UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02105
Fidelity Salem Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, 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: | April 30, 2024 |
Item 1.
Reports to Stockholders
Fidelity® Emerging Markets Index Fund
Fidelity® Global ex U.S. Index Fund
Semi-Annual Report
April 30, 2024
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. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
| |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 8.0 | |
| Tencent Holdings Ltd. (China, Interactive Media & Services) | 4.0 | |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 3.6 | |
| Alibaba Group Holding Ltd. (China, Broadline Retail) | 2.1 | |
| Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 1.5 | |
| PDD Holdings, Inc. ADR (China, Broadline Retail) | 1.0 | |
| ICICI Bank Ltd. (India, Banks) | 1.0 | |
| Meituan Class B (China, Hotels, Restaurants & Leisure) | 1.0 | |
| SK Hynix, Inc. (Korea (South), Semiconductors & Semiconductor Equipment) | 0.9 | |
| China Construction Bank Corp. (H Shares) (China, Banks) | 0.9 | |
| | 24.0 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Information Technology | 22.2 | |
| Financials | 21.8 | |
| Consumer Discretionary | 12.4 | |
| Communication Services | 8.8 | |
| Materials | 6.9 | |
| Industrials | 5.6 | |
| Consumer Staples | 5.4 | |
| Energy | 5.1 | |
| Health Care | 3.2 | |
| Utilities | 3.0 | |
| Real Estate | 1.7 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 2.2% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Fidelity® Emerging Markets Index Fund
| Common Stocks - 95.4% |
| | | Shares | Value ($) |
| Brazil - 3.4% | | | |
| Ambev SA | | 4,745,400 | 11,103,611 |
| Atacadao SA | | 635,100 | 1,366,188 |
| B3 SA - Brasil Bolsa Balcao | | 5,669,342 | 11,780,649 |
| Banco Bradesco SA | | 1,605,380 | 3,821,303 |
| Banco BTG Pactual SA unit | | 1,184,100 | 7,616,404 |
| Banco do Brasil SA | | 1,726,200 | 9,115,357 |
| Banco Santander SA (Brasil) unit | | 376,400 | 2,094,897 |
| BB Seguridade Participacoes SA | | 702,800 | 4,358,156 |
| Caixa Seguridade Participacoes | | 602,400 | 1,816,736 |
| CCR SA | | 1,014,000 | 2,407,776 |
| Centrais Eletricas Brasileiras SA (Electrobras) | | 1,199,065 | 8,742,557 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 343,200 | 5,341,722 |
| Companhia Siderurgica Nacional SA (CSN) | | 665,700 | 1,784,567 |
| Cosan SA | | 1,223,096 | 3,415,417 |
| CPFL Energia SA (a) | | 231,300 | 1,420,959 |
| Energisa SA unit | | 258,500 | 2,245,185 |
| Eneva SA (a) | | 556,700 | 1,327,263 |
| ENGIE Brasil Energia SA | | 204,750 | 1,612,733 |
| Equatorial Energia SA | | 1,034,980 | 6,097,146 |
| Hapvida Participacoes e Investimentos SA (a)(b) | | 4,920,544 | 3,496,670 |
| Hypera SA (a) | | 381,500 | 2,168,833 |
| Klabin SA unit | | 752,900 | 3,340,680 |
| Localiza Rent a Car SA | | 918,156 | 8,669,489 |
| Lojas Renner SA | | 967,098 | 2,855,142 |
| Magazine Luiza SA (a) | | 3,390,157 | 887,920 |
| Natura & Co. Holding SA | | 905,090 | 2,891,700 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 3,738,097 | 31,862,299 |
| PRIO SA | | 806,200 | 7,452,452 |
| Raia Drogasil SA | | 1,293,736 | 6,373,256 |
| Rede D'Oregon Sao Luiz SA (b) | | 574,620 | 2,877,194 |
| Rumo SA | | 1,303,600 | 5,061,159 |
| Sendas Distribuidora SA | | 1,357,300 | 3,429,453 |
| Suzano SA | | 797,717 | 8,980,961 |
| Telefonica Brasil SA | | 414,800 | 3,781,657 |
| TIM SA | | 850,700 | 2,885,034 |
| Totvs SA | | 557,700 | 2,957,874 |
| Ultrapar Participacoes SA | | 727,800 | 3,623,162 |
| Vale SA | | 3,418,107 | 41,661,594 |
| Vibra Energia SA | | 1,169,791 | 5,285,078 |
| Weg SA | | 1,685,764 | 12,839,804 |
TOTAL BRAZIL | | | 250,850,037 |
| Chile - 0.4% | | | |
| Banco de Chile | | 45,644,102 | 5,063,379 |
| Banco de Credito e Inversiones | | 76,826 | 2,240,722 |
| Banco Santander Chile | | 66,225,821 | 3,000,701 |
| Cencosud SA | | 1,282,282 | 2,197,263 |
| Compania Sud Americana de Vapores SA | | 15,460,315 | 1,206,164 |
| Empresas CMPC SA | | 1,129,701 | 2,231,043 |
| Empresas COPEC SA | | 391,554 | 2,794,163 |
| Enel Americas SA | | 21,541,935 | 2,019,451 |
| Enel Chile SA | | 27,784,356 | 1,649,610 |
| Falabella SA (a) | | 880,428 | 2,356,856 |
| LATAM Airlines Group SA | | 182,015,038 | 2,462,763 |
TOTAL CHILE | | | 27,222,115 |
| China - 25.9% | | | |
| 360 Security Technology, Inc. (A Shares) (a) | | 430,400 | 503,607 |
| 37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | | 135,000 | 310,114 |
| AAC Technology Holdings, Inc. | | 722,000 | 2,297,864 |
| Accelink Technologies Co. Ltd. (A Shares) (a) | | 48,400 | 248,133 |
| ACM Research Shanghai, Inc. (A Shares) (a) | | 17,693 | 199,253 |
| Advanced Micro-Fabrication Equipment, Inc., China (A Shares) | | 37,313 | 725,492 |
| AECC Aero-Engine Control Co. Ltd. (A Shares) | | 80,100 | 215,815 |
| AECC Aviation Power Co. Ltd. | | 160,600 | 782,714 |
| Agricultural Bank of China Ltd.: | | | |
| (A Shares) | | 5,088,900 | 3,088,946 |
| (H Shares) | | 27,833,000 | 12,411,039 |
| Aier Eye Hospital Group Co. Ltd. (A Shares) | | 561,971 | 998,135 |
| AIMA Technology Group Co. Ltd. | | 52,500 | 254,767 |
| Air China Ltd.: | | | |
| (A Shares) (a) | | 634,500 | 645,235 |
| (H Shares) (a)(c) | | 1,872,000 | 938,541 |
| Airtac International Group | | 140,551 | 4,967,480 |
| Akeso, Inc. (a)(b) | | 507,000 | 3,102,395 |
| Alibaba Group Holding Ltd. | | 16,344,240 | 153,032,175 |
| Alibaba Health Information Technology Ltd. (a)(c) | | 5,656,000 | 2,111,265 |
| Aluminum Corp. of China Ltd.: | | | |
| (A shares) | | 826,400 | 843,769 |
| (H Shares) | | 3,912,000 | 2,594,493 |
| Amlogic Shanghai Co. Ltd. (A Shares) | | 25,361 | 201,634 |
| Angel Yeast Co. Ltd. (A Shares) | | 52,900 | 217,200 |
| Anhui Conch Cement Co. Ltd.: | | | |
| (A Shares) | | 245,600 | 777,967 |
| (H Shares) | | 1,232,000 | 2,858,321 |
| Anhui Gujing Distillery Co. Ltd.: | | | |
| (A Shares) | | 24,600 | 919,400 |
| (B Shares) | | 108,500 | 1,778,434 |
| Anhui Jianghuai Automobile Group Corp. Ltd. (A Shares) (a) | | 133,000 | 286,255 |
| Anhui Kouzi Distillery Co. Ltd. (A Shares) | | 36,600 | 210,463 |
| Anhui Yingjia Distillery Co. Ltd. (A Shares) | | 40,600 | 396,997 |
| Anjoy Foods Group Co. Ltd. (A Shares) | | 17,900 | 227,301 |
| Anker Innovations Technology Co. Ltd. (A Shares) (a) | | 24,700 | 293,448 |
| Anta Sports Products Ltd. | | 1,279,800 | 14,488,606 |
| Asia - Potash International Investment Guangzhou Co. Ltd. (A Shares) (a) | | 56,600 | 138,679 |
| ASR Microelectronics Co. Ltd. (A Shares) | | 25,481 | 143,531 |
| Asymchem Laboratories Tianjin Co. Ltd. (A Shares) | | 20,840 | 237,129 |
| Autobio Diagnostics Co. Ltd. | | 35,700 | 280,344 |
| Autohome, Inc. ADR Class A | | 68,032 | 1,748,422 |
| Avary Holding Shenzhen Co. Ltd. (A Shares) | | 117,700 | 390,473 |
| AVIC Capital Co. Ltd. (A Shares) | | 537,300 | 220,070 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 2,494,000 | 1,072,600 |
| Avicopter PLC (A Shares) | | 35,900 | 206,070 |
| BAIC BluePark New Energy Technology Co. Ltd. (A Shares) (a) | | 339,300 | 317,589 |
| Baidu, Inc. Class A (a) | | 2,264,602 | 29,339,246 |
| Bank of Beijing Co. Ltd. (A Shares) | | 1,274,680 | 981,272 |
| Bank of Changsha Co. Ltd. (A Shares) | | 244,900 | 275,543 |
| Bank of Chengdu Co. Ltd. (A Shares) | | 232,300 | 473,939 |
| Bank of China Ltd.: | | | |
| (A Shares) | | 2,070,600 | 1,310,136 |
| (H Shares) | | 79,836,000 | 35,805,684 |
| Bank of Communications Co. Ltd.: | | | |
| (A Shares) | | 2,330,300 | 2,210,371 |
| (H Shares) | | 8,835,000 | 6,361,723 |
| Bank of Hangzhou Co. Ltd. (A Shares) | | 357,420 | 636,406 |
| Bank of Jiangsu Co. Ltd. (A Shares) | | 1,106,000 | 1,233,027 |
| Bank of Nanjing Co. Ltd. (A Shares) | | 623,400 | 801,893 |
| Bank of Ningbo Co. Ltd. (A Shares) | | 397,880 | 1,256,346 |
| Bank of Shanghai Co. Ltd. (A Shares) | | 856,877 | 863,311 |
| Bank of Suzhou Co. Ltd. | | 223,400 | 232,608 |
| Baoshan Iron & Steel Co. Ltd. (A Shares) | | 1,333,000 | 1,276,615 |
| BeiGene Ltd. (a) | | 684,530 | 8,120,306 |
| Beijing Dabeinong Technology Group Co. Ltd. (A Shares) | | 251,800 | 162,707 |
| Beijing Enlight Media Co. Ltd. (A Shares) | | 178,500 | 230,052 |
| Beijing Enterprises Holdings Ltd. | | 506,000 | 1,619,985 |
| Beijing Enterprises Water Group Ltd. | | 4,036,000 | 1,017,923 |
| Beijing Kingsoft Office Software, Inc. (A Shares) | | 27,815 | 1,178,178 |
| Beijing New Building Materials PLC (A Shares) | | 102,900 | 464,692 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares) | | 76,700 | 154,694 |
| Beijing Roborock Technology Co. Ltd. (A Shares) | | 8,006 | 467,758 |
| Beijing Tiantan Biological Products Corp. Ltd. (A Shares) | | 100,300 | 397,198 |
| Beijing Tongrentang Co. Ltd. (A Shares) | | 82,600 | 481,701 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) | | 51,007 | 479,210 |
| Beijing Yanjing Brewery Co. Ltd. (A Shares) | | 171,600 | 234,184 |
| Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) | | 2,958,300 | 2,073,581 |
| Beiqi Foton Motor Co. Ltd. (A Shares) (a) | | 487,400 | 176,286 |
| Bethel Automotive Safety Systems Co. Ltd. (A Shares) | | 26,400 | 209,129 |
| Bilibili, Inc. Class Z (a)(c) | | 231,032 | 2,933,686 |
| Bloomage Biotechnology Corp. Ltd. (A Shares) | | 29,326 | 248,322 |
| BOC Aviation Ltd. Class A (b) | | 209,100 | 1,663,126 |
| BOC International China Co. Ltd. | | 169,100 | 238,983 |
| BOE Technology Group Co. Ltd. (A Shares) | | 2,229,500 | 1,338,287 |
| Bosideng International Holdings Ltd. | | 3,834,000 | 2,219,379 |
| Brilliance China Automotive Holdings Ltd. | | 3,040,000 | 2,524,372 |
| By-Health Co. Ltd. (A Shares) | | 103,600 | 225,986 |
| BYD Co. Ltd.: | | | |
| (A Shares) | | 107,900 | 3,239,557 |
| (H Shares) | | 1,048,500 | 28,742,094 |
| BYD Electronic International Co. Ltd. | | 792,000 | 2,668,078 |
| C&D International Investment Group Ltd. | | 666,674 | 1,320,627 |
| Caitong Securities Co. Ltd. | | 282,690 | 298,112 |
| Cambricon Technologies Corp. Ltd. (A Shares) (a) | | 25,097 | 579,164 |
| Canmax Technologies Co. Ltd. (A Shares) | | 51,020 | 148,400 |
| Cathay Biotech, Inc. (A Shares) (a) | | 35,560 | 251,152 |
| CECEP Solar Energy Co. Ltd. (A Shares) | | 238,000 | 169,284 |
| CGN Power Co. Ltd.: | | | |
| (A Shares) (a) | | 918,700 | 520,921 |
| (H Shares) (b) | | 10,705,000 | 3,589,474 |
| Changchun High & New Technology Industry Group, Inc. (A Shares) | | 24,300 | 377,797 |
| Changjiang Securities Co. Ltd. (A Shares) | | 336,600 | 262,797 |
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) | | 17,400 | 317,870 |
| Chaozhou Three-Circle Group Co. (A Shares) | | 116,700 | 448,020 |
| Chengxin Lithium Group Co. Ltd. (A Shares) | | 56,200 | 138,892 |
| Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a) | | 101,400 | 248,783 |
| China Baoan Group Co. Ltd. (A Shares) | | 157,100 | 227,533 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 9,535,000 | 859,264 |
| China CITIC Bank Corp. Ltd.: | | | |
| (A Shares) | | 32,900 | 31,191 |
| (H Shares) | | 8,912,000 | 5,213,819 |
| China Coal Energy Co. Ltd. (H Shares) | | 2,062,000 | 2,077,134 |
| China Communications Services Corp. Ltd. (H Shares) | | 2,400,000 | 1,147,313 |
| China Construction Bank Corp.: | | | |
| (A Shares) | | 542,600 | 532,836 |
| (H Shares) | | 96,616,000 | 62,509,689 |
| China CSSC Holdings Ltd. (A Shares) | | 269,500 | 1,354,191 |
| China Eastern Airlines Corp. Ltd. (A Shares) (a) | | 1,027,100 | 543,407 |
| China Energy Engineering Corp. Ltd. (A Shares) | | 1,954,200 | 592,576 |
| China Everbright Bank Co. Ltd.: | | | |
| (A Shares) | | 2,705,600 | 1,176,505 |
| (H Shares) | | 3,323,000 | 1,006,723 |
| China Feihe Ltd. (b) | | 3,642,000 | 1,991,686 |
| China Film Co. Ltd. (A Shares) (a) | | 113,600 | 186,138 |
| China Galaxy Securities Co. Ltd.: | | | |
| (A Shares) | | 355,400 | 607,815 |
| (H Shares) | | 3,548,500 | 1,922,106 |
| China Gas Holdings Ltd. | | 2,729,000 | 2,555,248 |
| China Great Wall Securities Co. Ltd. (A Shares) | | 245,500 | 258,832 |
| China Greatwall Technology Group Co. Ltd. (A Shares) | | 196,400 | 263,381 |
| China Hongqiao Group Ltd. (c) | | 2,379,000 | 3,282,735 |
| China Huishan Dairy Holdings Co. Ltd. (a)(d) | | 888,000 | 1 |
| China International Capital Corp. Ltd. | | 145,400 | 666,947 |
| China International Capital Corp. Ltd. (H Shares) (b) | | 1,535,600 | 1,851,699 |
| China Jushi Co. Ltd. (A Shares) | | 243,804 | 400,753 |
| China Life Insurance Co. Ltd.: | | | |
| (A Shares) | | 161,900 | 682,367 |
| (H Shares) | | 7,489,000 | 9,862,438 |
| China Literature Ltd. (a)(b) | | 411,000 | 1,468,115 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 3,354,000 | 2,349,589 |
| China Medical System Holdings Ltd. | | 1,354,000 | 1,208,919 |
| China Mengniu Dairy Co. Ltd. | | 3,161,000 | 6,547,942 |
| China Merchants Bank Co. Ltd.: | | | |
| (A Shares) | | 1,237,300 | 5,838,065 |
| (H Shares) | | 3,924,346 | 16,995,784 |
| China Merchants Energy Shipping Co. Ltd. (A Shares) | | 490,600 | 577,064 |
| China Merchants Expressway Network & Technology Holdings Co. Ltd. (A Shares) (a) | | 190,300 | 290,793 |
| China Merchants Holdings International Co. Ltd. | | 1,263,283 | 1,668,311 |
| China Merchants Securities Co. Ltd. (A Shares) | | 447,000 | 900,377 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 545,800 | 635,888 |
| China Minmetals Rare Earth Co. Ltd. (A Shares) | | 64,600 | 249,509 |
| China Minsheng Banking Corp. Ltd.: | | | |
| (A Shares) | | 2,617,500 | 1,427,229 |
| (H Shares) | | 5,850,540 | 2,140,604 |
| China National Building Materials Co. Ltd. (H Shares) | | 3,890,000 | 1,505,189 |
| China National Chemical Engineering Co. Ltd. (A Shares) | | 372,000 | 353,269 |
| China National Medicines Corp. Ltd. (A Shares) | | 45,900 | 219,963 |
| China National Nuclear Power Co. Ltd. (A Shares) | | 1,137,600 | 1,450,359 |
| China National Software & Service Co. Ltd. (A Shares) | | 52,310 | 217,746 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 217,900 | 579,089 |
| China Oilfield Services Ltd. (H Shares) | | 1,818,000 | 1,943,999 |
| China Overseas Land and Investment Ltd. | | 3,846,500 | 7,073,225 |
| China Overseas Property Holdings Ltd. (c) | | 1,320,000 | 802,871 |
| China Pacific Insurance (Group) Co. Ltd. | | 408,000 | 1,446,153 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 2,655,400 | 5,818,190 |
| China Petroleum & Chemical Corp.: | | | |
| (A Shares) | | 2,059,600 | 1,801,110 |
| (H Shares) | | 24,241,000 | 14,469,501 |
| China Power International Development Ltd. | | 4,967,563 | 2,004,590 |
| China Railway Group Ltd.: | | | |
| (A Shares) | | 1,205,600 | 1,088,962 |
| (H Shares) | | 4,285,000 | 2,114,471 |
| China Railway Signal & Communications Corp. (A Shares) | | 437,401 | 325,753 |
| China Resource Gas Group Ltd. | | 929,300 | 2,920,764 |
| China Resources Beer Holdings Co. Ltd. | | 1,628,878 | 7,424,528 |
| China Resources Land Ltd. | | 3,222,244 | 11,586,665 |
| China Resources Microelectronics Ltd. (A Shares) | | 79,543 | 399,404 |
| China Resources Mixc Lifestyle Services Ltd. (b) | | 687,600 | 2,420,190 |
| China Resources Pharmaceutical Group Ltd. (b) | | 1,577,000 | 1,019,786 |
| China Resources Power Holdings Co. Ltd. | | 1,931,691 | 4,803,838 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) | | 60,200 | 498,167 |
| China Ruyi Holdings Ltd. (a)(c) | | 5,816,000 | 1,456,750 |
| China Shenhua Energy Co. Ltd.: | | | |
| (A Shares) | | 391,300 | 2,149,353 |
| (H Shares) | | 3,399,000 | 14,107,451 |
| China Southern Airlines Ltd.: | | | |
| (A Shares) (a) | | 546,900 | 427,216 |
| (H Shares) (a)(c) | | 342,000 | 123,658 |
| China State Construction Engineering Corp. Ltd. (A Shares) | | 2,525,680 | 1,865,638 |
| China State Construction International Holdings Ltd. | | 2,023,000 | 2,134,473 |
| China Taiping Insurance Group Ltd. | | 1,443,377 | 1,319,703 |
| China Three Gorges Renewables Group Co. Ltd. (A Shares) | | 1,723,700 | 1,114,610 |
| China Tourism Group Duty Free Corp. Ltd.: | | | |
| (A Shares) | | 116,400 | 1,194,321 |
| (H Shares) (b)(c) | | 112,600 | 991,575 |
| China Tower Corp. Ltd. (H Shares) (b) | | 44,510,000 | 5,210,312 |
| China United Network Communications Ltd. (A Shares) | | 1,916,000 | 1,235,690 |
| China Vanke Co. Ltd.: | | | |
| (A Shares) | | 594,700 | 605,352 |
| (H Shares) (c) | | 2,199,800 | 1,290,153 |
| China XD Electric Co. Ltd. (A Shares) (a) | | 312,300 | 302,969 |
| China Yangtze Power Co. Ltd. (A Shares) | | 1,474,100 | 5,244,828 |
| China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares) | | 33,600 | 215,994 |
| China Zheshang Bank Co. Ltd. | | 1,312,680 | 542,724 |
| Chongqing Brewery Co. Ltd. (A Shares) | | 29,500 | 285,891 |
| Chongqing Changan Automobile Co. Ltd. (A Shares) | | 498,576 | 1,008,388 |
| Chongqing Rural Commercial Bank Co. Ltd.: | | | |
| (A Shares) | | 493,200 | 315,811 |
| (H Shares) | | 70,000 | 29,962 |
| Chongqing Taiji Industry Group Co. Ltd. (A Shares) (a) | | 33,900 | 169,597 |
| Chongqing Zhifei Biological Products Co. Ltd. (A Shares) | | 144,550 | 698,172 |
| Chow Tai Fook Jewellery Group Ltd. | | 2,005,600 | 2,728,917 |
| CITIC Pacific Ltd. | | 5,842,000 | 5,528,883 |
| CITIC Securities Co. Ltd.: | | | |
| (A Shares) | | 731,595 | 1,907,235 |
| (H Shares) | | 1,718,925 | 2,736,727 |
| Cmoc Group Ltd.: | | | |
| (A Shares) | | 1,039,000 | 1,277,554 |
| (H Shares) | | 3,786,000 | 3,552,063 |
| CNGR Advanced Material Co. Ltd. | | 40,800 | 294,400 |
| CNPC Capital Co. Ltd. (A Shares) (a) | | 513,100 | 414,422 |
| Contemporary Amperex Technology Co. Ltd. | | 265,080 | 7,414,337 |
| COSCO Shipping Development Co. Ltd. (A Shares) | | 603,100 | 204,480 |
| COSCO Shipping Energy Transportation Co. Ltd.: | | | |
| (A Shares) | | 205,600 | 452,435 |
| (H Shares) | | 1,310,000 | 1,536,320 |
| COSCO SHIPPING Holdings Co. Ltd.: | | | |
| (A Shares) | | 752,710 | 1,213,700 |
| (H Shares) | | 3,016,050 | 3,902,267 |
| Cosco Shipping Ports Ltd. | | 1,250,977 | 767,673 |
| Country Garden Holdings Co. Ltd. (a)(c) | | 12,645,958 | 804,277 |
| Country Garden Services Holdings Co. Ltd. | | 2,182,000 | 1,455,701 |
| CRRC Corp. Ltd.: | | | |
| (A Shares) | | 1,433,500 | 1,380,287 |
| (H Shares) | | 4,447,000 | 2,454,713 |
| CSC Financial Co. Ltd. (A Shares) | | 260,800 | 800,605 |
| CSPC Innovation Pharmaceutical Co. Ltd. (A Shares) | | 85,560 | 404,773 |
| CSPC Pharmaceutical Group Ltd. | | 8,963,840 | 7,360,498 |
| CSSC Science & Technology Co. Ltd. (a) | | 91,700 | 200,993 |
| Daqin Railway Co. Ltd. (A Shares) | | 948,900 | 899,567 |
| DaShenLin Pharmaceutical Group Co. Ltd. | | 69,367 | 208,082 |
| Datang International Power Generation Co. Ltd. (A Shares) | | 628,500 | 261,142 |
| Dong-E-E-Jiao Co. Ltd. (A Shares) | | 39,200 | 371,151 |
| Dongfang Electric Corp. Ltd. (A Shares) | | 169,200 | 393,157 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 2,278,000 | 826,100 |
| Dongxing Securities Co. Ltd. (A Shares) | | 196,700 | 238,641 |
| East Buy Holding Ltd. (a)(b)(c) | | 459,000 | 970,420 |
| East Money Information Co. Ltd. (A Shares) | | 955,117 | 1,713,313 |
| Eastroc Beverage Group Co. Ltd. (a) | | 16,200 | 475,377 |
| Ecovacs Robotics Co. Ltd. Class A | | 35,100 | 239,298 |
| Empyrean Technology Co. Ltd. (A Shares) (a) | | 22,000 | 237,231 |
| ENN Energy Holdings Ltd. | | 795,100 | 6,774,565 |
| ENN Natural Gas Co. Ltd. (A Shares) | | 157,300 | 391,912 |
| Eoptolink Technology, Inc. Ltd. (A Shares) | | 43,200 | 506,732 |
| Eve Energy Co. Ltd. (A shares) | | 123,255 | 628,623 |
| Everbright Securities Co. Ltd. (A Shares) | | 235,200 | 535,511 |
| Everdisplay Optronics Shanghai Co. Ltd. (A Shares) (a) | | 702,927 | 214,745 |
| Fangda Carbon New Material Co. Ltd. (A Shares) (a) | | 245,181 | 171,292 |
| Far East Horizon Ltd. | | 1,949,000 | 1,446,759 |
| FAW Jiefang Group Co. Ltd. (A Shares) (a) | | 188,400 | 233,258 |
| First Capital Securities Co. Ltd. (A Shares) | | 255,800 | 202,084 |
| Flat Glass Group Co. Ltd. | | 376,000 | 905,699 |
| Flat Glass Group Co. Ltd. (A Shares) | | 126,800 | 464,048 |
| Focus Media Information Technology Co. Ltd. (A Shares) | | 869,820 | 778,603 |
| Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | | 279,256 | 1,508,249 |
| Fosun International Ltd. | | 2,469,500 | 1,456,985 |
| Founder Securities Co. Ltd. (A Shares) | | 495,900 | 612,736 |
| Foxconn Industrial Internet Co. Ltd. (A Shares) | | 797,696 | 2,635,766 |
| Fujian Sunner Development Co. Ltd. A Shares | | 75,700 | 163,335 |
| Fuyao Glass Industries Group Co. Ltd.: | | | |
| (A Shares) | | 151,500 | 1,041,683 |
| (H Shares) (b) | | 573,600 | 3,434,180 |
| GalaxyCore, Inc. (A Shares) | | 105,576 | 240,770 |
| Ganfeng Lithium Group Co. Ltd.: | | | |
| (A Shares) | | 113,500 | 550,296 |
| (H Shares) (b) | | 370,040 | 1,085,136 |
| GCL Technology Holdings Ltd. | | 21,639,000 | 3,205,016 |
| GD Power Development Co. Ltd. (A Shares) | | 1,074,300 | 759,196 |
| Geely Automobile Holdings Ltd. | | 6,063,000 | 7,297,176 |
| GEM Co. Ltd. (A Shares) | | 312,800 | 299,851 |
| Genscript Biotech Corp. (a) | | 1,172,000 | 1,728,314 |
| GF Securities Co. Ltd.: | | | |
| (A Shares) | | 350,200 | 636,827 |
| (H Shares) | | 1,038,200 | 1,034,298 |
| Giant Biogene Holding Co. Ltd. (b) | | 299,800 | 1,826,603 |
| Giant Network Group Co. Ltd. (A Shares) | | 120,100 | 194,150 |
| Gigadevice Semiconductor Beijing, Inc. (A Shares) | | 40,084 | 432,392 |
| Ginlong Technologies Co. Ltd. (A Shares) | | 24,450 | 180,033 |
| GoerTek, Inc. (A Shares) | | 206,100 | 447,540 |
| Goldwind Science & Technology Co. Ltd. (A Shares) | | 210,300 | 220,794 |
| Goneo Group Co. Ltd. (A Shares) | | 27,200 | 447,987 |
| GoodWe Technologies Co. Ltd. (A Shares) | | 10,530 | 134,661 |
| Gotion High-tech Co. Ltd. (A Shares) (a) | | 108,700 | 280,580 |
| Great Wall Motor Co. Ltd.: | | | |
| (A Shares) | | 146,000 | 526,609 |
| (H Shares) | | 2,336,500 | 3,530,784 |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | | 169,600 | 983,948 |
| Greenland Holdings Corp. Ltd. (A Shares) (a) | | 713,000 | 180,593 |
| GRG Banking Equipment Co. Ltd. (A Shares) | | 151,200 | 247,786 |
| Guangdong Haid Group Co. Ltd. (A Shares) | | 100,200 | 689,469 |
| Guangdong HEC Technology Holding Co. Ltd. (A Shares) (a) | | 183,600 | 224,299 |
| Guangdong Investment Ltd. | | 2,954,000 | 1,543,067 |
| Guanghui Energy Co. Ltd. (A Shares) | | 399,800 | 406,432 |
| Guangzhou Automobile Group Co. Ltd. | | 316,900 | 382,951 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 2,894,000 | 1,195,582 |
| Guangzhou Baiyun International Airport Co. Ltd. (A Shares) (a) | | 143,900 | 205,205 |
| Guangzhou Baiyunshan Pharma Health (A Shares) | | 85,600 | 378,187 |
| Guangzhou Haige Communications Group (A Shares) | | 151,000 | 226,612 |
| Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) | | 28,500 | 150,579 |
| Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares) | | 42,700 | 196,613 |
| Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) | | 117,200 | 338,564 |
| Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares) | | 254,417 | 202,651 |
| Guolian Securities Co. Ltd. (a)(d) | | 145,400 | 210,035 |
| Guosen Securities Co. Ltd. (A Shares) | | 390,000 | 482,218 |
| Guotai Junan Securities Co. Ltd. (A Shares) | | 452,600 | 856,695 |
| Guoyuan Securities Co. Ltd. (A Shares) | | 265,610 | 249,232 |
| H World Group Ltd. ADR | | 208,040 | 7,637,148 |
| Haidilao International Holding Ltd. (b) | | 1,679,000 | 3,788,173 |
| Haier Smart Home Co. Ltd. | | 2,449,800 | 9,074,120 |
| Haier Smart Home Co. Ltd. (A Shares) | | 370,500 | 1,541,398 |
| Hainan Airlines Co. Ltd. (A Shares) (a) | | 2,589,700 | 488,530 |
| Hainan Airport Infrastructure Co. Ltd. (A Shares) (a) | | 695,500 | 335,437 |
| Haitian International Holdings Ltd. | | 641,000 | 2,087,640 |
| Haitong Securities Co. Ltd.: | | | |
| (A Shares) | | 549,100 | 633,129 |
| (H Shares) | | 2,836,800 | 1,354,917 |
| Hanergy Mobile Energy Holding (a)(d) | | 1,618,000 | 2 |
| Hangzhou Binjiang Real Estate Group Co. Ltd. (A Shares) | | 189,400 | 175,233 |
| Hangzhou Chang Chuan Technology Co. Ltd. | | 38,000 | 152,575 |
| Hangzhou First Applied Material Co. Ltd. (A Shares) | | 113,484 | 424,343 |
| Hangzhou Greatstar Industrial Co. Ltd. (A Shares) | | 73,200 | 255,101 |
| Hangzhou Oxygen Plant Group Co. Ltd. (A Shares) | | 60,000 | 225,713 |
| Hangzhou Robam Appliances Co. Ltd. (A Shares) | | 57,800 | 188,291 |
| Hangzhou Silan Microelectronics Co. Ltd. (A Shares) | | 101,400 | 267,168 |
| Hangzhou Tigermed Consulting Co. Ltd.: | | | |
| (A Shares) | | 21,400 | 173,821 |
| (H Shares) (b) | | 2,300 | 10,157 |
| Hansoh Pharmaceutical Group Co. Ltd. (b) | | 1,192,000 | 2,633,957 |
| Haohua Chemical Science & Technology Co. Ltd. (A Shares) | | 46,300 | 198,221 |
| Hebei Yangyuan Zhihui Beverage Co. Ltd. (A Shares) (a) | | 77,000 | 278,828 |
| Heilongjiang Agriculture Co. Ltd. (A Shares) | | 108,300 | 195,416 |
| Henan Shenhuo Coal & Power Co. Ltd. (A Shares) | | 137,100 | 409,173 |
| Henan Shuanghui Investment & Development Co. Ltd. (A Shares) | | 208,823 | 776,500 |
| Hengan International Group Co. Ltd. | | 641,500 | 2,153,625 |
| Hengdian Group DMEGC Magnetics Co. Ltd. (A Shares) | | 99,100 | 196,476 |
| Hengli Petrochemical Co. Ltd. (A Shares) (a) | | 424,240 | 905,782 |
| Hengtong Optic-electric Co. Ltd. (A Shares) | | 149,900 | 291,827 |
| Hengyi Petrochemical Co. Ltd. (A Shares) (a) | | 223,320 | 230,645 |
| Hesteel Co. Ltd. (A Shares) | | 630,600 | 190,268 |
| Hisense Electric Co. Ltd. | | 79,500 | 305,661 |
| Hithink RoyalFlush Information Network Co. Ltd. (A Shares) | | 32,300 | 535,705 |
| HLA Group Corp. Ltd. (A Shares) (a) | | 266,800 | 335,060 |
| Hongfa Technology Co. Ltd. (A Shares) | | 31,740 | 124,824 |
| Hoshine Silicon Industry Co. Ltd. (A Shares) | | 48,000 | 319,696 |
| Hoymiles Power Electronics, Inc. (A Shares) | | 4,968 | 155,125 |
| Hua Hong Semiconductor Ltd. (b) | | 592,000 | 1,166,657 |
| Huadian Power International Corp. Ltd. (A Shares) | | 518,000 | 482,854 |
| Huadong Medicine Co. Ltd. (A Shares) | | 105,680 | 480,064 |
| Huafon Chemical Co. Ltd. (A Shares) | | 302,400 | 339,096 |
| Huagong Tech Co. Ltd. (A Shares) (a) | | 61,200 | 280,039 |
| Huaibei Mining Holdings Co. Ltd. (A Shares) | | 151,100 | 401,961 |
| Hualan Biological Engineer, Inc. (A Shares) | | 111,260 | 298,689 |
| Huaneng Power International, Inc.: | | | |
| (A Shares) (a) | | 542,900 | 700,577 |
| (H Shares) (a) | | 4,266,000 | 2,715,315 |
| Huatai Securities Co. Ltd.: | | | |
| (A Shares) | | 377,600 | 714,121 |
| (H Shares) (b) | | 1,404,000 | 1,660,399 |
| Huaxia Bank Co. Ltd. (A Shares) | | 799,500 | 739,965 |
| Huayu Automotive Systems Co. Ltd. (A Shares) | | 192,000 | 435,947 |
| Hubei Jumpcan Pharmaceutical Co. Ltd. (A Shares) | | 56,100 | 318,171 |
| Huizhou Desay SV Automotive Co. Ltd. | | 33,800 | 583,777 |
| Humanwell Healthcare Group Co. Ltd. (A Shares) | | 99,400 | 277,171 |
| Hunan Valin Steel Co. Ltd. (A Shares) | | 420,900 | 302,857 |
| Hundsun Technologies, Inc. (A Shares) | | 115,652 | 326,741 |
| Hwatsing Technology Co. Ltd. (A Shares) | | 9,682 | 227,049 |
| Hygeia Healthcare Holdings Co. (b)(c) | | 348,800 | 1,439,649 |
| Hygon Information Technology Co. Ltd. (A Shares) | | 116,692 | 1,254,922 |
| IEIT Systems Co. Ltd. (A Shares) | | 88,596 | 494,075 |
| iFlytek Co. Ltd. (A Shares) | | 139,500 | 862,403 |
| IMEIK Technology Development Co. Ltd. (A Shares) | | 18,200 | 538,373 |
| Industrial & Commercial Bank of China Ltd.: | | | |
| (A Shares) | | 3,941,700 | 2,952,568 |
| (H Shares) | | 65,144,000 | 34,932,074 |
| Industrial Bank Co. Ltd. (A Shares) | | 1,251,700 | 2,907,429 |
| Industrial Securities Co. Ltd. (A Shares) | | 525,710 | 403,909 |
| Ingenic Semiconductor Co. Ltd. (A Shares) | | 29,300 | 255,220 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 383,500 | 1,511,334 |
| Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) | | 2,737,800 | 602,844 |
| Inner Mongolia Dian Tou Energy Corp. Ltd. | | 136,500 | 396,707 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares) | | 514,300 | 298,474 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 1,066,704 | 2,073,163 |
| Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares) | | 227,900 | 225,388 |
| Innovent Biologics, Inc. (a)(b) | | 1,218,500 | 5,898,715 |
| iQIYI, Inc. ADR (a) | | 445,721 | 2,161,747 |
| iRay Technology Co. Ltd. (A Shares) | | 6,210 | 170,136 |
| iSoftStone Information Technology Group Co. Ltd. (A Shares) | | 58,000 | 333,920 |
| JA Solar Technology Co. Ltd. (A Shares) | | 199,872 | 391,976 |
| Jason Furniture Hangzhou Co. Ltd. (A Shares) | | 50,010 | 230,215 |
| JCET Group Co. Ltd. (A Shares) | | 109,000 | 384,288 |
| JD Health International, Inc. (a)(b) | | 1,120,550 | 3,822,001 |
| JD Logistics, Inc. (a)(b) | | 1,990,500 | 2,154,368 |
| JD.com, Inc. Class A | | 2,352,707 | 33,898,678 |
| Jiangsu Eastern Shenghong Co. Ltd. | | 398,400 | 544,459 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 1,228,000 | 1,204,320 |
| Jiangsu Hengli Hydraulic Co. Ltd. | | 80,876 | 569,363 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 384,275 | 2,440,261 |
| Jiangsu King's Luck Brewery JSC Ltd. (A Shares) | | 75,600 | 597,863 |
| Jiangsu Nhwa Pharmaceutical Co. Ltd. (A Shares) (a) | | 61,400 | 211,657 |
| Jiangsu Pacific Quartz Co. Ltd. (A Shares) | | 22,000 | 237,455 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd. (a) | | 154,900 | 217,591 |
| Jiangsu Yanghe Brewery JSC Ltd. (A Shares) | | 90,700 | 1,187,308 |
| Jiangsu Yangnong Chemical Co. Ltd. (A Shares) | | 24,760 | 219,774 |
| Jiangsu Yoke Technology Co. Ltd. (A Shares) | | 29,000 | 255,114 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares) | | 61,000 | 325,294 |
| Jiangsu Zhongtian Technology Co. Ltd. (A Shares) | | 207,800 | 387,724 |
| Jiangxi Copper Co. Ltd.: | | | |
| (A Shares) | | 120,500 | 432,068 |
| (H Shares) | | 1,123,000 | 2,287,137 |
| Jiangxi Special Electric Motor Co. Ltd. (A Shares) (a) | | 103,900 | 139,070 |
| Jinduicheng Molybdenum Co. Ltd. (A Shares) | | 196,600 | 307,573 |
| Jinko Solar Co. Ltd. (A Shares) | | 502,326 | 522,117 |
| JiuGui Liquor Co. Ltd. (A Shares) | | 19,800 | 139,186 |
| Jizhong Energy Resources Co. Ltd. (A Shares) | | 215,300 | 222,663 |
| Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares) | | 113,600 | 190,322 |
| Jointown Pharmaceutical Group (A Shares) | | 237,946 | 269,237 |
| Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares) (a) | | 47,800 | 194,379 |
| Juneyao Airlines Co. Ltd. (A shares) (a) | | 134,400 | 227,868 |
| Kangmei Pharmaceutical Co. Ltd. rights (a)(d) | | 9,606 | 0 |
| Kanzhun Ltd. ADR | | 223,587 | 4,424,787 |
| KE Holdings, Inc. ADR | | 657,522 | 9,941,733 |
| Keda Industrial Group Co. Ltd. | | 118,800 | 165,513 |
| Kingboard Chemical Holdings Ltd. | | 667,500 | 1,467,016 |
| Kingdee International Software Group Co. Ltd. (a) | | 2,917,000 | 3,077,510 |
| Kingnet Network Co. Ltd. (A Shares) | | 131,100 | 212,435 |
| Kingsoft Corp. Ltd. | | 959,800 | 3,118,375 |
| Kuaishou Technology Class B (a)(b) | | 2,353,400 | 16,499,004 |
| Kuang-Chi Technologies Co. Ltd. (A Shares) (a) | | 131,200 | 353,493 |
| Kunlun Energy Co. Ltd. | | 3,914,000 | 3,794,150 |
| Kunlun Tech Co. Ltd. (A Shares) (a) | | 74,000 | 403,928 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 75,700 | 17,749,091 |
| Lb Group Co. Ltd. (A Shares) | | 145,373 | 420,290 |
| Lenovo Group Ltd. | | 8,086,000 | 9,094,807 |
| Lens Technology Co. Ltd. (A Shares) | | 300,100 | 589,916 |
| Lepu Medical Technology Beijing Co. Ltd. (A Shares) | | 114,500 | 231,369 |
| Li Auto, Inc. Class A (a) | | 1,152,648 | 15,101,878 |
| Li Ning Co. Ltd. | | 2,372,500 | 6,210,894 |
| Liaoning Port Co. Ltd. (A Shares) | | 1,146,000 | 227,700 |
| Lingyi iTech Guangdong Co. (A Shares) | | 426,700 | 305,149 |
| Livzon Pharmaceutical Group, Inc. (A Shares) | | 37,500 | 207,416 |
| Longfor Properties Co. Ltd. (b) | | 1,985,560 | 2,940,904 |
| LONGi Green Energy Technology Co. Ltd. | | 456,548 | 1,143,233 |
| Luxshare Precision Industry Co. Ltd. (A Shares) | | 431,428 | 1,729,381 |
| Luzhou Laojiao Co. Ltd. (A Shares) | | 88,600 | 2,267,895 |
| Mango Excellent Media Co. Ltd. (A Shares) | | 113,907 | 366,748 |
| Maxscend Microelectronics Co. Ltd. (A Shares) | | 32,076 | 399,665 |
| Meihua Holdings Group Co. Ltd. (A Shares) | | 179,400 | 274,739 |
| Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a) | | 238,160 | 145,262 |
| Meituan Class B (a)(b) | | 5,096,720 | 69,593,322 |
| Metallurgical Corp. China Ltd. (A Shares) | | 1,076,000 | 484,649 |
| MGI Tech Co. Ltd. (A Shares) | | 25,313 | 203,633 |
| Midea Group Co. Ltd. (A Shares) | | 211,700 | 2,036,080 |
| Ming Yang Smart Energy Group Ltd. (A Shares) | | 138,400 | 186,403 |
| MINISO Group Holding Ltd. | | 380,764 | 2,147,909 |
| Montage Technology Co. Ltd. (A Shares) | | 68,611 | 476,518 |
| Muyuan Foodstuff Co. Ltd. (A Shares) | | 329,240 | 1,979,782 |
| Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. | | 98,435 | 185,766 |
| Nanjing Securities Co. Ltd. (A Shares) | | 224,400 | 253,392 |
| NARI Technology Co. Ltd. (A Shares) | | 483,994 | 1,565,422 |
| National Silicon Industry Group Co. Ltd. (A Shares) (a) | | 167,365 | 305,443 |
| NAURA Technology Group Co. Ltd. | | 32,000 | 1,401,274 |
| NetEase, Inc. | | 1,942,750 | 36,416,151 |
| New China Life Insurance Co. Ltd. | | 120,400 | 520,670 |
| New China Life Insurance Co. Ltd. (H Shares) | | 842,900 | 1,616,480 |
| New Hope Liuhe Co. Ltd. (A Shares) (a) | | 276,700 | 340,194 |
| New Oriental Education & Technology Group, Inc. (a) | | 1,484,810 | 11,798,249 |
| Ninestar Corp. (A Shares) | | 86,200 | 299,907 |
| Ningbo Deye Technology Co. Ltd. (A Shares) | | 26,220 | 337,408 |
| Ningbo Joyson Electronic Corp. (A shares) | | 85,800 | 207,381 |
| Ningbo Orient Wires & Cables Co. Ltd. (A Shares) | | 41,900 | 254,727 |
| Ningbo Sanxing Medical Electric Co. Ltd. (a) | | 86,000 | 397,041 |
| Ningbo Shanshan Co. Ltd. (A Shares) | | 137,600 | 224,335 |
| Ningbo Tuopu Group Co. Ltd. (A Shares) | | 70,100 | 603,216 |
| Ningxia Baofeng Energy Group Co. Ltd. | | 442,000 | 1,010,376 |
| NIO, Inc. sponsored ADR (a)(c) | | 1,357,541 | 6,407,594 |
| Nongfu Spring Co. Ltd. (H Shares) (b) | | 2,022,200 | 11,880,263 |
| Offcn Education Technology Co. A Shares (a) | | 375,500 | 137,091 |
| Offshore Oil Enginering Co. Ltd. (A Shares) | | 269,300 | 236,001 |
| OFILM Group Co. Ltd. (A Shares) (a) | | 198,300 | 239,063 |
| Oppein Home Group, Inc. (A Shares) | | 30,860 | 264,999 |
| Orient Securities Co. Ltd. (A Shares) | | 449,808 | 516,797 |
| Oriental Pearl Group Co. Ltd. (a) | | 207,800 | 197,503 |
| Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a) | | 566,200 | 242,156 |
| PDD Holdings, Inc. ADR (a) | | 600,300 | 75,145,554 |
| People's Insurance Co. of China Group Ltd.: | | | |
| (A Shares) | | 537,300 | 387,726 |
| (H Shares) | | 8,829,000 | 2,897,901 |
| People.cn Co. Ltd. (A Shares) (a) | | 67,300 | 229,350 |
| Perfect World Co. Ltd. (A Shares) | | 118,100 | 162,605 |
| PetroChina Co. Ltd.: | | | |
| (A Shares) | | 1,284,900 | 1,812,796 |
| (H Shares) | | 21,208,000 | 19,760,374 |
| Pharmaron Beijing Co. Ltd.: | | | |
| (A Shares) | | 86,925 | 235,403 |
| (H Shares) (b) | | 8,575 | 10,511 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 6,927,840 | 8,607,032 |
| Ping An Bank Co. Ltd. (A Shares) | | 1,169,200 | 1,737,827 |
| Ping An Insurance Group Co. of China Ltd.: | | | |
| (A Shares) | | 644,794 | 3,665,370 |
| (H Shares) | | 6,735,500 | 30,525,847 |
| Piotech, Inc. (A Shares) | | 11,461 | 285,026 |
| Poly Developments & Holdings (A Shares) | | 721,100 | 884,773 |
| Pop Mart International Group Ltd. (b) | | 473,800 | 2,027,595 |
| Postal Savings Bank of China Co. Ltd. | | 1,707,500 | 1,130,017 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (b) | | 8,032,000 | 4,161,803 |
| Power Construction Corp. of China Ltd. (A Shares) | | 1,037,800 | 726,171 |
| Qi An Xin Technology Group, Inc. (A Shares) (a) | | 41,704 | 177,279 |
| Qifu Technology, Inc. ADR | | 122,600 | 2,242,354 |
| Qinghai Salt Lake Potash Co. Ltd. Class A (a) | | 327,600 | 748,385 |
| Range Intelligent Computing Technology Group Co. Ltd. (A Shares) | | 87,300 | 375,778 |
| Risen Energy Co. Ltd. (A Shares) | | 69,500 | 124,151 |
| Rockchip Electronics Co. Ltd. | | 25,500 | 201,689 |
| Rongsheng Petrochemical Co. Ltd. (A Shares) | | 610,400 | 942,807 |
| SAIC Motor Corp. Ltd. (A Shares) | | 465,000 | 952,151 |
| Sailun Group Co. Ltd. A Shares | | 190,300 | 434,938 |
| Sanan Optoelectronics Co. Ltd. (A Shares) | | 300,600 | 517,990 |
| Sangfor Technologies, Inc. (a) | | 25,600 | 192,851 |
| Sany Heavy Equipment International Holdings Co. Ltd. (c) | | 1,121,000 | 787,706 |
| Sany Heavy Industry Co. Ltd. (A Shares) | | 511,500 | 1,149,383 |
| Satellite Chemical Co. Ltd. (A Shares) (a) | | 202,956 | 539,059 |
| SDIC Capital Co. Ltd. | | 391,100 | 344,626 |
| SDIC Power Holdings Co. Ltd. (A Shares) | | 449,000 | 986,023 |
| Seazen Holdings Co. Ltd. (A Shares) (a) | | 137,300 | 185,994 |
| Seres Group Co. Ltd. (A Shares) (a) | | 90,900 | 1,133,001 |
| SF Holding Co. Ltd. (A Shares) | | 294,900 | 1,471,025 |
| SG Micro Corp. (A Shares) | | 28,475 | 300,748 |
| Shaanxi Coal Industry Co. Ltd. (A Shares) | | 584,100 | 1,978,230 |
| Shan Xi Hua Yang Group New Energy Co. Ltd. | | 219,700 | 286,351 |
| Shandong Gold Mining Co. Ltd.: | | | |
| (A Shares) | | 348,084 | 1,376,379 |
| (H Shares) (b) | | 469,500 | 1,014,498 |
| Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares) (a) | | 48,800 | 267,774 |
| Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) | | 128,020 | 525,484 |
| Shandong Linglong Tyre Co. Ltd. (A Shares) | | 89,700 | 276,399 |
| Shandong Nanshan Aluminum Co. Ltd. (A Shares) | | 714,200 | 351,927 |
| Shandong Sun Paper Industry JSC Ltd. (A Shares) | | 170,200 | 365,417 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 2,497,600 | 1,693,742 |
| Shanghai Aiko Solar Energy Co. Ltd. (A Shares) | | 111,340 | 183,523 |
| Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) | | 63,940 | 179,519 |
| Shanghai Baosight Software Co. Ltd. | | 606,384 | 1,295,406 |
| Shanghai Baosight Software Co. Ltd. (A Shares) | | 108,088 | 610,651 |
| Shanghai Construction Group Co. Ltd. (A Shares) | | 541,200 | 178,877 |
| Shanghai Electric Group Co. Ltd. (A Shares) (a) | | 770,600 | 457,388 |
| Shanghai Electric Power Co. Ltd. (A Shares) | | 171,300 | 216,844 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd.: | | | |
| (A Shares) | | 123,200 | 402,197 |
| (H Shares) | | 507,000 | 795,921 |
| Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares) | | 8,911 | 398,111 |
| Shanghai International Airport Co. Ltd. (A Shares) (a) | | 75,700 | 392,675 |
| Shanghai International Port Group Co. Ltd. (A Shares) | | 425,200 | 329,353 |
| Shanghai Jinjiang International Hotels Co. Ltd. (A Shares) | | 55,600 | 221,173 |
| Shanghai Junshi Biosciences Co. Ltd. (A Shares) (a) | | 46,648 | 193,347 |
| Shanghai Lingang Holdings Corp. Ltd. (A Shares) | | 145,660 | 212,116 |
| Shanghai M&G Stationery, Inc. (A Shares) | | 56,400 | 274,741 |
| Shanghai Moons' Electric Co. Ltd. (A Shares) (a) | | 25,600 | 197,359 |
| Shanghai Pharmaceuticals Holding Co. Ltd.: | | | |
| (A Shares) | | 161,900 | 400,221 |
| (H Shares) | | 747,900 | 1,062,811 |
| Shanghai Pudong Development Bank Co. Ltd. (A Shares) | | 1,769,000 | 1,875,352 |
| Shanghai Putailai New Energy Technology Co. Ltd. | | 130,264 | 331,350 |
| Shanghai RAAS Blood Products Co. Ltd. (A Shares) | | 404,600 | 400,141 |
| Shanghai Rural Commercial Bank Co. Ltd. (A Shares) | | 581,400 | 542,323 |
| Shanghai United Imaging Healthcare Co. Ltd. (A Shares) (a) | | 49,651 | 907,196 |
| Shanghai Yuyuan Tourist Mart Group Co. Ltd. | | 237,300 | 193,933 |
| Shanghai Zhangjiang High Ltd. (A Shares) (a) | | 94,300 | 239,065 |
| Shanxi Coal International Energy Group Co. Ltd. (A Shares) (a) | | 120,700 | 238,333 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) | | 180,300 | 525,724 |
| Shanxi Meijin Energy Co. Ltd. (A Shares) (a) | | 263,500 | 220,293 |
| Shanxi Taigang Stainless Steel Co. Ltd. (A Shares) | | 348,500 | 185,473 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) | | 73,440 | 2,645,079 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) | | 342,060 | 494,954 |
| Shede Spirits Co. Ltd. (A Shares) | | 20,300 | 203,609 |
| Shenergy Co. Ltd. (A Shares) | | 297,900 | 349,394 |
| Shengyi Technology Co. Ltd. | | 143,400 | 382,394 |
| Shennan Circuits Co. Ltd. (A Shares) | | 31,240 | 400,712 |
| Shenwan Hongyuan Group Co. Ltd. (A Shares) | | 1,357,100 | 878,236 |
| Shenzhen Capchem Technology Co. Ltd. (A Shares) | | 45,980 | 213,106 |
| Shenzhen Energy Group Co. Ltd. (A Shares) | | 289,660 | 288,833 |
| Shenzhen Goodix Technology Co. Ltd. (A Shares) (a) | | 27,900 | 235,462 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 80,750 | 662,228 |
| Shenzhen Kaifa Technology Co. Ltd. (A Shares) | | 95,000 | 180,277 |
| Shenzhen Kangtai Biological Products Co. Ltd. | | 68,000 | 189,331 |
| Shenzhen Kedali Industry Co. Ltd. | | 16,400 | 215,480 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 73,000 | 3,065,257 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | | 47,300 | 461,027 |
| Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) (a) | | 499,200 | 181,400 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares) | | 67,900 | 298,294 |
| Shenzhen SC New Energy Technology Corp. (A Shares) | | 21,200 | 200,462 |
| Shenzhen Sed Industry Co. Ltd. (A Shares) | | 69,300 | 167,471 |
| Shenzhen Transsion Holdings Co. Ltd. (A Shares) | | 48,593 | 962,382 |
| Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 56,700 | 209,000 |
| Shenzhou International Group Holdings Ltd. | | 830,200 | 8,160,212 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) | | 101,760 | 264,037 |
| Sichuan Changhong Electric Co. Ltd. (A Shares) | | 281,100 | 215,192 |
| Sichuan Chuantou Energy Co. Ltd. (A Shares) | | 275,900 | 633,102 |
| Sichuan Hebang Biotechnology Co. Ltd. (A Shares) | | 539,500 | 156,196 |
| Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) | | 91,300 | 427,531 |
| Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) | | 437,700 | 437,962 |
| Sichuan Swellfun Co. Ltd. (A Shares) | | 29,800 | 184,796 |
| Sieyuan Electric Co. Ltd. (A Shares) | | 46,900 | 420,826 |
| Silergy Corp. | | 327,000 | 4,335,207 |
| Sinolink Securities Co. Ltd. (A Shares) | | 226,700 | 272,907 |
| Sinoma International Engineering Co. Ltd. (A Shares) | | 160,900 | 281,431 |
| Sinoma Science & Technology Co. Ltd. (A Shares) | | 102,200 | 218,580 |
| Sinomine Resource Group Co. Ltd. (A Shares) | | 44,380 | 217,053 |
| Sinopharm Group Co. Ltd. (H Shares) | | 1,347,200 | 3,402,168 |
| Sinotruk Hong Kong Ltd. | | 693,000 | 1,724,676 |
| SKSHU Paint Co. Ltd. (A Shares) | | 32,132 | 150,397 |
| Smoore International Holdings Ltd. (b)(c) | | 1,848,000 | 1,609,451 |
| Songcheng Performance Development Co. Ltd. (A Shares) | | 159,380 | 238,420 |
| Soochow Securities Co. Ltd. (A Shares) | | 304,845 | 287,039 |
| Southwest Securities Co. Ltd. (A Shares) | | 404,400 | 220,898 |
| Spring Airlines Co. Ltd. (A Shares) (a) | | 58,800 | 459,946 |
| StarPower Semiconductor Ltd. (A Shares) | | 10,400 | 199,006 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 89,400 | 1,269,648 |
| Sunny Optical Technology Group Co. Ltd. | | 715,800 | 3,462,841 |
| Sunresin New Materials Co. Ltd. (A Shares) | | 30,800 | 198,112 |
| Sunwoda Electronic Co. Ltd. (A Shares) | | 113,400 | 237,414 |
| SUPCON Technology Co. Ltd. (A Shares) | | 48,086 | 315,202 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares) | | 104,100 | 220,071 |
| Suzhou Maxwell Technologies Co. Ltd. (A Shares) | | 16,944 | 267,504 |
| Suzhou TFC Optical Communication Co. Ltd. (A Shares) | | 23,700 | 519,265 |
| TAL Education Group ADR (a) | | 442,334 | 5,325,701 |
| TBEA Co. Ltd. (A Shares) | | 304,770 | 593,463 |
| TCL Technology Group Corp. (A Shares) | | 1,131,290 | 743,730 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares) | | 246,275 | 353,466 |
| Tencent Holdings Ltd. | | 6,643,700 | 291,546,818 |
| Tencent Music Entertainment Group ADR (a) | | 754,119 | 9,464,193 |
| Thunder Software Technology Co. Ltd. (A Shares) | | 28,000 | 187,635 |
| Tianfeng Securities Co. Ltd. (A Shares) (a) | | 527,400 | 211,631 |
| Tianhe Chemicals Group Ltd. (a)(d) | | 376,000 | 0 |
| Tianjin 712 Communication & Broadcasting Co. Ltd. | | 47,000 | 143,292 |
| Tianma Microelectronics Co. Ltd. (A Shares) (a) | | 149,600 | 167,083 |
| Tianqi Lithium Corp. (A Shares) | | 89,100 | 483,228 |
| Tianshan Aluminum Group Co. Ltd. | | 283,500 | 294,921 |
| Tianshui Huatian Technology Co. Ltd. (A Shares) | | 195,100 | 219,538 |
| Tingyi (Cayman Islands) Holding Corp. | | 1,982,000 | 2,187,528 |
| Tongcheng Travel Holdings Ltd. | | 1,244,800 | 3,276,164 |
| TongFu Microelectronics Co. Ltd. (A Shares) | | 92,200 | 262,585 |
| Tongkun Group Co. Ltd. (A Shares) (a) | | 146,900 | 278,699 |
| Tongling Nonferrous Metals Group Co. Ltd. (A Shares) | | 771,900 | 428,011 |
| Tongwei Co. Ltd. (A Shares) | | 271,200 | 810,545 |
| Topchoice Medical Corp. (a) | | 19,500 | 163,286 |
| Topsports International Holdings Ltd. (b) | | 1,868,000 | 1,297,279 |
| TravelSky Technology Ltd. (H Shares) | | 936,000 | 1,215,894 |
| Trina Solar Co. Ltd. (A Shares) | | 132,380 | 387,378 |
| Trip.com Group Ltd. (a) | | 551,462 | 26,860,257 |
| Tsinghua Tongfang Co. Ltd. (A Shares) (a) | | 204,000 | 170,207 |
| Tsingtao Brewery Co. Ltd.: | | | |
| (A Shares) (a) | | 49,500 | 558,705 |
| (H Shares) | | 614,000 | 4,424,731 |
| Unigroup Guoxin Microelectronics Co. Ltd. (a) | | 51,119 | 409,507 |
| Unisplendour Corp. Ltd. (A Shares) (a) | | 172,303 | 493,154 |
| Universal Scientific Industrial Shanghai Co. Ltd. (A Shares) | | 112,100 | 228,155 |
| Verisilicon Microelectronics Shanghai Co. Ltd. (A Shares) (a) | | 30,452 | 137,741 |
| Vipshop Holdings Ltd. ADR | | 349,384 | 5,254,735 |
| Walvax Biotechnology Co. Ltd. (A Shares) | | 97,900 | 198,289 |
| Wanda Film Holding Co. Ltd. (A Shares) (a) | | 132,600 | 267,141 |
| Wanhua Chemical Group Co. Ltd. (A Shares) | | 189,200 | 2,317,950 |
| Want Want China Holdings Ltd. | | 4,755,000 | 2,712,022 |
| Weichai Power Co. Ltd.: | | | |
| (A Shares) | | 403,200 | 967,331 |
| (H Shares) | | 1,956,200 | 3,997,226 |
| Weihai Guangwei Composites Co. Ltd. (A Shares) | | 50,660 | 181,652 |
| Wens Foodstuffs Group Co. Ltd. (A Shares) | | 400,680 | 1,052,818 |
| Western Mining Co. Ltd. (A Shares) | | 145,200 | 400,387 |
| Western Securities Co. Ltd. (A Shares) | | 272,000 | 277,125 |
| Western Superconducting Technologies Co. Ltd. (A Shares) | | 39,572 | 216,048 |
| Will Semiconductor Ltd. | | 71,335 | 996,819 |
| Wingtech Technology Co. Ltd. (A Shares) (a) | | 75,700 | 327,263 |
| Wintime Energy Group Co. Ltd. (A Shares) (a) | | 1,353,200 | 251,852 |
| Wuchan Zhongda Group Co. Ltd. | | 316,300 | 205,695 |
| Wuhan Guide Infrared Co. Ltd. (A Shares) | | 260,069 | 251,041 |
| Wuliangye Yibin Co. Ltd. (A Shares) | | 233,800 | 4,835,255 |
| WUS Printed Circuit Kunshan Co. Ltd. (A Shares) | | 116,190 | 528,429 |
| WuXi AppTec Co. Ltd. | | 151,044 | 907,651 |
| WuXi AppTec Co. Ltd. (H Shares) (b) | | 354,222 | 1,594,385 |
| Wuxi Biologics (Cayman), Inc. (a)(b) | | 3,847,500 | 6,665,166 |
| XCMG Construction Machinery Co. Ltd. (A Shares) | | 712,200 | 689,253 |
| Xiamen C&D, Inc. (A Shares) | | 183,100 | 251,007 |
| Xiamen Faratronic Co. Ltd. (A Shares) | | 13,700 | 186,006 |
| Xiamen Tungsten Co. Ltd. (A Shares) | | 86,500 | 228,095 |
| Xiaomi Corp. Class B (a)(b) | | 15,443,200 | 33,665,056 |
| Xinjiang Daqo New Energy Co. Ltd. (A Shares) (a) | | 108,914 | 367,071 |
| Xinyi Solar Holdings Ltd. | | 4,917,498 | 3,383,564 |
| XPeng, Inc. Class A (a)(c) | | 1,158,252 | 4,695,740 |
| Yadea Group Holdings Ltd. (b) | | 1,232,000 | 2,369,963 |
| Yangzhou Yangjie Electronic Technology Co. Ltd. (A Shares) | | 33,100 | 172,929 |
| Yankuang Energy Group Co. Ltd.: | | | |
| (A Shares) | | 237,150 | 755,490 |
| (H Shares) | | 2,278,000 | 4,941,829 |
| Yantai Jereh Oilfield Services (A Shares) | | 62,400 | 273,705 |
| Yealink Network Technology Corp. Ltd. | | 76,830 | 373,786 |
| Yifeng Pharmacy Chain Co. Ltd. | | 61,525 | 372,155 |
| Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) | | 99,000 | 428,099 |
| Yintai Gold Co. Ltd. (A Shares) | | 169,180 | 429,195 |
