivers, if any | .08% | .09% | .10% | .13% | .13% |
| Expenses net of all reductions | .08% | .09% | .10% | .13% | .13% |
| Net investment income (loss) | 2.90% | 2.73% | 2.97% | 2.75% | 3.09%B |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $298,311 | $624,633 | $278,172 | $182,432 | $153,983 |
| Portfolio turnover rateI | 19%J | 9% | 1%J | 1% | 1% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.72%.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D Total distributions of $.22 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.026 per share.
E Amount represents less than $.005 per share.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Global ex U.S. Index Fund Institutional Premium Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.50 | $11.13 | $11.33 | $12.30 | $12.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .38 | .33 | .32 | .33 | .39B |
| Net realized and unrealized gain (loss) | (1.50) | 2.27 | (.26)C | (1.00) | (.31) |
| Total from investment operations | (1.12) | 2.60 | .06 | (.67) | .08 |
| Distributions from net investment income | (.28) | (.22) | (.26) | (.29) | (.20) |
| Distributions from net realized gain | (.03) | (.01) | ��� | (.01) | (.03) |
| Total distributions | (.31) | (.23) | (.26) | (.30) | (.23) |
| Redemption fees added to paid in capitalA | – | –D | –D | –D | –D |
| Net asset value, end of period | $12.07 | $13.50 | $11.13 | $11.33 | $12.30 |
| Total ReturnE | (8.47)% | 23.83% | .68% | (5.45)% | .67% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .06% | .06% | .14% | .20% | .20% |
| Expenses net of fee waivers, if any | .06% | .06% | .08% | .10% | .10% |
| Expenses net of all reductions | .06% | .06% | .08% | .10% | .10% |
| Net investment income (loss) | 2.91% | 2.75% | 2.99% | 2.78% | 3.12%B |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,879,110 | $952,883 | $644,884 | $87,972 | $74,259 |
| Portfolio turnover rateH | 19%I | 9% | 1%I | 1% | 1% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.75%.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2018
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) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund offers Investor Class, Premium Class, Institutional Class and Institutional Premium Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Each Fund offers conversion privileges between share classes within each Fund to eligible shareholders. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
During the period, the Board of Trustees approved the consolidation of each Fund's publicly offered share classes into a single share class. The consolidation took place on November 9, 2018, and the surviving class is Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund.
2. Investments in Fidelity Central Funds.
The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
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 vendor 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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, 2018, including information on transfers between Levels 1 and 2, is included at the end of each applicable Fund's Schedule of Investments.
Foreign Currency. The 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. 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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2018, 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 Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, 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), market discount, 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 Emerging Markets Index Fund | $1,592,236,140 | $228,327,459 | $(214,385,997) | $13,941,462 |
| Fidelity Global ex U.S. Index Fund | 4,193,929,165 | 393,861,929 | (510,417,224) | (116,555,295) |
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 | $30,888,071 | $(80,586,662) | $13,869,364 |
| Fidelity Global ex U.S. Index Fund | 93,051,824 | (34,557,057) | (116,793,240) |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| | No expiration | | | |
| | Short-term | Long-term | Total no expiration | Total capital loss carryfoward |
| Fidelity Emerging Markets Index Fund | $(25,405,497) | $(55,181,165) | $(80,586,662) | $(80,586,662) |
| Fidelity Global ex U.S. Index Fund | (9,718,545) | (24,838,512) | (34,557,057) | (34,557,057) |
The tax character of distributions paid was as follows:
| October 31, 2018 | |
| | Ordinary Income |
| Fidelity Emerging Markets Index Fund | $26,736,654 |
| Fidelity Global ex U.S. Index Fund | 72,436,848 |
| October 31, 2017 | |
| | Ordinary Income |
| Fidelity Emerging Markets Index Fund | $12,638,479 |
| Fidelity Global ex U.S. Index Fund | 37,554,012 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Funds less than 90 days may be subject to a redemption fee equal to 1.50% and 1.00% of the NAV of shares redeemed from Fidelity Emerging Markets Index and Fidelity Global ex U.S. Index, respectively. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Funds and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.
Restricted Securities. The 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 is included at the end of each applicable Fund's Schedule of Investments.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Funds financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation | Prior Line-Item Presentation |
| Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
| Distributions to Shareholders Note to Financial Statements | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, 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.
The Funds used derivatives 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 Funds may not achieve their objectives.
The Funds' use of derivatives increased or decreased their exposure to the following risk:
| 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.
|
The 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 the Funds 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 the Funds. Counterparty credit risk related to exchange-traded futures 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. The Funds used futures contracts to manage their 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 (variation margin) 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Emerging Markets Index Fund | 428,843,384 | 61,922,379 |
| Fidelity Global ex U.S. Index Fund | 2,210,072,351 | 767,729,019 |
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company (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 .08% and .06% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund, respectively. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees.
Effective August 1, 2018, the Board approved an amendment to the expense contract. Under the expense contract, the investment adviser pays class-level expenses as necessary so that the total expenses do not exceed certain amounts of each class' average net assets on an annual basis with certain exceptions, as noted in the following table:
| Fidelity Emerging Markets Index Fund | |
| Investor Class | .08% |
| Premium Class | .08% |
| Institutional Class | .08% |
| Institutional Premium Class | .08% |
| Fidelity Global ex U.S. Index Fund | |
| Investor Class | .06% |
| Premium Class | .06% |
| Institutional Class | .06% |
| Institutional Premium Class | .06% |
Prior to August 1, 2018, the investment adviser paid class-level expenses as necessary so that the total expenses did not exceed certain amounts as noted in the following table:
| Fidelity Emerging Markets Index Fund | |
| Investor Class | .29% |
| Premium Class | .13% |
| Institutional Class | .10% |
| Institutional Premium Class | .08% |
| Fidelity Global ex U.S. Index Fund | |
| Investor Class | .17% |
| Premium Class | .10% |
| Institutional Class | .08% |
| Institutional Premium Class | .06% |
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.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. FIIOC receives transfer agent fees at annual rates based on class-level average net assets noted in the table below. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Effective August 1, 2018, under the amended expense contract, each class pays all or a portion of the transfer agent fees at an annual rate based on class-level average net assets as noted in the following table:
| | Received by FIIOC | Paid by Class Effective August 1, 2018 | Paid by Class Prior to August 1, 2018 |
| Fidelity Emerging Market Index Fund | | | |
| Investor Class | .21% | .00% | .21% |
| Premium Class | .11% | .00% | .05% |
| Institutional Class | .035% | .00% | .02% |
| Institutional Premium Class | .015% | .00% | .00% |
| Fidelity Global ex U.S. Index Fund | | | |
| Investor Class | .21% | .00% | .11% |
| Premium Class | .11% | .00% | .04% |
| Institutional Class | .035% | .00% | .02% |
| Institutional Premium Class | .015% | .00% | .02% |
For the period, the total transfer agent fees paid by each applicable class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Fidelity Emerging Markets Index Fund | | |
| Investor Class | $60,584 | .16 |
| Premium Class | 386,034 | .04 |
| Institutional Class | 45,567 | .01 |
| Institutional Premium Class | - | - |
| | $492,185 | |
| Fidelity Global ex U.S. Index Fund | | |
| Investor Class | $34,705 | .08 |
| Premium Class | 516,799 | .03 |
| Institutional Class | 108,769 | .01 |
| Institutional Premium Class | - | - |
| | $660,273 | |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Each applicable fund's 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 Global ex U.S. Index Fund | Borrower | $47,699,000 | 2.18% | $2,882 |
Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Redemptions In-Kind. During the period, 13,347,660 shares of the Fidelity Global ex U.S. Index Fund held by an affiliated entity were redeemed in-kind for investments and cash with a value of $181,394,705. The net realized gain of $62,615,780 on investments delivered through in-kind redemptions is included 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 as well as the Notes to Financial Statements. The Fidelity Global ex U.S. Index Fund recognized no gain or loss for federal income tax purposes.
Exchanges In-Kind. During the period, the Fidelity Global ex U.S. Index Fund redeemed 14,197,390 shares of Fidelity International Index Fund in exchange for investments with a value of $621,987,635. The net realized gains of $1,987,635 on the Fund's redemptions of Fidelity International Index Fund shares is included in "Net realized gain (loss) on Investment securities: Other affiliated issuers" in the accompanying Statement of Operations. Fidelity Global ex U.S. Index Fund recognized net gains on the exchanges for federal income tax purposes.
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 Commitment fees on the Statement of Operations, and are as follows:
| Fidelity Emerging Markets Index Fund | $4,276 |
| Fidelity Global ex U.S. Index Fund | 10,785 |
During the period, the Funds did not borrow on this line of credit.
8. Security Lending.
Certain Funds lend portfolio securities from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Funds. On the settlement date of the loan, each applicable 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 the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds 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, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. 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 on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to FCM. FCM security and Security lending activity was as follows:
| | Total Security Lending Income | Value of Securities Loaned to FCM at Period End |
| Fidelity Emerging Markets Index Fund | $193,898 | $70 |
| Fidelity Global ex U.S. Index Fund | 454,911 | – |
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 the Fund's expenses. All of the applicable expense reductions are noted in the table below.
| | Custody expense reduction |
| Fidelity Emerging Markets Index Fund | $11,431 |
| Fidelity Global ex U.S. Index Fund | 6,466 |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2018 | Year ended
October 31, 2017 |
| Fidelity Emerging Markets Index Fund | | |
| Distributions to shareholders | | |
| Investor Class | $584,644 | $– |
| Investor Class | 17,448,862 | – |
| Institutional Class | 4,938,500 | – |
| Institutional Premium Class | 3,764,647 | – |
| Total | $26,736,653 | $– |
| From net investment income | | |
| Investor Class | $– | $290,141 |
| Premium Class | – | 9,152,994 |
| Institutional Class | – | 3,191,048 |
| Institutional Premium Class | – | 4,296 |
| Total | $– | $12,638,479 |
| Fidelity Global ex U.S. Index Fund | | |
| Distributions to shareholders | | |
| Investor Class | $1,033,799 | $– |
| Premium Class | 36,798,374 | – |
| Institutional Class | 13,853,612 | – |
| Institutional Premium Class | 20,751,064 | – |
| Total | $72,436,849 | $– |
| From net investment income | | |
| Investor Class | $– | $710,799 |
| Premium Class | – | 15,744,134 |
| Institutional Class | – | 6,109,298 |
| Institutional Premium Class | – | 14,159,098 |
| Total | $– | $36,723,329 |
| From net realized gain | | |
| Investor Class | $– | $16,844 |
| Premium Class | – | 359,898 |
| Institutional Class | – | 138,257 |
| Institutional Premium Class | – | 315,684 |
| Total | $– | $830,683 |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2018 | Year endedOctober 31, 2017 | Year ended October 31, 2018 | Year endedOctober 31, 2017 |
| Fidelity Emerging Markets Index Fund | | | | |
| Investor Class | | | | |
| Shares sold | 3,949,532 | 4,595,198 | $44,525,954 | $44,721,174 |
| Reinvestment of distributions | 50,953 | 31,357 | 556,918 | 270,613 |
| Shares redeemed | (3,140,244) | (3,918,080) | (35,639,073) | (38,590,456) |
| Net increase (decrease) | 860,241 | 708,475 | $9,443,799 | $6,401,331 |
| Premium Class | | | | |
| Shares sold | 47,176,175 | 48,728,825 | $526,814,352 | $475,643,280 |
| Reinvestment of distributions | 1,420,087 | 970,483 | 15,521,554 | 8,365,562 |
| Shares redeemed | (53,356,103) | (32,884,562) | (567,082,522) | (302,310,868) |
| Net increase (decrease) | (4,759,841) | 16,814,746 | $(24,746,616) | $181,697,974 |
| Institutional Class | | | | |
| Shares sold | 30,780,889 | 13,363,342 | $339,663,997 | $130,227,940 |
| Reinvestment of distributions | 419,348 | 348,827 | 4,587,665 | 3,010,374 |
| Shares redeemed | (28,524,001) | (11,206,364) | (301,071,387) | (104,613,436) |
| Net increase (decrease) | 2,676,236 | 2,505,805 | $43,180,275 | $28,624,878 |
| Institutional Premium Class | | | | |
| Shares sold | 47,004,672 | 18,939,252 | $469,943,013 | $164,987,276 |
| Reinvestment of distributions | 344,433 | 498 | 3,764,647 | 4,296 |
| Shares redeemed | (2,821,883) | (1,806,984) | (31,059,042) | (18,355,507) |
| Net increase (decrease) | 44,527,222 | 17,132,766 | $442,648,618 | $146,636,065 |
| Fidelity Global ex U.S. Index Fund | | | | |
| Investor Class | | | | |
| Shares sold | 2,986,798 | 3,656,372 | $39,620,437 | $44,410,333 |
| Reinvestment of distributions | 77,311 | 65,700 | 1,020,503 | 720,731 |
| Shares redeemed | (2,649,187) | (3,720,974) | (35,779,157) | (44,830,378) |
| Net increase (decrease) | 414,922 | 1,098 | $4,861,783 | $300,686 |
| Premium Class | | | | |
| Shares sold | 67,776,633 | 71,331,726 | $905,063,963 | $868,267,163 |
| Reinvestment of distributions | 2,335,974 | 1,271,346 | 30,834,860 | 13,946,668 |
| Shares redeemed | (113,973,150)(a) | (26,167,162) | (1,471,681,761)(a) | (320,300,835) |
| Net increase (decrease) | (43,860,543) | 46,435,910 | $(535,782,938) | $561,912,996 |
| Institutional Class | | | | |
| Shares sold | 48,173,115 | 46,688,077 | $638,131,655 | $549,906,665 |
| Reinvestment of distributions | 1,037,349 | 569,513 | 13,693,009 | 6,247,555 |
| Shares redeemed | (70,782,481) | (25,958,123) | (900,018,289) | (326,220,950) |
| Net increase (decrease) | (21,572,017) | 21,299,467 | $(248,193,625) | $229,933,270 |
| Institutional Premium Class | | | | |
| Shares sold | 206,012,670 | 25,870,791 | $2,685,932,281 | $309,331,694 |
| Reinvestment of distributions | 1,572,050 | 1,318,286 | 20,751,064 | 14,474,782 |
| Shares redeemed | (39,624,216) | (14,520,231) | (524,985,887) | (182,355,148) |
| Net increase (decrease) | 167,960,504 | 12,668,846 | $2,181,697,458 | $141,451,328 |
(a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).
12. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Report of Independent Registered Public Accounting Firm
To the 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, 2018, and 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, 2018, 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, 2018, by correspondence with the custodians 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 14, 2018
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 260 funds. Mr. Chiel oversees 154 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
The first line of the accompanying table for each Class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a Class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
The second line of the accompanying table for each Class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2018 | Ending
Account Value
October 31, 2018 | Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 |
| Fidelity Emerging Markets Index Fund | | | | |
| Investor Class | .19% | | | |
| Actual | | $1,000.00 | $837.70 | $.88-C |
| Hypothetical-D | | $1,000.00 | $1,024.25 | $.97-C |
| Premium Class | .11% | | | |
| Actual | | $1,000.00 | $838.60 | $.51-C |
| Hypothetical-D | | $1,000.00 | $1,024.65 | $.56-C |
| Institutional Class | .09% | | | |
| Actual | | $1,000.00 | $838.70 | $.42 |
| Hypothetical-D | | $1,000.00 | $1,024.75 | $.46 |
| Institutional Premium Class | .08% | | | |
| Actual | | $1,000.00 | $838.70 | $.37 |
| Hypothetical-D | | $1,000.00 | $1,024.80 | $.41 |
| Fidelity Global ex U.S. Index Fund | | | | |
| Investor Class | .11% | | | |
| Actual | | $1,000.00 | $888.70 | $.52-C |
| Hypothetical-D | | $1,000.00 | $1,024.65 | $.56-C |
| Premium Class | .08% | | | |
| Actual | | $1,000.00 | $888.70 | $.38 |
| Hypothetical-D | | $1,000.00 | $1,024.80 | $.41 |
| Institutional Class | .07% | | | |
| Actual | | $1,000.00 | $888.10 | $.33 |
| Hypothetical-D | | $1,000.00 | $1,024.85 | $.36 |
| Institutional Premium Class | .06% | | | |
| Actual | | $1,000.00 | $888.80 | $.29 |
| Hypothetical-D | | $1,000.00 | $1,024.90 | $.31 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period).
C If fees and changes to the class level expense contract and/ or expense cap, effective August 1, 2018, had been in effect during the entire current period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
D 5% return per year before expenses
| | Annualized Expense Ratio-(a)
| Expenses Paid
|
| Fidelity Emerging Markets Index Fund | | |
| Investor Class | .08% | |
| Actual | | $.37 |
| Hypothetical-(b) | | $.41 |
| Premium Class | .08% | |
| Actual | | $.37 |
| Hypothetical-(b) | | $.41 |
| Fidelity Global ex U.S. Index Fund | | |
| Investor Class | .06% | |
| Actual | | $.29 |
| Hypothetical-(b) | | $.31 |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Distributions (Unaudited)
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.
| | Investor | Premium | Institutional | Institutional Premium |
| Fidelity Emerging Markets Index Fund | | | | |
| December, 2017 | 65% | 60% | 59% | 58% |
| Fidelity Global ex U.S. Index Fund | | | | |
| December, 2017 | 89% | 87% | 86% | 86% |
|
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 | | | |
| Investor | 12/11/17 | $0.2016 | $0.0248 |
| Premium | 12/11/17 | $0.2180 | $0.0248 |
| Institutional | 12/11/17 | $0.2211 | $0.0248 |
| Institutional Premium | 12/11/17 | $0.2232 | $0.0248 |
| Fidelity Global ex U.S. Index Fund | | | |
| Investor | 12/11/17 | $0.3143 | $0.0284 |
| Premium | 12/11/17 | $0.3234 | $0.0284 |
| Institutional | 12/11/17 | $0.3260 | $0.0284 |
| Institutional Premium | 12/11/17 | $0.3286 | $0.0284 |
|
The funds will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
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), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). FMR and the sub-advisers 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 has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. 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 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 2018 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 to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for each fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives 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. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
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, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, 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 under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. 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 for specific 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) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and its benchmark index for the most recent one-, three-, and five-year 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 considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons forthe 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, in prior years, each fund was compared on the basis of a hypothetical "net management fee," which was derived by subtracting payments made by FMR for "fund-level" non-management expenses (including pricing and bookkeeping fees and fees paid to non-affiliated custodians), as well as "class-level" expenses paid by FMR under the expense limitation arrangements in effect for the fund, from the fund's management fee. Fidelity no longer calculates hypothetical net management fees for the funds and, as a result, the charts do not include hypothetical net management fees for 2016 and 2017. With respect to the historical net management fee information, the Board considered that "fund-level" non-management expenses and "class-level" expenses paid by FMR may exceed a fund's management fee and result in a negative net management fee. The Board noted that a hypothetical net management fee is truly a hypothetical number derived for purposes of providing a more meaningful competitive comparison and a negative net management fee is not intended to suggest that Fidelity pays a fund to manage the fund's assets.
Fidelity Emerging Markets Index Fund
The Board considered that (i) effective July 1, 2016, the fund's management fee rate was reduced from 0.25% to 0.09%, and (ii) effective August 1, 2017, the fund's management fee rate was further reduced from 0.09% to 0.08%. The Board considered that the chart below reflects the fund's lower management fee rates for 2016 and 2017, as if the lower fee rates were in effect for the entire year.
At its July 2018 meeting, the Board approved an amended and restated sub-advisory agreement for the fund with Geode (effective August 1, 2018) that lowered the sub-advisory fee rate that FMR pays to Geode.
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2017.
Fidelity Global ex U.S. Index Fund
The Board considered that effective July 1, 2016, the fund's management fee rate was reduced from 0.20% to 0.06%. The Board considered that the chart below reflects the fund's lower management fee rate for 2016, as if the lower fee rate were in effect for the entire year.
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2017.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of the total expense ratio of each class of each fund, the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also considered other "class-level" expenses, such as transfer agent fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of each fund compared to competitive fund median expenses. Each class of each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the total expense ratio of each of Institutional Class, Institutional Premium Class, and Premium Class of Fidelity Emerging Markets Index Fund ranked below the competitive median for 2017 and the total expense ratio of Investor Class ranked above the competitive median for 2017. The Board considered that, in general, various factors can affect total expense ratios. The Board considered that the majority of the funds in the Total Mapped Group are not comparable because they are funds with a developed markets focus and not emerging markets funds. The Board noted that the total expense ratio of Investor Class of Fidelity Emerging Markets Index Fund is lower than the Investor Class total expense ratio of the most comparable competitive fund.
At its July 2018 meeting, the Board approved a proposal for Fidelity Emerging Markets Index Fund to consolidate all classes into a single class by exchanging all shares of higher cost classes for shares of the lowest cost class available. The exchanges are expected to take place in November 2018. In connection with the class consolidation, the Board approved amended and restated expense contracts that reduce each class's total expense ratio to equal the total expense ratio of the lowest cost class. The Board considered that, effective August 1, 2018, contractual arrangements for Fidelity Emerging Markets Index Fund oblige FMR to pay all "class-level" expenses of each class of the fund to the extent necessary to limit total class operating expenses, with certain exceptions, to 0.08%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.
The Board noted that the total expense ratio of each class of Fidelity Global ex U.S. Index Fund ranked below the competitive median for 2017.
At its July 2018 meeting, the Board approved a proposal for Fidelity Global ex U.S. Index Fund to consolidate all classes into a single class by exchanging all shares of higher cost classes for shares of the lowest cost class available. The exchanges are expected to take place in November 2018. In connection with the class consolidation, the Board approved amended and restated expense contracts that reduce each class's total expense ratio to equal the total expense ratio of the lowest cost class. The Board considered that, effective August 1, 2018, contractual arrangements for Fidelity Global ex U.S. Index Fund oblige FMR to pay all "class-level" expenses of each class of the fund to the extent necessary to limit total class operating expenses, with certain exceptions, to 0.06%. 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 Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, 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 of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund 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 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.
PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's 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, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 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 affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.
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.
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, the expense ratio of each class will not decline if the class's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale 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 Economies of Scale 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) 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; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of Fidelity's voluntary expense limitation agreements; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (ix) the impact of recent changes to the money market fund landscape, including the full implementation of money market fund reform and rising interest rates, on Fidelity's money market funds; (x) the funds' share class structures and distribution channels; and (xi) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that each fund's Advisory Contracts should be renewed.
EMX-I-GUX-I-ANN-1218
1.929368.107
Fidelity® Emerging Markets Index Fund
Investor Class and Premium Class Fidelity® Global ex U.S. Index Fund
Investor Class and Premium Class
Annual Report October 31, 2018 |
|
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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Fidelity® Emerging Markets Index Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2018 | Past 1 year | Past 5 years | Life of fundA |
| Investor Class | (12.78)% | 0.97% | 1.04% |
| Premium Class | (12.63)% | 1.10% | 1.17% |
A From September 8, 2011
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Markets Index Fund - Investor Class on September 8, 2011, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
| Period Ending Values |
| $10,769 | Fidelity® Emerging Markets Index Fund - Investor Class |
| $11,234 | MSCI Emerging Markets Index |
Fidelity® Emerging Markets Index Fund
Management's Discussion of Fund Performance
Market Recap: International equities returned -8.08% for the 12 months ending October 31, 2018, according to the MSCI ACWI (All Country World Index) ex USA Index. A modestly positive first half of the period gave way to a confluence of overwhelmingly negative factors – including escalating trade tension, a surging U.S. dollar, tepid economic growth in Europe, global central bank tightening, concerns about Italy’s budget stalemate with the EU, and weakness in China’s stock market – that yielded a -11% second-half return. The index lost 8% in October alone, its largest monthly drop in more than six years. Among sectors, new-media-infused communications services (-15%) was hit the hardest, while economically sensitive consumer discretionary (-13%), information technology (-12%), financials (-10%), industrials (-9%) and materials (-7%) stocks also fared poorly. Even the more defensive real estate (-9%), utilities (-6%) and consumer staples (-5%) sectors weren’t spared this period. Conversely, elevated crude-oil prices fueled a positive return for energy (+7%), the top-performing sector, followed by the relatively stable-growing health care segment (+2%). Regionally, emerging markets (-12%) fared the worst, hampered by the impact of foreign exchange and concerns about economic weakness in China, India and South Korea. Sluggish growth also pressured shares in continental Europe (-9%). Stocks in Japan (-3%) and the U.K. (-4%) held up better, followed by Canada (-5%) and Asia-Pacific ex Japan (-6%).
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team: For the fiscal year, the fund's share classes returned between roughly -12.6% and -12.8%, compared with a return of -12.49% for the benchmark MSCI Emerging Markets Index.
(The fund's performance relative to the index can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index.) With the exception of energy (+14%), all 11 sectors in the index posted a negative return for the period. By individual holding, Chinese internet company Tencent (-24%) notably detracted in absolute terms. Tencent struggled due to questions about the sustainability of the company's growth rate as well as regulatory concern. Tencent's decline also weighed on South African media company Naspers (-28%), which owns a large Tencent stake. Also detracting was Chinese e-commerce company Alibaba (-23%) and Korean electronics giant Samsung (-23%). Conversely, the top individual contributor was Brazilian mining company Vale (+62%), which benefited from better commodity pricing and management's success at cutting costs. An improved pricing environment also lifted shares of various energy producers, led by Petrobras and CNOOC, headquartered in Brazil and China, respectively
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Emerging Markets Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 3.8 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.6 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 3.5 |
| Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 3.2 |
| Naspers Ltd. Class N (South Africa, Media) | 1.5 |
| China Construction Bank Corp. (H Shares) (China, Banks) | 1.5 |
| China Mobile Ltd. (Hong Kong, Wireless Telecommunication Services) | 1.1 |
| Baidu.com, Inc. sponsored ADR (Cayman Islands, Interactive Media & Services) | 1.0 |
| Ping An Insurance (Group) Co. of China Ltd. (H Shares) (China, Insurance) | 1.0 |
| Vale SA (Brazil, Metals & Mining) | 0.9 |
| | 21.1 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Financials | 22.5 |
| Information Technology | 13.8 |
| Communication Services | 12.5 |
| Consumer Discretionary | 9.4 |
| Energy | 8.3 |
| Materials | 7.4 |
| Consumer Staples | 6.1 |
| Industrials | 4.2 |
| Health Care | 2.7 |
| Real Estate | 2.2 |
Geographic Diversification (% of fund's net assets)
| As of October 31, 2018 |
| | Cayman Islands | 13.1% |
| | Korea (South) | 12.8% |
| | Taiwan | 10.7% |
| | China | 10.0% |
| | United States of America | 9.0% |
| | India | 7.9% |
| | Brazil | 7.3% |
| | South Africa | 5.3% |
| | Russia | 3.5% |
| | Other* | 20.4% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2018
| | % of fund's net assets |
| Stocks and Equity Futures | 99.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |
Fidelity® Emerging Markets Index Fund
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 87.6% | | | |
| | | Shares | Value |
| Bermuda - 0.9% | | | |
| Alibaba Health Information Technology Ltd. (a) | | 1,054,000 | $852,130 |
| Alibaba Pictures Group Ltd. (a) | | 4,360,000 | 600,463 |
| Beijing Enterprises Water Group Ltd. | | 1,702,000 | 865,981 |
| Brilliance China Automotive Holdings Ltd. | | 928,000 | 809,431 |
| China Gas Holdings Ltd. | | 540,400 | 1,709,004 |
| China Resource Gas Group Ltd. | | 272,000 | 1,040,558 |
| Cosco Shipping Ports Ltd. | | 501,082 | 511,181 |
| Credicorp Ltd. | | 6,502 | 1,462,950 |
| Credicorp Ltd. (United States) | | 14,620 | 3,299,880 |
| GOME Electrical Appliances Holdings Ltd. (a)(b) | | 3,089,802 | 307,327 |
| Haier Electronics Group Co. Ltd. | | 388,000 | 810,441 |
| Hanergy Thin Film Power Group Ltd. (a)(c) | | 1,618,000 | 2 |
| HengTen Networks Group Ltd. (a)(b) | | 6,472,000 | 231,085 |
| Kunlun Energy Co. Ltd. | | 990,000 | 1,123,573 |
| Luye Pharma Group Ltd. (b) | | 331,000 | 255,364 |
| Nine Dragons Paper (Holdings) Ltd. | | 509,000 | 485,507 |
| Shenzhen International Holdings Ltd. | | 267,500 | 511,671 |
| Sihuan Pharmaceutical Holdings Group Ltd. | | 1,095,000 | 222,017 |
| Skyworth Digital Holdings Ltd. | | 532,000 | 122,791 |
|
| TOTAL BERMUDA | | | 15,221,356 |
|
| Brazil - 4.6% | | | |
| Ambev SA | | 1,468,900 | 6,449,503 |
| Atacadao Distribuicao Comercio e Industria Ltda | | 126,100 | 516,395 |
| Banco Bradesco SA | | 347,315 | 2,823,130 |
| Banco do Brasil SA | | 268,900 | 3,088,936 |
| Banco Santander SA (Brasil) unit | | 130,000 | 1,474,137 |
| BB Seguridade Participacoes SA | | 214,600 | 1,526,967 |
| BM&F BOVESPA SA | | 642,514 | 4,582,110 |
| BR Malls Participacoes SA | | 259,495 | 885,553 |
| Brasil Foods SA (a) | | 161,900 | 952,737 |
| CCR SA | | 373,700 | 1,101,569 |
| Centrais Eletricas Brasileiras SA (Electrobras) (a) | | 66,900 | 422,451 |
| Cielo SA | | 382,114 | 1,355,342 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 105,100 | 789,344 |
| Companhia Siderurgica Nacional SA (CSN) | | 201,200 | 517,395 |
| Cosan SA Industria e Comercio | | 52,600 | 455,824 |
| Drogasil SA | | 71,000 | 1,198,501 |
| EDP Energias do Brasil SA | | 88,257 | 332,016 |
| Embraer SA | | 205,000 | 1,152,936 |
| ENGIE Brasil Energia SA | | 47,600 | 509,064 |
| Equatorial Energia SA | | 52,400 | 957,323 |
| Fibria Celulose SA | | 77,600 | 1,498,202 |
| Hypermarcas SA | | 107,600 | 861,031 |
| IRB Brasil Resseguros SA | | 34,200 | 665,896 |
| Itausa-Investimentos Itau SA | | 12 | 38 |
| JBS SA | | 293,900 | 809,479 |
| Klabin SA unit | | 215,600 | 1,081,621 |
| Kroton Educacional SA | | 427,548 | 1,311,997 |
| Localiza Rent A Car SA | | 154,852 | 1,196,290 |
| Lojas Renner SA | | 224,690 | 2,270,145 |
| M. Dias Branco SA | | 29,900 | 357,290 |
| Magazine Luiza SA | | 23,400 | 1,061,378 |
| Multiplan Empreendimentos Imobiliarios SA | | 81,558 | 504,053 |
| Natura Cosmeticos SA | | 61,400 | 537,693 |
| Odontoprev SA | | 79,000 | 280,634 |
| Petrobras Distribuidora SA | | 107,800 | 694,624 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 904,500 | 7,369,190 |
| Porto Seguro SA | | 30,700 | 448,600 |
| Rumo SA (a) | | 336,500 | 1,505,502 |
| Sul America SA unit | | 60,074 | 400,332 |
| Suzano Papel e Celulose SA | | 137,800 | 1,401,513 |
| TIM Participacoes SA | | 261,600 | 814,710 |
| Ultrapar Participacoes SA | | 111,200 | 1,322,209 |
| Vale SA | | 986,884 | 15,038,611 |
| Weg SA | | 257,932 | 1,247,555 |
|
| TOTAL BRAZIL | | | 73,769,826 |
|
| British Virgin Islands - 0.0% | | | |
| Tianhe Chemicals Group Ltd. (a)(c)(d) | | 376,000 | 28,049 |
| Cayman Islands - 13.1% | | | |
| 3SBio, Inc. (d) | | 391,000 | 567,407 |
| 51job, Inc. sponsored ADR (a) | | 7,647 | 469,602 |
| 58.com, Inc. ADR (a) | | 28,852 | 1,892,403 |
| AAC Technology Holdings, Inc. | | 228,500 | 1,740,545 |
| Agile Property Holdings Ltd. | | 484,000 | 551,771 |
| Airtac International Group | | 33,000 | 284,055 |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 359,493 | 51,148,664 |
| Anta Sports Products Ltd. | | 329,000 | 1,350,914 |
| Autohome, Inc. ADR Class A (b) | | 18,083 | 1,308,848 |
| Baidu.com, Inc. sponsored ADR (a) | | 86,038 | 16,352,382 |
| Baozun, Inc. sponsored ADR (a)(b) | | 11,213 | 446,390 |
| Car, Inc. (a) | | 219,000 | 173,704 |
| Chailease Holding Co. Ltd. | | 358,020 | 1,019,924 |
| China Conch Venture Holdings Ltd. | | 498,000 | 1,397,101 |
| China First Capital Group Ltd. (a) | | 968,000 | 390,066 |
| China Huishan Dairy Holdings Co. Ltd. (a)(c) | | 888,000 | 23,780 |
| China Literature Ltd. (a)(d) | | 52,800 | 285,143 |
| China Medical System Holdings Ltd. | | 422,000 | 502,077 |
| China Mengniu Dairy Co. Ltd. | | 855,000 | 2,518,570 |
| China Resources Cement Holdings Ltd. | | 750,000 | 660,869 |
| China Resources Land Ltd. | | 850,744 | 2,885,735 |
| China State Construction International Holdings Ltd. | | 629,000 | 448,372 |
| China Zhongwang Holdings Ltd. (b) | | 472,800 | 209,813 |
| Chong Sing Holdings Fintech Group (a) | | 4,904,000 | 222,001 |
| CIFI Holdings Group Co. Ltd. | | 1,058,000 | 442,523 |
| Country Garden Holdings Co. Ltd. | | 2,366,737 | 2,532,141 |
| Country Garden Services Holdings Co. Ltd. (a) | | 307,000 | 396,182 |
| Ctrip.com International Ltd. ADR (a)(b) | | 127,170 | 4,232,218 |
| Dali Foods Group Co. Ltd. (d) | | 635,000 | 453,459 |
| ENN Energy Holdings Ltd. | | 236,300 | 2,008,352 |
| Evergrande Real Estate Group Ltd. | | 820,000 | 1,955,381 |
| Fang Holdings Ltd. ADR (a) | | 60,859 | 123,544 |
| Fullshare Holdings Ltd. (b) | | 2,117,500 | 823,567 |
| Future Land Development Holding Ltd. | | 556,000 | 319,053 |
| GCL-Poly Energy Holdings Ltd. (a)(b) | | 3,755,000 | 222,658 |
| GDS Holdings Ltd. ADR (a)(b) | | 18,005 | 422,577 |
| Geely Automobile Holdings Ltd. | | 1,532,000 | 2,930,394 |
| General Interface Solution Holding Ltd. | | 55,000 | 182,087 |
| Genscript Biotech Corp. (a) | | 246,000 | 375,182 |
| Greentown China Holdings Ltd. | | 250,000 | 173,426 |
| Greentown Service Group Co. Ltd. | | 298,000 | 196,844 |
| Haitian International Holdings Ltd. | | 184,000 | 358,992 |
| Hengan International Group Co. Ltd. | | 221,500 | 1,754,047 |
| Huazhu Group Ltd. ADR (b) | | 40,171 | 1,050,873 |
| JD.com, Inc. sponsored ADR (a) | | 224,746 | 5,286,026 |
| Jiayuan International Group Ltd. | | 303,818 | 533,099 |
| Kaisa Group Holdings Ltd. | | 609,000 | 148,329 |
| Kingboard Chemical Holdings Ltd. | | 214,000 | 573,072 |
| Kingboard Laminates Holdings Ltd. | | 311,000 | 237,951 |
| Kingdee International Software Group Co. Ltd. | | 704,000 | 574,551 |
| Kingsoft Corp. Ltd. | | 255,000 | 360,943 |
| KWG Property Holding Ltd. | | 395,500 | 302,099 |
| Lee & Man Paper Manufacturing Ltd. | | 456,000 | 390,178 |
| Lijun International Pharmaceutical Holding Ltd. | | 474,000 | 398,327 |
| Logan Property Holdings Co. Ltd. | | 428,000 | 395,147 |
| Longfor Properties Co. Ltd. | | 455,000 | 1,104,725 |
| Meitu, Inc. (a)(d) | | 494,500 | 257,908 |
| Momo, Inc. ADR (a) | | 45,122 | 1,514,746 |
| NetEase, Inc. ADR | | 24,517 | 5,095,858 |
| New Oriental Education & Technology Group, Inc. sponsored ADR | | 44,260 | 2,589,653 |
| Nexteer Auto Group Ltd. | | 253,000 | 354,886 |
| Noah Holdings Ltd. sponsored ADR (a)(b) | | 8,277 | 312,126 |
| Semiconductor Manufacturing International Corp. (a) | | 906,200 | 748,555 |
| Shenzhou International Group Holdings Ltd. | | 233,000 | 2,573,059 |
| Shimao Property Holdings Ltd. | | 365,000 | 713,993 |
| Shui On Land Ltd. | | 1,041,500 | 209,842 |
| SINA Corp. (a) | | 19,755 | 1,250,689 |
| Sino Biopharmaceutical Ltd. | | 2,167,000 | 1,942,630 |
| SOHO China Ltd. | | 586,000 | 198,772 |
| Sunac China Holdings Ltd. | | 754,000 | 2,047,986 |
| Sunny Optical Technology Group Co. Ltd. | | 222,000 | 1,925,031 |
| TAL Education Group ADR (a) | | 110,526 | 3,203,043 |
| Tencent Holdings Ltd. | | 1,772,900 | 60,738,234 |
| Tingyi (Cayman Islands) Holding Corp. | | 602,000 | 890,493 |
| Towngas China Co. Ltd. | | 278,506 | 202,435 |
| Uni-President China Holdings Ltd. | | 406,000 | 393,991 |
| Vipshop Holdings Ltd. ADR (a) | | 131,842 | 640,752 |
| Want Want China Holdings Ltd. | | 1,529,000 | 1,091,871 |
| Weibo Corp. sponsored ADR (a)(b) | | 16,699 | 985,408 |
| Wuxi Biologics (Cayman), Inc. (a) | | 152,500 | 1,086,098 |
| Xinyi Solar Holdings Ltd. | | 889,568 | 277,921 |
| Yuzhou Properties Co. | | 480,000 | 171,386 |
| YY, Inc. ADR (a) | | 14,802 | 945,848 |
| Zhen Ding Technology Holding Ltd. | | 146,000 | 333,399 |
| Zhongsheng Group Holdings Ltd. Class H | | 177,000 | 322,764 |
|
| TOTAL CAYMAN ISLANDS | | | 211,127,460 |
|
| Chile - 0.9% | | | |
| Aguas Andinas SA | | 767,030 | 401,145 |
| Banco de Chile | | 7,677,257 | 1,069,955 |
| Banco de Credito e Inversiones | | 13,605 | 852,945 |
| Banco de Credito e Inversiones rights 11/29/18 (a) | | 1,041 | 3,193 |
| Banco Santander Chile | | 20,749,246 | 1,532,333 |
| Cencosud SA | | 446,541 | 917,456 |
| Colbun SA | | 2,457,076 | 467,759 |
| Compania Cervecerias Unidas SA | | 47,897 | 597,332 |
| Compania de Petroleos de Chile SA (COPEC) | | 122,266 | 1,718,053 |
| CorpBanca SA | | 45,037,784 | 417,373 |
| Empresa Nacional de Telecomunicaciones SA (ENTEL) | | 50,644 | 367,457 |
| Empresas CMPC SA | | 392,082 | 1,349,744 |
| Enel Chile SA | | 8,603,120 | 747,823 |
| Enersis SA | | 8,816,699 | 1,379,499 |
| LATAM Airlines Group SA | | 89,353 | 815,212 |
| LATAM Airlines Group SA sponsored ADR (b) | | 6,995 | 64,494 |
| S.A.C.I. Falabella | | 223,677 | 1,688,813 |
| S.A.C.I. Falabella rights 11/17/18 (a) | | 7,748 | 779 |
| Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (b) | | 1,980 | 86,744 |
|
| TOTAL CHILE | | | 14,478,109 |
|
| China - 10.0% | | | |
| Agricultural Bank of China Ltd. (H Shares) | | 9,385,000 | 4,116,884 |
| Air China Ltd. (H Shares) | | 584,000 | 469,914 |
| Aisino Co. Ltd. Class A | | 4,500 | 15,160 |
| Aluminum Corp. of China Ltd. (H Shares) (a) | | 1,242,000 | 449,796 |
| Angang Steel Co. Ltd. (H Shares) | | 320,000 | 272,177 |
| Anhui Conch Cement Co. Ltd. (H Shares) | | 401,000 | 2,070,977 |
| Anxin Trust Co. Ltd. Class A | | 11,000 | 7,680 |
| AVIC Aircraft Co. Ltd. Class A | | 4,800 | 10,184 |
| AVIC Aviation Engine Corp. PLC Class A | | 3,600 | 11,761 |
| AVIC Capital Co. Ltd. Class A | | 20,600 | 13,584 |
| AVIC Shenyang Aircraft Co. Ltd. Class A (a) | | 7,600 | 36,379 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 609,000 | 405,381 |
| Baic Motor Corp. Ltd. (d) | | 510,000 | 286,153 |
| Bank Communications Co. Ltd. (H Shares) | | 2,857,000 | 2,142,217 |
| Bank of Beijing Co. Ltd. Class A | | 110,480 | 96,295 |
| Bank of China Ltd. (H Shares) | | 24,856,000 | 10,586,530 |
| Bank of Guiyang Co. Ltd. Class A | | 66,700 | 114,073 |
| Bank of Hangzhou Co. Ltd. Class A | | 127,320 | 145,651 |
| Bank of Jiangsu Co. Ltd. Class A | | 91,600 | 85,223 |
| Bank of Nanjing Co. Ltd. Class A | | 49,300 | 51,804 |
| Bank of Ningbo Co. Ltd. Class A | | 46,000 | 116,127 |
| Bank of Shanghai Co. Ltd. Class A | | 59,806 | 104,683 |
| Baoshan Iron & Steel Co. Ltd. | | 127,400 | 139,716 |
| BBMG Corp. (H Shares) | | 702,000 | 193,360 |
| Beijing Capital Co. Ltd. Class A | | 117,400 | 54,361 |
| Beijing Capital International Airport Co. Ltd. (H Shares) | | 530,000 | 573,799 |
| Beijing Dabeinong Technology Group Co. Ltd. Class A | | 10,900 | 5,250 |
| Beijing Shiji Information Technology Co. Ltd. Class A | | 2,300 | 9,611 |
| Beijing Tongrentang Co. Ltd. Class A | | 3,200 | 13,042 |
| BOE Technology Group Co. Ltd. Class A | | 240,800 | 94,930 |
| BYD Co. Ltd. (H Shares) (b) | | 208,000 | 1,338,019 |
| CGN Power Co. Ltd. (H Shares) (d) | | 2,960,000 | 679,423 |
| Changjiang Securities Co. Ltd. Class A | | 18,900 | 13,954 |
| China Avionics Systems Co. Ltd. Class A | | 1,600 | 3,113 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 2,549,000 | 624,090 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 2,736,000 | 1,692,130 |
| China Coal Energy Co. Ltd. (H Shares) | | 578,000 | 258,709 |
| China Communications Construction Co. Ltd. (H Shares) | | 1,400,000 | 1,280,039 |
| China Communications Services Corp. Ltd. (H Shares) | | 746,000 | 603,120 |
| China Construction Bank Corp. (H Shares) | | 29,867,000 | 23,700,872 |
| China Eastern Airlines Corp. Ltd. (H Shares) | | 438,000 | 241,845 |
| China Everbright Bank Co. Ltd. (H Shares) | | 830,000 | 369,385 |
| China Film Co. Ltd. Class A | | 7,500 | 13,010 |
| China Fortune Land Development Co. Ltd. Class A | | 5,700 | 19,080 |
| China Galaxy Securities Co. Ltd. (H Shares) | | 1,016,000 | 510,465 |
| China Gezhouba Group Co. Ltd. Class A | | 10,900 | 10,016 |
| China Grand Automotive Services Co. Ltd. Class A | | 8,100 | 4,796 |
| China Huarong Asset Management Co. Ltd. (d) | | 3,085,000 | 558,624 |
| China International Capital Corp. Ltd. Class H | | 322,400 | 529,525 |
| China International Marine Containers (Group) Ltd. (H Shares) | | 127,000 | 112,069 |
| China International Travel Service Corp. Ltd. (A Shares) | | 10,900 | 83,879 |
| China Life Insurance Co. Ltd. (H Shares) | | 2,319,000 | 4,646,809 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 973,000 | 739,495 |
| China Merchants Bank Co. Ltd. (H Shares) | | 1,324,846 | 5,102,092 |
| China Merchants Securities Co. Ltd. Class A | | 35,500 | 67,329 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | | 47,700 | 128,556 |
| China Minsheng Banking Corp. Ltd. (H Shares) | | 2,079,040 | 1,532,380 |
| China Molybdenum Co. Ltd. (H Shares) | | 1,188,000 | 440,844 |
| China National Building Materials Co. Ltd. (H Shares) | | 1,186,000 | 846,932 |
| China National Chemical Engineering Co. Ltd. Class A | | 13,400 | 11,199 |
| China National Nuclear Power Co. Ltd. Class A | | 75,700 | 60,446 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 8,900 | 13,397 |
| China Nuclear Engineering Corp. Ltd. Class A | | 6,601 | 6,615 |
| China Oilfield Services Ltd. (H Shares) | | 562,000 | 526,744 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 858,600 | 3,197,052 |
| China Petroleum & Chemical Corp. (H Shares) | | 8,029,000 | 6,540,233 |
| China Railway Construction Corp. Ltd. (H Shares) | | 673,500 | 851,972 |
| China Railway Group Ltd. (H Shares) | | 1,148,000 | 1,024,745 |
| China Railway Signal & Communications Corp. (d) | | 425,000 | 285,069 |
| China Reinsurance Group Corp. | | 1,661,000 | 317,714 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. | | 2,700 | 9,293 |
| China Shenhua Energy Co. Ltd.: | | | |
| (H Shares) | | 1,038,000 | 2,350,803 |
| Class A | | 42,400 | 121,809 |
| China Shipbuilding Industry Group Power Co. Ltd. | | 2,300 | 6,858 |
| China Shipping Container Lines Co. Ltd. (H Shares) (a) | | 1,148,000 | 117,114 |
| China Shipping Development Co. Ltd. (H Shares) | | 360,000 | 196,941 |
| China South Publishing & Media Group Co. Ltd. Class A | | 8,200 | 13,765 |
| China Southern Airlines Ltd. (H Shares) | | 618,000 | 334,141 |
| China Spacesat Co. Ltd. Class A | | 24,100 | 56,073 |
| China State Construction Engineering Corp. Ltd. Class A | | 280,780 | 216,553 |
| China Telecom Corp. Ltd. (H Shares) | | 4,298,000 | 2,027,888 |
| China Tower Corp. Ltd. Class H | | 10,722,000 | 1,627,042 |
| China United Network Communications Ltd. Class A | | 202,900 | 157,651 |
| China Vanke Co. Ltd. (H Shares) | | 434,500 | 1,338,082 |
| China Yangtze Power Co. Ltd. Class A | | 84,800 | 189,764 |
| Chinese Universe Publishing and Media Co. Ltd. Class A | | 5,700 | 9,389 |
| Chongqing Changan Automobile Co. Ltd. (B Shares) | | 566,800 | 381,628 |
| Chongqing Rural Commercial Bank Co. Ltd. (H Shares) | | 720,000 | 396,636 |
| CITIC Guoan Information Industry Co. Ltd. Class A | | 12,500 | 5,573 |
| CITIC Securities Co. Ltd. (H Shares) | | 765,000 | 1,346,221 |
| COSCO SHIPPING Holdings Co. Ltd. (H Shares) (a) | | 780,500 | 278,681 |
| CRRC Corp. Ltd. (H Shares) | | 1,376,600 | 1,207,736 |
| Daqin Railway Co. Ltd. (A Shares) | | 120,800 | 139,578 |
| Datang International Power Generation Co. Ltd. (H Shares) | | 840,000 | 187,453 |
| DHC Software Co. Ltd. Class A | | 7,700 | 7,892 |
| Dong E-E-Jiao Co. Ltd. Class A | | 1,400 | 7,877 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 830,000 | 817,093 |
| Dongxing Securities Co. Ltd. Class A | | 5,800 | 8,439 |
| Dr. Peng Telcom & Media Group Ltd. Class A | | 3,400 | 3,485 |
| Everbright Securities Co. Ltd. Class A | | 71,100 | 98,562 |
| Fangda Carbon New Material Co. Ltd. | | 3,800 | 10,792 |
| Financial Street Holdings Co. Ltd. Class A | | 116,000 | 108,589 |
| First Capital Securities Co. Ltd. Class A | | 9,500 | 7,055 |
| Focus Media Information Technology Co. Ltd. Class A | | 77,220 | 66,420 |
| Foshan Haitian Flavouring & Food Co. Ltd. Class A | | 13,800 | 127,739 |
| Founder Securities Co. Ltd. Class A | | 22,500 | 17,547 |
| Future Land Holdings Co. Ltd. Class A | | 4,300 | 15,331 |
| Fuyao Glass Industries Group Co. Ltd. | | 155,600 | 459,342 |
| GD Power Development Co. Ltd. Class A | | 258,900 | 90,560 |
| Gemdale Corp. Class A | | 90,500 | 118,839 |
| GF Securities Co. Ltd. (H Shares) | | 433,000 | 559,889 |
| Giant Network Group Co. Ltd. Class A (c) | | 3,200 | 8,707 |
| GoerTek, Inc. Class A | | 6,600 | 6,879 |
| Great Wall Motor Co. Ltd. (H Shares) (b) | | 887,000 | 524,829 |
| Gree Electric Appliances, Inc. of Zhuhai Class A (a) | | 19,500 | 106,394 |
| Greenland Holdings Corp. Ltd. Class A | | 130,233 | 115,192 |
| Guangshen Railway Co. Ltd. Class A | | 15,900 | 7,066 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 910,000 | 920,218 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A | | 3,300 | 17,438 |
| Guangzhou Haige Communications Group Class A | | 5,800 | 6,145 |
| Guangzhou R&F Properties Co. Ltd. (H Shares) | | 290,800 | 456,116 |
| Guosen Securities Co. Ltd. Class A | | 106,200 | 127,580 |
| Guotai Junan Securities Co. Ltd. Class H | | 210,400 | 443,233 |
| Guoyuan Securities Co. Ltd. Class A | | 9,100 | 9,393 |
| Haitong Securities Co. Ltd. (H Shares) | | 1,028,800 | 1,035,104 |
| Han's Laser Technology Industry Group Co. Ltd. | | 2,500 | 11,239 |
| Hangzhou Hikvision Digital Technology Co. Ltd. Class A | | 51,400 | 178,317 |
| Hangzhou Robam Appliances Co. Ltd. Class A | | 2,300 | 6,924 |
| Heilan Home Co. Ltd. Class A | | 4,800 | 5,326 |
| Henan Shuanghui Investment & Development Co. Ltd. Class A | | 5,800 | 18,741 |
| Hengli Petrochemical Co. Ltd. Class A | | 25,100 | 50,879 |
| Hengtong Optic-electric Co. Ltd. Class A | | 4,480 | 10,494 |
| Hesteel Co. Ltd. Class A | | 32,300 | 14,678 |
| Huaan Securities Co. Ltd. Class A | | 183,200 | 134,203 |
| Huadian Power International Corp. Ltd. (H Shares) | | 490,000 | 185,579 |
| Huadong Medicine Co. Ltd. Class A | | 3,300 | 16,870 |
| Huaneng Power International, Inc. (H Shares) | | 1,314,000 | 732,239 |
| Huaneng Renewables Corp. Ltd. (H Shares) | | 1,492,000 | 382,420 |
| Huatai Securities Co. Ltd. (H Shares) (d) | | 562,000 | 902,990 |
| Huaxia Bank Co. Ltd. Class A | | 89,600 | 102,757 |
| Huayu Automotive Systems Co. Ltd. Class A | | 23,200 | 57,970 |
| Hubei Biocause Pharmaceutical Co. Ltd. Class A | | 98,400 | 82,239 |
| Hubei Energy Group Co. Ltd. Class A | | 155,500 | 81,142 |
| Hundsun Technologies, Inc. Class A | | 1,500 | 10,049 |
| iFlytek Co. Ltd. | | 4,800 | 15,531 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 21,832,000 | 14,812,424 |
| Industrial Bank Co. Ltd. Class A | | 163,600 | 378,063 |
| Industrial Securities Co. Ltd. Class A | | 177,100 | 124,403 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 12,700 | 40,199 |
| Inner Mongolia Baotou Steel Union Co. Ltd. Class A | | 84,200 | 19,554 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 476,100 | 565,607 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 336,000 | 450,745 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 19,900 | 175,674 |
| Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | | 8,800 | 111,507 |
| Jiangxi Copper Co. Ltd. (H Shares) | | 372,000 | 409,857 |
| Jiangxi Ganfeng Lithium Co. Ltd. | | 1,700 | 5,751 |
| Jihua Group Corp. Ltd. Class A | | 9,200 | 4,576 |
| Jinduicheng Molybdenum Co. Ltd. Class A | | 8,900 | 8,025 |
| Jinke Properties Group Co. Ltd. Class A | | 94,000 | 80,987 |
| Jointown Pharmaceutical Group Class A | | 4,400 | 9,632 |
| Kangmei Pharmaceutical Co. Ltd. Class A | | 40,900 | 72,411 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 6,400 | 503,603 |
| Legend Holdings Corp. (d) | | 111,200 | 302,037 |
| Liaoning Chengda Co. Ltd. Class A | | 25,500 | 39,846 |
| LONGi Green Energy Technology Co. Ltd. | | 3,900 | 7,576 |
| Luxshare Precision Industry Co. Ltd. Class A | | 8,450 | 20,109 |
| Luzhou Laojiao Co. Ltd. Class A | | 3,400 | 18,551 |
| Maanshan Iron & Steel Co. Ltd. Class A | | 12,400 | 7,413 |
| Meinian Onehealth Healthcare Holdings Co. Ltd. Class A | | 6,600 | 13,823 |
| Metallurgical Corp. China Ltd. (H Shares) | | 896,000 | 217,089 |
| Midea Group Co. Ltd. Class A | | 35,600 | 189,032 |
| Muyuan Foodstuff Co. Ltd. Class A | | 3,600 | 11,818 |
| NARI Technology Co. Ltd. Class A | | 47,600 | 118,392 |
| New China Life Insurance Co. Ltd. (H Shares) | | 273,200 | 1,276,823 |
| Ningbo Zhoushan Port Co. Ltd. Class A | | 36,800 | 19,836 |
| O-film Tech Co. Ltd. Class A | | 5,900 | 11,080 |
| Offshore Oil Enginering Co. Ltd. Class A | | 11,500 | 9,199 |
| Orient Securities Co. Ltd. Class A | | 11,800 | 15,597 |
| People's Insurance Co. of China Group (H Shares) | | 2,273,000 | 927,524 |
| Perfect World Co. Ltd. Class A | | 2,400 | 8,402 |
| PetroChina Co. Ltd. (H Shares) | | 6,652,000 | 4,782,946 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 2,137,840 | 2,071,881 |
| Ping An Bank Co. Ltd. Class A | | 113,800 | 177,985 |
| Ping An Insurance (Group) Co. of China Ltd. (H Shares) | | 1,670,000 | 15,726,892 |
| Poly Developments & Holdings Class A | | 71,400 | 128,969 |
| Postal Savings Bank of China Co. Ltd. | | 797,000 | 475,642 |
| Power Construction Corp. of China Ltd. Class A | | 149,200 | 101,168 |
| Qingdao Haier Co. Ltd. | | 43,800 | 79,492 |
| Qinghai Salt Lake Potash Co. Ltd. Class A (a) | | 5,700 | 6,210 |
| Risesun Real Estate Development Co. Ltd. Class A | | 7,300 | 8,309 |
| Rongsheng Petrochemical Co. Ltd. Class A | | 5,700 | 8,433 |
| SAIC Motor Corp. Ltd. | | 47,800 | 185,769 |
| Sanan Optoelectronics Co. Ltd. Class A | | 8,800 | 17,737 |
| Sany Heavy Industry Co. Ltd. Class A | | 78,400 | 88,452 |
| SDIC Capital Co. Ltd. | | 5,500 | 7,096 |
| SDIC Power Holdings Co. Ltd. Class A | | 71,500 | 72,877 |
| Shaanxi Coal Industry Co. Ltd. Class A | | 83,100 | 101,617 |
| Shandong Buchang Pharmaceuticals Co. Ltd. Class A | | 2,210 | 8,636 |
| Shandong Gold Mining Co. Ltd. Class A | | 3,900 | 14,704 |
| Shandong Linglong Tyre Co. Ltd. Class A | | 15,500 | 31,219 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 620,000 | 554,224 |
| Shanghai 2345 Network Holding Group Co. Ltd. Class A | | 9,750 | 5,549 |
| Shanghai Construction Group Co. Ltd. Class A | | 50,200 | 21,661 |
| Shanghai Electric Group Co. Ltd. (H Shares) | | 812,000 | 264,041 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 180,000 | 539,407 |
| Shanghai International Airport Co. Ltd. (A Shares) | | 2,600 | 18,469 |
| Shanghai International Port Group Co. Ltd. Class A | | 60,500 | 46,834 |
| Shanghai Lujiazui Finance Trust Ltd. (B Shares) | | 306,124 | 388,777 |
| Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | | 276,600 | 610,908 |
| Shanghai Pudong Development Bank Co. Ltd. | | 196,200 | 308,828 |
| Shanghai Tunnel Engineering Co. Ltd. | | 18,600 | 15,199 |
| Shanghai Zhangjiang High Ltd. Class A | | 35,200 | 44,658 |
| Shanghaioriental Pearl Media Co. Ltd. | | 10,790 | 14,122 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A | | 5,900 | 6,978 |
| Shanxi Securities Co. Ltd. Class A | | 7,100 | 6,015 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. Class A | | 2,000 | 9,272 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd. Class A | | 6,400 | 5,945 |
| Shenergy Co. Ltd. Class A | | 138,900 | 100,556 |
| Shenwan Hongyuan Group Co. Ltd. Class A | | 122,100 | 78,067 |
| Shenzhen Energy Group Co. Ltd. Class A | | 100,000 | 74,545 |
| Shenzhen Overseas Chinese Town Co. Ltd. Class A | | 59,700 | 49,382 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd. Class A | | 2,000 | 7,067 |
| Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. Class A | | 10,500 | 6,442 |
| Shijiazhuang Baosh Electric Co. Ltd. Class A | | 11,300 | 7,630 |
| Sichuan Chuantou Energy Co. Ltd. class A | | 72,000 | 83,192 |
| Sichuan Kelun Pharmaceutical Co. Ltd. | | 2,900 | 9,770 |
| Sichuan New Hope Agribusiness Co. Ltd. Class A | | 110,600 | 94,338 |
| Sinolink Securities Co. Ltd. Class A | | 8,000 | 8,223 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 382,500 | 355,578 |
| Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) | | 969,000 | 425,068 |
| Sinopharm Group Co. Ltd. (H Shares) | | 371,200 | 1,789,269 |
| Sinotrans Ltd. (H Shares) | | 600,000 | 208,877 |
| Soochow Securities Co. Ltd. Class A | | 9,800 | 9,314 |
| Southwest Securities Co. Ltd. Class A | | 20,200 | 11,815 |
| Spring Airlines Co. Ltd. Class A | | 3,287 | 16,021 |
| Suning.com Co. Ltd. Class A | | 54,500 | 88,911 |
| Suzhou Gold Mantis Consolidated Co. Ltd. | | 7,800 | 8,968 |
| Tasly Pharmaceutical Group Co. Ltd. | | 2,800 | 8,080 |
| TBEA Co. Ltd. Class A | | 120,800 | 120,356 |
| TCL Corp. Class A | | 199,100 | 70,499 |
| Tianma Microelectronics Co. Ltd. Class A | | 5,100 | 7,684 |
| Tianqi Lithium Corp. Class A | | 9,200 | 38,432 |
| Tong Ren Tang Technologies Co. Ltd. (H Shares) | | 163,000 | 233,215 |
| Tonghua Dongbao Pharmaceutical Co. Ltd. Class A | | 4,400 | 8,440 |
| Tongling Nonferrous Metals Group Co. Ltd. Class A | | 42,400 | 12,704 |
| Tongwei Co. Ltd. Class A | | 7,600 | 6,973 |
| TravelSky Technology Ltd. (H Shares) | | 287,000 | 695,363 |
| Tsingtao Brewery Co. Ltd. (H Shares) | | 116,000 | 457,820 |
| Tus-Sound Environmental Resources Co. Ltd. Class A | | 3,200 | 5,000 |
| Unisplendour Corp. Ltd. Class A | | 1,260 | 5,995 |
| Wanxiang Qianchao Co. Ltd. Class A | | 71,800 | 51,465 |
| Weichai Power Co. Ltd. (H Shares) | | 618,200 | 610,951 |
| Weifu High-Technology Group Co. Ltd. Class A | | 30,900 | 78,804 |
| Western Securities Co. Ltd. Class A | | 9,500 | 11,385 |
| Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd. Class A | | 22,200 | 35,103 |
| Wuliangye Yibin Co. Ltd. Class A | | 21,900 | 151,167 |
| XCMG Construction Machinery Co. Ltd. Class A | | 17,500 | 8,329 |
| Xiamen C&D, Inc. Class A | | 83,700 | 90,352 |
| Xinhu Zhongbao Co. Ltd. Class A | | 14,800 | 6,598 |
| Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares) | | 223,800 | 166,667 |
| Yanzhou Coal Mining Co. Ltd. (H Shares) | | 572,000 | 540,493 |
| Yonghui Superstores Co. Ltd. Class A | | 85,700 | 87,719 |
| Yonyou Network Technology Co. Ltd. Class A | | 12,200 | 41,957 |
| Youngor Group Co. Ltd. Class A | | 107,900 | 114,464 |
| Yunnan Baiyao Group Co. Ltd. (c) | | 2,400 | 24,163 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | | 1,400 | 15,554 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) (b) | | 308,000 | 271,790 |
| Zhejiang Century Huatong Group Co. Ltd. Class A (c) | | 1,600 | 7,432 |
| Zhejiang China Commodities City Group Co. Ltd. Class A | | 144,800 | 75,974 |
| Zhejiang Chint Electric Co. Ltd. Class A | | 4,000 | 13,045 |
| Zhejiang Dahua Technology Co. Ltd. | | 6,200 | 10,230 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 416,000 | 348,526 |
| Zhejiang Huayou Cobalt Co. Ltd. Class A | | 1,820 | 8,806 |
| Zhejiang Longsheng Group Co. Ltd. Class A | | 8,400 | 10,693 |
| Zhejiang Zheneng Electric Power Co. Ltd. Class A | | 59,900 | 40,617 |
| Zhengzhou Yutong Bus Co. Ltd. | | 5,100 | 7,794 |
| ZhongAn Online P & C Insurance Co. Ltd. Class H (a)(b)(d) | | 47,600 | 158,121 |
| Zhongjin Gold Co. Ltd. Class A | | 7,900 | 8,947 |
| Zhuhai Wanlida Electric Co. Ltd. Class A | | 1,200 | 4,337 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 168,700 | 901,374 |
| Zijin Mng Group Co. Ltd. (H Shares) | | 1,822,000 | 676,110 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A | | 238,400 | 114,148 |
| ZTE Corp. (H Shares) | | 254,880 | 388,725 |
|
| TOTAL CHINA | | | 161,835,012 |
|
| Colombia - 0.3% | | | |
| Bancolombia SA | | 68,689 | 646,032 |
| Bancolombia SA sponsored ADR | | 2,970 | 109,712 |
| Cementos Argos SA | | 147,256 | 321,086 |
| Ecopetrol SA | | 1,540,076 | 1,789,059 |
| Grupo de Inversiones Suramerica SA | | 69,899 | 681,729 |
| Interconexion Electrica SA ESP | | 137,246 | 509,849 |
| Inversiones Argos SA | | 92,246 | 429,783 |
|
| TOTAL COLOMBIA | | | 4,487,250 |
|
| Czech Republic - 0.2% | | | |
| Ceske Energeticke Zavody A/S | | 49,496 | 1,177,879 |
| Komercni Banka A/S | | 23,283 | 884,489 |
| MONETA Money Bank A/S (d) | | 151,385 | 502,378 |
| Telefonica Czech Rep A/S | | 19,262 | 202,699 |
|
| TOTAL CZECH REPUBLIC | | | 2,767,445 |
|
| Egypt - 0.1% | | | |
| Commercial International Bank SAE | | 321,508 | 1,426,333 |
| Commercial International Bank SAE sponsored GDR | | 2,831 | 12,301 |
| Eastern Tobacco Co. | | 262,800 | 232,883 |
| Elsewedy Electric Co. | | 220,500 | 185,186 |
|
| TOTAL EGYPT | | | 1,856,703 |
|
| Greece - 0.3% | | | |
| Alpha Bank AE (a) | | 427,155 | 645,896 |
| EFG Eurobank Ergasias SA (a) | | 573,374 | 386,412 |
| Ff Group (a)(c) | | 10,260 | 44,625 |
| Greek Organization of Football Prognostics SA | | 68,371 | 642,755 |
| Hellenic Telecommunications Organization SA | | 75,511 | 842,446 |
| Jumbo SA | | 33,774 | 492,713 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 18,742 | 443,668 |
| National Bank of Greece SA (a) | | 169,559 | 293,838 |
| Piraeus Bank SA | | 81,521 | 120,035 |
| Titan Cement Co. SA (Reg.) | | 13,384 | 294,698 |
|
| TOTAL GREECE | | | 4,207,086 |
|
| Hong Kong - 3.5% | | | |
| Beijing Enterprises Holdings Ltd. | | 154,000 | 832,650 |
| BYD Electronic International Co. Ltd. | | 196,000 | 229,693 |
| China Agri-Industries Holdings Ltd. | | 602,000 | 201,129 |
| China Everbright International Ltd. | | 1,314,333 | 1,047,518 |
| China Everbright Ltd. | | 270,000 | 477,203 |
| China Jinmao Holdings Group Ltd. | | 1,620,000 | 679,652 |
| China Merchants Holdings International Co. Ltd. | | 382,105 | 650,002 |
| China Mobile Ltd. | | 1,906,500 | 17,859,860 |
| China Overseas Land and Investment Ltd. | | 1,186,000 | 3,712,890 |
| China Power International Development Ltd. (b) | | 1,261,000 | 249,243 |
| China Resources Beer Holdings Co. Ltd. | | 446,878 | 1,552,857 |
| China Resources Pharmaceutical Group Ltd. (d) | | 485,000 | 711,239 |
| China Resources Power Holdings Co. Ltd. | | 569,691 | 1,001,070 |
| China Taiping Insurance Group Ltd. | | 495,177 | 1,654,389 |
| China Travel International Investment HK Ltd. | | 632,000 | 169,244 |
| China Unicom Ltd. | | 1,872,000 | 1,958,016 |
| CITIC Pacific Ltd. | | 1,790,000 | 2,684,332 |
| CNOOC Ltd. | | 5,250,000 | 8,940,645 |
| CNOOC Ltd. sponsored ADR (b) | | 2,944 | 498,272 |
| CSPC Pharmaceutical Group Ltd. | | 1,458,000 | 3,075,169 |
| Far East Horizon Ltd. | | 671,000 | 650,297 |
| Fosun International Ltd. | | 776,000 | 1,132,045 |
| Guangdong Investment Ltd. | | 898,000 | 1,603,173 |
| Hua Hong Semiconductor Ltd. (d) | | 128,000 | 222,639 |
| Lenovo Group Ltd. | | 2,214,000 | 1,408,815 |
| MMG Ltd. (a) | | 764,000 | 286,429 |
| Shanghai Industrial Holdings Ltd. | | 125,000 | 262,690 |
| Shenzhen Investment Ltd. | | 902,000 | 258,800 |
| Sino-Ocean Group Holding Ltd. | | 866,979 | 339,409 |
| Sinotruk Hong Kong Ltd. | | 215,500 | 309,429 |
| Sun Art Retail Group Ltd. | | 731,466 | 799,376 |
| Winteam Pharmaceutical Group Ltd. | | 716,000 | 455,606 |
| Yuexiu Property Co. Ltd. | | 1,946,000 | 307,709 |
|
| TOTAL HONG KONG | | | 56,221,490 |
|
| Hungary - 0.3% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 113,512 | 1,190,358 |
| OTP Bank PLC | | 69,999 | 2,515,220 |
| Richter Gedeon PLC | | 43,422 | 807,391 |
|
| TOTAL HUNGARY | | | 4,512,969 |
|
| India - 7.9% | | | |
| Adani Ports & Special Economic Zone Ltd. | | 161,445 | 696,008 |
| Ambuja Cements Ltd. | | 185,816 | 495,317 |
| Ashok Leyland Ltd. | | 362,450 | 562,101 |
| Asian Paints Ltd. | | 89,330 | 1,486,096 |
| Aurobindo Pharma Ltd. | | 82,568 | 883,676 |
| Avenue Supermarts Ltd. (a)(d) | | 38,347 | 693,704 |
| Axis Bank Ltd. (a) | | 559,682 | 4,407,231 |
| Bajaj Auto Ltd. | | 25,675 | 900,395 |
| Bajaj Finance Ltd. | | 54,070 | 1,741,813 |
| Bajaj Finserv Ltd. | | 11,702 | 855,127 |
| Bharat Forge Ltd. | | 65,199 | 515,615 |
| Bharat Heavy Electricals Ltd. | | 287,146 | 266,918 |
| Bharat Petroleum Corp. Ltd. | | 232,506 | 864,824 |
| Bharti Airtel Ltd. | | 436,530 | 1,725,521 |
| Bharti Infratel Ltd. | | 106,816 | 388,862 |
| Bosch Ltd. (a) | | 2,258 | 602,861 |
| Britannia Industries Ltd. | | 8,770 | 669,264 |
| Cadila Healthcare Ltd. | | 65,950 | 321,056 |
| Cipla Ltd. (a) | | 107,031 | 910,617 |
| Coal India Ltd. | | 208,877 | 751,658 |
| Container Corp. of India Ltd. | | 52,409 | 449,083 |
| Dabur India Ltd. | | 166,173 | 864,455 |
| Dr. Reddy's Laboratories Ltd. | | 35,384 | 1,215,297 |
| Eicher Motors Ltd. | | 4,111 | 1,215,324 |
| GAIL India Ltd. | | 246,725 | 1,248,470 |
| Glenmark Pharmaceuticals Ltd. | | 45,375 | 381,295 |
| Godrej Consumer Products Ltd. | | 111,914 | 1,096,821 |
| Grasim Industries Ltd. (a) | | 101,405 | 1,142,863 |
| Havells India Ltd. (a) | | 78,543 | 685,818 |
| HCL Technologies Ltd. | | 173,729 | 2,479,561 |
| Hero Motocorp Ltd. | | 15,266 | 570,174 |
| Hindalco Industries Ltd. | | 359,314 | 1,070,752 |
| Hindustan Petroleum Corp. Ltd. | | 187,141 | 567,167 |
| Hindustan Unilever Ltd. | | 201,943 | 4,427,947 |
| Housing Development Finance Corp. Ltd. | | 495,758 | 11,859,381 |
| ICICI Bank Ltd. | | 741,305 | 3,554,817 |
| Indiabulls Housing Finance Ltd. | | 84,997 | 959,147 |
| Indian Oil Corp. Ltd. | | 445,448 | 833,860 |
| Infosys Ltd. | | 1,087,199 | 10,044,833 |
| InterGlobe Aviation Ltd. (d) | | 29,528 | 354,887 |
| ITC Ltd. | | 1,061,241 | 4,019,113 |
| JSW Steel Ltd. | | 265,976 | 1,220,555 |
| Larsen & Toubro Ltd. | | 148,743 | 2,609,438 |
| LIC Housing Finance Ltd. | | 91,988 | 511,307 |
| Lupin Ltd. (a) | | 69,112 | 827,410 |
| Mahindra & Mahindra Financial Services Ltd. (a) | | 94,621 | 523,256 |
| Mahindra & Mahindra Ltd. | | 231,426 | 2,396,711 |
| Marico Ltd. | | 138,924 | 603,519 |
| Maruti Suzuki India Ltd. | | 32,798 | 2,934,082 |
| Motherson Sumi Systems Ltd. (a) | | 291,217 | 642,796 |
| Nestle India Ltd. | | 7,235 | 992,695 |
| NTPC Ltd. | | 617,296 | 1,332,495 |
| Oil & Natural Gas Corp. Ltd. | | 442,233 | 916,336 |
| Page Industries Ltd. | | 1,716 | 683,374 |
| Petronet LNG Ltd. | | 186,756 | 569,914 |
| Pidilite Industries Ltd. | | 37,432 | 485,285 |
| Piramal Enterprises Ltd. | | 25,035 | 735,479 |
| Power Grid Corp. of India Ltd. | | 490,292 | 1,232,691 |
| Rec Ltd. | | 224,391 | 353,152 |
| Reliance Industries Ltd. | | 886,753 | 12,723,994 |
| Shree Cement Ltd. | | 2,604 | 490,005 |
| Shriram Transport Finance Co. Ltd. | | 45,524 | 716,960 |
| Siemens India Ltd. | | 20,716 | 260,967 |
| State Bank of India (a) | | 556,540 | 2,117,501 |
| Sun Pharmaceutical Industries Ltd. | | 262,310 | 2,057,942 |
| Tata Consultancy Services Ltd. | | 285,705 | 7,487,008 |
| Tata Motors Ltd. (a) | | 494,629 | 1,198,245 |
| Tata Power Co. Ltd. | | 355,178 | 367,616 |
| Tata Steel Ltd. | | 108,128 | 809,717 |
| Tech Mahindra Ltd. (a) | | 147,264 | 1,481,202 |
| Titan Co. Ltd. | | 95,406 | 1,089,507 |
| Ultratech Cemco Ltd. (a) | | 30,189 | 1,428,385 |
| United Spirits Ltd. (a) | | 90,559 | 706,252 |
| UPL Ltd. (a) | | 109,668 | 999,927 |
| Vedanta Ltd. (a) | | 400,839 | 1,144,364 |
| Vodafone Idea Ltd. (a) | | 622,649 | 325,384 |
| Wipro Ltd. | | 352,732 | 1,578,762 |
| Yes Bank Ltd. | | 532,322 | 1,353,837 |
| Zee Entertainment Enterprises Ltd. | | 148,607 | 906,390 |
|
| TOTAL INDIA | | | 127,594,189 |
|
| Indonesia - 1.9% | | | |
| PT Adaro Energy Tbk | | 4,463,400 | 484,434 |
| PT Astra International Tbk | | 6,312,100 | 3,280,091 |
| PT Bank Central Asia Tbk | | 3,074,900 | 4,783,515 |
| PT Bank Danamon Indonesia Tbk Series A | | 910,100 | 444,499 |
| PT Bank Mandiri (Persero) Tbk | | 5,835,000 | 2,621,792 |
| PT Bank Negara Indonesia (Persero) Tbk | | 2,297,900 | 1,107,194 |
| PT Bank Rakyat Indonesia Tbk | | 17,311,000 | 3,586,887 |
| PT Bank Tabungan Negara Tbk | | 1,229,000 | 171,385 |
| PT Bumi Serpong Damai Tbk (a) | | 2,195,600 | 158,866 |
| PT Charoen Pokphand Indonesia Tbk | | 2,273,700 | 822,585 |
| PT Gudang Garam Tbk | | 149,600 | 711,467 |
| PT Hanjaya Mandala Sampoerna Tbk | | 2,872,000 | 704,658 |
| PT Indah Kiat Pulp & Paper Tbk | | 839,100 | 702,355 |
| PT Indocement Tunggal Prakarsa Tbk | | 573,400 | 652,512 |
| PT Indofood CBP Sukses Makmur Tbk | | 748,600 | 439,484 |
| PT Indofood Sukses Makmur Tbk | | 1,402,800 | 551,339 |
| PT Jasa Marga Tbk | | 645,637 | 176,247 |
| PT Kalbe Farma Tbk | | 6,617,800 | 596,375 |
| PT Matahari Department Store Tbk | | 783,900 | 250,085 |
| PT Pakuwon Jati Tbk | | 4,745,500 | 149,209 |
| PT Perusahaan Gas Negara Tbk Series B | | 3,447,000 | 503,361 |
| PT Semen Gresik (Persero) Tbk | | 915,900 | 542,220 |
| PT Surya Citra Media Tbk | | 1,716,800 | 177,298 |
| PT Telekomunikasi Indonesia Tbk Series B | | 15,738,400 | 3,986,918 |
| PT Tower Bersama Infrastructure Tbk | | 586,700 | 180,612 |
| PT Unilever Indonesia Tbk | | 471,000 | 1,339,186 |
| PT United Tractors Tbk | | 517,100 | 1,139,474 |
| PT Waskita Karya Persero Tbk | | 1,383,300 | 131,028 |
|
| TOTAL INDONESIA | | | 30,395,076 |
|
| Isle of Man - 0.1% | | | |
| NEPI Rockcastle PLC | | 115,140 | 994,251 |
| Korea (South) - 12.1% | | | |
| AMOREPACIFIC Corp. | | 9,722 | 1,303,651 |
| AMOREPACIFIC Group, Inc. | | 8,899 | 484,336 |
| BGF Retail Co. Ltd. | | 2,454 | 362,401 |
| BS Financial Group, Inc. | | 80,862 | 537,899 |
| Celltrion Healthcare Co. Ltd. | | 11,024 | 615,450 |
| Celltrion Pharm, Inc. | | 4,953 | 232,240 |
| Celltrion, Inc. (a) | | 25,393 | 4,840,471 |
| Cheil Industries, Inc. | | 23,730 | 2,256,534 |
| Cheil Worldwide, Inc. | | 22,457 | 446,778 |
| CJ CheilJedang Corp. | | 2,565 | 728,361 |
| CJ Corp. | | 4,625 | 441,827 |
| CJ O Shopping Co. Ltd. | | 3,343 | 662,154 |
| Coway Co. Ltd. | | 14,979 | 922,895 |
| Daelim Industrial Co. | | 8,609 | 573,430 |
| Daewoo Engineering & Construction Co. Ltd. (a) | | 48,576 | 192,644 |
| Db Insurance Co. Ltd. | | 15,269 | 960,836 |
| DGB Financial Group Co. Ltd. | | 52,695 | 434,122 |
| Dong Suh Companies, Inc. | | 10,287 | 168,144 |
| Doosan Bobcat, Inc. | | 14,400 | 444,242 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 18,579 | 178,300 |
| E-Mart Co. Ltd. | | 6,423 | 1,151,186 |
| GS Engineering & Construction Corp. | | 15,705 | 574,657 |
| GS Holdings Corp. | | 15,743 | 669,181 |
| GS Retail Co. Ltd. | | 8,565 | 269,486 |
| Hana Financial Group, Inc. | | 93,605 | 3,142,043 |
| Hankook Tire Co. Ltd. | | 22,937 | 832,245 |
| Hanmi Pharm Co. Ltd. | | 1,934 | 660,204 |
| Hanmi Science Co. Ltd. | | 4,190 | 244,937 |
| Hanon Systems | | 57,768 | 554,391 |
| Hanssem Co. Ltd. | | 3,083 | 131,993 |
| Hanwha Chemical Corp. | | 33,680 | 476,715 |
| Hanwha Corp. | | 13,402 | 330,058 |
| Hanwha Life Insurance Co. Ltd. | | 97,154 | 381,889 |
| HDC Hyundai Development Co. (a) | | 10,869 | 419,138 |
| HLB, Inc. (a) | | 9,510 | 721,793 |
| Hotel Shilla Co. | | 9,666 | 604,019 |
| Hyundai Department Store Co. Ltd. | | 4,483 | 340,645 |
| Hyundai Engineering & Construction Co. Ltd. | | 24,323 | 975,265 |
| Hyundai Fire & Marine Insurance Co. Ltd. | | 19,354 | 709,025 |
| Hyundai Glovis Co. Ltd. | | 5,801 | 579,592 |
| Hyundai Heavy Industries Co. Ltd. (a) | | 11,896 | 1,298,030 |
| Hyundai Mobis | | 21,170 | 3,525,241 |
| Hyundai Motor Co. | | 47,056 | 4,392,168 |
| Hyundai Robotics Co. Ltd. (a) | | 3,031 | 947,021 |
| Hyundai Steel Co. | | 24,693 | 903,534 |
| Industrial Bank of Korea | | 77,421 | 1,007,627 |
| ING Life Insurance Korea Ltd. (d) | | 10,366 | 278,456 |
| Kakao Corp. | | 15,723 | 1,262,250 |
| Kangwon Land, Inc. | | 36,263 | 912,137 |
| KB Financial Group, Inc. | | 123,696 | 5,144,678 |
| KCC Corp. | | 1,848 | 400,049 |
| KEPCO Plant Service & Engineering Co. Ltd. | | 6,544 | 157,721 |
| Kia Motors Corp. | | 81,960 | 2,040,021 |
| Korea Aerospace Industries Ltd. (a) | | 22,650 | 574,687 |
| Korea Electric Power Corp. | | 80,046 | 1,909,586 |
| Korea Express Co. Ltd. (a) | | 2,533 | 351,867 |
| Korea Gas Corp. (a) | | 8,620 | 393,604 |
| Korea Investment Holdings Co. Ltd. | | 12,946 | 672,829 |
| Korea Zinc Co. Ltd. | | 2,628 | 872,929 |
| Korean Air Lines Co. Ltd. | | 14,082 | 338,783 |
| KT Corp. | | 216 | 5,428 |
| KT&G Corp. | | 36,294 | 3,228,607 |
| Kumho Petro Chemical Co. Ltd. | | 5,634 | 425,142 |
| LG Chemical Ltd. | | 13,915 | 4,231,819 |
| LG Corp. | | 29,778 | 1,730,308 |
| LG Display Co. Ltd. | | 72,955 | 1,063,171 |
| LG Electronics, Inc. | | 33,201 | 1,841,914 |
| LG Household & Health Care Ltd. | | 2,776 | 2,540,004 |
| LG Innotek Co. Ltd. | | 4,380 | 476,004 |
| LG Telecom Ltd. | | 67,279 | 952,284 |
| Lotte Chemical Corp. | | 5,366 | 1,234,509 |
| Lotte Confectionery Co. Ltd. (a) | | 9,380 | 390,902 |
| Lotte Shopping Co. Ltd. | | 3,499 | 593,389 |
| Medy-Tox, Inc. | | 1,306 | 533,846 |
| Mirae Asset Daewoo Co. Ltd. | | 124,602 | 702,183 |
| NAVER Corp. | | 43,725 | 4,387,829 |
| NCSOFT Corp. | | 5,493 | 2,067,698 |
| Netmarble Corp. (d) | | 7,817 | 767,313 |
| Oci Co. Ltd. | | 5,508 | 411,290 |
| Orion Corp./Republic of Korea | | 6,689 | 557,514 |
| Ottogi Corp. | | 352 | 203,302 |
| Pearl Abyss Corp. (a) | | 1,823 | 328,492 |
| POSCO | | 24,475 | 5,595,036 |
| Posco Daewoo Corp. | | 14,344 | 223,771 |
| S-Oil Corp. | | 14,120 | 1,534,514 |
| S1 Corp. | | 5,440 | 460,088 |
| Samsung Biologics Co. Ltd. (a)(d) | | 5,153 | 1,750,033 |
| Samsung Card Co. Ltd. | | 8,563 | 252,537 |
| Samsung Electro-Mechanics Co. Ltd. | | 17,498 | 1,809,609 |
| Samsung Electronics Co. Ltd. | | 1,494,057 | 55,519,734 |
| Samsung Engineering Co. Ltd. (a) | | 48,608 | 777,472 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 9,599 | 2,342,964 |
| Samsung Heavy Industries Co. Ltd. (a) | | 135,335 | 825,532 |
| Samsung Life Insurance Co. Ltd. | | 21,817 | 1,759,127 |
| Samsung SDI Co. Ltd. | | 17,152 | 3,540,137 |
| Samsung SDS Co. Ltd. | | 10,859 | 1,832,040 |
| Samsung Securities Co. Ltd. | | 19,246 | 451,210 |
| Shinhan Financial Group Co. Ltd. | | 132,849 | 4,941,784 |
| Shinsegae Co. Ltd. | | 2,286 | 517,906 |
| SillaJen, Inc. (a) | | 18,164 | 1,096,845 |
| SK C&C Co. Ltd. | | 9,928 | 2,275,348 |
| SK Energy Co. Ltd. | | 20,178 | 3,775,638 |
| SK Hynix, Inc. | | 181,247 | 10,833,519 |
| SK Telecom Co. Ltd. | | 6,311 | 1,480,952 |
| STX Pan Ocean Co. Ltd. (Korea) (a) | | 78,433 | 327,893 |
| ViroMed Co. Ltd. (a) | | 4,176 | 681,848 |
| Woori Bank | | 147,722 | 2,039,107 |
| Woori Investment & Securities Co. Ltd. | | 43,830 | 466,726 |
| Yuhan Corp. | | 2,669 | 391,812 |
|
| TOTAL KOREA (SOUTH) | | | 194,114,525 |
|
| Luxembourg - 0.1% | | | |
| PLAY Communications SA (d) | | 34,291 | 147,454 |
| Reinet Investments SCA | | 45,492 | 762,286 |
|
| TOTAL LUXEMBOURG | | | 909,740 |
|
| Malaysia - 2.3% | | | |
| AirAsia Group BHD | | 443,800 | 278,933 |
| Alliance Bank Malaysia Bhd | | 323,600 | 306,239 |
| AMMB Holdings Bhd | | 505,000 | 458,597 |
| Astro Malaysia Holdings Bhd (d) | | 377,700 | 121,853 |
| Axiata Group Bhd | | 842,071 | 686,214 |
| British American Tobacco (Malaysia) Bhd | | 44,900 | 333,705 |
| Bumiputra-Commerce Holdings Bhd | | 1,496,223 | 2,045,261 |
| Dialog Group Bhd | | 1,132,800 | 917,718 |
| DiGi.com Bhd | | 970,900 | 1,000,019 |
| Felda Global Ventures Holdings Bhd (d) | | 467,100 | 156,277 |
| Fraser & Neave Holdings BHD | | 37,600 | 302,813 |
| Gamuda Bhd | | 607,700 | 347,091 |
| Genting Bhd | | 663,600 | 1,164,016 |
| Genting Malaysia Bhd | | 928,600 | 996,395 |
| Genting Plantations Bhd | | 68,900 | 158,892 |
| Hap Seng Consolidated Bhd | | 179,500 | 422,530 |
| Hartalega Holdings Bhd | | 412,000 | 616,351 |
| Hong Leong Bank Bhd | | 201,700 | 997,775 |
| Hong Leong Credit Bhd | | 73,200 | 321,524 |
| IHH Healthcare Bhd (d) | | 770,200 | 920,301 |
| IJM Corp. Bhd | | 917,800 | 357,513 |
| IOI Corp. Bhd | | 603,000 | 648,465 |
| IOI Properties Group Bhd | | 467,675 | 146,410 |
| Kuala Lumpur Kepong Bhd | | 134,100 | 798,607 |
| Malayan Banking Bhd | | 1,204,767 | 2,732,283 |
| Malaysia Airports Holdings Bhd | | 280,306 | 555,990 |
| Maxis Bhd | | 732,500 | 915,516 |
| MISC Bhd | | 353,500 | 515,318 |
| My E.G.Services Bhd | | 620,900 | 178,057 |
| Nestle (Malaysia) BHD | | 18,000 | 618,569 |
| Petronas Chemicals Group Bhd | | 741,600 | 1,657,058 |
| Petronas Dagangan Bhd | | 57,400 | 356,650 |
| Petronas Gas Bhd | | 215,600 | 941,849 |
| PPB Group Bhd | | 178,520 | 715,019 |
| Press Metal Bhd | | 419,800 | 485,561 |
| Public Bank Bhd | | 904,800 | 5,319,173 |
| RHB Capital Bhd | | 321,689 | 402,063 |
| RHB Capital Bhd (a)(c) | | 99,132 | 0 |
| Sime Darby Bhd | | 729,449 | 383,508 |
| Sime Darby Plantation Bhd | | 745,649 | 937,296 |
| Sime Darby Property Bhd | | 974,149 | 226,979 |
| SP Setia Bhd | | 497,040 | 249,441 |
| Telekom Malaysia Bhd | | 366,280 | 208,327 |
| Tenaga Nasional Bhd | | 972,900 | 3,417,763 |
| Top Glove Corp. Bhd | | 436,200 | 619,197 |
| UMW Holdings Bhd | | 116,800 | 132,585 |
| Westports Holdings Bhd | | 342,600 | 279,189 |
| YTL Corp. Bhd | | 1,036,843 | 262,649 |
|
| TOTAL MALAYSIA | | | 36,613,539 |
|
| Mexico - 2.6% | | | |
| Alfa SA de CV Series A | | 935,000 | 985,482 |
| Alsea S.A.B. de CV | | 159,900 | 408,857 |
| America Movil S.A.B. de CV Series L | | 10,491,800 | 7,597,720 |
| Banco Santander Mexico SA | | 560,595 | 699,045 |
| CEMEX S.A.B. de CV unit (a) | | 4,550,618 | 2,271,585 |
| Coca-Cola FEMSA S.A.B. de CV Series L | | 162,000 | 923,994 |
| El Puerto de Liverpool S.A.B. de CV Class C | | 59,340 | 376,052 |
| Embotelladoras Arca S.A.B. de CV | | 135,800 | 682,903 |
| Fibra Uno Administracion SA de CV | | 1,035,900 | 1,113,249 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 605,400 | 5,146,716 |
| Gruma S.A.B. de CV Series B | | 66,060 | 689,438 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 111,100 | 919,122 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 64,290 | 1,068,607 |
| Grupo Bimbo S.A.B. de CV Series A | | 505,200 | 946,321 |
| Grupo Carso SA de CV Series A1 | | 141,800 | 417,304 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 808,500 | 4,448,228 |
| Grupo Financiero Inbursa S.A.B. de CV Series O | | 726,200 | 941,299 |
| Grupo Mexico SA de CV Series B | | 1,095,507 | 2,527,730 |
| Grupo Televisa SA de CV | | 763,600 | 2,201,342 |
| Industrias Penoles SA de CV | | 43,100 | 607,462 |
| Infraestructura Energetica Nova S.A.B. de CV | | 163,400 | 640,545 |
| Kimberly-Clark de Mexico SA de CV Series A | | 468,300 | 675,019 |
| Mexichem S.A.B. de CV | | 326,855 | 863,429 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 73,855 | 672,115 |
| Wal-Mart de Mexico SA de CV Series V | | 1,632,200 | 4,168,636 |
|
| TOTAL MEXICO | | | 41,992,200 |
|
| Netherlands - 0.0% | | | |
| X5 Retail Group NV unit | | 37,733 | 881,551 |
| Pakistan - 0.1% | | | |
| Habib Bank Ltd. | | 171,400 | 188,589 |
| Lucky Cement Ltd. | | 38,100 | 143,032 |
| MCB Bank Ltd. | | 123,000 | 183,754 |
| Oil & Gas Development Co. Ltd. | | 191,100 | 229,450 |
| United Bank Ltd. | | 143,000 | 161,910 |
|
| TOTAL PAKISTAN | | | 906,735 |
|
| Peru - 0.0% | | | |
| Compania de Minas Buenaventura SA | | 337 | 4,588 |
| Compania de Minas Buenaventura SA sponsored ADR | | 55,575 | 769,158 |
|
| TOTAL PERU | | | 773,746 |
|
| Philippines - 0.9% | | | |
| Aboitiz Equity Ventures, Inc. | | 622,430 | 547,452 |
| Aboitiz Power Corp. | | 475,900 | 300,126 |
| Alliance Global Group, Inc. (a) | | 1,332,500 | 283,272 |
| Ayala Corp. | | 76,705 | 1,320,594 |
| Ayala Land, Inc. | | 2,282,600 | 1,693,678 |
| Bank of the Philippine Islands (BPI) | | 280,587 | 431,353 |
| BDO Unibank, Inc. | | 606,906 | 1,390,147 |
| DMCI Holdings, Inc. | | 1,285,350 | 308,848 |
| Globe Telecom, Inc. | | 10,555 | 412,822 |
| GT Capital Holdings, Inc. | | 28,321 | 402,791 |
| International Container Terminal Services, Inc. | | 140,630 | 238,169 |
| JG Summit Holdings, Inc. | | 893,580 | 790,956 |
| Jollibee Food Corp. | | 134,990 | 697,218 |
| Manila Electric Co. | | 71,230 | 490,267 |
| Megaworld Corp. | | 3,626,100 | 299,251 |
| Metro Pacific Investments Corp. | | 4,501,800 | 404,376 |
| Metropolitan Bank & Trust Co. | | 232,614 | 285,343 |
| Philippine Long Distance Telephone Co. | | 27,050 | 698,969 |
| Robinsons Land Corp. | | 599,151 | 234,897 |
| Security Bank Corp. | | 65,050 | 175,781 |
| SM Investments Corp. | | 74,670 | 1,257,612 |
| SM Prime Holdings, Inc. | | 3,154,700 | 1,995,413 |
| Universal Robina Corp. | | 274,910 | 668,793 |
|
| TOTAL PHILIPPINES | | | 15,328,128 |
|
| Poland - 1.1% | | | |
| Alior Bank SA (a) | | 28,442 | 428,059 |
| Bank Handlowy w Warszawie SA | | 9,789 | 178,578 |
| Bank Millennium SA (a) | | 192,275 | 442,461 |
| Bank Polska Kasa Opieki SA | | 52,855 | 1,442,195 |
| Bank Zachodni WBK SA | | 10,774 | 955,780 |
| BRE Bank SA | | 4,690 | 457,126 |
| CD Projekt RED SA (a) | | 21,117 | 871,173 |
| Cyfrowy Polsat SA (a) | | 76,108 | 438,343 |
| Dino Polska SA (a)(d) | | 15,606 | 343,668 |
| Grupa Lotos SA | | 28,660 | 517,458 |
| Jastrzebska Spolka Weglowa SA (a) | | 17,119 | 330,142 |
| KGHM Polska Miedz SA (Bearer) (a) | | 43,310 | 980,617 |
| LPP SA | | 401 | 820,361 |
| NG2 SA | | 8,754 | 380,991 |
| Polish Oil & Gas Co. SA | | 535,686 | 873,928 |
| Polska Grupa Energetyczna SA (a) | | 260,566 | 713,693 |
| Polski Koncern Naftowy Orlen SA | | 93,353 | 2,244,082 |
| Powszechna Kasa Oszczednosci Bank SA | | 273,018 | 2,841,069 |
| Powszechny Zaklad Ubezpieczen SA | | 188,675 | 1,926,504 |
| Telekomunikacja Polska SA (a) | | 221,585 | 250,623 |
| Zaklady Azotowe w Tarnowie-Moscicach SA | | 12,902 | 87,086 |
|
| TOTAL POLAND | | | 17,523,937 |
|
| Qatar - 1.0% | | | |
| Barwa Real Estate Co. (a) | | 31,134 | 319,720 |
| Doha Bank (a) | | 44,254 | 267,031 |
| Ezdan Holding Group (a) | | 247,552 | 743,812 |
| Industries Qatar QSC (a) | | 56,926 | 2,188,704 |
| Masraf al Rayan (a) | | 113,182 | 1,180,935 |
| Qatar Electricity & Water Co. (a) | | 15,184 | 783,513 |
| Qatar Insurance Co. SAQ | | 48,177 | 485,607 |
| Qatar Islamic Bank (a) | | 36,458 | 1,532,017 |
| Qatar National Bank SAQ | | 140,898 | 7,546,034 |
| Qatar Telecom (Qtel) Q.S.C. (a) | | 25,210 | 476,920 |
| The Commercial Bank of Qatar (a) | | 61,238 | 697,148 |
|
| TOTAL QATAR | | | 16,221,441 |
|
| Russia - 3.4% | | | |
| Alrosa Co. Ltd. | | 796,663 | 1,208,169 |
| Gazprom OAO | | 1,338,016 | 3,157,879 |
| Gazprom OAO sponsored ADR (Reg. S) | | 958,252 | 4,540,198 |
| Inter Rao Ues JSC | | 9,763,744 | 590,208 |
| Lukoil PJSC | | 82,670 | 6,205,858 |
| Lukoil PJSC sponsored ADR | | 68,904 | 5,147,129 |
| Magnit OJSC GDR (Reg. S) | | 112,091 | 1,495,854 |
| Magnitogorsk Iron & Steel Works PJSC | | 693,800 | 504,970 |
| MMC Norilsk Nickel PJSC | | 10,619 | 1,773,225 |
| MMC Norilsk Nickel PJSC sponsored ADR | | 92,519 | 1,533,965 |
| Mobile TeleSystems OJSC sponsored ADR | | 154,708 | 1,239,211 |
| Moscow Exchange MICEX-RTS OAO | | 433,321 | 578,211 |
| NOVATEK OAO GDR (Reg. S) | | 28,369 | 4,808,546 |
| Novolipetsk Steel OJSC | | 372,772 | 907,798 |
| PhosAgro OJSC GDR (Reg. S) | | 36,906 | 483,469 |
| Polyus PJSC | | 8,332 | 525,163 |
| Rosneft Oil Co. OJSC | | 176,414 | 1,233,114 |
| Rosneft Oil Co. OJSC GDR (Reg. S) | | 191,497 | 1,346,224 |
| RusHydro PJSC | | 15,637,801 | 130,517 |
| RusHydro PJSC ADR (b) | | 194,501 | 152,489 |
| Sberbank of Russia | | 3,359,056 | 9,654,886 |
| Severstal PAO | | 26,724 | 417,856 |
| Severstal PAO GDR (Reg. S) | | 38,232 | 592,978 |
| Surgutneftegas OJSC | | 1,252,149 | 505,051 |
| Surgutneftegas OJSC sponsored ADR | | 116,797 | 464,852 |
| Tatneft PAO | | 245,415 | 2,922,310 |
| Tatneft PAO sponsored ADR | | 37,903 | 2,670,645 |
| VTB Bank OJSC (a) | | 1,010,825,800 | 561,316 |
|
| TOTAL RUSSIA | | | 55,352,091 |
|
| Singapore - 0.0% | | | |
| BOC Aviation Ltd. Class A | | 66,700 | 476,735 |
| South Africa - 5.3% | | | |
| Adcock Ingram Holdings Ltd. warrants 7/26/19 (a) | | 859 | 148 |
| Anglo American Platinum Ltd. | | 16,892 | 551,823 |
| AngloGold Ashanti Ltd. | | 126,121 | 1,220,901 |
| Aspen Pharmacare Holdings Ltd. | | 121,802 | 1,287,993 |
| Barclays Africa Group Ltd. | | 225,832 | 2,282,583 |
| Bidcorp Ltd. | | 104,996 | 1,969,249 |
| Bidvest Group Ltd. | | 106,445 | 1,325,972 |
| Capitec Bank Holdings Ltd. | | 12,377 | 831,149 |
| Clicks Group Ltd. | | 78,248 | 997,161 |
| Coronation Fund Managers Ltd. | | 66,031 | 219,902 |
| Discovery Ltd. | | 111,543 | 1,194,102 |
| Exxaro Resources Ltd. | | 76,941 | 787,012 |
| FirstRand Ltd. | | 1,049,892 | 4,576,753 |
| Fortress (REIT) Ltd.: | | | |
| Class A | | 323,442 | 370,744 |
| Class B | | 237,513 | 231,677 |
| Foschini Ltd. | | 69,355 | 757,933 |
| Gold Fields Ltd. | | 252,259 | 666,910 |
| Growthpoint Properties Ltd. | | 915,490 | 1,405,582 |
| Hyprop Investments Ltd. | | 78,421 | 479,855 |
| Imperial Holdings Ltd. | | 49,760 | 549,493 |
| Investec Ltd. | | 86,188 | 536,145 |
| Kumba Iron Ore Ltd. | | 20,674 | 405,002 |
| Liberty Holdings Ltd. | | 37,504 | 274,534 |
| Life Healthcare Group Holdings Ltd. | | 413,289 | 686,364 |
| MMI Holdings Ltd. | | 274,220 | 331,796 |
| Mondi Ltd. | | 36,154 | 864,804 |
| Mr Price Group Ltd. | | 78,796 | 1,233,656 |
| MTN Group Ltd. | | 529,116 | 3,066,559 |
| Naspers Ltd. Class N | | 136,423 | 23,975,678 |
| Nedbank Group Ltd. | | 120,199 | 2,028,126 |
| Netcare Ltd. | | 361,990 | 609,267 |
| Old Mutual Ltd. | | 1,537,749 | 2,365,126 |
| Pick 'n Pay Stores Ltd. | | 113,314 | 523,307 |
| Pioneer Foods Ltd. | | 36,887 | 202,482 |
| PSG Group Ltd. | | 46,237 | 689,488 |
| Rand Merchant Insurance Holdings Ltd. | | 210,955 | 491,049 |
| Redefine Properties Ltd. | | 1,728,227 | 1,123,450 |
| Remgro Ltd. | | 166,913 | 2,151,738 |
| Resilient Property Income Fund Ltd. | | 80,241 | 325,370 |
| RMB Holdings Ltd. | | 223,401 | 1,127,567 |
| Sanlam Ltd. | | 556,947 | 2,803,517 |
| Sappi Ltd. | | 161,906 | 910,251 |
| Sasol Ltd. | | 170,859 | 5,583,666 |
| Shoprite Holdings Ltd. | | 139,619 | 1,706,376 |
| Spar Group Ltd. | | 60,016 | 715,310 |
| Standard Bank Group Ltd. | | 403,538 | 4,467,708 |
| Telkom SA Ltd. | | 94,733 | 344,513 |
| Tiger Brands Ltd. | | 49,399 | 882,602 |
| Truworths International Ltd. | | 136,615 | 749,357 |
| Vodacom Group Ltd. | | 189,531 | 1,598,214 |
| Woolworths Holdings Ltd. | | 307,037 | 1,059,983 |
|
| TOTAL SOUTH AFRICA | | | 85,539,947 |
|
| Taiwan - 10.7% | | | |
| Acer, Inc. | | 898,994 | 630,099 |
| Advantech Co. Ltd. | | 108,459 | 746,169 |
| ASE Industrial Holding Co. Ltd. | | 1,068,927 | 2,154,392 |
| Asia Cement Corp. | | 676,153 | 715,234 |
| ASUSTeK Computer, Inc. | | 221,000 | 1,634,631 |
| AU Optronics Corp. | | 2,722,000 | 1,062,900 |
| Catcher Technology Co. Ltd. | | 206,000 | 2,072,609 |
| Cathay Financial Holding Co. Ltd. | | 2,536,641 | 4,014,645 |
| Chang Hwa Commercial Bank | | 1,653,288 | 937,168 |
| Cheng Shin Rubber Industry Co. Ltd. | | 602,937 | 848,110 |
| Chicony Electronics Co. Ltd. | | 192,766 | 385,401 |
| China Airlines Ltd. | | 817,043 | 241,731 |
| China Development Finance Holding Corp. | | 4,134,800 | 1,326,160 |
| China Life Insurance Co. Ltd. | | 808,728 | 767,966 |
| China Steel Corp. | | 3,949,204 | 3,112,371 |
| Chinatrust Financial Holding Co. Ltd. | | 5,460,826 | 3,642,256 |
| Chunghwa Telecom Co. Ltd. | | 1,183,000 | 4,176,174 |
| Compal Electronics, Inc. | | 1,301,000 | 716,463 |
| Delta Electronics, Inc. | | 649,381 | 2,726,685 |
| E.SUN Financial Holdings Co. Ltd. | | 3,030,224 | 2,006,414 |
| ECLAT Textile Co. Ltd. | | 55,613 | 660,124 |
| EVA Airways Corp. | | 667,375 | 305,013 |
| Evergreen Marine Corp. (Taiwan) | | 627,054 | 230,888 |
| Evergreen Marine Corp. (Taiwan) rights 11/18/18 (a) | | 35,721 | 808 |
| Far Eastern Textile Ltd. | | 992,705 | 995,575 |
| Far EasTone Telecommunications Co. Ltd. | | 492,000 | 1,171,183 |
| Feng Tay Enterprise Co. Ltd. | | 103,520 | 621,912 |
| First Financial Holding Co. Ltd. | | 3,013,443 | 1,902,838 |
| Formosa Chemicals & Fibre Corp. | | 1,094,760 | 3,960,308 |
| Formosa Petrochemical Corp. | | 387,000 | 1,524,975 |
| Formosa Plastics Corp. | | 1,386,520 | 4,523,135 |
| Formosa Taffeta Co. Ltd. | | 250,000 | 271,717 |
| Foxconn Technology Co. Ltd. | | 285,587 | 605,110 |
| Fubon Financial Holding Co. Ltd. | | 2,067,334 | 3,235,165 |
| Giant Manufacturing Co. Ltd. | | 101,000 | 384,942 |
| GlobalWafers Co. Ltd. | | 67,000 | 531,274 |
| Highwealth Construction Corp. | | 268,000 | 392,558 |
| HIWIN Technologies Corp. | | 71,570 | 462,331 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 4,096,869 | 10,427,263 |
| Hotai Motor Co. Ltd. | | 86,000 | 593,046 |
| HTC Corp. (a) | | 214,000 | 232,244 |
| Hua Nan Financial Holdings Co. Ltd. | | 2,284,181 | 1,287,413 |
| Innolux Corp. | | 2,751,347 | 832,678 |
| Inventec Corp. | | 785,865 | 633,302 |
| Largan Precision Co. Ltd. | | 31,000 | 3,354,274 |
| Lite-On Technology Corp. | | 654,279 | 750,211 |
| Macronix International Co. Ltd. | | 566,103 | 313,582 |
| MediaTek, Inc. | | 468,292 | 3,441,044 |
| Mega Financial Holding Co. Ltd. | | 3,374,413 | 2,850,112 |
| Micro-Star International Co. Ltd. | | 208,000 | 458,856 |
| Nan Ya Plastics Corp. | | 1,599,860 | 3,973,748 |
| Nanya Technology Corp. | | 319,000 | 529,597 |
| Nien Made Enterprise Co. Ltd. | | 51,000 | 314,627 |
| Novatek Microelectronics Corp. | | 178,000 | 784,774 |
| Pegatron Corp. | | 603,000 | 1,096,523 |
| Phison Electronics Corp. | | 49,000 | 321,280 |
| Pou Chen Corp. | | 691,000 | 699,693 |
| Powertech Technology, Inc. | | 231,000 | 504,372 |
| President Chain Store Corp. | | 179,000 | 2,017,765 |
| Quanta Computer, Inc. | | 833,000 | 1,314,321 |
| Realtek Semiconductor Corp. | | 141,401 | 566,326 |
| Ruentex Development Co. Ltd. | | 180,480 | 249,497 |
| Ruentex Industries Ltd. | | 118,200 | 295,877 |
| Shin Kong Financial Holding Co. Ltd. | | 2,649,142 | 868,487 |
| Sinopac Holdings Co. | | 3,291,591 | 1,116,316 |
| Standard Foods Corp. | | 119,812 | 179,754 |
| Synnex Technology International Corp. | | 442,500 | 475,937 |
| TaiMed Biologics, Inc. (a) | | 57,000 | 355,324 |
| Taishin Financial Holdings Co. Ltd. | | 3,036,707 | 1,348,645 |
| Taishin Financial Holdings Co. Ltd. rights 11/22/18 (a) | | 61,258 | 5,936 |
| Taiwan Business Bank | | 1,164,771 | 383,736 |
| Taiwan Cement Corp. | | 1,442,400 | 1,616,617 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 2,719,818 | 1,528,555 |
| Taiwan High Speed Rail Corp. | | 595,000 | 589,994 |
| Taiwan Mobile Co. Ltd. | | 497,900 | 1,777,037 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 7,660,000 | 57,474,043 |
| TECO Electric & Machinery Co. Ltd. | | 551,000 | 315,894 |
| Unified-President Enterprises Corp. | | 1,505,983 | 3,643,292 |
| United Microelectronics Corp. | | 3,755,000 | 1,430,153 |
| Vanguard International Semiconductor Corp. | | 278,000 | 511,813 |
| Walsin Technology Corp. | | 97,000 | 408,860 |
| Win Semiconductors Corp. | | 110,000 | 337,527 |
| Winbond Electronics Corp. | | 924,000 | 399,916 |
| Wistron Corp. | | 880,008 | 537,206 |
| WPG Holding Co. Ltd. | | 469,200 | 556,939 |
| Yageo Corp. | | 79,085 | 805,908 |
| Yuanta Financial Holding Co. Ltd. | | 3,107,952 | 1,505,766 |
|
| TOTAL TAIWAN | | | 171,713,514 |
|
| Thailand - 2.3% | | | |
| Advanced Info Service PCL (For. Reg.) | | 317,500 | 1,876,659 |
| Airports of Thailand PCL (For. Reg.) | | 1,315,500 | 2,538,963 |
| Bangkok Bank PCL (For. Reg.) | | 73,400 | 469,264 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 1,173,800 | 867,253 |
| Bangkok Expressway and Metro PCL | | 2,451,800 | 628,477 |
| Banpu PCL (For. Reg.) | | 685,400 | 359,649 |
| Berli Jucker PCL (For. Reg) | | 366,300 | 615,839 |
| BTS Group Holdings PCL | | 1,762,200 | 486,252 |
| BTS Group Holdings PCL warrants 12/31/19 (a) | | 195,800 | 490 |
| Bumrungrad Hospital PCL (For. Reg.) | | 111,700 | 650,124 |
| C.P. ALL PCL (For. Reg.) | | 1,538,000 | 3,119,135 |
| Central Pattana PCL (For. Reg.) | | 420,100 | 1,000,841 |
| Charoen Pokphand Foods PCL (For. Reg.) | | 1,053,820 | 802,441 |
| Delta Electronics PCL (For. Reg.) | | 168,100 | 349,786 |
| Electricity Generating PCL (For. Reg.) | | 38,200 | 266,110 |
| Energy Absolute PCL | | 410,100 | 612,182 |
| Glow Energy PCL (For. Reg.) | | 147,700 | 373,036 |
| Home Product Center PCL (For. Reg.) | | 1,240,406 | 557,360 |
| Indorama Ventures PCL (For. Reg.) | | 603,100 | 986,676 |
| IRPC PCL (For. Reg.) | | 3,127,800 | 575,379 |
| Kasikornbank PCL (For. Reg.) | | 583,100 | 3,508,096 |
| Krung Thai Bank PCL (For. Reg.) | | 1,030,570 | 624,682 |
| Land & House PCL (For. Reg.) | | 877,300 | 272,503 |
| Minor International PCL (For. Reg.) | | 720,880 | 793,490 |
| PTT Exploration and Production PCL (For. Reg.) | | 426,839 | 1,795,659 |
| PTT Global Chemical PCL (For. Reg.) | | 693,139 | 1,614,746 |
| PTT PCL (For. Reg.) | | 3,285,100 | 5,052,476 |
| Robinsons Department Store PCL (For. Reg.) | | 146,900 | 289,060 |
| Siam Cement PCL (For. Reg.) | | 118,050 | 1,488,085 |
| Siam Commercial Bank PCL (For. Reg.) | | 589,300 | 2,443,569 |
| Thai Oil PCL (For. Reg.) | | 362,900 | 927,496 |
| Thai Union Frozen Products PCL (For. Reg.) | | 559,920 | 280,298 |
| TMB PCL (For. Reg.) | | 3,220,500 | 221,434 |
| True Corp. PCL (For. Reg.) | | 3,147,519 | 560,023 |
|
| TOTAL THAILAND | | | 37,007,533 |
|
| Turkey - 0.6% | | | |
| Akbank T.A.S. | | 693,199 | 819,745 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 60,541 | 203,515 |
| Arcelik A/S | | 69,022 | 191,769 |
| Aselsan A/S | | 106,395 | 480,810 |
| Bim Birlesik Magazalar A/S JSC | | 65,930 | 936,532 |
| Coca-Cola Icecek Sanayi A/S | | 22,570 | 111,283 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | | 512,344 | 153,073 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 432,245 | 700,612 |
| Ford Otomotiv Sanayi A/S | | 20,251 | 217,379 |
| Haci Omer Sabanci Holding A/S | | 267,868 | 341,209 |
| Koc Holding A/S | | 243,153 | 677,745 |
| Petkim Petrokimya Holding A/S | | 272,406 | 247,571 |
| TAV Havalimanlari Holding A/S | | 60,391 | 251,305 |
| Tofas Turk Otomobil Fabrikasi A/S | | 35,377 | 133,543 |
| Tupras Turkiye Petrol Rafinerileri A/S | | 38,739 | 912,753 |
| Turk Hava Yollari AO (a) | | 171,845 | 431,949 |
| Turk Sise ve Cam Fabrikalari A/S | | 234,887 | 198,765 |
| Turkcell Iletisim Hizmet A/S | | 347,851 | 706,331 |
| Turkiye Garanti Bankasi A/S | | 720,352 | 900,827 |
| Turkiye Halk Bankasi A/S | | 181,369 | 200,202 |
| Turkiye Is Bankasi A/S Series C | | 507,690 | 362,402 |
| Turkiye Vakiflar Bankasi TAO | | 213,985 | 130,927 |
| Ulker Biskuvi Sanayi A/S (a) | | 43,794 | 115,800 |
| Yapi ve Kredi Bankasi A/S (a) | | 487,939 | 141,416 |
|
| TOTAL TURKEY | | | 9,567,463 |
|
| United Arab Emirates - 0.7% | | | |
| Abu Dhabi Commercial Bank PJSC (a) | | 637,096 | 1,403,184 |
| Aldar Properties PJSC | | 1,208,900 | 569,374 |
| Damac Properties Dubai Co. PJSC (a) | | 566,753 | 311,678 |
| DP World Ltd. | | 51,247 | 921,934 |
| Dubai Investments Ltd. (a) | | 605,867 | 267,211 |
| Dubai Islamic Bank Pakistan Ltd. (a) | | 507,172 | 726,277 |
| Emaar Development PJSC (a) | | 260,172 | 350,612 |
| Emaar Malls Group PJSC (a) | | 555,135 | 276,574 |
| Emaar Properties PJSC | | 1,083,073 | 1,503,797 |
| Emirates Telecommunications Corp. (a) | | 547,792 | 2,594,934 |
| National Bank of Abu Dhabi PJSC | | 442,775 | 1,665,914 |
|
| TOTAL UNITED ARAB EMIRATES | | | 10,591,489 |
|
| United States of America - 0.3% | | | |
| Southern Copper Corp. | | 26,343 | 1,009,991 |
| Yum China Holdings, Inc. | | 114,022 | 4,113,914 |
|
| TOTAL UNITED STATES OF AMERICA | | | 5,123,905 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $1,394,682,294) | | | 1,410,134,490 |
|
| Nonconvertible Preferred Stocks - 3.7% | | | |
| Brazil - 2.7% | | | |
| Banco Bradesco SA (PN) | | 1,020,263 | 9,403,472 |
| Braskem SA (PN-A) | | 52,900 | 741,297 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 69,000 | 493,188 |
| Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) | | 49,100 | 1,032,004 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 292,633 | 867,323 |
| Gerdau SA | | 326,700 | 1,427,420 |
| Itau Unibanco Holding SA | | 1,007,121 | 13,328,150 |
| Itausa-Investimentos Itau SA (PN) | | 1,381,128 | 4,171,404 |
| Lojas Americanas SA (PN) | | 228,484 | 1,154,239 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 1,246,200 | 9,248,971 |
| Telefonica Brasil SA | | 140,300 | 1,629,388 |
|
| TOTAL BRAZIL | | | 43,496,856 |
|
| Chile - 0.1% | | | |
| Embotelladora Andina SA Class B | | 84,176 | 296,307 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 35,756 | 1,546,333 |
|
| TOTAL CHILE | | | 1,842,640 |
|
| Colombia - 0.1% | | | |
| Bancolombia SA (PN) | | 131,821 | 1,232,429 |
| Grupo Aval Acciones y Valores SA | | 1,222,500 | 429,080 |
| Grupo de Inversiones Suramerica SA | | 38,228 | 349,092 |
|
| TOTAL COLOMBIA | | | 2,010,601 |
|
| Korea (South) - 0.7% | | | |
| AMOREPACIFIC Corp. | | 3,439 | 271,262 |
| Hyundai Motor Co. | | 9,594 | 560,000 |
| Hyundai Motor Co. Series 2 | | 10,892 | 675,858 |
| LG Chemical Ltd. | | 3,066 | 536,080 |
| LG Household & Health Care Ltd. | | 918 | 588,936 |
| Samsung Electronics Co. Ltd. | | 270,568 | 8,477,481 |
|
| TOTAL KOREA (SOUTH) | | | 11,109,617 |
|
| Russia - 0.1% | | | |
| AK Transneft OAO | | 152 | 394,342 |
| Surgutneftegas OJSC | | 2,028,040 | 1,174,053 |
|
| TOTAL RUSSIA | | | 1,568,395 |
|
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | |
| (Cost $51,946,851) | | | 60,028,109 |
| | | Principal Amount(e) | Value |
|
| Nonconvertible Bonds - 0.0% | | | |
| India - 0.0% | | | |
| NTPC Ltd. 8.49% 3/25/25 | INR | | |
| (Cost $52,909) | | 264,162 | 50,695 |
|
| Government Obligations - 0.3% | | | |
| United States of America - 0.3% | | | |
| U.S. Treasury Bills, yield at date of purchase 2.07% 1/3/19 (f) | | | |
| (Cost $4,982,045) | | 5,000,000 | 4,980,575 |
| | | Shares | Value |
|
| Money Market Funds - 8.2% | | | |
| Fidelity Cash Central Fund, 2.23% (g) | | 118,149,006 | 118,172,636 |
| Fidelity Securities Lending Cash Central Fund 2.23% (g)(h) | | 12,809,816 | 12,811,097 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $130,983,733) | | | 130,983,733 |
| TOTAL INVESTMENT IN SECURITIES - 99.8% | | | |
| (Cost $1,582,647,832) | | | 1,606,177,602 |
| NET OTHER ASSETS (LIABILITIES) - 0.2% | | | 3,536,670 |
| NET ASSETS - 100% | | | $1,609,714,272 |
| 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) | 2,889 | Dec. 2018 | $138,195,315 | $(6,234,220) | $(6,234,220) |
The notional amount of futures purchased as a percentage of Net Assets is 8.6%
Currency Abbreviations
INR – Indian rupee
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Level 3 security
(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 $11,734,585 or 0.7% 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 $4,980,575.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $714,716 |
| Fidelity Securities Lending Cash Central Fund | 193,898 |
| Total | $908,614 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $194,761,110 | $103,856,559 | $90,904,551 | $-- |
| Consumer Discretionary | 153,939,970 | 151,342,942 | 2,536,264 | 60,764 |
| Consumer Staples | 95,342,502 | 95,318,722 | -- | 23,780 |
| Energy | 126,998,967 | 106,735,143 | 20,263,824 | -- |
| Financials | 361,067,341 | 291,980,150 | 69,087,191 | -- |
| Health Care | 42,126,250 | 40,886,790 | 1,215,297 | 24,163 |
| Industrials | 79,204,718 | 78,379,853 | 824,865 | -- |
| Information Technology | 223,452,352 | 148,309,388 | 75,142,962 | 2 |
| Materials | 114,411,886 | 102,538,225 | 11,845,612 | 28,049 |
| Real Estate | 41,232,940 | 41,232,940 | -- | -- |
| Utilities | 37,624,563 | 35,714,977 | 1,909,586 | -- |
| Corporate Bonds | 50,695 | -- | 50,695 | -- |
| Government Obligations | 4,980,575 | -- | 4,980,575 | -- |
| Money Market Funds | 130,983,733 | 130,983,733 | -- | -- |
| Total Investments in Securities: | $1,606,177,602 | $1,327,279,422 | $278,761,422 | $136,758 |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(6,234,220) | $(6,234,220) | $-- | $-- |
| Total Liabilities | $(6,234,220) | $(6,234,220) | $-- | $-- |
| Total Derivative Instruments: | $(6,234,220) | $(6,234,220) | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:
| Transfers | Total |
| Level 1 to Level 2 | $51,650,785 |
| Level 2 to Level 1 | $3,599,983 |
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, 2018. 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 | $(6,234,220) |
| Total Equity Risk | 0 | (6,234,220) |
| Total Value of Derivatives | $0 | $(6,234,220) |
(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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Fidelity® Emerging Markets Index Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $12,550,275) — See accompanying schedule:
Unaffiliated issuers (cost $1,451,664,099) | $1,475,193,869 | |
| Fidelity Central Funds (cost $130,983,733) | 130,983,733 | |
| Total Investment in Securities (cost $1,582,647,832) | | $1,606,177,602 |
| Segregated cash with brokers for derivative instruments | | 2,295,200 |
| Cash | | 25,107 |
| Foreign currency held at value (cost $5,297,195) | | 5,262,573 |
| Receivable for fund shares sold | | 77,450,359 |
| Dividends receivable | | 1,740,105 |
| Distributions receivable from Fidelity Central Funds | | 180,261 |
| Receivable for daily variation margin on futures contracts | | 1,524,744 |
| Other receivables | | 3,328 |
| Total assets | | 1,694,659,279 |
| Liabilities | | |
| Payable for fund shares redeemed | $71,381,423 | |
| Accrued management fee | 106,743 | |
| Other payables and accrued expenses | 648,796 | |
| Collateral on securities loaned | 12,808,045 | |
| Total liabilities | | 84,945,007 |
| Net Assets | | $1,609,714,272 |
| Net Assets consist of: | | |
| Paid in capital | | $1,646,192,137 |
| Total distributable earnings (loss) | | (36,477,865) |
| Net Assets | | $1,609,714,272 |
| Net Asset Value and Maximum Offering Price | | |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($36,222,334 ÷ 3,771,646 shares) | | $9.60 |
| Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($737,187,439 ÷ 76,712,062 shares) | | $9.61 |
| Institutional Class: | | |
| Net Asset Value, offering price and redemption price per share ($242,838,418 ÷ 25,237,490 shares) | | $9.62 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($593,466,081 ÷ 61,689,800 shares) | | $9.62 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2018 |
| Investment Income | | |
| Dividends | | $44,349,804 |
| Interest | | 46,956 |
| Income from Fidelity Central Funds | | 908,614 |
| Income before foreign taxes withheld | | 45,305,374 |
| Less foreign taxes withheld | | (4,928,161) |
| Total income | | 40,377,213 |
| Expenses | | |
| Management fee | $1,273,593 | |
| Transfer agent fees | 492,185 | |
| Independent trustees' fees and expenses | 6,763 | |
| Commitment fees | 4,276 | |
| Total expenses before reductions | 1,776,817 | |
| Expense reductions | (11,431) | |
| Total expenses after reductions | | 1,765,386 |
| Net investment income (loss) | | 38,611,827 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $1,849) | (16,277,784) | |
| Fidelity Central Funds | 6,889 | |
| Foreign currency transactions | (552,125) | |
| Futures contracts | 1,302,247 | |
| Total net realized gain (loss) | | (15,520,773) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,181,263) | (242,555,205) | |
| Fidelity Central Funds | (249) | |
| Assets and liabilities in foreign currencies | (41,906) | |
| Futures contracts | (6,782,369) | |
| Total change in net unrealized appreciation (depreciation) | | (249,379,729) |
| Net gain (loss) | | (264,900,502) |
| Net increase (decrease) in net assets resulting from operations | | $(226,288,675) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2018 | Year ended October 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $38,611,827 | $24,352,616 |
| Net realized gain (loss) | (15,520,773) | 1,339,665 |
| Change in net unrealized appreciation (depreciation) | (249,379,729) | 230,671,077 |
| Net increase (decrease) in net assets resulting from operations | (226,288,675) | 256,363,358 |
| Distributions to shareholders | (26,736,653) | – |
| Distributions to shareholders from net investment income | – | (12,638,479) |
| Total distributions | (26,736,653) | (12,638,479) |
| Share transactions - net increase (decrease) | 470,526,076 | 363,360,248 |
| Redemption fees | 26,623 | 185,042 |
| Total increase (decrease) in net assets | 217,527,371 | 607,270,169 |
| Net Assets | | |
| Beginning of period | 1,392,186,901 | 784,916,732 |
| End of period | $1,609,714,272 | $1,392,186,901 |
| Other Information | | |
| Undistributed net investment income end of period | | $20,500,963 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Emerging Markets Index Fund Investor Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.20 | $9.02 | $8.41 | $10.16 | $10.04 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .25 | .21 | .17 | .24 | .25 |
| Net realized and unrealized gain (loss) | (1.66) | 2.10 | .61 | (1.82) | .06 |
| Total from investment operations | (1.41) | 2.31 | .78 | (1.58) | .31 |
| Distributions from net investment income | (.18) | (.13) | (.17) | (.17) | (.19) |
| Distributions from net realized gain | (.01) | – | – | – | – |
| Total distributions | (.19) | (.13) | (.17) | (.17) | (.19) |
| Redemption fees added to paid in capitalA,B | – | – | – | – | – |
| Net asset value, end of period | $9.60 | $11.20 | $9.02 | $8.41 | $10.16 |
| Total ReturnC | (12.78)% | 25.97% | 9.76% | (15.68)% | 3.18% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .24% | .30% | .41% | .46% | .46% |
| Expenses net of fee waivers, if any | .24% | .30% | .31% | .31% | .31% |
| Expenses net of all reductions | .24% | .30% | .31% | .31% | .31% |
| Net investment income (loss) | 2.29% | 2.15% | 2.05% | 2.55% | 2.50% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $36,222 | $32,614 | $19,862 | $23,983 | $16,792 |
| Portfolio turnover rateF | 4% | 4% | 25% | 1% | 8% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Index Fund Premium Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.21 | $9.03 | $8.42 | $10.17 | $10.05 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .27 | .23 | .18 | .25 | .26 |
| Net realized and unrealized gain (loss) | (1.66) | 2.09 | .61 | (1.82) | .06 |
| Total from investment operations | (1.39) | 2.32 | .79 | (1.57) | .32 |
| Distributions from net investment income | (.20) | (.14) | (.18) | (.18) | (.20) |
| Distributions from net realized gain | (.01) | – | – | – | – |
| Total distributions | (.21) | (.14) | (.18) | (.18) | (.20) |
| Redemption fees added to paid in capitalA,B | – | – | – | – | – |
| Net asset value, end of period | $9.61 | $11.21 | $9.03 | $8.42 | $10.17 |
| Total ReturnC | (12.63)% | 26.14% | 9.87% | (15.57)% | 3.30% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .12% | .14% | .27% | .35% | .35% |
| Expenses net of fee waivers, if any | .12% | .14% | .18% | .20% | .20% |
| Expenses net of all reductions | .12% | .14% | .18% | .20% | .20% |
| Net investment income (loss) | 2.42% | 2.31% | 2.18% | 2.66% | 2.61% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $737,187 | $913,578 | $583,548 | $443,052 | $323,342 |
| Portfolio turnover rateF | 4% | 4% | 25% | 1% | 8% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Index Fund Institutional Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.23 | $9.04 | $8.43 | $10.18 | $10.06 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .27 | .23 | .18 | .25 | .26 |
| Net realized and unrealized gain (loss) | (1.67) | 2.10 | .62 | (1.81) | .06 |
| Total from investment operations | (1.40) | 2.33 | .80 | (1.56) | .32 |
| Distributions from net investment income | (.20) | (.14) | (.19) | (.19) | (.20) |
| Distributions from net realized gain | (.01) | – | – | – | – |
| Total distributions | (.21) | (.14) | (.19) | (.19) | (.20) |
| Redemption fees added to paid in capitalA,B | – | – | – | – | – |
| Net asset value, end of period | $9.62 | $11.23 | $9.04 | $8.43 | $10.18 |
| Total ReturnC | (12.67)% | 26.26% | 9.94% | (15.49)% | 3.37% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .09% | .11% | .20% | .28% | .28% |
| Expenses net of fee waivers, if any | .09% | .11% | .12% | .13% | .13% |
| Expenses net of all reductions | .09% | .11% | .12% | .13% | .13% |
| Net investment income (loss) | 2.44% | 2.34% | 2.24% | 2.73% | 2.68% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $242,838 | $253,315 | $181,237 | $49,626 | $21,598 |
| Portfolio turnover rateF | 4% | 4% | 25% | 1% | 8% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Index Fund Institutional Premium Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.23 | $9.04 | $8.43 | $10.18 | $10.06 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .27 | .24 | .19 | .26 | .27 |
| Net realized and unrealized gain (loss) | (1.66) | 2.09 | .61 | (1.82) | .06 |
| Total from investment operations | (1.39) | 2.33 | .80 | (1.56) | .33 |
| Distributions from net investment income | (.20) | (.14) | (.19) | (.19) | (.21) |
| Distributions from net realized gain | (.01) | – | – | – | – |
| Total distributions | (.22)B | (.14) | (.19) | (.19) | (.21) |
| Redemption fees added to paid in capitalA,C | – | – | – | – | – |
| Net asset value, end of period | $9.62 | $11.23 | $9.04 | $8.43 | $10.18 |
| Total ReturnD | (12.65)% | 26.29% | 9.98% | (15.46)% | 3.40% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .08% | .09% | .19% | .25% | .25% |
| Expenses net of fee waivers, if any | .08% | .09% | .10% | .10% | .10% |
| Expenses net of all reductions | .08% | .09% | .10% | .10% | .10% |
| Net investment income (loss) | 2.46% | 2.36% | 2.26% | 2.76% | 2.71% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $593,466 | $192,681 | $269 | $243 | $111 |
| Portfolio turnover rateG | 4% | 4% | 25% | 1% | 8% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.22 per share is comprised of distributions from net investment income of $.201 and distributions from net realized gain of $.014 per share.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Global ex U.S. Index Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2018 | Past 1 year | Past 5 years | Life of fundA |
| Investor Class | (8.51)% | 1.55% | 4.48% |
| Premium Class | (8.52)% | 1.61% | 4.53% |
A From September 8, 2011
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Global ex U.S. Index Fund - Investor Class on September 8, 2011, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
| Period Ending Values |
| $13,679 | Fidelity® Global ex U.S. Index Fund - Investor Class |
| $13,963 | MSCI ACWI (All Country World Index) ex USA Index |
Fidelity® Global ex U.S. Index Fund
Management's Discussion of Fund Performance
Market Recap: International equities returned -8.08% for the 12 months ending October 31, 2018, according to the MSCI ACWI (All Country World Index) ex USA Index. A modestly positive first half of the period gave way to a confluence of overwhelmingly negative factors – including escalating trade tension, a surging U.S. dollar, tepid economic growth in Europe, global central bank tightening, concerns about Italy’s budget stalemate with the EU, and weakness in China’s stock market – that yielded a -11% second-half return. The index lost 8% in October alone, its largest monthly drop in more than six years. Among sectors, new-media-infused communications services (-15%) was hit the hardest, while economically sensitive consumer discretionary (-13%), information technology (-12%), financials (-10%), industrials (-9%) and materials (-7%) stocks also fared poorly. Even the more defensive real estate (-9%), utilities (-6%) and consumer staples (-5%) sectors weren’t spared this period. Conversely, elevated crude-oil prices fueled a positive return for energy (+7%), the top-performing sector, followed by the relatively stable-growing health care segment (+2%). Regionally, emerging markets (-12%) fared the worst, hampered by the impact of foreign exchange and concerns about economic weakness in China, India and South Korea. Sluggish growth also pressured shares in continental Europe (-9%). Stocks in Japan (-3%) and the U.K. (-4%) held up better, followed by Canada (-5%) and Asia-Pacific ex Japan (-6%).
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team: For the fiscal year, the fund's share classes returned roughly -8.5%, compared with a return of -8.08% for the benchmark MSCI ACWI (All Country World Index) ex USA.
(The fund's performance relative to the index can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index.) Nine of the 11 sectors in the index posted a negative return for the period, with energy and health care generating single-digit positive results. Shares of Chinese internet company Tencent (-24%) detracted the most in absolute terms, as this company faced questions about the sustainability of the company's growth rate as well as regulatory concern. Tencent's decline also weighed on South African media company Naspers (-28%), which owns a large Tencent stake. German pharmaceutical and life sciences company Bayer (-40%) struggled due to an unfavorable and costly legal ruling for seed company Monsanto, which Bayer acquired in June. British American Tobacco (-30%) also detracted, as the company faced new competitive and regulatory challenges. In contrast, Japanese electronics giant Sony (+41%) added the most value, driven by strong financial results. Brazilian mining company Vale (+62%) also contributed, due to better commodity pricing and management's success at cutting costs.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Global ex U.S. Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 1.3 |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 1.0 |
| Novartis AG (Switzerland, Pharmaceuticals) | 1.0 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 0.9 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 0.9 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 0.9 |
| HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) | 0.8 |
| Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 0.8 |
| BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 0.7 |
| Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) | 0.7 |
| | 9.0 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Financials | 22.6 |
| Industrials | 10.5 |
| Consumer Discretionary | 9.7 |
| Consumer Staples | 9.4 |
| Health Care | 8.0 |
| Information Technology | 7.6 |
| Materials | 7.0 |
| Energy | 7.5 |
| Communication Services | 7.0 |
| Real Estate | 2.4 |
Geographic Diversification (% of fund's net assets)
| As of October 31, 2018 |
| | Japan | 16.0% |
| | United Kingdom | 10.6% |
| | Canada | 6.6% |
| | France | 6.6% |
| | Germany | 5.9% |
| | Switzerland | 5.7% |
| | United States of America | 5.0% |
| | Australia | 4.4% |
| | Cayman Islands | 3.8% |
| | Other* | 35.4% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2018
| | % of fund's net assets |
| Stocks and Equity Futures | 100.0 |
Fidelity® Global ex U.S. Index Fund
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 93.5% | | | |
| | | Shares | Value |
| Australia - 4.4% | | | |
| AGL Energy Ltd. | | 132,852 | $1,693,425 |
| Alumina Ltd. | | 493,311 | 890,812 |
| Amcor Ltd. | | 234,821 | 2,211,637 |
| AMP Ltd. | | 592,183 | 1,035,805 |
| APA Group unit | | 239,396 | 1,627,471 |
| Aristocrat Leisure Ltd. | | 116,470 | 2,185,673 |
| ASX Ltd. | | 39,140 | 1,640,014 |
| Aurizon Holdings Ltd. | | 397,520 | 1,182,316 |
| Australia & New Zealand Banking Group Ltd. | | 588,950 | 10,814,494 |
| Bank of Queensland Ltd. | | 78,236 | 534,637 |
| Bendigo & Adelaide Bank Ltd. | | 95,139 | 689,223 |
| BHP Billiton Ltd. | | 647,107 | 14,931,124 |
| BlueScope Steel Ltd. | | 112,306 | 1,142,839 |
| Boral Ltd. | | 238,427 | 947,204 |
| Brambles Ltd. | | 322,871 | 2,428,168 |
| Caltex Australia Ltd. | | 52,916 | 1,058,972 |
| Challenger Ltd. | | 113,126 | 821,930 |
| Cimic Group Ltd. | | 20,079 | 672,414 |
| Coca-Cola Amatil Ltd. | | 98,001 | 687,748 |
| Cochlear Ltd. | | 11,654 | 1,465,529 |
| Commonwealth Bank of Australia | | 355,946 | 17,450,333 |
| Computershare Ltd. | | 92,415 | 1,293,822 |
| Crown Ltd. | | 75,088 | 665,201 |
| CSL Ltd. | | 91,318 | 12,157,366 |
| DEXUS Property Group unit | | 206,443 | 1,491,165 |
| Dominos Pizza Enterprises Ltd. | | 12,991 | 496,869 |
| Flight Centre Travel Group Ltd. | | 10,880 | 357,497 |
| Fortescue Metals Group Ltd. | | 304,086 | 861,354 |
| Goodman Group unit | | 328,719 | 2,416,281 |
| Harvey Norman Holdings Ltd. (a) | | 106,263 | 240,048 |
| Healthscope Ltd. | | 351,704 | 525,515 |
| Incitec Pivot Ltd. | | 328,174 | 906,346 |
| Insurance Australia Group Ltd. | | 468,524 | 2,266,093 |
| Lendlease Group unit | | 118,467 | 1,476,506 |
| Macquarie Group Ltd. | | 66,076 | 5,483,990 |
| Medibank Private Ltd. | | 558,851 | 1,104,143 |
| Mirvac Group unit | | 752,856 | 1,156,903 |
| National Australia Bank Ltd. | | 552,782 | 9,900,060 |
| Newcrest Mining Ltd. | | 155,847 | 2,274,583 |
| Orica Ltd. | | 73,423 | 892,226 |
| Origin Energy Ltd. (b) | | 356,686 | 1,841,361 |
| QBE Insurance Group Ltd. | | 271,360 | 2,175,292 |
| Ramsay Health Care Ltd. | | 28,716 | 1,143,247 |
| realestate.com.au Ltd. | | 11,006 | 558,199 |
| Rio Tinto Ltd. | | 82,752 | 4,477,103 |
| Santos Ltd. | | 354,347 | 1,666,181 |
| Scentre Group unit | | 1,063,042 | 2,996,117 |
| SEEK Ltd. | | 68,359 | 864,574 |
| Sonic Healthcare Ltd. | | 80,977 | 1,293,104 |
| South32 Ltd. | | 1,051,475 | 2,695,459 |
| SP AusNet | | 368,473 | 446,197 |
| Stockland Corp. Ltd. unit | | 481,778 | 1,231,628 |
| Suncorp Group Ltd. | | 262,807 | 2,607,356 |
| Sydney Airport unit | | 225,184 | 1,026,948 |
| Tabcorp Holdings Ltd. | | 387,984 | 1,269,349 |
| Telstra Corp. Ltd. | | 845,284 | 1,843,651 |
| The GPT Group unit | | 365,749 | 1,336,467 |
| TPG Telecom Ltd. | | 69,604 | 353,410 |
| Transurban Group unit | | 522,561 | 4,196,385 |
| Treasury Wine Estates Ltd. | | 146,341 | 1,566,906 |
| Vicinity Centres unit | | 666,807 | 1,251,328 |
| Wesfarmers Ltd. | | 228,099 | 7,530,450 |
| Westpac Banking Corp. | | 691,890 | 13,142,956 |
| Woodside Petroleum Ltd. | | 188,851 | 4,660,659 |
| Woolworths Group Ltd. | | 261,654 | 5,267,803 |
|
| TOTAL AUSTRALIA | | | 179,519,866 |
|
| Austria - 0.2% | | | |
| Andritz AG | | 14,277 | 739,978 |
| Erste Group Bank AG | | 60,973 | 2,486,198 |
| OMV AG | | 30,162 | 1,678,428 |
| Raiffeisen International Bank-Holding AG | | 30,622 | 835,885 |
| Voestalpine AG | | 23,488 | 835,090 |
|
| TOTAL AUSTRIA | | | 6,575,579 |
|
| Bailiwick of Jersey - 0.8% | | | |
| Experian PLC | | 184,314 | 4,239,075 |
| Ferguson PLC | | 47,854 | 3,231,452 |
| Glencore Xstrata PLC | | 2,323,788 | 9,470,693 |
| Randgold Resources Ltd. | | 18,818 | 1,480,106 |
| Shire PLC | | 185,429 | 11,190,814 |
| WPP PLC | | 257,581 | 2,914,718 |
|
| TOTAL BAILIWICK OF JERSEY | | | 32,526,858 |
|
| Belgium - 0.6% | | | |
| Ageas | | 38,376 | 1,921,657 |
| Anheuser-Busch InBev SA NV | | 153,530 | 11,355,287 |
| Colruyt NV | | 11,781 | 684,801 |
| Groupe Bruxelles Lambert SA | | 16,406 | 1,527,090 |
| KBC Groep NV | | 50,957 | 3,514,932 |
| Proximus | | 30,992 | 791,575 |
| Solvay SA Class A | | 15,069 | 1,717,884 |
| Telenet Group Holding NV | | 11,056 | 536,968 |
| UCB SA | | 25,669 | 2,156,709 |
| Umicore SA | | 42,515 | 2,002,750 |
|
| TOTAL BELGIUM | | | 26,209,653 |
|
| Bermuda - 0.5% | | | |
| Alibaba Health Information Technology Ltd. (b) | | 696,000 | 562,697 |
| Alibaba Pictures Group Ltd. (b) | | 2,820,000 | 388,373 |
| Beijing Enterprises Water Group Ltd. | | 1,126,000 | 572,911 |
| Brilliance China Automotive Holdings Ltd. | | 626,000 | 546,017 |
| Cheung Kong Infrastructure Holdings Ltd. | | 131,500 | 960,852 |
| China Gas Holdings Ltd. | | 349,000 | 1,103,705 |
| China Resource Gas Group Ltd. | | 184,000 | 703,907 |
| Cosco Shipping Ports Ltd. | | 329,129 | 335,762 |
| Credicorp Ltd. (United States) | | 13,788 | 3,112,089 |
| Dairy Farm International Holdings Ltd. | | 68,000 | 614,040 |
| GOME Electrical Appliances Holdings Ltd. (a)(b) | | 2,035,104 | 202,422 |
| Haier Electronics Group Co. Ltd. | | 257,000 | 536,813 |
| Hanergy Thin Film Power Group Ltd. (b)(c) | | 576,000 | 1 |
| HengTen Networks Group Ltd. (b) | | 4,492,000 | 160,389 |
| Hongkong Land Holdings Ltd. | | 238,336 | 1,410,949 |
| Jardine Matheson Holdings Ltd. | | 43,376 | 2,503,229 |
| Jardine Strategic Holdings Ltd. | | 44,900 | 1,504,150 |
| Kerry Properties Ltd. | | 132,500 | 416,494 |
| Kunlun Energy Co. Ltd. | | 672,000 | 762,667 |
| Li & Fung Ltd. | | 1,172,000 | 231,652 |
| Luye Pharma Group Ltd. | | 231,000 | 178,215 |
| Nine Dragons Paper (Holdings) Ltd. | | 343,000 | 327,169 |
| NWS Holdings Ltd. | | 308,871 | 611,286 |
| Shangri-La Asia Ltd. | | 254,000 | 346,572 |
| Shenzhen International Holdings Ltd. | | 180,500 | 345,259 |
| Sihuan Pharmaceutical Holdings Group Ltd. | | 730,000 | 148,012 |
| Skyworth Digital Holdings Ltd. | | 366,000 | 84,476 |
| Yue Yuen Industrial (Holdings) Ltd. | | 146,500 | 400,720 |
|
| TOTAL BERMUDA | | | 19,070,828 |
|
| Brazil - 1.2% | | | |
| Ambev SA | | 945,300 | 4,150,531 |
| Atacadao Distribuicao Comercio e Industria Ltda | | 75,400 | 308,772 |
| Banco Bradesco SA | | 206,432 | 1,677,971 |
| Banco do Brasil SA | | 175,500 | 2,016,022 |
| Banco Santander SA (Brasil) unit | | 84,000 | 952,519 |
| BB Seguridade Participacoes SA | | 139,300 | 991,177 |
| BM&F BOVESPA SA | | 417,766 | 2,979,312 |
| BR Malls Participacoes SA | | 174,440 | 595,294 |
| Brasil Foods SA (b) | | 107,200 | 630,842 |
| CCR SA | | 247,500 | 729,565 |
| Centrais Eletricas Brasileiras SA (Electrobras) (b) | | 43,400 | 274,056 |
| Cielo SA | | 251,671 | 892,666 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 72,500 | 544,505 |
| Companhia Siderurgica Nacional SA (CSN) | | 118,500 | 304,728 |
| Cosan SA Industria e Comercio | | 31,200 | 270,375 |
| Drogasil SA | | 46,800 | 789,998 |
| EDP Energias do Brasil SA | | 62,881 | 236,554 |
| Embraer SA | | 135,500 | 762,062 |
| ENGIE Brasil Energia SA | | 31,500 | 336,880 |
| Equatorial Energia SA | | 34,600 | 632,125 |
| Fibria Celulose SA | | 50,500 | 974,990 |
| Hypermarcas SA | | 67,100 | 536,944 |
| IRB Brasil Resseguros SA | | 22,200 | 432,248 |
| JBS SA | | 193,600 | 533,226 |
| Klabin SA unit | | 142,900 | 716,900 |
| Kroton Educacional SA | | 280,452 | 860,610 |
| Localiza Rent A Car SA | | 104,367 | 806,275 |
| Lojas Renner SA | | 147,380 | 1,489,047 |
| M. Dias Branco SA | | 19,300 | 230,625 |
| Magazine Luiza SA | | 15,400 | 698,514 |
| Multiplan Empreendimentos Imobiliarios SA | | 57,966 | 358,247 |
| Natura Cosmeticos SA | | 39,300 | 344,159 |
| Odontoprev SA | | 53,800 | 191,115 |
| Petrobras Distribuidora SA | | 70,700 | 455,565 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 594,100 | 4,840,283 |
| Porto Seguro SA | | 21,700 | 317,089 |
| Rumo SA (b) | | 222,700 | 996,360 |
| Sul America SA unit | | 39,547 | 263,540 |
| Suzano Papel e Celulose SA | | 89,700 | 912,306 |
| TIM Participacoes SA | | 176,500 | 549,680 |
| Ultrapar Participacoes SA | | 71,600 | 851,350 |
| Vale SA | | 639,145 | 9,739,598 |
| Weg SA | | 170,550 | 824,909 |
|
| TOTAL BRAZIL | | | 47,999,534 |
|
| Canada - 6.3% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 47,294 | 1,670,531 |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 87,597 | 4,183,390 |
| AltaGas Ltd. | | 53,606 | 673,918 |
| ARC Resources Ltd. | | 72,643 | 676,519 |
| ATCO Ltd. Class I (non-vtg.) | | 14,545 | 424,047 |
| Bank of Montreal | | 130,228 | 9,737,052 |
| Bank of Nova Scotia | | 241,760 | 12,974,548 |
| Barrick Gold Corp. | | 237,064 | 2,969,490 |
| Bausch Health Cos., Inc. (Canada) (b) | | 63,666 | 1,456,678 |
| BCE, Inc. | | 30,856 | 1,194,207 |
| BlackBerry Ltd. (b) | | 105,445 | 973,191 |
| Bombardier, Inc. Class B (sub. vtg.) (b) | | 430,244 | 1,042,560 |
| Brookfield Asset Management, Inc. Class A | | 170,347 | 6,951,301 |
| CAE, Inc. | | 54,697 | 964,765 |
| Cameco Corp. | | 80,484 | 862,034 |
| Canadian Imperial Bank of Commerce | | 89,080 | 7,692,365 |
| Canadian National Railway Co. | | 149,399 | 12,771,745 |
| Canadian Natural Resources Ltd. | | 248,132 | 6,808,103 |
| Canadian Pacific Railway Ltd. | | 29,225 | 5,993,295 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 12,809 | 1,441,396 |
| Canadian Utilities Ltd. Class A (non-vtg.) | | 26,488 | 628,372 |
| CCL Industries, Inc. Class B | | 30,111 | 1,266,700 |
| Cenovus Energy, Inc. (Canada) | | 211,888 | 1,793,028 |
| CGI Group, Inc. Class A (sub. vtg.) (b) | | 51,703 | 3,193,022 |
| CI Financial Corp. | | 56,368 | 833,670 |
| Constellation Software, Inc. | | 4,089 | 2,814,140 |
| Crescent Point Energy Corp. | | 110,831 | 523,657 |
| Dollarama, Inc. | | 62,583 | 1,730,903 |
| Emera, Inc. | | 10,848 | 334,723 |
| Empire Co. Ltd. Class A (non-vtg.) | | 35,863 | 652,451 |
| Enbridge, Inc. | | 344,435 | 10,732,442 |
| Encana Corp. | | 197,486 | 2,016,189 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 5,662 | 2,751,325 |
| Finning International, Inc. | | 34,213 | 710,535 |
| First Capital Realty, Inc. | | 34,693 | 517,582 |
| First Quantum Minerals Ltd. | | 139,899 | 1,396,386 |
| Fortis, Inc. | | 85,525 | 2,826,038 |
| Franco-Nevada Corp. | | 37,743 | 2,357,271 |
| George Weston Ltd. | | 10,419 | 757,810 |
| Gildan Activewear, Inc. | | 44,639 | 1,334,304 |
| Goldcorp, Inc. | | 176,078 | 1,590,313 |
| Great-West Lifeco, Inc. | | 60,527 | 1,388,978 |
| H&R (REIT) unit | | 27,148 | 410,587 |
| Husky Energy, Inc. | | 71,689 | 1,013,432 |
| Hydro One Ltd. (d) | | 66,687 | 970,076 |
| IGM Financial, Inc. | | 17,774 | 436,502 |
| Imperial Oil Ltd. | | 59,029 | 1,843,802 |
| Industrial Alliance Insurance and Financial Services, Inc. | | 21,728 | 768,142 |
| Intact Financial Corp. | | 28,270 | 2,233,554 |
| Inter Pipeline Ltd. | | 77,234 | 1,252,570 |
| Keyera Corp. | | 42,168 | 1,050,636 |
| Kinross Gold Corp. (b) | | 253,523 | 658,626 |
| Linamar Corp. | | 9,369 | 387,940 |
| Loblaw Companies Ltd. | | 38,674 | 1,934,214 |
| Lundin Mining Corp. | | 133,225 | 547,493 |
| Magna International, Inc. Class A (sub. vtg.) | | 69,519 | 3,422,482 |
| Manulife Financial Corp. | | 402,047 | 6,330,992 |
| Methanex Corp. | | 13,611 | 881,414 |
| Metro, Inc. Class A (sub. vtg.) | | 49,211 | 1,544,234 |
| National Bank of Canada | | 69,375 | 3,149,265 |
| Nutrien Ltd. | | 129,722 | 6,867,201 |
| Onex Corp. (sub. vtg.) | | 17,521 | 1,151,918 |
| Open Text Corp. | | 53,996 | 1,822,767 |
| Pembina Pipeline Corp. | | 101,887 | 3,295,490 |
| Power Corp. of Canada (sub. vtg.) | | 71,700 | 1,480,349 |
| Power Financial Corp. | | 51,602 | 1,111,259 |
| PrairieSky Royalty Ltd. | | 43,469 | 660,397 |
| Restaurant Brands International, Inc. | | 46,686 | 2,557,632 |
| Restaurant Brands International, Inc. | | 292 | 15,993 |
| RioCan (REIT) | | 33,298 | 607,051 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 73,502 | 3,784,952 |
| Royal Bank of Canada | | 291,422 | 21,233,771 |
| Saputo, Inc. | | 47,059 | 1,433,808 |
| Seven Generations Energy Ltd. (b) | | 54,022 | 579,020 |
| Shaw Communications, Inc. Class B | | 91,758 | 1,708,374 |
| Shopify, Inc. Class A (b) | | 17,760 | 2,453,577 |
| Smart (REIT) | | 12,614 | 288,221 |
| SNC-Lavalin Group, Inc. | | 35,854 | 1,280,062 |
| Sun Life Financial, Inc. | | 123,812 | 4,534,146 |
| Suncor Energy, Inc. | | 330,561 | 11,088,590 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 104,232 | 2,154,395 |
| TELUS Corp. (b) | | 39,181 | 1,341,699 |
| The Toronto-Dominion Bank | | 371,852 | 20,628,472 |
| Thomson Reuters Corp. | | 57,684 | 2,684,719 |
| Tourmaline Oil Corp. | | 52,268 | 762,312 |
| TransCanada Corp. | | 180,031 | 6,788,514 |
| Turquoise Hill Resources Ltd. (b) | | 210,681 | 355,283 |
| Vermilion Energy, Inc. | | 29,071 | 770,913 |
| West Fraser Timber Co. Ltd. | | 12,258 | 615,856 |
| Wheaton Precious Metals Corp. | | 90,027 | 1,479,877 |
| WSP Global, Inc. | | 21,009 | 1,048,814 |
|
| TOTAL CANADA | | | 259,032,367 |
|
| Cayman Islands - 3.8% | | | |
| 3SBio, Inc. (d) | | 231,500 | 335,946 |
| 51job, Inc. sponsored ADR (b) | | 4,999 | 306,989 |
| 58.com, Inc. ADR (b) | | 18,393 | 1,206,397 |
| AAC Technology Holdings, Inc. | | 148,500 | 1,131,164 |
| Agile Property Holdings Ltd. | | 326,000 | 371,647 |
| Airtac International Group | | 22,000 | 189,370 |
| Alibaba Group Holding Ltd. sponsored ADR (b) | | 233,891 | 33,278,011 |
| Anta Sports Products Ltd. | | 217,000 | 891,028 |
| ASM Pacific Technology Ltd. | | 62,100 | 536,113 |
| Autohome, Inc. ADR Class A (a) | | 11,965 | 866,027 |
| Baidu.com, Inc. sponsored ADR (b) | | 55,664 | 10,579,500 |
| Baozun, Inc. sponsored ADR (a)(b) | | 7,587 | 302,038 |
| Car, Inc. (b) | | 148,000 | 117,389 |
| Chailease Holding Co. Ltd. | | 235,432 | 670,697 |
| Cheung Kong Property Holdings Ltd. | | 514,216 | 3,337,639 |
| China Conch Venture Holdings Ltd. | | 321,500 | 901,944 |
| China First Capital Group Ltd. (b) | | 642,000 | 258,701 |
| China Huishan Dairy Holdings Co. Ltd. (b)(c) | | 461,000 | 12,345 |
| China Literature Ltd. (b)(d) | | 36,400 | 196,576 |
| China Medical System Holdings Ltd. | | 283,000 | 336,701 |
| China Mengniu Dairy Co. Ltd. | | 557,000 | 1,640,753 |
| China Resources Cement Holdings Ltd. | | 500,000 | 440,579 |
| China Resources Land Ltd. | | 560,634 | 1,901,678 |
| China State Construction International Holdings Ltd. | | 421,250 | 300,281 |
| China Zhongwang Holdings Ltd. (a) | | 324,800 | 144,136 |
| Chong Sing Holdings Fintech Group (b) | | 3,400,000 | 153,916 |
| CIFI Holdings Group Co. Ltd. | | 718,000 | 300,313 |
| CK Hutchison Holdings Ltd. | | 540,216 | 5,438,705 |
| Country Garden Holdings Co. Ltd. | | 1,541,644 | 1,649,385 |
| Country Garden Services Holdings Co. Ltd. (b) | | 205,000 | 264,552 |
| Ctrip.com International Ltd. ADR (a)(b) | | 82,797 | 2,755,484 |
| Dali Foods Group Co. Ltd. (d) | | 412,000 | 294,213 |
| ENN Energy Holdings Ltd. | | 152,000 | 1,291,873 |
| Evergrande Real Estate Group Ltd. | | 533,000 | 1,270,998 |
| Fang Holdings Ltd. ADR (b) | | 42,173 | 85,611 |
| Fullshare Holdings Ltd. (a) | | 1,417,500 | 551,314 |
| Future Land Development Holding Ltd. | | 358,000 | 205,434 |
| GCL-Poly Energy Holdings Ltd. (a)(b) | | 2,473,000 | 146,640 |
| GDS Holdings Ltd. ADR (a)(b) | | 11,885 | 278,941 |
| Geely Automobile Holdings Ltd. | | 999,000 | 1,910,877 |
| General Interface Solution Holding Ltd. | | 34,000 | 112,563 |
| Genscript Biotech Corp. (b) | | 158,000 | 240,971 |
| Greentown China Holdings Ltd. | | 174,000 | 120,705 |
| Greentown Service Group Co. Ltd. | | 204,000 | 134,752 |
| Haitian International Holdings Ltd. | | 122,000 | 238,028 |
| Hengan International Group Co. Ltd. | | 148,000 | 1,172,004 |
| Huazhu Group Ltd. ADR (a) | | 26,547 | 694,470 |
| JD.com, Inc. sponsored ADR (b) | | 146,322 | 3,441,493 |
| Jiayuan International Group Ltd. | | 200,662 | 352,095 |
| Kaisa Group Holdings Ltd. | | 426,000 | 103,757 |
| Kingboard Chemical Holdings Ltd. | | 140,000 | 374,907 |
| Kingboard Laminates Holdings Ltd. | | 217,000 | 166,030 |
| Kingdee International Software Group Co. Ltd. | | 490,000 | 399,901 |
| Kingsoft Corp. Ltd. | | 167,000 | 236,383 |
| KWG Property Holding Ltd. | | 254,500 | 194,397 |
| Lee & Man Paper Manufacturing Ltd. | | 303,000 | 259,263 |
| Lijun International Pharmaceutical Holding Ltd. | | 304,000 | 255,467 |
| Logan Property Holdings Co. Ltd. | | 276,000 | 254,814 |
| Longfor Properties Co. Ltd. | | 298,500 | 724,748 |
| Meitu, Inc. (b)(d) | | 343,000 | 178,893 |
| Melco Crown Entertainment Ltd. sponsored ADR | | 49,964 | 830,901 |
| MGM China Holdings Ltd. | | 191,200 | 270,149 |
| Minth Group Ltd. | | 146,000 | 472,893 |
| Momo, Inc. ADR (b) | | 29,524 | 991,121 |
| NetEase, Inc. ADR | | 16,067 | 3,339,526 |
| New Oriental Education & Technology Group, Inc. sponsored ADR | | 28,820 | 1,686,258 |
| Nexteer Auto Group Ltd. | | 167,000 | 234,253 |
| Noah Holdings Ltd. sponsored ADR (a)(b) | | 5,744 | 216,606 |
| Sands China Ltd. | | 490,800 | 1,933,922 |
| Semiconductor Manufacturing International Corp. (b) | | 601,100 | 496,531 |
| Shenzhou International Group Holdings Ltd. | | 151,000 | 1,667,519 |
| Shimao Property Holdings Ltd. | | 243,500 | 476,322 |
| Shui On Land Ltd. | | 723,500 | 145,771 |
| SINA Corp. (b) | | 13,033 | 825,119 |
| Sino Biopharmaceutical Ltd. | | 1,351,500 | 1,211,567 |
| SOHO China Ltd. | | 400,000 | 135,681 |
| Sunac China Holdings Ltd. | | 491,000 | 1,333,635 |
| Sunny Optical Technology Group Co. Ltd. | | 144,600 | 1,253,872 |
| TAL Education Group ADR (b) | | 72,028 | 2,087,371 |
| Tencent Holdings Ltd. | | 1,153,300 | 39,511,209 |
| Tingyi (Cayman Islands) Holding Corp. | | 394,000 | 582,814 |
| Towngas China Co. Ltd. | | 194,852 | 141,630 |
| Uni-President China Holdings Ltd. | | 258,000 | 250,369 |
| Vipshop Holdings Ltd. ADR (b) | | 87,133 | 423,466 |
| Want Want China Holdings Ltd. | | 1,014,000 | 724,106 |
| Weibo Corp. sponsored ADR (a)(b) | | 11,233 | 662,859 |
| WH Group Ltd. (d) | | 1,790,500 | 1,253,495 |
| Wharf Real Estate Investment Co. Ltd. | | 246,000 | 1,523,001 |
| Wuxi Biologics (Cayman), Inc. (b) | | 99,000 | 705,073 |
| Wynn Macau Ltd. | | 310,000 | 639,611 |
| Xinyi Solar Holdings Ltd. | | 619,372 | 193,506 |
| Yuzhou Properties Co. | | 335,000 | 119,613 |
| YY, Inc. ADR (b) | | 9,352 | 597,593 |
| Zhen Ding Technology Holding Ltd. | | 96,302 | 219,911 |
| Zhongsheng Group Holdings Ltd. Class H | | 113,000 | 206,058 |
|
| TOTAL CAYMAN ISLANDS | | | 153,870,877 |
|
| Chile - 0.2% | | | |
| Aguas Andinas SA | | 499,124 | 261,034 |
| Banco de Chile | | 5,195,297 | 724,052 |
| Banco de Credito e Inversiones | | 9,127 | 572,204 |
| Banco de Credito e Inversiones rights 11/29/18 (b) | | 698 | 2,141 |
| Banco Santander Chile | | 13,216,569 | 976,044 |
| Cencosud SA | | 287,481 | 590,654 |
| Colbun SA | | 1,502,321 | 286,000 |
| Compania Cervecerias Unidas SA | | 31,789 | 396,446 |
| Compania de Petroleos de Chile SA (COPEC) | | 80,687 | 1,133,795 |
| CorpBanca SA | | 29,459,530 | 273,007 |
| Empresa Nacional de Telecomunicaciones SA (ENTEL) | | 28,495 | 206,751 |
| Empresas CMPC SA | | 252,609 | 869,607 |
| Enel Chile SA | | 5,545,139 | 482,009 |
| Enersis SA | | 5,941,972 | 929,707 |
| LATAM Airlines Group SA | | 62,086 | 566,441 |
| S.A.C.I. Falabella | | 149,083 | 1,125,611 |
| S.A.C.I. Falabella rights 11/17/18 (b) | | 5,164 | 519 |
|
| TOTAL CHILE | | | 9,396,022 |
|
| China - 2.6% | | | |
| Agricultural Bank of China Ltd. (H Shares) | | 5,990,000 | 2,627,612 |
| Air China Ltd. (H Shares) | | 392,000 | 315,422 |
| Aluminum Corp. of China Ltd. (H Shares) (b) | | 758,000 | 274,513 |
| Angang Steel Co. Ltd. (H Shares) | | 222,000 | 188,823 |
| Anhui Conch Cement Co. Ltd. (H Shares) | | 255,000 | 1,316,956 |
| Anxin Trust Co. Ltd. Class A | | 38,000 | 26,529 |
| AVIC Capital Co. Ltd. Class A | | 60,100 | 39,632 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 399,000 | 265,595 |
| Baic Motor Corp. Ltd. (d) | | 356,500 | 200,027 |
| Bank Communications Co. Ltd. (H Shares) | | 1,810,000 | 1,357,162 |
| Bank of Beijing Co. Ltd. Class A | | 219,216 | 191,069 |
| Bank of China Ltd. (H Shares) | | 16,017,000 | 6,821,872 |
| Bank of Guiyang Co. Ltd. Class A | | 68,300 | 116,809 |
| Bank of Hangzhou Co. Ltd. Class A | | 38,780 | 44,364 |
| Bank of Jiangsu Co. Ltd. Class A | | 210,000 | 195,380 |
| Bank of Nanjing Co. Ltd. Class A | | 38,800 | 40,771 |
| Bank of Ningbo Co. Ltd. Class A | | 18,500 | 46,703 |
| Bank of Shanghai Co. Ltd. Class A | | 108,400 | 189,741 |
| Baoshan Iron & Steel Co. Ltd. | | 38,500 | 42,222 |
| BBMG Corp. (H Shares) | | 487,000 | 134,140 |
| Beijing Capital International Airport Co. Ltd. (H Shares) | | 358,000 | 387,585 |
| Beijing Tongrentang Co. Ltd. Class A | | 7,500 | 30,567 |
| BOE Technology Group Co. Ltd. Class A | | 80,900 | 31,893 |
| BYD Co. Ltd. (H Shares) (a) | | 129,000 | 829,829 |
| CGN Power Co. Ltd. (H Shares) (d) | | 2,031,000 | 466,185 |
| Changjiang Securities Co. Ltd. Class A | | 53,700 | 39,646 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 1,685,000 | 412,550 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 1,750,000 | 1,082,320 |
| China Coal Energy Co. Ltd. (H Shares) | | 387,000 | 173,218 |
| China Communications Construction Co. Ltd. (H Shares) | | 901,000 | 823,796 |
| China Communications Services Corp. Ltd. (H Shares) | | 464,000 | 375,131 |
| China Construction Bank Corp. (H Shares) | | 19,351,000 | 15,355,931 |
| China Eastern Airlines Corp. Ltd. (H Shares) | | 288,000 | 159,022 |
| China Everbright Bank Co. Ltd. (H Shares) | | 585,000 | 260,350 |
| China Fortune Land Development Co. Ltd. Class A | | 11,300 | 37,825 |
| China Galaxy Securities Co. Ltd. (H Shares) | | 713,000 | 358,230 |
| China Huarong Asset Management Co. Ltd. (d) | | 2,064,000 | 373,744 |
| China International Capital Corp. Ltd. Class H | | 208,000 | 341,629 |
| China International Marine Containers (Group) Ltd. (H Shares) | | 87,000 | 76,772 |
| China International Travel Service Corp. Ltd. (A Shares) | | 5,200 | 40,016 |
| China Life Insurance Co. Ltd. (H Shares) | | 1,510,000 | 3,025,736 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 663,000 | 503,890 |
| China Merchants Bank Co. Ltd. (H Shares) | | 858,751 | 3,307,121 |
| China Merchants Securities Co. Ltd. Class A | | 22,100 | 41,915 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | | 14,900 | 40,157 |
| China Minsheng Banking Corp. Ltd. (H Shares) | | 1,297,800 | 956,559 |
| China Molybdenum Co. Ltd. (H Shares) | | 792,000 | 293,896 |
| China National Building Materials Co. Ltd. (H Shares) | | 799,000 | 570,572 |
| China National Nuclear Power Co. Ltd. Class A | | 65,000 | 51,902 |
| China Oilfield Services Ltd. (H Shares) | | 350,000 | 328,043 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 545,200 | 2,030,087 |
| China Petroleum & Chemical Corp. (H Shares) | | 5,156,000 | 4,199,955 |
| China Railway Construction Corp. Ltd. (H Shares) | | 419,500 | 530,664 |
| China Railway Group Ltd. (H Shares) | | 704,000 | 628,415 |
| China Railway Signal & Communications Corp. (d) | | 293,000 | 196,530 |
| China Reinsurance Group Corp. | | 1,096,000 | 209,642 |
| China Shenhua Energy Co. Ltd. (H Shares) | | 687,000 | 1,555,878 |
| China Shipping Container Lines Co. Ltd. (H Shares) (b) | | 733,000 | 74,777 |
| China Shipping Development Co. Ltd. (H Shares) | | 242,000 | 132,388 |
| China Southern Airlines Ltd. (H Shares) | | 402,000 | 217,354 |
| China State Construction Engineering Corp. Ltd. Class A | | 240,860 | 185,764 |
| China Telecom Corp. Ltd. (H Shares) | | 2,766,000 | 1,305,058 |
| China Tower Corp. Ltd. Class H | | 6,890,000 | 1,045,544 |
| China United Network Communications Ltd. Class A | | 100,000 | 77,699 |
| China Vanke Co. Ltd. (H Shares) | | 267,900 | 825,022 |
| China Yangtze Power Co. Ltd. Class A | | 78,000 | 174,547 |
| Chongqing Changan Automobile Co. Ltd. (B Shares) | | 189,300 | 127,456 |
| Chongqing Rural Commercial Bank Co. Ltd. (H Shares) | | 481,000 | 264,975 |
| CITIC Securities Co. Ltd. (H Shares) | | 467,500 | 822,691 |
| COSCO SHIPPING Holdings Co. Ltd. (H Shares) (b) | | 532,000 | 189,953 |
| CRRC Corp. Ltd. (H Shares) | | 874,950 | 767,622 |
| Daqin Railway Co. Ltd. (A Shares) | | 50,700 | 58,581 |
| Datang International Power Generation Co. Ltd. (H Shares) | | 558,000 | 124,523 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 562,000 | 553,260 |
| Everbright Securities Co. Ltd. Class A | | 30,900 | 42,835 |
| Focus Media Information Technology Co. Ltd. Class A | | 32,640 | 28,075 |
| Foshan Haitian Flavouring & Food Co. Ltd. Class A | | 4,800 | 44,431 |
| Founder Securities Co. Ltd. Class A | | 52,800 | 41,176 |
| Fuyao Glass Industries Group Co. Ltd. | | 110,400 | 325,909 |
| GD Power Development Co. Ltd. Class A | | 302,700 | 105,881 |
| Gemdale Corp. Class A | | 97,900 | 128,556 |
| GF Securities Co. Ltd. (H Shares) | | 293,000 | 378,862 |
| Great Wall Motor Co. Ltd. (H Shares) (a) | | 642,500 | 380,161 |
| Gree Electric Appliances, Inc. of Zhuhai Class A (b) | | 6,900 | 37,647 |
| Greenland Holdings Corp. Ltd. Class A | | 152,300 | 134,710 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 602,000 | 608,759 |
| Guangzhou R&F Properties Co. Ltd. (H Shares) | | 184,000 | 288,602 |
| Guosen Securities Co. Ltd. Class A | | 123,100 | 147,883 |
| Guotai Junan Securities Co. Ltd.: | | | |
| Class A | | 18,000 | 39,351 |
| Class H | | 89,200 | 187,910 |
| Haitong Securities Co. Ltd. (H Shares) | | 658,800 | 662,837 |
| Hangzhou Hikvision Digital Technology Co. Ltd. Class A | | 44,400 | 154,033 |
| Henan Shuanghui Investment & Development Co. Ltd. Class A | | 11,600 | 37,482 |
| Huaan Securities Co. Ltd. Class A | | 217,800 | 159,549 |
| Huadian Power International Corp. Ltd. (H Shares) | | 328,000 | 124,224 |
| Huadong Medicine Co. Ltd. Class A | | 6,300 | 32,206 |
| Huaneng Power International, Inc. (H Shares) | | 878,000 | 489,274 |
| Huaneng Renewables Corp. Ltd. (H Shares) | | 930,000 | 238,372 |
| Huatai Securities Co. Ltd. (H Shares) (d) | | 338,800 | 544,365 |
| Huaxia Bank Co. Ltd. Class A | | 190,800 | 218,818 |
| Huayu Automotive Systems Co. Ltd. Class A | | 12,631 | 31,561 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 14,196,000 | 9,631,604 |
| Industrial Bank Co. Ltd. Class A | | 138,400 | 319,828 |
| Industrial Securities Co. Ltd. Class A | | 50,000 | 35,122 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 12,100 | 38,300 |
| Inner Mongolia Baotou Steel Union Co. Ltd. Class A | | 176,600 | 41,013 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 230,000 | 273,240 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 234,000 | 313,912 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 15,500 | 136,832 |
| Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | | 2,700 | 34,212 |
| Jiangxi Copper Co. Ltd. (H Shares) | | 270,000 | 297,477 |
| Kangmei Pharmaceutical Co. Ltd. Class A | | 12,200 | 21,599 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 4,900 | 385,571 |
| Legend Holdings Corp. (d) | | 66,900 | 181,711 |
| Luxshare Precision Industry Co. Ltd. Class A | | 17,550 | 41,764 |
| Luzhou Laojiao Co. Ltd. Class A | | 4,700 | 25,644 |
| Meinian Onehealth Healthcare Holdings Co. Ltd. Class A | | 12,720 | 26,641 |
| Metallurgical Corp. China Ltd. (H Shares) | | 590,000 | 142,949 |
| Midea Group Co. Ltd. Class A | | 33,700 | 178,944 |
| NARI Technology Co. Ltd. Class A | | 61,400 | 152,716 |
| New China Life Insurance Co. Ltd. (H Shares) | | 172,000 | 803,856 |
| Ningbo Zhoushan Port Co. Ltd. Class A | | 70,000 | 37,731 |
| Orient Securities Co. Ltd. Class A | | 27,500 | 36,348 |
| People's Insurance Co. of China Group (H Shares) | | 1,485,000 | 605,972 |
| PetroChina Co. Ltd. (H Shares) | | 4,294,000 | 3,087,488 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 1,396,933 | 1,353,833 |
| Ping An Bank Co. Ltd. Class A | | 113,400 | 177,359 |
| Ping An Insurance (Group) Co. of China Ltd. (H Shares) | | 1,088,000 | 10,246,023 |
| Poly Developments & Holdings Class A | | 25,400 | 45,880 |
| Postal Savings Bank of China Co. Ltd. | | 552,000 | 329,428 |
| Power Construction Corp. of China Ltd. Class A | | 60,300 | 40,888 |
| Qingdao Haier Co. Ltd. | | 17,100 | 31,035 |
| SAIC Motor Corp. Ltd. | | 47,700 | 185,380 |
| Sany Heavy Industry Co. Ltd. Class A | | 38,500 | 43,436 |
| SDIC Power Holdings Co. Ltd. Class A | | 45,700 | 46,580 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 388,000 | 346,837 |
| Shanghai Construction Group Co. Ltd. Class A | | 100,000 | 43,150 |
| Shanghai Electric Group Co. Ltd. (H Shares) | | 598,000 | 194,454 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 101,500 | 304,165 |
| Shanghai International Airport Co. Ltd. (A Shares) | | 6,100 | 43,330 |
| Shanghai International Port Group Co. Ltd. Class A | | 48,000 | 37,158 |
| Shanghai Lujiazui Finance Trust Ltd. (B Shares) | | 177,040 | 224,841 |
| Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | | 184,700 | 407,935 |
| Shanghai Pudong Development Bank Co. Ltd. | | 152,300 | 239,727 |
| Shanghaioriental Pearl Media Co. Ltd. | | 22,490 | 29,436 |
| Shenwan Hongyuan Group Co. Ltd. Class A | | 305,100 | 195,071 |
| Shenzhen Overseas Chinese Town Co. Ltd. Class A | | 40,200 | 33,252 |
| Sichuan Chuantou Energy Co. Ltd. class A | | 36,436 | 42,100 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 263,000 | 244,489 |
| Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) | | 669,000 | 293,468 |
| Sinopharm Group Co. Ltd. (H Shares) | | 238,800 | 1,151,071 |
| Sinotrans Ltd. (H Shares) | | 406,000 | 141,340 |
| Suning.com Co. Ltd. Class A | | 20,800 | 33,933 |
| Tong Ren Tang Technologies Co. Ltd. (H Shares) | | 113,000 | 161,677 |
| TravelSky Technology Ltd. (H Shares) | | 196,000 | 474,882 |
| Tsingtao Brewery Co. Ltd. (H Shares) | | 78,000 | 307,844 |
| Weichai Power Co. Ltd. (H Shares) | | 410,600 | 405,786 |
| Weifu High-Technology Group Co. Ltd. Class A | | 60,800 | 155,058 |
| Wuliangye Yibin Co. Ltd. Class A | | 18,300 | 126,317 |
| Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares) | | 130,800 | 97,408 |
| Yanzhou Coal Mining Co. Ltd. (H Shares) | | 392,000 | 370,408 |
| Yonghui Superstores Co. Ltd. Class A | | 34,200 | 35,006 |
| Yunnan Baiyao Group Co. Ltd. (c) | | 2,700 | 27,183 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | | 2,498 | 27,753 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) (a) | | 207,000 | 182,664 |
| Zhejiang Century Huatong Group Co. Ltd. Class A (c) | | 9,100 | 42,267 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 272,000 | 227,882 |
| Zhejiang Zheneng Electric Power Co. Ltd. Class A | | 60,802 | 41,228 |
| ZhongAn Online P & C Insurance Co. Ltd. Class H (a)(b)(d) | | 32,700 | 108,625 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 114,300 | 610,712 |
| Zijin Mng Group Co. Ltd. (H Shares) | | 1,208,000 | 448,266 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A | | 288,100 | 137,945 |
| ZTE Corp. (H Shares) | | 137,480 | 209,675 |
|
| TOTAL CHINA | | | 104,677,885 |
|
| Colombia - 0.1% | | | |
| Bancolombia SA | | 47,669 | 448,335 |
| Cementos Argos SA | | 86,907 | 189,497 |
| Ecopetrol SA | | 999,195 | 1,160,734 |
| Grupo de Inversiones Suramerica SA | | 48,515 | 473,169 |
| Interconexion Electrica SA ESP | | 89,408 | 332,138 |
| Inversiones Argos SA | | 61,982 | 288,780 |
|
| TOTAL COLOMBIA | | | 2,892,653 |
|
| Czech Republic - 0.0% | | | |
| Ceske Energeticke Zavody A/S | | 33,122 | 788,220 |
| Komercni Banka A/S | | 15,733 | 597,675 |
| MONETA Money Bank A/S (d) | | 92,793 | 307,938 |
| Telefonica Czech Rep A/S | | 11,537 | 121,407 |
|
| TOTAL CZECH REPUBLIC | | | 1,815,240 |
|
| Denmark - 1.1% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 805 | 958,144 |
| Series B | | 1,283 | 1,619,416 |
| Carlsberg A/S Series B | | 21,631 | 2,386,113 |
| Christian Hansen Holding A/S | | 20,072 | 2,028,866 |
| Coloplast A/S Series B | | 24,064 | 2,246,787 |
| Danske Bank A/S | | 150,253 | 2,882,155 |
| DONG Energy A/S (d) | | 38,382 | 2,438,608 |
| DSV de Sammensluttede Vognmaend A/S | | 38,467 | 3,092,824 |
| Genmab A/S (b) | | 12,436 | 1,703,722 |
| H Lundbeck A/S | | 14,280 | 666,858 |
| ISS Holdings A/S | | 34,167 | 1,123,529 |
| Novo Nordisk A/S Series B | | 365,974 | 15,805,157 |
| Novozymes A/S Series B | | 45,881 | 2,267,268 |
| Pandora A/S | | 22,837 | 1,428,764 |
| Tryg A/S | | 22,121 | 534,647 |
| Vestas Wind Systems A/S | | 41,542 | 2,605,323 |
| William Demant Holding A/S (b) | | 20,993 | 690,960 |
|
| TOTAL DENMARK | | | 44,479,141 |
|
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 127,815 | 567,036 |
| Commercial International Bank SAE sponsored GDR | | 82,964 | 360,479 |
| Eastern Tobacco Co. | | 174,915 | 155,003 |
| Elsewedy Electric Co. | | 155,990 | 131,007 |
|
| TOTAL EGYPT | | | 1,213,525 |
|
| Finland - 0.8% | | | |
| Elisa Corp. (A Shares) | | 29,111 | 1,158,986 |
| Fortum Corp. | | 90,146 | 1,898,621 |
| Kone Oyj (B Shares) | | 67,749 | 3,301,179 |
| Metso Corp. | | 21,364 | 675,364 |
| Neste Oyj | | 26,178 | 2,157,371 |
| Nokia Corp. | | 1,140,737 | 6,443,549 |
| Nokian Tyres PLC | | 23,117 | 735,232 |
| Nordea Bank ABP (b) | | 611,733 | 5,320,406 |
| Orion Oyj (B Shares) | | 20,354 | 700,840 |
| Sampo Oyj (A Shares) | | 88,942 | 4,096,095 |
| Stora Enso Oyj (R Shares) | | 111,829 | 1,685,253 |
| UPM-Kymmene Corp. | | 108,093 | 3,478,280 |
| Wartsila Corp. | | 90,266 | 1,539,220 |
|
| TOTAL FINLAND | | | 33,190,396 |
|
| France - 6.6% | | | |
| Accor SA | | 38,077 | 1,743,230 |
| Aeroports de Paris | | 5,931 | 1,242,111 |
| Air Liquide SA | | 77,969 | 9,449,340 |
| Alstom SA | | 31,734 | 1,389,217 |
| Amundi SA (d) | | 12,540 | 746,816 |
| Arkema SA | | 14,019 | 1,473,218 |
| Atos Origin SA | | 19,091 | 1,638,623 |
| AXA SA | | 391,239 | 9,791,414 |
| BIC SA | | 4,983 | 477,482 |
| bioMerieux SA | | 8,346 | 637,139 |
| BNP Paribas SA | | 226,429 | 11,830,722 |
| Bollore SA | | 175,216 | 742,631 |
| Bouygues SA | | 43,277 | 1,580,330 |
| Bureau Veritas SA | | 53,829 | 1,216,340 |
| Capgemini SA | | 32,465 | 3,971,320 |
| Carrefour SA (a) | | 116,613 | 2,265,201 |
| Casino Guichard Perrachon SA (a) | | 10,737 | 474,289 |
| CNP Assurances | | 32,653 | 728,593 |
| Compagnie de St. Gobain | | 101,065 | 3,807,262 |
| Credit Agricole SA | | 227,389 | 2,912,275 |
| Danone SA | | 124,716 | 8,831,563 |
| Dassault Aviation SA | | 514 | 852,897 |
| Dassault Systemes SA | | 26,082 | 3,274,706 |
| Edenred SA | | 47,369 | 1,798,968 |
| EDF SA (b) | | 5,248 | 87,260 |
| EDF SA | | 112,725 | 1,874,313 |
| Eiffage SA | | 15,931 | 1,559,384 |
| ENGIE | | 367,030 | 4,895,062 |
| Essilor International SA | | 41,875 | 5,727,139 |
| Eurazeo SA | | 8,930 | 652,895 |
| Eutelsat Communications | | 36,355 | 737,489 |
| Faurecia SA | | 15,406 | 748,763 |
| Fonciere des Regions | | 7,631 | 767,089 |
| Gecina SA | | 9,003 | 1,322,583 |
| Groupe Eurotunnel SA | | 94,878 | 1,194,458 |
| Hermes International SCA | | 6,341 | 3,626,977 |
| ICADE | | 6,983 | 592,406 |
| Iliad SA | | 5,424 | 628,172 |
| Imerys SA | | 7,389 | 456,119 |
| Ingenico SA | | 11,785 | 836,136 |
| Ipsen SA | | 7,570 | 1,051,192 |
| JCDecaux SA | | 15,565 | 512,319 |
| Kering SA | | 15,277 | 6,810,655 |
| Klepierre SA | | 41,509 | 1,410,455 |
| L'Oreal SA | | 46,145 | 10,395,734 |
| L'Oreal SA (b) | | 5,097 | 1,148,273 |
| Legrand SA | | 54,063 | 3,535,678 |
| LVMH Moet Hennessy - Louis Vuitton SA | | 56,234 | 17,061,701 |
| Michelin CGDE Series B | | 34,195 | 3,500,698 |
| Natixis SA | | 188,987 | 1,105,814 |
| Orange SA | | 401,508 | 6,266,877 |
| Pernod Ricard SA | | 42,588 | 6,502,388 |
| Peugeot Citroen SA | | 119,347 | 2,842,801 |
| Publicis Groupe SA | | 41,644 | 2,416,892 |
| Remy Cointreau SA | | 4,570 | 542,984 |
| Renault SA | | 38,997 | 2,918,309 |
| Rexel SA | | 60,090 | 767,047 |
| Safran SA | | 67,335 | 8,701,555 |
| Sanofi SA | | 228,133 | 20,386,095 |
| Schneider Electric SA | | 111,231 | 8,043,237 |
| SCOR SE | | 33,741 | 1,559,199 |
| SEB SA | | 4,463 | 640,471 |
| Societe Generale Series A | | 154,495 | 5,663,439 |
| Sodexo SA | | 15,877 | 1,620,636 |
| Sodexo SA (b) | | 2,580 | 263,352 |
| SR Teleperformance SA | | 11,738 | 1,935,759 |
| Suez Environnement SA | | 76,098 | 1,101,970 |
| Thales SA | | 21,602 | 2,764,828 |
| Total SA | | 491,594 | 28,844,487 |
| Ubisoft Entertainment SA (b) | | 15,904 | 1,432,086 |
| Valeo SA | | 48,611 | 1,567,913 |
| Veolia Environnement SA | | 108,532 | 2,166,005 |
| VINCI SA | | 103,128 | 9,178,327 |
| Vivendi SA | | 208,296 | 5,023,748 |
| Wendel SA | | 5,736 | 744,542 |
|
| TOTAL FRANCE | | | 269,009,398 |
|
| Germany - 5.5% | | | |
| adidas AG | | 37,961 | 8,943,278 |
| Allianz SE | | 88,803 | 18,499,438 |
| Axel Springer Verlag AG | | 10,035 | 667,193 |
| BASF AG | | 184,970 | 14,194,331 |
| Bayer AG | | 188,512 | 14,449,908 |
| Bayerische Motoren Werke AG (BMW) | | 66,707 | 5,759,610 |
| Beiersdorf AG | | 20,345 | 2,106,200 |
| Brenntag AG | | 31,545 | 1,649,628 |
| Commerzbank AG (b) | | 202,953 | 1,916,925 |
| Continental AG | | 22,062 | 3,647,075 |
| Covestro AG (d) | | 39,012 | 2,523,958 |
| Daimler AG (Germany) | | 182,965 | 10,850,841 |
| Delivery Hero AG (b)(d) | | 18,697 | 754,754 |
| Deutsche Bank AG | | 398,157 | 3,901,363 |
| Deutsche Borse AG | | 38,753 | 4,897,317 |
| Deutsche Lufthansa AG | | 48,756 | 980,769 |
| Deutsche Post AG | | 197,927 | 6,249,599 |
| Deutsche Telekom AG | | 671,492 | 11,013,595 |
| Deutsche Wohnen AG (Bearer) | | 71,424 | 3,271,531 |
| Drillisch AG | | 10,526 | 470,214 |
| E.ON AG | | 446,204 | 4,314,819 |
| Evonik Industries AG | | 32,181 | 998,725 |
| Fraport AG Frankfurt Airport Services Worldwide | | 8,325 | 644,022 |
| Fresenius Medical Care AG & Co. KGaA | | 43,630 | 3,425,675 |
| Fresenius SE & Co. KGaA | | 84,312 | 5,358,519 |
| GEA Group AG | | 35,187 | 1,070,493 |
| Hannover Reuck SE | | 12,247 | 1,652,103 |
| HeidelbergCement Finance AG | | 30,301 | 2,059,226 |
| Henkel AG & Co. KGaA | | 20,994 | 2,059,249 |
| Hochtief AG | | 3,987 | 591,580 |
| Hugo Boss AG | | 13,122 | 939,021 |
| Infineon Technologies AG | | 227,586 | 4,560,116 |
| innogy SE (d) | | 27,219 | 1,202,354 |
| K&S AG (a) | | 38,615 | 720,353 |
| KION Group AG | | 14,567 | 853,014 |
| Lanxess AG | | 17,734 | 1,099,932 |
| MAN SE | | 6,713 | 699,520 |
| Merck KGaA | | 26,204 | 2,808,318 |
| Metro Wholesale & Food Specialist AG | | 34,774 | 523,844 |
| MTU Aero Engines Holdings AG | | 10,580 | 2,250,489 |
| Muenchener Rueckversicherungs AG | | 31,206 | 6,713,873 |
| OSRAM Licht AG | | 19,934 | 808,753 |
| ProSiebenSat.1 Media AG | | 46,758 | 1,079,712 |
| Puma AG | | 1,684 | 865,952 |
| RWE AG | | 105,080 | 2,049,505 |
| SAP SE | | 199,578 | 21,369,514 |
| Schaeffler AG | | 34,758 | 367,388 |
| Siemens AG | | 154,216 | 17,726,637 |
| Siemens Healthineers AG (d) | | 30,372 | 1,258,727 |
| Symrise AG | | 25,044 | 2,103,629 |
| Telefonica Deutschland Holding AG | | 151,713 | 590,263 |
| Thyssenkrupp AG | | 88,451 | 1,860,918 |
| TUI AG | | 7,441 | 123,134 |
| TUI AG (GB) | | 82,213 | 1,365,050 |
| Uniper SE | | 40,918 | 1,182,281 |
| United Internet AG | | 24,366 | 1,009,540 |
| Volkswagen AG | | 6,321 | 1,043,852 |
| Vonovia SE | | 97,944 | 4,484,044 |
| Wirecard AG | | 23,807 | 4,460,011 |
| Zalando SE (b) | | 23,032 | 892,182 |
|
| TOTAL GERMANY | | | 225,933,864 |
|
| Greece - 0.1% | | | |
| Alpha Bank AE (b) | | 290,153 | 438,737 |
| EFG Eurobank Ergasias SA (b) | | 356,217 | 240,064 |
| Ff Group (b)(c) | | 6,325 | 27,510 |
| Greek Organization of Football Prognostics SA | | 43,296 | 407,025 |
| Hellenic Telecommunications Organization SA | | 51,283 | 572,144 |
| Jumbo SA | | 22,521 | 328,548 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 11,677 | 276,422 |
| National Bank of Greece SA (b) | | 105,565 | 182,939 |
| Piraeus Bank SA | | 54,301 | 79,955 |
| Titan Cement Co. SA (Reg.) | | 8,915 | 196,297 |
|
| TOTAL GREECE | | | 2,749,641 |
|
| Hong Kong - 2.5% | | | |
| AIA Group Ltd. | | 2,432,600 | 18,410,575 |
| Bank of East Asia Ltd. | | 254,445 | 824,145 |
| Beijing Enterprises Holdings Ltd. | | 96,500 | 521,758 |
| BOC Hong Kong (Holdings) Ltd. | | 750,500 | 2,804,105 |
| BYD Electronic International Co. Ltd. | | 129,500 | 151,761 |
| China Agri-Industries Holdings Ltd. | | 399,000 | 133,306 |
| China Everbright International Ltd. | | 671,481 | 535,167 |
| China Everbright Ltd. | | 176,000 | 311,065 |
| China Jinmao Holdings Group Ltd. | | 1,080,000 | 453,102 |
| China Merchants Holdings International Co. Ltd. | | 229,123 | 389,763 |
| China Mobile Ltd. | | 1,236,000 | 11,578,698 |
| China Overseas Land and Investment Ltd. | | 774,000 | 2,423,084 |
| China Power International Development Ltd. | | 842,000 | 166,425 |
| China Resources Beer Holdings Co. Ltd. | | 295,162 | 1,025,659 |
| China Resources Pharmaceutical Group Ltd. (d) | | 316,000 | 463,405 |
| China Resources Power Holdings Co. Ltd. | | 394,523 | 693,262 |
| China Taiping Insurance Group Ltd. | | 326,377 | 1,090,427 |
| China Travel International Investment HK Ltd. | | 430,000 | 115,150 |
| China Unicom Ltd. | | 1,246,000 | 1,303,252 |
| CITIC Pacific Ltd. | | 1,153,000 | 1,729,070 |
| CLP Holdings Ltd. | | 333,000 | 3,732,579 |
| CNOOC Ltd. | | 3,618,000 | 6,161,381 |
| CSPC Pharmaceutical Group Ltd. | | 950,000 | 2,003,711 |
| Far East Horizon Ltd. | | 436,000 | 422,548 |
| Fosun International Ltd. | | 522,500 | 762,234 |
| Galaxy Entertainment Group Ltd. | | 481,000 | 2,600,680 |
| Guangdong Investment Ltd. | | 598,000 | 1,067,592 |
| Hang Lung Group Ltd. | | 185,000 | 454,836 |
| Hang Lung Properties Ltd. | | 403,000 | 729,742 |
| Hang Seng Bank Ltd. | | 155,200 | 3,633,627 |
| Henderson Land Development Co. Ltd. | | 266,750 | 1,241,576 |
| Hong Kong & China Gas Co. Ltd. | | 1,838,891 | 3,512,539 |
| Hong Kong Exchanges and Clearing Ltd. | | 235,764 | 6,253,408 |
| Hua Hong Semiconductor Ltd. (d) | | 88,000 | 153,064 |
| Hysan Development Co. Ltd. | | 130,020 | 609,317 |
| Lenovo Group Ltd. | | 1,418,000 | 902,304 |
| Link (REIT) | | 434,547 | 3,851,213 |
| MMG Ltd. (b) | | 488,000 | 182,954 |
| MTR Corp. Ltd. | | 301,976 | 1,463,295 |
| New World Development Co. Ltd. | | 1,245,354 | 1,578,538 |
| PCCW Ltd. | | 846,913 | 464,390 |
| Power Assets Holdings Ltd. | | 282,000 | 1,882,529 |
| Shanghai Industrial Holdings Ltd. | | 98,000 | 205,949 |
| Shenzhen Investment Ltd. | | 610,000 | 175,020 |
| Sino Land Ltd. | | 654,673 | 1,026,846 |
| Sino-Ocean Group Holding Ltd. | | 577,591 | 226,118 |
| Sinotruk Hong Kong Ltd. | | 139,000 | 199,586 |
| SJM Holdings Ltd. | | 408,000 | 329,336 |
| Sun Art Retail Group Ltd. | | 498,872 | 545,187 |
| Sun Hung Kai Properties Ltd. | | 317,781 | 4,129,941 |
| Swire Pacific Ltd. (A Shares) | | 102,000 | 1,058,117 |
| Swire Properties Ltd. | | 237,200 | 809,123 |
| Techtronic Industries Co. Ltd. | | 279,000 | 1,305,708 |
| Wharf Holdings Ltd. | | 247,000 | 616,087 |
| Wheelock and Co. Ltd. | | 167,000 | 891,226 |
| Winteam Pharmaceutical Group Ltd. | | 458,000 | 291,435 |
| Yuexiu Property Co. Ltd. | | 1,356,000 | 214,416 |
|
| TOTAL HONG KONG | | | 100,811,331 |
|
| Hungary - 0.1% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 75,708 | 793,922 |
| OTP Bank PLC | | 45,571 | 1,637,467 |
| Richter Gedeon PLC | | 29,266 | 544,174 |
|
| TOTAL HUNGARY | | | 2,975,563 |
|
| India - 2.0% | | | |
| Adani Ports & Special Economic Zone Ltd. | | 104,834 | 451,951 |
| Ambuja Cements Ltd. | | 112,932 | 301,035 |
| Ashok Leyland Ltd. | | 245,885 | 381,328 |
| Asian Paints Ltd. | | 57,570 | 957,736 |
| Aurobindo Pharma Ltd. | | 50,212 | 537,389 |
| Avenue Supermarts Ltd. (b)(d) | | 25,245 | 456,687 |
| Axis Bank Ltd. (b) | | 364,350 | 2,869,084 |
| Bajaj Auto Ltd. | | 17,178 | 602,415 |
| Bajaj Finance Ltd. | | 34,791 | 1,120,758 |
| Bajaj Finserv Ltd. | | 7,809 | 570,645 |
| Bharat Forge Ltd. | | 39,863 | 315,250 |
| Bharat Heavy Electricals Ltd. | | 183,714 | 170,773 |
| Bharat Petroleum Corp. Ltd. | | 154,054 | 573,016 |
| Bharti Airtel Ltd. | | 284,027 | 1,122,705 |
| Bharti Infratel Ltd. | | 67,471 | 245,627 |
| Bosch Ltd. (b) | | 1,387 | 370,314 |
| Britannia Industries Ltd. | | 6,027 | 459,938 |
| Cadila Healthcare Ltd. | | 40,609 | 197,692 |
| Cipla Ltd. (b) | | 72,300 | 615,127 |
| Coal India Ltd. | | 141,842 | 510,428 |
| Container Corp. of India Ltd. | | 33,516 | 287,193 |
| Dabur India Ltd. | | 110,192 | 573,234 |
| Dr. Reddy's Laboratories Ltd. | | 23,659 | 812,591 |
| Eicher Motors Ltd. | | 2,650 | 783,413 |
| GAIL India Ltd. | | 160,348 | 811,388 |
| Glenmark Pharmaceuticals Ltd. | | 28,576 | 240,130 |
| Godrej Consumer Products Ltd. | | 71,641 | 702,122 |
| Grasim Industries Ltd. (b) | | 65,556 | 738,835 |
| Havells India Ltd. (b) | | 47,522 | 414,950 |
| HCL Technologies Ltd. | | 113,381 | 1,618,239 |
| Hero Motocorp Ltd. | | 10,412 | 388,880 |
| Hindalco Industries Ltd. | | 234,673 | 699,323 |
| Hindustan Petroleum Corp. Ltd. | | 127,067 | 385,101 |
| Hindustan Unilever Ltd. | | 131,565 | 2,884,789 |
| Housing Development Finance Corp. Ltd. | | 321,184 | 7,683,272 |
| ICICI Bank Ltd. | | 482,362 | 2,313,095 |
| Indiabulls Housing Finance Ltd. | | 56,140 | 633,511 |
| Indian Oil Corp. Ltd. | | 295,235 | 552,667 |
| Infosys Ltd. | | 698,012 | 6,449,062 |
| Infosys Ltd. sponsored ADR | | 4,614 | 43,695 |
| InterGlobe Aviation Ltd. (d) | | 18,546 | 222,898 |
| ITC Ltd. | | 691,541 | 2,618,992 |
| JSW Steel Ltd. | | 173,319 | 795,355 |
| Larsen & Toubro Ltd. | | 96,681 | 1,696,101 |
| LIC Housing Finance Ltd. | | 62,957 | 349,941 |
| Lupin Ltd. (b) | | 46,535 | 557,118 |
| Mahindra & Mahindra Financial Services Ltd. (b) | | 62,054 | 343,160 |
| Mahindra & Mahindra Ltd. | | 151,377 | 1,567,702 |
| Marico Ltd. | | 94,585 | 410,900 |
| Maruti Suzuki India Ltd. | | 21,426 | 1,916,752 |
| Motherson Sumi Systems Ltd. (b) | | 197,038 | 434,917 |
| Nestle India Ltd. | | 4,761 | 653,244 |
| NTPC Ltd. | | 398,959 | 861,193 |
| Oil & Natural Gas Corp. Ltd. | | 286,074 | 592,764 |
| Page Industries Ltd. | | 1,071 | 426,512 |
| Petronet LNG Ltd. | | 114,189 | 348,465 |
| Pidilite Industries Ltd. | | 24,762 | 321,025 |
| Piramal Enterprises Ltd. | | 16,905 | 496,636 |
| Power Grid Corp. of India Ltd. | | 318,730 | 801,350 |
| Rec Ltd. | | 131,108 | 206,341 |
| Reliance Industries Ltd. | | 573,698 | 8,231,977 |
| Shree Cement Ltd. | | 1,588 | 298,820 |
| Shriram Transport Finance Co. Ltd. | | 30,333 | 477,716 |
| Siemens India Ltd. | | 14,569 | 183,531 |
| State Bank of India (b) | | 354,732 | 1,349,670 |
| Sun Pharmaceutical Industries Ltd. | | 170,483 | 1,337,517 |
| Tata Consultancy Services Ltd. | | 183,622 | 4,811,885 |
| Tata Motors Ltd. (b) | | 322,106 | 780,306 |
| Tata Power Co. Ltd. | | 210,949 | 218,336 |
| Tata Steel Ltd. | | 72,644 | 543,995 |
| Tech Mahindra Ltd. (b) | | 95,385 | 959,396 |
| Titan Co. Ltd. | | 63,099 | 720,571 |
| Ultratech Cemco Ltd. (b) | | 19,634 | 928,978 |
| United Spirits Ltd. (b) | | 60,700 | 473,388 |
| UPL Ltd. (b) | | 73,125 | 666,737 |
| Vedanta Ltd. (b) | | 264,912 | 756,303 |
| Vodafone Idea Ltd. (b) | | 380,671 | 198,931 |
| Wipro Ltd. | | 229,444 | 1,026,948 |
| Yes Bank Ltd. | | 345,606 | 878,968 |
| Zee Entertainment Enterprises Ltd. | | 97,267 | 593,255 |
|
| TOTAL INDIA | | | 82,903,982 |
|
| Indonesia - 0.5% | | | |
| PT Adaro Energy Tbk | | 2,745,700 | 298,004 |
| PT Astra International Tbk | | 4,121,100 | 2,141,535 |
| PT Bank Central Asia Tbk | | 2,008,800 | 3,125,020 |
| PT Bank Danamon Indonesia Tbk Series A | | 641,100 | 313,117 |
| PT Bank Mandiri (Persero) Tbk | | 3,802,200 | 1,708,411 |
| PT Bank Negara Indonesia (Persero) Tbk | | 1,520,000 | 732,380 |
| PT Bank Rakyat Indonesia Tbk | | 11,286,800 | 2,338,656 |
| PT Bank Tabungan Negara Tbk | | 811,400 | 113,150 |
| PT Bumi Serpong Damai Tbk (b) | | 1,483,600 | 107,348 |
| PT Charoen Pokphand Indonesia Tbk | | 1,405,800 | 508,594 |
| PT Gudang Garam Tbk | | 102,200 | 486,042 |
| PT Hanjaya Mandala Sampoerna Tbk | | 1,962,800 | 481,582 |
| PT Indah Kiat Pulp & Paper Tbk | | 556,500 | 465,809 |
| PT Indocement Tunggal Prakarsa Tbk | | 389,700 | 443,467 |
| PT Indofood CBP Sukses Makmur Tbk | | 446,400 | 262,070 |
| PT Indofood Sukses Makmur Tbk | | 931,600 | 366,144 |
| PT Jasa Marga Tbk | | 504,596 | 137,745 |
| PT Kalbe Farma Tbk | | 4,035,000 | 363,621 |
| PT Matahari Department Store Tbk | | 472,100 | 150,612 |
| PT Pakuwon Jati Tbk | | 3,488,300 | 109,680 |
| PT Perusahaan Gas Negara Tbk Series B | | 2,078,500 | 303,520 |
| PT Semen Gresik (Persero) Tbk | | 564,700 | 334,307 |
| PT Surya Citra Media Tbk | | 1,168,600 | 120,684 |
| PT Telekomunikasi Indonesia Tbk Series B | | 10,257,200 | 2,598,398 |
| PT Tower Bersama Infrastructure Tbk | | 366,700 | 112,886 |
| PT Unilever Indonesia Tbk | | 305,200 | 867,770 |
| PT United Tractors Tbk | | 342,300 | 754,287 |
| PT Waskita Karya Persero Tbk | | 895,000 | 84,776 |
|
| TOTAL INDONESIA | | | 19,829,615 |
|
| Ireland - 0.4% | | | |
| AIB Group PLC | | 161,039 | 779,216 |
| Bank Ireland Group PLC | | 196,701 | 1,395,801 |
| CRH PLC | | 169,678 | 5,061,186 |
| CRH PLC sponsored ADR | | 769 | 22,901 |
| DCC PLC (United Kingdom) | | 17,699 | 1,519,125 |
| James Hardie Industries PLC CDI | | 89,806 | 1,194,971 |
| Kerry Group PLC Class A | | 32,182 | 3,298,810 |
| Paddy Power Betfair PLC (Ireland) | | 17,160 | 1,481,044 |
| Ryanair Holdings PLC (b) | | 12,173 | 164,686 |
| Ryanair Holdings PLC sponsored ADR (b) | | 3,659 | 302,965 |
| Smurfit Kappa Group PLC | | 45,717 | 1,490,268 |
|
| TOTAL IRELAND | | | 16,710,973 |
|
| Isle of Man - 0.1% | | | |
| Gaming VC Holdings SA | | 110,558 | 1,324,124 |
| Genting Singapore Ltd. | | 1,202,600 | 764,024 |
| NEPI Rockcastle PLC | | 76,862 | 663,715 |
|
| TOTAL ISLE OF MAN | | | 2,751,863 |
|
| Israel - 0.3% | | | |
| Azrieli Group | | 8,840 | 429,185 |
| Bank Hapoalim BM (Reg.) | | 215,732 | 1,461,469 |
| Bank Leumi le-Israel BM | | 287,096 | 1,792,107 |
| Bezeq The Israel Telecommunication Corp. Ltd. | | 439,937 | 505,948 |
| Check Point Software Technologies Ltd. (a)(b) | | 26,483 | 2,939,613 |
| Elbit Systems Ltd. (Israel) | | 4,554 | 544,788 |
| Israel Chemicals Ltd. | | 143,846 | 829,855 |
| Mizrahi Tefahot Bank Ltd. | | 27,878 | 469,748 |
| NICE Systems Ltd. (b) | | 11,359 | 1,204,347 |
| NICE Systems Ltd. sponsored ADR(a)(b) | | 976 | 103,397 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 195,925 | 3,914,582 |
|
| TOTAL ISRAEL | | | 14,195,039 |
|
| Italy - 1.2% | | | |
| Assicurazioni Generali SpA | | 241,054 | 3,898,866 |
| Atlantia SpA | | 100,505 | 2,021,745 |
| Davide Campari-Milano SpA | | 115,159 | 886,305 |
| Enel SpA | | 1,638,621 | 8,034,265 |
| Eni SpA | | 513,243 | 9,115,068 |
| Intesa Sanpaolo SpA | | 2,997,850 | 6,640,462 |
| Leonardo SpA | | 80,130 | 870,381 |
| Luxottica Group SpA | | 35,237 | 2,215,869 |
| Mediobanca SpA | | 124,413 | 1,092,384 |
| Moncler SpA | | 36,349 | 1,263,940 |
| Pirelli & C. S.p.A. (d) | | 81,471 | 599,254 |
| Poste Italiane SpA (d) | | 104,095 | 748,685 |
| Prysmian SpA | | 48,286 | 938,500 |
| Recordati SpA | | 20,700 | 701,500 |
| Snam Rete Gas SpA | | 462,404 | 1,913,753 |
| Telecom Italia SpA (b) | | 2,295,713 | 1,350,233 |
| Terna SpA | | 278,354 | 1,439,243 |
| UniCredit SpA | | 404,125 | 5,179,697 |
|
| TOTAL ITALY | | | 48,910,150 |
|
| Japan - 16.0% | | | |
| ABC-MART, Inc. | | 7,000 | 409,447 |
| ACOM Co. Ltd. | | 75,900 | 280,501 |
| AEON Co. Ltd. | | 123,700 | 2,839,182 |
| AEON Financial Service Co. Ltd. | | 22,300 | 437,956 |
| AEON MALL Co. Ltd. | | 20,870 | 386,382 |
| Agc, Inc. | | 38,200 | 1,251,219 |
| Air Water, Inc. | | 30,100 | 488,440 |
| Aisin Seiki Co. Ltd. | | 32,900 | 1,293,140 |
| Ajinomoto Co., Inc. | | 92,900 | 1,500,842 |
| Alfresa Holdings Corp. | | 38,200 | 1,020,721 |
| All Nippon Airways Ltd. | | 23,100 | 776,751 |
| Alps Electric Co. Ltd. | | 38,200 | 900,481 |
| Amada Holdings Co. Ltd. | | 67,200 | 633,080 |
| Aozora Bank Ltd. | | 23,400 | 807,450 |
| Asahi Group Holdings | | 73,500 | 3,229,963 |
| Asahi Kasei Corp. | | 252,900 | 3,034,409 |
| Asics Corp. | | 32,100 | 466,557 |
| Astellas Pharma, Inc. | | 398,800 | 6,161,542 |
| Bandai Namco Holdings, Inc. | | 40,600 | 1,444,667 |
| Bank of Kyoto Ltd. | | 10,900 | 491,700 |
| Benesse Holdings, Inc. | | 15,200 | 423,663 |
| Bridgestone Corp. | | 121,600 | 4,688,811 |
| Brother Industries Ltd. | | 44,500 | 816,763 |
| Calbee, Inc. | | 16,000 | 531,750 |
| Canon, Inc. | | 200,400 | 5,708,076 |
| Casio Computer Co. Ltd. | | 38,400 | 579,577 |
| Central Japan Railway Co. | | 29,000 | 5,565,352 |
| Chiba Bank Ltd. | | 123,400 | 780,673 |
| Chubu Electric Power Co., Inc. | | 121,100 | 1,746,345 |
| Chugai Pharmaceutical Co. Ltd. | | 45,400 | 2,658,024 |
| Chugoku Electric Power Co., Inc. | | 55,100 | 709,046 |
| Coca-Cola West Co. Ltd. | | 27,200 | 712,332 |
| Concordia Financial Group Ltd. | | 222,600 | 1,018,787 |
| Credit Saison Co. Ltd. | | 33,300 | 528,805 |
| CyberAgent, Inc. | | 20,500 | 872,340 |
| CYBERDYNE, Inc. (a)(b) | | 22,400 | 158,419 |
| Dai Nippon Printing Co. Ltd. | | 49,800 | 1,117,388 |
| Dai-ichi Mutual Life Insurance Co. | | 218,800 | 4,105,856 |
| Daicel Chemical Industries Ltd. | | 54,000 | 571,897 |
| Daifuku Co. Ltd. | | 20,600 | 887,278 |
| Daiichi Sankyo Kabushiki Kaisha | | 115,100 | 4,399,491 |
| Daikin Industries Ltd. | | 50,100 | 5,807,187 |
| Dainippon Sumitomo Pharma Co. Ltd. | | 31,900 | 666,510 |
| Daito Trust Construction Co. Ltd. | | 14,800 | 1,954,358 |
| Daiwa House Industry Co. Ltd. | | 113,300 | 3,421,018 |
| Daiwa House REIT Investment Corp. | | 348 | 761,785 |
| Daiwa Securities Group, Inc. | | 328,000 | 1,880,985 |
| DeNA Co. Ltd. | | 21,800 | 362,617 |
| DENSO Corp. | | 87,300 | 3,894,084 |
| Dentsu, Inc. | | 44,000 | 2,040,713 |
| Disco Corp. | | 5,900 | 939,629 |
| Don Quijote Holdings Co. Ltd. | | 24,400 | 1,461,816 |
| East Japan Railway Co. | | 62,000 | 5,414,940 |
| Eisai Co. Ltd. | | 50,600 | 4,213,990 |
| Electric Power Development Co. Ltd. | | 29,800 | 812,115 |
| FamilyMart Co. Ltd. | | 15,400 | 1,785,013 |
| Fanuc Corp. | | 39,000 | 6,784,715 |
| Fast Retailing Co. Ltd. | | 11,800 | 5,941,364 |
| Fuji Electric Co. Ltd. | | 24,400 | 744,822 |
| Fujifilm Holdings Corp. | | 77,000 | 3,330,279 |
| Fujitsu Ltd. | | 39,900 | 2,427,452 |
| Fukuoka Financial Group, Inc. | | 29,200 | 717,465 |
| Hakuhodo DY Holdings, Inc. | | 46,800 | 782,247 |
| Hamamatsu Photonics K.K. | | 29,000 | 971,507 |
| Hankyu Hanshin Holdings, Inc. | | 46,400 | 1,529,738 |
| Hikari Tsushin, Inc. | | 4,200 | 734,028 |
| Hino Motors Ltd. | | 54,300 | 519,775 |
| Hirose Electric Co. Ltd. | | 6,383 | 606,989 |
| Hisamitsu Pharmaceutical Co., Inc. | | 11,300 | 637,931 |
| Hitachi Chemical Co. Ltd. | | 22,300 | 351,986 |
| Hitachi Construction Machinery Co. Ltd. | | 22,500 | 597,385 |
| Hitachi High-Technologies Corp. | | 13,600 | 512,855 |
| Hitachi Ltd. | | 193,800 | 5,924,504 |
| Hitachi Metals Ltd. | | 43,300 | 511,150 |
| Honda Motor Co. Ltd. | | 327,500 | 9,348,661 |
| Hoshizaki Corp. | | 10,800 | 871,963 |
| Hoya Corp. | | 76,500 | 4,348,571 |
| Hulic Co. Ltd. | | 62,100 | 569,624 |
| Idemitsu Kosan Co. Ltd. | | 26,700 | 1,218,638 |
| IHI Corp. | | 29,800 | 1,090,158 |
| Iida Group Holdings Co. Ltd. | | 28,800 | 524,263 |
| INPEX Corp. | | 207,800 | 2,366,138 |
| Isetan Mitsukoshi Holdings Ltd. | | 67,800 | 792,399 |
| Isuzu Motors Ltd. | | 110,100 | 1,443,471 |
| Itochu Corp. | | 283,900 | 5,265,200 |
| J. Front Retailing Co. Ltd. | | 45,300 | 593,625 |
| Japan Airlines Co. Ltd. | | 23,800 | 847,296 |
| Japan Airport Terminal Co. Ltd. | | 9,900 | 380,786 |
| Japan Exchange Group, Inc. | | 103,500 | 1,858,386 |
| Japan Post Bank Co. Ltd. | | 78,000 | 910,409 |
| Japan Post Holdings Co. Ltd. | | 315,200 | 3,737,795 |
| Japan Prime Realty Investment Corp. | | 164 | 585,740 |
| Japan Real Estate Investment Corp. | | 266 | 1,372,021 |
| Japan Retail Fund Investment Corp. | | 528 | 975,187 |
| Japan Tobacco, Inc. | | 221,200 | 5,683,806 |
| JFE Holdings, Inc. | | 100,000 | 1,879,158 |
| JGC Corp. | | 42,300 | 818,795 |
| JSR Corp. | | 39,600 | 591,710 |
| JTEKT Corp. | | 42,300 | 526,281 |
| JX Holdings, Inc. | | 660,700 | 4,464,338 |
| Kajima Corp. | | 90,500 | 1,165,326 |
| Kakaku.com, Inc. | | 28,500 | 517,034 |
| Kamigumi Co. Ltd. | | 21,100 | 436,455 |
| Kaneka Corp. | | 10,000 | 418,310 |
| Kansai Electric Power Co., Inc. | | 140,500 | 2,150,423 |
| Kansai Paint Co. Ltd. | | 36,200 | 536,094 |
| Kao Corp. | | 99,500 | 6,618,962 |
| Kawasaki Heavy Industries Ltd. | | 28,100 | 665,926 |
| KDDI Corp. | | 364,800 | 8,828,106 |
| Keihan Electric Railway Co., Ltd. | | 20,000 | 758,630 |
| Keihin Electric Express Railway Co. Ltd. | | 44,800 | 663,454 |
| Keio Corp. | | 20,900 | 1,135,164 |
| Keisei Electric Railway Co. | | 26,100 | 804,352 |
| Keyence Corp. | | 19,620 | 9,615,687 |
| Kikkoman Corp. | | 29,500 | 1,616,225 |
| Kintetsu Group Holdings Co. Ltd. | | 33,800 | 1,297,062 |
| Kirin Holdings Co. Ltd. | | 166,800 | 3,980,271 |
| Kobayashi Pharmaceutical Co. Ltd. | | 10,000 | 655,825 |
| Kobe Steel Ltd. | | 61,100 | 491,263 |
| Koito Manufacturing Co. Ltd. | | 21,100 | 1,006,053 |
| Komatsu Ltd. | | 185,600 | 4,833,480 |
| Konami Holdings Corp. | | 19,000 | 724,854 |
| Konica Minolta, Inc. | | 92,000 | 910,652 |
| Kose Corp. | | 6,200 | 926,964 |
| Kubota Corp. | | 200,600 | 3,166,831 |
| Kuraray Co. Ltd. | | 65,200 | 895,556 |
| Kurita Water Industries Ltd. | | 19,300 | 476,022 |
| Kyocera Corp. | | 65,100 | 3,523,401 |
| Kyowa Hakko Kirin Co., Ltd. | | 52,800 | 1,022,570 |
| Kyushu Electric Power Co., Inc. | | 77,300 | 900,183 |
| Kyushu Railway Co. | | 32,500 | 996,588 |
| Lawson, Inc. | | 9,900 | 626,455 |
| LINE Corp. (b) | | 14,600 | 465,476 |
| Lion Corp. | | 46,000 | 864,271 |
| LIXIL Group Corp. | | 54,400 | 858,173 |
| M3, Inc. | | 85,400 | 1,375,967 |
| Mabuchi Motor Co. Ltd. | | 9,500 | 338,459 |
| Makita Corp. | | 45,500 | 1,574,667 |
| Marubeni Corp. | | 316,500 | 2,566,400 |
| Marui Group Co. Ltd. | | 39,500 | 850,506 |
| Maruichi Steel Tube Ltd. | | 10,800 | 312,031 |
| Mazda Motor Corp. | | 115,800 | 1,233,396 |
| McDonald's Holdings Co. (Japan) Ltd. | | 13,300 | 585,820 |
| Mebuki Financial Group, Inc. | | 168,740 | 515,933 |
| Medipal Holdings Corp. | | 35,300 | 758,026 |
| Meiji Holdings Co. Ltd. | | 24,800 | 1,645,473 |
| Minebea Mitsumi, Inc. | | 79,300 | 1,213,133 |
| Misumi Group, Inc. | | 57,600 | 1,156,747 |
| Mitsubishi Chemical Holdings Corp. | | 260,200 | 2,028,362 |
| Mitsubishi Corp. | | 271,800 | 7,649,896 |
| Mitsubishi Electric Corp. | | 366,000 | 4,633,356 |
| Mitsubishi Estate Co. Ltd. | | 236,800 | 3,784,490 |
| Mitsubishi Gas Chemical Co., Inc. | | 32,100 | 540,808 |
| Mitsubishi Heavy Industries Ltd. | | 61,400 | 2,164,457 |
| Mitsubishi Materials Corp. | | 21,400 | 592,457 |
| Mitsubishi Motors Corp. of Japan | | 136,300 | 856,137 |
| Mitsubishi Tanabe Pharma Corp. | | 51,500 | 761,306 |
| Mitsubishi UFJ Financial Group, Inc. | | 2,381,500 | 14,414,012 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | | 79,900 | 411,414 |
| Mitsui & Co. Ltd. | | 342,200 | 5,717,686 |
| Mitsui Chemicals, Inc. | | 37,000 | 829,694 |
| Mitsui Fudosan Co. Ltd. | | 178,800 | 4,026,978 |
| Mitsui OSK Lines Ltd. | | 23,600 | 573,588 |
| Mizuho Financial Group, Inc. | | 4,859,200 | 8,345,013 |
| MS&AD Insurance Group Holdings, Inc. | | 94,800 | 2,847,530 |
| Murata Manufacturing Co. Ltd. | | 36,300 | 5,522,130 |
| Nabtesco Corp. | | 23,000 | 507,148 |
| Nagoya Railroad Co. Ltd. | | 35,800 | 864,898 |
| NEC Corp. | | 52,700 | 1,512,766 |
| New Hampshire Foods Ltd. | | 18,700 | 644,886 |
| Nexon Co. Ltd. (b) | | 89,400 | 1,018,907 |
| NGK Insulators Ltd. | | 53,700 | 755,778 |
| NGK Spark Plug Co. Ltd. | | 32,300 | 656,105 |
| Nidec Corp. | | 44,900 | 5,765,950 |
| Nikon Corp. | | 63,700 | 1,110,460 |
| Nintendo Co. Ltd. | | 22,800 | 7,118,226 |
| Nippon Building Fund, Inc. | | 273 | 1,560,553 |
| Nippon Electric Glass Co. Ltd. | | 17,600 | 443,440 |
| Nippon Express Co. Ltd. | | 15,100 | 952,939 |
| Nippon Paint Holdings Co. Ltd. | | 29,700 | 930,469 |
| Nippon Prologis REIT, Inc. | | 349 | 703,970 |
| Nippon Steel & Sumitomo Metal Corp. | | 151,570 | 2,795,886 |
| Nippon Telegraph & Telephone Corp. | | 139,200 | 5,740,416 |
| Nippon Yusen KK | | 30,800 | 496,678 |
| Nissan Chemical Corp. | | 26,100 | 1,230,649 |
| Nissan Motor Co. Ltd. | | 463,900 | 4,220,452 |
| Nisshin Seifun Group, Inc. | | 40,295 | 801,790 |
| Nissin Food Holdings Co. Ltd. | | 11,600 | 749,448 |
| Nitori Holdings Co. Ltd. | | 16,200 | 2,115,540 |
| Nitto Denko Corp. | | 33,500 | 2,092,915 |
| NKSJ Holdings, Inc. | | 67,450 | 2,782,012 |
| NOK Corp. | | 15,900 | 228,844 |
| Nomura Holdings, Inc. | | 691,600 | 3,321,035 |
| Nomura Real Estate Holdings, Inc. | | 24,300 | 456,345 |
| Nomura Real Estate Master Fund, Inc. | | 794 | 1,029,487 |
| Nomura Research Institute Ltd. | | 22,902 | 1,014,845 |
| NSK Ltd. | | 71,900 | 710,368 |
| NTT Data Corp. | | 128,800 | 1,653,598 |
| NTT DOCOMO, Inc. | | 274,700 | 6,812,243 |
| Obayashi Corp. | | 132,100 | 1,166,208 |
| OBIC Co. Ltd. | | 12,800 | 1,166,163 |
| Odakyu Electric Railway Co. Ltd. | | 60,200 | 1,272,670 |
| Oji Holdings Corp. | | 175,000 | 1,242,697 |
| Olympus Corp. | | 59,200 | 1,973,242 |
| OMRON Corp. | | 39,100 | 1,587,078 |
| Ono Pharmaceutical Co. Ltd. | | 77,200 | 1,759,723 |
| Oracle Corp. Japan | | 7,900 | 536,305 |
| Oriental Land Co. Ltd. | | 40,100 | 3,772,424 |
| ORIX Corp. | | 265,600 | 4,333,492 |
| Osaka Gas Co. Ltd. | | 76,300 | 1,395,222 |
| Otsuka Corp. | | 21,400 | 711,215 |
| Otsuka Holdings Co. Ltd. | | 79,200 | 3,787,975 |
| Panasonic Corp. | | 442,900 | 4,752,962 |
| Park24 Co. Ltd. | | 20,500 | 539,775 |
| Pola Orbis Holdings, Inc. | | 19,000 | 508,530 |
| Rakuten, Inc. | | 172,400 | 1,166,111 |
| Recruit Holdings Co. Ltd. | | 221,900 | 5,955,705 |
| Renesas Electronics Corp. (b) | | 169,200 | 896,722 |
| Resona Holdings, Inc. | | 421,800 | 2,218,683 |
| Ricoh Co. Ltd. | | 137,800 | 1,375,558 |
| Rinnai Corp. | | 6,700 | 488,093 |
| ROHM Co. Ltd. | | 19,300 | 1,358,107 |
| Ryohin Keikaku Co. Ltd. | | 4,800 | 1,268,117 |
| Sankyo Co. Ltd. (Gunma) | | 8,600 | 328,116 |
| Santen Pharmaceutical Co. Ltd. | | 73,900 | 1,097,022 |
| SBI Holdings, Inc. Japan | | 45,530 | 1,194,792 |
| Secom Co. Ltd. | | 41,900 | 3,430,419 |
| Sega Sammy Holdings, Inc. | | 35,800 | 461,004 |
| Seibu Holdings, Inc. | | 44,500 | 807,298 |
| Seiko Epson Corp. | | 57,200 | 921,563 |
| Sekisui Chemical Co. Ltd. | | 75,200 | 1,181,633 |
| Sekisui House Ltd. | | 126,400 | 1,855,176 |
| Seven & i Holdings Co. Ltd. | | 151,100 | 6,542,630 |
| Seven Bank Ltd. | | 126,300 | 395,125 |
| SG Holdings Co. Ltd. | | 19,600 | 494,017 |
| Sharp Corp. (a) | | 35,400 | 543,071 |
| Shimadzu Corp. | | 45,200 | 1,142,869 |
| Shimamura Co. Ltd. | | 4,400 | 370,062 |
| SHIMANO, Inc. | | 14,800 | 2,025,187 |
| SHIMIZU Corp. | | 108,500 | 880,733 |
| Shin-Etsu Chemical Co. Ltd. | | 73,900 | 6,175,122 |
| Shinsei Bank Ltd. | | 34,600 | 527,062 |
| Shionogi & Co. Ltd. | | 56,900 | 3,638,397 |
| Shiseido Co. Ltd. | | 76,400 | 4,820,496 |
| Shizuoka Bank Ltd. | | 92,100 | 805,784 |
| Showa Denko K.K. | | 27,000 | 1,175,678 |
| Showa Shell Sekiyu K.K. | | 39,000 | 744,361 |
| SMC Corp. | | 11,600 | 3,716,400 |
| SoftBank Corp. | | 166,500 | 13,176,613 |
| Sohgo Security Services Co., Ltd. | | 14,800 | 659,760 |
| Sony Corp. | | 255,000 | 13,799,772 |
| Sony Financial Holdings, Inc. | | 34,700 | 800,510 |
| Stanley Electric Co. Ltd. | | 25,600 | 758,913 |
| Subaru Corp. | | 122,500 | 3,304,400 |
| Sumco Corp. | | 47,700 | 643,809 |
| Sumitomo Chemical Co. Ltd. | | 301,000 | 1,507,826 |
| Sumitomo Corp. | | 225,100 | 3,414,019 |
| Sumitomo Electric Industries Ltd. | | 149,900 | 2,044,275 |
| Sumitomo Heavy Industries Ltd. | | 22,200 | 698,207 |
| Sumitomo Metal Mining Co. Ltd. | | 47,300 | 1,489,290 |
| Sumitomo Mitsui Financial Group, Inc. | | 270,800 | 10,543,625 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 67,500 | 2,682,012 |
| Sumitomo Realty & Development Co. Ltd. | | 71,000 | 2,439,565 |
| Sumitomo Rubber Industries Ltd. | | 33,700 | 485,333 |
| Sundrug Co. Ltd. | | 15,300 | 555,945 |
| Suntory Beverage & Food Ltd. | | 28,300 | 1,154,974 |
| Suzuken Co. Ltd. | | 15,030 | 761,923 |
| Suzuki Motor Corp. | | 69,700 | 3,475,710 |
| Sysmex Corp. | | 33,900 | 2,380,676 |
| T&D Holdings, Inc. | | 113,200 | 1,809,583 |
| Taiheiyo Cement Corp. | | 24,700 | 726,839 |
| Taisei Corp. | | 43,300 | 1,851,875 |
| Taisho Pharmaceutical Holdings Co. Ltd. | | 7,300 | 778,943 |
| Taiyo Nippon Sanso Corp. | | 25,100 | 404,189 |
| Takashimaya Co. Ltd. | | 27,500 | 432,787 |
| Takeda Pharmaceutical Co. Ltd. (a) | | 143,300 | 5,941,153 |
| TDK Corp. | | 26,300 | 2,267,851 |
| Teijin Ltd. | | 36,600 | 634,523 |
| Temp Holdings Co., Ltd. | | 35,200 | 670,090 |
| Terumo Corp. | | 61,600 | 3,325,287 |
| THK Co. Ltd. | | 24,200 | 536,396 |
| Tobu Railway Co. Ltd. | | 38,000 | 1,056,880 |
| Toho Co. Ltd. | | 23,000 | 750,384 |
| Toho Gas Co. Ltd. | | 15,200 | 525,369 |
| Tohoku Electric Power Co., Inc. | | 84,700 | 1,071,933 |
| Tokio Marine Holdings, Inc. | | 135,500 | 6,383,695 |
| Tokyo Century Corp. | | 8,700 | 466,478 |
| Tokyo Electric Power Co., Inc.(b) | | 296,800 | 1,519,075 |
| Tokyo Electron Ltd. | | 31,800 | 4,291,369 |
| Tokyo Gas Co. Ltd. | | 79,100 | 1,945,299 |
| Tokyo Tatemono Co. Ltd. | | 40,800 | 438,810 |
| Tokyu Corp. | | 100,300 | 1,657,003 |
| Tokyu Fudosan Holdings Corp. | | 100,300 | 565,124 |
| Toppan Printing Co. Ltd. | | 50,500 | 713,940 |
| Toray Industries, Inc. | | 281,700 | 1,998,181 |
| Toshiba Corp. (b) | | 132,300 | 3,963,079 |
| Tosoh Corp. | | 53,000 | 697,787 |
| Toto Ltd. | | 28,800 | 1,030,356 |
| Toyo Seikan Group Holdings Ltd. | | 30,300 | 618,175 |
| Toyo Suisan Kaisha Ltd. | | 18,400 | 634,342 |
| Toyoda Gosei Co. Ltd. | | 14,100 | 304,281 |
| Toyota Industries Corp. | | 29,700 | 1,460,850 |
| Toyota Motor Corp. | | 462,282 | 27,080,928 |
| Toyota Tsusho Corp. | | 43,200 | 1,559,029 |
| Trend Micro, Inc. | | 24,300 | 1,398,849 |
| Tsuruha Holdings, Inc. | | 7,500 | 781,672 |
| Unicharm Corp. | | 81,800 | 2,227,054 |
| United Urban Investment Corp. | | 591 | 900,367 |
| USS Co. Ltd. | | 45,000 | 812,381 |
| West Japan Railway Co. | | 32,700 | 2,199,325 |
| Yahoo! Japan Corp. | | 581,400 | 1,813,851 |
| Yakult Honsha Co. Ltd. | | 22,600 | 1,604,343 |
| Yamada Denki Co. Ltd. (a) | | 121,200 | 571,440 |
| Yamaguchi Financial Group, Inc. | | 40,000 | 422,918 |
| Yamaha Corp. | | 28,100 | 1,234,837 |
| Yamaha Motor Co. Ltd. | | 56,000 | 1,324,390 |
| Yamato Holdings Co. Ltd. | | 62,700 | 1,714,118 |
| Yamazaki Baking Co. Ltd. | | 24,400 | 440,275 |
| Yaskawa Electric Corp. | | 48,300 | 1,396,048 |
| Yokogawa Electric Corp. | | 45,200 | 887,460 |
| Yokohama Rubber Co. Ltd. | | 25,000 | 484,285 |
| Zozo, Inc. | | 41,100 | 990,392 |
|
| TOTAL JAPAN | | | 654,319,329 |
|
| Korea (South) - 3.1% | | | |
| AMOREPACIFIC Corp. | | 6,577 | 881,929 |
| AMOREPACIFIC Group, Inc. | | 5,913 | 321,821 |
| BGF Retail Co. Ltd. | | 1,685 | 248,837 |
| BS Financial Group, Inc. | | 55,102 | 366,542 |
| Celltrion Healthcare Co. Ltd. | | 6,701 | 374,105 |
| Celltrion Pharm, Inc. | | 3,123 | 146,433 |
| Celltrion, Inc. (b) | | 16,505 | 3,146,220 |
| Cheil Industries, Inc. | | 15,424 | 1,466,699 |
| Cheil Worldwide, Inc. | | 14,313 | 284,755 |
| CJ CheilJedang Corp. | | 1,663 | 472,228 |
| CJ Corp. | | 2,787 | 266,243 |
| CJ O Shopping Co. Ltd. | | 2,218 | 439,323 |
| Coway Co. Ltd. | | 9,904 | 610,211 |
| Daelim Industrial Co. | | 5,871 | 391,057 |
| Daewoo Engineering & Construction Co. Ltd. (b) | | 34,104 | 135,250 |
| Db Insurance Co. Ltd. | | 10,345 | 650,982 |
| DGB Financial Group Co. Ltd. | | 32,192 | 265,210 |
| Dong Suh Companies, Inc. | | 5,993 | 97,957 |
| Doosan Bobcat, Inc. | | 6,913 | 213,267 |
| Doosan Heavy Industries & Construction Co. Ltd. (b) | | 11,852 | 113,742 |
| E-Mart Co. Ltd. | | 4,219 | 756,166 |
| GS Engineering & Construction Corp. | | 10,469 | 383,068 |
| GS Holdings Corp. | | 10,662 | 453,205 |
| GS Retail Co. Ltd. | | 5,894 | 185,447 |
| Hana Financial Group, Inc. | | 60,119 | 2,018,017 |
| Hankook Tire Co. Ltd. | | 15,301 | 555,181 |
| Hanmi Pharm Co. Ltd. | | 1,311 | 447,532 |
| Hanmi Science Co. Ltd. | | 2,543 | 148,657 |
| Hanon Systems | | 35,715 | 342,751 |
| Hanssem Co. Ltd. | | 2,000 | 85,627 |
| Hanwha Chemical Corp. | | 22,403 | 317,098 |
| Hanwha Corp. | | 8,590 | 211,550 |
| Hanwha Life Insurance Co. Ltd. | | 62,699 | 246,455 |
| HDC Hyundai Development Co. (b) | | 6,658 | 256,750 |
| HLB, Inc. (b) | | 6,289 | 477,325 |
| Hotel Shilla Co. | | 6,436 | 402,179 |
| Hyundai Department Store Co. Ltd. | | 2,962 | 225,070 |
| Hyundai Engineering & Construction Co. Ltd. | | 15,820 | 634,325 |
| Hyundai Fire & Marine Insurance Co. Ltd. | | 11,954 | 437,929 |
| Hyundai Glovis Co. Ltd. | | 3,985 | 398,151 |
| Hyundai Heavy Industries Co. Ltd. (b) | | 7,371 | 804,285 |
| Hyundai Mobis | | 13,827 | 2,302,480 |
| Hyundai Motor Co. | | 30,891 | 2,883,340 |
| Hyundai Robotics Co. Ltd. (b) | | 2,000 | 624,890 |
| Hyundai Steel Co. | | 16,269 | 595,294 |
| Industrial Bank of Korea | | 51,558 | 671,022 |
| ING Life Insurance Korea Ltd. (d) | | 6,276 | 168,588 |
| Kakao Corp. | | 10,244 | 822,393 |
| Kangwon Land, Inc. | | 24,347 | 612,409 |
| KB Financial Group, Inc. | | 80,658 | 3,354,671 |
| KCC Corp. | | 1,104 | 238,990 |
| KEPCO Plant Service & Engineering Co. Ltd. | | 4,991 | 120,291 |
| Kia Motors Corp. | | 53,624 | 1,334,725 |
| Korea Aerospace Industries Ltd. (b) | | 14,252 | 361,609 |
| Korea Electric Power Corp. | | 52,163 | 1,244,406 |
| Korea Express Co. Ltd. (b) | | 1,608 | 223,372 |
| Korea Gas Corp. (b) | | 5,699 | 260,226 |
| Korea Investment Holdings Co. Ltd. | | 8,492 | 441,346 |
| Korea Zinc Co. Ltd. | | 1,736 | 576,638 |
| Korean Air Lines Co. Ltd. | | 9,109 | 219,143 |
| KT Corp. | | 2,367 | 59,478 |
| KT Corp. sponsored ADR | | 4,577 | 63,346 |
| KT&G Corp. | | 23,648 | 2,103,656 |
| Kumho Petro Chemical Co. Ltd. | | 3,489 | 263,280 |
| LG Chemical Ltd. | | 9,325 | 2,835,911 |
| LG Corp. | | 19,277 | 1,120,127 |
| LG Display Co. Ltd. | | 47,363 | 690,219 |
| LG Electronics, Inc. | | 21,604 | 1,198,539 |
| LG Household & Health Care Ltd. | | 1,927 | 1,763,180 |
| LG Innotek Co. Ltd. | | 2,694 | 292,775 |
| LG Telecom Ltd. | | 43,058 | 609,454 |
| Lotte Chemical Corp. | | 3,483 | 801,304 |
| Lotte Confectionery Co. Ltd. (b) | | 5,621 | 234,249 |
| Lotte Shopping Co. Ltd. | | 2,390 | 405,316 |
| Medy-Tox, Inc. | | 884 | 361,348 |
| Mirae Asset Daewoo Co. Ltd. | | 81,270 | 457,990 |
| NAVER Corp. | | 28,025 | 2,812,325 |
| NCSOFT Corp. | | 3,517 | 1,323,884 |
| Netmarble Corp. (d) | | 5,227 | 513,080 |
| Oci Co. Ltd. | | 3,640 | 271,804 |
| Orion Corp./Republic of Korea | | 4,559 | 379,983 |
| Ottogi Corp. | | 238 | 137,460 |
| Pearl Abyss Corp. (b) | | 1,151 | 207,402 |
| POSCO | | 15,703 | 3,589,739 |
| Posco Daewoo Corp. | | 10,498 | 163,772 |
| S-Oil Corp. | | 9,159 | 995,369 |
| S1 Corp. | | 3,231 | 273,262 |
| Samsung Biologics Co. Ltd. (b)(d) | | 3,302 | 1,121,407 |
| Samsung Card Co. Ltd. | | 5,624 | 165,861 |
| Samsung Electro-Mechanics Co. Ltd. | | 11,405 | 1,179,483 |
| Samsung Electronics Co. Ltd. | | 975,411 | 36,246,649 |
| Samsung Engineering Co. Ltd. (b) | | 31,899 | 510,216 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 6,280 | 1,532,848 |
| Samsung Heavy Industries Co. Ltd. (b) | | 94,504 | 576,466 |
| Samsung Life Insurance Co. Ltd. | | 14,324 | 1,154,959 |
| Samsung SDI Co. Ltd. | | 11,169 | 2,305,258 |
| Samsung SDS Co. Ltd. | | 6,949 | 1,172,377 |
| Samsung Securities Co. Ltd. | | 12,729 | 298,423 |
| Shinhan Financial Group Co. Ltd. | | 86,695 | 3,224,924 |
| Shinsegae Co. Ltd. | | 1,533 | 347,310 |
| SillaJen, Inc. (b) | | 12,196 | 736,463 |
| SK C&C Co. Ltd. | | 6,451 | 1,478,472 |
| SK Energy Co. Ltd. | | 13,140 | 2,458,712 |
| SK Hynix, Inc. | | 117,188 | 7,004,576 |
| SK Telecom Co. Ltd. | | 4,113 | 965,165 |
| STX Pan Ocean Co. Ltd. (Korea) (b) | | 43,787 | 183,053 |
| ViroMed Co. Ltd. (b) | | 2,757 | 450,157 |
| Woori Bank | | 95,874 | 1,323,414 |
| Woori Investment & Securities Co. Ltd. | | 26,870 | 286,127 |
| Yuhan Corp. | | 1,637 | 240,313 |
|
| TOTAL KOREA (SOUTH) | | | 126,626,297 |
|
| Luxembourg - 0.2% | | | |
| ArcelorMittal SA (Netherlands) | | 134,852 | 3,366,392 |
| Eurofins Scientific SA | | 2,336 | 1,181,117 |
| Millicom International Cellular SA (depository receipt) | | 13,807 | 780,035 |
| PLAY Communications SA (d) | | 23,760 | 102,170 |
| Reinet Investments SCA | | 29,906 | 501,119 |
| RTL Group SA | | 7,675 | 492,898 |
| SES SA (France) (depositary receipt) | | 72,448 | 1,557,055 |
| Tenaris SA | | 95,961 | 1,412,608 |
|
| TOTAL LUXEMBOURG | | | 9,393,394 |
|
| Malaysia - 0.6% | | | |
| AirAsia Group BHD | | 300,900 | 189,119 |
| Alliance Bank Malaysia Bhd | | 222,900 | 210,941 |
| AMMB Holdings Bhd | | 318,100 | 288,871 |
| Astro Malaysia Holdings Bhd (d) | | 299,300 | 96,560 |
| Axiata Group Bhd | | 572,683 | 466,686 |
| British American Tobacco (Malaysia) Bhd | | 30,700 | 228,168 |
| Bumiputra-Commerce Holdings Bhd | | 950,673 | 1,299,522 |
| Dialog Group Bhd | | 744,122 | 602,838 |
| DiGi.com Bhd | | 638,800 | 657,959 |
| Felda Global Ventures Holdings Bhd (d) | | 279,200 | 93,411 |
| Fraser & Neave Holdings BHD | | 25,900 | 208,586 |
| Gamuda Bhd | | 399,500 | 228,177 |
| Genting Bhd | | 429,900 | 754,084 |
| Genting Malaysia Bhd | | 610,800 | 655,393 |
| Genting Plantations Bhd | | 48,500 | 111,847 |
| Hap Seng Consolidated Bhd | | 125,000 | 294,241 |
| Hartalega Holdings Bhd | | 254,700 | 381,030 |
| Hong Leong Bank Bhd | | 135,300 | 669,306 |
| Hong Leong Credit Bhd | | 45,600 | 200,293 |
| IHH Healthcare Bhd (d) | | 497,500 | 594,456 |
| IJM Corp. Bhd | | 551,500 | 214,827 |
| IOI Corp. Bhd | | 378,900 | 407,468 |
| IOI Properties Group Bhd | | 282,350 | 88,393 |
| Kuala Lumpur Kepong Bhd | | 83,900 | 499,651 |
| Malayan Banking Bhd | | 780,643 | 1,770,415 |
| Malaysia Airports Holdings Bhd | | 184,602 | 366,160 |
| Maxis Bhd | | 476,300 | 595,304 |
| MISC Bhd | | 226,700 | 330,474 |
| My E.G.Services Bhd | | 442,000 | 126,754 |
| Nestle (Malaysia) BHD | | 11,200 | 384,887 |
| Petronas Chemicals Group Bhd | | 488,700 | 1,091,969 |
| Petronas Dagangan Bhd | | 39,700 | 246,672 |
| Petronas Gas Bhd | | 144,600 | 631,686 |
| PPB Group Bhd | | 121,080 | 484,957 |
| Press Metal Bhd | | 252,200 | 291,707 |
| Public Bank Bhd | | 591,000 | 3,474,394 |
| RHB Capital Bhd | | 213,374 | 266,686 |
| RHB Capital Bhd (b)(c) | | 46,292 | 0 |
| Sime Darby Bhd | | 455,285 | 239,366 |
| Sime Darby Plantation Bhd | | 493,485 | 620,320 |
| Sime Darby Property Bhd | | 627,685 | 146,252 |
| SP Setia Bhd | | 308,677 | 154,910 |
| Telekom Malaysia Bhd | | 213,826 | 121,617 |
| Tenaga Nasional Bhd | | 632,700 | 2,222,653 |
| Top Glove Corp. Bhd | | 285,600 | 405,416 |
| UMW Holdings Bhd | | 94,200 | 106,930 |
| Westports Holdings Bhd | | 234,100 | 190,771 |
| YTL Corp. Bhd | | 657,222 | 166,485 |
|
| TOTAL MALAYSIA | | | 23,878,612 |
|
| Mauritius - 0.0% | | | |
| Golden Agri-Resources Ltd. | | 1,340,600 | 246,799 |
| Mexico - 0.7% | | | |
| Alfa SA de CV Series A | | 627,200 | 661,064 |
| Alsea S.A.B. de CV | | 100,900 | 257,996 |
| America Movil S.A.B. de CV Series L | | 6,830,300 | 4,946,216 |
| Banco Santander Mexico SA | | 350,460 | 437,013 |
| CEMEX S.A.B. de CV unit (b) | | 2,957,094 | 1,476,127 |
| Coca-Cola FEMSA S.A.B. de CV Series L | | 105,600 | 602,307 |
| El Puerto de Liverpool S.A.B. de CV Class C | | 38,270 | 242,526 |
| Embotelladoras Arca S.A.B. de CV | | 93,200 | 468,678 |
| Fibra Uno Administracion SA de CV | | 681,600 | 732,494 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 393,900 | 3,348,681 |
| Gruma S.A.B. de CV Series B | | 41,265 | 430,664 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 74,700 | 617,988 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 42,850 | 712,238 |
| Grupo Bimbo S.A.B. de CV Series A | | 341,200 | 639,123 |
| Grupo Carso SA de CV Series A1 | | 86,700 | 255,150 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 524,900 | 2,887,909 |
| Grupo Financiero Inbursa S.A.B. de CV Series O | | 480,100 | 622,305 |
| Grupo Mexico SA de CV Series B | | 711,324 | 1,641,281 |
| Grupo Televisa SA de CV | | 495,600 | 1,428,739 |
| Industrias Penoles SA de CV | | 28,485 | 401,475 |
| Infraestructura Energetica Nova S.A.B. de CV | | 102,600 | 402,202 |
| Kimberly-Clark de Mexico SA de CV Series A | | 292,800 | 422,049 |
| Mexichem S.A.B. de CV | | 218,337 | 576,765 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 43,550 | 396,325 |
| Wal-Mart de Mexico SA de CV Series V | | 1,059,900 | 2,706,982 |
|
| TOTAL MEXICO | | | 27,314,297 |
|
| Multi-National - 0.0% | | | |
| HK Electric Investments & HK Electric Investments Ltd. unit (d) | | 537,500 | 511,321 |
| HKT Trust/HKT Ltd. unit | | 779,860 | 1,074,030 |
|
| TOTAL MULTI-NATIONAL | | | 1,585,351 |
|
| Netherlands - 2.9% | | | |
| ABN AMRO Group NV GDR | | 85,844 | 2,109,917 |
| AEGON NV | | 368,144 | 2,263,358 |
| AerCap Holdings NV (b) | | 27,375 | 1,370,940 |
| Airbus Group NV | | 117,257 | 12,958,573 |
| Akzo Nobel NV | | 50,595 | 4,256,721 |
| ASML Holding NV (Netherlands) | | 82,539 | 14,216,858 |
| CNH Industrial NV | | 207,948 | 2,163,600 |
| EXOR NV | | 22,063 | 1,250,482 |
| Ferrari NV | | 24,927 | 2,922,174 |
| Fiat Chrysler Automobiles NV | | 218,781 | 3,332,941 |
| Heineken Holding NV | | 23,213 | 2,011,354 |
| Heineken NV (Bearer) | | 52,383 | 4,722,796 |
| ING Groep NV (Certificaten Van Aandelen) | | 782,847 | 9,261,859 |
| Koninklijke Ahold Delhaize NV | | 251,982 | 5,773,792 |
| Koninklijke DSM NV | | 36,661 | 3,213,133 |
| Koninklijke KPN NV | | 682,267 | 1,800,180 |
| Koninklijke Philips Electronics NV | | 189,670 | 7,073,905 |
| NN Group NV | | 62,596 | 2,694,176 |
| NXP Semiconductors NV | | 69,173 | 5,187,283 |
| QIAGEN NV (Germany) (b) | | 46,472 | 1,688,053 |
| Randstad NV | | 24,129 | 1,217,539 |
| STMicroelectronics NV (France) | | 138,576 | 2,106,553 |
| Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit | | 27,742 | 5,036,314 |
| Unilever NV (Certificaten Van Aandelen) (Bearer) | | 310,856 | 16,703,847 |
| Vopak NV | | 14,707 | 666,315 |
| Wolters Kluwer NV | | 58,880 | 3,345,192 |
| X5 Retail Group NV unit | | 24,767 | 578,628 |
|
| TOTAL NETHERLANDS | | | 119,926,483 |
|
| New Zealand - 0.1% | | | |
| Auckland International Airport Ltd. | | 197,239 | 899,671 |
| Fisher & Paykel Healthcare Corp. | | 117,382 | 1,041,728 |
| Fletcher Building Ltd. | | 175,937 | 693,438 |
| Meridian Energy Ltd. | | 258,545 | 528,917 |
| Ryman Healthcare Group Ltd. | | 77,827 | 614,511 |
| Spark New Zealand Ltd. | | 372,704 | 960,672 |
| The a2 Milk Co. Ltd. (b) | | 148,506 | 1,009,777 |
|
| TOTAL NEW ZEALAND | | | 5,748,714 |
|
| Norway - 0.5% | | | |
| Aker Bp ASA | | 21,840 | 720,245 |
| DNB ASA | | 195,542 | 3,538,629 |
| Equinor ASA | | 233,474 | 6,073,792 |
| Gjensidige Forsikring ASA | | 41,773 | 647,175 |
| Marine Harvest ASA | | 84,481 | 2,044,429 |
| Norsk Hydro ASA | | 267,167 | 1,386,893 |
| Orkla ASA | | 163,126 | 1,407,600 |
| Schibsted ASA (B Shares) | | 20,365 | 645,028 |
| Telenor ASA | | 152,032 | 2,789,123 |
| Yara International ASA | | 36,008 | 1,549,278 |
|
| TOTAL NORWAY | | | 20,802,192 |
|
| Pakistan - 0.0% | | | |
| Habib Bank Ltd. | | 129,900 | 142,927 |
| Lucky Cement Ltd. | | 26,450 | 99,296 |
| MCB Bank Ltd. | | 74,000 | 110,551 |
| Oil & Gas Development Co. Ltd. | | 126,500 | 151,886 |
| United Bank Ltd. | | 90,100 | 102,015 |
|
| TOTAL PAKISTAN | | | 606,675 |
|
| Papua New Guinea - 0.0% | | | |
| Oil Search Ltd. ADR | | 277,710 | 1,528,051 |
| Peru - 0.0% | | | |
| Compania de Minas Buenaventura SA sponsored ADR | | 35,796 | 495,417 |
| Philippines - 0.2% | | | |
| Aboitiz Equity Ventures, Inc. | | 415,210 | 365,194 |
| Aboitiz Power Corp. | | 295,900 | 186,609 |
| Alliance Global Group, Inc. (b) | | 783,100 | 166,477 |
| Ayala Corp. | | 50,640 | 871,845 |
| Ayala Land, Inc. | | 1,456,400 | 1,080,642 |
| Bank of the Philippine Islands (BPI) | | 170,906 | 262,738 |
| BDO Unibank, Inc. | | 397,304 | 910,044 |
| DMCI Holdings, Inc. | | 844,450 | 202,907 |
| Globe Telecom, Inc. | | 6,890 | 269,478 |
| GT Capital Holdings, Inc. | | 17,052 | 242,520 |
| International Container Terminal Services, Inc. | | 106,740 | 180,773 |
| JG Summit Holdings, Inc. | | 589,990 | 522,232 |
| Jollibee Food Corp. | | 91,420 | 472,181 |
| Manila Electric Co. | | 42,530 | 292,729 |
| Megaworld Corp. | | 2,361,100 | 194,855 |
| Metro Pacific Investments Corp. | | 2,677,200 | 240,481 |
| Metropolitan Bank & Trust Co. | | 158,120 | 193,962 |
| Philippine Long Distance Telephone Co. | | 18,400 | 475,454 |
| Robinsons Land Corp. | | 380,806 | 149,295 |
| Security Bank Corp. | | 43,910 | 118,656 |
| SM Investments Corp. | | 49,143 | 827,679 |
| SM Prime Holdings, Inc. | | 2,055,100 | 1,299,893 |
| Universal Robina Corp. | | 186,800 | 454,442 |
|
| TOTAL PHILIPPINES | | | 9,981,086 |
|
| Poland - 0.3% | | | |
| Alior Bank SA (b) | | 17,300 | 260,369 |
| Bank Handlowy w Warszawie SA | | 6,306 | 115,039 |
| Bank Millennium SA (b) | | 116,377 | 267,805 |
| Bank Polska Kasa Opieki SA | | 34,954 | 953,751 |
| Bank Zachodni WBK SA | | 7,165 | 635,619 |
| BRE Bank SA | | 2,838 | 276,615 |
| CD Projekt RED SA (b) | | 14,136 | 583,175 |
| Cyfrowy Polsat SA (b) | | 52,688 | 303,456 |
| Dino Polska SA (b)(d) | | 9,430 | 207,663 |
| Grupa Lotos SA | | 17,638 | 318,455 |
| Jastrzebska Spolka Weglowa SA (b) | | 10,000 | 192,851 |
| KGHM Polska Miedz SA (Bearer) (b) | | 28,106 | 636,371 |
| LPP SA | | 268 | 548,272 |
| NG2 SA | | 5,491 | 238,979 |
| Polish Oil & Gas Co. SA | | 362,515 | 591,414 |
| Polska Grupa Energetyczna SA (b) | | 160,952 | 440,849 |
| Polski Koncern Naftowy Orlen SA | | 61,137 | 1,469,652 |
| Powszechna Kasa Oszczednosci Bank SA | | 178,406 | 1,856,522 |
| Powszechny Zaklad Ubezpieczen SA | | 124,012 | 1,266,250 |
| Telekomunikacja Polska SA (b) | | 134,004 | 151,565 |
| Zaklady Azotowe w Tarnowie-Moscicach SA | | 8,499 | 57,367 |
|
| TOTAL POLAND | | | 11,372,039 |
|
| Portugal - 0.1% | | | |
| Banco Espirito Santo SA (Reg.) (b)(c) | | 82,039 | 1 |
| Energias de Portugal SA | | 519,880 | 1,827,766 |
| Galp Energia SGPS SA Class B | | 101,554 | 1,770,812 |
| Jeronimo Martins SGPS SA | | 51,461 | 633,000 |
|
| TOTAL PORTUGAL | | | 4,231,579 |
|
| Qatar - 0.3% | | | |
| Barwa Real Estate Co. (b) | | 18,460 | 189,569 |
| Doha Bank (b) | | 30,003 | 181,040 |
| Ezdan Holding Group (b) | | 157,953 | 474,596 |
| Industries Qatar QSC (b) | | 36,991 | 1,422,238 |
| Masraf al Rayan (b) | | 72,989 | 761,563 |
| Qatar Electricity & Water Co. (b) | | 10,104 | 521,379 |
| Qatar Insurance Co. SAQ | | 34,095 | 343,666 |
| Qatar Islamic Bank (b) | | 23,654 | 993,975 |
| Qatar National Bank SAQ | | 91,898 | 4,921,755 |
| Qatar Telecom (Qtel) Q.S.C. (b) | | 15,850 | 299,848 |
| The Commercial Bank of Qatar (b) | | 39,983 | 455,176 |
|
| TOTAL QATAR | | | 10,564,805 |
|
| Russia - 0.9% | | | |
| Alrosa Co. Ltd. | | 523,901 | 794,515 |
| Gazprom OAO | | 1,535,512 | 3,623,994 |
| Gazprom OAO sponsored ADR (Reg. S) | | 300,704 | 1,424,736 |
| Inter Rao Ues JSC | | 6,755,000 | 408,333 |
| Lukoil PJSC | | 71,846 | 5,393,324 |
| Lukoil PJSC sponsored ADR | | 26,871 | 2,007,264 |
| Magnit OJSC GDR (Reg. S) | | 73,524 | 981,178 |
| Magnitogorsk Iron & Steel Works PJSC | | 420,400 | 305,980 |
| MMC Norilsk Nickel PJSC | | 9,533 | 1,591,878 |
| MMC Norilsk Nickel PJSC sponsored ADR | | 33,213 | 550,672 |
| Mobile TeleSystems OJSC sponsored ADR | | 100,626 | 806,014 |
| Moscow Exchange MICEX-RTS OAO | | 282,805 | 377,367 |
| NOVATEK OAO GDR (Reg. S) | | 18,478 | 3,132,021 |
| Novolipetsk Steel OJSC | | 247,420 | 602,533 |
| PhosAgro OJSC GDR (Reg. S) | | 22,289 | 291,986 |
| Polyus PJSC | | 5,052 | 318,426 |
| Rosneft Oil Co. OJSC | | 176,573 | 1,234,225 |
| Rosneft Oil Co. OJSC GDR (Reg. S) | | 57,870 | 406,826 |
| RusHydro PJSC | | 13,548,000 | 113,075 |
| RusHydro PJSC ADR | | 68,343 | 53,581 |
| Sberbank of Russia | | 2,172,156 | 6,243,396 |
| Severstal PAO | | 28,843 | 450,988 |
| Severstal PAO GDR (Reg. S) | | 14,614 | 226,663 |
| Surgutneftegas OJSC | | 637,100 | 256,973 |
| Surgutneftegas OJSC sponsored ADR | | 72,932 | 290,269 |
| Tatneft PAO | | 238,461 | 2,839,504 |
| Tatneft PAO sponsored ADR | | 11,837 | 834,035 |
| VTB Bank OJSC (b) | | 659,090,334 | 365,996 |
|
| TOTAL RUSSIA | | | 35,925,752 |
|
| Singapore - 0.8% | | | |
| Ascendas Real Estate Investment Trust | | 479,100 | 871,625 |
| BOC Aviation Ltd. Class A | | 42,400 | 303,052 |
| CapitaCommercial Trust (REIT) | | 509,046 | 635,779 |
| CapitaLand Ltd. | | 521,500 | 1,182,190 |
| CapitaMall Trust | | 504,600 | 768,658 |
| City Developments Ltd. | | 84,700 | 483,686 |
| ComfortDelgro Corp. Ltd. | | 445,500 | 723,658 |
| DBS Group Holdings Ltd. | | 360,529 | 6,106,205 |
| Jardine Cycle & Carriage Ltd. | | 19,300 | 421,767 |
| Keppel Corp. Ltd. | | 299,200 | 1,339,234 |
| Oversea-Chinese Banking Corp. Ltd. | | 643,569 | 4,990,024 |
| Sembcorp Industries Ltd. | | 203,100 | 413,487 |
| Singapore Airlines Ltd. | | 107,300 | 734,364 |
| Singapore Airport Terminal Service Ltd. | | 132,600 | 476,734 |
| Singapore Exchange Ltd. | | 160,700 | 793,552 |
| Singapore Press Holdings Ltd. | | 335,100 | 641,097 |
| Singapore Technologies Engineering Ltd. | | 316,400 | 810,901 |
| Singapore Telecommunications Ltd. | | 1,652,700 | 3,770,373 |
| Suntec (REIT) | | 434,200 | 554,838 |
| United Overseas Bank Ltd. | | 268,453 | 4,725,036 |
| UOL Group Ltd. | | 105,077 | 457,434 |
| Venture Corp. Ltd. | | 55,600 | 614,946 |
| Wilmar International Ltd. | | 389,400 | 888,354 |
| Yangzijiang Shipbuilding Holdings Ltd. | | 470,400 | 421,107 |
|
| TOTAL SINGAPORE | | | 33,128,101 |
|
| South Africa - 1.4% | | | |
| Anglo American Platinum Ltd. | | 10,251 | 334,876 |
| AngloGold Ashanti Ltd. | | 84,246 | 815,534 |
| Aspen Pharmacare Holdings Ltd. | | 79,004 | 835,426 |
| Barclays Africa Group Ltd. | | 145,740 | 1,473,058 |
| Bidcorp Ltd. | | 68,663 | 1,287,807 |
| Bidvest Group Ltd. | | 67,521 | 841,100 |
| Capitec Bank Holdings Ltd. | | 8,474 | 569,052 |
| Clicks Group Ltd. | | 50,982 | 649,694 |
| Coronation Fund Managers Ltd. | | 43,671 | 145,437 |
| Discovery Ltd. | | 72,036 | 771,167 |
| Exxaro Resources Ltd. | | 53,187 | 544,038 |
| FirstRand Ltd. | | 681,250 | 2,969,747 |
| Fortress (REIT) Ltd.: | | | |
| Class A | | 214,018 | 245,317 |
| Class B | | 110,459 | 107,745 |
| Foschini Ltd. | | 45,861 | 501,184 |
| Gold Fields Ltd. | | 170,820 | 451,606 |
| Growthpoint Properties Ltd. | | 597,556 | 917,447 |
| Hyprop Investments Ltd. | | 51,417 | 314,619 |
| Imperial Holdings Ltd. | | 32,298 | 356,663 |
| Investec Ltd. | | 59,944 | 372,890 |
| Kumba Iron Ore Ltd. | | 12,325 | 241,446 |
| Liberty Holdings Ltd. | | 24,831 | 181,766 |
| Life Healthcare Group Holdings Ltd. | | 276,485 | 459,168 |
| MMI Holdings Ltd. | | 180,265 | 218,114 |
| Mondi Ltd. | | 24,422 | 584,175 |
| Mr Price Group Ltd. | | 51,580 | 807,553 |
| MTN Group Ltd. | | 343,162 | 1,988,839 |
| Naspers Ltd. Class N | | 88,393 | 15,534,639 |
| Nedbank Group Ltd. | | 77,460 | 1,306,988 |
| Netcare Ltd. | | 234,543 | 394,760 |
| Old Mutual Ltd. | | 1,001,292 | 1,540,032 |
| Pick 'n Pay Stores Ltd. | | 78,245 | 361,351 |
| Pioneer Foods Ltd. | | 24,540 | 134,706 |
| PSG Group Ltd. | | 31,595 | 471,146 |
| Rand Merchant Insurance Holdings Ltd. | | 131,214 | 305,432 |
| Redefine Properties Ltd. | | 1,114,993 | 724,812 |
| Remgro Ltd. | | 107,474 | 1,385,488 |
| Resilient Property Income Fund Ltd. | | 56,772 | 230,205 |
| RMB Holdings Ltd. | | 143,673 | 725,158 |
| Sanlam Ltd. | | 350,500 | 1,764,320 |
| Sappi Ltd. | | 106,648 | 599,586 |
| Sasol Ltd. | | 112,415 | 3,673,718 |
| Shoprite Holdings Ltd. | | 89,668 | 1,095,892 |
| Spar Group Ltd. | | 40,081 | 477,712 |
| Standard Bank Group Ltd. | | 262,137 | 2,902,209 |
| Telkom SA Ltd. | | 55,360 | 201,326 |
| Tiger Brands Ltd. | | 33,118 | 591,713 |
| Truworths International Ltd. | | 90,418 | 495,958 |
| Vodacom Group Ltd. | | 122,739 | 1,034,993 |
| Woolworths Holdings Ltd. | | 201,527 | 695,731 |
|
| TOTAL SOUTH AFRICA | | | 55,633,343 |
|
| Spain - 1.9% | | | |
| ACS Actividades de Construccion y Servicios SA | | 52,436 | 1,966,457 |
| Aena Sme SA | | 13,661 | 2,184,033 |
| Amadeus IT Holding SA Class A | | 88,455 | 7,131,421 |
| Banco Bilbao Vizcaya Argentaria SA | | 1,342,486 | 7,409,308 |
| Banco de Sabadell SA | | 1,142,922 | 1,508,128 |
| Banco Santander SA: | | | |
| rights (b) | | 3,255,079 | 126,459 |
| (Spain) | | 3,255,079 | 15,487,525 |
| Bankia SA | | 250,821 | 789,493 |
| Bankinter SA | | 137,201 | 1,125,723 |
| CaixaBank SA | | 728,449 | 2,947,823 |
| Enagas SA | | 46,304 | 1,229,340 |
| Endesa SA | | 62,430 | 1,306,746 |
| Ferrovial SA | | 96,621 | 1,937,049 |
| Gas Natural SDG SA | | 71,081 | 1,748,675 |
| Grifols SA | | 59,691 | 1,703,071 |
| Iberdrola SA | | 1,200,699 | 8,507,983 |
| Inditex SA | | 219,584 | 6,200,386 |
| International Consolidated Airlines Group SA | | 103,426 | 798,932 |
| International Consolidated Airlines Group SA CDI | | 20,429 | 157,562 |
| MAPFRE SA (Reg.) | | 220,388 | 660,002 |
| Red Electrica Corporacion SA | | 86,490 | 1,790,902 |
| Repsol SA | | 273,699 | 4,890,687 |
| Siemens Gamesa Renewable Energy SA (b) | | 48,445 | 537,299 |
| Telefonica SA | | 941,011 | 7,719,171 |
|
| TOTAL SPAIN | | | 79,864,175 |
|
| Sweden - 1.6% | | | |
| Alfa Laval AB | | 59,808 | 1,527,363 |
| ASSA ABLOY AB (B Shares) | | 200,746 | 3,992,991 |
| Atlas Copco AB: | | | |
| (A Shares) | | 136,170 | 3,371,830 |
| (B Shares) | | 77,336 | 1,772,589 |
| Boliden AB | | 55,732 | 1,273,758 |
| Electrolux AB (B Shares) | | 48,870 | 1,015,727 |
| Epiroc AB: | | | |
| Class A (b) | | 136,170 | 1,195,765 |
| Class B (b) | | 79,314 | 653,760 |
| Essity AB Class B | | 122,896 | 2,805,437 |
| H&M Hennes & Mauritz AB (B Shares) | | 177,725 | 3,139,116 |
| Hexagon AB (B Shares) | | 52,510 | 2,574,101 |
| Husqvarna AB (B Shares) | | 83,005 | 626,949 |
| ICA Gruppen AB (a) | | 15,877 | 561,958 |
| Industrivarden AB (C Shares) | | 32,774 | 681,184 |
| Investor AB (B Shares) | | 91,218 | 3,954,277 |
| Kinnevik AB (B Shares) | | 47,573 | 1,319,920 |
| Lundbergfoeretagen AB | | 15,222 | 469,743 |
| Lundin Petroleum AB | | 38,075 | 1,162,494 |
| Sandvik AB | | 226,464 | 3,585,848 |
| Securitas AB (B Shares) | | 62,976 | 1,080,092 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 325,981 | 3,375,528 |
| Skanska AB (B Shares) | | 69,337 | 1,091,447 |
| SKF AB (B Shares) | | 77,015 | 1,237,135 |
| Svenska Handelsbanken AB (A Shares) | | 305,922 | 3,325,324 |
| Swedbank AB (A Shares) | | 181,745 | 4,093,217 |
| Swedish Match Co. AB | | 36,786 | 1,874,443 |
| Tele2 AB (B Shares) | | 72,098 | 819,372 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 617,495 | 5,376,380 |
| TeliaSonera AB | | 571,133 | 2,575,080 |
| Volvo AB (B Shares) | | 314,915 | 4,707,646 |
|
| TOTAL SWEDEN | | | 65,240,474 |
|
| Switzerland - 5.7% | | | |
| ABB Ltd. (Reg.) | | 369,741 | 7,439,759 |
| Adecco SA (Reg.) | | 32,996 | 1,616,465 |
| Baloise Holdings AG | | 9,941 | 1,423,315 |
| Barry Callebaut AG | | 436 | 852,389 |
| Clariant AG (Reg.) | | 40,562 | 874,349 |
| Coca-Cola HBC AG | | 40,925 | 1,208,369 |
| Compagnie Financiere Richemont SA Series A | | 105,031 | 7,676,783 |
| Credit Suisse Group AG | | 514,572 | 6,727,343 |
| Dufry AG | | 6,522 | 735,316 |
| Ems-Chemie Holding AG | | 1,630 | 898,228 |
| Galenica AG | | 9,243 | 1,335,768 |
| Geberit AG (Reg.) | | 7,511 | 2,940,562 |
| Givaudan SA | | 1,842 | 4,469,888 |
| Julius Baer Group Ltd. | | 45,339 | 2,067,675 |
| Kuehne & Nagel International AG | | 10,664 | 1,483,420 |
| Lafargeholcim Ltd. (Reg.) | | 98,633 | 4,568,564 |
| Lindt & Spruengli AG | | 20 | 1,596,584 |
| Lindt & Spruengli AG (participation certificate) | | 213 | 1,469,841 |
| Lonza Group AG | | 14,957 | 4,703,254 |
| Nestle SA (Reg. S) | | 627,374 | 52,964,860 |
| Novartis AG | | 446,067 | 39,063,143 |
| Pargesa Holding SA | | 8,018 | 588,722 |
| Partners Group Holding AG | | 3,447 | 2,455,665 |
| Roche Holding AG (participation certificate) | | 141,844 | 34,519,498 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 8,196 | 1,728,472 |
| (Reg.) | | 3,929 | 816,112 |
| SGS SA (Reg.) | | 1,082 | 2,569,770 |
| Sika AG | | 26,160 | 3,355,877 |
| Sonova Holding AG Class B | | 11,260 | 1,839,679 |
| Straumann Holding AG | | 2,092 | 1,428,040 |
| Swatch Group AG (Bearer) | | 6,293 | 2,129,429 |
| Swatch Group AG (Bearer) (Reg.) | | 11,122 | 742,645 |
| Swiss Life Holding AG | | 6,953 | 2,624,764 |
| Swiss Prime Site AG | | 14,870 | 1,207,731 |
| Swiss Re Ltd. | | 63,223 | 5,709,938 |
| Swisscom AG | | 5,257 | 2,408,360 |
| Temenos Group AG | | 12,219 | 1,680,317 |
| UBS Group AG | | 775,918 | 10,855,071 |
| Zurich Insurance Group AG | | 30,481 | 9,463,784 |
|
| TOTAL SWITZERLAND | | | 232,239,749 |
|
| Taiwan - 2.7% | | | |
| Acer, Inc. | | 619,288 | 434,055 |
| Advantech Co. Ltd. | | 72,591 | 499,407 |
| ASE Industrial Holding Co. Ltd. | | 707,840 | 1,426,631 |
| Asia Cement Corp. | | 449,466 | 475,445 |
| ASUSTeK Computer, Inc. | | 144,000 | 1,065,099 |
| AU Optronics Corp. | | 1,780,000 | 695,063 |
| Catcher Technology Co. Ltd. | | 133,000 | 1,338,141 |
| Cathay Financial Holding Co. Ltd. | | 1,650,285 | 2,611,843 |
| Chang Hwa Commercial Bank | | 1,056,980 | 599,151 |
| Cheng Shin Rubber Industry Co. Ltd. | | 403,899 | 568,137 |
| Chicony Electronics Co. Ltd. | | 124,493 | 248,902 |
| China Airlines Ltd. | | 590,490 | 174,703 |
| China Development Finance Holding Corp. | | 2,726,800 | 874,570 |
| China Life Insurance Co. Ltd. | | 510,995 | 485,239 |
| China Steel Corp. | | 2,540,426 | 2,002,112 |
| Chinatrust Financial Holding Co. Ltd. | | 3,540,579 | 2,361,491 |
| Chunghwa Telecom Co. Ltd. | | 769,000 | 2,714,690 |
| Compal Electronics, Inc. | | 874,000 | 481,313 |
| Delta Electronics, Inc. | | 420,621 | 1,766,145 |
| E.SUN Financial Holdings Co. Ltd. | | 1,954,804 | 1,294,342 |
| ECLAT Textile Co. Ltd. | | 37,941 | 450,358 |
| EVA Airways Corp. | | 477,265 | 218,126 |
| Evergreen Marine Corp. (Taiwan) | | 455,122 | 167,581 |
| Evergreen Marine Corp. (Taiwan) rights 11/18/18 (b) | | 25,926 | 586 |
| Far Eastern Textile Ltd. | | 672,664 | 674,609 |
| Far EasTone Telecommunications Co. Ltd. | | 326,000 | 776,028 |
| Feng Tay Enterprise Co. Ltd. | | 64,436 | 387,109 |
| First Financial Holding Co. Ltd. | | 1,974,197 | 1,246,606 |
| Formosa Chemicals & Fibre Corp. | | 711,590 | 2,574,186 |
| Formosa Petrochemical Corp. | | 256,000 | 1,008,769 |
| Formosa Plastics Corp. | | 900,480 | 2,937,565 |
| Formosa Taffeta Co. Ltd. | | 149,000 | 161,943 |
| Foxconn Technology Co. Ltd. | | 194,535 | 412,186 |
| Fubon Financial Holding Co. Ltd. | | 1,337,398 | 2,092,890 |
| Giant Manufacturing Co. Ltd. | | 68,000 | 259,169 |
| GlobalWafers Co. Ltd. | | 44,000 | 348,896 |
| Highwealth Construction Corp. | | 176,480 | 258,503 |
| HIWIN Technologies Corp. | | 45,362 | 293,031 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 2,641,990 | 6,724,336 |
| Hotai Motor Co. Ltd. | | 57,000 | 393,065 |
| HTC Corp. (b) | | 125,000 | 135,657 |
| Hua Nan Financial Holdings Co. Ltd. | | 1,544,909 | 870,744 |
| Innolux Corp. | | 1,835,427 | 555,480 |
| Inventec Corp. | | 476,280 | 383,818 |
| Largan Precision Co. Ltd. | | 20,000 | 2,164,048 |
| Lite-On Technology Corp. | | 439,910 | 504,411 |
| Macronix International Co. Ltd. | | 382,502 | 211,880 |
| MediaTek, Inc. | | 304,970 | 2,240,942 |
| Mega Financial Holding Co. Ltd. | | 2,178,246 | 1,839,800 |
| Micro-Star International Co. Ltd. | | 141,000 | 311,051 |
| Nan Ya Plastics Corp. | | 1,039,780 | 2,582,616 |
| Nanya Technology Corp. | | 212,000 | 351,958 |
| Nien Made Enterprise Co. Ltd. | | 35,000 | 215,920 |
| Novatek Microelectronics Corp. | | 120,000 | 529,061 |
| Pegatron Corp. | | 392,000 | 712,831 |
| Phison Electronics Corp. | | 29,000 | 190,146 |
| Pou Chen Corp. | | 460,000 | 465,787 |
| Powertech Technology, Inc. | | 144,000 | 314,414 |
| President Chain Store Corp. | | 116,000 | 1,307,602 |
| Quanta Computer, Inc. | | 539,000 | 850,443 |
| Realtek Semiconductor Corp. | | 98,090 | 392,861 |
| Ruentex Development Co. Ltd. | | 106,694 | 147,494 |
| Ruentex Industries Ltd. | | 73,809 | 184,758 |
| Shin Kong Financial Holding Co. Ltd. | | 1,713,659 | 561,801 |
| Sinopac Holdings Co. | | 2,209,314 | 749,271 |
| Standard Foods Corp. | | 80,986 | 121,503 |
| Synnex Technology International Corp. | | 300,500 | 323,207 |
| TaiMed Biologics, Inc. (b) | | 36,000 | 224,415 |
| Taishin Financial Holdings Co. Ltd. | | 2,017,362 | 895,939 |
| Taishin Financial Holdings Co. Ltd. rights 11/22/18 (b) | | 40,695 | 3,943 |
| Taiwan Business Bank | | 782,089 | 257,661 |
| Taiwan Cement Corp. | | 918,000 | 1,028,879 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 1,755,223 | 986,447 |
| Taiwan High Speed Rail Corp. | | 389,000 | 385,727 |
| Taiwan Mobile Co. Ltd. | | 326,600 | 1,165,656 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 4,955,000 | 37,178,052 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 4,998 | 190,424 |
| TECO Electric & Machinery Co. Ltd. | | 363,000 | 208,112 |
| Unified-President Enterprises Corp. | | 974,080 | 2,356,506 |
| United Microelectronics Corp. | | 2,463,000 | 938,073 |
| Vanguard International Semiconductor Corp. | | 193,000 | 355,324 |
| Walsin Technology Corp. | | 64,000 | 269,763 |
| Win Semiconductors Corp. | | 73,000 | 223,995 |
| Winbond Electronics Corp. | | 569,000 | 246,269 |
| Wistron Corp. | | 576,666 | 352,029 |
| WPG Holding Co. Ltd. | | 318,320 | 377,845 |
| Yageo Corp. | | 51,519 | 524,999 |
| Yuanta Financial Holding Co. Ltd. | | 2,018,372 | 977,878 |
|
| TOTAL TAIWAN | | | 111,869,461 |
|
| Thailand - 0.6% | | | |
| Advanced Info Service PCL (For. Reg.) | | 214,700 | 1,269,035 |
| Airports of Thailand PCL (For. Reg.) | | 866,900 | 1,673,148 |
| Bangkok Bank PCL (For. Reg.) | | 48,000 | 306,876 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 801,600 | 592,256 |
| Bangkok Expressway and Metro PCL | | 1,607,400 | 412,030 |
| Banpu PCL (For. Reg.) | | 391,500 | 205,431 |
| Berli Jucker PCL (For. Reg) | | 256,700 | 431,575 |
| BTS Group Holdings PCL | | 1,132,400 | 312,469 |
| BTS Group Holdings PCL warrants 12/31/19 (b) | | 125,822 | 315 |
| Bumrungrad Hospital PCL (For. Reg.) | | 76,600 | 445,832 |
| C.P. ALL PCL (For. Reg.) | | 1,016,000 | 2,060,495 |
| Central Pattana PCL (For. Reg.) | | 277,100 | 660,160 |
| Charoen Pokphand Foods PCL (For. Reg.) | | 690,800 | 526,016 |
| Delta Electronics PCL (For. Reg.) | | 108,400 | 225,561 |
| Electricity Generating PCL (For. Reg.) | | 25,100 | 174,852 |
| Energy Absolute PCL | | 264,300 | 394,537 |
| Glow Energy PCL (For. Reg.) | | 98,700 | 249,280 |
| Home Product Center PCL (For. Reg.) | | 750,367 | 337,167 |
| Indorama Ventures PCL (For. Reg.) | | 328,300 | 537,101 |
| IRPC PCL (For. Reg.) | | 2,158,100 | 396,997 |
| Kasikornbank PCL (For. Reg.) | | 372,900 | 2,243,473 |
| Krung Thai Bank PCL (For. Reg.) | | 672,155 | 407,428 |
| Land & House PCL (For. Reg.) | | 590,900 | 183,543 |
| Minor International PCL (For. Reg.) | | 476,670 | 524,682 |
| PTT Exploration and Production PCL (For. Reg.) | | 281,644 | 1,184,841 |
| PTT Global Chemical PCL (For. Reg.) | | 465,439 | 1,084,293 |
| PTT PCL (For. Reg.) | | 2,140,900 | 3,292,699 |
| Robinsons Department Store PCL (For. Reg.) | | 112,300 | 220,976 |
| Siam Cement PCL (For. Reg.) | | 81,700 | 1,029,873 |
| Siam Commercial Bank PCL (For. Reg.) | | 372,400 | 1,544,180 |
| Thai Oil PCL (For. Reg.) | | 232,600 | 594,477 |
| Thai Union Frozen Products PCL (For. Reg.) | | 377,200 | 188,828 |
| TMB PCL (For. Reg.) | | 2,093,400 | 143,937 |
| True Corp. PCL (For. Reg.) | | 2,121,012 | 377,382 |
|
| TOTAL THAILAND | | | 24,231,745 |
|
| Turkey - 0.1% | | | |
| Akbank T.A.S. | | 440,675 | 521,122 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 39,807 | 133,815 |
| Arcelik A/S | | 46,392 | 128,894 |
| Aselsan A/S | | 62,502 | 282,453 |
| Bim Birlesik Magazalar A/S JSC | | 43,707 | 620,856 |
| Coca-Cola Icecek Sanayi A/S | | 14,842 | 73,180 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | | 380,688 | 113,738 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 286,516 | 464,404 |
| Ford Otomotiv Sanayi A/S | | 14,785 | 158,705 |
| Haci Omer Sabanci Holding A/S | | 198,241 | 252,518 |
| Koc Holding A/S | | 160,879 | 448,421 |
| Petkim Petrokimya Holding A/S | | 194,011 | 176,323 |
| TAV Havalimanlari Holding A/S | | 41,171 | 171,325 |
| Tofas Turk Otomobil Fabrikasi A/S | | 23,666 | 89,336 |
| Tupras Turkiye Petrol Rafinerileri A/S | | 26,098 | 614,911 |
| Turk Hava Yollari AO (b) | | 119,164 | 299,530 |
| Turk Sise ve Cam Fabrikalari A/S | | 142,895 | 120,920 |
| Turkcell Iletisim Hizmet A/S | | 225,428 | 457,744 |
| Turkiye Garanti Bankasi A/S | | 461,557 | 577,194 |
| Turkiye Halk Bankasi A/S | | 118,556 | 130,866 |
| Turkiye Is Bankasi A/S Series C | | 335,209 | 239,281 |
| Turkiye Vakiflar Bankasi TAO | | 146,943 | 89,907 |
| Ulker Biskuvi Sanayi A/S (b) | | 29,143 | 77,060 |
| Yapi ve Kredi Bankasi A/S (b) | | 317,595 | 92,047 |
|
| TOTAL TURKEY | | | 6,334,550 |
|
| United Arab Emirates - 0.2% | | | |
| Abu Dhabi Commercial Bank PJSC (b) | | 414,560 | 913,056 |
| Aldar Properties PJSC | | 783,778 | 369,148 |
| Damac Properties Dubai Co. PJSC (b) | | 357,558 | 196,634 |
| DP World Ltd. | | 33,467 | 602,071 |
| Dubai Investments Ltd. (b) | | 425,521 | 187,671 |
| Dubai Islamic Bank Pakistan Ltd. (b) | | 331,502 | 474,715 |
| Emaar Development PJSC (b) | | 162,900 | 219,527 |
| Emaar Malls Group PJSC (b) | | 382,642 | 190,636 |
| Emaar Properties PJSC | | 727,404 | 1,009,967 |
| Emirates Telecommunications Corp. (b) | | 355,939 | 1,686,111 |
| National Bank of Abu Dhabi PJSC | | 282,944 | 1,064,559 |
|
| TOTAL UNITED ARAB EMIRATES | | | 6,914,095 |
|
| United Kingdom - 10.6% | | | |
| 3i Group PLC | | 193,078 | 2,167,330 |
| Admiral Group PLC | | 40,049 | 1,030,467 |
| Anglo American PLC (United Kingdom) | | 213,830 | 4,578,615 |
| Antofagasta PLC | | 81,280 | 815,345 |
| Ashtead Group PLC | | 100,389 | 2,483,580 |
| Associated British Foods PLC | | 72,257 | 2,203,683 |
| AstraZeneca PLC (United Kingdom) | | 255,799 | 19,565,981 |
| Auto Trader Group PLC (d) | | 189,018 | 987,687 |
| Aviva PLC | | 805,276 | 4,400,744 |
| Babcock International Group PLC | | 51,554 | 402,758 |
| BAE Systems PLC | | 640,963 | 4,297,841 |
| Barclays PLC | | 3,435,148 | 7,568,685 |
| Barratt Developments PLC | | 203,060 | 1,334,094 |
| Berkeley Group Holdings PLC | | 26,202 | 1,172,534 |
| BHP Billiton PLC | | 424,916 | 8,476,518 |
| BP PLC | | 4,059,884 | 29,327,467 |
| BP PLC sponsored ADR | | 5,396 | 234,025 |
| British American Tobacco PLC (United Kingdom) | | 464,296 | 20,127,356 |
| British Land Co. PLC | | 190,246 | 1,439,581 |
| BT Group PLC | | 1,693,837 | 5,186,540 |
| Bunzl PLC | | 66,481 | 1,963,796 |
| Burberry Group PLC | | 84,930 | 1,965,977 |
| Carnival PLC | | 36,792 | 2,005,367 |
| Centrica PLC | | 1,135,642 | 2,136,722 |
| Coca-Cola European Partners PLC | | 44,929 | 2,043,820 |
| Compass Group PLC | | 318,012 | 6,259,837 |
| ConvaTec Group PLC (d) | | 282,757 | 585,500 |
| Croda International PLC | | 26,295 | 1,620,015 |
| Diageo PLC | | 494,769 | 17,104,913 |
| Direct Line Insurance Group PLC | | 280,032 | 1,179,402 |
| easyJet PLC | | 32,990 | 506,014 |
| Fresnillo PLC | | 46,135 | 500,417 |
| G4S PLC (United Kingdom) | | 318,684 | 875,785 |
| GlaxoSmithKline PLC | | 1,001,329 | 19,393,501 |
| Hammerson PLC | | 158,135 | 886,332 |
| Hargreaves Lansdown PLC | | 57,677 | 1,377,141 |
| HSBC Holdings PLC (United Kingdom) | | 4,056,256 | 33,381,370 |
| Imperial Tobacco Group PLC | | 191,891 | 6,507,148 |
| Informa PLC | | 250,000 | 2,280,309 |
| InterContinental Hotel Group PLC | | 36,568 | 1,921,064 |
| Intertek Group PLC | | 32,751 | 1,962,506 |
| Investec PLC | | 138,781 | 858,567 |
| ITV PLC | | 728,409 | 1,386,803 |
| J Sainsbury PLC | | 355,242 | 1,413,067 |
| John Wood Group PLC | | 139,151 | 1,270,296 |
| Johnson Matthey PLC | | 38,723 | 1,471,508 |
| Kingfisher PLC | | 437,788 | 1,421,570 |
| Land Securities Group PLC | | 150,797 | 1,644,532 |
| Legal & General Group PLC | | 1,193,988 | 3,838,281 |
| Lloyds Banking Group PLC | | 14,519,705 | 10,595,610 |
| London Stock Exchange Group PLC | | 64,138 | 3,537,488 |
| Marks & Spencer Group PLC | | 332,811 | 1,259,181 |
| Mediclinic International PLC | | 14,885 | 71,708 |
| Mediclinic International PLC | | 62,431 | 300,444 |
| Meggitt PLC | | 158,850 | 1,075,717 |
| Melrose Industries PLC | | 982,971 | 2,118,975 |
| Merlin Entertainments PLC (d) | | 140,576 | 580,739 |
| Micro Focus International PLC | | 88,522 | 1,372,287 |
| Mondi PLC | | 74,746 | 1,762,242 |
| National Grid PLC | | 677,643 | 7,182,226 |
| Next PLC | | 29,134 | 1,937,922 |
| NMC Health PLC | | 21,040 | 949,872 |
| Pearson PLC | | 160,156 | 1,839,864 |
| Persimmon PLC | | 62,748 | 1,839,891 |
| Prudential PLC | | 525,836 | 10,529,143 |
| Reckitt Benckiser Group PLC | | 134,700 | 10,892,396 |
| RELX PLC | | 212,199 | 4,204,108 |
| RELX PLC | | 193,624 | 3,831,315 |
| Rio Tinto PLC | | 241,696 | 11,734,528 |
| Rolls-Royce Holdings PLC | | 334,256 | 3,584,626 |
| Royal Bank of Scotland Group PLC | | 971,144 | 2,923,628 |
| Royal Dutch Shell PLC: | | | |
| Class A | | 14,363 | 456,189 |
| Class A (United Kingdom) | | 907,577 | 28,913,692 |
| Class A sponsored ADR | | 2,832 | 178,954 |
| Class B (United Kingdom) | | 758,152 | 24,725,556 |
| Royal Mail PLC | | 184,588 | 847,026 |
| RSA Insurance Group PLC | | 203,246 | 1,466,249 |
| Sage Group PLC | | 220,220 | 1,532,405 |
| Schroders PLC | | 25,591 | 876,639 |
| Scottish & Southern Energy PLC | | 213,283 | 3,108,690 |
| Segro PLC | | 203,761 | 1,600,709 |
| Severn Trent PLC | | 47,402 | 1,128,777 |
| Smith & Nephew PLC | | 177,535 | 2,885,806 |
| Smiths Group PLC | | 80,443 | 1,436,941 |
| St. James's Place Capital PLC | | 105,673 | 1,368,947 |
| Standard Chartered PLC (United Kingdom) | | 562,764 | 3,952,691 |
| Standard Life PLC | | 476,134 | 1,646,248 |
| Taylor Wimpey PLC | | 672,877 | 1,389,015 |
| Tesco PLC | | 1,957,739 | 5,331,756 |
| The Weir Group PLC | | 49,608 | 1,005,666 |
| Travis Perkins PLC | | 51,248 | 725,142 |
| Unilever PLC | | 247,939 | 13,133,239 |
| United Utilities Group PLC | | 138,047 | 1,282,098 |
| Vodafone Group PLC | | 5,348,685 | 10,058,407 |
| Vodafone Group PLC sponsored ADR | | 2,705 | 51,206 |
| Whitbread PLC | | 36,337 | 2,043,622 |
| WM Morrison Supermarkets PLC | | 453,351 | 1,437,673 |
|
| TOTAL UNITED KINGDOM | | | 434,269,644 |
|
| United States of America - 0.1% | | | |
| Southern Copper Corp. | | 16,906 | 648,176 |
| Yum China Holdings, Inc. | | 73,846 | 2,664,364 |
|
| TOTAL UNITED STATES OF AMERICA | | | 3,312,540 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $3,923,959,356) | | | 3,826,836,592 |
|
| Nonconvertible Preferred Stocks - 1.3% | | | |
| Brazil - 0.7% | | | |
| Banco Bradesco SA (PN) | | 672,790 | 6,200,913 |
| Braskem SA (PN-A) | | 33,200 | 465,237 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 41,200 | 294,483 |
| Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) | | 32,900 | 691,506 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 184,507 | 546,853 |
| Gerdau SA | | 209,200 | 914,038 |
| Itau Unibanco Holding SA | | 650,281 | 8,605,761 |
| Itausa-Investimentos Itau SA (PN) | | 891,898 | 2,693,788 |
| Lojas Americanas SA (PN) | | 152,036 | 768,044 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 795,700 | 5,905,477 |
| Telefonica Brasil SA | | 87,800 | 1,019,674 |
|
| TOTAL BRAZIL | | | 28,105,774 |
|
| Chile - 0.0% | | | |
| Embotelladora Andina SA Class B | | 62,058 | 218,450 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 24,424 | 1,056,260 |
|
| TOTAL CHILE | | | 1,274,710 |
|
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 90,830 | 849,194 |
| Grupo Aval Acciones y Valores SA | | 787,281 | 276,324 |
| Grupo de Inversiones Suramerica SA | | 21,002 | 191,787 |
|
| TOTAL COLOMBIA | | | 1,317,305 |
|
| France - 0.0% | | | |
| Air Liquide SA (b) | | 8,120 | 984,092 |
| Germany - 0.4% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 10,885 | 822,337 |
| Fuchs Petrolub AG | | 13,737 | 636,994 |
| Henkel AG & Co. KGaA | | 35,776 | 3,913,584 |
| Porsche Automobil Holding SE (Germany) | | 31,059 | 1,975,197 |
| Sartorius AG (non-vtg.) | | 7,213 | 1,045,735 |
| Volkswagen AG | | 37,584 | 6,332,641 |
|
| TOTAL GERMANY | | | 14,726,488 |
|
| Italy - 0.0% | | | |
| Telecom Italia SpA (Risparmio Shares) | | 1,245,504 | 630,310 |
| Korea (South) - 0.2% | | | |
| AMOREPACIFIC Corp. | | 1,715 | 135,276 |
| Hyundai Motor Co. | | 4,726 | 275,856 |
| Hyundai Motor Co. Series 2 | | 7,593 | 471,152 |
| LG Chemical Ltd. | | 1,547 | 270,488 |
| LG Household & Health Care Ltd. | | 378 | 242,503 |
| Samsung Electronics Co. Ltd. | | 170,783 | 5,351,001 |
|
| TOTAL KOREA (SOUTH) | | | 6,746,276 |
|
| Russia - 0.0% | | | |
| AK Transneft OAO | | 90 | 233,492 |
| Surgutneftegas OJSC | | 1,409,133 | 815,762 |
|
| TOTAL RUSSIA | | | 1,049,254 |
|
| United Kingdom - 0.0% | | | |
| Rolls-Royce Holdings PLC Series C (b) | | 15,375,776 | 19,653 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | |
| (Cost $51,490,036) | | | 54,853,862 |
| | | Principal Amount(e) | Value |
|
| Nonconvertible Bonds - 0.0% | | | |
| India - 0.0% | | | |
| NTPC Ltd. 8.49% 3/25/25 | INR | | |
| (Cost $13,959) | | 69,696 | 13,375 |
|
| Government Obligations - 0.2% | | | |
| United States of America - 0.2% | | | |
| U.S. Treasury Bills, yield at date of purchase 2% 11/8/18(f) | | | |
| (Cost $9,996,156) | | 10,000,000 | 9,995,914 |
| | | Shares | Value |
|
| Money Market Funds - 4.6% | | | |
| Fidelity Cash Central Fund, 2.23% (g) | | 162,730,390 | 162,762,936 |
| Fidelity Securities Lending Cash Central Fund 2.23% (g)(h) | | 23,270,432 | 23,272,759 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $186,035,695) | | | 186,035,695 |
| TOTAL INVESTMENT IN SECURITIES - 99.6% | | | |
| (Cost $4,171,495,202) | | | 4,077,735,438 |
| NET OTHER ASSETS (LIABILITIES) - 0.4% | | | 15,966,383 |
| NET ASSETS - 100% | | | $4,093,701,821 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 1,606 | Dec. 2018 | $145,543,750 | $(4,780,829) | $(4,780,829) |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 1,084 | Dec. 2018 | 51,853,140 | (1,226,309) | (1,226,309) |
| TME S&P/TSX 60 Index Contracts (Canada) | 105 | Dec. 2018 | 14,264,271 | (361,568) | (361,568) |
| TOTAL FUTURES CONTRACTS | | | | | $(6,368,706) |
The notional amount of futures purchased as a percentage of Net Assets is 5.2%
Currency Abbreviations
INR – Indian rupee
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Level 3 security
(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 $22,740,116 or 0.6% 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 $9,882,960.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $1,443,121 |
| Fidelity Securities Lending Cash Central Fund | 454,911 |
| Total | $1,898,032 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
| Affiliate | Value, beginning of period | Purchases(a) | Sales Proceeds(a) | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity International Index Fund | $- | $620,000,000 | $621,987,635 | $- | $1,987,635 | $- | $- |
(a) Includes the value of shares purchased or redeemed through in-kind transactions. See Note 6 of the Notes to Financial Statements.