| Yonghui Superstores Co. Ltd. (A Shares) (a) | | 552,300 | 184,848 |
| YongXing Special Materials Technology Co. Ltd. (A Shares) | | 32,810 | 214,251 |
| Yonyou Network Technology Co. Ltd. (A Shares) | | 208,138 | 332,991 |
| Youngor Fashion Co. Ltd. (A Shares) | | 281,889 | 303,804 |
| YTO Express Group Co. Ltd. (A Shares) | | 209,500 | 458,310 |
| Yuexiu Property Co. Ltd. | | 1,616,620 | 964,831 |
| Yum China Holdings, Inc. | | 408,375 | 14,909,771 |
| Yunda Holding Co. Ltd. (A Shares) | | 176,390 | 190,573 |
| Yunnan Aluminium Co. Ltd. (A Shares) | | 211,300 | 416,960 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 108,200 | 853,706 |
| Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares) | | 25,800 | 202,988 |
| Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares) (a) | | 310,400 | 244,709 |
| Yunnan Energy New Material Co. Ltd. | | 59,500 | 341,101 |
| Yunnan Tin Co. Ltd. (A Shares) | | 100,300 | 227,445 |
| Yunnan Yuntianhua Co. Ltd. (Series A) | | 111,800 | 311,696 |
| Yutong Bus Co. Ltd. (a) | | 134,900 | 476,274 |
| Zai Lab Ltd. (a)(c) | | 946,300 | 1,520,998 |
| Zangge Mining Co. Ltd. (Series A) | | 96,300 | 381,610 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) | | 36,300 | 1,188,284 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 1,515,000 | 2,439,803 |
| Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a) | | 453,697 | 292,397 |
| Zhejiang China Commodities City Group Co. Ltd. (A Shares) | | 333,900 | 403,045 |
| Zhejiang Chint Electric Co. Ltd. (A Shares) | | 130,900 | 372,360 |
| Zhejiang Dahua Technology Co. Ltd. (A Shares) | | 198,500 | 490,136 |
| Zhejiang Dingli Machinery Co. Ltd. (A Shares) | | 30,860 | 278,827 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 1,587,920 | 1,038,231 |
| Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) | | 90,220 | 208,540 |
| Zhejiang Huayou Cobalt Co. Ltd. (A Shares) | | 104,150 | 407,378 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) | | 79,800 | 372,401 |
| Zhejiang Juhua Co. Ltd. (A Shares) | | 164,400 | 536,326 |
| Zhejiang Leapmotor Technology Co. Ltd. (H Shares) (a)(b)(c) | | 504,500 | 1,733,485 |
| Zhejiang Longsheng Group Co. Ltd. (A Shares) | | 198,300 | 250,075 |
| Zhejiang NHU Co. Ltd. (A Shares) | | 188,228 | 498,025 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 113,700 | 343,241 |
| Zhejiang Supor Cookware Co. Ltd. | | 32,800 | 266,114 |
| Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares) | | 103,790 | 314,765 |
| Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) | | 97,000 | 234,836 |
| Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) (a) | | 673,200 | 578,356 |
| Zheshang Securities Co. Ltd. | | 236,100 | 366,851 |
| ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(b) | | 712,800 | 1,198,875 |
| Zhongji Innolight Co. Ltd. (A Shares) | | 48,400 | 1,220,022 |
| Zhongjin Gold Co. Ltd. (A Shares) | | 295,300 | 531,640 |
| Zhongsheng Group Holdings Ltd. Class H | | 838,500 | 1,529,244 |
| Zhongtai Securities Co. Ltd. (A Shares) | | 424,100 | 388,867 |
| Zhuzhou CRRC Times Electric Co. Ltd.: | | | |
| (A Shares) | | 50,679 | 332,998 |
| (H Shares) | | 498,500 | 1,786,632 |
| Zijin Mining Group Co. Ltd.: | | | |
| (A Shares) | | 1,228,500 | 2,957,734 |
| (H Shares) | | 5,486,000 | 11,967,552 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd.: | | | |
| (A Shares) | | 160,200 | 187,770 |
| (H Shares) | | 420,800 | 319,473 |
| ZTE Corp.: | | | |
| (A Shares) | | 228,300 | 897,151 |
| (H Shares) | | 787,880 | 1,698,158 |
| ZTO Express, Inc. sponsored ADR | | 426,463 | 8,951,458 |
TOTAL CHINA | | | 1,917,074,524 |
| Colombia - 0.1% | | | |
| Bancolombia SA | | 255,820 | 2,204,108 |
| Bancolombia SA sponsored ADR | | 3,513 | 114,945 |
| Interconexion Electrica SA ESP | | 444,816 | 2,052,299 |
TOTAL COLOMBIA | | | 4,371,352 |
| Czech Republic - 0.1% | | | |
| CEZ A/S | | 162,052 | 5,981,758 |
| Komercni Banka A/S | | 76,326 | 2,815,770 |
| MONETA Money Bank A/S (b) | | 333,556 | 1,345,874 |
TOTAL CZECH REPUBLIC | | | 10,143,402 |
| Egypt - 0.1% | | | |
| Commercial International Bank SAE | | 2,545,477 | 3,824,865 |
| Eastern Co. SAE | | 1,039,307 | 477,842 |
| EFG Holding SAE | | 952,425 | 294,585 |
TOTAL EGYPT | | | 4,597,292 |
| Greece - 0.5% | | | |
| Alpha Bank SA (a) | | 2,243,194 | 3,812,344 |
| Eurobank Ergasias Services and Holdings SA (a) | | 2,612,154 | 5,603,258 |
| Ff Group (a)(d) | | 1,035 | 0 |
| Hellenic Telecommunications Organization SA | | 188,852 | 2,878,032 |
| Jumbo SA | | 116,121 | 3,616,112 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 66,742 | 1,934,527 |
| Mytilineos SA | | 100,437 | 4,094,519 |
| National Bank of Greece SA (a) | | 780,684 | 6,298,584 |
| OPAP SA | | 185,760 | 3,094,574 |
| Piraeus Financial Holdings SA (a) | | 1,068,426 | 4,280,063 |
| Public Power Corp. of Greece (a) | | 210,960 | 2,530,534 |
TOTAL GREECE | | | 38,142,547 |
| Hong Kong - 0.1% | | | |
| Orient Overseas International Ltd. | | 132,500 | 1,932,516 |
| Sino Biopharmaceutical Ltd. | | 10,383,000 | 3,547,858 |
TOTAL HONG KONG | | | 5,480,374 |
| Hungary - 0.3% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 452,540 | 3,713,819 |
| OTP Bank PLC | | 224,912 | 11,160,439 |
| Richter Gedeon PLC | | 140,343 | 3,573,838 |
TOTAL HUNGARY | | | 18,448,096 |
| India - 17.7% | | | |
| ABB India Ltd. | | 53,192 | 4,163,910 |
| Adani Enterprises Ltd. | | 171,697 | 6,272,060 |
| Adani Green Energy Ltd. (a) | | 318,096 | 6,833,509 |
| Adani Ports & Special Economic Zone Ltd. | | 530,236 | 8,397,629 |
| Adani Power Ltd. (a) | | 774,536 | 5,663,981 |
| Ambuja Cements Ltd. | | 598,122 | 4,432,911 |
| APL Apollo Tubes Ltd. | | 167,206 | 3,113,224 |
| Apollo Hospitals Enterprise Ltd. | | 101,059 | 7,185,781 |
| Ashok Leyland Ltd. | | 1,474,165 | 3,393,920 |
| Asian Paints Ltd. | | 385,250 | 13,248,033 |
| Astral Ltd. | | 134,869 | 3,412,461 |
| AU Small Finance Bank Ltd. (b) | | 167,869 | 1,271,528 |
| Aurobindo Pharma Ltd. | | 264,754 | 3,652,857 |
| Avenue Supermarts Ltd. (a)(b) | | 163,344 | 9,010,757 |
| Axis Bank Ltd. | | 2,291,645 | 31,977,902 |
| Bajaj Auto Ltd. | | 67,020 | 7,152,873 |
| Bajaj Finance Ltd. | | 279,241 | 23,157,067 |
| Bajaj Finserv Ltd. | | 384,471 | 7,424,873 |
| Bajaj Holdings & Investment Ltd. | | 26,819 | 2,604,457 |
| Balkrishna Industries Ltd. | | 77,641 | 2,255,309 |
| Bandhan Bank Ltd. (b) | | 792,547 | 1,783,745 |
| Bank of Baroda | | 1,038,488 | 3,490,733 |
| Berger Paints India Ltd. | | 292,649 | 1,782,147 |
| Bharat Electronics Ltd. | | 3,669,813 | 10,259,248 |
| Bharat Forge Ltd. | | 257,115 | 3,911,199 |
| Bharat Heavy Electricals Ltd. | | 1,048,911 | 3,527,244 |
| Bharat Petroleum Corp. Ltd. | | 762,321 | 5,545,513 |
| Bharti Airtel Ltd. | | 2,259,132 | 35,748,924 |
| Britannia Industries Ltd. | | 108,831 | 6,218,489 |
| Cg Power & Industrial Soluti | | 613,418 | 4,060,553 |
| Cholamandalam Investment and Finance Co. Ltd. | | 421,538 | 6,015,391 |
| Cipla Ltd./India (a) | | 526,916 | 8,818,219 |
| Coal India Ltd. | | 1,546,976 | 8,408,433 |
| Colgate-Palmolive Ltd. | | 136,548 | 4,619,691 |
| Container Corp. of India Ltd. | | 244,696 | 3,004,721 |
| Cummins India Ltd. | | 139,168 | 5,447,429 |
| Dabur India Ltd. | | 622,703 | 3,783,777 |
| Divi's Laboratories Ltd. | | 119,950 | 5,741,844 |
| DLF Ltd. | | 745,625 | 7,942,089 |
| Dr. Reddy's Laboratories Ltd. | | 117,236 | 8,697,331 |
| Eicher Motors Ltd. | | 137,445 | 7,564,694 |
| GAIL India Ltd. | | 2,310,657 | 5,770,653 |
| GMR Airports Infrastructure Ltd. (a) | | 2,424,112 | 2,464,837 |
| Godrej Consumer Products Ltd. | | 410,784 | 5,993,466 |
| Godrej Properties Ltd. (a) | | 125,628 | 3,969,522 |
| Grasim Industries Ltd. | | 264,451 | 7,622,786 |
| Havells India Ltd. | | 251,694 | 5,007,929 |
| HCL Technologies Ltd. | | 951,467 | 15,518,761 |
| HDFC Asset Management Co. Ltd. (b) | | 96,458 | 4,495,492 |
| HDFC Bank Ltd. | | 2,820,652 | 51,210,137 |
| HDFC Standard Life Insurance Co. Ltd. (b) | | 971,713 | 6,780,675 |
| Hero Motocorp Ltd. | | 120,423 | 6,533,745 |
| Hindalco Industries Ltd. | | 1,353,865 | 10,409,306 |
| Hindustan Aeronautics Ltd. | | 201,454 | 9,504,233 |
| Hindustan Petroleum Corp. Ltd. | | 569,725 | 3,378,490 |
| Hindustan Unilever Ltd. | | 825,698 | 22,045,748 |
| ICICI Bank Ltd. | | 5,212,432 | 71,801,405 |
| ICICI Lombard General Insurance Co. Ltd. (b) | | 242,196 | 4,948,584 |
| ICICI Prudential Life Insurance Co. Ltd. (b) | | 361,451 | 2,473,721 |
| IDFC Bank Ltd. (a) | | 3,476,950 | 3,411,450 |
| Indian Oil Corp. Ltd. | | 2,835,743 | 5,724,824 |
| Indian Railway Catering & Tourism Corp. Ltd. | | 240,980 | 2,991,472 |
| Indraprastha Gas Ltd. | | 316,279 | 1,773,940 |
| IndusInd Bank Ltd. | | 288,936 | 5,237,047 |
| Info Edge India Ltd. | | 71,452 | 5,166,205 |
| Infosys Ltd. | | 3,333,873 | 56,274,838 |
| InterGlobe Aviation Ltd. (a)(b) | | 174,511 | 8,319,008 |
| ITC Ltd. | | 3,006,685 | 15,673,105 |
| Jindal Steel & Power Ltd. | | 358,512 | 3,980,515 |
| Jio Financial Services Ltd. | | 2,870,601 | 12,923,068 |
| JSW Steel Ltd. | | 613,897 | 6,466,146 |
| Jubilant Foodworks Ltd. | | 397,469 | 2,201,384 |
| Kotak Mahindra Bank Ltd. | | 1,097,662 | 21,327,425 |
| Larsen & Toubro Ltd. | | 676,272 | 29,061,906 |
| Ltimindtree Ltd. (b) | | 89,209 | 5,009,079 |
| Lupin Ltd. | | 228,592 | 4,499,705 |
| Macrotech Developers Ltd. (b) | | 242,099 | 3,585,067 |
| Mahindra & Mahindra Ltd. | | 936,439 | 24,147,539 |
| Marico Ltd. | | 519,630 | 3,223,777 |
| Maruti Suzuki India Ltd. | | 142,057 | 21,788,088 |
| Max Healthcare Institute Ltd. | | 780,623 | 7,842,209 |
| Mphasis BFL Ltd. | | 75,809 | 2,093,161 |
| MRF Ltd. | | 2,342 | 3,726,853 |
| Muthoot Finance Ltd. | | 120,922 | 2,486,613 |
| Nestle India Ltd. | | 338,826 | 10,167,819 |
| NMDC Ltd. | | 1,029,988 | 3,124,788 |
| NTPC Ltd. | | 4,381,240 | 19,035,172 |
| Oil & Natural Gas Corp. Ltd. | | 3,157,885 | 10,657,218 |
| One97 Communications Ltd. (a) | | 255,067 | 1,136,534 |
| Page Industries Ltd. | | 6,160 | 2,563,583 |
| Persistent Systems Ltd. | | 100,412 | 4,038,225 |
| Petronet LNG Ltd. | | 753,049 | 2,794,374 |
| PI Industries Ltd. | | 83,788 | 3,660,919 |
| Pidilite Industries Ltd. | | 153,212 | 5,586,709 |
| Polycab India Ltd. | | 45,235 | 3,068,802 |
| Power Finance Corp. Ltd. | | 1,491,107 | 7,857,764 |
| Power Grid Corp. of India Ltd. | | 4,669,186 | 16,835,925 |
| Punjab National Bank | | 2,211,239 | 3,728,215 |
| REC Ltd. | | 1,321,987 | 8,005,919 |
| Reliance Industries Ltd. | | 3,056,955 | 107,281,630 |
| Samvardhana Motherson International Ltd. | | 2,381,320 | 3,728,346 |
| SBI Cards & Payment Services Ltd. | | 286,331 | 2,492,826 |
| SBI Life Insurance Co. Ltd. (b) | | 452,378 | 7,780,679 |
| Shree Cement Ltd. | | 9,057 | 2,650,855 |
| Shriram Finance Ltd. | | 282,886 | 8,628,429 |
| Siemens Ltd. | | 89,393 | 6,243,982 |
| Sona Blw Precision Forgings Ltd. (b) | | 412,178 | 3,080,120 |
| SRF Ltd. | | 148,824 | 4,660,395 |
| State Bank of India | | 1,792,180 | 17,698,037 |
| Sun Pharmaceutical Industries Ltd. | | 963,636 | 17,306,961 |
| Supreme Industries Ltd. | | 63,774 | 3,861,361 |
| Suzlon Energy Ltd. (a) | | 8,861,728 | 4,390,060 |
| Tata Communications Ltd. | | 114,460 | 2,368,317 |
| Tata Consultancy Services Ltd. | | 908,200 | 41,438,564 |
| Tata Consumer Products Ltd. | | 574,034 | 7,599,347 |
| Tata Elxsi Ltd. | | 34,391 | 2,902,607 |
| Tata Motors Ltd. | | 1,668,215 | 20,111,383 |
| Tata Motors Ltd. Class A | | 459,497 | 3,746,991 |
| Tata Power Co. Ltd./The | | 1,443,757 | 7,746,091 |
| Tata Steel Ltd. | | 7,408,681 | 14,599,717 |
| Tech Mahindra Ltd. | | 539,068 | 8,118,053 |
| The Indian Hotels Co. Ltd. | | 855,657 | 5,894,582 |
| Titan Co. Ltd. | | 356,563 | 15,294,811 |
| Torrent Pharmaceuticals Ltd. | | 101,942 | 3,219,364 |
| Trent Ltd. | | 182,037 | 9,606,074 |
| Tube Investments of India Ltd. | | 106,792 | 4,789,179 |
| Tvs Motor Co. Ltd. | | 238,514 | 5,871,122 |
| Ultratech Cement Ltd. | | 115,946 | 13,824,299 |
| Union Bank of India Ltd. | | 1,488,592 | 2,743,128 |
| United Spirits Ltd. | | 292,133 | 4,108,467 |
| UPL Ltd. | | 452,226 | 2,743,788 |
| Varun Beverages Ltd. | | 456,578 | 8,074,480 |
| Vedanta Ltd. | | 933,158 | 4,452,381 |
| Wipro Ltd. | | 1,311,386 | 7,219,910 |
| Yes Bank Ltd. (a) | | 12,995,368 | 4,063,346 |
| Zomato Ltd. (a) | | 6,122,447 | 14,126,144 |
TOTAL INDIA | | | 1,306,588,162 |
| Indonesia - 1.7% | | | |
| Amman Mineral Internasional PT | | 6,553,400 | 3,902,289 |
| PT Adaro Energy Indonesia Tbk | | 14,453,300 | 2,402,106 |
| PT Aneka Tambang Tbk | | 8,446,900 | 849,083 |
| PT Astra International Tbk | | 20,324,100 | 6,413,381 |
| PT Bank Central Asia Tbk | | 55,699,800 | 33,491,432 |
| PT Bank Mandiri (Persero) Tbk | | 37,485,400 | 15,844,222 |
| PT Bank Negara Indonesia (Persero) Tbk | | 14,979,800 | 4,819,557 |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 68,479,185 | 20,728,894 |
| PT Barito Pacific Tbk | | 28,238,688 | 1,764,709 |
| PT Charoen Pokphand Indonesia Tbk | | 7,408,800 | 2,254,100 |
| PT GoTo Gojek Tokopedia Tbk (a) | | 844,407,512 | 3,247,824 |
| PT Indah Kiat Pulp & Paper Tbk | | 2,472,200 | 1,422,893 |
| PT Indofood CBP Sukses Makmur Tbk | | 2,341,700 | 1,565,236 |
| PT Indofood Sukses Makmur Tbk | | 4,408,000 | 1,692,691 |
| PT Kalbe Farma Tbk | | 21,178,600 | 1,879,972 |
| PT Merdeka Copper Gold Tbk (a) | | 9,683,796 | 1,559,635 |
| PT Sarana Menara Nusantara Tbk | | 20,487,400 | 1,012,227 |
| PT Semen Indonesia (Persero) Tbk | | 3,389,499 | 972,265 |
| PT Sumber Alfaria Trijaya Tbk | | 18,761,700 | 3,374,271 |
| PT Telkom Indonesia Persero Tbk | | 49,732,200 | 9,641,010 |
| PT Unilever Indonesia Tbk | | 7,661,200 | 1,233,821 |
| PT United Tractors Tbk | | 1,498,300 | 2,283,553 |
TOTAL INDONESIA | | | 122,355,171 |
| Korea (South) - 11.0% | | | |
| AMOREPACIFIC Corp. | | 29,365 | 3,569,143 |
| Celltrion Pharm, Inc. | | 18,789 | 1,293,400 |
| Celltrion, Inc. | | 153,208 | 20,745,019 |
| CJ CheilJedang Corp. | | 8,313 | 2,009,322 |
| Cosmo AM&T Co. Ltd. (a) | | 24,291 | 2,616,046 |
| Coway Co. Ltd. | | 55,577 | 2,220,539 |
| Db Insurance Co. Ltd. | | 46,207 | 3,232,112 |
| Doosan Bobcat, Inc. | | 55,366 | 2,063,508 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 450,216 | 5,420,862 |
| Ecopro BM Co. Ltd. | | 49,101 | 8,323,053 |
| Ecopro Co. Ltd. (c) | | 100,260 | 7,557,373 |
| Ecopro Materials Co. Ltd. | | 13,853 | 1,144,227 |
| GS Holdings Corp. | | 46,649 | 1,504,022 |
| Hana Financial Group, Inc. | | 293,546 | 12,346,174 |
| Hanjin Kal Corp. | | 26,809 | 1,147,373 |
| Hankook Tire Co. Ltd. | | 74,629 | 3,157,816 |
| Hanmi Pharm Co. Ltd. | | 7,075 | 1,607,195 |
| Hanmi Semiconductor Co. Ltd. | | 43,983 | 4,176,631 |
| Hanon Systems | | 187,576 | 749,113 |
| Hanwha Aerospace Co. Ltd. | | 35,586 | 5,390,262 |
| Hanwha Ocean Co. Ltd. (a) | | 76,903 | 1,765,845 |
| Hanwha Solutions Corp. | | 112,187 | 2,036,111 |
| HD Hyundai Co. Ltd. | | 43,626 | 2,106,151 |
| HD Hyundai Heavy Industries Co. Ltd. (a) | | 22,286 | 2,197,919 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | | 42,640 | 4,014,647 |
| HLB, Inc. | | 117,793 | 9,385,321 |
| HMM Co. Ltd. | | 242,146 | 2,756,873 |
| HYBE Co. Ltd. | | 20,911 | 3,024,782 |
| Hyundai Engineering & Construction Co. Ltd. | | 78,268 | 1,988,311 |
| Hyundai Glovis Co. Ltd. | | 18,827 | 2,457,747 |
| Hyundai Mobis | | 61,124 | 9,971,850 |
| Hyundai Motor Co. Ltd. | | 138,055 | 24,763,255 |
| Hyundai Steel Co. | | 87,104 | 2,016,972 |
| Industrial Bank of Korea | | 280,256 | 2,809,675 |
| Kakao Corp. | | 312,664 | 10,828,071 |
| Kakao Pay Corp. (a) | | 26,962 | 677,580 |
| KakaoBank Corp. | | 167,585 | 2,997,362 |
| Kangwon Land, Inc. | | 96,640 | 1,064,897 |
| KB Financial Group, Inc. | | 384,897 | 20,817,194 |
| Kia Corp. | | 262,394 | 22,168,472 |
| Korea Aerospace Industries Ltd. | | 73,405 | 2,725,589 |
| Korea Electric Power Corp. (a) | | 257,825 | 3,925,004 |
| Korea Investment Holdings Co. Ltd. | | 41,962 | 2,022,495 |
| Korea Zinc Co. Ltd. | | 8,398 | 2,789,662 |
| Korean Air Lines Co. Ltd. | | 184,746 | 2,778,203 |
| KRAFTON, Inc. (a) | | 29,136 | 5,000,463 |
| KT Corp. | | 64,728 | 1,613,796 |
| KT&G Corp. | | 100,777 | 6,475,467 |
| Kum Yang Co. Ltd. (a) | | 34,972 | 2,339,982 |
| Kumho Petro Chemical Co. Ltd. | | 15,766 | 1,563,736 |
| L&F Co. Ltd. | | 25,477 | 2,971,957 |
| LG Chemical Ltd. | | 49,617 | 14,217,452 |
| LG Corp. | | 94,763 | 5,391,845 |
| LG Display Co. Ltd. (a) | | 381,126 | 2,876,687 |
| LG Electronics, Inc. | | 106,804 | 7,093,459 |
| LG Energy Solution (a) | | 46,991 | 13,037,189 |
| LG H & H Co. Ltd. | | 9,407 | 2,826,470 |
| LG Innotek Co. Ltd. | | 14,259 | 2,260,163 |
| LG Uplus Corp. | | 214,830 | 1,521,559 |
| Lotte Chemical Corp. | | 19,328 | 1,489,436 |
| Meritz Financial Holdings Co. | | 102,099 | 5,821,420 |
| Mirae Asset Securities Co. Ltd. | | 243,092 | 1,321,163 |
| NAVER Corp. | | 130,457 | 17,159,049 |
| NCSOFT Corp. | | 14,327 | 1,805,154 |
| Netmarble Corp. (a)(b) | | 25,890 | 1,033,724 |
| NH Investment & Securities Co. Ltd. | | 149,842 | 1,343,097 |
| Orion Corp./Republic of Korea | | 23,818 | 1,589,530 |
| POSCO | | 72,179 | 20,778,367 |
| POSCO Chemtech Co. Ltd. (c) | | 31,111 | 6,241,317 |
| POSCO ICT Co. Ltd. | | 53,429 | 1,548,334 |
| Posco International Corp. | | 52,992 | 1,742,865 |
| S-Oil Corp. | | 45,219 | 2,354,256 |
| Samsung Biologics Co. Ltd. (a)(b) | | 17,866 | 10,013,610 |
| Samsung C&T Corp. | | 83,856 | 9,017,154 |
| Samsung E&A Co. Ltd. (a) | | 157,441 | 2,976,619 |
| Samsung Electro-Mechanics Co. Ltd. | | 56,250 | 6,256,758 |
| Samsung Electronics Co. Ltd. | | 4,795,276 | 265,807,065 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 30,919 | 6,901,093 |
| Samsung Heavy Industries Co. Ltd. (a) | | 662,738 | 4,477,780 |
| Samsung Life Insurance Co. Ltd. | | 80,324 | 5,047,279 |
| Samsung SDI Co. Ltd. | | 55,235 | 17,045,676 |
| Samsung SDS Co. Ltd. | | 38,846 | 4,450,110 |
| Samsung Securities Co. Ltd. | | 62,761 | 1,712,078 |
| Shinhan Financial Group Co. Ltd. | | 437,624 | 14,661,825 |
| SK Biopharmaceuticals Co. Ltd. (a) | | 31,453 | 1,973,169 |
| SK Bioscience Co. Ltd. (a) | | 26,998 | 1,133,920 |
| SK Hynix, Inc. | | 548,225 | 67,464,685 |
| SK IE Technology Co. Ltd. (a)(b) | | 28,636 | 1,208,624 |
| SK Innovation Co., Ltd. (a) | | 60,638 | 4,797,033 |
| SK Square Co. Ltd. (a) | | 97,682 | 5,351,865 |
| SK Telecom Co. Ltd. | | 54,934 | 2,025,871 |
| SK, Inc. | | 36,747 | 4,366,607 |
| SKC Co. Ltd. | | 19,011 | 1,498,377 |
| Woori Financial Group, Inc. | | 604,035 | 6,172,660 |
| Yuhan Corp. | | 56,558 | 2,933,765 |
TOTAL KOREA (SOUTH) | | | 815,074,738 |
| Kuwait - 0.7% | | | |
| Agility Global PLC (d)(e) | | 3,184,382 | 129,114 |
| Boubyan Bank KSC | | 1,457,980 | 2,785,437 |
| Gulf Bank | | 1,909,083 | 1,597,611 |
| Kuwait Finance House KSCP | | 9,447,928 | 22,064,574 |
| Mabanee Co. SAKC | | 691,714 | 1,767,988 |
| Mobile Telecommunication Co. | | 1,930,907 | 3,056,382 |
| National Bank of Kuwait | | 7,942,354 | 22,283,932 |
TOTAL KUWAIT | | | 53,685,038 |
| Luxembourg - 0.0% | | | |
| Reinet Investments SCA | | 137,715 | 3,217,035 |
| Malaysia - 1.4% | | | |
| AMMB Holdings Bhd | | 2,332,000 | 2,049,880 |
| Axiata Group Bhd | | 2,764,541 | 1,636,969 |
| CelcomDigi Bhd | | 3,533,600 | 3,067,236 |
| CIMB Group Holdings Bhd | | 6,425,220 | 8,879,845 |
| Gamuda Bhd | | 1,918,780 | 2,132,788 |
| Genting Bhd | | 2,140,500 | 2,023,162 |
| Genting Malaysia Bhd | | 2,980,200 | 1,643,954 |
| Hong Leong Bank Bhd | | 653,000 | 2,637,102 |
| IHH Healthcare Bhd | | 2,210,500 | 2,908,439 |
| Inari Amertron Bhd | | 2,821,900 | 1,819,403 |
| IOI Corp. Bhd | | 2,524,300 | 2,148,713 |
| Kuala Lumpur Kepong Bhd | | 488,434 | 2,359,283 |
| Malayan Banking Bhd | | 5,449,281 | 11,103,812 |
| Malaysia Airports Holdings Bhd | | 921,103 | 1,927,783 |
| Maxis Bhd | | 2,358,900 | 1,811,841 |
| MISC Bhd | | 1,344,500 | 2,240,301 |
| MR DIY Group M Sdn Bhd (b) | | 3,318,350 | 1,084,645 |
| Nestle (Malaysia) Bhd | | 70,700 | 1,882,152 |
| Petronas Chemicals Group Bhd | | 2,811,700 | 3,989,991 |
| Petronas Dagangan Bhd | | 299,200 | 1,349,544 |
| Petronas Gas Bhd | | 794,630 | 2,994,683 |
| PPB Group Bhd | | 642,820 | 2,117,688 |
| Press Metal Aluminium Holdings | | 3,723,700 | 4,185,751 |
| Public Bank Bhd | | 14,617,600 | 12,607,797 |
| QL Resources Bhd | | 1,099,450 | 1,476,477 |
| RHB Bank Bhd | | 1,506,434 | 1,734,062 |
| Sime Darby Bhd | | 2,737,349 | 1,602,563 |
| Sime Darby Plantation Bhd | | 2,083,156 | 1,945,374 |
| Telekom Malaysia Bhd | | 1,155,993 | 1,498,155 |
| Tenaga Nasional Bhd | | 2,614,800 | 6,547,565 |
| YTL Corp. Bhd | | 3,320,400 | 2,146,792 |
| YTL Power International Bhd | | 2,457,400 | 2,355,781 |
TOTAL MALAYSIA | | | 99,909,531 |
| Mexico - 2.7% | | | |
| Alfa SA de CV Series A | | 3,144,900 | 2,313,135 |
| America Movil S.A.B. de CV Series L | | 18,811,100 | 17,909,843 |
| Arca Continental S.A.B. de CV | | 518,400 | 5,057,281 |
| Banco del Bajio SA (b) | | 776,500 | 2,862,907 |
| CEMEX S.A.B. de CV unit (a) | | 15,199,118 | 12,039,872 |
| Coca-Cola FEMSA S.A.B. de CV unit | | 527,315 | 5,231,364 |
| Fibra Uno Administracion SA de CV | | 2,906,700 | 4,172,366 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 1,952,500 | 22,841,996 |
| Gruma S.A.B. de CV Series B | | 185,690 | 3,647,082 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 393,500 | 7,167,221 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 180,810 | 6,210,916 |
| Grupo Aeroportuario Norte S.A.B. de CV | | 287,100 | 3,178,576 |
| Grupo Bimbo S.A.B. de CV Series A | | 1,327,800 | 5,563,649 |
| Grupo Carso SA de CV Series A1 | | 566,500 | 4,455,412 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 2,605,700 | 25,789,673 |
| Grupo Financiero Inbursa S.A.B. de CV Series O (a) | | 1,840,300 | 5,099,546 |
| Grupo Mexico SA de CV Series B | | 3,126,707 | 19,319,758 |
| Industrias Penoles SA de CV (a) | | 199,620 | 2,896,985 |
| Kimberly-Clark de Mexico SA de CV Series A | | 1,526,800 | 3,178,243 |
| Operadora de Sites Mexicanos, SA de CV | | 1,281,600 | 1,442,391 |
| Orbia Advance Corp. S.A.B. de CV | | 1,009,155 | 1,657,699 |
| Prologis Property Mexico SA | | 785,085 | 3,096,207 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 190,810 | 1,916,816 |
| Southern Copper Corp. (c) | | 85,389 | 9,962,335 |
| Wal-Mart de Mexico SA de CV Series V | | 5,259,700 | 19,625,529 |
TOTAL MEXICO | | | 196,636,802 |
| Peru - 0.2% | | | |
| Compania de Minas Buenaventura SAA | | 69 | 1,194 |
| Compania de Minas Buenaventura SAA sponsored ADR | | 203,726 | 3,524,460 |
| Credicorp Ltd. | | 511 | 84,903 |
| Credicorp Ltd. (United States) | | 67,374 | 11,157,808 |
TOTAL PERU | | | 14,768,365 |
| Philippines - 0.6% | | | |
| Aboitiz Equity Ventures, Inc. | | 1,692,760 | 1,233,949 |
| Ayala Corp. | | 280,045 | 2,979,277 |
| Ayala Land, Inc. | | 6,751,340 | 3,349,592 |
| Bank of the Philippine Islands (BPI) | | 1,848,279 | 4,050,075 |
| BDO Unibank, Inc. | | 2,380,453 | 6,063,078 |
| International Container Terminal Services, Inc. | | 1,020,090 | 5,839,217 |
| JG Summit Holdings, Inc. | | 2,642,856 | 1,544,388 |
| Jollibee Food Corp. | | 449,760 | 1,830,288 |
| Manila Electric Co. | | 282,930 | 1,794,282 |
| Metropolitan Bank & Trust Co. | | 1,806,397 | 2,187,570 |
| PLDT, Inc. | | 75,930 | 1,769,769 |
| SM Investments Corp. | | 245,410 | 4,032,660 |
| SM Prime Holdings, Inc. | | 10,148,700 | 4,908,029 |
| Universal Robina Corp. | | 874,430 | 1,550,923 |
TOTAL PHILIPPINES | | | 43,133,097 |
| Poland - 0.9% | | | |
| Allegro.eu SA (a)(b) | | 584,204 | 4,898,851 |
| Bank Polska Kasa Opieki SA | | 184,478 | 7,685,825 |
| Budimex SA | | 12,817 | 2,172,293 |
| CD Projekt SA (c) | | 65,204 | 1,904,811 |
| Dino Polska SA (a)(b) | | 49,219 | 4,730,916 |
| KGHM Polska Miedz SA (Bearer) | | 140,591 | 4,874,796 |
| LPP SA | | 1,118 | 4,335,406 |
| mBank SA (a) | | 14,923 | 2,522,974 |
| Orlen SA | | 582,847 | 9,546,483 |
| PGE Polska Grupa Energetyczna SA (a) | | 901,169 | 1,352,509 |
| Powszechna Kasa Oszczednosci Bank SA | | 878,570 | 13,146,928 |
| Powszechny Zaklad Ubezpieczen SA | | 606,916 | 7,672,481 |
| Santander Bank Polska SA | | 35,913 | 4,964,996 |
TOTAL POLAND | | | 69,809,269 |
| Qatar - 0.8% | | | |
| Barwa Real Estate Co. | | 2,149,067 | 1,658,577 |
| Dukhan Bank | | 1,839,609 | 1,945,711 |
| Industries Qatar QSC | | 1,518,667 | 5,109,495 |
| Masraf al Rayan | | 5,602,681 | 3,865,404 |
| Mesaieed Petrochemical Holding Co. | | 5,676,849 | 2,992,000 |
| Ooredoo QSC | | 804,039 | 2,206,083 |
| Qatar Electricity & Water Co. | | 441,740 | 1,850,188 |
| Qatar Fuel Co. | | 599,020 | 2,378,970 |
| Qatar Gas Transport Co. Ltd. (Nakilat) | | 2,503,236 | 2,749,366 |
| Qatar International Islamic Bank QSC | | 987,942 | 2,729,661 |
| Qatar Islamic Bank | | 1,779,418 | 8,943,518 |
| Qatar National Bank SAQ | | 4,637,053 | 17,664,357 |
| The Commercial Bank of Qatar | | 3,251,027 | 3,708,189 |
TOTAL QATAR | | | 57,801,519 |
| Romania - 0.1% | | | |
| NEPI Rockcastle PLC | | 563,936 | 3,790,406 |
| Russia - 0.1% | | | |
| Alrosa Co. Ltd. (a)(d) | | 2,234,923 | 370,215 |
| Gazprom OAO (a)(d) | | 8,473,436 | 882,854 |
| Gazprom OAO sponsored ADR (Reg. S) (a)(d) | | 863,533 | 428,312 |
| Inter Rao Ues JSC (a)(d) | | 31,187,844 | 171,208 |
| LUKOIL PJSC (a)(d) | | 334,533 | 103,101 |
| LUKOIL PJSC sponsored ADR (a)(d) | | 15,032 | 189,403 |
| MMC Norilsk Nickel PJSC (a)(d) | | 4,844,200 | 320,784 |
| MMC Norilsk Nickel PJSC sponsored ADR (a)(d) | | 59,247 | 142,193 |
| Moscow Exchange MICEX-RTS OAO (a)(d) | | 1,311,841 | 251,090 |
| Novatek PJSC GDR (Reg. S) (a)(d) | | 78,382 | 3,825,042 |
| Novolipetsk Steel OJSC (a)(d) | | 1,258,902 | 12,034 |
| Novolipetsk Steel OJSC GDR (Reg. S) (a)(d) | | 3,783 | 7,566 |
| Ozon Holdings PLC ADR (a)(d) | | 40,002 | 83,446 |
| PhosAgro PJSC: | | | |
| GDR (Reg. S) (a)(d) | | 116,446 | 2,388 |
| sponsored GDR (Reg. S) (a)(d) | | 749 | 15 |
| Polyus PJSC (a)(d) | | 26,742 | 62,617 |
| Polyus PJSC GDR (a)(d) | | 5,226 | 8,008 |
| Rosneft Oil Co. OJSC (a)(d) | | 857,494 | 142,790 |
| Rosneft Oil Co. OJSC GDR (Reg. S) (a)(d) | | 150,200 | 35,515 |
| Sberbank of Russia (a)(d) | | 9,313,306 | 57,016 |
| Severstal PAO (a)(d) | | 155,372 | 3,454 |
| Severstal PAO GDR (Reg. S) (a)(d) | | 26,165 | 618 |
| Surgutneftegas OJSC (a)(d) | | 5,613,549 | 68,395 |
| Surgutneftegas OJSC sponsored ADR (a)(d) | | 73,333 | 13,542 |
| Tatneft PAO (a)(d) | | 1,103,564 | 136,670 |
| United Co. RUSAL International PJSC (a)(d) | | 2,596,470 | 311,576 |
| VK Co. Ltd. GDR (Reg. S) (a)(d) | | 100,000 | 1 |
| VTB Bank OJSC (a)(d) | | 2,380,815,800 | 90,570 |
| VTB Bank OJSC sponsored GDR (Reg. S) (a)(d) | | 221,738 | 37,021 |
| Yandex NV Class A (a)(d) | | 261,431 | 971,869 |
TOTAL RUSSIA | | | 8,729,313 |
| Saudi Arabia - 4.0% | | | |
| ACWA Power Co. | | 95,618 | 10,197,622 |
| Ades Holding Co. | | 340,099 | 1,811,758 |
| Advanced Petrochemicals Co. | | 127,922 | 1,456,372 |
| Al Rajhi Bank | | 1,967,979 | 41,924,365 |
| Alinma Bank | | 1,229,990 | 10,936,961 |
| Almarai Co. Ltd. | | 251,006 | 3,801,296 |
| Arab National Bank | | 677,737 | 5,583,659 |
| Arabian Internet and Communications Services Co. Ltd. | | 24,097 | 2,235,844 |
| Bank Al-Jazira | | 504,301 | 2,178,232 |
| Bank Albilad | | 614,987 | 5,853,740 |
| Banque Saudi Fransi | | 592,857 | 5,793,262 |
| Bupa Arabia for Cooperative Insurance Co. | | 82,834 | 5,327,031 |
| Dallah Healthcare Co. | | 34,324 | 1,491,711 |
| Dar Al Arkan Real Estate Development Co. (a) | | 531,331 | 1,884,152 |
| Dr Sulaiman Al Habib Medical Services Group Co. | | 87,855 | 7,275,573 |
| Elm Co. | | 24,098 | 5,876,401 |
| Etihad Etisalat Co. | | 378,830 | 5,252,269 |
| Jarir Marketing Co. | | 590,391 | 2,131,364 |
| Luberef | | 50,839 | 2,054,923 |
| Mobile Telecommunications Co. Saudi Arabia | | 442,148 | 1,424,078 |
| Mouwasat Medical Services Co. | | 98,395 | 3,525,913 |
| Nahdi Medical Co. | | 39,153 | 1,442,688 |
| Power & Water Utility Co. for Jubail & Yanbu | | 75,295 | 1,304,905 |
| Riyad Bank | | 1,475,977 | 10,900,806 |
| Sabic Agriculture-Nutrients Co. | | 234,225 | 7,231,711 |
| Sahara International Petrochemical Co. | | 360,827 | 3,299,836 |
| Saudi Arabian Mining Co. | | 1,297,393 | 17,503,356 |
| Saudi Arabian Oil Co. (b) | | 2,672,833 | 21,450,507 |
| Saudi Awwal Bank | | 1,010,942 | 10,997,289 |
| Saudi Basic Industries Corp. | | 903,676 | 20,359,575 |
| Saudi Electricity Co. | | 836,700 | 4,153,830 |
| Saudi Industrial Investment Group | | 371,369 | 2,299,149 |
| Saudi Investment Bank/The | | 491,980 | 2,214,212 |
| Saudi Kayan Petrochemical Co. (a) | | 738,009 | 1,843,743 |
| Saudi Research & Marketing Group (a) | | 36,145 | 2,320,620 |
| Saudi Tadawul Group Holding Co. | | 48,193 | 3,402,524 |
| Saudi Telecom Co. | | 2,008,122 | 20,158,320 |
| The Co. for Cooperative Insurance | | 73,797 | 2,931,732 |
| The Saudi National Bank | | 2,951,968 | 29,593,664 |
| The Savola Group | | 262,712 | 3,537,289 |
| Yanbu National Petrochemical Co. | | 276,770 | 2,859,499 |
TOTAL SAUDI ARABIA | | | 297,821,781 |
| South Africa - 2.5% | | | |
| Absa Group Ltd. (c) | | 853,114 | 6,578,426 |
| Anglo American Platinum Ltd. (c) | | 66,594 | 2,319,799 |
| Aspen Pharmacare Holdings Ltd. | | 380,844 | 4,536,963 |
| Bid Corp. Ltd. | | 336,767 | 7,675,890 |
| Bidvest Group Ltd./The | | 290,402 | 3,787,146 |
| Capitec Bank Holdings Ltd. | | 87,430 | 10,820,591 |
| Clicks Group Ltd. | | 239,030 | 3,719,019 |
| Discovery Ltd. | | 543,274 | 3,461,021 |
| Exxaro Resources Ltd. | | 245,526 | 2,352,405 |
| FirstRand Ltd. | | 5,069,087 | 17,499,260 |
| Gold Fields Ltd. | | 897,193 | 14,514,493 |
| Harmony Gold Mining Co. Ltd. | | 560,299 | 4,850,075 |
| Impala Platinum Holdings Ltd. | | 908,061 | 4,042,283 |
| Kumba Iron Ore Ltd. (c) | | 64,688 | 1,585,706 |
| MTN Group Ltd. | | 1,702,736 | 8,160,886 |
| Naspers Ltd. Class N | | 183,930 | 35,200,087 |
| Nedbank Group Ltd. | | 441,088 | 5,363,264 |
| Northam Platinum Holdings Ltd. | | 358,084 | 2,372,550 |
| Old Mutual Ltd. | | 4,810,308 | 2,826,286 |
| OUTsurance Group Ltd. | | 846,765 | 1,820,389 |
| Pepkor Holdings Ltd. (b) | | 2,025,298 | 1,910,561 |
| Remgro Ltd. | | 504,818 | 3,289,282 |
| Sanlam Ltd. | | 1,769,489 | 6,400,918 |
| Sasol Ltd. (c) | | 577,124 | 4,054,477 |
| Shoprite Holdings Ltd. | | 504,677 | 6,733,560 |
| Sibanye-Stillwater Ltd. | | 2,842,187 | 3,243,931 |
| Standard Bank Group Ltd. (c) | | 1,346,093 | 12,640,843 |
| Vodacom Group Ltd. | | 625,869 | 2,995,009 |
| Woolworths Holdings Ltd. (c) | | 943,084 | 2,995,877 |
TOTAL SOUTH AFRICA | | | 187,750,997 |
| Taiwan - 16.5% | | | |
| Accton Technology Corp. | | 506,000 | 7,076,154 |
| Acer, Inc. | | 2,906,994 | 3,992,777 |
| Advantech Co. Ltd. | | 474,100 | 5,504,651 |
| Alchip Technologies Ltd. | | 75,000 | 7,061,051 |
| ASE Technology Holding Co. Ltd. | | 3,078,927 | 13,826,225 |
| Asia Cement Corp. | | 2,314,153 | 3,098,240 |
| ASUSTeK Computer, Inc. | | 708,000 | 9,267,323 |
| AUO Corp. | | 6,570,400 | 3,667,372 |
| Catcher Technology Co. Ltd. | | 581,000 | 3,873,995 |
| Cathay Financial Holding Co. Ltd. | | 9,574,410 | 14,779,107 |
| Chailease Holding Co. Ltd. | | 1,538,944 | 8,102,363 |
| Chang Hwa Commercial Bank | | 5,451,011 | 3,042,626 |
| Cheng Shin Rubber Industry Co. Ltd. | | 1,952,937 | 2,814,502 |
| China Airlines Ltd. | | 2,914,000 | 1,862,804 |
| China Development Financial Ho (a) | | 16,057,648 | 6,700,867 |
| China Steel Corp. | | 11,850,204 | 9,011,693 |
| Chunghwa Telecom Co. Ltd. | | 3,816,000 | 14,478,200 |
| Compal Electronics, Inc. | | 4,204,000 | 4,577,398 |
| CTBC Financial Holding Co. Ltd. | | 17,732,826 | 18,475,182 |
| Delta Electronics, Inc. | | 1,955,381 | 19,115,575 |
| E Ink Holdings, Inc. | | 859,000 | 5,482,014 |
| E.SUN Financial Holdings Co. Ltd. | | 14,156,270 | 11,874,396 |
| ECLAT Textile Co. Ltd. | | 177,613 | 2,789,620 |
| eMemory Technology, Inc. | | 64,000 | 4,293,954 |
| EVA Airways Corp. | | 2,710,000 | 2,941,174 |
| Evergreen Marine Corp. (Taiwan) | | 1,019,363 | 5,912,532 |
| Far Eastern New Century Corp. | | 2,955,705 | 2,943,199 |
| Far EasTone Telecommunications Co. Ltd. | | 1,774,000 | 4,392,428 |
| Feng Tay Enterprise Co. Ltd. | | 545,408 | 2,707,014 |
| First Financial Holding Co. Ltd. | | 10,940,760 | 9,155,579 |
| Formosa Chemicals & Fibre Corp. | | 3,531,760 | 5,992,056 |
| Formosa Petrochemical Corp. | | 1,147,000 | 2,530,182 |
| Formosa Plastics Corp. | | 3,834,520 | 8,041,761 |
| Fubon Financial Holding Co. Ltd. | | 7,841,356 | 16,559,040 |
| Gigabyte Technology Co. Ltd. | | 511,000 | 4,600,208 |
| Global Unichip Corp. | | 94,000 | 3,897,023 |
| GlobalWafers Co. Ltd. | | 219,000 | 3,473,537 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 12,526,869 | 59,526,257 |
| Hotai Motor Co. Ltd. | | 307,760 | 5,829,753 |
| Hua Nan Financial Holdings Co. Ltd. | | 8,904,032 | 6,438,818 |
| Innolux Corp. | | 8,660,133 | 3,759,602 |
| Inventec Corp. | | 2,700,865 | 4,325,072 |
| Largan Precision Co. Ltd. | | 101,000 | 6,720,483 |
| Lite-On Technology Corp. | | 2,007,279 | 6,064,791 |
| MediaTek, Inc. | | 1,526,292 | 45,937,683 |
| Mega Financial Holding Co. Ltd. | | 11,569,012 | 14,151,597 |
| Micro-Star International Co. Ltd. | | 721,000 | 3,501,944 |
| Nan Ya Plastics Corp. | | 4,777,860 | 8,281,547 |
| Nan Ya Printed Circuit Board Corp. | | 227,000 | 1,290,230 |
| Nanya Technology Corp. | | 1,245,000 | 2,508,494 |
| Nien Made Enterprise Co. Ltd. | | 176,000 | 2,053,142 |
| Novatek Microelectronics Corp. | | 581,000 | 10,958,603 |
| Pegatron Corp. | | 2,007,000 | 5,975,083 |
| PharmaEssentia Corp. (a) | | 239,000 | 2,145,140 |
| Pou Chen Corp. | | 2,220,000 | 2,452,883 |
| Powerchip Semiconductor Manufacturing Corp. | | 3,066,294 | 2,138,539 |
| President Chain Store Corp. | | 573,000 | 4,810,150 |
| Quanta Computer, Inc. | | 2,716,000 | 21,277,928 |
| Realtek Semiconductor Corp. | | 489,401 | 7,706,652 |
| Ruentex Development Co. Ltd. | | 1,570,555 | 1,844,609 |
| Shin Kong Financial Holding Co. Ltd. (a) | | 13,218,127 | 3,486,793 |
| Sinopac Financial Holdings Co. | | 10,563,435 | 7,094,079 |
| Synnex Technology International Corp. | | 1,255,500 | 3,063,303 |
| Taishin Financial Holdings Co. Ltd. | | 11,274,689 | 6,196,470 |
| Taiwan Business Bank | | 6,192,696 | 3,209,463 |
| Taiwan Cement Corp. | | 6,822,730 | 6,694,472 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 10,338,868 | 8,293,832 |
| Taiwan High Speed Rail Corp. | | 1,977,000 | 1,809,329 |
| Taiwan Mobile Co. Ltd. | | 1,830,900 | 5,833,129 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 24,735,000 | 591,196,057 |
| The Shanghai Commercial & Savings Bank Ltd. | | 3,863,609 | 5,492,817 |
| Uni-President Enterprises Corp. | | 4,849,983 | 11,355,928 |
| Unimicron Technology Corp. | | 1,378,000 | 7,606,826 |
| United Microelectronics Corp. | | 11,322,000 | 17,364,451 |
| Vanguard International Semiconductor Corp. | | 906,000 | 2,369,949 |
| Voltronic Power Technology Corp. | | 66,000 | 3,117,385 |
| Walsin Lihwa Corp. | | 2,833,526 | 3,194,956 |
| Wan Hai Lines Ltd. | | 704,950 | 1,093,028 |
| Winbond Electronics Corp. | | 3,148,341 | 2,492,388 |
| Wistron Corp. | | 2,620,000 | 8,955,090 |
| Wiwynn Corp. | | 96,756 | 6,870,895 |
| WPG Holding Co. Ltd. | | 1,600,200 | 4,314,178 |
| Yageo Corp. | | 339,845 | 6,470,849 |
| Yang Ming Marine Transport Corp. | | 1,753,000 | 2,797,689 |
| Yuanta Financial Holding Co. Ltd. | | 10,192,750 | 9,544,172 |
| Zhen Ding Technology Holding Ltd. | | 666,000 | 2,353,163 |
TOTAL TAIWAN | | | 1,219,883,513 |
| Thailand - 1.5% | | | |
| Advanced Info Service PCL (For. Reg.) | | 1,194,500 | 6,329,356 |
| Airports of Thailand PCL (For. Reg.) | | 4,302,900 | 7,534,331 |
| Asset World Corp. PCL: | | | |
| (For. Reg.) | | 9,074,800 | 1,068,403 |
| NVDR | | 100 | 12 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 11,169,900 | 8,698,900 |
| Bangkok Expressway and Metro PCL (For. Reg.) | | 7,671,400 | 1,707,914 |
| BTS Group Holdings PCL (For. Reg.) | | 7,931,700 | 1,344,547 |
| Bumrungrad Hospital PCL: | | | |
| (For. Reg.) | | 576,800 | 3,796,779 |
| NVDR | | 21,800 | 143,498 |
| Central Pattana PCL (For. Reg.) | | 2,027,700 | 3,448,683 |
| Central Retail Corp. PCL (For. Reg.) | | 1,539,616 | 1,420,250 |
| Charoen Pokphand Foods PCL (For. Reg.) | | 3,800,620 | 2,021,584 |
| CP ALL PCL (For. Reg.) | | 5,862,800 | 9,036,650 |
| CP Axtra PCL: | | | |
| (For. Reg.) | | 3,997,700 | 3,477,746 |
| NVDR | | 12,800 | 11,135 |
| Delta Electronics PCL (For. Reg.) | | 3,131,300 | 5,824,665 |
| Energy Absolute PCL (For. Reg.) | | 1,685,200 | 1,381,156 |
| Global Power Synergy Public Co. Ltd. (For. Reg.) | | 707,600 | 925,189 |
| Gulf Energy Development PCL (For. Reg.) | | 2,637,700 | 2,841,567 |
| Home Product Center PCL (For. Reg.) | | 5,941,706 | 1,654,089 |
| Indorama Ventures PCL (For. Reg.) | | 1,691,300 | 1,082,570 |
| Intouch Holdings PCL (For. Reg.) | | 985,300 | 1,769,897 |
| Kasikornbank PCL (For. Reg.) | | 594,800 | 2,082,307 |
| Krung Thai Bank PCL (For. Reg.) | | 3,508,370 | 1,582,429 |
| Krungthai Card PCL (For. Reg.) | | 1,035,300 | 1,190,486 |
| Land & House PCL (For. Reg.) | | 8,319,200 | 1,665,287 |
| Minor International PCL (For. Reg.) | | 3,370,632 | 2,980,294 |
| Muangthai Leasing PCL (For. Reg.) | | 744,800 | 903,953 |
| PTT Exploration and Production PCL (For. Reg.) | | 1,395,239 | 5,820,992 |
| PTT Global Chemical PCL (For. Reg.) | | 2,263,739 | 2,226,766 |
| PTT Oil & Retail Business PCL: | | | |
| (For. Reg.) | | 1,568,800 | 785,579 |
| NVDR | | 1,490,200 | 746,220 |
| PTT PCL (For. Reg.) | | 10,038,300 | 9,072,962 |
| SCB X PCL (For. Reg.) | | 845,300 | 2,414,156 |
| SCG Packaging PCL (For. Reg.) | | 721,200 | 626,161 |
| Siam Cement PCL (For. Reg.) | | 780,350 | 5,213,768 |
| Thai Oil PCL (For. Reg.) | | 1,233,714 | 1,792,748 |
| TMBThanachart Bank PCL: | | | |
| (For. Reg.) | | 24,275,000 | 1,179,701 |
| NVDR | | 101,100 | 4,913 |
| True Corp. PCL (a) | | 793,400 | 163,168 |
| True Corp. PCL (a) | | 10,722,979 | 2,205,258 |
TOTAL THAILAND | | | 108,176,069 |
| Turkey - 0.8% | | | |
| Akbank TAS | | 3,132,812 | 5,750,764 |
| Aselsan A/S | | 1,373,588 | 2,576,571 |
| Bim Birlesik Magazalar A/S JSC | | 457,265 | 5,464,095 |
| Coca-Cola Icecek Sanayi A/S | | 76,628 | 1,715,398 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 1,405,874 | 1,869,217 |
| Ford Otomotiv Sanayi A/S | | 70,469 | 2,423,944 |
| Haci Omer Sabanci Holding A/S | | 1,024,427 | 2,919,591 |
| Koc Holding A/S | | 763,915 | 5,333,164 |
| Pegasus Hava Tasimaciligi A/S (a) | | 46,182 | 1,474,459 |
| Sasa Polyester Sanayi A/S | | 1,335,863 | 1,702,711 |
| Tofas Turk Otomobil Fabrikasi A/S | | 125,518 | 1,066,775 |
| Turk Hava Yollari AO (a) | | 554,148 | 5,578,054 |
| Turkcell Iletisim Hizmet A/S | | 1,214,988 | 3,031,256 |
| Turkiye Is Bankasi A/S Series C | | 8,878,910 | 3,758,689 |
| Turkiye Petrol Rafinerileri A/S | | 967,353 | 5,848,399 |
| Turkiye Sise ve Cam Fabrikalari A/S | | 1,384,111 | 2,153,976 |
| Yapi ve Kredi Bankasi A/S | | 3,392,755 | 3,381,624 |
TOTAL TURKEY | | | 56,048,687 |
| United Arab Emirates - 1.1% | | | |
| Abu Dhabi Commercial Bank PJSC | | 2,939,975 | 6,683,762 |
| Abu Dhabi Islamic Bank | | 1,458,753 | 4,432,379 |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 3,137,564 | 2,981,322 |
| Aldar Properties PJSC | | 3,868,339 | 5,750,533 |
| Americana Restaurants International PLC | | 2,537,252 | 2,300,376 |
| Dubai Islamic Bank Pakistan Ltd. | | 2,908,193 | 4,402,394 |
| Emaar Properties PJSC | | 6,656,114 | 14,878,351 |
| Emirates NBD Bank PJSC | | 1,902,735 | 8,806,800 |
| Emirates Telecommunications Corp. | | 3,492,800 | 16,166,408 |
| First Abu Dhabi Bank PJSC | | 4,437,040 | 15,076,441 |
| Multiply Group (a) | | 3,935,977 | 2,464,741 |
TOTAL UNITED ARAB EMIRATES | | | 83,943,507 |
| United Kingdom - 0.1% | | | |
| AngloGold Ashanti PLC | | 421,398 | 9,691,565 |
| Pepco Group NV (a) | | 173,499 | 825,066 |
TOTAL UNITED KINGDOM | | | 10,516,631 |
| United States of America - 0.1% | | | |
| JBS SA | | 779,500 | 3,518,754 |
| Legend Biotech Corp. ADR (a) | | 72,837 | 3,185,890 |
| Parade Technologies Ltd. | | 77,000 | 1,744,991 |
TOTAL UNITED STATES OF AMERICA | | | 8,449,635 |
| TOTAL COMMON STOCKS (Cost $6,793,106,804) | | | 7,044,419,005 |
| | | | |
| Nonconvertible Preferred Stocks - 2.2% |
| | | Shares | Value ($) |
| Brazil - 1.4% | | | |
| Banco Bradesco SA (PN) | | 5,333,704 | 14,380,437 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 269,706 | 2,158,645 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 1,817,374 | 4,445,262 |
| Companhia Paranaense de Energia-COPEL (PN-B) | | 1,096,000 | 1,918,623 |
| Gerdau SA | | 1,393,770 | 4,901,252 |
| Itau Unibanco Holding SA | | 4,865,531 | 29,384,711 |
| Itausa-Investimentos Itau SA (PN) | | 5,445,347 | 10,025,328 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 4,779,400 | 38,676,268 |
TOTAL BRAZIL | | | 105,890,526 |
| Chile - 0.1% | | | |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 143,401 | 6,549,798 |
| Colombia - 0.1% | | | |
| Bancolombia SA (PN) | | 439,949 | 3,599,889 |
| Korea (South) - 0.6% | | | |
| Hyundai Motor Co. Ltd. | | 23,001 | 2,609,958 |
| Hyundai Motor Co. Ltd. Series 2 | | 36,268 | 4,132,662 |
| LG Chemical Ltd. | | 7,718 | 1,477,104 |
| LG H & H Co. Ltd. | | 4 | 538 |
| Samsung Electronics Co. Ltd. | | 826,234 | 38,469,794 |
TOTAL KOREA (SOUTH) | | | 46,690,056 |
| Russia - 0.0% | | | |
| Surgutneftegas OJSC (a)(d) | | 5,794,540 | 100,382 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $156,018,432) | | | 162,830,651 |
| | | | |
| Nonconvertible Bonds - 0.0% |
| | | Principal Amount (f) | Value ($) |
| India - 0.0% | | | |
NTPC Ltd. 8.49% 3/25/25 (Cost $52,909) | INR | 264,162 | 16,443 |
| | | | |
| Government Obligations - 0.2% |
| | | Principal Amount (f) | Value ($) |
| United States of America - 0.2% | | | |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (g) (Cost $14,952,008) | | 15,000,000 | 14,951,600 |
| | | | |
| Money Market Funds - 3.8% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (h) | | 210,639,001 | 210,681,129 |
| Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 70,040,715 | 70,047,719 |
| TOTAL MONEY MARKET FUNDS (Cost $280,728,848) | | | 280,728,848 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.6% (Cost $7,244,859,001) | 7,502,946,547 |
NET OTHER ASSETS (LIABILITIES) - (1.6)% | (114,862,241) |
| NET ASSETS - 100.0% | 7,388,084,306 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE MSCI Emerging Markets Index Contracts (United States) | 3,184 | Jun 2024 | 165,886,400 | 589,901 | 589,901 |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 2.2% |
Currency Abbreviations
Legend
| (b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $326,912,871 or 4.4% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $6,194,946. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 205,361,646 | 568,511,472 | 563,191,568 | 4,983,941 | (421) | - | 210,681,129 | 0.4% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 83,815,387 | 171,127,661 | 184,895,329 | 441,005 | - | - | 70,047,719 | 0.3% |
| Total | 289,177,033 | 739,639,133 | 748,086,897 | 5,424,946 | (421) | - | 280,728,848 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 650,521,558 | 86,049,925 | 563,499,763 | 971,870 |
Consumer Discretionary | 925,403,097 | 153,739,289 | 771,580,362 | 83,446 |
Consumer Staples | 402,332,204 | 117,194,893 | 285,137,310 | 1 |
Energy | 397,114,796 | 137,257,590 | 253,931,200 | 5,926,006 |
Financials | 1,609,985,931 | 509,442,151 | 1,099,898,048 | 645,732 |
Health Care | 244,890,069 | 27,595,622 | 217,294,447 | - |
Industrials | 501,473,024 | 104,347,759 | 396,996,151 | 129,114 |
Information Technology | 1,628,019,442 | 11,070,119 | 1,616,949,323 | - |
Materials | 528,023,349 | 182,649,288 | 344,132,593 | 1,241,468 |
Real Estate | 112,252,290 | 43,954,184 | 68,298,106 | - |
Utilities | 207,233,896 | 68,402,801 | 138,659,885 | 171,210 |
|
| Corporate Bonds | 16,443 | - | 16,443 | - |
|
| Government Obligations | 14,951,600 | - | 14,951,600 | - |
|
| Money Market Funds | 280,728,848 | 280,728,848 | - | - |
| Total Investments in Securities: | 7,502,946,547 | 1,722,432,469 | 5,771,345,231 | 9,168,847 |
Derivative Instruments: Assets | | | | |
Futures Contracts | 589,901 | 589,901 | - | - |
| Total Assets | 589,901 | 589,901 | - | - |
| Total Derivative Instruments: | 589,901 | 589,901 | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 589,901 | 0 |
| Total Equity Risk | 589,901 | 0 |
| Total Value of Derivatives | 589,901 | 0 |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® Emerging Markets Index Fund
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $65,863,592) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $6,964,130,153) | $ | 7,222,217,699 | | |
Fidelity Central Funds (cost $280,728,848) | | 280,728,848 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $7,244,859,001) | | | $ | 7,502,946,547 |
| Foreign currency held at value (cost $13,365,004) | | | | 12,860,161 |
| Receivable for investments sold | | | | 1,437 |
| Receivable for fund shares sold | | | | 19,979,434 |
| Dividends receivable | | | | 10,915,546 |
| Distributions receivable from Fidelity Central Funds | | | | 877,251 |
| Other receivables | | | | 85,158 |
Total assets | | | | 7,547,665,534 |
| Liabilities | | | | |
| Payable for investments purchased on a delayed delivery basis | $ | 129,113 | | |
| Payable for fund shares redeemed | | 28,895,653 | | |
| Accrued management fee | | 459,421 | | |
| Payable for daily variation margin on futures contracts | | 2,615,500 | | |
| Deferred taxes | | 57,437,304 | | |
| Collateral on securities loaned | | 70,044,237 | | |
| Total liabilities | | | | 159,581,228 |
| Net Assets | | | $ | 7,388,084,306 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 8,026,656,307 |
| Total accumulated earnings (loss) | | | | (638,572,001) |
| Net Assets | | | $ | 7,388,084,306 |
Net Asset Value, offering price and redemption price per share ($7,388,084,306 ÷ 720,107,324 shares) | | | $ | 10.26 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 78,136,395 |
| Interest | | | | 402,015 |
| Income from Fidelity Central Funds (including $441,005 from security lending) | | | | 5,424,946 |
| Income before foreign taxes withheld | | | $ | 83,963,356 |
| Less foreign taxes withheld | | | | (8,246,665) |
| Total income | | | | 75,716,691 |
| Expenses | | | | |
| Management fee | $ | 2,638,121 | | |
| Independent trustees' fees and expenses | | 10,040 | | |
| Total expenses before reductions | | 2,648,161 | | |
| Expense reductions | | (44,144) | | |
| Total expenses after reductions | | | | 2,604,017 |
| Net Investment income (loss) | | | | 73,112,674 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $157,745) | | (89,506,145) | | |
| Fidelity Central Funds | | (421) | | |
| Foreign currency transactions | | (1,172,650) | | |
| Futures contracts | | 13,088,773 | | |
| Total net realized gain (loss) | | | | (77,590,443) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $32,402,784) | | 884,865,888 | | |
| Assets and liabilities in foreign currencies | | (164,149) | | |
| Futures contracts | | 10,543,010 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 895,244,749 |
| Net gain (loss) | | | | 817,654,306 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 890,766,980 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 73,112,674 | $ | 185,781,595 |
| Net realized gain (loss) | | (77,590,443) | | (206,660,418) |
| Change in net unrealized appreciation (depreciation) | | 895,244,749 | | 556,026,733 |
| Net increase (decrease) in net assets resulting from operations | | 890,766,980 | | 535,147,910 |
| Distributions to shareholders | | (186,938,129) | | (144,831,374) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 1,250,958,341 | | 2,426,882,664 |
| Reinvestment of distributions | | 145,618,506 | | 115,318,941 |
| Cost of shares redeemed | | (1,023,708,319) | | (1,855,775,506) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 372,868,528 | | 686,426,099 |
| Total increase (decrease) in net assets | | 1,076,697,379 | | 1,076,742,635 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 6,311,386,927 | | 5,234,644,292 |
| End of period | $ | 7,388,084,306 | $ | 6,311,386,927 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 125,883,567 | | 248,751,213 |
| Issued in reinvestment of distributions | | 14,859,031 | | 12,281,037 |
| Redeemed | | (102,809,761) | | (190,452,525) |
| Net increase (decrease) | | 37,932,837 | | 70,579,725 |
| | | | | |
Financial Highlights
Fidelity® Emerging Markets Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 9.25 | $ | 8.56 | $ | 12.64 | $ | 11.07 | $ | 10.48 | $ | 9.62 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .10 | | .29 | | .32 | | .28 | | .22 | | .35 C |
| Net realized and unrealized gain (loss) | | 1.18 | | .63 | | (4.14) | | 1.48 | | .65 | | .72 |
| Total from investment operations | | 1.28 | | .92 | | (3.82) | | 1.76 | | .87 | | 1.07 |
| Distributions from net investment income | | (.27) | | (.23) | | (.26) | | (.19) | | (.28) | | (.21) |
| Total distributions | | (.27) | | (.23) | | (.26) | | (.19) | | (.28) | | (.21) |
| Net asset value, end of period | $ | 10.26 | $ | 9.25 | $ | 8.56 | $ | 12.64 | $ | 11.07 | $ | 10.48 |
Total Return D,E | | | | 10.74% | | (30.81)% | | 15.95% | | 8.54% | | 11.33% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .07% H,I | | .08% | | .08% | | .07% H | | .08% | | .08% |
| Expenses net of fee waivers, if any | | | | .08% | | .08% | | .07% H | | .08% | | .08% |
| Expenses net of all reductions | | .07% H,I | | .07% | | .07% | | .07% H | | .07% | | .08% |
| Net investment income (loss) | | 2.07% I | | 2.93% | | 2.97% | | 2.17% | | 2.20% | | 3.40% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 7,388,084 | $ | 6,311,387 | $ | 5,234,644 | $ | 6,441,516 | $ | 3,400,765 | $ | 2,938,021 |
Portfolio turnover rate J | | | | 7% | | 8% | | 5% | | 10% | | 3% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.66%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Top Holdings (% of Fund's net assets) |
| |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.3 | |
| Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.6 | |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 1.4 | |
| Tencent Holdings Ltd. (China, Interactive Media & Services) | 1.1 | |
| Nestle SA (Reg. S) (United States of America, Food Products) | 1.0 | |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 1.0 | |
| Toyota Motor Corp. (Japan, Automobiles) | 0.9 | |
| AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 0.9 | |
| Shell PLC (London) (United States of America, Oil, Gas & Consumable Fuels) | 0.9 | |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 0.9 | |
| | 12.0 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Financials | 22.1 | |
| Industrials | 13.2 | |
| Information Technology | 12.2 | |
| Consumer Discretionary | 11.1 | |
| Health Care | 9.5 | |
| Materials | 7.3 | |
| Consumer Staples | 7.3 | |
| Energy | 5.8 | |
| Communication Services | 5.0 | |
| Utilities | 2.4 | |
| Real Estate | 1.6 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 2.7% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Fidelity® Global ex U.S. Index Fund
| Common Stocks - 96.4% |
| | | Shares | Value ($) |
| Australia - 4.6% | | | |
| Ampol Ltd. | | 90,375 | 2,134,097 |
| ANZ Group Holdings Ltd. | | 1,131,326 | 20,413,565 |
| APA Group unit | | 483,028 | 2,577,669 |
| Aristocrat Leisure Ltd. | | 219,623 | 5,604,776 |
| ASX Ltd. | | 73,251 | 2,992,314 |
| Aurizon Holdings Ltd. | | 694,887 | 1,706,817 |
| BHP Group Ltd. | | 1,910,818 | 52,406,316 |
| BlueScope Steel Ltd. | | 170,556 | 2,489,337 |
| Brambles Ltd. | | 522,019 | 4,910,974 |
| CAR Group Ltd. | | 134,610 | 2,918,818 |
| Cochlear Ltd. | | 24,699 | 5,152,408 |
| Coles Group Ltd. | | 502,504 | 5,240,724 |
| Commonwealth Bank of Australia | | 630,425 | 46,190,943 |
| Computershare Ltd. | | 204,468 | 3,592,169 |
| DEXUS Property Group unit | | 410,432 | 1,864,269 |
| EBOS Group Ltd. | | 57,285 | 1,180,473 |
| Endeavour Group Ltd. | | 532,162 | 1,830,055 |
| Fortescue Ltd. | | 639,725 | 10,603,088 |
| Glencore PLC | | 3,915,859 | 22,784,678 |
| Goodman Group unit | | 641,808 | 12,964,285 |
| IDP Education Ltd. (a) | | 97,993 | 1,021,763 |
| Insurance Australia Group Ltd. | | 919,472 | 3,809,351 |
| Macquarie Group Ltd. | | 137,658 | 16,482,965 |
| Medibank Private Ltd. | | 1,048,225 | 2,402,385 |
| Mineral Resources Ltd. | | 66,399 | 3,012,014 |
| Mirvac Group unit | | 1,503,224 | 1,969,628 |
| National Australia Bank Ltd. | | 1,173,383 | 25,436,046 |
| Northern Star Resources Ltd. | | 433,123 | 4,105,457 |
| Orica Ltd. | | 187,801 | 2,174,498 |
| Origin Energy Ltd. | | 648,392 | 4,092,273 |
| Pilbara Minerals Ltd. (a) | | 1,077,050 | 2,742,065 |
| Qantas Airways Ltd. (b) | | 310,209 | 1,170,389 |
| QBE Insurance Group Ltd. | | 561,910 | 6,427,671 |
| Ramsay Health Care Ltd. | | 70,157 | 2,351,678 |
| REA Group Ltd. | | 19,882 | 2,279,035 |
| Reece Ltd. | | 82,841 | 1,469,571 |
| Rio Tinto Ltd. | | 140,100 | 11,659,730 |
| Rio Tinto PLC | | 424,972 | 28,753,936 |
| Santos Ltd. | | 1,219,822 | 5,986,115 |
| Scentre Group unit | | 1,969,243 | 3,987,817 |
| SEEK Ltd. | | 134,023 | 2,070,365 |
| Seven Group Holdings Ltd. | | 62,319 | 1,514,296 |
| Sonic Healthcare Ltd. | | 172,860 | 2,970,716 |
| South32 Ltd. | | 1,691,051 | 3,858,101 |
| Stockland Corp. Ltd. unit | | 908,937 | 2,575,125 |
| Suncorp Group Ltd. | | 477,916 | 5,104,342 |
| Telstra Group Ltd. | | 1,516,442 | 3,582,764 |
| The GPT Group | | 710,641 | 1,911,221 |
| The Lottery Corp. Ltd. | | 841,860 | 2,626,176 |
| Transurban Group unit | | 1,167,684 | 9,374,705 |
| Treasury Wine Estates Ltd. | | 303,870 | 2,356,576 |
| Vicinity Centres unit | | 1,431,400 | 1,752,848 |
| Washington H. Soul Pattinson & Co. Ltd. | | 87,781 | 1,837,045 |
| Wesfarmers Ltd. | | 427,075 | 18,295,561 |
| Westpac Banking Corp. | | 1,318,151 | 21,889,669 |
| WiseTech Global Ltd. | | 62,812 | 3,700,415 |
| Woodside Energy Group Ltd. | | 716,501 | 12,837,554 |
| Woolworths Group Ltd. | | 458,086 | 9,398,606 |
TOTAL AUSTRALIA | | | 448,548,247 |
| Austria - 0.2% | | | |
| Erste Group Bank AG | | 129,300 | 6,053,576 |
| Mondi PLC | | 10,509 | 200,389 |
| Mondi PLC | | 155,882 | 2,958,744 |
| OMV AG | | 56,132 | 2,676,514 |
| Verbund AG | | 25,441 | 1,943,985 |
| Voestalpine AG | | 42,836 | 1,148,350 |
TOTAL AUSTRIA | | | 14,981,558 |
| Belgium - 0.5% | | | |
| Ageas | | 60,555 | 2,787,892 |
| Anheuser-Busch InBev SA NV | | 327,734 | 19,589,904 |
| D'ieteren Group | | 7,918 | 1,717,058 |
| Elia Group SA/NV | | 10,902 | 1,051,187 |
| Groupe Bruxelles Lambert SA | | 33,349 | 2,485,965 |
| KBC Group NV | | 94,030 | 7,014,382 |
| Lotus Bakeries SA | | 151 | 1,519,618 |
| Sofina SA | | 5,698 | 1,342,664 |
| Syensqo SA | | 27,985 | 2,603,981 |
| UCB SA | | 47,946 | 6,372,971 |
| Umicore SA | | 77,608 | 1,727,693 |
| Warehouses de Pauw | | 64,820 | 1,725,247 |
| Warehouses de Pauw rights (b)(c) | | 64,820 | 77,477 |
TOTAL BELGIUM | | | 50,016,039 |
| Brazil - 1.1% | | | |
| Ambev SA | | 1,772,500 | 4,147,417 |
| Atacadao SA | | 226,700 | 487,663 |
| B3 SA - Brasil Bolsa Balcao | | 2,154,698 | 4,477,370 |
| Banco Bradesco SA | | 603,015 | 1,435,363 |
| Banco BTG Pactual SA unit | | 442,900 | 2,848,835 |
| Banco do Brasil SA | | 639,800 | 3,378,523 |
| Banco Santander SA (Brasil) unit | | 141,300 | 786,421 |
| BB Seguridade Participacoes SA | | 262,600 | 1,628,417 |
| Caixa Seguridade Participacoes | | 231,600 | 698,466 |
| CCR SA | | 373,000 | 885,701 |
| Centrais Eletricas Brasileiras SA (Electrobras) | | 450,480 | 3,284,515 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 129,000 | 2,007,815 |
| Companhia Siderurgica Nacional SA (CSN) | | 253,300 | 679,031 |
| Cosan SA | | 463,164 | 1,293,356 |
| CPFL Energia SA (b) | | 89,600 | 550,445 |
| Energisa SA unit | | 96,600 | 839,013 |
| Eneva SA (b) | | 227,200 | 541,682 |
| ENGIE Brasil Energia SA | | 76,350 | 601,378 |
| Equatorial Energia SA | | 395,147 | 2,327,841 |
| Hapvida Participacoes e Investimentos SA (b)(d) | | 1,818,155 | 1,292,029 |
| Hypera SA (b) | | 139,900 | 795,333 |
| Klabin SA unit | | 279,300 | 1,239,277 |
| Localiza Rent a Car SA | | 350,082 | 3,305,573 |
| Lojas Renner SA | | 373,122 | 1,101,560 |
| Magazine Luiza SA (b) | | 1,227,930 | 321,609 |
| Natura & Co. Holding SA | | 328,603 | 1,049,864 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 1,376,609 | 11,733,758 |
| PRIO SA | | 306,500 | 2,833,263 |
| Raia Drogasil SA | | 478,364 | 2,356,536 |
| Rede D'Oregon Sao Luiz SA (d) | | 209,192 | 1,047,451 |
| Rumo SA | | 492,800 | 1,913,270 |
| Sendas Distribuidora SA | | 501,400 | 1,266,874 |
| Suzano SA | | 298,038 | 3,355,410 |
| Telefonica Brasil SA | | 154,000 | 1,403,990 |
| TIM SA | | 312,900 | 1,061,158 |
| Totvs SA | | 215,200 | 1,141,357 |
| Ultrapar Participacoes SA | | 269,600 | 1,342,133 |
| Vale SA | | 1,285,086 | 15,663,269 |
| Vibra Energia SA | | 441,351 | 1,994,010 |
| Weg SA | | 631,700 | 4,811,411 |
| Wheaton Precious Metals Corp. | | 170,569 | 8,886,216 |
| Yara International ASA | | 62,585 | 1,788,787 |
TOTAL BRAZIL | | | 104,603,390 |
| Burkina Faso - 0.0% | | | |
| Endeavour Mining PLC | | 67,689 | 1,440,411 |
| Canada - 7.1% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 186,202 | 11,791,734 |
| Air Canada (b) | | 67,438 | 995,417 |
| Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 289,817 | 16,062,933 |
| AltaGas Ltd. | | 111,661 | 2,447,920 |
| ARC Resources Ltd. | | 226,731 | 4,105,912 |
| Bank of Montreal | | 271,663 | 24,266,443 |
| Bank of Nova Scotia | | 459,330 | 21,073,826 |
| Barrick Gold Corp. (Canada) | | 660,170 | 10,972,062 |
| BCE, Inc. | | 26,943 | 885,215 |
| Brookfield Asset Management Ltd. Class A | | 132,012 | 5,043,047 |
| Brookfield Corp. (Canada) Class A | | 522,664 | 20,965,028 |
| CAE, Inc. (b) | | 119,224 | 2,300,214 |
| Cameco Corp. | | 163,195 | 7,445,813 |
| Canadian Apartment Properties (REIT) unit | | 32,104 | 999,278 |
| Canadian Imperial Bank of Commerce | | 356,432 | 16,637,722 |
| Canadian National Railway Co. | | 205,497 | 24,942,065 |
| Canadian Natural Resources Ltd. | | 403,362 | 30,566,029 |
| Canadian Pacific Kansas City Ltd. | | 350,807 | 27,521,270 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 19,946 | 1,926,865 |
| Canadian Utilities Ltd. Class A (non-vtg.) | | 49,418 | 1,104,918 |
| CCL Industries, Inc. Class B | | 57,342 | 2,928,226 |
| Cenovus Energy, Inc. (Canada) | | 530,452 | 10,896,875 |
| CGI, Inc. Class A (sub. vtg.) (b) | | 78,054 | 7,908,875 |
| Constellation Software, Inc. | | 7,589 | 19,538,402 |
| Constellation Software, Inc. warrants 3/31/40 (b)(e) | | 7,326 | 1 |
| Descartes Systems Group, Inc. (Canada) (b) | | 31,829 | 2,952,503 |
| Dollarama, Inc. | | 106,238 | 8,862,363 |
| Element Fleet Management Corp. | | 147,379 | 2,352,026 |
| Emera, Inc. | | 108,315 | 3,653,118 |
| Empire Co. Ltd. Class A (non-vtg.) | | 53,517 | 1,246,715 |
| Enbridge, Inc. | | 800,365 | 28,458,843 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 8,006 | 8,704,217 |
| FirstService Corp. | | 15,176 | 2,229,025 |
| Fortis, Inc. | | 186,072 | 7,306,906 |
| Franco-Nevada Corp. | | 72,256 | 8,698,118 |
| George Weston Ltd. | | 22,752 | 2,994,210 |
| Gildan Activewear, Inc. | | 58,178 | 2,016,674 |
| Great-West Lifeco, Inc. | | 104,205 | 3,081,528 |
| Hydro One Ltd. (d) | | 123,484 | 3,458,790 |
| iA Financial Corp., Inc. | | 37,583 | 2,278,486 |
| IGM Financial, Inc. | | 31,191 | 779,633 |
| Imperial Oil Ltd. | | 70,936 | 4,877,124 |
| Intact Financial Corp. | | 66,744 | 10,970,228 |
| Ivanhoe Mines Ltd. (a)(b) | | 241,065 | 3,267,550 |
| Keyera Corp. | | 84,789 | 2,175,388 |
| Kinross Gold Corp. | | 466,150 | 3,006,873 |
| Loblaw Companies Ltd. | | 59,009 | 6,470,780 |
| Magna International, Inc. Class A (sub. vtg.) | | 102,373 | 4,893,142 |
| Manulife Financial Corp. | | 680,231 | 15,866,210 |
| MEG Energy Corp. (b) | | 105,810 | 2,406,502 |
| Metro, Inc. | | 86,650 | 4,432,421 |
| National Bank of Canada | | 126,823 | 10,183,427 |
| Northland Power, Inc. | | 97,395 | 1,486,412 |
| Nutrien Ltd. | | 185,697 | 9,791,701 |
| Onex Corp. (sub. vtg.) | | 24,984 | 1,772,555 |
| Open Text Corp. | | 102,220 | 3,609,424 |
| Pan American Silver Corp. | | 138,531 | 2,554,972 |
| Parkland Corp. | | 53,529 | 1,649,050 |
| Pembina Pipeline Corp. | | 218,282 | 7,680,660 |
| Power Corp. of Canada (sub. vtg.) | | 216,060 | 5,756,787 |
| Quebecor, Inc. Class B (sub. vtg.) | | 56,504 | 1,169,360 |
| RB Global, Inc. | | 68,497 | 4,903,015 |
| Restaurant Brands International, Inc. | | 107,165 | 8,130,108 |
| Restaurant Brands International, Inc. (a) | | 4,980 | 377,733 |
| RioCan (REIT) | | 58,664 | 743,181 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 135,000 | 5,057,168 |
| Royal Bank of Canada | | 529,044 | 51,184,666 |
| Saputo, Inc. | | 97,768 | 1,879,867 |
| Shopify, Inc. Class A (b) | | 454,345 | 31,898,045 |
| Stantec, Inc. | | 43,099 | 3,431,578 |
| Sun Life Financial, Inc. | | 219,813 | 11,223,373 |
| Suncor Energy, Inc. | | 486,564 | 18,566,235 |
| TC Energy Corp. | | 390,668 | 13,996,111 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 173,169 | 8,514,735 |
| TELUS Corp. | | 183,080 | 2,940,398 |
| TFI International, Inc. (Canada) | | 30,321 | 3,948,679 |
| The Toronto-Dominion Bank | | 668,059 | 39,632,716 |
| Thomson Reuters Corp. | | 59,597 | 9,001,565 |
| TMX Group Ltd. | | 104,910 | 2,777,735 |
| Toromont Industries Ltd. | | 31,144 | 2,850,502 |
| Tourmaline Oil Corp. | | 126,265 | 6,170,856 |
| West Fraser Timber Co. Ltd. | | 21,434 | 1,641,667 |
| WSP Global, Inc. | | 46,909 | 7,117,874 |
TOTAL CANADA | | | 702,407,618 |
| Chile - 0.2% | | | |
| Antofagasta PLC | | 148,361 | 4,096,997 |
| Banco de Chile | | 17,478,557 | 1,938,926 |
| Banco de Credito e Inversiones | | 28,787 | 839,607 |
| Banco Santander Chile | | 24,431,455 | 1,106,993 |
| Cencosud SA | | 468,435 | 802,690 |
| Compania Sud Americana de Vapores SA | | 5,525,781 | 431,104 |
| Empresas CMPC SA | | 426,131 | 841,565 |
| Empresas COPEC SA | | 143,559 | 1,024,449 |
| Enel Americas SA | | 7,906,370 | 741,184 |
| Enel Chile SA | | 10,181,816 | 604,514 |
| Falabella SA (b) | | 351,415 | 940,718 |
| LATAM Airlines Group SA | | 67,792,768 | 917,273 |
| Lundin Mining Corp. | | 243,671 | 2,782,485 |
TOTAL CHILE | | | 17,068,505 |
| China - 7.6% | | | |
| 360 Security Technology, Inc. (A Shares) (b) | | 154,800 | 181,130 |
| 37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | | 48,200 | 110,722 |
| AAC Technology Holdings, Inc. | | 260,000 | 827,486 |
| Accelink Technologies Co. Ltd. (A Shares) (b) | | 17,000 | 87,154 |
| ACM Research Shanghai, Inc. (A Shares) (b) | | 6,261 | 70,509 |
| Advanced Micro-Fabrication Equipment, Inc., China (A Shares) | | 13,645 | 265,305 |
| AECC Aero-Engine Control Co. Ltd. (A Shares) | | 27,900 | 75,171 |
| AECC Aviation Power Co. Ltd. | | 58,200 | 283,649 |
| Agricultural Bank of China Ltd.: | | | |
| (A Shares) | | 2,154,700 | 1,307,896 |
| (H Shares) | | 10,143,000 | 4,522,875 |
| Aier Eye Hospital Group Co. Ltd. (A Shares) | | 207,169 | 367,960 |
| AIMA Technology Group Co. Ltd. | | 19,100 | 92,687 |
| Air China Ltd.: | | | |
| (A Shares) (b) | | 281,400 | 286,161 |
| (H Shares) (b) | | 744,000 | 373,010 |
| Airtac International Group | | 54,043 | 1,910,036 |
| Akeso, Inc. (a)(b)(d) | | 186,000 | 1,138,157 |
| Alibaba Group Holding Ltd. | | 6,134,412 | 57,436,896 |
| Alibaba Health Information Technology Ltd. (a)(b) | | 2,216,000 | 827,186 |
| Aluminum Corp. of China Ltd.: | | | |
| (A shares) | | 648,700 | 662,334 |
| (H Shares) | | 936,000 | 620,768 |
| Amlogic Shanghai Co. Ltd. (A Shares) | | 8,978 | 71,380 |
| Angel Yeast Co. Ltd. (A Shares) | | 19,600 | 80,475 |
| Anhui Conch Cement Co. Ltd.: | | | |
| (A Shares) | | 57,300 | 181,505 |
| (H Shares) | | 548,000 | 1,271,396 |
| Anhui Gujing Distillery Co. Ltd.: | | | |
| (A Shares) | | 3,400 | 127,072 |
| (B Shares) | | 55,802 | 914,656 |
| Anhui Jianghuai Automobile Group Corp. Ltd. (A Shares) (b) | | 43,400 | 93,410 |
| Anhui Kouzi Distillery Co. Ltd. (A Shares) | | 13,500 | 77,630 |
| Anhui Yingjia Distillery Co. Ltd. (A Shares) | | 14,800 | 144,718 |
| Anjoy Foods Group Co. Ltd. (A Shares) | | 6,700 | 85,079 |
| Anker Innovations Technology Co. Ltd. (A Shares) (b) | | 6,900 | 81,975 |
| Anta Sports Products Ltd. | | 484,200 | 5,481,625 |
| Asia - Potash International Investment Guangzhou Co. Ltd. (A Shares) (b) | | 19,000 | 46,553 |
| ASR Microelectronics Co. Ltd. (A Shares) | | 8,869 | 49,958 |
| Asymchem Laboratories Tianjin Co. Ltd. (A Shares) | | 7,360 | 83,746 |
| Autobio Diagnostics Co. Ltd. | | 12,800 | 100,516 |
| Autohome, Inc. ADR Class A | | 25,096 | 644,967 |
| Avary Holding Shenzhen Co. Ltd. (A Shares) | | 39,400 | 130,711 |
| AVIC Capital Co. Ltd. (A Shares) | | 204,200 | 83,637 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 871,000 | 374,593 |
| Avicopter PLC (A Shares) | | 13,700 | 78,639 |
| BAIC BluePark New Energy Technology Co. Ltd. (A Shares) (b) | | 105,000 | 98,281 |
| Baidu, Inc. Class A (b) | | 848,694 | 10,995,328 |
| Bank of Beijing Co. Ltd. (A Shares) | | 471,716 | 363,136 |
| Bank of Changsha Co. Ltd. (A Shares) | | 104,200 | 117,238 |
| Bank of Chengdu Co. Ltd. (A Shares) | | 77,600 | 158,320 |
| Bank of China Ltd.: | | | |
| (A Shares) | | 990,200 | 626,532 |
| (H Shares) | | 29,575,000 | 13,264,105 |
| Bank of Communications Co. Ltd.: | | | |
| (A Shares) | | 730,700 | 693,095 |
| (H Shares) | | 3,567,000 | 2,568,451 |
| Bank of Hangzhou Co. Ltd. (A Shares) | | 119,780 | 213,275 |
| Bank of Jiangsu Co. Ltd. (A Shares) | | 459,730 | 512,531 |
| Bank of Nanjing Co. Ltd. (A Shares) | | 211,900 | 272,572 |
| Bank of Ningbo Co. Ltd. (A Shares) | | 146,440 | 462,399 |
| Bank of Shanghai Co. Ltd. (A Shares) | | 398,120 | 401,109 |
| Bank of Suzhou Co. Ltd. | | 79,200 | 82,465 |
| Baoshan Iron & Steel Co. Ltd. (A Shares) | | 470,300 | 450,407 |
| BeiGene Ltd. (b) | | 257,371 | 3,053,089 |
| Beijing Dabeinong Technology Group Co. Ltd. (A Shares) | | 96,900 | 62,614 |
| Beijing Enlight Media Co. Ltd. (A Shares) | | 63,600 | 81,968 |
| Beijing Enterprises Holdings Ltd. | | 187,500 | 600,291 |
| Beijing Enterprises Water Group Ltd. | | 1,442,000 | 363,688 |
| Beijing Kingsoft Office Software, Inc. (A Shares) | | 10,132 | 429,168 |
| Beijing New Building Materials PLC (A Shares) | | 36,100 | 163,026 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares) | | 25,200 | 50,825 |
| Beijing Roborock Technology Co. Ltd. (A Shares) | | 3,052 | 178,316 |
| Beijing Tiantan Biological Products Corp. Ltd. (A Shares) | | 39,300 | 155,632 |
| Beijing Tongrentang Co. Ltd. (A Shares) | | 29,200 | 170,286 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) | | 18,746 | 176,119 |
| Beijing Yanjing Brewery Co. Ltd. (A Shares) | | 64,000 | 87,341 |
| Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) | | 1,123,800 | 787,713 |
| Beiqi Foton Motor Co. Ltd. (A Shares) (b) | | 158,600 | 57,364 |
| Bethel Automotive Safety Systems Co. Ltd. (A Shares) | | 9,600 | 76,047 |
| Bilibili, Inc. Class Z (a)(b) | | 86,611 | 1,099,802 |
| Bloomage Biotechnology Corp. Ltd. (A Shares) | | 10,867 | 92,018 |
| BOC Aviation Ltd. Class A (d) | | 74,000 | 588,576 |
| BOC Hong Kong (Holdings) Ltd. | | 1,404,149 | 4,303,848 |
| BOC International China Co. Ltd. | | 54,800 | 77,447 |
| BOE Technology Group Co. Ltd. (A Shares) | | 880,300 | 528,412 |
| Bosideng International Holdings Ltd. | | 1,368,000 | 791,891 |
| Brilliance China Automotive Holdings Ltd. | | 1,134,000 | 941,657 |
| By-Health Co. Ltd. (A Shares) | | 33,900 | 73,947 |
| BYD Co. Ltd.: | | | |
| (A Shares) | | 37,500 | 1,125,889 |
| (H Shares) (a) | | 396,500 | 10,869,089 |
| BYD Electronic International Co. Ltd. | | 289,000 | 973,579 |
| C&D International Investment Group Ltd. | | 263,616 | 522,202 |
| Caitong Securities Co. Ltd. | | 97,770 | 103,104 |
| Cambricon Technologies Corp. Ltd. (A Shares) (b) | | 9,193 | 212,147 |
| Canmax Technologies Co. Ltd. (A Shares) | | 15,730 | 45,753 |
| Cathay Biotech, Inc. (A Shares) (b) | | 15,847 | 111,924 |
| CECEP Solar Energy Co. Ltd. (A Shares) | | 95,100 | 67,642 |
| CGN Power Co. Ltd.: | | | |
| (A Shares) (b) | | 485,500 | 275,288 |
| (H Shares) (d) | | 3,810,000 | 1,277,524 |
| Changchun High & New Technology Industry Group, Inc. (A Shares) | | 8,700 | 135,261 |
| Changjiang Securities Co. Ltd. (A Shares) | | 165,200 | 128,978 |
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) | | 6,100 | 111,437 |
| Chaozhou Three-Circle Group Co. (A Shares) | | 41,300 | 158,554 |
| Chengxin Lithium Group Co. Ltd. (A Shares) | | 18,200 | 44,979 |
| Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (b) | | 37,100 | 91,024 |
| China Baoan Group Co. Ltd. (A Shares) | | 56,600 | 81,975 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 3,353,000 | 302,162 |
| China CITIC Bank Corp. Ltd.: | | | |
| (A Shares) | | 200,300 | 189,893 |
| (H Shares) | | 3,022,000 | 1,767,972 |
| China Coal Energy Co. Ltd. (H Shares) | | 791,000 | 796,805 |
| China Communications Services Corp. Ltd. (H Shares) | | 828,000 | 395,823 |
| China Construction Bank Corp.: | | | |
| (A Shares) | | 686,542 | 674,187 |
| (H Shares) | | 35,507,000 | 22,972,712 |
| China CSSC Holdings Ltd. (A Shares) | | 98,000 | 492,433 |
| China Eastern Airlines Corp. Ltd. (A Shares) (b) | | 332,700 | 176,021 |
| China Energy Engineering Corp. Ltd. (A Shares) | | 648,100 | 196,525 |
| China Everbright Bank Co. Ltd.: | | | |
| (A Shares) | | 324,600 | 141,149 |
| (H Shares) | | 2,510,000 | 760,420 |
| China Feihe Ltd. (d) | | 1,351,000 | 738,816 |
| China Film Co. Ltd. (A Shares) (b) | | 38,800 | 63,575 |
| China Galaxy Securities Co. Ltd.: | | | |
| (A Shares) | | 154,600 | 264,401 |
| (H Shares) | | 1,345,500 | 728,813 |
| China Gas Holdings Ltd. | | 1,008,600 | 944,384 |
| China Great Wall Securities Co. Ltd. (A Shares) | | 160,000 | 168,689 |
| China Greatwall Technology Group Co. Ltd. (A Shares) | | 71,700 | 96,153 |
| China Hongqiao Group Ltd. (a) | | 878,000 | 1,211,535 |
| China Huishan Dairy Holdings Co. Ltd. (b)(e) | | 397,000 | 1 |
| China International Capital Corp. Ltd. | | 53,100 | 243,569 |
| China International Capital Corp. Ltd. (H Shares) (a)(d) | | 626,800 | 755,825 |
| China Jushi Co. Ltd. (A Shares) | | 110,322 | 181,342 |
| China Life Insurance Co. Ltd.: | | | |
| (A Shares) | | 31,100 | 131,079 |
| (H Shares) | | 2,942,000 | 3,874,388 |
| China Literature Ltd. (b)(d) | | 150,400 | 537,237 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 1,234,000 | 864,458 |
| China Medical System Holdings Ltd. | | 501,000 | 447,318 |
| China Mengniu Dairy Co. Ltd. | | 1,207,000 | 2,500,274 |
| China Merchants Bank Co. Ltd.: | | | |
| (A Shares) | | 345,400 | 1,629,732 |
| (H Shares) | | 1,616,751 | 7,001,918 |
| China Merchants Energy Shipping Co. Ltd. (A Shares) | | 190,000 | 223,486 |
| China Merchants Expressway Network & Technology Holdings Co. Ltd. (A Shares) (b) | | 98,400 | 150,363 |
| China Merchants Holdings International Co. Ltd. | | 504,655 | 666,455 |
| China Merchants Securities Co. Ltd. (A Shares) | | 156,930 | 316,099 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 210,800 | 245,594 |
| China Minmetals Rare Earth Co. Ltd. (A Shares) | | 22,700 | 87,676 |
| China Minsheng Banking Corp. Ltd.: | | | |
| (A Shares) | | 801,300 | 436,920 |
| (H Shares) | | 2,709,800 | 991,465 |
| China National Building Materials Co. Ltd. (H Shares) | | 1,431,000 | 553,708 |
| China National Chemical Engineering Co. Ltd. (A Shares) | | 123,200 | 116,997 |
| China National Medicines Corp. Ltd. (A Shares) | | 17,200 | 82,426 |
| China National Nuclear Power Co. Ltd. (A Shares) | | 406,100 | 517,749 |
| China National Software & Service Co. Ltd. (A Shares) | | 19,630 | 81,712 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 79,700 | 211,810 |
| China Oilfield Services Ltd. (H Shares) | | 650,000 | 695,049 |
| China Oriental Group Co. Ltd. (H Shares) | | 107 | 14 |
| China Overseas Land and Investment Ltd. | | 1,473,500 | 2,709,579 |
| China Overseas Property Holdings Ltd. (a) | | 490,000 | 298,036 |
| China Pacific Insurance (Group) Co. Ltd. | | 101,700 | 360,475 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 1,116,200 | 2,445,682 |
| China Petroleum & Chemical Corp.: | | | |
| (A Shares) | | 924,000 | 808,034 |
| (H Shares) | | 8,920,000 | 5,324,366 |
| China Power International Development Ltd. | | 1,856,248 | 749,063 |
| China Railway Group Ltd.: | | | |
| (A Shares) | | 783,500 | 707,699 |
| (H Shares) | | 1,065,000 | 525,534 |
| China Railway Signal & Communications Corp. (A Shares) | | 163,929 | 122,086 |
| China Resource Gas Group Ltd. | | 340,100 | 1,068,925 |
| China Resources Beer Holdings Co. Ltd. | | 623,162 | 2,840,411 |
| China Resources Land Ltd. | | 1,218,634 | 4,382,009 |
| China Resources Microelectronics Ltd. (A Shares) | | 29,035 | 145,792 |
| China Resources Mixc Lifestyle Services Ltd. (d) | | 278,000 | 978,495 |
| China Resources Pharmaceutical Group Ltd. (d) | | 576,000 | 372,477 |
| China Resources Power Holdings Co. Ltd. | | 708,523 | 1,761,995 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) | | 21,900 | 181,227 |
| China Ruyi Holdings Ltd. (a)(b) | | 2,060,000 | 515,974 |
| China Shenhua Energy Co. Ltd.: | | | |
| (A Shares) | | 135,500 | 744,282 |
| (H Shares) | | 1,295,500 | 5,376,935 |
| China Southern Airlines Ltd.: | | | |
| (A Shares) (b) | | 111,700 | 87,255 |
| (H Shares) (a)(b) | | 572,000 | 206,820 |
| China State Construction Engineering Corp. Ltd. (A Shares) | | 907,460 | 670,311 |
| China State Construction International Holdings Ltd. | | 801,250 | 845,401 |
| China Taiping Insurance Group Ltd. | | 534,777 | 488,955 |
| China Three Gorges Renewables Group Co. Ltd. (A Shares) | | 613,400 | 396,648 |
| China Tourism Group Duty Free Corp. Ltd.: | | | |
| (A Shares) | | 63,900 | 655,645 |
| (H Shares) (d) | | 17,300 | 152,347 |
| China Tower Corp. Ltd. (H Shares) (d) | | 16,578,000 | 1,940,610 |
| China United Network Communications Ltd. (A Shares) | | 707,400 | 456,225 |
| China Vanke Co. Ltd.: | | | |
| (A Shares) | | 187,300 | 190,655 |
| (H Shares) (a) | | 889,600 | 521,738 |
| China XD Electric Co. Ltd. (A Shares) (b) | | 103,000 | 99,923 |
| China Yangtze Power Co. Ltd. (A Shares) | | 545,530 | 1,940,989 |
| China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares) | | 11,100 | 71,355 |
| China Zheshang Bank Co. Ltd. | | 508,950 | 210,424 |
| Chongqing Brewery Co. Ltd. (A Shares) | | 10,800 | 104,665 |
| Chongqing Changan Automobile Co. Ltd. (A Shares) | | 188,290 | 380,823 |
| Chongqing Rural Commercial Bank Co. Ltd. (A Shares) | | 232,300 | 148,749 |
| Chongqing Taiji Industry Group Co. Ltd. (A Shares) (b) | | 11,700 | 58,534 |
| Chongqing Zhifei Biological Products Co. Ltd. (A Shares) | | 53,400 | 257,920 |
| Chow Tai Fook Jewellery Group Ltd. | | 740,200 | 1,007,152 |
| CITIC Pacific Ltd. | | 2,256,000 | 2,135,084 |
| CITIC Securities Co. Ltd.: | | | |
| (A Shares) | | 204,630 | 533,461 |
| (H Shares) | | 768,675 | 1,223,819 |
| Cmoc Group Ltd.: | | | |
| (A Shares) | | 463,700 | 570,165 |
| (H Shares) | | 1,419,000 | 1,331,320 |
| CNGR Advanced Material Co. Ltd. | | 13,100 | 94,526 |
| CNPC Capital Co. Ltd. (A Shares) (b) | | 223,000 | 180,113 |
| Contemporary Amperex Technology Co. Ltd. | | 101,580 | 2,841,211 |
| COSCO Shipping Development Co. Ltd. (A Shares) | | 201,700 | 68,386 |
| COSCO Shipping Energy Transportation Co. Ltd.: | | | |
| (A Shares) | | 80,100 | 176,265 |
| (H Shares) | | 472,000 | 553,544 |
| COSCO SHIPPING Holdings Co. Ltd.: | | | |
| (A Shares) | | 464,620 | 749,172 |
| (H Shares) | | 870,650 | 1,126,476 |
| Cosco Shipping Ports Ltd. | | 528,344 | 324,223 |
| Country Garden Holdings Co. Ltd. (a)(b) | | 4,534,517 | 288,393 |
| Country Garden Services Holdings Co. Ltd. | | 801,000 | 534,380 |
| CRRC Corp. Ltd.: | | | |
| (A Shares) | | 1,186,500 | 1,142,456 |
| (H Shares) | | 476,000 | 262,749 |
| CSC Financial Co. Ltd. (A Shares) | | 95,200 | 292,246 |
| CSPC Innovation Pharmaceutical Co. Ltd. (A Shares) | | 31,920 | 151,009 |
| CSPC Pharmaceutical Group Ltd. | | 3,406,640 | 2,797,302 |
| CSSC Science & Technology Co. Ltd. (b) | | 38,900 | 85,263 |
| Daqin Railway Co. Ltd. (A Shares) | | 374,200 | 354,746 |
| DaShenLin Pharmaceutical Group Co. Ltd. | | 24,830 | 74,483 |
| Datang International Power Generation Co. Ltd. (A Shares) | | 202,600 | 84,180 |
| Dong-E-E-Jiao Co. Ltd. (A Shares) | | 13,300 | 125,926 |
| Dongfang Electric Corp. Ltd. (A Shares) | | 61,400 | 142,670 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 944,000 | 342,335 |
| Dongxing Securities Co. Ltd. (A Shares) | | 67,500 | 81,893 |
| East Buy Holding Ltd. (a)(b)(d) | | 169,500 | 358,358 |
| East Money Information Co. Ltd. (A Shares) | | 348,789 | 625,666 |
| Eastroc Beverage Group Co. Ltd. (b) | | 5,400 | 158,459 |
| Ecovacs Robotics Co. Ltd. Class A | | 12,700 | 86,584 |
| Empyrean Technology Co. Ltd. (A Shares) (b) | | 9,100 | 98,128 |
| ENN Energy Holdings Ltd. | | 300,300 | 2,558,674 |
| ENN Natural Gas Co. Ltd. (A Shares) | | 60,000 | 149,490 |
| Eoptolink Technology, Inc. Ltd. (A Shares) | | 15,300 | 179,468 |
| ESR Group Ltd. (a)(d) | | 668,259 | 732,325 |
| Eve Energy Co. Ltd. (A shares) | | 45,524 | 232,181 |
| Everbright Securities Co. Ltd. (A Shares) | | 86,400 | 196,718 |
| Everdisplay Optronics Shanghai Co. Ltd. (A Shares) (b) | | 182,839 | 55,857 |
| Fangda Carbon New Material Co. Ltd. (A Shares) (b) | | 75,600 | 52,817 |
| Far East Horizon Ltd. | | 739,000 | 548,566 |
| FAW Jiefang Group Co. Ltd. (A Shares) (b) | | 74,400 | 92,115 |
| First Capital Securities Co. Ltd. (A Shares) | | 83,000 | 65,571 |
| Flat Glass Group Co. Ltd. | | 112,000 | 269,783 |
| Flat Glass Group Co. Ltd. (A Shares) | | 76,900 | 281,430 |
| Focus Media Information Technology Co. Ltd. (A Shares) | | 317,140 | 283,882 |
| Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | | 103,377 | 558,335 |
| Fosun International Ltd. | | 932,500 | 550,167 |
| Founder Securities Co. Ltd. (A Shares) | | 186,400 | 230,317 |
| Foxconn Industrial Internet Co. Ltd. (A Shares) | | 294,896 | 974,402 |
| Fujian Sunner Development Co. Ltd. A Shares | | 29,800 | 64,298 |
| Fuyao Glass Industries Group Co. Ltd.: | | | |
| (A Shares) | | 90,600 | 622,947 |
| (H Shares) (d) | | 178,400 | 1,068,092 |
| GalaxyCore, Inc. (A Shares) | | 36,469 | 83,169 |
| Ganfeng Lithium Group Co. Ltd.: | | | |
| (A Shares) | | 62,720 | 304,093 |
| (H Shares) (d) | | 102,740 | 301,283 |
| GCL Technology Holdings Ltd. | | 8,024,000 | 1,188,458 |
| GD Power Development Co. Ltd. (A Shares) | | 411,600 | 290,873 |
| Geely Automobile Holdings Ltd. | | 2,257,000 | 2,716,432 |
| GEM Co. Ltd. (A Shares) | | 106,200 | 101,804 |
| Genscript Biotech Corp. (a)(b) | | 426,000 | 628,210 |
| GF Securities Co. Ltd.: | | | |
| (A Shares) | | 269,600 | 490,258 |
| (H Shares) | | 144,000 | 143,459 |
| Giant Biogene Holding Co. Ltd. (d) | | 123,200 | 750,625 |
| Giant Network Group Co. Ltd. (A Shares) | | 44,900 | 72,584 |
| Gigadevice Semiconductor Beijing, Inc. (A Shares) | | 14,384 | 155,162 |
| Ginlong Technologies Co. Ltd. (A Shares) | | 8,900 | 65,534 |
| GoerTek, Inc. (A Shares) | | 76,300 | 165,683 |
| Goldwind Science & Technology Co. Ltd. (A Shares) | | 103,982 | 109,171 |
| Goneo Group Co. Ltd. (A Shares) | | 9,300 | 153,172 |
| GoodWe Technologies Co. Ltd. (A Shares) | | 3,959 | 50,629 |
| Gotion High-tech Co. Ltd. (A Shares) (b) | | 38,500 | 99,377 |
| Great Wall Motor Co. Ltd.: | | | |
| (A Shares) | | 69,400 | 250,319 |
| (H Shares) | | 867,500 | 1,310,916 |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | | 62,200 | 360,858 |
| Greenland Holdings Corp. Ltd. (A Shares) (b) | | 263,200 | 66,665 |
| GRG Banking Equipment Co. Ltd. (A Shares) | | 43,500 | 71,288 |
| Guangdong Haid Group Co. Ltd. (A Shares) | | 36,900 | 253,906 |
| Guangdong HEC Technology Holding Co. Ltd. (A Shares) (b) | | 65,100 | 79,531 |
| Guangdong Investment Ltd. | | 1,060,000 | 553,707 |
| Guanghui Energy Co. Ltd. (A Shares) | | 151,500 | 154,013 |
| Guangzhou Automobile Group Co. Ltd. | | 159,600 | 192,865 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 992,000 | 409,819 |
| Guangzhou Baiyun International Airport Co. Ltd. (A Shares) (b) | | 51,700 | 73,726 |
| Guangzhou Baiyunshan Pharma Health (A Shares) | | 30,200 | 133,426 |
| Guangzhou Haige Communications Group (A Shares) | | 45,300 | 67,983 |
| Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) | | 10,500 | 55,476 |
| Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares) | | 14,300 | 65,845 |
| Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) | | 42,420 | 122,542 |
| Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares) | | 104,804 | 83,479 |
| Guolian Securities Co. Ltd. (b)(e) | | 55,900 | 80,749 |
| Guosen Securities Co. Ltd. (A Shares) | | 151,000 | 186,705 |
| Guotai Junan Securities Co. Ltd.: | | | |
| (A Shares) | | 43,000 | 81,392 |
| (H Shares) (a)(d) | | 228,600 | 243,013 |
| Guoyuan Securities Co. Ltd. (A Shares) | | 91,900 | 86,233 |
| H World Group Ltd. ADR | | 79,246 | 2,909,121 |
| Haidilao International Holding Ltd. (d) | | 611,000 | 1,378,543 |
| Haier Smart Home Co. Ltd. | | 836,200 | 3,097,305 |
| Haier Smart Home Co. Ltd. (A Shares) | | 235,229 | 978,628 |
| Hainan Airlines Co. Ltd. (A Shares) (b) | | 948,700 | 178,966 |
| Hainan Airport Infrastructure Co. Ltd. (A Shares) (b) | | 251,200 | 121,153 |
| Haitian International Holdings Ltd. | | 229,000 | 745,819 |
| Haitong Securities Co. Ltd.: | | | |
| (A Shares) | | 188,500 | 217,346 |
| (H Shares) | | 1,136,000 | 542,578 |
| Hanergy Mobile Energy Holding (b)(e) | | 576,000 | 1 |
| Hangzhou Binjiang Real Estate Group Co. Ltd. (A Shares) | | 68,700 | 63,561 |
| Hangzhou Chang Chuan Technology Co. Ltd. | | 12,700 | 50,992 |
| Hangzhou First Applied Material Co. Ltd. (A Shares) | | 39,392 | 147,296 |
| Hangzhou Greatstar Industrial Co. Ltd. (A Shares) | | 24,100 | 83,988 |
| Hangzhou Oxygen Plant Group Co. Ltd. (A Shares) | | 21,100 | 79,376 |
| Hangzhou Robam Appliances Co. Ltd. (A Shares) | | 21,100 | 68,736 |
| Hangzhou Silan Microelectronics Co. Ltd. (A Shares) | | 58,300 | 153,608 |
| Hangzhou Tigermed Consulting Co. Ltd.: | | | |
| (A Shares) | | 4,600 | 37,363 |
| (H Shares) (a)(d) | | 7,800 | 34,444 |
| Hansoh Pharmaceutical Group Co. Ltd. (d) | | 438,000 | 967,847 |
| Haohua Chemical Science & Technology Co. Ltd. (A Shares) | | 17,200 | 73,637 |
| Hebei Yangyuan Zhihui Beverage Co. Ltd. (A Shares) (b) | | 28,200 | 102,116 |
| Heilongjiang Agriculture Co. Ltd. (A Shares) | | 32,100 | 57,921 |
| Henan Shenhuo Coal & Power Co. Ltd. (A Shares) | | 51,300 | 153,104 |
| Henan Shuanghui Investment & Development Co. Ltd. (A Shares) | | 71,600 | 266,242 |
| Hengan International Group Co. Ltd. | | 232,500 | 780,542 |
| Hengdian Group DMEGC Magnetics Co. Ltd. (A Shares) | | 34,100 | 67,607 |
| Hengli Petrochemical Co. Ltd. (A Shares) (b) | | 157,200 | 335,633 |
| Hengtong Optic-electric Co. Ltd. (A Shares) | | 52,300 | 101,818 |
| Hengyi Petrochemical Co. Ltd. (A Shares) (b) | | 73,630 | 76,045 |
| Hesteel Co. Ltd. (A Shares) | | 237,700 | 71,720 |
| Hisense Electric Co. Ltd. | | 26,900 | 103,425 |
| Hithink RoyalFlush Information Network Co. Ltd. (A Shares) | | 11,600 | 192,390 |
| HLA Group Corp. Ltd. (A Shares) (b) | | 113,400 | 142,413 |
| Hongfa Technology Co. Ltd. (A Shares) | | 18,620 | 73,227 |
| Hoshine Silicon Industry Co. Ltd. (A Shares) | | 17,400 | 115,890 |
| Hoymiles Power Electronics, Inc. (A Shares) | | 1,914 | 59,764 |
| Hua Hong Semiconductor Ltd. (a)(d) | | 217,000 | 427,643 |
| Huadian Power International Corp. Ltd.: | | | |
| (A Shares) | | 21,700 | 20,228 |
| (H Shares) | | 238,000 | 129,958 |
| Huadong Medicine Co. Ltd. (A Shares) | | 38,660 | 175,618 |
| Huafon Chemical Co. Ltd. (A Shares) | | 94,500 | 105,967 |
| Huagong Tech Co. Ltd. (A Shares) (b) | | 22,800 | 104,328 |
| Huaibei Mining Holdings Co. Ltd. (A Shares) | | 55,500 | 147,643 |
| Hualan Biological Engineer, Inc. (A Shares) | | 41,350 | 111,008 |
| Huaneng Power International, Inc.: | | | |
| (A Shares) (b) | | 309,900 | 399,906 |
| (H Shares) (b) | | 1,450,000 | 922,927 |
| Huatai Securities Co. Ltd.: | | | |
| (A Shares) | | 66,400 | 125,576 |
| (H Shares) (d) | | 650,600 | 769,413 |
| Huaxia Bank Co. Ltd. (A Shares) | | 286,000 | 264,703 |
| Huayu Automotive Systems Co. Ltd. (A Shares) | | 67,031 | 152,198 |
| Hubei Jumpcan Pharmaceutical Co. Ltd. (A Shares) | | 18,900 | 107,191 |
| Huizhou Desay SV Automotive Co. Ltd. | | 12,400 | 214,167 |
| Humanwell Healthcare Group Co. Ltd. (A Shares) | | 38,100 | 106,240 |
| Hunan Valin Steel Co. Ltd. (A Shares) | | 139,500 | 100,377 |
| Hundsun Technologies, Inc. (A Shares) | | 41,777 | 118,029 |
| Hwatsing Technology Co. Ltd. (A Shares) | | 3,716 | 87,142 |
| Hygeia Healthcare Holdings Co. (a)(d) | | 129,400 | 534,090 |
| Hygon Information Technology Co. Ltd. (A Shares) | | 43,142 | 463,955 |
| IEIT Systems Co. Ltd. (A Shares) | | 32,012 | 178,522 |
| iFlytek Co. Ltd. (A Shares) | | 50,300 | 310,960 |
| IMEIK Technology Development Co. Ltd. (A Shares) | | 6,720 | 198,784 |
| Industrial & Commercial Bank of China Ltd.: | | | |
| (A Shares) | | 1,760,800 | 1,318,944 |
| (H Shares) | | 23,953,000 | 12,844,283 |
| Industrial Bank Co. Ltd. (A Shares) | | 482,400 | 1,120,511 |
| Industrial Securities Co. Ltd. (A Shares) | | 186,940 | 143,628 |
| Ingenic Semiconductor Co. Ltd. (A Shares) | | 9,900 | 86,235 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 141,700 | 558,425 |
| Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (b) | | 978,800 | 215,525 |
| Inner Mongolia Dian Tou Energy Corp. Ltd. | | 46,800 | 136,014 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares) | | 164,900 | 95,700 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 407,700 | 792,374 |
| Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares) | | 78,600 | 77,734 |
| Innovent Biologics, Inc. (b)(d) | | 463,000 | 2,241,367 |
| iQIYI, Inc. ADR (b) | | 162,192 | 786,631 |
| iRay Technology Co. Ltd. (A Shares) | | 2,161 | 59,205 |
| iSoftStone Information Technology Group Co. Ltd. (A Shares) | | 21,450 | 123,493 |
| JA Solar Technology Co. Ltd. (A Shares) | | 72,996 | 143,155 |
| Jason Furniture Hangzhou Co. Ltd. (A Shares) | | 18,020 | 82,953 |
| JCET Group Co. Ltd. (A Shares) | | 37,800 | 133,267 |
| JD Health International, Inc. (b)(d) | | 426,450 | 1,454,547 |
| JD Logistics, Inc. (b)(d) | | 727,400 | 787,283 |
| JD.com, Inc. Class A | | 884,217 | 12,740,128 |
| Jiangsu Eastern Shenghong Co. Ltd. | | 139,600 | 190,779 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 456,000 | 447,207 |
| Jiangsu Hengli Hydraulic Co. Ltd. | | 28,772 | 202,554 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 141,048 | 895,697 |
| Jiangsu King's Luck Brewery JSC Ltd. (A Shares) | | 27,900 | 220,640 |
| Jiangsu Nhwa Pharmaceutical Co. Ltd. (A Shares) (b) | | 20,700 | 71,357 |
| Jiangsu Pacific Quartz Co. Ltd. (A Shares) | | 8,000 | 86,347 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd. (b) | | 53,500 | 75,152 |
| Jiangsu Yanghe Brewery JSC Ltd. (A Shares) | | 33,500 | 438,532 |
| Jiangsu Yangnong Chemical Co. Ltd. (A Shares) | | 7,800 | 69,234 |
| Jiangsu Yoke Technology Co. Ltd. (A Shares) | | 10,300 | 90,610 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares) | | 21,300 | 113,586 |
| Jiangsu Zhongtian Technology Co. Ltd. (A Shares) | | 73,400 | 136,953 |
| Jiangxi Copper Co. Ltd.: | | | |
| (A Shares) | | 70,300 | 252,069 |
| (H Shares) | | 407,000 | 828,909 |
| Jiangxi Special Electric Motor Co. Ltd. (A Shares) (b) | | 35,600 | 47,650 |
| Jinduicheng Molybdenum Co. Ltd. (A Shares) | | 71,500 | 111,859 |
| Jinko Solar Co. Ltd. (A Shares) | | 220,168 | 228,842 |
| JiuGui Liquor Co. Ltd. (A Shares) | | 7,300 | 51,316 |
| Jizhong Energy Resources Co. Ltd. (A Shares) | | 84,300 | 87,183 |
| Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares) | | 39,200 | 65,675 |
| Jointown Pharmaceutical Group (A Shares) | | 87,403 | 98,897 |
| Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares) (b) | | 18,500 | 75,230 |
| Juneyao Airlines Co. Ltd. (A shares) (b) | | 42,800 | 72,565 |
| Kangmei Pharmaceutical Co. Ltd. rights (b)(e) | | 2,866 | 0 |
| Kanzhun Ltd. ADR | | 81,694 | 1,616,724 |
| KE Holdings, Inc. ADR | | 249,722 | 3,775,797 |
| Keda Industrial Group Co. Ltd. | | 40,500 | 56,425 |
| Kingboard Chemical Holdings Ltd. | | 249,000 | 547,246 |
| Kingdee International Software Group Co. Ltd. (b) | | 1,130,000 | 1,192,179 |
| Kingnet Network Co. Ltd. (A Shares) | | 46,000 | 74,539 |
| Kingsoft Corp. Ltd. | | 347,200 | 1,128,047 |
| Kuaishou Technology Class B (b)(d) | | 881,600 | 6,180,641 |
| Kuang-Chi Technologies Co. Ltd. (A Shares) (b) | | 45,500 | 122,591 |
| Kunlun Energy Co. Ltd. | | 1,448,000 | 1,403,661 |
| Kunlun Tech Co. Ltd. (A Shares) (b) | | 26,500 | 144,650 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 28,600 | 6,705,733 |
| Lb Group Co. Ltd. (A Shares) | | 48,600 | 140,508 |
| Lenovo Group Ltd. | | 3,070,000 | 3,453,012 |
| Lens Technology Co. Ltd. (A Shares) | | 106,900 | 210,137 |
| Lepu Medical Technology Beijing Co. Ltd. (A Shares) | | 37,400 | 75,574 |
| Li Auto, Inc. Class A (b) | | 432,164 | 5,662,169 |
| Li Ning Co. Ltd. | | 885,500 | 2,318,123 |
| Liaoning Port Co. Ltd. (A Shares) | | 390,600 | 77,609 |
| Lingyi iTech Guangdong Co. (A Shares) | | 150,800 | 107,843 |
| Livzon Pharmaceutical Group, Inc. (A Shares) | | 14,900 | 82,413 |
| Longfor Properties Co. Ltd. (a)(d) | | 733,508 | 1,086,432 |
| LONGi Green Energy Technology Co. Ltd. | | 167,968 | 420,605 |
| Luxshare Precision Industry Co. Ltd. (A Shares) | | 157,047 | 629,524 |
| Luzhou Laojiao Co. Ltd. (A Shares) | | 32,700 | 837,022 |
| Mango Excellent Media Co. Ltd. (A Shares) | | 41,100 | 132,330 |
| Maxscend Microelectronics Co. Ltd. (A Shares) | | 11,952 | 148,921 |
| Meihua Holdings Group Co. Ltd. (A Shares) | | 69,600 | 106,588 |
| Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (b) | | 86,164 | 52,555 |
| Meituan Class B (b)(d) | | 1,908,910 | 26,065,271 |
| Metallurgical Corp. China Ltd. (H Shares) | | 920,000 | 179,089 |
| MGI Tech Co. Ltd. (A Shares) | | 11,647 | 93,696 |
| Midea Group Co. Ltd. (A Shares) | | 84,200 | 809,816 |
| Ming Yang Smart Energy Group Ltd. (A Shares) | | 47,800 | 64,379 |
| MINISO Group Holding Ltd. | | 138,620 | 781,962 |
| Montage Technology Co. Ltd. (A Shares) | | 24,805 | 172,276 |
| Muyuan Foodstuff Co. Ltd. (A Shares) | | 119,040 | 715,810 |
| Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. | | 35,293 | 66,605 |
| Nanjing Securities Co. Ltd. (A Shares) | | 88,600 | 100,047 |
| NARI Technology Co. Ltd. (A Shares) | | 206,605 | 668,240 |
| National Silicon Industry Group Co. Ltd. (A Shares) (b) | | 61,329 | 111,926 |
| NAURA Technology Group Co. Ltd. | | 11,600 | 507,962 |
| NetEase, Inc. | | 727,195 | 13,631,009 |
| New China Life Insurance Co. Ltd. | | 21,900 | 94,707 |
| New China Life Insurance Co. Ltd. (H Shares) | | 359,900 | 690,202 |
| New Hope Liuhe Co. Ltd. (A Shares) (b) | | 103,800 | 127,619 |
| New Oriental Education & Technology Group, Inc. (b) | | 562,710 | 4,471,274 |
| Ninestar Corp. (A Shares) | | 31,300 | 108,899 |
| Ningbo Deye Technology Co. Ltd. (A Shares) | | 9,100 | 117,102 |
| Ningbo Joyson Electronic Corp. (A shares) | | 29,500 | 71,302 |
| Ningbo Orient Wires & Cables Co. Ltd. (A Shares) | | 15,800 | 96,055 |
| Ningbo Sanxing Medical Electric Co. Ltd. (b) | | 41,400 | 191,134 |
| Ningbo Shanshan Co. Ltd. (A Shares) | | 44,500 | 72,550 |
| Ningbo Tuopu Group Co. Ltd. (A Shares) | | 24,700 | 212,545 |
| Ningxia Baofeng Energy Group Co. Ltd. | | 159,200 | 363,918 |
| NIO, Inc. sponsored ADR (a)(b) | | 514,776 | 2,429,743 |
| Nongfu Spring Co. Ltd. (H Shares) (d) | | 765,400 | 4,496,664 |
| Offcn Education Technology Co. A Shares (b) | | 141,800 | 51,770 |
| Offshore Oil Enginering Co. Ltd. (A Shares) | | 106,500 | 93,331 |
| OFILM Group Co. Ltd. (A Shares) (b) | | 74,900 | 90,297 |
| Oppein Home Group, Inc. (A Shares) | | 11,260 | 96,691 |
| Orient Securities Co. Ltd. (A Shares) | | 168,708 | 193,833 |
| Oriental Pearl Group Co. Ltd. (b) | | 66,500 | 63,205 |
| Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (b) | | 191,700 | 81,987 |
| PDD Holdings, Inc. ADR (b) | | 225,293 | 28,202,178 |
| People's Insurance Co. of China Group Ltd.: | | | |
| (A Shares) | | 140,700 | 101,532 |
| (H Shares) | | 3,602,000 | 1,182,268 |
| People.cn Co. Ltd. (A Shares) (b) | | 24,000 | 81,789 |
| Perfect World Co. Ltd. (A Shares) | | 42,950 | 59,135 |
| PetroChina Co. Ltd.: | | | |
| (A Shares) | | 525,000 | 740,694 |
| (H Shares) | | 7,896,000 | 7,357,031 |
| Pharmaron Beijing Co. Ltd. (H Shares) (d) | | 59,300 | 72,691 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 2,622,933 | 3,258,688 |
| Ping An Bank Co. Ltd. (A Shares) | | 423,600 | 629,613 |
| Ping An Insurance Group Co. of China Ltd.: | | | |
| (A Shares) | | 253,892 | 1,443,264 |
| (H Shares) | | 2,516,000 | 11,402,722 |
| Piotech, Inc. (A Shares) | | 3,993 | 99,303 |
| Poly Developments & Holdings (A Shares) | | 265,700 | 326,008 |
| Pop Mart International Group Ltd. (d) | | 174,800 | 748,045 |
| Postal Savings Bank of China Co. Ltd. | | 436,700 | 289,006 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (d) | | 3,301,000 | 1,710,422 |
| Power Construction Corp. of China Ltd. (A Shares) | | 360,700 | 252,390 |
| Prosus NV | | 551,542 | 18,454,568 |
| Qi An Xin Technology Group, Inc. (A Shares) (b) | | 15,199 | 64,609 |
| Qifu Technology, Inc. ADR | | 47,575 | 870,147 |
| Qinghai Salt Lake Potash Co. Ltd. Class A (b) | | 116,300 | 265,681 |
| Range Intelligent Computing Technology Group Co. Ltd. (A Shares) | | 34,200 | 147,212 |
| Risen Energy Co. Ltd. (A Shares) | | 25,500 | 45,552 |
| Rockchip Electronics Co. Ltd. | | 7,900 | 62,484 |
| Rongsheng Petrochemical Co. Ltd. (A Shares) | | 226,550 | 349,923 |
| SAIC Motor Corp. Ltd. (A Shares) | | 164,000 | 335,812 |
| Sailun Group Co. Ltd. A Shares | | 72,900 | 166,616 |
| Sanan Optoelectronics Co. Ltd. (A Shares) | | 110,600 | 190,585 |
| Sangfor Technologies, Inc. (b) | | 9,300 | 70,059 |
| Sany Heavy Equipment International Holdings Co. Ltd. (a) | | 401,000 | 281,775 |
| Sany Heavy Industry Co. Ltd. (A Shares) | | 185,300 | 416,384 |
| Satellite Chemical Co. Ltd. (A Shares) (b) | | 76,099 | 202,122 |
| SDIC Capital Co. Ltd. | | 140,200 | 123,540 |
| SDIC Power Holdings Co. Ltd. (A Shares) | | 167,600 | 368,057 |
| Seazen Holdings Co. Ltd. (A Shares) (b) | | 51,700 | 70,036 |
| Seres Group Co. Ltd. (A Shares) (b) | | 34,200 | 426,278 |
| SF Holding Co. Ltd. (A Shares) | | 107,800 | 537,730 |
| SG Micro Corp. (A Shares) | | 9,847 | 104,002 |
| Shaanxi Coal Industry Co. Ltd. (A Shares) | | 216,000 | 731,549 |
| Shan Xi Hua Yang Group New Energy Co. Ltd. | | 82,650 | 107,724 |
| Shandong Gold Mining Co. Ltd.: | | | |
| (A Shares) | | 95,832 | 378,935 |
| (H Shares) (d) | | 276,500 | 597,462 |
| Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares) (b) | | 15,100 | 82,856 |
| Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) | | 44,320 | 181,920 |
| Shandong Linglong Tyre Co. Ltd. (A Shares) | | 33,300 | 102,610 |
| Shandong Nanshan Aluminum Co. Ltd. (A Shares) | | 237,000 | 116,783 |
| Shandong Sun Paper Industry JSC Ltd. (A Shares) | | 56,000 | 120,231 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 899,600 | 610,062 |
| Shanghai Aiko Solar Energy Co. Ltd. (A Shares) | | 40,880 | 67,383 |
| Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) | | 24,180 | 67,888 |
| Shanghai Baosight Software Co. Ltd. | | 328,176 | 701,076 |
| Shanghai Baosight Software Co. Ltd. (A Shares) | | 20,352 | 114,980 |
| Shanghai Construction Group Co. Ltd. (A Shares) | | 168,300 | 55,626 |
| Shanghai Electric Group Co. Ltd. (A Shares) (b) | | 265,500 | 157,587 |
| Shanghai Electric Power Co. Ltd. (A Shares) | | 68,200 | 86,332 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd.: | | | |
| (A Shares) | | 37,800 | 123,401 |
| (H Shares) | | 199,500 | 313,188 |
| Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares) | | 3,050 | 136,263 |
| Shanghai International Airport Co. Ltd. (A Shares) (b) | | 27,600 | 143,168 |
| Shanghai International Port Group Co. Ltd. (A Shares) | | 205,500 | 159,177 |
| Shanghai Jinjiang International Hotels Co. Ltd. (A Shares) | | 19,600 | 77,967 |
| Shanghai Junshi Biosciences Co. Ltd. (A Shares) (b) | | 17,430 | 72,244 |
| Shanghai Lingang Holdings Corp. Ltd. (A Shares) | | 56,280 | 81,957 |
| Shanghai M&G Stationery, Inc. (A Shares) | | 20,300 | 98,887 |
| Shanghai Moons' Electric Co. Ltd. (A Shares) (b) | | 9,000 | 69,384 |