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $278,469,272 | $115,316,357 | $163,152,915 | $-- |
| Consumer Discretionary | 402,030,689 | 265,493,856 | 136,467,056 | 69,777 |
| Consumer Staples | 380,762,401 | 182,595,300 | 198,154,756 | 12,345 |
| Energy | 301,216,599 | 152,507,184 | 148,709,415 | -- |
| Financials | 871,182,522 | 556,163,916 | 315,018,605 | 1 |
| Health Care | 334,882,917 | 103,136,960 | 231,718,774 | 27,183 |
| Industrials | 454,427,588 | 257,152,896 | 197,274,692 | -- |
| Information Technology | 317,760,178 | 174,192,652 | 143,567,525 | 1 |
| Materials | 302,002,798 | 206,273,475 | 95,729,323 | -- |
| Real Estate | 120,608,764 | 101,802,838 | 18,805,926 | -- |
| Utilities | 118,346,726 | 87,584,741 | 30,761,985 | -- |
| Corporate Bonds | 13,375 | -- | 13,375 | -- |
| Government Obligations | 9,995,914 | -- | 9,995,914 | -- |
| Money Market Funds | 186,035,695 | 186,035,695 | -- | -- |
| Total Investments in Securities: | $4,077,735,438 | $2,388,255,870 | $1,689,370,261 | $109,307 |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(6,368,706) | $(6,368,706) | $-- | $-- |
| Total Liabilities | $(6,368,706) | $(6,368,706) | $-- | $-- |
| Total Derivative Instruments: | $(6,368,706) | $(6,368,706) | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:
| Transfers | Total |
| Level 1 to Level 2 | $130,447,225 |
| Level 2 to Level 1 | $148,544,603 |
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, 2018. 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 | $(6,368,706) |
| Total Equity Risk | 0 | (6,368,706) |
| Total Value of Derivatives | $0 | $(6,368,706) |
(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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Fidelity® Global ex U.S. Index Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $22,738,901) — See accompanying schedule:
Unaffiliated issuers (cost $3,985,459,507) | $3,891,699,743 | |
| Fidelity Central Funds (cost $186,035,695) | 186,035,695 | |
| Total Investment in Securities (cost $4,171,495,202) | | $4,077,735,438 |
| Cash | | 16,664 |
| Foreign currency held at value (cost $3,767,852) | | 3,729,564 |
| Receivable for fund shares sold | | 97,858,074 |
| Dividends receivable | | 12,725,864 |
| Distributions receivable from Fidelity Central Funds | | 219,247 |
| Receivable for daily variation margin on futures contracts | | 1,710,489 |
| Other receivables | | 4,626 |
| Total assets | | 4,193,999,966 |
| Liabilities | | |
| Payable for fund shares redeemed | $76,474,355 | |
| Accrued management fee | 206,516 | |
| Other payables and accrued expenses | 346,351 | |
| Collateral on securities loaned | 23,270,923 | |
| Total liabilities | | 100,298,145 |
| Net Assets | | $4,093,701,821 |
| Net Assets consist of: | | |
| Paid in capital | | $4,152,346,639 |
| Total distributable earnings (loss) | | (58,644,818) |
| Net Assets | | $4,093,701,821 |
| Net Asset Value and Maximum Offering Price | | |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($45,641,107 ÷ 3,785,745 shares) | | $12.06 |
| Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($870,640,116 ÷ 72,195,380 shares) | | $12.06 |
| Institutional Class: | | |
| Net Asset Value, offering price and redemption price per share ($298,310,868 ÷ 24,727,259 shares) | | $12.06 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($2,879,109,730 ÷ 238,552,190 shares) | | $12.07 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2018 |
| Investment Income | | |
| Dividends | | $131,726,648 |
| Interest | | 135,686 |
| Income from Fidelity Central Funds | | 1,898,032 |
| Income before foreign taxes withheld | | 133,760,366 |
| Less foreign taxes withheld | | (12,341,419) |
| Total income | | 121,418,947 |
| Expenses | | |
| Management fee | $2,445,969 | |
| Transfer agent fees | 660,273 | |
| Independent trustees' fees and expenses | 17,223 | |
| Legal | 560 | |
| Interest | 2,882 | |
| Commitment fees | 10,785 | |
| Total expenses before reductions | 3,137,692 | |
| Expense reductions | (6,466) | |
| Total expenses after reductions | | 3,131,226 |
| Net investment income (loss) | | 118,287,721 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $2,020) | (18,028,322) | |
| Redemptions in-kind with affiliated entities | 62,615,780 | |
| Fidelity Central Funds | 4,483 | |
| Other affiliated issuers | 1,987,635 | |
| Foreign currency transactions | (756,214) | |
| Futures contracts | (5,540,298) | |
| Total net realized gain (loss) | | 40,283,064 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $815,233) | (575,195,719) | |
| Fidelity Central Funds | (751) | |
| Assets and liabilities in foreign currencies | (213,985) | |
| Futures contracts | (7,676,604) | |
| Total change in net unrealized appreciation (depreciation) | | (583,087,059) |
| Net gain (loss) | | (542,803,995) |
| Net increase (decrease) in net assets resulting from operations | | $(424,516,274) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2018 | Year ended October 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $118,287,721 | $69,087,197 |
| Net realized gain (loss) | 40,283,064 | (12,914,287) |
| Change in net unrealized appreciation (depreciation) | (583,087,059) | 500,936,477 |
| Net increase (decrease) in net assets resulting from operations | (424,516,274) | 557,109,387 |
| Distributions to shareholders | (72,436,849) | – |
| Distributions to shareholders from net investment income | – | (36,723,329) |
| Distributions to shareholders from net realized gain | – | (830,683) |
| Total distributions | (72,436,849) | (37,554,012) |
| Share transactions - net increase (decrease) | 1,402,582,678 | 933,598,280 |
| Redemption fees | – | 37,194 |
| Total increase (decrease) in net assets | 905,629,555 | 1,453,190,849 |
| Net Assets | | |
| Beginning of period | 3,188,072,266 | 1,734,881,417 |
| End of period | $4,093,701,821 | $3,188,072,266 |
| Other Information | | |
| Undistributed net investment income end of period | | $56,148,756 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Global ex U.S. Index Fund Investor Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.48 | $11.12 | $11.32 | $12.28 | $12.44 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .38 | .32 | .31 | .31 | .37B |
| Net realized and unrealized gain (loss) | (1.50) | 2.26 | (.26)C | (.98) | (.32) |
| Total from investment operations | (1.12) | 2.58 | .05 | (.67) | .05 |
| Distributions from net investment income | (.27) | (.21) | (.25) | (.28) | (.18) |
| Distributions from net realized gain | (.03) | (.01) | – | (.01) | (.03) |
| Total distributions | (.30) | (.22) | (.25) | (.29) | (.21) |
| Redemption fees added to paid in capitalA | – | –D | –D | –D | –D |
| Net asset value, end of period | $12.06 | $13.48 | $11.12 | $11.32 | $12.28 |
| Total ReturnE | (8.51)% | 23.61% | .56% | (5.49)% | .46% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .14% | .18% | .27% | .34% | .34% |
| Expenses net of fee waivers, if any | .14% | .18% | .19% | .22% | .22% |
| Expenses net of all reductions | .14% | .18% | .19% | .22% | .22% |
| Net investment income (loss) | 2.83% | 2.64% | 2.87% | 2.66% | 3.00%B |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $45,641 | $45,439 | $37,465 | $18,132 | $15,309 |
| Portfolio turnover rateH | 19%I | 9% | 1%I | 1% | 1% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 2.63%.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Global ex U.S. Index Fund Premium Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.49 | $11.12 | $11.32 | $12.29 | $12.44 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .39 | .33 | .32 | .32 | .38B |
| Net realized and unrealized gain (loss) | (1.51) | 2.26 | (.27)C | (1.00) | (.31) |
| Total from investment operations | (1.12) | 2.59 | .05 | (.68) | .07 |
| Distributions from net investment income | (.28) | (.22) | (.25) | (.28) | (.19) |
| Distributions from net realized gain | (.03) | (.01) | – | (.01) | (.03) |
| Total distributions | (.31) | (.22)D | (.25) | (.29) | (.22) |
| Redemption fees added to paid in capitalA | – | –E | –E | –E | –E |
| Net asset value, end of period | $12.06 | $13.49 | $11.12 | $11.32 | $12.29 |
| Total ReturnF | (8.52)% | 23.79% | .64% | (5.53)% | .59% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .09% | .11% | .21% | .28% | .28% |
| Expenses net of fee waivers, if any | .09% | .11% | .12% | .17% | .18% |
| Expenses net of all reductions | .09% | .11% | .12% | .17% | .18% |
| Net investment income (loss) | 2.88% | 2.71% | 2.95% | 2.71% | 3.04%B |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $870,640 | $1,565,118 | $774,360 | $563,796 | $485,998 |
| Portfolio turnover rateI | 19%J | 9% | 1%J | 1% | 1% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.67%.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D Total distributions of $.22 per share is comprised of distributions from net investment income of $.219 and distributions from net realized gain of $.005 per share.
E Amount represents less than $.005 per share.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Global ex U.S. Index Fund Institutional Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.49 | $11.13 | $11.33 | $12.29 | $12.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .39 | .33 | .32 | .33 | .39B |
| Net realized and unrealized gain (loss) | (1.51) | 2.26 | (.26)C | (.99) | (.33) |
| Total from investment operations | (1.12) | 2.59 | .06 | (.66) | .06 |
| Distributions from net investment income | (.28) | (.22) | (.26) | (.29) | (.20) |
| Distributions from net realized gain | (.03) | (.01) | – | (.01) | (.03) |
| Total distributions | (.31) | (.23) | (.26) | (.30) | (.22)D |
| Redemption fees added to paid in capitalA | – | –E | –E | –E | –E |
| Net asset value, end of period | $12.06 | $13.49 | $11.13 | $11.33 | $12.29 |
| Total ReturnF | (8.50)% | 23.70% | .66% | (5.40)% | .56% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .08% | .09% | .17% | .23% | .23% |
| Expenses net of fee waivers, if any | .08% | .09% | .10% | .13% | .13% |
| Expenses net of all reductions | .08% | .09% | .10% | .13% | .13% |
| Net investment income (loss) | 2.90% | 2.73% | 2.97% | 2.75% | 3.09%B |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $298,311 | $624,633 | $278,172 | $182,432 | $153,983 |
| Portfolio turnover rateI | 19%J | 9% | 1%J | 1% | 1% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.72%.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D Total distributions of $.22 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.026 per share.
E Amount represents less than $.005 per share.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Global ex U.S. Index Fund Institutional Premium Class
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.50 | $11.13 | $11.33 | $12.30 | $12.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .38 | .33 | .32 | .33 | .39B |
| Net realized and unrealized gain (loss) | (1.50) | 2.27 | (.26)C | (1.00) | (.31) |
| Total from investment operations | (1.12) | 2.60 | .06 | (.67) | .08 |
| Distributions from net investment income | (.28) | (.22) | (.26) | (.29) | (.20) |
| Distributions from net realized gain | (.03) | (.01) | – | (.01) | (.03) |
| Total distributions | (.31) | (.23) | (.26) | (.30) | (.23) |
| Redemption fees added to paid in capitalA | – | –D | –D | –D | –D |
| Net asset value, end of period | $12.07 | $13.50 | $11.13 | $11.33 | $12.30 |
| Total ReturnE | (8.47)% | 23.83% | .68% | (5.45)% | .67% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .06% | .06% | .14% | .20% | .20% |
| Expenses net of fee waivers, if any | .06% | .06% | .08% | .10% | .10% |
| Expenses net of all reductions | .06% | .06% | .08% | .10% | .10% |
| Net investment income (loss) | 2.91% | 2.75% | 2.99% | 2.78% | 3.12%B |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,879,110 | $952,883 | $644,884 | $87,972 | $74,259 |
| Portfolio turnover rateH | 19%I | 9% | 1%I | 1% | 1% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.75%.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2018
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) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund offers Investor Class, Premium Class, Institutional Class and Institutional Premium Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Each Fund offers conversion privileges between share classes within each Fund to eligible shareholders. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
During the period, the Board of Trustees approved the consolidation of each Fund's publicly offered share classes into a single share class. The consolidation took place on November 9, 2018, and the surviving class is Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund.
2. Investments in Fidelity Central Funds.
The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
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 vendor 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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, 2018, including information on transfers between Levels 1 and 2, is included at the end of each applicable Fund's Schedule of Investments.
Foreign Currency. The 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. 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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2018, 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 Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, 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), market discount, 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 Emerging Markets Index Fund | $1,592,236,140 | $228,327,459 | $(214,385,997) | $13,941,462 |
| Fidelity Global ex U.S. Index Fund | 4,193,929,165 | 393,861,929 | (510,417,224) | (116,555,295) |
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 | $30,888,071 | $(80,586,662) | $13,869,364 |
| Fidelity Global ex U.S. Index Fund | 93,051,824 | (34,557,057) | (116,793,240) |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| | No expiration | | | |
| | Short-term | Long-term | Total no expiration | Total capital loss carryfoward |
| Fidelity Emerging Markets Index Fund | $(25,405,497) | $(55,181,165) | $(80,586,662) | $(80,586,662) |
| Fidelity Global ex U.S. Index Fund | (9,718,545) | (24,838,512) | (34,557,057) | (34,557,057) |
The tax character of distributions paid was as follows:
| October 31, 2018 | |
| | Ordinary Income |
| Fidelity Emerging Markets Index Fund | $26,736,654 |
| Fidelity Global ex U.S. Index Fund | 72,436,848 |
| October 31, 2017 | |
| | Ordinary Income |
| Fidelity Emerging Markets Index Fund | $12,638,479 |
| Fidelity Global ex U.S. Index Fund | 37,554,012 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Funds less than 90 days may be subject to a redemption fee equal to 1.50% and 1.00% of the NAV of shares redeemed from Fidelity Emerging Markets Index and Fidelity Global ex U.S. Index, respectively. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Funds and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.
Restricted Securities. The 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 is included at the end of each applicable Fund's Schedule of Investments.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Funds financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation | Prior Line-Item Presentation |
| Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
| Distributions to Shareholders Note to Financial Statements | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, 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.
The Funds used derivatives 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 Funds may not achieve their objectives.
The Funds' use of derivatives increased or decreased their exposure to the following risk:
| 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.
|
The 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 the Funds 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 the Funds. Counterparty credit risk related to exchange-traded futures 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. The Funds used futures contracts to manage their 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 (variation margin) 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Emerging Markets Index Fund | 428,843,384 | 61,922,379 |
| Fidelity Global ex U.S. Index Fund | 2,210,072,351 | 767,729,019 |
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company (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 .08% and .06% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund, respectively. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees.
Effective August 1, 2018, the Board approved an amendment to the expense contract. Under the expense contract, the investment adviser pays class-level expenses as necessary so that the total expenses do not exceed certain amounts of each class' average net assets on an annual basis with certain exceptions, as noted in the following table:
| Fidelity Emerging Markets Index Fund | |
| Investor Class | .08% |
| Premium Class | .08% |
| Institutional Class | .08% |
| Institutional Premium Class | .08% |
| Fidelity Global ex U.S. Index Fund | |
| Investor Class | .06% |
| Premium Class | .06% |
| Institutional Class | .06% |
| Institutional Premium Class | .06% |
Prior to August 1, 2018, the investment adviser paid class-level expenses as necessary so that the total expenses did not exceed certain amounts as noted in the following table:
| Fidelity Emerging Markets Index Fund | |
| Investor Class | .29% |
| Premium Class | .13% |
| Institutional Class | .10% |
| Institutional Premium Class | .08% |
| Fidelity Global ex U.S. Index Fund | |
| Investor Class | .17% |
| Premium Class | .10% |
| Institutional Class | .08% |
| Institutional Premium Class | .06% |
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.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. FIIOC receives transfer agent fees at annual rates based on class-level average net assets noted in the table below. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Effective August 1, 2018, under the amended expense contract, each class pays all or a portion of the transfer agent fees at an annual rate based on class-level average net assets as noted in the following table:
| | Received by FIIOC | Paid by Class Effective August 1, 2018 | Paid by Class Prior to August 1, 2018 |
| Fidelity Emerging Market Index Fund | | | |
| Investor Class | .21% | .00% | .21% |
| Premium Class | .11% | .00% | .05% |
| Institutional Class | .035% | .00% | .02% |
| Institutional Premium Class | .015% | .00% | .00% |
| Fidelity Global ex U.S. Index Fund | | | |
| Investor Class | .21% | .00% | .11% |
| Premium Class | .11% | .00% | .04% |
| Institutional Class | .035% | .00% | .02% |
| Institutional Premium Class | .015% | .00% | .02% |
For the period, the total transfer agent fees paid by each applicable class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Fidelity Emerging Markets Index Fund | | |
| Investor Class | $60,584 | .16 |
| Premium Class | 386,034 | .04 |
| Institutional Class | 45,567 | .01 |
| Institutional Premium Class | - | - |
| | $492,185 | |
| Fidelity Global ex U.S. Index Fund | | |
| Investor Class | $34,705 | .08 |
| Premium Class | 516,799 | .03 |
| Institutional Class | 108,769 | .01 |
| Institutional Premium Class | - | - |
| | $660,273 | |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Each applicable fund's 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 Global ex U.S. Index Fund | Borrower | $47,699,000 | 2.18% | $2,882 |
Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Redemptions In-Kind. During the period, 13,347,660 shares of the Fidelity Global ex U.S. Index Fund held by an affiliated entity were redeemed in-kind for investments and cash with a value of $181,394,705. The net realized gain of $62,615,780 on investments delivered through in-kind redemptions is included 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 as well as the Notes to Financial Statements. The Fidelity Global ex U.S. Index Fund recognized no gain or loss for federal income tax purposes.
Exchanges In-Kind. During the period, the Fidelity Global ex U.S. Index Fund redeemed 14,197,390 shares of Fidelity International Index Fund in exchange for investments with a value of $621,987,635. The net realized gains of $1,987,635 on the Fund's redemptions of Fidelity International Index Fund shares is included in "Net realized gain (loss) on Investment securities: Other affiliated issuers" in the accompanying Statement of Operations. Fidelity Global ex U.S. Index Fund recognized net gains on the exchanges for federal income tax purposes.
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 Commitment fees on the Statement of Operations, and are as follows:
| Fidelity Emerging Markets Index Fund | $4,276 |
| Fidelity Global ex U.S. Index Fund | 10,785 |
During the period, the Funds did not borrow on this line of credit.
8. Security Lending.
Certain Funds lend portfolio securities from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Funds. On the settlement date of the loan, each applicable 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 the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds 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, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. 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 on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to FCM. FCM security and Security lending activity was as follows:
| | Total Security Lending Income | Value of Securities Loaned to FCM at Period End |
| Fidelity Emerging Markets Index Fund | $193,898 | $70 |
| Fidelity Global ex U.S. Index Fund | 454,911 | – |
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 the Fund's expenses. All of the applicable expense reductions are noted in the table below.
| | Custody expense reduction |
| Fidelity Emerging Markets Index Fund | $11,431 |
| Fidelity Global ex U.S. Index Fund | 6,466 |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2018 | Year ended
October 31, 2017 |
| Fidelity Emerging Markets Index Fund | | |
| Distributions to shareholders | | |
| Investor Class | $584,644 | $– |
| Investor Class | 17,448,862 | – |
| Institutional Class | 4,938,500 | – |
| Institutional Premium Class | 3,764,647 | – |
| Total | $26,736,653 | $– |
| From net investment income | | |
| Investor Class | $– | $290,141 |
| Premium Class | – | 9,152,994 |
| Institutional Class | – | 3,191,048 |
| Institutional Premium Class | – | 4,296 |
| Total | $– | $12,638,479 |
| Fidelity Global ex U.S. Index Fund | | |
| Distributions to shareholders | | |
| Investor Class | $1,033,799 | $– |
| Premium Class | 36,798,374 | – |
| Institutional Class | 13,853,612 | – |
| Institutional Premium Class | 20,751,064 | – |
| Total | $72,436,849 | $– |
| From net investment income | | |
| Investor Class | $– | $710,799 |
| Premium Class | – | 15,744,134 |
| Institutional Class | – | 6,109,298 |
| Institutional Premium Class | – | 14,159,098 |
| Total | $– | $36,723,329 |
| From net realized gain | | |
| Investor Class | $– | $16,844 |
| Premium Class | – | 359,898 |
| Institutional Class | – | 138,257 |
| Institutional Premium Class | – | 315,684 |
| Total | $– | $830,683 |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2018 | Year endedOctober 31, 2017 | Year ended October 31, 2018 | Year endedOctober 31, 2017 |
| Fidelity Emerging Markets Index Fund | | | | |
| Investor Class | | | | |
| Shares sold | 3,949,532 | 4,595,198 | $44,525,954 | $44,721,174 |
| Reinvestment of distributions | 50,953 | 31,357 | 556,918 | 270,613 |
| Shares redeemed | (3,140,244) | (3,918,080) | (35,639,073) | (38,590,456) |
| Net increase (decrease) | 860,241 | 708,475 | $9,443,799 | $6,401,331 |
| Premium Class | | | | |
| Shares sold | 47,176,175 | 48,728,825 | $526,814,352 | $475,643,280 |
| Reinvestment of distributions | 1,420,087 | 970,483 | 15,521,554 | 8,365,562 |
| Shares redeemed | (53,356,103) | (32,884,562) | (567,082,522) | (302,310,868) |
| Net increase (decrease) | (4,759,841) | 16,814,746 | $(24,746,616) | $181,697,974 |
| Institutional Class | | | | |
| Shares sold | 30,780,889 | 13,363,342 | $339,663,997 | $130,227,940 |
| Reinvestment of distributions | 419,348 | 348,827 | 4,587,665 | 3,010,374 |
| Shares redeemed | (28,524,001) | (11,206,364) | (301,071,387) | (104,613,436) |
| Net increase (decrease) | 2,676,236 | 2,505,805 | $43,180,275 | $28,624,878 |
| Institutional Premium Class | | | | |
| Shares sold | 47,004,672 | 18,939,252 | $469,943,013 | $164,987,276 |
| Reinvestment of distributions | 344,433 | 498 | 3,764,647 | 4,296 |
| Shares redeemed | (2,821,883) | (1,806,984) | (31,059,042) | (18,355,507) |
| Net increase (decrease) | 44,527,222 | 17,132,766 | $442,648,618 | $146,636,065 |
| Fidelity Global ex U.S. Index Fund | | | | |
| Investor Class | | | | |
| Shares sold | 2,986,798 | 3,656,372 | $39,620,437 | $44,410,333 |
| Reinvestment of distributions | 77,311 | 65,700 | 1,020,503 | 720,731 |
| Shares redeemed | (2,649,187) | (3,720,974) | (35,779,157) | (44,830,378) |
| Net increase (decrease) | 414,922 | 1,098 | $4,861,783 | $300,686 |
| Premium Class | | | | |
| Shares sold | 67,776,633 | 71,331,726 | $905,063,963 | $868,267,163 |
| Reinvestment of distributions | 2,335,974 | 1,271,346 | 30,834,860 | 13,946,668 |
| Shares redeemed | (113,973,150)(a) | (26,167,162) | (1,471,681,761)(a) | (320,300,835) |
| Net increase (decrease) | (43,860,543) | 46,435,910 | $(535,782,938) | $561,912,996 |
| Institutional Class | | | | |
| Shares sold | 48,173,115 | 46,688,077 | $638,131,655 | $549,906,665 |
| Reinvestment of distributions | 1,037,349 | 569,513 | 13,693,009 | 6,247,555 |
| Shares redeemed | (70,782,481) | (25,958,123) | (900,018,289) | (326,220,950) |
| Net increase (decrease) | (21,572,017) | 21,299,467 | $(248,193,625) | $229,933,270 |
| Institutional Premium Class | | | | |
| Shares sold | 206,012,670 | 25,870,791 | $2,685,932,281 | $309,331,694 |
| Reinvestment of distributions | 1,572,050 | 1,318,286 | 20,751,064 | 14,474,782 |
| Shares redeemed | (39,624,216) | (14,520,231) | (524,985,887) | (182,355,148) |
| Net increase (decrease) | 167,960,504 | 12,668,846 | $2,181,697,458 | $141,451,328 |
(a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).
12. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Report of Independent Registered Public Accounting Firm
To the 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, 2018, and 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, 2018, 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, 2018, by correspondence with the custodians 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 14, 2018
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 260 funds. Mr. Chiel oversees 154 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
The first line of the accompanying table for each Class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a Class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
The second line of the accompanying table for each Class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2018 | Ending
Account Value
October 31, 2018 | Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 |
| Fidelity Emerging Markets Index Fund | | | | |
| Investor Class | .19% | | | |
| Actual | | $1,000.00 | $837.70 | $.88-C |
| Hypothetical-D | | $1,000.00 | $1,024.25 | $.97-C |
| Premium Class | .11% | | | |
| Actual | | $1,000.00 | $838.60 | $.51-C |
| Hypothetical-D | | $1,000.00 | $1,024.65 | $.56-C |
| Institutional Class | .09% | | | |
| Actual | | $1,000.00 | $838.70 | $.42 |
| Hypothetical-D | | $1,000.00 | $1,024.75 | $.46 |
| Institutional Premium Class | .08% | | | |
| Actual | | $1,000.00 | $838.70 | $.37 |
| Hypothetical-D | | $1,000.00 | $1,024.80 | $.41 |
| Fidelity Global ex U.S. Index Fund | | | | |
| Investor Class | .11% | | | |
| Actual | | $1,000.00 | $888.70 | $.52-C |
| Hypothetical-D | | $1,000.00 | $1,024.65 | $.56-C |
| Premium Class | .08% | | | |
| Actual | | $1,000.00 | $888.70 | $.38 |
| Hypothetical-D | | $1,000.00 | $1,024.80 | $.41 |
| Institutional Class | .07% | | | |
| Actual | | $1,000.00 | $888.10 | $.33 |
| Hypothetical-D | | $1,000.00 | $1,024.85 | $.36 |
| Institutional Premium Class | .06% | | | |
| Actual | | $1,000.00 | $888.80 | $.29 |
| Hypothetical-D | | $1,000.00 | $1,024.90 | $.31 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period).
C If fees and changes to the class level expense contract and/ or expense cap, effective August 1, 2018, had been in effect during the entire current period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
D 5% return per year before expenses
| | Annualized Expense Ratio-(a)
| Expenses Paid
|
| Fidelity Emerging Markets Index Fund | | |
| Investor Class | .08% | |
| Actual | | $.37 |
| Hypothetical-(b) | | $.41 |
| Premium Class | .08% | |
| Actual | | $.37 |
| Hypothetical-(b) | | $.41 |
| Fidelity Global ex U.S. Index Fund | | |
| Investor Class | .06% | |
| Actual | | $.29 |
| Hypothetical-(b) | | $.31 |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Distributions (Unaudited)
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.
| | Investor | Premium | Institutional | Institutional Premium |
| Fidelity Emerging Markets Index Fund | | | | |
| December, 2017 | 65% | 60% | 59% | 58% |
| Fidelity Global ex U.S. Index Fund | | | | |
| December, 2017 | 89% | 87% | 86% | 86% |
|
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 | | | |
| Investor | 12/11/17 | $0.2016 | $0.0248 |
| Premium | 12/11/17 | $0.2180 | $0.0248 |
| Institutional | 12/11/17 | $0.2211 | $0.0248 |
| Institutional Premium | 12/11/17 | $0.2232 | $0.0248 |
| Fidelity Global ex U.S. Index Fund | | | |
| Investor | 12/11/17 | $0.3143 | $0.0284 |
| Premium | 12/11/17 | $0.3234 | $0.0284 |
| Institutional | 12/11/17 | $0.3260 | $0.0284 |
| Institutional Premium | 12/11/17 | $0.3286 | $0.0284 |
|
The funds will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
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), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). FMR and the sub-advisers 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 has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. 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 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 2018 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 to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for each fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives 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. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
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, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, 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 under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. 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 for specific 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) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and its benchmark index for the most recent one-, three-, and five-year 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 considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons forthe 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, in prior years, each fund was compared on the basis of a hypothetical "net management fee," which was derived by subtracting payments made by FMR for "fund-level" non-management expenses (including pricing and bookkeeping fees and fees paid to non-affiliated custodians), as well as "class-level" expenses paid by FMR under the expense limitation arrangements in effect for the fund, from the fund's management fee. Fidelity no longer calculates hypothetical net management fees for the funds and, as a result, the charts do not include hypothetical net management fees for 2016 and 2017. With respect to the historical net management fee information, the Board considered that "fund-level" non-management expenses and "class-level" expenses paid by FMR may exceed a fund's management fee and result in a negative net management fee. The Board noted that a hypothetical net management fee is truly a hypothetical number derived for purposes of providing a more meaningful competitive comparison and a negative net management fee is not intended to suggest that Fidelity pays a fund to manage the fund's assets.
Fidelity Emerging Markets Index Fund
The Board considered that (i) effective July 1, 2016, the fund's management fee rate was reduced from 0.25% to 0.09%, and (ii) effective August 1, 2017, the fund's management fee rate was further reduced from 0.09% to 0.08%. The Board considered that the chart below reflects the fund's lower management fee rates for 2016 and 2017, as if the lower fee rates were in effect for the entire year.
At its July 2018 meeting, the Board approved an amended and restated sub-advisory agreement for the fund with Geode (effective August 1, 2018) that lowered the sub-advisory fee rate that FMR pays to Geode.
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2017.
Fidelity Global ex U.S. Index Fund
The Board considered that effective July 1, 2016, the fund's management fee rate was reduced from 0.20% to 0.06%. The Board considered that the chart below reflects the fund's lower management fee rate for 2016, as if the lower fee rate were in effect for the entire year.
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2017.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of the total expense ratio of each class of each fund, the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also considered other "class-level" expenses, such as transfer agent fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of each fund compared to competitive fund median expenses. Each class of each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the total expense ratio of each of Institutional Class, Institutional Premium Class, and Premium Class of Fidelity Emerging Markets Index Fund ranked below the competitive median for 2017 and the total expense ratio of Investor Class ranked above the competitive median for 2017. The Board considered that, in general, various factors can affect total expense ratios. The Board considered that the majority of the funds in the Total Mapped Group are not comparable because they are funds with a developed markets focus and not emerging markets funds. The Board noted that the total expense ratio of Investor Class of Fidelity Emerging Markets Index Fund is lower than the Investor Class total expense ratio of the most comparable competitive fund.
At its July 2018 meeting, the Board approved a proposal for Fidelity Emerging Markets Index Fund to consolidate all classes into a single class by exchanging all shares of higher cost classes for shares of the lowest cost class available. The exchanges are expected to take place in November 2018. In connection with the class consolidation, the Board approved amended and restated expense contracts that reduce each class's total expense ratio to equal the total expense ratio of the lowest cost class. The Board considered that, effective August 1, 2018, contractual arrangements for Fidelity Emerging Markets Index Fund oblige FMR to pay all "class-level" expenses of each class of the fund to the extent necessary to limit total class operating expenses, with certain exceptions, to 0.08%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.
The Board noted that the total expense ratio of each class of Fidelity Global ex U.S. Index Fund ranked below the competitive median for 2017.
At its July 2018 meeting, the Board approved a proposal for Fidelity Global ex U.S. Index Fund to consolidate all classes into a single class by exchanging all shares of higher cost classes for shares of the lowest cost class available. The exchanges are expected to take place in November 2018. In connection with the class consolidation, the Board approved amended and restated expense contracts that reduce each class's total expense ratio to equal the total expense ratio of the lowest cost class. The Board considered that, effective August 1, 2018, contractual arrangements for Fidelity Global ex U.S. Index Fund oblige FMR to pay all "class-level" expenses of each class of the fund to the extent necessary to limit total class operating expenses, with certain exceptions, to 0.06%. 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 Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, 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 of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund 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 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.
PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's 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, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 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 affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.
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.
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, the expense ratio of each class will not decline if the class's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale 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 Economies of Scale 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) 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; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of Fidelity's voluntary expense limitation agreements; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (ix) the impact of recent changes to the money market fund landscape, including the full implementation of money market fund reform and rising interest rates, on Fidelity's money market funds; (x) the funds' share class structures and distribution channels; and (xi) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that each fund's Advisory Contracts should be renewed.
EMX-GUX-ANN-1218
1.929360.107
Fidelity® SAI International Minimum Volatility Index Fund (To be renamed Fidelity SAI International Low Volatility Index Fund effective February 19, 2019).
Fidelity® SAI U.S. Minimum Volatility Index Fund (To be renamed Fidelity SAI U.S. Low Volatility Index Fund effective February 19, 2019).
Offered exclusively to certain clients of the Adviser or its affiliates - 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 LLC.
Annual Report October 31, 2018 |
|
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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Fidelity® SAI International Minimum Volatility Index Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2018 | Past 1 year | Life of fundA |
| Fidelity® SAI International Minimum Volatility Index Fund | (1.47)% | 3.12% |
A From May 29, 2015
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Minimum Volatility Index Fund on May 29, 2015, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Minimum Volatility (USD) Index performed over the same period.
| Period Ending Values |
| $11,106 | Fidelity® SAI International Minimum Volatility Index Fund |
| $11,234 | MSCI ACWI (All Country World Index) ex USA Minimum Volatility (USD) Index |
Fidelity® SAI International Minimum Volatility Index Fund
Management's Discussion of Fund Performance
Market Recap: International equities returned -8.08% for the 12 months ending October 31, 2018, according to the MSCI ACWI (All Country World Index) ex USA Index. A modestly positive first half of the period gave way to a confluence of overwhelmingly negative factors – including escalating trade tension, a surging U.S. dollar, tepid economic growth in Europe, global central bank tightening, concerns about Italy’s budget stalemate with the EU, and weakness in China’s stock market – that yielded a -11% second-half return. The index lost 8% in October alone, its largest monthly drop in more than six years. Among sectors, new-media-infused communications services (-15%) was hit the hardest, while economically sensitive consumer discretionary (-13%), information technology (-12%), financials (-10%), industrials (-9%) and materials (-7%) stocks also fared poorly. Even the more defensive real estate (-9%), utilities (-6%) and consumer staples (-5%) sectors weren’t spared this period. Conversely, elevated crude-oil prices fueled a positive return for energy (+7%), the top-performing sector, followed by the relatively stable-growing health care segment (+2%). Regionally, emerging markets (-12%) fared the worst, hampered by the impact of foreign exchange and concerns about economic weakness in China, India and South Korea. Sluggish growth also pressured shares in continental Europe (-9%). Stocks in Japan (-3%) and the U.K. (-4%) held up better, followed by Canada (-5%) and Asia-Pacific ex Japan (-6%).
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team: For the fiscal year, the fund returned -1.47%, compared with a return of -1.24% for the benchmark MSCI ACWI (All Country World Index) ex USA Minimum Volatility Index. (
The fund's performance relative to the index can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index.) On an individual basis, several Japanese stocks detracted meaningfully, led by Takeda Pharmaceutical (-26%), whose plans to acquire Ireland-based Shire appeared to concern investors. Elsewhere in Japan, electronics manufacturer Canon (-20%) and food processing conglomerate NH Foods (-38%) weighed on results. Also of note, Indian technology services provider Vakrangee saw its shares return roughly -90%, amid corporate governance worries. Conversely, FamilyMart UNY Holdings (+106%) contributed strongly, partly due to investor optimism about growing profits. Qatar National Bank (+67%) and Chinese utility CLP Holdings (+14%) also stood out to the upside.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to shareholders: On February 16, 2019, Fidelity SAI International Minimum Volatility Index Fund will be renamed Fidelity SAI International Low Volatility Index Fund, and its benchmark will change from the MSCI ACWI ex USA Minimum Volatility Index to the Fidelity International Low Volatility Focus Index.
Fidelity® SAI International Minimum Volatility Index Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2018 |
| | Japan | 19.3% |
| | Canada | 11.7% |
| | Switzerland | 10.2% |
| | United States of America* | 7.4% |
| | Taiwan | 7.3% |
| | Hong Kong | 6.8% |
| | United Kingdom | 6.0% |
| | India | 3.9% |
| | Denmark | 2.7% |
| | Other | 24.7% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2018
| | % of fund's net assets |
| Stocks and Equity Futures | 100.0 |
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 1.4 |
| CLP Holdings Ltd. (Hong Kong, Electric Utilities) | 1.3 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.2 |
| Chunghwa Telecom Co. Ltd. (Taiwan, Diversified Telecommunication Services) | 1.2 |
| Novartis AG (Switzerland, Pharmaceuticals) | 1.1 |
| Hang Seng Bank Ltd. (Hong Kong, Banks) | 1.1 |
| Hong Kong & China Gas Co. Ltd. (Hong Kong, Gas Utilities) | 1.0 |
| Intact Financial Corp. (Canada, Insurance) | 1.0 |
| Swisscom AG (Switzerland, Diversified Telecommunication Services) | 0.9 |
| Compass Group PLC (United Kingdom, Hotels, Restaurants & Leisure) | 0.9 |
| | 11.1 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Financials | 20.8 |
| Consumer Staples | 12.3 |
| Health Care | 11.6 |
| Communication Services | 9.3 |
| Industrials | 8.6 |
| Utilities | 6.9 |
| Consumer Discretionary | 6.9 |
| Information Technology | 5.8 |
| Real Estate | 4.4 |
| Materials | 3.1 |
Fidelity® SAI International Minimum Volatility Index Fund
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 91.8% | | | |
| | | Shares | Value |
| Australia - 0.2% | | | |
| CSL Ltd. | | 8,586 | $1,143,073 |
| Woolworths Group Ltd. | | 93,523 | 1,882,871 |
|
| TOTAL AUSTRALIA | | | 3,025,944 |
|
| Bailiwick of Jersey - 0.1% | | | |
| Randgold Resources Ltd. | | 15,511 | 1,219,998 |
| Belgium - 1.1% | | | |
| Ageas | | 61,796 | 3,094,401 |
| Colruyt NV | | 82,232 | 4,779,949 |
| Proximus | | 73,514 | 1,877,640 |
| UCB SA | | 75,187 | 6,317,210 |
|
| TOTAL BELGIUM | | | 16,069,200 |
|
| Bermuda - 1.3% | | | |
| Cheung Kong Infrastructure Holdings Ltd. | | 907,000 | 6,627,318 |
| Cosco Shipping Ports Ltd. | | 805,563 | 821,799 |
| Credicorp Ltd. (United States) | | 20,494 | 4,625,701 |
| Dairy Farm International Holdings Ltd. | | 322,504 | 2,912,211 |
| Jardine Matheson Holdings Ltd. | | 21,937 | 1,265,984 |
| Jardine Strategic Holdings Ltd. | | 57,255 | 1,918,043 |
| Yue Yuen Industrial (Holdings) Ltd. | | 656,500 | 1,795,717 |
|
| TOTAL BERMUDA | | | 19,966,773 |
|
| Canada - 10.7% | | | |
| Bank of Montreal | | 170,867 | 12,775,600 |
| Bank of Nova Scotia | | 173,216 | 9,295,993 |
| Barrick Gold Corp. | | 148,265 | 1,857,184 |
| BCE, Inc. | | 209,665 | 8,114,575 |
| Canadian Imperial Bank of Commerce | | 135,051 | 11,662,120 |
| Canadian National Railway Co. | | 21,612 | 1,847,556 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 26,502 | 2,982,268 |
| Canadian Utilities Ltd. Class A (non-vtg.) | | 30,901 | 733,061 |
| CCL Industries, Inc. Class B | | 19,649 | 826,588 |
| CGI Group, Inc. Class A (sub. vtg.) (a) | | 61,293 | 3,785,272 |
| Constellation Software, Inc. | | 4,419 | 3,041,254 |
| Dollarama, Inc. | | 23,765 | 657,286 |
| Emera, Inc. | | 42,806 | 1,320,810 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 8,873 | 4,311,640 |
| Fortis, Inc. | | 111,680 | 3,690,288 |
| Franco-Nevada Corp. | | 86,688 | 5,414,172 |
| George Weston Ltd. | | 40,504 | 2,945,997 |
| Great-West Lifeco, Inc. | | 104,376 | 2,395,229 |
| Hydro One Ltd. (b) | | 411,732 | 5,989,341 |
| Intact Financial Corp. | | 186,919 | 14,768,085 |
| Loblaw Companies Ltd. | | 75,074 | 3,754,698 |
| Metro, Inc. Class A (sub. vtg.) | | 159,601 | 5,008,255 |
| National Bank of Canada | | 22,051 | 1,001,001 |
| Onex Corp. (sub. vtg.) | | 19,603 | 1,288,799 |
| Open Text Corp. | | 22,035 | 743,845 |
| RioCan (REIT) | | 102,842 | 1,874,897 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 120,701 | 6,215,444 |
| Royal Bank of Canada | | 150,457 | 10,962,692 |
| Shaw Communications, Inc. Class B | | 259,030 | 4,822,686 |
| TELUS Corp. | | 261,350 | 8,949,567 |
| The Toronto-Dominion Bank | | 166,189 | 9,219,327 |
| Thomson Reuters Corp. | | 185,941 | 8,654,036 |
| TransCanada Corp. | | 82,449 | 3,108,943 |
|
| TOTAL CANADA | | | 164,018,509 |
|
| Cayman Islands - 0.7% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 4,064 | 578,226 |
| Anta Sports Products Ltd. | | 207,000 | 849,967 |
| Car, Inc. (a) | | 1,030,000 | 816,965 |
| China First Capital Group Ltd. (a) | | 996,000 | 401,349 |
| China Huishan Dairy Holdings Co. Ltd. (a)(c) | | 5,145,000 | 137,778 |
| China Medical System Holdings Ltd. | | 364,000 | 433,071 |
| Chong Sing Holdings Fintech Group (a) | | 13,500,000 | 611,136 |
| Fullshare Holdings Ltd. | | 5,425,000 | 2,109,966 |
| NetEase, Inc. ADR | | 3,215 | 668,238 |
| Shenzhou International Group Holdings Ltd. | | 232,499 | 2,567,526 |
| Tencent Holdings Ltd. | | 14,400 | 493,333 |
| WH Group Ltd. (b) | | 1,900,000 | 1,330,154 |
|
| TOTAL CAYMAN ISLANDS | | | 10,997,709 |
|
| Chile - 0.7% | | | |
| Banco de Chile | | 34,791,714 | 4,848,810 |
| Banco de Credito e Inversiones | | 16,684 | 1,045,979 |
| Banco de Credito e Inversiones rights 11/29/18 (a) | | 1,276 | 3,914 |
| S.A.C.I. Falabella | | 665,372 | 5,023,714 |
| S.A.C.I. Falabella rights 11/17/18 (a) | | 23,049 | 2,318 |
|
| TOTAL CHILE | | | 10,924,735 |
|
| China - 1.9% | | | |
| Agricultural Bank of China Ltd. (H Shares) | | 8,074,000 | 3,541,793 |
| Bank of China Ltd. (H Shares) | | 5,590,000 | 2,380,862 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 1,684,000 | 1,041,501 |
| China Merchants Bank Co. Ltd. | | 211,800 | 877,787 |
| China Petroleum & Chemical Corp. (H Shares) | | 1,966,000 | 1,601,457 |
| China Railway Signal & Communications Corp. (b) | | 922,000 | 618,433 |
| China Reinsurance Group Corp. | | 7,771,000 | 1,486,429 |
| China Telecom Corp. Ltd. (H Shares) | | 2,964,000 | 1,398,479 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 589,200 | 595,816 |
| Huaneng Power International, Inc. (H Shares) | | 3,134,000 | 1,746,451 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 1,022,000 | 693,399 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 1,672,000 | 2,242,993 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 12,900 | 1,015,075 |
| PetroChina Co. Ltd. (H Shares) | | 1,698,000 | 1,220,902 |
| Ping An Insurance (Group) Co. of China Ltd. | | 111,200 | 1,014,336 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 1,464,000 | 1,308,685 |
| Shanghai Lujiazui Finance Trust Ltd. (B Shares) | | 1,255,511 | 1,594,499 |
| Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) | | 4,544,000 | 1,993,300 |
| Sinopharm Group Co. Ltd. (H Shares) | | 171,200 | 825,223 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 1,436,000 | 1,267,175 |
|
| TOTAL CHINA | | | 28,464,595 |
|
| Czech Republic - 0.1% | | | |
| Komercni Banka A/S | | 26,108 | 991,807 |
| MONETA Money Bank A/S (b) | | 273,768 | 908,512 |
|
| TOTAL CZECH REPUBLIC | | | 1,900,319 |
|
| Denmark - 2.7% | | | |
| Christian Hansen Holding A/S | | 43,471 | 4,394,023 |
| Coloplast A/S Series B | | 37,546 | 3,505,563 |
| Danske Bank A/S | | 28,955 | 555,415 |
| DONG Energy A/S (b) | | 144,633 | 9,189,286 |
| DSV de Sammensluttede Vognmaend A/S | | 39,991 | 3,215,357 |
| H Lundbeck A/S | | 95,362 | 4,453,286 |
| ISS Holdings A/S | | 112,560 | 3,701,361 |
| Novo Nordisk A/S Series B | | 56,246 | 2,429,071 |
| Pandora A/S | | 46,562 | 2,913,085 |
| Tryg A/S | | 88,003 | 2,126,961 |
| William Demant Holding A/S (a) | | 130,199 | 4,285,346 |
|
| TOTAL DENMARK | | | 40,768,754 |
|
| Egypt - 0.1% | | | |
| Commercial International Bank SAE | | 274,604 | 1,218,249 |
| Commercial International Bank SAE sponsored GDR | | 30,534 | 132,670 |
|
| TOTAL EGYPT | | | 1,350,919 |
|
| Finland - 0.6% | | | |
| Elisa Corp. (A Shares) | | 24,087 | 958,967 |
| Neste Oyj | | 44,409 | 3,659,817 |
| Nokia Corp. | | 232,957 | 1,315,877 |
| Sampo Oyj (A Shares) | | 73,220 | 3,372,041 |
|
| TOTAL FINLAND | | | 9,306,702 |
|
| France - 2.3% | | | |
| Aeroports de Paris | | 21,776 | 4,560,482 |
| Atos Origin SA | | 12,176 | 1,045,093 |
| Danone SA | | 28,810 | 2,040,134 |
| Dassault Systemes SA | | 20,025 | 2,514,224 |
| Essilor International SA | | 18,771 | 2,567,263 |
| Hermes International SCA | | 9,641 | 5,514,539 |
| L'Oreal SA | | 29,744 | 6,700,850 |
| Sanofi SA | | 32,376 | 2,893,138 |
| SEB SA | | 4,679 | 671,468 |
| Sodexo SA (d) | | 25,998 | 2,653,731 |
| Thales SA | | 26,186 | 3,351,532 |
| Total SA | | 23,060 | 1,353,055 |
|
| TOTAL FRANCE | | | 35,865,509 |
|
| Germany - 1.6% | | | |
| Beiersdorf AG | | 7,796 | 807,075 |
| Fresenius Medical Care AG & Co. KGaA | | 50,331 | 3,951,814 |
| innogy SE (b) | | 86,620 | 3,826,296 |
| MAN SE | | 43,861 | 4,570,483 |
| Merck KGaA | | 7,649 | 819,754 |
| Muenchener Rueckversicherungs AG | | 3,680 | 791,740 |
| SAP SE | | 24,958 | 2,672,340 |
| TUI AG (GB) | | 228,323 | 3,791,034 |
| Uniper SE | | 136,082 | 3,931,940 |
|
| TOTAL GERMANY | | | 25,162,476 |
|
| Hong Kong - 6.8% | | | |
| China Mobile Ltd. | | 857,500 | 8,032,956 |
| China Resources Beer Holdings Co. Ltd. | | 936,000 | 3,252,507 |
| China Resources Pharmaceutical Group Ltd. (b) | | 2,150,500 | 3,153,648 |
| CLP Holdings Ltd. | | 1,745,500 | 19,565,217 |
| CNOOC Ltd. | | 545,000 | 928,124 |
| CSPC Pharmaceutical Group Ltd. | | 1,030,000 | 2,172,444 |
| Guangdong Investment Ltd. | | 2,782,000 | 4,966,622 |
| Hang Seng Bank Ltd. | | 694,800 | 16,267,036 |
| Hong Kong & China Gas Co. Ltd. | | 8,271,595 | 15,799,903 |
| Link (REIT) | | 948,500 | 8,406,168 |
| MTR Corp. Ltd. | | 2,067,651 | 10,019,286 |
| PCCW Ltd. | | 4,253,000 | 2,332,060 |
| Power Assets Holdings Ltd. | | 1,403,000 | 9,365,917 |
| Techtronic Industries Co. Ltd. | | 120,000 | 561,595 |
|
| TOTAL HONG KONG | | | 104,823,483 |
|
| Hungary - 0.1% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 180,874 | 1,896,758 |
| India - 3.9% | | | |
| Ambuja Cements Ltd. | | 315,204 | 840,217 |
| Asian Paints Ltd. | | 165,757 | 2,757,537 |
| Bajaj Finserv Ltd. | | 8,941 | 653,366 |
| Bharat Petroleum Corp. Ltd. | | 262,536 | 976,523 |
| Britannia Industries Ltd. | | 39,440 | 3,009,780 |
| Cipla Ltd. (a) | | 246,430 | 2,096,621 |
| Coal India Ltd. | | 444,015 | 1,597,818 |
| Dabur India Ltd. | | 636,795 | 3,312,694 |
| Eicher Motors Ltd. | | 4,799 | 1,418,716 |
| Grasim Industries Ltd. (a) | | 55,185 | 621,950 |
| HCL Technologies Ltd. | | 226,493 | 3,232,639 |
| Hero Motocorp Ltd. | | 35,330 | 1,319,549 |
| Hindustan Unilever Ltd. | | 145,666 | 3,193,977 |
| Housing Development Finance Corp. Ltd. | | 123,132 | 2,945,529 |
| Indian Oil Corp. Ltd. | | 317,338 | 594,043 |
| Infosys Ltd. | | 604,107 | 5,581,457 |
| InterGlobe Aviation Ltd. (b) | | 126,253 | 1,517,392 |
| ITC Ltd. | | 191,494 | 725,223 |
| Lupin Ltd. (a) | | 83,174 | 995,760 |
| Mahindra & Mahindra Ltd. | | 103,045 | 1,067,162 |
| Marico Ltd. | | 177,452 | 770,894 |
| Maruti Suzuki India Ltd. | | 33,894 | 3,032,129 |
| Nestle India Ltd. | | 8,654 | 1,187,392 |
| Petronet LNG Ltd. | | 703,787 | 2,147,711 |
| Pidilite Industries Ltd. | | 166,822 | 2,162,754 |
| Piramal Enterprises Ltd. | | 21,661 | 636,358 |
| Power Grid Corp. of India Ltd. | | 1,337,731 | 3,363,319 |
| Reliance Industries Ltd. | | 107,982 | 1,549,431 |
| Sun Pharmaceutical Industries Ltd. | | 135,310 | 1,061,569 |
| Tata Consultancy Services Ltd. | | 73,224 | 1,918,863 |
| Tech Mahindra Ltd. (a) | | 80,779 | 812,486 |
| Wipro Ltd. | | 538,500 | 2,410,225 |
| Zee Entertainment Enterprises Ltd. | | 92,319 | 563,076 |
|
| TOTAL INDIA | | | 60,074,160 |
|
| Indonesia - 1.3% | | | |
| PT Bank Central Asia Tbk | | 5,147,700 | 8,008,098 |
| PT Bank Rakyat Indonesia Tbk | | 13,471,700 | 2,791,373 |
| PT Hanjaya Mandala Sampoerna Tbk | | 6,330,200 | 1,553,142 |
| PT Indofood CBP Sukses Makmur Tbk | | 1,545,600 | 907,382 |
| PT Indofood Sukses Makmur Tbk | | 2,406,200 | 945,703 |
| PT Kalbe Farma Tbk | | 11,156,000 | 1,005,343 |
| PT Telekomunikasi Indonesia Tbk Series B | | 10,161,500 | 2,574,154 |
| PT Unilever Indonesia Tbk | | 671,000 | 1,907,842 |
| PT Waskita Karya Persero Tbk | | 5,025,000 | 475,974 |
|
| TOTAL INDONESIA | | | 20,169,011 |
|
| Ireland - 0.8% | | | |
| AIB Group PLC | | 177,335 | 858,067 |
| Kerry Group PLC Class A | | 76,975 | 7,890,309 |
| Paddy Power Betfair PLC (Ireland) | | 7,341 | 633,587 |
| Ryanair Holdings PLC sponsored ADR (a) | | 41,345 | 3,423,366 |
|
| TOTAL IRELAND | | | 12,805,329 |
|
| Israel - 1.0% | | | |
| Azrieli Group | | 47,206 | 2,291,868 |
| Bank Hapoalim BM (Reg.) | | 375,803 | 2,545,865 |
| Bank Leumi le-Israel BM | | 595,981 | 3,720,225 |
| Check Point Software Technologies Ltd. (a) | | 22,719 | 2,521,809 |
| Mizrahi Tefahot Bank Ltd. | | 127,444 | 2,147,449 |
| NICE Systems Ltd. (a) | | 14,124 | 1,497,508 |
|
| TOTAL ISRAEL | | | 14,724,724 |
|
| Italy - 0.4% | | | |
| Intesa Sanpaolo SpA | | 433,952 | 961,236 |
| Snam Rete Gas SpA | | 1,245,916 | 5,156,476 |
|
| TOTAL ITALY | | | 6,117,712 |
|
| Japan - 19.3% | | | |
| ABC-MART, Inc. | | 45,200 | 2,643,861 |
| Ajinomoto Co., Inc. | | 188,600 | 3,046,920 |
| All Nippon Airways Ltd. | | 158,800 | 5,339,745 |
| Asahi Group Holdings | | 86,300 | 3,792,460 |
| Astellas Pharma, Inc. | | 635,300 | 9,815,516 |
| Benesse Holdings, Inc. | | 98,200 | 2,737,085 |
| Canon, Inc. | | 286,600 | 8,163,346 |
| Chugai Pharmaceutical Co. Ltd. | | 16,600 | 971,876 |
| Coca-Cola West Co. Ltd. | | 24,300 | 636,385 |
| Daiichi Sankyo Kabushiki Kaisha | | 143,100 | 5,469,741 |
| Dainippon Sumitomo Pharma Co. Ltd. | | 108,800 | 2,273,237 |
| Daito Trust Construction Co. Ltd. | | 37,100 | 4,899,100 |
| Daiwa House REIT Investment Corp. | | 1,004 | 2,197,793 |
| East Japan Railway Co. | | 33,300 | 2,908,347 |
| Eisai Co. Ltd. | | 40,900 | 3,406,170 |
| FamilyMart Co. Ltd. | | 43,800 | 5,076,855 |
| Hamamatsu Photonics K.K. | | 42,600 | 1,427,110 |
| Hankyu Hanshin Holdings, Inc. | | 24,100 | 794,541 |
| Hisamitsu Pharmaceutical Co., Inc. | | 45,200 | 2,551,726 |
| Idemitsu Kosan Co. Ltd. | | 60,600 | 2,765,897 |
| Japan Airlines Co. Ltd. | | 159,700 | 5,685,425 |
| Japan Post Holdings Co. Ltd. | | 231,700 | 2,747,612 |
| Japan Prime Realty Investment Corp. | | 1,137 | 4,060,894 |
| Japan Real Estate Investment Corp. | | 1,032 | 5,323,029 |
| Japan Retail Fund Investment Corp. | | 1,322 | 2,441,661 |
| Japan Tobacco, Inc. | | 53,100 | 1,364,422 |
| Kao Corp. | | 30,700 | 2,042,232 |
| Keihin Electric Express Railway Co. Ltd. | | 130,400 | 1,931,124 |
| Keyence Corp. | | 10,700 | 5,244,029 |
| Kirin Holdings Co. Ltd. | | 222,600 | 5,311,801 |
| Konami Holdings Corp. | | 46,300 | 1,766,355 |
| Kyowa Hakko Kirin Co., Ltd. | | 45,100 | 873,445 |
| Kyushu Railway Co. | | 219,000 | 6,715,469 |
| Lawson, Inc. | | 68,600 | 4,340,887 |
| McDonald's Holdings Co. (Japan) Ltd. | | 91,000 | 4,008,242 |
| Meiji Holdings Co. Ltd. | | 51,300 | 3,403,741 |
| Mitsubishi Tanabe Pharma Corp. | | 310,600 | 4,591,490 |
| Nagoya Railroad Co. Ltd. | | 203,100 | 4,906,728 |
| New Hampshire Foods Ltd. | | 82,800 | 2,855,430 |
| Nikon Corp. | | 44,400 | 774,009 |
| Nippon Building Fund, Inc. | | 950 | 5,430,496 |
| Nippon Prologis REIT, Inc. | | 2,387 | 4,814,829 |
| Nippon Telegraph & Telephone Corp. | | 197,500 | 8,144,627 |
| Nissan Motor Co. Ltd. | | 539,200 | 4,905,514 |
| Nissin Food Holdings Co. Ltd. | | 80,400 | 5,194,452 |
| Nitori Holdings Co. Ltd. | | 45,600 | 5,954,854 |
| Nomura Real Estate Master Fund, Inc. | | 4,560 | 5,912,421 |
| Nomura Research Institute Ltd. | | 44,914 | 1,990,251 |
| NTT Data Corp. | | 344,800 | 4,426,713 |
| NTT DOCOMO, Inc. | | 408,900 | 10,140,247 |
| Ono Pharmaceutical Co. Ltd. | | 111,400 | 2,539,290 |
| Oracle Corp. Japan | | 52,600 | 3,570,842 |
| Oriental Land Co. Ltd. | | 82,600 | 7,770,630 |
| Osaka Gas Co. Ltd. | | 106,800 | 1,952,945 |
| Otsuka Corp. | | 143,000 | 4,752,515 |
| Otsuka Holdings Co. Ltd. | | 125,400 | 5,997,628 |
| Park24 Co. Ltd. | | 130,900 | 3,446,660 |
| Recruit Holdings Co. Ltd. | | 72,700 | 1,951,238 |
| Ryohin Keikaku Co. Ltd. | | 4,000 | 1,056,764 |
| Sankyo Co. Ltd. (Gunma) | | 61,300 | 2,338,782 |
| Santen Pharmaceutical Co. Ltd. | | 57,400 | 852,085 |
| Secom Co. Ltd. | | 78,000 | 6,385,984 |
| Sega Sammy Holdings, Inc. | | 44,100 | 567,885 |
| Seven & i Holdings Co. Ltd. | | 19,300 | 835,690 |
| Shimamura Co. Ltd. | | 30,300 | 2,548,385 |
| Shionogi & Co. Ltd. | | 33,400 | 2,135,720 |
| Showa Shell Sekiyu K.K. | | 79,900 | 1,524,985 |
| Suntory Beverage & Food Ltd. | | 190,300 | 7,766,486 |
| Taisei Corp. | | 13,600 | 581,651 |
| Taisho Pharmaceutical Holdings Co. Ltd. | | 43,600 | 4,652,315 |
| Takeda Pharmaceutical Co. Ltd. | | 186,000 | 7,711,476 |
| Terumo Corp. | | 37,200 | 2,008,128 |
| Tobu Railway Co. Ltd. | | 133,700 | 3,718,550 |
| Toray Industries, Inc. | | 202,000 | 1,432,846 |
| Toyo Suisan Kaisha Ltd. | | 121,400 | 4,185,279 |
| Tsuruha Holdings, Inc. | | 31,900 | 3,324,713 |
| United Urban Investment Corp. | | 2,131 | 3,246,501 |
| USS Co. Ltd. | | 56,400 | 1,018,184 |
| West Japan Railway Co. | | 14,700 | 988,687 |
| Yahoo! Japan Corp. | | 602,000 | 1,878,119 |
| Yamada Denki Co. Ltd. (d) | | 859,900 | 4,054,299 |
| Yamazaki Baking Co. Ltd. | | 81,200 | 1,465,177 |
|
| TOTAL JAPAN | | | 296,480,579 |
|
| Korea (South) - 1.0% | | | |
| Db Insurance Co. Ltd. | | 24,793 | 1,560,155 |
| Kangwon Land, Inc. | | 31,050 | 781,012 |
| KT Corp. | | 25,353 | 637,072 |
| KT Corp. sponsored ADR | | 25,100 | 347,384 |
| KT&G Corp. | | 42,110 | 3,745,982 |
| S1 Corp. | | 23,406 | 1,979,561 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 9,839 | 2,401,544 |
| Samsung Life Insurance Co. Ltd. | | 7,343 | 592,074 |
| SK Hynix, Inc. | | 13,238 | 791,263 |
| SK Telecom Co. Ltd. | | 12,154 | 2,852,082 |
|
| TOTAL KOREA (SOUTH) | | | 15,688,129 |
|
| Luxembourg - 0.1% | | | |
| RTL Group SA | | 29,336 | 1,883,995 |
| Malaysia - 1.6% | | | |
| Fraser & Neave Holdings BHD | | 111,400 | 897,163 |
| Hong Leong Bank Bhd | | 285,200 | 1,410,835 |
| IHH Healthcare Bhd (b) | | 1,239,900 | 1,481,539 |
| Malayan Banking Bhd | | 3,172,157 | 7,194,114 |
| PPB Group Bhd | | 221,640 | 887,725 |
| Public Bank Bhd | | 1,922,200 | 11,300,304 |
| Tenaga Nasional Bhd | | 417,500 | 1,466,663 |
|
| TOTAL MALAYSIA | | | 24,638,343 |
|
| Multi-National - 0.7% | | | |
| HK Electric Investments & HK Electric Investments Ltd. unit (b) | | 3,628,500 | 3,451,770 |
| HKT Trust/HKT Ltd. unit | | 5,182,000 | 7,136,694 |
|
| TOTAL MULTI-NATIONAL | | | 10,588,464 |
|
| Netherlands - 0.5% | | | |
| Koninklijke Ahold Delhaize NV | | 212,148 | 4,861,055 |
| NXP Semiconductors NV | | 36,629 | 2,746,809 |
|
| TOTAL NETHERLANDS | | | 7,607,864 |
|
| New Zealand - 0.4% | | | |
| Auckland International Airport Ltd. | | 163,941 | 747,788 |
| Fisher & Paykel Healthcare Corp. | | 82,318 | 730,546 |
| Meridian Energy Ltd. | | 507,167 | 1,037,534 |
| Ryman Healthcare Group Ltd. | | 334,768 | 2,643,280 |
| Spark New Zealand Ltd. | | 341,818 | 881,061 |
|
| TOTAL NEW ZEALAND | | | 6,040,209 |
|
| Norway - 0.1% | | | |
| Marine Harvest ASA | | 47,461 | 1,148,550 |
| Pakistan - 0.0% | | | |
| MCB Bank Ltd. | | 458,800 | 685,419 |
| Philippines - 0.7% | | | |
| Aboitiz Power Corp. | | 2,014,400 | 1,270,380 |
| Bank of the Philippine Islands (BPI) | | 1,086,788 | 1,670,746 |
| BDO Unibank, Inc. | | 2,009,313 | 4,602,427 |
| Jollibee Food Corp. | | 193,590 | 999,885 |
| Manila Electric Co. | | 122,640 | 844,115 |
| Universal Robina Corp. | | 290,520 | 706,769 |
|
| TOTAL PHILIPPINES | | | 10,094,322 |
|
| Qatar - 0.7% | | | |
| Doha Bank (a) | | 207,965 | 1,254,873 |
| Qatar Electricity & Water Co. (a) | | 16,251 | 838,571 |
| Qatar Islamic Bank (a) | | 66,730 | 2,804,090 |
| Qatar National Bank SAQ | | 103,369 | 5,536,104 |
|
| TOTAL QATAR | | | 10,433,638 |
|
| Singapore - 2.4% | | | |
| Ascendas Real Estate Investment Trust | | 381,100 | 693,334 |
| CapitaCommercial Trust (REIT) | | 3,457,200 | 4,317,912 |
| CapitaMall Trust | | 3,398,000 | 5,176,176 |
| DBS Group Holdings Ltd. | | 153,923 | 2,606,962 |
| Oversea-Chinese Banking Corp. Ltd. | | 502,157 | 3,893,561 |
| Singapore Airlines Ltd. | | 738,900 | 5,057,049 |
| Singapore Airport Terminal Service Ltd. | | 923,200 | 3,319,161 |
| Singapore Exchange Ltd. | | 141,600 | 699,234 |
| Singapore Press Holdings Ltd. | | 1,519,000 | 2,906,075 |
| Singapore Telecommunications Ltd. | | 2,879,800 | 6,569,807 |
| United Overseas Bank Ltd. | | 79,865 | 1,405,702 |
|
| TOTAL SINGAPORE | | | 36,644,973 |
|
| Sweden - 0.1% | | | |
| Swedish Match Co. AB | | 21,168 | 1,078,623 |
| Switzerland - 10.2% | | | |
| Baloise Holdings AG | | 28,929 | 4,141,947 |
| Barry Callebaut AG | | 2,899 | 5,667,608 |
| Ems-Chemie Holding AG | | 4,448 | 2,451,115 |
| Geberit AG (Reg.) | | 1,710 | 669,466 |
| Givaudan SA | | 3,802 | 9,226,121 |
| Kuehne & Nagel International AG | | 49,710 | 6,914,929 |
| Lindt & Spruengli AG | | 82 | 6,545,996 |
| Lindt & Spruengli AG (participation certificate) | | 1,366 | 9,426,302 |
| Nestle SA (Reg. S) | | 246,572 | 20,816,366 |
| Novartis AG | | 197,775 | 17,319,625 |
| Partners Group Holding AG | | 3,847 | 2,740,627 |
| Roche Holding AG (participation certificate) | | 75,499 | 18,373,619 |
| Schindler Holding AG (Reg.) | | 4,767 | 990,177 |
| SGS SA (Reg.) | | 1,174 | 2,788,272 |
| Sika AG | | 54,961 | 7,050,550 |
| Sonova Holding AG Class B | | 46,767 | 7,640,878 |
| Swiss Life Holding AG | | 4,428 | 1,671,574 |
| Swiss Prime Site AG | | 85,812 | 6,969,589 |
| Swiss Re Ltd. | | 74,952 | 6,769,234 |
| Swisscom AG | | 31,075 | 14,236,216 |
| Zurich Insurance Group AG | | 15,465 | 4,801,595 |
|
| TOTAL SWITZERLAND | | | 157,211,806 |
|
| Taiwan - 7.3% | | | |
| ASUSTeK Computer, Inc. | | 499,000 | 3,690,864 |
| Chang Hwa Commercial Bank | | 6,770,126 | 3,837,655 |
| China Airlines Ltd. | | 3,590,000 | 1,062,140 |
| Chinatrust Financial Holding Co. Ltd. | | 5,365,700 | 3,578,809 |
| Chunghwa Telecom Co. Ltd. | | 5,203,000 | 18,367,401 |
| E.SUN Financial Holdings Co. Ltd. | | 9,422,209 | 6,238,765 |
| EVA Airways Corp. | | 2,876,373 | 1,314,600 |
| Far EasTone Telecommunications Co. Ltd. | | 2,186,000 | 5,203,669 |
| First Financial Holding Co. Ltd. | | 12,798,876 | 8,081,847 |
| Formosa Petrochemical Corp. | | 883,000 | 3,479,466 |
| Formosa Taffeta Co. Ltd. | | 732,000 | 795,588 |
| Fubon Financial Holding Co. Ltd. | | 550,000 | 860,693 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 948,240 | 2,413,440 |
| Hua Nan Financial Holdings Co. Ltd. | | 10,270,288 | 5,788,554 |
| Mega Financial Holding Co. Ltd. | | 10,098,789 | 8,529,686 |
| Nanya Technology Corp. | | 313,000 | 519,636 |
| President Chain Store Corp. | | 325,000 | 3,663,539 |
| Sinopac Holdings Co. | | 6,622,245 | 2,245,880 |
| Standard Foods Corp. | | 399,347 | 599,140 |
| Synnex Technology International Corp. | | 1,006,750 | 1,082,824 |
| Taishin Financial Holdings Co. Ltd. | | 2,147,272 | 953,634 |
| Taishin Financial Holdings Co. Ltd. rights 11/22/18 (a) | | 43,316 | 4,197 |
| Taiwan Business Bank | | 5,251,217 | 1,730,024 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 11,299,244 | 6,350,248 |
| Taiwan High Speed Rail Corp. | | 2,335,000 | 2,315,353 |
| Taiwan Mobile Co. Ltd. | | 2,201,000 | 7,855,509 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 1,334,000 | 10,009,187 |
| United Microelectronics Corp. | | 3,248,000 | 1,237,053 |
|
| TOTAL TAIWAN | | | 111,809,401 |
|
| Thailand - 1.6% | | | |
| Airports of Thailand PCL (For. Reg.) | | 3,059,600 | 5,905,139 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 2,531,300 | 1,870,231 |
| Bangkok Expressway and Metro PCL | | 10,251,600 | 2,627,823 |
| BTS Group Holdings PCL | | 8,008,400 | 2,209,797 |
| BTS Group Holdings PCL: | | | |
| warrants 12/31/19 (a) | | 786,388 | 1,966 |
| warrants (a) | | 22,644 | 57 |
| Bumrungrad Hospital PCL (For. Reg.) | | 242,700 | 1,412,578 |
| C.P. ALL PCL (For. Reg.) | | 517,900 | 1,050,325 |
| Electricity Generating PCL (For. Reg.) | | 180,200 | 1,255,314 |
| Glow Energy PCL (For. Reg.) | | 372,000 | 939,536 |
| IRPC PCL (For. Reg.) | | 6,435,800 | 1,183,908 |
| Kasikornbank PCL | | 53,100 | 319,465 |
| Kasikornbank PCL (For. Reg.) | | 282,000 | 1,696,592 |
| Krung Thai Bank PCL (For. Reg.) | | 4,782,500 | 2,898,922 |
| Siam Cement PCL (For. Reg.) | | 149,400 | 1,883,269 |
|
| TOTAL THAILAND | | | 25,254,922 |
|
| United Arab Emirates - 0.5% | | | |
| DP World Ltd. | | 35,230 | 633,788 |
| Dubai Islamic Bank Pakistan Ltd. (a) | | 575,899 | 824,695 |
| Emirates Telecommunications Corp. (a) | | 536,923 | 2,543,446 |
| National Bank of Abu Dhabi PJSC�� | | 969,354 | 3,647,135 |
|
| TOTAL UNITED ARAB EMIRATES | | | 7,649,064 |
|
| United Kingdom - 6.0% | | | |
| Admiral Group PLC | | 87,316 | 2,246,655 |
| AstraZeneca PLC (United Kingdom) | | 108,369 | 8,289,109 |
| British American Tobacco PLC (United Kingdom) | | 32,045 | 1,389,159 |
| Bunzl PLC | | 119,311 | 3,524,352 |
| Carnival PLC | | 51,332 | 2,797,877 |
| Compass Group PLC | | 692,122 | 13,623,923 |
| Diageo PLC | | 306,074 | 10,581,441 |
| Direct Line Insurance Group PLC | | 235,264 | 990,854 |
| GlaxoSmithKline PLC | | 459,658 | 8,902,547 |
| HSBC Holdings PLC (United Kingdom) | | 293,232 | 2,413,182 |
| Imperial Tobacco Group PLC | | 56,461 | 1,914,629 |
| Kingfisher PLC | | 630,016 | 2,045,766 |
| National Grid PLC | | 736,146 | 7,802,290 |
| Pearson PLC | | 60,559 | 695,699 |
| Reckitt Benckiser Group PLC | | 50,454 | 4,079,918 |
| RELX PLC | | 366,987 | 7,270,783 |
| Royal Mail PLC | | 463,180 | 2,125,412 |
| RSA Insurance Group PLC | | 465,181 | 3,355,891 |
| Scottish & Southern Energy PLC | | 102,416 | 1,492,757 |
| Severn Trent PLC | | 69,402 | 1,652,661 |
| Smith & Nephew PLC | | 177,890 | 2,891,576 |
| United Utilities Group PLC | | 140,539 | 1,305,242 |
| Vodafone Group PLC | | 655,390 | 1,232,486 |
|
| TOTAL UNITED KINGDOM | | | 92,624,209 |
|
| United States of America - 0.2% | | | |
| Yum China Holdings, Inc. | | 81,564 | 2,942,829 |
| TOTAL COMMON STOCKS | | | |
| (Cost $1,325,160,524) | | | 1,410,158,658 |
| | | Principal Amount | Value |
|
| Government Obligations - 0.2% | | | |
| United States of America - 0.2% | | | |
U.S. Treasury Bills, yield at date of purchase 2.55% 9/12/19 (e)
(Cost $2,934,651) | | 3,000,000 | 2,933,227 |
| | | Shares | Value |
|
| Money Market Funds - 7.3% | | | |
| Fidelity Cash Central Fund, 2.23% (f) | | 106,755,984 | 106,777,335 |
| Fidelity Securities Lending Cash Central Fund 2.23% (f)(g) | | 6,371,697 | 6,372,335 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $113,149,670) | | | 113,149,670 |
| TOTAL INVESTMENT IN SECURITIES - 99.3% | | | |
| (Cost $1,441,244,845) | | | 1,526,241,555 |
| NET OTHER ASSETS (LIABILITIES) - 0.7% | | | 10,228,610 |
| NET ASSETS - 100% | | | $1,536,470,165 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 861 | Dec. 2018 | $78,028,125 | $(3,077,995) | $(3,077,995) |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 688 | Dec. 2018 | 32,910,480 | (956,689) | (956,689) |
| TME S&P/TSX 60 Index Contracts (Canada) | 109 | Dec. 2018 | 14,807,672 | (398,215) | (398,215) |
| TOTAL FUTURES CONTRACTS | | | | | $(4,432,899) |
The notional amount of futures purchased as a percentage of Net Assets is 8.2%
For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $55,045,341.
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(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 $31,466,371 or 2.0% of net assets.
(c) Level 3 security
(d) Security or a portion of the security is on loan at period end.
(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,933,227.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $888,875 |
| Fidelity Securities Lending Cash Central Fund | 53,328 |
| Total | $942,203 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $142,279,119 | $85,464,588 | $56,814,531 | $-- |
| Consumer Discretionary | 103,396,156 | 92,872,990 | 10,523,166 | -- |
| Consumer Staples | 195,675,112 | 128,900,765 | 66,636,569 | 137,778 |
| Energy | 34,745,314 | 28,116,791 | 6,628,523 | -- |
| Financials | 316,154,030 | 304,528,895 | 11,625,135 | -- |
| Health Care | 173,459,611 | 67,746,175 | 105,713,436 | -- |
| Industrials | 135,954,832 | 111,968,641 | 23,986,191 | -- |
| Information Technology | 85,777,207 | 49,961,009 | 35,816,198 | -- |
| Materials | 45,398,799 | 42,745,955 | 2,652,844 | -- |
| Real Estate | 69,651,167 | 69,651,167 | -- | -- |
| Utilities | 107,667,311 | 88,421,706 | 19,245,605 | -- |
| Government Obligations | 2,933,227 | -- | 2,933,227 | -- |
| Money Market Funds | 113,149,670 | 113,149,670 | -- | -- |
| Total Investments in Securities: | $1,526,241,555 | $1,183,528,352 | $342,575,425 | $137,778 |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(4,432,899) | $(4,432,899) | $-- | $-- |
| Total Liabilities | $(4,432,899) | $(4,432,899) | $-- | $-- |
| Total Derivative Instruments: | $(4,432,899) | $(4,432,899) | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:
| Transfers | Total |
| Level 1 to Level 2 | $14,129,668 |
| Level 2 to Level 1 | $179,006,813 |
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, 2018. 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 | $(4,432,899) |
| Total Equity Risk | 0 | (4,432,899) |
| Total Value of Derivatives | $0 | $(4,432,899) |
(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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Fidelity® SAI International Minimum Volatility Index Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $6,062,474) — See accompanying schedule:
Unaffiliated issuers (cost $1,328,095,175) | $1,413,091,885 | |
| Fidelity Central Funds (cost $113,149,670) | 113,149,670 | |
| Total Investment in Securities (cost $1,441,244,845) | | $1,526,241,555 |
| Segregated cash with brokers for derivative instruments | | 3,212,939 |
| Foreign currency held at value (cost $3,139,792) | | 3,106,756 |
| Receivable for fund shares sold | | 5,569,630 |
| Dividends receivable | | 5,142,233 |
| Distributions receivable from Fidelity Central Funds | | 121,267 |
| Receivable for daily variation margin on futures contracts | | 1,086,991 |
| Prepaid expenses | | 2,847 |
| Receivable from investment adviser for expense reductions | | 105,304 |
| Other receivables | | 29,318 |
| Total assets | | 1,544,618,840 |
| Liabilities | | |
| Payable for fund shares redeemed | $1,212,415 | |
| Accrued management fee | 188,223 | |
| Other affiliated payables | 127,670 | |
| Other payables and accrued expenses | 249,117 | |
| Collateral on securities loaned | 6,371,250 | |
| Total liabilities | | 8,148,675 |
| Net Assets | | $1,536,470,165 |
| Net Assets consist of: | | |
| Paid in capital | | $1,422,994,452 |
| Total distributable earnings (loss) | | 113,475,713 |
| Net Assets, for 146,413,456 shares outstanding | | $1,536,470,165 |
| Net Asset Value, offering price and redemption price per share ($1,536,470,165 ÷ 146,413,456 shares) | | $10.49 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2018 |
| Investment Income | | |
| Dividends | | $49,276,263 |
| Interest | | 55,114 |
| Income from Fidelity Central Funds | | 942,203 |
| Income before foreign taxes withheld | | 50,273,580 |
| Less foreign taxes withheld | | (5,005,484) |
| Total income | | 45,268,096 |
| Expenses | | |
| Management fee | $2,535,957 | |
| Transfer agent fees | 1,267,978 | |
| Accounting and security lending fees | 441,857 | |
| Custodian fees and expenses | 547,698 | |
| Independent trustees' fees and expenses | 7,377 | |
| Registration fees | 134,332 | |
| Audit | 56,580 | |
| Legal | 4,067 | |
| Interest | 35,279 | |
| Miscellaneous | 10,968 | |
| Total expenses before reductions | 5,042,093 | |
| Expense reductions | (1,625,295) | |
| Total expenses after reductions | | 3,416,798 |
| Net investment income (loss) | | 41,851,298 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 33,746,323 | |
| Fidelity Central Funds | 56 | |
| Foreign currency transactions | (946,732) | |
| Futures contracts | 7,040,946 | |
| Total net realized gain (loss) | | 39,840,593 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $348,704) | (81,971,381) | |
| Assets and liabilities in foreign currencies | (83,776) | |
| Futures contracts | (5,468,909) | |
| Total change in net unrealized appreciation (depreciation) | | (87,524,066) |
| Net gain (loss) | | (47,683,473) |
| Net increase (decrease) in net assets resulting from operations | | $(5,832,175) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2018 | Year ended October 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $41,851,298 | $38,456,869 |
| Net realized gain (loss) | 39,840,593 | (23,598,462) |
| Change in net unrealized appreciation (depreciation) | (87,524,066) | 159,239,882 |
| Net increase (decrease) in net assets resulting from operations | (5,832,175) | 174,098,289 |
| Distributions to shareholders | (32,823,660) | – |
| Distributions to shareholders from net investment income | – | (26,713,646) |
| Distributions to shareholders from net realized gain | – | (5,539,697) |
| Total distributions | (32,823,660) | (32,253,343) |
| Share transactions | | |
| Proceeds from sales of shares | 1,039,598,042 | 949,931,043 |
| Reinvestment of distributions | 18,818,037 | 31,128,648 |
| Cost of shares redeemed | (1,297,746,811) | (487,514,618) |
| Net increase (decrease) in net assets resulting from share transactions | (239,330,732) | 493,545,073 |
| Total increase (decrease) in net assets | (277,986,567) | 635,390,019 |
| Net Assets | | |
| Beginning of period | 1,814,456,732 | 1,179,066,713 |
| End of period | $1,536,470,165 | $1,814,456,732 |
| Other Information | | |
| Undistributed net investment income end of period | | $27,381,586 |
| Shares | | |
| Sold | 94,860,500 | 92,270,740 |
| Issued in reinvestment of distributions | 1,740,799 | 3,416,976 |
| Redeemed | (117,730,775) | (48,891,378) |
| Net increase (decrease) | (21,129,476) | 46,796,338 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity SAI International Minimum Volatility Index Fund
| | | | | |
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.83 | $9.76 | $9.61 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .27 | .29 | .28 | .10 |
| Net realized and unrealized gain (loss) | (.42) | 1.04 | (.02) | (.49) |
| Total from investment operations | (.15) | 1.33 | .26 | (.39) |
| Distributions from net investment income | (.19) | (.22) | (.10) | – |
| Distributions from net realized gain | – | (.05) | –C | – |
| Total distributions | (.19) | (.26)D | (.11)E | – |
| Net asset value, end of period | $10.49 | $10.83 | $9.76 | $9.61 |
| Total ReturnF,G | (1.47)% | 14.15% | 2.75% | (3.90)% |
| Ratios to Average Net AssetsH,I | | | | |
| Expenses before reductions | .30% | .31% | .32% | .40%J |
| Expenses net of fee waivers, if any | .20% | .20% | .20% | .20%J |
| Expenses net of all reductions | .20% | .20% | .20% | .20%J |
| Net investment income (loss) | 2.49% | 2.86% | 2.88% | 2.51%J |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,536,470 | $1,814,457 | $1,179,067 | $737,119 |
| Portfolio turnover rateK | 43% | 25% | 22% | 6%L |
A For the period May 29, 2015 (commencement of operations) to October 31, 2015.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total distributions of $.26 per share is comprised of distributions from net investment income of $.217 and distributions from net realized gain of $.045 per share.
E Total distributions of $.11 per share is comprised of distributions from net investment income of $.102 and distributions from net realized gain of $.004 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
I Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
J Annualized
K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
L Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity® SAI U.S. Minimum Volatility Index Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2018 | Past 1 year | Life of fundA |
| Fidelity® SAI U.S. Minimum Volatility Index Fund | 8.79% | 10.77% |
A From May 29, 2015
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® SAI U.S. Minimum Volatility Index Fund on May 29, 2015, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI USA Minimum Volatility (USD) Index performed over the same period.
| Period Ending Values |
| $14,184 | Fidelity® SAI U.S. Minimum Volatility Index Fund |
| $14,264 | MSCI USA Minimum Volatility (USD) Index |
Fidelity® SAI U.S. Minimum Volatility Index Fund
Management's Discussion of Fund Performance
Market Recap: The S&P 500
® index gained 7.35% for the 12 months ending October 31, 2018, as the U.S. equity bellwether declined sharply in October after climbing steadily beginning in May and achieving a record close in late September. Rising U.S. Treasury yields and concern about peaking corporate earnings growth sent investors fleeing from risk assets at a time when they were still dealing with lingering uncertainty related to global trade and the U.S. Federal Reserve picking up the pace of interest rate hikes. The index returned -6.84% in October alone, its largest monthly drop in roughly seven years. Growth stocks within the index were hardest hit for the month, but maintained a sizable advantage over their value counterparts for the full year, extending a trend that began in early 2017. By sector, a number of economically sensitive groups dropped to the bottom of the 12-month performance scale, with materials (-9%) and industrials (-1%) faring worst, followed by financials (+1%) and energy (+2%). In contrast, consumer discretionary was rattled in October but earlier strength resulted in an advance of about 17% for the full 12 months. Information technology, the largest sector in the index this period, followed a similar trend and also returned 17%. The defensive-oriented health care sector gained about 11%, while communication services, which includes dividend-rich telecommunications stocks, rose 6%. Real estate (+2%) and utilities (+1%) also lagged.
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team: For the fiscal year, the fund gained 8.79%, compared with a return of 8.90% for the benchmark MSCI USA Minimum Volatility Index. The fund's top individual absolute contributor was discount-oriented retailer TJX Companies (+60%), which continued to produce favorable same-store sales growth in an increasingly challenging environment for brick-and-mortar retailers. Electronic payment processing companies Visa (+26%) and Mastercard (+34%) also added value, as each benefited from a global shift toward electronic payments and away from cash. Elsewhere, drug makers Pfizer (+27%), Eli Lilly (+36%) and Merck (+38%) all helped fund performance. On the negative side, gold miner Newmont Mining (-13%) detracted more than any other fund holding, largely because the price of gold dropped. In the financials sector, insurance company Chubb (-15%) and mortgage insurer Arch Capital (-14%) hampered results. Defense contractor Northrop Grumman (-10%) also hurt the return, partly due to increased concern about the fiscal 2020 defense budget that arose late in the period.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to shareholders: On February 16, 2019, Fidelity SAI U.S. Minimum Volatility Index Fund will be renamed Fidelity SAI U.S. Low Volatility Index Fund, and its benchmark will change from the MSCI USA Minimum Volatility Index to the Fidelity U.S. Low Volatility Focus Index.
Fidelity® SAI U.S. Minimum Volatility Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Pfizer, Inc. | 1.6 |
| Visa, Inc. Class A | 1.6 |
| McDonald's Corp. | 1.5 |
| Johnson & Johnson | 1.5 |
| The Coca-Cola Co. | 1.4 |
| Waste Management, Inc. | 1.4 |
| Verizon Communications, Inc. | 1.4 |
| PepsiCo, Inc. | 1.4 |
| Fiserv, Inc. | 1.3 |
| Republic Services, Inc. | 1.3 |
| | 14.4 |
Top Five Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Information Technology | 19.8 |
| Health Care | 15.3 |
| Consumer Staples | 11.6 |
| Financials | 9.8 |
| Industrials | 9.3 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2018* |
| | Stocks and Equity Futures | 100.0% |
* Foreign investments - 5.5%
Fidelity® SAI U.S. Minimum Volatility Index Fund
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 99.6% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 5.6% | | | |
| Diversified Telecommunication Services - 2.8% | | | |
| AT&T, Inc. | | 838,374 | $25,721,314 |
| Verizon Communications, Inc. | | 475,033 | 27,119,634 |
| Zayo Group Holdings, Inc. (a) | | 88,686 | 2,649,938 |
| | | | 55,490,886 |
| Entertainment - 0.8% | | | |
| Electronic Arts, Inc. (a) | | 30,462 | 2,771,433 |
| The Walt Disney Co. | | 106,253 | 12,201,032 |
| | | | 14,972,465 |
| Interactive Media & Services - 0.9% | | | |
| Alphabet, Inc. Class A (a) | | 7,118 | 7,762,748 |
| Facebook, Inc. Class A (a) | | 68,283 | 10,364,677 |
| | | | 18,127,425 |
| Media - 0.9% | | | |
| Comcast Corp. Class A | | 286,037 | 10,909,451 |
| Liberty Broadband Corp. Class C (a) | | 20,347 | 1,687,377 |
| Omnicom Group, Inc. (b) | | 30,670 | 2,279,394 |
| Sirius XM Holdings, Inc. (b) | | 603,794 | 3,634,840 |
| | | | 18,511,062 |
| Wireless Telecommunication Services - 0.2% | | | |
| T-Mobile U.S., Inc. (a) | | 41,689 | 2,857,781 |
|
| TOTAL COMMUNICATION SERVICES | | | 109,959,619 |
|
| CONSUMER DISCRETIONARY - 7.9% | | | |
| Distributors - 0.1% | | | |
| Genuine Parts Co. | | 24,187 | 2,368,391 |
| Hotels, Restaurants & Leisure - 3.3% | | | |
| ARAMARK Holdings Corp. | | 141,286 | 5,074,993 |
| Darden Restaurants, Inc. | | 44,391 | 4,729,861 |
| McDonald's Corp. | | 174,138 | 30,805,012 |
| Starbucks Corp. (b) | | 167,930 | 9,785,281 |
| Vail Resorts, Inc. | | 7,869 | 1,977,637 |
| Yum! Brands, Inc. | | 148,714 | 13,445,233 |
| | | | 65,818,017 |
| Internet & Direct Marketing Retail - 0.3% | | | |
| eBay, Inc. (a) | | 154,681 | 4,490,389 |
| Leisure Products - 0.1% | | | |
| Hasbro, Inc. | | 22,681 | 2,080,075 |
| Multiline Retail - 0.3% | | | |
| Dollar General Corp. | | 43,125 | 4,803,263 |
| Target Corp. | | 16,794 | 1,404,482 |
| | | | 6,207,745 |
| Specialty Retail - 2.9% | | | |
| AutoZone, Inc. (a) | | 11,185 | 8,203,862 |
| Home Depot, Inc. | | 88,207 | 15,513,847 |
| O'Reilly Automotive, Inc. (a) | | 11,462 | 3,676,437 |
| Ross Stores, Inc. | | 50,260 | 4,975,740 |
| TJX Companies, Inc. | | 217,729 | 23,924,063 |
| Ulta Beauty, Inc. (a) | | 4,633 | 1,271,851 |
| | | | 57,565,800 |
| Textiles, Apparel & Luxury Goods - 0.9% | | | |
| NIKE, Inc. Class B | | 88,007 | 6,604,045 |
| Tapestry, Inc. | | 152,927 | 6,470,341 |
| VF Corp. | | 54,715 | 4,534,779 |
| | | | 17,609,165 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 156,139,582 |
|
| CONSUMER STAPLES - 11.6% | | | |
| Beverages - 3.3% | | | |
| Brown-Forman Corp. Class B (non-vtg.) | | 34,247 | 1,587,006 |
| Constellation Brands, Inc. Class A (sub. vtg.) | | 41,012 | 8,170,821 |
| PepsiCo, Inc. | | 239,161 | 26,876,913 |
| The Coca-Cola Co. | | 601,490 | 28,799,341 |
| | | | 65,434,081 |
| Food & Staples Retailing - 1.2% | | | |
| Costco Wholesale Corp. | | 18,862 | 4,312,419 |
| Sysco Corp. | | 99,740 | 7,114,454 |
| Walmart, Inc. | | 125,309 | 12,565,987 |
| | | | 23,992,860 |
| Food Products - 2.6% | | | |
| Campbell Soup Co. (b) | | 152,853 | 5,718,231 |
| Conagra Brands, Inc. | | 82,601 | 2,940,596 |
| Hormel Foods Corp. (b) | | 104,207 | 4,547,593 |
| Ingredion, Inc. | | 17,405 | 1,761,038 |
| Kellogg Co. | | 167,901 | 10,994,157 |
| McCormick & Co., Inc. (non-vtg.) | | 113,458 | 16,337,952 |
| The Hershey Co. | | 72,916 | 7,812,949 |
| The J.M. Smucker Co. | | 9,289 | 1,006,184 |
| Tyson Foods, Inc. Class A | | 17,034 | 1,020,677 |
| | | | 52,139,377 |
| Household Products - 2.8% | | | |
| Church & Dwight Co., Inc. | | 152,305 | 9,042,348 |
| Clorox Co. | | 64,948 | 9,641,531 |
| Colgate-Palmolive Co. | | 95,888 | 5,710,130 |
| Kimberly-Clark Corp. | | 60,062 | 6,264,467 |
| Procter & Gamble Co. | | 265,778 | 23,569,193 |
| | | | 54,227,669 |
| Personal Products - 0.4% | | | |
| Estee Lauder Companies, Inc. Class A | | 50,755 | 6,975,767 |
| Tobacco - 1.3% | | | |
| Altria Group, Inc. | | 269,991 | 17,560,215 |
| Philip Morris International, Inc. | | 97,621 | 8,597,481 |
| | | | 26,157,696 |
|
| TOTAL CONSUMER STAPLES | | | 228,927,450 |
|
| ENERGY - 1.9% | | | |
| Energy Equipment & Services - 0.2% | | | |
| Schlumberger Ltd. | | 53,102 | 2,724,664 |
| Oil, Gas & Consumable Fuels - 1.7% | | | |
| Chevron Corp. | | 84,656 | 9,451,842 |
| Exxon Mobil Corp. | | 263,319 | 20,981,258 |
| Occidental Petroleum Corp. | | 55,429 | 3,717,623 |
| | | | 34,150,723 |
|
| TOTAL ENERGY | | | 36,875,387 |
|
| FINANCIALS - 9.8% | | | |
| Banks - 0.2% | | | |
| U.S. Bancorp | | 63,058 | 3,296,042 |
| Capital Markets - 0.3% | | | |
| CME Group, Inc. | | 38,234 | 7,005,998 |
| Diversified Financial Services - 0.8% | | | |
| Berkshire Hathaway, Inc. Class B (a) | | 77,751 | 15,960,725 |
| Insurance - 7.2% | | | |
| AFLAC, Inc. | | 197,718 | 8,515,714 |
| Alleghany Corp. | | 1,683 | 1,010,944 |
| Allstate Corp. | | 133,328 | 12,762,156 |
| Aon PLC | | 53,395 | 8,339,231 |
| Arch Capital Group Ltd. (a) | | 510,723 | 14,489,212 |
| Axis Capital Holdings Ltd. | | 82,342 | 4,593,860 |
| Chubb Ltd. | | 137,990 | 17,236,331 |
| Cincinnati Financial Corp. | | 44,652 | 3,511,433 |
| Everest Re Group Ltd. | | 27,013 | 5,885,052 |
| FNF Group | | 72,282 | 2,417,833 |
| Markel Corp. (a) | | 13,275 | 14,512,761 |
| Marsh & McLennan Companies, Inc. | | 148,970 | 12,625,208 |
| Progressive Corp. | | 169,175 | 11,791,498 |
| RenaissanceRe Holdings Ltd. | | 64,092 | 7,829,479 |
| The Travelers Companies, Inc. | | 75,120 | 9,399,766 |
| W.R. Berkley Corp. | | 107,575 | 8,164,943 |
| | | | 143,085,421 |
| Mortgage Real Estate Investment Trusts - 1.3% | | | |
| AGNC Investment Corp. | | 626,634 | 11,179,151 |
| Annaly Capital Management, Inc. | | 1,443,211 | 14,244,493 |
| | | | 25,423,644 |
|
| TOTAL FINANCIALS | | | 194,771,830 |
|
| HEALTH CARE - 15.3% | | | |
| Health Care Equipment & Supplies - 4.9% | | | |
| Abbott Laboratories | | 66,286 | 4,569,757 |
| Baxter International, Inc. | | 201,583 | 12,600,953 |
| Becton, Dickinson & Co. | | 51,686 | 11,913,623 |
| Boston Scientific Corp. (a) | | 274,034 | 9,903,589 |
| Danaher Corp. | | 156,129 | 15,519,223 |
| Medtronic PLC | | 207,808 | 18,665,315 |
| Stryker Corp. | | 101,704 | 16,498,423 |
| The Cooper Companies, Inc. | | 22,193 | 5,732,674 |
| Varian Medical Systems, Inc. (a) | | 9,879 | 1,179,256 |
| Zimmer Biomet Holdings, Inc. | | 8,569 | 973,353 |
| | | | 97,556,166 |
| Health Care Providers & Services - 4.3% | | | |
| Aetna, Inc. | | 61,977 | 12,296,237 |
| Anthem, Inc. | | 27,758 | 7,649,272 |
| Cigna Corp. | | 41,680 | 8,911,601 |
| CVS Health Corp. | | 21,829 | 1,580,201 |
| HCA Holdings, Inc. | | 34,272 | 4,576,340 |
| Henry Schein, Inc. (a)(b) | | 37,321 | 3,097,643 |
| Humana, Inc. | | 29,692 | 9,513,614 |
| Laboratory Corp. of America Holdings (a) | | 62,604 | 10,051,072 |
| Quest Diagnostics, Inc. | | 46,952 | 4,418,653 |
| UnitedHealth Group, Inc. | | 76,370 | 19,959,300 |
| Universal Health Services, Inc. Class B | | 18,196 | 2,211,906 |
| | | | 84,265,839 |
| Health Care Technology - 0.0% | | | |
| Cerner Corp. (a) | | 16,414 | 940,194 |
| Life Sciences Tools & Services - 0.5% | | | |
| Quintiles Transnational Holdings, Inc. (a) | | 17,206 | 2,115,134 |
| Thermo Fisher Scientific, Inc. | | 36,045 | 8,421,914 |
| | | | 10,537,048 |
| Pharmaceuticals - 5.6% | | | |
| Bristol-Myers Squibb Co. | | 62,273 | 3,147,277 |
| Eli Lilly & Co. | | 196,740 | 21,334,486 |
| Johnson & Johnson | | 210,751 | 29,503,032 |
| Merck & Co., Inc. | | 267,448 | 19,686,847 |
| Pfizer, Inc. | | 727,518 | 31,326,919 |
| Zoetis, Inc. Class A | | 58,499 | 5,273,685 |
| | | | 110,272,246 |
|
| TOTAL HEALTH CARE | | | 303,571,493 |
|
| INDUSTRIALS - 9.3% | | | |
| Aerospace & Defense - 4.9% | | | |
| General Dynamics Corp. | | 32,153 | 5,548,965 |
| Harris Corp. | | 65,041 | 9,672,247 |
| L3 Technologies, Inc. | | 13,381 | 2,535,298 |
| Lockheed Martin Corp. | | 74,057 | 21,761,649 |
| Northrop Grumman Corp. | | 82,761 | 21,679,244 |
| Raytheon Co. | | 114,911 | 20,114,021 |
| Rockwell Collins, Inc. | | 111,230 | 14,239,665 |
| United Technologies Corp. | | 9,624 | 1,195,397 |
| | | | 96,746,486 |
| Air Freight & Logistics - 0.9% | | | |
| C.H. Robinson Worldwide, Inc. | | 92,917 | 8,272,401 |
| Expeditors International of Washington, Inc. | | 137,288 | 9,223,008 |
| United Parcel Service, Inc. Class B | | 13,129 | 1,398,764 |
| | | | 18,894,173 |
| Building Products - 0.0% | | | |
| Resideo Technologies, Inc. (a) | | 7,509 | 158,064 |
| Commercial Services & Supplies - 2.9% | | | |
| Republic Services, Inc. | | 354,668 | 25,777,270 |
| Waste Connection, Inc. (Canada) | | 39,167 | 2,994,240 |
| Waste Management, Inc. | | 317,671 | 28,422,024 |
| | | | 57,193,534 |
| Industrial Conglomerates - 0.3% | | | |
| Honeywell International, Inc. | | 45,057 | 6,525,155 |
| Professional Services - 0.3% | | | |
| Verisk Analytics, Inc. (a) | | 45,247 | 5,422,400 |
|
| TOTAL INDUSTRIALS | | | 184,939,812 |
|
| INFORMATION TECHNOLOGY - 19.8% | | | |
| Communications Equipment - 2.6% | | | |
| Cisco Systems, Inc. | | 410,273 | 18,769,990 |
| CommScope Holding Co., Inc. (a) | | 39,747 | 956,313 |
| F5 Networks, Inc. (a) | | 47,177 | 8,269,185 |
| Motorola Solutions, Inc. | | 161,946 | 19,848,102 |
| Palo Alto Networks, Inc. (a) | | 19,244 | 3,522,422 |
| | | | 51,366,012 |
| Electronic Equipment & Components - 1.2% | | | |
| Amphenol Corp. Class A | | 188,057 | 16,831,102 |
| Dell Technologies, Inc. (a) | | 41,049 | 3,710,419 |
| FLIR Systems, Inc. | | 60,077 | 2,782,166 |
| | | | 23,323,687 |
| IT Services - 11.8% | | | |
| Accenture PLC Class A | | 161,865 | 25,513,161 |
| Automatic Data Processing, Inc. | | 113,330 | 16,328,586 |
| Broadridge Financial Solutions, Inc. | | 172,740 | 20,200,216 |
| Cognizant Technology Solutions Corp. Class A | | 128,322 | 8,858,068 |
| Fidelity National Information Services, Inc. | | 170,739 | 17,773,930 |
| Fiserv, Inc. (a) | | 333,617 | 26,455,828 |
| IBM Corp. | | 82,947 | 9,574,572 |
| Jack Henry & Associates, Inc. | | 123,722 | 18,537,267 |
| MasterCard, Inc. Class A | | 130,371 | 25,770,436 |
| Paychex, Inc. | | 250,351 | 16,395,487 |
| VeriSign, Inc. (a) | | 57,952 | 8,260,478 |
| Visa, Inc. Class A | | 224,912 | 31,004,119 |
| Worldpay, Inc. (a) | | 104,093 | 9,559,901 |
| | | | 234,232,049 |
| Semiconductors & Semiconductor Equipment - 0.8% | | | |
| Intel Corp. | | 179,179 | 8,399,912 |
| Texas Instruments, Inc. | | 68,077 | 6,319,588 |
| Xilinx, Inc. | | 14,355 | 1,225,486 |
| | | | 15,944,986 |
| Software - 3.0% | | | |
| Adobe, Inc. (a) | | 4,114 | 1,011,057 |
| ANSYS, Inc. (a) | | 53,395 | 7,985,222 |
| CDK Global, Inc. | | 23,997 | 1,373,588 |
| Intuit, Inc. | | 38,057 | 8,030,027 |
| Microsoft Corp. | | 171,309 | 18,297,514 |
| Oracle Corp. | | 199,112 | 9,724,630 |
| Salesforce.com, Inc. (a) | | 25,832 | 3,545,184 |
| Synopsys, Inc. (a) | | 112,150 | 10,040,790 |
| | | | 60,008,012 |
| Technology Hardware, Storage & Peripherals - 0.4% | | | |
| Apple, Inc. | | 33,776 | 7,392,215 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 392,266,961 |
|
| MATERIALS - 1.9% | | | |
| Chemicals - 0.6% | | | |
| Ecolab, Inc. | | 47,645 | 7,296,832 |
| International Flavors & Fragrances, Inc. (b) | | 17,134 | 2,478,604 |
| Sherwin-Williams Co. | | 6,545 | 2,575,261 |
| | | | 12,350,697 |
| Containers & Packaging - 0.1% | | | |
| Avery Dennison Corp. | | 8,852 | 803,053 |
| Ball Corp. | | 25,765 | 1,154,272 |
| | | | 1,957,325 |
| Metals & Mining - 1.2% | | | |
| Newmont Mining Corp. | | 746,431 | 23,079,647 |
|
| TOTAL MATERIALS | | | 37,387,669 |
|
| REAL ESTATE - 8.2% | | | |
| Equity Real Estate Investment Trusts (REITs) - 8.2% | | | |
| American Tower Corp. | | 66,381 | 10,342,824 |
| AvalonBay Communities, Inc. | | 95,184 | 16,693,370 |
| Boston Properties, Inc. | | 9,255 | 1,117,634 |
| Camden Property Trust (SBI) | | 90,736 | 8,190,739 |
| Crown Castle International Corp. | | 150,766 | 16,394,295 |
| Digital Realty Trust, Inc. | | 39,694 | 4,098,802 |
| Duke Realty Corp. | | 101,072 | 2,786,555 |
| Equinix, Inc. | | 14,627 | 5,539,830 |
| Equity Residential (SBI) | | 214,219 | 13,915,666 |
| Essex Property Trust, Inc. | | 27,750 | 6,959,145 |
| Extra Space Storage, Inc. | | 11,985 | 1,079,369 |
| Federal Realty Investment Trust (SBI) | | 48,256 | 5,986,157 |
| Invitation Homes, Inc. | | 120,471 | 2,635,905 |
| Mid-America Apartment Communities, Inc. | | 43,320 | 4,232,797 |
| National Retail Properties, Inc. | | 91,253 | 4,266,078 |
| Public Storage | | 93,334 | 19,177,337 |
| Realty Income Corp. | | 190,378 | 11,474,082 |
| Regency Centers Corp. | | 24,499 | 1,552,257 |
| Simon Property Group, Inc. | | 39,773 | 7,299,141 |
| UDR, Inc. | | 251,083 | 9,839,943 |
| Ventas, Inc. | | 60,507 | 3,511,826 |
| Welltower, Inc. | | 85,441 | 5,645,087 |
| | | | 162,738,839 |
| UTILITIES - 8.3% | | | |
| Electric Utilities - 5.4% | | | |
| Alliant Energy Corp. | | 47,700 | 2,050,146 |
| American Electric Power Co., Inc. | | 121,358 | 8,902,823 |
| Duke Energy Corp. | | 253,082 | 20,912,166 |
| Edison International | | 35,669 | 2,475,072 |
| Evergy, Inc. | | 93,740 | 5,248,503 |
| Eversource Energy | | 72,007 | 4,555,163 |
| NextEra Energy, Inc. | | 138,260 | 23,849,850 |
| PPL Corp. | | 40,515 | 1,231,656 |
| Southern Co. | | 420,874 | 18,951,956 |
| Xcel Energy, Inc. | | 393,578 | 19,289,258 |
| | | | 107,466,593 |
| Multi-Utilities - 2.6% | | | |
| CMS Energy Corp. | | 85,188 | 4,218,510 |
| Consolidated Edison, Inc. | | 285,670 | 21,710,920 |
| Dominion Resources, Inc. | | 160,767 | 11,481,979 |
| DTE Energy Co. | | 10,482 | 1,178,177 |
| Sempra Energy | | 9,544 | 1,050,985 |
| WEC Energy Group, Inc. | | 167,009 | 11,423,416 |
| | | | 51,063,987 |
| Water Utilities - 0.3% | | | |
| American Water Works Co., Inc. | | 57,647 | 5,103,489 |
|
| TOTAL UTILITIES | | | 163,634,069 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $1,793,612,169) | | | 1,971,212,711 |
| | | Principal Amount | Value |
|
| U.S. Treasury Obligations - 0.0% | | | |
| U.S. Treasury Bills, yield at date of purchase 2.09% 1/3/19 (c) | | | |
| (Cost $498,194) | | 500,000 | 498,058 |
| | | Shares | Value |
|
| Money Market Funds - 1.7% | | | |
| Fidelity Cash Central Fund, 2.23% (d) | | 3,745,956 | $3,746,705 |
| Fidelity Securities Lending Cash Central Fund 2.23% (d)(e) | | 29,456,811 | 29,459,757 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $33,206,462) | | | 33,206,462 |
| TOTAL INVESTMENT IN SECURITIES - 101.3% | | | |
| (Cost $1,827,316,825) | | | 2,004,917,231 |
| NET OTHER ASSETS (LIABILITIES) - (1.3)% | | | (25,243,901) |
| NET ASSETS - 100% | | | $1,979,673,330 |
| 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) | 47 | Dec. 2018 | $6,371,085 | $58,082 | $58,082 |
| CME E-mini S&P MidCap 400 Index Contracts (United States) | 12 | Dec. 2018 | 2,189,760 | 13,242 | 13,242 |
| TOTAL FUTURES CONTRACTS | | | | | $71,324 |
The notional amount of futures purchased as a percentage of Net Assets is 0.4%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(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 $269,947.
(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.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $169,688 |
| Fidelity Securities Lending Cash Central Fund | 61,719 |
| Total | $231,407 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $109,959,619 | $109,959,619 | $-- | $-- |
| Consumer Discretionary | 156,139,582 | 156,139,582 | -- | -- |
| Consumer Staples | 228,927,450 | 228,927,450 | -- | -- |
| Energy | 36,875,387 | 36,875,387 | -- | -- |
| Financials | 194,771,830 | 194,771,830 | -- | -- |
| Health Care | 303,571,493 | 303,571,493 | -- | -- |
| Industrials | 184,939,812 | 184,939,812 | -- | -- |
| Information Technology | 392,266,961 | 392,266,961 | -- | -- |
| Materials | 37,387,669 | 37,387,669 | -- | -- |
| Real Estate | 162,738,839 | 162,738,839 | -- | -- |
| Utilities | 163,634,069 | 163,634,069 | -- | -- |
| U.S. Government and Government Agency Obligations | 498,058 | -- | 498,058 | -- |
| Money Market Funds | 33,206,462 | 33,206,462 | -- | -- |
| Total Investments in Securities: | $2,004,917,231 | $2,004,419,173 | $498,058 | $-- |
| Derivative Instruments: | | | | |
| Assets | | | | |
| Futures Contracts | $71,324 | $71,324 | $-- | $-- |
| Total Assets | $71,324 | $71,324 | $-- | $-- |
| Total Derivative Instruments: | $71,324 | $71,324 | $-- | $-- |
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, 2018. 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) | $71,324 | $0 |
| Total Equity Risk | 71,324 | 0 |
| Total Value of Derivatives | $71,324 | $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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Fidelity® SAI U.S. Minimum Volatility Index Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $28,724,715) — See accompanying schedule:
Unaffiliated issuers (cost $1,794,110,363) | $1,971,710,769 | |
| Fidelity Central Funds (cost $33,206,462) | 33,206,462 | |
| Total Investment in Securities (cost $1,827,316,825) | | $2,004,917,231 |
| Receivable for fund shares sold | | 4,071,611 |
| Dividends receivable | | 1,998,066 |
| Distributions receivable from Fidelity Central Funds | | 25,677 |
| Receivable for daily variation margin on futures contracts | | 47,085 |
| Prepaid expenses | | 3,505 |
| Receivable from investment adviser for expense reductions | | 103,416 |
| Total assets | | 2,011,166,591 |
| Liabilities | | |
| Payable for fund shares redeemed | $1,552,967 | |
| Accrued management fee | 160,642 | |
| Other affiliated payables | 161,317 | |
| Other payables and accrued expenses | 161,772 | |
| Collateral on securities loaned | 29,456,563 | |
| Total liabilities | | 31,493,261 |
| Net Assets | | $1,979,673,330 |
| Net Assets consist of: | | |
| Paid in capital | | $1,768,943,564 |
| Total distributable earnings (loss) | | 210,729,766 |
| Net Assets, for 150,218,038 shares outstanding | | $1,979,673,330 |
| Net Asset Value, offering price and redemption price per share ($1,979,673,330 ÷ 150,218,038 shares) | | $13.18 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2018 |
| Investment Income | | |
| Dividends | | $31,734,999 |
| Interest | | 9,769 |
| Income from Fidelity Central Funds | | 231,407 |
| Total income | | 31,976,175 |
| Expenses | | |
| Management fee | $1,480,313 | |
| Transfer agent fees | 1,110,235 | |
| Accounting and security lending fees | 400,997 | |
| Custodian fees and expenses | 63,721 | |
| Independent trustees' fees and expenses | 5,956 | |
| Registration fees | 225,116 | |
| Audit | 55,510 | |
| Legal | 2,894 | |
| Interest | 4,739 | |
| Miscellaneous | 7,479 | |
| Total expenses before reductions | 3,356,960 | |
| Expense reductions | (1,114,608) | |
| Total expenses after reductions | | 2,242,352 |
| Net investment income (loss) | | 29,733,823 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 14,505,890 | |
| Fidelity Central Funds | (1,487) | |
| Foreign currency transactions | 23 | |
| Futures contracts | 837,955 | |
| Total net realized gain (loss) | | 15,342,381 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 88,325,213 | |
| Fidelity Central Funds | 210 | |
| Futures contracts | 16,513 | |
| Total change in net unrealized appreciation (depreciation) | | 88,341,936 |
| Net gain (loss) | | 103,684,317 |
| Net increase (decrease) in net assets resulting from operations | | $133,418,140 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2018 | Year ended October 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $29,733,823 | $11,881,005 |
| Net realized gain (loss) | 15,342,381 | 37,511,259 |
| Change in net unrealized appreciation (depreciation) | 88,341,936 | 41,590,215 |
| Net increase (decrease) in net assets resulting from operations | 133,418,140 | 90,982,479 |
| Distributions to shareholders | (36,966,621) | – |
| Distributions to shareholders from net investment income | – | (14,558,665) |
| Total distributions | (36,966,621) | (14,558,665) |
| Share transactions | | |
| Proceeds from sales of shares | 1,711,878,423 | 672,203,785 |
| Reinvestment of distributions | 11,753,177 | 13,736,526 |
| Cost of shares redeemed | (688,798,167) | (862,562,675) |
| Net increase (decrease) in net assets resulting from share transactions | 1,034,833,433 | (176,622,364) |
| Total increase (decrease) in net assets | 1,131,284,952 | (100,198,550) |
| Net Assets | | |
| Beginning of period | 848,388,378 | 948,586,928 |
| End of period | $1,979,673,330 | $848,388,378 |
| Other Information | | |
| Undistributed net investment income end of period | | $6,625,261 |
| Shares | | |
| Sold | 135,974,905 | 56,408,013 |
| Issued in reinvestment of distributions | 934,275 | 1,252,190 |
| Redeemed | (54,004,780) | (77,680,775) |
| Net increase (decrease) | 82,904,400 | (20,020,572) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity SAI U.S. Minimum Volatility Index Fund
| | | | | |
| Years ended October 31, | 2018 | 2017 | 2016 | 2015 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $12.60 | $10.86 | $10.22 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .26 | .24 | .23 | .09 |
| Net realized and unrealized gain (loss) | .82 | 1.74 | .53 | .13 |
| Total from investment operations | 1.08 | 1.98 | .76 | .22 |
| Distributions from net investment income | (.14) | (.24) | (.12) | – |
| Distributions from net realized gain | (.37) | – | –C | – |
| Total distributions | (.50)D | (.24) | (.12) | – |
| Net asset value, end of period | $13.18 | $12.60 | $10.86 | $10.22 |
| Total ReturnE,F | 8.79% | 18.60% | 7.56% | 2.20% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | .23% | .26% | .23% | .31%I |
| Expenses net of fee waivers, if any | .15% | .15% | .15% | .15%I |
| Expenses net of all reductions | .15% | .15% | .15% | .15%I |
| Net investment income (loss) | 2.00% | 2.04% | 2.12% | 2.08%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,979,673 | $848,388 | $948,587 | $669,739 |
| Portfolio turnover rateJ | 39% | 108% | 37% | 3%K |
A For the period May 29, 2015 (commencement of operations) to October 31, 2015.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total distributions of $.50 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.368 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2018
1. Organization.
Fidelity SAI International Minimum Volatility Index Fund and Fidelity SAI U.S. Minimum 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. In September 2018 the Board of Trustees approved a change in the name of Fidelity SAI International Minimum Volatility Index Fund and Fidelity SAI U.S. Minimum Volatility Index Fund to Fidelity SAI International Low Volatility Index Fund and Fidelity SAI U.S. Low Volatility Index Fund effective February 19, 2019. 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.
The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
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 vendor 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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, 2018, including information on transfers between Levels 1 and 2 is included at the end of each applicable Fund's Schedule of Investments.
Foreign Currency. The 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. 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, 2018, 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 International Minimum Volatility Index Fund is subject to a tax imposed on capital gains by certain countries in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, 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 International Minimum Volatility Index Fund | $1,448,562,665 | $157,908,431 | $(80,627,756) | $77,280,675 |
| Fidelity SAI U.S. Minimum Volatility Index Fund | 1,837,126,564 | 223,242,900 | (55,452,233) | 167,790,667 |
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 | Net unrealized appreciation (depreciation) on securities and other investments |
| Fidelity SAI International Minimum Volatility Index Fund | $33,930,889 | $2,378,202 | $77,166,623 |
| Fidelity SAI U.S. Minimum Volatility Index Fund | 30,052,961 | 12,886,136 | 167,790,667 |
The tax character of distributions paid was as follows:
| October 31, 2018 | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Fidelity SAI International Minimum Volatility Index Fund | $32,823,660 | $– | $32,823,660 |
| Fidelity SAI U.S. Minimum Volatility Index Fund | 9,975,122 | 26,991,499 | 36,966,621 |
| October 31, 2017 | |
| | Ordinary Income |
| Fidelity SAI International Minimum Volatility Index Fund | $32,253,343 |
| Fidelity SAI U.S. Minimum Volatility Index Fund | 14,558,665 |
Restricted Securities. The 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 is included at the end of each applicable Fund's Schedule of Investments.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Funds' financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation | Prior Line-Item Presentation |
| Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, 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.
The Funds used derivatives 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 Funds may not achieve their objectives.
The Funds' use of derivatives increased or decreased their exposure to the following risk:
| 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. |
The 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 the Funds 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 the Funds. Counterparty credit risk related to exchange-traded futures 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. The Funds used futures contracts to manage their 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 (variation margin) 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. 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, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI International Minimum Volatility Index Fund | 707,028,438 | 989,064,130 |
| Fidelity SAI U.S. Minimum Volatility Index Fund | 1,643,554,821 | 585,396,825 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 International Minimum Volatility Index Fund | .15% |
| Fidelity SAI U.S. Minimum 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.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .075% based on each Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity SAI International Minimum Volatility Index Fund | .03 |
| Fidelity SAI U.S. Minimum Volatility Index Fund | .03 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Each applicable fund's 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 International Minimum Volatility Index Fund | Borrower | $43,277,267 | 1.96% | $35,279 |
| Fidelity SAI U.S. Minimum Volatility Index Fund | Borrower | $7,809,455 | 1.99% | $4,739 |
Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
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 as follows:
| Fidelity SAI International Minimum Volatility Index Fund | $4,691 |
| Fidelity SAI U.S. Minimum Volatility Index Fund | 3,639 |
During the period, the Funds did not borrow on this line of credit.
8. Security Lending.
Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Funds. On the settlement date of the loan, each applicable 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 the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds 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, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's 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 on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to FCM. Security lending activity was as follows:
| | Total Security Lending Income |
| Fidelity SAI International Minimum Volatility Index Fund | $53,328 |
| Fidelity SAI U.S. Minimum Volatility Index Fund | $61,719 |
9. Expense Reductions.
The investment adviser contractually agreed to reimburse each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 29, 2020. 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.
The following Funds were in reimbursement during the period:
| | Expense Limitations | Reimbursement |
| Fidelity SAI International Minimum Volatility Index Fund | .20% | $1,625,295 |
| Fidelity SAI U.S. Minimum Volatility Index Fund | .15% | $1,110,820 |
In addition, 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.
| | Custody expense reduction |
| Fidelity SAI U.S. Minimum Volatility Index Fund | 3,788 |
10. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
At the end of the period, the 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 of the following Funds.
| | Strategic Advisers Fidelity International Fund | Strategic Advisers Fidelity U.S. Total Stock Fund |
| Fidelity SAI International Minimum Volatility Index Fund | 27% | –% |
| Fidelity SAI U.S. Minimum Volatility Index Fund | –% | 20% |
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 of the following Fund.
| Fund | % of shares held |
| Fidelity SAI International Minimum Volatility Index Fund | 27% |
| Fidelity SAI U.S. Minimum Volatility Index Fund | 25% |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity SAI International Minimum Volatility Index Fund and Fidelity SAI U.S. Minimum 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 International Minimum Volatility Index Fund and Fidelity SAI U.S. Minimum Volatility Index Fund (2 of the funds constituting Fidelity Salem Street Trust, hereafter collectively referred to as the “Funds” ) as of October 31, 2018, the related statements of operations for the year ended October 31, 2018, the statement of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2018, 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, 2018 and each of the financial highlights for each of the periods indicated therein 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, 2018 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 opinions.
PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 260 funds. Mr. Chiel oversees 154 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2018 | Ending
Account Value
October 31, 2018 | Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 |
| Fidelity SAI International Minimum Volatility Index Fund | .20% | | | |
| Actual | | $1,000.00 | $945.90 | $.98 |
| Hypothetical-C | | $1,000.00 | $1,024.20 | $1.02 |
| Fidelity SAI U.S. Minimum Volatility Index Fund | .15% | | | |
| Actual | | $1,000.00 | $1,063.80 | $.78 |
| Hypothetical-C | | $1,000.00 | $1,024.45 | $.77 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
SAI International Minimum
Volatility Index Fund | 12/17/18 | 12/14/18 | $0.242 | $0.027 |
SAI U.S Minimum
Volatility Index Fund | 12/17/18 | 12/14/18 | $0.193 | $0.124 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2018, or, if subsequently determined to be different, the net capital gain of such year.
| SAI International Minimum Volatility Index Fund | $2,378,202 |
|
| SAI U.S Minimum Volatility Index Fund | $13,013,896 |
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
| SAI International Minimum Volatility Index Fund | |
| December 2017 | 95% |
|
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.
| SAI International Minimum Volatility Index Fund | |
| December 2017 | 80% |
SAI U.S Minimum
Volatility Index Fund | |
| December 2017 | 97% |
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 |
| SAI International Minimum Volatility Index Fund | 12/18/17 | $ 0.2094 | $0.0234 |
|
The funds will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI International Low Volatility Index Fund (formerly Fidelity SAI International Minimum Volatility Index Fund)
Fidelity SAI U.S. Low Volatility Index Fund (formerly Fidelity SAI U.S. Minimum Volatility Index Fund)
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). FMR and the sub-advisers 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 has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. 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 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 2018 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 to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for each fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives 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. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
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, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, 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 under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. 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 for specific 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) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net calendar year total return information for each fund and its benchmark index for the most recent one-year period.
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 considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.
Fidelity SAI International Low Volatility Index Fund
At its July 2018 meeting, the Board approved an amended and restated sub-advisory agreement for the fund with Geode (effective August 1, 2018) that lowered the sub-advisory fee rate that FMR pays to Geode.
At its September 2018 meeting, the Board approved an amended and restated sub-advisory agreement for the fund with Geode (effective March 1, 2019) that further lowered the sub-advisory fee rate that FMR pays to Geode.
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2017.
Fidelity SAI U.S. Low Volatility Index Fund
The Board noted that the fund's management fee rate ranked equal to the median of its Total Mapped Group and below the median of its ASPG for 2017.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, 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 and expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board also considered the current and historical total expense ratios of each fund compared to competitive fund median expenses. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that each fund's total expense ratio ranked equal to the competitive median for 2017.
The Board further considered that FMR has contractually agreed to reimburse each fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.20% for Fidelity SAI International Low Volatility Index Fund and 0.15% for Fidelity SAI U.S. Low Volatility Index Fund through December 31, 2018.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, 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 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 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.
PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's 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, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 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 affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.
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.
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 (the Economies of Scale 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 Economies of Scale 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) 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; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of Fidelity's voluntary expense limitation agreements; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (ix) the impact of recent changes to the money market fund landscape, including the full implementation of money market fund reform and rising interest rates, on Fidelity's money market funds; (x) the funds' share class structures and distribution channels; and (xi) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that each fund's Advisory Contracts should be renewed.
SV1-SV2-ANN-1218
1.9867660.103
Fidelity® SAI International Index Fund Offered exclusively to certain clients of the Adviser or its affiliates - 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 LLC.
Annual Report October 31, 2018 |
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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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2018 | Past 1 year | Life of fundA |
| Fidelity® SAI International Index Fund | (7.14)% | 5.65% |
A From January 5, 2016
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Index Fund on January 5, 2016, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
| Period Ending Values |
| $11,677 | Fidelity® SAI International Index Fund |
| $11,870 | MSCI EAFE Index |
Management's Discussion of Fund Performance
Market Recap: International equities returned -8.08% for the 12 months ending October 31, 2018, according to the MSCI ACWI (All Country World Index) ex USA Index. A modestly positive first half of the period gave way to a confluence of overwhelmingly negative factors – including escalating trade tension, a surging U.S. dollar, tepid economic growth in Europe, global central bank tightening, concerns about Italy’s budget stalemate with the EU, and weakness in China’s stock market – that yielded a -11% second-half return. The index lost 8% in October alone, its largest monthly drop in more than six years. Among sectors, new-media-infused communications services (-15%) was hit the hardest, while economically sensitive consumer discretionary (-13%), information technology (-12%), financials (-10%), industrials (-9%) and materials (-7%) stocks also fared poorly. Even the more defensive real estate (-9%), utilities (-6%) and consumer staples (-5%) sectors weren’t spared this period. Conversely, elevated crude-oil prices fueled a positive return for energy (+7%), the top-performing sector, followed by the relatively stable-growing health care segment (+2%). Regionally, emerging markets (-12%) fared the worst, hampered by the impact of foreign exchange and concerns about economic weakness in China, India and South Korea. Sluggish growth also pressured shares in continental Europe (-9%). Stocks in Japan (-3%) and the U.K. (-4%) held up better, followed by Canada (-5%) and Asia-Pacific ex Japan (-6%).
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team: For the fiscal year, the fund returned -7.14%, compared with a return of -6.65% for the benchmark MSCI EAFE Index. (
The fund's performance relative to the index can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index.) All sectors in the benchmark posted a negative return for the 12 months, with the exception of health care (+2%) and energy (15%), the latter of which benefited from higher crude-oil prices for much of the period. Shares of German pharmaceutical and life sciences company Bayer (-40%) hurt the fund return the most on an absolute basis. An unfavorable and costly legal ruling for seed company Monsanto, which Bayer acquired in June, weighed on Bayer stock. British American Tobacco (-30%) also detracted, as the company faced a combination of competitive and regulatory challenges. Other notable detractors included Belgium-based brewer Anheuser-Busch InBev (-38%) and Spanish bank Banco Santander (-27%). In contrast, Japanese electronics giant Sony (+41%), contributed more than any other holding, driven by strong financial results. Elsewhere, better-than-expected earnings boosted shares of Swiss pharmaceutical company Novartis (+10%), while U.K.-based energy giant BP (+13%) also added value.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2018 |
| | Japan | 24.1% |
| | United Kingdom | 16.0% |
| | France | 9.9% |
| | Germany | 8.9% |
| | Switzerland | 8.5% |
| | Australia | 6.6% |
| | Netherlands | 4.4% |
| | Spain | 2.9% |
| | Sweden | 2.4% |
| | Other* | 16.3% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 1.9 |
| Novartis AG (Switzerland, Pharmaceuticals) | 1.4 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.3 |
| HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) | 1.2 |
| Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) | 1.1 |
| BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 1.1 |
| Total SA (France, Oil, Gas & Consumable Fuels) | 1.1 |
| Toyota Motor Corp. (Japan, Automobiles) | 1.0 |
| Royal Dutch Shell PLC Class B (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) | 0.9 |
| SAP SE (Germany, Software) | 0.8 |
| | 11.8 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Financials | 18.8 |
| Industrials | 13.6 |
| Consumer Staples | 11.4 |
| Health Care | 11.3 |
| Consumer Discretionary | 10.8 |
| Materials | 7.5 |
| Energy | 6.3 |
| Information Technology | 6.2 |
| Communication Services | 5.2 |
| Real Estate | 3.5 |
Asset Allocation as of October 31, 2018
| | % of fund's net assets |
| Stocks and Equity Futures | 100.0 |
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 97.5% | | | |
| | | Shares | Value |
| Australia - 6.6% | | | |
| AGL Energy Ltd. | | 386,946 | $4,932,285 |
| Alumina Ltd. | | 1,384,707 | 2,500,480 |
| Amcor Ltd. | | 680,486 | 6,409,086 |
| AMP Ltd. | | 1,759,208 | 3,077,084 |
| APA Group unit | | 700,834 | 4,764,438 |
| Aristocrat Leisure Ltd. | | 337,216 | 6,328,187 |
| ASX Ltd. | | 122,443 | 5,130,513 |
| Aurizon Holdings Ltd. | | 1,136,949 | 3,381,548 |
| Australia & New Zealand Banking Group Ltd. | | 1,696,922 | 31,159,441 |
| Bank of Queensland Ltd. | | 249,529 | 1,705,193 |
| Bendigo & Adelaide Bank Ltd. | | 271,490 | 1,966,775 |
| BHP Billiton Ltd. | | 1,883,408 | 43,457,106 |
| BlueScope Steel Ltd. | | 334,525 | 3,404,165 |
| Boral Ltd. | | 664,206 | 2,638,705 |
| Brambles Ltd. | | 936,129 | 7,040,208 |
| Caltex Australia Ltd. | | 147,680 | 2,955,419 |
| Challenger Ltd. | | 311,221 | 2,261,213 |
| Cimic Group Ltd. | | 53,993 | 1,808,140 |
| Coca-Cola Amatil Ltd. | | 282,177 | 1,980,252 |
| Cochlear Ltd. | | 34,086 | 4,286,426 |
| Commonwealth Bank of Australia | | 1,031,462 | 50,567,656 |
| Computershare Ltd. | | 278,287 | 3,896,053 |
| Crown Ltd. | | 213,750 | 1,893,602 |
| CSL Ltd. | | 265,117 | 35,295,609 |
| DEXUS Property Group unit | | 607,946 | 4,391,273 |
| Dominos Pizza Enterprises Ltd. | | 34,981 | 1,337,925 |
| Flight Centre Travel Group Ltd. | | 31,758 | 1,043,509 |
| Fortescue Metals Group Ltd. | | 880,603 | 2,494,396 |
| Goodman Group unit | | 952,971 | 7,004,906 |
| Harvey Norman Holdings Ltd. (a) | | 323,519 | 730,829 |
| Healthscope Ltd. | | 987,486 | 1,475,498 |
| Incitec Pivot Ltd. | | 950,524 | 2,625,143 |
| Insurance Australia Group Ltd. | | 1,359,218 | 6,574,081 |
| Lendlease Group unit | | 347,486 | 4,330,871 |
| Macquarie Group Ltd. | | 190,208 | 15,786,347 |
| Medibank Private Ltd. | | 1,558,091 | 3,078,380 |
| Mirvac Group unit | | 2,078,963 | 3,194,712 |
| National Australia Bank Ltd. | | 1,596,120 | 28,585,743 |
| Newcrest Mining Ltd. | | 452,573 | 6,605,290 |
| Orica Ltd. | | 215,078 | 2,613,596 |
| Origin Energy Ltd. (b) | | 1,037,073 | 5,353,800 |
| QBE Insurance Group Ltd. | | 799,580 | 6,409,640 |
| Ramsay Health Care Ltd. | | 80,165 | 3,191,544 |
| realestate.com.au Ltd. | | 29,968 | 1,519,908 |
| Rio Tinto Ltd. | | 239,790 | 12,973,277 |
| Santos Ltd. | | 1,047,385 | 4,924,926 |
| Scentre Group unit | | 3,122,842 | 8,801,533 |
| SEEK Ltd. | | 189,294 | 2,394,107 |
| Sonic Healthcare Ltd. | | 244,018 | 3,896,670 |
| South32 Ltd. | | 3,016,815 | 7,733,614 |
| SP AusNet | | 977,528 | 1,183,724 |
| Stockland Corp. Ltd. unit | | 1,462,770 | 3,739,457 |
| Suncorp Group Ltd. | | 767,598 | 7,615,479 |
| Sydney Airport unit | | 624,664 | 2,848,771 |
| Tabcorp Holdings Ltd. | | 1,150,176 | 3,762,977 |
| Telstra Corp. Ltd. | | 2,455,360 | 5,355,391 |
| The GPT Group unit | | 1,089,051 | 3,979,451 |
| TPG Telecom Ltd. | | 213,693 | 1,085,012 |
| Transurban Group unit | | 1,532,698 | 12,308,210 |
| Treasury Wine Estates Ltd. | | 424,372 | 4,543,848 |
| Vicinity Centres unit | | 1,844,341 | 3,461,086 |
| Wesfarmers Ltd. | | 664,939 | 21,952,265 |
| Westpac Banking Corp. | | 2,006,553 | 38,115,939 |
| Woodside Petroleum Ltd. | | 546,313 | 13,482,474 |
| Woolworths Group Ltd. | | 763,835 | 15,378,064 |
|
| TOTAL AUSTRALIA | | | 520,723,250 |
|
| Austria - 0.2% | | | |
| Andritz AG | | 41,248 | 2,137,886 |
| Erste Group Bank AG | | 178,280 | 7,269,438 |
| OMV AG | | 88,029 | 4,898,558 |
| Raiffeisen International Bank-Holding AG | | 83,843 | 2,288,651 |
| Voestalpine AG | | 64,723 | 2,301,154 |
|
| TOTAL AUSTRIA | | | 18,895,687 |
|
| Bailiwick of Jersey - 1.2% | | | |
| Experian PLC | | 531,248 | 12,218,280 |
| Ferguson PLC | | 133,259 | 8,998,621 |
| Glencore Xstrata PLC | | 6,760,618 | 27,553,174 |
| Randgold Resources Ltd. | | 56,648 | 4,455,576 |
| Shire PLC | | 535,030 | 32,289,563 |
| WPP PLC | | 739,774 | 8,371,084 |
|
| TOTAL BAILIWICK OF JERSEY | | | 93,886,298 |
|
| Belgium - 1.0% | | | |
| Ageas | | 106,414 | 5,328,623 |
| Anheuser-Busch InBev SA NV | | 446,426 | 33,018,272 |
| Colruyt NV | | 34,470 | 2,003,658 |
| Groupe Bruxelles Lambert SA | | 48,481 | 4,512,669 |
| KBC Groep NV | | 148,201 | 10,222,666 |
| Proximus | | 84,938 | 2,169,423 |
| Solvay SA Class A | | 43,906 | 5,005,338 |
| Telenet Group Holding NV | | 30,227 | 1,468,066 |
| UCB SA | | 74,798 | 6,284,526 |
| Umicore SA | | 123,217 | 5,804,373 |
|
| TOTAL BELGIUM | | | 75,817,614 |
|
| Bermuda - 0.3% | | | |
| Cheung Kong Infrastructure Holdings Ltd. | | 374,000 | 2,732,764 |
| Dairy Farm International Holdings Ltd. | | 191,113 | 1,725,750 |
| Hongkong Land Holdings Ltd. | | 701,623 | 4,153,608 |
| Jardine Matheson Holdings Ltd. | | 129,091 | 7,449,842 |
| Jardine Strategic Holdings Ltd. | | 131,820 | 4,415,970 |
| Kerry Properties Ltd. | | 357,000 | 1,122,176 |
| Li & Fung Ltd. | | 3,216,000 | 635,658 |
| NWS Holdings Ltd. | | 893,856 | 1,769,030 |
| Shangri-La Asia Ltd. | | 720,000 | 982,409 |
| Yue Yuen Industrial (Holdings) Ltd. | | 403,500 | 1,103,689 |
|
| TOTAL BERMUDA | | | 26,090,896 |
|
| Cayman Islands - 0.6% | | | |
| ASM Pacific Technology Ltd. | | 173,100 | 1,494,382 |
| Cheung Kong Property Holdings Ltd. | | 1,517,000 | 9,846,441 |
| CK Hutchison Holdings Ltd. | | 1,594,000 | 16,047,832 |
| Melco Crown Entertainment Ltd. sponsored ADR | | 151,472 | 2,518,979 |
| MGM China Holdings Ltd. (a) | | 545,200 | 770,321 |
| Minth Group Ltd. | | 422,000 | 1,366,854 |
| Sands China Ltd. | | 1,424,400 | 5,612,630 |
| WH Group Ltd. (c) | | 5,357,500 | 3,750,684 |
| Wharf Real Estate Investment Co. Ltd. | | 723,000 | 4,476,138 |
| Wynn Macau Ltd. | | 884,400 | 1,824,749 |
|
| TOTAL CAYMAN ISLANDS | | | 47,709,010 |
|
| Denmark - 1.6% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 2,223 | 2,645,906 |
| Series B | | 3,835 | 4,840,577 |
| Carlsberg A/S Series B | | 65,447 | 7,219,449 |
| Christian Hansen Holding A/S | | 58,356 | 5,898,590 |
| Coloplast A/S Series B | | 69,694 | 6,507,129 |
| Danske Bank A/S | | 419,081 | 8,038,817 |
| DONG Energy A/S (c) | | 111,092 | 7,058,252 |
| DSV de Sammensluttede Vognmaend A/S | | 109,983 | 8,842,854 |
| Genmab A/S (b) | | 36,138 | 4,950,877 |
| H Lundbeck A/S | | 39,479 | 1,843,620 |
| ISS Holdings A/S | | 93,400 | 3,071,314 |
| Novo Nordisk A/S Series B | | 1,065,512 | 46,015,794 |
| Novozymes A/S Series B | | 126,414 | 6,246,908 |
| Pandora A/S | | 62,953 | 3,938,565 |
| Tryg A/S | | 69,425 | 1,677,946 |
| Vestas Wind Systems A/S | | 114,603 | 7,187,372 |
| William Demant Holding A/S (b) | | 58,746 | 1,933,555 |
|
| TOTAL DENMARK | | | 127,917,525 |
|
| Finland - 1.2% | | | |
| Elisa Corp. (A Shares) | | 86,095 | 3,427,670 |
| Fortum Corp. | | 260,780 | 5,492,451 |
| Kone Oyj (B Shares) | | 198,872 | 9,690,357 |
| Metso Corp. | | 58,320 | 1,843,627 |
| Neste Oyj | | 75,244 | 6,200,979 |
| Nokia Corp. | | 3,290,303 | 18,585,552 |
| Nokian Tyres PLC | | 66,413 | 2,112,253 |
| Nordea Bank ABP (b) | | 1,790,649 | 15,573,753 |
| Orion Oyj (B Shares) | | 59,070 | 2,033,931 |
| Sampo Oyj (A Shares) | | 259,175 | 11,935,929 |
| Stora Enso Oyj (R Shares) | | 325,245 | 4,901,412 |
| UPM-Kymmene Corp. | | 312,224 | 10,046,927 |
| Wartsila Corp. | | 263,271 | 4,489,309 |
|
| TOTAL FINLAND | | | 96,334,150 |
|
| France - 9.9% | | | |
| Accor SA | | 111,254 | 5,093,399 |
| Aeroports de Paris | | 17,970 | 3,763,403 |
| Air Liquide SA | | 251,448 | 30,473,876 |
| Alstom SA | | 87,786 | 3,843,001 |
| Amundi SA (c) | | 34,147 | 2,033,616 |
| Arkema SA | | 41,055 | 4,314,358 |
| Atos Origin SA | | 55,794 | 4,788,923 |
| AXA SA | | 1,140,176 | 28,534,822 |
| BIC SA | | 14,140 | 1,354,926 |
| bioMerieux SA | | 22,795 | 1,740,184 |
| BNP Paribas SA | | 659,847 | 34,476,441 |
| Bollore SA | | 499,392 | 2,116,611 |
| Bouygues SA | | 129,515 | 4,729,452 |
| Bureau Veritas SA | | 147,761 | 3,338,862 |
| Capgemini SA | | 92,731 | 11,343,431 |
| Carrefour SA | | 335,451 | 6,516,118 |
| Casino Guichard Perrachon SA (a) | | 31,701 | 1,400,339 |
| CNP Assurances | | 97,582 | 2,177,367 |
| Compagnie de St. Gobain | | 292,980 | 11,036,974 |
| Credit Agricole SA | | 674,034 | 8,632,662 |
| Danone SA | | 360,933 | 25,558,889 |
| Dassault Aviation SA | | 1,394 | 2,313,109 |
| Dassault Systemes SA | | 76,882 | 9,652,862 |
| Edenred SA | | 139,427 | 5,295,124 |
| EDF SA | | 345,330 | 5,741,906 |
| Eiffage SA | | 50,334 | 4,926,874 |
| ENGIE | | 1,071,648 | 14,292,520 |
| Essilor International SA | | 122,885 | 16,806,673 |
| Eurazeo SA | | 25,891 | 1,892,957 |
| Eutelsat Communications | | 99,044 | 2,009,183 |
| Faurecia SA | | 43,064 | 2,092,997 |
| Fonciere des Regions | | 20,713 | 2,082,126 |
| Gecina SA | | 27,201 | 3,995,955 |
| Groupe Eurotunnel SA | | 264,210 | 3,326,247 |
| Hermes International SCA | | 18,544 | 10,606,950 |
| ICADE | | 19,350 | 1,641,567 |
| Iliad SA | | 15,033 | 1,741,024 |
| Imerys SA | | 19,717 | 1,217,119 |
| Ingenico SA | | 33,495 | 2,376,443 |
| Ipsen SA | | 21,291 | 2,956,530 |
| JCDecaux SA | | 42,584 | 1,401,644 |
| Kering SA | | 44,407 | 19,797,131 |
| Klepierre SA | | 114,857 | 3,902,783 |
| L'Oreal SA | | 148,468 | 33,447,478 |
| Legrand SA | | 154,775 | 10,122,163 |
| LVMH Moet Hennessy - Louis Vuitton SA | | 162,947 | 49,439,004 |
| Michelin CGDE Series B | | 100,340 | 10,272,263 |
| Natixis SA | | 529,411 | 3,097,727 |
| Orange SA | | 1,173,764 | 18,320,517 |
| Pernod Ricard SA | | 125,095 | 19,099,657 |
| Peugeot Citroen SA | | 345,255 | 8,223,846 |
| Publicis Groupe SA | | 122,750 | 7,124,040 |
| Remy Cointreau SA | | 13,017 | 1,546,615 |
| Renault SA | | 113,132 | 8,466,141 |
| Rexel SA | | 173,527 | 2,215,066 |
| Safran SA | | 195,548 | 25,270,242 |
| Sanofi SA | | 659,662 | 58,947,774 |
| Schneider Electric SA | | 320,704 | 23,190,461 |
| SCOR SE | | 97,970 | 4,527,272 |
| SEB SA | | 12,506 | 1,794,695 |
| Societe Generale Series A | | 451,430 | 16,548,409 |
| Sodexo SA (a) | | 53,416 | 5,452,407 |
| SR Teleperformance SA | | 33,828 | 5,578,705 |
| Suez Environnement SA | | 211,317 | 3,060,067 |
| Thales SA | | 62,411 | 7,987,950 |
| Total SA | | 1,420,181 | 83,329,723 |
| Ubisoft Entertainment SA (b) | | 46,533 | 4,190,095 |
| Valeo SA | | 141,352 | 4,559,206 |
| Veolia Environnement SA | | 316,228 | 6,311,055 |
| VINCI SA | | 296,239 | 26,365,084 |
| Vivendi SA | | 612,105 | 14,762,940 |
| Wendel SA | | 15,309 | 1,987,134 |
|
| TOTAL FRANCE | | | 782,575,114 |
|
| Germany - 8.3% | | | |
| adidas AG | | 110,322 | 25,990,892 |
| Allianz SE | | 258,014 | 53,749,467 |
| Axel Springer Verlag AG | | 27,603 | 1,835,228 |
| BASF AG | | 538,074 | 41,291,023 |
| Bayer AG | | 546,750 | 41,909,732 |
| Bayerische Motoren Werke AG (BMW) | | 194,854 | 16,824,066 |
| Beiersdorf AG | | 59,519 | 6,161,657 |
| Brenntag AG | | 91,298 | 4,774,379 |
| Commerzbank AG (b) | | 591,207 | 5,584,050 |
| Continental AG | | 64,519 | 10,665,653 |
| Covestro AG (c) | | 112,963 | 7,308,364 |
| Daimler AG (Germany) | | 533,173 | 31,620,120 |
| Delivery Hero AG (b)(c) | | 52,132 | 2,104,446 |
| Deutsche Bank AG | | 1,153,448 | 11,302,124 |
| Deutsche Borse AG | | 113,057 | 14,287,305 |
| Deutsche Lufthansa AG | | 144,097 | 2,898,636 |
| Deutsche Post AG | | 579,098 | 18,285,176 |
| Deutsche Telekom AG | | 1,953,931 | 32,047,746 |
| Deutsche Wohnen AG (Bearer) | | 208,518 | 9,551,035 |
| Drillisch AG (a) | | 30,083 | 1,343,859 |
| E.ON AG | | 1,303,461 | 12,604,546 |
| Evonik Industries AG | | 99,063 | 3,074,382 |
| Fraport AG Frankfurt Airport Services Worldwide | | 23,705 | 1,833,819 |
| Fresenius Medical Care AG & Co. KGaA | | 125,840 | 9,880,517 |
| Fresenius SE & Co. KGaA | | 244,262 | 15,524,274 |
| GEA Group AG | | 98,337 | 2,991,704 |
| Hannover Reuck SE | | 35,797 | 4,828,966 |
| HeidelbergCement Finance AG | | 87,972 | 5,978,489 |
| Henkel AG & Co. KGaA | | 63,587 | 6,237,089 |
| Hochtief AG | | 11,022 | 1,635,413 |
| Hugo Boss AG | | 39,121 | 2,799,531 |
| Infineon Technologies AG | | 669,289 | 13,410,472 |
| innogy SE (c) | | 78,084 | 3,449,232 |
| K&S AG (a) | | 108,889 | 2,031,297 |
| KION Group AG | | 40,254 | 2,357,194 |
| Lanxess AG | | 52,540 | 3,258,736 |
| MAN SE | | 19,909 | 2,074,593 |
| Merck KGaA | | 76,022 | 8,147,380 |
| Metro Wholesale & Food Specialist AG | | 102,710 | 1,547,249 |
| MTU Aero Engines Holdings AG | | 30,553 | 6,498,980 |
| Muenchener Rueckversicherungs AG | | 88,033 | 18,940,024 |
| OSRAM Licht AG | | 56,363 | 2,286,733 |
| ProSiebenSat.1 Media AG | | 131,875 | 3,045,190 |
| Puma AG | | 4,698 | 2,415,820 |
| RWE AG | | 304,142 | 5,932,056 |
| SAP SE | | 574,788 | 61,544,559 |
| Schaeffler AG | | 94,988 | 1,004,013 |
| Siemens AG | | 448,121 | 51,510,079 |
| Siemens Healthineers AG (c) | | 90,620 | 3,755,625 |
| Symrise AG | | 72,501 | 6,089,890 |
| Telefonica Deutschland Holding AG | | 415,911 | 1,618,165 |
| Thyssenkrupp AG | | 256,880 | 5,404,492 |
| TUI AG (GB) | | 266,771 | 4,429,417 |
| Uniper SE | | 113,797 | 3,288,039 |
| United Internet AG | | 74,818 | 3,099,885 |
| Volkswagen AG | | 20,936 | 3,457,379 |
| Vonovia SE | | 283,967 | 13,000,496 |
| Wirecard AG | | 68,742 | 12,878,148 |
| Zalando SE (a)(b) | | 61,979 | 2,400,858 |
|
| TOTAL GERMANY | | | 655,799,689 |
|
| Hong Kong - 2.4% | | | |
| AIA Group Ltd. | | 7,074,400 | 53,540,974 |
| Bank of East Asia Ltd. | | 786,032 | 2,545,950 |
| BOC Hong Kong (Holdings) Ltd. | | 2,168,500 | 8,102,200 |
| CLP Holdings Ltd. | | 970,000 | 10,872,678 |
| Galaxy Entertainment Group Ltd. | | 1,394,000 | 7,537,105 |
| Hang Lung Group Ltd. | | 514,000 | 1,263,706 |
| Hang Lung Properties Ltd. | | 1,118,000 | 2,024,445 |
| Hang Seng Bank Ltd. | | 447,700 | 10,481,796 |
| Henderson Land Development Co. Ltd. | | 796,565 | 3,707,576 |
| Hong Kong & China Gas Co. Ltd. | | 5,583,273 | 10,664,832 |
| Hong Kong Exchanges and Clearing Ltd. | | 699,618 | 18,556,678 |
| Hysan Development Co. Ltd. | | 348,000 | 1,630,844 |
| Link (REIT) | | 1,258,500 | 11,153,572 |
| MTR Corp. Ltd. | | 901,403 | 4,367,959 |
| New World Development Co. Ltd. | | 3,610,380 | 4,576,308 |
| PCCW Ltd. | | 2,420,584 | 1,327,286 |
| Power Assets Holdings Ltd. | | 816,000 | 5,447,319 |
| Sino Land Ltd. | | 1,838,689 | 2,883,961 |
| SJM Holdings Ltd. | | 1,097,000 | 885,495 |
| Sun Hung Kai Properties Ltd. | | 929,500 | 12,079,955 |
| Swire Pacific Ltd. (A Shares) | | 275,500 | 2,857,953 |
| Swire Properties Ltd. | | 662,600 | 2,260,222 |
| Techtronic Industries Co. Ltd. | | 817,500 | 3,825,866 |
| Wharf Holdings Ltd. | | 689,000 | 1,718,557 |
| Wheelock and Co. Ltd. | | 457,000 | 2,438,864 |
|
| TOTAL HONG KONG | | | 186,752,101 |
|
| Ireland - 0.6% | | | |
| AIB Group PLC | | 448,169 | 2,168,547 |
| Bank Ireland Group PLC | | 579,750 | 4,113,936 |
| CRH PLC | | 490,025 | 14,616,555 |
| DCC PLC (United Kingdom) | | 52,212 | 4,481,415 |
| James Hardie Industries PLC CDI | | 269,328 | 3,583,716 |
| Kerry Group PLC Class A | | 92,365 | 9,467,858 |
| Paddy Power Betfair PLC (Ireland) | | 47,840 | 4,128,971 |
| Ryanair Holdings PLC sponsored ADR (b) | | 16,001 | 1,324,883 |
| Smurfit Kappa Group PLC | | 133,333 | 4,346,345 |
|
| TOTAL IRELAND | | | 48,232,226 |
|
| Isle of Man - 0.1% | | | |
| Gaming VC Holdings SA | | 322,839 | 3,866,557 |
| Genting Singapore Ltd. | | 3,433,400 | 2,181,274 |
|
| TOTAL ISLE OF MAN | | | 6,047,831 |
|
| Israel - 0.5% | | | |
| Azrieli Group | | 24,180 | 1,173,947 |
| Bank Hapoalim BM (Reg.) | | 641,868 | 4,348,313 |
| Bank Leumi le-Israel BM | | 888,176 | 5,544,161 |
| Bezeq The Israel Telecommunication Corp. Ltd. | | 1,176,724 | 1,353,287 |
| Check Point Software Technologies Ltd. (a)(b) | | 75,459 | 8,375,949 |
| Elbit Systems Ltd. (Israel) | | 13,365 | 1,598,835 |
| Israel Chemicals Ltd. | | 390,682 | 2,253,864 |
| Mizrahi Tefahot Bank Ltd. | | 79,046 | 1,331,936 |
| NICE Systems Ltd. (b) | | 36,965 | 3,919,243 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 567,724 | 11,343,126 |
|
| TOTAL ISRAEL | | | 41,242,661 |
|
| Italy - 1.8% | | | |
| Assicurazioni Generali SpA | | 683,413 | 11,053,687 |
| Atlantia SpA | | 291,418 | 5,862,125 |
| Davide Campari-Milano SpA | | 357,323 | 2,750,085 |
| Enel SpA | | 4,751,949 | 23,299,115 |
| Eni SpA | | 1,487,257 | 26,413,314 |
| Intesa Sanpaolo SpA | | 8,723,401 | 19,322,985 |
| Leonardo SpA | | 230,909 | 2,508,160 |
| Luxottica Group SpA | | 99,690 | 6,268,979 |
| Mediobanca SpA | | 379,124 | 3,328,824 |
| Moncler SpA | | 106,920 | 3,717,860 |
| Pirelli & C. S.p.A. (c) | | 220,817 | 1,624,204 |
| Poste Italiane SpA (c) | | 295,561 | 2,125,772 |
| Prysmian SpA | | 145,598 | 2,829,883 |
| Recordati SpA | | 59,139 | 2,004,155 |
| Snam Rete Gas SpA | | 1,357,668 | 5,618,985 |
| Telecom Italia SpA (b) | | 6,585,652 | 3,873,379 |
| Terna SpA | | 797,622 | 4,124,142 |
| UniCredit SpA | | 1,176,827 | 15,083,471 |
|
| TOTAL ITALY | | | 141,809,125 |
|
| Japan - 24.1% | | | |
| ABC-MART, Inc. | | 18,200 | 1,064,563 |
| ACOM Co. Ltd. | | 218,900 | 808,980 |
| AEON Co. Ltd. | | 358,800 | 8,235,235 |
| AEON Financial Service Co. Ltd. | | 65,200 | 1,280,482 |
| AEON MALL Co. Ltd. | | 56,700 | 1,049,730 |
| Agc, Inc. | | 105,000 | 3,439,215 |
| Air Water, Inc. | | 82,100 | 1,332,256 |
| Aisin Seiki Co. Ltd. | | 96,600 | 3,796,880 |
| Ajinomoto Co., Inc. | | 272,400 | 4,400,748 |
| Alfresa Holdings Corp. | | 115,600 | 3,088,882 |
| All Nippon Airways Ltd. | | 65,300 | 2,195,752 |
| Alps Electric Co. Ltd. | | 114,800 | 2,706,159 |
| Amada Holdings Co. Ltd. | | 188,500 | 1,775,828 |
| Aozora Bank Ltd. | | 66,150 | 2,282,599 |
| Asahi Group Holdings | | 212,700 | 9,347,117 |
| Asahi Kasei Corp. | | 739,800 | 8,876,456 |
| Asics Corp. | | 91,100 | 1,324,093 |
| Astellas Pharma, Inc. | | 1,097,800 | 16,961,236 |
| Bandai Namco Holdings, Inc. | | 119,100 | 4,237,927 |
| Bank of Kyoto Ltd. | | 29,500 | 1,330,748 |
| Benesse Holdings, Inc. | | 39,000 | 1,087,030 |
| Bridgestone Corp. | | 361,200 | 13,927,619 |
| Brother Industries Ltd. | | 127,200 | 2,334,659 |
| Calbee, Inc. | | 45,700 | 1,518,811 |
| Canon, Inc. | | 582,200 | 16,583,042 |
| Casio Computer Co. Ltd. | | 111,500 | 1,682,887 |
| Central Japan Railway Co. | | 84,200 | 16,158,713 |
| Chiba Bank Ltd. | | 335,300 | 2,121,229 |
| Chubu Electric Power Co., Inc. | | 358,300 | 5,166,932 |
| Chugai Pharmaceutical Co. Ltd. | | 131,600 | 7,704,756 |
| Chugoku Electric Power Co., Inc. | | 157,700 | 2,029,338 |
| Coca-Cola West Co. Ltd. | | 75,800 | 1,985,102 |
| Concordia Financial Group Ltd. | | 620,700 | 2,840,796 |
| Credit Saison Co. Ltd. | | 86,000 | 1,365,683 |
| CyberAgent, Inc. | | 57,200 | 2,434,042 |
| CYBERDYNE, Inc. (a)(b) | | 60,900 | 430,701 |
| Dai Nippon Printing Co. Ltd. | | 148,000 | 3,320,751 |
| Dai-ichi Mutual Life Insurance Co. | | 632,900 | 11,876,581 |
| Daicel Chemical Industries Ltd. | | 145,200 | 1,537,768 |
| Daifuku Co. Ltd. | | 57,300 | 2,468,011 |
| Daiichi Sankyo Kabushiki Kaisha | | 332,800 | 12,720,683 |
| Daikin Industries Ltd. | | 145,000 | 16,807,229 |
| Dainippon Sumitomo Pharma Co. Ltd. | | 87,600 | 1,830,290 |
| Daito Trust Construction Co. Ltd. | | 43,000 | 5,678,203 |
| Daiwa House Industry Co. Ltd. | | 331,700 | 10,015,462 |
| Daiwa House REIT Investment Corp. | | 953 | 2,086,152 |
| Daiwa Securities Group, Inc. | | 956,500 | 5,485,250 |
| DeNA Co. Ltd. | | 60,500 | 1,006,346 |
| DENSO Corp. | | 256,300 | 11,432,459 |
| Dentsu, Inc. | | 127,400 | 5,908,790 |
| Disco Corp. | | 16,300 | 2,595,923 |
| Don Quijote Holdings Co. Ltd. | | 72,300 | 4,331,528 |
| East Japan Railway Co. | | 185,000 | 16,157,483 |
| Eisai Co. Ltd. | | 147,800 | 12,308,848 |
| Electric Power Development Co. Ltd. | | 83,200 | 2,267,382 |
| FamilyMart Co. Ltd. | | 37,500 | 4,346,623 |
| Fanuc Corp. | | 113,600 | 19,762,658 |
| Fast Retailing Co. Ltd. | | 34,300 | 17,270,235 |
| Fuji Electric Co. Ltd. | | 73,200 | 2,234,465 |
| Fujifilm Holdings Corp. | | 226,100 | 9,778,911 |
| Fujitsu Ltd. | | 115,000 | 6,996,416 |
| Fukuoka Financial Group, Inc. | | 91,200 | 2,240,851 |
| Hakuhodo DY Holdings, Inc. | | 132,900 | 2,221,380 |
| Hamamatsu Photonics K.K. | | 80,500 | 2,696,770 |
| Hankyu Hanshin Holdings, Inc. | | 136,100 | 4,487,012 |
| Hikari Tsushin, Inc. | | 12,200 | 2,132,175 |
| Hino Motors Ltd. | | 148,000 | 1,416,698 |
| Hirose Electric Co. Ltd. | | 18,130 | 1,724,065 |
| Hisamitsu Pharmaceutical Co., Inc. | | 32,300 | 1,823,468 |
| Hitachi Chemical Co. Ltd. | | 59,800 | 943,890 |
| Hitachi Construction Machinery Co. Ltd. | | 60,900 | 1,616,921 |
| Hitachi High-Technologies Corp. | | 39,100 | 1,474,458 |
| Hitachi Ltd. | | 562,800 | 17,204,906 |
| Hitachi Metals Ltd. | | 122,800 | 1,449,635 |
| Honda Motor Co. Ltd. | | 954,500 | 27,246,709 |
| Hoshizaki Corp. | | 30,800 | 2,486,711 |
| Hoya Corp. | | 222,700 | 12,659,173 |
| Hulic Co. Ltd. | | 171,000 | 1,568,529 |
| Idemitsu Kosan Co. Ltd. | | 76,500 | 3,491,603 |
| IHI Corp. | | 83,300 | 3,047,319 |
| Iida Group Holdings Co. Ltd. | | 82,300 | 1,498,154 |
| INPEX Corp. | | 602,600 | 6,861,573 |
| Isetan Mitsukoshi Holdings Ltd. | | 192,300 | 2,247,467 |
| Isuzu Motors Ltd. | | 325,900 | 4,272,728 |
| Itochu Corp. | | 824,500 | 15,291,151 |
| J. Front Retailing Co. Ltd. | | 147,800 | 1,936,817 |
| Japan Airlines Co. Ltd. | | 65,700 | 2,338,963 |
| Japan Airport Terminal Co. Ltd. | | 26,500 | 1,019,276 |
| Japan Exchange Group, Inc. | | 300,800 | 5,400,991 |
| Japan Post Bank Co. Ltd. | | 249,600 | 2,913,309 |
| Japan Post Holdings Co. Ltd. | | 919,700 | 10,906,251 |
| Japan Prime Realty Investment Corp. | | 479 | 1,710,790 |
| Japan Real Estate Investment Corp. | | 790 | 4,074,799 |
| Japan Retail Fund Investment Corp. | | 1,465 | 2,705,774 |
| Japan Tobacco, Inc. | | 647,000 | 16,624,877 |
| JFE Holdings, Inc. | | 288,800 | 5,427,007 |
| JGC Corp. | | 117,800 | 2,280,236 |
| JSR Corp. | | 109,100 | 1,630,191 |
| JTEKT Corp. | | 115,400 | 1,435,765 |
| JX Holdings, Inc. | | 1,927,900 | 13,026,787 |
| Kajima Corp. | | 272,000 | 3,502,418 |
| Kakaku.com, Inc. | | 77,900 | 1,413,226 |
| Kamigumi Co. Ltd. | | 60,400 | 1,249,378 |
| Kaneka Corp. | | 27,200 | 1,137,803 |
| Kansai Electric Power Co., Inc. | | 414,100 | 6,338,008 |
| Kansai Paint Co. Ltd. | | 98,100 | 1,452,786 |
| Kao Corp. | | 290,600 | 19,331,359 |
| Kawasaki Heavy Industries Ltd. | | 78,900 | 1,869,806 |
| KDDI Corp. | | 1,039,100 | 25,146,065 |
| Keihan Electric Railway Co., Ltd. | | 55,100 | 2,090,025 |
| Keihin Electric Express Railway Co. Ltd. | | 138,100 | 2,045,155 |
| Keio Corp. | | 62,300 | 3,383,767 |
| Keisei Electric Railway Co. | | 71,500 | 2,203,493 |
| Keyence Corp. | | 57,000 | 27,935,481 |
| Kikkoman Corp. | | 87,100 | 4,771,974 |
| Kintetsu Group Holdings Co. Ltd. | | 103,200 | 3,960,261 |
| Kirin Holdings Co. Ltd. | | 482,700 | 11,518,447 |
| Kobayashi Pharmaceutical Co. Ltd. | | 27,300 | 1,790,402 |
| Kobe Steel Ltd. | | 174,800 | 1,405,446 |
| Koito Manufacturing Co. Ltd. | | 62,900 | 2,999,087 |
| Komatsu Ltd. | | 537,500 | 13,997,820 |
| Konami Holdings Corp. | | 53,100 | 2,025,777 |
| Konica Minolta, Inc. | | 257,200 | 2,545,866 |
| Kose Corp. | | 17,100 | 2,556,627 |
| Kubota Corp. | | 580,100 | 9,157,920 |
| Kuraray Co. Ltd. | | 197,100 | 2,707,271 |
| Kurita Water Industries Ltd. | | 56,200 | 1,386,136 |
| Kyocera Corp. | | 188,100 | 10,180,517 |
| Kyowa Hakko Kirin Co., Ltd. | | 146,800 | 2,843,054 |
| Kyushu Electric Power Co., Inc. | | 235,200 | 2,738,980 |
| Kyushu Railway Co. | | 90,900 | 2,787,380 |
| Lawson, Inc. | | 28,700 | 1,816,085 |
| LINE Corp. (a)(b) | | 39,700 | 1,265,712 |
| Lion Corp. | | 126,700 | 2,380,503 |
| LIXIL Group Corp. | | 163,400 | 2,577,675 |
| M3, Inc. | | 248,000 | 3,995,781 |
| Mabuchi Motor Co. Ltd. | | 27,600 | 983,312 |
| Makita Corp. | | 131,800 | 4,561,342 |
| Marubeni Corp. | | 919,000 | 7,451,886 |
| Marui Group Co. Ltd. | | 113,400 | 2,441,705 |
| Maruichi Steel Tube Ltd. | | 32,300 | 933,203 |
| Mazda Motor Corp. | | 322,300 | 3,432,847 |
| McDonald's Holdings Co. (Japan) Ltd. | | 38,000 | 1,673,771 |
| Mebuki Financial Group, Inc. | | 458,590 | 1,402,167 |
| Medipal Holdings Corp. | | 97,400 | 2,091,551 |
| Meiji Holdings Co. Ltd. | | 72,600 | 4,816,990 |
| Minebea Mitsumi, Inc. | | 233,300 | 3,569,029 |
| Misumi Group, Inc. | | 169,500 | 3,403,970 |
| Mitsubishi Chemical Holdings Corp. | | 752,700 | 5,867,594 |
| Mitsubishi Corp. | | 795,100 | 22,378,338 |
| Mitsubishi Electric Corp. | | 1,060,800 | 13,429,136 |
| Mitsubishi Estate Co. Ltd. | | 722,100 | 11,540,458 |
| Mitsubishi Gas Chemical Co., Inc. | | 89,300 | 1,504,492 |
| Mitsubishi Heavy Industries Ltd. | | 178,100 | 6,278,335 |
| Mitsubishi Materials Corp. | | 68,700 | 1,901,953 |
| Mitsubishi Motors Corp. of Japan | | 380,100 | 2,387,510 |
| Mitsubishi Tanabe Pharma Corp. | | 157,400 | 2,326,789 |
| Mitsubishi UFJ Financial Group, Inc. | | 6,922,300 | 41,897,171 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | | 223,500 | 1,150,826 |
| Mitsui & Co. Ltd. | | 971,200 | 16,227,402 |
| Mitsui Chemicals, Inc. | | 104,500 | 2,343,325 |
| Mitsui Fudosan Co. Ltd. | | 533,800 | 12,022,376 |
| Mitsui OSK Lines Ltd. | | 73,300 | 1,781,525 |
| Mizuho Financial Group, Inc. | | 14,148,200 | 24,297,604 |
| MS&AD Insurance Group Holdings, Inc. | | 278,300 | 8,359,363 |
| Murata Manufacturing Co. Ltd. | | 105,600 | 16,064,377 |
| Nabtesco Corp. | | 64,000 | 1,411,193 |
| Nagoya Railroad Co. Ltd. | | 99,400 | 2,401,422 |
| NEC Corp. | | 155,600 | 4,466,534 |
| New Hampshire Foods Ltd. | | 52,000 | 1,793,265 |
| Nexon Co. Ltd. (b) | | 270,500 | 3,082,935 |
| NGK Insulators Ltd. | | 149,700 | 2,106,888 |
| NGK Spark Plug Co. Ltd. | | 90,600 | 1,840,344 |
| Nidec Corp. | | 131,700 | 16,912,598 |
| Nikon Corp. | | 193,200 | 3,367,987 |
| Nintendo Co. Ltd. | | 66,400 | 20,730,271 |
| Nippon Building Fund, Inc. | | 803 | 4,590,198 |
| Nippon Electric Glass Co. Ltd. | | 48,100 | 1,211,903 |
| Nippon Express Co. Ltd. | | 42,500 | 2,682,112 |
| Nippon Paint Holdings Co. Ltd. | | 89,600 | 2,807,072 |
| Nippon Prologis REIT, Inc. | | 1,004 | 2,025,173 |
| Nippon Steel & Sumitomo Metal Corp. | | 453,100 | 8,357,960 |
| Nippon Telegraph & Telephone Corp. | | 406,400 | 16,759,374 |
| Nippon Yusen KK | | 83,700 | 1,349,739 |
| Nissan Chemical Corp. | | 72,700 | 3,427,898 |
| Nissan Motor Co. Ltd. | | 1,368,400 | 12,449,379 |
| Nisshin Seifun Group, Inc. | | 112,300 | 2,234,546 |
| Nissin Food Holdings Co. Ltd. | | 43,500 | 2,810,431 |
| Nitori Holdings Co. Ltd. | | 47,000 | 6,137,679 |
| Nitto Denko Corp. | | 96,900 | 6,053,836 |
| NKSJ Holdings, Inc. | | 195,100 | 8,047,005 |
| NOK Corp. | | 44,100 | 634,718 |
| Nomura Holdings, Inc. | | 2,029,000 | 9,743,175 |
| Nomura Real Estate Holdings, Inc. | | 71,500 | 1,342,744 |
| Nomura Real Estate Master Fund, Inc. | | 2,173 | 2,817,476 |
| Nomura Research Institute Ltd. | | 68,840 | 3,050,472 |
| NSK Ltd. | | 224,000 | 2,213,106 |
| NTT Data Corp. | | 373,900 | 4,800,313 |
| NTT DOCOMO, Inc. | | 776,100 | 19,246,383 |
| Obayashi Corp. | | 393,500 | 3,473,905 |
| OBIC Co. Ltd. | | 36,700 | 3,343,608 |
| Odakyu Electric Railway Co. Ltd. | | 176,800 | 3,737,677 |
| Oji Holdings Corp. | | 483,000 | 3,429,844 |
| Olympus Corp. | | 170,600 | 5,686,405 |
| OMRON Corp. | | 113,900 | 4,623,229 |
| Ono Pharmaceutical Co. Ltd. | | 223,500 | 5,094,536 |
| Oracle Corp. Japan | | 21,300 | 1,445,988 |
| Oriental Land Co. Ltd. | | 116,600 | 10,969,194 |
| ORIX Corp. | | 783,400 | 12,781,844 |
| Osaka Gas Co. Ltd. | | 224,300 | 4,101,550 |
| Otsuka Corp. | | 59,300 | 1,970,798 |
| Otsuka Holdings Co. Ltd. | | 229,500 | 10,976,519 |
| Panasonic Corp. | | 1,285,400 | 13,794,213 |
| Park24 Co. Ltd. | | 79,100 | 2,082,741 |
| Pola Orbis Holdings, Inc. | | 51,900 | 1,389,090 |
| Rakuten, Inc. | | 487,700 | 3,298,796 |
| Recruit Holdings Co. Ltd. | | 645,600 | 17,327,641 |
| Renesas Electronics Corp. (b) | | 509,400 | 2,699,705 |
| Resona Holdings, Inc. | | 1,229,200 | 6,465,635 |
| Ricoh Co. Ltd. | | 407,500 | 4,067,778 |
| Rinnai Corp. | | 19,700 | 1,435,140 |
| ROHM Co. Ltd. | | 57,000 | 4,010,990 |
| Ryohin Keikaku Co. Ltd. | | 14,300 | 3,777,932 |
| Sankyo Co. Ltd. (Gunma) | | 25,900 | 988,164 |
| Santen Pharmaceutical Co. Ltd. | | 207,300 | 3,077,303 |
| SBI Holdings, Inc. Japan | | 126,700 | 3,324,843 |
| Secom Co. Ltd. | | 127,700 | 10,455,001 |
| Sega Sammy Holdings, Inc. | | 95,800 | 1,233,637 |
| Seibu Holdings, Inc. | | 126,700 | 2,298,532 |
| Seiko Epson Corp. | | 159,000 | 2,561,689 |
| Sekisui Chemical Co. Ltd. | | 210,100 | 3,301,345 |
| Sekisui House Ltd. | | 367,300 | 5,390,871 |
| Seven & i Holdings Co. Ltd. | | 445,100 | 19,272,830 |
| Seven Bank Ltd. | | 341,500 | 1,068,370 |
| SG Holdings Co. Ltd. | | 53,000 | 1,335,862 |
| Sharp Corp. (a) | | 99,200 | 1,521,826 |
| Shimadzu Corp. | | 133,700 | 3,380,565 |
| Shimamura Co. Ltd. | | 12,600 | 1,059,724 |
| SHIMANO, Inc. | | 43,400 | 5,938,725 |
| SHIMIZU Corp. | | 341,700 | 2,773,701 |
| Shin-Etsu Chemical Co. Ltd. | | 212,900 | 17,790,035 |
| Shinsei Bank Ltd. | | 91,700 | 1,396,866 |
| Shionogi & Co. Ltd. | | 162,300 | 10,378,064 |
| Shiseido Co. Ltd. | | 223,100 | 14,076,606 |
| Shizuoka Bank Ltd. | | 250,800 | 2,194,252 |
| Showa Denko K.K. | | 79,200 | 3,448,654 |
| Showa Shell Sekiyu K.K. | | 107,100 | 2,044,128 |
| SMC Corp. | | 33,600 | 10,764,745 |
| SoftBank Corp. | | 483,900 | 38,295,274 |
| Sohgo Security Services Co., Ltd. | | 39,400 | 1,756,388 |
| Sony Corp. | | 742,800 | 40,197,924 |
| Sony Financial Holdings, Inc. | | 99,000 | 2,283,877 |
| Stanley Electric Co. Ltd. | | 73,200 | 2,170,018 |
| Subaru Corp. | | 368,700 | 9,945,571 |
| Sumco Corp. | | 132,400 | 1,787,008 |
| Sumitomo Chemical Co. Ltd. | | 895,000 | 4,483,404 |
| Sumitomo Corp. | | 658,800 | 9,991,807 |
| Sumitomo Electric Industries Ltd. | | 443,400 | 6,046,908 |
| Sumitomo Heavy Industries Ltd. | | 61,200 | 1,924,787 |
| Sumitomo Metal Mining Co. Ltd. | | 138,700 | 4,367,115 |
| Sumitomo Mitsui Financial Group, Inc. | | 787,000 | 30,641,923 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 195,300 | 7,759,955 |
| Sumitomo Realty & Development Co. Ltd. | | 209,000 | 7,181,255 |
| Sumitomo Rubber Industries Ltd. | | 98,300 | 1,415,673 |
| Sundrug Co. Ltd. | | 42,200 | 1,533,389 |
| Suntory Beverage & Food Ltd. | | 78,600 | 3,207,808 |
| Suzuken Co. Ltd. | | 46,000 | 2,331,901 |
| Suzuki Motor Corp. | | 201,400 | 10,043,157 |
| Sysmex Corp. | | 98,000 | 6,882,191 |
| T&D Holdings, Inc. | | 329,400 | 5,265,694 |
| Taiheiyo Cement Corp. | | 68,700 | 2,021,613 |
| Taisei Corp. | | 125,700 | 5,375,999 |
| Taisho Pharmaceutical Holdings Co. Ltd. | | 22,400 | 2,390,180 |
| Taiyo Nippon Sanso Corp. | | 74,700 | 1,202,906 |
| Takashimaya Co. Ltd. | | 78,500 | 1,235,409 |
| Takeda Pharmaceutical Co. Ltd. (a) | | 419,400 | 17,388,135 |
| TDK Corp. | | 76,000 | 6,553,486 |
| Teijin Ltd. | | 112,600 | 1,952,113 |
| Temp Holdings Co., Ltd. | | 100,900 | 1,920,798 |
| Terumo Corp. | | 177,900 | 9,603,386 |
| THK Co. Ltd. | | 68,300 | 1,513,877 |
| Tobu Railway Co. Ltd. | | 107,800 | 2,998,203 |
| Toho Co. Ltd. | | 64,500 | 2,104,338 |
| Toho Gas Co. Ltd. | | 42,700 | 1,475,872 |
| Tohoku Electric Power Co., Inc. | | 242,500 | 3,068,995 |
| Tokio Marine Holdings, Inc. | | 391,400 | 18,439,691 |
| Tokyo Century Corp. | | 23,600 | 1,265,388 |
| Tokyo Electric Power Co., Inc. (b) | | 817,500 | 4,184,110 |
| Tokyo Electron Ltd. | | 92,700 | 12,509,745 |
| Tokyo Gas Co. Ltd. | | 229,300 | 5,639,153 |
| Tokyo Tatemono Co. Ltd. | | 107,700 | 1,158,330 |
| Tokyu Corp. | | 295,500 | 4,881,800 |
| Tokyu Fudosan Holdings Corp. | | 283,900 | 1,599,589 |
| Toppan Printing Co. Ltd. | | 136,000 | 1,922,690 |
| Toray Industries, Inc. | | 815,900 | 5,787,419 |
| Toshiba Corp. (b) | | 382,400 | 11,454,885 |
| Tosoh Corp. | | 162,800 | 2,143,391 |
| Toto Ltd. | | 85,900 | 3,073,181 |
| Toyo Seikan Group Holdings Ltd. | | 85,000 | 1,734,154 |
| Toyo Suisan Kaisha Ltd. | | 50,600 | 1,744,441 |
| Toyoda Gosei Co. Ltd. | | 36,100 | 779,045 |
| Toyota Industries Corp. | | 86,900 | 4,274,339 |
| Toyota Motor Corp. | | 1,337,750 | 78,366,694 |
| Toyota Tsusho Corp. | | 126,700 | 4,572,429 |
| Trend Micro, Inc. | | 71,300 | 4,104,442 |
| Tsuruha Holdings, Inc. | | 20,900 | 2,178,260 |
| Unicharm Corp. | | 237,900 | 6,476,969 |
| United Urban Investment Corp. | | 1,623 | 2,472,581 |
| USS Co. Ltd. | | 126,600 | 2,285,498 |
| West Japan Railway Co. | | 96,300 | 6,476,912 |
| Yahoo! Japan Corp. | | 1,659,400 | 5,176,994 |
| Yakult Honsha Co. Ltd. | | 65,900 | 4,678,150 |
| Yamada Denki Co. Ltd. (a) | | 358,300 | 1,689,330 |
| Yamaguchi Financial Group, Inc. | | 113,800 | 1,203,203 |
| Yamaha Corp. | | 83,000 | 3,647,384 |
| Yamaha Motor Co. Ltd. | | 170,000 | 4,020,469 |
| Yamato Holdings Co. Ltd. | | 182,300 | 4,983,792 |
| Yamazaki Baking Co. Ltd. | | 66,600 | 1,201,734 |
| Yaskawa Electric Corp. | | 144,900 | 4,188,144 |
| Yokogawa Electric Corp. | | 129,300 | 2,538,686 |
| Yokohama Rubber Co. Ltd. | | 69,100 | 1,338,565 |
| Zozo, Inc. | | 123,300 | 2,971,177 |
|
| TOTAL JAPAN | | | 1,897,142,016 |
|
| Luxembourg - 0.3% | | | |
| ArcelorMittal SA (Netherlands) | | 385,943 | 9,634,529 |
| Eurofins Scientific SA | | 6,473 | 3,272,846 |
| Millicom International Cellular SA (depository receipt) | | 37,446 | 2,115,535 |
| RTL Group SA | | 21,920 | 1,407,730 |
| SES SA (France) (depositary receipt) | | 221,220 | 4,754,468 |
| Tenaris SA | | 283,488 | 4,173,126 |
|
| TOTAL LUXEMBOURG | | | 25,358,234 |
|
| Mauritius - 0.0% | | | |
| Golden Agri-Resources Ltd. | | 3,694,900 | 680,215 |
| Multi-National - 0.1% | | | |
| HK Electric Investments & HK Electric Investments Ltd. unit (c) | | 1,506,500 | 1,433,124 |
| HKT Trust/HKT Ltd. unit | | 2,314,000 | 3,186,860 |
|
| TOTAL MULTI-NATIONAL | | | 4,619,984 |
|
| Netherlands - 4.4% | | | |
| ABN AMRO Group NV GDR | | 249,536 | 6,133,222 |
| AEGON NV | | 1,080,878 | 6,645,264 |
| AerCap Holdings NV (b) | | 75,301 | 3,771,074 |
| Airbus Group NV | | 341,159 | 37,702,940 |
| Akzo Nobel NV | | 148,283 | 12,475,530 |
| ASML Holding NV (Netherlands) | | 239,906 | 41,322,401 |
| CNH Industrial NV | | 597,598 | 6,217,722 |
| EXOR NV | | 61,309 | 3,474,860 |
| Ferrari NV | | 71,824 | 8,419,875 |
| Fiat Chrysler Automobiles NV | | 631,777 | 9,624,581 |
| Heineken Holding NV | | 67,821 | 5,876,535 |
| Heineken NV (Bearer) | | 151,183 | 13,630,499 |
| ING Groep NV (Certificaten Van Aandelen) | | 2,283,663 | 27,018,007 |
| Koninklijke Ahold Delhaize NV | | 731,155 | 16,753,327 |
| Koninklijke DSM NV | | 106,517 | 9,335,625 |
| Koninklijke KPN NV | | 2,003,210 | 5,285,523 |
| Koninklijke Philips Electronics NV | | 551,374 | 20,563,966 |
| NN Group NV | | 174,552 | 7,512,840 |
| NXP Semiconductors NV | | 201,282 | 15,094,137 |
| QIAGEN NV (Germany) (b) | | 135,076 | 4,906,512 |
| Randstad NV | | 71,910 | 3,628,547 |
| STMicroelectronics NV (France) | | 400,196 | 6,083,551 |
| Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit | | 81,552 | 14,805,043 |
| Unilever NV (Certificaten Van Aandelen) (Bearer) | | 904,962 | 48,628,134 |
| Vopak NV | | 40,027 | 1,813,463 |
| Wolters Kluwer NV | | 169,737 | 9,643,391 |
|
| TOTAL NETHERLANDS | | | 346,366,569 |
|
| New Zealand - 0.2% | | | |
| Auckland International Airport Ltd. | | 553,657 | 2,525,409 |
| Fisher & Paykel Healthcare Corp. | | 322,983 | 2,866,371 |
| Fletcher Building Ltd. | | 546,802 | 2,155,167 |
| Meridian Energy Ltd. | | 723,753 | 1,480,614 |
| Ryman Healthcare Group Ltd. | | 227,491 | 1,796,236 |
| Spark New Zealand Ltd. | | 1,038,901 | 2,677,843 |
| The a2 Milk Co. Ltd. (b) | | 413,128 | 2,809,093 |
|
| TOTAL NEW ZEALAND | | | 16,310,733 |
|
| Norway - 0.8% | | | |
| Aker Bp ASA | | 59,446 | 1,960,425 |
| DNB ASA | | 571,720 | 10,346,139 |
| Equinor ASA | | 685,714 | 17,838,748 |
| Gjensidige Forsikring ASA | | 113,945 | 1,765,311 |
| Marine Harvest ASA | | 246,254 | 5,959,313 |
| Norsk Hydro ASA | | 803,673 | 4,171,953 |
| Orkla ASA | | 491,433 | 4,240,532 |
| Schibsted ASA (B Shares) | | 55,905 | 1,770,699 |
| Telenor ASA | | 440,290 | 8,077,398 |
| Yara International ASA | | 105,878 | 4,555,500 |
|
| TOTAL NORWAY | | | 60,686,018 |
|
| Papua New Guinea - 0.1% | | | |
| Oil Search Ltd. ADR | | 811,928 | 4,467,492 |
| Portugal - 0.2% | | | |
| Energias de Portugal SA | | 1,509,669 | 5,307,612 |
| Galp Energia SGPS SA Class B | | 296,978 | 5,178,449 |
| Jeronimo Martins SGPS SA | | 143,248 | 1,762,033 |
|
| TOTAL PORTUGAL | | | 12,248,094 |
|
| Singapore - 1.2% | | | |
| Ascendas Real Estate Investment Trust | | 1,551,100 | 2,821,912 |
| CapitaCommercial Trust (REIT) | | 1,642,758 | 2,051,743 |
| CapitaLand Ltd. | | 1,551,200 | 3,516,419 |
| CapitaMall Trust | | 1,397,600 | 2,128,965 |
| City Developments Ltd. | | 228,400 | 1,304,295 |
| ComfortDelgro Corp. Ltd. | | 1,230,500 | 1,998,791 |
| DBS Group Holdings Ltd. | | 1,057,377 | 17,908,576 |
| Jardine Cycle & Carriage Ltd. | | 53,600 | 1,171,333 |
| Keppel Corp. Ltd. | | 887,000 | 3,970,256 |
| Oversea-Chinese Banking Corp. Ltd. | | 1,895,610 | 14,697,940 |
| Sembcorp Industries Ltd. | | 565,900 | 1,152,105 |
| Singapore Airlines Ltd. | | 305,000 | 2,087,427 |
| Singapore Airport Terminal Service Ltd. | | 387,600 | 1,393,530 |
| Singapore Exchange Ltd. | | 452,500 | 2,234,487 |
| Singapore Press Holdings Ltd. | | 915,500 | 1,751,489 |
| Singapore Technologies Engineering Ltd. | | 980,400 | 2,512,667 |
| Singapore Telecommunications Ltd. | | 4,793,300 | 10,935,154 |
| Suntec (REIT) | | 1,191,600 | 1,522,674 |
| United Overseas Bank Ltd. | | 792,272 | 13,944,765 |
| UOL Group Ltd. | | 291,791 | 1,270,259 |
| Venture Corp. Ltd. | | 150,500 | 1,664,556 |
| Wilmar International Ltd. | | 1,070,600 | 2,442,404 |
| Yangzijiang Shipbuilding Holdings Ltd. | | 1,362,800 | 1,219,992 |
|
| TOTAL SINGAPORE | | | 95,701,739 |
|
| Spain - 2.9% | | | |
| ACS Actividades de Construccion y Servicios SA | | 148,265 | 5,560,240 |
| Aena Sme SA | | 39,643 | 6,337,867 |
| Amadeus IT Holding SA Class A | | 256,608 | 20,688,257 |
| Banco Bilbao Vizcaya Argentaria SA | | 3,914,735 | 21,605,795 |
| Banco de Sabadell SA | | 3,331,158 | 4,395,587 |
| Banco Santander SA: | | | |
| rights (b) | | 9,463,552 | 367,658 |
| (Spain) | | 9,463,552 | 45,027,171 |
| Bankia SA | | 702,907 | 2,212,494 |
| Bankinter SA | | 382,120 | 3,135,263 |
| CaixaBank SA | | 2,110,745 | 8,541,575 |
| Enagas SA | | 139,078 | 3,692,426 |
| Endesa SA | | 179,209 | 3,751,090 |
| Ferrovial SA | | 288,723 | 5,788,291 |
| Gas Natural SDG SA | | 208,577 | 5,131,236 |
| Grifols SA | | 178,887 | 5,103,906 |
| Iberdrola SA | | 3,485,455 | 24,697,441 |
| Inditex SA | | 638,717 | 18,035,429 |
| International Consolidated Airlines Group SA | | 350,729 | 2,709,267 |
| MAPFRE SA (Reg.) | | 612,685 | 1,834,824 |
| Red Electrica Corporacion SA | | 258,858 | 5,360,032 |
| Repsol SA | | 800,536 | 14,304,660 |
| Siemens Gamesa Renewable Energy SA (b) | | 135,510 | 1,502,929 |
| Telefonica SA | | 2,745,651 | 22,522,745 |
|
| TOTAL SPAIN | | | 232,306,183 |
|
| Sweden - 2.4% | | | |
| Alfa Laval AB | | 175,229 | 4,474,959 |
| ASSA ABLOY AB (B Shares) | | 585,350 | 11,643,059 |
| Atlas Copco AB: | | | |
| (A Shares) | | 388,620 | 9,622,975 |
| (B Shares) | | 233,710 | 5,356,777 |
| Boliden AB | | 163,317 | 3,732,618 |
| Electrolux AB (B Shares) | | 136,924 | 2,845,866 |
| Epiroc AB: | | | |
| Class A (b) | | 409,817 | 3,598,771 |
| Class B (b) | | 215,553 | 1,776,734 |
| Essity AB Class B | | 356,047 | 8,127,746 |
| H&M Hennes & Mauritz AB (B Shares) | | 513,766 | 9,074,532 |
| Hexagon AB (B Shares) | | 150,898 | 7,397,195 |
| Husqvarna AB (B Shares) | | 230,858 | 1,743,705 |
| ICA Gruppen AB (a) | | 46,182 | 1,634,587 |
| Industrivarden AB (C Shares) | | 92,107 | 1,914,377 |
| Investor AB (B Shares) | | 265,495 | 11,509,140 |
| Kinnevik AB (B Shares) | | 140,398 | 3,895,363 |
| Lundbergfoeretagen AB | | 43,927 | 1,355,566 |
| Lundin Petroleum AB | | 106,259 | 3,244,266 |
| Sandvik AB | | 682,877 | 10,812,726 |
| Securitas AB (B Shares) | | 175,281 | 3,006,218 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 951,684 | 9,854,671 |
| Skanska AB (B Shares) | | 205,414 | 3,233,461 |
| SKF AB (B Shares) | | 226,538 | 3,639,006 |
| Svenska Handelsbanken AB (A Shares) | | 893,185 | 9,708,780 |
| Swedbank AB (A Shares) | | 533,271 | 12,010,201 |
| Swedish Match Co. AB | | 101,986 | 5,196,732 |
| Tele2 AB (B Shares) | | 204,730 | 2,326,693 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 1,799,941 | 15,671,651 |
| TeliaSonera AB | | 1,649,220 | 7,435,876 |
| Volvo AB (B Shares) | | 920,785 | 13,764,760 |
|
| TOTAL SWEDEN | | | 189,609,011 |
|
| Switzerland - 8.5% | | | |
| ABB Ltd. (Reg.) | | 1,080,924 | 21,749,857 |
| Adecco SA (Reg.) | | 96,382 | 4,721,728 |
| Baloise Holdings AG | | 29,212 | 4,182,466 |
| Barry Callebaut AG | | 1,215 | 2,375,351 |
| Clariant AG (Reg.) | | 113,371 | 2,443,811 |
| Coca-Cola HBC AG | | 120,040 | 3,544,351 |
| Compagnie Financiere Richemont SA Series A | | 305,719 | 22,345,198 |
| Credit Suisse Group AG | | 1,499,139 | 19,599,244 |
| Dufry AG | | 20,382 | 2,297,946 |
| Ems-Chemie Holding AG | | 4,593 | 2,531,018 |
| Galenica AG | | 27,107 | 3,917,414 |
| Geberit AG (Reg.) | | 22,057 | 8,635,332 |
| Givaudan SA | | 5,371 | 13,033,534 |
| Julius Baer Group Ltd. | | 132,335 | 6,035,109 |
| Kuehne & Nagel International AG | | 32,065 | 4,460,415 |
| Lafargeholcim Ltd. (Reg.) | | 281,334 | 13,031,059 |
| Lindt & Spruengli AG | | 61 | 4,869,582 |
| Lindt & Spruengli AG (participation certificate) | | 600 | 4,140,396 |
| Lonza Group AG | | 43,699 | 13,741,224 |
| Nestle SA (Reg. S) | | 1,822,066 | 153,824,488 |
| Novartis AG | | 1,270,763 | 111,283,724 |
| Pargesa Holding SA | | 22,354 | 1,641,343 |
| Partners Group Holding AG | | 10,158 | 7,236,623 |
| Roche Holding AG (participation certificate) | | 411,734 | 100,200,578 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 24,412 | 5,148,298 |
| (Reg.) | | 11,319 | 2,351,124 |
| SGS SA (Reg.) | | 3,129 | 7,431,433 |
| Sika AG | | 75,057 | 9,628,520 |
| Sonova Holding AG Class B | | 32,601 | 5,326,411 |
| Straumann Holding AG | | 6,156 | 4,202,204 |
| Swatch Group AG (Bearer) | | 18,185 | 6,153,451 |
| Swatch Group AG (Bearer) (Reg.) | | 32,145 | 2,146,404 |
| Swiss Life Holding AG | | 20,738 | 7,828,613 |
| Swiss Prime Site AG | | 47,083 | 3,824,047 |
| Swiss Re Ltd. | | 184,439 | 16,657,471 |
| Swisscom AG | | 15,351 | 7,032,668 |
| Temenos Group AG | | 35,517 | 4,884,183 |
| UBS Group AG | | 2,258,310 | 31,593,693 |
| Zurich Insurance Group AG | | 88,602 | 27,509,274 |
|
| TOTAL SWITZERLAND | | | 673,559,585 |
|
| United Kingdom - 16.0% | | | |
| 3i Group PLC | | 578,380 | 6,492,404 |
| Admiral Group PLC | | 126,594 | 3,257,285 |
| Anglo American PLC (United Kingdom) | | 622,940 | 13,338,644 |
| Antofagasta PLC | | 217,284 | 2,179,644 |
| Ashtead Group PLC | | 289,361 | 7,158,664 |
| Associated British Foods PLC | | 211,140 | 6,439,316 |
| AstraZeneca PLC (United Kingdom) | | 741,010 | 56,679,609 |
| Auto Trader Group PLC (c) | | 568,102 | 2,968,539 |
| Aviva PLC | | 2,328,557 | 12,725,306 |
| Babcock International Group PLC | | 130,354 | 1,018,372 |
| BAE Systems PLC | | 1,854,470 | 12,434,753 |
| Barclays PLC | | 9,974,571 | 21,977,040 |
| Barratt Developments PLC | | 598,409 | 3,931,516 |
| Berkeley Group Holdings PLC | | 75,209 | 3,365,586 |
| BHP Billiton PLC | | 1,235,631 | 24,649,221 |
| BP PLC | | 11,830,343 | 85,459,089 |
| British American Tobacco PLC (United Kingdom) | | 1,343,251 | 58,230,291 |
| British Land Co. PLC | | 589,196 | 4,458,413 |
| BT Group PLC | | 4,932,271 | 15,102,647 |
| Bunzl PLC | | 200,303 | 5,916,791 |
| Burberry Group PLC | | 246,357 | 5,702,722 |
| Carnival PLC | | 104,937 | 5,719,644 |
| Centrica PLC | | 3,317,053 | 6,241,070 |
| Coca-Cola European Partners PLC | | 128,617 | 5,850,787 |
| Compass Group PLC | | 923,379 | 18,176,051 |
| ConvaTec Group PLC (c) | | 844,109 | 1,747,883 |
| Croda International PLC | | 83,404 | 5,138,457 |
| Diageo PLC | | 1,430,811 | 49,465,301 |
| Direct Line Insurance Group PLC | | 848,822 | 3,574,957 |
| easyJet PLC | | 88,141 | 1,351,942 |
| Fresnillo PLC | | 118,263 | 1,282,776 |
| G4S PLC (United Kingdom) | | 851,160 | 2,339,098 |
| GlaxoSmithKline PLC | | 2,900,897 | 56,183,881 |
| Hammerson PLC | | 435,934 | 2,443,370 |
| Hargreaves Lansdown PLC | | 166,871 | 3,984,341 |
| HSBC Holdings PLC (United Kingdom) | | 11,713,764 | 96,399,608 |
| Imperial Tobacco Group PLC | | 557,501 | 18,905,219 |
| Informa PLC | | 738,786 | 6,738,641 |
| InterContinental Hotel Group PLC | | 109,743 | 5,765,241 |
| Intertek Group PLC | | 94,432 | 5,658,556 |
| Investec PLC | | 399,799 | 2,473,352 |
| ITV PLC | | 2,133,442 | 4,061,815 |
| J Sainsbury PLC | | 1,036,726 | 4,123,846 |
| John Wood Group PLC | | 397,839 | 3,631,834 |
| Johnson Matthey PLC | | 116,386�� | 4,422,771 |
| Kingfisher PLC | | 1,276,869 | 4,146,205 |
| Land Securities Group PLC | | 457,785 | 4,992,421 |
| Legal & General Group PLC | | 3,407,176 | 10,952,957 |
| Lloyds Banking Group PLC | | 41,973,294 | 30,629,594 |
| London Stock Exchange Group PLC | | 181,646 | 10,018,563 |
| Marks & Spencer Group PLC | | 980,758 | 3,710,670 |
| Mediclinic International PLC | | 199,567 | 960,401 |
| Meggitt PLC | | 458,571 | 3,105,399 |
| Melrose Industries PLC | | 2,831,697 | 6,104,245 |
| Merlin Entertainments PLC (c) | | 393,952 | 1,627,472 |
| Micro Focus International PLC | | 257,013 | 3,984,271 |
| Mondi PLC | | 221,495 | 5,222,055 |
| National Grid PLC | | 1,953,874 | 20,708,787 |
| Next PLC | | 82,672 | 5,499,137 |
| NMC Health PLC | | 57,324 | 2,587,951 |
| Pearson PLC | | 464,169 | 5,332,349 |
| Persimmon PLC | | 190,886 | 5,597,142 |
| Prudential PLC | | 1,514,309 | 30,321,955 |
| Reckitt Benckiser Group PLC | | 391,613 | 31,667,438 |
| RELX PLC | | 631,270 | 12,506,784 |
| RELX PLC | | 563,994 | 11,159,972 |
| Rio Tinto PLC | | 694,121 | 33,700,111 |
| Rolls-Royce Holdings PLC | | 978,346 | 10,491,971 |
| Royal Bank of Scotland Group PLC | | 2,800,998 | 8,432,403 |
| Royal Dutch Shell PLC: | | | |
| Class A (United Kingdom) | | 2,685,212 | 85,545,790 |
| Class B (United Kingdom) | | 2,197,936 | 71,681,127 |
| Royal Mail PLC | | 542,640 | 2,490,033 |
| RSA Insurance Group PLC | | 599,169 | 4,322,502 |
| Sage Group PLC | | 636,800 | 4,431,186 |
| Schroders PLC | | 81,320 | 2,785,678 |
| Scottish & Southern Energy PLC | | 628,466 | 9,160,158 |
| Segro PLC | | 626,322 | 4,920,271 |
| Severn Trent PLC | | 143,366 | 3,413,955 |
| Smith & Nephew PLC | | 510,140 | 8,292,253 |
| Smiths Group PLC | | 232,277 | 4,149,128 |
| St. James's Place Capital PLC | | 292,385 | 3,787,718 |
| Standard Chartered PLC (United Kingdom) | | 1,635,655 | 11,488,365 |
| Standard Life PLC | | 1,387,177 | 4,796,207 |
| Taylor Wimpey PLC | | 2,058,811 | 4,249,989 |
| Tesco PLC | | 5,709,211 | 15,548,611 |
| The Weir Group PLC | | 144,958 | 2,938,625 |
| Travis Perkins PLC | | 155,037 | 2,193,723 |
| Unilever PLC | | 713,467 | 37,792,088 |
| United Utilities Group PLC | | 406,949 | 3,779,499 |
| Vodafone Group PLC | | 15,600,348 | 29,337,051 |
| Whitbread PLC | | 108,868 | 6,122,823 |
| WM Morrison Supermarkets PLC | | 1,330,530 | 4,219,396 |
|
| TOTAL UNITED KINGDOM | | | 1,260,072,722 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $7,810,090,445) | | | 7,688,961,772 |
|
| Nonconvertible Preferred Stocks - 0.6% | | | |
| Germany - 0.6% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 31,430 | 2,374,466 |
| Fuchs Petrolub AG | | 39,924 | 1,851,303 |
| Henkel AG & Co. KGaA | | 102,705 | 11,235,037 |
| Porsche Automobil Holding SE (Germany) | | 90,314 | 5,743,517 |
| Sartorius AG (non-vtg.) | | 20,131 | 2,918,576 |
| Volkswagen AG | | 106,979 | 18,025,214 |
|
| TOTAL GERMANY | | | 42,148,113 |
|
| Italy - 0.0% | | | |
| Telecom Italia SpA (Risparmio Shares) | | 3,659,265 | 1,851,837 |
| United Kingdom - 0.0% | | | |
| Rolls-Royce Holdings PLC Series C (b) | | 45,003,916 | 57,524 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | |
| (Cost $45,761,410) | | | 44,057,474 |
| | | Principal Amount | Value |
|
| Government Obligations - 0.1% | | | |
| United States of America - 0.1% | | | |
| U.S. Treasury Bills, yield at date of purchase 2% to 2.05% 11/8/18 to 11/29/18 (d) | | | |
| (Cost $7,494,121) | | 7,500,000 | 7,493,743 |
| | | Shares | Value |
|
| Money Market Funds - 1.3% | | | |
| Fidelity Cash Central Fund, 2.23% (e) | | 50,284,321 | 50,294,378 |
| Fidelity Securities Lending Cash Central Fund 2.23% (e)(f) | | 54,001,346 | 54,006,746 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $104,301,124) | | | 104,301,124 |
| TOTAL INVESTMENT IN SECURITIES - 99.5% | | | |
| (Cost $7,967,647,100) | | | 7,844,814,113 |
| NET OTHER ASSETS (LIABILITIES) - 0.5% | | | 39,680,784 |
| NET ASSETS - 100% | | | $7,884,494,897 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 1,639 | Dec. 2018 | $148,534,375 | $(5,656,521) | $(5,656,521) |
The notional amount of futures purchased as a percentage of Net Assets is 1.9%
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(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 $40,987,213 or 0.5% of net assets.
(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 $7,460,760.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $1,405,663 |
| Fidelity Securities Lending Cash Central Fund | 721,019 |
| Total | $2,126,682 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $415,980,489 | $114,911,413 | $301,069,076 | $-- |
| Consumer Discretionary | 844,452,284 | 451,730,405 | 392,721,879 | -- |
| Consumer Staples | 893,316,343 | 318,812,214 | 574,504,129 | -- |
| Energy | 481,593,164 | 88,753,847 | 392,839,317 | -- |
| Financials | 1,532,252,749 | 748,505,833 | 783,746,916 | -- |
| Health Care | 884,166,490 | 217,993,449 | 666,173,041 | -- |
| Industrials | 1,100,616,474 | 529,384,592 | 571,231,882 | -- |
| Information Technology | 467,624,038 | 192,236,036 | 275,388,002 | -- |
| Materials | 588,883,152 | 333,187,072 | 255,696,080 | -- |
| Real Estate | 268,144,975 | 212,547,550 | 55,597,425 | -- |
| Utilities | 255,989,088 | 169,470,652 | 86,518,436 | -- |
| Government Obligations | 7,493,743 | -- | 7,493,743 | -- |
| Money Market Funds | 104,301,124 | 104,301,124 | -- | -- |
| Total Investments in Securities: | $7,844,814,113 | $3,481,834,187 | $4,362,979,926 | $-- |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(5,656,521) | $(5,656,521) | $-- | $-- |
| Total Liabilities | $(5,656,521) | $(5,656,521) | $-- | $-- |
| Total Derivative Instruments: | $(5,656,521) | $(5,656,521) | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:
| Transfers | Total |
| Level 1 to Level 2 | $298,675,501 |
| Level 2 to Level 1 | $425,394,327 |
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, 2018. 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 | $(5,656,521) |
| Total Equity Risk | 0 | (5,656,521) |
| Total Value of Derivatives | $0 | $(5,656,521) |
(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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $52,608,294) — See accompanying schedule:
Unaffiliated issuers (cost $7,863,345,976) | $7,740,512,989 | |
| Fidelity Central Funds (cost $104,301,124) | 104,301,124 | |
| Total Investment in Securities (cost $7,967,647,100) | | $7,844,814,113 |
| Foreign currency held at value (cost $48,105,219) | | 47,622,015 |
| Receivable for investments sold | | 13,243,719 |
| Receivable for fund shares sold | | 6,207,110 |
| Dividends receivable | | 31,309,177 |
| Distributions receivable from Fidelity Central Funds | | 98,086 |
| Receivable for daily variation margin on futures contracts | | 1,180,748 |
| Receivable from investment adviser for expense reductions | | 537,704 |
| Other receivables | | 1,846 |
| Total assets | | 7,945,014,518 |
| Liabilities | | |
| Payable for fund shares redeemed | $5,668,644 | |
| Accrued management fee | 336,709 | |
| Other affiliated payables | 505,064 | |
| Other payables and accrued expenses | 3,024 | |
| Collateral on securities loaned | 54,006,180 | |
| Total liabilities | | 60,519,621 |
| Net Assets | | $7,884,494,897 |
| Net Assets consist of: | | |
| Paid in capital | | $7,850,893,936 |
| Total distributable earnings (loss) | | 33,600,961 |
| Net Assets, for 699,405,540 shares outstanding | | $7,884,494,897 |
| Net Asset Value, offering price and redemption price per share ($7,884,494,897 ÷ 699,405,540 shares) | | $11.27 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2018 |
| Investment Income | | |
| Dividends | | $259,906,790 |
| Interest | | 110,248 |
| Income from Fidelity Central Funds | | 2,126,682 |
| Income before foreign taxes withheld | | 262,143,720 |
| Less foreign taxes withheld | | (25,654,940) |
| Total income | | 236,488,780 |
| Expenses | | |
| Management fee | $3,904,888 | |
| Transfer agent fees | 5,857,331 | |
| Independent trustees' fees and expenses | 32,942 | |
| Interest | 49,113 | |
| Commitment fees | 20,531 | |
| Total expenses before reductions | 9,864,805 | |
| Expense reductions | (6,246,879) | |
| Total expenses after reductions | | 3,617,926 |
| Net investment income (loss) | | 232,870,854 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (22,298,532) | |
| Fidelity Central Funds | (1,524) | |
| Foreign currency transactions | 1,009,031 | |
| Futures contracts | 10,275,515 | |
| Total net realized gain (loss) | | (11,015,510) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (828,899,667) | |
| Assets and liabilities in foreign currencies | (1,100,644) | |
| Futures contracts | (6,442,614) | |
| Total change in net unrealized appreciation (depreciation) | | (836,442,925) |
| Net gain (loss) | | (847,458,435) |
| Net increase (decrease) in net assets resulting from operations | | $(614,587,581) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2018 | Year ended October 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $232,870,854 | $111,164,788 |
| Net realized gain (loss) | (11,015,510) | 25,142,561 |
| Change in net unrealized appreciation (depreciation) | (836,442,925) | 697,686,790 |
| Net increase (decrease) in net assets resulting from operations | (614,587,581) | 833,994,139 |
| Distributions to shareholders | (154,716,977) | – |
| Distributions to shareholders from net investment income | – | (22,054,375) |
| Distributions to shareholders from net realized gain | – | (4,901,006) |
| Total distributions | (154,716,977) | (26,955,381) |
| Share transactions | | |
| Proceeds from sales of shares | 4,661,162,350 | 4,793,467,137 |
| Reinvestment of distributions | 63,596,711 | 7,808,369 |
| Cost of shares redeemed | (2,436,826,674) | (865,597,592) |
| Net increase (decrease) in net assets resulting from share transactions | 2,287,932,387 | 3,935,677,914 |
| Total increase (decrease) in net assets | 1,518,627,829 | 4,742,716,672 |
| Net Assets | | |
| Beginning of period | 6,365,867,068 | 1,623,150,396 |
| End of period | $7,884,494,897 | $6,365,867,068 |
| Other Information | | |
| Undistributed net investment income end of period | | $98,601,866 |
| Shares | | |
| Sold | 377,997,451 | 429,641,022 |
| Issued in reinvestment of distributions | 5,217,121 | 773,094 |
| Redeemed | (196,982,550) | (76,472,234) |
| Net increase (decrease) | 186,232,022 | 353,941,882 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity SAI International Index Fund
| | | | |
| Years ended October 31, | 2018 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $12.40 | $10.19 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .37 | .33 | .25 |
| Net realized and unrealized gain (loss) | (1.24) | 2.02 | (.06) |
| Total from investment operations | (.87) | 2.35 | .19 |
| Distributions from net investment income | (.20) | (.12) | – |
| Distributions from net realized gain | (.06) | (.03) | – |
| Total distributions | (.26) | (.14)C | – |
| Net asset value, end of period | $11.27 | $12.40 | $10.19 |
| Total ReturnD,E | (7.14)% | 23.41% | 1.90% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .13% | .12% | .21%H |
| Expenses net of fee waivers, if any | .05% | .05% | .07%H |
| Expenses net of all reductions | .05% | .05% | .07%H |
| Net investment income (loss) | 2.98% | 2.89% | 3.02%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $7,884,495 | $6,365,867 | $1,623,150 |
| Portfolio turnover rateI | 7% | 2% | 1%H |
A For the period January 5, 2016 (commencement of operations) to October 31, 2016.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.14 per share is comprised of distributions from net investment income of $.117 and distributions from net realized gain of $.026 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2018
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 (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.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendor 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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, 2018, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. 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.
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. 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, 2018, 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, partnerships, passive foreign investment companies (PFIC), market discount, 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 | $615,128,011 |
| Gross unrealized depreciation | (774,292,447) |
| Net unrealized appreciation (depreciation) | $(159,164,436) |
| Tax Cost | $8,003,978,549 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $194,006,845 |
| Net unrealized appreciation (depreciation) on securities and other investments | $(160,405,885) |
The tax character of distributions paid was as follows:
| | October 31, 2018 | October 31, 2017 |
| Ordinary Income | $138,893,660 | $ 24,504,878 |
| Long-term Capital Gains | 15,823,317 | 2,450,503 |
| Total | $154,716,977 | $ 26,955,381 |
Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation | Prior Line-Item Presentation |
Statement of Assets and Liabilities
| Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A – removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.
The Fund used derivatives 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| 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.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $2,781,156,392 and $521,602,103, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company (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 .05% of the Fund's average net assets. Under the expense contract, total expenses of the Fund are limited to an annual rate of .125% of the Fund's average net assets, with certain exceptions.
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.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .075% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's 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 |
| Borrower | $28,699,355 | 1.98% | $49,021 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $20,531 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's 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. Total security lending income during the period amounted to $721,019. During the period, there were no securities loaned to FCM.
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The 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. The average loan balance during the period for which loans were outstanding amounted to $1,506,000. The weighted average interest rate was 2.20%. The interest expense amounted to $92 under the bank borrowing program. At period end, there were no bank borrowings outstanding.
10. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .045% of average net assets. This reimbursement will remain in place through February 29, 2020. 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 $6,245,905.
In addition, 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. During the period, these credits reduced the Fund's expenses by $974.
11. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
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, 2018, the related statement of operations for the year ended October 31, 2018, the statement of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2018, 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, 2018 and the financial highlights for each of the periods indicated therein 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, 2018 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.
PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 260 funds. Mr. Chiel oversees 154 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee [Include if document contains trusts for which the individual serves as Trustee and trusts for which he/she does not serve as Trustee: of Name(s) of Trust(s)]
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2018 | Ending
Account Value
October 31, 2018 | Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 |
| Actual | .05% | $1,000.00 | $900.90 | $.24 |
| Hypothetical-C | | $1,000.00 | $1,024.95 | $.26 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2018, $4,595,646, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 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 $0.2072 and $0.0181 for the dividend paid December 18, 2017.
The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
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), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). FMR and the sub-advisers 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 has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 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 2018 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives 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. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
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, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, 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 under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. 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 for specific 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) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net calendar year total return information for the fund and its benchmark index for the most recent one-year period.
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 the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
Fidelity SAI International Index Fund
The Board considered that effective July 1, 2016, the fund's management fee rate was reduced from 0.10% to 0.05%. The Board considered that the chart below reflects the fund's lower management fee rate for 2016, as if the lower fee rate were in effect for the entire period.
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2017.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
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.
Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, 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 and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the fund's total expense ratio ranked below the competitive median for 2017.
The Board considered that current contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of the fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.125%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.045% through December 31, 2018.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, 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 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 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.
PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's 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, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 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 affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.
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.
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 (the Economies of Scale 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 Economies of Scale 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) 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; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of Fidelity's voluntary expense limitation agreements; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (ix) the impact of recent changes to the money market fund landscape, including the full implementation of money market fund reform and rising interest rates, on Fidelity's money market funds; (x) the funds' share class structures and distribution channels; and (xi) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
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Fidelity® SAI Emerging Markets Index Fund Offered exclusively to certain clients of the Adviser or its affiliates - 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 LLC.
Annual Report October 31, 2018 |
|
Contents
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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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2018 | Past 1 year | Life of fundA |
| Fidelity® SAI Emerging Markets Index Fund | (12.61)% | 10.26% |
A From January 5, 2016
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® SAI Emerging Markets Index Fund on January 5, 2016, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
| Period Ending Values |
| $13,173 | Fidelity® SAI Emerging Markets Index Fund |
| $13,306 | MSCI Emerging Markets Index |
Management's Discussion of Fund Performance
Market Recap: International equities returned -8.08% for the 12 months ending October 31, 2018, according to the MSCI ACWI (All Country World Index) ex USA Index. A modestly positive first half of the period gave way to a confluence of overwhelmingly negative factors – including escalating trade tension, a surging U.S. dollar, tepid economic growth in Europe, global central bank tightening, concerns about Italy’s budget stalemate with the EU, and weakness in China’s stock market – that yielded a -11% second-half return. The index lost 8% in October alone, its largest monthly drop in more than six years. Among sectors, new-media-infused communications services (-15%) was hit the hardest, while economically sensitive consumer discretionary (-13%), information technology (-12%), financials (-10%), industrials (-9%) and materials (-7%) stocks also fared poorly. Even the more defensive real estate (-9%), utilities (-6%) and consumer staples (-5%) sectors weren’t spared this period. Conversely, elevated crude-oil prices fueled a positive return for energy (+7%), the top-performing sector, followed by the relatively stable-growing health care segment (+2%). Regionally, emerging markets (-12%) fared the worst, hampered by the impact of foreign exchange and concerns about economic weakness in China, India and South Korea. Sluggish growth also pressured shares in continental Europe (-9%). Stocks in Japan (-3%) and the U.K. (-4%) held up better, followed by Canada (-5%) and Asia-Pacific ex Japan (-6%).
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team: For the fiscal year, the fund returned -12.61%, compared with a return of -12.49% for the benchmark MSCI Emerging Markets Index. (
The fund's performance relative to the index can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index.) All sectors in the benchmark posted a negative return for the 12 months, with the exception of energy (15%), which benefited from higher crude-oil prices for much of the period. Shares of Brazilian mining company Vale (+62%) contributed more than any other position, driven largely by strong demand and solid pricing for iron ore, the company's key product. The crude-oil trend also lifted shares of energy producers Petrobras and CNOOC, headquartered in Brazil and China, respectively. Conversely, shares of Chinese internet company Tencent (-24%), which struggled due to questions about future growth and regulatory concerns, hurt the fund return the most on an absolute basis. Tencent's decline also weighed on South African media company Naspers (-28%), which owns a large Tencent stake. Elsewhere, Korean electronics giant Samsung (-23%) detracted, amid disappointing smartphone sales for part of the 12 months, as well as concerns about pricing trends for semiconductors.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2018 |
| | Cayman Islands | 13.8% |
| | Korea (South) | 13.5% |
| | Taiwan | 11.3% |
| | China | 10.6% |
| | India | 8.4% |
| | Brazil | 7.7% |
| | South Africa | 5.6% |
| | United States of America | 3.8% |
| | Russia | 3.7% |
| | Other* | 21.6% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 4.0 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.8 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 3.7 |
| Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 3.4 |
| Naspers Ltd. Class N (South Africa, Media) | 1.6 |
| China Construction Bank Corp. (H Shares) (China, Banks) | 1.6 |
| China Mobile Ltd. (Hong Kong, Wireless Telecommunication Services) | 1.2 |
| Baidu.com, Inc. sponsored ADR (Cayman Islands, Interactive Media & Services) | 1.1 |
| Ping An Insurance (Group) Co. of China Ltd. (H Shares) (China, Insurance) | 1.0 |
| Vale SA | 1.0 |
| | 22.4 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Financials | 23.8 |
| Information Technology | 14.7 |
| Communication Services | 13.0 |
| Consumer Discretionary | 10.4 |
| Energy | 8.4 |
| Materials | 7.7 |
| Consumer Staples | 6.3 |
| Industrials | 5.2 |
| Health Care | 3.1 |
| Real Estate | 2.2 |
Asset Allocation as of October 31, 2018
| | % of fund's net assets |
| Stocks and Equity Futures | 99.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 92.5% | | | |
| | | Shares | Value |
| Bermuda - 1.0% | | | |
| Alibaba Health Information Technology Ltd. (a)(b) | | 2,994,000 | $2,420,566 |
| Alibaba Pictures Group Ltd. (a) | | 12,160,000 | 1,674,686 |
| Beijing Enterprises Water Group Ltd. | | 4,882,000 | 2,483,971 |
| Brilliance China Automotive Holdings Ltd. | | 2,626,000 | 2,290,481 |
| China Gas Holdings Ltd. | | 1,504,400 | 4,757,633 |
| China Resource Gas Group Ltd. | | 770,000 | 2,945,696 |
| Cosco Shipping Ports Ltd. | | 1,482,752 | 1,512,636 |
| Credicorp Ltd. (United States) | | 58,978 | 13,311,924 |
| GOME Electrical Appliances Holdings Ltd. (a)(b) | | 8,453,000 | 840,778 |
| Haier Electronics Group Co. Ltd. | | 1,092,000 | 2,280,933 |
| HengTen Networks Group Ltd. (a)(b) | | 17,952,000 | 640,983 |
| Kunlun Energy Co. Ltd. | | 2,792,000 | 3,168,702 |
| Luye Pharma Group Ltd. (b) | | 916,500 | 707,072 |
| Nine Dragons Paper (Holdings) Ltd. | | 1,416,000 | 1,350,644 |
| Shenzhen International Holdings Ltd. | | 786,500 | 1,504,409 |
| Sihuan Pharmaceutical Holdings Group Ltd. | | 2,977,000 | 603,604 |
| Skyworth Digital Holdings Ltd. | | 1,356,000 | 312,978 |
|
| TOTAL BERMUDA | | | 42,807,696 |
|
| Brazil - 4.8% | | | |
| Ambev SA | | 3,946,998 | 17,330,095 |
| Atacadao Distribuicao Comercio e Industria Ltda | | 323,300 | 1,323,953 |
| Banco Bradesco SA | | 879,755 | 7,151,038 |
| Banco do Brasil SA | | 749,105 | 8,605,196 |
| Banco Santander SA (Brasil) unit | | 360,600 | 4,089,029 |
| BB Seguridade Participacoes SA | | 610,058 | 4,340,813 |
| BM&F BOVESPA SA | | 1,791,080 | 12,773,146 |
| BR Malls Participacoes SA | | 734,616 | 2,506,952 |
| Brasil Foods SA (a) | | 460,169 | 2,707,968 |
| CCR SA | | 1,063,812 | 3,135,837 |
| Centrais Eletricas Brasileiras SA (Electrobras) (a) | | 224,100 | 1,415,115 |
| Cielo SA | | 1,065,331 | 3,778,683 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 300,100 | 2,253,875 |
| Companhia Siderurgica Nacional SA (CSN) | | 549,900 | 1,414,092 |
| Cosan SA Industria e Comercio | | 132,600 | 1,149,093 |
| Drogasil SA | | 201,400 | 3,399,690 |
| EDP Energias do Brasil SA | | 246,630 | 927,803 |
| Embraer SA | | 580,600 | 3,265,339 |
| ENGIE Brasil Energia SA | | 132,496 | 1,416,993 |
| Equatorial Energia SA | | 148,700 | 2,716,677 |
| Fibria Celulose SA | | 216,300 | 4,176,046 |
| Hypermarcas SA | | 304,700 | 2,438,255 |
| IRB Brasil Resseguros SA | | 95,400 | 1,857,499 |
| JBS SA | | 835,400 | 2,300,914 |
| Klabin SA unit | | 611,800 | 3,069,275 |
| Kroton Educacional SA | | 1,217,982 | 3,737,567 |
| Localiza Rent A Car SA | | 438,920 | 3,390,824 |
| Lojas Renner SA | | 625,440 | 6,319,104 |
| M. Dias Branco SA | | 82,700 | 988,222 |
| Magazine Luiza SA | | 66,600 | 3,020,846 |
| Multiplan Empreendimentos Imobiliarios SA | | 227,719 | 1,407,373 |
| Natura Cosmeticos SA | | 158,300 | 1,386,268 |
| Odontoprev SA | | 216,000 | 767,304 |
| Petrobras Distribuidora SA | | 306,400 | 1,974,331 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 2,320,465 | 18,905,414 |
| Porto Seguro SA | | 79,600 | 1,163,146 |
| Rumo SA (a) | | 953,200 | 4,264,619 |
| Sul America SA unit | | 167,552 | 1,116,563 |
| Suzano Papel e Celulose SA | | 384,600 | 3,911,624 |
| TIM Participacoes SA | | 743,300 | 2,314,886 |
| Ultrapar Participacoes SA | | 315,469 | 3,751,042 |
| Vale SA | | 2,652,106 | 40,414,062 |
| Vale SA sponsored ADR | | 102,238 | 1,543,794 |
| Weg SA | | 730,340 | 3,532,479 |
|
| TOTAL BRAZIL | | | 203,452,844 |
|
| Cayman Islands - 13.8% | | | |
| 3SBio, Inc. (c) | | 1,103,000 | 1,600,640 |
| 51job, Inc. sponsored ADR (a)(b) | | 21,614 | 1,327,316 |
| 58.com, Inc. ADR (a) | | 80,325 | 5,268,517 |
| AAC Technology Holdings, Inc. | | 636,433 | 4,847,879 |
| Agile Property Holdings Ltd. | | 1,362,000 | 1,552,711 |
| Airtac International Group | | 100,000 | 860,774 |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 1,004,042 | 142,855,096 |
| Anta Sports Products Ltd. | | 932,000 | 3,826,905 |
| Autohome, Inc. ADR Class A (b) | | 50,921 | 3,685,662 |
| Baidu.com, Inc. sponsored ADR (a) | | 240,290 | 45,669,517 |
| Baozun, Inc. sponsored ADR (a)(b) | | 31,698 | 1,261,897 |
| Car, Inc. (a)(b) | | 580,000 | 460,039 |
| Chailease Holding Co. Ltd. | | 1,015,060 | 2,891,694 |
| China Conch Venture Holdings Ltd. | | 1,404,000 | 3,938,816 |
| China First Capital Group Ltd. (a) | | 2,742,000 | 1,104,919 |
| China Huishan Dairy Holdings Co. Ltd. (a)(d) | | 2,302,000 | 61,645 |
| China Literature Ltd. (a)(b)(c) | | 145,200 | 784,144 |
| China Medical System Holdings Ltd. | | 1,187,000 | 1,412,239 |
| China Mengniu Dairy Co. Ltd. | | 2,385,000 | 7,025,485 |
| China Resources Cement Holdings Ltd. | | 2,124,000 | 1,871,580 |
| China Resources Land Ltd. | | 2,402,812 | 8,150,371 |
| China State Construction International Holdings Ltd. | | 1,748,500 | 1,246,388 |
| China Zhongwang Holdings Ltd. (b) | | 1,224,000 | 543,171 |
| Chong Sing Holdings Fintech Group (a)(b) | | 13,612,000 | 616,206 |
| CIFI Holdings Group Co. Ltd. | | 3,012,000 | 1,259,809 |
| Country Garden Holdings Co. Ltd. | | 6,603,000 | 7,064,464 |
| Country Garden Services Holdings Co. Ltd. (a) | | 870,000 | 1,122,731 |
| Ctrip.com International Ltd. ADR (a)(b) | | 354,270 | 11,790,106 |
| Dali Foods Group Co. Ltd. (c) | | 1,641,000 | 1,171,851 |
| ENN Energy Holdings Ltd. | | 658,143 | 5,593,664 |
| Evergrande Real Estate Group Ltd. | | 2,288,000 | 5,455,990 |
| Fang Holdings Ltd. ADR (a) | | 167,343 | 339,706 |
| Fullshare Holdings Ltd. (b) | | 5,987,500 | 2,328,742 |
| Future Land Development Holding Ltd. | | 1,436,000 | 824,030 |
| GCL-Poly Energy Holdings Ltd. (a)(b) | | 10,430,000 | 618,462 |
| GDS Holdings Ltd. ADR (a)(b) | | 50,989 | 1,196,712 |
| Geely Automobile Holdings Ltd. | | 4,277,517 | 8,181,990 |
| General Interface Solution Holding Ltd. | | 138,000 | 456,872 |
| Genscript Biotech Corp. (a) | | 634,000 | 966,933 |
| Greentown China Holdings Ltd. | | 675,000 | 468,251 |
| Greentown Service Group Co. Ltd. | | 764,000 | 504,660 |
| Haitian International Holdings Ltd. | | 552,000 | 1,076,977 |
| Hengan International Group Co. Ltd. | | 625,000 | 4,949,343 |
| Huazhu Group Ltd. ADR (b) | | 113,686 | 2,974,026 |
| JD.com, Inc. sponsored ADR (a) | | 626,890 | 14,744,453 |
| Jiayuan International Group Ltd. (b) | | 847,224 | 1,486,595 |
| Kaisa Group Holdings Ltd. | | 1,644,000 | 400,416 |
| Kingboard Chemical Holdings Ltd. | | 601,000 | 1,609,421 |
| Kingboard Laminates Holdings Ltd. | | 855,500 | 654,557 |
| Kingdee International Software Group Co. Ltd. | | 1,994,000 | 1,627,350 |
| Kingsoft Corp. Ltd. | | 718,000 | 1,016,303 |
| KWG Property Holding Ltd. | | 1,012,500 | 773,389 |
| Lee & Man Paper Manufacturing Ltd. | | 1,344,000 | 1,150,000 |
| Lijun International Pharmaceutical Holding Ltd. | | 1,312,000 | 1,102,542 |
| Logan Property Holdings Co. Ltd. | | 1,190,000 | 1,098,655 |
| Longfor Properties Co. Ltd. | | 1,283,000 | 3,115,082 |
| Meitu, Inc. (a)(c) | | 1,486,500 | 775,290 |
| Momo, Inc. ADR (a) | | 125,722 | 4,220,488 |
| NetEase, Inc. ADR | | 68,416 | 14,220,266 |
| New Oriental Education & Technology Group, Inc. sponsored ADR | | 123,397 | 7,219,958 |
| Nexteer Auto Group Ltd. | | 757,000 | 1,061,853 |
| Noah Holdings Ltd. sponsored ADR (a)(b) | | 22,856 | 861,900 |
| Semiconductor Manufacturing International Corp. (a)(b) | | 2,557,400 | 2,112,508 |
| Shenzhou International Group Holdings Ltd. | | 651,000 | 7,189,105 |
| Shimao Property Holdings Ltd. | | 1,029,000 | 2,012,874 |
| Shui On Land Ltd. | | 2,651,000 | 534,125 |
| SINA Corp. (a) | | 55,700 | 3,526,367 |
| Sino Biopharmaceutical Ltd. | | 6,034,500 | 5,409,692 |
| SOHO China Ltd. | | 1,596,000 | 541,365 |
| Sunac China Holdings Ltd. | | 2,103,000 | 5,712,087 |
| Sunny Optical Technology Group Co. Ltd. | | 619,000 | 5,367,543 |
| TAL Education Group ADR (a) | | 308,234 | 8,932,621 |
| Tencent Holdings Ltd. | | 4,951,700 | 169,641,587 |
| Tingyi (Cayman Islands) Holding Corp. | | 1,704,000 | 2,520,598 |
| Towngas China Co. Ltd. | | 743,414 | 540,358 |
| Uni-President China Holdings Ltd. | | 1,042,000 | 1,011,180 |
| Vipshop Holdings Ltd. ADR (a) | | 375,140 | 1,823,180 |
| Want Want China Holdings Ltd. | | 4,299,418 | 3,070,249 |
| Weibo Corp. sponsored ADR (a)(b) | | 47,285 | 2,790,288 |
| Wuxi Biologics (Cayman), Inc. (a) | | 424,500 | 3,023,269 |
| Xinyi Solar Holdings Ltd. | | 2,443,176 | 763,303 |
| Yuzhou Properties Co. | | 1,281,000 | 457,386 |
| YY, Inc. ADR (a) | | 41,903 | 2,677,602 |
| Zhen Ding Technology Holding Ltd. | | 362,000 | 826,647 |
| Zhongsheng Group Holdings Ltd. Class H | | 492,000 | 897,175 |
|
| TOTAL CAYMAN ISLANDS | | | 589,728,557 |
|
| Chile - 0.9% | | | |
| Aguas Andinas SA | | 2,262,244 | 1,183,119 |
| Banco de Chile | | 21,559,677 | 3,004,704 |
| Banco de Credito e Inversiones | | 38,622 | 2,421,349 |
| Banco de Credito e Inversiones rights 11/29/18 (a) | | 2,955 | 9,064 |
| Banco Santander Chile | | 57,107,324 | 4,217,378 |
| Cencosud SA | | 1,256,769 | 2,582,136 |
| Colbun SA | | 6,887,156 | 1,311,123 |
| Compania Cervecerias Unidas SA | | 129,017 | 1,608,994 |
| Compania de Petroleos de Chile SA (COPEC) | | 335,903 | 4,720,031 |
| CorpBanca SA | | 134,734,345 | 1,248,607 |
| Empresa Nacional de Telecomunicaciones SA (ENTEL) | | 135,433 | 982,661 |
| Empresas CMPC SA | | 1,084,784 | 3,734,373 |
| Enel Chile SA | | 24,438,145 | 2,124,278 |
| Enersis SA | | 25,088,587 | 3,925,471 |
| LATAM Airlines Group SA | | 269,876 | 2,462,213 |
| S.A.C.I. Falabella | | 632,542 | 4,775,840 |
| S.A.C.I. Falabella rights 11/17/18 (a) | | 21,911 | 2,204 |
|
| TOTAL CHILE | | | 40,313,545 |
|
| China - 10.6% | | | |
| Agricultural Bank of China Ltd. (H Shares) | | 26,277,297 | 11,526,967 |
| Air China Ltd. (H Shares) | | 1,668,000 | 1,342,151 |
| Aisino Co. Ltd. Class A | | 27,100 | 91,296 |
| Aluminum Corp. of China Ltd. (H Shares) (a) | | 3,390,000 | 1,227,705 |
| Angang Steel Co. Ltd. (H Shares) | | 886,000 | 753,591 |
| Anhui Conch Cement Co. Ltd. (H Shares) | | 1,118,000 | 5,773,947 |
| Anxin Trust Co. Ltd. Class A | | 91,000 | 63,531 |
| AVIC Aircraft Co. Ltd. Class A | | 39,400 | 83,594 |
| AVIC Aviation Engine Corp. PLC Class A | | 33,600 | 109,774 |
| AVIC Capital Co. Ltd. Class A | | 175,700 | 115,863 |
| AVIC Shenyang Aircraft Co. Ltd. Class A (a) | | 13,300 | 63,662 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 1,657,000 | 1,102,983 |
| Baic Motor Corp. Ltd. (c) | | 1,521,500 | 853,691 |
| Bank Communications Co. Ltd. (H Shares) | | 7,987,176 | 5,988,892 |
| Bank of Beijing Co. Ltd. Class A | | 565,325 | 492,739 |
| Bank of China Ltd. (H Shares) | | 69,428,464 | 29,570,588 |
| Bank of Guiyang Co. Ltd. Class A | | 71,700 | 122,624 |
| Bank of Hangzhou Co. Ltd. Class A | | 145,200 | 166,106 |
| Bank of Jiangsu Co. Ltd. Class A | | 505,203 | 470,030 |
| Bank of Nanjing Co. Ltd. Class A | | 168,700 | 177,270 |
| Bank of Ningbo Co. Ltd. Class A | | 82,200 | 207,514 |
| Bank of Shanghai Co. Ltd. Class A | | 272,585 | 477,126 |
| Baoshan Iron & Steel Co. Ltd. | | 263,100 | 288,534 |
| BBMG Corp. (H Shares) | | 1,968,000 | 542,069 |
| Beijing Capital Co. Ltd. Class A | | 180,900 | 83,764 |
| Beijing Capital International Airport Co. Ltd. (H Shares) | | 1,464,000 | 1,584,983 |
| Beijing Dabeinong Technology Group Co. Ltd. Class A | | 92,200 | 44,410 |
| Beijing Shiji Information Technology Co. Ltd. Class A | | 12,900 | 53,907 |
| Beijing Tongrentang Co. Ltd. Class A | | 22,200 | 90,478 |
| BOE Technology Group Co. Ltd. Class A | | 474,500 | 187,061 |
| BYD Co. Ltd. (H Shares) (b) | | 575,500 | 3,702,068 |
| CGN Power Co. Ltd. (H Shares) (c) | | 8,866,447 | 2,035,158 |
| Changjiang Securities Co. Ltd. Class A | | 170,000 | 125,508 |
| China Avionics Systems Co. Ltd. Class A | | 22,400 | 43,576 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 7,453,000 | 1,824,771 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 7,698,051 | 4,761,003 |
| China Coal Energy Co. Ltd. (H Shares) | | 1,532,000 | 685,712 |
| China Communications Construction Co. Ltd. (H Shares) | | 3,897,000 | 3,563,079 |
| China Communications Services Corp. Ltd. (H Shares) | | 2,076,000 | 1,678,389 |
| China Construction Bank Corp. (H Shares) | | 83,437,000 | 66,211,193 |
| China Eastern Airlines Corp. Ltd. (H Shares) | | 1,220,000 | 673,633 |
| China Everbright Bank Co. Ltd. (H Shares) | | 2,397,000 | 1,066,767 |
| China Film Co. Ltd. Class A | | 40,400 | 70,078 |
| China Fortune Land Development Co. Ltd. Class A | | 43,900 | 146,949 |
| China Galaxy Securities Co. Ltd. (H Shares) | | 2,989,000 | 1,501,751 |
| China Gezhouba Group Co. Ltd. Class A | | 87,200 | 80,129 |
| China Grand Automotive Services Co. Ltd. Class A | | 83,100 | 49,200 |
| China Huarong Asset Management Co. Ltd. (c) | | 8,651,000 | 1,566,501 |
| China International Capital Corp. Ltd. Class H | | 892,400 | 1,465,721 |
| China International Marine Containers (Group) Ltd. (H Shares) | | 307,800 | 271,613 |
| China International Travel Service Corp. Ltd. (A Shares) | | 26,200 | 201,618 |
| China Life Insurance Co. Ltd. (H Shares) | | 6,471,747 | 12,968,077 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 2,742,000 | 2,083,961 |
| China Merchants Bank Co. Ltd. (H Shares) | | 3,678,921 | 14,167,830 |
| China Merchants Securities Co. Ltd. Class A | | 112,600 | 213,557 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | | 96,100 | 258,998 |
| China Minsheng Banking Corp. Ltd. (H Shares) | | 5,792,361 | 4,269,327 |
| China Molybdenum Co. Ltd. (H Shares) | | 3,372,000 | 1,251,286 |
| China National Building Materials Co. Ltd. (H Shares) | | 3,360,000 | 2,399,403 |
| China National Chemical Engineering Co. Ltd. Class A | | 99,408 | 83,082 |
| China National Nuclear Power Co. Ltd. Class A | | 229,800 | 183,493 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 74,400 | 111,990 |
| China Nuclear Engineering Corp. Ltd. Class A | | 57,300 | 57,418 |
| China Oilfield Services Ltd. (H Shares) | | 1,568,000 | 1,469,634 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 2,396,528 | 8,923,625 |
| China Petroleum & Chemical Corp. (H Shares) | | 22,412,704 | 18,256,857 |
| China Railway Construction Corp. Ltd. (H Shares) | | 1,870,500 | 2,366,167 |
| China Railway Group Ltd. (H Shares) | | 3,227,000 | 2,880,534 |
| China Railway Signal & Communications Corp. (c) | | 1,125,000 | 754,595 |
| China Reinsurance Group Corp. | | 4,300,000 | 822,500 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. | | 22,900 | 78,821 |
| China Shenhua Energy Co. Ltd.: | | | |
| (H Shares) | | 2,525,602 | 5,719,839 |
| Class A | | 465,485 | 1,337,269 |
| China Shipbuilding Industry Group Power Co. Ltd. | | 24,600 | 73,352 |
| China Shipping Container Lines Co. Ltd. (H Shares) (a) | | 2,731,000 | 278,604 |
| China Shipping Development Co. Ltd. (H Shares) | | 924,000 | 505,481 |
| China South Publishing & Media Group Co. Ltd. Class A | | 37,600 | 63,119 |
| China Southern Airlines Ltd. (H Shares) | | 1,596,000 | 862,928 |
| China Spacesat Co. Ltd. Class A | | 24,600 | 57,236 |
| China State Construction Engineering Corp. Ltd. Class A | | 602,640 | 464,789 |
| China Telecom Corp. Ltd. (H Shares) | | 11,975,689 | 5,650,387 |
| China Tower Corp. Ltd. Class H | | 29,830,000 | 4,526,642 |
| China United Network Communications Ltd. Class A | | 427,000 | 331,774 |
| China Vanke Co. Ltd. (H Shares) | | 1,202,900 | 3,704,440 |
| China Yangtze Power Co. Ltd. Class A | | 246,800 | 552,285 |
| Chinese Universe Publishing and Media Co. Ltd. Class A | | 32,200 | 53,039 |
| Chongqing Changan Automobile Co. Ltd. (B Shares) | | 1,385,400 | 932,792 |
| Chongqing Rural Commercial Bank Co. Ltd. (H Shares) | | 2,116,646 | 1,166,025 |
| CITIC Guoan Information Industry Co. Ltd. Class A | | 69,100 | 30,807 |
| CITIC Securities Co. Ltd. (H Shares) | | 2,095,500 | 3,687,590 |
| COSCO SHIPPING Holdings Co. Ltd. (H Shares) (a) | | 2,142,000 | 764,810 |
| CRRC Corp. Ltd. (H Shares) | | 3,885,000 | 3,408,438 |
| Daqin Railway Co. Ltd. (A Shares) | | 226,100 | 261,247 |
| Datang International Power Generation Co. Ltd. (H Shares) | | 2,232,000 | 498,090 |
| DHC Software Co. Ltd. Class A | | 49,400 | 50,635 |
| Dong E-E-Jiao Co. Ltd. Class A | | 13,500 | 75,961 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 2,336,000 | 2,299,673 |
| Dongxing Securities Co. Ltd. Class A | | 43,500 | 63,295 |
| Dr. Peng Telcom & Media Group Ltd. Class A | | 28,600 | 29,315 |
| Everbright Securities Co. Ltd. Class A | | 85,458 | 118,466 |
| Fangda Carbon New Material Co. Ltd. | | 26,600 | 75,541 |
| Financial Street Holdings Co. Ltd. Class A | | 149,800 | 140,230 |
| First Capital Securities Co. Ltd. Class A | | 86,000 | 63,862 |
| Focus Media Information Technology Co. Ltd. Class A | | 166,740 | 143,419 |
| Foshan Haitian Flavouring & Food Co. Ltd. Class A | | 31,100 | 287,877 |
| Founder Securities Co. Ltd. Class A | | 148,300 | 115,653 |
| Future Land Holdings Co. Ltd. Class A | | 32,300 | 115,158 |
| Fuyao Glass Industries Group Co. Ltd. | | 453,600 | 1,339,060 |
| GD Power Development Co. Ltd. Class A | | 424,700 | 148,555 |
| Gemdale Corp. Class A | | 113,400 | 148,910 |
| GF Securities Co. Ltd. (H Shares) | | 1,296,028 | 1,675,823 |
| Giant Network Group Co. Ltd. Class A (d) | | 19,900 | 54,146 |
| GoerTek, Inc. Class A | | 56,100 | 58,467 |
| Great Wall Motor Co. Ltd. (H Shares) (b) | | 2,648,500 | 1,567,090 |
| Gree Electric Appliances, Inc. of Zhuhai Class A (a) | | 44,000 | 240,069 |
| Greenland Holdings Corp. Ltd. Class A | | 183,000 | 161,864 |
| Guangshen Railway Co. Ltd. Class A | | 170,024 | 75,559 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 2,549,200 | 2,577,823 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A | | 20,000 | 105,682 |
| Guangzhou Haige Communications Group Class A | | 38,400 | 40,681 |
| Guangzhou R&F Properties Co. Ltd. (H Shares) | | 832,000 | 1,304,982 |
| Guosen Securities Co. Ltd. Class A | | 125,400 | 150,646 |
| Guotai Junan Securities Co. Ltd. Class H | | 577,400 | 1,216,362 |
| Guoyuan Securities Co. Ltd. Class A | | 98,900 | 102,081 |
| Haitong Securities Co. Ltd. (H Shares) | | 2,857,600 | 2,875,109 |
| Han's Laser Technology Industry Group Co. Ltd. | | 16,800 | 75,527 |
| Hangzhou Hikvision Digital Technology Co. Ltd. Class A | | 120,400 | 417,693 |
| Hangzhou Robam Appliances Co. Ltd. Class A | | 15,500 | 46,662 |
| Heilan Home Co. Ltd. Class A | | 42,300 | 46,935 |
| Henan Shuanghui Investment & Development Co. Ltd. Class A | | 41,500 | 134,096 |
| Hengli Petrochemical Co. Ltd. Class A | | 41,400 | 83,920 |
| Hengtong Optic-electric Co. Ltd. Class A | | 28,908 | 67,715 |
| Hesteel Co. Ltd. Class A | | 270,400 | 122,880 |
| Huaan Securities Co. Ltd. Class A | | 424,393 | 310,888 |
| Huadian Power International Corp. Ltd. (H Shares) | | 1,392,000 | 527,195 |
| Huadong Medicine Co. Ltd. Class A | | 21,750 | 111,187 |
| Huaneng Power International, Inc. (H Shares) | | 3,768,186 | 2,099,857 |
| Huaneng Renewables Corp. Ltd. (H Shares) | | 4,138,000 | 1,060,627 |
| Huatai Securities Co. Ltd. (H Shares) (c) | | 1,532,600 | 2,462,495 |
| Huaxia Bank Co. Ltd. Class A | | 418,958 | 480,481 |
| Huayu Automotive Systems Co. Ltd. Class A | | 48,300 | 120,687 |
| Hubei Biocause Pharmaceutical Co. Ltd. Class A | | 115,700 | 96,698 |
| Hubei Energy Group Co. Ltd. Class A | | 442,500 | 230,903 |
| Hundsun Technologies, Inc. Class A | | 9,200 | 61,631 |
| iFlytek Co. Ltd. | | 29,600 | 95,772 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 60,990,000 | 41,380,072 |
| Industrial Bank Co. Ltd. Class A | | 395,000 | 912,804 |
| Industrial Securities Co. Ltd. Class A | | 178,600 | 125,456 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 79,700 | 252,274 |
| Inner Mongolia Baotou Steel Union Co. Ltd. Class A | | 576,500 | 133,884 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 1,158,100 | 1,375,823 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 1,002,000 | 1,344,186 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 47,300 | 417,557 |
| Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | | 20,000 | 253,424 |
| Jiangxi Copper Co. Ltd. (H Shares) | | 1,076,000 | 1,185,501 |
| Jiangxi Ganfeng Lithium Co. Ltd. | | 16,000 | 54,131 |
| Jihua Group Corp. Ltd. Class A | | 103,100 | 51,287 |
| Jinduicheng Molybdenum Co. Ltd. Class A | | 93,600 | 84,400 |
| Jinke Properties Group Co. Ltd. Class A | | 126,800 | 109,247 |
| Jointown Pharmaceutical Group Class A | | 38,400 | 84,059 |
| Kangmei Pharmaceutical Co. Ltd. Class A | | 72,200 | 127,826 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 17,700 | 1,392,778 |
| Legend Holdings Corp. (c) | | 296,300 | 804,799 |
| Liaoning Chengda Co. Ltd. Class A | | 36,800 | 57,503 |
| LONGi Green Energy Technology Co. Ltd. | | 38,400 | 74,591 |
| Luxshare Precision Industry Co. Ltd. Class A | | 57,380 | 136,548 |
| Luzhou Laojiao Co. Ltd. Class A | | 22,000 | 120,035 |
| Maanshan Iron & Steel Co. Ltd. Class A | | 128,600 | 76,876 |
| Meinian Onehealth Healthcare Holdings Co. Ltd. Class A | | 45,440 | 95,171 |
| Metallurgical Corp. China Ltd. (H Shares) | | 2,447,000 | 592,876 |
| Midea Group Co. Ltd. Class A | | 81,900 | 434,881 |
| Muyuan Foodstuff Co. Ltd. Class A | | 25,560 | 83,910 |
| NARI Technology Co. Ltd. Class A | | 78,500 | 195,247 |
| New China Life Insurance Co. Ltd. (H Shares) | | 755,500 | 3,530,892 |
| Ningbo Zhoushan Port Co. Ltd. Class A | | 194,300 | 104,731 |
| O-film Tech Co. Ltd. Class A | | 40,000 | 75,118 |
| Offshore Oil Enginering Co. Ltd. Class A | | 70,900 | 56,715 |
| Orient Securities Co. Ltd. Class A | | 107,618 | 142,243 |
| People's Insurance Co. of China Group (H Shares) | | 6,311,552 | 2,575,503 |
| Perfect World Co. Ltd. Class A | | 13,600 | 47,610 |
| PetroChina Co. Ltd. (H Shares) | | 18,594,790 | 13,370,094 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 5,964,568 | 5,780,541 |
| Ping An Bank Co. Ltd. Class A | | 242,300 | 378,960 |
| Ping An Insurance (Group) Co. of China Ltd. (H Shares) | | 4,657,541 | 43,861,463 |
| Poly Developments & Holdings Class A | | 161,000 | 290,812 |
| Postal Savings Bank of China Co. Ltd. | | 2,339,000 | 1,395,893 |
| Power Construction Corp. of China Ltd. Class A | | 214,500 | 145,447 |
| Qingdao Haier Co. Ltd. | | 92,600 | 168,058 |
| Qinghai Salt Lake Potash Co. Ltd. Class A (a) | | 43,000 | 46,849 |
| Risesun Real Estate Development Co. Ltd. Class A | | 81,100 | 92,312 |
| Rongsheng Petrochemical Co. Ltd. Class A | | 59,500 | 88,026 |
| SAIC Motor Corp. Ltd. | | 126,600 | 492,015 |
| Sanan Optoelectronics Co. Ltd. Class A | | 57,200 | 115,291 |
| Sany Heavy Industry Co. Ltd. Class A | | 128,600 | 145,088 |
| SDIC Capital Co. Ltd. | | 60,300 | 77,799 |
| SDIC Power Holdings Co. Ltd. Class A | | 125,200 | 127,611 |
| Shaanxi Coal Industry Co. Ltd. Class A | | 113,700 | 139,035 |
| Shandong Buchang Pharmaceuticals Co. Ltd. Class A | | 15,760 | 61,588 |
| Shandong Gold Mining Co. Ltd. Class A | | 27,600 | 104,059 |
| Shandong Linglong Tyre Co. Ltd. Class A | | 22,700 | 45,721 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 1,764,000 | 1,576,858 |
| Shanghai 2345 Network Holding Group Co. Ltd. Class A | | 74,230 | 42,246 |
| Shanghai Construction Group Co. Ltd. Class A | | 121,300 | 52,341 |
| Shanghai Electric Group Co. Ltd. (H Shares) | | 2,302,000 | 748,551 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 509,500 | 1,526,821 |
| Shanghai International Airport Co. Ltd. (A Shares) | | 15,400 | 109,391 |
| Shanghai International Port Group Co. Ltd. Class A | | 185,843 | 143,865 |
| Shanghai Lujiazui Finance Trust Ltd. (B Shares) | | 929,245 | 1,180,141 |
| Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | | 779,809 | 1,722,313 |
| Shanghai Pudong Development Bank Co. Ltd. | | 497,609 | 783,260 |
| Shanghai Tunnel Engineering Co. Ltd. | | 100,000 | 81,713 |
| Shanghai Zhangjiang High Ltd. Class A | | 47,400 | 60,136 |
| Shanghaioriental Pearl Media Co. Ltd. | | 64,670 | 84,643 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A | | 53,500 | 63,274 |
| Shanxi Securities Co. Ltd. Class A | | 73,400 | 62,187 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. Class A | | 13,100 | 60,733 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd. Class A | | 57,900 | 53,786 |
| Shenergy Co. Ltd. Class A | | 224,300 | 162,381 |
| Shenwan Hongyuan Group Co. Ltd. Class A | | 379,300 | 242,512 |
| Shenzhen Energy Group Co. Ltd. Class A | | 126,800 | 94,523 |
| Shenzhen Overseas Chinese Town Co. Ltd. Class A | | 176,100 | 145,663 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd. Class A | | 16,000 | 56,540 |
| Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. Class A | | 117,500 | 72,094 |
| Shijiazhuang Baosh Electric Co. Ltd. Class A | | 100,900 | 68,128 |
| Sichuan Chuantou Energy Co. Ltd. class A | | 102,300 | 118,202 |
| Sichuan Kelun Pharmaceutical Co. Ltd. | | 22,400 | 75,463 |
| Sichuan New Hope Agribusiness Co. Ltd. Class A | | 143,300 | 122,230 |
| Sinolink Securities Co. Ltd. Class A | | 74,400 | 76,473 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 1,046,500 | 972,843 |
| Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) | | 2,832,000 | 1,242,303 |
| Sinopharm Group Co. Ltd. (H Shares) | | 1,032,800 | 4,978,333 |
| Sinotrans Ltd. (H Shares) | | 1,562,000 | 543,775 |
| Soochow Securities Co. Ltd. Class A | | 104,200 | 99,037 |
| Southwest Securities Co. Ltd. Class A | | 48,700 | 28,484 |
| Spring Airlines Co. Ltd. Class A | | 18,000 | 87,734 |
| Suning.com Co. Ltd. Class A | | 124,700 | 203,434 |
| Suzhou Gold Mantis Consolidated Co. Ltd. | | 67,900 | 78,066 |
| Tasly Pharmaceutical Group Co. Ltd. | | 23,760 | 68,565 |
| TBEA Co. Ltd. Class A | | 177,000 | 176,349 |
| TCL Corp. Class A | | 327,800 | 116,070 |
| Tianma Microelectronics Co. Ltd. Class A | | 36,600 | 55,144 |
| Tianqi Lithium Corp. Class A | | 16,400 | 68,509 |
| Tong Ren Tang Technologies Co. Ltd. (H Shares) | | 423,000 | 605,214 |
| Tonghua Dongbao Pharmaceutical Co. Ltd. Class A | | 27,700 | 53,131 |
| Tongling Nonferrous Metals Group Co. Ltd. Class A | | 329,200 | 98,633 |
| Tongwei Co. Ltd. Class A | | 56,000 | 51,379 |
| TravelSky Technology Ltd. (H Shares) | | 805,000 | 1,950,408 |
| Tsingtao Brewery Co. Ltd. (H Shares) | | 320,000 | 1,262,951 |
| Tus-Sound Environmental Resources Co. Ltd. Class A | | 30,100 | 47,034 |
| Unisplendour Corp. Ltd. Class A | | 10,740 | 51,101 |
| Wanxiang Qianchao Co. Ltd. Class A | | 78,300 | 56,124 |
| Weichai Power Co. Ltd. (H Shares) | | 1,733,000 | 1,712,680 |
| Weifu High-Technology Group Co. Ltd. Class A | | 30,500 | 77,784 |
| Western Securities Co. Ltd. Class A | | 61,500 | 73,705 |
| Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd. Class A | | 33,800 | 53,445 |
| Wuliangye Yibin Co. Ltd. Class A | | 51,100 | 352,722 |
| XCMG Construction Machinery Co. Ltd. Class A | | 152,300 | 72,486 |
| Xiamen C&D, Inc. Class A | | 82,225 | 88,759 |
| Xinhu Zhongbao Co. Ltd. Class A | | 191,000 | 85,155 |
| Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares) | | 546,200 | 406,762 |
| Yanzhou Coal Mining Co. Ltd. (H Shares) | | 1,598,000 | 1,509,979 |
| Yonghui Superstores Co. Ltd. Class A | | 155,000 | 158,652 |
| Yonyou Network Technology Co. Ltd. Class A | | 26,000 | 89,417 |
| Youngor Group Co. Ltd. Class A | | 124,600 | 132,180 |
| Yunnan Baiyao Group Co. Ltd. (d) | | 14,700 | 147,998 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | | 8,400 | 93,325 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 779,000 | 687,416 |
| Zhejiang Century Huatong Group Co. Ltd. Class A (d) | | 3,700 | 17,186 |
| Zhejiang China Commodities City Group Co. Ltd. Class A | | 160,100 | 84,002 |
| Zhejiang Chint Electric Co. Ltd. Class A | | 33,200 | 108,277 |
| Zhejiang Dahua Technology Co. Ltd. | | 40,000 | 66,001 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 1,222,000 | 1,023,794 |
| Zhejiang Huayou Cobalt Co. Ltd. Class A | | 11,400 | 55,156 |
| Zhejiang Longsheng Group Co. Ltd. Class A | | 62,200 | 79,181 |
| Zhejiang Zheneng Electric Power Co. Ltd. Class A | | 170,000 | 115,272 |
| Zhengzhou Yutong Bus Co. Ltd. | | 43,000 | 65,711 |
| ZhongAn Online P & C Insurance Co. Ltd. Class H (a)(b)(c) | | 129,700 | 430,848 |
| Zhongjin Gold Co. Ltd. Class A | | 64,700 | 73,273 |
| Zhuhai Wanlida Electric Co. Ltd. Class A | | 11,500 | 41,561 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 474,627 | 2,535,960 |
| Zijin Mng Group Co. Ltd. (H Shares) | | 5,168,000 | 1,917,748 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A | | 229,300 | 109,791 |
| ZTE Corp. (H Shares) | | 674,000 | 1,027,938 |
|
| TOTAL CHINA | | | 451,381,121 |
|
| Colombia - 0.3% | | | |
| Bancolombia SA | | 232,109 | 2,183,025 |
| Cementos Argos SA | | 376,554 | 821,061 |
| Ecopetrol SA | | 4,298,646 | 4,993,605 |
| Grupo de Inversiones Suramerica SA | | 198,040 | 1,931,494 |
| Interconexion Electrica SA ESP | | 390,443 | 1,450,440 |
| Inversiones Argos SA | | 257,402 | 1,199,262 |
|
| TOTAL COLOMBIA | | | 12,578,887 |
|
| Czech Republic - 0.2% | | | |
| Ceske Energeticke Zavody A/S | | 140,872 | 3,352,396 |
| Komercni Banka A/S | | 66,472 | 2,525,179 |
| MONETA Money Bank A/S (c) | | 409,802 | 1,359,947 |
| Telefonica Czech Rep A/S | | 58,690 | 617,611 |
|
| TOTAL CZECH REPUBLIC | | | 7,855,133 |
|
| Egypt - 0.1% | | | |
| Commercial International Bank SAE | | 923,425 | 4,096,668 |
| Eastern Tobacco Co. | | 725,305 | 642,737 |
| Elsewedy Electric Co. | | 620,620 | 521,224 |
|
| TOTAL EGYPT | | | 5,260,629 |
|
| Greece - 0.3% | | | |
| Alpha Bank AE (a) | | 1,213,780 | 1,835,342 |
| EFG Eurobank Ergasias SA (a) | | 1,514,157 | 1,020,431 |
| Ff Group (a)(d) | | 23,462 | 102,045 |
| Greek Organization of Football Prognostics SA | | 194,166 | 1,825,354 |
| Hellenic Telecommunications Organization SA | | 213,756 | 2,384,791 |
| Jumbo SA | | 94,695 | 1,381,461 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 52,969 | 1,253,903 |
| National Bank of Greece SA (a) | | 448,100 | 776,537 |
| Piraeus Bank SA | | 230,033 | 338,711 |
| Titan Cement Co. SA (Reg.) | | 40,649 | 895,039 |
|
| TOTAL GREECE | | | 11,813,614 |
|
| Hong Kong - 3.7% | | | |
| Beijing Enterprises Holdings Ltd. | | 429,927 | 2,324,537 |
| BYD Electronic International Co. Ltd. | | 541,000 | 633,999 |
| China Agri-Industries Holdings Ltd. | | 1,541,000 | 514,849 |
| China Everbright International Ltd. | | 3,220,814 | 2,566,975 |
| China Everbright Ltd. | | 780,000 | 1,378,586 |
| China Jinmao Holdings Group Ltd. | | 4,520,000 | 1,896,314 |
| China Merchants Holdings International Co. Ltd. | | 1,118,880 | 1,903,335 |
| China Mobile Ltd. | | 5,326,571 | 49,898,669 |
| China Overseas Land and Investment Ltd. | | 3,315,202 | 10,378,568 |
| China Power International Development Ltd. | | 3,305,000 | 653,250 |
| China Resources Beer Holdings Co. Ltd. | | 1,264,144 | 4,392,775 |
| China Resources Pharmaceutical Group Ltd. (c) | | 1,354,000 | 1,985,603 |
| China Resources Power Holdings Co. Ltd. | | 1,645,940 | 2,892,272 |
| China Taiping Insurance Group Ltd. | | 1,402,255 | 4,684,942 |
| China Travel International Investment HK Ltd. | | 1,632,000 | 437,034 |
| China Unicom Ltd. | | 5,274,814 | 5,517,186 |
| CITIC Pacific Ltd. | | 4,985,941 | 7,477,052 |
| CNOOC Ltd. | | 15,497,584 | 26,392,075 |
| CSPC Pharmaceutical Group Ltd. | | 4,063,963 | 8,571,586 |
| Far East Horizon Ltd. | | 1,874,000 | 1,816,181 |
| Fosun International Ltd. | | 2,202,754 | 3,213,423 |
| Guangdong Investment Ltd. | | 2,537,126 | 4,529,456 |
| Hua Hong Semiconductor Ltd. (c) | | 337,000 | 586,165 |
| Lenovo Group Ltd. | | 6,234,000 | 3,966,827 |
| MMG Ltd. (a) | | 1,940,000 | 727,319 |
| Shanghai Industrial Holdings Ltd. | | 339,241 | 712,921 |
| Shenzhen Investment Ltd. | | 2,712,000 | 778,123 |
| Sino-Ocean Group Holding Ltd. | | 2,597,500 | 1,016,880 |
| Sinotruk Hong Kong Ltd. | | 599,500 | 860,802 |
| Sun Art Retail Group Ltd. | | 2,059,971 | 2,251,220 |
| Winteam Pharmaceutical Group Ltd. | | 1,968,000 | 1,252,280 |
| Yuexiu Property Co. Ltd. | | 5,800,000 | 917,119 |
|
| TOTAL HONG KONG | | | 157,128,323 |
|
| Hungary - 0.3% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 321,270 | 3,369,039 |
| OTP Bank PLC | | 194,622 | 6,993,201 |
| Richter Gedeon PLC | | 122,856 | 2,284,391 |
|
| TOTAL HUNGARY | | | 12,646,631 |
|
| India - 8.4% | | | |
| Adani Ports & Special Economic Zone Ltd. | | 454,618 | 1,959,910 |
| Ambuja Cements Ltd. | | 526,575 | 1,403,654 |
| Ashok Leyland Ltd. | | 1,024,251 | 1,588,448 |
| Asian Paints Ltd. | | 249,335 | 4,147,942 |
| Aurobindo Pharma Ltd. | | 230,749 | 2,469,570 |
| Avenue Supermarts Ltd. (a)(c) | | 108,577 | 1,964,178 |
| Axis Bank Ltd. (a) | | 1,562,339 | 12,302,680 |
| Bajaj Auto Ltd. | | 72,800 | 2,553,020 |
| Bajaj Finance Ltd. | | 150,842 | 4,859,229 |
| Bajaj Finserv Ltd. | | 33,256 | 2,430,193 |
| Bharat Forge Ltd. | | 182,590 | 1,443,982 |
| Bharat Heavy Electricals Ltd. | | 722,075 | 671,210 |
| Bharat Petroleum Corp. Ltd. | | 660,476 | 2,456,692 |
| Bharti Airtel Ltd. | | 1,218,596 | 4,816,881 |
| Bharti Infratel Ltd. | | 271,858 | 989,694 |
| Bosch Ltd. (a) | | 6,361 | 1,698,316 |
| Britannia Industries Ltd. | | 25,083 | 1,914,156 |
| Cadila Healthcare Ltd. | | 167,046 | 813,209 |
| Cipla Ltd. (a) | | 302,854 | 2,576,675 |
| Coal India Ltd. | | 594,825 | 2,140,517 |
| Container Corp. of India Ltd. | | 134,881 | 1,155,771 |
| Dabur India Ltd. | | 461,440 | 2,400,474 |
| Dr. Reddy's Laboratories Ltd. | | 82,942 | 2,848,721 |
| Dr. Reddy's Laboratories Ltd. sponsored ADR (b) | | 16,972 | 577,557 |
| Eicher Motors Ltd. | | 11,595 | 3,427,799 |
| GAIL India Ltd. | | 687,073 | 3,476,705 |
| Glenmark Pharmaceuticals Ltd. | | 111,915 | 940,443 |
| Godrej Consumer Products Ltd. | | 311,380 | 3,051,701 |
| Grasim Industries Ltd. (a) | | 288,148 | 3,247,509 |
| Havells India Ltd. (a) | | 219,427 | 1,915,981 |
| HCL Technologies Ltd. | | 484,625 | 6,916,849 |
| Hero Motocorp Ltd. | | 43,200 | 1,613,487 |
| Hindalco Industries Ltd. | | 1,017,807 | 3,033,054 |
| Hindustan Petroleum Corp. Ltd. | | 531,510 | 1,610,843 |
| Hindustan Unilever Ltd. | | 563,995 | 12,366,559 |
| Housing Development Finance Corp. Ltd. | | 1,385,005 | 33,131,694 |
| ICICI Bank Ltd. | | 2,068,528 | 9,919,317 |
| Indiabulls Housing Finance Ltd. | | 241,340 | 2,723,396 |
| Indian Oil Corp. Ltd. | | 1,265,725 | 2,369,384 |
| Infosys Ltd. | | 3,035,802 | 28,048,337 |
| InterGlobe Aviation Ltd. (c) | | 75,546 | 907,962 |
| ITC Ltd. | | 2,964,446 | 11,226,897 |
| JSW Steel Ltd. | | 736,723 | 3,380,798 |
| Larsen & Toubro Ltd. | | 413,818 | 7,259,720 |
| LIC Housing Finance Ltd. | | 260,610 | 1,448,577 |
| Lupin Ltd. (a) | | 194,567 | 2,329,358 |
| Mahindra & Mahindra Financial Services Ltd. (a) | | 267,766 | 1,480,750 |
| Mahindra & Mahindra Ltd. | | 646,286 | 6,693,115 |
| Marico Ltd. | | 394,713 | 1,714,728 |
| Maruti Suzuki India Ltd. | | 91,626 | 8,196,786 |
| Motherson Sumi Systems Ltd. (a) | | 823,930 | 1,818,639 |
| Nestle India Ltd. | | 20,132 | 2,762,257 |
| NTPC Ltd. | | 1,719,586 | 3,711,897 |
| Oil & Natural Gas Corp. Ltd. | | 1,226,452 | 2,541,289 |
| Page Industries Ltd. | | 4,781 | 1,903,971 |
| Petronet LNG Ltd. | | 525,872 | 1,604,777 |
| Pidilite Industries Ltd. | | 105,987 | 1,374,062 |
| Piramal Enterprises Ltd. | | 71,043 | 2,087,104 |
| Power Grid Corp. of India Ltd. | | 1,367,549 | 3,438,287 |
| Rec Ltd. | | 569,951 | 897,002 |
| Reliance Industries Ltd. | | 2,476,037 | 35,528,587 |
| Shree Cement Ltd. | | 7,374 | 1,387,595 |
| Shriram Transport Finance Co. Ltd. | | 129,025 | 2,032,022 |
| Siemens India Ltd. | | 57,555 | 725,040 |
| State Bank of India (a) | | 1,553,021 | 5,908,871 |
| Sun Pharmaceutical Industries Ltd. | | 730,594 | 5,731,844 |
| Tata Consultancy Services Ltd. | | 797,816 | 20,907,072 |
| Tata Motors Ltd. (a) | | 1,380,158 | 3,343,450 |
| Tata Power Co. Ltd. | | 906,651 | 938,401 |
| Tata Steel Ltd. | | 305,437 | 2,287,267 |
| Tech Mahindra Ltd. (a) | | 410,139 | 4,125,235 |
| Titan Co. Ltd. | | 271,427 | 3,099,611 |
| Ultratech Cemco Ltd. (a) | | 84,034 | 3,976,049 |
| United Spirits Ltd. (a) | | 255,581 | 1,993,228 |
| UPL Ltd. (a) | | 311,178 | 2,837,248 |
| Vedanta Ltd. (a) | | 1,135,833 | 3,242,714 |
| Vodafone Idea Ltd. (a) | | 1,606,262 | 839,400 |
| Wipro Ltd. | | 983,633 | 4,402,557 |
| Yes Bank Ltd. | | 1,483,724 | 3,773,506 |
| Zee Entertainment Enterprises Ltd. | | 419,815 | 2,560,554 |
|
| TOTAL INDIA | | | 356,393,964 |
|
| Indonesia - 2.0% | | | |
| PT Adaro Energy Tbk | | 12,640,300 | 1,371,912 |
| PT Astra International Tbk | | 17,601,159 | 9,146,466 |
| PT Bank Central Asia Tbk | | 8,570,870 | 13,333,404 |
| PT Bank Danamon Indonesia Tbk Series A | | 2,354,200 | 1,149,807 |
| PT Bank Mandiri (Persero) Tbk | | 16,266,198 | 7,308,754 |
| PT Bank Negara Indonesia (Persero) Tbk | | 6,513,800 | 3,138,535 |
| PT Bank Rakyat Indonesia Tbk | | 48,293,805 | 10,006,610 |
| PT Bank Tabungan Negara Tbk | | 3,458,400 | 482,276 |
| PT Bumi Serpong Damai Tbk (a) | | 6,277,900 | 454,247 |
| PT Charoen Pokphand Indonesia Tbk | | 6,441,300 | 2,330,350 |
| PT Gudang Garam Tbk | | 422,800 | 2,010,751 |
| PT Hanjaya Mandala Sampoerna Tbk | | 8,148,300 | 1,999,221 |
| PT Indah Kiat Pulp & Paper Tbk | | 2,384,500 | 1,995,906 |
| PT Indocement Tunggal Prakarsa Tbk | | 1,617,700 | 1,840,895 |
| PT Indofood CBP Sukses Makmur Tbk | | 2,055,500 | 1,206,732 |
| PT Indofood Sukses Makmur Tbk | | 3,881,300 | 1,525,457 |
| PT Jasa Marga Tbk | | 1,789,297 | 488,445 |
| PT Kalbe Farma Tbk | | 18,540,100 | 1,670,774 |
| PT Matahari Department Store Tbk | | 2,025,200 | 646,092 |
| PT Pakuwon Jati Tbk | | 13,699,400 | 430,739 |
| PT Perusahaan Gas Negara Tbk Series B | | 9,557,500 | 1,395,668 |
| PT Semen Gresik (Persero) Tbk | | 2,619,248 | 1,550,615 |
| PT Surya Citra Media Tbk | | 4,763,700 | 491,959 |
| PT Telekomunikasi Indonesia Tbk Series B | | 43,876,665 | 11,115,023 |
| PT Tower Bersama Infrastructure Tbk | | 1,660,200 | 511,083 |
| PT Unilever Indonesia Tbk | | 1,332,639 | 3,789,069 |
| PT United Tractors Tbk | | 1,465,800 | 3,230,015 |
| PT Waskita Karya Persero Tbk | | 3,859,900 | 365,615 |
|
| TOTAL INDONESIA | | | 84,986,420 |
|
| Isle of Man - 0.1% | | | |
| NEPI Rockcastle PLC | | 326,259 | 2,817,294 |
| Korea (South) - 12.8% | | | |
| AMOREPACIFIC Corp. | | 28,287 | 3,793,086 |
| AMOREPACIFIC Group, Inc. | | 25,249 | 1,374,201 |
| BGF Retail Co. Ltd. | | 6,356 | 938,638 |
| BS Financial Group, Inc. | | 229,818 | 1,528,763 |
| Celltrion Healthcare Co. Ltd. | | 30,638 | 1,710,465 |
| Celltrion Pharm, Inc. | | 12,565 | 589,156 |
| Celltrion, Inc. (a) | | 70,845 | 13,504,634 |
| Cheil Industries, Inc. | | 66,071 | 6,282,825 |
| Cheil Worldwide, Inc. | | 56,015 | 1,114,409 |
| CJ CheilJedang Corp. | | 7,230 | 2,053,041 |
| CJ Corp. | | 12,944 | 1,236,543 |
| CJ O Shopping Co. Ltd. | | 9,475 | 1,876,731 |
| Coway Co. Ltd. | | 41,922 | 2,582,924 |
| Daelim Industrial Co. | | 24,482 | 1,630,703 |
| Daewoo Engineering & Construction Co. Ltd. (a) | | 135,719 | 538,237 |
| Db Insurance Co. Ltd. | | 43,309 | 2,725,317 |
| DGB Financial Group Co. Ltd. | | 150,360 | 1,238,724 |
| Dong Suh Companies, Inc. | | 27,737 | 453,370 |
| Doosan Bobcat, Inc. | | 39,686 | 1,224,318 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 52,142 | 500,399 |
| E-Mart Co. Ltd. | | 18,253 | 3,271,462 |
| GS Engineering & Construction Corp. | | 44,494 | 1,628,067 |
| GS Holdings Corp. | | 44,881 | 1,907,738 |
| GS Retail Co. Ltd. | | 22,013 | 692,609 |
| Hana Financial Group, Inc. | | 261,222 | 8,768,451 |
| Hankook Tire Co. Ltd. | | 64,653 | 2,345,867 |
| Hanmi Pharm Co. Ltd. | | 5,485 | 1,872,399 |
| Hanmi Science Co. Ltd. | | 10,343 | 604,626 |
| Hanon Systems | | 162,699 | 1,561,397 |
| Hanssem Co. Ltd. | | 8,558 | 366,396 |
| Hanwha Chemical Corp. | | 93,372 | 1,321,611 |
| Hanwha Corp. | | 33,709 | 830,169 |
| Hanwha Life Insurance Co. Ltd. | | 248,197 | 975,603 |
| HDC Hyundai Development Co. (a) | | 30,789 | 1,187,306 |
| HLB, Inc. (a) | | 27,019 | 2,050,697 |
| Hotel Shilla Co. | | 27,377 | 1,710,763 |
| Hyundai Department Store Co. Ltd. | | 11,438 | 869,128 |
| Hyundai Engineering & Construction Co. Ltd. | | 67,826 | 2,719,579 |
| Hyundai Fire & Marine Insurance Co. Ltd. | | 54,832 | 2,008,745 |
| Hyundai Glovis Co. Ltd. | | 16,519 | 1,650,452 |
| Hyundai Heavy Industries Co. Ltd. (a) | | 33,159 | 3,618,138 |
| Hyundai Mobis | | 59,156 | 9,850,692 |
| Hyundai Motor Co. | | 133,431 | 12,454,340 |
| Hyundai Robotics Co. Ltd. (a) | | 8,534 | 2,666,408 |
| Hyundai Steel Co. | | 69,774 | 2,553,080 |
| Industrial Bank of Korea | | 220,309 | 2,867,299 |
| ING Life Insurance Korea Ltd. (c) | | 26,790 | 719,644 |
| Kakao Corp. | | 43,680 | 3,506,650 |
| Kangwon Land, Inc. | | 102,588 | 2,580,434 |
| KB Financial Group, Inc. | | 345,282 | 14,360,728 |
| KCC Corp. | | 5,116 | 1,107,495 |
| KEPCO Plant Service & Engineering Co. Ltd. | | 18,219 | 439,108 |
| Kia Motors Corp. | | 228,885 | 5,697,050 |
| Korea Aerospace Industries Ltd. (a) | | 63,799 | 1,618,739 |
| Korea Electric Power Corp. | | 223,298 | 5,327,021 |
| Korea Express Co. Ltd. (a) | | 6,505 | 903,631 |
| Korea Gas Corp. (a) | | 22,789 | 1,040,584 |
| Korea Investment Holdings Co. Ltd. | | 36,604 | 1,902,381 |
| Korea Zinc Co. Ltd. | | 7,431 | 2,468,316 |
| Korean Air Lines Co. Ltd. | | 39,101 | 940,686 |
| KT Corp. | | 2,064 | 51,864 |
| KT Corp. sponsored ADR (b) | | 39,904 | 552,271 |
| KT&G Corp. | | 101,367 | 9,017,310 |
| Kumho Petro Chemical Co. Ltd. | | 15,992 | 1,206,758 |
| LG Chemical Ltd. | | 40,088 | 12,191,530 |
| LG Corp. | | 82,809 | 4,811,776 |
| LG Display Co. Ltd. | | 202,962 | 2,957,758 |
| LG Electronics, Inc. | | 92,609 | 5,137,730 |
| LG Household & Health Care Ltd. | | 8,127 | 7,436,098 |
| LG Innotek Co. Ltd. | | 12,461 | 1,354,219 |
| LG Telecom Ltd. | | 186,743 | 2,643,207 |
| Lotte Chemical Corp. | | 14,936 | 3,436,196 |
| Lotte Confectionery Co. Ltd. (a) | | 25,835 | 1,076,647 |
| Lotte Shopping Co. Ltd. | | 9,902 | 1,679,261 |
| Medy-Tox, Inc. | | 3,720 | 1,520,603 |
| Mirae Asset Daewoo Co. Ltd. | | 349,752 | 1,970,995 |
| NAVER Corp. | | 121,855 | 12,228,219 |
| NCSOFT Corp. | | 15,283 | 5,752,891 |
| Netmarble Corp. (c) | | 22,307 | 2,189,644 |
| Oci Co. Ltd. | | 15,662 | 1,169,503 |
| Orion Corp./Republic of Korea | | 19,003 | 1,583,861 |
| Ottogi Corp. | | 972 | 561,392 |
| Pearl Abyss Corp. (a) | | 4,673 | 842,041 |
| POSCO | | 68,177 | 15,585,404 |
| Posco Daewoo Corp. | | 40,220 | 627,446 |
| S-Oil Corp. | | 39,259 | 4,266,535 |
| S1 Corp. | | 13,852 | 1,171,532 |
| Samsung Biologics Co. Ltd. (a)(c) | | 14,372 | 4,880,938 |
| Samsung Card Co. Ltd. | | 23,605 | 696,151 |
| Samsung Electro-Mechanics Co. Ltd. | | 48,768 | 5,043,492 |
| Samsung Electronics Co. Ltd. | | 4,186,007 | 155,553,634 |
| Samsung Engineering Co. Ltd. (a) | | 137,238 | 2,195,086 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 26,783 | 6,537,305 |
| Samsung Heavy Industries Co. Ltd. (a) | | 385,142 | 2,349,332 |
| Samsung Life Insurance Co. Ltd. | | 60,910 | 4,911,236 |
| Samsung SDI Co. Ltd. | | 47,851 | 9,876,346 |
| Samsung SDS Co. Ltd. | | 30,282 | 5,108,926 |
| Samsung Securities Co. Ltd. | | 54,980 | 1,288,970 |
| Shinhan Financial Group Co. Ltd. | | 370,934 | 13,798,190 |
| Shinsegae Co. Ltd. | | 6,462 | 1,464,003 |
| SillaJen, Inc. (a) | | 51,354 | 3,101,043 |
| SK C&C Co. Ltd. | | 27,618 | 6,329,629 |
| SK Energy Co. Ltd. | | 56,274 | 10,529,798 |
| SK Hynix, Inc. | | 505,891 | 30,238,182 |
| SK Telecom Co. Ltd. | | 17,595 | 4,128,877 |
| STX Pan Ocean Co. Ltd. (Korea) (a) | | 196,876 | 823,049 |
| ViroMed Co. Ltd. (a) | | 11,858 | 1,936,148 |
| Woori Bank | | 411,965 | 5,686,633 |
| Woori Investment & Securities Co. Ltd. | | 123,852 | 1,318,845 |
| Yuhan Corp. | | 7,557 | 1,109,376 |
|
| TOTAL KOREA (SOUTH) | | | 543,789,853 |
|
| Luxembourg - 0.1% | | | |
| PLAY Communications SA (c) | | 92,732 | 398,754 |
| Reinet Investments SCA | | 129,064 | 2,162,659 |
|
| TOTAL LUXEMBOURG | | | 2,561,413 |
|
| Malaysia - 2.4% | | | |
| AirAsia Group BHD | | 1,236,500 | 777,153 |
| Alliance Bank Malaysia Bhd | | 820,500 | 776,480 |
| AMMB Holdings Bhd | | 1,473,000 | 1,337,651 |
| Astro Malaysia Holdings Bhd (c) | | 1,071,124 | 345,565 |
| Axiata Group Bhd | | 2,381,851 | 1,940,999 |
| British American Tobacco (Malaysia) Bhd | | 116,500 | 865,850 |
| Bumiputra-Commerce Holdings Bhd | | 4,177,044 | 5,709,808 |
| Dialog Group Bhd | | 3,207,765 | 2,598,715 |
| DiGi.com Bhd | | 2,737,000 | 2,819,087 |
| Felda Global Ventures Holdings Bhd (c) | | 1,336,900 | 447,284 |
| Fraser & Neave Holdings BHD | | 103,500 | 833,540 |
| Gamuda Bhd | | 1,736,000 | 991,526 |
| Genting Bhd | | 1,869,300 | 3,278,925 |
| Genting Malaysia Bhd | | 2,618,340 | 2,809,499 |
| Genting Plantations Bhd | | 186,700 | 430,554 |
| Hap Seng Consolidated Bhd | | 559,800 | 1,317,727 |
| Hartalega Holdings Bhd | | 1,170,000 | 1,750,317 |
| Hong Leong Bank Bhd | | 571,700 | 2,828,101 |
| Hong Leong Credit Bhd | | 188,000 | 825,771 |
| IHH Healthcare Bhd (c) | | 2,182,887 | 2,608,301 |
| IJM Corp. Bhd | | 2,373,300 | 924,478 |
| IOI Corp. Bhd | | 1,682,700 | 1,809,571 |
| IOI Properties Group Bhd | | 1,369,425 | 428,712 |
| Kuala Lumpur Kepong Bhd | | 371,400 | 2,211,803 |
| Malayan Banking Bhd | | 3,371,424 | 7,646,030 |
| Malaysia Airports Holdings Bhd | | 810,300 | 1,607,239 |
| Maxis Bhd | | 2,068,100 | 2,584,816 |
| MISC Bhd | | 997,600 | 1,454,262 |
| My E.G.Services Bhd | | 1,627,700 | 466,780 |
| Nestle (Malaysia) BHD | | 50,700 | 1,742,301 |
| Petronas Chemicals Group Bhd | | 2,094,500 | 4,680,027 |
| Petronas Dagangan Bhd | | 158,926 | 987,472 |
| Petronas Gas Bhd | | 610,300 | 2,666,097 |
| PPB Group Bhd | | 498,440 | 1,996,381 |
| Press Metal Bhd | | 1,195,600 | 1,382,890 |
| Public Bank Bhd | | 2,530,057 | 14,873,797 |
| RHB Capital Bhd | | 817,760 | 1,022,078 |
| RHB Capital Bhd (a)(d) | | 141,500 | 0 |
| Sime Darby Bhd | | 2,139,649 | 1,124,920 |
| Sime Darby Plantation Bhd | | 2,101,149 | 2,641,186 |
| Sime Darby Property Bhd | | 2,501,049 | 582,751 |
| SP Setia Bhd | | 1,279,579 | 642,159 |
| Telekom Malaysia Bhd | | 926,300 | 526,848 |
| Tenaga Nasional Bhd | | 2,718,072 | 9,548,490 |
| Top Glove Corp. Bhd | | 1,238,200 | 1,757,655 |
| UMW Holdings Bhd | | 325,800 | 369,829 |
| Westports Holdings Bhd | | 843,400 | 687,297 |
| YTL Corp. Bhd | | 2,676,296 | 677,948 |
|
| TOTAL MALAYSIA | | | 102,336,670 |
|
| Mexico - 2.8% | | | |
| Alfa SA de CV Series A | | 2,653,400 | 2,796,662 |
| Alsea S.A.B. de CV | | 438,100 | 1,120,201 |
| America Movil S.A.B. de CV Series L | | 29,258,247 | 21,187,590 |
| Banco Santander Mexico SA | | 1,595,345 | 1,989,346 |
| CEMEX S.A.B. de CV unit (a) | | 12,675,986 | 6,327,619 |
| Coca-Cola FEMSA S.A.B. de CV Series L | | 461,269 | 2,630,924 |
| El Puerto de Liverpool S.A.B. de CV Class C | | 152,510 | 966,493 |
| Embotelladoras Arca S.A.B. de CV | | 383,900 | 1,930,532 |
| Fibra Uno Administracion SA de CV | | 2,936,083 | 3,155,314 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 1,687,191 | 14,343,397 |
| Gruma S.A.B. de CV Series B | | 185,700 | 1,938,065 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 311,627 | 2,578,067 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 181,435 | 3,015,751 |
| Grupo Bimbo S.A.B. de CV Series A | | 1,429,070 | 2,676,879 |
| Grupo Carso SA de CV Series A1 | | 400,600 | 1,178,928 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 2,254,181 | 12,402,115 |
| Grupo Financiero Inbursa S.A.B. de CV Series O | | 2,018,100 | 2,615,858 |
| Grupo Mexico SA de CV Series B | | 3,042,154 | 7,019,347 |
| Grupo Televisa SA de CV | | 2,125,093 | 6,126,319 |
| Industrias Penoles SA de CV | | 121,105 | 1,706,884 |
| Infraestructura Energetica Nova S.A.B. de CV | | 465,600 | 1,825,199 |
| Kimberly-Clark de Mexico SA de CV Series A | | 1,321,827 | 1,905,313 |
| Mexichem S.A.B. de CV | | 903,220 | 2,385,969 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 199,915 | 1,819,319 |
| Wal-Mart de Mexico SA de CV Series V | | 4,547,756 | 11,614,960 |
|
| TOTAL MEXICO | | | 117,257,051 |
|
| Netherlands - 0.1% | | | |
| X5 Retail Group NV unit | | 106,735 | 2,493,636 |
| Pakistan - 0.1% | | | |
| Habib Bank Ltd. | | 471,900 | 519,224 |
| Lucky Cement Ltd. | | 104,550 | 392,492 |
| MCB Bank Ltd. | | 328,700 | 491,057 |
| Oil & Gas Development Co. Ltd. | | 503,500 | 604,542 |
| United Bank Ltd. | | 395,600 | 447,913 |
|
| TOTAL PAKISTAN | | | 2,455,228 |
|
| Peru - 0.0% | | | |
| Compania de Minas Buenaventura SA sponsored ADR | | 156,806 | 2,170,195 |
| Philippines - 1.0% | | | |
| Aboitiz Equity Ventures, Inc. | | 1,737,600 | 1,528,289 |
| Aboitiz Power Corp. | | 1,193,955 | 752,967 |
| Alliance Global Group, Inc. (a) | | 3,367,600 | 715,907 |
| Ayala Corp. | | 218,446 | 3,760,883 |
| Ayala Land, Inc. | | 6,462,243 | 4,794,954 |
| Bank of the Philippine Islands (BPI) | | 800,588 | 1,230,763 |
| BDO Unibank, Inc. | | 1,721,021 | 3,942,081 |
| DMCI Holdings, Inc. | | 3,263,700 | 784,211 |
| Globe Telecom, Inc. | | 27,305 | 1,067,939 |
| GT Capital Holdings, Inc. | | 80,337 | 1,142,581 |
| International Container Terminal Services, Inc. | | 383,530 | 649,540 |
| JG Summit Holdings, Inc. | | 2,516,450 | 2,227,447 |
| Jollibee Food Corp. | | 383,833 | 1,982,482 |
| Manila Electric Co. | | 200,800 | 1,382,081 |
| Megaworld Corp. | | 9,183,100 | 757,855 |
| Metro Pacific Investments Corp. | | 11,582,200 | 1,040,376 |
| Metropolitan Bank & Trust Co. | | 645,627 | 791,977 |
| Philippine Long Distance Telephone Co. | | 77,030 | 1,990,447 |
| Robinsons Land Corp. | | 1,697,097 | 665,348 |
| Security Bank Corp. | | 181,580 | 490,674 |
| SM Investments Corp. | | 211,965 | 3,569,970 |
| SM Prime Holdings, Inc. | | 8,831,700 | 5,586,232 |
| Universal Robina Corp. | | 774,228 | 1,883,520 |
|
| TOTAL PHILIPPINES | | | 42,738,524 |
|
| Poland - 1.1% | | | |
| Alior Bank SA (a) | | 80,541 | 1,212,161 |
| Bank Handlowy w Warszawie SA | | 26,698 | 487,044 |
| Bank Millennium SA (a) | | 533,456 | 1,227,582 |
| Bank Polska Kasa Opieki SA | | 148,715 | 4,057,819 |
| Bank Zachodni WBK SA | | 30,350 | 2,692,399 |
| BRE Bank SA | | 13,035 | 1,270,498 |
| CD Projekt RED SA (a) | | 58,648 | 2,419,498 |
| Cyfrowy Polsat SA (a) | | 225,274 | 1,297,462 |
| Dino Polska SA (a)(c) | | 40,129 | 883,703 |
| Grupa Lotos SA | | 80,780 | 1,458,488 |
| Jastrzebska Spolka Weglowa SA (a) | | 43,265 | 834,372 |
| KGHM Polska Miedz SA (Bearer) (a) | | 122,158 | 2,765,878 |
| LPP SA | | 1,132 | 2,315,833 |
| NG2 SA | | 25,231 | 1,098,101 |
| Polish Oil & Gas Co. SA | | 1,512,332 | 2,467,247 |
| Polska Grupa Energetyczna SA (a) | | 735,945 | 2,015,762 |
| Polski Koncern Naftowy Orlen SA | | 260,348 | 6,258,421 |
| Powszechna Kasa Oszczednosci Bank SA | | 761,311 | 7,922,325 |
| Powszechny Zaklad Ubezpieczen SA | | 525,769 | 5,368,471 |
| Telekomunikacja Polska SA (a) | | 543,948 | 615,231 |
| Zaklady Azotowe w Tarnowie-Moscicach SA | | 36,196 | 244,316 |
|
| TOTAL POLAND | | | 48,912,611 |
|
| Qatar - 1.1% | | | |
| Barwa Real Estate Co. | | 79,277 | 814,108 |
| Doha Bank (a) | | 123,067 | 742,593 |
| Ezdan Holding Group (a) | | 696,269 | 2,092,058 |
| Industries Qatar QSC (a) | | 158,105 | 6,078,857 |
| Masraf al Rayan (a) | | 320,975 | 3,349,036 |
| Qatar Electricity & Water Co. (a) | | 43,107 | 2,224,373 |
| Qatar Insurance Co. SAQ | | 137,494 | 1,385,891 |
| Qatar Islamic Bank (a) | | 101,080 | 4,247,525 |
| Qatar National Bank SAQ | | 393,108 | 21,053,573 |
| Qatar Telecom (Qtel) Q.S.C. (a) | | 70,684 | 1,337,191 |
| The Commercial Bank of Qatar (a) | | 174,189 | 1,983,009 |
|
| TOTAL QATAR | | | 45,308,214 |
|
| Russia - 3.6% | | | |
| Alrosa Co. Ltd. | | 2,242,401 | 3,400,685 |
| Gazprom OAO | | 5,653,726 | 13,343,476 |
| Gazprom OAO sponsored ADR (Reg. S) | | 1,799,956 | 8,528,192 |
| Inter Rao Ues JSC | | 27,473,158 | 1,660,724 |
| Lukoil PJSC | | 294,592 | 22,114,385 |
| Lukoil PJSC sponsored ADR | | 128,658 | 9,610,753 |
| Magnit OJSC GDR (Reg. S) | | 311,074 | 4,151,283 |
| Magnitogorsk Iron & Steel Works PJSC | | 1,955,000 | 1,422,911 |
| MMC Norilsk Nickel PJSC | | 33,729 | 5,632,274 |
| MMC Norilsk Nickel PJSC sponsored ADR (b) | | 212,418 | 3,521,890 |
| Mobile TeleSystems OJSC sponsored ADR | | 436,455 | 3,496,005 |
| Moscow Exchange MICEX-RTS OAO | | 1,193,667 | 1,592,794 |
| NOVATEK OAO GDR (Reg. S) | | 79,141 | 13,414,400 |
| Novolipetsk Steel OJSC | | 1,045,386 | 2,545,791 |
| PhosAgro OJSC GDR (Reg. S) | | 101,976 | 1,335,886 |
| Polyus PJSC | | 23,350 | 1,471,743 |
| Rosneft Oil Co. OJSC | | 623,771 | 4,360,088 |
| Rosneft Oil Co. OJSC GDR (Reg. S) | | 388,106 | 2,728,385 |
| RusHydro PJSC | | 39,708,753 | 331,420 |
| RusHydro PJSC ADR(b) | | 466,556 | 365,780 |
| Sberbank of Russia | | 9,376,555 | 26,950,896 |
| Severstal PAO | | 108,539 | 1,697,113 |
| Severstal PAO GDR (Reg. S) | | 73,598 | 1,141,505 |
| Surgutneftegas OJSC | | 5,264,562 | 2,123,447 |
| Surgutneftegas OJSC sponsored ADR | | 49,000 | 195,020 |
| Tatneft PAO | | 866,256 | 10,315,053 |
| Tatneft PAO sponsored ADR | | 76,366 | 5,380,748 |
| VTB Bank OJSC (a) | | 2,847,449,994 | 1,581,202 |
|
| TOTAL RUSSIA | | | 154,413,849 |
|
| Singapore - 0.0% | | | |
| BOC Aviation Ltd. Class A | | 174,300 | 1,245,802 |
| South Africa - 5.6% | | | |
| Anglo American Platinum Ltd. | | 46,982 | 1,534,793 |
| AngloGold Ashanti Ltd. | | 358,211 | 3,467,623 |
| Aspen Pharmacare Holdings Ltd. | | 337,355 | 3,567,353 |
| Barclays Africa Group Ltd. | | 626,889 | 6,336,243 |
| Bidcorp Ltd. | | 291,629 | 5,469,638 |
| Bidvest Group Ltd. | | 294,703 | 3,671,077 |
| Capitec Bank Holdings Ltd. | | 35,156 | 2,360,820 |
| Clicks Group Ltd. | | 221,799 | 2,826,518 |
| Coronation Fund Managers Ltd. | | 185,311 | 617,138 |
| Discovery Ltd. | | 309,356 | 3,311,750 |
| Exxaro Resources Ltd. | | 219,009 | 2,240,194 |
| FirstRand Ltd. | | 2,924,409 | 12,748,263 |
| Fortress (REIT) Ltd.: | | | |
| Class A | | 968,183 | 1,109,776 |
| Class B | | 627,033 | 611,625 |
| Foschini Ltd. | | 196,007 | 2,142,027 |
| Gold Fields Ltd. | | 716,347 | 1,893,843 |
| Growthpoint Properties Ltd. | | 2,578,764 | 3,959,261 |
| Hyprop Investments Ltd. | | 224,900 | 1,376,155 |
| Imperial Holdings Ltd. | | 141,163 | 1,558,845 |
| Investec Ltd. | | 245,568 | 1,527,590 |
| Kumba Iron Ore Ltd. | | 52,975 | 1,037,775 |
| Liberty Holdings Ltd. | | 105,181 | 769,937 |
| Life Healthcare Group Holdings Ltd. | | 1,169,309 | 1,941,913 |
| MMI Holdings Ltd. | | 768,187 | 929,479 |
| Mondi Ltd. | | 102,842 | 2,459,982 |
| Mr Price Group Ltd. | | 223,272 | 3,495,620 |
| MTN Group Ltd. | | 1,474,452 | 8,545,375 |
| Naspers Ltd. Class N | | 380,988 | 66,956,785 |
| Nedbank Group Ltd. | | 333,586 | 5,628,621 |
| Netcare Ltd. | | 1,032,221 | 1,737,336 |
| Old Mutual Ltd. | | 4,286,952 | 6,593,523 |
| Pick 'n Pay Stores Ltd. | | 318,930 | 1,472,883 |
| Pioneer Foods Ltd. | | 103,675 | 569,097 |
| PSG Group Ltd. | | 131,055 | 1,954,299 |
| Rand Merchant Insurance Holdings Ltd. | | 600,247 | 1,397,220 |
| Redefine Properties Ltd. | | 4,757,552 | 3,092,691 |
| Remgro Ltd. | | 460,490 | 5,936,349 |
| Resilient Property Income Fund Ltd. | | 225,243 | 913,339 |
| RMB Holdings Ltd. | | 615,747 | 3,107,848 |
| Sanlam Ltd. | | 1,551,583 | 7,810,239 |
| Sappi Ltd. | | 460,346 | 2,588,110 |
| Sasol Ltd. | | 476,861 | 15,583,801 |
| Shoprite Holdings Ltd. | | 386,000 | 4,717,560 |
| Spar Group Ltd. | | 168,400 | 2,007,102 |
| Standard Bank Group Ltd. | | 1,124,373 | 12,448,320 |
| Telkom SA Ltd. | | 230,936 | 839,838 |
| Tiger Brands Ltd. | | 140,446 | 2,509,321 |
| Truworths International Ltd. | | 385,745 | 2,115,878 |
| Vodacom Group Ltd. | | 525,066 | 4,427,603 |
| Woolworths Holdings Ltd. | | 868,400 | 2,997,974 |
|
| TOTAL SOUTH AFRICA | | | 238,916,350 |
|
| Taiwan - 11.3% | | | |
| Acer, Inc. | | 2,560,000 | 1,794,286 |
| Advantech Co. Ltd. | | 304,993 | 2,098,271 |
| ASE Industrial Holding Co. Ltd. | | 3,002,592 | 6,051,638 |
| Asia Cement Corp. | | 1,917,000 | 2,027,802 |
| ASUSTeK Computer, Inc. | | 614,502 | 4,545,177 |
| AU Optronics Corp. | | 7,570,000 | 2,955,970 |
| Catcher Technology Co. Ltd. | | 571,095 | 5,745,905 |
| Cathay Financial Holding Co. Ltd. | | 7,088,033 | 11,217,959 |
| Chang Hwa Commercial Bank | | 4,654,632 | 2,638,484 |
| Cheng Shin Rubber Industry Co. Ltd. | | 1,682,000 | 2,365,953 |
| Chicony Electronics Co. Ltd. | | 473,008 | 945,695 |
| China Airlines Ltd. | | 2,172,000 | 642,610 |
| China Development Finance Holding Corp. | | 11,725,000 | 3,760,574 |
| China Life Insurance Co. Ltd. | | 2,273,053 | 2,158,484 |
| China Steel Corp. | | 10,927,289 | 8,611,807 |
| Chinatrust Financial Holding Co. Ltd. | | 15,250,778 | 10,171,947 |
| Chunghwa Telecom Co. Ltd. | | 3,297,129 | 11,639,379 |
| Compal Electronics, Inc. | | 3,661,000 | 2,016,119 |
| Delta Electronics, Inc. | | 1,809,717 | 7,598,818 |
| E.SUN Financial Holdings Co. Ltd. | | 8,453,186 | 5,597,142 |
| ECLAT Textile Co. Ltd. | | 156,129 | 1,853,246 |
| EVA Airways Corp. | | 1,747,368 | 798,607 |
| Evergreen Marine Corp. (Taiwan) | | 1,736,547 | 639,416 |
| Evergreen Marine Corp. (Taiwan) rights 11/18/18 (a) | | 98,925 | 2,237 |
| Far Eastern Textile Ltd. | | 2,812,000 | 2,820,129 |
| Far EasTone Telecommunications Co. Ltd. | | 1,388,348 | 3,304,896 |
| Feng Tay Enterprise Co. Ltd. | | 293,720 | 1,764,568 |
| First Financial Holding Co. Ltd. | | 8,543,181 | 5,394,590 |
| Formosa Chemicals & Fibre Corp. | | 3,055,149 | 11,052,040 |
| Formosa Petrochemical Corp. | | 1,077,347 | 4,245,291 |
| Formosa Plastics Corp. | | 3,870,085 | 12,625,073 |
| Formosa Taffeta Co. Ltd. | | 690,000 | 749,939 |
| Foxconn Technology Co. Ltd. | | 815,710 | 1,728,350 |
| Fubon Financial Holding Co. Ltd. | | 5,766,846 | 9,024,521 |
| Giant Manufacturing Co. Ltd. | | 260,000 | 990,940 |
| GlobalWafers Co. Ltd. | | 191,000 | 1,514,527 |
| Highwealth Construction Corp. | | 735,000 | 1,076,606 |
| HIWIN Technologies Corp. | | 195,917 | 1,265,593 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 11,438,465 | 29,112,936 |
| Hotai Motor Co. Ltd. | | 240,000 | 1,655,012 |
| HTC Corp. (a) | | 536,000 | 581,696 |
| Hua Nan Financial Holdings Co. Ltd. | | 6,498,871 | 3,662,903 |
| Innolux Corp. | | 7,847,000 | 2,374,845 |
| Inventec Corp. | | 2,205,000 | 1,776,934 |
| Largan Precision Co. Ltd. | | 87,451 | 9,462,407 |
| Lite-On Technology Corp. | | 1,855,044 | 2,127,035 |
| Macronix International Co. Ltd. | | 1,614,967 | 894,581 |
| MediaTek, Inc. | | 1,303,615 | 9,579,058 |
| Mega Financial Holding Co. Ltd. | | 9,439,289 | 7,972,656 |
| Micro-Star International Co. Ltd. | | 592,000 | 1,305,974 |
| Nan Ya Plastics Corp. | | 4,470,358 | 11,103,520 |
| Nanya Technology Corp. | | 920,000 | 1,527,366 |
| Nien Made Enterprise Co. Ltd. | | 131,000 | 808,159 |
| Novatek Microelectronics Corp. | | 504,000 | 2,222,057 |
| Pegatron Corp. | | 1,713,000 | 3,114,998 |
| Phison Electronics Corp. | | 119,000 | 780,252 |
| Pou Chen Corp. | | 1,966,391 | 1,991,129 |
| Powertech Technology, Inc. | | 650,981 | 1,421,370 |
| President Chain Store Corp. | | 498,000 | 5,613,669 |
| Quanta Computer, Inc. | | 2,357,000 | 3,718,914 |
| Realtek Semiconductor Corp. | | 401,000 | 1,606,046 |
| Ruentex Development Co. Ltd. | | 453,600 | 627,060 |
| Ruentex Industries Ltd. | | 303,000 | 758,466 |
| Shin Kong Financial Holding Co. Ltd. | | 9,040,361 | 2,963,766 |
| Sinopac Holdings Co. | | 9,360,302 | 3,174,470 |
| Standard Foods Corp. | | 330,016 | 495,123 |
| Synnex Technology International Corp. | | 1,255,700 | 1,350,586 |
| TaiMed Biologics, Inc. (a) | | 144,000 | 897,660 |
| Taishin Financial Holdings Co. Ltd. | | 8,642,349 | 3,838,191 |
| Taishin Financial Holdings Co. Ltd. rights 11/22/18 (a) | | 174,338 | 16,893 |
| Taiwan Business Bank | | 3,112,329 | 1,025,363 |
| Taiwan Cement Corp. | | 4,015,850 | 4,500,896 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 7,624,129 | 4,284,810 |
| Taiwan High Speed Rail Corp. | | 1,737,000 | 1,722,385 |
| Taiwan Mobile Co. Ltd. | | 1,392,000 | 4,968,137 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 21,393,740 | 160,520,199 |
| TECO Electric & Machinery Co. Ltd. | | 1,700,705 | 975,033 |
| Unified-President Enterprises Corp. | | 4,197,332 | 10,154,234 |
| United Microelectronics Corp. | | 10,430,000 | 3,972,435 |
| Vanguard International Semiconductor Corp. | | 791,000 | 1,456,275 |
| Walsin Technology Corp. | | 275,000 | 1,159,138 |
| Win Semiconductors Corp. | | 313,000 | 960,417 |
| Winbond Electronics Corp. | | 2,627,000 | 1,136,991 |
| Wistron Corp. | | 2,504,251 | 1,528,733 |
| WPG Holding Co. Ltd. | | 1,231,880 | 1,462,237 |
| Yageo Corp. | | 219,321 | 2,234,970 |
| Yuanta Financial Holding Co. Ltd. | | 8,756,284 | 4,242,317 |
|
| TOTAL TAIWAN | | | 480,274,891 |
|
| Thailand - 2.4% | | | |
| Advanced Info Service PCL (For. Reg.) | | 905,800 | 5,353,945 |
| Airports of Thailand PCL (For. Reg.) | | 3,731,700 | 7,202,316 |
| Bangkok Bank PCL (For. Reg.) | | 217,400 | 1,389,891 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 3,387,300 | 2,502,679 |
| Bangkok Expressway and Metro PCL | | 6,632,500 | 1,700,128 |
| Banpu PCL (For. Reg.) | | 1,664,400 | 873,358 |
| Berli Jucker PCL (For. Reg) | | 1,060,500 | 1,782,958 |
| BTS Group Holdings PCL | | 5,141,700 | 1,418,774 |
| BTS Group Holdings PCL warrants 12/31/19 (a) | | 469,766 | 1,175 |
| Bumrungrad Hospital PCL (For. Reg.) | | 314,000 | 1,827,563 |
| C.P. ALL PCL (For. Reg.) | | 4,380,900 | 8,884,666 |
| Central Pattana PCL (For. Reg.) | | 1,179,600 | 2,810,265 |
| Charoen Pokphand Foods PCL (For. Reg.) | | 3,027,400 | 2,305,243 |
| Delta Electronics PCL (For. Reg.) | | 403,900 | 840,443 |
| Electricity Generating PCL (For. Reg.) | | 105,100 | 732,150 |
| Energy Absolute PCL | | 1,142,400 | 1,705,332 |
| Glow Energy PCL (For. Reg.) | | 411,300 | 1,038,793 |
| Home Product Center PCL (For. Reg.) | | 3,458,300 | 1,553,941 |
| Indorama Ventures PCL (For. Reg.) | | 1,423,000 | 2,328,038 |
| IRPC PCL (For. Reg.) | | 8,823,000 | 1,623,049 |
| Kasikornbank PCL (For. Reg.) | | 1,630,800 | 9,811,357 |
| Krung Thai Bank PCL (For. Reg.) | | 3,076,400 | 1,864,766 |
| Land & House PCL (For. Reg.) | | 2,438,300 | 757,373 |
| Minor International PCL (For. Reg.) | | 1,981,100 | 2,180,644 |
| PTT Exploration and Production PCL (For. Reg.) | | 1,209,700 | 5,089,058 |
| PTT Global Chemical PCL (For. Reg.) | | 1,965,100 | 4,577,924 |
| PTT PCL (For. Reg.) | | 9,187,900 | 14,130,968 |
| Robinsons Department Store PCL (For. Reg.) | | 400,100 | 787,290 |
| Siam Cement PCL (For. Reg.) | | 335,900 | 4,234,204 |
| Siam Commercial Bank PCL (For. Reg.) | | 1,598,500 | 6,628,280 |
| Thai Oil PCL (For. Reg.) | | 981,000 | 2,507,230 |
| Thai Union Frozen Products PCL (For. Reg.) | | 1,546,000 | 773,932 |
| TMB PCL (For. Reg.) | | 8,885,700 | 610,959 |
| True Corp. PCL (For. Reg.) | | 8,808,937 | 1,567,332 |
|
| TOTAL THAILAND | | | 103,396,024 |
|
| Turkey - 0.6% | | | |
| Akbank T.A.S. | | 1,952,026 | 2,308,375 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 169,313 | 569,163 |
| Arcelik A/S | | 191,644 | 532,459 |
| Aselsan A/S | | 302,151 | 1,365,453 |
| Bim Birlesik Magazalar A/S JSC | | 186,878 | 2,654,593 |
| Coca-Cola Icecek Sanayi A/S | | 60,814 | 299,849 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | | 1,399,336 | 418,078 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 1,226,058 | 1,987,277 |
| Ford Otomotiv Sanayi A/S | | 57,287 | 614,931 |
| Haci Omer Sabanci Holding A/S | | 842,698 | 1,073,424 |
| Koc Holding A/S | | 673,157 | 1,876,304 |
| Petkim Petrokimya Holding A/S | | 673,917 | 612,476 |
| TAV Havalimanlari Holding A/S | | 149,417 | 621,769 |
| Tofas Turk Otomobil Fabrikasi A/S | | 100,569 | 379,635 |
| Tupras Turkiye Petrol Rafinerileri A/S | | 109,342 | 2,576,274 |
| Turk Hava Yollari AO (a) | | 497,669 | 1,250,939 |
| Turk Sise ve Cam Fabrikalari A/S | | 556,687 | 471,077 |
| Turkcell Iletisim Hizmet A/S | | 973,189 | 1,976,115 |
| Turkiye Garanti Bankasi A/S | | 2,036,783 | 2,547,072 |
| Turkiye Halk Bankasi A/S | | 508,182 | 560,949 |
| Turkiye Is Bankasi A/S Series C | | 1,420,338 | 1,013,874 |
| Turkiye Vakiflar Bankasi TAO | | 608,341 | 372,214 |
| Ulker Biskuvi Sanayi A/S (a) | | 124,458 | 329,091 |
| Yapi ve Kredi Bankasi A/S (a) | | 1,378,189 | 399,432 |
|
| TOTAL TURKEY | | | 26,810,823 |
|
| United Arab Emirates - 0.7% | | | |
| Abu Dhabi Commercial Bank PJSC (a) | | 1,816,693 | 4,001,211 |
| Aldar Properties PJSC | | 3,437,511 | 1,619,017 |
| Damac Properties Dubai Co. PJSC (a) | | 1,480,403 | 814,128 |
| DP World Ltd. | | 145,562 | 2,618,660 |
| Dubai Investments Ltd. (a) | | 1,698,827 | 749,248 |
| Dubai Islamic Bank Pakistan Ltd. (a) | | 1,443,816 | 2,067,564 |
| Emaar Development PJSC (a) | | 644,569 | 868,632 |
| Emaar Malls Group PJSC (a) | | 1,563,409 | 778,906 |
| Emaar Properties PJSC | | 3,070,222 | 4,262,862 |
| Emirates Telecommunications Corp. (a) | | 1,518,235 | 7,191,998 |
| National Bank of Abu Dhabi PJSC | | 1,234,409 | 4,644,388 |
|
| TOTAL UNITED ARAB EMIRATES | | | 29,616,614 |
|
| United Kingdom - 0.0% | | | |
| Mediclinic International PLC | | 1 | 5 |
| United States of America - 0.3% | | | |
| Southern Copper Corp. | | 74,727 | 2,865,033 |
| Yum China Holdings, Inc. | | 318,296 | 11,484,120 |
|
| TOTAL UNITED STATES OF AMERICA | | | 14,349,153 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $3,904,663,932) | | | 3,938,211,564 |
|
| Nonconvertible Preferred Stocks - 4.0% | | | |
| Brazil - 2.9% | | | |
| Ambev SA sponsored ADR | | 151,738 | 657,026 |
| Banco Bradesco SA: | | | |
| (PN) | | 2,711,350 | 24,989,737 |
| (PN) sponsored ADR | | 207,205 | 1,900,070 |
| Braskem SA (PN-A) | | 150,000 | 2,101,975 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 169,700 | 1,212,957 |
| Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) | | 138,500 | 2,911,049 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 774,129 | 2,294,409 |
| Gerdau SA | | 901,000 | 3,936,655 |
| Itau Unibanco Holding SA | | 2,622,714 | 34,708,764 |
| Itau Unibanco Holding SA sponsored ADR | | 185,515 | 2,443,233 |
| Itausa-Investimentos Itau SA (PN) | | 3,845,612 | 11,614,854 |
| Lojas Americanas SA (PN) | | 648,632 | 3,276,711 |
| Petroleo Brasileiro SA - Petrobras: | | | |
| (PN) (non-vtg.) | | 3,463,400 | 25,704,449 |
| sponsored ADR (b) | | 109,322 | 1,776,483 |
| Telefonica Brasil SA | | 390,525 | 4,535,400 |
|
| TOTAL BRAZIL | | | 124,063,772 |
|
| Chile - 0.1% | | | |
| Embotelladora Andina SA Class B | | 231,021 | 813,215 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 104,704 | 4,528,115 |
|
| TOTAL CHILE | | | 5,341,330 |
|
| Colombia - 0.2% | | | |
| Bancolombia SA (PN) | | 363,763 | 3,400,916 |
| Grupo Aval Acciones y Valores SA | | 3,202,759 | 1,124,122 |
| Grupo de Inversiones Suramerica SA | | 107,731 | 983,782 |
|
| TOTAL COLOMBIA | | | 5,508,820 |
|
| Korea (South) - 0.7% | | | |
| AMOREPACIFIC Corp. | | 7,201 | 568,002 |
| Hyundai Motor Co. | | 23,333 | 1,361,944 |
| Hyundai Motor Co. Series 2 | | 30,959 | 1,921,032 |
| LG Chemical Ltd. | | 6,297 | 1,101,009 |
| LG Household & Health Care Ltd. | | 1,867 | 1,197,760 |
| Samsung Electronics Co. Ltd. | | 739,749 | 23,177,938 |
|
| TOTAL KOREA (SOUTH) | | | 29,327,685 |
|
| Russia - 0.1% | | | |
| AK Transneft OAO | | 379 | 983,261 |
| Surgutneftegas OJSC | | 6,307,822 | 3,651,664 |
|
| TOTAL RUSSIA | | | 4,634,925 |
|
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | |
| (Cost $134,896,188) | | | 168,876,532 |
| | | Principal Amount | Value |
|
| Government Obligations - 0.3% | | | |
| United States of America - 0.3% | | | |
| U.S. Treasury Bills, yield at date of purchase 2.07% 1/3/19 (e) | | | |
| (Cost $12,953,317) | | 13,000,000 | 12,949,495 |
| | | Shares | Value |
|
| Money Market Funds - 3.7% | | | |
| Fidelity Cash Central Fund, 2.23% (f) | | 116,088,308 | 116,111,525 |
| Fidelity Securities Lending Cash Central Fund 2.23% (f)(g) | | 42,353,503 | 42,357,738 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $158,469,263) | | | 158,469,263 |
| TOTAL INVESTMENT IN SECURITIES - 100.5% | | | |
| (Cost $4,210,982,700) | | | 4,278,506,854 |
| NET OTHER ASSETS (LIABILITIES) - (0.5)% | | | (20,812,865) |
| NET ASSETS - 100% | | | $4,257,693,989 |
| 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) | 3,066 | Dec. 2018 | $146,662,110 | $(5,594,457) | $(5,594,457) |
The notional amount of futures purchased as a percentage of Net Assets is 3.4%
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(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 $32,517,700 or 0.8% of net assets.
(d) Level 3 security
(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 $7,882,258.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $1,518,791 |
| Fidelity Securities Lending Cash Central Fund | 516,020 |
| Total | $2,034,811 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $544,168,944 | $290,185,912 | $253,983,032 | $-- |
| Consumer Discretionary | 429,921,826 | 422,702,931 | 7,045,518 | 173,377 |
| Consumer Staples | 266,296,665 | 266,235,020 | -- | 61,645 |
| Energy | 354,894,451 | 296,875,425 | 58,019,026 | -- |
| Financials | 1,009,446,349 | 816,523,165 | 192,923,184 | -- |
| Health Care | 118,164,292 | 115,167,573 | 2,848,721 | 147,998 |
| Industrials | 220,612,654 | 218,280,500 | 2,332,154 | -- |
| Information Technology | 624,272,168 | 414,454,525 | 209,817,643 | -- |
| Materials | 319,921,970 | 286,858,922 | 33,063,048 | -- |
| Real Estate | 114,535,338 | 114,535,338 | -- | -- |
| Utilities | 104,853,439 | 99,526,418 | 5,327,021 | -- |
| Government Obligations | 12,949,495 | -- | 12,949,495 | -- |
| Money Market Funds | 158,469,263 | 158,469,263 | -- | -- |
| Total Investments in Securities: | $4,278,506,854 | $3,499,814,992 | $778,308,842 | $383,020 |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(5,594,457) | $(5,594,457) | $-- | $-- |
| Total Liabilities | $(5,594,457) | $(5,594,457) | $-- | $-- |
| Total Derivative Instruments: | $(5,594,457) | $(5,594,457) | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:
| Transfers | Total |
| Level 1 to Level 2 | $118,233,790 |
| Level 2 to Level 1 | $9,724,650 |
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, 2018. 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 | $(5,594,457) |
| Total Equity Risk | 0 | (5,594,457) |
| Total Value of Derivatives | $0 | $(5,594,457) |
(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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $41,470,231) — See accompanying schedule:
Unaffiliated issuers (cost $4,052,513,437) | $4,120,037,591 | |
| Fidelity Central Funds (cost $158,469,263) | 158,469,263 | |
| Total Investment in Securities (cost $4,210,982,700) | | $4,278,506,854 |
| Cash | | 70,410 |
| Foreign currency held at value (cost $12,375,316) | | 12,291,146 |
| Receivable for investments sold | | 449 |
| Receivable for fund shares sold | | 6,615,039 |
| Dividends receivable | | 4,464,691 |
| Distributions receivable from Fidelity Central Funds | | 222,315 |
| Receivable for daily variation margin on futures contracts | | 1,650,806 |
| Receivable from investment adviser for expense reductions | | 303,230 |
| Other receivables | | 9,782 |
| Total assets | | 4,304,134,722 |
| Liabilities | | |
| Payable for investments purchased | $1,365 | |
| Payable for fund shares redeemed | 2,840,012 | |
| Accrued management fee | 323,888 | |
| Other affiliated payables | 269,907 | |
| Other payables and accrued expenses | 636,209 | |
| Collateral on securities loaned | 42,369,352 | |
| Total liabilities | | 46,440,733 |
| Net Assets | | $4,257,693,989 |
| Net Assets consist of: | | |
| Paid in capital | | $4,149,649,651 |
| Total distributable earnings (loss) | | 108,044,338 |
| Net Assets, for 337,418,632 shares outstanding | | $4,257,693,989 |
| Net Asset Value, offering price and redemption price per share ($4,257,693,989 ÷ 337,418,632 shares) | | $12.62 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2018 |
| Investment Income | | |
| Dividends | | $108,036,506 |
| Interest | | 137,718 |
| Income from Fidelity Central Funds | | 2,034,811 |
| Income before foreign taxes withheld | | 110,209,035 |
| Less foreign taxes withheld | | (11,971,972) |
| Total income | | 98,237,063 |
| Expenses | | |
| Management fee | $3,446,385 | |
| Transfer agent fees | 2,871,987 | |
| Independent trustees' fees and expenses | 16,040 | |
| Interest | 748 | |
| Commitment fees | 10,008 | |
| Total expenses before reductions | 6,345,168 | |
| Expense reductions | (3,275,045) | |
| Total expenses after reductions | | 3,070,123 |
| Net investment income (loss) | | 95,166,940 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $10,068) | (33,812,605) | |
| Fidelity Central Funds | (6,897) | |
| Foreign currency transactions | (1,832,637) | |
| Futures contracts | 13,461,802 | |
| Total net realized gain (loss) | | (22,190,337) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $4,500,909) | (638,904,742) | |
| Fidelity Central Funds | 3,394 | |
| Assets and liabilities in foreign currencies | (162,978) | |
| Futures contracts | (6,901,934) | |
| Total change in net unrealized appreciation (depreciation) | | (645,966,260) |
| Net gain (loss) | | (668,156,597) |
| Net increase (decrease) in net assets resulting from operations | | $(572,989,657) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2018 | Year ended October 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $95,166,940 | $60,343,042 |
| Net realized gain (loss) | (22,190,337) | 13,280,507 |
| Change in net unrealized appreciation (depreciation) | (645,966,260) | 567,282,471 |
| Net increase (decrease) in net assets resulting from operations | (572,989,657) | 640,906,020 |
| Distributions to shareholders | (82,362,292) | – |
| Distributions to shareholders from net investment income | – | (21,738,060) |
| Distributions to shareholders from net realized gain | – | (13,912,294) |
| Total distributions | (82,362,292) | (35,650,354) |
| Share transactions | | |
| Proceeds from sales of shares | 2,215,008,539 | 1,686,887,038 |
| Reinvestment of distributions | 65,006,032 | 31,640,372 |
| Cost of shares redeemed | (576,697,558) | (575,440,489) |
| Net increase (decrease) in net assets resulting from share transactions | 1,703,317,013 | 1,143,086,921 |
| Total increase (decrease) in net assets | 1,047,965,064�� | 1,748,342,587 |
| Net Assets | | |
| Beginning of period | 3,209,728,925 | 1,461,386,338 |
| End of period | $4,257,693,989 | $3,209,728,925 |
| Other Information | | |
| Undistributed net investment income end of period | | $51,456,042 |
| Shares | | |
| Sold | 155,713,369 | 137,839,100 |
| Issued in reinvestment of distributions | 4,495,578 | 2,853,058 |
| Redeemed | (39,711,303) | (46,213,230) |
| Net increase (decrease) | 120,497,644 | 94,478,928 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity SAI Emerging Markets Index Fund
| | | | |
| Years ended October 31, | 2018 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $14.80 | $11.94 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .36 | .31 | .25 |
| Net realized and unrealized gain (loss) | (2.18) | 2.76 | 1.69 |
| Total from investment operations | (1.82) | 3.07 | 1.94 |
| Distributions from net investment income | (.27) | (.13) | – |
| Distributions from net realized gain | (.09) | (.08) | – |
| Total distributions | (.36) | (.21) | – |
| Net asset value, end of period | $12.62 | $14.80 | $11.94 |
| Total ReturnC,D | (12.61)% | 26.24% | 19.40% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .17% | .17% | .33%G |
| Expenses net of fee waivers, if any | .08% | .09% | .11%G |
| Expenses net of all reductions | .08% | .09% | .11%G |
| Net investment income (loss) | 2.48% | 2.36% | 2.67%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $4,257,694 | $3,209,729 | $1,461,386 |
| Portfolio turnover rateH | 3% | 2% | 16%G |
A For the period January 5, 2016 (commencement of operations) to October 31, 2016.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2018
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 (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.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendor 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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, 2018, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. 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.
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. 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, 2018, 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 Other payables and accrued expenses on the Statement of Assets & 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), market discount, certain deemed distributions, 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 | $547,630,419 |
| Gross unrealized depreciation | (493,552,185) |
| Net unrealized appreciation (depreciation) | $54,078,234 |
| Tax Cost | $4,224,428,620 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $78,393,691 |
| Capital loss carryforward | $(23,617,044) |
| Net unrealized appreciation (depreciation) on securities and other investments | $53,903,895 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | $(7,976,832) |
| Long-term | (15,640,212) |
| Total no expiration | $(23,617,044) |
| Total capital loss carryforward | $(23,617,044) |
The tax character of distributions paid was as follows:
| | October 31, 2018 | October 31, 2017 |
| Ordinary Income | $70,236,741 | $ 29,042,015 |
| Long-term Capital Gains | 12,125,551 | 6,608,339 |
| Total | $82,362,292 | $ 35,650,354 |
Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation | Prior Line-Item Presentation |
| Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.
The Fund used derivatives 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| 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.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,777,577,431 and $123,602,091, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company (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 .09% of the Fund's average net assets. Under the expense contract, total expenses of the Fund are limited to an annual rate of .165% of the Fund's average net assets, with certain exceptions.
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.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .075% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's 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 |
| Borrower | $4,190,750 | 1.61% | $748 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $10,008 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's 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. Total security lending income during the period amounted to $516,020.
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .08% of average net assets. This reimbursement will remain in place through February 29, 2020. 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 $3,253,171.
In addition, 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. During the period, these credits reduced the Fund's expenses by $21,874.
10. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
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, 2018, the related statement of operations for the year ended October 31, 2018, the statement of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2018, 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, 2018 and the financial highlights for each of the periods indicated therein 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, 2018 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.
PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 260 funds. Mr. Chiel oversees 154 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2018 | Ending
Account Value
October 31, 2018 | Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 |
| Actual | .08% | $1,000.00 | $838.50 | $.37 |
| Hypothetical-C | | $1,000.00 | $1,024.80 | $.41 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity SAI Emerging Markets Index Fund voted to pay on December 17, 2018, to shareholders of record at the opening of business on December 14, 2018, a dividend of $0.322 per share from net investment income.
The fund designates 55% 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 $0.2976 and $0.0337 for the dividend paid December 18, 2017.
The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
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), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). FMR and the sub-advisers 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 has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 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 2018 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives 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. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
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, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, 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 under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. 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 for specific 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) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net calendar year total return information for the fund and its benchmark index for the most recent one-year period.
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 the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
Fidelity SAI Emerging Markets Index Fund
The Board considered that effective July 1, 2016, the fund's management fee rate was reduced from 0.20% to 0.09%. The Board considered that the chart below reflects the fund's lower management fee rate for 2016, as if the lower fee rate were in effect for the entire period.
At its July 2018 meeting, the Board approved an amended and restated sub-advisory agreement for the fund with Geode (effective August 1, 2018) that lowered the sub-advisory fee rate that FMR pays to Geode.
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2017.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
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.
Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, 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 and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the fund's total expense ratio ranked below the competitive median for 2017.
The Board considered that current contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of the fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.165%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.08% through December 31, 2018.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, 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 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 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.
PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's 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, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 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 affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.
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.
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 (the Economies of Scale 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 Economies of Scale 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) 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; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of Fidelity's voluntary expense limitation agreements; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (ix) the impact of recent changes to the money market fund landscape, including the full implementation of money market fund reform and rising interest rates, on Fidelity's money market funds; (x) the funds' share class structures and distribution channels; and (xi) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Corporate Headquarters
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Boston, MA 02210
www.fidelity.com
SV6-ANN-1218
1.9879600.102
Fidelity® Total International Index Fund
Investor Class and Premium Class
Annual Report October 31, 2018 |
|
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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2018 | Past 1 year | Life of fundA |
| Investor Class | (8.53)% | 5.50% |
| Premium Class | (8.54)% | 5.54% |
A From June 7, 2016
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Total International Index Fund - Investor Class on June 7, 2016, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Investable Market Index performed over the same period.
| Period Ending Values |
| $11,370 | Fidelity® Total International Index Fund - Investor Class |
| $11,520 | MSCI ACWI (All Country World Index) ex USA Investable Market Index |
Management's Discussion of Fund Performance
Market Recap: International equities returned -8.08% for the 12 months ending October 31, 2018, according to the MSCI ACWI (All Country World Index) ex USA Index. A modestly positive first half of the period gave way to a confluence of overwhelmingly negative factors – including escalating trade tension, a surging U.S. dollar, tepid economic growth in Europe, global central bank tightening, concerns about Italy’s budget stalemate with the EU, and weakness in China’s stock market – that yielded a -11% second-half return. The index lost 8% in October alone, its largest monthly drop in more than six years. Among sectors, new-media-infused communications services (-15%) was hit the hardest, while economically sensitive consumer discretionary (-13%), information technology (-12%), financials (-10%), industrials (-9%) and materials (-7%) stocks also fared poorly. Even the more defensive real estate (-9%), utilities (-6%) and consumer staples (-5%) sectors weren’t spared this period. Conversely, elevated crude-oil prices fueled a positive return for energy (+7%), the top-performing sector, followed by the relatively stable-growing health care segment (+2%). Regionally, emerging markets (-12%) fared the worst, hampered by the impact of foreign exchange and concerns about economic weakness in China, India and South Korea. Sluggish growth also pressured shares in continental Europe (-9%). Stocks in Japan (-3%) and the U.K. (-4%) held up better, followed by Canada (-5%) and Asia-Pacific ex Japan (-6%).
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team: For the fiscal year, the fund's share classes returned about 8.4% to 8.5% (excluding sales charges, if applicable), compared with a return of -8.28% for the benchmark MSCI ACWI (All Country World Index) ex USA Investible Market Index. (The fund's performance relative to the index can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index.) Shares of Chinese internet company Tencent (-24%), which struggled due to questions about future growth and regulatory concerns, hurt the fund return the most on an absolute basis. Tencent's decline also weighed on South African media company Naspers (-28%), which owns a large Tencent stake. Elsewhere, Korean electronics giant Samsung (-23%) detracted amid disappointing smartphone sales for part of the 12 months, as well as concerns about pricing trends for semiconductors. In contrast, Japanese electronics giant Sony (+41%), contributed more than any other holding, driven by strong financial results. Brazilian mining company Vale (+62%) also added value; this company benefited from better commodity pricing coupled with the firm's success at cutting costs. Also worth noting was U.K.-based energy giant BP (+13%), which gained amid stronger prices for crude oil for much of the period.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 1.1 |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 0.8 |
| Novartis AG (Switzerland, Pharmaceuticals) | 0.8 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 0.8 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 0.8 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 0.7 |
| Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 0.7 |
| HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) | 0.7 |
| Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) | 0.6 |
| BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 0.6 |
| | 7.6 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Financials | 19.2 |
| Industrials | 11.8 |
| Consumer Discretionary | 9.9 |
| Consumer Staples | 8.6 |
| Health Care | 7.8 |
| Information Technology | 7.8 |
| Materials | 7.5 |
| Energy | 6.6 |
| Communication Services | 6.2 |
| Real Estate | 3.8 |
Geographic Diversification (% of fund's net assets)
| As of October 31, 2018 |
| | Japan | 16.3% |
| | United Kingdom | 10.4% |
| | United States of America* | 8.2% |
| | Canada | 6.2% |
| | France | 5.8% |
| | Germany | 5.4% |
| | Switzerland | 5.1% |
| | Australia | 4.3% |
| | Cayman Islands | 3.4% |
| | Other | 34.9% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2018
| | % of fund's net assets |
| Stocks and Equity Futures | 99.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 90.7% | | | |
| | | Shares | Value |
| Australia - 4.3% | | | |
| 360 Capital Industrial Fund | | 999 | $1,960 |
| Abacus Property Group unit | | 2,727 | 6,334 |
| Accent Group Ltd. | | 32,302 | 28,479 |
| Adelaide Brighton Ltd. | | 18,053 | 72,487 |
| Afterpay Touch Group Ltd. (a) | | 7,665 | 67,795 |
| AGL Energy Ltd. | | 33,541 | 427,537 |
| ALS Ltd. | | 25,714 | 148,588 |
| Altium Ltd. | | 5,371 | 83,182 |
| Alumina Ltd. | | 143,028 | 258,277 |
| Amcor Ltd. | | 58,798 | 553,783 |
| AMP Ltd. | | 143,306 | 250,661 |
| Ansell Ltd. | | 5,788 | 95,010 |
| APA Group unit | | 64,054 | 435,454 |
| APN News & Media Ltd. | | 14,469 | 19,826 |
| APN Outdoor Group Ltd. | | 16,583 | 75,157 |
| Appen Ltd. | | 6,617 | 49,857 |
| ARB Corp. Ltd. | | 7,576 | 92,867 |
| Ardent Leisure Group unit | | 13,116 | 14,861 |
| Aristocrat Leisure Ltd. | | 29,287 | 549,599 |
| Asaleo Care Ltd. | | 2,008 | 995 |
| ASX Ltd. | | 10,509 | 440,340 |
| Atlas Arteria Ltd. unit | | 39,232 | 189,752 |
| Aurizon Holdings Ltd. | | 105,463 | 313,671 |
| Austal Ltd. | | 24,631 | 31,222 |
| Australia & New Zealand Banking Group Ltd. | | 149,103 | 2,737,878 |
| Australian Agricultural Co. Ltd. (a) | | 4,710 | 4,403 |
| Australian Pharmaceutical Industries Ltd. | | 31,076 | 33,670 |
| Automotive Holdings Group Ltd. | | 2,148 | 2,746 |
| Babcock & Brown Wind Partners (a) | | 22,022 | 7,641 |
| Bank of Queensland Ltd. | | 20,228 | 138,231 |
| Bapcor Ltd. | | 5,659 | 27,371 |
| Beach Energy Ltd. | | 110,200 | 137,347 |
| Bega Cheese Ltd. | | 7,332 | 30,997 |
| Bellamy's Australia Ltd. (a) | | 3,737 | 19,133 |
| Bendigo & Adelaide Bank Ltd. | | 22,123 | 160,267 |
| BHP Billiton Ltd. | | 164,789 | 3,802,284 |
| Bingo Industries Ltd. | | 33,961 | 57,478 |
| Blackmores Ltd. | | 655 | 56,296 |
| BlueScope Steel Ltd. | | 30,671 | 312,112 |
| Boral Ltd. | | 65,610 | 260,650 |
| Brambles Ltd. | | 79,984 | 601,524 |
| Breville Group Ltd. | | 3,281 | 28,555 |
| Brickworks Ltd. | | 3,884 | 46,345 |
| BT Investment Management Ltd. | | 21,895 | 126,055 |
| BWP Trust | | 13,548 | 33,195 |
| Caltex Australia Ltd. | | 12,533 | 250,814 |
| Carsales.com Ltd. | | 13,044 | 112,693 |
| Challenger Ltd. | | 29,708 | 215,847 |
| Charter Hall Group unit | | 16,947 | 82,807 |
| Charter Hall Long Wale REIT unit | | 5,867 | 17,117 |
| Charter Hall Retail REIT | | 4,482 | 13,489 |
| Cimic Group Ltd. | | 5,148 | 172,398 |
| Coca-Cola Amatil Ltd. | | 26,226 | 184,048 |
| Cochlear Ltd. | | 2,880 | 362,169 |
| Commonwealth Bank of Australia | | 90,380 | 4,430,900 |
| Computershare Ltd. | | 24,953 | 349,345 |
| Corporate Travel Management Ltd. | | 2,449 | 34,772 |
| Costa Group Holdings Ltd. | | 19,396 | 83,785 |
| Credit Corp. Group Ltd. | | 3,751 | 50,602 |
| Cromwell Property Group unit | | 78,299 | 57,111 |
| Crown Ltd. | | 17,418 | 154,305 |
| CSL Ltd. | | 23,795 | 3,167,881 |
| CSR Ltd. | | 34,399 | 85,990 |
| DEXUS Property Group unit | | 47,871 | 345,778 |
| Domain Holdings Australia Ltd. | | 4,825 | 8,474 |
| Dominos Pizza Enterprises Ltd. | | 3,934 | 150,464 |
| Downer EDI Ltd. | | 30,890 | 151,373 |
| DuluxGroup Ltd. | | 37,119 | 194,515 |
| Eclipx Group Ltd. | | 20,670 | 35,423 |
| Estia Health Ltd. | | 5,345 | 7,722 |
| Evolution Mining Ltd. | | 57,818 | 122,013 |
| FKP Property Group unit | | 11,567 | 15,113 |
| Flexigroup Ltd. | | 24,844 | 27,006 |
| Flight Centre Travel Group Ltd. | | 2,726 | 89,571 |
| Folkestone Education Trust | | 967 | 1,952 |
| Fortescue Metals Group Ltd. | | 97,225 | 275,400 |
| G8 Education Ltd. | | 16,225 | 23,554 |
| Galaxy Resources Ltd. (a) | | 17,639 | 27,355 |
| Gateway Lifestyle Holdings Pty Ltd. unit | | 66 | 105 |
| GDI Property Group unit | | 5,098 | 4,657 |
| Genworth Mortgage Insurance Ltd. | | 21,812 | 34,754 |
| Goodman Group unit | | 81,798 | 601,264 |
| GrainCorp Ltd. | | 13,794 | 80,490 |
| Greencross Ltd. | | 451 | 1,447 |
| Growthpoint Properties Australia Ltd. | | 1,348 | 3,465 |
| GUD Holdings Ltd. | | 1,514 | 13,230 |
| GWA Group Ltd. | | 15,587 | 30,354 |
| Hansen Technologies Ltd. | | 12,222 | 29,946 |
| Harvey Norman Holdings Ltd. (b) | | 35,366 | 79,892 |
| Healthscope Ltd. | | 87,675 | 131,004 |
| IDP Education Ltd. | | 4,639 | 30,256 |
| Iluka Resources Ltd. | | 23,622 | 134,827 |
| Incitec Pivot Ltd. | | 100,239 | 276,839 |
| Independence Group NL | | 28,450 | 81,393 |
| Inghams Group Ltd. | | 8,510 | 23,503 |
| Insurance Australia Group Ltd. | | 121,239 | 586,392 |
| Investa Office Fund unit | | 33,490 | 131,623 |
| Invocare Ltd. | | 6,597 | 56,667 |
| IOOF Holdings Ltd. | | 25,283 | 121,927 |
| IPH Ltd. | | 12,190 | 46,615 |
| Iress Ltd. | | 12,570 | 96,581 |
| Japara Healthcare Ltd. | | 589 | 469 |
| JB Hi-Fi Ltd. | | 7,750 | 126,228 |
| John Fairfax Holdings Ltd. | | 133,759 | 60,622 |
| Karoon Gas Australia Ltd. (a) | | 1,197 | 903 |
| Lendlease Group unit | | 33,434 | 416,703 |
| Link Administration Holdings Ltd. | | 30,730 | 163,211 |
| Lynas Corp. Ltd. (a) | | 24,884 | 36,653 |
| Macquarie Group Ltd. | | 16,408 | 1,361,785 |
| Magellan Financial Group Ltd. | | 5,722 | 107,946 |
| Mayne Pharma Group Ltd. (a) | | 85,853 | 68,092 |
| McMillan Shakespeare Ltd. | | 3,134 | 36,619 |
| Medibank Private Ltd. | | 166,890 | 329,731 |
| Mesoblast Ltd. (a) | | 3,999 | 5,635 |
| Metcash Ltd. | | 47,236 | 91,988 |
| Mineral Resources Ltd. | | 7,162 | 72,273 |
| Mirvac Group unit | | 179,431 | 275,729 |
| Monadelphous Group Ltd. | | 7,750 | 78,975 |
| Myer Holdings Ltd. | | 14,173 | 4,567 |
| MYOB Group Ltd. | | 32,308 | 77,102 |
| Nanosonics Ltd. (a) | | 18,193 | 38,650 |
| National Australia Bank Ltd. | | 137,059 | 2,454,661 |
| National Storage (REIT) unit | | 78,561 | 94,854 |
| Navitas Ltd. | | 20,533 | 73,720 |
| Newcrest Mining Ltd. | | 41,769 | 609,617 |
| NEXTDC Ltd. (a) | | 20,114 | 83,611 |
| NIB Holdings Ltd. | | 34,573 | 135,635 |
| Nine Entertainment Co. Holdings Ltd. | | 35,938 | 43,010 |
| Northern Star Resources Ltd. | | 28,206 | 175,372 |
| Nufarm Ltd. | | 21,923 | 88,491 |
| oOh!media Ltd. | | 31,698 | 106,174 |
| Orica Ltd. | | 22,569 | 274,255 |
| Origin Energy Ltd. (a) | | 97,344 | 502,530 |
| Orocobre Ltd. (a)(b) | | 9,603 | 22,645 |
| Orora Ltd. | | 69,837 | 166,169 |
| OZ Minerals Ltd. | | 25,728 | 164,520 |
| Pact Group Holdings Ltd. (c) | | 17,118 | 42,306 |
| Perpetual Trustees Australia Ltd. | | 3,769 | 92,481 |
| Pilbara Minerals Ltd. (a)(b) | | 50,212 | 27,913 |
| Platinum Asset Management Ltd. | | 6,911 | 23,981 |
| Premier Investments Ltd. | | 11,629 | 135,220 |
| Primary Health Care Ltd. | | 35,390 | 66,413 |
| QBE Insurance Group Ltd. | | 67,590 | 541,819 |
| Qube Holdings Ltd. | | 74,713 | 129,625 |
| Quintis Ltd. (a)(d) | | 790 | 0 |
| Ramsay Health Care Ltd. | | 7,511 | 299,029 |
| realestate.com.au Ltd. | | 2,889 | 146,523 |
| Regis Healthcare Ltd. | | 290 | 493 |
| Regis Resources Ltd. | | 43,325 | 129,472 |
| Reliance Worldwide Corp. Ltd. | | 31,595 | 112,094 |
| Resolute Mng Ltd. | | 38,705 | 28,505 |
| Rio Tinto Ltd. | | 20,916 | 1,131,611 |
| Sandfire Resources NL | | 7,992 | 37,636 |
| Santos Ltd. | | 91,992 | 432,557 |
| Saracen Mineral Holdings Ltd. (a) | | 53,513 | 92,843 |
| Scentre Group unit | | 256,704 | 723,504 |
| SEEK Ltd. | | 20,174 | 255,152 |
| Select Harvests Ltd. | | 5,638 | 20,602 |
| Seven Group Holdings Ltd. | | 6,774 | 85,147 |
| Shopping Centres Australasia Property Group unit | | 15,213 | 27,687 |
| Sigma Healthcare Ltd. | | 31,213 | 11,494 |
| Sims Metal Management Ltd. | | 9,684 | 77,355 |
| Smartgroup Corp. Ltd. | | 2,759 | 19,479 |
| Sonic Healthcare Ltd. | | 24,301 | 388,057 |
| South32 Ltd. | | 265,237 | 679,936 |
| Southern Cross Media Group Ltd. | | 34,197 | 27,607 |
| SP AusNet | | 159,435 | 193,066 |
| Spark Infrastructure Group unit | | 90,564 | 147,506 |
| SpeedCast International Ltd. | | 9,792 | 24,963 |
| St Barbara Ltd. | | 27,858 | 82,067 |
| Steadfast Group Ltd. | | 74,037 | 155,715 |
| Stockland Corp. Ltd. unit | | 123,218 | 314,997 |
| Suncorp Group Ltd. | | 69,593 | 690,445 |
| Super Retail Group Ltd. | | 6,031 | 30,836 |
| Sydney Airport unit | | 55,633 | 253,714 |
| Syrah Resources Ltd. (a) | | 14,130 | 16,010 |
| Tabcorp Holdings Ltd. | | 94,909 | 310,509 |
| Tassal Group Ltd. | | 1,241 | 3,630 |
| Technology One Ltd. | | 15,556 | 59,927 |
| Telstra Corp. Ltd. | | 212,953 | 464,472 |
| The GPT Group unit | | 91,291 | 333,582 |
| The Star Entertainment Group Ltd. | | 36,093 | 121,151 |
| TPG Telecom Ltd. | | 20,251 | 102,823 |
| Transpacific Industries Group Ltd. | | 87,115 | 111,043 |
| Transurban Group unit | | 129,056 | 1,036,374 |
| Treasury Wine Estates Ltd. | | 37,341 | 399,819 |
| Vicinity Centres unit | | 152,071 | 285,376 |
| Village Roadshow Ltd. (a) | | 338 | 543 |
| Virtus Health Ltd. | | 1,474 | 5,250 |
| Viva Energy REIT unit | | 6,394 | 9,871 |
| Vocus Group Ltd. (a) | | 29,228 | 70,993 |
| Washington H. Soul Pattinson & Co. Ltd. | | 8,475 | 173,325 |
| Webjet Ltd. | | 6,126 | 56,613 |
| Wesfarmers Ltd. | | 56,721 | 1,872,584 |
| West Australian Newspapers Holdings Ltd. | | 77,891 | 43,024 |
| Western Areas NL | | 25,883 | 41,240 |
| Westgold Resources Ltd. (a) | | 33,822 | 26,346 |
| Westpac Banking Corp. | | 175,843 | 3,340,266 |
| Whitehaven Coal Ltd. | | 40,578 | 139,366 |
| WiseTech Global Ltd. | | 5,153 | 58,568 |
| Woodside Petroleum Ltd. | | 48,612 | 1,199,697 |
| Woolworths Group Ltd. | | 64,872 | 1,306,049 |
| WorleyParsons Ltd. | | 15,037 | 155,361 |
|
| TOTAL AUSTRALIA | | | 54,503,696 |
|
| Austria - 0.2% | | | |
| ams AG | | 4,475 | 174,086 |
| Andritz AG | | 4,296 | 222,662 |
| Austria Technologie & Systemtechnik AG | | 1,807 | 42,878 |
| BAWAG Group AG | | 1,910 | 82,511 |
| CA Immobilien Anlagen AG | | 3,151 | 102,572 |
| DO & CO Restaurants & Catering AG | | 329 | 29,886 |
| Erste Group Bank AG | | 14,946 | 609,429 |
| EVN AG | | 1,673 | 29,258 |
| IMMOFINANZ Immobilien Anlagen AG | | 4,500 | 107,341 |
| Lenzing AG | | 763 | 69,267 |
| Oesterreichische Post AG | | 1,485 | 60,350 |
| OMV AG | | 7,577 | 421,638 |
| PORR AG | | 109 | 2,951 |
| Raiffeisen International Bank-Holding AG | | 8,747 | 238,766 |
| S IMMO AG | | 1,268 | 21,687 |
| S&T AG | | 2,046 | 50,936 |
| Schoeller-Bleckmann Oilfield Equipment AG | | 436 | 39,112 |
| Telekom Austria AG | | 16,425 | 122,041 |
| UNIQA Insurance Group AG | | 7,655 | 71,531 |
| Vienna Insurance Group AG | | 2,697 | 71,787 |
| Voestalpine AG | | 7,082 | 251,793 |
| Wienerberger AG | | 7,792 | 179,336 |
| Zumtobel AG (a) | | 292 | 2,652 |
|
| TOTAL AUSTRIA | | | 3,004,470 |
|
| Bailiwick of Guernsey - 0.0% | | | |
| Burford Capital Ltd. | | 9,558 | 202,558 |
| Schroder (REIT) Ltd. | | 2,240 | 1,675 |
| Standard Life Investment Property Income Trust Ltd. | | 929 | 1,081 |
| Stobart Group Ltd. | | 18,958 | 51,372 |
|
| TOTAL BAILIWICK OF GUERNSEY | | | 256,686 |
|
| Bailiwick of Jersey - 0.7% | | | |
| Boohoo.Com PLC (a) | | 44,315 | 120,594 |
| Centamin PLC | | 69,901 | 88,901 |
| Experian PLC | | 46,580 | 1,071,303 |
| Ferguson PLC | | 11,783 | 795,674 |
| Glencore Xstrata PLC | | 600,384 | 2,446,889 |
| IWG PLC | | 35,684 | 104,906 |
| Petrofac Ltd. | | 15,286 | 112,972 |
| Randgold Resources Ltd. | | 4,890 | 384,617 |
| Sanne Group PLC | | 11,441 | 81,894 |
| Shire PLC | | 47,829 | 2,886,525 |
| WPP PLC | | 66,973 | 757,849 |
|
| TOTAL BAILIWICK OF JERSEY | | | 8,852,124 |
|
| Belgium - 0.7% | | | |
| Ackermans & Van Haaren SA | | 1,294 | 203,872 |
| Aedifica SA | | 1,912 | 160,040 |
| Aedifica SA rights (a)(e) | | 1,912 | 5,414 |
| Ageas | | 10,273 | 514,415 |
| Agfa-Gevaert NV (a) | | 13,944 | 62,290 |
| Anheuser-Busch InBev SA NV | | 39,253 | 2,903,205 |
| Barco NV | | 298 | 33,955 |
| Befimmo SCA Sicafi | | 370 | 20,304 |
| Bekaert SA | | 2,466 | 53,237 |
| Bpost SA | | 5,749 | 87,321 |
| Cofinimmo SA | | 2,104 | 251,893 |
| Colruyt NV | | 3,012 | 175,080 |
| Compagnie D'entreprises CFE SA | | 465 | 49,350 |
| D'ieteren SA | | 2,258 | 89,360 |
| Econocom Group SA (b) | | 8,036 | 25,158 |
| Elia System Operator SA/NV | | 1,311 | 81,967 |
| Euronav NV | | 7,121 | 66,340 |
| EVS Broadcast Equipment SA | | 346 | 7,697 |
| Fagron NV | | 2,217 | 36,109 |
| Galapagos Genomics NV (a) | | 2,196 | 225,613 |
| Gimv NV | | 291 | 15,541 |
| Groupe Bruxelles Lambert SA | | 4,302 | 400,435 |
| Ion Beam Applications SA (a) | | 586 | 10,321 |
| KBC Ancora | | 1,298 | 60,042 |
| KBC Groep NV | | 13,369 | 922,172 |
| Kinepolis Group NV | | 846 | 45,468 |
| Melexis NV | | 695 | 45,736 |
| Nyrstar NV (a)(b) | | 3,127 | 5,646 |
| Ontex Group NV | | 3,196 | 61,322 |
| Orange Belgium | | 576 | 10,347 |
| Proximus | | 6,691 | 170,897 |
| Sofina SA | | 1,353 | 258,988 |
| Solvay SA Class A | | 3,963 | 451,787 |
| Telenet Group Holding NV | | 2,889 | 140,313 |
| Tessenderlo Group (a) | | 1,881 | 66,259 |
| UCB SA | | 7,175 | 602,843 |
| Umicore SA | | 11,586 | 545,781 |
| Van de Velde | | 142 | 3,546 |
| Warehouses de Pauw | | 869 | 112,798 |
|
| TOTAL BELGIUM | | | 8,982,862 |
|
| Bermuda - 0.5% | | | |
| AGTech Holdings Ltd. (a) | | 40,000 | 2,066 |
| Alibaba Health Information Technology Ltd. (a) | | 176,000 | 142,291 |
| Alibaba Pictures Group Ltd. (a) | | 940,000 | 129,458 |
| Beijing Enterprises Water Group Ltd. | | 290,000 | 147,553 |
| BEP International Holdings Ltd. (a) | | 110,000 | 589 |
| Borr Drilling Ltd. (a)(b) | | 19,796 | 77,025 |
| Brightoil Petroleum Holdings Ltd. (a)(d) | | 26,000 | 4,973 |
| Brilliance China Automotive Holdings Ltd. | | 166,000 | 144,791 |
| BW LPG Ltd. (a)(c) | | 821 | 3,885 |
| BW Offshore Ltd. (a) | | 3,569 | 22,905 |
| C C Land Holdings Ltd. | | 30,000 | 7,116 |
| C.banner International Holdings Ltd. (a) | | 19,000 | 1,308 |
| Cafe de Coral Holdings Ltd. | | 6,000 | 13,007 |
| Carnival Group International Holdings Ltd. (a) | | 125,000 | 2,263 |
| Cheung Kong Infrastructure Holdings Ltd. | | 45,500 | 332,462 |
| China Foods Ltd. | | 6,000 | 2,808 |
| China Gas Holdings Ltd. | | 108,000 | 341,548 |
| China Oil & Gas Group Ltd. | | 360,000 | 24,790 |
| China Resource Gas Group Ltd. | | 44,000 | 168,325 |
| China Trustful Group Ltd. (a) | | 4,000 | 990 |
| China Water Affairs Group Ltd. | | 40,000 | 36,062 |
| China Youzan Ltd. (a) | | 216,000 | 15,149 |
| Chow Sang Sang Holdings International Ltd. | | 2,000 | 3,239 |
| CITIC Resources Holdings Ltd. | | 16,000 | 1,306 |
| CMBC Capital Holdings Ltd.(a) | | 600,000 | 21,423 |
| Cosco Shipping Ports Ltd. | | 65,789 | 67,115 |
| Credicorp Ltd. (United States) | | 3,698 | 834,676 |
| Dairy Farm International Holdings Ltd. | | 20,309 | 183,390 |
| Digital China Holdings Ltd. (H Shares) (a) | | 21,261 | 10,194 |
| Digital Domain Holdings Ltd. (a) | | 470,000 | 6,413 |
| Emperor International Holding Ltd. | | 54,000 | 13,221 |
| Esprit Holdings Ltd. (a) | | 52,400 | 11,894 |
| FDG Electric Vehicles Ltd. (a) | | 505,000 | 4,959 |
| Frontline Ltd. (a) | | 7,218 | 52,274 |
| GCL New Energy Holdings Ltd. (a) | | 476,000 | 15,782 |
| Giordano International Ltd. | | 56,000 | 24,851 |
| Global Brands Group Holding Ltd. (a) | | 142,000 | 7,877 |
| Golden Ocean Group Ltd. | | 5,388 | 40,427 |
| GOME Electrical Appliances Holdings Ltd. (a) | | 373,000 | 37,100 |
| Great Eagle Holdings Ltd. | | 6,158 | 28,112 |
| Gulf Keystone Petroleum Ltd. (a) | | 20,209 | 57,474 |
| GZI Transport Ltd. | | 72,000 | 57,751 |
| Haier Electronics Group Co. Ltd. | | 58,000 | 121,148 |
| HengTen Networks Group Ltd. (a) | | 892,000 | 31,849 |
| Hiscox Ltd. | | 16,191 | 336,920 |
| Hoegh LNG Holdings Ltd. | | 550 | 2,561 |
| Hongkong Land Holdings Ltd. | | 58,848 | 348,380 |
| Huabao International Holdings Ltd. | | 41,000 | 19,083 |
| Huanxi Media Group Ltd. (a) | | 10,000 | 2,040 |
| Jardine Matheson Holdings Ltd. | | 10,907 | 629,443 |
| Jardine Strategic Holdings Ltd. | | 10,880 | 364,480 |
| Johnson Electric Holdings Ltd. | | 31,000 | 69,416 |
| K Wah International Holdings Ltd. | | 76,902 | 34,715 |
| Kerry Logistics Network Ltd. | | 42,500 | 67,311 |
| Kerry Properties Ltd. | | 43,500 | 136,736 |
| Kunlun Energy Co. Ltd. | | 156,000 | 177,048 |
| Lancashire Holdings Ltd. | | 7,267 | 54,943 |
| Landing International Development Ltd. (a) | | 54,000 | 11,224 |
| Li & Fung Ltd. | | 308,000 | 60,878 |
| Luk Fook Holdings International Ltd. | | 17,000 | 56,038 |
| Luye Pharma Group Ltd. | | 78,500 | 60,562 |
| Man Wah Holdings Ltd. | | 80,800 | 37,196 |
| Neo-China Group (Holdings) Ltd. | | 8,000 | 1,194 |
| Nine Dragons Paper (Holdings) Ltd. | | 70,000 | 66,769 |
| NWS Holdings Ltd. | | 119,367 | 236,239 |
| Pacific Basin Shipping Ltd. | | 130,000 | 28,348 |
| Panda Green Energy Group Ltd. (a) | | 56,000 | 2,107 |
| PAX Global Technology Ltd. | | 14,000 | 6,891 |
| Petra Diamonds Ltd. (a) | | 43,437 | 21,731 |
| Pou Sheng International (Holdings) Ltd. | | 181,000 | 34,391 |
| Road King Infrastructure Ltd. | | 20,000 | 30,860 |
| Shangri-La Asia Ltd. | | 58,000 | 79,138 |
| Shenzhen International Holdings Ltd. | | 65,871 | 125,997 |
| Sihuan Pharmaceutical Holdings Group Ltd. | | 119,000 | 24,128 |
| Silverlake Axis Ltd. Class A | | 81,300 | 25,238 |
| Sinopec Kantons Holdings Ltd. | | 50,000 | 20,339 |
| Skyfame Realty Holdings Ltd. | | 150,000 | 25,823 |
| Skyworth Digital Holdings Ltd. | | 72,098 | 16,641 |
| SmarTone Telecommunications Holdings Ltd. | | 2,643 | 3,667 |
| SMI Corp. Ltd. (a)(d) | | 7,200 | 2,148 |
| Stolt-Nielsen SA | | 172 | 2,314 |
| Tai Fook Securities Group Ltd. | | 83,978 | 27,415 |
| Texwinca Holdings Ltd. | | 6,000 | 2,035 |
| Town Health International Holdings Co. Ltd. (a)(d) | | 114,000 | 10,031 |
| Vtech Holdings Ltd. | | 16,500 | 193,574 |
| Yue Yuen Industrial (Holdings) Ltd. | | 43,000 | 117,617 |
|
| TOTAL BERMUDA | | | 6,827,448 |
|
| Brazil - 1.1% | | | |
| AES Tiete Energia SA unit | | 1,912 | 5,292 |
| Aliansce Shopping Centers SA | | 600 | 2,825 |
| Alupar Investimento SA unit | | 38,900 | 182,924 |
| Ambev SA | | 249,763 | 1,096,635 |
| Arezzo Industria e Comercio SA | | 1,400 | 17,832 |
| Atacadao Distribuicao Comercio e Industria Ltda | | 19,200 | 78,626 |
| B2W Companhia Global do Varejo (a) | | 8,704 | 80,690 |
| Banco Bradesco SA | | 49,581 | 403,016 |
| Banco do Brasil SA | | 43,900 | 504,293 |
| Banco Santander SA (Brasil) unit | | 17,800 | 201,843 |
| BB Seguridade Participacoes SA | | 39,100 | 278,213 |
| BM&F BOVESPA SA | | 110,578 | 788,591 |
| BR Malls Participacoes SA | | 77,105 | 263,129 |
| Brasil Foods SA (a) | | 27,600 | 162,418 |
| CCR SA | | 65,784 | 193,914 |
| Centrais Eletricas Brasileiras SA (Electrobras) (a) | | 10,400 | 65,672 |
| Cia. Hering SA | | 3,800 | 23,128 |
| Cielo SA | | 60,860 | 215,868 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 17,900 | 134,436 |
| Companhia de Saneamento de Minas Gerais | | 4,900 | 67,545 |
| Companhia Siderurgica Nacional SA (CSN) | | 29,387 | 75,570 |
| Cosan SA Industria e Comercio | | 8,700 | 75,393 |
| CVC Brasil Operadora e Agencia de Viagens SA | | 8,400 | 127,755 |
| Cyrela Brazil Realty SA | | 7,700 | 30,208 |
| Drogasil SA | | 12,700 | 214,380 |
| Duratex SA | | 8,400 | 25,935 |
| Ecorodovias Infraestrutura e Logistica SA | | 3,000 | 7,618 |
| EDP Energias do Brasil SA | | 11,600 | 43,638 |
| Embraer SA | | 34,588 | 194,526 |
| ENGIE Brasil Energia SA | | 5,745 | 61,441 |
| Equatorial Energia SA | | 10,100 | 184,522 |
| Estacio Participacoes SA | | 11,600 | 72,097 |
| Fibria Celulose SA | | 13,500 | 260,641 |
| Fleury SA | | 9,500 | 53,225 |
| Hypermarcas SA | | 16,800 | 134,436 |
| Iguatemi Empresa de Shopping Centers SA | | 1,300 | 13,575 |
| Iochpe-Maxion SA | | 3,830 | 19,945 |
| IRB Brasil Resseguros SA | | 8,800 | 171,342 |
| JBS SA | | 59,000 | 162,502 |
| Klabin SA unit | | 37,400 | 187,628 |
| Kroton Educacional SA | | 79,054 | 242,589 |
| Light SA | | 3,100 | 13,886 |
| Linx SA | | 10,800 | 74,409 |
| Localiza Rent A Car SA | | 33,370 | 257,796 |
| Lojas Renner SA | | 37,277 | 376,626 |
| M. Dias Branco SA | | 5,857 | 69,988 |
| Magazine Luiza SA | | 4,000 | 181,432 |
| Marfrig Global Foods SA (a) | | 4,500 | 7,751 |
| Minerva SA (a) | | 600 | 885 |
| Minerva SA rights 11/14/18 (a) | | 444 | 11 |
| MRV Engenharia e Participacoes SA | | 8,200 | 27,851 |
| Multiplan Empreendimentos Imobiliarios SA | | 10,596 | 65,487 |
| Multiplus SA | | 700 | 4,748 |
| Natura Cosmeticos SA | | 11,100 | 97,205 |
| Odontoprev SA | | 13,800 | 49,022 |
| Petrobras Distribuidora SA | | 24,500 | 157,869 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 171,000 | 1,393,180 |
| Porto Seguro SA | | 7,400 | 108,132 |
| Qualicorp SA | | 7,500 | 29,021 |
| Rumo SA (a) | | 57,900 | 259,045 |
| Sao Martinho SA | | 21,300 | 111,036 |
| Smiles Fidelidade SA | | 1,900 | 19,018 |
| Sul America SA unit | | 11,735 | 78,202 |
| Suzano Papel e Celulose SA | | 22,500 | 228,839 |
| Terna Participacoes SA unit | | 20,300 | 121,424 |
| TIM Participacoes SA | | 45,280 | 141,017 |
| Totvs SA | | 9,200 | 62,050 |
| Ultrapar Participacoes SA | | 18,700 | 222,350 |
| Vale SA | | 164,674 | 2,509,381 |
| Valid Solucoes SA | | 660 | 2,703 |
| Via Varejo SA unit | | 6,100 | 27,652 |
| Weg SA | | 43,540 | 210,593 |
|
| TOTAL BRAZIL | | | 14,034,465 |
|
| British Virgin Islands - 0.0% | | | |
| First Pacific Co. Ltd. | | 62,000 | 27,745 |
| Canada - 6.2% | | | |
| Advantage Oil & Gas Ltd. (a) | | 9,749 | 21,846 |
| Aecon Group, Inc. | | 4,244 | 61,027 |
| AG Growth International, Inc. | | 175 | 7,812 |
| AGF Management Ltd. Class B (non-vtg.) | | 1,711 | 7,005 |
| Agnico Eagle Mines Ltd. (Canada) | | 12,049 | 425,598 |
| AGT Food & Ingredients, Inc. | | 170 | 2,265 |
| Alacer Gold Corp. (a) | | 4,325 | 7,064 |
| Alamos Gold, Inc. | | 19,012 | 75,964 |
| Alaris Royalty Corp. | | 1,959 | 28,631 |
| Algonquin Power & Utilities Corp. | | 21,349 | 213,093 |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 21,919 | 1,046,791 |
| Allied Properties (REIT) | | 3,901 | 125,346 |
| AltaGas Ltd. | | 18,680 | 234,839 |
| Altius Minerals Corp. | | 306 | 2,940 |
| Altus Group Ltd. | | 1,256 | 27,487 |
| ARC Resources Ltd. | | 18,687 | 174,031 |
| Aritzia LP (a) | | 3,263 | 48,011 |
| ARROW Exploration Corp. (a) | | 154 | 82 |
| Artis (REIT) | | 542 | 4,611 |
| ATCO Ltd. Class I (non-vtg.) | | 3,638 | 106,063 |
| Athabasca Oil Corp. (a) | | 19,008 | 18,482 |
| ATS Automation Tooling System, Inc. (a) | | 9,107 | 133,930 |
| AutoCanada, Inc. | | 246 | 1,867 |
| B2Gold Corp. (a) | | 44,296 | 109,356 |
| Badger Daylighting Ltd. | | 901 | 18,205 |
| Bank of Montreal | | 31,356 | 2,344,465 |
| Bank of Nova Scotia | | 60,136 | 3,227,322 |
| Barrick Gold Corp. | | 64,345 | 805,993 |
| Bausch Health Cos., Inc. (Canada) (a) | | 17,179 | 393,056 |
| Baytex Energy Corp. (a) | | 27,826 | 56,859 |
| BCE, Inc. | | 6,147 | 237,905 |
| Birchcliff Energy Ltd. | | 13,061 | 41,174 |
| BlackBerry Ltd. (a) | | 25,302 | 233,521 |
| Boardwalk (REIT) | | 579 | 21,556 |
| Bombardier, Inc. Class B (sub. vtg.) (a) | | 100,060 | 242,464 |
| Bonavista Energy Corp. | | 5,185 | 4,923 |
| Bonterra Energy Corp. | | 213 | 2,396 |
| Boralex, Inc. Class A | | 3,344 | 43,183 |
| Brookfield Asset Management, Inc. Class A | | 43,269 | 1,765,666 |
| BRP, Inc. | | 2,924 | 117,631 |
| CAE, Inc. | | 12,968 | 228,734 |
| Cameco Corp. | | 26,095 | 279,494 |
| Canaccord Capital, Inc. | | 4,468 | 23,418 |
| Canacol Energy Ltd. (a) | | 1,213 | 3,400 |
| Canada Goose Holdings, Inc. (a) | | 2,145 | 117,120 |
| Canadian Apartment Properties (REIT) unit | | 5,366 | 190,803 |
| Canadian Energy Services & Technology Corp. | | 8,231 | 21,821 |
| Canadian Imperial Bank of Commerce | | 21,347 | 1,843,387 |
| Canadian National Railway Co. | | 37,784 | 3,230,059 |
| Canadian Natural Resources Ltd. | | 65,767 | 1,804,477 |
| Canadian Pacific Railway Ltd. | | 7,391 | 1,515,704 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 3,650 | 410,734 |
| Canadian Utilities Ltd. Class A (non-vtg.) | | 4,983 | 118,211 |
| Canadian Western Bank, Edmonton | | 8,335 | 193,868 |
| Canfor Corp. | | 2,588 | 37,175 |
| Canfor Pulp Products, Inc. | | 673 | 11,257 |
| Capital Power Corp. | | 3,929 | 81,538 |
| Cardinal Energy Ltd. | | 630 | 1,862 |
| Cascades, Inc. | | 4,191 | 32,600 |
| CCL Industries, Inc. Class B | | 7,166 | 301,457 |
| Celestica, Inc. (sub. vtg.) (a) | | 5,518 | 57,257 |
| Cenovus Energy, Inc. (Canada) | | 53,285 | 450,906 |
| Centerra Gold, Inc. (a) | | 7,619 | 29,748 |
| CGI Group, Inc. Class A (sub. vtg.) (a) | | 12,787 | 789,687 |
| China Gold International Resources Corp. Ltd. (a) | | 4,402 | 6,019 |
| Choice Properties REIT | | 4,588 | 41,612 |
| CI Financial Corp. | | 12,048 | 178,187 |
| Cineplex, Inc. | | 2,471 | 68,117 |
| Cogeco Communications, Inc. | | 956 | 46,876 |
| Cogeco, Inc. (sub. vtg.) | | 155 | 7,276 |
| Colliers International Group, Inc. | | 1,875 | 127,331 |
| Cominar (REIT) | | 7,491 | 62,195 |
| Computer Modelling Group Ltd. | | 610 | 3,651 |
| Constellation Software, Inc. | | 1,071 | 737,086 |
| Corby Spirit and Wine Ltd. | | 368 | 5,395 |
| Corus Entertainment, Inc. Class B (non-vtg.) | | 8,530 | 32,139 |
| Cott Corp. | | 7,684 | 115,688 |
| Crescent Point Energy Corp. | | 37,733 | 178,282 |
| Crew Energy, Inc. (a) | | 814 | 767 |
| Crombie (REIT) | | 448 | 4,482 |
| CT Real Estate Investment Trust | | 401 | 3,960 |
| Descartes Systems Group, Inc. (Canada) (a) | | 7,562 | 231,378 |
| Detour Gold Corp. (a) | | 10,912 | 80,486 |
| Dirtt Environmental Solutions Ltd. (a) | | 675 | 3,558 |
| Dollarama, Inc. | | 17,134 | 473,887 |
| Dorel Industries, Inc. Class B (sub. vtg.) | | 1,245 | 20,352 |
| Dream Global REIT | | 22,991 | 234,372 |
| Dream Industrial (REIT) | | 1,039 | 7,719 |
| Dream Office (REIT) | | 386 | 6,832 |
| DREAM Unlimited Corp. (a) | | 489 | 2,693 |
| ECN Capital Corp. | | 29,196 | 77,401 |
| Eldorado Gold Corp. (a) | | 55,003 | 36,768 |
| Element Financial Corp. | | 20,973 | 123,469 |
| Emera, Inc. | | 4,497 | 138,758 |
| Empire Co. Ltd. Class A (non-vtg.) | | 9,793 | 178,163 |
| Enbridge Income Fund Holdings, Inc. | | 11,539 | 267,077 |
| Enbridge, Inc. | | 89,161 | 2,778,217 |
| Encana Corp. | | 51,739 | 528,218 |
| Endeavour Silver Corp. (a) | | 544 | 1,095 |
| Enerflex Ltd. | | 7,164 | 86,418 |
| Enerplus Corp. | | 14,196 | 132,098 |
| Enghouse Systems Ltd. | | 3,722 | 205,997 |
| Ensign Energy Services, Inc. | | 10,557 | 41,139 |
| Entertainment One Ltd. | | 24,559 | 128,390 |
| Equitable Group, Inc. | | 333 | 15,304 |
| Evertz Technologies Ltd. | | 415 | 5,110 |
| Exco Technologies Ltd. | | 580 | 4,067 |
| Extendicare, Inc. | | 834 | 4,663 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 1,471 | 714,800 |
| Fiera Capital Corp. | | 751 | 7,068 |
| Finning International, Inc. | | 11,285 | 234,367 |
| First Capital Realty, Inc. | | 13,184 | 196,691 |
| First Majestic Silver Corp. (a) | | 8,355 | 46,394 |
| First National Financial Corp. | | 813 | 16,637 |
| First Quantum Minerals Ltd. | | 34,571 | 345,067 |
| FirstService Corp. | | 3,068 | 225,081 |
| Fortis, Inc. | | 20,343 | 672,202 |
| Fortuna Mines, Inc. (a) | | 8,792 | 33,393 |
| Franco-Nevada Corp. | | 9,319 | 582,026 |
| Freehold Royalties Ltd. | | 4,398 | 32,306 |
| Genworth MI Canada, Inc. | | 1,217 | 39,946 |
| George Weston Ltd. | | 4,020 | 292,389 |
| Gibson Energy, Inc. | | 13,757 | 217,780 |
| Gildan Activewear, Inc. | | 11,945 | 357,048 |
| Gluskin Sheff + Associates, Inc. | | 432 | 3,682 |
| Goldcorp, Inc. | | 51,297 | 463,308 |
| Granite Real Estate Investment Trust | | 3,081 | 127,223 |
| Great Canadian Gaming Corp. (a) | | 3,167 | 102,002 |
| Great-West Lifeco, Inc. | | 14,749 | 338,461 |
| Guyana Goldfields, Inc. (a) | | 10,438 | 14,034 |
| H&R (REIT) unit | | 4,454 | 67,362 |
| Havilah Mining Corp. (a) | | 695 | 172 |
| Home Capital Group, Inc. (a) | | 1,485 | 14,721 |
| HudBay Minerals, Inc. | | 11,872 | 46,624 |
| Hudson's Bay Co. (b) | | 14,411 | 92,720 |
| Husky Energy, Inc. | | 17,491 | 247,262 |
| Hydro One Ltd. (c) | | 19,908 | 289,596 |
| IAMGOLD Corp. (a) | | 21,764 | 74,726 |
| IGM Financial, Inc. | | 5,756 | 141,359 |
| Imperial Oil Ltd. | | 13,483 | 421,149 |
| Industrial Alliance Insurance and Financial Services, Inc. | | 6,745 | 238,454 |
| Innergex Renewable Energy, Inc. | | 6,435 | 59,684 |
| Intact Financial Corp. | | 7,932 | 626,691 |
| Inter Pipeline Ltd. | | 17,242 | 279,628 |
| Interfor Corp. (a) | | 5,374 | 59,437 |
| InterRent REIT | | 1,343 | 12,875 |
| Intertape Polymer Group, Inc. | | 4,330 | 57,198 |
| Ivanhoe Mines Ltd. (a) | | 28,271 | 53,258 |
| Just Energy Group, Inc. | | 1,772 | 5,748 |
| Kelt Exploration Ltd. (a) | | 23,486 | 108,470 |
| Keyera Corp. | | 10,062 | 250,700 |
| Killam Apartment (REIT) | | 13,461 | 165,342 |
| Kinaxis, Inc. (a) | | 2,261 | 152,651 |
| Kinder Morgan Canada Ltd. (c) | | 7,909 | 95,344 |
| Kinross Gold Corp. (a) | | 79,097 | 205,486 |
| Kirkland Lake Gold Ltd. | | 10,423 | 204,509 |
| Knight Therapeutics, Inc. (a) | | 1,049 | 6,263 |
| Labrador Iron Ore Royalty Corp. | | 4,024 | 87,422 |
| Laurentian Bank of Canada | | 1,297 | 40,946 |
| Linamar Corp. | | 2,097 | 86,830 |
| Loblaw Companies Ltd. | | 11,234 | 561,849 |
| Lucara Diamond Corp. | | 4,561 | 7,553 |
| Lundin Mining Corp. | | 42,348 | 174,031 |
| MAG Silver Corp. (a) | | 6,403 | 46,012 |
| Magellan Aerospace Corp. | | 282 | 4,070 |
| Magna International, Inc. Class A (sub. vtg.) | | 17,190 | 846,279 |
| Major Drilling Group International, Inc. (a) | | 567 | 2,007 |
| Manulife Financial Corp. | | 104,243 | 1,641,504 |
| Maple Leaf Foods, Inc. | | 2,809 | 63,885 |
| Martinrea International, Inc. | | 4,456 | 38,554 |
| Maxar Technologies Ltd. | | 2,588 | 38,689 |
| Medical Facilities Corp. | | 378 | 4,026 |
| MEG Energy Corp. (a) | | 14,754 | 118,014 |
| Methanex Corp. | | 3,735 | 241,869 |
| Metro, Inc. Class A (sub. vtg.) | | 16,034 | 503,144 |
| Morguard (REIT) | | 354 | 3,068 |
| Morneau Shephell, Inc. | | 9,236 | 191,392 |
| MTY Food Group, Inc. | | 4,087 | 210,862 |
| Mullen Group Ltd. | | 2,476 | 25,767 |
| National Bank of Canada | | 17,978 | 816,108 |
| Nevsun Resources Ltd. | | 11,969 | 53,187 |
| New Gold, Inc. (a) | | 29,054 | 23,173 |
| NexGen Energy Ltd. (a) | | 8,877 | 18,206 |
| Nfi Group, Inc. | | 2,635 | 88,891 |
| Norbord, Inc. | | 2,053 | 52,352 |
| North West Co., Inc. | | 777 | 16,939 |
| Northland Power, Inc. | | 5,551 | 85,387 |
| Northview Apartmemt (REIT) | | 252 | 4,845 |
| Northwest Healthcare Properties REIT | | 930 | 7,495 |
| Novagold Resources, Inc. (a) | | 7,992 | 32,540 |
| Nutrien Ltd. | | 33,248 | 1,760,077 |
| NuVista Energy Ltd. (a) | | 14,019 | 56,440 |
| OceanaGold Corp. | | 30,416 | 87,566 |
| Onex Corp. (sub. vtg.) | | 5,816 | 382,373 |
| Open Text Corp. | | 12,540 | 423,318 |
| Osisko Gold Royalties Ltd. | | 3,247 | 24,862 |
| Osisko Mining, Inc. (a) | | 4,512 | 9,151 |
| Painted Pony Petroleum Ltd. (a) | | 562 | 892 |
| Pan American Silver Corp. | | 9,987 | 146,609 |
| Paramount Resources Ltd. Class A (a) | | 2,068 | 15,112 |
| Parex Resources, Inc. (a) | | 11,383 | 165,758 |
| Parkland Fuel Corp. | | 11,701 | 392,952 |
| Pason Systems, Inc. | | 8,839 | 133,413 |
| Pembina Pipeline Corp. | | 24,452 | 790,889 |
| Pengrowth Energy Corp. (a) | | 11,159 | 7,714 |
| Peyto Exploration & Development Corp. | | 6,397 | 52,189 |
| Power Corp. of Canada (sub. vtg.) | | 21,358 | 440,967 |
| Power Financial Corp. | | 11,667 | 251,251 |
| PrairieSky Royalty Ltd. | | 13,704 | 208,196 |
| Precision Drilling Corp. (a) | | 18,987 | 45,865 |
| Premier Gold Mines Ltd. (a) | | 3,779 | 4,937 |
| Premium Brands Holdings Corp. | | 1,621 | 109,011 |
| Pretium Resources, Inc. (a) | | 7,604 | 60,996 |
| ProMetic Life Sciences, Inc. (a)(b) | | 22,496 | 7,604 |
| Quebecor, Inc. Class B (sub. vtg.) | | 10,138 | 198,840 |
| Recipe Unlimited Corp. | | 231 | 4,766 |
| Restaurant Brands International, Inc. | | 12,976 | 710,873 |
| RioCan (REIT) | | 6,181 | 112,685 |
| Ritchie Brothers Auctioneers, Inc. | | 4,917 | 165,388 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 18,220 | 938,231 |
| Rogers Sugar, Inc. | | 1,976 | 7,970 |
| Royal Bank of Canada | | 70,669 | 5,149,129 |
| Russel Metals, Inc. | | 8,305 | 153,552 |
| Sandstorm Gold Ltd. (a) | | 11,208 | 41,462 |
| Saputo, Inc. | | 12,841 | 391,244 |
| Seabridge Gold, Inc. (a) | | 1,636 | 20,679 |
| Secure Energy Services, Inc. | | 12,279 | 80,029 |
| SEMAFO, Inc. (a) | | 9,283 | 20,308 |
| Seven Generations Energy Ltd. (a) | | 16,161 | 173,217 |
| Shaw Communications, Inc. Class B | | 22,099 | 411,445 |
| ShawCor Ltd. Class A | | 2,890 | 52,424 |
| Shopify, Inc. Class A (a) | | 4,660 | 643,788 |
| Sienna Senior Living, Inc. | | 823 | 10,378 |
| Sierra Wireless, Inc. (a) | | 2,657 | 47,894 |
| Silvercorp Metals, Inc. | | 5,014 | 10,931 |
| Sleep Country Canada Holdings, Inc. (c) | | 1,260 | 25,421 |
| Smart (REIT) | | 7,897 | 180,441 |
| SNC-Lavalin Group, Inc. | | 10,922 | 389,938 |
| Spin Master Corp. (a)(c) | | 1,979 | 70,414 |
| Sprott, Inc. | | 1,346 | 3,078 |
| SSR Mining, Inc. (a) | | 3,389 | 33,209 |
| Stantec, Inc. | | 6,406 | 166,713 |
| Stella-Jones, Inc. | | 1,695 | 54,283 |
| Stornoway Diamond Corp. (a) | | 2,225 | 456 |
| Sun Life Financial, Inc. | | 31,525 | 1,154,484 |
| Suncor Energy, Inc. | | 86,203 | 2,891,659 |
| Superior Plus Corp. | | 5,946 | 53,432 |
| Surge Energy, Inc. | | 1,678 | 2,600 |
| Tahoe Resources, Inc. (a) | | 17,454 | 41,234 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 28,398 | 586,965 |
| TELUS Corp. | | 8,823 | 302,131 |
| The Stars Group, Inc. (a) | | 8,301 | 172,647 |
| The Toronto-Dominion Bank | | 91,563 | 5,079,453 |
| Thomson Reuters Corp. | | 13,840 | 644,139 |
| Timbercreek Financial Corp. | | 3,121 | 21,384 |
| TMAC Resources, Inc. (a) | | 1,050 | 3,956 |
| TMX Group Ltd. | | 3,466 | 217,973 |
| TORC Oil & Gas Ltd. | | 5,379 | 22,105 |
| Torex Gold Resources, Inc. (a) | | 4,469 | 40,703 |
| Toromont Industries Ltd. | | 5,030 | 236,818 |
| Total Energy Services, Inc. | | 409 | 2,961 |
| Tourmaline Oil Corp. | | 16,134 | 235,309 |
| TransAlta Corp. | | 7,976 | 42,108 |
| TransAlta Renewables, Inc. | | 1,995 | 16,443 |
| TransCanada Corp. | | 47,124 | 1,776,927 |
| Transcontinental, Inc. Class A | | 7,667 | 126,206 |
| TransForce, Inc. | | 6,134 | 204,133 |
| Trican Well Service Ltd. (a) | | 9,711 | 13,278 |
| Tricon Capital Group, Inc. | | 5,224 | 41,508 |
| Trinidad Drilling Ltd. (a) | | 22,837 | 28,797 |
| Turquoise Hill Resources Ltd. (a) | | 46,551 | 78,501 |
| Uni-Select, Inc. | | 1,404 | 23,111 |
| Uranium Participation Corp. (a) | | 1,297 | 4,473 |
| Valener, Inc. | | 416 | 6,213 |
| Vermilion Energy, Inc. | | 9,710 | 257,493 |
| Wajax Corp. | | 186 | 3,302 |
| West Fraser Timber Co. Ltd. | | 2,950 | 148,211 |
| Western Forest Products, Inc. | | 16,341 | 21,847 |
| WestJet Airlines Ltd. | | 1,117 | 16,274 |
| Westshore Terminals Investment Corp. | | 1,607 | 29,297 |
| Wheaton Precious Metals Corp. | | 28,163 | 462,948 |
| Whitecap Resources, Inc. | | 30,120 | 147,345 |
| Winpak Ltd. | | 1,133 | 39,306 |
| WSP Global, Inc. | | 5,087 | 253,954 |
| Yamana Gold, Inc. | | 40,697 | 92,433 |
|
| TOTAL CANADA | | | 78,215,488 |
|
| Cayman Islands - 3.4% | | | |
| 21Vianet Group, Inc. ADR (a) | | 4,992 | 54,288 |
| 3SBio, Inc. (c) | | 57,000 | 82,717 |
| 500.com Ltd. sponsored ADR Class A (a) | | 1,268 | 9,294 |
| 51job, Inc. sponsored ADR (a) | | 961 | 59,015 |
| 58.com, Inc. ADR (a) | | 5,066 | 332,279 |
| AAC Technology Holdings, Inc. | | 38,500 | 293,265 |
| Agile Property Holdings Ltd. | | 72,000 | 82,082 |
| Airtac International Group | | 7,134 | 61,408 |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 60,213 | 8,567,106 |
| Anta Sports Products Ltd. | | 57,000 | 234,049 |
| ASM Pacific Technology Ltd. | | 19,700 | 170,071 |
| Autohome, Inc. ADR Class A (b) | | 2,961 | 214,317 |
| Baidu.com, Inc. sponsored ADR (a) | | 14,459 | 2,748,078 |
| Baozun, Inc. sponsored ADR (a)(b) | | 1,340 | 53,345 |
| Biostime International Holdings Ltd. (a) | | 10,500 | 59,717 |
| Bitauto Holdings Ltd. ADR (a) | | 1,372 | 26,205 |
| BizLink Holding, Inc. | | 3,062 | 16,319 |
| Car, Inc. (a) | | 92,000 | 72,972 |
| Casetek Holdings | | 1,187 | 1,670 |
| Chailease Holding Co. Ltd. | | 59,160 | 168,534 |
| Changyou.com Ltd. (A Shares) ADR | | 517 | 6,917 |
| Chaowei Power Holdings Ltd. | | 47,000 | 20,198 |
| Cheung Kong Property Holdings Ltd. | | 138,000 | 895,721 |
| China Aoyuan Property Group Ltd. | | 39,000 | 22,778 |
| China Conch Venture Holdings Ltd. | | 81,000 | 227,239 |
| China Dongxiang Group Co. Ltd. | | 229,000 | 35,334 |
| China First Capital Group Ltd. (a) | | 166,000 | 66,892 |
| China Goldjoy Group Ltd. | | 248,000 | 10,120 |
| China Harmony New Energy Auto | | 27,000 | 10,708 |
| China High Speed Transmission Equipment Group Co. Ltd. | | 22,000 | 20,508 |
| China Huishan Dairy Holdings Co. Ltd. (a)(d) | | 51,000 | 1,366 |
| China Investment Fund International Holdings Co. Ltd. (a) | | 48,000 | 162,817 |
| China Literature Ltd. (a)(c) | | 12,200 | 65,885 |
| China LNG Group Ltd. (a) | | 60,000 | 8,263 |
| China Logistics Property Holdings Co. Ltd. (a) | | 109,000 | 36,139 |
| China Maple Leaf Educational Systems Ltd. | | 36,000 | 15,517 |
| China Medical System Holdings Ltd. | | 83,000 | 98,750 |
| China Mengniu Dairy Co. Ltd. | | 135,000 | 397,669 |
| China Modern Dairy Holdings Ltd. (a) | | 65,000 | 8,123 |
| China Regenerative Medicine International Ltd. (a) | | 75,000 | 708 |
| China Resources Cement Holdings Ltd. | | 150,000 | 132,174 |
| China Resources Land Ltd. | | 154,000 | 522,370 |
| China Resources Medical Holdin | | 29,500 | 20,276 |
| China SCE Property Holdings Ltd. | | 114,000 | 38,814 |
| China Shengmu Organic Milk Ltd. (a)(c) | | 136,000 | 5,463 |
| China State Construction International Holdings Ltd. | | 131,750 | 93,916 |
| China Wireless Technologies Ltd. (a)(d) | | 8,000 | 735 |
| China ZhengTong Auto Services Holdings Ltd. | | 68,000 | 32,431 |
| ChinaSoft International Ltd. | | 88,000 | 51,620 |
| Chong Sing Holdings Fintech Group (a) | | 1,116,000 | 50,521 |
| CIFI Holdings Group Co. Ltd. | | 150,000 | 62,740 |
| Cimc Enric Holdings Ltd. | | 12,000 | 9,212 |
| CK Hutchison Holdings Ltd. | | 139,500 | 1,404,437 |
| COFCO Meat Holdings Ltd. (a) | | 92,000 | 13,374 |
| Cogobuy Group (c) | | 5,000 | 1,702 |
| Country Garden Holdings Co. Ltd. | | 400,000 | 427,955 |
| Country Garden Services Holdings Co. Ltd. (a) | | 68,000 | 87,754 |
| CT Environmental Group Ltd. | | 26,000 | 1,177 |
| Ctrip.com International Ltd. ADR (a) | | 21,193 | 705,303 |
| Dali Foods Group Co. Ltd. (c) | | 164,500 | 117,471 |
| Dongyue Group Co. Ltd. | | 100,000 | 53,303 |
| eHi Car Service Co. Ltd. sponsored ADR (a) | | 203 | 2,450 |
| Endeavour Mining Corp. (a) | | 3,650 | 55,979 |
| ENN Energy Holdings Ltd. | | 38,000 | 322,968 |
| Evergrande Real Estate Group Ltd. | | 135,190 | 322,376 |
| Fang Holdings Ltd. ADR (a) | | 8,426 | 17,105 |
| Fanhua, Inc. ADR | | 2,582 | 69,146 |
| Far East Consortium International Ltd. | | 95,307 | 44,360 |
| FIH Mobile Ltd. (a) | | 298,000 | 27,741 |
| Freeman Fintech Corp. Ltd. (a) | | 320,000 | 1,755 |
| Fu Shou Yuan International Group Ltd. (c) | | 67,000 | 51,348 |
| Fufeng Group Ltd. | | 43,000 | 18,205 |
| Fullshare Holdings Ltd. | | 385,000 | 149,740 |
| Future Land Development Holding Ltd. | | 84,000 | 48,202 |
| GCL-Poly Energy Holdings Ltd. (a) | | 629,000 | 37,297 |
| GDS Holdings Ltd. ADR (a)(b) | | 3,443 | 80,807 |
| Geely Automobile Holdings Ltd. | | 255,000 | 487,761 |
| General Interface Solution Holding Ltd. | | 5,000 | 16,553 |
| Genscript Biotech Corp. (a) | | 30,000 | 45,754 |
| Ginko International Co. Ltd. | | 1,000 | 5,685 |
| Glorious Property Holdings Ltd. (a) | | 16,000 | 775 |
| Goodbaby International Holdings Ltd. | | 56,000 | 17,353 |
| Gourmet Master Co. Ltd. | | 5,630 | 34,096 |
| Greatview Aseptic Pack Co. Ltd. | | 75,000 | 49,733 |
| Greentown China Holdings Ltd. | | 24,500 | 16,996 |
| Haitian International Holdings Ltd. | | 43,000 | 83,895 |
| HC International, Inc. (a) | | 4,000 | 2,596 |
| Hengan International Group Co. Ltd. | | 42,500 | 336,555 |
| HKBN Ltd. | | 65,000 | 97,476 |
| Huayi Tencent Entertainment Co. Ltd. (a) | | 440,000 | 10,492 |
| Huazhu Group Ltd. ADR | | 6,646 | 173,859 |
| Hutchison Telecommunications Hong Kong Holdings Ltd. | | 76,000 | 28,008 |
| IGG, Inc. | | 36,000 | 37,919 |
| iKang Healthcare Group, Inc. sponsored ADR (a)(b) | | 4,529 | 78,805 |
| Imax China Holding, Inc. (c) | | 1,700 | 3,963 |
| JD.com, Inc. sponsored ADR (a) | | 36,631 | 861,561 |
| Jiayuan International Group Ltd. | | 72,968 | 128,034 |
| JinkoSolar Holdings Co. Ltd. ADR (a)(b) | | 1,902 | 15,330 |
| Kaisa Group Holdings Ltd. | | 90,000 | 21,921 |
| Kingboard Chemical Holdings Ltd. | | 30,500 | 81,676 |
| Kingboard Laminates Holdings Ltd. | | 66,500 | 50,880 |
| Kingdee International Software Group Co. Ltd. | | 102,000 | 83,245 |
| Kingsoft Corp. Ltd. | | 45,000 | 63,696 |
| KWG Property Holding Ltd. | | 53,123 | 40,578 |
| Lee & Man Paper Manufacturing Ltd. | | 97,000 | 82,998 |
| Leyou Technologies Holdings Ltd. (a) | | 95,000 | 21,685 |
| Li Ning Co. Ltd. (a) | | 112,000 | 104,831 |
| Lifestyle International Holdings Ltd. | | 48,500 | 83,741 |
| Lifetech Scientific Corp. (a) | | 140,000 | 30,350 |
| Lijun International Pharmaceutical Holding Ltd. | | 108,000 | 90,758 |
| Logan Property Holdings Co. Ltd. | | 102,000 | 94,170 |
| Longfor Properties Co. Ltd. | | 88,500 | 214,875 |
| Lonking Holdings Ltd. | | 89,000 | 19,975 |
| Macau Legend Development Ltd. | | 9,000 | 1,572 |
| Meitu, Inc. (a)(c) | | 130,500 | 68,063 |
| Melco Crown Entertainment Ltd. sponsored ADR | | 12,397 | 206,162 |
| MGM China Holdings Ltd. | | 51,600 | 72,906 |
| Minth Group Ltd. | | 34,000 | 110,126 |
| Momo, Inc. ADR (a) | | 7,665 | 257,314 |
| NetDragon WebSoft, Inc. | | 4,500 | 7,953 |
| NetEase, Inc. ADR | | 3,997 | 830,776 |
| New Oriental Education & Technology Group, Inc. sponsored ADR | | 8,049 | 470,947 |
| Nexteer Auto Group Ltd. | | 49,000 | 68,733 |
| Noah Holdings Ltd. sponsored ADR (a) | | 1,318 | 49,702 |
| OP Financial Investments Ltd. | | 112,000 | 36,134 |
| Pacific Textile Holdings Ltd. | | 56,000 | 56,486 |
| Parade Technologies Ltd. | | 5,000 | 66,213 |
| Phoenix Group Holdings | | 38,981 | 300,199 |
| Powerlong Real Estate Holding Ltd. | | 90,000 | 30,758 |
| Q Technology (Group) Co. Ltd. | | 11,000 | 5,204 |
| Regina Miracle International Holdings Ltd. (c) | | 2,000 | 1,000 |
| Renhe Commercial Holdings Co. Ltd. (a) | | 966,000 | 32,644 |
| Ronshine China Holdings Ltd. (a) | | 39,000 | 43,914 |
| Sands China Ltd. | | 137,600 | 542,192 |
| Sapiens International Corp. NV | | 128 | 1,459 |
| Semiconductor Manufacturing International Corp. (a) | | 166,100 | 137,205 |
| Shenzhou International Group Holdings Ltd. | | 39,000 | 430,684 |
| Shimao Property Holdings Ltd. | | 55,500 | 108,566 |
| Shui On Land Ltd. | | 152,000 | 30,625 |
| Silergy Corp. | | 4,000 | 50,904 |
| SINA Corp. (a) | | 3,491 | 221,015 |
| Sino Biopharmaceutical Ltd. | | 411,000 | 368,445 |
| SITC International Holdings Co. Ltd. | | 52,000 | 38,195 |
| SOHO China Ltd. | | 96,500 | 32,733 |
| Sohu.Com Ltd. ADR (a)(b) | | 1,728 | 31,225 |
| Sunac China Holdings Ltd. | | 121,000 | 328,656 |
| Sunny Optical Technology Group Co. Ltd. | | 38,200 | 331,244 |
| TAL Education Group ADR (a) | | 18,894 | 547,548 |
| Tarena International, Inc. ADR (b) | | 541 | 4,680 |
| Tencent Holdings Ltd. | | 296,925 | 10,172,432 |
| Texhong Textile Group Ltd. | | 1,500 | 1,804 |
| The United Laboratories International Holdings Ltd. | | 40,000 | 27,799 |
| Tianneng Power International Ltd. | | 52,000 | 41,576 |
| Tibet Water Resources Ltd. (a) | | 157,000 | 44,245 |
| Tingyi (Cayman Islands) Holding Corp. | | 110,000 | 162,715 |
| Tongda Group Holdings Ltd. | | 100,000 | 12,879 |
| Towngas China Co. Ltd. | | 83,063 | 60,375 |
| TPK Holding Co. Ltd. | | 9,000 | 13,953 |
| Truly International Holdings Ltd. (a) | | 70,000 | 10,176 |
| Tuniu Corp. Class A sponsored ADR (a) | | 220 | 1,399 |
| Uni-President China Holdings Ltd. | | 148,000 | 143,622 |
| Value Partners Group Ltd. | | 32,000 | 23,749 |
| Vinda International Holdings Ltd. | | 26,000 | 37,067 |
| Vipshop Holdings Ltd. ADR (a) | | 21,977 | 106,808 |
| Want Want China Holdings Ltd. | | 333,000 | 237,798 |
| Weibo Corp. sponsored ADR (a)(b) | | 3,037 | 179,213 |
| WH Group Ltd. (c) | | 493,000 | 345,140 |
| Wharf Real Estate Investment Co. Ltd. | | 68,000 | 420,992 |
| Wuxi Biologics (Cayman), Inc. (a) | | 26,000 | 185,171 |
| Wynn Macau Ltd. | | 95,200 | 196,423 |
| Xingda International Holdings Ltd. | | 12,674 | 3,410 |
| Xinyi Glass Holdings Ltd. | | 86,000 | 85,101 |
| Xinyi Solar Holdings Ltd. | | 155,050 | 48,441 |
| XTEP International Holdings Ltd. | | 46,500 | 25,497 |
| Yeong Guan Energy Technology Group Co. Ltd. | | 1,000 | 1,347 |
| Yihai International Holding Ltd. | | 25,000 | 54,897 |
| Yuzhou Properties Co. | | 59,000 | 21,066 |
| YY, Inc. ADR (a) | | 2,736 | 174,830 |
| Zhen Ding Technology Holding Ltd. | | 81,000 | 184,968 |
| Zhongsheng Group Holdings Ltd. Class H | | 41,000 | 74,765 |
|
| TOTAL CAYMAN ISLANDS | | | 43,141,028 |
|
| Chile - 0.2% | | | |
| AES Gener SA | | 171,111 | 48,506 |
| Aguas Andinas SA | | 126,713 | 66,269 |
| Banco de Chile | | 1,878,572 | 261,811 |
| Banco de Credito e Inversiones | | 1,732 | 108,585 |
| Banco de Credito e Inversiones rights 11/29/18 (a) | | 133 | 408 |
| Banco Santander Chile | | 3,040,447 | 224,537 |
| CAP SA | | 1,737 | 16,771 |
| Cencosud SA | | 112,574 | 231,293 |
| Colbun SA | | 367,700 | 70,000 |
| Compania Cervecerias Unidas SA | | 14,702 | 183,351 |
| Compania de Petroleos de Chile SA (COPEC) | | 17,755 | 249,489 |
| Compania Sud Americana de Vapores SA (a) | | 953,281 | 28,571 |
| CorpBanca SA | | 5,823,430 | 53,967 |
| E-CL SA | | 28,960 | 47,688 |
| Empresa Nacional de Telecomunicaciones SA (ENTEL) | | 7,797 | 56,573 |
| Empresas CMPC SA | | 66,021 | 227,278 |
| Enel Chile SA | | 1,407,165 | 122,317 |
| Enersis SA | | 1,239,603 | 193,954 |
| Forus SA | | 3,734 | 10,027 |
| Inversiones Aguas Metropolitanas SA | | 45,620 | 62,924 |
| Inversiones La Construccion SA | | 1,901 | 28,406 |
| LATAM Airlines Group SA | | 14,348 | 130,904 |
| Parque Arauco SA | | 28,812 | 65,406 |
| Ripley Corp. SA | | 21,855 | 18,558 |
| S.A.C.I. Falabella | | 33,148 | 250,275 |
| S.A.C.I. Falabella rights 11/17/18 (a) | | 1,148 | 115 |
| Salfacorp SA | | 18,503 | 26,212 |
| Sonda SA | | 38,859 | 55,832 |
| Vina Concha y Toro SA | | 11,812 | 22,232 |
|
| TOTAL CHILE | | | 2,862,259 |
|
| China - 2.2% | | | |
| Agricultural Bank of China Ltd. (H Shares) | | 1,557,000 | 683,004 |
| Air China Ltd. (H Shares) | | 86,000 | 69,200 |
| Aluminum Corp. of China Ltd. (H Shares) (a) | | 356,000 | 128,927 |
| Angang Steel Co. Ltd. (H Shares) | | 108,000 | 91,860 |
| Anhui Conch Cement Co. Ltd. (H Shares) | | 64,000 | 330,530 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 132,000 | 87,866 |
| Baic Motor Corp. Ltd. (c) | | 115,500 | 64,805 |
| Bank Communications Co. Ltd. (H Shares) | | 487,000 | 365,159 |
| Bank of China Ltd. (H Shares) | | 4,102,000 | 1,747,101 |
| BBMG Corp. (H Shares) | | 192,000 | 52,885 |
| Beijing Capital International Airport Co. Ltd. (H Shares) | | 70,000 | 75,785 |
| Beijing Capital Land Ltd. (H Shares) | | 74,000 | 25,007 |
| BYD Co. Ltd. (H Shares) | | 41,000 | 263,744 |
| CGN Power Co. Ltd. (H Shares) (c) | | 990,000 | 227,239 |
| China BlueChemical Ltd. (H Shares) | | 156,000 | 53,313 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 452,000 | 110,666 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 557,000 | 344,487 |
| China Communications Construction Co. Ltd. (H Shares) | | 210,000 | 192,006 |
| China Communications Services Corp. Ltd. (H Shares) | | 142,000 | 114,803 |
| China Construction Bank Corp. (H Shares) | | 4,980,000 | 3,951,865 |
| China Eastern Airlines Corp. Ltd. (H Shares) | | 120,000 | 66,259 |
| China Everbright Bank Co. Ltd. (H Shares) | | 119,000 | 52,960 |
| China Galaxy Securities Co. Ltd. (H Shares) | | 145,000 | 72,852 |
| China Huarong Asset Management Co. Ltd. (c) | | 456,000 | 82,571 |
| China International Capital Corp. Ltd. Class H | | 96,000 | 157,675 |
| China Life Insurance Co. Ltd. (H Shares) | | 378,000 | 757,436 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 161,000 | 122,362 |
| China Merchants Bank Co. Ltd. | | 5,000 | 20,722 |
| China Merchants Bank Co. Ltd. (H Shares) | | 210,500 | 810,653 |
| China Minsheng Banking Corp. Ltd. (H Shares) | | 431,000 | 317,674 |
| China Molybdenum Co. Ltd. (H Shares) | | 168,000 | 62,342 |
| China National Building Materials Co. Ltd. (H Shares) | | 173,350 | 123,791 |
| China Oilfield Services Ltd. (H Shares) | | 86,000 | 80,605 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 147,600 | 549,598 |
| China Petroleum & Chemical Corp. (H Shares) | | 1,358,000 | 1,106,195 |
| China Railway Construction Corp. Ltd. (H Shares) | | 116,500 | 147,372 |
| China Railway Group Ltd. (H Shares) | | 168,000 | 149,963 |
| China Railway Signal & Communications Corp. (c) | | 188,000 | 126,101 |
| China Reinsurance Group Corp. | | 785,000 | 150,154 |
| China Shenhua Energy Co. Ltd. (H Shares) | | 170,000 | 385,006 |
| China Southern Airlines Ltd. (H Shares) | | 108,000 | 58,394 |
| China Telecom Corp. Ltd. (H Shares) | | 672,000 | 317,064 |
| China Tower Corp. Ltd. Class H | | 2,314,000 | 351,145 |
| China United Network Communications Ltd. Class A | | 178,200 | 138,459 |
| China Vanke Co. Ltd. (H Shares) | | 87,500 | 269,464 |
| Chongqing Rural Commercial Bank Co. Ltd. (H Shares) | | 103,000 | 56,741 |
| CITIC Securities Co. Ltd. (H Shares) | | 96,500 | 169,817 |
| COSCO SHIPPING Holdings Co. Ltd. (H Shares) (a) | | 230,000 | 82,122 |
| CRRC Corp. Ltd. (H Shares) | | 265,000 | 232,493 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 132,000 | 129,947 |
| Fuyao Glass Industries Group Co. Ltd. | | 36,000 | 106,275 |
| GD Power Development Co. Ltd. Class A | | 769,000 | 268,987 |
| GF Securities Co. Ltd. (H Shares) | | 55,400 | 71,635 |
| Great Wall Motor Co. Ltd. (H Shares) | | 130,000 | 76,920 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 131,600 | 133,078 |
| Guangzhou R&F Properties Co. Ltd. (H Shares) | | 40,400 | 63,367 |
| Guotai Junan Securities Co. Ltd. Class H | | 80,400 | 169,372 |
| Haitong Securities Co. Ltd. (H Shares) | | 264,800 | 266,423 |
| Huaneng Power International, Inc. (H Shares) | | 254,000 | 141,544 |
| Huaneng Renewables Corp. Ltd. (H Shares) | | 186,000 | 47,674 |
| Huatai Securities Co. Ltd. (H Shares) (c) | | 71,800 | 115,364 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 3,631,000 | 2,463,536 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 11,500 | 13,662 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 56,000 | 75,124 |
| Jiangxi Copper Co. Ltd. (H Shares) | | 42,000 | 46,274 |
| Legend Holdings Corp. (c) | | 21,100 | 57,311 |
| Luoyang Glass Co. Ltd. Class H (a) | | 4,000 | 1,122 |
| NARI Technology Co. Ltd. Class A | | 66,700 | 165,898 |
| New China Life Insurance Co. Ltd. (H Shares) | | 59,300 | 277,143 |
| People's Insurance Co. of China Group (H Shares) | | 321,000 | 130,988 |
| PetroChina Co. Ltd. (H Shares) | | 1,100,000 | 790,926 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 343,000 | 332,417 |
| Ping An Insurance (Group) Co. of China Ltd. (H Shares) | | 281,000 | 2,646,261 |
| Postal Savings Bank of China Co. Ltd. | | 190,000 | 113,390 |
| Shandong Linglong Tyre Co. Ltd. Class A | | 57,300 | 115,411 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 156,000 | 139,450 |
| Shanghai Electric Group Co. Ltd. (H Shares) | | 224,000 | 72,839 |
| Shanghai Environment Group Co. Ltd. | | 239 | 430 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 44,000 | 131,855 |
| Shanghai Lujiazui Finance Trust Ltd. (B Shares) | | 11,080 | 14,072 |
| Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | | 53,000 | 117,058 |
| Shanghai SMI Holding Co. Ltd. Class A | | 861 | 644 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 120,500 | 112,019 |
| Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) | | 234,000 | 102,648 |
| Sinopharm Group Co. Ltd. (H Shares) | | 64,000 | 308,495 |
| Sinotrans Ltd. (H Shares) | | 123,000 | 42,820 |
| TCL Corp. Class A | | 705,400 | 249,774 |
| Tong Ren Tang Technologies Co. Ltd. (H Shares) | | 41,000 | 58,661 |
| TravelSky Technology Ltd. (H Shares) | | 43,000 | 104,183 |
| Tsingtao Brewery Co. Ltd. (H Shares) | | 24,000 | 94,721 |
| Weichai Power Co. Ltd. (H Shares) | | 82,000 | 81,039 |
| Yanzhou Coal Mining Co. Ltd. (H Shares) | | 84,000 | 79,373 |
| YiChang HEC ChangJiang Pharmaceutical Co. Ltd. | | 7,600 | 26,022 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 142,500 | 125,747 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 82,000 | 68,700 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 25,400 | 135,714 |
| Zijin Mng Group Co. Ltd. (H Shares) | | 366,000 | 135,816 |
| ZTE Corp. (H Shares) | | 45,800 | 69,851 |
|
| TOTAL CHINA | | | 27,090,222 |
|
| Colombia - 0.1% | | | |
| Almacenes Exito SA | | 14,313 | 61,795 |
| Bancolombia SA | | 21,565 | 202,823 |
| Cementos Argos SA | | 27,656 | 60,303 |
| Corporacion Financiera Colombiana SA | | 2,051 | 12,550 |
| Ecopetrol SA | | 240,449 | 279,322 |
| Grupo de Inversiones Suramerica SA | | 7,349 | 71,675 |
| Interconexion Electrica SA ESP | | 21,383 | 79,435 |
| Inversiones Argos SA | | 23,892 | 111,315 |
|
| TOTAL COLOMBIA | | | 879,218 |
|
| Czech Republic - 0.1% | | | |
| Ceske Energeticke Zavody A/S | | 7,957 | 189,356 |
| Komercni Banka A/S | | 4,536 | 172,316 |
| MONETA Money Bank A/S (c) | | 21,525 | 71,432 |
| Telefonica Czech Rep A/S | | 15,952 | 167,867 |
|
| TOTAL CZECH REPUBLIC | | | 600,971 |
|
| Denmark - 1.1% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 214 | 254,712 |
| Series B | | 319 | 402,645 |
| ALK-Abello A/S (a) | | 476 | 76,311 |
| Alm. Brand A/S | | 2,452 | 20,586 |
| Ambu A/S Series B | | 7,767 | 161,898 |
| Bang & Olufsen A/S Series B (a) | | 1,191 | 24,771 |
| Bavarian Nordic A/S (a) | | 2,538 | 58,741 |
| Carlsberg A/S Series B | | 5,643 | 622,479 |
| Christian Hansen Holding A/S | | 4,790 | 484,170 |
| Coloplast A/S Series B | | 5,870 | 548,065 |
| Dampskibsselskabet NORDEN A/S (a) | | 849 | 11,742 |
| Danske Bank A/S | | 38,703 | 742,401 |
| Det Forenede Dampskibs-Selskab (DFDS) A/S | | 2,456 | 105,147 |
| DONG Energy A/S (c) | | 9,365 | 595,007 |
| DSV de Sammensluttede Vognmaend A/S | | 9,462 | 760,764 |
| FLSmidth & Co. A/S | | 2,145 | 112,641 |
| Genmab A/S (a) | | 3,418 | 468,263 |
| GN Store Nord A/S | | 7,353 | 312,231 |
| H Lundbeck A/S | | 4,344 | 202,859 |
| ISS Holdings A/S | | 10,344 | 340,146 |
| Jyske Bank A/S (Reg.) | | 3,590 | 146,774 |
| Matas A/S | | 555 | 5,359 |
| Nilfisk Holding A/S (a) | | 895 | 35,192 |
| NKT Holding A/S (a) | | 895 | 16,849 |
| NNIT A/S (c) | | 144 | 4,066 |
| Novo Nordisk A/S Series B | | 93,976 | 4,058,500 |
| Novozymes A/S Series B | | 11,138 | 550,398 |
| Pandora A/S | | 5,909 | 369,688 |
| Per Aarsleff Holding A/S | | 597 | 19,532 |
| Rockwool International A/S Series B | | 434 | 148,381 |
| Royal Unibrew A/S | | 4,075 | 289,405 |
| Scandinavian Tobacco Group A/S (c) | | 2,074 | 31,471 |
| Schouw & Co. | | 759 | 62,051 |
| SimCorp A/S | | 2,578 | 198,627 |
| Solar Holding A/S | | 506 | 27,079 |
| Spar Nord Bank A/S | | 3,353 | 27,794 |
| Sydbank A/S | | 6,192 | 143,169 |
| Topdanmark A/S | | 1,843 | 87,857 |
| Tryg A/S | | 8,618 | 208,290 |
| Vestas Wind Systems A/S | | 10,138 | 635,809 |
| William Demant Holding A/S (a) | | 5,833 | 191,986 |
| Zealand Pharma A/S (a) | | 2,658 | 33,856 |
|
| TOTAL DENMARK | | | 13,597,712 |
|
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 46,651 | 206,962 |
| Commercial International Bank SAE sponsored GDR | | 4,042 | 17,562 |
| Eastern Tobacco Co. | | 102,240 | 90,601 |
| EFG-Hermes Holding SAE (a) | | 48,401 | 37,543 |
| Global Telecom Holding (a) | | 150,711 | 23,212 |
| Talaat Moustafa Group Holding | | 60,089 | 30,514 |
|
| TOTAL EGYPT | | | 406,394 |
|
| Faroe Islands - 0.0% | | | |
| Bakkafrost | | 2,420 | 135,902 |
| Finland - 0.8% | | | |
| Amer Group PLC (A Shares) | | 5,662 | 210,541 |
| Atria PLC | | 200 | 1,916 |
| Cargotec Corp. (B Shares) | | 2,064 | 85,797 |
| Caverion Corp. (a) | | 2,301 | 14,399 |
| Citycon Oyj | | 28,504 | 55,433 |
| Cramo Oyj (B Shares) | | 1,158 | 22,061 |
| DNA Oyj | | 2,836 | 55,603 |
| Elisa Corp. (A Shares) | | 8,522 | 339,283 |
| F-Secure Oyj | | 5,468 | 14,276 |
| Finnair Oyj | | 1,883 | 14,151 |
| Fortum Corp. | | 21,744 | 457,964 |
| Huhtamaki Oyj | | 5,638 | 158,306 |
| KCI Konecranes Oyj | | 4,473 | 160,400 |
| Kemira Oyj | | 7,197 | 88,283 |
| Kesko Oyj | | 3,188 | 186,394 |
| Kone Oyj (B Shares) | | 17,412 | 848,428 |
| M-real OYJ (B Shares) | | 8,512 | 74,574 |
| Metso Corp. | | 5,549 | 175,416 |
| Neste Oyj | | 6,752 | 556,443 |
| Nokia Corp. | | 299,070 | 1,689,322 |
| Nokian Tyres PLC | | 6,436 | 204,696 |
| Nordea Bank ABP (a) | | 152,943 | 1,330,186 |
| Oriola-KD Oyj | | 973 | 2,970 |
| Orion Oyj (B Shares) | | 6,184 | 212,931 |
| Outokumpu Oyj (A Shares) | | 13,806 | 58,015 |
| Outotec Oyj (a) | | 8,111 | 31,419 |
| Ramirent Oyj | | 2,531 | 18,490 |
| Sampo Oyj (A Shares) | | 19,895 | 916,235 |
| Sanoma Corp. | | 1,800 | 20,296 |
| Stora Enso Oyj (R Shares) | | 29,682 | 447,305 |
| TietoEnator Oyj | | 4,303 | 138,708 |
| Tikkurila Oyj | | 2,101 | 28,604 |
| UPM-Kymmene Corp. | | 27,736 | 892,505 |
| Uponor Oyj | | 2,335 | 25,323 |
| Valmet Corp. | | 7,960 | 181,400 |
| Wartsila Corp. | | 23,217 | 395,897 |
| YIT-Yhtyma OY | | 8,356 | 47,606 |
|
| TOTAL FINLAND | | | 10,161,576 |
|
| France - 5.8% | | | |
| Accor SA | | 9,572 | 438,223 |
| Aeroports de Paris | | 1,400 | 293,198 |
| Air France KLM (Reg.) (a) | | 8,456 | 81,985 |
| Air Liquide SA | | 21,452 | 2,599,844 |
| Akka Technologies SA | | 1,401 | 92,513 |
| Akwel | | 398 | 7,943 |
| Albioma | | 2,504 | 48,725 |
| ALD SA (c) | | 4,158 | 62,025 |
| Alstom SA | | 8,444 | 369,652 |
| ALTEN | | 1,609 | 155,180 |
| Altran Technologies SA | | 12,815 | 127,296 |
| Amundi SA (c) | | 3,132 | 186,525 |
| Arkema SA | | 4,589 | 482,245 |
| Atos Origin SA | | 4,845 | 415,857 |
| AXA SA | | 95,577 | 2,391,975 |
| Beneteau SA | | 896 | 14,898 |
| BIC SA | | 1,184 | 113,453 |
| bioMerieux SA | | 2,116 | 161,537 |
| BNP Paribas SA | | 58,226 | 3,042,259 |
| Boiron SA | | 904 | 54,165 |
| Bollore SA | | 53,043 | 224,816 |
| Bonduelle SCA | | 885 | 31,425 |
| Bourbon Corp. (FR) (a) | | 123 | 719 |
| Bouygues SA | | 11,459 | 418,444 |
| Bureau Veritas SA | | 15,710 | 354,989 |
| Capgemini SA | | 8,297 | 1,014,940 |
| Carbone Lorraine | | 628 | 20,735 |
| Carrefour SA | | 29,703 | 576,979 |
| Casino Guichard Perrachon SA (b) | | 3,166 | 139,853 |
| Cellectis SA (a) | | 1,245 | 31,318 |
| CNP Assurances | | 10,768 | 240,269 |
| Coface SA | | 7,564 | 75,736 |
| Compagnie de St. Gobain | | 25,880 | 974,936 |
| Compagnie Generale de Geophysique SA (a) | | 35,344 | 85,909 |
| Compagnie Plastic Omnium | | 5,742 | 159,990 |
| Credit Agricole SA | | 57,848 | 740,886 |
| Danone SA | | 32,098 | 2,272,968 |
| Dassault Aviation SA | | 147 | 243,922 |
| Dassault Systemes SA | | 6,858 | 861,051 |
| DBV Technologies SA (a) | | 1,752 | 64,754 |
| Derichebourg | | 8,793 | 42,427 |
| Devoteam SA | | 336 | 37,068 |
| Edenred SA | | 11,496 | 436,592 |
| EDF SA | | 28,528 | 474,344 |
| Eiffage SA | | 3,788 | 370,783 |
| Elior SA | | 6,556 | 94,529 |
| Elis SA | | 12,514 | 252,722 |
| ENGIE | | 94,098 | 1,254,981 |
| Eramet SA | | 371 | 34,226 |
| Essilor International SA | | 10,160 | 1,389,558 |
| Etablissements Maurel & Prom (a) | | 1,764 | 8,182 |
| Eurazeo SA | | 2,300 | 168,159 |
| Europcar Groupe SA (c) | | 6,506 | 61,752 |
| Eutelsat Communications | | 9,139 | 185,392 |
| Faurecia SA | | 3,684 | 179,050 |
| Fonciere des Regions | | 1,582 | 159,027 |
| Fonciere Financiere et Part SA | | 717 | 84,297 |
| Gaztransport et Technigaz SA | | 1,527 | 113,113 |
| Gecina SA | | 2,283 | 335,383 |
| Genfit (a) | | 2,027 | 47,341 |
| Groupe Eurotunnel SA | | 23,817 | 299,842 |
| Groupe FNAC SA (a) | | 809 | 57,636 |
| Guerbet | | 529 | 33,494 |
| Hermes International SCA | | 1,531 | 875,714 |
| ICADE | | 1,598 | 135,567 |
| ID Logistics Group (a) | | 90 | 15,189 |
| Iliad SA | | 1,337 | 154,843 |
| Imerys SA | | 1,969 | 121,545 |
| Industrielle d'Aviation Latecoere SA (a) | | 2,438 | 9,430 |
| Ingenico SA | | 3,408 | 241,795 |
| Innate Pharma SA (a) | | 267 | 2,239 |
| Interparfums SA | | 1,040 | 43,054 |
| Ipsen SA | | 2,322 | 322,440 |
| Ipsos SA | | 1,876 | 50,019 |
| JCDecaux SA | | 3,321 | 109,310 |
| Kaufman & Broad SA | | 554 | 22,753 |
| Kering SA | | 3,951 | 1,761,399 |
| Klepierre SA | | 9,454 | 321,242 |
| Korian | | 3,887 | 153,387 |
| L'Oreal SA | | 12,746 | 2,871,471 |
| Lagardere S.C.A. (Reg.) | | 7,168 | 196,395 |
| Legrand SA | | 14,484 | 947,242 |
| LVMH Moet Hennessy - Louis Vuitton SA | | 14,235 | 4,318,976 |
| M6 Metropole Television SA | | 1,456 | 28,217 |
| Maisons du Monde SA (c) | | 2,980 | 74,729 |
| Mercialys SA | | 11,041 | 161,947 |
| Michelin CGDE Series B | | 8,712 | 891,887 |
| Natixis SA | | 44,994 | 263,272 |
| Neopost SA | | 1,872 | 60,217 |
| Nexans SA | | 1,598 | 46,263 |
| Nexity | | 2,123 | 101,763 |
| Orange SA | | 102,968 | 1,607,160 |
| Orpea | | 2,969 | 366,045 |
| Pernod Ricard SA | | 10,999 | 1,679,341 |
| Peugeot Citroen SA | | 31,606 | 752,843 |
| Publicis Groupe SA | | 11,554 | 670,559 |
| Rallye SA | | 2,857 | 31,761 |
| Remy Cointreau SA | | 1,598 | 189,866 |
| Renault SA | | 10,014 | 749,390 |
| Rexel SA | | 20,412 | 260,558 |
| Rubis | | 5,051 | 261,450 |
| Safran SA | | 16,955 | 2,191,058 |
| Sanofi SA | | 58,114 | 5,193,100 |
| Sartorius Stedim Biotech | | 1,227 | 152,318 |
| Schneider Electric SA | | 28,827 | 2,084,512 |
| SCOR SE | | 9,755 | 450,786 |
| SEB SA | | 1,105 | 158,575 |
| Societe Generale Series A | | 40,999 | 1,502,931 |
| Sodexo SA | | 4,712 | 480,975 |
| Soitec SA (a) | | 756 | 54,160 |
| Solocal Group SA (a) | | 52,028 | 42,223 |
| Sopra Steria Group | | 1,025 | 113,775 |
| SPIE SA | | 8,323 | 130,753 |
| SR Teleperformance SA | | 2,842 | 468,685 |
| Suez Environnement SA | | 19,998 | 289,590 |
| Tarkett SA | | 1,239 | 27,309 |
| Technicolor SA (a)(b) | | 20,446 | 26,146 |
| Television Francaise 1 SA | | 1,024 | 10,439 |
| Thales SA | | 5,255 | 672,585 |
| The Lisi Group | | 665 | 19,395 |
| The Vicat Group | | 1,777 | 95,604 |
| Total SA | | 124,223 | 7,288,837 |
| Trigano SA | | 572 | 58,147 |
| Ubisoft Entertainment SA (a) | | 3,873 | 348,747 |
| Valeo SA | | 12,818 | 413,435 |
| Vallourec SA (a) | | 16,137 | 76,638 |
| Veolia Environnement SA | | 27,965 | 558,106 |
| VINCI SA | | 25,202 | 2,242,962 |
| Virbac SA (a) | | 278 | 44,650 |
| Vivendi SA | | 54,853 | 1,322,962 |
| Wendel SA | | 1,433 | 186,006 |
| Worldline SA (a)(c) | | 1,845 | 97,173 |
|
| TOTAL FRANCE | | | 73,467,895 |
|
| Germany - 5.1% | | | |
| Aareal Bank AG | | 4,189 | 156,147 |
| adidas AG | | 9,707 | 2,286,884 |
| ADLER Real Estate AG | | 2,189 | 35,455 |
| ADVA Optical Networking SE (a) | | 851 | 6,964 |
| Aixtron AG (a) | | 5,391 | 67,808 |
| Allianz SE | | 21,994 | 4,581,789 |
| alstria office REIT-AG | | 8,922 | 128,542 |
| AURELIUS AG | | 1,111 | 51,770 |
| Aurubis AG | | 1,904 | 115,764 |
| Axel Springer Verlag AG | | 2,189 | 145,539 |
| BASF AG | | 47,092 | 3,613,772 |
| Bayer AG | | 48,862 | 3,745,392 |
| Bayerische Motoren Werke AG (BMW) | | 16,867 | 1,456,329 |
| BayWa AG | | 32 | 933 |
| Bechtle AG | | 2,089 | 185,739 |
| Beiersdorf AG | | 5,387 | 557,685 |
| Bertrandt AG | | 366 | 30,304 |
| Bilfinger Berger AG | | 2,584 | 112,739 |
| Borussia Dortmund GmbH & Co. KGaA | | 5,961 | 64,614 |
| Brenntag AG | | 7,351 | 384,417 |
| CANCOM AG | | 2,996 | 122,435 |
| Capital Stage AG | | 315 | 2,134 |
| Carl Zeiss Meditec AG | | 2,791 | 229,031 |
| CeWe Color Holding AG | | 417 | 32,684 |
| Comdirect Bank AG | | 2,144 | 25,401 |
| Commerzbank AG (a) | | 56,606 | 534,653 |
| CompuGroup Medical AG | | 1,498 | 84,835 |
| Continental AG | | 5,760 | 952,187 |
| Covestro AG (c) | | 10,149 | 656,610 |
| CTS Eventim AG | | 3,416 | 128,300 |
| Daimler AG (Germany) | | 46,721 | 2,770,815 |
| Delivery Hero AG (a)(c) | | 5,410 | 218,389 |
| Deutsche Bank AG | | 100,468 | 984,441 |
| Deutsche Beteiligungs AG | | 642 | 26,287 |
| Deutsche Borse AG | | 9,906 | 1,251,847 |
| Deutsche EuroShop AG | | 1,688 | 52,386 |
| Deutsche Lufthansa AG | | 13,228 | 266,093 |
| Deutsche Pfandbriefbank AG (c) | | 4,672 | 62,178 |
| Deutsche Post AG | | 51,199 | 1,616,622 |
| Deutsche Telekom AG | | 162,419 | 2,663,944 |
| Deutsche Wohnen AG (Bearer) | | 18,888 | 865,153 |
| Deutz AG | | 4,320 | 32,196 |
| DIC Asset AG | | 3,887 | 41,957 |
| Draegerwerk AG & Co. KGaA | | 391 | 19,088 |
| Drillisch AG | | 2,793 | 124,768 |
| Duerr AG | | 3,699 | 132,058 |
| E.ON AG | | 118,960 | 1,150,350 |
| ElringKlinger AG | | 2,008 | 17,035 |
| Evonik Industries AG | | 7,741 | 240,239 |
| Evotec OAI AG (a) | | 9,846 | 194,604 |
| Fraport AG Frankfurt Airport Services Worldwide | | 2,005 | 155,107 |
| Freenet AG | | 6,840 | 154,094 |
| Fresenius Medical Care AG & Co. KGaA | | 11,246 | 882,997 |
| Fresenius SE & Co. KGaA | | 21,509 | 1,367,022 |
| GEA Group AG | | 8,600 | 261,638 |
| Gerresheimer AG | | 2,093 | 147,572 |
| Gerry Weber International AG (Bearer) (b) | | 514 | 1,691 |
| GFT Technologies AG | | 96 | 1,104 |
| Gildemeister AG | | 444 | 21,499 |
| Grenkeleasing AG | | 1,106 | 106,230 |
| Hamborner (REIT) AG | | 941 | 9,486 |
| Hamburger Hafen und Logistik AG | | 695 | 14,752 |
| Hannover Reuck SE | | 2,769 | 373,534 |
| Hapag-Lloyd AG (c) | | 1,740 | 64,406 |
| HeidelbergCement Finance AG | | 7,991 | 543,060 |
| Heidelberger Druckmaschinen AG (a) | | 8,478 | 19,705 |
| HelloFresh AG (a) | | 6,038 | 72,082 |
| Henkel AG & Co. KGaA | | 5,694 | 558,510 |
| Hochtief AG | | 848 | 125,824 |
| Hugo Boss AG | | 4,156 | 297,407 |
| Hypoport AG (a) | | 95 | 19,046 |
| INDUS Holding AG | | 3,070 | 167,777 |
| Infineon Technologies AG | | 59,099 | 1,184,160 |
| innogy SE (c) | | 5,861 | 258,900 |
| Instone Real Estate Group BV (c) | | 3,335 | 78,230 |
| Isra Vision AG | | 710 | 30,519 |
| Jenoptik AG | | 2,582 | 77,909 |
| JOST Werke AG (c) | | 1,747 | 60,945 |
| K&S AG (b) | | 13,469 | 251,261 |
| KION Group AG | | 4,134 | 242,079 |
| Kloeckner & Co. AG | | 6,272 | 52,854 |
| Koenig & Bauer AG | | 443 | 21,676 |
| Krones AG | | 1,018 | 91,148 |
| KWS Saat AG | | 159 | 54,027 |
| Lanxess AG | | 4,110 | 254,918 |
| LEG Immobilien AG | | 3,192 | 349,466 |
| LEONI AG | | 1,819 | 66,506 |
| MAN SE | | 1,458 | 151,929 |
| Merck KGaA | | 6,778 | 726,407 |
| Metro AG | | 7,672 | 39,260 |
| Metro Wholesale & Food Specialist AG | | 9,258 | 139,465 |
| Morphosys AG (a) | | 2,035 | 188,544 |
| MTU Aero Engines Holdings AG | | 2,629 | 559,219 |
| Muenchener Rueckversicherungs AG | | 7,559 | 1,626,295 |
| Nemetschek Se | | 881 | 115,852 |
| Nordex Se (a) | | 3,712 | 34,644 |
| NORMA Group AG | | 1,946 | 105,181 |
| Open Business Club AG | | 494 | 148,555 |
| OSRAM Licht AG | | 4,788 | 194,256 |
| Patrizia Immobilien AG | | 1,942 | 33,390 |
| Pfeiffer Vacuum Technology AG | | 438 | 54,571 |
| ProSiebenSat.1 Media AG | | 12,053 | 278,322 |
| Puma AG | | 427 | 219,573 |
| Rational AG | | 203 | 117,723 |
| Rheinmetall AG | | 2,649 | 229,650 |
| Rhoen-Klinikum AG | | 1,417 | 35,823 |
| RIB Software AG | | 2,429 | 42,038 |
| Rocket Internet AG (a) | | 3,491 | 100,908 |
| RWE AG | | 25,994 | 506,993 |
| Salzgitter AG | | 1,973 | 79,064 |
| SAP SE | | 50,266 | 5,382,156 |
| Schaeffler AG | | 8,469 | 89,516 |
| Scout24 AG (c) | | 6,493 | 269,609 |
| SGL Carbon AG (a) | | 4,281 | 42,985 |
| Siemens AG | | 38,948 | 4,476,948 |
| Siemens Healthineers AG (c) | | 6,946 | 287,868 |
| Siltronic AG | | 956 | 87,795 |
| Sixt AG | | 641 | 65,343 |
| SLM Solutions Group AG (a) | | 214 | 3,709 |
| SMA Solar Technology AG | | 508 | 11,853 |
| Software AG (Bearer) | | 1,794 | 80,446 |
| Stada Arzneimittel AG | | 1,016 | 93,995 |
| STRATEC Biomedical Systems AG | | 452 | 29,694 |
| Stroer Out-of-Home Media AG | | 1,286 | 67,265 |
| Suedzucker AG (Bearer) | | 2,957 | 45,717 |
| SURTECO SE | | 60 | 1,335 |
| Symrise AG | | 6,576 | 552,366 |
| TAG Immobilien AG | | 6,316 | 144,364 |
| Takkt AG | | 3,255 | 55,302 |
| Telefonica Deutschland Holding AG | | 52,146 | 202,882 |
| Thyssenkrupp AG | | 23,818 | 501,106 |
| TLG Immobilien AG | | 4,568 | 116,103 |
| TUI AG (GB) | | 24,467 | 406,246 |
| Uniper SE | | 12,627 | 364,843 |
| United Internet AG | | 6,840 | 283,397 |
| Volkswagen AG | | 1,434 | 236,811 |
| Vonovia SE | | 25,359 | 1,160,978 |
| Vossloh AG | | 228 | 10,549 |
| VTG AG | | 485 | 29,060 |
| Wacker Construction Equipment AG | | 1,721 | 38,284 |
| WashTec AG | | 1,228 | 94,720 |
| Wirecard AG | | 6,199 | 1,161,323 |
| Wustenrot & Wurttembergische AG | | 727 | 14,723 |
| Zalando SE (a) | | 7,151 | 277,006 |
| Zooplus AG (a) | | 285 | 47,194 |
|
| TOTAL GERMANY | | | 64,127,600 |
|
| Gibraltar - 0.0% | | | |
| 888 Holdings PLC | | 26,779 | 63,426 |
| Greece - 0.1% | | | |
| Aegean Airlines SA | | 3,180 | 24,060 |
| Alpha Bank AE (a) | | 91,766 | 138,758 |
| Athens Water Supply & Sewage Co. SA | | 2,077 | 12,233 |
| EFG Eurobank Ergasias SA (a) | | 83,144 | 56,033 |
| Ff Group (a)(d) | | 881 | 3,832 |
| Greek Organization of Football Prognostics SA | | 10,412 | 97,883 |
| Grivalia Properties REIC | | 251 | 2,158 |
| Hellenic Exchanges Holding SA | | 387 | 1,710 |
| Hellenic Telecommunications Organization SA | | 12,654 | 141,176 |
| Holding Co. ADMIE IPTO SA | | 26,627 | 48,677 |
| Jumbo SA | | 4,974 | 72,563 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 2,470 | 58,471 |
| Mytilineos Holdings SA | | 4,722 | 41,771 |
| National Bank of Greece SA (a) | | 32,347 | 56,056 |
| Piraeus Bank SA | | 11,866 | 17,472 |
| Public Power Corp. of Greece (a) | | 8,918 | 13,394 |
| Titan Cement Co. SA (Reg.) | | 2,719 | 59,869 |
|
| TOTAL GREECE | | | 846,116 |
|
| Hong Kong - 2.2% | | | |
| AIA Group Ltd. | | 627,200 | 4,746,819 |
| Bank of East Asia Ltd. | | 89,093 | 288,571 |
| Beijing Enterprises Holdings Ltd. | | 21,500 | 116,247 |
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | | 2,000 | 3,367 |
| BOC Hong Kong (Holdings) Ltd. | | 187,000 | 698,691 |
| BYD Electronic International Co. Ltd. | | 33,000 | 38,673 |
| Champion (REIT) | | 69,000 | 46,458 |
| China Agri-Industries Holdings Ltd. | | 225,000 | 75,173 |
| China Everbright International Ltd. | | 223,370 | 178,025 |
| China Everbright Ltd. | | 124,000 | 219,160 |
| China Jinmao Holdings Group Ltd. | | 232,000 | 97,333 |
| China Merchants Holdings International Co. Ltd. | | 111,671 | 189,964 |
| China Mobile Ltd. | | 314,500 | 2,946,198 |
| China Overseas Grand Oceans Group Ltd. | | 106,500 | 32,866 |
| China Overseas Land and Investment Ltd. | | 208,000 | 651,165 |
| China Power International Development Ltd. | | 70,666 | 13,967 |
| China Resources Beer Holdings Co. Ltd. | | 78,666 | 273,357 |
| China Resources Pharmaceutical Group Ltd. (c) | | 130,000 | 190,641 |
| China Resources Power Holdings Co. Ltd. | | 106,000 | 186,265 |
| China Taiping Insurance Group Ltd. | | 84,400 | 281,981 |
| China Travel International Investment HK Ltd. | | 158,000 | 42,311 |
| China Unicom Ltd. | | 310,000 | 324,244 |
| CITIC 1616 Holdings Ltd. | | 9,000 | 2,823 |
| CITIC Pacific Ltd. | | 265,000 | 397,401 |
| CLP Holdings Ltd. | | 83,500 | 935,947 |
| CNOOC Ltd. | | 937,000 | 1,595,692 |
| CSPC Pharmaceutical Group Ltd. | | 270,000 | 569,476 |
| Dah Sing Banking Group Ltd. | | 6,000 | 11,400 |
| Dah Sing Financial Holdings Ltd. | | 19,200 | 102,954 |
| Far East Horizon Ltd. | | 146,000 | 141,495 |
| Fosun International Ltd. | | 122,500 | 178,706 |
| Fushan International Energy Group Ltd. | | 94,000 | 18,939 |
| Galaxy Entertainment Group Ltd. | | 124,000 | 670,445 |
| Guangdong Investment Ltd. | | 160,000 | 285,643 |
| Guotai Junan International Holdings Ltd. | | 205,000 | 37,121 |
| GZI (REIT) | | 194,000 | 117,756 |
| Hang Lung Group Ltd. | | 44,000 | 108,177 |
| Hang Lung Properties Ltd. | | 101,000 | 182,888 |
| Hang Seng Bank Ltd. | | 38,200 | 894,359 |
| Henderson Land Development Co. Ltd. | | 71,950 | 334,888 |
| Hong Kong & China Gas Co. Ltd. | | 476,493 | 910,168 |
| Hong Kong Exchanges and Clearing Ltd. | | 60,435 | 1,602,979 |
| Hopewell Holdings Ltd. | | 35,000 | 108,009 |
| Hua Hong Semiconductor Ltd. (c) | | 16,000 | 27,830 |
| Hysan Development Co. Ltd. | | 43,000 | 201,512 |
| Lai Sun Development Co. Ltd. | | 7,800 | 11,319 |
| Lenovo Group Ltd. | | 360,000 | 229,076 |
| Link (REIT) | | 112,500 | 997,042 |
| Melco International Development Ltd. | | 35,000 | 59,807 |
| MMG Ltd. (a) | | 124,000 | 46,488 |
| MTR Corp. Ltd. | | 75,047 | 363,658 |
| New World Development Co. Ltd. | | 313,289 | 397,107 |
| PCCW Ltd. | | 177,000 | 97,055 |
| Poly Property Group Co. Ltd. | | 135,000 | 40,283 |
| Power Assets Holdings Ltd. | | 79,000 | 527,375 |
| Prosperity (REIT) | | 13,000 | 4,609 |
| Regal (REIT) | | 52,000 | 14,323 |
| Shanghai Industrial Holdings Ltd. | | 100,000 | 210,152 |
| Shenzhen Investment Ltd. | | 135,290 | 38,817 |
| Shun Tak Holdings Ltd. | | 22,000 | 7,014 |
| Sino Land Ltd. | | 156,632 | 245,675 |
| Sino-Ocean Group Holding Ltd. | | 103,000 | 40,323 |
| Sinotrans Shipping Ltd. | | 24,000 | 7,988 |
| Sinotruk Hong Kong Ltd. | | 39,500 | 56,717 |
| SJM Holdings Ltd. | | 118,000 | 95,249 |
| Sun Art Retail Group Ltd. | | 99,055 | 108,251 |
| Sun Hung Kai Properties Ltd. | | 81,500 | 1,059,189 |
| Sunlight (REIT) | | 13,000 | 7,825 |
| Swire Pacific Ltd. (A Shares) | | 30,500 | 316,398 |
| Swire Properties Ltd. | | 66,600 | 227,182 |
| Techtronic Industries Co. Ltd. | | 74,500 | 348,657 |
| Television Broadcasts Ltd. | | 56,600 | 119,379 |
| Universal Medical Financial & Technical Advisory Services Co. Ltd. (c) | | 173,500 | 134,739 |
| Wharf Holdings Ltd. | | 74,000 | 184,577 |
| Wheelock and Co. Ltd. | | 39,000 | 208,131 |
| Winteam Pharmaceutical Group Ltd. | | 98,000 | 62,359 |
| Yuexiu Property Co. Ltd. | | 946,000 | 149,585 |
|
| TOTAL HONG KONG | | | 27,494,433 |
|
| Hungary - 0.1% | | | |
| Magyar Telekom PLC | | 19,742 | 26,929 |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 17,864 | 187,333 |
| OTP Bank PLC | | 12,378 | 444,769 |
| Richter Gedeon PLC | | 7,820 | 145,405 |
|
| TOTAL HUNGARY | | | 804,436 |
|
| India - 2.0% | | | |
| Adani Enterprises Ltd. (a) | | 7,611 | 17,494 |
| Adani Gas Ltd. (a)(d) | | 7,611 | 6,272 |
| Adani Ports & Special Economic Zone Ltd. | | 25,618 | 110,442 |
| Adani Power Ltd. (a) | | 7,256 | 4,523 |
| Aditya Birla Fashion and Retail Ltd. (a) | | 10,575 | 25,751 |
| AIA Engineering Ltd. | | 1,908 | 44,189 |
| Ajanta Pharma Ltd. | | 286 | 4,093 |
| Alembic Pharmaceuticals Ltd. | | 7,019 | 56,647 |
| Ambuja Cements Ltd. | | 38,240 | 101,934 |
| Apollo Hospitals Enterprise Ltd. | | 8,727 | 134,640 |
| Apollo Tyres Ltd. (a) | | 8,706 | 25,755 |
| Arvind Mills Ltd. (a) | | 13,319 | 61,760 |
| Ashok Leyland Ltd. | | 51,543 | 79,935 |
| Asian Paints Ltd. | | 13,344 | 221,991 |
| Aurobindo Pharma Ltd. | | 24,683 | 264,168 |
| Avenue Supermarts Ltd. (a)(c) | | 8,065 | 145,897 |
| Axis Bank Ltd. (a) | | 97,770 | 769,892 |
| Bajaj Auto Ltd. | | 4,687 | 164,368 |
| Bajaj Finance Ltd. | | 9,094 | 292,954 |
| Bajaj Finserv Ltd. | | 2,312 | 168,950 |
| Balkrishna Industries Ltd. | | 4,756 | 70,427 |
| Bayer CropScience Ltd. | | 495 | 26,109 |
| Bharat Forge Ltd. | | 6,714 | 53,097 |
| Bharat Heavy Electricals Ltd. | | 76,058 | 70,700 |
| Bharat Petroleum Corp. Ltd. | | 41,824 | 155,568 |
| Bharti Airtel Ltd. | | 80,641 | 318,759 |
| Bharti Infratel Ltd. | | 20,626 | 75,089 |
| Blue Dart Express Ltd. | | 43 | 1,628 |
| Bosch Ltd. (a) | | 409 | 109,198 |
| Britannia Industries Ltd. | | 2,764 | 210,929 |
| Cadila Healthcare Ltd. | | 7,464 | 36,336 |
| Canara Bank Ltd. (a) | | 4,410 | 15,619 |
| CEAT Ltd. (a) | | 225 | 3,489 |
| CESC Ltd. GDR | | 2,216 | 20,822 |
| Cg Power & Industrial Soluti | | 2,315 | 1,110 |
| Cipla Ltd. (a) | | 31,694 | 269,652 |
| Coal India Ltd. | | 35,637 | 128,242 |
| Container Corp. of India Ltd. | | 21,902 | 187,674 |
| Credit Analysis & Research Ltd. (a) | | 132 | 1,917 |
| CRISIL Ltd. | | 197 | 3,843 |
| Crompton Greaves Consumer Electricals Ltd. (a) | | 24,968 | 71,991 |
| Dabur India Ltd. | | 49,617 | 258,114 |
| Dalmia Bharat Ltd. (a) | | 1,087 | 30,874 |
| Dewan Housing Finance Corp. Ltd. (a) | | 17,328 | 52,738 |
| Dish TV India Ltd. (a) | | 40,221 | 23,629 |
| Dr. Reddy's Laboratories Ltd. | | 5,664 | 194,535 |
| eClerx Services Ltd. (a) | | 3,082 | 44,336 |
| Edelweiss Financial Services Ltd. | | 22,487 | 49,437 |
| Eicher Motors Ltd. | | 1,026 | 303,314 |
| Engineers India Ltd. | | 1,276 | 1,996 |
| Escorts Ltd. (a) | | 1,831 | 15,522 |
| Eveready Industries India Ltd. | | 848 | 2,025 |
| Exide Industries Ltd. | | 4,874 | 17,533 |
| Federal Bank Ltd. | | 81,955 | 91,695 |
| Finolex Cables Ltd. (a) | | 6,357 | 42,967 |
| Fortis Healthcare Ltd. (a) | | 23,747 | 45,063 |
| GAIL India Ltd. | | 37,559 | 190,055 |
| Ge Power India Ltd. | | 330 | 3,706 |
| Gillette India Ltd. | | 57 | 5,038 |
| Glenmark Pharmaceuticals Ltd. | | 4,056 | 34,083 |
| GMR Infrastructure Ltd. (a) | | 75,851 | 17,281 |
| Godrej Consumer Products Ltd. | | 21,094 | 206,733 |
| Godrej Industries Ltd. | | 184 | 1,163 |
| Godrej Properties Ltd. (a) | | 1,455 | 11,788 |
| Grasim Industries Ltd. (a) | | 15,088 | 170,046 |
| Great Eastern Shipping Co. Ltd. | | 242 | 1,025 |
| Gruh Finance Ltd. | | 5,294 | 20,697 |
| Havells India Ltd. (a) | | 11,747 | 102,572 |
| HCL Technologies Ltd. | | 30,439 | 434,443 |
| Hero Motocorp Ltd. | | 2,322 | 86,725 |
| Hindalco Industries Ltd. | | 56,883 | 169,511 |
| Hindustan Petroleum Corp. Ltd. | | 26,819 | 81,280 |
| Hindustan Unilever Ltd. | | 32,976 | 723,055 |
| Housing Development Finance Corp. Ltd. | | 82,391 | 1,970,934 |
| ICICI Bank Ltd. | | 138,801 | 665,599 |
| IDFC Bank Ltd. | | 86,760 | 40,588 |
| Iifl Holdings Ltd. (a) | | 6,651 | 41,366 |
| India Cements Ltd. (a) | | 5,046 | 6,127 |
| Indiabulls Housing Finance Ltd. | | 20,924 | 236,116 |
| Indiabulls Real Estate Ltd. (a) | | 6,400 | 6,486 |
| Indiabulls Ventures Ltd. | | 10,489 | 60,827 |
| Indian Oil Corp. Ltd. | | 86,658 | 162,220 |
| Info Edge India Ltd. | | 1,648 | 35,183 |
| Infosys Ltd. | | 180,708 | 1,669,595 |
| InterGlobe Aviation Ltd. (c) | | 6,533 | 78,518 |
| Ipca Laboratories Ltd. | | 338 | 3,116 |
| IRB Infrastructure Developers Ltd. | | 3,943 | 7,442 |
| ITC Ltd. | | 173,544 | 657,243 |
| Jain Irrigation Systems Ltd. | | 18,440 | 17,727 |
| Jaiprakash Associates Ltd. (a) | | 29,089 | 2,517 |
| Jindal Steel & Power Ltd. (a) | | 48,419 | 112,177 |
| JSW Steel Ltd. | | 47,476 | 217,866 |
| Jubilant Foodworks Ltd. | | 4,834 | 70,817 |
| Jubilant Life Sciences Ltd. | | 3,486 | 31,275 |
| Kajaria Ceramics Ltd. (a) | | 1,102 | 5,874 |
| Larsen & Toubro Infotech Ltd. | | 2,045 | 48,842 |
| Larsen & Toubro Ltd. | | 31,194 | 547,245 |
| LIC Housing Finance Ltd. | | 16,370 | 90,991 |
| Lupin Ltd. (a) | | 11,425 | 136,780 |
| Mahindra & Mahindra Financial Services Ltd. (a) | | 13,932 | 77,044 |
| Mahindra & Mahindra Ltd. | | 44,338 | 459,176 |
| Manappuram General Finance & Leasing Ltd. | | 13,651 | 14,747 |
| Marico Ltd. | | 20,309 | 88,227 |
| Maruti Suzuki India Ltd. | | 5,629 | 503,566 |
| Max Financial Services Ltd. (a) | | 4,104 | 20,931 |
| MindTree Consulting Ltd. | | 7,309 | 84,084 |
| Motherson Sumi Systems Ltd. (a) | | 53,731 | 118,599 |
| Motilal Oswal Financial Services Ltd. | | 1,131 | 9,522 |
| Mphasis BFL Ltd. | | 6,596 | 88,020 |
| Multi Commodity Exchange of India Ltd. (a) | | 182 | 1,728 |
| Muthoot Finance Ltd. (a) | | 3,598 | 19,914 |
| Natco Pharma Ltd. | | 2,653 | 27,052 |
| Ncc Ltd. (a) | | 54,238 | 55,001 |
| Nestle India Ltd. | | 1,578 | 216,513 |
| NTPC Ltd. | | 89,999 | 194,272 |
| Oberoi Realty Ltd. | | 3,854 | 22,060 |
| Oil & Natural Gas Corp. Ltd. | | 116,621 | 241,646 |
| Page Industries Ltd. | | 466 | 185,578 |
| PC Jeweller Ltd. (a) | | 6,790 | 5,371 |
| Persistent Systems Ltd. | | 3,130 | 23,970 |
| Petronet LNG Ltd. | | 34,504 | 105,294 |
| Pfizer Ltd. | | 1,331 | 52,517 |
| PI Industries Ltd. | | 3,093 | 32,444 |
| Pidilite Industries Ltd. | | 10,425 | 135,154 |
| Piramal Enterprises Ltd. | | 4,494 | 132,025 |
| Power Finance Corp. Ltd. | | 51,449 | 66,433 |
| Power Grid Corp. of India Ltd. | | 75,799 | 190,574 |
| Prestige Estates Projs. Ltd. (a) | | 4,180 | 11,015 |
| PVR Ltd. (a) | | 153 | 2,818 |
| Rajesh Exports Ltd. | | 5,672 | 43,656 |
| RBL Bank Ltd. (c) | | 3,501 | 24,828 |
| Rec Ltd. | | 47,953 | 75,470 |
| Redington India Ltd. | | 14,319 | 16,050 |
| Reliance Capital Ltd. (a) | | 4,711 | 15,408 |
| Reliance Communication Ltd. (a) | | 61,971 | 10,348 |
| Reliance Industries Ltd. | | 151,600 | 2,175,304 |
| Reliance Infrastructure Ltd. (a) | | 5,715 | 27,713 |
| Repco Home Finance Ltd. | | 83 | 415 |
| RP-SG Business Process Services Ltd. (a)(d) | | 443 | 1,430 |
| RP-SG Retail Ltd. (a)(d) | | 1,329 | 4,290 |
| Sadbhav Engineering Ltd. (a) | | 12,879 | 35,880 |
| Sanofi India Ltd. | | 25 | 1,958 |
| Shree Cement Ltd. | | 378 | 71,130 |
| Shriram Transport Finance Co. Ltd. | | 7,508 | 118,244 |
| Siemens India Ltd. | | 7,281 | 91,721 |
| Sintex Plastics Technology Ltd. (a) | | 15,333 | 5,380 |
| Solara Active Pharma Sciences Ltd. (a) | | 211 | 926 |
| State Bank of India (a) | | 114,089 | 434,081 |
| Strides Shasun Ltd. (a) | | 1,270 | 7,286 |
| Sun Pharmaceutical Industries Ltd. | | 42,740 | 335,315 |
| Sundaram Finance Ltd. | | 2,407 | 48,737 |
| Supreme Industries Ltd. (a) | | 796 | 10,600 |
| Suzlon Energy Ltd. (a) | | 45,292 | 3,827 |
| Symphony Ltd. | | 118 | 1,439 |
| Tata Communications Ltd. (a) | | 3,714 | 24,676 |
| Tata Consultancy Services Ltd. | | 47,753 | 1,251,386 |
| Tata Global Beverages Ltd. | | 21,357 | 62,907 |
| Tata Motors Ltd. (a) | | 111,444 | 269,974 |
| Tata Power Co. Ltd. | | 54,079 | 55,973 |
| Tata Steel Ltd. | | 16,694 | 125,013 |
| Tech Mahindra Ltd. (a) | | 26,588 | 267,426 |
| The Indian Hotels Co. Ltd. (a) | | 43,561 | 75,861 |
| The Karur Vysya Bank Ltd. | | 3,746 | 4,039 |
| The Ramco Cements Ltd. (a) | | 1,219 | 9,883 |
| Thermax Ltd. | | 2,019 | 27,288 |
| Titan Co. Ltd. | | 20,014 | 228,554 |
| Tube Investments of India Ltd. | | 4,001 | 26,353 |
| Tube Investments of India Ltd. | | 4,001 | 15,837 |
| Ultratech Cemco Ltd. (a) | | 4,695 | 222,143 |
| United Spirits Ltd. (a) | | 12,180 | 94,990 |
| UPL Ltd. (a) | | 16,282 | 148,455 |
| Vedanta Ltd. (a) | | 95,728 | 273,296 |
| Vodafone Idea Ltd. (a) | | 94,641 | 49,457 |
| Voltas Ltd. (a) | | 2,256 | 16,479 |
| WABCO India Ltd. | | 355 | 30,247 |
| Welspun India Ltd. (a) | | 12,290 | 9,796 |
| Whirlpool of India Ltd. | | 3,668 | 69,271 |
| Wipro Ltd. | | 69,493 | 311,038 |
| Yes Bank Ltd. | | 82,387 | 209,532 |
| Zee Entertainment Enterprises Ltd. | | 24,074 | 146,833 |
|
| TOTAL INDIA | | | 25,663,742 |
|
| Indonesia - 0.5% | | | |
| Kresna Graha Investama PT Tbk (a) | | 910,500 | 37,432 |
| PT ACE Hardware Indonesia Tbk | | 504,300 | 45,446 |
| PT Adaro Energy Tbk | | 650,000 | 70,548 |
| PT AKR Corporindo Tbk | | 192,600 | 43,835 |
| PT Aneka Tambang Tbk | | 460,400 | 20,593 |
| PT Astra International Tbk | | 1,097,200 | 570,161 |
| PT Bank Central Asia Tbk | | 515,200 | 801,479 |
| PT Bank Danamon Indonesia Tbk Series A | | 153,900 | 75,166 |
| PT Bank Jabar Banten Tbk | | 70,600 | 8,313 |
| PT Bank Mandiri (Persero) Tbk | | 1,031,200 | 463,340 |
| PT Bank Negara Indonesia (Persero) Tbk | | 466,900 | 224,966 |
| PT Bank Rakyat Indonesia Tbk | | 2,934,800 | 608,099 |
| PT Bank Tabungan Negara Tbk | | 237,600 | 33,134 |
| PT Bumi Resources Tbk (a) | | 3,868,300 | 43,002 |
| PT Bumi Serpong Damai Tbk (a) | | 696,900 | 50,425 |
| PT Charoen Pokphand Indonesia Tbk | | 326,300 | 118,050 |
| PT Ciputra Development Tbk | | 790,100 | 42,617 |
| PT Global Mediacom Tbk | | 14,600 | 315 |
| PT Gudang Garam Tbk | | 20,800 | 98,921 |
| PT Hanjaya Mandala Sampoerna Tbk | | 473,500 | 116,175 |
| PT Hanson International Tbk (a) | | 3,268,900 | 26,018 |
| PT Indah Kiat Pulp & Paper Tbk | | 137,000 | 114,674 |
| PT Indo Tambangraya Megah Tbk | | 15,300 | 25,060 |
| PT Indocement Tunggal Prakarsa Tbk | | 106,400 | 121,080 |
| PT Indofood CBP Sukses Makmur Tbk | | 72,600 | 42,622 |
| PT Indofood Sukses Makmur Tbk | | 274,100 | 107,729 |
| PT Japfa Comfeed Indonesia Tbk | | 148,500 | 19,829 |
| PT Jasa Marga Tbk | | 76,596 | 20,909 |
| PT Kalbe Farma Tbk | | 1,930,500 | 173,970 |
| PT Link Net Tbk | | 30,500 | 8,807 |
| PT Lippo Karawaci Tbk | | 1,190,100 | 21,919 |
| PT Matahari Department Store Tbk | | 103,400 | 32,987 |
| PT Medco Energi International Tbk (a) | | 424,200 | 22,881 |
| PT Media Nusantara Citra Tbk | | 121,800 | 6,249 |
| PT Pakuwon Jati Tbk | | 1,383,800 | 43,510 |
| PT Pembangunan Perumahan Persero Tbk | | 253,258 | 22,156 |
| PT Perusahaan Gas Negara Tbk Series B | | 466,000 | 68,049 |
| PT Perusahaan Perkebunan London Sumatra Indonesia Tbk | | 17,000 | 1,443 |
| PT PP Properti Tbk | | 481,000 | 3,037 |
| PT Semen Gresik (Persero) Tbk | | 127,500 | 75,481 |
| PT Sitara Propertindo Tbk (a) | | 49,100 | 2,971 |
| PT Sugih Energy Tbk (a) | | 40,500 | 133 |
| PT Summarecon Agung Tbk | | 748,400 | 29,537 |
| PT Surya Citra Media Tbk | | 295,600 | 30,527 |
| PT Telekomunikasi Indonesia Tbk Series B | | 2,673,700 | 677,313 |
| PT Tower Bersama Infrastructure Tbk | | 79,000 | 24,320 |
| PT Unilever Indonesia Tbk | | 78,700 | 223,766 |
| PT United Tractors Tbk | | 117,400 | 258,701 |
| PT Waskita Karya Persero Tbk | | 144,500 | 13,687 |
| PT Wijaya Karya Persero Tbk | | 236,426 | 17,107 |
| Siloam International Hospitals Tbk PT (a) | | 13,600 | 2,058 |
|
| TOTAL INDONESIA | | | 5,710,547 |
|
| Ireland - 0.4% | | | |
| AIB Group PLC | | 42,377 | 205,049 |
| Bank Ireland Group PLC | | 51,192 | 363,261 |
| C&C Group PLC | | 8,418 | 31,274 |
| Cairn Homes PLC (a) | | 54,034 | 86,661 |
| CRH PLC | | 42,651 | 1,272,202 |
| Dalata Hotel Group PLC | | 9,355 | 57,960 |
| DCC PLC (United Kingdom) | | 4,630 | 397,398 |
| Glanbia PLC | | 15,578 | 275,606 |
| Grafton Group PLC unit | | 13,297 | 123,053 |
| Green REIT PLC | | 79,320 | 130,989 |
| Greencore Group PLC | | 34,021 | 82,275 |
| Hibernia (REIT) PLC | | 17,950 | 28,260 |
| Irish Continental Group PLC unit | | 9,952 | 58,615 |
| Irish Residential Properties REIT PLC | | 974 | 1,569 |
| James Hardie Industries PLC CDI | | 22,922 | 305,003 |
| Kerry Group PLC Class A | | 8,261 | 846,792 |
| Kingspan Group PLC (Ireland) | | 6,852 | 298,019 |
| Origin Enterprises PLC | | 17,170 | 110,268 |
| Paddy Power Betfair PLC (Ireland) | | 4,283 | 369,657 |
| Permanent Tsb Group Hld PLC (a) | | 637 | 1,371 |
| Ryanair Holdings PLC sponsored ADR (a) | | 1,028 | 85,118 |
| Smurfit Kappa Group PLC | | 11,480 | 374,221 |
| United Drug PLC (United Kingdom) | | 14,682 | 118,604 |
|
| TOTAL IRELAND | | | 5,623,225 |
|
| Isle of Man - 0.1% | | | |
| Gaming VC Holdings SA | | 27,084 | 324,378 |
| Genting Singapore Ltd. | | 337,400 | 214,354 |
| NEPI Rockcastle PLC | | 17,800 | 153,706 |
| Playtech Ltd. | | 16,803 | 102,878 |
| Redefine International PLC | | 5,652 | 2,388 |
|
| TOTAL ISLE OF MAN | | | 797,704 |
|
| Israel - 0.5% | | | |
| Airport City Ltd. (a) | | 7,556 | 88,015 |
| Alony Hetz Properties & Investments Ltd. | | 18,568 | 176,703 |
| Amot Investments Ltd. | | 8,182 | 40,670 |
| Azrieli Group | | 2,688 | 130,503 |
| Bank Hapoalim BM (Reg.) | | 59,108 | 400,425 |
| Bank Leumi le-Israel BM | | 76,267 | 476,073 |
| Bezeq The Israel Telecommunication Corp. Ltd. | | 89,480 | 102,906 |
| Caesarstone Sdot-Yam Ltd. (b) | | 1,088 | 17,180 |
| Cellcom Israel Ltd. (Israel) (a) | | 5,937 | 37,507 |
| Check Point Software Technologies Ltd. (a) | | 6,344 | 704,184 |
| CyberArk Software Ltd. (a) | | 5,102 | 348,263 |
| Delek Group Ltd. | | 333 | 55,941 |
| Elbit Systems Ltd. (Israel) | | 1,014 | 121,303 |
| First International Bank of Israel | | 2,356 | 50,789 |
| Formula Systems (1985) Ltd. | | 126 | 4,901 |
| Gazit-Globe Ltd. | | 1,653 | 13,829 |
| Harel Insurance Investments and Financial Services Ltd. | | 9,721 | 71,264 |
| Israel Chemicals Ltd. | | 32,652 | 188,371 |
| Israel Corp. Ltd. (Class A) | | 429 | 125,591 |
| Israel Discount Bank Ltd. (Class A) | | 54,831 | 179,387 |
| Ituran Location & Control Ltd. | | 1,134 | 38,692 |
| Jerusalem Economy Ltd. (a) | | 1,266 | 3,403 |
| Jerusalem Oil Exploration Ltd. (a) | | 374 | 21,526 |
| Kornit Digital Ltd. (a) | | 2,500 | 46,150 |
| Mazor Robotics Ltd. (a) | | 1,995 | 58,029 |
| Melisron Ltd. | | 1,481 | 62,826 |
| Migdal Insurance & Financial Holdings Ltd. | | 2,273 | 2,515 |
| Mizrahi Tefahot Bank Ltd. | | 5,565 | 93,771 |
| NICE Systems Ltd. (a) | | 3,376 | 357,943 |
| Oil Refineries Ltd. | | 46,046 | 21,885 |
| Orbotech Ltd. (a) | | 2,103 | 117,642 |
| Partner Communications Co. Ltd. (a) | | 7,712 | 39,101 |
| Paz Oil Co. Ltd. | | 313 | 46,868 |
| Plus500 Ltd. | | 3,162 | 54,724 |
| Radware Ltd. (a) | | 1,220 | 28,316 |
| Reit 1 Ltd. | | 36,618 | 143,229 |
| Shikun & Binui Ltd. (a) | | 20,523 | 39,166 |
| SodaStream International Ltd. (a) | | 1,313 | 188,271 |
| Strauss Group Ltd. | | 3,837 | 84,201 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (b) | | 49,943 | 997,861 |
| Tower Semiconductor Ltd. (a) | | 5,008 | 77,654 |
| Wix.com Ltd. (a) | | 2,559 | 249,119 |
|
| TOTAL ISRAEL | | | 6,106,697 |
|
| Italy - 1.3% | | | |
| A2A SpA | | 97,271 | 156,943 |
| ACEA SpA | | 1,409 | 18,528 |
| Amplifon SpA | | 5,221 | 92,606 |
| Ascopiave SpA | | 12,371 | 40,635 |
| Assicurazioni Generali SpA | | 54,914 | 888,192 |
| Astm SpA | | 2,401 | 47,646 |
| Atlantia SpA | | 25,718 | 517,340 |
| Autogrill SpA | | 4,595 | 45,253 |
| Azimut Holding SpA | | 7,095 | 87,474 |
| Banca Generali SpA | | 5,954 | 114,847 |
| Banca IFIS SpA | | 642 | 11,300 |
| Banca Mediolanum S.p.A. | | 16,321 | 94,741 |
| Banca Monte dei Paschi di Siena SpA (a)(b) | | 12,845 | 21,132 |
| Banca Popolare dell'Emilia Romagna | | 23,378 | 88,917 |
| Banca Popolare di Sondrio SCARL | | 25,038 | 79,066 |
| Banco BPM SpA (a) | | 96,611 | 181,757 |
| Beni Stabili SpA SIIQ | | 119,844 | 102,553 |
| Beni Stabili SpA SIIQ rights (a) | | 119,844 | 1 |
| Biesse SpA | | 462 | 10,644 |
| Brembo SpA | | 8,193 | 90,756 |
| Brunello Cucinelli SpA | | 1,252 | 42,897 |
| Buzzi Unicem SpA | | 5,507 | 105,882 |
| Cerved Information Solutions SpA | | 10,444 | 83,338 |
| Compagnie Industriali Riunite SpA (CIR) | | 1,763 | 1,877 |
| Credito Emiliano SpA | | 3,458 | 20,641 |
| Credito Valtellinese SC (a) | | 328,946 | 34,426 |
| Danieli & C. Officine Meccaniche SpA | | 1,400 | 26,164 |
| Datalogic SpA | | 613 | 18,017 |
| Davide Campari-Milano SpA | | 37,525 | 288,806 |
| De Longhi SpA | | 3,032 | 80,360 |
| DiaSorin S.p.A. | | 1,445 | 137,154 |
| Enav SpA (c) | | 12,759 | 57,546 |
| Enel SpA | | 406,264 | 1,991,939 |
| Eni SpA | | 125,623 | 2,231,033 |
| ERG SpA | | 2,649 | 49,476 |
| Fincantieri SpA | | 23,908 | 34,905 |
| FinecoBank SpA | | 20,446 | 214,120 |
| Hera SpA | | 49,032 | 135,508 |
| Immobiliare Grande Distribuzione SpA | | 903 | 6,375 |
| Industria Macchine Automatiche SpA (IMA) | | 720 | 43,263 |
| Infrastrutture Wireless Italiane SpA (c) | | 9,065 | 63,145 |
| Interpump Group SpA | | 4,488 | 129,625 |
| Intesa Sanpaolo SpA | | 790,949 | 1,752,011 |
| Iren SpA | | 21,493 | 46,570 |
| Italgas SpA | | 22,389 | 115,687 |
| Italmobiliare SpA | | 66 | 1,458 |
| Leonardo SpA | | 23,240 | 252,436 |
| Luxottica Group SpA | | 7,585 | 476,981 |
| Maire Tecnimont SpA | | 6,337 | 27,763 |
| MARR SpA | | 1,204 | 29,156 |
| Mediaset SpA (a) | | 22,568 | 68,020 |
| Mediobanca SpA | | 37,736 | 331,334 |
| Moncler SpA | | 8,718 | 303,145 |
| OVS (a)(c) | | 19,908 | 35,199 |
| Piaggio & C SpA | | 5,908 | 12,654 |
| Pirelli & C. S.p.A. (c) | | 17,608 | 129,514 |
| Poste Italiane SpA (c) | | 35,495 | 255,292 |
| Prysmian SpA | | 14,659 | 284,916 |
| Rai Way SpA (c) | | 3,341 | 17,313 |
| Recordati SpA | | 6,256 | 212,009 |
| Reply SpA | | 849 | 47,081 |
| Safilo Group SpA (a) | | 143 | 267 |
| Saipem SpA (a) | | 35,135 | 192,412 |
| Salini Impregilo SpA | | 10,586 | 23,357 |
| Salvatore Ferragamo Italia SpA | | 3,856 | 91,324 |
| Saras Raffinerie Sarde SpA | | 32,211 | 62,862 |
| Snam Rete Gas SpA | | 112,997 | 467,661 |
| Societa Cattolica Di Assicurazioni SCRL | | 5,735 | 46,412 |
| Societa Iniziative Autostradali e Servizi SpA (SIAS) | | 4,758 | 67,149 |
| Technogym SpA (c) | | 5,245 | 57,388 |
| Telecom Italia SpA (a) | | 341,208 | 200,683 |
| Terna SpA | | 74,282 | 384,079 |
| Tod's SpA | | 706 | 43,221 |
| UniCredit SpA | | 107,409 | 1,376,668 |
| Unione di Banche Italiane SCpA | | 69,274 | 211,851 |
| Unipol Gruppo SpA | | 44,011 | 177,363 |
| Zignago Vetro SpA | | 165 | 1,534 |
|
| TOTAL ITALY | | | 16,289,598 |
|
| Japan - 16.3% | | | |
| 77 Bank Ltd. | | 2,400 | 49,708 |
| A/S One Corp. | | 1,900 | 135,047 |
| ABC-MART, Inc. | | 1,807 | 105,696 |
| ACOM Co. Ltd. | | 21,100 | 77,978 |
| Activia Properties, Inc. | | 36 | 149,315 |
| Adastria Co. Ltd. | | 200 | 3,258 |
| Adeka Corp. | | 2,600 | 38,642 |
| Advance Residence Investment Corp. | | 49 | 125,154 |
| Advantest Corp. | | 8,159 | 150,619 |
| Aeon (REIT) Investment Corp. | | 102 | 112,545 |
| AEON Co. Ltd. | | 32,125 | 737,338 |
| Aeon Delight Co. Ltd. | | 1,800 | 60,300 |
| AEON Financial Service Co. Ltd. | | 3,999 | 78,538 |
| AEON MALL Co. Ltd. | | 6,600 | 122,191 |
| Agc, Inc. | | 8,263 | 270,650 |
| Ai Holdings Corp. | | 1,200 | 22,908 |
| Aica Kogyo Co. Ltd. | | 5,800 | 172,712 |
| Aichi Steel Corp. | | 100 | 3,536 |
| Aida Engineering Ltd. | | 3,500 | 28,847 |
| Aiful Corp. (a) | | 10,100 | 26,674 |
| Ain Holdings, Inc. | | 1,700 | 133,186 |
| Air Water, Inc. | | 6,100 | 98,986 |
| Aisin Seiki Co. Ltd. | | 8,600 | 338,025 |
| Ajinomoto Co., Inc. | | 26,725 | 431,755 |
| Akita Bank Ltd. | | 100 | 2,324 |
| Alfresa Holdings Corp. | | 9,139 | 244,198 |
| All Nippon Airways Ltd. | | 7,541 | 253,571 |
| Alpine Electronics, Inc. | | 1,500 | 25,537 |
| Alps Electric Co. Ltd. | | 11,878 | 279,998 |
| Amada Holdings Co. Ltd. | | 28,100 | 264,726 |
| Amano Corp. | | 2,000 | 42,540 |
| Anicom Holdings, Inc. | | 900 | 28,754 |
| Anritsu Corp. | | 6,700 | 101,656 |
| Aoki International Co. Ltd. | | 200 | 2,641 |
| Aoyama Trading Co. Ltd. | | 1,500 | 45,465 |
| Aozora Bank Ltd. | | 9,200 | 317,459 |
| ARCS Co. Ltd. | | 3,900 | 94,636 |
| Ariake Japan Co. Ltd. | | 800 | 70,900 |
| Asahi Diamond Industrial Co. Ltd. | | 4,700 | 29,699 |
| Asahi Group Holdings | | 19,859 | 872,705 |
| Asahi Holdings, Inc. | | 1,700 | 36,385 |
| ASAHI INTECC Co. Ltd. | | 5,380 | 220,044 |
| Asahi Kasei Corp. | | 63,500 | 761,902 |
| Asics Corp. | | 8,200 | 119,183 |
| ASKUL Corp. | | 600 | 16,537 |
| Astellas Pharma, Inc. | | 99,003 | 1,529,617 |
| Atom Corp. | | 1,400 | 12,420 |
| Autobacs Seven Co. Ltd. | | 1,400 | 22,520 |
| Avex, Inc. | | 200 | 2,692 |
| Axial Retailing, Inc. | | 1,300 | 42,629 |
| Azbil Corp. | | 10,000 | 186,290 |
| Bandai Namco Holdings, Inc. | | 10,900 | 387,854 |
| Bank of Kyoto Ltd. | | 2,800 | 126,308 |
| Bank of Nagoya Ltd. | | 100 | 3,164 |
| Bank of The Ryukyus Ltd. | | 2,700 | 30,796 |
| Belc Co. Ltd. | | 800 | 40,838 |
| Belluna Co. Ltd. | | 1,500 | 14,902 |
| Benefit One, Inc. | | 1,700 | 43,767 |
| Benesse Holdings, Inc. | | 3,800 | 105,916 |
| Bic Camera, Inc. | | 5,400 | 71,451 |
| BML, Inc. | | 1,600 | 44,029 |
| Bridgestone Corp. | | 29,958 | 1,155,160 |
| Brother Industries Ltd. | | 15,700 | 288,161 |
| Bunka Shutter Co. Ltd. | | 300 | 2,103 |
| Calbee, Inc. | | 5,800 | 192,759 |
| Canon Marketing Japan, Inc. | | 1,600 | 30,331 |
| Canon, Inc. | | 51,443 | 1,465,272 |
| Capcom Co. Ltd. | | 4,800 | 99,714 |
| Casio Computer Co. Ltd. | | 11,200 | 169,043 |
| Cawachi Ltd. | | 200 | 3,713 |
| Central Glass Co. Ltd. | | 2,800 | 60,549 |
| Central Japan Railway Co. | | 7,055 | 1,353,916 |
| Chiba Bank Ltd. | | 29,000 | 183,464 |
| Chiyoda Co. Ltd. | | 100 | 1,930 |
| Chiyoda Corp. | | 6,000 | 29,856 |
| Chofu Seisakusho Co. Ltd. | | 100 | 2,025 |
| Chubu Electric Power Co., Inc. | | 34,016 | 490,534 |
| Chudenko Corp. | | 600 | 12,624 |
| Chugai Pharmaceutical Co. Ltd. | | 11,100 | 649,869 |
| Chugoku Electric Power Co., Inc. | | 14,100 | 181,444 |
| Chugoku Marine Paints Ltd. | | 5,400 | 43,407 |
| Citizen Watch Co. Ltd. | | 16,600 | 95,549 |
| CKD Corp. | | 2,665 | 30,704 |
| Clarion Co. Ltd. | | 200 | 4,376 |
| Coca-Cola West Co. Ltd. | | 6,950 | 182,011 |
| cocokara fine HOLDINGS, Inc. | | 1,300 | 71,547 |
| COLOPL, Inc. | | 500 | 3,084 |
| Colowide Co. Ltd. | | 4,100 | 99,888 |
| Comforia Residential REIT, Inc. | | 57 | 136,444 |
| COMSYS Holdings Corp. | | 7,900 | 219,860 |
| Concordia Financial Group Ltd. | | 53,300 | 243,941 |
| Cookpad, Inc. | | 500 | 1,835 |
| Cosmo Energy Holdings Co. Ltd. | | 2,600 | 96,663 |
| Cosmos Pharmaceutical Corp. | | 700 | 143,120 |
| Create Restaurants Holdings, Inc. | | 200 | 2,116 |
| Create SD Holdings Co. Ltd. | | 1,800 | 45,672 |
| Credit Saison Co. Ltd. | | 6,901 | 109,588 |
| CyberAgent, Inc. | | 5,100 | 217,021 |
| CYBERDYNE, Inc. (a)(b) | | 7,900 | 55,871 |
| Dai Nippon Printing Co. Ltd. | | 10,300 | 231,106 |
| Dai-ichi Mutual Life Insurance Co. | | 56,999 | 1,069,605 |
| Daibiru Corp. | | 200 | 2,021 |
| Daicel Chemical Industries Ltd. | | 13,721 | 145,315 |
| Daido Metal Co. Ltd. | | 400 | 3,056 |
| Daido Steel Co. Ltd. | | 3,500 | 144,237 |
| Daifuku Co. Ltd. | | 6,100 | 262,738 |
| Daihen Corp. | | 1,600 | 37,464 |
| Daiho Corp. | | 200 | 5,512 |
| Daiichi Sankyo Kabushiki Kaisha | | 29,200 | 1,116,118 |
| Daiichikosho Co. Ltd. | | 2,400 | 110,604 |
| Daikin Industries Ltd. | | 12,968 | 1,503,146 |
| Daikyo, Inc. | | 400 | 10,500 |
| DaikyoNishikawa Corp. | | 1,600 | 15,314 |
| Dainippon Sumitomo Pharma Co. Ltd. | | 8,600 | 179,686 |
| Daio Paper Corp. | | 6,000 | 77,901 |
| Daiseki Co. Ltd. | | 1,600 | 37,917 |
| Daishi Hokuetsu Financial Group, Inc. | | 1,842 | 66,278 |
| Daito Trust Construction Co. Ltd. | | 3,844 | 507,605 |
| Daiwa House Industry Co. Ltd. | | 30,544 | 922,256 |
| Daiwa House REIT Investment Corp. | | 92 | 201,391 |
| Daiwa Office Investment Corp. | | 18 | 109,913 |
| Daiwa Securities Group, Inc. | | 82,000 | 470,246 |
| Daiwabo Holdings Co. Ltd. | | 500 | 29,556 |
| DCM Japan Holdings Co. Ltd. | | 25,700 | 249,632 |
| DeNA Co. Ltd. | | 3,600 | 59,882 |
| Denki Kagaku Kogyo KK | | 4,400 | 143,100 |
| DENSO Corp. | | 21,322 | 951,084 |
| Dentsu, Inc. | | 11,700 | 542,644 |
| Descente Ltd. | | 1,800 | 47,156 |
| Dexerials Corp. | | 1,700 | 14,629 |
| Dic Corp. | | 3,200 | 94,581 |
| Digital Garage, Inc. | | 1,400 | 38,277 |
| Dip Corp. | | 800 | 17,427 |
| Disco Corp. | | 1,700 | 270,740 |
| Dmg Mori Co. Ltd. | | 4,800 | 69,553 |
| Don Quijote Holdings Co. Ltd. | | 6,823 | 408,769 |
| Doshisha Co. Ltd. | | 100 | 2,061 |
| Doutor Nichires Holdings Co., Ltd. | | 500 | 8,894 |
| Dowa Holdings Co. Ltd. | | 3,300 | 96,041 |
| Dr. Ci:Labo Co., Ltd. | | 1,000 | 51,934 |
| DTS Corp. | | 1,500 | 52,111 |
| Duskin Co. Ltd. | | 6,000 | 136,553 |
| Dydo Group Holdings, Inc. | | 100 | 5,078 |
| Eagle Industry Co. Ltd. | | 300 | 3,496 |
| Earth Corp. | | 700 | 31,825 |
| East Japan Railway Co. | | 15,010 | 1,310,940 |
| Ebara Corp. | | 4,500 | 131,068 |
| EDION Corp. | | 1,300 | 13,664 |
| Ehime Bank Ltd. | | 2,400 | 24,801 |
| Eiken Chemical Co. Ltd. | | 2,800 | 62,633 |
| Eisai Co. Ltd. | | 13,200 | 1,099,302 |
| Eizo Corp. | | 600 | 24,461 |
| Electric Power Development Co. Ltd. | | 11,100 | 302,499 |
| en-japan, Inc. | | 2,200 | 87,934 |
| EPS Co. Ltd. | | 2,000 | 39,048 |
| euglena Co. Ltd. (a) | | 1,200 | 6,860 |
| Exedy Corp. | | 1,200 | 29,629 |
| Ezaki Glico Co. Ltd. | | 2,100 | 104,595 |
| FamilyMart Co. Ltd. | | 3,277 | 379,837 |
| Fancl Corp. | | 2,400 | 106,137 |
| Fanuc Corp. | | 10,085 | 1,754,458 |
| Fast Retailing Co. Ltd. | | 3,036 | 1,528,642 |
| FCC Co. Ltd. | | 3,000 | 74,285 |
| Ferrotec Holdings Corp. | | 2,700 | 24,479 |
| Financial Products Group Co. Ltd. | | 4,200 | 41,056 |
| Foster Electric Co. Ltd. | | 1,100 | 16,017 |
| FP Corp. | | 1,400 | 71,839 |
| Frontier Real Estate Investment Corp. | | 30 | 114,991 |
| Fuji Corp. | | 4,800 | 67,213 |
| Fuji Electric Co. Ltd. | | 8,200 | 250,309 |
| Fuji Kyuko Co. Ltd. | | 500 | 14,601 |
| Fuji Oil Holdings, Inc. | | 1,700 | 49,041 |
| Fuji Seal International, Inc. | | 2,600 | 78,921 |
| Fuji Soft ABC, Inc. | | 600 | 27,545 |
| Fujicco Co. Ltd. | | 100 | 2,294 |
| Fujifilm Holdings Corp. | | 19,400 | 839,057 |
| Fujikura Ltd. | | 15,800 | 68,158 |
| Fujimi, Inc. | | 200 | 4,571 |
| Fujimori Kogyo Co. Ltd. | | 400 | 11,628 |
| Fujitec Co. Ltd. | | 4,200 | 45,784 |
| Fujitsu General Ltd. | | 5,500 | 82,133 |
| Fujitsu Ltd. | | 10,242 | 623,107 |
| Fukuda Denshi Co. Ltd. | | 700 | 44,171 |
| Fukuoka (REIT) Investment Fund | | 18 | 27,199 |
| Fukuoka Financial Group, Inc. | | 8,000 | 196,566 |
| Fukushima Industries Corp. | | 100 | 4,555 |
| Fukuyama Transporting Co. Ltd. | | 1,000 | 38,685 |
| Funai Soken Holdings, Inc. | | 900 | 19,087 |
| Furukawa Co. Ltd. | | 600 | 7,445 |
| Furukawa Electric Co. Ltd. | | 5,300 | 143,032 |
| Fuso Chemical Co. Ltd. | | 300 | 5,998 |
| Futaba Corp. | | 3,900 | 60,901 |
| Futaba Industrial Co. Ltd. | | 700 | 3,834 |
| Fuyo General Lease Co. Ltd. | | 500 | 27,784 |
| G-Tekt Corp. | | 1,300 | 18,353 |
| Global One Real Estate Investment Corp. | | 32 | 32,274 |
| Glory Ltd. | | 2,200 | 51,317 |
| GLP J-REIT | | 164 | 162,350 |
| GMO Internet, Inc. | | 4,100 | 58,574 |
| GMO Payment Gateway, Inc. | | 1,600 | 77,706 |
| GNI Group Ltd. (a) | | 700 | 20,565 |
| Goldcrest Co. Ltd. | | 300 | 4,693 |
| GOLDWIN, Inc. | | 600 | 42,753 |
| GREE, Inc. | | 3,400 | 14,253 |
| GS Yuasa Corp. | | 2,000 | 41,054 |
| Gulliver International Co. Ltd. | | 400 | 1,351 |
| GungHo Online Entertainment, Inc. | | 28,000 | 50,374 |
| Gunma Bank Ltd. | | 10,900 | 49,460 |
| Gunze Ltd. | | 700 | 31,081 |
| Gurunavi, Inc. | | 100 | 764 |
| H.I.S. Co. Ltd. | | 2,300 | 69,814 |
| H2O Retailing Corp. | | 8,600 | 133,609 |
| Hakuhodo DY Holdings, Inc. | | 11,900 | 198,905 |
| Hamamatsu Photonics K.K. | | 6,300 | 211,052 |
| Hankyu Hanshin Holdings, Inc. | | 12,600 | 415,403 |
| Hankyu REIT, Inc. | | 9 | 11,199 |
| Hanwa Co. Ltd. | | 1,700 | 55,820 |
| Harmonic Drive Systems, Inc. (b) | | 2,100 | 63,930 |
| Haseko Corp. | | 18,500 | 234,425 |
| Hazama Ando Corp. | | 12,500 | 86,188 |
| Heiwa Corp. | | 1,700 | 38,916 |
| Heiwa Real Estate (REIT), Inc. | | 15 | 14,716 |
| Heiwa Real Estate Co. Ltd. | | 1,700 | 31,519 |
| Heiwado Co. Ltd. | | 1,800 | 46,198 |
| Hiday Hidaka Corp. | | 2,160 | 42,076 |
| Hikari Tsushin, Inc. | | 1,300 | 227,199 |
| Hino Motors Ltd. | | 17,800 | 170,387 |
| Hirata Corp. | | 400 | 24,709 |
| Hirose Electric Co. Ltd. | | 2,155 | 204,929 |
| Hiroshima Bank Ltd. | | 14,400 | 89,206 |
| Hisamitsu Pharmaceutical Co., Inc. | | 3,300 | 186,299 |
| Hitachi Capital Corp. | | 1,900 | 46,677 |
| Hitachi Chemical Co. Ltd. | | 5,700 | 89,969 |
| Hitachi Construction Machinery Co. Ltd. | | 5,000 | 132,752 |
| Hitachi High-Technologies Corp. | | 3,100 | 116,901 |
| Hitachi Ltd. | | 50,976 | 1,558,346 |
| Hitachi Metals Ltd. | | 13,000 | 153,463 |
| Hitachi Transport System Ltd. | | 2,200 | 56,621 |
| Hitachi Zosen Corp. | | 2,900 | 11,021 |
| Hogy Medical Co. Ltd. | | 3,300 | 97,390 |
| Hokkaido Electric Power Co., Inc. | | 16,000 | 93,588 |
| Hokuetsu Kishu Paper Co. Ltd. | | 9,200 | 43,947 |
| Hokuhoku Financial Group, Inc. | | 4,300 | 53,467 |
| Hokuriku Electric Power Co., Inc. (a) | | 18,300 | 170,617 |
| Hokuto Corp. | | 100 | 1,708 |
| Honda Motor Co. Ltd. | | 83,272 | 2,377,043 |
| Horiba Ltd. | | 2,000 | 93,942 |
| Hoshino Resorts REIT, Inc. | | 13 | 61,063 |
| Hoshizaki Corp. | | 2,500 | 201,843 |
| Hosiden Corp. | | 1,800 | 16,543 |
| House Foods Group, Inc. | | 1,900 | 54,726 |
| Hoya Corp. | | 19,918 | 1,132,220 |
| Hulic (REIT), Inc. | | 65 | 94,532 |
| Hulic Co. Ltd. | | 12,400 | 113,741 |
| Hyakujushi Bank Ltd. | | 700 | 17,916 |
| Ibiden Co. Ltd. | | 8,700 | 107,483 |
| IBJ Leasing Co. Ltd. | | 1,600 | 40,214 |
| Ichibanya Co. Ltd. | | 100 | 3,811 |
| Ichigo, Inc. | | 8,900 | 29,105 |
| Idemitsu Kosan Co. Ltd. | | 6,800 | 310,365 |
| IHI Corp. | | 8,872 | 324,560 |
| Iida Group Holdings Co. Ltd. | | 11,300 | 205,700 |
| Inaba Denki Sangyo Co. Ltd. | | 400 | 16,112 |
| Inabata & Co. Ltd. | | 1,000 | 13,382 |
| Industrial & Infrastructure Fund Investment Corp. | | 97 | 97,400 |
| Ines Corp. | | 3,700 | 43,252 |
| Infomart Corp. | | 3,200 | 33,181 |
| INPEX Corp. | | 50,500 | 575,024 |
| Internet Initiative Japan, Inc. | | 1,600 | 30,927 |
| Invesco Office J-REIT, Inc. | | 426 | 60,218 |
| Invincible Investment Corp. | | 361 | 149,410 |
| Iriso Electronics Co. Ltd. | | 500 | 21,159 |
| Iseki & Co. Ltd. | | 100 | 1,717 |
| Isetan Mitsukoshi Holdings Ltd. | | 16,271 | 190,164 |
| Istyle, Inc. | | 1,300 | 11,683 |
| Isuzu Motors Ltd. | | 30,868 | 404,696 |
| IT Holdings Corp. | | 3,300 | 147,986 |
| ITO EN Ltd. | | 2,260 | 96,341 |
| Itochu Corp. | | 73,050 | 1,354,783 |
| Itochu Enex Co. Ltd. | | 300 | 2,826 |
| ITOCHU Techno-Solutions Corp. | | 6,012 | 114,022 |
| Itoham Yonekyu Holdings, Inc. | | 10,100 | 63,553 |
| Iwatani Corp. | | 600 | 21,190 |
| Iyo Bank Ltd. | | 7,900 | 46,979 |
| Izumi Co. Ltd. | | 2,100 | 114,273 |
| J Trust Co. Ltd. | | 7,200 | 36,818 |
| J. Front Retailing Co. Ltd. | | 10,200 | 133,664 |
| JACCS Co. Ltd. | | 200 | 3,754 |
| JAFCO Co. Ltd. | | 900 | 34,776 |
| Japan Airlines Co. Ltd. | | 7,000 | 249,205 |
| Japan Airport Terminal Co. Ltd. | | 2,800 | 107,697 |
| Japan Aviation Electronics Industry Ltd. | | 1,000 | 13,303 |
| Japan Display, Inc. (a) | | 24,400 | 23,571 |
| Japan Excellent, Inc. | | 89 | 115,475 |
| Japan Exchange Group, Inc. | | 29,800 | 535,072 |
| Japan Hotel REIT Investment Corp. | | 280 | 199,264 |
| Japan Lifeline Co. Ltd. | | 2,300 | 33,409 |
| Japan Logistics Fund, Inc. | | 52 | 103,783 |
| Japan Material Co. Ltd. | | 1,800 | 21,105 |
| Japan Petroleum Exploration Co. Ltd. | | 1,300 | 27,547 |
| Japan Post Bank Co. Ltd. | | 17,034 | 198,819 |
| Japan Post Holdings Co. Ltd. | | 75,238 | 892,209 |
| Japan Prime Realty Investment Corp. | | 36 | 128,577 |
| Japan Real Estate Investment Corp. | | 63 | 324,952 |
| Japan Rental Housing Investment, Inc. | | 42 | 32,942 |
| Japan Retail Fund Investment Corp. | | 119 | 219,786 |
| Japan Securities Finance Co. Ltd. | | 500 | 2,809 |
| Japan Steel Works Ltd. | | 2,800 | 59,171 |
| Japan Tobacco, Inc. | | 56,843 | 1,460,600 |
| Japan Wool Textile Co. Ltd. | | 400 | 3,162 |
| JCR Pharmaceuticals Co. Ltd. | | 1,000 | 42,496 |
| JEOL Ltd. | | 2,500 | 41,122 |
| JFE Holdings, Inc. | | 24,900 | 467,910 |
| JGC Corp. | | 12,342 | 238,902 |
| Jimoto Holdings, Inc. | | 13,900 | 18,232 |
| JIN Co. Ltd. | | 1,100 | 62,489 |
| Joshin Denki Co. Ltd. | | 1,800 | 46,023 |
| Joyful Honda Co. Ltd. | | 1,400 | 20,212 |
| JSR Corp. | | 9,300 | 138,962 |
| JTEKT Corp. | | 10,200 | 126,905 |
| Juroku Bank Ltd. | | 1,300 | 29,425 |
| Justsystems Corp. | | 700 | 14,331 |
| JVC KENWOOD Holdings, Inc. | | 700 | 1,725 |
| JX Holdings, Inc. | | 173,150 | 1,169,972 |
| K's Holdings Corp. | | 10,100 | 127,643 |
| kabu.com Securities Co. Ltd. | | 600 | 2,164 |
| Kadokawa Dwango Corp. | | 2,000 | 19,958 |
| Kagome Co. Ltd. | | 2,700 | 72,026 |
| Kajima Corp. | | 25,000 | 321,913 |
| Kakaku.com, Inc. | | 7,500 | 136,062 |
| Kaken Pharmaceutical Co. Ltd. | | 1,556 | 78,052 |
| Kameda Seika Co. Ltd. | | 1,400 | 66,380 |
| Kamigumi Co. Ltd. | | 5,500 | 113,768 |
| Kanamoto Co. Ltd. | | 1,400 | 46,776 |
| Kandenko Co. Ltd. | | 7,800 | 79,635 |
| Kaneka Corp. | | 2,600 | 108,761 |
| Kanematsu Corp. | | 3,200 | 41,150 |
| Kansai Electric Power Co., Inc. | | 36,399 | 557,105 |
| Kansai Mirai Financial Group, Inc. (a) | | 6,700 | 52,135 |
| Kansai Paint Co. Ltd. | | 12,939 | 191,617 |
| Kanto Denka Kogyo Co. Ltd. | | 1,000 | 9,102 |
| Kao Corp. | | 26,091 | 1,735,631 |
| Kato Sangyo | | 1,100 | 33,877 |
| Kawasaki Heavy Industries Ltd. | | 6,300 | 149,300 |
| Kawasaki Kisen Kaisha Ltd. (a) | | 6,100 | 81,286 |
| KDDI Corp. | | 90,637 | 2,193,402 |
| Keihan Electric Railway Co., Ltd. | | 6,700 | 254,141 |
| Keihin Corp. | | 1,600 | 31,607 |
| Keihin Electric Express Railway Co. Ltd. | | 13,439 | 199,021 |
| Keio Corp. | | 5,103 | 277,165 |
| Keisei Electric Railway Co. | | 5,506 | 169,684 |
| Kenedix Office Investment Corp. | | 26 | 161,067 |
| Kenedix Residential Investment Corp. | | 49 | 74,867 |
| Kenedix Retail REIT Corp. | | 12 | 25,524 |
| Kenedix, Inc. | | 26,000 | 135,259 |
| Kewpie Corp. | | 6,700 | 154,563 |
| Keyence Corp. | | 5,075 | 2,487,238 |
| KH Neochem Co. Ltd. | | 800 | 22,688 |
| Kikkoman Corp. | | 7,000 | 383,511 |
| Kinden Corp. | | 4,392 | 70,453 |
| Kintetsu Group Holdings Co. Ltd. | | 8,653 | 332,056 |
| Kintetsu World Express, Inc. | | 2,600 | 40,393 |
| Kirin Holdings Co. Ltd. | | 41,770 | 996,738 |
| Kisoji Co. Ltd. | | 300 | 6,905 |
| Kissei Pharmaceutical Co. Ltd. | | 1,400 | 40,386 |
| Kitz Corp. | | 1,400 | 11,154 |
| Koa Corp. | | 1,100 | 15,169 |
| Kobayashi Pharmaceutical Co. Ltd. | | 3,300 | 216,422 |
| Kobe Bussan Co. Ltd. | | 600 | 15,251 |
| Kobe Steel Ltd. | | 22,700 | 182,515 |
| Kohnan Shoji Co. Ltd. | | 1,400 | 35,101 |
| Koito Manufacturing Co. Ltd. | | 5,100 | 243,169 |
| Kokuyo Co. Ltd. | | 4,600 | 72,729 |
| Komatsu Ltd. | | 47,011 | 1,224,282 |
| KOMEDA Holdings Co. Ltd. | | 1,900 | 37,399 |
| KOMERI Co. Ltd. | | 600 | 15,559 |
| Komori Corp. | | 3,300 | 35,827 |
| Konami Holdings Corp. | | 4,300 | 164,046 |
| Konica Minolta, Inc. | | 19,800 | 195,988 |
| Konoike Transport Co. Ltd. | | 500 | 7,577 |
| Kose Corp. | | 1,800 | 269,119 |
| Koshidaka Holdings Co. Ltd. | | 2,800 | 32,582 |
| Kotobuki Spirits Co. Ltd. | | 600 | 22,972 |
| Kubota Corp. | | 50,810 | 802,127 |
| Kumagai Gumi Co. Ltd. | | 1,000 | 26,109 |
| Kumiai Chemical Industry Co. Ltd. | | 3,500 | 21,775 |
| Kura Corp. Ltd. | | 700 | 40,573 |
| Kurabo Industries Ltd. | | 300 | 7,240 |
| Kuraray Co. Ltd. | | 14,352 | 197,132 |
| Kureha Chemical Industry Co. Ltd. | | 1,500 | 96,646 |
| Kurita Water Industries Ltd. | | 5,800 | 143,053 |
| Kusuri No Aoki Holdings Co. Ltd. | | 1,100 | 78,965 |
| Kyb Corp. | | 1,400 | 33,587 |
| Kyocera Corp. | | 16,337 | 884,206 |
| Kyoei Steel Ltd. | | 100 | 1,815 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | | 500 | 7,148 |
| Kyorin Holdings, Inc. | | 11,000 | 240,502 |
| Kyoritsu Maintenance Co. Ltd. | | 3,100 | 137,643 |
| Kyowa Exeo Corp. | | 4,900 | 132,016 |
| Kyowa Hakko Kirin Co., Ltd. | | 17,700 | 342,793 |
| Kyudenko Corp. | | 3,200 | 116,701 |
| Kyushu Electric Power Co., Inc. | | 19,478 | 226,828 |
| Kyushu Financial Group, Inc. | | 14,785 | 65,385 |
| Kyushu Railway Co. | | 9,100 | 279,045 |
| LaSalle Logiport REIT | | 63 | 58,011 |
| Lasertec Corp. | | 2,700 | 77,529 |
| Lawson, Inc. | | 2,700 | 170,851 |
| Leopalace21 Corp. | | 10,000 | 41,742 |
| LIFE Corp. | | 100 | 2,475 |
| LIFULL Co. Ltd. | | 2,300 | 15,573 |
| LINE Corp. (a) | | 3,800 | 121,151 |
| Lintec Corp. | | 4,500 | 106,563 |
| Lion Corp. | | 13,036 | 244,927 |
| LIXIL Group Corp. | | 12,895 | 203,422 |
| M3, Inc. | | 21,790 | 351,081 |
| Mabuchi Motor Co. Ltd. | | 2,500 | 89,068 |
| Macnica Fuji Electronics Holdings, Inc. | | 3,700 | 53,515 |
| Macromill, Inc. | | 2,100 | 41,689 |
| Maeda Corp. | | 15,000 | 169,628 |
| Maeda Road Construction Co. Ltd. | | 5,700 | 104,013 |
| Makino Milling Machine Co. Ltd. | | 2,000 | 76,395 |
| Makita Corp. | | 10,900 | 377,228 |
| Mandom Corp. | | 5,200 | 144,707 |
| Mani, Inc. | | 1,400 | 64,395 |
| Marubeni Corp. | | 85,100 | 690,050 |
| Marudai Food Co. Ltd. | | 200 | 3,254 |
| Maruha Nichiro Corp. | | 1,400 | 50,683 |
| Marui Group Co. Ltd. | | 8,502 | 183,063 |
| Maruichi Steel Tube Ltd. | | 3,500 | 101,121 |
| Marusan Securities Co. Ltd. | | 900 | 6,931 |
| Maruwa Ceramic Co. Ltd. | | 500 | 28,227 |
| Matsui Securities Co. Ltd. | | 13,900 | 141,667 |
| Matsumotokiyoshi Holdings Co. Ltd. | | 4,300 | 155,103 |
| Max Co. Ltd. | | 1,000 | 13,480 |
| Maxell Holdings Ltd. | | 1,500 | 19,090 |
| Mazda Motor Corp. | | 39,200 | 417,523 |
| McDonald's Holdings Co. (Japan) Ltd. | | 3,028 | 133,373 |
| MCJ Co. Ltd. | | 5,900 | 47,008 |
| MCUBS MidCity Investment Corp. | | 161 | 123,566 |
| Mebuki Financial Group, Inc. | | 44,268 | 135,352 |
| Medipal Holdings Corp. | | 12,000 | 257,686 |
| Megachips Corp. | | 600 | 11,528 |
| Megmilk Snow Brand Co. Ltd. | | 1,800 | 42,147 |
| Meidensha Corp. | | 3,400 | 48,061 |
| Meiji Holdings Co. Ltd. | | 7,000 | 464,448 |
| Meitec Corp. | | 2,700 | 113,183 |
| Menicon Co. Ltd. | | 1,800 | 39,722 |
| Micronics Japan Co. Ltd. | | 100 | 641 |
| Milbon Co. Ltd. | | 2,300 | 82,554 |
| Minebea Mitsumi, Inc. | | 23,095 | 353,308 |
| Miraca Holdings, Inc. | | 2,047 | 49,889 |
| Mirait Holdings Corp. | | 2,300 | 37,139 |
| Miroku Jyoho Service Co., Ltd. | | 200 | 3,775 |
| Misumi Group, Inc. | | 15,105 | 303,345 |
| Mitsuba Corp. | | 500 | 3,948 |
| Mitsubishi Chemical Holdings Corp. | | 72,157 | 562,492 |
| Mitsubishi Corp. | | 69,051 | 1,943,462 |
| Mitsubishi Electric Corp. | | 92,792 | 1,174,695 |
| Mitsubishi Estate Co. Ltd. | | 62,371 | 996,801 |
| Mitsubishi Gas Chemical Co., Inc. | | 11,045 | 186,082 |
| Mitsubishi Heavy Industries Ltd. | | 15,266 | 538,153 |
| Mitsubishi Logistics Corp. | | 7,100 | 162,771 |
| Mitsubishi Materials Corp. | | 5,300 | 146,730 |
| Mitsubishi Motors Corp. of Japan | | 41,034 | 257,746 |
| Mitsubishi Pencil Co. Ltd. | | 2,600 | 45,348 |
| Mitsubishi Shokuhin Co. Ltd. | | 100 | 2,576 |
| Mitsubishi Tanabe Pharma Corp. | | 16,109 | 238,134 |
| Mitsubishi UFJ Financial Group, Inc. | | 609,139 | 3,686,809 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | | 31,400 | 161,682 |
| Mitsuboshi Belting Ltd. | | 500 | 12,279 |
| Mitsui & Associates Telepark Corp. | | 300 | 6,806 |
| Mitsui & Co. Ltd. | | 83,782 | 1,399,881 |
| Mitsui Chemicals, Inc. | | 8,500 | 190,605 |
| Mitsui Engineering & Shipbuilding Co. (a) | | 7,000 | 117,545 |
| Mitsui Fudosan Co. Ltd. | | 47,340 | 1,066,203 |
| Mitsui Fudosan Logistics Park, Inc. | | 17 | 49,568 |
| Mitsui High-Tec, Inc. | | 500 | 5,375 |
| Mitsui Mining & Smelting Co. Ltd. | | 2,300 | 65,165 |
| Mitsui OSK Lines Ltd. | | 7,300 | 177,423 |
| Mitsui Sugar Co. Ltd. | | 700 | 18,859 |
| Mitsui-Soko Co. Ltd. (a) | | 400 | 6,168 |
| Miura Co. Ltd. | | 5,855 | 143,476 |
| mixi, Inc. | | 1,500 | 32,782 |
| Mizuho Financial Group, Inc. | | 1,214,884 | 2,086,398 |
| Mizuno Corp. | | 200 | 4,678 |
| Mochida Pharmaceutical Co. Ltd. | | 900 | 71,308 |
| Modec, Inc. | | 300 | 9,040 |
| Monex Group, Inc. | | 14,500 | 57,185 |
| MonotaRO Co. Ltd. | | 6,200 | 136,874 |
| Mori Hills REIT Investment Corp. | | 89 | 110,111 |
| Mori Trust Hotel (REIT), Inc. | | 15 | 18,119 |
| MORI TRUST Sogo (REIT), Inc. | | 64 | 90,752 |
| Morinaga & Co. Ltd. | | 1,800 | 72,345 |
| Morinaga Milk Industry Co. Ltd. | | 2,700 | 72,026 |
| Morita Holdings Corp. | | 100 | 1,906 |
| MOS Food Services, Inc. | | 400 | 10,600 |
| MS&AD Insurance Group Holdings, Inc. | | 23,797 | 714,796 |
| Murata Manufacturing Co. Ltd. | | 9,634 | 1,465,570 |
| Musashi Seimitsu Industry Co. Ltd. | | 1,800 | 26,274 |
| Nabtesco Corp. | | 4,900 | 108,044 |
| Nachi-Fujikoshi Corp. | | 500 | 20,406 |
| Nagaileben Co. Ltd. | | 1,400 | 31,441 |
| Nagase & Co. Ltd. | | 6,300 | 99,049 |
| Nagoya Railroad Co. Ltd. | | 7,516 | 181,580 |
| Nakanishi, Inc. | | 3,900 | 91,352 |
| Namura Shipbuilding Co. Ltd. | | 500 | 2,229 |
| Nankai Electric Railway Co. Ltd. | | 8,500 | 207,990 |
| NEC Corp. | | 12,000 | 344,463 |
| NEC System Integration & Constuction Ltd. | | 100 | 2,182 |
| Net One Systems Co. Ltd. | | 4,800 | 100,479 |
| New Hampshire Foods Ltd. | | 8,113 | 279,784 |
| Nexon Co. Ltd. (a) | | 24,700 | 281,510 |
| NGK Insulators Ltd. | | 17,200 | 242,074 |
| NGK Spark Plug Co. Ltd. | | 8,600 | 174,690 |
| NHK Spring Co. Ltd. | | 8,487 | 72,960 |
| Nichi-iko Pharmaceutical Co. Ltd. | | 500 | 6,829 |
| Nichias Corp. | | 2,000 | 43,674 |
| Nichicon Corp. | | 1,700 | 14,117 |
| Nichiha Corp. | | 600 | 13,235 |
| Nichirei Corp. | | 6,210 | 149,152 |
| Nidec Corp. | | 11,745 | 1,508,265 |
| Nifco, Inc. | | 3,200 | 72,914 |
| Nihon Kohden Corp. | | 3,400 | 101,547 |
| Nihon M&A Center, Inc. | | 8,300 | 199,124 |
| Nihon Parkerizing Co. Ltd. | | 5,100 | 61,606 |
| Nihon Unisys Ltd. | | 4,200 | 92,051 |
| Nikkiso Co. Ltd. | | 2,200 | 25,561 |
| Nikkon Holdings Co. Ltd. | | 3,200 | 77,423 |
| Nikon Corp. | | 15,700 | 273,693 |
| Nintendo Co. Ltd. | | 5,888 | 1,838,251 |
| Nippo Corp. | | 3,400 | 55,986 |
| Nippon Accommodations Fund, Inc. | | 18 | 82,474 |
| Nippon Building Fund, Inc. | | 68 | 388,709 |
| Nippon Chemi-con Corp. | | 500 | 11,344 |
| Nippon Densetsu Kogyo Co. Ltd. | | 600 | 12,166 |
| Nippon Electric Glass Co. Ltd. | | 4,300 | 108,341 |
| Nippon Express Co. Ltd. | | 4,266 | 269,221 |
| Nippon Flour Mills Co. Ltd. | | 500 | 8,273 |
| Nippon Gas Co. Ltd. | | 1,600 | 48,425 |
| Nippon Kayaku Co. Ltd. | | 16,300 | 193,989 |
| Nippon Light Metal Holding Co. Ltd. | | 30,000 | 63,258 |
| Nippon Paint Holdings Co. Ltd. | | 7,997 | 250,537 |
| Nippon Paper Industries Co. Ltd. | | 3,645 | 66,040 |
| Nippon Prologis REIT, Inc. | | 74 | 149,266 |
| Nippon REIT Investment Corp. | | 12 | 39,030 |
| Nippon Seiki Co. Ltd. | | 2,800 | 49,233 |
| Nippon Sheet Glass Co. Ltd. | | 9,500 | 80,373 |
| Nippon Shinyaku Co. Ltd. | | 2,500 | 144,237 |
| Nippon Shokubai Co. Ltd. | | 2,300 | 148,394 |
| Nippon Signal Co. Ltd. | | 200 | 1,831 |
| Nippon Soda Co. Ltd. | | 2,400 | 62,619 |
| Nippon Steel & Sumikin Bussan Corp. | | 1,200 | 52,431 |
| Nippon Steel & Sumitomo Metal Corp. | | 39,395 | 726,687 |
| Nippon Suisan Kaisha Co. Ltd. | | 24,800 | 158,414 |
| Nippon Telegraph & Telephone Corp. | | 35,332 | 1,457,043 |
| Nippon Yusen KK | | 6,900 | 111,269 |
| Nipro Corp. | | 10,138 | 129,201 |
| Nishi-Nippon Financial Holdings, Inc. | | 8,300 | 79,149 |
| Nishi-Nippon Railroad Co. Ltd. | | 3,400 | 84,100 |
| Nishimatsu Construction Co. Ltd. | | 6,100 | 142,019 |
| Nishimatsuya Chain Co. Ltd. | | 1,000 | 8,916 |
| Nishio Rent All Co. Ltd. | | 1,200 | 38,605 |
| Nissan Chemical Corp. | | 7,700 | 363,065 |
| Nissan Motor Co. Ltd. | | 113,148 | 1,029,394 |
| Nissan Shatai Co. Ltd. | | 2,300 | 18,570 |
| Nissha Co. Ltd. | | 1,900 | 30,950 |
| Nisshin Oillio Group Ltd. | | 800 | 24,000 |
| Nisshin Seifun Group, Inc. | | 15,000 | 298,470 |
| Nisshin Steel Co. Ltd. | | 2,800 | 36,547 |
| Nisshinbo Holdings, Inc. | | 4,100 | 45,135 |
| Nissin Electric Co. Ltd. | | 400 | 3,272 |
| Nissin Food Holdings Co. Ltd. | | 2,900 | 187,362 |
| Nissin Kogyo Co. Ltd. | | 2,000 | 29,122 |
| Nitori Holdings Co. Ltd. | | 4,400 | 574,591 |
| Nitta Corp. | | 4,500 | 163,713 |
| Nitto Boseki Co. Ltd. | | 1,200 | 23,801 |
| Nitto Denko Corp. | | 9,142 | 571,147 |
| Nitto Kogyo Corp. | | 500 | 8,694 |
| NKSJ Holdings, Inc. | | 16,819 | 693,709 |
| Noevir Holdings Co. Ltd. | | 600 | 25,577 |
| NOF Corp. | | 3,400 | 96,575 |
| Nojima Co. Ltd. | | 1,100 | 25,980 |
| NOK Corp. | | 3,200 | 46,057 |
| NOMURA Co. Ltd. | | 2,400 | 54,558 |
| Nomura Holdings, Inc. | | 174,354 | 837,241 |
| Nomura Real Estate Holdings, Inc. | | 4,900 | 92,020 |
| Nomura Real Estate Master Fund, Inc. | | 189 | 245,054 |
| Nomura Research Institute Ltd. | | 5,270 | 233,527 |
| Noritz Corp. | | 1,500 | 21,788 |
| North Pacific Bank Ltd. | | 23,400 | 70,303 |
| NS Solutions Corp. | | 3,200 | 95,715 |
| NSD Co. Ltd. | | 1,200 | 25,460 |
| NSK Ltd. | | 19,800 | 195,623 |
| NTN Corp. | | 13,000 | 47,549 |
| NTT Data Corp. | | 32,500 | 417,251 |
| NTT DOCOMO, Inc. | | 64,130 | 1,590,350 |
| NTT Urban Development Co. | | 2,500 | 37,200 |
| Obara Group, Inc. | | 800 | 31,515 |
| Obayashi Corp. | | 38,200 | 337,238 |
| OBIC Business Consultants Ltd. | | 300 | 23,929 |
| OBIC Co. Ltd. | | 3,341 | 304,387 |
| Odakyu Electric Railway Co. Ltd. | | 15,600 | 329,795 |
| Ogaki Kyoritsu Bank Ltd. | | 800 | 17,760 |
| Ohsho Food Service Corp. | | 1,600 | 110,320 |
| Oiles Corp. | | 100 | 1,839 |
| Oji Holdings Corp. | | 50,000 | 355,056 |
| Okamoto Industries, Inc. | | 200 | 9,004 |
| Okamura Corp. | | 3,200 | 43,561 |
| Okasan Securities Group, Inc. | | 13,034 | 62,493 |
| Oki Electric Industry Co. Ltd. | | 2,800 | 38,325 |
| Okuma Corp. | | 1,000 | 49,931 |
| Okumura Corp. | | 1,000 | 31,506 |
| Olympus Corp. | | 14,700 | 489,977 |
| OMRON Corp. | | 10,300 | 418,080 |
| Ono Pharmaceutical Co. Ltd. | | 20,080 | 457,710 |
| Onward Holdings Co. Ltd. | | 6,000 | 36,159 |
| Open House Co. Ltd. | | 1,500 | 58,958 |
| Optex Group Co. Ltd. | | 2,400 | 43,795 |
| Oracle Corp. Japan | | 2,300 | 156,140 |
| Orient Corp. | | 7,300 | 11,451 |
| Oriental Land Co. Ltd. | | 10,434 | 981,583 |
| ORIX Corp. | | 68,820 | 1,122,857 |
| ORIX JREIT, Inc. | | 117 | 178,971 |
| Osaka Gas Co. Ltd. | | 18,800 | 343,777 |
| OSG Corp. | | 7,800 | 161,344 |
| Otsuka Corp. | | 5,500 | 182,789 |
| Otsuka Holdings Co. Ltd. | | 20,418 | 976,552 |
| Outsourcing, Inc. | | 3,300 | 41,822 |
| Pacific Industrial Co. Ltd. | | 7,600 | 111,203 |
| Pacific Metals Co. Ltd. | | 1,400 | 39,282 |
| PALTAC Corp. | | 2,000 | 102,096 |
| Panasonic Corp. | | 114,189 | 1,225,414 |
| Paramount Bed Holdings Co. Ltd. | | 1,000 | 42,141 |
| Park24 Co. Ltd. | | 4,840 | 127,440 |
| Penta-Ocean Construction Co. Ltd. | | 10,400 | 62,307 |
| Pepper Food Service Co. Ltd. | | 700 | 19,759 |
| PeptiDream, Inc. (a) | | 5,700 | 187,163 |
| Pigeon Corp. | | 6,300 | 267,444 |
| Pilot Corp. | | 1,600 | 88,483 |
| Piolax, Inc. | | 2,600 | 56,731 |
| Pioneer Corp. (a) | | 5,000 | 4,477 |
| Plenus Co. Ltd. | | 100 | 1,600 |
| Pola Orbis Holdings, Inc. | | 4,189 | 112,118 |
| Premier Investment Corp. | | 98 | 101,357 |
| Press Kogyo Co. Ltd. | | 8,100 | 37,042 |
| Pressance Corp. | | 200 | 2,276 |
| Prestige International, Inc. | | 800 | 9,104 |
| Prima Meat Packers Ltd. | | 1,000 | 18,868 |
| Raito Kogyo Co. Ltd. | | 4,000 | 54,061 |
| Rakuten, Inc. | | 47,995 | 324,638 |
| Recruit Holdings Co. Ltd. | | 57,454 | 1,542,042 |
| Relia, Inc. | | 200 | 2,214 |
| Relo Group, Inc. | | 7,300 | 172,480 |
| Renesas Electronics Corp. (a) | | 49,955 | 264,750 |
| Rengo Co. Ltd. | | 12,600 | 109,769 |
| Resona Holdings, Inc. | | 113,000 | 594,384 |
| Resorttrust, Inc. | | 2,800 | 43,104 |
| Ricoh Co. Ltd. | | 39,900 | 398,293 |
| Ricoh Leasing Co. Ltd. | | 300 | 9,851 |
| Ringer Hut Co. Ltd. | | 100 | 2,006 |
| Rinnai Corp. | | 1,861 | 135,573 |
| Riso Kagaku Corp. | | 100 | 2,114 |
| ROHM Co. Ltd. | | 5,300 | 372,952 |
| Rohto Pharmaceutical Co. Ltd. | | 4,600 | 145,948 |
| Round One Corp. | | 2,100 | 24,865 |
| Royal Holdings Co. Ltd. | | 100 | 2,475 |
| Ryobi Ltd. | | 1,500 | 43,803 |
| Ryohin Keikaku Co. Ltd. | | 1,283 | 338,957 |
| Ryosan Co. Ltd. | | 4,000 | 115,390 |
| Saizeriya Co. Ltd. | | 1,600 | 30,317 |
| Sakai Moving Service Co. Ltd. | | 400 | 20,667 |
| Sakata INX Corp. | | 1,600 | 15,896 |
| Sakata Seed Corp. | | 700 | 22,147 |
| San-A Co. Ltd. | | 1,000 | 42,230 |
| San-Ai Oil Co. Ltd. | | 2,200 | 23,767 |
| SanBio Co. Ltd. (a) | | 2,400 | 78,274 |
| Sanden Holdings Corp. (a) | | 200 | 2,182 |
| Sangetsu Corp. | | 1,000 | 19,232 |
| Sanken Electric Co. Ltd. | | 1,800 | 39,913 |
| Sanki Engineering Co. Ltd. | | 2,100 | 20,547 |
| Sankyo Co. Ltd. (Gunma) | | 3,100 | 118,274 |
| Sankyo Tateyama, Inc. | | 400 | 4,499 |
| Sankyu, Inc. | | 2,500 | 118,314 |
| Sanrio Co. Ltd. | | 6,500 | 130,536 |
| Santen Pharmaceutical Co. Ltd. | | 21,660 | 321,536 |
| Sanwa Holdings Corp. | | 19,000 | 223,113 |
| Sanyo Chemical Industries Ltd. | | 1,600 | 73,452 |
| Sanyo Special Steel Co. Ltd. | | 1,200 | 27,598 |
| Sapporo Breweries Ltd. | | 3,800 | 70,492 |
| Sato Holding Corp. | | 1,700 | 50,321 |
| Sawai Pharmaceutical Co. Ltd. | | 2,700 | 137,112 |
| SBI Holdings, Inc. Japan | | 11,800 | 309,654 |
| Screen Holdings Co. Ltd. | | 3,200 | 173,960 |
| SCSK Corp. | | 3,500 | 148,425 |
| Secom Co. Ltd. | | 10,533 | 862,353 |
| Sega Sammy Holdings, Inc. | | 8,019 | 103,262 |
| Seibu Holdings, Inc. | | 11,200 | 203,185 |
| Seikagaku Corp. | | 2,200 | 32,619 |
| Seiko Epson Corp. | | 19,673 | 316,957 |
| Seiko Holdings Corp. | | 3,200 | 76,799 |
| Seino Holdings Co. Ltd. | | 7,000 | 97,027 |
| Seiren Co. Ltd. | | 4,100 | 58,465 |
| Sekisui Chemical Co. Ltd. | | 18,400 | 289,123 |
| Sekisui House (REIT), Inc. | | 136 | 84,974 |
| Sekisui House Ltd. | | 30,880 | 453,227 |
| Sekisui Jushi Corp. | | 3,100 | 56,239 |
| SENKO Co. Ltd. | | 3,300 | 25,590 |
| Senshu Ikeda Holdings, Inc. | | 17,690 | 54,402 |
| Septeni Holdings Co. Ltd. | | 1,000 | 1,702 |
| Seria Co. Ltd. | | 2,000 | 67,444 |
| Seven & i Holdings Co. Ltd. | | 38,429 | 1,663,976 |
| Seven Bank Ltd. | | 57,200 | 178,948 |
| SG Holdings Co. Ltd. | | 5,300 | 133,586 |
| Sharp Corp. | | 9,200 | 141,137 |
| Shibuya Corp. | | 200 | 6,718 |
| Shiga Bank Ltd. | | 1,000 | 23,291 |
| Shikoku Electric Power Co., Inc. | | 8,900 | 112,004 |
| Shima Seiki Manufacturing Ltd. | | 1,200 | 32,437 |
| Shimachu Co. Ltd. | | 2,900 | 75,999 |
| Shimadzu Corp. | | 13,000 | 328,701 |
| Shimamura Co. Ltd. | | 1,200 | 100,926 |
| SHIMANO, Inc. | | 3,765 | 515,191 |
| SHIMIZU Corp. | | 30,500 | 247,579 |
| Shin-Etsu Chemical Co. Ltd. | | 19,035 | 1,590,575 |
| Shinko Electric Industries Co. Ltd. | | 1,800 | 12,523 |
| Shinmaywa Industries Ltd. | | 9,500 | 116,861 |
| Shinsei Bank Ltd. | | 10,100 | 153,853 |
| Shionogi & Co. Ltd. | | 16,400 | 1,048,677 |
| Ship Healthcare Holdings, Inc. | | 2,800 | 101,369 |
| Shiseido Co. Ltd. | | 19,355 | 1,221,213 |
| Shizuoka Bank Ltd. | | 20,100 | 175,855 |
| Shizuoka Gas Co. Ltd. | | 3,800 | 32,869 |
| SHO-BOND Holdings Co. Ltd. | | 1,600 | 114,007 |
| Shochiku Co. Ltd. | | 800 | 78,061 |
| Showa Corp. | | 3,200 | 44,327 |
| Showa Denko K.K. | | 7,382 | 321,439 |
| Showa Sangyo Co. Ltd. | | 200 | 5,006 |
| Showa Shell Sekiyu K.K. | | 11,100 | 211,856 |
| Siix Corp. | | 1,400 | 18,996 |
| Sintokogio Ltd. | | 600 | 5,174 |
| SKY Perfect JSAT Holdings, Inc. | | 3,000 | 13,321 |
| Skylark Co. Ltd. | | 9,100 | 141,780 |
| SMC Corp. | | 2,967 | 950,565 |
| SMS Co., Ltd. | | 2,200 | 36,870 |
| Sodick Co. Ltd. | | 600 | 4,520 |
| SoftBank Corp. | | 43,001 | 3,403,048 |
| Sohgo Security Services Co., Ltd. | | 3,100 | 138,193 |
| Sojitz Corp. | | 49,100 | 165,121 |
| Sony Corp. | | 65,605 | 3,550,330 |
| Sony Financial Holdings, Inc. | | 8,200 | 189,170 |
| Sosei Group Corp. (a) | | 3,712 | 28,851 |
| Sotetsu Holdings, Inc. | | 5,500 | 168,410 |
| Square Enix Holdings Co. Ltd. | | 5,300 | 189,999 |
| St. Marc Holdings Co. Ltd. | | 100 | 2,377 |
| Stanley Electric Co. Ltd. | | 6,339 | 187,920 |
| Star Micronics Co. Ltd. | | 2,800 | 39,878 |
| Starts Corp., Inc. | | 500 | 10,396 |
| Subaru Corp. | | 31,425 | 847,680 |
| Sugi Holdings Co. Ltd. | | 3,400 | 155,785 |
| Sumco Corp. | | 15,800 | 213,253 |
| Sumitomo Bakelite Co. Ltd. | | 2,400 | 86,888 |
| Sumitomo Chemical Co. Ltd. | | 90,000 | 450,845 |
| Sumitomo Corp. | | 57,200 | 867,534 |
| Sumitomo Electric Industries Ltd. | | 37,400 | 510,046 |
| Sumitomo Forestry Co. Ltd. | | 6,123 | 91,111 |
| Sumitomo Heavy Industries Ltd. | | 5,347 | 168,167 |
| Sumitomo Metal Mining Co. Ltd. | | 12,200 | 384,130 |
| Sumitomo Mitsui Construction Co. Ltd. | | 19,960 | 125,419 |
| Sumitomo Mitsui Financial Group, Inc. | | 69,133 | 2,691,700 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 16,800 | 667,523 |
| Sumitomo Osaka Cement Co. Ltd. | | 1,403 | 52,126 |
| Sumitomo Realty & Development Co. Ltd. | | 18,787 | 645,523 |
| Sumitomo Riko Co. Ltd. | | 500 | 4,134 |
| Sumitomo Rubber Industries Ltd. | | 17,100 | 246,267 |
| Sumitomo Seika Chemicals Co. Ltd. | | 100 | 4,998 |
| Sundrug Co. Ltd. | | 5,341 | 194,072 |
| Suntory Beverage & Food Ltd. | | 7,700 | 314,251 |
| Sushiro Global Holdings Ltd. | | 1,500 | 78,965 |
| Suzuken Co. Ltd. | | 4,100 | 207,843 |
| Suzuki Motor Corp. | | 18,240 | 909,569 |
| Sysmex Corp. | | 8,500 | 596,925 |
| SystemPro Co. Ltd. | | 3,600 | 43,487 |
| T&D Holdings, Inc. | | 28,400 | 453,994 |
| Tachi-S Co. Ltd. | | 1,100 | 15,520 |
| Tadano Ltd. | | 3,500 | 37,781 |
| Taiheiyo Cement Corp. | | 8,891 | 261,633 |
| Taikisha Ltd. | | 1,100 | 31,099 |
| Taisei Corp. | | 11,700 | 500,391 |
| Taisho Pharmaceutical Holdings Co. Ltd. | | 2,000 | 213,409 |
| Taiyo Holdings Co. Ltd. | | 500 | 17,880 |
| Taiyo Nippon Sanso Corp. | | 8,400 | 135,267 |
| Taiyo Yuden Co. Ltd. | | 7,300 | 147,002 |
| Takara Bio, Inc. | | 3,100 | 73,163 |
| Takara Holdings, Inc. | | 10,869 | 152,477 |
| Takara Leben Co. Ltd. | | 300 | 864 |
| Takara Standard Co. Ltd. | | 1,200 | 18,569 |
| Takasago International Corp. | | 100 | 3,186 |
| Takasago Thermal Engineering Co. Ltd. | | 500 | 8,552 |
| Takashimaya Co. Ltd. | | 7,000 | 110,164 |
| Takeda Pharmaceutical Co. Ltd. | | 37,421 | 1,551,458 |
| Takeuchi Manufacturing Co. Ltd. | | 1,300 | 26,925 |
| Takuma Co. Ltd. | | 3,000 | 38,126 |
| Tamron Co. Ltd. | | 300 | 5,360 |
| TDK Corp. | | 6,481 | 558,857 |
| TechnoPro Holdings, Inc. | | 1,800 | 94,120 |
| TECMO KOEI HOLDINGS CO., LTD. | | 5,160 | 81,812 |
| Teijin Ltd. | | 13,000 | 225,377 |
| Tekken Corp. | | 100 | 2,499 |
| Temp Holdings Co., Ltd. | | 8,200 | 156,101 |
| Terumo Corp. | | 15,900 | 858,313 |
| The Aichi Bank Ltd. | | 100 | 3,824 |
| The Aomori Bank Ltd. | | 1,000 | 27,296 |
| The Awa Bank Ltd. | | 2,400 | 65,405 |
| The Bank of Iwate Ltd. | | 2,200 | 83,937 |
| The Bank of Okinawa Ltd. | | 500 | 16,728 |
| The Bank of Saga Ltd. | | 300 | 5,785 |
| The Chugoku Bank Ltd. | | 10,700 | 96,536 |
| The Chukyo Bank Ltd. | | 1,400 | 28,215 |
| The Eighteenth Bank Ltd. | | 100 | 2,725 |
| The Hachijuni Bank Ltd. | | 12,800 | 54,224 |
| The Hokkoku Bank Ltd. | | 500 | 18,390 |
| The Hyakugo Bank Ltd. | | 7,000 | 25,808 |
| The Keiyo Bank Ltd. | | 3,000 | 21,935 |
| The Kiyo Bank Ltd. | | 1,800 | 26,784 |
| The Miyazaki Bank Ltd. | | 2,500 | 65,317 |
| The Musashino Bank Ltd. | | 900 | 24,407 |
| The Nanto Bank Ltd. | | 500 | 11,455 |
| The Oita Bank Ltd. | | 1,000 | 33,234 |
| The Okinawa Electric Power Co., Inc. | | 1,787 | 33,369 |
| The Pack Corp. | | 300 | 8,601 |
| The San-In Godo Bank Ltd. | | 4,500 | 34,218 |
| The Shikoku Bank Ltd. | | 5,900 | 66,511 |
| The Sumitomo Warehouse Co. Ltd. | | 500 | 5,880 |
| The Suruga Bank Ltd. | | 7,900 | 37,317 |
| The Tochigi Bank Ltd. | | 400 | 1,166 |
| The Toho Bank Ltd. | | 9,000 | 31,985 |
| The Towa Bank Ltd. | | 1,400 | 11,427 |
| The Yamagata Bank Ltd. | | 200 | 4,059 |
| The Yamanashi Chuo Bank Ltd. | | 3,400 | 48,694 |
| THK Co. Ltd. | | 8,300 | 183,970 |
| TKC Corp. | | 1,400 | 53,352 |
| Toagosei Co. Ltd. | | 9,400 | 96,637 |
| Tobu Railway Co. Ltd. | | 8,800 | 244,751 |
| Toc Co. Ltd. | | 2,400 | 16,357 |
| Tocalo Co. Ltd. | | 3,600 | 31,299 |
| Toda Corp. | | 11,000 | 74,188 |
| Toei Co. Ltd. | | 600 | 65,618 |
| Toho Co. Ltd. | | 6,300 | 205,540 |
| Toho Gas Co. Ltd. | | 3,500 | 120,973 |
| Toho Holdings Co. Ltd. | | 1,200 | 31,543 |
| Toho Zinc Co. Ltd. | | 1,000 | 31,961 |
| Tohoku Electric Power Co., Inc. | | 23,100 | 292,345 |
| Tokai Carbon Co. Ltd. (b) | | 10,500 | 164,397 |
| TOKAI Holdings Corp. | | 3,000 | 25,072 |
| Tokai Rika Co. Ltd. | | 2,100 | 38,376 |
| Tokai Tokyo Financial Holdings | | 9,400 | 48,568 |
| Token Corp. | | 200 | 12,939 |
| Tokio Marine Holdings, Inc. | | 34,793 | 1,639,173 |
| Tokushu Tokai Paper Co. Ltd. | | 400 | 15,438 |
| Tokuyama Corp. | | 2,935 | 65,632 |
| Tokyo Broadcasting System Holding | | 700 | 13,015 |
| Tokyo Century Corp. | | 2,000 | 107,236 |
| Tokyo Dome Corp. | | 9,900 | 87,140 |
| Tokyo Electric Power Co., Inc. (a) | | 75,728 | 387,589 |
| Tokyo Electron Ltd. | | 8,523 | 1,150,168 |
| Tokyo Gas Co. Ltd. | | 21,535 | 529,608 |
| Tokyo Ohka Kogyo Co. Ltd. | | 2,000 | 53,707 |
| Tokyo Seimitsu Co. Ltd. | | 2,800 | 67,373 |
| Tokyo Steel Manufacturing Co. Ltd. | | 4,700 | 37,030 |
| Tokyo Tatemono Co. Ltd. | | 8,800 | 94,645 |
| Tokyo TY Financial Group, Inc. | | 1,500 | 24,288 |
| Tokyotokeiba Co. Ltd. | | 1,200 | 42,434 |
| Tokyu Construction Co. Ltd. | | 2,500 | 22,644 |
| Tokyu Corp. | | 24,000 | 396,491 |
| Tokyu Fudosan Holdings Corp. | | 31,500 | 177,482 |
| Tokyu REIT, Inc. | | 95 | 133,784 |
| TOMONY Holdings, Inc. | | 3,900 | 15,173 |
| Tomy Co. Ltd. | | 2,500 | 29,180 |
| Topcon Corp. | | 3,760 | 54,716 |
| Toppan Forms Co. Ltd. | | 300 | 2,733 |
| Toppan Printing Co. Ltd. | | 18,000 | 254,474 |
| Topre Corp. | | 2,700 | 56,233 |
| Topy Industries Ltd. | | 100 | 2,694 |
| Toray Industries, Inc. | | 78,200 | 554,696 |
| TORIDOLL Holdings Corp. | | 800 | 13,549 |
| Toshiba Corp. (a) | | 34,352 | 1,029,023 |
| Toshiba Machine Co. Ltd. | | 1,000 | 18,983 |
| Toshiba Plant Systems & Services Corp. | | 4,600 | 94,091 |
| Toshiba Tec Corp. | | 2,800 | 83,627 |
| Tosho Co. Ltd. | | 200 | 7,772 |
| Tosoh Corp. | | 13,100 | 172,472 |
| Totetsu Kogyo Co. Ltd. | | 400 | 9,880 |
| Toto Ltd. | | 8,200 | 293,365 |
| Towa Pharmaceutical Co. Ltd. | | 800 | 61,825 |
| Toyo Engineering Corp. (a) | | 200 | 1,613 |
| Toyo Ink South Carolina Holdings Co. Ltd. | | 2,949 | 68,710 |
| Toyo Seikan Group Holdings Ltd. | | 8,400 | 171,375 |
| Toyo Suisan Kaisha Ltd. | | 4,036 | 139,142 |
| Toyo Tire & Rubber Co. Ltd. | | 7,200 | 120,601 |
| Toyobo Co. Ltd. | | 3,200 | 45,483 |
| Toyoda Gosei Co. Ltd. | | 3,600 | 77,689 |
| Toyota Boshoku Corp. | | 3,100 | 51,843 |
| Toyota Industries Corp. | | 7,600 | 373,820 |
| Toyota Motor Corp. | | 117,292 | 6,871,079 |
| Toyota Tsusho Corp. | | 11,649 | 420,396 |
| TPR Co. Ltd. | | 1,200 | 29,257 |
| Trancom Co. Ltd. | | 100 | 5,716 |
| Trans Cosmos, Inc. | | 300 | 6,798 |
| Trend Micro, Inc. | | 6,100 | 351,151 |
| Trusco Nakayama Corp. | | 3,200 | 80,684 |
| TS tech Co. Ltd. | | 1,600 | 46,085 |
| TSI Holdings Co. Ltd. | | 5,300 | 36,121 |
| Tsubaki Nakashima Co. Ltd. | | 3,400 | 62,676 |
| Tsubakimoto Chain Co. | | 1,200 | 46,262 |
| Tsugami Corp. | | 4,000 | 35,982 |
| Tsukui Corp. | | 600 | 5,163 |
| Tsumura & Co. | | 5,984 | 186,677 |
| Tsuruha Holdings, Inc. | | 2,400 | 250,135 |
| TV Asahi Corp. | | 100 | 1,867 |
| Uacj Corp. | | 1,600 | 35,067 |
| Ube Industries Ltd. | | 4,400 | 95,844 |
| Ulvac, Inc. | | 1,959 | 63,978 |
| Unicharm Corp. | | 21,900 | 596,241 |
| Unipres Corp. | | 1,800 | 32,288 |
| United Arrows Ltd. | | 400 | 15,066 |
| United Super Markets Holdings, Inc. | | 2,500 | 27,429 |
| United Technology Holdings Co. Ltd. (a) | | 1,500 | 45,132 |
| United Urban Investment Corp. | | 139 | 211,761 |
| Unitika Ltd. (a) | | 300 | 1,530 |
| Universal Entertainment Corp. (a) | | 1,000 | 30,310 |
| Unizo Holdings Co. Ltd. | | 3,800 | 71,565 |
| Ushio, Inc. | | 3,100 | 37,557 |
| USS Co. Ltd. | | 8,500 | 153,450 |
| V Technology Co. Ltd. | | 200 | 25,843 |
| Valor Holdings Co. Ltd. | | 3,500 | 75,220 |
| Vector, Inc. | | 900 | 15,426 |
| VT Holdings Co. Ltd. | | 400 | 1,666 |
| W-Scope Corp. | | 800 | 7,948 |
| Wacoal Holdings Corp. | | 2,000 | 55,125 |
| Wacom Co. Ltd. | | 4,200 | 19,616 |
| Welcia Holdings Co. Ltd. | | 2,700 | 137,830 |
| West Japan Railway Co. | | 8,356 | 562,005 |
| Xebio Holdings Co. Ltd. | | 500 | 6,939 |
| YA-MAN Ltd. | | 1,600 | 25,822 |
| Yahoo! Japan Corp. | | 148,765 | 464,117 |
| Yakult Honsha Co. Ltd. | | 5,800 | 411,734 |
| YAMABIKO Corp. (a) | | 200 | 2,155 |
| Yamada Denki Co. Ltd. | | 27,810 | 131,120 |
| Yamaguchi Financial Group, Inc. | | 10,000 | 105,730 |
| Yamaha Corp. | | 6,700 | 294,427 |
| Yamaha Motor Co. Ltd. | | 16,507 | 390,388 |
| Yamato Holdings Co. Ltd. | | 16,000 | 437,415 |
| Yamato Kogyo Co. Ltd. | | 2,800 | 73,701 |
| Yamazaki Baking Co. Ltd. | | 7,300 | 131,722 |
| Yamazen Co. Ltd. | | 300 | 3,289 |
| Yaoko Co. Ltd. | | 400 | 21,837 |
| Yaskawa Electric Corp. | | 13,600 | 393,090 |
| Yodogawa Steel Works Ltd. | | 900 | 19,590 |
| Yokogawa Bridge Holdings Corp. | | 2,300 | 37,343 |
| Yokogawa Electric Corp. | | 14,412 | 282,966 |
| Yokohama Reito Co. Ltd. | | 800 | 6,353 |
| Yokohama Rubber Co. Ltd. | | 6,300 | 122,040 |
| Yondoshi Holdings, Inc. | | 1,600 | 34,004 |
| YONEX Co. Ltd. | | 4,400 | 25,425 |
| Yoshinoya Holdings Co. Ltd. | | 2,300 | 37,791 |
| Yuasa Trading Co. Ltd. | | 400 | 13,134 |
| Zenkoku Hosho Co. Ltd. | | 2,500 | 90,619 |
| Zenrin Co. Ltd. | | 1,050 | 26,121 |
| Zensho Holdings Co. Ltd. | | 5,700 | 110,530 |
| Zeon Corp. | | 6,000 | 58,120 |
| ZERIA Pharmaceutical Co. Ltd. | | 2,300 | 43,030 |
| Zojirushi Thermos | | 3,600 | 39,243 |
| Zozo, Inc. | | 9,900 | 238,562 |
|
| TOTAL JAPAN | | | 205,101,457 |
|
| Korea (South) - 3.0% | | | |
| Advanced Process Systems Corp. (a) | | 72 | 1,596 |
| AhnLab, Inc. | | 84 | 2,989 |
| AMOREPACIFIC Corp. | | 1,894 | 253,972 |
| AMOREPACIFIC Group, Inc. | | 1,471 | 80,061 |
| Asiana Airlines, Inc. (a) | | 10,253 | 32,799 |
| BGF Retail Co. Ltd. | | 506 | 74,725 |
| BGFretail Co. Ltd. | | 304 | 1,982 |
| BS Financial Group, Inc. | | 16,547 | 110,072 |
| Bukwang Pharmaceutical Co. Ltd. | | 1,599 | 31,251 |
| Celltrion Healthcare Co. Ltd. | | 1,933 | 107,916 |
| Celltrion Pharm, Inc. | | 791 | 37,089 |
| Celltrion, Inc. (a) | | 4,197 | 800,042 |
| Cheil Industries, Inc. | | 4,310 | 409,847 |
| Cheil Worldwide, Inc. | | 1,563 | 31,096 |
| Chong Kun Dang Pharmaceutical Corp. | | 163 | 12,386 |
| CJ CGV Co. Ltd. | | 1,440 | 50,924 |
| CJ CheilJedang Corp. | | 476 | 135,166 |
| CJ Corp. | | 834 | 79,672 |
| CJ O Shopping Co. Ltd. | | 753 | 149,148 |
| Com2uS Corp. | | 659 | 73,986 |
| Cosmax, Inc. | | 1,075 | 108,348 |
| Coway Co. Ltd. | | 3,341 | 205,848 |
| Daelim Industrial Co. | | 2,309 | 153,798 |
| Daesang Corp. | | 710 | 14,032 |
| Daewoo Engineering & Construction Co. Ltd. (a) | | 8,142 | 32,290 |
| Daewoong Pharmaceutical Co. Ltd. | | 322 | 39,791 |
| Daou Technology, Inc. | | 1,864 | 32,673 |
| Db Insurance Co. Ltd. | | 3,818 | 240,256 |
| DGB Financial Group Co. Ltd. | | 9,863 | 81,255 |
| DIO Corp. (a) | | 21 | 479 |
| Dong Suh Companies, Inc. | | 448 | 7,323 |
| Dong-A Socio Holdings Co. Ltd. | | 6 | 467 |
| Dongbu HiTek Co. Ltd. | | 1,070 | 10,644 |
| Dongkuk Steel Mill Co. Ltd. | | 3,645 | 22,586 |
| Dongwon Industries Co. | | 9 | 1,905 |
| Doosan Bobcat, Inc. | | 4,021 | 124,048 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 4,885 | 46,881 |
| Doosan Infracore Co. Ltd. (a) | | 8,372 | 56,498 |
| DOUBLEUGAMES Co. Ltd. | | 331 | 18,914 |
| DuzonBizon Co. Ltd. | | 1,292 | 49,087 |
| E-Mart Co. Ltd. | | 1,185 | 212,386 |
| Ecopro Co. Ltd. (a) | | 1,658 | 57,325 |
| EO Technics Co. Ltd. | | 146 | 6,251 |
| Fila Korea Ltd. | | 2,675 | 98,583 |
| Foosung Co. Ltd. (a) | | 328 | 2,510 |
| G-treeBNT Co. Ltd. (a) | | 987 | 19,160 |
| GemVax & Kael Co. Ltd. (a) | | 176 | 1,913 |
| Genexine Co. Ltd. (a) | | 932 | 60,690 |
| Grand Korea Leisure Co. Ltd. | | 2,509 | 48,927 |
| Green Cross Corp. | | 278 | 29,116 |
| Green Cross Holdings Corp. | | 5,749 | 104,550 |
| GS Engineering & Construction Corp. | | 3,398 | 124,335 |
| GS Holdings Corp. | | 1,825 | 77,575 |
| GS Retail Co. Ltd. | | 2,417 | 76,048 |
| Halla Holdings Corp. | | 157 | 5,628 |
| Hana Financial Group, Inc. | | 16,627 | 558,119 |
| Hana Tour Service, Inc. | | 861 | 44,823 |
| HanAll BioPharma Co. Ltd. (a) | | 1,336 | 27,750 |
| Handsome Co. Ltd. | | 125 | 3,988 |
| Hanjin Kal Corp. | | 2,719 | 45,992 |
| Hankook Tire Co. Ltd. | | 3,713 | 134,722 |
| Hankook Tire Worldwide Co. Ltd. | | 144 | 2,133 |
| Hanmi Pharm Co. Ltd. | | 305 | 104,117 |
| Hanmi Science Co. Ltd. | | 660 | 38,582 |
| Hanon Systems | | 10,202 | 97,907 |
| Hansae Co. Ltd. | | 90 | 1,463 |
| Hansol Chemical Co. Ltd. | | 46 | 3,193 |
| Hanssem Co. Ltd. | | 376 | 16,098 |
| Hanwha Aerospace Co. Ltd. (a) | | 1,726 | 43,037 |
| Hanwha Chemical Corp. | | 6,545 | 92,640 |
| Hanwha Corp. | | 1,560 | 38,419 |
| Hanwha Life Insurance Co. Ltd. | | 12,105 | 47,582 |
| HDC Hyundai Development Co. (a) | | 2,195 | 84,645 |
| Hite Jinro Co. Ltd. | | 2,113 | 29,167 |
| HLB, Inc. (a) | | 1,630 | 123,714 |
| Homecast Co. Ltd.(a) | | 104 | 513 |
| Hotel Shilla Co. | | 1,390 | 86,860 |
| Huchems Fine Chemical Corp. | | 136 | 2,598 |
| HUGEL, Inc. (a) | | 80 | 19,239 |
| Hyosung Advanced Materials Co. (a) | | 92 | 8,426 |
| Hyosung Chemical Co. Ltd. (a) | | 66 | 7,520 |
| Hyosung Corp. | | 286 | 12,859 |
| Hyosung Heavy Industries Co. Ltd. (a) | | 193 | 7,164 |
| Hyosung TNC Co. Ltd. (a) | | 89 | 13,611 |
| Hyundai Construction Equipment Co. Ltd. | | 174 | 11,346 |
| Hyundai Department Store Co. Ltd. | | 1,315 | 99,922 |
| Hyundai Electric & Energy System Co. Ltd. | | 54 | 2,229 |
| Hyundai Elevator Co. Ltd. | | 1,002 | 69,991 |
| Hyundai Engineering & Construction Co. Ltd. | | 4,345 | 174,219 |
| Hyundai Fire & Marine Insurance Co. Ltd. | | 5,538 | 202,882 |
| Hyundai Glovis Co. Ltd. | | 1,172 | 117,097 |
| Hyundai Greenfood Co. Ltd. | | 1,111 | 12,025 |
| Hyundai Heavy Industries Co. Ltd. (a) | | 2,232 | 243,544 |
| Hyundai Home Shopping Network Corp. | | 100 | 8,554 |
| Hyundai Industrial Development & Construction Co. | | 972 | 14,312 |
| Hyundai Merchant Marine Co. Ltd. (a) | | 17,796 | 58,956 |
| Hyundai Mipo Dockyard Co. Ltd. (a) | | 510 | 42,016 |
| Hyundai Mobis | | 3,745 | 623,620 |
| Hyundai Motor Co. | | 7,997 | 746,433 |
| Hyundai Robotics Co. Ltd. (a) | | 680 | 212,463 |
| Hyundai Rotem Co. Ltd. (a) | | 1,945 | 37,246 |
| Hyundai Steel Co. | | 4,123 | 150,864 |
| Hyundai Wia Corp. | | 1,099 | 28,510 |
| Iljin Materials Co. Ltd. | | 2,130 | 84,845 |
| Illinois-Yang Pharmaceutical Co. Ltd. (a) | | 24 | 538 |
| Industrial Bank of Korea | | 11,646 | 151,572 |
| ING Life Insurance Korea Ltd. (c) | | 2,082 | 55,928 |
| INNOCEAN Worldwide, Inc. | | 16 | 813 |
| iNtRON Biotechnology, Inc. (a) | | 998 | 30,876 |
| IS Dongseo Co. Ltd. | | 24 | 651 |
| JB Financial Group Co. Ltd. | | 11,115 | 53,481 |
| Jeil Pharmaceutical Co. Ltd. | | 60 | 2,209 |
| Jenax, Inc. (a) | | 1,126 | 19,244 |
| JW Holdings Corp. | | 118 | 605 |
| JW Pharmaceutical Corp. | | 102 | 2,963 |
| Kakao Corp. | | 3,400 | 272,954 |
| Kangwon Land, Inc. | | 8,707 | 219,010 |
| KB Financial Group, Inc. | | 19,878 | 826,752 |
| KC Tech Co. Ltd. | | 313 | 3,141 |
| KC Tech Co. Ltd. | | 264 | 3,760 |
| KCC Corp. | | 369 | 79,880 |
| KEPCO Plant Service & Engineering Co. Ltd. | | 1,160 | 27,958 |
| Kia Motors Corp. | | 15,263 | 379,903 |
| Kiwoom Securities Co. Ltd. | | 1,279 | 84,631 |
| Koh Young Technology, Inc. | | 946 | 74,785 |
| Kolmar Korea Co. Ltd. | | 356 | 16,911 |
| Kolon Industries, Inc. | | 569 | 25,034 |
| Kolon Life Science, Inc. | | 175 | 9,448 |
| Komipharm International Co. Ltd. (a) | | 2,473 | 46,166 |
| Korea Aerospace Industries Ltd. (a) | | 4,911 | 124,604 |
| Korea Electric Power Corp. | | 14,139 | 337,301 |
| Korea Electric Terminal Co. Ltd. | | 40 | 1,311 |
| Korea Express Co. Ltd. (a) | | 585 | 81,264 |
| Korea Gas Corp. (a) | | 1,263 | 57,671 |
| Korea Investment Holdings Co. Ltd. | | 3,294 | 171,196 |
| Korea Petro Chemical Industries Co. Ltd. | | 202 | 27,618 |
| Korea Real Estate Investment Trust Co. | | 960 | 1,973 |
| Korea Zinc Co. Ltd. | | 409 | 135,855 |
| Korean Air Lines Co. Ltd. | | 2,873 | 69,118 |
| Korean Reinsurance Co. | | 3,067 | 26,047 |
| KT Corp. | | 90 | 2,262 |
| KT Corp. sponsored ADR | | 640 | 8,858 |
| KT Skylife Co. Ltd. | | 136 | 1,478 |
| KT&G Corp. | | 6,242 | 555,270 |
| Kumho Petro Chemical Co. Ltd. | | 922 | 69,574 |
| Kumho Tire Co., Inc. (a) | | 6,369 | 28,021 |
| LG Chemical Ltd. | | 2,358 | 717,113 |
| LG Corp. | | 6,205 | 360,553 |
| LG Display Co. Ltd. | | 14,478 | 210,987 |
| LG Electronics, Inc. | | 6,186 | 343,185 |
| LG Fashion Corp. | | 1,267 | 24,318 |
| LG Hausys Ltd. | | 145 | 6,100 |
| LG Home Shopping, Inc. | | 38 | 6,454 |
| LG Household & Health Care Ltd. | | 491 | 449,259 |
| LG Innotek Co. Ltd. | | 911 | 99,004 |
| LG International Corp. | | 1,950 | 26,746 |
| LG Telecom Ltd. | | 14,817 | 209,724 |
| Lotte Chemical Corp. | | 963 | 221,549 |
| Lotte Confectionery Co. Ltd. (a) | | 2,279 | 94,975 |
| Lotte Fine Chemical Co. Ltd. | | 1,033 | 36,893 |
| LOTTE Hi-Mart Co. Ltd. | | 97 | 4,769 |
| Lotte Samkang Co. Ltd. | | 1 | 575 |
| Lotte Shopping Co. Ltd. | | 562 | 95,309 |
| LS Cable Ltd. | | 839 | 37,134 |
| LS Industrial Systems Ltd. | | 1,241 | 53,458 |
| Mando Corp. | | 1,635 | 43,777 |
| Medipost Co. Ltd. (a) | | 320 | 21,932 |
| Medy-Tox, Inc. | | 323 | 132,031 |
| Meritz Financial Holdings Co. | | 497 | 4,508 |
| Meritz Fire & Marine Insurance Co. Ltd. | | 1,224 | 19,524 |
| Meritz Securities Co. Ltd. | | 39,576 | 137,701 |
| Mirae Asset Daewoo Co. Ltd. | | 17,391 | 98,005 |
| Mirae Asset Life Insurance Co. Ltd. | | 883 | 3,525 |
| NAVER Corp. | | 7,035 | 705,966 |
| NCSOFT Corp. | | 1,066 | 401,268 |
| Netmarble Corp. (c) | | 1,103 | 108,270 |
| Nexen Corp. | | 3,437 | 15,573 |
| Nexen Tire Corp. | | 309 | 2,213 |
| NHN Entertainment Corp. (a) | | 450 | 18,083 |
| Nong Shim Co. Ltd. | | 55 | 10,508 |
| Oci Co. Ltd. | | 881 | 65,785 |
| Orion Corp./Republic of Korea | | 1,325 | 110,436 |
| Orion Holdings Corp. | | 184 | 2,524 |
| Osstem Implant Co. Ltd. (a) | | 126 | 4,715 |
| Ottogi Corp. | | 19 | 10,974 |
| Paradise Co. Ltd. | | 2,531 | 39,706 |
| Partron Co. Ltd. | | 892 | 6,794 |
| Pearl Abyss Corp. (a) | | 493 | 88,835 |
| Pharmicell Co. Ltd. (a) | | 3,798 | 40,110 |
| Poongsan Corp. | | 1,184 | 25,060 |
| POSCO | | 4,022 | 919,438 |
| POSCO Chemtech Co. Ltd. | | 1,079 | 61,563 |
| Posco Daewoo Corp. | | 1,030 | 16,068 |
| S&T Motiv Co. Ltd. | | 21 | 484 |
| S-Oil Corp. | | 2,906 | 315,814 |
| S.M. Entertainment Co. Ltd. (a) | | 1,057 | 40,668 |
| S1 Corp. | | 2,158 | 182,513 |
| Samlip General Food Co. Ltd. | | 19 | 2,090 |
| Samsung Biologics Co. Ltd. (a)(c) | | 866 | 294,106 |
| Samsung Card Co. Ltd. | | 5,794 | 170,875 |
| Samsung Electro-Mechanics Co. Ltd. | | 3,090 | 319,562 |
| Samsung Electronics Co. Ltd. | | 251,216 | 9,335,283 |
| Samsung Engineering Co. Ltd. (a) | | 8,488 | 135,763 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 1,768 | 431,541 |
| Samsung Heavy Industries Co. Ltd. (a) | | 32,488 | 198,174 |
| Samsung Life Insurance Co. Ltd. | | 4,218 | 340,102 |
| Samsung SDI Co. Ltd. | | 2,998 | 618,781 |
| Samsung SDS Co. Ltd. | | 1,972 | 332,699 |
| Samsung Securities Co. Ltd. | | 3,201 | 75,045 |
| Samyang Holdings Corp. | | 20 | 1,513 |
| Sebang Global Battery Co. Ltd. | | 44 | 1,354 |
| Seegene, Inc. (a) | | 124 | 2,000 |
| Seoul Semiconductor Co. Ltd. | | 3,465 | 62,103 |
| SFA Engineering Corp. | | 764 | 26,047 |
| Shinhan Financial Group Co. Ltd. | | 23,852 | 887,259 |
| Shinsegae Co. Ltd. | | 400 | 90,622 |
| SillaJen, Inc. (a) | | 3,581 | 216,241 |
| SK C&C Co. Ltd. | | 2,039 | 467,308 |
| SK Chemicals Co. Ltd. | | 563 | 13,347 |
| SK Chemicals Co. Ltd./New (a) | | 604 | 31,973 |
| SK Energy Co. Ltd. | | 3,556 | 665,387 |
| SK Gas Co. Ltd. | | 28 | 1,794 |
| SK Hynix, Inc. | | 30,899 | 1,846,899 |
| SK Materials Co., Ltd. | | 159 | 25,947 |
| SK Networks Co. Ltd. | | 2,149 | 8,014 |
| SK Securities Co. Ltd. (a) | | 9,793 | 6,351 |
| SK Securities Co. Ltd. rights 12/4/18 (a) | | 2,605 | 402 |
| SK Telecom Co. Ltd. | | 1,060 | 248,742 |
| SKC Co. Ltd. | | 1,350 | 39,222 |
| Soulbrain Co. Ltd. | | 328 | 15,121 |
| Ssangyong Cement Industrial Co. Ltd. | | 10,220 | 42,949 |
| STX Pan Ocean Co. Ltd. (Korea) (a) | | 27,089 | 113,247 |
| Taekwang Industrial Co. Ltd. | | 2 | 2,587 |
| Telcon Rf Pharmaceutical, Inc. (a) | | 2,567 | 22,723 |
| Texcell-NetCom Co. Ltd. (a) | | 1,752 | 26,948 |
| Tong Yang Life Insurance Co. Ltd. | | 381 | 1,887 |
| Tongyang, Inc. | | 451 | 628 |
| Toptec Co. Ltd. | | 877 | 10,184 |
| Vieworks Co. Ltd. | | 36 | 1,019 |
| ViroMed Co. Ltd. (a) | | 589 | 96,171 |
| WONIK IPS Co. Ltd. | | 486 | 8,093 |
| Woori Bank | | 30,751 | 424,477 |
| Woori Investment & Securities Co. Ltd. | | 12,772 | 136,003 |
| Youngone Corp. | | 1,963 | 61,505 |
| Yuhan Corp. | | 1,103 | 161,922 |
| YUNGJIN Pharmaceutical Co. Ltd. (a) | | 5,131 | 24,823 |
|
| TOTAL KOREA (SOUTH) | | | 38,074,737 |
|
| Luxembourg - 0.3% | | | |
| ADO Properties SA (c) | | 1,507 | 89,015 |
| Aperam | | 3,000 | 102,278 |
| ArcelorMittal SA (Netherlands) | | 35,438 | 884,660 |
| B&M European Value Retail S.A. | | 60,824 | 324,042 |
| Eurofins Scientific SA | | 619 | 312,976 |
| Grand City Properties SA | | 5,522 | 133,721 |
| Millicom International Cellular SA (depository receipt) | | 3,995 | 225,700 |
| PLAY Communications SA (c) | | 7,880 | 33,885 |
| Reinet Investments SCA | | 7,421 | 124,350 |
| RTL Group SA | | 2,147 | 137,883 |
| SAF-Holland SA | | 3,387 | 49,411 |
| Senvion SA (a) | | 939 | 5,339 |
| SES SA (France) (depositary receipt) | | 19,824 | 426,058 |
| Solutions 30 SE (a) | | 1,361 | 59,272 |
| Stabilus SA | | 1,795 | 120,462 |
| Subsea 7 SA | | 11,436 | 144,412 |
| Tenaris SA | | 23,162 | 340,960 |
|
| TOTAL LUXEMBOURG | | | 3,514,424 |
|
| Malaysia - 0.6% | | | |
| AEON Credit Service Bhd | | 450 | 1,624 |
| AirAsia Group BHD | | 165,300 | 103,893 |
| Alliance Bank Malaysia Bhd | | 40,000 | 37,854 |
| AMMB Holdings Bhd | | 63,200 | 57,393 |
| Astro Malaysia Holdings Bhd (c) | | 91,400 | 29,487 |
| Axiata Group Bhd | | 119,556 | 97,428 |
| Berjaya Sports Toto Bhd | | 6,300 | 3,162 |
| British American Tobacco (Malaysia) Bhd | | 8,200 | 60,944 |
| Bumi Armada Bhd (a) | | 81,700 | 7,907 |
| Bumiputra-Commerce Holdings Bhd | | 268,936 | 367,622 |
| Bursa Malaysia Bhd | | 25,200 | 44,083 |
| Cahya Mata Sarawak Bhd | | 36,300 | 25,157 |
| Carlsberg Brewery BHD | | 6,000 | 25,523 |
| Dialog Group Bhd | | 202,700 | 164,214 |
| DiGi.com Bhd | | 222,700 | 229,379 |
| Felda Global Ventures Holdings Bhd (c) | | 123,800 | 41,420 |
| Fraser & Neave Holdings BHD | | 13,500 | 108,723 |
| Gamuda Bhd | | 118,200 | 67,511 |
| Genting Bhd | | 140,700 | 246,801 |
| Genting Malaysia Bhd | | 126,000 | 135,199 |
| Genting Plantations Bhd | | 5,700 | 13,145 |
| Hap Seng Consolidated Bhd | | 35,500 | 83,564 |
| Hartalega Holdings Bhd | | 62,000 | 92,752 |
| Hong Leong Bank Bhd | | 27,300 | 135,048 |
| Hong Leong Credit Bhd | | 7,900 | 34,700 |
| IGB (REIT) | | 92,500 | 37,137 |
| IHH Healthcare Bhd (c) | | 182,100 | 217,589 |
| IJM Corp. Bhd | | 125,600 | 48,925 |
| Inari Amertron Bhd | | 162,950 | 76,325 |
| IOI Corp. Bhd | | 78,900 | 84,849 |
| IOI Properties Group Bhd | | 134,175 | 42,005 |
| Kossan Rubber Industries Bhd | | 29,800 | 29,483 |
| KPJ Healthcare Bhd | | 198,000 | 49,210 |
| Kuala Lumpur Kepong Bhd | | 25,100 | 149,478 |
| Lafarge Malaysia Bhd (a) | | 17,400 | 8,940 |
| Mah Sing Group Bhd | | 78,600 | 18,032 |
| Malayan Banking Bhd | | 193,859 | 439,652 |
| Malaysia Airports Holdings Bhd | | 33,800 | 67,043 |
| Malaysia Building Society Bhd | | 103,074 | 23,154 |
| Maxis Bhd | | 138,200 | 172,729 |
| MISC Bhd | | 76,900 | 112,102 |
| My E.G.Services Bhd | | 142,050 | 40,736 |
| Nestle (Malaysia) BHD | | 3,600 | 123,714 |
| Osk Holdings Bhd | | 3,750 | 816 |
| Petronas Chemicals Group Bhd | | 119,500 | 267,015 |
| Petronas Dagangan Bhd | | 13,700 | 85,124 |
| Petronas Gas Bhd | | 44,400 | 193,962 |
| POS Malaysia & Services Holding BHD | | 43,900 | 31,054 |
| PPB Group Bhd | | 20,040 | 80,265 |
| Press Metal Bhd | | 60,000 | 69,399 |
| Public Bank Bhd | | 151,500 | 890,644 |
| QL Resources Bhd | | 17,550 | 29,568 |
| RHB Capital Bhd | | 61,100 | 76,366 |
| SapuraKencana Petroleum Bhd (a) | | 144,500 | 11,741 |
| Serba Dinamik Holdings BHD | | 150,900 | 145,689 |
| Sime Darby Bhd | | 77,089 | 40,530 |
| Sime Darby Plantation Bhd | | 99,689 | 125,311 |
| Sime Darby Property Bhd | | 222,889 | 51,934 |
| SP Setia Bhd | | 73,395 | 36,833 |
| Sunway (REIT) | | 92,800 | 37,479 |
| Sunway Bhd | | 66,320 | 21,713 |
| Telekom Malaysia Bhd | | 59,300 | 33,728 |
| Tenaga Nasional Bhd | | 170,900 | 600,366 |
| TIME dotCom Bhd | | 14,400 | 26,842 |
| Top Glove Corp. Bhd | | 92,800 | 131,732 |
| UEM Land Holdings Bhd | | 9,900 | 1,621 |
| UMW Holdings Bhd | | 33,700 | 38,254 |
| UMW Oil & Gas Corp. Bhd (a) | | 26,254 | 1,631 |
| UOA Development Bhd | | 4,000 | 1,864 |
| Westports Holdings Bhd | | 100,200 | 81,654 |
| Yinson Holdings Bhd | | 23,500 | 24,991 |
| YTL Corp. Bhd | | 207,534 | 52,572 |
|
| TOTAL MALAYSIA | | | 7,146,334 |
|
| Malta - 0.0% | | | |
| Brait SA (a) | | 18,088 | 45,353 |
| Kindred Group PLC (depositary receipt) | | 14,486 | 154,530 |
|
| TOTAL MALTA | | | 199,883 |
|
| Marshall Islands - 0.0% | | | |
| Seaspan Corp. (b) | | 5,714 | 51,083 |
| Mauritius - 0.0% | | | |
| Golden Agri-Resources Ltd. | | 246,700 | 45,416 |
| Mexico - 0.6% | | | |
| Alfa SA de CV Series A | | 167,400 | 176,438 |
| Alsea S.A.B. de CV | | 39,411 | 100,772 |
| America Movil S.A.B. de CV Series L | | 1,712,696 | 1,240,262 |
| Banco del Bajio SA (c) | | 54,900 | 107,918 |
| Banco Santander Mexico SA | | 91,600 | 114,222 |
| Bolsa Mexicana de Valores S.A.B. de CV | | 23,900 | 36,015 |
| CEMEX S.A.B. de CV unit (a) | | 782,932 | 390,825 |
| Coca-Cola FEMSA S.A.B. de CV Series L | | 26,400 | 150,577 |
| Compartamos S.A.B. de CV | | 74,100 | 60,044 |
| Concentradora Fibra Danhos SA de CV | | 1,300 | 1,712 |
| Concentradora Fibra Hotelera Mexicana SA de CV (c) | | 47,600 | 22,847 |
| Controladora Comercial Mexicana S.A.B de C.V. (a) | | 23,100 | 24,086 |
| Controladora Vuela Compania de Aviacion S.A.B. de CV (a) | | 22,000 | 13,451 |
| Corporacion Inmobiliaria Vesta S.A.B. de CV | | 32,100 | 39,190 |
| Credito Real S.A.B. de CV | | 13,100 | 14,987 |
| El Puerto de Liverpool S.A.B. de CV Class C | | 5,300 | 33,587 |
| Embotelladoras Arca S.A.B. de CV | | 26,700 | 134,267 |
| Fibra Uno Administracion SA de CV | | 170,935 | 183,698 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 96,791 | 822,854 |
| Genomma Lab Internacional SA de CV (a) | | 58,600 | 37,647 |
| Gruma S.A.B. de CV Series B | | 10,060 | 104,992 |
| Grupo Aeromexico S.A.B. de CV (a) | | 17,486 | 19,291 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 18,596 | 153,843 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 9,415 | 156,493 |
| Grupo Aeroportuario Norte S.A.B. de CV | | 15,800 | 82,674 |
| Grupo Bimbo S.A.B. de CV Series A | | 101,877 | 190,832 |
| Grupo Carso SA de CV Series A1 | | 21,327 | 62,763 |
| Grupo Cementos de Chihuahua S.A.B. de CV | | 14,100 | 75,986 |
| Grupo Comercial Chedraui S.A.B. de CV | | 31,400 | 55,509 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 132,219 | 727,446 |
| Grupo Financiero Inbursa S.A.B. de CV Series O | | 127,600 | 165,395 |
| Grupo Herdez S.A.B. de CV | | 18,800 | 34,929 |
| Grupo Mexico SA de CV Series B | | 176,617 | 407,519 |
| Grupo Televisa SA de CV | | 126,370 | 364,305 |
| Hoteles City Express S.A.B. de CV (a) | | 29,900 | 32,927 |
| Industrias Bachoco SA de CV Series B | | 17,700 | 64,924 |
| Industrias CH SA de CV (a) | | 9,000 | 32,281 |
| Industrias Penoles SA de CV | | 6,145 | 86,609 |
| Infraestructura Energetica Nova S.A.B. de CV | | 28,933 | 113,420 |
| Kimberly-Clark de Mexico SA de CV Series A | | 72,867 | 105,032 |
| Macquarie Mexican (REIT) (c) | | 28,400 | 27,654 |
| Mexichem S.A.B. de CV | | 46,328 | 122,381 |
| Prologis Property Mexico SA | | 22,300 | 39,312 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 11,275 | 102,608 |
| Qualitas Controladora S.A.B. de CV | | 2,300 | 4,634 |
| Regional S.A.B. de CV | | 24,500 | 119,320 |
| Telesites S.A.B. de C.V. (a) | | 40,900 | 25,229 |
| Terrafina | | 48,800 | 59,339 |
| Unifin Financiera SAPI de CV | | 2,000 | 3,780 |
| Wal-Mart de Mexico SA de CV Series V | | 261,330 | 667,436 |
|
| TOTAL MEXICO | | | 7,914,262 |
|
| Multi-National - 0.0% | | | |
| HK Electric Investments & HK Electric Investments Ltd. unit (c) | | 185,000 | 175,989 |
| HKT Trust/HKT Ltd. unit | | 189,000 | 260,292 |
| Langham Hospitality Investment unit | | 24,000 | 8,539 |
|
| TOTAL MULTI-NATIONAL | | | 444,820 |
|
| Netherlands - 2.7% | | | |
| Aalberts Industries NV | | 5,133 | 188,661 |
| ABN AMRO Group NV GDR | | 23,221 | 570,737 |
| Accell Group NV | | 2,287 | 39,788 |
| AEGON NV | | 94,736 | 582,439 |
| AerCap Holdings NV (a) | | 5,982 | 299,579 |
| Airbus Group NV | | 29,887 | 3,302,940 |
| Akzo Nobel NV | | 12,630 | 1,062,603 |
| AMG Advanced Metallurgical Group NV | | 1,527 | 73,126 |
| Arcadis NV | | 4,170 | 56,442 |
| ASM International NV (Netherlands) | | 4,075 | 175,345 |
| ASML Holding NV (Netherlands) | | 21,293 | 3,667,594 |
| ASR Nederland NV | | 8,314 | 378,181 |
| Basic-Fit NV (a)(c) | | 1,253 | 36,119 |
| BE Semiconductor Industries NV | | 3,432 | 73,586 |
| BinckBank NV | | 316 | 1,532 |