| Shanghai Pharmaceuticals Holding Co. Ltd.: | | | |
| (A Shares) | | 112,000 | 276,867 |
| (H Shares) | | 193,300 | 274,691 |
| Shanghai Pudong Development Bank Co. Ltd. (A Shares) | | 623,200 | 660,667 |
| Shanghai Putailai New Energy Technology Co. Ltd. | | 42,380 | 107,801 |
| Shanghai RAAS Blood Products Co. Ltd. (A Shares) | | 153,600 | 151,907 |
| Shanghai Rural Commercial Bank Co. Ltd. (A Shares) | | 312,600 | 291,589 |
| Shanghai United Imaging Healthcare Co. Ltd. (A Shares) (b) | | 18,747 | 342,535 |
| Shanghai Yuyuan Tourist Mart Group Co. Ltd. | | 65,400 | 53,448 |
| Shanghai Zhangjiang High Ltd. (A Shares) (b) | | 35,100 | 88,984 |
| Shanxi Coal International Energy Group Co. Ltd. (A Shares) (b) | | 45,200 | 89,251 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) | | 67,600 | 197,110 |
| Shanxi Meijin Energy Co. Ltd. (A Shares) (b) | | 90,100 | 75,326 |
| Shanxi Taigang Stainless Steel Co. Ltd. (A Shares) | | 116,400 | 61,949 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) | | 27,120 | 976,778 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) | | 126,970 | 183,723 |
| Shede Spirits Co. Ltd. (A Shares) | | 7,600 | 76,228 |
| Shenergy Co. Ltd. (A Shares) | | 114,200 | 133,940 |
| Shengyi Technology Co. Ltd. | | 44,800 | 119,465 |
| Shennan Circuits Co. Ltd. (A Shares) | | 10,700 | 137,248 |
| Shenwan Hongyuan Group Co. Ltd. (A Shares) | | 549,400 | 355,540 |
| Shenzhen Capchem Technology Co. Ltd. (A Shares) | | 15,700 | 72,765 |
| Shenzhen Energy Group Co. Ltd. (A Shares) | | 107,820 | 107,512 |
| Shenzhen Goodix Technology Co. Ltd. (A Shares) (b) | | 10,600 | 89,459 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 30,650 | 251,359 |
| Shenzhen Kaifa Technology Co. Ltd. (A Shares) | | 35,600 | 67,556 |
| Shenzhen Kangtai Biological Products Co. Ltd. | | 24,060 | 66,990 |
| Shenzhen Kedali Industry Co. Ltd. | | 5,400 | 70,951 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 26,800 | 1,125,327 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | | 16,900 | 164,722 |
| Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) (b) | | 182,400 | 66,281 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares) | | 23,200 | 101,921 |
| Shenzhen SC New Energy Technology Corp. (A Shares) | | 7,800 | 73,755 |
| Shenzhen Sed Industry Co. Ltd. (A Shares) | | 24,300 | 58,723 |
| Shenzhen Transsion Holdings Co. Ltd. (A Shares) | | 17,514 | 346,864 |
| Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 18,100 | 66,718 |
| Shenzhou International Group Holdings Ltd. | | 314,500 | 3,091,287 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) | | 38,060 | 98,754 |
| Sichuan Changhong Electric Co. Ltd. (A Shares) | | 106,500 | 81,530 |
| Sichuan Chuantou Energy Co. Ltd. (A Shares) | | 138,836 | 318,584 |
| Sichuan Hebang Biotechnology Co. Ltd. (A Shares) | | 172,200 | 49,855 |
| Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) | | 33,000 | 154,529 |
| Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) | | 156,940 | 157,034 |
| Sichuan Swellfun Co. Ltd. (A Shares) | | 11,000 | 68,213 |
| Sieyuan Electric Co. Ltd. (A Shares) | | 16,900 | 151,641 |
| Silergy Corp. | | 124,000 | 1,643,932 |
| Sinolink Securities Co. Ltd. (A Shares) | | 92,300 | 111,113 |
| Sinoma International Engineering Co. Ltd. (A Shares) | | 60,700 | 106,171 |
| Sinoma Science & Technology Co. Ltd. (A Shares) | | 36,000 | 76,995 |
| Sinomine Resource Group Co. Ltd. (A Shares) | | 13,916 | 68,060 |
| Sinopharm Group Co. Ltd. (H Shares) | | 491,600 | 1,241,468 |
| Sinotruk Hong Kong Ltd. | | 248,500 | 618,445 |
| SITC International Holdings Co. Ltd. | | 492,000 | 1,066,949 |
| SKSHU Paint Co. Ltd. (A Shares) | | 11,424 | 53,471 |
| Smoore International Holdings Ltd. (a)(d) | | 668,000 | 581,771 |
| Songcheng Performance Development Co. Ltd. (A Shares) | | 60,860 | 91,042 |
| Soochow Securities Co. Ltd. (A Shares) | | 96,649 | 91,004 |
| Southwest Securities Co. Ltd. (A Shares) | | 132,600 | 72,431 |
| Spring Airlines Co. Ltd. (A Shares) (b) | | 21,600 | 168,960 |
| StarPower Semiconductor Ltd. (A Shares) | | 3,500 | 66,973 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 33,100 | 470,082 |
| Sunny Optical Technology Group Co. Ltd. | | 264,000 | 1,277,158 |
| Sunresin New Materials Co. Ltd. (A Shares) | | 11,550 | 74,292 |
| Sunwoda Electronic Co. Ltd. (A Shares) | | 36,300 | 75,997 |
| SUPCON Technology Co. Ltd. (A Shares) | | 14,517 | 95,159 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares) | | 38,200 | 80,756 |
| Suzhou Maxwell Technologies Co. Ltd. (A Shares) | | 6,176 | 97,504 |
| Suzhou TFC Optical Communication Co. Ltd. (A Shares) | | 8,500 | 186,234 |
| TAL Education Group ADR (b) | | 166,261 | 2,001,782 |
| TBEA Co. Ltd. (A Shares) | | 102,700 | 199,983 |
| TCL Technology Group Corp. (A Shares) | | 403,260 | 265,110 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares) | | 88,500 | 127,020 |
| Tencent Holdings Ltd. | | 2,494,100 | 109,449,090 |
| Tencent Music Entertainment Group ADR (b) | | 285,337 | 3,580,979 |
| Thunder Software Technology Co. Ltd. (A Shares) | | 10,300 | 69,023 |
| Tianfeng Securities Co. Ltd. (A Shares) (b) | | 220,200 | 88,360 |
| Tianjin 712 Communication & Broadcasting Co. Ltd. | | 16,700 | 50,914 |
| Tianma Microelectronics Co. Ltd. (A Shares) (b) | | 49,300 | 55,062 |
| Tianqi Lithium Corp. (A Shares) | | 32,800 | 177,889 |
| Tianshan Aluminum Group Co. Ltd. | | 86,000 | 89,465 |
| Tianshui Huatian Technology Co. Ltd. (A Shares) | | 63,000 | 70,891 |
| Tingyi (Cayman Islands) Holding Corp. | | 712,000 | 785,832 |
| Tongcheng Travel Holdings Ltd. | | 458,800 | 1,207,506 |
| TongFu Microelectronics Co. Ltd. (A Shares) | | 34,800 | 99,110 |
| Tongkun Group Co. Ltd. (A Shares) (b) | | 49,100 | 93,153 |
| Tongling Nonferrous Metals Group Co. Ltd. (A Shares) | | 388,400 | 215,364 |
| Tongwei Co. Ltd. (A Shares) | | 100,200 | 299,471 |
| Topchoice Medical Corp. (b) | | 7,100 | 59,453 |
| Topsports International Holdings Ltd. (d) | | 691,000 | 479,882 |
| TravelSky Technology Ltd. (H Shares) | | 351,000 | 455,960 |
| Trina Solar Co. Ltd. (A Shares) | | 48,382 | 141,578 |
| Trip.com Group Ltd. (a)(b) | | 207,005 | 10,082,667 |
| Tsinghua Tongfang Co. Ltd. (A Shares) (b) | | 80,700 | 67,332 |
| Tsingtao Brewery Co. Ltd.: | | | |
| (A Shares) (b) | | 32,300 | 364,569 |
| (H Shares) | | 216,000 | 1,556,583 |
| Unigroup Guoxin Microelectronics Co. Ltd. (b) | | 18,479 | 148,032 |
| Unisplendour Corp. Ltd. (A Shares) (b) | | 62,220 | 178,082 |
| Universal Scientific Industrial Shanghai Co. Ltd. (A Shares) | | 42,000 | 85,482 |
| Verisilicon Microelectronics Shanghai Co. Ltd. (A Shares) (b) | | 11,098 | 50,199 |
| Vipshop Holdings Ltd. ADR | | 129,182 | 1,942,897 |
| Walvax Biotechnology Co. Ltd. (A Shares) | | 35,200 | 71,295 |
| Wanda Film Holding Co. Ltd. (A Shares) (b) | | 49,900 | 100,530 |
| Wanhua Chemical Group Co. Ltd. (A Shares) | | 69,200 | 847,792 |
| Want Want China Holdings Ltd. | | 1,797,000 | 1,024,922 |
| Weichai Power Co. Ltd.: | | | |
| (A Shares) | | 150,200 | 360,350 |
| (H Shares) | | 722,600 | 1,476,534 |
| Weihai Guangwei Composites Co. Ltd. (A Shares) | | 17,920 | 64,256 |
| Wens Foodstuffs Group Co. Ltd. (A Shares) | | 149,200 | 392,035 |
| Western Mining Co. Ltd. (A Shares) | | 57,100 | 157,452 |
| Western Securities Co. Ltd. (A Shares) | | 93,900 | 95,669 |
| Western Superconducting Technologies Co. Ltd. (A Shares) | | 13,872 | 75,736 |
| Wharf Holdings Ltd. (a) | | 397,000 | 1,277,291 |
| Will Semiconductor Ltd. | | 25,650 | 358,427 |
| Wilmar International Ltd. | | 706,793 | 1,661,369 |
| Wingtech Technology Co. Ltd. (A Shares) (b) | | 26,800 | 115,861 |
| Wintime Energy Group Co. Ltd. (A Shares) (b) | | 564,400 | 105,044 |
| Wuchan Zhongda Group Co. Ltd. | | 106,200 | 69,064 |
| Wuhan Guide Infrared Co. Ltd. (A Shares) | | 83,044 | 80,161 |
| Wuliangye Yibin Co. Ltd. (A Shares) | | 91,600 | 1,894,394 |
| WUS Printed Circuit Kunshan Co. Ltd. (A Shares) | | 42,530 | 193,425 |
| WuXi AppTec Co. Ltd. | | 46,848 | 281,518 |
| WuXi AppTec Co. Ltd. (H Shares) (d) | | 143,000 | 643,656 |
| Wuxi Biologics (Cayman), Inc. (b)(d) | | 1,442,000 | 2,498,030 |
| XCMG Construction Machinery Co. Ltd. (A Shares) | | 255,400 | 247,171 |
| Xiamen C&D, Inc. (A Shares) | | 65,100 | 89,244 |
| Xiamen Faratronic Co. Ltd. (A Shares) | | 4,800 | 65,170 |
| Xiamen Tungsten Co. Ltd. (A Shares) | | 32,200 | 84,909 |
| Xiaomi Corp. Class B (b)(d) | | 5,772,600 | 12,583,849 |
| Xinjiang Daqo New Energy Co. Ltd. (A Shares) (b) | | 39,264 | 132,331 |
| Xinyi Solar Holdings Ltd. | | 1,819,446 | 1,251,899 |
| XPeng, Inc. Class A (a)(b) | | 439,326 | 1,781,098 |
| Yadea Group Holdings Ltd. (d) | | 442,000 | 850,263 |
| Yangzhou Yangjie Electronic Technology Co. Ltd. (A Shares) | | 11,600 | 60,604 |
| Yankuang Energy Group Co. Ltd.: | | | |
| (A Shares) | | 133,450 | 425,132 |
| (H Shares) | | 773,000 | 1,676,924 |
| Yantai Jereh Oilfield Services (A Shares) | | 24,000 | 105,271 |
| Yealink Network Technology Corp. Ltd. | | 27,160 | 132,136 |
| Yifeng Pharmacy Chain Co. Ltd. | | 21,719 | 131,375 |
| Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) | | 32,600 | 140,970 |
| Yintai Gold Co. Ltd. (A Shares) | | 59,540 | 151,048 |
| Yonghui Superstores Co. Ltd. (A Shares) (b) | | 202,500 | 67,774 |
| YongXing Special Materials Technology Co. Ltd. (A Shares) | | 11,830 | 77,251 |
| Yonyou Network Technology Co. Ltd. (A Shares) | | 77,030 | 123,237 |
| Youngor Fashion Co. Ltd. (A Shares) | | 112,893 | 121,670 |
| YTO Express Group Co. Ltd. (A Shares) | | 74,000 | 161,885 |
| Yuexiu Property Co. Ltd. | | 593,920 | 354,463 |
| Yum China Holdings, Inc. | | 153,940 | 5,620,349 |
| Yunda Holding Co. Ltd. (A Shares) | | 64,620 | 69,816 |
| Yunnan Aluminium Co. Ltd. (A Shares) | | 75,600 | 149,182 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 38,080 | 300,454 |
| Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares) | | 9,500 | 74,743 |
| Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares) (b) | | 102,400 | 80,729 |
| Yunnan Energy New Material Co. Ltd. | | 21,000 | 120,389 |
| Yunnan Tin Co. Ltd. (A Shares) | | 39,200 | 88,892 |
| Yunnan Yuntianhua Co. Ltd. (Series A) | | 41,500 | 115,701 |
| Yutong Bus Co. Ltd. (b) | | 44,500 | 157,110 |
| Zai Lab Ltd. (a)(b) | | 339,110 | 545,055 |
| Zangge Mining Co. Ltd. (Series A) | | 30,700 | 121,656 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) | | 13,198 | 432,038 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 477,500 | 768,981 |
| Zhejiang Century Huatong Group Co. Ltd. (A Shares) (b) | | 167,966 | 108,250 |
| Zhejiang China Commodities City Group Co. Ltd. (A Shares) | | 125,300 | 151,248 |
| Zhejiang Chint Electric Co. Ltd. (A Shares) | | 46,900 | 133,412 |
| Zhejiang Dahua Technology Co. Ltd. (A Shares) | | 74,700 | 184,449 |
| Zhejiang Dingli Machinery Co. Ltd. (A Shares) | | 11,000 | 99,388 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 660,880 | 432,104 |
| Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) | | 33,860 | 78,266 |
| Zhejiang Huayou Cobalt Co. Ltd. (A Shares) | | 34,110 | 133,420 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) | | 28,400 | 132,534 |
| Zhejiang Juhua Co. Ltd. (A Shares) | | 57,500 | 187,583 |
| Zhejiang Leapmotor Technology Co. Ltd. (H Shares) (a)(b)(d) | | 188,100 | 646,320 |
| Zhejiang Longsheng Group Co. Ltd. (A Shares) | | 77,500 | 97,735 |
| Zhejiang NHU Co. Ltd. (A Shares) | | 65,380 | 172,986 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 40,500 | 122,262 |
| Zhejiang Supor Cookware Co. Ltd. | | 9,700 | 78,698 |
| Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares) | | 35,600 | 107,965 |
| Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) | | 33,200 | 80,377 |
| Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) (b) | | 252,300 | 216,755 |
| Zheshang Securities Co. Ltd. | | 76,900 | 119,487 |
| ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (b)(d) | | 262,600 | 441,673 |
| Zhongji Innolight Co. Ltd. (A Shares) | | 17,700 | 446,165 |
| Zhongjin Gold Co. Ltd. (A Shares) | | 107,400 | 193,356 |
| Zhongsheng Group Holdings Ltd. Class H | | 302,000 | 550,783 |
| Zhongtai Securities Co. Ltd. (A Shares) | | 132,800 | 121,767 |
| Zhuzhou CRRC Times Electric Co. Ltd.: | | | |
| (A Shares) | | 27,044 | 177,699 |
| (H Shares) | | 166,900 | 598,172 |
| Zijin Mining Group Co. Ltd.: | | | |
| (A Shares) | | 162,500 | 391,235 |
| (H Shares) | | 2,416,000 | 5,270,435 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares) | | 197,900 | 231,958 |
| ZTE Corp.: | | | |
| (A Shares) | | 28,500 | 111,997 |
| (H Shares) | | 414,280 | 892,919 |
| ZTO Express, Inc. sponsored ADR | | 163,273 | 3,427,100 |
TOTAL CHINA | | | 746,316,451 |
| Colombia - 0.0% | | | |
| Bancolombia SA | | 101,022 | 870,391 |
| Interconexion Electrica SA ESP | | 163,149 | 752,739 |
TOTAL COLOMBIA | | | 1,623,130 |
| Czech Republic - 0.0% | | | |
| CEZ A/S | | 61,158 | 2,257,500 |
| Komercni Banka A/S | | 30,184 | 1,113,529 |
| MONETA Money Bank A/S (d) | | 117,594 | 474,483 |
TOTAL CZECH REPUBLIC | | | 3,845,512 |
| Denmark - 2.3% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 889 | 1,266,929 |
| Series B | | 1,811 | 2,640,486 |
| Carlsberg A/S Series B | | 36,964 | 4,972,134 |
| Coloplast A/S Series B | | 47,723 | 5,753,732 |
| Danske Bank A/S | | 258,771 | 7,479,252 |
| Demant A/S (b) | | 37,096 | 1,785,559 |
| DSV A/S | | 66,149 | 9,444,043 |
| Genmab A/S (b) | | 24,876 | 6,906,327 |
| Novo Nordisk A/S Series B | | 1,229,379 | 157,658,403 |
| Novonesis (NOVOZYMES) B Series B | | 140,914 | 7,835,164 |
| ORSTED A/S (b)(d) | | 71,068 | 3,922,066 |
| Pandora A/S | | 31,745 | 4,857,886 |
| Rockwool International A/S Series B | | 3,360 | 1,103,830 |
| Svitzer A/S | | 5,400 | 181,458 |
| Tryg A/S | | 131,318 | 2,602,347 |
| Vestas Wind Systems A/S (b) | | 379,366 | 10,226,581 |
TOTAL DENMARK | | | 228,636,197 |
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 941,512 | 1,414,728 |
| Eastern Co. SAE | | 374,340 | 172,110 |
| EFG Holding SAE | | 342,651 | 105,982 |
TOTAL EGYPT | | | 1,692,820 |
| Finland - 0.6% | | | |
| Elisa Corp. (A Shares) | | 53,284 | 2,406,513 |
| Fortum Corp. | | 169,462 | 2,238,921 |
| Kesko Oyj | | 103,735 | 1,774,617 |
| Kone OYJ (B Shares) | | 127,613 | 6,237,438 |
| Metso Corp. | | 251,356 | 2,863,538 |
| Neste OYJ | | 159,098 | 3,623,306 |
| Nokia Corp. | | 2,017,454 | 7,334,155 |
| Nordea Bank Abp (Helsinki Stock Exchange) | | 1,198,509 | 14,044,436 |
| Orion Oyj (B Shares) | | 41,148 | 1,571,651 |
| Sampo Oyj (A Shares) | | 169,436 | 6,856,774 |
| Stora Enso Oyj (R Shares) | | 219,392 | 2,938,396 |
| UPM-Kymmene Corp. | | 200,548 | 7,045,697 |
| Wartsila Corp. | | 178,613 | 3,309,090 |
TOTAL FINLAND | | | 62,244,532 |
| France - 6.4% | | | |
| Accor SA | | 72,148 | 3,180,719 |
| Adevinta ASA Class B (b) | | 129,182 | 1,318,741 |
| Aeroports de Paris SA | | 12,894 | 1,644,377 |
| Air Liquide SA | | 133,712 | 26,151,208 |
| Air Liquide SA | | 55,300 | 10,815,498 |
| Airbus Group NV | | 223,410 | 36,763,850 |
| Alstom SA | | 105,755 | 1,667,552 |
| Amundi SA (d) | | 22,605 | 1,586,157 |
| Arkema SA | | 22,319 | 2,311,618 |
| AXA SA | | 683,813 | 23,673,584 |
| bioMerieux SA | | 15,267 | 1,629,294 |
| BNP Paribas SA | | 389,589 | 28,035,547 |
| Bollore SA | | 280,289 | 1,824,659 |
| Bouygues SA | | 72,015 | 2,659,931 |
| Bureau Veritas SA | | 119,683 | 3,502,239 |
| Capgemini SA | | 58,732 | 12,344,355 |
| Carrefour SA | | 217,185 | 3,653,752 |
| Compagnie de St.-Gobain | | 171,109 | 13,531,746 |
| Compagnie Generale des Etablissements Michelin SCA Series B | | 254,534 | 9,778,852 |
| Covivio | | 18,907 | 945,520 |
| Covivio rights (b)(c) | | 18,907 | 66,586 |
| Credit Agricole SA | | 398,254 | 6,162,277 |
| Danone SA | | 241,699 | 15,127,293 |
| Dassault Aviation SA | | 7,572 | 1,625,865 |
| Dassault Systemes SA | | 250,861 | 9,846,777 |
| Edenred SA | | 93,920 | 4,456,289 |
| Eiffage SA | | 27,471 | 2,940,500 |
| Engie SA | | 485,706 | 8,432,156 |
| Engie SA | | 202,100 | 3,508,581 |
| EssilorLuxottica SA | | 111,301 | 23,851,110 |
| Eurazeo SA | | 16,095 | 1,456,574 |
| Gecina SA | | 17,102 | 1,752,120 |
| Getlink SE | | 135,819 | 2,319,137 |
| Hermes International SCA | | 11,931 | 28,661,450 |
| Ipsen SA | | 13,870 | 1,688,916 |
| Kering SA | | 27,958 | 9,846,137 |
| Klepierre SA | | 82,140 | 2,214,287 |
| L'Oreal SA | | 4,395 | 2,062,110 |
| L'Oreal SA | | 25,300 | 11,870,620 |
| L'Oreal SA | | 61,002 | 28,621,802 |
| La Francaise des Jeux SAEM (d) | | 40,571 | 1,535,325 |
| Legrand SA | | 99,994 | 10,276,042 |
| LVMH Moet Hennessy Louis Vuitton SE | | 104,028 | 85,452,379 |
| Orange SA | | 700,494 | 7,796,697 |
| Pernod Ricard SA | | 76,818 | 11,641,184 |
| Publicis Groupe SA | | 86,057 | 9,496,112 |
| Remy Cointreau SA | | 8,559 | 811,990 |
| Renault SA | | 71,673 | 3,575,116 |
| Rexel SA | | 87,246 | 2,274,651 |
| Safran SA | | 128,800 | 27,927,964 |
| Sartorius Stedim Biotech | | 10,958 | 2,373,959 |
| SEB SA | | 9,270 | 1,100,095 |
| Societe Generale Series A | | 273,504 | 7,369,579 |
| Sodexo SA | | 2,224 | 194,030 |
| Sodexo SA | | 31,076 | 2,711,182 |
| Teleperformance | | 21,710 | 1,980,479 |
| Thales SA | | 35,825 | 6,038,814 |
| TotalEnergies SE | | 818,229 | 59,402,379 |
| Unibail-Rodamco-Westfield NV | | 44,847 | 3,756,109 |
| Veolia Environnement SA | | 260,102 | 8,085,969 |
| VINCI SA | | 188,834 | 22,126,824 |
| Vivendi SA | | 247,982 | 2,531,607 |
| Worldline SA (b)(d) | | 91,110 | 953,268 |
TOTAL FRANCE | | | 632,941,540 |
| Germany - 5.1% | | | |
| adidas AG | | 60,887 | 14,711,157 |
| Allianz SE | | 147,591 | 41,884,095 |
| BASF AG | | 337,077 | 17,682,458 |
| Bayer AG | | 368,944 | 10,768,708 |
| Bayerische Motoren Werke AG (BMW) | | 119,985 | 13,118,517 |
| Bechtle AG | | 30,014 | 1,451,002 |
| Beiersdorf AG | | 38,051 | 5,707,458 |
| Brenntag SE | | 50,656 | 4,046,938 |
| Carl Zeiss Meditec AG | | 15,293 | 1,617,380 |
| Commerzbank AG | | 396,122 | 5,901,470 |
| Continental AG | | 40,978 | 2,660,638 |
| Covestro AG (b)(d) | | 71,685 | 3,594,075 |
| Daimler Truck Holding AG | | 200,682 | 9,061,441 |
| Deutsche Bank AG | | 726,786 | 11,642,147 |
| Deutsche Borse AG | | 71,722 | 13,827,427 |
| Deutsche Lufthansa AG | | 230,512 | 1,651,660 |
| Deutsche Telekom AG | | 1,220,798 | 27,963,069 |
| DHL Group | | 373,960 | 15,657,680 |
| E.ON SE | | 845,330 | 11,186,489 |
| Evonik Industries AG | | 86,917 | 1,812,952 |
| Fresenius Medical Care AG & Co. KGaA | | 76,427 | 3,217,784 |
| Fresenius SE & Co. KGaA | | 159,213 | 4,752,442 |
| GEA Group AG | | 60,965 | 2,465,844 |
| Hannover Reuck SE | | 22,657 | 5,619,328 |
| HeidelbergCement AG | | 49,308 | 4,980,099 |
| Henkel AG & Co. KGaA | | 38,395 | 2,760,927 |
| Infineon Technologies AG | | 492,991 | 17,108,279 |
| Knorr-Bremse AG | | 27,575 | 2,046,218 |
| LEG Immobilien AG | | 27,431 | 2,339,607 |
| Mercedes-Benz Group AG (Germany) | | 302,509 | 22,882,044 |
| Merck KGaA | | 48,580 | 7,722,250 |
| MTU Aero Engines AG | | 20,248 | 4,896,524 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 51,423 | 22,620,970 |
| Nemetschek SE | | 21,959 | 1,957,965 |
| Puma AG | | 39,995 | 1,846,609 |
| Rational AG | | 1,875 | 1,608,804 |
| Rheinmetall AG | | 16,408 | 9,056,491 |
| RWE AG | | 237,629 | 8,277,930 |
| SAP SE | | 393,429 | 71,040,314 |
| Scout24 AG (d) | | 28,438 | 2,097,118 |
| Siemens AG | | 286,399 | 53,652,147 |
| Siemens Energy AG (b) | | 194,094 | 3,997,746 |
| Siemens Healthineers AG (d) | | 105,980 | 5,877,380 |
| Symrise AG | | 50,040 | 5,377,651 |
| Talanx AG | | 24,379 | 1,839,421 |
| Volkswagen AG | | 10,819 | 1,527,351 |
| Vonovia SE | | 275,404 | 7,958,081 |
| Zalando SE (b)(d) | | 85,270 | 2,231,112 |
TOTAL GERMANY | | | 497,705,197 |
| Greece - 0.1% | | | |
| Alpha Bank SA (b) | | 832,869 | 1,415,474 |
| Eurobank Ergasias Services and Holdings SA (b) | | 966,298 | 2,072,779 |
| Ff Group (b)(e) | | 5,453 | 0 |
| Hellenic Telecommunications Organization SA | | 71,705 | 1,092,757 |
| Jumbo SA | | 44,640 | 1,390,130 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 23,651 | 685,528 |
| Mytilineos SA | | 37,183 | 1,515,841 |
| National Bank of Greece SA (b) | | 298,095 | 2,405,040 |
| OPAP SA | | 69,191 | 1,152,652 |
| Piraeus Financial Holdings SA (b) | | 400,506 | 1,604,408 |
| Public Power Corp. of Greece (b) | | 77,397 | 928,402 |
TOTAL GREECE | | | 14,263,011 |
| Hong Kong - 1.1% | | | |
| AIA Group Ltd. | | 4,289,695 | 31,419,262 |
| CK Asset Holdings Ltd. | | 737,471 | 3,145,739 |
| CK Infrastructure Holdings Ltd. | | 240,136 | 1,356,562 |
| CLP Holdings Ltd. | | 619,108 | 4,869,942 |
| Futu Holdings Ltd. ADR (b) | | 20,212 | 1,299,834 |
| Hang Lung Properties Ltd. | | 669,998 | 739,485 |
| Hang Seng Bank Ltd. | | 291,050 | 3,837,954 |
| Henderson Land Development Co. Ltd. (a) | | 540,059 | 1,628,183 |
| HKT Trust/HKT Ltd. unit | | 1,444,557 | 1,594,759 |
| Hong Kong & China Gas Co. Ltd. | | 4,247,468 | 3,229,572 |
| Hong Kong Exchanges and Clearing Ltd. (a) | | 453,102 | 14,397,056 |
| Hongkong Land Holdings Ltd. | | 408,667 | 1,305,765 |
| Jardine Matheson Holdings Ltd. | | 59,519 | 2,277,742 |
| Jinmao Property Services Co. Ltd. | | 316 | 98 |
| Link (REIT) | | 966,350 | 4,140,612 |
| MTR Corp. Ltd. | | 584,818 | 1,921,968 |
| Orient Overseas International Ltd. (a) | | 48,500 | 707,374 |
| Power Assets Holdings Ltd. | | 514,354 | 2,950,414 |
| Prudential PLC | | 1,034,258 | 8,995,304 |
| Sino Biopharmaceutical Ltd. | | 3,856,250 | 1,317,676 |
| Sino Land Ltd. | | 1,416,952 | 1,515,005 |
| Sun Hung Kai Properties Ltd. | | 544,062 | 5,018,950 |
| Swire Pacific Ltd. (A Shares) | | 158,004 | 1,338,090 |
| Swire Properties Ltd. | | 454,355 | 939,682 |
| Techtronic Industries Co. Ltd. | | 517,347 | 7,149,375 |
| WH Group Ltd. (d) | | 3,075,946 | 2,235,721 |
| Wharf Real Estate Investment Co. Ltd. | | 632,654 | 1,962,817 |
TOTAL HONG KONG | | | 111,294,941 |
| Hungary - 0.1% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 169,261 | 1,389,059 |
| OTP Bank PLC | | 84,729 | 4,204,368 |
| Richter Gedeon PLC | | 53,700 | 1,367,472 |
TOTAL HUNGARY | | | 6,960,899 |
| India - 5.0% | | | |
| ABB India Ltd. | | 19,618 | 1,535,712 |
| Adani Enterprises Ltd. | | 64,363 | 2,351,169 |
| Adani Green Energy Ltd. (b) | | 119,193 | 2,560,568 |
| Adani Ports & Special Economic Zone Ltd. | | 198,551 | 3,144,557 |
| Adani Power Ltd. (b) | | 290,834 | 2,126,794 |
| Ambuja Cements Ltd. | | 219,608 | 1,627,599 |
| APL Apollo Tubes Ltd. | | 61,649 | 1,147,848 |
| Apollo Hospitals Enterprise Ltd. | | 37,459 | 2,663,515 |
| Ashok Leyland Ltd. | | 550,451 | 1,267,285 |
| Asian Paints Ltd. | | 144,225 | 4,959,630 |
| Astral Ltd. | | 52,348 | 1,324,511 |
| AU Small Finance Bank Ltd. (d) | | 59,605 | 451,479 |
| Aurobindo Pharma Ltd. | | 98,231 | 1,355,310 |
| Avenue Supermarts Ltd. (b)(d) | | 61,451 | 3,389,901 |
| Axis Bank Ltd. | | 856,819 | 11,956,160 |
| Bajaj Auto Ltd. | | 25,132 | 2,682,274 |
| Bajaj Finance Ltd. | | 105,246 | 8,727,904 |
| Bajaj Finserv Ltd. | | 144,038 | 2,781,650 |
| Bajaj Holdings & Investment Ltd. | | 9,960 | 967,239 |
| Balkrishna Industries Ltd. | | 28,506 | 828,040 |
| Bandhan Bank Ltd. (d) | | 315,630 | 710,372 |
| Bank of Baroda | | 394,769 | 1,326,961 |
| Berger Paints India Ltd. | | 109,003 | 663,797 |
| Bharat Electronics Ltd. | | 1,384,033 | 3,869,172 |
| Bharat Forge Ltd. | | 95,252 | 1,448,961 |
| Bharat Heavy Electricals Ltd. | | 402,576 | 1,353,770 |
| Bharat Petroleum Corp. Ltd. | | 288,540 | 2,098,988 |
| Bharti Airtel Ltd. | | 850,183 | 13,453,454 |
| Britannia Industries Ltd. | | 41,735 | 2,384,694 |
| Cg Power & Industrial Soluti | | 226,053 | 1,496,370 |
| Cholamandalam Investment and Finance Co. Ltd. | | 158,674 | 2,264,294 |
| Cipla Ltd./India (b) | | 198,655 | 3,324,597 |
| Coal India Ltd. | | 581,244 | 3,159,293 |
| Colgate-Palmolive Ltd. | | 50,704 | 1,715,417 |
| Container Corp. of India Ltd. | | 95,713 | 1,175,299 |
| Cummins India Ltd. | | 51,860 | 2,029,947 |
| Dabur India Ltd. | | 231,948 | 1,409,403 |
| Divi's Laboratories Ltd. | | 45,485 | 2,177,305 |
| DLF Ltd. | | 283,137 | 3,015,858 |
| Dr. Reddy's Laboratories Ltd. | | 44,395 | 3,293,511 |
| Eicher Motors Ltd. | | 52,089 | 2,866,873 |
| GAIL India Ltd. | | 851,996 | 2,127,782 |
| GMR Airports Infrastructure Ltd. (b) | | 931,578 | 947,228 |
| Godrej Consumer Products Ltd. | | 157,419 | 2,296,792 |
| Godrej Properties Ltd. (b) | | 46,453 | 1,467,796 |
| Grasim Industries Ltd. | | 100,060 | 2,884,224 |
| Havells India Ltd. | | 92,674 | 1,843,925 |
| HCL Technologies Ltd. | | 356,047 | 5,807,252 |
| HDFC Asset Management Co. Ltd. (d) | | 36,977 | 1,723,339 |
| HDFC Bank Ltd. | | 1,060,340 | 19,250,924 |
| HDFC Standard Life Insurance Co. Ltd. (d) | | 361,721 | 2,524,112 |
| Hero Motocorp Ltd. | | 45,790 | 2,484,411 |
| Hindalco Industries Ltd. | | 514,455 | 3,955,431 |
| Hindustan Aeronautics Ltd. | | 74,401 | 3,510,104 |
| Hindustan Petroleum Corp. Ltd. | | 210,740 | 1,249,696 |
| Hindustan Unilever Ltd. | | 309,262 | 8,257,150 |
| ICICI Bank Ltd. | | 1,958,197 | 26,974,222 |
| ICICI Lombard General Insurance Co. Ltd. (d) | | 91,864 | 1,876,979 |
| ICICI Prudential Life Insurance Co. Ltd. (d) | | 134,020 | 917,215 |
| IDFC Bank Ltd. (b) | | 1,275,670 | 1,251,639 |
| Indian Oil Corp. Ltd. | | 1,048,844 | 2,117,416 |
| Indian Railway Catering & Tourism Corp. Ltd. | | 90,507 | 1,123,534 |
| Indraprastha Gas Ltd. | | 111,425 | 624,959 |
| IndusInd Bank Ltd. | | 106,253 | 1,925,866 |
| Info Edge India Ltd. | | 26,180 | 1,892,896 |
| Infosys Ltd. | | 1,253,989 | 21,166,981 |
| InterGlobe Aviation Ltd. (b)(d) | | 65,436 | 3,119,360 |
| ITC Ltd. | | 1,123,922 | 5,858,727 |
| Jindal Steel & Power Ltd. | | 139,811 | 1,552,304 |
| Jio Financial Services Ltd. | | 1,081,876 | 4,870,463 |
| JSW Steel Ltd. | | 232,224 | 2,446,004 |
| Jubilant Foodworks Ltd. | | 147,334 | 816,010 |
| Kotak Mahindra Bank Ltd. | | 410,438 | 7,974,755 |
| Larsen & Toubro Ltd. | | 252,700 | 10,859,452 |
| Ltimindtree Ltd. (d) | | 33,720 | 1,893,375 |
| Lupin Ltd. | | 87,384 | 1,720,105 |
| Macrotech Developers Ltd. (d) | | 89,269 | 1,321,919 |
| Mahindra & Mahindra Ltd. | | 351,066 | 9,052,784 |
| Marico Ltd. | | 192,680 | 1,195,384 |
| Maruti Suzuki India Ltd. | | 53,567 | 8,215,875 |
| Max Healthcare Institute Ltd. | | 293,992 | 2,953,470 |
| Mphasis BFL Ltd. | | 27,939 | 771,423 |
| MRF Ltd. | | 906 | 1,441,729 |
| Muthoot Finance Ltd. | | 44,676 | 918,707 |
| Nestle India Ltd. | | 127,495 | 3,825,994 |
| NMDC Ltd. | | 398,963 | 1,210,378 |
| NTPC Ltd. | | 1,642,525 | 7,136,278 |
| Oil & Natural Gas Corp. Ltd. | | 1,183,858 | 3,995,279 |
| One97 Communications Ltd. (b) | | 97,891 | 436,185 |
| Page Industries Ltd. | | 2,248 | 935,541 |
| Persistent Systems Ltd. | | 37,070 | 1,490,828 |
| Petronet LNG Ltd. | | 280,057 | 1,039,220 |
| PI Industries Ltd. | | 31,083 | 1,358,098 |
| Pidilite Industries Ltd. | | 58,129 | 2,119,611 |
| Polycab India Ltd. | | 16,622 | 1,127,658 |
| Power Finance Corp. Ltd. | | 558,673 | 2,944,068 |
| Power Grid Corp. of India Ltd. | | 1,748,355 | 6,304,134 |
| Punjab National Bank | | 844,874 | 1,424,483 |
| REC Ltd. | | 495,357 | 2,999,869 |
| Reliance Industries Ltd. | | 1,147,474 | 40,269,772 |
| Samvardhana Motherson International Ltd. | | 866,702 | 1,356,964 |
| SBI Cards & Payment Services Ltd. | | 103,966 | 905,138 |
| SBI Life Insurance Co. Ltd. (d) | | 170,449 | 2,931,639 |
| Shree Cement Ltd. | | 3,365 | 984,888 |
| Shriram Finance Ltd. | | 106,521 | 3,249,043 |
| Siemens Ltd. | | 32,802 | 2,291,176 |
| Sona Blw Precision Forgings Ltd. (d) | | 150,727 | 1,126,351 |
| SRF Ltd. | | 55,178 | 1,727,889 |
| State Bank of India | | 669,319 | 6,609,622 |
| Sun Pharmaceutical Industries Ltd. | | 361,457 | 6,491,790 |
| Supreme Industries Ltd. | | 24,107 | 1,459,620 |
| Suzlon Energy Ltd. (b) | | 3,258,553 | 1,614,272 |
| Tata Communications Ltd. | | 42,266 | 874,535 |
| Tata Consultancy Services Ltd. | | 342,005 | 15,604,708 |
| Tata Consumer Products Ltd. | | 218,425 | 2,891,619 |
| Tata Elxsi Ltd. | | 12,684 | 1,070,532 |
| Tata Motors Ltd. | | 619,934 | 7,473,695 |
| Tata Motors Ltd. Class A | | 177,169 | 1,444,733 |
| Tata Power Co. Ltd./The | | 544,797 | 2,922,962 |
| Tata Steel Ltd. | | 2,777,153 | 5,472,721 |
| Tech Mahindra Ltd. | | 203,161 | 3,059,487 |
| The Indian Hotels Co. Ltd. | | 315,462 | 2,173,203 |
| Titan Co. Ltd. | | 133,122 | 5,710,284 |
| Torrent Pharmaceuticals Ltd. | | 38,045 | 1,201,475 |
| Trent Ltd. | | 68,449 | 3,612,047 |
| Tube Investments of India Ltd. | | 39,335 | 1,764,012 |
| Tvs Motor Co. Ltd. | | 89,966 | 2,214,551 |
| Ultratech Cement Ltd. | | 43,469 | 5,182,830 |
| Union Bank of India Ltd. | | 570,236 | 1,050,812 |
| United Spirits Ltd. | | 107,907 | 1,517,570 |
| UPL Ltd. | | 170,096 | 1,032,022 |
| Varun Beverages Ltd. | | 170,943 | 3,023,089 |
| Vedanta Ltd. | | 345,970 | 1,650,728 |
| Wipro Ltd. | | 493,471 | 2,716,833 |
| Yes Bank Ltd. (b) | | 4,755,890 | 1,487,055 |
| Zomato Ltd. (b) | | 2,306,995 | 5,322,863 |
TOTAL INDIA | | | 490,111,354 |
| Indonesia - 0.5% | | | |
| Amman Mineral Internasional PT | | 2,409,000 | 1,434,464 |
| PT Adaro Energy Indonesia Tbk | | 5,270,100 | 875,879 |
| PT Aneka Tambang Tbk | | 2,924,000 | 293,921 |
| PT Astra International Tbk | | 7,672,900 | 2,421,225 |
| PT Bank Central Asia Tbk | | 20,955,400 | 12,600,159 |
| PT Bank Mandiri (Persero) Tbk | | 14,023,900 | 5,927,582 |
| PT Bank Negara Indonesia (Persero) Tbk | | 5,664,900 | 1,822,608 |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 25,626,954 | 7,757,371 |
| PT Barito Pacific Tbk | | 10,390,157 | 649,308 |
| PT Charoen Pokphand Indonesia Tbk | | 2,851,000 | 867,406 |
| PT GoTo Gojek Tokopedia Tbk (b) | | 311,459,912 | 1,197,961 |
| PT Indah Kiat Pulp & Paper Tbk | | 936,900 | 539,240 |
| PT Indofood CBP Sukses Makmur Tbk | | 921,300 | 615,814 |
| PT Indofood Sukses Makmur Tbk | | 1,604,700 | 616,212 |
| PT Kalbe Farma Tbk | | 8,208,000 | 728,604 |
| PT Merdeka Copper Gold Tbk (b) | | 3,624,195 | 583,699 |
| PT Sarana Menara Nusantara Tbk | | 7,660,100 | 378,465 |
| PT Semen Indonesia (Persero) Tbk | | 1,262,533 | 362,153 |
| PT Sumber Alfaria Trijaya Tbk | | 7,030,000 | 1,264,338 |
| PT Surya Citra Media Tbk | | 20 | 0 |
| PT Telkom Indonesia Persero Tbk | | 18,703,300 | 3,625,794 |
| PT Unilever Indonesia Tbk | | 2,796,100 | 450,306 |
| PT United Tractors Tbk | | 547,700 | 834,747 |
TOTAL INDONESIA | | | 45,847,256 |
| Ireland - 0.3% | | | |
| AerCap Holdings NV (b) | | 75,327 | 6,364,378 |
| AIB Group PLC | | 590,781 | 3,067,923 |
| Bank of Ireland Group PLC | | 396,745 | 4,253,116 |
| Kerry Group PLC Class A | | 59,949 | 5,169,388 |
| Kingspan Group PLC (Ireland) | | 58,067 | 5,196,109 |
| Smurfit Kappa Group PLC | | 98,171 | 4,269,300 |
TOTAL IRELAND | | | 28,320,214 |
| Israel - 0.4% | | | |
| Azrieli Group | | 15,541 | 1,005,566 |
| Bank Hapoalim BM (Reg.) | | 482,568 | 4,366,991 |
| Bank Leumi le-Israel BM | | 575,970 | 4,510,289 |
| Check Point Software Technologies Ltd. (b) | | 35,202 | 5,259,883 |
| Elbit Systems Ltd. (Israel) | | 10,135 | 2,069,445 |
| Global-e Online Ltd. (a)(b) | | 37,425 | 1,254,860 |
| Icl Group Ltd. | | 294,784 | 1,388,183 |
| Israel Discount Bank Ltd. (Class A) | | 457,335 | 2,356,559 |
| Mizrahi Tefahot Bank Ltd. | | 59,306 | 2,166,726 |
| NICE Ltd. (b) | | 23,478 | 5,254,494 |
| NICE Ltd. sponsored ADR (b) | | 360 | 80,464 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (b) | | 421,737 | 5,925,405 |
| Wix.com Ltd. (b) | | 20,138 | 2,393,804 |
TOTAL ISRAEL | | | 38,032,669 |
| Italy - 1.5% | | | |
| Amplifon SpA | | 47,308 | 1,586,809 |
| Assicurazioni Generali SpA | | 380,320 | 9,294,595 |
| Banco BPM SpA | | 457,462 | 3,019,050 |
| Coca-Cola HBC AG | | 82,272 | 2,662,597 |
| Davide Campari Milano NV | | 231,031 | 2,322,560 |
| DiaSorin SpA | | 8,238 | 834,674 |
| Enel SpA | | 3,061,227 | 20,119,727 |
| Eni SpA | | 827,136 | 13,285,203 |
| Ferrari NV (Italy) | | 47,503 | 19,629,182 |
| FinecoBank SpA | | 230,145 | 3,546,619 |
| Infrastrutture Wireless Italiane SpA (d) | | 127,581 | 1,372,437 |
| Intesa Sanpaolo SpA | | 5,511,395 | 20,629,173 |
| Leonardo SpA | | 153,125 | 3,534,666 |
| Mediobanca SpA | | 193,599 | 2,758,228 |
| Moncler SpA | | 77,448 | 5,299,679 |
| Nexi SpA (b)(d) | | 222,705 | 1,301,961 |
| Poste Italiane SpA (d) | | 172,023 | 2,188,309 |
| Prysmian SpA | | 99,092 | 5,412,335 |
| Recordati SpA | | 39,905 | 2,131,460 |
| Snam SpA | | 751,618 | 3,438,857 |
| Telecom Italia SpA (b) | | 1,940,517 | 461,608 |
| Telecom Italia SpA (Risparmio Shares) (b) | | 1,667,908 | 411,712 |
| Terna - Rete Elettrica Nazionale | | 526,250 | 4,225,584 |
| UniCredit SpA | | 580,584 | 21,309,966 |
TOTAL ITALY | | | 150,776,991 |
| Japan - 14.4% | | | |
| Advantest Corp. | | 287,848 | 9,009,836 |
| AEON Co. Ltd. | | 245,242 | 5,127,593 |
| AGC, Inc. | | 74,773 | 2,764,675 |
| Aisin Seiki Co. Ltd. | | 55,762 | 2,120,978 |
| Ajinomoto Co., Inc. | | 177,561 | 6,601,980 |
| Ana Holdings, Inc. | | 58,356 | 1,108,298 |
| Asahi Group Holdings | | 180,849 | 6,186,661 |
| ASAHI INTECC Co. Ltd. | | 80,492 | 1,179,424 |
| Asahi Kasei Corp. | | 472,130 | 3,291,754 |
| Astellas Pharma, Inc. | | 681,130 | 6,537,419 |
| Azbil Corp. | | 47,122 | 1,316,118 |
| Bandai Namco Holdings, Inc. | | 226,294 | 4,228,344 |
| Bridgestone Corp. | | 213,920 | 9,439,650 |
| Brother Industries Ltd. | | 90,221 | 1,595,916 |
| Canon, Inc. | | 377,583 | 10,219,394 |
| Capcom Co. Ltd. | | 130,748 | 2,152,431 |
| Central Japan Railway Co. | | 291,810 | 6,673,107 |
| Chiba Bank Ltd. | | 195,532 | 1,651,672 |
| Chubu Electric Power Co., Inc. | | 242,944 | 3,118,420 |
| Chugai Pharmaceutical Co. Ltd. | | 252,160 | 8,019,664 |
| Concordia Financial Group Ltd. | | 402,015 | 2,166,112 |
| Dai Nippon Printing Co. Ltd. | | 75,838 | 2,208,867 |
| Dai-ichi Mutual Life Insurance Co. | | 353,165 | 8,179,670 |
| Daifuku Co. Ltd. | | 112,703 | 2,308,586 |
| Daiichi Sankyo Kabushiki Kaisha | | 697,173 | 23,465,248 |
| Daikin Industries Ltd. | | 99,646 | 13,600,815 |
| Daito Trust Construction Co. Ltd. | | 22,365 | 2,397,403 |
| Daiwa House Industry Co. Ltd. | | 222,259 | 6,254,127 |
| Daiwa Securities Group, Inc. | | 502,844 | 3,695,431 |
| DENSO Corp. | | 710,500 | 12,109,139 |
| Dentsu Group, Inc. | | 76,814 | 2,078,063 |
| Disco Corp. | | 34,587 | 9,851,961 |
| East Japan Railway Co. | | 340,185 | 6,235,241 |
| Eisai Co. Ltd. | | 95,348 | 3,915,853 |
| ENEOS Holdings, Inc. | | 1,084,705 | 5,011,570 |
| FANUC Corp. | | 357,750 | 10,596,304 |
| Fast Retailing Co. Ltd. | | 65,974 | 17,250,160 |
| Fuji Electric Co. Ltd. | | 48,325 | 3,006,005 |
| FUJIFILM Holdings Corp. | | 419,859 | 8,931,445 |
| Fujitsu Ltd. | | 660,940 | 10,210,303 |
| GLP J-REIT | | 1,750 | 1,423,296 |
| Hamamatsu Photonics K.K. | | 53,742 | 1,969,197 |
| Hankyu Hanshin Holdings, Inc. | | 85,821 | 2,250,075 |
| Hikari Tsushin, Inc. | | 7,622 | 1,238,742 |
| Hirose Electric Co. Ltd. | | 11,515 | 1,222,269 |
| Hitachi Construction Machinery Co. Ltd. | | 41,209 | 1,177,023 |
| Hitachi Ltd. | | 349,456 | 32,241,054 |
| Honda Motor Co. Ltd. | | 1,741,827 | 19,817,779 |
| Hoshizaki Corp. | | 41,100 | 1,416,253 |
| Hoya Corp. | | 132,470 | 15,358,549 |
| Hulic Co. Ltd. | | 143,094 | 1,318,562 |
| Ibiden Co. Ltd. | | 42,105 | 1,600,559 |
| Idemitsu Kosan Co. Ltd. | | 364,425 | 2,469,023 |
| Iida Group Holdings Co. Ltd. | | 57,340 | 731,998 |
| INPEX Corp. | | 364,806 | 5,464,722 |
| Isuzu Motors Ltd. | | 220,045 | 2,788,598 |
| Itochu Corp. | | 448,322 | 20,225,945 |
| Japan Airlines Co. Ltd. | | 52,540 | 930,944 |
| Japan Exchange Group, Inc. | | 190,108 | 4,452,429 |
| Japan Post Bank Co. Ltd. | | 542,390 | 5,505,427 |
| Japan Post Holdings Co. Ltd. | | 777,630 | 7,467,815 |
| Japan Post Insurance Co. Ltd. | | 70,716 | 1,327,628 |
| Japan Real Estate Investment Corp. | | 481 | 1,631,139 |
| Japan Retail Fund Investment Corp. | | 2,652 | 1,601,088 |
| Japan Tobacco, Inc. | | 449,881 | 12,102,526 |
| JFE Holdings, Inc. | | 216,542 | 3,232,046 |
| Kajima Corp. | | 157,344 | 3,014,252 |
| Kansai Electric Power Co., Inc. | | 267,494 | 4,006,905 |
| Kao Corp. | | 175,305 | 7,231,722 |
| Kawasaki Kisen Kaisha Ltd. | | 149,100 | 2,100,802 |
| KDDI Corp. | | 564,787 | 15,672,160 |
| KDX Realty Investment Corp. | | 1,526 | 1,505,151 |
| Keisei Electric Railway Co. | | 52,230 | 1,945,722 |
| Keyence Corp. | | 73,320 | 32,243,926 |
| Kikkoman Corp. | | 252,365 | 3,007,032 |
| Kintetsu Group Holdings Co. Ltd. | | 68,270 | 1,755,126 |
| Kirin Holdings Co. Ltd. | | 290,708 | 4,243,638 |
| Kobe Bussan Co. Ltd. | | 55,821 | 1,205,582 |
| Koito Manufacturing Co. Ltd. | | 79,004 | 1,062,662 |
| Komatsu Ltd. | | 347,463 | 10,373,907 |
| Konami Group Corp. | | 38,092 | 2,298,369 |
| Kubota Corp. | | 377,125 | 6,048,985 |
| Kyocera Corp. | | 482,868 | 5,885,506 |
| Kyowa Hakko Kirin Co., Ltd. | | 104,163 | 1,749,298 |
| Lasertec Corp. | | 28,374 | 6,120,426 |
| LY Corp. | | 1,002,196 | 2,407,910 |
| M3, Inc. | | 169,734 | 1,795,477 |
| Makita Corp. | | 84,520 | 2,446,930 |
| Marubeni Corp. | | 536,929 | 9,566,122 |
| MatsukiyoCocokara & Co. | | 129,700 | 1,839,241 |
| Mazda Motor Corp. | | 215,772 | 2,442,426 |
| McDonald's Holdings Co. (Japan) Ltd. (a) | | 32,868 | 1,445,820 |
| Meiji Holdings Co. Ltd. | | 87,526 | 1,958,340 |
| Minebea Mitsumi, Inc. | | 136,860 | 2,563,436 |
| Misumi Group, Inc. | | 108,075 | 1,757,068 |
| Mitsubishi Chemical Holdings Corp. | | 484,762 | 2,828,037 |
| Mitsubishi Corp. | | 1,300,042 | 29,731,417 |
| Mitsubishi Electric Corp. | | 725,796 | 12,650,571 |
| Mitsubishi Estate Co. Ltd. | | 421,967 | 7,732,425 |
| Mitsubishi Heavy Industries Ltd. | | 1,205,010 | 10,774,135 |
| Mitsubishi UFJ Financial Group, Inc. | | 4,184,157 | 41,679,880 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | | 297,899 | 1,929,208 |
| Mitsui & Co. Ltd. | | 488,104 | 23,563,560 |
| Mitsui Chemicals, Inc. | | 64,743 | 1,842,774 |
| Mitsui Fudosan Co. Ltd. | | 1,001,418 | 10,191,494 |
| Mitsui OSK Lines Ltd. | | 130,200 | 4,132,494 |
| Mizuho Financial Group, Inc. | | 910,414 | 17,597,490 |
| MonotaRO Co. Ltd. | | 94,950 | 1,137,964 |
| MS&AD Insurance Group Holdings, Inc. | | 482,811 | 8,680,481 |
| Murata Manufacturing Co. Ltd. | | 651,598 | 11,906,111 |
| NEC Corp. | | 92,356 | 6,686,758 |
| Nexon Co. Ltd. | | 129,179 | 2,014,075 |
| Nidec Corp. | | 156,941 | 7,349,997 |
| Nintendo Co. Ltd. | | 391,710 | 19,103,307 |
| Nippon Building Fund, Inc. | | 577 | 2,204,598 |
| Nippon Express Holdings, Inc. | | 28,473 | 1,456,630 |
| Nippon Paint Holdings Co. Ltd. | | 356,710 | 2,283,307 |
| Nippon Prologis REIT, Inc. | | 854 | 1,473,669 |
| Nippon Sanso Holdings Corp. | | 63,947 | 1,899,380 |
| Nippon Steel & Sumitomo Metal Corp. | | 321,624 | 7,210,464 |
| Nippon Telegraph & Telephone Corp. | | 11,258,925 | 12,155,838 |
| Nippon Yusen KK (a) | | 174,153 | 4,944,285 |
| Nissan Chemical Corp. | | 46,522 | 1,585,850 |
| Nissan Motor Co. Ltd. | | 914,471 | 3,346,692 |
| Nissin Food Holdings Co. Ltd. | | 74,289 | 1,982,443 |
| Nitori Holdings Co. Ltd. | | 30,280 | 4,052,465 |
| Nitto Denko Corp. | | 54,255 | 4,486,112 |
| Nomura Holdings, Inc. | | 1,128,006 | 6,418,339 |
| Nomura Real Estate Holdings, Inc. | | 40,814 | 1,142,675 |
| Nomura Real Estate Master Fund, Inc. | | 1,566 | 1,496,972 |
| Nomura Research Institute Ltd. | | 145,524 | 3,521,375 |
| NTT Data Corp. | | 237,315 | 3,711,090 |
| Obayashi Corp. | | 245,743 | 2,742,688 |
| OBIC Co. Ltd. | | 26,269 | 3,374,688 |
| Odakyu Electric Railway Co. Ltd. | | 117,990 | 1,326,524 |
| Olympus Corp. | | 452,248 | 6,299,689 |
| OMRON Corp. | | 65,384 | 2,244,136 |
| Ono Pharmaceutical Co. Ltd. | | 139,265 | 2,005,885 |
| Oracle Corp. Japan | | 14,238 | 1,068,485 |
| Oriental Land Co. Ltd. | | 411,785 | 11,361,863 |
| ORIX Corp. | | 440,096 | 9,006,748 |
| Osaka Gas Co. Ltd. | | 142,375 | 3,165,834 |
| Otsuka Corp. | | 84,208 | 1,674,739 |
| Otsuka Holdings Co. Ltd. | | 157,585 | 6,737,840 |
| Pan Pacific International Holdings Ltd. | | 143,508 | 3,370,433 |
| Panasonic Holdings Corp. | | 829,480 | 7,240,080 |
| Rakuten Group, Inc. (b) | | 565,050 | 2,717,577 |
| Recruit Holdings Co. Ltd. | | 543,336 | 23,400,047 |
| Renesas Electronics Corp. | | 551,767 | 8,958,352 |
| Resona Holdings, Inc. | | 799,943 | 5,058,638 |
| Ricoh Co. Ltd. | | 208,262 | 1,796,688 |
| ROHM Co. Ltd. | | 125,648 | 1,806,172 |
| SBI Holdings, Inc. Japan | | 92,564 | 2,253,761 |
| Screen Holdings Co. Ltd. | | 30,800 | 3,177,856 |
| SCSK Corp. | | 59,756 | 1,086,316 |
| Secom Co. Ltd. | | 78,806 | 5,474,062 |
| Seiko Epson Corp. | | 109,162 | 1,795,714 |
| Sekisui Chemical Co. Ltd. | | 144,952 | 2,108,768 |
| Sekisui House Ltd. | | 223,908 | 5,145,486 |
| Seven & i Holdings Co. Ltd. | | 848,520 | 10,963,897 |
| SG Holdings Co. Ltd. | | 121,216 | 1,418,844 |
| Sharp Corp. (b) | | 93,013 | 488,241 |
| Shimadzu Corp. | | 90,021 | 2,445,696 |
| SHIMANO, Inc. | | 28,974 | 4,708,652 |
| SHIMIZU Corp. | | 193,043 | 1,195,797 |
| Shin-Etsu Chemical Co. Ltd. | | 679,045 | 26,285,112 |
| Shionogi & Co. Ltd. | | 93,460 | 4,364,654 |
| Shiseido Co. Ltd. | | 150,894 | 4,039,170 |
| Shizuoka Financial Group | | 177,412 | 1,655,936 |
| SMC Corp. | | 21,657 | 11,377,866 |
| SoftBank Corp. | | 1,083,329 | 13,066,774 |
| SoftBank Group Corp. | | 387,742 | 19,069,383 |
| Sompo Holdings, Inc. | | 337,137 | 6,671,986 |
| Sony Group Corp. | | 475,442 | 39,295,932 |
| Square Enix Holdings Co. Ltd. | | 33,192 | 1,199,796 |
| Subaru Corp. | | 228,505 | 5,102,286 |
| Sumco Corp. | | 135,464 | 2,020,218 |
| Sumitomo Corp. | | 389,261 | 10,236,462 |
| Sumitomo Electric Industries Ltd. | | 268,632 | 4,152,062 |
| Sumitomo Metal Mining Co. Ltd. | | 93,328 | 3,117,962 |
| Sumitomo Mitsui Financial Group, Inc. | | 478,985 | 27,208,175 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 246,254 | 5,177,449 |
| Sumitomo Realty & Development Co. Ltd. | | 107,508 | 3,720,198 |
| Suntory Beverage & Food Ltd. | | 51,537 | 1,676,769 |
| Suzuki Motor Corp. | | 594,256 | 6,920,578 |
| Sysmex Corp. | | 189,795 | 3,034,893 |
| T&D Holdings, Inc. | | 186,027 | 3,035,464 |
| Taisei Corp. | | 64,187 | 2,349,913 |
| Takeda Pharmaceutical Co. Ltd. | | 596,746 | 15,683,721 |
| TDK Corp. | | 146,284 | 6,525,875 |
| Terumo Corp. | | 505,670 | 8,578,252 |
| TIS, Inc. | | 83,620 | 1,785,837 |
| Tobu Railway Co. Ltd. | | 69,486 | 1,378,635 |
| Toho Co. Ltd. | | 41,413 | 1,387,434 |
| Tokio Marine Holdings, Inc. | | 679,463 | 21,475,376 |
| Tokyo Electric Power Co., Inc. (b) | | 573,866 | 3,569,607 |
| Tokyo Electron Ltd. | | 177,744 | 38,987,421 |
| Tokyo Gas Co. Ltd. | | 138,962 | 3,116,538 |
| Tokyu Corp. | | 184,281 | 2,181,437 |
| Toppan Holdings, Inc. | | 87,758 | 2,081,967 |
| Toray Industries, Inc. | | 519,353 | 2,373,818 |
| Toto Ltd. | | 55,339 | 1,497,722 |
| Toyota Industries Corp. | | 55,142 | 5,239,972 |
| Toyota Motor Corp. | | 3,994,965 | 91,119,542 |
| Toyota Tsusho Corp. | | 79,811 | 5,074,379 |
| Trend Micro, Inc. | | 50,530 | 2,490,028 |
| Unicharm Corp. | | 151,497 | 4,501,453 |
| USS Co. Ltd. | | 153,434 | 1,172,128 |
| West Japan Railway Co. | | 164,118 | 3,115,197 |
| Yakult Honsha Co. Ltd. | | 97,254 | 1,902,264 |
| Yamaha Corp. | | 48,632 | 1,024,831 |
| Yamaha Motor Co. Ltd. | | 334,734 | 3,122,139 |
| Yamato Holdings Co. Ltd. | | 101,002 | 1,333,902 |
| Yaskawa Electric Corp. | | 90,435 | 3,726,160 |
| Yokogawa Electric Corp. | | 85,423 | 1,887,490 |
| Zensho Holdings Co. Ltd. | | 36,700 | 1,422,463 |
| ZOZO, Inc. | | 52,307 | 1,126,613 |
TOTAL JAPAN | | | 1,414,660,061 |
| Jordan - 0.0% | | | |
| Hikma Pharmaceuticals PLC | | 63,594 | 1,528,885 |
| Korea (South) - 3.1% | | | |
| AMOREPACIFIC Corp. | | 10,754 | 1,307,085 |
| Celltrion Pharm, Inc. | | 6,746 | 464,382 |
| Celltrion, Inc. | | 57,693 | 7,811,879 |
| CJ CheilJedang Corp. | | 2,984 | 721,258 |
| Cosmo AM&T Co. Ltd. (b) | | 8,945 | 963,342 |
| Coway Co. Ltd. | | 21,717 | 867,687 |
| Db Insurance Co. Ltd. | | 17,632 | 1,233,333 |
| Delivery Hero AG (b)(d) | | 65,045 | 1,819,799 |
| Doosan Bobcat, Inc. | | 19,899 | 741,642 |
| Doosan Heavy Industries & Construction Co. Ltd. (b) | | 175,241 | 2,110,003 |
| Ecopro BM Co. Ltd. | | 18,377 | 3,115,064 |
| Ecopro Co. Ltd. | | 37,570 | 2,831,942 |
| Ecopro Materials Co. Ltd. | | 5,250 | 433,638 |
| GS Holdings Corp. | | 17,737 | 571,863 |
| Hana Financial Group, Inc. | | 111,215 | 4,677,563 |
| Hanjin Kal Corp. | | 10,346 | 442,789 |
| Hankook Tire Co. Ltd. | | 29,117 | 1,232,043 |
| Hanmi Pharm Co. Ltd. | | 2,533 | 575,410 |
| Hanmi Semiconductor Co. Ltd. | | 15,901 | 1,509,961 |
| Hanon Systems | | 66,957 | 267,403 |
| Hanwha Aerospace Co. Ltd. | | 13,496 | 2,044,258 |
| Hanwha Ocean Co. Ltd. (b) | | 30,030 | 689,548 |
| Hanwha Solutions Corp. | | 41,496 | 753,122 |
| HD Hyundai Co. Ltd. | | 16,184 | 781,322 |
| HD Hyundai Heavy Industries Co. Ltd. (b) | | 8,119 | 800,723 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (b) | | 15,571 | 1,466,043 |
| HLB, Inc. | | 43,953 | 3,502,016 |
| HMM Co. Ltd. | | 89,876 | 1,023,253 |
| HYBE Co. Ltd. | | 7,681 | 1,111,059 |
| Hyundai Engineering & Construction Co. Ltd. | | 28,875 | 733,537 |
| Hyundai Glovis Co. Ltd. | | 6,930 | 904,668 |
| Hyundai Mobis | | 23,157 | 3,777,863 |
| Hyundai Motor Co. Ltd. | | 51,456 | 9,229,785 |
| Hyundai Steel Co. | | 31,382 | 726,679 |
| Industrial Bank of Korea | | 106,137 | 1,064,065 |
| Kakao Corp. | | 117,578 | 4,071,921 |
| Kakao Pay Corp. (b) | | 9,806 | 246,434 |
| KakaoBank Corp. | | 61,399 | 1,098,159 |
| Kangwon Land, Inc. | | 33,604 | 370,290 |
| KB Financial Group, Inc. | | 144,863 | 7,834,930 |
| Kia Corp. | | 98,564 | 8,327,223 |
| Korea Aerospace Industries Ltd. | | 27,010 | 1,002,904 |
| Korea Electric Power Corp. (b) | | 97,434 | 1,483,288 |
| Korea Investment Holdings Co. Ltd. | | 16,436 | 792,186 |
| Korea Zinc Co. Ltd. | | 3,105 | 1,031,424 |
| Korean Air Lines Co. Ltd. | | 68,768 | 1,034,130 |
| KRAFTON, Inc. (b) | | 11,090 | 1,903,320 |
| KT Corp. | | 23,577 | 587,821 |
| KT&G Corp. | | 38,520 | 2,475,118 |
| Kum Yang Co. Ltd. (b) | | 13,303 | 890,106 |
| Kumho Petro Chemical Co. Ltd. | | 6,026 | 597,683 |
| L&F Co. Ltd. | | 9,602 | 1,120,098 |
| LG Chemical Ltd. | | 18,412 | 5,275,848 |
| LG Corp. | | 35,322 | 2,009,759 |
| LG Display Co. Ltd. (b) | | 147,201 | 1,111,053 |
| LG Electronics, Inc. | | 39,626 | 2,631,787 |
| LG Energy Solution (b) | | 17,648 | 4,896,263 |
| LG H & H Co. Ltd. | | 3,165 | 950,970 |
| LG Innotek Co. Ltd. | | 5,244 | 831,215 |
| LG Uplus Corp. | | 81,066 | 574,160 |
| Lotte Chemical Corp. | | 7,127 | 549,214 |
| Meritz Financial Holdings Co. | | 38,568 | 2,199,047 |
| Mirae Asset Securities Co. Ltd. | | 90,091 | 489,629 |
| NAVER Corp. | | 49,436 | 6,502,332 |
| NCSOFT Corp. | | 5,237 | 659,844 |
| Netmarble Corp. (b)(d) | | 9,616 | 383,943 |
| NH Investment & Securities Co. Ltd. | | 56,006 | 502,005 |
| Orion Corp./Republic of Korea | | 8,594 | 573,533 |
| POSCO | | 27,014 | 7,776,594 |
| POSCO Chemtech Co. Ltd. | | 11,675 | 2,342,174 |
| POSCO ICT Co. Ltd. | | 19,656 | 569,617 |
| Posco International Corp. | | 19,224 | 632,262 |
| S-Oil Corp. | | 16,714 | 870,188 |
| Samsung Biologics Co. Ltd. (b)(d) | | 6,768 | 3,793,357 |
| Samsung C&T Corp. | | 31,689 | 3,407,563 |
| Samsung E&A Co. Ltd. (b) | | 57,508 | 1,087,261 |
| Samsung Electro-Mechanics Co. Ltd. | | 21,567 | 2,398,924 |
| Samsung Electronics Co. Ltd. | | 1,793,552 | 99,418,426 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 11,499 | 2,566,567 |
| Samsung Heavy Industries Co. Ltd. (b) | | 245,034 | 1,655,569 |
| Samsung Life Insurance Co. Ltd. | | 30,323 | 1,905,391 |
| Samsung SDI Co. Ltd. | | 20,761 | 6,406,903 |
| Samsung SDS Co. Ltd. | | 14,712 | 1,685,373 |
| Samsung Securities Co. Ltd. | | 23,398 | 638,282 |
| Shinhan Financial Group Co. Ltd. | | 166,013 | 5,561,975 |
| SK Biopharmaceuticals Co. Ltd. (b) | | 11,308 | 709,395 |
| SK Bioscience Co. Ltd. (b) | | 9,938 | 417,397 |
| SK Hynix, Inc. | | 205,891 | 25,336,990 |
| SK IE Technology Co. Ltd. (b)(d) | | 10,642 | 449,161 |
| SK Innovation Co., Ltd. (b) | | 22,331 | 1,766,591 |
| SK Square Co. Ltd. (b) | | 36,701 | 2,010,798 |
| SK Telecom Co. Ltd. | | 20,543 | 757,590 |
| SK, Inc. | | 13,602 | 1,616,311 |
| SKC Co. Ltd. | | 6,838 | 538,946 |
| Woori Financial Group, Inc. | | 229,348 | 2,343,717 |
| Yuhan Corp. | | 21,630 | 1,121,987 |
TOTAL KOREA (SOUTH) | | | 307,098,973 |
| Kuwait - 0.2% | | | |