| Brack Capital Properties NV (a) | | 281 | 29,922 |
| Brunel International NV | | 60 | 744 |
| CNH Industrial NV | | 53,982 | 561,657 |
| Constellium NV (a) | | 8,009 | 72,562 |
| COSMO Pharmaceuticals NV (a) | | 427 | 53,759 |
| CSM NV (exchangeable) | | 3,479 | 105,763 |
| Eurocommercial Properties NV (Certificaten Van Aandelen) unit | | 2,525 | 93,520 |
| Euronext NV (c) | | 3,578 | 220,665 |
| EXOR NV | | 5,352 | 303,340 |
| Ferrari NV | | 6,208 | 727,759 |
| Fiat Chrysler Automobiles NV | | 56,565 | 861,719 |
| Flow Traders BV (c) | | 2,332 | 74,274 |
| Fugro NV (Certificaten Van Aandelen) (a) | | 3,080 | 39,770 |
| Gemalto NV (a) | | 3,203 | 182,700 |
| Heineken Holding NV | | 6,383 | 553,072 |
| Heineken NV (Bearer) | | 13,662 | 1,231,751 |
| IMCD Group BV | | 4,126 | 280,165 |
| ING Groep NV (Certificaten Van Aandelen) | | 204,821 | 2,423,236 |
| Intertrust NV (c) | | 2,942 | 47,485 |
| Interxion Holding N.V. (a) | | 4,428 | 260,676 |
| Kendrion NV | | 921 | 27,905 |
| Koninklijke Ahold Delhaize NV | | 66,076 | 1,514,033 |
| Koninklijke BAM Groep NV | | 9,342 | 32,177 |
| Koninklijke Boskalis Westminster NV | | 5,560 | 160,335 |
| Koninklijke DSM NV | | 9,129 | 800,106 |
| Koninklijke KPN NV | | 200,857 | 529,967 |
| Koninklijke Philips Electronics NV | | 48,020 | 1,790,947 |
| Koninklijke Volkerwessels NV | | 3,756 | 66,791 |
| Koninklijke Wessanen NV | | 6,068 | 63,609 |
| NN Group NV | | 15,411 | 663,300 |
| NSI NV | | 162 | 6,395 |
| NXP Semiconductors NV | | 18,102 | 1,357,469 |
| OCI NV (a) | | 3,488 | 99,320 |
| Pharming Group NV (a) | | 50,698 | 55,241 |
| Philips Lighting NV (c) | | 7,383 | 182,299 |
| PostNL NV | | 26,741 | 79,234 |
| QIAGEN NV (Germany) (a) | | 12,427 | 451,399 |
| Randstad NV | | 6,383 | 322,083 |
| RHI Magnesita NV | | 1,481 | 71,707 |
| SBM Offshore NV | | 9,799 | 169,590 |
| Steinhoff International Holdings NV (South Africa) (a) | | 197,801 | 24,134 |
| STMicroelectronics NV (France) | | 38,435 | 584,267 |
| Takeaway.com Holding BV (a)(c) | | 929 | 54,716 |
| TKH Group NV (depositary receipt) | | 1,651 | 83,514 |
| TomTom Group BV (a) | | 7,482 | 62,677 |
| Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit | | 7,136 | 1,295,478 |
| Unilever NV (Certificaten Van Aandelen) (Bearer) | | 78,190 | 4,201,540 |
| VastNed Retail NV | | 905 | 35,877 |
| Vopak NV | | 3,241 | 146,837 |
| Wereldhave NV | | 1,967 | 67,707 |
| Wolters Kluwer NV | | 14,402 | 818,231 |
| X5 Retail Group NV unit | | 5,955 | 139,126 |
|
| TOTAL NETHERLANDS | | | 34,591,222 |
|
| New Zealand - 0.2% | | | |
| Air New Zealand Ltd. | | 48,086 | 87,860 |
| Argosy Property Ltd. | | 24,000 | 16,757 |
| Auckland International Airport Ltd. | | 47,908 | 218,524 |
| Chorus Ltd. | | 12,645 | 39,195 |
| Contact Energy Ltd. | | 25,876 | 94,389 |
| Fisher & Paykel Healthcare Corp. | | 31,228 | 277,139 |
| Fletcher Building Ltd. | | 55,409 | 218,389 |
| Freightways Ltd. | | 31,791 | 153,100 |
| Genesis Energy Ltd. | | 25,704 | 39,249 |
| Goodman Property Trust | | 98,744 | 96,653 |
| Infratil Ltd. | | 17,752 | 39,618 |
| Kiwi Property Group Ltd. | | 148,761 | 127,652 |
| Mercury Nz Ltd. | | 30,569 | 67,823 |
| Meridian Energy Ltd. | | 47,067 | 96,287 |
| Metlifecare Ltd. | | 10,948 | 41,579 |
| New Zealand Refining Co. Ltd. | | 2,258 | 3,463 |
| Precinct Properties New Zealand Ltd. | | 32,328 | 29,745 |
| Ryman Healthcare Group Ltd. | | 17,447 | 137,759 |
| Sky Network Television Ltd. | | 8,011 | 11,710 |
| SKYCITY Entertainment Group Ltd. | | 24,272 | 60,662 |
| Spark New Zealand Ltd. | | 113,288 | 292,008 |
| Summerset Group Holdings Ltd. | | 6,299 | 27,375 |
| The a2 Milk Co. Ltd. (a) | | 35,572 | 241,874 |
| Trade Maine Group Ltd. | | 13,543 | 42,862 |
| Z Energy Ltd. | | 21,573 | 85,873 |
|
| TOTAL NEW ZEALAND | | | 2,547,545 |
|
| Norway - 0.6% | | | |
| Akastor ASA (a) | | 1,713 | 3,341 |
| Aker ASA (A Shares) | | 736 | 55,965 |
| Aker Bp ASA | | 6,284 | 207,235 |
| Aker Solutions ASA (a) | | 14,785 | 97,517 |
| Austevoll Seafood ASA | | 5,930 | 95,389 |
| B2Holding ASA | | 10,356 | 17,469 |
| Borregaard ASA | | 6,927 | 62,451 |
| Det Norske Oljeselskap ASA (DNO) (A Shares) | | 40,407 | 77,796 |
| DNB ASA | | 49,592 | 897,442 |
| Entra ASA (c) | | 5,779 | 78,289 |
| Equinor ASA | | 56,948 | 1,481,494 |
| Europris ASA (c) | | 6,082 | 16,197 |
| Gjensidige Forsikring ASA | | 11,414 | 176,833 |
| Kongsberg Automotive ASA (a) | | 27,567 | 25,834 |
| Leroy Seafood Group ASA | | 19,203 | 176,954 |
| Marine Harvest ASA | | 21,447 | 519,014 |
| Merkantildata ASA | | 5,873 | 77,472 |
| Nordic Nanovector ASA (a) | | 1,041 | 6,866 |
| Nordic VLSI ASA (a) | | 8,476 | 36,197 |
| Norsk Hydro ASA | | 72,708 | 377,435 |
| Norway Royal Salmon ASA | | 136 | 4,001 |
| Norwegian Air Shuttle A/S (a) | | 1,549 | 39,507 |
| Norwegian Finans Holding ASA (a) | | 11,093 | 99,155 |
| Ocean Yield ASA | | 4,258 | 32,327 |
| Orkla ASA | | 48,837 | 421,410 |
| Otello Corp. ASA (a) | | 778 | 1,311 |
| Petroleum Geo-Services ASA (a) | | 14,562 | 45,501 |
| Protector Forsikring ASA (a) | | 1,752 | 8,106 |
| Renewable Energy Corp. ASA (a) | | 21,761 | 1,557 |
| Salmar ASA | | 2,612 | 137,885 |
| Schibsted ASA (B Shares) | | 4,946 | 156,656 |
| Skandiabanken ASA (c) | | 7,051 | 70,261 |
| Sparebanken Midt-Norge | | 4,616 | 47,092 |
| Sparebanken Nord-Norge | | 9,302 | 74,374 |
| Storebrand ASA (A Shares) | | 23,114 | 192,374 |
| Telenor ASA | | 39,065 | 716,672 |
| TGS Nopec Geophysical Co. ASA | | 6,131 | 205,753 |
| Wallenius Wilhelmsen ASA (a) | | 3,283 | 11,255 |
| XXL ASA (c) | | 8,237 | 42,407 |
| Yara International ASA | | 8,909 | 383,318 |
|
| TOTAL NORWAY | | | 7,178,112 |
|
| Pakistan - 0.0% | | | |
| Engro Corp. Ltd. | | 18,100 | 45,771 |
| Fauji Fertilizer Co. Ltd. | | 31,000 | 22,999 |
| Habib Bank Ltd. | | 43,900 | 48,302 |
| Hub Power Co. Ltd. | | 17,200 | 12,024 |
| Lucky Cement Ltd. | | 7,200 | 27,030 |
| MCB Bank Ltd. | | 28,400 | 42,428 |
| National Bank of Pakistan (a) | | 15,500 | 5,641 |
| Oil & Gas Development Co. Ltd. | | 34,300 | 41,183 |
| Pakistan State Oil Co. Ltd. | | 9,996 | 21,168 |
| United Bank Ltd. | | 39,600 | 44,837 |
|
| TOTAL PAKISTAN | | | 311,383 |
|
| Papua New Guinea - 0.0% | | | |
| Oil Search Ltd. ADR | | 72,100 | 396,718 |
| Peru - 0.0% | | | |
| Compania de Minas Buenaventura SA sponsored ADR | | 9,088 | 125,778 |
| Philippines - 0.2% | | | |
| Aboitiz Equity Ventures, Inc. | | 113,430 | 99,766 |
| Aboitiz Power Corp. | | 140,300 | 88,480 |
| Alliance Global Group, Inc. (a) | | 125,700 | 26,722 |
| Ayala Corp. | | 17,485 | 301,031 |
| Ayala Land, Inc. | | 463,600 | 343,989 |
| Bank of the Philippine Islands (BPI) | | 49,604 | 76,257 |
| BDO Unibank, Inc. | | 100,803 | 230,894 |
| Bloomberry Resorts Corp. | | 131,300 | 20,640 |
| Cebu Air, Inc. | | 5,790 | 6,935 |
| CEMEX Holdings Philippines, Inc. (a) | | 12,400 | 492 |
| Cosco Capital, Inc. | | 9,000 | 1,140 |
| D&L Industries, Inc. | | 313,200 | 66,817 |
| DMCI Holdings, Inc. | | 89,300 | 21,457 |
| DoubleDragon Properties Corp. | | 7,760 | 2,788 |
| Filinvest Land, Inc. | | 24,000 | 629 |
| First Gen Corp. | | 9,200 | 2,689 |
| First Phillipines Holdings Corp. | | 6,460 | 7,701 |
| Globe Telecom, Inc. | | 2,120 | 82,916 |
| GT Capital Holdings, Inc. | | 4,135 | 58,809 |
| International Container Terminal Services, Inc. | | 11,690 | 19,798 |
| JG Summit Holdings, Inc. | | 199,570 | 176,650 |
| Jollibee Food Corp. | | 19,010 | 98,186 |
| Manila Electric Co. | | 9,210 | 63,391 |
| Manila Water Co., Inc. | | 38,600 | 18,059 |
| Megaworld Corp. | | 325,000 | 26,821 |
| Metro Pacific Investments Corp. | | 571,600 | 51,344 |
| Metropolitan Bank & Trust Co. | | 34,341 | 42,125 |
| Philippine Long Distance Telephone Co. | | 4,880 | 126,099 |
| Robinsons Land Corp. | | 137,056 | 53,733 |
| Security Bank Corp. | | 13,030 | 35,210 |
| SM Investments Corp. | | 11,170 | 188,128 |
| SM Prime Holdings, Inc. | | 561,000 | 354,844 |
| Universal Robina Corp. | | 36,170 | 87,993 |
| Vista Land & Lifescapes, Inc. | | 61,300 | 6,057 |
|
| TOTAL PHILIPPINES | | | 2,788,590 |
|
| Poland - 0.3% | | | |
| Alior Bank SA (a) | | 4,920 | 74,047 |
| Asseco Poland SA | | 2,194 | 27,617 |
| Bank Handlowy w Warszawie SA | | 3,034 | 55,348 |
| Bank Millennium SA (a) | | 36,074 | 83,013 |
| Bank Polska Kasa Opieki SA | | 8,486 | 231,548 |
| Bank Zachodni WBK SA | | 1,852 | 164,294 |
| BRE Bank SA | | 902 | 87,916 |
| Budimex SA | | 886 | 28,632 |
| CD Projekt RED SA (a) | | 3,560 | 146,866 |
| Ciech SA | | 399 | 4,413 |
| Cyfrowy Polsat SA (a) | | 11,215 | 64,593 |
| Dino Polska SA (a)(c) | | 2,916 | 64,215 |
| ENEA SA (a) | | 14,840 | 31,094 |
| Energa SA | | 14,234 | 28,934 |
| Eurocash SA | | 2,146 | 11,431 |
| Grupa Lotos SA | | 4,667 | 84,263 |
| Jastrzebska Spolka Weglowa SA (a) | | 2,542 | 49,023 |
| KGHM Polska Miedz SA (Bearer) (a) | | 6,930 | 156,908 |
| Kruk SA | | 919 | 44,212 |
| LPP SA | | 72 | 147,297 |
| NG2 SA | | 1,525 | 66,371 |
| PKP Cargo SA (a) | | 2,161 | 22,640 |
| Polish Oil & Gas Co. SA | | 88,647 | 144,620 |
| Polska Grupa Energetyczna SA (a) | | 40,337 | 110,484 |
| Polski Koncern Naftowy Orlen SA | | 15,889 | 381,951 |
| Powszechna Kasa Oszczednosci Bank SA | | 47,119 | 490,328 |
| Powszechny Zaklad Ubezpieczen SA | | 30,131 | 307,659 |
| Tauron Polska Energia SA (a) | | 68,381 | 31,721 |
| Telekomunikacja Polska SA (a) | | 39,036 | 44,152 |
| Warsaw Stock Exchange | | 1,335 | 13,447 |
| Zaklady Azotowe w Tarnowie-Moscicach SA | | 3,442 | 23,233 |
|
| TOTAL POLAND | | | 3,222,270 |
|
| Portugal - 0.1% | | | |
| Banco Comercial Portugues SA (Reg.) (a) | | 454,177 | 122,536 |
| CTT Correios de Portugal SA | | 8,784 | 33,728 |
| Energias de Portugal SA | | 140,683 | 494,606 |
| Galp Energia SGPS SA Class B | | 25,011 | 436,120 |
| Jeronimo Martins SGPS SA | | 11,220 | 138,013 |
| NOS SGPS SA | | 16,243 | 91,252 |
| Portucel Industrial Empresa Produtora de Celulosa SA | | 21,540 | 107,348 |
| REN - Redes Energeticas Nacionais SGPS SA | | 21,868 | 58,306 |
| Sonae SGPS SA | | 33,655 | 33,717 |
|
| TOTAL PORTUGAL | | | 1,515,626 |
|
| Qatar - 0.2% | | | |
| Barwa Real Estate Co. (a) | | 3,257 | 33,447 |
| Doha Bank (a) | | 7,237 | 43,668 |
| Ezdan Holding Group (a) | | 50,383 | 151,384 |
| Gulf International Services QSC (a) | | 5,759 | 28,392 |
| Gulf Warehousing Co. (a) | | 1,657 | 18,463 |
| Industries Qatar QSC (a) | | 9,931 | 381,829 |
| Masraf al Rayan (a) | | 19,803 | 206,623 |
| Medicare Group (a) | | 250 | 4,394 |
| Qatar Electricity & Water Co. (a) | | 3,556 | 183,494 |
| Qatar First Bank (a) | | 1,004 | 1,202 |
| Qatar Gas Transport Co. Ltd. (Nakilat) (a) | | 8,384 | 40,181 |
| Qatar Insurance Co. SAQ | | 6,460 | 65,115 |
| Qatar Islamic Bank (a) | | 6,903 | 290,074 |
| Qatar National Bank SAQ | | 23,725 | 1,270,633 |
| Qatar National Cement Co. QSC (a) | | 53 | 873 |
| Qatar Navigation QPSC (a) | | 4,853 | 94,701 |
| Qatar Telecom (Qtel) Q.S.C. (a) | | 3,140 | 59,402 |
| The Commercial Bank of Qatar (a) | | 12,996 | 147,950 |
| United Development Co. (a) | | 3,348 | 12,873 |
| Vodafone Qatar QSC (a) | | 8,279 | 18,668 |
|
| TOTAL QATAR | | | 3,053,366 |
|
| Russia - 0.8% | | | |
| Aeroflot - Russian Airlines | | 25,479 | 37,615 |
| Alrosa Co. Ltd. | | 142,693 | 216,399 |
| Credit Bank of Moscow (a) | | 1,200,400 | 91,624 |
| Gazprom OAO | | 531,371 | 1,254,100 |
| Inter Rao Ues JSC | | 1,852,773 | 111,998 |
| LSR Group OJSC GDR (Reg. S) | | 12,843 | 23,888 |
| Lukoil PJSC | | 25,327 | 1,901,243 |
| Magnit OJSC GDR (Reg. S) | | 21,906 | 292,336 |
| Magnitogorsk Iron & Steel Works PJSC | | 109,800 | 79,916 |
| Mechel Steel Group OAO sponsored ADR (a) | | 13,492 | 36,968 |
| MMC Norilsk Nickel PJSC | | 3,340 | 557,734 |
| Mobile TeleSystems OJSC sponsored ADR | | 25,826 | 206,866 |
| Moscow Exchange MICEX-RTS OAO | | 67,894 | 90,596 |
| Mosenergo PJSC | | 337,078 | 9,868 |
| NOVATEK OAO GDR (Reg. S) | | 4,772 | 808,854 |
| Novolipetsk Steel OJSC | | 62,571 | 152,377 |
| PhosAgro OJSC GDR (Reg. S) | | 5,232 | 68,539 |
| Polyus PJSC | | 1,819 | 114,651 |
| Rosneft Oil Co. OJSC | | 56,206 | 392,874 |
| RusHydro PJSC | | 6,371,585 | 53,179 |
| Sberbank of Russia | | 564,103 | 1,621,393 |
| Severstal PAO | | 12,233 | 191,275 |
| Sistema JSFC sponsored GDR | | 4,633 | 10,693 |
| Surgutneftegas OJSC | | 320,186 | 129,146 |
| Tatneft PAO | | 78,447 | 934,118 |
| TMK OAO GDR (Reg. S) | | 2,884 | 10,959 |
| VTB Bank OJSC (a) | | 263,487,980 | 146,316 |
|
| TOTAL RUSSIA | | | 9,545,525 |
|
| Singapore - 0.9% | | | |
| Accordia Golf Trust | | 13,000 | 4,646 |
| Ascendas Hospitality Trust unit | | 11,400 | 6,502 |
| Ascendas Real Estate Investment Trust | | 158,300 | 287,995 |
| Ascott Residence Trust | | 83,171 | 63,047 |
| Asian Pay Television Trust | | 50,400 | 11,462 |
| BOC Aviation Ltd. Class A | | 19,200 | 137,231 |
| Cache Logistics Trust | | 48,292 | 23,882 |
| CapitaCommercial Trust (REIT) | | 127,089 | 158,729 |
| CapitaLand Ltd. | | 123,100 | 279,056 |
| CapitaMall Trust | | 233,900 | 356,300 |
| CapitaRetail China Trust | | 58,301 | 57,663 |
| CDL Hospitality Trusts unit | | 39,800 | 41,663 |
| City Developments Ltd. | | 26,500 | 151,330 |
| ComfortDelgro Corp. Ltd. | | 94,700 | 153,828 |
| DBS Group Holdings Ltd. | | 92,766 | 1,571,159 |
| ESR (REIT) | | 19,526 | 6,837 |
| Ezion Holdings Ltd. warrants 4/6/23 (a) | | 30,780 | 0 |
| Far East Hospitality Trust unit | | 12,777 | 5,488 |
| First (REIT) | | 8,466 | 7,334 |
| First Resources Ltd. | | 20,200 | 23,042 |
| Frasers Centrepoint Trust | | 9,100 | 14,191 |
| Frasers Commercial Trust | | 97,332 | 96,267 |
| Frasers Logistics & Industrial Trust | | 138,820 | 102,225 |
| Hutchison Port Holdings Trust | | 228,600 | 56,007 |
| Jardine Cycle & Carriage Ltd. | | 5,500 | 120,193 |
| K-REIT Asia | | 119,294 | 97,320 |
| Keppel Corp. Ltd. | | 92,200 | 412,692 |
| Keppel DC (REIT) | | 145,100 | 139,323 |
| Keppel Infrastructure Trust | | 222,400 | 73,858 |
| Lippo Malls Indonesia Retail Trust | | 147,100 | 25,487 |
| Macquarie MEAG Prime (REIT) | | 158,200 | 76,522 |
| Manulife U.S. REIT | | 60,100 | 42,671 |
| Mapletree Commercial Trust | | 93,023 | 108,123 |
| Mapletree Greater China Commercial Trust | | 110,900 | 90,472 |
| Mapletree Industrial (REIT) | | 77,300 | 103,242 |
| Mapletree Logistics Trust (REIT) | | 166,054 | 145,057 |
| MobileOne Ltd. | | 2,400 | 3,656 |
| NetLink NBN Trust | | 175,969 | 99,091 |
| OUE Hospitality Trust | | 14,400 | 7,069 |
| Oue Ltd. | | 6,100 | 6,165 |
| Oversea-Chinese Banking Corp. Ltd. | | 167,227 | 1,296,623 |
| Parkway Life REIT | | 1,400 | 2,628 |
| Raffles Medical Group Ltd. | | 66,330 | 50,281 |
| Rht Health Trust | | 35,300 | 18,859 |
| Sembcorp Industries Ltd. | | 47,900 | 97,519 |
| Sembcorp Marine Ltd. | | 26,000 | 30,033 |
| Sheng Siong Group Ltd. | | 9,400 | 7,329 |
| SIIC Environment Holdings Ltd. | | 4,900 | 955 |
| Singapore Airlines Ltd. | | 30,400 | 208,058 |
| Singapore Airport Terminal Service Ltd. | | 27,800 | 99,949 |
| Singapore Exchange Ltd. | | 38,100 | 188,141 |
| Singapore Post Ltd. | | 76,300 | 57,288 |
| Singapore Press Holdings Ltd. | | 72,600 | 138,895 |
| Singapore Technologies Engineering Ltd. | | 101,600 | 260,391 |
| Singapore Telecommunications Ltd. | | 415,900 | 948,810 |
| SPH REIT | | 3,000 | 2,133 |
| StarHub Ltd. | | 59,300 | 80,485 |
| Suntec (REIT) | | 118,400 | 151,296 |
| United Engineers Ltd. | | 15,800 | 30,000 |
| United Overseas Bank Ltd. | | 68,014 | 1,197,113 |
| UOL Group Ltd. | | 23,531 | 102,438 |
| Venture Corp. Ltd. | | 16,200 | 179,175 |
| Wilmar International Ltd. | | 121,800 | 277,867 |
| Wing Tai Holdings Ltd. | | 6,800 | 9,475 |
| Yangzijiang Shipbuilding Holdings Ltd. | | 108,000 | 96,683 |
| Yanlord Land Group Ltd. | | 17,000 | 15,464 |
| Yoma Strategic Holdings Ltd. | | 99,600 | 18,336 |
|
| TOTAL SINGAPORE | | | 10,733,049 |
|
| South Africa - 1.3% | | | |
| Advtech Ltd. | | 4,172 | 4,044 |
| Aeci Ltd. | | 3,629 | 23,246 |
| African Rainbow Minerals Ltd. | | 6,566 | 55,586 |
| Alexander Forbes Group Holdings Ltd. | | 5,905 | 2,081 |
| Anglo American Platinum Ltd. | | 2,406 | 78,598 |
| AngloGold Ashanti Ltd. | | 20,977 | 203,066 |
| Arrowhead Properties Ltd. A linked | | 62,596 | 22,743 |
| Ascendis Health Ltd. (a) | | 1,377 | 706 |
| Aspen Pharmacare Holdings Ltd. | | 22,792 | 241,014 |
| Astral Foods Ltd. | | 2,806 | 37,657 |
| Attacq Ltd. | | 33,527 | 33,226 |
| AVI Ltd. | | 12,579 | 85,267 |
| Barclays Africa Group Ltd. | | 43,200 | 436,641 |
| Barloworld Ltd. | | 8,163 | 66,400 |
| Bidcorp Ltd. | | 16,113 | 302,207 |
| Bidvest Group Ltd. | | 17,374 | 216,426 |
| Blue Label Telecoms Ltd. (a) | | 2,242 | 789 |
| Capitec Bank Holdings Ltd. | | 1,665 | 111,809 |
| Cashbuild Ltd. | | 1,224 | 22,377 |
| City Lodge Hotels Ltd. | | 140 | 1,243 |
| Clicks Group Ltd. | | 10,800 | 137,631 |
| Coronation Fund Managers Ltd. | | 6,216 | 20,701 |
| Curro Holdings Ltd. (a) | | 7,456 | 12,135 |
| DataTec Ltd. | | 7,047 | 11,183 |
| Delta Property Fund Ltd. | | 4,207 | 1,697 |
| Dis-Chem Pharmacies Pty Ltd. (c) | | 10,513 | 20,602 |
| Discovery Ltd. | | 17,282 | 185,009 |
| Emira Property Fund Ltd. | | 40,873 | 41,282 |
| EOH Holdings Ltd. | | 4,397 | 9,776 |
| Exxaro Resources Ltd. | | 17,587 | 179,893 |
| Famous Brands Ltd. (a) | | 6,133 | 43,464 |
| FirstRand Ltd. | | 184,585 | 804,654 |
| Fortress (REIT) Ltd.: | | | |
| Class A | | 46,682 | 53,509 |
| Class B | | 33,600 | 32,774 |
| Foschini Ltd. | | 8,983 | 98,169 |
| Gold Fields Ltd. | | 42,616 | 112,666 |
| Grindrod Ltd. (a) | | 13,572 | 6,090 |
| Growthpoint Properties Ltd. | | 139,725 | 214,524 |
| Harmony Gold Mining Co. Ltd. | | 22,436 | 41,885 |
| Hosken Consolidated Investment Ltd. | | 537 | 4,626 |
| Hyprop Investments Ltd. | | 19,563 | 119,705 |
| Impala Platinum Holdings Ltd. (a) | | 28,822 | 53,141 |
| Imperial Holdings Ltd. | | 12,136 | 134,016 |
| Investec Ltd. | | 12,903 | 80,265 |
| Invicta Holdings Ltd. | | 553 | 1,252 |
| JSE Ltd. | | 2,784 | 30,947 |
| KAP Industrial Holdings Ltd. | | 58,972 | 31,180 |
| Kumba Iron Ore Ltd. | | 2,369 | 46,408 |
| Liberty Holdings Ltd. | | 7,641 | 55,933 |
| Life Healthcare Group Holdings Ltd. | | 52,863 | 87,791 |
| Massmart Holdings Ltd. | | 5,344 | 34,790 |
| MMI Holdings Ltd. | | 31,057 | 37,578 |
| Mondi Ltd. | | 7,852 | 187,820 |
| Mpact Ltd. | | 4,274 | 6,052 |
| Mr Price Group Ltd. | | 18,227 | 285,368 |
| MTN Group Ltd. | | 91,772 | 531,876 |
| Murray & Roberts Holdings Ltd. | | 6,685 | 7,699 |
| Nampak Ltd. (a) | | 20,838 | 20,976 |
| Naspers Ltd. Class N | | 22,840 | 4,014,019 |
| Nedbank Group Ltd. | | 20,577 | 347,197 |
| Netcare Ltd. | | 48,796 | 82,129 |
| Northam Platinum Ltd. (a) | | 19,456 | 51,263 |
| Oceana Group Ltd. | | 307 | 1,810 |
| Old Mutual Ltd. | | 274,805 | 422,662 |
| Omnia Holdings Ltd. | | 834 | 6,569 |
| Peregrine Holdings Ltd. | | 1,032 | 1,437 |
| Pick 'n Pay Stores Ltd. | | 24,863 | 114,822 |
| Pioneer Foods Ltd. | | 4,559 | 25,025 |
| Pretoria Portland Cement Co. Ltd. (a) | | 41,790 | 16,826 |
| PSG Group Ltd. | | 9,714 | 144,856 |
| Rand Merchant Insurance Holdings Ltd. | | 25,434 | 59,204 |
| Rebosis Property Fund Ltd. | | 1,887 | 793 |
| Redefine Properties Ltd. | | 303,920 | 197,566 |
| Remgro Ltd. | | 37,032 | 477,393 |
| Resilient Property Income Fund Ltd. | | 13,266 | 53,792 |
| Reunert Ltd. | | 24,642 | 133,211 |
| RMB Holdings Ltd. | | 41,242 | 208,160 |
| SA Corporate Real Estate Fund | | 131,416 | 35,365 |
| Sanlam Ltd. | | 95,225 | 479,336 |
| Sappi Ltd. | | 26,128 | 146,894 |
| Sasol Ltd. | | 28,776 | 940,399 |
| Shoprite Holdings Ltd. | | 20,742 | 253,502 |
| Sibanye-Stillwater | | 77,195 | 53,705 |
| Spar Group Ltd. | | 9,108 | 108,555 |
| Stadio Holdings Ltd. (a) | | 11,721 | 3,178 |
| Standard Bank Group Ltd. | | 67,759 | 750,183 |
| Sun International Ltd. (a) | | 7,633 | 30,449 |
| Super Group Ltd. (a) | | 9,267 | 25,127 |
| Telkom SA Ltd. | | 7,350 | 26,730 |
| Tiger Brands Ltd. | | 11,627 | 207,737 |
| Tongaat Hulett Ltd. | | 13,023 | 49,973 |
| Trencor Ltd. | | 11,924 | 24,628 |
| Truworths International Ltd. | | 18,379 | 100,812 |
| Tsogo Sun Holdings Ltd. | | 16,839 | 23,057 |
| Vodacom Group Ltd. | | 28,246 | 238,184 |
| Vukile Property Fund Ltd. | | 79,624 | 109,566 |
| Wilson Bayly Holmes-Ovcon Ltd. | | 1,650 | 17,115 |
| Woolworths Holdings Ltd. | | 44,529 | 153,727 |
| Zeder Investments Ltd. | | 90,708 | 28,899 |
|
| TOTAL SOUTH AFRICA | | | 15,896,048 |
|
| Spain - 1.9% | | | |
| Acerinox SA | | 7,510 | 83,939 |
| ACS Actividades de Construccion y Servicios SA | | 14,039 | 526,491 |
| Aena Sme SA | | 3,506 | 560,517 |
| Almirall SA | | 4,515 | 81,874 |
| Amadeus IT Holding SA Class A | | 22,465 | 1,811,174 |
| Applus Services SA | | 7,934 | 108,017 |
| Atresmedia Corporacion de Medios de Comunicacion SA | | 7,971 | 44,979 |
| Azucarera Ebro Agricolas SA | | 7,600 | 149,265 |
| Banco Bilbao Vizcaya Argentaria SA | | 354,070 | 1,954,146 |
| Banco de Sabadell SA | | 294,489 | 388,589 |
| Banco Santander SA | | 833,028 | 3,963,511 |
| Banco Santander SA rights(a) | | 833,028 | 32,363 |
| Bankia SA | | 67,309 | 211,864 |
| Bankinter SA | | 39,275 | 322,248 |
| Bolsas Y Mercados Espanoles | | 3,583 | 106,084 |
| CaixaBank SA | | 187,302 | 757,957 |
| Catalana Occidente SA | | 2,492 | 103,024 |
| Cellnex Telecom Sau (c) | | 7,318 | 182,435 |
| Cemex Latam Holdings SA (a) | | 16,652 | 25,861 |
| Cie Automotive SA | | 4,250 | 112,642 |
| Codere SA (a) | | 1,150 | 7,425 |
| Compania de Distribucion Integral Logista Holdings SA | | 4,137 | 99,901 |
| Construcciones y Auxiliar de Ferrocarriles | | 610 | 22,938 |
| Corporacion Financiera Alba SA | | 954 | 45,869 |
| Distribuidora Internacional de Alimentacion SA | | 26,787 | 20,225 |
| Enagas SA | | 14,590 | 387,355 |
| Ence Energia y Celulosa SA | | 6,455 | 54,286 |
| Endesa SA | | 15,166 | 317,445 |
| Europac Papeles Y Cartones DE | | 1,484 | 28,070 |
| Euskaltel, S.A. (c) | | 11,343 | 95,073 |
| Faes Farma SA | | 21,179 | 89,117 |
| Ferrovial SA | | 24,215 | 485,460 |
| Fomento Construcciones y Contratas SA (FOCSA) (a) | | 2,569 | 34,219 |
| Gas Natural SDG SA | | 16,571 | 407,666 |
| Gestamp Automocion SA (c) | | 10,749 | 68,179 |
| Global Dominion Access SA (a) | | 2,792 | 14,926 |
| Grifols SA | | 15,597 | 445,005 |
| Grupo Acciona SA | | 1,158 | 97,820 |
| Iberdrola SA | | 290,740 | 2,060,142 |
| Inditex SA | | 56,114 | 1,584,489 |
| Indra Sistemas SA (a) | | 6,580 | 65,101 |
| Inmobiliaria Colonial SA | | 14,600 | 146,763 |
| International Consolidated Airlines Group SA | | 30,438 | 235,124 |
| Lar Espana Real Estate Socimi SA | | 11,103 | 110,038 |
| Liberbank SA (a) | | 155,645 | 73,020 |
| MAPFRE SA (Reg.) | | 53,061 | 158,903 |
| Masmovil Ibercom SA (a) | | 837 | 108,644 |
| Mediaset Espana Comunicacion SA | | 7,346 | 50,023 |
| Melia Hotels International SA | | 4,299 | 44,213 |
| Merlin Properties Socimi SA | | 15,848 | 198,889 |
| Miquel y Costas & Miquel SA | | 527 | 17,310 |
| Neinor Homes SLU (a)(c) | | 5,757 | 92,593 |
| Obrascon Huarte Lain SA | | 18,317 | 20,954 |
| Pharma Mar SA (a) | | 6,023 | 7,361 |
| Prosegur Compania de Seguridad SA (Reg.) | | 9,371 | 52,094 |
| Red Electrica Corporacion SA | | 23,685 | 490,432 |
| Repsol SA | | 70,891 | 1,266,741 |
| Sacyr SA | | 15,311 | 37,025 |
| Siemens Gamesa Renewable Energy SA (a) | | 16,541 | 183,455 |
| Talgo SA (a) | | 5,549 | 28,189 |
| Tecnicas Reunidas SA | | 1,293 | 34,782 |
| Telefonica SA | | 238,668 | 1,957,808 |
| Telepizza Group SAU (c) | | 3,895 | 20,228 |
| Tubacex SA (a) | | 2,062 | 7,310 |
| Unicaja Banco SA (c) | | 58,447 | 74,872 |
| Viscofan Envolturas Celulosicas SA | | 1,627 | 97,301 |
| Zardoya Otis SA | | 7,226 | 49,516 |
|
| TOTAL SPAIN | | | 23,521,279 |
|
| Sweden - 1.8% | | | |
| AarhusKarlshamn AB | | 9,985 | 150,575 |
| AF AB (B Shares) | | 6,616 | 141,919 |
| Ahlsell AB | | 19,741 | 99,922 |
| Alfa Laval AB | | 15,371 | 392,541 |
| Alimak Group AB (c) | | 5,181 | 72,921 |
| Arjo AB | | 13,218 | 44,921 |
| ASSA ABLOY AB (B Shares) | | 49,580 | 986,184 |
| Atlas Copco AB: | | | |
| (A Shares) | | 22,944 | 568,137 |
| (B Shares) | | 31,218 | 715,536 |
| Attendo AB (c) | | 7,307 | 66,074 |
| Avanza Bank Holding AB | | 1,142 | 61,074 |
| Axfood AB | | 4,976 | 88,768 |
| Betsson AB (B Shares) | | 5,780 | 50,213 |
| Bilia AB (A Shares) | | 6,304 | 59,071 |
| Billerud AB | | 8,713 | 103,305 |
| BioGaia AB | | 893 | 36,155 |
| Boliden AB | | 15,073 | 344,494 |
| Bonava AB | | 7,577 | 85,613 |
| Bravida AB (c) | | 13,091 | 96,203 |
| Bure Equity AB | | 2,033 | 26,481 |
| BYGGmax Group AB | | 2,346 | 9,575 |
| Capio AB (c) | | 4,409 | 27,896 |
| Castellum AB | | 11,413 | 196,865 |
| Cherry AB (a) | | 2,000 | 15,692 |
| Clas Ohlson AB (B Shares) | | 2,193 | 18,464 |
| Cloetta AB | | 13,927 | 42,004 |
| Com Hem Holding AB | | 9,233 | 144,077 |
| D. Carnegie & Co. AB (a) | | 1,489 | 25,448 |
| Dios Fastigheter AB | | 5,457 | 32,887 |
| Dometic Group AB (c) | | 14,834 | 103,744 |
| Dustin Group AB (c) | | 1,681 | 13,483 |
| Dustin Group AB rights 11/7/18 (a) | | 1,681 | 263 |
| Electrolux AB (B Shares) | | 13,111 | 272,503 |
| Elekta AB (B Shares) | | 21,799 | 276,443 |
| Eltel AB (a)(c) | | 3,974 | 8,620 |
| Epiroc AB: | | | |
| Class A (a) | | 31,830 | 279,512 |
| Class B (a) | | 23,572 | 194,296 |
| Essity AB Class B | | 31,091 | 709,737 |
| Evolution Gaming Group AB | | 879 | 66,133 |
| Fabege AB | | 13,228 | 168,979 |
| Fastighets AB Balder (a) | | 5,052 | 126,864 |
| Getinge AB (B Shares) | | 14,190 | 139,401 |
| Granges AB | | 3,812 | 40,323 |
| H&M Hennes & Mauritz AB (B Shares) (b) | | 45,448 | 802,738 |
| Haldex AB | | 927 | 7,851 |
| Hansa Medical AB (a) | | 1,570 | 55,106 |
| Hemfosa Fastigheter AB | | 10,982 | 135,728 |
| Hexagon AB (B Shares) | | 13,083 | 641,344 |
| HEXPOL AB (B Shares) | | 14,880 | 137,724 |
| Hoist Finance AB (c) | | 6,041 | 48,454 |
| Holmen AB (B Shares) | | 4,648 | 106,510 |
| Hufvudstaden AB Series A | | 5,839 | 86,330 |
| Husqvarna AB (B Shares) | | 18,366 | 138,721 |
| ICA Gruppen AB | | 4,541 | 160,726 |
| Industrivarden AB (C Shares) | | 9,183 | 190,862 |
| Indutrade AB | | 4,016 | 96,372 |
| Intrum Justitia AB (b) | | 3,276 | 83,554 |
| Investment AB Oresund (a) | | 100 | 1,519 |
| Investor AB (B Shares) | | 21,406 | 927,945 |
| Inwido AB | | 1,240 | 8,272 |
| ITAB Shop Concept AB | | 678 | 1,332 |
| JM AB (B Shares) | | 4,196 | 79,760 |
| Kinnevik AB (B Shares) | | 13,355 | 370,536 |
| Klovern AB (B Shares) | | 27,231 | 31,453 |
| Kungsleden AB | | 13,492 | 94,432 |
| LeoVegas AB (c) | | 1,894 | 11,073 |
| Lindab International AB | | 3,236 | 22,631 |
| Loomis AB (B Shares) | | 3,056 | 94,507 |
| Lundbergfoeretagen AB | | 5,267 | 162,537 |
| Lundin Petroleum AB | | 8,890 | 271,427 |
| Mekonomen AB (a) | | 1,190 | 13,914 |
| Mekonomen AB | | 2,083 | 24,356 |
| Modern Times Group MTG AB (B Shares) | | 3,968 | 146,646 |
| Mycronic AB | | 3,498 | 43,844 |
| NCC AB Series B | | 7,552 | 112,647 |
| Net Entertainment NE AB | | 13,480 | 69,233 |
| New Wave Group AB (B Shares) | | 582 | 3,536 |
| Nibe Industrier AB (B Shares) | | 20,042 | 209,330 |
| Nobia AB | | 5,154 | 32,807 |
| Nobina AB (c) | | 3,257 | 21,746 |
| Nolato AB Series B | | 1,115 | 51,357 |
| Nordnet AB Class B (d) | | 492 | 0 |
| Pandox AB | | 3,228 | 55,169 |
| Peab AB | | 11,839 | 104,274 |
| Probi AB (a) | | 251 | 11,081 |
| Radisson Hospitality AB (a) | | 372 | 1,437 |
| Ratos AB (B Shares) | | 20,802 | 56,192 |
| RaySearch Laboratories AB (a) | | 398 | 5,015 |
| Recipharm AB (a) | | 2,999 | 44,373 |
| Resurs Holding AB (c) | | 3,822 | 25,331 |
| Saab AB (B Shares) | | 3,511 | 137,583 |
| Sandvik AB | | 56,950 | 901,751 |
| Scandic Hotels Group AB | | 5,491 | 50,193 |
| Securitas AB (B Shares) | | 17,199 | 294,977 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 83,020 | 859,671 |
| Skanska AB (B Shares) | | 18,827 | 296,359 |
| SKF AB (B Shares) | | 22,065 | 354,442 |
| SkiStar AB | | 779 | 20,303 |
| SSAB Svenskt Stal AB: | | | |
| (A Shares) | | 14,179 | 56,631 |
| (B Shares) | | 42,341 | 137,371 |
| Starbreeze AB (a) | | 12,908 | 9,253 |
| Svenska Cellulosa AB (SCA) (B Shares) | | 29,801 | 282,081 |
| Svenska Handelsbanken AB (A Shares) | | 78,227 | 850,315 |
| Sweco AB (B Shares) | | 4,709 | 106,209 |
| Swedbank AB (A Shares) | | 44,106 | 993,345 |
| Swedish Match Co. AB | | 10,054 | 512,305 |
| Swedish Orphan Biovitrum AB (a) | | 10,293 | 210,108 |
| Tele2 AB (B Shares) | | 17,743 | 201,644 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 161,610 | 1,407,099 |
| TeliaSonera AB | | 141,108 | 636,217 |
| Thule Group AB (c) | | 9,227 | 182,803 |
| Tobii AB (a) | | 2,177 | 8,088 |
| Trelleborg AB (B Shares) | | 14,569 | 263,164 |
| Vitrolife AB | | 2,010 | 29,797 |
| Volvo AB (B Shares) | | 77,027 | 1,151,472 |
| Wallenstam AB (B Shares) | | 13,575 | 122,308 |
| Wihlborgs Fastigheter AB | | 7,176 | 81,114 |
|
| TOTAL SWEDEN | | | 23,061,651 |
|
| Switzerland - 5.1% | | | |
| ABB Ltd. (Reg.) | | 95,712 | 1,925,873 |
| Adecco SA (Reg.) | | 8,828 | 432,481 |
| AFG Arbonia-Forster-Holding AG (a) | | 7,452 | 93,525 |
| Allreal Holding AG | | 370 | 56,796 |
| ALSO Holding AG | | 335 | 37,985 |
| APG SGA SA | | 197 | 69,439 |
| Aryzta AG | | 4,359 | 40,614 |
| Ascom Holding AG (Reg.) | | 772 | 12,326 |
| Autoneum Holding AG | | 113 | 21,879 |
| Bachem Holding AG (B Shares) | | 167 | 19,533 |
| Baloise Holdings AG | | 2,357 | 337,467 |
| Banque Cantonale Vaudoise | | 189 | 141,307 |
| Barry Callebaut AG | | 94 | 183,772 |
| Basilea Pharmaceutica AG (a) | | 172 | 8,307 |
| Bell AG | | 352 | 110,442 |
| BKW AG | | 722 | 45,808 |
| Bobst Group SA | | 285 | 21,563 |
| Bossard Holding AG | | 776 | 126,669 |
| Bucher Industries AG | | 400 | 110,411 |
| Burckhardt Compression Holding AG | | 84 | 27,857 |
| Burkhalter Holding AG | | 381 | 29,772 |
| Cembra Money Bank AG | | 2,309 | 193,725 |
| Clariant AG (Reg.) | | 10,921 | 235,412 |
| Coca-Cola HBC AG | | 10,332 | 305,067 |
| Comet Holding AG | | 480 | 48,517 |
| Compagnie Financiere Richemont SA Series A | | 27,109 | 1,981,414 |
| Credit Suisse Group AG | | 133,655 | 1,747,361 |
| Daetwyler Holdings AG | | 793 | 120,468 |
| Dufry AG | | 2,530 | 285,242 |
| EFG International | | 3,288 | 23,212 |
| Emmi AG | | 107 | 77,768 |
| Ems-Chemie Holding AG | | 497 | 273,877 |
| Flughafen Zuerich AG | | 1,198 | 236,947 |
| Forbo Holding AG (Reg.) | | 47 | 69,020 |
| Galenica AG | | 2,205 | 318,659 |
| Galenica Sante Ltd. (c) | | 6,685 | 358,427 |
| GAM Holding Ltd. | | 10,183 | 59,148 |
| Geberit AG (Reg.) | | 1,734 | 678,862 |
| Georg Fischer AG (Reg.) | | 262 | 243,881 |
| Givaudan SA | | 476 | 1,155,085 |
| Helvetia Holding AG (Reg.) | | 364 | 222,994 |
| Huber+Suhner AG | | 427 | 29,254 |
| Idorsia Ltd. (a) | | 5,009 | 97,032 |
| Implenia AG | | 604 | 33,584 |
| INFICON Holding AG | | 64 | 30,705 |
| Interroll Holding AG | | 54 | 99,941 |
| Intershop Holding AG | | 12 | 5,898 |
| Julius Baer Group Ltd. | | 11,501 | 524,501 |
| Kaba Holding AG (B Shares) (Reg.) | | 130 | 93,839 |
| Kardex AG | | 862 | 112,120 |
| Komax Holding AG (Reg.) | | 349 | 95,640 |
| Kudelski SA (Bearer) | | 453 | 3,189 |
| Kuehne & Nagel International AG | | 2,551 | 354,858 |
| Lafargeholcim Ltd. (Reg.) | | 25,219 | 1,168,114 |
| Landis+Gyr Group AG | | 1,176 | 71,343 |
| Leonteq AG (a) | | 538 | 25,406 |
| Lindt & Spruengli AG | | 6 | 478,975 |
| Lindt & Spruengli AG (participation certificate) | | 46 | 317,430 |
| Logitech International SA (Reg.) | | 8,995 | 332,864 |
| Lonza Group AG | | 3,845 | 1,209,067 |
| Meyer Burger Technology AG (a) | | 17,793 | 9,328 |
| Mobimo Holding AG | | 795 | 177,210 |
| Nestle SA (Reg. S) | | 158,712 | 13,398,956 |
| Novartis AG | | 111,643 | 9,776,842 |
| OC Oerlikon Corp. AG (Reg.) | | 9,327 | 111,037 |
| Oriflame Holding AG | | 1,730 | 40,872 |
| Orior AG | | 98 | 8,660 |
| Panalpina Welttransport Holding AG | | 780 | 95,259 |
| Pargesa Holding SA | | 2,018 | 148,172 |
| Partners Group Holding AG | | 853 | 607,683 |
| PSP Swiss Property AG | | 1,895 | 182,980 |
| Rieter Holding AG (Reg.) | | 147 | 19,850 |
| Roche Holding AG (participation certificate) | | 36,180 | 8,804,852 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 1,449 | 305,583 |
| (Reg.) | | 1,587 | 329,643 |
| Schmolz & Bickenbach AG (a) | | 6,294 | 4,618 |
| Schweiter Technologies AG | | 130 | 147,664 |
| SFS Group AG | | 793 | 77,871 |
| SGS SA (Reg.) | | 258 | 612,755 |
| Siegfried Holding AG | | 168 | 67,390 |
| Sika AG | | 6,931 | 889,128 |
| Sonova Holding AG Class B | | 2,768 | 452,241 |
| St.Galler Kantonalbank AG | | 93 | 45,801 |
| Straumann Holding AG | | 531 | 362,471 |
| Sulzer AG (Reg.) | | 897 | 90,132 |
| Sunrise Communications Group AG (c) | | 2,050 | 180,544 |
| Swatch Group AG (Bearer) | | 1,465 | 495,728 |
| Swatch Group AG (Bearer) (Reg.) | | 4,459 | 297,739 |
| Swiss Life Holding AG | | 1,960 | 739,902 |
| Swiss Prime Site AG | | 3,278 | 266,237 |
| Swiss Re Ltd. | | 15,877 | 1,433,919 |
| Swisscom AG | | 1,293 | 592,355 |
| Tecan Group AG | | 429 | 96,777 |
| Temenos Group AG | | 2,979 | 409,662 |
| u-blox Holding AG | | 486 | 60,898 |
| UBS Group AG | | 198,319 | 2,774,477 |
| Valiant Holding AG | | 1,734 | 195,928 |
| Valora Holding AG | | 87 | 21,768 |
| VAT Group AG (c) | | 1,302 | 130,827 |
| Vontobel Holdings AG | | 1,913 | 118,714 |
| VZ Holding AG | | 73 | 20,694 |
| Ypsomed Holding AG | | 367 | 49,266 |
| Zehnder Group AG | | 53 | 2,121 |
| Zurich Insurance Group AG | | 7,248 | 2,250,369 |
| ZZ Holding AG | | 120 | 107,352 |
|
| TOTAL SWITZERLAND | | | 64,584,947 |
|
| Taiwan - 2.7% | | | |
| A-DATA Technology Co. Ltd. | | 1,000 | 1,218 |
| Accton Technology Corp. | | 30,000 | 82,557 |
| Acer, Inc. | | 121,000 | 84,808 |
| Advanced Ceramic X Corp. | | 1,000 | 6,266 |
| Advantech Co. Ltd. | | 17,499 | 120,388 |
| AmTRAN Technology Co. Ltd. (a) | | 4,000 | 1,525 |
| ASE Industrial Holding Co. Ltd. | | 174,718 | 352,139 |
| Asia Cement Corp. | | 136,000 | 143,861 |
| Asia Optical Co., Inc. | | 6,000 | 10,736 |
| Asia Pacific Telecom Co. Ltd. (a) | | 33,000 | 6,342 |
| ASPEED Tech, Inc. | | 1,000 | 14,745 |
| ASUSTeK Computer, Inc. | | 47,000 | 347,637 |
| AU Optronics Corp. | | 570,000 | 222,576 |
| Bank of Kaohsiung Co. Ltd. | | 15,272 | 4,336 |
| Capital Securities Corp. | | 7,490 | 2,235 |
| Catcher Technology Co. Ltd. | | 31,000 | 311,897 |
| Cathay Financial Holding Co. Ltd. | | 414,000 | 655,222 |
| Chang Hwa Commercial Bank | | 404,198 | 229,120 |
| Cheng Loong Corp. | | 28,000 | 17,861 |
| Cheng Shin Rubber Industry Co. Ltd. | | 134,000 | 188,489 |
| Cheng Uei Precision Industries Co. Ltd. | | 3,000 | 2,064 |
| Chicony Electronics Co. Ltd. | | 12,125 | 24,242 |
| Chilisin Electronics Corp. | | 9,958 | 23,962 |
| Chin-Poon Industrial Co. Ltd. | | 6,000 | 6,686 |
| China Airlines Ltd. | | 177,000 | 52,367 |
| China Bills Finance Corp. | | 4,000 | 1,705 |
| China Development Finance Holding Corp. | | 960,000 | 307,902 |
| China Life Insurance Co. Ltd. | | 204,569 | 194,258 |
| China Motor Co. Ltd. (a) | | 3,000 | 2,258 |
| China Petrochemical Development Corp. (a) | | 207,000 | 75,551 |
| China Steel Chemical Corp. | | 1,000 | 4,054 |
| China Steel Corp. | | 667,000 | 525,663 |
| China Synthetic Rubber Corp. | | 21,398 | 23,913 |
| Chinatrust Financial Holding Co. Ltd. | | 951,960 | 634,937 |
| Chipbond Technology Corp. | | 38,000 | 69,715 |
| Chroma ATE, Inc. | | 17,000 | 59,576 |
| Chunghwa Telecom Co. Ltd. | | 185,000 | 653,079 |
| Clevo Co. Ltd. | | 2,000 | 1,554 |
| Compal Electronics, Inc. | | 188,000 | 103,532 |
| Compeq Manufacturing Co. Ltd. | | 40,000 | 25,581 |
| Coretronic Corp. | | 14,000 | 19,218 |
| CTCI Corp. | | 10,000 | 14,099 |
| Cub Elecparts, Inc. | | 2,484 | 14,963 |
| Delta Electronics, Inc. | | 118,000 | 495,470 |
| E Ink Holdings, Inc. | | 57,000 | 44,922 |
| E.SUN Financial Holdings Co. Ltd. | | 660,322 | 437,222 |
| ECLAT Textile Co. Ltd. | | 9,060 | 107,542 |
| EGiS Technology, Inc. | | 1,000 | 3,139 |
| Elan Microelectronics Corp. | | 31,500 | 58,502 |
| Elite Advanced Laser Corp. | | 1,320 | 2,298 |
| Elite Material Co. Ltd. | | 8,000 | 15,995 |
| eMemory Technology, Inc. | | 6,000 | 44,379 |
| Ennoconn Corp. | | 1,000 | 6,621 |
| EPISTAR Corp. | | 30,000 | 27,083 |
| Eternal Materials Co. Ltd. | | 10,291 | 7,662 |
| EVA Airways Corp. | | 58,562 | 26,765 |
| Evergreen Marine Corp. (Taiwan) | | 98,244 | 36,175 |
| Evergreen Marine Corp. (Taiwan) rights 11/18/18 (a) | | 5,596 | 127 |
| Everlight Electronics Co. Ltd. | | 11,000 | 9,451 |
| Far Eastern Department Stores Co. Ltd. | | 5,000 | 2,495 |
| Far Eastern International Bank | | 53,670 | 17,162 |
| Far Eastern Textile Ltd. | | 159,000 | 159,460 |
| Far EasTone Telecommunications Co. Ltd. | | 130,000 | 309,459 |
| Farglory Land Development Co. Ltd. | | 10,000 | 11,402 |
| Feng Hsin Iron & Steel Co. | | 17,000 | 32,176 |
| Feng Tay Enterprise Co. Ltd. | | 30,120 | 180,951 |
| Firich Enterprise Co. Ltd. | | 1,060 | 1,193 |
| First Financial Holding Co. Ltd. | | 695,480 | 439,161 |
| FLEXium Interconnect, Inc. | | 20,940 | 52,552 |
| Formosa Chemicals & Fibre Corp. | | 184,000 | 665,622 |
| Formosa Petrochemical Corp. | | 61,000 | 240,371 |
| Formosa Plastics Corp. | | 234,000 | 763,360 |
| Formosa Taffeta Co. Ltd. | | 92,000 | 99,992 |
| Foxconn Technology Co. Ltd. | | 39,010 | 82,656 |
| Fubon Financial Holding Co. Ltd. | | 360,000 | 563,363 |
| Genius Electronic Optical Co. Ltd. | | 3,000 | 19,380 |
| Getac Technology Corp. | | 2,000 | 2,351 |
| Giant Manufacturing Co. Ltd. | | 10,000 | 38,113 |
| Giga-Byte Technology Co. Ltd. | | 36,000 | 47,034 |
| Global Unichip Corp. | | 3,000 | 20,349 |
| GlobalWafers Co. Ltd. | | 14,000 | 111,012 |
| Grand Pacific Petrochemical Corp. | | 41,000 | 27,611 |
| Grape King Bio Ltd. | | 7,000 | 44,088 |
| Great Wall Enterprise Co. Ltd. | | 2,140 | 2,081 |
| Greatek Electronics, Inc. | | 9,000 | 11,192 |
| HannStar Display Corp. | | 76,000 | 16,692 |
| Highwealth Construction Corp. | | 11,000 | 16,112 |
| HIWIN Technologies Corp. | | 11,791 | 76,168 |
| Holystone Enterprise Co. Ltd. | | 9,000 | 28,168 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 689,600 | 1,755,155 |
| Hota Industrial Manufacturing Co. Ltd. | | 31,063 | 129,929 |
| Hotai Motor Co. Ltd. | | 18,000 | 124,126 |
| HTC Corp. (a) | | 49,000 | 53,177 |
| Hua Nan Financial Holdings Co. Ltd. | | 478,474 | 269,678 |
| Huaku Development Co. Ltd. | | 1,000 | 2,025 |
| Innolux Corp. | | 429,000 | 129,834 |
| International Games Systems Co. Ltd. | | 1,000 | 4,441 |
| Inventec Corp. | | 123,000 | 99,121 |
| Kenda Rubber Industrial Co. Ltd. | | 12,060 | 11,530 |
| King Slide Works Co. Ltd. | | 1,000 | 10,384 |
| King Yuan Electronics Co. Ltd. | | 195,000 | 113,685 |
| King's Town Bank | | 111,000 | 105,943 |
| Kinpo Electronics, Inc. | | 6,000 | 1,793 |
| Kinsus Interconnect Technology Corp. | | 2,000 | 2,613 |
| LandMark Optoelectronics Corp. | | 4,000 | 26,550 |
| Largan Precision Co. Ltd. | | 6,000 | 649,214 |
| Lee Chang Yung Chemical Industry Corp. | | 92,000 | 154,222 |
| Lien Hwa Industrial Corp. | | 60,667 | 59,667 |
| Lite-On Technology Corp. | | 123,009 | 141,045 |
| Long Chen Paper Co. Ltd. | | 48,138 | 24,488 |
| Macronix International Co. Ltd. | | 70,380 | 38,986 |
| Makalot Industrial Co. Ltd. | | 7,000 | 37,532 |
| MediaTek, Inc. | | 79,000 | 580,498 |
| Mega Financial Holding Co. Ltd. | | 623,000 | 526,201 |
| Mercuries Life Insurance Co. Ltd. | | 139,465 | 61,037 |
| Merida Industry Co. Ltd. | | 30,000 | 105,134 |
| Merry Electronics Co. Ltd. | | 13,000 | 56,055 |
| Micro-Star International Co. Ltd. | | 41,000 | 90,448 |
| MiTAC Holdings Corp. | | 5,748 | 4,660 |
| Namchow Chemical Industrial Co. Ltd. | | 1,000 | 1,411 |
| Nan Ya Plastics Corp. | | 257,000 | 638,339 |
| Nankang Rubber Tire Co. Ltd. | | 2,000 | 1,744 |
| Nanya Technology Corp. | | 77,000 | 127,834 |
| Nien Made Enterprise Co. Ltd. | | 10,000 | 61,692 |
| Novatek Microelectronics Corp. | | 27,000 | 119,039 |
| OBI Pharma, Inc. (a) | | 6,000 | 23,449 |
| Oriental Union Chemical Corp. | | 4,000 | 3,618 |
| PChome Online, Inc. (a) | | 6,062 | 27,608 |
| Pegatron Corp. | | 91,000 | 165,479 |
| PharmaEngine, Inc. | | 1,199 | 4,047 |
| PharmaEssentia Corp. (a) | | 24,000 | 127,905 |
| Phison Electronics Corp. | | 6,000 | 39,340 |
| Pou Chen Corp. | | 192,000 | 194,415 |
| Powertech Technology, Inc. | | 100,000 | 218,343 |
| Poya International Co. Ltd. | | 1,010 | 8,792 |
| President Chain Store Corp. | | 35,000 | 394,535 |
| Primax Electronics Ltd. | | 15,000 | 20,155 |
| Prince Housing & Development Corp. | | 6,000 | 1,957 |
| Qisda Corp. | | 25,000 | 14,171 |
| Quanta Computer, Inc. | | 114,000 | 179,871 |
| Radiant Opto-Electronics Corp. | | 32,000 | 83,616 |
| Realtek Semiconductor Corp. | | 39,000 | 156,199 |
| Ritek Corp. (a) | | 78,497 | 25,100 |
| Ruentex Development Co. Ltd. | | 5,040 | 6,967 |
| Ruentex Industries Ltd. | | 9,000 | 22,529 |
| SerComm Corp. | | 28,000 | 44,586 |
| Shin Kong Financial Holding Co. Ltd. | | 581,982 | 190,795 |
| Shin Zu Shing Co. Ltd. | | 1,000 | 2,442 |
| Shinkong Insurance Co. Ltd. | | 2,000 | 2,316 |
| Simplo Technology Co. Ltd. | | 23,600 | 136,826 |
| SINBON Electronics Co. Ltd. | | 1,000 | 2,752 |
| Sino-American Silicon Products, Inc. | | 29,000 | 53,953 |
| Sinopac Holdings Co. | | 514,495 | 174,487 |
| St.Shine Optical Co. Ltd. | | 3,000 | 53,294 |
| Standard Foods Corp. | | 41,714 | 62,583 |
| Synnex Technology International Corp. | | 164,100 | 176,500 |
| Systex Corp. | | 1,000 | 1,999 |
| Ta Chen Stainless Pipe Co. Ltd. | | 38,932 | 54,574 |
| Taichung Commercial Bank Co. Ltd. | | 126,204 | 41,578 |
| Taichung Commercial Bank Co. Ltd. rights 11/26/18 (a) | | 4,206 | 0 |
| TaiMed Biologics, Inc. (a) | | 7,000 | 43,636 |
| Tainan Spinning Co. Ltd. | | 115,000 | 45,130 |
| Taishin Financial Holdings Co. Ltd. | | 437,715 | 194,395 |
| Taishin Financial Holdings Co. Ltd. rights 11/22/18 (a) | | 8,829 | 856 |
| Taiwan Business Bank | | 821,352 | 270,596 |
| Taiwan Cement Corp. | | 281,728 | 315,756 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 513,671 | 288,686 |
| Taiwan Fertilizer Co. Ltd. | | 11,000 | 14,922 |
| Taiwan Glass Industry Corp. (a) | | 24,000 | 10,271 |
| Taiwan High Speed Rail Corp. | | 265,000 | 262,770 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | | 2,000 | 3,081 |
| Taiwan Mobile Co. Ltd. | | 80,000 | 285,525 |
| Taiwan Paiho Ltd. | | 17,000 | 25,093 |
| Taiwan Secom Co. | | 33,000 | 93,797 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 1,278,000 | 9,589,011 |
| Taiwan Shin Kong Security Co. Ltd. | | 2,000 | 2,161 |
| Tatung Co. Ltd. (a) | | 104,000 | 120,928 |
| TCI Co. Ltd. | | 3,448 | 48,167 |
| TECO Electric & Machinery Co. Ltd. | | 75,000 | 42,998 |
| Ton Yi Industrial Corp. | | 5,000 | 2,132 |
| Tong Hsing Electronics Industries Ltd. | | 6,000 | 17,829 |
| Tong Yang Industry Co. Ltd. | | 5,000 | 5,636 |
| Topco Scientific Co. Ltd. | | 4,304 | 8,897 |
| Transcend Information, Inc. | | 1,000 | 2,087 |
| Tripod Technology Corp. | | 15,000 | 36,191 |
| TSRC Corp. | | 6,000 | 5,523 |
| TTY Biopharm Co. Ltd. | | 1,000 | 2,610 |
| Tung Ho Steel Enterprise Corp. | | 55,000 | 37,217 |
| Tung Thih Electronic Co. Ltd. | | 1,000 | 2,035 |
| TXC Corp. | | 2,000 | 1,996 |
| Unified-President Enterprises Corp. | | 244,000 | 590,288 |
| Unimicron Technology Corp. | | 27,000 | 13,125 |
| United Microelectronics Corp. | | 679,000 | 258,608 |
| United Renewable Energy Co. Ltd. (a) | | 201,000 | 44,601 |
| USI Corp. | | 5,202 | 1,983 |
| Vanguard International Semiconductor Corp. | | 47,000 | 86,530 |
| Visual Photonics Epitaxy Co. Ltd. | | 14,000 | 25,096 |
| Voltronic Power Technology Corp. | | 1,000 | 16,133 |
| Wafer Works Corp. | | 43,000 | 43,610 |
| Walsin Lihwa Corp. | | 224,000 | 111,058 |
| Walsin Technology Corp. | | 16,875 | 71,129 |
| Waterland Financial Holdings Co. Ltd. | | 367,612 | 119,329 |
| Wei-Chuan Food Corp. (a) | | 2,000 | 1,231 |
| Win Semiconductors Corp. | | 20,389 | 62,562 |
| Winbond Electronics Corp. | | 146,363 | 63,347 |
| Wistron Corp. | | 266,829 | 162,887 |
| Wistron NeWeb Corp. | | 20,460 | 47,581 |
| WPG Holding Co. Ltd. | | 209,760 | 248,984 |
| WT Microelectronics Co. Ltd. | | 2,235 | 2,877 |
| Yageo Corp. | | 13,129 | 133,790 |
| Yieh Phui Enterprise Co. | | 5,459 | 1,691 |
| Yuanta Financial Holding Co. Ltd. | | 672,000 | 325,576 |
| Yuen Foong Yu Paper Manufacturing Co. | | 105,000 | 37,984 |
| Yulon Motor Co. Ltd. | | 12,000 | 6,996 |
| Yungtay Engineering Co. Ltd. | | 18,000 | 32,790 |
|
| TOTAL TAIWAN | | | 34,375,645 |
|
| Thailand - 0.6% | | | |
| Advanced Info Service PCL (For. Reg.) | | 47,500 | 280,760 |
| Airports of Thailand PCL (For. Reg.) | | 205,700 | 397,008 |
| Bangkok Airways PCL | | 65,400 | 23,075 |
| Bangkok Bank PCL (For. Reg.) | | 15,100 | 96,538 |
| Bangkok Chain Hospital PCL | | 97,300 | 57,218 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 192,800 | 142,449 |
| Bangkok Expressway and Metro PCL | | 366,500 | 93,946 |
| Bangkok Land PCL | | 1,205,600 | 62,534 |
| Banpu PCL (For. Reg.) | | 150,900 | 79,182 |
| Beauty Community PCL | | 134,100 | 40,440 |
| BEC World PCL (For. Reg.) (a) | | 29,200 | 5,372 |
| Berli Jucker PCL (For. Reg) | | 53,800 | 90,451 |
| BTS Group Holdings PCL | | 366,700 | 101,185 |
| BTS Group Holdings PCL warrants 12/31/19 (a) | | 40,744 | 102 |
| Bumrungrad Hospital PCL (For. Reg.) | | 13,600 | 79,156 |
| C.P. ALL PCL (For. Reg.) | | 264,200 | 535,810 |
| Central Pattana PCL (For. Reg.) | | 57,000 | 135,796 |
| CH. Karnchang PCL | | 2,700 | 2,076 |
| Charoen Pokphand Foods PCL (For. Reg.) | | 153,160 | 116,625 |
| Chularat Hospital PCL | | 25,300 | 1,938 |
| Delta Electronics PCL (For. Reg.) | | 43,400 | 90,308 |
| Dynasty Ceramic PCL: | | | |
| warrants 5/7/21 (a) | | 7,160 | 194 |
| (For. Reg.) | | 17,900 | 1,242 |
| Electricity Generating PCL (For. Reg.) | | 9,000 | 62,696 |
| Energy Absolute PCL | | 77,200 | 115,241 |
| Energy Earth PCL (a)(d) | | 7,600 | 335 |
| Esso Thailand PCL | | 74,900 | 32,752 |
| Glow Energy PCL (For. Reg.) | | 28,700 | 72,486 |
| Gunkul Engineering PCL | | 22,283 | 2,083 |
| Hana Microelectronics PCL (For. Reg.) | | 58,900 | 64,389 |
| Home Product Center PCL (For. Reg.) | | 387,600 | 174,163 |
| Indorama Ventures PCL (For. Reg.) | | 98,400 | 160,983 |
| IRPC PCL (For. Reg.) | | 723,800 | 133,148 |
| Jasmine International Public Co. Ltd. | | 265,900 | 41,296 |
| Kasikornbank PCL (For. Reg.) | | 92,800 | 558,311 |
| KCE Electronics PCL | | 48,500 | 54,482 |
| Kiatnakin Bank PCL (For. Reg.) | | 34,900 | 74,989 |
| Krung Thai Bank PCL (For. Reg.) | | 207,100 | 125,534 |
| Krungthai Card PCL (For. Reg.) | | 57,000 | 59,733 |
| Land & House PCL (For. Reg.) | | 424,800 | 131,949 |
| Major Cineplex Group PCL (For. Reg.) | | 78,400 | 55,797 |
| Minor International PCL (For. Reg.) | | 196,200 | 215,962 |
| Muangthai Leasing PCL | | 52,100 | 82,094 |
| PTG Energy PCL | | 6,300 | 1,995 |
| PTT Exploration and Production PCL (For. Reg.) | | 88,900 | 373,991 |
| PTT Global Chemical PCL (For. Reg.) | | 123,300 | 287,241 |
| PTT PCL (For. Reg.) | | 580,700 | 893,115 |
| Robinsons Department Store PCL (For. Reg.) | | 16,400 | 32,271 |
| Siam Cement PCL (For. Reg.) | | 21,000 | 264,717 |
| Siam Commercial Bank PCL (For. Reg.) | | 100,400 | 416,315 |
| Siam Global House PCL | | 51,598 | 29,098 |
| Sino-Thai Engineering & Construction PCL (For. Reg.) (a) | | 16,300 | 12,191 |
| Sri Trang Agro-Industry PCL | | 17,760 | 9,587 |
| Srisawad Corp. PCL | | 43,700 | 58,644 |
| Supalai PCL (For. Reg.) | | 85,475 | 56,451 |
| Thai Airways International PCL (For. Reg.) (a) | | 60,900 | 23,875 |
| Thai Oil PCL (For. Reg.) | | 67,000 | 171,238 |
| Thai Union Frozen Products PCL (For. Reg.) | | 118,800 | 59,472 |
| Thai Vegetable Oil PCL | | 29,800 | 25,388 |
| Thanachart Capital PCL (For. Reg.) | | 26,800 | 42,633 |
| TISCO Financial Group PCL | | 10,800 | 25,648 |
| TMB PCL (For. Reg.) | | 446,200 | 30,680 |
| True Corp. PCL (For. Reg.) | | 675,400 | 120,171 |
| TTW PCL | | 130,400 | 48,369 |
| Vibhavadi Medical Center PCL | | 93,584 | 6,378 |
| WHA Corp. PCL | | 232,000 | 28,825 |
|
| TOTAL THAILAND | | | 7,670,121 |
|
| Turkey - 0.1% | | | |
| AG Anadolu Grubu Holding A/S | | 8,884 | 18,119 |
| Akbank T.A.S. | | 90,481 | 106,999 |
| Akcansa Cimento A/S | | 294 | 398 |
| Albaraka Turk Katilim Bankasi A/S | | 3,589 | 848 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 9,935 | 33,398 |
| Anadolu Sigoria | | 2,500 | 1,995 |
| Arcelik A/S | | 11,166 | 31,023 |
| Aselsan A/S | | 28,147 | 127,199 |
| Aygaz A/S | | 428 | 931 |
| Bim Birlesik Magazalar A/S JSC | | 11,907 | 169,138 |
| Cimsa Cimento Sanayi Ve Ticaret A/S | | 254 | 341 |
| Coca-Cola Icecek Sanayi A/S | | 3,284 | 16,192 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | | 124,151 | 37,092 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 77,422 | 125,491 |
| Ford Otomotiv Sanayi A/S | | 3,281 | 35,219 |
| Haci Omer Sabanci Holding A/S | | 30,143 | 38,396 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D (a) | | 56,075 | 30,698 |
| Koc Holding A/S | | 42,304 | 117,915 |
| Petkim Petrokimya Holding A/S | | 50,594 | 45,981 |
| Soda Sanayii AS | | 51,836 | 62,875 |
| TAV Havalimanlari Holding A/S | | 7,122 | 29,637 |
| Tekfen Holding A/S | | 9,172 | 34,853 |
| Tofas Turk Otomobil Fabrikasi A/S | | 8,164 | 30,818 |
| Tupras Turkiye Petrol Rafinerileri A/S | | 6,630 | 156,214 |
| Turk Hava Yollari AO (a) | | 24,007 | 60,344 |
| Turk Sise ve Cam Fabrikalari A/S | | 66,361 | 56,156 |
| Turkcell Iletisim Hizmet A/S | | 49,501 | 100,515 |
| Turkiye Garanti Bankasi A/S | | 167,544 | 209,520 |
| Turkiye Halk Bankasi A/S | | 29,067 | 32,085 |
| Turkiye Is Bankasi A/S Series C | | 61,034 | 43,568 |
| Turkiye Sinai Kalkinma Bankasi A/S | | 136,631 | 17,355 |
| Turkiye Vakiflar Bankasi TAO | | 61,575 | 37,675 |
| Ulker Biskuvi Sanayi A/S (a) | | 5,387 | 14,244 |
| Yapi ve Kredi Bankasi A/S (a) | | 45,566 | 13,206 |
|
| TOTAL TURKEY | | | 1,836,438 |
|
| United Arab Emirates - 0.2% | | | |
| Abu Dhabi Commercial Bank PJSC (a) | | 112,981 | 248,837 |
| Air Arabia PJSC (a) | | 150,733 | 41,857 |
| Aldar Properties PJSC | | 277,570 | 130,731 |
| Arabtec Holding Co. (a) | | 17,581 | 9,621 |
| Damac Properties Dubai Co. PJSC (a) | | 80,493 | 44,266 |
| DP World Ltd. | | 10,698 | 192,457 |
| Dubai Investments Ltd. (a) | | 140,493 | 61,963 |
| Dubai Islamic Bank Pakistan Ltd. (a) | | 66,813 | 95,677 |
| Dubai Parks and Resorts PJSC (a) | | 83,207 | 7,951 |
| Emaar Development PJSC (a) | | 62,036 | 83,601 |
| Emaar Malls Group PJSC (a) | | 111,607 | 55,604 |
| Emaar Properties PJSC | | 193,523 | 268,698 |
| Emirates Telecommunications Corp. (a) | | 81,587 | 386,484 |
| Eshraq Properties Co. PJSC (a) | | 6,866 | 1,122 |
| National Bank of Abu Dhabi PJSC | | 63,676 | 239,577 |
| Waha Capital PJSC (a) | | 6,006 | 3,041 |
|
| TOTAL UNITED ARAB EMIRATES | | | 1,871,487 |
|
| United Kingdom - 10.4% | | | |
| 3i Group PLC | | 51,508 | 578,185 |
| AA PLC | | 20,133 | 25,760 |
| Abcam PLC | | 10,446 | 160,225 |
| Acacia Mining PLC (a) | | 2,351 | 4,608 |
| Accesso Technology Group PLC (a) | | 1,923 | 49,897 |
| Admiral Group PLC | | 9,978 | 256,736 |
| Advanced Medical Solutions Group PLC | | 6,326 | 23,207 |
| Aggreko PLC | | 11,667 | 128,011 |
| Allied Minds PLC (a) | | 3,073 | 2,337 |
| Anglo American PLC (United Kingdom) | | 54,751 | 1,172,351 |
| Antofagasta PLC | | 24,080 | 241,554 |
| AO World PLC (a) | | 14,204 | 24,220 |
| Arrow Global Group PLC | | 4,919 | 12,022 |
| Ascential PLC | | 26,068 | 125,550 |
| Ashmore Group PLC | | 19,573 | 88,114 |
| Ashtead Group PLC | | 26,925 | 666,113 |
| ASOS PLC (a) | | 3,442 | 240,040 |
| Associated British Foods PLC | | 17,568 | 535,786 |
| Assura PLC | | 197,531 | 132,302 |
| AstraZeneca PLC (United Kingdom) | | 65,609 | 5,018,411 |
| Auto Trader Group PLC (c) | | 48,901 | 255,525 |
| Aveva Group PLC | | 2,982 | 99,787 |
| Aviva PLC | | 205,926 | 1,125,363 |
| Babcock International Group PLC | | 11,094 | 86,670 |
| BAE Systems PLC | | 156,748 | 1,051,040 |
| Balfour Beatty PLC | | 20,627 | 69,367 |
| Bank of Georgia Group PLC | | 1,624 | 32,370 |
| Barclays PLC | | 912,055 | 2,009,537 |
| Barratt Developments PLC | | 57,216 | 375,906 |
| BBA Aviation PLC | | 64,765 | 198,844 |
| Beazley PLC | | 27,623 | 186,248 |
| Bellway PLC | | 5,243 | 192,403 |
| Berkeley Group Holdings PLC | | 7,357 | 329,224 |
| BHP Billiton PLC | | 110,242 | 2,199,184 |
| Biffa PLC (c) | | 16,227 | 48,742 |
| Big Yellow Group PLC | | 13,146 | 144,928 |
| Blue Prism Group PLC (a) | | 2,243 | 49,714 |
| Bodycote PLC | | 14,511 | 147,549 |
| Bovis Homes Group PLC | | 8,985 | 111,286 |
| BP PLC | | 1,020,417 | 7,371,207 |
| Brewin Dolphin Holding PLC | | 17,451 | 73,431 |
| British American Tobacco PLC (United Kingdom) | | 118,986 | 5,158,075 |
| British Land Co. PLC | | 41,085 | 310,888 |
| Britvic PLC | | 20,924 | 211,553 |
| BT Group PLC | | 440,197 | 1,347,886 |
| BTG PLC (a) | | 21,113 | 148,966 |
| Bunzl PLC | | 17,926 | 529,520 |
| Burberry Group PLC | | 23,371 | 540,997 |
| Cairn Energy PLC (a) | | 45,641 | 115,218 |
| Capita Group PLC | | 86,609 | 142,420 |
| Capital & Counties Properties PLC | | 32,919 | 105,319 |
| Card Factory PLC | | 20,062 | 47,261 |
| Carnival PLC | | 9,426 | 513,769 |
| Carphone Warehouse Group PLC | | 54,588 | 118,233 |
| Centrica PLC | | 293,385 | 552,007 |
| Chemring Group PLC | | 30,409 | 70,897 |
| Cineworld Group PLC | | 51,905 | 195,452 |
| Civitas Social Housing PLC | | 12,154 | 17,089 |
| Clinigen Group PLC | | 6,234 | 72,272 |
| Close Brothers Group PLC | | 8,129 | 152,948 |
| Coats Group PLC (a) | | 99,237 | 102,110 |
| Cobham PLC (a) | | 106,354 | 146,341 |
| Coca-Cola European Partners PLC | | 11,972 | 544,606 |
| Compass Group PLC | | 80,513 | 1,584,840 |
| Computacenter PLC | | 7,919 | 111,140 |
| ConvaTec Group PLC (c) | | 84,628 | 175,238 |
| Conviviality PLC (d) | | 5,769 | 0 |
| Costain Group PLC | | 1,866 | 8,956 |
| Countryside Properties PLC (c) | | 44,767 | 171,435 |
| Crest Nicholson PLC | | 16,859 | 73,440 |
| Croda International PLC | | 8,349 | 514,376 |
| CVS Group PLC | | 1,909 | 20,485 |
| CYBG PLC (b) | | 64,817 | 222,698 |
| Daily Mail & General Trust PLC Class A | | 14,123 | 126,274 |
| Dairy Crest Group PLC | | 13,813 | 84,430 |
| Dart Group PLC | | 3,875 | 42,101 |
| De La Rue PLC | | 4,598 | 28,122 |
| Debenhams PLC | | 18,859 | 2,150 |
| Dechra Pharmaceuticals PLC | | 4,831 | 141,160 |
| Derwent London PLC | | 5,464 | 204,564 |
| DFS Furniture PLC | | 13,771 | 36,612 |
| Diageo PLC | | 123,866 | 4,282,235 |
| Dialog Semiconductor PLC (a) | | 3,351 | 88,435 |
| Dignity PLC | | 1,628 | 20,778 |
| Diploma PLC | | 6,915 | 116,230 |
| Direct Line Insurance Group PLC | | 66,382 | 279,579 |
| Domino's Pizza UK & IRL PLC | | 24,401 | 88,359 |
| Drax Group PLC | | 23,908 | 122,726 |
| DS Smith PLC | | 85,340 | 428,582 |
| Dunelm Group PLC | | 7,027 | 53,577 |
| easyJet PLC | | 11,910 | 182,680 |
| Electrocomponents PLC | | 23,365 | 185,104 |
| Elementis PLC | | 32,720 | 85,737 |
| EMIS Group PLC | | 1,676 | 19,387 |
| Empiric Student Property PLC | | 23,726 | 28,750 |
| EnQuest PLC (a) | | 83,348 | 29,084 |
| Enterprise Inns PLC (a) | | 34,056 | 72,347 |
| Equiniti Group PLC (c) | | 12,680 | 34,927 |
| Essentra PLC | | 19,084 | 93,182 |
| esure Group PLC | | 27,211 | 96,970 |
| Evraz PLC | | 17,156 | 119,073 |
| Faroe Petroleum PLC (a) | | 25,741 | 48,761 |
| Ferrexpo PLC | | 15,676 | 41,857 |
| Fever-Tree Drinks PLC | | 5,238 | 186,194 |
| Firstgroup PLC (a) | | 54,355 | 59,402 |
| Forterra PLC | | 9,489 | 26,744 |
| Fresnillo PLC | | 11,801 | 128,003 |
| G4S PLC (United Kingdom) | | 69,288 | 190,412 |
| Galliford Try PLC | | 8,705 | 97,248 |
| Games Workshop Group PLC | | 2,944 | 115,525 |
| GB Group PLC | | 4,899 | 31,685 |
| Genus PLC | | 2,800 | 79,238 |
| Georgia Capital PLC (a) | | 1,624 | 24,287 |
| GlaxoSmithKline PLC | | 256,234 | 4,962,679 |
| Gocompare.com Group PLC | | 20,148 | 21,401 |
| Grainger Trust PLC | | 16,607 | 57,525 |
| Great Portland Estates PLC | | 9,397 | 83,802 |
| Greene King PLC | | 17,834 | 110,011 |
| Greggs PLC | | 8,654 | 128,425 |
| Halfords Group PLC | | 14,706 | 57,971 |
| Halma PLC | | 15,950 | 270,743 |
| Hammerson PLC | | 38,651 | 216,635 |
| Hansteen Holdings PLC | | 4,785 | 5,884 |
| Hargreaves Lansdown PLC | | 13,494 | 322,193 |
| Hastings Group Holdings PLC (c) | | 28,228 | 66,786 |
| Hays PLC | | 68,438 | 143,725 |
| Helical Bar PLC | | 4,937 | 19,626 |
| Hikma Pharmaceuticals PLC | | 8,637 | 209,922 |
| Hill & Smith Holdings PLC | | 7,635 | 96,663 |
| Hochschild Mining PLC | | 7,631 | 15,372 |
| HomeServe PLC | | 13,003 | 158,143 |
| Hostelworld Group PLC (c) | | 1,535 | 3,861 |
| Howden Joinery Group PLC | | 42,729 | 256,205 |
| HSBC Holdings PLC (United Kingdom) | | 1,022,131 | 8,411,731 |
| Hunting PLC | | 9,314 | 80,360 |
| Hurricane Energy PLC (a) | | 94,337 | 55,347 |
| Ibstock PLC (c) | | 31,649 | 90,778 |
| IG Group Holdings PLC | | 19,211 | 148,438 |
| IMI PLC | | 12,291 | 156,240 |
| Imperial Tobacco Group PLC | | 49,894 | 1,691,938 |
| Inchcape PLC | | 29,827 | 206,256 |
| Indivior PLC (a) | | 40,182 | 96,738 |
| Informa PLC | | 66,742 | 608,769 |
| Inmarsat PLC | | 24,051 | 140,214 |
| InterContinental Hotel Group PLC | | 10,336 | 542,992 |
| Intermediate Capital Group PLC | | 13,762 | 167,462 |
| International Personal Finance PLC | | 7,621 | 17,330 |
| International Quantum Epitaxy PLC (a)(b) | | 32,218 | 37,269 |
| Intertek Group PLC | | 8,374 | 501,787 |
| Intu Properties PLC | | 63,148 | 158,284 |
| Investec PLC | | 30,172 | 186,659 |
| iomart Group PLC | | 1,226 | 6,018 |
| ITE Group PLC | | 27,302 | 19,892 |
| ITV PLC | | 205,736 | 391,696 |
| J Sainsbury PLC | | 86,293 | 343,253 |
| J.D. Weatherspoon PLC | | 1,928 | 30,435 |
| Jackpotjoy PLC (a) | | 1,132 | 8,899 |
| John David Group PLC | | 19,930 | 104,012 |
| John Laing Group PLC (c) | | 53,157 | 212,125 |
| John Menzies PLC | | 927 | 6,161 |
| John Wood Group PLC | | 34,517 | 315,102 |
| Johnson Matthey PLC | | 9,503 | 361,122 |
| JRP Group PLC | | 41,715 | 47,322 |
| Jupiter Fund Management PLC | | 32,708 | 140,891 |
| Just Eat Holding Ltd. (a) | | 28,601 | 222,125 |
| KAZ Minerals PLC | | 10,534 | 69,854 |
| Kcom Group PLC | | 8,465 | 9,965 |
| Keller Group PLC | | 9,943 | 82,355 |
| Keywords Studios PLC | | 2,469 | 43,236 |
| Kier Group PLC | | 3,223 | 36,109 |
| Kingfisher PLC | | 113,977 | 370,102 |
| Land Securities Group PLC | | 32,093 | 349,994 |
| Legal & General Group PLC | | 298,801 | 960,548 |
| Lloyds Banking Group PLC | | 3,691,220 | 2,693,631 |
| London Stock Exchange Group PLC | | 15,887 | 876,237 |
| Londonmetric Properity PLC | | 40,117 | 92,453 |
| Lookers PLC | | 2,630 | 3,210 |
| Man Group PLC | | 77,205 | 153,403 |
| Marks & Spencer Group PLC | | 103,694 | 392,323 |
| Marshalls PLC | | 6,565 | 36,100 |
| McCarthy & Stone PLC (c) | | 17,225 | 29,723 |
| Mediclinic International PLC | | 25,723 | 123,790 |
| Meggitt PLC | | 41,490 | 280,966 |
| Melrose Industries PLC | | 258,396 | 557,020 |
| Merlin Entertainments PLC (c) | | 30,745 | 127,012 |
| Metro Bank PLC (a) | | 6,358 | 180,740 |
| Micro Focus International PLC | | 23,872 | 370,069 |
| Mitchells & Butlers PLC | | 6,311 | 20,973 |
| Mitie Group PLC | | 26,411 | 49,051 |
| Mondi PLC | | 20,337 | 479,473 |
| Moneysupermarket.com Group PLC | | 30,685 | 115,037 |
| Morgan Advanced Materials PLC | | 8,008 | 28,251 |
| N Brown Group PLC | | 3,824 | 6,623 |
| National Express Group PLC Class L | | 22,645 | 115,837 |
| National Grid PLC | | 168,244 | 1,783,190 |
| NCC Group Ltd. | | 7,668 | 19,269 |
| NewRiver REIT PLC | | 15,425 | 49,882 |
| NEX Group PLC | | 16,842 | 244,552 |
| Next PLC | | 7,334 | 487,840 |
| NMC Health PLC | | 5,522 | 249,296 |
| Northgate PLC | | 8,573 | 41,290 |
| Nostrum Oil & Gas LP (a) | | 1,976 | 5,203 |
| Ocado Group PLC (a) | | 29,027 | 317,299 |
| On The Beach Group PLC (c) | | 3,023 | 16,557 |
| OneSavings Bank PLC | | 9,977 | 47,593 |
| Ophir Energy PLC (a) | | 39,780 | 20,873 |
| Oxford Instruments PLC | | 1,621 | 19,476 |
| P2P Global Investments PLC | | 5,361 | 53,243 |
| Pagegroup PLC | | 14,774 | 94,798 |
| Paragon Banking Group PLC | | 21,947 | 119,392 |
| Pearson PLC | | 39,706 | 456,140 |
| Pendragon PLC | | 85,397 | 29,363 |
| Pennon Group PLC | | 20,124 | 191,941 |
| Persimmon PLC | | 15,307 | 448,830 |
| Pets At Home Group PLC | | 34,907 | 49,080 |
| Photo-Me International PLC | | 11,079 | 15,634 |
| Polypipe Group PLC | | 17,721 | 84,035 |
| Premier Foods PLC (a) | | 23,207 | 11,302 |
| Premier Oil PLC (a) | | 58,507 | 80,766 |
| Primary Health Properties PLC | | 40,520 | 56,765 |
| Provident Financial PLC | | 14,724 | 96,058 |
| Prudential PLC | | 134,192 | 2,687,010 |
| Purplebricks Group PLC (a)(b) | | 10,054 | 22,836 |
| PZ Cussons PLC Class L | | 16,813 | 47,064 |
| QinetiQ Group PLC | | 35,124 | 124,675 |
| Quilter PLC | | 143,526 | 212,478 |
| Rathbone Brothers PLC | | 1,656 | 48,726 |
| Reckitt Benckiser Group PLC | | 34,150 | 2,761,510 |
| Redde PLC | | 25,770 | 57,907 |
| Redrow PLC | | 14,846 | 100,289 |
| RELX PLC | | 56,037 | 1,110,211 |
| RELX PLC | | 46,696 | 923,992 |
| Renishaw PLC | | 1,666 | 89,736 |
| Rentokil Initial PLC | | 90,686 | 366,523 |
| Restore PLC | | 3,422 | 19,464 |
| Rightmove PLC | | 59,640 | 344,682 |
| Rio Tinto PLC | | 60,724 | 2,948,197 |
| Rolls-Royce Holdings PLC | | 86,539 | 928,061 |
| Rotork PLC | | 41,450 | 158,838 |
| Royal Bank of Scotland Group PLC | | 253,828 | 764,149 |
| Royal Dutch Shell PLC: | | | |
| Class A (United Kingdom) | | 235,926 | 7,516,157 |
| Class B (United Kingdom) | | 192,067 | 6,263,867 |
| Royal Mail PLC | | 46,011 | 211,132 |
| RPC Group PLC | | 22,440 | 218,735 |
| RPS Group PLC | | 24,886 | 49,877 |
| RSA Insurance Group PLC | | 52,141 | 376,154 |
| Safestore Holdings PLC | | 21,871 | 149,282 |
| Saga PLC | | 59,263 | 90,218 |
| Sage Group PLC | | 57,651 | 401,166 |
| Savills PLC | | 10,381 | 96,200 |
| Scapa Group PLC | | 4,991 | 26,079 |
| Schroders PLC | | 8,227 | 281,822 |
| Scottish & Southern Energy PLC | | 54,207 | 790,090 |
| Segro PLC | | 44,132 | 346,693 |
| Senior Engineering Group PLC | | 40,300 | 140,626 |
| Serco Group PLC (a) | | 85,942 | 105,567 |
| Severn Trent PLC | | 12,251 | 291,731 |
| Shaftesbury PLC | | 6,361 | 72,932 |
| Shanks Group PLC | | 22,634 | 14,841 |
| SIG PLC | | 12,607 | 18,080 |
| Sirius Minerals PLC (a)(b) | | 252,896 | 74,477 |
| Smart Metering Systems PLC | | 2,619 | 19,316 |
| Smith & Nephew PLC | | 44,298 | 720,058 |
| Smiths Group PLC | | 21,457 | 383,283 |
| SOCO International PLC | | 500 | 537 |
| Softcat PLC | | 3,043 | 25,088 |
| Sophos Group PLC (c) | | 19,757 | 110,559 |
| Sound Energy PLC (a) | | 8,859 | 3,850 |
| Spectris PLC | | 6,306 | 172,813 |
| Spirax-Sarco Engineering PLC | | 3,927 | 324,761 |
| Spire Healthcare Group PLC (c) | | 16,378 | 24,577 |
| Sports Direct International PLC (a) | | 6,585 | 27,473 |
| SSP Group PLC | | 29,295 | 249,982 |
| St. James's Place Capital PLC | | 27,059 | 350,537 |
| St. Modwen Properties PLC | | 10,219 | 48,878 |
| Stagecoach Group PLC | | 12,696 | 24,796 |
| Standard Chartered PLC (United Kingdom) | | 146,434 | 1,028,510 |
| Standard Life PLC | | 135,061 | 466,978 |
| Stock Spirits Group PLC | | 10,658 | 27,246 |
| SuperGroup PLC | | 2,109 | 21,781 |
| Synthomer PLC | | 15,742 | 89,339 |
| TalkTalk Telecom Group PLC | | 30,162 | 46,264 |
| Tate & Lyle PLC | | 21,590 | 185,779 |
| Taylor Wimpey PLC | | 198,993 | 410,780 |
| Ted Baker PLC | | 2,860 | 66,972 |
| Telecom Plus PLC | | 3,457 | 53,909 |
| Tesco PLC | | 509,969 | 1,388,863 |
| The Go-Ahead Group PLC | | 2,295 | 45,058 |
| The Restaurant Group PLC | | 16,490 | 50,839 |
| The Weir Group PLC | | 13,074 | 265,039 |
| Thomas Cook Group PLC | | 82,838 | 47,775 |
| TORM PLC (a) | | 167 | 984 |
| Travis Perkins PLC | | 12,141 | 171,791 |
| Tritax Big Box REIT PLC | | 65,993 | 120,539 |
| Tullett Prebon PLC | | 22,995 | 85,237 |
| Tullow Oil PLC (a) | | 88,848 | 256,431 |
| Ultra Electronics Holdings PLC | | 3,091 | 56,814 |
| Unilever PLC | | 62,527 | 3,312,033 |
| Unite Group PLC | | 12,428 | 135,424 |
| United Utilities Group PLC | | 33,372 | 309,939 |
| Vectura Group PLC (a) | | 18,438 | 16,756 |
| Vesuvius PLC | | 6,559 | 45,607 |
| Victoria PLC (a) | | 6,214 | 30,182 |
| Victrex PLC | | 6,984 | 236,743 |
| Vodafone Group PLC | | 1,377,608 | 2,590,645 |
| Watkin Jones PLC | | 6,697 | 17,976 |
| WH Smith PLC | | 9,401 | 233,718 |
| Whitbread PLC | | 9,319 | 524,108 |
| William Hill PLC | | 46,280 | 124,344 |
| WM Morrison Supermarkets PLC | | 104,955 | 332,835 |
| Wolverhampton & Dudley Breweries PLC | | 23,336 | 29,649 |
| Workspace Group PLC | | 8,125 | 99,803 |
|
| TOTAL UNITED KINGDOM | | | 130,916,941 |
|
| United States of America - 0.1% | | | |
| Southern Copper Corp. | | 4,872 | 186,792 |
| Yum China Holdings, Inc. | | 18,561 | 669,681 |
|
| TOTAL UNITED STATES OF AMERICA | | | 856,473 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $1,238,027,315) | | | 1,143,668,315 |
|
| Nonconvertible Preferred Stocks - 1.2% | | | |
| Brazil - 0.6% | | | |
| Alpargatas SA (PN) | | 5,800 | 23,674 |
| Banco ABC Brasil SA | | 3,455 | 15,012 |
| Banco Bradesco SA (PN) | | 176,205 | 1,624,031 |
| Banco do Estado Rio Grande do Sul SA | | 5,300 | 28,284 |
| Bradespar SA (PN) | | 9,679 | 89,885 |
| Braskem SA (PN-A) | | 8,800 | 123,316 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 9,862 | 70,490 |
| Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) | | 10,161 | 213,568 |
| Companhia de Saneamento do Parana | | 15,500 | 41,983 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 52,535 | 155,706 |
| Companhia Energetica de Sao Paulo Series B | | 5,300 | 28,270 |
| Companhia Paranaense de Energia-Copel (PN-B) | | 7,200 | 50,747 |
| Gerdau SA | | 67,303 | 294,061 |
| Gol Linhas Aereas Inteligentes SA (PN) (a) | | 2,100 | 10,383 |
| Itau Unibanco Holding SA | | 165,007 | 2,183,688 |
| Itausa-Investimentos Itau SA (PN) | | 243,132 | 734,329 |
| Lojas Americanas SA (PN) | | 34,700 | 175,295 |
| Marcopolo SA (PN) | | 10,100 | 10,666 |
| Metalurgica Gerdau SA (PN) | | 20,800 | 44,378 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 186,386 | 1,383,308 |
| Telefonica Brasil SA | | 22,800 | 264,790 |
|
| TOTAL BRAZIL | | | 7,565,864 |
|
| Chile - 0.1% | | | |
| Embotelladora Andina SA Class B | | 34,522 | 121,521 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 5,986 | 258,875 |
|
| TOTAL CHILE | | | 380,396 |
|
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 14,703 | 137,462 |
| Grupo Aval Acciones y Valores SA | | 145,146 | 50,944 |
| Grupo de Inversiones Suramerica SA | | 9,299 | 84,917 |
|
| TOTAL COLOMBIA | | | 273,323 |
|
| Germany - 0.3% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 3,209 | 242,433 |
| Biotest AG (non-vtg.) | | 1,682 | 44,675 |
| Draegerwerk AG & Co. KGaA (non-vtg.) | | 125 | 6,719 |
| Fuchs Petrolub AG | | 4,826 | 223,785 |
| Henkel AG & Co. KGaA | | 8,757 | 957,940 |
| Jungheinrich AG | | 2,802 | 92,989 |
| Porsche Automobil Holding SE (Germany) | | 8,372 | 532,417 |
| Sartorius AG (non-vtg.) | | 1,761 | 255,308 |
| Sixt AG Preference Shares | | 548 | 37,738 |
| Sto SE & Co. KGaA | | 572 | 59,086 |
| Volkswagen AG | | 9,767 | 1,645,671 |
|
| TOTAL GERMANY | | | 4,098,761 |
|
| Italy - 0.0% | | | |
| Buzzi Unicem SpA (Risparmio Shares) | | 1,220 | 13,708 |
| Danieli & C. Officine Meccaniche SpA | | 1,027 | 15,145 |
| Telecom Italia SpA (Risparmio Shares) | | 544,121 | 275,362 |
|
| TOTAL ITALY | | | 304,215 |
|
| Korea (South) - 0.2% | | | |
| AMOREPACIFIC Corp. | | 528 | 41,648 |
| Daishin Securities Co. Ltd. | | 4,429 | 34,819 |
| Hyundai Motor Co. | | 2,791 | 162,910 |
| Hyundai Motor Co. Series 2 | | 905 | 56,156 |
| LG Chemical Ltd. | | 665 | 116,273 |
| LG Household & Health Care Ltd. | | 112 | 71,853 |
| Samsung Electronics Co. Ltd. | | 44,111 | 1,382,093 |
|
| TOTAL KOREA (SOUTH) | | | 1,865,752 |
|
| Panama - 0.0% | | | |
| Avianca Holdings SA | | 19,286 | 11,831 |
| Russia - 0.0% | | | |
| AK Transneft OAO | | 26 | 67,453 |
| Surgutneftegas OJSC | | 397,255 | 229,975 |
|
| TOTAL RUSSIA | | | 297,428 |
|
| United Kingdom - 0.0% | | | |
| Rolls-Royce Holdings PLC Series C (a) | | 3,980,794 | 5,088 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | |
| (Cost $14,726,200) | | | 14,802,658 |
| | | Principal Amount | Value |
|
| Government Obligations - 0.2% | | | |
| United States of America - 0.2% | | | |
| U.S. Treasury Bills, yield at date of purchase 2.07% 1/3/19(f) | | | |
| (Cost $3,288,150) | | 3,300,000 | 3,287,180 |
| | | Shares | Value |
|
| Money Market Funds - 7.2% | | | |
| Fidelity Cash Central Fund, 2.23% (g) | | 87,391,909 | 87,409,387 |
| Fidelity Securities Lending Cash Central Fund 2.23% (g)(h) | | 3,580,317 | 3,580,675 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $90,990,062) | | | 90,990,062 |
| TOTAL INVESTMENT IN SECURITIES - 99.3% | | | |
| (Cost $1,347,031,727) | | | 1,252,748,215 |
| NET OTHER ASSETS (LIABILITIES) - 0.7% | | | 8,724,373 |
| NET ASSETS - 100% | | | $1,261,472,588 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 785 | Dec. 2018 | $71,140,625 | $(937,177) | $(937,176) |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 509 | Dec. 2018 | 24,348,015 | (279,683) | (279,683) |
| TME S&P/TSX 60 Index Contracts (Canada) | 51 | Dec. 2018 | 6,928,360 | (103,215) | (103,215) |
| TOTAL FUTURES CONTRACTS | | | | | $(1,320,074) |
The notional amount of futures purchased as a percentage of Net Assets is 8.0%
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(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 $11,663,282 or 0.9% of net assets.
(d) Level 3 security
(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(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 $3,287,180.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $554,926 |
| Fidelity Securities Lending Cash Central Fund | 85,453 |
| Total | $640,379 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $78,050,121 | $36,658,897 | $41,389,076 | $2,148 |
| Consumer Discretionary | 124,384,392 | 89,014,615 | 35,365,945 | 3,832 |
| Consumer Staples | 108,803,747 | 57,611,482 | 51,186,609 | 5,656 |
| Energy | 83,584,467 | 45,850,692 | 37,728,467 | 5,308 |
| Financials | 242,803,821 | 162,297,911 | 80,505,910 | -- |
| Health Care | 98,107,090 | 38,531,152 | 59,565,907 | 10,031 |
| Industrials | 148,252,727 | 96,329,498 | 51,923,229 | -- |
| Information Technology | 98,015,122 | 60,049,786 | 37,963,171 | 2,165 |
| Materials | 94,207,041 | 68,102,044 | 26,104,997 | -- |
| Real Estate | 47,350,225 | 42,388,125 | 4,962,100 | -- |
| Utilities | 34,912,220 | 26,927,055 | 7,978,893 | 6,272 |
| Government Obligations | 3,287,180 | -- | 3,287,180 | -- |
| Money Market Funds | 90,990,062 | 90,990,062 | -- | -- |
| Total Investments in Securities: | $1,252,748,215 | $814,751,319 | $437,961,484 | $35,412 |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(1,320,074) | $(1,320,074) | $-- | $-- |
| Total Liabilities | $(1,320,074) | $(1,320,074) | $-- | $-- |
| Total Derivative Instruments: | $(1,320,074) | $(1,320,074) | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:
| Transfers | Total |
| Level 1 to Level 2 | $22,907,938 |
| Level 2 to Level 1 | $42,534,733 |
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, 2018. 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 | $(1,320,074) |
| Total Equity Risk | 0 | (1,320,074) |
| Total Value of Derivatives | $0 | $(1,320,074) |
(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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $3,477,746) — See accompanying schedule:
Unaffiliated issuers (cost $1,256,041,665) | $1,161,758,153 | |
| Fidelity Central Funds (cost $90,990,062) | 90,990,062 | |
| Total Investment in Securities (cost $1,347,031,727) | | $1,252,748,215 |
| Segregated cash with brokers for derivative instruments | | 1,916,104 |
| Cash | | 4,215 |
| Foreign currency held at value (cost $5,824,242) | | 5,757,751 |
| Receivable for investments sold | | 32,994 |
| Receivable for fund shares sold | | 55,666,768 |
| Dividends receivable | | 3,181,760 |
| Distributions receivable from Fidelity Central Funds | | 73,830 |
| Receivable for daily variation margin on futures contracts | | 900,620 |
| Total assets | | 1,320,282,257 |
| Liabilities | | |
| Payable for investments purchased | | |
| Regular delivery | $35 | |
| Delayed delivery | 5,414 | |
| Payable for fund shares redeemed | 55,160,721 | |
| Accrued management fee | 61,629 | |
| Other payables and accrued expenses | 274 | |
| Collateral on securities loaned | 3,581,596 | |
| Total liabilities | | 58,809,669 |
| Net Assets | | $1,261,472,588 |
| Net Assets consist of: | | |
| Paid in capital | | $1,333,157,342 |
| Total distributable earnings (loss) | | (71,684,754) |
| Net Assets | | $1,261,472,588 |
| Net Asset Value and Maximum Offering Price | | |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($20,253,291 ÷ 1,820,066 shares) | | $11.13 |
| Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($555,339,151 ÷ 49,884,840 shares) | | $11.13 |
| Institutional Class: | | |
| Net Asset Value, offering price and redemption price per share ($96,585,237 ÷ 8,674,463 shares) | | $11.13 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($589,294,909 ÷ 52,916,804 shares) | | $11.14 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2018 |
| Investment Income | | |
| Dividends | | $31,718,421 |
| Interest | | 32,875 |
| Income from Fidelity Central Funds | | 640,379 |
| Income before foreign taxes withheld | | 32,391,675 |
| Less foreign taxes withheld | | (2,970,487) |
| Total income | | 29,421,188 |
| Expenses | | |
| Management fee | $612,339 | |
| Transfer agent fees | 207,050 | |
| Independent trustees' fees and expenses | 4,157 | |
| Commitment fees | 2,572 | |
| Total expenses before reductions | 826,118 | |
| Expense reductions | (2,454) | |
| Total expenses after reductions | | 823,664 |
| Net investment income (loss) | | 28,597,524 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $10,714) | 661,707 | |
| Fidelity Central Funds | (532) | |
| Foreign currency transactions | 103,611 | |
| Futures contracts | 859,354 | |
| Total net realized gain (loss) | | 1,624,140 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $234,805) | (153,015,188) | |
| Fidelity Central Funds | 667 | |
| Assets and liabilities in foreign currencies | (105,794) | |
| Futures contracts | (1,329,328) | |
| Total change in net unrealized appreciation (depreciation) | | (154,449,643) |
| Net gain (loss) | | (152,825,503) |
| Net increase (decrease) in net assets resulting from operations | | $(124,227,979) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2018 | Year ended October 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $28,597,524 | $8,251,362 |
| Net realized gain (loss) | 1,624,140 | 2,020,325 |
| Change in net unrealized appreciation (depreciation) | (154,449,643) | 59,037,611 |
| Net increase (decrease) in net assets resulting from operations | (124,227,979) | 69,309,298 |
| Distributions to shareholders | (12,739,319) | – |
| Distributions to shareholders from net investment income | – | (438,332) |
| Distributions to shareholders from net realized gain | – | (81,892) |
| Total distributions | (12,739,319) | (520,224) |
| Share transactions - net increase (decrease) | 753,570,682 | 518,835,415 |
| Redemption fees | 11,499 | 38,564 |
| Total increase (decrease) in net assets | 616,614,883 | 587,663,053 |
| Net Assets | | |
| Beginning of period | 644,857,705 | 57,194,652 |
| End of period | $1,261,472,588 | $644,857,705 |
| Other Information | | |
| Undistributed net investment income end of period | | $7,662,757 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Total International Index Fund Investor Class
| Years ended October 31, | 2018 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $12.38 | $10.08 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .34 | .29 | .08 |
| Net realized and unrealized gain (loss) | (1.38) | 2.05 | – |
| Total from investment operations | (1.04) | 2.34 | .08 |
| Distributions from net investment income | (.16) | (.03) | – |
| Distributions from net realized gain | (.06) | (.01) | – |
| Total distributions | (.21)C | (.04) | – |
| Redemption fees added to paid in capitalB,D | – | – | – |
| Net asset value, end of period | $11.13 | $12.38 | $10.08 |
| Total ReturnE,F | (8.53)% | 23.31% | .80% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .14% | .18% | .21%I |
| Expenses net of fee waivers, if any | .14% | .18% | .18%I |
| Expenses net of all reductions | .14% | .18% | .18%I |
| Net investment income (loss) | 2.73% | 2.53% | 1.97%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $20,253 | $13,060 | $3,170 |
| Portfolio turnover rateJ | 3% | 2% | 1%K |
A For the period June 7, 2016 (commencement of operations) to October 31, 2016.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.057 per share.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Total International Index Fund Premium Class
| Years ended October 31, | 2018 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $12.39 | $10.09 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .34 | .30 | .08 |
| Net realized and unrealized gain (loss) | (1.38) | 2.04 | .01 |
| Total from investment operations | (1.04) | 2.34 | .09 |
| Distributions from net investment income | (.16) | (.04) | – |
| Distributions from net realized gain | (.06) | (.01) | – |
| Total distributions | (.22) | (.04)C | – |
| Redemption fees added to paid in capitalB,D | – | – | – |
| Net asset value, end of period | $11.13 | $12.39 | $10.09 |
| Total ReturnE,F | (8.54)% | 23.34% | .90% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .09% | .11% | .11%I |
| Expenses net of fee waivers, if any | .09% | .11% | .11%I |
| Expenses net of all reductions | .09% | .11% | .11%I |
| Net investment income (loss) | 2.78% | 2.60% | 2.05%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $555,339 | $391,741 | $51,494 |
| Portfolio turnover rateJ | 3% | 2% | 1%K |
A For the period June 7, 2016 (commencement of operations) to October 31, 2016.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.04 per share is comprised of distributions from net investment income of $.037 and distributions from net realized gain of $.007 per share.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Total International Index Fund Institutional Class
| Years ended October 31, | 2018 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $12.39 | $10.09 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .34 | .30 | .08 |
| Net realized and unrealized gain (loss) | (1.38) | 2.05 | .01 |
| Total from investment operations | (1.04) | 2.35 | .09 |
| Distributions from net investment income | (.17) | (.04) | – |
| Distributions from net realized gain | (.06) | (.01) | – |
| Total distributions | (.22)C | (.05) | – |
| Redemption fees added to paid in capitalB,D | – | – | – |
| Net asset value, end of period | $11.13 | $12.39 | $10.09 |
| Total ReturnE,F | (8.52)% | 23.35% | .90% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .07% | .09% | .13%I |
| Expenses net of fee waivers, if any | .07% | .09% | .09%I |
| Expenses net of all reductions | .07% | .09% | .09%I |
| Net investment income (loss) | 2.80% | 2.62% | 2.06%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $96,585 | $104,569 | $1,241 |
| Portfolio turnover rateJ | 3% | 2% | 1%K |
A For the period June 7, 2016 (commencement of operations) to October 31, 2016.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.22 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $.057 per share.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Total International Index Fund Institutional Premium Class
| Years ended October 31, | 2018 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $12.39 | $10.09 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .34 | .31 | .08 |
| Net realized and unrealized gain (loss) | (1.36) | 2.04 | .01 |
| Total from investment operations | (1.02) | 2.35 | .09 |
| Distributions from net investment income | (.17) | (.04) | – |
| Distributions from net realized gain | (.06) | (.01) | – |
| Total distributions | (.23) | (.05) | – |
| Redemption fees added to paid in capitalB,C | – | – | – |
| Net asset value, end of period | $11.14 | $12.39 | $10.09 |
| Total ReturnD,E | (8.42)% | 23.37% | .90% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .06% | .06% | .10%H |
| Expenses net of fee waivers, if any | .06% | .06% | .06%H |
| Expenses net of all reductions | .06% | .06% | .06%H |
| Net investment income (loss) | 2.81% | 2.65% | 2.09%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $589,295 | $135,488 | $1,289 |
| Portfolio turnover rateI | 3% | 2% | 1%J |
A For the period June 7, 2016 (commencement of operations) to October 31, 2016.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2018
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. 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 offers Investor Class, Premium Class, Institutional Class and Institutional Premium Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund offers conversion privileges between share classes to eligible shareholders. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
During the period, the Board of Trustees approved the consolidation of the Fund's publicly offered share classes into a single share class. The consolidation took place on November 9, 2018, and the surviving class is Fidelity Total International Index Fund.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendor 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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, 2018, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. 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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, 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, 2018, 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 the Other payables and accrued expenses on the Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, 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, market discount 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 | $63,061,005 |
| Gross unrealized depreciation | (159,379,192) |
| Net unrealized appreciation (depreciation) | $(96,318,187) |
| Tax Cost | $1,348,963,188 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $24,741,278 |
| Net unrealized appreciation (depreciation) on securities and other investments | $(96,426,033) |
The tax character of distributions paid was as follows:
| | October 31, 2018 | October 31, 2017 |
| Ordinary Income | $11,596,216 | $ 473,428 |
| Long-term Capital Gains | 1,143,103 | 46,796 |
| Total | $12,739,319 | $ 520,224 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. 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. The Fund 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 is included at the end of the Fund's Schedule of Investments.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation | Prior Line-Item Presentation |
| Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
| Distributions to Shareholders Note to Financial Statements | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.
The Fund used derivatives 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| 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.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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 activity at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. 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, aggregated $702,412,535 and $27,283,686, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company (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 fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees.
Effective August 1, 2018, the Board approved an amendment to the expense contract. Under the expense contract, the investment adviser pays class-level expenses as necessary so that the total expenses do not exceed .06% of each class' average net assets on an annual basis with certain exceptions. Prior to August 1, 2018 the investment adviser paid class-level expenses as necessary so that the total expenses do not exceed certain amounts of each class' average net assets on an annual basis with certain exceptions, as noted in the following table:
| Investor Class | .17% |
| Premium Class | .10% |
| Institutional Class | .08% |
| Institutional Premium Class | .06% |
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.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class. FIIOC receives transfer agent fees at an annual rate of .21%, .11%, .035% and .015% of class-level average net assets for Investor Class, Premium Class, Institutional Class and Institutional Premium Class, respectively. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Effective August 1, 2018, under the amended expense contract, Investor Class, Premium Class, Institutional Class and Institutional Premium Class do not pay transfer agent fees. Prior to August 1, 2018, under the expense contract, Investor Class, Premium Class and Institutional Class paid portion of the transfer agent fees at an annual rate of .11%, .04% and .02% of class-level average net assets, respectively, and Institutional Premium Class did not pay transfer agent fees.
For the period, the total transfer agent fees paid by each applicable class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Investor Class | $14,469 | .08 |
| Premium Class | 160,240 | .03 |
| Institutional Class | 32,341 | .01 |
| | $207,050 | |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $4,003.
7. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,572 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's 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. Total security lending income during the period amounted to $85,453. During the period, there were no securities loaned to FCM.
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. During the period, these credits reduced the Fund's expenses by $2,454.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2018 | Year ended
October 31, 2017 |
| Distributions to shareholders | | |
| Investor Class | $240,444 | $– |
| Premium Class | 7,540,473 | – |
| Institutional Class | 2,474,976 | – |
| Institutional Premium Class | 2,483,426 | – |
| Total | $12,739,319 | $– |
| From net investment income | | |
| Investor Class | $– | $12,356 |
| Premium Class | – | 274,306 |
| Institutional Class | – | 147,084 |
| Institutional Premium Class | – | 4,586 |
| Total | $– | $438,332 |
| From net realized gain | | |
| Investor Class | $– | $2,668 |
| Premium Class | – | 51,468 |
| Institutional Class | – | 26,952 |
| Institutional Premium Class | – | 804 |
| Total | $– | $81,892 |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2018 | Year ended October 31, 2017 | Year ended October 31, 2018 | Year ended October 31, 2017 |
| Investor Class | | | | |
| Shares sold | 2,271,802 | 2,080,742 | $28,292,302 | $23,149,243 |
| Reinvestment of distributions | 19,410 | 1,459 | 236,609 | 14,518 |
| Shares redeemed | (1,525,971) | (1,341,742) | (19,099,753) | (15,054,293) |
| Net increase (decrease) | 765,241 | 740,459 | $9,429,158 | $8,109,468 |
| Premium Class | | | | |
| Shares sold | 38,944,563 | 29,938,258 | $481,016,695 | $332,799,582 |
| Reinvestment of distributions | 578,359 | 29,064 | 7,050,193 | 289,118 |
| Shares redeemed | (21,258,693) | (3,451,383) | (253,769,567) | (39,220,046) |
| Net increase (decrease) | 18,264,229 | 26,515,939 | $234,297,321 | $293,868,654 |
| Institutional Class | | | | |
| Shares sold | 26,080,594 | 8,773,177 | $322,527,531 | $96,370,730 |
| Reinvestment of distributions | 202,632 | 17,495 | 2,470,085 | 174,036 |
| Shares redeemed | (26,048,101) | (474,363) | (301,741,078) | (5,749,005) |
| Net increase (decrease) | 235,125 | 8,316,309 | $23,256,538 | $90,795,761 |
| Institutional Premium Class | | | | |
| Shares sold | 44,428,194 | 10,950,498 | $514,699,906 | $127,826,848 |
| Reinvestment of distributions | 203,727 | 542 | 2,483,426 | 5,390 |
| Shares redeemed | (2,647,162) | (146,727) | (30,595,667) | (1,770,706) |
| Net increase (decrease) | 41,984,759 | 10,804,313 | $486,587,665 | $126,061,532 |
12. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
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, 2018, the related statement of operations for the year ended October 31, 2018, the statement of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2018, 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, 2018 and the financial highlights for each of the periods indicated therein 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, 2018 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.
PricewaterhouseCoopers LLP
Boston, Massachusetts
December 18, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 283 funds. Mr. Chiel oversees 154 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2018 | Ending
Account Value
October 31, 2018 | Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 |
| Investor Class | .11% | | | |
| Actual | | $1,000.00 | $884.70 | $.52-C |
| Hypothetical-D | | $1,000.00 | $1,024.65 | $.56-C |
| Premium Class | .08% | | | |
| Actual | | $1,000.00 | $884.70 | $.38 |
| Hypothetical-D | | $1,000.00 | $1,024.80 | $.41 |
| Institutional Class | .07% | | | |
| Actual | | $1,000.00 | $884.70 | $.33 |
| Hypothetical-D | | $1,000.00 | $1,024.85 | $.36 |
| Institutional Premium Class | .06% | | | |
| Actual | | $1,000.00 | $885.50 | $.29 |
| Hypothetical-D | | $1,000.00 | $1,024.90 | $.31 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C If fees and changes to the class level expense contract and/or expense cap, effective August 1, 2018, had been in effect during the entire current period, the restated annualized expense ratio would have been .06% and the expenses paid in the actual and hypothetical examples above would have been $.29 and $.31, respectively.
D 5% return per year before expenses
Distributions (Unaudited)
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2018, $359,732, or, if subsequently determined to be different, the net capital gain of such year.
Investor Class designates 76%; Premium Class designates 73%; Institutional Class designates 72%; and Institutional Premium Class designates 71%; of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for 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 as follows:
| | Pay Date | Income | Taxes |
| Fidelity Total International Index Fund | | | |
| Investor Class | 12/11/17 | $0.1511 | $0.0143 |
| Premium Class | 12/11/17 | $0.1574 | $0.0143 |
| Institutional Class | 12/11/17 | $0.1592 | $0.0143 |
| Institutional Premium Class | 12/11/17 | $0.1610 | $0.0143 |
|
The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
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), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). FMR and the sub-advisers 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 has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 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 2018 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives 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. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
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, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, 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 under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. 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 for specific 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) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net calendar year total return information for the fund and its benchmark index for the most recent one-year period.
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 the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
Fidelity Total International Index Fund
The Board considered that effective July 1, 2016, the fund's management fee rate was reduced from 0.20% to 0.06%. The Board considered that the chart below reflects the fund's lower management fee rate for 2016, as if the lower fee rate were in effect for the entire period.
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2017.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
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.
Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also considered other "class-level" expenses, such as transfer agent fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the total expense ratio of each class ranked below the competitive median for 2017.
At its July 2018 meeting, the Board approved a proposal for the fund to consolidate all classes into a single class by exchanging all shares of the higher cost classes for shares of the lowest cost class available. The exchanges are expected to take place in November 2018. In connection with the class consolidation, the Board approved amended and restated expense contracts that reduce each class's total expense ratio to equal the total expense ratio of the lowest cost class. The Board considered that, effective August 1, 2018, contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of each class of the fund to the extent necessary to limit total class operating expenses, with certain exceptions, to 0.06%. 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 Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, 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 of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund 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 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.
PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's 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, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 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 affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.
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.
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, the expense ratio of each class will not decline if the class's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale 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 Economies of Scale 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) 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; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of Fidelity's voluntary expense limitation agreements; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (ix) the impact of recent changes to the money market fund landscape, including the full implementation of money market fund reform and rising interest rates, on Fidelity's money market funds; (x) the funds' share class structures and distribution channels; and (xi) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
TI1-ANN-1218
1.9879611.102
Fidelity® Total International Index Fund
Institutional Class and Institutional Premium Class
Annual Report October 31, 2018 |
|
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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2018 | Past 1 year | Life of fundA |
| Institutional Class | (8.52)% | 5.56% |
| Institutional Premium Class | (8.42)% | 5.61% |
A From June 7, 2016
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Total International Index Fund - Institutional Class on June 7, 2016, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Investable Market Index performed over the same period.
| Period Ending Values |
| $11,386 | Fidelity® Total International Index Fund - Institutional Class |
| $11,520 | MSCI ACWI (All Country World Index) ex USA Investable Market Index |
Management's Discussion of Fund Performance
Market Recap: International equities returned -8.08% for the 12 months ending October 31, 2018, according to the MSCI ACWI (All Country World Index) ex USA Index. A modestly positive first half of the period gave way to a confluence of overwhelmingly negative factors – including escalating trade tension, a surging U.S. dollar, tepid economic growth in Europe, global central bank tightening, concerns about Italy’s budget stalemate with the EU, and weakness in China’s stock market – that yielded a -11% second-half return. The index lost 8% in October alone, its largest monthly drop in more than six years. Among sectors, new-media-infused communications services (-15%) was hit the hardest, while economically sensitive consumer discretionary (-13%), information technology (-12%), financials (-10%), industrials (-9%) and materials (-7%) stocks also fared poorly. Even the more defensive real estate (-9%), utilities (-6%) and consumer staples (-5%) sectors weren’t spared this period. Conversely, elevated crude-oil prices fueled a positive return for energy (+7%), the top-performing sector, followed by the relatively stable-growing health care segment (+2%). Regionally, emerging markets (-12%) fared the worst, hampered by the impact of foreign exchange and concerns about economic weakness in China, India and South Korea. Sluggish growth also pressured shares in continental Europe (-9%). Stocks in Japan (-3%) and the U.K. (-4%) held up better, followed by Canada (-5%) and Asia-Pacific ex Japan (-6%).
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team: For the fiscal year, the fund's share classes returned about 8.4% to 8.5% (excluding sales charges, if applicable), compared with a return of -8.28% for the benchmark MSCI ACWI (All Country World Index) ex USA Investible Market Index. (The fund's performance relative to the index can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index.) Shares of Chinese internet company Tencent (-24%), which struggled due to questions about future growth and regulatory concerns, hurt the fund return the most on an absolute basis. Tencent's decline also weighed on South African media company Naspers (-28%), which owns a large Tencent stake. Elsewhere, Korean electronics giant Samsung (-23%) detracted amid disappointing smartphone sales for part of the 12 months, as well as concerns about pricing trends for semiconductors. In contrast, Japanese electronics giant Sony (+41%), contributed more than any other holding, driven by strong financial results. Brazilian mining company Vale (+62%) also added value; this company benefited from better commodity pricing coupled with the firm's success at cutting costs. Also worth noting was U.K.-based energy giant BP (+13%), which gained amid stronger prices for crude oil for much of the period.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 1.1 |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 0.8 |
| Novartis AG (Switzerland, Pharmaceuticals) | 0.8 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 0.8 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 0.8 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 0.7 |
| Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 0.7 |
| HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) | 0.7 |
| Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) | 0.6 |
| BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 0.6 |
| | 7.6 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Financials | 19.2 |
| Industrials | 11.8 |
| Consumer Discretionary | 9.9 |
| Consumer Staples | 8.6 |
| Health Care | 7.8 |
| Information Technology | 7.8 |
| Materials | 7.5 |
| Energy | 6.6 |
| Communication Services | 6.2 |
| Real Estate | 3.8 |
Geographic Diversification (% of fund's net assets)
| As of October 31, 2018 |
| | Japan | 16.3% |
| | United Kingdom | 10.4% |
| | United States of America* | 8.2% |
| | Canada | 6.2% |
| | France | 5.8% |
| | Germany | 5.4% |
| | Switzerland | 5.1% |
| | Australia | 4.3% |
| | Cayman Islands | 3.4% |
| | Other | 34.9% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2018
| | % of fund's net assets |
| Stocks and Equity Futures | 99.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 90.7% | | | |
| | | Shares | Value |
| Australia - 4.3% | | | |
| 360 Capital Industrial Fund | | 999 | $1,960 |
| Abacus Property Group unit | | 2,727 | 6,334 |
| Accent Group Ltd. | | 32,302 | 28,479 |
| Adelaide Brighton Ltd. | | 18,053 | 72,487 |
| Afterpay Touch Group Ltd. (a) | | 7,665 | 67,795 |
| AGL Energy Ltd. | | 33,541 | 427,537 |
| ALS Ltd. | | 25,714 | 148,588 |
| Altium Ltd. | | 5,371 | 83,182 |
| Alumina Ltd. | | 143,028 | 258,277 |
| Amcor Ltd. | | 58,798 | 553,783 |
| AMP Ltd. | | 143,306 | 250,661 |
| Ansell Ltd. | | 5,788 | 95,010 |
| APA Group unit | | 64,054 | 435,454 |
| APN News & Media Ltd. | | 14,469 | 19,826 |
| APN Outdoor Group Ltd. | | 16,583 | 75,157 |
| Appen Ltd. | | 6,617 | 49,857 |
| ARB Corp. Ltd. | | 7,576 | 92,867 |
| Ardent Leisure Group unit | | 13,116 | 14,861 |
| Aristocrat Leisure Ltd. | | 29,287 | 549,599 |
| Asaleo Care Ltd. | | 2,008 | 995 |
| ASX Ltd. | | 10,509 | 440,340 |
| Atlas Arteria Ltd. unit | | 39,232 | 189,752 |
| Aurizon Holdings Ltd. | | 105,463 | 313,671 |
| Austal Ltd. | | 24,631 | 31,222 |
| Australia & New Zealand Banking Group Ltd. | | 149,103 | 2,737,878 |
| Australian Agricultural Co. Ltd. (a) | | 4,710 | 4,403 |
| Australian Pharmaceutical Industries Ltd. | | 31,076 | 33,670 |
| Automotive Holdings Group Ltd. | | 2,148 | 2,746 |
| Babcock & Brown Wind Partners (a) | | 22,022 | 7,641 |
| Bank of Queensland Ltd. | | 20,228 | 138,231 |
| Bapcor Ltd. | | 5,659 | 27,371 |
| Beach Energy Ltd. | | 110,200 | 137,347 |
| Bega Cheese Ltd. | | 7,332 | 30,997 |
| Bellamy's Australia Ltd. (a) | | 3,737 | 19,133 |
| Bendigo & Adelaide Bank Ltd. | | 22,123 | 160,267 |
| BHP Billiton Ltd. | | 164,789 | 3,802,284 |
| Bingo Industries Ltd. | | 33,961 | 57,478 |
| Blackmores Ltd. | | 655 | 56,296 |
| BlueScope Steel Ltd. | | 30,671 | 312,112 |
| Boral Ltd. | | 65,610 | 260,650 |
| Brambles Ltd. | | 79,984 | 601,524 |
| Breville Group Ltd. | | 3,281 | 28,555 |
| Brickworks Ltd. | | 3,884 | 46,345 |
| BT Investment Management Ltd. | | 21,895 | 126,055 |
| BWP Trust | | 13,548 | 33,195 |
| Caltex Australia Ltd. | | 12,533 | 250,814 |
| Carsales.com Ltd. | | 13,044 | 112,693 |
| Challenger Ltd. | | 29,708 | 215,847 |
| Charter Hall Group unit | | 16,947 | 82,807 |
| Charter Hall Long Wale REIT unit | | 5,867 | 17,117 |
| Charter Hall Retail REIT | | 4,482 | 13,489 |
| Cimic Group Ltd. | | 5,148 | 172,398 |
| Coca-Cola Amatil Ltd. | | 26,226 | 184,048 |
| Cochlear Ltd. | | 2,880 | 362,169 |
| Commonwealth Bank of Australia | | 90,380 | 4,430,900 |
| Computershare Ltd. | | 24,953 | 349,345 |
| Corporate Travel Management Ltd. | | 2,449 | 34,772 |
| Costa Group Holdings Ltd. | | 19,396 | 83,785 |
| Credit Corp. Group Ltd. | | 3,751 | 50,602 |
| Cromwell Property Group unit | | 78,299 | 57,111 |
| Crown Ltd. | | 17,418 | 154,305 |
| CSL Ltd. | | 23,795 | 3,167,881 |
| CSR Ltd. | | 34,399 | 85,990 |
| DEXUS Property Group unit | | 47,871 | 345,778 |
| Domain Holdings Australia Ltd. | | 4,825 | 8,474 |
| Dominos Pizza Enterprises Ltd. | | 3,934 | 150,464 |
| Downer EDI Ltd. | | 30,890 | 151,373 |
| DuluxGroup Ltd. | | 37,119 | 194,515 |
| Eclipx Group Ltd. | | 20,670 | 35,423 |
| Estia Health Ltd. | | 5,345 | 7,722 |
| Evolution Mining Ltd. | | 57,818 | 122,013 |
| FKP Property Group unit | | 11,567 | 15,113 |
| Flexigroup Ltd. | | 24,844 | 27,006 |
| Flight Centre Travel Group Ltd. | | 2,726 | 89,571 |
| Folkestone Education Trust | | 967 | 1,952 |
| Fortescue Metals Group Ltd. | | 97,225 | 275,400 |
| G8 Education Ltd. | | 16,225 | 23,554 |
| Galaxy Resources Ltd. (a) | | 17,639 | 27,355 |
| Gateway Lifestyle Holdings Pty Ltd. unit | | 66 | 105 |
| GDI Property Group unit | | 5,098 | 4,657 |
| Genworth Mortgage Insurance Ltd. | | 21,812 | 34,754 |
| Goodman Group unit | | 81,798 | 601,264 |
| GrainCorp Ltd. | | 13,794 | 80,490 |
| Greencross Ltd. | | 451 | 1,447 |
| Growthpoint Properties Australia Ltd. | | 1,348 | 3,465 |
| GUD Holdings Ltd. | | 1,514 | 13,230 |
| GWA Group Ltd. | | 15,587 | 30,354 |
| Hansen Technologies Ltd. | | 12,222 | 29,946 |
| Harvey Norman Holdings Ltd. (b) | | 35,366 | 79,892 |
| Healthscope Ltd. | | 87,675 | 131,004 |
| IDP Education Ltd. | | 4,639 | 30,256 |
| Iluka Resources Ltd. | | 23,622 | 134,827 |
| Incitec Pivot Ltd. | | 100,239 | 276,839 |
| Independence Group NL | | 28,450 | 81,393 |
| Inghams Group Ltd. | | 8,510 | 23,503 |
| Insurance Australia Group Ltd. | | 121,239 | 586,392 |
| Investa Office Fund unit | | 33,490 | 131,623 |
| Invocare Ltd. | | 6,597 | 56,667 |
| IOOF Holdings Ltd. | | 25,283 | 121,927 |
| IPH Ltd. | | 12,190 | 46,615 |
| Iress Ltd. | | 12,570 | 96,581 |
| Japara Healthcare Ltd. | | 589 | 469 |
| JB Hi-Fi Ltd. | | 7,750 | 126,228 |
| John Fairfax Holdings Ltd. | | 133,759 | 60,622 |
| Karoon Gas Australia Ltd. (a) | | 1,197 | 903 |
| Lendlease Group unit | | 33,434 | 416,703 |
| Link Administration Holdings Ltd. | | 30,730 | 163,211 |
| Lynas Corp. Ltd. (a) | | 24,884 | 36,653 |
| Macquarie Group Ltd. | | 16,408 | 1,361,785 |
| Magellan Financial Group Ltd. | | 5,722 | 107,946 |
| Mayne Pharma Group Ltd. (a) | | 85,853 | 68,092 |
| McMillan Shakespeare Ltd. | | 3,134 | 36,619 |
| Medibank Private Ltd. | | 166,890 | 329,731 |
| Mesoblast Ltd. (a) | | 3,999 | 5,635 |
| Metcash Ltd. | | 47,236 | 91,988 |
| Mineral Resources Ltd. | | 7,162 | 72,273 |
| Mirvac Group unit | | 179,431 | 275,729 |
| Monadelphous Group Ltd. | | 7,750 | 78,975 |
| Myer Holdings Ltd. | | 14,173 | 4,567 |
| MYOB Group Ltd. | | 32,308 | 77,102 |
| Nanosonics Ltd. (a) | | 18,193 | 38,650 |
| National Australia Bank Ltd. | | 137,059 | 2,454,661 |
| National Storage (REIT) unit | | 78,561 | 94,854 |
| Navitas Ltd. | | 20,533 | 73,720 |
| Newcrest Mining Ltd. | | 41,769 | 609,617 |
| NEXTDC Ltd. (a) | | 20,114 | 83,611 |
| NIB Holdings Ltd. | | 34,573 | 135,635 |
| Nine Entertainment Co. Holdings Ltd. | | 35,938 | 43,010 |
| Northern Star Resources Ltd. | | 28,206 | 175,372 |
| Nufarm Ltd. | | 21,923 | 88,491 |
| oOh!media Ltd. | | 31,698 | 106,174 |
| Orica Ltd. | | 22,569 | 274,255 |
| Origin Energy Ltd. (a) | | 97,344 | 502,530 |
| Orocobre Ltd. (a)(b) | | 9,603 | 22,645 |
| Orora Ltd. | | 69,837 | 166,169 |
| OZ Minerals Ltd. | | 25,728 | 164,520 |
| Pact Group Holdings Ltd. (c) | | 17,118 | 42,306 |
| Perpetual Trustees Australia Ltd. | | 3,769 | 92,481 |
| Pilbara Minerals Ltd. (a)(b) | | 50,212 | 27,913 |
| Platinum Asset Management Ltd. | | 6,911 | 23,981 |
| Premier Investments Ltd. | | 11,629 | 135,220 |
| Primary Health Care Ltd. | | 35,390 | 66,413 |
| QBE Insurance Group Ltd. | | 67,590 | 541,819 |
| Qube Holdings Ltd. | | 74,713 | 129,625 |
| Quintis Ltd. (a)(d) | | 790 | 0 |
| Ramsay Health Care Ltd. | | 7,511 | 299,029 |
| realestate.com.au Ltd. | | 2,889 | 146,523 |
| Regis Healthcare Ltd. | | 290 | 493 |
| Regis Resources Ltd. | | 43,325 | 129,472 |
| Reliance Worldwide Corp. Ltd. | | 31,595 | 112,094 |
| Resolute Mng Ltd. | | 38,705 | 28,505 |
| Rio Tinto Ltd. | | 20,916 | 1,131,611 |
| Sandfire Resources NL | | 7,992 | 37,636 |
| Santos Ltd. | | 91,992 | 432,557 |
| Saracen Mineral Holdings Ltd. (a) | | 53,513 | 92,843 |
| Scentre Group unit | | 256,704 | 723,504 |
| SEEK Ltd. | | 20,174 | 255,152 |
| Select Harvests Ltd. | | 5,638 | 20,602 |
| Seven Group Holdings Ltd. | | 6,774 | 85,147 |
| Shopping Centres Australasia Property Group unit | | 15,213 | 27,687 |
| Sigma Healthcare Ltd. | | 31,213 | 11,494 |
| Sims Metal Management Ltd. | | 9,684 | 77,355 |
| Smartgroup Corp. Ltd. | | 2,759 | 19,479 |
| Sonic Healthcare Ltd. | | 24,301 | 388,057 |
| South32 Ltd. | | 265,237 | 679,936 |
| Southern Cross Media Group Ltd. | | 34,197 | 27,607 |
| SP AusNet | | 159,435 | 193,066 |
| Spark Infrastructure Group unit | | 90,564 | 147,506 |
| SpeedCast International Ltd. | | 9,792 | 24,963 |
| St Barbara Ltd. | | 27,858 | 82,067 |
| Steadfast Group Ltd. | | 74,037 | 155,715 |
| Stockland Corp. Ltd. unit | | 123,218 | 314,997 |
| Suncorp Group Ltd. | | 69,593 | 690,445 |
| Super Retail Group Ltd. | | 6,031 | 30,836 |
| Sydney Airport unit | | 55,633 | 253,714 |
| Syrah Resources Ltd. (a) | | 14,130 | 16,010 |
| Tabcorp Holdings Ltd. | | 94,909 | 310,509 |
| Tassal Group Ltd. | | 1,241 | 3,630 |
| Technology One Ltd. | | 15,556 | 59,927 |
| Telstra Corp. Ltd. | | 212,953 | 464,472 |
| The GPT Group unit | | 91,291 | 333,582 |
| The Star Entertainment Group Ltd. | | 36,093 | 121,151 |
| TPG Telecom Ltd. | | 20,251 | 102,823 |
| Transpacific Industries Group Ltd. | | 87,115 | 111,043 |
| Transurban Group unit | | 129,056 | 1,036,374 |
| Treasury Wine Estates Ltd. | | 37,341 | 399,819 |
| Vicinity Centres unit | | 152,071 | 285,376 |
| Village Roadshow Ltd. (a) | | 338 | 543 |
| Virtus Health Ltd. | | 1,474 | 5,250 |
| Viva Energy REIT unit | | 6,394 | 9,871 |
| Vocus Group Ltd. (a) | | 29,228 | 70,993 |
| Washington H. Soul Pattinson & Co. Ltd. | | 8,475 | 173,325 |
| Webjet Ltd. | | 6,126 | 56,613 |
| Wesfarmers Ltd. | | 56,721 | 1,872,584 |
| West Australian Newspapers Holdings Ltd. | | 77,891 | 43,024 |
| Western Areas NL | | 25,883 | 41,240 |
| Westgold Resources Ltd. (a) | | 33,822 | 26,346 |
| Westpac Banking Corp. | | 175,843 | 3,340,266 |
| Whitehaven Coal Ltd. | | 40,578 | 139,366 |
| WiseTech Global Ltd. | | 5,153 | 58,568 |
| Woodside Petroleum Ltd. | | 48,612 | 1,199,697 |
| Woolworths Group Ltd. | | 64,872 | 1,306,049 |
| WorleyParsons Ltd. | | 15,037 | 155,361 |
|
| TOTAL AUSTRALIA | | | 54,503,696 |
|
| Austria - 0.2% | | | |
| ams AG | | 4,475 | 174,086 |
| Andritz AG | | 4,296 | 222,662 |
| Austria Technologie & Systemtechnik AG | | 1,807 | 42,878 |
| BAWAG Group AG | | 1,910 | 82,511 |
| CA Immobilien Anlagen AG | | 3,151 | 102,572 |
| DO & CO Restaurants & Catering AG | | 329 | 29,886 |
| Erste Group Bank AG | | 14,946 | 609,429 |
| EVN AG | | 1,673 | 29,258 |
| IMMOFINANZ Immobilien Anlagen AG | | 4,500 | 107,341 |
| Lenzing AG | | 763 | 69,267 |
| Oesterreichische Post AG | | 1,485 | 60,350 |
| OMV AG | | 7,577 | 421,638 |
| PORR AG | | 109 | 2,951 |
| Raiffeisen International Bank-Holding AG | | 8,747 | 238,766 |
| S IMMO AG | | 1,268 | 21,687 |
| S&T AG | | 2,046 | 50,936 |
| Schoeller-Bleckmann Oilfield Equipment AG | | 436 | 39,112 |
| Telekom Austria AG | | 16,425 | 122,041 |
| UNIQA Insurance Group AG | | 7,655 | 71,531 |
| Vienna Insurance Group AG | | 2,697 | 71,787 |
| Voestalpine AG | | 7,082 | 251,793 |
| Wienerberger AG | | 7,792 | 179,336 |
| Zumtobel AG (a) | | 292 | 2,652 |
|
| TOTAL AUSTRIA | | | 3,004,470 |
|
| Bailiwick of Guernsey - 0.0% | | | |
| Burford Capital Ltd. | | 9,558 | 202,558 |
| Schroder (REIT) Ltd. | | 2,240 | 1,675 |
| Standard Life Investment Property Income Trust Ltd. | | 929 | 1,081 |
| Stobart Group Ltd. | | 18,958 | 51,372 |
|
| TOTAL BAILIWICK OF GUERNSEY | | | 256,686 |
|
| Bailiwick of Jersey - 0.7% | | | |
| Boohoo.Com PLC (a) | | 44,315 | 120,594 |
| Centamin PLC | | 69,901 | 88,901 |
| Experian PLC | | 46,580 | 1,071,303 |
| Ferguson PLC | | 11,783 | 795,674 |
| Glencore Xstrata PLC | | 600,384 | 2,446,889 |
| IWG PLC | | 35,684 | 104,906 |
| Petrofac Ltd. | | 15,286 | 112,972 |
| Randgold Resources Ltd. | | 4,890 | 384,617 |
| Sanne Group PLC | | 11,441 | 81,894 |
| Shire PLC | | 47,829 | 2,886,525 |
| WPP PLC | | 66,973 | 757,849 |
|
| TOTAL BAILIWICK OF JERSEY | | | 8,852,124 |
|
| Belgium - 0.7% | | | |
| Ackermans & Van Haaren SA | | 1,294 | 203,872 |
| Aedifica SA | | 1,912 | 160,040 |
| Aedifica SA rights (a)(e) | | 1,912 | 5,414 |
| Ageas | | 10,273 | 514,415 |
| Agfa-Gevaert NV (a) | | 13,944 | 62,290 |
| Anheuser-Busch InBev SA NV | | 39,253 | 2,903,205 |
| Barco NV | | 298 | 33,955 |
| Befimmo SCA Sicafi | | 370 | 20,304 |
| Bekaert SA | | 2,466 | 53,237 |
| Bpost SA | | 5,749 | 87,321 |
| Cofinimmo SA | | 2,104 | 251,893 |
| Colruyt NV | | 3,012 | 175,080 |
| Compagnie D'entreprises CFE SA | | 465 | 49,350 |
| D'ieteren SA | | 2,258 | 89,360 |
| Econocom Group SA (b) | | 8,036 | 25,158 |
| Elia System Operator SA/NV | | 1,311 | 81,967 |
| Euronav NV | | 7,121 | 66,340 |
| EVS Broadcast Equipment SA | | 346 | 7,697 |
| Fagron NV | | 2,217 | 36,109 |
| Galapagos Genomics NV (a) | | 2,196 | 225,613 |
| Gimv NV | | 291 | 15,541 |
| Groupe Bruxelles Lambert SA | | 4,302 | 400,435 |
| Ion Beam Applications SA (a) | | 586 | 10,321 |
| KBC Ancora | | 1,298 | 60,042 |
| KBC Groep NV | | 13,369 | 922,172 |
| Kinepolis Group NV | | 846 | 45,468 |
| Melexis NV | | 695 | 45,736 |
| Nyrstar NV (a)(b) | | 3,127 | 5,646 |
| Ontex Group NV | | 3,196 | 61,322 |
| Orange Belgium | | 576 | 10,347 |
| Proximus | | 6,691 | 170,897 |
| Sofina SA | | 1,353 | 258,988 |
| Solvay SA Class A | | 3,963 | 451,787 |
| Telenet Group Holding NV | | 2,889 | 140,313 |
| Tessenderlo Group (a) | | 1,881 | 66,259 |
| UCB SA | | 7,175 | 602,843 |
| Umicore SA | | 11,586 | 545,781 |
| Van de Velde | | 142 | 3,546 |
| Warehouses de Pauw | | 869 | 112,798 |
|
| TOTAL BELGIUM | | | 8,982,862 |
|
| Bermuda - 0.5% | | | |
| AGTech Holdings Ltd. (a) | | 40,000 | 2,066 |
| Alibaba Health Information Technology Ltd. (a) | | 176,000 | 142,291 |
| Alibaba Pictures Group Ltd. (a) | | 940,000 | 129,458 |
| Beijing Enterprises Water Group Ltd. | | 290,000 | 147,553 |
| BEP International Holdings Ltd. (a) | | 110,000 | 589 |
| Borr Drilling Ltd. (a)(b) | | 19,796 | 77,025 |
| Brightoil Petroleum Holdings Ltd. (a)(d) | | 26,000 | 4,973 |
| Brilliance China Automotive Holdings Ltd. | | 166,000 | 144,791 |
| BW LPG Ltd. (a)(c) | | 821 | 3,885 |
| BW Offshore Ltd. (a) | | 3,569 | 22,905 |
| C C Land Holdings Ltd. | | 30,000 | 7,116 |
| C.banner International Holdings Ltd. (a) | | 19,000 | 1,308 |
| Cafe de Coral Holdings Ltd. | | 6,000 | 13,007 |
| Carnival Group International Holdings Ltd. (a) | | 125,000 | 2,263 |
| Cheung Kong Infrastructure Holdings Ltd. | | 45,500 | 332,462 |
| China Foods Ltd. | | 6,000 | 2,808 |
| China Gas Holdings Ltd. | | 108,000 | 341,548 |
| China Oil & Gas Group Ltd. | | 360,000 | 24,790 |
| China Resource Gas Group Ltd. | | 44,000 | 168,325 |
| China Trustful Group Ltd. (a) | | 4,000 | 990 |
| China Water Affairs Group Ltd. | | 40,000 | 36,062 |
| China Youzan Ltd. (a) | | 216,000 | 15,149 |
| Chow Sang Sang Holdings International Ltd. | | 2,000 | 3,239 |
| CITIC Resources Holdings Ltd. | | 16,000 | 1,306 |
| CMBC Capital Holdings Ltd.(a) | | 600,000 | 21,423 |
| Cosco Shipping Ports Ltd. | | 65,789 | 67,115 |
| Credicorp Ltd. (United States) | | 3,698 | 834,676 |
| Dairy Farm International Holdings Ltd. | | 20,309 | 183,390 |
| Digital China Holdings Ltd. (H Shares) (a) | | 21,261 | 10,194 |
| Digital Domain Holdings Ltd. (a) | | 470,000 | 6,413 |
| Emperor International Holding Ltd. | | 54,000 | 13,221 |
| Esprit Holdings Ltd. (a) | | 52,400 | 11,894 |
| FDG Electric Vehicles Ltd. (a) | | 505,000 | 4,959 |
| Frontline Ltd. (a) | | 7,218 | 52,274 |
| GCL New Energy Holdings Ltd. (a) | | 476,000 | 15,782 |
| Giordano International Ltd. | | 56,000 | 24,851 |
| Global Brands Group Holding Ltd. (a) | | 142,000 | 7,877 |
| Golden Ocean Group Ltd. | | 5,388 | 40,427 |
| GOME Electrical Appliances Holdings Ltd. (a) | | 373,000 | 37,100 |
| Great Eagle Holdings Ltd. | | 6,158 | 28,112 |
| Gulf Keystone Petroleum Ltd. (a) | | 20,209 | 57,474 |
| GZI Transport Ltd. | | 72,000 | 57,751 |
| Haier Electronics Group Co. Ltd. | | 58,000 | 121,148 |
| HengTen Networks Group Ltd. (a) | | 892,000 | 31,849 |
| Hiscox Ltd. | | 16,191 | 336,920 |
| Hoegh LNG Holdings Ltd. | | 550 | 2,561 |
| Hongkong Land Holdings Ltd. | | 58,848 | 348,380 |
| Huabao International Holdings Ltd. | | 41,000 | 19,083 |
| Huanxi Media Group Ltd. (a) | | 10,000 | 2,040 |
| Jardine Matheson Holdings Ltd. | | 10,907 | 629,443 |
| Jardine Strategic Holdings Ltd. | | 10,880 | 364,480 |
| Johnson Electric Holdings Ltd. | | 31,000 | 69,416 |
| K Wah International Holdings Ltd. | | 76,902 | 34,715 |
| Kerry Logistics Network Ltd. | | 42,500 | 67,311 |
| Kerry Properties Ltd. | | 43,500 | 136,736 |
| Kunlun Energy Co. Ltd. | | 156,000 | 177,048 |
| Lancashire Holdings Ltd. | | 7,267 | 54,943 |
| Landing International Development Ltd. (a) | | 54,000 | 11,224 |
| Li & Fung Ltd. | | 308,000 | 60,878 |
| Luk Fook Holdings International Ltd. | | 17,000 | 56,038 |
| Luye Pharma Group Ltd. | | 78,500 | 60,562 |
| Man Wah Holdings Ltd. | | 80,800 | 37,196 |
| Neo-China Group (Holdings) Ltd. | | 8,000 | 1,194 |
| Nine Dragons Paper (Holdings) Ltd. | | 70,000 | 66,769 |
| NWS Holdings Ltd. | | 119,367 | 236,239 |
| Pacific Basin Shipping Ltd. | | 130,000 | 28,348 |
| Panda Green Energy Group Ltd. (a) | | 56,000 | 2,107 |
| PAX Global Technology Ltd. | | 14,000 | 6,891 |
| Petra Diamonds Ltd. (a) | | 43,437 | 21,731 |
| Pou Sheng International (Holdings) Ltd. | | 181,000 | 34,391 |
| Road King Infrastructure Ltd. | | 20,000 | 30,860 |
| Shangri-La Asia Ltd. | | 58,000 | 79,138 |
| Shenzhen International Holdings Ltd. | | 65,871 | 125,997 |
| Sihuan Pharmaceutical Holdings Group Ltd. | | 119,000 | 24,128 |
| Silverlake Axis Ltd. Class A | | 81,300 | 25,238 |
| Sinopec Kantons Holdings Ltd. | | 50,000 | 20,339 |
| Skyfame Realty Holdings Ltd. | | 150,000 | 25,823 |
| Skyworth Digital Holdings Ltd. | | 72,098 | 16,641 |
| SmarTone Telecommunications Holdings Ltd. | | 2,643 | 3,667 |
| SMI Corp. Ltd. (a)(d) | | 7,200 | 2,148 |
| Stolt-Nielsen SA | | 172 | 2,314 |
| Tai Fook Securities Group Ltd. | | 83,978 | 27,415 |
| Texwinca Holdings Ltd. | | 6,000 | 2,035 |
| Town Health International Holdings Co. Ltd. (a)(d) | | 114,000 | 10,031 |
| Vtech Holdings Ltd. | | 16,500 | 193,574 |
| Yue Yuen Industrial (Holdings) Ltd. | | 43,000 | 117,617 |
|
| TOTAL BERMUDA | | | 6,827,448 |
|
| Brazil - 1.1% | | | |
| AES Tiete Energia SA unit | | 1,912 | 5,292 |
| Aliansce Shopping Centers SA | | 600 | 2,825 |
| Alupar Investimento SA unit | | 38,900 | 182,924 |
| Ambev SA | | 249,763 | 1,096,635 |
| Arezzo Industria e Comercio SA | | 1,400 | 17,832 |
| Atacadao Distribuicao Comercio e Industria Ltda | | 19,200 | 78,626 |
| B2W Companhia Global do Varejo (a) | | 8,704 | 80,690 |
| Banco Bradesco SA | | 49,581 | 403,016 |
| Banco do Brasil SA | | 43,900 | 504,293 |
| Banco Santander SA (Brasil) unit | | 17,800 | 201,843 |
| BB Seguridade Participacoes SA | | 39,100 | 278,213 |
| BM&F BOVESPA SA | | 110,578 | 788,591 |
| BR Malls Participacoes SA | | 77,105 | 263,129 |
| Brasil Foods SA (a) | | 27,600 | 162,418 |
| CCR SA | | 65,784 | 193,914 |
| Centrais Eletricas Brasileiras SA (Electrobras) (a) | | 10,400 | 65,672 |
| Cia. Hering SA | | 3,800 | 23,128 |
| Cielo SA | | 60,860 | 215,868 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 17,900 | 134,436 |
| Companhia de Saneamento de Minas Gerais | | 4,900 | 67,545 |
| Companhia Siderurgica Nacional SA (CSN) | | 29,387 | 75,570 |
| Cosan SA Industria e Comercio | | 8,700 | 75,393 |
| CVC Brasil Operadora e Agencia de Viagens SA | | 8,400 | 127,755 |
| Cyrela Brazil Realty SA | | 7,700 | 30,208 |
| Drogasil SA | | 12,700 | 214,380 |
| Duratex SA | | 8,400 | 25,935 |
| Ecorodovias Infraestrutura e Logistica SA | | 3,000 | 7,618 |
| EDP Energias do Brasil SA | | 11,600 | 43,638 |
| Embraer SA | | 34,588 | 194,526 |
| ENGIE Brasil Energia SA | | 5,745 | 61,441 |
| Equatorial Energia SA | | 10,100 | 184,522 |
| Estacio Participacoes SA | | 11,600 | 72,097 |
| Fibria Celulose SA | | 13,500 | 260,641 |
| Fleury SA | | 9,500 | 53,225 |
| Hypermarcas SA | | 16,800 | 134,436 |
| Iguatemi Empresa de Shopping Centers SA | | 1,300 | 13,575 |
| Iochpe-Maxion SA | | 3,830 | 19,945 |
| IRB Brasil Resseguros SA | | 8,800 | 171,342 |
| JBS SA | | 59,000 | 162,502 |
| Klabin SA unit | | 37,400 | 187,628 |
| Kroton Educacional SA | | 79,054 | 242,589 |
| Light SA | | 3,100 | 13,886 |
| Linx SA | | 10,800 | 74,409 |
| Localiza Rent A Car SA | | 33,370 | 257,796 |
| Lojas Renner SA | | 37,277 | 376,626 |
| M. Dias Branco SA | | 5,857 | 69,988 |
| Magazine Luiza SA | | 4,000 | 181,432 |
| Marfrig Global Foods SA (a) | | 4,500 | 7,751 |
| Minerva SA (a) | | 600 | 885 |
| Minerva SA rights 11/14/18 (a) | | 444 | 11 |
| MRV Engenharia e Participacoes SA | | 8,200 | 27,851 |
| Multiplan Empreendimentos Imobiliarios SA | | 10,596 | 65,487 |
| Multiplus SA | | 700 | 4,748 |
| Natura Cosmeticos SA | | 11,100 | 97,205 |
| Odontoprev SA | | 13,800 | 49,022 |
| Petrobras Distribuidora SA | | 24,500 | 157,869 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 171,000 | 1,393,180 |
| Porto Seguro SA | | 7,400 | 108,132 |
| Qualicorp SA | | 7,500 | 29,021 |
| Rumo SA (a) | | 57,900 | 259,045 |
| Sao Martinho SA | | 21,300 | 111,036 |
| Smiles Fidelidade SA | | 1,900 | 19,018 |
| Sul America SA unit | | 11,735 | 78,202 |
| Suzano Papel e Celulose SA | | 22,500 | 228,839 |
| Terna Participacoes SA unit | | 20,300 | 121,424 |
| TIM Participacoes SA | | 45,280 | 141,017 |
| Totvs SA | | 9,200 | 62,050 |
| Ultrapar Participacoes SA | | 18,700 | 222,350 |
| Vale SA | | 164,674 | 2,509,381 |
| Valid Solucoes SA | | 660 | 2,703 |
| Via Varejo SA unit | | 6,100 | 27,652 |
| Weg SA | | 43,540 | 210,593 |
|
| TOTAL BRAZIL | | | 14,034,465 |
|
| British Virgin Islands - 0.0% | | | |
| First Pacific Co. Ltd. | | 62,000 | 27,745 |
| Canada - 6.2% | | | |
| Advantage Oil & Gas Ltd. (a) | | 9,749 | 21,846 |
| Aecon Group, Inc. | | 4,244 | 61,027 |
| AG Growth International, Inc. | | 175 | 7,812 |
| AGF Management Ltd. Class B (non-vtg.) | | 1,711 | 7,005 |
| Agnico Eagle Mines Ltd. (Canada) | | 12,049 | 425,598 |
| AGT Food & Ingredients, Inc. | | 170 | 2,265 |
| Alacer Gold Corp. (a) | | 4,325 | 7,064 |
| Alamos Gold, Inc. | | 19,012 | 75,964 |
| Alaris Royalty Corp. | | 1,959 | 28,631 |
| Algonquin Power & Utilities Corp. | | 21,349 | 213,093 |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 21,919 | 1,046,791 |
| Allied Properties (REIT) | | 3,901 | 125,346 |
| AltaGas Ltd. | | 18,680 | 234,839 |
| Altius Minerals Corp. | | 306 | 2,940 |
| Altus Group Ltd. | | 1,256 | 27,487 |
| ARC Resources Ltd. | | 18,687 | 174,031 |
| Aritzia LP (a) | | 3,263 | 48,011 |
| ARROW Exploration Corp. (a) | | 154 | 82 |
| Artis (REIT) | | 542 | 4,611 |
| ATCO Ltd. Class I (non-vtg.) | | 3,638 | 106,063 |
| Athabasca Oil Corp. (a) | | 19,008 | 18,482 |
| ATS Automation Tooling System, Inc. (a) | | 9,107 | 133,930 |
| AutoCanada, Inc. | | 246 | 1,867 |
| B2Gold Corp. (a) | | 44,296 | 109,356 |
| Badger Daylighting Ltd. | | 901 | 18,205 |
| Bank of Montreal | | 31,356 | 2,344,465 |
| Bank of Nova Scotia | | 60,136 | 3,227,322 |
| Barrick Gold Corp. | | 64,345 | 805,993 |
| Bausch Health Cos., Inc. (Canada) (a) | | 17,179 | 393,056 |
| Baytex Energy Corp. (a) | | 27,826 | 56,859 |
| BCE, Inc. | | 6,147 | 237,905 |
| Birchcliff Energy Ltd. | | 13,061 | 41,174 |
| BlackBerry Ltd. (a) | | 25,302 | 233,521 |
| Boardwalk (REIT) | | 579 | 21,556 |
| Bombardier, Inc. Class B (sub. vtg.) (a) | | 100,060 | 242,464 |
| Bonavista Energy Corp. | | 5,185 | 4,923 |
| Bonterra Energy Corp. | | 213 | 2,396 |
| Boralex, Inc. Class A | | 3,344 | 43,183 |
| Brookfield Asset Management, Inc. Class A | | 43,269 | 1,765,666 |
| BRP, Inc. | | 2,924 | 117,631 |
| CAE, Inc. | | 12,968 | 228,734 |
| Cameco Corp. | | 26,095 | 279,494 |
| Canaccord Capital, Inc. | | 4,468 | 23,418 |
| Canacol Energy Ltd. (a) | | 1,213 | 3,400 |
| Canada Goose Holdings, Inc. (a) | | 2,145 | 117,120 |
| Canadian Apartment Properties (REIT) unit | | 5,366 | 190,803 |
| Canadian Energy Services & Technology Corp. | | 8,231 | 21,821 |
| Canadian Imperial Bank of Commerce | | 21,347 | 1,843,387 |
| Canadian National Railway Co. | | 37,784 | 3,230,059 |
| Canadian Natural Resources Ltd. | | 65,767 | 1,804,477 |
| Canadian Pacific Railway Ltd. | | 7,391 | 1,515,704 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 3,650 | 410,734 |
| Canadian Utilities Ltd. Class A (non-vtg.) | | 4,983 | 118,211 |
| Canadian Western Bank, Edmonton | | 8,335 | 193,868 |
| Canfor Corp. | | 2,588 | 37,175 |
| Canfor Pulp Products, Inc. | | 673 | 11,257 |
| Capital Power Corp. | | 3,929 | 81,538 |
| Cardinal Energy Ltd. | | 630 | 1,862 |
| Cascades, Inc. | | 4,191 | 32,600 |
| CCL Industries, Inc. Class B | | 7,166 | 301,457 |
| Celestica, Inc. (sub. vtg.) (a) | | 5,518 | 57,257 |
| Cenovus Energy, Inc. (Canada) | | 53,285 | 450,906 |
| Centerra Gold, Inc. (a) | | 7,619 | 29,748 |
| CGI Group, Inc. Class A (sub. vtg.) (a) | | 12,787 | 789,687 |
| China Gold International Resources Corp. Ltd. (a) | | 4,402 | 6,019 |
| Choice Properties REIT | | 4,588 | 41,612 |
| CI Financial Corp. | | 12,048 | 178,187 |
| Cineplex, Inc. | | 2,471 | 68,117 |
| Cogeco Communications, Inc. | | 956 | 46,876 |
| Cogeco, Inc. (sub. vtg.) | | 155 | 7,276 |
| Colliers International Group, Inc. | | 1,875 | 127,331 |
| Cominar (REIT) | | 7,491 | 62,195 |
| Computer Modelling Group Ltd. | | 610 | 3,651 |
| Constellation Software, Inc. | | 1,071 | 737,086 |
| Corby Spirit and Wine Ltd. | | 368 | 5,395 |
| Corus Entertainment, Inc. Class B (non-vtg.) | | 8,530 | 32,139 |
| Cott Corp. | | 7,684 | 115,688 |
| Crescent Point Energy Corp. | | 37,733 | 178,282 |
| Crew Energy, Inc. (a) | | 814 | 767 |
| Crombie (REIT) | | 448 | 4,482 |
| CT Real Estate Investment Trust | | 401 | 3,960 |
| Descartes Systems Group, Inc. (Canada) (a) | | 7,562 | 231,378 |
| Detour Gold Corp. (a) | | 10,912 | 80,486 |
| Dirtt Environmental Solutions Ltd. (a) | | 675 | 3,558 |
| Dollarama, Inc. | | 17,134 | 473,887 |
| Dorel Industries, Inc. Class B (sub. vtg.) | | 1,245 | 20,352 |
| Dream Global REIT | | 22,991 | 234,372 |
| Dream Industrial (REIT) | | 1,039 | 7,719 |
| Dream Office (REIT) | | 386 | 6,832 |
| DREAM Unlimited Corp. (a) | | 489 | 2,693 |
| ECN Capital Corp. | | 29,196 | 77,401 |
| Eldorado Gold Corp. (a) | | 55,003 | 36,768 |
| Element Financial Corp. | | 20,973 | 123,469 |
| Emera, Inc. | | 4,497 | 138,758 |
| Empire Co. Ltd. Class A (non-vtg.) | | 9,793 | 178,163 |
| Enbridge Income Fund Holdings, Inc. | | 11,539 | 267,077 |
| Enbridge, Inc. | | 89,161 | 2,778,217 |
| Encana Corp. | | 51,739 | 528,218 |
| Endeavour Silver Corp. (a) | | 544 | 1,095 |
| Enerflex Ltd. | | 7,164 | 86,418 |
| Enerplus Corp. | | 14,196 | 132,098 |
| Enghouse Systems Ltd. | | 3,722 | 205,997 |
| Ensign Energy Services, Inc. | | 10,557 | 41,139 |
| Entertainment One Ltd. | | 24,559 | 128,390 |
| Equitable Group, Inc. | | 333 | 15,304 |
| Evertz Technologies Ltd. | | 415 | 5,110 |
| Exco Technologies Ltd. | | 580 | 4,067 |
| Extendicare, Inc. | | 834 | 4,663 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 1,471 | 714,800 |
| Fiera Capital Corp. | | 751 | 7,068 |
| Finning International, Inc. | | 11,285 | 234,367 |
| First Capital Realty, Inc. | | 13,184 | 196,691 |
| First Majestic Silver Corp. (a) | | 8,355 | 46,394 |
| First National Financial Corp. | | 813 | 16,637 |
| First Quantum Minerals Ltd. | | 34,571 | 345,067 |
| FirstService Corp. | | 3,068 | 225,081 |
| Fortis, Inc. | | 20,343 | 672,202 |
| Fortuna Mines, Inc. (a) | | 8,792 | 33,393 |
| Franco-Nevada Corp. | | 9,319 | 582,026 |
| Freehold Royalties Ltd. | | 4,398 | 32,306 |
| Genworth MI Canada, Inc. | | 1,217 | 39,946 |
| George Weston Ltd. | | 4,020 | 292,389 |
| Gibson Energy, Inc. | | 13,757 | 217,780 |
| Gildan Activewear, Inc. | | 11,945 | 357,048 |
| Gluskin Sheff + Associates, Inc. | | 432 | 3,682 |
| Goldcorp, Inc. | | 51,297 | 463,308 |
| Granite Real Estate Investment Trust | | 3,081 | 127,223 |
| Great Canadian Gaming Corp. (a) | | 3,167 | 102,002 |
| Great-West Lifeco, Inc. | | 14,749 | 338,461 |
| Guyana Goldfields, Inc. (a) | | 10,438 | 14,034 |
| H&R (REIT) unit | | 4,454 | 67,362 |
| Havilah Mining Corp. (a) | | 695 | 172 |
| Home Capital Group, Inc. (a) | | 1,485 | 14,721 |
| HudBay Minerals, Inc. | | 11,872 | 46,624 |
| Hudson's Bay Co. (b) | | 14,411 | 92,720 |
| Husky Energy, Inc. | | 17,491 | 247,262 |
| Hydro One Ltd. (c) | | 19,908 | 289,596 |
| IAMGOLD Corp. (a) | | 21,764 | 74,726 |
| IGM Financial, Inc. | | 5,756 | 141,359 |
| Imperial Oil Ltd. | | 13,483 | 421,149 |
| Industrial Alliance Insurance and Financial Services, Inc. | | 6,745 | 238,454 |
| Innergex Renewable Energy, Inc. | | 6,435 | 59,684 |
| Intact Financial Corp. | | 7,932 | 626,691 |
| Inter Pipeline Ltd. | | 17,242 | 279,628 |
| Interfor Corp. (a) | | 5,374 | 59,437 |
| InterRent REIT | | 1,343 | 12,875 |
| Intertape Polymer Group, Inc. | | 4,330 | 57,198 |
| Ivanhoe Mines Ltd. (a) | | 28,271 | 53,258 |
| Just Energy Group, Inc. | | 1,772 | 5,748 |
| Kelt Exploration Ltd. (a) | | 23,486 | 108,470 |
| Keyera Corp. | | 10,062 | 250,700 |
| Killam Apartment (REIT) | | 13,461 | 165,342 |
| Kinaxis, Inc. (a) | | 2,261 | 152,651 |
| Kinder Morgan Canada Ltd. (c) | | 7,909 | 95,344 |
| Kinross Gold Corp. (a) | | 79,097 | 205,486 |
| Kirkland Lake Gold Ltd. | | 10,423 | 204,509 |
| Knight Therapeutics, Inc. (a) | | 1,049 | 6,263 |
| Labrador Iron Ore Royalty Corp. | | 4,024 | 87,422 |
| Laurentian Bank of Canada | | 1,297 | 40,946 |
| Linamar Corp. | | 2,097 | 86,830 |
| Loblaw Companies Ltd. | | 11,234 | 561,849 |
| Lucara Diamond Corp. | | 4,561 | 7,553 |
| Lundin Mining Corp. | | 42,348 | 174,031 |
| MAG Silver Corp. (a) | | 6,403 | 46,012 |
| Magellan Aerospace Corp. | | 282 | 4,070 |
| Magna International, Inc. Class A (sub. vtg.) | | 17,190 | 846,279 |
| Major Drilling Group International, Inc. (a) | | 567 | 2,007 |
| Manulife Financial Corp. | | 104,243 | 1,641,504 |
| Maple Leaf Foods, Inc. | | 2,809 | 63,885 |
| Martinrea International, Inc. | | 4,456 | 38,554 |
| Maxar Technologies Ltd. | | 2,588 | 38,689 |
| Medical Facilities Corp. | | 378 | 4,026 |
| MEG Energy Corp. (a) | | 14,754 | 118,014 |
| Methanex Corp. | | 3,735 | 241,869 |
| Metro, Inc. Class A (sub. vtg.) | | 16,034 | 503,144 |
| Morguard (REIT) | | 354 | 3,068 |
| Morneau Shephell, Inc. | | 9,236 | 191,392 |
| MTY Food Group, Inc. | | 4,087 | 210,862 |
| Mullen Group Ltd. | | 2,476 | 25,767 |
| National Bank of Canada | | 17,978 | 816,108 |
| Nevsun Resources Ltd. | | 11,969 | 53,187 |
| New Gold, Inc. (a) | | 29,054 | 23,173 |
| NexGen Energy Ltd. (a) | | 8,877 | 18,206 |
| Nfi Group, Inc. | | 2,635 | 88,891 |
| Norbord, Inc. | | 2,053 | 52,352 |
| North West Co., Inc. | | 777 | 16,939 |
| Northland Power, Inc. | | 5,551 | 85,387 |
| Northview Apartmemt (REIT) | | 252 | 4,845 |
| Northwest Healthcare Properties REIT | | 930 | 7,495 |
| Novagold Resources, Inc. (a) | | 7,992 | 32,540 |
| Nutrien Ltd. | | 33,248 | 1,760,077 |
| NuVista Energy Ltd. (a) | | 14,019 | 56,440 |
| OceanaGold Corp. | | 30,416 | 87,566 |
| Onex Corp. (sub. vtg.) | | 5,816 | 382,373 |
| Open Text Corp. | | 12,540 | 423,318 |
| Osisko Gold Royalties Ltd. | | 3,247 | 24,862 |
| Osisko Mining, Inc. (a) | | 4,512 | 9,151 |
| Painted Pony Petroleum Ltd. (a) | | 562 | 892 |
| Pan American Silver Corp. | | 9,987 | 146,609 |
| Paramount Resources Ltd. Class A (a) | | 2,068 | 15,112 |
| Parex Resources, Inc. (a) | | 11,383 | 165,758 |
| Parkland Fuel Corp. | | 11,701 | 392,952 |
| Pason Systems, Inc. | | 8,839 | 133,413 |
| Pembina Pipeline Corp. | | 24,452 | 790,889 |
| Pengrowth Energy Corp. (a) | | 11,159 | 7,714 |
| Peyto Exploration & Development Corp. | | 6,397 | 52,189 |
| Power Corp. of Canada (sub. vtg.) | | 21,358 | 440,967 |
| Power Financial Corp. | | 11,667 | 251,251 |
| PrairieSky Royalty Ltd. | | 13,704 | 208,196 |
| Precision Drilling Corp. (a) | | 18,987 | 45,865 |
| Premier Gold Mines Ltd. (a) | | 3,779 | 4,937 |
| Premium Brands Holdings Corp. | | 1,621 | 109,011 |
| Pretium Resources, Inc. (a) | | 7,604 | 60,996 |
| ProMetic Life Sciences, Inc. (a)(b) | | 22,496 | 7,604 |
| Quebecor, Inc. Class B (sub. vtg.) | | 10,138 | 198,840 |
| Recipe Unlimited Corp. | | 231 | 4,766 |
| Restaurant Brands International, Inc. | | 12,976 | 710,873 |
| RioCan (REIT) | | 6,181 | 112,685 |
| Ritchie Brothers Auctioneers, Inc. | | 4,917 | 165,388 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 18,220 | 938,231 |
| Rogers Sugar, Inc. | | 1,976 | 7,970 |
| Royal Bank of Canada | | 70,669 | 5,149,129 |
| Russel Metals, Inc. | | 8,305 | 153,552 |
| Sandstorm Gold Ltd. (a) | | 11,208 | 41,462 |
| Saputo, Inc. | | 12,841 | 391,244 |
| Seabridge Gold, Inc. (a) | | 1,636 | 20,679 |
| Secure Energy Services, Inc. | | 12,279 | 80,029 |
| SEMAFO, Inc. (a) | | 9,283 | 20,308 |
| Seven Generations Energy Ltd. (a) | | 16,161 | 173,217 |
| Shaw Communications, Inc. Class B | | 22,099 | 411,445 |
| ShawCor Ltd. Class A | | 2,890 | 52,424 |
| Shopify, Inc. Class A (a) | | 4,660 | 643,788 |
| Sienna Senior Living, Inc. | | 823 | 10,378 |
| Sierra Wireless, Inc. (a) | | 2,657 | 47,894 |
| Silvercorp Metals, Inc. | | 5,014 | 10,931 |
| Sleep Country Canada Holdings, Inc. (c) | | 1,260 | 25,421 |
| Smart (REIT) | | 7,897 | 180,441 |
| SNC-Lavalin Group, Inc. | | 10,922 | 389,938 |
| Spin Master Corp. (a)(c) | | 1,979 | 70,414 |
| Sprott, Inc. | | 1,346 | 3,078 |
| SSR Mining, Inc. (a) | | 3,389 | 33,209 |
| Stantec, Inc. | | 6,406 | 166,713 |
| Stella-Jones, Inc. | | 1,695 | 54,283 |
| Stornoway Diamond Corp. (a) | | 2,225 | 456 |
| Sun Life Financial, Inc. | | 31,525 | 1,154,484 |
| Suncor Energy, Inc. | | 86,203 | 2,891,659 |
| Superior Plus Corp. | | 5,946 | 53,432 |
| Surge Energy, Inc. | | 1,678 | 2,600 |
| Tahoe Resources, Inc. (a) | | 17,454 | 41,234 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 28,398 | 586,965 |
| TELUS Corp. | | 8,823 | 302,131 |
| The Stars Group, Inc. (a) | | 8,301 | 172,647 |
| The Toronto-Dominion Bank | | 91,563 | 5,079,453 |
| Thomson Reuters Corp. | | 13,840 | 644,139 |
| Timbercreek Financial Corp. | | 3,121 | 21,384 |
| TMAC Resources, Inc. (a) | | 1,050 | 3,956 |
| TMX Group Ltd. | | 3,466 | 217,973 |
| TORC Oil & Gas Ltd. | | 5,379 | 22,105 |
| Torex Gold Resources, Inc. (a) | | 4,469 | 40,703 |
| Toromont Industries Ltd. | | 5,030 | 236,818 |
| Total Energy Services, Inc. | | 409 | 2,961 |
| Tourmaline Oil Corp. | | 16,134 | 235,309 |
| TransAlta Corp. | | 7,976 | 42,108 |
| TransAlta Renewables, Inc. | | 1,995 | 16,443 |
| TransCanada Corp. | | 47,124 | 1,776,927 |
| Transcontinental, Inc. Class A | | 7,667 | 126,206 |
| TransForce, Inc. | | 6,134 | 204,133 |
| Trican Well Service Ltd. (a) | | 9,711 | 13,278 |
| Tricon Capital Group, Inc. | | 5,224 | 41,508 |
| Trinidad Drilling Ltd. (a) | | 22,837 | 28,797 |
| Turquoise Hill Resources Ltd. (a) | | 46,551 | 78,501 |
| Uni-Select, Inc. | | 1,404 | 23,111 |
| Uranium Participation Corp. (a) | | 1,297 | 4,473 |
| Valener, Inc. | | 416 | 6,213 |
| Vermilion Energy, Inc. | | 9,710 | 257,493 |
| Wajax Corp. | | 186 | 3,302 |
| West Fraser Timber Co. Ltd. | | 2,950 | 148,211 |
| Western Forest Products, Inc. | | 16,341 | 21,847 |
| WestJet Airlines Ltd. | | 1,117 | 16,274 |
| Westshore Terminals Investment Corp. | | 1,607 | 29,297 |
| Wheaton Precious Metals Corp. | | 28,163 | 462,948 |
| Whitecap Resources, Inc. | | 30,120 | 147,345 |
| Winpak Ltd. | | 1,133 | 39,306 |
| WSP Global, Inc. | | 5,087 | 253,954 |
| Yamana Gold, Inc. | | 40,697 | 92,433 |
|
| TOTAL CANADA | | | 78,215,488 |
|
| Cayman Islands - 3.4% | | | |
| 21Vianet Group, Inc. ADR (a) | | 4,992 | 54,288 |
| 3SBio, Inc. (c) | | 57,000 | 82,717 |
| 500.com Ltd. sponsored ADR Class A (a) | | 1,268 | 9,294 |
| 51job, Inc. sponsored ADR (a) | | 961 | 59,015 |
| 58.com, Inc. ADR (a) | | 5,066 | 332,279 |
| AAC Technology Holdings, Inc. | | 38,500 | 293,265 |
| Agile Property Holdings Ltd. | | 72,000 | 82,082 |
| Airtac International Group | | 7,134 | 61,408 |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 60,213 | 8,567,106 |
| Anta Sports Products Ltd. | | 57,000 | 234,049 |
| ASM Pacific Technology Ltd. | | 19,700 | 170,071 |
| Autohome, Inc. ADR Class A (b) | | 2,961 | 214,317 |
| Baidu.com, Inc. sponsored ADR (a) | | 14,459 | 2,748,078 |
| Baozun, Inc. sponsored ADR (a)(b) | | 1,340 | 53,345 |
| Biostime International Holdings Ltd. (a) | | 10,500 | 59,717 |
| Bitauto Holdings Ltd. ADR (a) | | 1,372 | 26,205 |
| BizLink Holding, Inc. | | 3,062 | 16,319 |
| Car, Inc. (a) | | 92,000 | 72,972 |
| Casetek Holdings | | 1,187 | 1,670 |
| Chailease Holding Co. Ltd. | | 59,160 | 168,534 |
| Changyou.com Ltd. (A Shares) ADR | | 517 | 6,917 |
| Chaowei Power Holdings Ltd. | | 47,000 | 20,198 |
| Cheung Kong Property Holdings Ltd. | | 138,000 | 895,721 |
| China Aoyuan Property Group Ltd. | | 39,000 | 22,778 |
| China Conch Venture Holdings Ltd. | | 81,000 | 227,239 |
| China Dongxiang Group Co. Ltd. | | 229,000 | 35,334 |
| China First Capital Group Ltd. (a) | | 166,000 | 66,892 |
| China Goldjoy Group Ltd. | | 248,000 | 10,120 |
| China Harmony New Energy Auto | | 27,000 | 10,708 |
| China High Speed Transmission Equipment Group Co. Ltd. | | 22,000 | 20,508 |
| China Huishan Dairy Holdings Co. Ltd. (a)(d) | | 51,000 | 1,366 |
| China Investment Fund International Holdings Co. Ltd. (a) | | 48,000 | 162,817 |
| China Literature Ltd. (a)(c) | | 12,200 | 65,885 |
| China LNG Group Ltd. (a) | | 60,000 | 8,263 |
| China Logistics Property Holdings Co. Ltd. (a) | | 109,000 | 36,139 |
| China Maple Leaf Educational Systems Ltd. | | 36,000 | 15,517 |
| China Medical System Holdings Ltd. | | 83,000 | 98,750 |
| China Mengniu Dairy Co. Ltd. | | 135,000 | 397,669 |
| China Modern Dairy Holdings Ltd. (a) | | 65,000 | 8,123 |
| China Regenerative Medicine International Ltd. (a) | | 75,000 | 708 |
| China Resources Cement Holdings Ltd. | | 150,000 | 132,174 |
| China Resources Land Ltd. | | 154,000 | 522,370 |
| China Resources Medical Holdin | | 29,500 | 20,276 |
| China SCE Property Holdings Ltd. | | 114,000 | 38,814 |
| China Shengmu Organic Milk Ltd. (a)(c) | | 136,000 | 5,463 |
| China State Construction International Holdings Ltd. | | 131,750 | 93,916 |
| China Wireless Technologies Ltd. (a)(d) | | 8,000 | 735 |
| China ZhengTong Auto Services Holdings Ltd. | | 68,000 | 32,431 |
| ChinaSoft International Ltd. | | 88,000 | 51,620 |
| Chong Sing Holdings Fintech Group (a) | | 1,116,000 | 50,521 |
| CIFI Holdings Group Co. Ltd. | | 150,000 | 62,740 |
| Cimc Enric Holdings Ltd. | | 12,000 | 9,212 |
| CK Hutchison Holdings Ltd. | | 139,500 | 1,404,437 |
| COFCO Meat Holdings Ltd. (a) | | 92,000 | 13,374 |
| Cogobuy Group (c) | | 5,000 | 1,702 |
| Country Garden Holdings Co. Ltd. | | 400,000 | 427,955 |
| Country Garden Services Holdings Co. Ltd. (a) | | 68,000 | 87,754 |
| CT Environmental Group Ltd. | | 26,000 | 1,177 |
| Ctrip.com International Ltd. ADR (a) | | 21,193 | 705,303 |
| Dali Foods Group Co. Ltd. (c) | | 164,500 | 117,471 |
| Dongyue Group Co. Ltd. | | 100,000 | 53,303 |
| eHi Car Service Co. Ltd. sponsored ADR (a) | | 203 | 2,450 |
| Endeavour Mining Corp. (a) | | 3,650 | 55,979 |
| ENN Energy Holdings Ltd. | | 38,000 | 322,968 |
| Evergrande Real Estate Group Ltd. | | 135,190 | 322,376 |
| Fang Holdings Ltd. ADR (a) | | 8,426 | 17,105 |
| Fanhua, Inc. ADR | | 2,582 | 69,146 |
| Far East Consortium International Ltd. | | 95,307 | 44,360 |
| FIH Mobile Ltd. (a) | | 298,000 | 27,741 |
| Freeman Fintech Corp. Ltd. (a) | | 320,000 | 1,755 |
| Fu Shou Yuan International Group Ltd. (c) | | 67,000 | 51,348 |
| Fufeng Group Ltd. | | 43,000 | 18,205 |
| Fullshare Holdings Ltd. | | 385,000 | 149,740 |
| Future Land Development Holding Ltd. | | 84,000 | 48,202 |
| GCL-Poly Energy Holdings Ltd. (a) | | 629,000 | 37,297 |
| GDS Holdings Ltd. ADR (a)(b) | | 3,443 | 80,807 |
| Geely Automobile Holdings Ltd. | | 255,000 | 487,761 |
| General Interface Solution Holding Ltd. | | 5,000 | 16,553 |
| Genscript Biotech Corp. (a) | | 30,000 | 45,754 |
| Ginko International Co. Ltd. | | 1,000 | 5,685 |
| Glorious Property Holdings Ltd. (a) | | 16,000 | 775 |
| Goodbaby International Holdings Ltd. | | 56,000 | 17,353 |
| Gourmet Master Co. Ltd. | | 5,630 | 34,096 |
| Greatview Aseptic Pack Co. Ltd. | | 75,000 | 49,733 |
| Greentown China Holdings Ltd. | | 24,500 | 16,996 |
| Haitian International Holdings Ltd. | | 43,000 | 83,895 |
| HC International, Inc. (a) | | 4,000 | 2,596 |
| Hengan International Group Co. Ltd. | | 42,500 | 336,555 |
| HKBN Ltd. | | 65,000 | 97,476 |
| Huayi Tencent Entertainment Co. Ltd. (a) | | 440,000 | 10,492 |
| Huazhu Group Ltd. ADR | | 6,646 | 173,859 |
| Hutchison Telecommunications Hong Kong Holdings Ltd. | | 76,000 | 28,008 |
| IGG, Inc. | | 36,000 | 37,919 |
| iKang Healthcare Group, Inc. sponsored ADR (a)(b) | | 4,529 | 78,805 |
| Imax China Holding, Inc. (c) | | 1,700 | 3,963 |
| JD.com, Inc. sponsored ADR (a) | | 36,631 | 861,561 |
| Jiayuan International Group Ltd. | | 72,968 | 128,034 |
| JinkoSolar Holdings Co. Ltd. ADR (a)(b) | | 1,902 | 15,330 |
| Kaisa Group Holdings Ltd. | | 90,000 | 21,921 |
| Kingboard Chemical Holdings Ltd. | | 30,500 | 81,676 |
| Kingboard Laminates Holdings Ltd. | | 66,500 | 50,880 |
| Kingdee International Software Group Co. Ltd. | | 102,000 | 83,245 |
| Kingsoft Corp. Ltd. | | 45,000 | 63,696 |
| KWG Property Holding Ltd. | | 53,123 | 40,578 |
| Lee & Man Paper Manufacturing Ltd. | | 97,000 | 82,998 |
| Leyou Technologies Holdings Ltd. (a) | | 95,000 | 21,685 |
| Li Ning Co. Ltd. (a) | | 112,000 | 104,831 |
| Lifestyle International Holdings Ltd. | | 48,500 | 83,741 |
| Lifetech Scientific Corp. (a) | | 140,000 | 30,350 |
| Lijun International Pharmaceutical Holding Ltd. | | 108,000 | 90,758 |
| Logan Property Holdings Co. Ltd. | | 102,000 | 94,170 |
| Longfor Properties Co. Ltd. | | 88,500 | 214,875 |
| Lonking Holdings Ltd. | | 89,000 | 19,975 |
| Macau Legend Development Ltd. | | 9,000 | 1,572 |
| Meitu, Inc. (a)(c) | | 130,500 | 68,063 |
| Melco Crown Entertainment Ltd. sponsored ADR | | 12,397 | 206,162 |
| MGM China Holdings Ltd. | | 51,600 | 72,906 |
| Minth Group Ltd. | | 34,000 | 110,126 |
| Momo, Inc. ADR (a) | | 7,665 | 257,314 |
| NetDragon WebSoft, Inc. | | 4,500 | 7,953 |
| NetEase, Inc. ADR | | 3,997 | 830,776 |
| New Oriental Education & Technology Group, Inc. sponsored ADR | | 8,049 | 470,947 |
| Nexteer Auto Group Ltd. | | 49,000 | 68,733 |
| Noah Holdings Ltd. sponsored ADR (a) | | 1,318 | 49,702 |
| OP Financial Investments Ltd. | | 112,000 | 36,134 |
| Pacific Textile Holdings Ltd. | | 56,000 | 56,486 |
| Parade Technologies Ltd. | | 5,000 | 66,213 |
| Phoenix Group Holdings | | 38,981 | 300,199 |
| Powerlong Real Estate Holding Ltd. | | 90,000 | 30,758 |
| Q Technology (Group) Co. Ltd. | | 11,000 | 5,204 |
| Regina Miracle International Holdings Ltd. (c) | | 2,000 | 1,000 |
| Renhe Commercial Holdings Co. Ltd. (a) | | 966,000 | 32,644 |
| Ronshine China Holdings Ltd. (a) | | 39,000 | 43,914 |
| Sands China Ltd. | | 137,600 | 542,192 |
| Sapiens International Corp. NV | | 128 | 1,459 |
| Semiconductor Manufacturing International Corp. (a) | | 166,100 | 137,205 |
| Shenzhou International Group Holdings Ltd. | | 39,000 | 430,684 |
| Shimao Property Holdings Ltd. | | 55,500 | 108,566 |
| Shui On Land Ltd. | | 152,000 | 30,625 |
| Silergy Corp. | | 4,000 | 50,904 |
| SINA Corp. (a) | | 3,491 | 221,015 |
| Sino Biopharmaceutical Ltd. | | 411,000 | 368,445 |
| SITC International Holdings Co. Ltd. | | 52,000 | 38,195 |
| SOHO China Ltd. | | 96,500 | 32,733 |
| Sohu.Com Ltd. ADR (a)(b) | | 1,728 | 31,225 |
| Sunac China Holdings Ltd. | | 121,000 | 328,656 |
| Sunny Optical Technology Group Co. Ltd. | | 38,200 | 331,244 |
| TAL Education Group ADR (a) | | 18,894 | 547,548 |
| Tarena International, Inc. ADR (b) | | 541 | 4,680 |
| Tencent Holdings Ltd. | | 296,925 | 10,172,432 |
| Texhong Textile Group Ltd. | | 1,500 | 1,804 |
| The United Laboratories International Holdings Ltd. | | 40,000 | 27,799 |
| Tianneng Power International Ltd. | | 52,000 | 41,576 |
| Tibet Water Resources Ltd. (a) | | 157,000 | 44,245 |
| Tingyi (Cayman Islands) Holding Corp. | | 110,000 | 162,715 |
| Tongda Group Holdings Ltd. | | 100,000 | 12,879 |
| Towngas China Co. Ltd. | | 83,063 | 60,375 |
| TPK Holding Co. Ltd. | | 9,000 | 13,953 |
| Truly International Holdings Ltd. (a) | | 70,000 | 10,176 |
| Tuniu Corp. Class A sponsored ADR (a) | | 220 | 1,399 |
| Uni-President China Holdings Ltd. | | 148,000 | 143,622 |
| Value Partners Group Ltd. | | 32,000 | 23,749 |
| Vinda International Holdings Ltd. | | 26,000 | 37,067 |
| Vipshop Holdings Ltd. ADR (a) | | 21,977 | 106,808 |
| Want Want China Holdings Ltd. | | 333,000 | 237,798 |
| Weibo Corp. sponsored ADR (a)(b) | | 3,037 | 179,213 |
| WH Group Ltd. (c) | | 493,000 | 345,140 |
| Wharf Real Estate Investment Co. Ltd. | | 68,000 | 420,992 |
| Wuxi Biologics (Cayman), Inc. (a) | | 26,000 | 185,171 |
| Wynn Macau Ltd. | | 95,200 | 196,423 |
| Xingda International Holdings Ltd. | | 12,674 | 3,410 |
| Xinyi Glass Holdings Ltd. | | 86,000 | 85,101 |
| Xinyi Solar Holdings Ltd. | | 155,050 | 48,441 |
| XTEP International Holdings Ltd. | | 46,500 | 25,497 |
| Yeong Guan Energy Technology Group Co. Ltd. | | 1,000 | 1,347 |
| Yihai International Holding Ltd. | | 25,000 | 54,897 |
| Yuzhou Properties Co. | | 59,000 | 21,066 |
| YY, Inc. ADR (a) | | 2,736 | 174,830 |
| Zhen Ding Technology Holding Ltd. | | 81,000 | 184,968 |
| Zhongsheng Group Holdings Ltd. Class H | | 41,000 | 74,765 |
|
| TOTAL CAYMAN ISLANDS | | | 43,141,028 |
|
| Chile - 0.2% | | | |
| AES Gener SA | | 171,111 | 48,506 |
| Aguas Andinas SA | | 126,713 | 66,269 |
| Banco de Chile | | 1,878,572 | 261,811 |
| Banco de Credito e Inversiones | | 1,732 | 108,585 |
| Banco de Credito e Inversiones rights 11/29/18 (a) | | 133 | 408 |
| Banco Santander Chile | | 3,040,447 | 224,537 |
| CAP SA | | 1,737 | 16,771 |
| Cencosud SA | | 112,574 | 231,293 |
| Colbun SA | | 367,700 | 70,000 |
| Compania Cervecerias Unidas SA | | 14,702 | 183,351 |
| Compania de Petroleos de Chile SA (COPEC) | | 17,755 | 249,489 |
| Compania Sud Americana de Vapores SA (a) | | 953,281 | 28,571 |
| CorpBanca SA | | 5,823,430 | 53,967 |
| E-CL SA | | 28,960 | 47,688 |
| Empresa Nacional de Telecomunicaciones SA (ENTEL) | | 7,797 | 56,573 |
| Empresas CMPC SA | | 66,021 | 227,278 |
| Enel Chile SA | | 1,407,165 | 122,317 |
| Enersis SA | | 1,239,603 | 193,954 |
| Forus SA | | 3,734 | 10,027 |
| Inversiones Aguas Metropolitanas SA | | 45,620 | 62,924 |
| Inversiones La Construccion SA | | 1,901 | 28,406 |
| LATAM Airlines Group SA | | 14,348 | 130,904 |
| Parque Arauco SA | | 28,812 | 65,406 |
| Ripley Corp. SA | | 21,855 | 18,558 |
| S.A.C.I. Falabella | | 33,148 | 250,275 |
| S.A.C.I. Falabella rights 11/17/18 (a) | | 1,148 | 115 |
| Salfacorp SA | | 18,503 | 26,212 |
| Sonda SA | | 38,859 | 55,832 |
| Vina Concha y Toro SA | | 11,812 | 22,232 |
|
| TOTAL CHILE | | | 2,862,259 |
|
| China - 2.2% | | | |
| Agricultural Bank of China Ltd. (H Shares) | | 1,557,000 | 683,004 |
| Air China Ltd. (H Shares) | | 86,000 | 69,200 |
| Aluminum Corp. of China Ltd. (H Shares) (a) | | 356,000 | 128,927 |
| Angang Steel Co. Ltd. (H Shares) | | 108,000 | 91,860 |
| Anhui Conch Cement Co. Ltd. (H Shares) | | 64,000 | 330,530 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 132,000 | 87,866 |
| Baic Motor Corp. Ltd. (c) | | 115,500 | 64,805 |
| Bank Communications Co. Ltd. (H Shares) | | 487,000 | 365,159 |
| Bank of China Ltd. (H Shares) | | 4,102,000 | 1,747,101 |
| BBMG Corp. (H Shares) | | 192,000 | 52,885 |
| Beijing Capital International Airport Co. Ltd. (H Shares) | | 70,000 | 75,785 |
| Beijing Capital Land Ltd. (H Shares) | | 74,000 | 25,007 |
| BYD Co. Ltd. (H Shares) | | 41,000 | 263,744 |
| CGN Power Co. Ltd. (H Shares) (c) | | 990,000 | 227,239 |
| China BlueChemical Ltd. (H Shares) | | 156,000 | 53,313 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 452,000 | 110,666 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 557,000 | 344,487 |
| China Communications Construction Co. Ltd. (H Shares) | | 210,000 | 192,006 |
| China Communications Services Corp. Ltd. (H Shares) | | 142,000 | 114,803 |
| China Construction Bank Corp. (H Shares) | | 4,980,000 | 3,951,865 |
| China Eastern Airlines Corp. Ltd. (H Shares) | | 120,000 | 66,259 |
| China Everbright Bank Co. Ltd. (H Shares) | | 119,000 | 52,960 |
| China Galaxy Securities Co. Ltd. (H Shares) | | 145,000 | 72,852 |
| China Huarong Asset Management Co. Ltd. (c) | | 456,000 | 82,571 |
| China International Capital Corp. Ltd. Class H | | 96,000 | 157,675 |
| China Life Insurance Co. Ltd. (H Shares) | | 378,000 | 757,436 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 161,000 | 122,362 |
| China Merchants Bank Co. Ltd. | | 5,000 | 20,722 |
| China Merchants Bank Co. Ltd. (H Shares) | | 210,500 | 810,653 |
| China Minsheng Banking Corp. Ltd. (H Shares) | | 431,000 | 317,674 |
| China Molybdenum Co. Ltd. (H Shares) | | 168,000 | 62,342 |
| China National Building Materials Co. Ltd. (H Shares) | | 173,350 | 123,791 |
| China Oilfield Services Ltd. (H Shares) | | 86,000 | 80,605 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 147,600 | 549,598 |
| China Petroleum & Chemical Corp. (H Shares) | | 1,358,000 | 1,106,195 |
| China Railway Construction Corp. Ltd. (H Shares) | | 116,500 | 147,372 |
| China Railway Group Ltd. (H Shares) | | 168,000 | 149,963 |
| China Railway Signal & Communications Corp. (c) | | 188,000 | 126,101 |
| China Reinsurance Group Corp. | | 785,000 | 150,154 |
| China Shenhua Energy Co. Ltd. (H Shares) | | 170,000 | 385,006 |
| China Southern Airlines Ltd. (H Shares) | | 108,000 | 58,394 |
| China Telecom Corp. Ltd. (H Shares) | | 672,000 | 317,064 |
| China Tower Corp. Ltd. Class H | | 2,314,000 | 351,145 |
| China United Network Communications Ltd. Class A | | 178,200 | 138,459 |
| China Vanke Co. Ltd. (H Shares) | | 87,500 | 269,464 |
| Chongqing Rural Commercial Bank Co. Ltd. (H Shares) | | 103,000 | 56,741 |
| CITIC Securities Co. Ltd. (H Shares) | | 96,500 | 169,817 |
| COSCO SHIPPING Holdings Co. Ltd. (H Shares) (a) | | 230,000 | 82,122 |
| CRRC Corp. Ltd. (H Shares) | | 265,000 | 232,493 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 132,000 | 129,947 |
| Fuyao Glass Industries Group Co. Ltd. | | 36,000 | 106,275 |
| GD Power Development Co. Ltd. Class A | | 769,000 | 268,987 |
| GF Securities Co. Ltd. (H Shares) | | 55,400 | 71,635 |
| Great Wall Motor Co. Ltd. (H Shares) | | 130,000 | 76,920 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 131,600 | 133,078 |
| Guangzhou R&F Properties Co. Ltd. (H Shares) | | 40,400 | 63,367 |
| Guotai Junan Securities Co. Ltd. Class H | | 80,400 | 169,372 |
| Haitong Securities Co. Ltd. (H Shares) | | 264,800 | 266,423 |
| Huaneng Power International, Inc. (H Shares) | | 254,000 | 141,544 |
| Huaneng Renewables Corp. Ltd. (H Shares) | | 186,000 | 47,674 |
| Huatai Securities Co. Ltd. (H Shares) (c) | | 71,800 | 115,364 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 3,631,000 | 2,463,536 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 11,500 | 13,662 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 56,000 | 75,124 |
| Jiangxi Copper Co. Ltd. (H Shares) | | 42,000 | 46,274 |
| Legend Holdings Corp. (c) | | 21,100 | 57,311 |
| Luoyang Glass Co. Ltd. Class H (a) | | 4,000 | 1,122 |
| NARI Technology Co. Ltd. Class A | | 66,700 | 165,898 |
| New China Life Insurance Co. Ltd. (H Shares) | | 59,300 | 277,143 |
| People's Insurance Co. of China Group (H Shares) | | 321,000 | 130,988 |
| PetroChina Co. Ltd. (H Shares) | | 1,100,000 | 790,926 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 343,000 | 332,417 |
| Ping An Insurance (Group) Co. of China Ltd. (H Shares) | | 281,000 | 2,646,261 |
| Postal Savings Bank of China Co. Ltd. | | 190,000 | 113,390 |
| Shandong Linglong Tyre Co. Ltd. Class A | | 57,300 | 115,411 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 156,000 | 139,450 |
| Shanghai Electric Group Co. Ltd. (H Shares) | | 224,000 | 72,839 |
| Shanghai Environment Group Co. Ltd. | | 239 | 430 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 44,000 | 131,855 |
| Shanghai Lujiazui Finance Trust Ltd. (B Shares) | | 11,080 | 14,072 |
| Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | | 53,000 | 117,058 |
| Shanghai SMI Holding Co. Ltd. Class A | | 861 | 644 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 120,500 | 112,019 |
| Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) | | 234,000 | 102,648 |
| Sinopharm Group Co. Ltd. (H Shares) | | 64,000 | 308,495 |
| Sinotrans Ltd. (H Shares) | | 123,000 | 42,820 |
| TCL Corp. Class A | | 705,400 | 249,774 |
| Tong Ren Tang Technologies Co. Ltd. (H Shares) | | 41,000 | 58,661 |
| TravelSky Technology Ltd. (H Shares) | | 43,000 | 104,183 |
| Tsingtao Brewery Co. Ltd. (H Shares) | | 24,000 | 94,721 |
| Weichai Power Co. Ltd. (H Shares) | | 82,000 | 81,039 |
| Yanzhou Coal Mining Co. Ltd. (H Shares) | | 84,000 | 79,373 |
| YiChang HEC ChangJiang Pharmaceutical Co. Ltd. | | 7,600 | 26,022 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 142,500 | 125,747 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 82,000 | 68,700 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 25,400 | 135,714 |
| Zijin Mng Group Co. Ltd. (H Shares) | | 366,000 | 135,816 |
| ZTE Corp. (H Shares) | | 45,800 | 69,851 |
|
| TOTAL CHINA | | | 27,090,222 |
|
| Colombia - 0.1% | | | |
| Almacenes Exito SA | | 14,313 | 61,795 |
| Bancolombia SA | | 21,565 | 202,823 |
| Cementos Argos SA | | 27,656 | 60,303 |
| Corporacion Financiera Colombiana SA | | 2,051 | 12,550 |
| Ecopetrol SA | | 240,449 | 279,322 |
| Grupo de Inversiones Suramerica SA | | 7,349 | 71,675 |
| Interconexion Electrica SA ESP | | 21,383 | 79,435 |
| Inversiones Argos SA | | 23,892 | 111,315 |
|
| TOTAL COLOMBIA | | | 879,218 |
|
| Czech Republic - 0.1% | | | |
| Ceske Energeticke Zavody A/S | | 7,957 | 189,356 |
| Komercni Banka A/S | | 4,536 | 172,316 |
| MONETA Money Bank A/S (c) | | 21,525 | 71,432 |
| Telefonica Czech Rep A/S | | 15,952 | 167,867 |
|
| TOTAL CZECH REPUBLIC | | | 600,971 |
|
| Denmark - 1.1% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 214 | 254,712 |
| Series B | | 319 | 402,645 |
| ALK-Abello A/S (a) | | 476 | 76,311 |
| Alm. Brand A/S | | 2,452 | 20,586 |
| Ambu A/S Series B | | 7,767 | 161,898 |
| Bang & Olufsen A/S Series B (a) | | 1,191 | 24,771 |
| Bavarian Nordic A/S (a) | | 2,538 | 58,741 |
| Carlsberg A/S Series B | | 5,643 | 622,479 |
| Christian Hansen Holding A/S | | 4,790 | 484,170 |
| Coloplast A/S Series B | | 5,870 | 548,065 |
| Dampskibsselskabet NORDEN A/S (a) | | 849 | 11,742 |
| Danske Bank A/S | | 38,703 | 742,401 |
| Det Forenede Dampskibs-Selskab (DFDS) A/S | | 2,456 | 105,147 |
| DONG Energy A/S (c) | | 9,365 | 595,007 |
| DSV de Sammensluttede Vognmaend A/S | | 9,462 | 760,764 |
| FLSmidth & Co. A/S | | 2,145 | 112,641 |
| Genmab A/S (a) | | 3,418 | 468,263 |
| GN Store Nord A/S | | 7,353 | 312,231 |
| H Lundbeck A/S | | 4,344 | 202,859 |
| ISS Holdings A/S | | 10,344 | 340,146 |
| Jyske Bank A/S (Reg.) | | 3,590 | 146,774 |
| Matas A/S | | 555 | 5,359 |
| Nilfisk Holding A/S (a) | | 895 | 35,192 |
| NKT Holding A/S (a) | | 895 | 16,849 |
| NNIT A/S (c) | | 144 | 4,066 |
| Novo Nordisk A/S Series B | | 93,976 | 4,058,500 |
| Novozymes A/S Series B | | 11,138 | 550,398 |
| Pandora A/S | | 5,909 | 369,688 |
| Per Aarsleff Holding A/S | | 597 | 19,532 |
| Rockwool International A/S Series B | | 434 | 148,381 |
| Royal Unibrew A/S | | 4,075 | 289,405 |
| Scandinavian Tobacco Group A/S (c) | | 2,074 | 31,471 |
| Schouw & Co. | | 759 | 62,051 |
| SimCorp A/S | | 2,578 | 198,627 |
| Solar Holding A/S | | 506 | 27,079 |
| Spar Nord Bank A/S | | 3,353 | 27,794 |
| Sydbank A/S | | 6,192 | 143,169 |
| Topdanmark A/S | | 1,843 | 87,857 |
| Tryg A/S | | 8,618 | 208,290 |
| Vestas Wind Systems A/S | | 10,138 | 635,809 |
| William Demant Holding A/S (a) | | 5,833 | 191,986 |
| Zealand Pharma A/S (a) | | 2,658 | 33,856 |
|
| TOTAL DENMARK | | | 13,597,712 |
|
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 46,651 | 206,962 |
| Commercial International Bank SAE sponsored GDR | | 4,042 | 17,562 |
| Eastern Tobacco Co. | | 102,240 | 90,601 |
| EFG-Hermes Holding SAE (a) | | 48,401 | 37,543 |
| Global Telecom Holding (a) | | 150,711 | 23,212 |
| Talaat Moustafa Group Holding | | 60,089 | 30,514 |
|
| TOTAL EGYPT | | | 406,394 |
|
| Faroe Islands - 0.0% | | | |
| Bakkafrost | | 2,420 | 135,902 |
| Finland - 0.8% | | | |
| Amer Group PLC (A Shares) | | 5,662 | 210,541 |
| Atria PLC | | 200 | 1,916 |
| Cargotec Corp. (B Shares) | | 2,064 | 85,797 |
| Caverion Corp. (a) | | 2,301 | 14,399 |
| Citycon Oyj | | 28,504 | 55,433 |
| Cramo Oyj (B Shares) | | 1,158 | 22,061 |
| DNA Oyj | | 2,836 | 55,603 |
| Elisa Corp. (A Shares) | | 8,522 | 339,283 |
| F-Secure Oyj | | 5,468 | 14,276 |
| Finnair Oyj | | 1,883 | 14,151 |
| Fortum Corp. | | 21,744 | 457,964 |
| Huhtamaki Oyj | | 5,638 | 158,306 |
| KCI Konecranes Oyj | | 4,473 | 160,400 |
| Kemira Oyj | | 7,197 | 88,283 |
| Kesko Oyj | | 3,188 | 186,394 |
| Kone Oyj (B Shares) | | 17,412 | 848,428 |
| M-real OYJ (B Shares) | | 8,512 | 74,574 |
| Metso Corp. | | 5,549 | 175,416 |
| Neste Oyj | | 6,752 | 556,443 |
| Nokia Corp. | | 299,070 | 1,689,322 |
| Nokian Tyres PLC | | 6,436 | 204,696 |
| Nordea Bank ABP (a) | | 152,943 | 1,330,186 |
| Oriola-KD Oyj | | 973 | 2,970 |
| Orion Oyj (B Shares) | | 6,184 | 212,931 |
| Outokumpu Oyj (A Shares) | | 13,806 | 58,015 |
| Outotec Oyj (a) | | 8,111 | 31,419 |
| Ramirent Oyj | | 2,531 | 18,490 |
| Sampo Oyj (A Shares) | | 19,895 | 916,235 |
| Sanoma Corp. | | 1,800 | 20,296 |
| Stora Enso Oyj (R Shares) | | 29,682 | 447,305 |
| TietoEnator Oyj | | 4,303 | 138,708 |
| Tikkurila Oyj | | 2,101 | 28,604 |
| UPM-Kymmene Corp. | | 27,736 | 892,505 |
| Uponor Oyj | | 2,335 | 25,323 |
| Valmet Corp. | | 7,960 | 181,400 |
| Wartsila Corp. | | 23,217 | 395,897 |
| YIT-Yhtyma OY | | 8,356 | 47,606 |
|
| TOTAL FINLAND | | | 10,161,576 |
|
| France - 5.8% | | | |
| Accor SA | | 9,572 | 438,223 |
| Aeroports de Paris | | 1,400 | 293,198 |
| Air France KLM (Reg.) (a) | | 8,456 | 81,985 |
| Air Liquide SA | | 21,452 | 2,599,844 |
| Akka Technologies SA | | 1,401 | 92,513 |
| Akwel | | 398 | 7,943 |
| Albioma | | 2,504 | 48,725 |
| ALD SA (c) | | 4,158 | 62,025 |
| Alstom SA | | 8,444 | 369,652 |
| ALTEN | | 1,609 | 155,180 |
| Altran Technologies SA | | 12,815 | 127,296 |
| Amundi SA (c) | | 3,132 | 186,525 |
| Arkema SA | | 4,589 | 482,245 |
| Atos Origin SA | | 4,845 | 415,857 |
| AXA SA | | 95,577 | 2,391,975 |
| Beneteau SA | | 896 | 14,898 |
| BIC SA | | 1,184 | 113,453 |
| bioMerieux SA | | 2,116 | 161,537 |
| BNP Paribas SA | | 58,226 | 3,042,259 |
| Boiron SA | | 904 | 54,165 |
| Bollore SA | | 53,043 | 224,816 |
| Bonduelle SCA | | 885 | 31,425 |
| Bourbon Corp. (FR) (a) | | 123 | 719 |
| Bouygues SA | | 11,459 | 418,444 |
| Bureau Veritas SA | | 15,710 | 354,989 |
| Capgemini SA | | 8,297 | 1,014,940 |
| Carbone Lorraine | | 628 | 20,735 |
| Carrefour SA | | 29,703 | 576,979 |
| Casino Guichard Perrachon SA (b) | | 3,166 | 139,853 |
| Cellectis SA (a) | | 1,245 | 31,318 |
| CNP Assurances | | 10,768 | 240,269 |
| Coface SA | | 7,564 | 75,736 |
| Compagnie de St. Gobain | | 25,880 | 974,936 |
| Compagnie Generale de Geophysique SA (a) | | 35,344 | 85,909 |
| Compagnie Plastic Omnium | | 5,742 | 159,990 |
| Credit Agricole SA | | 57,848 | 740,886 |
| Danone SA | | 32,098 | 2,272,968 |
| Dassault Aviation SA | | 147 | 243,922 |
| Dassault Systemes SA | | 6,858 | 861,051 |
| DBV Technologies SA (a) | | 1,752 | 64,754 |
| Derichebourg | | 8,793 | 42,427 |
| Devoteam SA | | 336 | 37,068 |
| Edenred SA | | 11,496 | 436,592 |
| EDF SA | | 28,528 | 474,344 |
| Eiffage SA | | 3,788 | 370,783 |
| Elior SA | | 6,556 | 94,529 |
| Elis SA | | 12,514 | 252,722 |
| ENGIE | | 94,098 | 1,254,981 |
| Eramet SA | | 371 | 34,226 |
| Essilor International SA | | 10,160 | 1,389,558 |
| Etablissements Maurel & Prom (a) | | 1,764 | 8,182 |
| Eurazeo SA | | 2,300 | 168,159 |
| Europcar Groupe SA (c) | | 6,506 | 61,752 |
| Eutelsat Communications | | 9,139 | 185,392 |
| Faurecia SA | | 3,684 | 179,050 |
| Fonciere des Regions | | 1,582 | 159,027 |
| Fonciere Financiere et Part SA | | 717 | 84,297 |
| Gaztransport et Technigaz SA | | 1,527 | 113,113 |
| Gecina SA | | 2,283 | 335,383 |
| Genfit (a) | | 2,027 | 47,341 |
| Groupe Eurotunnel SA | | 23,817 | 299,842 |
| Groupe FNAC SA (a) | | 809 | 57,636 |
| Guerbet | | 529 | 33,494 |
| Hermes International SCA | | 1,531 | 875,714 |
| ICADE | | 1,598 | 135,567 |
| ID Logistics Group (a) | | 90 | 15,189 |
| Iliad SA | | 1,337 | 154,843 |
| Imerys SA | | 1,969 | 121,545 |
| Industrielle d'Aviation Latecoere SA (a) | | 2,438 | 9,430 |
| Ingenico SA | | 3,408 | 241,795 |
| Innate Pharma SA (a) | | 267 | 2,239 |
| Interparfums SA | | 1,040 | 43,054 |
| Ipsen SA | | 2,322 | 322,440 |
| Ipsos SA | | 1,876 | 50,019 |
| JCDecaux SA | | 3,321 | 109,310 |
| Kaufman & Broad SA | | 554 | 22,753 |
| Kering SA | | 3,951 | 1,761,399 |
| Klepierre SA | | 9,454 | 321,242 |
| Korian | | 3,887 | 153,387 |
| L'Oreal SA | | 12,746 | 2,871,471 |
| Lagardere S.C.A. (Reg.) | | 7,168 | 196,395 |
| Legrand SA | | 14,484 | 947,242 |
| LVMH Moet Hennessy - Louis Vuitton SA | | 14,235 | 4,318,976 |
| M6 Metropole Television SA | | 1,456 | 28,217 |
| Maisons du Monde SA (c) | | 2,980 | 74,729 |
| Mercialys SA | | 11,041 | 161,947 |
| Michelin CGDE Series B | | 8,712 | 891,887 |
| Natixis SA | | 44,994 | 263,272 |
| Neopost SA | | 1,872 | 60,217 |
| Nexans SA | | 1,598 | 46,263 |
| Nexity | | 2,123 | 101,763 |
| Orange SA | | 102,968 | 1,607,160 |
| Orpea | | 2,969 | 366,045 |
| Pernod Ricard SA | | 10,999 | 1,679,341 |
| Peugeot Citroen SA | | 31,606 | 752,843 |
| Publicis Groupe SA | | 11,554 | 670,559 |
| Rallye SA | | 2,857 | 31,761 |
| Remy Cointreau SA | | 1,598 | 189,866 |
| Renault SA | | 10,014 | 749,390 |
| Rexel SA | | 20,412 | 260,558 |
| Rubis | | 5,051 | 261,450 |
| Safran SA | | 16,955 | 2,191,058 |
| Sanofi SA | | 58,114 | 5,193,100 |
| Sartorius Stedim Biotech | | 1,227 | 152,318 |
| Schneider Electric SA | | 28,827 | 2,084,512 |
| SCOR SE | | 9,755 | 450,786 |
| SEB SA | | 1,105 | 158,575 |
| Societe Generale Series A | | 40,999 | 1,502,931 |
| Sodexo SA | | 4,712 | 480,975 |
| Soitec SA (a) | | 756 | 54,160 |
| Solocal Group SA (a) | | 52,028 | 42,223 |
| Sopra Steria Group | | 1,025 | 113,775 |
| SPIE SA | | 8,323 | 130,753 |
| SR Teleperformance SA | | 2,842 | 468,685 |
| Suez Environnement SA | | 19,998 | 289,590 |
| Tarkett SA | | 1,239 | 27,309 |
| Technicolor SA (a)(b) | | 20,446 | 26,146 |
| Television Francaise 1 SA | | 1,024 | 10,439 |
| Thales SA | | 5,255 | 672,585 |
| The Lisi Group | | 665 | 19,395 |
| The Vicat Group | | 1,777 | 95,604 |
| Total SA | | 124,223 | 7,288,837 |
| Trigano SA | | 572 | 58,147 |
| Ubisoft Entertainment SA (a) | | 3,873 | 348,747 |
| Valeo SA | | 12,818 | 413,435 |
| Vallourec SA (a) | | 16,137 | 76,638 |
| Veolia Environnement SA | | 27,965 | 558,106 |
| VINCI SA | | 25,202 | 2,242,962 |
| Virbac SA (a) | | 278 | 44,650 |
| Vivendi SA | | 54,853 | 1,322,962 |
| Wendel SA | | 1,433 | 186,006 |
| Worldline SA (a)(c) | | 1,845 | 97,173 |
|
| TOTAL FRANCE | | | 73,467,895 |
|
| Germany - 5.1% | | | |
| Aareal Bank AG | | 4,189 | 156,147 |
| adidas AG | | 9,707 | 2,286,884 |
| ADLER Real Estate AG | | 2,189 | 35,455 |
| ADVA Optical Networking SE (a) | | 851 | 6,964 |
| Aixtron AG (a) | | 5,391 | 67,808 |
| Allianz SE | | 21,994 | 4,581,789 |
| alstria office REIT-AG | | 8,922 | 128,542 |
| AURELIUS AG | | 1,111 | 51,770 |
| Aurubis AG | | 1,904 | 115,764 |
| Axel Springer Verlag AG | | 2,189 | 145,539 |
| BASF AG | | 47,092 | 3,613,772 |
| Bayer AG | | 48,862 | 3,745,392 |
| Bayerische Motoren Werke AG (BMW) | | 16,867 | 1,456,329 |
| BayWa AG | | 32 | 933 |
| Bechtle AG | | 2,089 | 185,739 |
| Beiersdorf AG | | 5,387 | 557,685 |
| Bertrandt AG | | 366 | 30,304 |
| Bilfinger Berger AG | | 2,584 | 112,739 |
| Borussia Dortmund GmbH & Co. KGaA | | 5,961 | 64,614 |
| Brenntag AG | | 7,351 | 384,417 |
| CANCOM AG | | 2,996 | 122,435 |
| Capital Stage AG | | 315 | 2,134 |
| Carl Zeiss Meditec AG | | 2,791 | 229,031 |
| CeWe Color Holding AG | | 417 | 32,684 |
| Comdirect Bank AG | | 2,144 | 25,401 |
| Commerzbank AG (a) | | 56,606 | 534,653 |
| CompuGroup Medical AG | | 1,498 | 84,835 |
| Continental AG | | 5,760 | 952,187 |
| Covestro AG (c) | | 10,149 | 656,610 |
| CTS Eventim AG | | 3,416 | 128,300 |
| Daimler AG (Germany) | | 46,721 | 2,770,815 |
| Delivery Hero AG (a)(c) | | 5,410 | 218,389 |
| Deutsche Bank AG | | 100,468 | 984,441 |
| Deutsche Beteiligungs AG | | 642 | 26,287 |
| Deutsche Borse AG | | 9,906 | 1,251,847 |
| Deutsche EuroShop AG | | 1,688 | 52,386 |
| Deutsche Lufthansa AG | | 13,228 | 266,093 |
| Deutsche Pfandbriefbank AG (c) | | 4,672 | 62,178 |
| Deutsche Post AG | | 51,199 | 1,616,622 |
| Deutsche Telekom AG | | 162,419 | 2,663,944 |
| Deutsche Wohnen AG (Bearer) | | 18,888 | 865,153 |
| Deutz AG | | 4,320 | 32,196 |
| DIC Asset AG | | 3,887 | 41,957 |
| Draegerwerk AG & Co. KGaA | | 391 | 19,088 |
| Drillisch AG | | 2,793 | 124,768 |
| Duerr AG | | 3,699 | 132,058 |
| E.ON AG | | 118,960 | 1,150,350 |
| ElringKlinger AG | | 2,008 | 17,035 |
| Evonik Industries AG | | 7,741 | 240,239 |
| Evotec OAI AG (a) | | 9,846 | 194,604 |
| Fraport AG Frankfurt Airport Services Worldwide | | 2,005 | 155,107 |
| Freenet AG | | 6,840 | 154,094 |
| Fresenius Medical Care AG & Co. KGaA | | 11,246 | 882,997 |
| Fresenius SE & Co. KGaA | | 21,509 | 1,367,022 |
| GEA Group AG | | 8,600 | 261,638 |
| Gerresheimer AG | | 2,093 | 147,572 |
| Gerry Weber International AG (Bearer) (b) | | 514 | 1,691 |
| GFT Technologies AG | | 96 | 1,104 |
| Gildemeister AG | | 444 | 21,499 |
| Grenkeleasing AG | | 1,106 | 106,230 |
| Hamborner (REIT) AG | | 941 | 9,486 |
| Hamburger Hafen und Logistik AG | | 695 | 14,752 |
| Hannover Reuck SE | | 2,769 | 373,534 |
| Hapag-Lloyd AG (c) | | 1,740 | 64,406 |
| HeidelbergCement Finance AG | | 7,991 | 543,060 |
| Heidelberger Druckmaschinen AG (a) | | 8,478 | 19,705 |
| HelloFresh AG (a) | | 6,038 | 72,082 |
| Henkel AG & Co. KGaA | | 5,694 | 558,510 |
| Hochtief AG | | 848 | 125,824 |
| Hugo Boss AG | | 4,156 | 297,407 |
| Hypoport AG (a) | | 95 | 19,046 |
| INDUS Holding AG | | 3,070 | 167,777 |
| Infineon Technologies AG | | 59,099 | 1,184,160 |
| innogy SE (c) | | 5,861 | 258,900 |
| Instone Real Estate Group BV (c) | | 3,335 | 78,230 |
| Isra Vision AG | | 710 | 30,519 |
| Jenoptik AG | | 2,582 | 77,909 |
| JOST Werke AG (c) | | 1,747 | 60,945 |
| K&S AG (b) | | 13,469 | 251,261 |
| KION Group AG | | 4,134 | 242,079 |
| Kloeckner & Co. AG | | 6,272 | 52,854 |
| Koenig & Bauer AG | | 443 | 21,676 |
| Krones AG | | 1,018 | 91,148 |
| KWS Saat AG | | 159 | 54,027 |
| Lanxess AG | | 4,110 | 254,918 |
| LEG Immobilien AG | | 3,192 | 349,466 |
| LEONI AG | | 1,819 | 66,506 |
| MAN SE | | 1,458 | 151,929 |
| Merck KGaA | | 6,778 | 726,407 |
| Metro AG | | 7,672 | 39,260 |
| Metro Wholesale & Food Specialist AG | | 9,258 | 139,465 |
| Morphosys AG (a) | | 2,035 | 188,544 |
| MTU Aero Engines Holdings AG | | 2,629 | 559,219 |
| Muenchener Rueckversicherungs AG | | 7,559 | 1,626,295 |
| Nemetschek Se | | 881 | 115,852 |
| Nordex Se (a) | | 3,712 | 34,644 |
| NORMA Group AG | | 1,946 | 105,181 |
| Open Business Club AG | | 494 | 148,555 |
| OSRAM Licht AG | | 4,788 | 194,256 |
| Patrizia Immobilien AG | | 1,942 | 33,390 |
| Pfeiffer Vacuum Technology AG | | 438 | 54,571 |
| ProSiebenSat.1 Media AG | | 12,053 | 278,322 |
| Puma AG | | 427 | 219,573 |
| Rational AG | | 203 | 117,723 |
| Rheinmetall AG | | 2,649 | 229,650 |
| Rhoen-Klinikum AG | | 1,417 | 35,823 |
| RIB Software AG | | 2,429 | 42,038 |
| Rocket Internet AG (a) | | 3,491 | 100,908 |
| RWE AG | | 25,994 | 506,993 |
| Salzgitter AG | | 1,973 | 79,064 |
| SAP SE | | 50,266 | 5,382,156 |
| Schaeffler AG | | 8,469 | 89,516 |
| Scout24 AG (c) | | 6,493 | 269,609 |
| SGL Carbon AG (a) | | 4,281 | 42,985 |
| Siemens AG | | 38,948 | 4,476,948 |
| Siemens Healthineers AG (c) | | 6,946 | 287,868 |
| Siltronic AG | | 956 | 87,795 |
| Sixt AG | | 641 | 65,343 |
| SLM Solutions Group AG (a) | | 214 | 3,709 |
| SMA Solar Technology AG | | 508 | 11,853 |
| Software AG (Bearer) | | 1,794 | 80,446 |
| Stada Arzneimittel AG | | 1,016 | 93,995 |
| STRATEC Biomedical Systems AG | | 452 | 29,694 |
| Stroer Out-of-Home Media AG | | 1,286 | 67,265 |
| Suedzucker AG (Bearer) | | 2,957 | 45,717 |
| SURTECO SE | | 60 | 1,335 |
| Symrise AG | | 6,576 | 552,366 |
| TAG Immobilien AG | | 6,316 | 144,364 |
| Takkt AG | | 3,255 | 55,302 |
| Telefonica Deutschland Holding AG | | 52,146 | 202,882 |
| Thyssenkrupp AG | | 23,818 | 501,106 |
| TLG Immobilien AG | | 4,568 | 116,103 |
| TUI AG (GB) | | 24,467 | 406,246 |
| Uniper SE | | 12,627 | 364,843 |
| United Internet AG | | 6,840 | 283,397 |
| Volkswagen AG | | 1,434 | 236,811 |
| Vonovia SE | | 25,359 | 1,160,978 |
| Vossloh AG | | 228 | 10,549 |
| VTG AG | | 485 | 29,060 |
| Wacker Construction Equipment AG | | 1,721 | 38,284 |
| WashTec AG | | 1,228 | 94,720 |
| Wirecard AG | | 6,199 | 1,161,323 |
| Wustenrot & Wurttembergische AG | | 727 | 14,723 |
| Zalando SE (a) | | 7,151 | 277,006 |
| Zooplus AG (a) | | 285 | 47,194 |
|
| TOTAL GERMANY | | | 64,127,600 |
|
| Gibraltar - 0.0% | | | |
| 888 Holdings PLC | | 26,779 | 63,426 |
| Greece - 0.1% | | | |
| Aegean Airlines SA | | 3,180 | 24,060 |
| Alpha Bank AE (a) | | 91,766 | 138,758 |
| Athens Water Supply & Sewage Co. SA | | 2,077 | 12,233 |
| EFG Eurobank Ergasias SA (a) | | 83,144 | 56,033 |
| Ff Group (a)(d) | | 881 | 3,832 |
| Greek Organization of Football Prognostics SA | | 10,412 | 97,883 |
| Grivalia Properties REIC | | 251 | 2,158 |
| Hellenic Exchanges Holding SA | | 387 | 1,710 |
| Hellenic Telecommunications Organization SA | | 12,654 | 141,176 |
| Holding Co. ADMIE IPTO SA | | 26,627 | 48,677 |
| Jumbo SA | | 4,974 | 72,563 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 2,470 | 58,471 |
| Mytilineos Holdings SA | | 4,722 | 41,771 |
| National Bank of Greece SA (a) | | 32,347 | 56,056 |
| Piraeus Bank SA | | 11,866 | 17,472 |
| Public Power Corp. of Greece (a) | | 8,918 | 13,394 |
| Titan Cement Co. SA (Reg.) | | 2,719 | 59,869 |
|
| TOTAL GREECE | | | 846,116 |
|
| Hong Kong - 2.2% | | | |
| AIA Group Ltd. | | 627,200 | 4,746,819 |
| Bank of East Asia Ltd. | | 89,093 | 288,571 |
| Beijing Enterprises Holdings Ltd. | | 21,500 | 116,247 |
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | | 2,000 | 3,367 |
| BOC Hong Kong (Holdings) Ltd. | | 187,000 | 698,691 |
| BYD Electronic International Co. Ltd. | | 33,000 | 38,673 |
| Champion (REIT) | | 69,000 | 46,458 |
| China Agri-Industries Holdings Ltd. | | 225,000 | 75,173 |
| China Everbright International Ltd. | | 223,370 | 178,025 |
| China Everbright Ltd. | | 124,000 | 219,160 |
| China Jinmao Holdings Group Ltd. | | 232,000 | 97,333 |
| China Merchants Holdings International Co. Ltd. | | 111,671 | 189,964 |
| China Mobile Ltd. | | 314,500 | 2,946,198 |
| China Overseas Grand Oceans Group Ltd. | | 106,500 | 32,866 |
| China Overseas Land and Investment Ltd. | | 208,000 | 651,165 |
| China Power International Development Ltd. | | 70,666 | 13,967 |
| China Resources Beer Holdings Co. Ltd. | | 78,666 | 273,357 |
| China Resources Pharmaceutical Group Ltd. (c) | | 130,000 | 190,641 |
| China Resources Power Holdings Co. Ltd. | | 106,000 | 186,265 |
| China Taiping Insurance Group Ltd. | | 84,400 | 281,981 |
| China Travel International Investment HK Ltd. | | 158,000 | 42,311 |
| China Unicom Ltd. | | 310,000 | 324,244 |
| CITIC 1616 Holdings Ltd. | | 9,000 | 2,823 |
| CITIC Pacific Ltd. | | 265,000 | 397,401 |
| CLP Holdings Ltd. | | 83,500 | 935,947 |
| CNOOC Ltd. | | 937,000 | 1,595,692 |
| CSPC Pharmaceutical Group Ltd. | | 270,000 | 569,476 |
| Dah Sing Banking Group Ltd. | | 6,000 | 11,400 |
| Dah Sing Financial Holdings Ltd. | | 19,200 | 102,954 |
| Far East Horizon Ltd. | | 146,000 | 141,495 |
| Fosun International Ltd. | | 122,500 | 178,706 |
| Fushan International Energy Group Ltd. | | 94,000 | 18,939 |
| Galaxy Entertainment Group Ltd. | | 124,000 | 670,445 |
| Guangdong Investment Ltd. | | 160,000 | 285,643 |
| Guotai Junan International Holdings Ltd. | | 205,000 | 37,121 |
| GZI (REIT) | | 194,000 | 117,756 |
| Hang Lung Group Ltd. | | 44,000 | 108,177 |
| Hang Lung Properties Ltd. | | 101,000 | 182,888 |
| Hang Seng Bank Ltd. | | 38,200 | 894,359 |
| Henderson Land Development Co. Ltd. | | 71,950 | 334,888 |
| Hong Kong & China Gas Co. Ltd. | | 476,493 | 910,168 |
| Hong Kong Exchanges and Clearing Ltd. | | 60,435 | 1,602,979 |
| Hopewell Holdings Ltd. | | 35,000 | 108,009 |
| Hua Hong Semiconductor Ltd. (c) | | 16,000 | 27,830 |
| Hysan Development Co. Ltd. | | 43,000 | 201,512 |
| Lai Sun Development Co. Ltd. | | 7,800 | 11,319 |
| Lenovo Group Ltd. | | 360,000 | 229,076 |
| Link (REIT) | | 112,500 | 997,042 |
| Melco International Development Ltd. | | 35,000 | 59,807 |
| MMG Ltd. (a) | | 124,000 | 46,488 |
| MTR Corp. Ltd. | | 75,047 | 363,658 |
| New World Development Co. Ltd. | | 313,289 | 397,107 |
| PCCW Ltd. | | 177,000 | 97,055 |
| Poly Property Group Co. Ltd. | | 135,000 | 40,283 |
| Power Assets Holdings Ltd. | | 79,000 | 527,375 |
| Prosperity (REIT) | | 13,000 | 4,609 |
| Regal (REIT) | | 52,000 | 14,323 |
| Shanghai Industrial Holdings Ltd. | | 100,000 | 210,152 |
| Shenzhen Investment Ltd. | | 135,290 | 38,817 |
| Shun Tak Holdings Ltd. | | 22,000 | 7,014 |
| Sino Land Ltd. | | 156,632 | 245,675 |
| Sino-Ocean Group Holding Ltd. | | 103,000 | 40,323 |
| Sinotrans Shipping Ltd. | | 24,000 | 7,988 |
| Sinotruk Hong Kong Ltd. | | 39,500 | 56,717 |
| SJM Holdings Ltd. | | 118,000 | 95,249 |
| Sun Art Retail Group Ltd. | | 99,055 | 108,251 |
| Sun Hung Kai Properties Ltd. | | 81,500 | 1,059,189 |
| Sunlight (REIT) | | 13,000 | 7,825 |
| Swire Pacific Ltd. (A Shares) | | 30,500 | 316,398 |
| Swire Properties Ltd. | | 66,600 | 227,182 |
| Techtronic Industries Co. Ltd. | | 74,500 | 348,657 |
| Television Broadcasts Ltd. | | 56,600 | 119,379 |
| Universal Medical Financial & Technical Advisory Services Co. Ltd. (c) | | 173,500 | 134,739 |
| Wharf Holdings Ltd. | | 74,000 | 184,577 |
| Wheelock and Co. Ltd. | | 39,000 | 208,131 |
| Winteam Pharmaceutical Group Ltd. | | 98,000 | 62,359 |
| Yuexiu Property Co. Ltd. | | 946,000 | 149,585 |
|
| TOTAL HONG KONG | | | 27,494,433 |
|
| Hungary - 0.1% | | | |
| Magyar Telekom PLC | | 19,742 | 26,929 |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 17,864 | 187,333 |
| OTP Bank PLC | | 12,378 | 444,769 |
| Richter Gedeon PLC | | 7,820 | 145,405 |
|
| TOTAL HUNGARY | | | 804,436 |
|
| India - 2.0% | | | |
| Adani Enterprises Ltd. (a) | | 7,611 | 17,494 |
| Adani Gas Ltd. (a)(d) | | 7,611 | 6,272 |
| Adani Ports & Special Economic Zone Ltd. | | 25,618 | 110,442 |
| Adani Power Ltd. (a) | | 7,256 | 4,523 |
| Aditya Birla Fashion and Retail Ltd. (a) | | 10,575 | 25,751 |
| AIA Engineering Ltd. | | 1,908 | 44,189 |
| Ajanta Pharma Ltd. | | 286 | 4,093 |
| Alembic Pharmaceuticals Ltd. | | 7,019 | 56,647 |
| Ambuja Cements Ltd. | | 38,240 | 101,934 |
| Apollo Hospitals Enterprise Ltd. | | 8,727 | 134,640 |
| Apollo Tyres Ltd. (a) | | 8,706 | 25,755 |
| Arvind Mills Ltd. (a) | | 13,319 | 61,760 |
| Ashok Leyland Ltd. | | 51,543 | 79,935 |
| Asian Paints Ltd. | | 13,344 | 221,991 |
| Aurobindo Pharma Ltd. | | 24,683 | 264,168 |
| Avenue Supermarts Ltd. (a)(c) | | 8,065 | 145,897 |
| Axis Bank Ltd. (a) | | 97,770 | 769,892 |
| Bajaj Auto Ltd. | | 4,687 | 164,368 |
| Bajaj Finance Ltd. | | 9,094 | 292,954 |
| Bajaj Finserv Ltd. | | 2,312 | 168,950 |
| Balkrishna Industries Ltd. | | 4,756 | 70,427 |
| Bayer CropScience Ltd. | | 495 | 26,109 |
| Bharat Forge Ltd. | | 6,714 | 53,097 |
| Bharat Heavy Electricals Ltd. | | 76,058 | 70,700 |
| Bharat Petroleum Corp. Ltd. | | 41,824 | 155,568 |
| Bharti Airtel Ltd. | | 80,641 | 318,759 |
| Bharti Infratel Ltd. | | 20,626 | 75,089 |
| Blue Dart Express Ltd. | | 43 | 1,628 |
| Bosch Ltd. (a) | | 409 | 109,198 |
| Britannia Industries Ltd. | | 2,764 | 210,929 |
| Cadila Healthcare Ltd. | | 7,464 | 36,336 |
| Canara Bank Ltd. (a) | | 4,410 | 15,619 |
| CEAT Ltd. (a) | | 225 | 3,489 |
| CESC Ltd. GDR | | 2,216 | 20,822 |
| Cg Power & Industrial Soluti | | 2,315 | 1,110 |
| Cipla Ltd. (a) | | 31,694 | 269,652 |
| Coal India Ltd. | | 35,637 | 128,242 |
| Container Corp. of India Ltd. | | 21,902 | 187,674 |
| Credit Analysis & Research Ltd. (a) | | 132 | 1,917 |
| CRISIL Ltd. | | 197 | 3,843 |
| Crompton Greaves Consumer Electricals Ltd. (a) | | 24,968 | 71,991 |
| Dabur India Ltd. | | 49,617 | 258,114 |
| Dalmia Bharat Ltd. (a) | | 1,087 | 30,874 |
| Dewan Housing Finance Corp. Ltd. (a) | | 17,328 | 52,738 |
| Dish TV India Ltd. (a) | | 40,221 | 23,629 |
| Dr. Reddy's Laboratories Ltd. | | 5,664 | 194,535 |
| eClerx Services Ltd. (a) | | 3,082 | 44,336 |
| Edelweiss Financial Services Ltd. | | 22,487 | 49,437 |
| Eicher Motors Ltd. | | 1,026 | 303,314 |
| Engineers India Ltd. | | 1,276 | 1,996 |
| Escorts Ltd. (a) | | 1,831 | 15,522 |
| Eveready Industries India Ltd. | | 848 | 2,025 |
| Exide Industries Ltd. | | 4,874 | 17,533 |
| Federal Bank Ltd. | | 81,955 | 91,695 |
| Finolex Cables Ltd. (a) | | 6,357 | 42,967 |
| Fortis Healthcare Ltd. (a) | | 23,747 | 45,063 |
| GAIL India Ltd. | | 37,559 | 190,055 |
| Ge Power India Ltd. | | 330 | 3,706 |
| Gillette India Ltd. | | 57 | 5,038 |
| Glenmark Pharmaceuticals Ltd. | | 4,056 | 34,083 |
| GMR Infrastructure Ltd. (a) | | 75,851 | 17,281 |
| Godrej Consumer Products Ltd. | | 21,094 | 206,733 |
| Godrej Industries Ltd. | | 184 | 1,163 |
| Godrej Properties Ltd. (a) | | 1,455 | 11,788 |
| Grasim Industries Ltd. (a) | | 15,088 | 170,046 |
| Great Eastern Shipping Co. Ltd. | | 242 | 1,025 |
| Gruh Finance Ltd. | | 5,294 | 20,697 |
| Havells India Ltd. (a) | | 11,747 | 102,572 |
| HCL Technologies Ltd. | | 30,439 | 434,443 |
| Hero Motocorp Ltd. | | 2,322 | 86,725 |
| Hindalco Industries Ltd. | | 56,883 | 169,511 |
| Hindustan Petroleum Corp. Ltd. | | 26,819 | 81,280 |
| Hindustan Unilever Ltd. | | 32,976 | 723,055 |
| Housing Development Finance Corp. Ltd. | | 82,391 | 1,970,934 |
| ICICI Bank Ltd. | | 138,801 | 665,599 |
| IDFC Bank Ltd. | | 86,760 | 40,588 |
| Iifl Holdings Ltd. (a) | | 6,651 | 41,366 |
| India Cements Ltd. (a) | | 5,046 | 6,127 |
| Indiabulls Housing Finance Ltd. | | 20,924 | 236,116 |
| Indiabulls Real Estate Ltd. (a) | | 6,400 | 6,486 |
| Indiabulls Ventures Ltd. | | 10,489 | 60,827 |
| Indian Oil Corp. Ltd. | | 86,658 | 162,220 |
| Info Edge India Ltd. | | 1,648 | 35,183 |
| Infosys Ltd. | | 180,708 | 1,669,595 |
| InterGlobe Aviation Ltd. (c) | | 6,533 | 78,518 |
| Ipca Laboratories Ltd. | | 338 | 3,116 |
| IRB Infrastructure Developers Ltd. | | 3,943 | 7,442 |
| ITC Ltd. | | 173,544 | 657,243 |
| Jain Irrigation Systems Ltd. | | 18,440 | 17,727 |
| Jaiprakash Associates Ltd. (a) | | 29,089 | 2,517 |
| Jindal Steel & Power Ltd. (a) | | 48,419 | 112,177 |
| JSW Steel Ltd. | | 47,476 | 217,866 |
| Jubilant Foodworks Ltd. | | 4,834 | 70,817 |
| Jubilant Life Sciences Ltd. | | 3,486 | 31,275 |
| Kajaria Ceramics Ltd. (a) | | 1,102 | 5,874 |
| Larsen & Toubro Infotech Ltd. | | 2,045 | 48,842 |
| Larsen & Toubro Ltd. | | 31,194 | 547,245 |
| LIC Housing Finance Ltd. | | 16,370 | 90,991 |
| Lupin Ltd. (a) | | 11,425 | 136,780 |
| Mahindra & Mahindra Financial Services Ltd. (a) | | 13,932 | 77,044 |
| Mahindra & Mahindra Ltd. | | 44,338 | 459,176 |
| Manappuram General Finance & Leasing Ltd. | | 13,651 | 14,747 |
| Marico Ltd. | | 20,309 | 88,227 |
| Maruti Suzuki India Ltd. | | 5,629 | 503,566 |
| Max Financial Services Ltd. (a) | | 4,104 | 20,931 |
| MindTree Consulting Ltd. | | 7,309 | 84,084 |
| Motherson Sumi Systems Ltd. (a) | | 53,731 | 118,599 |
| Motilal Oswal Financial Services Ltd. | | 1,131 | 9,522 |
| Mphasis BFL Ltd. | | 6,596 | 88,020 |
| Multi Commodity Exchange of India Ltd. (a) | | 182 | 1,728 |
| Muthoot Finance Ltd. (a) | | 3,598 | 19,914 |
| Natco Pharma Ltd. | | 2,653 | 27,052 |
| Ncc Ltd. (a) | | 54,238 | 55,001 |
| Nestle India Ltd. | | 1,578 | 216,513 |
| NTPC Ltd. | | 89,999 | 194,272 |
| Oberoi Realty Ltd. | | 3,854 | 22,060 |
| Oil & Natural Gas Corp. Ltd. | | 116,621 | 241,646 |
| Page Industries Ltd. | | 466 | 185,578 |
| PC Jeweller Ltd. (a) | | 6,790 | 5,371 |
| Persistent Systems Ltd. | | 3,130 | 23,970 |
| Petronet LNG Ltd. | | 34,504 | 105,294 |
| Pfizer Ltd. | | 1,331 | 52,517 |
| PI Industries Ltd. | | 3,093 | 32,444 |
| Pidilite Industries Ltd. | | 10,425 | 135,154 |
| Piramal Enterprises Ltd. | | 4,494 | 132,025 |
| Power Finance Corp. Ltd. | | 51,449 | 66,433 |
| Power Grid Corp. of India Ltd. | | 75,799 | 190,574 |
| Prestige Estates Projs. Ltd. (a) | | 4,180 | 11,015 |
| PVR Ltd. (a) | | 153 | 2,818 |
| Rajesh Exports Ltd. | | 5,672 | 43,656 |
| RBL Bank Ltd. (c) | | 3,501 | 24,828 |
| Rec Ltd. | | 47,953 | 75,470 |
| Redington India Ltd. | | 14,319 | 16,050 |
| Reliance Capital Ltd. (a) | | 4,711 | 15,408 |
| Reliance Communication Ltd. (a) | | 61,971 | 10,348 |
| Reliance Industries Ltd. | | 151,600 | 2,175,304 |
| Reliance Infrastructure Ltd. (a) | | 5,715 | 27,713 |
| Repco Home Finance Ltd. | | 83 | 415 |
| RP-SG Business Process Services Ltd. (a)(d) | | 443 | 1,430 |
| RP-SG Retail Ltd. (a)(d) | | 1,329 | 4,290 |
| Sadbhav Engineering Ltd. (a) | | 12,879 | 35,880 |
| Sanofi India Ltd. | | 25 | 1,958 |
| Shree Cement Ltd. | | 378 | 71,130 |
| Shriram Transport Finance Co. Ltd. | | 7,508 | 118,244 |
| Siemens India Ltd. | | 7,281 | 91,721 |
| Sintex Plastics Technology Ltd. (a) | | 15,333 | 5,380 |
| Solara Active Pharma Sciences Ltd. (a) | | 211 | 926 |
| State Bank of India (a) | | 114,089 | 434,081 |
| Strides Shasun Ltd. (a) | | 1,270 | 7,286 |
| Sun Pharmaceutical Industries Ltd. | | 42,740 | 335,315 |
| Sundaram Finance Ltd. | | 2,407 | 48,737 |
| Supreme Industries Ltd. (a) | | 796 | 10,600 |
| Suzlon Energy Ltd. (a) | | 45,292 | 3,827 |
| Symphony Ltd. | | 118 | 1,439 |
| Tata Communications Ltd. (a) | | 3,714 | 24,676 |
| Tata Consultancy Services Ltd. | | 47,753 | 1,251,386 |
| Tata Global Beverages Ltd. | | 21,357 | 62,907 |
| Tata Motors Ltd. (a) | | 111,444 | 269,974 |
| Tata Power Co. Ltd. | | 54,079 | 55,973 |
| Tata Steel Ltd. | | 16,694 | 125,013 |
| Tech Mahindra Ltd. (a) | | 26,588 | 267,426 |
| The Indian Hotels Co. Ltd. (a) | | 43,561 | 75,861 |
| The Karur Vysya Bank Ltd. | | 3,746 | 4,039 |
| The Ramco Cements Ltd. (a) | | 1,219 | 9,883 |
| Thermax Ltd. | | 2,019 | 27,288 |
| Titan Co. Ltd. | | 20,014 | 228,554 |
| Tube Investments of India Ltd. | | 4,001 | 26,353 |
| Tube Investments of India Ltd. | | 4,001 | 15,837 |
| Ultratech Cemco Ltd. (a) | | 4,695 | 222,143 |
| United Spirits Ltd. (a) | | 12,180 | 94,990 |
| UPL Ltd. (a) | | 16,282 | 148,455 |
| Vedanta Ltd. (a) | | 95,728 | 273,296 |
| Vodafone Idea Ltd. (a) | | 94,641 | 49,457 |
| Voltas Ltd. (a) | | 2,256 | 16,479 |
| WABCO India Ltd. | | 355 | 30,247 |
| Welspun India Ltd. (a) | | 12,290 | 9,796 |
| Whirlpool of India Ltd. | | 3,668 | 69,271 |
| Wipro Ltd. | | 69,493 | 311,038 |
| Yes Bank Ltd. | | 82,387 | 209,532 |
| Zee Entertainment Enterprises Ltd. | | 24,074 | 146,833 |
|
| TOTAL INDIA | | | 25,663,742 |
|
| Indonesia - 0.5% | | | |
| Kresna Graha Investama PT Tbk (a) | | 910,500 | 37,432 |
| PT ACE Hardware Indonesia Tbk | | 504,300 | 45,446 |
| PT Adaro Energy Tbk | | 650,000 | 70,548 |
| PT AKR Corporindo Tbk | | 192,600 | 43,835 |
| PT Aneka Tambang Tbk | | 460,400 | 20,593 |
| PT Astra International Tbk | | 1,097,200 | 570,161 |
| PT Bank Central Asia Tbk | | 515,200 | 801,479 |
| PT Bank Danamon Indonesia Tbk Series A | | 153,900 | 75,166 |
| PT Bank Jabar Banten Tbk | | 70,600 | 8,313 |
| PT Bank Mandiri (Persero) Tbk | | 1,031,200 | 463,340 |
| PT Bank Negara Indonesia (Persero) Tbk | | 466,900 | 224,966 |
| PT Bank Rakyat Indonesia Tbk | | 2,934,800 | 608,099 |
| PT Bank Tabungan Negara Tbk | | 237,600 | 33,134 |
| PT Bumi Resources Tbk (a) | | 3,868,300 | 43,002 |
| PT Bumi Serpong Damai Tbk (a) | | 696,900 | 50,425 |
| PT Charoen Pokphand Indonesia Tbk | | 326,300 | 118,050 |
| PT Ciputra Development Tbk | | 790,100 | 42,617 |
| PT Global Mediacom Tbk | | 14,600 | 315 |
| PT Gudang Garam Tbk | | 20,800 | 98,921 |
| PT Hanjaya Mandala Sampoerna Tbk | | 473,500 | 116,175 |
| PT Hanson International Tbk (a) | | 3,268,900 | 26,018 |
| PT Indah Kiat Pulp & Paper Tbk | | 137,000 | 114,674 |
| PT Indo Tambangraya Megah Tbk | | 15,300 | 25,060 |
| PT Indocement Tunggal Prakarsa Tbk | | 106,400 | 121,080 |
| PT Indofood CBP Sukses Makmur Tbk | | 72,600 | 42,622 |
| PT Indofood Sukses Makmur Tbk | | 274,100 | 107,729 |
| PT Japfa Comfeed Indonesia Tbk | | 148,500 | 19,829 |
| PT Jasa Marga Tbk | | 76,596 | 20,909 |
| PT Kalbe Farma Tbk | | 1,930,500 | 173,970 |
| PT Link Net Tbk | | 30,500 | 8,807 |
| PT Lippo Karawaci Tbk | | 1,190,100 | 21,919 |
| PT Matahari Department Store Tbk | | 103,400 | 32,987 |
| PT Medco Energi International Tbk (a) | | 424,200 | 22,881 |
| PT Media Nusantara Citra Tbk | | 121,800 | 6,249 |
| PT Pakuwon Jati Tbk | | 1,383,800 | 43,510 |
| PT Pembangunan Perumahan Persero Tbk | | 253,258 | 22,156 |
| PT Perusahaan Gas Negara Tbk Series B | | 466,000 | 68,049 |
| PT Perusahaan Perkebunan London Sumatra Indonesia Tbk | | 17,000 | 1,443 |
| PT PP Properti Tbk | | 481,000 | 3,037 |
| PT Semen Gresik (Persero) Tbk | | 127,500 | 75,481 |
| PT Sitara Propertindo Tbk (a) | | 49,100 | 2,971 |
| PT Sugih Energy Tbk (a) | | 40,500 | 133 |
| PT Summarecon Agung Tbk | | 748,400 | 29,537 |
| PT Surya Citra Media Tbk | | 295,600 | 30,527 |
| PT Telekomunikasi Indonesia Tbk Series B | | 2,673,700 | 677,313 |
| PT Tower Bersama Infrastructure Tbk | | 79,000 | 24,320 |
| PT Unilever Indonesia Tbk | | 78,700 | 223,766 |
| PT United Tractors Tbk | | 117,400 | 258,701 |
| PT Waskita Karya Persero Tbk | | 144,500 | 13,687 |
| PT Wijaya Karya Persero Tbk | | 236,426 | 17,107 |
| Siloam International Hospitals Tbk PT (a) | | 13,600 | 2,058 |
|
| TOTAL INDONESIA | | | 5,710,547 |
|
| Ireland - 0.4% | | | |
| AIB Group PLC | | 42,377 | 205,049 |
| Bank Ireland Group PLC | | 51,192 | 363,261 |
| C&C Group PLC | | 8,418 | 31,274 |
| Cairn Homes PLC (a) | | 54,034 | 86,661 |
| CRH PLC | | 42,651 | 1,272,202 |
| Dalata Hotel Group PLC | | 9,355 | 57,960 |
| DCC PLC (United Kingdom) | | 4,630 | 397,398 |
| Glanbia PLC | | 15,578 | 275,606 |
| Grafton Group PLC unit | | 13,297 | 123,053 |
| Green REIT PLC | | 79,320 | 130,989 |
| Greencore Group PLC | | 34,021 | 82,275 |
| Hibernia (REIT) PLC | | 17,950 | 28,260 |
| Irish Continental Group PLC unit | | 9,952 | 58,615 |
| Irish Residential Properties REIT PLC | | 974 | 1,569 |
| James Hardie Industries PLC CDI | | 22,922 | 305,003 |
| Kerry Group PLC Class A | | 8,261 | 846,792 |
| Kingspan Group PLC (Ireland) | | 6,852 | 298,019 |
| Origin Enterprises PLC | | 17,170 | 110,268 |
| Paddy Power Betfair PLC (Ireland) | | 4,283 | 369,657 |
| Permanent Tsb Group Hld PLC (a) | | 637 | 1,371 |
| Ryanair Holdings PLC sponsored ADR (a) | | 1,028 | 85,118 |
| Smurfit Kappa Group PLC | | 11,480 | 374,221 |
| United Drug PLC (United Kingdom) | | 14,682 | 118,604 |
|
| TOTAL IRELAND | | | 5,623,225 |
|
| Isle of Man - 0.1% | | | |
| Gaming VC Holdings SA | | 27,084 | 324,378 |
| Genting Singapore Ltd. | | 337,400 | 214,354 |
| NEPI Rockcastle PLC | | 17,800 | 153,706 |
| Playtech Ltd. | | 16,803 | 102,878 |
| Redefine International PLC | | 5,652 | 2,388 |
|
| TOTAL ISLE OF MAN | | | 797,704 |
|
| Israel - 0.5% | | | |
| Airport City Ltd. (a) | | 7,556 | 88,015 |
| Alony Hetz Properties & Investments Ltd. | | 18,568 | 176,703 |
| Amot Investments Ltd. | | 8,182 | 40,670 |
| Azrieli Group | | 2,688 | 130,503 |
| Bank Hapoalim BM (Reg.) | | 59,108 | 400,425 |
| Bank Leumi le-Israel BM | | 76,267 | 476,073 |
| Bezeq The Israel Telecommunication Corp. Ltd. | | 89,480 | 102,906 |
| Caesarstone Sdot-Yam Ltd. (b) | | 1,088 | 17,180 |
| Cellcom Israel Ltd. (Israel) (a) | | 5,937 | 37,507 |
| Check Point Software Technologies Ltd. (a) | | 6,344 | 704,184 |
| CyberArk Software Ltd. (a) | | 5,102 | 348,263 |
| Delek Group Ltd. | | 333 | 55,941 |
| Elbit Systems Ltd. (Israel) | | 1,014 | 121,303 |
| First International Bank of Israel | | 2,356 | 50,789 |
| Formula Systems (1985) Ltd. | | 126 | 4,901 |
| Gazit-Globe Ltd. | | 1,653 | 13,829 |
| Harel Insurance Investments and Financial Services Ltd. | | 9,721 | 71,264 |
| Israel Chemicals Ltd. | | 32,652 | 188,371 |
| Israel Corp. Ltd. (Class A) | | 429 | 125,591 |
| Israel Discount Bank Ltd. (Class A) | | 54,831 | 179,387 |
| Ituran Location & Control Ltd. | | 1,134 | 38,692 |
| Jerusalem Economy Ltd. (a) | | 1,266 | 3,403 |
| Jerusalem Oil Exploration Ltd. (a) | | 374 | 21,526 |
| Kornit Digital Ltd. (a) | | 2,500 | 46,150 |
| Mazor Robotics Ltd. (a) | | 1,995 | 58,029 |
| Melisron Ltd. | | 1,481 | 62,826 |
| Migdal Insurance & Financial Holdings Ltd. | | 2,273 | 2,515 |
| Mizrahi Tefahot Bank Ltd. | | 5,565 | 93,771 |
| NICE Systems Ltd. (a) | | 3,376 | 357,943 |
| Oil Refineries Ltd. | | 46,046 | 21,885 |
| Orbotech Ltd. (a) | | 2,103 | 117,642 |
| Partner Communications Co. Ltd. (a) | | 7,712 | 39,101 |
| Paz Oil Co. Ltd. | | 313 | 46,868 |
| Plus500 Ltd. | | 3,162 | 54,724 |
| Radware Ltd. (a) | | 1,220 | 28,316 |
| Reit 1 Ltd. | | 36,618 | 143,229 |
| Shikun & Binui Ltd. (a) | | 20,523 | 39,166 |
| SodaStream International Ltd. (a) | | 1,313 | 188,271 |
| Strauss Group Ltd. | | 3,837 | 84,201 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (b) | | 49,943 | 997,861 |
| Tower Semiconductor Ltd. (a) | | 5,008 | 77,654 |
| Wix.com Ltd. (a) | | 2,559 | 249,119 |
|
| TOTAL ISRAEL | | | 6,106,697 |
|
| Italy - 1.3% | | | |
| A2A SpA | | 97,271 | 156,943 |
| ACEA SpA | | 1,409 | 18,528 |
| Amplifon SpA | | 5,221 | 92,606 |
| Ascopiave SpA | | 12,371 | 40,635 |
| Assicurazioni Generali SpA | | 54,914 | 888,192 |
| Astm SpA | | 2,401 | 47,646 |
| Atlantia SpA | | 25,718 | 517,340 |
| Autogrill SpA | | 4,595 | 45,253 |
| Azimut Holding SpA | | 7,095 | 87,474 |
| Banca Generali SpA | | 5,954 | 114,847 |
| Banca IFIS SpA | | 642 | 11,300 |
| Banca Mediolanum S.p.A. | | 16,321 | 94,741 |
| Banca Monte dei Paschi di Siena SpA (a)(b) | | 12,845 | 21,132 |
| Banca Popolare dell'Emilia Romagna | | 23,378 | 88,917 |
| Banca Popolare di Sondrio SCARL | | 25,038 | 79,066 |
| Banco BPM SpA (a) | | 96,611 | 181,757 |
| Beni Stabili SpA SIIQ | | 119,844 | 102,553 |
| Beni Stabili SpA SIIQ rights (a) | | 119,844 | 1 |
| Biesse SpA | | 462 | 10,644 |
| Brembo SpA | | 8,193 | 90,756 |
| Brunello Cucinelli SpA | | 1,252 | 42,897 |
| Buzzi Unicem SpA | | 5,507 | 105,882 |
| Cerved Information Solutions SpA | | 10,444 | 83,338 |
| Compagnie Industriali Riunite SpA (CIR) | | 1,763 | 1,877 |
| Credito Emiliano SpA | | 3,458 | 20,641 |
| Credito Valtellinese SC (a) | | 328,946 | 34,426 |
| Danieli & C. Officine Meccaniche SpA | | 1,400 | 26,164 |
| Datalogic SpA | | 613 | 18,017 |
| Davide Campari-Milano SpA | | 37,525 | 288,806 |
| De Longhi SpA | | 3,032 | 80,360 |
| DiaSorin S.p.A. | | 1,445 | 137,154 |
| Enav SpA (c) | | 12,759 | 57,546 |
| Enel SpA | | 406,264 | 1,991,939 |
| Eni SpA | | 125,623 | 2,231,033 |
| ERG SpA | | 2,649 | 49,476 |
| Fincantieri SpA | | 23,908 | 34,905 |
| FinecoBank SpA | | 20,446 | 214,120 |
| Hera SpA | | 49,032 | 135,508 |
| Immobiliare Grande Distribuzione SpA | | 903 | 6,375 |
| Industria Macchine Automatiche SpA (IMA) | | 720 | 43,263 |
| Infrastrutture Wireless Italiane SpA (c) | | 9,065 | 63,145 |
| Interpump Group SpA | | 4,488 | 129,625 |
| Intesa Sanpaolo SpA | | 790,949 | 1,752,011 |
| Iren SpA | | 21,493 | 46,570 |
| Italgas SpA | | 22,389 | 115,687 |
| Italmobiliare SpA | | 66 | 1,458 |
| Leonardo SpA | | 23,240 | 252,436 |
| Luxottica Group SpA | | 7,585 | 476,981 |
| Maire Tecnimont SpA | | 6,337 | 27,763 |
| MARR SpA | | 1,204 | 29,156 |
| Mediaset SpA (a) | | 22,568 | 68,020 |
| Mediobanca SpA | | 37,736 | 331,334 |
| Moncler SpA | | 8,718 | 303,145 |
| OVS (a)(c) | | 19,908 | 35,199 |
| Piaggio & C SpA | | 5,908 | 12,654 |
| Pirelli & C. S.p.A. (c) | | 17,608 | 129,514 |
| Poste Italiane SpA (c) | | 35,495 | 255,292 |
| Prysmian SpA | | 14,659 | 284,916 |
| Rai Way SpA (c) | | 3,341 | 17,313 |
| Recordati SpA | | 6,256 | 212,009 |
| Reply SpA | | 849 | 47,081 |
| Safilo Group SpA (a) | | 143 | 267 |
| Saipem SpA (a) | | 35,135 | 192,412 |
| Salini Impregilo SpA | | 10,586 | 23,357 |
| Salvatore Ferragamo Italia SpA | | 3,856 | 91,324 |
| Saras Raffinerie Sarde SpA | | 32,211 | 62,862 |
| Snam Rete Gas SpA | | 112,997 | 467,661 |
| Societa Cattolica Di Assicurazioni SCRL | | 5,735 | 46,412 |
| Societa Iniziative Autostradali e Servizi SpA (SIAS) | | 4,758 | 67,149 |
| Technogym SpA (c) | | 5,245 | 57,388 |
| Telecom Italia SpA (a) | | 341,208 | 200,683 |
| Terna SpA | | 74,282 | 384,079 |
| Tod's SpA | | 706 | 43,221 |
| UniCredit SpA | | 107,409 | 1,376,668 |
| Unione di Banche Italiane SCpA | | 69,274 | 211,851 |
| Unipol Gruppo SpA | | 44,011 | 177,363 |
| Zignago Vetro SpA | | 165 | 1,534 |
|
| TOTAL ITALY | | | 16,289,598 |
|
| Japan - 16.3% | | | |
| 77 Bank Ltd. | | 2,400 | 49,708 |
| A/S One Corp. | | 1,900 | 135,047 |
| ABC-MART, Inc. | | 1,807 | 105,696 |
| ACOM Co. Ltd. | | 21,100 | 77,978 |
| Activia Properties, Inc. | | 36 | 149,315 |
| Adastria Co. Ltd. | | 200 | 3,258 |
| Adeka Corp. | | 2,600 | 38,642 |
| Advance Residence Investment Corp. | | 49 | 125,154 |
| Advantest Corp. | | 8,159 | 150,619 |
| Aeon (REIT) Investment Corp. | | 102 | 112,545 |
| AEON Co. Ltd. | | 32,125 | 737,338 |
| Aeon Delight Co. Ltd. | | 1,800 | 60,300 |
| AEON Financial Service Co. Ltd. | | 3,999 | 78,538 |
| AEON MALL Co. Ltd. | | 6,600 | 122,191 |
| Agc, Inc. | | 8,263 | 270,650 |
| Ai Holdings Corp. | | 1,200 | 22,908 |
| Aica Kogyo Co. Ltd. | | 5,800 | 172,712 |
| Aichi Steel Corp. | | 100 | 3,536 |
| Aida Engineering Ltd. | | 3,500 | 28,847 |
| Aiful Corp. (a) | | 10,100 | 26,674 |
| Ain Holdings, Inc. | | 1,700 | 133,186 |
| Air Water, Inc. | | 6,100 | 98,986 |
| Aisin Seiki Co. Ltd. | | 8,600 | 338,025 |
| Ajinomoto Co., Inc. | | 26,725 | 431,755 |
| Akita Bank Ltd. | | 100 | 2,324 |
| Alfresa Holdings Corp. | | 9,139 | 244,198 |
| All Nippon Airways Ltd. | | 7,541 | 253,571 |
| Alpine Electronics, Inc. | | 1,500 | 25,537 |
| Alps Electric Co. Ltd. | | 11,878 | 279,998 |
| Amada Holdings Co. Ltd. | | 28,100 | 264,726 |
| Amano Corp. | | 2,000 | 42,540 |
| Anicom Holdings, Inc. | | 900 | 28,754 |
| Anritsu Corp. | | 6,700 | 101,656 |
| Aoki International Co. Ltd. | | 200 | 2,641 |
| Aoyama Trading Co. Ltd. | | 1,500 | 45,465 |
| Aozora Bank Ltd. | | 9,200 | 317,459 |
| ARCS Co. Ltd. | | 3,900 | 94,636 |
| Ariake Japan Co. Ltd. | | 800 | 70,900 |
| Asahi Diamond Industrial Co. Ltd. | | 4,700 | 29,699 |
| Asahi Group Holdings | | 19,859 | 872,705 |
| Asahi Holdings, Inc. | | 1,700 | 36,385 |
| ASAHI INTECC Co. Ltd. | | 5,380 | 220,044 |
| Asahi Kasei Corp. | | 63,500 | 761,902 |
| Asics Corp. | | 8,200 | 119,183 |
| ASKUL Corp. | | 600 | 16,537 |
| Astellas Pharma, Inc. | | 99,003 | 1,529,617 |
| Atom Corp. | | 1,400 | 12,420 |
| Autobacs Seven Co. Ltd. | | 1,400 | 22,520 |
| Avex, Inc. | | 200 | 2,692 |
| Axial Retailing, Inc. | | 1,300 | 42,629 |
| Azbil Corp. | | 10,000 | 186,290 |
| Bandai Namco Holdings, Inc. | | 10,900 | 387,854 |
| Bank of Kyoto Ltd. | | 2,800 | 126,308 |
| Bank of Nagoya Ltd. | | 100 | 3,164 |
| Bank of The Ryukyus Ltd. | | 2,700 | 30,796 |
| Belc Co. Ltd. | | 800 | 40,838 |
| Belluna Co. Ltd. | | 1,500 | 14,902 |
| Benefit One, Inc. | | 1,700 | 43,767 |
| Benesse Holdings, Inc. | | 3,800 | 105,916 |
| Bic Camera, Inc. | | 5,400 | 71,451 |
| BML, Inc. | | 1,600 | 44,029 |
| Bridgestone Corp. | | 29,958 | 1,155,160 |
| Brother Industries Ltd. | | 15,700 | 288,161 |
| Bunka Shutter Co. Ltd. | | 300 | 2,103 |
| Calbee, Inc. | | 5,800 | 192,759 |
| Canon Marketing Japan, Inc. | | 1,600 | 30,331 |
| Canon, Inc. | | 51,443 | 1,465,272 |
| Capcom Co. Ltd. | | 4,800 | 99,714 |
| Casio Computer Co. Ltd. | | 11,200 | 169,043 |
| Cawachi Ltd. | | 200 | 3,713 |
| Central Glass Co. Ltd. | | 2,800 | 60,549 |
| Central Japan Railway Co. | | 7,055 | 1,353,916 |
| Chiba Bank Ltd. | | 29,000 | 183,464 |
| Chiyoda Co. Ltd. | | 100 | 1,930 |
| Chiyoda Corp. | | 6,000 | 29,856 |
| Chofu Seisakusho Co. Ltd. | | 100 | 2,025 |
| Chubu Electric Power Co., Inc. | | 34,016 | 490,534 |
| Chudenko Corp. | | 600 | 12,624 |
| Chugai Pharmaceutical Co. Ltd. | | 11,100 | 649,869 |
| Chugoku Electric Power Co., Inc. | | 14,100 | 181,444 |
| Chugoku Marine Paints Ltd. | | 5,400 | 43,407 |
| Citizen Watch Co. Ltd. | | 16,600 | 95,549 |
| CKD Corp. | | 2,665 | 30,704 |
| Clarion Co. Ltd. | | 200 | 4,376 |
| Coca-Cola West Co. Ltd. | | 6,950 | 182,011 |
| cocokara fine HOLDINGS, Inc. | | 1,300 | 71,547 |
| COLOPL, Inc. | | 500 | 3,084 |
| Colowide Co. Ltd. | | 4,100 | 99,888 |
| Comforia Residential REIT, Inc. | | 57 | 136,444 |
| COMSYS Holdings Corp. | | 7,900 | 219,860 |
| Concordia Financial Group Ltd. | | 53,300 | 243,941 |
| Cookpad, Inc. | | 500 | 1,835 |
| Cosmo Energy Holdings Co. Ltd. | | 2,600 | 96,663 |
| Cosmos Pharmaceutical Corp. | | 700 | 143,120 |
| Create Restaurants Holdings, Inc. | | 200 | 2,116 |
| Create SD Holdings Co. Ltd. | | 1,800 | 45,672 |
| Credit Saison Co. Ltd. | | 6,901 | 109,588 |
| CyberAgent, Inc. | | 5,100 | 217,021 |
| CYBERDYNE, Inc. (a)(b) | | 7,900 | 55,871 |
| Dai Nippon Printing Co. Ltd. | | 10,300 | 231,106 |
| Dai-ichi Mutual Life Insurance Co. | | 56,999 | 1,069,605 |
| Daibiru Corp. | | 200 | 2,021 |
| Daicel Chemical Industries Ltd. | | 13,721 | 145,315 |
| Daido Metal Co. Ltd. | | 400 | 3,056 |
| Daido Steel Co. Ltd. | | 3,500 | 144,237 |
| Daifuku Co. Ltd. | | 6,100 | 262,738 |
| Daihen Corp. | | 1,600 | 37,464 |
| Daiho Corp. | | 200 | 5,512 |
| Daiichi Sankyo Kabushiki Kaisha | | 29,200 | 1,116,118 |
| Daiichikosho Co. Ltd. | | 2,400 | 110,604 |
| Daikin Industries Ltd. | | 12,968 | 1,503,146 |
| Daikyo, Inc. | | 400 | 10,500 |
| DaikyoNishikawa Corp. | | 1,600 | 15,314 |
| Dainippon Sumitomo Pharma Co. Ltd. | | 8,600 | 179,686 |
| Daio Paper Corp. | | 6,000 | 77,901 |
| Daiseki Co. Ltd. | | 1,600 | 37,917 |
| Daishi Hokuetsu Financial Group, Inc. | | 1,842 | 66,278 |
| Daito Trust Construction Co. Ltd. | | 3,844 | 507,605 |
| Daiwa House Industry Co. Ltd. | | 30,544 | 922,256 |
| Daiwa House REIT Investment Corp. | | 92 | 201,391 |
| Daiwa Office Investment Corp. | | 18 | 109,913 |
| Daiwa Securities Group, Inc. | | 82,000 | 470,246 |
| Daiwabo Holdings Co. Ltd. | | 500 | 29,556 |
| DCM Japan Holdings Co. Ltd. | | 25,700 | 249,632 |
| DeNA Co. Ltd. | | 3,600 | 59,882 |
| Denki Kagaku Kogyo KK | | 4,400 | 143,100 |
| DENSO Corp. | | 21,322 | 951,084 |
| Dentsu, Inc. | | 11,700 | 542,644 |
| Descente Ltd. | | 1,800 | 47,156 |
| Dexerials Corp. | | 1,700 | 14,629 |
| Dic Corp. | | 3,200 | 94,581 |
| Digital Garage, Inc. | | 1,400 | 38,277 |
| Dip Corp. | | 800 | 17,427 |
| Disco Corp. | | 1,700 | 270,740 |
| Dmg Mori Co. Ltd. | | 4,800 | 69,553 |
| Don Quijote Holdings Co. Ltd. | | 6,823 | 408,769 |
| Doshisha Co. Ltd. | | 100 | 2,061 |
| Doutor Nichires Holdings Co., Ltd. | | 500 | 8,894 |
| Dowa Holdings Co. Ltd. | | 3,300 | 96,041 |
| Dr. Ci:Labo Co., Ltd. | | 1,000 | 51,934 |
| DTS Corp. | | 1,500 | 52,111 |
| Duskin Co. Ltd. | | 6,000 | 136,553 |
| Dydo Group Holdings, Inc. | | 100 | 5,078 |
| Eagle Industry Co. Ltd. | | 300 | 3,496 |
| Earth Corp. | | 700 | 31,825 |
| East Japan Railway Co. | | 15,010 | 1,310,940 |
| Ebara Corp. | | 4,500 | 131,068 |
| EDION Corp. | | 1,300 | 13,664 |
| Ehime Bank Ltd. | | 2,400 | 24,801 |
| Eiken Chemical Co. Ltd. | | 2,800 | 62,633 |
| Eisai Co. Ltd. | | 13,200 | 1,099,302 |
| Eizo Corp. | | 600 | 24,461 |
| Electric Power Development Co. Ltd. | | 11,100 | 302,499 |
| en-japan, Inc. | | 2,200 | 87,934 |
| EPS Co. Ltd. | | 2,000 | 39,048 |
| euglena Co. Ltd. (a) | | 1,200 | 6,860 |
| Exedy Corp. | | 1,200 | 29,629 |
| Ezaki Glico Co. Ltd. | | 2,100 | 104,595 |
| FamilyMart Co. Ltd. | | 3,277 | 379,837 |
| Fancl Corp. | | 2,400 | 106,137 |
| Fanuc Corp. | | 10,085 | 1,754,458 |
| Fast Retailing Co. Ltd. | | 3,036 | 1,528,642 |
| FCC Co. Ltd. | | 3,000 | 74,285 |
| Ferrotec Holdings Corp. | | 2,700 | 24,479 |
| Financial Products Group Co. Ltd. | | 4,200 | 41,056 |
| Foster Electric Co. Ltd. | | 1,100 | 16,017 |
| FP Corp. | | 1,400 | 71,839 |
| Frontier Real Estate Investment Corp. | | 30 | 114,991 |
| Fuji Corp. | | 4,800 | 67,213 |
| Fuji Electric Co. Ltd. | | 8,200 | 250,309 |
| Fuji Kyuko Co. Ltd. | | 500 | 14,601 |
| Fuji Oil Holdings, Inc. | | 1,700 | 49,041 |
| Fuji Seal International, Inc. | | 2,600 | 78,921 |
| Fuji Soft ABC, Inc. | | 600 | 27,545 |
| Fujicco Co. Ltd. | | 100 | 2,294 |
| Fujifilm Holdings Corp. | | 19,400 | 839,057 |
| Fujikura Ltd. | | 15,800 | 68,158 |
| Fujimi, Inc. | | 200 | 4,571 |
| Fujimori Kogyo Co. Ltd. | | 400 | 11,628 |
| Fujitec Co. Ltd. | | 4,200 | 45,784 |
| Fujitsu General Ltd. | | 5,500 | 82,133 |
| Fujitsu Ltd. | | 10,242 | 623,107 |
| Fukuda Denshi Co. Ltd. | | 700 | 44,171 |
| Fukuoka (REIT) Investment Fund | | 18 | 27,199 |
| Fukuoka Financial Group, Inc. | | 8,000 | 196,566 |
| Fukushima Industries Corp. | | 100 | 4,555 |
| Fukuyama Transporting Co. Ltd. | | 1,000 | 38,685 |
| Funai Soken Holdings, Inc. | | 900 | 19,087 |
| Furukawa Co. Ltd. | | 600 | 7,445 |
| Furukawa Electric Co. Ltd. | | 5,300 | 143,032 |
| Fuso Chemical Co. Ltd. | | 300 | 5,998 |
| Futaba Corp. | | 3,900 | 60,901 |
| Futaba Industrial Co. Ltd. | | 700 | 3,834 |
| Fuyo General Lease Co. Ltd. | | 500 | 27,784 |
| G-Tekt Corp. | | 1,300 | 18,353 |
| Global One Real Estate Investment Corp. | | 32 | 32,274 |
| Glory Ltd. | | 2,200 | 51,317 |
| GLP J-REIT | | 164 | 162,350 |
| GMO Internet, Inc. | | 4,100 | 58,574 |
| GMO Payment Gateway, Inc. | | 1,600 | 77,706 |
| GNI Group Ltd. (a) | | 700 | 20,565 |
| Goldcrest Co. Ltd. | | 300 | 4,693 |
| GOLDWIN, Inc. | | 600 | 42,753 |
| GREE, Inc. | | 3,400 | 14,253 |
| GS Yuasa Corp. | | 2,000 | 41,054 |
| Gulliver International Co. Ltd. | | 400 | 1,351 |
| GungHo Online Entertainment, Inc. | | 28,000 | 50,374 |
| Gunma Bank Ltd. | | 10,900 | 49,460 |
| Gunze Ltd. | | 700 | 31,081 |
| Gurunavi, Inc. | | 100 | 764 |
| H.I.S. Co. Ltd. | | 2,300 | 69,814 |
| H2O Retailing Corp. | | 8,600 | 133,609 |
| Hakuhodo DY Holdings, Inc. | | 11,900 | 198,905 |
| Hamamatsu Photonics K.K. | | 6,300 | 211,052 |
| Hankyu Hanshin Holdings, Inc. | | 12,600 | 415,403 |
| Hankyu REIT, Inc. | | 9 | 11,199 |
| Hanwa Co. Ltd. | | 1,700 | 55,820 |
| Harmonic Drive Systems, Inc. (b) | | 2,100 | 63,930 |
| Haseko Corp. | | 18,500 | 234,425 |
| Hazama Ando Corp. | | 12,500 | 86,188 |
| Heiwa Corp. | | 1,700 | 38,916 |
| Heiwa Real Estate (REIT), Inc. | | 15 | 14,716 |
| Heiwa Real Estate Co. Ltd. | | 1,700 | 31,519 |
| Heiwado Co. Ltd. | | 1,800 | 46,198 |
| Hiday Hidaka Corp. | | 2,160 | 42,076 |
| Hikari Tsushin, Inc. | | 1,300 | 227,199 |
| Hino Motors Ltd. | | 17,800 | 170,387 |
| Hirata Corp. | | 400 | 24,709 |
| Hirose Electric Co. Ltd. | | 2,155 | 204,929 |
| Hiroshima Bank Ltd. | | 14,400 | 89,206 |
| Hisamitsu Pharmaceutical Co., Inc. | | 3,300 | 186,299 |
| Hitachi Capital Corp. | | 1,900 | 46,677 |
| Hitachi Chemical Co. Ltd. | | 5,700 | 89,969 |
| Hitachi Construction Machinery Co. Ltd. | | 5,000 | 132,752 |
| Hitachi High-Technologies Corp. | | 3,100 | 116,901 |
| Hitachi Ltd. | | 50,976 | 1,558,346 |
| Hitachi Metals Ltd. | | 13,000 | 153,463 |
| Hitachi Transport System Ltd. | | 2,200 | 56,621 |
| Hitachi Zosen Corp. | | 2,900 | 11,021 |
| Hogy Medical Co. Ltd. | | 3,300 | 97,390 |
| Hokkaido Electric Power Co., Inc. | | 16,000 | 93,588 |
| Hokuetsu Kishu Paper Co. Ltd. | | 9,200 | 43,947 |
| Hokuhoku Financial Group, Inc. | | 4,300 | 53,467 |
| Hokuriku Electric Power Co., Inc. (a) | | 18,300 | 170,617 |
| Hokuto Corp. | | 100 | 1,708 |
| Honda Motor Co. Ltd. | | 83,272 | 2,377,043 |
| Horiba Ltd. | | 2,000 | 93,942 |
| Hoshino Resorts REIT, Inc. | | 13 | 61,063 |
| Hoshizaki Corp. | | 2,500 | 201,843 |
| Hosiden Corp. | | 1,800 | 16,543 |
| House Foods Group, Inc. | | 1,900 | 54,726 |
| Hoya Corp. | | 19,918 | 1,132,220 |
| Hulic (REIT), Inc. | | 65 | 94,532 |
| Hulic Co. Ltd. | | 12,400 | 113,741 |
| Hyakujushi Bank Ltd. | | 700 | 17,916 |
| Ibiden Co. Ltd. | | 8,700 | 107,483 |
| IBJ Leasing Co. Ltd. | | 1,600 | 40,214 |
| Ichibanya Co. Ltd. | | 100 | 3,811 |
| Ichigo, Inc. | | 8,900 | 29,105 |
| Idemitsu Kosan Co. Ltd. | | 6,800 | 310,365 |
| IHI Corp. | | 8,872 | 324,560 |
| Iida Group Holdings Co. Ltd. | | 11,300 | 205,700 |
| Inaba Denki Sangyo Co. Ltd. | | 400 | 16,112 |
| Inabata & Co. Ltd. | | 1,000 | 13,382 |
| Industrial & Infrastructure Fund Investment Corp. | | 97 | 97,400 |
| Ines Corp. | | 3,700 | 43,252 |
| Infomart Corp. | | 3,200 | 33,181 |
| INPEX Corp. | | 50,500 | 575,024 |
| Internet Initiative Japan, Inc. | | 1,600 | 30,927 |
| Invesco Office J-REIT, Inc. | | 426 | 60,218 |
| Invincible Investment Corp. | | 361 | 149,410 |
| Iriso Electronics Co. Ltd. | | 500 | 21,159 |
| Iseki & Co. Ltd. | | 100 | 1,717 |
| Isetan Mitsukoshi Holdings Ltd. | | 16,271 | 190,164 |
| Istyle, Inc. | | 1,300 | 11,683 |
| Isuzu Motors Ltd. | | 30,868 | 404,696 |
| IT Holdings Corp. | | 3,300 | 147,986 |
| ITO EN Ltd. | | 2,260 | 96,341 |
| Itochu Corp. | | 73,050 | 1,354,783 |
| Itochu Enex Co. Ltd. | | 300 | 2,826 |
| ITOCHU Techno-Solutions Corp. | | 6,012 | 114,022 |
| Itoham Yonekyu Holdings, Inc. | | 10,100 | 63,553 |
| Iwatani Corp. | | 600 | 21,190 |
| Iyo Bank Ltd. | | 7,900 | 46,979 |
| Izumi Co. Ltd. | | 2,100 | 114,273 |
| J Trust Co. Ltd. | | 7,200 | 36,818 |
| J. Front Retailing Co. Ltd. | | 10,200 | 133,664 |
| JACCS Co. Ltd. | | 200 | 3,754 |
| JAFCO Co. Ltd. | | 900 | 34,776 |
| Japan Airlines Co. Ltd. | | 7,000 | 249,205 |
| Japan Airport Terminal Co. Ltd. | | 2,800 | 107,697 |
| Japan Aviation Electronics Industry Ltd. | | 1,000 | 13,303 |
| Japan Display, Inc. (a) | | 24,400 | 23,571 |
| Japan Excellent, Inc. | | 89 | 115,475 |
| Japan Exchange Group, Inc. | | 29,800 | 535,072 |
| Japan Hotel REIT Investment Corp. | | 280 | 199,264 |
| Japan Lifeline Co. Ltd. | | 2,300 | 33,409 |
| Japan Logistics Fund, Inc. | | 52 | 103,783 |
| Japan Material Co. Ltd. | | 1,800 | 21,105 |
| Japan Petroleum Exploration Co. Ltd. | | 1,300 | 27,547 |
| Japan Post Bank Co. Ltd. | | 17,034 | 198,819 |
| Japan Post Holdings Co. Ltd. | | 75,238 | 892,209 |
| Japan Prime Realty Investment Corp. | | 36 | 128,577 |
| Japan Real Estate Investment Corp. | | 63 | 324,952 |
| Japan Rental Housing Investment, Inc. | | 42 | 32,942 |
| Japan Retail Fund Investment Corp. | | 119 | 219,786 |
| Japan Securities Finance Co. Ltd. | | 500 | 2,809 |
| Japan Steel Works Ltd. | | 2,800 | 59,171 |
| Japan Tobacco, Inc. | | 56,843 | 1,460,600 |
| Japan Wool Textile Co. Ltd. | | 400 | 3,162 |
| JCR Pharmaceuticals Co. Ltd. | | 1,000 | 42,496 |
| JEOL Ltd. | | 2,500 | 41,122 |
| JFE Holdings, Inc. | | 24,900 | 467,910 |
| JGC Corp. | | 12,342 | 238,902 |
| Jimoto Holdings, Inc. | | 13,900 | 18,232 |
| JIN Co. Ltd. | | 1,100 | 62,489 |
| Joshin Denki Co. Ltd. | | 1,800 | 46,023 |
| Joyful Honda Co. Ltd. | | 1,400 | 20,212 |
| JSR Corp. | | 9,300 | 138,962 |
| JTEKT Corp. | | 10,200 | 126,905 |
| Juroku Bank Ltd. | | 1,300 | 29,425 |
| Justsystems Corp. | | 700 | 14,331 |
| JVC KENWOOD Holdings, Inc. | | 700 | 1,725 |
| JX Holdings, Inc. | | 173,150 | 1,169,972 |
| K's Holdings Corp. | | 10,100 | 127,643 |
| kabu.com Securities Co. Ltd. | | 600 | 2,164 |
| Kadokawa Dwango Corp. | | 2,000 | 19,958 |
| Kagome Co. Ltd. | | 2,700 | 72,026 |
| Kajima Corp. | | 25,000 | 321,913 |
| Kakaku.com, Inc. | | 7,500 | 136,062 |
| Kaken Pharmaceutical Co. Ltd. | | 1,556 | 78,052 |
| Kameda Seika Co. Ltd. | | 1,400 | 66,380 |
| Kamigumi Co. Ltd. | | 5,500 | 113,768 |
| Kanamoto Co. Ltd. | | 1,400 | 46,776 |
| Kandenko Co. Ltd. | | 7,800 | 79,635 |
| Kaneka Corp. | | 2,600 | 108,761 |
| Kanematsu Corp. | | 3,200 | 41,150 |
| Kansai Electric Power Co., Inc. | | 36,399 | 557,105 |
| Kansai Mirai Financial Group, Inc. (a) | | 6,700 | 52,135 |
| Kansai Paint Co. Ltd. | | 12,939 | 191,617 |
| Kanto Denka Kogyo Co. Ltd. | | 1,000 | 9,102 |
| Kao Corp. | | 26,091 | 1,735,631 |
| Kato Sangyo | | 1,100 | 33,877 |
| Kawasaki Heavy Industries Ltd. | | 6,300 | 149,300 |
| Kawasaki Kisen Kaisha Ltd. (a) | | 6,100 | 81,286 |
| KDDI Corp. | | 90,637 | 2,193,402 |
| Keihan Electric Railway Co., Ltd. | | 6,700 | 254,141 |
| Keihin Corp. | | 1,600 | 31,607 |
| Keihin Electric Express Railway Co. Ltd. | | 13,439 | 199,021 |
| Keio Corp. | | 5,103 | 277,165 |
| Keisei Electric Railway Co. | | 5,506 | 169,684 |
| Kenedix Office Investment Corp. | | 26 | 161,067 |
| Kenedix Residential Investment Corp. | | 49 | 74,867 |
| Kenedix Retail REIT Corp. | | 12 | 25,524 |
| Kenedix, Inc. | | 26,000 | 135,259 |
| Kewpie Corp. | | 6,700 | 154,563 |
| Keyence Corp. | | 5,075 | 2,487,238 |
| KH Neochem Co. Ltd. | | 800 | 22,688 |
| Kikkoman Corp. | | 7,000 | 383,511 |
| Kinden Corp. | | 4,392 | 70,453 |
| Kintetsu Group Holdings Co. Ltd. | | 8,653 | 332,056 |
| Kintetsu World Express, Inc. | | 2,600 | 40,393 |
| Kirin Holdings Co. Ltd. | | 41,770 | 996,738 |
| Kisoji Co. Ltd. | | 300 | 6,905 |
| Kissei Pharmaceutical Co. Ltd. | | 1,400 | 40,386 |
| Kitz Corp. | | 1,400 | 11,154 |
| Koa Corp. | | 1,100 | 15,169 |
| Kobayashi Pharmaceutical Co. Ltd. | | 3,300 | 216,422 |
| Kobe Bussan Co. Ltd. | | 600 | 15,251 |
| Kobe Steel Ltd. | | 22,700 | 182,515 |
| Kohnan Shoji Co. Ltd. | | 1,400 | 35,101 |
| Koito Manufacturing Co. Ltd. | | 5,100 | 243,169 |
| Kokuyo Co. Ltd. | | 4,600 | 72,729 |
| Komatsu Ltd. | | 47,011 | 1,224,282 |
| KOMEDA Holdings Co. Ltd. | | 1,900 | 37,399 |
| KOMERI Co. Ltd. | | 600 | 15,559 |
| Komori Corp. | | 3,300 | 35,827 |
| Konami Holdings Corp. | | 4,300 | 164,046 |
| Konica Minolta, Inc. | | 19,800 | 195,988 |
| Konoike Transport Co. Ltd. | | 500 | 7,577 |
| Kose Corp. | | 1,800 | 269,119 |
| Koshidaka Holdings Co. Ltd. | | 2,800 | 32,582 |
| Kotobuki Spirits Co. Ltd. | | 600 | 22,972 |
| Kubota Corp. | | 50,810 | 802,127�� |
| Kumagai Gumi Co. Ltd. | | 1,000 | 26,109 |
| Kumiai Chemical Industry Co. Ltd. | | 3,500 | 21,775 |
| Kura Corp. Ltd. | | 700 | 40,573 |
| Kurabo Industries Ltd. | | 300 | 7,240 |
| Kuraray Co. Ltd. | | 14,352 | 197,132 |
| Kureha Chemical Industry Co. Ltd. | | 1,500 | 96,646 |
| Kurita Water Industries Ltd. | | 5,800 | 143,053 |
| Kusuri No Aoki Holdings Co. Ltd. | | 1,100 | 78,965 |
| Kyb Corp. | | 1,400 | 33,587 |
| Kyocera Corp. | | 16,337 | 884,206 |
| Kyoei Steel Ltd. | | 100 | 1,815 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | | 500 | 7,148 |
| Kyorin Holdings, Inc. | | 11,000 | 240,502 |
| Kyoritsu Maintenance Co. Ltd. | | 3,100 | 137,643 |
| Kyowa Exeo Corp. | | 4,900 | 132,016 |
| Kyowa Hakko Kirin Co., Ltd. | | 17,700 | 342,793 |
| Kyudenko Corp. | | 3,200 | 116,701 |
| Kyushu Electric Power Co., Inc. | | 19,478 | 226,828 |
| Kyushu Financial Group, Inc. | | 14,785 | 65,385 |
| Kyushu Railway Co. | | 9,100 | 279,045 |
| LaSalle Logiport REIT | | 63 | 58,011 |
| Lasertec Corp. | | 2,700 | 77,529 |
| Lawson, Inc. | | 2,700 | 170,851 |
| Leopalace21 Corp. | | 10,000 | 41,742 |
| LIFE Corp. | | 100 | 2,475 |
| LIFULL Co. Ltd. | | 2,300 | 15,573 |
| LINE Corp. (a) | | 3,800 | 121,151 |
| Lintec Corp. | | 4,500 | 106,563 |
| Lion Corp. | | 13,036 | 244,927 |
| LIXIL Group Corp. | | 12,895 | 203,422 |
| M3, Inc. | | 21,790 | 351,081 |
| Mabuchi Motor Co. Ltd. | | 2,500 | 89,068 |
| Macnica Fuji Electronics Holdings, Inc. | | 3,700 | 53,515 |
| Macromill, Inc. | | 2,100 | 41,689 |
| Maeda Corp. | | 15,000 | 169,628 |
| Maeda Road Construction Co. Ltd. | | 5,700 | 104,013 |
| Makino Milling Machine Co. Ltd. | | 2,000 | 76,395 |
| Makita Corp. | | 10,900 | 377,228 |
| Mandom Corp. | | 5,200 | 144,707 |
| Mani, Inc. | | 1,400 | 64,395 |
| Marubeni Corp. | | 85,100 | 690,050 |
| Marudai Food Co. Ltd. | | 200 | 3,254 |
| Maruha Nichiro Corp. | | 1,400 | 50,683 |
| Marui Group Co. Ltd. | | 8,502 | 183,063 |
| Maruichi Steel Tube Ltd. | | 3,500 | 101,121 |
| Marusan Securities Co. Ltd. | | 900 | 6,931 |
| Maruwa Ceramic Co. Ltd. | | 500 | 28,227 |
| Matsui Securities Co. Ltd. | | 13,900 | 141,667 |
| Matsumotokiyoshi Holdings Co. Ltd. | | 4,300 | 155,103 |
| Max Co. Ltd. | | 1,000 | 13,480 |
| Maxell Holdings Ltd. | | 1,500 | 19,090 |
| Mazda Motor Corp. | | 39,200 | 417,523 |
| McDonald's Holdings Co. (Japan) Ltd. | | 3,028 | 133,373 |
| MCJ Co. Ltd. | | 5,900 | 47,008 |
| MCUBS MidCity Investment Corp. | | 161 | 123,566 |
| Mebuki Financial Group, Inc. | | 44,268 | 135,352 |
| Medipal Holdings Corp. | | 12,000 | 257,686 |
| Megachips Corp. | | 600 | 11,528 |
| Megmilk Snow Brand Co. Ltd. | | 1,800 | 42,147 |
| Meidensha Corp. | | 3,400 | 48,061 |
| Meiji Holdings Co. Ltd. | | 7,000 | 464,448 |
| Meitec Corp. | | 2,700 | 113,183 |
| Menicon Co. Ltd. | | 1,800 | 39,722 |
| Micronics Japan Co. Ltd. | | 100 | 641 |
| Milbon Co. Ltd. | | 2,300 | 82,554 |
| Minebea Mitsumi, Inc. | | 23,095 | 353,308 |
| Miraca Holdings, Inc. | | 2,047 | 49,889 |
| Mirait Holdings Corp. | | 2,300 | 37,139 |
| Miroku Jyoho Service Co., Ltd. | | 200 | 3,775 |
| Misumi Group, Inc. | | 15,105 | 303,345 |
| Mitsuba Corp. | | 500 | 3,948 |
| Mitsubishi Chemical Holdings Corp. | | 72,157 | 562,492 |
| Mitsubishi Corp. | | 69,051 | 1,943,462 |
| Mitsubishi Electric Corp. | | 92,792 | 1,174,695 |
| Mitsubishi Estate Co. Ltd. | | 62,371 | 996,801 |
| Mitsubishi Gas Chemical Co., Inc. | | 11,045 | 186,082 |
| Mitsubishi Heavy Industries Ltd. | | 15,266 | 538,153 |
| Mitsubishi Logistics Corp. | | 7,100 | 162,771 |
| Mitsubishi Materials Corp. | | 5,300 | 146,730 |
| Mitsubishi Motors Corp. of Japan | | 41,034 | 257,746 |
| Mitsubishi Pencil Co. Ltd. | | 2,600 | 45,348 |
| Mitsubishi Shokuhin Co. Ltd. | | 100 | 2,576 |
| Mitsubishi Tanabe Pharma Corp. | | 16,109 | 238,134 |
| Mitsubishi UFJ Financial Group, Inc. | | 609,139 | 3,686,809 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | | 31,400 | 161,682 |
| Mitsuboshi Belting Ltd. | | 500 | 12,279 |
| Mitsui & Associates Telepark Corp. | | 300 | 6,806 |
| Mitsui & Co. Ltd. | | 83,782 | 1,399,881 |
| Mitsui Chemicals, Inc. | | 8,500 | 190,605 |
| Mitsui Engineering & Shipbuilding Co. (a) | | 7,000 | 117,545 |
| Mitsui Fudosan Co. Ltd. | | 47,340 | 1,066,203 |
| Mitsui Fudosan Logistics Park, Inc. | | 17 | 49,568 |
| Mitsui High-Tec, Inc. | | 500 | 5,375 |
| Mitsui Mining & Smelting Co. Ltd. | | 2,300 | 65,165 |
| Mitsui OSK Lines Ltd. | | 7,300 | 177,423 |
| Mitsui Sugar Co. Ltd. | | 700 | 18,859 |
| Mitsui-Soko Co. Ltd. (a) | | 400 | 6,168 |
| Miura Co. Ltd. | | 5,855 | 143,476 |
| mixi, Inc. | | 1,500 | 32,782 |
| Mizuho Financial Group, Inc. | | 1,214,884 | 2,086,398 |
| Mizuno Corp. | | 200 | 4,678 |
| Mochida Pharmaceutical Co. Ltd. | | 900 | 71,308 |
| Modec, Inc. | | 300 | 9,040 |
| Monex Group, Inc. | | 14,500 | 57,185 |
| MonotaRO Co. Ltd. | | 6,200 | 136,874 |
| Mori Hills REIT Investment Corp. | | 89 | 110,111 |
| Mori Trust Hotel (REIT), Inc. | | 15 | 18,119 |
| MORI TRUST Sogo (REIT), Inc. | | 64 | 90,752 |
| Morinaga & Co. Ltd. | | 1,800 | 72,345 |
| Morinaga Milk Industry Co. Ltd. | | 2,700 | 72,026 |
| Morita Holdings Corp. | | 100 | 1,906 |
| MOS Food Services, Inc. | | 400 | 10,600 |
| MS&AD Insurance Group Holdings, Inc. | | 23,797 | 714,796 |
| Murata Manufacturing Co. Ltd. | | 9,634 | 1,465,570 |
| Musashi Seimitsu Industry Co. Ltd. | | 1,800 | 26,274 |
| Nabtesco Corp. | | 4,900 | 108,044 |
| Nachi-Fujikoshi Corp. | | 500 | 20,406 |
| Nagaileben Co. Ltd. | | 1,400 | 31,441 |
| Nagase & Co. Ltd. | | 6,300 | 99,049 |
| Nagoya Railroad Co. Ltd. | | 7,516 | 181,580 |
| Nakanishi, Inc. | | 3,900 | 91,352 |
| Namura Shipbuilding Co. Ltd. | | 500 | 2,229 |
| Nankai Electric Railway Co. Ltd. | | 8,500 | 207,990 |
| NEC Corp. | | 12,000 | 344,463 |
| NEC System Integration & Constuction Ltd. | | 100 | 2,182 |
| Net One Systems Co. Ltd. | | 4,800 | 100,479 |
| New Hampshire Foods Ltd. | | 8,113 | 279,784 |
| Nexon Co. Ltd. (a) | | 24,700 | 281,510 |
| NGK Insulators Ltd. | | 17,200 | 242,074 |
| NGK Spark Plug Co. Ltd. | | 8,600 | 174,690 |
| NHK Spring Co. Ltd. | | 8,487 | 72,960 |
| Nichi-iko Pharmaceutical Co. Ltd. | | 500 | 6,829 |
| Nichias Corp. | | 2,000 | 43,674 |
| Nichicon Corp. | | 1,700 | 14,117 |
| Nichiha Corp. | | 600 | 13,235 |
| Nichirei Corp. | | 6,210 | 149,152 |
| Nidec Corp. | | 11,745 | 1,508,265 |
| Nifco, Inc. | | 3,200 | 72,914 |
| Nihon Kohden Corp. | | 3,400 | 101,547 |
| Nihon M&A Center, Inc. | | 8,300 | 199,124 |
| Nihon Parkerizing Co. Ltd. | | 5,100 | 61,606 |
| Nihon Unisys Ltd. | | 4,200 | 92,051 |
| Nikkiso Co. Ltd. | | 2,200 | 25,561 |
| Nikkon Holdings Co. Ltd. | | 3,200 | 77,423 |
| Nikon Corp. | | 15,700 | 273,693 |
| Nintendo Co. Ltd. | | 5,888 | 1,838,251 |
| Nippo Corp. | | 3,400 | 55,986 |
| Nippon Accommodations Fund, Inc. | | 18 | 82,474 |
| Nippon Building Fund, Inc. | | 68 | 388,709 |
| Nippon Chemi-con Corp. | | 500 | 11,344 |
| Nippon Densetsu Kogyo Co. Ltd. | | 600 | 12,166 |
| Nippon Electric Glass Co. Ltd. | | 4,300 | 108,341 |
| Nippon Express Co. Ltd. | | 4,266 | 269,221 |
| Nippon Flour Mills Co. Ltd. | | 500 | 8,273 |
| Nippon Gas Co. Ltd. | | 1,600 | 48,425 |
| Nippon Kayaku Co. Ltd. | | 16,300 | 193,989 |
| Nippon Light Metal Holding Co. Ltd. | | 30,000 | 63,258 |
| Nippon Paint Holdings Co. Ltd. | | 7,997 | 250,537 |
| Nippon Paper Industries Co. Ltd. | | 3,645 | 66,040 |
| Nippon Prologis REIT, Inc. | | 74 | 149,266 |
| Nippon REIT Investment Corp. | | 12 | 39,030 |
| Nippon Seiki Co. Ltd. | | 2,800 | 49,233 |
| Nippon Sheet Glass Co. Ltd. | | 9,500 | 80,373 |
| Nippon Shinyaku Co. Ltd. | | 2,500 | 144,237 |
| Nippon Shokubai Co. Ltd. | | 2,300 | 148,394 |
| Nippon Signal Co. Ltd. | | 200 | 1,831 |
| Nippon Soda Co. Ltd. | | 2,400 | 62,619 |
| Nippon Steel & Sumikin Bussan Corp. | | 1,200 | 52,431 |
| Nippon Steel & Sumitomo Metal Corp. | | 39,395 | 726,687 |
| Nippon Suisan Kaisha Co. Ltd. | | 24,800 | 158,414 |
| Nippon Telegraph & Telephone Corp. | | 35,332 | 1,457,043 |
| Nippon Yusen KK | | 6,900 | 111,269 |
| Nipro Corp. | | 10,138 | 129,201 |
| Nishi-Nippon Financial Holdings, Inc. | | 8,300 | 79,149 |
| Nishi-Nippon Railroad Co. Ltd. | | 3,400 | 84,100 |
| Nishimatsu Construction Co. Ltd. | | 6,100 | 142,019 |
| Nishimatsuya Chain Co. Ltd. | | 1,000 | 8,916 |
| Nishio Rent All Co. Ltd. | | 1,200 | 38,605 |
| Nissan Chemical Corp. | | 7,700 | 363,065 |
| Nissan Motor Co. Ltd. | | 113,148 | 1,029,394 |
| Nissan Shatai Co. Ltd. | | 2,300 | 18,570 |
| Nissha Co. Ltd. | | 1,900 | 30,950 |
| Nisshin Oillio Group Ltd. | | 800 | 24,000 |
| Nisshin Seifun Group, Inc. | | 15,000 | 298,470 |
| Nisshin Steel Co. Ltd. | | 2,800 | 36,547 |
| Nisshinbo Holdings, Inc. | | 4,100 | 45,135 |
| Nissin Electric Co. Ltd. | | 400 | 3,272 |
| Nissin Food Holdings Co. Ltd. | | 2,900 | 187,362 |
| Nissin Kogyo Co. Ltd. | | 2,000 | 29,122 |
| Nitori Holdings Co. Ltd. | | 4,400 | 574,591 |
| Nitta Corp. | | 4,500 | 163,713 |
| Nitto Boseki Co. Ltd. | | 1,200 | 23,801 |
| Nitto Denko Corp. | | 9,142 | 571,147 |
| Nitto Kogyo Corp. | | 500 | 8,694 |
| NKSJ Holdings, Inc. | | 16,819 | 693,709 |
| Noevir Holdings Co. Ltd. | | 600 | 25,577 |
| NOF Corp. | | 3,400 | 96,575 |
| Nojima Co. Ltd. | | 1,100 | 25,980 |
| NOK Corp. | | 3,200 | 46,057 |
| NOMURA Co. Ltd. | | 2,400 | 54,558 |
| Nomura Holdings, Inc. | | 174,354 | 837,241 |
| Nomura Real Estate Holdings, Inc. | | 4,900 | 92,020 |
| Nomura Real Estate Master Fund, Inc. | | 189 | 245,054 |
| Nomura Research Institute Ltd. | | 5,270 | 233,527 |
| Noritz Corp. | | 1,500 | 21,788 |
| North Pacific Bank Ltd. | | 23,400 | 70,303 |
| NS Solutions Corp. | | 3,200 | 95,715 |
| NSD Co. Ltd. | | 1,200 | 25,460 |
| NSK Ltd. | | 19,800 | 195,623 |
| NTN Corp. | | 13,000 | 47,549 |
| NTT Data Corp. | | 32,500 | 417,251 |
| NTT DOCOMO, Inc. | | 64,130 | 1,590,350 |
| NTT Urban Development Co. | | 2,500 | 37,200 |
| Obara Group, Inc. | | 800 | 31,515 |
| Obayashi Corp. | | 38,200 | 337,238 |
| OBIC Business Consultants Ltd. | | 300 | 23,929 |
| OBIC Co. Ltd. | | 3,341 | 304,387 |
| Odakyu Electric Railway Co. Ltd. | | 15,600 | 329,795 |
| Ogaki Kyoritsu Bank Ltd. | | 800 | 17,760 |
| Ohsho Food Service Corp. | | 1,600 | 110,320 |
| Oiles Corp. | | 100 | 1,839 |
| Oji Holdings Corp. | | 50,000 | 355,056 |
| Okamoto Industries, Inc. | | 200 | 9,004 |
| Okamura Corp. | | 3,200 | 43,561 |
| Okasan Securities Group, Inc. | | 13,034 | 62,493 |
| Oki Electric Industry Co. Ltd. | | 2,800 | 38,325 |
| Okuma Corp. | | 1,000 | 49,931 |
| Okumura Corp. | | 1,000 | 31,506 |
| Olympus Corp. | | 14,700 | 489,977 |
| OMRON Corp. | | 10,300 | 418,080 |
| Ono Pharmaceutical Co. Ltd. | | 20,080 | 457,710 |
| Onward Holdings Co. Ltd. | | 6,000 | 36,159 |
| Open House Co. Ltd. | | 1,500 | 58,958 |
| Optex Group Co. Ltd. | | 2,400 | 43,795 |
| Oracle Corp. Japan | | 2,300 | 156,140 |
| Orient Corp. | | 7,300 | 11,451 |
| Oriental Land Co. Ltd. | | 10,434 | 981,583 |
| ORIX Corp. | | 68,820 | 1,122,857 |
| ORIX JREIT, Inc. | | 117 | 178,971 |
| Osaka Gas Co. Ltd. | | 18,800 | 343,777 |
| OSG Corp. | | 7,800 | 161,344 |
| Otsuka Corp. | | 5,500 | 182,789 |
| Otsuka Holdings Co. Ltd. | | 20,418 | 976,552 |
| Outsourcing, Inc. | | 3,300 | 41,822 |
| Pacific Industrial Co. Ltd. | | 7,600 | 111,203 |
| Pacific Metals Co. Ltd. | | 1,400 | 39,282 |
| PALTAC Corp. | | 2,000 | 102,096 |
| Panasonic Corp. | | 114,189 | 1,225,414 |
| Paramount Bed Holdings Co. Ltd. | | 1,000 | 42,141 |
| Park24 Co. Ltd. | | 4,840 | 127,440 |
| Penta-Ocean Construction Co. Ltd. | | 10,400 | 62,307 |
| Pepper Food Service Co. Ltd. | | 700 | 19,759 |
| PeptiDream, Inc. (a) | | 5,700 | 187,163 |
| Pigeon Corp. | | 6,300 | 267,444 |
| Pilot Corp. | | 1,600 | 88,483 |
| Piolax, Inc. | | 2,600 | 56,731 |
| Pioneer Corp. (a) | | 5,000 | 4,477 |
| Plenus Co. Ltd. | | 100 | 1,600 |
| Pola Orbis Holdings, Inc. | | 4,189 | 112,118 |
| Premier Investment Corp. | | 98 | 101,357 |
| Press Kogyo Co. Ltd. | | 8,100 | 37,042 |
| Pressance Corp. | | 200 | 2,276 |
| Prestige International, Inc. | | 800 | 9,104 |
| Prima Meat Packers Ltd. | | 1,000 | 18,868 |
| Raito Kogyo Co. Ltd. | | 4,000 | 54,061 |
| Rakuten, Inc. | | 47,995 | 324,638 |
| Recruit Holdings Co. Ltd. | | 57,454 | 1,542,042 |
| Relia, Inc. | | 200 | 2,214 |
| Relo Group, Inc. | | 7,300 | 172,480 |
| Renesas Electronics Corp. (a) | | 49,955 | 264,750 |
| Rengo Co. Ltd. | | 12,600 | 109,769 |
| Resona Holdings, Inc. | | 113,000 | 594,384 |
| Resorttrust, Inc. | | 2,800 | 43,104 |
| Ricoh Co. Ltd. | | 39,900 | 398,293 |
| Ricoh Leasing Co. Ltd. | | 300 | 9,851 |
| Ringer Hut Co. Ltd. | | 100 | 2,006 |
| Rinnai Corp. | | 1,861 | 135,573 |
| Riso Kagaku Corp. | | 100 | 2,114 |
| ROHM Co. Ltd. | | 5,300 | 372,952 |
| Rohto Pharmaceutical Co. Ltd. | | 4,600 | 145,948 |
| Round One Corp. | | 2,100 | 24,865 |
| Royal Holdings Co. Ltd. | | 100 | 2,475 |
| Ryobi Ltd. | | 1,500 | 43,803 |
| Ryohin Keikaku Co. Ltd. | | 1,283 | 338,957 |
| Ryosan Co. Ltd. | | 4,000 | 115,390 |
| Saizeriya Co. Ltd. | | 1,600 | 30,317 |
| Sakai Moving Service Co. Ltd. | | 400 | 20,667 |
| Sakata INX Corp. | | 1,600 | 15,896 |
| Sakata Seed Corp. | | 700 | 22,147 |
| San-A Co. Ltd. | | 1,000 | 42,230 |
| San-Ai Oil Co. Ltd. | | 2,200 | 23,767 |
| SanBio Co. Ltd. (a) | | 2,400 | 78,274 |
| Sanden Holdings Corp. (a) | | 200 | 2,182 |
| Sangetsu Corp. | | 1,000 | 19,232 |
| Sanken Electric Co. Ltd. | | 1,800 | 39,913 |
| Sanki Engineering Co. Ltd. | | 2,100 | 20,547 |
| Sankyo Co. Ltd. (Gunma) | | 3,100 | 118,274 |
| Sankyo Tateyama, Inc. | | 400 | 4,499 |
| Sankyu, Inc. | | 2,500 | 118,314 |
| Sanrio Co. Ltd. | | 6,500 | 130,536 |
| Santen Pharmaceutical Co. Ltd. | | 21,660 | 321,536 |
| Sanwa Holdings Corp. | | 19,000 | 223,113 |
| Sanyo Chemical Industries Ltd. | | 1,600 | 73,452 |
| Sanyo Special Steel Co. Ltd. | | 1,200 | 27,598 |
| Sapporo Breweries Ltd. | | 3,800 | 70,492 |
| Sato Holding Corp. | | 1,700 | 50,321 |
| Sawai Pharmaceutical Co. Ltd. | | 2,700 | 137,112 |
| SBI Holdings, Inc. Japan | | 11,800 | 309,654 |
| Screen Holdings Co. Ltd. | | 3,200 | 173,960 |
| SCSK Corp. | | 3,500 | 148,425 |
| Secom Co. Ltd. | | 10,533 | 862,353 |
| Sega Sammy Holdings, Inc. | | 8,019 | 103,262 |
| Seibu Holdings, Inc. | | 11,200 | 203,185 |
| Seikagaku Corp. | | 2,200 | 32,619 |
| Seiko Epson Corp. | | 19,673 | 316,957 |
| Seiko Holdings Corp. | | 3,200 | 76,799 |
| Seino Holdings Co. Ltd. | | 7,000 | 97,027 |
| Seiren Co. Ltd. | | 4,100 | 58,465 |
| Sekisui Chemical Co. Ltd. | | 18,400 | 289,123 |
| Sekisui House (REIT), Inc. | | 136 | 84,974 |
| Sekisui House Ltd. | | 30,880 | 453,227 |
| Sekisui Jushi Corp. | | 3,100 | 56,239 |
| SENKO Co. Ltd. | | 3,300 | 25,590 |
| Senshu Ikeda Holdings, Inc. | | 17,690 | 54,402 |
| Septeni Holdings Co. Ltd. | | 1,000 | 1,702 |
| Seria Co. Ltd. | | 2,000 | 67,444 |
| Seven & i Holdings Co. Ltd. | | 38,429 | 1,663,976 |
| Seven Bank Ltd. | | 57,200 | 178,948 |
| SG Holdings Co. Ltd. | | 5,300 | 133,586 |
| Sharp Corp. | | 9,200 | 141,137 |
| Shibuya Corp. | | 200 | 6,718 |
| Shiga Bank Ltd. | | 1,000 | 23,291 |
| Shikoku Electric Power Co., Inc. | | 8,900 | 112,004 |
| Shima Seiki Manufacturing Ltd. | | 1,200 | 32,437 |
| Shimachu Co. Ltd. | | 2,900 | 75,999 |
| Shimadzu Corp. | | 13,000 | 328,701 |
| Shimamura Co. Ltd. | | 1,200 | 100,926 |
| SHIMANO, Inc. | | 3,765 | 515,191 |
| SHIMIZU Corp. | | 30,500 | 247,579 |
| Shin-Etsu Chemical Co. Ltd. | | 19,035 | 1,590,575 |
| Shinko Electric Industries Co. Ltd. | | 1,800 | 12,523 |
| Shinmaywa Industries Ltd. | | 9,500 | 116,861 |
| Shinsei Bank Ltd. | | 10,100 | 153,853 |
| Shionogi & Co. Ltd. | | 16,400 | 1,048,677 |
| Ship Healthcare Holdings, Inc. | | 2,800 | 101,369 |
| Shiseido Co. Ltd. | | 19,355 | 1,221,213 |
| Shizuoka Bank Ltd. | | 20,100 | 175,855 |
| Shizuoka Gas Co. Ltd. | | 3,800 | 32,869 |
| SHO-BOND Holdings Co. Ltd. | | 1,600 | 114,007 |
| Shochiku Co. Ltd. | | 800 | 78,061 |
| Showa Corp. | | 3,200 | 44,327 |
| Showa Denko K.K. | | 7,382 | 321,439 |
| Showa Sangyo Co. Ltd. | | 200 | 5,006 |
| Showa Shell Sekiyu K.K. | | 11,100 | 211,856 |
| Siix Corp. | | 1,400 | 18,996 |
| Sintokogio Ltd. | | 600 | 5,174 |
| SKY Perfect JSAT Holdings, Inc. | | 3,000 | 13,321 |
| Skylark Co. Ltd. | | 9,100 | 141,780 |
| SMC Corp. | | 2,967 | 950,565 |
| SMS Co., Ltd. | | 2,200 | 36,870 |
| Sodick Co. Ltd. | | 600 | 4,520 |
| SoftBank Corp. | | 43,001 | 3,403,048 |
| Sohgo Security Services Co., Ltd. | | 3,100 | 138,193 |
| Sojitz Corp. | | 49,100 | 165,121 |
| Sony Corp. | | 65,605 | 3,550,330 |
| Sony Financial Holdings, Inc. | | 8,200 | 189,170 |
| Sosei Group Corp. (a) | | 3,712 | 28,851 |
| Sotetsu Holdings, Inc. | | 5,500 | 168,410 |
| Square Enix Holdings Co. Ltd. | | 5,300 | 189,999 |
| St. Marc Holdings Co. Ltd. | | 100 | 2,377 |
| Stanley Electric Co. Ltd. | | 6,339 | 187,920 |
| Star Micronics Co. Ltd. | | 2,800 | 39,878 |
| Starts Corp., Inc. | | 500 | 10,396 |
| Subaru Corp. | | 31,425 | 847,680 |
| Sugi Holdings Co. Ltd. | | 3,400 | 155,785 |
| Sumco Corp. | | 15,800 | 213,253 |
| Sumitomo Bakelite Co. Ltd. | | 2,400 | 86,888 |
| Sumitomo Chemical Co. Ltd. | | 90,000 | 450,845 |
| Sumitomo Corp. | | 57,200 | 867,534 |
| Sumitomo Electric Industries Ltd. | | 37,400 | 510,046 |
| Sumitomo Forestry Co. Ltd. | | 6,123 | 91,111 |
| Sumitomo Heavy Industries Ltd. | | 5,347 | 168,167 |
| Sumitomo Metal Mining Co. Ltd. | | 12,200 | 384,130 |
| Sumitomo Mitsui Construction Co. Ltd. | | 19,960 | 125,419 |
| Sumitomo Mitsui Financial Group, Inc. | | 69,133 | 2,691,700 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 16,800 | 667,523 |
| Sumitomo Osaka Cement Co. Ltd. | | 1,403 | 52,126 |
| Sumitomo Realty & Development Co. Ltd. | | 18,787 | 645,523 |
| Sumitomo Riko Co. Ltd. | | 500 | 4,134 |
| Sumitomo Rubber Industries Ltd. | | 17,100 | 246,267 |
| Sumitomo Seika Chemicals Co. Ltd. | | 100 | 4,998 |
| Sundrug Co. Ltd. | | 5,341 | 194,072 |
| Suntory Beverage & Food Ltd. | | 7,700 | 314,251 |
| Sushiro Global Holdings Ltd. | | 1,500 | 78,965 |
| Suzuken Co. Ltd. | | 4,100 | 207,843 |
| Suzuki Motor Corp. | | 18,240 | 909,569 |
| Sysmex Corp. | | 8,500 | 596,925 |
| SystemPro Co. Ltd. | | 3,600 | 43,487 |
| T&D Holdings, Inc. | | 28,400 | 453,994 |
| Tachi-S Co. Ltd. | | 1,100 | 15,520 |
| Tadano Ltd. | | 3,500 | 37,781 |
| Taiheiyo Cement Corp. | | 8,891 | 261,633 |
| Taikisha Ltd. | | 1,100 | 31,099 |
| Taisei Corp. | | 11,700 | 500,391 |
| Taisho Pharmaceutical Holdings Co. Ltd. | | 2,000 | 213,409 |
| Taiyo Holdings Co. Ltd. | | 500 | 17,880 |
| Taiyo Nippon Sanso Corp. | | 8,400 | 135,267 |
| Taiyo Yuden Co. Ltd. | | 7,300 | 147,002 |
| Takara Bio, Inc. | | 3,100 | 73,163 |
| Takara Holdings, Inc. | | 10,869 | 152,477 |
| Takara Leben Co. Ltd. | | 300 | 864 |
| Takara Standard Co. Ltd. | | 1,200 | 18,569 |
| Takasago International Corp. | | 100 | 3,186 |
| Takasago Thermal Engineering Co. Ltd. | | 500 | 8,552 |
| Takashimaya Co. Ltd. | | 7,000 | 110,164 |
| Takeda Pharmaceutical Co. Ltd. | | 37,421 | 1,551,458 |
| Takeuchi Manufacturing Co. Ltd. | | 1,300 | 26,925 |
| Takuma Co. Ltd. | | 3,000 | 38,126 |
| Tamron Co. Ltd. | | 300 | 5,360 |
| TDK Corp. | | 6,481 | 558,857 |
| TechnoPro Holdings, Inc. | | 1,800 | 94,120 |
| TECMO KOEI HOLDINGS CO., LTD. | | 5,160 | 81,812 |
| Teijin Ltd. | | 13,000 | 225,377 |
| Tekken Corp. | | 100 | 2,499 |
| Temp Holdings Co., Ltd. | | 8,200 | 156,101 |
| Terumo Corp. | | 15,900 | 858,313 |
| The Aichi Bank Ltd. | | 100 | 3,824 |
| The Aomori Bank Ltd. | | 1,000 | 27,296 |
| The Awa Bank Ltd. | | 2,400 | 65,405 |
| The Bank of Iwate Ltd. | | 2,200 | 83,937 |
| The Bank of Okinawa Ltd. | | 500 | 16,728 |
| The Bank of Saga Ltd. | | 300 | 5,785 |
| The Chugoku Bank Ltd. | | 10,700 | 96,536 |
| The Chukyo Bank Ltd. | | 1,400 | 28,215 |
| The Eighteenth Bank Ltd. | | 100 | 2,725 |
| The Hachijuni Bank Ltd. | | 12,800 | 54,224 |
| The Hokkoku Bank Ltd. | | 500 | 18,390 |
| The Hyakugo Bank Ltd. | | 7,000 | 25,808 |
| The Keiyo Bank Ltd. | | 3,000 | 21,935 |
| The Kiyo Bank Ltd. | | 1,800 | 26,784 |
| The Miyazaki Bank Ltd. | | 2,500 | 65,317 |
| The Musashino Bank Ltd. | | 900 | 24,407 |
| The Nanto Bank Ltd. | | 500 | 11,455 |
| The Oita Bank Ltd. | | 1,000 | 33,234 |
| The Okinawa Electric Power Co., Inc. | | 1,787 | 33,369 |
| The Pack Corp. | | 300 | 8,601 |
| The San-In Godo Bank Ltd. | | 4,500 | 34,218 |
| The Shikoku Bank Ltd. | | 5,900 | 66,511 |
| The Sumitomo Warehouse Co. Ltd. | | 500 | 5,880 |
| The Suruga Bank Ltd. | | 7,900 | 37,317 |
| The Tochigi Bank Ltd. | | 400 | 1,166 |
| The Toho Bank Ltd. | | 9,000 | 31,985 |
| The Towa Bank Ltd. | | 1,400 | 11,427 |
| The Yamagata Bank Ltd. | | 200 | 4,059 |
| The Yamanashi Chuo Bank Ltd. | | 3,400 | 48,694 |
| THK Co. Ltd. | | 8,300 | 183,970 |
| TKC Corp. | | 1,400 | 53,352 |
| Toagosei Co. Ltd. | | 9,400 | 96,637 |
| Tobu Railway Co. Ltd. | | 8,800 | 244,751 |
| Toc Co. Ltd. | | 2,400 | 16,357 |
| Tocalo Co. Ltd. | | 3,600 | 31,299 |
| Toda Corp. | | 11,000 | 74,188 |
| Toei Co. Ltd. | | 600 | 65,618 |
| Toho Co. Ltd. | | 6,300 | 205,540 |
| Toho Gas Co. Ltd. | | 3,500 | 120,973 |
| Toho Holdings Co. Ltd. | | 1,200 | 31,543 |
| Toho Zinc Co. Ltd. | | 1,000 | 31,961 |
| Tohoku Electric Power Co., Inc. | | 23,100 | 292,345 |
| Tokai Carbon Co. Ltd. (b) | | 10,500 | 164,397 |
| TOKAI Holdings Corp. | | 3,000 | 25,072 |
| Tokai Rika Co. Ltd. | | 2,100 | 38,376 |
| Tokai Tokyo Financial Holdings | | 9,400 | 48,568 |
| Token Corp. | | 200 | 12,939 |
| Tokio Marine Holdings, Inc. | | 34,793 | 1,639,173 |
| Tokushu Tokai Paper Co. Ltd. | | 400 | 15,438 |
| Tokuyama Corp. | | 2,935 | 65,632 |
| Tokyo Broadcasting System Holding | | 700 | 13,015 |
| Tokyo Century Corp. | | 2,000 | 107,236 |
| Tokyo Dome Corp. | | 9,900 | 87,140 |
| Tokyo Electric Power Co., Inc. (a) | | 75,728 | 387,589 |
| Tokyo Electron Ltd. | | 8,523 | 1,150,168 |
| Tokyo Gas Co. Ltd. | | 21,535 | 529,608 |
| Tokyo Ohka Kogyo Co. Ltd. | | 2,000 | 53,707 |
| Tokyo Seimitsu Co. Ltd. | | 2,800 | 67,373 |
| Tokyo Steel Manufacturing Co. Ltd. | | 4,700 | 37,030 |
| Tokyo Tatemono Co. Ltd. | | 8,800 | 94,645 |
| Tokyo TY Financial Group, Inc. | | 1,500 | 24,288 |
| Tokyotokeiba Co. Ltd. | | 1,200 | 42,434 |
| Tokyu Construction Co. Ltd. | | 2,500 | 22,644 |
| Tokyu Corp. | | 24,000 | 396,491 |
| Tokyu Fudosan Holdings Corp. | | 31,500 | 177,482 |
| Tokyu REIT, Inc. | | 95 | 133,784 |
| TOMONY Holdings, Inc. | | 3,900 | 15,173 |
| Tomy Co. Ltd. | | 2,500 | 29,180 |
| Topcon Corp. | | 3,760 | 54,716 |
| Toppan Forms Co. Ltd. | | 300 | 2,733 |
| Toppan Printing Co. Ltd. | | 18,000 | 254,474 |
| Topre Corp. | | 2,700 | 56,233 |
| Topy Industries Ltd. | | 100 | 2,694 |
| Toray Industries, Inc. | | 78,200 | 554,696 |
| TORIDOLL Holdings Corp. | | 800 | 13,549 |
| Toshiba Corp. (a) | | 34,352 | 1,029,023 |
| Toshiba Machine Co. Ltd. | | 1,000 | 18,983 |
| Toshiba Plant Systems & Services Corp. | | 4,600 | 94,091 |
| Toshiba Tec Corp. | | 2,800 | 83,627 |
| Tosho Co. Ltd. | | 200 | 7,772 |
| Tosoh Corp. | | 13,100 | 172,472 |
| Totetsu Kogyo Co. Ltd. | | 400 | 9,880 |
| Toto Ltd. | | 8,200 | 293,365 |
| Towa Pharmaceutical Co. Ltd. | | 800 | 61,825 |
| Toyo Engineering Corp. (a) | | 200 | 1,613 |
| Toyo Ink South Carolina Holdings Co. Ltd. | | 2,949 | 68,710 |
| Toyo Seikan Group Holdings Ltd. | | 8,400 | 171,375 |
| Toyo Suisan Kaisha Ltd. | | 4,036 | 139,142 |
| Toyo Tire & Rubber Co. Ltd. | | 7,200 | 120,601 |
| Toyobo Co. Ltd. | | 3,200 | 45,483 |
| Toyoda Gosei Co. Ltd. | | 3,600 | 77,689 |
| Toyota Boshoku Corp. | | 3,100 | 51,843 |
| Toyota Industries Corp. | | 7,600 | 373,820 |
| Toyota Motor Corp. | | 117,292 | 6,871,079 |
| Toyota Tsusho Corp. | | 11,649 | 420,396 |
| TPR Co. Ltd. | | 1,200 | 29,257 |
| Trancom Co. Ltd. | | 100 | 5,716 |
| Trans Cosmos, Inc. | | 300 | 6,798 |
| Trend Micro, Inc. | | 6,100 | 351,151 |
| Trusco Nakayama Corp. | | 3,200 | 80,684 |
| TS tech Co. Ltd. | | 1,600 | 46,085 |
| TSI Holdings Co. Ltd. | | 5,300 | 36,121 |
| Tsubaki Nakashima Co. Ltd. | | 3,400 | 62,676 |
| Tsubakimoto Chain Co. | | 1,200 | 46,262 |
| Tsugami Corp. | | 4,000 | 35,982 |
| Tsukui Corp. | | 600 | 5,163 |
| Tsumura & Co. | | 5,984 | 186,677 |
| Tsuruha Holdings, Inc. | | 2,400 | 250,135 |
| TV Asahi Corp. | | 100 | 1,867 |
| Uacj Corp. | | 1,600 | 35,067 |
| Ube Industries Ltd. | | 4,400 | 95,844 |
| Ulvac, Inc. | | 1,959 | 63,978 |
| Unicharm Corp. | | 21,900 | 596,241 |
| Unipres Corp. | | 1,800 | 32,288 |
| United Arrows Ltd. | | 400 | 15,066 |
| United Super Markets Holdings, Inc. | | 2,500 | 27,429 |
| United Technology Holdings Co. Ltd. (a) | | 1,500 | 45,132 |
| United Urban Investment Corp. | | 139 | 211,761 |
| Unitika Ltd. (a) | | 300 | 1,530 |
| Universal Entertainment Corp. (a) | | 1,000 | 30,310 |
| Unizo Holdings Co. Ltd. | | 3,800 | 71,565 |
| Ushio, Inc. | | 3,100 | 37,557 |
| USS Co. Ltd. | | 8,500 | 153,450 |
| V Technology Co. Ltd. | | 200 | 25,843 |
| Valor Holdings Co. Ltd. | | 3,500 | 75,220 |
| Vector, Inc. | | 900 | 15,426 |
| VT Holdings Co. Ltd. | | 400 | 1,666 |
| W-Scope Corp. | | 800 | 7,948 |
| Wacoal Holdings Corp. | | 2,000 | 55,125 |
| Wacom Co. Ltd. | | 4,200 | 19,616 |
| Welcia Holdings Co. Ltd. | | 2,700 | 137,830 |
| West Japan Railway Co. | | 8,356 | 562,005 |
| Xebio Holdings Co. Ltd. | | 500 | 6,939 |
| YA-MAN Ltd. | | 1,600 | 25,822 |
| Yahoo! Japan Corp. | | 148,765 | 464,117 |
| Yakult Honsha Co. Ltd. | | 5,800 | 411,734 |
| YAMABIKO Corp. (a) | | 200 | 2,155 |
| Yamada Denki Co. Ltd. | | 27,810 | 131,120 |
| Yamaguchi Financial Group, Inc. | | 10,000 | 105,730 |
| Yamaha Corp. | | 6,700 | 294,427 |
| Yamaha Motor Co. Ltd. | | 16,507 | 390,388 |
| Yamato Holdings Co. Ltd. | | 16,000 | 437,415 |
| Yamato Kogyo Co. Ltd. | | 2,800 | 73,701 |
| Yamazaki Baking Co. Ltd. | | 7,300 | 131,722 |
| Yamazen Co. Ltd. | | 300 | 3,289 |
| Yaoko Co. Ltd. | | 400 | 21,837 |
| Yaskawa Electric Corp. | | 13,600 | 393,090 |
| Yodogawa Steel Works Ltd. | | 900 | 19,590 |
| Yokogawa Bridge Holdings Corp. | | 2,300 | 37,343 |
| Yokogawa Electric Corp. | | 14,412 | 282,966 |
| Yokohama Reito Co. Ltd. | | 800 | 6,353 |
| Yokohama Rubber Co. Ltd. | | 6,300 | 122,040 |
| Yondoshi Holdings, Inc. | | 1,600 | 34,004 |
| YONEX Co. Ltd. | | 4,400 | 25,425 |
| Yoshinoya Holdings Co. Ltd. | | 2,300 | 37,791 |
| Yuasa Trading Co. Ltd. | | 400 | 13,134 |
| Zenkoku Hosho Co. Ltd. | | 2,500 | 90,619 |
| Zenrin Co. Ltd. | | 1,050 | 26,121 |
| Zensho Holdings Co. Ltd. | | 5,700 | 110,530 |
| Zeon Corp. | | 6,000 | 58,120 |
| ZERIA Pharmaceutical Co. Ltd. | | 2,300 | 43,030 |
| Zojirushi Thermos | | 3,600 | 39,243 |
| Zozo, Inc. | | 9,900 | 238,562 |
|
| TOTAL JAPAN | | | 205,101,457 |
|
| Korea (South) - 3.0% | | | |
| Advanced Process Systems Corp. (a) | | 72 | 1,596 |
| AhnLab, Inc. | | 84 | 2,989 |
| AMOREPACIFIC Corp. | | 1,894 | 253,972 |
| AMOREPACIFIC Group, Inc. | | 1,471 | 80,061 |
| Asiana Airlines, Inc. (a) | | 10,253 | 32,799 |
| BGF Retail Co. Ltd. | | 506 | 74,725 |
| BGFretail Co. Ltd. | | 304 | 1,982 |
| BS Financial Group, Inc. | | 16,547 | 110,072 |
| Bukwang Pharmaceutical Co. Ltd. | | 1,599 | 31,251 |
| Celltrion Healthcare Co. Ltd. | | 1,933 | 107,916 |
| Celltrion Pharm, Inc. | | 791 | 37,089 |
| Celltrion, Inc. (a) | | 4,197 | 800,042 |
| Cheil Industries, Inc. | | 4,310 | 409,847 |
| Cheil Worldwide, Inc. | | 1,563 | 31,096 |
| Chong Kun Dang Pharmaceutical Corp. | | 163 | 12,386 |
| CJ CGV Co. Ltd. | | 1,440 | 50,924 |
| CJ CheilJedang Corp. | | 476 | 135,166 |
| CJ Corp. | | 834 | 79,672 |
| CJ O Shopping Co. Ltd. | | 753 | 149,148 |
| Com2uS Corp. | | 659 | 73,986 |
| Cosmax, Inc. | | 1,075 | 108,348 |
| Coway Co. Ltd. | | 3,341 | 205,848 |
| Daelim Industrial Co. | | 2,309 | 153,798 |
| Daesang Corp. | | 710 | 14,032 |
| Daewoo Engineering & Construction Co. Ltd. (a) | | 8,142 | 32,290 |
| Daewoong Pharmaceutical Co. Ltd. | | 322 | 39,791 |
| Daou Technology, Inc. | | 1,864 | 32,673 |
| Db Insurance Co. Ltd. | | 3,818 | 240,256 |
| DGB Financial Group Co. Ltd. | | 9,863 | 81,255 |
| DIO Corp. (a) | | 21 | 479 |
| Dong Suh Companies, Inc. | | 448 | 7,323 |
| Dong-A Socio Holdings Co. Ltd. | | 6 | 467 |
| Dongbu HiTek Co. Ltd. | | 1,070 | 10,644 |
| Dongkuk Steel Mill Co. Ltd. | | 3,645 | 22,586 |
| Dongwon Industries Co. | | 9 | 1,905 |
| Doosan Bobcat, Inc. | | 4,021 | 124,048 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 4,885 | 46,881 |
| Doosan Infracore Co. Ltd. (a) | | 8,372 | 56,498 |
| DOUBLEUGAMES Co. Ltd. | | 331 | 18,914 |
| DuzonBizon Co. Ltd. | | 1,292 | 49,087 |
| E-Mart Co. Ltd. | | 1,185 | 212,386 |
| Ecopro Co. Ltd. (a) | | 1,658 | 57,325 |
| EO Technics Co. Ltd. | | 146 | 6,251 |
| Fila Korea Ltd. | | 2,675 | 98,583 |
| Foosung Co. Ltd. (a) | | 328 | 2,510 |
| G-treeBNT Co. Ltd. (a) | | 987 | 19,160 |
| GemVax & Kael Co. Ltd. (a) | | 176 | 1,913 |
| Genexine Co. Ltd. (a) | | 932 | 60,690 |
| Grand Korea Leisure Co. Ltd. | | 2,509 | 48,927 |
| Green Cross Corp. | | 278 | 29,116 |
| Green Cross Holdings Corp. | | 5,749 | 104,550 |
| GS Engineering & Construction Corp. | | 3,398 | 124,335 |
| GS Holdings Corp. | | 1,825 | 77,575 |
| GS Retail Co. Ltd. | | 2,417 | 76,048 |
| Halla Holdings Corp. | | 157 | 5,628 |
| Hana Financial Group, Inc. | | 16,627 | 558,119 |
| Hana Tour Service, Inc. | | 861 | 44,823 |
| HanAll BioPharma Co. Ltd. (a) | | 1,336 | 27,750 |
| Handsome Co. Ltd. | | 125 | 3,988 |
| Hanjin Kal Corp. | | 2,719 | 45,992 |
| Hankook Tire Co. Ltd. | | 3,713 | 134,722 |
| Hankook Tire Worldwide Co. Ltd. | | 144 | 2,133 |
| Hanmi Pharm Co. Ltd. | | 305 | 104,117 |
| Hanmi Science Co. Ltd. | | 660 | 38,582 |
| Hanon Systems | | 10,202 | 97,907 |
| Hansae Co. Ltd. | | 90 | 1,463 |
| Hansol Chemical Co. Ltd. | | 46 | 3,193 |
| Hanssem Co. Ltd. | | 376 | 16,098 |
| Hanwha Aerospace Co. Ltd. (a) | | 1,726 | 43,037 |
| Hanwha Chemical Corp. | | 6,545 | 92,640 |
| Hanwha Corp. | | 1,560 | 38,419 |
| Hanwha Life Insurance Co. Ltd. | | 12,105 | 47,582 |
| HDC Hyundai Development Co. (a) | | 2,195 | 84,645 |
| Hite Jinro Co. Ltd. | | 2,113 | 29,167 |
| HLB, Inc. (a) | | 1,630 | 123,714 |
| Homecast Co. Ltd.(a) | | 104 | 513 |
| Hotel Shilla Co. | | 1,390 | 86,860 |
| Huchems Fine Chemical Corp. | | 136 | 2,598 |
| HUGEL, Inc. (a) | | 80 | 19,239 |
| Hyosung Advanced Materials Co. (a) | | 92 | 8,426 |
| Hyosung Chemical Co. Ltd. (a) | | 66 | 7,520 |
| Hyosung Corp. | | 286 | 12,859 |
| Hyosung Heavy Industries Co. Ltd. (a) | | 193 | 7,164 |
| Hyosung TNC Co. Ltd. (a) | | 89 | 13,611 |
| Hyundai Construction Equipment Co. Ltd. | | 174 | 11,346 |
| Hyundai Department Store Co. Ltd. | | 1,315 | 99,922 |
| Hyundai Electric & Energy System Co. Ltd. | | 54 | 2,229 |
| Hyundai Elevator Co. Ltd. | | 1,002 | 69,991 |
| Hyundai Engineering & Construction Co. Ltd. | | 4,345 | 174,219 |
| Hyundai Fire & Marine Insurance Co. Ltd. | | 5,538 | 202,882 |
| Hyundai Glovis Co. Ltd. | | 1,172 | 117,097 |
| Hyundai Greenfood Co. Ltd. | | 1,111 | 12,025 |
| Hyundai Heavy Industries Co. Ltd. (a) | | 2,232 | 243,544 |
| Hyundai Home Shopping Network Corp. | | 100 | 8,554 |
| Hyundai Industrial Development & Construction Co. | | 972 | 14,312 |
| Hyundai Merchant Marine Co. Ltd. (a) | | 17,796 | 58,956 |
| Hyundai Mipo Dockyard Co. Ltd. (a) | | 510 | 42,016 |
| Hyundai Mobis | | 3,745 | 623,620 |
| Hyundai Motor Co. | | 7,997 | 746,433 |
| Hyundai Robotics Co. Ltd. (a) | | 680 | 212,463 |
| Hyundai Rotem Co. Ltd. (a) | | 1,945 | 37,246 |
| Hyundai Steel Co. | | 4,123 | 150,864 |
| Hyundai Wia Corp. | | 1,099 | 28,510 |
| Iljin Materials Co. Ltd. | | 2,130 | 84,845 |
| Illinois-Yang Pharmaceutical Co. Ltd. (a) | | 24 | 538 |
| Industrial Bank of Korea | | 11,646 | 151,572 |
| ING Life Insurance Korea Ltd. (c) | | 2,082 | 55,928 |
| INNOCEAN Worldwide, Inc. | | 16 | 813 |
| iNtRON Biotechnology, Inc. (a) | | 998 | 30,876 |
| IS Dongseo Co. Ltd. | | 24 | 651 |
| JB Financial Group Co. Ltd. | | 11,115 | 53,481 |
| Jeil Pharmaceutical Co. Ltd. | | 60 | 2,209 |
| Jenax, Inc. (a) | | 1,126 | 19,244 |
| JW Holdings Corp. | | 118 | 605 |
| JW Pharmaceutical Corp. | | 102 | 2,963 |
| Kakao Corp. | | 3,400 | 272,954 |
| Kangwon Land, Inc. | | 8,707 | 219,010 |
| KB Financial Group, Inc. | | 19,878 | 826,752 |
| KC Tech Co. Ltd. | | 313 | 3,141 |
| KC Tech Co. Ltd. | | 264 | 3,760 |
| KCC Corp. | | 369 | 79,880 |
| KEPCO Plant Service & Engineering Co. Ltd. | | 1,160 | 27,958 |
| Kia Motors Corp. | | 15,263 | 379,903 |
| Kiwoom Securities Co. Ltd. | | 1,279 | 84,631 |
| Koh Young Technology, Inc. | | 946 | 74,785 |
| Kolmar Korea Co. Ltd. | | 356 | 16,911 |
| Kolon Industries, Inc. | | 569 | 25,034 |
| Kolon Life Science, Inc. | | 175 | 9,448 |
| Komipharm International Co. Ltd. (a) | | 2,473 | 46,166 |
| Korea Aerospace Industries Ltd. (a) | | 4,911 | 124,604 |
| Korea Electric Power Corp. | | 14,139 | 337,301 |
| Korea Electric Terminal Co. Ltd. | | 40 | 1,311 |
| Korea Express Co. Ltd. (a) | | 585 | 81,264 |
| Korea Gas Corp. (a) | | 1,263 | 57,671 |
| Korea Investment Holdings Co. Ltd. | | 3,294 | 171,196 |
| Korea Petro Chemical Industries Co. Ltd. | | 202 | 27,618 |
| Korea Real Estate Investment Trust Co. | | 960 | 1,973 |
| Korea Zinc Co. Ltd. | | 409 | 135,855 |
| Korean Air Lines Co. Ltd. | | 2,873 | 69,118 |
| Korean Reinsurance Co. | | 3,067 | 26,047 |
| KT Corp. | | 90 | 2,262 |
| KT Corp. sponsored ADR | | 640 | 8,858 |
| KT Skylife Co. Ltd. | | 136 | 1,478 |
| KT&G Corp. | | 6,242 | 555,270 |
| Kumho Petro Chemical Co. Ltd. | | 922 | 69,574 |
| Kumho Tire Co., Inc. (a) | | 6,369 | 28,021 |
| LG Chemical Ltd. | | 2,358 | 717,113 |
| LG Corp. | | 6,205 | 360,553 |
| LG Display Co. Ltd. | | 14,478 | 210,987 |
| LG Electronics, Inc. | | 6,186 | 343,185 |
| LG Fashion Corp. | | 1,267 | 24,318 |
| LG Hausys Ltd. | | 145 | 6,100 |
| LG Home Shopping, Inc. | | 38 | 6,454 |
| LG Household & Health Care Ltd. | | 491 | 449,259 |
| LG Innotek Co. Ltd. | | 911 | 99,004 |
| LG International Corp. | | 1,950 | 26,746 |
| LG Telecom Ltd. | | 14,817 | 209,724 |
| Lotte Chemical Corp. | | 963 | 221,549 |
| Lotte Confectionery Co. Ltd. (a) | | 2,279 | 94,975 |
| Lotte Fine Chemical Co. Ltd. | | 1,033 | 36,893 |
| LOTTE Hi-Mart Co. Ltd. | | 97 | 4,769 |
| Lotte Samkang Co. Ltd. | | 1 | 575 |
| Lotte Shopping Co. Ltd. | | 562 | 95,309 |
| LS Cable Ltd. | | 839 | 37,134 |
| LS Industrial Systems Ltd. | | 1,241 | 53,458 |
| Mando Corp. | | 1,635 | 43,777 |
| Medipost Co. Ltd. (a) | | 320 | 21,932 |
| Medy-Tox, Inc. | | 323 | 132,031 |
| Meritz Financial Holdings Co. | | 497 | 4,508 |
| Meritz Fire & Marine Insurance Co. Ltd. | | 1,224 | 19,524 |
| Meritz Securities Co. Ltd. | | 39,576 | 137,701 |
| Mirae Asset Daewoo Co. Ltd. | | 17,391 | 98,005 |
| Mirae Asset Life Insurance Co. Ltd. | | 883 | 3,525 |
| NAVER Corp. | | 7,035 | 705,966 |
| NCSOFT Corp. | | 1,066 | 401,268 |
| Netmarble Corp. (c) | | 1,103 | 108,270 |
| Nexen Corp. | | 3,437 | 15,573 |
| Nexen Tire Corp. | | 309 | 2,213 |
| NHN Entertainment Corp. (a) | | 450 | 18,083 |
| Nong Shim Co. Ltd. | | 55 | 10,508 |
| Oci Co. Ltd. | | 881 | 65,785 |
| Orion Corp./Republic of Korea | | 1,325 | 110,436 |
| Orion Holdings Corp. | | 184 | 2,524 |
| Osstem Implant Co. Ltd. (a) | | 126 | 4,715 |
| Ottogi Corp. | | 19 | 10,974 |
| Paradise Co. Ltd. | | 2,531 | 39,706 |
| Partron Co. Ltd. | | 892 | 6,794 |
| Pearl Abyss Corp. (a) | | 493 | 88,835 |
| Pharmicell Co. Ltd. (a) | | 3,798 | 40,110 |
| Poongsan Corp. | | 1,184 | 25,060 |
| POSCO | | 4,022 | 919,438 |
| POSCO Chemtech Co. Ltd. | | 1,079 | 61,563 |
| Posco Daewoo Corp. | | 1,030 | 16,068 |
| S&T Motiv Co. Ltd. | | 21 | 484 |
| S-Oil Corp. | | 2,906 | 315,814 |
| S.M. Entertainment Co. Ltd. (a) | | 1,057 | 40,668 |
| S1 Corp. | | 2,158 | 182,513 |
| Samlip General Food Co. Ltd. | | 19 | 2,090 |
| Samsung Biologics Co. Ltd. (a)(c) | | 866 | 294,106 |
| Samsung Card Co. Ltd. | | 5,794 | 170,875 |
| Samsung Electro-Mechanics Co. Ltd. | | 3,090 | 319,562 |
| Samsung Electronics Co. Ltd. | | 251,216 | 9,335,283 |
| Samsung Engineering Co. Ltd. (a) | | 8,488 | 135,763 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 1,768 | 431,541 |
| Samsung Heavy Industries Co. Ltd. (a) | | 32,488 | 198,174 |
| Samsung Life Insurance Co. Ltd. | | 4,218 | 340,102 |
| Samsung SDI Co. Ltd. | | 2,998 | 618,781 |
| Samsung SDS Co. Ltd. | | 1,972 | 332,699 |
| Samsung Securities Co. Ltd. | | 3,201 | 75,045 |
| Samyang Holdings Corp. | | 20 | 1,513 |
| Sebang Global Battery Co. Ltd. | | 44 | 1,354 |
| Seegene, Inc. (a) | | 124 | 2,000 |
| Seoul Semiconductor Co. Ltd. | | 3,465 | 62,103 |
| SFA Engineering Corp. | | 764 | 26,047 |
| Shinhan Financial Group Co. Ltd. | | 23,852 | 887,259 |
| Shinsegae Co. Ltd. | | 400 | 90,622 |
| SillaJen, Inc. (a) | | 3,581 | 216,241 |
| SK C&C Co. Ltd. | | 2,039 | 467,308 |
| SK Chemicals Co. Ltd. | | 563 | 13,347 |
| SK Chemicals Co. Ltd./New (a) | | 604 | 31,973 |
| SK Energy Co. Ltd. | | 3,556 | 665,387 |
| SK Gas Co. Ltd. | | 28 | 1,794 |
| SK Hynix, Inc. | | 30,899 | 1,846,899 |
| SK Materials Co., Ltd. | | 159 | 25,947 |
| SK Networks Co. Ltd. | | 2,149 | 8,014 |
| SK Securities Co. Ltd. (a) | | 9,793 | 6,351 |
| SK Securities Co. Ltd. rights 12/4/18 (a) | | 2,605 | 402 |
| SK Telecom Co. Ltd. | | 1,060 | 248,742 |
| SKC Co. Ltd. | | 1,350 | 39,222 |
| Soulbrain Co. Ltd. | | 328 | 15,121 |
| Ssangyong Cement Industrial Co. Ltd. | | 10,220 | 42,949 |
| STX Pan Ocean Co. Ltd. (Korea) (a) | | 27,089 | 113,247 |
| Taekwang Industrial Co. Ltd. | | 2 | 2,587 |
| Telcon Rf Pharmaceutical, Inc. (a) | | 2,567 | 22,723 |
| Texcell-NetCom Co. Ltd. (a) | | 1,752 | 26,948 |
| Tong Yang Life Insurance Co. Ltd. | | 381 | 1,887 |
| Tongyang, Inc. | | 451 | 628 |
| Toptec Co. Ltd. | | 877 | 10,184 |
| Vieworks Co. Ltd. | | 36 | 1,019 |
| ViroMed Co. Ltd. (a) | | 589 | 96,171 |
| WONIK IPS Co. Ltd. | | 486 | 8,093 |
| Woori Bank | | 30,751 | 424,477 |
| Woori Investment & Securities Co. Ltd. | | 12,772 | 136,003 |
| Youngone Corp. | | 1,963 | 61,505 |
| Yuhan Corp. | | 1,103 | 161,922 |
| YUNGJIN Pharmaceutical Co. Ltd. (a) | | 5,131 | 24,823 |
|
| TOTAL KOREA (SOUTH) | | | 38,074,737 |
|
| Luxembourg - 0.3% | | | |
| ADO Properties SA (c) | | 1,507 | 89,015 |
| Aperam | | 3,000 | 102,278 |
| ArcelorMittal SA (Netherlands) | | 35,438 | 884,660 |
| B&M European Value Retail S.A. | | 60,824 | 324,042 |
| Eurofins Scientific SA | | 619 | 312,976 |
| Grand City Properties SA | | 5,522 | 133,721 |
| Millicom International Cellular SA (depository receipt) | | 3,995 | 225,700 |
| PLAY Communications SA (c) | | 7,880 | 33,885 |
| Reinet Investments SCA | | 7,421 | 124,350 |
| RTL Group SA | | 2,147 | 137,883 |
| SAF-Holland SA | | 3,387 | 49,411 |
| Senvion SA (a) | | 939 | 5,339 |
| SES SA (France) (depositary receipt) | | 19,824 | 426,058 |
| Solutions 30 SE (a) | | 1,361 | 59,272 |
| Stabilus SA | | 1,795 | 120,462 |
| Subsea 7 SA | | 11,436 | 144,412 |
| Tenaris SA | | 23,162 | 340,960 |
|
| TOTAL LUXEMBOURG | | | 3,514,424 |
|
| Malaysia - 0.6% | | | |
| AEON Credit Service Bhd | | 450 | 1,624 |
| AirAsia Group BHD | | 165,300 | 103,893 |
| Alliance Bank Malaysia Bhd | | 40,000 | 37,854 |
| AMMB Holdings Bhd | | 63,200 | 57,393 |
| Astro Malaysia Holdings Bhd (c) | | 91,400 | 29,487 |
| Axiata Group Bhd | | 119,556 | 97,428 |
| Berjaya Sports Toto Bhd | | 6,300 | 3,162 |
| British American Tobacco (Malaysia) Bhd | | 8,200 | 60,944 |
| Bumi Armada Bhd (a) | | 81,700 | 7,907 |
| Bumiputra-Commerce Holdings Bhd | | 268,936 | 367,622 |
| Bursa Malaysia Bhd | | 25,200 | 44,083 |
| Cahya Mata Sarawak Bhd | | 36,300 | 25,157 |
| Carlsberg Brewery BHD | | 6,000 | 25,523 |
| Dialog Group Bhd | | 202,700 | 164,214 |
| DiGi.com Bhd | | 222,700 | 229,379 |
| Felda Global Ventures Holdings Bhd (c) | | 123,800 | 41,420 |
| Fraser & Neave Holdings BHD | | 13,500 | 108,723 |
| Gamuda Bhd | | 118,200 | 67,511 |
| Genting Bhd | | 140,700 | 246,801 |
| Genting Malaysia Bhd | | 126,000 | 135,199 |
| Genting Plantations Bhd | | 5,700 | 13,145 |
| Hap Seng Consolidated Bhd | | 35,500 | 83,564 |
| Hartalega Holdings Bhd | | 62,000 | 92,752 |
| Hong Leong Bank Bhd | | 27,300 | 135,048 |
| Hong Leong Credit Bhd | | 7,900 | 34,700 |
| IGB (REIT) | | 92,500 | 37,137 |
| IHH Healthcare Bhd (c) | | 182,100 | 217,589 |
| IJM Corp. Bhd | | 125,600 | 48,925 |
| Inari Amertron Bhd | | 162,950 | 76,325 |
| IOI Corp. Bhd | | 78,900 | 84,849 |
| IOI Properties Group Bhd | | 134,175 | 42,005 |
| Kossan Rubber Industries Bhd | | 29,800 | 29,483 |
| KPJ Healthcare Bhd | | 198,000 | 49,210 |
| Kuala Lumpur Kepong Bhd | | 25,100 | 149,478 |
| Lafarge Malaysia Bhd (a) | | 17,400 | 8,940 |
| Mah Sing Group Bhd | | 78,600 | 18,032 |
| Malayan Banking Bhd | | 193,859 | 439,652 |
| Malaysia Airports Holdings Bhd | | 33,800 | 67,043 |
| Malaysia Building Society Bhd | | 103,074 | 23,154 |
| Maxis Bhd | | 138,200 | 172,729 |
| MISC Bhd | | 76,900 | 112,102 |
| My E.G.Services Bhd | | 142,050 | 40,736 |
| Nestle (Malaysia) BHD | | 3,600 | 123,714 |
| Osk Holdings Bhd | | 3,750 | 816 |
| Petronas Chemicals Group Bhd | | 119,500 | 267,015 |
| Petronas Dagangan Bhd | | 13,700 | 85,124 |
| Petronas Gas Bhd | | 44,400 | 193,962 |
| POS Malaysia & Services Holding BHD | | 43,900 | 31,054 |
| PPB Group Bhd | | 20,040 | 80,265 |
| Press Metal Bhd | | 60,000 | 69,399 |
| Public Bank Bhd | | 151,500 | 890,644 |
| QL Resources Bhd | | 17,550 | 29,568 |
| RHB Capital Bhd | | 61,100 | 76,366 |
| SapuraKencana Petroleum Bhd (a) | | 144,500 | 11,741 |
| Serba Dinamik Holdings BHD | | 150,900 | 145,689 |
| Sime Darby Bhd | | 77,089 | 40,530 |
| Sime Darby Plantation Bhd | | 99,689 | 125,311 |
| Sime Darby Property Bhd | | 222,889 | 51,934 |
| SP Setia Bhd | | 73,395 | 36,833 |
| Sunway (REIT) | | 92,800 | 37,479 |
| Sunway Bhd | | 66,320 | 21,713 |
| Telekom Malaysia Bhd | | 59,300 | 33,728 |
| Tenaga Nasional Bhd | | 170,900 | 600,366 |
| TIME dotCom Bhd | | 14,400 | 26,842 |
| Top Glove Corp. Bhd | | 92,800 | 131,732 |
| UEM Land Holdings Bhd | | 9,900 | 1,621 |
| UMW Holdings Bhd | | 33,700 | 38,254 |
| UMW Oil & Gas Corp. Bhd (a) | | 26,254 | 1,631 |
| UOA Development Bhd | | 4,000 | 1,864 |
| Westports Holdings Bhd | | 100,200 | 81,654 |
| Yinson Holdings Bhd | | 23,500 | 24,991 |
| YTL Corp. Bhd | | 207,534 | 52,572 |
|
| TOTAL MALAYSIA | | | 7,146,334 |
|
| Malta - 0.0% | | | |
| Brait SA (a) | | 18,088 | 45,353 |
| Kindred Group PLC (depositary receipt) | | 14,486 | 154,530 |
|
| TOTAL MALTA | | | 199,883 |
|
| Marshall Islands - 0.0% | | | |
| Seaspan Corp. (b) | | 5,714 | 51,083 |
| Mauritius - 0.0% | | | |
| Golden Agri-Resources Ltd. | | 246,700 | 45,416 |
| Mexico - 0.6% | | | |
| Alfa SA de CV Series A | | 167,400 | 176,438 |
| Alsea S.A.B. de CV | | 39,411 | 100,772 |
| America Movil S.A.B. de CV Series L | | 1,712,696 | 1,240,262 |
| Banco del Bajio SA (c) | | 54,900 | 107,918 |
| Banco Santander Mexico SA | | 91,600 | 114,222 |
| Bolsa Mexicana de Valores S.A.B. de CV | | 23,900 | 36,015 |
| CEMEX S.A.B. de CV unit (a) | | 782,932 | 390,825 |
| Coca-Cola FEMSA S.A.B. de CV Series L | | 26,400 | 150,577 |
| Compartamos S.A.B. de CV | | 74,100 | 60,044 |
| Concentradora Fibra Danhos SA de CV | | 1,300 | 1,712 |
| Concentradora Fibra Hotelera Mexicana SA de CV (c) | | 47,600 | 22,847 |
| Controladora Comercial Mexicana S.A.B de C.V. (a) | | 23,100 | 24,086 |
| Controladora Vuela Compania de Aviacion S.A.B. de CV (a) | | 22,000 | 13,451 |
| Corporacion Inmobiliaria Vesta S.A.B. de CV | | 32,100 | 39,190 |
| Credito Real S.A.B. de CV | | 13,100 | 14,987 |
| El Puerto de Liverpool S.A.B. de CV Class C | | 5,300 | 33,587 |
| Embotelladoras Arca S.A.B. de CV | | 26,700 | 134,267 |
| Fibra Uno Administracion SA de CV | | 170,935 | 183,698 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 96,791 | 822,854 |
| Genomma Lab Internacional SA de CV (a) | | 58,600 | 37,647 |
| Gruma S.A.B. de CV Series B | | 10,060 | 104,992 |
| Grupo Aeromexico S.A.B. de CV (a) | | 17,486 | 19,291 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 18,596 | 153,843 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 9,415 | 156,493 |
| Grupo Aeroportuario Norte S.A.B. de CV | | 15,800 | 82,674 |
| Grupo Bimbo S.A.B. de CV Series A | | 101,877 | 190,832 |
| Grupo Carso SA de CV Series A1 | | 21,327 | 62,763 |
| Grupo Cementos de Chihuahua S.A.B. de CV | | 14,100 | 75,986 |
| Grupo Comercial Chedraui S.A.B. de CV | | 31,400 | 55,509 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 132,219 | 727,446 |
| Grupo Financiero Inbursa S.A.B. de CV Series O | | 127,600 | 165,395 |
| Grupo Herdez S.A.B. de CV | | 18,800 | 34,929 |
| Grupo Mexico SA de CV Series B | | 176,617 | 407,519 |
| Grupo Televisa SA de CV | | 126,370 | 364,305 |
| Hoteles City Express S.A.B. de CV (a) | | 29,900 | 32,927 |
| Industrias Bachoco SA de CV Series B | | 17,700 | 64,924 |
| Industrias CH SA de CV (a) | | 9,000 | 32,281 |
| Industrias Penoles SA de CV | | 6,145 | 86,609 |
| Infraestructura Energetica Nova S.A.B. de CV | | 28,933 | 113,420 |
| Kimberly-Clark de Mexico SA de CV Series A | | 72,867 | 105,032 |
| Macquarie Mexican (REIT) (c) | | 28,400 | 27,654 |
| Mexichem S.A.B. de CV | | 46,328 | 122,381 |
| Prologis Property Mexico SA | | 22,300 | 39,312 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 11,275 | 102,608 |
| Qualitas Controladora S.A.B. de CV | | 2,300 | 4,634 |
| Regional S.A.B. de CV | | 24,500 | 119,320 |
| Telesites S.A.B. de C.V. (a) | | 40,900 | 25,229 |
| Terrafina | | 48,800 | 59,339 |
| Unifin Financiera SAPI de CV | | 2,000 | 3,780 |
| Wal-Mart de Mexico SA de CV Series V | | 261,330 | 667,436 |
|
| TOTAL MEXICO | | | 7,914,262 |
|
| Multi-National - 0.0% | | | |
| HK Electric Investments & HK Electric Investments Ltd. unit (c) | | 185,000 | 175,989 |
| HKT Trust/HKT Ltd. unit | | 189,000 | 260,292 |
| Langham Hospitality Investment unit | | 24,000 | 8,539 |
|
| TOTAL MULTI-NATIONAL | | | 444,820 |
|
| Netherlands - 2.7% | | | |
| Aalberts Industries NV | | 5,133 | 188,661 |
| ABN AMRO Group NV GDR | | 23,221 | 570,737 |
| Accell Group NV | | 2,287 | 39,788 |
| AEGON NV | | 94,736 | 582,439 |
| AerCap Holdings NV (a) | | 5,982 | 299,579 |
| Airbus Group NV | | 29,887 | 3,302,940 |
| Akzo Nobel NV | | 12,630 | 1,062,603 |
| AMG Advanced Metallurgical Group NV | | 1,527 | 73,126 |
| Arcadis NV | | 4,170 | 56,442 |
| ASM International NV (Netherlands) | | 4,075 | 175,345 |
| ASML Holding NV (Netherlands) | | 21,293 | 3,667,594 |
| ASR Nederland NV | | 8,314 | 378,181 |
| Basic-Fit NV (a)(c) | | 1,253 | 36,119 |
| BE Semiconductor Industries NV | | 3,432 | 73,586 |
| BinckBank NV | | 316 | 1,532 |
| Brack Capital Properties NV (a) | | 281 | 29,922 |
| Brunel International NV | | 60 | 744 |
| CNH Industrial NV | | 53,982 | 561,657 |
| Constellium NV (a) | | 8,009 | 72,562 |
| COSMO Pharmaceuticals NV (a) | | 427 | 53,759 |
| CSM NV (exchangeable) | | 3,479 | 105,763 |
| Eurocommercial Properties NV (Certificaten Van Aandelen) unit | | 2,525 | 93,520 |
| Euronext NV (c) | | 3,578 | 220,665 |
| EXOR NV | | 5,352 | 303,340 |
| Ferrari NV | | 6,208 | 727,759 |
| Fiat Chrysler Automobiles NV | | 56,565 | 861,719 |
| Flow Traders BV (c) | | 2,332 | 74,274 |
| Fugro NV (Certificaten Van Aandelen) (a) | | 3,080 | 39,770 |
| Gemalto NV (a) | | 3,203 | 182,700 |
| Heineken Holding NV | | 6,383 | 553,072 |
| Heineken NV (Bearer) | | 13,662 | 1,231,751 |
| IMCD Group BV | | 4,126 | 280,165 |
| ING Groep NV (Certificaten Van Aandelen) | | 204,821 | 2,423,236 |
| Intertrust NV (c) | | 2,942 | 47,485 |
| Interxion Holding N.V. (a) | | 4,428 | 260,676 |
| Kendrion NV | | 921 | 27,905 |
| Koninklijke Ahold Delhaize NV | | 66,076 | 1,514,033 |
| Koninklijke BAM Groep NV | | 9,342 | 32,177 |
| Koninklijke Boskalis Westminster NV | | 5,560 | 160,335 |
| Koninklijke DSM NV | | 9,129 | 800,106 |
| Koninklijke KPN NV | | 200,857 | 529,967 |
| Koninklijke Philips Electronics NV | | 48,020 | 1,790,947 |
| Koninklijke Volkerwessels NV | | 3,756 | 66,791 |
| Koninklijke Wessanen NV | | 6,068 | 63,609 |
| NN Group NV | | 15,411 | 663,300 |
| NSI NV | | 162 | 6,395 |
| NXP Semiconductors NV | | 18,102 | 1,357,469 |
| OCI NV (a) | | 3,488 | 99,320 |
| Pharming Group NV (a) | | 50,698 | 55,241 |
| Philips Lighting NV (c) | | 7,383 | 182,299 |
| PostNL NV | | 26,741 | 79,234 |
| QIAGEN NV (Germany) (a) | | 12,427 | 451,399 |
| Randstad NV | | 6,383 | 322,083 |
| RHI Magnesita NV | | 1,481 | 71,707 |
| SBM Offshore NV | | 9,799 | 169,590 |
| Steinhoff International Holdings NV (South Africa) (a) | | 197,801 | 24,134 |
| STMicroelectronics NV (France) | | 38,435 | 584,267 |
| Takeaway.com Holding BV (a)(c) | | 929 | 54,716 |
| TKH Group NV (depositary receipt) | | 1,651 | 83,514 |
| TomTom Group BV (a) | | 7,482 | 62,677 |
| Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit | | 7,136 | 1,295,478 |
| Unilever NV (Certificaten Van Aandelen) (Bearer) | | 78,190 | 4,201,540 |
| VastNed Retail NV | | 905 | 35,877 |
| Vopak NV | | 3,241 | 146,837 |
| Wereldhave NV | | 1,967 | 67,707 |
| Wolters Kluwer NV | | 14,402 | 818,231 |
| X5 Retail Group NV unit | | 5,955 | 139,126 |
|
| TOTAL NETHERLANDS | | | 34,591,222 |
|
| New Zealand - 0.2% | | | |
| Air New Zealand Ltd. | | 48,086 | 87,860 |
| Argosy Property Ltd. | | 24,000 | 16,757 |
| Auckland International Airport Ltd. | | 47,908 | 218,524 |
| Chorus Ltd. | | 12,645 | 39,195 |
| Contact Energy Ltd. | | 25,876 | 94,389 |
| Fisher & Paykel Healthcare Corp. | | 31,228 | 277,139 |
| Fletcher Building Ltd. | | 55,409 | 218,389 |
| Freightways Ltd. | | 31,791 | 153,100 |
| Genesis Energy Ltd. | | 25,704 | 39,249 |
| Goodman Property Trust | | 98,744 | 96,653 |
| Infratil Ltd. | | 17,752 | 39,618 |
| Kiwi Property Group Ltd. | | 148,761 | 127,652 |
| Mercury Nz Ltd. | | 30,569 | 67,823 |
| Meridian Energy Ltd. | | 47,067 | 96,287 |
| Metlifecare Ltd. | | 10,948 | 41,579 |
| New Zealand Refining Co. Ltd. | | 2,258 | 3,463 |
| Precinct Properties New Zealand Ltd. | | 32,328 | 29,745 |
| Ryman Healthcare Group Ltd. | | 17,447 | 137,759 |
| Sky Network Television Ltd. | | 8,011 | 11,710 |
| SKYCITY Entertainment Group Ltd. | | 24,272 | 60,662 |
| Spark New Zealand Ltd. | | 113,288 | 292,008 |
| Summerset Group Holdings Ltd. | | 6,299 | 27,375 |
| The a2 Milk Co. Ltd. (a) | | 35,572 | 241,874 |
| Trade Maine Group Ltd. | | 13,543 | 42,862 |
| Z Energy Ltd. | | 21,573 | 85,873 |
|
| TOTAL NEW ZEALAND | | | 2,547,545 |
|
| Norway - 0.6% | | | |
| Akastor ASA (a) | | 1,713 | 3,341 |
| Aker ASA (A Shares) | | 736 | 55,965 |
| Aker Bp ASA | | 6,284 | 207,235 |
| Aker Solutions ASA (a) | | 14,785 | 97,517 |
| Austevoll Seafood ASA | | 5,930 | 95,389 |
| B2Holding ASA | | 10,356 | 17,469 |
| Borregaard ASA | | 6,927 | 62,451 |
| Det Norske Oljeselskap ASA (DNO) (A Shares) | | 40,407 | 77,796 |
| DNB ASA | | 49,592 | 897,442 |
| Entra ASA (c) | | 5,779 | 78,289 |
| Equinor ASA | | 56,948 | 1,481,494 |
| Europris ASA (c) | | 6,082 | 16,197 |
| Gjensidige Forsikring ASA | | 11,414 | 176,833 |
| Kongsberg Automotive ASA (a) | | 27,567 | 25,834 |
| Leroy Seafood Group ASA | | 19,203 | 176,954 |
| Marine Harvest ASA | | 21,447 | 519,014 |
| Merkantildata ASA | | 5,873 | 77,472 |
| Nordic Nanovector ASA (a) | | 1,041 | 6,866 |
| Nordic VLSI ASA (a) | | 8,476 | 36,197 |
| Norsk Hydro ASA | | 72,708 | 377,435 |
| Norway Royal Salmon ASA | | 136 | 4,001 |
| Norwegian Air Shuttle A/S (a) | | 1,549 | 39,507 |
| Norwegian Finans Holding ASA (a) | | 11,093 | 99,155 |
| Ocean Yield ASA | | 4,258 | 32,327 |
| Orkla ASA | | 48,837 | 421,410 |
| Otello Corp. ASA (a) | | 778 | 1,311 |
| Petroleum Geo-Services ASA (a) | | 14,562 | 45,501 |
| Protector Forsikring ASA (a) | | 1,752 | 8,106 |
| Renewable Energy Corp. ASA (a) | | 21,761 | 1,557 |
| Salmar ASA | | 2,612 | 137,885 |
| Schibsted ASA (B Shares) | | 4,946 | 156,656 |
| Skandiabanken ASA (c) | | 7,051 | 70,261 |
| Sparebanken Midt-Norge | | 4,616 | 47,092 |
| Sparebanken Nord-Norge | | 9,302 | 74,374 |
| Storebrand ASA (A Shares) | | 23,114 | 192,374 |
| Telenor ASA | | 39,065 | 716,672 |
| TGS Nopec Geophysical Co. ASA | | 6,131 | 205,753 |
| Wallenius Wilhelmsen ASA (a) | | 3,283 | 11,255 |
| XXL ASA (c) | | 8,237 | 42,407 |
| Yara International ASA | | 8,909 | 383,318 |
|
| TOTAL NORWAY | | | 7,178,112 |
|
| Pakistan - 0.0% | | | |
| Engro Corp. Ltd. | | 18,100 | 45,771 |
| Fauji Fertilizer Co. Ltd. | | 31,000 | 22,999 |
| Habib Bank Ltd. | | 43,900 | 48,302 |
| Hub Power Co. Ltd. | | 17,200 | 12,024 |
| Lucky Cement Ltd. | | 7,200 | 27,030 |
| MCB Bank Ltd. | | 28,400 | 42,428 |
| National Bank of Pakistan (a) | | 15,500 | 5,641 |
| Oil & Gas Development Co. Ltd. | | 34,300 | 41,183 |
| Pakistan State Oil Co. Ltd. | | 9,996 | 21,168 |
| United Bank Ltd. | | 39,600 | 44,837 |
|
| TOTAL PAKISTAN | | | 311,383 |
|
| Papua New Guinea - 0.0% | | | |
| Oil Search Ltd. ADR | | 72,100 | 396,718 |
| Peru - 0.0% | | | |
| Compania de Minas Buenaventura SA sponsored ADR | | 9,088 | 125,778 |
| Philippines - 0.2% | | | |
| Aboitiz Equity Ventures, Inc. | | 113,430 | 99,766 |
| Aboitiz Power Corp. | | 140,300 | 88,480 |
| Alliance Global Group, Inc. (a) | | 125,700 | 26,722 |
| Ayala Corp. | | 17,485 | 301,031 |
| Ayala Land, Inc. | | 463,600 | 343,989 |
| Bank of the Philippine Islands (BPI) | | 49,604 | 76,257 |
| BDO Unibank, Inc. | | 100,803 | 230,894 |
| Bloomberry Resorts Corp. | | 131,300 | 20,640 |
| Cebu Air, Inc. | | 5,790 | 6,935 |
| CEMEX Holdings Philippines, Inc. (a) | | 12,400 | 492 |
| Cosco Capital, Inc. | | 9,000 | 1,140 |
| D&L Industries, Inc. | | 313,200 | 66,817 |
| DMCI Holdings, Inc. | | 89,300 | 21,457 |
| DoubleDragon Properties Corp. | | 7,760 | 2,788 |
| Filinvest Land, Inc. | | 24,000 | 629 |
| First Gen Corp. | | 9,200 | 2,689 |
| First Phillipines Holdings Corp. | | 6,460 | 7,701 |
| Globe Telecom, Inc. | | 2,120 | 82,916 |
| GT Capital Holdings, Inc. | | 4,135 | 58,809 |
| International Container Terminal Services, Inc. | | 11,690 | 19,798 |
| JG Summit Holdings, Inc. | | 199,570 | 176,650 |
| Jollibee Food Corp. | | 19,010 | 98,186 |
| Manila Electric Co. | | 9,210 | 63,391 |
| Manila Water Co., Inc. | | 38,600 | 18,059 |
| Megaworld Corp. | | 325,000 | 26,821 |
| Metro Pacific Investments Corp. | | 571,600 | 51,344 |
| Metropolitan Bank & Trust Co. | | 34,341 | 42,125 |
| Philippine Long Distance Telephone Co. | | 4,880 | 126,099 |
| Robinsons Land Corp. | | 137,056 | 53,733 |
| Security Bank Corp. | | 13,030 | 35,210 |
| SM Investments Corp. | | 11,170 | 188,128 |
| SM Prime Holdings, Inc. | | 561,000 | 354,844 |
| Universal Robina Corp. | | 36,170 | 87,993 |
| Vista Land & Lifescapes, Inc. | | 61,300 | 6,057 |
|
| TOTAL PHILIPPINES | | | 2,788,590 |
|
| Poland - 0.3% | | | |
| Alior Bank SA (a) | | 4,920 | 74,047 |
| Asseco Poland SA | | 2,194 | 27,617 |
| Bank Handlowy w Warszawie SA | | 3,034 | 55,348 |
| Bank Millennium SA (a) | | 36,074 | 83,013 |
| Bank Polska Kasa Opieki SA | | 8,486 | 231,548 |
| Bank Zachodni WBK SA | | 1,852 | 164,294 |
| BRE Bank SA | | 902 | 87,916 |
| Budimex SA | | 886 | 28,632 |
| CD Projekt RED SA (a) | | 3,560 | 146,866 |
| Ciech SA | | 399 | 4,413 |
| Cyfrowy Polsat SA (a) | | 11,215 | 64,593 |
| Dino Polska SA (a)(c) | | 2,916 | 64,215 |
| ENEA SA (a) | | 14,840 | 31,094 |
| Energa SA | | 14,234 | 28,934 |
| Eurocash SA | | 2,146 | 11,431 |
| Grupa Lotos SA | | 4,667 | 84,263 |
| Jastrzebska Spolka Weglowa SA (a) | | 2,542 | 49,023 |
| KGHM Polska Miedz SA (Bearer) (a) | | 6,930 | 156,908 |
| Kruk SA | | 919 | 44,212 |
| LPP SA | | 72 | 147,297 |
| NG2 SA | | 1,525 | 66,371 |
| PKP Cargo SA (a) | | 2,161 | 22,640 |
| Polish Oil & Gas Co. SA | | 88,647 | 144,620 |
| Polska Grupa Energetyczna SA (a) | | 40,337 | 110,484 |
| Polski Koncern Naftowy Orlen SA | | 15,889 | 381,951 |
| Powszechna Kasa Oszczednosci Bank SA | | 47,119 | 490,328 |
| Powszechny Zaklad Ubezpieczen SA | | 30,131 | 307,659 |
| Tauron Polska Energia SA (a) | | 68,381 | 31,721 |
| Telekomunikacja Polska SA (a) | | 39,036 | 44,152 |
| Warsaw Stock Exchange | | 1,335 | 13,447 |
| Zaklady Azotowe w Tarnowie-Moscicach SA | | 3,442 | 23,233 |
|
| TOTAL POLAND | | | 3,222,270 |
|
| Portugal - 0.1% | | | |
| Banco Comercial Portugues SA (Reg.) (a) | | 454,177 | 122,536 |
| CTT Correios de Portugal SA | | 8,784 | 33,728 |
| Energias de Portugal SA | | 140,683 | 494,606 |
| Galp Energia SGPS SA Class B | | 25,011 | 436,120 |
| Jeronimo Martins SGPS SA | | 11,220 | 138,013 |
| NOS SGPS SA | | 16,243 | 91,252 |
| Portucel Industrial Empresa Produtora de Celulosa SA | | 21,540 | 107,348 |
| REN - Redes Energeticas Nacionais SGPS SA | | 21,868 | 58,306 |
| Sonae SGPS SA | | 33,655 | 33,717 |
|
| TOTAL PORTUGAL | | | 1,515,626 |
|
| Qatar - 0.2% | | | |
| Barwa Real Estate Co. (a) | | 3,257 | 33,447 |
| Doha Bank (a) | | 7,237 | 43,668 |
| Ezdan Holding Group (a) | | 50,383 | 151,384 |
| Gulf International Services QSC (a) | | 5,759 | 28,392 |
| Gulf Warehousing Co. (a) | | 1,657 | 18,463 |
| Industries Qatar QSC (a) | | 9,931 | 381,829 |
| Masraf al Rayan (a) | | 19,803 | 206,623 |
| Medicare Group (a) | | 250 | 4,394 |
| Qatar Electricity & Water Co. (a) | | 3,556 | 183,494 |
| Qatar First Bank (a) | | 1,004 | 1,202 |
| Qatar Gas Transport Co. Ltd. (Nakilat) (a) | | 8,384 | 40,181 |
| Qatar Insurance Co. SAQ | | 6,460 | 65,115 |
| Qatar Islamic Bank (a) | | 6,903 | 290,074 |
| Qatar National Bank SAQ | | 23,725 | 1,270,633 |
| Qatar National Cement Co. QSC (a) | | 53 | 873 |
| Qatar Navigation QPSC (a) | | 4,853 | 94,701 |
| Qatar Telecom (Qtel) Q.S.C. (a) | | 3,140 | 59,402 |
| The Commercial Bank of Qatar (a) | | 12,996 | 147,950 |
| United Development Co. (a) | | 3,348 | 12,873 |
| Vodafone Qatar QSC (a) | | 8,279 | 18,668 |
|
| TOTAL QATAR | | | 3,053,366 |
|
| Russia - 0.8% | | | |
| Aeroflot - Russian Airlines | | 25,479 | 37,615 |
| Alrosa Co. Ltd. | | 142,693 | 216,399 |
| Credit Bank of Moscow (a) | | 1,200,400 | 91,624 |
| Gazprom OAO | | 531,371 | 1,254,100 |
| Inter Rao Ues JSC | | 1,852,773 | 111,998 |
| LSR Group OJSC GDR (Reg. S) | | 12,843 | 23,888 |
| Lukoil PJSC | | 25,327 | 1,901,243 |
| Magnit OJSC GDR (Reg. S) | | 21,906 | 292,336 |
| Magnitogorsk Iron & Steel Works PJSC | | 109,800 | 79,916 |
| Mechel Steel Group OAO sponsored ADR (a) | | 13,492 | 36,968 |
| MMC Norilsk Nickel PJSC | | 3,340 | 557,734 |
| Mobile TeleSystems OJSC sponsored ADR | | 25,826 | 206,866 |
| Moscow Exchange MICEX-RTS OAO | | 67,894 | 90,596 |
| Mosenergo PJSC | | 337,078 | 9,868 |
| NOVATEK OAO GDR (Reg. S) | | 4,772 | 808,854 |
| Novolipetsk Steel OJSC | | 62,571 | 152,377 |
| PhosAgro OJSC GDR (Reg. S) | | 5,232 | 68,539 |
| Polyus PJSC | | 1,819 | 114,651 |
| Rosneft Oil Co. OJSC | | 56,206 | 392,874 |
| RusHydro PJSC | | 6,371,585 | 53,179 |
| Sberbank of Russia | | 564,103 | 1,621,393 |
| Severstal PAO | | 12,233 | 191,275 |
| Sistema JSFC sponsored GDR | | 4,633 | 10,693 |
| Surgutneftegas OJSC | | 320,186 | 129,146 |
| Tatneft PAO | | 78,447 | 934,118 |
| TMK OAO GDR (Reg. S) | | 2,884 | 10,959 |
| VTB Bank OJSC (a) | | 263,487,980 | 146,316 |
|
| TOTAL RUSSIA | | | 9,545,525 |
|
| Singapore - 0.9% | | | |
| Accordia Golf Trust | | 13,000 | 4,646 |
| Ascendas Hospitality Trust unit | | 11,400 | 6,502 |
| Ascendas Real Estate Investment Trust | | 158,300 | 287,995 |
| Ascott Residence Trust | | 83,171 | 63,047 |
| Asian Pay Television Trust | | 50,400 | 11,462 |
| BOC Aviation Ltd. Class A | | 19,200 | 137,231 |
| Cache Logistics Trust | | 48,292 | 23,882 |
| CapitaCommercial Trust (REIT) | | 127,089 | 158,729 |
| CapitaLand Ltd. | | 123,100 | 279,056 |
| CapitaMall Trust | | 233,900 | 356,300 |
| CapitaRetail China Trust | | 58,301 | 57,663 |
| CDL Hospitality Trusts unit | | 39,800 | 41,663 |
| City Developments Ltd. | | 26,500 | 151,330 |
| ComfortDelgro Corp. Ltd. | | 94,700 | 153,828 |
| DBS Group Holdings Ltd. | | 92,766 | 1,571,159 |
| ESR (REIT) | | 19,526 | 6,837 |
| Ezion Holdings Ltd. warrants 4/6/23 (a) | | 30,780 | 0 |
| Far East Hospitality Trust unit | | 12,777 | 5,488 |
| First (REIT) | | 8,466 | 7,334 |
| First Resources Ltd. | | 20,200 | 23,042 |
| Frasers Centrepoint Trust | | 9,100 | 14,191 |
| Frasers Commercial Trust | | 97,332 | 96,267 |
| Frasers Logistics & Industrial Trust | | 138,820 | 102,225 |
| Hutchison Port Holdings Trust | | 228,600 | 56,007 |
| Jardine Cycle & Carriage Ltd. | | 5,500 | 120,193 |
| K-REIT Asia | | 119,294 | 97,320 |
| Keppel Corp. Ltd. | | 92,200 | 412,692 |
| Keppel DC (REIT) | | 145,100 | 139,323 |
| Keppel Infrastructure Trust | | 222,400 | 73,858 |
| Lippo Malls Indonesia Retail Trust | | 147,100 | 25,487 |
| Macquarie MEAG Prime (REIT) | | 158,200 | 76,522 |
| Manulife U.S. REIT | | 60,100 | 42,671 |
| Mapletree Commercial Trust | | 93,023 | 108,123 |
| Mapletree Greater China Commercial Trust | | 110,900 | 90,472 |
| Mapletree Industrial (REIT) | | 77,300 | 103,242 |
| Mapletree Logistics Trust (REIT) | | 166,054 | 145,057 |
| MobileOne Ltd. | | 2,400 | 3,656 |
| NetLink NBN Trust | | 175,969 | 99,091 |
| OUE Hospitality Trust | | 14,400 | 7,069 |
| Oue Ltd. | | 6,100 | 6,165 |
| Oversea-Chinese Banking Corp. Ltd. | | 167,227 | 1,296,623 |
| Parkway Life REIT | | 1,400 | 2,628 |
| Raffles Medical Group Ltd. | | 66,330 | 50,281 |
| Rht Health Trust | | 35,300 | 18,859 |
| Sembcorp Industries Ltd. | | 47,900 | 97,519 |
| Sembcorp Marine Ltd. | | 26,000 | 30,033 |
| Sheng Siong Group Ltd. | | 9,400 | 7,329 |
| SIIC Environment Holdings Ltd. | | 4,900 | 955 |
| Singapore Airlines Ltd. | | 30,400 | 208,058 |
| Singapore Airport Terminal Service Ltd. | | 27,800 | 99,949 |
| Singapore Exchange Ltd. | | 38,100 | 188,141 |
| Singapore Post Ltd. | | 76,300 | 57,288 |
| Singapore Press Holdings Ltd. | | 72,600 | 138,895 |
| Singapore Technologies Engineering Ltd. | | 101,600 | 260,391 |
| Singapore Telecommunications Ltd. | | 415,900 | 948,810 |
| SPH REIT | | 3,000 | 2,133 |
| StarHub Ltd. | | 59,300 | 80,485 |
| Suntec (REIT) | | 118,400 | 151,296 |
| United Engineers Ltd. | | 15,800 | 30,000 |
| United Overseas Bank Ltd. | | 68,014 | 1,197,113 |
| UOL Group Ltd. | | 23,531 | 102,438 |
| Venture Corp. Ltd. | | 16,200 | 179,175 |
| Wilmar International Ltd. | | 121,800 | 277,867 |
| Wing Tai Holdings Ltd. | | 6,800 | 9,475 |
| Yangzijiang Shipbuilding Holdings Ltd. | | 108,000 | 96,683 |
| Yanlord Land Group Ltd. | | 17,000 | 15,464 |
| Yoma Strategic Holdings Ltd. | | 99,600 | 18,336 |
|
| TOTAL SINGAPORE | | | 10,733,049 |
|
| South Africa - 1.3% | | | |
| Advtech Ltd. | | 4,172 | 4,044 |
| Aeci Ltd. | | 3,629 | 23,246 |
| African Rainbow Minerals Ltd. | | 6,566 | 55,586 |
| Alexander Forbes Group Holdings Ltd. | | 5,905 | 2,081 |
| Anglo American Platinum Ltd. | | 2,406 | 78,598 |
| AngloGold Ashanti Ltd. | | 20,977 | 203,066 |
| Arrowhead Properties Ltd. A linked | | 62,596 | 22,743 |
| Ascendis Health Ltd. (a) | | 1,377 | 706 |
| Aspen Pharmacare Holdings Ltd. | | 22,792 | 241,014 |
| Astral Foods Ltd. | | 2,806 | 37,657 |
| Attacq Ltd. | | 33,527 | 33,226 |
| AVI Ltd. | | 12,579 | 85,267 |
| Barclays Africa Group Ltd. | | 43,200 | 436,641 |
| Barloworld Ltd. | | 8,163 | 66,400 |
| Bidcorp Ltd. | | 16,113 | 302,207 |
| Bidvest Group Ltd. | | 17,374 | 216,426 |
| Blue Label Telecoms Ltd. (a) | | 2,242 | 789 |
| Capitec Bank Holdings Ltd. | | 1,665 | 111,809 |
| Cashbuild Ltd. | | 1,224 | 22,377 |
| City Lodge Hotels Ltd. | | 140 | 1,243 |
| Clicks Group Ltd. | | 10,800 | 137,631 |
| Coronation Fund Managers Ltd. | | 6,216 | 20,701 |
| Curro Holdings Ltd. (a) | | 7,456 | 12,135 |
| DataTec Ltd. | | 7,047 | 11,183 |
| Delta Property Fund Ltd. | | 4,207 | 1,697 |
| Dis-Chem Pharmacies Pty Ltd. (c) | | 10,513 | 20,602 |
| Discovery Ltd. | | 17,282 | 185,009 |
| Emira Property Fund Ltd. | | 40,873 | 41,282 |
| EOH Holdings Ltd. | | 4,397 | 9,776 |
| Exxaro Resources Ltd. | | 17,587 | 179,893 |
| Famous Brands Ltd. (a) | | 6,133 | 43,464 |
| FirstRand Ltd. | | 184,585 | 804,654 |
| Fortress (REIT) Ltd.: | | | |
| Class A | | 46,682 | 53,509 |
| Class B | | 33,600 | 32,774 |
| Foschini Ltd. | | 8,983 | 98,169 |
| Gold Fields Ltd. | | 42,616 | 112,666 |
| Grindrod Ltd. (a) | | 13,572 | 6,090 |
| Growthpoint Properties Ltd. | | 139,725 | 214,524 |
| Harmony Gold Mining Co. Ltd. | | 22,436 | 41,885 |
| Hosken Consolidated Investment Ltd. | | 537 | 4,626 |
| Hyprop Investments Ltd. | | 19,563 | 119,705 |
| Impala Platinum Holdings Ltd. (a) | | 28,822 | 53,141 |
| Imperial Holdings Ltd. | | 12,136 | 134,016 |
| Investec Ltd. | | 12,903 | 80,265 |
| Invicta Holdings Ltd. | | 553 | 1,252 |
| JSE Ltd. | | 2,784 | 30,947 |
| KAP Industrial Holdings Ltd. | | 58,972 | 31,180 |
| Kumba Iron Ore Ltd. | | 2,369 | 46,408 |
| Liberty Holdings Ltd. | | 7,641 | 55,933 |
| Life Healthcare Group Holdings Ltd. | | 52,863 | 87,791 |
| Massmart Holdings Ltd. | | 5,344 | 34,790 |
| MMI Holdings Ltd. | | 31,057 | 37,578 |
| Mondi Ltd. | | 7,852 | 187,820 |
| Mpact Ltd. | | 4,274 | 6,052 |
| Mr Price Group Ltd. | | 18,227 | 285,368 |
| MTN Group Ltd. | | 91,772 | 531,876 |
| Murray & Roberts Holdings Ltd. | | 6,685 | 7,699 |
| Nampak Ltd. (a) | | 20,838 | 20,976 |
| Naspers Ltd. Class N | | 22,840 | 4,014,019 |
| Nedbank Group Ltd. | | 20,577 | 347,197 |
| Netcare Ltd. | | 48,796 | 82,129 |
| Northam Platinum Ltd. (a) | | 19,456 | 51,263 |
| Oceana Group Ltd. | | 307 | 1,810 |
| Old Mutual Ltd. | | 274,805 | 422,662 |
| Omnia Holdings Ltd. | | 834 | 6,569 |
| Peregrine Holdings Ltd. | | 1,032 | 1,437 |
| Pick 'n Pay Stores Ltd. | | 24,863 | 114,822 |
| Pioneer Foods Ltd. | | 4,559 | 25,025 |
| Pretoria Portland Cement Co. Ltd. (a) | | 41,790 | 16,826 |
| PSG Group Ltd. | | 9,714 | 144,856 |
| Rand Merchant Insurance Holdings Ltd. | | 25,434 | 59,204 |
| Rebosis Property Fund Ltd. | | 1,887 | 793 |
| Redefine Properties Ltd. | | 303,920 | 197,566 |
| Remgro Ltd. | | 37,032 | 477,393 |
| Resilient Property Income Fund Ltd. | | 13,266 | 53,792 |
| Reunert Ltd. | | 24,642 | 133,211 |
| RMB Holdings Ltd. | | 41,242 | 208,160 |
| SA Corporate Real Estate Fund | | 131,416 | 35,365 |
| Sanlam Ltd. | | 95,225 | 479,336 |
| Sappi Ltd. | | 26,128 | 146,894 |
| Sasol Ltd. | | 28,776 | 940,399 |
| Shoprite Holdings Ltd. | | 20,742 | 253,502 |
| Sibanye-Stillwater | | 77,195 | 53,705 |
| Spar Group Ltd. | | 9,108 | 108,555 |
| Stadio Holdings Ltd. (a) | | 11,721 | 3,178 |
| Standard Bank Group Ltd. | | 67,759 | 750,183 |
| Sun International Ltd. (a) | | 7,633 | 30,449 |
| Super Group Ltd. (a) | | 9,267 | 25,127 |
| Telkom SA Ltd. | | 7,350 | 26,730 |
| Tiger Brands Ltd. | | 11,627 | 207,737 |
| Tongaat Hulett Ltd. | | 13,023 | 49,973 |
| Trencor Ltd. | | 11,924 | 24,628 |
| Truworths International Ltd. | | 18,379 | 100,812 |
| Tsogo Sun Holdings Ltd. | | 16,839 | 23,057 |
| Vodacom Group Ltd. | | 28,246 | 238,184 |
| Vukile Property Fund Ltd. | | 79,624 | 109,566 |
| Wilson Bayly Holmes-Ovcon Ltd. | | 1,650 | 17,115 |
| Woolworths Holdings Ltd. | | 44,529 | 153,727 |
| Zeder Investments Ltd. | | 90,708 | 28,899 |
|
| TOTAL SOUTH AFRICA | | | 15,896,048 |
|
| Spain - 1.9% | | | |
| Acerinox SA | | 7,510 | 83,939 |
| ACS Actividades de Construccion y Servicios SA | | 14,039 | 526,491 |
| Aena Sme SA | | 3,506 | 560,517 |
| Almirall SA | | 4,515 | 81,874 |
| Amadeus IT Holding SA Class A | | 22,465 | 1,811,174 |
| Applus Services SA | | 7,934 | 108,017 |
| Atresmedia Corporacion de Medios de Comunicacion SA | | 7,971 | 44,979 |
| Azucarera Ebro Agricolas SA | | 7,600 | 149,265 |
| Banco Bilbao Vizcaya Argentaria SA | | 354,070 | 1,954,146 |
| Banco de Sabadell SA | | 294,489 | 388,589 |
| Banco Santander SA | | 833,028 | 3,963,511 |
| Banco Santander SA rights(a) | | 833,028 | 32,363 |
| Bankia SA | | 67,309 | 211,864 |
| Bankinter SA | | 39,275 | 322,248 |
| Bolsas Y Mercados Espanoles | | 3,583 | 106,084 |
| CaixaBank SA | | 187,302 | 757,957 |
| Catalana Occidente SA | | 2,492 | 103,024 |
| Cellnex Telecom Sau (c) | | 7,318 | 182,435 |
| Cemex Latam Holdings SA (a) | | 16,652 | 25,861 |
| Cie Automotive SA | | 4,250 | 112,642 |
| Codere SA (a) | | 1,150 | 7,425 |
| Compania de Distribucion Integral Logista Holdings SA | | 4,137 | 99,901 |
| Construcciones y Auxiliar de Ferrocarriles | | 610 | 22,938 |
| Corporacion Financiera Alba SA | | 954 | 45,869 |
| Distribuidora Internacional de Alimentacion SA | | 26,787 | 20,225 |
| Enagas SA | | 14,590 | 387,355 |
| Ence Energia y Celulosa SA | | 6,455 | 54,286 |
| Endesa SA | | 15,166 | 317,445 |
| Europac Papeles Y Cartones DE | | 1,484 | 28,070 |
| Euskaltel, S.A. (c) | | 11,343 | 95,073 |
| Faes Farma SA | | 21,179 | 89,117 |
| Ferrovial SA | | 24,215 | 485,460 |
| Fomento Construcciones y Contratas SA (FOCSA) (a) | | 2,569 | 34,219 |
| Gas Natural SDG SA | | 16,571 | 407,666 |
| Gestamp Automocion SA (c) | | 10,749 | 68,179 |
| Global Dominion Access SA (a) | | 2,792 | 14,926 |
| Grifols SA | | 15,597 | 445,005 |
| Grupo Acciona SA | | 1,158 | 97,820 |
| Iberdrola SA | | 290,740 | 2,060,142 |
| Inditex SA | | 56,114 | 1,584,489 |
| Indra Sistemas SA (a) | | 6,580 | 65,101 |
| Inmobiliaria Colonial SA | | 14,600 | 146,763 |
| International Consolidated Airlines Group SA | | 30,438 | 235,124 |
| Lar Espana Real Estate Socimi SA | | 11,103 | 110,038 |
| Liberbank SA (a) | | 155,645 | 73,020 |
| MAPFRE SA (Reg.) | | 53,061 | 158,903 |
| Masmovil Ibercom SA (a) | | 837 | 108,644 |
| Mediaset Espana Comunicacion SA | | 7,346 | 50,023 |
| Melia Hotels International SA | | 4,299 | 44,213 |
| Merlin Properties Socimi SA | | 15,848 | 198,889 |
| Miquel y Costas & Miquel SA | | 527 | 17,310 |
| Neinor Homes SLU (a)(c) | | 5,757 | 92,593 |
| Obrascon Huarte Lain SA | | 18,317 | 20,954 |
| Pharma Mar SA (a) | | 6,023 | 7,361 |
| Prosegur Compania de Seguridad SA (Reg.) | | 9,371 | 52,094 |
| Red Electrica Corporacion SA | | 23,685 | 490,432 |
| Repsol SA | | 70,891 | 1,266,741 |
| Sacyr SA | | 15,311 | 37,025 |
| Siemens Gamesa Renewable Energy SA (a) | | 16,541 | 183,455 |
| Talgo SA (a) | | 5,549 | 28,189 |
| Tecnicas Reunidas SA | | 1,293 | 34,782 |
| Telefonica SA | | 238,668 | 1,957,808 |
| Telepizza Group SAU (c) | | 3,895 | 20,228 |
| Tubacex SA (a) | | 2,062 | 7,310 |
| Unicaja Banco SA (c) | | 58,447 | 74,872 |
| Viscofan Envolturas Celulosicas SA | | 1,627 | 97,301 |
| Zardoya Otis SA | | 7,226 | 49,516 |
|
| TOTAL SPAIN | | | 23,521,279 |
|
| Sweden - 1.8% | | | |
| AarhusKarlshamn AB | | 9,985 | 150,575 |
| AF AB (B Shares) | | 6,616 | 141,919 |
| Ahlsell AB | | 19,741 | 99,922 |
| Alfa Laval AB | | 15,371 | 392,541 |
| Alimak Group AB (c) | | 5,181 | 72,921 |
| Arjo AB | | 13,218 | 44,921 |
| ASSA ABLOY AB (B Shares) | | 49,580 | 986,184 |
| Atlas Copco AB: | | | |
| (A Shares) | | 22,944 | 568,137 |
| (B Shares) | | 31,218 | 715,536 |
| Attendo AB (c) | | 7,307 | 66,074 |
| Avanza Bank Holding AB | | 1,142 | 61,074 |
| Axfood AB | | 4,976 | 88,768 |
| Betsson AB (B Shares) | | 5,780 | 50,213 |
| Bilia AB (A Shares) | | 6,304 | 59,071 |
| Billerud AB | | 8,713 | 103,305 |
| BioGaia AB | | 893 | 36,155 |
| Boliden AB | | 15,073 | 344,494 |
| Bonava AB | | 7,577 | 85,613 |
| Bravida AB (c) | | 13,091 | 96,203 |
| Bure Equity AB | | 2,033 | 26,481 |
| BYGGmax Group AB | | 2,346 | 9,575 |
| Capio AB (c) | | 4,409 | 27,896 |
| Castellum AB | | 11,413 | 196,865 |
| Cherry AB (a) | | 2,000 | 15,692 |
| Clas Ohlson AB (B Shares) | | 2,193 | 18,464 |
| Cloetta AB | | 13,927 | 42,004 |
| Com Hem Holding AB | | 9,233 | 144,077 |
| D. Carnegie & Co. AB (a) | | 1,489 | 25,448 |
| Dios Fastigheter AB | | 5,457 | 32,887 |
| Dometic Group AB (c) | | 14,834 | 103,744 |
| Dustin Group AB (c) | | 1,681 | 13,483 |
| Dustin Group AB rights 11/7/18 (a) | | 1,681 | 263 |
| Electrolux AB (B Shares) | | 13,111 | 272,503 |
| Elekta AB (B Shares) | | 21,799 | 276,443 |
| Eltel AB (a)(c) | | 3,974 | 8,620 |
| Epiroc AB: | | | |
| Class A (a) | | 31,830 | 279,512 |
| Class B (a) | | 23,572 | 194,296 |
| Essity AB Class B | | 31,091 | 709,737 |
| Evolution Gaming Group AB | | 879 | 66,133 |
| Fabege AB | | 13,228 | 168,979 |
| Fastighets AB Balder (a) | | 5,052 | 126,864 |
| Getinge AB (B Shares) | | 14,190 | 139,401 |
| Granges AB | | 3,812 | 40,323 |
| H&M Hennes & Mauritz AB (B Shares) (b) | | 45,448 | 802,738 |
| Haldex AB | | 927 | 7,851 |
| Hansa Medical AB (a) | | 1,570 | 55,106 |
| Hemfosa Fastigheter AB | | 10,982 | 135,728 |
| Hexagon AB (B Shares) | | 13,083 | 641,344 |
| HEXPOL AB (B Shares) | | 14,880 | 137,724 |
| Hoist Finance AB (c) | | 6,041 | 48,454 |
| Holmen AB (B Shares) | | 4,648 | 106,510 |
| Hufvudstaden AB Series A | | 5,839 | 86,330 |
| Husqvarna AB (B Shares) | | 18,366 | 138,721 |
| ICA Gruppen AB | | 4,541 | 160,726 |
| Industrivarden AB (C Shares) | | 9,183 | 190,862 |
| Indutrade AB | | 4,016 | 96,372 |
| Intrum Justitia AB (b) | | 3,276 | 83,554 |
| Investment AB Oresund (a) | | 100 | 1,519 |
| Investor AB (B Shares) | | 21,406 | 927,945 |
| Inwido AB | | 1,240 | 8,272 |
| ITAB Shop Concept AB | | 678 | 1,332 |
| JM AB (B Shares) | | 4,196 | 79,760 |
| Kinnevik AB (B Shares) | | 13,355 | 370,536 |
| Klovern AB (B Shares) | | 27,231 | 31,453 |
| Kungsleden AB | | 13,492 | 94,432 |
| LeoVegas AB (c) | | 1,894 | 11,073 |
| Lindab International AB | | 3,236 | 22,631 |
| Loomis AB (B Shares) | | 3,056 | 94,507 |
| Lundbergfoeretagen AB | | 5,267 | 162,537 |
| Lundin Petroleum AB | | 8,890 | 271,427 |
| Mekonomen AB (a) | | 1,190 | 13,914 |
| Mekonomen AB | | 2,083 | 24,356 |
| Modern Times Group MTG AB (B Shares) | | 3,968 | 146,646 |
| Mycronic AB | | 3,498 | 43,844 |
| NCC AB Series B | | 7,552 | 112,647 |
| Net Entertainment NE AB | | 13,480 | 69,233 |
| New Wave Group AB (B Shares) | | 582 | 3,536 |
| Nibe Industrier AB (B Shares) | | 20,042 | 209,330 |
| Nobia AB | | 5,154 | 32,807 |
| Nobina AB (c) | | 3,257 | 21,746 |
| Nolato AB Series B | | 1,115 | 51,357 |
| Nordnet AB Class B (d) | | 492 | 0 |
| Pandox AB | | 3,228 | 55,169 |
| Peab AB | | 11,839 | 104,274 |
| Probi AB (a) | | 251 | 11,081 |
| Radisson Hospitality AB (a) | | 372 | 1,437 |
| Ratos AB (B Shares) | | 20,802 | 56,192 |
| RaySearch Laboratories AB (a) | | 398 | 5,015 |
| Recipharm AB (a) | | 2,999 | 44,373 |
| Resurs Holding AB (c) | | 3,822 | 25,331 |
| Saab AB (B Shares) | | 3,511 | 137,583 |
| Sandvik AB | | 56,950 | 901,751 |
| Scandic Hotels Group AB | | 5,491 | 50,193 |
| Securitas AB (B Shares) | | 17,199 | 294,977 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 83,020 | 859,671 |
| Skanska AB (B Shares) | | 18,827 | 296,359 |
| SKF AB (B Shares) | | 22,065 | 354,442 |
| SkiStar AB | | 779 | 20,303 |
| SSAB Svenskt Stal AB: | | | |
| (A Shares) | | 14,179 | 56,631 |
| (B Shares) | | 42,341 | 137,371 |
| Starbreeze AB (a) | | 12,908 | 9,253 |
| Svenska Cellulosa AB (SCA) (B Shares) | | 29,801 | 282,081 |
| Svenska Handelsbanken AB (A Shares) | | 78,227 | 850,315 |
| Sweco AB (B Shares) | | 4,709 | 106,209 |
| Swedbank AB (A Shares) | | 44,106 | 993,345 |
| Swedish Match Co. AB | | 10,054 | 512,305 |
| Swedish Orphan Biovitrum AB (a) | | 10,293 | 210,108 |
| Tele2 AB (B Shares) | | 17,743 | 201,644 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 161,610 | 1,407,099 |
| TeliaSonera AB | | 141,108 | 636,217 |
| Thule Group AB (c) | | 9,227 | 182,803 |
| Tobii AB (a) | | 2,177 | 8,088 |
| Trelleborg AB (B Shares) | | 14,569 | 263,164 |
| Vitrolife AB | | 2,010 | 29,797 |
| Volvo AB (B Shares) | | 77,027 | 1,151,472 |
| Wallenstam AB (B Shares) | | 13,575 | 122,308 |
| Wihlborgs Fastigheter AB | | 7,176 | 81,114 |
|
| TOTAL SWEDEN | | | 23,061,651 |
|
| Switzerland - 5.1% | | | |
| ABB Ltd. (Reg.) | | 95,712 | 1,925,873 |
| Adecco SA (Reg.) | | 8,828 | 432,481 |
| AFG Arbonia-Forster-Holding AG (a) | | 7,452 | 93,525 |
| Allreal Holding AG | | 370 | 56,796 |
| ALSO Holding AG | | 335 | 37,985 |
| APG SGA SA | | 197 | 69,439 |
| Aryzta AG | | 4,359 | 40,614 |
| Ascom Holding AG (Reg.) | | 772 | 12,326 |
| Autoneum Holding AG | | 113 | 21,879 |
| Bachem Holding AG (B Shares) | | 167 | 19,533 |
| Baloise Holdings AG | | 2,357 | 337,467 |
| Banque Cantonale Vaudoise | | 189 | 141,307 |
| Barry Callebaut AG | | 94 | 183,772 |
| Basilea Pharmaceutica AG (a) | | 172 | 8,307 |
| Bell AG | | 352 | 110,442 |
| BKW AG | | 722 | 45,808 |
| Bobst Group SA | | 285 | 21,563 |
| Bossard Holding AG | | 776 | 126,669 |
| Bucher Industries AG | | 400 | 110,411 |
| Burckhardt Compression Holding AG | | 84 | 27,857 |
| Burkhalter Holding AG | | 381 | 29,772 |
| Cembra Money Bank AG | | 2,309 | 193,725 |
| Clariant AG (Reg.) | | 10,921 | 235,412 |
| Coca-Cola HBC AG | | 10,332 | 305,067 |
| Comet Holding AG | | 480 | 48,517 |
| Compagnie Financiere Richemont SA Series A | | 27,109 | 1,981,414 |
| Credit Suisse Group AG | | 133,655 | 1,747,361 |
| Daetwyler Holdings AG | | 793 | 120,468 |
| Dufry AG | | 2,530 | 285,242 |
| EFG International | | 3,288 | 23,212 |
| Emmi AG | | 107 | 77,768 |
| Ems-Chemie Holding AG | | 497 | 273,877 |
| Flughafen Zuerich AG | | 1,198 | 236,947 |
| Forbo Holding AG (Reg.) | | 47 | 69,020 |
| Galenica AG | | 2,205 | 318,659 |
| Galenica Sante Ltd. (c) | | 6,685 | 358,427 |
| GAM Holding Ltd. | | 10,183 | 59,148 |
| Geberit AG (Reg.) | | 1,734 | 678,862 |
| Georg Fischer AG (Reg.) | | 262 | 243,881 |
| Givaudan SA | | 476 | 1,155,085 |
| Helvetia Holding AG (Reg.) | | 364 | 222,994 |
| Huber+Suhner AG | | 427 | 29,254 |
| Idorsia Ltd. (a) | | 5,009 | 97,032 |
| Implenia AG | | 604 | 33,584 |
| INFICON Holding AG | | 64 | 30,705 |
| Interroll Holding AG | | 54 | 99,941 |
| Intershop Holding AG | | 12 | 5,898 |
| Julius Baer Group Ltd. | | 11,501 | 524,501 |
| Kaba Holding AG (B Shares) (Reg.) | | 130 | 93,839 |
| Kardex AG | | 862 | 112,120 |
| Komax Holding AG (Reg.) | | 349 | 95,640 |
| Kudelski SA (Bearer) | | 453 | 3,189 |
| Kuehne & Nagel International AG | | 2,551 | 354,858 |
| Lafargeholcim Ltd. (Reg.) | | 25,219 | 1,168,114 |
| Landis+Gyr Group AG | | 1,176 | 71,343 |
| Leonteq AG (a) | | 538 | 25,406 |
| Lindt & Spruengli AG | | 6 | 478,975 |
| Lindt & Spruengli AG (participation certificate) | | 46 | 317,430 |
| Logitech International SA (Reg.) | | 8,995 | 332,864 |
| Lonza Group AG | | 3,845 | 1,209,067 |
| Meyer Burger Technology AG (a) | | 17,793 | 9,328 |
| Mobimo Holding AG | | 795 | 177,210 |
| Nestle SA (Reg. S) | | 158,712 | 13,398,956 |
| Novartis AG | | 111,643 | 9,776,842 |
| OC Oerlikon Corp. AG (Reg.) | | 9,327 | 111,037 |
| Oriflame Holding AG | | 1,730 | 40,872 |
| Orior AG | | 98 | 8,660 |
| Panalpina Welttransport Holding AG | | 780 | 95,259 |
| Pargesa Holding SA | | 2,018 | 148,172 |
| Partners Group Holding AG | | 853 | 607,683 |
| PSP Swiss Property AG | | 1,895 | 182,980 |
| Rieter Holding AG (Reg.) | | 147 | 19,850 |
| Roche Holding AG (participation certificate) | | 36,180 | 8,804,852 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 1,449 | 305,583 |
| (Reg.) | | 1,587 | 329,643 |
| Schmolz & Bickenbach AG (a) | | 6,294 | 4,618 |
| Schweiter Technologies AG | | 130 | 147,664 |
| SFS Group AG | | 793 | 77,871 |
| SGS SA (Reg.) | | 258 | 612,755 |
| Siegfried Holding AG | | 168 | 67,390 |
| Sika AG | | 6,931 | 889,128 |
| Sonova Holding AG Class B | | 2,768 | 452,241 |
| St.Galler Kantonalbank AG | | 93 | 45,801 |
| Straumann Holding AG | | 531 | 362,471 |
| Sulzer AG (Reg.) | | 897 | 90,132 |
| Sunrise Communications Group AG (c) | | 2,050 | 180,544 |
| Swatch Group AG (Bearer) | | 1,465 | 495,728 |
| Swatch Group AG (Bearer) (Reg.) | | 4,459 | 297,739 |
| Swiss Life Holding AG | | 1,960 | 739,902 |
| Swiss Prime Site AG | | 3,278 | 266,237 |
| Swiss Re Ltd. | | 15,877 | 1,433,919 |
| Swisscom AG | | 1,293 | 592,355 |
| Tecan Group AG | | 429 | 96,777 |
| Temenos Group AG | | 2,979 | 409,662 |
| u-blox Holding AG | | 486 | 60,898 |
| UBS Group AG | | 198,319 | 2,774,477 |
| Valiant Holding AG | | 1,734 | 195,928 |
| Valora Holding AG | | 87 | 21,768 |
| VAT Group AG (c) | | 1,302 | 130,827 |
| Vontobel Holdings AG | | 1,913 | 118,714 |
| VZ Holding AG | | 73 | 20,694 |
| Ypsomed Holding AG | | 367 | 49,266 |
| Zehnder Group AG | | 53 | 2,121 |
| Zurich Insurance Group AG | | 7,248 | 2,250,369 |
| ZZ Holding AG | | 120 | 107,352 |
|
| TOTAL SWITZERLAND | | | 64,584,947 |
|
| Taiwan - 2.7% | | | |
| A-DATA Technology Co. Ltd. | | 1,000 | 1,218 |
| Accton Technology Corp. | | 30,000 | 82,557 |
| Acer, Inc. | | 121,000 | 84,808 |
| Advanced Ceramic X Corp. | | 1,000 | 6,266 |
| Advantech Co. Ltd. | | 17,499 | 120,388 |
| AmTRAN Technology Co. Ltd. (a) | | 4,000 | 1,525 |
| ASE Industrial Holding Co. Ltd. | | 174,718 | 352,139 |
| Asia Cement Corp. | | 136,000 | 143,861 |
| Asia Optical Co., Inc. | | 6,000 | 10,736 |
| Asia Pacific Telecom Co. Ltd. (a) | | 33,000 | 6,342 |
| ASPEED Tech, Inc. | | 1,000 | 14,745 |
| ASUSTeK Computer, Inc. | | 47,000 | 347,637 |
| AU Optronics Corp. | | 570,000 | 222,576 |
| Bank of Kaohsiung Co. Ltd. | | 15,272 | 4,336 |
| Capital Securities Corp. | | 7,490 | 2,235 |
| Catcher Technology Co. Ltd. | | 31,000 | 311,897 |
| Cathay Financial Holding Co. Ltd. | | 414,000 | 655,222 |
| Chang Hwa Commercial Bank | | 404,198 | 229,120 |
| Cheng Loong Corp. | | 28,000 | 17,861 |
| Cheng Shin Rubber Industry Co. Ltd. | | 134,000 | 188,489 |
| Cheng Uei Precision Industries Co. Ltd. | | 3,000 | 2,064 |
| Chicony Electronics Co. Ltd. | | 12,125 | 24,242 |
| Chilisin Electronics Corp. | | 9,958 | 23,962 |
| Chin-Poon Industrial Co. Ltd. | | 6,000 | 6,686 |
| China Airlines Ltd. | | 177,000 | 52,367 |
| China Bills Finance Corp. | | 4,000 | 1,705 |
| China Development Finance Holding Corp. | | 960,000 | 307,902 |
| China Life Insurance Co. Ltd. | | 204,569 | 194,258 |
| China Motor Co. Ltd. (a) | | 3,000 | 2,258 |
| China Petrochemical Development Corp. (a) | | 207,000 | 75,551 |
| China Steel Chemical Corp. | | 1,000 | 4,054 |
| China Steel Corp. | | 667,000 | 525,663 |
| China Synthetic Rubber Corp. | | 21,398 | 23,913 |
| Chinatrust Financial Holding Co. Ltd. | | 951,960 | 634,937 |
| Chipbond Technology Corp. | | 38,000 | 69,715 |
| Chroma ATE, Inc. | | 17,000 | 59,576 |
| Chunghwa Telecom Co. Ltd. | | 185,000 | 653,079 |
| Clevo Co. Ltd. | | 2,000 | 1,554 |
| Compal Electronics, Inc. | | 188,000 | 103,532 |
| Compeq Manufacturing Co. Ltd. | | 40,000 | 25,581 |
| Coretronic Corp. | | 14,000 | 19,218 |
| CTCI Corp. | | 10,000 | 14,099 |
| Cub Elecparts, Inc. | | 2,484 | 14,963 |
| Delta Electronics, Inc. | | 118,000 | 495,470 |
| E Ink Holdings, Inc. | | 57,000 | 44,922 |
| E.SUN Financial Holdings Co. Ltd. | | 660,322 | 437,222 |
| ECLAT Textile Co. Ltd. | | 9,060 | 107,542 |
| EGiS Technology, Inc. | | 1,000 | 3,139 |
| Elan Microelectronics Corp. | | 31,500 | 58,502 |
| Elite Advanced Laser Corp. | | 1,320 | 2,298 |
| Elite Material Co. Ltd. | | 8,000 | 15,995 |
| eMemory Technology, Inc. | | 6,000 | 44,379 |
| Ennoconn Corp. | | 1,000 | 6,621 |
| EPISTAR Corp. | | 30,000 | 27,083 |
| Eternal Materials Co. Ltd. | | 10,291 | 7,662 |
| EVA Airways Corp. | | 58,562 | 26,765 |
| Evergreen Marine Corp. (Taiwan) | | 98,244 | 36,175 |
| Evergreen Marine Corp. (Taiwan) rights 11/18/18 (a) | | 5,596 | 127 |
| Everlight Electronics Co. Ltd. | | 11,000 | 9,451 |
| Far Eastern Department Stores Co. Ltd. | | 5,000 | 2,495 |
| Far Eastern International Bank | | 53,670 | 17,162 |
| Far Eastern Textile Ltd. | | 159,000 | 159,460 |
| Far EasTone Telecommunications Co. Ltd. | | 130,000 | 309,459 |
| Farglory Land Development Co. Ltd. | | 10,000 | 11,402 |
| Feng Hsin Iron & Steel Co. | | 17,000 | 32,176 |
| Feng Tay Enterprise Co. Ltd. | | 30,120 | 180,951 |
| Firich Enterprise Co. Ltd. | | 1,060 | 1,193 |
| First Financial Holding Co. Ltd. | | 695,480 | 439,161 |
| FLEXium Interconnect, Inc. | | 20,940 | 52,552 |
| Formosa Chemicals & Fibre Corp. | | 184,000 | 665,622 |
| Formosa Petrochemical Corp. | | 61,000 | 240,371 |
| Formosa Plastics Corp. | | 234,000 | 763,360 |
| Formosa Taffeta Co. Ltd. | | 92,000 | 99,992 |
| Foxconn Technology Co. Ltd. | | 39,010 | 82,656 |
| Fubon Financial Holding Co. Ltd. | | 360,000 | 563,363 |
| Genius Electronic Optical Co. Ltd. | | 3,000 | 19,380 |
| Getac Technology Corp. | | 2,000 | 2,351 |
| Giant Manufacturing Co. Ltd. | | 10,000 | 38,113 |
| Giga-Byte Technology Co. Ltd. | | 36,000 | 47,034 |
| Global Unichip Corp. | | 3,000 | 20,349 |
| GlobalWafers Co. Ltd. | | 14,000 | 111,012 |
| Grand Pacific Petrochemical Corp. | | 41,000 | 27,611 |
| Grape King Bio Ltd. | | 7,000 | 44,088 |
| Great Wall Enterprise Co. Ltd. | | 2,140 | 2,081 |
| Greatek Electronics, Inc. | | 9,000 | 11,192 |
| HannStar Display Corp. | | 76,000 | 16,692 |
| Highwealth Construction Corp. | | 11,000 | 16,112 |
| HIWIN Technologies Corp. | | 11,791 | 76,168 |
| Holystone Enterprise Co. Ltd. | | 9,000 | 28,168 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 689,600 | 1,755,155 |
| Hota Industrial Manufacturing Co. Ltd. | | 31,063 | 129,929 |
| Hotai Motor Co. Ltd. | | 18,000 | 124,126 |
| HTC Corp. (a) | | 49,000 | 53,177 |
| Hua Nan Financial Holdings Co. Ltd. | | 478,474 | 269,678 |
| Huaku Development Co. Ltd. | | 1,000 | 2,025 |
| Innolux Corp. | | 429,000 | 129,834 |
| International Games Systems Co. Ltd. | | 1,000 | 4,441 |
| Inventec Corp. | | 123,000 | 99,121 |
| Kenda Rubber Industrial Co. Ltd. | | 12,060 | 11,530 |
| King Slide Works Co. Ltd. | | 1,000 | 10,384 |
| King Yuan Electronics Co. Ltd. | | 195,000 | 113,685 |
| King's Town Bank | | 111,000 | 105,943 |
| Kinpo Electronics, Inc. | | 6,000 | 1,793 |
| Kinsus Interconnect Technology Corp. | | 2,000 | 2,613 |
| LandMark Optoelectronics Corp. | | 4,000 | 26,550 |
| Largan Precision Co. Ltd. | | 6,000 | 649,214 |
| Lee Chang Yung Chemical Industry Corp. | | 92,000 | 154,222 |
| Lien Hwa Industrial Corp. | | 60,667 | 59,667 |
| Lite-On Technology Corp. | | 123,009 | 141,045 |
| Long Chen Paper Co. Ltd. | | 48,138 | 24,488 |
| Macronix International Co. Ltd. | | 70,380 | 38,986 |
| Makalot Industrial Co. Ltd. | | 7,000 | 37,532 |
| MediaTek, Inc. | | 79,000 | 580,498 |
| Mega Financial Holding Co. Ltd. | | 623,000 | 526,201 |
| Mercuries Life Insurance Co. Ltd. | | 139,465 | 61,037 |
| Merida Industry Co. Ltd. | | 30,000 | 105,134 |
| Merry Electronics Co. Ltd. | | 13,000 | 56,055 |
| Micro-Star International Co. Ltd. | | 41,000 | 90,448 |
| MiTAC Holdings Corp. | | 5,748 | 4,660 |
| Namchow Chemical Industrial Co. Ltd. | | 1,000 | 1,411 |
| Nan Ya Plastics Corp. | | 257,000 | 638,339 |
| Nankang Rubber Tire Co. Ltd. | | 2,000 | 1,744 |
| Nanya Technology Corp. | | 77,000 | 127,834 |
| Nien Made Enterprise Co. Ltd. | | 10,000 | 61,692 |
| Novatek Microelectronics Corp. | | 27,000 | 119,039 |
| OBI Pharma, Inc. (a) | | 6,000 | 23,449 |
| Oriental Union Chemical Corp. | | 4,000 | 3,618 |
| PChome Online, Inc. (a) | | 6,062 | 27,608 |
| Pegatron Corp. | | 91,000 | 165,479 |
| PharmaEngine, Inc. | | 1,199 | 4,047 |
| PharmaEssentia Corp. (a) | | 24,000 | 127,905 |
| Phison Electronics Corp. | | 6,000 | 39,340 |
| Pou Chen Corp. | | 192,000 | 194,415 |
| Powertech Technology, Inc. | | 100,000 | 218,343 |
| Poya International Co. Ltd. | | 1,010 | 8,792 |
| President Chain Store Corp. | | 35,000 | 394,535 |
| Primax Electronics Ltd. | | 15,000 | 20,155 |
| Prince Housing & Development Corp. | | 6,000 | 1,957 |
| Qisda Corp. | | 25,000 | 14,171 |
| Quanta Computer, Inc. | | 114,000 | 179,871 |
| Radiant Opto-Electronics Corp. | | 32,000 | 83,616 |
| Realtek Semiconductor Corp. | | 39,000 | 156,199 |
| Ritek Corp. (a) | | 78,497 | 25,100 |
| Ruentex Development Co. Ltd. | | 5,040 | 6,967 |
| Ruentex Industries Ltd. | | 9,000 | 22,529 |
| SerComm Corp. | | 28,000 | 44,586 |
| Shin Kong Financial Holding Co. Ltd. | | 581,982 | 190,795 |
| Shin Zu Shing Co. Ltd. | | 1,000 | 2,442 |
| Shinkong Insurance Co. Ltd. | | 2,000 | 2,316 |
| Simplo Technology Co. Ltd. | | 23,600 | 136,826 |
| SINBON Electronics Co. Ltd. | | 1,000 | 2,752 |
| Sino-American Silicon Products, Inc. | | 29,000 | 53,953 |
| Sinopac Holdings Co. | | 514,495 | 174,487 |
| St.Shine Optical Co. Ltd. | | 3,000 | 53,294 |
| Standard Foods Corp. | | 41,714 | 62,583 |
| Synnex Technology International Corp. | | 164,100 | 176,500 |
| Systex Corp. | | 1,000 | 1,999 |
| Ta Chen Stainless Pipe Co. Ltd. | | 38,932 | 54,574 |
| Taichung Commercial Bank Co. Ltd. | | 126,204 | 41,578 |
| Taichung Commercial Bank Co. Ltd. rights 11/26/18 (a) | | 4,206 | 0 |
| TaiMed Biologics, Inc. (a) | | 7,000 | 43,636 |
| Tainan Spinning Co. Ltd. | | 115,000 | 45,130 |
| Taishin Financial Holdings Co. Ltd. | | 437,715 | 194,395 |
| Taishin Financial Holdings Co. Ltd. rights 11/22/18 (a) | | 8,829 | 856 |
| Taiwan Business Bank | | 821,352 | 270,596 |
| Taiwan Cement Corp. | | 281,728 | 315,756 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 513,671 | 288,686 |
| Taiwan Fertilizer Co. Ltd. | | 11,000 | 14,922 |
| Taiwan Glass Industry Corp. (a) | | 24,000 | 10,271 |
| Taiwan High Speed Rail Corp. | | 265,000 | 262,770 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | | 2,000 | 3,081 |
| Taiwan Mobile Co. Ltd. | | 80,000 | 285,525 |
| Taiwan Paiho Ltd. | | 17,000 | 25,093 |
| Taiwan Secom Co. | | 33,000 | 93,797 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 1,278,000 | 9,589,011 |
| Taiwan Shin Kong Security Co. Ltd. | | 2,000 | 2,161 |
| Tatung Co. Ltd. (a) | | 104,000 | 120,928 |
| TCI Co. Ltd. | | 3,448 | 48,167 |
| TECO Electric & Machinery Co. Ltd. | | 75,000 | 42,998 |
| Ton Yi Industrial Corp. | | 5,000 | 2,132 |
| Tong Hsing Electronics Industries Ltd. | | 6,000 | 17,829 |
| Tong Yang Industry Co. Ltd. | | 5,000 | 5,636 |
| Topco Scientific Co. Ltd. | | 4,304 | 8,897 |
| Transcend Information, Inc. | | 1,000 | 2,087 |
| Tripod Technology Corp. | | 15,000 | 36,191 |
| TSRC Corp. | | 6,000 | 5,523 |
| TTY Biopharm Co. Ltd. | | 1,000 | 2,610 |
| Tung Ho Steel Enterprise Corp. | | 55,000 | 37,217 |
| Tung Thih Electronic Co. Ltd. | | 1,000 | 2,035 |
| TXC Corp. | | 2,000 | 1,996 |
| Unified-President Enterprises Corp. | | 244,000 | 590,288 |
| Unimicron Technology Corp. | | 27,000 | 13,125 |
| United Microelectronics Corp. | | 679,000 | 258,608 |
| United Renewable Energy Co. Ltd. (a) | | 201,000 | 44,601 |
| USI Corp. | | 5,202 | 1,983 |
| Vanguard International Semiconductor Corp. | | 47,000 | 86,530 |
| Visual Photonics Epitaxy Co. Ltd. | | 14,000 | 25,096 |
| Voltronic Power Technology Corp. | | 1,000 | 16,133 |
| Wafer Works Corp. | | 43,000 | 43,610 |
| Walsin Lihwa Corp. | | 224,000 | 111,058 |
| Walsin Technology Corp. | | 16,875 | 71,129 |
| Waterland Financial Holdings Co. Ltd. | | 367,612 | 119,329 |
| Wei-Chuan Food Corp. (a) | | 2,000 | 1,231 |
| Win Semiconductors Corp. | | 20,389 | 62,562 |
| Winbond Electronics Corp. | | 146,363 | 63,347 |
| Wistron Corp. | | 266,829 | 162,887 |
| Wistron NeWeb Corp. | | 20,460 | 47,581 |
| WPG Holding Co. Ltd. | | 209,760 | 248,984 |
| WT Microelectronics Co. Ltd. | | 2,235 | 2,877 |
| Yageo Corp. | | 13,129 | 133,790 |
| Yieh Phui Enterprise Co. | | 5,459 | 1,691 |
| Yuanta Financial Holding Co. Ltd. | | 672,000 | 325,576 |
| Yuen Foong Yu Paper Manufacturing Co. | | 105,000 | 37,984 |
| Yulon Motor Co. Ltd. | | 12,000 | 6,996 |
| Yungtay Engineering Co. Ltd. | | 18,000 | 32,790 |
|
| TOTAL TAIWAN | | | 34,375,645 |
|
| Thailand - 0.6% | | | |
| Advanced Info Service PCL (For. Reg.) | | 47,500 | 280,760 |
| Airports of Thailand PCL (For. Reg.) | | 205,700 | 397,008 |
| Bangkok Airways PCL | | 65,400 | 23,075 |
| Bangkok Bank PCL (For. Reg.) | | 15,100 | 96,538 |
| Bangkok Chain Hospital PCL | | 97,300 | 57,218 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 192,800 | 142,449 |
| Bangkok Expressway and Metro PCL | | 366,500 | 93,946 |
| Bangkok Land PCL | | 1,205,600 | 62,534 |
| Banpu PCL (For. Reg.) | | 150,900 | 79,182 |
| Beauty Community PCL | | 134,100 | 40,440 |
| BEC World PCL (For. Reg.) (a) | | 29,200 | 5,372 |
| Berli Jucker PCL (For. Reg) | | 53,800 | 90,451 |
| BTS Group Holdings PCL | | 366,700 | 101,185 |
| BTS Group Holdings PCL warrants 12/31/19 (a) | | 40,744 | 102 |
| Bumrungrad Hospital PCL (For. Reg.) | | 13,600 | 79,156 |
| C.P. ALL PCL (For. Reg.) | | 264,200 | 535,810 |
| Central Pattana PCL (For. Reg.) | | 57,000 | 135,796 |
| CH. Karnchang PCL | | 2,700 | 2,076 |
| Charoen Pokphand Foods PCL (For. Reg.) | | 153,160 | 116,625 |
| Chularat Hospital PCL | | 25,300 | 1,938 |
| Delta Electronics PCL (For. Reg.) | | 43,400 | 90,308 |
| Dynasty Ceramic PCL: | | | |
| warrants 5/7/21 (a) | | 7,160 | 194 |
| (For. Reg.) | | 17,900 | 1,242 |
| Electricity Generating PCL (For. Reg.) | | 9,000 | 62,696 |
| Energy Absolute PCL | | 77,200 | 115,241 |
| Energy Earth PCL (a)(d) | | 7,600 | 335 |
| Esso Thailand PCL | | 74,900 | 32,752 |
| Glow Energy PCL (For. Reg.) | | 28,700 | 72,486 |
| Gunkul Engineering PCL | | 22,283 | 2,083 |
| Hana Microelectronics PCL (For. Reg.) | | 58,900 | 64,389 |
| Home Product Center PCL (For. Reg.) | | 387,600 | 174,163 |
| Indorama Ventures PCL (For. Reg.) | | 98,400 | 160,983 |
| IRPC PCL (For. Reg.) | | 723,800 | 133,148 |
| Jasmine International Public Co. Ltd. | | 265,900 | 41,296 |
| Kasikornbank PCL (For. Reg.) | | 92,800 | 558,311 |
| KCE Electronics PCL | | 48,500 | 54,482 |
| Kiatnakin Bank PCL (For. Reg.) | | 34,900 | 74,989 |
| Krung Thai Bank PCL (For. Reg.) | | 207,100 | 125,534 |
| Krungthai Card PCL (For. Reg.) | | 57,000 | 59,733 |
| Land & House PCL (For. Reg.) | | 424,800 | 131,949 |
| Major Cineplex Group PCL (For. Reg.) | | 78,400 | 55,797 |
| Minor International PCL (For. Reg.) | | 196,200 | 215,962 |
| Muangthai Leasing PCL | | 52,100 | 82,094 |
| PTG Energy PCL | | 6,300 | 1,995 |
| PTT Exploration and Production PCL (For. Reg.) | | 88,900 | 373,991 |
| PTT Global Chemical PCL (For. Reg.) | | 123,300 | 287,241 |
| PTT PCL (For. Reg.) | | 580,700 | 893,115 |
| Robinsons Department Store PCL (For. Reg.) | | 16,400 | 32,271 |
| Siam Cement PCL (For. Reg.) | | 21,000 | 264,717 |
| Siam Commercial Bank PCL (For. Reg.) | | 100,400 | 416,315 |
| Siam Global House PCL | | 51,598 | 29,098 |
| Sino-Thai Engineering & Construction PCL (For. Reg.) (a) | | 16,300 | 12,191 |
| Sri Trang Agro-Industry PCL | | 17,760 | 9,587 |
| Srisawad Corp. PCL | | 43,700 | 58,644 |
| Supalai PCL (For. Reg.) | | 85,475 | 56,451 |
| Thai Airways International PCL (For. Reg.) (a) | | 60,900 | 23,875 |
| Thai Oil PCL (For. Reg.) | | 67,000 | 171,238 |
| Thai Union Frozen Products PCL (For. Reg.) | | 118,800 | 59,472 |
| Thai Vegetable Oil PCL | | 29,800 | 25,388 |
| Thanachart Capital PCL (For. Reg.) | | 26,800 | 42,633 |
| TISCO Financial Group PCL | | 10,800 | 25,648 |
| TMB PCL (For. Reg.) | | 446,200 | 30,680 |
| True Corp. PCL (For. Reg.) | | 675,400 | 120,171 |
| TTW PCL | | 130,400 | 48,369 |
| Vibhavadi Medical Center PCL | | 93,584 | 6,378 |
| WHA Corp. PCL | | 232,000 | 28,825 |
|
| TOTAL THAILAND | | | 7,670,121 |
|
| Turkey - 0.1% | | | |
| AG Anadolu Grubu Holding A/S | | 8,884 | 18,119 |
| Akbank T.A.S. | | 90,481 | 106,999 |
| Akcansa Cimento A/S | | 294 | 398 |
| Albaraka Turk Katilim Bankasi A/S | | 3,589 | 848 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 9,935 | 33,398 |
| Anadolu Sigoria | | 2,500 | 1,995 |
| Arcelik A/S | | 11,166 | 31,023 |
| Aselsan A/S | | 28,147 | 127,199 |
| Aygaz A/S | | 428 | 931 |
| Bim Birlesik Magazalar A/S JSC | | 11,907 | 169,138 |
| Cimsa Cimento Sanayi Ve Ticaret A/S | | 254 | 341 |
| Coca-Cola Icecek Sanayi A/S | | 3,284 | 16,192 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | | 124,151 | 37,092 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 77,422 | 125,491 |
| Ford Otomotiv Sanayi A/S | | 3,281 | 35,219 |
| Haci Omer Sabanci Holding A/S | | 30,143 | 38,396 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D (a) | | 56,075 | 30,698 |
| Koc Holding A/S | | 42,304 | 117,915 |
| Petkim Petrokimya Holding A/S | | 50,594 | 45,981 |
| Soda Sanayii AS | | 51,836 | 62,875 |
| TAV Havalimanlari Holding A/S | | 7,122 | 29,637 |
| Tekfen Holding A/S | | 9,172 | 34,853 |
| Tofas Turk Otomobil Fabrikasi A/S | | 8,164 | 30,818 |
| Tupras Turkiye Petrol Rafinerileri A/S | | 6,630 | 156,214 |
| Turk Hava Yollari AO (a) | | 24,007 | 60,344 |
| Turk Sise ve Cam Fabrikalari A/S | | 66,361 | 56,156 |
| Turkcell Iletisim Hizmet A/S | | 49,501 | 100,515 |
| Turkiye Garanti Bankasi A/S | | 167,544 | 209,520 |
| Turkiye Halk Bankasi A/S | | 29,067 | 32,085 |
| Turkiye Is Bankasi A/S Series C | | 61,034 | 43,568 |
| Turkiye Sinai Kalkinma Bankasi A/S | | 136,631 | 17,355 |
| Turkiye Vakiflar Bankasi TAO | | 61,575 | 37,675 |
| Ulker Biskuvi Sanayi A/S (a) | | 5,387 | 14,244 |
| Yapi ve Kredi Bankasi A/S (a) | | 45,566 | 13,206 |
|
| TOTAL TURKEY | | | 1,836,438 |
|
| United Arab Emirates - 0.2% | | | |
| Abu Dhabi Commercial Bank PJSC (a) | | 112,981 | 248,837 |
| Air Arabia PJSC (a) | | 150,733 | 41,857 |
| Aldar Properties PJSC | | 277,570 | 130,731 |
| Arabtec Holding Co. (a) | | 17,581 | 9,621 |
| Damac Properties Dubai Co. PJSC (a) | | 80,493 | 44,266 |
| DP World Ltd. | | 10,698 | 192,457 |
| Dubai Investments Ltd. (a) | | 140,493 | 61,963 |
| Dubai Islamic Bank Pakistan Ltd. (a) | | 66,813 | 95,677 |
| Dubai Parks and Resorts PJSC (a) | | 83,207 | 7,951 |
| Emaar Development PJSC (a) | | 62,036 | 83,601 |
| Emaar Malls Group PJSC (a) | | 111,607 | 55,604 |
| Emaar Properties PJSC | | 193,523 | 268,698 |
| Emirates Telecommunications Corp. (a) | | 81,587 | 386,484 |
| Eshraq Properties Co. PJSC (a) | | 6,866 | 1,122 |
| National Bank of Abu Dhabi PJSC | | 63,676 | 239,577 |
| Waha Capital PJSC (a) | | 6,006 | 3,041 |
|
| TOTAL UNITED ARAB EMIRATES | | | 1,871,487 |
|
| United Kingdom - 10.4% | | | |
| 3i Group PLC | | 51,508 | 578,185 |
| AA PLC | | 20,133 | 25,760 |
| Abcam PLC | | 10,446 | 160,225 |
| Acacia Mining PLC (a) | | 2,351 | 4,608 |
| Accesso Technology Group PLC (a) | | 1,923 | 49,897 |
| Admiral Group PLC | | 9,978 | 256,736 |
| Advanced Medical Solutions Group PLC | | 6,326 | 23,207 |
| Aggreko PLC | | 11,667 | 128,011 |
| Allied Minds PLC (a) | | 3,073 | 2,337 |
| Anglo American PLC (United Kingdom) | | 54,751 | 1,172,351 |
| Antofagasta PLC | | 24,080 | 241,554 |
| AO World PLC (a) | | 14,204 | 24,220 |
| Arrow Global Group PLC | | 4,919 | 12,022 |
| Ascential PLC | | 26,068 | 125,550 |
| Ashmore Group PLC | | 19,573 | 88,114 |
| Ashtead Group PLC | | 26,925 | 666,113 |
| ASOS PLC (a) | | 3,442 | 240,040 |
| Associated British Foods PLC | | 17,568 | 535,786 |
| Assura PLC | | 197,531 | 132,302 |
| AstraZeneca PLC (United Kingdom) | | 65,609 | 5,018,411 |
| Auto Trader Group PLC (c) | | 48,901 | 255,525 |
| Aveva Group PLC | | 2,982 | 99,787 |
| Aviva PLC | | 205,926 | 1,125,363 |
| Babcock International Group PLC | | 11,094 | 86,670 |
| BAE Systems PLC | | 156,748 | 1,051,040 |
| Balfour Beatty PLC | | 20,627 | 69,367 |
| Bank of Georgia Group PLC | | 1,624 | 32,370 |
| Barclays PLC | | 912,055 | 2,009,537 |
| Barratt Developments PLC | | 57,216 | 375,906 |
| BBA Aviation PLC | | 64,765 | 198,844 |
| Beazley PLC | | 27,623 | 186,248 |
| Bellway PLC | | 5,243 | 192,403 |
| Berkeley Group Holdings PLC | | 7,357 | 329,224 |
| BHP Billiton PLC | | 110,242 | 2,199,184 |
| Biffa PLC (c) | | 16,227 | 48,742 |
| Big Yellow Group PLC | | 13,146 | 144,928 |
| Blue Prism Group PLC (a) | | 2,243 | 49,714 |
| Bodycote PLC | | 14,511 | 147,549 |
| Bovis Homes Group PLC | | 8,985 | 111,286 |
| BP PLC | | 1,020,417 | 7,371,207 |
| Brewin Dolphin Holding PLC | | 17,451 | 73,431 |
| British American Tobacco PLC (United Kingdom) | | 118,986 | 5,158,075 |
| British Land Co. PLC | | 41,085 | 310,888 |
| Britvic PLC | | 20,924 | 211,553 |
| BT Group PLC | | 440,197 | 1,347,886 |
| BTG PLC (a) | | 21,113 | 148,966 |
| Bunzl PLC | | 17,926 | 529,520 |
| Burberry Group PLC | | 23,371 | 540,997 |
| Cairn Energy PLC (a) | | 45,641 | 115,218 |
| Capita Group PLC | | 86,609 | 142,420 |
| Capital & Counties Properties PLC | | 32,919 | 105,319 |
| Card Factory PLC | | 20,062 | 47,261 |
| Carnival PLC | | 9,426 | 513,769 |
| Carphone Warehouse Group PLC | | 54,588 | 118,233 |
| Centrica PLC | | 293,385 | 552,007 |
| Chemring Group PLC | | 30,409 | 70,897 |
| Cineworld Group PLC | | 51,905 | 195,452 |
| Civitas Social Housing PLC | | 12,154 | 17,089 |
| Clinigen Group PLC | | 6,234 | 72,272 |
| Close Brothers Group PLC | | 8,129 | 152,948 |
| Coats Group PLC (a) | | 99,237 | 102,110 |
| Cobham PLC (a) | | 106,354 | 146,341 |
| Coca-Cola European Partners PLC | | 11,972 | 544,606 |
| Compass Group PLC | | 80,513 | 1,584,840 |
| Computacenter PLC | | 7,919 | 111,140 |
| ConvaTec Group PLC (c) | | 84,628 | 175,238 |
| Conviviality PLC (d) | | 5,769 | 0 |
| Costain Group PLC | | 1,866 | 8,956 |
| Countryside Properties PLC (c) | | 44,767 | 171,435 |
| Crest Nicholson PLC | | 16,859 | 73,440 |
| Croda International PLC | | 8,349 | 514,376 |
| CVS Group PLC | | 1,909 | 20,485 |
| CYBG PLC (b) | | 64,817 | 222,698 |
| Daily Mail & General Trust PLC Class A | | 14,123 | 126,274 |
| Dairy Crest Group PLC | | 13,813 | 84,430 |
| Dart Group PLC | | 3,875 | 42,101 |
| De La Rue PLC | | 4,598 | 28,122 |
| Debenhams PLC | | 18,859 | 2,150 |
| Dechra Pharmaceuticals PLC | | 4,831 | 141,160 |
| Derwent London PLC | | 5,464 | 204,564 |
| DFS Furniture PLC | | 13,771 | 36,612 |
| Diageo PLC | | 123,866 | 4,282,235 |
| Dialog Semiconductor PLC (a) | | 3,351 | 88,435 |
| Dignity PLC | | 1,628 | 20,778 |
| Diploma PLC | | 6,915 | 116,230 |
| Direct Line Insurance Group PLC | | 66,382 | 279,579 |
| Domino's Pizza UK & IRL PLC | | 24,401 | 88,359 |
| Drax Group PLC | | 23,908 | 122,726 |
| DS Smith PLC | | 85,340 | 428,582 |
| Dunelm Group PLC | | 7,027 | 53,577 |
| easyJet PLC | | 11,910 | 182,680 |
| Electrocomponents PLC | | 23,365 | 185,104 |
| Elementis PLC | | 32,720 | 85,737 |
| EMIS Group PLC | | 1,676 | 19,387 |
| Empiric Student Property PLC | | 23,726 | 28,750 |
| EnQuest PLC (a) | | 83,348 | 29,084 |
| Enterprise Inns PLC (a) | | 34,056 | 72,347 |
| Equiniti Group PLC (c) | | 12,680 | 34,927 |
| Essentra PLC | | 19,084 | 93,182 |
| esure Group PLC | | 27,211 | 96,970 |
| Evraz PLC | | 17,156 | 119,073 |
| Faroe Petroleum PLC (a) | | 25,741 | 48,761 |
| Ferrexpo PLC | | 15,676 | 41,857 |
| Fever-Tree Drinks PLC | | 5,238 | 186,194 |
| Firstgroup PLC (a) | | 54,355 | 59,402 |
| Forterra PLC | | 9,489 | 26,744 |
| Fresnillo PLC | | 11,801 | 128,003 |
| G4S PLC (United Kingdom) | | 69,288 | 190,412 |
| Galliford Try PLC | | 8,705 | 97,248 |
| Games Workshop Group PLC | | 2,944 | 115,525 |
| GB Group PLC | | 4,899 | 31,685 |
| Genus PLC | | 2,800 | 79,238 |
| Georgia Capital PLC (a) | | 1,624 | 24,287 |
| GlaxoSmithKline PLC | | 256,234 | 4,962,679 |
| Gocompare.com Group PLC | | 20,148 | 21,401 |
| Grainger Trust PLC | | 16,607 | 57,525 |
| Great Portland Estates PLC | | 9,397 | 83,802 |
| Greene King PLC | | 17,834 | 110,011 |
| Greggs PLC | | 8,654 | 128,425 |
| Halfords Group PLC | | 14,706 | 57,971 |
| Halma PLC | | 15,950 | 270,743 |
| Hammerson PLC | | 38,651 | 216,635 |
| Hansteen Holdings PLC | | 4,785 | 5,884 |
| Hargreaves Lansdown PLC | | 13,494 | 322,193 |
| Hastings Group Holdings PLC (c) | | 28,228 | 66,786 |
| Hays PLC | | 68,438 | 143,725 |
| Helical Bar PLC | | 4,937 | 19,626 |
| Hikma Pharmaceuticals PLC | | 8,637 | 209,922 |
| Hill & Smith Holdings PLC | | 7,635 | 96,663 |
| Hochschild Mining PLC | | 7,631 | 15,372 |
| HomeServe PLC | | 13,003 | 158,143 |
| Hostelworld Group PLC (c) | | 1,535 | 3,861 |
| Howden Joinery Group PLC | | 42,729 | 256,205 |
| HSBC Holdings PLC (United Kingdom) | | 1,022,131 | 8,411,731 |
| Hunting PLC | | 9,314 | 80,360 |
| Hurricane Energy PLC (a) | | 94,337 | 55,347 |
| Ibstock PLC (c) | | 31,649 | 90,778 |
| IG Group Holdings PLC | | 19,211 | 148,438 |
| IMI PLC | | 12,291 | 156,240 |
| Imperial Tobacco Group PLC | | 49,894 | 1,691,938 |
| Inchcape PLC | | 29,827 | 206,256 |
| Indivior PLC (a) | | 40,182 | 96,738 |
| Informa PLC | | 66,742 | 608,769 |
| Inmarsat PLC | | 24,051 | 140,214 |
| InterContinental Hotel Group PLC | | 10,336 | 542,992 |
| Intermediate Capital Group PLC | | 13,762 | 167,462 |
| International Personal Finance PLC | | 7,621 | 17,330 |
| International Quantum Epitaxy PLC (a)(b) | | 32,218 | 37,269 |
| Intertek Group PLC | | 8,374 | 501,787 |
| Intu Properties PLC | | 63,148 | 158,284 |
| Investec PLC | | 30,172 | 186,659 |
| iomart Group PLC | | 1,226 | 6,018 |
| ITE Group PLC | | 27,302 | 19,892 |
| ITV PLC | | 205,736 | 391,696 |
| J Sainsbury PLC | | 86,293 | 343,253 |
| J.D. Weatherspoon PLC | | 1,928 | 30,435 |
| Jackpotjoy PLC (a) | | 1,132 | 8,899 |
| John David Group PLC | | 19,930 | 104,012 |
| John Laing Group PLC (c) | | 53,157 | 212,125 |
| John Menzies PLC | | 927 | 6,161 |
| John Wood Group PLC | | 34,517 | 315,102 |
| Johnson Matthey PLC | | 9,503 | 361,122 |
| JRP Group PLC | | 41,715 | 47,322 |
| Jupiter Fund Management PLC | | 32,708 | 140,891 |
| Just Eat Holding Ltd. (a) | | 28,601 | 222,125 |
| KAZ Minerals PLC | | 10,534 | 69,854 |
| Kcom Group PLC | | 8,465 | 9,965 |
| Keller Group PLC | | 9,943 | 82,355 |
| Keywords Studios PLC | | 2,469 | 43,236 |
| Kier Group PLC | | 3,223 | 36,109 |
| Kingfisher PLC | | 113,977 | 370,102 |
| Land Securities Group PLC | | 32,093 | 349,994 |
| Legal & General Group PLC | | 298,801 | 960,548 |
| Lloyds Banking Group PLC | | 3,691,220 | 2,693,631 |
| London Stock Exchange Group PLC | | 15,887 | 876,237 |
| Londonmetric Properity PLC | | 40,117 | 92,453 |
| Lookers PLC | | 2,630 | 3,210 |
| Man Group PLC | | 77,205 | 153,403 |
| Marks & Spencer Group PLC | | 103,694 | 392,323 |
| Marshalls PLC | | 6,565 | 36,100 |
| McCarthy & Stone PLC (c) | | 17,225 | 29,723 |
| Mediclinic International PLC | | 25,723 | 123,790 |
| Meggitt PLC | | 41,490 | 280,966 |
| Melrose Industries PLC | | 258,396 | 557,020 |
| Merlin Entertainments PLC (c) | | 30,745 | 127,012 |
| Metro Bank PLC (a) | | 6,358 | 180,740 |
| Micro Focus International PLC | | 23,872 | 370,069 |
| Mitchells & Butlers PLC | | 6,311 | 20,973 |
| Mitie Group PLC | | 26,411 | 49,051 |
| Mondi PLC | | 20,337 | 479,473 |
| Moneysupermarket.com Group PLC | | 30,685 | 115,037 |
| Morgan Advanced Materials PLC | | 8,008 | 28,251 |
| N Brown Group PLC | | 3,824 | 6,623 |
| National Express Group PLC Class L | | 22,645 | 115,837 |
| National Grid PLC | | 168,244 | 1,783,190 |
| NCC Group Ltd. | | 7,668 | 19,269 |
| NewRiver REIT PLC | | 15,425 | 49,882 |
| NEX Group PLC | | 16,842 | 244,552 |
| Next PLC | | 7,334 | 487,840 |
| NMC Health PLC | | 5,522 | 249,296 |
| Northgate PLC | | 8,573 | 41,290 |
| Nostrum Oil & Gas LP (a) | | 1,976 | 5,203 |
| Ocado Group PLC (a) | | 29,027 | 317,299 |
| On The Beach Group PLC (c) | | 3,023 | 16,557 |
| OneSavings Bank PLC | | 9,977 | 47,593 |
| Ophir Energy PLC (a) | | 39,780 | 20,873 |
| Oxford Instruments PLC | | 1,621 | 19,476 |
| P2P Global Investments PLC | | 5,361 | 53,243 |
| Pagegroup PLC | | 14,774 | 94,798 |
| Paragon Banking Group PLC | | 21,947 | 119,392 |
| Pearson PLC | | 39,706 | 456,140 |
| Pendragon PLC | | 85,397 | 29,363 |
| Pennon Group PLC | | 20,124 | 191,941 |
| Persimmon PLC | | 15,307 | 448,830 |
| Pets At Home Group PLC | | 34,907 | 49,080 |
| Photo-Me International PLC | | 11,079 | 15,634 |
| Polypipe Group PLC | | 17,721 | 84,035 |
| Premier Foods PLC (a) | | 23,207 | 11,302 |
| Premier Oil PLC (a) | | 58,507 | 80,766 |
| Primary Health Properties PLC | | 40,520 | 56,765 |
| Provident Financial PLC | | 14,724 | 96,058 |
| Prudential PLC | | 134,192 | 2,687,010 |
| Purplebricks Group PLC (a)(b) | | 10,054 | 22,836 |
| PZ Cussons PLC Class L | | 16,813 | 47,064 |
| QinetiQ Group PLC | | 35,124 | 124,675 |
| Quilter PLC | | 143,526 | 212,478 |
| Rathbone Brothers PLC | | 1,656 | 48,726 |
| Reckitt Benckiser Group PLC | | 34,150 | 2,761,510 |
| Redde PLC | | 25,770 | 57,907 |
| Redrow PLC | | 14,846 | 100,289 |
| RELX PLC | | 56,037 | 1,110,211 |
| RELX PLC | | 46,696 | 923,992 |
| Renishaw PLC | | 1,666 | 89,736 |
| Rentokil Initial PLC | | 90,686 | 366,523 |
| Restore PLC | | 3,422 | 19,464 |
| Rightmove PLC | | 59,640 | 344,682 |
| Rio Tinto PLC | | 60,724 | 2,948,197 |
| Rolls-Royce Holdings PLC | | 86,539 | 928,061 |
| Rotork PLC | | 41,450 | 158,838 |
| Royal Bank of Scotland Group PLC | | 253,828 | 764,149 |
| Royal Dutch Shell PLC: | | | |
| Class A (United Kingdom) | | 235,926 | 7,516,157 |
| Class B (United Kingdom) | | 192,067 | 6,263,867 |
| Royal Mail PLC | | 46,011 | 211,132 |
| RPC Group PLC | | 22,440 | 218,735 |
| RPS Group PLC | | 24,886 | 49,877 |
| RSA Insurance Group PLC | | 52,141 | 376,154 |
| Safestore Holdings PLC | | 21,871 | 149,282 |
| Saga PLC | | 59,263 | 90,218 |
| Sage Group PLC | | 57,651 | 401,166 |
| Savills PLC | | 10,381 | 96,200 |
| Scapa Group PLC | | 4,991 | 26,079 |
| Schroders PLC | | 8,227 | 281,822 |
| Scottish & Southern Energy PLC | | 54,207 | 790,090 |
| Segro PLC | | 44,132 | 346,693 |
| Senior Engineering Group PLC | | 40,300 | 140,626 |
| Serco Group PLC (a) | | 85,942 | 105,567 |
| Severn Trent PLC | | 12,251 | 291,731 |
| Shaftesbury PLC | | 6,361 | 72,932 |
| Shanks Group PLC | | 22,634 | 14,841 |
| SIG PLC | | 12,607 | 18,080 |
| Sirius Minerals PLC (a)(b) | | 252,896 | 74,477 |
| Smart Metering Systems PLC | | 2,619 | 19,316 |
| Smith & Nephew PLC | | 44,298 | 720,058 |
| Smiths Group PLC | | 21,457 | 383,283 |
| SOCO International PLC | | 500 | 537 |
| Softcat PLC | | 3,043 | 25,088 |
| Sophos Group PLC (c) | | 19,757 | 110,559 |
| Sound Energy PLC (a) | | 8,859 | 3,850 |
| Spectris PLC | | 6,306 | 172,813 |
| Spirax-Sarco Engineering PLC | | 3,927 | 324,761 |
| Spire Healthcare Group PLC (c) | | 16,378 | 24,577 |
| Sports Direct International PLC (a) | | 6,585 | 27,473 |
| SSP Group PLC | | 29,295 | 249,982 |
| St. James's Place Capital PLC | | 27,059 | 350,537 |
| St. Modwen Properties PLC | | 10,219 | 48,878 |
| Stagecoach Group PLC | | 12,696 | 24,796 |
| Standard Chartered PLC (United Kingdom) | | 146,434 | 1,028,510 |
| Standard Life PLC | | 135,061 | 466,978 |
| Stock Spirits Group PLC | | 10,658 | 27,246 |
| SuperGroup PLC | | 2,109 | 21,781 |
| Synthomer PLC | | 15,742 | 89,339 |
| TalkTalk Telecom Group PLC | | 30,162 | 46,264 |
| Tate & Lyle PLC | | 21,590 | 185,779 |
| Taylor Wimpey PLC | | 198,993 | 410,780 |
| Ted Baker PLC | | 2,860 | 66,972 |
| Telecom Plus PLC | | 3,457 | 53,909 |
| Tesco PLC | | 509,969 | 1,388,863 |
| The Go-Ahead Group PLC | | 2,295 | 45,058 |
| The Restaurant Group PLC | | 16,490 | 50,839 |
| The Weir Group PLC | | 13,074 | 265,039 |
| Thomas Cook Group PLC | | 82,838 | 47,775 |
| TORM PLC (a) | | 167 | 984 |
| Travis Perkins PLC | | 12,141 | 171,791 |
| Tritax Big Box REIT PLC | | 65,993 | 120,539 |
| Tullett Prebon PLC | | 22,995 | 85,237 |
| Tullow Oil PLC (a) | | 88,848 | 256,431 |
| Ultra Electronics Holdings PLC | | 3,091 | 56,814 |
| Unilever PLC | | 62,527 | 3,312,033 |
| Unite Group PLC | | 12,428 | 135,424 |
| United Utilities Group PLC | | 33,372 | 309,939 |
| Vectura Group PLC (a) | | 18,438 | 16,756 |
| Vesuvius PLC | | 6,559 | 45,607 |
| Victoria PLC (a) | | 6,214 | 30,182 |
| Victrex PLC | | 6,984 | 236,743 |
| Vodafone Group PLC | | 1,377,608 | 2,590,645 |
| Watkin Jones PLC | | 6,697 | 17,976 |
| WH Smith PLC | | 9,401 | 233,718 |
| Whitbread PLC | | 9,319 | 524,108 |
| William Hill PLC | | 46,280 | 124,344 |
| WM Morrison Supermarkets PLC | | 104,955 | 332,835 |
| Wolverhampton & Dudley Breweries PLC | | 23,336 | 29,649 |
| Workspace Group PLC | | 8,125 | 99,803 |
|
| TOTAL UNITED KINGDOM | | | 130,916,941 |
|
| United States of America - 0.1% | | | |
| Southern Copper Corp. | | 4,872 | 186,792 |
| Yum China Holdings, Inc. | | 18,561 | 669,681 |
|
| TOTAL UNITED STATES OF AMERICA | | | 856,473 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $1,238,027,315) | | | 1,143,668,315 |
|
| Nonconvertible Preferred Stocks - 1.2% | | | |
| Brazil - 0.6% | | | |
| Alpargatas SA (PN) | | 5,800 | 23,674 |
| Banco ABC Brasil SA | | 3,455 | 15,012 |
| Banco Bradesco SA (PN) | | 176,205 | 1,624,031 |
| Banco do Estado Rio Grande do Sul SA | | 5,300 | 28,284 |
| Bradespar SA (PN) | | 9,679 | 89,885 |
| Braskem SA (PN-A) | | 8,800 | 123,316 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 9,862 | 70,490 |
| Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) | | 10,161 | 213,568 |
| Companhia de Saneamento do Parana | | 15,500 | 41,983 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 52,535 | 155,706 |
| Companhia Energetica de Sao Paulo Series B | | 5,300 | 28,270 |
| Companhia Paranaense de Energia-Copel (PN-B) | | 7,200 | 50,747 |
| Gerdau SA | | 67,303 | 294,061 |
| Gol Linhas Aereas Inteligentes SA (PN) (a) | | 2,100 | 10,383 |
| Itau Unibanco Holding SA | | 165,007 | 2,183,688 |
| Itausa-Investimentos Itau SA (PN) | | 243,132 | 734,329 |
| Lojas Americanas SA (PN) | | 34,700 | 175,295 |
| Marcopolo SA (PN) | | 10,100 | 10,666 |
| Metalurgica Gerdau SA (PN) | | 20,800 | 44,378 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 186,386 | 1,383,308 |
| Telefonica Brasil SA | | 22,800 | 264,790 |
|
| TOTAL BRAZIL | | | 7,565,864 |
|
| Chile - 0.1% | | | |
| Embotelladora Andina SA Class B | | 34,522 | 121,521 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 5,986 | 258,875 |
|
| TOTAL CHILE | | | 380,396 |
|
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 14,703 | 137,462 |
| Grupo Aval Acciones y Valores SA | | 145,146 | 50,944 |
| Grupo de Inversiones Suramerica SA | | 9,299 | 84,917 |
|
| TOTAL COLOMBIA | | | 273,323 |
|
| Germany - 0.3% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 3,209 | 242,433 |
| Biotest AG (non-vtg.) | | 1,682 | 44,675 |
| Draegerwerk AG & Co. KGaA (non-vtg.) | | 125 | 6,719 |
| Fuchs Petrolub AG | | 4,826 | 223,785 |
| Henkel AG & Co. KGaA | | 8,757 | 957,940 |
| Jungheinrich AG | | 2,802 | 92,989 |
| Porsche Automobil Holding SE (Germany) | | 8,372 | 532,417 |
| Sartorius AG (non-vtg.) | | 1,761 | 255,308 |
| Sixt AG Preference Shares | | 548 | 37,738 |
| Sto SE & Co. KGaA | | 572 | 59,086 |
| Volkswagen AG | | 9,767 | 1,645,671 |
|
| TOTAL GERMANY | | | 4,098,761 |
|
| Italy - 0.0% | | | |
| Buzzi Unicem SpA (Risparmio Shares) | | 1,220 | 13,708 |
| Danieli & C. Officine Meccaniche SpA | | 1,027 | 15,145 |
| Telecom Italia SpA (Risparmio Shares) | | 544,121 | 275,362 |
|
| TOTAL ITALY | | | 304,215 |
|
| Korea (South) - 0.2% | | | |
| AMOREPACIFIC Corp. | | 528 | 41,648 |
| Daishin Securities Co. Ltd. | | 4,429 | 34,819 |
| Hyundai Motor Co. | | 2,791 | 162,910 |
| Hyundai Motor Co. Series 2 | | 905 | 56,156 |
| LG Chemical Ltd. | | 665 | 116,273 |
| LG Household & Health Care Ltd. | | 112 | 71,853 |
| Samsung Electronics Co. Ltd. | | 44,111 | 1,382,093 |
|
| TOTAL KOREA (SOUTH) | | | 1,865,752 |
|
| Panama - 0.0% | | | |
| Avianca Holdings SA | | 19,286 | 11,831 |
| Russia - 0.0% | | | |
| AK Transneft OAO | | 26 | 67,453 |
| Surgutneftegas OJSC | | 397,255 | 229,975 |
|
| TOTAL RUSSIA | | | 297,428 |
|
| United Kingdom - 0.0% | | | |
| Rolls-Royce Holdings PLC Series C (a) | | 3,980,794 | 5,088 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | |
| (Cost $14,726,200) | | | 14,802,658 |
| | | Principal Amount | Value |
|
| Government Obligations - 0.2% | | | |
| United States of America - 0.2% | | | |
| U.S. Treasury Bills, yield at date of purchase 2.07% 1/3/19(f) | | | |
| (Cost $3,288,150) | | 3,300,000 | 3,287,180 |
| | | Shares | Value |
|
| Money Market Funds - 7.2% | | | |
| Fidelity Cash Central Fund, 2.23% (g) | | 87,391,909 | 87,409,387 |
| Fidelity Securities Lending Cash Central Fund 2.23% (g)(h) | | 3,580,317 | 3,580,675 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $90,990,062) | | | 90,990,062 |
| TOTAL INVESTMENT IN SECURITIES - 99.3% | | | |
| (Cost $1,347,031,727) | | | 1,252,748,215 |
| NET OTHER ASSETS (LIABILITIES) - 0.7% | | | 8,724,373 |
| NET ASSETS - 100% | | | $1,261,472,588 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 785 | Dec. 2018 | $71,140,625 | $(937,177) | $(937,176) |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 509 | Dec. 2018 | 24,348,015 | (279,683) | (279,683) |
| TME S&P/TSX 60 Index Contracts (Canada) | 51 | Dec. 2018 | 6,928,360 | (103,215) | (103,215) |
| TOTAL FUTURES CONTRACTS | | | | | $(1,320,074) |
The notional amount of futures purchased as a percentage of Net Assets is 8.0%
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(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 $11,663,282 or 0.9% of net assets.
(d) Level 3 security
(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(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 $3,287,180.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $554,926 |
| Fidelity Securities Lending Cash Central Fund | 85,453 |
| Total | $640,379 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $78,050,121 | $36,658,897 | $41,389,076 | $2,148 |
| Consumer Discretionary | 124,384,392 | 89,014,615 | 35,365,945 | 3,832 |
| Consumer Staples | 108,803,747 | 57,611,482 | 51,186,609 | 5,656 |
| Energy | 83,584,467 | 45,850,692 | 37,728,467 | 5,308 |
| Financials | 242,803,821 | 162,297,911 | 80,505,910 | -- |
| Health Care | 98,107,090 | 38,531,152 | 59,565,907 | 10,031 |
| Industrials | 148,252,727 | 96,329,498 | 51,923,229 | -- |
| Information Technology | 98,015,122 | 60,049,786 | 37,963,171 | 2,165 |
| Materials | 94,207,041 | 68,102,044 | 26,104,997 | -- |
| Real Estate | 47,350,225 | 42,388,125 | 4,962,100 | -- |
| Utilities | 34,912,220 | 26,927,055 | 7,978,893 | 6,272 |
| Government Obligations | 3,287,180 | -- | 3,287,180 | -- |
| Money Market Funds | 90,990,062 | 90,990,062 | -- | -- |
| Total Investments in Securities: | $1,252,748,215 | $814,751,319 | $437,961,484 | $35,412 |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(1,320,074) | $(1,320,074) | $-- | $-- |
| Total Liabilities | $(1,320,074) | $(1,320,074) | $-- | $-- |
| Total Derivative Instruments: | $(1,320,074) | $(1,320,074) | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:
| Transfers | Total |
| Level 1 to Level 2 | $22,907,938 |
| Level 2 to Level 1 | $42,534,733 |
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, 2018. 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 | $(1,320,074) |
| Total Equity Risk | 0 | (1,320,074) |
| Total Value of Derivatives | $0 | $(1,320,074) |
(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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $3,477,746) — See accompanying schedule:
Unaffiliated issuers (cost $1,256,041,665) | $1,161,758,153 | |
| Fidelity Central Funds (cost $90,990,062) | 90,990,062 | |
| Total Investment in Securities (cost $1,347,031,727) | | $1,252,748,215 |
| Segregated cash with brokers for derivative instruments | | 1,916,104 |
| Cash | | 4,215 |
| Foreign currency held at value (cost $5,824,242) | | 5,757,751 |
| Receivable for investments sold | | 32,994 |
| Receivable for fund shares sold | | 55,666,768 |
| Dividends receivable | | 3,181,760 |
| Distributions receivable from Fidelity Central Funds | | 73,830 |
| Receivable for daily variation margin on futures contracts | | 900,620 |
| Total assets | | 1,320,282,257 |
| Liabilities | | |
| Payable for investments purchased | | |
| Regular delivery | $35 | |
| Delayed delivery | 5,414 | |
| Payable for fund shares redeemed | 55,160,721 | |
| Accrued management fee | 61,629 | |
| Other payables and accrued expenses | 274 | |
| Collateral on securities loaned | 3,581,596 | |
| Total liabilities | | 58,809,669 |
| Net Assets | | $1,261,472,588 |
| Net Assets consist of: | | |
| Paid in capital | | $1,333,157,342 |
| Total distributable earnings (loss) | | (71,684,754) |
| Net Assets | | $1,261,472,588 |
| Net Asset Value and Maximum Offering Price | | |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($20,253,291 ÷ 1,820,066 shares) | | $11.13 |
| Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($555,339,151 ÷ 49,884,840 shares) | | $11.13 |
| Institutional Class: | | |
| Net Asset Value, offering price and redemption price per share ($96,585,237 ÷ 8,674,463 shares) | | $11.13 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($589,294,909 ÷ 52,916,804 shares) | | $11.14 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2018 |
| Investment Income | | |
| Dividends | | $31,718,421 |
| Interest | | 32,875 |
| Income from Fidelity Central Funds | | 640,379 |
| Income before foreign taxes withheld | | 32,391,675 |
| Less foreign taxes withheld | | (2,970,487) |
| Total income | | 29,421,188 |
| Expenses | | |
| Management fee | $612,339 | |
| Transfer agent fees | 207,050 | |
| Independent trustees' fees and expenses | 4,157 | |
| Commitment fees | 2,572 | |
| Total expenses before reductions | 826,118 | |
| Expense reductions | (2,454) | |
| Total expenses after reductions | | 823,664 |
| Net investment income (loss) | | 28,597,524 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $10,714) | 661,707 | |
| Fidelity Central Funds | (532) | |
| Foreign currency transactions | 103,611 | |
| Futures contracts | 859,354 | |
| Total net realized gain (loss) | | 1,624,140 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $234,805) | (153,015,188) | |
| Fidelity Central Funds | 667 | |
| Assets and liabilities in foreign currencies | (105,794) | |
| Futures contracts | (1,329,328) | |
| Total change in net unrealized appreciation (depreciation) | | (154,449,643) |
| Net gain (loss) | | (152,825,503) |
| Net increase (decrease) in net assets resulting from operations | | $(124,227,979) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2018 | Year ended October 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $28,597,524 | $8,251,362 |
| Net realized gain (loss) | 1,624,140 | 2,020,325 |
| Change in net unrealized appreciation (depreciation) | (154,449,643) | 59,037,611 |
| Net increase (decrease) in net assets resulting from operations | (124,227,979) | 69,309,298 |
| Distributions to shareholders | (12,739,319) | – |
| Distributions to shareholders from net investment income | – | (438,332) |
| Distributions to shareholders from net realized gain | – | (81,892) |
| Total distributions | (12,739,319) | (520,224) |
| Share transactions - net increase (decrease) | 753,570,682 | 518,835,415 |
| Redemption fees | 11,499 | 38,564 |
| Total increase (decrease) in net assets | 616,614,883 | 587,663,053 |
| Net Assets | | |
| Beginning of period | 644,857,705 | 57,194,652 |
| End of period | $1,261,472,588 | $644,857,705 |
| Other Information | | |
| Undistributed net investment income end of period | | $7,662,757 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Total International Index Fund Investor Class
| Years ended October 31, | 2018 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $12.38 | $10.08 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .34 | .29 | .08 |
| Net realized and unrealized gain (loss) | (1.38) | 2.05 | – |
| Total from investment operations | (1.04) | 2.34 | .08 |
| Distributions from net investment income | (.16) | (.03) | – |
| Distributions from net realized gain | (.06) | (.01) | – |
| Total distributions | (.21)C | (.04) | – |
| Redemption fees added to paid in capitalB,D | – | – | – |
| Net asset value, end of period | $11.13 | $12.38 | $10.08 |
| Total ReturnE,F | (8.53)% | 23.31% | .80% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .14% | .18% | .21%I |
| Expenses net of fee waivers, if any | .14% | .18% | .18%I |
| Expenses net of all reductions | .14% | .18% | .18%I |
| Net investment income (loss) | 2.73% | 2.53% | 1.97%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $20,253 | $13,060 | $3,170 |
| Portfolio turnover rateJ | 3% | 2% | 1%K |
A For the period June 7, 2016 (commencement of operations) to October 31, 2016.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.057 per share.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Total International Index Fund Premium Class
| Years ended October 31, | 2018 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $12.39 | $10.09 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .34 | .30 | .08 |
| Net realized and unrealized gain (loss) | (1.38) | 2.04 | .01 |
| Total from investment operations | (1.04) | 2.34 | .09 |
| Distributions from net investment income | (.16) | (.04) | – |
| Distributions from net realized gain | (.06) | (.01) | – |
| Total distributions | (.22) | (.04)C | – |
| Redemption fees added to paid in capitalB,D | – | – | – |
| Net asset value, end of period | $11.13 | $12.39 | $10.09 |
| Total ReturnE,F | (8.54)% | 23.34% | .90% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .09% | .11% | .11%I |
| Expenses net of fee waivers, if any | .09% | .11% | .11%I |
| Expenses net of all reductions | .09% | .11% | .11%I |
| Net investment income (loss) | 2.78% | 2.60% | 2.05%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $555,339 | $391,741 | $51,494 |
| Portfolio turnover rateJ | 3% | 2% | 1%K |
A For the period June 7, 2016 (commencement of operations) to October 31, 2016.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.04 per share is comprised of distributions from net investment income of $.037 and distributions from net realized gain of $.007 per share.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Total International Index Fund Institutional Class
| Years ended October 31, | 2018 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $12.39 | $10.09 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .34 | .30 | .08 |
| Net realized and unrealized gain (loss) | (1.38) | 2.05 | .01 |
| Total from investment operations | (1.04) | 2.35 | .09 |
| Distributions from net investment income | (.17) | (.04) | – |
| Distributions from net realized gain | (.06) | (.01) | – |
| Total distributions | (.22)C | (.05) | – |
| Redemption fees added to paid in capitalB,D | – | – | – |
| Net asset value, end of period | $11.13 | $12.39 | $10.09 |
| Total ReturnE,F | (8.52)% | 23.35% | .90% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .07% | .09% | .13%I |
| Expenses net of fee waivers, if any | .07% | .09% | .09%I |
| Expenses net of all reductions | .07% | .09% | .09%I |
| Net investment income (loss) | 2.80% | 2.62% | 2.06%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $96,585 | $104,569 | $1,241 |
| Portfolio turnover rateJ | 3% | 2% | 1%K |
A For the period June 7, 2016 (commencement of operations) to October 31, 2016.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.22 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $.057 per share.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Total International Index Fund Institutional Premium Class
| Years ended October 31, | 2018 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $12.39 | $10.09 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .34 | .31 | .08 |
| Net realized and unrealized gain (loss) | (1.36) | 2.04 | .01 |
| Total from investment operations | (1.02) | 2.35 | .09 |
| Distributions from net investment income | (.17) | (.04) | – |
| Distributions from net realized gain | (.06) | (.01) | – |
| Total distributions | (.23) | (.05) | – |
| Redemption fees added to paid in capitalB,C | – | – | – |
| Net asset value, end of period | $11.14 | $12.39 | $10.09 |
| Total ReturnD,E | (8.42)% | 23.37% | .90% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .06% | .06% | .10%H |
| Expenses net of fee waivers, if any | .06% | .06% | .06%H |
| Expenses net of all reductions | .06% | .06% | .06%H |
| Net investment income (loss) | 2.81% | 2.65% | 2.09%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $589,295 | $135,488 | $1,289 |
| Portfolio turnover rateI | 3% | 2% | 1%J |
A For the period June 7, 2016 (commencement of operations) to October 31, 2016.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2018
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. 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 offers Investor Class, Premium Class, Institutional Class and Institutional Premium Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund offers conversion privileges between share classes to eligible shareholders. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
During the period, the Board of Trustees approved the consolidation of the Fund's publicly offered share classes into a single share class. The consolidation took place on November 9, 2018, and the surviving class is Fidelity Total International Index Fund.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendor 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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, 2018, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. 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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, 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, 2018, 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 the Other payables and accrued expenses on the Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, 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, market discount 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 | $63,061,005 |
| Gross unrealized depreciation | (159,379,192) |
| Net unrealized appreciation (depreciation) | $(96,318,187) |
| Tax Cost | $1,348,963,188 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $24,741,278 |
| Net unrealized appreciation (depreciation) on securities and other investments | $(96,426,033) |
The tax character of distributions paid was as follows:
| | October 31, 2018 | October 31, 2017 |
| Ordinary Income | $11,596,216 | $ 473,428 |
| Long-term Capital Gains | 1,143,103 | 46,796 |
| Total | $12,739,319 | $ 520,224 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. 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. The Fund 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 is included at the end of the Fund's Schedule of Investments.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation | Prior Line-Item Presentation |
| Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
| Distributions to Shareholders Note to Financial Statements | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.
The Fund used derivatives 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| 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.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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 activity at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. 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, aggregated $702,412,535 and $27,283,686, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company (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 fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees.
Effective August 1, 2018, the Board approved an amendment to the expense contract. Under the expense contract, the investment adviser pays class-level expenses as necessary so that the total expenses do not exceed .06% of each class' average net assets on an annual basis with certain exceptions. Prior to August 1, 2018 the investment adviser paid class-level expenses as necessary so that the total expenses do not exceed certain amounts of each class' average net assets on an annual basis with certain exceptions, as noted in the following table:
| Investor Class | .17% |
| Premium Class | .10% |
| Institutional Class | .08% |
| Institutional Premium Class | .06% |
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.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class. FIIOC receives transfer agent fees at an annual rate of .21%, .11%, .035% and .015% of class-level average net assets for Investor Class, Premium Class, Institutional Class and Institutional Premium Class, respectively. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Effective August 1, 2018, under the amended expense contract, Investor Class, Premium Class, Institutional Class and Institutional Premium Class do not pay transfer agent fees. Prior to August 1, 2018, under the expense contract, Investor Class, Premium Class and Institutional Class paid portion of the transfer agent fees at an annual rate of .11%, .04% and .02% of class-level average net assets, respectively, and Institutional Premium Class did not pay transfer agent fees.
For the period, the total transfer agent fees paid by each applicable class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Investor Class | $14,469 | .08 |
| Premium Class | 160,240 | .03 |
| Institutional Class | 32,341 | .01 |
| | $207,050 | |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $4,003.
7. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,572 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's 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. Total security lending income during the period amounted to $85,453. During the period, there were no securities loaned to FCM.
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. During the period, these credits reduced the Fund's expenses by $2,454.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2018 | Year ended
October 31, 2017 |
| Distributions to shareholders | | |
| Investor Class | $240,444 | $– |
| Premium Class | 7,540,473 | – |
| Institutional Class | 2,474,976 | – |
| Institutional Premium Class | 2,483,426 | – |
| Total | $12,739,319 | $– |
| From net investment income | | |
| Investor Class | $– | $12,356 |
| Premium Class | – | 274,306 |
| Institutional Class | – | 147,084 |
| Institutional Premium Class | – | 4,586 |
| Total | $– | $438,332 |
| From net realized gain | | |
| Investor Class | $– | $2,668 |
| Premium Class | – | 51,468 |
| Institutional Class | – | 26,952 |
| Institutional Premium Class | – | 804 |
| Total | $– | $81,892 |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2018 | Year ended October 31, 2017 | Year ended October 31, 2018 | Year ended October 31, 2017 |
| Investor Class | | | | |
| Shares sold | 2,271,802 | 2,080,742 | $28,292,302 | $23,149,243 |
| Reinvestment of distributions | 19,410 | 1,459 | 236,609 | 14,518 |
| Shares redeemed | (1,525,971) | (1,341,742) | (19,099,753) | (15,054,293) |
| Net increase (decrease) | 765,241 | 740,459 | $9,429,158 | $8,109,468 |
| Premium Class | | | | |
| Shares sold | 38,944,563 | 29,938,258 | $481,016,695 | $332,799,582 |
| Reinvestment of distributions | 578,359 | 29,064 | 7,050,193 | 289,118 |
| Shares redeemed | (21,258,693) | (3,451,383) | (253,769,567) | (39,220,046) |
| Net increase (decrease) | 18,264,229 | 26,515,939 | $234,297,321 | $293,868,654 |
| Institutional Class | | | | |
| Shares sold | 26,080,594 | 8,773,177 | $322,527,531 | $96,370,730 |
| Reinvestment of distributions | 202,632 | 17,495 | 2,470,085 | 174,036 |
| Shares redeemed | (26,048,101) | (474,363) | (301,741,078) | (5,749,005) |
| Net increase (decrease) | 235,125 | 8,316,309 | $23,256,538 | $90,795,761 |
| Institutional Premium Class | | | | |
| Shares sold | 44,428,194 | 10,950,498 | $514,699,906 | $127,826,848 |
| Reinvestment of distributions | 203,727 | 542 | 2,483,426 | 5,390 |
| Shares redeemed | (2,647,162) | (146,727) | (30,595,667) | (1,770,706) |
| Net increase (decrease) | 41,984,759 | 10,804,313 | $486,587,665 | $126,061,532 |
12. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
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, 2018, the related statement of operations for the year ended October 31, 2018, the statement of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2018, 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, 2018 and the financial highlights for each of the periods indicated therein 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, 2018 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.
PricewaterhouseCoopers LLP
Boston, Massachusetts
December 18, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 283 funds. Mr. Chiel oversees 154 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2018 | Ending
Account Value
October 31, 2018 | Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 |
| Investor Class | .11% | | | |
| Actual | | $1,000.00 | $884.70 | $.52-C |
| Hypothetical-D | | $1,000.00 | $1,024.65 | $.56-C |
| Premium Class | .08% | | | |
| Actual | | $1,000.00 | $884.70 | $.38 |
| Hypothetical-D | | $1,000.00 | $1,024.80 | $.41 |
| Institutional Class | .07% | | | |
| Actual | | $1,000.00 | $884.70 | $.33 |
| Hypothetical-D | | $1,000.00 | $1,024.85 | $.36 |
| Institutional Premium Class | .06% | | | |
| Actual | | $1,000.00 | $885.50 | $.29 |
| Hypothetical-D | | $1,000.00 | $1,024.90 | $.31 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C If fees and changes to the class level expense contract and/or expense cap, effective August 1, 2018, had been in effect during the entire current period, the restated annualized expense ratio would have been .06% and the expenses paid in the actual and hypothetical examples above would have been $.29 and $.31, respectively.
D 5% return per year before expenses
Distributions (Unaudited)
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2018, $359,732, or, if subsequently determined to be different, the net capital gain of such year.
Investor Class designates 76%; Premium Class designates 73%; Institutional Class designates 72%; and Institutional Premium Class designates 71%; of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for 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 as follows:
| | Pay Date | Income | Taxes |
| Fidelity Total International Index Fund | | | |
| Investor Class | 12/11/17 | $0.1511 | $0.0143 |
| Premium Class | 12/11/17 | $0.1574 | $0.0143 |
| Institutional Class | 12/11/17 | $0.1592 | $0.0143 |
| Institutional Premium Class | 12/11/17 | $0.1610 | $0.0143 |
|
The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
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), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). FMR and the sub-advisers 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 has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 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 2018 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives 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. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
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, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, 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 under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. 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 for specific 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) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net calendar year total return information for the fund and its benchmark index for the most recent one-year period.
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 the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
Fidelity Total International Index Fund
The Board considered that effective July 1, 2016, the fund's management fee rate was reduced from 0.20% to 0.06%. The Board considered that the chart below reflects the fund's lower management fee rate for 2016, as if the lower fee rate were in effect for the entire period.
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2017.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
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.
Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also considered other "class-level" expenses, such as transfer agent fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the total expense ratio of each class ranked below the competitive median for 2017.
At its July 2018 meeting, the Board approved a proposal for the fund to consolidate all classes into a single class by exchanging all shares of the higher cost classes for shares of the lowest cost class available. The exchanges are expected to take place in November 2018. In connection with the class consolidation, the Board approved amended and restated expense contracts that reduce each class's total expense ratio to equal the total expense ratio of the lowest cost class. The Board considered that, effective August 1, 2018, contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of each class of the fund to the extent necessary to limit total class operating expenses, with certain exceptions, to 0.06%. 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 Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, 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 of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund 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 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.
PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's 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, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 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 affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.
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.
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, the expense ratio of each class will not decline if the class's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale 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 Economies of Scale 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) 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; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of Fidelity's voluntary expense limitation agreements; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (ix) the impact of recent changes to the money market fund landscape, including the full implementation of money market fund reform and rising interest rates, on Fidelity's money market funds; (x) the funds' share class structures and distribution channels; and (xi) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
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TI1-I-ANN-1218
1.9879613.102
Fidelity Flex℠ Funds Fidelity Flex℠ International Index Fund
Annual Report October 31, 2018 |
|
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 1-800-835-5092 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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2018 | Past 1 year | Life of fundA |
| Fidelity Flex℠ International Index Fund | (8.53)% | 4.69% |
A From March 9, 2017
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Flex℠ International Index Fund on March 9, 2017, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
| Period Ending Values |
| $10,785 | Fidelity Flex℠ International Index Fund |
| $10,855 | MSCI ACWI (All Country World Index) ex USA Index |
Management's Discussion of Fund Performance
Market Recap: International equities returned -8.08% for the 12 months ending October 31, 2018, according to the MSCI ACWI (All Country World Index) ex USA Index. A modestly positive first half of the period gave way to a confluence of overwhelmingly negative factors – including escalating trade tension, a surging U.S. dollar, tepid economic growth in Europe, global central bank tightening, concerns about Italy’s budget stalemate with the EU, and weakness in China’s stock market – that yielded a -11% second-half return. The index lost 8% in October alone, its largest monthly drop in more than six years. Among sectors, new-media-infused communications services (-15%) was hit the hardest, while economically sensitive consumer discretionary (-13%), information technology (-12%), financials (-10%), industrials (-9%) and materials (-7%) stocks also fared poorly. Even the more defensive real estate (-9%), utilities (-6%) and consumer staples (-5%) sectors weren’t spared this period. Conversely, elevated crude-oil prices fueled a positive return for energy (+7%), the top-performing sector, followed by the relatively stable-growing health care segment (+2%). Regionally, emerging markets (-12%) fared the worst, hampered by the impact of foreign exchange and concerns about economic weakness in China, India and South Korea. Sluggish growth also pressured shares in continental Europe (-9%). Stocks in Japan (-3%) and the U.K. (-4%) held up better, followed by Canada (-5%) and Asia-Pacific ex Japan (-6%).
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team: For the fiscal year, the fund returned -8.53%, compared with a return of -8.08% for the benchmark MSCI ACWI (All Country World Index) ex USA.