| Agility Global PLC (c)(e) | | 1,177,652 | 47,749 |
| Boubyan Bank KSC | | 535,325 | 1,022,726 |
| Gulf Bank | | 783,368 | 655,559 |
| Kuwait Finance House KSCP | | 3,531,558 | 8,247,557 |
| Mabanee Co. SAKC | | 262,737 | 671,543 |
| Mobile Telecommunication Co. | | 729,434 | 1,154,602 |
| National Bank of Kuwait | | 2,980,316 | 8,361,899 |
TOTAL KUWAIT | | | 20,161,635 |
| Luxembourg - 0.1% | | | |
| ArcelorMittal SA (Netherlands) | | 191,164 | 4,812,601 |
| Eurofins Scientific SA | | 51,249 | 3,150,313 |
| Reinet Investments SCA | | 51,007 | 1,191,528 |
TOTAL LUXEMBOURG | | | 9,154,442 |
| Macau - 0.1% | | | |
| Galaxy Entertainment Group Ltd. | | 826,136 | 3,706,784 |
| Sands China Ltd. (a)(b) | | 902,387 | 2,128,412 |
TOTAL MACAU | | | 5,835,196 |
| Malaysia - 0.4% | | | |
| AMMB Holdings Bhd | | 874,200 | 768,441 |
| Axiata Group Bhd | | 968,034 | 573,202 |
| CelcomDigi Bhd | | 1,285,200 | 1,115,579 |
| CIMB Group Holdings Bhd | | 2,432,411 | 3,361,664 |
| Gamuda Bhd | | 691,854 | 769,019 |
| Genting Bhd | | 811,400 | 766,921 |
| Genting Malaysia Bhd | | 1,138,900 | 628,246 |
| Hong Leong Bank Bhd | | 243,800 | 984,572 |
| IHH Healthcare Bhd | | 796,700 | 1,048,249 |
| Inari Amertron Bhd | | 1,128,700 | 727,723 |
| IOI Corp. Bhd | | 895,800 | 762,515 |
| IOI Properties Group Bhd | | 30 | 14 |
| Kuala Lumpur Kepong Bhd | | 179,712 | 868,063 |
| Malayan Banking Bhd | | 2,011,107 | 4,097,963 |
| Malaysia Airports Holdings Bhd | | 361,716 | 757,038 |
| Maxis Bhd | | 966,400 | 742,280 |
| MISC Bhd | | 529,700 | 882,624 |
| MR DIY Group M Sdn Bhd (d) | | 1,263,950 | 413,138 |
| Nestle (Malaysia) Bhd | | 27,200 | 724,110 |
| Petronas Chemicals Group Bhd | | 1,101,200 | 1,562,677 |
| Petronas Dagangan Bhd | | 106,100 | 478,565 |
| Petronas Gas Bhd | | 300,100 | 1,130,972 |
| PPB Group Bhd | | 244,380 | 805,078 |
| Press Metal Aluminium Holdings | | 1,388,600 | 1,560,903 |
| Public Bank Bhd | | 5,516,200 | 4,757,767 |
| QL Resources Bhd | | 385,450 | 517,630 |
| RHB Bank Bhd | | 537,254 | 618,435 |
| Sime Darby Bhd | | 952,885 | 557,860 |
| Sime Darby Plantation Bhd | | 792,640 | 740,214 |
| Sime Darby Property Bhd | | 10 | 2 |
| SP Setia Bhd | | 13 | 4 |
| Telekom Malaysia Bhd | | 453,197 | 587,339 |
| Tenaga Nasional Bhd | | 991,900 | 2,483,758 |
| YTL Corp. Bhd | | 1,266,200 | 818,657 |
| YTL Power International Bhd | | 938,000 | 899,211 |
TOTAL MALAYSIA | | | 37,510,433 |
| Mexico - 0.7% | | | |
| Alfa SA de CV Series A (a) | | 1,135,400 | 835,109 |
| America Movil S.A.B. de CV Series L | | 7,095,800 | 6,755,834 |
| Arca Continental S.A.B. de CV | | 195,600 | 1,908,187 |
| Banco del Bajio SA (d) | | 297,000 | 1,095,020 |
| CEMEX S.A.B. de CV unit (b) | | 5,752,094 | 4,556,480 |
| Coca-Cola FEMSA S.A.B. de CV unit | | 194,575 | 1,930,331 |
| Fibra Uno Administracion SA de CV | | 1,078,200 | 1,547,681 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 730,900 | 8,550,686 |
| Gruma S.A.B. de CV Series B | | 68,340 | 1,342,246 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 146,400 | 2,666,534 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 68,695 | 2,359,708 |
| Grupo Aeroportuario Norte S.A.B. de CV | | 105,900 | 1,172,453 |
| Grupo Bimbo S.A.B. de CV Series A | | 502,400 | 2,105,119 |
| Grupo Carso SA de CV Series A1 | | 212,800 | 1,673,630 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 976,000 | 9,659,869 |
| Grupo Financiero Inbursa S.A.B. de CV Series O (b) | | 697,400 | 1,932,524 |
| Grupo Mexico SA de CV Series B | | 1,170,824 | 7,234,460 |
| Industrias Penoles SA de CV (b) | | 72,610 | 1,053,753 |
| Kimberly-Clark de Mexico SA de CV Series A | | 560,000 | 1,165,717 |
| Operadora de Sites Mexicanos, SA de CV | | 488,100 | 549,338 |
| Orbia Advance Corp. S.A.B. de CV | | 376,937 | 619,179 |
| Prologis Property Mexico SA | | 294,294 | 1,160,632 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 70,405 | 707,266 |
| Southern Copper Corp. | | 31,904 | 3,722,240 |
| Wal-Mart de Mexico SA de CV Series V | | 1,968,200 | 7,343,948 |
TOTAL MEXICO | | | 73,647,944 |
| Netherlands - 2.9% | | | |
| ABN AMRO Bank NV: | | | |
| GDR (Bearer) (d) | | 179,040 | 2,883,269 |
| rights (b)(c) | | 179,040 | 170,054 |
| Adyen BV (b)(d) | | 8,188 | 9,809,220 |
| AEGON NV | | 549,653 | 3,423,153 |
| Akzo Nobel NV | | 64,572 | 4,282,144 |
| Argenx SE (b) | | 22,205 | 8,294,980 |
| ASM International NV (Netherlands) | | 17,656 | 11,215,046 |
| ASML Holding NV (Netherlands) | | 151,885 | 134,973,736 |
| ASR Nederland NV | | 59,606 | 2,987,833 |
| BE Semiconductor Industries NV | | 29,159 | 3,905,370 |
| Euronext NV (d) | | 32,335 | 2,921,095 |
| EXOR NV | | 34,871 | 3,821,912 |
| Heineken Holding NV | | 48,274 | 3,892,186 |
| Heineken NV (Bearer) | | 108,961 | 10,616,654 |
| IMCD NV | | 21,516 | 3,266,327 |
| ING Groep NV (Certificaten Van Aandelen) | | 1,252,560 | 19,803,314 |
| JDE Peet's BV | | 36,394 | 808,642 |
| Koninklijke Ahold Delhaize NV | | 360,540 | 10,943,895 |
| Koninklijke KPN NV | | 1,259,434 | 4,576,949 |
| Koninklijke Philips Electronics NV | | 294,283 | 7,815,035 |
| NN Group NV | | 101,596 | 4,700,148 |
| OCI NV | | 39,808 | 1,074,822 |
| Randstad NV | | 41,731 | 2,102,067 |
| Universal Music Group NV | | 307,830 | 9,099,898 |
| Wolters Kluwer NV | | 93,728 | 14,078,733 |
TOTAL NETHERLANDS | | | 281,466,482 |
| New Zealand - 0.1% | | | |
| Auckland International Airport Ltd. | | 508,486 | 2,333,243 |
| Fisher & Paykel Healthcare Corp. | | 218,514 | 3,659,618 |
| Mercury Nz Ltd. | | 268,669 | 1,008,280 |
| Meridian Energy Ltd. | | 502,653 | 1,772,798 |
| Spark New Zealand Ltd. | | 681,762 | 1,900,914 |
| Xero Ltd. (b) | | 54,223 | 4,209,776 |
TOTAL NEW ZEALAND | | | 14,884,629 |
| Norway - 0.3% | | | |
| Aker BP ASA | | 118,268 | 2,895,881 |
| DNB Bank ASA | | 349,157 | 6,100,857 |
| Equinor ASA | | 340,232 | 9,053,021 |
| Gjensidige Forsikring ASA | | 75,597 | 1,216,112 |
| Kongsberg Gruppen ASA | | 33,328 | 2,358,177 |
| Mowi ASA | | 176,128 | 3,106,835 |
| Norsk Hydro ASA | | 499,904 | 3,072,103 |
| Orkla ASA | | 260,365 | 1,776,628 |
| Salmar ASA | | 25,217 | 1,592,450 |
| Telenor ASA | | 236,890 | 2,727,482 |
TOTAL NORWAY | | | 33,899,546 |
| Peru - 0.1% | | | |
| Compania de Minas Buenaventura SAA sponsored ADR | | 77,623 | 1,342,878 |
| Credicorp Ltd. (United States) | | 25,515 | 4,225,539 |
TOTAL PERU | | | 5,568,417 |
| Philippines - 0.2% | | | |
| Aboitiz Equity Ventures, Inc. | | 623,190 | 454,279 |
| Altus Property Ventures, Inc. (b) | | 7 | 1 |
| Ayala Corp. | | 109,590 | 1,165,880 |
| Ayala Land, Inc. | | 2,470,300 | 1,225,608 |
| Bank of the Philippine Islands (BPI) | | 712,417 | 1,561,097 |
| BDO Unibank, Inc. | | 887,001 | 2,259,216 |
| DMCI Holdings, Inc. | | 4 | 1 |
| International Container Terminal Services, Inc. | | 372,910 | 2,134,618 |
| JG Summit Holdings, Inc. | | 960,636 | 561,360 |
| Jollibee Food Corp. | | 167,480 | 681,556 |
| Manila Electric Co. | | 105,350 | 668,107 |
| Metropolitan Bank & Trust Co. | | 640,931 | 776,176 |
| PLDT, Inc. | | 28,020 | 653,087 |
| SM Investments Corp. | | 93,943 | 1,543,703 |
| SM Prime Holdings, Inc. | | 3,856,300 | 1,864,951 |
| Universal Robina Corp. | | 323,210 | 573,258 |
TOTAL PHILIPPINES | | | 16,122,898 |
| Poland - 0.3% | | | |
| Allegro.eu SA (b)(d) | | 219,031 | 1,836,688 |
| Bank Polska Kasa Opieki SA | | 68,438 | 2,851,302 |
| Budimex SA | | 4,571 | 774,717 |
| CD Projekt SA | | 23,714 | 692,759 |
| Dino Polska SA (b)(d) | | 18,535 | 1,781,579 |
| KGHM Polska Miedz SA (Bearer) | | 53,118 | 1,841,792 |
| LPP SA | | 422 | 1,636,441 |
| mBank SA (b) | | 5,424 | 917,015 |
| Orlen SA | | 216,907 | 3,552,732 |
| PGE Polska Grupa Energetyczna SA (b) | | 328,516 | 493,049 |
| Powszechna Kasa Oszczednosci Bank SA | | 330,116 | 4,939,858 |
| Powszechny Zaklad Ubezpieczen SA | | 229,227 | 2,897,831 |
| Santander Bank Polska SA | | 13,618 | 1,882,698 |
TOTAL POLAND | | | 26,098,461 |
| Portugal - 0.1% | | | |
| Banco Espirito Santo SA (Reg.) (b)(e) | | 82,039 | 1 |
| Energias de Portugal SA | | 1,181,616 | 4,446,359 |
| Galp Energia SGPS SA Class B | | 178,269 | 3,843,023 |
| Jeronimo Martins SGPS SA | | 105,077 | 2,169,874 |
TOTAL PORTUGAL | | | 10,459,257 |
| Qatar - 0.2% | | | |
| Barwa Real Estate Co. | | 792,285 | 611,459 |
| Dukhan Bank | | 662,915 | 701,150 |
| Industries Qatar QSC | | 573,371 | 1,929,084 |
| Masraf al Rayan | | 2,063,799 | 1,423,857 |
| Mesaieed Petrochemical Holding Co. | | 2,232,961 | 1,176,889 |
| Ooredoo QSC | | 296,927 | 814,694 |
| Qatar Electricity & Water Co. | | 160,955 | 674,146 |
| Qatar Fuel Co. | | 224,901 | 893,180 |
| Qatar Gas Transport Co. Ltd. (Nakilat) | | 926,009 | 1,017,059 |
| Qatar International Islamic Bank QSC | | 367,599 | 1,015,668 |
| Qatar Islamic Bank | | 680,416 | 3,419,833 |
| Qatar National Bank SAQ | | 1,736,861 | 6,616,386 |
| The Commercial Bank of Qatar | | 1,239,706 | 1,414,034 |
TOTAL QATAR | | | 21,707,439 |
| Romania - 0.0% | | | |
| NEPI Rockcastle PLC | | 210,810 | 1,416,926 |
| Russia - 0.0% | | | |
| Alrosa Co. Ltd. (b)(e) | | 846,411 | 140,208 |
| Gazprom OAO (b)(e) | | 3,422,762 | 356,620 |
| Gazprom OAO sponsored ADR (Reg. S) (b)(e) | | 266,976 | 132,420 |
| Inter Rao Ues JSC (b)(e) | | 12,405,200 | 68,099 |
| LUKOIL PJSC (b)(e) | | 135,807 | 41,855 |
| LUKOIL PJSC sponsored ADR (b)(e) | | 625 | 7,875 |
| MMC Norilsk Nickel PJSC (b)(e) | | 1,810,200 | 119,872 |
| MMC Norilsk Nickel PJSC sponsored ADR (b)(e) | | 27,948 | 67,075 |
| Moscow Exchange MICEX-RTS OAO (b)(e) | | 524,685 | 100,426 |
| Novatek PJSC GDR (Reg. S) (b)(e) | | 30,578 | 1,492,206 |
| Novolipetsk Steel OJSC (b)(e) | | 477,930 | 4,569 |
| Ozon Holdings PLC ADR (b)(e) | | 15,142 | 31,587 |
| PhosAgro PJSC: | | | |
| GDR (Reg. S) (b)(e) | | 46,691 | 958 |
| sponsored GDR (Reg. S) (b)(e) | | 300 | 6 |
| Polyus PJSC (b)(e) | | 11,075 | 25,932 |
| Rosneft Oil Co. OJSC (b)(e) | | 322,313 | 53,672 |
| Rosneft Oil Co. OJSC GDR (Reg. S) (b)(e) | | 56,929 | 13,461 |
| Sberbank of Russia (b)(e) | | 3,621,326 | 22,170 |
| Severstal PAO (b)(e) | | 60,348 | 1,342 |
| Severstal PAO GDR (Reg. S) (b)(e) | | 9,813 | 232 |
| Surgutneftegas OJSC (b)(e) | | 1,105,600 | 13,471 |
| Surgutneftegas OJSC sponsored ADR (b)(e) | | 71,885 | 13,275 |
| Tatneft PAO (b)(e) | | 446,514 | 55,298 |
| TKS Holding MKPAO JSC (b)(e) | | 1,424 | 1,805 |
| United Co. RUSAL International PJSC (b)(e) | | 1,020,580 | 122,470 |
| VK Co. Ltd. (b)(e) | | 25,459 | 7,531 |
| VK Co. Ltd. GDR (Reg. S) (b)(e) | | 12,889 | 0 |
| VTB Bank OJSC (b)(e) | | 1,160,850,350 | 44,161 |
| Yandex NV Class A (b)(e) | | 102,848 | 382,337 |
TOTAL RUSSIA | | | 3,320,933 |
| Saudi Arabia - 1.1% | | | |
| ACWA Power Co. | | 35,274 | 3,761,958 |
| Ades Holding Co. | | 132,037 | 703,381 |
| Advanced Petrochemicals Co. | | 55,587 | 632,849 |
| Al Rajhi Bank | | 740,653 | 15,778,322 |
| Alinma Bank | | 462,627 | 4,113,638 |
| Almarai Co. Ltd. | | 93,655 | 1,418,334 |
| Arab National Bank | | 249,011 | 2,051,522 |
| Arabian Internet and Communications Services Co. Ltd. | | 8,644 | 802,035 |
| Bank Al-Jazira | | 199,387 | 861,214 |
| Bank Albilad | | 229,073 | 2,180,426 |
| Banque Saudi Fransi | | 220,215 | 2,151,890 |
| Bupa Arabia for Cooperative Insurance Co. | | 30,669 | 1,972,315 |
| Dallah Healthcare Co. | | 12,723 | 552,938 |
| Dar Al Arkan Real Estate Development Co. (b) | | 191,613 | 679,479 |
| Dr Sulaiman Al Habib Medical Services Group Co. | | 33,212 | 2,750,399 |
| Elm Co. | | 9,072 | 2,212,246 |
| Etihad Etisalat Co. | | 144,450 | 2,002,720 |
| Jarir Marketing Co. | | 230,596 | 832,472 |
| Luberef | | 19,014 | 768,550 |
| Mobile Telecommunications Co. Saudi Arabia | | 158,559 | 510,690 |
| Mouwasat Medical Services Co. | | 37,748 | 1,352,672 |
| Nahdi Medical Co. | | 14,006 | 516,085 |
| Power & Water Utility Co. for Jubail & Yanbu | | 26,802 | 464,494 |
| Riyad Bank | | 554,834 | 4,097,718 |
| Sabic Agriculture-Nutrients Co. | | 88,629 | 2,736,426 |
| Sahara International Petrochemical Co. | | 132,177 | 1,208,786 |
| Saudi Arabian Mining Co. | | 486,092 | 6,557,952 |
| Saudi Arabian Oil Co. (d) | | 1,001,640 | 8,038,544 |
| Saudi Awwal Bank | | 379,922 | 4,132,890 |
| Saudi Basic Industries Corp. | | 339,153 | 7,641,025 |
| Saudi Electricity Co. | | 314,844 | 1,563,055 |
| Saudi Industrial Investment Group | | 148,812 | 921,297 |
| Saudi Investment Bank/The | | 184,876 | 832,055 |
| Saudi Kayan Petrochemical Co. (b) | | 291,174 | 727,430 |
| Saudi Research & Marketing Group (b) | | 13,902 | 892,551 |
| Saudi Tadawul Group Holding Co. | | 17,422 | 1,230,029 |
| Saudi Telecom Co. | | 752,992 | 7,558,830 |
| The Co. for Cooperative Insurance | | 27,959 | 1,110,727 |
| The Saudi National Bank | | 1,103,834 | 11,066,005 |
| The Savola Group | | 95,658 | 1,287,988 |
| Yanbu National Petrochemical Co. | | 102,139 | 1,055,267 |
TOTAL SAUDI ARABIA | | | 111,729,204 |
| Singapore - 1.0% | | | |
| CapitaLand Ascendas REIT | | 1,451,154 | 2,748,809 |
| CapitaLand Integrated Commercial Trust | | 1,975,848 | 2,816,563 |
| CapitaLand Investment Ltd. | | 977,071 | 1,889,512 |
| City Developments Ltd. | | 188,652 | 845,526 |
| DBS Group Holdings Ltd. | | 752,840 | 19,165,355 |
| Genting Singapore Ltd. | | 2,229,113 | 1,487,644 |
| Grab Holdings Ltd. (b) | | 725,123 | 2,537,931 |
| Jardine Cycle & Carriage Ltd. | | 39,900 | 770,000 |
| Keppel Ltd. | | 553,320 | 2,767,658 |
| Mapletree Logistics Trust (REIT) | | 1,333,285 | 1,308,357 |
| Mapletree Pan Asia Commercial Trust | | 885,743 | 811,671 |
| Oversea-Chinese Banking Corp. Ltd. | | 1,268,251 | 13,166,441 |
| Sea Ltd. ADR (b) | | 139,285 | 8,801,419 |
| Seatrium Ltd. (a)(b) | | 16,972,558 | 1,212,453 |
| Sembcorp Industries Ltd. | | 339,200 | 1,325,619 |
| Singapore Airlines Ltd. | | 555,368 | 2,650,006 |
| Singapore Exchange Ltd. | | 329,617 | 2,248,491 |
| Singapore Technologies Engineering Ltd. | | 602,224 | 1,769,024 |
| Singapore Telecommunications Ltd. | | 3,116,069 | 5,404,121 |
| STMicroelectronics NV (France) | | 257,186 | 10,180,679 |
| United Overseas Bank Ltd. | | 473,909 | 10,516,422 |
TOTAL SINGAPORE | | | 94,423,701 |
| South Africa - 0.9% | | | |
| Absa Group Ltd. | | 323,988 | 2,498,296 |
| Anglo American Platinum Ltd. (a) | | 24,316 | 847,047 |
| Anglo American PLC (United Kingdom) | | 477,308 | 15,597,222 |
| Aspen Pharmacare Holdings Ltd. | | 147,868 | 1,761,539 |
| Bid Corp. Ltd. | | 127,123 | 2,897,499 |
| Bidvest Group Ltd./The | | 106,286 | 1,386,081 |
| Capitec Bank Holdings Ltd. | | 32,841 | 4,064,498 |
| Clicks Group Ltd. | | 88,958 | 1,384,080 |
| Discovery Ltd. | | 199,200 | 1,269,038 |
| Exxaro Resources Ltd. | | 90,083 | 863,093 |
| FirstRand Ltd. | | 1,901,674 | 6,564,868 |
| Gold Fields Ltd. | | 336,417 | 5,442,443 |
| Harmony Gold Mining Co. Ltd. | | 211,798 | 1,833,371 |
| Impala Platinum Holdings Ltd. | | 334,353 | 1,488,391 |
| Kumba Iron Ore Ltd. (a) | | 24,061 | 589,811 |
| MTN Group Ltd. | | 649,382 | 3,112,363 |
| Naspers Ltd. Class N | | 69,176 | 13,238,739 |
| Nedbank Group Ltd. | | 162,274 | 1,973,117 |
| Northam Platinum Holdings Ltd. | | 130,360 | 863,724 |
| Old Mutual Ltd. | | 1,749,454 | 1,027,888 |
| OUTsurance Group Ltd. | | 333,865 | 717,748 |
| Pepkor Holdings Ltd. (d) | | 745,795 | 703,544 |
| Remgro Ltd. | | 199,138 | 1,297,539 |
| Sanlam Ltd. | | 666,583 | 2,411,285 |
| Sasol Ltd. | | 214,226 | 1,505,005 |
| Shoprite Holdings Ltd. | | 190,994 | 2,548,302 |
| Sibanye-Stillwater Ltd. (a) | | 1,035,001 | 1,181,299 |
| Standard Bank Group Ltd. | | 505,537 | 4,747,379 |
| Vodacom Group Ltd. | | 229,847 | 1,099,901 |
| Woolworths Holdings Ltd. | | 344,994 | 1,095,936 |
TOTAL SOUTH AFRICA | | | 86,011,046 |
| Spain - 1.6% | | | |
| Acciona SA | | 9,540 | 1,106,684 |
| ACS Actividades de Construccion y Servicios SA | | 78,368 | 3,142,978 |
| Aena SME SA (d) | | 28,164 | 5,157,716 |
| Amadeus IT Holding SA Class A | | 169,303 | 10,746,330 |
| Banco Bilbao Vizcaya Argentaria SA | | 2,199,545 | 23,785,813 |
| Banco Santander SA (Spain) | | 6,102,525 | 29,782,187 |
| CaixaBank SA | | 1,416,738 | 7,471,252 |
| Cellnex Telecom SA (d) | | 173,734 | 5,742,724 |
| EDP Renovaveis SA | | 114,469 | 1,572,216 |
| Enagas SA | | 92,092 | 1,352,341 |
| Endesa SA | | 119,589 | 2,182,394 |
| Grifols SA (b) | | 113,997 | 1,051,852 |
| Iberdrola SA | | 2,311,820 | 28,346,558 |
| Industria de Diseno Textil SA | | 410,850 | 18,787,973 |
| Redeia Corp. SA | | 150,971 | 2,521,469 |
| Repsol SA | | 459,045 | 7,205,204 |
| Telefonica SA | | 1,841,435 | 8,248,887 |
TOTAL SPAIN | | | 158,204,578 |
| Sweden - 1.9% | | | |
| Alfa Laval AB | | 110,027 | 4,728,393 |
| ASSA ABLOY AB (B Shares) | | 378,559 | 10,002,065 |
| Atlas Copco AB: | | | |
| (A Shares) | | 1,012,792 | 17,740,154 |
| (B Shares) | | 588,444 | 8,943,811 |
| Beijer Ref AB (B Shares) (a) | | 145,710 | 2,095,001 |
| Boliden AB | | 103,304 | 3,450,528 |
| Epiroc AB: | | | |
| (A Shares) | | 244,359 | 4,517,557 |
| (B Shares) | | 151,002 | 2,529,397 |
| EQT AB | | 141,187 | 3,872,893 |
| Essity AB (B Shares) | | 229,140 | 5,709,579 |
| Evolution AB (d) | | 68,862 | 7,698,267 |
| Fastighets AB Balder (b) | | 241,328 | 1,553,027 |
| Getinge AB (B Shares) | | 87,242 | 1,860,356 |
| H&M Hennes & Mauritz AB (B Shares) (a) | | 243,406 | 3,903,852 |
| Hexagon AB (B Shares) | | 779,698 | 8,260,112 |
| Holmen AB (B Shares) | | 28,995 | 1,135,552 |
| Husqvarna AB (B Shares) | | 128,410 | 1,056,606 |
| Industrivarden AB: | | | |
| (A Shares) | | 48,599 | 1,575,221 |
| (C Shares) | | 54,862 | 1,776,728 |
| Indutrade AB | | 103,613 | 2,427,578 |
| Investment AB Latour (B Shares) | | 55,152 | 1,348,723 |
| Investor AB: | | | |
| (A Shares) | | 32,388 | 795,858 |
| (B Shares) | | 618,602 | 15,287,671 |
| L E Lundbergforetagen AB | | 28,125 | 1,398,543 |
| Lifco AB | | 88,520 | 2,168,742 |
| Nibe Industrier AB (B Shares) (a) | | 571,418 | 2,675,508 |
| Saab AB (B Shares) | | 30,236 | 2,410,561 |
| Sagax AB | | 78,998 | 1,994,233 |
| Sandvik AB (a) | | 401,067 | 8,104,753 |
| Securitas AB (B Shares) (a) | | 186,986 | 1,891,001 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 597,974 | 7,884,072 |
| Skanska AB (B Shares) | | 128,557 | 2,238,000 |
| SKF AB (B Shares) | | 130,903 | 2,731,996 |
| Svenska Cellulosa AB SCA (B Shares) (a) | | 228,842 | 3,365,018 |
| Svenska Handelsbanken AB (A Shares) | | 546,686 | 4,688,011 |
| Swedbank AB (A Shares) | | 318,506 | 6,138,677 |
| Swedish Orphan Biovitrum AB (b) | | 72,181 | 1,869,302 |
| Tele2 AB (B Shares) | | 203,280 | 1,901,761 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 1,099,309 | 5,578,870 |
| Telia Co. AB | | 890,732 | 2,041,658 |
| Volvo AB: | | | |
| (A Shares) | | 76,105 | 2,022,027 |
| (B Shares) | | 568,032 | 14,607,480 |
| Volvo Car AB | | 283,604 | 898,905 |
TOTAL SWEDEN | | | 188,878,047 |
| Switzerland - 3.8% | | | |
| ABB Ltd. (Reg.) | | 603,743 | 29,334,929 |
| Adecco SA (Reg.) | | 60,257 | 2,113,338 |
| Alcon, Inc. (Switzerland) | | 188,746 | 14,598,684 |
| Avolta AG (b) | | 37,638 | 1,423,351 |
| Bachem Holding AG (B Shares) | | 12,198 | 1,063,551 |
| Baloise Holdings AG | | 17,158 | 2,590,732 |
| Banque Cantonale Vaudoise | | 11,162 | 1,168,109 |
| Barry Callebaut AG | | 1,365 | 2,203,601 |
| BKW AG | | 8,018 | 1,188,853 |
| Clariant AG (Reg.) | | 80,543 | 1,207,378 |
| Compagnie Financiere Richemont SA Series A | | 202,623 | 28,007,975 |
| DSM-Firmenich AG | | 69,914 | 7,886,512 |
| Ems-Chemie Holding AG | | 2,669 | 2,139,846 |
| Geberit AG (Reg.) | | 12,551 | 6,739,378 |
| Givaudan SA | | 3,482 | 14,946,937 |
| Helvetia Holding AG (Reg.) | | 13,947 | 1,825,210 |
| Julius Baer Group Ltd. | | 77,506 | 4,158,845 |
| Kuehne & Nagel International AG | | 20,489 | 5,431,786 |
| Lindt & Spruengli AG | | 41 | 4,745,608 |
| Lindt & Spruengli AG (participation certificate) | | 364 | 4,201,295 |
| Logitech International SA (Reg.) | | 61,754 | 4,840,896 |
| Lonza Group AG | | 28,090 | 15,505,502 |
| Novartis AG | | 772,130 | 74,941,049 |
| Partners Group Holding AG | | 8,518 | 11,022,204 |
| Sandoz Group AG | | 154,152 | 5,239,153 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 14,846 | 3,714,528 |
| (Reg.) | | 9,290 | 2,268,812 |
| SGS SA (Reg.) | | 58,709 | 5,176,994 |
| Sig Group AG | | 113,861 | 2,279,078 |
| Sika AG | | 57,546 | 16,482,852 |
| Sonova Holding AG | | 19,085 | 5,302,485 |
| Straumann Holding AG | | 41,953 | 5,613,510 |
| Swatch Group AG (Bearer) | | 10,855 | 2,280,758 |
| Swatch Group AG (Bearer) (Reg.) | | 20,815 | 864,980 |
| Swiss Life Holding AG | | 11,071 | 7,479,022 |
| Swiss Prime Site AG | | 28,681 | 2,655,157 |
| Swisscom AG | | 9,713 | 5,320,093 |
| Temenos AG | | 24,303 | 1,520,177 |
| UBS Group AG | | 1,239,349 | 32,721,240 |
| VAT Group AG (d) | | 10,172 | 5,120,027 |
| Zurich Insurance Group Ltd. | | 55,113 | 26,631,705 |
TOTAL SWITZERLAND | | | 373,956,140 |
| Taiwan - 4.7% | | | |
| Accton Technology Corp. | | 190,000 | 2,657,054 |
| Acer, Inc. | | 1,092,288 | 1,500,265 |
| Advantech Co. Ltd. | | 175,411 | 2,036,651 |
| Alchip Technologies Ltd. | | 28,000 | 2,636,126 |
| ASE Technology Holding Co. Ltd. | | 1,155,840 | 5,190,413 |
| Asia Cement Corp. | | 884,466 | 1,184,143 |
| ASUSTeK Computer, Inc. | | 265,000 | 3,468,701 |
| AUO Corp. | | 2,400,000 | 1,339,598 |
| Catcher Technology Co. Ltd. | | 215,000 | 1,433,578 |
| Cathay Financial Holding Co. Ltd. | | 3,575,869 | 5,519,729 |
| Chailease Holding Co. Ltd. | | 577,746 | 3,041,766 |
| Chang Hwa Commercial Bank | | 2,020,454 | 1,127,770 |
| Cheng Shin Rubber Industry Co. Ltd. | | 745,899 | 1,074,963 |
| China Airlines Ltd. | | 1,067,490 | 682,404 |
| China Development Financial Ho (b) | | 6,038,405 | 2,519,830 |
| China Steel Corp. | | 4,461,426 | 3,392,769 |
| Chunghwa Telecom Co. Ltd. | | 1,425,000 | 5,406,561 |
| Compal Electronics, Inc. | | 1,583,000 | 1,723,602 |
| CTBC Financial Holding Co. Ltd. | | 6,625,579 | 6,902,948 |
| Delta Electronics, Inc. | | 733,621 | 7,171,793 |
| E Ink Holdings, Inc. | | 324,000 | 2,067,721 |
| E.SUN Financial Holdings Co. Ltd. | | 5,245,130 | 4,399,658 |
| ECLAT Textile Co. Ltd. | | 65,941 | 1,035,680 |
| eMemory Technology, Inc. | | 24,000 | 1,610,233 |
| EVA Airways Corp. | | 1,009,000 | 1,095,072 |
| Evergreen Marine Corp. (Taiwan) | | 385,248 | 2,234,524 |
| Far Eastern New Century Corp. | | 1,109,664 | 1,104,969 |
| Far EasTone Telecommunications Co. Ltd. | | 652,000 | 1,614,354 |
| Feng Tay Enterprise Co. Ltd. | | 201,244 | 998,831 |
| First Financial Holding Co. Ltd. | | 4,059,596 | 3,397,200 |
| Formosa Chemicals & Fibre Corp. | | 1,372,590 | 2,328,764 |
| Formosa Petrochemical Corp. | | 427,000 | 941,925 |
| Formosa Plastics Corp. | | 1,428,480 | 2,995,810 |
| Fubon Financial Holding Co. Ltd. | | 2,927,900 | 6,183,014 |
| Gigabyte Technology Co. Ltd. | | 192,000 | 1,728,454 |
| Global Unichip Corp. | | 36,000 | 1,492,477 |
| GlobalWafers Co. Ltd. | | 81,000 | 1,284,733 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 4,712,990 | 22,395,592 |
| Hotai Motor Co. Ltd. | | 117,220 | 2,220,443 |
| Hua Nan Financial Holdings Co. Ltd. | | 3,349,423 | 2,422,085 |
| Innolux Corp. | | 3,337,636 | 1,448,959 |
| Inventec Corp. | | 1,014,280 | 1,624,233 |
| Largan Precision Co. Ltd. | | 38,000 | 2,528,499 |
| Lite-On Technology Corp. | | 759,910 | 2,295,991 |
| MediaTek, Inc. | | 572,970 | 17,245,006 |
| Mega Financial Holding Co. Ltd. | | 4,405,547 | 5,389,010 |
| Micro-Star International Co. Ltd. | | 267,000 | 1,296,836 |
| Nan Ya Plastics Corp. | | 1,802,780 | 3,124,790 |
| Nan Ya Printed Circuit Board Corp. | | 85,000 | 483,126 |
| Nanya Technology Corp. | | 477,000 | 961,086 |
| Nien Made Enterprise Co. Ltd. | | 63,000 | 734,931 |
| Novatek Microelectronics Corp. | | 219,000 | 4,130,696 |
| Pegatron Corp. | | 742,000 | 2,209,024 |
| PharmaEssentia Corp. (b) | | 87,000 | 780,867 |
| Pou Chen Corp. | | 857,000 | 946,901 |
| Powerchip Semiconductor Manufacturing Corp. | | 1,144,044 | 797,896 |
| President Chain Store Corp. | | 216,000 | 1,813,250 |
| Quanta Computer, Inc. | | 1,015,000 | 7,951,803 |
| Realtek Semiconductor Corp. | | 182,090 | 2,867,391 |
| Ruentex Development Co. Ltd. | | 566,851 | 665,764 |
| Shin Kong Financial Holding Co. Ltd. (b) | | 4,876,475 | 1,286,359 |
| Sinopac Financial Holdings Co. | | 3,991,390 | 2,680,495 |
| Synnex Technology International Corp. | | 473,500 | 1,155,296 |
| Taishin Financial Holdings Co. Ltd. | | 4,147,688 | 2,279,533 |
| Taiwan Business Bank | | 2,371,840 | 1,229,244 |
| Taiwan Cement Corp. | | 2,526,612 | 2,479,115 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 3,841,229 | 3,081,431 |
| Taiwan High Speed Rail Corp. | | 763,000 | 698,289 |
| Taiwan Mobile Co. Ltd. | | 710,600 | 2,263,925 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 9,281,000 | 221,826,977 |
| The Shanghai Commercial & Savings Bank Ltd. | | 1,432,059 | 2,035,930 |
| Uni-President Enterprises Corp. | | 1,823,080 | 4,268,626 |
| Unimicron Technology Corp. | | 512,000 | 2,826,339 |
| United Microelectronics Corp. | | 4,236,000 | 6,496,716 |
| Vanguard International Semiconductor Corp. | | 341,000 | 892,001 |
| Voltronic Power Technology Corp. | | 25,000 | 1,180,827 |
| Walsin Lihwa Corp. | | 1,086,312 | 1,224,876 |
| Wan Hai Lines Ltd. | | 263,360 | 408,341 |
| Winbond Electronics Corp. | | 1,153,582 | 913,235 |
| Wistron Corp. | | 991,000 | 3,387,211 |
| Wiwynn Corp. | | 36,000 | 2,556,453 |
| WPG Holding Co. Ltd. | | 590,320 | 1,591,517 |
| Yageo Corp. | | 125,352 | 2,386,776 |
| Yang Ming Marine Transport Corp. | | 643,000 | 1,026,192 |
| Yuanta Financial Holding Co. Ltd. | | 3,830,075 | 3,586,362 |
| Zhen Ding Technology Holding Ltd. | | 263,302 | 930,319 |
TOTAL TAIWAN | | | 457,550,647 |
| Thailand - 0.4% | | | |
| Advanced Info Service PCL (For. Reg.) | | 228,500 | 1,210,764 |
| Advanced Information Service PCL NVDR | | 226,800 | 1,201,756 |
| Airports of Thailand PCL: | | | |
| (For. Reg.) | | 841,000 | 1,472,582 |
| NVDR | | 747,300 | 1,308,514 |
| Asset World Corp. PCL: | | | |
| (For. Reg.) | | 2,164,600 | 254,845 |
| NVDR | | 974,800 | 114,766 |
| Bangkok Dusit Medical Services PCL: | | | |
| (For. Reg.) | | 2,030,000 | 1,580,924 |
| NVDR | | 2,206,100 | 1,718,068 |
| Bangkok Expressway and Metro PCL: | | | |
| (For. Reg.) | | 1,674,400 | 372,778 |
| NVDR | | 1,011,600 | 225,216 |
| BTS Group Holdings PCL: | | | |
| (For. Reg.) | | 1,613,500 | 273,513 |
| NVDR | | 1,314,100 | 223,525 |
| Bumrungrad Hospital PCL: | | | |
| (For. Reg.) | | 104,400 | 687,212 |
| NVDR | | 114,900 | 756,328 |
| Central Pattana PCL: | | | |
| (For. Reg.) | | 469,500 | 798,519 |
| NVDR | | 282,600 | 480,642 |
| Central Retail Corp. PCL: | | | |
| (For. Reg.) | | 262,466 | 242,117 |
| NVDR | | 414,100 | 381,995 |
| Charoen Pokphand Foods PCL: | | | |
| (For. Reg.) | | 706,700 | 375,900 |
| NVDR | | 762,800 | 405,740 |
| CP ALL PCL: | | | |
| (For. Reg.) | | 1,177,300 | 1,814,636 |
| NVDR | | 1,050,100 | 1,618,576 |
| CP Axtra PCL NVDR | | 767,900 | 668,024 |
| Delta Electronics PCL NVDR | | 1,157,500 | 2,153,115 |
| Energy Absolute PCL: | | | |
| (For. Reg.) | | 273,800 | 224,401 |
| NVDR | | 344,500 | 282,345 |
| Global Power Synergy Public Co. Ltd.: | | | |
| (For. Reg.) | | 139,900 | 182,920 |
| NVDR | | 113,100 | 147,879 |
| Gulf Energy Development PCL: | | | |
| (For. Reg.) | | 350,400 | 377,482 |
| NVDR | | 722,600 | 778,449 |
| Home Product Center PCL: | | | |
| (For. Reg.) | | 1,156,167 | 321,861 |
| NVDR | | 1,042,400 | 290,190 |
| Indorama Ventures PCL NVDR | | 597,000 | 382,129 |
| Intouch Holdings PCL: | | | |
| (For. Reg.) | | 169,100 | 303,755 |
| NVDR | | 196,000 | 352,075 |
| Kasikornbank PCL NVDR | | 217,200 | 760,385 |
| Krung Thai Bank PCL: | | | |
| (For. Reg.) | | 788,655 | 355,718 |
| NVDR | | 527,800 | 238,061 |
| Krungthai Card PCL: | | | |
| (For. Reg.) | | 150,000 | 172,484 |
| NVDR | | 224,400 | 258,036 |
| Land & House PCL: | | | |
| (For. Reg.) | | 2,087,000 | 417,763 |
| NVDR | | 1,095,500 | 219,291 |
| Minor International PCL: | | | |
| (For. Reg.) | | 1,019,598 | 901,523 |
| NVDR | | 303,500 | 268,353 |
| Muangthai Leasing PCL: | | | |
| (For. Reg.) | | 145,909 | 177,088 |
| NVDR | | 134,200 | 162,877 |
| PTT Exploration and Production PCL: | | | |
| (For. Reg.) | | 372,744 | 1,555,103 |
| NVDR | | 157,400 | 656,679 |
| PTT Global Chemical PCL: | | | |
| (For. Reg.) | | 534,039 | 525,317 |
| NVDR | | 296,600 | 291,756 |
| PTT Oil & Retail Business PCL NVDR | | 1,150,400 | 576,065 |
| PTT PCL: | | | |
| (For. Reg.) | | 2,596,900 | 2,347,168 |
| NVDR | | 1,113,600 | 1,006,510 |
| SCB X PCL: | | | |
| (For. Reg.) | | 94,050 | 268,604 |
| NVDR | | 222,500 | 635,455 |
| SCG Packaging PCL NVDR | | 456,000 | 395,909 |
| Siam Cement PCL: | | | |
| (For. Reg.) | | 166,100 | 1,109,767 |
| NVDR | | 134,700 | 899,974 |
| Thai Oil PCL: | | | |
| (For. Reg.) | | 321,912 | 467,780 |
| NVDR | | 127,810 | 185,725 |
| TMBThanachart Bank PCL NVDR | | 8,385,400 | 407,508 |
| True Corp. PCL (b) | | 2,632,130 | 541,317 |
| True Corp. PCL NVDR (b) | | 1,403,171 | 288,572 |
TOTAL THAILAND | | | 40,074,329 |
| Turkey - 0.2% | | | |
| Akbank TAS | | 1,192,303 | 2,188,658 |
| Aselsan A/S | | 519,979 | 975,375 |
| Bim Birlesik Magazalar A/S JSC | | 172,637 | 2,062,929 |
| Coca-Cola Icecek Sanayi A/S | | 29,051 | 650,337 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 516,164 | 686,280 |
| Ford Otomotiv Sanayi A/S | | 25,189 | 866,434 |
| Haci Omer Sabanci Holding A/S | | 373,148 | 1,063,462 |
| Koc Holding A/S | | 288,320 | 2,012,865 |
| Pegasus Hava Tasimaciligi A/S (b) | | 16,395 | 523,445 |
| Sasa Polyester Sanayi A/S | | 525,181 | 669,404 |
| Tofas Turk Otomobil Fabrikasi A/S | | 45,418 | 386,007 |
| Turk Hava Yollari AO (b) | | 210,437 | 2,118,259 |
| Turkcell Iletisim Hizmet A/S | | 465,592 | 1,161,599 |
| Turkiye Is Bankasi A/S Series C | | 3,207,825 | 1,357,962 |
| Turkiye Petrol Rafinerileri A/S | | 371,959 | 2,248,781 |
| Turkiye Sise ve Cam Fabrikalari A/S | | 504,329 | 784,845 |
| Yapi ve Kredi Bankasi A/S | | 1,222,059 | 1,218,050 |
TOTAL TURKEY | | | 20,974,692 |
| United Arab Emirates - 0.3% | | | |
| Abu Dhabi Commercial Bank PJSC | | 1,117,900 | 2,541,443 |
| Abu Dhabi Islamic Bank | | 562,401 | 1,708,839 |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 1,161,689 | 1,103,840 |
| Aldar Properties PJSC | | 1,473,281 | 2,190,126 |
| Americana Restaurants International PLC | | 927,903 | 841,274 |
| Dubai Islamic Bank Pakistan Ltd. | | 1,065,413 | 1,612,812 |
| Emaar Properties PJSC | | 2,498,298 | 5,584,423 |
| Emirates NBD Bank PJSC | | 719,252 | 3,329,054 |
| Emirates Telecommunications Corp. | | 1,313,997 | 6,081,829 |
| First Abu Dhabi Bank PJSC | | 1,667,354 | 5,665,435 |
| Multiply Group (b) | | 1,431,968 | 896,710 |
| NMC Health PLC (b)(e) | | 30,958 | 6 |
TOTAL UNITED ARAB EMIRATES | | | 31,555,791 |
| United Kingdom - 6.7% | | | |
| 3i Group PLC | | 364,772 | 13,032,374 |
| Abrdn PLC | | 710,577 | 1,300,776 |
| Admiral Group PLC | | 97,916 | 3,338,957 |
| AngloGold Ashanti PLC | | 158,421 | 3,643,462 |
| Ashtead Group PLC | | 164,372 | 11,998,944 |
| Associated British Foods PLC | | 129,603 | 4,301,271 |
| AstraZeneca PLC (United Kingdom) | | 584,012 | 88,331,203 |
| Auto Trader Group PLC (d) | | 344,889 | 2,990,009 |
| Aviva PLC | | 1,023,210 | 5,954,217 |
| BAE Systems PLC | | 1,140,651 | 18,971,554 |
| Barclays PLC | | 5,712,855 | 14,403,793 |
| Barratt Developments PLC | | 369,228 | 2,097,844 |
| Berkeley Group Holdings PLC | | 40,436 | 2,381,834 |
| British American Tobacco PLC (United Kingdom) | | 759,019 | 22,281,972 |
| BT Group PLC | | 2,438,828 | 3,126,671 |
| Bunzl PLC | | 126,644 | 4,864,544 |
| Burberry Group PLC | | 137,702 | 1,970,328 |
| Centrica PLC | | 2,061,793 | 3,296,393 |
| CK Hutchison Holdings Ltd. | | 1,008,393 | 4,897,539 |
| Coca-Cola European Partners PLC | | 77,635 | 5,591,273 |
| Compass Group PLC | | 642,382 | 17,867,038 |
| Croda International PLC | | 50,537 | 2,911,146 |
| DCC PLC (United Kingdom) | | 37,137 | 2,545,289 |
| Diageo PLC | | 843,100 | 29,137,265 |
| Entain PLC | | 237,333 | 2,332,737 |
| Flutter Entertainment PLC (b) | | 66,750 | 12,448,564 |
| Halma PLC | | 143,405 | 3,954,761 |
| Hargreaves Lansdown PLC | | 136,354 | 1,386,562 |
| HSBC Holdings PLC (United Kingdom) | | 7,216,713 | 62,554,131 |
| Imperial Brands PLC | | 316,789 | 7,238,678 |
| Informa PLC | | 522,152 | 5,192,237 |
| InterContinental Hotel Group PLC | | 62,106 | 6,057,447 |
| Intertek Group PLC | | 60,728 | 3,751,639 |
| J Sainsbury PLC | | 623,500 | 2,052,135 |
| JD Sports Fashion PLC | | 959,593 | 1,386,113 |
| Kingfisher PLC | | 715,321 | 2,203,420 |
| Land Securities Group PLC | | 262,306 | 2,132,108 |
| Legal & General Group PLC | | 2,239,969 | 6,605,530 |
| Lloyds Banking Group PLC | | 23,973,378 | 15,472,022 |
| London Stock Exchange Group PLC | | 156,834 | 17,289,397 |
| M&G PLC | | 830,898 | 2,087,918 |
| Melrose Industries PLC | | 506,719 | 4,000,373 |
| National Grid PLC | | 1,405,772 | 18,439,740 |
| NatWest Group PLC | | 2,162,365 | 8,161,595 |
| Next PLC | | 45,276 | 5,096,242 |
| Ocado Group PLC (a)(b) | | 217,825 | 961,079 |
| Pearson PLC | | 239,758 | 2,909,185 |
| Pepco Group NV (a)(b) | | 63,590 | 302,399 |
| Persimmon PLC | | 118,394 | 1,929,127 |
| Phoenix Group Holdings PLC | | 284,254 | 1,739,719 |
| Reckitt Benckiser Group PLC | | 269,091 | 15,044,072 |
| RELX PLC (London Stock Exchange) | | 710,050 | 29,173,740 |
| Rentokil Initial PLC | | 948,336 | 4,787,175 |
| Rolls-Royce Holdings PLC (b) | | 3,172,449 | 16,268,399 |
| Sage Group PLC | | 385,926 | 5,622,847 |
| Schroders PLC | | 299,338 | 1,319,605 |
| Segro PLC | | 479,051 | 5,076,113 |
| Severn Trent PLC | | 101,450 | 3,127,338 |
| Smith & Nephew PLC | | 329,826 | 3,996,058 |
| Smiths Group PLC | | 131,240 | 2,650,094 |
| Spirax-Sarco Engineering PLC | | 27,487 | 3,037,937 |
| SSE PLC | | 409,570 | 8,513,486 |
| St. James's Place PLC | | 204,211 | 1,111,529 |
| Standard Chartered PLC (United Kingdom) | | 860,456 | 7,392,643 |
| Taylor Wimpey PLC | | 1,308,117 | 2,155,981 |
| Tesco PLC | | 2,662,991 | 9,831,952 |
| Unilever PLC | | 941,703 | 48,715,056 |
| United Utilities Group PLC | | 256,613 | 3,349,197 |
| Vodafone Group PLC | | 8,436,908 | 7,114,862 |
| Vodafone Group PLC sponsored ADR | | 20,171 | 169,638 |
| Whitbread PLC | | 71,168 | 2,816,349 |
| Wise PLC (b) | | 231,557 | 2,246,741 |
| WPP PLC | | 405,762 | 4,067,019 |
TOTAL UNITED KINGDOM | | | 656,508,385 |
| United States of America - 5.9% | | | |
| BP PLC | | 6,449,574 | 41,571,613 |
| Brookfield Renewable Corp. | | 50,353 | 1,169,716 |
| BRP, Inc. | | 13,044 | 877,591 |
| CRH PLC | | 261,362 | 20,365,834 |
| CSL Ltd. | | 182,197 | 32,372,059 |
| CyberArk Software Ltd. (b) | | 15,819 | 3,784,696 |
| Experian PLC | | 345,090 | 13,918,841 |
| Ferrovial SE | | 196,415 | 7,084,956 |
| GFL Environmental, Inc. | | 88,122 | 2,812,043 |
| GSK PLC | | 1,550,003 | 32,157,788 |
| Haleon PLC | | 2,609,944 | 11,022,689 |
| Holcim AG | | 196,392 | 16,439,538 |
| James Hardie Industries PLC CDI (b) | | 165,293 | 5,682,435 |
| JBS SA | | 295,200 | 1,332,567 |
| Legend Biotech Corp. ADR (b) | | 27,063 | 1,183,736 |
| Monday.com Ltd. (b) | | 10,986 | 2,079,979 |
| Nestle SA (Reg. S) | | 1,005,960 | 100,998,583 |
| Parade Technologies Ltd. | | 28,000 | 634,542 |
| QIAGEN NV (Germany) | | 83,667 | 3,489,431 |
| Roche Holding AG: | | | |
| (Bearer) | | 11,964 | 3,134,002 |
| (participation certificate) | | 264,834 | 63,457,992 |
| Sanofi SA | | 428,879 | 42,370,249 |
| Schneider Electric SA | | 205,145 | 46,775,790 |
| Shell PLC (London) | | 2,449,072 | 87,061,124 |
| Stellantis NV (Italy) | | 834,372 | 18,592,425 |
| Swiss Re Ltd. | | 113,780 | 12,355,202 |
| Tenaris SA | | 177,446 | 2,968,381 |
TOTAL UNITED STATES OF AMERICA | | | 575,693,802 |
| Zambia - 0.0% | | | |
| First Quantum Minerals Ltd. | | 266,971 | 3,389,862 |
| TOTAL COMMON STOCKS (Cost $8,324,720,821) | | | 9,483,171,263 |
| | | | |
| Nonconvertible Preferred Stocks - 0.9% |
| | | Shares | Value ($) |
| Brazil - 0.4% | | | |
| Banco Bradesco SA (PN) | | 1,992,644 | 5,372,456 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 100,707 | 806,028 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 689,526 | 1,686,567 |
| Companhia Paranaense de Energia-COPEL (PN-B) | | 428,100 | 749,418 |
| Gerdau SA | | 526,248 | 1,850,574 |
| Itau Unibanco Holding SA | | 1,816,721 | 10,971,839 |
| Itausa-Investimentos Itau SA (PN) | | 2,040,280 | 3,756,322 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 1,818,700 | 14,717,439 |
TOTAL BRAZIL | | | 39,910,643 |
| Chile - 0.0% | | | |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 54,137 | 2,472,691 |
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 165,777 | 1,356,473 |
| France - 0.0% | | | |
| Air Liquide SA (b) | | 8,637 | 1,689,213 |
| Germany - 0.3% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 22,406 | 2,307,477 |
| Dr. Ing. h.c. F. Porsche AG Series F (d) | | 42,877 | 3,817,187 |
| Henkel AG & Co. KGaA | | 64,126 | 5,094,282 |
| Porsche Automobil Holding SE (Germany) | | 58,129 | 2,961,760 |
| Sartorius AG (non-vtg.) | | 9,948 | 2,997,040 |
| Volkswagen AG | | 78,159 | 9,574,875 |
TOTAL GERMANY | | | 26,752,621 |
| Korea (South) - 0.2% | | | |
| Hyundai Motor Co. Ltd. | | 8,326 | 944,764 |
| Hyundai Motor Co. Ltd. Series 2 | | 14,595 | 1,663,070 |
| LG Chemical Ltd. | | 3,195 | 611,473 |
| LG H & H Co. Ltd. | | 694 | 93,401 |
| Samsung Electronics Co. Ltd. | | 317,192 | 14,768,590 |
TOTAL KOREA (SOUTH) | | | 18,081,298 |
| Russia - 0.0% | | | |
| Surgutneftegas OJSC (b)(e) | | 2,913,333 | 50,470 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $89,807,212) | | | 90,313,409 |
| | | | |
| Nonconvertible Bonds - 0.0% |
| | | Principal Amount (f) | Value ($) |
| India - 0.0% | | | |
NTPC Ltd. 8.49% 3/25/25 (Cost $13,959) | INR | 69,696 | 4,338 |
| | | | |
| Government Obligations - 0.1% |
| | | Principal Amount (f) | Value ($) |
| United States of America - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (g) (Cost $9,968,005) | | 10,000,000 | 9,967,733 |
| | | | |
| Money Market Funds - 3.1% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (h) | | 241,575,733 | 241,624,049 |
| Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 58,768,361 | 58,774,238 |
| TOTAL MONEY MARKET FUNDS (Cost $300,398,287) | | | 300,398,287 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $8,724,908,284) | 9,883,855,030 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (47,447,078) |
| NET ASSETS - 100.0% | 9,836,407,952 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 1,507 | Jun 2024 | 170,856,125 | (3,221,175) | (3,221,175) |
| ICE MSCI Emerging Markets Index Contracts (United States) | 1,437 | Jun 2024 | 74,867,700 | 99,356 | 99,356 |
| TME S&P/TSX 60 Index Contracts (Canada) | 107 | Jun 2024 | 20,293,975 | (195,484) | (195,484) |
| | | | | | |
| TOTAL FUTURES CONTRACTS | | | | | (3,317,303) |
| The notional amount of futures purchased as a percentage of Net Assets is 2.7% |
Currency Abbreviations
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $203,820,019 or 2.1% of net assets. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $9,967,733. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 93,306,422 | 926,029,634 | 777,711,804 | 5,864,491 | (203) | - | 241,624,049 | 0.5% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 30,949,089 | 143,210,957 | 115,385,808 | 344,404 | - | - | 58,774,238 | 0.2% |
| Total | 124,255,511 | 1,069,240,591 | 893,097,612 | 6,208,895 | (203) | - | 300,398,287 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 495,192,795 | 93,138,216 | 401,664,711 | 389,868 |
Consumer Discretionary | 1,115,266,763 | 284,648,481 | 830,586,695 | 31,587 |
Consumer Staples | 714,934,056 | 203,847,197 | 511,086,858 | 1 |
Energy | 555,235,191 | 206,475,165 | 346,529,403 | 2,230,623 |
Financials | 2,051,505,605 | 819,985,718 | 1,231,270,575 | 249,312 |
Health Care | 889,733,151 | 130,614,029 | 759,119,116 | 6 |
Industrials | 1,324,774,401 | 418,030,124 | 906,696,528 | 47,749 |
Information Technology | 1,223,340,540 | 266,618,119 | 956,722,420 | 1 |
Materials | 722,436,535 | 308,349,068 | 413,604,803 | 482,664 |
Real Estate | 186,739,681 | 47,774,174 | 138,965,507 | - |
Utilities | 294,325,954 | 94,974,999 | 199,282,855 | 68,100 |
|
| Corporate Bonds | 4,338 | - | 4,338 | - |
|
| Government Obligations | 9,967,733 | - | 9,967,733 | - |
|
| Money Market Funds | 300,398,287 | 300,398,287 | - | - |
| Total Investments in Securities: | 9,883,855,030 | 3,174,853,577 | 6,705,501,542 | 3,499,911 |
Derivative Instruments: Assets | | | | |
Futures Contracts | 99,356 | 99,356 | - | - |
| Total Assets | 99,356 | 99,356 | - | - |
| Liabilities | | | | |
Futures Contracts | (3,416,659) | (3,416,659) | - | - |
| Total Liabilities | (3,416,659) | (3,416,659) | - | - |
| Total Derivative Instruments: | (3,317,303) | (3,317,303) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 99,356 | (3,416,659) |
| Total Equity Risk | 99,356 | (3,416,659) |
| Total Value of Derivatives | 99,356 | (3,416,659) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® Global ex U.S. Index Fund
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $54,845,769) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $8,424,509,997) | $ | 9,583,456,743 | | |
Fidelity Central Funds (cost $300,398,287) | | 300,398,287 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $8,724,908,284) | | | $ | 9,883,855,030 |
| Segregated cash with brokers for derivative instruments | | | | 728,927 |
| Foreign currency held at value (cost $10,362,636) | | | | 10,249,811 |
| Receivable for fund shares sold | | | | 6,104,933 |
| Dividends receivable | | | | 31,410,093 |
| Reclaims receivable | | | | 21,596,389 |
| Distributions receivable from Fidelity Central Funds | | | | 867,971 |
Total assets | | | | 9,954,813,154 |
| Liabilities | | | | |
| Payable for investments purchased on a delayed delivery basis | $ | 361,865 | | |
| Payable for fund shares redeemed | | 31,612,492 | | |
| Accrued management fee | | 452,913 | | |
| Payable for daily variation margin on futures contracts | | 3,988,230 | | |
| Deferred taxes | | 23,210,274 | | |
| Other payables and accrued expenses | | 6,593 | | |
| Collateral on securities loaned | | 58,772,835 | | |
| Total liabilities | | | | 118,405,202 |
| Net Assets | | | $ | 9,836,407,952 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 9,392,157,342 |
| Total accumulated earnings (loss) | | | | 444,250,610 |
| Net Assets | | | $ | 9,836,407,952 |
Net Asset Value, offering price and redemption price per share ($9,836,407,952 ÷ 682,756,870 shares) | | | $ | 14.41 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 140,688,008 |
| Interest | | | | 285,782 |
| Income from Fidelity Central Funds (including $344,404 from security lending) | | | | 6,208,895 |
| Income before foreign taxes withheld | | | $ | 147,182,685 |
| Less foreign taxes withheld | | | | (10,613,955) |
| Total income | | | | 136,568,730 |
| Expenses | | | | |
| Management fee | $ | 2,613,912 | | |
| Independent trustees' fees and expenses | | 13,495 | | |
| Total expenses before reductions | | 2,627,407 | | |
| Expense reductions | | (49,095) | | |
| Total expenses after reductions | | | | 2,578,312 |
| Net Investment income (loss) | | | | 133,990,418 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $121,202) | | (78,219,374) | | |
| Fidelity Central Funds | | (203) | | |
| Foreign currency transactions | | (772,050) | | |
| Futures contracts | | 31,258,126 | | |
| Total net realized gain (loss) | | | | (47,733,501) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $11,830,513) | | 1,307,277,427 | | |
| Assets and liabilities in foreign currencies | | (194,047) | | |
| Futures contracts | | (1,599,028) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 1,305,484,352 |
| Net gain (loss) | | | | 1,257,750,851 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 1,391,741,269 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 133,990,418 | $ | 275,258,066 |
| Net realized gain (loss) | | (47,733,501) | | (221,998,269) |
| Change in net unrealized appreciation (depreciation) | | 1,305,484,352 | | 915,261,834 |
| Net increase (decrease) in net assets resulting from operations | | 1,391,741,269 | | 968,521,631 |
| Distributions to shareholders | | (273,194,043) | | (208,386,222) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 1,656,613,327 | | 3,103,954,657 |
| Reinvestment of distributions | | 258,456,453 | | 198,751,243 |
| Cost of shares redeemed | | (1,525,903,312) | | (3,207,929,609) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 389,166,468 | | 94,776,291 |
| Total increase (decrease) in net assets | | 1,507,713,694 | | 854,911,700 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 8,328,694,258 | | 7,473,782,558 |
| End of period | $ | 9,836,407,952 | $ | 8,328,694,258 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 117,615,959 | | 233,829,985 |
| Issued in reinvestment of distributions | | 18,824,212 | | 15,938,351 |
| Redeemed | | (107,362,583) | | (240,542,102) |
| Net increase (decrease) | | 29,077,588 | | 9,226,234 |
| | | | | |
Financial Highlights
Fidelity® Global ex U.S. Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.74 | $ | 11.60 | $ | 15.79 | $ | 12.43 | $ | 13.09 | $ | 12.07 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .20 | | .42 | | .42 | | .38 | | .29 | | .41 |
| Net realized and unrealized gain (loss) | | 1.89 | | 1.05 | | (4.21) | | 3.23 | | (.57) | | .91 |
| Total from investment operations | | 2.09 | | 1.47 | | (3.79) | | 3.61 | | (.28) | | 1.32 |
| Distributions from net investment income | | (.42) | | (.33) | | (.40) | | (.25) | | (.38) | | (.30) |
| Total distributions | | (.42) | | (.33) | | (.40) | | (.25) | | (.38) | | (.30) |
| Net asset value, end of period | $ | 14.41 | $ | 12.74 | $ | 11.60 | $ | 15.79 | $ | 12.43 | $ | 13.09 |
Total Return C,D | | | | 12.74% | | (24.56)% | | 29.25% | | (2.25)% | | 11.28% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
| Expenses before reductions | | .06% G | | .06% | | .06% | | .05% H | | .06% | | .06% |
| Expenses net of fee waivers, if any | | | | .06% | | .06% | | .05% H | | .06% | | .06% |
| Expenses net of all reductions | | .05% G | | .05% | | .06% | | .05% H | | .06% | | .06% |
| Net investment income (loss) | | 2.80% G | | 3.13% | | 3.06% | | 2.46% | | 2.37% | | 3.32% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 9,836,408 | $ | 8,328,694 | $ | 7,473,783 | $ | 9,132,488 | $ | 5,621,566 | $ | 5,343,395 |
Portfolio turnover rate I | | | | 8% | | 5% J | | 5% J | | 5% | | 5% J |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
1. Organization.
Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable. Fidelity Global ex U.S. Index Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on each applicable Fund's Statement of Assets & 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, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| | Tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized depreciation ($) | Net unrealized appreciation (depreciation)($) |
Fidelity Emerging Markets Index Fund | 7,386,289,874 | 1,617,766,411 | (1,500,519,837) | 117,246,574 |
| Fidelity Global ex U.S. Index Fund | 8,798,721,920 | 2,255,310,517 | (1,173,494,710) | 1,081,815,807 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| | Short-term ($) | Long-term ($) | Total capital loss carryforward ($) |
Fidelity Emerging Markets Index Fund | (155,918,326) | (507,482,980) | (663,401,306) |
| Fidelity Global ex U.S. Index Fund | (93,999,433) | (565,387,226) | (659,386,659) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Emerging Markets Index Fund | 368,820,756 | 81,653,637 |
| Fidelity Global ex U.S. Index Fund | 287,491,510 | 128,202,126 |
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is based on an annual rate of .075% and .055% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund, respectively. The management fee is reduced by an amount equal to the fees and expenses paid by each Fund to the independent Trustees. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.
Under the expense contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, as necessary so that the total expenses do not exceed .075%, and .055% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global Ex-U.S. Index Fund, respectively. These expense contracts will remain in place through December 31, 2024.