(The fund's performance relative to the index can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index.) Shares of Chinese internet company Tencent (-24%), which struggled due to questions about future growth and regulatory concerns, hurt the fund return the most on an absolute basis. Tencent's decline also weighed on South African media company Naspers (-28%), which owns a large Tencent stake. Elsewhere, Korean electronics giant Samsung (-23%) detracted amid disappointing smartphone sales for part of the 12 months, as well as concerns about pricing trends for semiconductors. Also hurting the return was Chinese e-commerce company Alibaba (-23%). In contrast, Japanese electronics giant Sony (+41%), contributed more than any other holding, driven by strong financial results. Brazilian mining company Vale (+62%) also added value; this company benefited from better commodity pricing coupled with the firm's success at cutting costs. Also worth noting was U.K.-based energy giant BP (+13%), which gained amid stronger prices for crude oil for much of the period.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 1.3 |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 1.0 |
| Novartis AG (Switzerland, Pharmaceuticals) | 0.9 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 0.9 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 0.9 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 0.8 |
| HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) | 0.8 |
| Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 0.8 |
| BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 0.7 |
| Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) | 0.7 |
| | 8.8 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Financials | 22.3 |
| Industrials | 10.0 |
| Consumer Discretionary | 9.5 |
| Consumer Staples | 9.2 |
| Health Care | 7.8 |
| Information Technology | 7.8 |
| Materials | 7.7 |
| Energy | 7.7 |
| Communication Services | 7.0 |
| Real Estate | 2.5 |
Geographic Diversification (% of fund's net assets)
| As of October 31, 2018 |
| | Japan | 15.8% |
| | United Kingdom | 10.5% |
| | Canada | 6.7% |
| | France | 6.5% |
| | United States of America* | 6.0% |
| | Germany | 5.9% |
| | Switzerland | 5.6% |
| | Australia | 4.3% |
| | Cayman Islands | 3.7% |
| | Other | 35.0% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2018
| | % of fund's net assets |
| Stocks and Equity Futures | 99.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 92.4% | | | |
| | | Shares | Value |
| Australia - 4.3% | | | |
| AGL Energy Ltd. | | 7,832 | $99,832 |
| Alumina Ltd. | | 27,141 | 49,011 |
| Amcor Ltd. | | 13,792 | 129,899 |
| AMP Ltd. | | 35,122 | 61,433 |
| APA Group unit | | 14,252 | 96,889 |
| Aristocrat Leisure Ltd. | | 6,827 | 128,115 |
| ASX Ltd. | | 2,336 | 97,881 |
| Aurizon Holdings Ltd. | | 24,390 | 72,541 |
| Australia & New Zealand Banking Group Ltd. | | 34,491 | 633,335 |
| Bank of Queensland Ltd. | | 4,652 | 31,790 |
| Bendigo & Adelaide Bank Ltd. | | 5,665 | 41,039 |
| BHP Billiton Ltd. | | 38,317 | 884,113 |
| BlueScope Steel Ltd. | | 6,582 | 66,979 |
| Boral Ltd. | | 14,294 | 56,786 |
| Brambles Ltd. | | 18,997 | 142,868 |
| Caltex Australia Ltd. | | 3,131 | 62,659 |
| Challenger Ltd. | | 6,123 | 44,487 |
| Cimic Group Ltd. | | 1,114 | 37,306 |
| Coca-Cola Amatil Ltd. | | 5,753 | 40,373 |
| Cochlear Ltd. | | 704 | 88,530 |
| Commonwealth Bank of Australia | | 20,989 | 1,028,990 |
| Computershare Ltd. | | 5,489 | 76,847 |
| Crown Ltd. | | 4,516 | 40,007 |
| CSL Ltd. | | 5,411 | 720,378 |
| DEXUS Property Group unit | | 12,072 | 87,198 |
| Dominos Pizza Enterprises Ltd. | | 609 | 23,293 |
| Flight Centre Travel Group Ltd. | | 749 | 24,611 |
| Fortescue Metals Group Ltd. | | 19,905 | 56,383 |
| Goodman Group unit | | 19,319 | 142,006 |
| Harvey Norman Holdings Ltd. | | 6,172 | 13,943 |
| Healthscope Ltd. | | 20,567 | 30,731 |
| Incitec Pivot Ltd. | | 19,016 | 52,518 |
| Insurance Australia Group Ltd. | | 27,615 | 133,564 |
| Lendlease Group unit | | 7,035 | 87,680 |
| Macquarie Group Ltd. | | 3,847 | 319,282 |
| Medibank Private Ltd. | | 33,401 | 65,992 |
| Mirvac Group unit | | 44,487 | 68,363 |
| National Australia Bank Ltd. | | 32,379 | 579,892 |
| Newcrest Mining Ltd. | | 9,196 | 134,215 |
| Orica Ltd. | | 4,804 | 58,378 |
| Origin Energy Ltd. (a) | | 21,083 | 108,839 |
| QBE Insurance Group Ltd. | | 16,237 | 130,160 |
| Ramsay Health Care Ltd. | | 1,729 | 68,835 |
| realestate.com.au Ltd. | | 665 | 33,727 |
| Rio Tinto Ltd. | | 4,904 | 265,319 |
| Santos Ltd. | | 21,743 | 102,238 |
| Scentre Group unit | | 63,031 | 177,649 |
| SEEK Ltd. | | 4,141 | 52,374 |
| Sonic Healthcare Ltd. | | 4,816 | 76,906 |
| South32 Ltd. | | 61,348 | 157,266 |
| SP AusNet | | 24,290 | 29,414 |
| Stockland Corp. Ltd. unit | | 29,088 | 74,361 |
| Suncorp Group Ltd. | | 15,433 | 153,114 |
| Sydney Airport unit | | 13,441 | 61,297 |
| Tabcorp Holdings Ltd. | | 22,774 | 74,509 |
| Telstra Corp. Ltd. | | 49,875 | 108,782 |
| The GPT Group unit | | 21,549 | 78,741 |
| TPG Telecom Ltd. | | 4,005 | 20,335 |
| Transurban Group unit | | 31,123 | 249,931 |
| Treasury Wine Estates Ltd. | | 8,689 | 93,035 |
| Vicinity Centres unit | | 39,360 | 73,863 |
| Wesfarmers Ltd. | | 13,437 | 443,608 |
| Westpac Banking Corp. | | 40,804 | 775,102 |
| Woodside Petroleum Ltd. | | 11,142 | 274,974 |
| Woolworths Group Ltd. | | 15,548 | 313,023 |
|
| TOTAL AUSTRALIA | | | 10,607,539 |
|
| Austria - 0.2% | | | |
| Andritz AG | | 851 | 44,107 |
| Erste Group Bank AG | | 3,620 | 147,607 |
| OMV AG | | 1,835 | 102,112 |
| Raiffeisen International Bank-Holding AG | | 1,643 | 44,849 |
| Voestalpine AG | | 1,440 | 51,198 |
|
| TOTAL AUSTRIA | | | 389,873 |
|
| Bailiwick of Jersey - 0.8% | | | |
| Experian PLC | | 10,845 | 249,426 |
| Ferguson PLC | | 2,767 | 186,848 |
| Glencore Xstrata PLC | | 137,855 | 561,834 |
| Randgold Resources Ltd. | | 1,145 | 90,059 |
| Shire PLC | | 10,929 | 659,575 |
| WPP PLC | | 15,104 | 170,913 |
|
| TOTAL BAILIWICK OF JERSEY | | | 1,918,655 |
|
| Belgium - 0.6% | | | |
| Ageas | | 2,205 | 110,414 |
| Anheuser-Busch InBev SA NV | | 9,099 | 672,974 |
| Colruyt NV | | 755 | 43,886 |
| Groupe Bruxelles Lambert SA | | 949 | 88,334 |
| KBC Groep NV | | 2,997 | 206,728 |
| Proximus | | 1,965 | 50,189 |
| Solvay SA Class A | | 900 | 102,601 |
| Telenet Group Holding NV | | 690 | 33,512 |
| UCB SA | | 1,544 | 129,727 |
| Umicore SA | | 2,511 | 118,285 |
|
| TOTAL BELGIUM | | | 1,556,650 |
|
| Bermuda - 0.5% | | | |
| Alibaba Health Information Technology Ltd. (a) | | 42,000 | 33,956 |
| Alibaba Pictures Group Ltd. (a) | | 140,000 | 19,281 |
| Beijing Enterprises Water Group Ltd. | | 72,000 | 36,634 |
| Brilliance China Automotive Holdings Ltd. | | 36,000 | 31,400 |
| Cheung Kong Infrastructure Holdings Ltd. | | 8,000 | 58,455 |
| China Gas Holdings Ltd. | | 21,200 | 67,045 |
| China Resource Gas Group Ltd. | | 10,000 | 38,256 |
| Cosco Shipping Ports Ltd. | | 18,413 | 18,784 |
| Credicorp Ltd. (United States) | | 811 | 183,051 |
| Dairy Farm International Holdings Ltd. | | 4,000 | 36,120 |
| GOME Electrical Appliances Holdings Ltd. (a) | | 148,000 | 14,721 |
| Haier Electronics Group Co. Ltd. | | 14,000 | 29,243 |
| HengTen Networks Group Ltd. (a) | | 216,000 | 7,712 |
| Hongkong Land Holdings Ltd. | | 13,800 | 81,696 |
| Jardine Matheson Holdings Ltd. | | 2,656 | 153,278 |
| Jardine Strategic Holdings Ltd. | | 2,662 | 89,177 |
| Kerry Properties Ltd. | | 7,500 | 23,575 |
| Kunlun Energy Co. Ltd. | | 40,000 | 45,397 |
| Li & Fung Ltd. | | 72,000 | 14,231 |
| Luye Pharma Group Ltd. | | 11,000 | 8,486 |
| Nine Dragons Paper (Holdings) Ltd. | | 21,000 | 20,031 |
| NWS Holdings Ltd. | | 21,000 | 41,561 |
| Shangri-La Asia Ltd. | | 18,000 | 24,560 |
| Shenzhen International Holdings Ltd. | | 9,000 | 17,215 |
| Sihuan Pharmaceutical Holdings Group Ltd. | | 30,000 | 6,083 |
| Skyworth Digital Holdings Ltd. | | 18,000 | 4,155 |
| Yue Yuen Industrial (Holdings) Ltd. | | 9,000 | 24,618 |
|
| TOTAL BERMUDA | | | 1,128,721 |
|
| Brazil - 1.1% | | | |
| Ambev SA | | 56,500 | 248,075 |
| Atacadao Distribuicao Comercio e Industria Ltda | | 4,300 | 17,609 |
| Banco Bradesco SA | | 10,931 | 88,852 |
| Banco do Brasil SA | | 10,400 | 119,468 |
| Banco Santander SA (Brasil) unit | | 5,200 | 58,965 |
| BB Seguridade Participacoes SA | | 8,000 | 56,923 |
| BM&F BOVESPA SA | | 24,800 | 176,862 |
| BR Malls Participacoes SA | | 11,900 | 40,610 |
| Brasil Foods SA (a) | | 6,500 | 38,251 |
| CCR SA | | 13,100 | 38,615 |
| Centrais Eletricas Brasileiras SA (Electrobras) (a) | | 2,000 | 12,629 |
| Cielo SA | | 15,640 | 55,474 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 3,500 | 26,286 |
| Companhia Siderurgica Nacional SA (CSN) | | 7,500 | 19,287 |
| Cosan SA Industria e Comercio | | 1,800 | 15,599 |
| Drogasil SA | | 2,700 | 45,577 |
| EDP Energias do Brasil SA | | 2,500 | 9,405 |
| Embraer SA | | 7,800 | 43,868 |
| ENGIE Brasil Energia SA | | 1,800 | 19,250 |
| Equatorial Energia SA | | 2,100 | 38,366 |
| Fibria Celulose SA | | 2,800 | 54,059 |
| Hypermarcas SA | | 3,800 | 30,408 |
| IRB Brasil Resseguros SA | | 1,100 | 21,418 |
| JBS SA | | 13,100 | 36,081 |
| Klabin SA unit | | 8,100 | 40,636 |
| Kroton Educacional SA | | 18,300 | 56,156 |
| Localiza Rent A Car SA | | 6,700 | 51,760 |
| Lojas Renner SA | | 9,000 | 90,931 |
| M. Dias Branco SA | | 1,700 | 20,314 |
| Magazine Luiza SA | | 900 | 40,822 |
| Multiplan Empreendimentos Imobiliarios SA | | 3,000 | 18,541 |
| Natura Cosmeticos SA | | 1,900 | 16,639 |
| Odontoprev SA | | 2,100 | 7,460 |
| Petrobras Distribuidora SA | | 3,400 | 21,908 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 34,900 | 284,339 |
| Porto Seguro SA | | 900 | 13,151 |
| Rumo SA (a) | | 12,700 | 56,820 |
| Sul America SA unit | | 2,900 | 19,326 |
| Suzano Papel e Celulose SA | | 5,400 | 54,921 |
| TIM Participacoes SA | | 9,200 | 28,652 |
| Ultrapar Participacoes SA | | 4,100 | 48,751 |
| Vale SA | | 37,873 | 577,127 |
| Weg SA | | 9,480 | 45,852 |
|
| TOTAL BRAZIL | | | 2,806,043 |
|
| Canada - 6.3% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 2,906 | 102,647 |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 5,175 | 247,144 |
| AltaGas Ltd. | | 3,321 | 41,751 |
| ARC Resources Ltd. | | 4,074 | 37,941 |
| ATCO Ltd. Class I (non-vtg.) | | 974 | 28,396 |
| Bank of Montreal | | 7,603 | 568,471 |
| Bank of Nova Scotia | | 14,279 | 766,312 |
| Barrick Gold Corp. | | 14,122 | 176,894 |
| Bausch Health Cos., Inc. (Canada) (a) | | 3,809 | 87,150 |
| BCE, Inc. | | 1,855 | 71,793 |
| BlackBerry Ltd. (a) | | 6,371 | 58,800 |
| Bombardier, Inc. Class B (sub. vtg.) (a) | | 24,189 | 58,614 |
| Brookfield Asset Management, Inc. Class A | | 10,077 | 411,209 |
| CAE, Inc. | | 3,348 | 59,053 |
| Cameco Corp. | | 4,451 | 47,673 |
| Canadian Imperial Bank of Commerce | | 5,275 | 455,514 |
| Canadian National Railway Co. | | 8,778 | 750,409 |
| Canadian Natural Resources Ltd. | | 14,696 | 403,220 |
| Canadian Pacific Railway Ltd. | | 1,711 | 350,882 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 749 | 84,285 |
| Canadian Utilities Ltd. Class A (non-vtg.) | | 1,567 | 37,174 |
| CCL Industries, Inc. Class B | | 1,794 | 75,469 |
| Cenovus Energy, Inc. (Canada) | | 12,659 | 107,122 |
| CGI Group, Inc. Class A (sub. vtg.) (a) | | 3,049 | 188,297 |
| CI Financial Corp. | | 3,120 | 46,144 |
| Constellation Software, Inc. | | 241 | 165,862 |
| Crescent Point Energy Corp. | | 6,418 | 30,324 |
| Dollarama, Inc. | | 3,760 | 103,993 |
| Emera, Inc. | | 761 | 23,481 |
| Empire Co. Ltd. Class A (non-vtg.) | | 2,078 | 37,805 |
| Enbridge, Inc. | | 20,371 | 634,751 |
| Encana Corp. | | 11,612 | 118,550 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 334 | 162,300 |
| Finning International, Inc. | | 1,921 | 39,895 |
| First Capital Realty, Inc. | | 2,105 | 31,404 |
| First Quantum Minerals Ltd. | | 8,482 | 84,662 |
| Fortis, Inc. | | 5,076 | 167,728 |
| Franco-Nevada Corp. | | 2,251 | 140,588 |
| George Weston Ltd. | | 561 | 40,803 |
| Gildan Activewear, Inc. | | 2,664 | 79,630 |
| Goldcorp, Inc. | | 10,684 | 96,496 |
| Great-West Lifeco, Inc. | | 3,677 | 84,380 |
| H&R (REIT) unit | | 1,722 | 26,044 |
| Husky Energy, Inc. | | 4,362 | 61,663 |
| Hydro One Ltd. (b) | | 4,170 | 60,660 |
| IGM Financial, Inc. | | 1,025 | 25,172 |
| Imperial Oil Ltd. | | 3,477 | 108,606 |
| Industrial Alliance Insurance and Financial Services, Inc. | | 1,241 | 43,873 |
| Intact Financial Corp. | | 1,688 | 133,365 |
| Inter Pipeline Ltd. | | 4,680 | 75,900 |
| Keyera Corp. | | 2,383 | 59,374 |
| Kinross Gold Corp. (a) | | 13,902 | 36,116 |
| Linamar Corp. | | 593 | 24,554 |
| Loblaw Companies Ltd. | | 2,287 | 114,380 |
| Lundin Mining Corp. | | 7,714 | 31,701 |
| Magna International, Inc. Class A (sub. vtg.) | | 4,019 | 197,859 |
| Manulife Financial Corp. | | 23,755 | 374,067 |
| Methanex Corp. | | 837 | 54,202 |
| Metro, Inc. Class A (sub. vtg.) | | 2,980 | 93,512 |
| National Bank of Canada | | 4,055 | 184,076 |
| Nutrien Ltd. | | 7,589 | 401,745 |
| Onex Corp. (sub. vtg.) | | 1,062 | 69,821 |
| Open Text Corp. | | 3,226 | 108,902 |
| Pembina Pipeline Corp. | | 6,027 | 194,941 |
| Power Corp. of Canada (sub. vtg.) | | 4,308 | 88,945 |
| Power Financial Corp. | | 3,111 | 66,996 |
| PrairieSky Royalty Ltd. | | 2,472 | 37,556 |
| Restaurant Brands International, Inc. | | 2,828 | 154,928 |
| Restaurant Brands International, Inc. | | 12 | 657 |
| RioCan (REIT) | | 1,965 | 35,824 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 4,348 | 223,898 |
| Royal Bank of Canada | | 17,150 | 1,249,594 |
| Saputo, Inc. | | 2,822 | 85,982 |
| Seven Generations Energy Ltd. (a) | | 3,126 | 33,505 |
| Shaw Communications, Inc. Class B | | 5,597 | 104,206 |
| Shopify, Inc. Class A (a) | | 1,058 | 146,165 |
| Smart (REIT) | | 921 | 21,044 |
| SNC-Lavalin Group, Inc. | | 2,141 | 76,438 |
| Sun Life Financial, Inc. | | 7,276 | 266,456 |
| Suncor Energy, Inc. | | 19,521 | 654,827 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 6,135 | 126,806 |
| TELUS Corp. | | 2,298 | 78,692 |
| The Toronto-Dominion Bank | | 21,962 | 1,218,341 |
| Thomson Reuters Corp. | | 3,407 | 158,568 |
| Tourmaline Oil Corp. | | 3,338 | 48,684 |
| TransCanada Corp. | | 10,672 | 402,414 |
| Turquoise Hill Resources Ltd. (a) | | 10,887 | 18,359 |
| Vermilion Energy, Inc. | | 1,786 | 47,362 |
| West Fraser Timber Co. Ltd. | | 672 | 33,762 |
| Wheaton Precious Metals Corp. | | 5,453 | 89,637 |
| WSP Global, Inc. | | 1,286 | 64,200 |
|
| TOTAL CANADA | | | 15,319,395 |
|
| Cayman Islands - 3.7% | | | |
| 3SBio, Inc. (b) | | 13,000 | 18,865 |
| 51job, Inc. sponsored ADR (a) | | 354 | 21,739 |
| 58.com, Inc. ADR (a) | | 1,115 | 73,133 |
| AAC Technology Holdings, Inc. | | 8,500 | 64,747 |
| Agile Property Holdings Ltd. | | 18,000 | 20,520 |
| Airtac International Group | | 2,000 | 17,215 |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 13,812 | 1,965,171 |
| Anta Sports Products Ltd. | | 12,000 | 49,273 |
| ASM Pacific Technology Ltd. | | 3,500 | 30,216 |
| Autohome, Inc. ADR Class A (c) | | 738 | 53,416 |
| Baidu.com, Inc. sponsored ADR (a) | | 3,306 | 628,338 |
| Baozun, Inc. sponsored ADR (a)(c) | | 423 | 16,840 |
| Car, Inc. (a) | | 7,000 | 5,552 |
| Chailease Holding Co. Ltd. | | 13,260 | 37,775 |
| Cheung Kong Property Holdings Ltd. | | 31,000 | 201,213 |
| China Conch Venture Holdings Ltd. | | 18,500 | 51,900 |
| China First Capital Group Ltd. (a) | | 44,000 | 17,730 |
| China Literature Ltd. (a)(b) | | 1,800 | 9,721 |
| China Medical System Holdings Ltd. | | 15,000 | 17,846 |
| China Mengniu Dairy Co. Ltd. | | 34,000 | 100,154 |
| China Resources Cement Holdings Ltd. | | 26,000 | 22,910 |
| China Resources Land Ltd. | | 34,000 | 115,328 |
| China State Construction International Holdings Ltd. | | 20,000 | 14,257 |
| China Zhongwang Holdings Ltd. | | 15,600 | 6,923 |
| Chong Sing Holdings Fintech Group (a) | | 164,000 | 7,424 |
| CIFI Holdings Group Co. Ltd. | | 40,000 | 16,731 |
| CK Hutchison Holdings Ltd. | | 32,000 | 322,165 |
| Country Garden Holdings Co. Ltd. | | 92,000 | 98,430 |
| Country Garden Services Holdings Co. Ltd. (a) | | 12,000 | 15,486 |
| Ctrip.com International Ltd. ADR (a)(c) | | 4,928 | 164,004 |
| Dali Foods Group Co. Ltd. (b) | | 19,500 | 13,925 |
| ENN Energy Holdings Ltd. | | 9,000 | 76,492 |
| Evergrande Real Estate Group Ltd. | | 32,000 | 76,308 |
| Fang Holdings Ltd. ADR (a) | | 2,015 | 4,090 |
| Fullshare Holdings Ltd. | | 85,000 | 33,059 |
| Future Land Development Holding Ltd. | | 18,000 | 10,329 |
| GCL-Poly Energy Holdings Ltd. (a) | | 142,000 | 8,420 |
| GDS Holdings Ltd. ADR (a)(c) | | 795 | 18,659 |
| Geely Automobile Holdings Ltd. | | 60,000 | 114,767 |
| General Interface Solution Holding Ltd. | | 2,000 | 6,621 |
| Genscript Biotech Corp. (a) | | 8,000 | 12,201 |
| Greentown China Holdings Ltd. | | 8,500 | 5,896 |
| Greentown Service Group Co. Ltd. | | 12,000 | 7,927 |
| Haitian International Holdings Ltd. | | 7,000 | 13,657 |
| Hengan International Group Co. Ltd. | | 9,000 | 71,271 |
| Huazhu Group Ltd. ADR | | 1,434 | 37,513 |
| JD.com, Inc. sponsored ADR (a) | | 8,666 | 203,824 |
| Jiayuan International Group Ltd. | | 10,134 | 17,782 |
| Kaisa Group Holdings Ltd. | | 20,000 | 4,871 |
| Kingboard Chemical Holdings Ltd. | | 8,500 | 22,762 |
| Kingboard Laminates Holdings Ltd. | | 10,500 | 8,034 |
| Kingdee International Software Group Co. Ltd. | | 26,000 | 21,219 |
| Kingsoft Corp. Ltd. | | 8,000 | 11,324 |
| KWG Property Holding Ltd. | | 12,000 | 9,166 |
| Lee & Man Paper Manufacturing Ltd. | | 16,000 | 13,690 |
| Lijun International Pharmaceutical Holding Ltd. | | 14,000 | 11,765 |
| Logan Property Holdings Co. Ltd. | | 14,000 | 12,925 |
| Longfor Properties Co. Ltd. | | 16,500 | 40,061 |
| Meitu, Inc. (a)(b) | | 16,500 | 8,606 |
| Melco Crown Entertainment Ltd. sponsored ADR | | 3,029 | 50,372 |
| MGM China Holdings Ltd. | | 9,200 | 12,999 |
| Minth Group Ltd. | | 8,000 | 25,912 |
| Momo, Inc. ADR (a) | | 1,787 | 59,990 |
| NetEase, Inc. ADR | | 943 | 196,003 |
| New Oriental Education & Technology Group, Inc. sponsored ADR | | 1,719 | 100,579 |
| Nexteer Auto Group Ltd. | | 11,000 | 15,430 |
| Noah Holdings Ltd. sponsored ADR (a) | | 275 | 10,370 |
| Sands China Ltd. | | 29,200 | 115,058 |
| Semiconductor Manufacturing International Corp. (a) | | 34,500 | 28,498 |
| Shenzhou International Group Holdings Ltd. | | 9,000 | 99,389 |
| Shimao Property Holdings Ltd. | | 14,000 | 27,386 |
| Shui On Land Ltd. | | 34,500 | 6,951 |
| SINA Corp. (a) | | 824 | 52,167 |
| Sino Biopharmaceutical Ltd. | | 86,500 | 77,544 |
| SOHO China Ltd. | | 31,000 | 10,515 |
| Sunac China Holdings Ltd. | | 29,000 | 78,769 |
| Sunny Optical Technology Group Co. Ltd. | | 8,800 | 76,308 |
| TAL Education Group ADR (a) | | 4,282 | 124,092 |
| Tencent Holdings Ltd. | | 68,100 | 2,333,056 |
| Tingyi (Cayman Islands) Holding Corp. | | 22,000 | 32,543 |
| Towngas China Co. Ltd. | | 9,181 | 6,673 |
| Uni-President China Holdings Ltd. | | 13,000 | 12,615 |
| Vipshop Holdings Ltd. ADR (a) | | 4,833 | 23,488 |
| Want Want China Holdings Ltd. | | 58,000 | 41,418 |
| Weibo Corp. sponsored ADR (a) | | 621 | 36,645 |
| WH Group Ltd. (b) | | 106,000 | 74,209 |
| Wharf Real Estate Investment Co. Ltd. | | 15,000 | 92,866 |
| Wuxi Biologics (Cayman), Inc. (a) | | 6,000 | 42,732 |
| Wynn Macau Ltd. | | 17,200 | 35,488 |
| Xinyi Solar Holdings Ltd. | | 29,098 | 9,091 |
| Yuzhou Properties Co. | | 16,000 | 5,713 |
| YY, Inc. ADR (a) | | 627 | 40,065 |
| Zhen Ding Technology Holding Ltd. | | 4,000 | 9,134 |
| Zhongsheng Group Holdings Ltd. Class H | | 5,500 | 10,029 |
|
| TOTAL CAYMAN ISLANDS | | | 9,056,283 |
|
| Chile - 0.2% | | | |
| Aguas Andinas SA | | 28,438 | 14,873 |
| Banco de Chile | | 312,975 | 43,618 |
| Banco de Credito e Inversiones | | 581 | 36,425 |
| Banco de Credito e Inversiones rights 11/29/18 (a) | | 44 | 135 |
| Banco Santander Chile | | 816,607 | 60,306 |
| Cencosud SA | | 17,336 | 35,618 |
| Colbun SA | | 83,271 | 15,852 |
| Compania Cervecerias Unidas SA | | 1,513 | 18,869 |
| Compania de Petroleos de Chile SA (COPEC) | | 4,890 | 68,713 |
| CorpBanca SA | | 1,664,747 | 15,428 |
| Empresa Nacional de Telecomunicaciones SA (ENTEL) | | 1,612 | 11,696 |
| Empresas CMPC SA | | 13,976 | 48,112 |
| Enel Chile SA | | 347,870 | 30,238 |
| Enersis SA | | 318,904 | 49,897 |
| LATAM Airlines Group SA | | 3,804 | 34,706 |
| S.A.C.I. Falabella | | 8,929 | 67,416 |
| S.A.C.I. Falabella rights 11/17/18 (a) | | 309 | 31 |
|
| TOTAL CHILE | | | 551,933 |
|
| China - 2.5% | | | |
| Agricultural Bank of China Ltd. (H Shares) | | 366,000 | 160,552 |
| Air China Ltd. (H Shares) | | 28,000 | 22,530 |
| Aluminum Corp. of China Ltd. (H Shares) (a) | | 40,000 | 14,486 |
| Angang Steel Co. Ltd. (H Shares) | | 10,000 | 8,506 |
| Anhui Conch Cement Co. Ltd. (H Shares) | | 16,000 | 82,633 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 23,000 | 15,310 |
| Baic Motor Corp. Ltd. (b) | | 17,000 | 9,538 |
| Bank Communications Co. Ltd. (H Shares) | | 115,000 | 86,229 |
| Bank of Beijing Co. Ltd. Class A | | 22,200 | 19,350 |
| Bank of China Ltd. | | 6,000 | 3,200 |
| Bank of China Ltd. (H Shares) | | 955,000 | 406,748 |
| Bank of Jiangsu Co. Ltd. Class A | | 24,700 | 22,980 |
| Bank of Nanjing Co. Ltd. Class A | | 6,000 | 6,305 |
| Bank of Shanghai Co. Ltd. Class A | | 6,860 | 12,008 |
| Baoshan Iron & Steel Co. Ltd. | | 7,300 | 8,006 |
| BBMG Corp. (H Shares) | | 24,000 | 6,611 |
| Beijing Capital International Airport Co. Ltd. (H Shares) | | 18,000 | 19,488 |
| BOE Technology Group Co. Ltd. Class A | | 18,600 | 7,333 |
| BYD Co. Ltd. (H Shares) | | 8,000 | 51,462 |
| CGN Power Co. Ltd. (H Shares) (b) | | 132,000 | 30,299 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 114,000 | 27,911 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 111,000 | 68,650 |
| China Coal Energy Co. Ltd. (H Shares) | | 18,000 | 8,057 |
| China Communications Construction Co. Ltd. (H Shares) | | 53,000 | 48,459 |
| China Communications Services Corp. Ltd. (H Shares) | | 26,000 | 21,020 |
| China Construction Bank Corp. (H Shares) | | 1,153,000 | 914,960 |
| China Eastern Airlines Corp. Ltd. (H Shares) | | 14,000 | 7,730 |
| China Everbright Bank Co. Ltd. (H Shares) | | 28,000 | 12,461 |
| China Fortune Land Development Co. Ltd. Class A | | 2,300 | 7,699 |
| China Galaxy Securities Co. Ltd. (H Shares) | | 33,500 | 16,831 |
| China Huarong Asset Management Co. Ltd. (b) | | 141,000 | 25,532 |
| China International Capital Corp. Ltd. Class H | | 14,400 | 23,651 |
| China International Marine Containers (Group) Ltd. (H Shares) | | 4,400 | 3,883 |
| China International Travel Service Corp. Ltd. (A Shares) | | 900 | 6,926 |
| China Life Insurance Co. Ltd. (H Shares) | | 91,000 | 182,346 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 41,000 | 31,161 |
| China Merchants Bank Co. Ltd. (H Shares) | | 51,500 | 198,331 |
| China Merchants Securities Co. Ltd. Class A | | 3,800 | 7,207 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | | 3,500 | 9,433 |
| China Minsheng Banking Corp. Ltd. (H Shares) | | 76,400 | 56,312 |
| China Molybdenum Co. Ltd. (H Shares) | | 48,000 | 17,812 |
| China National Building Materials Co. Ltd. (H Shares) | | 43,000 | 30,707 |
| China National Nuclear Power Co. Ltd. Class A | | 11,400 | 9,103 |
| China Oilfield Services Ltd. (H Shares) | | 18,000 | 16,871 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 33,400 | 124,367 |
| China Petroleum & Chemical Corp. (H Shares) | | 310,000 | 252,519 |
| China Railway Construction Corp. Ltd. (H Shares) | | 25,500 | 32,257 |
| China Railway Group Ltd. (H Shares) | | 45,000 | 40,169 |
| China Railway Signal & Communications Corp. (b) | | 14,000 | 9,391 |
| China Reinsurance Group Corp. | | 53,000 | 10,138 |
| China Shenhua Energy Co. Ltd.: | | | |
| (H Shares) | | 36,500 | 82,663 |
| Class A | | 5,800 | 16,663 |
| China Shipping Container Lines Co. Ltd. (H Shares) (a) | | 37,000 | 3,775 |
| China Shipping Development Co. Ltd. (H Shares) | | 12,000 | 6,565 |
| China Southern Airlines Ltd. (H Shares) | | 32,000 | 17,302 |
| China State Construction Engineering Corp. Ltd. Class A | | 5,600 | 4,319 |
| China Telecom Corp. Ltd. (H Shares) | | 168,000 | 79,266 |
| China Tower Corp. Ltd. Class H | | 420,000 | 63,734 |
| China United Network Communications Ltd. Class A | | 13,100 | 10,179 |
| China Vanke Co. Ltd. (H Shares) | | 15,900 | 48,966 |
| China Yangtze Power Co. Ltd. Class A | | 2,000 | 4,476 |
| Chongqing Changan Automobile Co. Ltd. (B Shares) | | 8,000 | 5,386 |
| Chongqing Rural Commercial Bank Co. Ltd. (H Shares) | | 26,000 | 14,323 |
| CITIC Securities Co. Ltd. (H Shares) | | 27,500 | 48,394 |
| COSCO SHIPPING Holdings Co. Ltd. (H Shares) (a) | | 25,500 | 9,105 |
| CRRC Corp. Ltd. (H Shares) | | 50,000 | 43,867 |
| Daqin Railway Co. Ltd. (A Shares) | | 6,400 | 7,395 |
| Datang International Power Generation Co. Ltd. (H Shares) | | 26,000 | 5,802 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 30,000 | 29,533 |
| Focus Media Information Technology Co. Ltd. Class A | | 7,100 | 6,107 |
| Foshan Haitian Flavouring & Food Co. Ltd. Class A | | 900 | 8,331 |
| Fuyao Glass Industries Group Co. Ltd. | | 7,600 | 22,436 |
| GF Securities Co. Ltd. (H Shares) | | 15,400 | 19,913 |
| Great Wall Motor Co. Ltd. (H Shares) | | 44,500 | 26,330 |
| Gree Electric Appliances, Inc. of Zhuhai Class A (a) | | 1,800 | 9,821 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 38,000 | 38,427 |
| Guangzhou R&F Properties Co. Ltd. (H Shares) | | 9,600 | 15,057 |
| Guotai Junan Securities Co. Ltd. Class H | | 6,200 | 13,061 |
| Haitong Securities Co. Ltd. (H Shares) | | 46,000 | 46,282 |
| Hangzhou Hikvision Digital Technology Co. Ltd. Class A | | 1,400 | 4,857 |
| Huadian Power International Corp. Ltd. (H Shares) | | 16,000 | 6,060 |
| Huaneng Power International, Inc. (H Shares) | | 52,000 | 28,977 |
| Huaneng Renewables Corp. Ltd. (H Shares) | | 50,000 | 12,816 |
| Huatai Securities Co. Ltd. (H Shares) (b) | | 22,000 | 35,348 |
| Huaxia Bank Co. Ltd. Class A | | 10,400 | 11,927 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 841,000 | 570,596 |
| Industrial Bank Co. Ltd. Class A | | 11,500 | 26,575 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 2,000 | 6,331 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 18,000 | 21,384 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 18,000 | 24,147 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 500 | 4,414 |
| Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | | 300 | 3,801 |
| Jiangxi Copper Co. Ltd. (H Shares) | | 13,000 | 14,323 |
| Kangmei Pharmaceutical Co. Ltd. Class A | | 3,200 | 5,665 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 300 | 23,606 |
| Legend Holdings Corp. (b) | | 5,700 | 15,482 |
| Metallurgical Corp. China Ltd. (H Shares) | | 28,000 | 6,784 |
| Midea Group Co. Ltd. Class A | | 1,100 | 5,841 |
| New China Life Insurance Co. Ltd. (H Shares) | | 9,700 | 45,334 |
| Orient Securities Co. Ltd. Class A | | 4,800 | 6,344 |
| People's Insurance Co. of China Group (H Shares) | | 86,000 | 35,093 |
| PetroChina Co. Ltd. (H Shares) | | 258,000 | 185,508 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 84,000 | 81,408 |
| Ping An Bank Co. Ltd. Class A | | 9,800 | 15,327 |
| Ping An Insurance (Group) Co. of China Ltd. (H Shares) | | 64,500 | 607,416 |
| Poly Developments & Holdings Class A | | 4,400 | 7,948 |
| Postal Savings Bank of China Co. Ltd. | | 26,000 | 15,517 |
| Power Construction Corp. of China Ltd. Class A | | 10,500 | 7,120 |
| Qingdao Haier Co. Ltd. | | 4,200 | 7,623 |
| SAIC Motor Corp. Ltd. | | 1,000 | 3,886 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 24,000 | 21,454 |
| Shanghai Electric Group Co. Ltd. (H Shares) | | 24,000 | 7,804 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 6,000 | 17,980 |
| Shanghai Lujiazui Finance Trust Ltd. (B Shares) | | 12,300 | 15,621 |
| Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | | 12,100 | 26,724 |
| Shanghai Pudong Development Bank Co. Ltd. | | 12,200 | 19,203 |
| Shenwan Hongyuan Group Co. Ltd. Class A | | 14,000 | 8,951 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 12,500 | 11,620 |
| Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) | | 34,000 | 14,915 |
| Sinopharm Group Co. Ltd. (H Shares) | | 14,800 | 71,339 |
| Sinotrans Ltd. (H Shares) | | 20,000 | 6,963 |
| Suning.com Co. Ltd. Class A | | 4,400 | 7,178 |
| Tong Ren Tang Technologies Co. Ltd. (H Shares) | | 6,000 | 8,585 |
| TravelSky Technology Ltd. (H Shares) | | 10,000 | 24,229 |
| Tsingtao Brewery Co. Ltd. (H Shares) | | 4,000 | 15,787 |
| Weichai Power Co. Ltd. (H Shares) | | 24,000 | 23,719 |
| Wuliangye Yibin Co. Ltd. Class A | | 1,000 | 6,903 |
| Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares) | | 6,400 | 4,766 |
| Yanzhou Coal Mining Co. Ltd. (H Shares) | | 26,000 | 24,568 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 10,000 | 8,824 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 16,000 | 13,405 |
| ZhongAn Online P & C Insurance Co. Ltd. Class H (a)(b) | | 1,600 | 5,315 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 7,000 | 37,401 |
| Zijin Mng Group Co. Ltd. (H Shares) | | 76,000 | 28,202 |
| ZTE Corp. (H Shares) | | 11,800 | 17,997 |
|
| TOTAL CHINA | | | 6,219,857 |
|
| Colombia - 0.1% | | | |
| Bancolombia SA | | 2,616 | 24,604 |
| Cementos Argos SA | | 5,086 | 11,090 |
| Ecopetrol SA | | 59,863 | 69,541 |
| Grupo de Inversiones Suramerica SA | | 2,359 | 23,007 |
| Interconexion Electrica SA ESP | | 5,555 | 20,636 |
| Inversiones Argos SA | | 3,671 | 17,104 |
|
| TOTAL COLOMBIA | | | 165,982 |
|
| Czech Republic - 0.0% | | | |
| Ceske Energeticke Zavody A/S | | 1,846 | 43,930 |
| Komercni Banka A/S | | 956 | 36,317 |
| MONETA Money Bank A/S (b) | | 6,836 | 22,686 |
| Telefonica Czech Rep A/S | | 467 | 4,914 |
|
| TOTAL CZECH REPUBLIC | | | 107,847 |
|
| Denmark - 1.1% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 49 | 58,322 |
| Series B | | 77 | 97,190 |
| Carlsberg A/S Series B | | 1,279 | 141,086 |
| Christian Hansen Holding A/S | | 1,180 | 119,274 |
| Coloplast A/S Series B | | 1,405 | 131,181 |
| Danske Bank A/S | | 8,574 | 164,467 |
| DONG Energy A/S (b) | | 2,246 | 142,700 |
| DSV de Sammensluttede Vognmaend A/S | | 2,236 | 179,779 |
| Genmab A/S (a) | | 740 | 101,379 |
| H Lundbeck A/S | | 773 | 36,098 |
| ISS Holdings A/S | | 2,025 | 66,589 |
| Novo Nordisk A/S Series B | | 21,715 | 937,796 |
| Novozymes A/S Series B | | 2,597 | 128,334 |
| Pandora A/S | | 1,324 | 82,834 |
| Tryg A/S | | 1,424 | 34,417 |
| Vestas Wind Systems A/S | | 2,345 | 147,068 |
| William Demant Holding A/S (a) | | 1,194 | 39,299 |
|
| TOTAL DENMARK | | | 2,607,813 |
|
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 8,277 | 36,720 |
| Commercial International Bank SAE sponsored GDR | | 3,362 | 14,608 |
| Eastern Tobacco Co. | | 12,960 | 11,485 |
| Elsewedy Electric Co. | | 7,370 | 6,190 |
|
| TOTAL EGYPT | | | 69,003 |
|
| Finland - 0.8% | | | |
| Elisa Corp. (A Shares) | | 1,722 | 68,557 |
| Fortum Corp. | | 5,303 | 111,690 |
| Kone Oyj (B Shares) | | 4,046 | 197,148 |
| Metso Corp. | | 1,157 | 36,575 |
| Neste Oyj | | 1,528 | 125,925 |
| Nokia Corp. | | 67,182 | 379,483 |
| Nokian Tyres PLC | | 1,418 | 45,099 |
| Nordea Bank ABP (a) | | 36,090 | 313,884 |
| Orion Oyj (B Shares) | | 1,223 | 42,111 |
| Sampo Oyj (A Shares) | | 5,221 | 240,446 |
| Stora Enso Oyj (R Shares) | | 6,582 | 99,190 |
| UPM-Kymmene Corp. | | 6,335 | 203,851 |
| Wartsila Corp. | | 5,343 | 91,109 |
|
| TOTAL FINLAND | | | 1,955,068 |
|
| France - 6.5% | | | |
| Accor SA | | 2,283 | 104,520 |
| Aeroports de Paris | | 355 | 74,347 |
| Air Liquide SA | | 5,103 | 618,451 |
| Alstom SA | | 1,876 | 82,126 |
| Amundi SA (b) | | 683 | 40,676 |
| Arkema SA | | 843 | 88,589 |
| Atos Origin SA | | 1,139 | 97,763 |
| AXA SA | | 23,083 | 577,691 |
| BIC SA | | 315 | 30,184 |
| bioMerieux SA | | 516 | 39,392 |
| BNP Paribas SA | | 13,403 | 700,295 |
| Bollore SA | | 10,235 | 43,380 |
| Bouygues SA | | 2,681 | 97,901 |
| Bureau Veritas SA | | 3,143 | 71,020 |
| Capgemini SA | | 1,914 | 234,132 |
| Carrefour SA | | 6,990 | 135,780 |
| Casino Guichard Perrachon SA | | 659 | 29,110 |
| CNP Assurances | | 1,988 | 44,359 |
| Compagnie de St. Gobain | | 5,977 | 225,162 |
| Credit Agricole SA | | 13,626 | 174,514 |
| Danone SA | | 7,333 | 519,275 |
| Dassault Aviation SA | | 29 | 48,121 |
| Dassault Systemes SA | | 1,548 | 194,358 |
| Edenred SA | | 2,820 | 107,097 |
| EDF SA | | 6,968 | 115,859 |
| Eiffage SA | | 969 | 94,849 |
| ENGIE | | 21,764 | 290,265 |
| Essilor International SA | | 2,462 | 336,722 |
| Eurazeo SA | | 579 | 42,332 |
| Eutelsat Communications | | 1,992 | 40,409 |
| Faurecia SA | | 956 | 46,464 |
| Fonciere des Regions | | 431 | 43,325 |
| Gecina SA | | 556 | 81,679 |
| Groupe Eurotunnel SA | | 5,798 | 72,993 |
| Hermes International SCA | | 375 | 214,496 |
| ICADE | | 370 | 31,389 |
| Iliad SA | | 298 | 34,512 |
| Imerys SA | | 384 | 23,704 |
| Ingenico SA | | 685 | 48,600 |
| Ipsen SA | | 470 | 65,266 |
| JCDecaux SA | | 827 | 27,221 |
| Kering SA | | 904 | 403,013 |
| Klepierre SA | | 2,469 | 83,895 |
| L'Oreal SA | | 3,012 | 678,556 |
| Legrand SA | | 3,218 | 210,455 |
| LVMH Moet Hennessy - Louis Vuitton SA | | 3,316 | 1,006,092 |
| Michelin CGDE Series B | | 2,032 | 208,025 |
| Natixis SA | | 11,288 | 66,049 |
| Orange SA | | 23,856 | 372,353 |
| Pernod Ricard SA | | 2,533 | 386,742 |
| Peugeot Citroen SA | | 7,033 | 167,523 |
| Publicis Groupe SA | | 2,499 | 145,034 |
| Remy Cointreau SA | | 246 | 29,228 |
| Renault SA | | 2,298 | 171,969 |
| Rexel SA | | 3,425 | 43,720 |
| Safran SA | | 3,985 | 514,973 |
| Sanofi SA | | 13,461 | 1,202,883 |
| Schneider Electric SA | | 6,540 | 472,915 |
| SCOR SE | | 1,976 | 91,313 |
| SEB SA | | 264 | 37,886 |
| Societe Generale Series A | | 9,175 | 336,335 |
| Sodexo SA | | 1,093 | 111,567 |
| SR Teleperformance SA | | 685 | 112,966 |
| Suez Environnement SA | | 4,662 | 67,510 |
| Thales SA | | 1,274 | 163,059 |
| Total SA | | 28,875 | 1,694,253 |
| Ubisoft Entertainment SA (a) | | 957 | 86,174 |
| Valeo SA | | 2,882 | 92,957 |
| Veolia Environnement SA | | 6,425 | 128,226 |
| VINCI SA | | 6,031 | 536,755 |
| Vivendi SA | | 12,448 | 300,225 |
| Wendel SA | | 322 | 41,796 |
|
| TOTAL FRANCE | | | 15,952,775 |
|
| Germany - 5.5% | | | |
| adidas AG | | 2,246 | 529,138 |
| Allianz SE | | 5,244 | 1,092,430 |
| Axel Springer Verlag AG | | 576 | 38,296 |
| BASF AG | | 10,950 | 840,287 |
| Bayer AG | | 11,154 | 854,982 |
| Bayerische Motoren Werke AG (BMW) | | 3,991 | 344,591 |
| Beiersdorf AG | | 1,205 | 124,747 |
| Brenntag AG | | 1,880 | 98,314 |
| Commerzbank AG (a) | | 12,058 | 113,890 |
| Continental AG | | 1,313 | 217,052 |
| Covestro AG (b) | | 2,303 | 148,997 |
| Daimler AG (Germany) | | 10,845 | 643,169 |
| Delivery Hero AG (a)(b) | | 1,150 | 46,423 |
| Deutsche Bank AG | | 23,489 | 230,158 |
| Deutsche Borse AG | | 2,301 | 290,783 |
| Deutsche Lufthansa AG | | 2,875 | 57,833 |
| Deutsche Post AG | | 11,788 | 372,209 |
| Deutsche Telekom AG | | 39,721 | 651,491 |
| Deutsche Wohnen AG (Bearer) | | 4,215 | 193,065 |
| Drillisch AG | | 695 | 31,047 |
| E.ON AG | | 26,354 | 254,845 |
| Evonik Industries AG | | 1,966 | 61,014 |
| Fraport AG Frankfurt Airport Services Worldwide | | 490 | 37,906 |
| Fresenius Medical Care AG & Co. KGaA | | 2,576 | 202,259 |
| Fresenius SE & Co. KGaA | | 4,970 | 315,872 |
| GEA Group AG | | 2,093 | 63,675 |
| Hannover Reuck SE | | 746 | 100,634 |
| HeidelbergCement Finance AG | | 1,785 | 121,307 |
| Henkel AG & Co. KGaA | | 1,158 | 113,585 |
| Hochtief AG | | 233 | 34,572 |
| Hugo Boss AG | | 786 | 56,247 |
| Infineon Technologies AG | | 13,649 | 273,484 |
| innogy SE (b) | | 1,691 | 74,697 |
| K&S AG | | 2,133 | 39,791 |
| KION Group AG | | 902 | 52,819 |
| Lanxess AG | | 1,052 | 65,249 |
| MAN SE | | 447 | 46,579 |
| Merck KGaA | | 1,559 | 167,080 |
| Metro Wholesale & Food Specialist AG | | 2,376 | 35,793 |
| MTU Aero Engines Holdings AG | | 629 | 133,796 |
| Muenchener Rueckversicherungs AG | | 1,785 | 384,037 |
| OSRAM Licht AG | | 1,124 | 45,602 |
| ProSiebenSat.1 Media AG | | 2,826 | 65,257 |
| Puma AG | | 93 | 47,823 |
| RWE AG | | 6,202 | 120,965 |
| SAP SE | | 11,711 | 1,253,938 |
| Schaeffler AG | | 2,092 | 22,112 |
| Siemens AG | | 9,122 | 1,048,545 |
| Siemens Healthineers AG (b) | | 1,770 | 73,355 |
| Symrise AG | | 1,475 | 123,896 |
| Telefonica Deutschland Holding AG | | 8,903 | 34,638 |
| Thyssenkrupp AG | | 5,273 | 110,939 |
| TUI AG | | 302 | 4,998 |
| TUI AG (GB) | | 5,036 | 83,617 |
| Uniper SE | | 2,409 | 69,605 |
| United Internet AG | | 1,399 | 57,964 |
| Volkswagen AG | | 446 | 73,653 |
| Vonovia SE | | 5,776 | 264,435 |
| Wirecard AG | | 1,403 | 262,838 |
| Zalando SE (a) | | 1,376 | 53,302 |
|
| TOTAL GERMANY | | | 13,371,625 |
|
| Greece - 0.1% | | | |
| Alpha Bank AE (a) | | 14,407 | 21,785 |
| EFG Eurobank Ergasias SA (a) | | 19,681 | 13,264 |
| Ff Group (a)(d) | | 256 | 1,113 |
| Greek Organization of Football Prognostics SA | | 2,686 | 25,251 |
| Hellenic Telecommunications Organization SA | | 2,644 | 29,498 |
| Jumbo SA | | 1,096 | 15,989 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 698 | 16,523 |
| National Bank of Greece SA (a) | | 5,901 | 10,226 |
| Piraeus Bank SA | | 2,200 | 3,239 |
| Titan Cement Co. SA (Reg.) | | 726 | 15,986 |
|
| TOTAL GREECE | | | 152,874 |
|
| Hong Kong - 2.4% | | | |
| AIA Group Ltd. | | 144,200 | 1,091,345 |
| Bank of East Asia Ltd. | | 15,081 | 48,847 |
| Beijing Enterprises Holdings Ltd. | | 6,500 | 35,144 |
| BOC Hong Kong (Holdings) Ltd. | | 44,500 | 166,266 |
| BYD Electronic International Co. Ltd. | | 11,500 | 13,477 |
| China Agri-Industries Holdings Ltd. | | 21,000 | 7,016 |
| China Everbright International Ltd. | | 47,888 | 38,167 |
| China Everbright Ltd. | | 12,000 | 21,209 |
| China Jinmao Holdings Group Ltd. | | 60,000 | 25,172 |
| China Merchants Holdings International Co. Ltd. | | 16,131 | 27,441 |
| China Mobile Ltd. | | 73,500 | 688,539 |
| China Overseas Land and Investment Ltd. | | 46,000 | 144,008 |
| China Power International Development Ltd. | | 40,000 | 7,906 |
| China Resources Beer Holdings Co. Ltd. | | 18,000 | 62,548 |
| China Resources Pharmaceutical Group Ltd. (b) | | 19,500 | 28,596 |
| China Resources Power Holdings Co. Ltd. | | 22,000 | 38,659 |
| China Taiping Insurance Group Ltd. | | 20,000 | 66,820 |
| China Travel International Investment HK Ltd. | | 22,000 | 5,891 |
| China Unicom Ltd. | | 76,000 | 79,492 |
| CITIC Pacific Ltd. | | 71,000 | 106,474 |
| CLP Holdings Ltd. | | 19,500 | 218,574 |
| CNOOC Ltd. | | 214,000 | 364,438 |
| CSPC Pharmaceutical Group Ltd. | | 56,000 | 118,113 |
| Far East Horizon Ltd. | | 30,000 | 29,074 |
| Fosun International Ltd. | | 29,000 | 42,306 |
| Galaxy Entertainment Group Ltd. | | 28,000 | 151,391 |
| Guangdong Investment Ltd. | | 34,000 | 60,699 |
| Hang Lung Group Ltd. | | 10,000 | 24,586 |
| Hang Lung Properties Ltd. | | 23,000 | 41,648 |
| Hang Seng Bank Ltd. | | 9,100 | 213,054 |
| Henderson Land Development Co. Ltd. | | 16,100 | 74,937 |
| Hong Kong & China Gas Co. Ltd. | | 110,110 | 210,325 |
| Hong Kong Exchanges and Clearing Ltd. | | 14,132 | 374,837 |
| Hua Hong Semiconductor Ltd. (b) | | 5,000 | 8,697 |
| Hysan Development Co. Ltd. | | 7,000 | 32,804 |
| i-CABLE Communications Ltd. (a) | | 531 | 9 |
| Lenovo Group Ltd. | | 82,000 | 52,178 |
| Link (REIT) | | 25,500 | 225,996 |
| MMG Ltd. (a) | | 24,000 | 8,998 |
| MTR Corp. Ltd. | | 18,104 | 87,727 |
| New World Development Co. Ltd. | | 70,070 | 88,817 |
| PCCW Ltd. | | 43,000 | 23,578 |
| Power Assets Holdings Ltd. | | 16,500 | 110,148 |
| Shanghai Industrial Holdings Ltd. | | 5,000 | 10,508 |
| Shenzhen Investment Ltd. | | 30,000 | 8,608 |
| Sino Land Ltd. | | 38,000 | 59,603 |
| Sino-Ocean Group Holding Ltd. | | 31,000 | 12,136 |
| Sinotruk Hong Kong Ltd. | | 6,500 | 9,333 |
| SJM Holdings Ltd. | | 28,000 | 22,602 |
| Sun Art Retail Group Ltd. | | 25,500 | 27,867 |
| Sun Hung Kai Properties Ltd. | | 19,000 | 246,928 |
| Swire Pacific Ltd. (A Shares) | | 6,000 | 62,242 |
| Swire Properties Ltd. | | 13,400 | 45,709 |
| Techtronic Industries Co. Ltd. | | 17,000 | 79,559 |
| Wharf Holdings Ltd. | | 16,000 | 39,908 |
| Wheelock and Co. Ltd. | | 10,000 | 53,367 |
| Winteam Pharmaceutical Group Ltd. | | 22,000 | 13,999 |
| Yuexiu Property Co. Ltd. | | 66,000 | 10,436 |
|
| TOTAL HONG KONG | | | 5,968,756 |
|
| Hungary - 0.1% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 4,273 | 44,809 |
| OTP Bank PLC | | 2,710 | 97,376 |
| Richter Gedeon PLC | | 1,880 | 34,957 |
|
| TOTAL HUNGARY | | | 177,142 |
|
| India - 2.0% | | | |
| Adani Ports & Special Economic Zone Ltd. | | 6,557 | 28,268 |
| Ambuja Cements Ltd. | | 7,478 | 19,934 |
| Ashok Leyland Ltd. | | 14,204 | 22,028 |
| Asian Paints Ltd. | | 3,533 | 58,775 |
| Aurobindo Pharma Ltd. | | 3,253 | 34,815 |
| Avenue Supermarts Ltd. (a)(b) | | 1,510 | 27,316 |
| Axis Bank Ltd. (a) | | 21,543 | 169,641 |
| Bajaj Auto Ltd. | | 986 | 34,578 |
| Bajaj Finance Ltd. | | 2,070 | 66,683 |
| Bajaj Finserv Ltd. | | 444 | 32,445 |
| Bharat Forge Ltd. | | 2,123 | 16,789 |
| Bharat Heavy Electricals Ltd. | | 7,154 | 6,650 |
| Bharat Petroleum Corp. Ltd. | | 9,564 | 35,574 |
| Bharti Airtel Ltd. | | 16,820 | 66,486 |
| Bharti Infratel Ltd. | | 3,143 | 11,442 |
| Bosch Ltd. (a) | | 92 | 24,563 |
| Britannia Industries Ltd. | | 378 | 28,846 |
| Cadila Healthcare Ltd. | | 2,768 | 13,475 |
| Cipla Ltd. (a) | | 4,373 | 37,205 |
| Coal India Ltd. | | 9,000 | 32,387 |
| Container Corp. of India Ltd. | | 1,624 | 13,916 |
| Dabur India Ltd. | | 6,131 | 31,894 |
| Dr. Reddy's Laboratories Ltd. | | 1,261 | 43,310 |
| Eicher Motors Ltd. | | 167 | 49,370 |
| GAIL India Ltd. | | 8,890 | 44,985 |
| Glenmark Pharmaceuticals Ltd. | | 1,882 | 15,815 |
| Godrej Consumer Products Ltd. | | 4,083 | 40,016 |
| Grasim Industries Ltd. (a) | | 3,725 | 41,982 |
| Havells India Ltd. (a) | | 3,395 | 29,644 |
| HCL Technologies Ltd. | | 6,644 | 94,827 |
| Hero Motocorp Ltd. | | 618 | 23,082 |
| Hindalco Industries Ltd. | | 13,576 | 40,456 |
| Hindustan Petroleum Corp. Ltd. | | 8,365 | 25,352 |
| Hindustan Unilever Ltd. | | 7,747 | 169,866 |
| Housing Development Finance Corp. Ltd. | | 19,005 | 454,632 |
| ICICI Bank Ltd. | | 28,525 | 136,787 |
| Indiabulls Housing Finance Ltd. | | 3,381 | 38,153 |
| Indian Oil Corp. Ltd. | | 17,019 | 31,859 |
| Infosys Ltd. | | 41,459 | 383,047 |
| Infosys Ltd. sponsored ADR | | 186 | 1,761 |
| InterGlobe Aviation Ltd. (b) | | 909 | 10,925 |
| ITC Ltd. | | 40,578 | 153,676 |
| JSW Steel Ltd. | | 9,971 | 45,757 |
| Larsen & Toubro Ltd. | | 5,674 | 99,540 |
| LIC Housing Finance Ltd. | | 3,606 | 20,044 |
| Lupin Ltd. (a) | | 2,684 | 32,133 |
| Mahindra & Mahindra Financial Services Ltd. (a) | | 3,699 | 20,456 |
| Mahindra & Mahindra Ltd. | | 8,894 | 92,109 |
| Marico Ltd. | | 6,091 | 26,461 |
| Maruti Suzuki India Ltd. | | 1,260 | 112,719 |
| Motherson Sumi Systems Ltd. (a) | | 12,475 | 27,536 |
| Nestle India Ltd. | | 248 | 34,027 |
| NTPC Ltd. | | 25,032 | 54,034 |
| Oil & Natural Gas Corp. Ltd. | | 16,451 | 34,088 |
| Page Industries Ltd. | | 61 | 24,292 |
| Petronet LNG Ltd. | | 8,132 | 24,816 |
| Pidilite Industries Ltd. | | 1,685 | 21,845 |
| Piramal Enterprises Ltd. | | 930 | 27,322 |
| Power Grid Corp. of India Ltd. | | 17,796 | 44,743 |
| Rec Ltd. | | 8,804 | 13,856 |
| Reliance Industries Ltd. | | 34,029 | 488,281 |
| Shree Cement Ltd. | | 103 | 19,382 |
| Shriram Transport Finance Co. Ltd. | | 1,964 | 30,931 |
| Siemens India Ltd. | | 567 | 7,143 |
| State Bank of India (a) | | 22,101 | 84,089 |
| Sun Pharmaceutical Industries Ltd. | | 10,227 | 80,235 |
| Tata Consultancy Services Ltd. | | 10,916 | 286,058 |
| Tata Motors Ltd. (a) | | 19,465 | 47,154 |
| Tata Power Co. Ltd. | | 12,640 | 13,083 |
| Tata Steel Ltd. | | 4,405 | 32,987 |
| Tech Mahindra Ltd. (a) | | 5,315 | 53,459 |
| Titan Co. Ltd. | | 3,555 | 40,597 |
| Ultratech Cemco Ltd. (a) | | 1,191 | 56,352 |
| United Spirits Ltd. (a) | | 2,960 | 23,084 |
| UPL Ltd. (a) | | 4,169 | 38,012 |
| Vedanta Ltd. (a) | | 15,297 | 43,672 |
| Vodafone Idea Ltd. (a) | | 17,495 | 9,143 |
| Wipro Ltd. | | 12,814 | 57,353 |
| Yes Bank Ltd. | | 21,147 | 53,782 |
| Zee Entertainment Enterprises Ltd. | | 5,462 | 33,314 |
|
| TOTAL INDIA | | | 4,897,144 |
|
| Indonesia - 0.5% | | | |
| PT Adaro Energy Tbk | | 149,700 | 16,248 |
| PT Astra International Tbk | | 245,800 | 127,730 |
| PT Bank Central Asia Tbk | | 118,500 | 184,346 |
| PT Bank Danamon Indonesia Tbk Series A | | 42,200 | 20,611 |
| PT Bank Mandiri (Persero) Tbk | | 225,700 | 101,412 |
| PT Bank Negara Indonesia (Persero) Tbk | | 86,400 | 41,630 |
| PT Bank Rakyat Indonesia Tbk | | 667,300 | 138,266 |
| PT Bank Tabungan Negara Tbk | | 32,900 | 4,588 |
| PT Bumi Serpong Damai Tbk (a) | | 60,100 | 4,349 |
| PT Charoen Pokphand Indonesia Tbk | | 99,400 | 35,961 |
| PT Gudang Garam Tbk | | 5,700 | 27,108 |
| PT Hanjaya Mandala Sampoerna Tbk | | 107,100 | 26,277 |
| PT Indah Kiat Pulp & Paper Tbk | | 31,600 | 26,450 |
| PT Indocement Tunggal Prakarsa Tbk | | 22,500 | 25,604 |
| PT Indofood CBP Sukses Makmur Tbk | | 26,200 | 15,381 |
| PT Indofood Sukses Makmur Tbk | | 59,000 | 23,189 |
| PT Jasa Marga Tbk | | 20,400 | 5,569 |
| PT Kalbe Farma Tbk | | 268,600 | 24,205 |
| PT Matahari Department Store Tbk | | 26,200 | 8,358 |
| PT Pakuwon Jati Tbk | | 192,000 | 6,037 |
| PT Perusahaan Gas Negara Tbk Series B | | 115,600 | 16,881 |
| PT Semen Gresik (Persero) Tbk | | 40,400 | 23,917 |
| PT Surya Citra Media Tbk | | 47,300 | 4,885 |
| PT Telekomunikasi Indonesia Tbk Series B | | 606,800 | 153,717 |
| PT Tower Bersama Infrastructure Tbk | | 14,900 | 4,587 |
| PT Unilever Indonesia Tbk | | 19,300 | 54,875 |
| PT United Tractors Tbk | | 19,500 | 42,970 |
| PT Waskita Karya Persero Tbk | | 36,300 | 3,438 |
|
| TOTAL INDONESIA | | | 1,168,589 |
|
| Ireland - 0.4% | | | |
| AIB Group PLC | | 9,102 | 44,042 |
| Bank Ireland Group PLC | | 12,014 | 85,252 |
| CRH PLC | | 10,015 | 298,729 |
| CRH PLC sponsored ADR | | 31 | 923 |
| DCC PLC (United Kingdom) | | 1,071 | 91,925 |
| James Hardie Industries PLC CDI | | 5,279 | 70,243 |
| Kerry Group PLC Class A | | 1,899 | 194,657 |
| Paddy Power Betfair PLC (Ireland) | | 968 | 83,546 |
| Ryanair Holdings PLC (a) | | 493 | 6,670 |
| Ryanair Holdings PLC sponsored ADR (a) | | 220 | 18,216 |
| Smurfit Kappa Group PLC | | 2,739 | 89,285 |
|
| TOTAL IRELAND | | | 983,488 |
|
| Isle of Man - 0.1% | | | |
| Gaming VC Holdings SA | | 6,632 | 79,430 |
| Genting Singapore Ltd. | | 76,000 | 48,284 |
| NEPI Rockcastle PLC | | 4,433 | 38,280 |
|
| TOTAL ISLE OF MAN | | | 165,994 |
|
| Israel - 0.3% | | | |
| Azrieli Group | | 571 | 27,722 |
| Bank Hapoalim BM (Reg.) | | 12,245 | 82,953 |
| Bank Leumi le-Israel BM | | 17,959 | 112,103 |
| Bezeq The Israel Telecommunication Corp. Ltd. | | 28,466 | 32,737 |
| Check Point Software Technologies Ltd. (a) | | 1,513 | 167,943 |
| Elbit Systems Ltd. (Israel) | | 263 | 31,462 |
| Israel Chemicals Ltd. | | 8,557 | 49,366 |
| Mizrahi Tefahot Bank Ltd. | | 1,808 | 30,465 |
| NICE Systems Ltd. (a) | | 686 | 72,734 |
| NICE Systems Ltd. sponsored ADR (a) | | 40 | 4,238 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (c) | | 11,595 | 231,668 |
|
| TOTAL ISRAEL | | | 843,391 |
|
| Italy - 1.2% | | | |
| Assicurazioni Generali SpA | | 13,890 | 224,660 |
| Atlantia SpA | | 5,963 | 119,951 |
| Davide Campari-Milano SpA | | 7,305 | 56,222 |
| Enel SpA | | 96,774 | 474,489 |
| Eni SpA | | 30,187 | 536,114 |
| Intesa Sanpaolo SpA | | 177,855 | 393,962 |
| Leonardo SpA | | 4,652 | 50,531 |
| Luxottica Group SpA | | 2,004 | 126,021 |
| Mediobanca SpA | | 7,491 | 65,773 |
| Moncler SpA | | 2,217 | 77,090 |
| Pirelli & C. S.p.A. (b) | | 4,654 | 34,232 |
| Poste Italiane SpA (b) | | 5,790 | 41,644 |
| Prysmian SpA | | 2,921 | 56,773 |
| Recordati SpA | | 1,241 | 42,056 |
| Snam Rete Gas SpA | | 26,910 | 111,373 |
| Telecom Italia SpA (a) | | 126,371 | 74,326 |
| Terna SpA | | 16,795 | 86,839 |
| UniCredit SpA | | 24,007 | 307,699 |
|
| TOTAL ITALY | | | 2,879,755 |
|
| Japan - 15.8% | | | |
| ABC-MART, Inc. | | 400 | 23,397 |
| ACOM Co. Ltd. | | 4,300 | 15,891 |
| AEON Co. Ltd. | | 7,300 | 167,551 |
| AEON Financial Service Co. Ltd. | | 1,300 | 25,531 |
| AEON MALL Co. Ltd. | | 1,000 | 18,514 |
| Agc, Inc. | | 2,200 | 72,060 |
| Air Water, Inc. | | 2,000 | 32,454 |
| Aisin Seiki Co. Ltd. | | 2,000 | 78,610 |
| Ajinomoto Co., Inc. | | 5,500 | 88,855 |
| Alfresa Holdings Corp. | | 2,200 | 58,785 |
| All Nippon Airways Ltd. | | 1,300 | 43,713 |
| Alps Electric Co. Ltd. | | 2,300 | 54,217 |
| Amada Holdings Co. Ltd. | | 4,100 | 38,625 |
| Aozora Bank Ltd. | | 1,300 | 44,858 |
| Asahi Group Holdings | | 4,300 | 188,964 |
| Asahi Kasei Corp. | | 15,000 | 179,977 |
| Asics Corp. | | 2,200 | 31,976 |
| Astellas Pharma, Inc. | | 22,500 | 347,630 |
| Bandai Namco Holdings, Inc. | | 2,300 | 81,841 |
| Bank of Kyoto Ltd. | | 600 | 27,066 |
| Benesse Holdings, Inc. | | 900 | 25,085 |
| Bridgestone Corp. | | 7,200 | 277,627 |
| Brother Industries Ltd. | | 2,600 | 47,721 |
| Calbee, Inc. | | 1,100 | 36,558 |
| Canon, Inc. | | 11,800 | 336,104 |
| Casio Computer Co. Ltd. | | 2,300 | 34,714 |
| Central Japan Railway Co. | | 1,700 | 326,245 |
| Chiba Bank Ltd. | | 6,800 | 43,019 |
| Chubu Electric Power Co., Inc. | | 7,300 | 105,271 |
| Chugai Pharmaceutical Co. Ltd. | | 2,700 | 158,076 |
| Chugoku Electric Power Co., Inc. | | 3,000 | 38,605 |
| Coca-Cola West Co. Ltd. | | 1,500 | 39,283 |
| Concordia Financial Group Ltd. | | 13,400 | 61,329 |
| Credit Saison Co. Ltd. | | 1,900 | 30,172 |
| CyberAgent, Inc. | | 1,300 | 55,319 |
| CYBERDYNE, Inc. (a) | | 1,100 | 7,780 |
| Dai Nippon Printing Co. Ltd. | | 3,000 | 67,313 |
| Dai-ichi Mutual Life Insurance Co. | | 12,900 | 242,073 |
| Daicel Chemical Industries Ltd. | | 3,100 | 32,831 |
| Daifuku Co. Ltd. | | 1,300 | 55,993 |
| Daiichi Sankyo Kabushiki Kaisha | | 6,800 | 259,918 |
| Daikin Industries Ltd. | | 3,000 | 347,736 |
| Dainippon Sumitomo Pharma Co. Ltd. | | 1,800 | 37,609 |
| Daito Trust Construction Co. Ltd. | | 900 | 118,846 |
| Daiwa House Industry Co. Ltd. | | 6,800 | 205,322 |
| Daiwa House REIT Investment Corp. | | 20 | 43,781 |
| Daiwa Securities Group, Inc. | | 19,200 | 110,106 |
| DeNA Co. Ltd. | | 1,100 | 18,297 |
| DENSO Corp. | | 5,100 | 227,489 |
| Dentsu, Inc. | | 2,500 | 115,950 |
| Disco Corp. | | 300 | 47,778 |
| Don Quijote Holdings Co. Ltd. | | 1,400 | 83,875 |
| East Japan Railway Co. | | 3,600 | 314,416 |
| Eisai Co. Ltd. | | 3,000 | 249,841 |
| Electric Power Development Co. Ltd. | | 1,800 | 49,054 |
| FamilyMart Co. Ltd. | | 800 | 92,728 |
| Fanuc Corp. | | 2,300 | 400,124 |
| Fast Retailing Co. Ltd. | | 700 | 352,454 |
| Fuji Electric Co. Ltd. | | 1,400 | 42,736 |
| Fujifilm Holdings Corp. | | 4,600 | 198,952 |
| Fujitsu Ltd. | | 2,300 | 139,928 |
| Fukuoka Financial Group, Inc. | | 1,600 | 39,313 |
| Hakuhodo DY Holdings, Inc. | | 3,000 | 50,144 |
| Hamamatsu Photonics K.K. | | 1,600 | 53,600 |
| Hankyu Hanshin Holdings, Inc. | | 2,800 | 92,312 |
| Hikari Tsushin, Inc. | | 300 | 52,431 |
| Hino Motors Ltd. | | 3,400 | 32,546 |
| Hirose Electric Co. Ltd. | | 400 | 38,038 |
| Hisamitsu Pharmaceutical Co., Inc. | | 700 | 39,518 |
| Hitachi Chemical Co. Ltd. | | 1,400 | 22,098 |
| Hitachi Construction Machinery Co. Ltd. | | 1,200 | 31,861 |
| Hitachi High-Technologies Corp. | | 900 | 33,939 |
| Hitachi Ltd. | | 11,600 | 354,614 |
| Hitachi Metals Ltd. | | 2,900 | 34,234 |
| Honda Motor Co. Ltd. | | 19,400 | 553,783 |
| Hoshizaki Corp. | | 700 | 56,516 |
| Hoya Corp. | | 4,500 | 255,798 |
| Hulic Co. Ltd. | | 4,000 | 36,691 |
| Idemitsu Kosan Co. Ltd. | | 1,700 | 77,591 |
| IHI Corp. | | 1,800 | 65,848 |
| Iida Group Holdings Co. Ltd. | | 1,800 | 32,766 |
| INPEX Corp. | | 12,200 | 138,917 |
| Isetan Mitsukoshi Holdings Ltd. | | 3,900 | 45,580 |
| Isuzu Motors Ltd. | | 6,600 | 86,530 |
| Itochu Corp. | | 16,900 | 313,427 |
| J. Front Retailing Co. Ltd. | | 2,800 | 36,692 |
| Japan Airlines Co. Ltd. | | 1,400 | 49,841 |
| Japan Airport Terminal Co. Ltd. | | 500 | 19,232 |
| Japan Exchange Group, Inc. | | 6,200 | 111,324 |
| Japan Post Bank Co. Ltd. | | 5,100 | 59,527 |
| Japan Post Holdings Co. Ltd. | | 18,600 | 220,568 |
| Japan Prime Realty Investment Corp. | | 10 | 35,716 |
| Japan Real Estate Investment Corp. | | 16 | 82,528 |
| Japan Retail Fund Investment Corp. | | 30 | 55,408 |
| Japan Tobacco, Inc. | | 13,100 | 336,609 |
| JFE Holdings, Inc. | | 5,900 | 110,870 |
| JGC Corp. | | 2,400 | 46,456 |
| JSR Corp. | | 2,300 | 34,367 |
| JTEKT Corp. | | 2,700 | 33,592 |
| JX Holdings, Inc. | | 38,900 | 262,847 |
| Kajima Corp. | | 5,500 | 70,821 |
| Kakaku.com, Inc. | | 1,700 | 30,841 |
| Kamigumi Co. Ltd. | | 1,400 | 28,959 |
| Kaneka Corp. | | 600 | 25,099 |
| Kansai Electric Power Co., Inc. | | 8,400 | 128,566 |
| Kansai Paint Co. Ltd. | | 2,000 | 29,618 |
| Kao Corp. | | 5,900 | 392,481 |
| Kawasaki Heavy Industries Ltd. | | 1,800 | 42,657 |
| KDDI Corp. | | 21,100 | 510,617 |
| Keihan Electric Railway Co., Ltd. | | 1,100 | 41,725 |
| Keihin Electric Express Railway Co. Ltd. | | 2,600 | 38,504 |
| Keio Corp. | | 1,300 | 70,608 |
| Keisei Electric Railway Co. | | 1,600 | 49,309 |
| Keyence Corp. | | 1,200 | 588,115 |
| Kikkoman Corp. | | 1,700 | 93,138 |
| Kintetsu Group Holdings Co. Ltd. | | 2,100 | 80,587 |
| Kirin Holdings Co. Ltd. | | 9,800 | 233,853 |
| Kobayashi Pharmaceutical Co. Ltd. | | 600 | 39,349 |
| Kobe Steel Ltd. | | 3,500 | 28,141 |
| Koito Manufacturing Co. Ltd. | | 1,200 | 57,216 |
| Komatsu Ltd. | | 11,000 | 286,467 |
| Konami Holdings Corp. | | 1,200 | 45,780 |
| Konica Minolta, Inc. | | 5,200 | 51,472 |
| Kose Corp. | | 400 | 59,804 |
| Kubota Corp. | | 11,800 | 186,284 |
| Kuraray Co. Ltd. | | 4,100 | 56,316 |
| Kurita Water Industries Ltd. | | 1,300 | 32,064 |
| Kyocera Corp. | | 3,800 | 205,667 |
| Kyowa Hakko Kirin Co., Ltd. | | 3,300 | 63,911 |
| Kyushu Electric Power Co., Inc. | | 4,200 | 48,910 |
| Kyushu Railway Co. | | 1,800 | 55,196 |
| Lawson, Inc. | | 600 | 37,967 |
| LINE Corp. (a) | | 900 | 28,694 |
| Lion Corp. | | 2,700 | 50,729 |
| LIXIL Group Corp. | | 3,300 | 52,058 |
| M3, Inc. | | 5,200 | 83,783 |
| Mabuchi Motor Co. Ltd. | | 500 | 17,814 |
| Makita Corp. | | 2,700 | 93,442 |
| Marubeni Corp. | | 18,700 | 151,633 |
| Marui Group Co. Ltd. | | 2,400 | 51,676 |
| Maruichi Steel Tube Ltd. | | 700 | 20,224 |
| Mazda Motor Corp. | | 7,000 | 74,558 |
| McDonald's Holdings Co. (Japan) Ltd. | | 700 | 30,833 |
| Mebuki Financial Group, Inc. | | 9,000 | 27,518 |
| Medipal Holdings Corp. | | 2,100 | 45,095 |
| Meiji Holdings Co. Ltd. | | 1,500 | 99,525 |
| Minebea Mitsumi, Inc. | | 4,600 | 70,371 |
| Misumi Group, Inc. | | 3,400 | 68,280 |
| Mitsubishi Chemical Holdings Corp. | | 15,300 | 119,270 |
| Mitsubishi Corp. | | 16,100 | 453,140 |
| Mitsubishi Electric Corp. | | 21,800 | 275,976 |
| Mitsubishi Estate Co. Ltd. | | 14,100 | 225,343 |
| Mitsubishi Gas Chemical Co., Inc. | | 1,800 | 30,326 |
| Mitsubishi Heavy Industries Ltd. | | 3,600 | 126,906 |
| Mitsubishi Materials Corp. | | 1,300 | 35,990 |
| Mitsubishi Motors Corp. of Japan | | 8,400 | 52,763 |
| Mitsubishi Tanabe Pharma Corp. | | 2,800 | 41,391 |
| Mitsubishi UFJ Financial Group, Inc. | | 140,800 | 852,191 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | | 4,700 | 24,201 |
| Mitsui & Co. Ltd. | | 19,700 | 329,160 |
| Mitsui Chemicals, Inc. | | 2,200 | 49,333 |
| Mitsui Fudosan Co. Ltd. | | 10,600 | 238,736 |
| Mitsui OSK Lines Ltd. | | 1,400 | 34,026 |
| Mizuho Financial Group, Inc. | | 285,300 | 489,964 |
| MS&AD Insurance Group Holdings, Inc. | | 5,600 | 168,209 |
| Murata Manufacturing Co. Ltd. | | 2,200 | 334,675 |
| Nabtesco Corp. | | 1,400 | 30,870 |
| Nagoya Railroad Co. Ltd. | | 2,000 | 48,318 |
| NEC Corp. | | 3,100 | 88,986 |
| New Hampshire Foods Ltd. | | 1,100 | 37,934 |
| Nexon Co. Ltd. (a) | | 5,400 | 61,545 |
| NGK Insulators Ltd. | | 2,900 | 40,815 |
| NGK Spark Plug Co. Ltd. | | 1,800 | 36,563 |
| Nidec Corp. | | 2,700 | 346,728 |
| Nikon Corp. | | 4,000 | 69,731 |
| Nintendo Co. Ltd. | | 1,400 | 437,084 |
| Nippon Building Fund, Inc. | | 16 | 91,461 |
| Nippon Electric Glass Co. Ltd. | | 1,000 | 25,195 |
| Nippon Express Co. Ltd. | | 900 | 56,798 |
| Nippon Paint Holdings Co. Ltd. | | 1,800 | 56,392 |
| Nippon Prologis REIT, Inc. | | 20 | 40,342 |
| Nippon Steel & Sumitomo Metal Corp. | | 9,100 | 167,860 |
| Nippon Telegraph & Telephone Corp. | | 8,200 | 338,157 |
| Nippon Yusen KK | | 1,800 | 29,027 |
| Nissan Chemical Corp. | | 1,500 | 70,727 |
| Nissan Motor Co. Ltd. | | 27,400 | 249,279 |
| Nisshin Seifun Group, Inc. | | 2,300 | 45,765 |
| Nissin Food Holdings Co. Ltd. | | 800 | 51,686 |
| Nitori Holdings Co. Ltd. | | 1,000 | 130,589 |
| Nitto Denko Corp. | | 2,000 | 124,950 |
| NKSJ Holdings, Inc. | | 4,000 | 164,982 |
| NOK Corp. | | 800 | 11,514 |
| Nomura Holdings, Inc. | | 41,200 | 197,841 |
| Nomura Real Estate Holdings, Inc. | | 1,500 | 28,169 |
| Nomura Real Estate Master Fund, Inc. | | 48 | 62,236 |
| Nomura Research Institute Ltd. | | 1,400 | 62,037 |
| NSK Ltd. | | 4,200 | 41,496 |
| NTT Data Corp. | | 7,800 | 100,140 |
| NTT DOCOMO, Inc. | | 15,700 | 389,342 |
| Obayashi Corp. | | 7,800 | 68,860 |
| OBIC Co. Ltd. | | 800 | 72,885 |
| Odakyu Electric Railway Co. Ltd. | | 3,400 | 71,878 |
| Oji Holdings Corp. | | 10,000 | 71,011 |
| Olympus Corp. | | 3,500 | 116,661 |
| OMRON Corp. | | 2,300 | 93,358 |
| Ono Pharmaceutical Co. Ltd. | | 4,600 | 104,854 |
| Oracle Corp. Japan | | 500 | 33,943 |
| Oriental Land Co. Ltd. | | 2,400 | 225,781 |
| ORIX Corp. | | 15,800 | 257,791 |
| Osaka Gas Co. Ltd. | | 4,500 | 82,287 |
| Otsuka Corp. | | 1,200 | 39,881 |
| Otsuka Holdings Co. Ltd. | | 4,700 | 224,791 |
| Panasonic Corp. | | 26,300 | 282,237 |
| Park24 Co. Ltd. | | 1,300 | 34,230 |
| Pola Orbis Holdings, Inc. | | 1,100 | 29,441 |
| Rakuten, Inc. | | 10,300 | 69,669 |
| Recruit Holdings Co. Ltd. | | 13,100 | 351,599 |
| Renesas Electronics Corp. (a) | | 9,600 | 50,878 |
| Resona Holdings, Inc. | | 25,000 | 131,501 |
| Ricoh Co. Ltd. | | 8,300 | 82,853 |
| Rinnai Corp. | | 400 | 29,140 |
| ROHM Co. Ltd. | | 1,100 | 77,405 |
| Ryohin Keikaku Co. Ltd. | | 300 | 79,257 |
| Sankyo Co. Ltd. (Gunma) | | 600 | 22,892 |
| Santen Pharmaceutical Co. Ltd. | | 4,500 | 66,801 |
| SBI Holdings, Inc. Japan | | 2,700 | 70,853 |
| Secom Co. Ltd. | | 2,500 | 204,679 |
| Sega Sammy Holdings, Inc. | | 2,300 | 29,618 |
| Seibu Holdings, Inc. | | 2,700 | 48,982 |
| Seiko Epson Corp. | | 3,100 | 49,945 |
| Sekisui Chemical Co. Ltd. | | 4,500 | 70,709 |
| Sekisui House Ltd. | | 7,500 | 110,078 |
| Seven & i Holdings Co. Ltd. | | 9,000 | 389,700 |
| Seven Bank Ltd. | | 6,100 | 19,084 |
| SG Holdings Co. Ltd. | | 1,200 | 30,246 |
| Sharp Corp. | | 2,000 | 30,682 |
| Shimadzu Corp. | | 2,600 | 65,740 |
| Shimamura Co. Ltd. | | 300 | 25,232 |
| SHIMANO, Inc. | | 900 | 123,153 |
| SHIMIZU Corp. | | 6,900 | 56,010 |
| Shin-Etsu Chemical Co. Ltd. | | 4,300 | 359,310 |
| Shinsei Bank Ltd. | | 1,900 | 28,943 |
| Shionogi & Co. Ltd. | | 3,300 | 211,014 |
| Shiseido Co. Ltd. | | 4,500 | 283,930 |
| Shizuoka Bank Ltd. | | 5,100 | 44,620 |
| Showa Denko K.K. | | 1,700 | 74,024 |
| Showa Shell Sekiyu K.K. | | 2,200 | 41,990 |
| SMC Corp. | | 700 | 224,266 |
| SoftBank Corp. | | 9,900 | 783,474 |
| Sohgo Security Services Co., Ltd. | | 900 | 40,121 |
| Sony Corp. | | 15,100 | 817,163 |
| Sony Financial Holdings, Inc. | | 2,000 | 46,139 |
| Stanley Electric Co. Ltd. | | 1,600 | 47,432 |
| Subaru Corp. | | 7,300 | 196,915 |
| Sumco Corp. | | 2,600 | 35,092 |
| Sumitomo Chemical Co. Ltd. | | 18,000 | 90,169 |
| Sumitomo Corp. | | 13,400 | 203,233 |
| Sumitomo Electric Industries Ltd. | | 8,900 | 121,375 |
| Sumitomo Heavy Industries Ltd. | | 1,300 | 40,886 |
| Sumitomo Metal Mining Co. Ltd. | | 2,800 | 88,161 |
| Sumitomo Mitsui Financial Group, Inc. | | 16,000 | 622,962 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 3,900 | 154,961 |
| Sumitomo Realty & Development Co. Ltd. | | 4,000 | 137,440 |
| Sumitomo Rubber Industries Ltd. | | 2,100 | 30,243 |
| Sundrug Co. Ltd. | | 900 | 32,703 |
| Suntory Beverage & Food Ltd. | | 1,600 | 65,299 |
| Suzuken Co. Ltd. | | 900 | 45,624 |
| Suzuki Motor Corp. | | 4,100 | 204,454 |
| Sysmex Corp. | | 2,000 | 140,453 |
| T&D Holdings, Inc. | | 6,700 | 107,104 |
| Taiheiyo Cement Corp. | | 1,400 | 41,197 |
| Taisei Corp. | | 2,600 | 111,198 |
| Taisho Pharmaceutical Holdings Co. Ltd. | | 400 | 42,682 |
| Taiyo Nippon Sanso Corp. | | 1,300 | 20,934 |
| Takashimaya Co. Ltd. | | 1,500 | 23,607 |
| Takeda Pharmaceutical Co. Ltd. | | 8,600 | 356,552 |
| TDK Corp. | | 1,600 | 137,968 |
| Teijin Ltd. | | 2,000 | 34,673 |
| Temp Holdings Co., Ltd. | | 2,000 | 38,073 |
| Terumo Corp. | | 3,600 | 194,335 |
| THK Co. Ltd. | | 1,400 | 31,031 |
| Tobu Railway Co. Ltd. | | 2,400 | 66,750 |
| Toho Co. Ltd. | | 1,300 | 42,413 |
| Toho Gas Co. Ltd. | | 800 | 27,651 |
| Tohoku Electric Power Co., Inc. | | 4,800 | 60,747 |
| Tokio Marine Holdings, Inc. | | 8,000 | 376,897 |
| Tokyo Century Corp. | | 500 | 26,809 |
| Tokyo Electric Power Co., Inc. (a) | | 17,300 | 88,544 |
| Tokyo Electron Ltd. | | 1,900 | 256,403 |
| Tokyo Gas Co. Ltd. | | 4,600 | 113,127 |
| Tokyo Tatemono Co. Ltd. | | 2,600 | 27,963 |
| Tokyu Corp. | | 5,900 | 97,471 |
| Tokyu Fudosan Holdings Corp. | | 6,400 | 36,060 |
| Toppan Printing Co. Ltd. | | 3,000 | 42,412 |
| Toray Industries, Inc. | | 16,700 | 118,458 |
| Toshiba Corp. (a) | | 7,800 | 233,651 |
| Tosoh Corp. | | 3,000 | 39,497 |
| Toto Ltd. | | 1,600 | 57,242 |
| Toyo Seikan Group Holdings Ltd. | | 2,000 | 40,804 |
| Toyo Suisan Kaisha Ltd. | | 1,000 | 34,475 |
| Toyoda Gosei Co. Ltd. | | 700 | 15,106 |
| Toyota Industries Corp. | | 1,700 | 83,618 |
| Toyota Motor Corp. | | 27,200 | 1,593,402 |
| Toyota Tsusho Corp. | | 2,600 | 93,830 |
| Trend Micro, Inc. | | 1,400 | 80,592 |
| Tsuruha Holdings, Inc. | | 500 | 52,111 |
| Unicharm Corp. | | 4,800 | 130,683 |
| United Urban Investment Corp. | | 33 | 50,274 |
| USS Co. Ltd. | | 2,600 | 46,938 |
| West Japan Railway Co. | | 1,900 | 127,790 |
| Yahoo! Japan Corp. | | 31,800 | 99,210 |
| Yakult Honsha Co. Ltd. | | 1,300 | 92,285 |
| Yamada Denki Co. Ltd. | | 8,100 | 38,190 |
| Yamaguchi Financial Group, Inc. | | 2,000 | 21,146 |
| Yamaha Corp. | | 1,700 | 74,705 |
| Yamaha Motor Co. Ltd. | | 3,400 | 80,409 |
| Yamato Holdings Co. Ltd. | | 3,700 | 101,152 |
| Yamazaki Baking Co. Ltd. | | 1,400 | 25,262 |
| Yaskawa Electric Corp. | | 3,000 | 86,711 |
| Yokogawa Electric Corp. | | 2,600 | 51,049 |
| Yokohama Rubber Co. Ltd. | | 1,600 | 30,994 |
| Zozo, Inc. | | 2,500 | 60,243 |
|
| TOTAL JAPAN | | | 38,696,098 |
|
| Korea (South) - 3.1% | | | |
| AMOREPACIFIC Corp. | | 405 | 54,308 |
| AMOREPACIFIC Group, Inc. | | 373 | 20,301 |
| BGF Retail Co. Ltd. | | 113 | 16,688 |
| BS Financial Group, Inc. | | 3,301 | 21,958 |
| Celltrion Healthcare Co. Ltd. | | 440 | 24,564 |
| Celltrion Pharm, Inc. | | 150 | 7,033 |
| Celltrion, Inc. (a) | | 979 | 186,619 |
| Cheil Industries, Inc. | | 922 | 87,675 |
| Cheil Worldwide, Inc. | | 1,027 | 20,432 |
| CJ CheilJedang Corp. | | 102 | 28,964 |
| CJ Corp. | | 198 | 18,915 |
| CJ O Shopping Co. Ltd. | | 120 | 23,769 |
| Coway Co. Ltd. | | 520 | 32,039 |
| Daelim Industrial Co. | | 380 | 25,311 |
| Daewoo Engineering & Construction Co. Ltd. (a) | | 1,328 | 5,267 |
| Db Insurance Co. Ltd. | | 574 | 36,120 |
| DGB Financial Group Co. Ltd. | | 1,816 | 14,961 |
| Dong Suh Companies, Inc. | | 314 | 5,132 |
| Doosan Bobcat, Inc. | | 495 | 15,271 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 733 | 7,034 |
| E-Mart Co. Ltd. | | 242 | 43,373 |
| GS Engineering & Construction Corp. | | 658 | 24,077 |
| GS Holdings Corp. | | 640 | 27,204 |
| GS Retail Co. Ltd. | | 230 | 7,237 |
| Hana Financial Group, Inc. | | 3,634 | 121,983 |
| Hankook Tire Co. Ltd. | | 937 | 33,998 |
| Hanmi Pharm Co. Ltd. | | 82 | 27,992 |
| Hanmi Science Co. Ltd. | | 200 | 11,692 |
| Hanon Systems | | 1,956 | 18,771 |
| Hanssem Co. Ltd. | | 81 | 3,468 |
| Hanwha Chemical Corp. | | 1,227 | 17,367 |
| Hanwha Corp. | | 348 | 8,570 |
| Hanwha Life Insurance Co. Ltd. | | 2,972 | 11,682 |
| HDC Hyundai Development Co. (a) | | 456 | 17,585 |
| HLB, Inc. (a) | | 380 | 28,841 |
| Hotel Shilla Co. | | 332 | 20,746 |
| Hyundai Department Store Co. Ltd. | | 150 | 11,398 |
| Hyundai Engineering & Construction Co. Ltd. | | 878 | 35,205 |
| Hyundai Fire & Marine Insurance Co. Ltd. | | 637 | 23,336 |
| Hyundai Glovis Co. Ltd. | | 230 | 22,980 |
| Hyundai Heavy Industries Co. Ltd. (a) | | 418 | 45,610 |
| Hyundai Mobis | | 817 | 136,047 |
| Hyundai Motor Co. | | 1,827 | 170,531 |
| Hyundai Robotics Co. Ltd. (a) | | 116 | 36,244 |
| Hyundai Steel Co. | | 918 | 33,590 |
| Industrial Bank of Korea | | 2,695 | 35,075 |
| ING Life Insurance Korea Ltd. (b) | | 466 | 12,518 |
| Kakao Corp. | | 567 | 45,519 |
| Kangwon Land, Inc. | | 1,371 | 34,485 |
| KB Financial Group, Inc. | | 4,787 | 199,098 |
| KCC Corp. | | 60 | 12,989 |
| KEPCO Plant Service & Engineering Co. Ltd. | | 194 | 4,676 |
| Kia Motors Corp. | | 3,199 | 79,625 |
| Korea Aerospace Industries Ltd. (a) | | 885 | 22,455 |
| Korea Electric Power Corp. | | 3,104 | 74,049 |
| Korea Express Co. Ltd. (a) | | 114 | 15,836 |
| Korea Gas Corp. (a) | | 377 | 17,214 |
| Korea Investment Holdings Co. Ltd. | | 530 | 27,545 |
| Korea Zinc Co. Ltd. | | 109 | 36,206 |
| Korean Air Lines Co. Ltd. | | 532 | 12,799 |
| KT Corp. sponsored ADR | | 185 | 2,560 |
| KT&G Corp. | | 1,410 | 125,429 |
| Kumho Petro Chemical Co. Ltd. | | 192 | 14,488 |
| LG Chemical Ltd. | | 548 | 166,657 |
| LG Corp. | | 1,178 | 68,450 |
| LG Display Co. Ltd. | | 2,880 | 41,970 |
| LG Electronics, Inc. | | 1,289 | 71,511 |
| LG Household & Health Care Ltd. | | 116 | 106,138 |
| LG Innotek Co. Ltd. | | 146 | 15,867 |
| LG Telecom Ltd. | | 2,479 | 35,088 |
| Lotte Chemical Corp. | | 189 | 43,482 |
| Lotte Confectionery Co. Ltd. (a) | | 319 | 13,294 |
| Lotte Shopping Co. Ltd. | | 145 | 24,590 |
| Medy-Tox, Inc. | | 49 | 20,029 |
| Mirae Asset Daewoo Co. Ltd. | | 5,017 | 28,273 |
| NAVER Corp. | | 1,675 | 168,087 |
| NCSOFT Corp. | | 212 | 79,802 |
| Netmarble Corp. (b) | | 327 | 32,098 |
| Oci Co. Ltd. | | 188 | 14,038 |
| Orion Corp./Republic of Korea | | 254 | 21,170 |
| Ottogi Corp. | | 9 | 5,198 |
| Pearl Abyss Corp. (a) | | 55 | 9,911 |
| POSCO | | 943 | 215,572 |
| Posco Daewoo Corp. | | 544 | 8,487 |
| S-Oil Corp. | | 502 | 54,556 |
| S1 Corp. | | 190 | 16,069 |
| Samsung Biologics Co. Ltd. (a)(b) | | 198 | 67,244 |
| Samsung Card Co. Ltd. | | 466 | 13,743 |
| Samsung Electro-Mechanics Co. Ltd. | | 678 | 70,117 |
| Samsung Electronics Co. Ltd. | | 57,341 | 2,130,814 |
| Samsung Engineering Co. Ltd. (a) | | 2,035 | 32,549 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 376 | 91,776 |
| Samsung Heavy Industries Co. Ltd. (a) | | 5,069 | 30,920 |
| Samsung Life Insurance Co. Ltd. | | 874 | 70,472 |
| Samsung SDI Co. Ltd. | | 664 | 137,048 |
| Samsung SDS Co. Ltd. | | 419 | 70,690 |
| Samsung Securities Co. Ltd. | | 659 | 15,450 |
| Shinhan Financial Group Co. Ltd. | | 5,150 | 191,572 |
| Shinsegae Co. Ltd. | | 98 | 22,202 |
| SillaJen, Inc. (a) | | 665 | 40,156 |
| SK C&C Co. Ltd. | | 387 | 88,695 |
| SK Energy Co. Ltd. | | 780 | 145,951 |
| SK Hynix, Inc. | | 6,972 | 416,731 |
| SK Telecom Co. Ltd. | | 230 | 53,972 |
| STX Pan Ocean Co. Ltd. (Korea) (a) | | 2,748 | 11,488 |
| ViroMed Co. Ltd. (a) | | 168 | 27,431 |
| Woori Bank | | 5,789 | 79,910 |
| Woori Investment & Securities Co. Ltd. | | 1,404 | 14,951 |
| Yuhan Corp. | | 88 | 12,918 |
|
| TOTAL KOREA (SOUTH) | | | 7,461,591 |
|
| Luxembourg - 0.2% | | | |
| ArcelorMittal SA (Netherlands) | | 7,965 | 198,835 |
| Eurofins Scientific SA | | 138 | 69,775 |
| Millicom International Cellular SA (depository receipt) | | 774 | 43,728 |
| PLAY Communications SA (b) | | 963 | 4,141 |
| Reinet Investments SCA | | 1,804 | 30,229 |
| RTL Group SA | | 423 | 27,166 |
| SES SA (France) (depositary receipt) | | 4,382 | 94,178 |
| Tenaris SA | | 5,721 | 84,217 |
|
| TOTAL LUXEMBOURG | | | 552,269 |
|
| Malaysia - 0.6% | | | |
| AirAsia Group BHD | | 15,100 | 9,491 |
| Alliance Bank Malaysia Bhd | | 16,600 | 15,709 |
| AMMB Holdings Bhd | | 18,400 | 16,709 |
| Astro Malaysia Holdings Bhd (b) | | 11,700 | 3,775 |
| Axiata Group Bhd | | 36,385 | 29,651 |
| British American Tobacco (Malaysia) Bhd | | 2,200 | 16,351 |
| Bumiputra-Commerce Holdings Bhd | | 57,271 | 78,287 |
| Dialog Group Bhd | | 43,200 | 34,998 |
| DiGi.com Bhd | | 37,000 | 38,110 |
| Felda Global Ventures Holdings Bhd (b) | | 10,900 | 3,647 |
| Fraser & Neave Holdings BHD | | 1,300 | 10,470 |
| Gamuda Bhd | | 21,100 | 12,051 |
| Genting Bhd | | 23,800 | 41,747 |
| Genting Malaysia Bhd | | 38,400 | 41,203 |
| Genting Plantations Bhd | | 1,900 | 4,382 |
| Hap Seng Consolidated Bhd | | 8,000 | 18,831 |
| Hartalega Holdings Bhd | | 13,600 | 20,346 |
| Hong Leong Bank Bhd | | 8,400 | 41,553 |
| Hong Leong Credit Bhd | | 3,600 | 15,813 |
| IHH Healthcare Bhd (b) | | 30,000 | 35,847 |
| IJM Corp. Bhd | | 42,700 | 16,633 |
| IOI Corp. Bhd | | 20,000 | 21,508 |
| IOI Properties Group Bhd | | 15,700 | 4,915 |
| Kuala Lumpur Kepong Bhd | | 4,400 | 26,203 |
| Malayan Banking Bhd | | 45,430 | 103,030 |
| Malaysia Airports Holdings Bhd | | 12,700 | 25,191 |
| Maxis Bhd | | 27,900 | 34,871 |
| MISC Bhd | | 12,800 | 18,659 |
| My E.G.Services Bhd | | 26,200 | 7,513 |
| Nestle (Malaysia) BHD | | 700 | 24,055 |
| Petronas Chemicals Group Bhd | | 29,900 | 66,810 |
| Petronas Dagangan Bhd | | 1,900 | 11,805 |
| Petronas Gas Bhd | | 8,100 | 35,385 |
| PPB Group Bhd | | 7,640 | 30,600 |
| Press Metal Bhd | | 14,500 | 16,771 |
| Public Bank Bhd | | 34,500 | 202,820 |
| RHB Capital Bhd | | 10,600 | 13,248 |
| Sime Darby Bhd | | 31,300 | 16,456 |
| Sime Darby Plantation Bhd | | 27,100 | 34,065 |
| Sime Darby Property Bhd | | 35,100 | 8,178 |
| SP Setia Bhd | | 20,800 | 10,439 |
| Telekom Malaysia Bhd | | 19,300 | 10,977 |
| Tenaga Nasional Bhd | | 37,200 | 130,682 |
| Top Glove Corp. Bhd | | 20,200 | 28,674 |
| UMW Holdings Bhd | | 3,700 | 4,200 |
| Westports Holdings Bhd | | 9,100 | 7,416 |
| YTL Corp. Bhd | | 34,500 | 8,739 |
|
| TOTAL MALAYSIA | | | 1,408,814 |
|
| Mauritius - 0.0% | | | |
| Golden Agri-Resources Ltd. | | 99,100 | 18,244 |
| Mexico - 0.7% | | | |
| Alfa SA de CV Series A | | 33,500 | 35,309 |
| Alsea S.A.B. de CV | | 6,900 | 17,643 |
| America Movil S.A.B. de CV Series L | | 401,600 | 290,822 |
| Banco Santander Mexico SA | | 20,285 | 25,295 |
| CEMEX S.A.B. de CV unit (a) | | 175,180 | 87,447 |
| Coca-Cola FEMSA S.A.B. de CV Series L | | 6,200 | 35,363 |
| El Puerto de Liverpool S.A.B. de CV Class C | | 2,500 | 15,843 |
| Embotelladoras Arca S.A.B. de CV | | 5,100 | 25,647 |
| Fibra Uno Administracion SA de CV | | 42,600 | 45,781 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 23,100 | 196,381 |
| Gruma S.A.B. de CV Series B | | 2,460 | 25,674 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 4,500 | 37,228 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 2,440 | 40,557 |
| Grupo Bimbo S.A.B. de CV Series A | | 20,400 | 38,213 |
| Grupo Carso SA de CV Series A1 | | 5,100 | 15,009 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 31,000 | 170,557 |
| Grupo Financiero Inbursa S.A.B. de CV Series O | | 27,400 | 35,516 |
| Grupo Mexico SA de CV Series B | | 42,200 | 97,371 |
| Grupo Televisa SA de CV | | 29,900 | 86,197 |
| Industrias Penoles SA de CV | | 1,815 | 25,581 |
| Infraestructura Energetica Nova S.A.B. de CV | | 7,000 | 27,441 |
| Kimberly-Clark de Mexico SA de CV Series A | | 17,300 | 24,937 |
| Mexichem S.A.B. de CV | | 13,100 | 34,605 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 2,305 | 20,977 |
| Wal-Mart de Mexico SA de CV Series V | | 62,100 | 158,603 |
|
| TOTAL MEXICO | | | 1,613,997 |
|
| Multi-National - 0.0% | | | |
| HK Electric Investments & HK Electric Investments Ltd. unit (b) | | 32,500 | 30,917 |
| HKT Trust/HKT Ltd. unit | | 47,000 | 64,729 |
|
| TOTAL MULTI-NATIONAL | | | 95,646 |
|
| Netherlands - 2.9% | | | |
| ABN AMRO Group NV GDR | | 5,071 | 124,638 |
| AEGON NV | | 21,964 | 135,035 |
| AerCap Holdings NV (a) | | 1,457 | 72,967 |
| Airbus Group NV | | 6,955 | 768,627 |
| Akzo Nobel NV | | 3,017 | 253,830 |
| ASML Holding NV (Netherlands) | | 4,899 | 843,824 |
| CNH Industrial NV | | 12,208 | 127,018 |
| EXOR NV | | 1,308 | 74,135 |
| Ferrari NV | | 1,466 | 171,858 |
| Fiat Chrysler Automobiles NV | | 12,890 | 196,368 |
| Heineken Holding NV | | 1,395 | 120,874 |
| Heineken NV (Bearer) | | 3,111 | 280,484 |
| ING Groep NV (Certificaten Van Aandelen) | | 46,525 | 550,437 |
| Koninklijke Ahold Delhaize NV | | 14,890 | 341,182 |
| Koninklijke DSM NV | | 2,166 | 189,838 |
| Koninklijke KPN NV | | 41,248 | 108,834 |
| Koninklijke Philips Electronics NV | | 11,232 | 418,907 |
| NN Group NV | | 3,613 | 155,506 |
| NXP Semiconductors NV | | 4,112 | 308,359 |
| QIAGEN NV (Germany) (a) | | 2,776 | 100,836 |
| Randstad NV | | 1,424 | 71,854 |
| STMicroelectronics NV (France) | | 8,213 | 124,849 |
| Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit | | 1,655 | 300,451 |
| Unilever NV (Certificaten Van Aandelen) (Bearer) | | 18,406 | 989,046 |
| Vopak NV | | 876 | 39,688 |
| Wolters Kluwer NV | | 3,448 | 195,894 |
| X5 Retail Group NV unit | | 1,486 | 34,717 |
|
| TOTAL NETHERLANDS | | | 7,100,056 |
|
| New Zealand - 0.1% | | | |
| Auckland International Airport Ltd. | | 11,167 | 50,936 |
| Fisher & Paykel Healthcare Corp. | | 7,024 | 62,336 |
| Fletcher Building Ltd. | | 10,899 | 42,957 |
| Meridian Energy Ltd. | | 15,125 | 30,942 |
| Ryman Healthcare Group Ltd. | | 5,118 | 40,411 |
| Spark New Zealand Ltd. | | 20,461 | 52,740 |
| The a2 Milk Co. Ltd. (a) | | 9,017 | 61,312 |
|
| TOTAL NEW ZEALAND | | | 341,634 |
|
| Norway - 0.5% | | | |
| Aker Bp ASA | | 1,222 | 40,299 |
| DNB ASA | | 11,562 | 209,232 |
| Equinor ASA | | 13,706 | 356,560 |
| Gjensidige Forsikring ASA | | 2,536 | 39,289 |
| Marine Harvest ASA | | 5,071 | 122,718 |
| Norsk Hydro ASA | | 16,085 | 83,499 |
| Orkla ASA | | 9,665 | 83,398 |
| Schibsted ASA (B Shares) | | 1,266 | 40,098 |
| Telenor ASA | | 8,942 | 164,047 |
| Yara International ASA | | 2,204 | 94,829 |
|
| TOTAL NORWAY | | | 1,233,969 |
|
| Pakistan - 0.0% | | | |
| Habib Bank Ltd. | | 5,100 | 5,611 |
| Lucky Cement Ltd. | | 1,050 | 3,942 |
| MCB Bank Ltd. | | 2,900 | 4,332 |
| Oil & Gas Development Co. Ltd. | | 7,600 | 9,125 |
| United Bank Ltd. | | 7,300 | 8,265 |
|
| TOTAL PAKISTAN | | | 31,275 |
|
| Papua New Guinea - 0.0% | | | |
| Oil Search Ltd. ADR | | 16,712 | 91,955 |
| Peru - 0.0% | | | |
| Compania de Minas Buenaventura SA sponsored ADR | | 2,155 | 29,825 |
| Philippines - 0.2% | | | |
| Aboitiz Equity Ventures, Inc. | | 21,990 | 19,341 |
| Aboitiz Power Corp. | | 23,800 | 15,009 |
| Alliance Global Group, Inc. (a) | | 65,700 | 13,967 |
| Ayala Corp. | | 3,090 | 53,199 |
| Ayala Land, Inc. | | 83,300 | 61,808 |
| Bank of the Philippine Islands (BPI) | | 9,580 | 14,728 |
| BDO Unibank, Inc. | | 23,440 | 53,690 |
| DMCI Holdings, Inc. | | 34,200 | 8,218 |
| Globe Telecom, Inc. | | 475 | 18,578 |
| GT Capital Holdings, Inc. | | 833 | 11,847 |
| International Container Terminal Services, Inc. | | 4,330 | 7,333 |
| JG Summit Holdings, Inc. | | 37,240 | 32,963 |
| Jollibee Food Corp. | | 5,370 | 27,736 |
| Manila Electric Co. | | 2,540 | 17,482 |
| Megaworld Corp. | | 96,000 | 7,923 |
| Metro Pacific Investments Corp. | | 171,400 | 15,396 |
| Metropolitan Bank & Trust Co. | | 12,710 | 15,591 |
| Philippine Long Distance Telephone Co. | | 1,045 | 27,003 |
| Robinsons Land Corp. | | 15,400 | 6,038 |
| Security Bank Corp. | | 1,780 | 4,810 |
| SM Investments Corp. | | 2,930 | 49,348 |
| SM Prime Holdings, Inc. | | 122,700 | 77,610 |
| Universal Robina Corp. | | 10,500 | 25,544 |
|
| TOTAL PHILIPPINES | | | 585,162 |
|
| Poland - 0.3% | | | |
| Alior Bank SA (a) | | 1,294 | 19,475 |
| Bank Handlowy w Warszawie SA | | 256 | 4,670 |
| Bank Millennium SA (a) | | 7,335 | 16,879 |
| Bank Polska Kasa Opieki SA | | 1,907 | 52,034 |
| Bank Zachodni WBK SA | | 409 | 36,283 |
| BRE Bank SA | | 212 | 20,663 |
| CD Projekt RED SA (a) | | 737 | 30,405 |
| Cyfrowy Polsat SA (a) | | 2,604 | 14,998 |
| Dino Polska SA (a)(b) | | 553 | 12,178 |
| Grupa Lotos SA | | 1,048 | 18,922 |
| Jastrzebska Spolka Weglowa SA (a) | | 644 | 12,420 |
| KGHM Polska Miedz SA (Bearer) (a) | | 1,844 | 41,751 |
| LPP SA | | 16 | 32,733 |
| NG2 SA | | 290 | 12,621 |
| Polish Oil & Gas Co. SA | | 22,984 | 37,497 |
| Polska Grupa Energetyczna SA (a) | | 10,088 | 27,631 |
| Polski Koncern Naftowy Orlen SA | | 3,722 | 89,472 |
| Powszechna Kasa Oszczednosci Bank SA | | 10,645 | 110,774 |
| Powszechny Zaklad Ubezpieczen SA | | 7,281 | 74,344 |
| Telekomunikacja Polska SA (a) | | 5,430 | 6,142 |
| Zaklady Azotowe w Tarnowie-Moscicach SA | | 344 | 2,322 |
|
| TOTAL POLAND | | | 674,214 |
|
| Portugal - 0.1% | | | |
| Energias de Portugal SA | | 30,425 | 106,967 |
| Galp Energia SGPS SA Class B | | 6,027 | 105,094 |
| Jeronimo Martins SGPS SA | | 2,902 | 35,696 |
|
| TOTAL PORTUGAL | | | 247,757 |
|
| Qatar - 0.3% | | | |
| Barwa Real Estate Co. (a) | | 719 | 7,384 |
| Doha Bank (a) | | 1,972 | 11,899 |
| Ezdan Holding Group (a) | | 9,873 | 29,665 |
| Industries Qatar QSC (a) | | 2,220 | 85,355 |
| Masraf al Rayan (a) | | 4,407 | 45,982 |
| Qatar Electricity & Water Co. (a) | | 637 | 32,870 |
| Qatar Insurance Co. SAQ | | 2,048 | 20,643 |
| Qatar Islamic Bank (a) | | 1,334 | 56,057 |
| Qatar National Bank SAQ | | 5,440 | 291,349 |
| Qatar Telecom (Qtel) Q.S.C. (a) | | 873 | 16,515 |
| The Commercial Bank of Qatar (a) | | 2,046 | 23,292 |
|
| TOTAL QATAR | | | 621,011 |
|
| Russia - 0.9% | | | |
| Alrosa Co. Ltd. | | 32,400 | 49,136 |
| Gazprom OAO | | 102,250 | 241,322 |
| Gazprom OAO sponsored ADR (Reg. S) | | 12,184 | 57,728 |
| Inter Rao Ues JSC | | 426,000 | 25,751 |
| Lukoil PJSC | | 4,775 | 358,449 |
| Lukoil PJSC sponsored ADR | | 1,089 | 81,348 |
| Magnit OJSC GDR (Reg. S) | | 4,403 | 58,758 |
| Magnitogorsk Iron & Steel Works PJSC | | 23,600 | 17,177 |
| MMC Norilsk Nickel PJSC | | 622 | 103,865 |
| MMC Norilsk Nickel PJSC sponsored ADR | | 1,346 | 22,317 |
| Mobile TeleSystems OJSC sponsored ADR | | 5,850 | 46,859 |
| Moscow Exchange MICEX-RTS OAO | | 17,400 | 23,218 |
| NOVATEK OAO GDR (Reg. S) | | 1,088 | 184,416 |
| Novolipetsk Steel OJSC | | 15,320 | 37,308 |
| PhosAgro OJSC GDR (Reg. S) | | 1,113 | 14,580 |
| Polyus PJSC | | 375 | 23,636 |
| Rosneft Oil Co. OJSC | | 11,540 | 80,663 |
| Rosneft Oil Co. OJSC GDR (Reg. S) | | 2,345 | 16,485 |
| RusHydro PJSC | | 1,088,000 | 9,081 |
| RusHydro PJSC ADR | | 2,769 | 2,171 |
| Sberbank of Russia | | 129,015 | 370,826 |
| Severstal PAO | | 1,830 | 28,614 |
| Severstal PAO GDR (Reg. S) | | 592 | 9,182 |
| Surgutneftegas OJSC | | 35,200 | 14,198 |
| Surgutneftegas OJSC sponsored ADR | | 2,955 | 11,761 |
| Tatneft PAO | | 15,080 | 179,567 |
| Tatneft PAO sponsored ADR | | 513 | 36,146 |
| VTB Bank OJSC (a) | | 32,480,000 | 18,036 |
|
| TOTAL RUSSIA | | | 2,122,598 |
|
| Singapore - 0.8% | | | |
| Ascendas Real Estate Investment Trust | | 33,700 | 61,310 |
| BOC Aviation Ltd. Class A | | 3,000 | 21,442 |
| CapitaCommercial Trust (REIT) | | 34,200 | 42,715 |
| CapitaLand Ltd. | | 31,300 | 70,954 |
| CapitaMall Trust | | 29,900 | 45,547 |
| City Developments Ltd. | | 5,400 | 30,837 |
| ComfortDelgro Corp. Ltd. | | 24,000 | 38,985 |
| DBS Group Holdings Ltd. | | 21,402 | 362,481 |
| Jardine Cycle & Carriage Ltd. | | 1,000 | 21,853 |
| Keppel Corp. Ltd. | | 17,700 | 79,226 |
| Oversea-Chinese Banking Corp. Ltd. | | 38,152 | 295,818 |
| Sembcorp Industries Ltd. | | 13,300 | 27,077 |
| Singapore Airlines Ltd. | | 6,200 | 42,433 |
| Singapore Airport Terminal Service Ltd. | | 8,100 | 29,122 |
| Singapore Exchange Ltd. | | 9,500 | 46,912 |
| Singapore Press Holdings Ltd. | | 20,400 | 39,028 |
| Singapore Technologies Engineering Ltd. | | 18,400 | 47,157 |
| Singapore Telecommunications Ltd. | | 97,600 | 222,659 |
| Suntec (REIT) | | 24,700 | 31,563 |
| United Overseas Bank Ltd. | | 16,003 | 281,669 |
| UOL Group Ltd. | | 6,800 | 29,603 |
| Venture Corp. Ltd. | | 3,100 | 34,287 |
| Wilmar International Ltd. | | 21,500 | 49,049 |
| Yangzijiang Shipbuilding Holdings Ltd. | | 26,200 | 23,455 |
|
| TOTAL SINGAPORE | | | 1,975,182 |
|
| South Africa - 1.3% | | | |
| Anglo American Platinum Ltd. | | 604 | 19,731 |
| AngloGold Ashanti Ltd. | | 4,883 | 47,269 |
| Aspen Pharmacare Holdings Ltd. | | 4,789 | 50,641 |
| Barclays Africa Group Ltd. | | 8,864 | 89,592 |
| Bidcorp Ltd. | | 4,093 | 76,766 |
| Bidvest Group Ltd. | | 3,751 | 46,726 |
| Capitec Bank Holdings Ltd. | | 453 | 30,420 |
| Clicks Group Ltd. | | 2,904 | 37,007 |
| Coronation Fund Managers Ltd. | | 2,309 | 7,690 |
| Discovery Ltd. | | 4,521 | 48,399 |
| Exxaro Resources Ltd. | | 3,094 | 31,648 |
| FirstRand Ltd. | | 40,558 | 176,803 |
| Fortress (REIT) Ltd.: | | | |
| Class A | | 15,083 | 17,289 |
| Class B | | 8,037 | 7,840 |
| Foschini Ltd. | | 2,568 | 28,064 |
| Gold Fields Ltd. | | 8,495 | 22,459 |
| Growthpoint Properties Ltd. | | 37,319 | 57,297 |
| Hyprop Investments Ltd. | | 2,668 | 16,325 |
| Imperial Holdings Ltd. | | 1,614 | 17,823 |
| Investec Ltd. | | 2,814 | 17,505 |
| Kumba Iron Ore Ltd. | | 719 | 14,085 |
| Liberty Holdings Ltd. | | 1,267 | 9,275 |
| Life Healthcare Group Holdings Ltd. | | 15,146 | 25,154 |
| MMI Holdings Ltd. | | 10,640 | 12,874 |
| Mondi Ltd. | | 1,491 | 35,665 |
| Mr Price Group Ltd. | | 2,852 | 44,652 |
| MTN Group Ltd. | | 20,736 | 120,178 |
| Naspers Ltd. Class N | | 5,242 | 921,256 |
| Nedbank Group Ltd. | | 4,794 | 80,890 |
| Netcare Ltd. | | 14,738 | 24,806 |
| Novus Holdings Ltd. | | 58 | 18 |
| Old Mutual Ltd. | | 59,941 | 92,192 |
| Pick 'n Pay Stores Ltd. | | 3,662 | 16,912 |
| Pioneer Foods Ltd. | | 994 | 5,456 |
| PSG Group Ltd. | | 1,893 | 28,229 |
| Rand Merchant Insurance Holdings Ltd. | | 9,698 | 22,574 |
| Redefine Properties Ltd. | | 66,769 | 43,404 |
| Remgro Ltd. | | 6,683 | 86,153 |
| Resilient Property Income Fund Ltd. | | 2,300 | 9,326 |
| RMB Holdings Ltd. | | 8,360 | 42,195 |
| Sanlam Ltd. | | 21,625 | 108,854 |
| Sappi Ltd. | | 6,595 | 37,078 |
| Sasol Ltd. | | 6,582 | 215,100 |
| Shoprite Holdings Ltd. | | 5,466 | 66,804 |
| Spar Group Ltd. | | 2,603 | 31,024 |
| Standard Bank Group Ltd. | | 15,608 | 172,802 |
| Telkom SA Ltd. | | 2,243 | 8,157 |
| Tiger Brands Ltd. | | 1,769 | 31,606 |
| Truworths International Ltd. | | 5,341 | 29,296 |
| Vodacom Group Ltd. | | 7,498 | 63,227 |
| Woolworths Holdings Ltd. | | 11,965 | 41,307 |
|
| TOTAL SOUTH AFRICA | | | 3,287,843 |
|
| Spain - 1.9% | | | |
| ACS Actividades de Construccion y Servicios SA | | 3,103 | 116,369 |
| Aena Sme SA | | 811 | 129,657 |
| Amadeus IT Holding SA Class A | | 5,231 | 421,734 |
| Banco Bilbao Vizcaya Argentaria SA | | 79,746 | 440,126 |
| Banco de Sabadell SA | | 67,889 | 89,582 |
| Banco Santander SA: | | | |
| rights (a) | | 192,536 | 7,480 |
| (Spain) | | 192,536 | 916,078 |
| Bankia SA | | 13,868 | 43,651 |
| Bankinter SA | | 8,190 | 67,198 |
| CaixaBank SA | | 42,968 | 173,879 |
| Enagas SA | | 2,731 | 72,506 |
| Endesa SA | | 3,734 | 78,158 |
| Ferrovial SA | | 5,789 | 116,057 |
| Gas Natural SDG SA | | 4,147 | 102,021 |
| Grifols SA | | 3,696 | 105,452 |
| Iberdrola SA | | 70,836 | 501,934 |
| Inditex SA | | 13,003 | 367,165 |
| International Consolidated Airlines Group SA | | 6,852 | 52,929 |
| International Consolidated Airlines Group SA CDI | | 828 | 6,386 |
| MAPFRE SA (Reg.) | | 11,597 | 34,730 |
| Red Electrica Corporacion SA | | 5,252 | 108,750 |
| Repsol SA | | 16,204 | 289,547 |
| Siemens Gamesa Renewable Energy SA (a) | | 2,653 | 29,424 |
| Telefonica SA | | 55,961 | 459,052 |
|
| TOTAL SPAIN | | | 4,729,865 |
|
| Sweden - 1.6% | | | |
| Alfa Laval AB | | 3,360 | 85,807 |
| ASSA ABLOY AB (B Shares) | | 11,962 | 237,933 |
| Atlas Copco AB: | | | |
| (A Shares) | | 7,952 | 196,907 |
| (B Shares) | | 4,732 | 108,460 |
| Boliden AB | | 3,323 | 75,947 |
| Electrolux AB (B Shares) | | 2,978 | 61,896 |
| Epiroc AB: | | | |
| Class A (a) | | 8,223 | 72,210 |
| Class B (a) | | 4,444 | 36,630 |
| Essity AB Class B | | 7,243 | 165,341 |
| H&M Hennes & Mauritz AB (B Shares) | | 10,472 | 184,965 |
| Hexagon AB (B Shares) | | 3,083 | 151,132 |
| Husqvarna AB (B Shares) | | 5,041 | 38,075 |
| ICA Gruppen AB | | 901 | 31,890 |
| Industrivarden AB (C Shares) | | 2,011 | 41,797 |
| Investor AB (B Shares) | | 5,361 | 232,398 |
| Kinnevik AB (B Shares) | | 2,923 | 81,099 |
| Lundbergfoeretagen AB | | 905 | 27,928 |
| Lundin Petroleum AB | | 2,242 | 68,452 |
| Sandvik AB | | 13,497 | 213,713 |
| Securitas AB (B Shares) | | 3,822 | 65,551 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 19,386 | 200,742 |
| Skanska AB (B Shares) | | 4,091 | 64,397 |
| SKF AB (B Shares) | | 4,626 | 74,310 |
| Svenska Handelsbanken AB (A Shares) | | 18,193 | 197,755 |
| Swedbank AB (A Shares) | | 10,737 | 241,816 |
| Swedish Match Co. AB | | 2,100 | 107,006 |
| Tele2 AB (B Shares) | | 4,041 | 45,925 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 36,684 | 319,399 |
| TeliaSonera AB | | 33,733 | 152,093 |
| Volvo AB (B Shares) | | 18,676 | 279,186 |
|
| TOTAL SWEDEN | | | 3,860,760 |
|
| Switzerland - 5.6% | | | |
| ABB Ltd. (Reg.) | | 22,047 | 443,620 |
| Adecco SA (Reg.) | | 1,982 | 97,098 |
| Baloise Holdings AG | | 597 | 85,476 |
| Barry Callebaut AG | | 26 | 50,831 |
| Clariant AG (Reg.) | | 2,406 | 51,863 |
| Coca-Cola HBC AG | | 2,434 | 71,867 |
| Compagnie Financiere Richemont SA Series A | | 6,223 | 454,843 |
| Credit Suisse Group AG | | 30,516 | 398,956 |
| Dufry AG | | 366 | 41,264 |
| Ems-Chemie Holding AG | | 102 | 56,208 |
| Galenica AG | | 556 | 80,351 |
| Geberit AG (Reg.) | | 444 | 173,826 |
| Givaudan SA | | 110 | 266,931 |
| Julius Baer Group Ltd. | | 2,692 | 122,768 |
| Kuehne & Nagel International AG | | 660 | 91,810 |
| Lafargeholcim Ltd. (Reg.) | | 5,791 | 268,232 |
| Lindt & Spruengli AG | | 1 | 79,829 |
| Lindt & Spruengli AG (participation certificate) | | 14 | 96,609 |
| Lonza Group AG | | 888 | 279,233 |
| Nestle SA (Reg. S) | | 37,080 | 3,130,406 |
| Novartis AG | | 25,917 | 2,269,613 |
| Pargesa Holding SA | | 426 | 31,279 |
| Partners Group Holding AG | | 206 | 146,756 |
| Roche Holding AG (participation certificate) | | 8,398 | 2,043,758 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 452 | 95,323 |
| (Reg.) | | 274 | 56,914 |
| SGS SA (Reg.) | | 63 | 149,626 |
| Sika AG | | 1,546 | 198,325 |
| Sonova Holding AG Class B | | 664 | 108,486 |
| Straumann Holding AG | | 127 | 86,693 |
| Swatch Group AG (Bearer) | | 352 | 119,110 |
| Swatch Group AG (Bearer) (Reg.) | | 759 | 50,680 |
| Swiss Life Holding AG | | 411 | 155,153 |
| Swiss Prime Site AG | | 908 | 73,747 |
| Swiss Re Ltd. | | 3,748 | 338,498 |
| Swisscom AG | | 312 | 142,935 |
| Temenos Group AG | | 722 | 99,287 |
| UBS Group AG | | 45,962 | 643,007 |
| Zurich Insurance Group AG | | 1,798 | 558,246 |
|
| TOTAL SWITZERLAND | | | 13,709,457 |
|
| Taiwan - 2.7% | | | |
| Acer, Inc. | | 39,000 | 27,335 |
| Advantech Co. Ltd. | | 4,000 | 27,519 |
| ASE Industrial Holding Co. Ltd. | | 42,500 | 85,658 |
| Asia Cement Corp. | | 29,000 | 30,676 |
| ASUSTeK Computer, Inc. | | 8,000 | 59,172 |
| AU Optronics Corp. | | 108,000 | 42,172 |
| Catcher Technology Co. Ltd. | | 8,000 | 80,490 |
| Cathay Financial Holding Co. Ltd. | | 97,000 | 153,518 |
| Chang Hwa Commercial Bank | | 67,080 | 38,024 |
| Cheng Shin Rubber Industry Co. Ltd. | | 25,000 | 35,166 |
| Chicony Electronics Co. Ltd. | | 6,030 | 12,056 |
| China Airlines Ltd. | | 23,000 | 6,805 |
| China Development Finance Holding Corp. | | 148,000 | 47,468 |
| China Life Insurance Co. Ltd. | | 33,726 | 32,026 |
| China Steel Corp. | | 150,000 | 118,215 |
| Chinatrust Financial Holding Co. Ltd. | | 210,000 | 140,066 |
| Chunghwa Telecom Co. Ltd. | | 45,000 | 158,857 |
| Compal Electronics, Inc. | | 53,000 | 29,187 |
| Delta Electronics, Inc. | | 25,000 | 104,972 |
| E.SUN Financial Holdings Co. Ltd. | | 116,879 | 77,390 |
| ECLAT Textile Co. Ltd. | | 2,000 | 23,740 |
| EVA Airways Corp. | | 29,400 | 13,437 |
| Evergreen Marine Corp. (Taiwan) | | 17,850 | 6,573 |
| Evergreen Marine Corp. (Taiwan) rights 11/18/18 (a) | | 1,016 | 23 |
| Far Eastern Textile Ltd. | | 37,000 | 37,107 |
| Far EasTone Telecommunications Co. Ltd. | | 19,000 | 45,229 |
| Feng Tay Enterprise Co. Ltd. | | 4,000 | 24,031 |
| First Financial Holding Co. Ltd. | | 118,171 | 74,619 |
| Formosa Chemicals & Fibre Corp. | | 42,000 | 151,936 |
| Formosa Petrochemical Corp. | | 14,000 | 55,167 |
| Formosa Plastics Corp. | | 53,000 | 172,898 |
| Formosa Taffeta Co. Ltd. | | 13,000 | 14,129 |
| Foxconn Technology Co. Ltd. | | 12,000 | 25,426 |
| Fubon Financial Holding Co. Ltd. | | 79,000 | 123,627 |
| Giant Manufacturing Co. Ltd. | | 3,000 | 11,434 |
| GlobalWafers Co. Ltd. | | 3,000 | 23,788 |
| Highwealth Construction Corp. | | 12,000 | 17,577 |
| HIWIN Technologies Corp. | | 3,128 | 20,206 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 156,800 | 399,084 |
| Hotai Motor Co. Ltd. | | 3,000 | 20,688 |
| HTC Corp. (a) | | 8,000 | 8,682 |
| Hua Nan Financial Holdings Co. Ltd. | | 87,366 | 49,241 |
| Innolux Corp. | | 95,000 | 28,751 |
| Inventec Corp. | | 34,000 | 27,399 |
| Largan Precision Co. Ltd. | | 1,000 | 108,202 |
| Lite-On Technology Corp. | | 22,000 | 25,226 |
| Macronix International Co. Ltd. | | 21,420 | 11,865 |
| MediaTek, Inc. | | 18,000 | 132,265 |
| Mega Financial Holding Co. Ltd. | | 129,000 | 108,957 |
| Micro-Star International Co. Ltd. | | 7,000 | 15,442 |
| Nan Ya Plastics Corp. | | 61,000 | 151,512 |
| Nanya Technology Corp. | | 11,000 | 18,262 |
| Nien Made Enterprise Co. Ltd. | | 2,000 | 12,338 |
| Novatek Microelectronics Corp. | | 8,000 | 35,271 |
| Pegatron Corp. | | 22,000 | 40,006 |
| Phison Electronics Corp. | | 2,000 | 13,113 |
| Pou Chen Corp. | | 23,000 | 23,289 |
| Powertech Technology, Inc. | | 8,000 | 17,467 |
| President Chain Store Corp. | | 7,000 | 78,907 |
| Quanta Computer, Inc. | | 34,000 | 53,646 |
| Realtek Semiconductor Corp. | | 6,000 | 24,031 |
| Ruentex Development Co. Ltd. | | 9,000 | 12,442 |
| Ruentex Industries Ltd. | | 4,800 | 12,015 |
| Shin Kong Financial Holding Co. Ltd. | | 125,454 | 41,128 |
| Sinopac Holdings Co. | | 127,100 | 43,105 |
| Standard Foods Corp. | | 7,000 | 10,502 |
| Synnex Technology International Corp. | | 14,000 | 15,058 |
| TaiMed Biologics, Inc. (a) | | 2,000 | 12,468 |
| Taishin Financial Holdings Co. Ltd. | | 108,879 | 48,355 |
| Taishin Financial Holdings Co. Ltd. rights 11/22/18 (a) | | 2,196 | 213 |
| Taiwan Business Bank | | 53,040 | 17,474 |
| Taiwan Cement Corp. | | 57,700 | 64,669 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 109,975 | 61,807 |
| Taiwan High Speed Rail Corp. | | 19,000 | 18,840 |
| Taiwan Mobile Co. Ltd. | | 18,000 | 64,243 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 293,000 | 2,198,420 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 202 | 7,696 |
| TECO Electric & Machinery Co. Ltd. | | 29,000 | 16,626 |
| Unified-President Enterprises Corp. | | 58,000 | 140,314 |
| United Microelectronics Corp. | | 144,000 | 54,845 |
| Vanguard International Semiconductor Corp. | | 13,000 | 23,934 |
| Walsin Technology Corp. | | 4,000 | 16,860 |
| Win Semiconductors Corp. | | 4,000 | 12,274 |
| Winbond Electronics Corp. | | 30,000 | 12,984 |
| Wistron Corp. | | 38,763 | 23,663 |
| WPG Holding Co. Ltd. | | 18,400 | 21,841 |
| Yageo Corp. | | 3,396 | 34,607 |
| Yuanta Financial Holding Co. Ltd. | | 121,000 | 58,623 |
|
| TOTAL TAIWAN | | | 6,596,369 |
|
| Thailand - 0.6% | | | |
| Advanced Info Service PCL (For. Reg.) | | 12,800 | 75,657 |
| Airports of Thailand PCL (For. Reg.) | | 51,100 | 98,625 |
| Bangkok Bank PCL (For. Reg.) | | 2,300 | 14,704 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 43,500 | 32,140 |
| Bangkok Expressway and Metro PCL | | 100,900 | 25,864 |
| Banpu PCL (For. Reg.) | | 23,600 | 12,384 |
| Berli Jucker PCL (For. Reg) | | 16,500 | 27,741 |
| BTS Group Holdings PCL | | 57,300 | 15,811 |
| BTS Group Holdings PCL warrants 12/31/19 (a) | | 6,366 | 16 |
| Bumrungrad Hospital PCL (For. Reg.) | | 4,700 | 27,355 |
| C.P. ALL PCL (For. Reg.) | | 60,200 | 122,088 |
| Central Pattana PCL (For. Reg.) | | 17,300 | 41,215 |
| Charoen Pokphand Foods PCL (For. Reg.) | | 44,700 | 34,037 |
| Delta Electronics PCL (For. Reg.) | | 4,400 | 9,156 |
| Electricity Generating PCL (For. Reg.) | | 1,000 | 6,966 |
| Energy Absolute PCL | | 18,400 | 27,467 |
| Glow Energy PCL (For. Reg.) | | 6,500 | 16,417 |
| Home Product Center PCL (For. Reg.) | | 41,100 | 18,468 |
| Indorama Ventures PCL (For. Reg.) | | 21,100 | 34,520 |
| IRPC PCL (For. Reg.) | | 101,800 | 18,727 |
| Kasikornbank PCL | | 11,400 | 68,586 |
| Kasikornbank PCL (For. Reg.) | | 11,100 | 66,781 |
| Krung Thai Bank PCL (For. Reg.) | | 46,300 | 28,065 |
| Land & House PCL (For. Reg.) | | 30,600 | 9,505 |
| Minor International PCL (For. Reg.) | | 26,700 | 29,389 |
| PTT Exploration and Production PCL (For. Reg.) | | 17,200 | 72,358 |
| PTT Global Chemical PCL (For. Reg.) | | 27,800 | 64,763 |
| PTT PCL (For. Reg.) | | 125,700 | 193,326 |
| Robinsons Department Store PCL (For. Reg.) | | 4,500 | 8,855 |
| Siam Cement PCL (For. Reg.) | | 4,400 | 55,464 |
| Siam Commercial Bank PCL (For. Reg.) | | 22,000 | 91,224 |
| Thai Oil PCL (For. Reg.) | | 14,400 | 36,803 |
| Thai Union Frozen Products PCL (For. Reg.) | | 28,300 | 14,167 |
| TMB PCL (For. Reg.) | | 84,800 | 5,831 |
| True Corp. PCL (For. Reg.) | | 99,300 | 17,668 |
|
| TOTAL THAILAND | | | 1,422,143 |
|
| Turkey - 0.1% | | | |
| Akbank T.A.S. | | 25,240 | 29,848 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 1,613 | 5,422 |
| Arcelik A/S | | 2,523 | 7,010 |
| Aselsan A/S | | 4,548 | 20,553 |
| Bim Birlesik Magazalar A/S JSC | | 2,286 | 32,473 |
| Coca-Cola Icecek Sanayi A/S | | 601 | 2,963 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | | 15,425 | 4,609 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 16,255 | 26,347 |
| Ford Otomotiv Sanayi A/S | | 599 | 6,430 |
| Haci Omer Sabanci Holding A/S | | 12,020 | 15,311 |
| Koc Holding A/S | | 8,414 | 23,453 |
| Petkim Petrokimya Holding A/S | | 6,839 | 6,215 |
| TAV Havalimanlari Holding A/S | | 2,449 | 10,191 |
| Tofas Turk Otomobil Fabrikasi A/S | | 959 | 3,620 |
| Tupras Turkiye Petrol Rafinerileri A/S | | 1,758 | 41,421 |
| Turk Hava Yollari AO (a) | | 10,802 | 27,152 |
| Turk Sise ve Cam Fabrikalari A/S | | 5,790 | 4,900 |
| Turkcell Iletisim Hizmet A/S | | 12,972 | 26,340 |
| Turkiye Garanti Bankasi A/S | | 25,154 | 31,456 |
| Turkiye Halk Bankasi A/S | | 4,804 | 5,303 |
| Turkiye Is Bankasi A/S Series C | | 18,432 | 13,157 |
| Turkiye Vakiflar Bankasi TAO | | 5,954 | 3,643 |
| Ulker Biskuvi Sanayi A/S (a) | | 1,181 | 3,123 |
| Yapi ve Kredi Bankasi A/S (a) | | 12,871 | 3,730 |
|
| TOTAL TURKEY | | | 354,670 |
|
| United Arab Emirates - 0.2% | | | |
| Abu Dhabi Commercial Bank PJSC (a) | | 23,754 | 52,317 |
| Aldar Properties PJSC | | 53,244 | 25,077 |
| Damac Properties Dubai Co. PJSC (a) | | 22,847 | 12,564 |
| DP World Ltd. | | 2,085 | 37,509 |
| Dubai Investments Ltd. (a) | | 21,565 | 9,511 |
| Dubai Islamic Bank Pakistan Ltd. (a) | | 19,888 | 28,480 |
| Emaar Development PJSC (a) | | 7,757 | 10,453 |
| Emaar Malls Group PJSC (a) | | 25,104 | 12,507 |
| Emaar Properties PJSC | | 39,882 | 55,374 |
| Emirates Telecommunications Corp. (a) | | 21,126 | 100,076 |
| National Bank of Abu Dhabi PJSC | | 17,784 | 66,911 |
|
| TOTAL UNITED ARAB EMIRATES | | | 410,779 |
|
| United Kingdom - 10.5% | | | |
| 3i Group PLC | | 11,508 | 129,179 |
| Admiral Group PLC | | 2,505 | 64,454 |
| Anglo American PLC (United Kingdom) | | 12,599 | 269,775 |
| Antofagasta PLC | | 4,328 | 43,416 |
| Ashtead Group PLC | | 5,865 | 145,098 |
| Associated British Foods PLC | | 4,298 | 131,080 |
| AstraZeneca PLC (United Kingdom) | | 15,143 | 1,158,283 |
| Auto Trader Group PLC (b) | | 11,853 | 61,936 |
| Aviva PLC | | 47,412 | 259,101 |
| Babcock International Group PLC | | 3,106 | 24,265 |
| BAE Systems PLC | | 38,118 | 255,592 |
| Barclays PLC | | 203,818 | 449,074 |
| Barratt Developments PLC | | 12,139 | 79,753 |
| Berkeley Group Holdings PLC | | 1,544 | 69,094 |
| BHP Billiton PLC | | 25,220 | 503,106 |
| BP PLC | | 239,449 | 1,729,713 |
| BP PLC sponsored ADR | | 219 | 9,498 |
| British American Tobacco PLC (United Kingdom) | | 27,364 | 1,186,237 |
| British Land Co. PLC | | 11,221 | 84,909 |
| BT Group PLC | | 100,764 | 308,540 |
| Bunzl PLC | | 4,015 | 118,600 |
| Burberry Group PLC | | 4,996 | 115,648 |
| Carnival PLC | | 2,142 | 116,751 |
| Centrica PLC | | 67,353 | 126,725 |
| Coca-Cola European Partners PLC | | 2,653 | 120,685 |
| Compass Group PLC | | 18,806 | 370,183 |
| ConvaTec Group PLC (b) | | 15,720 | 32,551 |
| Croda International PLC | | 1,597 | 98,390 |
| Diageo PLC | | 29,276 | 1,012,116 |
| Direct Line Insurance Group PLC | | 16,784 | 70,689 |
| easyJet PLC | | 2,064 | 31,658 |
| Fresnillo PLC | | 2,963 | 32,139 |
| G4S PLC (United Kingdom) | | 19,496 | 53,578 |
| GlaxoSmithKline PLC | | 59,304 | 1,148,586 |
| Hammerson PLC | | 10,076 | 56,475 |
| Hargreaves Lansdown PLC | | 3,514 | 83,903 |
| HSBC Holdings PLC (United Kingdom) | | 238,805 | 1,965,270 |
| Imperial Tobacco Group PLC | | 11,365 | 385,394 |
| Informa PLC | | 14,946 | 136,326 |
| InterContinental Hotel Group PLC | | 2,183 | 114,682 |
| Intertek Group PLC | | 1,946 | 116,608 |
| Investec PLC | | 8,551 | 52,901 |
| ITV PLC | | 43,547 | 82,908 |
| J Sainsbury PLC | | 20,100 | 79,953 |
| John Wood Group PLC | | 8,277 | 75,560 |
| Johnson Matthey PLC | | 2,355 | 89,492 |
| Kingfisher PLC | | 25,627 | 83,215 |
| Land Securities Group PLC | | 8,864 | 96,667 |
| Legal & General Group PLC | | 70,418 | 226,371 |
| Lloyds Banking Group PLC | | 855,705 | 624,442 |
| London Stock Exchange Group PLC | | 3,722 | 205,284 |
| Marks & Spencer Group PLC | | 19,740 | 74,686 |
| Mediclinic International PLC | | 3,466 | 16,680 |
| Mediclinic International PLC | | 603 | 2,905 |
| Meggitt PLC | | 9,449 | 63,988 |
| Melrose Industries PLC | | 58,198 | 125,457 |
| Merlin Entertainments PLC (b) | | 8,766 | 36,214 |
| Micro Focus International PLC | | 5,221 | 80,937 |
| Mondi PLC | | 4,374 | 103,123 |
| National Grid PLC | | 39,872 | 422,597 |
| Next PLC | | 1,674 | 111,350 |
| NMC Health PLC | | 1,316 | 59,412 |
| Pearson PLC | | 9,576 | 110,009 |
| Persimmon PLC | | 3,708 | 108,726 |
| Prudential PLC | | 30,904 | 618,810 |
| Reckitt Benckiser Group PLC | | 7,984 | 645,619 |
| RELX PLC | | 10,675 | 211,230 |
| RELX PLC | | 12,807 | 253,734 |
| Rio Tinto PLC | | 14,158 | 687,382 |
| Rolls-Royce Holdings PLC | | 19,988 | 214,355 |
| Royal Bank of Scotland Group PLC | | 57,161 | 172,083 |
| Royal Dutch Shell PLC: | | | |
| Class A | | 582 | 18,485 |
| Class A (United Kingdom) | | 54,034 | 1,721,421 |
| Class A sponsored ADR | | 115 | 7,267 |
| Class B (United Kingdom) | | 44,786 | 1,460,603 |
| Royal Mail PLC | | 11,059 | 50,747 |
| RSA Insurance Group PLC | | 12,455 | 89,852 |
| Sage Group PLC | | 13,358 | 92,952 |
| Schroders PLC | | 1,554 | 53,233 |
| Scottish & Southern Energy PLC | | 12,659 | 184,510 |
| Segro PLC | | 12,371 | 97,184 |
| Severn Trent PLC | | 2,863 | 68,176 |
| Smith & Nephew PLC | | 10,390 | 168,888 |
| Smiths Group PLC | | 4,834 | 86,349 |
| St. James's Place Capital PLC | | 6,363 | 82,430 |
| Standard Chartered PLC (United Kingdom) | | 33,493 | 235,245 |
| Standard Life PLC | | 28,168 | 97,392 |
| Taylor Wimpey PLC | | 39,377 | 81,286 |
| Tesco PLC | | 116,521 | 317,336 |
| The Weir Group PLC | | 2,948 | 59,763 |
| Travis Perkins PLC | | 2,823 | 39,945 |
| Unilever PLC | | 14,538 | 770,073 |
| United Utilities Group PLC | | 8,208 | 76,231 |
| Vodafone Group PLC | | 317,221 | 596,546 |
| Vodafone Group PLC sponsored ADR | | 110 | 2,082 |
| Whitbread PLC | | 2,190 | 123,167 |
| WM Morrison Supermarkets PLC | | 26,503 | 84,047 |
|
| TOTAL UNITED KINGDOM | | | 25,670,360 |
|
| United States of America - 0.1% | | | |
| Southern Copper Corp. | | 1,077 | 41,292 |
| Yum China Holdings, Inc. | | 4,403 | 158,860 |
|
| TOTAL UNITED STATES OF AMERICA | | | 200,152 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $256,781,114) | | | 226,165,890 |
|
| Nonconvertible Preferred Stocks - 1.3% | | | |
| Brazil - 0.7% | | | |
| Banco Bradesco SA (PN) | | 41,192 | 379,655 |
| Braskem SA (PN-A) | | 2,000 | 28,026 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 3,200 | 22,873 |
| Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) | | 2,000 | 42,037 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 11,500 | 34,084 |
| Gerdau SA | | 12,100 | 52,867 |
| Itau Unibanco Holding SA | | 38,700 | 512,152 |
| Itausa-Investimentos Itau SA (PN) | | 53,147 | 160,519 |
| Lojas Americanas SA (PN) | | 9,600 | 48,497 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 47,600 | 353,275 |
| Telefonica Brasil SA | | 5,700 | 66,198 |
|
| TOTAL BRAZIL | | | 1,700,183 |
|
| Chile - 0.0% | | | |
| Embotelladora Andina SA Class B | | 3,175 | 11,176 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 1,478 | 63,919 |
|
| TOTAL CHILE | | | 75,095 |
|
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 5,799 | 54,216 |
| Grupo Aval Acciones y Valores SA | | 38,863 | 13,640 |
| Grupo de Inversiones Suramerica SA | | 1,893 | 17,287 |
|
| TOTAL COLOMBIA | | | 85,143 |
|
| Germany - 0.4% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 597 | 45,102 |
| Fuchs Petrolub AG | | 823 | 38,163 |
| Henkel AG & Co. KGaA | | 2,197 | 240,333 |
| Porsche Automobil Holding SE (Germany) | | 1,835 | 116,697 |
| Sartorius AG (non-vtg.) | | 430 | 62,341 |
| Volkswagen AG | | 2,160 | 363,945 |
|
| TOTAL GERMANY | | | 866,581 |
|
| Italy - 0.0% | | | |
| Telecom Italia SpA (Risparmio Shares) | | 84,147 | 42,584 |
| Korea (South) - 0.2% | | | |
| AMOREPACIFIC Corp. | | 80 | 6,310 |
| Hyundai Motor Co. | | 439 | 25,624 |
| Hyundai Motor Co. Series 2 | | 341 | 21,159 |
| LG Chemical Ltd. | | 99 | 17,310 |
| LG Household & Health Care Ltd. | | 20 | 12,831 |
| Samsung Electronics Co. Ltd. | | 10,480 | 328,361 |
|
| TOTAL KOREA (SOUTH) | | | 411,595 |
|
| Russia - 0.0% | | | |
| AK Transneft OAO | | 7 | 18,161 |
| Surgutneftegas OJSC | | 89,800 | 51,986 |
|
| TOTAL RUSSIA | | | 70,147 |
|
| United Kingdom - 0.0% | | | |
| Rolls-Royce Holdings PLC Series C (a) | | 919,448 | 1,175 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | |
| (Cost $3,541,177) | | | 3,252,503 |
| | | Principal Amount | Value |
|
| Government Obligations - 0.4% | | | |
| United States of America - 0.4% | | | |
U.S. Treasury Bills, yield at date of purchase 2% 11/8/18 (e)
(Cost $999,616) | | 1,000,000 | 999,591 |
| | | Shares | Value |
|
| Money Market Funds - 5.6% | | | |
| Fidelity Cash Central Fund, 2.23% (f) | | 13,222,964 | 13,225,608 |
| Fidelity Securities Lending Cash Central Fund 2.23% (f)(g) | | 457,756 | 457,802 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $13,683,410) | | | 13,683,410 |
| TOTAL INVESTMENT IN SECURITIES - 99.7% | | | |
| (Cost $275,005,317) | | | 244,101,394 |
| NET OTHER ASSETS (LIABILITIES) - 0.3% | | | 769,831 |
| NET ASSETS - 100% | | | $244,871,225 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 117 | Dec. 2018 | $10,603,125 | $(608,966) | $(608,966) |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 79 | Dec. 2018 | 3,778,965 | (186,563) | (186,563) |
| TME S&P/TSX 60 Index Contracts (Canada) | 8 | Dec. 2018 | 1,086,802 | (40,708) | (40,708) |
| TOTAL FUTURES CONTRACTS | | | | | $(836,237) |
The notional amount of futures purchased as a percentage of Net Assets is 6.3%
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(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 $1,350,901 or 0.6% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Level 3 security
(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 $800,673.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $105,560 |
| Fidelity Securities Lending Cash Central Fund | 684 |
| Total | $106,244 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $16,449,489 | $6,811,034 | $9,638,455 | $-- |
| Consumer Discretionary | 23,772,881 | 15,691,723 | 8,080,045 | 1,113 |
| Consumer Staples | 22,483,153 | 10,789,038 | 11,694,115 | -- |
| Energy | 17,817,364 | 9,036,792 | 8,780,572 | -- |
| Financials | 51,517,911 | 32,913,167 | 18,604,744 | -- |
| Health Care | 19,760,426 | 6,115,376 | 13,645,050 | -- |
| Industrials | 26,843,687 | 15,179,435 | 11,664,252 | -- |
| Information Technology | 18,778,319 | 10,295,465 | 8,482,854 | -- |
| Materials | 17,870,042 | 12,212,497 | 5,657,545 | -- |
| Real Estate | 7,143,319 | 6,025,527 | 1,117,792 | -- |
| Utilities | 6,981,802 | 5,157,039 | 1,824,763 | -- |
| Government Obligations | 999,591 | -- | 999,591 | -- |
| Money Market Funds | 13,683,410 | 13,683,410 | -- | -- |
| Total Investments in Securities: | $244,101,394 | $143,910,503 | $100,189,778 | $1,113 |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(836,237) | $(836,237) | $-- | $-- |
| Total Liabilities | $(836,237) | $(836,237) | $-- | $-- |
| Total Derivative Instruments: | $(836,237) | $(836,237) | $-- | $-- |
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, 2018. 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 | $(836,237) |
| Total Equity Risk | 0 | (836,237) |
| Total Value of Derivatives | $0 | $(836,237) |
(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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets�� | | |
Investment in securities, at value (including securities loaned of $463,929) — See accompanying schedule:
Unaffiliated issuers (cost $261,321,907) | $230,417,984 | |
| Fidelity Central Funds (cost $13,683,410) | 13,683,410 | |
| Total Investment in Securities (cost $275,005,317) | | $244,101,394 |
| Foreign currency held at value (cost $662,149) | | 655,726 |
| Receivable for fund shares sold | | 422,610 |
| Dividends receivable | | 581,613 |
| Distributions receivable from Fidelity Central Funds | | 18,902 |
| Receivable for daily variation margin on futures contracts | | 138,218 |
| Total assets | | 245,918,463 |
| Liabilities | | |
| Payable for fund shares redeemed | $589,663 | |
| Collateral on securities loaned | 457,575 | |
| Total liabilities | | 1,047,238 |
| Net Assets | | $244,871,225 |
| Net Assets consist of: | | |
| Paid in capital | | $272,717,841 |
| Total distributable earnings (loss) | | (27,846,616) |
| Net Assets, for 23,095,922 shares outstanding | | $244,871,225 |
| Net Asset Value, offering price and redemption price per share ($244,871,225 ÷ 23,095,922 shares) | | $10.60 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2018 |
| Investment Income | | |
| Dividends | | $4,375,655 |
| Interest | | 10,178 |
| Income from Fidelity Central Funds | | 106,244 |
| Income before foreign taxes withheld | | 4,492,077 |
| Less foreign taxes withheld | | (422,042) |
| Total income | | 4,070,035 |
| Expenses | | |
| Independent trustees' fees and expenses | $454 | |
| Commitment fees | 264 | |
| Total expenses before reductions | 718 | |
| Expense reductions | (68) | |
| Total expenses after reductions | | 650 |
| Net investment income (loss) | | 4,069,385 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $16) | (11,414) | |
| Fidelity Central Funds | 68 | |
| Foreign currency transactions | (22,495) | |
| Futures contracts | 264,023 | |
| Total net realized gain (loss) | | 230,182 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (31,399,857) | |
| Assets and liabilities in foreign currencies | (10,884) | |
| Futures contracts | (837,065) | |
| Total change in net unrealized appreciation (depreciation) | | (32,247,806) |
| Net gain (loss) | | (32,017,624) |
| Net increase (decrease) in net assets resulting from operations | | $(27,948,239) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2018 | For the period
March 9, 2017 (commencement of operations) to October 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $4,069,385 | $72,820 |
| Net realized gain (loss) | 230,182 | 19,778 |
| Change in net unrealized appreciation (depreciation) | (32,247,806) | 496,507 |
| Net increase (decrease) in net assets resulting from operations | (27,948,239) | 589,105 |
| Distributions to shareholders | (129,938) | – |
| Total distributions | (129,938) | – |
| Share transactions | | |
| Proceeds from sales of shares | 304,258,299 | 8,252,553 |
| Reinvestment of distributions | 129,938 | – |
| Cost of shares redeemed | (39,431,399) | (849,094) |
| Net increase (decrease) in net assets resulting from share transactions | 264,956,838 | 7,403,459 |
| Total increase (decrease) in net assets | 236,878,661 | 7,992,564 |
| Net Assets | | |
| Beginning of period | 7,992,564 | – |
| End of period | $244,871,225 | $7,992,564 |
| Other Information | | |
| Undistributed net investment income end of period | | $72,820 |
| Shares | | |
| Sold | 25,836,592 | 751,698 |
| Issued in reinvestment of distributions | 11,202 | – |
| Redeemed | (3,429,802) | (73,768) |
| Net increase (decrease) | 22,417,992 | 677,930 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex International Index Fund
| | | |
| Years ended October 31, | 2018 | 2017 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $11.79 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .36 | .19 |
| Net realized and unrealized gain (loss) | (1.35) | 1.60 |
| Total from investment operations | (.99) | 1.79 |
| Distributions from net investment income | (.15) | – |
| Distributions from net realized gain | (.05) | – |
| Total distributions | (.20) | – |
| Net asset value, end of period | $10.60 | $11.79 |
| Total ReturnC,D | (8.53)% | 17.90% |
| Ratios to Average Net AssetsE,F | | |
| Expenses before reductionsG | -% | - %H |
| Expenses net of fee waivers, if anyG | -% | - %H |
| Expenses net of all reductionsG | -% | - %H |
| Net investment income (loss) | 3.13% | 2.64%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $244,871 | $7,993 |
| Portfolio turnover rateI | 4%J | 18%H |
A For the period March 9, 2017 (commencement of operations) to October 31, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amount represents less than .005%.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2018
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 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.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendor 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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, 2018, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. 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, 2018, 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.
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), partnerships, market discount, 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 | $3,952,143 |
| Gross unrealized depreciation | (34,938,319) |
| Net unrealized appreciation (depreciation) | $(30,986,176) |
| Tax Cost | $275,087,570 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $3,703,084 |
| Capital loss carryforward | $(552,384) |
| Net unrealized appreciation (depreciation) on securities and other investments | $(30,997,315) |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | $(211,725) |
| Long-term | (340,659) |
| Total no expiration | $(552,384) |
The tax character of distributions paid was as follows:
| | October 31, 2018 | October 31, 2017(a) |
| Ordinary Income | $118,359 | $ - |
| Long-term Capital Gains | 11,579 | – |
| Total | $129,938 | $ - |
(a) For the period March 9, 2017 (commencement of operations) to October 31, 2017.
Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation | Prior Line-Item Presentation |
| Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.
The Fund used derivatives 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| 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.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $104,517,017 and $4,630,751, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Exchanges In-Kind. During the period, an affiliated entity completed an exchange in-kind with the Fund. The affiliated entity delivered investments and cash valued at $181,394,706 in exchange for 15,179,473 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.
7. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $264 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's 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. Total security lending income during the period amounted to $684. During the period, there were no securities loaned to FCM.
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 custody expenses. During the period, these credits reduced the Fund's expenses by $68.
10. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Salem Street Trust and 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, 2018, the related statement of operations for the year then ended, the statement of changes in net assets and the financial highlights for the year then ended and for the period from March 9, 2017 (commencement of operations) to October 31, 2017, 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, 2018, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period from March 9, 2017 (commencement of operations) to October 31, 2017, 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, 2018, by correspondence with the custodians 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 13, 2018
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 260 funds. Mr.Chiel oversees 154 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense RatioA | Beginning
Account Value
May 1, 2018 | Ending
Account Value
October 31, 2018 | Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 |
| Actual | - %C | $1,000.00 | $887.80 | $--D |
| HypotheticalE | | $1,000.00 | $1,025.21 | $--D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Distributions (Unaudited)
The fund designates 67% of the dividends distributed in December, 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 $0.1229 and $0.0116 for the dividend paid December 11, 2017.
The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
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), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). FMR and the sub-advisers 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 has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 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 2018 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, 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 staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives 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. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
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 its size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated 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, 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 under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.
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 to certain Fidelity fee-based 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 the program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, brokerage expenses, and extraordinary expenses (such as litigation expenses).
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund 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.
PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's 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, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 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 affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.
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.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR 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 Contract.
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) 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; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of Fidelity's voluntary expense limitation agreements; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (ix) the impact of recent changes to the money market fund landscape, including the full implementation of money market fund reform and rising interest rates, on Fidelity's money market funds; (x) the funds' share class structures and distribution channels; and (xi) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
ZEI-ANN-1218
1.9881635.101
Fidelity® U.S. Sustainability Index Fund
Investor Class, Premium Class and Institutional Class
Annual Report October 31, 2018 |
|
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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2018 | Past 1 year | Life of fundA |
| Investor Class | 5.60% | 9.91% |
| Premium Class | 5.74% | 10.01% |
| Institutional Class | 5.67% | 10.02% |
A From May 9, 2017
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® U.S. Sustainability Index Fund on May 9, 2017, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI USA ESG Leaders Index performed over the same period.
| Period Ending Values |
| $11,500 | Fidelity® U.S. Sustainability Index Fund - Investor Class |
| $11,542 | MSCI USA ESG Leaders Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500
® index gained 7.35% for the 12 months ending October 31, 2018, as the U.S. equity bellwether declined sharply in October after climbing steadily beginning in May and achieving a record close in late September. Rising U.S. Treasury yields and concern about peaking corporate earnings growth sent investors fleeing from risk assets at a time when they were still dealing with lingering uncertainty related to global trade and the U.S. Federal Reserve picking up the pace of interest rate hikes. The index returned -6.84% in October alone, its largest monthly drop in roughly seven years. Growth stocks within the index were hardest hit for the month, but maintained a sizable advantage over their value counterparts for the full year, extending a trend that began in early 2017. By sector, a number of economically sensitive groups dropped to the bottom of the 12-month performance scale, with materials (-9%) and industrials (-1%) faring worst, followed by financials (+1%) and energy (+2%). In contrast, consumer discretionary was rattled in October but earlier strength resulted in an advance of about 17% for the full 12 months. Information technology, the largest sector in the index this period, followed a similar trend and also returned 17%. The defensive-oriented health care sector gained about 11%, while communication services, which includes dividend-rich telecommunications stocks, rose 6%. Real estate (+2%) and utilities (+1%) also lagged.
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team: For the fiscal year, the fund's share classes gained roughly 5.6% to 5.7%, compared with the 5.85% advance of the benchmark MSCI USA ESG Leaders Index. The fund's biggest individual absolute contributor was software company Microsoft (+31%). Strong financial results, especially from Microsoft's cloud-computing business, helped drive the stock. Elsewhere in technology, network communications equipment maker Cisco Systems (+38%) benefited from healthy earnings. In health care, pharmaceutical company Merck (+38%), which experienced strong sales of its key lung cancer drug, added value. Other notable contributors included telecommunication services company Verizon Communications (+25%), which reported higher revenues and better-than-expected earnings. In contrast, the fund's biggest individual detractor was IBM (-22%), a diversified technology company whose shares fell sharply in October after the firm reported worse-than-expected third-quarter revenue. In health care, biotechnology companies Abbvie (-20%) and Celgene (-29%) each detracted. Much of Abbvie's decline came in March, after the company reported somewhat disappointing clinical results involving a key experimental cancer drug. Celgene's struggles included a February setback with the company's application to the U.S. Food and Drug Administration seeking approval of a promising multiple sclerosis treatment.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Microsoft Corp. | 6.4 |
| Johnson & Johnson | 3.1 |
| Alphabet, Inc. Class C | 2.8 |
| Visa, Inc. Class A | 2.0 |
| Verizon Communications, Inc. | 1.9 |
| Procter & Gamble Co. | 1.8 |
| Intel Corp. | 1.8 |
| Cisco Systems, Inc. | 1.8 |
| Merck & Co., Inc. | 1.6 |
| The Coca-Cola Co. | 1.6 |
| | 24.8 |
Top Five Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Information Technology | 24.3 |
| Health Care | 13.9 |
| Financials | 13.1 |
| Consumer Discretionary | 9.3 |
| Industrials | 9.3 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2018* |
| | Stocks and Equity Futures | 100.0% |
* Foreign investments - 5.9%
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 98.8% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 8.2% | | | |
| Diversified Telecommunication Services - 2.2% | | | |
| CenturyLink, Inc. | | 5,496 | $113,437 |
| Verizon Communications, Inc. | | 23,219 | 1,325,573 |
| Zayo Group Holdings, Inc. (a) | | 1,165 | 34,810 |
| | | | 1,473,820 |
| Entertainment - 2.6% | | | |
| Live Nation Entertainment, Inc. (a) | | 834 | 43,618 |
| Netflix, Inc. (a) | | 2,442 | 736,947 |
| The Walt Disney Co. | | 8,336 | 957,223 |
| | | | 1,737,788 |
| Interactive Media & Services - 2.8% | | | |
| Alphabet, Inc. Class C (a) | | 1,765 | 1,900,499 |
| TripAdvisor, Inc. (a) | | 583 | 30,398 |
| | | | 1,930,897 |
| Media - 0.6% | | | |
| Discovery Communications, Inc.: | | | |
| Class A (a) | | 882 | 28,568 |
| Class C (non-vtg.) (a) | | 1,683 | 49,329 |
| Interpublic Group of Companies, Inc. | | 2,189 | 50,697 |
| Liberty Broadband Corp. Class C (a) | | 613 | 50,836 |
| Liberty Global PLC: | | | |
| Class A (a) | | 1,133 | 29,039 |
| Class C (a) | | 3,041 | 76,147 |
| Omnicom Group, Inc. | | 1,270 | 94,386 |
| Sirius XM Holdings, Inc. | | 8,914 | 53,662 |
| | | | 432,664 |
| Wireless Telecommunication Services - 0.0% | | | |
| Sprint Corp. (a) | | 4,396 | 26,904 |
|
| TOTAL COMMUNICATION SERVICES | | | 5,602,073 |
|
| CONSUMER DISCRETIONARY - 9.3% | | | |
| Auto Components - 0.3% | | | |
| Aptiv PLC | | 1,500 | 115,200 |
| Autoliv, Inc. | | 480 | 40,003 |
| BorgWarner, Inc. | | 1,207 | 47,568 |
| | | | 202,771 |
| Automobiles - 0.4% | | | |
| Harley-Davidson, Inc. | | 949 | 36,271 |
| Tesla, Inc. (a) | | 719 | 242,533 |
| | | | 278,804 |
| Distributors - 0.2% | | | |
| Genuine Parts Co. | | 839 | 82,155 |
| LKQ Corp. (a) | | 1,714 | 46,741 |
| | | | 128,896 |
| Diversified Consumer Services - 0.0% | | | |
| H&R Block, Inc. | | 1,191 | 31,609 |
| Hotels, Restaurants & Leisure - 2.8% | | | |
| ARAMARK Holdings Corp. | | 1,399 | 50,252 |
| Darden Restaurants, Inc. | | 693 | 73,839 |
| Domino's Pizza, Inc. | | 224 | 60,209 |
| Hilton Worldwide Holdings, Inc. | | 1,599 | 113,801 |
| Marriott International, Inc. Class A | | 1,704 | 199,181 |
| McDonald's Corp. | | 4,410 | 780,129 |
| Norwegian Cruise Line Holdings Ltd. (a) | | 1,203 | 53,016 |
| Royal Caribbean Cruises Ltd. | | 948 | 99,284 |
| Starbucks Corp. | | 7,737 | 450,835 |
| Vail Resorts, Inc. | | 228 | 57,301 |
| | | | 1,937,847 |
| Household Durables - 0.5% | | | |
| Garmin Ltd. | | 617 | 40,821 |
| Leggett & Platt, Inc. | | 797 | 28,939 |
| Lennar Corp. Class A | | 1,586 | 68,166 |
| Mohawk Industries, Inc. (a) | | 359 | 44,778 |
| Newell Brands, Inc. | | 2,756 | 43,765 |
| NVR, Inc. (a) | | 19 | 42,542 |
| Toll Brothers, Inc. | | 848 | 28,544 |
| Whirlpool Corp. | | 353 | 38,745 |
| | | | 336,300 |
| Internet & Direct Marketing Retail - 0.9% | | | |
| Expedia, Inc. | | 690 | 86,547 |
| The Booking Holdings, Inc. (a) | | 272 | 509,886 |
| | | | 596,433 |
| Leisure Products - 0.1% | | | |
| Hasbro, Inc. | | 674 | 61,813 |
| Mattel, Inc.(a)(b) | | 1,893 | 25,707 |
| | | | 87,520 |
| Multiline Retail - 0.3% | | | |
| Kohl's Corp. | | 956 | 72,398 |
| Macy's, Inc. | | 1,712 | 58,704 |
| Nordstrom, Inc. | | 669 | 44,000 |
| | | | 175,102 |
| Specialty Retail - 2.3% | | | |
| Advance Auto Parts, Inc. | | 417 | 66,620 |
| Best Buy Co., Inc. | | 1,437 | 100,820 |
| CarMax, Inc. (a) | | 1,002 | 68,046 |
| Gap, Inc. | | 1,332 | 36,364 |
| L Brands, Inc. | | 1,345 | 43,605 |
| Lowe's Companies, Inc. | | 4,606 | 438,583 |
| Ross Stores, Inc. | | 2,100 | 207,900 |
| Tiffany & Co., Inc. | | 632 | 70,342 |
| TJX Companies, Inc. | | 3,513 | 386,008 |
| Tractor Supply Co. | | 684 | 62,853 |
| Ulta Beauty, Inc. (a) | | 325 | 89,219 |
| | | | 1,570,360 |
| Textiles, Apparel & Luxury Goods - 1.5% | | | |
| Hanesbrands, Inc. | | 1,997 | 34,269 |
| lululemon athletica, Inc. (a) | | 572 | 80,498 |
| Michael Kors Holdings Ltd. (a) | | 858 | 47,542 |
| NIKE, Inc. Class B | | 7,195 | 539,913 |
| PVH Corp. | | 438 | 52,906 |
| Tapestry, Inc. | | 1,609 | 68,077 |
| Under Armour, Inc.: | | | |
| Class A (sub. vtg.) (a)(b) | | 1,074 | 23,746 |
| Class C (non-vtg.) (a)(b) | | 1,030 | 20,425 |
| VF Corp. | | 1,886 | 156,312 |
| | | | 1,023,688 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 6,369,330 |
|
| CONSUMER STAPLES - 7.4% | | | |
| Beverages - 2.9% | | | |
| PepsiCo, Inc. | | 7,958 | 894,320 |
| The Coca-Cola Co. | | 22,694 | 1,086,589 |
| | | | 1,980,909 |
| Food Products - 1.5% | | | |
| Bunge Ltd. | | 799 | 49,378 |
| Campbell Soup Co. (b) | | 1,027 | 38,420 |
| General Mills, Inc. | | 3,354 | 146,905 |
| Hormel Foods Corp. | | 1,647 | 71,875 |
| Kellogg Co. | | 1,471 | 96,321 |
| McCormick & Co., Inc. (non-vtg.) | | 686 | 98,784 |
| Mondelez International, Inc. | | 8,321 | 349,316 |
| The Kraft Heinz Co. | | 3,436 | 188,877 |
| | | | 1,039,876 |
| Household Products - 2.7% | | | |
| Clorox Co. | | 730 | 108,369 |
| Colgate-Palmolive Co. | | 4,678 | 278,575 |
| Kimberly-Clark Corp. | | 1,974 | 205,888 |
| Procter & Gamble Co. | | 14,108 | 1,251,097 |
| | | | 1,843,929 |
| Personal Products - 0.3% | | | |
| Estee Lauder Companies, Inc. Class A | | 1,266 | 173,999 |
|
| TOTAL CONSUMER STAPLES | | | 5,038,713 |
|
| ENERGY - 5.1% | | | |
| Energy Equipment & Services - 0.9% | | | |
| Baker Hughes, a GE Co. Class A | | 2,329 | 62,161 |
| National Oilwell Varco, Inc. | | 2,167 | 79,746 |
| Schlumberger Ltd. | | 7,732 | 396,729 |
| TechnipFMC PLC | | 2,457 | 64,619 |
| | | | 603,255 |
| Oil, Gas & Consumable Fuels - 4.2% | | | |
| Antero Resources Corp. (a) | | 1,106 | 17,574 |
| Apache Corp. | | 2,128 | 80,502 |
| Cheniere Energy, Inc. (a) | | 1,196 | 72,250 |
| Cimarex Energy Co. | | 543 | 43,152 |
| ConocoPhillips Co. | | 6,536 | 456,866 |
| Devon Energy Corp. | | 2,968 | 96,163 |
| EQT Corp. | | 1,491 | 50,649 |
| Hess Corp. | | 1,571 | 90,175 |
| Kinder Morgan, Inc. | | 11,206 | 190,726 |
| Marathon Oil Corp. | | 4,830 | 91,722 |
| Marathon Petroleum Corp. | | 3,900 | 274,755 |
| Newfield Exploration Co. (a) | | 1,147 | 23,169 |
| Noble Energy, Inc. | | 2,744 | 68,188 |
| Occidental Petroleum Corp. | | 4,319 | 289,675 |
| ONEOK, Inc. | | 2,320 | 152,192 |
| Phillips 66 Co. | | 2,499 | 256,947 |
| Pioneer Natural Resources Co. | | 964 | 141,968 |
| Targa Resources Corp. | | 1,244 | 64,277 |
| The Williams Companies, Inc. | | 6,833 | 166,247 |
| Valero Energy Corp. | | 2,432 | 221,531 |
| | | | 2,848,728 |
|
| TOTAL ENERGY | | | 3,451,983 |
|
| FINANCIALS - 13.1% | | | |
| Banks - 3.3% | | | |
| BB&T Corp. | | 4,400 | 216,304 |
| CIT Group, Inc. | | 667 | 31,602 |
| Citizens Financial Group, Inc. | | 2,727 | 101,853 |
| Comerica, Inc. | | 929 | 75,769 |
| East West Bancorp, Inc. | | 826 | 43,315 |
| Fifth Third Bancorp | | 3,865 | 104,316 |
| First Republic Bank | | 908 | 82,619 |
| Huntington Bancshares, Inc. | | 5,994 | 85,894 |
| KeyCorp | | 6,020 | 109,323 |
| M&T Bank Corp. | | 780 | 129,020 |
| Peoples United Financial, Inc. | | 1,948 | 30,506 |
| PNC Financial Services Group, Inc. | | 2,648 | 340,242 |
| Regions Financial Corp. | | 6,371 | 108,116 |
| Signature Bank | | 313 | 34,399 |
| SunTrust Banks, Inc. | | 2,625 | 164,483 |
| SVB Financial Group (a) | | 297 | 70,457 |
| U.S. Bancorp | | 8,793 | 459,610 |
| Zions Bancorporation | | 1,127 | 53,025 |
| | | | 2,240,853 |
| Capital Markets - 4.0% | | | |
| Affiliated Managers Group, Inc. | | 296 | 33,643 |
| Ameriprise Financial, Inc. | | 815 | 103,701 |
| Bank of New York Mellon Corp. | | 5,706 | 270,065 |
| BlackRock, Inc. Class A | | 678 | 278,943 |
| Charles Schwab Corp. | | 6,856 | 317,021 |
| CME Group, Inc. | | 1,921 | 352,004 |
| E*TRADE Financial Corp. | | 1,501 | 74,179 |
| Franklin Resources, Inc. | | 1,846 | 56,303 |
| IntercontinentalExchange, Inc. | | 3,270 | 251,921 |
| Invesco Ltd. | | 2,263 | 49,130 |
| Moody's Corp. | | 977 | 142,134 |
| Northern Trust Corp. | | 1,211 | 113,919 |
| Raymond James Financial, Inc. | | 737 | 56,521 |
| S&P Global, Inc. | | 1,418 | 258,530 |
| State Street Corp. | | 2,068 | 142,175 |
| T. Rowe Price Group, Inc. | | 1,369 | 132,779 |
| TD Ameritrade Holding Corp. | | 1,606 | 83,062 |
| The NASDAQ OMX Group, Inc. | | 622 | 53,934 |
| | | | 2,769,964 |
| Consumer Finance - 1.3% | | | |
| Ally Financial, Inc. | | 2,296 | 58,341 |
| American Express Co. | | 4,123 | 423,556 |
| Capital One Financial Corp. | | 2,746 | 245,218 |
| Discover Financial Services | | 1,974 | 137,529 |
| | | | 864,644 |
| Diversified Financial Services - 0.8% | | | |
| Linde PLC | | 3,079 | 509,482 |
| Voya Financial, Inc. | | 965 | 42,228 |
| | | | 551,710 |
| Insurance - 3.7% | | | |
| Allstate Corp. | | 1,984 | 189,908 |
| American Financial Group, Inc. | | 436 | 43,613 |
| American International Group, Inc. | | 5,068 | 209,258 |
| Aon PLC | | 1,380 | 215,528 |
| Arch Capital Group Ltd. (a) | | 2,316 | 65,705 |
| Arthur J. Gallagher & Co. | | 1,034 | 76,526 |
| Assurant, Inc. | | 290 | 28,191 |
| Axis Capital Holdings Ltd. | | 477 | 26,612 |
| Chubb Ltd. | | 2,595 | 324,141 |
| Hartford Financial Services Group, Inc. | | 2,033 | 92,339 |
| Lincoln National Corp. | | 1,223 | 73,612 |
| Loews Corp. | | 1,523 | 70,911 |
| Marsh & McLennan Companies, Inc. | | 2,863 | 242,639 |
| Principal Financial Group, Inc. | | 1,620 | 76,253 |
| Progressive Corp. | | 3,286 | 229,034 |
| Prudential Financial, Inc. | | 2,329 | 218,414 |
| Reinsurance Group of America, Inc. | | 355 | 50,541 |
| The Travelers Companies, Inc. | | 1,527 | 191,074 |
| Willis Group Holdings PLC | | 736 | 105,366 |
| | | | 2,529,665 |
| Thrifts & Mortgage Finance - 0.0% | | | |
| New York Community Bancorp, Inc. | | 2,830 | 27,111 |
|
| TOTAL FINANCIALS | | | 8,983,947 |
|
| HEALTH CARE - 13.9% | | | |
| Biotechnology - 4.2% | | | |
| AbbVie, Inc. | | 8,513 | 662,737 |
| Amgen, Inc. | | 3,710 | 715,251 |
| Biogen, Inc. (a) | | 1,191 | 362,386 |
| BioMarin Pharmaceutical, Inc. (a) | | 1,000 | 92,170 |
| Celgene Corp. (a) | | 4,095 | 293,202 |
| Gilead Sciences, Inc. | | 7,285 | 496,691 |
| Vertex Pharmaceuticals, Inc. (a) | | 1,439 | 243,853 |
| | | | 2,866,290 |
| Health Care Equipment & Supplies - 1.4% | | | |
| Align Technology, Inc. (a) | | 428 | 94,674 |
| Becton, Dickinson & Co. | | 1,493 | 344,137 |
| Dentsply Sirona, Inc. | | 1,279 | 44,292 |
| Edwards Lifesciences Corp. (a) | | 1,191 | 175,792 |
| Hologic, Inc. (a) | | 1,549 | 60,396 |
| IDEXX Laboratories, Inc. (a) | | 492 | 104,363 |
| ResMed, Inc. | | 804 | 85,160 |
| Varian Medical Systems, Inc. (a) | | 521 | 62,192 |
| | | | 971,006 |
| Health Care Providers & Services - 1.9% | | | |
| AmerisourceBergen Corp. | | 933 | 82,104 |
| Cardinal Health, Inc. | | 1,761 | 89,107 |
| Centene Corp. (a) | | 1,159 | 151,041 |
| Cigna Corp. | | 1,359 | 290,568 |
| HCA Holdings, Inc. | | 1,577 | 210,577 |
| Henry Schein, Inc. (a) | | 865 | 71,795 |
| Humana, Inc. | | 768 | 246,075 |
| Laboratory Corp. of America Holdings (a) | | 580 | 93,119 |
| Quest Diagnostics, Inc. | | 757 | 71,241 |
| | | | 1,305,627 |
| Life Sciences Tools & Services - 0.6% | | | |
| Agilent Technologies, Inc. | | 1,809 | 117,205 |
| Mettler-Toledo International, Inc. (a) | | 144 | 78,742 |
| Quintiles Transnational Holdings, Inc. (a) | | 907 | 111,498 |
| Waters Corp. (a) | | 443 | 84,033 |
| | | | 391,478 |
| Pharmaceuticals - 5.8% | | | |
| Bristol-Myers Squibb Co. | | 9,226 | 466,282 |
| Jazz Pharmaceuticals PLC (a) | | 338 | 53,681 |
| Johnson & Johnson | | 15,068 | 2,109,369 |
| Merck & Co., Inc. | | 15,106 | 1,111,953 |
| Zoetis, Inc. Class A | | 2,733 | 246,380 |
| | | | 3,987,665 |
|
| TOTAL HEALTH CARE | | | 9,522,066 |
|
| INDUSTRIALS - 9.3% | | | |
| Aerospace & Defense - 0.5% | | | |
| Arconic, Inc. | | 2,436 | 49,524 |
| L3 Technologies, Inc. | | 439 | 83,177 |
| Rockwell Collins, Inc. | | 935 | 119,699 |
| TransDigm Group, Inc. (a) | | 264 | 87,186 |
| | | | 339,586 |
| Air Freight & Logistics - 0.8% | | | |
| C.H. Robinson Worldwide, Inc. | | 775 | 68,998 |
| Expeditors International of Washington, Inc. | | 983 | 66,038 |
| United Parcel Service, Inc. Class B | | 3,895 | 414,973 |
| | | | 550,009 |
| Airlines - 0.1% | | | |
| Delta Air Lines, Inc. | | 985 | 53,909 |
| Southwest Airlines Co. | | 811 | 39,820 |
| | | | 93,729 |
| Building Products - 0.6% | | | |
| A.O. Smith Corp. | | 806 | 36,697 |
| Allegion PLC | | 549 | 47,066 |
| Fortune Brands Home & Security, Inc. | | 800 | 35,864 |
| Johnson Controls International PLC | | 5,254 | 167,970 |
| Lennox International, Inc. | | 206 | 43,443 |
| Masco Corp. | | 1,798 | 53,940 |
| Owens Corning | | 607 | 28,693 |
| | | | 413,673 |
| Commercial Services & Supplies - 0.4% | | | |
| Copart, Inc. (a) | | 1,166 | 57,029 |
| Waste Management, Inc. | | 2,429 | 217,323 |
| | | | 274,352 |
| Electrical Equipment - 0.5% | | | |
| Acuity Brands, Inc. | | 225 | 28,269 |
| Eaton Corp. PLC | | 2,458 | 176,165 |
| Rockwell Automation, Inc. | | 713 | 117,452 |
| Sensata Technologies, Inc. PLC (a) | | 964 | 45,212 |
| | | | 367,098 |
| Industrial Conglomerates - 1.2% | | | |
| 3M Co. | | 3,322 | 632,044 |
| Roper Technologies, Inc. | | 570 | 161,253 |
| | | | 793,297 |
| Machinery - 2.6% | | | |
| AGCO Corp. | | 351 | 19,670 |
| Caterpillar, Inc. | | 3,336 | 404,724 |
| Cummins, Inc. | | 889 | 121,517 |
| Deere & Co. | | 1,743 | 236,072 |
| Dover Corp. | | 860 | 71,242 |
| Flowserve Corp. | | 750 | 34,425 |
| Illinois Tool Works, Inc. | | 1,714 | 218,655 |
| Ingersoll-Rand PLC | | 1,390 | 133,357 |
| PACCAR, Inc. | | 2,001 | 114,477 |
| Parker Hannifin Corp. | | 757 | 114,784 |
| Pentair PLC | | 935 | 37,540 |
| Snap-On, Inc. | | 323 | 49,723 |
| Stanley Black & Decker, Inc. | | 878 | 102,305 |
| WABCO Holdings, Inc. (a) | | 295 | 31,698 |
| Xylem, Inc. | | 1,018 | 66,760 |
| | | | 1,756,949 |
| Professional Services - 0.4% | | | |
| IHS Markit Ltd. (a) | | 2,227 | 116,984 |
| Manpower, Inc. | | 376 | 28,685 |
| Nielsen Holdings PLC | | 2,001 | 51,986 |
| Robert Half International, Inc. | | 692 | 41,887 |
| | | | 239,542 |
| Road & Rail - 1.9% | | | |
| AMERCO | | 47 | 15,345 |
| CSX Corp. | | 4,698 | 323,504 |
| Kansas City Southern | | 584 | 59,545 |
| Norfolk Southern Corp. | | 1,597 | 268,025 |
| Union Pacific Corp. | | 4,340 | 634,595 |
| | | | 1,301,014 |
| Trading Companies & Distributors - 0.3% | | | |
| Fastenal Co. | | 1,621 | 83,336 |
| United Rentals, Inc. (a) | | 465 | 55,833 |
| W.W. Grainger, Inc. | | 265 | 75,252 |
| | | | 214,421 |
|
| TOTAL INDUSTRIALS | | | 6,343,670 |
|
| INFORMATION TECHNOLOGY - 24.3% | | | |
| Communications Equipment - 2.0% | | | |
| Cisco Systems, Inc. | | 26,410 | 1,208,258 |
| CommScope Holding Co., Inc. (a) | | 1,114 | 26,803 |
| Motorola Solutions, Inc. | | 922 | 113,000 |
| | | | 1,348,061 |
| Electronic Equipment & Components - 0.8% | | | |
| Corning, Inc. | | 4,709 | 150,453 |
| Dell Technologies, Inc. (a) | | 1,113 | 100,604 |
| Flextronics International Ltd. (a) | | 2,920 | 22,951 |
| Keysight Technologies, Inc. (a) | | 1,044 | 59,592 |
| TE Connectivity Ltd. | | 1,971 | 148,653 |
| Trimble, Inc. (a) | | 1,397 | 52,220 |
| | | | 534,473 |
| IT Services - 5.7% | | | |
| Accenture PLC Class A | | 3,631 | 572,318 |
| Cognizant Technology Solutions Corp. Class A | | 3,317 | 228,973 |
| IBM Corp. | | 5,148 | 594,234 |
| Jack Henry & Associates, Inc. | | 428 | 64,127 |
| MasterCard, Inc. Class A | | 5,206 | 1,029,070 |
| The Western Union Co. | | 2,628 | 47,409 |
| Visa, Inc. Class A | | 10,029 | 1,382,498 |
| | | | 3,918,629 |
| Semiconductors & Semiconductor Equipment - 4.5% | | | |
| Analog Devices, Inc. | | 2,098 | 175,624 |
| Applied Materials, Inc. | | 5,699 | 187,383 |
| Intel Corp. | | 26,180 | 1,227,318 |
| Lam Research Corp. | | 929 | 131,667 |
| Marvell Technology Group Ltd. | | 3,468 | 56,910 |
| NVIDIA Corp. | | 3,236 | 682,246 |
| Skyworks Solutions, Inc. | | 1,031 | 89,450 |
| Texas Instruments, Inc. | | 5,482 | 508,894 |
| | | | 3,059,492 |
| Software - 10.7% | | | |
| Adobe, Inc. (a) | | 2,770 | 680,755 |
| Autodesk, Inc. (a) | | 1,226 | 158,461 |
| CA Technologies, Inc. | | 1,714 | 76,033 |
| Cadence Design Systems, Inc. (a) | | 1,558 | 69,440 |
| Citrix Systems, Inc. | | 745 | 76,340 |
| Intuit, Inc. | | 1,384 | 292,024 |
| Microsoft Corp. | | 41,058 | 4,385,395 |
| Oracle Corp. | | 17,215 | 840,781 |
| Salesforce.com, Inc. (a) | | 3,968 | 544,568 |
| Symantec Corp. | | 3,420 | 62,073 |
| VMware, Inc. Class A (a) | | 404 | 57,122 |
| Workday, Inc. Class A (a) | | 820 | 109,076 |
| | | | 7,352,068 |
| Technology Hardware, Storage & Peripherals - 0.6% | | | |
| Hewlett Packard Enterprise Co. | | 8,654 | 131,974 |
| HP, Inc. | | 9,248 | 223,247 |
| Xerox Corp. | | 1,264 | 35,228 |
| | | | 390,449 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 16,603,172 |
|
| MATERIALS - 2.4% | | | |
| Chemicals - 1.7% | | | |
| Air Products & Chemicals, Inc. | | 1,213 | 187,227 |
| Axalta Coating Systems Ltd. (a) | | 1,216 | 30,011 |
| Celanese Corp. Class A | | 759 | 73,577 |
| Ecolab, Inc. | | 1,467 | 224,671 |
| International Flavors & Fragrances, Inc. | | 485 | 70,160 |
| LyondellBasell Industries NV Class A | | 1,885 | 168,274 |
| PPG Industries, Inc. | | 1,413 | 148,492 |
| Sherwin-Williams Co. | | 474 | 186,505 |
| The Mosaic Co. | | 2,036 | 62,994 |
| | | | 1,151,911 |
| Containers & Packaging - 0.4% | | | |
| Avery Dennison Corp. | | 491 | 44,544 |
| Ball Corp. | | 1,885 | 84,448 |
| International Paper Co. | | 2,234 | 101,334 |
| Sealed Air Corp. | | 916 | 29,642 |
| WestRock Co. | | 1,422 | 61,103 |
| | | | 321,071 |
| Metals & Mining - 0.3% | | | |
| Newmont Mining Corp. | | 3,018 | 93,317 |
| Nucor Corp. | | 1,798 | 106,298 |
| | | | 199,615 |
|
| TOTAL MATERIALS | | | 1,672,597 |
|
| REAL ESTATE - 2.8% | | | |
| Equity Real Estate Investment Trusts (REITs) - 2.6% | | | |
| Alexandria Real Estate Equities, Inc. | | 577 | 70,527 |
| American Tower Corp. | | 2,491 | 388,123 |
| Boston Properties, Inc. | | 863 | 104,216 |
| Camden Property Trust (SBI) | | 489 | 44,142 |
| Duke Realty Corp. | | 2,036 | 56,133 |
| Equinix, Inc. | | 447 | 169,297 |
| Federal Realty Investment Trust (SBI) | | 419 | 51,977 |
| HCP, Inc. | | 2,658 | 73,228 |
| Host Hotels & Resorts, Inc. | | 4,207 | 80,396 |
| Iron Mountain, Inc. | | 1,547 | 47,354 |
| Liberty Property Trust (SBI) | | 827 | 34,626 |
| Prologis, Inc. | | 3,542 | 228,353 |
| SBA Communications Corp. Class A (a) | | 651 | 105,573 |
| The Macerich Co. | | 577 | 29,785 |
| UDR, Inc. | | 1,428 | 55,963 |
| Welltower, Inc. | | 2,100 | 138,747 |
| Weyerhaeuser Co. | | 4,278 | 113,923 |
| | | | 1,792,363 |
| Real Estate Management & Development - 0.2% | | | |
| CBRE Group, Inc. (a) | | 1,738 | 70,024 |
| Jones Lang LaSalle, Inc. | | 258 | 34,123 |
| | | | 104,147 |
|
| TOTAL REAL ESTATE | | | 1,896,510 |
|
| UTILITIES - 3.0% | | | |
| Electric Utilities - 1.1% | | | |
| Alliant Energy Corp. | | 1,326 | 56,991 |
| Edison International | | 1,840 | 127,678 |
| Eversource Energy | | 1,789 | 113,172 |
| Pinnacle West Capital Corp. | | 617 | 50,748 |
| Southern Co. | | 5,704 | 256,851 |
| Xcel Energy, Inc. | | 2,800 | 137,228 |
| | | | 742,668 |
| Independent Power and Renewable Electricity Producers - 0.1% | | | |
| The AES Corp. | | 3,717 | 54,194 |
| Multi-Utilities - 1.7% | | | |
| CenterPoint Energy, Inc. | | 2,790 | 75,358 |
| CMS Energy Corp. | | 1,586 | 78,539 |
| Consolidated Edison, Inc. | | 1,750 | 133,000 |
| Dominion Resources, Inc. | | 3,675 | 262,469 |
| DTE Energy Co. | | 1,025 | 115,210 |
| NiSource, Inc. | | 2,072 | 52,546 |
| Public Service Enterprise Group, Inc. | | 2,847 | 152,115 |
| Sempra Energy | | 1,411 | 155,379 |
| WEC Energy Group, Inc. | | 1,780 | 121,752 |
| | | | 1,146,368 |
| Water Utilities - 0.1% | | | |
| American Water Works Co., Inc. | | 996 | 88,176 |
|
| TOTAL UTILITIES | | | 2,031,406 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $67,135,641) | | | 67,515,467 |
| | | Principal Amount | Value |
|
| U.S. Treasury Obligations - 0.1% | | | |
| U.S. Treasury Bills, yield at date of purchase 2.07% 1/3/19 (c) | | | |
| (Cost $29,892) | | 30,000 | 29,883 |
| | | Shares | Value |
|
| Money Market Funds - 1.0% | | | |
| Fidelity Cash Central Fund, 2.23% (d) | | 582,309 | $582,425 |
| Fidelity Securities Lending Cash Central Fund 2.23% (d)(e) | | 109,713 | 109,724 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $692,149) | | | 692,149 |
| TOTAL INVESTMENT IN SECURITIES - 99.9% | | | |
| (Cost $67,857,682) | | | 68,237,499 |
| NET OTHER ASSETS (LIABILITIES) - 0.1% | | | 97,306 |
| NET ASSETS - 100% | | | $68,334,805 |
| 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) | 6 | Dec. 2018 | $813,330 | $12,181 | $12,181 |
The notional amount of futures purchased as a percentage of Net Assets is 1.2%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(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 $29,883.
(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.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $8,806 |
| Fidelity Securities Lending Cash Central Fund | 964 |
| Total | $9,770 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $5,602,073 | $5,602,073 | $-- | $-- |
| Consumer Discretionary | 6,369,330 | 6,369,330 | -- | -- |
| Consumer Staples | 5,038,713 | 5,038,713 | -- | -- |
| Energy | 3,451,983 | 3,451,983 | -- | -- |
| Financials | 8,983,947 | 8,983,947 | -- | -- |
| Health Care | 9,522,066 | 9,522,066 | -- | -- |
| Industrials | 6,343,670 | 6,343,670 | -- | -- |
| Information Technology | 16,603,172 | 16,603,172 | -- | -- |
| Materials | 1,672,597 | 1,672,597 | -- | -- |
| Real Estate | 1,896,510 | 1,896,510 | -- | -- |
| Utilities | 2,031,406 | 2,031,406 | -- | -- |
| U.S. Government and Government Agency Obligations | 29,883 | -- | 29,883 | -- |
| Money Market Funds | 692,149 | 692,149 | -- | -- |
| Total Investments in Securities: | $68,237,499 | $68,207,616 | $29,883 | $-- |
| Derivative Instruments: | | | | |
| Assets | | | | |
| Futures Contracts | $12,181 | $12,181 | $-- | $-- |
| Total Assets | $12,181 | $12,181 | $-- | $-- |
| Total Derivative Instruments: | $12,181 | $12,181 | $-- | $-- |
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, 2018. 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) | $12,181 | $0 |
| Total Equity Risk | 12,181 | 0 |
| Total Value of Derivatives | $12,181 | $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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $103,794) — See accompanying schedule:
Unaffiliated issuers (cost $67,165,533) | $67,545,350 | |
| Fidelity Central Funds (cost $692,149) | 692,149 | |
| Total Investment in Securities (cost $67,857,682) | | $68,237,499 |
| Cash | | 243,929 |
| Receivable for fund shares sold | | 262,564 |
| Dividends receivable | | 78,208 |
| Distributions receivable from Fidelity Central Funds | | 1,293 |
| Receivable for daily variation margin on futures contracts | | 5,059 |
| Total assets | | 68,828,552 |
| Liabilities | | |
| Payable for investments purchased | $243,929 | |
| Payable for fund shares redeemed | 133,898 | |
| Accrued management fee | 4,490 | |
| Other affiliated payables | 1,685 | |
| Collateral on securities loaned | 109,745 | |
| Total liabilities | | 493,747 |
| Net Assets | | $68,334,805 |
| Net Assets consist of: | | |
| Paid in capital | | $67,363,061 |
| Total distributable earnings (loss) | | 971,744 |
| Net Assets | | $68,334,805 |
| Net Asset Value and Maximum Offering Price | | |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($12,999,396 ÷ 1,138,059 shares) | | $11.42 |
| Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($49,210,651 ÷ 4,306,503 shares) | | $11.43 |
| Institutional Class: | | |
| Net Asset Value, offering price and redemption price per share ($6,124,758 ÷ 535,889 shares) | | $11.43 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2018 |
| Investment Income | | |
| Dividends | | $836,274 |
| Interest | | 267 |
| Income from Fidelity Central Funds | | 9,770 |
| Total income | | 846,311 |
| Expenses | | |
| Management fee | $34,851 | |
| Transfer agent fees | 24,454 | |
| Independent trustees' fees and expenses | 169 | |
| Commitment fees | 71 | |
| Total expenses before reductions | 59,545 | |
| Expense reductions | (48) | |
| Total expenses after reductions | | 59,497 |
| Net investment income (loss) | | 786,814 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (64,357) | |
| Fidelity Central Funds | (115) | |
| Futures contracts | 41 | |
| Total net realized gain (loss) | | (64,431) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (401,082) | |
| Futures contracts | 6,342 | |
| Total change in net unrealized appreciation (depreciation) | | (394,740) |
| Net gain (loss) | | (459,171) |
| Net increase (decrease) in net assets resulting from operations | | $327,643 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2018 | For the period
May 9, 2017 (commencement of operations) to October 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $786,814 | $80,183 |
| Net realized gain (loss) | (64,431) | (4,131) |
| Change in net unrealized appreciation (depreciation) | (394,740) | 786,738 |
| Net increase (decrease) in net assets resulting from operations | 327,643 | 862,790 |
| Distributions to shareholders | (166,474) | – |
| Total distributions | (166,474) | – |
| Share transactions - net increase (decrease) | 50,677,146 | 16,633,700 |
| Total increase (decrease) in net assets | 50,838,315 | 17,496,490 |
| Net Assets | | |
| Beginning of period | 17,496,490 | – |
| End of period | $68,334,805 | $17,496,490 |
| Other Information | | |
| Undistributed net investment income end of period | | $80,183 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity U.S. Sustainability Index Fund Investor Class
| Years ended October 31, | 2018 | 2017 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.89 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .20 | .09 |
| Net realized and unrealized gain (loss) | .41C | .80 |
| Total from investment operations | .61 | .89 |
| Distributions from net investment income | (.07) | – |
| Distributions from net realized gain | (.01) | – |
| Total distributions | (.08) | – |
| Net asset value, end of period | $11.42 | $10.89 |
| Total ReturnD,E | 5.60% | 8.90% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | .17% | .21%H |
| Expenses net of fee waivers, if any | .17% | .21%H |
| Expenses net of all reductions | .17% | .21%H |
| Net investment income (loss) | 1.76% | 1.76%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $12,999 | $3,214 |
| Portfolio turnover rateI | 15% | 3%H,J |
A For the period May 9, 2017 (commencement of operations) to October 31, 2017.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity U.S. Sustainability Index Fund Premium Class
| Years ended October 31, | 2018 | 2017 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.89 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .21 | .09 |
| Net realized and unrealized gain (loss) | .41C | .80 |
| Total from investment operations | .62 | .89 |
| Distributions from net investment income | (.08) | – |
| Distributions from net realized gain | (.01) | – |
| Total distributions | (.08)D | – |
| Net asset value, end of period | $11.43 | $10.89 |
| Total ReturnE,F | 5.74% | 8.90% |
| Ratios to Average Net AssetsG,H | | |
| Expenses before reductions | .13% | .14%I |
| Expenses net of fee waivers, if any | .13% | .14%I |
| Expenses net of all reductions | .13% | .14%I |
| Net investment income (loss) | 1.80% | 1.83%I |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $49,211 | $13,724 |
| Portfolio turnover rateJ | 15% | 3%I,K |
A For the period May 9, 2017 (commencement of operations) to October 31, 2017.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D Total distributions of $.08 per share is comprised of distributions from net investment income of $.078 and distributions from net realized gain of $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity U.S. Sustainability Index Fund Institutional Class
| Years ended October 31, | 2018 | 2017 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.90 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .21 | .09 |
| Net realized and unrealized gain (loss) | .41C | .81 |
| Total from investment operations | .62 | .90 |
| Distributions from net investment income | (.08) | – |
| Distributions from net realized gain | (.01) | – |
| Total distributions | (.09) | – |
| Net asset value, end of period | $11.43 | $10.90 |
| Total ReturnD,E | 5.67% | 9.00% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | .11% | .11%H |
| Expenses net of fee waivers, if any | .11% | .11%H |
| Expenses net of all reductions | .11% | .11%H |
| Net investment income (loss) | 1.82% | 1.86%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $6,125 | $558 |
| Portfolio turnover rateI | 15% | 3%H,J |
A For the period May 9, 2017 (commencement of operations) to October 31, 2017.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2018
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. 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 offers Investor Class, Premium Class and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
During the period, the Board of Trustees approved the consolidation of the Fund's publicly offered share classes into a single share class. The consolidation took place on November 09, 2018, and the surviving class is Fidelity U.S. Sustainability Index Fund.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendor 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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, 2018, 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. 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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, 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, 2018, 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 declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, 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, market discount 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 | $4,372,089 |
| Gross unrealized depreciation | (4,220,030) |
| Net unrealized appreciation (depreciation) | $152,059 |
| Tax Cost | $68,085,440 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $747,760 |
| Undistributed long-term capital gain | $71,924 |
| Net unrealized appreciation (depreciation) on securities and other investments | $152,059 |
The tax character of distributions paid was as follows:
| | October 31, 2018 | October 31, 2017(a) |
| Ordinary Income | $160,394 | $ - |
| Long-term Capital Gains | 6,080 | – |
| Total | $166,474 | $ - |
(a) For the period May 9, 2017 (commencement of operations) to October 31, 2017.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation | Prior Line-Item Presentation |
| Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Distributions to Shareholders Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
| Distributions to Shareholders Note to Financial Statements | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.
The Fund used derivatives 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| 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.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $56,972,447 and $6,273,614, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company (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 .08% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Effective August 1, 2018, the Board approved an amendment to the expense contract. Under the expense contract, the investment adviser pays class-level expenses as necessary so that the total expenses do not exceed .11% of each class' average net assets on an annual basis with certain exceptions. Prior to August 1, 2018 the investment adviser paid class-level expenses as necessary so that the total expenses do not exceed certain amounts of each class' average net assets on an annual basis with certain exceptions, as noted in the following table:
| Investor Class | .21% |
| Premium Class | .14% |
| Institutional Class | .11% |
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.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class. FIIOC receives transfer agent fees at an annual rate of .21%, .11% and .035% of class-level average net assets for Investor Class, Premium Class and Institutional Class, respectively. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective August 1, 2018, under the amended expense contract, Investor Class, Premium Class, and Institutional Class pay a portion of the transfer agent fees at an annual rate of .03%, of class-level average net assets, respectively. Prior to August 1, 2018, under the expense contract, Investor Class, Premium Class and Institutional Class paid a portion of the transfer agent fees at an annual rate of .13%, .06% and .03%, of class-level average net assets, respectively.
For the period, the total transfer agent fees paid by each applicable class were as follows:
| | Amount |
| Investor Class | $ 6,967 |
| Premium Class | 17,165 |
| Institutional Class | 322 |
| | $ 24,454 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $71 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. 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. Total security lending income during the period amounted to $964, including $23 from securities loaned to FCM.
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. During the period, these credits reduced the Fund's custody expenses by $48.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2018 | Year ended
October 31, 2017(a) |
| Distributions to shareholders | | |
| Investor Class | $30,652 | $– |
| Premium Class | 131,284 | – |
| Institutional Class | 4,538 | – |
| Total | $166,474 | $– |
(a) For the period May 9, 2017 (commencement of operations) to October 31, 2017.
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2018 | Year ended October 31, 2017(a) | Year ended October 31, 2018 | Year ended October 31, 2017(a) |
| Investor Class | | | | |
| Shares sold | 2,070,468 | 531,339 | $24,029,375 | $5,513,531 |
| Reinvestment of distributions | 2,706 | – | 30,067 | – |
| Shares redeemed | (1,230,207) | (236,247) | (14,115,014) | (2,466,638) |
| Net increase (decrease) | 842,967 | 295,092 | $9,944,428 | $3,046,893 |
| Premium Class | | | | |
| Shares sold | 3,858,697 | 1,299,341 | $44,544,353 | $13,477,809 |
| Reinvestment of distributions | 11,366 | – | 126,165 | – |
| Shares redeemed | (823,359) | (39,542) | (9,524,016) | (411,338) |
| Net increase (decrease) | 3,046,704 | 1,259,799 | $35,146,502 | $13,066,471 |
| Institutional Class | | | | |
| Shares sold | 524,953 | 51,819 | $6,053,807 | $526,336 |
| Reinvestment of distributions | 311 | – | 3,452 | – |
| Shares redeemed | (40,613) | (581) | (471,043) | (6,000) |
| Net increase (decrease) | 484,651 | 51,238 | $5,586,216 | $520,336 |
(a) For the period May 9, 2017 (commencement of operations) to October 31, 2017.
12. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
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, 2018, the related statement of operations for the year ended October 31, 2018 and the statement of changes in net assets and the financial highlights for the year ended October 31, 2018 and for the period May 9, 2017 (commencement of operations) through October 31, 2017, including the related notes (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, 2018, the results of its operations for the year ended October 31, 2018, and the changes in its net assets and the financial highlights for the year ended October 31, 2018 and for the period May 9, 2017 (commencement of operations) through October 31, 2017 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, 2018 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.
PricewaterhouseCoopers LLP
Boston, Massachusetts
December 12, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 260 funds. Mr. Chiel oversees 154 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2018 | Ending
Account Value
October 31, 2018 | Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 |
| Investor Class | .15% | | | |
| Actual | | $1,000.00 | $1,017.80 | $.76-C |
| Hypothetical-D | | $1,000.00 | $1,024.45 | $.77-C |
| Premium Class | .12% | | | |
| Actual | | $1,000.00 | $1,018.70 | $.61 |
| Hypothetical-D | | $1,000.00 | $1,024.60 | $.61 |
| Institutional Class | .11% | | | |
| Actual | | $1,000.00 | $1,018.70 | $.56 |
| Hypothetical-D | | $1,000.00 | $1,024.65 | $.56 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C If fees and changes to the class level expense contract and/ or expense cap, effective August 1, 2018, had been in effect during the entire current period, the restated annualized expense ratio would have been .11% and the expenses paid in the actual and hypothetical examples above would have been $.56 and $.56, respectively.
D 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity U.S. Sustainability Index Fund voted to pay on December 10, 2018, to shareholders of record at the opening of business on December 7, 2018, a distribution of $0.023 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.146 per share from net investment income.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2018, $73,381, or, if subsequently determined to be different, the net capital gain of such year.
Investor Class designates 96%; Premium Class designates 90%; and Institutional Class designates 87%; of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
Investor Class designates 99%; Premium Class designates 92%; and Institutional Class designates 90%; of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
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), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). FMR and the sub-advisers 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 has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 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 2018 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives 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. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
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, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, 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 under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.
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 the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the period of the fund's operations shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG % and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
Fidelity U.S. Sustainability Index Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the period.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
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.
Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also considered other "class-level" expenses, such as transfer agent fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current total expense ratio of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the total expense ratio of each of Institutional Class and Premium Class ranked below the competitive median for the period and the total expense ratio of Investor Class ranked above the competitive median for the period. The Board considered that, in general, various factors can affect total expense ratios. The Board considered that the majority of the funds in the Total Mapped Group are not comparable because there are only two sustainability index competitor classes. The Board noted that the total expense ratio of Investor Class is lower than the expense ratio of one of the comparable competitor classes and only one basis point higher than the other comparable competitor class.
At its July 2018 meeting, the Board approved a proposal for the fund to consolidate all classes into a single class by exchanging all shares of higher cost classes for shares of the lowest cost class available. The exchanges are expected to take place in November 2018. In connection with the class consolidation, the Board approved amended and restated expense contracts that reduce each class's total expense ratio to equal the total expense ratio of the lowest cost class. The Board considered that, effective August 1, 2018, contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of each class of the fund to the extent necessary to limit total class operating expenses, with certain exceptions, to 0.11%. 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 Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, 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 of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund 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 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.
PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's 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, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 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 affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.
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.
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, the expense ratio of each class will not decline if the class's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale 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 Economies of Scale 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) 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; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of Fidelity's voluntary expense limitation agreements; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (ix) the impact of recent changes to the money market fund landscape, including the full implementation of money market fund reform and rising interest rates, on Fidelity's money market funds; (x) the funds' share class structures and distribution channels; and (xi) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
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Fidelity® International Sustainability Index Fund
Investor Class, Premium Class and Institutional Class
Annual Report October 31, 2018 |
|
Contents
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All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2018 | Past 1 year | Life of fundA |
| Investor Class | (8.83)% | (0.05)% |
| Premium Class | (8.80)% | (0.03)% |
| Institutional Class | (8.77)% | (0.01)% |
A From May 9, 2017
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® International Sustainability Index Fund on May 9, 2017, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA ESG Leaders Index performed over the same period.
| Period Ending Values |
| $9,992 | Fidelity® International Sustainability Index Fund - Investor Class |
| $10,162 | MSCI ACWI (All Country World Index) ex USA ESG Leaders Index |
Management's Discussion of Fund Performance
Market Recap: International equities returned -8.08% for the 12 months ending October 31, 2018, according to the MSCI ACWI (All Country World Index) ex USA Index. A modestly positive first half of the period gave way to a confluence of overwhelmingly negative factors – including escalating trade tension, a surging U.S. dollar, tepid economic growth in Europe, global central bank tightening, concerns about Italy’s budget stalemate with the EU, and weakness in China’s stock market – that yielded a -11% second-half return. The index lost 8% in October alone, its largest monthly drop in more than six years. Among sectors, new-media-infused communications services (-15%) was hit the hardest, while economically sensitive consumer discretionary (-13%), information technology (-12%), financials (-10%), industrials (-9%) and materials (-7%) stocks also fared poorly. Even the more defensive real estate (-9%), utilities (-6%) and consumer staples (-5%) sectors weren’t spared this period. Conversely, elevated crude-oil prices fueled a positive return for energy (+7%), the top-performing sector, followed by the relatively stable-growing health care segment (+2%). Regionally, emerging markets (-12%) fared the worst, hampered by the impact of foreign exchange and concerns about economic weakness in China, India and South Korea. Sluggish growth also pressured shares in continental Europe (-9%). Stocks in Japan (-3%) and the U.K. (-4%) held up better, followed by Canada (-5%) and Asia-Pacific ex Japan (-6%).
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team: For the fiscal year, the fund's share classes returned roughly -8.8%, compared with a return of -7.76% for the benchmark MSCI AC (All Country) ex USA ESG Leaders Index.
(The fund's performance relative to the index can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index.) Shares of Chinese internet company Tencent (-24%), which struggled due to questions about future growth and regulatory concerns, hurt the fund return the most on an absolute basis. Tencent's decline also weighed on South African media company Naspers (-28%), which owns a large Tencent stake. Elsewhere, German chemical manufacturer BASF (-27%) reported weaker-than-expected earnings, while European banks, such as Netherlands-based ING Groep (-33%) and Spain's Banco Bilbao Vizcaya Argentaria (-35%), struggled due to political and economic concern in the region. In contrast, Japanese electronics giant Sony (+41%), contributed more than any other holding, driven by strong financial results. Pharmaceutical companies Roche Holdings (+9%) and GlaxoSmithKline (+13%), based in Switzerland and the U.K., respectively, also added value, as did U.K.-based broadcaster Sky, whose stock rose about 84% for the 12 months, as the company benefited from a bidding war ultimately won by Comcast.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 1.7 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 1.6 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.5 |
| Total SA (France, Oil, Gas & Consumable Fuels) | 1.3 |
| SAP SE (Germany, Software) | 0.9 |
| The Toronto-Dominion Bank (Canada, Banks) | 0.9 |
| GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) | 0.8 |
| Allianz SE (Germany, Insurance) | 0.8 |
| Siemens AG (Germany, Industrial Conglomerates) | 0.8 |
| Commonwealth Bank of Australia (Australia, Banks) | 0.8 |
| | 11.1 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Financials | 19.7 |
| Industrials | 9.7 |
| Information Technology | 8.5 |
| Consumer Staples | 8.0 |
| Consumer Discretionary | 8.0 |
| Health Care | 7.2 |
| Communication Services | 7.0 |
| Materials | 6.4 |
| Energy | 5.3 |
| Utilities | 2.7 |
Geographic Diversification (% of fund's net assets)
| As of October 31, 2018 |
| | United States of America* | 14.3% |
| | Japan | 13.9% |
| | Canada | 7.2% |
| | United Kingdom | 6.8% |
| | France | 6.0% |
| | Germany | 6.1% |
| | Australia | 5.7% |
| | Switzerland | 4.3% |
| | Netherlands | 3.7% |
| | Other | 32.0% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2018
| | % of fund's net assets |
| Stocks and Equity Futures | 100.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | (0.3) |
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 83.5% | | | |
| | | Shares | Value |
| Australia - 5.7% | | | |
| AGL Energy Ltd. | | 2,278 | $29,037 |
| Amcor Ltd. | | 4,026 | 37,918 |
| AMP Ltd. | | 10,119 | 17,699 |
| APA Group unit | | 4,096 | 27,846 |
| ASX Ltd. | | 671 | 28,116 |
| Aurizon Holdings Ltd. | | 6,887 | 20,484 |
| Australia & New Zealand Banking Group Ltd. | | 10,051 | 184,560 |
| Bendigo & Adelaide Bank Ltd. | | 1,681 | 12,178 |
| BlueScope Steel Ltd. | | 1,914 | 19,477 |
| Boral Ltd. | | 4,070 | 16,169 |
| Brambles Ltd. | | 5,469 | 41,130 |
| Caltex Australia Ltd. | | 901 | 18,031 |
| Coca-Cola Amatil Ltd. | | 1,737 | 12,190 |
| Cochlear Ltd. | | 200 | 25,151 |
| Commonwealth Bank of Australia | | 6,111 | 299,593 |
| Computershare Ltd. | | 1,601 | 22,414 |
| CSL Ltd. | | 1,571 | 209,151 |
| DEXUS Property Group unit | | 3,524 | 25,454 |
| Flight Centre Travel Group Ltd. | | 194 | 6,374 |
| Goodman Group unit | | 5,660 | 41,604 |
| Harvey Norman Holdings Ltd. | | 2,084 | 4,708 |
| Healthscope Ltd. | | 6,024 | 9,001 |
| Insurance Australia Group Ltd. | | 8,020 | 38,790 |
| Lendlease Group unit | | 2,018 | 25,151 |
| Macquarie Group Ltd. | | 1,123 | 93,204 |
| Mirvac Group unit | | 12,868 | 19,774 |
| National Australia Bank Ltd. | | 9,456 | 169,352 |
| Newcrest Mining Ltd. | | 2,669 | 38,954 |
| Orica Ltd. | | 1,334 | 16,211 |
| Origin Energy Ltd. (a) | | 6,156 | 31,780 |
| Ramsay Health Care Ltd. | | 490 | 19,508 |
| Scentre Group unit | | 18,487 | 52,104 |
| SEEK Ltd. | | 1,156 | 14,621 |
| SP AusNet | | 6,477 | 7,843 |
| Stockland Corp. Ltd. unit | | 8,444 | 21,586 |
| Sydney Airport unit | | 3,812 | 17,385 |
| Telstra Corp. Ltd. | | 14,450 | 31,517 |
| The GPT Group unit | | 6,260 | 22,874 |
| Transurban Group unit | | 8,840 | 70,989 |
| Wesfarmers Ltd. | | 3,935 | 129,910 |
| Westpac Banking Corp. | | 11,888 | 225,821 |
| Woodside Petroleum Ltd. | | 3,247 | 80,133 |
|
| TOTAL AUSTRALIA | | | 2,235,792 |
|
| Austria - 0.1% | | | |
| OMV AG | | 510 | 28,380 |
| Voestalpine AG | | 402 | 14,293 |
|
| TOTAL AUSTRIA | | | 42,673 |
|
| Bailiwick of Jersey - 0.3% | | | |
| Ferguson PLC | | 808 | 54,562 |
| WPP PLC | | 4,384 | 49,608 |
|
| TOTAL BAILIWICK OF JERSEY | | | 104,170 |
|
| Belgium - 0.4% | | | |
| Colruyt NV | | 207 | 12,032 |
| KBC Groep NV | | 873 | 60,218 |
| Solvay SA Class A | | 255 | 29,070 |
| UCB SA | | 439 | 36,885 |
| Umicore SA | | 728 | 34,294 |
|
| TOTAL BELGIUM | | | 172,499 |
|
| Bermuda - 0.1% | | | |
| Alibaba Pictures Group Ltd. (a) | | 40,000 | 5,509 |
| Beijing Enterprises Water Group Ltd. | | 20,000 | 10,176 |
| Brilliance China Automotive Holdings Ltd. | | 10,000 | 8,722 |
| GOME Electrical Appliances Holdings Ltd. (a) | | 32,000 | 3,183 |
| Haier Electronics Group Co. Ltd. | | 4,000 | 8,355 |
| HengTen Networks Group Ltd. (a) | | 80,000 | 2,856 |
| Li & Fung Ltd. | | 22,000 | 4,348 |
| Shangri-La Asia Ltd. | | 4,000 | 5,458 |
| Yue Yuen Industrial (Holdings) Ltd. | | 2,500 | 6,838 |
|
| TOTAL BERMUDA | | | 55,445 |
|
| Brazil - 0.6% | | | |
| Atacadao Distribuicao Comercio e Industria Ltda | | 1,500 | 6,143 |
| BM&F BOVESPA SA | | 7,200 | 51,347 |
| BR Malls Participacoes SA | | 3,000 | 10,238 |
| Cielo SA | | 4,200 | 14,897 |
| Cosan SA Industria e Comercio | | 600 | 5,200 |
| EDP Energias do Brasil SA | | 1,300 | 4,891 |
| ENGIE Brasil Energia SA | | 600 | 6,417 |
| Fibria Celulose SA | | 900 | 17,376 |
| Klabin SA unit | | 2,400 | 12,040 |
| Kroton Educacional SA | | 4,800 | 14,730 |
| Localiza Rent A Car SA | | 1,700 | 13,133 |
| Lojas Renner SA | | 2,500 | 25,259 |
| M. Dias Branco SA | | 400 | 4,780 |
| Multiplan Empreendimentos Imobiliarios SA | | 900 | 5,562 |
| Natura Cosmeticos SA | | 700 | 6,130 |
| Odontoprev SA | | 800 | 2,842 |
| TIM Participacoes SA | | 3,000 | 9,343 |
| Ultrapar Participacoes SA | | 1,300 | 15,457 |
| Weg SA | | 2,840 | 13,736 |
|
| TOTAL BRAZIL | | | 239,521 |
|
| Canada - 6.2% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 811 | 28,646 |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 1,500 | 71,636 |
| AltaGas Ltd. | | 924 | 11,616 |
| ARC Resources Ltd. | | 1,184 | 11,027 |
| Bank of Montreal | | 2,227 | 166,511 |
| Bank of Nova Scotia | | 4,163 | 223,416 |
| BlackBerry Ltd. (a) | | 1,769 | 16,327 |
| CAE, Inc. | | 929 | 16,386 |
| Canadian Imperial Bank of Commerce | | 1,545 | 133,416 |
| Canadian National Railway Co. | | 2,553 | 218,250 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 214 | 24,081 |
| Cenovus Energy, Inc. (Canada) | | 3,622 | 30,650 |
| CGI Group, Inc. Class A (sub. vtg.) (a) | | 888 | 54,840 |
| Emera, Inc. | | 198 | 6,109 |
| Empire Co. Ltd. Class A (non-vtg.) | | 598 | 10,879 |
| Enbridge, Inc. | | 5,918 | 184,402 |
| Encana Corp. | | 3,350 | 34,201 |
| First Capital Realty, Inc. | | 587 | 8,757 |
| Fortis, Inc. | | 1,470 | 48,574 |
| Franco-Nevada Corp. | | 647 | 40,409 |
| Gildan Activewear, Inc. | | 742 | 22,179 |
| Hydro One Ltd. (b) | | 1,155 | 16,801 |
| Loblaw Companies Ltd. | | 658 | 32,909 |
| Lundin Mining Corp. | | 2,221 | 9,127 |
| Magna International, Inc. Class A (sub. vtg.) | | 1,167 | 57,452 |
| Metro, Inc. Class A (sub. vtg.) | | 857 | 26,893 |
| Nutrien Ltd. | | 2,203 | 116,622 |
| Open Text Corp. | | 928 | 31,327 |
| PrairieSky Royalty Ltd. | | 732 | 11,121 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 1,257 | 64,729 |
| Sun Life Financial, Inc. | | 2,110 | 77,271 |
| Suncor Energy, Inc. | | 5,672 | 190,266 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 1,770 | 36,585 |
| The Toronto-Dominion Bank | | 6,412 | 355,705 |
| Vermilion Energy, Inc. | | 498 | 13,206 |
| Wheaton Precious Metals Corp. | | 1,551 | 25,496 |
| WSP Global, Inc. | | 360 | 17,972 |
|
| TOTAL CANADA | | | 2,445,794 |
|
| Cayman Islands - 2.6% | | | |
| 3SBio, Inc. (b) | | 4,500 | 6,530 |
| AAC Technology Holdings, Inc. | | 2,500 | 19,043 |
| Anta Sports Products Ltd. | | 4,000 | 16,424 |
| ASM Pacific Technology Ltd. | | 1,100 | 9,496 |
| Chailease Holding Co. Ltd. | | 4,080 | 11,623 |
| China Conch Venture Holdings Ltd. | | 5,500 | 15,430 |
| China Medical System Holdings Ltd. | | 5,000 | 5,949 |
| China Mengniu Dairy Co. Ltd. | | 9,000 | 26,511 |
| Ctrip.com International Ltd. ADR (a)(c) | | 1,421 | 47,291 |
| Fullshare Holdings Ltd. | | 25,000 | 9,723 |
| GCL-Poly Energy Holdings Ltd. (a) | | 50,000 | 2,965 |
| Geely Automobile Holdings Ltd. | | 17,000 | 32,517 |
| Jiayuan International Group Ltd. | | 4,000 | 7,019 |
| Lee & Man Paper Manufacturing Ltd. | | 5,000 | 4,278 |
| New Oriental Education & Technology Group, Inc. sponsored ADR | | 494 | 28,904 |
| Shenzhou International Group Holdings Ltd. | | 3,000 | 33,130 |
| Shui On Land Ltd. | | 13,000 | 2,619 |
| Sino Biopharmaceutical Ltd. | | 24,500 | 21,963 |
| SOHO China Ltd. | | 6,500 | 2,205 |
| Tencent Holdings Ltd. | | 19,800 | 678,310 |
| Towngas China Co. Ltd. | | 4,080 | 2,966 |
| Vipshop Holdings Ltd. ADR (a) | | 1,446 | 7,028 |
| Wharf Real Estate Investment Co. Ltd. | | 4,000 | 24,764 |
| Yuzhou Properties Co. | | 6,000 | 2,142 |
| Zhongsheng Group Holdings Ltd. Class H | | 2,000 | 3,647 |
|
| TOTAL CAYMAN ISLANDS | | | 1,022,477 |
|
| Chile - 0.2% | | | |
| Aguas Andinas SA | | 10,132 | 5,299 |
| Compania de Petroleos de Chile SA (COPEC) | | 1,348 | 18,942 |
| Empresa Nacional de Telecomunicaciones SA (ENTEL) | | 543 | 3,940 |
| Empresas CMPC SA | | 4,350 | 14,975 |
| Enersis SA | | 99,588 | 15,582 |
| LATAM Airlines Group SA | | 1,064 | 9,707 |
| S.A.C.I. Falabella | | 2,623 | 19,804 |
| S.A.C.I. Falabella rights 11/17/18 (a) | | 90 | 9 |
|
| TOTAL CHILE | | | 88,258 |
|
| China - 1.3% | | | |
| Air China Ltd. (H Shares) | | 6,000 | 4,828 |
| BBMG Corp. (H Shares) | | 8,000 | 2,204 |
| BYD Co. Ltd. (H Shares) | | 2,000 | 12,866 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 31,000 | 19,173 |
| China Construction Bank Corp. (H Shares) | | 334,000 | 265,045 |
| China Eastern Airlines Corp. Ltd. (H Shares) | | 6,000 | 3,313 |
| China Everbright Bank Co. Ltd. (H Shares) | | 8,000 | 3,560 |
| China International Marine Containers (Group) Ltd. (H Shares) | | 1,700 | 1,500 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 11,000 | 8,360 |
| China Merchants Bank Co. Ltd. (H Shares) | | 13,500 | 51,990 |
| China Minsheng Banking Corp. Ltd. (H Shares) | | 21,000 | 15,478 |
| China Molybdenum Co. Ltd. (H Shares) | | 12,000 | 4,453 |
| China Shenhua Energy Co. Ltd. (H Shares) | | 12,000 | 27,177 |
| China Shipping Container Lines Co. Ltd. (H Shares) (a) | | 15,000 | 1,530 |
| China Southern Airlines Ltd. (H Shares) | | 6,000 | 3,244 |
| China Vanke Co. Ltd. (H Shares) | | 4,200 | 12,934 |
| Chongqing Changan Automobile Co. Ltd. (B Shares) | | 2,200 | 1,481 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 10,000 | 9,844 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 11,200 | 11,326 |
| Huaneng Renewables Corp. Ltd. (H Shares) | | 16,000 | 4,101 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 3,800 | 4,514 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 8,000 | 7,151 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 2,000 | 5,993 |
| Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | | 3,100 | 6,847 |
| Sinopharm Group Co. Ltd. (H Shares) | | 4,400 | 21,209 |
| Sinotrans Ltd. (H Shares) | | 7,000 | 2,437 |
| Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares) | | 2,200 | 1,638 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 4,000 | 3,351 |
|
| TOTAL CHINA | | | 517,547 |
|
| Colombia - 0.0% | | | |
| Cementos Argos SA | | 1,977 | 4,311 |
| Interconexion Electrica SA ESP | | 1,596 | 5,929 |
| Inversiones Argos SA | | 1,000 | 4,659 |
|
| TOTAL COLOMBIA | | | 14,899 |
|
| Czech Republic - 0.1% | | | |
| Ceske Energeticke Zavody A/S | | 568 | 13,517 |
| Komercni Banka A/S | | 269 | 10,219 |
|
| TOTAL CZECH REPUBLIC | | | 23,736 |
|
| Denmark - 1.5% | | | |
| Christian Hansen Holding A/S | | 343 | 34,670 |
| Coloplast A/S Series B | | 413 | 38,561 |
| DONG Energy A/S (b) | | 657 | 41,743 |
| Genmab A/S (a) | | 213 | 29,181 |
| H Lundbeck A/S | | 236 | 11,021 |
| ISS Holdings A/S | | 579 | 19,040 |
| Novo Nordisk A/S Series B | | 6,310 | 272,507 |
| Novozymes A/S Series B | | 758 | 37,458 |
| Pandora A/S | | 376 | 23,524 |
| Tryg A/S | | 436 | 10,538 |
| Vestas Wind Systems A/S | | 683 | 42,835 |
| William Demant Holding A/S (a) | | 352 | 11,586 |
|
| TOTAL DENMARK | | | 572,664 |
|
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 1,801 | 7,990 |
| Commercial International Bank SAE sponsored GDR | | 1,937 | 8,416 |
|
| TOTAL EGYPT | | | 16,406 |
|
| Finland - 1.0% | | | |
| Metso Corp. | | 363 | 11,475 |
| Neste Oyj | | 445 | 36,673 |
| Nokia Corp. | | 19,557 | 110,469 |
| Nokian Tyres PLC | | 407 | 12,945 |
| Nordea Bank ABP (a) | | 10,543 | 91,695 |
| Orion Oyj (B Shares) | | 361 | 12,430 |
| Stora Enso Oyj (R Shares) | | 1,915 | 28,859 |
| UPM-Kymmene Corp. | | 1,857 | 59,756 |
| Wartsila Corp. | | 1,543 | 26,311 |
|
| TOTAL FINLAND | | | 390,613 |
|
| France - 6.0% | | | |
| Accor SA | | 652 | 29,850 |
| Air Liquide SA | | 1,490 | 180,578 |
| Atos Origin SA | | 330 | 28,325 |
| AXA SA | | 6,741 | 168,705 |
| BIC SA | | 90 | 8,624 |
| Bouygues SA | | 760 | 27,753 |
| Capgemini SA | | 557 | 68,136 |
| Carrefour SA | | 1,999 | 38,830 |
| Casino Guichard Perrachon SA | | 198 | 8,746 |
| CNP Assurances | | 595 | 13,276 |
| Compagnie de St. Gobain | | 1,728 | 65,096 |
| Credit Agricole SA | | 3,961 | 50,730 |
| Danone SA | | 2,139 | 151,470 |
| Eiffage SA | | 277 | 27,114 |
| Essilor International SA | | 723 | 98,883 |
| Eurazeo SA | | 161 | 11,771 |
| Gecina SA | | 159 | 23,358 |
| Groupe Eurotunnel SA | | 1,655 | 20,835 |
| Imerys SA | | 127 | 7,840 |
| Ingenico SA | | 200 | 14,190 |
| Ipsen SA | | 132 | 18,330 |
| JCDecaux SA | | 269 | 8,854 |
| Kering SA | | 263 | 117,248 |
| L'Oreal SA | | 878 | 197,799 |
| Michelin CGDE Series B | | 592 | 60,606 |
| Natixis SA | | 3,263 | 19,093 |
| Orange SA | | 6,930 | 108,166 |
| Renault SA | | 667 | 49,914 |
| Rexel SA | | 1,052 | 13,429 |
| Schneider Electric SA | | 1,897 | 137,174 |
| Total SA | | 8,408 | 493,343 |
| Vivendi SA | | 3,609 | 87,043 |
| Wendel SA | | 96 | 12,461 |
|
| TOTAL FRANCE | | | 2,367,570 |
|
| Germany - 5.8% | | | |
| adidas AG | | 647 | 152,428 |
| Allianz SE | | 1,529 | 318,521 |
| BASF AG | | 3,190 | 244,796 |
| Bayerische Motoren Werke AG (BMW) | | 1,150 | 99,293 |
| Beiersdorf AG | | 349 | 36,130 |
| Commerzbank AG (a) | | 3,476 | 32,831 |
| Deutsche Borse AG | | 670 | 84,670 |
| Deutsche Post AG | | 3,428 | 108,240 |
| Deutsche Wohnen AG (Bearer) | | 1,233 | 56,477 |
| E.ON AG | | 7,647 | 73,947 |
| Evonik Industries AG | | 567 | 17,597 |
| Fraport AG Frankfurt Airport Services Worldwide | | 143 | 11,062 |
| HeidelbergCement Finance AG | | 517 | 35,135 |
| Henkel AG & Co. KGaA | | 386 | 37,862 |
| Merck KGaA | | 449 | 48,120 |
| Metro Wholesale & Food Specialist AG | | 638 | 9,611 |
| Muenchener Rueckversicherungs AG | | 521 | 112,092 |
| OSRAM Licht AG | | 345 | 13,997 |
| ProSiebenSat.1 Media AG | | 807 | 18,635 |
| RWE AG | | 1,800 | 35,108 |
| SAP SE | | 3,414 | 365,549 |
| Siemens AG | | 2,657 | 305,414 |
| Symrise AG | | 428 | 35,951 |
| Telefonica Deutschland Holding AG | | 2,509 | 9,762 |
|
| TOTAL GERMANY | | | 2,263,228 |
|
| Greece - 0.0% | | | |
| Hellenic Telecommunications Organization SA | | 849 | 9,472 |
| Titan Cement Co. SA (Reg.) | | 166 | 3,655 |
|
| TOTAL GREECE | | | 13,127 |
|
| Hong Kong - 1.3% | | | |
| BOC Hong Kong (Holdings) Ltd. | | 13,000 | 48,572 |
| BYD Electronic International Co. Ltd. | | 2,500 | 2,930 |
| China Agri-Industries Holdings Ltd. | | 8,000 | 2,673 |
| China Everbright International Ltd. | | 14,962 | 11,925 |
| China Resources Pharmaceutical Group Ltd. (b) | | 5,500 | 8,066 |
| China Travel International Investment HK Ltd. | | 8,000 | 2,142 |
| CLP Holdings Ltd. | | 5,500 | 61,649 |
| CSPC Pharmaceutical Group Ltd. | | 16,000 | 33,747 |
| Hang Lung Properties Ltd. | | 7,000 | 12,675 |
| Hang Seng Bank Ltd. | | 2,700 | 63,214 |
| Hong Kong & China Gas Co. Ltd. | | 32,240 | 61,583 |
| Hong Kong Exchanges and Clearing Ltd. | | 4,056 | 107,581 |
| Hysan Development Co. Ltd. | | 2,000 | 9,373 |
| Lenovo Group Ltd. | | 26,000 | 16,544 |
| MTR Corp. Ltd. | | 5,039 | 24,418 |
| Shenzhen Investment Ltd. | | 14,000 | 4,017 |
| Swire Pacific Ltd. (A Shares) | | 1,500 | 15,561 |
| Swire Properties Ltd. | | 4,000 | 13,645 |
| Techtronic Industries Co. Ltd. | | 5,000 | 23,400 |
|
| TOTAL HONG KONG | | | 523,715 |
|
| Hungary - 0.1% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 1,288 | 13,507 |
| OTP Bank PLC | | 780 | 28,027 |
|
| TOTAL HUNGARY | | | 41,534 |
|
| India - 2.0% | | | |
| Ashok Leyland Ltd. | | 4,195 | 6,506 |
| Asian Paints Ltd. | | 995 | 16,553 |
| Aurobindo Pharma Ltd. | | 924 | 9,889 |
| Axis Bank Ltd. (a) | | 6,233 | 49,082 |
| Bajaj Auto Ltd. | | 297 | 10,415 |
| Bharat Petroleum Corp. Ltd. | | 2,626 | 9,768 |
| Bharti Airtel Ltd. | | 4,844 | 19,147 |
| Bharti Infratel Ltd. | | 1,263 | 4,598 |
| Britannia Industries Ltd. | | 104 | 7,937 |
| Dabur India Ltd. | | 1,817 | 9,452 |
| Eicher Motors Ltd. | | 46 | 13,599 |
| Glenmark Pharmaceuticals Ltd. | | 430 | 3,613 |
| HCL Technologies Ltd. | | 1,930 | 27,546 |
| Hero Motocorp Ltd. | | 176 | 6,573 |
| Hindalco Industries Ltd. | | 4,046 | 12,057 |
| Hindustan Petroleum Corp. Ltd. | | 2,016 | 6,110 |
| Hindustan Unilever Ltd. | | 2,252 | 49,379 |
| Housing Development Finance Corp. Ltd. | | 5,540 | 132,526 |
| ICICI Bank Ltd. | | 8,248 | 39,552 |
| Infosys Ltd. | | 12,130 | 112,071 |
| Lupin Ltd. (a) | | 799 | 9,566 |
| Mahindra & Mahindra Financial Services Ltd. (a) | | 1,101 | 6,089 |
| Mahindra & Mahindra Ltd. | | 2,583 | 26,750 |
| Marico Ltd. | | 1,620 | 7,038 |
| Nestle India Ltd. | | 80 | 10,977 |
| Petronet LNG Ltd. | | 2,154 | 6,573 |
| Pidilite Industries Ltd. | | 418 | 5,419 |
| Piramal Enterprises Ltd. | | 280 | 8,226 |
| Siemens India Ltd. | | 223 | 2,809 |
| Tata Consultancy Services Ltd. | | 3,190 | 83,595 |
| Tech Mahindra Ltd. (a) | | 1,629 | 16,385 |
| Titan Co. Ltd. | | 1,073 | 12,253 |
| UPL Ltd. (a) | | 1,231 | 11,224 |
| Vodafone Idea Ltd. (a) | | 6,770 | 3,538 |
| Wipro Ltd. | | 3,906 | 17,483 |
| Yes Bank Ltd. | | 5,911 | 15,033 |
| Zee Entertainment Enterprises Ltd. | | 1,681 | 10,253 |
|
| TOTAL INDIA | | | 799,584 |
|
| Indonesia - 0.8% | | | |
| PT Adaro Energy Tbk | | 49,200 | 5,340 |
| PT Astra International Tbk | | 70,200 | 36,480 |
| PT Bank Central Asia Tbk | | 34,200 | 53,204 |
| PT Bank Danamon Indonesia Tbk Series A | | 11,300 | 5,519 |
| PT Bank Mandiri (Persero) Tbk | | 64,800 | 29,116 |
| PT Bank Negara Indonesia (Persero) Tbk | | 25,900 | 12,479 |
| PT Bank Rakyat Indonesia Tbk | | 192,700 | 39,928 |
| PT Indah Kiat Pulp & Paper Tbk | | 9,500 | 7,952 |
| PT Indofood CBP Sukses Makmur Tbk | | 8,700 | 5,108 |
| PT Indofood Sukses Makmur Tbk | | 15,500 | 6,092 |
| PT Jasa Marga Tbk | | 8,300 | 2,266 |
| PT Kalbe Farma Tbk | | 67,700 | 6,101 |
| PT Matahari Department Store Tbk | | 8,100 | 2,584 |
| PT Pakuwon Jati Tbk | | 71,900 | 2,261 |
| PT Perusahaan Gas Negara Tbk Series B | | 38,500 | 5,622 |
| PT Surya Citra Media Tbk | | 20,700 | 2,138 |
| PT Telekomunikasi Indonesia Tbk Series B | | 174,900 | 44,306 |
| PT Unilever Indonesia Tbk | | 5,300 | 15,069 |
| PT United Tractors Tbk | | 5,800 | 12,781 |
|
| TOTAL INDONESIA | | | 294,346 |
|
| Ireland - 0.4% | | | |
| CRH PLC | | 2,918 | 87,039 |
| DCC PLC (United Kingdom) | | 310 | 26,608 |
| Kerry Group PLC Class A | | 551 | 56,480 |
|
| TOTAL IRELAND | | | 170,127 |
|
| Isle of Man - 0.0% | | | |
| NEPI Rockcastle PLC | | 1,302 | 11,243 |
| Israel - 0.2% | | | |
| Bank Hapoalim BM (Reg.) | | 3,691 | 25,005 |
| Bank Leumi le-Israel BM | | 5,009 | 31,267 |
| Mizrahi Tefahot Bank Ltd. | | 509 | 8,577 |
|
| TOTAL ISRAEL | | | 64,849 |
|
| Italy - 0.6% | | | |
| Assicurazioni Generali SpA | | 4,085 | 66,072 |
| Intesa Sanpaolo SpA | | 51,683 | 114,482 |
| Recordati SpA | | 354 | 11,997 |
| Snam Rete Gas SpA | | 7,812 | 32,332 |
|
| TOTAL ITALY | | | 224,883 |
|
| Japan - 13.9% | | | |
| AEON Co. Ltd. | | 2,100 | 48,200 |
| AEON Financial Service Co. Ltd. | | 400 | 7,856 |
| AEON MALL Co. Ltd. | | 400 | 7,406 |
| Agc, Inc. | | 600 | 19,653 |
| Ajinomoto Co., Inc. | | 1,600 | 25,849 |
| All Nippon Airways Ltd. | | 400 | 13,450 |
| Amada Holdings Co. Ltd. | | 1,200 | 11,305 |
| Asahi Kasei Corp. | | 4,400 | 52,793 |
| Asics Corp. | | 500 | 7,267 |
| Astellas Pharma, Inc. | | 6,600 | 101,971 |
| Benesse Holdings, Inc. | | 300 | 8,362 |
| Bridgestone Corp. | | 2,100 | 80,975 |
| Casio Computer Co. Ltd. | | 600 | 9,056 |
| Central Japan Railway Co. | | 500 | 95,954 |
| Chugai Pharmaceutical Co. Ltd. | | 800 | 46,837 |
| CyberAgent, Inc. | | 300 | 12,766 |
| Dai Nippon Printing Co. Ltd. | | 800 | 17,950 |
| Daicel Chemical Industries Ltd. | | 900 | 9,532 |
| Daifuku Co. Ltd. | | 400 | 17,229 |
| Daikin Industries Ltd. | | 900 | 104,321 |
| Daiwa House Industry Co. Ltd. | | 2,000 | 60,389 |
| DENSO Corp. | | 1,500 | 66,909 |
| Dentsu, Inc. | | 800 | 37,104 |
| East Japan Railway Co. | | 1,100 | 96,072 |
| Eisai Co. Ltd. | | 900 | 74,952 |
| Fast Retailing Co. Ltd. | | 200 | 100,701 |
| Fujitsu Ltd. | | 700 | 42,587 |
| Hino Motors Ltd. | | 900 | 8,615 |
| Hirose Electric Co. Ltd. | | 100 | 9,509 |
| Hitachi Chemical Co. Ltd. | | 400 | 6,314 |
| Hitachi Construction Machinery Co. Ltd. | | 400 | 10,620 |
| Hitachi High-Technologies Corp. | | 300 | 11,313 |
| Hitachi Metals Ltd. | | 700 | 8,263 |
| Honda Motor Co. Ltd. | | 5,600 | 159,855 |
| Hulic Co. Ltd. | | 1,000 | 9,173 |
| INPEX Corp. | | 3,600 | 40,992 |
| J. Front Retailing Co. Ltd. | | 800 | 10,483 |
| Japan Retail Fund Investment Corp. | | 9 | 16,623 |
| Kajima Corp. | | 1,500 | 19,315 |
| Kaneka Corp. | | 200 | 8,366 |
| Kansai Paint Co. Ltd. | | 600 | 8,886 |
| Kao Corp. | | 1,700 | 113,088 |
| Kawasaki Heavy Industries Ltd. | | 500 | 11,849 |
| KDDI Corp. | | 6,200 | 150,039 |
| Keio Corp. | | 400 | 21,726 |
| Keyence Corp. | | 300 | 147,029 |
| Kikkoman Corp. | | 500 | 27,394 |
| Kobayashi Pharmaceutical Co. Ltd. | | 200 | 13,117 |
| Kobe Steel Ltd. | | 1,100 | 8,844 |
| Komatsu Ltd. | | 3,200 | 83,336 |
| Konica Minolta, Inc. | | 1,600 | 15,837 |
| Kubota Corp. | | 3,400 | 53,675 |
| Kuraray Co. Ltd. | | 1,100 | 15,109 |
| Kurita Water Industries Ltd. | | 300 | 7,399 |
| Kyocera Corp. | | 1,100 | 59,535 |
| Kyushu Railway Co. | | 600 | 18,399 |
| Lawson, Inc. | | 200 | 12,656 |
| Marui Group Co. Ltd. | | 700 | 15,072 |
| Mazda Motor Corp. | | 2,000 | 21,302 |
| McDonald's Holdings Co. (Japan) Ltd. | | 200 | 8,809 |
| Mitsubishi Chemical Holdings Corp. | | 4,400 | 34,300 |
| Mitsubishi Electric Corp. | | 6,300 | 79,754 |
| Mitsubishi Estate Co. Ltd. | | 4,100 | 65,525 |
| Mitsubishi Materials Corp. | | 400 | 11,074 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | | 1,400 | 7,209 |
| Mitsui Chemicals, Inc. | | 600 | 13,455 |
| Mitsui Fudosan Co. Ltd. | | 3,100 | 69,819 |
| Mitsui OSK Lines Ltd. | | 400 | 9,722 |
| Mizuho Financial Group, Inc. | | 83,800 | 143,915 |
| Murata Manufacturing Co. Ltd. | | 600 | 91,275 |
| Nabtesco Corp. | | 400 | 8,820 |
| Nagoya Railroad Co. Ltd. | | 600 | 14,496 |
| NEC Corp. | | 900 | 25,835 |
| NGK Insulators Ltd. | | 900 | 12,667 |
| NGK Spark Plug Co. Ltd. | | 600 | 12,188 |
| Nikon Corp. | | 1,100 | 19,176 |
| Nintendo Co. Ltd. | | 400 | 124,881 |
| Nippon Express Co. Ltd. | | 300 | 18,933 |
| Nippon Prologis REIT, Inc. | | 6 | 12,103 |
| Nippon Yusen KK | | 600 | 9,676 |
| Nitori Holdings Co. Ltd. | | 300 | 39,177 |
| Nitto Denko Corp. | | 600 | 37,485 |
| NKSJ Holdings, Inc. | | 1,200 | 49,495 |
| Nomura Real Estate Holdings, Inc. | | 400 | 7,512 |
| Nomura Research Institute Ltd. | | 400 | 17,725 |
| NSK Ltd. | | 1,200 | 11,856 |
| NTT DOCOMO, Inc. | | 4,600 | 114,075 |
| Obayashi Corp. | | 2,300 | 20,305 |
| Odakyu Electric Railway Co. Ltd. | | 1,000 | 21,141 |
| OMRON Corp. | | 700 | 28,413 |
| Oriental Land Co. Ltd. | | 700 | 65,853 |
| Osaka Gas Co. Ltd. | | 1,300 | 23,772 |
| Otsuka Corp. | | 400 | 13,294 |
| Panasonic Corp. | | 7,600 | 81,559 |
| Rakuten, Inc. | | 3,000 | 20,292 |
| Recruit Holdings Co. Ltd. | | 3,800 | 101,990 |
| Resona Holdings, Inc. | | 7,300 | 38,398 |
| Rinnai Corp. | | 100 | 7,285 |
| Secom Co. Ltd. | | 700 | 57,310 |
| Sekisui Chemical Co. Ltd. | | 1,300 | 20,427 |
| Sekisui House Ltd. | | 2,100 | 30,822 |
| Seven & i Holdings Co. Ltd. | | 2,600 | 112,580 |
| Sharp Corp. | | 600 | 9,205 |
| Shimadzu Corp. | | 800 | 20,228 |
| SHIMIZU Corp. | | 1,900 | 15,423 |
| Shin-Etsu Chemical Co. Ltd. | | 1,300 | 108,629 |
| Shiseido Co. Ltd. | | 1,300 | 82,024 |
| Showa Shell Sekiyu K.K. | | 700 | 13,360 |
| Sohgo Security Services Co., Ltd. | | 300 | 13,374 |
| Sony Corp. | | 4,400 | 238,114 |
| Stanley Electric Co. Ltd. | | 500 | 14,823 |
| Sumitomo Chemical Co. Ltd. | | 5,000 | 25,047 |
| Sumitomo Electric Industries Ltd. | | 2,600 | 35,458 |
| Sumitomo Heavy Industries Ltd. | | 400 | 12,580 |
| Sumitomo Metal Mining Co. Ltd. | | 800 | 25,189 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 1,200 | 47,680 |
| Sumitomo Rubber Industries Ltd. | | 600 | 8,641 |
| Suntory Beverage & Food Ltd. | | 500 | 20,406 |
| Sysmex Corp. | | 600 | 42,136 |
| T&D Holdings, Inc. | | 1,900 | 30,373 |
| Taisei Corp. | | 700 | 29,938 |
| Takashimaya Co. Ltd. | | 500 | 7,869 |
| Takeda Pharmaceutical Co. Ltd. | | 2,500 | 103,649 |
| TDK Corp. | | 500 | 43,115 |
| Teijin Ltd. | | 600 | 10,402 |
| Tobu Railway Co. Ltd. | | 700 | 19,469 |
| Toho Co. Ltd. | | 400 | 13,050 |
| Toho Gas Co. Ltd. | | 300 | 10,369 |
| Tokyo Electron Ltd. | | 500 | 67,474 |
| Tokyo Gas Co. Ltd. | | 1,400 | 34,430 |
| Tokyu Corp. | | 1,800 | 29,737 |
| Tokyu Fudosan Holdings Corp. | | 1,800 | 10,142 |
| Toppan Printing Co. Ltd. | | 1,000 | 14,137 |
| Toray Industries, Inc. | | 4,800 | 34,048 |
| Toto Ltd. | | 500 | 17,888 |
| Toyo Suisan Kaisha Ltd. | | 300 | 10,343 |
| Toyoda Gosei Co. Ltd. | | 200 | 4,316 |
| Toyota Tsusho Corp. | | 700 | 25,262 |
| Unicharm Corp. | | 1,400 | 38,116 |
| USS Co. Ltd. | | 700 | 12,637 |
| West Japan Railway Co. | | 600 | 40,355 |
| Yakult Honsha Co. Ltd. | | 400 | 28,395 |
| Yamada Denki Co. Ltd. | | 1,900 | 8,958 |
| Yamaha Corp. | | 500 | 21,972 |
| Yamaha Motor Co. Ltd. | | 900 | 21,285 |
| Yaskawa Electric Corp. | | 800 | 23,123 |
| Yokogawa Electric Corp. | | 800 | 15,707 |
|
| TOTAL JAPAN | | | 5,474,453 |
|
| Korea (South) - 2.2% | | | |
| AMOREPACIFIC Corp. | | 114 | 15,287 |
| AMOREPACIFIC Group, Inc. | | 105 | 5,715 |
| BS Financial Group, Inc. | | 858 | 5,707 |
| Cheil Industries, Inc. | | 260 | 24,724 |
| CJ CheilJedang Corp. | | 29 | 8,235 |
| CJ Corp. | | 53 | 5,063 |
| Coway Co. Ltd. | | 170 | 10,474 |
| Daelim Industrial Co. | | 103 | 6,861 |
| DGB Financial Group Co. Ltd. | | 615 | 5,067 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 257 | 2,466 |
| GS Engineering & Construction Corp. | | 176 | 6,440 |
| GS Holdings Corp. | | 183 | 7,779 |
| Hana Financial Group, Inc. | | 1,039 | 34,876 |
| Hankook Tire Co. Ltd. | | 260 | 9,434 |
| Hanmi Pharm Co. Ltd. | | 22 | 7,510 |
| Hanon Systems | | 644 | 6,180 |
| Hanwha Chemical Corp. | | 395 | 5,591 |
| Hotel Shilla Co. | | 109 | 6,811 |
| Hyundai Engineering & Construction Co. Ltd. | | 270 | 10,826 |
| Hyundai Fire & Marine Insurance Co. Ltd. | | 227 | 8,316 |
| Hyundai Heavy Industries Co. Ltd. (a) | | 132 | 14,403 |
| Industrial Bank of Korea | | 874 | 11,375 |
| KB Financial Group, Inc. | | 1,376 | 57,230 |
| Korea Gas Corp. (a) | | 90 | 4,110 |
| Korean Air Lines Co. Ltd. | | 175 | 4,210 |
| LG Chemical Ltd. | | 159 | 48,355 |
| LG Corp. | | 327 | 19,001 |
| LG Display Co. Ltd. | | 804 | 11,717 |
| LG Electronics, Inc. | | 376 | 20,860 |
| LG Household & Health Care Ltd. | | 32 | 29,280 |
| LG Innotek Co. Ltd. | | 51 | 5,543 |
| Lotte Chemical Corp. | | 58 | 13,344 |
| NAVER Corp. | | 485 | 48,670 |
| Oci Co. Ltd. | | 64 | 4,779 |
| S-Oil Corp. | | 155 | 16,845 |
| Samsung Card Co. Ltd. | | 131 | 3,863 |
| Samsung Electro-Mechanics Co. Ltd. | | 194 | 20,063 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 106 | 25,873 |
| Samsung SDI Co. Ltd. | | 191 | 39,422 |
| Samsung SDS Co. Ltd. | | 121 | 20,414 |
| Shinhan Financial Group Co. Ltd. | | 1,477 | 54,942 |
| SK C&C Co. Ltd. | | 109 | 24,981 |
| SK Energy Co. Ltd. | | 225 | 42,101 |
| SK Hynix, Inc. | | 2,022 | 120,859 |
| SK Telecom Co. Ltd. | | 70 | 16,426 |
| Yuhan Corp. | | 30 | 4,404 |
|
| TOTAL KOREA (SOUTH) | | | 876,432 |
|
| Luxembourg - 0.2% | | | |
| Millicom International Cellular SA (depository receipt) | | 229 | 12,938 |
| SES SA (France) (depositary receipt) | | 1,264 | 27,166 |
| Tenaris SA | | 1,638 | 24,112 |
|
| TOTAL LUXEMBOURG | | | 64,216 |
|
| Malaysia - 0.7% | | | |
| Alliance Bank Malaysia Bhd | | 3,700 | 3,501 |
| AMMB Holdings Bhd | | 6,100 | 5,539 |
| Astro Malaysia Holdings Bhd (b) | | 5,100 | 1,645 |
| Axiata Group Bhd | | 9,731 | 7,930 |
| Bumiputra-Commerce Holdings Bhd | | 16,606 | 22,700 |
| DiGi.com Bhd | | 10,700 | 11,021 |
| Hap Seng Consolidated Bhd | | 2,100 | 4,943 |
| Hartalega Holdings Bhd | | 4,500 | 6,732 |
| Hong Leong Bank Bhd | | 2,200 | 10,883 |
| IHH Healthcare Bhd (b) | | 8,400 | 10,037 |
| IOI Properties Group Bhd | | 6,600 | 2,066 |
| Malayan Banking Bhd | | 13,540 | 30,707 |
| Malaysia Airports Holdings Bhd | | 3,200 | 6,347 |
| Maxis Bhd | | 8,000 | 9,999 |
| MISC Bhd | | 4,200 | 6,123 |
| Nestle (Malaysia) BHD | | 200 | 6,873 |
| Petronas Dagangan Bhd | | 800 | 4,971 |
| PPB Group Bhd | | 2,000 | 8,011 |
| Press Metal Bhd | | 5,100 | 5,899 |
| Public Bank Bhd | | 10,100 | 59,376 |
| RHB Capital Bhd | | 3,100 | 3,875 |
| Sime Darby Bhd | | 8,200 | 4,311 |
| Sime Darby Property Bhd | | 10,500 | 2,447 |
| SP Setia Bhd | | 5,460 | 2,740 |
| Telekom Malaysia Bhd | | 4,200 | 2,389 |
| Tenaga Nasional Bhd | | 10,800 | 37,940 |
| Top Glove Corp. Bhd | | 4,800 | 6,814 |
| UMW Holdings Bhd | | 1,900 | 2,157 |
| YTL Corp. Bhd | | 11,280 | 2,857 |
|
| TOTAL MALAYSIA | | | 290,833 |
|
| Mexico - 0.4% | | | |
| Alfa SA de CV Series A | | 10,700 | 11,278 |
| Alsea S.A.B. de CV | | 2,100 | 5,370 |
| CEMEX S.A.B. de CV unit (a) | | 50,500 | 25,209 |
| Coca-Cola FEMSA S.A.B. de CV Series L | | 1,900 | 10,837 |
| Embotelladoras Arca S.A.B. de CV | | 1,600 | 8,046 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 6,800 | 57,809 |
| Gruma S.A.B. de CV Series B | | 735 | 7,671 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 705 | 11,718 |
| Grupo Bimbo S.A.B. de CV Series A | | 5,700 | 10,677 |
| Industrias Penoles SA de CV | | 495 | 6,977 |
| Infraestructura Energetica Nova S.A.B. de CV | | 1,900 | 7,448 |
| Kimberly-Clark de Mexico SA de CV Series A | | 5,300 | 7,640 |
|
| TOTAL MEXICO | | | 170,680 |
|
| Netherlands - 3.7% | | | |
| AEGON NV | | 6,402 | 39,360 |
| Akzo Nobel NV | | 878 | 73,869 |
| ASML Holding NV (Netherlands) | | 1,424 | 245,276 |
| CNH Industrial NV | | 3,536 | 36,790 |
| EXOR NV | | 376 | 21,311 |
| ING Groep NV (Certificaten Van Aandelen) | | 13,513 | 159,872 |
| Koninklijke Ahold Delhaize NV | | 4,327 | 99,147 |
| Koninklijke DSM NV | | 636 | 55,742 |
| Koninklijke KPN NV | | 11,647 | 30,731 |
| Koninklijke Philips Electronics NV | | 3,267 | 121,846 |
| NN Group NV | | 1,058 | 45,537 |
| QIAGEN NV (Germany) (a) | | 793 | 28,805 |
| STMicroelectronics NV (France) | | 2,371 | 36,043 |
| Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit | | 480 | 87,140 |
| Unilever NV (Certificaten Van Aandelen) (Bearer) | | 5,357 | 287,858 |
| Vopak NV | | 243 | 11,009 |
| Wolters Kluwer NV | | 1,008 | 57,268 |
|
| TOTAL NETHERLANDS | | | 1,437,604 |
|
| New Zealand - 0.1% | | | |
| Auckland International Airport Ltd. | | 3,496 | 15,946 |
| Fletcher Building Ltd. | | 2,903 | 11,442 |
| Meridian Energy Ltd. | | 4,426 | 9,054 |
| Ryman Healthcare Group Ltd. | | 1,381 | 10,904 |
|
| TOTAL NEW ZEALAND | | | 47,346 |
|
| Norway - 0.7% | | | |
| Aker Bp ASA | | 382 | 12,598 |
| Equinor ASA | | 4,052 | 105,412 |
| Marine Harvest ASA | | 1,446 | 34,993 |
| Norsk Hydro ASA | | 4,677 | 24,279 |
| Orkla ASA | | 2,827 | 24,394 |
| Schibsted ASA (B Shares) | | 343 | 10,864 |
| Telenor ASA | | 2,605 | 47,790 |
|
| TOTAL NORWAY | | | 260,330 |
|
| Philippines - 0.3% | | | |
| Aboitiz Equity Ventures, Inc. | | 7,140 | 6,280 |
| Aboitiz Power Corp. | | 6,600 | 4,162 |
| Alliance Global Group, Inc. (a) | | 13,100 | 2,785 |
| Ayala Land, Inc. | | 25,500 | 18,921 |
| Bank of the Philippine Islands (BPI) | | 3,162 | 4,861 |
| BDO Unibank, Inc. | | 6,810 | 15,599 |
| Globe Telecom, Inc. | | 110 | 4,302 |
| JG Summit Holdings, Inc. | | 10,240 | 9,064 |
| Metropolitan Bank & Trust Co. | | 2,452 | 3,008 |
| Philippine Long Distance Telephone Co. | | 300 | 7,752 |
| SM Investments Corp. | | 840 | 14,148 |
| SM Prime Holdings, Inc. | | 35,600 | 22,518 |
|
| TOTAL PHILIPPINES | | | 113,400 |
|
| Poland - 0.3% | | | |
| Bank Handlowy w Warszawie SA | | 127 | 2,317 |
| Bank Millennium SA (a) | | 1,990 | 4,579 |
| Bank Polska Kasa Opieki SA | | 591 | 16,126 |
| Bank Zachodni WBK SA | | 122 | 10,823 |
| BRE Bank SA | | 55 | 5,361 |
| CD Projekt RED SA (a) | | 234 | 9,654 |
| KGHM Polska Miedz SA (Bearer) (a) | | 491 | 11,117 |
| Polish Oil & Gas Co. SA | | 6,107 | 9,963 |
| Polski Koncern Naftowy Orlen SA | | 1,037 | 24,928 |
| Powszechny Zaklad Ubezpieczen SA | | 2,093 | 21,371 |
|
| TOTAL POLAND | | | 116,239 |
|
| Portugal - 0.2% | | | |
| Energias de Portugal SA | | 8,907 | 31,315 |
| Galp Energia SGPS SA Class B | | 1,734 | 30,236 |
| Jeronimo Martins SGPS SA | | 869 | 10,689 |
|
| TOTAL PORTUGAL | | | 72,240 |
|
| Qatar - 0.0% | | | |
| Qatar Telecom (Qtel) Q.S.C. (a) | | 274 | 5,184 |
| The Commercial Bank of Qatar (a) | | 674 | 7,673 |
|
| TOTAL QATAR | | | 12,857 |
|
| Russia - 0.5% | | | |
| Inter Rao Ues JSC | | 102,000 | 6,166 |
| Lukoil PJSC | | 1,681 | 126,189 |
| NOVATEK OAO GDR (Reg. S) | | 317 | 53,732 |
| PhosAgro OJSC GDR (Reg. S) | | 397 | 5,201 |
| RusHydro PJSC | | 323,000 | 2,696 |
|
| TOTAL RUSSIA | | | 193,984 |
|
| Singapore - 0.8% | | | |
| Ascendas Real Estate Investment Trust | | 8,600 | 15,646 |
| CapitaCommercial Trust (REIT) | | 9,081 | 11,342 |
| CapitaLand Ltd. | | 9,000 | 20,402 |
| CapitaMall Trust | | 8,600 | 13,100 |
| City Developments Ltd. | | 1,400 | 7,995 |
| DBS Group Holdings Ltd. | | 6,200 | 105,008 |
| Jardine Cycle & Carriage Ltd. | | 400 | 8,741 |
| Keppel Corp. Ltd. | | 5,000 | 22,380 |
| Singapore Airlines Ltd. | | 1,900 | 13,004 |
| Singapore Press Holdings Ltd. | | 5,500 | 10,522 |
| Singapore Telecommunications Ltd. | | 28,300 | 64,562 |
| UOL Group Ltd. | | 1,700 | 7,401 |
|
| TOTAL SINGAPORE | | | 300,103 |
|
| South Africa - 2.1% | | | |
| Anglo American Platinum Ltd. | | 171 | 5,586 |
| Aspen Pharmacare Holdings Ltd. | | 1,347 | 14,244 |
| Barclays Africa Group Ltd. | | 2,503 | 25,299 |
| Bidcorp Ltd. | | 1,151 | 21,588 |
| Bidvest Group Ltd. | | 1,172 | 14,599 |
| Clicks Group Ltd. | | 912 | 11,622 |
| Coronation Fund Managers Ltd. | | 742 | 2,471 |
| Exxaro Resources Ltd. | | 883 | 9,032 |
| FirstRand Ltd. | | 11,691 | 50,964 |
| Foschini Ltd. | | 800 | 8,743 |
| Growthpoint Properties Ltd. | | 10,334 | 15,866 |
| Hyprop Investments Ltd. | | 890 | 5,446 |
| Imperial Holdings Ltd. | | 560 | 6,184 |
| Investec Ltd. | | 944 | 5,872 |
| Kumba Iron Ore Ltd. | | 211 | 4,133 |
| Liberty Holdings Ltd. | | 468 | 3,426 |
| Life Healthcare Group Holdings Ltd. | | 4,989 | 8,285 |
| Mondi Ltd. | | 412 | 9,855 |
| Mr Price Group Ltd. | | 894 | 13,997 |
| MTN Group Ltd. | | 5,888 | 34,125 |
| Naspers Ltd. Class N | | 1,523 | 267,660 |
| Nedbank Group Ltd. | | 1,383 | 23,335 |
| Netcare Ltd. | | 4,230 | 7,120 |
| Old Mutual Ltd. | | 1 | 2 |
| Pick 'n Pay Stores Ltd. | | 1,280 | 5,911 |
| Pioneer Foods Ltd. | | 418 | 2,295 |
| Redefine Properties Ltd. | | 20,584 | 13,381 |
| Remgro Ltd. | | 1,856 | 23,926 |
| Resilient Property Income Fund Ltd. | | 1,010 | 4,095 |
| RMB Holdings Ltd. | | 2,453 | 12,381 |
| Sanlam Ltd. | | 6,203 | 31,224 |
| Sappi Ltd. | | 1,839 | 10,339 |
| Sasol Ltd. | | 1,909 | 62,386 |
| Shoprite Holdings Ltd. | | 1,537 | 18,785 |
| Spar Group Ltd. | | 674 | 8,033 |
| Standard Bank Group Ltd. | | 4,498 | 49,799 |
| Vodacom Group Ltd. | | 2,092 | 17,641 |
| Woolworths Holdings Ltd. | | 3,453 | 11,921 |
|
| TOTAL SOUTH AFRICA | | | 841,571 |
|
| Spain - 2.5% | | | |
| Amadeus IT Holding SA Class A | | 1,524 | 122,868 |
| Banco Bilbao Vizcaya Argentaria SA | | 23,152 | 127,778 |
| Banco de Sabadell SA | | 19,518 | 25,755 |
| Bankinter SA | | 2,336 | 19,167 |
| CaixaBank SA | | 12,460 | 50,422 |
| Enagas SA | | 782 | 20,762 |
| Ferrovial SA | | 1,678 | 33,640 |
| Gas Natural SDG SA | | 1,220 | 30,013 |
| Grifols SA | | 1,033 | 29,473 |
| Iberdrola SA | | 20,710 | 146,748 |
| Inditex SA | | 3,786 | 106,905 |
| Red Electrica Corporacion SA | | 1,504 | 31,143 |
| Repsol SA | | 4,723 | 84,395 |
| Telefonica SA | | 16,224 | 133,086 |
|
| TOTAL SPAIN | | | 962,155 |
|
| Sweden - 2.1% | | | |
| ASSA ABLOY AB (B Shares) | | 3,478 | 69,180 |
| Atlas Copco AB: | | | |
| (A Shares) | | 2,404 | 59,528 |
| (B Shares) | | 1,279 | 29,315 |
| Boliden AB | | 952 | 21,758 |
| Essity AB Class B | | 2,104 | 48,030 |
| H&M Hennes & Mauritz AB (B Shares) | | 3,062 | 54,083 |
| Husqvarna AB (B Shares) | | 1,458 | 11,012 |
| ICA Gruppen AB | | 286 | 10,123 |
| Investor AB (B Shares) | | 1,581 | 68,536 |
| Kinnevik AB (B Shares) | | 813 | 22,557 |
| Lundbergfoeretagen AB | | 274 | 8,456 |
| Sandvik AB | | 3,922 | 62,101 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 5,647 | 58,475 |
| Skanska AB (B Shares) | | 1,177 | 18,527 |
| SKF AB (B Shares) | | 1,312 | 21,075 |
| Svenska Handelsbanken AB (A Shares) | | 5,297 | 57,578 |
| Swedbank AB (A Shares) | | 3,142 | 70,763 |
| Tele2 AB (B Shares) | | 1,244 | 14,138 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 10,668 | 92,884 |
| TeliaSonera AB | | 9,769 | 44,046 |
|
| TOTAL SWEDEN | | | 842,165 |
|
| Switzerland - 4.3% | | | |
| ABB Ltd. (Reg.) | | 6,400 | 128,778 |
| Adecco SA (Reg.) | | 565 | 27,679 |
| Clariant AG (Reg.) | | 682 | 14,701 |
| Coca-Cola HBC AG | | 688 | 20,314 |
| Compagnie Financiere Richemont SA Series A | | 1,812 | 132,440 |
| Galenica AG | | 160 | 23,123 |
| Givaudan SA | | 32 | 77,653 |
| Kuehne & Nagel International AG | | 185 | 25,735 |
| Lafargeholcim Ltd. (Reg.) | | 1,686 | 78,094 |
| Lindt & Spruengli AG (participation certificate) | | 6 | 41,404 |
| Lonza Group AG | | 259 | 81,443 |
| Roche Holding AG (participation certificate) | | 2,440 | 593,804 |
| SGS SA (Reg.) | | 19 | 45,125 |
| Sika AG | | 450 | 57,727 |
| Sonova Holding AG Class B | | 193 | 31,533 |
| Straumann Holding AG | | 36 | 24,574 |
| Swiss Re Ltd. | | 1,092 | 98,623 |
| Swisscom AG | | 90 | 41,231 |
| Zurich Insurance Group AG | | 526 | 163,313 |
|
| TOTAL SWITZERLAND | | | 1,707,294 |
|
| Taiwan - 3.4% | | | |
| Acer, Inc. | | 10,000 | 7,009 |
| Advantech Co. Ltd. | | 1,000 | 6,880 |
| ASE Industrial Holding Co. Ltd. | | 12,000 | 24,186 |
| ASUSTeK Computer, Inc. | | 2,000 | 14,793 |
| AU Optronics Corp. | | 30,000 | 11,715 |
| Catcher Technology Co. Ltd. | | 2,000 | 20,122 |
| Chicony Electronics Co. Ltd. | | 2,010 | 4,019 |
| China Airlines Ltd. | | 8,000 | 2,367 |
| China Steel Corp. | | 44,000 | 34,676 |
| Chinatrust Financial Holding Co. Ltd. | | 61,000 | 40,686 |
| Chunghwa Telecom Co. Ltd. | | 13,000 | 45,892 |
| Compal Electronics, Inc. | | 14,000 | 7,710 |
| Delta Electronics, Inc. | | 7,000 | 29,392 |
| E.SUN Financial Holdings Co. Ltd. | | 33,326 | 22,066 |
| ECLAT Textile Co. Ltd. | | 1,000 | 11,870 |
| EVA Airways Corp. | | 7,350 | 3,359 |
| Evergreen Marine Corp. (Taiwan) | | 7,608 | 2,801 |
| Evergreen Marine Corp. (Taiwan) rights 11/18/18 (a) | | 433 | 10 |
| Far Eastern Textile Ltd. | | 11,000 | 11,032 |
| Far EasTone Telecommunications Co. Ltd. | | 6,000 | 14,283 |
| Feng Tay Enterprise Co. Ltd. | | 1,000 | 6,008 |
| First Financial Holding Co. Ltd. | | 35,330 | 22,309 |
| Formosa Taffeta Co. Ltd. | | 3,000 | 3,261 |
| Fubon Financial Holding Co. Ltd. | | 23,000 | 35,993 |
| HIWIN Technologies Corp. | | 1,064 | 6,873 |
| Hotai Motor Co. Ltd. | | 1,000 | 6,896 |
| Innolux Corp. | | 31,000 | 9,382 |
| Inventec Corp. | | 9,000 | 7,253 |
| Lite-On Technology Corp. | | 7,000 | 8,026 |
| Macronix International Co. Ltd. | | 6,120 | 3,390 |
| MediaTek, Inc. | | 5,000 | 36,740 |
| Micro-Star International Co. Ltd. | | 2,000 | 4,412 |
| Nan Ya Plastics Corp. | | 18,000 | 44,709 |
| President Chain Store Corp. | | 2,000 | 22,545 |
| Quanta Computer, Inc. | | 10,000 | 15,778 |
| Ruentex Development Co. Ltd. | | 2,400 | 3,318 |
| Sinopac Holdings Co. | | 36,720 | 12,453 |
| Standard Foods Corp. | | 2,040 | 3,061 |
| Taishin Financial Holdings Co. Ltd. | | 34,688 | 15,405 |
| Taishin Financial Holdings Co. Ltd. rights 11/22/18 (a) | | 699 | 68 |
| Taiwan Business Bank | | 14,747 | 4,858 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 1,215 | 683 |
| Taiwan Mobile Co. Ltd. | | 6,000 | 21,414 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 86,000 | 645,270 |
| TECO Electric & Machinery Co. Ltd. | | 6,000 | 3,440 |
| Unified-President Enterprises Corp. | | 17,000 | 41,127 |
| United Microelectronics Corp. | | 42,000 | 15,996 |
| Vanguard International Semiconductor Corp. | | 3,000 | 5,523 |
| Wistron Corp. | | 9,264 | 5,655 |
| Yuanta Financial Holding Co. Ltd. | | 34,000 | 16,473 |
|
| TOTAL TAIWAN | | | 1,343,187 |
|
| Thailand - 0.8% | | | |
| Advanced Info Service PCL (For. Reg.) | | 3,600 | 21,279 |
| Airports of Thailand PCL (For. Reg.) | | 14,900 | 28,758 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 13,000 | 9,605 |
| Banpu PCL (For. Reg.) | | 7,800 | 4,093 |
| BTS Group Holdings PCL | | 21,900 | 6,043 |
| BTS Group Holdings PCL warrants 12/31/19 (a) | | 2,033 | 5 |
| Bumrungrad Hospital PCL (For. Reg.) | | 1,300 | 7,566 |
| C.P. ALL PCL (For. Reg.) | | 17,400 | 35,288 |
| Central Pattana PCL (For. Reg.) | | 4,800 | 11,435 |
| Delta Electronics PCL (For. Reg.) | | 1,700 | 3,537 |
| Electricity Generating PCL (For. Reg.) | | 400 | 2,786 |
| Energy Absolute PCL | | 4,400 | 6,568 |
| Glow Energy PCL (For. Reg.) | | 2,000 | 5,051 |
| Home Product Center PCL (For. Reg.) | | 13,100 | 5,886 |
| IRPC PCL (For. Reg.) | | 36,800 | 6,770 |
| Kasikornbank PCL | | 100 | 602 |
| Kasikornbank PCL (For. Reg.) | | 6,000 | 36,098 |
| Krung Thai Bank PCL (For. Reg.) | | 12,600 | 7,638 |
| Land & House PCL (For. Reg.) | | 10,300 | 3,199 |
| Minor International PCL (For. Reg.) | | 7,700 | 8,476 |
| PTT Global Chemical PCL (For. Reg.) | | 7,800 | 18,171 |
| Robinsons Department Store PCL (For. Reg.) | | 1,800 | 3,542 |
| Siam Cement PCL (For. Reg.) | | 1,300 | 16,387 |
| Siam Commercial Bank PCL (For. Reg.) | | 6,400 | 26,538 |
| Thai Oil PCL (For. Reg.) | | 3,900 | 9,968 |
| TMB PCL (For. Reg.) | | 39,800 | 2,737 |
| True Corp. PCL (For. Reg.) | | 34,200 | 6,085 |
|
| TOTAL THAILAND | | | 294,111 |
|
| Turkey - 0.1% | | | |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 664 | 2,232 |
| Arcelik A/S | | 752 | 2,089 |
| Coca-Cola Icecek Sanayi A/S | | 198 | 976 |
| Koc Holding A/S | | 2,624 | 7,314 |
| Tupras Turkiye Petrol Rafinerileri A/S | | 444 | 10,461 |
| Ulker Biskuvi Sanayi A/S (a) | | 486 | 1,285 |
|
| TOTAL TURKEY | | | 24,357 |
|
| United Arab Emirates - 0.1% | | | |
| Abu Dhabi Commercial Bank PJSC (a) | | 7,230 | 15,924 |
| DP World Ltd. | | 575 | 10,344 |
| Dubai Islamic Bank Pakistan Ltd. (a) | | 6,353 | 9,098 |
| National Bank of Abu Dhabi PJSC | | 4,927 | 18,538 |
|
| TOTAL UNITED ARAB EMIRATES | | | 53,904 |
|
| United Kingdom - 6.8% | | | |
| 3i Group PLC | | 3,374 | 37,874 |
| Associated British Foods PLC | | 1,237 | 37,726 |
| Aviva PLC | | 13,893 | 75,924 |
| Barratt Developments PLC | | 3,507 | 23,041 |
| Berkeley Group Holdings PLC | | 441 | 19,735 |
| British Land Co. PLC | | 3,238 | 24,502 |
| BT Group PLC | | 29,283 | 89,665 |
| Burberry Group PLC | | 1,452 | 33,611 |
| Coca-Cola European Partners PLC | | 760 | 34,572 |
| Compass Group PLC | | 5,498 | 108,224 |
| ConvaTec Group PLC (b) | | 4,680 | 9,691 |
| Croda International PLC | | 457 | 28,155 |
| easyJet PLC | | 560 | 8,590 |
| GlaxoSmithKline PLC | | 17,222 | 333,552 |
| InterContinental Hotel Group PLC | | 636 | 33,412 |
| Intertek Group PLC | | 564 | 33,796 |
| Investec PLC | | 2,316 | 14,328 |
| ITV PLC | | 12,555 | 23,903 |
| J Sainsbury PLC | | 6,146 | 24,447 |
| Johnson Matthey PLC | | 672 | 25,537 |
| Kingfisher PLC | | 7,557 | 24,539 |
| Legal & General Group PLC | | 20,685 | 66,496 |
| London Stock Exchange Group PLC | | 1,088 | 60,008 |
| Marks & Spencer Group PLC | | 5,622 | 21,271 |
| Mediclinic International PLC | | 1,320 | 6,352 |
| Meggitt PLC | | 2,697 | 18,264 |
| Merlin Entertainments PLC (b) | | 2,474 | 10,220 |
| Mondi PLC | | 1,276 | 30,083 |
| National Grid PLC | | 11,660 | 123,582 |
| Next PLC | | 489 | 32,527 |
| NMC Health PLC | | 356 | 16,072 |
| Pearson PLC | | 2,706 | 31,086 |
| Prudential PLC | | 9,000 | 180,213 |
| Reckitt Benckiser Group PLC | | 2,324 | 187,928 |
| RELX PLC | | 3,642 | 72,156 |
| RELX PLC | | 3,353 | 66,347 |
| Royal Mail PLC | | 3,056 | 14,023 |
| RSA Insurance Group PLC | | 3,559 | 25,675 |
| Schroders PLC | | 432 | 14,798 |
| Scottish & Southern Energy PLC | | 3,707 | 54,031 |
| Segro PLC | | 3,515 | 27,613 |
| Smith & Nephew PLC | | 3,036 | 49,350 |
| Standard Chartered PLC (United Kingdom) | | 9,744 | 68,439 |
| Standard Life PLC | | 8,135 | 28,127 |
| Taylor Wimpey PLC | | 11,335 | 23,399 |
| Tesco PLC | | 33,965 | 92,501 |
| Travis Perkins PLC | | 873 | 12,353 |
| Unilever PLC | | 4,239 | 224,538 |
| Whitbread PLC | | 637 | 35,825 |
| WM Morrison Supermarkets PLC | | 7,738 | 24,539 |
|
| TOTAL UNITED KINGDOM | | | 2,662,640 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $36,626,784) | | | 32,878,801 |
|
| Nonconvertible Preferred Stocks - 1.2% | | | |
| Brazil - 0.9% | | | |
| Banco Bradesco SA (PN) | | 11,670 | 107,559 |
| Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) | | 600 | 12,611 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 2,930 | 8,684 |
| Itau Unibanco Holding SA | | 11,200 | 148,220 |
| Itausa-Investimentos Itau SA (PN) | | 15,232 | 46,005 |
| Telefonica Brasil SA | | 1,500 | 17,420 |
|
| TOTAL BRAZIL | | | 340,499 |
|
| Chile - 0.0% | | | |
| Embotelladora Andina SA Class B | | 1,046 | 3,682 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 423 | 18,293 |
|
| TOTAL CHILE | | | 21,975 |
|
| Germany - 0.3% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 260 | 19,642 |
| Henkel AG & Co. KGaA | | 597 | 65,307 |
| Sartorius AG (non-vtg.) | | 126 | 18,267 |
|
| TOTAL GERMANY | | | 103,216 |
|
| Korea (South) - 0.0% | | | |
| AMOREPACIFIC Corp. | | 33 | 2,603 |
| LG Chemical Ltd. | | 32 | 5,595 |
| LG Household & Health Care Ltd. | | 8 | 5,132 |
|
| TOTAL KOREA (SOUTH) | | | 13,330 |
|
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | |
| (Cost $509,852) | | | 479,020 |
| | | Principal Amount | Value |
|
| Government Obligations - 0.5% | | | |
| United States of America - 0.5% | | | |
U.S. Treasury Bills, yield at date of purchase 2% to 2.6% 11/8/18 to 9/12/19 (d)
(Cost $197,740) | | 200,000 | 197,733 |
| | | Shares | Value |
|
| Money Market Funds - 13.7% | | | |
| Fidelity Cash Central Fund, 2.23% (e) | | 5,396,673 | 5,397,753 |
| Fidelity Securities Lending Cash Central Fund 2.23% (e)(f) | | 6,399 | 6,400 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $5,404,153) | | | 5,404,153 |
| TOTAL INVESTMENT IN SECURITIES - 98.9% | | | |
| (Cost $42,738,529) | | | 38,959,707 |
| NET OTHER ASSETS (LIABILITIES) - 1.1% | | | 446,193 |
| NET ASSETS - 100% | | | $39,405,900 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 46 | Dec. 2018 | $4,168,750 | $(159,894) | $(159,894) |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 33 | Dec. 2018 | 1,578,555 | (46,807) | (46,807) |
| TME S&P/TSX 60 Index Contracts (Canada) | 3 | Dec. 2018 | 407,551 | (5,979) | (5,979) |
| TOTAL FUTURES CONTRACTS | | | | | $(212,680) |
The notional amount of futures purchased as a percentage of Net Assets is 15.6%
For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $1,460,756.
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(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 $104,733 or 0.3% of net assets.
(c) Security or a portion of the security is on loan at period end.
(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 $197,733.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $21,881 |
| Total | $21,881 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $2,773,282 | $980,661 | $1,792,621 | $-- |
| Consumer Discretionary | 3,116,452 | 1,891,018 | 1,225,434 | -- |
| Consumer Staples | 3,166,201 | 1,812,771 | 1,353,430 | -- |
| Energy | 1,997,190 | 1,340,988 | 656,202 | -- |
| Financials | 7,651,334 | 4,948,139 | 2,703,195 | -- |
| Health Care | 2,840,655 | 1,142,187 | 1,698,468 | -- |
| Industrials | 3,830,099 | 1,890,495 | 1,939,604 | -- |
| Information Technology | 3,268,408 | 1,291,679 | 1,976,729 | -- |
| Materials | 2,627,484 | 1,856,888 | 770,596 | -- |
| Real Estate | 1,005,643 | 799,768 | 205,875 | -- |
| Utilities | 1,081,073 | 802,167 | 278,906 | -- |
| Government Obligations | 197,733 | -- | 197,733 | -- |
| Money Market Funds | 5,404,153 | 5,404,153 | -- | -- |
| Total Investments in Securities: | $38,959,707 | $24,160,914 | $14,798,793 | $-- |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(212,680) | $(212,680) | $-- | $-- |
| Total Liabilities | $(212,680) | $(212,680) | $-- | $-- |
| Total Derivative Instruments: | $(212,680) | $(212,680) | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:
| Transfers | Total |
| Level 1 to Level 2 | $960,548 |
| Level 2 to Level 1 | $716,350 |
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, 2018. 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 | $(212,680) |
| Total Equity Risk | 0 | (212,680) |
| Total Value of Derivatives | $0 | $(212,680) |
(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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $6,656) — See accompanying schedule:
Unaffiliated issuers (cost $37,334,376) | $33,555,554 | |
| Fidelity Central Funds (cost $5,404,153) | 5,404,153 | |
| Total Investment in Securities (cost $42,738,529) | | $38,959,707 |
| Segregated cash with brokers for derivative instruments | | 107,450 |
| Foreign currency held at value (cost $266,143) | | 261,282 |
| Receivable for fund shares sold | | 65,640 |
| Dividends receivable | | 84,616 |
| Distributions receivable from Fidelity Central Funds | | 7,206 |
| Receivable for daily variation margin on futures contracts | | 53,089 |
| Other receivables | | 6 |
| Total assets | | 39,538,996 |
| Liabilities | | |
| Payable for fund shares redeemed | $116,370 | |
| Accrued management fee | 5,465 | |
| Other affiliated payables | 964 | |
| Other payables and accrued expenses | 3,897 | |
| Collateral on securities loaned | 6,400 | |
| Total liabilities | | 133,096 |
| Net Assets | | $39,405,900 |
| Net Assets consist of: | | |
| Paid in capital | | $42,992,190 |
| Total distributable earnings (loss) | | (3,586,290) |
| Net Assets | | $39,405,900 |
| Net Asset Value and Maximum Offering Price | | |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($8,331,281 ÷ 844,346 shares) | | $9.87 |
| Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($27,264,502 ÷ 2,762,419 shares) | | $9.87 |
| Institutional Class: | | |
| Net Asset Value, offering price and redemption price per share ($3,810,117 ÷ 385,925 shares) | | $9.87 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2018 |
| Investment Income | | |
| Dividends | | $1,006,385 |
| Interest | | 1,747 |
| Income from Fidelity Central Funds | | 21,881 |
| Income before foreign taxes withheld | | 1,030,013 |
| Less foreign taxes withheld | | (106,688) |
| Total income | | 923,325 |
| Expenses | | |
| Management fee | $53,838 | |
| Transfer agent fees | 21,696 | |
| Independent trustees' fees and expenses | 128 | |
| Commitment fees | 52 | |
| Total expenses before reductions | 75,714 | |
| Expense reductions | (74) | |
| Total expenses after reductions | | 75,640 |
| Net investment income (loss) | | 847,685 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $212) | (161,827) | |
| Fidelity Central Funds | (17) | |
| Foreign currency transactions | 10,633 | |
| Futures contracts | (68,567) | |
| Total net realized gain (loss) | | (219,778) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $3,892) | (4,553,221) | |
| Assets and liabilities in foreign currencies | (6,066) | |
| Futures contracts | (219,417) | |
| Total change in net unrealized appreciation (depreciation) | | (4,778,704) |
| Net gain (loss) | | (4,998,482) |
| Net increase (decrease) in net assets resulting from operations | | $(4,150,797) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2018 | For the period
May 9, 2017 (commencement of operations) to October 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $847,685 | $110,330 |
| Net realized gain (loss) | (219,778) | 49,606 |
| Change in net unrealized appreciation (depreciation) | (4,778,704) | 777,134 |
| Net increase (decrease) in net assets resulting from operations | (4,150,797) | 937,070 |
| Distributions to shareholders | (262,953) | – |
| Total distributions | (262,953) | – |
| Share transactions - net increase (decrease) | 25,998,506 | 16,884,074 |
| Total increase (decrease) in net assets | 21,584,756 | 17,821,144 |
| Net Assets | | |
| Beginning of period | 17,821,144 | – |
| End of period | $39,405,900 | $17,821,144 |
| Other Information | | |
| Undistributed net investment income end of period | | $110,330 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity International Sustainability Index Fund Investor Class
| Years ended October 31, | 2018 | 2017 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.96 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .29 | .11 |
| Net realized and unrealized gain (loss) | (1.24) | .85 |
| Total from investment operations | (.95) | .96 |
| Distributions from net investment income | (.08) | – |
| Distributions from net realized gain | (.05) | – |
| Total distributions | (.14)C | – |
| Net asset value, end of period | $9.87 | $10.96 |
| Total ReturnD,E | (8.83)% | 9.60% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | .27% | .30%H |
| Expenses net of fee waivers, if any | .27% | .30%H |
| Expenses net of all reductions | .27% | .30%H |
| Net investment income (loss) | 2.64% | 2.15%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $8,331 | $3,485 |
| Portfolio turnover rateI | 10% | 4%J |
A For the period May 9, 2017 (commencement of operations) to October 31, 2017.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.14 per share is comprised of distributions from net investment income of $.083 and distributions from net realized gain of $.052 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity International Sustainability Index Fund Premium Class
| Years ended October 31, | 2018 | 2017 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.96 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .29 | .11 |
| Net realized and unrealized gain (loss) | (1.24) | .85 |
| Total from investment operations | (.95) | .96 |
| Distributions from net investment income | (.09) | – |
| Distributions from net realized gain | (.05) | – |
| Total distributions | (.14) | – |
| Net asset value, end of period | $9.87 | $10.96 |
| Total ReturnC,D | (8.80)% | 9.60% |
| Ratios to Average Net AssetsE,F | | |
| Expenses before reductions | .23% | .25%G |
| Expenses net of fee waivers, if any | .23% | .25%G |
| Expenses net of all reductions | .23% | .25%G |
| Net investment income (loss) | 2.67% | 2.20%G |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $27,264 | $12,368 |
| Portfolio turnover rateH | 10% | 4%G,I |
A For the period May 9, 2017 (commencement of operations) to October 31, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity International Sustainability Index Fund Institutional Class
| Years ended October 31, | 2018 | 2017 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.96 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .29 | .11 |
| Net realized and unrealized gain (loss) | (1.24) | .85 |
| Total from investment operations | (.95) | .96 |
| Distributions from net investment income | (.09) | – |
| Distributions from net realized gain | (.05) | – |
| Total distributions | (.14) | – |
| Net asset value, end of period | $9.87 | $10.96 |
| Total ReturnC,D | (8.77)% | 9.60% |
| Ratios to Average Net AssetsE,F | | |
| Expenses before reductions | .20% | .20%G |
| Expenses net of fee waivers, if any | .20% | .20%G |
| Expenses net of all reductions | .20% | .20%G |
| Net investment income (loss) | 2.70% | 2.25%G |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $3,810 | $1,968 |
| Portfolio turnover rateH | 10% | 4%G,I |
A For the period May 9, 2017 (commencement of operations) to October 31, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2018
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. 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 offers Investor Class, Premium Class and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. During the period, the Board of Trustees approved the consolidation of the Fund's publicly offered share classes into a single share class. The consolidation took place on November 9, 2018, and the surviving class is Fidelity International Sustainability Index Fund.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendor 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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, 2018, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. 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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, 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, 2018, 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 Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, 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), market discount, 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 | $1,020,201 |
| Gross unrealized depreciation | (4,822,741) |
| Net unrealized appreciation (depreciation) | $(3,802,540) |
| Tax Cost | $42,756,268 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $670,338 |
| Capital loss carryforward | $(444,021) |
| Net unrealized appreciation (depreciation) on securities and other investments | $(3,808,709) |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | $(295,207) |
| Long-term | (148,814) |
| Total capital loss carryforward | $(444,021) |
The tax character of distributions paid was as follows:
| | October 31, 2018 | October 31, 2017(a) |
| Ordinary Income | $234,425 | $ - |
| Long-term Capital Gains | 28,528 | – |
| Total | $262,953 | $ - |
(a) For the period May 9, 2017 (commencement of operations) to October 31, 2017.
Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation | Prior Line-Item Presentation |
| Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
| Distributions to Shareholders Note to Financial Statements | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.
The Fund used derivatives 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| 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.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. 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, aggregated $24,012,802 and $2,998,538, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company (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 .17% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Effective August 1, 2018, the Board approved an amendment to the expense contract. Under the expense contract, the investment adviser pays class-level expenses as necessary so that the total expenses do not exceed .20% of each class' average net assets on an annual basis with certain exceptions. Prior to August 1, 2018 the investment adviser paid class-level expenses as necessary so that the total expenses do not exceed certain amounts of each class' average net assets on an annual basis with certain exceptions, as noted in the following table:
| Investor Class | .30% |
| Premium Class | .25% |
| Institutional Class | .20% |
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.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class. FIIOC receives transfer agent fees at an annual rate of .21%, .11% and .035% of class-level average net assets for Investor Class, Premium Class and Institutional Class, respectively. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective August 1, 2018, under the amended expense contract, Investor Class, Premium Class, and Institutional Class pay a portion of the transfer agent fees at an annual rate of .03%, of class-level average net assets, respectively. Prior to August 1, 2018, under the expense contract, Investor Class, Premium Class and Institutional Class pay a portion of the transfer agent fees at an annual rate of .13%, .08% and .03%, of class-level average net assets, respectively.
For the period, the total transfer agent fees paid by each applicable class were as follows:
| | Amount |
| Investor Class | $5,358 |
| Premium Class | 15,635 |
| Institutional Class | 703 |
| | $ 21,696 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $52 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow 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. During the period, these credits reduced the Fund's custody expenses by $74.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2018 | Year ended
October 31, 2017(a) |
| Distributions to shareholders | | |
| Investor Class | $47,203 | $– |
| Premium Class | 189,289 | – |
| Institutional Class | 26,461 | – |
| Total | $262,953 | $– |
(a) For the period May 9, 2017 (commencement of operations) to October 31, 2017.
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2018 | Year ended October 31, 2017(a) | Year ended October 31, 2018 | Year ended October 31, 2017(a) |
| Investor Class | | | | |
| Shares sold | 1,146,028 | 582,616 | $12,374,253 | $6,036,278 |
| Reinvestment of distributions | 4,265 | – | 46,448 | – |
| Shares redeemed | (624,061) | (264,502) | (6,818,242) | (2,795,046) |
| Net increase (decrease) | 526,232 | 318,114 | $5,602,459 | $3,241,232 |
| Premium Class | | | | |
| Shares sold | 2,451,631 | 1,173,399 | $27,025,980 | $12,295,717 |
| Reinvestment of distributions | 16,544 | – | 180,162 | – |
| Shares redeemed | (834,454) | (44,701) | (8,899,236) | (476,608) |
| Net increase (decrease) | 1,633,721 | 1,128,698 | $18,306,906 | $11,819,109 |
| Institutional Class | | | | |
| Shares sold | 280,870 | 179,549 | $2,864,880 | $1,823,733 |
| Reinvestment of distributions | 1,939 | – | 21,115 | – |
| Shares redeemed | (76,433) | – | (796,854) | – |
| Net increase (decrease) | 206,376 | 179,549 | $2,089,141 | $1,823,733 |
(a) For the period May 9, 2017 (commencement of operations) to October 31, 2017.
11. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Salem Street Trust and 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, 2018, the related statement of operations for the year then ended, the statement of changes in net assets and the financial highlights for the year then ended and for the period from May 9, 2017 (commencement of operations) to October 31, 2017, 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, 2018, the results of its operations for the year then ended, and the changes in its net assets, and the financial highlights for the year then ended and for the period from May 9, 2017 (commencement of operations) to October 31, 2017, 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, 2018, by correspondence with the custodians 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 13, 2018
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 260 funds. Mr. Chiel oversees 154 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2018 | Ending
Account Value
October 31, 2018 | Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 |
| Investor Class | .24% | | | |
| Actual | | $1,000.00 | $889.20 | $1.14-C |
| Hypothetical-D | | $1,000.00 | $1,024.00 | $1.22-C |
| Premium Class | .22% | | | |
| Actual | | $1,000.00 | $888.40 | $1.05 |
| Hypothetical-D | | $1,000.00 | $1,024.10 | $1.12 |
| Institutional Class | .20% | | | |
| Actual | | $1,000.00 | $888.40 | $.95 |
| Hypothetical-D | | $1,000.00 | $1,024.20 | $1.02 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C If fees and changes to the class level expense contract and/ or expense cap, effective August 1, 2018, had been in effect during the entire current period, the restated annualized expense ratio would have been .20% and the expenses paid in the actual and hypothetical examples above would have been $.95 and $1.02, respectively.
D 5% return per year before expenses
Distributions (Unaudited)
Investor Class designates 64%; Premium Class designates 63%; and Institutional Class designates 61% of the dividends distributed in December, respectively during the fiscal year as amounts which may be taken into account as a dividend for 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 as follows:
| | Pay Date | Income | Taxes |
| Investor Class | 12/11/2017 | $0.0641 | $0.0065 |
| Premium Class | 12/11/2017 | $0.0659 | $0.0065 |
| Institutional Class | 12/11/2017 | $0.0677 | $0.0065 |
The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
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), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). FMR and the sub-advisers 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 has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 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 2018 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives 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. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
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, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, 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 under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.
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 the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the period of the fund's operations shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG % and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
Fidelity International Sustainability Index Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the period.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
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.
Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also considered other "class-level" expenses, such as transfer agent fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current total expense ratio of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the total expense ratio of each of Institutional Class and Premium Class ranked equal to the competitive median for the period and the total expense ratio of Investor Class ranked above the competitive median for the period. The Board considered that, in general, various factors can affect total expense ratios. The Board considered that the majority of the funds in the Total Mapped Group are not comparable because there are only two sustainability index competitor classes. The Board noted that the total expense ratio of Investor Class is lower than the expense ratio of the two comparable competitor classes.
At its July 2018 meeting, the Board approved a proposal for the fund to consolidate all classes into a single class by exchanging all shares of higher cost classes for shares of the lowest cost class available. The exchanges are expected to take place in November 2018. In connection with the class consolidation, the Board approved amended and restated expense contracts that reduce each class's total expense ratio to equal the total expense ratio of the lowest cost class. The Board considered that, effective August 1, 2018, contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of each class of the fund to the extent necessary to limit total class operating expenses, with certain exceptions, to 0.20%. 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 Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, 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 of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund 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 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.
PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's 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, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 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 affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.
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.
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, the expense ratio of each class will not decline if the class's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale 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 Economies of Scale 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) 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; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of Fidelity's voluntary expense limitation agreements; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (ix) the impact of recent changes to the money market fund landscape, including the full implementation of money market fund reform and rising interest rates, on Fidelity's money market funds; (x) the funds' share class structures and distribution channels; and (xi) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
ISY-ANN-1218
1.9883818.101
Fidelity® SAI International Value Index Fund Offered exclusively to certain clients of the Adviser or its affiliates - 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 LLC.
Annual Report October 31, 2018 |
|
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.
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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average annual total returns for Fidelity® SAI International Value Index Fund will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Value Index Fund on December 19, 2017, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Fidelity® International Value Focus Index performed over the same period.
| Period Ending Values |
| $8,936 | Fidelity® SAI International Value Index Fund |
| $9,030 | Fidelity® International Value Focus Index |
Management's Discussion of Fund Performance
Market Recap: International equities returned -8.08% for the 12 months ending October 31, 2018, according to the MSCI ACWI (All Country World Index) ex USA Index. A modestly positive first half of the period gave way to a confluence of overwhelmingly negative factors – including escalating trade tensions, a surging U.S. dollar, tepid economic growth in Europe, global central bank tightening, concerns about Italy’s budget stalemate with the EU, and weakness in China’s stock market – that yielded a -11% second-half return. The index lost 8% in October alone, its largest monthly drop in more than six years. Among sectors, new-media-infused communications services (-15%) was hit the hardest, while economically sensitive consumer discretionary (-13%), information technology (-12%), financials (-10%), industrials (-9%) and materials (-7%) stocks also fared poorly. Even the more defensive real estate (-9%), utilities (-6%) and consumer staples (-5%) sectors weren’t spared this period. Conversely, elevated crude-oil prices fueled a positive return for energy (+7%), the top-performing sector, followed by the relatively stable-growing health care segment (+2%). Regionally, emerging markets (-12%) fared the worst, hampered by the impact of foreign exchange and concerns about economic weakness in China, India and South Korea. Sluggish growth also pressured shares in continental Europe (-9%). Stocks in Japan (-3%) and the U.K. (-4%) held up better, followed by Canada (-5%) and Asia-Pacific ex Japan (-6%).
Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team: Between the fund's inception date on December 19, 2017, and its fiscal year end on October 31, 2018, the fund returned -10.64%, compared with a return of -9.70% for the benchmark Fidelity International Value Focus Index. (Note: The fund may use fair-value pricing techniques to better reflect the value of foreign securities whose prices may be stale due to differences in market-closure times and dates around the world. Fair-value pricing is common industry adjustment process that attempts to best represent the value of fund holdings as of the close in trading in U.S. markets, accounting for any major changes occurring after the close of foreign markets. The Fidelity International Value Focus Index does not engage in fair-value pricing; differences between fund and index pricing methodologies may cause short-term discrepancies in performance, which tend to smooth out over time.) The biggest detractor in absolute terms was German pharmaceutical and life sciences company Bayer (-38%). An unfavorable and costly legal ruling for seeds and pesticides manufacturer Monsanto, which Bayer acquired in June, weighed on the stock. European banks, such as France-based BNP Paribas (-28%), Societe Generale (-27%) and Italy's Intesa SanPaolo (-39%), have struggled along with broader political and economic concern in the region. Also detracting were U.K.-based communication service provider Vodafone Group (-38%), where a slowdown in organic growth appeared to concern investors, and British American Tobacco (-16%), which faced competitive and regulatory pressure in its industry. In contrast, the top individual contributor was U.K./Australian mining giant BHP Billiton Ltd.; its shares were up about 13% due to higher earnings amid growing demand for commodities, especially in China and other emerging markets. Pharmaceutical company Shire (+15%) received a favorable acquisition offer from Japan's Takeda – a transaction that was nearing completion at period end – while Central Japan Railway (+11%) and DBS Group Holdings (+17%), a Singapore-based banking company, also added value.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2018 |
| | Japan | 27.3% |
| | United Kingdom | 17.2% |
| | France | 15.7% |
| | Germany | 6.7% |
| | Italy | 4.6% |
| | United States of America | 4.0% |
| | Spain | 3.4% |
| | Netherlands | 3.1% |
| | Bailiwick of Jersey | 2.4% |
| | Other* | 15.6% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2018
| | % of fund's net assets |
| Stocks and Equity Futures | 100.0 |
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Royal Dutch Shell PLC Class B (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) | 3.1 |
| Sanofi SA (France, Pharmaceuticals) | 2.8 |
| British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) | 2.7 |
| Total SA (France, Oil, Gas & Consumable Fuels) | 2.6 |
| Bayer AG (Germany, Pharmaceuticals) | 2.3 |
| BNP Paribas SA (France, Banks) | 2.1 |
| Shire PLC (Bailiwick of Jersey, Biotechnology) | 1.9 |
| Sumitomo Mitsui Financial Group, Inc. (Japan, Banks) | 1.9 |
| Honda Motor Co. Ltd. (Japan, Automobiles) | 1.8 |
| Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 1.8 |
| | 23.0 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Financials | 18.0 |
| Industrials | 13.9 |
| Consumer Discretionary | 11.4 |
| Health Care | 9.3 |
| Materials | 9.3 |
| Consumer Staples | 9.1 |
| Energy | 7.9 |
| Communication Services | 5.7 |
| Information Technology | 4.2 |
| Real Estate | 3.7 |
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 96.0% | | | |
| | | Shares | Value |
| Australia - 1.6% | | | |
| AGL Energy Ltd. | | 108,056 | $1,377,357 |
| AMP Ltd. | | 481,121 | 841,543 |
| Bendigo & Adelaide Bank Ltd. | | 78,497 | 568,662 |
| Fortescue Metals Group Ltd. | | 277,745 | 786,740 |
| Qantas Airways Ltd. | | 138,602 | 536,886 |
| Rio Tinto Ltd. | | 66,306 | 3,587,331 |
|
| TOTAL AUSTRALIA | | | 7,698,519 |
|
| Austria - 0.6% | | | |
| OMV AG | | 23,700 | 1,318,836 |
| Raiffeisen International Bank-Holding AG | | 22,368 | 610,576 |
| Voestalpine AG | | 18,339 | 652,023 |
|
| TOTAL AUSTRIA | | | 2,581,435 |
|
| Bailiwick of Jersey - 2.4% | | | |
| Shire PLC | | 153,614 | 9,270,749 |
| WPP PLC | | 207,131 | 2,343,839 |
|
| TOTAL BAILIWICK OF JERSEY | | | 11,614,588 |
|
| Belgium - 0.4% | | | |
| UCB SA | | 21,347 | 1,793,574 |
| Bermuda - 1.2% | | | |
| Dairy Farm International Holdings Ltd. | | 49,900 | 450,597 |
| Hongkong Land Holdings Ltd. | | 196,847 | 1,165,334 |
| Jardine Matheson Holdings Ltd. | | 52,188 | 3,011,769 |
| Jardine Strategic Holdings Ltd. | | 29,350 | 983,225 |
|
| TOTAL BERMUDA | | | 5,610,925 |
|
| Cayman Islands - 1.6% | | | |
| Cheung Kong Property Holdings Ltd. | | 438,000 | 2,842,941 |
| CK Hutchison Holdings Ltd. | | 458,500 | 4,616,017 |
|
| TOTAL CAYMAN ISLANDS | | | 7,458,958 |
|
| Denmark - 1.6% | | | |
| Carlsberg A/S Series B | | 17,321 | 1,910,677 |
| Danske Bank A/S | | 122,588 | 2,351,485 |
| Pandora A/S | | 18,302 | 1,145,039 |
| Vestas Wind Systems A/S | | 34,463 | 2,161,360 |
|
| TOTAL DENMARK | | | 7,568,561 |
|
| Finland - 0.8% | | | |
| Kesko Oyj | | 11,019 | 644,252 |
| Nokia Corp. | | 583,340 | 3,295,045 |
|
| TOTAL FINLAND | | | 3,939,297 |
|
| France - 15.7% | | | |
| Atos Origin SA | | 15,801 | 1,356,235 |
| AXA SA | | 155,378 | 3,888,596 |
| BNP Paribas SA | | 189,875 | 9,920,806 |
| Bouygues SA | | 35,248 | 1,287,138 |
| Carrefour SA | | 95,276 | 1,850,731 |
| Compagnie de St. Gobain | | 92,973 | 3,502,425 |
| Credit Agricole SA | | 202,302 | 2,590,974 |
| Danone SA | | 31,836 | 2,254,415 |
| Eiffage SA | | 11,128 | 1,089,249 |
| ENGIE | | 302,093 | 4,029,000 |
| Faurecia SA | | 12,302 | 597,902 |
| Gecina SA | | 9,068 | 1,332,132 |
| Ingenico SA | | 10,411 | 738,652 |
| Korian | | 13,436 | 530,205 |
| Michelin CGDE Series B | | 29,263 | 2,995,787 |
| Peugeot Citroen SA | | 92,826 | 2,211,081 |
| Renault SA | | 34,341 | 2,569,881 |
| Rexel SA | | 50,158 | 640,265 |
| Sanofi SA | | 149,304 | 13,341,891 |
| Societe Generale Series A | | 125,086 | 4,585,372 |
| Total SA | | 206,486 | 12,115,654 |
| Valeo SA | | 39,368 | 1,269,786 |
|
| TOTAL FRANCE | | | 74,698,177 |
|
| Germany - 6.7% | | | |
| Bayer AG | | 144,374 | 11,066,622 |
| Bayerische Motoren Werke AG (BMW) | | 60,853 | 5,254,164 |
| Continental AG | | 18,084 | 2,989,471 |
| Covestro AG (a) | | 31,893 | 2,063,380 |
| Deutsche Lufthansa AG | | 39,532 | 795,220 |
| Deutsche Telekom AG | | 29,745 | 487,868 |
| Fresenius SE & Co. KGaA | | 35,067 | 2,228,712 |
| HeidelbergCement Finance AG | | 25,187 | 1,711,683 |
| Merck KGaA | | 21,097 | 2,260,994 |
| OSRAM Licht AG | | 13,267 | 538,262 |
| ProSiebenSat.1 Media AG | | 38,326 | 885,004 |
| Rheinmetall AG | | 7,401 | 641,615 |
| Uniper SE | | 31,382 | 906,748 |
|
| TOTAL GERMANY | | | 31,829,743 |
|
| Hong Kong - 2.3% | | | |
| Bank of East Asia Ltd. | | 243,361 | 788,244 |
| Fosun International Ltd. | | 400,000 | 583,528 |
| Henderson Land Development Co. Ltd. | | 245,300 | 1,141,738 |
| Link (REIT) | | 175,000 | 1,550,954 |
| Sino Land Ltd. | | 534,000 | 837,572 |
| Sun Hung Kai Properties Ltd. | | 252,500 | 3,281,537 |
| Swire Pacific Ltd. (A Shares) | | 105,000 | 1,089,238 |
| Swire Properties Ltd. | | 172,600 | 588,763 |
| Wharf Holdings Ltd. | | 194,000 | 483,890 |
| Wheelock and Co. Ltd. | | 128,000 | 683,095 |
|
| TOTAL HONG KONG | | | 11,028,559 |
|
| Italy - 4.6% | | | |
| Atlantia SpA | | 78,640 | 1,581,912 |
| Banco BPM SpA (b) | | 254,219 | 478,270 |
| Enel SpA | | 1,279,755 | 6,274,722 |
| Intesa Sanpaolo SpA | | 2,672,630 | 5,920,075 |
| Leonardo SpA | | 66,759 | 725,144 |
| Telecom Italia SpA (b) | | 2,762,965 | 1,625,050 |
| UniCredit SpA | | 352,530 | 4,518,401 |
| Unione di Banche Italiane SCpA | | 169,008 | 516,853 |
|
| TOTAL ITALY | | | 21,640,427 |
|
| Japan - 27.3% | | | |
| Agc, Inc. | | 38,700 | 1,267,597 |
| Aisin Seiki Co. Ltd. | | 30,800 | 1,210,600 |
| Alfresa Holdings Corp. | | 35,000 | 935,215 |
| Bridgestone Corp. | | 100,900 | 3,890,633 |
| Brother Industries Ltd. | | 43,100 | 791,067 |
| Canon, Inc. | | 31,600 | 900,076 |
| Chubu Electric Power Co., Inc. | | 116,000 | 1,672,800 |
| Coca-Cola West Co. Ltd. | | 25,600 | 670,430 |
| Cosmo Energy Holdings Co. Ltd. | | 11,200 | 416,396 |
| Daicel Chemical Industries Ltd. | | 57,900 | 613,201 |
| Electric Power Development Co. Ltd. | | 28,200 | 768,512 |
| Fujifilm Holdings Corp. | | 70,100 | 3,031,852 |
| Fujitsu Ltd. | | 34,400 | 2,092,841 |
| Haseko Corp. | | 49,900 | 632,313 |
| Hitachi Ltd. | | 159,000 | 4,860,661 |
| Honda Motor Co. Ltd. | | 299,400 | 8,546,532 |
| Iida Group Holdings Co. Ltd. | | 30,500 | 555,209 |
| Itochu Corp. | | 252,900 | 4,690,275 |
| Japan Airlines Co. Ltd. | | 18,900 | 672,852 |
| Japan Tobacco, Inc. | | 21,100 | 542,171 |
| JFE Holdings, Inc. | | 95,600 | 1,796,475 |
| JTEKT Corp. | | 41,300 | 513,840 |
| JX Holdings, Inc. | | 571,000 | 3,858,237 |
| Kajima Corp. | | 82,100 | 1,057,164 |
| Kansai Electric Power Co., Inc. | | 131,000 | 2,005,020 |
| Kobe Steel Ltd. | | 60,700 | 488,047 |
| Marubeni Corp. | | 289,400 | 2,346,655 |
| Mazda Motor Corp. | | 98,600 | 1,050,198 |
| Medipal Holdings Corp. | | 33,200 | 712,931 |
| Mitsubishi Chemical Holdings Corp. | | 255,900 | 1,994,842 |
| Mitsubishi Corp. | | 260,100 | 7,320,596 |
| Mitsubishi Gas Chemical Co., Inc. | | 38,400 | 646,948 |
| Mitsubishi Heavy Industries Ltd. | | 55,200 | 1,945,896 |
| Mitsubishi Motors Corp. of Japan | | 113,700 | 714,180 |
| Mitsubishi Tanabe Pharma Corp. | | 40,200 | 594,262 |
| Mitsui & Co. Ltd. | | 287,500 | 4,803,725 |
| Mitsui Chemicals, Inc. | | 34,600 | 775,876 |
| Mizuho Financial Group, Inc. | | 4,151,700 | 7,129,979 |
| NEC Corp. | | 42,500 | 1,219,972 |
| New Hampshire Foods Ltd. | | 17,700 | 610,400 |
| Nippon Electric Glass Co. Ltd. | | 13,900 | 350,217 |
| Nippon Steel & Sumitomo Metal Corp. | | 147,000 | 2,711,587 |
| Nippon Telegraph & Telephone Corp. | | 113,200 | 4,668,211 |
| Nomura Holdings, Inc. | | 300,300 | 1,442,028 |
| Obayashi Corp. | | 119,100 | 1,051,441 |
| ORIX Corp. | | 215,200 | 3,511,173 |
| Rakuten, Inc. | | 135,400 | 915,844 |
| Resona Holdings, Inc. | | 355,400 | 1,869,417 |
| Screen Holdings Co. Ltd. | | 7,100 | 385,975 |
| Sekisui House Ltd. | | 107,400 | 1,576,312 |
| Seven & i Holdings Co. Ltd. | | 57,400 | 2,485,420 |
| SHIMIZU Corp. | | 119,200 | 967,589 |
| Shinsei Bank Ltd. | | 31,400 | 478,316 |
| Sojitz Corp. | | 187,700 | 631,228 |
| Subaru Corp. | | 105,500 | 2,845,830 |
| Sumitomo Chemical Co. Ltd. | | 285,600 | 1,430,682 |
| Sumitomo Corp. | | 205,700 | 3,119,786 |
| Sumitomo Electric Industries Ltd. | | 131,900 | 1,798,798 |
| Sumitomo Heavy Industries Ltd. | | 20,500 | 644,741 |
| Sumitomo Mitsui Financial Group, Inc. | | 227,200 | 8,846,054 |
| Suzuken Co. Ltd. | | 14,500 | 735,056 |
| Taiheiyo Cement Corp. | | 20,900 | 615,018 |
| Taisei Corp. | | 36,700 | 1,569,603 |
| Teijin Ltd. | | 32,000 | 554,775 |
| Tokyo Electric Power Co., Inc. (b) | | 129,500 | 662,804 |
| Tosoh Corp. | | 56,800 | 747,817 |
| Toyota Tsusho Corp. | | 38,800 | 1,400,239 |
| Ube Industries Ltd. | | 18,000 | 392,088 |
| Yamada Denki Co. Ltd. | | 125,200 | 590,299 |
| Yokohama Rubber Co. Ltd. | | 22,100 | 428,108 |
|
| TOTAL JAPAN | | | 129,772,932 |
|
| Luxembourg - 0.8% | | | |
| ArcelorMittal SA (Netherlands) | | 109,432 | 2,731,817 |
| Aroundtown SA | | 112,752 | 936,104 |
|
| TOTAL LUXEMBOURG | | | 3,667,921 |
|
| Netherlands - 3.1% | | | |
| AEGON NV | | 231,097 | 1,420,790 |
| ASR Nederland NV | | 14,393 | 654,698 |
| Fiat Chrysler Automobiles NV | | 182,283 | 2,776,925 |
| Heineken Holding NV | | 19,568 | 1,695,523 |
| Koninklijke Ahold Delhaize NV | | 205,211 | 4,702,104 |
| NN Group NV | | 49,871 | 2,146,483 |
| Philips Lighting NV (a) | | 19,131 | 472,378 |
| Randstad NV | | 20,354 | 1,027,054 |
|
| TOTAL NETHERLANDS | | | 14,895,955 |
|
| Norway - 0.8% | | | |
| Marine Harvest ASA | | 68,575 | 1,659,506 |
| Norsk Hydro ASA | | 216,296 | 1,122,816 |
| Orkla ASA | | 136,014 | 1,173,653 |
|
| TOTAL NORWAY | | | 3,955,975 |
|
| Singapore - 1.7% | | | |
| Oversea-Chinese Banking Corp. Ltd. | | 655,100 | 5,079,431 |
| United Overseas Bank Ltd. | | 166,200 | 2,925,283 |
|
| TOTAL SINGAPORE | | | 8,004,714 |
|
| Spain - 3.4% | | | |
| ACS Actividades de Construccion y Servicios SA | | 45,149 | 1,693,180 |
| Banco de Sabadell SA | | 932,337 | 1,230,253 |
| Enagas SA | | 36,762 | 976,006 |
| Inmobiliaria Colonial SA | | 48,582 | 488,359 |
| International Consolidated Airlines Group SA CDI | | 135,824 | 1,047,564 |
| Merlin Properties Socimi SA | | 60,298 | 756,726 |
| Repsol SA | | 216,841 | 3,874,700 |
| Telefonica SA | | 755,573 | 6,198,012 |
|
| TOTAL SPAIN | | | 16,264,800 |
|
| Sweden - 1.8% | | | |
| Boliden AB | | 45,893 | 1,048,887 |
| Electrolux AB (B Shares) | | 43,131 | 896,446 |
| Industrivarden AB (A Shares) | | 54,117 | 1,155,534 |
| Kinnevik AB (B Shares) | | 40,170 | 1,114,523 |
| SSAB Svenskt Stal AB (A Shares) | | 123,277 | 492,372 |
| Volvo AB (B Shares) | | 240,980 | 3,602,396 |
|
| TOTAL SWEDEN | | | 8,310,158 |
|
| Switzerland - 0.4% | | | |
| Adecco SA (Reg.) | | 27,671 | 1,355,595 |
| Roche Holding AG (participation certificate) | | 2,985 | 726,437 |
|
| TOTAL SWITZERLAND | | | 2,082,032 |
|
| United Kingdom - 17.2% | | | |
| 3i Group PLC | | 162,496 | 1,824,042 |
| Anglo American PLC (United Kingdom) | | 240,211 | 5,143,496 |
| Babcock International Group PLC | | 80,665 | 630,184 |
| Barratt Developments PLC | | 165,032 | 1,084,252 |
| Bellway PLC | | 20,079 | 736,842 |
| Berkeley Group Holdings PLC | | 22,886 | 1,024,144 |
| BHP Billiton PLC | | 359,688 | 7,175,305 |
| British American Tobacco PLC (United Kingdom) | | 293,285 | 12,713,983 |
| BT Group PLC | | 843,356 | 2,582,362 |
| Carnival PLC | | 22,477 | 1,225,120 |
| Imperial Tobacco Group PLC | | 154,756 | 5,247,876 |
| Inchcape PLC | | 68,029 | 470,425 |
| J Sainsbury PLC | | 280,629 | 1,116,274 |
| Lloyds Banking Group PLC | | 7,611,152 | 5,554,162 |
| Persimmon PLC | | 51,041 | 1,496,620 |
| Rio Tinto PLC | | 98,271 | 4,771,133 |
| Royal Dutch Shell PLC Class B (United Kingdom) | | 455,280 | 14,848,014 |
| Royal Mail PLC | | 147,900 | 678,674 |
| Taylor Wimpey PLC | | 534,692 | 1,103,761 |
| Tesco PLC | | 1,333,536 | 3,631,786 |
| Travis Perkins PLC | | 40,953 | 579,472 |
| Vodafone Group PLC | | 4,437,748 | 8,345,355 |
|
| TOTAL UNITED KINGDOM | | | 81,983,282 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $514,760,725) | | | 456,400,532 |
| | | Principal Amount | Value |
|
| Government Obligations - 0.1% | | | |
| United States of America - 0.1% | | | |
| U.S. Treasury Bills, yield at date of purchase 2.07% 1/3/19(c) | | | |
| (Cost $827,019) | | 830,000 | 826,775 |
| | | Shares | Value |
|
| Money Market Funds - 2.9% | | | |
| Fidelity Cash Central Fund, 2.23% (d) | | | |
| (Cost $13,763,095) | | 13,760,343 | 13,763,095 |
| TOTAL INVESTMENT IN SECURITIES - 99.0% | | | |
| (Cost $529,350,839) | | | 470,990,402 |
| NET OTHER ASSETS (LIABILITIES) - 1.0% | | | 4,518,769 |
| NET ASSETS - 100% | | | $475,509,171 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 208 | Dec. 2018 | $18,850,000 | $219,446 | $219,446 |
The notional amount of futures purchased as a percentage of Net Assets is 4%
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
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 $2,535,758 or 0.5% of net assets.
(b) Non-income producing
(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 $826,775.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $117,989 |
| Total | $117,989 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $27,135,701 | $-- | $27,135,701 | $-- |
| Consumer Discretionary | 54,602,502 | 26,713,061 | 27,889,441 | -- |
| Consumer Staples | 43,359,798 | 21,121,623 | 22,238,175 | -- |
| Energy | 37,407,843 | 2,711,238 | 34,696,605 | -- |
| Financials | 84,868,771 | 42,563,798 | 42,304,973 | -- |
| Health Care | 44,196,648 | 7,562,237 | 36,634,411 | -- |
| Industrials | 67,311,361 | 30,478,561 | 36,832,800 | -- |
| Information Technology | 19,494,971 | 3,358,332 | 16,136,639 | -- |
| Materials | 44,054,339 | 20,600,694 | 23,453,645 | -- |
| Real Estate | 17,178,383 | 13,896,846 | 3,281,537 | -- |
| Utilities | 16,790,215 | 6,174,869 | 10,615,346 | -- |
| Government Obligations | 826,775 | -- | 826,775 | -- |
| Money Market Funds | 13,763,095 | 13,763,095 | -- | -- |
| Total Investments in Securities: | $470,990,402 | $188,944,354 | $282,046,048 | $-- |
| Derivative Instruments: | | | | |
| Assets | | | | |
| Futures Contracts | $219,446 | $219,446 | $-- | $-- |
| Total Assets | $219,446 | $219,446 | $-- | $-- |
| Total Derivative Instruments: | $219,446 | $219,446 | $-- | $-- |
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, 2018. 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) | $219,446 | $0 |
| Total Equity Risk | 219,446 | 0 |
| Total Value of Derivatives | $219,446 | $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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $515,587,744) | $457,227,307 | |
| Fidelity Central Funds (cost $13,763,095) | 13,763,095 | |
| Total Investment in Securities (cost $529,350,839) | | $470,990,402 |
| Segregated cash with brokers for derivative instruments | | 45,000 |
| Foreign currency held at value (cost $789,752) | | 770,916 |
| Receivable for fund shares sold | | 1,746,912 |
| Dividends receivable | | 2,023,725 |
| Distributions receivable from Fidelity Central Funds | | 15,255 |
| Receivable for daily variation margin on futures contracts | | 326,800 |
| Prepaid expenses | | 2,693 |
| Receivable from investment adviser for expense reductions | | 43,565 |
| Total assets | | 475,965,268 |
| Liabilities | | |
| Payable to custodian bank | $189,753 | |
| Accrued management fee | 58,896 | |
| Transfer agent fee payable | 29,448 | |
| Other affiliated payables | 15,274 | |
| Other payables and accrued expenses | 162,726 | |
| Total liabilities | | 456,097 |
| Net Assets | | $475,509,171 |
| Net Assets consist of: | | |
| Paid in capital | | $528,572,336 |
| Total distributable earnings (loss) | | (53,063,165) |
| Net Assets, for 53,233,922 shares outstanding | | $475,509,171 |
| Net Asset Value, offering price and redemption price per share ($475,509,171 ÷ 53,233,922 shares) | | $8.93 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
December 19, 2017 (commencement of operations) to
October 31, 2018 |
| Investment Income | | |
| Dividends | | $9,509,936 |
| Interest | | 5,730 |
| Income from Fidelity Central Funds | | 117,989 |
| Income before foreign taxes withheld | | 9,633,655 |
| Less foreign taxes withheld | | (1,026,057) |
| Total income | | 8,607,598 |
| Expenses | | |
| Management fee | $363,324 | |
| Transfer agent fees | 181,662 | |
| Accounting fees and expenses | 94,222 | |
| Custodian fees and expenses | 120,337 | |
| Independent trustees' fees and expenses | 865 | |
| Registration fees | 86,866 | |
| Audit | 44,141 | |
| Legal | 134 | |
| Miscellaneous | 1,020 | |
| Total expenses before reductions | 892,571 | |
| Expense reductions | (402,452) | |
| Total expenses after reductions | | 490,119 |
| Net investment income (loss) | | 8,117,479 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (3,160,607) | |
| Fidelity Central Funds | (204) | |
| Foreign currency transactions | 71,331 | |
| Futures contracts | 149,870 | |
| Total net realized gain (loss) | | (2,939,610) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (58,360,437) | |
| Assets and liabilities in foreign currencies | (32,169) | |
| Futures contracts | 219,446 | |
| Total change in net unrealized appreciation (depreciation) | | (58,173,160) |
| Net gain (loss) | | (61,112,770) |
| Net increase (decrease) in net assets resulting from operations | | $(52,995,291) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
December 19, 2017 (commencement of operations) to
October 31, 2018 |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $8,117,479 |
| Net realized gain (loss) | (2,939,610) |
| Change in net unrealized appreciation (depreciation) | (58,173,160) |
| Net increase (decrease) in net assets resulting from operations | (52,995,291) |
| Distributions to shareholders | (37,800) |
| Total distributions | (37,800) |
| Share transactions | |
| Proceeds from sales of shares | 532,575,687 |
| Reinvestment of distributions | 37,800 |
| Cost of shares redeemed | (4,071,225) |
| Net increase (decrease) in net assets resulting from share transactions | 528,542,262 |
| Total increase (decrease) in net assets | 475,509,171 |
| Net Assets | |
| Beginning of period | – |
| End of period | $475,509,171 |
| Other Information | |
| Shares | |
| Sold | 53,629,539 |
| Issued in reinvestment of distributions | 3,757 |
| Redeemed | (399,374) |
| Net increase (decrease) | 53,233,922 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity SAI International Value Index Fund
| | |
| Years ended October 31, | 2018 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .28 |
| Net realized and unrealized gain (loss) | (1.34) |
| Total from investment operations | (1.06) |
| Distributions from net investment income | (.01) |
| Total distributions | (.01) |
| Net asset value, end of period | $8.93 |
| Total ReturnC,D | (10.64)% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .37%G |
| Expenses net of fee waivers, if any | .20%G |
| Expenses net of all reductions | .20%G |
| Net investment income (loss) | 3.32%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $475,509 |
| Portfolio turnover rateH | 54%G |
A For the period December 19, 2017 (commencement of operations) to October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2018
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 (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.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendor 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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, 2018, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. 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.
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. 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, 2018, 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 and losses deferred due to wash sales, and market discount.
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 | $5,043,538 |
| Gross unrealized depreciation | (65,085,553) |
| Net unrealized appreciation (depreciation) | $(60,042,015) |
| Tax Cost | $531,032,417 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $8,247,642 |
| Capital loss carryforward | $(1,236,623) |
| Net unrealized appreciation (depreciation) on securities and other investments | $(60,074,184) |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | $(1,236,623) |
The tax character of distributions paid was as follows:
| | October 31, 2018 (a) |
| Ordinary Income | $37,800 |
(a) For the period December 19, 2017 (commencement of operations) to October 31, 2018.
Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.
The Fund used derivatives 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| 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.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. 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, aggregated $650,955,183 and $133,113,613, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .075% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annualized rate of .04%.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $441 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .20% of average net assets. This reimbursement will remain in place through February 29, 2020. 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 $402,452.
9. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers Fidelity International Fund was the owner of record of approximately 100% of the total outstanding shares of the Fund.
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, 2018, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period December 19, 2017 (commencement of operations) through October 31, 2018 (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, 2018, and the results of its operations, changes in its net assets and the financial highlights for the period December 19, 2017 (commencement of operations) through October 31, 2018 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 audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit 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 audit 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 audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 260 funds. Mr. Chiel oversees 154 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2018 | Ending
Account Value
October 31, 2018 | Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 |
| Actual | .20% | $1,000.00 | $871.20 | $.94 |
| Hypothetical-C | | $1,000.00 | $1,024.20 | $1.02 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity SAI International Value Index Fund voted to pay on December 10, 2018, to shareholders of record at the opening of business on December 7, 2018, a distribution of $0.004 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.176 per share from net investment income.
The fund designates 71% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
IIV-ANN-1218
1.9885501.100
Fidelity ZERO℠ Extended Market Index Fund
Fidelity ZERO℠ International Index Fund
Fidelity ZERO℠ Large Cap Index Fund
Fidelity ZERO℠ Total Market Index Fund
Annual Report October 31, 2018 |
|
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.