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. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Emerging Markets Index Fund | 46,665 | - | - |
| Fidelity Global ex U.S. Index Fund | 36,615 | - | - |
9. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
| | Custodian credits ($) |
Fidelity Emerging Markets Index Fund | 44,144 |
| Fidelity Global ex U.S. Index Fund | 49,095 |
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Fidelity Multi-Asset Index Fund |
Fidelity Emerging Markets Index Fund | 11% |
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 (November 1, 2023 to April 30, 2024). |
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
| Fidelity® Emerging Markets Index Fund | | | | .07% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,139.60 | | $ .37 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.52 | | $ .35 |
| | | | | | | | | | |
| Fidelity® Global ex U.S. Index Fund | | | | .06% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,165.40 | | $ .32 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.57 | | $ .30 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.929371.112
EMX-I-GUX-I-SANN-0624
Fidelity® SAI Emerging Markets Value Index Fund
Semi-Annual Report
April 30, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
| |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 7.0 | |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 3.5 | |
| Tencent Holdings Ltd. (China, Interactive Media & Services) | 2.6 | |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment, Instruments & Components) | 2.2 | |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) | 1.9 | |
| China Construction Bank Corp. (H Shares) (China, Banks) | 1.9 | |
| JD.com, Inc. Class A (China, Broadline Retail) | 1.7 | |
| Bank of China Ltd. (H Shares) (China, Banks) | 1.6 | |
| Alibaba Group Holding Ltd. (China, Broadline Retail) | 1.6 | |
| Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) | 1.5 | |
| | 25.5 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Financials | 24.1 | |
| Information Technology | 23.5 | |
| Consumer Discretionary | 12.7 | |
| Communication Services | 7.8 | |
| Materials | 6.7 | |
| Industrials | 6.5 | |
| Energy | 5.4 | |
| Consumer Staples | 4.3 | |
| Utilities | 3.1 | |
| Health Care | 3.1 | |
| Real Estate | 1.6 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 1.1% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
| Common Stocks - 95.7% |
| | | Shares | Value ($) |
| Brazil - 2.7% | | | |
| Banco do Brasil SA | | 8,738,200 | 46,142,866 |
| Telefonica Brasil SA | | 1,065,300 | 9,712,148 |
| Vale SA | | 5,363,400 | 65,371,796 |
| Vibra Energia SA | | 16,100 | 72,739 |
TOTAL BRAZIL | | | 121,299,549 |
| China - 20.3% | | | |
| Agricultural Bank of China Ltd. (H Shares) | | 93,739,000 | 41,799,245 |
| Alibaba Group Holding Ltd. | | 7,550,400 | 70,694,883 |
| Anhui Conch Cement Co. Ltd. (H Shares) | | 3,606,500 | 8,367,317 |
| Bank of China Ltd. (H Shares) | | 158,910,000 | 71,269,618 |
| Bank of Communications Co. Ltd. (H Shares) | | 65,129,000 | 46,896,736 |
| Beijing Enterprises Holdings Ltd. | | 1,460,200 | 4,674,905 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 27,684,000 | 16,196,070 |
| China Construction Bank Corp. (H Shares) | | 128,225,000 | 82,960,430 |
| China Galaxy Securities Co. Ltd. (H Shares) | | 10,580,500 | 5,731,110 |
| China Merchants Bank Co. Ltd. (H Shares) | | 9,844,500 | 42,635,128 |
| China Minsheng Banking Corp. Ltd. (H Shares) | | 20,044,500 | 7,333,910 |
| China Overseas Land and Investment Ltd. | | 11,348,000 | 20,867,531 |
| China Railway Group Ltd. (H Shares) | | 12,831,000 | 6,331,571 |
| China Resources Land Ltd. | | 2,879,000 | 10,352,415 |
| China State Construction International Holdings Ltd. | | 5,377,400 | 5,673,710 |
| China Tower Corp. Ltd. (H Shares) (a) | | 142,302,000 | 16,657,779 |
| CITIC Pacific Ltd. | | 19,517,000 | 18,470,936 |
| COSCO SHIPPING Holdings Co. Ltd. (H Shares) | | 10,230,300 | 13,236,307 |
| CRRC Corp. Ltd. (H Shares) | | 13,330,000 | 7,358,067 |
| GCL Technology Holdings Ltd. | | 62,560,000 | 9,265,946 |
| Geely Automobile Holdings Ltd. | | 15,958,000 | 19,206,388 |
| Hengan International Group Co. Ltd. | | 1,984,500 | 6,662,306 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 125,674,000 | 67,389,989 |
| JD.com, Inc. Class A | | 5,231,450 | 75,376,679 |
| Kunlun Energy Co. Ltd. | | 12,146,000 | 11,774,079 |
| Lenovo Group Ltd. | | 20,118,000 | 22,627,915 |
| Longfor Properties Co. Ltd. (a)(b) | | 5,226,620 | 7,741,385 |
| PDD Holdings, Inc. ADR (c) | | 80,483 | 10,074,862 |
| People's Insurance Co. of China Group Ltd. (H Shares) | | 25,014,000 | 8,210,227 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (a) | | 23,010,000 | 11,922,695 |
| Qifu Technology, Inc. ADR | | 393,913 | 7,204,669 |
| Sinopharm Group Co. Ltd. (H Shares) | | 4,092,000 | 10,333,782 |
| SITC International Holdings Co. Ltd. | | 3,927,000 | 8,516,074 |
| Tencent Holdings Ltd. | | 2,570,300 | 112,792,990 |
| Yangzijiang Shipbuilding Holdings Ltd. | | 8,240,900 | 10,578,125 |
TOTAL CHINA | | | 897,185,779 |
| Czech Republic - 0.1% | | | |
| CEZ A/S | | 151,705 | 5,599,823 |
| Egypt - 0.1% | | | |
| Commercial International Bank SAE | | 1,445,360 | 2,171,816 |
| Greece - 0.5% | | | |
| Eurobank Ergasias Services and Holdings SA (c) | | 4,560,145 | 9,781,839 |
| National Bank of Greece SA (c) | | 1,474,544 | 11,896,668 |
TOTAL GREECE | | | 21,678,507 |
| Hong Kong - 0.5% | | | |
| Orient Overseas International Ltd. | | 402,700 | 5,873,390 |
| WH Group Ltd. (a) | | 23,867,000 | 17,347,493 |
TOTAL HONG KONG | | | 23,220,883 |
| Hungary - 0.3% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 1,374,371 | 11,278,926 |
| Richter Gedeon PLC | | 87 | 2,215 |
TOTAL HUNGARY | | | 11,281,141 |
| India - 21.2% | | | |
| Aurobindo Pharma Ltd. | | 837,616 | 11,556,733 |
| Bank of Baroda | | 3,154,034 | 10,601,847 |
| Britannia Industries Ltd. | | 159,861 | 9,134,289 |
| Canara Bank Ltd. | | 1,106,445 | 8,222,072 |
| Cipla Ltd./India (c) | | 1,610,798 | 26,957,559 |
| Dr. Reddy's Laboratories Ltd. | | 362,529 | 26,894,766 |
| Federal Bank Ltd. | | 5,479,180 | 10,639,446 |
| GAIL India Ltd. | | 7,477,336 | 18,673,958 |
| HCL Technologies Ltd. | | 2,756,896 | 44,965,942 |
| HDFC Bank Ltd. | | 1,216,134 | 22,079,430 |
| Hero Motocorp Ltd. | | 396,214 | 21,497,234 |
| Hindalco Industries Ltd. | | 4,454,407 | 34,248,085 |
| IDFC Ltd. (c) | | 4,049,720 | 5,888,427 |
| Indus Towers Ltd. (c) | | 2,547,660 | 10,779,315 |
| Infosys Ltd. | | 2,481,421 | 41,885,688 |
| ITC Ltd. | | 9,127,663 | 47,580,250 |
| LIC Housing Finance Ltd. | | 922,585 | 7,428,113 |
| Mahindra & Mahindra Ltd. | | 2,404,268 | 61,997,798 |
| MakeMyTrip Ltd. (c) | | 162,054 | 10,729,595 |
| Maruti Suzuki India Ltd. | | 273,549 | 41,955,761 |
| NMDC Ltd. | | 3,403,873 | 10,326,704 |
| NTPC Ltd. | | 11,717,954 | 50,910,991 |
| Oil & Natural Gas Corp. Ltd. | | 11,892,783 | 40,135,717 |
| Power Finance Corp. Ltd. | | 4,428,037 | 23,334,658 |
| REC Ltd. | | 3,774,131 | 22,856,038 |
| Reliance Industries Ltd. | | 900,934 | 31,617,629 |
| State Bank of India | | 5,443,155 | 53,751,944 |
| Sun Pharmaceutical Industries Ltd. | | 2,609,939 | 46,874,662 |
| Tata Motors Ltd. | | 4,986,430 | 60,114,555 |
| Tata Steel Ltd. | | 24,021,848 | 47,338,004 |
| Tech Mahindra Ltd. | | 1,904,541 | 28,681,288 |
| Union Bank of India Ltd. | | 4,520,881 | 8,330,929 |
| Vedanta Ltd. | | 3,627,415 | 17,307,500 |
| Wipro Ltd. | | 4,299,764 | 23,672,595 |
TOTAL INDIA | | | 938,969,522 |
| Indonesia - 1.5% | | | |
| PT Adaro Energy Indonesia Tbk | | 42,918,600 | 7,132,974 |
| PT Astra International Tbk | | 61,727,700 | 19,478,512 |
| PT Indofood Sukses Makmur Tbk | | 13,388,100 | 5,141,087 |
| PT Telkom Indonesia Persero Tbk | | 144,367,700 | 27,986,906 |
| PT United Tractors Tbk | | 4,550,100 | 6,934,788 |
TOTAL INDONESIA | | | 66,674,267 |
| Korea (South) - 12.4% | | | |
| Hana Financial Group, Inc. | | 891,548 | 37,497,383 |
| Hankook Tire Co. Ltd. | | 226,656 | 9,590,613 |
| HMM Co. Ltd. | | 882,520 | 10,047,639 |
| Hyundai Engineering & Construction Co. Ltd. | | 220,729 | 5,607,372 |
| Hyundai Glovis Co. Ltd. | | 67,471 | 8,807,916 |
| Hyundai Mobis | | 192,641 | 31,427,706 |
| Hyundai Motor Co. Ltd. | | 332,985 | 59,728,314 |
| Industrial Bank of Korea | | 972,708 | 9,751,775 |
| KB Financial Group, Inc. | | 1,117,608 | 60,445,943 |
| Kia Corp. | | 608,541 | 51,412,854 |
| Korea Investment Holdings Co. Ltd. | | 136,268 | 6,567,879 |
| Korean Air Lines Co. Ltd. | | 561,449 | 8,443,046 |
| Kumho Petro Chemical Co. Ltd. | | 55,777 | 5,532,189 |
| LG Electronics, Inc. | | 234,775 | 15,592,739 |
| Samsung Electronics Co. Ltd. | | 2,795,957 | 154,982,763 |
| Shinhan Financial Group Co. Ltd. | | 1,493,438 | 50,035,024 |
| Woori Financial Group, Inc. | | 2,040,845 | 20,855,483 |
TOTAL KOREA (SOUTH) | | | 546,326,638 |
| Kuwait - 0.7% | | | |
| Agility Global PLC (d)(e) | | 9,140,210 | 370,590 |
| Agility Public Warehousing Co. KSC (e) | | 4,570,105 | 4,869,541 |
| Mobile Telecommunication Co. | | 6,333,808 | 10,025,619 |
| National Bank of Kuwait | | 5,794,242 | 16,256,955 |
TOTAL KUWAIT | | | 31,522,705 |
| Malaysia - 1.5% | | | |
| AMMB Holdings Bhd | | 6,670,394 | 5,863,424 |
| Genting Bhd | | 6,738,886 | 6,369,473 |
| Kuala Lumpur Kepong Bhd | | 1,714,214 | 8,280,169 |
| PPB Group Bhd | | 2,169,102 | 7,145,827 |
| RHB Bank Bhd | | 6,081,681 | 7,000,646 |
| Sime Darby Plantation Bhd | | 11,388,390 | 10,635,150 |
| Telekom Malaysia Bhd | | 4,791,650 | 6,209,929 |
| Tenaga Nasional Bhd | | 5,879,641 | 14,722,860 |
TOTAL MALAYSIA | | | 66,227,478 |
| Mexico - 2.3% | | | |
| Alfa SA de CV Series A | | 9,551,838 | 7,025,563 |
| America Movil S.A.B. de CV Series L | | 52,591,815 | 50,072,093 |
| CEMEX S.A.B. de CV unit (c) | | 18,292,792 | 14,490,503 |
| Fibra Uno Administracion SA de CV | | 8,593,143 | 12,334,859 |
| Orbia Advance Corp. S.A.B. de CV | | 2,942,148 | 4,832,949 |
| Ternium SA sponsored ADR | | 149,661 | 6,300,728 |
| Terrafina (b) | | 2,355,661 | 5,791,950 |
TOTAL MEXICO | | | 100,848,645 |
| Peru - 0.2% | | | |
| Credicorp Ltd. (United States) | | 54,335 | 8,998,419 |
| Philippines - 0.6% | | | |
| Aboitiz Equity Ventures, Inc. | | 6,855,029 | 4,997,021 |
| Ayala Corp. | | 756,049 | 8,043,276 |
| JG Summit Holdings, Inc. | | 4,522,233 | 2,642,626 |
| PLDT, Inc. | | 261,572 | 6,096,695 |
| Universal Robina Corp. | | 2,657,078 | 4,712,695 |
TOTAL PHILIPPINES | | | 26,492,313 |
| Poland - 1.1% | | | |
| Bank Polska Kasa Opieki SA | | 114,068 | 4,752,365 |
| KGHM Polska Miedz SA (Bearer) | | 414,734 | 14,380,322 |
| Orlen SA | | 1,770,158 | 28,993,516 |
TOTAL POLAND | | | 48,126,203 |
| Qatar - 0.8% | | | |
| Barwa Real Estate Co. | | 6,493,309 | 5,011,315 |
| Industries Qatar QSC | | 4,734,964 | 15,930,598 |
| Ooredoo QSC | | 2,344,372 | 6,432,375 |
| Qatar National Bank SAQ | | 1,932,740 | 7,362,566 |
| The Commercial Bank of Qatar | | 744,678 | 849,395 |
TOTAL QATAR | | | 35,586,249 |
| Russia - 0.0% | | | |
| Gazprom OAO (c)(e) | | 9,889,350 | 1,030,379 |
| Inter Rao Ues JSC (c)(e) | | 63,735,100 | 349,878 |
| Magnit OJSC (c)(e) | | 135,409 | 2,770 |
| Sberbank of Russia (c)(e) | | 440,500 | 2,697 |
| Surgutneftegas OJSC (c)(e) | | 29,672,400 | 361,526 |
| VK Co. Ltd. GDR (Reg. S) (c)(e) | | 217,763 | 2 |
| VTB Bank OJSC (c)(e) | | 9,075,720,096 | 345,256 |
TOTAL RUSSIA | | | 2,092,508 |
| Saudi Arabia - 3.3% | | | |
| Almarai Co. Ltd. | | 701,390 | 10,622,021 |
| Banque Saudi Fransi | | 1,304,670 | 12,748,935 |
| Etihad Etisalat Co. | | 1,150,583 | 15,952,199 |
| Riyad Bank | | 2,441,578 | 18,032,238 |
| Sabic Agriculture-Nutrients Co. | | 275,724 | 8,512,995 |
| Sahara International Petrochemical Co. | | 1,095,794 | 10,021,259 |
| Saudi Electricity Co. | | 2,414,162 | 11,985,201 |
| Saudi Telecom Co. | | 4,848,396 | 48,670,109 |
| The Savola Group | | 797,909 | 10,743,456 |
TOTAL SAUDI ARABIA | | | 147,288,413 |
| South Africa - 2.6% | | | |
| Absa Group Ltd. (b) | | 2,536,501 | 19,559,150 |
| Aspen Pharmacare Holdings Ltd. | | 1,103,087 | 13,140,984 |
| Bidvest Group Ltd./The | | 663,910 | 8,658,082 |
| Exxaro Resources Ltd. | | 734,998 | 7,042,078 |
| Impala Platinum Holdings Ltd. | | 2,674,844 | 11,907,214 |
| MTN Group Ltd. | | 5,114,042 | 24,510,619 |
| Sasol Ltd. | | 1,760,322 | 12,366,815 |
| Sibanye-Stillwater Ltd. | | 8,629,498 | 9,849,281 |
| Vodacom Group Ltd. | | 2,091,017 | 10,006,272 |
TOTAL SOUTH AFRICA | | | 117,040,495 |
| Taiwan - 19.4% | | | |
| Acer, Inc. | | 9,077,000 | 12,467,324 |
| ASE Technology Holding Co. Ltd. | | 10,419,000 | 46,787,547 |
| ASUSTeK Computer, Inc. | | 2,054,000 | 26,885,707 |
| Catcher Technology Co. Ltd. | | 2,075,000 | 13,835,695 |
| Cathay Financial Holding Co. Ltd. | | 28,093,023 | 43,364,529 |
| Cheng Shin Rubber Industry Co. Ltd. | | 1,351,000 | 1,947,012 |
| Compal Electronics, Inc. | | 12,633,000 | 13,755,060 |
| EVA Airways Corp. | | 8,231,000 | 8,933,139 |
| Evergreen Marine Corp. (Taiwan) | | 3,098,300 | 17,970,828 |
| Far Eastern New Century Corp. | | 11,589,900 | 11,540,861 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 20,384,000 | 96,862,449 |
| Largan Precision Co. Ltd. | | 309,000 | 20,560,687 |
| Novatek Microelectronics Corp. | | 1,686,000 | 31,800,697 |
| Pegatron Corp. | | 6,257,000 | 18,627,851 |
| Pou Chen Corp. | | 7,638,000 | 8,439,243 |
| Powertech Technology, Inc. | | 2,153,000 | 11,445,133 |
| Radiant Opto-Electronics Corp. | | 1,418,000 | 8,630,062 |
| Simplo Technology Co. Ltd. | | 564,000 | 7,518,358 |
| Sino-American Silicon Products, Inc. | | 1,698,000 | 10,091,511 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 12,922,000 | 308,851,255 |
| Uni-President Enterprises Corp. | | 14,555,000 | 34,079,609 |
| United Microelectronics Corp. | | 34,562,000 | 53,007,434 |
| Wan Hai Lines Ltd. | | 4,279,000 | 6,634,608 |
| WT Microelectronics Co. Ltd. | | 1,497,000 | 6,821,895 |
| Yageo Corp. | | 1,020,000 | 19,421,400 |
| Yang Ming Marine Transport Corp. | | 5,325,000 | 8,498,398 |
| Zhen Ding Technology Holding Ltd. | | 1,935,400 | 6,838,306 |
TOTAL TAIWAN | | | 855,616,598 |
| Thailand - 1.2% | | | |
| Bangkok Bank PCL: | | | |
| (For. Reg.) | | 400 | 1,472 |
| NVDR | | 1,745,900 | 6,424,004 |
| Charoen Pokphand Foods PCL NVDR | | 10,258,200 | 5,456,428 |
| Kasikornbank PCL: | | | |
| (For. Reg.) | | 7,700 | 26,957 |
| NVDR | | 3,449,800 | 12,077,240 |
| PTT Exploration and Production PCL NVDR | | 2,957,600 | 12,339,223 |
| SCB X PCL NVDR | | 2,351,800 | 6,716,683 |
| Thai Beverage PCL (b) | | 26,050,800 | 9,433,383 |
TOTAL THAILAND | | | 52,475,390 |
| Turkey - 0.9% | | | |
| Haci Omer Sabanci Holding A/S | | 359,566 | 1,024,754 |
| Koc Holding A/S | | 3,851,195 | 26,886,570 |
| Turkiye Is Bankasi A/S Series C | | 24,308,773 | 10,290,579 |
TOTAL TURKEY | | | 38,201,903 |
| United Arab Emirates - 1.3% | | | |
| Air Arabia PJSC (c) | | 6,973,280 | 5,088,184 |
| Emaar Properties PJSC | | 4,694,427 | 10,493,410 |
| Emirates NBD Bank PJSC | | 7,512,409 | 34,771,149 |
| Multiply Group (c) | | 11,271,025 | 7,058,008 |
TOTAL UNITED ARAB EMIRATES | | | 57,410,751 |
| United States of America - 0.2% | | | |
| JBS SA | | 2,029,300 | 9,160,496 |
| TOTAL COMMON STOCKS (Cost $3,915,460,825) | | | 4,231,496,491 |
| | | | |
| Nonconvertible Preferred Stocks - 3.1% |
| | | Shares | Value ($) |
| Brazil - 2.6% | | | |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 7,200,830 | 17,613,092 |
| Gerdau SA | | 4,232,268 | 14,882,951 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 10,387,300 | 84,056,994 |
TOTAL BRAZIL | | | 116,553,037 |
| Chile - 0.4% | | | |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 365,394 | 16,689,263 |
| Colombia - 0.1% | | | |
| Bancolombia SA (PN) | | 588,965 | 4,819,214 |
| Russia - 0.0% | | | |
| AK Transneft OAO (c)(e) | | 279,200 | 806,677 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $115,237,324) | | | 138,868,191 |
| | | | |
| Government Obligations - 0.1% |
| | | Principal Amount (f) | Value ($) |
| United States of America - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (g) (Cost $1,893,921) | | 1,900,000 | 1,893,869 |
| | | | |
| Money Market Funds - 1.9% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (h) | | 68,513,357 | 68,527,059 |
| Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 15,662,926 | 15,664,493 |
| TOTAL MONEY MARKET FUNDS (Cost $84,191,567) | | | 84,191,552 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.8% (Cost $4,116,783,637) | 4,456,450,103 |
NET OTHER ASSETS (LIABILITIES) - (0.8)% | (34,361,423) |
| NET ASSETS - 100.0% | 4,422,088,680 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE MSCI Emerging Markets Index Contracts (United States) | 938 | Jun 2024 | 48,869,800 | 121,544 | 121,544 |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 1.1% |
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 $53,669,352 or 1.2% of net assets. |
| (b) | Security or a portion of the security is on loan at period end. |
| (d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,435,354. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 38,494,181 | 734,610,192 | 704,577,265 | 1,749,488 | (34) | (15) | 68,527,059 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 3,000,000 | 94,302,688 | 81,638,195 | 51,232 | - | - | 15,664,493 | 0.1% |
| Total | 41,494,181 | 828,912,880 | 786,215,460 | 1,800,720 | (34) | (15) | 84,191,552 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 355,905,050 | 140,864,543 | 215,040,505 | 2 |
Consumer Discretionary | 556,228,448 | 20,877,196 | 535,351,252 | - |
Consumer Staples | 196,137,429 | 30,525,973 | 165,608,686 | 2,770 |
Energy | 231,730,427 | 124,329,436 | 105,202,409 | 2,198,582 |
Financials | 1,059,118,034 | 197,104,427 | 861,665,654 | 347,953 |
Health Care | 135,760,701 | 2,215 | 135,758,486 | - |
Industrials | 290,259,821 | 78,678,186 | 206,341,504 | 5,240,131 |
Information Technology | 1,040,290,508 | - | 1,040,290,508 | - |
Materials | 296,036,612 | 138,793,503 | 157,243,109 | - |
Real Estate | 72,592,865 | 33,631,534 | 38,961,331 | - |
Utilities | 136,304,787 | 35,198,116 | 100,756,793 | 349,878 |
|
| Government Obligations | 1,893,869 | - | 1,893,869 | - |
|
| Money Market Funds | 84,191,552 | 84,191,552 | - | - |
| Total Investments in Securities: | 4,456,450,103 | 884,196,681 | 3,564,114,106 | 8,139,316 |
Derivative Instruments: Assets | | | | |
Futures Contracts | 121,544 | 121,544 | - | - |
| Total Assets | 121,544 | 121,544 | - | - |
| Total Derivative Instruments: | 121,544 | 121,544 | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 121,544 | 0 |
| Total Equity Risk | 121,544 | 0 |
| Total Value of Derivatives | 121,544 | 0 |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $14,700,529) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $4,032,592,070) | $ | 4,372,258,551 | | |
Fidelity Central Funds (cost $84,191,567) | | 84,191,552 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $4,116,783,637) | | | $ | 4,456,450,103 |
| Foreign currency held at value (cost $6,060,115) | | | | 6,043,473 |
| Receivable for fund shares sold | | | | 8,899 |
| Dividends receivable | | | | 10,357,421 |
| Distributions receivable from Fidelity Central Funds | | | | 354,772 |
| Prepaid expenses | | | | 847 |
| Other receivables | | | | 269,640 |
Total assets | | | | 4,473,485,155 |
| Liabilities | | | | |
| Payable for investments purchased on a delayed delivery basis | $ | 370,595 | | |
| Payable for fund shares redeemed | | 150,562 | | |
| Accrued management fee | | 542,377 | | |
| Payable for daily variation margin on futures contracts | | 665,455 | | |
| Other payables and accrued expenses | | 34,002,993 | | |
| Collateral on securities loaned | | 15,664,493 | | |
| Total liabilities | | | | 51,396,475 |
| Net Assets | | | $ | 4,422,088,680 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 4,419,226,248 |
| Total accumulated earnings (loss) | | | | 2,862,432 |
| Net Assets | | | $ | 4,422,088,680 |
Net Asset Value, offering price and redemption price per share ($4,422,088,680 ÷ 346,868,612 shares) | | | $ | 12.75 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 56,931,018 |
| Interest | | | | 96,793 |
| Income from Fidelity Central Funds (including $51,232 from security lending) | | | | 1,800,720 |
| Income before foreign taxes withheld | | | $ | 58,828,531 |
| Less foreign taxes withheld | | | | (6,013,214) |
| Total income | | | | 52,815,317 |
| Expenses | | | | |
| Management fee | $ | 2,650,244 | | |
| Custodian fees and expenses | | 903,710 | | |
| Independent trustees' fees and expenses | | 4,667 | | |
| Registration fees | | 204,755 | | |
| Audit | | 51,544 | | |
| Legal | | 2,010 | | |
| Interest | | 22,586 | | |
| Miscellaneous | | 5,728 | | |
| Total expenses | | | | 3,845,244 |
| Net Investment income (loss) | | | | 48,970,073 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $4,499,104) | | (28,082,223) | | |
| Fidelity Central Funds | | (34) | | |
| Foreign currency transactions | | (1,054,121) | | |
| Futures contracts | | 4,341,402 | | |
| Total net realized gain (loss) | | | | (24,794,976) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $20,416,705) | | 541,281,200 | | |
| Fidelity Central Funds | | (15) | | |
| Assets and liabilities in foreign currencies | | (103,147) | | |
| Futures contracts | | 1,212,380 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 542,390,418 |
| Net gain (loss) | | | | 517,595,442 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 566,565,515 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 48,970,073 | $ | 127,681,738 |
| Net realized gain (loss) | | (24,794,976) | | (126,672,744) |
| Change in net unrealized appreciation (depreciation) | | 542,390,418 | | 377,118,545 |
| Net increase (decrease) in net assets resulting from operations | | 566,565,515 | | 378,127,539 |
| Distributions to shareholders | | (143,891,024) | | (124,080,652) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 1,140,705,366 | | 172,147,252 |
| Reinvestment of distributions | | 132,127,272 | | 113,809,111 |
| Cost of shares redeemed | | (31,863,076) | | (214,463,522) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 1,240,969,562 | | 71,492,841 |
| Total increase (decrease) in net assets | | 1,663,644,053 | | 325,539,728 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 2,758,444,627 | | 2,432,904,899 |
| End of period | $ | 4,422,088,680 | $ | 2,758,444,627 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 93,120,039 | | 15,065,921 |
| Issued in reinvestment of distributions | | 11,600,287 | | 10,374,577 |
| Redeemed | | (2,670,293) | | (19,027,713) |
| Net increase (decrease) | | 102,050,033 | | 6,412,785 |
| | | | | |
Financial Highlights
Fidelity® SAI Emerging Markets Value Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 11.27 | $ | 10.20 | $ | 14.32 | $ | 11.78 | $ | 10.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .17 | | .53 | | .61 | | .51 | | .19 |
| Net realized and unrealized gain (loss) | | 1.88 | | 1.07 | | (4.04) | | 2.22 | | 1.59 |
| Total from investment operations | | 2.05 | | 1.60 | | (3.43) | | 2.73 | | 1.78 |
| Distributions from net investment income | | (.57) | | (.53) | | (.37) | | (.17) | | - |
| Distributions from net realized gain | | - | | - | | (.32) | | (.02) | | - |
| Total distributions | | (.57) | | (.53) | | (.69) | | (.19) | | - |
| Net asset value, end of period | $ | 12.75 | $ | 11.27 | $ | 10.20 | $ | 14.32 | $ | 11.78 |
Total Return D,E | | | | 15.81% | | (25.19)% | | 23.32% | | 17.80% |
Ratios to Average Net Assets C,F,G | | | | | | | | | | |
| Expenses before reductions | | .22% H,I | | .22% | | .22% | | .22% | | .27% I,J |
| Expenses net of fee waivers, if any | | | | .22% | | .22% | | .22% | | .25% I |
| Expenses net of all reductions | | .22% H,I | | .22% | | .22% | | .22% | | .25% I |
| Net investment income (loss) | | 2.77% H,I | | 4.63% | | 4.95% | | 3.53% | | 3.43% I |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 4,422,089 | $ | 2,758,445 | $ | 2,432,905 | $ | 1,970,050 | $ | 838,148 |
Portfolio turnover rate K | | | | 35% | | 30% | | 33% | | 17% L |
AFor the period May 12, 2020 (commencement of operations) through October 31, 2020.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HProxy expenses are not annualized.
IAnnualized.
JAudit fees are not annualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LAmount not annualized.
For the period ended April 30, 2024
1. Organization.
Fidelity SAI Emerging Markets Value Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & 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, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $682,054,279 |
| Gross unrealized depreciation | (390,634,261) |
| Net unrealized appreciation (depreciation) | $291,420,018 |
| Tax cost | $4,165,151,629 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(120,116,043) |
Long-term | (151,722,339) |
| Total capital loss carryforward | $(271,838,382) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI Emerging Markets Value Index Fund | 1,655,922,703 | 543,453,029 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity SAI Emerging Markets Value Index Fund | Borrower | 36,510,000 | 5.57% | 22,586 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity SAI Emerging Markets Value Index Fund | $3,094 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity SAI Emerging Markets Value Index Fund | $5,441 | $- | $- |
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Emerging Markets Fund | Strategic Advisers Fidelity Emerging Markets Fund |
| Fidelity SAI Emerging Markets Value Index Fund | 27% | 68% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity SAI Emerging Markets Value Index Fund | 95% |
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 (November 1, 2023 to April 30, 2024). |
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
| Fidelity® SAI Emerging Markets Value Index Fund | | | | .22% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,188.30 | | $ 1.20 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,023.77 | | $ 1.11 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9900584.103
EMV-SANN-0624
Fidelity® SAI Emerging Markets Low Volatility Index Fund
Fidelity® SAI International Low Volatility Index Fund
Fidelity® SAI U.S. Low Volatility Index Fund
Semi-Annual Report
April 30, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
| |
| PetroChina Co. Ltd. (H Shares) (China, Oil, Gas & Consumable Fuels) | 1.9 | |
| Bank of China Ltd. (H Shares) (China, Banks) | 1.8 | |
| Agricultural Bank of China Ltd. (H Shares) (China, Banks) | 1.7 | |
| Bank of Communications Co. Ltd. (H Shares) (China, Banks) | 1.7 | |
| Power Grid Corp. of India Ltd. (India, Electric Utilities) | 1.6 | |
| China Shenhua Energy Co. Ltd. (H Shares) (China, Oil, Gas & Consumable Fuels) | 1.6 | |
| Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) | 1.6 | |
| China Construction Bank Corp. (H Shares) (China, Banks) | 1.6 | |
| Dr. Reddy's Laboratories Ltd. (India, Pharmaceuticals) | 1.5 | |
| Nestle India Ltd. (India, Food Products) | 1.5 | |
| | 16.5 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Financials | 29.4 | |
| Information Technology | 17.7 | |
| Communication Services | 11.3 | |
| Consumer Staples | 9.4 | |
| Consumer Discretionary | 7.2 | |
| Utilities | 6.8 | |
| Health Care | 5.4 | |
| Materials | 4.3 | |
| Energy | 4.2 | |
| Industrials | 2.1 | |
| Real Estate | 1.4 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 0.8% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Fidelity® SAI Emerging Markets Low Volatility Index Fund
| Common Stocks - 99.2% |
| | | Shares | Value ($) |
| Brazil - 1.5% | | | |
| Rumo SA | | 7,472,900 | 29,013,146 |
| Telefonica Brasil SA | | 2,612,500 | 23,817,692 |
TOTAL BRAZIL | | | 52,830,838 |
| Chile - 0.8% | | | |
| Banco de Chile | | 239,676,975 | 26,587,780 |
| China - 17.9% | | | |
| Agricultural Bank of China Ltd. (H Shares) | | 133,016,000 | 59,313,289 |
| Bank of China Ltd. (H Shares) | | 136,878,000 | 61,388,476 |
| Bank of Communications Co. Ltd. (H Shares) | | 80,959,000 | 58,295,273 |
| CGN Power Co. Ltd. (H Shares) (a) | | 79,243,000 | 26,570,823 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 69,024,000 | 40,381,359 |
| China Construction Bank Corp. (H Shares) | | 86,643,000 | 56,057,247 |
| China Minsheng Banking Corp. Ltd. (H Shares) | | 51,533,000 | 18,854,966 |
| China Railway Group Ltd. (H Shares) | | 30,577,000 | 15,088,493 |
| China Resources Power Holdings Co. Ltd. | | 2,059,000 | 5,120,437 |
| China Shenhua Energy Co. Ltd. (H Shares) | | 13,723,500 | 56,958,988 |
| China Tower Corp. Ltd. (H Shares) (a) | | 198,390,000 | 23,223,404 |
| Hengan International Group Co. Ltd. | | 4,542,000 | 15,248,271 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 105,478,000 | 56,560,317 |
| PetroChina Co. Ltd. (H Shares) | | 70,936,000 | 66,094,018 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (a) | | 56,209,000 | 29,124,849 |
| Want Want China Holdings Ltd. | | 38,544,000 | 21,983,636 |
| Yum China Holdings, Inc. | | 249,446 | 9,107,273 |
TOTAL CHINA | | | 619,371,119 |
| India - 19.2% | | | |
| Cipla Ltd./India (b) | | 2,386,481 | 39,939,026 |
| Crompton Greaves Consumer Electricals Ltd. | | 2,665,540 | 10,158,018 |
| Dr. Reddy's Laboratories Ltd. | | 709,006 | 52,598,690 |
| Embassy Office Parks (REIT) | | 7,097,556 | 30,342,992 |
| FSN E-Commerce Ventures Ltd. (b) | | 8,907,771 | 18,799,979 |
| HCL Technologies Ltd. | | 2,719,220 | 44,351,434 |
| Hindustan Unilever Ltd. | | 1,699,265 | 45,369,575 |
| Infosys Ltd. | | 2,371,166 | 40,024,615 |
| Jubilant Foodworks Ltd. | | 2,904,586 | 16,087,063 |
| Nestle India Ltd. | | 1,705,284 | 51,173,815 |
| Pidilite Industries Ltd. | | 1,171,694 | 42,724,549 |
| Power Grid Corp. of India Ltd. | | 15,928,237 | 57,433,266 |
| Sona Blw Precision Forgings Ltd. (a) | | 3,135,736 | 23,432,699 |
| Sun Pharmaceutical Industries Ltd. | | 1,299,454 | 23,338,272 |
| Tata Consultancy Services Ltd. | | 1,112,595 | 50,764,523 |
| Tech Mahindra Ltd. | | 2,683,417 | 40,410,711 |
| Tvs Motor Co. Ltd. | | 1,812,296 | 44,610,423 |
| Wipro Ltd. | | 6,205,085 | 34,162,448 |
TOTAL INDIA | | | 665,722,098 |
| Indonesia - 2.1% | | | |
| PT Bank Central Asia Tbk | | 76,459,800 | 45,974,101 |
| PT Telkom Indonesia Persero Tbk | | 137,070,900 | 26,572,360 |
TOTAL INDONESIA | | | 72,546,461 |
| Korea (South) - 7.7% | | | |
| Coway Co. Ltd. | | 414,887 | 16,576,511 |
| Db Insurance Co. Ltd. | | 289,331 | 20,238,279 |
| Hankook Tire Co. Ltd. | | 568,113 | 24,038,861 |
| Hyundai Mobis | | 280,846 | 45,817,585 |
| Industrial Bank of Korea | | 2,131,811 | 21,372,232 |
| KT&G Corp. | | 757,767 | 48,690,624 |
| NCSOFT Corp. | | 115,691 | 14,576,679 |
| Samsung Electronics Co. Ltd. | | 716,984 | 39,743,158 |
| Samsung SDS Co. Ltd. | | 300,956 | 34,476,837 |
| SK Hynix, Inc. | | 23,511 | 2,893,269 |
TOTAL KOREA (SOUTH) | | | 268,424,035 |
| Kuwait - 2.5% | | | |
| Boubyan Bank KSC | | 8,281,659 | 15,821,917 |
| Mobile Telecommunication Co. | | 16,398,034 | 25,956,019 |
| National Bank of Kuwait | | 16,470,153 | 46,210,452 |
TOTAL KUWAIT | | | 87,988,388 |
| Malaysia - 4.8% | | | |
| CelcomDigi Bhd | | 20,328,400 | 17,645,460 |
| IHH Healthcare Bhd | | 22,200,900 | 29,210,570 |
| Malayan Banking Bhd | | 6,880,816 | 14,020,801 |
| MISC Bhd | | 10,492,600 | 17,483,516 |
| Petronas Gas Bhd | | 2,842,400 | 10,712,013 |
| PPB Group Bhd | | 3,640,200 | 11,992,170 |
| Public Bank Bhd | | 19,578,300 | 16,886,441 |
| Tenaga Nasional Bhd | | 18,614,500 | 46,611,463 |
TOTAL MALAYSIA | | | 164,562,434 |
| Mexico - 0.4% | | | |
| Kimberly-Clark de Mexico SA de CV Series A | | 7,177,100 | 14,940,116 |
| Philippines - 2.1% | | | |
| Bank of the Philippine Islands (BPI) | | 11,695,003 | 25,626,888 |
| BDO Unibank, Inc. | | 12,830,462 | 32,679,533 |
| Manila Electric Co. | | 253,570 | 1,608,087 |
| PLDT, Inc. | | 617,585 | 14,394,611 |
TOTAL PHILIPPINES | | | 74,309,119 |
| Qatar - 2.4% | | | |
| Masraf al Rayan | | 6,108,175 | 4,214,154 |
| Qatar Electricity & Water Co. | | 1,182,309 | 4,951,995 |
| Qatar Islamic Bank | | 6,674,527 | 33,546,785 |
| Qatar National Bank SAQ | | 8,117,781 | 30,923,818 |
| The Commercial Bank of Qatar | | 8,390,317 | 9,570,169 |
TOTAL QATAR | | | 83,206,921 |
| Russia - 0.0% | | | |
| PhosAgro PJSC (b)(c) | | 1,400 | 86 |
| PhosAgro PJSC: | | | |
| GDR (Reg. S) (b)(c) | | 586,072 | 12,020 |
| sponsored GDR (Reg. S) (b)(c) | | 3,774 | 77 |
TOTAL RUSSIA | | | 12,183 |
| Saudi Arabia - 8.3% | | | |
| Alinma Bank | | 5,539,992 | 49,261,114 |
| Almarai Co. Ltd. | | 1,734,597 | 26,269,159 |
| Etihad Etisalat Co. | | 622,068 | 8,624,630 |
| Jarir Marketing Co. | | 4,475,236 | 16,156,000 |
| Luberef | | 389,932 | 15,761,129 |
| Mouwasat Medical Services Co. | | 680,940 | 24,400,985 |
| Sabic Agriculture-Nutrients Co. | | 790,629 | 24,410,718 |
| Saudi Basic Industries Corp. | | 1,992,172 | 44,883,094 |
| Saudi Electricity Co. | | 6,275,863 | 31,156,767 |
| Saudi Telecom Co. | | 4,565,297 | 45,828,249 |
| Yanbu National Petrochemical Co. | | 167,068 | 1,726,093 |
TOTAL SAUDI ARABIA | | | 288,477,938 |
| Taiwan - 23.1% | | | |
| ASUSTeK Computer, Inc. | | 3,597,000 | 47,082,711 |
| Chang Hwa Commercial Bank | | 57,054,869 | 31,846,686 |
| Chicony Electronics Co. Ltd. | | 5,157,000 | 31,868,212 |
| Chunghwa Telecom Co. Ltd. | | 13,089,000 | 49,660,682 |
| Compal Electronics, Inc. | | 31,310,000 | 34,090,948 |
| Far EasTone Telecommunications Co. Ltd. | | 12,432,000 | 30,781,661 |
| Formosa Petrochemical Corp. | | 11,008,000 | 24,282,687 |
| Formosa Plastics Corp. | | 10,614,000 | 22,259,696 |
| Highwealth Construction Corp. | | 12,198,900 | 16,555,769 |
| Inventec Corp. | | 23,598,000 | 37,789,022 |
| Lite-On Technology Corp. | | 11,336,000 | 34,250,581 |
| Lotes Co. Ltd. | | 401,000 | 17,534,219 |
| Mega Financial Holding Co. Ltd. | | 39,909,687 | 48,818,846 |
| Pegatron Corp. | | 15,571,000 | 46,356,763 |
| President Chain Store Corp. | | 4,487,000 | 37,666,912 |
| Quanta Computer, Inc. | | 2,176,000 | 17,047,412 |
| Sinopac Financial Holdings Co. | | 55,010,344 | 36,943,260 |
| Synnex Technology International Corp. | | 9,621,000 | 23,474,341 |
| Taichung Commercial Bank Co. Ltd. | | 28,272,000 | 15,322,307 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 49,633,723 | 39,816,136 |
| Taiwan Mobile Co. Ltd. | | 13,523,000 | 43,083,400 |
| The Shanghai Commercial & Savings Bank Ltd. | | 19,179,080 | 27,266,523 |
| Uni-President Enterprises Corp. | | 21,732,000 | 50,884,100 |
| WPG Holding Co. Ltd. | | 12,903,000 | 34,786,800 |
TOTAL TAIWAN | | | 799,469,674 |
| Thailand - 2.1% | | | |
| Advanced Info Service PCL (For. Reg.) | | 7,749,500 | 41,062,656 |
| Advanced Information Service PCL NVDR | | 303,900 | 1,610,290 |
| Bangkok Bank PCL (For. Reg.) | | 3,067,300 | 11,286,069 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 26,115,100 | 20,337,930 |
TOTAL THAILAND | | | 74,296,945 |
| United Arab Emirates - 4.3% | | | |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 21,942,574 | 20,849,896 |
| Dubai Electricity & Water Authority PJSC | | 73,800,108 | 47,218,888 |
| Dubai Islamic Bank Pakistan Ltd. | | 21,587,105 | 32,678,348 |
| Emirates Telecommunications Corp. | | 6,372,971 | 29,497,266 |
| First Abu Dhabi Bank PJSC | | 1,202,413 | 4,085,631 |
| Salik Co. PJSC | | 14,978,458 | 14,110,230 |
TOTAL UNITED ARAB EMIRATES | | | 148,440,259 |
| TOTAL COMMON STOCKS (Cost $3,081,048,170) | | | 3,441,186,308 |
| | | | |
| Government Obligations - 0.1% |
| | | Principal Amount (d) | Value ($) |
| United States of America - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (e) (Cost $1,794,241) | | 1,800,000 | 1,794,192 |
| | | | |
| Money Market Funds - 1.1% |
| | | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (f) (Cost $38,744,480) | | 38,736,732 | 38,744,480 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.4% (Cost $3,121,586,891) | 3,481,724,980 |
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (12,799,112) |
| NET ASSETS - 100.0% | 3,468,925,868 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE MSCI Emerging Markets Index Contracts (United States) | 532 | Jun 2024 | 27,717,200 | 8,641 | 8,641 |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 0.8% |
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 $102,351,775 or 3.0% of net assets. |
| (d) | Amount is stated in United States dollars unless otherwise noted. |
| (e) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $847,257. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 22,637,413 | 391,886,530 | 375,779,445 | 982,096 | (18) | - | 38,744,480 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 4,428,000 | 572,907 | 5,000,907 | 357 | - | - | - | 0.0% |
| Total | 27,065,413 | 392,459,437 | 380,780,352 | 982,453 | (18) | - | 38,744,480 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 396,335,059 | 104,226,590 | 292,108,469 | - |
Consumer Discretionary | 245,634,308 | 46,113,169 | 199,521,139 | - |
Consumer Staples | 324,218,378 | 41,209,275 | 283,009,103 | - |
Energy | 147,335,693 | - | 147,335,693 | - |
Financials | 1,020,974,046 | 252,900,168 | 768,073,878 | - |
Health Care | 189,825,473 | 24,400,985 | 165,424,488 | - |
Industrials | 75,695,385 | 43,123,376 | 32,572,009 | - |
Information Technology | 611,108,004 | - | 611,108,004 | - |
Materials | 151,777,462 | 86,781,034 | 64,984,245 | 12,183 |
Real Estate | 46,898,761 | - | 46,898,761 | - |
Utilities | 231,383,739 | 83,327,650 | 148,056,089 | - |
|
| Government Obligations | 1,794,192 | - | 1,794,192 | - |
|
| Money Market Funds | 38,744,480 | 38,744,480 | - | - |
| Total Investments in Securities: | 3,481,724,980 | 720,826,727 | 2,760,886,070 | 12,183 |
Derivative Instruments: Assets | | | | |
Futures Contracts | 8,641 | 8,641 | - | - |
| Total Assets | 8,641 | 8,641 | - | - |
| Total Derivative Instruments: | 8,641 | 8,641 | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 8,641 | 0 |
| Total Equity Risk | 8,641 | 0 |
| Total Value of Derivatives | 8,641 | 0 |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® SAI Emerging Markets Low Volatility Index Fund
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $3,082,842,411) | $ | 3,442,980,500 | | |
Fidelity Central Funds (cost $38,744,480) | | 38,744,480 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $3,121,586,891) | | | $ | 3,481,724,980 |
| Foreign currency held at value (cost $4,761,975) | | | | 4,727,791 |
| Receivable for investments sold | | | | 21,424 |
| Receivable for fund shares sold | | | | 1,403,441 |
| Dividends receivable | | | | 2,962,978 |
| Distributions receivable from Fidelity Central Funds | | | | 90,198 |
| Prepaid expenses | | | | 965 |
| Other receivables | | | | 3 |
Total assets | | | | 3,490,931,780 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 2,885 | | |
| Payable for fund shares redeemed | | 2,150,579 | | |
| Accrued management fee | | 467,592 | | |
| Payable for daily variation margin on futures contracts | | 389,100 | | |
| Deferred taxes | | 17,025,834 | | |
| Custody fee payable | | 1,894,723 | | |
| Other payables and accrued expenses | | 75,199 | | |
| Total liabilities | | | | 22,005,912 |
| Net Assets | | | $ | 3,468,925,868 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 3,172,914,025 |
| Total accumulated earnings (loss) | | | | 296,011,843 |
| Net Assets | | | $ | 3,468,925,868 |
Net Asset Value, offering price and redemption price per share ($3,468,925,868 ÷ 317,330,724 shares) | | | $ | 10.93 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 44,471,478 |
| Interest | | | | 51,039 |
| Income from Fidelity Central Funds (including $357 from security lending) | | | | 982,453 |
| Income before foreign taxes withheld | | | $ | 45,504,970 |
| Less foreign taxes withheld | | | | (4,585,150) |
| Total income | | | | 40,919,820 |
| Expenses | | | | |
| Management fee | $ | 2,650,102 | | |
| Custodian fees and expenses | | 1,629,313 | | |
| Independent trustees' fees and expenses | | 5,040 | | |
| Registration fees | | 95,461 | | |
| Audit | | 40,007 | | |
| Legal | | 2,235 | | |
| Interest | | 152,932 | | |
| Miscellaneous | | 6,272 | | |
| Total expenses before reductions | | 4,581,362 | | |
| Expense reductions | | (8,911) | | |
| Total expenses after reductions | | | | 4,572,451 |
| Net Investment income (loss) | | | | 36,347,369 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $6,889,497) | | (48,363,415) | | |
| Fidelity Central Funds | | (18) | | |
| Foreign currency transactions | | (366,387) | | |
| Futures contracts | | 1,320,376 | | |
| Total net realized gain (loss) | | | | (47,409,444) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $3,673,991) | | 357,722,120 | | |
| Assets and liabilities in foreign currencies | | 47,796 | | |
| Futures contracts | | 639,253 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 358,409,169 |
| Net gain (loss) | | | | 310,999,725 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 347,347,094 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 36,347,369 | $ | 103,668,999 |
| Net realized gain (loss) | | (47,409,444) | | 10,092,357 |
| Change in net unrealized appreciation (depreciation) | | 358,409,169 | | 155,304,597 |
| Net increase (decrease) in net assets resulting from operations | | 347,347,094 | | 269,065,953 |
| Distributions to shareholders | | (98,766,194) | | (53,120,773) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 583,879,578 | | 1,377,836,095 |
| Reinvestment of distributions | | 93,428,323 | | 51,309,868 |
| Cost of shares redeemed | | (628,911,858) | | (545,094,970) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 48,396,043 | | 884,050,993 |
| Total increase (decrease) in net assets | | 296,976,943 | | 1,099,996,173 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 3,171,948,925 | | 2,071,952,752 |
| End of period | $ | 3,468,925,868 | $ | 3,171,948,925 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 53,427,580 | | 137,366,579 |
| Issued in reinvestment of distributions | | 8,983,495 | | 5,225,037 |
| Redeemed | | (57,385,356) | | (53,285,723) |
| Net increase (decrease) | | 5,025,719 | | 89,305,893 |
| | | | | |
Financial Highlights
Fidelity® SAI Emerging Markets Low Volatility Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 10.16 | $ | 9.29 | $ | 11.44 | $ | 9.41 | $ | 10.11 | $ | 10.00 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .11 | | .35 | | .33 | | .27 | | .24 | | .22 |
| Net realized and unrealized gain (loss) | | .98 | | .70 | | (2.22) | | 1.95 | | (.75) | | (.11) |
| Total from investment operations | | 1.09 | | 1.05 | | (1.89) | | 2.22 | | (.51) | | .11 |
| Distributions from net investment income | | (.32) | | (.18) | | (.26) | | (.19) | | (.19) | | - |
| Total distributions | | (.32) | | (.18) | | (.26) | | (.19) | | (.19) | | - |
| Net asset value, end of period | $ | 10.93 | $ | 10.16 | $ | 9.29 | $ | 11.44 | $ | 9.41 | $ | 10.11 |
Total Return D,E | | | | 11.41% | | (16.88)% | | 23.79% | | (5.10)% | | 1.10% |
Ratios to Average Net Assets C,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .26% H,I | | .26% | | .26% | | .23% | | .24% | | .35% H |
| Expenses net of fee waivers, if any | | | | .26% | | .25% | | .23% | | .24% | | .26% H |
| Expenses net of all reductions | | .26% H,I | | .26% | | .25% | | .23% | | .24% | | .26% H |
| Net investment income (loss) | | 2.06% H,I | | 3.37% | | 3.09% | | 2.44% | | 2.59% | | 2.90% H |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 3,468,926 | $ | 3,171,949 | $ | 2,071,953 | $ | 1,792,423 | $ | 1,259,405 | $ | 644,085 |
Portfolio turnover rate J | | | | 22% | | 21% | | 28% | | 30% | | 75% H |
AFor the period January 30, 2019 (commencement of operations) through October 31, 2019.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IProxy expenses are not annualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Top Holdings (% of Fund's net assets) |
| |
| AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 2.3 | |
| Toyota Motor Corp. (Japan, Automobiles) | 2.3 | |
| Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 2.3 | |
| Tokio Marine Holdings, Inc. (Japan, Insurance) | 2.2 | |
| Unilever PLC (United Kingdom, Personal Care Products) | 2.1 | |
| Air Liquide SA (France, Chemicals) | 2.1 | |
| GSK PLC (United States of America, Pharmaceuticals) | 2.1 | |
| Sanofi SA (United States of America, Pharmaceuticals) | 2.0 | |
| RELX PLC (London Stock Exchange) (United Kingdom, Professional Services) | 2.0 | |
| CSL Ltd. (United States of America, Biotechnology) | 1.8 | |
| | 21.2 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Health Care | 17.5 | |
| Financials | 16.4 | |
| Consumer Staples | 13.1 | |
| Industrials | 11.9 | |
| Communication Services | 8.3 | |
| Utilities | 8.3 | |
| Consumer Discretionary | 7.0 | |
| Real Estate | 6.0 | |
| Materials | 5.5 | |
| Information Technology | 3.9 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 2.1% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Fidelity® SAI International Low Volatility Index Fund
| Common Stocks - 97.9% |
| | | Shares | Value ($) |
| Australia - 2.4% | | | |
| ASX Ltd. | | 1,099,131 | 44,899,657 |
| Insurance Australia Group Ltd. | | 14,256,425 | 59,064,043 |
| Medibank Private Ltd. | | 16,170,094 | 37,059,597 |
| The Lottery Corp. Ltd. | | 5,631,743 | 17,568,177 |
TOTAL AUSTRALIA | | | 158,591,474 |
| Belgium - 0.3% | | | |
| Elia Group SA/NV | | 20,309 | 1,958,225 |
| Warehouses de Pauw | | 692,952 | 18,443,588 |
| Warehouses de Pauw rights (a)(b) | | 692,952 | 828,261 |
TOTAL BELGIUM | | | 21,230,074 |
| China - 0.6% | | | |
| BOC Hong Kong (Holdings) Ltd. | | 13,753,500 | 42,155,761 |
| China Huishan Dairy Holdings Co. Ltd. (a)(c) | | 5,145,000 | 7 |
TOTAL CHINA | | | 42,155,768 |
| Denmark - 5.0% | | | |
| Coloplast A/S Series B | | 728,023 | 87,774,220 |
| Novo Nordisk A/S Series B | | 1,175,734 | 150,778,845 |
| Novonesis (NOVOZYMES) B Series B | | 615,335 | 34,214,137 |
| Ringkjoebing Landbobank A/S | | 122,911 | 20,717,017 |
| Tryg A/S | | 2,054,131 | 40,706,999 |
TOTAL DENMARK | | | 334,191,218 |
| Finland - 0.6% | | | |
| Elisa Corp. (A Shares) | | 883,505 | 39,902,535 |
| France - 4.0% | | | |
| Air Liquide SA | | 709,975 | 138,855,929 |
| bioMerieux SA | | 257,843 | 27,517,005 |
| Hermes International SCA | | 677 | 1,626,335 |
| Orange SA | | 9,220,526 | 102,627,073 |
TOTAL FRANCE | | | 270,626,342 |
| Germany - 5.5% | | | |
| Beiersdorf AG | | 576,425 | 86,460,845 |
| Deutsche Borse AG | | 574,623 | 110,782,712 |
| Hannover Reuck SE | | 342,278 | 84,890,859 |
| Symrise AG | | 779,518 | 83,772,492 |
TOTAL GERMANY | | | 365,906,908 |
| Hong Kong - 5.7% | | | |
| CLP Holdings Ltd. | | 9,821,500 | 77,256,534 |
| Hang Seng Bank Ltd. | | 4,263,700 | 56,223,623 |
| Hong Kong & China Gas Co. Ltd. | | 63,504,015 | 48,285,422 |
| Hongkong Land Holdings Ltd. | | 6,090,300 | 19,459,607 |
| Jardine Matheson Holdings Ltd. | | 1,207,576 | 46,212,910 |
| Link (REIT) | | 9,535,129 | 40,856,073 |
| MTR Corp. Ltd. | | 9,115,083 | 29,956,160 |
| Power Assets Holdings Ltd. | | 8,010,500 | 45,949,469 |
| Sino Land Ltd. | | 19,650,500 | 21,010,309 |
TOTAL HONG KONG | | | 385,210,107 |
| Ireland - 0.2% | | | |
| Kerry Group PLC Class A | | 170,101 | 14,667,768 |
| Israel - 0.5% | | | |
| Elbit Systems Ltd. (Israel) | | 145,777 | 29,765,913 |
| Italy - 0.5% | | | |
| Recordati SpA | | 587,865 | 31,399,845 |
| Japan - 29.6% | | | |
| Advance Residence Investment Corp. | | 8,418 | 18,199,843 |
| Ajinomoto Co., Inc. | | 2,005,600 | 74,571,162 |
| Alfresa Holdings Corp. | | 1,191,300 | 17,654,451 |
| Bridgestone Corp. | | 255,100 | 11,256,801 |
| Canon, Inc. | | 2,148,700 | 58,155,191 |
| Chubu Electric Power Co., Inc. | | 4,450,300 | 57,123,891 |
| COMSYS Holdings Corp. | | 694,600 | 16,258,884 |
| Daiwa House REIT Investment Corp. | | 12,535 | 21,055,995 |
| FUJIFILM Holdings Corp. | | 5,216,230 | 110,962,189 |
| Hankyu Hanshin Holdings, Inc. | | 1,492,840 | 39,139,632 |
| INFRONEER Holdings, Inc. | | 1,387,300 | 12,285,488 |
| Japan Post Bank Co. Ltd. | | 8,283,500 | 84,080,102 |
| Japan Post Holdings Co. Ltd. | | 11,209,900 | 107,652,039 |
| Japan Real Estate Investment Corp. | | 7,865 | 26,671,333 |
| Kansai Electric Power Co., Inc. | | 4,690,900 | 70,266,969 |
| KDDI Corp. | | 1,150,900 | 31,936,090 |
| Keikyu Corp. | | 278,900 | 2,217,106 |
| Kintetsu Group Holdings Co. Ltd. | | 1,119,500 | 28,780,769 |
| Kyocera Corp. | | 3,825,400 | 46,626,438 |
| Kyushu Railway Co. | | 923,200 | 19,863,499 |
| McDonald's Holdings Co. (Japan) Ltd. (d) | | 499,300 | 21,963,551 |
| Medipal Holdings Corp. | | 1,231,800 | 19,318,386 |
| Nagoya Railroad Co. Ltd. | | 1,154,900 | 15,064,125 |
| Nippon Building Fund, Inc. | | 9,598 | 36,671,985 |
| Nippon Prologis REIT, Inc. | | 14,338 | 24,741,768 |
| Nippon Telegraph & Telephone Corp. | | 86,592,600 | 93,490,775 |
| Oriental Land Co. Ltd. | | 3,050,500 | 84,168,591 |
| Osaka Gas Co. Ltd. | | 2,446,560 | 54,401,430 |
| Otsuka Holdings Co. Ltd. | | 402,760 | 17,220,753 |
| Pan Pacific International Holdings Ltd. | | 3,130,600 | 73,525,360 |
| Secom Co. Ltd. | | 1,232,470 | 85,610,450 |
| Seven & i Holdings Co. Ltd. | | 1,793,300 | 23,171,589 |
| Shimamura Co. Ltd. | | 286,000 | 14,098,903 |
| Skylark Holdings Co. Ltd. | | 1,335,400 | 19,030,342 |
| SoftBank Corp. | | 8,566,700 | 103,328,844 |
| Suntory Beverage & Food Ltd. | | 203,000 | 6,604,657 |
| The Hachijuni Bank Ltd. | | 2,959,400 | 19,741,972 |
| Tobu Railway Co. Ltd. | | 1,231,500 | 24,433,549 |
| Tokio Marine Holdings, Inc. | | 4,578,200 | 144,700,400 |
| Tokyo Gas Co. Ltd. | | 1,526,700 | 34,239,710 |
| Tokyu Corp. | | 3,668,400 | 43,424,904 |
| Toyota Motor Corp. | | 6,672,000 | 152,178,951 |
| Zensho Holdings Co. Ltd. | | 514,600 | 19,945,486 |
TOTAL JAPAN | | | 1,985,834,353 |
| Netherlands - 6.0% | | | |
| ASML Holding NV (Netherlands) | | 43,260 | 38,443,321 |
| EXOR NV | | 598,345 | 65,579,474 |
| Koninklijke Ahold Delhaize NV | | 3,981,747 | 120,862,649 |
| Koninklijke KPN NV | | 17,818,567 | 64,755,018 |
| Wolters Kluwer NV | | 771,247 | 115,847,778 |
TOTAL NETHERLANDS | | | 405,488,240 |
| Norway - 0.8% | | | |
| Gjensidige Forsikring ASA | | 1,077,324 | 17,330,675 |
| Orkla ASA | | 3,627,922 | 24,755,501 |
| Telenor ASA | | 1,143,460 | 13,165,462 |
TOTAL NORWAY | | | 55,251,638 |
| Singapore - 2.2% | | | |
| CapitaLand Ascendas REIT | | 20,872,699 | 39,537,546 |
| CapitaLand Integrated Commercial Trust | | 18,710,400 | 26,671,595 |
| Mapletree Industrial (REIT) | | 12,142,310 | 20,105,676 |
| Singapore Exchange Ltd. | | 4,840,800 | 33,021,639 |
| Singapore Technologies Engineering Ltd. | | 8,982,200 | 26,385,074 |
TOTAL SINGAPORE | | | 145,721,530 |
| Spain - 0.6% | | | |
| Redeia Corp. SA | | 2,379,972 | 39,749,531 |
| Sweden - 0.7% | | | |
| Axfood AB | | 614,807 | 15,921,919 |
| Telia Co. AB | | 13,619,129 | 31,216,580 |
TOTAL SWEDEN | | | 47,138,499 |
| Switzerland - 10.0% | | | |
| Allreal Holding AG | | 88,415 | 14,292,596 |
| Banque Cantonale Vaudoise | | 165,993 | 17,371,255 |
| BKW AG | | 72,586 | 10,762,548 |
| Galenica AG (e) | | 292,751 | 22,372,323 |
| Givaudan SA | | 27,111 | 116,377,488 |
| Lindt & Spruengli AG | | 811 | 93,870,438 |
| Novartis AG | | 1,248,375 | 121,164,224 |
| PSP Swiss Property AG | | 262,525 | 32,528,254 |
| SGS SA (Reg.) | | 658,833 | 58,096,277 |
| Swiss Prime Site AG | | 437,911 | 40,539,816 |
| Swisscom AG | | 145,340 | 79,606,951 |
| Zurich Insurance Group Ltd. | | 138,967 | 67,151,636 |
TOTAL SWITZERLAND | | | 674,133,806 |
| United Kingdom - 13.5% | | | |
| Admiral Group PLC | | 1,546,381 | 52,731,932 |
| AstraZeneca PLC (United Kingdom) | | 1,015,625 | 153,612,217 |
| Bunzl PLC | | 1,983,865 | 76,202,570 |
| Diageo PLC | | 2,600,176 | 89,861,246 |
| National Grid PLC | | 9,005,011 | 118,120,191 |
| Pearson PLC | | 4,101,949 | 49,772,397 |
| Reckitt Benckiser Group PLC | | 1,684,262 | 94,162,047 |
| RELX PLC (London Stock Exchange) | | 3,173,631 | 130,394,599 |
| Unilever PLC | | 2,746,752 | 142,091,696 |
TOTAL UNITED KINGDOM | | | 906,948,895 |
| United States of America - 9.2% | | | |
| CSL Ltd. | | 691,555 | 122,872,819 |
| GSK PLC | | 6,611,892 | 137,176,392 |
| Nestle SA (Reg. S) | | 1,011,519 | 101,556,708 |
| Roche Holding AG (participation certificate) | | 495,431 | 118,712,313 |
| Sanofi SA | | 1,385,650 | 136,892,541 |
TOTAL UNITED STATES OF AMERICA | | | 617,210,773 |
| TOTAL COMMON STOCKS (Cost $6,081,411,257) | | | 6,571,125,217 |
| | | | |
| Government Obligations - 0.0% |
| | | Principal Amount (f) | Value ($) |
| United States of America - 0.0% | | | |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (g) (Cost $2,890,722) | | 2,900,000 | 2,890,643 |
| | | | |
| Money Market Funds - 1.4% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (h) | | 68,917,069 | 68,930,853 |
| Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 23,235,436 | 23,237,760 |
| TOTAL MONEY MARKET FUNDS (Cost $92,170,457) | | | 92,168,613 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.3% (Cost $6,176,472,436) | 6,666,184,473 |
NET OTHER ASSETS (LIABILITIES) - 0.7% | 46,867,232 |
| NET ASSETS - 100.0% | 6,713,051,705 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 1,251 | Jun 2024 | 141,832,125 | (2,922,745) | (2,922,745) |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 2.1% |
Legend
| (b) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (d) | Security or a portion of the security is on loan at period end. |
| (e) | 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 $22,372,323 or 0.3% of net assets. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,890,643. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | - | 897,006,028 | 828,073,030 | 1,568,969 | (301) | (1,844) | 68,930,853 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 45,398,400 | 228,936,240 | 251,096,880 | 414,985 | - | - | 23,237,760 | 0.1% |
| Total | 45,398,400 | 1,125,942,268 | 1,079,169,910 | 1,983,954 | (301) | (1,844) | 92,168,613 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 560,029,328 | 163,891,528 | 396,137,800 | - |
Consumer Discretionary | 465,134,894 | 1,626,335 | 463,508,559 | - |
Consumer Staples | 888,558,232 | 235,676,471 | 652,881,754 | 7 |
Financials | 1,105,861,392 | 366,479,847 | 739,381,545 | - |
Health Care | 1,164,466,334 | 81,289,173 | 1,083,177,161 | - |
Industrials | 799,939,687 | 279,912,538 | 520,027,149 | - |
Information Technology | 254,187,139 | 38,443,321 | 215,743,818 | - |
Materials | 373,220,046 | 234,364,117 | 138,855,929 | - |
Real Estate | 401,614,245 | 106,632,515 | 294,981,730 | - |
Utilities | 558,113,920 | 52,470,304 | 505,643,616 | - |
|
| Government Obligations | 2,890,643 | - | 2,890,643 | - |
|
| Money Market Funds | 92,168,613 | 92,168,613 | - | - |
| Total Investments in Securities: | 6,666,184,473 | 1,652,954,762 | 5,013,229,704 | 7 |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (2,922,745) | (2,922,745) | - | - |
| Total Liabilities | (2,922,745) | (2,922,745) | - | - |
| Total Derivative Instruments: | (2,922,745) | (2,922,745) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 0 | (2,922,745) |
| Total Equity Risk | 0 | (2,922,745) |
| Total Value of Derivatives | 0 | (2,922,745) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® SAI International Low Volatility Index Fund
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $22,110,205) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $6,084,301,979) | $ | 6,574,015,860 | | |
Fidelity Central Funds (cost $92,170,457) | | 92,168,613 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $6,176,472,436) | | | $ | 6,666,184,473 |
| Segregated cash with brokers for derivative instruments | | | | 1,580,870 |
| Foreign currency held at value (cost $12,031,409) | | | | 11,916,751 |
| Receivable for fund shares sold | | | | 5,067,379 |
| Dividends receivable | | | | 30,611,157 |
| Reclaims receivable | | | | 28,263,423 |
| Distributions receivable from Fidelity Central Funds | | | | 488,854 |
| Prepaid expenses | | | | 1,869 |
Total assets | | | | 6,744,114,776 |
| Liabilities | | | | |
| Payable for investments purchased on a delayed delivery basis | $ | 828,261 | | |
| Payable for fund shares redeemed | | 3,854,186 | | |
| Accrued management fee | | 850,601 | | |
| Payable for daily variation margin on futures contracts | | 1,925,327 | | |
| Other payables and accrued expenses | | 366,936 | | |
| Collateral on securities loaned | | 23,237,760 | | |
| Total liabilities | | | | 31,063,071 |
| Net Assets | | | $ | 6,713,051,705 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 6,448,383,428 |
| Total accumulated earnings (loss) | | | | 264,668,277 |
| Net Assets | | | $ | 6,713,051,705 |
Net Asset Value, offering price and redemption price per share ($6,713,051,705 ÷ 618,022,889 shares) | | | $ | 10.86 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 115,856,134 |
| Foreign Tax Reclaims | | | | 9,669,629 |
| Interest | | | | 104,584 |
| Income from Fidelity Central Funds (including $414,985 from security lending) | | | | 1,983,954 |
| Income before foreign taxes withheld | | | $ | 127,614,301 |
| Less foreign taxes withheld | | | | (17,160,424) |
| Total income | | | | 110,453,877 |
| Expenses | | | | |
| Management fee | $ | 5,130,590 | | |
| Custodian fees and expenses | | 261,510 | | |
| Independent trustees' fees and expenses | | 9,691 | | |
| Registration fees | | 98,147 | | |
| Audit | | 26,935 | | |
| Legal | | 4,647 | | |
| Interest | | 142,693 | | |
| Miscellaneous | | 12,277 | | |
| Total expenses before reductions | | 5,686,490 | | |
| Expense reductions | | (38,530) | | |
| Total expenses after reductions | | | | 5,647,960 |
| Net Investment income (loss) | | | | 104,805,917 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (34,781,359) | | |
| Fidelity Central Funds | | (301) | | |
| Foreign currency transactions | | (323,790) | | |
| Futures contracts | | 13,317,523 | | |
| Total net realized gain (loss) | | | | (21,787,927) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 529,045,752 | | |
| Fidelity Central Funds | | (1,844) | | |
| Assets and liabilities in foreign currencies | | (1,089,237) | | |
| Futures contracts | | (995,492) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 526,959,179 |
| Net gain (loss) | | | | 505,171,252 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 609,977,169 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 104,805,917 | $ | 151,468,851 |
| Net realized gain (loss) | | (21,787,927) | | (159,975,514) |
| Change in net unrealized appreciation (depreciation) | | 526,959,179 | | 649,473,779 |
| Net increase (decrease) in net assets resulting from operations | | 609,977,169 | | 640,967,116 |
| Distributions to shareholders | | (154,634,991) | | (105,861,928) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 1,241,626,918 | | 1,822,038,768 |
| Reinvestment of distributions | | 145,342,059 | | 98,129,051 |
| Cost of shares redeemed | | (1,174,953,312) | | (1,904,398,706) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 212,015,665 | | 15,769,113 |
| Total increase (decrease) in net assets | | 667,357,843 | | 550,874,301 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 6,045,693,862 | | 5,494,819,561 |
| End of period | $ | 6,713,051,705 | $ | 6,045,693,862 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 114,028,575 | | 175,043,162 |
| Issued in reinvestment of distributions | | 13,685,693 | | 9,952,236 |
| Redeemed | | (107,286,437) | | (189,480,961) |
| Net increase (decrease) | | 20,427,831 | | (4,485,563) |
| | | | | |
Financial Highlights
Fidelity® SAI International Low Volatility Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 10.12 | $ | 9.13 | $ | 11.67 | $ | 9.64 | $ | 11.54 | $ | 10.49 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .17 | | .27 | | .26 | | .27 | | .24 | | .28 |
| Net realized and unrealized gain (loss) | | .82 | | .92 | | (2.52) | | 1.90 | | (1.46) | | 1.04 |
| Total from investment operations | | .99 | | 1.19 | | (2.26) | | 2.17 | | (1.22) | | 1.32 |
| Distributions from net investment income | | (.25) | | (.20) | | (.28) | | (.14) | | (.22) | | (.24) |
| Distributions from net realized gain | | - | | - | | - | | - | | (.46) | | (.03) |
| Total distributions | | (.25) | | (.20) | | (.28) | | (.14) | | (.68) | | (.27) |
| Net asset value, end of period | $ | 10.86 | $ | 10.12 | $ | 9.13 | $ | 11.67 | $ | 9.64 | $ | 11.54 |
Total Return C,D | | | | 13.07% | | (19.80)% | | 22.69% | | (11.31)% | | 12.89% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
| Expenses before reductions | | .17% G,H | | .17% | | .17% | | .17% | | .18% | | .25% |
| Expenses net of fee waivers, if any | | | | .17% | | .17% | | .17% | | .18% | | .20% |
| Expenses net of all reductions | | .17% G,H | | .17% | | .17% | | .17% | | .18% | | .20% |
| Net investment income (loss) | | 3.07% G,H | | 2.63% | | 2.46% | | 2.37% | | 2.39% | | 2.59% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 6,713,052 | $ | 6,045,694 | $ | 5,494,820 | $ | 5,938,738 | $ | 4,603,961 | $ | 2,548,056 |
Portfolio turnover rate I | | | | 37% | | 26% | | 26% | | 20% | | 93% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HProxy expenses are not annualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Top Holdings (% of Fund's net assets) |
| |
| Microsoft Corp. | 8.3 | |
| Eli Lilly & Co. | 3.7 | |
| Apple, Inc. | 3.6 | |
| Procter & Gamble Co. | 2.9 | |
| Visa, Inc. Class A | 2.9 | |
| Merck & Co., Inc. | 2.8 | |
| UnitedHealth Group, Inc. | 2.7 | |
| The Home Depot, Inc. | 2.6 | |
| Johnson & Johnson | 2.6 | |
| Linde PLC | 2.3 | |
| | 34.4 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Information Technology | 26.1 | |
| Health Care | 14.4 | |
| Financials | 11.7 | |
| Industrials | 9.9 | |
| Consumer Discretionary | 8.6 | |
| Consumer Staples | 8.1 | |
| Communication Services | 6.4 | |
| Utilities | 4.2 | |
| Materials | 4.2 | |
| Real Estate | 4.2 | |
| Energy | 2.0 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 0.3% |
|
Fidelity® SAI U.S. Low Volatility Index Fund
| Common Stocks - 99.8% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 6.4% | | | |
| Diversified Telecommunication Services - 3.1% | | | |
| AT&T, Inc. | | 10,298,635 | 173,943,945 |
| Verizon Communications, Inc. | | 6,055,439 | 239,129,286 |
| | | | 413,073,231 |
| Entertainment - 0.3% | | | |
| Electronic Arts, Inc. | | 352,542 | 44,709,376 |
| Interactive Media & Services - 1.8% | | | |
| Alphabet, Inc. Class A | | 1,412,418 | 229,913,402 |
| Media - 0.3% | | | |
| Fox Corp. Class A | | 303,613 | 9,415,039 |
| Omnicom Group, Inc. | | 285,097 | 26,468,405 |
| | | | 35,883,444 |
| Wireless Telecommunication Services - 0.9% | | | |
| T-Mobile U.S., Inc. | | 732,928 | 120,324,790 |
TOTAL COMMUNICATION SERVICES | | | 843,904,243 |
| CONSUMER DISCRETIONARY - 8.6% | | | |
| Automobile Components - 0.1% | | | |
| Gentex Corp. | | 335,969 | 11,523,737 |
| Broadline Retail - 1.3% | | | |
| Amazon.com, Inc. (a) | | 966,538 | 169,144,150 |
| Diversified Consumer Services - 0.1% | | | |
| Service Corp. International (b) | | 212,807 | 15,260,390 |
| Hotels, Restaurants & Leisure - 2.5% | | | |
| Domino's Pizza, Inc. | | 50,241 | 26,591,054 |
| McDonald's Corp. | | 1,044,757 | 285,260,451 |
| Yum China Holdings, Inc. | | 595,812 | 21,753,096 |
| | | | 333,604,601 |
| Household Durables - 0.3% | | | |
| Garmin Ltd. | | 220,469 | 31,851,156 |
| Specialty Retail - 4.3% | | | |
| AutoZone, Inc. (a) | | 25,399 | 75,089,604 |
| O'Reilly Automotive, Inc. (a) | | 85,215 | 86,344,951 |
| The Home Depot, Inc. | | 1,019,391 | 340,700,860 |
| TJX Companies, Inc. | | 248,456 | 23,377,225 |
| Tractor Supply Co. | | 155,724 | 42,525,110 |
| | | | 568,037,750 |
TOTAL CONSUMER DISCRETIONARY | | | 1,129,421,784 |
| CONSUMER STAPLES - 8.1% | | | |
| Beverages - 2.0% | | | |
| PepsiCo, Inc. | | 585,865 | 103,059,512 |
| The Coca-Cola Co. | | 2,487,197 | 153,634,159 |
| | | | 256,693,671 |
| Consumer Staples Distribution & Retail - 0.3% | | | |
| Dollar General Corp. | | 316,125 | 44,001,439 |
| Food Products - 1.3% | | | |
| Campbell Soup Co. | | 282,931 | 12,932,776 |
| Flowers Foods, Inc. | | 276,722 | 6,901,447 |
| General Mills, Inc. | | 837,254 | 58,992,917 |
| Hormel Foods Corp. | | 417,180 | 14,834,921 |
| Kellanova | | 379,882 | 21,979,973 |
| The Hershey Co. | | 215,889 | 41,865,195 |
| The J.M. Smucker Co. | | 152,491 | 17,513,591 |
| | | | 175,020,820 |
| Household Products - 4.5% | | | |
| Church & Dwight Co., Inc. | | 354,880 | 38,288,003 |
| Colgate-Palmolive Co. | | 1,185,956 | 109,013,076 |
| Kimberly-Clark Corp. | | 486,758 | 66,457,070 |
| Procter & Gamble Co. | | 2,333,175 | 380,774,160 |
| | | | 594,532,309 |
TOTAL CONSUMER STAPLES | | | 1,070,248,239 |
| ENERGY - 2.0% | | | |
| Oil, Gas & Consumable Fuels - 2.0% | | | |
| Chesapeake Energy Corp. | | 151,007 | 13,572,509 |
| Chevron Corp. | | 543,831 | 87,703,625 |
| Coterra Energy, Inc. | | 1,083,431 | 29,642,672 |
| DT Midstream, Inc. (b) | | 139,574 | 8,681,503 |
| Kinder Morgan, Inc. | | 2,785,396 | 50,917,039 |
| The Williams Companies, Inc. | | 1,752,202 | 67,214,469 |
| | | | 257,731,817 |
| FINANCIALS - 11.7% | | | |
| Banks - 0.5% | | | |
| Commerce Bancshares, Inc. | | 171,054 | 9,353,233 |
| First Financial Bankshares, Inc. (b) | | 184,998 | 5,468,541 |
| Glacier Bancorp, Inc. (b) | | 159,706 | 5,778,163 |
| M&T Bank Corp. | | 239,043 | 34,515,419 |
| Prosperity Bancshares, Inc. | | 134,984 | 8,364,958 |
| | | | 63,480,314 |
| Capital Markets - 1.6% | | | |
| Cboe Global Markets, Inc. | | 152,039 | 27,541,865 |
| CME Group, Inc. | | 518,517 | 108,701,904 |
| FactSet Research Systems, Inc. | | 54,717 | 22,810,970 |
| Houlihan Lokey | | 74,343 | 9,477,989 |
| NASDAQ, Inc. | | 490,314 | 29,345,293 |
| SEI Investments Co. | | 144,046 | 9,499,834 |
| | | | 207,377,855 |
| Consumer Finance - 0.0% | | | |
| FirstCash Holdings, Inc. | | 53,277 | 6,019,235 |
| Financial Services - 3.0% | | | |
| Jack Henry & Associates, Inc. | | 104,899 | 17,066,018 |
| The Western Union Co. | | 524,810 | 7,053,446 |
| Visa, Inc. Class A | | 1,409,626 | 378,639,640 |
| | | | 402,759,104 |
| Insurance - 6.6% | | | |
| American Financial Group, Inc. | | 94,123 | 12,024,213 |
| Arch Capital Group Ltd. (a) | | 537,504 | 50,278,124 |
| Arthur J. Gallagher & Co. | | 310,975 | 72,982,723 |
| Assurant, Inc. | | 75,750 | 13,210,800 |
| Brown & Brown, Inc. | | 340,238 | 27,743,007 |
| Chubb Ltd. | | 587,646 | 146,112,301 |
| Erie Indemnity Co. Class A (b) | | 35,926 | 13,747,443 |
| Globe Life, Inc. | | 123,365 | 9,396,712 |
| Hanover Insurance Group, Inc. | | 51,510 | 6,687,028 |
| Hartford Financial Services Group, Inc. | | 433,218 | 41,974,492 |
| Marsh & McLennan Companies, Inc. | | 710,203 | 141,635,784 |
| Progressive Corp. | | 842,672 | 175,486,444 |
| RLI Corp. | | 57,832 | 8,174,553 |
| Ryan Specialty Group Holdings, Inc. (b) | | 146,539 | 7,230,234 |
| Selective Insurance Group, Inc. | | 87,269 | 8,870,894 |
| The Travelers Companies, Inc. | | 328,978 | 69,795,972 |
| W.R. Berkley Corp. | | 293,429 | 22,585,230 |
| Willis Towers Watson PLC | | 148,732 | 37,352,554 |
| | | | 865,288,508 |
TOTAL FINANCIALS | | | 1,544,925,016 |
| HEALTH CARE - 14.4% | | | |
| Biotechnology - 1.2% | | | |
| Amgen, Inc. | | 575,591 | 157,677,399 |
| Health Care Equipment & Supplies - 1.3% | | | |
| Becton, Dickinson & Co. | | 417,863 | 98,030,660 |
| Medtronic PLC | | 924,357 | 74,170,406 |
| | | | 172,201,066 |
| Health Care Providers & Services - 2.8% | | | |
| Chemed Corp. | | 21,695 | 12,322,760 |
| UnitedHealth Group, Inc. | | 732,566 | 354,342,174 |
| | | | 366,664,934 |
| Pharmaceuticals - 9.1% | | | |
| Eli Lilly & Co. | | 628,422 | 490,860,424 |
| Johnson & Johnson | | 2,356,258 | 340,691,344 |
| Merck & Co., Inc. | | 2,813,531 | 363,564,476 |
| | | | 1,195,116,244 |
TOTAL HEALTH CARE | | | 1,891,659,643 |
| INDUSTRIALS - 9.9% | | | |
| Aerospace & Defense - 3.2% | | | |
| BWX Technologies, Inc. | | 131,744 | 12,617,123 |
| General Dynamics Corp. | | 326,249 | 93,662,825 |
| Huntington Ingalls Industries, Inc. | | 57,216 | 15,844,827 |
| L3Harris Technologies, Inc. | | 273,007 | 58,437,148 |
| Lockheed Martin Corp. | | 318,044 | 147,868,197 |
| Northrop Grumman Corp. | | 204,165 | 99,026,150 |
| | | | 427,456,270 |
| Air Freight & Logistics - 0.1% | | | |
| C.H. Robinson Worldwide, Inc. | | 168,020 | 11,929,420 |
| Building Products - 0.2% | | | |
| Lennox International, Inc. | | 46,071 | 21,350,223 |
| Commercial Services & Supplies - 1.4% | | | |
| Republic Services, Inc. | | 294,575 | 56,470,028 |
| Rollins, Inc. | | 404,371 | 18,018,772 |
| Waste Management, Inc. | | 527,930 | 109,819,999 |
| | | | 184,308,799 |
| Construction & Engineering - 0.0% | | | |
| MDU Resources Group, Inc. | | 293,313 | 7,244,831 |
| Ground Transportation - 0.1% | | | |
| Landstar System, Inc. | | 51,775 | 9,030,078 |
| Machinery - 1.6% | | | |
| Graco, Inc. | | 243,116 | 19,497,903 |
| IDEX Corp. | | 108,929 | 24,014,487 |
| Nordson Corp. | | 78,015 | 20,142,693 |
| Otis Worldwide Corp. | | 589,482 | 53,760,758 |
| PACCAR, Inc. | | 753,420 | 79,945,396 |
| Toro Co. | | 149,573 | 13,101,099 |
| | | | 210,462,336 |
| Professional Services - 3.1% | | | |
| Automatic Data Processing, Inc. | | 592,429 | 143,302,651 |
| Booz Allen Hamilton Holding Corp. Class A | | 187,796 | 27,731,835 |
| Broadridge Financial Solutions, Inc. | | 169,455 | 32,774,292 |
| CACI International, Inc. Class A (a) | | 32,088 | 12,906,756 |
| Exponent, Inc. | | 72,914 | 6,701,526 |
| FTI Consulting, Inc. (a)(b) | | 51,147 | 10,936,763 |
| Jacobs Solutions, Inc. | | 181,368 | 26,031,749 |
| Leidos Holdings, Inc. | | 198,059 | 27,771,833 |
| Maximus, Inc. | | 87,551 | 7,028,594 |
| Paychex, Inc. | | 463,072 | 55,017,584 |
| Science Applications International Corp. | | 76,246 | 9,812,860 |
| Verisk Analytics, Inc. | | 208,892 | 45,530,100 |
| | | | 405,546,543 |
| Trading Companies & Distributors - 0.2% | | | |
| Fastenal Co. | | 294,157 | 19,985,027 |
| MSC Industrial Direct Co., Inc. Class A (b) | | 66,783 | 6,093,281 |
| | | | 26,078,308 |
TOTAL INDUSTRIALS | | | 1,303,406,808 |
| INFORMATION TECHNOLOGY - 26.1% | | | |
| Communications Equipment - 2.8% | | | |
| Cisco Systems, Inc. | | 5,834,256 | 274,093,347 |
| Juniper Networks, Inc. | | 459,286 | 15,992,339 |
| Motorola Solutions, Inc. | | 239,054 | 81,075,164 |
| | | | 371,160,850 |
| Electronic Equipment, Instruments & Components - 0.6% | | | |
| Badger Meter, Inc. | | 42,270 | 7,732,028 |
| CDW Corp. | | 192,951 | 46,667,129 |
| Teledyne Technologies, Inc. (a) | | 67,964 | 25,926,907 |
| | | | 80,326,064 |
| IT Services - 3.9% | | | |
| Accenture PLC Class A | | 644,050 | 193,801,086 |
| Akamai Technologies, Inc. (a) | | 217,253 | 21,927,345 |
| Amdocs Ltd. | | 171,441 | 14,399,330 |
| Cognizant Technology Solutions Corp. Class A | | 722,217 | 47,435,213 |
| IBM Corp. | | 1,315,224 | 218,590,229 |
| VeriSign, Inc. (a) | | 127,943 | 21,683,780 |
| | | | 517,836,983 |
| Semiconductors & Semiconductor Equipment - 3.7% | | | |
| NVIDIA Corp. | | 293,753 | 253,808,467 |
| Texas Instruments, Inc. | | 1,308,145 | 230,782,941 |
| | | | 484,591,408 |
| Software - 11.5% | | | |
| Aspen Technology, Inc. (a)(b) | | 40,370 | 7,947,642 |
| Check Point Software Technologies Ltd. (a)(b) | | 133,126 | 19,891,687 |
| Dolby Laboratories, Inc. Class A | | 85,781 | 6,661,752 |
| Microsoft Corp. | | 2,793,167 | 1,087,463,707 |
| Oracle Corp. | | 2,288,506 | 260,317,558 |
| Qualys, Inc. (a) | | 52,984 | 8,684,607 |
| Roper Technologies, Inc. | | 153,863 | 78,694,770 |
| SPS Commerce, Inc. (a) | | 52,858 | 9,190,420 |
| Tyler Technologies, Inc. (a) | | 60,608 | 27,973,622 |
| | | | 1,506,825,765 |
| Technology Hardware, Storage & Peripherals - 3.6% | | | |
| Apple, Inc. | | 2,802,330 | 477,320,869 |
TOTAL INFORMATION TECHNOLOGY | | | 3,438,061,939 |
| MATERIALS - 4.2% | | | |
| Chemicals - 3.0% | | | |
| Air Products & Chemicals, Inc. | | 319,976 | 75,623,128 |
| Balchem Corp. (b) | | 46,439 | 6,565,546 |
| Linde PLC | | 698,418 | 307,974,401 |
| NewMarket Corp. (b) | | 9,945 | 5,240,219 |
| | | | 395,403,294 |
| Construction Materials - 0.7% | | | |
| Martin Marietta Materials, Inc. | | 78,643 | 46,168,946 |
| Vulcan Materials Co. | | 191,386 | 49,306,775 |
| | | | 95,475,721 |
| Containers & Packaging - 0.5% | | | |
| Amcor PLC | | 2,081,821 | 18,611,480 |
| Aptargroup, Inc. | | 94,749 | 13,679,861 |
| Packaging Corp. of America | | 129,091 | 22,330,161 |
| Sonoco Products Co. | | 141,092 | 7,908,207 |
| | | | 62,529,709 |
TOTAL MATERIALS | | | 553,408,724 |
| REAL ESTATE - 4.2% | | | |
| Equity Real Estate Investment Trusts (REITs) - 3.8% | | | |
| Agree Realty Corp. | | 144,785 | 8,284,598 |
| American Homes 4 Rent Class A (b) | | 458,109 | 16,400,302 |
| American Tower Corp. | | 671,448 | 115,193,619 |
| Crown Castle, Inc. | | 625,118 | 58,623,566 |
| CubeSmart | | 323,882 | 13,097,788 |
| Digital Realty Trust, Inc. | | 278,881 | 38,703,105 |
| Equinix, Inc. | | 135,226 | 96,160,561 |
| Equity Lifestyle Properties, Inc. | | 268,474 | 16,186,297 |
| Essex Property Trust, Inc. | | 12,794 | 3,150,523 |
| Extra Space Storage, Inc. | | 304,317 | 40,863,687 |
| Mid-America Apartment Communities, Inc. | | 36,215 | 4,707,950 |
| Public Storage | | 227,941 | 59,139,292 |
| Realty Income Corp. | | 207,746 | 11,122,721 |
| Sun Communities, Inc. | | 179,246 | 19,953,665 |
| | | | 501,587,674 |
| Real Estate Management & Development - 0.4% | | | |
| CoStar Group, Inc. (a) | | 491,867 | 45,020,587 |
TOTAL REAL ESTATE | | | 546,608,261 |
| UTILITIES - 4.2% | | | |
| Electric Utilities - 2.9% | | | |
| Alliant Energy Corp. | | 367,551 | 18,304,040 |
| American Electric Power Co., Inc. | | 757,453 | 65,163,682 |
| Duke Energy Corp. | | 1,110,106 | 109,079,016 |
| Evergy, Inc. | | 330,882 | 17,354,761 |
| Eversource Energy | | 503,157 | 30,501,377 |
| Exelon Corp. | | 1,395,955 | 52,459,989 |
| IDACORP, Inc. | | 72,904 | 6,909,841 |
| Pinnacle West Capital Corp. | | 163,334 | 12,029,549 |
| Southern Co. | | 433,335 | 31,850,123 |
| Xcel Energy, Inc. | | 794,816 | 42,705,464 |
| | | | 386,357,842 |
| Gas Utilities - 0.2% | | | |
| Atmos Energy Corp. | | 213,888 | 25,217,395 |
| Multi-Utilities - 1.1% | | | |
| Ameren Corp. | | 378,737 | 27,977,302 |
| CMS Energy Corp. | | 420,247 | 25,471,171 |
| Consolidated Edison, Inc. | | 497,243 | 46,939,739 |
| DTE Energy Co. | | 30,229 | 3,334,863 |
| WEC Energy Group, Inc. | | 454,341 | 37,546,740 |
| | | | 141,269,815 |
| Water Utilities - 0.0% | | | |
| American Water Works Co., Inc. | | 27,729 | 3,391,811 |
TOTAL UTILITIES | | | 556,236,863 |
| TOTAL COMMON STOCKS (Cost $10,685,606,986) | | | 13,135,613,337 |
| | | | |
| U.S. Treasury Obligations - 0.0% |
| | | Principal Amount (c) | Value ($) |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (d) (Cost $697,760) | | 700,000 | 697,741 |
| | | | |
| Money Market Funds - 0.4% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (e) | | 38,389,879 | 38,397,557 |
| Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | | 15,338,196 | 15,339,730 |
| TOTAL MONEY MARKET FUNDS (Cost $53,737,287) | | | 53,737,287 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $10,740,042,033) | 13,190,048,365 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (21,204,108) |
| NET ASSETS - 100.0% | 13,168,844,257 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| CME E-mini S&P 500 Index Contracts (United States) | 81 | Jun 2024 | 20,521,350 | (27,722) | (27,722) |
| CME E-mini S&P MidCap 400 Index Contracts (United States) | 23 | Jun 2024 | 6,617,560 | 18,191 | 18,191 |
| | | | | | |
| TOTAL FUTURES CONTRACTS | | | | | (9,531) |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Amount is stated in United States dollars unless otherwise noted. |
| (d) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $697,741. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | - | 1,576,891,434 | 1,538,494,453 | 970,091 | 576 | - | 38,397,557 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 51,820,121 | 133,306,354 | 169,786,745 | 12,902 | - | - | 15,339,730 | 0.1% |
| Total | 51,820,121 | 1,710,197,788 | 1,708,281,198 | 982,993 | 576 | - | 53,737,287 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 843,904,243 | 843,904,243 | - | - |
Consumer Discretionary | 1,129,421,784 | 1,129,421,784 | - | - |
Consumer Staples | 1,070,248,239 | 1,070,248,239 | - | - |
Energy | 257,731,817 | 257,731,817 | - | - |
Financials | 1,544,925,016 | 1,544,925,016 | - | - |
Health Care | 1,891,659,643 | 1,891,659,643 | - | - |
Industrials | 1,303,406,808 | 1,303,406,808 | - | - |
Information Technology | 3,438,061,939 | 3,438,061,939 | - | - |
Materials | 553,408,724 | 553,408,724 | - | - |
Real Estate | 546,608,261 | 546,608,261 | - | - |
Utilities | 556,236,863 | 556,236,863 | - | - |
|
| U.S. Government and Government Agency Obligations | 697,741 | - | 697,741 | - |
|
| Money Market Funds | 53,737,287 | 53,737,287 | - | - |
| Total Investments in Securities: | 13,190,048,365 | 13,189,350,624 | 697,741 | - |
Derivative Instruments: Assets | | | | |
Futures Contracts | 18,191 | 18,191 | - | - |
| Total Assets | 18,191 | 18,191 | - | - |
| Liabilities | | | | |
Futures Contracts | (27,722) | (27,722) | - | - |
| Total Liabilities | (27,722) | (27,722) | - | - |
| Total Derivative Instruments: | (9,531) | (9,531) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 18,191 | (27,722) |
| Total Equity Risk | 18,191 | (27,722) |
| Total Value of Derivatives | 18,191 | (27,722) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® SAI U.S. Low Volatility Index Fund
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $14,856,016) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $10,686,304,746) | $ | 13,136,311,078 | | |
Fidelity Central Funds (cost $53,737,287) | | 53,737,287 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $10,740,042,033) | | | $ | 13,190,048,365 |
| Segregated cash with brokers for derivative instruments | | | | 790,857 |
| Receivable for fund shares sold | | | | 41,374,686 |
| Dividends receivable | | | | 13,766,530 |
| Distributions receivable from Fidelity Central Funds | | | | 177,829 |
| Prepaid expenses | | | | 2,643 |
Total assets | | | | 13,246,160,910 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 54,710,004 | | |
| Payable for fund shares redeemed | | 5,182,764 | | |
| Accrued management fee | | 1,073,651 | | |
| Payable for daily variation margin on futures contracts | | 516,463 | | |
| Other payables and accrued expenses | | 497,970 | | |
| Collateral on securities loaned | | 15,335,801 | | |
| Total liabilities | | | | 77,316,653 |
| Net Assets | | | $ | 13,168,844,257 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 10,680,130,827 |
| Total accumulated earnings (loss) | | | | 2,488,713,430 |
| Net Assets | | | $ | 13,168,844,257 |
Net Asset Value, offering price and redemption price per share ($13,168,844,257 ÷ 679,055,499 shares) | | | $ | 19.39 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 109,610,193 |
| Interest | | | | 31,009 |
| Income from Fidelity Central Funds (including $12,902 from security lending) | | | | 982,993 |
| Total income | | | | 110,624,195 |
| Expenses | | | | |
| Management fee | $ | 5,346,520 | | |
| Custodian fees and expenses | | 73,355 | | |
| Independent trustees' fees and expenses | | 14,575 | | |
| Registration fees | | 460,751 | | |
| Audit | | 23,163 | | |
| Legal | | 7,094 | | |
| Interest | | 241,916 | | |
| Miscellaneous | | 17,818 | | |
| Total expenses before reductions | | 6,185,192 | | |
| Expense reductions | | (359) | | |
| Total expenses after reductions | | | | 6,184,833 |
| Net Investment income (loss) | | | | 104,439,362 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 51,213,945 | | |
| Fidelity Central Funds | | 576 | | |
| Futures contracts | | 2,540,426 | | |
| Total net realized gain (loss) | | | | 53,754,947 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 1,005,987,801 | | |
| Futures contracts | | (17,317) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 1,005,970,484 |
| Net gain (loss) | | | | 1,059,725,431 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 1,164,164,793 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 104,439,362 | $ | 166,041,806 |
| Net realized gain (loss) | | 53,754,947 | | (24,846,002) |
| Change in net unrealized appreciation (depreciation) | | 1,005,970,484 | | 312,163,380 |
| Net increase (decrease) in net assets resulting from operations | | 1,164,164,793 | | 453,359,184 |
| Distributions to shareholders | | (162,945,805) | | (303,046,026) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 4,150,043,084 | | 5,108,381,896 |
| Reinvestment of distributions | | 159,625,369 | | 300,330,158 |
| Cost of shares redeemed | | (1,716,803,644) | | (3,696,540,350) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 2,592,864,809 | | 1,712,171,704 |
| Total increase (decrease) in net assets | | 3,594,083,797 | | 1,862,484,862 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 9,574,760,460 | | 7,712,275,598 |
| End of period | $ | 13,168,844,257 | $ | 9,574,760,460 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 211,423,462 | | 294,395,239 |
| Issued in reinvestment of distributions | | 8,689,459 | | 17,887,442 |
| Redeemed | | (91,672,435) | | (215,136,108) |
| Net increase (decrease) | | 128,440,486 | | 97,146,573 |
| | | | | |
Financial Highlights
Fidelity® SAI U.S. Low Volatility Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 17.39 | $ | 17.01 | $ | 19.26 | $ | 14.87 | $ | 15.12 | $ | 13.18 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .19 | | .35 | | .33 | | .31 | | .30 | | .29 |
| Net realized and unrealized gain (loss) | | 2.13 | | .71 | | (1.90) | | 4.30 | | .03 | | 1.98 |
| Total from investment operations | | 2.32 | | 1.06 | | (1.57) | | 4.61 | | .33 | | 2.27 |
| Distributions from net investment income | | (.32) | | (.35) | | (.34) | | (.22) | | (.24) | | (.20) |
| Distributions from net realized gain | | - | | (.34) | | (.35) | | - | | (.34) | | (.13) |
| Total distributions | | (.32) | | (.68) C | | (.68) C | | (.22) | | (.58) | | (.33) |
| Net asset value, end of period | $ | 19.39 | $ | 17.39 | $ | 17.01 | $ | 19.26 | $ | 14.87 | $ | 15.12 |
Total Return D,E | | | | 6.39% | | (8.39)% | | 31.25% | | 2.16% | | 17.62% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .12% H,I | | .11% | | .11% | | .11% | | .12% | | .19% |
| Expenses net of fee waivers, if any | | | | .11% | | .11% | | .11% | | .12% | | .15% |
| Expenses net of all reductions | | .12% H,I | | .11% | | .11% | | .11% | | .12% | | .15% |
| Net investment income (loss) | | 1.95% H,I | | 2.01% | | 1.85% | | 1.76% | | 2.06% | | 2.05% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 13,168,844 | $ | 9,574,760 | $ | 7,712,276 | $ | 7,816,045 | $ | 5,243,996 | $ | 4,120,541 |
Portfolio turnover rate J | | | | 50% | | 41% | | 44% | | 49% | | 72% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HProxy expenses are not annualized.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1.Organization.
Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI International Low Volatility Index Fund, and Fidelity SAI U.S. Low Volatility Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain clients of Fidelity Management & Research Company (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2.Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds,and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3.Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends or foreign taxes withheld or foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable. Fidelity SAI International Low Volatility Index Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity SAI Emerging Markets Low Volatility Index Fund is subject to a tax imposed on capital gainsby certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses or Deferred taxes on each applicable Fund's Statement of Assets & 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 partnerships, futures contracts, certain foreign taxes, foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| | Tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized depreciation ($) | Net unrealized appreciation (depreciation) ($) |
Fidelity SAI Emerging Markets Low Volatility Index Fund | 3,127,174,656 | 561,705,546 | (207,146,581) | 354,558,965 |
Fidelity SAI International Low Volatility Index Fund | 6,191,783,618 | 929,992,353 | (458,514,243) | 471,478,110 |
Fidelity SAI U.S. Low Volatility Index Fund | 10,790,740,852 | 2,765,172,948 | (365,874,966) | 2,399,297,982 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| | Short-term ($) | Long-term ($) | Total capital loss carryforward ($) |
Fidelity SAI Emerging Markets Low Volatility Index Fund | (3,358,628) | - | (3,358,628) |
Fidelity SAI International Low Volatility Index Fund | (71,961,889) | (171,061,148) | (243,023,037) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4.Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5.Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 618,965,109 | 647,292,188 |
| Fidelity SAI International Low Volatility Index Fund | 1,274,219,631 | 1,197,188,449 |
| Fidelity SAI U.S. Low Volatility Index Fund | 4,584,263,433 | 2,057,569,349 |
6.Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. Each Fund's management fee is equal to the following annualized rate of average net assets:
| Fidelity SAI Emerging Markets Low Volatility Index Fund | .15% |
| Fidelity SAI International Low Volatility Index Fund | .15% |
| Fidelity SAI U.S. Low Volatility Index Fund | .10% |
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity SAI Emerging Markets Low Volatility Index Fund | Borrower | 36,619,296 | 5.57% | 152,932 |
Fidelity SAI International Low Volatility Index Fund | Borrower | 32,940,321 | 5.57% | 142,693 |
Fidelity SAI U.S. Low Volatility Index Fund | Borrower | 86,929,500 | 5.57% | 241,916 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| | Amount ($) |
| Fidelity SAI International Low Volatility Index Fund | 406,453 |
7.Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations,and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 3,240 |
| Fidelity SAI International Low Volatility Index Fund | 6,240 |
| Fidelity SAI U.S. Low Volatility Index Fund | 9,474 |
8.Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 37 | - | - |
| Fidelity SAI International Low Volatility Index Fund | 44,215 | - | - |
| Fidelity SAI U.S. Low Volatility Index Fund | 1,347 | 21 | - |
9.Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of Fidelity SAI Emerging Markets Low Volatility Index Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
The following Funds were in reimbursement during the period:
| | Expense Limitations | Reimbursement ($) |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | .25% | 8,911 |
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
| | Custodian credits ($) |
Fidelity SAI International Low Volatility Index Fund | 38,530 |
Fidelity SAI U.S. Low Volatility Index Fund | 359 |
10.Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Emerging Markets Fund | Strategic Advisers Fidelity Emerging Markets Fund | Strategic Advisers Fidelity International Fund | Strategic Advisers International Fund | Strategic Advisers Fidelity U.S. Total Stock Fund | Strategic Advisers Large Cap Fund |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 18% | 25% | - | - | - | - |
| Fidelity SAI International Low Volatility Index Fund | - | - | 33% | 14% | - | - |
| Fidelity SAI U.S. Low Volatility Index Fund | - | - | - | - | 48% | 13% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 43% |
| Fidelity SAI International Low Volatility Index Fund | 47% |
| Fidelity SAI U.S. Low Volatility Index Fund | 61% |
11.Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 (November 1, 2023 to April 30, 2024). |
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
| Fidelity® SAI Emerging Markets Low Volatility Index Fund | | | | .26% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,108.70 | | $ 1.36 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,023.57 | | $ 1.31 |
| | | | | | | | | | |
| Fidelity® SAI International Low Volatility Index Fund | | | | .17% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,098.70 | | $ .89 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.02 | | $ .86 |
| | | | | | | | | | |
| Fidelity® SAI U.S. Low Volatility Index Fund | | | | .12% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,134.70 | | $ .64 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.27 | | $ .60 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9867662.108
SV1-SV2-SANN-0624
Fidelity® U.S. Sustainability Index Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
| |
| Microsoft Corp. | 10.4 | |
| NVIDIA Corp. | 8.1 | |
| Alphabet, Inc. Class A | 3.7 | |
| Alphabet, Inc. Class C | 3.2 | |
| Eli Lilly & Co. | 2.7 | |
| Tesla, Inc. | 2.1 | |
| Visa, Inc. Class A | 1.7 | |
| MasterCard, Inc. Class A | 1.6 | |
| Procter & Gamble Co. | 1.5 | |
| Johnson & Johnson | 1.4 | |
| | 36.4 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Information Technology | 28.5 | |
| Health Care | 11.0 | |
| Financials | 11.0 | |
| Communication Services | 9.5 | |
| Industrials | 8.2 | |
| Consumer Discretionary | 7.9 | |
| Consumer Staples | 5.2 | |
| Materials | 2.5 | |
| Energy | 1.9 | |
| Real Estate | 1.9 | |
| Utilities | 0.9 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 11.4% |
|
Showing Percentage of Net Assets
| Common Stocks - 88.5% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 9.5% | | | |
| Diversified Telecommunication Services - 0.6% | | | |
| Liberty Global Ltd. Class C | | 23,277 | 381,044 |
| Verizon Communications, Inc. | | 583,958 | 23,060,501 |
| | | | 23,441,545 |
| Entertainment - 1.1% | | | |
| Electronic Arts, Inc. | | 55,752 | 7,070,469 |
| Take-Two Interactive Software, Inc. (a) | | 32,062 | 4,578,774 |
| The Walt Disney Co. | | 271,639 | 30,179,093 |
| | | | 41,828,336 |
| Interactive Media & Services - 7.0% | | | |
| Alphabet, Inc.: | | | |
| Class A | | 823,241 | 134,007,170 |
| Class C | | 724,282 | 119,245,788 |
| Snap, Inc. Class A (a) | | 187,498 | 2,821,845 |
| | | | 256,074,803 |
| Media - 0.8% | | | |
| Comcast Corp. Class A | | 557,702 | 21,254,023 |
| Fox Corp. Class A | | 49,572 | 1,537,228 |
| Interpublic Group of Companies, Inc. | | 53,278 | 1,621,782 |
| Omnicom Group, Inc. | | 27,303 | 2,534,811 |
| Sirius XM Holdings, Inc. | | 105,742 | 310,881 |
| | | | 27,258,725 |
TOTAL COMMUNICATION SERVICES | | | 348,603,409 |
| CONSUMER DISCRETIONARY - 7.9% | | | |
| Automobile Components - 0.1% | | | |
| Aptiv PLC (a) | | 39,076 | 2,774,396 |
| BorgWarner, Inc. | | 32,344 | 1,059,913 |
| Lear Corp. | | 8,083 | 1,017,407 |
| | | | 4,851,716 |
| Automobiles - 2.1% | | | |
| Rivian Automotive, Inc. (a) | | 91,083 | 810,639 |
| Tesla, Inc. (a) | | 418,013 | 76,613,423 |
| | | | 77,424,062 |
| Broadline Retail - 0.3% | | | |
| eBay, Inc. | | 54,191 | 2,793,004 |
| MercadoLibre, Inc. (a) | | 6,327 | 9,229,195 |
| | | | 12,022,199 |
| Distributors - 0.2% | | | |
| Genuine Parts Co. | | 18,853 | 2,963,880 |
| LKQ Corp. | | 37,030 | 1,597,104 |
| Pool Corp. | | 5,400 | 1,957,662 |
| | | | 6,518,646 |
| Hotels, Restaurants & Leisure - 1.6% | | | |
| Booking Holdings, Inc. | | 4,857 | 16,766,510 |
| Hilton Worldwide Holdings, Inc. | | 35,575 | 7,018,236 |
| McDonald's Corp. | | 100,624 | 27,474,377 |
| Vail Resorts, Inc. | | 5,249 | 994,003 |
| Yum! Brands, Inc. | | 38,699 | 5,466,234 |
| | | | 57,719,360 |
| Household Durables - 0.2% | | | |
| NVR, Inc. (a) | | 441 | 3,280,533 |
| PulteGroup, Inc. | | 30,301 | 3,376,137 |
| | | | 6,656,670 |
| Leisure Products - 0.0% | | | |
| Hasbro, Inc. | | 18,136 | 1,111,737 |
| Specialty Retail - 2.7% | | | |
| AutoZone, Inc. (a) | | 2,395 | 7,080,578 |
| Best Buy Co., Inc. | | 27,085 | 1,994,539 |
| Burlington Stores, Inc. (a) | | 8,976 | 1,615,141 |
| CarMax, Inc. (a) | | 21,832 | 1,483,921 |
| Lowe's Companies, Inc. | | 79,683 | 18,166,927 |
| The Home Depot, Inc. | | 138,530 | 46,299,497 |
| TJX Companies, Inc. | | 157,951 | 14,861,610 |
| Tractor Supply Co. | | 15,022 | 4,102,208 |
| Ulta Beauty, Inc. (a) | | 6,797 | 2,751,697 |
| | | | 98,356,118 |
| Textiles, Apparel & Luxury Goods - 0.7% | | | |
| Deckers Outdoor Corp. (a) | | 3,611 | 2,955,495 |
| lululemon athletica, Inc. (a) | | 15,927 | 5,743,276 |
| NIKE, Inc. Class B | | 169,009 | 15,592,770 |
| | | | 24,291,541 |
TOTAL CONSUMER DISCRETIONARY | | | 288,952,049 |
| CONSUMER STAPLES - 5.2% | | | |
| Beverages - 2.0% | | | |
| Keurig Dr. Pepper, Inc. | | 144,705 | 4,876,559 |
| PepsiCo, Inc. | | 191,106 | 33,617,456 |
| The Coca-Cola Co. | | 570,531 | 35,241,700 |
| | | | 73,735,715 |
| Consumer Staples Distribution & Retail - 0.4% | | | |
| Kroger Co. | | 94,336 | 5,224,328 |
| Target Corp. | | 64,113 | 10,320,911 |
| | | | 15,545,239 |
| Food Products - 0.6% | | | |
| Bunge Global SA | | 20,829 | 2,119,559 |
| Campbell Soup Co. | | 26,648 | 1,218,080 |
| Conagra Brands, Inc. | | 66,116 | 2,035,050 |
| Darling Ingredients, Inc. (a) | | 21,946 | 929,852 |
| General Mills, Inc. | | 77,564 | 5,465,159 |
| Hormel Foods Corp. | | 41,357 | 1,470,655 |
| Kellanova | | 37,861 | 2,190,637 |
| Lamb Weston Holdings, Inc. | | 20,037 | 1,669,884 |
| McCormick & Co., Inc. (non-vtg.) | | 34,724 | 2,641,107 |
| The J.M. Smucker Co. | | 14,680 | 1,685,998 |
| | | | 21,425,981 |
| Household Products - 2.2% | | | |
| Church & Dwight Co., Inc. | | 33,968 | 3,664,808 |
| Colgate-Palmolive Co. | | 108,439 | 9,967,713 |
| Kimberly-Clark Corp. | | 45,366 | 6,193,820 |
| Procter & Gamble Co. | | 345,385 | 56,366,832 |
| The Clorox Co. | | 17,132 | 2,533,309 |
| | | | 78,726,482 |
TOTAL CONSUMER STAPLES | | | 189,433,417 |
| ENERGY - 1.9% | | | |
| Energy Equipment & Services - 0.5% | | | |
| Baker Hughes Co. Class A | | 139,399 | 4,547,195 |
| Halliburton Co. | | 124,086 | 4,649,502 |
| Schlumberger Ltd. | | 197,776 | 9,390,404 |
| | | | 18,587,101 |
| Oil, Gas & Consumable Fuels - 1.4% | | | |
| Cheniere Energy, Inc. | | 33,225 | 5,243,570 |
| HF Sinclair Corp. | | 22,094 | 1,198,600 |
| Kinder Morgan, Inc. | | 276,927 | 5,062,226 |
| Marathon Petroleum Corp. | | 52,843 | 9,602,630 |
| ONEOK, Inc. | | 80,433 | 6,363,859 |
| Phillips 66 Co. | | 61,483 | 8,804,980 |
| Targa Resources Corp. | | 29,359 | 3,348,688 |
| The Williams Companies, Inc. | | 167,951 | 6,442,600 |
| Valero Energy Corp. | | 39,228 | 6,271,380 |
| | | | 52,338,533 |
TOTAL ENERGY | | | 70,925,634 |
| FINANCIALS - 11.0% | | | |
| Banks - 0.9% | | | |
| Citizens Financial Group, Inc. | | 65,296 | 2,227,247 |
| Huntington Bancshares, Inc. | | 200,013 | 2,694,175 |
| PNC Financial Services Group, Inc. | | 54,986 | 8,427,154 |
| Regions Financial Corp. | | 124,869 | 2,406,226 |
| Truist Financial Corp. | | 183,925 | 6,906,384 |
| U.S. Bancorp | | 215,801 | 8,767,995 |
| | | | 31,429,181 |
| Capital Markets - 3.4% | | | |
| Ameriprise Financial, Inc. | | 16,414 | 6,759,121 |
| Bank of New York Mellon Corp. | | 105,335 | 5,950,374 |
| BlackRock, Inc. Class A | | 20,762 | 15,667,836 |
| Cboe Global Markets, Inc. | | 14,577 | 2,640,624 |
| Charles Schwab Corp. | | 230,476 | 17,043,700 |
| FactSet Research Systems, Inc. | | 5,271 | 2,197,427 |
| Franklin Resources, Inc. | | 41,195 | 940,894 |
| Intercontinental Exchange, Inc. | | 81,891 | 10,544,285 |
| LPL Financial | | 11,496 | 3,093,918 |
| MarketAxess Holdings, Inc. | | 5,184 | 1,037,267 |
| Moody's Corp. | | 23,899 | 8,850,517 |
| Morgan Stanley | | 171,595 | 15,587,690 |
| NASDAQ, Inc. | | 47,501 | 2,842,935 |
| Northern Trust Corp. | | 28,604 | 2,356,684 |
| Raymond James Financial, Inc. | | 27,395 | 3,342,190 |
| S&P Global, Inc. | | 48,636 | 20,224,308 |
| State Street Corp. | | 42,123 | 3,053,496 |
| T. Rowe Price Group, Inc. | | 30,978 | 3,394,259 |
| | | | 125,527,525 |
| Consumer Finance - 0.8% | | | |
| Ally Financial, Inc. | | 37,352 | 1,432,449 |
| American Express Co. | | 81,575 | 19,090,997 |
| Discover Financial Services | | 34,522 | 4,374,973 |
| Synchrony Financial | | 57,825 | 2,543,144 |
| | | | 27,441,563 |
| Financial Services - 3.9% | | | |
| Equitable Holdings, Inc. | | 47,795 | 1,764,113 |
| Fidelity National Information Services, Inc. | | 81,821 | 5,557,282 |
| Fiserv, Inc. (a) | | 84,628 | 12,920,157 |
| MasterCard, Inc. Class A | | 127,146 | 57,368,275 |
| Visa, Inc. Class A | | 237,475 | 63,788,160 |
| | | | 141,397,987 |
| Insurance - 2.0% | | | |
| AFLAC, Inc. | | 76,892 | 6,432,016 |
| Allstate Corp. | | 36,120 | 6,142,567 |
| Arch Capital Group Ltd. (a) | | 51,498 | 4,817,123 |
| Assurant, Inc. | | 7,296 | 1,272,422 |
| Hartford Financial Services Group, Inc. | | 41,413 | 4,012,506 |
| Marsh & McLennan Companies, Inc. | | 68,815 | 13,723,775 |
| Principal Financial Group, Inc. | | 31,963 | 2,529,552 |
| Progressive Corp. | | 89,586 | 18,656,285 |
| Prudential Financial, Inc. | | 50,137 | 5,539,136 |
| The Travelers Companies, Inc. | | 31,611 | 6,706,590 |
| Willis Towers Watson PLC | | 14,194 | 3,564,681 |
| | | | 73,396,653 |
| Mortgage Real Estate Investment Trusts - 0.0% | | | |
| Annaly Capital Management, Inc. | | 67,961 | 1,273,589 |
TOTAL FINANCIALS | | | 400,466,498 |
| HEALTH CARE - 11.0% | | | |
| Biotechnology - 1.0% | | | |
| Amgen, Inc. | | 74,336 | 20,363,604 |
| Biogen, Inc. (a) | | 19,998 | 4,295,970 |
| Gilead Sciences, Inc. | | 172,040 | 11,217,008 |
| Repligen Corp. (a) | | 8,092 | 1,328,706 |
| | | | 37,205,288 |
| Health Care Equipment & Supplies - 1.0% | | | |
| Align Technology, Inc. (a) | | 10,042 | 2,835,660 |
| DexCom, Inc. (a) | | 53,557 | 6,822,626 |
| Edwards Lifesciences Corp. (a) | | 83,939 | 7,107,115 |
| Hologic, Inc. (a) | | 32,795 | 2,484,877 |
| IDEXX Laboratories, Inc. (a) | | 11,462 | 5,648,015 |
| Insulet Corp. (a) | | 9,657 | 1,660,425 |
| STERIS PLC | | 13,639 | 2,789,994 |
| Teleflex, Inc. | | 6,466 | 1,349,778 |
| The Cooper Companies, Inc. | | 27,364 | 2,437,038 |
| Zimmer Biomet Holdings, Inc. | | 28,854 | 3,470,559 |
| | | | 36,606,087 |
| Health Care Providers & Services - 1.7% | | | |
| Cencora, Inc. | | 26,350 | 6,298,968 |
| Cigna Group | | 41,494 | 14,815,018 |
| DaVita, Inc. (a) | | 7,538 | 1,047,857 |
| Elevance Health, Inc. | | 32,536 | 17,197,879 |
| HCA Holdings, Inc. | | 27,874 | 8,635,923 |
| Humana, Inc. | | 17,108 | 5,168,156 |
| Laboratory Corp. of America Holdings | | 11,521 | 2,319,984 |
| Molina Healthcare, Inc. (a) | | 8,050 | 2,753,905 |
| Quest Diagnostics, Inc. | | 15,514 | 2,143,725 |
| | | | 60,381,415 |
| Life Sciences Tools & Services - 1.3% | | | |
| Agilent Technologies, Inc. | | 40,407 | 5,537,375 |
| Avantor, Inc. (a) | | 106,239 | 2,574,171 |
| Bio-Techne Corp. | | 21,774 | 1,376,335 |
| Danaher Corp. | | 106,904 | 26,364,664 |
| Illumina, Inc. (a) | | 21,862 | 2,690,119 |
| Mettler-Toledo International, Inc. (a) | | 3,020 | 3,713,694 |
| Waters Corp. (a) | | 8,165 | 2,523,312 |
| West Pharmaceutical Services, Inc. | | 10,671 | 3,814,669 |
| | | | 48,594,339 |
| Pharmaceuticals - 6.0% | | | |
| Bristol-Myers Squibb Co. | | 281,212 | 12,356,455 |
| Eli Lilly & Co. | | 124,968 | 97,612,505 |
| Jazz Pharmaceuticals PLC (a) | | 8,253 | 914,020 |
| Johnson & Johnson | | 348,163 | 50,340,888 |
| Merck & Co., Inc. | | 372,914 | 48,187,947 |
| Zoetis, Inc. Class A | | 63,560 | 10,121,294 |
| | | | 219,533,109 |
TOTAL HEALTH CARE | | | 402,320,238 |
| INDUSTRIALS - 8.2% | | | |
| Aerospace & Defense - 0.1% | | | |
| Axon Enterprise, Inc. (a) | | 9,814 | 3,078,259 |
| Air Freight & Logistics - 0.5% | | | |
| C.H. Robinson Worldwide, Inc. | | 16,021 | 1,137,491 |
| Expeditors International of Washington, Inc. | | 19,847 | 2,209,170 |
| United Parcel Service, Inc. Class B | | 100,170 | 14,773,072 |
| | | | 18,119,733 |
| Building Products - 1.1% | | | |
| Allegion PLC | | 12,078 | 1,468,202 |
| Builders FirstSource, Inc. (a) | | 21,281 | 3,890,592 |
| Carrier Global Corp. | | 112,609 | 6,924,327 |
| Fortune Brands Innovations, Inc. | | 17,460 | 1,276,326 |
| Johnson Controls International PLC | | 93,935 | 6,112,350 |
| Lennox International, Inc. | | 6,664 | 3,088,231 |
| Masco Corp. | | 34,861 | 2,386,235 |
| Owens Corning | | 15,362 | 2,584,042 |
| Trane Technologies PLC | | 38,908 | 12,347,065 |
| | | | 40,077,370 |
| Commercial Services & Supplies - 0.6% | | | |
| Cintas Corp. | | 12,757 | 8,398,443 |
| Waste Management, Inc. | | 55,920 | 11,632,478 |
| | | | 20,030,921 |
| Construction & Engineering - 0.2% | | | |
| AECOM | | 18,247 | 1,685,293 |
| Quanta Services, Inc. | | 20,046 | 5,183,094 |
| | | | 6,868,387 |
| Electrical Equipment - 0.9% | | | |
| Eaton Corp. PLC | | 63,867 | 20,326,311 |
| Emerson Electric Co. | | 78,910 | 8,504,920 |
| Rockwell Automation, Inc. | | 15,860 | 4,297,426 |
| | | | 33,128,657 |
| Ground Transportation - 1.2% | | | |
| CSX Corp. | | 274,216 | 9,109,456 |
| J.B. Hunt Transport Services, Inc. | | 11,429 | 1,858,013 |
| Knight-Swift Transportation Holdings, Inc. Class A | | 22,194 | 1,026,029 |
| Norfolk Southern Corp. | | 31,350 | 7,220,532 |
| Old Dominion Freight Lines, Inc. | | 28,211 | 5,126,221 |
| Union Pacific Corp. | | 88,596 | 21,011,427 |
| | | | 45,351,678 |
| Industrial Conglomerates - 0.2% | | | |
| 3M Co. | | 76,226 | 7,356,571 |
| Machinery - 1.9% | | | |
| Caterpillar, Inc. | | 77,493 | 25,926,833 |
| Cummins, Inc. | | 19,560 | 5,525,504 |
| Dover Corp. | | 18,893 | 3,387,515 |
| Fortive Corp. | | 48,609 | 3,658,799 |
| Graco, Inc. | | 23,373 | 1,874,515 |
| IDEX Corp. | | 10,450 | 2,303,807 |
| Illinois Tool Works, Inc. | | 41,751 | 10,191,837 |
| Ingersoll Rand, Inc. | | 63,145 | 5,892,691 |
| Otis Worldwide Corp. | | 55,773 | 5,086,498 |
| Pentair PLC | | 22,719 | 1,796,846 |
| Toro Co. | | 14,289 | 1,251,574 |
| Xylem, Inc. | | 33,254 | 4,346,298 |
| | | | 71,242,717 |
| Passenger Airlines - 0.0% | | | |
| Delta Air Lines, Inc. | | 22,135 | 1,108,299 |
| Professional Services - 0.8% | | | |
| Automatic Data Processing, Inc. | | 57,098 | 13,811,435 |
| Broadridge Financial Solutions, Inc. | | 16,347 | 3,161,673 |
| Dayforce, Inc. (a) | | 21,619 | 1,326,758 |
| Paychex, Inc. | | 44,893 | 5,333,737 |
| Paylocity Holding Corp. (a) | | 6,416 | 995,507 |
| Robert Half, Inc. | | 14,734 | 1,018,709 |
| TransUnion | | 27,025 | 1,972,825 |
| | | | 27,620,644 |
| Trading Companies & Distributors - 0.7% | | | |
| Fastenal Co. | | 79,525 | 5,402,929 |
| Ferguson PLC | | 32,578 | 6,838,122 |
| United Rentals, Inc. | | 11,218 | 7,493,512 |
| W.W. Grainger, Inc. | | 7,338 | 6,760,866 |
| | | | 26,495,429 |
TOTAL INDUSTRIALS | | | 300,478,665 |
| INFORMATION TECHNOLOGY - 28.5% | | | |
| Electronic Equipment, Instruments & Components - 0.2% | | | |
| Keysight Technologies, Inc. (a) | | 24,513 | 3,626,453 |
| Trimble, Inc. (a) | | 34,365 | 2,064,306 |
| | | | 5,690,759 |
| IT Services - 1.6% | | | |
| Accenture PLC Class A | | 94,990 | 28,583,441 |
| Akamai Technologies, Inc. (a) | | 20,963 | 2,115,796 |
| Gartner, Inc. (a) | | 13,499 | 5,569,552 |
| IBM Corp. | | 136,754 | 22,728,515 |
| Twilio, Inc. Class A (a) | | 23,821 | 1,426,401 |
| | | | 60,423,705 |
| Semiconductors & Semiconductor Equipment - 10.7% | | | |
| Applied Materials, Inc. | | 118,531 | 23,546,183 |
| Intel Corp. | | 591,601 | 18,026,082 |
| Lam Research Corp. | | 18,578 | 16,616,349 |
| Marvell Technology, Inc. | | 123,674 | 8,151,353 |
| NVIDIA Corp. | | 342,706 | 296,104,838 |
| NXP Semiconductors NV | | 36,594 | 9,375,017 |
| Texas Instruments, Inc. | | 111,260 | 19,628,489 |
| | | | 391,448,311 |
| Software - 15.7% | | | |
| Adobe, Inc. (a) | | 67,248 | 31,124,392 |
| ANSYS, Inc. (a) | | 12,320 | 4,002,522 |
| Autodesk, Inc. (a) | | 35,020 | 7,454,007 |
| Cadence Design Systems, Inc. (a) | | 45,032 | 12,412,170 |
| DocuSign, Inc. (a) | | 32,539 | 1,841,707 |
| Fair Isaac Corp. (a) | | 4,474 | 5,070,518 |
| Gen Digital, Inc. | | 86,928 | 1,750,730 |
| HubSpot, Inc. (a) | | 8,527 | 5,157,726 |
| Intuit, Inc. | | 45,041 | 28,178,550 |
| Microsoft Corp. | | 979,318 | 381,277,877 |
| PTC, Inc. (a) | | 30,062 | 5,334,201 |
| Salesforce, Inc. | | 148,417 | 39,915,268 |
| ServiceNow, Inc. (a) | | 36,160 | 25,070,813 |
| Synopsys, Inc. (a) | | 24,163 | 12,820,646 |
| Workday, Inc. Class A (a) | | 38,989 | 9,541,778 |
| Zscaler, Inc. (a) | | 18,127 | 3,134,883 |
| | | | 574,087,788 |
| Technology Hardware, Storage & Peripherals - 0.3% | | | |
| Hewlett Packard Enterprise Co. | | 137,659 | 2,340,203 |
| HP, Inc. | | 111,186 | 3,123,215 |
| NetApp, Inc. | | 28,846 | 2,948,350 |
| Seagate Technology Holdings PLC | | 17,534 | 1,506,346 |
| Western Digital Corp. (a) | | 19,564 | 1,385,718 |
| | | | 11,303,832 |
TOTAL INFORMATION TECHNOLOGY | | | 1,042,954,395 |
| MATERIALS - 2.5% | | | |
| Chemicals - 1.7% | | | |
| Ecolab, Inc. | | 38,295 | 8,660,414 |
| International Flavors & Fragrances, Inc. | | 35,252 | 2,984,082 |
| Linde PLC | | 71,122 | 31,361,957 |
| LyondellBasell Industries NV Class A | | 35,815 | 3,580,426 |
| PPG Industries, Inc. | | 32,518 | 4,194,822 |
| Sherwin-Williams Co. | | 37,860 | 11,343,235 |
| | | | 62,124,936 |
| Construction Materials - 0.1% | | | |
| Martin Marietta Materials, Inc. | | 8,769 | 5,148,017 |
| Containers & Packaging - 0.3% | | | |
| Amcor PLC | | 200,064 | 1,788,572 |
| Avery Dennison Corp. | | 11,139 | 2,420,282 |
| Ball Corp. | | 43,528 | 3,028,243 |
| International Paper Co. | | 45,502 | 1,589,840 |
| WestRock Co. | | 35,281 | 1,692,077 |
| | | | 10,519,014 |
| Metals & Mining - 0.4% | | | |
| Newmont Corp. | | 159,127 | 6,466,921 |
| Nucor Corp. | | 34,339 | 5,787,152 |
| Steel Dynamics, Inc. | | 21,156 | 2,752,819 |
| | | | 15,006,892 |
TOTAL MATERIALS | | | 92,798,859 |
| REAL ESTATE - 1.9% | | | |
| Equity Real Estate Investment Trusts (REITs) - 1.8% | | | |
| American Tower Corp. | | 65,156 | 11,178,163 |
| Boston Properties, Inc. | | 20,505 | 1,269,054 |
| Crown Castle, Inc. | | 59,888 | 5,616,297 |
| Digital Realty Trust, Inc. | | 45,561 | 6,322,956 |
| Equinix, Inc. | | 13,894 | 9,880,162 |
| Healthpeak Properties, Inc. | | 97,751 | 1,819,146 |
| Iron Mountain, Inc. | | 44,273 | 3,432,043 |
| Prologis, Inc. | | 132,862 | 13,558,567 |
| SBA Communications Corp. Class A | | 14,969 | 2,786,030 |
| Welltower, Inc. | | 77,389 | 7,373,624 |
| Weyerhaeuser Co. | | 100,923 | 3,044,847 |
| | | | 66,280,889 |
| Real Estate Management & Development - 0.1% | | | |
| CBRE Group, Inc. (a) | | 41,743 | 3,627,049 |
TOTAL REAL ESTATE | | | 69,907,938 |
| UTILITIES - 0.9% | | | |
| Electric Utilities - 0.4% | | | |
| Edison International | | 52,913 | 3,759,998 |
| Eversource Energy | | 48,209 | 2,922,430 |
| Exelon Corp. | | 120,271 | 4,519,784 |
| NRG Energy, Inc. | | 35,175 | 2,556,167 |
| | | | 13,758,379 |
| Gas Utilities - 0.1% | | | |
| Atmos Energy Corp. | | 20,514 | 2,418,601 |
| Multi-Utilities - 0.3% | | | |
| CMS Energy Corp. | | 40,309 | 2,443,128 |
| Consolidated Edison, Inc. | | 47,614 | 4,494,762 |
| Sempra | | 78,151 | 5,597,956 |
| | | | 12,535,846 |
| Water Utilities - 0.1% | | | |
| American Water Works Co., Inc. | | 26,897 | 3,290,041 |
| Essential Utilities, Inc. | | 34,576 | 1,264,790 |
| | | | 4,554,831 |
TOTAL UTILITIES | | | 33,267,657 |
| TOTAL COMMON STOCKS (Cost $2,495,235,694) | | | 3,240,108,759 |
| | | | |
| U.S. Treasury Obligations - 0.3% |
| | | Principal Amount (b) | Value ($) |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (c) (Cost $9,968,005) | | 10,000,000 | 9,967,733 |
| | | | |
| Money Market Funds - 10.9% |
| | | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (d) (Cost $397,804,051) | | 397,724,506 | 397,804,051 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.7% (Cost $2,903,007,750) | 3,647,880,543 |
NET OTHER ASSETS (LIABILITIES) - 0.3% | 11,968,474 |
| NET ASSETS - 100.0% | 3,659,849,017 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| CME E-mini NASDAQ 100 Index Contracts (United States) | 237 | Jun 2024 | 83,287,725 | (3,450,566) | (3,450,566) |
| CME E-mini S&P 500 Index Contracts (United States) | 1,318 | Jun 2024 | 333,915,300 | (8,330,746) | (8,330,746) |
| | | | | | |
| TOTAL FUTURES CONTRACTS | | | | | (11,781,312) |
| The notional amount of futures purchased as a percentage of Net Assets is 11.4% |
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $234,890,884.