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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Fidelity ZERO℠ Extended Market Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| lululemon athletica, Inc. | 0.4 |
| Wellcare Health Plans, Inc. | 0.3 |
| Burlington Stores, Inc. | 0.3 |
| Fortinet, Inc. | 0.3 |
| HollyFrontier Corp. | 0.3 |
| Advance Auto Parts, Inc. | 0.3 |
| Hormel Foods Corp. | 0.3 |
| Tractor Supply Co. | 0.3 |
| Chipotle Mexican Grill, Inc. | 0.3 |
| NRG Energy, Inc. | 0.3 |
| | 3.1 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Financials | 15.0 |
| Industrials | 14.9 |
| Information Technology | 14.2 |
| Consumer Discretionary | 13.7 |
| Health Care | 11.3 |
| Real Estate | 9.8 |
| Materials | 5.1 |
| Utilities | 4.7 |
| Energy | 4.0 |
| Communication Services | 3.7 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2018* |
| | Stocks and Equity Futures | 100.0% |
* Foreign investments - 5.5%
Fidelity ZERO℠ Extended Market Index Fund
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 99.7% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 3.7% | | | |
| Diversified Telecommunication Services - 0.3% | | | |
| Atlantic Tele-Network, Inc. | | 178 | $15,039 |
| Cincinnati Bell, Inc. (a) | | 731 | 10,373 |
| Cogent Communications Group, Inc. | | 698 | 36,282 |
| Consolidated Communications Holdings, Inc. (b) | | 887 | 11,105 |
| Frontier Communications Corp. (b) | | 1,363 | 6,556 |
| Globalstar, Inc. (a) | | 4,526 | 1,574 |
| IDT Corp. Class B | | 215 | 1,514 |
| Intelsat SA (a) | | 680 | 17,721 |
| Iridium Communications, Inc. (a) | | 1,393 | 27,595 |
| ORBCOMM, Inc. (a) | | 1,162 | 11,074 |
| Vonage Holdings Corp. (a) | | 3,324 | 44,076 |
| WideOpenWest, Inc. (a) | | 352 | 3,428 |
| Windstream Holdings, Inc. (a) | | 273 | 1,125 |
| Zayo Group Holdings, Inc. (a) | | 1,682 | 50,258 |
| | | | 237,720 |
| Entertainment - 0.7% | | | |
| AMC Entertainment Holdings, Inc. Class A (b) | | 932 | 17,950 |
| Cinemark Holdings, Inc. | | 1,829 | 76,032 |
| Glu Mobile, Inc. (a) | | 1,741 | 12,274 |
| Lions Gate Entertainment Corp.: | | | |
| Class A | | 1,003 | 19,217 |
| Class B | | 1,897 | 33,748 |
| Live Nation Entertainment, Inc. (a) | | 2,284 | 119,453 |
| Marcus Corp. | | 328 | 12,799 |
| Pandora Media, Inc. (a) | | 3,966 | 33,711 |
| The Madison Square Garden Co. (a) | | 252 | 69,708 |
| World Wrestling Entertainment, Inc. Class A | | 664 | 48,200 |
| Zynga, Inc. (a) | | 13,425 | 48,867 |
| | | | 491,959 |
| Interactive Media & Services - 0.6% | | | |
| Care.com, Inc. (a) | | 248 | 4,365 |
| Liberty TripAdvisor Holdings, Inc. (a) | | 1,252 | 18,054 |
| Match Group, Inc. (a)(b) | | 772 | 39,928 |
| MeetMe, Inc. (a) | | 740 | 3,263 |
| QuinStreet, Inc. (a) | | 632 | 10,049 |
| Snap, Inc. Class A (a)(b) | | 3,809 | 25,177 |
| TripAdvisor, Inc. (a) | | 1,974 | 102,924 |
| TrueCar, Inc. (a) | | 962 | 10,948 |
| XO Group, Inc. (a) | | 433 | 14,986 |
| Yelp, Inc. (a) | | 1,028 | 44,019 |
| Zillow Group, Inc.: | | | |
| Class A (a) | | 774 | 31,246 |
| Class C (a)(b) | | 1,828 | 73,595 |
| | | | 378,554 |
| Media - 1.8% | | | |
| AMC Networks, Inc. Class A (a) | | 1,020 | 59,752 |
| Cable One, Inc. | | 81 | 72,555 |
| Discovery Communications, Inc.: | | | |
| Class A (a)(b) | | 2,658 | 86,093 |
| Class C (non-vtg.) (a) | | 3,508 | 102,819 |
| E.W. Scripps Co. Class A | | 961 | 16,164 |
| Entercom Communications Corp. Class A | | 376 | 2,440 |
| Entravision Communication Corp. Class A | | 1,166 | 5,760 |
| Fluent, Inc. (a) | | 565 | 1,367 |
| Gannett Co., Inc. | | 2,031 | 19,701 |
| Gray Television, Inc. (a) | | 1,128 | 19,526 |
| Hemisphere Media Group, Inc. (a) | | 250 | 3,368 |
| Interpublic Group of Companies, Inc. | | 6,709 | 155,380 |
| John Wiley & Sons, Inc. Class A | | 779 | 42,253 |
| Loral Space & Communications Ltd. (a) | | 217 | 9,691 |
| Meredith Corp. (b) | | 629 | 32,431 |
| MSG Network, Inc. Class A (a) | | 1,055 | 26,955 |
| National CineMedia, Inc. | | 1,098 | 9,827 |
| New Media Investment Group, Inc. | | 875 | 12,294 |
| News Corp.: | | | |
| Class A | | 6,591 | 86,935 |
| Class B | | 2,076 | 27,694 |
| Nexstar Broadcasting Group, Inc. Class A | | 753 | 56,392 |
| Scholastic Corp. | | 465 | 20,172 |
| Sinclair Broadcast Group, Inc. Class A | | 1,065 | 30,502 |
| Sirius XM Holdings, Inc. | | 25,374 | 152,751 |
| Tegna, Inc. | | 5,914 | 68,248 |
| The New York Times Co. Class A | | 2,113 | 55,783 |
| Tribune Media Co. Class A | | 1,269 | 48,235 |
| tronc, Inc. (a) | | 379 | 5,719 |
| | | | 1,230,807 |
| Wireless Telecommunication Services - 0.3% | | | |
| Boingo Wireless, Inc. (a) | | 658 | 20,615 |
| Gogo, Inc. (a)(b) | | 864 | 4,942 |
| Shenandoah Telecommunications Co. | | 790 | 30,036 |
| Spok Holdings, Inc. | | 378 | 5,300 |
| Sprint Corp. (a) | | 10,943 | 66,971 |
| Telephone & Data Systems, Inc. | | 1,617 | 49,852 |
| U.S. Cellular Corp. (a) | | 229 | 10,939 |
| | | | 188,655 |
|
| TOTAL COMMUNICATION SERVICES | | | 2,527,695 |
|
| CONSUMER DISCRETIONARY - 13.7% | | | |
| Auto Components - 1.0% | | | |
| Adient PLC (b) | | 1,619 | 49,250 |
| American Axle & Manufacturing Holdings, Inc. (a) | | 1,327 | 20,131 |
| Cooper Tire & Rubber Co. | | 909 | 28,079 |
| Cooper-Standard Holding, Inc. (a) | | 306 | 28,351 |
| Dana Holding Corp. | | 2,499 | 38,909 |
| Delphi Technologies PLC | | 1,544 | 33,103 |
| Dorman Products, Inc. (a) | | 524 | 41,401 |
| Fox Factory Holding Corp. (a) | | 496 | 26,650 |
| Gentex Corp. | | 4,947 | 104,134 |
| Gentherm, Inc. (a) | | 624 | 27,231 |
| Hertz Global Holdings, Inc. (a) | | 1,270 | 17,463 |
| Horizon Global Corp. (a) | | 311 | 1,745 |
| LCI Industries | | 426 | 29,543 |
| Modine Manufacturing Co. (a) | | 870 | 11,319 |
| Motorcar Parts of America, Inc. (a)(b) | | 333 | 7,053 |
| Shiloh Industries, Inc. (a) | | 153 | 1,391 |
| Standard Motor Products, Inc. | | 348 | 18,830 |
| Stoneridge, Inc. (a) | | 455 | 11,562 |
| Superior Industries International, Inc. | | 405 | 3,981 |
| Tenneco, Inc. | | 957 | 32,950 |
| The Goodyear Tire & Rubber Co. | | 4,259 | 89,695 |
| Tower International, Inc. | | 356 | 10,570 |
| Visteon Corp. (a) | | 590 | 46,634 |
| | | | 679,975 |
| Automobiles - 0.3% | | | |
| Harley-Davidson, Inc. | | 2,906 | 111,067 |
| REV Group, Inc. | | 213 | 2,324 |
| Thor Industries, Inc. | | 828 | 57,662 |
| Winnebago Industries, Inc. | | 461 | 12,705 |
| | | | 183,758 |
| Distributors - 0.2% | | | |
| Core-Mark Holding Co., Inc. | | 801 | 30,766 |
| Pool Corp. | | 714 | 104,066 |
| | | | 134,832 |
| Diversified Consumer Services - 1.2% | | | |
| Adtalem Global Education, Inc. (a) | | 987 | 49,972 |
| American Public Education, Inc. (a) | | 287 | 9,394 |
| Bridgepoint Education, Inc. (a) | | 457 | 4,387 |
| Bright Horizons Family Solutions, Inc. (a) | | 756 | 86,872 |
| Career Education Corp. (a) | | 1,122 | 16,134 |
| Carriage Services, Inc. | | 237 | 4,517 |
| Chegg, Inc. (a) | | 1,013 | 27,635 |
| Frontdoor, Inc. (a) | | 1,150 | 39,158 |
| Graham Holdings Co. | | 80 | 46,484 |
| Grand Canyon Education, Inc. (a) | | 817 | 101,880 |
| H&R Block, Inc. | | 3,579 | 94,987 |
| Houghton Mifflin Harcourt Co. (a) | | 1,768 | 11,846 |
| K12, Inc. (a) | | 599 | 12,825 |
| Laureate Education, Inc. Class A (a) | | 617 | 9,187 |
| Regis Corp. (a) | | 600 | 10,104 |
| Service Corp. International | | 3,278 | 135,939 |
| ServiceMaster Global Holdings, Inc. (a) | | 2,325 | 99,696 |
| Sotheby's Class A (Ltd. vtg.) (a) | | 803 | 33,726 |
| Strategic Education, Inc. | | 179 | 22,522 |
| Weight Watchers International, Inc. (a) | | 476 | 31,464 |
| | | | 848,729 |
| Hotels, Restaurants & Leisure - 2.6% | | | |
| Belmond Ltd. Class A (a) | | 1,465 | 25,081 |
| Biglari Holdings, Inc. (a) | | 3 | 2,250 |
| Biglari Holdings, Inc. (a) | | 8 | 1,140 |
| BJ's Restaurants, Inc. | | 337 | 20,618 |
| Bloomin' Brands, Inc. | | 1,831 | 36,528 |
| Bojangles', Inc. (a) | | 262 | 4,142 |
| Boyd Gaming Corp. | | 1,425 | 37,848 |
| Brinker International, Inc. | | 863 | 37,411 |
| Caesars Entertainment Corp. (a)(b) | | 916 | 7,868 |
| Carrols Restaurant Group, Inc. (a) | | 600 | 7,896 |
| Chipotle Mexican Grill, Inc. (a) | | 429 | 197,482 |
| Choice Hotels International, Inc. | | 622 | 45,655 |
| Churchill Downs, Inc. | | 213 | 53,167 |
| Chuy's Holdings, Inc. (a) | | 308 | 7,506 |
| Cracker Barrel Old Country Store, Inc. (b) | | 416 | 66,011 |
| Dave & Buster's Entertainment, Inc. | | 648 | 38,588 |
| Del Frisco's Restaurant Group, Inc. (a) | | 375 | 2,531 |
| Del Taco Restaurants, Inc. (a) | | 591 | 6,442 |
| Denny's Corp. (a) | | 1,252 | 21,722 |
| Dine Brands Global, Inc. | | 292 | 23,664 |
| Drive Shack, Inc. (a) | | 972 | 5,190 |
| Dunkin' Brands Group, Inc. | | 1,584 | 114,935 |
| El Pollo Loco Holdings, Inc. (a) | | 345 | 4,316 |
| Eldorado Resorts, Inc. (a)(b) | | 369 | 13,469 |
| Extended Stay America, Inc. unit | | 1,943 | 31,632 |
| Fiesta Restaurant Group, Inc. (a) | | 465 | 12,002 |
| Golden Entertainment, Inc. (a) | | 240 | 4,361 |
| Habit Restaurants, Inc. Class A (a) | | 262 | 3,327 |
| Hilton Grand Vacations, Inc. (a) | | 995 | 26,736 |
| Hyatt Hotels Corp. Class A | | 654 | 45,257 |
| International Speedway Corp. Class A | | 451 | 16,917 |
| Jack in the Box, Inc. | | 562 | 44,359 |
| Marriott Vacations Worldwide Corp. | | 424 | 37,520 |
| Monarch Casino & Resort, Inc. (a) | | 202 | 7,832 |
| Papa John's International, Inc. | | 462 | 25,197 |
| Penn National Gaming, Inc. (a) | | 1,316 | 31,952 |
| Planet Fitness, Inc. (a) | | 868 | 42,610 |
| Playa Hotels & Resorts NV (a) | | 966 | 8,298 |
| PlayAGS, Inc. (a) | | 158 | 3,832 |
| Potbelly Corp. (a) | | 401 | 4,684 |
| RCI Hospitality Holdings, Inc. | | 130 | 3,403 |
| Red Robin Gourmet Burgers, Inc. (a) | | 228 | 6,886 |
| Red Rock Resorts, Inc. | | 499 | 11,547 |
| Ruth's Hospitality Group, Inc. | | 505 | 13,650 |
| Scientific Games Corp. Class A (a) | | 886 | 19,722 |
| SeaWorld Entertainment, Inc. (a) | | 1,156 | 30,195 |
| Shake Shack, Inc. Class A (a) | | 312 | 16,502 |
| Six Flags Entertainment Corp. | | 1,479 | 79,659 |
| Sonic Corp. | | 791 | 34,234 |
| Texas Roadhouse, Inc. Class A | | 1,109 | 67,050 |
| The Cheesecake Factory, Inc. (b) | | 749 | 36,207 |
| U.S. Foods Holding Corp. (a) | | 1,523 | 44,426 |
| Vail Resorts, Inc. | | 689 | 173,159 |
| Wendy's Co. | | 3,473 | 59,875 |
| Wingstop, Inc. | | 498 | 31,185 |
| Zoe's Kitchen, Inc. (a) | | 306 | 3,892 |
| | | | 1,759,568 |
| Household Durables - 1.3% | | | |
| Beazer Homes U.S.A., Inc. (a) | | 505 | 4,449 |
| Cavco Industries, Inc. (a) | | 147 | 29,490 |
| Century Communities, Inc. (a) | | 270 | 5,729 |
| Ethan Allen Interiors, Inc. | | 461 | 8,824 |
| Flexsteel Industries, Inc. | | 104 | 2,644 |
| Garmin Ltd. | | 1,976 | 130,732 |
| GoPro, Inc. Class A (a)(b) | | 1,653 | 10,860 |
| Green Brick Partners, Inc. (a) | | 360 | 3,384 |
| Hamilton Beach Brands Holding Co. Class A | | 117 | 2,717 |
| Helen of Troy Ltd. (a) | | 482 | 59,826 |
| Hooker Furniture Corp. | | 184 | 5,386 |
| Hovnanian Enterprises, Inc. Class A (a) | | 1,756 | 2,564 |
| Installed Building Products, Inc. (a) | | 356 | 10,844 |
| iRobot Corp. (a)(b) | | 470 | 41,440 |
| KB Home | | 1,438 | 28,717 |
| La-Z-Boy, Inc. | | 842 | 23,408 |
| Leggett & Platt, Inc. | | 2,314 | 84,021 |
| LGI Homes, Inc. (a)(b) | | 289 | 12,366 |
| Libbey, Inc. | | 358 | 2,699 |
| M.D.C. Holdings, Inc. | | 748 | 21,019 |
| M/I Homes, Inc. (a) | | 410 | 9,910 |
| Meritage Homes Corp. (a) | | 658 | 24,511 |
| PulteGroup, Inc. | | 5,149 | 126,511 |
| Roku, Inc. Class A (a) | | 315 | 17,514 |
| Taylor Morrison Home Corp. (a) | | 739 | 12,223 |
| Tempur Sealy International, Inc. (a) | | 874 | 40,388 |
| Toll Brothers, Inc. | | 2,584 | 86,977 |
| TopBuild Corp. (a) | | 663 | 30,246 |
| TRI Pointe Homes, Inc. (a) | | 2,514 | 29,917 |
| Tupperware Brands Corp. | | 878 | 30,818 |
| Universal Electronics, Inc. (a) | | 257 | 8,036 |
| Vuzix Corp. (a) | | 230 | 1,398 |
| William Lyon Homes, Inc. (a) | | 372 | 5,044 |
| Zagg, Inc. (a) | | 455 | 5,510 |
| | | | 920,122 |
| Internet & Direct Marketing Retail - 0.7% | | | |
| 1-800-FLOWERS.com, Inc. Class A (a) | | 509 | 5,319 |
| Blue Apron Holdings, Inc. Class A (a) | | 364 | 517 |
| Duluth Holdings, Inc. (a) | | 165 | 5,070 |
| Etsy, Inc. (a) | | 1,659 | 70,541 |
| FTD Companies, Inc. (a) | | 270 | 535 |
| Groupon, Inc. (a) | | 6,988 | 22,851 |
| GrubHub, Inc. (a) | | 1,478 | 137,070 |
| Lands' End, Inc. (a) | | 240 | 3,914 |
| Liberty Expedia Holdings, Inc. (a) | | 938 | 40,728 |
| NutriSystem, Inc. | | 505 | 17,958 |
| Overstock.com, Inc. (a) | | 283 | 5,694 |
| PetMed Express, Inc. | | 358 | 10,003 |
| Quotient Technology, Inc. (a) | | 1,172 | 15,084 |
| Shutterfly, Inc. (a) | | 587 | 29,350 |
| Shutterstock, Inc. | | 339 | 13,858 |
| Stamps.com, Inc. (a) | | 275 | 55,597 |
| Wayfair LLC Class A (a) | | 522 | 57,571 |
| | | | 491,660 |
| Leisure Products - 0.5% | | | |
| American Outdoor Brands Corp. (a) | | 967 | 13,229 |
| Brunswick Corp. | | 1,552 | 80,688 |
| Callaway Golf Co. | | 1,634 | 34,968 |
| Johnson Outdoors, Inc. Class A | | 104 | 7,832 |
| Malibu Boats, Inc. Class A (a) | | 306 | 12,301 |
| Mattel, Inc. (a)(b) | | 5,960 | 80,937 |
| MCBC Holdings, Inc. (a) | | 287 | 8,518 |
| Nautilus, Inc. (a) | | 529 | 6,470 |
| Polaris Industries, Inc. | | 1,032 | 91,827 |
| Sturm, Ruger & Co., Inc. | | 323 | 19,183 |
| Vista Outdoor, Inc. (a) | | 1,020 | 12,750 |
| | | | 368,703 |
| Media - 0.1% | | | |
| Altice U.S.A., Inc. Class A | | 1,115 | 18,186 |
| Liberty Latin America Ltd. (a) | | 2,195 | 39,532 |
| Liberty Latin America Ltd. Class A (a) | | 628 | 11,291 |
| | | | 69,009 |
| Multiline Retail - 0.7% | | | |
| Big Lots, Inc. | | 773 | 32,095 |
| Dillard's, Inc. Class A (b) | | 450 | 31,689 |
| Fred's, Inc. Class A (a) | | 504 | 1,381 |
| JC Penney Corp., Inc. (a)(b) | | 5,399 | 7,937 |
| Macy's, Inc. | | 5,257 | 180,263 |
| Nordstrom, Inc. | | 2,005 | 131,869 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | | 820 | 76,178 |
| | | | 461,412 |
| Specialty Retail - 3.3% | | | |
| Aaron's, Inc. Class A | | 1,098 | 51,749 |
| Abercrombie & Fitch Co. Class A | | 1,175 | 23,148 |
| Advance Auto Parts, Inc. | | 1,274 | 203,534 |
| America's Car Mart, Inc. (a) | | 137 | 10,261 |
| American Eagle Outfitters, Inc. | | 2,956 | 68,165 |
| Armstrong Flooring, Inc. (a) | | 442 | 6,873 |
| Asbury Automotive Group, Inc. (a) | | 343 | 22,329 |
| Ascena Retail Group, Inc. (a) | | 2,827 | 10,884 |
| AutoNation, Inc. (a) | | 1,137 | 46,026 |
| Barnes & Noble Education, Inc. (a) | | 689 | 3,934 |
| Barnes & Noble, Inc. | | 978 | 6,191 |
| Bed Bath & Beyond, Inc. (b) | | 2,638 | 36,246 |
| Big 5 Sporting Goods Corp. | | 279 | 979 |
| Boot Barn Holdings, Inc. (a) | | 201 | 4,961 |
| Burlington Stores, Inc. (a) | | 1,218 | 208,875 |
| Caleres, Inc. | | 756 | 25,855 |
| Camping World Holdings, Inc. | | 212 | 3,636 |
| Cars.com, Inc. (a) | | 1,243 | 32,455 |
| Chico's FAS, Inc. | | 2,166 | 16,613 |
| Citi Trends, Inc. | | 283 | 7,168 |
| Conn's, Inc. (a) | | 411 | 11,418 |
| Dick's Sporting Goods, Inc. | | 1,521 | 53,798 |
| DSW, Inc. Class A | | 1,324 | 35,152 |
| Express, Inc. (a) | | 1,332 | 11,735 |
| Five Below, Inc. (a) | | 947 | 107,788 |
| Floor & Decor Holdings, Inc. Class A (a)(b) | | 347 | 8,876 |
| Foot Locker, Inc. | | 2,142 | 100,974 |
| Francesca's Holdings Corp. (a) | | 643 | 1,955 |
| GameStop Corp. Class A (b) | | 1,766 | 25,784 |
| Gap, Inc. | | 3,789 | 103,440 |
| Genesco, Inc. (a) | | 347 | 14,848 |
| GNC Holdings, Inc. Class A (a)(b) | | 1,217 | 4,479 |
| Group 1 Automotive, Inc. | | 342 | 19,747 |
| Guess?, Inc. | | 1,071 | 22,748 |
| Haverty Furniture Companies, Inc. | | 352 | 7,139 |
| Hibbett Sports, Inc. (a) | | 354 | 6,184 |
| Kirkland's, Inc. (a) | | 246 | 2,487 |
| Lithia Motors, Inc. Class A (sub. vtg.) | | 398 | 35,454 |
| Lumber Liquidators Holdings, Inc. (a)(b) | | 456 | 5,454 |
| MarineMax, Inc. (a) | | 435 | 9,901 |
| Michaels Companies, Inc. (a)(b) | | 1,997 | 31,652 |
| Monro, Inc. | | 559 | 41,590 |
| Murphy U.S.A., Inc. (a) | | 627 | 50,555 |
| Office Depot, Inc. | | 9,147 | 23,416 |
| Party City Holdco, Inc. (a) | | 380 | 3,979 |
| Penske Automotive Group, Inc. | | 647 | 28,714 |
| Pier 1 Imports, Inc. | | 1,119 | 1,779 |
| Rent-A-Center, Inc. (a) | | 915 | 13,039 |
| RH (a)(b) | | 662 | 76,600 |
| Sally Beauty Holdings, Inc. (a) | | 2,497 | 44,472 |
| Shoe Carnival, Inc. | | 232 | 9,449 |
| Signet Jewelers Ltd. | | 1,202 | 67,372 |
| Sleep Number Corp. (a) | | 769 | 27,969 |
| Sonic Automotive, Inc. Class A (sub. vtg.) | | 456 | 8,263 |
| Sportsman's Warehouse Holdings, Inc. (a) | | 430 | 2,163 |
| Tailored Brands, Inc. | | 834 | 17,522 |
| The Buckle, Inc. (b) | | 490 | 9,996 |
| The Cato Corp. Class A (sub. vtg.) | | 438 | 8,445 |
| The Children's Place Retail Stores, Inc. | | 313 | 46,762 |
| Tile Shop Holdings, Inc. | | 530 | 3,445 |
| Tilly's, Inc. | | 203 | 3,601 |
| Tractor Supply Co. | | 2,167 | 199,126 |
| Urban Outfitters, Inc. (a) | | 1,528 | 60,295 |
| Vitamin Shoppe, Inc. (a) | | 381 | 2,960 |
| Williams-Sonoma, Inc. | | 1,407 | 83,548 |
| Zumiez, Inc. (a) | | 302 | 7,025 |
| | | | 2,252,980 |
| Textiles, Apparel & Luxury Goods - 1.8% | | | |
| Carter's, Inc. | | 853 | 81,871 |
| Columbia Sportswear Co. | | 467 | 42,161 |
| Crocs, Inc. (a) | | 1,262 | 25,921 |
| Deckers Outdoor Corp. (a) | | 554 | 70,452 |
| Emerald Expositions Events, Inc. | | 228 | 3,333 |
| Fossil Group, Inc. (a) | | 727 | 15,783 |
| G-III Apparel Group Ltd. (a) | | 760 | 30,294 |
| Hanesbrands, Inc. | | 6,528 | 112,020 |
| J.Jill, Inc. (a) | | 207 | 1,045 |
| lululemon athletica, Inc. (a) | | 1,844 | 259,476 |
| Movado Group, Inc. | | 266 | 10,244 |
| Oxford Industries, Inc. | | 255 | 22,690 |
| PetIQ, Inc. Class A (a) | | 109 | 3,451 |
| Ralph Lauren Corp. | | 972 | 125,981 |
| Samsonite International SA | | 23,700 | 68,000 |
| Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | | 2,305 | 65,854 |
| Steven Madden Ltd. | | 1,416 | 44,278 |
| Stitch Fix, Inc. (a)(b) | | 140 | 3,690 |
| Under Armour, Inc.: | | | |
| Class A (sub. vtg.) (a)(b) | | 3,177 | 70,243 |
| Class C (non-vtg.) (a)(b) | | 3,185 | 63,159 |
| Unifi, Inc. (a) | | 277 | 6,341 |
| Vera Bradley, Inc. (a) | | 328 | 4,326 |
| Wolverine World Wide, Inc. | | 1,704 | 59,930 |
| | | | 1,190,543 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 9,361,291 |
|
| CONSUMER STAPLES - 3.3% | | | |
| Beverages - 0.2% | | | |
| Boston Beer Co., Inc. Class A (a) | | 156 | 47,937 |
| Coca-Cola Bottling Co. Consolidated | | 77 | 13,293 |
| Craft Brew Alliance, Inc. (a) | | 160 | 2,934 |
| MGP Ingredients, Inc. (b) | | 211 | 15,017 |
| National Beverage Corp. (a) | | 199 | 18,398 |
| Primo Water Corp. (a) | | 352 | 5,868 |
| | | | 103,447 |
| Food & Staples Retailing - 0.5% | | | |
| Andersons, Inc. | | 448 | 16,128 |
| Casey's General Stores, Inc. | | 677 | 85,376 |
| Chefs' Warehouse Holdings (a) | | 322 | 10,829 |
| Ingles Markets, Inc. Class A | | 247 | 8,136 |
| Performance Food Group Co. (a) | | 969 | 28,411 |
| PriceSmart, Inc. | | 386 | 27,078 |
| Rite Aid Corp. (a)(b) | | 18,297 | 21,956 |
| Smart & Final Stores, Inc. (a) | | 396 | 2,000 |
| SpartanNash Co. | | 630 | 11,246 |
| Sprouts Farmers Market LLC (a) | | 2,314 | 62,223 |
| United Natural Foods, Inc. (a) | | 859 | 18,666 |
| Weis Markets, Inc. | | 276 | 12,737 |
| Welbilt, Inc. (a) | | 2,402 | 44,965 |
| | | | 349,751 |
| Food Products - 1.7% | | | |
| B&G Foods, Inc. Class A (b) | | 1,154 | 30,050 |
| Cal-Maine Foods, Inc. | | 503 | 24,481 |
| Calavo Growers, Inc. | | 266 | 25,802 |
| Campbell Soup Co. (b) | | 3,320 | 124,201 |
| Darling International, Inc. (a) | | 2,847 | 58,819 |
| Dean Foods Co. | | 1,538 | 12,289 |
| Farmer Brothers Co. (a) | | 199 | 4,798 |
| Flowers Foods, Inc. | | 3,156 | 60,942 |
| Fresh Del Monte Produce, Inc. | | 576 | 19,025 |
| Freshpet, Inc. (a) | | 331 | 12,611 |
| Hormel Foods Corp. | | 4,638 | 202,402 |
| Hostess Brands, Inc. Class A (a) | | 1,395 | 14,508 |
| J&J Snack Foods Corp. | | 260 | 40,602 |
| John B. Sanfilippo & Son, Inc. | | 162 | 10,216 |
| Lamb Weston Holdings, Inc. | | 2,393 | 187,037 |
| Lancaster Colony Corp. | | 336 | 57,584 |
| Pilgrim's Pride Corp. (a) | | 1,007 | 17,784 |
| Post Holdings, Inc. (a) | | 1,118 | 98,854 |
| Sanderson Farms, Inc. | | 345 | 33,945 |
| Seaboard Corp. | | 5 | 19,325 |
| The Hain Celestial Group, Inc. (a) | | 1,759 | 43,764 |
| Tootsie Roll Industries, Inc. | | 405 | 12,786 |
| TreeHouse Foods, Inc. (a) | | 982 | 44,740 |
| | | | 1,156,565 |
| Household Products - 0.2% | | | |
| Central Garden & Pet Co. (a) | | 213 | 6,918 |
| Central Garden & Pet Co. Class A (non-vtg.) (a) | | 545 | 16,159 |
| Energizer Holdings, Inc. | | 1,070 | 62,884 |
| Spectrum Brands Holdings, Inc. | | 381 | 24,746 |
| WD-40 Co. | | 246 | 41,102 |
| | | | 151,809 |
| Personal Products - 0.6% | | | |
| Avon Products, Inc. (a) | | 7,329 | 14,365 |
| Coty, Inc. Class A | | 8,172 | 86,215 |
| Edgewell Personal Care Co. (a) | | 1,008 | 48,364 |
| elf Beauty, Inc. (a)(b) | | 288 | 3,056 |
| Herbalife Nutrition Ltd. (a) | | 2,409 | 128,303 |
| Inter Parfums, Inc. | | 299 | 17,638 |
| MediFast, Inc. | | 193 | 40,854 |
| Natural Health Trends Corp. | | 108 | 2,456 |
| Nu Skin Enterprises, Inc. Class A | | 886 | 62,215 |
| Revlon, Inc. (a) | | 205 | 4,305 |
| USANA Health Sciences, Inc. (a) | | 179 | 20,947 |
| | | | 428,718 |
| Tobacco - 0.1% | | | |
| 22nd Century Group, Inc. (a)(b) | | 1,639 | 3,966 |
| Universal Corp. | | 427 | 28,976 |
| Vector Group Ltd. | | 1,888 | 25,526 |
| | | | 58,468 |
|
| TOTAL CONSUMER STAPLES | | | 2,248,758 |
|
| ENERGY - 4.0% | | | |
| Energy Equipment & Services - 1.1% | | | |
| Archrock, Inc. | | 1,250 | 12,825 |
| Basic Energy Services, Inc. (a) | | 299 | 2,323 |
| Bristow Group, Inc. (a) | | 564 | 6,210 |
| C&J Energy Services, Inc. (a) | | 1,103 | 20,714 |
| Carbo Ceramics, Inc. (a)(b) | | 347 | 1,676 |
| Core Laboratories NV | | 764 | 65,123 |
| Diamond Offshore Drilling, Inc. (a)(b) | | 1,109 | 15,726 |
| Dril-Quip, Inc. (a) | | 648 | 27,579 |
| Ensco PLC Class A | | 5,254 | 37,514 |
| Exterran Corp. (a) | | 567 | 11,845 |
| Forum Energy Technologies, Inc. (a) | | 1,280 | 11,469 |
| Frank's International NV (a) | | 742 | 5,268 |
| FTS International, Inc. (a) | | 350 | 4,484 |
| Helix Energy Solutions Group, Inc. (a) | | 2,301 | 19,605 |
| Helmerich & Payne, Inc. | | 1,870 | 116,482 |
| Hornbeck Offshore Services, Inc. (a) | | 462 | 1,455 |
| Key Energy Services, Inc. (a) | | 128 | 1,158 |
| KLX Energy Services Holdings, Inc. (a) | | 368 | 10,632 |
| Mammoth Energy Services, Inc. | | 122 | 3,045 |
| Matrix Service Co. (a) | | 476 | 9,677 |
| McDermott International, Inc. (a) | | 1,385 | 10,706 |
| Nabors Industries Ltd. | | 4,904 | 24,373 |
| NCS Multistage Holdings, Inc. (a) | | 167 | 1,887 |
| Newpark Resources, Inc. (a) | | 1,520 | 12,479 |
| Noble Corp. (a) | | 4,204 | 21,104 |
| Oceaneering International, Inc. (a) | | 1,703 | 32,255 |
| Oil States International, Inc. (a) | | 907 | 20,199 |
| Patterson-UTI Energy, Inc. | | 2,845 | 47,341 |
| Pioneer Energy Services Corp. (a) | | 1,366 | 4,057 |
| Rowan Companies PLC (a) | | 2,179 | 34,668 |
| RPC, Inc. | | 1,031 | 15,341 |
| SEACOR Holdings, Inc. (a) | | 277 | 13,293 |
| Smart Sand, Inc. (a) | | 350 | 970 |
| Solaris Oilfield Infrastructure, Inc. Class A (a) | | 167 | 2,204 |
| Superior Energy Services, Inc. (a) | | 2,632 | 20,609 |
| TETRA Technologies, Inc. (a) | | 2,085 | 6,192 |
| Transocean Ltd. (United States) (a)(b) | | 6,736 | 74,163 |
| U.S. Silica Holdings, Inc. (b) | | 1,239 | 17,346 |
| Unit Corp. (a) | | 876 | 20,262 |
| Weatherford International PLC (a)(b) | | 16,440 | 22,194 |
| | | | 786,453 |
| Oil, Gas & Consumable Fuels - 2.9% | | | |
| Abraxas Petroleum Corp. (a) | | 2,645 | 4,867 |
| Antero Resources Corp. (a) | | 2,508 | 39,852 |
| Approach Resources, Inc. (a) | | 791 | 1,321 |
| Arch Coal, Inc. | | 427 | 40,949 |
| Ardmore Shipping Corp. (a) | | 422 | 2,726 |
| Bonanza Creek Energy, Inc. (a) | | 367 | 9,450 |
| California Resources Corp. (a) | | 716 | 22,439 |
| Callon Petroleum Co. (a) | | 3,496 | 34,855 |
| Carrizo Oil & Gas, Inc. (a) | | 1,054 | 19,193 |
| Centennial Resource Development, Inc. Class A (a) | | 2,976 | 57,020 |
| Chesapeake Energy Corp. (a)(b) | | 12,901 | 45,283 |
| Clean Energy Fuels Corp. (a) | | 1,519 | 3,357 |
| Cloud Peak Energy, Inc. (a) | | 999 | 1,708 |
| CNX Resources Corp. (a) | | 3,727 | 58,328 |
| CONSOL Energy, Inc. (a) | | 436 | 17,370 |
| Contango Oil & Gas Co. (a) | | 329 | 1,661 |
| Continental Resources, Inc. (a) | | 1,489 | 78,441 |
| CVR Energy, Inc. | | 266 | 11,438 |
| Delek U.S. Holdings, Inc. | | 955 | 35,068 |
| Denbury Resources, Inc. (a) | | 6,898 | 23,798 |
| Eclipse Resources Corp. (a) | | 1,038 | 1,183 |
| Energen Corp. (a) | | 1,678 | 120,766 |
| EP Energy Corp. (a) | | 551 | 992 |
| Extraction Oil & Gas, Inc. (a) | | 741 | 5,921 |
| Green Plains, Inc. | | 625 | 10,650 |
| Gulfport Energy Corp. (a) | | 2,689 | 24,497 |
| Halcon Resources Corp. (a) | | 2,635 | 8,748 |
| Highpoint Resources, Inc. (a) | | 1,211 | 4,505 |
| HollyFrontier Corp. | | 3,036 | 204,748 |
| International Seaways, Inc. (a) | | 208 | 4,474 |
| Kosmos Energy Ltd. (a) | | 3,179 | 20,632 |
| Laredo Petroleum, Inc. (a) | | 2,450 | 12,838 |
| Matador Resources Co. (a) | | 1,605 | 46,288 |
| Midstates Petroleum Co., Inc. (a) | | 398 | 2,870 |
| Murphy Oil Corp. | | 2,800 | 89,208 |
| NACCO Industries, Inc. Class A | | 63 | 2,176 |
| Newfield Exploration Co. (a) | | 3,422 | 69,124 |
| Nine Energy Service, Inc. (a) | | 113 | 4,184 |
| Oasis Petroleum, Inc. (a) | | 4,106 | 41,306 |
| Overseas Shipholding Group, Inc. (a) | | 553 | 1,736 |
| Pacific Ethanol, Inc. (a) | | 629 | 1,032 |
| Par Pacific Holdings, Inc. (a) | | 555 | 9,812 |
| Parsley Energy, Inc. Class A (a) | | 3,836 | 89,839 |
| PBF Energy, Inc. Class A | | 1,884 | 78,845 |
| PDC Energy, Inc. (a) | | 969 | 41,134 |
| Peabody Energy Corp. | | 1,807 | 64,058 |
| Penn Virginia Corp. (a) | | 226 | 15,544 |
| QEP Resources, Inc. (a) | | 4,158 | 37,048 |
| Range Resources Corp. | | 3,203 | 50,768 |
| Renewable Energy Group, Inc. (a) | | 590 | 18,337 |
| Resolute Energy Corp. (a)(b) | | 348 | 9,685 |
| Rex American Resources Corp. (a) | | 96 | 7,120 |
| Ring Energy, Inc. (a) | | 679 | 4,841 |
| Sanchez Energy Corp. (a)(b) | | 980 | 1,627 |
| SandRidge Energy, Inc. (a) | | 299 | 2,676 |
| SemGroup Corp. Class A | | 935 | 17,288 |
| SM Energy Co. | | 1,675 | 40,770 |
| Southwestern Energy Co. (a) | | 8,519 | 45,491 |
| SRC Energy, Inc. (a) | | 3,488 | 24,695 |
| Talos Energy, Inc. (a) | | 355 | 9,251 |
| Teekay Corp. | | 813 | 5,390 |
| Teekay Tankers Ltd. | | 1,884 | 2,091 |
| Tellurian, Inc. (a)(b) | | 1,104 | 8,832 |
| Ultra Petroleum Corp. (a) | | 2,883 | 3,460 |
| Uranium Energy Corp. (a)(b) | | 1,932 | 2,570 |
| W&T Offshore, Inc. (a) | | 1,599 | 10,777 |
| Whiting Petroleum Corp. (a) | | 1,231 | 45,916 |
| WildHorse Resource Development Corp. (a) | | 494 | 10,478 |
| World Fuel Services Corp. | | 1,220 | 39,040 |
| WPX Energy, Inc. (a) | | 6,737 | 108,061 |
| | | | 1,992,446 |
|
| TOTAL ENERGY | | | 2,778,899 |
|
| FINANCIALS - 15.0% | | | |
| Banks - 6.2% | | | |
| 1st Source Corp. | | 299 | 13,930 |
| Ameris Bancorp | | 591 | 25,348 |
| Associated Banc-Corp. | | 2,562 | 59,387 |
| Atlantic Capital Bancshares, Inc. (a) | | 414 | 6,239 |
| Banc of California, Inc. | | 822 | 13,111 |
| BancFirst Corp. | | 279 | 16,009 |
| Bancorp, Inc., Delaware (a) | | 1,002 | 10,521 |
| BancorpSouth Bank | | 1,479 | 42,447 |
| Bank of Hawaii Corp. | | 738 | 57,889 |
| Bank of Marin Bancorp | | 92 | 7,819 |
| Bank of the Ozarks, Inc. | | 1,571 | 42,983 |
| BankUnited, Inc. | | 1,802 | 59,646 |
| Banner Corp. | | 453 | 26,192 |
| Berkshire Hills Bancorp, Inc. | | 549 | 18,320 |
| BOK Financial Corp. | | 363 | 31,120 |
| Boston Private Financial Holdings, Inc. | | 1,414 | 19,089 |
| Bridge Bancorp, Inc. | | 335 | 9,950 |
| Brookline Bancorp, Inc., Delaware | | 1,244 | 19,282 |
| Bryn Mawr Bank Corp. | | 308 | 12,302 |
| Byline Bancorp, Inc. (a) | | 83 | 1,826 |
| Cadence Bancorp Class A | | 338 | 7,456 |
| Camden National Corp. | | 255 | 10,340 |
| Carolina Financial Corp. | | 296 | 9,795 |
| Cathay General Bancorp | | 1,287 | 48,481 |
| Centerstate Banks of Florida, Inc. | | 853 | 20,967 |
| Central Pacific Financial Corp. | | 543 | 14,683 |
| Chemical Financial Corp. | | 1,221 | 57,216 |
| CIT Group, Inc. | | 2,264 | 107,268 |
| City Holding Co. | | 265 | 19,552 |
| Columbia Banking Systems, Inc. | | 1,010 | 37,461 |
| Commerce Bancshares, Inc. | | 1,575 | 100,170 |
| Community Bank System, Inc. | | 768 | 44,844 |
| Community Trust Bancorp, Inc. | | 266 | 12,106 |
| ConnectOne Bancorp, Inc. | | 534 | 11,070 |
| Cullen/Frost Bankers, Inc. | | 966 | 94,591 |
| Customers Bancorp, Inc. (a) | | 494 | 10,122 |
| CVB Financial Corp. | | 1,749 | 38,216 |
| Eagle Bancorp, Inc. (a) | | 502 | 24,683 |
| Enterprise Financial Services Corp. | | 352 | 15,294 |
| Equity Bancshares, Inc. (a) | | 171 | 6,171 |
| FCB Financial Holdings, Inc. Class A (a) | | 659 | 25,787 |
| Fidelity Southern Corp. | | 397 | 9,218 |
| Financial Institutions, Inc. | | 218 | 6,224 |
| First Bancorp, North Carolina | | 358 | 13,207 |
| First Bancorp, Puerto Rico (a) | | 2,672 | 24,663 |
| First Busey Corp. | | 544 | 15,188 |
| First Citizen Bancshares, Inc. | | 152 | 64,848 |
| First Commonwealth Financial Corp. | | 1,550 | 20,925 |
| First Financial Bancorp, Ohio | | 1,074 | 28,107 |
| First Financial Bankshares, Inc. (b) | | 1,142 | 67,367 |
| First Foundation, Inc. (a) | | 422 | 6,841 |
| First Hawaiian, Inc. | | 896 | 22,203 |
| First Horizon National Corp. | | 4,035 | 65,125 |
| First Internet Bancorp | | 119 | 3,067 |
| First Interstate Bancsystem, Inc. | | 341 | 14,138 |
| First Merchants Corp. | | 699 | 29,085 |
| First Midwest Bancorp, Inc., Delaware | | 1,370 | 31,455 |
| First of Long Island Corp. | | 397 | 8,023 |
| Flushing Financial Corp. | | 491 | 11,141 |
| FNB Corp., Pennsylvania | | 3,608 | 42,683 |
| Franklin Financial Network, Inc. (a) | | 225 | 7,628 |
| Fulton Financial Corp. | | 3,009 | 48,174 |
| German American Bancorp, Inc. | | 395 | 12,525 |
| Glacier Bancorp, Inc. | | 1,324 | 56,138 |
| Great Western Bancorp, Inc. | | 1,019 | 37,346 |
| Green Bancorp, Inc. | | 439 | 8,122 |
| Guaranty Bancorp | | 306 | 7,962 |
| Hancock Whitney Corp. | | 1,439 | 60,380 |
| Hanmi Financial Corp. | | 570 | 11,959 |
| Heartland Financial U.S.A., Inc. | | 370 | 19,662 |
| Heritage Commerce Corp. | | 499 | 7,240 |
| Heritage Financial Corp., Washington | | 520 | 17,014 |
| Hilltop Holdings, Inc. | | 1,349 | 26,845 |
| Home Bancshares, Inc. | | 2,149 | 40,917 |
| Hope Bancorp, Inc. | | 2,178 | 31,537 |
| Horizon Bancorp, Inc. Indiana | | 569 | 9,536 |
| IBERIABANK Corp. | | 764 | 56,910 |
| Independent Bank Corp. | | 332 | 7,347 |
| Independent Bank Corp., Massachusetts | | 468 | 36,715 |
| Independent Bank Group, Inc. | | 184 | 10,655 |
| International Bancshares Corp. | | 996 | 38,545 |
| Investors Bancorp, Inc. | | 5,353 | 59,847 |
| Lakeland Bancorp, Inc. | | 625 | 10,294 |
| Lakeland Financial Corp. | | 447 | 19,234 |
| LegacyTexas Financial Group, Inc. | | 723 | 27,857 |
| Live Oak Bancshares, Inc. | | 391 | 7,194 |
| Luther Burbank Corp. | | 155 | 1,499 |
| MB Financial, Inc. | | 1,226 | 54,422 |
| Merchants Bancorp/IN | | 93 | 2,139 |
| Metropolitan Bank Holding Corp. (a) | | 43 | 1,585 |
| Midland States Bancorp, Inc. | | 109 | 2,940 |
| National Bank Holdings Corp. | | 466 | 15,732 |
| National Commerce Corp. (a) | | 194 | 7,197 |
| NBT Bancorp, Inc. | | 746 | 27,222 |
| OFG Bancorp | | 736 | 12,578 |
| Old National Bancorp, Indiana | | 2,341 | 41,787 |
| Opus Bank | | 323 | 6,134 |
| Pacific Premier Bancorp, Inc. (a) | | 479 | 14,001 |
| PacWest Bancorp | | 2,076 | 84,327 |
| Park National Corp. | | 222 | 20,291 |
| Peapack-Gladstone Financial Corp. | | 259 | 6,990 |
| Peoples United Financial, Inc. | | 5,374 | 84,157 |
| Pinnacle Financial Partners, Inc. | | 799 | 41,788 |
| Popular, Inc. | | 1,789 | 93,046 |
| Preferred Bank, Los Angeles | | 224 | 11,516 |
| Prosperity Bancshares, Inc. | | 1,200 | 78,036 |
| QCR Holdings, Inc. | | 214 | 7,796 |
| Renasant Corp. | | 721 | 25,148 |
| S&T Bancorp, Inc. | | 592 | 23,745 |
| Sandy Spring Bancorp, Inc. | | 398 | 14,149 |
| Seacoast Banking Corp., Florida (a) | | 525 | 13,813 |
| ServisFirst Bancshares, Inc. | | 770 | 27,705 |
| Signature Bank | | 928 | 101,987 |
| Simmons First National Corp. Class A | | 1,002 | 26,834 |
| South State Corp. | | 421 | 28,489 |
| Southside Bancshares, Inc. | | 487 | 15,428 |
| State Bank Financial Corp. | | 626 | 16,007 |
| Sterling Bancorp | | 2,266 | 40,743 |
| Stock Yards Bancorp, Inc. | | 355 | 11,257 |
| Synovus Financial Corp. | | 2,112 | 79,327 |
| TCF Financial Corp. | | 2,953 | 61,659 |
| Texas Capital Bancshares, Inc. (a) | | 849 | 55,380 |
| Tompkins Financial Corp. | | 219 | 16,015 |
| TowneBank | | 961 | 27,033 |
| Trico Bancshares | | 359 | 12,931 |
| TriState Capital Holdings, Inc. (a) | | 382 | 9,634 |
| Triumph Bancorp, Inc. (a) | | 324 | 11,619 |
| Trustmark Corp. | | 1,162 | 35,790 |
| UMB Financial Corp. | | 754 | 48,143 |
| Umpqua Holdings Corp. | | 3,810 | 73,152 |
| Union Bankshares Corp. | | 748 | 25,537 |
| United Bankshares, Inc., West Virginia | | 1,397 | 46,338 |
| United Community Bank, Inc. | | 1,225 | 30,466 |
| Univest Corp. of Pennsylvania | | 435 | 10,858 |
| Valley National Bancorp | | 4,404 | 43,952 |
| Veritex Holdings, Inc. (a) | | 307 | 7,233 |
| Washington Trust Bancorp, Inc. | | 237 | 12,170 |
| Webster Financial Corp. | | 1,586 | 93,320 |
| WesBanco, Inc. | | 682 | 27,348 |
| Westamerica Bancorp. | | 451 | 26,253 |
| Western Alliance Bancorp. (a) | | 1,635 | 78,872 |
| Wintrust Financial Corp. | | 896 | 68,221 |
| | | | 4,232,513 |
| Capital Markets - 2.1% | | | |
| Arlington Asset Investment Corp. | | 565 | 4,752 |
| Artisan Partners Asset Management, Inc. | | 680 | 18,639 |
| B. Riley Financial, Inc. | | 245 | 4,716 |
| BGC Partners, Inc. Class A | | 3,808 | 40,327 |
| Blucora, Inc. (a) | | 665 | 19,232 |
| Brighthouse Financial, Inc. (a) | | 1,660 | 65,786 |
| Cohen & Steers, Inc. | | 341 | 13,091 |
| Cowen Group, Inc. Class A (a) | | 454 | 6,719 |
| Diamond Hill Investment Group, Inc. | | 57 | 9,814 |
| Eaton Vance Corp. (non-vtg.) | | 1,958 | 88,208 |
| Evercore, Inc. Class A | | 675 | 55,141 |
| FactSet Research Systems, Inc. | | 688 | 153,947 |
| Federated Investors, Inc. Class B (non-vtg.) | | 1,585 | 39,102 |
| Gain Capital Holdings, Inc. | | 363 | 2,773 |
| Greenhill & Co., Inc. (b) | | 480 | 10,584 |
| Hamilton Lane, Inc. Class A | | 242 | 9,288 |
| Houlihan Lokey | | 360 | 14,825 |
| Interactive Brokers Group, Inc. | | 1,161 | 57,365 |
| INTL FCStone, Inc. (a) | | 270 | 12,226 |
| Investment Technology Group, Inc. | | 517 | 14,207 |
| Janus Henderson Group PLC | | 3,111 | 76,437 |
| Lazard Ltd. Class A | | 2,245 | 89,216 |
| Legg Mason, Inc. | | 1,563 | 44,108 |
| LPL Financial | | 1,371 | 84,454 |
| MarketAxess Holdings, Inc. | | 649 | 136,076 |
| Moelis & Co. Class A | | 394 | 15,902 |
| Morningstar, Inc. | | 320 | 39,936 |
| Oppenheimer Holdings, Inc. Class A (non-vtg.) | | 171 | 5,260 |
| Piper Jaffray Companies | | 254 | 17,623 |
| PJT Partners, Inc. | | 283 | 12,831 |
| Stifel Financial Corp. | | 1,149 | 52,532 |
| The NASDAQ OMX Group, Inc. | | 1,964 | 170,298 |
| Virtu Financial, Inc. Class A | | 683 | 16,201 |
| Virtus Investment Partners, Inc. | | 115 | 11,424 |
| Waddell & Reed Financial, Inc. Class A (b) | | 1,426 | 27,194 |
| Westwood Holdings Group, Inc. | | 146 | 6,183 |
| WisdomTree Investments, Inc. | | 1,941 | 15,082 |
| | | | 1,461,499 |
| Consumer Finance - 0.8% | | | |
| Credit Acceptance Corp. (a) | | 218 | 92,524 |
| Elevate Credit, Inc. (a) | | 206 | 878 |
| Encore Capital Group, Inc. (a)(b) | | 420 | 10,672 |
| Enova International, Inc. (a) | | 408 | 9,649 |
| EZCORP, Inc. (non-vtg.) Class A (a)(b) | | 862 | 8,568 |
| First Cash Financial Services, Inc. | | 839 | 67,456 |
| Green Dot Corp. Class A (a) | | 764 | 57,865 |
| LendingClub Corp. (a) | | 5,553 | 17,936 |
| Navient Corp. | | 5,248 | 60,772 |
| Nelnet, Inc. Class A | | 327 | 18,407 |
| OneMain Holdings, Inc. (a) | | 895 | 25,525 |
| PRA Group, Inc. (a) | | 800 | 24,672 |
| Regional Management Corp. (a) | | 145 | 4,185 |
| Santander Consumer U.S.A. Holdings, Inc. | | 1,911 | 35,831 |
| SLM Corp. (a) | | 7,420 | 75,239 |
| World Acceptance Corp. (a) | | 105 | 10,656 |
| | | | 520,835 |
| Diversified Financial Services - 0.5% | | | |
| Acushnet Holdings Corp. | | 304 | 7,427 |
| Cannae Holdings, Inc. (a) | | 1,128 | 20,834 |
| Donnelley Financial Solutions, Inc. (a) | | 471 | 7,324 |
| FB Financial Corp. | | 92 | 3,356 |
| Granite Point Mortgage Trust, Inc. | | 753 | 14,013 |
| Jefferies Financial Group, Inc. | | 5,601 | 120,253 |
| On Deck Capital, Inc. (a) | | 661 | 4,561 |
| Rafael Holdings, Inc. (a) | | 143 | 1,164 |
| Victory Capital Holdings, Inc. (a) | | 199 | 1,552 |
| Voya Financial, Inc. | | 3,360 | 147,034 |
| | | | 327,518 |
| Insurance - 3.3% | | | |
| AMBAC Financial Group, Inc. (a) | | 760 | 15,641 |
| American Equity Investment Life Holding Co. | | 1,521 | 47,486 |
| American Financial Group, Inc. | | 1,252 | 125,238 |
| American National Insurance Co. | | 137 | 16,884 |
| Amerisafe, Inc. | | 325 | 21,154 |
| AmTrust Financial Services, Inc. | | 1,799 | 25,798 |
| Argo Group International Holdings, Ltd. | | 597 | 36,781 |
| Aspen Insurance Holdings Ltd. | | 1,038 | 43,471 |
| Assurant, Inc. | | 983 | 95,557 |
| Assured Guaranty Ltd. | | 2,242 | 89,635 |
| Athene Holding Ltd. (a) | | 887 | 40,554 |
| Axis Capital Holdings Ltd. | | 1,525 | 85,080 |
| Brown & Brown, Inc. | | 3,941 | 111,057 |
| CNO Financial Group, Inc. | | 3,003 | 56,757 |
| eHealth, Inc. (a) | | 291 | 9,999 |
| Employers Holdings, Inc. | | 558 | 25,646 |
| Enstar Group Ltd. (a) | | 184 | 33,414 |
| Erie Indemnity Co. Class A | | 318 | 41,241 |
| Everest Re Group Ltd. | | 708 | 154,245 |
| FBL Financial Group, Inc. Class A | | 171 | 11,796 |
| First American Financial Corp. | | 1,895 | 84,005 |
| Genworth Financial, Inc. Class A (a) | | 8,616 | 36,876 |
| Greenlight Capital Re, Ltd. (a) | | 546 | 6,328 |
| Hanover Insurance Group, Inc. | | 735 | 81,864 |
| HCI Group, Inc. | | 136 | 5,939 |
| Health Insurance Innovations, Inc. (a) | | 207 | 10,122 |
| Heritage Insurance Holdings, Inc. | | 466 | 6,505 |
| Horace Mann Educators Corp. | | 700 | 27,496 |
| James River Group Holdings Ltd. | | 309 | 11,897 |
| Kemper Corp. | | 841 | 63,235 |
| Kinsale Capital Group, Inc. | | 193 | 11,524 |
| Maiden Holdings Ltd. | | 1,164 | 4,086 |
| MBIA, Inc. (a)(b) | | 2,249 | 22,265 |
| Mercury General Corp. | | 631 | 37,425 |
| National General Holdings Corp. | | 1,069 | 29,782 |
| National Western Life Group, Inc. | | 40 | 10,771 |
| Navigators Group, Inc. | | 380 | 26,277 |
| Old Republic International Corp. | | 4,206 | 92,742 |
| Primerica, Inc. | | 792 | 86,914 |
| ProAssurance Corp. | | 924 | 40,582 |
| RenaissanceRe Holdings Ltd. | | 710 | 86,734 |
| RLI Corp. | | 659 | 48,720 |
| Safety Insurance Group, Inc. | | 245 | 20,404 |
| Selective Insurance Group, Inc. | | 1,001 | 64,915 |
| Stewart Information Services Corp. | | 410 | 16,925 |
| Third Point Reinsurance Ltd. (a) | | 1,017 | 11,248 |
| Trupanion, Inc. (a)(b) | | 281 | 7,098 |
| United Fire Group, Inc. | | 376 | 20,240 |
| United Insurance Holdings Corp. | | 286 | 5,640 |
| Universal Insurance Holdings, Inc. | | 564 | 23,677 |
| W.R. Berkley Corp. | | 1,663 | 126,222 |
| White Mountains Insurance Group Ltd. | | 79 | 70,047 |
| | | | 2,285,939 |
| Mortgage Real Estate Investment Trusts - 1.1% | | | |
| AG Mortgage Investment Trust, Inc. | | 423 | 7,318 |
| AGNC Investment Corp. | | 5,646 | 100,725 |
| Anworth Mortgage Asset Corp. | | 1,734 | 7,560 |
| Apollo Commercial Real Estate Finance, Inc. | | 1,320 | 24,697 |
| Arbor Realty Trust, Inc. (b) | | 816 | 9,857 |
| Ares Commercial Real Estate Corp. | | 536 | 7,756 |
| Armour Residential REIT, Inc. | | 680 | 14,810 |
| Blackstone Mortgage Trust, Inc. | | 1,598 | 53,917 |
| Capstead Mortgage Corp. | | 1,605 | 11,010 |
| Cherry Hill Mortgage Investment Corp. | | 275 | 4,925 |
| Chimera Investment Corp. | | 3,041 | 56,563 |
| Dynex Capital, Inc. | | 964 | 5,582 |
| Ellington Residential Mortgage REIT | | 152 | 1,605 |
| Exantas Capital Corp. | | 586 | 6,645 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | 783 | 16,247 |
| Invesco Mortgage Capital, Inc. | | 1,895 | 28,577 |
| Ladder Capital Corp. Class A | | 1,082 | 18,221 |
| MFA Financial, Inc. | | 6,338 | 43,922 |
| New Residential Investment Corp. | | 5,125 | 91,635 |
| New York Mortgage Trust, Inc. (b) | | 1,922 | 11,801 |
| Orchid Island Capital, Inc. | | 299 | 1,955 |
| PennyMac Mortgage Investment Trust | | 1,133 | 21,878 |
| Redwood Trust, Inc. | | 1,316 | 21,609 |
| Starwood Property Trust, Inc. | | 4,398 | 95,525 |
| TPG RE Finance Trust, Inc. | | 144 | 2,854 |
| Two Harbors Investment Corp. | | 3,636 | 53,413 |
| Western Asset Mortgage Capital Corp. | | 807 | 8,046 |
| | | | 728,653 |
| Real Estate Management & Development - 0.0% | | | |
| The RMR Group, Inc. | | 125 | 9,485 |
| Thrifts & Mortgage Finance - 1.0% | | | |
| Beneficial Bancorp, Inc. | | 1,321 | 20,647 |
| BofI Holding, Inc. (a) | | 981 | 29,783 |
| Capitol Federal Financial, Inc. | | 2,166 | 26,880 |
| Dime Community Bancshares, Inc. | | 556 | 8,963 |
| Essent Group Ltd. (a) | | 1,266 | 49,906 |
| Farmer Mac Class C (non-vtg.) | | 160 | 11,174 |
| First Defiance Financial Corp. | | 336 | 9,146 |
| Flagstar Bancorp, Inc. (a) | | 357 | 10,992 |
| HomeStreet, Inc. (a) | | 445 | 11,561 |
| Kearny Financial Corp. | | 1,539 | 19,915 |
| LendingTree, Inc. (a)(b) | | 125 | 25,211 |
| Meridian Bancorp, Inc. Maryland | | 854 | 13,527 |
| Meta Financial Group, Inc. | | 475 | 11,989 |
| MGIC Investment Corp. (a) | | 5,881 | 71,807 |
| New York Community Bancorp, Inc. | | 8,408 | 80,549 |
| NMI Holdings, Inc. (a) | | 913 | 19,301 |
| Northfield Bancorp, Inc. | | 725 | 9,548 |
| Northwest Bancshares, Inc. | | 1,746 | 28,180 |
| OceanFirst Financial Corp. | | 493 | 12,483 |
| Ocwen Financial Corp. (a) | | 1,841 | 6,444 |
| Oritani Financial Corp. | | 671 | 9,803 |
| PDL Community Bancorp | | 141 | 1,933 |
| PennyMac Financial Services, Inc. | | 337 | 6,737 |
| Provident Financial Services, Inc. | | 1,020 | 24,888 |
| Radian Group, Inc. | | 3,701 | 71,022 |
| Sterling Bancorp, Inc. | | 253 | 2,619 |
| TFS Financial Corp. | | 1,009 | 14,842 |
| Trustco Bank Corp., New York | | 1,679 | 12,576 |
| United Financial Bancorp, Inc. New | | 890 | 13,751 |
| Walker & Dunlop, Inc. | | 469 | 19,679 |
| Washington Federal, Inc. | | 1,543 | 43,451 |
| WSFS Financial Corp. | | 460 | 19,564 |
| | | | 718,871 |
|
| TOTAL FINANCIALS | | | 10,285,313 |
|
| HEALTH CARE - 11.3% | | | |
| Biotechnology - 3.4% | | | |
| Abeona Therapeutics, Inc. (a) | | 554 | 4,764 |
| ACADIA Pharmaceuticals, Inc. (a) | | 1,639 | 31,928 |
| Acceleron Pharma, Inc. (a) | | 551 | 27,974 |
| Achaogen, Inc. (a) | | 437 | 1,682 |
| Achillion Pharmaceuticals, Inc. (a) | | 1,857 | 5,311 |
| Acorda Therapeutics, Inc. (a) | | 781 | 14,925 |
| Adamas Pharmaceuticals, Inc. (a)(b) | | 275 | 4,551 |
| Aduro Biotech, Inc. (a) | | 443 | 1,878 |
| Agenus, Inc. (a)(b) | | 1,292 | 2,054 |
| Agios Pharmaceuticals, Inc. (a) | | 573 | 36,133 |
| Aimmune Therapeutics, Inc. (a) | | 364 | 9,675 |
| Akebia Therapeutics, Inc. (a) | | 619 | 4,636 |
| Alder Biopharmaceuticals, Inc. (a) | | 780 | 9,906 |
| Alkermes PLC (a) | | 2,632 | 107,465 |
| AMAG Pharmaceuticals, Inc. (a) | | 611 | 13,137 |
| Amicus Therapeutics, Inc. (a) | | 2,472 | 27,637 |
| AnaptysBio, Inc. (a) | | 95 | 7,098 |
| Anavex Life Sciences Corp. (a) | | 535 | 1,289 |
| Apellis Pharmaceuticals, Inc. (a) | | 183 | 2,560 |
| Ardelyx, Inc. (a) | | 183 | 503 |
| Arena Pharmaceuticals, Inc. (a) | | 435 | 15,512 |
| Array BioPharma, Inc. (a) | | 2,935 | 47,547 |
| Arrowhead Pharmaceuticals, Inc. (a)(b) | | 1,185 | 15,073 |
| Atara Biotherapeutics, Inc. (a) | | 365 | 12,472 |
| Athersys, Inc. (a) | | 1,725 | 3,226 |
| Audentes Therapeutics, Inc. (a) | | 463 | 13,057 |
| AVEO Pharmaceuticals, Inc. (a)(b) | | 1,804 | 4,420 |
| Bellicum Pharmaceuticals, Inc. (a) | | 292 | 1,188 |
| BioCryst Pharmaceuticals, Inc. (a) | | 1,178 | 8,623 |
| Biohaven Pharmaceutical Holding Co. Ltd. (a) | | 189 | 6,813 |
| Blueprint Medicines Corp. (a) | | 434 | 26,374 |
| Calithera Biosciences, Inc. (a) | | 457 | 2,157 |
| Cara Therapeutics, Inc. (a)(b) | | 367 | 6,878 |
| Catalyst Pharmaceutical Partners, Inc. (a) | | 1,787 | 5,325 |
| Celldex Therapeutics, Inc. (a) | | 1,577 | 496 |
| Clovis Oncology, Inc. (a) | | 731 | 8,502 |
| Coherus BioSciences, Inc. (a) | | 602 | 7,037 |
| Conatus Pharmaceuticals, Inc. (a)(b) | | 462 | 1,917 |
| Concert Pharmaceuticals, Inc. (a) | | 272 | 4,058 |
| Corbus Pharmaceuticals Holdings, Inc. (a)(b) | | 762 | 5,075 |
| Cue Biopharma, Inc. (a) | | 186 | 1,179 |
| Curis, Inc. (a) | | 327 | 533 |
| Cytokinetics, Inc. (a) | | 705 | 4,716 |
| CytomX Therapeutics, Inc. (a) | | 374 | 5,333 |
| Deciphera Pharmaceuticals, Inc. (a) | | 101 | 2,039 |
| Denali Therapeutics, Inc. (a)(b) | | 265 | 3,835 |
| Dynavax Technologies Corp. (a) | | 698 | 6,903 |
| Eagle Pharmaceuticals, Inc. (a) | | 137 | 6,746 |
| Editas Medicine, Inc. (a) | | 273 | 6,915 |
| Emergent BioSolutions, Inc. (a) | | 602 | 36,836 |
| Enanta Pharmaceuticals, Inc. (a) | | 236 | 18,210 |
| Epizyme, Inc. (a) | | 742 | 5,973 |
| Esperion Therapeutics, Inc. (a) | | 288 | 13,084 |
| Exact Sciences Corp. (a) | | 1,874 | 133,148 |
| Exelixis, Inc. (a) | | 3,927 | 54,467 |
| FibroGen, Inc. (a) | | 912 | 39,097 |
| Five Prime Therapeutics, Inc. (a) | | 532 | 6,458 |
| Flexion Therapeutics, Inc. (a)(b) | | 364 | 4,929 |
| Genomic Health, Inc. (a) | | 327 | 23,449 |
| Geron Corp. (a) | | 2,351 | 3,597 |
| Global Blood Therapeutics, Inc. (a) | | 336 | 11,790 |
| GlycoMimetics, Inc. (a) | | 386 | 4,856 |
| Halozyme Therapeutics, Inc. (a) | | 1,973 | 30,641 |
| Heron Therapeutics, Inc. (a) | | 740 | 20,542 |
| Idera Pharmaceuticals, Inc. (a) | | 231 | 1,541 |
| Immune Design Corp. (a) | | 281 | 405 |
| ImmunoGen, Inc. (a) | | 1,545 | 8,389 |
| Immunomedics, Inc. (a)(b) | | 1,712 | 38,571 |
| Inovio Pharmaceuticals, Inc. (a) | | 1,119 | 5,517 |
| Insmed, Inc. (a) | | 1,047 | 15,286 |
| Insys Therapeutics, Inc. (a) | | 347 | 2,960 |
| Intellia Therapeutics, Inc. (a) | | 102 | 1,732 |
| Intercept Pharmaceuticals, Inc. (a) | | 305 | 29,283 |
| Intrexon Corp. (a)(b) | | 1,070 | 12,369 |
| Invitae Corp. (a) | | 525 | 7,450 |
| Ionis Pharmaceuticals, Inc. (a) | | 2,099 | 104,005 |
| Iovance Biotherapeutics, Inc. (a) | | 894 | 8,118 |
| Ironwood Pharmaceuticals, Inc. Class A (a) | | 2,289 | 29,986 |
| Jounce Therapeutics, Inc. (a) | | 90 | 364 |
| Kadmon Holdings, Inc. (a) | | 1,159 | 2,747 |
| Karyopharm Therapeutics, Inc. (a) | | 347 | 3,657 |
| Keryx Biopharmaceuticals, Inc. (a) | | 1,724 | 4,793 |
| Kura Oncology, Inc. (a) | | 299 | 3,250 |
| La Jolla Pharmaceutical Co. (a)(b) | | 203 | 3,309 |
| Lexicon Pharmaceuticals, Inc. (a) | | 832 | 6,515 |
| Ligand Pharmaceuticals, Inc. Class B (a) | | 330 | 54,387 |
| Loxo Oncology, Inc. (a) | | 284 | 43,355 |
| Macrogenics, Inc. (a) | | 573 | 9,432 |
| MannKind Corp. (a)(b) | | 740 | 1,354 |
| Merrimack Pharmaceuticals, Inc. (a) | | 173 | 673 |
| MiMedx Group, Inc. (a)(b) | | 1,746 | 10,162 |
| Minerva Neurosciences, Inc. (a) | | 227 | 2,490 |
| Mirati Therapeutics, Inc. (a) | | 450 | 16,817 |
| Momenta Pharmaceuticals, Inc. (a) | | 1,064 | 13,311 |
| Myriad Genetics, Inc. (a) | | 1,166 | 52,505 |
| Natera, Inc. (a) | | 442 | 9,706 |
| Neurocrine Biosciences, Inc. (a) | | 1,503 | 161,046 |
| NewLink Genetics Corp. (a) | | 409 | 773 |
| Novavax, Inc. (a)(b) | | 4,686 | 8,247 |
| Opko Health, Inc. (a)(b) | | 6,299 | 21,291 |
| Organovo Holdings, Inc. (a) | | 1,418 | 1,432 |
| PDL BioPharma, Inc. (a) | | 3,213 | 8,000 |
| Portola Pharmaceuticals, Inc. (a) | | 956 | 18,824 |
| Progenics Pharmaceuticals, Inc. (a) | | 1,256 | 6,293 |
| Prothena Corp. PLC (a) | | 621 | 7,700 |
| PTC Therapeutics, Inc. (a) | | 591 | 22,765 |
| Puma Biotechnology, Inc. (a) | | 475 | 17,599 |
| Radius Health, Inc. (a) | | 613 | 9,704 |
| REGENXBIO, Inc. (a) | | 341 | 22,734 |
| Repligen Corp. (a) | | 596 | 32,315 |
| Retrophin, Inc. (a) | | 606 | 15,550 |
| Rigel Pharmaceuticals, Inc. (a) | | 1,866 | 5,355 |
| Sage Therapeutics, Inc. (a) | | 534 | 68,715 |
| Sangamo Therapeutics, Inc. (a) | | 1,199 | 15,191 |
| Sarepta Therapeutics, Inc. (a)(b) | | 868 | 116,104 |
| Savara, Inc. (a) | | 448 | 4,032 |
| Seattle Genetics, Inc. (a) | | 1,665 | 93,456 |
| Selecta Biosciences, Inc. (a) | | 118 | 607 |
| Seres Therapeutics, Inc. (a) | | 279 | 1,917 |
| Solid Biosciences, Inc. (a) | | 127 | 4,064 |
| Sorrento Therapeutics, Inc. (a) | | 317 | 1,011 |
| Spark Therapeutics, Inc. (a) | | 393 | 17,681 |
| Spectrum Pharmaceuticals, Inc. (a) | | 1,229 | 14,625 |
| Stemline Therapeutics, Inc. (a) | | 390 | 5,842 |
| Syndax Pharmaceuticals, Inc. (a) | | 336 | 1,616 |
| Synergy Pharmaceuticals, Inc. (a)(b) | | 3,198 | 1,333 |
| Syros Pharmaceuticals, Inc. (a) | | 283 | 1,862 |
| TESARO, Inc. (a)(b) | | 596 | 17,212 |
| TG Therapeutics, Inc. (a) | | 595 | 2,707 |
| Tocagen, Inc. (a) | | 159 | 1,663 |
| Ultragenyx Pharmaceutical, Inc. (a) | | 654 | 31,686 |
| United Therapeutics Corp. (a) | | 737 | 81,704 |
| Vanda Pharmaceuticals, Inc. (a) | | 777 | 14,740 |
| Verastem, Inc. (a)(b) | | 714 | 3,620 |
| Vericel Corp. (a) | | 620 | 6,913 |
| Voyager Therapeutics, Inc. (a) | | 311 | 4,220 |
| Xencor, Inc. (a) | | 643 | 21,039 |
| ZIOPHARM Oncology, Inc. (a)(b) | | 1,738 | 3,441 |
| | | | 2,357,200 |
| Health Care Equipment & Supplies - 2.9% | | | |
| Accuray, Inc. (a) | | 1,507 | 6,766 |
| Angiodynamics, Inc. (a) | | 518 | 10,583 |
| Anika Therapeutics, Inc. (a) | | 253 | 9,047 |
| Antares Pharma, Inc. (a) | | 2,539 | 7,592 |
| Atricure, Inc. (a) | | 521 | 16,573 |
| Atrion Corp. | | 25 | 17,055 |
| Avanos Medical, Inc. (a) | | 808 | 45,733 |
| AxoGen, Inc. (a) | | 443 | 16,519 |
| Cantel Medical Corp. | | 628 | 49,706 |
| Cardiovascular Systems, Inc. (a) | | 565 | 15,848 |
| Cerus Corp. (a) | | 1,761 | 11,799 |
| CONMED Corp. | | 425 | 28,658 |
| Cryolife, Inc. (a) | | 460 | 14,251 |
| Cutera, Inc. (a) | | 220 | 4,466 |
| DexCom, Inc. (a) | | 1,459 | 193,711 |
| Endologix, Inc. (a) | | 1,380 | 1,684 |
| Genmark Diagnostics, Inc. (a) | | 834 | 4,445 |
| Glaukos Corp. (a) | | 191 | 11,067 |
| Globus Medical, Inc. (a) | | 1,244 | 65,745 |
| Haemonetics Corp. (a) | | 891 | 93,083 |
| Heska Corp. (a) | | 110 | 11,024 |
| Hill-Rom Holdings, Inc. | | 1,032 | 86,771 |
| ICU Medical, Inc. (a) | | 257 | 65,466 |
| Inogen, Inc. (a) | | 277 | 52,511 |
| Insulet Corp. (a) | | 994 | 87,681 |
| Integer Holdings Corp. (a) | | 476 | 35,448 |
| Integra LifeSciences Holdings Corp. (a) | | 1,034 | 55,391 |
| Invacare Corp. | | 573 | 7,403 |
| iRhythm Technologies, Inc. (a) | | 117 | 9,039 |
| K2M Group Holdings, Inc. (a) | | 615 | 16,839 |
| Lantheus Holdings, Inc. (a) | | 519 | 7,250 |
| LeMaitre Vascular, Inc. | | 194 | 5,180 |
| LivaNova PLC (a) | | 755 | 84,552 |
| Masimo Corp. (a) | | 762 | 88,087 |
| Meridian Bioscience, Inc. | | 750 | 12,158 |
| Merit Medical Systems, Inc. (a) | | 771 | 44,040 |
| Natus Medical, Inc. (a) | | 564 | 16,852 |
| Neogen Corp. (a) | | 871 | 52,887 |
| Nevro Corp. (a) | | 383 | 18,675 |
| NuVasive, Inc. (a) | | 871 | 48,924 |
| NxStage Medical, Inc. (a) | | 1,007 | 28,579 |
| OraSure Technologies, Inc. (a) | | 957 | 13,302 |
| Orthofix International NV (a) | | 303 | 18,428 |
| Penumbra, Inc. (a) | | 443 | 60,248 |
| Pulse Biosciences, Inc. (a) | | 48 | 615 |
| Quidel Corp. (a) | | 487 | 31,343 |
| Rockwell Medical Technologies, Inc. (a) | | 697 | 2,844 |
| Sientra, Inc. (a) | | 186 | 3,830 |
| Staar Surgical Co. (a) | | 457 | 18,330 |
| Steris PLC | | 1,465 | 160,139 |
| Tactile Systems Technology, Inc. (a) | | 248 | 16,239 |
| Varex Imaging Corp. (a) | | 651 | 16,900 |
| ViewRay, Inc. (a)(b) | | 553 | 4,783 |
| West Pharmaceutical Services, Inc. | | 1,263 | 133,777 |
| Wright Medical Group NV (a) | | 1,789 | 48,267 |
| | | | 1,988,133 |
| Health Care Providers & Services - 1.8% | | | |
| Acadia Healthcare Co., Inc. (a)(b) | | 1,318 | 54,697 |
| Aceto Corp. | | 498 | 1,021 |
| Amedisys, Inc. (a) | | 482 | 53,020 |
| American Renal Associates Holdings, Inc. (a) | | 206 | 3,974 |
| AMN Healthcare Services, Inc. (a) | | 832 | 42,116 |
| BioScrip, Inc. (a) | | 2,188 | 5,864 |
| BioTelemetry, Inc. (a) | | 484 | 28,120 |
| Brookdale Senior Living, Inc. (a) | | 3,243 | 28,960 |
| Capital Senior Living Corp. (a) | | 514 | 4,626 |
| Chemed Corp. | | 280 | 85,212 |
| Community Health Systems, Inc. (a)(b) | | 1,799 | 5,685 |
| Corvel Corp. (a) | | 183 | 10,607 |
| Cross Country Healthcare, Inc. (a) | | 538 | 4,751 |
| Diplomat Pharmacy, Inc. (a) | | 720 | 14,285 |
| G1 Therapeutics, Inc. (a) | | 132 | 5,281 |
| HealthEquity, Inc. (a) | | 742 | 68,116 |
| HealthSouth Corp. | | 1,547 | 104,113 |
| LHC Group, Inc. (a) | | 255 | 23,315 |
| LifePoint Hospitals, Inc. (a) | | 689 | 44,689 |
| Magellan Health Services, Inc. (a) | | 398 | 25,894 |
| MEDNAX, Inc. (a) | | 1,601 | 66,105 |
| Molina Healthcare, Inc. (a) | | 735 | 93,176 |
| National Healthcare Corp. | | 176 | 13,997 |
| National Vision Holdings, Inc. | | 276 | 11,435 |
| OptiNose, Inc. | | 114 | 1,206 |
| Owens & Minor, Inc. | | 1,075 | 8,493 |
| Patterson Companies, Inc. | | 1,448 | 32,696 |
| Premier, Inc. (a) | | 866 | 38,970 |
| Providence Service Corp. (a) | | 211 | 13,945 |
| Quorum Health Corp. (a) | | 442 | 1,759 |
| RadNet, Inc. (a) | | 537 | 7,948 |
| Select Medical Holdings Corp. (a) | | 1,858 | 30,806 |
| Surgery Partners, Inc. (a) | | 330 | 4,485 |
| Tenet Healthcare Corp. (a) | | 1,381 | 35,533 |
| The Ensign Group, Inc. | | 827 | 30,632 |
| Tivity Health, Inc. (a) | | 582 | 20,027 |
| Triple-S Management Corp. (a) | | 414 | 7,104 |
| U.S. Physical Therapy, Inc. | | 217 | 23,332 |
| Wellcare Health Plans, Inc. (a) | | 764 | 210,856 |
| | | | 1,266,851 |
| Health Care Technology - 0.8% | | | |
| Allscripts Healthcare Solutions, Inc. (a) | | 3,210 | 38,231 |
| athenahealth, Inc. (a) | | 683 | 87,110 |
| Castlight Health, Inc. Class B (a) | | 772 | 1,907 |
| Computer Programs & Systems, Inc. | | 199 | 4,975 |
| Evolent Health, Inc. (a) | | 316 | 7,015 |
| HealthStream, Inc. | | 452 | 11,892 |
| HMS Holdings Corp. (a) | | 1,461 | 42,106 |
| Inovalon Holdings, Inc. Class A (a) | | 1,058 | 9,956 |
| Medidata Solutions, Inc. (a) | | 948 | 66,644 |
| Nextgen Healthcare, Inc. (a) | | 772 | 11,402 |
| Omnicell, Inc. (a) | | 633 | 44,753 |
| Tabula Rasa HealthCare, Inc. (a) | | 220 | 16,254 |
| Teladoc Health, Inc. (a) | | 623 | 43,199 |
| Veeva Systems, Inc. Class A (a) | | 1,748 | 159,680 |
| Vocera Communications, Inc. (a) | | 423 | 14,682 |
| | | | 559,806 |
| Life Sciences Tools & Services - 1.1% | | | |
| Accelerate Diagnostics, Inc. (a)(b) | | 422 | 6,305 |
| Bio-Rad Laboratories, Inc. Class A (a) | | 358 | 97,680 |
| Bio-Techne Corp. | | 644 | 108,012 |
| Bruker Corp. | | 1,830 | 57,334 |
| Cambrex Corp. (a) | | 558 | 29,736 |
| Charles River Laboratories International, Inc. (a) | | 818 | 99,649 |
| Codexis, Inc. (a) | | 648 | 10,089 |
| Enzo Biochem, Inc. (a) | | 598 | 1,985 |
| Fluidigm Corp. (a) | | 463 | 3,334 |
| Luminex Corp. | | 690 | 19,851 |
| Medpace Holdings, Inc. (a) | | 131 | 6,825 |
| Nanostring Technologies, Inc. (a) | | 240 | 3,698 |
| NeoGenomics, Inc. (a) | | 857 | 15,803 |
| Pacific Biosciences of California, Inc. (a) | | 1,524 | 6,782 |
| PerkinElmer, Inc. | | 1,890 | 163,447 |
| PRA Health Sciences, Inc. (a) | | 668 | 64,709 |
| Syneos Health, Inc. (a) | | 927 | 42,299 |
| | | | 737,538 |
| Pharmaceuticals - 1.3% | | | |
| Aclaris Therapeutics, Inc. (a) | | 193 | 2,295 |
| Adamis Pharmaceuticals Corp. (a) | | 417 | 1,068 |
| Aerie Pharmaceuticals, Inc. (a) | | 582 | 30,951 |
| Akcea Therapeutics, Inc. (a)(b) | | 273 | 6,093 |
| Akorn, Inc. (a) | | 1,534 | 10,232 |
| Amneal Pharmaceuticals, Inc. (a)(b) | | 1,288 | 23,764 |
| Amphastar Pharmaceuticals, Inc. (a) | | 645 | 11,578 |
| ANI Pharmaceuticals, Inc. (a) | | 128 | 6,212 |
| Aratana Therapeutics, Inc. (a) | | 515 | 3,059 |
| Assembly Biosciences, Inc. (a) | | 303 | 6,933 |
| Assertio Therapeutics, Inc. (a) | | 987 | 4,792 |
| Biodelivery Sciences International, Inc. (a) | | 730 | 2,708 |
| Catalent, Inc. (a) | | 2,165 | 87,336 |
| Clementia Pharmaceuticals, Inc. (a) | | 120 | 1,560 |
| Collegium Pharmaceutical, Inc. (a)(b) | | 322 | 5,168 |
| Corcept Therapeutics, Inc. (a) | | 1,365 | 16,039 |
| Corium International, Inc. (a) | | 469 | 5,933 |
| CymaBay Therapeutics, Inc. (a) | | 1,004 | 10,592 |
| Dermira, Inc. (a) | | 414 | 5,196 |
| Endo International PLC (a) | | 3,432 | 58,138 |
| Horizon Pharma PLC (a) | | 2,799 | 50,970 |
| Innoviva, Inc. (a) | | 1,304 | 18,204 |
| Intersect ENT, Inc. (a) | | 430 | 12,066 |
| Intra-Cellular Therapies, Inc. (a) | | 597 | 10,137 |
| Jazz Pharmaceuticals PLC (a) | | 1,036 | 164,538 |
| Kala Pharmaceuticals, Inc. (a) | | 88 | 638 |
| Lannett Co., Inc. (a) | | 360 | 1,318 |
| Mallinckrodt PLC (a) | | 1,832 | 45,910 |
| Melinta Therapeutics, Inc. (a) | | 181 | 476 |
| MyoKardia, Inc. (a) | | 264 | 13,976 |
| Neos Therapeutics, Inc.(a) | | 374 | 1,171 |
| Ocular Therapeutix, Inc. (a) | | 266 | 1,319 |
| Omeros Corp. (a) | | 673 | 10,277 |
| Otonomy, Inc. (a) | | 243 | 566 |
| Pacira Pharmaceuticals, Inc. (a) | | 650 | 31,779 |
| Paratek Pharmaceuticals, Inc. (a) | | 268 | 1,997 |
| Phibro Animal Health Corp. Class A | | 308 | 13,219 |
| Prestige Brands Holdings, Inc. (a) | | 905 | 32,725 |
| Reata Pharmaceuticals, Inc. (a) | | 125 | 7,366 |
| Revance Therapeutics, Inc. (a) | | 369 | 8,033 |
| Rhythm Pharmaceuticals, Inc. | | 101 | 2,829 |
| Supernus Pharmaceuticals, Inc. (a) | | 859 | 40,854 |
| Teligent, Inc. (a) | | 719 | 2,308 |
| Tetraphase Pharmaceuticals, Inc. (a) | | 556 | 1,140 |
| The Medicines Company (a) | | 1,202 | 27,959 |
| TherapeuticsMD, Inc. (a)(b) | | 2,717 | 13,286 |
| Theravance Biopharma, Inc. (a) | | 636 | 15,436 |
| WAVE Life Sciences (a) | | 152 | 7,097 |
| Zogenix, Inc. (a) | | 415 | 17,330 |
| Zynerba Pharmaceuticals, Inc. (a) | | 169 | 889 |
| | | | 855,460 |
|
| TOTAL HEALTH CARE | | | 7,764,988 |
|
| INDUSTRIALS - 14.9% | | | |
| Aerospace & Defense - 1.4% | | | |
| AAR Corp. | | 553 | 26,312 |
| Aerojet Rocketdyne Holdings, Inc. (a) | | 1,212 | 42,808 |
| AeroVironment, Inc. (a) | | 356 | 32,029 |
| Astronics Corp. (a) | | 444 | 12,947 |
| Axon Enterprise, Inc. (a) | | 904 | 55,795 |
| BWX Technologies, Inc. | | 1,713 | 100,142 |
| Cubic Corp. | | 434 | 28,475 |
| Curtiss-Wright Corp. | | 762 | 83,409 |
| Ducommun, Inc. (a) | | 181 | 6,726 |
| Engility Holdings, Inc. (a) | | 312 | 9,681 |
| Esterline Technologies Corp. (a) | | 511 | 59,971 |
| HEICO Corp. | | 708 | 59,352 |
| HEICO Corp. Class A | | 1,219 | 81,259 |
| Hexcel Corp. | | 1,582 | 92,579 |
| KEYW Holding Corp. (a) | | 748 | 5,857 |
| Kratos Defense & Security Solutions, Inc. (a) | | 955 | 11,966 |
| Mercury Systems, Inc. (a) | | 813 | 38,097 |
| Moog, Inc. Class A | | 557 | 39,853 |
| National Presto Industries, Inc. | | 87 | 10,846 |
| Sparton Corp. (a) | | 162 | 2,006 |
| Teledyne Technologies, Inc. (a) | | 600 | 132,768 |
| Triumph Group, Inc. | | 838 | 15,294 |
| Vectrus, Inc. (a) | | 193 | 5,172 |
| Wesco Aircraft Holdings, Inc. (a) | | 1,034 | 10,526 |
| | | | 963,870 |
| Air Freight & Logistics - 0.2% | | | |
| Air Transport Services Group, Inc. (a) | | 810 | 15,876 |
| Atlas Air Worldwide Holdings, Inc. (a) | | 421 | 21,732 |
| Echo Global Logistics, Inc. (a) | | 472 | 12,135 |
| Forward Air Corp. | | 530 | 31,795 |
| Hub Group, Inc. Class A (a) | | 578 | 26,484 |
| | | | 108,022 |
| Airlines - 0.6% | | | |
| Alaska Air Group, Inc. | | 2,124 | 130,456 |
| Allegiant Travel Co. | | 222 | 25,339 |
| Hawaiian Holdings, Inc. | | 928 | 32,118 |
| JetBlue Airways Corp. (a) | | 5,585 | 93,437 |
| SkyWest, Inc. | | 896 | 51,332 |
| Spirit Airlines, Inc. (a) | | 1,198 | 62,176 |
| | | | 394,858 |
| Building Products - 1.2% | | | |
| AAON, Inc. | | 695 | 23,971 |
| Advanced Drain Systems, Inc. Del | | 596 | 16,563 |
| Allegion PLC | | 1,656 | 141,969 |
| American Woodmark Corp. (a) | | 240 | 14,506 |
| Apogee Enterprises, Inc. | | 481 | 17,364 |
| Armstrong World Industries, Inc. (a) | | 860 | 53,105 |
| Builders FirstSource, Inc. (a) | | 1,509 | 18,681 |
| Continental Building Products, Inc. (a) | | 700 | 19,467 |
| COVIA Corp. (a) | | 552 | 3,191 |
| CSW Industrials, Inc. (a) | | 284 | 13,073 |
| GCP Applied Technologies, Inc. (a) | | 1,240 | 32,203 |
| Gibraltar Industries, Inc. (a) | | 544 | 19,388 |
| GMS, Inc. (a) | | 106 | 1,743 |
| Griffon Corp. | | 537 | 6,508 |
| Insteel Industries, Inc. | | 307 | 8,019 |
| Jeld-Wen Holding, Inc. (a) | | 668 | 10,862 |
| Lennox International, Inc. | | 669 | 141,085 |
| Masonite International Corp. (a) | | 523 | 28,969 |
| NCI Building Systems, Inc. (a) | | 678 | 8,306 |
| Patrick Industries, Inc. (a) | | 366 | 15,925 |
| PGT, Inc. (a) | | 857 | 17,363 |
| Quanex Building Products Corp. | | 602 | 8,922 |
| Simpson Manufacturing Co. Ltd. | | 699 | 39,899 |
| Trex Co., Inc. (a) | | 1,017 | 62,342 |
| Universal Forest Products, Inc. | | 1,030 | 29,118 |
| USG Corp. (a) | | 1,534 | 64,765 |
| | | | 817,307 |
| Commercial Services & Supplies - 2.0% | | | |
| ABM Industries, Inc. | | 973 | 29,920 |
| ACCO Brands Corp. | | 1,806 | 14,574 |
| ADS Waste Holdings, Inc. (a) | | 339 | 9,184 |
| Brady Corp. Class A | | 824 | 33,199 |
| Casella Waste Systems, Inc. Class A (a) | | 674 | 21,945 |
| CECO Environmental Corp. (a) | | 375 | 2,790 |
| Clean Harbors, Inc. (a) | | 903 | 61,440 |
| Copart, Inc. (a) | | 3,521 | 172,212 |
| Covanta Holding Corp. | | 2,263 | 33,243 |
| Deluxe Corp. | | 842 | 39,751 |
| Ennis, Inc. | | 464 | 8,983 |
| Essendant, Inc. | | 635 | 8,090 |
| Evoqua Water Technologies Corp. (a) | | 495 | 4,752 |
| Healthcare Services Group, Inc. (b) | | 1,257 | 51,022 |
| Heritage-Crystal Clean, Inc. (a) | | 212 | 4,874 |
| Herman Miller, Inc. | | 1,041 | 34,301 |
| HNI Corp. | | 772 | 29,251 |
| Hudson Technologies, Inc. (a) | | 431 | 357 |
| Interface, Inc. | | 1,100 | 17,919 |
| KAR Auction Services, Inc. | | 2,383 | 135,688 |
| Kimball International, Inc. Class B | | 703 | 11,571 |
| Knoll, Inc. | | 863 | 17,131 |
| LSC Communications, Inc. | | 398 | 3,753 |
| Matthews International Corp. Class A | | 540 | 22,475 |
| McGrath RentCorp. | | 420 | 22,424 |
| Mobile Mini, Inc. | | 771 | 31,704 |
| Msa Safety, Inc. | | 540 | 56,398 |
| Multi-Color Corp. | | 236 | 12,546 |
| PICO Holdings, Inc. | | 338 | 3,860 |
| Pitney Bowes, Inc. | | 3,149 | 20,846 |
| Quad/Graphics, Inc. | | 507 | 7,823 |
| R.R. Donnelley & Sons Co. | | 1,116 | 6,551 |
| Rollins, Inc. | | 1,650 | 97,680 |
| SP Plus Corp. (a) | | 329 | 10,515 |
| Steelcase, Inc. Class A | | 1,507 | 25,016 |
| Stericycle, Inc. (a) | | 1,470 | 73,456 |
| Team, Inc. (a)(b) | | 519 | 10,328 |
| Tetra Tech, Inc. | | 984 | 64,983 |
| The Brink's Co. | | 778 | 51,597 |
| U.S. Ecology, Inc. | | 378 | 26,434 |
| UniFirst Corp. | | 268 | 40,012 |
| Viad Corp. | | 355 | 17,001 |
| VSE Corp. | | 136 | 4,265 |
| | | | 1,351,864 |
| Construction & Engineering - 1.2% | | | |
| AECOM (a) | | 2,650 | 77,221 |
| Aegion Corp. (a) | | 616 | 11,926 |
| Argan, Inc. | | 229 | 10,081 |
| Comfort Systems U.S.A., Inc. | | 639 | 34,174 |
| Dycom Industries, Inc. (a) | | 546 | 37,062 |
| EMCOR Group, Inc. | | 1,048 | 74,387 |
| Fluor Corp. | | 2,403 | 105,396 |
| Goldfield Corp. | | 366 | 1,354 |
| Granite Construction, Inc. | | 687 | 31,410 |
| Great Lakes Dredge & Dock Corp. (a) | | 973 | 5,653 |
| Jacobs Engineering Group, Inc. | | 2,082 | 156,337 |
| KBR, Inc. | | 2,470 | 48,857 |
| Keane Group, Inc. (a) | | 473 | 5,946 |
| MasTec, Inc. (a) | | 1,123 | 48,862 |
| MYR Group, Inc. (a) | | 287 | 9,583 |
| NV5 Holdings, Inc. (a) | | 130 | 10,149 |
| Primoris Services Corp. | | 703 | 14,883 |
| Quanta Services, Inc. (a) | | 2,614 | 81,557 |
| Sterling Construction Co., Inc. (a) | | 423 | 4,805 |
| Tutor Perini Corp. (a) | | 699 | 10,835 |
| Valmont Industries, Inc. | | 390 | 48,481 |
| | | | 828,959 |
| Electrical Equipment - 0.6% | | | |
| Acuity Brands, Inc. | | 729 | 91,592 |
| AZZ, Inc. | | 445 | 19,736 |
| Encore Wire Corp. | | 364 | 16,089 |
| Energous Corp. (a) | | 271 | 2,179 |
| EnerSys | | 752 | 59,837 |
| FuelCell Energy, Inc. (a) | | 1,191 | 1,007 |
| Generac Holdings, Inc. (a) | | 1,107 | 56,158 |
| Hubbell, Inc. Class B | | 889 | 90,411 |
| Plug Power, Inc. (a)(b) | | 3,016 | 5,580 |
| Powell Industries, Inc. | | 156 | 4,549 |
| Regal Beloit Corp. | | 768 | 55,066 |
| Sunrun, Inc. (a) | | 1,063 | 13,032 |
| Thermon Group Holdings, Inc. (a) | | 560 | 12,085 |
| TPI Composites, Inc. (a) | | 210 | 5,305 |
| Vivint Solar, Inc. (a) | | 394 | 2,045 |
| | | | 434,671 |
| Industrial Conglomerates - 0.3% | | | |
| Carlisle Companies, Inc. | | 1,113 | 107,505 |
| ITT, Inc. | | 1,523 | 76,912 |
| Raven Industries, Inc. | | 628 | 27,305 |
| | | | 211,722 |
| Machinery - 4.2% | | | |
| Actuant Corp. Class A | | 1,008 | 24,041 |
| AGCO Corp. | | 1,169 | 65,511 |
| Alamo Group, Inc. | | 166 | 14,230 |
| Albany International Corp. Class A | | 500 | 34,990 |
| Allison Transmission Holdings, Inc. | | 2,852 | 125,716 |
| Altra Industrial Motion Corp. | | 456 | 14,715 |
| American Railcar Industries, Inc. | | 123 | 8,599 |
| Apergy Corp. (a) | | 1,340 | 52,247 |
| Astec Industries, Inc. | | 329 | 12,374 |
| Barnes Group, Inc. | | 863 | 48,846 |
| Briggs & Stratton Corp. | | 752 | 10,927 |
| Cactus, Inc. (a) | | 461 | 15,425 |
| Chart Industries, Inc. (a) | | 529 | 35,998 |
| CIRCOR International, Inc. | | 291 | 9,460 |
| Colfax Corp. (a) | | 1,698 | 47,595 |
| Columbus McKinnon Corp. (NY Shares) | | 353 | 12,966 |
| Commercial Vehicle Group, Inc. (a) | | 366 | 2,449 |
| Crane Co. | | 857 | 74,593 |
| Donaldson Co., Inc. | | 2,276 | 116,713 |
| Douglas Dynamics, Inc. | | 384 | 16,662 |
| Energy Recovery, Inc. (a)(b) | | 604 | 4,530 |
| EnPro Industries, Inc. | | 370 | 23,014 |
| ESCO Technologies, Inc. | | 446 | 27,304 |
| ExOne Co. (a) | | 145 | 957 |
| Federal Signal Corp. | | 1,040 | 22,870 |
| Flowserve Corp. | | 2,251 | 103,321 |
| Franklin Electric Co., Inc. | | 669 | 28,379 |
| FreightCar America, Inc. (a) | | 202 | 2,889 |
| Gardner Denver Holdings, Inc. (a) | | 750 | 20,295 |
| Global Brass & Copper Holdings, Inc. | | 381 | 12,047 |
| Gorman-Rupp Co. | | 335 | 11,558 |
| Graco, Inc. | | 2,879 | 116,974 |
| Greenbrier Companies, Inc. | | 481 | 22,823 |
| Harsco Corp. (a) | | 1,390 | 38,183 |
| Hillenbrand, Inc. | | 1,082 | 51,828 |
| Hyster-Yale Materials Handling Class A | | 174 | 10,518 |
| John Bean Technologies Corp. | | 504 | 52,401 |
| Kadant, Inc. | | 186 | 18,358 |
| Kennametal, Inc. | | 1,366 | 48,425 |
| Lincoln Electric Holdings, Inc. | | 1,070 | 86,574 |
| Lindsay Corp. | | 186 | 17,785 |
| Lydall, Inc. (a) | | 305 | 9,110 |
| Manitowoc Co., Inc. (a) | | 615 | 11,242 |
| Meritor, Inc. (a) | | 1,510 | 25,655 |
| Middleby Corp. (a)(b) | | 993 | 111,514 |
| Milacron Holdings Corp. (a) | | 535 | 7,490 |
| Mueller Industries, Inc. | | 998 | 24,301 |
| Mueller Water Products, Inc. Class A | | 2,818 | 28,913 |
| Navistar International Corp. New (a) | | 1,101 | 36,872 |
| NN, Inc. | | 486 | 5,638 |
| Nordson Corp. | | 916 | 112,366 |
| Oshkosh Corp. | | 1,290 | 72,421 |
| ProPetro Holding Corp. (a) | | 986 | 17,403 |
| Proto Labs, Inc. (a) | | 421 | 50,288 |
| RBC Bearings, Inc. (a) | | 410 | 60,549 |
| Rexnord Corp. (a) | | 1,759 | 47,159 |
| Spartan Motors, Inc. | | 581 | 3,910 |
| SPX Corp. (a) | | 714 | 20,934 |
| SPX Flow, Inc. (a) | | 728 | 24,919 |
| Standex International Corp. | | 221 | 17,928 |
| Sun Hydraulics Corp. | | 426 | 19,766 |
| Tennant Co. | | 297 | 18,153 |
| Terex Corp. | | 1,838 | 61,371 |
| Timken Co. | | 1,211 | 47,895 |
| Titan International, Inc. | | 797 | 5,627 |
| Toro Co. | | 1,885 | 106,182 |
| TriMas Corp. (a) | | 770 | 22,677 |
| Trinity Industries, Inc. | | 2,628 | 75,029 |
| Wabash National Corp. | | 1,078 | 16,278 |
| WABCO Holdings, Inc. (a) | | 895 | 96,168 |
| Wabtec Corp. (b) | | 1,537 | 126,065 |
| Watts Water Technologies, Inc. Class A | | 476 | 33,344 |
| Woodward, Inc. | | 957 | 70,473 |
| | | | 2,852,730 |
| Marine - 0.1% | | | |
| Eagle Bulk Shipping, Inc. (a) | | 444 | 2,216 |
| Kirby Corp. (a) | | 931 | 66,976 |
| Matson, Inc. | | 741 | 25,994 |
| | | | 95,186 |
| Professional Services - 1.3% | | | |
| Acacia Research Corp. (a) | | 843 | 2,765 |
| Asgn, Inc. (a) | | 843 | 56,548 |
| Barrett Business Services, Inc. | | 132 | 8,305 |
| CBIZ, Inc. (a) | | 933 | 20,694 |
| CRA International, Inc. | | 155 | 6,533 |
| Dun & Bradstreet Corp. | | 634 | 90,206 |
| Exponent, Inc. | | 890 | 44,909 |
| Forrester Research, Inc. | | 159 | 6,405 |
| FTI Consulting, Inc. (a) | | 732 | 50,589 |
| Heidrick & Struggles International, Inc. | | 326 | 11,250 |
| Huron Consulting Group, Inc. (a) | | 370 | 20,161 |
| ICF International, Inc. | | 321 | 23,638 |
| InnerWorkings, Inc. (a) | | 613 | 4,407 |
| Insperity, Inc. | | 654 | 71,842 |
| Kelly Services, Inc. Class A (non-vtg.) | | 493 | 11,581 |
| Kforce, Inc. | | 409 | 12,605 |
| Korn/Ferry International | | 1,004 | 45,321 |
| Manpower, Inc. | | 1,162 | 88,649 |
| MISTRAS Group, Inc. (a) | | 273 | 5,433 |
| Navigant Consulting, Inc. | | 795 | 17,172 |
| Resources Connection, Inc. | | 520 | 8,486 |
| Robert Half International, Inc. | | 2,227 | 134,800 |
| TransUnion Holding Co., Inc. | | 1,514 | 99,546 |
| TriNet Group, Inc. (a) | | 609 | 28,617 |
| TrueBlue, Inc. (a) | | 737 | 17,194 |
| WageWorks, Inc. (a) | | 638 | 25,399 |
| Willdan Group, Inc. (a) | | 137 | 4,137 |
| | | | 917,192 |
| Road & Rail - 0.6% | | | |
| AMERCO | | 94 | 30,689 |
| ArcBest Corp. | | 403 | 14,959 |
| Avis Budget Group, Inc. (a) | | 1,524 | 42,855 |
| Covenant Transport Group, Inc. Class A (a) | | 177 | 4,430 |
| Daseke, Inc. (a) | | 618 | 3,757 |
| Genesee & Wyoming, Inc. Class A (a) | | 1,058 | 83,825 |
| Heartland Express, Inc. | | 723 | 14,077 |
| Knight-Swift Transportation Holdings, Inc. Class A | | 1,151 | 36,832 |
| Landstar System, Inc. | | 722 | 72,265 |
| Marten Transport Ltd. | | 669 | 12,885 |
| Ryder System, Inc. | | 924 | 51,106 |
| Saia, Inc. (a) | | 429 | 26,967 |
| Schneider National, Inc. Class B | | 517 | 11,307 |
| Werner Enterprises, Inc. | | 759 | 24,432 |
| YRC Worldwide, Inc. (a) | | 530 | 4,378 |
| | | | 434,764 |
| Trading Companies & Distributors - 1.1% | | | |
| Air Lease Corp. Class A | | 1,653 | 62,979 |
| Aircastle Ltd. | | 972 | 18,886 |
| Applied Industrial Technologies, Inc. | | 679 | 44,631 |
| Beacon Roofing Supply, Inc. (a) | | 1,042 | 29,082 |
| BMC Stock Holdings, Inc. (a) | | 815 | 13,643 |
| CAI International, Inc. (a) | | 240 | 5,978 |
| DXP Enterprises, Inc. (a) | | 275 | 8,740 |
| GATX Corp. | | 689 | 51,627 |
| H&E Equipment Services, Inc. | | 545 | 13,129 |
| HD Supply Holdings, Inc. (a) | | 3,226 | 121,201 |
| Herc Holdings, Inc. (a) | | 427 | 13,690 |
| Kaman Corp. | | 468 | 29,727 |
| MRC Global, Inc. (a) | | 1,611 | 25,502 |
| MSC Industrial Direct Co., Inc. Class A | | 774 | 62,740 |
| Nexeo Solutions, Inc. (a) | | 1,043 | 10,899 |
| Now, Inc. (a) | | 1,866 | 23,959 |
| Rush Enterprises, Inc. Class A | | 512 | 18,120 |
| SiteOne Landscape Supply, Inc. (a) | | 372 | 25,311 |
| Systemax, Inc. | | 244 | 7,884 |
| Textainer Group Holdings Ltd. (a) | | 417 | 4,891 |
| Titan Machinery, Inc. (a) | | 290 | 4,133 |
| Triton International Ltd. | | 547 | 17,597 |
| Univar, Inc. (a) | | 1,758 | 43,282 |
| Veritiv Corp. (a) | | 165 | 5,501 |
| Watsco, Inc. | | 446 | 66,088 |
| WESCO International, Inc. (a) | | 721 | 36,180 |
| | | | 765,400 |
| Transportation Infrastructure - 0.1% | | | |
| Macquarie Infrastructure Co. LLC | | 1,295 | 47,850 |
|
| TOTAL INDUSTRIALS | | | 10,224,395 |
|
| INFORMATION TECHNOLOGY - 14.2% | | | |
| Communications Equipment - 1.4% | | | |
| ADTRAN, Inc. | | 821 | 11,034 |
| Aerohive Networks, Inc. (a) | | 440 | 1,685 |
| Applied Optoelectronics, Inc. (a) | | 282 | 5,536 |
| Arris International PLC (a) | | 3,297 | 81,996 |
| CalAmp Corp. (a) | | 660 | 13,160 |
| Calix Networks, Inc. (a) | | 703 | 5,132 |
| Carvana Co. Class A (a)(b) | | 267 | 10,346 |
| Ciena Corp. (a) | | 2,405 | 75,180 |
| CommScope Holding Co., Inc. (a) | | 3,333 | 80,192 |
| Comtech Telecommunications Corp. | | 425 | 11,866 |
| EchoStar Holding Corp. Class A (a) | | 805 | 32,643 |
| EMCORE Corp. (a) | | 450 | 2,219 |
| Extreme Networks, Inc. (a) | | 1,893 | 10,506 |
| F5 Networks, Inc. (a) | | 1,079 | 189,127 |
| Finisar Corp. (a) | | 1,921 | 32,061 |
| Harmonic, Inc. (a) | | 1,406 | 7,747 |
| Infinera Corp. (a) | | 2,512 | 13,916 |
| InterDigital, Inc. | | 585 | 41,506 |
| Lumentum Holdings, Inc. (a) | | 947 | 51,754 |
| NETGEAR, Inc. (a) | | 574 | 31,846 |
| NetScout Systems, Inc. (a) | | 1,590 | 40,163 |
| Oclaro, Inc. (a) | | 2,190 | 18,002 |
| Plantronics, Inc. | | 580 | 34,203 |
| Quantenna Communications, Inc. (a) | | 98 | 1,760 |
| Sonus Networks, Inc. (a) | | 895 | 6,086 |
| Ubiquiti Networks, Inc. (b) | | 433 | 40,308 |
| ViaSat, Inc. (a)(b) | | 892 | 56,874 |
| Viavi Solutions, Inc. (a) | | 3,985 | 45,947 |
| | | | 952,795 |
| Electronic Equipment & Components - 2.7% | | | |
| Anixter International, Inc. (a) | | 494 | 32,451 |
| Arrow Electronics, Inc. (a) | | 1,545 | 104,612 |
| Avnet, Inc. | | 2,204 | 88,314 |
| AVX Corp. | | 782 | 13,044 |
| Badger Meter, Inc. | | 506 | 24,850 |
| Belden, Inc. | | 731 | 39,511 |
| Benchmark Electronics, Inc. | | 835 | 18,228 |
| Cardtronics PLC (a) | | 786 | 21,348 |
| Casa Systems, Inc. (a) | | 1,284 | 18,490 |
| Coherent, Inc. (a) | | 425 | 52,335 |
| Control4 Corp. (a) | | 313 | 8,739 |
| CTS Corp. | | 569 | 15,187 |
| Daktronics, Inc. | | 630 | 4,605 |
| Dolby Laboratories, Inc. Class A | | 983 | 67,640 |
| Electro Scientific Industries, Inc. (a) | | 578 | 16,762 |
| ePlus, Inc. (a) | | 227 | 19,268 |
| Fabrinet | | 628 | 27,205 |
| FARO Technologies, Inc. (a) | | 278 | 14,050 |
| Fitbit, Inc. (a)(b) | | 2,360 | 11,163 |
| FLIR Systems, Inc. | | 2,348 | 108,736 |
| II-VI, Inc. (a) | | 939 | 34,959 |
| Insight Enterprises, Inc. (a) | | 617 | 31,893 |
| IPG Photonics Corp. (a) | | 642 | 85,739 |
| Iteris, Inc. (a) | | 346 | 1,495 |
| Itron, Inc. (a) | | 578 | 30,137 |
| Jabil, Inc. | | 3,210 | 79,383 |
| KEMET Corp. | | 728 | 15,856 |
| Keysight Technologies, Inc. (a) | | 2,931 | 167,301 |
| Knowles Corp. (a) | | 1,519 | 24,577 |
| Littelfuse, Inc. | | 391 | 70,834 |
| Maxwell Technologies, Inc. (a)(b) | | 462 | 1,358 |
| Mesa Laboratories, Inc. | | 57 | 10,413 |
| Methode Electronics, Inc. Class A | | 633 | 18,737 |
| MicroVision, Inc. (a)(b) | | 1,026 | 1,108 |
| MTS Systems Corp. | | 291 | 13,779 |
| National Instruments Corp. | | 1,825 | 89,370 |
| Novanta, Inc. (a) | | 545 | 31,724 |
| OSI Systems, Inc. (a) | | 309 | 21,370 |
| Park Electrochemical Corp. | | 294 | 5,192 |
| PC Mall, Inc. (a) | | 121 | 2,283 |
| Plexus Corp. (a) | | 576 | 33,638 |
| Rogers Corp. (a) | | 312 | 38,395 |
| Sanmina Corp. (a) | | 1,278 | 32,333 |
| ScanSource, Inc. (a) | | 430 | 16,718 |
| SYNNEX Corp. | | 504 | 39,115 |
| Tech Data Corp. (a) | | 610 | 43,103 |
| TTM Technologies, Inc. (a) | | 1,455 | 17,024 |
| Vishay Intertechnology, Inc. | | 2,326 | 42,566 |
| Zebra Technologies Corp. Class A (a) | | 911 | 151,499 |
| | | | 1,858,437 |
| Internet Software & Services - 0.1% | | | |
| ANGI Homeservices, Inc. Class A (a)(b) | | 833 | 15,944 |
| BlackLine, Inc. (a) | | 158 | 7,328 |
| Cision Ltd. (a) | | 686 | 10,146 |
| GTT Communications, Inc. (a)(b) | | 454 | 16,299 |
| Yatra Online, Inc. (a) | | 237 | 1,052 |
| | | | 50,769 |
| IT Services - 2.5% | | | |
| Booz Allen Hamilton Holding Corp. Class A | | 2,569 | 127,268 |
| CACI International, Inc. Class A (a) | | 420 | 74,953 |
| Carbonite, Inc. (a) | | 316 | 10,810 |
| Cass Information Systems, Inc. | | 175 | 11,568 |
| Conduent, Inc. (a) | | 2,945 | 56,250 |
| CoreLogic, Inc. (a) | | 1,491 | 60,564 |
| CSG Systems International, Inc. | | 542 | 19,024 |
| Endurance International Group Holdings, Inc. (a) | | 1,108 | 10,936 |
| EPAM Systems, Inc. (a) | | 775 | 92,589 |
| Euronet Worldwide, Inc. (a) | | 901 | 100,173 |
| Everi Holdings, Inc. (a) | | 1,200 | 8,640 |
| EVERTEC, Inc. | | 1,060 | 27,645 |
| ExlService Holdings, Inc. (a) | | 583 | 37,370 |
| First Data Corp. Class A (a) | | 3,266 | 61,205 |
| Genpact Ltd. | | 2,348 | 64,359 |
| GoDaddy, Inc. (a) | | 862 | 63,073 |
| Hackett Group, Inc. | | 433 | 8,864 |
| Internap Network Services Corp. (a) | | 181 | 1,551 |
| Limelight Networks, Inc. (a) | | 1,582 | 6,375 |
| Liveramp Holdings, Inc. (a) | | 1,338 | 61,120 |
| ManTech International Corp. Class A | | 440 | 25,203 |
| Maximus, Inc. | | 1,117 | 72,571 |
| MoneyGram International, Inc. (a) | | 474 | 2,010 |
| MongoDB, Inc. Class A (b) | | 155 | 12,633 |
| NIC, Inc. | | 1,057 | 14,069 |
| Okta, Inc. (a) | | 334 | 19,492 |
| Perficient, Inc. (a) | | 621 | 15,537 |
| Perspecta, Inc. | | 2,465 | 60,368 |
| Presidio, Inc. | | 278 | 3,725 |
| Sabre Corp. | | 3,580 | 88,247 |
| Science Applications International Corp. | | 776 | 53,940 |
| Switch, Inc. Class A | | 572 | 5,074 |
| Sykes Enterprises, Inc. (a) | | 692 | 21,224 |
| Teradata Corp. (a) | | 2,247 | 81,791 |
| The Western Union Co. | | 7,929 | 143,039 |
| Travelport Worldwide Ltd. | | 2,157 | 32,269 |
| Ttec Holdings, Inc. | | 254 | 6,330 |
| Twilio, Inc. Class A (a) | | 245 | 18,429 |
| Unisys Corp. (a) | | 835 | 15,372 |
| Virtusa Corp. (a) | | 482 | 23,902 |
| WEX, Inc. (a) | | 664 | 116,837 |
| | | | 1,736,399 |
| Semiconductors & Semiconductor Equipment - 2.1% | | | |
| Acacia Communications, Inc. (a) | | 234 | 8,066 |
| Advanced Energy Industries, Inc. (a) | | 673 | 28,959 |
| Alpha & Omega Semiconductor Ltd. (a) | | 304 | 2,818 |
| Amkor Technology, Inc. (a) | | 2,188 | 15,644 |
| Axcelis Technologies, Inc. (a) | | 522 | 9,010 |
| AXT, Inc. (a) | | 591 | 3,895 |
| Brooks Automation, Inc. | | 1,195 | 37,081 |
| Cabot Microelectronics Corp. | | 420 | 41,000 |
| Ceva, Inc. (a) | | 376 | 9,265 |
| Cirrus Logic, Inc. (a) | | 1,106 | 41,409 |
| Cohu, Inc. | | 468 | 9,734 |
| Cree, Inc. (a) | | 1,727 | 67,042 |
| CyberOptics Corp. (a) | | 89 | 1,881 |
| Cypress Semiconductor Corp. | | 5,563 | 71,985 |
| Diodes, Inc. (a) | | 663 | 20,016 |
| Entegris, Inc. | | 2,449 | 64,996 |
| First Solar, Inc. (a) | | 1,347 | 56,305 |
| FormFactor, Inc. (a) | | 1,236 | 15,129 |
| Ichor Holdings Ltd. (a)(b) | | 316 | 5,609 |
| Impinj, Inc. (a)(b) | | 283 | 5,547 |
| Inphi Corp. (a) | | 651 | 20,832 |
| Integrated Device Technology, Inc. (a) | | 2,312 | 108,225 |
| Kopin Corp. (a) | | 1,043 | 2,326 |
| Kulicke & Soffa Industries, Inc. | | 1,217 | 24,742 |
| Lattice Semiconductor Corp. (a) | | 2,088 | 12,549 |
| MACOM Technology Solutions Holdings, Inc. (a) | | 621 | 8,737 |
| MaxLinear, Inc. Class A (a) | | 877 | 17,023 |
| MKS Instruments, Inc. | | 926 | 68,237 |
| Monolithic Power Systems, Inc. | | 647 | 76,424 |
| Nanometrics, Inc. (a) | | 424 | 13,593 |
| NeoPhotonics Corp. (a) | | 491 | 3,928 |
| NVE Corp. | | 86 | 7,284 |
| PDF Solutions, Inc. (a) | | 484 | 3,872 |
| Photronics, Inc. (a) | | 1,181 | 11,503 |
| Pixelworks, Inc. (a) | | 488 | 2,040 |
| Power Integrations, Inc. | | 503 | 28,329 |
| Rambus, Inc. (a) | | 1,931 | 16,819 |
| Rudolph Technologies, Inc. (a) | | 542 | 11,268 |
| Semtech Corp. (a) | | 1,134 | 50,962 |
| Silicon Laboratories, Inc. (a) | | 722 | 58,865 |
| SMART Global Holdings, Inc. (a) | | 76 | 2,129 |
| SolarEdge Technologies, Inc. (a) | | 489 | 18,939 |
| SunPower Corp. (a)(b) | | 913 | 5,487 |
| Synaptics, Inc. (a) | | 596 | 22,374 |
| Teradyne, Inc. | | 3,478 | 119,817 |
| Ultra Clean Holdings, Inc. (a) | | 590 | 6,207 |
| Universal Display Corp. (b) | | 771 | 94,841 |
| Veeco Instruments, Inc. (a) | | 723 | 6,876 |
| Versum Materials, Inc. | | 1,880 | 59,333 |
| Xperi Corp. | | 860 | 11,180 |
| | | | 1,410,132 |
| Software - 5.0% | | | |
| 2U, Inc. (a) | | 705 | 44,352 |
| 8x8, Inc. (a) | | 1,576 | 27,091 |
| A10 Networks, Inc. (a) | | 709 | 4,119 |
| ACI Worldwide, Inc. (a) | | 2,038 | 51,133 |
| Alarm.com Holdings, Inc. (a) | | 225 | 10,008 |
| Altair Engineering, Inc. Class A (a) | | 355 | 13,540 |
| Alteryx, Inc. Class A (a)(b) | | 325 | 17,222 |
| AppFolio, Inc. (a) | | 178 | 10,164 |
| Appian Corp. Class A (a) | | 98 | 2,520 |
| Apptio, Inc. Class A (a) | | 102 | 2,642 |
| Aspen Technology, Inc. (a) | | 1,332 | 113,073 |
| Asure Software, Inc. (a) | | 142 | 1,582 |
| Avaya Holdings Corp. (a) | | 1,816 | 29,819 |
| Benefitfocus, Inc. (a) | | 250 | 8,883 |
| Black Knight, Inc. (a) | | 402 | 19,606 |
| Blackbaud, Inc. | | 824 | 59,097 |
| Bottomline Technologies, Inc. (a) | | 634 | 42,250 |
| Box, Inc. Class A (a) | | 988 | 17,784 |
| CDK Global, Inc. | | 2,263 | 129,534 |
| Cloudera, Inc. (a) | | 1,408 | 19,374 |
| CommVault Systems, Inc. (a) | | 732 | 42,617 |
| Cornerstone OnDemand, Inc. (a) | | 877 | 43,192 |
| Coupa Software, Inc. (a) | | 521 | 33,776 |
| Digimarc Corp. (a) | | 191 | 4,800 |
| Ebix, Inc. | | 383 | 21,950 |
| Ellie Mae, Inc. (a)(b) | | 581 | 38,509 |
| Envestnet, Inc. (a) | | 747 | 38,859 |
| Everbridge, Inc. (a) | | 293 | 14,893 |
| Fair Isaac Corp. (a) | | 533 | 102,714 |
| FireEye, Inc. (a) | | 2,647 | 48,943 |
| Five9, Inc. (a) | | 671 | 26,411 |
| Forescout Technologies, Inc. (a) | | 361 | 9,942 |
| Fortinet, Inc. (a) | | 2,537 | 208,491 |
| Guidewire Software, Inc. (a) | | 1,272 | 113,170 |
| Hortonworks, Inc. (a) | | 729 | 13,020 |
| HubSpot, Inc. (a) | | 530 | 71,895 |
| Imperva, Inc. (a) | | 488 | 27,011 |
| Instructure, Inc. (a) | | 71 | 2,651 |
| j2 Global, Inc. | | 833 | 60,676 |
| LivePerson, Inc. (a) | | 917 | 20,724 |
| LogMeIn, Inc. | | 904 | 77,852 |
| Manhattan Associates, Inc. (a) | | 1,233 | 58,863 |
| MicroStrategy, Inc. Class A (a) | | 161 | 20,281 |
| MINDBODY, Inc. (a) | | 300 | 9,552 |
| Mitek Systems, Inc. (a) | | 514 | 4,713 |
| MobileIron, Inc. (a) | | 663 | 3,206 |
| Model N, Inc. (a) | | 413 | 6,344 |
| Monotype Imaging Holdings, Inc. | | 736 | 12,902 |
| New Relic, Inc. (a) | | 542 | 48,374 |
| Nuance Communications, Inc. (a) | | 4,424 | 76,933 |
| Nutanix, Inc. Class A (a) | | 318 | 13,200 |
| Onespan, Inc. (a) | | 524 | 7,690 |
| Parametric Technology Corp. (a) | | 1,996 | 164,490 |
| Paycom Software, Inc. (a) | | 695 | 87,014 |
| Paylocity Holding Corp. (a) | | 420 | 27,632 |
| Pegasystems, Inc. | | 624 | 33,396 |
| Progress Software Corp. | | 844 | 27,126 |
| Proofpoint, Inc. (a) | | 736 | 66,939 |
| PROS Holdings, Inc. (a) | | 436 | 14,353 |
| Q2 Holdings, Inc. (a) | | 469 | 24,965 |
| QAD, Inc. Class A | | 175 | 7,425 |
| Qualys, Inc. (a) | | 502 | 35,762 |
| Rapid7, Inc. (a) | | 294 | 10,655 |
| RealPage, Inc. (a) | | 908 | 48,124 |
| RingCentral, Inc. (a) | | 1,045 | 81,228 |
| SailPoint Technologies Holding, Inc. (a) | | 345 | 8,984 |
| SendGrid, Inc. (a) | | 151 | 5,484 |
| SPS Commerce, Inc. (a) | | 295 | 27,462 |
| SS&C Technologies Holdings, Inc. | | 2,941 | 150,462 |
| Tableau Software, Inc. (a) | | 999 | 106,573 |
| The Rubicon Project, Inc. (a) | | 563 | 1,920 |
| The Trade Desk, Inc. (a) | | 191 | 23,598 |
| TiVo Corp. | | 2,079 | 22,869 |
| Tyler Technologies, Inc. (a) | | 574 | 121,493 |
| Ultimate Software Group, Inc. (a) | | 500 | 133,315 |
| Upland Software, Inc. (a) | | 170 | 5,362 |
| Varonis Systems, Inc. (a) | | 273 | 16,672 |
| Verint Systems, Inc. (a) | | 1,077 | 49,187 |
| VirnetX Holding Corp. (a) | | 675 | 2,228 |
| VMware, Inc. Class A (a) | | 1,231 | 174,051 |
| Workiva, Inc. (a) | | 356 | 12,136 |
| Zendesk, Inc. (a) | | 1,285 | 70,636 |
| | | | 3,469,488 |
| Technology Hardware, Storage & Peripherals - 0.4% | | | |
| 3D Systems Corp. (a)(b) | | 1,850 | 22,348 |
| Avid Technology, Inc. (a) | | 538 | 2,851 |
| Cray, Inc. (a) | | 719 | 16,314 |
| Diebold Nixdorf, Inc. | | 1,183 | 4,614 |
| Eastman Kodak Co. (a)(b) | | 556 | 1,357 |
| Electronics for Imaging, Inc. (a) | | 794 | 24,177 |
| Immersion Corp. (a) | | 470 | 4,705 |
| NCR Corp. (a) | | 2,116 | 56,815 |
| Pure Storage, Inc. Class A (a) | | 1,431 | 28,878 |
| Quantum Corp. (a) | | 491 | 1,129 |
| U.S.A. Technologies, Inc. (a) | | 720 | 4,176 |
| Xerox Corp. | | 3,682 | 102,617 |
| | | | 269,981 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 9,748,001 |
|
| MATERIALS - 5.1% | | | |
| Chemicals - 2.4% | | | |
| Advanced Emissions Solutions, Inc. | | 350 | 3,465 |
| AdvanSix, Inc. (a) | | 529 | 14,674 |
| American Vanguard Corp. | | 464 | 7,470 |
| Ashland Global Holdings, Inc. | | 1,066 | 78,863 |
| Axalta Coating Systems Ltd. (a) | | 3,739 | 92,279 |
| Balchem Corp. | | 547 | 51,227 |
| Cabot Corp. | | 1,079 | 52,526 |
| Chase Corp. | | 122 | 13,156 |
| Ferro Corp. (a) | | 1,435 | 24,309 |
| Flotek Industries, Inc. (a) | | 944 | 1,709 |
| H.B. Fuller Co. | | 857 | 38,102 |
| Hawkins, Inc. | | 173 | 5,823 |
| Huntsman Corp. | | 3,420 | 74,830 |
| Ingevity Corp. (a) | | 728 | 66,306 |
| Innophos Holdings, Inc. | | 339 | 9,933 |
| Innospec, Inc. | | 415 | 27,772 |
| Intrepid Potash, Inc. (a) | | 1,690 | 6,676 |
| KMG Chemicals, Inc. | | 122 | 9,152 |
| Koppers Holdings, Inc. (a) | | 371 | 9,924 |
| Kraton Performance Polymers, Inc. (a) | | 520 | 14,321 |
| Kronos Worldwide, Inc. | | 416 | 5,836 |
| LSB Industries, Inc. (a) | | 327 | 2,485 |
| Minerals Technologies, Inc. | | 606 | 33,179 |
| NewMarket Corp. | | 160 | 61,754 |
| Olin Corp. | | 2,862 | 57,812 |
| OMNOVA Solutions, Inc. (a) | | 791 | 5,845 |
| Platform Specialty Products Corp. (a) | | 3,662 | 39,623 |
| PolyOne Corp. | | 1,449 | 46,817 |
| PQ Group Holdings, Inc. (a) | | 496 | 7,961 |
| Quaker Chemical Corp. | | 229 | 41,197 |
| Rayonier Advanced Materials, Inc. | | 748 | 9,260 |
| RPM International, Inc. | | 2,299 | 140,630 |
| Sensient Technologies Corp. | | 770 | 49,942 |
| Stepan Co. | | 331 | 27,337 |
| The Mosaic Co. | | 6,031 | 186,599 |
| The Scotts Miracle-Gro Co. Class A | | 769 | 51,323 |
| Trinseo SA | | 772 | 41,595 |
| Tronox Ltd. Class A | | 1,141 | 13,064 |
| Valvoline, Inc. | | 3,534 | 70,397 |
| Venator Materials PLC (a) | | 322 | 2,177 |
| W.R. Grace & Co. | | 1,211 | 78,461 |
| Westlake Chemical Corp. | | 645 | 45,989 |
| | | | 1,621,800 |
| Construction Materials - 0.1% | | | |
| Eagle Materials, Inc. | | 836 | 61,730 |
| Forterra, Inc. (a) | | 322 | 1,452 |
| Foundation Building Materials, Inc. (a) | | 214 | 2,039 |
| Summit Materials, Inc. | | 1,848 | 24,948 |
| U.S. Concrete, Inc. (a) | | 252 | 8,225 |
| United States Lime & Minerals, Inc. | | 31 | 2,325 |
| | | | 100,719 |
| Containers & Packaging - 1.1% | | | |
| Aptargroup, Inc. | | 1,078 | 109,913 |
| Bemis Co., Inc. | | 1,615 | 73,919 |
| Berry Global Group, Inc. (a) | | 2,213 | 96,531 |
| Crown Holdings, Inc. (a) | | 2,419 | 102,300 |
| Graphic Packaging Holding Co. | | 5,492 | 60,467 |
| Greif, Inc. Class A | | 434 | 20,528 |
| Myers Industries, Inc. | | 387 | 6,138 |
| Owens-Illinois, Inc. (a) | | 2,813 | 44,080 |
| Sealed Air Corp. | | 3,120 | 100,963 |
| Silgan Holdings, Inc. | | 1,290 | 30,999 |
| Sonoco Products Co. | | 1,721 | 93,932 |
| | | | 739,770 |
| Metals & Mining - 1.1% | | | |
| AK Steel Holding Corp. (a)(b) | | 5,386 | 19,928 |
| Alcoa Corp. (a) | | 2,526 | 88,385 |
| Allegheny Technologies, Inc. (a) | | 1,862 | 48,207 |
| Atkore International Group, Inc. (a) | | 355 | 6,837 |
| Carpenter Technology Corp. | | 805 | 35,106 |
| Century Aluminum Co. (a) | | 875 | 6,948 |
| Cleveland-Cliffs, Inc. (b) | | 3,627 | 39,027 |
| Coeur d'Alene Mines Corp. (a) | | 3,206 | 15,325 |
| Commercial Metals Co. | | 2,006 | 38,234 |
| Compass Minerals International, Inc. | | 585 | 28,378 |
| Gold Resource Corp. | | 1,005 | 4,352 |
| Haynes International, Inc. | | 227 | 6,574 |
| Hecla Mining Co. | | 6,657 | 15,977 |
| Kaiser Aluminum Corp. | | 311 | 29,660 |
| Materion Corp. | | 346 | 19,663 |
| McEwen Mining, Inc. (b) | | 3,941 | 7,724 |
| Olympic Steel, Inc. | | 145 | 2,735 |
| Reliance Steel & Aluminum Co. | | 1,249 | 98,571 |
| Royal Gold, Inc. | | 1,128 | 86,439 |
| Ryerson Holding Corp. (a) | | 226 | 2,075 |
| Schnitzer Steel Industries, Inc. Class A | | 456 | 12,266 |
| SunCoke Energy, Inc. | | 1,126 | 12,611 |
| TimkenSteel Corp. (a) | | 680 | 7,908 |
| United States Steel Corp. | | 3,017 | 80,041 |
| Warrior Metropolitan Coal, Inc. | | 287 | 8,036 |
| Worthington Industries, Inc. | | 760 | 31,829 |
| | | | 752,836 |
| Paper & Forest Products - 0.4% | | | |
| Boise Cascade Co. | | 655 | 20,167 |
| Clearwater Paper Corp. (a) | | 298 | 7,194 |
| Domtar Corp. | | 1,079 | 49,968 |
| Kapstone Paper & Packaging Corp. | | 1,512 | 52,920 |
| Louisiana-Pacific Corp. | | 2,460 | 53,554 |
| Mercer International, Inc. (SBI) | | 737 | 11,210 |
| Neenah, Inc. | | 291 | 23,414 |
| P.H. Glatfelter Co. | | 734 | 13,139 |
| Resolute Forest Products | | 1,552 | 17,491 |
| Schweitzer-Mauduit International, Inc. | | 535 | 17,077 |
| Verso Corp. (a) | | 527 | 14,814 |
| | | | 280,948 |
|
| TOTAL MATERIALS | | | 3,496,073 |
|
| REAL ESTATE - 9.8% | | | |
| Equity Real Estate Investment Trusts (REITs) - 9.2% | | | |
| Acadia Realty Trust (SBI) | | 1,412 | 39,310 |
| Agree Realty Corp. | | 443 | 25,371 |
| Alexander & Baldwin, Inc. | | 809 | 15,808 |
| Alexanders, Inc. | | 62 | 19,531 |
| American Assets Trust, Inc. | | 714 | 27,389 |
| American Campus Communities, Inc. | | 2,279 | 90,043 |
| American Homes 4 Rent Class A | | 3,729 | 78,570 |
| Americold Realty Trust | | 809 | 20,023 |
| Apartment Investment & Management Co. Class A | | 2,703 | 116,337 |
| Apple Hospitality (REIT), Inc. | | 2,676 | 43,271 |
| Armada Hoffler Properties, Inc. | | 698 | 10,456 |
| Ashford Hospitality Trust, Inc. | | 1,395 | 7,184 |
| Bluerock Residential Growth (REIT), Inc. | | 402 | 3,807 |
| Braemar Hotels & Resorts, Inc. | | 476 | 5,065 |
| Brandywine Realty Trust (SBI) | | 3,046 | 42,827 |
| Brixmor Property Group, Inc. | | 4,533 | 73,435 |
| Camden Property Trust (SBI) | | 1,507 | 136,037 |
| CareTrust (REIT), Inc. | | 1,107 | 19,550 |
| CatchMark Timber Trust, Inc. | | 658 | 5,823 |
| CBL & Associates Properties, Inc. (b) | | 2,979 | 9,831 |
| Cedar Realty Trust, Inc. | | 1,512 | 5,700 |
| Chatham Lodging Trust | | 694 | 13,533 |
| Chesapeake Lodging Trust | | 1,048 | 30,801 |
| City Office REIT, Inc. | | 486 | 5,356 |
| Colony Capital, Inc. | | 9,590 | 56,293 |
| Columbia Property Trust, Inc. | | 2,145 | 48,155 |
| Community Healthcare Trust, Inc. | | 243 | 7,222 |
| CorEnergy Infrastructure Trust, Inc. | | 184 | 6,648 |
| CorePoint Lodging, Inc. | | 695 | 11,377 |
| CoreSite Realty Corp. | | 586 | 55,002 |
| Corporate Office Properties Trust (SBI) | | 1,643 | 42,455 |
| Corrections Corp. of America | | 2,038 | 45,773 |
| Cousins Properties, Inc. | | 5,922 | 49,212 |
| CubeSmart | | 3,114 | 90,244 |
| CyrusOne, Inc. | | 1,284 | 68,347 |
| DDR Corp. | | 2,681 | 33,325 |
| DiamondRock Hospitality Co. | | 3,400 | 35,530 |
| Douglas Emmett, Inc. | | 2,480 | 89,751 |
| Easterly Government Properties, Inc. | | 411 | 7,468 |
| EastGroup Properties, Inc. | | 570 | 54,600 |
| Empire State Realty Trust, Inc. | | 2,134 | 33,845 |
| EPR Properties | | 1,096 | 75,339 |
| Equity Commonwealth | | 2,149 | 63,997 |
| Equity Lifestyle Properties, Inc. | | 1,377 | 130,388 |
| Farmland Partners, Inc. (b) | | 554 | 3,795 |
| Federal Realty Investment Trust (SBI) | | 1,251 | 155,187 |
| First Industrial Realty Trust, Inc. | | 2,025 | 62,168 |
| Forest City Realty Trust, Inc. Class A | | 3,731 | 93,872 |
| Four Corners Property Trust, Inc. | | 1,031 | 26,888 |
| Franklin Street Properties Corp. | | 1,920 | 13,363 |
| Front Yard Residential Corp. Class B | | 922 | 8,547 |
| Gaming & Leisure Properties | | 3,341 | 112,558 |
| Getty Realty Corp. | | 437 | 11,725 |
| Gladstone Commercial Corp. | | 359 | 6,817 |
| Global Medical REIT, Inc. | | 281 | 2,574 |
| Global Net Lease, Inc. | | 997 | 20,189 |
| Government Properties Income Trust | | 1,211 | 10,693 |
| Healthcare Realty Trust, Inc. | | 1,975 | 55,024 |
| Healthcare Trust of America, Inc. | | 2,454 | 64,442 |
| Hersha Hospitality Trust | | 732 | 12,854 |
| Highwoods Properties, Inc. (SBI) | | 1,729 | 73,725 |
| Hospitality Properties Trust (SBI) | | 2,831 | 72,530 |
| Hudson Pacific Properties, Inc. | | 2,527 | 76,568 |
| Independence Realty Trust, Inc. | | 1,065 | 10,554 |
| Industrial Logistics Properties Trust | | 352 | 7,600 |
| InfraReit, Inc. | | 637 | 13,390 |
| Investors Real Estate Trust | | 2,157 | 11,713 |
| Invitation Homes, Inc. | | 1,325 | 28,991 |
| iStar Financial, Inc. | | 1,248 | 13,104 |
| JBG SMITH Properties | | 1,610 | 60,343 |
| Jernigan Capital, Inc. | | 244 | 4,775 |
| Kilroy Realty Corp. | | 1,683 | 115,925 |
| Kimco Realty Corp. | | 7,356 | 118,358 |
| Kite Realty Group Trust | | 1,468 | 23,253 |
| Lamar Advertising Co. Class A | | 1,427 | 104,628 |
| LaSalle Hotel Properties (SBI) | | 1,950 | 64,370 |
| Lexington Corporate Properties Trust | | 3,743 | 29,083 |
| Liberty Property Trust (SBI) | | 2,539 | 106,308 |
| Life Storage, Inc. | | 804 | 75,705 |
| LTC Properties, Inc. | | 660 | 28,228 |
| Mack-Cali Realty Corp. | | 1,565 | 31,770 |
| MedEquities Realty Trust, Inc. | | 311 | 2,572 |
| Medical Properties Trust, Inc. | | 5,524 | 82,087 |
| Monmouth Real Estate Investment Corp. Class A | | 1,220 | 18,251 |
| National Health Investors, Inc. | | 691 | 50,761 |
| National Retail Properties, Inc. | | 2,534 | 118,465 |
| National Storage Affiliates Trust | | 740 | 19,706 |
| New Senior Investment Group, Inc. | | 1,499 | 8,574 |
| NexPoint Residential Trust, Inc. | | 310 | 11,048 |
| NorthStar Realty Europe Corp. | | 991 | 13,299 |
| Omega Healthcare Investors, Inc. | | 3,366 | 112,256 |
| Outfront Media, Inc. | | 2,365 | 41,908 |
| Paramount Group, Inc. | | 3,015 | 43,084 |
| Park Hotels & Resorts, Inc. | | 1,968 | 57,210 |
| Pebblebrook Hotel Trust (b) | | 1,234 | 41,598 |
| Pennsylvania Real Estate Investment Trust (SBI) (b) | | 1,260 | 11,277 |
| Physicians Realty Trust | | 2,354 | 39,029 |
| Piedmont Office Realty Trust, Inc. Class A | | 2,523 | 45,464 |
| Potlatch Corp. | | 699 | 25,339 |
| Preferred Apartment Communities, Inc. Class A | | 478 | 8,054 |
| PS Business Parks, Inc. | | 339 | 44,273 |
| QTS Realty Trust, Inc. Class A | | 830 | 31,806 |
| Ramco-Gershenson Properties Trust (SBI) | | 1,403 | 18,632 |
| Rayonier, Inc. | | 2,120 | 64,024 |
| Regency Centers Corp. | | 1,799 | 113,985 |
| Retail Opportunity Investments Corp. | | 1,876 | 32,999 |
| Retail Properties America, Inc. | | 4,119 | 50,540 |
| Rexford Industrial Realty, Inc. | | 1,147 | 36,325 |
| RLJ Lodging Trust | | 2,111 | 41,038 |
| Ryman Hospitality Properties, Inc. | | 883 | 68,512 |
| Sabra Health Care REIT, Inc. | | 1,137 | 24,616 |
| Safety Income and Growth, Inc. | | 154 | 2,769 |
| Saul Centers, Inc. | | 211 | 10,077 |
| Select Income REIT | | 1,091 | 20,631 |
| Senior Housing Properties Trust (SBI) | | 4,121 | 66,224 |
| Seritage Growth Properties (b) | | 419 | 15,930 |
| Spirit MTA REIT | | 859 | 9,200 |
| Spirit Realty Capital, Inc. | | 8,379 | 65,524 |
| Stag Industrial, Inc. | | 1,309 | 34,636 |
| Store Capital Corp. | | 2,683 | 77,887 |
| Summit Hotel Properties, Inc. | | 1,479 | 17,038 |
| Sun Communities, Inc. | | 1,144 | 114,938 |
| Sunstone Hotel Investors, Inc. | | 3,748 | 54,234 |
| Tanger Factory Outlet Centers, Inc. | | 1,655 | 36,840 |
| Taubman Centers, Inc. | | 1,048 | 57,650 |
| Terreno Realty Corp. | | 813 | 30,431 |
| The GEO Group, Inc. | | 1,918 | 42,407 |
| The Macerich Co. | | 2,086 | 107,679 |
| TIER REIT, Inc. | | 822 | 17,813 |
| UDR, Inc. | | 4,612 | 180,744 |
| UMH Properties, Inc. | | 504 | 7,222 |
| Uniti Group, Inc. | | 2,429 | 46,491 |
| Universal Health Realty Income Trust (SBI) | | 218 | 13,974 |
| Urban Edge Properties | | 1,549 | 31,739 |
| Urstadt Biddle Properties, Inc. Class A | | 531 | 10,572 |
| VEREIT, Inc. | | 16,839 | 123,430 |
| Washington Prime Group, Inc. | | 3,106 | 19,878 |
| Washington REIT (SBI) | | 1,272 | 35,451 |
| Weingarten Realty Investors (SBI) | | 2,012 | 56,577 |
| Whitestone REIT Class B | | 553 | 7,443 |
| WP Carey, Inc. | | 1,828 | 120,666 |
| Xenia Hotels & Resorts, Inc. | | 1,820 | 37,401 |
| | | | 6,331,874 |
| Real Estate Management & Development - 0.6% | | | |
| Altisource Portfolio Solutions SA (a)(b) | | 224 | 5,652 |
| Colony NorthStar Credit Real Estate, Inc. | | 1,447 | 30,879 |
| Forestar Group, Inc. (a) | | 472 | 8,496 |
| HFF, Inc. | | 601 | 22,087 |
| Howard Hughes Corp. (a) | | 619 | 69,031 |
| Jones Lang LaSalle, Inc. | | 782 | 103,427 |
| Kennedy-Wilson Holdings, Inc. | | 1,577 | 29,931 |
| Marcus & Millichap, Inc. (a) | | 239 | 8,298 |
| Newmark Group, Inc. | | 1,990 | 19,383 |
| RE/MAX Holdings, Inc. | | 319 | 11,927 |
| Realogy Holdings Corp. (b) | | 2,477 | 47,236 |
| Retail Value, Inc. (a) | | 267 | 7,479 |
| Tejon Ranch Co. (a) | | 282 | 5,358 |
| The St. Joe Co. (a) | | 1,294 | 19,656 |
| | | | 388,840 |
|
| TOTAL REAL ESTATE | | | 6,720,714 |
|
| UTILITIES - 4.7% | | | |
| Electric Utilities - 1.7% | | | |
| Allete, Inc. | | 856 | 63,344 |
| Alliant Energy Corp. | | 3,983 | 171,189 |
| El Paso Electric Co. | | 690 | 39,365 |
| Evergy, Inc. | | 2,439 | 136,560 |
| Hawaiian Electric Industries, Inc. | | 1,866 | 69,602 |
| IDACORP, Inc. | | 869 | 81,043 |
| MGE Energy, Inc. | | 605 | 37,800 |
| OGE Energy Corp. | | 3,440 | 124,356 |
| Otter Tail Corp. | | 675 | 30,422 |
| Pinnacle West Capital Corp. | | 1,927 | 158,496 |
| PNM Resources, Inc. | | 1,380 | 53,006 |
| Portland General Electric Co. | | 1,537 | 69,288 |
| Spark Energy, Inc. Class A, | | 202 | 1,507 |
| Vistra Energy Corp. (a) | | 4,876 | 110,344 |
| | | | 1,146,322 |
| Gas Utilities - 1.1% | | | |
| Atmos Energy Corp. | | 1,790 | 166,613 |
| Chesapeake Utilities Corp. | | 280 | 22,246 |
| National Fuel Gas Co. | | 1,466 | 79,589 |
| New Jersey Resources Corp. | | 1,488 | 67,109 |
| Northwest Natural Holding Co. | | 496 | 32,136 |
| ONE Gas, Inc. | | 900 | 71,019 |
| South Jersey Industries, Inc. (b) | | 1,372 | 40,529 |
| Southwest Gas Holdings, Inc. | | 820 | 63,361 |
| Spire, Inc. | | 787 | 57,120 |
| UGI Corp. | | 2,975 | 157,854 |
| | | | 757,576 |
| Independent Power and Renewable Electricity Producers - 0.7% | | | |
| NRG Energy, Inc. | | 5,447 | 197,127 |
| NRG Yield, Inc.: | | | |
| Class A | | 677 | 13,147 |
| Class C | | 985 | 19,316 |
| Ormat Technologies, Inc. | | 611 | 31,265 |
| Pattern Energy Group, Inc. (b) | | 1,148 | 20,572 |
| Terraform Power, Inc. | | 1,265 | 14,257 |
| The AES Corp. | | 11,382 | 165,950 |
| | | | 461,634 |
| Multi-Utilities - 0.9% | | | |
| Avangrid, Inc. | | 952 | 44,754 |
| Avista Corp. | | 1,099 | 56,511 |
| Black Hills Corp. | | 925 | 55,038 |
| MDU Resources Group, Inc. | | 3,372 | 84,165 |
| NiSource, Inc. | | 5,577 | 141,433 |
| NorthWestern Energy Corp. | | 826 | 48,536 |
| SCANA Corp. | | 2,465 | 98,723 |
| Unitil Corp. | | 255 | 12,115 |
| Vectren Corp. | | 1,408 | 100,714 |
| | | | 641,989 |
| Water Utilities - 0.3% | | | |
| American States Water Co. | | 635 | 38,875 |
| Aqua America, Inc. | | 3,055 | 99,379 |
| AquaVenture Holdings Ltd. (a) | | 98 | 1,642 |
| Cadiz, Inc. (a) | | 414 | 4,604 |
| California Water Service Group | | 836 | 35,112 |
| Connecticut Water Service, Inc. | | 187 | 12,925 |
| Middlesex Water Co. | | 294 | 13,230 |
| Select Energy Services, Inc. Class A (a) | | 297 | 2,839 |
| SJW Corp. | | 269 | 16,336 |
| | | | 224,942 |
|
| TOTAL UTILITIES | | | 3,232,463 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $72,679,977) | | | 68,388,590 |
|
| Money Market Funds - 5.6% | | | |
| Fidelity Cash Central Fund, 2.23% (c) | | 1,671,301 | 1,671,636 |
| Fidelity Securities Lending Cash Central Fund 2.23% (c)(d) | | 2,145,820 | 2,146,035 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $3,817,671) | | | 3,817,671 |
| TOTAL INVESTMENT IN SECURITIES - 105.3% | | | |
| (Cost $76,497,648) | | | 72,206,261 |
| NET OTHER ASSETS (LIABILITIES) - (5.3)% | | | (3,616,911) |
| NET ASSETS - 100% | | | $68,589,350 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| CME E-mini Russell 2000 Index Contracts (United States) | 3 | Dec. 2018 | $226,785 | $3,300 | $3,300 |
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $4,628 |
| Fidelity Securities Lending Cash Central Fund | 686 |
| Total | $5,314 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $2,527,695 | $2,527,695 | $-- | $-- |
| Consumer Discretionary | 9,361,291 | 9,361,291 | -- | -- |
| Consumer Staples | 2,248,758 | 2,248,758 | -- | -- |
| Energy | 2,778,899 | 2,778,899 | -- | -- |
| Financials | 10,285,313 | 10,285,313 | -- | -- |
| Health Care | 7,764,988 | 7,764,988 | -- | -- |
| Industrials | 10,224,395 | 10,224,395 | -- | -- |
| Information Technology | 9,748,001 | 9,748,001 | -- | -- |
| Materials | 3,496,073 | 3,496,073 | -- | -- |
| Real Estate | 6,720,714 | 6,720,714 | -- | -- |
| Utilities | 3,232,463 | 3,232,463 | -- | -- |
| Money Market Funds | 3,817,671 | 3,817,671 | -- | -- |
| Total Investments in Securities: | $72,206,261 | $72,206,261 | $-- | $-- |
| Derivative Instruments: | | | | |
| Assets | | | | |
| Futures Contracts | $3,300 | $3,300 | $-- | $-- |
| Total Assets | $3,300 | $3,300 | $-- | $-- |
| Total Derivative Instruments: | $3,300 | $3,300 | $-- | $-- |
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, 2018. 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) | $3,300 | $0 |
| Total Equity Risk | 3,300 | 0 |
| Total Value of Derivatives | $3,300 | $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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Fidelity ZERO℠ Extended Market Index Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $2,090,266) — See accompanying schedule:
Unaffiliated issuers (cost $72,679,977) | $68,388,590 | |
| Fidelity Central Funds (cost $3,817,671) | 3,817,671 | |
| Total Investment in Securities (cost $76,497,648) | | $72,206,261 |
| Segregated cash with brokers for derivative instruments | | 7,100 |
| Foreign currency held at value (cost $87) | | 87 |
| Receivable for investments sold | | 119,597 |
| Receivable for fund shares sold | | 1,905,521 |
| Dividends receivable | | 28,480 |
| Distributions receivable from Fidelity Central Funds | | 3,331 |
| Total assets | | 74,270,377 |
| Liabilities | | |
| Payable to custodian bank | $112,760 | |
| Payable for investments purchased | 3,405,853 | |
| Payable for fund shares redeemed | 16,342 | |
| Payable for daily variation margin on futures contracts | 37 | |
| Collateral on securities loaned | 2,146,035 | |
| Total liabilities | | 5,681,027 |
| Net Assets | | $68,589,350 |
| Net Assets consist of: | | |
| Paid in capital | | $72,824,145 |
| Total distributable earnings (loss) | | (4,234,795) |
| Net Assets, for 7,633,382 shares outstanding | | $68,589,350 |
| Net Asset Value, offering price and redemption price per share ($68,589,350 ÷ 7,633,382 shares) | | $8.99 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
September 13, 2018 (commencement of operations) to
October 31, 2018 |
| Investment Income | | |
| Dividends | | $61,045 |
| Income from Fidelity Central Funds | | 5,314 |
| Total income | | 66,359 |
| Expenses | | |
| Independent trustees' fees and expenses | $5 | |
| Total expenses | | 5 |
| Net investment income (loss) | | 66,354 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (1,025) | |
| Foreign currency transactions | 7 | |
| Futures contracts | (10,642) | |
| Total net realized gain (loss) | | (11,660) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (4,291,387) | |
| Assets and liabilities in foreign currencies | 1 | |
| Futures contracts | 3,300 | |
| Total change in net unrealized appreciation (depreciation) | | (4,288,086) |
| Net gain (loss) | | (4,299,746) |
| Net increase (decrease) in net assets resulting from operations | | $(4,233,392) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
September 13, 2018 (commencement of operations) to
October 31, 2018 |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $66,354 |
| Net realized gain (loss) | (11,660) |
| Change in net unrealized appreciation (depreciation) | (4,288,086) |
| Net increase (decrease) in net assets resulting from operations | (4,233,392) |
| Share transactions | |
| Proceeds from sales of shares | 75,495,917 |
| Cost of shares redeemed | (2,673,175) |
| Net increase (decrease) in net assets resulting from share transactions | 72,822,742 |
| Total increase (decrease) in net assets | 68,589,350 |
| Net Assets | |
| Beginning of period | – |
| End of period | $68,589,350 |
| Other Information | |
| Shares | |
| Sold | 7,909,281 |
| Redeemed | (275,899) |
| Net increase (decrease) | 7,633,382 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity ZERO Extended Market Index Fund
| | |
| Year ended October 31, | 2018 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | (1.03) |
| Total from investment operations | (1.01) |
| Net asset value, end of period | $8.99 |
| Total ReturnC | (10.10)% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductionsF | - %G |
| Expenses net of fee waivers, if anyF | - %G |
| Expenses net of all reductionsF | - %G |
| Net investment income (loss) | 1.31%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $68,589 |
| Portfolio turnover rateH | 0%I,J |
A For the period September 13, 2018 (commencement of operations) to October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than .005%.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Amount not annualized.
J Amount represents less than 1%.
See accompanying notes which are an integral part of the financial statements.
Fidelity ZERO℠ International Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 1.2 |
| Novartis AG (Switzerland, Pharmaceuticals) | 1.1 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 1.0 |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 0.9 |
| Toyota Motor Corp. (Japan, Automobiles) | 0.8 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 0.8 |
| HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) | 0.8 |
| Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 0.8 |
| Total SA (France, Oil, Gas & Consumable Fuels) | 0.7 |
| Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) | 0.7 |
| | 8.8 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Financials | 22.8 |
| Industrials | 11.5 |
| Consumer Discretionary | 10.4 |
| Consumer Staples | 9.1 |
| Health Care | 8.1 |
| Information Technology | 8.1 |
| Materials | 7.6 |
| Communication Services | 7.1 |
| Energy | 7.0 |
| Real Estate | 2.6 |
Geographic Diversification (% of fund's net assets)
| As of October 31, 2018 |
| | Japan | 19.0% |
| | United Kingdom | 10.2% |
| | Canada | 6.7% |
| | France | 6.0% |
| | Switzerland | 5.5% |
| | Germany | 5.4% |
| | Australia | 4.4% |
| | Korea (South) | 3.7% |
| | Cayman Islands | 3.4% |
| | Other* | 35.7% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation (% of fund's net assets)
| As of October 31, 2018 |
| | Stocks and Equity Futures | 100.1% |
| | Short-Term Investments and Net Other Assets (Liabilities)* | (0.1)% |
* Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart
Fidelity ZERO℠ International Index Fund
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 96.1% | | | |
| | | Shares | Value |
| Australia - 4.4% | | | |
| AGL Energy Ltd. | | 12,708 | $161,985 |
| ALS Ltd. | | 10,132 | 58,548 |
| Alumina Ltd. | | 44,695 | 80,709 |
| Amcor Ltd. | | 21,574 | 203,192 |
| AMP Ltd. | | 56,242 | 98,375 |
| Ansell Ltd. | | 3,136 | 51,477 |
| APA Group unit | | 20,832 | 141,621 |
| Aristocrat Leisure Ltd. | | 11,186 | 209,916 |
| Atlas Arteria Ltd. unit | | 11,539 | 55,810 |
| Australia & New Zealand Banking Group Ltd. | | 54,485 | 1,000,472 |
| Bank of Queensland Ltd. | | 8,529 | 58,284 |
| Bendigo & Adelaide Bank Ltd. | | 9,630 | 69,763 |
| BHP Billiton Ltd. | | 59,486 | 1,372,559 |
| BlueScope Steel Ltd. | | 10,799 | 109,892 |
| Boral Ltd. | | 22,650 | 89,982 |
| Brambles Ltd. | | 29,640 | 222,909 |
| Caltex Australia Ltd. | | 5,004 | 100,142 |
| Carsales.com Ltd. | | 5,095 | 44,018 |
| Challenger Ltd. | | 10,932 | 79,428 |
| Cimic Group Ltd. | | 1,555 | 52,074 |
| Coca-Cola Amatil Ltd. | | 10,272 | 72,087 |
| Cochlear Ltd. | | 1,081 | 135,939 |
| Commonwealth Bank of Australia | | 31,927 | 1,565,228 |
| Computershare Ltd. | | 9,382 | 131,349 |
| Crown Ltd. | | 6,143 | 54,421 |
| CSL Ltd. | | 8,540 | 1,136,949 |
| DEXUS Property Group unit | | 18,218 | 131,591 |
| Dominos Pizza Enterprises Ltd. | | 1,263 | 48,306 |
| Downer EDI Ltd. | | 7,446 | 36,488 |
| Evolution Mining Ltd. | | 26,934 | 56,838 |
| Flight Centre Travel Group Ltd. | | 809 | 26,582 |
| Fortescue Metals Group Ltd. | | 32,927 | 93,269 |
| Goodman Group unit | | 29,570 | 217,357 |
| Healthscope Ltd. | | 33,348 | 49,828 |
| Iluka Resources Ltd. | | 8,973 | 51,215 |
| Incitec Pivot Ltd. | | 31,655 | 87,424 |
| Insurance Australia Group Ltd. | | 43,268 | 209,273 |
| IOOF Holdings Ltd. | | 5,254 | 25,337 |
| JB Hi-Fi Ltd. | | 2,123 | 34,578 |
| Lendlease Group unit | | 10,901 | 135,864 |
| Link Administration Holdings Ltd. | | 5,677 | 30,151 |
| Macquarie Group Ltd. | | 6,326 | 525,028 |
| Medibank Private Ltd. | | 53,004 | 104,722 |
| Metcash Ltd. | | 14,796 | 28,814 |
| Mineral Resources Ltd. | | 2,600 | 26,237 |
| Mirvac Group unit | | 72,278 | 111,069 |
| National Australia Bank Ltd. | | 49,105 | 879,447 |
| Newcrest Mining Ltd. | | 14,232 | 207,716 |
| NIB Holdings Ltd. | | 8,402 | 32,962 |
| Northern Star Resources Ltd. | | 11,958 | 74,350 |
| Orica Ltd. | | 6,169 | 74,965 |
| Origin Energy Ltd. (a) | | 33,089 | 170,819 |
| Orora Ltd. | | 23,878 | 56,815 |
| Qantas Airways Ltd. | | 38,199 | 147,967 |
| QBE Insurance Group Ltd. | | 25,757 | 206,475 |
| Qube Holdings Ltd. | | 19,070 | 33,086 |
| Ramsay Health Care Ltd. | | 2,469 | 98,296 |
| realestate.com.au Ltd. | | 912 | 46,255 |
| Rio Tinto Ltd. | | 7,846 | 424,489 |
| Santos Ltd. | | 35,078 | 164,941 |
| Scentre Group unit | | 98,245 | 276,897 |
| SEEK Ltd. | | 6,705 | 84,802 |
| Sonic Healthcare Ltd. | | 8,011 | 127,926 |
| South32 Ltd. | | 100,096 | 256,596 |
| SP AusNet | | 32,272 | 39,079 |
| Spark Infrastructure Group unit | | 34,572 | 56,309 |
| Stockland Corp. Ltd. unit | | 45,831 | 117,163 |
| Suncorp Group Ltd. | | 23,951 | 237,622 |
| Sydney Airport unit | | 42,821 | 195,285 |
| Tabcorp Holdings Ltd. | | 12,853 | 42,051 |
| Telstra Corp. Ltd. | | 231,296 | 504,480 |
| The GPT Group unit | | 33,651 | 122,963 |
| The Star Entertainment Group Ltd. | | 16,355 | 54,898 |
| Transurban Group unit | | 37,385 | 300,217 |
| Treasury Wine Estates Ltd. | | 14,146 | 151,464 |
| Vicinity Centres unit | | 61,876 | 116,116 |
| Wesfarmers Ltd. | | 20,789 | 686,327 |
| Westpac Banking Corp. | | 62,183 | 1,181,211 |
| Whitehaven Coal Ltd. | | 14,072 | 48,331 |
| Woodside Petroleum Ltd. | | 13,383 | 330,279 |
| Woolworths Group Ltd. | | 23,418 | 471,468 |
| WorleyParsons Ltd. | | 6,529 | 67,457 |
|
| TOTAL AUSTRALIA | | | 17,474,624 |
|
| Austria - 0.2% | | | |
| ams AG | | 1,189 | 46,254 |
| Andritz AG | | 1,349 | 69,919 |
| BAWAG Group AG | | 617 | 26,654 |
| BUWOG AG | | 1,060 | 36,018 |
| CA Immobilien Anlagen AG | | 1,569 | 51,075 |
| Erste Group Bank AG | | 5,732 | 233,725 |
| IMMOFINANZ Immobilien Anlagen AG | | 1,321 | 31,511 |
| Lenzing AG | | 84 | 7,626 |
| Oesterreichische Post AG | | 715 | 29,057 |
| OMV AG | | 2,660 | 148,021 |
| Osterreichische Elektrizitatswirtschafts AG | | 2,407 | 97,056 |
| Raiffeisen International Bank-Holding AG | | 2,264 | 61,800 |
| UNIQA Insurance Group AG | | 1,141 | 10,662 |
| Voestalpine AG | | 2,126 | 75,588 |
| Wienerberger AG | | 2,066 | 47,550 |
|
| TOTAL AUSTRIA | | | 972,516 |
|
| Bailiwick of Jersey - 0.8% | | | |
| Experian PLC | | 17,718 | 407,500 |
| Ferguson PLC | | 4,518 | 305,088 |
| Glencore Xstrata PLC | | 225,979 | 920,987 |
| Polymetal International PLC | | 4,026 | 37,268 |
| Randgold Resources Ltd. | | 1,777 | 139,768 |
| Shire PLC | | 16,847 | 1,016,732 |
| WPP PLC | | 24,964 | 282,486 |
|
| TOTAL BAILIWICK OF JERSEY | | | 3,109,829 |
|
| Belgium - 0.8% | | | |
| Ackermans & Van Haaren SA | | 373 | 58,767 |
| Ageas | | 3,785 | 189,532 |
| Anheuser-Busch InBev SA NV | | 16,185 | 1,197,065 |
| Bpost SA | | 1,601 | 24,317 |
| Cofinimmo SA | | 416 | 49,804 |
| Colruyt NV | | 1,195 | 69,462 |
| Galapagos Genomics NV (a) | | 874 | 89,793 |
| Groupe Bruxelles Lambert SA | | 1,460 | 135,899 |
| KBC Ancora | | 638 | 29,512 |
| KBC Groep NV | | 6,370 | 439,392 |
| Proximus | | 2,784 | 71,107 |
| Sofina SA | | 289 | 55,320 |
| Solvay SA Class A | | 1,421 | 161,996 |
| Telenet Group Holding NV | | 983 | 47,742 |
| UCB SA | | 2,577 | 216,519 |
| Umicore SA | | 3,638 | 171,375 |
|
| TOTAL BELGIUM | | | 3,007,602 |
|
| Bermuda - 0.5% | | | |
| Beijing Enterprises Water Group Ltd. | | 94,000 | 47,827 |
| Brilliance China Automotive Holdings Ltd. | | 56,000 | 48,845 |
| Cheung Kong Infrastructure Holdings Ltd. | | 14,000 | 102,296 |
| China Gas Holdings Ltd. | | 44,000 | 139,149 |
| China Resource Gas Group Ltd. | | 16,000 | 61,209 |
| Credicorp Ltd. (United States) | | 1,243 | 280,558 |
| Dairy Farm International Holdings Ltd. | | 5,800 | 52,374 |
| GasLog Ltd. | | 871 | 17,821 |
| Golar LNG Ltd. | | 1,980 | 53,024 |
| Haier Electronics Group Co. Ltd. | | 24,000 | 50,130 |
| Hiscox Ltd. | | 5,787 | 120,422 |
| Hongkong Land Holdings Ltd. | | 21,396 | 126,664 |
| Jardine Matheson Holdings Ltd. | | 5,106 | 294,667 |
| Jardine Strategic Holdings Ltd. | | 3,400 | 113,900 |
| Kerry Properties Ltd. | | 8,500 | 26,718 |
| Kingston Financial Group Ltd. | | 32,000 | 7,386 |
| Kunlun Energy Co. Ltd. | | 56,000 | 63,556 |
| Landing International Development Ltd. (a) | | 6,000 | 1,247 |
| Li & Fung Ltd. | | 112,000 | 22,137 |
| Nine Dragons Paper (Holdings) Ltd. | | 33,000 | 31,477 |
| NWS Holdings Ltd. | | 30,000 | 59,373 |
| Shangri-La Asia Ltd. | | 26,000 | 35,476 |
| Vtech Holdings Ltd. | | 3,400 | 39,888 |
| Yue Yuen Industrial (Holdings) Ltd. | | 12,000 | 32,823 |
|
| TOTAL BERMUDA | | | 1,828,967 |
|
| Brazil - 1.0% | | | |
| Ambev SA | | 82,100 | 360,477 |
| Banco Bradesco SA | | 24,900 | 202,398 |
| Banco do Brasil SA | | 21,200 | 243,531 |
| BB Seguridade Participacoes SA | | 12,800 | 91,077 |
| BM&F BOVESPA SA | | 33,900 | 241,759 |
| BR Malls Participacoes SA | | 10,300 | 35,150 |
| Brasil Foods SA (a) | | 9,900 | 58,259 |
| CCR SA | | 16,700 | 49,227 |
| Centrais Eletricas Brasileiras SA (Electrobras) (a) | | 8,300 | 52,412 |
| Cielo SA | | 21,200 | 75,195 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 6,600 | 49,569 |
| Companhia Siderurgica Nacional SA (CSN) | | 10,300 | 26,487 |
| Cosan SA Industria e Comercio | | 3,200 | 27,731 |
| CVC Brasil Operadora e Agencia de Viagens SA | | 2,400 | 36,501 |
| Drogasil SA | | 3,600 | 60,769 |
| Embraer SA | | 10,900 | 61,302 |
| ENGIE Brasil Energia SA | | 2,900 | 31,014 |
| Equatorial Energia SA | | 3,800 | 69,424 |
| Estacio Participacoes SA | | 5,700 | 35,427 |
| Fibria Celulose SA | | 4,100 | 79,158 |
| Hypermarcas SA | | 6,400 | 51,214 |
| IRB Brasil Resseguros SA | | 2,400 | 46,730 |
| JBS SA | | 16,300 | 44,895 |
| Klabin SA unit | | 13,300 | 66,723 |
| Kroton Educacional SA | | 27,000 | 82,854 |
| Localiza Rent A Car SA | | 9,300 | 71,846 |
| Lojas Renner SA | | 13,500 | 136,397 |
| M. Dias Branco SA | | 2,500 | 29,874 |
| Multiplan Empreendimentos Imobiliarios SA | | 8,100 | 50,060 |
| Natura Cosmeticos SA | | 3,500 | 30,650 |
| Petrobras Distribuidora SA | | 4,900 | 31,574 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 50,500 | 411,436 |
| Qualicorp SA | | 2,200 | 8,513 |
| Rumo SA (a) | | 20,300 | 90,822 |
| Sul America SA unit | | 3,900 | 25,990 |
| Suzano Papel e Celulose SA | | 7,600 | 77,297 |
| Terna Participacoes SA unit | | 6,000 | 35,889 |
| TIM Participacoes SA | | 14,300 | 44,535 |
| Ultrapar Participacoes SA | | 8,200 | 97,501 |
| Vale SA | | 21,900 | 333,723 |
| Weg SA | | 18,900 | 91,415 |
|
| TOTAL BRAZIL | | | 3,746,805 |
|
| British Virgin Islands - 0.0% | | | |
| Mail.Ru Group Ltd. GDR (Reg. S) (a) | | 2,097 | 55,864 |
| Canada - 6.5% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 4,307 | 152,133 |
| Air Canada (a) | | 5,704 | 108,235 |
| Algonquin Power & Utilities Corp. | | 7,704 | 76,897 |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 7,821 | 373,509 |
| AltaGas Ltd. | | 3,602 | 45,283 |
| ARC Resources Ltd. | | 7,232 | 67,351 |
| ATCO Ltd. Class I (non-vtg.) | | 1,696 | 49,445 |
| B2Gold Corp. (a) | | 17,674 | 43,633 |
| Bank of Montreal | | 11,787 | 881,305 |
| Bank of Nova Scotia | | 22,261 | 1,194,682 |
| Barrick Gold Corp. | | 21,955 | 275,011 |
| Bausch Health Cos., Inc. (Canada) (a) | | 5,761 | 131,812 |
| BCE, Inc. | | 16,216 | 627,601 |
| BlackBerry Ltd. (a) | | 9,520 | 87,864 |
| Bombardier, Inc. Class B (sub. vtg.) (a) | | 37,270 | 90,312 |
| Brookfield Asset Management, Inc. Class A | | 16,169 | 659,804 |
| CAE, Inc. | | 4,894 | 86,322 |
| Cameco Corp. | | 7,604 | 81,444 |
| Canadian Imperial Bank of Commerce | | 7,098 | 612,937 |
| Canadian National Railway Co. | | 14,250 | 1,218,197 |
| Canadian Natural Resources Ltd. | | 20,584 | 564,772 |
| Canadian Pacific Railway Ltd. | | 2,731 | 560,058 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 1,304 | 146,739 |
| Canadian Utilities Ltd. Class A (non-vtg.) | | 2,552 | 60,541 |
| Canadian Western Bank, Edmonton | | 2,016 | 46,891 |
| CCL Industries, Inc. Class B | | 2,716 | 114,256 |
| Cenovus Energy, Inc. (Canada) | | 15,731 | 133,118 |
| CGI Group, Inc. Class A (sub. vtg.) (a) | | 5,105 | 315,269 |
| CI Financial Corp. | | 5,729 | 84,731 |
| Constellation Software, Inc. | | 369 | 253,954 |
| Crescent Point Energy Corp. | | 10,819 | 51,118 |
| Dollarama, Inc. | | 6,076 | 168,048 |
| Element Financial Corp. | | 7,859 | 46,266 |
| Emera, Inc. | | 3,896 | 120,214 |
| Empire Co. Ltd. Class A (non-vtg.) | | 3,551 | 64,603 |
| Enbridge Income Fund Holdings, Inc. | | 1,838 | 42,542 |
| Enbridge, Inc. | | 16,602 | 517,311 |
| Encana Corp. | | 18,934 | 193,302 |
| Enerplus Corp. | | 4,144 | 38,561 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 459 | 223,041 |
| Finning International, Inc. | | 3,568 | 74,100 |
| First Capital Realty, Inc. | | 2,286 | 34,105 |
| First Quantum Minerals Ltd. | | 13,131 | 131,066 |
| Fortis, Inc. | | 7,462 | 246,570 |
| Franco-Nevada Corp. | | 3,368 | 210,351 |
| George Weston Ltd. | | 814 | 59,205 |
| Gildan Activewear, Inc. | | 4,352 | 130,086 |
| Goldcorp, Inc. | | 16,260 | 146,858 |
| Great-West Lifeco, Inc. | | 5,261 | 120,730 |
| H&R (REIT) unit | | 5,737 | 86,766 |
| Husky Energy, Inc. | | 5,822 | 82,303 |
| Hydro One Ltd. (b) | | 2,805 | 40,803 |
| IAMGOLD Corp. (a) | | 8,970 | 30,798 |
| IGM Financial, Inc. | | 1,417 | 34,799 |
| Imperial Oil Ltd. | | 4,841 | 151,211 |
| Industrial Alliance Insurance and Financial Services, Inc. | | 2,203 | 77,882 |
| Intact Financial Corp. | | 2,587 | 204,394 |
| Inter Pipeline Ltd. | | 6,976 | 113,136 |
| Keyera Corp. | | 3,907 | 97,345 |
| Kinross Gold Corp. (a) | | 24,917 | 64,732 |
| Kirkland Lake Gold Ltd. | | 3,276 | 64,278 |
| Linamar Corp. | | 736 | 30,475 |
| Loblaw Companies Ltd. | | 4,005 | 200,303 |
| Lundin Mining Corp. | | 13,508 | 55,512 |
| Magna International, Inc. Class A (sub. vtg.) | | 6,925 | 340,924 |
| Manulife Financial Corp. | | 36,975 | 582,241 |
| Maxar Technologies Ltd. | | 413 | 6,174 |
| Methanex Corp. | | 1,846 | 119,542 |
| Metro, Inc. Class A (sub. vtg.) | | 4,550 | 142,778 |
| National Bank of Canada | | 6,173 | 280,222 |
| Nfi Group, Inc. | | 1,063 | 35,860 |
| Nutrien Ltd. | | 12,028 | 636,736 |
| Onex Corp. (sub. vtg.) | | 1,706 | 112,161 |
| Open Text Corp. | | 4,934 | 166,559 |
| Pan American Silver Corp. | | 2,557 | 37,537 |
| Parex Resources, Inc. (a) | | 3,225 | 46,962 |
| Parkland Fuel Corp. | | 1,941 | 65,184 |
| Pembina Pipeline Corp. | | 7,273 | 235,242 |
| Power Corp. of Canada (sub. vtg.) | | 6,990 | 144,319 |
| Power Financial Corp. | | 4,630 | 99,708 |
| PrairieSky Royalty Ltd. | | 4,294 | 65,236 |
| Quebecor, Inc. Class B (sub. vtg.) | | 3,640 | 71,393 |
| Restaurant Brands International, Inc. | | 4,425 | 242,418 |
| RioCan (REIT) | | 6,890 | 125,611 |
| Ritchie Brothers Auctioneers, Inc. | | 2,239 | 75,311 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 6,680 | 343,984 |
| Royal Bank of Canada | | 27,278 | 1,987,547 |
| Saputo, Inc. | | 4,098 | 124,859 |
| Seven Generations Energy Ltd. (a) | | 5,226 | 56,013 |
| Shaw Communications, Inc. Class B | | 8,134 | 151,441 |
| Shopify, Inc. Class A (a) | | 1,245 | 171,999 |
| SNC-Lavalin Group, Inc. | | 2,858 | 102,037 |
| Stantec, Inc. | | 2,367 | 61,600 |
| Sun Life Financial, Inc. | | 11,410 | 417,848 |
| Suncor Energy, Inc. | | 31,068 | 1,042,169 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 8,796 | 181,806 |
| TELUS Corp. | | 11,187 | 383,083 |
| The Stars Group, Inc. (a) | | 2,582 | 53,701 |
| The Toronto-Dominion Bank | | 34,066 | 1,889,810 |
| Thomson Reuters Corp. | | 5,445 | 253,420 |
| Toromont Industries Ltd. | | 1,606 | 75,612 |
| Tourmaline Oil Corp. | | 5,182 | 75,578 |
| TransCanada Corp. | | 16,002 | 603,395 |
| Turquoise Hill Resources Ltd. (a) | | 15,851 | 26,730 |
| Vermilion Energy, Inc. | | 2,647 | 70,194 |
| Waste Connection, Inc. (Canada) | | 4,903 | 374,825 |
| West Fraser Timber Co. Ltd. | | 1,437 | 72,197 |
| Wheaton Precious Metals Corp. | | 8,617 | 141,648 |
| Whitecap Resources, Inc. | | 7,290 | 35,662 |
| WSP Global, Inc. | | 1,329 | 66,347 |
| Yamana Gold, Inc. | | 15,279 | 34,703 |
|
| TOTAL CANADA | | | 25,527,246 |
|
| Cayman Islands - 3.4% | | | |
| 3SBio, Inc. (b) | | 17,000 | 24,670 |
| 58.com, Inc. ADR (a) | | 1,706 | 111,897 |
| AAC Technology Holdings, Inc. | | 14,500 | 110,450 |
| Agile Property Holdings Ltd. | | 26,000 | 29,641 |
| Airtac International Group | | 2,000 | 17,215 |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 20,313 | 2,890,134 |
| Anta Sports Products Ltd. | | 16,000 | 65,698 |
| ASM Pacific Technology Ltd. | | 4,100 | 35,396 |
| Autohome, Inc. ADR Class A | | 1,012 | 73,249 |
| Baidu.com, Inc. sponsored ADR (a) | | 5,035 | 956,952 |
| BeiGene Ltd. ADR (a) | | 801 | 100,878 |
| BizLink Holding, Inc. | | 1,000 | 5,329 |
| Chailease Holding Co. Ltd. | | 23,000 | 65,522 |
| Cheung Kong Property Holdings Ltd. | | 52,500 | 340,763 |
| China Conch Venture Holdings Ltd. | | 34,000 | 95,384 |
| China Literature Ltd. (a)(b) | | 4,400 | 23,762 |
| China Medical System Holdings Ltd. | | 24,000 | 28,554 |
| China Mengniu Dairy Co. Ltd. | | 51,000 | 150,230 |
| China Resources Land Ltd. | | 52,000 | 176,385 |
| China State Construction International Holdings Ltd. | | 24,000 | 17,108 |
| CIFI Holdings Group Co. Ltd. | | 74,000 | 30,951 |
| CK Hutchison Holdings Ltd. | | 50,500 | 508,416 |
| Country Garden Holdings Co. Ltd. | | 149,000 | 159,413 |
| Country Garden Services Holdings Co. Ltd. (a) | | 10,000 | 12,905 |
| Ctrip.com International Ltd. ADR (a) | | 7,102 | 236,355 |
| ENN Energy Holdings Ltd. | | 14,400 | 122,388 |
| Evergrande Real Estate Group Ltd. | | 68,000 | 162,154 |
| FIH Mobile Ltd. (a) | | 11,000 | 1,024 |
| Fullshare Holdings Ltd. | | 132,500 | 51,534 |
| GCL-Poly Energy Holdings Ltd. (a) | | 152,000 | 9,013 |
| Geely Automobile Holdings Ltd. | | 96,000 | 183,628 |
| General Interface Solution Holding Ltd. | | 2,000 | 6,621 |
| Gourmet Master Co. Ltd. | | 1,000 | 6,056 |
| Haitian International Holdings Ltd. | | 12,000 | 23,413 |
| Hengan International Group Co. Ltd. | | 14,500 | 114,825 |
| Himax Technologies, Inc. sponsored ADR | | 3,058 | 16,238 |
| Huazhu Group Ltd. ADR | | 2,387 | 62,444 |
| JD.com, Inc. sponsored ADR (a) | | 18,179 | 427,570 |
| Kingboard Chemical Holdings Ltd. | | 11,500 | 30,796 |
| Kingsoft Corp. Ltd. | | 7,000 | 9,908 |
| KWG Property Holding Ltd. | | 21,500 | 16,423 |
| Longfor Properties Co. Ltd. | | 23,500 | 57,057 |
| Meitu, Inc. (a)(b) | | 33,500 | 17,472 |
| Melco Crown Entertainment Ltd. sponsored ADR | | 3,559 | 59,186 |
| MGM China Holdings Ltd. | | 12,800 | 18,085 |
| Minth Group Ltd. | | 10,000 | 32,390 |
| NetEase, Inc. ADR | | 1,383 | 287,457 |
| New Oriental Education & Technology Group, Inc. sponsored ADR | | 2,442 | 142,881 |
| PagSeguro Digital Ltd. (a)(c) | | 1,818 | 49,068 |
| Parade Technologies Ltd. | | 1,000 | 13,243 |
| Phoenix Group Holdings | | 8,837 | 68,055 |
| Sands China Ltd. | | 46,400 | 182,832 |
| Semiconductor Manufacturing International Corp. (a) | | 76,000 | 62,779 |
| Shenzhou International Group Holdings Ltd. | | 10,000 | 110,432 |
| Shimao Property Holdings Ltd. | | 23,000 | 44,991 |
| Silergy Corp. | | 1,000 | 12,726 |
| Silicon Motion Technology Corp. sponsored ADR | | 854 | 32,102 |
| SINA Corp. (a) | | 1,241 | 78,568 |
| Sino Biopharmaceutical Ltd. | | 130,000 | 116,540 |
| Sunac China Holdings Ltd. | | 35,000 | 95,066 |
| Sunny Optical Technology Group Co. Ltd. | | 12,800 | 110,993 |
| TAL Education Group ADR (a) | | 5,018 | 145,422 |
| Tencent Holdings Ltd. | | 100,300 | 3,436,204 |
| Tingyi (Cayman Islands) Holding Corp. | | 36,000 | 53,252 |
| TPK Holding Co. Ltd. | | 1,000 | 1,550 |
| Vipshop Holdings Ltd. ADR (a) | | 5,040 | 24,494 |
| Want Want China Holdings Ltd. | | 122,000 | 87,121 |
| Weibo Corp. sponsored ADR (a) | | 875 | 51,634 |
| WH Group Ltd. (b) | | 132,000 | 92,411 |
| Wharf Real Estate Investment Co. Ltd. | | 22,000 | 136,203 |
| Wynn Macau Ltd. | | 28,800 | 59,422 |
| Xinyi Glass Holdings Ltd. | | 50,000 | 49,477 |
| YY, Inc. ADR (a) | | 575 | 36,743 |
| Zall Smart Commerce Ltd. | | 60,000 | 42,846 |
| Zhen Ding Technology Holding Ltd. | | 5,000 | 11,418 |
| ZTO Express (Cayman), Inc. sponsored ADR | | 5,358 | 86,907 |
|
| TOTAL CAYMAN ISLANDS | | | 13,418,319 |
|
| Chile - 0.3% | | | |
| Aguas Andinas SA | | 45,451 | 23,770 |
| Banco de Chile | | 384,125 | 53,534 |
| Banco de Credito e Inversiones | | 1,062 | 66,581 |
| Banco de Credito e Inversiones rights 11/29/18 (a) | | 63 | 193 |
| Banco Santander Chile | | 1,161,077 | 85,746 |
| Cencosud SA | | 23,589 | 48,466 |
| Colbun SA | | 100,656 | 19,162 |
| Compania Cervecerias Unidas SA | | 3,238 | 40,382 |
| Compania de Petroleos de Chile SA (COPEC) | | 9,236 | 129,782 |
| CorpBanca SA | | 3,681,877 | 34,121 |
| E-CL SA | | 4,019 | 6,618 |
| Empresa Nacional de Telecomunicaciones SA (ENTEL) | | 3,736 | 27,107 |
| Empresas CMPC SA | | 21,149 | 72,806 |
| Enel Chile SA | | 342,404 | 29,763 |
| Enersis SA | | 565,405 | 88,466 |
| LATAM Airlines Group SA | | 7,748 | 70,689 |
| Parque Arauco SA | | 8,599 | 19,521 |
| S.A.C.I. Falabella | | 20,381 | 153,881 |
| S.A.C.I. Falabella rights 11/17/18 (a) | | 631 | 63 |
| Sociedad Matriz Banco de Chile Class B | | 107,185 | 47,203 |
|
| TOTAL CHILE | | | 1,017,854 |
|
| China - 2.1% | | | |
| Agricultural Bank of China Ltd. (H Shares) | | 470,000 | 206,173 |
| Air China Ltd. (H Shares) | | 34,000 | 27,358 |
| Aluminum Corp. of China Ltd. (H Shares) (a) | | 46,000 | 16,659 |
| Anhui Conch Cement Co. Ltd. (H Shares) | | 22,500 | 116,202 |
| Bank Communications Co. Ltd. (H Shares) | | 414,000 | 310,423 |
| Bank of China Ltd. (H Shares) | | 1,382,000 | 588,614 |
| Beijing Capital International Airport Co. Ltd. (H Shares) | | 24,000 | 25,983 |
| BYD Co. Ltd. (H Shares) | | 13,000 | 83,626 |
| CGN Power Co. Ltd. (H Shares) (b) | | 192,000 | 44,071 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 107,000 | 26,198 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 225,000 | 139,155 |
| China Communications Construction Co. Ltd. (H Shares) | | 84,000 | 76,802 |
| China Construction Bank Corp. (H Shares) | | 1,727,000 | 1,370,456 |
| China Galaxy Securities Co. Ltd. (H Shares) | | 64,500 | 32,406 |
| China Huarong Asset Management Co. Ltd. (b) | | 155,000 | 28,067 |
| China Life Insurance Co. Ltd. (H Shares) | | 137,000 | 274,520 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 61,000 | 46,361 |
| China Merchants Bank Co. Ltd. (H Shares) | | 69,500 | 267,650 |
| China Minsheng Banking Corp. Ltd. (H Shares) | | 133,000 | 98,029 |
| China Molybdenum Co. Ltd. (H Shares) | | 66,000 | 24,491 |
| China National Building Materials Co. Ltd. (H Shares) | | 48,000 | 34,277 |
| China Oilfield Services Ltd. (H Shares) | | 36,000 | 33,742 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 52,000 | 193,625 |
| China Petroleum & Chemical Corp. (H Shares) | | 472,000 | 384,480 |
| China Railway Construction Corp. Ltd. (H Shares) | | 36,500 | 46,172 |
| China Railway Group Ltd. (H Shares) | | 72,000 | 64,270 |
| China Shenhua Energy Co. Ltd. (H Shares) | | 63,000 | 142,679 |
| China Southern Airlines Ltd. (H Shares) | | 48,000 | 25,953 |
| China Telecom Corp. Ltd. (H Shares) | | 258,000 | 121,730 |
| China Vanke Co. Ltd. (H Shares) | | 25,400 | 78,222 |
| Chongqing Rural Commercial Bank Co. Ltd. (H Shares) | | 26,000 | 14,323 |
| CITIC Securities Co. Ltd. (H Shares) | | 40,000 | 70,391 |
| CRRC Corp. Ltd. (H Shares) | | 75,000 | 65,800 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 56,000 | 55,129 |
| Fuyao Glass Industries Group Co. Ltd. | | 7,200 | 21,255 |
| GF Securities Co. Ltd. (H Shares) | | 30,400 | 39,309 |
| Great Wall Motor Co. Ltd. (H Shares) | | 47,500 | 28,105 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 56,000 | 56,629 |
| Guangzhou R&F Properties Co. Ltd. (H Shares) | | 21,200 | 33,252 |
| Haitong Securities Co. Ltd. (H Shares) | | 62,400 | 62,782 |
| Huaneng Power International, Inc. (H Shares) | | 84,000 | 46,810 |
| Huatai Securities Co. Ltd. (H Shares) (b) | | 31,800 | 51,094 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 1,450,000 | 983,786 |
| New China Life Insurance Co. Ltd. (H Shares) | | 15,000 | 70,104 |
| People's Insurance Co. of China Group (H Shares) | | 131,000 | 53,456 |
| PetroChina Co. Ltd. (H Shares) | | 390,000 | 280,419 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 128,000 | 124,051 |
| Ping An Insurance (Group) Co. of China Ltd. (H Shares) | | 94,000 | 885,226 |
| Postal Savings Bank of China Co. Ltd. | | 55,000 | 32,823 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 7,500 | 22,475 |
| Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) | | 48,000 | 21,056 |
| Sinopharm Group Co. Ltd. (H Shares) | | 22,400 | 107,973 |
| TravelSky Technology Ltd. (H Shares) | | 16,000 | 38,766 |
| Weichai Power Co. Ltd. (H Shares) | | 33,000 | 32,613 |
| Yanzhou Coal Mining Co. Ltd. (H Shares) | | 30,000 | 28,348 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 10,600 | 56,636 |
| Zijin Mng Group Co. Ltd. (H Shares) | | 110,000 | 40,819 |
| ZTE Corp. (H Shares) | | 12,400 | 18,912 |
|
| TOTAL CHINA | | | 8,270,736 |
|
| Colombia - 0.0% | | | |
| Almacenes Exito SA | | 1,600 | 6,908 |
| Bancolombia SA | | 4,232 | 39,803 |
| Grupo de Inversiones Suramerica SA | | 5,128 | 50,014 |
| Interconexion Electrica SA ESP | | 6,930 | 25,744 |
| Inversiones Argos SA | | 6,677 | 31,109 |
|
| TOTAL COLOMBIA | | | 153,578 |
|
| Czech Republic - 0.0% | | | |
| Ceske Energeticke Zavody A/S | | 3,039 | 72,320 |
| Komercni Banka A/S | | 1,435 | 54,514 |
| MONETA Money Bank A/S (b) | | 5,710 | 18,949 |
|
| TOTAL CZECH REPUBLIC | | | 145,783 |
|
| Denmark - 1.1% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 53 | 63,083 |
| Series B | | 129 | 162,825 |
| Ambu A/S Series B | | 3,168 | 66,035 |
| Carlsberg A/S Series B | | 1,993 | 219,848 |
| Christian Hansen Holding A/S | | 1,829 | 184,874 |
| Coloplast A/S Series B | | 2,026 | 189,162 |
| Danske Bank A/S | | 14,510 | 278,331 |
| DONG Energy A/S (b) | | 3,876 | 246,262 |
| DSV de Sammensluttede Vognmaend A/S | | 3,534 | 284,141 |
| Genmab A/S (a) | | 1,160 | 158,919 |
| GN Store Nord A/S | | 3,100 | 131,636 |
| H Lundbeck A/S | | 953 | 44,504 |
| ISS Holdings A/S | | 3,588 | 117,986 |
| Jyske Bank A/S (Reg.) | | 1,504 | 61,490 |
| Novo Nordisk A/S Series B | | 34,665 | 1,497,062 |
| Novozymes A/S Series B | | 4,300 | 212,490 |
| Pandora A/S | | 2,203 | 137,828 |
| Sydbank A/S | | 1,417 | 32,763 |
| Tryg A/S | | 1,756 | 42,441 |
| Vestas Wind Systems A/S | | 4,193 | 262,966 |
| William Demant Holding A/S (a) | | 1,992 | 65,564 |
|
| TOTAL DENMARK | | | 4,460,210 |
|
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 22,873 | 101,473 |
| EFG-Hermes Holding SAE (a) | | 1,804 | 1,399 |
| Global Telecom Holding (a) | | 9,485 | 1,461 |
| Talaat Moustafa Group Holding | | 3,691 | 1,874 |
|
| TOTAL EGYPT | | | 106,207 |
|
| Finland - 0.9% | | | |
| Amer Group PLC (A Shares) | | 2,380 | 88,500 |
| Elisa Corp. (A Shares) | | 2,892 | 115,138 |
| Fortum Corp. | | 8,203 | 172,769 |
| Huhtamaki Oyj | | 1,631 | 45,796 |
| KCI Konecranes Oyj | | 1,496 | 53,646 |
| Kesko Oyj | | 1,248 | 72,967 |
| Kone Oyj (B Shares) | | 7,113 | 346,592 |
| Metso Corp. | | 2,535 | 80,137 |
| Neste Oyj | | 2,382 | 196,304 |
| Nokia Corp. | | 109,095 | 616,232 |
| Nokian Tyres PLC | | 2,198 | 69,907 |
| Nordea Bank ABP (a) | | 59,611 | 518,453 |
| Orion Oyj (B Shares) | | 1,699 | 58,501 |
| Outokumpu Oyj (A Shares) | | 5,536 | 23,263 |
| Sampo Oyj (A Shares) | | 9,047 | 416,646 |
| Stora Enso Oyj (R Shares) | | 10,722 | 161,580 |
| TietoEnator Oyj | | 1,059 | 34,137 |
| UPM-Kymmene Corp. | | 9,831 | 316,348 |
| Valmet Corp. | | 2,689 | 61,279 |
| Wartsila Corp. | | 8,584 | 146,375 |
|
| TOTAL FINLAND | | | 3,594,570 |
|
| France - 6.0% | | | |
| Accor SA | | 3,998 | 183,035 |
| Aeroports de Paris | | 598 | 125,237 |
| Air Liquide SA | | 7,875 | 954,399 |
| Alstom SA | | 2,865 | 125,421 |
| Arkema SA | | 1,392 | 146,281 |
| Atos Origin SA | | 1,739 | 149,262 |
| AXA SA | | 35,647 | 892,126 |
| BNP Paribas SA | | 20,726 | 1,082,916 |
| Bouygues SA | | 3,740 | 136,572 |
| Bureau Veritas SA | | 4,951 | 111,875 |
| Capgemini SA | | 3,039 | 371,749 |
| Carrefour SA | | 10,642 | 206,720 |
| Compagnie de St. Gobain | | 9,808 | 369,481 |
| Credit Agricole SA | | 22,541 | 288,693 |
| Danone SA | | 11,408 | 807,839 |
| Dassault Systemes SA | | 2,518 | 316,146 |
| Edenred SA | | 3,854 | 146,366 |
| Eiffage SA | | 1,245 | 121,865 |
| ENGIE | | 29,632 | 395,201 |
| Essilor International SA | | 3,662 | 500,843 |
| Faurecia SA | | 1,494 | 72,611 |
| Gecina SA | | 775 | 113,851 |
| Groupe Eurotunnel SA | | 10,319 | 129,910 |
| Hermes International SCA | | 392 | 224,219 |
| Iliad SA | | 434 | 50,263 |
| Ingenico SA | | 1,175 | 83,365 |
| Kering SA | | 1,390 | 619,677 |
| Klepierre SA | | 3,957 | 134,457 |
| L'Oreal SA | | 4,517 | 1,017,608 |
| Legrand SA | | 4,944 | 323,334 |
| LVMH Moet Hennessy - Louis Vuitton SA | | 5,091 | 1,544,637 |
| Michelin CGDE Series B | | 3,418 | 349,916 |
| Natixis SA | | 16,906 | 98,922 |
| Orange SA | | 42,989 | 670,987 |
| Orpea | | 1,017 | 125,385 |
| Pernod Ricard SA | | 4,088 | 624,161 |
| Peugeot Citroen SA | | 8,618 | 205,278 |
| Publicis Groupe SA | | 3,907 | 226,751 |
| Renault SA | | 3,576 | 267,607 |
| Rubis | | 1,790 | 92,654 |
| Safran SA | | 6,036 | 780,019 |
| Sanofi SA | | 21,941 | 1,960,660 |
| Schneider Electric SA | | 11,105 | 803,015 |
| SCOR SE | | 3,342 | 154,437 |
| Societe Generale Series A | | 13,940 | 511,009 |
| Sodexo SA | | 1,779 | 181,590 |
| SR Teleperformance SA | | 1,064 | 175,468 |
| Suez Environnement SA | | 6,887 | 99,730 |
| Thales SA | | 1,914 | 244,972 |
| Total SA | | 46,964 | 2,755,633 |
| Valeo SA | | 4,538 | 146,370 |
| Veolia Environnement SA | | 9,499 | 189,574 |
| VINCI SA | | 9,394 | 836,060 |
| Vivendi SA | | 16,488 | 397,663 |
|
| TOTAL FRANCE | | | 23,643,820 |
|
| Germany - 5.1% | | | |
| adidas AG | | 3,908 | 920,690 |
| Allianz SE | | 8,445 | 1,759,262 |
| Axel Springer Verlag AG | | 960 | 63,827 |
| BASF AG | | 17,021 | 1,306,167 |
| Bayer AG | | 15,612 | 1,196,698 |
| Bayerische Motoren Werke AG (BMW) | | 5,873 | 507,086 |
| Beiersdorf AG | | 1,769 | 183,134 |
| Brenntag AG | | 2,984 | 156,047 |
| Commerzbank AG (a) | | 20,025 | 189,140 |
| Continental AG | | 2,019 | 333,761 |
| Covestro AG (b) | | 1,351 | 87,406 |
| Daimler AG (Germany) | | 18,523 | 1,098,517 |
| Deutsche Bank AG | | 28,603 | 280,268 |
| Deutsche Borse AG | | 3,563 | 450,266 |
| Deutsche Lufthansa AG | | 4,652 | 93,579 |
| Deutsche Post AG | | 17,762 | 560,840 |
| Deutsche Telekom AG | | 59,572 | 977,081 |
| Deutsche Wohnen AG (Bearer) | | 6,203 | 284,124 |
| E.ON AG | | 37,171 | 359,446 |
| Evonik Industries AG | | 2,739 | 85,004 |
| Fraport AG Frankfurt Airport Services Worldwide | | 599 | 46,339 |
| Freenet AG | | 2,885 | 64,994 |
| Fresenius Medical Care AG & Co. KGaA | | 3,954 | 310,454 |
| Fresenius SE & Co. KGaA | | 7,430 | 472,220 |
| GEA Group AG | | 3,415 | 103,894 |
| Hannover Reuck SE | | 1,059 | 142,858 |
| HeidelbergCement Finance AG | | 2,363 | 160,587 |
| Henkel AG & Co. KGaA | | 1,483 | 145,464 |
| Hugo Boss AG | | 1,283 | 91,813 |
| Infineon Technologies AG | | 21,462 | 430,032 |
| innogy SE (b) | | 2,125 | 93,868 |
| K&S AG | | 3,936 | 73,425 |
| KION Group AG | | 1,279 | 74,896 |
| Lanxess AG | | 1,796 | 111,395 |
| LEG Immobilien AG | | 1,241 | 135,867 |
| Merck KGaA | | 2,457 | 263,320 |
| Morphosys AG (a) | | 672 | 62,261 |
| MTU Aero Engines Holdings AG | | 979 | 208,245 |
| Muenchener Rueckversicherungs AG | | 2,979 | 640,923 |
| OSRAM Licht AG | | 1,409 | 57,165 |
| ProSiebenSat.1 Media AG | | 4,523 | 104,443 |
| Puma AG | | 116 | 59,650 |
| Rheinmetall AG | | 770 | 66,754 |
| RWE AG | | 9,155 | 178,561 |
| SAP SE | | 18,239 | 1,952,913 |
| Siemens AG | | 14,141 | 1,625,463 |
| Symrise AG | | 2,318 | 194,706 |
| Telefonica Deutschland Holding AG | | 13,321 | 51,827 |
| Thyssenkrupp AG | | 8,215 | 172,835 |
| TUI AG (GB) | | 8,822 | 146,479 |
| Uniper SE | | 3,669 | 106,012 |
| United Internet AG | | 2,472 | 102,421 |
| Vonovia SE | | 8,623 | 394,776 |
| Wirecard AG | | 2,154 | 403,531 |
| Zalando SE (a) | | 2,111 | 81,773 |
|
| TOTAL GERMANY | | | 20,224,507 |
|
| Greece - 0.1% | | | |
| Alpha Bank AE (a) | | 24,504 | 37,052 |
| EFG Eurobank Ergasias SA (a) | | 27,471 | 18,513 |
| Greek Organization of Football Prognostics SA | | 3,167 | 29,773 |
| Hellenic Telecommunications Organization SA | | 5,933 | 66,192 |
| Jumbo SA | | 1,578 | 23,021 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 1,013 | 23,980 |
| Mytilineos Holdings SA | | 1,570 | 13,888 |
| National Bank of Greece SA (a) | | 10,579 | 18,333 |
| Piraeus Bank SA | | 3,797 | 5,591 |
| Titan Cement Co. SA (Reg.) | | 636 | 14,004 |
|
| TOTAL GREECE | | | 250,347 |
|
| Hong Kong - 2.3% | | | |
| AIA Group Ltd. | | 224,600 | 1,699,834 |
| Bank of East Asia Ltd. | | 23,129 | 74,915 |
| Beijing Enterprises Holdings Ltd. | | 8,000 | 43,255 |
| BOC Hong Kong (Holdings) Ltd. | | 67,500 | 252,201 |
| China Everbright International Ltd. | | 45,185 | 36,012 |
| China Jinmao Holdings Group Ltd. | | 72,000 | 30,207 |
| China Merchants Holdings International Co. Ltd. | | 8,000 | 13,609 |
| China Mobile Ltd. | | 102,000 | 955,524 |
| China Overseas Land and Investment Ltd. | | 80,000 | 250,448 |
| China Resources Beer Holdings Co. Ltd. | | 30,000 | 104,247 |
| China Resources Pharmaceutical Group Ltd. (b) | | 35,500 | 52,060 |
| China Resources Power Holdings Co. Ltd. | | 34,000 | 59,745 |
| China Taiping Insurance Group Ltd. | | 27,400 | 91,544 |
| China Unicom Ltd. | | 112,000 | 117,146 |
| CITIC Pacific Ltd. | | 114,000 | 170,957 |
| CLP Holdings Ltd. | | 37,000 | 414,731 |
| CNOOC Ltd. | | 298,000 | 507,488 |
| CSPC Pharmaceutical Group Ltd. | | 86,000 | 181,389 |
| Far East Horizon Ltd. | | 40,000 | 38,766 |
| Fosun International Ltd. | | 46,000 | 67,106 |
| Galaxy Entertainment Group Ltd. | | 51,000 | 275,748 |
| Guangdong Investment Ltd. | | 52,000 | 92,834 |
| Hang Lung Group Ltd. | | 16,000 | 39,337 |
| Hang Lung Properties Ltd. | | 42,000 | 76,053 |
| Hang Seng Bank Ltd. | | 13,500 | 316,069 |
| Henderson Land Development Co. Ltd. | | 28,000 | 130,325 |
| Hong Kong & China Gas Co. Ltd. | | 164,000 | 313,263 |
| Hong Kong Exchanges and Clearing Ltd. | | 21,600 | 572,919 |
| Hysan Development Co. Ltd. | | 11,000 | 51,550 |
| Lenovo Group Ltd. | | 134,000 | 85,267 |
| Link (REIT) | | 42,000 | 372,229 |
| MTR Corp. Ltd. | | 26,559 | 128,698 |
| New World Development Co. Ltd. | | 103,000 | 130,557 |
| PCCW Ltd. | | 79,000 | 43,318 |
| Power Assets Holdings Ltd. | | 24,500 | 163,553 |
| Sino Land Ltd. | | 60,000 | 94,109 |
| Sino-Ocean Group Holding Ltd. | | 72,000 | 28,187 |
| Sun Art Retail Group Ltd. | | 42,500 | 46,446 |
| Sun Hung Kai Properties Ltd. | | 29,500 | 383,387 |
| Swire Pacific Ltd. (A Shares) | | 10,000 | 103,737 |
| Swire Properties Ltd. | | 19,800 | 67,541 |
| Techtronic Industries Co. Ltd. | | 29,000 | 135,719 |
| Vitasoy International Holdings Ltd. | | 16,000 | 50,906 |
| Wharf Holdings Ltd. | | 65,000 | 162,128 |
| Wheelock and Co. Ltd. | | 14,000 | 74,714 |
|
| TOTAL HONG KONG | | | 9,099,778 |
|
| Hungary - 0.1% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 9,813 | 102,905 |
| OTP Bank PLC | | 3,959 | 142,256 |
| Richter Gedeon PLC | | 2,310 | 42,952 |
|
| TOTAL HUNGARY | | | 288,113 |
|
| India - 2.6% | | | |
| Adani Ports & Special Economic Zone Ltd. | | 15,591 | 67,215 |
| Asian Paints Ltd. | | 8,448 | 140,541 |
| Aurobindo Pharma Ltd. | | 4,801 | 51,382 |
| Axis Bank Ltd. (a) | | 31,394 | 247,213 |
| Bajaj Auto Ltd. | | 2,576 | 90,338 |
| Bajaj Finance Ltd. | | 4,013 | 129,275 |
| Bajaj Finserv Ltd. | | 1,167 | 85,279 |
| Bharat Petroleum Corp. Ltd. | | 14,913 | 55,470 |
| Bharti Airtel Ltd. | | 21,140 | 83,562 |
| Bharti Infratel Ltd. | | 13,992 | 50,938 |
| Coal India Ltd. | | 23,330 | 83,955 |
| Dr. Reddy's Laboratories Ltd. | | 2,416 | 82,980 |
| Eicher Motors Ltd. | | 258 | 76,272 |
| GAIL India Ltd. | | 15,915 | 80,533 |
| Grasim Industries Ltd. (a) | | 7,722 | 87,029 |
| HCL Technologies Ltd. | | 10,338 | 147,550 |
| HDFC Bank Ltd. | | 39,309 | 1,020,472 |
| Hero Motocorp Ltd. | | 2,474 | 92,402 |
| Hindalco Industries Ltd. | | 20,866 | 62,180 |
| Hindustan Petroleum Corp. Ltd. | | 14,430 | 43,733 |
| Hindustan Unilever Ltd. | | 13,266 | 290,880 |
| Housing Development Finance Corp. Ltd. | | 29,336 | 701,767 |
| ICICI Bank Ltd. | | 123,437 | 591,924 |
| Indiabulls Housing Finance Ltd. | | 5,160 | 58,228 |
| Indian Oil Corp. Ltd. | | 38,678 | 72,404 |
| IndusInd Bank Ltd. | | 10,115 | 194,901 |
| Infosys Ltd. | | 74,629 | 689,511 |
| ITC Ltd. | | 161,843 | 612,929 |
| JSW Steel Ltd. | | 19,657 | 90,205 |
| Kotak Mahindra Bank Ltd. | | 20,498 | 310,172 |
| Larsen & Toubro Ltd. | | 22,857 | 400,986 |
| Lupin Ltd. (a) | | 4,505 | 53,934 |
| Mahindra & Mahindra Ltd. | | 17,546 | 181,711 |
| Maruti Suzuki India Ltd. | | 2,506 | 224,185 |
| Motherson Sumi Systems Ltd. (a) | | 20,582 | 45,430 |
| NTPC Ltd. | | 45,852 | 98,976 |
| Oil & Natural Gas Corp. Ltd. | | 51,573 | 106,863 |
| Petronet LNG Ltd. | | 13,063 | 39,864 |
| Piramal Enterprises Ltd. | | 1,283 | 37,692 |
| Power Grid Corp. of India Ltd. | | 41,212 | 103,615 |
| Reliance Industries Ltd. | | 62,045 | 890,282 |
| State Bank of India (a) | | 59,555 | 226,592 |
| Sun Pharmaceutical Industries Ltd. | | 20,794 | 163,138 |
| Tata Consultancy Services Ltd. | | 19,833 | 519,731 |
| Tata Motors Ltd. (a) | | 37,580 | 91,038 |
| Tata Steel Ltd. | | 15,109 | 113,144 |
| Titan Co. Ltd. | | 7,948 | 90,764 |
| United Spirits Ltd. (a) | | 4,224 | 32,942 |
| UPL Ltd. (a) | | 7,131 | 65,019 |
| Vedanta Ltd. (a) | | 20,894 | 59,651 |
| Yes Bank Ltd. | | 31,933 | 81,214 |
| Zee Entertainment Enterprises Ltd. | | 9,223 | 56,253 |
|
| TOTAL INDIA | | | 10,074,264 |
|
| Indonesia - 0.5% | | | |
| Barito Pacific Tbk PT | | 24,000 | 2,960 |
| PT Adaro Energy Tbk | | 345,800 | 37,531 |
| PT Astra International Tbk | | 391,500 | 203,444 |
| PT Bank Central Asia Tbk | | 252,000 | 392,028 |
| PT Bank Danamon Indonesia Tbk Series A | | 56,700 | 27,693 |
| PT Bank Jabar Banten Tbk | | 21,000 | 2,473 |
| PT Bank Mandiri (Persero) Tbk | | 371,000 | 166,698 |
| PT Bank Negara Indonesia (Persero) Tbk | | 153,800 | 74,105 |
| PT Bank Rakyat Indonesia Tbk | | 1,021,300 | 211,616 |
| PT Bank Tabungan Negara Tbk | | 58,200 | 8,116 |
| PT Bumi Resources Tbk (a) | | 167,700 | 1,864 |
| PT Bumi Serpong Damai Tbk (a) | | 62,200 | 4,501 |
| PT Charoen Pokphand Indonesia Tbk | | 144,500 | 52,278 |
| PT Ciputra Development Tbk | | 272,700 | 14,709 |
| PT Gudang Garam Tbk | | 7,500 | 35,668 |
| PT Indah Kiat Pulp & Paper Tbk | | 36,300 | 30,384 |
| PT Indo Tambangraya Megah Tbk | | 8,600 | 14,086 |
| PT Indocement Tunggal Prakarsa Tbk | | 24,100 | 27,425 |
| PT Indofood CBP Sukses Makmur Tbk | | 25,000 | 14,677 |
| PT Indofood Sukses Makmur Tbk | | 81,300 | 31,953 |
| PT Jasa Marga Tbk | | 7,300 | 1,993 |
| PT Kalbe Farma Tbk | | 384,300 | 34,632 |
| PT Matahari Department Store Tbk | | 22,600 | 7,210 |
| PT Perusahaan Gas Negara Tbk Series B | | 163,700 | 23,905 |
| PT Semen Gresik (Persero) Tbk | | 46,600 | 27,588 |
| PT Surya Citra Media Tbk | | 89,600 | 9,253 |
| PT Telekomunikasi Indonesia Tbk Series B | | 950,600 | 240,810 |
| PT United Tractors Tbk | | 25,700 | 56,632 |
| PT Waskita Karya Persero Tbk | | 15,400 | 1,459 |
| PT XL Axiata Tbk (a) | | 40,700 | 7,014 |
|
| TOTAL INDONESIA | | | 1,764,705 |
|
| Ireland - 0.6% | | | |
| Bank Ireland Group PLC | | 17,999 | 127,722 |
| CRH PLC | | 15,650 | 466,811 |
| DCC PLC (United Kingdom) | | 1,682 | 144,368 |
| Glanbia PLC | | 4,050 | 71,653 |
| Grafton Group PLC unit | | 4,109 | 38,025 |
| Greencore Group PLC | | 11,514 | 27,845 |
| ICON PLC (a) | | 1,131 | 156,168 |
| James Hardie Industries PLC CDI | | 8,378 | 111,479 |
| Kerry Group PLC Class A | | 2,872 | 294,394 |
| Kingspan Group PLC (Ireland) | | 2,988 | 129,959 |
| Paddy Power Betfair PLC (Ireland) | | 1,599 | 138,006 |
| Ryanair Holdings PLC sponsored ADR (a) | | 3,199 | 264,877 |
| Smurfit Kappa Group PLC | | 4,594 | 149,754 |
| United Drug PLC (United Kingdom) | | 4,847 | 39,155 |
|
| TOTAL IRELAND | | | 2,160,216 |
|
| Isle of Man - 0.0% | | | |
| Genting Singapore Ltd. | | 110,800 | 70,392 |
| NEPI Rockcastle PLC | | 11,115 | 95,980 |
|
| TOTAL ISLE OF MAN | | | 166,372 |
|
| Israel - 0.5% | | | |
| Alony Hetz Properties & Investments Ltd. | | 1,228 | 11,686 |
| Azrieli Group | | 811 | 39,374 |
| Bank Hapoalim BM (Reg.) | | 20,781 | 140,780 |
| Bank Leumi le-Israel BM | | 27,260 | 170,162 |
| Bezeq The Israel Telecommunication Corp. Ltd. | | 35,939 | 41,332 |
| Check Point Software Technologies Ltd. (a) | | 2,459 | 272,949 |
| CyberArk Software Ltd. (a) | | 563 | 38,430 |
| Elbit Systems Ltd. (Israel) | | 392 | 46,894 |
| First International Bank of Israel | | 1,337 | 28,822 |
| Gazit-Globe Ltd. | | 1,078 | 9,018 |
| Israel Chemicals Ltd. | | 10,048 | 57,967 |
| Israel Discount Bank Ltd. (Class A) | | 24,143 | 78,987 |
| Mazor Robotics Ltd. (a) | | 859 | 24,986 |
| Mellanox Technologies Ltd. (a) | | 854 | 72,325 |
| Mizrahi Tefahot Bank Ltd. | | 2,432 | 40,980 |
| NICE Systems Ltd. (a) | | 1,139 | 120,763 |
| Orbotech Ltd. (a) | | 987 | 55,213 |
| Paz Oil Co. Ltd. | | 80 | 11,979 |
| SodaStream International Ltd. (a) | | 435 | 62,375 |
| Strauss Group Ltd. | | 461 | 10,116 |
| Taro Pharmaceutical Industries Ltd. (a) | | 326 | 32,440 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (c) | | 17,189 | 343,436 |
| Tower Semiconductor Ltd. (a) | | 1,162 | 18,018 |
| Wix.com Ltd. (a) | | 625 | 60,844 |
|
| TOTAL ISRAEL | | | 1,789,876 |
|
| Italy - 1.3% | | | |
| A2A SpA | | 32,825 | 52,962 |
| Assicurazioni Generali SpA | | 24,711 | 399,682 |
| Atlantia SpA | | 8,880 | 178,629 |
| Azimut Holding SpA | | 1,960 | 24,165 |
| Banca Generali SpA | | 1,014 | 19,559 |
| Banca Mediolanum S.p.A. | | 4,774 | 27,712 |
| Banca Popolare dell'Emilia Romagna | | 9,202 | 34,999 |
| Banco BPM SpA (a) | | 26,696 | 50,224 |
| Brembo SpA | | 2,615 | 28,967 |
| Cerved Information Solutions SpA | | 3,487 | 27,825 |
| Davide Campari-Milano SpA | | 11,064 | 85,152 |
| DiaSorin S.p.A. | | 527 | 50,021 |
| Enel SpA | | 142,495 | 698,662 |
| Eni SpA | | 49,637 | 881,541 |
| FinecoBank SpA | | 8,019 | 83,979 |
| Hera SpA | | 15,037 | 41,557 |
| Interpump Group SpA | | 1,769 | 51,093 |
| Intesa Sanpaolo SpA | | 285,968 | 633,440 |
| Italgas SpA | | 10,532 | 54,420 |
| Leonardo SpA | | 7,681 | 83,432 |
| Luxottica Group SpA | | 2,478 | 155,828 |
| Mediobanca SpA | | 11,720 | 102,905 |
| Moncler SpA | | 2,461 | 85,575 |
| Pirelli & C. S.p.A. (b) | | 7,843 | 57,689 |
| Poste Italiane SpA (b) | | 7,692 | 55,323 |
| Prysmian SpA | | 4,267 | 82,935 |
| Recordati SpA | | 1,663 | 56,357 |
| Saipem SpA (a) | | 10,117 | 55,404 |
| Snam Rete Gas SpA | | 45,270 | 187,359 |
| Telecom Italia SpA (a) | | 257,138 | 151,237 |
| Terna SpA | | 26,465 | 136,839 |
| UniCredit SpA | | 39,416 | 505,198 |
| Unione di Banche Italiane SCpA | | 17,982 | 54,992 |
| Unipol Gruppo SpA | | 7,082 | 28,540 |
| Unipolsai SpA | | 22,274 | 48,717 |
|
| TOTAL ITALY | | | 5,272,919 |
|
| Japan - 19.0% | | | |
| 77 Bank Ltd. | | 1,400 | 28,996 |
| ABC-MART, Inc. | | 600 | 35,095 |
| ACOM Co. Ltd. | | 6,400 | 23,652 |
| Activia Properties, Inc. | | 13 | 53,919 |
| Adeka Corp. | | 2,500 | 37,156 |
| Advance Residence Investment Corp. | | 26 | 66,408 |
| Advantest Corp. | | 3,900 | 71,996 |
| Aeon (REIT) Investment Corp. | | 24 | 26,481 |
| AEON Co. Ltd. | | 16,400 | 376,415 |
| AEON Financial Service Co. Ltd. | | 2,000 | 39,279 |
| AEON MALL Co. Ltd. | | 1,800 | 33,325 |
| Agc, Inc. | | 4,600 | 150,670 |
| Aica Kogyo Co. Ltd. | | 1,400 | 41,689 |
| Ain Holdings, Inc. | | 500 | 39,172 |
| Air Water, Inc. | | 3,300 | 53,550 |
| Aisin Seiki Co. Ltd. | | 3,700 | 145,429 |
| Ajinomoto Co., Inc. | | 10,700 | 172,863 |
| Alfresa Holdings Corp. | | 4,200 | 112,226 |
| All Nippon Airways Ltd. | | 6,800 | 228,654 |
| Alps Electric Co. Ltd. | | 4,100 | 96,649 |
| Amada Holdings Co. Ltd. | | 7,600 | 71,598 |
| Amano Corp. | | 1,200 | 25,524 |
| Anritsu Corp. | | 2,400 | 36,414 |
| Aoyama Trading Co. Ltd. | | 700 | 21,217 |
| Aozora Bank Ltd. | | 2,100 | 72,463 |
| Ariake Japan Co. Ltd. | | 400 | 35,450 |
| Asahi Group Holdings | | 8,600 | 377,928 |
| ASAHI INTECC Co. Ltd. | | 1,700 | 69,531 |
| Asahi Kasei Corp. | | 24,900 | 298,762 |
| Asics Corp. | | 3,700 | 53,778 |
| Astellas Pharma, Inc. | | 40,800 | 630,368 |
| Azbil Corp. | | 2,200 | 40,984 |
| Bandai Namco Holdings, Inc. | | 4,200 | 149,448 |
| Bank of Kyoto Ltd. | | 1,500 | 67,665 |
| Benesse Holdings, Inc. | | 1,700 | 47,383 |
| Bic Camera, Inc. | | 3,100 | 41,018 |
| Bridgestone Corp. | | 12,600 | 485,847 |
| Brother Industries Ltd. | | 5,200 | 95,442 |
| Calbee, Inc. | | 2,100 | 69,792 |
| Canon, Inc. | | 20,300 | 578,213 |
| Casio Computer Co. Ltd. | | 5,000 | 75,466 |
| Central Japan Railway Co. | | 3,800 | 729,253 |
| Chiba Bank Ltd. | | 16,000 | 101,222 |
| Chiyoda Corp. | | 3,300 | 16,421 |
| Chubu Electric Power Co., Inc. | | 13,500 | 194,679 |
| Chugai Pharmaceutical Co. Ltd. | | 4,000 | 234,187 |
| Chugoku Electric Power Co., Inc. | | 6,000 | 77,210 |
| Citizen Watch Co. Ltd. | | 6,500 | 37,414 |
| CKD Corp. | | 600 | 6,913 |
| Coca-Cola West Co. Ltd. | | 1,800 | 47,140 |
| COMSYS Holdings Corp. | | 2,300 | 64,010 |
| Concordia Financial Group Ltd. | | 24,800 | 113,504 |
| Cosmo Energy Holdings Co. Ltd. | | 1,400 | 52,049 |
| Cosmos Pharmaceutical Corp. | | 200 | 40,892 |
| Credit Saison Co. Ltd. | | 2,600 | 41,288 |
| CyberAgent, Inc. | | 2,000 | 85,106 |
| Dai Nippon Printing Co. Ltd. | | 5,600 | 125,650 |
| Dai-ichi Mutual Life Insurance Co. | | 22,500 | 422,220 |
| Daicel Chemical Industries Ltd. | | 6,900 | 73,076 |
| Daido Steel Co. Ltd. | | 700 | 28,847 |
| Daifuku Co. Ltd. | | 2,400 | 103,372 |
| Daiichi Sankyo Kabushiki Kaisha | | 12,200 | 466,323 |
| Daiichikosho Co. Ltd. | | 700 | 32,259 |
| Daikin Industries Ltd. | | 5,500 | 637,516 |
| Dainippon Sumitomo Pharma Co. Ltd. | | 3,300 | 68,949 |
| Daishi Hokuetsu Financial Group, Inc. | | 800 | 28,785 |
| Daito Trust Construction Co. Ltd. | | 1,500 | 198,077 |
| Daiwa House Industry Co. Ltd. | | 12,600 | 380,449 |
| Daiwa House REIT Investment Corp. | | 22 | 48,159 |
| Daiwa Office Investment Corp. | | 5 | 30,531 |
| Daiwa Securities Group, Inc. | | 32,500 | 186,378 |
| DeNA Co. Ltd. | | 2,000 | 33,268 |
| Denki Kagaku Kogyo KK | | 2,000 | 65,045 |
| DENSO Corp. | | 9,900 | 441,597 |
| Dentsu, Inc. | | 4,700 | 217,985 |
| Dic Corp. | | 1,900 | 56,157 |
| Disco Corp. | | 600 | 95,555 |
| Dmg Mori Co. Ltd. | | 2,200 | 31,878 |
| Don Quijote Holdings Co. Ltd. | | 2,500 | 149,776 |
| Dowa Holdings Co. Ltd. | | 1,300 | 37,834 |
| East Japan Railway Co. | | 7,200 | 628,832 |
| Ebara Corp. | | 2,000 | 58,253 |
| Eisai Co. Ltd. | | 5,600 | 466,370 |
| Electric Power Development Co. Ltd. | | 3,400 | 92,657 |
| Ezaki Glico Co. Ltd. | | 1,100 | 54,788 |
| FamilyMart Co. Ltd. | | 1,700 | 197,047 |
| Fanuc Corp. | | 3,600 | 626,281 |
| Fast Retailing Co. Ltd. | | 1,200 | 604,206 |
| Frontier Real Estate Investment Corp. | | 7 | 26,831 |
| Fuji Corp. | | 1,600 | 22,404 |
| Fuji Electric Co. Ltd. | | 2,600 | 79,366 |
| Fuji Oil Holdings, Inc. | | 1,000 | 28,847 |
| Fuji Seal International, Inc. | | 700 | 21,248 |
| Fujifilm Holdings Corp. | | 8,500 | 367,628 |
| Fujikura Ltd. | | 5,500 | 23,726 |
| Fujitsu Ltd. | | 3,700 | 225,102 |
| Fukuoka Financial Group, Inc. | | 3,400 | 83,540 |
| Fukuyama Transporting Co. Ltd. | | 600 | 23,211 |
| Furukawa Electric Co. Ltd. | | 1,200 | 32,385 |
| Fuyo General Lease Co. Ltd. | | 400 | 22,227 |
| Glory Ltd. | | 1,400 | 32,657 |
| GLP J-REIT | | 51 | 50,487 |
| GS Yuasa Corp. | | 1,200 | 24,633 |
| Gunma Bank Ltd. | | 7,800 | 35,393 |
| H2O Retailing Corp. | | 1,600 | 24,858 |
| Hakuhodo DY Holdings, Inc. | | 5,700 | 95,274 |
| Hamamatsu Photonics K.K. | | 2,900 | 97,151 |
| Hankyu Hanshin Holdings, Inc. | | 4,700 | 154,952 |
| Hanwa Co. Ltd. | | 800 | 26,268 |
| Harmonic Drive Systems, Inc. | | 500 | 15,221 |
| Haseko Corp. | | 6,200 | 78,564 |
| Hikari Tsushin, Inc. | | 400 | 69,907 |
| Hino Motors Ltd. | | 5,700 | 54,562 |
| Hirose Electric Co. Ltd. | | 700 | 66,566 |
| Hiroshima Bank Ltd. | | 5,400 | 33,452 |
| Hisamitsu Pharmaceutical Co., Inc. | | 1,700 | 95,972 |
| Hitachi Chemical Co. Ltd. | | 1,600 | 25,255 |
| Hitachi Construction Machinery Co. Ltd. | | 2,100 | 55,756 |
| Hitachi High-Technologies Corp. | | 1,200 | 45,252 |
| Hitachi Ltd. | | 18,000 | 550,264 |
| Hitachi Metals Ltd. | | 3,200 | 37,776 |
| Hokuhoku Financial Group, Inc. | | 2,300 | 28,598 |
| Honda Motor Co. Ltd. | | 33,700 | 961,984 |
| Horiba Ltd. | | 600 | 28,183 |
| Hoshizaki Corp. | | 1,000 | 80,737 |
| House Foods Group, Inc. | | 1,500 | 43,205 |
| Hoya Corp. | | 7,200 | 409,277 |
| Hulic Co. Ltd. | | 9,500 | 87,141 |
| Ibiden Co. Ltd. | | 2,300 | 28,415 |
| Idemitsu Kosan Co. Ltd. | | 2,100 | 95,848 |
| IHI Corp. | | 2,900 | 106,089 |
| Iida Group Holdings Co. Ltd. | | 3,400 | 61,892 |
| Industrial & Infrastructure Fund Investment Corp. | | 25 | 25,103 |
| INPEX Corp. | | 20,300 | 231,148 |
| Invincible Investment Corp. | | 79 | 32,696 |
| Isetan Mitsukoshi Holdings Ltd. | | 7,600 | 88,823 |
| Isuzu Motors Ltd. | | 11,800 | 154,704 |
| IT Holdings Corp. | | 1,800 | 80,720 |
| ITO EN Ltd. | | 1,300 | 55,417 |
| Itochu Corp. | | 29,500 | 547,106 |
| ITOCHU Techno-Solutions Corp. | | 1,400 | 26,552 |
| Itoham Yonekyu Holdings, Inc. | | 2,200 | 13,843 |
| Iyo Bank Ltd. | | 5,800 | 34,491 |
| Izumi Co. Ltd. | | 1,000 | 54,416 |
| J. Front Retailing Co. Ltd. | | 5,300 | 69,453 |
| JAFCO Co. Ltd. | | 800 | 30,912 |
| Japan Airlines Co. Ltd. | | 7,000 | 249,205 |
| Japan Airport Terminal Co. Ltd. | | 1,400 | 53,849 |
| Japan Excellent, Inc. | | 26 | 33,734 |
| Japan Exchange Group, Inc. | | 10,300 | 184,941 |
| Japan Hotel REIT Investment Corp. | | 76 | 54,086 |
| Japan Logistics Fund, Inc. | | 15 | 29,938 |
| Japan Prime Realty Investment Corp. | | 17 | 60,717 |
| Japan Real Estate Investment Corp. | | 23 | 118,633 |
| Japan Retail Fund Investment Corp. | | 47 | 86,806 |
| Japan Steel Works Ltd. | | 1,400 | 29,585 |
| Japan Tobacco, Inc. | | 20,600 | 529,324 |
| JFE Holdings, Inc. | | 10,800 | 202,949 |
| JGC Corp. | | 5,000 | 96,784 |
| Joyful Honda Co. Ltd. | | 1,400 | 20,212 |
| JSR Corp. | | 4,200 | 62,757 |
| JTEKT Corp. | | 4,200 | 52,255 |
| JX Holdings, Inc. | | 38,200 | 258,117 |
| K's Holdings Corp. | | 3,200 | 40,441 |
| Kagome Co. Ltd. | | 1,500 | 40,014 |
| Kajima Corp. | | 9,600 | 123,615 |
| Kakaku.com, Inc. | | 2,600 | 47,168 |
| Kaken Pharmaceutical Co. Ltd. | | 1,000 | 50,162 |
| Kamigumi Co. Ltd. | | 2,600 | 53,781 |
| Kaneka Corp. | | 1,400 | 58,563 |
| Kansai Electric Power Co., Inc. | | 15,200 | 232,644 |
| Kansai Paint Co. Ltd. | | 5,500 | 81,451 |
| Kao Corp. | | 9,400 | 625,309 |
| Kawasaki Heavy Industries Ltd. | | 2,800 | 66,356 |
| Kawasaki Kisen Kaisha Ltd. (a) | | 1,700 | 22,653 |
| KDDI Corp. | | 33,600 | 813,115 |
| Keihan Electric Railway Co., Ltd. | | 1,900 | 72,070 |
| Keihin Electric Express Railway Co. Ltd. | | 5,400 | 79,970 |
| Keio Corp. | | 2,300 | 124,922 |
| Keisei Electric Railway Co. | | 3,300 | 101,700 |
| Kenedix Office Investment Corp. | | 7 | 43,364 |
| Kewpie Corp. | | 2,500 | 57,673 |
| Keyence Corp. | | 1,600 | 784,154 |
| Kikkoman Corp. | | 3,700 | 202,713 |
| Kinden Corp. | | 2,400 | 38,499 |
| Kintetsu Group Holdings Co. Ltd. | | 3,500 | 134,311 |
| Kirin Holdings Co. Ltd. | | 17,200 | 410,436 |
| Kobayashi Pharmaceutical Co. Ltd. | | 1,100 | 72,141 |
| Kobe Steel Ltd. | | 7,300 | 58,694 |
| Koito Manufacturing Co. Ltd. | | 2,500 | 119,201 |
| Kokuyo Co. Ltd. | | 2,100 | 33,202 |
| Komatsu Ltd. | | 18,200 | 473,973 |
| Konami Holdings Corp. | | 1,700 | 64,855 |
| Konica Minolta, Inc. | | 9,700 | 96,014 |
| Kose Corp. | | 600 | 89,706 |
| Kubota Corp. | | 22,100 | 348,888 |
| Kuraray Co. Ltd. | | 7,100 | 97,522 |
| Kurita Water Industries Ltd. | | 2,200 | 54,262 |
| Kyocera Corp. | | 6,700 | 362,623 |
| Kyowa Exeo Corp. | | 1,900 | 51,190 |
| Kyowa Hakko Kirin Co., Ltd. | | 5,300 | 102,644 |
| Kyudenko Corp. | | 800 | 29,175 |
| Kyushu Electric Power Co., Inc. | | 8,900 | 103,643 |
| Kyushu Financial Group, Inc. | | 8,900 | 39,359 |
| Kyushu Railway Co. | | 2,900 | 88,926 |
| Lawson, Inc. | | 1,000 | 63,278 |
| Leopalace21 Corp. | | 5,200 | 21,706 |
| LINE Corp. (a) | | 700 | 22,317 |
| Lion Corp. | | 5,800 | 108,973 |
| LIXIL Group Corp. | | 5,600 | 88,341 |
| M3, Inc. | | 7,100 | 114,395 |
| Mabuchi Motor Co. Ltd. | | 900 | 32,065 |
| Maeda Corp. | | 3,100 | 35,057 |
| Makita Corp. | | 5,300 | 183,423 |
| Marubeni Corp. | | 27,100 | 219,746 |
| Marui Group Co. Ltd. | | 4,700 | 101,199 |
| Maruichi Steel Tube Ltd. | | 1,600 | 46,227 |
| Matsumotokiyoshi Holdings Co. Ltd. | | 1,900 | 68,534 |
| Mazda Motor Corp. | | 11,500 | 122,488 |
| McDonald's Holdings Co. (Japan) Ltd. | | 1,200 | 52,856 |
| Mebuki Financial Group, Inc. | | 20,400 | 62,374 |
| Medipal Holdings Corp. | | 3,800 | 81,601 |
| Meiji Holdings Co. Ltd. | | 2,900 | 192,414 |
| Minebea Mitsumi, Inc. | | 8,400 | 128,503 |
| Miraca Holdings, Inc. | | 800 | 19,498 |
| Misumi Group, Inc. | | 5,200 | 104,429 |
| Mitsubishi Chemical Holdings Corp. | | 28,600 | 222,948 |
| Mitsubishi Corp. | | 29,700 | 835,916 |
| Mitsubishi Electric Corp. | | 40,500 | 512,707 |
| Mitsubishi Estate Co. Ltd. | | 26,100 | 417,125 |
| Mitsubishi Gas Chemical Co., Inc. | | 4,400 | 74,129 |
| Mitsubishi Heavy Industries Ltd. | | 6,200 | 218,561 |
| Mitsubishi Logistics Corp. | | 1,600 | 36,681 |
| Mitsubishi Materials Corp. | | 2,500 | 69,212 |
| Mitsubishi Motors Corp. of Japan | | 14,400 | 90,450 |
| Mitsubishi Tanabe Pharma Corp. | | 4,200 | 62,087 |
| Mitsubishi UFJ Financial Group, Inc. | | 265,300 | 1,605,726 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | | 10,900 | 56,125 |
| Mitsui & Co. Ltd. | | 33,300 | 556,397 |
| Mitsui Chemicals, Inc. | | 4,100 | 91,939 |
| Mitsui Fudosan Co. Ltd. | | 18,600 | 418,914 |
| Mitsui Mining & Smelting Co. Ltd. | | 1,300 | 36,832 |
| Mitsui OSK Lines Ltd. | | 1,900 | 46,179 |
| Miura Co. Ltd. | | 2,300 | 56,361 |
| mixi, Inc. | | 500 | 10,927 |
| Mizuho Financial Group, Inc. | | 462,900 | 794,968 |
| MonotaRO Co. Ltd. | | 2,400 | 52,984 |
| Mori Hills REIT Investment Corp. | | 28 | 34,642 |
| Morinaga & Co. Ltd. | | 1,000 | 40,191 |
| Morinaga Milk Industry Co. Ltd. | | 1,000 | 26,676 |
| MS&AD Insurance Group Holdings, Inc. | | 9,500 | 285,354 |
| Murata Manufacturing Co. Ltd. | | 4,000 | 608,499 |
| Nabtesco Corp. | | 2,100 | 46,305 |
| Nachi-Fujikoshi Corp. | | 500 | 20,406 |
| Nagase & Co. Ltd. | | 1,900 | 29,872 |
| Nagoya Railroad Co. Ltd. | | 3,100 | 74,893 |
| Nankai Electric Railway Co. Ltd. | | 2,400 | 58,726 |
| NEC Corp. | | 4,700 | 134,915 |
| New Hampshire Foods Ltd. | | 2,000 | 68,972 |
| Nexon Co. Ltd. (a) | | 6,500 | 74,082 |
| NGK Insulators Ltd. | | 5,500 | 77,407 |
| NGK Spark Plug Co. Ltd. | | 3,600 | 73,126 |
| NHK Spring Co. Ltd. | | 3,700 | 31,808 |
| Nichias Corp. | | 1,000 | 21,837 |
| Nichirei Corp. | | 3,000 | 72,054 |
| Nidec Corp. | | 5,200 | 667,772 |
| Nifco, Inc. | | 1,700 | 38,735 |
| Nihon Kohden Corp. | | 1,600 | 47,787 |
| Nihon M&A Center, Inc. | | 2,600 | 62,376 |
| Nihon Parkerizing Co. Ltd. | | 2,100 | 25,367 |
| Nihon Unisys Ltd. | | 1,200 | 26,300 |
| Nikkon Holdings Co. Ltd. | | 1,100 | 26,614 |
| Nikon Corp. | | 7,700 | 134,231 |
| Nintendo Co. Ltd. | | 2,300 | 718,067 |
| Nippon Accommodations Fund, Inc. | | 9 | 41,237 |
| Nippon Building Fund, Inc. | | 26 | 148,624 |
| Nippon Electric Glass Co. Ltd. | | 1,300 | 32,754 |
| Nippon Express Co. Ltd. | | 1,800 | 113,595 |
| Nippon Gas Co. Ltd. | | 700 | 21,186 |
| Nippon Kayaku Co. Ltd. | | 3,800 | 45,224 |
| Nippon Light Metal Holding Co. Ltd. | | 7,800 | 16,447 |
| Nippon Paint Holdings Co. Ltd. | | 3,700 | 115,917 |
| Nippon Paper Industries Co. Ltd. | | 2,400 | 43,483 |
| Nippon Prologis REIT, Inc. | | 34 | 68,582 |
| Nippon Shinyaku Co. Ltd. | | 1,300 | 75,003 |
| Nippon Shokubai Co. Ltd. | | 600 | 38,711 |
| Nippon Steel & Sumitomo Metal Corp. | | 16,900 | 311,740 |
| Nippon Suisan Kaisha Co. Ltd. | | 6,800 | 43,436 |
| Nippon Telegraph & Telephone Corp. | | 26,000 | 1,072,204 |
| Nippon Yusen KK | | 3,100 | 49,990 |
| Nipro Corp. | | 2,300 | 29,312 |
| Nishi-Nippon Financial Holdings, Inc. | | 2,600 | 24,794 |
| Nishi-Nippon Railroad Co. Ltd. | | 1,600 | 39,576 |
| Nissan Chemical Corp. | | 2,900 | 136,739 |
| Nissan Motor Co. Ltd. | | 44,200 | 402,121 |
| Nisshin Seifun Group, Inc. | | 5,100 | 101,480 |
| Nisshinbo Holdings, Inc. | | 3,500 | 38,530 |
| Nissin Food Holdings Co. Ltd. | | 1,800 | 116,294 |
| Nitori Holdings Co. Ltd. | | 1,600 | 208,942 |
| Nitto Denko Corp. | | 3,100 | 193,673 |
| NKSJ Holdings, Inc. | | 7,800 | 321,715 |
| NOF Corp. | | 1,900 | 53,968 |
| NOK Corp. | | 2,800 | 40,300 |
| Nomura Holdings, Inc. | | 66,300 | 318,370 |
| Nomura Real Estate Holdings, Inc. | | 2,700 | 50,705 |
| Nomura Real Estate Master Fund, Inc. | | 77 | 99,837 |
| Nomura Research Institute Ltd. | | 2,600 | 115,212 |
| NSK Ltd. | | 9,600 | 94,847 |
| NTN Corp. | | 9,300 | 34,016 |
| NTT Data Corp. | | 12,100 | 155,346 |
| NTT DOCOMO, Inc. | | 23,900 | 592,692 |
| Obayashi Corp. | | 14,000 | 123,595 |
| OBIC Co. Ltd. | | 1,300 | 118,438 |
| Odakyu Electric Railway Co. Ltd. | | 5,900 | 124,730 |
| Oji Holdings Corp. | | 17,700 | 125,690 |
| Okuma Corp. | | 700 | 34,951 |
| Okumura Corp. | | 700 | 22,054 |
| Olympus Corp. | | 6,100 | 203,324 |
| OMRON Corp. | | 4,200 | 170,479 |
| Ono Pharmaceutical Co. Ltd. | | 10,400 | 237,061 |
| Open House Co. Ltd. | | 500 | 19,653 |
| Oracle Corp. Japan | | 600 | 40,732 |
| Oriental Land Co. Ltd. | | 4,300 | 404,524 |
| ORIX Corp. | | 24,500 | 399,739 |
| ORIX JREIT, Inc. | | 47 | 71,894 |
| Osaka Gas Co. Ltd. | | 7,800 | 142,631 |
| OSG Corp. | | 1,900 | 39,302 |
| Otsuka Corp. | | 2,100 | 69,792 |
| Otsuka Holdings Co. Ltd. | | 10,700 | 511,759 |
| Panasonic Corp. | | 43,400 | 465,745 |
| Park24 Co. Ltd. | | 1,700 | 44,762 |
| Penta-Ocean Construction Co. Ltd. | | 4,800 | 28,757 |
| PeptiDream, Inc. (a) | | 1,600 | 52,537 |
| Pigeon Corp. | | 2,300 | 97,638 |
| Pilot Corp. | | 600 | 33,181 |
| Pola Orbis Holdings, Inc. | | 1,700 | 45,500 |
| Rakuten, Inc. | | 17,200 | 116,341 |
| Recruit Holdings Co. Ltd. | | 26,100 | 700,513 |
| Relo Group, Inc. | | 2,400 | 56,706 |
| Rengo Co. Ltd. | | 4,600 | 40,074 |
| Resona Holdings, Inc. | | 41,500 | 218,291 |
| Resorttrust, Inc. | | 2,100 | 32,328 |
| Ricoh Co. Ltd. | | 14,100 | 140,750 |
| Rinnai Corp. | | 700 | 50,995 |
| ROHM Co. Ltd. | | 1,800 | 126,663 |
| Rohto Pharmaceutical Co. Ltd. | | 2,300 | 72,974 |
| Ryohin Keikaku Co. Ltd. | | 500 | 132,096 |
| Sankyu, Inc. | | 1,200 | 56,791 |
| Santen Pharmaceutical Co. Ltd. | | 8,300 | 123,211 |
| Sanwa Holdings Corp. | | 4,600 | 54,017 |
| Sapporo Breweries Ltd. | | 1,700 | 31,536 |
| Sawai Pharmaceutical Co. Ltd. | | 600 | 30,469 |
| SBI Holdings, Inc. Japan | | 3,900 | 102,343 |
| Screen Holdings Co. Ltd. | | 1,100 | 59,799 |
| SCSK Corp. | | 1,100 | 46,648 |
| Secom Co. Ltd. | | 3,900 | 319,299 |
| Sega Sammy Holdings, Inc. | | 4,100 | 52,797 |
| Seibu Holdings, Inc. | | 5,500 | 99,778 |
| Seiko Epson Corp. | | 6,100 | 98,279 |
| Seino Holdings Co. Ltd. | | 3,500 | 48,513 |
| Sekisui Chemical Co. Ltd. | | 8,900 | 139,848 |
| Sekisui House Ltd. | | 12,300 | 180,527 |
| Seria Co. Ltd. | | 700 | 23,605 |
| Seven & i Holdings Co. Ltd. | | 14,800 | 640,840 |
| Seven Bank Ltd. | | 13,300 | 41,609 |
| SG Holdings Co. Ltd. | | 1,300 | 32,766 |
| Sharp Corp. | | 3,300 | 50,625 |
| Shikoku Electric Power Co., Inc. | | 4,200 | 52,856 |
| Shima Seiki Manufacturing Ltd. | | 500 | 13,515 |
| Shimadzu Corp. | | 5,300 | 134,009 |
| Shimamura Co. Ltd. | | 500 | 42,053 |
| SHIMANO, Inc. | | 1,600 | 218,939 |
| SHIMIZU Corp. | | 14,100 | 114,455 |
| Shin-Etsu Chemical Co. Ltd. | | 7,600 | 635,060 |
| Shinsei Bank Ltd. | | 4,400 | 67,025 |
| Shionogi & Co. Ltd. | | 5,800 | 370,874 |
| Shiseido Co. Ltd. | | 7,500 | 473,216 |
| Shizuoka Bank Ltd. | | 11,900 | 104,113 |
| SHO-BOND Holdings Co. Ltd. | | 500 | 35,627 |
| Shochiku Co. Ltd. | | 300 | 29,273 |
| Showa Denko K.K. | | 2,700 | 117,568 |
| Showa Shell Sekiyu K.K. | | 3,700 | 70,619 |
| Skylark Co. Ltd. | | 2,400 | 37,393 |
| SMC Corp. | | 1,300 | 416,493 |
| SoftBank Corp. | | 17,100 | 1,353,274 |
| Sohgo Security Services Co., Ltd. | | 1,400 | 62,410 |
| Sojitz Corp. | | 26,900 | 90,464 |
| Sony Corp. | | 23,500 | 1,271,744 |
| Sony Financial Holdings, Inc. | | 3,300 | 76,129 |
| Sosei Group Corp. (a) | | 700 | 5,441 |
| Sotetsu Holdings, Inc. | | 1,600 | 48,992 |
| Square Enix Holdings Co. Ltd. | | 1,700 | 60,943 |
| Stanley Electric Co. Ltd. | | 3,000 | 88,935 |
| Subaru Corp. | | 12,000 | 323,696 |
| Sugi Holdings Co. Ltd. | | 700 | 32,073 |
| Sumco Corp. | | 3,400 | 45,890 |
| Sumitomo Chemical Co. Ltd. | | 32,600 | 163,306 |
| Sumitomo Corp. | | 23,300 | 353,384 |
| Sumitomo Electric Industries Ltd. | | 14,800 | 201,836 |
| Sumitomo Forestry Co. Ltd. | | 3,100 | 46,128 |
| Sumitomo Heavy Industries Ltd. | | 2,500 | 78,627 |
| Sumitomo Metal Mining Co. Ltd. | | 5,300 | 166,876 |
| Sumitomo Mitsui Financial Group, Inc. | | 26,200 | 1,020,100 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 7,300 | 290,055 |
| Sumitomo Osaka Cement Co. Ltd. | | 700 | 26,007 |
| Sumitomo Realty & Development Co. Ltd. | | 9,000 | 309,241 |
| Sumitomo Rubber Industries Ltd. | | 3,800 | 54,726 |
| Sundrug Co. Ltd. | | 1,000 | 36,336 |
| Suntory Beverage & Food Ltd. | | 2,400 | 97,948 |
| Suzuken Co. Ltd. | | 1,700 | 86,179 |
| Suzuki Motor Corp. | | 8,400 | 418,880 |
| Sysmex Corp. | | 3,100 | 217,702 |
| T&D Holdings, Inc. | | 12,300 | 196,624 |
| Tadano Ltd. | | 2,700 | 29,145 |
| Taiheiyo Cement Corp. | | 2,100 | 61,796 |
| Taisei Corp. | | 4,300 | 183,904 |
| Taisho Pharmaceutical Holdings Co. Ltd. | | 1,100 | 117,375 |
| Taiyo Nippon Sanso Corp. | | 3,500 | 56,361 |
| Taiyo Yuden Co. Ltd. | | 2,100 | 42,288 |
| Takara Holdings, Inc. | | 4,100 | 57,517 |
| Takashimaya Co. Ltd. | | 3,800 | 59,803 |
| Takeda Pharmaceutical Co. Ltd. | | 14,000 | 580,434 |
| TDK Corp. | | 2,500 | 215,575 |
| TechnoPro Holdings, Inc. | | 600 | 31,373 |
| Teijin Ltd. | | 3,900 | 67,613 |
| Temp Holdings Co., Ltd. | | 3,100 | 59,014 |
| Terumo Corp. | | 6,400 | 345,484 |
| The Chugoku Bank Ltd. | | 3,600 | 32,479 |
| The Hachijuni Bank Ltd. | | 8,800 | 37,279 |
| The Suruga Bank Ltd. | | 2,600 | 12,282 |
| THK Co. Ltd. | | 2,600 | 57,629 |
| Toagosei Co. Ltd. | | 3,400 | 34,954 |
| Tobu Railway Co. Ltd. | | 4,100 | 114,032 |
| Toda Corp. | | 4,200 | 28,326 |
| Toho Co. Ltd. | | 2,800 | 91,351 |
| Toho Gas Co. Ltd. | | 2,000 | 69,127 |
| Tohoku Electric Power Co., Inc. | | 9,400 | 118,963 |
| Tokai Carbon Co. Ltd. | | 4,400 | 68,890 |
| Tokai Tokyo Financial Holdings | | 4,100 | 21,184 |
| Tokio Marine Holdings, Inc. | | 14,100 | 664,281 |
| Tokuyama Corp. | | 1,400 | 31,306 |
| Tokyo Century Corp. | | 1,100 | 58,980 |
| Tokyo Electric Power Co., Inc. (a) | | 14,500 | 74,214 |
| Tokyo Electron Ltd. | | 3,100 | 418,341 |
| Tokyo Gas Co. Ltd. | | 7,500 | 184,447 |
| Tokyo Ohka Kogyo Co. Ltd. | | 1,000 | 26,853 |
| Tokyo Seimitsu Co. Ltd. | | 400 | 9,625 |
| Tokyo Tatemono Co. Ltd. | | 4,400 | 47,323 |
| Tokyu Corp. | | 11,000 | 181,725 |
| Tokyu Fudosan Holdings Corp. | | 10,600 | 59,724 |
| Topcon Corp. | | 1,900 | 27,649 |
| Toppan Printing Co. Ltd. | | 6,300 | 89,066 |
| Toray Industries, Inc. | | 30,900 | 219,183 |
| Toshiba Corp. (a) | | 7,600 | 227,660 |
| Tosoh Corp. | | 6,600 | 86,894 |
| Toto Ltd. | | 3,100 | 110,906 |
| Toyo Seikan Group Holdings Ltd. | | 3,300 | 67,326 |
| Toyo Suisan Kaisha Ltd. | | 1,900 | 65,503 |
| Toyo Tire & Rubber Co. Ltd. | | 2,300 | 38,525 |
| Toyobo Co. Ltd. | | 2,100 | 29,848 |
| Toyoda Gosei Co. Ltd. | | 1,100 | 23,738 |
| Toyota Boshoku Corp. | | 1,300 | 21,741 |
| Toyota Industries Corp. | | 3,900 | 191,829 |
| Toyota Motor Corp. | | 55,200 | 3,233,670 |
| Toyota Tsusho Corp. | | 4,500 | 162,399 |
| Trend Micro, Inc. | | 2,200 | 126,645 |
| TS tech Co. Ltd. | | 1,000 | 28,803 |
| Tsumura & Co. | | 1,400 | 43,674 |
| Tsuruha Holdings, Inc. | | 800 | 83,378 |
| Ube Industries Ltd. | | 2,000 | 43,565 |
| Ulvac, Inc. | | 900 | 29,392 |
| Unicharm Corp. | | 8,300 | 225,972 |
| United Urban Investment Corp. | | 53 | 80,744 |
| Ushio, Inc. | | 1,700 | 20,596 |
| USS Co. Ltd. | | 4,500 | 81,238 |
| Wacoal Holdings Corp. | | 1,400 | 38,587 |
| Welcia Holdings Co. Ltd. | | 1,000 | 51,048 |
| West Japan Railway Co. | | 3,600 | 242,128 |
| Yahoo! Japan Corp. | | 21,600 | 67,388 |
| Yakult Honsha Co. Ltd. | | 3,100 | 220,065 |
| Yamada Denki Co. Ltd. | | 11,600 | 54,692 |
| Yamaguchi Financial Group, Inc. | | 4,800 | 50,750 |
| Yamaha Corp. | | 3,400 | 149,411 |
| Yamaha Motor Co. Ltd. | | 5,900 | 139,534 |
| Yamato Holdings Co. Ltd. | | 7,800 | 213,240 |
| Yamazaki Baking Co. Ltd. | | 3,500 | 63,154 |
| Yaskawa Electric Corp. | | 5,200 | 150,299 |
| Yokogawa Electric Corp. | | 4,600 | 90,317 |
| Yokohama Rubber Co. Ltd. | | 2,800 | 54,240 |
| Zenkoku Hosho Co. Ltd. | | 1,000 | 36,248 |
| Zeon Corp. | | 3,600 | 34,872 |
| Zozo, Inc. | | 3,300 | 79,521 |
|
| TOTAL JAPAN | | | 74,648,981 |
|
| Korea (South) - 3.5% | | | |
| AMOREPACIFIC Corp. | | 638 | 85,551 |
| AMOREPACIFIC Group, Inc. | | 563 | 30,642 |
| BGF Retail Co. Ltd. | | 159 | 23,481 |
| BS Financial Group, Inc. | | 5,926 | 39,420 |
| Bukwang Pharmaceutical Co. Ltd. | | 422 | 8,248 |
| Cafe24 Corp. (a) | | 74 | 7,167 |
| Celltrion Healthcare Co. Ltd. | | 950 | 53,037 |
| Celltrion Pharm, Inc. | | 165 | 7,737 |
| Celltrion, Inc. (a) | | 1,938 | 369,426 |
| CHA Biotech Co. Ltd. (a) | | 462 | 7,430 |
| Cheil Industries, Inc. | | 1,916 | 182,196 |
| Cheil Worldwide, Inc. | | 888 | 17,667 |
| Chong Kun Dang Pharmaceutical Corp. | | 136 | 10,334 |
| CJ CGV Co. Ltd. | | 28 | 990 |
| CJ CheilJedang Corp. | | 142 | 40,323 |
| CJ Corp. | | 325 | 31,047 |
| Com2uS Corp. | | 203 | 22,791 |
| Cosmax, Inc. | | 156 | 15,723 |
| Coway Co. Ltd. | | 1,072 | 66,049 |
| Daelim Industrial Co. | | 471 | 31,372 |
| Daewoo Engineering & Construction Co. Ltd. (a) | | 2,048 | 8,122 |
| Daewoong Pharmaceutical Co. Ltd. | | 70 | 8,650 |
| Db Insurance Co. Ltd. | | 1,060 | 66,703 |
| DGB Financial Group Co. Ltd. | | 4,145 | 34,148 |
| Dong Suh Companies, Inc. | | 539 | 8,810 |
| Doosan Bobcat, Inc. | | 341 | 10,520 |
| Doosan Co. Ltd. | | 357 | 37,390 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 232 | 2,226 |
| Doosan Infracore Co. Ltd. (a) | | 3,974 | 26,818 |
| DuzonBizon Co. Ltd. | | 214 | 8,131 |
| E-Mart Co. Ltd. | | 419 | 75,097 |
| EO Technics Co. Ltd. | | 27 | 1,156 |
| Fila Korea Ltd. | | 822 | 30,294 |
| G-treeBNT Co. Ltd. (a) | | 97 | 1,883 |
| Genexine Co. Ltd. (a) | | 120 | 7,814 |
| Grand Korea Leisure Co. Ltd. | | 426 | 8,307 |
| Green Cross Corp. | | 66 | 6,912 |
| Green Cross Holdings Corp. | | 401 | 7,293 |
| GS Engineering & Construction Corp. | | 1,252 | 45,812 |
| GS Holdings Corp. | | 1,090 | 46,332 |
| GS Retail Co. Ltd. | | 317 | 9,974 |
| Hana Financial Group, Inc. | | 5,792 | 194,420 |
| Hana Tour Service, Inc. | | 106 | 5,518 |
| HanAll BioPharma Co. Ltd. (a) | | 434 | 9,015 |
| Hanjin Kal Corp. | | 643 | 10,876 |
| Hankook Tire Co. Ltd. | | 1,255 | 45,536 |
| Hanmi Pharm Co. Ltd. | | 112 | 38,233 |
| Hanmi Science Co. Ltd. | | 637 | 37,237 |
| Hanon Systems | | 2,454 | 23,551 |
| Hanssem Co. Ltd. | | 135 | 5,780 |
| Hanwha Aerospace Co. Ltd. (a) | | 884 | 22,042 |
| Hanwha Chemical Corp. | | 2,334 | 33,036 |
| Hanwha Corp. | | 1,437 | 35,390 |
| Hanwha Life Insurance Co. Ltd. | | 3,421 | 13,447 |
| HDC Hyundai Development Co. (a) | | 830 | 32,007 |
| HLB, Inc. (a) | | 582 | 44,173 |
| Hotel Shilla Co. | | 770 | 48,117 |
| HUGEL, Inc. (a) | | 23 | 5,531 |
| Hyosung Advanced Materials Co. (a) | | 11 | 1,007 |
| Hyosung Chemical Co. Ltd. (a) | | 10 | 1,139 |
| Hyosung Corp. | | 37 | 1,664 |
| Hyosung Heavy Industries Co. Ltd. (a) | | 33 | 1,225 |
| Hyosung TNC Co. Ltd. (a) | | 9 | 1,376 |
| Hyundai Construction Equipment Co. Ltd. | | 148 | 9,650 |
| Hyundai Department Store Co. Ltd. | | 458 | 34,802 |
| Hyundai Elevator Co. Ltd. | | 220 | 15,367 |
| Hyundai Engineering & Construction Co. Ltd. | | 1,457 | 58,420 |
| Hyundai Fire & Marine Insurance Co. Ltd. | | 1,084 | 39,712 |
| Hyundai Glovis Co. Ltd. | | 333 | 33,271 |
| Hyundai Greenfood Co. Ltd. | | 564 | 6,105 |
| Hyundai Heavy Industries Co. Ltd. (a) | | 962 | 104,968 |
| Hyundai Industrial Development & Construction Co. | | 92 | 1,355 |
| Hyundai Merchant Marine Co. Ltd. (a) | | 4,077 | 13,507 |
| Hyundai Mipo Dockyard Co. Ltd. (a) | | 115 | 9,474 |
| Hyundai Mobis | | 1,342 | 223,471 |
| Hyundai Motor Co. | | 2,433 | 227,094 |
| Hyundai Robotics Co. Ltd. (a) | | 212 | 66,238 |
| Hyundai Steel Co. | | 1,807 | 66,119 |
| Hyundai Wia Corp. | | 73 | 1,894 |
| Industrial Bank of Korea | | 4,579 | 59,595 |
| ING Life Insurance Korea Ltd. (b) | | 312 | 8,381 |
| JB Financial Group Co. Ltd. | | 4,677 | 22,504 |
| Kakao Corp. | | 823 | 66,071 |
| Kangwon Land, Inc. | | 2,081 | 52,344 |
| KB Financial Group, Inc. | | 8,018 | 333,479 |
| KCC Corp. | | 118 | 25,544 |
| KEPCO Plant Service & Engineering Co. Ltd. | | 71 | 1,711 |
| Kia Motors Corp. | | 5,321 | 132,442 |
| Kiwoom Securities Co. Ltd. | | 283 | 18,726 |
| Koh Young Technology, Inc. | | 112 | 8,854 |
| Kolmar Korea Co. Ltd. | | 161 | 7,648 |
| Kolon Industries, Inc. | | 188 | 8,271 |
| Komipharm International Co. Ltd. (a) | | 488 | 9,110 |
| Korea Aerospace Industries Ltd. (a) | | 1,340 | 33,999 |
| Korea Electric Power Corp. | | 6,201 | 147,932 |
| Korea Express Co. Ltd. (a) | | 198 | 27,505 |
| Korea Gas Corp. (a) | | 828 | 37,808 |
| Korea Investment Holdings Co. Ltd. | | 798 | 41,474 |
| Korea Petro Chemical Industries Co. Ltd. | | 48 | 6,563 |
| Korea Zinc Co. Ltd. | | 271 | 90,017 |
| Korean Air Lines Co. Ltd. | | 1,779 | 42,799 |
| Korean Reinsurance Co. | | 1,263 | 10,726 |
| KT&G Corp. | | 2,460 | 218,834 |
| Kumho Petro Chemical Co. Ltd. | | 285 | 21,506 |
| LG Chemical Ltd. | | 801 | 243,599 |
| LG Corp. | | 2,650 | 153,983 |
| LG Display Co. Ltd. | | 4,707 | 68,595 |
| LG Electronics, Inc. | | 2,145 | 119,000 |
| LG Household & Health Care Ltd. | | 166 | 151,888 |
| LG Innotek Co. Ltd. | | 244 | 26,517 |
| LG International Corp. | | 404 | 5,541 |
| LG Telecom Ltd. | | 5,690 | 80,538 |
| Lotte Chemical Corp. | | 321 | 73,850 |
| Lotte Confectionery Co. Ltd. (a) | | 235 | 9,793 |
| Lotte Fine Chemical Co. Ltd. | | 192 | 6,857 |
| Lotte Shopping Co. Ltd. | | 280 | 47,485 |
| LS Cable Ltd. | | 505 | 22,351 |
| LS Industrial Systems Ltd. | | 163 | 7,021 |
| Mando Corp. | | 315 | 8,434 |
| Medipost Co. Ltd. (a) | | 81 | 5,551 |
| Medy-Tox, Inc. | | 68 | 27,796 |
| Meritz Fire & Marine Insurance Co. Ltd. | | 1,490 | 23,767 |
| Meritz Securities Co. Ltd. | | 4,710 | 16,388 |
| Mirae Asset Daewoo Co. Ltd. | | 8,691 | 48,977 |
| Naturecell Co. Ltd. (a) | | 299 | 3,774 |
| NAVER Corp. | | 2,762 | 277,168 |
| NCSOFT Corp. | | 338 | 127,231 |
| Netmarble Corp. (b) | | 802 | 78,724 |
| NHN Entertainment Corp. (a) | | 26 | 1,045 |
| Nong Shim Co. Ltd. | | 43 | 8,216 |
| Oci Co. Ltd. | | 303 | 22,625 |
| Orion Corp./Republic of Korea | | 360 | 30,005 |
| Ottogi Corp. | | 50 | 28,878 |
| Paradise Co. Ltd. | | 526 | 8,252 |
| Pearl Abyss Corp. (a) | | 128 | 23,065 |
| Poongsan Corp. | | 57 | 1,206 |
| POSCO | | 1,532 | 350,218 |
| POSCO Chemtech Co. Ltd. | | 355 | 20,255 |
| Posco Daewoo Corp. | | 1,050 | 16,380 |
| S-Oil Corp. | | 835 | 90,745 |
| S1 Corp. | | 395 | 33,407 |
| Samsung Biologics Co. Ltd. (a)(b) | | 320 | 108,677 |
| Samsung Card Co. Ltd. | | 361 | 10,646 |
| Samsung Electro-Mechanics Co. Ltd. | | 1,148 | 118,724 |
| Samsung Electronics Co. Ltd. | | 103,693 | 3,853,272 |
| Samsung Engineering Co. Ltd. (a) | | 2,028 | 32,437 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 788 | 192,338 |
| Samsung Heavy Industries Co. Ltd. (a) | | 5,094 | 31,073 |
| Samsung Life Insurance Co. Ltd. | | 1,772 | 142,878 |
| Samsung SDI Co. Ltd. | | 1,054 | 217,543 |
| Samsung SDS Co. Ltd. | | 771 | 130,077 |
| Samsung Securities Co. Ltd. | | 2,065 | 48,413 |
| Seegene, Inc. (a) | | 66 | 1,064 |
| Seoul Semiconductor Co. Ltd. | | 913 | 16,364 |
| Shinhan Financial Group Co. Ltd. | | 9,141 | 340,032 |
| Shinsegae Co. Ltd. | | 131 | 29,679 |
| SillaJen, Inc. (a) | | 846 | 51,086 |
| SK C&C Co. Ltd. | | 682 | 156,304 |
| SK Chemicals Co. Ltd./New (a) | | 23 | 1,218 |
| SK Energy Co. Ltd. | | 1,190 | 222,669 |
| SK Hynix, Inc. | | 10,946 | 654,266 |
| SK Materials Co., Ltd. | | 77 | 12,566 |
| SK Networks Co. Ltd. | | 1,507 | 5,620 |
| SK Telecom Co. Ltd. | | 996 | 233,723 |
| SKC Co. Ltd. | | 449 | 13,045 |
| Studio Dragon Corp. | | 79 | 6,370 |
| STX Pan Ocean Co. Ltd. (Korea) (a) | | 2,228 | 9,314 |
| ViroMed Co. Ltd. (a) | | 305 | 49,800 |
| WONIK IPS Co. Ltd. | | 122 | 2,032 |
| Woori Bank | | 6,782 | 93,617 |
| Woori Investment & Securities Co. Ltd. | | 3,136 | 33,394 |
| Young Poong Corp. | | 2 | 1,152 |
| Yuhan Corp. | | 234 | 34,351 |
| YUNGJIN Pharmaceutical Co. Ltd. (a) | | 994 | 4,809 |
|
| TOTAL KOREA (SOUTH) | | | 13,586,311 |
|
| Luxembourg - 0.2% | | | |
| Aperam | | 992 | 33,820 |
| ArcelorMittal SA (Netherlands) | | 11,820 | 295,070 |
| B&M European Value Retail S.A. | | 13,689 | 72,929 |
| Eurofins Scientific SA | | 184 | 93,033 |
| Millicom International Cellular SA (depository receipt) | | 1,175 | 66,382 |
| PLAY Communications SA (b) | | 517 | 2,223 |
| SES SA (France) (depositary receipt) | | 7,231 | 155,409 |
| Subsea 7 SA | | 5,446 | 68,771 |
| Tenaris SA | | 8,795 | 129,468 |
|
| TOTAL LUXEMBOURG | | | 917,105 |
|
| Malaysia - 0.5% | | | |
| AirAsia Group BHD | | 56,700 | 35,637 |
| AMMB Holdings Bhd | | 16,800 | 15,256 |
| Astro Malaysia Holdings Bhd (b) | | 21,600 | 6,969 |
| Axiata Group Bhd | | 54,700 | 44,576 |
| British American Tobacco (Malaysia) Bhd | | 2,700 | 20,067 |
| Bumiputra-Commerce Holdings Bhd | | 92,348 | 126,235 |
| Bursa Malaysia Bhd | | 7,100 | 12,420 |
| Dialog Group Bhd | | 63,700 | 51,605 |
| DiGi.com Bhd | | 38,600 | 39,758 |
| Gamuda Bhd | | 28,200 | 16,107 |
| Genting Bhd | | 42,300 | 74,198 |
| Genting Malaysia Bhd | | 65,000 | 69,745 |
| Hartalega Holdings Bhd | | 21,600 | 32,314 |
| Hong Leong Bank Bhd | | 10,500 | 51,942 |
| IHH Healthcare Bhd (b) | | 55,600 | 66,436 |
| IJM Corp. Bhd | | 24,500 | 9,544 |
| IOI Corp. Bhd | | 55,200 | 59,362 |
| IOI Properties Group Bhd | | 22,800 | 7,138 |
| Kuala Lumpur Kepong Bhd | | 8,500 | 50,620 |
| Lotte Chemical Titan Holding BHD | | 8,800 | 9,043 |
| Malayan Banking Bhd | | 81,372 | 184,543 |
| Malaysia Airports Holdings Bhd | | 13,000 | 25,786 |
| Maxis Bhd | | 25,000 | 31,246 |
| MISC Bhd | | 28,200 | 41,109 |
| My E.G.Services Bhd | | 22,900 | 6,567 |
| Nestle (Malaysia) BHD | | 700 | 24,055 |
| Petronas Chemicals Group Bhd | | 34,500 | 77,088 |
| Petronas Dagangan Bhd | | 4,000 | 24,854 |
| Petronas Gas Bhd | | 7,100 | 31,016 |
| PPB Group Bhd | | 11,400 | 45,660 |
| Press Metal Bhd | | 44,600 | 51,587 |
| Public Bank Bhd | | 44,600 | 262,196 |
| RHB Capital Bhd | | 24,900 | 31,121 |
| Sime Darby Bhd | | 255,300 | 134,224 |
| Sime Darby Plantation Bhd | | 56,500 | 71,022 |
| Sime Darby Property Bhd | | 33,700 | 7,852 |
| Telekom Malaysia Bhd | | 31,500 | 17,916 |
| Tenaga Nasional Bhd | | 51,200 | 179,864 |
| Top Glove Corp. Bhd | | 24,600 | 34,920 |
| YTL Corp. Bhd | | 111,700 | 28,295 |
|
| TOTAL MALAYSIA | | | 2,109,893 |
|
| Malta - 0.0% | | | |
| Kindred Group PLC (depositary receipt) | | 4,463 | 47,609 |
| Mauritius - 0.0% | | | |
| Golden Agri-Resources Ltd. | | 127,300 | 23,435 |
| Mexico - 0.6% | | | |
| Alfa SA de CV Series A | | 64,800 | 68,299 |
| America Movil S.A.B. de CV Series L | | 441,600 | 319,788 |
| Banco Santander Mexico SA | | 33,065 | 41,231 |
| CEMEX S.A.B. de CV unit (a) | | 281,000 | 140,270 |
| Coca-Cola FEMSA S.A.B. de CV Series L | | 9,800 | 55,896 |
| Embotelladoras Arca S.A.B. de CV | | 6,700 | 33,693 |
| Fibra Uno Administracion SA de CV | | 51,400 | 55,238 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 40,000 | 340,054 |
| Gruma S.A.B. de CV Series B | | 3,840 | 40,076 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 7,000 | 57,910 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 3,885 | 64,575 |
| Grupo Aeroportuario Norte S.A.B. de CV | | 5,600 | 29,302 |
| Grupo Bimbo S.A.B. de CV Series A | | 22,200 | 41,584 |
| Grupo Carso SA de CV Series A1 | | 7,200 | 21,189 |
| Grupo Elektra SA de CV | | 1,210 | 51,213 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 45,400 | 249,783 |
| Grupo Financiero Inbursa S.A.B. de CV Series O | | 29,500 | 38,238 |
| Grupo Mexico SA de CV Series B | | 63,300 | 146,056 |
| Grupo Televisa SA de CV | | 46,800 | 134,917 |
| Industrias Penoles SA de CV | | 1,250 | 17,618 |
| Infraestructura Energetica Nova S.A.B. de CV | | 10,000 | 39,201 |
| Mexichem S.A.B. de CV | | 19,000 | 50,191 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 2,240 | 20,385 |
| Wal-Mart de Mexico SA de CV Series V | | 89,900 | 229,604 |
|
| TOTAL MEXICO | | | 2,286,311 |
|
| Multi-National - 0.0% | | | |
| HKT Trust/HKT Ltd. unit | | 54,000 | 74,369 |
| Netherlands - 2.9% | | | |
| Aalberts Industries NV | | 2,073 | 76,192 |
| ABN AMRO Group NV GDR | | 3,842 | 94,431 |
| AEGON NV | | 25,876 | 159,086 |
| AerCap Holdings NV (a) | | 3,270 | 163,762 |
| Airbus Group NV | | 11,228 | 1,240,854 |
| Akzo Nobel NV | | 4,703 | 395,679 |
| Altice Europe NV Class A | | 8,831 | 21,075 |
| ASML Holding NV (Netherlands) | | 8,189 | 1,410,507 |
| Cimpress NV (a) | | 617 | 77,119 |
| CNH Industrial NV | | 18,590 | 193,420 |
| Euronext NV (b) | | 1,399 | 86,280 |
| EXOR NV | | 1,767 | 100,150 |
| Ferrari NV | | 2,333 | 273,496 |
| Fiat Chrysler Automobiles NV | | 20,249 | 308,476 |
| Gemalto NV (a) | | 1,412 | 80,541 |
| Heineken Holding NV | | 2,143 | 185,686 |
| Heineken NV (Bearer) | | 3,887 | 350,448 |
| ING Groep NV (Certificaten Van Aandelen) | | 71,930 | 851,004 |
| Interxion Holding N.V. (a) | | 1,598 | 94,074 |
| Koninklijke Ahold Delhaize NV | | 23,888 | 547,358 |
| Koninklijke DSM NV | | 3,440 | 301,497 |
| Koninklijke KPN NV | | 84,053 | 221,776 |
| Koninklijke Philips Electronics NV | | 17,674 | 659,167 |
| NN Group NV | | 5,504 | 236,896 |
| NXP Semiconductors NV | | 5,754 | 431,492 |
| QIAGEN NV (Germany) (a) | | 4,379 | 159,063 |
| Randstad NV | | 2,459 | 124,080 |
| RHI Magnesita NV | | 371 | 17,963 |
| STMicroelectronics NV (Italy) | | 12,660 | 192,359 |
| Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit | | 1,835 | 333,128 |
| Unilever NV (Certificaten Van Aandelen) (Bearer) | | 31,945 | 1,716,565 |
| Wolters Kluwer NV | | 5,604 | 318,384 |
| X5 Retail Group NV GDR (Reg. S) | | 1,728 | 40,608 |
| Yandex NV Series A (a) | | 4,541 | 136,820 |
|
| TOTAL NETHERLANDS | | | 11,599,436 |
|
| New Zealand - 0.2% | | | |
| Auckland International Airport Ltd. | | 16,745 | 76,379 |
| Contact Energy Ltd. | | 12,724 | 46,414 |
| Fisher & Paykel Healthcare Corp. | | 10,576 | 93,859 |
| Fletcher Building Ltd. | | 14,056 | 55,400 |
| Kiwi Property Group Ltd. | | 27,988 | 24,017 |
| Mercury Nz Ltd. | | 13,461 | 29,866 |
| Meridian Energy Ltd. | | 23,101 | 47,259 |
| Ryman Healthcare Group Ltd. | | 7,930 | 62,614 |
| SKYCITY Entertainment Group Ltd. | | 12,578 | 31,436 |
| Spark New Zealand Ltd. | | 35,877 | 92,476 |
| The a2 Milk Co. Ltd. (a) | | 13,909 | 94,575 |
| Trade Maine Group Ltd. | | 8,433 | 26,689 |
| Z Energy Ltd. | | 6,464 | 25,730 |
|
| TOTAL NEW ZEALAND | | | 706,714 |
|
| Norway - 0.6% | | | |
| Aker ASA (A Shares) | | 512 | 38,932 |
| Aker Bp ASA | | 1,634 | 53,886 |
| DNB ASA | | 17,123 | 309,867 |
| Entra ASA (b) | | 1,906 | 25,821 |
| Equinor ASA | | 19,389 | 504,402 |
| Gjensidige Forsikring ASA | | 3,658 | 56,672 |
| Leroy Seafood Group ASA | | 3,607 | 33,238 |
| Marine Harvest ASA | | 7,067 | 171,020 |
| Norsk Hydro ASA | | 25,926 | 134,585 |
| Norwegian Finans Holding ASA (a) | | 2,051 | 18,333 |
| Orkla ASA | | 15,443 | 133,256 |
| Salmar ASA | | 1,074 | 56,695 |
| Schibsted ASA: | | | |
| (A Shares) | | 1,721 | 59,634 |
| (B Shares) | | 1,013 | 32,085 |
| SpareBank 1 SR-Bank ASA (primary capital certificate) | | 2,608 | 29,020 |
| Sparebanken Midt-Norge | | 2,825 | 28,820 |
| Storebrand ASA (A Shares) | | 9,547 | 79,458 |
| Telenor ASA | | 12,982 | 238,163 |
| TGS Nopec Geophysical Co. ASA | | 2,102 | 70,542 |
| Tomra Systems ASA | | 2,218 | 54,991 |
| Veidekke ASA | | 1,381 | 14,416 |
| XXL ASA (b) | | 495 | 2,548 |
| Yara International ASA | | 3,346 | 143,965 |
|
| TOTAL NORWAY | | | 2,290,349 |
|
| Pakistan - 0.0% | | | |
| Engro Corp. Ltd. | | 3,300 | 8,345 |
| Habib Bank Ltd. | | 5,800 | 6,382 |
| Lucky Cement Ltd. | | 1,800 | 6,757 |
| Pakistan Oilfields Ltd. | | 5,820 | 23,938 |
| Pakistan Petroleum Ltd. | | 18,630 | 26,288 |
| Pakistan State Oil Co. Ltd. | | 3,120 | 6,607 |
| United Bank Ltd. | | 9,400 | 10,643 |
|
| TOTAL PAKISTAN | | | 88,960 |
|
| Papua New Guinea - 0.0% | | | |
| Oil Search Ltd. ADR | | 22,021 | 121,167 |
| Philippines - 0.3% | | | |
| Aboitiz Equity Ventures, Inc. | | 36,040 | 31,699 |
| Alliance Global Group, Inc. (a) | | 76,900 | 16,348 |
| Ayala Corp. | | 6,750 | 116,212 |
| Ayala Land, Inc. | | 139,300 | 103,360 |
| Bank of the Philippine Islands (BPI) | | 24,710 | 37,987 |
| BDO Unibank, Inc. | | 33,030 | 75,657 |
| DMCI Holdings, Inc. | | 50,800 | 12,206 |
| GT Capital Holdings, Inc. | | 790 | 11,236 |
| International Container Terminal Services, Inc. | | 32,940 | 55,787 |
| JG Summit Holdings, Inc. | | 63,410 | 56,128 |
| Jollibee Food Corp. | | 12,410 | 64,097 |
| Manila Electric Co. | | 5,380 | 37,030 |
| Megaworld Corp. | | 127,000 | 10,481 |
| Metro Pacific Investments Corp. | | 291,400 | 26,175 |
| Metropolitan Bank & Trust Co. | | 43,350 | 53,177 |
| Philippine Long Distance Telephone Co. | | 2,840 | 73,385 |
| Security Bank Corp. | | 12,200 | 32,967 |
| SM Investments Corp. | | 12,970 | 218,444 |
| SM Prime Holdings, Inc. | | 288,400 | 182,419 |
| Universal Robina Corp. | | 17,600 | 42,817 |
|
| TOTAL PHILIPPINES | | | 1,257,612 |
|
| Poland - 0.3% | | | |
| Alior Bank SA (a) | | 1,961 | 29,514 |
| Bank Millennium SA (a) | | 12,323 | 28,358 |
| Bank Polska Kasa Opieki SA | | 2,588 | 70,616 |
| Bank Zachodni WBK SA | | 606 | 53,759 |
| BRE Bank SA | | 183 | 17,837 |
| CD Projekt RED SA (a) | | 1,266 | 52,228 |
| Cyfrowy Polsat SA (a) | | 4,549 | 26,200 |
| Grupa Lotos SA | | 1,195 | 21,576 |
| ING Bank Slaski SA | | 683 | 29,013 |
| Jastrzebska Spolka Weglowa SA (a) | | 538 | 10,375 |
| KGHM Polska Miedz SA (Bearer) (a) | | 2,661 | 60,250 |
| LPP SA | | 29 | 59,328 |
| NG2 SA | | 363 | 15,798 |
| Polish Oil & Gas Co. SA | | 34,192 | 55,781 |
| Polska Grupa Energetyczna SA (a) | | 15,826 | 43,348 |
| Polski Koncern Naftowy Orlen SA | | 5,838 | 140,338 |
| Powszechna Kasa Oszczednosci Bank SA | | 16,446 | 171,140 |
| Powszechny Zaklad Ubezpieczen SA | | 9,652 | 98,554 |
|
| TOTAL POLAND | | | 984,013 |
|
| Portugal - 0.1% | | | |
| Banco Comercial Portugues SA (Reg.) (a) | | 208,830 | 56,342 |
| Energias de Portugal SA | | 44,855 | 157,699 |
| Galp Energia SGPS SA Class B | | 7,971 | 138,992 |
| Jeronimo Martins SGPS SA | | 4,989 | 61,368 |
| NOS SGPS SA | | 4,969 | 27,916 |
| Portucel Industrial Empresa Produtora de Celulosa SA | | 3,625 | 18,066 |
| Sonae SGPS SA | | 11,097 | 11,117 |
|
| TOTAL PORTUGAL | | | 471,500 |
|
| Qatar - 0.3% | | | |
| Barwa Real Estate Co. (a) | | 2,208 | 22,674 |
| Doha Bank (a) | | 2,236 | 13,492 |
| Industries Qatar QSC (a) | | 3,772 | 145,027 |
| Masraf al Rayan (a) | | 12,108 | 126,334 |
| Qatar Electricity & Water Co. (a) | | 815 | 42,055 |
| Qatar Islamic Bank (a) | | 3,844 | 161,530 |
| Qatar National Bank SAQ | | 8,609 | 461,070 |
| Qatar Navigation QPSC (a) | | 1,663 | 32,452 |
| Qatar Telecom (Qtel) Q.S.C. (a) | | 1,884 | 35,641 |
|
| TOTAL QATAR | | | 1,040,275 |
|
| Russia - 0.7% | | | |
| Alrosa Co. Ltd. | | 46,400 | 70,367 |
| Gazprom OAO | | 224,590 | 530,060 |
| Lukoil PJSC | | 7,966 | 597,990 |
| Magnit OJSC | | 1,131 | 61,637 |
| MMC Norilsk Nickel PJSC | | 1,252 | 209,067 |
| Moscow Exchange MICEX-RTS OAO | | 21,820 | 29,116 |
| NOVATEK OAO | | 12,190 | 194,266 |
| Novolipetsk Steel OJSC | | 1,450 | 3,531 |
| Novolipetsk Steel OJSC GDR (Reg. S) | | 1,613 | 38,970 |
| Sberbank of Russia | | 184,400 | 530,018 |
| Severstal PAO | | 3,140 | 49,097 |
| Surgutneftegas OJSC | | 139,300 | 56,186 |
| Tatneft PAO | | 27,860 | 331,746 |
| VTB Bank OJSC (a) | | 105,000,000 | 58,307 |
|
| TOTAL RUSSIA | | | 2,760,358 |
|
| Singapore - 0.9% | | | |
| Ascendas Real Estate Investment Trust | | 47,000 | 85,507 |
| CapitaCommercial Trust (REIT) | | 43,100 | 53,830 |
| CapitaLand Ltd. | | 50,300 | 114,025 |
| CapitaMall Trust | | 54,000 | 82,258 |
| City Developments Ltd. | | 12,500 | 71,382 |
| ComfortDelgro Corp. Ltd. | | 41,700 | 67,736 |
| DBS Group Holdings Ltd. | | 32,800 | 555,527 |
| Flextronics International Ltd. (a) | | 11,169 | 87,788 |
| Hutchison Port Holdings Trust | | 98,200 | 24,059 |
| Jardine Cycle & Carriage Ltd. | | 1,500 | 32,780 |
| K-REIT Asia | | 40,400 | 32,958 |
| Keppel Corp. Ltd. | | 28,500 | 127,567 |
| Mapletree Commercial Trust | | 27,900 | 32,429 |
| Mapletree Greater China Commercial Trust | | 34,100 | 27,819 |
| Mapletree Industrial (REIT) | | 18,000 | 24,041 |
| Mapletree Logistics Trust (REIT) | | 32,000 | 27,954 |
| Oversea-Chinese Banking Corp. Ltd. | | 69,527 | 539,090 |
| Sembcorp Industries Ltd. | | 18,500 | 37,664 |
| Sembcorp Marine Ltd. | | 19,900 | 22,987 |
| Singapore Airlines Ltd. | | 10,100 | 69,125 |
| Singapore Airport Terminal Service Ltd. | | 12,500 | 44,941 |
| Singapore Exchange Ltd. | | 14,900 | 73,578 |
| Singapore Press Holdings Ltd. | | 25,200 | 48,211 |
| Singapore Technologies Engineering Ltd. | | 29,900 | 76,631 |
| Singapore Telecommunications Ltd. | | 148,900 | 339,692 |
| Suntec (REIT) | | 45,300 | 57,886 |
| United Overseas Bank Ltd. | | 26,500 | 466,426 |
| UOL Group Ltd. | | 11,900 | 51,805 |
| Venture Corp. Ltd. | | 5,100 | 56,407 |
| Wilmar International Ltd. | | 69,900 | 159,466 |
| Yangzijiang Shipbuilding Holdings Ltd. | | 42,700 | 38,225 |
|
| TOTAL SINGAPORE | | | 3,529,794 |
|
| South Africa - 1.2% | | | |
| AngloGold Ashanti Ltd. | | 7,744 | 74,965 |
| Aspen Pharmacare Holdings Ltd. | | 6,300 | 66,619 |
| AVI Ltd. | | 5,990 | 40,603 |
| Barclays Africa Group Ltd. | | 5,996 | 60,604 |
| Barloworld Ltd. | | 3,379 | 27,486 |
| Bidcorp Ltd. | | 4,786 | 89,764 |
| Bidvest Group Ltd. | | 5,507 | 68,600 |
| Capitec Bank Holdings Ltd. | | 1,097 | 73,667 |
| Clicks Group Ltd. | | 4,125 | 52,567 |
| Discovery Ltd. | | 6,793 | 72,721 |
| Exxaro Resources Ltd. | | 4,424 | 45,252 |
| FirstRand Ltd. | | 61,307 | 267,253 |
| Foschini Ltd. | | 3,619 | 39,550 |
| Gold Fields Ltd. | | 13,037 | 34,467 |
| Growthpoint Properties Ltd. | | 43,892 | 67,389 |
| Hyprop Investments Ltd. | | 2,175 | 13,309 |
| Impala Platinum Holdings Ltd. (a) | | 7,968 | 14,691 |
| Imperial Holdings Ltd. | | 2,789 | 30,799 |
| Investec Ltd. | | 4,009 | 24,939 |
| Life Healthcare Group Holdings Ltd. | | 21,326 | 35,417 |
| Mondi Ltd. | | 2,234 | 53,437 |
| Mr Price Group Ltd. | | 5,017 | 78,548 |
| MTN Group Ltd. | | 29,175 | 169,087 |
| Naspers Ltd. Class N | | 8,170 | 1,435,838 |
| Nedbank Group Ltd. | | 6,707 | 113,168 |
| Netcare Ltd. | | 29,934 | 50,382 |
| Old Mutual Ltd. | | 92,323 | 139,249 |
| Pick 'n Pay Stores Ltd. | | 4,913 | 22,689 |
| Rand Merchant Insurance Holdings Ltd. | | 11,837 | 27,553 |
| Redefine Properties Ltd. | | 103,197 | 67,084 |
| Remgro Ltd. | | 9,695 | 124,982 |
| Resilient Property Income Fund Ltd. | | 7,176 | 29,098 |
| RMB Holdings Ltd. | | 14,474 | 73,054 |
| Sanlam Ltd. | | 30,144 | 151,737 |
| Sappi Ltd. | | 8,884 | 49,947 |
| Sasol Ltd. | | 9,397 | 307,094 |
| Shoprite Holdings Ltd. | | 7,267 | 88,815 |
| Spar Group Ltd. | | 4,000 | 47,675 |
| Standard Bank Group Ltd. | | 24,334 | 269,410 |
| Tiger Brands Ltd. | | 3,626 | 64,785 |
| Truworths International Ltd. | | 7,773 | 42,636 |
| Vodacom Group Ltd. | | 9,550 | 80,530 |
| Woolworths Holdings Ltd. | | 11,940 | 41,220 |
|
| TOTAL SOUTH AFRICA | | | 4,728,680 |
|
| Spain - 2.0% | | | |
| ACS Actividades de Construccion y Servicios SA | | 3,686 | 138,233 |
| Aena Sme SA | | 1,358 | 217,108 |
| Amadeus IT Holding SA Class A | | 8,160 | 657,876 |
| Banco Bilbao Vizcaya Argentaria SA | | 122,937 | 678,501 |
| Banco de Sabadell SA | | 102,331 | 135,030 |
| Banco Santander SA | | 273,515 | 1,301,373 |
| Banco Santander SA rights (a) | | 227,251 | 8,829 |
| Bankia SA | | 19,546 | 61,524 |
| Bankinter SA | | 12,055 | 98,910 |
| CaixaBank SA | | 66,555 | 269,329 |
| Cellnex Telecom Sau (b) | | 3,272 | 81,570 |
| EDP Renovaveis SA | | 4,037 | 36,306 |
| Enagas SA | | 4,215 | 111,905 |
| Endesa SA | | 5,675 | 118,786 |
| Ferrovial SA | | 9,853 | 197,532 |
| Gas Natural SDG SA | | 6,558 | 161,334 |
| Grifols SA | | 6,043 | 172,416 |
| Grifols SA ADR | | 4,653 | 95,014 |
| Iberdrola SA | | 109,719 | 777,453 |
| Inditex SA | | 20,904 | 590,266 |
| Inmobiliaria Colonial SA | | 6,674 | 67,089 |
| International Consolidated Airlines Group SA | | 2,604 | 20,115 |
| International Consolidated Airlines Group SA CDI | | 39,017 | 300,925 |
| MAPFRE SA (Reg.) | | 16,696 | 50,000 |
| Merlin Properties Socimi SA | | 9,494 | 119,147 |
| Red Electrica Corporacion SA | | 7,857 | 162,691 |
| Repsol SA | | 20,806 | 371,779 |
| Siemens Gamesa Renewable Energy SA (a) | | 4,421 | 49,033 |
| Telefonica SA | | 80,012 | 656,343 |
|
| TOTAL SPAIN | | | 7,706,417 |
|
| Sweden - 2.0% | | | |
| AarhusKarlshamn AB | | 3,499 | 52,765 |
| Alfa Laval AB | | 5,314 | 135,708 |
| ASSA ABLOY AB (B Shares) | | 18,265 | 363,305 |
| Atlas Copco AB: | | | |
| (A Shares) | | 11,828 | 292,884 |
| (B Shares) | | 7,402 | 169,658 |
| Axfood AB | | 1,935 | 34,519 |
| Billerud AB | | 2,807 | 33,281 |
| Boliden AB | | 5,244 | 119,852 |
| Castellum AB | | 4,966 | 85,660 |
| Com Hem Holding AB | | 3,063 | 47,797 |
| Dometic Group AB (b) | | 6,106 | 42,703 |
| Electrolux AB (B Shares) | | 4,660 | 96,855 |
| Elekta AB (B Shares) | | 7,369 | 93,450 |
| Epiroc AB: | | | |
| Class A (a) | | 12,941 | 113,640 |
| Class B (a) | | 6,312 | 52,028 |
| Essity AB Class B | | 11,210 | 255,899 |
| Fabege AB | | 5,688 | 72,661 |
| Fastighets AB Balder (a) | | 1,952 | 49,018 |
| Getinge AB (B Shares) | | 4,943 | 48,560 |
| H&M Hennes & Mauritz AB (B Shares) | | 17,514 | 309,346 |
| Hemfosa Fastigheter AB | | 2,512 | 31,046 |
| Hexagon AB (B Shares) | | 4,754 | 233,047 |
| HEXPOL AB (B Shares) | | 5,403 | 50,008 |
| Holmen AB (B Shares) | | 1,943 | 44,524 |
| Husqvarna AB (B Shares) | | 7,847 | 59,270 |
| ICA Gruppen AB | | 1,473 | 52,136 |
| Industrivarden AB: | | | |
| (A Shares) | | 4,076 | 87,033 |
| (C Shares) | | 2,662 | 55,328 |
| Indutrade AB | | 1,663 | 39,907 |
| Intrum Justitia AB | | 1,336 | 34,075 |
| Investor AB (B Shares) | | 8,196 | 355,294 |
| Kinnevik AB (B Shares) | | 4,437 | 123,105 |
| Loomis AB (B Shares) | | 1,124 | 34,760 |
| Lundbergfoeretagen AB | | 1,087 | 33,544 |
| Lundin Petroleum AB | | 4,041 | 123,379 |
| Modern Times Group MTG AB (B Shares) | | 996 | 36,809 |
| Nibe Industrier AB (B Shares) | | 8,255 | 86,220 |
| Saab AB (B Shares) | | 1,350 | 52,902 |
| Sandvik AB | | 20,492 | 324,472 |
| Securitas AB (B Shares) | | 5,975 | 102,476 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 31,919 | 330,521 |
| Skanska AB (B Shares) | | 7,660 | 120,578 |
| SKF AB (B Shares) | | 7,282 | 116,975 |
| SSAB Svenskt Stal AB (B Shares) | | 9,380 | 30,432 |
| Svenska Cellulosa AB (SCA) (B Shares) | | 60,443 | 572,122 |
| Svenska Handelsbanken AB (A Shares) | | 27,935 | 303,649 |
| Swedbank AB (A Shares) | | 19,264 | 433,859 |
| Swedish Match Co. AB | | 3,523 | 179,516 |
| Swedish Orphan Biovitrum AB (a) | | 3,367 | 68,730 |
| Tele2 AB (B Shares) | | 6,718 | 76,348 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 56,763 | 494,222 |
| TeliaSonera AB | | 50,985 | 229,877 |
| Trelleborg AB (B Shares) | | 4,962 | 89,630 |
| Volvo AB: | | | |
| (A Shares) | | 4,293 | 64,363 |
| (B Shares) | | 31,226 | 466,796 |
| Wallenstam AB (B Shares) | | 3,562 | 32,093 |
|
| TOTAL SWEDEN | | | 8,038,635 |
|
| Switzerland - 5.5% | | | |
| ABB Ltd. (Reg.) | | 37,357 | 751,680 |
| Adecco SA (Reg.) | | 3,288 | 161,078 |
| Baloise Holdings AG | | 934 | 133,727 |
| Clariant AG (Reg.) | | 5,555 | 119,743 |
| Coca-Cola HBC AG | | 3,817 | 112,702 |
| Compagnie Financiere Richemont SA Series A | | 9,732 | 711,318 |
| Credit Suisse Group AG | | 37,964 | 496,329 |
| Geberit AG (Reg.) | | 681 | 266,612 |
| Givaudan SA | | 144 | 349,438 |
| Julius Baer Group Ltd. | | 4,274 | 194,915 |
| Kuehne & Nagel International AG | | 1,069 | 148,704 |
| Lafargeholcim Ltd. (Reg.) | | 8,985 | 416,175 |
| Lindt & Spruengli AG | | 2 | 159,658 |
| Lindt & Spruengli AG (participation certificate) | | 19 | 131,113 |
| Logitech International SA (Reg.) | | 3,332 | 123,302 |
| Lonza Group AG | | 1,151 | 361,934 |
| Nestle SA (Reg. S) | | 57,649 | 4,866,911 |
| Novartis AG | | 49,392 | 4,325,374 |
| Partners Group Holding AG | | 345 | 245,780 |
| Roche Holding AG: | | | |
| (Bearer) | | 690 | 167,987 |
| (participation certificate) | | 12,932 | 3,147,163 |
| Schindler Holding AG (participation certificate) | | 739 | 155,849 |
| SGS SA (Reg.) | | 101 | 239,877 |
| Sika AG | | 2,425 | 311,086 |
| Sonova Holding AG Class B | | 1,037 | 169,427 |
| Straumann Holding AG | | 203 | 138,572 |
| Swatch Group AG (Bearer) | | 555 | 187,801 |
| Swatch Group AG (Bearer) (Reg.) | | 1,626 | 108,572 |
| Swiss Life Holding AG | | 581 | 219,328 |
| Swiss Prime Site AG | | 1,384 | 112,407 |
| Swiss Re Ltd. | | 6,021 | 543,782 |
| Swisscom AG | | 478 | 218,983 |
| Temenos Group AG | | 1,131 | 155,531 |
| UBS Group AG | | 71,110 | 994,827 |
| Zurich Insurance Group AG | | 2,723 | 845,441 |
|
| TOTAL SWITZERLAND | | | 21,793,126 |
|
| Taiwan - 2.6% | | | |
| Accton Technology Corp. | | 8,000 | 22,015 |
| Acer, Inc. | | 45,000 | 31,540 |
| Advantech Co. Ltd. | | 7,000 | 48,158 |
| ASE Industrial Holding Co. Ltd. | | 59,000 | 118,913 |
| Asia Cement Corp. | | 50,000 | 52,890 |
| Asia Optical Co., Inc. | | 1,000 | 1,789 |
| ASUSTeK Computer, Inc. | | 13,000 | 96,155 |
| AU Optronics Corp. | | 140,000 | 54,668 |
| Catcher Technology Co. Ltd. | | 15,000 | 150,918 |
| Cathay Financial Holding Co. Ltd. | | 161,000 | 254,809 |
| Chang Hwa Commercial Bank | | 123,720 | 70,131 |
| Cheng Shin Rubber Industry Co. Ltd. | | 44,000 | 61,892 |
| Chicony Electronics Co. Ltd. | | 7,000 | 13,995 |
| China Airlines Ltd. | | 94,000 | 27,811 |
| China Development Finance Holding Corp. | | 306,000 | 98,144 |
| China Life Insurance Co. Ltd. | | 84,120 | 79,880 |
| China Petrochemical Development Corp. (a) | | 24,000 | 8,760 |
| China Steel Corp. | | 235,000 | 185,204 |
| China Synthetic Rubber Corp. | | 2,658 | 2,970 |
| Chinatrust Financial Holding Co. Ltd. | | 381,000 | 254,119 |
| Chipbond Technology Corp. | | 17,000 | 31,188 |
| Chroma ATE, Inc. | | 6,000 | 21,027 |
| Chunghwa Telecom Co. Ltd. | | 96,000 | 338,895 |
| Compal Electronics, Inc. | | 90,000 | 49,563 |
| Compeq Manufacturing Co. Ltd. | | 11,000 | 7,035 |
| CTCI Corp. | | 18,000 | 25,378 |
| Delta Electronics, Inc. | | 37,000 | 155,359 |
| E Ink Holdings, Inc. | | 8,000 | 6,305 |
| E.SUN Financial Holdings Co. Ltd. | | 203,000 | 134,413 |
| ECLAT Textile Co. Ltd. | | 4,000 | 47,480 |
| Elite Material Co. Ltd. | | 4,000 | 7,997 |
| eMemory Technology, Inc. | | 1,000 | 7,397 |
| EPISTAR Corp. | | 29,000 | 26,180 |
| EVA Airways Corp. | | 33,600 | 15,356 |
| Evergreen Marine Corp. (Taiwan) | | 69,750 | 25,683 |
| Evergreen Marine Corp. (Taiwan) rights 11/18/18 (a) | | 3,973 | 90 |
| Far Eastern Textile Ltd. | | 79,000 | 79,228 |
| Far EasTone Telecommunications Co. Ltd. | | 37,000 | 88,077 |
| Feng Tay Enterprise Co. Ltd. | | 6,000 | 36,046 |
| First Financial Holding Co. Ltd. | | 194,420 | 122,766 |
| FLEXium Interconnect, Inc. | | 4,000 | 10,039 |
| Formosa Chemicals & Fibre Corp. | | 68,000 | 245,991 |
| Formosa Petrochemical Corp. | | 35,000 | 137,918 |
| Formosa Plastics Corp. | | 92,000 | 300,124 |
| Foxconn Technology Co. Ltd. | | 23,000 | 48,733 |
| Fubon Financial Holding Co. Ltd. | | 139,000 | 217,521 |
| Genius Electronic Optical Co. Ltd. | | 1,000 | 6,460 |
| Giant Manufacturing Co. Ltd. | | 3,000 | 11,434 |
| Giga-Byte Technology Co. Ltd. | | 6,000 | 7,839 |
| Global Unichip Corp. | | 1,000 | 6,783 |
| Grand Pacific Petrochemical Corp. | | 8,000 | 5,388 |
| Grape King Bio Ltd. | | 1,000 | 6,298 |
| Great Wall Enterprise Co. Ltd. | | 7,490 | 7,282 |
| HannStar Display Corp. | | 10,000 | 2,196 |
| Highwealth Construction Corp. | | 11,000 | 16,112 |
| HIWIN Technologies Corp. | | 3,000 | 19,380 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 219,800 | 559,430 |
| Hota Industrial Manufacturing Co. Ltd. | | 3,000 | 12,548 |
| Hotai Motor Co. Ltd. | | 6,000 | 41,375 |
| HTC Corp. (a) | | 10,000 | 10,853 |
| Hua Nan Financial Holdings Co. Ltd. | | 169,890 | 95,754 |
| Innolux Corp. | | 176,000 | 53,265 |
| Inventec Corp. | | 50,000 | 40,293 |
| King Slide Works Co. Ltd. | | 1,000 | 10,384 |
| King Yuan Electronics Co. Ltd. | | 4,000 | 2,332 |
| Largan Precision Co. Ltd. | | 2,000 | 216,405 |
| Lee Chang Yung Chemical Industry Corp. | | 6,000 | 10,058 |
| Lien Hwa Industrial Corp. | | 9,900 | 9,737 |
| Lite-On Technology Corp. | | 45,000 | 51,598 |
| Macronix International Co. Ltd. | | 37,340 | 20,684 |
| Makalot Industrial Co. Ltd. | | 4,000 | 21,447 |
| MediaTek, Inc. | | 30,000 | 220,442 |
| Mega Financial Holding Co. Ltd. | | 210,000 | 177,371 |
| Merida Industry Co. Ltd. | | 3,000 | 10,513 |
| Merry Electronics Co. Ltd. | | 4,000 | 17,248 |
| Micro-Star International Co. Ltd. | | 15,000 | 33,091 |
| Nan Ya Plastics Corp. | | 98,000 | 243,413 |
| Nanya Technology Corp. | | 7,000 | 11,621 |
| Novatek Microelectronics Corp. | | 9,000 | 39,680 |
| OBI Pharma, Inc. (a) | | 1,000 | 3,908 |
| Pegatron Corp. | | 43,000 | 78,193 |
| Phison Electronics Corp. | | 4,000 | 26,227 |
| Pou Chen Corp. | | 58,000 | 58,730 |
| Powertech Technology, Inc. | | 8,000 | 17,467 |
| President Chain Store Corp. | | 11,000 | 123,997 |
| Primax Electronics Ltd. | | 2,000 | 2,687 |
| Qisda Corp. | | 52,000 | 29,476 |
| Quanta Computer, Inc. | | 43,000 | 67,846 |
| Radiant Opto-Electronics Corp. | | 9,000 | 23,517 |
| Realtek Semiconductor Corp. | | 7,000 | 28,036 |
| Ruentex Development Co. Ltd. | | 7,800 | 10,783 |
| Ruentex Industries Ltd. | | 3,600 | 9,011 |
| Shin Kong Financial Holding Co. Ltd. | | 202,843 | 66,499 |
| Simplo Technology Co. Ltd. | | 2,000 | 11,595 |
| Sino-American Silicon Products, Inc. | | 11,000 | 20,465 |
| Sinopac Holdings Co. | | 245,180 | 83,151 |
| St.Shine Optical Co. Ltd. | | 1,000 | 17,765 |
| Standard Foods Corp. | | 2,000 | 3,001 |
| Synnex Technology International Corp. | | 31,000 | 33,342 |
| Taishin Financial Holdings Co. Ltd. | | 213,349 | 94,751 |
| Taishin Financial Holdings Co. Ltd. rights 11/22/18 (a) | | 3,153 | 306 |
| Taiwan Business Bank | | 110,840 | 36,516 |
| Taiwan Cement Corp. | | 70,000 | 78,455 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 178,890 | 100,537 |
| Taiwan Fertilizer Co. Ltd. | | 8,000 | 10,853 |
| Taiwan Mobile Co. Ltd. | | 50,000 | 178,453 |
| Taiwan Paiho Ltd. | | 2,000 | 2,952 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 342,000 | 2,566,073 |
| Tatung Co. Ltd. (a) | | 42,000 | 48,836 |
| TECO Electric & Machinery Co. Ltd. | | 21,000 | 12,040 |
| Tong Yang Industry Co. Ltd. | | 1,000 | 1,127 |
| Tripod Technology Corp. | | 12,000 | 28,953 |
| TSRC Corp. | | 2,000 | 1,841 |
| TTY Biopharm Co. Ltd. | | 3,000 | 7,829 |
| Unified-President Enterprises Corp. | | 94,000 | 227,406 |
| Unimicron Technology Corp. | | 23,000 | 11,180 |
| United Microelectronics Corp. | | 236,000 | 89,884 |
| Vanguard International Semiconductor Corp. | | 15,000 | 27,616 |
| Wafer Works Corp. | | 2,000 | 2,028 |
| Walsin Lihwa Corp. | | 48,000 | 23,798 |
| Walsin Technology Corp. | | 4,000 | 16,860 |
| Win Semiconductors Corp. | | 6,000 | 18,411 |
| Winbond Electronics Corp. | | 26,000 | 11,253 |
| Wistron Corp. | | 71,000 | 43,342 |
| Wistron NeWeb Corp. | | 1,020 | 2,372 |
| WPG Holding Co. Ltd. | | 30,040 | 35,657 |
| WT Microelectronics Co. Ltd. | | 1,000 | 1,287 |
| Yageo Corp. | | 6,000 | 61,142 |
| Yuanta Financial Holding Co. Ltd. | | 242,000 | 117,246 |
|
| TOTAL TAIWAN | | | 10,393,964 |
|
| Thailand - 0.9% | | | |
| Advanced Info Service PCL | | 6,200 | 36,647 |
| Advanced Info Service PCL (For. Reg.) | | 14,600 | 86,297 |
| Airports of Thailand PCL | | 22,900 | 44,198 |
| Airports of Thailand PCL (For. Reg.) | | 58,700 | 113,293 |
| Bangkok Bank PCL | | 37,900 | 242,304 |
| Bangkok Chain Hospital PCL | | 26,200 | 15,407 |
| Bangkok Dusit Medical Services PCL | | 48,100 | 35,538 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 130,000 | 96,049 |
| Bangkok Expressway and Metro PCL | | 106,400 | 27,274 |
| Bangkok Expressway and Metro PCL | | 92,100 | 23,608 |
| Bangkok Land PCL | | 207,800 | 10,779 |
| Bangkok Life Assurance PCL | | 11,600 | 11,107 |
| Banpu PCL | | 29,500 | 15,479 |
| Banpu PCL (For. Reg.) | | 50,700 | 26,604 |
| Banpu Power PCL | | 2,100 | 1,514 |
| BCPG PCL | | 2,600 | 1,466 |
| Beauty Community PCL | | 21,600 | 6,514 |
| Berli Jucker PCL (For. Reg) | | 16,200 | 27,236 |
| BTS Group Holdings PCL | | 87,000 | 24,006 |
| BTS Group Holdings PCL | | 58,900 | 16,253 |
| Bumrungrad Hospital PCL | | 4,200 | 24,445 |
| Bumrungrad Hospital PCL (For. Reg.) | | 4,800 | 27,937 |
| C.P. ALL PCL | | 30,000 | 60,841 |
| C.P. ALL PCL (For. Reg.) | | 76,600 | 155,348 |
| Carabao Group PCL | | 1,100 | 1,501 |
| Central Pattana PCL | | 19,400 | 46,218 |
| Central Pattana PCL (For. Reg.) | | 48,100 | 114,593 |
| Central Plaza Hotel PCL | | 12,200 | 14,809 |
| Central Plaza Hotel PCL (a) | | 3,700 | 4,491 |
| Charoen Pokphand Foods PCL | | 25,500 | 19,417 |
| Charoen Pokphand Foods PCL (For. Reg.) | | 57,900 | 44,089 |
| Delta Electronics PCL (For. Reg.) | | 2,400 | 4,994 |
| Electricity Generating PCL (For. Reg.) | | 4,700 | 32,741 |
| Energy Absolute PCL | | 9,400 | 14,032 |
| Energy Absolute PCL | | 16,500 | 24,631 |
| Esso Thailand PCL | | 14,100 | 6,166 |
| Global Power Synergy Public Co. Ltd. | | 5,800 | 10,101 |
| Glow Energy PCL | | 400 | 1,010 |
| Glow Energy PCL (For. Reg.) | | 5,700 | 14,396 |
| Hana Microelectronics PCL (For. Reg.) | | 5,400 | 5,903 |
| Home Product Center PCL | | 39,100 | 17,569 |
| Home Product Center PCL (For. Reg.) | | 67,500 | 30,330 |
| Indorama Ventures PCL | | 10,300 | 16,851 |
| Indorama Ventures PCL (For. Reg.) | | 18,700 | 30,593 |
| Intouch Holdings PCL | | 41,700 | 66,650 |
| IRPC PCL (For. Reg.) | | 165,200 | 30,390 |
| Jasmine International Public Co. Ltd. | | 9,700 | 1,506 |
| Kasikornbank PCL | | 40,500 | 243,660 |
| KCE Electronics PCL | | 17,400 | 19,546 |
| KCE Electronics PCL | | 1,900 | 2,134 |
| Kiatnakin Bank PCL (For. Reg.) | | 9,500 | 20,412 |
| Krung Thai Bank PCL | | 38,300 | 23,216 |
| Krung Thai Bank PCL (For. Reg.) | | 94,900 | 57,524 |
| Krungthai Card PCL | | 10,800 | 11,318 |
| Krungthai Card PCL (For. Reg.) | | 9,900 | 10,375 |
| Land & House PCL | | 43,100 | 13,388 |
| Land & House PCL (For. Reg.) | | 70,400 | 21,867 |
| Mega Lifesciences PCL | | 7,800 | 8,821 |
| Minor International PCL | | 14,800 | 16,291 |
| Minor International PCL (For. Reg.) | | 35,600 | 39,186 |
| MK Restaurants Group PCL | | 1,900 | 3,853 |
| Muangthai Leasing PCL | | 9,000 | 14,181 |
| Muangthai Leasing PCL | | 8,500 | 13,393 |
| PTT Exploration and Production PCL | | 7,700 | 32,393 |
| PTT Exploration and Production PCL (For. Reg.) | | 19,200 | 80,772 |
| PTT Global Chemical PCL | | 12,100 | 28,188 |
| PTT Global Chemical PCL (For. Reg.) | | 32,600 | 75,945 |
| PTT PCL | | 51,800 | 79,668 |
| PTT PCL (For. Reg.) | | 131,000 | 201,478 |
| Ratchaburi Electric Generating Holding PCL (For. Reg.) | | 16,400 | 24,234 |
| Robinsons Department Store PCL (For. Reg.) | | 6,700 | 13,184 |
| Siam Cement PCL | | 4,500 | 56,725 |
| Siam Cement PCL (For. Reg.) | | 11,500 | 144,964 |
| Siam City Cement PCL (For. Reg.) | | 900 | 6,514 |
| Siam Commercial Bank PCL | | 13,900 | 57,637 |
| Siam Commercial Bank PCL (For. Reg.) | | 36,600 | 151,764 |
| Siam Global House PCL | | 2,900 | 1,635 |
| Siam Global House PCL | | 12,500 | 7,049 |
| Sino-Thai Engineering & Construction PCL (For. Reg.) (a) | | 16,900 | 12,639 |
| Srisawad Corp. PCL | | 6,700 | 8,991 |
| Star Petroleum Refining PCL | | 22,700 | 9,652 |
| Thai Beverage PCL | | 193,400 | 87,265 |
| Thai Oil PCL | | 5,800 | 14,824 |
| Thai Oil PCL (For. Reg.) | | 15,200 | 38,848 |
| Thai Union Frozen Products PCL (For. Reg.) | | 52,300 | 26,182 |
| Thanachart Capital PCL (For. Reg.) | | 29,400 | 46,769 |
| TISCO Financial Group PCL | | 8,000 | 18,999 |
| TISCO Financial Group PCL | | 5,900 | 14,012 |
| TMB PCL (For. Reg.) | | 345,900 | 23,783 |
| TOA Paint Thailand PCL | | 1,600 | 1,628 |
| Total Access Communication PCL (For. Reg.) | | 7,500 | 10,743 |
| TPI Polene Power PCL | | 8,400 | 1,520 |
| True Corp. PCL | | 65,300 | 11,619 |
| True Corp. PCL (For. Reg.) | | 116,000 | 20,639 |
| TTW PCL | | 19,000 | 7,048 |
| WHA Corp. PCL | | 154,600 | 19,208 |
|
| TOTAL THAILAND | | | 3,538,809 |
|
| Turkey - 0.2% | | | |
| Akbank T.A.S. | | 57,102 | 67,526 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 656 | 2,205 |
| Arcelik A/S | | 7,498 | 20,832 |
| Bim Birlesik Magazalar A/S JSC | | 4,661 | 66,209 |
| Coca-Cola Icecek Sanayi A/S | | 270 | 1,331 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | | 4,530 | 1,353 |
| Enka Insaat ve Sanayi A/S | | 21,251 | 17,755 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 33,629 | 54,508 |
| Ford Otomotiv Sanayi A/S | | 1,714 | 18,398 |
| Haci Omer Sabanci Holding A/S | | 24,041 | 30,623 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D (a) | | 2,708 | 1,482 |
| Koc Holding A/S | | 23,056 | 64,264 |
| Petkim Petrokimya Holding A/S | | 2,254 | 2,049 |
| TAV Havalimanlari Holding A/S | | 2,515 | 10,466 |
| Tekfen Holding A/S | | 6,725 | 25,554 |
| Tofas Turk Otomobil Fabrikasi A/S | | 354 | 1,336 |
| Tupras Turkiye Petrol Rafinerileri A/S | | 2,230 | 52,542 |
| Turk Hava Yollari AO (a) | | 16,272 | 40,901 |
| Turk Sise ve Cam Fabrikalari A/S | | 12,756 | 10,794 |
| Turkcell Iletisim Hizmet A/S | | 16,569 | 33,644 |
| Turkiye Garanti Bankasi A/S | | 59,972 | 74,997 |
| Turkiye Halk Bankasi A/S | | 2,043 | 2,255 |
| Turkiye Is Bankasi A/S Series C | | 38,269 | 27,317 |
| Turkiye Vakiflar Bankasi TAO | | 3,411 | 2,087 |
| Ulker Biskuvi Sanayi A/S (a) | | 521 | 1,378 |
| Yapi ve Kredi Bankasi A/S (a) | | 9,658 | 2,799 |
|
| TOTAL TURKEY | | | 634,605 |
|
| United Arab Emirates - 0.2% | | | |
| Abu Dhabi Commercial Bank PJSC (a) | | 35,270 | 77,681 |
| Aldar Properties PJSC | | 85,927 | 40,470 |
| Damac Properties Dubai Co. PJSC (a) | | 20,746 | 11,409 |
| DP World Ltd. | | 3,272 | 58,863 |
| Dubai Investments Ltd. (a) | | 44,368 | 19,568 |
| Dubai Islamic Bank Pakistan Ltd. (a) | | 70,039 | 100,297 |
| Emaar Properties PJSC | | 99,190 | 137,721 |
| Emirates Telecommunications Corp. (a) | | 66,757 | 316,233 |
| National Bank of Abu Dhabi PJSC | | 24,412 | 91,849 |
| Union National Bank (a) | | 13,096 | 16,971 |
|
| TOTAL UNITED ARAB EMIRATES | | | 871,062 |
|
| United Kingdom - 10.2% | | | |
| 3i Group PLC | | 17,888 | 200,796 |
| Admiral Group PLC | | 4,764 | 122,579 |
| Anglo American PLC (United Kingdom) | | 26,573 | 568,992 |
| Antofagasta PLC | | 7,571 | 75,947 |
| Ashtead Group PLC | | 9,670 | 239,232 |
| Associated British Foods PLC | | 6,591 | 201,011 |
| AstraZeneca PLC (United Kingdom) | | 23,283 | 1,780,909 |
| Atlassian Corp. PLC (a) | | 1,409 | 106,957 |
| Auto Trader Group PLC (b) | | 18,784 | 98,153 |
| Aviva PLC | | 74,931 | 409,490 |
| Babcock International Group PLC | | 10,079 | 78,741 |
| BAE Systems PLC | | 59,179 | 396,812 |
| Barclays PLC | | 288,636 | 635,954 |
| Barratt Developments PLC | | 18,791 | 123,456 |
| BBA Aviation PLC | | 15,704 | 48,215 |
| Bellway PLC | | 2,475 | 90,825 |
| Berkeley Group Holdings PLC | | 2,623 | 117,379 |
| BHP Billiton PLC | | 39,257 | 783,126 |
| BP PLC | | 348,536 | 2,517,727 |
| British American Tobacco PLC (United Kingdom) | | 34,237 | 1,484,183 |
| British Land Co. PLC | | 19,842 | 150,143 |
| BT Group PLC | | 164,245 | 502,919 |
| Bunzl PLC | | 6,259 | 184,886 |
| Burberry Group PLC | | 8,448 | 195,556 |
| Carnival PLC | | 4,077 | 222,219 |
| Centrica PLC | | 102,666 | 193,167 |
| Cobham PLC (a) | | 43,109 | 59,317 |
| Coca-Cola European Partners PLC | | 4,350 | 197,882 |
| Compass Group PLC | | 29,593 | 582,517 |
| Croda International PLC | | 2,562 | 157,843 |
| Derwent London PLC | | 2,255 | 84,424 |
| Diageo PLC | | 46,405 | 1,604,291 |
| Direct Line Insurance Group PLC | | 25,959 | 109,331 |
| DS Smith PLC | | 20,837 | 104,644 |
| easyJet PLC | | 5,366 | 82,306 |
| G4S PLC (United Kingdom) | | 30,106 | 82,735 |
| GlaxoSmithKline PLC | | 91,148 | 1,765,333 |
| Halma PLC | | 7,759 | 131,705 |
| Hammerson PLC | | 15,894 | 89,084 |
| Hargreaves Lansdown PLC | | 4,660 | 111,266 |
| Hays PLC | | 30,314 | 63,662 |
| HSBC Holdings PLC (United Kingdom) | | 368,543 | 3,032,962 |
| IMI PLC | | 5,599 | 71,173 |
| Imperial Tobacco Group PLC | | 17,904 | 607,136 |
| Inchcape PLC | | 8,406 | 58,128 |
| Informa PLC | | 14,930 | 136,180 |
| InterContinental Hotel Group PLC | | 3,757 | 197,370 |
| Intermediate Capital Group PLC | | 6,088 | 74,082 |
| International Game Technology PLC | | 1,950 | 36,173 |
| Intertek Group PLC | | 3,049 | 182,702 |
| Investec PLC | | 13,139 | 81,284 |
| ITV PLC | | 69,104 | 131,566 |
| J Sainsbury PLC | | 31,692 | 126,063 |
| John Wood Group PLC | | 6,948 | 63,428 |
| Johnson Matthey PLC | | 3,746 | 142,351 |
| Just Eat Holding Ltd. (a) | | 9,050 | 70,285 |
| Kingfisher PLC | | 42,974 | 139,544 |
| Land Securities Group PLC | | 14,390 | 156,932 |
| Legal & General Group PLC | | 106,962 | 343,848 |
| Lloyds Banking Group PLC | | 1,161,645 | 847,699 |
| London Stock Exchange Group PLC | | 5,743 | 316,751 |
| Man Group PLC | | 34,505 | 68,560 |
| Marks & Spencer Group PLC | | 31,511 | 119,221 |
| Mediclinic International PLC | | 6,296 | 30,331 |
| Meggitt PLC | | 15,205 | 102,967 |
| Melrose Industries PLC | | 29,450 | 63,485 |
| Micro Focus International PLC | | 3,805 | 58,986 |
| Mondi PLC | | 6,944 | 163,715 |
| National Grid PLC | | 66,829 | 708,310 |
| Next PLC | | 2,771 | 184,320 |
| Pearson PLC | | 15,535 | 178,465 |
| Pennon Group PLC | | 7,217 | 68,835 |
| Persimmon PLC | | 5,669 | 166,226 |
| Prudential PLC | | 47,547 | 952,063 |
| Quilter PLC | | 37,068 | 54,876 |
| Reckitt Benckiser Group PLC | | 12,445 | 1,006,354 |
| RELX PLC | | 19,240 | 381,185 |
| Rentokil Initial PLC | | 36,262 | 146,559 |
| Rightmove PLC | | 18,446 | 106,606 |
| Rio Tinto PLC | | 22,484 | 1,091,616 |
| Rolls-Royce Holdings PLC | | 35,087 | 376,280 |
| Royal Bank of Scotland Group PLC | | 58,737 | 176,828 |
| Royal Dutch Shell PLC: | | | |
| Class A (United Kingdom) | | 84,412 | 2,689,207 |
| Class B (United Kingdom) | | 65,849 | 2,147,529 |
| Royal Mail PLC | | 17,126 | 78,587 |
| RPC Group PLC | | 8,280 | 80,710 |
| RSA Insurance Group PLC | | 19,024 | 137,242 |
| Sage Group PLC | | 21,194 | 147,479 |
| Schroders PLC | | 2,158 | 73,924 |
| Scottish & Southern Energy PLC | | 18,818 | 274,280 |
| Segro PLC | | 16,242 | 127,594 |
| Severn Trent PLC | | 4,538 | 108,063 |
| Smith & Nephew PLC | | 16,691 | 271,310 |
| Smiths Group PLC | | 7,391 | 132,024 |
| Spectris PLC | | 2,477 | 67,881 |
| Spirax-Sarco Engineering PLC | | 1,440 | 119,087 |
| St. James's Place Capital PLC | | 10,053 | 130,232 |
| Standard Chartered PLC (United Kingdom) | | 51,777 | 363,667 |
| Standard Life PLC | | 33,198 | 114,783 |
| Tate & Lyle PLC | | 9,406 | 80,937 |
| Taylor Wimpey PLC | | 55,011 | 113,559 |
| Tesco PLC | | 148,369 | 404,072 |
| The Weir Group PLC | | 4,205 | 85,245 |
| Travis Perkins PLC | | 4,206 | 59,514 |
| Tullett Prebon PLC | | 8,860 | 32,842 |
| Unilever PLC | | 23,829 | 1,262,213 |
| United Utilities Group PLC | | 12,861 | 119,445 |
| Vodafone Group PLC | | 493,750 | 928,516 |
| Whitbread PLC | | 3,401 | 191,275 |
| WM Morrison Supermarkets PLC | | 43,834 | 139,007 |
|
| TOTAL UNITED KINGDOM | | | 40,257,383 |
|
| United States of America - 0.1% | | | |
| Altice U.S.A., Inc. Class A | | 3,569 | 58,210 |
| Stratasys Ltd. (a) | | 721 | 13,742 |
| Yum China Holdings, Inc. | | 6,809 | 245,669 |
|
| TOTAL UNITED STATES OF AMERICA | | | 317,621 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $406,251,764) | | | 378,450,121 |
|
| Nonconvertible Preferred Stocks - 1.3% | | | |
| Brazil - 0.7% | | | |
| Azul SA (a) | | 4,100 | 33,701 |
| Banco Bradesco SA (PN) | | 54,600 | 503,233 |
| Bradespar SA (PN) | | 4,100 | 38,075 |
| Braskem SA (PN-A) | | 2,900 | 40,638 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 2,400 | 17,154 |
| Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) | | 3,300 | 69,361 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 15,000 | 44,458 |
| Gerdau SA | | 17,500 | 76,461 |
| Itau Unibanco Holding SA | | 60,500 | 800,652 |
| Itausa-Investimentos Itau SA (PN) | | 83,200 | 251,288 |
| Lojas Americanas SA (PN) | | 11,300 | 57,085 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 82,200 | 610,067 |
| Telefonica Brasil SA | | 8,000 | 92,909 |
|
| TOTAL BRAZIL | | | 2,635,082 |
|
| Chile - 0.0% | | | |
| Embotelladora Andina SA Class B | | 2,439 | 8,586 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 1,816 | 78,536 |
|
| TOTAL CHILE | | | 87,122 |
|
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 9,582 | 89,585 |
| Grupo Aval Acciones y Valores SA | | 84,775 | 29,755 |
|
| TOTAL COLOMBIA | | | 119,340 |
|
| Germany - 0.3% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 980 | 74,037 |
| Henkel AG & Co. KGaA | | 3,649 | 399,169 |
| Porsche Automobil Holding SE (Germany) | | 2,881 | 183,217 |
| Sartorius AG (non-vtg.) | | 643 | 93,222 |
| Volkswagen AG | | 3,381 | 569,675 |
|
| TOTAL GERMANY | | | 1,319,320 |
|
| Italy - 0.0% | | | |
| Telecom Italia SpA (Risparmio Shares) | | 73,650 | 37,272 |
| Korea (South) - 0.2% | | | |
| Hyundai Motor Co. | | 207 | 12,083 |
| Hyundai Motor Co. Series 2 | | 1,615 | 100,212 |
| LG Chemical Ltd. | | 307 | 53,678 |
| LG Household & Health Care Ltd. | | 69 | 44,266 |
| Samsung Electronics Co. Ltd. | | 16,776 | 525,628 |
|
| TOTAL KOREA (SOUTH) | | | 735,867 |
|
| Russia - 0.1% | | | |
| AK Transneft OAO | | 30 | 77,831 |
| Sberbank of Russia | | 40,400 | 100,151 |
| Surgutneftegas OJSC | | 159,700 | 92,452 |
|
| TOTAL RUSSIA | | | 270,434 |
|
| United Kingdom - 0.0% | | | |
| Rolls-Royce Holdings PLC Series C (a) | | 1,336,944 | 1,709 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | |
| (Cost $4,917,995) | | | 5,206,146 |
|
| Money Market Funds - 15.2% | | | |
| Fidelity Cash Central Fund, 2.23% (d) | | 59,577,431 | 59,589,346 |
| Fidelity Securities Lending Cash Central Fund 2.23% (d)(e) | | 325,797 | 325,830 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $59,915,176) | | | 59,915,176 |
| TOTAL INVESTMENT IN SECURITIES - 112.6% | | | |
| (Cost $471,084,935) | | | 443,571,443 |
| NET OTHER ASSETS (LIABILITIES) - (12.6)% | | | (49,599,315) |
| NET ASSETS - 100% | | | $393,972,128 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 78 | Dec. 2018 | $7,068,750 | $96,613 | $96,613 |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 54 | Dec. 2018 | 2,583,090 | 38,706 | 38,706 |
| TME S&P/TSX 60 Index Contracts (Canada) | 5 | Dec. 2018 | 679,251 | 8,284 | 8,284 |
| TOTAL FUTURES CONTRACTS | | | | | $143,603 |
The notional amount of futures purchased as a percentage of Net Assets is 2.6%
For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $22,811,848.
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(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 $1,542,392 or 0.4% of net assets.
(c) Security or a portion of the security is on loan at period end.
(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.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $172,585 |
| Fidelity Securities Lending Cash Central Fund | 244 |
| Total | $172,829 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $27,519,847 | $11,822,469 | $15,697,378 | $-- |
| Consumer Discretionary | 39,827,109 | 25,619,318 | 14,207,791 | -- |
| Consumer Staples | 36,820,107 | 17,897,114 | 18,922,993 | -- |
| Energy | 27,114,128 | 13,888,973 | 13,225,155 | -- |
| Financials | 84,426,919 | 54,086,241 | 30,340,678 | -- |
| Health Care | 33,346,620 | 10,790,049 | 22,556,571 | -- |
| Industrials | 48,843,385 | 28,215,642 | 20,627,743 | -- |
| Information Technology | 31,163,147 | 18,268,835 | 12,894,312 | -- |
| Materials | 29,926,909 | 20,235,112 | 9,691,797 | -- |
| Real Estate | 13,219,911 | 11,203,748 | 2,016,163 | -- |
| Utilities | 11,448,185 | 8,663,296 | 2,784,889 | -- |
| Money Market Funds | 59,915,176 | 59,915,176 | -- | -- |
| Total Investments in Securities: | $443,571,443 | $280,605,973 | $162,965,470 | $-- |
| Derivative Instruments: | | | | |
| Assets | | | | |
| Futures Contracts | $143,603 | $143,603 | $-- | $-- |
| Total Assets | $143,603 | $143,603 | $-- | $-- |
| Total Derivative Instruments: | $143,603 | $143,603 | $-- | $-- |
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, 2018. 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) | $143,603 | $0 |
| Total Equity Risk | 143,603 | 0 |
| Total Value of Derivatives | $143,603 | $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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Fidelity ZERO℠ International Index Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $323,605) — See accompanying schedule:
Unaffiliated issuers (cost $411,169,759) | $383,656,267 | |
| Fidelity Central Funds (cost $59,915,176) | 59,915,176 | |
| Total Investment in Securities (cost $471,084,935) | | $443,571,443 |
| Segregated cash with brokers for derivative instruments | | 3,643,992 |
| Cash | | 98 |
| Foreign currency held at value (cost $7,308,544) | | 7,285,836 |
| Receivable for fund shares sold | | 5,113,572 |
| Dividends receivable | | 687,398 |
| Distributions receivable from Fidelity Central Funds | | 67,067 |
| Total assets | | 460,369,406 |
| Liabilities | | |
| Payable for investments purchased | $64,491,540 | |
| Payable for fund shares redeemed | 1,332,381 | |
| Payable for daily variation margin on futures contracts | 247,273 | |
| Other payables and accrued expenses | 254 | |
| Collateral on securities loaned | 325,830 | |
| Total liabilities | | 66,397,278 |
| Net Assets | | $393,972,128 |
| Net Assets consist of: | | |
| Paid in capital | | $422,247,818 |
| Total distributable earnings (loss) | | (28,275,690) |
| Net Assets, for 43,165,549 shares outstanding | | $393,972,128 |
| Net Asset Value, offering price and redemption price per share ($393,972,128 ÷ 43,165,549 shares) | | $9.13 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
August 2, 2018 (commencement of operations) to
October 31, 2018 |
| Investment Income | | |
| Dividends | | $1,546,652 |
| Income from Fidelity Central Funds | | 172,829 |
| Income before foreign taxes withheld | | 1,719,481 |
| Less foreign taxes withheld | | (137,601) |
| Total income | | 1,581,880 |
| Expenses | | |
| Independent trustees' fees and expenses | $142 | |
| Total expenses | | 142 |
| Net investment income (loss) | | 1,581,738 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $385) | 90,898 | |
| Fidelity Central Funds | 847 | |
| Foreign currency transactions | 102,633 | |
| Futures contracts | (2,585,592) | |
| Total net realized gain (loss) | | (2,391,214) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (27,513,492) | |
| Assets and liabilities in foreign currencies | (10,664) | |
| Futures contracts | 143,603 | |
| Total change in net unrealized appreciation (depreciation) | | (27,380,553) |
| Net gain (loss) | | (29,771,767) |
| Net increase (decrease) in net assets resulting from operations | | $(28,190,029) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
August 2, 2018 (commencement of operations) to
October 31, 2018 |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $1,581,738 |
| Net realized gain (loss) | (2,391,214) |
| Change in net unrealized appreciation (depreciation) | (27,380,553) |
| Net increase (decrease) in net assets resulting from operations | (28,190,029) |
| Share transactions | |
| Proceeds from sales of shares | 462,386,169 |
| Cost of shares redeemed | (40,224,012) |
| Net increase (decrease) in net assets resulting from share transactions | 422,162,157 |
| Total increase (decrease) in net assets | 393,972,128 |
| Net Assets | |
| Beginning of period | – |
| End of period | $393,972,128 |
| Other Information | |
| Shares | |
| Sold | 47,322,476 |
| Redeemed | (4,156,927) |
| Net increase (decrease) | 43,165,549 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity ZERO International Index Fund
| | |
| Year ended October 31, | 2018 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .06 |
| Net realized and unrealized gain (loss) | (.93) |
| Total from investment operations | (.87) |
| Net asset value, end of period | $9.13 |
| Total ReturnC | (8.70)% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductionsF | - %G |
| Expenses net of fee waivers, if anyF | - %G |
| Expenses net of all reductionsF | - %G |
| Net investment income (loss) | 2.42%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $393,972 |
| Portfolio turnover rateH | 0%I,J |
A For the period August 2, 2018 (commencement of operations) to October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than .005%.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Amount not annualized.
J Amount represents less than 1%.
See accompanying notes which are an integral part of the financial statements.
Fidelity ZERO℠ Large Cap Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2018
| | % of fund's net assets |
| Apple, Inc. | 4.8 |
| Microsoft Corp. | 3.5 |
| Amazon.com, Inc. | 2.7 |
| Berkshire Hathaway, Inc. Class B | 1.7 |
| JPMorgan Chase & Co. | 1.6 |
| Johnson & Johnson | 1.6 |
| Facebook, Inc. Class A | 1.5 |
| Exxon Mobil Corp. | 1.4 |
| Alphabet, Inc. Class C | 1.4 |
| Alphabet, Inc. Class A | 1.4 |
| | 21.6 |
Top Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Information Technology | 21.7 |
| Health Care | 15.0 |
| Financials | 14.1 |
| Communication Services | 10.0 |
| Consumer Discretionary | 9.6 |
| Industrials | 9.2 |
| Consumer Staples | 7.3 |
| Energy | 5.5 |
| Utilities | 2.7 |
| Real Estate | 2.4 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2018* |
| | Stocks and Equity Futures | 100.0% |
* Foreign investments - 3.2%
Fidelity ZERO℠ Large Cap Index Fund
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 99.6% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 10.0% | | | |
| Diversified Telecommunication Services - 1.9% | | | |
| AT&T, Inc. | | 27,527 | $844,528 |
| CenturyLink, Inc. | | 4,363 | 90,052 |
| Verizon Communications, Inc. | | 18,287 | 1,044,005 |
| | | | 1,978,585 |
| Entertainment - 2.1% | | | |
| Activision Blizzard, Inc. | | 3,392 | 234,218 |
| Electronic Arts, Inc. (a) | | 1,382 | 125,734 |
| Liberty Media Corp.: | | | |
| Liberty Braves Class A (a) | | 29 | 748 |
| Liberty Braves Class C (a) | | 131 | 3,393 |
| Liberty Formula One Group Series C (a) | | 925 | 30,599 |
| Liberty Media Class A (a) | | 97 | 3,074 |
| Liberty SiriusXM Series A (a) | | 370 | 15,259 |
| Liberty SiriusXM Series C (a) | | 773 | 31,902 |
| Netflix, Inc. (a) | | 1,941 | 585,755 |
| Take-Two Interactive Software, Inc. (a) | | 512 | 65,981 |
| The Walt Disney Co. | | 6,771 | 777,514 |
| Twenty-First Century Fox, Inc.: | | | |
| Class A | | 4,690 | 213,489 |
| Class B | | 2,004 | 90,541 |
| Viacom, Inc.: | | | |
| Class A | | 35 | 1,238 |
| Class B (non-vtg.) | | 1,564 | 50,017 |
| | | | 2,229,462 |
| Interactive Media & Services - 4.5% | | | |
| Alphabet, Inc.: | | | |
| Class A (a) | | 1,333 | 1,453,743 |
| Class C (a) | | 1,357 | 1,461,177 |
| Facebook, Inc. Class A (a) | | 10,691 | 1,622,787 |
| IAC/InterActiveCorp (a) | | 342 | 67,234 |
| Twitter, Inc. (a) | | 2,898 | 100,706 |
| | | | 4,705,647 |
| Media - 1.4% | | | |
| CBS Corp. Class B | | 1,629 | 93,423 |
| Charter Communications, Inc. Class A (a) | | 870 | 278,722 |
| Comcast Corp. Class A | | 20,914 | 797,660 |
| DISH Network Corp. Class A (a) | | 1,028 | 31,601 |
| Interpublic Group of Companies, Inc. | | 1,730 | 40,067 |
| Liberty Broadband Corp.: | | | |
| Class A (a) | | 113 | 9,355 |
| Class C (a) | | 695 | 57,636 |
| Liberty Global PLC: | | | |
| Class A (a) | | 987 | 25,297 |
| Class C (a) | | 2,679 | 67,082 |
| Omnicom Group, Inc. | | 1,036 | 76,996 |
| | | | 1,477,839 |
| Wireless Telecommunication Services - 0.1% | | | |
| T-Mobile U.S., Inc. (a) | | 1,308 | 89,663 |
|
| TOTAL COMMUNICATION SERVICES | | | 10,481,196 |
|
| CONSUMER DISCRETIONARY - 9.6% | | | |
| Auto Components - 0.2% | | | |
| Aptiv PLC | | 1,199 | 92,083 |
| Autoliv, Inc. | | 547 | 45,587 |
| BorgWarner, Inc. | | 888 | 34,996 |
| Lear Corp. | | 300 | 39,870 |
| | | | 212,536 |
| Automobiles - 0.5% | | | |
| Ford Motor Co. | | 17,534 | 167,450 |
| General Motors Co. | | 5,742 | 210,100 |
| Tesla, Inc. (a) | | 595 | 200,705 |
| | | | 578,255 |
| Distributors - 0.1% | | | |
| Genuine Parts Co. | | 661 | 64,725 |
| LKQ Corp. (a) | | 1,382 | 37,687 |
| | | | 102,412 |
| Hotels, Restaurants & Leisure - 1.9% | | | |
| ARAMARK Holdings Corp. | | 1,090 | 39,153 |
| Carnival Corp. | | 1,832 | 102,665 |
| Darden Restaurants, Inc. | | 555 | 59,135 |
| Domino's Pizza, Inc. | | 197 | 52,952 |
| Hilton Worldwide Holdings, Inc. | | 910 | 64,765 |
| Las Vegas Sands Corp. | | 1,632 | 83,281 |
| Marriott International, Inc. Class A | | 1,375 | 160,724 |
| McDonald's Corp. | | 3,574 | 632,241 |
| MGM Mirage, Inc. | | 2,294 | 61,204 |
| Norwegian Cruise Line Holdings Ltd. (a) | | 792 | 34,903 |
| Royal Caribbean Cruises Ltd. | | 770 | 80,642 |
| Starbucks Corp. | | 6,379 | 371,704 |
| Wyndham Destinations, Inc. | | 1,022 | 36,669 |
| Wynn Resorts Ltd. | | 354 | 35,612 |
| Yum! Brands, Inc. | | 1,512 | 136,700 |
| | | | 1,952,350 |
| Household Durables - 0.2% | | | |
| D.R. Horton, Inc. | | 1,549 | 55,702 |
| Lennar Corp.: | | | |
| Class A | | 1,202 | 51,662 |
| Class B | | 59 | 2,110 |
| Mohawk Industries, Inc. (a) | | 278 | 34,675 |
| Newell Brands, Inc. | | 2,156 | 34,237 |
| NVR, Inc. (a) | | 15 | 33,585 |
| Whirlpool Corp. | | 317 | 34,794 |
| | | | 246,765 |
| Internet & Direct Marketing Retail - 3.3% | | | |
| Amazon.com, Inc. (a) | | 1,793 | 2,865,232 |
| eBay, Inc. (a) | | 4,362 | 126,629 |
| Expedia, Inc. | | 552 | 69,237 |
| Liberty Interactive Corp. QVC Group Series A (a) | | 2,101 | 46,096 |
| The Booking Holdings, Inc. (a) | | 218 | 408,658 |
| | | | 3,515,852 |
| Leisure Products - 0.0% | | | |
| Hasbro, Inc. | | 503 | 46,130 |
| Multiline Retail - 0.5% | | | |
| Dollar General Corp. | | 1,169 | 130,203 |
| Dollar Tree, Inc. (a) | | 1,065 | 89,780 |
| Kohl's Corp. | | 758 | 57,403 |
| Target Corp. | | 2,437 | 203,806 |
| | | | 481,192 |
| Specialty Retail - 2.2% | | | |
| AutoZone, Inc. (a) | | 124 | 90,950 |
| Best Buy Co., Inc. | | 1,143 | 80,193 |
| CarMax, Inc. (a) | | 823 | 55,890 |
| Home Depot, Inc. | | 5,235 | 920,732 |
| L Brands, Inc. | | 1,091 | 35,370 |
| Lowe's Companies, Inc. | | 3,734 | 355,551 |
| O'Reilly Automotive, Inc. (a) | | 381 | 122,206 |
| Ross Stores, Inc. | | 1,730 | 171,270 |
| Tiffany & Co., Inc. | | 451 | 50,196 |
| TJX Companies, Inc. | | 2,852 | 313,378 |
| Ulta Beauty, Inc. (a) | | 262 | 71,924 |
| | | | 2,267,660 |
| Textiles, Apparel & Luxury Goods - 0.7% | | | |
| Garrett Motion, Inc. (a) | | 289 | 4,384 |
| Michael Kors Holdings Ltd. (a) | | 673 | 37,291 |
| NIKE, Inc. Class B | | 5,894 | 442,286 |
| PVH Corp. | | 344 | 41,552 |
| Tapestry, Inc. | | 1,282 | 54,241 |
| VF Corp. | | 1,475 | 122,248 |
| | | | 702,002 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 10,105,154 |
|
| CONSUMER STAPLES - 7.3% | | | |
| Beverages - 1.8% | | | |
| Brown-Forman Corp. Class B (non-vtg.) | | 1,085 | 50,279 |
| Constellation Brands, Inc. Class A (sub. vtg.) | | 774 | 154,204 |
| Keurig Dr. Pepper, Inc. | | 810 | 21,060 |
| Molson Coors Brewing Co. Class B | | 834 | 53,376 |
| Monster Beverage Corp. (a) | | 1,850 | 97,773 |
| PepsiCo, Inc. | | 6,376 | 716,535 |
| The Coca-Cola Co. | | 17,188 | 822,961 |
| | | | 1,916,188 |
| Food & Staples Retailing - 1.6% | | | |
| Costco Wholesale Corp. | | 1,958 | 447,658 |
| Kroger Co. | | 3,990 | 118,742 |
| Sysco Corp. | | 2,149 | 153,288 |
| Walgreens Boots Alliance, Inc. | | 3,893 | 310,545 |
| Walmart, Inc. | | 6,561 | 657,937 |
| | | | 1,688,170 |
| Food Products - 1.1% | | | |
| Archer Daniels Midland Co. | | 2,506 | 118,409 |
| Bunge Ltd. | | 622 | 38,440 |
| Conagra Brands, Inc. | | 1,837 | 65,397 |
| General Mills, Inc. | | 2,553 | 111,821 |
| Ingredion, Inc. | | 319 | 32,276 |
| Kellogg Co. | | 1,117 | 73,141 |
| McCormick & Co., Inc. (non-vtg.) | | 537 | 77,328 |
| Mondelez International, Inc. | | 6,700 | 281,266 |
| The Hershey Co. | | 634 | 67,933 |
| The J.M. Smucker Co. | | 512 | 55,460 |
| The Kraft Heinz Co. | | 2,681 | 147,375 |
| Tyson Foods, Inc. Class A | | 1,337 | 80,113 |
| | | | 1,148,959 |
| Household Products - 1.5% | | | |
| Church & Dwight Co., Inc. | | 1,122 | 66,613 |
| Clorox Co. | | 579 | 85,953 |
| Colgate-Palmolive Co. | | 3,937 | 234,448 |
| Kimberly-Clark Corp. | | 1,578 | 164,585 |
| Procter & Gamble Co. | | 11,422 | 1,012,903 |
| | | | 1,564,502 |
| Personal Products - 0.2% | | | |
| Coty, Inc. Class A | | 2,136 | 22,535 |
| Estee Lauder Companies, Inc. Class A | | 1,004 | 137,990 |
| | | | 160,525 |
| Tobacco - 1.1% | | | |
| Altria Group, Inc. | | 8,552 | 556,222 |
| Philip Morris International, Inc. | | 6,962 | 613,143 |
| | | | 1,169,365 |
|
| TOTAL CONSUMER STAPLES | | | 7,647,709 |
|
| ENERGY - 5.5% | | | |
| Energy Equipment & Services - 0.6% | | | |
| Baker Hughes, a GE Co. Class A | | 1,891 | 50,471 |
| Halliburton Co. | | 3,927 | 136,188 |
| National Oilwell Varco, Inc. | | 1,710 | 62,928 |
| Schlumberger Ltd. | | 6,220 | 319,148 |
| TechnipFMC PLC | | 1,941 | 51,048 |
| | | | 619,783 |
| Oil, Gas & Consumable Fuels - 4.9% | | | |
| Anadarko Petroleum Corp. | | 2,456 | 130,659 |
| Apache Corp. | | 1,713 | 64,803 |
| Cabot Oil & Gas Corp. | | 2,045 | 49,550 |
| Cheniere Energy, Inc. (a) | | 894 | 54,007 |
| Chevron Corp. | | 8,516 | 950,811 |
| Cimarex Energy Co. | | 424 | 33,695 |
| Concho Resources, Inc. (a) | | 668 | 92,912 |
| ConocoPhillips Co. | | 5,361 | 374,734 |
| Devon Energy Corp. | | 2,366 | 76,658 |
| Diamondback Energy, Inc. | | 443 | 49,775 |
| EOG Resources, Inc. | | 2,594 | 273,252 |
| EQT Corp. | | 1,083 | 36,790 |
| Exxon Mobil Corp. | | 18,996 | 1,513,601 |
| Hess Corp. | | 1,197 | 68,708 |
| Kinder Morgan, Inc. | | 8,619 | 146,695 |
| Marathon Oil Corp. | | 3,819 | 72,523 |
| Marathon Petroleum Corp. | | 2,191 | 154,356 |
| Noble Energy, Inc. | | 2,189 | 54,397 |
| Occidental Petroleum Corp. | | 3,432 | 230,184 |
| ONEOK, Inc. | | 1,842 | 120,835 |
| Phillips 66 Co. | | 1,928 | 198,237 |
| Pioneer Natural Resources Co. | | 764 | 112,514 |
| Targa Resources Corp. | | 972 | 50,223 |
| The Williams Companies, Inc. | | 3,714 | 90,362 |
| Valero Energy Corp. | | 1,962 | 178,719 |
| | | | 5,179,000 |
|
| TOTAL ENERGY | | | 5,798,783 |
|
| FINANCIALS - 14.1% | | | |
| Banks - 6.1% | | | |
| Bank of America Corp. | | 43,482 | 1,195,755 |
| BB&T Corp. | | 3,539 | 173,977 |
| Citigroup, Inc. | | 11,852 | 775,832 |
| Citizens Financial Group, Inc. | | 2,186 | 81,647 |
| Comerica, Inc. | | 784 | 63,943 |
| East West Bancorp, Inc. | | 662 | 34,715 |
| Fifth Third Bancorp | | 3,176 | 85,720 |
| First Republic Bank | | 710 | 64,603 |
| Huntington Bancshares, Inc. | | 4,877 | 69,887 |
| JPMorgan Chase & Co. | | 15,552 | 1,695,479 |
| KeyCorp | | 4,784 | 86,877 |
| M&T Bank Corp. | | 676 | 111,817 |
| PNC Financial Services Group, Inc. | | 2,134 | 274,198 |
| Regions Financial Corp. | | 5,174 | 87,803 |
| SunTrust Banks, Inc. | | 2,137 | 133,904 |
| SVB Financial Group (a) | | 237 | 56,224 |
| U.S. Bancorp | | 7,065 | 369,288 |
| Wells Fargo & Co. | | 19,868 | 1,057,574 |
| Zions Bancorporation | | 904 | 42,533 |
| | | | 6,461,776 |
| Capital Markets - 2.8% | | | |
| Affiliated Managers Group, Inc. | | 253 | 28,756 |
| Ameriprise Financial, Inc. | | 665 | 84,615 |
| Bank of New York Mellon Corp. | | 4,592 | 217,339 |
| BlackRock, Inc. Class A | | 553 | 227,515 |
| Cboe Global Markets, Inc. | | 510 | 57,554 |
| Charles Schwab Corp. | | 5,350 | 247,384 |
| CME Group, Inc. | | 1,525 | 279,441 |
| E*TRADE Financial Corp. | | 1,217 | 60,144 |
| Franklin Resources, Inc. | | 1,452 | 44,286 |
| Goldman Sachs Group, Inc. | | 1,574 | 354,732 |
| IntercontinentalExchange, Inc. | | 2,622 | 201,999 |
| Invesco Ltd. | | 1,809 | 39,273 |
| Moody's Corp. | | 746 | 108,528 |
| Morgan Stanley | | 6,245 | 285,147 |
| MSCI, Inc. | | 404 | 60,754 |
| Northern Trust Corp. | | 964 | 90,683 |
| Raymond James Financial, Inc. | | 579 | 44,404 |
| S&P Global, Inc. | | 1,143 | 208,392 |
| SEI Investments Co. | | 586 | 31,322 |
| State Street Corp. | | 1,665 | 114,469 |
| T. Rowe Price Group, Inc. | | 1,087 | 105,428 |
| TD Ameritrade Holding Corp. | | 1,222 | 63,202 |
| | | | 2,955,367 |
| Consumer Finance - 0.8% | | | |
| Ally Financial, Inc. | | 2,011 | 51,100 |
| American Express Co. | | 3,228 | 331,612 |
| Capital One Financial Corp. | | 2,173 | 194,049 |
| Discover Financial Services | | 1,630 | 113,562 |
| Synchrony Financial | | 3,305 | 95,448 |
| | | | 785,771 |
| Diversified Financial Services - 1.9% | | | |
| Berkshire Hathaway, Inc. Class B (a) | | 8,623 | 1,770,129 |
| Linde PLC | | 1,253 | 207,334 |
| | | | 1,977,463 |
| Insurance - 2.4% | | | |
| AFLAC, Inc. | | 3,523 | 151,736 |
| Allstate Corp. | | 1,610 | 154,109 |
| American International Group, Inc. | | 4,032 | 166,481 |
| Aon PLC | | 1,120 | 174,922 |
| Arch Capital Group Ltd. (a) | | 1,775 | 50,357 |
| Arthur J. Gallagher & Co. | | 801 | 59,282 |
| Chubb Ltd. | | 2,082 | 260,063 |
| Cincinnati Financial Corp. | | 674 | 53,003 |
| Everest Re Group Ltd. | | 181 | 39,433 |
| FNF Group | | 1,207 | 40,374 |
| Hartford Financial Services Group, Inc. | | 1,604 | 72,854 |
| Lincoln National Corp. | | 988 | 59,468 |
| Loews Corp. | | 1,246 | 58,014 |
| Markel Corp. (a) | | 63 | 68,874 |
| Marsh & McLennan Companies, Inc. | | 2,288 | 193,908 |
| MetLife, Inc. | | 4,721 | 194,458 |
| Principal Financial Group, Inc. | | 1,208 | 56,861 |
| Progressive Corp. | | 2,607 | 181,708 |
| Prudential Financial, Inc. | | 1,903 | 178,463 |
| Reinsurance Group of America, Inc. | | 286 | 40,718 |
| The Travelers Companies, Inc. | | 1,229 | 153,785 |
| Torchmark Corp. | | 480 | 40,637 |
| Unum Group | | 996 | 36,115 |
| Willis Group Holdings PLC | | 593 | 84,894 |
| | | | 2,570,517 |
| Mortgage Real Estate Investment Trusts - 0.1% | | | |
| Annaly Capital Management, Inc. | | 5,145 | 50,781 |
|
| TOTAL FINANCIALS | | | 14,801,675 |
|
| HEALTH CARE - 15.0% | | | |
| Biotechnology - 2.6% | | | |
| AbbVie, Inc. | | 7,149 | 556,550 |
| Alexion Pharmaceuticals, Inc. (a) | | 1,003 | 112,406 |
| Alkermes PLC (a) | | 679 | 27,724 |
| Alnylam Pharmaceuticals, Inc. (a) | | 361 | 29,035 |
| Amgen, Inc. | | 3,256 | 627,724 |
| Biogen, Inc. (a) | | 949 | 288,752 |
| BioMarin Pharmaceutical, Inc. (a) | | 789 | 72,722 |
| bluebird bio, Inc. (a) | | 217 | 24,890 |
| Celgene Corp. (a) | | 3,533 | 252,963 |
| Gilead Sciences, Inc. | | 5,859 | 399,467 |
| Incyte Corp. (a) | | 773 | 50,106 |
| Regeneron Pharmaceuticals, Inc. (a) | | 345 | 117,038 |
| Vertex Pharmaceuticals, Inc. (a) | | 1,134 | 192,168 |
| | | | 2,751,545 |
| Health Care Equipment & Supplies - 3.1% | | | |
| Abbott Laboratories | | 7,802 | 537,870 |
| Abiomed, Inc. (a) | | 189 | 64,487 |
| Align Technology, Inc. (a) | | 324 | 71,669 |
| Baxter International, Inc. | | 2,250 | 140,648 |
| Becton, Dickinson & Co. | | 1,189 | 274,065 |
| Boston Scientific Corp. (a) | | 6,159 | 222,586 |
| Danaher Corp. | | 2,745 | 272,853 |
| Dentsply Sirona, Inc. | | 1,017 | 35,219 |
| Edwards Lifesciences Corp. (a) | | 949 | 140,072 |
| Hologic, Inc. (a) | | 1,245 | 48,543 |
| IDEXX Laboratories, Inc. (a) | | 391 | 82,939 |
| Intuitive Surgical, Inc. (a) | | 502 | 261,632 |
| Medtronic PLC | | 6,068 | 545,028 |
| ResMed, Inc. | | 637 | 67,471 |
| Stryker Corp. | | 1,444 | 234,246 |
| Teleflex, Inc. | | 199 | 47,907 |
| The Cooper Companies, Inc. | | 221 | 57,087 |
| Varian Medical Systems, Inc. (a) | | 406 | 48,464 |
| Zimmer Biomet Holdings, Inc. | | 909 | 103,253 |
| | | | 3,256,039 |
| Health Care Providers & Services - 3.4% | | | |
| Aetna, Inc. | | 1,462 | 290,061 |
| AmerisourceBergen Corp. | | 724 | 63,712 |
| Anthem, Inc. | | 1,151 | 317,181 |
| Cardinal Health, Inc. | | 1,414 | 71,548 |
| Centene Corp. (a) | | 774 | 100,868 |
| Cigna Corp. | | 1,106 | 236,474 |
| CVS Health Corp. | | 4,544 | 328,940 |
| DaVita HealthCare Partners, Inc. (a) | | 670 | 45,118 |
| Express Scripts Holding Co. (a) | | 2,539 | 246,207 |
| HCA Holdings, Inc. | | 1,270 | 169,583 |
| Henry Schein, Inc. (a) | | 706 | 58,598 |
| Humana, Inc. | | 640 | 205,062 |
| Laboratory Corp. of America Holdings (a) | | 458 | 73,532 |
| McKesson Corp. | | 936 | 116,775 |
| Quest Diagnostics, Inc. | | 613 | 57,689 |
| UnitedHealth Group, Inc. | | 4,344 | 1,135,304 |
| Universal Health Services, Inc. Class B | | 388 | 47,165 |
| | | | 3,563,817 |
| Health Care Technology - 0.1% | | | |
| Cerner Corp. (a) | | 1,419 | 81,280 |
| Life Sciences Tools & Services - 0.9% | | | |
| Agilent Technologies, Inc. | | 1,445 | 93,622 |
| Illumina, Inc. (a) | | 655 | 203,803 |
| Mettler-Toledo International, Inc. (a) | | 115 | 62,884 |
| Quintiles Transnational Holdings, Inc. (a) | | 654 | 80,396 |
| Thermo Fisher Scientific, Inc. | | 1,797 | 419,869 |
| Waters Corp. (a) | | 358 | 67,909 |
| | | | 928,483 |
| Pharmaceuticals - 4.9% | | | |
| Allergan PLC | | 1,492 | 235,751 |
| Bristol-Myers Squibb Co. | | 7,339 | 370,913 |
| Eli Lilly & Co. | | 4,343 | 470,955 |
| Johnson & Johnson | | 12,044 | 1,686,040 |
| Merck & Co., Inc. | | 12,261 | 902,532 |
| Mylan NV (a) | | 2,410 | 75,313 |
| Nektar Therapeutics (a) | | 694 | 26,844 |
| Perrigo Co. PLC | | 579 | 40,704 |
| Pfizer, Inc. | | 26,718 | 1,150,477 |
| Zoetis, Inc. Class A | | 2,186 | 197,068 |
| | | | 5,156,597 |
|
| TOTAL HEALTH CARE | | | 15,737,761 |
|
| INDUSTRIALS - 9.2% | | | |
| Aerospace & Defense - 2.6% | | | |
| Arconic, Inc. | | 1,874 | 38,098 |
| General Dynamics Corp. | | 1,245 | 214,862 |
| Harris Corp. | | 536 | 79,709 |
| Huntington Ingalls Industries, Inc. | | 205 | 44,788 |
| L3 Technologies, Inc. | | 351 | 66,504 |
| Lockheed Martin Corp. | | 1,118 | 328,524 |
| Northrop Grumman Corp. | | 781 | 204,583 |
| Raytheon Co. | | 1,296 | 226,852 |
| Rockwell Collins, Inc. | | 731 | 93,583 |
| Spirit AeroSystems Holdings, Inc. Class A | | 512 | 43,013 |
| Textron, Inc. | | 1,183 | 63,444 |
| The Boeing Co. | | 2,510 | 890,699 |
| TransDigm Group, Inc. (a) | | 217 | 71,664 |
| United Technologies Corp. | | 3,328 | 413,371 |
| | | | 2,779,694 |
| Air Freight & Logistics - 0.6% | | | |
| C.H. Robinson Worldwide, Inc. | | 625 | 55,644 |
| Expeditors International of Washington, Inc. | | 799 | 53,677 |
| FedEx Corp. | | 1,107 | 243,916 |
| United Parcel Service, Inc. Class B | | 3,079 | 328,037 |
| | | | 681,274 |
| Airlines - 0.4% | | | |
| American Airlines Group, Inc. | | 1,915 | 67,178 |
| Delta Air Lines, Inc. | | 2,942 | 161,016 |
| Southwest Airlines Co. | | 2,447 | 120,148 |
| United Continental Holdings, Inc. (a) | | 1,129 | 96,541 |
| | | | 444,883 |
| Building Products - 0.3% | | | |
| A.O. Smith Corp. | | 667 | 30,369 |
| Fortune Brands Home & Security, Inc. | | 704 | 31,560 |
| Johnson Controls International PLC | | 4,153 | 132,771 |
| Masco Corp. | | 1,429 | 42,870 |
| Owens Corning | | 505 | 23,871 |
| Resideo Technologies, Inc. (a) | | 541 | 11,388 |
| | | | 272,829 |
| Commercial Services & Supplies - 0.3% | | | |
| Cintas Corp. | | 387 | 70,384 |
| Copart, Inc. (a) | | 893 | 43,677 |
| Republic Services, Inc. | | 1,009 | 73,334 |
| Waste Management, Inc. | | 1,795 | 160,599 |
| | | | 347,994 |
| Electrical Equipment - 0.6% | | | |
| AMETEK, Inc. | | 1,024 | 68,690 |
| Eaton Corp. PLC | | 1,976 | 141,620 |
| Emerson Electric Co. | | 2,875 | 195,155 |
| Fortive Corp. | | 1,372 | 101,871 |
| Rockwell Automation, Inc. | | 577 | 95,049 |
| | | | 602,385 |
| Industrial Conglomerates - 1.5% | | | |
| 3M Co. | | 2,675 | 508,946 |
| General Electric Co. | | 38,884 | 392,728 |
| Honeywell International, Inc. | | 3,413 | 494,271 |
| Roper Technologies, Inc. | | 459 | 129,851 |
| | | | 1,525,796 |
| Machinery - 1.3% | | | |
| Caterpillar, Inc. | | 2,667 | 323,560 |
| Cummins, Inc. | | 701 | 95,820 |
| Deere & Co. | | 1,435 | 194,356 |
| Dover Corp. | | 887 | 73,479 |
| IDEX Corp. | | 340 | 43,119 |
| Illinois Tool Works, Inc. | | 1,383 | 176,429 |
| Ingersoll-Rand PLC | | 1,120 | 107,453 |
| PACCAR, Inc. | | 1,579 | 90,335 |
| Parker Hannifin Corp. | | 598 | 90,675 |
| Pentair PLC | | 1,105 | 44,366 |
| Stanley Black & Decker, Inc. | | 690 | 80,399 |
| Xylem, Inc. | | 795 | 52,136 |
| | | | 1,372,127 |
| Professional Services - 0.3% | | | |
| CoStar Group, Inc. (a) | | 163 | 58,911 |
| Equifax, Inc. | | 541 | 54,879 |
| IHS Markit Ltd. (a) | | 1,619 | 85,046 |
| Nielsen Holdings PLC | | 1,481 | 38,476 |
| Verisk Analytics, Inc. (a) | | 691 | 82,809 |
| | | | 320,121 |
| Road & Rail - 1.1% | | | |
| CSX Corp. | | 4,006 | 275,853 |
| J.B. Hunt Transport Services, Inc. | | 382 | 42,253 |
| Kansas City Southern | | 468 | 47,717 |
| Norfolk Southern Corp. | | 1,283 | 215,326 |
| Old Dominion Freight Lines, Inc. | | 305 | 39,778 |
| Union Pacific Corp. | | 3,527 | 515,718 |
| | | | 1,136,645 |
| Trading Companies & Distributors - 0.2% | | | |
| Fastenal Co. | | 1,292 | 66,422 |
| United Rentals, Inc. (a) | | 378 | 45,386 |
| W.W. Grainger, Inc. | | 233 | 66,165 |
| | | | 177,973 |
|
| TOTAL INDUSTRIALS | | | 9,661,721 |
|
| INFORMATION TECHNOLOGY - 21.7% | | | |
| Communications Equipment - 1.2% | | | |
| Arista Networks, Inc. (a) | | 207 | 47,682 |
| Cisco Systems, Inc. | | 22,162 | 1,013,912 |
| Juniper Networks, Inc. | | 1,694 | 49,583 |
| Motorola Solutions, Inc. | | 728 | 89,224 |
| Palo Alto Networks, Inc. (a) | | 413 | 75,596 |
| | | | 1,275,997 |
| Electronic Equipment & Components - 0.5% | | | |
| Amphenol Corp. Class A | | 1,372 | 122,794 |
| CDW Corp. | | 689 | 62,017 |
| Cognex Corp. | | 770 | 32,987 |
| Corning, Inc. | | 3,903 | 124,701 |
| Dell Technologies, Inc. (a) | | 912 | 82,436 |
| TE Connectivity Ltd. | | 1,581 | 119,239 |
| Trimble, Inc. (a) | | 1,120 | 41,866 |
| | | | 586,040 |
| IT Services - 4.9% | | | |
| Accenture PLC Class A | | 2,769 | 436,450 |
| Akamai Technologies, Inc. (a) | | 751 | 54,260 |
| Alliance Data Systems Corp. | | 213 | 43,916 |
| Amdocs Ltd. | | 648 | 40,999 |
| Automatic Data Processing, Inc. | | 1,988 | 286,431 |
| Broadridge Financial Solutions, Inc. | | 524 | 61,277 |
| Cognizant Technology Solutions Corp. Class A | | 2,646 | 182,653 |
| DXC Technology Co. | | 1,470 | 107,060 |
| Fidelity National Information Services, Inc. | | 1,498 | 155,942 |
| Fiserv, Inc. (a) | | 1,870 | 148,291 |
| FleetCor Technologies, Inc. (a) | | 403 | 80,612 |
| Gartner, Inc. (a) | | 408 | 60,188 |
| Global Payments, Inc. | | 716 | 81,789 |
| IBM Corp. | | 3,860 | 445,560 |
| Jack Henry & Associates, Inc. | | 349 | 52,291 |
| Leidos Holdings, Inc. | | 631 | 40,876 |
| MasterCard, Inc. Class A | | 4,163 | 822,900 |
| Paychex, Inc. | | 1,435 | 93,978 |
| PayPal Holdings, Inc. (a) | | 5,066 | 426,507 |
| Square, Inc. (a) | | 1,206 | 88,581 |
| The Western Union Co. | | 2,049 | 36,964 |
| Total System Services, Inc. | | 753 | 68,636 |
| VeriSign, Inc. (a) | | 381 | 54,308 |
| Visa, Inc. Class A | | 8,127 | 1,120,307 |
| Worldpay, Inc. (a) | | 1,332 | 122,331 |
| | | | 5,113,107 |
| Semiconductors & Semiconductor Equipment - 3.7% | | | |
| Advanced Micro Devices, Inc. (a) | | 3,678 | 66,976 |
| Analog Devices, Inc. | | 1,657 | 138,707 |
| Applied Materials, Inc. | | 4,788 | 157,429 |
| Broadcom, Inc. | | 1,823 | 407,422 |
| Intel Corp. | | 20,982 | 983,636 |
| KLA-Tencor Corp. | | 705 | 64,536 |
| Lam Research Corp. | | 728 | 103,179 |
| Marvell Technology Group Ltd. | | 1,907 | 31,294 |
| Maxim Integrated Products, Inc. | | 1,265 | 63,275 |
| Microchip Technology, Inc. | | 1,052 | 69,201 |
| Micron Technology, Inc. (a) | | 5,173 | 195,126 |
| NVIDIA Corp. | | 2,717 | 572,825 |
| ON Semiconductor Corp. (a) | | 1,925 | 32,725 |
| Qorvo, Inc. (a) | | 565 | 41,533 |
| Qualcomm, Inc. | | 6,610 | 415,703 |
| Skyworks Solutions, Inc. | | 815 | 70,709 |
| Texas Instruments, Inc. | | 4,419 | 410,216 |
| Xilinx, Inc. | | 1,127 | 96,212 |
| | | | 3,920,704 |
| Software - 6.1% | | | |
| Adobe, Inc. (a) | | 2,210 | 543,130 |
| ANSYS, Inc. (a) | | 382 | 57,128 |
| Autodesk, Inc. (a) | | 986 | 127,441 |
| CA Technologies, Inc. | | 1,408 | 62,459 |
| Cadence Design Systems, Inc. (a) | | 1,253 | 55,846 |
| Citrix Systems, Inc. | | 634 | 64,966 |
| Intuit, Inc. | | 1,088 | 229,568 |
| Microsoft Corp. | | 34,583 | 3,693,810 |
| Oracle Corp. | | 13,660 | 667,154 |
| Red Hat, Inc. (a) | | 794 | 136,282 |
| Salesforce.com, Inc. (a) | | 3,076 | 422,150 |
| ServiceNow, Inc. (a) | | 776 | 140,487 |
| Splunk, Inc. (a) | | 629 | 62,799 |
| Symantec Corp. | | 2,740 | 49,731 |
| Synopsys, Inc. (a) | | 677 | 60,612 |
| Workday, Inc. Class A (a) | | 603 | 80,211 |
| | | | 6,453,774 |
| Technology Hardware, Storage & Peripherals - 5.3% | | | |
| Apple, Inc. | | 23,017 | 5,037,499 |
| Hewlett Packard Enterprise Co. | | 7,156 | 109,129 |
| HP, Inc. | | 7,487 | 180,736 |
| NetApp, Inc. | | 1,209 | 94,894 |
| Seagate Technology LLC | | 1,298 | 52,219 |
| Western Digital Corp. | | 1,328 | 57,197 |
| | | | 5,531,674 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 22,881,296 |
|
| MATERIALS - 2.1% | | | |
| Chemicals - 1.5% | | | |
| Air Products & Chemicals, Inc. | | 979 | 151,109 |
| Albemarle Corp. U.S. | | 488 | 48,419 |
| Celanese Corp. Class A | | 611 | 59,230 |
| CF Industries Holdings, Inc. | | 1,029 | 49,423 |
| DowDuPont, Inc. | | 10,495 | 565,890 |
| Eastman Chemical Co. | | 650 | 50,928 |
| Ecolab, Inc. | | 1,166 | 178,573 |
| FMC Corp. | | 607 | 47,395 |
| International Flavors & Fragrances, Inc. | | 357 | 51,644 |
| LyondellBasell Industries NV Class A | | 1,452 | 129,620 |
| PPG Industries, Inc. | | 1,144 | 120,223 |
| Sherwin-Williams Co. | | 370 | 145,584 |
| | | | 1,598,038 |
| Construction Materials - 0.1% | | | |
| Martin Marietta Materials, Inc. | | 285 | 48,815 |
| Vulcan Materials Co. | | 586 | 59,268 |
| | | | 108,083 |
| Containers & Packaging - 0.3% | | | |
| Avery Dennison Corp. | | 394 | 35,744 |
| Ball Corp. | | 1,578 | 70,694 |
| International Paper Co. | | 1,861 | 84,415 |
| Packaging Corp. of America | | 418 | 38,377 |
| WestRock Co. | | 1,128 | 48,470 |
| | | | 277,700 |
| Metals & Mining - 0.2% | | | |
| Freeport-McMoRan, Inc. | | 6,047 | 70,448 |
| Newmont Mining Corp. | | 2,396 | 74,084 |
| Nucor Corp. | | 1,430 | 84,542 |
| Steel Dynamics, Inc. | | 1,044 | 41,342 |
| | | | 270,416 |
|
| TOTAL MATERIALS | | | 2,254,237 |
|
| REAL ESTATE - 2.4% | | | |
| Equity Real Estate Investment Trusts (REITs) - 2.3% | | | |
| Alexandria Real Estate Equities, Inc. | | 448 | 54,759 |
| American Tower Corp. | | 1,922 | 299,467 |
| AvalonBay Communities, Inc. | | 620 | 108,736 |
| Boston Properties, Inc. | | 695 | 83,928 |
| Crown Castle International Corp. | | 1,821 | 198,016 |
| Digital Realty Trust, Inc. | | 922 | 95,206 |
| Equinix, Inc. | | 350 | 132,559 |
| Equity Residential (SBI) | | 1,651 | 107,249 |
| Essex Property Trust, Inc. | | 297 | 74,482 |
| Extra Space Storage, Inc. | | 570 | 51,334 |
| HCP, Inc. | | 2,122 | 58,461 |
| Host Hotels & Resorts, Inc. | | 3,326 | 63,560 |
| Iron Mountain, Inc. | | 1,248 | 38,201 |
| Mid-America Apartment Communities, Inc. | | 504 | 49,246 |
| Prologis, Inc. | | 2,388 | 153,954 |
| Public Storage | | 671 | 137,870 |
| Realty Income Corp. | | 1,267 | 76,362 |
| SBA Communications Corp. Class A (a) | | 528 | 85,626 |
| Simon Property Group, Inc. | | 1,394 | 255,827 |
| Ventas, Inc. | | 1,601 | 92,922 |
| Vornado Realty Trust | | 764 | 52,013 |
| Welltower, Inc. | | 1,663 | 109,874 |
| Weyerhaeuser Co. | | 3,389 | 90,249 |
| | | | 2,469,901 |
| Real Estate Management & Development - 0.1% | | | |
| CBRE Group, Inc. (a) | | 1,335 | 53,787 |
|
| TOTAL REAL ESTATE | | | 2,523,688 |
|
| UTILITIES - 2.7% | | | |
| Electric Utilities - 1.7% | | | |
| American Electric Power Co., Inc. | | 2,203 | 161,612 |
| Duke Energy Corp. | | 3,135 | 259,045 |
| Edison International | | 1,461 | 101,379 |
| Entergy Corp. | | 813 | 68,251 |
| Eversource Energy | | 1,421 | 89,892 |
| Exelon Corp. | | 4,299 | 188,339 |
| FirstEnergy Corp. | | 2,004 | 74,709 |
| NextEra Energy, Inc. | | 2,106 | 363,285 |
| PG&E Corp. | | 2,302 | 107,757 |
| PPL Corp. | | 3,069 | 93,298 |
| Southern Co. | | 4,501 | 202,680 |
| Xcel Energy, Inc. | | 2,281 | 111,792 |
| | | | 1,822,039 |
| Multi-Utilities - 0.9% | | | |
| Ameren Corp. | | 1,086 | 70,134 |
| CenterPoint Energy, Inc. | | 1,946 | 52,561 |
| CMS Energy Corp. | | 1,269 | 62,841 |
| Consolidated Edison, Inc. | | 1,391 | 105,716 |
| Dominion Resources, Inc. | | 2,883 | 205,904 |
| DTE Energy Co. | | 804 | 90,370 |
| Public Service Enterprise Group, Inc. | | 2,266 | 121,072 |
| Sempra Energy | | 1,125 | 123,885 |
| WEC Energy Group, Inc. | | 1,414 | 96,718 |
| | | | 929,201 |
| Water Utilities - 0.1% | | | |
| American Water Works Co., Inc. | | 799 | 70,735 |
|
| TOTAL UTILITIES | | | 2,821,975 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $109,766,865) | | | 104,715,195 |
|
| Money Market Funds - 2.2% | | | |
| Fidelity Cash Central Fund, 2.23% (b) | | | |
| (Cost $2,368,623) | | 2,368,150 | 2,368,623 |
| TOTAL INVESTMENT IN SECURITIES - 101.8% | | | |
| (Cost $112,135,488) | | | 107,083,818 |
| NET OTHER ASSETS (LIABILITIES) - (1.8)% | | | (1,909,314) |
| NET ASSETS - 100% | | | $105,174,504 |
| 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) | 3 | Dec. 2018 | $406,665 | $10,322 | $10,322 |
The notional amount of futures purchased as a percentage of Net Assets is 0.4%
Legend
(a) Non-income producing
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $10,082 |
| Fidelity Securities Lending Cash Central Fund | 6 |
| Total | $10,088 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $10,481,196 | $10,481,196 | $-- | $-- |
| Consumer Discretionary | 10,105,154 | 10,105,154 | -- | -- |
| Consumer Staples | 7,647,709 | 7,647,709 | -- | -- |
| Energy | 5,798,783 | 5,798,783 | -- | -- |
| Financials | 14,801,675 | 14,801,675 | -- | -- |
| Health Care | 15,737,761 | 15,737,761 | -- | -- |
| Industrials | 9,661,721 | 9,661,721 | -- | -- |
| Information Technology | 22,881,296 | 22,881,296 | -- | -- |
| Materials | 2,254,237 | 2,254,237 | -- | -- |
| Real Estate | 2,523,688 | 2,523,688 | -- | -- |
| Utilities | 2,821,975 | 2,821,975 | -- | -- |
| Money Market Funds | 2,368,623 | 2,368,623 | -- | -- |
| Total Investments in Securities: | $107,083,818 | $107,083,818 | $-- | $-- |
| Derivative Instruments: | | | | |
| Assets | | | | |
| Futures Contracts | $10,322 | $10,322 | $-- | $-- |
| Total Assets | $10,322 | $10,322 | $-- | $-- |
| Total Derivative Instruments: | $10,322 | $10,322 | $-- | $-- |
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, 2018. 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) | $10,322 | $0 |
| Total Equity Risk | 10,322 | 0 |
| Total Value of Derivatives | $10,322 | $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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Fidelity ZERO℠ Large Cap Index Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $109,766,865) | $104,715,195 | |
| Fidelity Central Funds (cost $2,368,623) | 2,368,623 | |
| Total Investment in Securities (cost $112,135,488) | | $107,083,818 |
| Segregated cash with brokers for derivative instruments | | 18,000 |
| Cash | | 12,376 |
| Receivable for investments sold | | 3,948 |
| Receivable for fund shares sold | | 2,833,963 |
| Dividends receivable | | 61,969 |
| Distributions receivable from Fidelity Central Funds | | 6,213 |
| Receivable for daily variation margin on futures contracts | | 3,870 |
| Total assets | | 110,024,157 |
| Liabilities | | |
| Payable for investments purchased | $4,569,301 | |
| Payable for fund shares redeemed | 280,352 | |
| Total liabilities | | 4,849,653 |
| Net Assets | | $105,174,504 |
| Net Assets consist of: | | |
| Paid in capital | | $110,135,643 |
| Total distributable earnings (loss) | | (4,961,139) |
| Net Assets, for 11,247,750 shares outstanding | | $105,174,504 |
| Net Asset Value, offering price and redemption price per share ($105,174,504 ÷ 11,247,750 shares) | | $9.35 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
September 13, 2018 (commencement of operations) to
October 31, 2018 |
| Investment Income | | |
| Dividends | | $88,389 |
| Income from Fidelity Central Funds | | 10,088 |
| Total income | | 98,477 |
| Expenses | | |
| Independent trustees' fees and expenses | $7 | |
| Total expenses | | 7 |
| Net investment income (loss) | | 98,470 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (944) | |
| Futures contracts | (14,417) | |
| Total net realized gain (loss) | | (15,361) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (5,051,670) | |
| Futures contracts | 10,322 | |
| Total change in net unrealized appreciation (depreciation) | | (5,041,348) |
| Net gain (loss) | | (5,056,709) |
| Net increase (decrease) in net assets resulting from operations | | $(4,958,239) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
September 13, 2018 (commencement of operations) to
October 31, 2018 |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $98,470 |
| Net realized gain (loss) | (15,361) |
| Change in net unrealized appreciation (depreciation) | (5,041,348) |
| Net increase (decrease) in net assets resulting from operations | (4,958,239) |
| Share transactions | |
| Proceeds from sales of shares | 113,838,139 |
| Cost of shares redeemed | (3,705,396) |
| Net increase (decrease) in net assets resulting from share transactions | 110,132,743 |
| Total increase (decrease) in net assets | 105,174,504 |
| Net Assets | |
| Beginning of period | – |
| End of period | $105,174,504 |
| Other Information | |
| Shares | |
| Sold | 11,641,079 |
| Redeemed | (393,329) |
| Net increase (decrease) | 11,247,750 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity ZERO Large Cap Index Fund
| | |
| Year ended October 31, | 2018 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | (.67) |
| Total from investment operations | (.65) |
| Net asset value, end of period | $9.35 |
| Total ReturnC | (6.50)% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductionsF | - %G |
| Expenses net of fee waivers, if anyF | - %G |
| Expenses net of all reductionsF | - %G |
| Net investment income (loss) | 1.29%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $105,175 |
| Portfolio turnover rateH | 1%I |
A For the period September 13, 2018 (commencement of operations) to October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than .005%.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity ZERO℠ Total Market Index Fund
Investment Summary (Unaudited)
Top Five Stocks as of October 31, 2018
| | % of fund's net assets |
| Apple, Inc. | 4.1 |
| Microsoft Corp. | 3.0 |
| Amazon.com, Inc. | 2.3 |
| Berkshire Hathaway, Inc. Class B | 1.4 |
| JPMorgan Chase & Co. | 1.4 |
| | 12.2 |
Top Five Market Sectors as of October 31, 2018
| | % of fund's net assets |
| Information Technology | 20.7 |
| Health Care | 14.5 |
| Financials | 14.3 |
| Consumer Discretionary | 10.2 |
| Industrials | 10.0 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2018* |
| | Stocks and Equity Futures | 100.0% |
* Foreign investments - 3.7%
Fidelity ZERO℠ Total Market Index Fund
Schedule of Investments October 31, 2018
Showing Percentage of Net Assets
| Common Stocks - 99.8% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 9.0% | | | |
| Diversified Telecommunication Services - 1.7% | | | |
| AT&T, Inc. | | 303,711 | $9,317,853 |
| Atlantic Tele-Network, Inc. | | 443 | 37,429 |
| CenturyLink, Inc. | | 48,532 | 1,001,700 |
| Cincinnati Bell, Inc. (a) | | 1,962 | 27,841 |
| Cogent Communications Group, Inc. | | 2,314 | 120,282 |
| Consolidated Communications Holdings, Inc. (b) | | 2,828 | 35,407 |
| Frontier Communications Corp. (b) | | 3,102 | 14,921 |
| Globalstar, Inc. (a) | | 7,659 | 2,663 |
| IDT Corp. Class B | | 339 | 2,387 |
| Intelsat SA (a) | | 1,905 | 49,644 |
| Iridium Communications, Inc. (a) | | 4,168 | 82,568 |
| ORBCOMM, Inc. (a) | | 3,748 | 35,718 |
| Verizon Communications, Inc. | | 201,733 | 11,516,937 |
| Vonage Holdings Corp. (a) | | 9,723 | 128,927 |
| WideOpenWest, Inc. (a) | | 380 | 3,701 |
| Windstream Holdings, Inc. (a) | | 719 | 2,962 |
| Zayo Group Holdings, Inc. (a) | | 9,784 | 292,346 |
| | | | 22,673,286 |
| Entertainment - 1.9% | | | |
| Activision Blizzard, Inc. | | 37,533 | 2,591,654 |
| AMC Entertainment Holdings, Inc. Class A | | 3,103 | 59,764 |
| Cinemark Holdings, Inc. | | 5,298 | 220,238 |
| Electronic Arts, Inc. (a) | | 15,333 | 1,394,996 |
| Glu Mobile, Inc. (a) | | 4,161 | 29,335 |
| Liberty Media Corp.: | | | |
| Liberty Braves Class A (a) | | 1,379 | 35,578 |
| Liberty Braves Class C (a) | | 415 | 10,749 |
| Liberty Formula One Group Series C (a) | | 11,018 | 364,475 |
| Liberty Media Class A (a) | | 288 | 9,127 |
| Liberty SiriusXM Series A (a) | | 2,651 | 109,327 |
| Liberty SiriusXM Series C (a) | | 9,916 | 409,233 |
| Lions Gate Entertainment Corp.: | | | |
| Class A | | 4,587 | 87,887 |
| Class B | | 3,880 | 69,025 |
| Live Nation Entertainment, Inc. (a) | | 6,743 | 352,659 |
| Marcus Corp. | | 1,007 | 39,293 |
| Netflix, Inc. (a) | | 21,441 | 6,470,465 |
| Pandora Media, Inc. (a) | | 12,953 | 110,101 |
| Take-Two Interactive Software, Inc. (a) | | 5,651 | 728,244 |
| The Madison Square Garden Co. (a) | | 832 | 230,148 |
| The Walt Disney Co. | | 74,708 | 8,578,720 |
| Twenty-First Century Fox, Inc.: | | | |
| Class A | | 49,786 | 2,266,259 |
| Class B | | 23,841 | 1,077,136 |
| Viacom, Inc.: | | | |
| Class A | | 1,491 | 52,737 |
| Class B (non-vtg.) | | 16,197 | 517,980 |
| World Wrestling Entertainment, Inc. Class A | | 1,835 | 133,203 |
| Zynga, Inc. (a) | | 37,758 | 137,439 |
| | | | 26,085,772 |
| Interactive Media & Services - 3.9% | | | |
| Alphabet, Inc.: | | | |
| Class A (a) | | 14,917 | 16,268,182 |
| Class C (a) | | 14,756 | 15,888,818 |
| Care.com, Inc. (a) | | 730 | 12,848 |
| Facebook, Inc. Class A (a) | | 118,028 | 17,915,470 |
| IAC/InterActiveCorp (a) | | 3,765 | 740,161 |
| Liberty TripAdvisor Holdings, Inc. (a) | | 3,993 | 57,579 |
| Match Group, Inc. (a) | | 3,022 | 156,298 |
| MeetMe, Inc. (a) | | 3,097 | 13,658 |
| QuinStreet, Inc. (a) | | 1,680 | 26,712 |
| Snap, Inc. Class A (a)(b) | | 12,006 | 79,360 |
| TripAdvisor, Inc. (a) | | 5,386 | 280,826 |
| TrueCar, Inc. (a) | | 3,366 | 38,305 |
| Twitter, Inc. (a) | | 31,742 | 1,103,035 |
| XO Group, Inc. (a) | | 1,112 | 38,486 |
| Yelp, Inc. (a) | | 3,709 | 158,819 |
| Zillow Group, Inc.: | | | |
| Class A (a) | | 2,735 | 110,412 |
| Class C (a)(b) | | 4,779 | 192,403 |
| | | | 53,081,372 |
| Media - 1.4% | | | |
| AMC Networks, Inc. Class A (a) | | 2,384 | 139,655 |
| Cable One, Inc. | | 218 | 195,271 |
| CBS Corp. Class B | | 18,238 | 1,045,949 |
| Charter Communications, Inc. Class A (a) | | 9,645 | 3,089,969 |
| Comcast Corp. Class A | | 231,042 | 8,811,942 |
| Discovery Communications, Inc.: | | | |
| Class A (a)(b) | | 8,087 | 261,938 |
| Class C (non-vtg.) (a) | | 9,929 | 291,019 |
| DISH Network Corp. Class A (a) | | 11,186 | 343,858 |
| E.W. Scripps Co. Class A | | 2,475 | 41,630 |
| Entercom Communications Corp. Class A | | 5,670 | 36,798 |
| Entravision Communication Corp. Class A | | 2,719 | 13,432 |
| Fluent, Inc. (a) | | 617 | 1,493 |
| Gannett Co., Inc. | | 4,408 | 42,758 |
| GCI Liberty, Inc. (a) | | 4,534 | 214,594 |
| Gray Television, Inc. (a) | | 3,969 | 68,703 |
| Hemisphere Media Group, Inc. (a) | | 228 | 3,071 |
| Interpublic Group of Companies, Inc. | | 19,850 | 459,726 |
| John Wiley & Sons, Inc. Class A | | 2,125 | 115,260 |
| Liberty Broadband Corp.: | | | |
| Class A (a) | | 1,306 | 108,124 |
| Class C (a) | | 7,591 | 629,522 |
| Liberty Global PLC: | | | |
| Class A (a) | | 10,844 | 277,932 |
| Class C (a) | | 29,236 | 732,069 |
| Loral Space & Communications Ltd. (a) | | 732 | 32,691 |
| Meredith Corp. | | 1,900 | 97,964 |
| MSG Network, Inc. Class A (a) | | 2,816 | 71,949 |
| National CineMedia, Inc. | | 2,297 | 20,558 |
| New Media Investment Group, Inc. | | 2,038 | 28,634 |
| News Corp.: | | | |
| Class A | | 19,540 | 257,733 |
| Class B | | 5,587 | 74,531 |
| Nexstar Broadcasting Group, Inc. Class A | | 2,354 | 176,291 |
| Omnicom Group, Inc. | | 11,362 | 844,424 |
| Scholastic Corp. | | 1,494 | 64,810 |
| Sinclair Broadcast Group, Inc. Class A | | 3,761 | 107,715 |
| Sirius XM Holdings, Inc. | | 72,592 | 437,004 |
| Tegna, Inc. | | 10,377 | 119,751 |
| The New York Times Co. Class A | | 5,943 | 156,895 |
| Tribune Media Co. Class A | | 3,382 | 128,550 |
| tronc, Inc. (a) | | 942 | 14,215 |
| | | | 19,558,428 |
| Wireless Telecommunication Services - 0.1% | | | |
| Boingo Wireless, Inc. (a) | | 2,267 | 71,025 |
| Gogo, Inc. (a)(b) | | 2,818 | 16,119 |
| Shenandoah Telecommunications Co. | | 1,957 | 74,405 |
| Spok Holdings, Inc. | | 2,301 | 32,260 |
| Sprint Corp. (a) | | 32,420 | 198,410 |
| T-Mobile U.S., Inc. (a) | | 14,360 | 984,378 |
| Telephone & Data Systems, Inc. | | 4,663 | 143,760 |
| U.S. Cellular Corp. (a) | | 645 | 30,812 |
| | | | 1,551,169 |
|
| TOTAL COMMUNICATION SERVICES | | | 122,950,027 |
|
| CONSUMER DISCRETIONARY - 10.2% | | | |
| Auto Components - 0.3% | | | |
| Adient PLC (b) | | 4,692 | 142,731 |
| American Axle & Manufacturing Holdings, Inc. (a) | | 5,297 | 80,355 |
| Aptiv PLC | | 13,346 | 1,024,973 |
| Autoliv, Inc. | | 4,313 | 359,445 |
| BorgWarner, Inc. | | 10,221 | 402,810 |
| Cooper Tire & Rubber Co. | | 2,315 | 71,510 |
| Cooper-Standard Holding, Inc. (a) | | 709 | 65,689 |
| Dana Holding Corp. | | 7,617 | 118,597 |
| Delphi Technologies PLC | | 4,284 | 91,849 |
| Dorman Products, Inc. (a) | | 1,532 | 121,043 |
| Fox Factory Holding Corp. (a) | | 1,923 | 103,323 |
| Gentex Corp. | | 13,928 | 293,184 |
| Gentherm, Inc. (a) | | 1,588 | 69,300 |
| Hertz Global Holdings, Inc. (a) | | 4,252 | 58,465 |
| Horizon Global Corp. (a) | | 442 | 2,480 |
| LCI Industries | | 1,187 | 82,318 |
| Lear Corp. | | 3,304 | 439,102 |
| Modine Manufacturing Co. (a) | | 2,115 | 27,516 |
| Motorcar Parts of America, Inc. (a) | | 813 | 17,219 |
| Shiloh Industries, Inc. (a) | | 188 | 1,709 |
| Standard Motor Products, Inc. | | 1,163 | 62,930 |
| Stoneridge, Inc. (a) | | 1,084 | 27,544 |
| Superior Industries International, Inc. | | 1,109 | 10,901 |
| Tenneco, Inc. | | 3,262 | 112,311 |
| The Goodyear Tire & Rubber Co. | | 11,781 | 248,108 |
| Tower International, Inc. | | 981 | 29,126 |
| Veoneer, Inc. (a)(b) | | 4,291 | 144,092 |
| Visteon Corp. (a) | | 1,409 | 111,367 |
| | | | 4,319,997 |
| Automobiles - 0.5% | | | |
| Ford Motor Co. | | 194,702 | 1,859,404 |
| General Motors Co. | | 63,507 | 2,323,721 |
| Harley-Davidson, Inc. | | 8,359 | 319,481 |
| REV Group, Inc. | | 1,337 | 14,587 |
| Tesla, Inc. (a) | | 6,584 | 2,220,915 |
| Thor Industries, Inc. | | 2,310 | 160,868 |
| Winnebago Industries, Inc. | | 1,592 | 43,876 |
| | | | 6,942,852 |
| Distributors - 0.1% | | | |
| Core-Mark Holding Co., Inc. | | 2,333 | 89,611 |
| Genuine Parts Co. | | 7,302 | 715,012 |
| LKQ Corp. (a) | | 14,840 | 404,687 |
| Pool Corp. | | 1,908 | 278,091 |
| | | | 1,487,401 |
| Diversified Consumer Services - 0.2% | | | |
| Adtalem Global Education, Inc. (a) | | 2,809 | 142,220 |
| American Public Education, Inc. (a) | | 775 | 25,366 |
| Bridgepoint Education, Inc. (a) | | 1,165 | 11,184 |
| Bright Horizons Family Solutions, Inc. (a) | | 2,727 | 313,360 |
| Career Education Corp. (a) | | 3,877 | 55,751 |
| Carriage Services, Inc. | | 1,406 | 26,798 |
| Chegg, Inc. (a) | | 3,891 | 106,146 |
| Frontdoor, Inc. (a) | | 3,769 | 128,334 |
| Graham Holdings Co. | | 202 | 117,372 |
| Grand Canyon Education, Inc. (a) | | 2,297 | 286,436 |
| H&R Block, Inc. | | 10,421 | 276,573 |
| Houghton Mifflin Harcourt Co. (a) | | 3,983 | 26,686 |
| K12, Inc. (a) | | 2,145 | 45,924 |
| Laureate Education, Inc. Class A (a) | | 1,393 | 20,742 |
| Regis Corp. (a) | | 1,879 | 31,642 |
| Service Corp. International | | 9,140 | 379,036 |
| ServiceMaster Global Holdings, Inc. (a) | | 6,626 | 284,123 |
| Sotheby's Class A (Ltd. vtg.) (a) | | 1,637 | 68,754 |
| Strategic Education, Inc. | | 501 | 63,036 |
| Weight Watchers International, Inc. (a) | | 1,314 | 86,855 |
| | | | 2,496,338 |
| Hotels, Restaurants & Leisure - 2.0% | | | |
| ARAMARK Holdings Corp. | | 12,221 | 438,978 |
| Belmond Ltd. Class A (a) | | 4,347 | 74,421 |
| Biglari Holdings, Inc. (a) | | 11 | 8,250 |
| Biglari Holdings, Inc. (a) | | 33 | 4,703 |
| BJ's Restaurants, Inc. | | 774 | 47,353 |
| Bloomin' Brands, Inc. | | 4,403 | 87,840 |
| Bojangles', Inc. (a) | | 803 | 12,695 |
| Boyd Gaming Corp. | | 4,012 | 106,559 |
| Brinker International, Inc. | | 2,360 | 102,306 |
| Caesars Entertainment Corp. (a)(b) | | 7,561 | 64,949 |
| Carnival Corp. | | 20,267 | 1,135,763 |
| Carrols Restaurant Group, Inc. (a) | | 1,274 | 16,766 |
| Chipotle Mexican Grill, Inc. (a) | | 1,242 | 571,730 |
| Choice Hotels International, Inc. | | 1,826 | 134,028 |
| Churchill Downs, Inc. | | 714 | 178,222 |
| Chuy's Holdings, Inc. (a) | | 688 | 16,767 |
| Cracker Barrel Old Country Store, Inc. (b) | | 1,157 | 183,593 |
| Darden Restaurants, Inc. | | 6,142 | 654,430 |
| Dave & Buster's Entertainment, Inc. | | 1,914 | 113,979 |
| Del Frisco's Restaurant Group, Inc. (a) | | 412 | 2,781 |
| Del Taco Restaurants, Inc. (a) | | 1,465 | 15,969 |
| Denny's Corp. (a) | | 3,786 | 65,687 |
| Dine Brands Global, Inc. | | 775 | 62,806 |
| Domino's Pizza, Inc. | | 2,209 | 593,757 |
| Drive Shack, Inc. (a) | | 2,256 | 12,047 |
| Dunkin' Brands Group, Inc. | | 4,504 | 326,810 |
| El Pollo Loco Holdings, Inc. (a) | | 1,746 | 21,842 |
| Eldorado Resorts, Inc. (a)(b) | | 2,761 | 100,777 |
| Extended Stay America, Inc. unit | | 10,007 | 162,914 |
| Fiesta Restaurant Group, Inc. (a) | | 1,392 | 35,928 |
| Golden Entertainment, Inc. (a) | | 702 | 12,755 |
| Habit Restaurants, Inc. Class A (a) | | 876 | 11,125 |
| Hilton Grand Vacations, Inc. (a) | | 3,375 | 90,686 |
| Hilton Worldwide Holdings, Inc. | | 9,997 | 711,486 |
| Hyatt Hotels Corp. Class A | | 2,669 | 184,695 |
| International Speedway Corp. Class A | | 1,449 | 54,352 |
| Jack in the Box, Inc. | | 1,427 | 112,633 |
| Las Vegas Sands Corp. | | 18,137 | 925,531 |
| Marriott International, Inc. Class A | | 15,221 | 1,779,183 |
| Marriott Vacations Worldwide Corp. | | 1,225 | 108,400 |
| McDonald's Corp. | | 39,434 | 6,975,875 |
| MGM Mirage, Inc. | | 25,213 | 672,683 |
| Monarch Casino & Resort, Inc. (a) | | 309 | 11,980 |
| Norwegian Cruise Line Holdings Ltd. (a) | | 8,915 | 392,884 |
| Papa John's International, Inc. (b) | | 1,100 | 59,994 |
| Penn National Gaming, Inc. (a) | | 4,962 | 120,477 |
| Planet Fitness, Inc. (a) | | 4,438 | 217,861 |
| Playa Hotels & Resorts NV (a) | | 2,729 | 23,442 |
| PlayAGS, Inc. (a) | | 218 | 5,287 |
| Potbelly Corp. (a) | | 785 | 9,169 |
| RCI Hospitality Holdings, Inc. | | 159 | 4,163 |
| Red Robin Gourmet Burgers, Inc. (a) | | 473 | 14,285 |
| Red Rock Resorts, Inc. | | 3,550 | 82,147 |
| Royal Caribbean Cruises Ltd. | | 8,561 | 896,594 |
| Ruth's Hospitality Group, Inc. | | 1,251 | 33,815 |
| Scientific Games Corp. Class A (a) | | 2,838 | 63,174 |
| SeaWorld Entertainment, Inc. (a) | | 3,204 | 83,688 |
| Shake Shack, Inc. Class A (a) | | 784 | 41,466 |
| Six Flags Entertainment Corp. | | 3,707 | 199,659 |
| Sonic Corp. | | 1,993 | 86,257 |
| Starbucks Corp. | | 70,323 | 4,097,721 |
| Texas Roadhouse, Inc. Class A | | 3,536 | 213,787 |
| The Cheesecake Factory, Inc. | | 2,064 | 99,774 |
| U.S. Foods Holding Corp. (a) | | 6,920 | 201,856 |
| Vail Resorts, Inc. | | 2,000 | 502,640 |
| Wendy's Co. | | 8,871 | 152,936 |
| Wingstop, Inc. | | 1,410 | 88,294 |
| Wyndham Destinations, Inc. | | 5,055 | 181,373 |
| Wyndham Hotels & Resorts, Inc. | | 5,123 | 252,513 |
| Wynn Resorts Ltd. | | 3,873 | 389,624 |
| Yum! Brands, Inc. | | 16,701 | 1,509,937 |
| Zoe's Kitchen, Inc. (a) | | 383 | 4,872 |
| | | | 27,035,723 |
| Household Durables - 0.4% | | | |
| Beazer Homes U.S.A., Inc. (a) | | 2,217 | 19,532 |
| Cavco Industries, Inc. (a) | | 437 | 87,667 |
| Century Communities, Inc. (a) | | 884 | 18,758 |
| D.R. Horton, Inc. | | 16,837 | 605,459 |
| Ethan Allen Interiors, Inc. | | 1,561 | 29,878 |
| Flexsteel Industries, Inc. | | 700 | 17,794 |
| Garmin Ltd. | | 5,406 | 357,661 |
| GoPro, Inc. Class A (a)(b) | | 4,276 | 28,093 |
| Green Brick Partners, Inc. (a) | | 457 | 4,296 |
| Hamilton Beach Brands Holding Co. Class A | | 96 | 2,229 |
| Helen of Troy Ltd. (a) | | 1,311 | 162,721 |
| Hooker Furniture Corp. | | 594 | 17,386 |
| Hovnanian Enterprises, Inc. Class A (a) | | 2,216 | 3,235 |
| Installed Building Products, Inc. (a) | | 734 | 22,358 |
| iRobot Corp. (a)(b) | | 1,291 | 113,827 |
| KB Home | | 5,096 | 101,767 |
| La-Z-Boy, Inc. | | 2,446 | 67,999 |
| Leggett & Platt, Inc. | | 6,377 | 231,549 |
| Lennar Corp.: | | | |
| Class A | | 11,073 | 475,918 |
| Class B | | 3,554 | 127,127 |
| LGI Homes, Inc. (a)(b) | | 672 | 28,755 |
| Libbey, Inc. | | 435 | 3,280 |
| M.D.C. Holdings, Inc. | | 1,879 | 52,800 |
| M/I Homes, Inc. (a) | | 2,042 | 49,355 |
| Meritage Homes Corp. (a) | | 1,619 | 60,308 |
| Mohawk Industries, Inc. (a) | | 3,078 | 383,919 |
| Newell Brands, Inc. | | 24,025 | 381,517 |
| NVR, Inc. (a) | | 177 | 396,308 |
| PulteGroup, Inc. | | 13,760 | 338,083 |
| Roku, Inc. Class A (a) | | 767 | 42,645 |
| Taylor Morrison Home Corp. (a) | | 4,707 | 77,854 |
| Tempur Sealy International, Inc. (a) | | 2,297 | 106,144 |
| Toll Brothers, Inc. | | 7,249 | 244,001 |
| TopBuild Corp. (a) | | 1,963 | 89,552 |
| TRI Pointe Homes, Inc. (a) | | 6,530 | 77,707 |
| Tupperware Brands Corp. | | 2,402 | 84,310 |
| Universal Electronics, Inc. (a) | | 598 | 18,699 |
| Vuzix Corp. (a) | | 423 | 2,572 |
| Whirlpool Corp. | | 3,562 | 390,965 |
| William Lyon Homes, Inc. (a) | | 860 | 11,662 |
| Zagg, Inc. (a) | | 1,231 | 14,907 |
| | | | 5,350,597 |
| Internet & Direct Marketing Retail - 3.0% | | | |
| 1-800-FLOWERS.com, Inc. Class A (a) | | 1,383 | 14,452 |
| Amazon.com, Inc. (a) | | 19,789 | 31,623,020 |
| Blue Apron Holdings, Inc. Class A (a)(b) | | 545 | 774 |
| Duluth Holdings, Inc. (a) | | 430 | 13,214 |
| eBay, Inc. (a) | | 48,439 | 1,406,184 |
| Etsy, Inc. (a) | | 5,359 | 227,865 |
| Expedia, Inc. | | 6,163 | 773,025 |
| FTD Companies, Inc. (a) | | 295 | 584 |
| Groupon, Inc. (a) | | 17,865 | 58,419 |
| GrubHub, Inc. (a) | | 4,347 | 403,141 |
| Lands' End, Inc. (a) | | 776 | 12,657 |
| Liberty Expedia Holdings, Inc. (a) | | 2,895 | 125,701 |
| Liberty Interactive Corp. QVC Group Series A (a) | | 23,570 | 517,126 |
| NutriSystem, Inc. | | 1,717 | 61,057 |
| Overstock.com, Inc. (a) | | 609 | 12,253 |
| PetMed Express, Inc. | | 798 | 22,296 |
| Quotient Technology, Inc. (a) | | 3,022 | 38,893 |
| Shutterfly, Inc. (a) | | 1,629 | 81,450 |
| Shutterstock, Inc. | | 1,065 | 43,537 |
| Stamps.com, Inc. (a) | | 886 | 179,123 |
| The Booking Holdings, Inc. (a) | | 2,416 | 4,528,985 |
| Wayfair LLC Class A (a) | | 2,177 | 240,101 |
| | | | 40,383,857 |
| Leisure Products - 0.1% | | | |
| American Outdoor Brands Corp. (a) | | 2,475 | 33,858 |
| Brunswick Corp. | | 4,108 | 213,575 |
| Callaway Golf Co. | | 5,022 | 107,471 |
| Hasbro, Inc. | | 5,598 | 513,393 |
| Johnson Outdoors, Inc. Class A | | 260 | 19,581 |
| Malibu Boats, Inc. Class A (a) | | 858 | 34,492 |
| Mattel, Inc. (a)(b) | | 17,139 | 232,748 |
| MCBC Holdings, Inc. (a) | | 763 | 22,646 |
| Nautilus, Inc. (a) | | 1,184 | 14,480 |
| Polaris Industries, Inc. | | 2,947 | 262,224 |
| Sturm, Ruger & Co., Inc. (b) | | 857 | 50,897 |
| Vista Outdoor, Inc. (a) | | 2,973 | 37,163 |
| | | | 1,542,528 |
| Media - 0.0% | | | |
| Altice U.S.A., Inc. Class A | | 2,671 | 43,564 |
| Liberty Latin America Ltd. (a) | | 6,769 | 121,910 |
| Liberty Latin America Ltd. Class A (a) | | 1,774 | 31,897 |
| | | | 197,371 |
| Multiline Retail - 0.5% | | | |
| Big Lots, Inc. | | 2,239 | 92,963 |
| Dillard's, Inc. Class A (b) | | 1,123 | 79,082 |
| Dollar General Corp. | | 12,930 | 1,440,143 |
| Dollar Tree, Inc. (a) | | 11,811 | 995,667 |
| Fred's, Inc. Class A (a) | | 630 | 1,726 |
| JC Penney Corp., Inc. (a)(b) | | 17,144 | 25,202 |
| Kohl's Corp. | | 8,334 | 631,134 |
| Macy's, Inc. | | 15,274 | 523,745 |
| Nordstrom, Inc. | | 5,757 | 378,638 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | | 2,392 | 222,217 |
| Target Corp. | | 26,859 | 2,246,218 |
| | | | 6,636,735 |
| Specialty Retail - 2.3% | | | |
| Aaron's, Inc. Class A | | 2,951 | 139,081 |
| Abercrombie & Fitch Co. Class A | | 3,064 | 60,361 |
| Advance Auto Parts, Inc. | | 3,673 | 586,798 |
| America's Car Mart, Inc. (a) | | 262 | 19,624 |
| American Eagle Outfitters, Inc. | | 8,853 | 204,150 |
| Armstrong Flooring, Inc. (a) | | 856 | 13,311 |
| Asbury Automotive Group, Inc. (a) | | 1,095 | 71,285 |
| Ascena Retail Group, Inc. (a) | | 9,235 | 35,555 |
| AutoNation, Inc. (a) | | 3,221 | 130,386 |
| AutoZone, Inc. (a) | | 1,352 | 991,651 |
| Barnes & Noble Education, Inc. (a) | | 697 | 3,980 |
| Barnes & Noble, Inc. | | 3,395 | 21,490 |
| Bed Bath & Beyond, Inc. (b) | | 6,684 | 91,838 |
| Best Buy Co., Inc. | | 12,810 | 898,750 |
| Big 5 Sporting Goods Corp. (b) | | 335 | 1,176 |
| Boot Barn Holdings, Inc. (a) | | 915 | 22,582 |
| Burlington Stores, Inc. (a) | | 3,385 | 580,494 |
| Caleres, Inc. | | 1,875 | 64,125 |
| Camping World Holdings, Inc. | | 1,624 | 27,852 |
| CarMax, Inc. (a) | | 8,975 | 609,492 |
| Cars.com, Inc. (a) | | 3,177 | 82,951 |
| Chico's FAS, Inc. | | 5,521 | 42,346 |
| Citi Trends, Inc. | | 1,141 | 28,902 |
| Conn's, Inc. (a) | | 1,362 | 37,836 |
| Dick's Sporting Goods, Inc. | | 3,857 | 136,422 |
| DSW, Inc. Class A | | 3,643 | 96,722 |
| Express, Inc. (a) | | 3,181 | 28,025 |
| Five Below, Inc. (a) | | 2,714 | 308,907 |
| Floor & Decor Holdings, Inc. Class A (a)(b) | | 1,384 | 35,403 |
| Foot Locker, Inc. | | 6,011 | 283,359 |
| Francesca's Holdings Corp. (a) | | 707 | 2,149 |
| GameStop Corp. Class A (b) | | 5,110 | 74,606 |
| Gap, Inc. | | 10,581 | 288,861 |
| Genesco, Inc. (a) | | 1,215 | 51,990 |
| GNC Holdings, Inc. Class A (a)(b) | | 3,232 | 11,894 |
| Group 1 Automotive, Inc. | | 814 | 47,000 |
| Guess?, Inc. | | 2,689 | 57,114 |
| Haverty Furniture Companies, Inc. | | 1,794 | 36,382 |
| Hibbett Sports, Inc. (a) | | 917 | 16,020 |
| Home Depot, Inc. | | 57,722 | 10,152,145 |
| Kirkland's, Inc. (a) | | 270 | 2,730 |
| L Brands, Inc. | | 12,225 | 396,335 |
| Lithia Motors, Inc. Class A (sub. vtg.) | | 1,249 | 111,261 |
| Lowe's Companies, Inc. | | 41,232 | 3,926,111 |
| Lumber Liquidators Holdings, Inc. (a)(b) | | 1,469 | 17,569 |
| MarineMax, Inc. (a) | | 854 | 19,437 |
| Michaels Companies, Inc. (a)(b) | | 5,606 | 88,855 |
| Monro, Inc. | | 1,599 | 118,966 |
| Murphy U.S.A., Inc. (a) | | 1,677 | 135,217 |
| O'Reilly Automotive, Inc. (a) | | 4,217 | 1,352,603 |
| Office Depot, Inc. | | 26,791 | 68,585 |
| Party City Holdco, Inc. (a) | | 1,854 | 19,411 |
| Penske Automotive Group, Inc. | | 1,547 | 68,656 |
| Pier 1 Imports, Inc. | | 1,466 | 2,331 |
| Rent-A-Center, Inc. (a) | | 2,757 | 39,287 |
| RH (a)(b) | | 866 | 100,205 |
| Ross Stores, Inc. | | 19,094 | 1,890,306 |
| Sally Beauty Holdings, Inc. (a) | | 6,042 | 107,608 |
| Shoe Carnival, Inc. | | 529 | 21,546 |
| Signet Jewelers Ltd. | | 3,033 | 170,000 |
| Sleep Number Corp. (a) | | 2,191 | 79,687 |
| Sonic Automotive, Inc. Class A (sub. vtg.) | | 1,279 | 23,175 |
| Sportsman's Warehouse Holdings, Inc. (a) | | 690 | 3,471 |
| Tailored Brands, Inc. | | 2,418 | 50,802 |
| The Buckle, Inc. | | 1,849 | 37,720 |
| The Cato Corp. Class A (sub. vtg.) | | 1,036 | 19,974 |
| The Children's Place Retail Stores, Inc. | | 908 | 135,655 |
| Tiffany & Co., Inc. | | 5,050 | 562,065 |
| Tile Shop Holdings, Inc. | | 656 | 4,264 |
| Tilly's, Inc. | | 619 | 10,981 |
| TJX Companies, Inc. | | 31,382 | 3,448,254 |
| Tractor Supply Co. | | 6,236 | 573,026 |
| Ulta Beauty, Inc. (a) | | 2,925 | 802,971 |
| Urban Outfitters, Inc. (a) | | 3,824 | 150,895 |
| Vitamin Shoppe, Inc. (a) | | 482 | 3,745 |
| Williams-Sonoma, Inc. | | 3,984 | 236,570 |
| Zumiez, Inc. (a) | | 879 | 20,446 |
| | | | 31,213,735 |
| Textiles, Apparel & Luxury Goods - 0.8% | | | |
| Carter's, Inc. | | 2,303 | 221,042 |
| Columbia Sportswear Co. | | 1,440 | 130,003 |
| Crocs, Inc. (a) | | 3,063 | 62,914 |
| Deckers Outdoor Corp. (a) | | 1,613 | 205,125 |
| Emerald Expositions Events, Inc. | | 285 | 4,167 |
| Fossil Group, Inc. (a) | | 2,275 | 49,390 |
| G-III Apparel Group Ltd. (a) | | 1,816 | 72,386 |
| Garrett Motion, Inc. (a) | | 4,522 | 68,599 |
| Hanesbrands, Inc. | | 17,699 | 303,715 |
| J.Jill, Inc. (a) | | 220 | 1,111 |
| lululemon athletica, Inc. (a) | | 4,748 | 668,186 |
| Michael Kors Holdings Ltd. (a) | | 7,696 | 426,435 |
| Movado Group, Inc. | | 857 | 33,003 |
| NIKE, Inc. Class B | | 64,938 | 4,872,948 |
| Oxford Industries, Inc. | | 700 | 62,286 |
| PetIQ, Inc. Class A (a) | | 322 | 10,195 |
| PVH Corp. | | 3,870 | 467,457 |
| Ralph Lauren Corp. | | 2,815 | 364,852 |
| Samsonite International SA | | 67,800 | 194,531 |
| Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | | 6,476 | 185,019 |
| Steven Madden Ltd. | | 4,495 | 140,559 |
| Stitch Fix, Inc. (a)(b) | | 334 | 8,804 |
| Tapestry, Inc. | | 14,118 | 597,333 |
| Under Armour, Inc.: | | | |
| Class A (sub. vtg.) (a)(b) | | 7,031 | 155,455 |
| Class C (non-vtg.) (a)(b) | | 11,698 | 231,971 |
| Unifi, Inc. (a) | | 877 | 20,075 |
| Vera Bradley, Inc. (a) | | 944 | 12,451 |
| VF Corp. | | 16,282 | 1,349,452 |
| Wolverine World Wide, Inc. | | 4,593 | 161,536 |
| | | | 11,081,000 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 138,688,134 |
|
| CONSUMER STAPLES - 6.6% | | | |
| Beverages - 1.6% | | | |
| Boston Beer Co., Inc. Class A (a) | | 413 | 126,911 |
| Brown-Forman Corp. Class B (non-vtg.) | | 12,106 | 560,992 |
| Coca-Cola Bottling Co. Consolidated | | 189 | 32,627 |
| Constellation Brands, Inc. Class A (sub. vtg.) | | 8,582 | 1,709,792 |
| Craft Brew Alliance, Inc. (a) | | 156 | 2,861 |
| Keurig Dr. Pepper, Inc. | | 8,991 | 233,766 |
| MGP Ingredients, Inc. (b) | | 737 | 52,452 |
| Molson Coors Brewing Co. Class B | | 9,177 | 587,328 |
| Monster Beverage Corp. (a) | | 20,566 | 1,086,913 |
| National Beverage Corp. (a) | | 593 | 54,823 |
| PepsiCo, Inc. | | 70,348 | 7,905,708 |
| Primo Water Corp. (a) | | 1,410 | 23,505 |
| The Coca-Cola Co. | | 189,223 | 9,059,997 |
| | | | 21,437,675 |
| Food & Staples Retailing - 1.4% | | | |
| Andersons, Inc. | | 1,559 | 56,124 |
| Casey's General Stores, Inc. | | 1,991 | 251,085 |
| Chefs' Warehouse Holdings (a) | | 1,004 | 33,765 |
| Costco Wholesale Corp. | | 21,582 | 4,934,293 |
| Ingles Markets, Inc. Class A | | 557 | 18,348 |
| Kroger Co. | | 44,290 | 1,318,070 |
| Performance Food Group Co. (a) | | 4,083 | 119,714 |
| PriceSmart, Inc. | | 1,075 | 75,411 |
| Rite Aid Corp. (a)(b) | | 49,888 | 59,866 |
| Smart & Final Stores, Inc. (a) | | 525 | 2,651 |
| SpartanNash Co. | | 1,459 | 26,043 |
| Sprouts Farmers Market LLC (a) | | 6,051 | 162,711 |
| Sysco Corp. | | 23,698 | 1,690,378 |
| United Natural Foods, Inc. (a) | | 2,619 | 56,911 |
| Walgreens Boots Alliance, Inc. | | 42,987 | 3,429,073 |
| Walmart, Inc. | | 72,351 | 7,255,358 |
| Weis Markets, Inc. | | 914 | 42,181 |
| Welbilt, Inc. (a) | | 6,332 | 118,535 |
| | | | 19,650,517 |
| Food Products - 1.2% | | | |
| Archer Daniels Midland Co. | | 27,322 | 1,290,965 |
| B&G Foods, Inc. Class A (b) | | 3,471 | 90,385 |
| Bunge Ltd. | | 6,861 | 424,010 |
| Cal-Maine Foods, Inc. | | 1,607 | 78,213 |
| Calavo Growers, Inc. | | 721 | 69,937 |
| Campbell Soup Co. (b) | | 9,415 | 352,215 |
| Conagra Brands, Inc. | | 20,066 | 714,350 |
| Darling International, Inc. (a) | | 9,144 | 188,915 |
| Dean Foods Co. | | 4,885 | 39,031 |
| Farmer Brothers Co. (a) | | 246 | 5,931 |
| Flowers Foods, Inc. | | 9,316 | 179,892 |
| Fresh Del Monte Produce, Inc. | | 1,990 | 65,730 |
| Freshpet, Inc. (a) | | 960 | 36,576 |
| General Mills, Inc. | | 28,317 | 1,240,285 |
| Hormel Foods Corp. (b) | | 13,216 | 576,746 |
| Hostess Brands, Inc. Class A (a) | | 3,147 | 32,729 |
| Ingredion, Inc. | | 3,554 | 359,594 |
| J&J Snack Foods Corp. | | 748 | 116,808 |
| John B. Sanfilippo & Son, Inc. | | 453 | 28,566 |
| Kellogg Co. | | 12,356 | 809,071 |
| Lamb Weston Holdings, Inc. | | 7,226 | 564,784 |
| Lancaster Colony Corp. | | 931 | 159,555 |
| McCormick & Co., Inc. (non-vtg.) | | 5,937 | 854,928 |
| Mondelez International, Inc. | | 73,654 | 3,091,995 |
| Pilgrim's Pride Corp. (a) | | 3,068 | 54,181 |
| Post Holdings, Inc. (a) | | 3,256 | 287,896 |
| Sanderson Farms, Inc. | | 1,039 | 102,227 |
| Seaboard Corp. | | 12 | 46,380 |
| The Hain Celestial Group, Inc. (a) | | 5,297 | 131,789 |
| The Hershey Co. | | 6,918 | 741,264 |
| The J.M. Smucker Co. | | 5,576 | 603,992 |
| The Kraft Heinz Co. | | 29,621 | 1,628,266 |
| Tootsie Roll Industries, Inc. | | 1,483 | 46,818 |
| TreeHouse Foods, Inc. (a) | | 2,665 | 121,417 |
| Tyson Foods, Inc. Class A | | 14,792 | 886,337 |
| | | | 16,021,778 |
| Household Products - 1.3% | | | |
| Central Garden & Pet Co. (a) | | 435 | 14,129 |
| Central Garden & Pet Co. Class A (non-vtg.) (a) | | 1,910 | 56,632 |
| Church & Dwight Co., Inc. | | 12,504 | 742,362 |
| Clorox Co. | | 6,308 | 936,423 |
| Colgate-Palmolive Co. | | 43,523 | 2,591,795 |
| Energizer Holdings, Inc. | | 3,145 | 184,832 |
| Kimberly-Clark Corp. | | 17,463 | 1,821,391 |
| Orchids Paper Products Co. (a) | | 56 | 87 |
| Procter & Gamble Co. | | 125,919 | 11,166,497 |
| Spectrum Brands Holdings, Inc. | | 1,209 | 78,525 |
| WD-40 Co. | | 780 | 130,322 |
| | | | 17,722,995 |
| Personal Products - 0.2% | | | |
| Avon Products, Inc. (a) | | 23,141 | 45,356 |
| Coty, Inc. Class A | | 23,532 | 248,263 |
| Edgewell Personal Care Co. (a) | | 2,730 | 130,985 |
| elf Beauty, Inc. (a)(b) | | 1,086 | 11,522 |
| Estee Lauder Companies, Inc. Class A | | 11,128 | 1,529,432 |
| Herbalife Nutrition Ltd. (a) | | 6,070 | 323,288 |
| Inter Parfums, Inc. | | 962 | 56,748 |
| MediFast, Inc. | | 486 | 102,876 |
| Natural Health Trends Corp. | | 119 | 2,706 |
| Nu Skin Enterprises, Inc. Class A | | 2,526 | 177,376 |
| Revlon, Inc. (a) | | 432 | 9,072 |
| USANA Health Sciences, Inc. (a) | | 583 | 68,223 |
| | | | 2,705,847 |
| Tobacco - 0.9% | | | |
| 22nd Century Group, Inc. (a) | | 4,650 | 11,253 |
| Altria Group, Inc. | | 94,375 | 6,138,150 |
| Philip Morris International, Inc. | | 76,916 | 6,773,992 |
| Universal Corp. | | 1,184 | 80,346 |
| Vector Group Ltd. | | 5,085 | 68,749 |
| | | | 13,072,490 |
|
| TOTAL CONSUMER STAPLES | | | 90,611,302 |
|
| ENERGY - 5.3% | | | |
| Energy Equipment & Services - 0.7% | | | |
| Archrock, Inc. | | 2,729 | 28,000 |
| Baker Hughes, a GE Co. Class A | | 21,356 | 569,992 |
| Basic Energy Services, Inc. (a) | | 425 | 3,302 |
| Bristow Group, Inc. (a) | | 1,523 | 16,768 |
| C&J Energy Services, Inc. (a) | | 3,574 | 67,120 |
| Carbo Ceramics, Inc. (a)(b) | | 399 | 1,927 |
| Core Laboratories NV | | 2,086 | 177,811 |
| Diamond Offshore Drilling, Inc. (a) | | 2,783 | 39,463 |
| Dril-Quip, Inc. (a) | | 2,237 | 95,207 |
| Ensco PLC Class A | | 21,570 | 154,010 |
| Exterran Corp. (a) | | 1,672 | 34,928 |
| Forum Energy Technologies, Inc. (a) | | 3,505 | 31,405 |
| Frank's International NV (a) | | 3,075 | 21,833 |
| FTS International, Inc. (a) | | 362 | 4,637 |
| Halliburton Co. | | 42,952 | 1,489,575 |
| Helix Energy Solutions Group, Inc. (a) | | 7,159 | 60,995 |
| Helmerich & Payne, Inc. | | 6,004 | 373,989 |
| Hornbeck Offshore Services, Inc. (a) | | 634 | 1,997 |
| Key Energy Services, Inc. (a) | | 124 | 1,122 |
| KLX Energy Services Holdings, Inc. (a) | | 1,007 | 29,092 |
| Mammoth Energy Services, Inc. | | 457 | 11,407 |
| Matrix Service Co. (a) | | 1,745 | 35,476 |
| McDermott International, Inc. (a) | | 5,876 | 45,421 |
| Nabors Industries Ltd. | | 18,130 | 90,106 |
| National Oilwell Varco, Inc. | | 19,061 | 701,445 |
| NCS Multistage Holdings, Inc. (a) | | 143 | 1,616 |
| Newpark Resources, Inc. (a) | | 3,310 | 27,175 |
| Noble Corp. (a) | | 10,565 | 53,036 |
| Oceaneering International, Inc. (a) | | 5,585 | 105,780 |
| Oil States International, Inc. (a) | | 2,147 | 47,814 |
| Patterson-UTI Energy, Inc. | | 10,400 | 173,056 |
| Pioneer Energy Services Corp. (a) | | 1,501 | 4,458 |
| Rowan Companies PLC (a) | | 5,329 | 84,784 |
| RPC, Inc. | | 2,394 | 35,623 |
| Schlumberger Ltd. | | 69,027 | 3,541,775 |
| SEACOR Holdings, Inc. (a) | | 768 | 36,856 |
| SEACOR Marine Holdings, Inc. (a) | | 662 | 12,101 |
| Smart Sand, Inc. (a)(b) | | 382 | 1,058 |
| Solaris Oilfield Infrastructure, Inc. Class A (a) | | 843 | 11,128 |
| Superior Energy Services, Inc. (a) | | 6,926 | 54,231 |
| TechnipFMC PLC | | 21,844 | 574,497 |
| TETRA Technologies, Inc. (a) | | 6,072 | 18,034 |
| Transocean Ltd. (United States) (a)(b) | | 21,655 | 238,422 |
| U.S. Silica Holdings, Inc. | | 3,704 | 51,856 |
| Unit Corp. (a) | | 2,436 | 56,345 |
| Weatherford International PLC (a)(b) | | 47,907 | 64,674 |
| | | | 9,281,347 |
| Oil, Gas & Consumable Fuels - 4.6% | | | |
| Abraxas Petroleum Corp. (a) | | 7,061 | 12,992 |
| Anadarko Petroleum Corp. | | 27,242 | 1,449,274 |
| Antero Resources Corp. (a) | | 10,007 | 159,011 |
| Apache Corp. | | 18,755 | 709,502 |
| Approach Resources, Inc. (a)(b) | | 686 | 1,146 |
| Arch Coal, Inc. | | 1,337 | 128,218 |
| Ardmore Shipping Corp. (a) | | 647 | 4,180 |
| Bonanza Creek Energy, Inc. (a) | | 737 | 18,978 |
| Cabot Oil & Gas Corp. | | 22,934 | 555,691 |
| California Resources Corp. (a) | | 1,827 | 57,258 |
| Callon Petroleum Co. (a) | | 9,204 | 91,764 |
| Carrizo Oil & Gas, Inc. (a) | | 4,114 | 74,916 |
| Centennial Resource Development, Inc. Class A (a) | | 8,621 | 165,178 |
| Cheniere Energy, Inc. (a) | | 10,070 | 608,329 |
| Chesapeake Energy Corp. (a)(b) | | 45,894 | 161,088 |
| Chevron Corp. | | 93,871 | 10,480,697 |
| Cimarex Energy Co. | | 4,764 | 378,595 |
| Clean Energy Fuels Corp. (a) | | 5,386 | 11,903 |
| Cloud Peak Energy, Inc. (a) | | 1,411 | 2,413 |
| CNX Resources Corp. (a) | | 11,928 | 186,673 |
| Concho Resources, Inc. (a) | | 7,433 | 1,033,856 |
| ConocoPhillips Co. | | 59,348 | 4,148,425 |
| CONSOL Energy, Inc. (a) | | 1,093 | 43,545 |
| Contango Oil & Gas Co. (a) | | 437 | 2,207 |
| Continental Resources, Inc. (a) | | 4,488 | 236,428 |
| CVR Energy, Inc. | | 695 | 29,885 |
| Delek U.S. Holdings, Inc. | | 4,019 | 147,578 |
| Denbury Resources, Inc. (a) | | 19,836 | 68,434 |
| Devon Energy Corp. | | 25,902 | 839,225 |
| Diamondback Energy, Inc. | | 4,800 | 539,328 |
| Eclipse Resources Corp. (a) | | 1,554 | 1,772 |
| Energen Corp. (a) | | 4,711 | 339,051 |
| EOG Resources, Inc. | | 28,707 | 3,023,995 |
| EP Energy Corp. (a) | | 768 | 1,382 |
| EQT Corp. | | 11,988 | 407,232 |
| Extraction Oil & Gas, Inc. (a) | | 6,442 | 51,472 |
| Exxon Mobil Corp. | | 209,393 | 16,684,434 |
| Green Plains, Inc. | | 1,742 | 29,684 |
| Gulfport Energy Corp. (a) | | 8,552 | 77,909 |
| Halcon Resources Corp. (a) | | 8,641 | 28,688 |
| Hess Corp. | | 13,533 | 776,794 |
| Highpoint Resources, Inc. (a) | | 3,525 | 13,113 |
| HollyFrontier Corp. | | 8,727 | 588,549 |
| International Seaways, Inc. (a) | | 1,272 | 27,361 |
| Jones Energy, Inc. (a) | | 25 | 80 |
| Kinder Morgan, Inc. | | 96,115 | 1,635,877 |
| Kosmos Energy Ltd. (a) | | 10,063 | 65,309 |
| Laredo Petroleum, Inc. (a) | | 5,872 | 30,769 |
| Marathon Oil Corp. | | 41,469 | 787,496 |
| Marathon Petroleum Corp. | | 24,341 | 1,714,823 |
| Matador Resources Co. (a) | | 4,527 | 130,559 |
| Midstates Petroleum Co., Inc. (a) | | 1,834 | 13,223 |
| Murphy Oil Corp. | | 8,316 | 264,948 |
| NACCO Industries, Inc. Class A | | 326 | 11,260 |
| Newfield Exploration Co. (a) | | 9,660 | 195,132 |
| Nine Energy Service, Inc. (a) | | 129 | 4,777 |
| Noble Energy, Inc. | | 23,883 | 593,493 |
| Oasis Petroleum, Inc. (a) | | 13,296 | 133,758 |
| Occidental Petroleum Corp. | | 38,010 | 2,549,331 |
| ONEOK, Inc. | | 20,540 | 1,347,424 |
| Overseas Shipholding Group, Inc. (a) | | 643 | 2,019 |
| Pacific Ethanol, Inc. (a) | | 673 | 1,104 |
| Par Pacific Holdings, Inc. (a) | | 1,170 | 20,686 |
| Parsley Energy, Inc. Class A (a) | | 11,956 | 280,010 |
| PBF Energy, Inc. Class A | | 5,716 | 239,215 |
| PDC Energy, Inc. (a) | | 3,288 | 139,576 |
| Peabody Energy Corp. | | 5,250 | 186,113 |
| Penn Virginia Corp. (a) | | 573 | 39,411 |
| Phillips 66 Co. | | 21,366 | 2,196,852 |
| Pioneer Natural Resources Co. | | 8,543 | 1,258,128 |
| QEP Resources, Inc. (a) | | 10,821 | 96,415 |
| Range Resources Corp. | | 11,539 | 182,893 |
| Renewable Energy Group, Inc. (a) | | 1,753 | 54,483 |
| Resolute Energy Corp. (a)(b) | | 850 | 23,656 |
| Rex American Resources Corp. (a) | | 539 | 39,978 |
| Ring Energy, Inc. (a) | | 1,832 | 13,062 |
| Sanchez Energy Corp. (a) | | 1,480 | 2,457 |
| SandRidge Energy, Inc. (a) | | 1,787 | 15,994 |
| SemGroup Corp. Class A | | 3,146 | 58,170 |
| SM Energy Co. | | 5,067 | 123,331 |
| Southwestern Energy Co. (a) | | 24,174 | 129,089 |
| SRC Energy, Inc. (a) | | 10,983 | 77,760 |
| Talos Energy, Inc. (a) | | 876 | 22,829 |
| Targa Resources Corp. | | 10,469 | 540,933 |
| Teekay Corp. | | 3,958 | 26,242 |
| Teekay Tankers Ltd. | | 2,146 | 2,382 |
| Tellurian, Inc. (a)(b) | | 3,095 | 24,760 |
| The Williams Companies, Inc. | | 40,510 | 985,608 |
| Ultra Petroleum Corp. (a) | | 8,666 | 10,399 |
| Uranium Energy Corp. (a)(b) | | 2,533 | 3,369 |
| Valero Energy Corp. | | 21,744 | 1,980,661 |
| W&T Offshore, Inc. (a) | | 4,735 | 31,914 |
| Whiting Petroleum Corp. (a) | | 4,860 | 181,278 |
| WildHorse Resource Development Corp. (a) | | 934 | 19,810 |
| World Fuel Services Corp. | | 3,379 | 108,128 |
| WPX Energy, Inc. (a) | | 20,387 | 327,007 |
| | | | 63,322,134 |
|
| TOTAL ENERGY | | | 72,603,481 |
|
| FINANCIALS - 14.3% | | | |
| Banks - 6.2% | | | |
| 1st Source Corp. | | 1,038 | 48,360 |
| Ameris Bancorp | | 2,195 | 94,144 |
| Associated Banc-Corp. | | 7,744 | 179,506 |
| Atlantic Capital Bancshares, Inc. (a) | | 497 | 7,490 |
| Banc of California, Inc. | | 1,582 | 25,233 |
| BancFirst Corp. | | 880 | 50,494 |
| Bancorp, Inc., Delaware (a) | | 2,852 | 29,946 |
| BancorpSouth Bank | | 4,393 | 126,079 |
| Bank of America Corp. | | 479,551 | 13,187,653 |
| Bank of Hawaii Corp. | | 1,798 | 141,035 |
| Bank of Marin Bancorp | | 451 | 38,330 |
| Bank of the Ozarks, Inc. | | 6,089 | 166,595 |
| BankUnited, Inc. | | 5,644 | 186,816 |
| Banner Corp. | | 1,491 | 86,210 |
| BB&T Corp. | | 39,273 | 1,930,661 |
| Berkshire Hills Bancorp, Inc. | | 1,864 | 62,202 |
| BOK Financial Corp. | | 1,234 | 105,791 |
| Boston Private Financial Holdings, Inc. | | 4,978 | 67,203 |
| Bridge Bancorp, Inc. | | 1,545 | 45,887 |
| Brookline Bancorp, Inc., Delaware | | 2,862 | 44,361 |
| Bryn Mawr Bank Corp. | | 931 | 37,184 |
| Byline Bancorp, Inc. (a) | | 61 | 1,342 |
| Cadence Bancorp Class A | | 1,240 | 27,354 |
| Camden National Corp. | | 846 | 34,305 |
| Carolina Financial Corp. | | 547 | 18,100 |
| Cathay General Bancorp | | 4,063 | 153,053 |
| Centerstate Banks of Florida, Inc. | | 3,035 | 74,600 |
| Central Pacific Financial Corp. | | 1,046 | 28,284 |
| Chemical Financial Corp. | | 4,006 | 187,721 |
| CIT Group, Inc. | | 6,754 | 320,005 |
| Citigroup, Inc. | | 130,837 | 8,564,590 |
| Citizens Financial Group, Inc. | | 23,949 | 894,495 |
| City Holding Co. | | 835 | 61,606 |
| Columbia Banking Systems, Inc. | | 4,124 | 152,959 |
| Comerica, Inc. | | 8,894 | 725,395 |
| Commerce Bancshares, Inc. | | 4,813 | 306,107 |
| Community Bank System, Inc. | | 2,133 | 124,546 |
| Community Trust Bancorp, Inc. | | 866 | 39,412 |
| ConnectOne Bancorp, Inc. | | 919 | 19,051 |
| Cullen/Frost Bankers, Inc. | | 2,692 | 263,601 |
| Customers Bancorp, Inc. (a) | | 1,509 | 30,919 |
| CVB Financial Corp. | | 4,448 | 97,189 |
| Eagle Bancorp, Inc. (a) | | 1,390 | 68,346 |
| East West Bancorp, Inc. | | 7,215 | 378,355 |
| Enterprise Financial Services Corp. | | 1,237 | 53,748 |
| Equity Bancshares, Inc. (a) | | 221 | 7,976 |
| FCB Financial Holdings, Inc. Class A (a) | | 2,368 | 92,660 |
| Fidelity Southern Corp. | | 1,582 | 36,734 |
| Fifth Third Bancorp | | 34,557 | 932,693 |
| Financial Institutions, Inc. | | 275 | 7,851 |
| First Bancorp, North Carolina | | 1,576 | 58,139 |
| First Bancorp, Puerto Rico (a) | | 8,592 | 79,304 |
| First Busey Corp. | | 2,319 | 64,746 |
| First Citizen Bancshares, Inc. | | 428 | 182,598 |
| First Commonwealth Financial Corp. | | 5,687 | 76,775 |
| First Financial Bancorp, Ohio | | 3,340 | 87,408 |
| First Financial Bankshares, Inc. | | 3,392 | 200,094 |
| First Foundation, Inc. (a) | | 1,566 | 25,385 |
| First Hawaiian, Inc. | | 1,825 | 45,224 |
| First Horizon National Corp. | | 16,542 | 266,988 |
| First Internet Bancorp | | 129 | 3,324 |
| First Interstate Bancsystem, Inc. | | 575 | 23,840 |
| First Merchants Corp. | | 1,818 | 75,647 |
| First Midwest Bancorp, Inc., Delaware | | 5,442 | 124,948 |
| First of Long Island Corp. | | 1,241 | 25,081 |
| First Republic Bank | | 8,084 | 735,563 |
| Flushing Financial Corp. | | 1,259 | 28,567 |
| FNB Corp., Pennsylvania | | 18,705 | 221,280 |
| Franklin Financial Network, Inc. (a) | | 808 | 27,391 |
| Fulton Financial Corp. | | 10,643 | 170,394 |
| German American Bancorp, Inc. | | 1,175 | 37,259 |
| Glacier Bancorp, Inc. | | 4,183 | 177,359 |
| Great Western Bancorp, Inc. | | 2,655 | 97,306 |
| Green Bancorp, Inc. | | 1,388 | 25,678 |
| Guaranty Bancorp | | 1,133 | 29,481 |
| Hancock Whitney Corp. | | 4,997 | 209,674 |
| Hanmi Financial Corp. | | 1,435 | 30,106 |
| Heartland Financial U.S.A., Inc. | | 1,298 | 68,976 |
| Heritage Commerce Corp. | | 1,035 | 15,018 |
| Heritage Financial Corp., Washington | | 1,167 | 38,184 |
| Hilltop Holdings, Inc. | | 4,641 | 92,356 |
| Home Bancshares, Inc. | | 7,192 | 136,936 |
| Hope Bancorp, Inc. | | 5,564 | 80,567 |
| Horizon Bancorp, Inc. Indiana | | 1,873 | 31,391 |
| Huntington Bancshares, Inc. | | 55,022 | 788,465 |
| IBERIABANK Corp. | | 2,812 | 209,466 |
| Independent Bank Corp. | | 418 | 9,250 |
| Independent Bank Corp., Massachusetts | | 1,386 | 108,732 |
| Independent Bank Group, Inc. | | 853 | 49,397 |
| International Bancshares Corp. | | 2,344 | 90,713 |
| Investors Bancorp, Inc. | | 14,125 | 157,918 |
| JPMorgan Chase & Co. | | 171,407 | 18,686,791 |
| KeyCorp | | 52,686 | 956,778 |
| Lakeland Bancorp, Inc. | | 2,157 | 35,526 |
| Lakeland Financial Corp. | | 1,830 | 78,745 |
| LegacyTexas Financial Group, Inc. | | 2,288 | 88,157 |
| Live Oak Bancshares, Inc. | | 1,051 | 19,338 |
| Luther Burbank Corp. | | 172 | 1,663 |
| M&T Bank Corp. | | 7,463 | 1,234,455 |
| MB Financial, Inc. | | 4,348 | 193,008 |
| Merchants Bancorp/IN | | 115 | 2,645 |
| Metropolitan Bank Holding Corp. (a) | | 40 | 1,474 |
| Midland States Bancorp, Inc. | | 38 | 1,025 |
| National Bank Holdings Corp. | | 1,181 | 39,871 |
| National Commerce Corp. (a) | | 219 | 8,125 |
| NBT Bancorp, Inc. | | 2,145 | 78,271 |
| OFG Bancorp | | 2,166 | 37,017 |
| Old National Bancorp, Indiana | | 7,871 | 140,497 |
| Opus Bank | | 1,257 | 23,870 |
| Pacific Premier Bancorp, Inc. (a) | | 1,671 | 48,843 |
| PacWest Bancorp | | 6,934 | 281,659 |
| Park National Corp. | | 839 | 76,685 |
| Peapack-Gladstone Financial Corp. | | 331 | 8,934 |
| Peoples United Financial, Inc. | | 16,908 | 264,779 |
| Pinnacle Financial Partners, Inc. | | 3,859 | 201,826 |
| PNC Financial Services Group, Inc. | | 23,611 | 3,033,777 |
| Popular, Inc. | | 4,921 | 255,941 |
| Preferred Bank, Los Angeles | | 624 | 32,080 |
| Prosperity Bancshares, Inc. | | 3,270 | 212,648 |
| QCR Holdings, Inc. | | 349 | 12,714 |
| Regions Financial Corp. | | 56,717 | 962,487 |
| Renasant Corp. | | 2,764 | 96,408 |
| S&T Bancorp, Inc. | | 2,173 | 87,159 |
| Sandy Spring Bancorp, Inc. | | 1,481 | 52,650 |
| Seacoast Banking Corp., Florida (a) | | 2,012 | 52,936 |
| ServisFirst Bancshares, Inc. | | 1,938 | 69,729 |
| Signature Bank | | 2,570 | 282,443 |
| Simmons First National Corp. Class A | | 4,108 | 110,012 |
| South State Corp. | | 2,048 | 138,588 |
| Southside Bancshares, Inc. | | 1,780 | 56,390 |
| State Bank Financial Corp. | | 1,853 | 47,381 |
| Sterling Bancorp | | 11,772 | 211,661 |
| Stock Yards Bancorp, Inc. | | 767 | 24,322 |
| SunTrust Banks, Inc. | | 23,779 | 1,489,992 |
| SVB Financial Group (a) | | 2,582 | 612,528 |
| Synovus Financial Corp. | | 5,578 | 209,510 |
| TCF Financial Corp. | | 7,842 | 163,741 |
| Texas Capital Bancshares, Inc. (a) | | 2,276 | 148,463 |
| Tompkins Financial Corp. | | 466 | 34,079 |
| TowneBank | | 2,776 | 78,089 |
| Trico Bancshares | | 591 | 21,288 |
| TriState Capital Holdings, Inc. (a) | | 823 | 20,756 |
| Triumph Bancorp, Inc. (a) | | 808 | 28,975 |
| Trustmark Corp. | | 4,938 | 152,090 |
| U.S. Bancorp | | 77,759 | 4,064,463 |
| UMB Financial Corp. | | 2,471 | 157,773 |
| Umpqua Holdings Corp. | | 11,104 | 213,197 |
| Union Bankshares Corp. | | 2,376 | 81,117 |
| United Bankshares, Inc., West Virginia | | 6,106 | 202,536 |
| United Community Bank, Inc. | | 4,710 | 117,138 |
| Univest Corp. of Pennsylvania | | 1,023 | 25,534 |
| Valley National Bancorp | | 15,063 | 150,329 |
| Veritex Holdings, Inc. (a) | | 1,388 | 32,701 |
| Washington Trust Bancorp, Inc. | | 1,272 | 65,317 |
| Webster Financial Corp. | | 4,307 | 253,424 |
| Wells Fargo & Co. | | 219,154 | 11,665,567 |
| WesBanco, Inc. | | 1,946 | 78,035 |
| Westamerica Bancorp. | | 1,323 | 77,012 |
| Western Alliance Bancorp. (a) | | 4,849 | 233,916 |
| Wintrust Financial Corp. | | 2,563 | 195,147 |
| Zions Bancorporation | | 10,016 | 471,253 |
| | | | 84,664,383 |
| Capital Markets - 2.7% | | | |
| Affiliated Managers Group, Inc. | | 3,034 | 344,844 |
| Ameriprise Financial, Inc. | | 7,254 | 922,999 |
| Arlington Asset Investment Corp. | | 467 | 3,927 |
| Artisan Partners Asset Management, Inc. | | 1,925 | 52,764 |
| B. Riley Financial, Inc. | | 357 | 6,872 |
| Bank of New York Mellon Corp. | | 50,811 | 2,404,885 |
| BGC Partners, Inc. Class A | | 11,129 | 117,856 |
| BlackRock, Inc. Class A | | 6,122 | 2,518,713 |
| Blucora, Inc. (a) | | 2,353 | 68,049 |
| Brighthouse Financial, Inc. (a) | | 4,591 | 181,941 |
| Cboe Global Markets, Inc. | | 5,708 | 644,148 |
| Charles Schwab Corp. | | 59,263 | 2,740,321 |
| CME Group, Inc. | | 16,811 | 3,080,448 |
| Cohen & Steers, Inc. | | 813 | 31,211 |
| Cowen Group, Inc. Class A (a) | | 1,675 | 24,790 |
| Diamond Hill Investment Group, Inc. | | 196 | 33,747 |
| E*TRADE Financial Corp. | | 13,324 | 658,472 |
| Eaton Vance Corp. (non-vtg.) | | 5,722 | 257,776 |
| Evercore, Inc. Class A | | 1,845 | 150,718 |
| FactSet Research Systems, Inc. | | 1,945 | 435,213 |
| Federated Investors, Inc. Class B (non-vtg.) | | 4,312 | 106,377 |
| Franklin Resources, Inc. | | 15,921 | 485,591 |
| Gain Capital Holdings, Inc. | | 375 | 2,865 |
| Goldman Sachs Group, Inc. | | 17,420 | 3,925,945 |
| Greenhill & Co., Inc. (b) | | 1,138 | 25,093 |
| Hamilton Lane, Inc. Class A | | 764 | 29,322 |
| Houlihan Lokey | | 1,039 | 42,786 |
| Interactive Brokers Group, Inc. | | 3,675 | 181,582 |
| IntercontinentalExchange, Inc. | | 28,881 | 2,224,992 |
| INTL FCStone, Inc. (a) | | 852 | 38,579 |
| Invesco Ltd. | | 19,718 | 428,078 |
| Investment Technology Group, Inc. | | 1,584 | 43,528 |
| Janus Henderson Group PLC | | 8,900 | 218,673 |
| Lazard Ltd. Class A | | 6,109 | 242,772 |
| Legg Mason, Inc. | | 4,530 | 127,837 |
| LPL Financial | | 4,638 | 285,701 |
| MarketAxess Holdings, Inc. | | 1,910 | 400,470 |
| Moelis & Co. Class A | | 1,499 | 60,500 |
| Moody's Corp. | | 8,289 | 1,205,884 |
| Morgan Stanley | | 69,155 | 3,157,617 |
| Morningstar, Inc. | | 1,018 | 127,046 |
| MSCI, Inc. | | 4,426 | 665,582 |
| Northern Trust Corp. | | 10,548 | 992,250 |
| Oppenheimer Holdings, Inc. Class A (non-vtg.) | | 168 | 5,168 |
| Piper Jaffray Companies | | 893 | 61,956 |
| PJT Partners, Inc. | | 685 | 31,058 |
| Raymond James Financial, Inc. | | 6,431 | 493,193 |
| S&P Global, Inc. | | 12,658 | 2,307,807 |
| SEI Investments Co. | | 6,996 | 373,936 |
| State Street Corp. | | 18,487 | 1,270,981 |
| Stifel Financial Corp. | | 3,747 | 171,313 |
| T. Rowe Price Group, Inc. | | 12,134 | 1,176,877 |
| TD Ameritrade Holding Corp. | | 13,334 | 689,634 |
| The NASDAQ OMX Group, Inc. | | 5,924 | 513,670 |
| Virtu Financial, Inc. Class A | | 1,992 | 47,250 |
| Virtus Investment Partners, Inc. | | 286 | 28,411 |
| Waddell & Reed Financial, Inc. Class A (b) | | 3,526 | 67,241 |
| Westwood Holdings Group, Inc. | | 188 | 7,962 |
| WisdomTree Investments, Inc. | | 4,766 | 37,032 |
| | | | 36,982,253 |
| Consumer Finance - 0.7% | | | |
| Ally Financial, Inc. | | 21,937 | 557,419 |
| American Express Co. | | 35,726 | 3,670,132 |
| Capital One Financial Corp. | | 24,216 | 2,162,489 |
| Credit Acceptance Corp. (a)(b) | | 634 | 269,082 |
| Discover Financial Services | | 18,102 | 1,261,166 |
| Elevate Credit, Inc. (a) | | 204 | 869 |
| Encore Capital Group, Inc. (a) | | 888 | 22,564 |
| Enova International, Inc. (a) | | 1,277 | 30,201 |
| EZCORP, Inc. (non-vtg.) Class A (a)(b) | | 2,363 | 23,488 |
| First Cash Financial Services, Inc. | | 2,297 | 184,679 |
| Green Dot Corp. Class A (a) | | 2,264 | 171,475 |
| LendingClub Corp. (a) | | 16,396 | 52,959 |
| Navient Corp. | | 14,142 | 163,764 |
| Nelnet, Inc. Class A | | 788 | 44,357 |
| OneMain Holdings, Inc. (a) | | 3,328 | 94,915 |
| PRA Group, Inc. (a) | | 1,946 | 60,015 |
| Regional Management Corp. (a) | | 123 | 3,550 |
| Santander Consumer U.S.A. Holdings, Inc. | | 5,965 | 111,844 |
| SLM Corp. (a) | | 21,154 | 214,502 |
| Synchrony Financial | | 36,948 | 1,067,058 |
| World Acceptance Corp. (a) | | 222 | 22,531 |
| | | | 10,189,059 |
| Diversified Financial Services - 1.7% | | | |
| Acushnet Holdings Corp. | | 2,806 | 68,551 |
| Berkshire Hathaway, Inc. Class B (a) | | 95,044 | 19,510,632 |
| Cannae Holdings, Inc. (a) | | 3,709 | 68,505 |
| Donnelley Financial Solutions, Inc. (a) | | 1,712 | 26,622 |
| FB Financial Corp. | | 326 | 11,892 |
| Granite Point Mortgage Trust, Inc. | | 2,115 | 39,360 |
| Jefferies Financial Group, Inc. | | 15,404 | 330,724 |
| Linde PLC | | 13,965 | 2,310,789 |
| On Deck Capital, Inc. (a) | | 1,793 | 12,372 |
| Rafael Holdings, Inc. (a) | | 178 | 1,449 |
| Victory Capital Holdings, Inc. (a) | | 222 | 1,732 |
| Voya Financial, Inc. | | 9,441 | 413,138 |
| | | | 22,795,766 |
| Insurance - 2.6% | | | |
| AFLAC, Inc. | | 38,591 | 1,662,114 |
| Alleghany Corp. | | 806 | 484,148 |
| Allstate Corp. | | 17,722 | 1,696,350 |
| AMBAC Financial Group, Inc. (a) | | 1,829 | 37,641 |
| American Equity Investment Life Holding Co. | | 4,371 | 136,463 |
| American Financial Group, Inc. | | 3,428 | 342,903 |
| American International Group, Inc. | | 44,630 | 1,842,773 |
| American National Insurance Co. | | 560 | 69,014 |
| Amerisafe, Inc. | | 1,102 | 71,729 |
| AmTrust Financial Services, Inc. | | 4,120 | 59,081 |
| Aon PLC | | 12,366 | 1,931,322 |
| Arch Capital Group Ltd. (a) | | 19,853 | 563,230 |
| Argo Group International Holdings, Ltd. | | 1,466 | 90,320 |
| Arthur J. Gallagher & Co. | | 8,939 | 661,575 |
| Aspen Insurance Holdings Ltd. | | 3,078 | 128,907 |
| Assurant, Inc. | | 2,608 | 253,524 |
| Assured Guaranty Ltd. | | 5,530 | 221,089 |
| Athene Holding Ltd. (a) | | 3,878 | 177,302 |
| Axis Capital Holdings Ltd. | | 4,463 | 248,991 |
| Brown & Brown, Inc. | | 11,250 | 317,025 |
| Chubb Ltd. | | 22,879 | 2,857,816 |
| Cincinnati Financial Corp. | | 7,499 | 589,721 |
| CNO Financial Group, Inc. | | 8,640 | 163,296 |
| eHealth, Inc. (a) | | 634 | 21,784 |
| Employers Holdings, Inc. | | 1,459 | 67,056 |
| Enstar Group Ltd. (a) | | 483 | 87,713 |
| Erie Indemnity Co. Class A | | 812 | 105,308 |
| Everest Re Group Ltd. | | 2,024 | 440,949 |
| FBL Financial Group, Inc. Class A | | 458 | 31,593 |
| First American Financial Corp. | | 5,315 | 235,614 |
| FNF Group | | 13,333 | 445,989 |
| Genworth Financial, Inc. Class A (a) | | 23,027 | 98,556 |
| Greenlight Capital Re, Ltd. (a) | | 827 | 9,585 |
| Hanover Insurance Group, Inc. | | 2,010 | 223,874 |
| Hartford Financial Services Group, Inc. | | 17,985 | 816,879 |
| HCI Group, Inc. | | 193 | 8,428 |
| Health Insurance Innovations, Inc. (a) | | 519 | 25,379 |
| Heritage Insurance Holdings, Inc. | | 480 | 6,701 |
| Horace Mann Educators Corp. | | 1,620 | 63,634 |
| James River Group Holdings Ltd. | | 1,077 | 41,465 |
| Kemper Corp. | | 2,396 | 180,155 |
| Kinsale Capital Group, Inc. | | 1,087 | 64,905 |
| Lincoln National Corp. | | 10,891 | 655,529 |
| Loews Corp. | | 13,677 | 636,801 |
| Maiden Holdings Ltd. | | 4,427 | 15,539 |
| Markel Corp. (a) | | 687 | 751,056 |
| Marsh & McLennan Companies, Inc. | | 25,247 | 2,139,683 |
| MBIA, Inc. (a)(b) | | 4,254 | 42,115 |
| Mercury General Corp. | | 1,859 | 110,257 |
| MetLife, Inc. | | 52,465 | 2,161,033 |
| National General Holdings Corp. | | 3,998 | 111,384 |
| National Western Life Group, Inc. | | 153 | 41,200 |
| Navigators Group, Inc. | | 1,024 | 70,810 |
| Old Republic International Corp. | | 12,133 | 267,533 |
| Primerica, Inc. | | 2,241 | 245,927 |
| Principal Financial Group, Inc. | | 13,113 | 617,229 |
| ProAssurance Corp. | | 2,541 | 111,601 |
| Progressive Corp. | | 28,745 | 2,003,527 |
| Prudential Financial, Inc. | | 21,116 | 1,980,258 |
| Reinsurance Group of America, Inc. | | 3,179 | 452,594 |
| RenaissanceRe Holdings Ltd. | | 1,900 | 232,104 |
| RLI Corp. | | 2,059 | 152,222 |
| Safety Insurance Group, Inc. | | 582 | 48,469 |
| Selective Insurance Group, Inc. | | 2,943 | 190,854 |
| Stewart Information Services Corp. | | 1,085 | 44,789 |
| The Travelers Companies, Inc. | | 13,549 | 1,695,386 |
| Third Point Reinsurance Ltd. (a) | | 5,535 | 61,217 |
| Torchmark Corp. | | 5,214 | 441,417 |
| Trupanion, Inc. (a)(b) | | 1,083 | 27,357 |
| United Fire Group, Inc. | | 1,126 | 60,613 |
| United Insurance Holdings Corp. | | 518 | 10,215 |
| Universal Insurance Holdings, Inc. | | 1,376 | 57,764 |
| Unum Group | | 11,174 | 405,169 |
| W.R. Berkley Corp. | | 4,783 | 363,030 |
| White Mountains Insurance Group Ltd. | | 195 | 172,901 |
| Willis Group Holdings PLC | | 6,474 | 926,818 |
| | | | 34,886,302 |
| Mortgage Real Estate Investment Trusts - 0.2% | | | |
| AG Mortgage Investment Trust, Inc. | | 745 | 12,889 |
| AGNC Investment Corp. | | 19,056 | 339,959 |
| Annaly Capital Management, Inc. | | 56,461 | 557,270 |
| Anworth Mortgage Asset Corp. | | 1,969 | 8,585 |
| Apollo Commercial Real Estate Finance, Inc. | | 4,033 | 75,457 |
| Arbor Realty Trust, Inc. (b) | | 2,347 | 28,352 |
| Ares Commercial Real Estate Corp. | | 791 | 11,446 |
| Armour Residential REIT, Inc. | | 1,738 | 37,854 |
| Blackstone Mortgage Trust, Inc. | | 4,903 | 165,427 |
| Capstead Mortgage Corp. | | 7,143 | 49,001 |
| Cherry Hill Mortgage Investment Corp. | | 157 | 2,812 |
| Chimera Investment Corp. | | 9,493 | 176,570 |
| Dynex Capital, Inc. | | 719 | 4,163 |
| Ellington Residential Mortgage REIT | | 61 | 644 |
| Exantas Capital Corp. | | 895 | 10,149 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | 1,805 | 37,454 |
| Invesco Mortgage Capital, Inc. | | 6,801 | 102,559 |
| Ladder Capital Corp. Class A | | 3,767 | 63,436 |
| MFA Financial, Inc. | | 19,997 | 138,579 |
| New Residential Investment Corp. | | 15,902 | 284,328 |
| New York Mortgage Trust, Inc. (b) | | 6,793 | 41,709 |
| Orchid Island Capital, Inc. | | 1,066 | 6,972 |
| PennyMac Mortgage Investment Trust | | 3,102 | 59,900 |
| Redwood Trust, Inc. | | 3,764 | 61,805 |
| Starwood Property Trust, Inc. | | 13,146 | 285,531 |
| TPG RE Finance Trust, Inc. | | 173 | 3,429 |
| Two Harbors Investment Corp. | | 9,640 | 141,612 |
| Western Asset Mortgage Capital Corp. | | 931 | 9,282 |
| | | | 2,717,174 |
| Real Estate Management & Development - 0.0% | | | |
| The RMR Group, Inc. | | 293 | 22,233 |
| Thrifts & Mortgage Finance - 0.2% | | | |
| Beneficial Bancorp, Inc. | | 4,488 | 70,147 |
| BofI Holding, Inc. (a) | | 2,875 | 87,285 |
| Capitol Federal Financial, Inc. | | 6,840 | 84,884 |
| Dime Community Bancshares, Inc. | | 1,007 | 16,233 |
| Essent Group Ltd. (a) | | 3,968 | 156,419 |
| Farmer Mac Class C (non-vtg.) | | 392 | 27,377 |
| First Defiance Financial Corp. | | 1,543 | 42,000 |
| Flagstar Bancorp, Inc. (a) | | 671 | 20,660 |
| HomeStreet, Inc. (a) | | 1,307 | 33,956 |
| Kearny Financial Corp. | | 4,418 | 57,169 |
| LendingTree, Inc. (a)(b) | | 400 | 80,676 |
| Meridian Bancorp, Inc. Maryland | | 2,314 | 36,654 |
| Meta Financial Group, Inc. | | 1,191 | 30,061 |
| MGIC Investment Corp. (a) | | 18,918 | 230,989 |
| New York Community Bancorp, Inc. | | 23,843 | 228,416 |
| NMI Holdings, Inc. (a) | | 2,895 | 61,200 |
| Northfield Bancorp, Inc. | | 2,234 | 29,422 |
| Northwest Bancshares, Inc. | | 5,420 | 87,479 |
| OceanFirst Financial Corp. | | 1,459 | 36,942 |
| Ocwen Financial Corp. (a) | | 3,922 | 13,727 |
| Oritani Financial Corp. | | 1,740 | 25,421 |
| PDL Community Bancorp | | 52 | 713 |
| PennyMac Financial Services, Inc. | | 707 | 14,133 |
| Provident Financial Services, Inc. | | 3,478 | 84,863 |
| Radian Group, Inc. | | 10,031 | 192,495 |
| Sterling Bancorp, Inc. | | 225 | 2,329 |
| TFS Financial Corp. | | 3,146 | 46,278 |
| Trustco Bank Corp., New York | | 5,323 | 39,869 |
| United Financial Bancorp, Inc. New | | 2,347 | 36,261 |
| Walker & Dunlop, Inc. | | 1,172 | 49,177 |
| Washington Federal, Inc. | | 4,779 | 134,577 |
| WSFS Financial Corp. | | 1,668 | 70,940 |
| | | | 2,128,752 |
|
| TOTAL FINANCIALS | | | 194,385,922 |
|
| HEALTH CARE - 14.5% | | | |
| Biotechnology - 2.8% | | | |
| AbbVie, Inc. | | 79,067 | 6,155,366 |
| Abeona Therapeutics, Inc. (a) | | 1,437 | 12,358 |
| ACADIA Pharmaceuticals, Inc. (a) | | 4,594 | 89,491 |
| Acceleron Pharma, Inc. (a) | | 2,022 | 102,657 |
| Achaogen, Inc. (a)(b) | | 573 | 2,206 |
| Achillion Pharmaceuticals, Inc. (a) | | 6,522 | 18,653 |
| Acorda Therapeutics, Inc. (a) | | 1,912 | 36,538 |
| Adamas Pharmaceuticals, Inc. (a)(b) | | 783 | 12,959 |
| Aduro Biotech, Inc. (a) | | 1,371 | 5,813 |
| Advaxis, Inc. (a) | | 215 | 121 |
| Agenus, Inc. (a) | | 1,397 | 2,221 |
| Agios Pharmaceuticals, Inc. (a) | | 2,691 | 169,694 |
| Aimmune Therapeutics, Inc. (a) | | 1,354 | 35,989 |
| Akebia Therapeutics, Inc. (a) | | 1,783 | 13,355 |
| Alder Biopharmaceuticals, Inc. (a) | | 2,274 | 28,880 |
| Alexion Pharmaceuticals, Inc. (a) | | 11,042 | 1,237,477 |
| Alkermes PLC (a) | | 7,592 | 309,981 |
| Alnylam Pharmaceuticals, Inc. (a) | | 4,019 | 323,248 |
| AMAG Pharmaceuticals, Inc. (a) | | 1,375 | 29,563 |
| Amgen, Inc. | | 36,046 | 6,949,308 |
| Amicus Therapeutics, Inc. (a) | | 8,655 | 96,763 |
| AnaptysBio, Inc. (a) | | 592 | 44,234 |
| Anavex Life Sciences Corp. (a) | | 732 | 1,764 |
| Apellis Pharmaceuticals, Inc. (a) | | 214 | 2,994 |
| Ardelyx, Inc. (a) | | 533 | 1,466 |
| Arena Pharmaceuticals, Inc. (a) | | 1,675 | 59,731 |
| Array BioPharma, Inc. (a) | | 9,374 | 151,859 |
| Arrowhead Pharmaceuticals, Inc. (a)(b) | | 4,478 | 56,960 |
| Atara Biotherapeutics, Inc. (a) | | 1,384 | 47,291 |
| Athersys, Inc. (a) | | 2,245 | 4,198 |
| Audentes Therapeutics, Inc. (a) | | 1,273 | 35,899 |
| AVEO Pharmaceuticals, Inc. (a) | | 4,272 | 10,466 |
| Bellicum Pharmaceuticals, Inc. (a) | | 523 | 2,129 |
| BioCryst Pharmaceuticals, Inc. (a) | | 4,123 | 30,180 |
| Biogen, Inc. (a) | | 10,491 | 3,192,097 |
| Biohaven Pharmaceutical Holding Co. Ltd. (a) | | 260 | 9,373 |
| BioMarin Pharmaceutical, Inc. (a) | | 8,760 | 807,409 |
| bluebird bio, Inc. (a) | | 2,500 | 286,750 |
| Blueprint Medicines Corp. (a) | | 1,903 | 115,645 |
| Calithera Biosciences, Inc. (a) | | 485 | 2,289 |
| Cara Therapeutics, Inc. (a)(b) | | 1,564 | 29,309 |
| Catalyst Pharmaceutical Partners, Inc. (a) | | 3,787 | 11,285 |
| Celgene Corp. (a) | | 39,298 | 2,813,737 |
| Celldex Therapeutics, Inc. (a) | | 762 | 240 |
| Clovis Oncology, Inc. (a) | | 2,142 | 24,911 |
| Coherus BioSciences, Inc. (a) | | 1,684 | 19,686 |
| Conatus Pharmaceuticals, Inc. (a)(b) | | 463 | 1,921 |
| Concert Pharmaceuticals, Inc. (a) | | 253 | 3,775 |
| Corbus Pharmaceuticals Holdings, Inc. (a)(b) | | 2,142 | 14,266 |
| Cue Biopharma, Inc. (a) | | 189 | 1,198 |
| Curis, Inc. (a) | | 156 | 254 |
| Cytokinetics, Inc. (a) | | 2,050 | 13,715 |
| CytomX Therapeutics, Inc. (a) | | 1,089 | 15,529 |
| Deciphera Pharmaceuticals, Inc. (a) | | 294 | 5,936 |
| Denali Therapeutics, Inc. (a)(b) | | 628 | 9,087 |
| Dynavax Technologies Corp. (a) | | 3,125 | 30,906 |
| Eagle Pharmaceuticals, Inc. (a) | | 421 | 20,730 |
| Editas Medicine, Inc. (a) | | 1,584 | 40,123 |
| Emergent BioSolutions, Inc. (a) | | 1,588 | 97,170 |
| Enanta Pharmaceuticals, Inc. (a) | | 598 | 46,142 |
| Epizyme, Inc. (a) | | 1,959 | 15,770 |
| Esperion Therapeutics, Inc. (a) | | 1,065 | 48,383 |
| Exact Sciences Corp. (a) | | 5,965 | 423,813 |
| Exelixis, Inc. (a) | | 14,299 | 198,327 |
| FibroGen, Inc. (a) | | 4,041 | 173,238 |
| Five Prime Therapeutics, Inc. (a) | | 1,805 | 21,913 |
| Flexion Therapeutics, Inc. (a) | | 1,426 | 19,308 |
| Genomic Health, Inc. (a) | | 1,143 | 81,965 |
| Geron Corp. (a) | | 5,258 | 8,045 |
| Gilead Sciences, Inc. | | 65,138 | 4,441,109 |
| Global Blood Therapeutics, Inc. (a) | | 2,032 | 71,303 |
| GlycoMimetics, Inc. (a) | | 606 | 7,623 |
| Halozyme Therapeutics, Inc. (a) | | 6,886 | 106,940 |
| Heron Therapeutics, Inc. (a) | | 2,751 | 76,368 |
| Idera Pharmaceuticals, Inc. (a) | | 416 | 2,775 |
| Immune Design Corp. (a) | | 569 | 819 |
| ImmunoGen, Inc. (a) | | 3,806 | 20,667 |
| Immunomedics, Inc. (a)(b) | | 5,031 | 113,348 |
| Incyte Corp. (a) | | 9,033 | 585,519 |
| Inovio Pharmaceuticals, Inc. (a) | | 5,941 | 29,289 |
| Insmed, Inc. (a) | | 3,383 | 49,392 |
| Insys Therapeutics, Inc. (a)(b) | | 461 | 3,932 |
| Intellia Therapeutics, Inc. (a) | | 960 | 16,301 |
| Intercept Pharmaceuticals, Inc. (a) | | 779 | 74,792 |
| Intrexon Corp. (a) | | 3,769 | 43,570 |
| Invitae Corp. (a) | | 1,592 | 22,590 |
| Ionis Pharmaceuticals, Inc. (a) | | 6,334 | 313,850 |
| Iovance Biotherapeutics, Inc. (a) | | 2,943 | 26,722 |
| Ironwood Pharmaceuticals, Inc. Class A (a) | | 6,868 | 89,971 |
| Jounce Therapeutics, Inc. (a) | | 38 | 154 |
| Kadmon Holdings, Inc. (a) | | 1,463 | 3,467 |
| Karyopharm Therapeutics, Inc. (a) | | 1,847 | 19,467 |
| Keryx Biopharmaceuticals, Inc. (a) | | 4,274 | 11,882 |
| Kura Oncology, Inc. (a) | | 801 | 8,707 |
| La Jolla Pharmaceutical Co. (a)(b) | | 750 | 12,225 |
| Lexicon Pharmaceuticals, Inc. (a) | | 1,880 | 14,720 |
| Ligand Pharmaceuticals, Inc. Class B (a) | | 994 | 163,821 |
| Loxo Oncology, Inc. (a) | | 1,072 | 163,652 |
| Macrogenics, Inc. (a) | | 1,447 | 23,818 |
| MannKind Corp. (a)(b) | | 1,674 | 3,063 |
| Merrimack Pharmaceuticals, Inc. (a) | | 2,107 | 8,196 |
| MiMedx Group, Inc. (a)(b) | | 4,775 | 27,791 |
| Minerva Neurosciences, Inc. (a) | | 1,180 | 12,945 |
| Mirati Therapeutics, Inc. (a) | | 1,405 | 52,505 |
| Momenta Pharmaceuticals, Inc. (a) | | 4,134 | 51,716 |
| Myriad Genetics, Inc. (a) | | 3,589 | 161,613 |
| Natera, Inc. (a) | | 1,297 | 28,482 |
| Neurocrine Biosciences, Inc. (a) | | 4,282 | 458,816 |
| NewLink Genetics Corp. (a) | | 428 | 809 |
| Novavax, Inc. (a)(b) | | 13,350 | 23,496 |
| Opko Health, Inc. (a)(b) | | 17,941 | 60,641 |
| Organovo Holdings, Inc. (a) | | 1,849 | 1,867 |
| PDL BioPharma, Inc. (a) | | 4,597 | 11,447 |
| Portola Pharmaceuticals, Inc. (a) | | 3,654 | 71,947 |
| Progenics Pharmaceuticals, Inc. (a) | | 2,639 | 13,221 |
| Prothena Corp. PLC (a) | | 1,401 | 17,372 |
| PTC Therapeutics, Inc. (a) | | 1,807 | 69,606 |
| Puma Biotechnology, Inc. (a) | | 1,720 | 63,726 |
| Radius Health, Inc. (a) | | 1,643 | 26,009 |
| Regeneron Pharmaceuticals, Inc. (a) | | 3,858 | 1,308,788 |
| REGENXBIO, Inc. (a) | | 1,327 | 88,471 |
| Repligen Corp. (a) | | 1,817 | 98,518 |
| Retrophin, Inc. (a) | | 1,625 | 41,698 |
| Rigel Pharmaceuticals, Inc. (a) | | 5,325 | 15,283 |
| Sage Therapeutics, Inc. (a) | | 2,152 | 276,919 |
| Sangamo Therapeutics, Inc. (a) | | 3,629 | 45,979 |
| Sarepta Therapeutics, Inc. (a)(b) | | 3,047 | 407,567 |
| Savara, Inc. (a) | | 470 | 4,230 |
| Seattle Genetics, Inc. (a) | | 5,289 | 296,872 |
| Selecta Biosciences, Inc. (a) | | 165 | 848 |
| Seres Therapeutics, Inc. (a)(b) | | 359 | 2,466 |
| Solid Biosciences, Inc. (a) | | 261 | 8,352 |
| Sorrento Therapeutics, Inc. (a) | | 2,952 | 9,417 |
| Spark Therapeutics, Inc. (a) | | 1,705 | 76,708 |
| Spectrum Pharmaceuticals, Inc. (a) | | 5,070 | 60,333 |
| Stemline Therapeutics, Inc. (a) | | 1,893 | 28,357 |
| Syndax Pharmaceuticals, Inc. (a) | | 359 | 1,727 |
| Synergy Pharmaceuticals, Inc. (a)(b) | | 9,702 | 4,043 |
| Syros Pharmaceuticals, Inc. (a) | | 369 | 2,428 |
| TESARO, Inc. (a) | | 1,910 | 55,161 |
| TG Therapeutics, Inc. (a) | | 2,704 | 12,303 |
| Tocagen, Inc. (a) | | 119 | 1,245 |
| Ultragenyx Pharmaceutical, Inc. (a) | | 2,174 | 105,330 |
| United Therapeutics Corp. (a) | | 2,155 | 238,903 |
| Vanda Pharmaceuticals, Inc. (a) | | 1,761 | 33,406 |
| Verastem, Inc. (a)(b) | | 1,670 | 8,467 |
| Vericel Corp. (a) | | 1,283 | 14,305 |
| Vertex Pharmaceuticals, Inc. (a) | | 12,590 | 2,133,501 |
| Voyager Therapeutics, Inc. (a) | | 790 | 10,720 |
| Xencor, Inc. (a) | | 2,083 | 68,156 |
| ZIOPHARM Oncology, Inc. (a)(b) | | 6,325 | 12,524 |
| | | | 37,843,143 |
| Health Care Equipment & Supplies - 3.1% | | | |
| Abbott Laboratories | | 85,935 | 5,924,359 |
| Abiomed, Inc. (a) | | 2,054 | 700,825 |
| Accuray, Inc. (a) | | 2,345 | 10,529 |
| Align Technology, Inc. (a) | | 3,596 | 795,435 |
| Angiodynamics, Inc. (a) | | 1,891 | 38,633 |
| Anika Therapeutics, Inc. (a) | | 705 | 25,211 |
| Antares Pharma, Inc. (a) | | 6,751 | 20,185 |
| Atricure, Inc. (a) | | 1,863 | 59,262 |
| Atrion Corp. | | 62 | 42,295 |
| Avanos Medical, Inc. (a) | | 2,141 | 121,181 |
| AxoGen, Inc. (a) | | 1,261 | 47,023 |
| Baxter International, Inc. | | 24,797 | 1,550,060 |
| Becton, Dickinson & Co. | | 13,064 | 3,011,252 |
| Boston Scientific Corp. (a) | | 68,045 | 2,459,146 |
| Cantel Medical Corp. | | 1,823 | 144,290 |
| Cardiovascular Systems, Inc. (a) | | 1,689 | 47,376 |
| Cerus Corp. (a) | | 4,751 | 31,832 |
| CONMED Corp. | | 1,033 | 69,655 |
| Cryolife, Inc. (a) | | 2,091 | 64,779 |
| Cutera, Inc. (a) | | 655 | 13,297 |
| Danaher Corp. | | 30,183 | 3,000,190 |
| Dentsply Sirona, Inc. | | 11,465 | 397,033 |
| DexCom, Inc. (a) | | 4,262 | 565,866 |
| Edwards Lifesciences Corp. (a) | | 10,528 | 1,553,933 |
| Endologix, Inc. (a) | | 1,619 | 1,975 |
| Genmark Diagnostics, Inc. (a) | | 2,683 | 14,300 |
| Glaukos Corp. (a) | | 1,461 | 84,650 |
| Globus Medical, Inc. (a) | | 3,556 | 187,935 |
| Haemonetics Corp. (a) | | 2,509 | 262,115 |
| Heska Corp. (a) | | 377 | 37,783 |
| Hill-Rom Holdings, Inc. | | 3,464 | 291,253 |
| Hologic, Inc. (a) | | 13,377 | 521,569 |
| ICU Medical, Inc. (a) | | 711 | 181,113 |
| IDEXX Laboratories, Inc. (a) | | 4,401 | 933,540 |
| Inogen, Inc. (a) | | 833 | 157,912 |
| Insulet Corp. (a) | | 2,992 | 263,924 |
| Integer Holdings Corp. (a) | | 1,350 | 100,535 |
| Integra LifeSciences Holdings Corp. (a) | | 3,112 | 166,710 |
| Intuitive Surgical, Inc. (a) | | 5,566 | 2,900,888 |
| Invacare Corp. | | 1,670 | 21,576 |
| iRhythm Technologies, Inc. (a) | | 1,006 | 77,724 |
| K2M Group Holdings, Inc. (a) | | 2,080 | 56,950 |
| Lantheus Holdings, Inc. (a) | | 1,133 | 15,828 |
| LeMaitre Vascular, Inc. | | 605 | 16,154 |
| LivaNova PLC (a) | | 2,118 | 237,195 |
| Masimo Corp. (a) | | 2,490 | 287,844 |
| Medtronic PLC | | 66,717 | 5,992,521 |
| Meridian Bioscience, Inc. | | 2,438 | 39,520 |
| Merit Medical Systems, Inc. (a) | | 2,374 | 135,603 |
| Natus Medical, Inc. (a) | | 1,811 | 54,113 |
| Neogen Corp. (a) | | 2,614 | 158,722 |
| Nevro Corp. (a) | | 1,411 | 68,800 |
| NuVasive, Inc. (a) | | 2,476 | 139,077 |
| NxStage Medical, Inc. (a) | | 3,757 | 106,624 |
| OraSure Technologies, Inc. (a) | | 2,350 | 32,665 |
| Orthofix International NV (a) | | 815 | 49,568 |
| Penumbra, Inc. (a) | | 1,480 | 201,280 |
| Pulse Biosciences, Inc. (a) | | 89 | 1,140 |
| Quidel Corp. (a) | | 1,341 | 86,307 |
| ResMed, Inc. | | 6,981 | 739,428 |
| Rockwell Medical Technologies, Inc. (a) | | 915 | 3,733 |
| Sientra, Inc. (a) | | 513 | 10,563 |
| Staar Surgical Co. (a) | | 1,221 | 48,974 |
| Steris PLC | | 4,265 | 466,207 |
| Stryker Corp. | | 15,912 | 2,581,245 |
| Tactile Systems Technology, Inc. (a) | | 763 | 49,961 |
| Teleflex, Inc. | | 2,222 | 534,924 |
| The Cooper Companies, Inc. | | 2,442 | 630,793 |
| Varex Imaging Corp. (a) | | 1,518 | 39,407 |
| Varian Medical Systems, Inc. (a) | | 4,533 | 541,104 |
| ViewRay, Inc. (a)(b) | | 1,397 | 12,084 |
| West Pharmaceutical Services, Inc. | | 3,680 | 389,786 |
| Wright Medical Group NV (a) | | 5,467 | 147,500 |
| Zimmer Biomet Holdings, Inc. | | 10,041 | 1,140,557 |
| | | | 41,915,326 |
| Health Care Providers & Services - 3.1% | | | |
| Acadia Healthcare Co., Inc. (a)(b) | | 3,886 | 161,269 |
| Aceto Corp. | | 537 | 1,101 |
| Aetna, Inc. | | 16,017 | 3,177,773 |
| Amedisys, Inc. (a) | | 1,460 | 160,600 |
| American Renal Associates Holdings, Inc. (a) | | 527 | 10,166 |
| AmerisourceBergen Corp. | | 8,125 | 715,000 |
| AMN Healthcare Services, Inc. (a) | | 2,209 | 111,820 |
| Anthem, Inc. | | 12,700 | 3,499,739 |
| BioScrip, Inc. (a) | | 3,114 | 8,346 |
| BioTelemetry, Inc. (a) | | 1,725 | 100,223 |
| Brookdale Senior Living, Inc. (a) | | 10,235 | 91,399 |
| Capital Senior Living Corp. (a) | | 1,321 | 11,889 |
| Cardinal Health, Inc. | | 15,618 | 790,271 |
| Centene Corp. (a) | | 8,576 | 1,117,624 |
| Chemed Corp. | | 866 | 263,550 |
| Cigna Corp. | | 12,266 | 2,622,593 |
| Community Health Systems, Inc. (a) | | 5,579 | 17,630 |
| Corvel Corp. (a) | | 539 | 31,240 |
| Cross Country Healthcare, Inc. (a) | | 834 | 7,364 |
| CVS Health Corp. | | 50,216 | 3,635,136 |
| DaVita HealthCare Partners, Inc. (a) | | 7,362 | 495,757 |
| Diplomat Pharmacy, Inc. (a) | | 2,555 | 50,691 |
| Express Scripts Holding Co. (a) | | 28,014 | 2,716,518 |
| G1 Therapeutics, Inc. (a) | | 354 | 14,164 |
| HCA Holdings, Inc. | | 14,026 | 1,872,892 |
| HealthEquity, Inc. (a) | | 2,416 | 221,789 |
| HealthSouth Corp. | | 4,786 | 322,098 |
| Henry Schein, Inc. (a) | | 7,813 | 648,479 |
| Humana, Inc. | | 7,071 | 2,265,619 |
| Laboratory Corp. of America Holdings (a) | | 4,972 | 798,255 |
| LHC Group, Inc. (a) | | 711 | 65,007 |
| LifePoint Hospitals, Inc. (a) | | 1,892 | 122,715 |
| Magellan Health Services, Inc. (a) | | 1,133 | 73,713 |
| McKesson Corp. | | 10,426 | 1,300,748 |
| MEDNAX, Inc. (a) | | 4,590 | 189,521 |
| Molina Healthcare, Inc. (a) | | 2,190 | 277,626 |
| National Healthcare Corp. | | 853 | 67,839 |
| National Vision Holdings, Inc. | | 992 | 41,099 |
| OptiNose, Inc. | | 135 | 1,428 |
| Owens & Minor, Inc. | | 2,381 | 18,810 |
| Patterson Companies, Inc. | | 4,045 | 91,336 |
| Premier, Inc. (a) | | 2,714 | 122,130 |
| Providence Service Corp. (a) | | 606 | 40,051 |
| Quest Diagnostics, Inc. | | 6,704 | 630,913 |
| RadNet, Inc. (a) | | 1,502 | 22,230 |
| Select Medical Holdings Corp. (a) | | 6,461 | 107,123 |
| Surgery Partners, Inc. (a) | | 774 | 10,519 |
| Tenet Healthcare Corp. (a) | | 4,022 | 103,486 |
| The Ensign Group, Inc. | | 2,405 | 89,081 |
| Tivity Health, Inc. (a) | | 1,344 | 46,247 |
| Triple-S Management Corp. (a) | | 1,203 | 20,643 |
| U.S. Physical Therapy, Inc. | | 770 | 82,790 |
| UnitedHealth Group, Inc. | | 47,851 | 12,505,859 |
| Universal Health Services, Inc. Class B | | 4,332 | 526,598 |
| Wellcare Health Plans, Inc. (a) | | 2,244 | 619,322 |
| | | | 43,117,829 |
| Health Care Technology - 0.2% | | | |
| Allscripts Healthcare Solutions, Inc. (a) | | 8,153 | 97,102 |
| athenahealth, Inc. (a) | | 2,001 | 255,208 |
| Castlight Health, Inc. Class B (a) | | 1,362 | 3,364 |
| Cerner Corp. (a) | | 15,501 | 887,897 |
| Computer Programs & Systems, Inc. | | 260 | 6,500 |
| Evolent Health, Inc. (a) | | 2,781 | 61,738 |
| HealthStream, Inc. | | 1,360 | 35,782 |
| HMS Holdings Corp. (a) | | 3,895 | 112,254 |
| Inovalon Holdings, Inc. Class A (a) | | 2,549 | 23,986 |
| Medidata Solutions, Inc. (a) | | 3,004 | 211,181 |
| Nextgen Healthcare, Inc. (a) | | 2,502 | 36,955 |
| Omnicell, Inc. (a) | | 1,957 | 138,360 |
| Tabula Rasa HealthCare, Inc. (a) | | 657 | 48,539 |
| Teladoc Health, Inc. (a) | | 2,601 | 180,353 |
| Veeva Systems, Inc. Class A (a) | | 5,666 | 517,589 |
| Vocera Communications, Inc. (a) | | 1,695 | 58,833 |
| | | | 2,675,641 |
| Life Sciences Tools & Services - 0.9% | | | |
| Accelerate Diagnostics, Inc. (a)(b) | | 1,525 | 22,784 |
| Agilent Technologies, Inc. | | 16,046 | 1,039,620 |
| Bio-Rad Laboratories, Inc. Class A (a) | | 1,040 | 283,764 |
| Bio-Techne Corp. | | 1,810 | 303,573 |
| Bruker Corp. | | 5,326 | 166,864 |
| Cambrex Corp. (a) | | 1,684 | 89,740 |
| Charles River Laboratories International, Inc. (a) | | 2,516 | 306,499 |
| Codexis, Inc. (a) | | 1,655 | 25,768 |
| Enzo Biochem, Inc. (a) | | 2,836 | 9,416 |
| Fluidigm Corp. (a) | | 530 | 3,816 |
| Illumina, Inc. (a) | | 7,230 | 2,249,615 |
| Luminex Corp. | | 2,325 | 66,890 |
| Medpace Holdings, Inc. (a) | | 450 | 23,445 |
| Mettler-Toledo International, Inc. (a) | | 1,281 | 700,476 |
| Nanostring Technologies, Inc. (a) | | 833 | 12,837 |
| NeoGenomics, Inc. (a) | | 3,294 | 60,741 |
| Pacific Biosciences of California, Inc. (a) | | 3,685 | 16,398 |
| PerkinElmer, Inc. | | 5,373 | 464,657 |
| PRA Health Sciences, Inc. (a) | | 2,551 | 247,115 |
| Quintiles Transnational Holdings, Inc. (a) | | 7,206 | 885,834 |
| Syneos Health, Inc. (a) | | 2,760 | 125,939 |
| Thermo Fisher Scientific, Inc. | | 19,724 | 4,608,513 |
| Waters Corp. (a) | | 3,902 | 740,170 |
| | | | 12,454,474 |
| Pharmaceuticals - 4.4% | | | |
| Aclaris Therapeutics, Inc. (a) | | 1,020 | 12,128 |
| Adamis Pharmaceuticals Corp.(a) | | 533 | 1,364 |
| Aerie Pharmaceuticals, Inc. (a) | | 1,776 | 94,448 |
| Akcea Therapeutics, Inc. (a)(b) | | 598 | 13,347 |
| Akorn, Inc. (a) | | 5,487 | 36,598 |
| Allergan PLC | | 16,507 | 2,608,271 |
| Amneal Pharmaceuticals, Inc. (a)(b) | | 3,767 | 69,501 |
| Amphastar Pharmaceuticals, Inc. (a) | | 1,786 | 32,059 |
| ANI Pharmaceuticals, Inc. (a) | | 488 | 23,683 |
| Aratana Therapeutics, Inc. (a) | | 645 | 3,831 |
| Assembly Biosciences, Inc. (a) | | 925 | 21,164 |
| Assertio Therapeutics, Inc. (a) | | 2,649 | 12,861 |
| Biodelivery Sciences International, Inc. (a) | | 1,060 | 3,933 |
| Bristol-Myers Squibb Co. | | 81,196 | 4,103,646 |
| Catalent, Inc. (a) | | 6,538 | 263,743 |
| Clementia Pharmaceuticals, Inc. (a) | | 149 | 1,937 |
| Collegium Pharmaceutical, Inc. (a) | | 924 | 14,830 |
| Corcept Therapeutics, Inc. (a) | | 5,249 | 61,676 |
| Corium International, Inc. (a)(b) | | 1,540 | 19,481 |
| CymaBay Therapeutics, Inc. (a) | | 2,340 | 24,687 |
| Dermira, Inc. (a) | | 1,435 | 18,009 |
| Eli Lilly & Co. | | 47,995 | 5,204,578 |
| Endo International PLC (a) | | 10,378 | 175,803 |
| Horizon Pharma PLC (a) | | 8,047 | 146,536 |
| Innoviva, Inc. (a) | | 4,874 | 68,041 |
| Intersect ENT, Inc. (a) | | 1,072 | 30,080 |
| Intra-Cellular Therapies, Inc. (a) | | 2,593 | 44,029 |
| Jazz Pharmaceuticals PLC (a) | | 2,983 | 473,760 |
| Johnson & Johnson | | 132,894 | 18,603,831 |
| Kala Pharmaceuticals, Inc. (a) | | 101 | 732 |
| Lannett Co., Inc. (a) | | 535 | 1,958 |
| Mallinckrodt PLC (a) | | 4,845 | 121,416 |
| Melinta Therapeutics, Inc. (a) | | 346 | 910 |
| Merck & Co., Inc. | | 135,371 | 9,964,659 |
| Mylan NV (a) | | 26,240 | 820,000 |
| MyoKardia, Inc. (a) | | 858 | 45,423 |
| Nektar Therapeutics (a) | | 7,781 | 300,969 |
| Neos Therapeutics, Inc. (a) | | 338 | 1,058 |
| Ocular Therapeutix, Inc. (a) | | 540 | 2,678 |
| Omeros Corp. (a) | | 1,889 | 28,845 |
| Otonomy, Inc. (a) | | 390 | 909 |
| Pacira Pharmaceuticals, Inc. (a) | | 1,951 | 95,384 |
| Paratek Pharmaceuticals, Inc. (a)(b) | | 1,033 | 7,696 |
| Perrigo Co. PLC | | 6,853 | 481,766 |
| Pfizer, Inc. | | 294,853 | 12,696,370 |
| Phibro Animal Health Corp. Class A | | 845 | 36,267 |
| Prestige Brands Holdings, Inc. (a) | | 2,571 | 92,967 |
| Reata Pharmaceuticals, Inc. (a) | | 631 | 37,185 |
| Revance Therapeutics, Inc. (a) | | 1,520 | 33,090 |
| Rhythm Pharmaceuticals, Inc. | | 139 | 3,893 |
| Supernus Pharmaceuticals, Inc. (a) | | 2,402 | 114,239 |
| Teligent, Inc. (a) | | 801 | 2,571 |
| Tetraphase Pharmaceuticals, Inc. (a) | | 972 | 1,993 |
| The Medicines Company (a) | | 3,381 | 78,642 |
| TherapeuticsMD, Inc. (a)(b) | | 7,494 | 36,646 |
| Theravance Biopharma, Inc. (a) | | 2,229 | 54,098 |
| WAVE Life Sciences (a) | | 548 | 25,586 |
| Zoetis, Inc. Class A | | 24,355 | 2,195,603 |
| Zogenix, Inc. (a) | | 1,772 | 73,999 |
| Zynerba Pharmaceuticals, Inc. (a) | | 184 | 968 |
| | | | 59,546,375 |
|
| TOTAL HEALTH CARE | | | 197,552,788 |
|
| INDUSTRIALS - 10.0% | | | |
| Aerospace & Defense - 2.5% | | | |
| AAR Corp. | | 1,631 | 77,603 |
| Aerojet Rocketdyne Holdings, Inc. (a) | | 3,502 | 123,691 |
| AeroVironment, Inc. (a) | | 990 | 89,070 |
| Arconic, Inc. | | 21,591 | 438,945 |
| Astronics Corp. (a) | | 905 | 26,390 |
| Axon Enterprise, Inc. (a) | | 2,584 | 159,484 |
| BWX Technologies, Inc. | | 4,943 | 288,968 |
| Cubic Corp. | | 1,290 | 84,637 |
| Curtiss-Wright Corp. | | 2,258 | 247,161 |
| Ducommun, Inc. (a) | | 348 | 12,932 |
| Engility Holdings, Inc. (a) | | 730 | 22,652 |
| Esterline Technologies Corp. (a) | | 1,287 | 151,042 |
| General Dynamics Corp. | | 13,727 | 2,369,006 |
| Harris Corp. | | 5,951 | 884,973 |
| HEICO Corp. | | 1,925 | 161,373 |
| HEICO Corp. Class A | | 3,649 | 243,242 |
| Hexcel Corp. | | 4,423 | 258,834 |
| Huntington Ingalls Industries, Inc. | | 2,264 | 494,639 |
| KEYW Holding Corp. (a) | | 1,796 | 14,063 |
| Kratos Defense & Security Solutions, Inc. (a) | | 4,091 | 51,260 |
| L3 Technologies, Inc. | | 3,831 | 725,860 |
| Lockheed Martin Corp. | | 12,337 | 3,625,227 |
| Mercury Systems, Inc. (a) | | 2,206 | 103,373 |
| Moog, Inc. Class A | | 1,633 | 116,841 |
| National Presto Industries, Inc. | | 192 | 23,937 |
| Northrop Grumman Corp. | | 8,626 | 2,259,581 |
| Raytheon Co. | | 14,311 | 2,504,997 |
| Rockwell Collins, Inc. | | 8,050 | 1,030,561 |
| Sparton Corp. (a) | | 156 | 1,931 |
| Spirit AeroSystems Holdings, Inc. Class A | | 5,773 | 484,990 |
| Teledyne Technologies, Inc. (a) | | 1,828 | 404,500 |
| Textron, Inc. | | 13,224 | 709,203 |
| The Boeing Co. | | 27,691 | 9,826,428 |
| TransDigm Group, Inc. (a) | | 2,402 | 793,261 |
| Triumph Group, Inc. | | 2,802 | 51,137 |
| United Technologies Corp. | | 36,676 | 4,555,526 |
| Vectrus, Inc. (a) | | 387 | 10,372 |
| Wesco Aircraft Holdings, Inc. (a) | | 2,460 | 25,043 |
| | | | 33,452,733 |
| Air Freight & Logistics - 0.6% | | | |
| Air Transport Services Group, Inc. (a) | | 2,690 | 52,724 |
| Atlas Air Worldwide Holdings, Inc. (a) | | 1,068 | 55,130 |
| C.H. Robinson Worldwide, Inc. | | 6,961 | 619,738 |
| Echo Global Logistics, Inc. (a) | | 1,038 | 26,687 |
| Expeditors International of Washington, Inc. | | 8,799 | 591,117 |
| FedEx Corp. | | 12,257 | 2,700,707 |
| Forward Air Corp. | | 1,525 | 91,485 |
| Hub Group, Inc. Class A (a) | | 1,473 | 67,493 |
| United Parcel Service, Inc. Class B | | 33,986 | 3,620,868 |
| XPO Logistics, Inc. (a) | | 4,806 | 429,560 |
| | | | 8,255,509 |
| Airlines - 0.4% | | | |
| Alaska Air Group, Inc. | | 6,010 | 369,134 |
| Allegiant Travel Co. | | 551 | 62,891 |
| American Airlines Group, Inc. | | 21,493 | 753,974 |
| Delta Air Lines, Inc. | | 32,606 | 1,784,526 |
| Hawaiian Holdings, Inc. | | 2,299 | 79,568 |
| JetBlue Airways Corp. (a) | | 16,279 | 272,348 |
| SkyWest, Inc. | | 2,645 | 151,532 |
| Southwest Airlines Co. | | 27,031 | 1,327,222 |
| Spirit Airlines, Inc. (a) | | 3,500 | 181,650 |
| United Continental Holdings, Inc. (a) | | 12,360 | 1,056,904 |
| | | | 6,039,749 |
| Building Products - 0.4% | | | |
| A.O. Smith Corp. | | 7,908 | 360,051 |
| AAON, Inc. | | 1,991 | 68,670 |
| Advanced Drain Systems, Inc. Del | | 1,591 | 44,214 |
| Allegion PLC | | 4,982 | 427,107 |
| American Woodmark Corp. (a) | | 620 | 37,473 |
| Apogee Enterprises, Inc. | | 1,485 | 53,609 |
| Armstrong World Industries, Inc. (a) | | 2,581 | 159,377 |
| Builders FirstSource, Inc. (a) | | 5,285 | 65,428 |
| Continental Building Products, Inc. (a) | | 1,492 | 41,493 |
| COVIA Corp. (a) | | 1,336 | 7,722 |
| CSW Industrials, Inc. (a) | | 826 | 38,021 |
| Fortune Brands Home & Security, Inc. | | 7,900 | 354,157 |
| GCP Applied Technologies, Inc. (a) | | 4,119 | 106,970 |
| Gibraltar Industries, Inc. (a) | | 1,325 | 47,223 |
| GMS, Inc. (a) | | 1,355 | 22,276 |
| Griffon Corp. | | 1,464 | 17,744 |
| Insteel Industries, Inc. | | 800 | 20,896 |
| Jeld-Wen Holding, Inc. (a) | | 2,854 | 46,406 |
| Johnson Controls International PLC | | 46,452 | 1,485,070 |
| Lennox International, Inc. | | 1,887 | 397,949 |
| Masco Corp. | | 16,075 | 482,250 |
| Masonite International Corp. (a) | | 1,219 | 67,520 |
| NCI Building Systems, Inc. (a) | | 2,000 | 24,500 |
| Owens Corning | | 5,763 | 272,417 |
| Patrick Industries, Inc. (a) | | 1,161 | 50,515 |
| PGT, Inc. (a) | | 2,775 | 56,222 |
| Quanex Building Products Corp. | | 1,570 | 23,267 |
| Resideo Technologies, Inc. (a) | | 6,091 | 128,216 |
| Simpson Manufacturing Co. Ltd. | | 2,137 | 121,980 |
| Trex Co., Inc. (a) | | 2,955 | 181,142 |
| Universal Forest Products, Inc. | | 3,573 | 101,009 |
| USG Corp. (a) | | 3,987 | 168,331 |
| | | | 5,479,225 |
| Commercial Services & Supplies - 0.5% | | | |
| ABM Industries, Inc. | | 3,144 | 96,678 |
| ACCO Brands Corp. | | 6,638 | 53,569 |
| ADS Waste Holdings, Inc. (a) | | 1,679 | 45,484 |
| Brady Corp. Class A | | 2,165 | 87,228 |
| Casella Waste Systems, Inc. Class A (a) | | 2,110 | 68,702 |
| CECO Environmental Corp. (a) | | 573 | 4,263 |
| Cintas Corp. | | 4,251 | 773,129 |
| Clean Harbors, Inc. (a) | | 2,439 | 165,950 |
| Copart, Inc. (a) | | 9,984 | 488,317 |
| Covanta Holding Corp. | | 8,036 | 118,049 |
| Deluxe Corp. | | 2,682 | 126,617 |
| Ennis, Inc. | | 1,028 | 19,902 |
| Essendant, Inc. | | 1,479 | 18,842 |
| Evoqua Water Technologies Corp. (a) | | 1,140 | 10,944 |
| Healthcare Services Group, Inc. | | 3,426 | 139,061 |
| Heritage-Crystal Clean, Inc. (a) | | 288 | 6,621 |
| Herman Miller, Inc. | | 2,905 | 95,720 |
| HNI Corp. | | 2,433 | 92,186 |
| Hudson Technologies, Inc. (a) | | 632 | 524 |
| Interface, Inc. | | 2,548 | 41,507 |
| KAR Auction Services, Inc. | | 6,955 | 396,018 |
| Kimball International, Inc. Class B | | 2,781 | 45,775 |
| Knoll, Inc. | | 2,521 | 50,042 |
| LSC Communications, Inc. | | 1,322 | 12,466 |
| Matthews International Corp. Class A | | 1,418 | 59,017 |
| McGrath RentCorp. | | 927 | 49,493 |
| Mobile Mini, Inc. | | 2,389 | 98,236 |
| Msa Safety, Inc. | | 1,740 | 181,726 |
| Multi-Color Corp. | | 595 | 31,630 |
| PICO Holdings, Inc. | | 406 | 4,637 |
| Pitney Bowes, Inc. | | 7,790 | 51,570 |
| Quad/Graphics, Inc. | | 1,422 | 21,941 |
| R.R. Donnelley & Sons Co. | | 3,029 | 17,780 |
| Republic Services, Inc. | | 11,195 | 813,653 |
| Rollins, Inc. | | 5,045 | 298,664 |
| SP Plus Corp. (a) | | 878 | 28,061 |
| Steelcase, Inc. Class A | | 4,382 | 72,741 |
| Stericycle, Inc. (a) | | 4,319 | 215,820 |
| Team, Inc. (a) | | 1,100 | 21,890 |
| Tetra Tech, Inc. | | 2,650 | 175,006 |
| The Brink's Co. | | 2,364 | 156,780 |
| U.S. Ecology, Inc. | | 1,123 | 78,531 |
| UniFirst Corp. | | 752 | 112,274 |
| Viad Corp. | | 761 | 36,444 |
| VSE Corp. | | 232 | 7,276 |
| Waste Management, Inc. | | 19,676 | 1,760,412 |
| | | | 7,251,176 |
| Construction & Engineering - 0.2% | | | |
| AECOM (a) | | 7,831 | 228,195 |
| Aegion Corp. (a) | | 1,684 | 32,602 |
| Argan, Inc. | | 571 | 25,135 |
| Comfort Systems U.S.A., Inc. | | 1,929 | 103,163 |
| Dycom Industries, Inc. (a) | | 1,472 | 99,919 |
| EMCOR Group, Inc. | | 2,749 | 195,124 |
| Fluor Corp. | | 6,826 | 299,388 |
| Goldfield Corp. | | 2,276 | 8,421 |
| Granite Construction, Inc. | | 1,801 | 82,342 |
| Great Lakes Dredge & Dock Corp. (a) | | 1,475 | 8,570 |
| Jacobs Engineering Group, Inc. | | 5,888 | 442,130 |
| KBR, Inc. | | 7,563 | 149,596 |
| Keane Group, Inc. (a) | | 1,899 | 23,870 |
| MasTec, Inc. (a) | | 3,182 | 138,449 |
| MYR Group, Inc. (a) | | 797 | 26,612 |
| NV5 Holdings, Inc. (a) | | 362 | 28,261 |
| Primoris Services Corp. | | 1,822 | 38,572 |
| Quanta Services, Inc. (a) | | 8,221 | 256,495 |
| Sterling Construction Co., Inc. (a) | | 930 | 10,565 |
| Tutor Perini Corp. (a) | | 1,862 | 28,861 |
| Valmont Industries, Inc. | | 1,184 | 147,183 |
| | | | 2,373,453 |
| Electrical Equipment - 0.6% | | | |
| Acuity Brands, Inc. | | 2,105 | 264,472 |
| AMETEK, Inc. | | 11,525 | 773,097 |
| AZZ, Inc. | | 1,284 | 56,945 |
| Babcock & Wilcox Enterprises, Inc. (a) | | 124 | 121 |
| Eaton Corp. PLC | | 21,908 | 1,570,146 |
| Emerson Electric Co. | | 31,899 | 2,165,304 |
| Encore Wire Corp. | | 817 | 36,111 |
| Energous Corp. (a) | | 389 | 3,128 |
| EnerSys | | 2,358 | 187,626 |
| Fortive Corp. | | 15,132 | 1,123,551 |
| FuelCell Energy, Inc. (a) | | 1,242 | 1,050 |
| Generac Holdings, Inc. (a) | | 2,954 | 149,856 |
| Hubbell, Inc. Class B | | 2,768 | 281,506 |
| Plug Power, Inc. (a)(b) | | 12,226 | 22,618 |
| Powell Industries, Inc. | | 194 | 5,657 |
| Regal Beloit Corp. | | 2,107 | 151,072 |
| Rockwell Automation, Inc. | | 6,314 | 1,040,105 |
| Sensata Technologies, Inc. PLC (a) | | 8,839 | 414,549 |
| Sunrun, Inc. (a) | | 3,704 | 45,411 |
| Thermon Group Holdings, Inc. (a) | | 1,222 | 26,371 |
| TPI Composites, Inc. (a) | | 578 | 14,600 |
| Vivint Solar, Inc. (a) | | 480 | 2,491 |
| | | | 8,335,787 |
| Industrial Conglomerates - 1.3% | | | |
| 3M Co. | | 29,528 | 5,617,997 |
| Carlisle Companies, Inc. | | 2,999 | 289,673 |
| General Electric Co. | | 429,777 | 4,340,748 |
| Honeywell International, Inc. | | 37,595 | 5,444,508 |
| ITT, Inc. | | 4,634 | 234,017 |
| Raven Industries, Inc. | | 1,604 | 69,742 |
| Roper Technologies, Inc. | | 5,097 | 1,441,941 |
| | | | 17,438,626 |
| Machinery - 1.7% | | | |
| Actuant Corp. Class A | | 2,686 | 64,061 |
| AGCO Corp. | | 3,463 | 194,067 |
| Alamo Group, Inc. | | 467 | 40,031 |
| Albany International Corp. Class A | | 1,557 | 108,959 |
| Allison Transmission Holdings, Inc. | | 6,606 | 291,192 |
| Altra Industrial Motion Corp. | | 1,660 | 53,568 |
| American Railcar Industries, Inc. | | 439 | 30,690 |
| Apergy Corp. (a) | | 3,918 | 152,763 |
| Astec Industries, Inc. | | 694 | 26,101 |
| Barnes Group, Inc. | | 2,337 | 132,274 |
| Briggs & Stratton Corp. | | 1,737 | 25,239 |
| Cactus, Inc. (a) | | 1,016 | 33,995 |
| Caterpillar, Inc. | | 29,514 | 3,580,638 |
| Chart Industries, Inc. (a) | | 1,517 | 103,232 |
| CIRCOR International, Inc. | | 858 | 27,894 |
| Colfax Corp. (a) | | 5,329 | 149,372 |
| Columbus McKinnon Corp. (NY Shares) | | 864 | 31,735 |
| Commercial Vehicle Group, Inc. (a) | | 519 | 3,472 |
| Crane Co. | | 2,895 | 251,981 |
| Cummins, Inc. | | 7,642 | 1,044,585 |
| Deere & Co. | | 15,880 | 2,150,787 |
| Donaldson Co., Inc. | | 6,569 | 336,858 |
| Douglas Dynamics, Inc. | | 1,420 | 61,614 |
| Dover Corp. | | 7,552 | 625,608 |
| Energy Recovery, Inc. (a)(b) | | 1,243 | 9,323 |
| EnPro Industries, Inc. | | 866 | 53,865 |
| ESCO Technologies, Inc. | | 1,029 | 62,995 |
| ExOne Co. (a) | | 172 | 1,135 |
| Federal Signal Corp. | | 3,588 | 78,900 |
| Flowserve Corp. | | 6,745 | 309,596 |
| Franklin Electric Co., Inc. | | 1,711 | 72,581 |
| FreightCar America, Inc. (a) | | 223 | 3,189 |
| Gardner Denver Holdings, Inc. (a) | | 3,748 | 101,421 |
| Global Brass & Copper Holdings, Inc. | | 947 | 29,944 |
| Gorman-Rupp Co. | | 1,277 | 44,057 |
| Graco, Inc. | | 8,175 | 332,150 |
| Greenbrier Companies, Inc. | | 1,256 | 59,597 |
| Harsco Corp. (a) | | 4,073 | 111,885 |
| Hillenbrand, Inc. | | 3,429 | 164,249 |
| Hyster-Yale Materials Handling Class A | | 489 | 29,560 |
| IDEX Corp. | | 3,844 | 487,496 |
| Illinois Tool Works, Inc. | | 15,286 | 1,950,035 |
| Ingersoll-Rand PLC | | 12,352 | 1,185,051 |
| John Bean Technologies Corp. | | 1,598 | 166,144 |
| Kadant, Inc. | | 803 | 79,256 |
| Kennametal, Inc. | | 3,989 | 141,410 |
| Lincoln Electric Holdings, Inc. | | 3,475 | 281,162 |
| Lindsay Corp. | | 448 | 42,838 |
| Lydall, Inc. (a) | | 974 | 29,093 |
| Manitowoc Co., Inc. (a) | | 1,489 | 27,219 |
| Meritor, Inc. (a) | | 4,684 | 79,581 |
| Middleby Corp. (a)(b) | | 2,759 | 309,836 |
| Milacron Holdings Corp. (a) | | 3,614 | 50,596 |
| Mueller Industries, Inc. | | 2,491 | 60,656 |
| Mueller Water Products, Inc. Class A | | 7,999 | 82,070 |
| Navistar International Corp. New (a) | | 3,430 | 114,871 |
| NN, Inc. | | 1,341 | 15,556 |
| Nordson Corp. | | 2,672 | 327,774 |
| Oshkosh Corp. | | 4,128 | 231,746 |
| PACCAR, Inc. | | 17,320 | 990,877 |
| Parker Hannifin Corp. | | 6,525 | 989,386 |
| Pentair PLC | | 8,488 | 340,793 |
| ProPetro Holding Corp. (a) | | 3,334 | 58,845 |
| Proto Labs, Inc. (a) | | 1,303 | 155,643 |
| RBC Bearings, Inc. (a) | | 1,316 | 194,347 |
| Rexnord Corp. (a) | | 5,352 | 143,487 |
| Snap-On, Inc. | | 2,806 | 431,956 |
| Spartan Motors, Inc. | | 1,648 | 11,091 |
| SPX Corp. (a) | | 1,577 | 46,238 |
| SPX Flow, Inc. (a) | | 2,347 | 80,338 |
| Standex International Corp. | | 713 | 57,839 |
| Stanley Black & Decker, Inc. | | 7,541 | 878,677 |
| Sun Hydraulics Corp. | | 1,149 | 53,314 |
| Tennant Co. | | 720 | 44,006 |
| Terex Corp. | | 3,957 | 132,124 |
| Timken Co. | | 3,354 | 132,651 |
| Titan International, Inc. | | 2,028 | 14,318 |
| Toro Co. | | 5,143 | 289,705 |
| TriMas Corp. (a) | | 2,153 | 63,406 |
| Trinity Industries, Inc. | | 7,552 | 215,610 |
| Wabash National Corp. | | 2,660 | 40,166 |
| WABCO Holdings, Inc. (a) | | 2,450 | 263,253 |
| Wabtec Corp. | | 4,248 | 348,421 |
| Watts Water Technologies, Inc. Class A | | 1,112 | 77,896 |
| Woodward, Inc. | | 2,505 | 184,468 |
| Xylem, Inc. | | 8,753 | 574,022 |
| | | | 23,460,430 |
| Marine - 0.0% | | | |
| Eagle Bulk Shipping, Inc. (a) | | 473 | 2,360 |
| Kirby Corp. (a) | | 2,733 | 196,612 |
| Matson, Inc. | | 2,590 | 90,857 |
| | | | 289,829 |
| Professional Services - 0.5% | | | |
| Acacia Research Corp. (a) | | 4,057 | 13,307 |
| Asgn, Inc. (a) | | 2,338 | 156,833 |
| Barrett Business Services, Inc. | | 286 | 17,995 |
| CBIZ, Inc. (a) | | 2,487 | 55,162 |
| CoStar Group, Inc. (a) | | 1,786 | 645,496 |
| CRA International, Inc. | | 168 | 7,081 |
| Dun & Bradstreet Corp. | | 1,786 | 254,112 |
| Equifax, Inc. | | 6,009 | 609,553 |
| Exponent, Inc. | | 2,489 | 125,595 |
| Forrester Research, Inc. | | 245 | 9,869 |
| FTI Consulting, Inc. (a) | | 1,971 | 136,216 |
| Heidrick & Struggles International, Inc. | | 862 | 29,748 |
| Huron Consulting Group, Inc. (a) | | 905 | 49,313 |
| ICF International, Inc. | | 1,301 | 95,806 |
| IHS Markit Ltd. (a) | | 17,784 | 934,194 |
| InnerWorkings, Inc. (a) | | 1,754 | 12,611 |
| Insperity, Inc. | | 1,960 | 215,306 |
| Kelly Services, Inc. Class A (non-vtg.) | | 1,266 | 29,738 |
| Kforce, Inc. | | 1,361 | 41,946 |
| Korn/Ferry International | | 2,692 | 121,517 |
| Manpower, Inc. | | 3,413 | 260,378 |
| MISTRAS Group, Inc. (a) | | 434 | 8,637 |
| Navigant Consulting, Inc. | | 1,776 | 38,362 |
| Nielsen Holdings PLC | | 16,438 | 427,059 |
| Resources Connection, Inc. | | 1,400 | 22,848 |
| Robert Half International, Inc. | | 6,158 | 372,744 |
| TransUnion Holding Co., Inc. | | 7,225 | 475,044 |
| TriNet Group, Inc. (a) | | 2,381 | 111,883 |
| TrueBlue, Inc. (a) | | 2,188 | 51,046 |
| Verisk Analytics, Inc. (a) | | 7,672 | 919,412 |
| WageWorks, Inc. (a) | | 2,124 | 84,556 |
| Willdan Group, Inc. (a) | | 143 | 4,319 |
| | | | 6,337,686 |
| Road & Rail - 1.0% | | | |
| AMERCO | | 325 | 106,106 |
| ArcBest Corp. | | 1,423 | 52,822 |
| Avis Budget Group, Inc. (a) | | 3,483 | 97,942 |
| Covenant Transport Group, Inc. Class A (a) | | 308 | 7,709 |
| CSX Corp. | | 44,107 | 3,037,208 |
| Daseke, Inc. (a) | | 866 | 5,265 |
| Genesee & Wyoming, Inc. Class A (a) | | 3,307 | 262,014 |
| Heartland Express, Inc. | | 2,117 | 41,218 |
| J.B. Hunt Transport Services, Inc. | | 4,128 | 456,598 |
| Kansas City Southern | | 5,173 | 527,439 |
| Knight-Swift Transportation Holdings, Inc. Class A | | 6,433 | 205,856 |
| Landstar System, Inc. | | 2,300 | 230,207 |
| Marten Transport Ltd. | | 1,617 | 31,143 |
| Norfolk Southern Corp. | | 14,149 | 2,374,627 |
| Old Dominion Freight Lines, Inc. | | 3,375 | 440,168 |
| Ryder System, Inc. | | 2,477 | 137,003 |
| Saia, Inc. (a) | | 1,293 | 81,278 |
| Schneider National, Inc. Class B | | 1,308 | 28,606 |
| Union Pacific Corp. | | 38,788 | 5,671,581 |
| Werner Enterprises, Inc. | | 2,216 | 71,333 |
| YRC Worldwide, Inc. (a) | | 1,152 | 9,516 |
| | | | 13,875,639 |
| Trading Companies & Distributors - 0.3% | | | |
| Air Lease Corp. Class A | | 4,629 | 176,365 |
| Aircastle Ltd. | | 2,181 | 42,377 |
| Applied Industrial Technologies, Inc. | | 1,926 | 126,596 |
| Beacon Roofing Supply, Inc. (a) | | 3,185 | 88,893 |
| BMC Stock Holdings, Inc. (a) | | 2,606 | 43,624 |
| CAI International, Inc. (a) | | 385 | 9,590 |
| DXP Enterprises, Inc. (a) | | 862 | 27,394 |
| Fastenal Co. | | 14,139 | 726,886 |
| GATX Corp. | | 1,961 | 146,938 |
| H&E Equipment Services, Inc. | | 1,668 | 40,182 |
| HD Supply Holdings, Inc. (a) | | 8,875 | 333,434 |
| Herc Holdings, Inc. (a) | | 1,150 | 36,869 |
| Kaman Corp. | | 1,217 | 77,304 |
| MRC Global, Inc. (a) | | 4,155 | 65,774 |
| MSC Industrial Direct Co., Inc. Class A | | 2,056 | 166,659 |
| Nexeo Solutions, Inc. (a) | | 2,235 | 23,356 |
| Now, Inc. (a) | | 6,009 | 77,156 |
| Rush Enterprises, Inc. Class A | | 1,461 | 51,705 |
| SiteOne Landscape Supply, Inc. (a) | | 1,854 | 126,146 |
| Systemax, Inc. | | 519 | 16,769 |
| Textainer Group Holdings Ltd. (a) | | 946 | 11,097 |
| Titan Machinery, Inc. (a) | | 850 | 12,113 |
| Triton International Ltd. | | 2,228 | 71,675 |
| United Rentals, Inc. (a) | | 4,204 | 504,774 |
| Univar, Inc. (a) | | 6,056 | 149,099 |
| Veritiv Corp. (a) | | 418 | 13,936 |
| W.W. Grainger, Inc. | | 2,554 | 725,259 |
| Watsco, Inc. | | 1,639 | 242,867 |
| WESCO International, Inc. (a) | | 2,397 | 120,281 |
| | | | 4,255,118 |
| Transportation Infrastructure - 0.0% | | | |
| Macquarie Infrastructure Co. LLC | | 3,635 | 134,313 |
|
| TOTAL INDUSTRIALS | | | 136,979,273 |
|
| INFORMATION TECHNOLOGY - 20.7% | | | |
| Communications Equipment - 1.2% | | | |
| ADTRAN, Inc. | | 1,932 | 25,966 |
| Aerohive Networks, Inc. (a) | | 473 | 1,812 |
| Applied Optoelectronics, Inc. (a)(b) | | 715 | 14,035 |
| Arista Networks, Inc. (a) | | 2,314 | 533,030 |
| Arris International PLC (a) | | 8,515 | 211,768 |
| CalAmp Corp. (a) | | 1,879 | 37,467 |
| Calix Networks, Inc. (a) | | 1,584 | 11,563 |
| Carvana Co. Class A (a)(b) | | 691 | 26,776 |
| Ciena Corp. (a) | | 6,758 | 211,255 |
| Cisco Systems, Inc. | | 244,253 | 11,174,575 |
| CommScope Holding Co., Inc. (a) | | 9,717 | 233,791 |
| Comtech Telecommunications Corp. | | 1,432 | 39,981 |
| EchoStar Holding Corp. Class A (a) | | 2,228 | 90,345 |
| EMCORE Corp. (a) | | 405 | 1,997 |
| Extreme Networks, Inc. (a) | | 5,215 | 28,943 |
| F5 Networks, Inc. (a) | | 3,215 | 563,525 |
| Finisar Corp. (a) | | 6,143 | 102,527 |
| Harmonic, Inc. (a) | | 4,388 | 24,178 |
| Infinera Corp. (a) | | 5,720 | 31,689 |
| InterDigital, Inc. | | 1,759 | 124,801 |
| Juniper Networks, Inc. | | 18,207 | 532,919 |
| Lumentum Holdings, Inc. (a) | | 3,228 | 176,410 |
| Motorola Solutions, Inc. | | 8,009 | 981,583 |
| NETGEAR, Inc. (a) | | 1,516 | 84,108 |
| NetScout Systems, Inc. (a) | | 4,673 | 118,040 |
| Oclaro, Inc. (a) | | 6,850 | 56,307 |
| Palo Alto Networks, Inc. (a) | | 4,495 | 822,765 |
| Plantronics, Inc. | | 2,099 | 123,778 |
| Quantenna Communications, Inc. (a) | | 485 | 8,711 |
| Sonus Networks, Inc. (a) | | 1,144 | 7,779 |
| Ubiquiti Networks, Inc. (b) | | 1,093 | 101,747 |
| ViaSat, Inc. (a)(b) | | 2,867 | 182,800 |
| Viavi Solutions, Inc. (a) | | 11,110 | 128,098 |
| | | | 16,815,069 |
| Electronic Equipment & Components - 0.9% | | | |
| Amphenol Corp. Class A | | 15,050 | 1,346,975 |
| Anixter International, Inc. (a) | | 1,521 | 99,914 |
| Arrow Electronics, Inc. (a) | | 4,535 | 307,065 |
| Avnet, Inc. | | 6,079 | 243,586 |
| AVX Corp. | | 1,739 | 29,007 |
| Badger Meter, Inc. | | 1,688 | 82,898 |
| Belden, Inc. | | 1,993 | 107,722 |
| Benchmark Electronics, Inc. | | 2,247 | 49,052 |
| Cardtronics PLC (a) | | 2,324 | 63,120 |
| Casa Systems, Inc. (a) | | 4,070 | 58,608 |
| CDW Corp. | | 7,673 | 690,647 |
| Cognex Corp. | | 8,425 | 360,927 |
| Coherent, Inc. (a) | | 1,205 | 148,384 |
| Control4 Corp. (a) | | 739 | 20,633 |
| Corning, Inc. | | 43,097 | 1,376,949 |
| CTS Corp. | | 1,754 | 46,814 |
| Daktronics, Inc. | | 943 | 6,893 |
| Dell Technologies, Inc. (a) | | 9,967 | 900,917 |
| Dolby Laboratories, Inc. Class A | | 2,968 | 204,228 |
| Electro Scientific Industries, Inc. (a) | | 1,882 | 54,578 |
| ePlus, Inc. (a) | | 835 | 70,875 |
| Fabrinet | | 2,141 | 92,748 |
| FARO Technologies, Inc. (a) | | 647 | 32,699 |
| Fitbit, Inc. (a)(b) | | 7,314 | 34,595 |
| FLIR Systems, Inc. | | 6,863 | 317,826 |
| II-VI, Inc. (a) | | 2,597 | 96,686 |
| Insight Enterprises, Inc. (a) | | 1,741 | 89,992 |
| IPG Photonics Corp. (a) | | 1,856 | 247,869 |
| Iteris, Inc. (a) | | 486 | 2,100 |
| Itron, Inc. (a) | | 1,784 | 93,018 |
| Jabil, Inc. | | 9,420 | 232,957 |
| KEMET Corp. | | 2,794 | 60,853 |
| Keysight Technologies, Inc. (a) | | 9,132 | 521,255 |
| Knowles Corp. (a) | | 4,270 | 69,089 |
| Littelfuse, Inc. | | 1,184 | 214,493 |
| Maxwell Technologies, Inc. (a)(b) | | 567 | 1,667 |
| Mesa Laboratories, Inc. | | 168 | 30,692 |
| Methode Electronics, Inc. Class A | | 1,579 | 46,738 |
| MicroVision, Inc. (a)(b) | | 1,309 | 1,414 |
| MTS Systems Corp. | | 827 | 39,158 |
| National Instruments Corp. | | 5,298 | 259,443 |
| Novanta, Inc. (a) | | 1,715 | 99,830 |
| OSI Systems, Inc. (a) | | 1,145 | 79,188 |
| Park Electrochemical Corp. | | 630 | 11,126 |
| PC Mall, Inc. (a) | | 176 | 3,321 |
| Plexus Corp. (a) | | 1,732 | 101,149 |
| Rogers Corp. (a) | | 881 | 108,416 |
| Sanmina Corp. (a) | | 3,088 | 78,126 |
| ScanSource, Inc. (a) | | 1,619 | 62,947 |
| SYNNEX Corp. | | 1,667 | 129,376 |
| TE Connectivity Ltd. | | 17,472 | 1,317,738 |
| Tech Data Corp. (a) | | 1,690 | 119,415 |
| Trimble, Inc. (a) | | 12,410 | 463,886 |
| TTM Technologies, Inc. (a) | | 4,374 | 51,176 |
| Vishay Intertechnology, Inc. | | 6,262 | 114,595 |
| Zebra Technologies Corp. Class A (a) | | 2,638 | 438,699 |
| | | | 11,934,072 |
| Internet Software & Services - 0.0% | | | |
| ANGI Homeservices, Inc. Class A (a)(b) | | 2,166 | 41,457 |
| BlackLine, Inc. (a) | | 1,396 | 64,746 |
| Cision Ltd. (a) | | 1,751 | 25,897 |
| GTT Communications, Inc. (a)(b) | | 1,591 | 57,117 |
| Yatra Online, Inc. (a) | | 302 | 1,341 |
| | | | 190,558 |
| IT Services - 4.6% | | | |
| Accenture PLC Class A | | 30,410 | 4,793,224 |
| Akamai Technologies, Inc. (a) | | 8,400 | 606,900 |
| Alliance Data Systems Corp. | | 2,375 | 489,678 |
| Amdocs Ltd. | | 7,013 | 443,713 |
| Automatic Data Processing, Inc. | | 21,746 | 3,133,164 |
| Booz Allen Hamilton Holding Corp. Class A | | 7,429 | 368,033 |
| Broadridge Financial Solutions, Inc. | | 5,738 | 671,002 |
| CACI International, Inc. Class A (a) | | 1,279 | 228,250 |
| Carbonite, Inc. (a) | | 844 | 28,873 |
| Cass Information Systems, Inc. | | 457 | 30,208 |
| Cognizant Technology Solutions Corp. Class A | | 29,249 | 2,019,058 |
| Conduent, Inc. (a) | | 9,637 | 184,067 |
| CoreLogic, Inc. (a) | | 3,985 | 161,871 |
| CSG Systems International, Inc. | | 1,413 | 49,596 |
| DXC Technology Co. | | 14,199 | 1,034,113 |
| Endurance International Group Holdings, Inc. (a) | | 3,677 | 36,292 |
| EPAM Systems, Inc. (a) | | 2,552 | 304,887 |
| Euronet Worldwide, Inc. (a) | | 2,603 | 289,402 |
| Everi Holdings, Inc. (a) | | 3,275 | 23,580 |
| EVERTEC, Inc. | | 3,273 | 85,360 |
| ExlService Holdings, Inc. (a) | | 1,814 | 116,277 |
| Fidelity National Information Services, Inc. | | 16,539 | 1,721,710 |
| First Data Corp. Class A (a) | | 21,629 | 405,327 |
| Fiserv, Inc. (a) | | 20,553 | 1,629,853 |
| FleetCor Technologies, Inc. (a) | | 4,390 | 878,132 |
| Gartner, Inc. (a) | | 4,530 | 668,266 |
| Genpact Ltd. | | 7,052 | 193,295 |
| Global Payments, Inc. | | 7,895 | 901,846 |
| GoDaddy, Inc. (a) | | 5,230 | 382,679 |
| Hackett Group, Inc. | | 1,315 | 26,918 |
| IBM Corp. | | 42,608 | 4,918,241 |
| Internap Network Services Corp. (a) | | 284 | 2,434 |
| Jack Henry & Associates, Inc. | | 3,817 | 571,901 |
| Leidos Holdings, Inc. | | 7,059 | 457,282 |
| Limelight Networks, Inc. (a) | | 3,741 | 15,076 |
| Liveramp Holdings, Inc. (a) | | 3,743 | 170,980 |
| ManTech International Corp. Class A | | 1,204 | 68,965 |
| MasterCard, Inc. Class A | | 45,908 | 9,074,634 |
| Maximus, Inc. | | 3,245 | 210,828 |
| MoneyGram International, Inc. (a) | | 554 | 2,349 |
| MongoDB, Inc. Class A (b) | | 355 | 28,933 |
| NIC, Inc. | | 3,150 | 41,927 |
| Okta, Inc. (a) | | 1,890 | 110,300 |
| Paychex, Inc. | | 15,789 | 1,034,022 |
| PayPal Holdings, Inc. (a) | | 55,990 | 4,713,798 |
| Perficient, Inc. (a) | | 1,699 | 42,509 |
| Perspecta, Inc. | | 6,935 | 169,838 |
| Presidio, Inc. | | 1,261 | 16,897 |
| Sabre Corp. | | 10,392 | 256,163 |
| Science Applications International Corp. | | 2,368 | 164,600 |
| Square, Inc. (a) | | 13,245 | 972,845 |
| Switch, Inc. Class A | | 1,377 | 12,214 |
| Sykes Enterprises, Inc. (a) | | 2,364 | 72,504 |
| Teradata Corp. (a) | | 5,682 | 206,825 |
| The Western Union Co. | | 23,707 | 427,674 |
| Total System Services, Inc. | | 8,441 | 769,397 |
| Travelport Worldwide Ltd. | | 5,982 | 89,491 |
| Ttec Holdings, Inc. | | 408 | 10,167 |
| Twilio, Inc. Class A (a) | | 3,427 | 257,779 |
| Unisys Corp. (a) | | 1,995 | 36,728 |
| VeriSign, Inc. (a) | | 4,380 | 624,325 |
| Virtusa Corp. (a) | | 1,188 | 58,913 |
| Visa, Inc. Class A | | 89,554 | 12,345,019 |
| WEX, Inc. (a) | | 2,001 | 352,096 |
| Worldpay, Inc. (a) | | 14,835 | 1,362,446 |
| | | | 61,575,674 |
| Semiconductors & Semiconductor Equipment - 3.5% | | | |
| Acacia Communications, Inc. (a) | | 760 | 26,197 |
| Advanced Energy Industries, Inc. (a) | | 2,203 | 94,795 |
| Advanced Micro Devices, Inc. (a) | | 40,249 | 732,934 |
| Alpha & Omega Semiconductor Ltd. (a) | | 370 | 3,430 |
| Amkor Technology, Inc. (a) | | 7,118 | 50,894 |
| Analog Devices, Inc. | | 18,357 | 1,536,664 |
| Applied Materials, Inc. | | 53,100 | 1,745,928 |
| Axcelis Technologies, Inc. (a) | | 1,539 | 26,563 |
| AXT, Inc. (a) | | 1,632 | 10,755 |
| Broadcom, Inc. | | 20,129 | 4,498,630 |
| Brooks Automation, Inc. | | 3,645 | 113,104 |
| Cabot Microelectronics Corp. | | 1,392 | 135,887 |
| Ceva, Inc. (a) | | 1,086 | 26,759 |
| Cirrus Logic, Inc. (a) | | 3,322 | 124,376 |
| Cohu, Inc. | | 1,886 | 39,229 |
| Cree, Inc. (a) | | 4,865 | 188,859 |
| CyberOptics Corp. (a) | | 118 | 2,495 |
| Cypress Semiconductor Corp. | | 17,040 | 220,498 |
| Diodes, Inc. (a) | | 2,586 | 78,071 |
| Entegris, Inc. | | 7,319 | 194,246 |
| First Solar, Inc. (a) | | 4,156 | 173,721 |
| FormFactor, Inc. (a) | | 4,109 | 50,294 |
| Ichor Holdings Ltd. (a)(b) | | 887 | 15,744 |
| Impinj, Inc. (a) | | 660 | 12,936 |
| Inphi Corp. (a) | | 1,958 | 62,656 |
| Integrated Device Technology, Inc. (a) | | 6,570 | 307,542 |
| Intel Corp. | | 231,575 | 10,856,236 |
| KLA-Tencor Corp. | | 7,720 | 706,689 |
| Kopin Corp. (a) | | 1,061 | 2,366 |
| Kulicke & Soffa Industries, Inc. | | 3,132 | 63,674 |
| Lam Research Corp. | | 8,093 | 1,147,021 |
| Lattice Semiconductor Corp. (a) | | 6,873 | 41,307 |
| MACOM Technology Solutions Holdings, Inc. (a) | | 1,472 | 20,711 |
| Marvell Technology Group Ltd. | | 20,490 | 336,241 |
| Maxim Integrated Products, Inc. | | 13,900 | 695,278 |
| MaxLinear, Inc. Class A (a) | | 2,548 | 49,457 |
| Microchip Technology, Inc. (b) | | 11,781 | 774,954 |
| Micron Technology, Inc. (a) | | 57,245 | 2,159,281 |
| MKS Instruments, Inc. | | 2,620 | 193,068 |
| Monolithic Power Systems, Inc. | | 1,778 | 210,017 |
| Nanometrics, Inc. (a) | | 1,028 | 32,958 |
| NeoPhotonics Corp. (a) | | 1,538 | 12,304 |
| NVE Corp. | | 189 | 16,008 |
| NVIDIA Corp. | | 30,019 | 6,328,906 |
| ON Semiconductor Corp. (a) | | 21,760 | 369,920 |
| PDF Solutions, Inc. (a) | | 1,227 | 9,816 |
| Photronics, Inc. (a) | | 3,002 | 29,239 |
| Pixelworks, Inc. (a) | | 518 | 2,165 |
| Power Integrations, Inc. | | 1,254 | 70,625 |
| Qorvo, Inc. (a) | | 6,372 | 468,406 |
| Qualcomm, Inc. | | 72,895 | 4,584,367 |
| Rambus, Inc. (a) | | 4,921 | 42,862 |
| Rudolph Technologies, Inc. (a) | | 1,360 | 28,274 |
| Semtech Corp. (a) | | 3,352 | 150,639 |
| Silicon Laboratories, Inc. (a) | | 1,991 | 162,326 |
| Skyworks Solutions, Inc. | | 9,043 | 784,571 |
| SMART Global Holdings, Inc. (a) | | 111 | 3,109 |
| SolarEdge Technologies, Inc. (a)(b) | | 1,807 | 69,985 |
| SunPower Corp. (a)(b) | | 2,177 | 13,084 |
| Synaptics, Inc. (a) | | 1,530 | 57,436 |
| Teradyne, Inc. | | 9,474 | 326,379 |
| Texas Instruments, Inc. | | 48,740 | 4,524,534 |
| Ultra Clean Holdings, Inc. (a) | | 1,426 | 15,002 |
| Universal Display Corp. (b) | | 2,103 | 258,690 |
| Veeco Instruments, Inc. (a) | | 1,807 | 17,185 |
| Versum Materials, Inc. | | 5,336 | 168,404 |
| Xilinx, Inc. | | 12,496 | 1,066,784 |
| Xperi Corp. | | 1,993 | 25,909 |
| | | | 47,369,394 |
| Software - 6.0% | | | |
| 2U, Inc. (a) | | 2,716 | 170,864 |
| 8x8, Inc. (a) | | 4,915 | 84,489 |
| A10 Networks, Inc. (a) | | 2,273 | 13,206 |
| ACI Worldwide, Inc. (a) | | 5,954 | 149,386 |
| Adobe, Inc. (a) | | 24,413 | 5,999,739 |
| Alarm.com Holdings, Inc. (a) | | 1,121 | 49,862 |
| Altair Engineering, Inc. Class A (a) | | 960 | 36,614 |
| Alteryx, Inc. Class A (a)(b) | | 1,323 | 70,106 |
| ANSYS, Inc. (a) | | 4,267 | 638,130 |
| AppFolio, Inc. (a) | | 376 | 21,470 |
| Appian Corp. Class A (a) | | 543 | 13,961 |
| Apptio, Inc. Class A (a) | | 138 | 3,574 |
| Aspen Technology, Inc. (a) | | 3,681 | 312,480 |
| Asure Software, Inc. (a) | | 198 | 2,206 |
| Autodesk, Inc. (a) | | 10,949 | 1,415,158 |
| Avaya Holdings Corp. (a) | | 5,663 | 92,986 |
| Benefitfocus, Inc. (a) | | 1,311 | 46,580 |
| Black Knight, Inc. (a) | | 5,713 | 278,623 |
| Blackbaud, Inc. | | 2,460 | 176,431 |
| Bottomline Technologies, Inc. (a) | | 2,091 | 139,344 |
| Box, Inc. Class A (a) | | 6,260 | 112,680 |
| CA Technologies, Inc. | | 15,283 | 677,954 |
| Cadence Design Systems, Inc. (a) | | 13,815 | 615,735 |
| CDK Global, Inc. | | 6,548 | 374,808 |
| Citrix Systems, Inc. | | 7,083 | 725,795 |
| Cloudera, Inc. (a) | | 3,617 | 49,770 |
| CommVault Systems, Inc. (a) | | 2,915 | 169,711 |
| Cornerstone OnDemand, Inc. (a) | | 2,635 | 129,774 |
| Coupa Software, Inc. (a) | | 1,372 | 88,947 |
| Digimarc Corp. (a) | | 462 | 11,610 |
| Ebix, Inc. | | 1,075 | 61,608 |
| Ellie Mae, Inc. (a)(b) | | 1,851 | 122,684 |
| Envestnet, Inc. (a) | | 2,522 | 131,194 |
| Everbridge, Inc. (a) | | 709 | 36,038 |
| Fair Isaac Corp. (a) | | 1,600 | 308,336 |
| FireEye, Inc. (a) | | 8,435 | 155,963 |
| Five9, Inc. (a) | | 2,431 | 95,684 |
| Forescout Technologies, Inc. (a) | | 799 | 22,004 |
| Fortinet, Inc. (a) | | 7,462 | 613,227 |
| Guidewire Software, Inc. (a) | | 4,049 | 360,240 |
| Hortonworks, Inc. (a) | | 2,020 | 36,077 |
| HubSpot, Inc. (a) | | 1,743 | 236,438 |
| Imperva, Inc. (a) | | 1,481 | 81,973 |
| Instructure, Inc. (a) | | 724 | 27,034 |
| Intuit, Inc. | | 12,019 | 2,536,009 |
| j2 Global, Inc. | | 2,200 | 160,248 |
| LivePerson, Inc. (a) | | 3,089 | 69,811 |
| LogMeIn, Inc. | | 2,574 | 221,673 |
| Manhattan Associates, Inc. (a) | | 3,302 | 157,637 |
| Microsoft Corp. | | 381,449 | 40,742,568 |
| MicroStrategy, Inc. Class A (a) | | 353 | 44,467 |
| MINDBODY, Inc. (a) | | 1,220 | 38,845 |
| Mitek Systems, Inc. (a) | | 2,054 | 18,835 |
| MobileIron, Inc. (a) | | 2,165 | 10,468 |
| Model N, Inc. (a) | | 1,047 | 16,082 |
| Monotype Imaging Holdings, Inc. | | 2,037 | 35,709 |
| New Relic, Inc. (a) | | 2,073 | 185,015 |
| Nuance Communications, Inc. (a) | | 13,359 | 232,313 |
| Nutanix, Inc. Class A (a) | | 2,753 | 114,277 |
| Onespan, Inc. (a) | | 1,320 | 19,371 |
| Oracle Corp. | | 150,522 | 7,351,494 |
| Parametric Technology Corp. (a) | | 5,661 | 466,523 |
| Paycom Software, Inc. (a)(b) | | 2,346 | 293,719 |
| Paylocity Holding Corp. (a) | | 1,541 | 101,382 |
| Pegasystems, Inc. | | 1,761 | 94,249 |
| Progress Software Corp. | | 2,665 | 85,653 |
| Proofpoint, Inc. (a) | | 2,157 | 196,179 |
| PROS Holdings, Inc. (a) | | 1,606 | 52,870 |
| Q2 Holdings, Inc. (a) | | 1,439 | 76,598 |
| QAD, Inc. Class A | | 381 | 16,166 |
| Qualys, Inc. (a) | | 1,554 | 110,707 |
| Rapid7, Inc. (a) | | 1,174 | 42,546 |
| RealPage, Inc. (a) | | 3,123 | 165,519 |
| Red Hat, Inc. (a) | | 8,779 | 1,506,828 |
| Red Violet, Inc. (a) | | 510 | 3,004 |
| RingCentral, Inc. (a) | | 3,398 | 264,127 |
| SailPoint Technologies Holding, Inc. (a) | | 953 | 24,816 |
| Salesforce.com, Inc. (a) | | 33,972 | 4,662,317 |
| SendGrid, Inc. (a) | | 468 | 16,998 |
| ServiceNow, Inc. (a) | | 8,646 | 1,565,272 |
| Splunk, Inc. (a) | | 6,897 | 688,596 |
| SPS Commerce, Inc. (a) | | 997 | 92,811 |
| SS&C Technologies Holdings, Inc. | | 8,482 | 433,939 |
| Symantec Corp. | | 30,396 | 551,687 |
| Synopsys, Inc. (a) | | 7,620 | 682,219 |
| Tableau Software, Inc. (a) | | 3,031 | 323,347 |
| The Rubicon Project, Inc. (a) | | 790 | 2,694 |
| The Trade Desk, Inc. (a) | | 917 | 113,295 |
| TiVo Corp. | | 5,357 | 58,927 |
| Tyler Technologies, Inc. (a) | | 1,795 | 379,930 |
| Ultimate Software Group, Inc. (a) | | 1,444 | 385,014 |
| Upland Software, Inc. (a) | | 259 | 8,169 |
| Varonis Systems, Inc. (a) | | 814 | 49,711 |
| Verint Systems, Inc. (a) | | 3,089 | 141,075 |
| VirnetX Holding Corp. (a) | | 2,245 | 7,409 |
| VMware, Inc. Class A (a) | | 3,341 | 472,384 |
| Workday, Inc. Class A (a) | | 6,649 | 884,450 |
| Workiva, Inc. (a) | | 1,235 | 42,101 |
| Zendesk, Inc. (a) | | 5,129 | 281,941 |
| | | | 82,260,487 |
| Technology Hardware, Storage & Peripherals - 4.5% | | | |
| 3D Systems Corp. (a)(b) | | 5,327 | 64,350 |
| Apple, Inc. | | 254,044 | 55,600,034 |
| Avid Technology, Inc. (a) | | 595 | 3,154 |
| Cray, Inc. (a) | | 1,823 | 41,364 |
| Diebold Nixdorf, Inc. (b) | | 3,393 | 13,233 |
| Eastman Kodak Co. (a)(b) | | 704 | 1,718 |
| Electronics for Imaging, Inc. (a) | | 1,963 | 59,773 |
| Hewlett Packard Enterprise Co. | | 78,476 | 1,196,759 |
| HP, Inc. | | 83,207 | 2,008,617 |
| Immersion Corp. (a) | | 640 | 6,406 |
| NCR Corp. (a) | | 6,297 | 169,074 |
| NetApp, Inc. | | 13,559 | 1,064,246 |
| Pure Storage, Inc. Class A (a) | | 5,242 | 105,784 |
| Quantum Corp. (a) | | 557 | 1,281 |
| Seagate Technology LLC | | 14,221 | 572,111 |
| U.S.A. Technologies, Inc. (a) | | 2,071 | 12,012 |
| Western Digital Corp. | | 14,553 | 626,798 |
| Xerox Corp. | | 11,069 | 308,493 |
| | | | 61,855,207 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 282,000,461 |
|
| MATERIALS - 2.6% | | | |
| Chemicals - 1.6% | | | |
| A. Schulman, Inc. rights (a)(c) | | 493 | 942 |
| Advanced Emissions Solutions, Inc. | | 349 | 3,455 |
| AdvanSix, Inc. (a) | | 1,506 | 41,776 |
| Air Products & Chemicals, Inc. | | 10,788 | 1,665,128 |
| Albemarle Corp. U.S. | | 5,495 | 545,214 |
| American Vanguard Corp. | | 1,302 | 20,962 |
| Ashland Global Holdings, Inc. | | 2,965 | 219,351 |
| Axalta Coating Systems Ltd. (a) | | 11,548 | 285,005 |
| Balchem Corp. | | 1,625 | 152,181 |
| Cabot Corp. | | 3,225 | 156,993 |
| Celanese Corp. Class A | | 6,723 | 651,728 |
| CF Industries Holdings, Inc. | | 11,764 | 565,025 |
| Chase Corp. | | 272 | 29,332 |
| DowDuPont, Inc. | | 115,841 | 6,246,147 |
| Eastman Chemical Co. | | 7,121 | 557,930 |
| Ecolab, Inc. | | 12,733 | 1,950,059 |
| Ferro Corp. (a) | | 3,606 | 61,086 |
| Flotek Industries, Inc. (a) | | 973 | 1,761 |
| FMC Corp. | | 6,690 | 522,355 |
| H.B. Fuller Co. | | 2,711 | 120,531 |
| Hawkins, Inc. | | 233 | 7,843 |
| Huntsman Corp. | | 10,170 | 222,520 |
| Ingevity Corp. (a) | | 2,054 | 187,078 |
| Innophos Holdings, Inc. | | 960 | 28,128 |
| Innospec, Inc. | | 1,039 | 69,530 |
| International Flavors & Fragrances, Inc. | | 3,889 | 562,583 |
| Intrepid Potash, Inc. (a) | | 3,828 | 15,121 |
| KMG Chemicals, Inc. | | 493 | 36,985 |
| Koppers Holdings, Inc. (a) | | 991 | 26,509 |
| Kraton Performance Polymers, Inc. (a) | | 1,357 | 37,372 |
| Kronos Worldwide, Inc. | | 925 | 12,978 |
| LSB Industries, Inc. (a) | | 366 | 2,782 |
| LyondellBasell Industries NV Class A | | 16,094 | 1,436,711 |
| Minerals Technologies, Inc. | | 2,412 | 132,057 |
| NewMarket Corp. | | 486 | 187,577 |
| Olin Corp. | | 7,702 | 155,580 |
| OMNOVA Solutions, Inc. (a) | | 1,203 | 8,890 |
| Platform Specialty Products Corp. (a) | | 10,414 | 112,679 |
| PolyOne Corp. | | 3,965 | 128,109 |
| PPG Industries, Inc. | | 12,693 | 1,333,907 |
| PQ Group Holdings, Inc. (a) | | 1,526 | 24,492 |
| Quaker Chemical Corp. | | 670 | 120,533 |
| Rayonier Advanced Materials, Inc. | | 2,231 | 27,620 |
| RPM International, Inc. | | 6,578 | 402,376 |
| Sensient Technologies Corp. | | 2,147 | 139,254 |
| Sherwin-Williams Co. | | 4,080 | 1,605,358 |
| Stepan Co. | | 1,144 | 94,483 |
| The Chemours Co. LLC | | 9,113 | 300,820 |
| The Mosaic Co. | | 17,363 | 537,211 |
| The Scotts Miracle-Gro Co. Class A | | 2,334 | 155,771 |
| Trinseo SA | | 2,002 | 107,868 |
| Tronox Ltd. Class A | | 3,850 | 44,083 |
| Valvoline, Inc. | | 10,349 | 206,152 |
| Venator Materials PLC (a) | | 2,162 | 14,615 |
| W.R. Grace & Co. | | 3,105 | 201,173 |
| Westlake Chemical Corp. | | 1,694 | 120,782 |
| | | | 22,604,491 |
| Construction Materials - 0.1% | | | |
| Eagle Materials, Inc. | | 2,788 | 205,866 |
| Forterra, Inc. (a) | | 359 | 1,619 |
| Foundation Building Materials, Inc. (a) | | 198 | 1,887 |
| Martin Marietta Materials, Inc. | | 3,124 | 535,079 |
| nVent Electric PLC | | 8,153 | 199,096 |
| Summit Materials, Inc. | | 4,910 | 66,285 |
| U.S. Concrete, Inc. (a) | | 645 | 21,053 |
| United States Lime & Minerals, Inc. | | 22 | 1,650 |
| Vulcan Materials Co. | | 6,485 | 655,893 |
| | | | 1,688,428 |
| Containers & Packaging - 0.4% | | | |
| Aptargroup, Inc. | | 3,124 | 318,523 |
| Avery Dennison Corp. | | 4,371 | 396,537 |
| Ball Corp. | | 17,200 | 770,560 |
| Bemis Co., Inc. | | 4,445 | 203,448 |
| Berry Global Group, Inc. (a) | | 6,363 | 277,554 |
| Crown Holdings, Inc. (a) | | 6,783 | 286,853 |
| Graphic Packaging Holding Co. | | 15,046 | 165,656 |
| Greif, Inc. Class A | | 1,048 | 49,570 |
| International Paper Co. | | 20,266 | 919,266 |
| Myers Industries, Inc. | | 868 | 13,766 |
| Owens-Illinois, Inc. (a) | | 7,782 | 121,944 |
| Packaging Corp. of America | | 4,683 | 429,946 |
| Sealed Air Corp. | | 9,024 | 292,017 |
| Silgan Holdings, Inc. | | 3,535 | 84,946 |
| Sonoco Products Co. | | 5,222 | 285,017 |
| WestRock Co. | | 12,683 | 544,989 |
| | | | 5,160,592 |
| Metals & Mining - 0.4% | | | |
| AK Steel Holding Corp. (a)(b) | | 16,538 | 61,191 |
| Alcoa Corp. (a) | | 8,523 | 298,220 |
| Allegheny Technologies, Inc. (a) | | 5,918 | 153,217 |
| Atkore International Group, Inc. (a) | | 732 | 14,098 |
| Carpenter Technology Corp. | | 2,197 | 95,811 |
| Century Aluminum Co. (a) | | 2,078 | 16,499 |
| Cleveland-Cliffs, Inc. (b) | | 13,816 | 148,660 |
| Coeur d'Alene Mines Corp. (a) | | 8,762 | 41,882 |
| Commercial Metals Co. | | 6,200 | 118,172 |
| Compass Minerals International, Inc. | | 1,807 | 87,658 |
| Freeport-McMoRan, Inc. | | 66,164 | 770,811 |
| Gold Resource Corp. | | 3,817 | 16,528 |
| Haynes International, Inc. | | 1,092 | 31,624 |
| Hecla Mining Co. | | 17,868 | 42,883 |
| Kaiser Aluminum Corp. | | 728 | 69,429 |
| Materion Corp. | | 1,291 | 73,368 |
| McEwen Mining, Inc. (b) | | 12,248 | 24,006 |
| Newmont Mining Corp. | | 26,145 | 808,403 |
| Nucor Corp. | | 15,984 | 944,974 |
| Olympic Steel, Inc. | | 153 | 2,886 |
| Reliance Steel & Aluminum Co. | | 3,535 | 278,982 |
| Royal Gold, Inc. | | 3,270 | 250,580 |
| Ryerson Holding Corp. (a) | | 285 | 2,616 |
| Schnitzer Steel Industries, Inc. Class A | | 1,365 | 36,719 |
| Steel Dynamics, Inc. | | 11,654 | 461,498 |
| SunCoke Energy, Inc. | | 4,021 | 45,035 |
| TimkenSteel Corp. (a) | | 1,425 | 16,573 |
| United States Steel Corp. | | 8,812 | 233,782 |
| Warrior Metropolitan Coal, Inc. | | 784 | 21,952 |
| Worthington Industries, Inc. | | 2,169 | 90,838 |
| | | | 5,258,895 |
| Paper & Forest Products - 0.1% | | | |
| Boise Cascade Co. | | 1,564 | 48,156 |
| Clearwater Paper Corp. (a) | | 603 | 14,556 |
| Domtar Corp. | | 3,081 | 142,681 |
| Kapstone Paper & Packaging Corp. | | 4,242 | 148,470 |
| Louisiana-Pacific Corp. | | 7,548 | 164,320 |
| Mercer International, Inc. (SBI) | | 2,652 | 40,337 |
| Neenah, Inc. | | 720 | 57,931 |
| P.H. Glatfelter Co. | | 2,627 | 47,023 |
| Resolute Forest Products | | 4,537 | 51,132 |
| Schweitzer-Mauduit International, Inc. | | 1,769 | 56,466 |
| Verso Corp. (a) | | 1,561 | 43,880 |
| | | | 814,952 |
|
| TOTAL MATERIALS | | | 35,527,358 |
|
| REAL ESTATE - 3.6% | | | |
| Equity Real Estate Investment Trusts (REITs) - 3.5% | | | |
| Acadia Realty Trust (SBI) | | 4,681 | 130,319 |
| Agree Realty Corp. | | 1,830 | 104,804 |
| Alexander & Baldwin, Inc. | | 3,010 | 58,815 |
| Alexanders, Inc. | | 198 | 62,372 |
| Alexandria Real Estate Equities, Inc. | | 5,170 | 631,929 |
| American Assets Trust, Inc. | | 1,474 | 56,543 |
| American Campus Communities, Inc. | | 6,428 | 253,970 |
| American Homes 4 Rent Class A | | 12,369 | 260,615 |
| American Tower Corp. | | 21,169 | 3,298,342 |
| Americold Realty Trust | | 2,575 | 63,731 |
| Apartment Investment & Management Co. Class A | | 7,444 | 320,390 |
| Apple Hospitality (REIT), Inc. | | 10,144 | 164,028 |
| Armada Hoffler Properties, Inc. | | 1,131 | 16,942 |
| Ashford Hospitality Trust, Inc. | | 3,749 | 19,307 |
| AvalonBay Communities, Inc. | | 6,797 | 1,192,058 |
| Bluerock Residential Growth (REIT), Inc. | | 351 | 3,324 |
| Boston Properties, Inc. | | 7,564 | 913,429 |
| Braemar Hotels & Resorts, Inc. | | 823 | 8,757 |
| Brandywine Realty Trust (SBI) | | 9,710 | 136,523 |
| Brixmor Property Group, Inc. | | 14,938 | 241,996 |
| Camden Property Trust (SBI) | | 4,548 | 410,548 |
| CareTrust (REIT), Inc. | | 3,795 | 67,020 |
| CatchMark Timber Trust, Inc. | | 4,356 | 38,551 |
| CBL & Associates Properties, Inc. (b) | | 6,928 | 22,862 |
| Cedar Realty Trust, Inc. | | 2,268 | 8,550 |
| Chatham Lodging Trust | | 1,975 | 38,513 |
| Chesapeake Lodging Trust | | 2,479 | 72,858 |
| City Office REIT, Inc. | | 735 | 8,100 |
| Colony Capital, Inc. | | 27,275 | 160,104 |
| Columbia Property Trust, Inc. | | 6,770 | 151,987 |
| Community Healthcare Trust, Inc. | | 1,094 | 32,514 |
| CorEnergy Infrastructure Trust, Inc. | | 238 | 8,599 |
| CorePoint Lodging, Inc. | | 1,727 | 28,271 |
| CoreSite Realty Corp. | | 1,724 | 161,815 |
| Corporate Office Properties Trust (SBI) | | 5,183 | 133,929 |
| Corrections Corp. of America | | 6,248 | 140,330 |
| Cousins Properties, Inc. | | 25,162 | 209,096 |
| Crown Castle International Corp. | | 20,064 | 2,181,759 |
| CubeSmart | | 9,186 | 266,210 |
| CyrusOne, Inc. | | 4,764 | 253,588 |
| DDR Corp. | | 8,230 | 102,299 |
| DiamondRock Hospitality Co. | | 11,172 | 116,747 |
| Digital Realty Trust, Inc. | | 10,200 | 1,053,252 |
| Douglas Emmett, Inc. | | 7,486 | 270,918 |
| Duke Realty Corp. | | 18,298 | 504,476 |
| Easterly Government Properties, Inc. | | 2,365 | 42,972 |
| EastGroup Properties, Inc. | | 1,970 | 188,706 |
| Empire State Realty Trust, Inc. | | 5,930 | 94,050 |
| EPR Properties | | 3,247 | 223,199 |
| Equinix, Inc. | | 3,877 | 1,468,375 |
| Equity Commonwealth | | 6,658 | 198,275 |
| Equity Lifestyle Properties, Inc. | | 4,308 | 407,925 |
| Equity Residential (SBI) | | 18,040 | 1,171,878 |
| Essex Property Trust, Inc. | | 3,257 | 816,790 |
| Extra Space Storage, Inc. | | 6,343 | 571,251 |
| Farmland Partners, Inc. (b) | | 594 | 4,069 |
| Federal Realty Investment Trust (SBI) | | 3,659 | 453,899 |
| First Industrial Realty Trust, Inc. | | 5,635 | 172,995 |
| Forest City Realty Trust, Inc. Class A | | 12,764 | 321,142 |
| Four Corners Property Trust, Inc. | | 2,711 | 70,703 |
| Franklin Street Properties Corp. | | 4,083 | 28,418 |
| Front Yard Residential Corp. Class B | | 2,383 | 22,090 |
| Gaming & Leisure Properties | | 10,045 | 338,416 |
| Getty Realty Corp. | | 1,846 | 49,528 |
| Gladstone Commercial Corp. | | 697 | 13,236 |
| Global Medical REIT, Inc. | | 289 | 2,647 |
| Global Net Lease, Inc. | | 4,314 | 87,359 |
| Government Properties Income Trust | | 4,137 | 36,530 |
| HCP, Inc. | | 23,366 | 643,733 |
| Healthcare Realty Trust, Inc. | | 6,337 | 176,549 |
| Healthcare Trust of America, Inc. | | 10,989 | 288,571 |
| Hersha Hospitality Trust | | 1,846 | 32,416 |
| Highwoods Properties, Inc. (SBI) | | 4,759 | 202,924 |
| Hospitality Properties Trust (SBI) | | 7,855 | 201,245 |
| Host Hotels & Resorts, Inc. | | 36,089 | 689,661 |
| Hudson Pacific Properties, Inc. | | 7,612 | 230,644 |
| Independence Realty Trust, Inc. | | 4,392 | 43,525 |
| Industrial Logistics Properties Trust | | 661 | 14,271 |
| InfraReit, Inc. | | 2,035 | 42,776 |
| Investors Real Estate Trust | | 8,703 | 47,257 |
| Invitation Homes, Inc. | | 14,402 | 315,116 |
| Iron Mountain, Inc. | | 13,984 | 428,050 |
| iStar Financial, Inc. | | 2,881 | 30,251 |
| JBG SMITH Properties | | 5,049 | 189,237 |
| Jernigan Capital, Inc. | | 213 | 4,168 |
| Kilroy Realty Corp. | | 5,190 | 357,487 |
| Kimco Realty Corp. | | 21,239 | 341,736 |
| Kite Realty Group Trust�� | | 4,350 | 68,904 |
| Lamar Advertising Co. Class A | | 4,222 | 309,557 |
| LaSalle Hotel Properties (SBI) | | 5,481 | 180,928 |
| Lexington Corporate Properties Trust | | 9,500 | 73,815 |
| Liberty Property Trust (SBI) | | 7,001 | 293,132 |
| Life Storage, Inc. | | 2,171 | 204,421 |
| LTC Properties, Inc. | | 2,487 | 106,369 |
| Mack-Cali Realty Corp. | | 3,943 | 80,043 |
| MedEquities Realty Trust, Inc. | | 835 | 6,905 |
| Medical Properties Trust, Inc. | | 18,752 | 278,655 |
| Mid-America Apartment Communities, Inc. | | 5,789 | 565,643 |
| Monmouth Real Estate Investment Corp. Class A | | 3,284 | 49,129 |
| National Health Investors, Inc. | | 1,912 | 140,456 |
| National Retail Properties, Inc. | | 7,953 | 371,803 |
| National Storage Affiliates Trust | | 2,854 | 76,002 |
| New Senior Investment Group, Inc. | | 4,135 | 23,652 |
| NexPoint Residential Trust, Inc. | | 709 | 25,269 |
| NorthStar Realty Europe Corp. | | 2,371 | 31,819 |
| Omega Healthcare Investors, Inc. | | 10,032 | 334,567 |
| Outfront Media, Inc. | | 6,662 | 118,051 |
| Paramount Group, Inc. | | 9,141 | 130,625 |
| Park Hotels & Resorts, Inc. | | 8,001 | 232,589 |
| Pebblebrook Hotel Trust (b) | | 3,880 | 130,795 |
| Pennsylvania Real Estate Investment Trust (SBI) (b) | | 3,454 | 30,913 |
| Physicians Realty Trust | | 8,886 | 147,330 |
| Piedmont Office Realty Trust, Inc. Class A | | 6,712 | 120,950 |
| Potlatch Corp. | | 1,839 | 66,664 |
| Preferred Apartment Communities, Inc. Class A | | 1,781 | 30,010 |
| Prologis, Inc. | | 26,392 | 1,701,492 |
| PS Business Parks, Inc. | | 1,098 | 143,399 |
| Public Storage | | 7,394 | 1,519,245 |
| QTS Realty Trust, Inc. Class A | | 2,531 | 96,988 |
| Ramco-Gershenson Properties Trust (SBI) | | 3,259 | 43,280 |
| Rayonier, Inc. | | 6,727 | 203,155 |
| Realty Income Corp. | | 13,979 | 842,514 |
| Regency Centers Corp. | | 7,760 | 491,674 |
| Retail Opportunity Investments Corp. | | 4,733 | 83,253 |
| Retail Properties America, Inc. | | 11,365 | 139,449 |
| Rexford Industrial Realty, Inc. | | 4,214 | 133,457 |
| RLJ Lodging Trust | | 9,021 | 175,368 |
| Ryman Hospitality Properties, Inc. | | 2,664 | 206,700 |
| Sabra Health Care REIT, Inc. | | 8,960 | 193,984 |
| Safety Income and Growth, Inc. | | 136 | 2,445 |
| Saul Centers, Inc. | | 668 | 31,904 |
| SBA Communications Corp. Class A (a) | | 5,831 | 945,613 |
| Select Income REIT | | 2,715 | 51,341 |
| Senior Housing Properties Trust (SBI) | | 11,599 | 186,396 |
| Seritage Growth Properties (b) | | 1,276 | 48,514 |
| Simon Property Group, Inc. | | 15,356 | 2,818,133 |
| SL Green Realty Corp. | | 4,866 | 444,071 |
| Spirit MTA REIT | | 1,828 | 19,578 |
| Spirit Realty Capital, Inc. | | 20,577 | 160,912 |
| Stag Industrial, Inc. | | 4,271 | 113,011 |
| Store Capital Corp. | | 7,686 | 223,125 |
| Summit Hotel Properties, Inc. | | 4,462 | 51,402 |
| Sun Communities, Inc. | | 3,951 | 396,957 |
| Sunstone Hotel Investors, Inc. | | 11,843 | 171,368 |
| Tanger Factory Outlet Centers, Inc. | | 5,557 | 123,699 |
| Taubman Centers, Inc. | | 2,837 | 156,063 |
| Terreno Realty Corp. | | 2,947 | 110,306 |
| The GEO Group, Inc. | | 6,110 | 135,092 |
| The Macerich Co. | | 5,323 | 274,773 |
| TIER REIT, Inc. | | 3,063 | 66,375 |
| UDR, Inc. | | 12,947 | 507,393 |
| UMH Properties, Inc. | | 2,207 | 31,626 |
| Uniti Group, Inc. | | 7,926 | 151,704 |
| Universal Health Realty Income Trust (SBI) | | 754 | 48,331 |
| Urban Edge Properties | | 6,648 | 136,218 |
| Urstadt Biddle Properties, Inc. Class A | | 1,835 | 36,535 |
| Ventas, Inc. | | 17,809 | 1,033,634 |
| VEREIT, Inc. | | 48,502 | 355,520 |
| Vornado Realty Trust | | 8,511 | 579,429 |
| Washington Prime Group, Inc. | | 8,676 | 55,526 |
| Washington REIT (SBI) | | 3,901 | 108,721 |
| Weingarten Realty Investors (SBI) | | 5,599 | 157,444 |
| Welltower, Inc. | | 18,193 | 1,202,012 |
| Weyerhaeuser Co. | | 37,732 | 1,004,803 |
| Whitestone REIT Class B | | 2,758 | 37,123 |
| WP Carey, Inc. | | 5,106 | 337,047 |
| Xenia Hotels & Resorts, Inc. | | 5,881 | 120,855 |
| | | | 48,083,113 |
| Real Estate Management & Development - 0.1% | | | |
| Altisource Portfolio Solutions SA (a) | | 473 | 11,934 |
| CBRE Group, Inc. (a) | | 15,042 | 606,042 |
| Colony NorthStar Credit Real Estate, Inc. | | 3,854 | 82,244 |
| Forestar Group, Inc. (a) | | 182 | 3,276 |
| HFF, Inc. | | 1,918 | 70,487 |
| Howard Hughes Corp. (a) | | 1,981 | 220,921 |
| Jones Lang LaSalle, Inc. | | 2,308 | 305,256 |
| Kennedy-Wilson Holdings, Inc. | | 6,553 | 124,376 |
| Marcus & Millichap, Inc. (a) | | 484 | 16,804 |
| Newmark Group, Inc. | | 5,118 | 49,849 |
| RE/MAX Holdings, Inc. | | 851 | 31,819 |
| Realogy Holdings Corp. (b) | | 6,665 | 127,102 |
| Retail Value, Inc. (a) | | 763 | 21,372 |
| Tejon Ranch Co. (a) | | 511 | 9,709 |
| The St. Joe Co. (a) | | 2,455 | 37,291 |
| | | | 1,718,482 |
|
| TOTAL REAL ESTATE | | | 49,801,595 |
|
| UTILITIES - 3.0% | | | |
| Electric Utilities - 1.7% | | | |
| Allete, Inc. | | 2,607 | 192,918 |
| Alliant Energy Corp. | | 11,523 | 495,259 |
| American Electric Power Co., Inc. | | 24,283 | 1,781,401 |
| Duke Energy Corp. | | 34,547 | 2,854,619 |
| Edison International | | 16,156 | 1,121,065 |
| El Paso Electric Co. | | 2,083 | 118,835 |
| Entergy Corp. | | 8,841 | 742,202 |
| Evergy, Inc. | | 6,919 | 387,395 |
| Eversource Energy | | 15,663 | 990,841 |
| Exelon Corp. | | 47,266 | 2,070,723 |
| FirstEnergy Corp. | | 21,944 | 818,072 |
| Hawaiian Electric Industries, Inc. | | 4,876 | 181,875 |
| IDACORP, Inc. | | 2,571 | 239,771 |
| MGE Energy, Inc. | | 2,004 | 125,210 |
| NextEra Energy, Inc. | | 23,098 | 3,984,405 |
| OGE Energy Corp. | | 9,958 | 359,982 |
| Otter Tail Corp. | | 2,163 | 97,486 |
| PG&E Corp. | | 25,566 | 1,196,744 |
| Pinnacle West Capital Corp. | | 5,371 | 441,765 |
| PNM Resources, Inc. | | 4,253 | 163,358 |
| Portland General Electric Co. | | 4,589 | 206,872 |
| PPL Corp. | | 33,512 | 1,018,765 |
| Southern Co. | | 49,786 | 2,241,864 |
| Spark Energy, Inc. Class A, | | 210 | 1,567 |
| Vistra Energy Corp. (a) | | 14,101 | 319,106 |
| Xcel Energy, Inc. | | 25,110 | 1,230,641 |
| | | | 23,382,741 |
| Gas Utilities - 0.2% | | | |
| Atmos Energy Corp. | | 5,373 | 500,119 |
| Chesapeake Utilities Corp. | | 868 | 68,963 |
| National Fuel Gas Co. | | 4,290 | 232,904 |
| New Jersey Resources Corp. | | 4,300 | 193,930 |
| Northwest Natural Holding Co. | | 1,270 | 82,283 |
| ONE Gas, Inc. | | 2,589 | 204,298 |
| South Jersey Industries, Inc. | | 3,722 | 109,948 |
| Southwest Gas Holdings, Inc. | | 2,444 | 188,848 |
| Spire, Inc. | | 2,403 | 174,410 |
| UGI Corp. | | 8,556 | 453,981 |
| | | | 2,209,684 |
| Independent Power and Renewable Electricity Producers - 0.1% | | | |
| NRG Energy, Inc. | | 14,806 | 535,829 |
| NRG Yield, Inc.: | | | |
| Class A | | 2,607 | 50,628 |
| Class C | | 1,766 | 34,631 |
| Ormat Technologies, Inc. | | 1,634 | 83,612 |
| Pattern Energy Group, Inc. | | 4,885 | 87,539 |
| Terraform Power, Inc. | | 2,123 | 23,926 |
| The AES Corp. | | 32,883 | 479,434 |
| | | | 1,295,599 |
| Multi-Utilities - 0.9% | | | |
| Ameren Corp. | | 12,006 | 775,347 |
| Avangrid, Inc. | | 2,676 | 125,799 |
| Avista Corp. | | 2,991 | 153,797 |
| Black Hills Corp. | | 2,496 | 148,512 |
| CenterPoint Energy, Inc. | | 21,470 | 579,905 |
| CMS Energy Corp. | | 13,848 | 685,753 |
| Consolidated Edison, Inc. | | 15,381 | 1,168,956 |
| Dominion Resources, Inc. | | 31,615 | 2,257,943 |
| DTE Energy Co. | | 8,884 | 998,562 |
| MDU Resources Group, Inc. | | 10,584 | 264,177 |
| NiSource, Inc. | | 16,707 | 423,690 |
| NorthWestern Energy Corp. | | 2,634 | 154,774 |
| Public Service Enterprise Group, Inc. | | 25,089 | 1,340,505 |
| SCANA Corp. | | 6,959 | 278,708 |
| Sempra Energy | | 12,395 | 1,364,937 |
| Unitil Corp. | | 689 | 32,734 |
| Vectren Corp. | | 3,622 | 259,082 |
| WEC Energy Group, Inc. | | 15,545 | 1,063,278 |
| | | | 12,076,459 |
| Water Utilities - 0.1% | | | |
| American States Water Co. | | 2,127 | 130,215 |
| American Water Works Co., Inc. | | 8,807 | 779,684 |
| Aqua America, Inc. | | 8,450 | 274,879 |
| AquaVenture Holdings Ltd. (a) | | 204 | 3,417 |
| Cadiz, Inc. (a) | | 853 | 9,485 |
| California Water Service Group | | 2,531 | 106,302 |
| Connecticut Water Service, Inc. | | 666 | 46,034 |
| Middlesex Water Co. | | 850 | 38,250 |
| Select Energy Services, Inc. Class A (a) | | 389 | 3,719 |
| SJW Corp. | | 686 | 41,661 |
| | | | 1,433,646 |
|
| TOTAL UTILITIES | | | 40,398,129 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $1,441,185,712) | | | 1,361,498,470 |
|
| Money Market Funds - 1.4% | | | |
| Fidelity Cash Central Fund, 2.23% (d) | | 10,933,042 | 10,935,228 |
| Fidelity Securities Lending Cash Central Fund 2.23% (d)(e) | | 8,040,315 | 8,041,119 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $18,976,347) | | | 18,976,347 |
| TOTAL INVESTMENT IN SECURITIES - 101.2% | | | |
| (Cost $1,460,162,059) | | | 1,380,474,817 |
| NET OTHER ASSETS (LIABILITIES) - (1.2)% | | | (16,328,900) |
| NET ASSETS - 100% | | | $1,364,145,917 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| CME E-mini Russell 2000 Index Contracts (United States) | 2 | Dec. 2018 | $151,190 | $3,353 | $3,353 |
| CME E-mini S&P 500 Index Contracts (United States) | 18 | Dec. 2018 | 2,439,990 | 48,183 | 48,183 |
| TOTAL FUTURES CONTRACTS | | | | | $51,536 |
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Level 3 security
(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.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $60,123 |
| Fidelity Securities Lending Cash Central Fund | 7,479 |
| Total | $67,602 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, 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 | $122,950,027 | $122,950,027 | $-- | $-- |
| Consumer Discretionary | 138,688,134 | 138,688,134 | -- | -- |
| Consumer Staples | 90,611,302 | 90,611,302 | -- | -- |
| Energy | 72,603,481 | 72,603,481 | -- | -- |
| Financials | 194,385,922 | 194,385,922 | -- | -- |
| Health Care | 197,552,788 | 197,552,788 | -- | -- |
| Industrials | 136,979,273 | 136,979,273 | -- | -- |
| Information Technology | 282,000,461 | 282,000,461 | -- | -- |
| Materials | 35,527,358 | 35,526,416 | -- | 942 |
| Real Estate | 49,801,595 | 49,801,595 | -- | -- |
| Utilities | 40,398,129 | 40,398,129 | -- | -- |
| Money Market Funds | 18,976,347 | 18,976,347 | -- | -- |
| Total Investments in Securities: | $1,380,474,817 | $1,380,473,875 | $-- | $942 |
| Derivative Instruments: | | | | |
| Assets | | | | |
| Futures Contracts | $51,536 | $51,536 | $-- | $-- |
| Total Assets | $51,536 | $51,536 | $-- | $-- |
| Total Derivative Instruments: | $51,536 | $51,536 | $-- | $-- |
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, 2018. 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) | $51,536 | $0 |
| Total Equity Risk | 51,536 | 0 |
| Total Value of Derivatives | $51,536 | $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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Fidelity ZERO℠ Total Market Index Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2018 |
| Assets | | |
Investment in securities, at value (including securities loaned of $7,915,679) — See accompanying schedule:
Unaffiliated issuers (cost $1,441,185,712) | $1,361,498,470 | |
| Fidelity Central Funds (cost $18,976,347) | 18,976,347 | |
| Total Investment in Securities (cost $1,460,162,059) | | $1,380,474,817 |
| Segregated cash with brokers for derivative instruments | | 100,210 |
| Cash | | 50,728 |
| Receivable for fund shares sold | | 18,486,060 |
| Dividends receivable | | 981,762 |
| Distributions receivable from Fidelity Central Funds | | 23,220 |
| Receivable for daily variation margin on futures contracts | | 18,131 |
| Total assets | | 1,400,134,928 |
| Liabilities | | |
| Payable to custodian bank | $14,517 | |
| Payable for investments purchased | 26,399,826 | |
| Payable for fund shares redeemed | 1,533,504 | |
| Other payables and accrued expenses | 57 | |
| Collateral on securities loaned | 8,041,107 | |
| Total liabilities | | 35,989,011 |
| Net Assets | | $1,364,145,917 |
| Net Assets consist of: | | |
| Paid in capital | | $1,440,252,473 |
| Total distributable earnings (loss) | | (76,106,556) |
| Net Assets, for 142,650,209 shares outstanding | | $1,364,145,917 |
| Net Asset Value, offering price and redemption price per share ($1,364,145,917 ÷ 142,650,209 shares) | | $9.56 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
August 2, 2018 (commencement of operations) to
October 31, 2018 |
| Investment Income | | |
| Dividends | | $3,437,481 |
| Income from Fidelity Central Funds | | 67,602 |
| Total income | | 3,505,083 |
| Expenses | | |
| Independent trustees' fees and expenses | $458 | |
| Total expenses | | 458 |
| Net investment income (loss) | | 3,504,625 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 78,302 | |
| Fidelity Central Funds | (47) | |
| Foreign currency transactions | (63) | |
| Futures contracts | 89,303 | |
| Total net realized gain (loss) | | 167,495 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (79,687,242) | |
| Assets and liabilities in foreign currencies | 7 | |
| Futures contracts | 51,536 | |
| Total change in net unrealized appreciation (depreciation) | | (79,635,699) |
| Net gain (loss) | | (79,468,204) |
| Net increase (decrease) in net assets resulting from operations | | $(75,963,579) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
August 2, 2018 (commencement of operations) to
October 31, 2018 |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $3,504,625 |
| Net realized gain (loss) | 167,495 |
| Change in net unrealized appreciation (depreciation) | (79,635,699) |
| Net increase (decrease) in net assets resulting from operations | (75,963,579) |
| Share transactions | |
| Proceeds from sales of shares | 1,515,817,577 |
| Cost of shares redeemed | (75,708,081) |
| Net increase (decrease) in net assets resulting from share transactions | 1,440,109,496 |
| Total increase (decrease) in net assets | 1,364,145,917 |
| Net Assets | |
| Beginning of period | – |
| End of period | $1,364,145,917 |
| Other Information | |
| Shares | |
| Sold | 150,238,900 |
| Redeemed | (7,588,691) |
| Net increase (decrease) | 142,650,209 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity ZERO Total Market Index Fund
| | |
| Year ended October 31, | 2018 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .04 |
| Net realized and unrealized gain (loss) | (.48) |
| Total from investment operations | (.44) |
| Net asset value, end of period | $9.56 |
| Total ReturnC | (4.40)% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductionsF | - %G |
| Expenses net of fee waivers, if anyF | - %G |
| Expenses net of all reductionsF | - %G |
| Net investment income (loss) | 1.61%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,364,146 |
| Portfolio turnover rateH | 0%I,J |
A For the period August 2, 2018 (commencement of operations) to October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than .005%.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Amount not annualized.
J Amount represents less than 1%.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2018
1. Organization.
Fidelity ZERO Extended Market Index Fund and Fidelity ZERO Large Cap Index Fund are funds of Fidelity Concord Street Trust, and Fidelity ZERO International Index Fund and Fidelity ZERO Total Market Index Fund are funds of Fidelity Salem Street Trust. Each 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. Each Fund is authorized to issue an unlimited number of shares. Share transactions on each Statement of Changes in Net Assets may contain exchanges between affiliated funds.
During July 2018, the Board of Trustees approved the reorganization of Fidelity ZERO International Index Fund and Fidelity ZERO Total Market Index Fund from Fidelity Salem Street Trust to Fidelity Concord Street Trust effective the close of business on January 11, 2019.
2. Investments in Fidelity Central Funds.
The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
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 vendor 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2018 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. The 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. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. 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, 2018, 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 ZERO International Index Fund is subject to a tax imposed on capital gains by certain countries in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, 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 ZERO Extended Market Index Fund | $76,499,351 | $796,138 | $(5,089,228) | $(4,293,090) |
| Fidelity ZERO International Index Fund | 471,149,415 | 3,983,270 | (31,552,958) | (27,569,688) |
| Fidelity ZERO Large Cap Index Fund | 112,138,881 | 1,071,161 | (6,126,224) | (5,055,063) |
| Fidelity ZERO Total Market Index Fund | 1,460,162,556 | 17,466,756 | (97,154,495) | (79,687,739) |
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 ZERO Extended Market Index Fund | $65,271 | $– | $(6,977) | $(4,293,090) |
| Fidelity ZERO International Index Fund | 1,591,778 | – | (2,351,156) | (27,516,311) |
| Fidelity ZERO Large Cap Index Fund | 95,570 | – | (1,646) | (5,055,063) |
| Fidelity ZERO Total Market Index Fund | 3,496,673 | 84,503 | – | (79,687,732) |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| | No expiration | | |
| | Short-term | Long-term | Total capital loss carryfoward |
| Fidelity ZERO Extended Market Index Fund | $(2,572) | $(4,405) | $(6,977) |
| Fidelity ZERO International Index Fund | (981,712) | (1,369,444) | (2,351,156) |
| Fidelity ZERO Large Cap Index Fund | – | (1,646) | (1,646) |
Restricted Securities. The 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 is included at the end of each applicable Fund's Schedule of Investments.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, 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.
The Funds used derivatives 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 Funds may not achieve their objectives.
The Funds' use of derivatives increased or decreased their exposure to the following risk:
| 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.
|
The 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 the Funds 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 the Funds. Counterparty credit risk related to exchange-traded futures 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. The Funds used futures contracts to manage their 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 (variation margin) 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, except for Fidelity ZERO International Index Fund. 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, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity ZERO Extended Market Index Fund | 73,011,672 | 161,914 |
| Fidelity ZERO International Index Fund | 412,516,512 | 1,398,610 |
| Fidelity ZERO Large Cap Index Fund | 110,526,022 | 758,068 |
| Fidelity ZERO Total Market Index Fund | 1,446,694,083 | 4,595,486 |
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR Co., Inc. (the investment adviser), an affiliate of Fidelity Management & Research Company (FMR), and its affiliates provide the Funds with investment management services for which the Funds do not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Funds, except fees and expenses of the independent Trustees.
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 Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Security Lending.
Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Funds. On the settlement date of the loan, each applicable 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 the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds 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, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's 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 on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. Security lending activity was as follows:
| | Total Security Lending Income | Security Lending Income From Securities Loaned to FCM | Value of Securities Loaned to FCM at Period End |
| Fidelity ZERO Extended Market Index Fund | $686 | $5 | $2,604 |
| Fidelity ZERO International Index Fund | $244 | $– | $– |
| Fidelity ZERO Large Cap Index Fund | $6 | $– | $– |
| Fidelity ZERO Total Market Index Fund | $7,479 | $41 | $48,228 |
8. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity ZERO International Index Fund and Fidelity ZERO Total Market Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity ZERO International Index Fund and Fidelity ZERO Total Market Index Fund (the "Funds"), each a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2018 and the related statements of operations, the statements of changes in net assets and the financial highlights for the period from August 2, 2018 (commencement of operations) to October 31, 2018 for Fidelity ZERO International Index Fund and Fidelity ZERO Total Market Index Fund, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2018, and the results of its operations, the changes in their net assets and the financial highlights for the period from August 2, 2018 (commencement of operations) to October 31, 2018 for Fidelity ZERO International Index Fund and Fidelity ZERO Total Market Index Fund, 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, 2018, by correspondence with the custodians 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 14, 2018
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity ZERO Extended Market Index Fund and Fidelity ZERO Large Cap Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity ZERO Extended Market Index Fund and Fidelity ZERO Large Cap Index Fund (the "Funds"), each a fund of Fidelity Concord Street Trust, including the schedule of investments, as of October 31, 2018 and the related statements of operations, the statements of changes in net assets and the financial highlights for the period from September 13, 2018 (commencement of operations) to October 31, 2018 for Fidelity ZERO Extended Market Index Fund and Fidelity ZERO Large Cap Index Fund, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2018, and the results of its operations, the changes in their net assets and the financial highlights for the period from September 13, 2018 (commencement of operations) to October 31, 2018 for Fidelity ZERO Extended Market Index Fund and Fidelity ZERO Large Cap Index Fund, 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, 2018, by correspondence with the custodians 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 14, 2018
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers - Fidelity Concord Street Trust
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 283 funds. Mr. Chiel oversees 154 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
James C. Curvey (1935)
Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).
Charles S. Morrison (1960)
Year of Election or Appointment: 2014
Trustee
Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2017-present) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present), Board of Directors (2017-present) and Board of Trustees (2018-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Vice Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008
Trustee
Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).
Cornelia M. Small (1944)
Year of Election or Appointment: 2005
Trustee
Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Vicki L. Fuller (1957)
Year of Election or Appointment: 2018
Member of the Advisory Board
Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
William S. Stavropoulos (1939)
Year of Election or Appointment: 2018
Member of the Advisory Board
Mr. Stavropoulos also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as Trustee of certain Fidelity® funds (2001-2018) and as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).
Carol B. Tomé (1957)
Year of Election or Appointment: 2018
Member of the Advisory Board
Ms. Tomé also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Member of the Advisory Board
Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Trustees and Officers - Fidelity Salem Street Trust
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 260 funds. Mr. Chiel oversees 154 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Member of the Advisory Board
General Dunwoody also serves as a Member of the Advisory Board of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Rieco E. Mello (1969)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the period (August 2, 2018 to October 31, 2018) for Fidelity ZERO Total Market Index Fund and Fidelity ZERO International Index Fund and for the period (September 13, 2018 to October 31, 2018) for Fidelity ZERO Extended Market Index Fund and Fidelity ZERO Large Cap Index Fund. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2018 to October 31, 2018).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value | Ending
Account Value
October 31, 2018 | Expenses Paid
During Period |
| Fidelity ZERO Extended Market Index Fund | - %-B | | | |
| Actual | | $1,000.00 | $899.00 | $-C,D |
| Hypothetical-E | | $1,000.00 | $1,025.21 | $-D,F |
| Fidelity ZERO International Index Fund | - %-B | | | |
| Actual | | $1,000.00 | $913.00 | $-C,D |
| Hypothetical-E | | $1,000.00 | $1,025.21 | $-D,F |
| Fidelity ZERO Large Cap Index Fund | - %-B | | | |
| Actual | | $1,000.00 | $935.00 | $-C,D |
| Hypothetical-E | | $1,000.00 | $1,025.21 | $-D,F |
| Fidelity ZERO Total Market Index Fund | - %-B | | | |
| Actual | | $1,000.00 | $956.00 | $-C,D |
| Hypothetical-E | | $1,000.00 | $1,025.21 | $-D,F |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Amount less than .005%.
C Actual expenses are equal to each Funds' annualized expense ratio, multiplied by the average account value over the period, multiplied by 91/365 (to reflect the period August 2, 2018 to October 31, 2018) for Fidelity ZERO Total Market Index Fund and Fidelity ZERO International Index Fund and multiplied by 49/365 (to reflect the period September 13, 2018 to October 31, 2018) for Fidelity ZERO Extended Market Index Fund and Fidelity ZERO Large Cap Index Fund.
D Amount less than $.005.
E 5% return per year before expenses
F Hypothetical expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity ZERO Extended Market Index Fund | 12/17/2018 | 12/14/2018 | $0.038 | $0.000 |
| Fidelity ZERO International Index Fund | 12/17/2018 | 12/14/2018 | $0.056 | $0.000 |
| Fidelity ZERO Large Cap Index Fund | 12/17/2018 | 12/14/2018 | $0.035 | $0.000 |
| Fidelity ZERO Total Market Index Fund | 12/17/2018 | 12/14/2018 | $0.053 | $0.003 |
|
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2018, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity ZERO Total Market Index Fund | $84,503 |
The funds will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity ZERO Extended Market Index Fund
Fidelity ZERO Large Cap Index Fund On July 18, 2018, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with FMR Co, Inc. (FMRC) and the sub-advisory agreement (together, the Advisory Contracts) for each fund with Geode Capital Management, LLC (Geode). FMRC and Geode are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees’ counsel, considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees 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 approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations
capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers, and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment Performance. Each fund is a new fund and therefore had no historical performance for the Board to review at the time it approved each fund’s Advisory Contracts.
Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to each fund under the Advisory Contracts should benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund will not pay FMRC a management fee for investment advisory services. In reviewing the Advisory Contracts, the Board also considered the projected total expense ratio of the fund. The Board noted that FMRC or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses.
Based on its review, the Board concluded that the funds’ management fees and projected total expense ratios were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. Each fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of each fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the level of Fidelity's profits in respect of all the Fidelity funds.
Economies of Scale. The Board concluded that, because the fund will pay no advisory fees and FMRC or an affiliate will bear all expenses of the fund, with limited exceptions, economies of scale cannot be realized by the funds.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be approved.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity ZERO International Index Fund
Fidelity ZERO Total Market Index Fund
At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with FMR Co., Inc. (FMRC) and the sub-advisory agreement (together, the Advisory Contracts) for each fund with Geode Capital Management, LLC (Geode). FMRC and Geode are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund.
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 that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, 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 under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment Performance. Each fund is a new fund and therefore had no historical performance for the Board to review at the time it approved each fund's Advisory Contracts.
Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to each fund under the Advisory Contracts should benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund will not pay FMRC a management fee for investment advisory services. In reviewing the Advisory Contracts, the Board also considered the projected total expense ratio of the fund. The Board noted that FMRC or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses.
Based on its review, the Board concluded that the funds' management fees and projected total expense ratios were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability Each fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of each fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the level of Fidelity's profits in respect of all the Fidelity funds.
Economies of Scale. The Board concluded that, because the fund will pay no advisory fees and FMRC or an affiliate will bear all expenses of the fund, with limited exceptions, the realization of economies of scale was not a material factor in the Board’s decision to approve the funds’ Advisory Contracts.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that each fund's Advisory Contracts should be approved.
EML-ANN-1218
1.9891446.100
Item 2.
Code of Ethics
As of the end of the period, October 31, 2018, 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 Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton 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, Fidelity Series Global ex U.S. Index Fund, Fidelity Zero Total Market Index Fund and Fidelity Zero International Index Fund (the “Funds”):
Services Billed by Deloitte Entities
October 31, 2018 FeesA,B
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Emerging Markets Index Fund | $55,000 | $100 | $7,400 | $1,600 |
Fidelity Flex International Index Fund | $53,000 | $100 | $6,200 | $1,500 |
Fidelity Global ex U.S. Index Fund | $60,000 | $100 | $6,300 | $1,700 |
Fidelity International Sustainability Index Fund | $42,000 | $100 | $6,000 | $1,200 |
Fidelity Series Global ex U.S. Index Fund | $61,000 | $100 | $6,300 | $1,700 |
Fidelity Zero Total Market Index Fund | $35,000 | $- | $4,800 | $200 |
Fidelity Zero International Index Fund | $47,000 | $- | $6,000 | $200 |
October 31, 2017 FeesA,B,C
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Emerging Markets Index Fund | $52,000 | $100 | $7,500 | $1,500 |
Fidelity Flex International Index Fund | $45,000 | $- | $6,100 | $800 |
Fidelity Global ex U.S. Index Fund | $66,000 | $100 | $6,400 | $1,600 |
Fidelity International Sustainability Index Fund | $36,000 | $- | $6,100 | $400 |
Fidelity Series Global ex U.S. Index Fund | $55,000 | $100 | $6,400 | $1,600 |
Fidelity Zero Total Market Index Fund | $- | $- | $- | $- |
Fidelity Zero International Index Fund | $- | $- | $- | $- |
A Amounts may reflect rounding.
B Fidelity Zero Total Market Index Fund and Fidelity Zero International Index Fund commenced operations on August 2, 2018.
C Fidelity Flex International Index Fund commenced operations on March 9, 2017 and Fidelity International Sustainability Index Fund commenced operations on May 9, 2017.
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 International Index Fund, Fidelity SAI International Minimum Volatility Index Fund, Fidelity SAI International Value Index Fund, Fidelity SAI U.S. Minimum Volatility Index Fund, Fidelity Total International Index Fund and Fidelity U.S. Sustainability Index Fund (the “Funds”):
Services Billed by PwC
October 31, 2018 FeesA,B
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity SAI Emerging Markets Index Fund | $49,000 | $4,300 | $3,900 | $2,400 |
Fidelity SAI International Index Fund | $49,000 | $4,300 | $3,900 | $2,400 |
Fidelity SAI International Minimum Volatility Index Fund | $45,000 | $3,900 | $3,500 | $2,200 |
Fidelity SAI International Value Index Fund | $41,000 | $3,000 | $3,500 | $1,700 |
Fidelity SAI U.S. Minimum Volatility Index Fund | $45,000 | $3,900 | $3,500 | $2,200 |
Fidelity Total International Index Fund | $75,000 | $6,000 | $6,800 | $3,500 |
Fidelity U.S. Sustainability Index Fund | $33,000 | $2,900 | $2,600 | $1,700 |
October 31, 2017 FeesA,B,C
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity SAI Emerging Markets Index Fund | $47,000 | $4,500 | $4,100 | $2,300 |
Fidelity SAI International Index Fund | $47,000 | $4,500 | $5,500 | $2,300 |
Fidelity SAI International Minimum Volatility Index Fund | $44,000 | $4,200 | $3,700 | $2,100 |
Fidelity SAI International Value Index Fund | $- | $- | $- | $- |
Fidelity SAI U.S. Minimum Volatility Index Fund | $43,000 | $4,100 | $3,700 | $2,100 |
Fidelity Total International Index Fund | $46,000 | $4,400 | $4,300 | $2,200 |
Fidelity U.S. Sustainability Index Fund | $33,000 | $1,300 | $2,800 | $700 |
A Amounts may reflect rounding.
B Fidelity SAI International Value Index Fund commenced operations on December 19, 2017.
C Fidelity U.S. Sustainability Index Fund commenced operations on May 9, 2017.
The following table presents fees billed by PwC and Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company (“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 Funds (“Fund Service Providers”):
Services Billed by Deloitte Entities
| | |
| October 31, 2018A,B | October 31, 2017A,B,C |
Audit-Related Fees | $290,000 | $- |
Tax Fees | $5,000 | $25,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Zero Total Market Index Fund and Fidelity Zero International Index Funds’ commencement of operations.
C May include amounts billed prior to the Fidelity Flex International Index Fund and Fidelity International Sustainability Index Funds’ commencement of operations.
Services Billed by PwC
| | | |
| October 31, 2018A,B | October 31, 2017A,B,C |
Audit-Related Fees | $7,745,000 | $12,525,000 |
Tax Fees | $20,000 | $155,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity SAI International Value Index Fund’s commencement of operations.
C May include amounts billed prior to the Fidelity U.S. Sustainability Index Fund’s commencement of operations.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC and Deloitte Entities for services rendered to the Funds, 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 Funds are as follows:
| | |
Billed By | October 31, 2018A,B | October 31, 2017A,B,C |
Deloitte Entities | $805,000 | $570,000 |
PwC | $10,830,000 | $15,325,000 |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Zero Total Market Index Fund, Fidelity Zero International Index Fund and Fidelity SAI International Value Index Funds’ commencement of operations.
C May include amounts billed prior to the Fidelity Flex International Index Fund, Fidelity International Sustainability Index Fund and Fidelity U.S. Sustainability Index Funds’ commencement of operations.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC and Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of PwC and Deloitte Entities in their audits of the Funds, taking into account representations from PwC and Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding their independence from the Funds and 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 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 Funds’ last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
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 11.
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 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
| | |
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
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 |
| |
Date: | December 26, 2018 |
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 |
| |
Date: | December 26, 2018 |
| |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
| |
Date: | December 26, 2018 |