Legend
| (b) | Amount is stated in United States dollars unless otherwise noted. |
| (c) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $9,967,733. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 16,961,349 | 733,130,202 | 352,287,676 | 5,041,396 | 176 | - | 397,804,051 | 0.8% |
| Total | 16,961,349 | 733,130,202 | 352,287,676 | 5,041,396 | 176 | - | 397,804,051 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 348,603,409 | 348,603,409 | - | - |
Consumer Discretionary | 288,952,049 | 288,952,049 | - | - |
Consumer Staples | 189,433,417 | 189,433,417 | - | - |
Energy | 70,925,634 | 70,925,634 | - | - |
Financials | 400,466,498 | 400,466,498 | - | - |
Health Care | 402,320,238 | 402,320,238 | - | - |
Industrials | 300,478,665 | 300,478,665 | - | - |
Information Technology | 1,042,954,395 | 1,042,954,395 | - | - |
Materials | 92,798,859 | 92,798,859 | - | - |
Real Estate | 69,907,938 | 69,907,938 | - | - |
Utilities | 33,267,657 | 33,267,657 | - | - |
|
| U.S. Government and Government Agency Obligations | 9,967,733 | - | 9,967,733 | - |
|
| Money Market Funds | 397,804,051 | 397,804,051 | - | - |
| Total Investments in Securities: | 3,647,880,543 | 3,637,912,810 | 9,967,733 | - |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (11,781,312) | (11,781,312) | - | - |
| Total Liabilities | (11,781,312) | (11,781,312) | - | - |
| Total Derivative Instruments: | (11,781,312) | (11,781,312) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 0 | (11,781,312) |
| Total Equity Risk | 0 | (11,781,312) |
| Total Value of Derivatives | 0 | (11,781,312) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $2,505,203,699) | $ | 3,250,076,492 | | |
Fidelity Central Funds (cost $397,804,051) | | 397,804,051 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $2,903,007,750) | | | $ | 3,647,880,543 |
| Segregated cash with brokers for derivative instruments | | | | 9,757,060 |
| Receivable for fund shares sold | | | | 6,591,381 |
| Dividends receivable | | | | 2,190,658 |
| Distributions receivable from Fidelity Central Funds | | | | 1,764,920 |
Total assets | | | | 3,668,184,562 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 1,193,258 | | |
| Accrued management fee | | 338,244 | | |
| Payable for daily variation margin on futures contracts | | 6,804,043 | | |
| Total liabilities | | | | 8,335,545 |
| Net Assets | | | $ | 3,659,849,017 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 2,999,010,947 |
| Total accumulated earnings (loss) | | | | 660,838,070 |
| Net Assets | | | $ | 3,659,849,017 |
Net Asset Value, offering price and redemption price per share ($3,659,849,017 ÷ 161,466,521 shares) | | | $ | 22.67 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 20,195,439 |
| Interest | | | | 206,586 |
| Income from Fidelity Central Funds | | | | 5,041,396 |
| Total income | | | | 25,443,421 |
| Expenses | | | | |
| Management fee | $ | 1,759,472 | | |
| Independent trustees' fees and expenses | | 4,247 | | |
| Miscellaneous | | 1,922 | | |
| Total expenses before reductions | | 1,765,641 | | |
| Expense reductions | | (967) | | |
| Total expenses after reductions | | | | 1,764,674 |
| Net Investment income (loss) | | | | 23,678,747 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (7,518,125) | | |
| Fidelity Central Funds | | 176 | | |
| Futures contracts | | 14,405,175 | | |
| Total net realized gain (loss) | | | | 6,887,226 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 551,514,283 | | |
| Futures contracts | | (11,682,666) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 539,831,617 |
| Net gain (loss) | | | | 546,718,843 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 570,397,590 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 23,678,747 | $ | 33,324,339 |
| Net realized gain (loss) | | 6,887,226 | | (73,445,153) |
| Change in net unrealized appreciation (depreciation) | | 539,831,617 | | 280,924,535 |
| Net increase (decrease) in net assets resulting from operations | | 570,397,590 | | 240,803,721 |
| Distributions to shareholders | | (32,020,496) | | (31,003,717) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 1,008,770,073 | | 667,415,739 |
| Reinvestment of distributions | | 29,325,296 | | 28,625,159 |
| Cost of shares redeemed | | (340,137,234) | | (661,727,724) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 697,958,135 | | 34,313,174 |
| Total increase (decrease) in net assets | | 1,236,335,229 | | 244,113,178 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 2,423,513,788 | | 2,179,400,610 |
| End of period | $ | 3,659,849,017 | $ | 2,423,513,788 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 46,158,922 | | 35,494,418 |
| Issued in reinvestment of distributions | | 1,430,502 | | 1,672,031 |
| Redeemed | | (15,857,794) | | (36,785,982) |
| Net increase (decrease) | | 31,731,630 | | 380,467 |
| | | | | |
Financial Highlights
Fidelity® U.S. Sustainability Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 18.68 | $ | 16.85 | $ | 20.91 | $ | 14.29 | $ | 13.18 | $ | 11.43 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .16 | | .27 | | .25 | | .23 | | .23 | | .23 |
| Net realized and unrealized gain (loss) | | 4.07 | | 1.81 | | (4.10) | | 6.56 | | 1.08 | | 1.69 |
| Total from investment operations | | 4.23 | | 2.08 | | (3.85) | | 6.79 | | 1.31 | | 1.92 |
| Distributions from net investment income | | (.24) | | (.25) | | (.17) | | (.17) | | (.18) | | (.15) |
| Distributions from net realized gain | | - | | - | | (.04) | | - | | (.02) | | (.02) |
| Total distributions | | (.24) | | (.25) | | (.21) | | (.17) | | (.20) | | (.17) |
| Net asset value, end of period | $ | 22.67 | $ | 18.68 | $ | 16.85 | $ | 20.91 | $ | 14.29 | $ | 13.18 |
Total Return C,D | | | | 12.47% | | (18.58)% | | 47.84% | | 9.99% | | 17.06% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
| Expenses before reductions | | .11% G,H | | .11% | | .11% | | .11% | | .11% | | .11% |
| Expenses net of fee waivers, if any | | | | .11% | | .11% | | .11% | | .11% | | .11% |
| Expenses net of all reductions | | .11% G,H | | .11% | | .11% | | .11% | | .11% | | .11% |
| Net investment income (loss) | | 1.48% G,H | | 1.48% | | 1.37% | | 1.28% | | 1.68% | | 1.84% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 3,659,849 | $ | 2,423,514 | $ | 2,179,401 | $ | 1,868,457 | $ | 488,752 | $ | 206,094 |
Portfolio turnover rate I | | | | 21% | | 9% | | 12% | | 10% | | 12% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HProxy expenses are not annualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity U.S. Sustainability Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $893,610,501 |
| Gross unrealized depreciation | (176,693,566) |
| Net unrealized appreciation (depreciation) | $716,916,935 |
| Tax cost | $2,919,182,296 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(60,057,755) |
Long-term | (24,963,602) |
| Total capital loss carryforward | $(85,021,357) |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity U.S. Sustainability Index Fund | 394,772,010 | 92,554,572 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .11% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $967.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 (November 1, 2023 to April 30, 2024). |
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
| Fidelity® U.S. Sustainability Index Fund | | | | .11% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,227.70 | | $ .61 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.32 | | $ .55 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9883816.106
USY-SANN-0624
Fidelity Flex® Funds
Fidelity Flex® International Index Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
| |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.2 | |
| Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.6 | |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 1.3 | |
| Tencent Holdings Ltd. (China, Interactive Media & Services) | 1.1 | |
| Nestle SA (Reg. S) (United States of America, Food Products) | 1.0 | |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 1.0 | |
| Toyota Motor Corp. (Japan, Automobiles) | 0.9 | |
| AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 0.9 | |
| Shell PLC (London) (United States of America, Oil, Gas & Consumable Fuels) | 0.9 | |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 0.9 | |
| | 11.8 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Financials | 21.7 | |
| Industrials | 12.2 | |
| Information Technology | 11.9 | |
| Consumer Discretionary | 11.2 | |
| Health Care | 9.0 | |
| Materials | 7.1 | |
| Consumer Staples | 7.1 | |
| Energy | 5.7 | |
| Communication Services | 4.9 | |
| Utilities | 2.4 | |
| Real Estate | 1.6 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 5.3% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 93.9% |
| | | Shares | Value ($) |
| Australia - 4.4% | | | |
| Ampol Ltd. | | 19,333 | 456,525 |
| ANZ Group Holdings Ltd. | | 244,664 | 4,414,700 |
| APA Group unit | | 103,273 | 551,114 |
| Aristocrat Leisure Ltd. | | 47,191 | 1,204,314 |
| ASX Ltd. | | 15,589 | 636,813 |
| Aurizon Holdings Ltd. | | 148,982 | 365,937 |
| BHP Group Ltd. | | 412,636 | 11,317,003 |
| BlueScope Steel Ltd. | | 35,959 | 524,837 |
| Brambles Ltd. | | 113,604 | 1,068,747 |
| CAR Group Ltd. | | 29,170 | 632,508 |
| Cochlear Ltd. | | 5,361 | 1,118,347 |
| Coles Group Ltd. | | 109,323 | 1,140,153 |
| Commonwealth Bank of Australia | | 136,262 | 9,983,853 |
| Computershare Ltd. | | 43,888 | 771,041 |
| DEXUS Property Group unit | | 87,726 | 398,470 |
| EBOS Group Ltd. | | 12,960 | 267,067 |
| Endeavour Group Ltd. | | 119,070 | 409,470 |
| Fortescue Ltd. | | 138,175 | 2,290,174 |
| Glencore PLC | | 844,989 | 4,916,623 |
| Goodman Group unit | | 139,224 | 2,812,274 |
| IDP Education Ltd. | | 22,035 | 229,757 |
| Insurance Australia Group Ltd. | | 197,334 | 817,550 |
| Macquarie Group Ltd. | | 29,726 | 3,559,347 |
| Magellan Financial Group Ltd. warrants 4/16/27 (a) | | 50 | 4 |
| Medibank Private Ltd. | | 221,687 | 508,076 |
| Mineral Resources Ltd. | | 14,141 | 641,469 |
| Mirvac Group unit | | 320,080 | 419,391 |
| National Australia Bank Ltd. | | 253,758 | 5,500,847 |
| Northern Star Resources Ltd. | | 94,245 | 893,323 |
| Orica Ltd. | | 39,571 | 458,182 |
| Origin Energy Ltd. | | 140,693 | 887,972 |
| Pilbara Minerals Ltd. | | 229,550 | 584,412 |
| Qantas Airways Ltd. (a) | | 66,101 | 249,393 |
| QBE Insurance Group Ltd. | | 121,848 | 1,393,815 |
| Ramsay Health Care Ltd. | | 15,329 | 513,831 |
| REA Group Ltd. | | 4,334 | 496,798 |
| Reece Ltd. | | 18,515 | 328,450 |
| Rio Tinto Ltd. | | 30,247 | 2,517,287 |
| Rio Tinto PLC | | 91,730 | 6,206,523 |
| Santos Ltd. | | 265,437 | 1,302,597 |
| Scentre Group unit | | 418,712 | 847,913 |
| SEEK Ltd. | | 28,561 | 441,206 |
| Seven Group Holdings Ltd. | | 13,462 | 327,115 |
| Sonic Healthcare Ltd. | | 36,748 | 631,539 |
| South32 Ltd. | | 364,566 | 831,750 |
| Stockland Corp. Ltd. unit | | 197,976 | 560,889 |
| Suncorp Group Ltd. | | 103,951 | 1,110,240 |
| Telstra Group Ltd. | | 332,333 | 785,174 |
| The GPT Group | | 156,723 | 421,496 |
| The Lottery Corp. Ltd. | | 179,214 | 559,057 |
| Transurban Group unit | | 251,559 | 2,019,632 |
| Treasury Wine Estates Ltd. | | 65,481 | 507,819 |
| Vicinity Centres unit | | 317,380 | 388,654 |
| Washington H. Soul Pattinson & Co. Ltd. | | 18,916 | 395,866 |
| Wesfarmers Ltd. | | 92,258 | 3,952,261 |
| Westpac Banking Corp. | | 285,181 | 4,735,814 |
| WiseTech Global Ltd. | | 13,650 | 804,156 |
| Woodside Energy Group Ltd. | | 154,853 | 2,774,503 |
| Woolworths Group Ltd. | | 99,530 | 2,042,069 |
TOTAL AUSTRALIA | | | 96,926,147 |
| Austria - 0.1% | | | |
| Erste Group Bank AG | | 28,061 | 1,313,762 |
| Mondi PLC | | 2,793 | 53,258 |
| Mondi PLC | | 32,695 | 620,573 |
| OMV AG | | 11,936 | 569,138 |
| Verbund AG | | 5,578 | 426,223 |
| Voestalpine AG | | 9,108 | 244,168 |
TOTAL AUSTRIA | | | 3,227,122 |
| Belgium - 0.5% | | | |
| Ageas | | 12,906 | 594,179 |
| Anheuser-Busch InBev SA NV | | 70,563 | 4,217,818 |
| D'ieteren Group | | 1,747 | 378,846 |
| Elia Group SA/NV | | 2,437 | 234,979 |
| Groupe Bruxelles Lambert SA | | 7,149 | 532,914 |
| KBC Group NV | | 20,419 | 1,523,202 |
| Lotus Bakeries SA | | 34 | 342,166 |
| Sofina SA | | 1,295 | 305,151 |
| Syensqo SA | | 5,976 | 556,062 |
| UCB SA | | 10,327 | 1,372,662 |
| Umicore SA | | 17,436 | 388,157 |
| Warehouses de Pauw | | 14,551 | 387,289 |
| Warehouses de Pauw rights (a)(b) | | 14,551 | 17,392 |
TOTAL BELGIUM | | | 10,850,817 |
| Brazil - 1.0% | | | |
| Ambev SA | | 378,200 | 884,938 |
| Atacadao SA | | 51,100 | 109,923 |
| B3 SA - Brasil Bolsa Balcao | | 455,800 | 947,133 |
| Banco Bradesco SA | | 131,268 | 312,459 |
| Banco BTG Pactual SA unit | | 95,400 | 613,635 |
| Banco do Brasil SA | | 140,000 | 739,283 |
| Banco Santander SA (Brasil) unit | | 29,000 | 161,403 |
| BB Seguridade Participacoes SA | | 57,100 | 354,085 |
| Caixa Seguridade Participacoes | | 47,100 | 142,046 |
| CCR SA | | 84,100 | 199,698 |
| Centrais Eletricas Brasileiras SA (Electrobras) | | 95,600 | 697,033 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 27,000 | 420,240 |
| Companhia Siderurgica Nacional SA (CSN) | | 52,100 | 139,666 |
| Cosan SA | | 101,708 | 284,013 |
| CPFL Energia SA (a) | | 18,700 | 114,881 |
| Energisa SA unit | | 20,400 | 177,183 |
| Eneva SA (a) | | 44,300 | 105,618 |
| ENGIE Brasil Energia SA | | 16,450 | 129,570 |
| Equatorial Energia SA | | 84,489 | 497,731 |
| Hapvida Participacoes e Investimentos SA (a)(c) | | 405,473 | 288,140 |
| Hypera SA (a) | | 29,800 | 169,413 |
| Klabin SA unit | | 62,800 | 278,649 |
| Localiza Rent a Car SA | | 74,194 | 700,561 |
| Lojas Renner SA | | 75,573 | 223,113 |
| Magazine Luiza SA (a) | | 302,855 | 79,321 |
| Natura & Co. Holding SA | | 75,093 | 239,917 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 303,344 | 2,585,604 |
| PRIO SA | | 65,100 | 601,779 |
| Raia Drogasil SA | | 104,724 | 515,896 |
| Rede D'Oregon Sao Luiz SA (c) | | 48,061 | 240,647 |
| Rumo SA | | 105,500 | 409,598 |
| Sendas Distribuidora SA | | 112,000 | 282,987 |
| Suzano SA | | 64,922 | 730,913 |
| Telefonica Brasil SA | | 34,100 | 310,884 |
| TIM SA | | 71,500 | 242,483 |
| Totvs SA | | 46,600 | 247,152 |
| Ultrapar Participacoes SA | | 59,400 | 295,707 |
| Vale SA | | 277,326 | 3,380,188 |
| Vibra Energia SA | | 94,578 | 427,300 |
| Weg SA | | 137,060 | 1,043,932 |
| Wheaton Precious Metals Corp. | | 37,095 | 1,932,556 |
| Yara International ASA | | 13,489 | 385,539 |
TOTAL BRAZIL | | | 22,642,817 |
| Burkina Faso - 0.0% | | | |
| Endeavour Mining PLC | | 15,315 | 325,901 |
| Canada - 7.0% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 40,539 | 2,567,239 |
| Air Canada (a) | | 14,102 | 208,152 |
| Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 62,561 | 3,467,406 |
| AltaGas Ltd. (d) | | 23,653 | 518,540 |
| ARC Resources Ltd. | | 49,033 | 887,947 |
| Bank of Montreal | | 58,657 | 5,239,568 |
| Bank of Nova Scotia | | 98,791 | 4,532,481 |
| Barrick Gold Corp. (Canada) | | 143,568 | 2,386,108 |
| BCE, Inc. | | 5,709 | 187,570 |
| Brookfield Asset Management Ltd. Class A | | 28,607 | 1,092,828 |
| Brookfield Corp. (Canada) Class A | | 113,036 | 4,534,085 |
| CAE, Inc. (a) | | 26,266 | 506,756 |
| Cameco Corp. | | 35,468 | 1,618,236 |
| Canadian Apartment Properties (REIT) unit | | 6,910 | 215,083 |
| Canadian Imperial Bank of Commerce | | 76,830 | 3,586,312 |
| Canadian National Railway Co. | | 44,381 | 5,386,715 |
| Canadian Natural Resources Ltd. | | 87,186 | 6,606,794 |
| Canadian Pacific Kansas City Ltd. | | 75,792 | 5,945,982 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 4,365 | 421,677 |
| Canadian Utilities Ltd. Class A (non-vtg.) | | 10,921 | 244,179 |
| CCL Industries, Inc. Class B | | 12,037 | 614,681 |
| Cenovus Energy, Inc. (Canada) | | 114,629 | 2,354,780 |
| CGI, Inc. Class A (sub. vtg.) (a) | | 16,821 | 1,704,399 |
| Constellation Software, Inc. | | 1,640 | 4,222,293 |
| Constellation Software, Inc. warrants 3/31/40 (a)(e) | | 1,367 | 0 |
| Descartes Systems Group, Inc. (Canada) (a) | | 6,905 | 640,518 |
| Dollarama, Inc. | | 22,868 | 1,907,646 |
| Element Fleet Management Corp. | | 31,398 | 501,082 |
| Emera, Inc. | | 23,013 | 776,155 |
| Empire Co. Ltd. Class A (non-vtg.) | | 11,443 | 266,572 |
| Enbridge, Inc. | | 172,819 | 6,144,982 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 1,732 | 1,883,051 |
| FirstService Corp. | | 3,292 | 483,523 |
| Fortis, Inc. | | 39,629 | 1,556,201 |
| Franco-Nevada Corp. | | 15,705 | 1,890,555 |
| George Weston Ltd. | | 4,930 | 648,798 |
| Gildan Activewear, Inc. | | 12,577 | 435,967 |
| Great-West Lifeco, Inc. | | 22,749 | 672,729 |
| Hydro One Ltd. (c) | | 26,540 | 743,386 |
| iA Financial Corp., Inc. | | 8,030 | 486,822 |
| IGM Financial, Inc. | | 6,514 | 162,820 |
| Imperial Oil Ltd. | | 15,331 | 1,054,065 |
| Intact Financial Corp. | | 14,484 | 2,380,630 |
| Ivanhoe Mines Ltd. (a) | | 50,922 | 690,230 |
| Keyera Corp. | | 18,733 | 480,623 |
| Kinross Gold Corp. | | 99,666 | 642,890 |
| Loblaw Companies Ltd. | | 12,715 | 1,394,295 |
| Magna International, Inc. Class A (sub. vtg.) | | 22,261 | 1,064,013 |
| Manulife Financial Corp. | | 147,003 | 3,428,806 |
| MEG Energy Corp. (a) | | 22,734 | 517,053 |
| Metro, Inc. | | 18,501 | 946,385 |
| National Bank of Canada | | 27,542 | 2,211,523 |
| Northland Power, Inc. | | 21,067 | 321,518 |
| Nutrien Ltd. | | 40,409 | 2,130,744 |
| Onex Corp. (sub. vtg.) | | 5,308 | 376,590 |
| Open Text Corp. | | 21,914 | 773,791 |
| Pan American Silver Corp. | | 29,677 | 547,342 |
| Parkland Corp. | | 11,661 | 359,237 |
| Pembina Pipeline Corp. | | 47,168 | 1,659,694 |
| Power Corp. of Canada (sub. vtg.) | | 46,319 | 1,234,142 |
| Quebecor, Inc. Class B (sub. vtg.) | | 13,289 | 275,018 |
| RB Global, Inc. | | 14,869 | 1,064,323 |
| Restaurant Brands International, Inc. | | 21,320 | 1,617,449 |
| Restaurant Brands International, Inc. | | 2,900 | 219,965 |
| RioCan (REIT) | | 11,477 | 145,396 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 29,326 | 1,098,567 |
| Royal Bank of Canada | | 114,187 | 11,047,519 |
| Saputo, Inc. | | 21,061 | 404,957 |
| Shopify, Inc. Class A (a) | | 98,192 | 6,893,732 |
| Stantec, Inc. | | 9,316 | 741,748 |
| Sun Life Financial, Inc. | | 47,456 | 2,423,043 |
| Suncor Energy, Inc. | | 105,169 | 4,013,023 |
| TC Energy Corp. | | 84,514 | 3,027,807 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 37,612 | 1,849,385 |
| TELUS Corp. | | 39,626 | 636,422 |
| TFI International, Inc. (Canada) | | 6,553 | 853,392 |
| The Toronto-Dominion Bank | | 144,260 | 8,558,250 |
| Thomson Reuters Corp. | | 12,883 | 1,945,856 |
| TMX Group Ltd. | | 22,311 | 590,735 |
| Toromont Industries Ltd. | | 6,753 | 618,079 |
| Tourmaline Oil Corp. | | 27,306 | 1,334,506 |
| West Fraser Timber Co. Ltd. | | 4,526 | 346,654 |
| WSP Global, Inc. | | 10,148 | 1,539,836 |
TOTAL CANADA | | | 151,709,851 |
| Chile - 0.2% | | | |
| Antofagasta PLC | | 32,284 | 891,524 |
| Banco de Chile | | 3,776,359 | 418,918 |
| Banco de Credito e Inversiones | | 5,970 | 174,122 |
| Banco Santander Chile | | 5,839,052 | 264,568 |
| Cencosud SA | | 101,131 | 173,294 |
| Compania Sud Americana de Vapores SA | | 1,221,150 | 95,270 |
| Empresas CMPC SA | | 88,074 | 173,937 |
| Empresas COPEC SA | | 30,358 | 216,637 |
| Enel Americas SA | | 1,669,005 | 156,461 |
| Enel Chile SA | | 2,237,870 | 132,867 |
| Falabella SA (a) | | 68,066 | 182,209 |
| LATAM Airlines Group SA | | 14,061,837 | 190,264 |
| Lundin Mining Corp. | | 53,968 | 616,262 |
TOTAL CHILE | | | 3,686,333 |
| China - 7.4% | | | |
| 360 Security Technology, Inc. (A Shares) (a) | | 34,900 | 40,836 |
| 37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | | 8,800 | 20,215 |
| AAC Technology Holdings, Inc. | | 56,500 | 179,819 |
| Accelink Technologies Co. Ltd. (A Shares) (a) | | 4,200 | 21,532 |
| ACM Research Shanghai, Inc. (A Shares) (a) | | 1,252 | 14,100 |
| Advanced Micro-Fabrication Equipment, Inc., China (A Shares) | | 2,655 | 51,622 |
| AECC Aero-Engine Control Co. Ltd. (A Shares) | | 7,300 | 19,669 |
| AECC Aviation Power Co. Ltd. | | 12,100 | 58,972 |
| Agricultural Bank of China Ltd.: | | | |
| (A Shares) | | 392,900 | 238,489 |
| (H Shares) | | 2,310,000 | 1,030,054 |
| Aier Eye Hospital Group Co. Ltd. (A Shares) | | 44,695 | 79,384 |
| AIMA Technology Group Co. Ltd. | | 5,300 | 25,719 |
| Air China Ltd.: | | | |
| (A Shares) (a) | | 74,000 | 75,252 |
| (H Shares) (a) | | 92,000 | 46,125 |
| Airtac International Group | | 11,278 | 398,597 |
| Akeso, Inc. (a)(c) | | 40,000 | 244,765 |
| Alibaba Group Holding Ltd. | | 1,326,144 | 12,416,772 |
| Alibaba Health Information Technology Ltd. (a) | | 450,000 | 167,976 |
| Aluminum Corp. of China Ltd.: | | | |
| (A shares) | | 88,000 | 89,850 |
| (H Shares) | | 270,000 | 179,068 |
| Amlogic Shanghai Co. Ltd. (A Shares) | | 2,262 | 17,984 |
| Angel Yeast Co. Ltd. (A Shares) | | 3,600 | 14,781 |
| Anhui Conch Cement Co. Ltd.: | | | |
| (A Shares) | | 5,600 | 17,739 |
| (H Shares) | | 120,000 | 278,408 |
| Anhui Gujing Distillery Co. Ltd.: | | | |
| (A Shares) | | 1,900 | 71,011 |
| (B Shares) | | 13,400 | 219,641 |
| Anhui Jianghuai Automobile Group Corp. Ltd. (A Shares) (a) | | 9,700 | 20,877 |
| Anhui Kouzi Distillery Co. Ltd. (A Shares) | | 2,300 | 13,226 |
| Anhui Yingjia Distillery Co. Ltd. (A Shares) | | 3,600 | 35,202 |
| Anjoy Foods Group Co. Ltd. (A Shares) | | 1,600 | 20,317 |
| Anker Innovations Technology Co. Ltd. (A Shares) (a) | | 1,700 | 20,197 |
| Anta Sports Products Ltd. | | 103,200 | 1,168,326 |
| Asia - Potash International Investment Guangzhou Co. Ltd. (A Shares) (a) | | 5,000 | 12,251 |
| ASR Microelectronics Co. Ltd. (A Shares) | | 1,602 | 9,024 |
| Asymchem Laboratories Tianjin Co. Ltd. (A Shares) | | 1,760 | 20,026 |
| Autobio Diagnostics Co. Ltd. | | 3,300 | 25,914 |
| Autohome, Inc. ADR Class A | | 5,417 | 139,217 |
| Avary Holding Shenzhen Co. Ltd. (A Shares) | | 7,400 | 24,550 |
| AVIC Capital Co. Ltd. (A Shares) | | 32,600 | 13,353 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 187,000 | 80,424 |
| Avicopter PLC (A Shares) | | 3,500 | 20,090 |
| BAIC BluePark New Energy Technology Co. Ltd. (A Shares) (a) | | 25,000 | 23,400 |
| Baidu, Inc. Class A (a) | | 184,492 | 2,390,202 |
| Bank of Beijing Co. Ltd. (A Shares) | | 103,500 | 79,676 |
| Bank of Changsha Co. Ltd. (A Shares) | | 20,100 | 22,615 |
| Bank of Chengdu Co. Ltd. (A Shares) | | 15,200 | 31,011 |
| Bank of China Ltd.: | | | |
| (A Shares) | | 495,300 | 313,393 |
| (H Shares) | | 6,025,000 | 2,702,155 |
| Bank of Communications Co. Ltd.: | | | |
| (A Shares) | | 138,700 | 131,562 |
| (H Shares) | | 868,000 | 625,011 |
| Bank of Hangzhou Co. Ltd. (A Shares) | | 25,700 | 45,760 |
| Bank of Jiangsu Co. Ltd. (A Shares) | | 87,360 | 97,394 |
| Bank of Nanjing Co. Ltd. (A Shares) | | 47,200 | 60,714 |
| Bank of Ningbo Co. Ltd. (A Shares) | | 32,080 | 101,296 |
| Bank of Shanghai Co. Ltd. (A Shares) | | 61,818 | 62,282 |
| Bank of Suzhou Co. Ltd. | | 15,800 | 16,451 |
| Baoshan Iron & Steel Co. Ltd. (A Shares) | | 106,100 | 101,612 |
| BeiGene Ltd. (a) | | 55,177 | 654,543 |
| Beijing Dabeinong Technology Group Co. Ltd. (A Shares) | | 22,300 | 14,410 |
| Beijing Enlight Media Co. Ltd. (A Shares) | | 13,000 | 16,755 |
| Beijing Enterprises Holdings Ltd. | | 48,000 | 153,674 |
| Beijing Enterprises Water Group Ltd. | | 326,000 | 82,221 |
| Beijing Kingsoft Office Software, Inc. (A Shares) | | 2,279 | 96,533 |
| Beijing New Building Materials PLC (A Shares) | | 9,000 | 40,644 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares) | | 5,800 | 11,698 |
| Beijing Roborock Technology Co. Ltd. (A Shares) | | 530 | 30,966 |
| Beijing Tiantan Biological Products Corp. Ltd. (A Shares) | | 6,700 | 26,533 |
| Beijing Tongrentang Co. Ltd. (A Shares) | | 6,300 | 36,740 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) | | 4,256 | 39,985 |
| Beijing Yanjing Brewery Co. Ltd. (A Shares) | | 11,400 | 15,558 |
| Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) | | 230,500 | 161,566 |
| Beiqi Foton Motor Co. Ltd. (A Shares) (a) | | 37,700 | 13,636 |
| Bethel Automotive Safety Systems Co. Ltd. (A Shares) | | 1,700 | 13,467 |
| Bilibili, Inc. Class Z (a) | | 18,706 | 237,532 |
| Bloomage Biotechnology Corp. Ltd. (A Shares) | | 1,779 | 15,064 |
| BOC Aviation Ltd. Class A (c) | | 16,900 | 134,418 |
| BOC Hong Kong (Holdings) Ltd. | | 298,500 | 914,930 |
| BOC International China Co. Ltd. | | 9,900 | 13,991 |
| BOE Technology Group Co. Ltd. (A Shares) | | 179,100 | 107,507 |
| Bosideng International Holdings Ltd. | | 342,000 | 197,973 |
| Brilliance China Automotive Holdings Ltd. | | 238,000 | 197,632 |
| By-Health Co. Ltd. (A Shares) | | 8,700 | 18,978 |
| BYD Co. Ltd.: | | | |
| (A Shares) | | 12,300 | 369,292 |
| (H Shares) | | 81,500 | 2,234,126 |
| BYD Electronic International Co. Ltd. | | 66,500 | 224,024 |
| C&D International Investment Group Ltd. | | 54,961 | 108,873 |
| Caitong Securities Co. Ltd. | | 22,200 | 23,411 |
| Cambricon Technologies Corp. Ltd. (A Shares) (a) | | 2,134 | 49,246 |
| Canmax Technologies Co. Ltd. (A Shares) | | 3,120 | 9,075 |
| Cathay Biotech, Inc. (A Shares) (a) | | 2,616 | 18,476 |
| CECEP Solar Energy Co. Ltd. (A Shares) | | 16,700 | 11,878 |
| CGN Power Co. Ltd.: | | | |
| (A Shares) (a) | | 18,600 | 10,547 |
| (H Shares) (c) | | 1,038,000 | 348,050 |
| Changchun High & New Technology Industry Group, Inc. (A Shares) | | 1,800 | 27,985 |
| Changjiang Securities Co. Ltd. (A Shares) | | 27,600 | 21,548 |
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) | | 1,400 | 25,576 |
| Chaozhou Three-Circle Group Co. (A Shares) | | 8,300 | 31,864 |
| Chengxin Lithium Group Co. Ltd. (A Shares) | | 3,200 | 7,908 |
| Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a) | | 6,500 | 15,948 |
| China Baoan Group Co. Ltd. (A Shares) | | 12,900 | 18,683 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 759,000 | 68,399 |
| China CITIC Bank Corp. Ltd.: | | | |
| (A Shares) | | 67,800 | 64,277 |
| (H Shares) | | 624,000 | 365,061 |
| China Coal Energy Co. Ltd. (H Shares) | | 164,000 | 165,204 |
| China Communications Services Corp. Ltd. (H Shares) | | 178,000 | 85,092 |
| China Construction Bank Corp.: | | | |
| (A Shares) | | 291,400 | 286,156 |
| (H Shares) | | 7,475,000 | 4,836,258 |
| China CSSC Holdings Ltd. (A Shares) | | 21,700 | 109,039 |
| China Eastern Airlines Corp. Ltd. (A Shares) (a) | | 82,200 | 43,489 |
| China Energy Engineering Corp. Ltd. (A Shares) | | 137,600 | 41,725 |
| China Everbright Bank Co. Ltd.: | | | |
| (A Shares) | | 99,400 | 43,223 |
| (H Shares) | | 423,000 | 128,150 |
| China Feihe Ltd. (c) | | 275,000 | 150,388 |
| China Film Co. Ltd. (A Shares) (a) | | 8,400 | 13,764 |
| China Galaxy Securities Co. Ltd.: | | | |
| (A Shares) | | 31,200 | 53,359 |
| (H Shares) | | 269,000 | 145,708 |
| China Gas Holdings Ltd. | | 216,000 | 202,248 |
| China Great Wall Securities Co. Ltd. (A Shares) | | 14,800 | 15,604 |
| China Greatwall Technology Group Co. Ltd. (A Shares) | | 12,600 | 16,897 |
| China Hongqiao Group Ltd. | | 206,500 | 284,945 |
| China International Capital Corp. Ltd. | | 2,100 | 9,633 |
| China International Capital Corp. Ltd. (H Shares) (c) | | 164,800 | 198,724 |
| China Jushi Co. Ltd. (A Shares) | | 19,415 | 31,913 |
| China Life Insurance Co. Ltd.: | | | |
| (A Shares) | | 6,600 | 27,817 |
| (H Shares) | | 627,000 | 825,711 |
| China Literature Ltd. (a)(c) | | 32,200 | 115,020 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 260,000 | 182,139 |
| China Medical System Holdings Ltd. | | 108,000 | 96,428 |
| China Mengniu Dairy Co. Ltd. | | 259,000 | 536,513 |
| China Merchants Bank Co. Ltd.: | | | |
| (A Shares) | | 79,600 | 375,584 |
| (H Shares) | | 354,000 | 1,533,124 |
| China Merchants Energy Shipping Co. Ltd. (A Shares) | | 40,500 | 47,638 |
| China Merchants Expressway Network & Technology Holdings Co. Ltd. (A Shares) (a) | | 16,100 | 24,602 |
| China Merchants Holdings International Co. Ltd. | | 99,219 | 131,030 |
| China Merchants Securities Co. Ltd. (A Shares) | | 36,750 | 74,024 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 45,900 | 53,476 |
| China Minmetals Rare Earth Co. Ltd. (A Shares) | | 3,800 | 14,677 |
| China Minsheng Banking Corp. Ltd.: | | | |
| (A Shares) | | 45,200 | 24,646 |
| (H Shares) | | 735,900 | 269,252 |
| China National Building Materials Co. Ltd. (H Shares) | | 295,000 | 114,147 |
| China National Chemical Engineering Co. Ltd. (A Shares) | | 31,300 | 29,724 |
| China National Medicines Corp. Ltd. (A Shares) | | 2,700 | 12,939 |
| China National Nuclear Power Co. Ltd. (A Shares) | | 91,100 | 116,146 |
| China National Software & Service Co. Ltd. (A Shares) | | 3,380 | 14,070 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 17,000 | 45,179 |
| China Oilfield Services Ltd. (H Shares) | | 142,000 | 151,842 |
| China Overseas Land and Investment Ltd. | | 324,500 | 596,714 |
| China Overseas Property Holdings Ltd. | | 100,000 | 60,824 |
| China Pacific Insurance (Group) Co. Ltd. | | 33,300 | 118,032 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 216,200 | 473,711 |
| China Petroleum & Chemical Corp.: | | | |
| (A Shares) | | 183,700 | 160,645 |
| (H Shares) | | 1,966,000 | 1,173,509 |
| China Power International Development Ltd. | | 386,805 | 156,090 |
| China Railway Group Ltd.: | | | |
| (A Shares) | | 102,100 | 92,222 |
| (H Shares) | | 373,000 | 184,060 |
| China Railway Signal & Communications Corp. (A Shares) | | 29,107 | 21,677 |
| China Resource Gas Group Ltd. | | 78,500 | 246,723 |
| China Resources Beer Holdings Co. Ltd. | | 132,000 | 601,664 |
| China Resources Land Ltd. | | 260,500 | 936,716 |
| China Resources Microelectronics Ltd. (A Shares) | | 5,701 | 28,626 |
| China Resources Mixc Lifestyle Services Ltd. (c) | | 54,000 | 190,067 |
| China Resources Pharmaceutical Group Ltd. (c) | | 118,000 | 76,306 |
| China Resources Power Holdings Co. Ltd. | | 166,000 | 412,818 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) | | 4,000 | 33,101 |
| China Ruyi Holdings Ltd. (a) | | 428,000 | 107,202 |
| China Shenhua Energy Co. Ltd.: | | | |
| (A Shares) | | 25,900 | 142,265 |
| (H Shares) | | 286,000 | 1,187,035 |
| China Southern Airlines Ltd.: | | | |
| (A Shares) (a) | | 11,600 | 9,061 |
| (H Shares) (a) | | 112,000 | 40,496 |
| China State Construction Engineering Corp. Ltd. (A Shares) | | 196,800 | 145,370 |
| China State Construction International Holdings Ltd. | | 160,000 | 168,816 |
| China Taiping Insurance Group Ltd. | | 114,000 | 104,232 |
| China Three Gorges Renewables Group Co. Ltd. (A Shares) | | 141,700 | 91,629 |
| China Tourism Group Duty Free Corp. Ltd.: | | | |
| (A Shares) | | 11,100 | 113,891 |
| (H Shares) (c) | | 6,100 | 53,718 |
| China Tower Corp. Ltd. (H Shares) (c) | | 3,606,000 | 422,116 |
| China United Network Communications Ltd. (A Shares) | | 151,000 | 97,385 |
| China Vanke Co. Ltd.: | | | |
| (A Shares) | | 10,100 | 10,281 |
| (H Shares) | | 280,300 | 164,392 |
| China XD Electric Co. Ltd. (A Shares) (a) | | 25,600 | 24,835 |
| China Yangtze Power Co. Ltd. (A Shares) | | 151,100 | 537,612 |
| China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares) | | 2,600 | 16,714 |
| China Zheshang Bank Co. Ltd. | | 109,300 | 45,190 |
| Chongqing Brewery Co. Ltd. (A Shares) | | 2,800 | 27,135 |
| Chongqing Changan Automobile Co. Ltd. (A Shares) | | 40,488 | 81,888 |
| Chongqing Rural Commercial Bank Co. Ltd. (H Shares) | | 63,000 | 26,966 |
| Chongqing Taiji Industry Group Co. Ltd. (A Shares) (a) | | 3,100 | 15,509 |
| Chongqing Zhifei Biological Products Co. Ltd. (A Shares) | | 11,650 | 56,269 |
| Chow Tai Fook Jewellery Group Ltd. | | 172,000 | 234,032 |
| CITIC Pacific Ltd. | | 485,000 | 459,005 |
| CITIC Securities Co. Ltd.: | | | |
| (A Shares) | | 53,525 | 139,537 |
| (H Shares) | | 198,725 | 316,393 |
| Cmoc Group Ltd.: | | | |
| (A Shares) | | 48,200 | 59,267 |
| (H Shares) | | 372,000 | 349,014 |
| CNGR Advanced Material Co. Ltd. | | 3,300 | 23,812 |
| CNPC Capital Co. Ltd. (A Shares) (a) | | 34,400 | 27,784 |
| Contemporary Amperex Technology Co. Ltd. | | 22,480 | 628,770 |
| COSCO Shipping Development Co. Ltd. (A Shares) | | 37,900 | 12,850 |
| COSCO Shipping Energy Transportation Co. Ltd.: | | | |
| (A Shares) | | 57,200 | 125,872 |
| (H Shares) | | 16,000 | 18,764 |
| COSCO SHIPPING Holdings Co. Ltd.: | | | |
| (A Shares) | | 59,870 | 96,537 |
| (H Shares) | | 245,550 | 317,701 |
| Cosco Shipping Ports Ltd. | | 101,757 | 62,444 |
| Country Garden Holdings Co. Ltd. (a) | | 1,001,784 | 63,713 |
| Country Garden Services Holdings Co. Ltd. | | 173,000 | 115,415 |
| CRRC Corp. Ltd.: | | | |
| (A Shares) | | 98,400 | 94,747 |
| (H Shares) | | 429,000 | 236,805 |
| CSC Financial Co. Ltd. (A Shares) | | 19,500 | 59,861 |
| CSPC Innovation Pharmaceutical Co. Ltd. (A Shares) | | 6,120 | 28,953 |
| CSPC Pharmaceutical Group Ltd. | | 745,760 | 612,368 |
| CSSC Science & Technology Co. Ltd. (a) | | 6,700 | 14,685 |
| Daqin Railway Co. Ltd. (A Shares) | | 73,000 | 69,205 |
| DaShenLin Pharmaceutical Group Co. Ltd. | | 5,232 | 15,695 |
| Datang International Power Generation Co. Ltd. (A Shares) | | 63,300 | 26,301 |
| Dong-E-E-Jiao Co. Ltd. (A Shares) | | 3,400 | 32,192 |
| Dongfang Electric Corp. Ltd. (A Shares) | | 11,400 | 26,489 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 168,000 | 60,924 |
| Dongxing Securities Co. Ltd. (A Shares) | | 15,200 | 18,441 |
| East Buy Holding Ltd. (a)(c) | | 36,000 | 76,111 |
| East Money Information Co. Ltd. (A Shares) | | 75,740 | 135,864 |
| Eastroc Beverage Group Co. Ltd. (a) | | 1,200 | 35,213 |
| Ecovacs Robotics Co. Ltd. Class A | | 2,300 | 15,681 |
| Empyrean Technology Co. Ltd. (A Shares) (a) | | 1,600 | 17,253 |
| ENN Energy Holdings Ltd. | | 64,300 | 547,861 |
| ENN Natural Gas Co. Ltd. (A Shares) | | 13,300 | 33,137 |
| Eoptolink Technology, Inc. Ltd. (A Shares) | | 3,700 | 43,401 |
| ESR Group Ltd. (c) | | 134,200 | 147,066 |
| Eve Energy Co. Ltd. (A shares) | | 8,771 | 44,734 |
| Everbright Securities Co. Ltd. (A Shares) | | 18,900 | 43,032 |
| Everdisplay Optronics Shanghai Co. Ltd. (A Shares) (a) | | 54,746 | 16,725 |
| Fangda Carbon New Material Co. Ltd. (A Shares) (a) | | 23,140 | 16,166 |
| Far East Horizon Ltd. | | 155,000 | 115,058 |
| FAW Jiefang Group Co. Ltd. (A Shares) (a) | | 12,800 | 15,848 |
| First Capital Securities Co. Ltd. (A Shares) | | 14,400 | 11,376 |
| Flat Glass Group Co. Ltd. | | 22,000 | 52,993 |
| Flat Glass Group Co. Ltd. (A Shares) | | 14,400 | 52,699 |
| Focus Media Information Technology Co. Ltd. (A Shares) | | 71,800 | 64,270 |
| Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | | 22,192 | 119,858 |
| Fosun International Ltd. | | 198,000 | 116,818 |
| Founder Securities Co. Ltd. (A Shares) | | 36,400 | 44,976 |
| Foxconn Industrial Internet Co. Ltd. (A Shares) | | 62,000 | 204,862 |
| Fujian Sunner Development Co. Ltd. A Shares | | 7,200 | 15,535 |
| Fuyao Glass Industries Group Co. Ltd.: | | | |
| (A Shares) | | 4,200 | 28,878 |
| (H Shares) (c) | | 59,600 | 356,829 |
| GalaxyCore, Inc. (A Shares) | | 6,414 | 14,627 |
| Ganfeng Lithium Group Co. Ltd.: | | | |
| (A Shares) | | 9,760 | 47,321 |
| (H Shares) (c) | | 28,260 | 82,872 |
| GCL Technology Holdings Ltd. | | 1,794,000 | 265,715 |
| GD Power Development Co. Ltd. (A Shares) | | 78,300 | 55,334 |
| Geely Automobile Holdings Ltd. | | 502,000 | 604,186 |
| GEM Co. Ltd. (A Shares) | | 24,900 | 23,869 |
| Genscript Biotech Corp. (a) | | 92,000 | 135,670 |
| GF Securities Co. Ltd.: | | | |
| (A Shares) | | 27,300 | 49,644 |
| (H Shares) | | 82,200 | 81,891 |
| Giant Biogene Holding Co. Ltd. (c) | | 23,800 | 145,007 |
| Giant Network Group Co. Ltd. (A Shares) | | 7,800 | 12,609 |
| Gigadevice Semiconductor Beijing, Inc. (A Shares) | | 3,240 | 34,950 |
| Ginlong Technologies Co. Ltd. (A Shares) | | 1,350 | 9,940 |
| GoerTek, Inc. (A Shares) | | 16,100 | 34,961 |
| Goldwind Science & Technology Co. Ltd. (H Shares) | | 50,216 | 20,079 |
| Goneo Group Co. Ltd. (A Shares) | | 2,000 | 32,940 |
| GoodWe Technologies Co. Ltd. (A Shares) | | 662 | 8,466 |
| Gotion High-tech Co. Ltd. (A Shares) (a) | | 7,000 | 18,069 |
| Great Wall Motor Co. Ltd.: | | | |
| (A Shares) | | 8,300 | 29,937 |
| (H Shares) | | 191,000 | 288,628 |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | | 13,300 | 77,161 |
| Greenland Holdings Corp. Ltd. (A Shares) (a) | | 46,000 | 11,651 |
| GRG Banking Equipment Co. Ltd. (A Shares) | | 10,900 | 17,863 |
| Guangdong Haid Group Co. Ltd. (A Shares) | | 8,000 | 55,047 |
| Guangdong HEC Technology Holding Co. Ltd. (A Shares) (a) | | 12,600 | 15,393 |
| Guangdong Investment Ltd. | | 230,000 | 120,144 |
| Guanghui Energy Co. Ltd. (A Shares) | | 30,500 | 31,006 |
| Guangzhou Automobile Group Co. Ltd. | | 37,700 | 45,558 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 194,000 | 80,146 |
| Guangzhou Baiyun International Airport Co. Ltd. (A Shares) (a) | | 8,900 | 12,692 |
| Guangzhou Baiyunshan Pharma Health (A Shares) | | 7,200 | 31,810 |
| Guangzhou Haige Communications Group (A Shares) | | 11,300 | 16,958 |
| Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) | | 1,900 | 10,039 |
| Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares) | | 2,600 | 11,972 |
| Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) | | 8,160 | 23,572 |
| Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares) | | 23,676 | 18,859 |
| Guolian Securities Co. Ltd. (a)(e) | | 11,900 | 17,190 |
| Guosen Securities Co. Ltd. (A Shares) | | 26,300 | 32,519 |
| Guotai Junan Securities Co. Ltd. (H Shares) (c) | | 64,800 | 68,886 |
| Guoyuan Securities Co. Ltd. (A Shares) | | 23,710 | 22,248 |
| H World Group Ltd. ADR | | 16,891 | 620,069 |
| Haidilao International Holding Ltd. (c) | | 140,000 | 315,869 |
| Haier Smart Home Co. Ltd. | | 197,000 | 729,693 |
| Haier Smart Home Co. Ltd. (A Shares) | | 33,800 | 140,619 |
| Hainan Airlines Co. Ltd. (A Shares) (a) | | 205,600 | 38,785 |
| Hainan Airport Infrastructure Co. Ltd. (A Shares) (a) | | 62,700 | 30,240 |
| Haitian International Holdings Ltd. | | 49,000 | 159,586 |
| Haitong Securities Co. Ltd.: | | | |
| (A Shares) | | 8,400 | 9,685 |
| (H Shares) | | 328,400 | 156,851 |
| Hangzhou Binjiang Real Estate Group Co. Ltd. (A Shares) | | 12,200 | 11,287 |
| Hangzhou Chang Chuan Technology Co. Ltd. | | 2,300 | 9,235 |
| Hangzhou First Applied Material Co. Ltd. (A Shares) | | 8,116 | 30,348 |
| Hangzhou Greatstar Industrial Co. Ltd. (A Shares) | | 5,400 | 18,819 |
| Hangzhou Oxygen Plant Group Co. Ltd. (A Shares) | | 3,800 | 14,295 |
| Hangzhou Robam Appliances Co. Ltd. (A Shares) | | 3,100 | 10,099 |
| Hangzhou Silan Microelectronics Co. Ltd. (A Shares) | | 7,300 | 19,234 |
| Hangzhou Tigermed Consulting Co. Ltd. (A Shares) | | 500 | 4,061 |
| Hansoh Pharmaceutical Group Co. Ltd. (c) | | 92,000 | 203,292 |
| Haohua Chemical Science & Technology Co. Ltd. (A Shares) | | 2,900 | 12,416 |
| Hebei Yangyuan Zhihui Beverage Co. Ltd. (A Shares) (a) | | 4,800 | 17,381 |
| Heilongjiang Agriculture Co. Ltd. (A Shares) | | 10,400 | 18,766 |
| Henan Shenhuo Coal & Power Co. Ltd. (A Shares) | | 11,600 | 34,620 |
| Henan Shuanghui Investment & Development Co. Ltd. (A Shares) | | 17,100 | 63,586 |
| Hengan International Group Co. Ltd. | | 50,500 | 169,537 |
| Hengdian Group DMEGC Magnetics Co. Ltd. (A Shares) | | 6,600 | 13,085 |
| Hengli Petrochemical Co. Ltd. (A Shares) (a) | | 30,700 | 65,547 |
| Hengtong Optic-electric Co. Ltd. (A Shares) | | 9,100 | 17,716 |
| Hengyi Petrochemical Co. Ltd. (A Shares) (a) | | 20,200 | 20,863 |
| Hesteel Co. Ltd. (A Shares) | | 30,300 | 9,142 |
| Hisense Electric Co. Ltd. | | 5,700 | 21,915 |
| Hithink RoyalFlush Information Network Co. Ltd. (A Shares) | | 2,500 | 41,463 |
| HLA Group Corp. Ltd. (A Shares) (a) | | 19,100 | 23,987 |
| Hongfa Technology Co. Ltd. (A Shares) | | 2,660 | 10,461 |
| Hoshine Silicon Industry Co. Ltd. (A Shares) | | 4,200 | 27,973 |
| Hoymiles Power Electronics, Inc. (A Shares) | | 326 | 10,179 |
| Hua Hong Semiconductor Ltd. (c) | | 44,000 | 86,711 |
| Huadian Power International Corp. Ltd.: | | | |
| (A Shares) | | 23,100 | 21,533 |
| (H Shares) | | 26,000 | 14,197 |
| Huadong Medicine Co. Ltd. (A Shares) | | 7,600 | 34,524 |
| Huafon Chemical Co. Ltd. (A Shares) | | 22,600 | 25,342 |
| Huagong Tech Co. Ltd. (A Shares) (a) | | 3,800 | 17,388 |
| Huaibei Mining Holdings Co. Ltd. (A Shares) | | 12,200 | 32,455 |
| Hualan Biological Engineer, Inc. (A Shares) | | 7,410 | 19,893 |
| Huaneng Power International, Inc.: | | | |
| (A Shares) (a) | | 61,600 | 79,491 |
| (H Shares) (a) | | 334,000 | 212,592 |
| Huatai Securities Co. Ltd.: | | | |
| (A Shares) | | 26,000 | 49,171 |
| (H Shares) (c) | | 117,800 | 139,313 |
| Huaxia Bank Co. Ltd. (A Shares) | | 61,200 | 56,643 |
| Huayu Automotive Systems Co. Ltd. (A Shares) | | 14,200 | 32,242 |
| Hubei Jumpcan Pharmaceutical Co. Ltd. (A Shares) | | 3,700 | 20,985 |
| Huizhou Desay SV Automotive Co. Ltd. | | 2,900 | 50,087 |
| Humanwell Healthcare Group Co. Ltd. (A Shares) | | 8,000 | 22,308 |
| Hunan Valin Steel Co. Ltd. (A Shares) | | 31,000 | 22,306 |
| Hundsun Technologies, Inc. (A Shares) | | 7,808 | 22,059 |
| Hwatsing Technology Co. Ltd. (A Shares) | | 743 | 17,424 |
| Hygeia Healthcare Holdings Co. (c) | | 26,400 | 108,964 |
| Hygon Information Technology Co. Ltd. (A Shares) | | 9,347 | 100,519 |
| IEIT Systems Co. Ltd. (A Shares) | | 7,145 | 39,846 |
| iFlytek Co. Ltd. (A Shares) | | 11,400 | 70,476 |
| IMEIK Technology Development Co. Ltd. (A Shares) | | 1,400 | 41,413 |
| Industrial & Commercial Bank of China Ltd.: | | | |
| (A Shares) | | 847,100 | 634,528 |
| (H Shares) | | 4,531,000 | 2,429,652 |
| Industrial Bank Co. Ltd. (A Shares) | | 97,100 | 225,542 |
| Industrial Securities Co. Ltd. (A Shares) | | 38,270 | 29,403 |
| Ingenic Semiconductor Co. Ltd. (A Shares) | | 1,900 | 16,550 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 30,200 | 119,015 |
| Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) | | 231,700 | 51,019 |
| Inner Mongolia Dian Tou Energy Corp. Ltd. | | 10,700 | 31,097 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares) | | 41,800 | 24,259 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 83,500 | 162,284 |
| Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares) | | 14,600 | 14,439 |
| Innovent Biologics, Inc. (a)(c) | | 98,500 | 476,835 |
| iQIYI, Inc. ADR (a) | | 34,800 | 168,780 |
| iRay Technology Co. Ltd. (A Shares) | | 410 | 11,233 |
| iSoftStone Information Technology Group Co. Ltd. (A Shares) | | 3,750 | 21,590 |
| JA Solar Technology Co. Ltd. (A Shares) | | 17,276 | 33,881 |
| Jason Furniture Hangzhou Co. Ltd. (A Shares) | | 3,120 | 14,363 |
| JCET Group Co. Ltd. (A Shares) | | 9,700 | 34,198 |
| JD Health International, Inc. (a)(c) | | 94,100 | 320,959 |
| JD Logistics, Inc. (a)(c) | | 159,300 | 172,414 |
| JD.com, Inc. Class A | | 191,323 | 2,756,653 |
| Jiangsu Eastern Shenghong Co. Ltd. | | 30,100 | 41,135 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 92,000 | 90,226 |
| Jiangsu Hengli Hydraulic Co. Ltd. | | 5,676 | 39,959 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 30,032 | 190,712 |
| Jiangsu King's Luck Brewery JSC Ltd. (A Shares) | | 6,500 | 51,404 |
| Jiangsu Nhwa Pharmaceutical Co. Ltd. (A Shares) (a) | | 6,100 | 21,028 |
| Jiangsu Pacific Quartz Co. Ltd. (A Shares) | | 1,900 | 20,508 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd. (a) | | 13,500 | 18,964 |
| Jiangsu Yanghe Brewery JSC Ltd. (A Shares) | | 7,300 | 95,561 |
| Jiangsu Yangnong Chemical Co. Ltd. (A Shares) | | 1,430 | 12,693 |
| Jiangsu Yoke Technology Co. Ltd. (A Shares) | | 2,200 | 19,354 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares) | | 4,700 | 25,064 |
| Jiangsu Zhongtian Technology Co. Ltd. (A Shares) | | 15,900 | 29,667 |
| Jiangxi Copper Co. Ltd.: | | | |
| (A Shares) | | 9,800 | 35,139 |
| (H Shares) | | 88,000 | 179,224 |
| Jiangxi Special Electric Motor Co. Ltd. (A Shares) (a) | | 5,700 | 7,629 |
| Jinduicheng Molybdenum Co. Ltd. (A Shares) | | 12,400 | 19,399 |
| Jinko Solar Co. Ltd. (A Shares) | | 40,888 | 42,499 |
| JiuGui Liquor Co. Ltd. (A Shares) | | 1,200 | 8,436 |
| Jizhong Energy Resources Co. Ltd. (A Shares) | | 20,600 | 21,305 |
| Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares) | | 6,300 | 10,555 |
| Jointown Pharmaceutical Group (A Shares) | | 15,019 | 16,994 |
| Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares) (a) | | 2,700 | 10,980 |
| Juneyao Airlines Co. Ltd. (A shares) (a) | | 8,100 | 13,733 |
| Kangmei Pharmaceutical Co. Ltd. rights (a)(e) | | 751 | 0 |
| Kanzhun Ltd. ADR | | 18,253 | 361,227 |
| KE Holdings, Inc. ADR | | 53,332 | 806,380 |
| Keda Industrial Group Co. Ltd. | | 6,400 | 8,917 |
| Kingboard Chemical Holdings Ltd. | | 52,500 | 115,383 |
| Kingdee International Software Group Co. Ltd. (a) | | 229,000 | 241,601 |
| Kingnet Network Co. Ltd. (A Shares) | | 7,200 | 11,667 |
| Kingsoft Corp. Ltd. | | 74,600 | 242,374 |
| Kuaishou Technology Class B (a)(c) | | 192,700 | 1,350,964 |
| Kuang-Chi Technologies Co. Ltd. (A Shares) (a) | | 10,200 | 27,482 |
| Kunlun Energy Co. Ltd. | | 334,000 | 323,773 |
| Kunlun Tech Co. Ltd. (A Shares) (a) | | 6,500 | 35,480 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 6,500 | 1,524,030 |
| Lb Group Co. Ltd. (A Shares) | | 12,900 | 37,295 |
| Lenovo Group Ltd. | | 650,000 | 731,094 |
| Lens Technology Co. Ltd. (A Shares) | | 26,400 | 51,895 |
| Lepu Medical Technology Beijing Co. Ltd. (A Shares) | | 7,000 | 14,145 |
| Li Auto, Inc. Class A (a) | | 93,698 | 1,227,622 |
| Li Ning Co. Ltd. | | 191,500 | 501,322 |
| Liaoning Port Co. Ltd. (A Shares) | | 69,500 | 13,809 |
| Lingyi iTech Guangdong Co. (A Shares) | | 30,900 | 22,098 |
| Livzon Pharmaceutical Group, Inc. (A Shares) | | 2,000 | 11,062 |
| Longfor Properties Co. Ltd. (c) | | 154,797 | 229,277 |
| LONGi Green Energy Technology Co. Ltd. | | 37,252 | 93,282 |
| Luxshare Precision Industry Co. Ltd. (A Shares) | | 33,693 | 135,059 |
| Luzhou Laojiao Co. Ltd. (A Shares) | | 6,900 | 176,619 |
| Mango Excellent Media Co. Ltd. (A Shares) | | 10,000 | 32,197 |
| Maxscend Microelectronics Co. Ltd. (A Shares) | | 2,324 | 28,957 |
| Meihua Holdings Group Co. Ltd. (A Shares) | | 10,200 | 15,621 |
| Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a) | | 16,500 | 10,064 |
| Meituan Class B (a)(c) | | 413,980 | 5,652,703 |
| Metallurgical Corp. China Ltd. (A Shares) | | 82,500 | 37,159 |
| MGI Tech Co. Ltd. (A Shares) | | 2,134 | 17,167 |
| Midea Group Co. Ltd. (A Shares) | | 16,500 | 158,693 |
| Ming Yang Smart Energy Group Ltd. (A Shares) | | 12,000 | 16,162 |
| MINISO Group Holding Ltd. | | 30,312 | 170,992 |
| Montage Technology Co. Ltd. (A Shares) | | 5,827 | 40,470 |
| Muyuan Foodstuff Co. Ltd. (A Shares) | | 25,640 | 154,178 |
| Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. | | 6,501 | 12,269 |
| Nanjing Securities Co. Ltd. (A Shares) | | 14,200 | 16,035 |
| NARI Technology Co. Ltd. (A Shares) | | 39,080 | 126,400 |
| National Silicon Industry Group Co. Ltd. (A Shares) (a) | | 10,561 | 19,274 |
| NAURA Technology Group Co. Ltd. | | 2,600 | 113,854 |
| NetEase, Inc. | | 157,890 | 2,959,591 |
| New China Life Insurance Co. Ltd. | | 19,900 | 86,058 |
| New China Life Insurance Co. Ltd. (H Shares) | | 42,500 | 81,505 |
| New Hope Liuhe Co. Ltd. (A Shares) (a) | | 22,500 | 27,663 |
| New Oriental Education & Technology Group, Inc. (a) | | 121,290 | 963,766 |
| Ninestar Corp. (A Shares) | | 5,400 | 18,788 |
| Ningbo Deye Technology Co. Ltd. (A Shares) | | 1,760 | 22,648 |
| Ningbo Joyson Electronic Corp. (A shares) | | 6,800 | 16,436 |
| Ningbo Orient Wires & Cables Co. Ltd. (A Shares) | | 4,200 | 25,533 |
| Ningbo Sanxing Medical Electric Co. Ltd. (a) | | 7,500 | 34,626 |
| Ningbo Shanshan Co. Ltd. (A Shares) | | 11,900 | 19,401 |
| Ningbo Tuopu Group Co. Ltd. (A Shares) | | 5,900 | 50,770 |
| Ningxia Baofeng Energy Group Co. Ltd. | | 35,700 | 81,607 |
| NIO, Inc. sponsored ADR (a)(d) | | 112,094 | 529,084 |
| Nongfu Spring Co. Ltd. (H Shares) (c) | | 162,800 | 956,437 |
| Offcn Education Technology Co. A Shares (a) | | 22,400 | 8,178 |
| Offshore Oil Enginering Co. Ltd. (A Shares) | | 26,800 | 23,486 |
| OFILM Group Co. Ltd. (A Shares) (a) | | 14,600 | 17,601 |
| Oppein Home Group, Inc. (A Shares) | | 2,560 | 21,983 |
| Orient Securities Co. Ltd. (A Shares) | | 33,540 | 38,535 |
| Oriental Pearl Group Co. Ltd. (a) | | 15,100 | 14,352 |
| Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a) | | 33,400 | 14,285 |
| PDD Holdings, Inc. ADR (a) | | 48,700 | 6,096,266 |
| People's Insurance Co. of China Group Ltd.: | | | |
| (A Shares) | | 50,300 | 36,297 |
| (H Shares) | | 671,000 | 220,239 |
| People.cn Co. Ltd. (A Shares) (a) | | 5,500 | 18,743 |
| Perfect World Co. Ltd. (A Shares) | | 8,250 | 11,359 |
| PetroChina Co. Ltd.: | | | |
| (A Shares) | | 112,700 | 159,002 |
| (H Shares) | | 1,716,000 | 1,598,868 |
| Pharmaron Beijing Co. Ltd.: | | | |
| (A Shares) | | 5,325 | 14,421 |
| (H Shares) (c) | | 2,500 | 3,065 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 560,000 | 695,735 |
| Ping An Bank Co. Ltd. (A Shares) | | 91,800 | 136,446 |
| Ping An Insurance Group Co. of China Ltd.: | | | |
| (A Shares) | | 59,000 | 335,389 |
| (H Shares) | | 542,000 | 2,456,389 |
| Piotech, Inc. (A Shares) | | 747 | 18,577 |
| Poly Developments & Holdings (A Shares) | | 58,000 | 71,165 |
| Pop Mart International Group Ltd. (c) | | 37,800 | 161,763 |
| Postal Savings Bank of China Co. Ltd. | | 148,000 | 97,946 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (c) | | 621,000 | 321,773 |
| Power Construction Corp. of China Ltd. (A Shares) | | 84,100 | 58,847 |
| Prosus NV | | 119,091 | 3,984,779 |
| Qi An Xin Technology Group, Inc. (A Shares) (a) | | 2,667 | 11,337 |
| Qifu Technology, Inc. ADR | | 9,627 | 176,078 |
| Qinghai Salt Lake Potash Co. Ltd. Class A (a) | | 24,600 | 56,197 |
| Range Intelligent Computing Technology Group Co. Ltd. (A Shares) | | 6,300 | 27,118 |
| Risen Energy Co. Ltd. (A Shares) | | 3,900 | 6,967 |
| Rockchip Electronics Co. Ltd. | | 1,400 | 11,073 |
| Rongsheng Petrochemical Co. Ltd. (A Shares) | | 43,250 | 66,803 |
| SAIC Motor Corp. Ltd. (A Shares) | | 34,200 | 70,029 |
| Sailun Group Co. Ltd. A Shares | | 15,100 | 34,512 |
| Sanan Optoelectronics Co. Ltd. (A Shares) | | 23,000 | 39,633 |
| Sangfor Technologies, Inc. (a) | | 1,600 | 12,053 |
| Sany Heavy Equipment International Holdings Co. Ltd. | | 93,000 | 65,349 |
| Sany Heavy Industry Co. Ltd. (A Shares) | | 37,600 | 84,490 |
| Satellite Chemical Co. Ltd. (A Shares) (a) | | 16,009 | 42,521 |
| SDIC Capital Co. Ltd. | | 29,800 | 26,259 |
| SDIC Power Holdings Co. Ltd. (A Shares) | | 32,700 | 71,811 |
| Seazen Holdings Co. Ltd. (A Shares) (a) | | 8,200 | 11,108 |
| Seres Group Co. Ltd. (A Shares) (a) | | 6,800 | 84,757 |
| SF Holding Co. Ltd. (A Shares) | | 22,100 | 110,240 |
| SG Micro Corp. (A Shares) | | 2,457 | 25,950 |
| Shaanxi Coal Industry Co. Ltd. (A Shares) | | 45,200 | 153,083 |
| Shan Xi Hua Yang Group New Energy Co. Ltd. | | 19,300 | 25,155 |
| Shandong Gold Mining Co. Ltd.: | | | |
| (A Shares) | | 17,740 | 70,147 |
| (H Shares) (c) | | 68,250 | 147,475 |
| Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares) (a) | | 3,700 | 20,303 |
| Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) | | 9,460 | 38,830 |
| Shandong Linglong Tyre Co. Ltd. (A Shares) | | 7,300 | 22,494 |
| Shandong Nanshan Aluminum Co. Ltd. (A Shares) | | 55,000 | 27,102 |
| Shandong Sun Paper Industry JSC Ltd. (A Shares) | | 14,200 | 30,487 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 188,800 | 128,034 |
| Shanghai Aiko Solar Energy Co. Ltd. (A Shares) | | 6,440 | 10,615 |
| Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) | | 3,644 | 10,231 |
| Shanghai Baosight Software Co. Ltd. | | 75,786 | 161,900 |
| Shanghai Construction Group Co. Ltd. (A Shares) | | 49,098 | 16,228 |
| Shanghai Electric Group Co. Ltd. (A Shares) (a) | | 51,500 | 30,568 |
| Shanghai Electric Power Co. Ltd. (A Shares) | | 12,000 | 15,190 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd.: | | | |
| (A Shares) | | 5,400 | 17,629 |
| (H Shares) | | 46,000 | 72,214 |
| Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares) | | 617 | 27,565 |
| Shanghai International Airport Co. Ltd. (A Shares) (a) | | 5,200 | 26,974 |
| Shanghai International Port Group Co. Ltd. (A Shares) | | 34,200 | 26,491 |
| Shanghai Jinjiang International Hotels Co. Ltd. (A Shares) | | 3,300 | 13,127 |
| Shanghai Junshi Biosciences Co. Ltd. (A Shares) (a) | | 3,886 | 16,107 |
| Shanghai Lingang Holdings Corp. Ltd. (A Shares) | | 10,480 | 15,261 |
| Shanghai M&G Stationery, Inc. (A Shares) | | 5,400 | 26,305 |
| Shanghai Moons' Electric Co. Ltd. (A Shares) (a) | | 2,000 | 15,419 |
| Shanghai Pharmaceuticals Holding Co. Ltd.: | | | |
| (A Shares) | | 14,600 | 36,092 |
| (H Shares) | | 54,600 | 77,590 |
| Shanghai Pudong Development Bank Co. Ltd. (A Shares) | | 136,900 | 145,130 |
| Shanghai Putailai New Energy Technology Co. Ltd. | | 9,286 | 23,621 |
| Shanghai RAAS Blood Products Co. Ltd. (A Shares) | | 26,800 | 26,505 |
| Shanghai Rural Commercial Bank Co. Ltd. (A Shares) | | 46,200 | 43,095 |
| Shanghai United Imaging Healthcare Co. Ltd. (A Shares) (a) | | 3,614 | 66,033 |
| Shanghai Yuyuan Tourist Mart Group Co. Ltd. | | 21,700 | 17,734 |
| Shanghai Zhangjiang High Ltd. (A Shares) (a) | | 6,800 | 17,239 |
| Shanxi Coal International Energy Group Co. Ltd. (A Shares) (a) | | 8,100 | 15,994 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) | | 13,900 | 40,530 |
| Shanxi Meijin Energy Co. Ltd. (A Shares) (a) | | 18,700 | 15,634 |
| Shanxi Taigang Stainless Steel Co. Ltd. (A Shares) | | 36,700 | 19,532 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) | | 5,660 | 203,855 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) | | 28,430 | 41,138 |
| Shede Spirits Co. Ltd. (A Shares) | | 1,300 | 13,039 |
| Shenergy Co. Ltd. (A Shares) | | 18,400 | 21,581 |
| Shengyi Technology Co. Ltd. | | 10,900 | 29,066 |
| Shennan Circuits Co. Ltd. (A Shares) | | 2,640 | 33,863 |
| Shenwan Hongyuan Group Co. Ltd. (A Shares) | | 103,000 | 66,656 |
| Shenzhen Capchem Technology Co. Ltd. (A Shares) | | 3,180 | 14,738 |
| Shenzhen Energy Group Co. Ltd. (A Shares) | | 23,640 | 23,573 |
| Shenzhen Goodix Technology Co. Ltd. (A Shares) (a) | | 2,100 | 17,723 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 6,050 | 49,616 |
| Shenzhen Kaifa Technology Co. Ltd. (A Shares) | | 6,000 | 11,386 |
| Shenzhen Kangtai Biological Products Co. Ltd. | | 4,320 | 12,028 |
| Shenzhen Kedali Industry Co. Ltd. | | 1,000 | 13,139 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 5,700 | 239,342 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | | 3,700 | 36,063 |
| Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) (a) | | 50,800 | 18,460 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares) | | 4,600 | 20,208 |
| Shenzhen SC New Energy Technology Corp. (A Shares) | | 1,300 | 12,292 |
| Shenzhen Sed Industry Co. Ltd. (A Shares) | | 3,600 | 8,700 |
| Shenzhen Transsion Holdings Co. Ltd. (A Shares) | | 3,834 | 75,932 |
| Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 4,200 | 15,481 |
| Shenzhou International Group Holdings Ltd. | | 67,300 | 661,506 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) | | 8,440 | 21,899 |
| Sichuan Changhong Electric Co. Ltd. (A Shares) | | 20,500 | 15,693 |
| Sichuan Chuantou Energy Co. Ltd. (A Shares) | | 20,200 | 46,353 |
| Sichuan Hebang Biotechnology Co. Ltd. (A Shares) | | 50,600 | 14,650 |
| Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) | | 6,700 | 31,374 |
| Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) | | 33,520 | 33,540 |
| Sichuan Swellfun Co. Ltd. (A Shares) | | 1,900 | 11,782 |
| Sieyuan Electric Co. Ltd. (A Shares) | | 3,200 | 28,713 |
| Silergy Corp. | | 26,000 | 344,695 |
| Sinolink Securities Co. Ltd. (A Shares) | | 14,700 | 17,696 |
| Sinoma International Engineering Co. Ltd. (A Shares) | | 10,100 | 17,666 |
| Sinoma Science & Technology Co. Ltd. (A Shares) | | 6,700 | 14,330 |
| Sinomine Resource Group Co. Ltd. (A Shares) | | 4,056 | 19,837 |
| Sinopharm Group Co. Ltd. (H Shares) | | 116,000 | 292,942 |
| Sinotruk Hong Kong Ltd. | | 52,500 | 130,657 |
| SITC International Holdings Co. Ltd. | | 115,000 | 249,388 |
| SKSHU Paint Co. Ltd. (A Shares) | | 2,156 | 10,091 |
| Smoore International Holdings Ltd. (c) | | 149,000 | 129,766 |
| Songcheng Performance Development Co. Ltd. (A Shares) | | 10,220 | 15,288 |
| Soochow Securities Co. Ltd. (A Shares) | | 25,070 | 23,606 |
| Southwest Securities Co. Ltd. (A Shares) | | 36,400 | 19,883 |
| Spring Airlines Co. Ltd. (A Shares) (a) | | 5,000 | 39,111 |
| StarPower Semiconductor Ltd. (A Shares) | | 700 | 13,395 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 7,200 | 102,254 |
| Sunny Optical Technology Group Co. Ltd. | | 58,300 | 282,039 |
| Sunresin New Materials Co. Ltd. (A Shares) | | 1,950 | 12,543 |
| Sunwoda Electronic Co. Ltd. (A Shares) | | 6,600 | 13,818 |
| SUPCON Technology Co. Ltd. (A Shares) | | 4,536 | 29,733 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares) | | 6,700 | 14,164 |
| Suzhou Maxwell Technologies Co. Ltd. (A Shares) | | 1,528 | 24,123 |
| Suzhou TFC Optical Communication Co. Ltd. (A Shares) | | 2,000 | 43,820 |
| TAL Education Group ADR (a) | | 35,453 | 426,854 |
| TBEA Co. Ltd. (A Shares) | | 26,750 | 52,089 |
| TCL Technology Group Corp. (A Shares) | | 81,040 | 53,277 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares) | | 21,575 | 30,965 |
| Tencent Holdings Ltd. | | 539,000 | 23,653,045 |
| Tencent Music Entertainment Group ADR (a) | | 60,849 | 763,655 |
| Thunder Software Technology Co. Ltd. (A Shares) | | 1,700 | 11,392 |
| Tianfeng Securities Co. Ltd. (A Shares) (a) | | 39,200 | 15,730 |
| Tianjin 712 Communication & Broadcasting Co. Ltd. | | 4,100 | 12,500 |
| Tianma Microelectronics Co. Ltd. (A Shares) (a) | | 13,200 | 14,743 |
| Tianqi Lithium Corp. (A Shares) | | 6,500 | 35,252 |
| Tianshan Aluminum Group Co. Ltd. | | 21,500 | 22,366 |
| Tianshui Huatian Technology Co. Ltd. (A Shares) | | 14,800 | 16,654 |
| Tingyi (Cayman Islands) Holding Corp. | | 158,000 | 174,384 |
| Tongcheng Travel Holdings Ltd. | | 98,000 | 257,924 |
| TongFu Microelectronics Co. Ltd. (A Shares) | | 5,500 | 15,664 |
| Tongkun Group Co. Ltd. (A Shares) (a) | | 9,400 | 17,834 |
| Tongling Nonferrous Metals Group Co. Ltd. (A Shares) | | 58,200 | 32,271 |
| Tongwei Co. Ltd. (A Shares) | | 22,400 | 66,948 |
| Topchoice Medical Corp. (a) | | 1,300 | 10,886 |
| Topsports International Holdings Ltd. (c) | | 148,000 | 102,782 |
| TravelSky Technology Ltd. (H Shares) | | 71,000 | 92,231 |
| Trina Solar Co. Ltd. (A Shares) | | 10,581 | 30,963 |
| Trip.com Group Ltd. (a) | | 45,000 | 2,191,831 |
| Tsinghua Tongfang Co. Ltd. (A Shares) (a) | | 15,300 | 12,766 |
| Tsingtao Brewery Co. Ltd.: | | | |
| (A Shares) (a) | | 2,500 | 28,217 |
| (H Shares) | | 54,000 | 389,146 |
| Unigroup Guoxin Microelectronics Co. Ltd. (a) | | 4,599 | 36,842 |
| Unisplendour Corp. Ltd. (A Shares) (a) | | 13,320 | 38,124 |
| Universal Scientific Industrial Shanghai Co. Ltd. (A Shares) | | 7,000 | 14,247 |
| Verisilicon Microelectronics Shanghai Co. Ltd. (A Shares) (a) | | 1,918 | 8,676 |
| Vipshop Holdings Ltd. ADR | | 28,180 | 423,827 |
| Walvax Biotechnology Co. Ltd. (A Shares) | | 8,200 | 16,608 |
| Wanda Film Holding Co. Ltd. (A Shares) (a) | | 7,300 | 14,707 |
| Wanhua Chemical Group Co. Ltd. (A Shares) | | 15,000 | 183,770 |
| Want Want China Holdings Ltd. | | 374,000 | 213,312 |
| Weichai Power Co. Ltd.: | | | |
| (A Shares) | | 13,100 | 31,429 |
| (H Shares) | | 187,000 | 382,109 |
| Weihai Guangwei Composites Co. Ltd. (A Shares) | | 3,520 | 12,622 |
| Wens Foodstuffs Group Co. Ltd. (A Shares) | | 31,560 | 82,926 |
| Western Mining Co. Ltd. (A Shares) | | 13,000 | 35,847 |
| Western Securities Co. Ltd. (A Shares) | | 22,700 | 23,128 |
| Western Superconducting Technologies Co. Ltd. (A Shares) | | 2,303 | 12,574 |
| Wharf Holdings Ltd. | | 88,000 | 283,127 |
| Will Semiconductor Ltd. | | 5,350 | 74,760 |
| Wilmar International Ltd. | | 156,100 | 366,925 |
| Wingtech Technology Co. Ltd. (A Shares) (a) | | 5,300 | 22,913 |
| Wintime Energy Group Co. Ltd. (A Shares) (a) | | 78,900 | 14,685 |
| Wuchan Zhongda Group Co. Ltd. | | 28,300 | 18,404 |
| Wuhan Guide Infrared Co. Ltd. (A Shares) | | 17,590 | 16,979 |
| Wuliangye Yibin Co. Ltd. (A Shares) | | 22,400 | 463,258 |
| WUS Printed Circuit Kunshan Co. Ltd. (A Shares) | | 8,240 | 37,475 |
| WuXi AppTec Co. Ltd. | | 9,260 | 55,645 |
| WuXi AppTec Co. Ltd. (H Shares) (c) | | 34,564 | 155,576 |
| Wuxi Biologics (Cayman), Inc. (a)(c) | | 308,000 | 533,560 |
| XCMG Construction Machinery Co. Ltd. (A Shares) | | 57,800 | 55,938 |
| Xiamen C&D, Inc. (A Shares) | | 12,400 | 16,999 |
| Xiamen Faratronic Co. Ltd. (A Shares) | | 900 | 12,219 |
| Xiamen Tungsten Co. Ltd. (A Shares) | | 6,000 | 15,822 |
| Xiaomi Corp. Class B (a)(c) | | 1,257,800 | 2,741,913 |
| Xinjiang Daqo New Energy Co. Ltd. (A Shares) (a) | | 8,381 | 28,246 |
| Xinyi Solar Holdings Ltd. | | 388,968 | 267,636 |
| XPeng, Inc. Class A (a) | | 95,402 | 386,775 |
| Yadea Group Holdings Ltd. (c) | | 98,000 | 188,520 |
| Yangzhou Yangjie Electronic Technology Co. Ltd. (A Shares) | | 3,500 | 18,286 |
| Yankuang Energy Group Co. Ltd.: | | | |
| (A Shares) | | 21,050 | 67,059 |
| (H Shares) | | 182,000 | 394,826 |
| Yantai Jereh Oilfield Services (A Shares) | | 5,300 | 23,247 |
| Yealink Network Technology Corp. Ltd. | | 6,030 | 29,337 |
| Yifeng Pharmacy Chain Co. Ltd. | | 4,060 | 24,558 |
| Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) | | 7,000 | 30,270 |
| Yintai Gold Co. Ltd. (A Shares) | | 12,620 | 32,016 |
| Yonghui Superstores Co. Ltd. (A Shares) (a) | | 32,700 | 10,944 |
| YongXing Special Materials Technology Co. Ltd. (A Shares) | | 1,950 | 12,734 |
| Yonyou Network Technology Co. Ltd. (A Shares) | | 16,720 | 26,750 |
| Youngor Fashion Co. Ltd. (A Shares) | | 20,800 | 22,417 |
| YTO Express Group Co. Ltd. (A Shares) | | 15,900 | 34,783 |
| Yuexiu Property Co. Ltd. | | 120,240 | 71,762 |
| Yum China Holdings, Inc. | | 33,388 | 1,218,996 |
| Yunda Holding Co. Ltd. (A Shares) | | 10,180 | 10,999 |
| Yunnan Aluminium Co. Ltd. (A Shares) | | 17,100 | 33,744 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 8,400 | 66,277 |
| Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares) | | 1,700 | 13,375 |
| Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares) (a) | | 22,900 | 18,054 |
| Yunnan Energy New Material Co. Ltd. | | 4,400 | 25,224 |
| Yunnan Tin Co. Ltd. (A Shares) | | 8,900 | 20,182 |
| Yunnan Yuntianhua Co. Ltd. (Series A) | | 7,000 | 19,516 |
| Yutong Bus Co. Ltd. (a) | | 10,100 | 35,659 |
| Zai Lab Ltd. (a) | | 75,140 | 120,773 |
| Zangge Mining Co. Ltd. (Series A) | | 8,700 | 34,476 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) | | 2,700 | 88,385 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 104,000 | 167,485 |
| Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a) | | 34,940 | 22,518 |
| Zhejiang China Commodities City Group Co. Ltd. (A Shares) | | 23,100 | 27,884 |
| Zhejiang Chint Electric Co. Ltd. (A Shares) | | 10,200 | 29,015 |
| Zhejiang Dahua Technology Co. Ltd. (A Shares) | | 17,200 | 42,470 |
| Zhejiang Dingli Machinery Co. Ltd. (A Shares) | | 2,800 | 25,299 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 125,640 | 82,147 |
| Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) | | 5,290 | 12,228 |
| Zhejiang Huayou Cobalt Co. Ltd. (A Shares) | | 7,740 | 30,275 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) | | 7,100 | 33,133 |
| Zhejiang Juhua Co. Ltd. (A Shares) | | 11,400 | 37,190 |
| Zhejiang Leapmotor Technology Co. Ltd. (H Shares) (a)(c) | | 40,300 | 138,473 |
| Zhejiang Longsheng Group Co. Ltd. (A Shares) | | 11,600 | 14,629 |
| Zhejiang NHU Co. Ltd. (A Shares) | | 14,532 | 38,450 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 9,100 | 27,471 |
| Zhejiang Supor Cookware Co. Ltd. | | 3,000 | 24,340 |
| Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares) | | 6,240 | 18,924 |
| Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) | | 5,900 | 14,284 |
| Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) (a) | | 56,200 | 48,282 |
| Zheshang Securities Co. Ltd. | | 16,700 | 25,948 |
| ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(c) | | 57,200 | 96,206 |
| Zhongji Innolight Co. Ltd. (A Shares) | | 3,800 | 95,787 |
| Zhongjin Gold Co. Ltd. (A Shares) | | 25,600 | 46,089 |
| Zhongsheng Group Holdings Ltd. Class H | | 67,000 | 122,194 |
| Zhongtai Securities Co. Ltd. (A Shares) | | 36,900 | 33,834 |
| Zhuzhou CRRC Times Electric Co. Ltd.: | | | |
| (A Shares) | | 4,183 | 27,485 |
| (H Shares) | | 39,000 | 139,777 |
| Zijin Mining Group Co. Ltd.: | | | |
| (A Shares) | | 81,000 | 195,015 |
| (H Shares) | | 464,000 | 1,012,203 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares) | | 34,900 | 40,906 |
| ZTE Corp.: | | | |
| (A Shares) | | 5,600 | 22,006 |
| (H Shares) | | 98,400 | 212,087 |
| ZTO Express, Inc. sponsored ADR | | 34,627 | 726,821 |
TOTAL CHINA | | | 161,154,197 |
| Colombia - 0.0% | | | |
| Bancolombia SA | | 21,149 | 182,217 |
| Interconexion Electrica SA ESP | | 34,499 | 159,172 |
TOTAL COLOMBIA | | | 341,389 |
| Czech Republic - 0.0% | | | |
| CEZ A/S | | 13,295 | 490,753 |
| Komercni Banka A/S | | 5,927 | 218,655 |
| MONETA Money Bank A/S (c) | | 25,912 | 104,553 |
TOTAL CZECH REPUBLIC | | | 813,961 |
| Denmark - 2.3% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 247 | 352,004 |
| Series B | | 326 | 475,317 |
| Carlsberg A/S Series B | | 7,957 | 1,070,319 |
| Coloplast A/S Series B | | 10,284 | 1,239,892 |
| Danske Bank A/S | | 56,168 | 1,623,422 |
| Demant A/S (a) | | 8,097 | 389,737 |
| DSV A/S | | 14,260 | 2,035,889 |
| Genmab A/S (a) | | 5,399 | 1,498,925 |
| Novo Nordisk A/S Series B | | 265,699 | 34,073,854 |
| Novonesis (NOVOZYMES) B Series B | | 30,428 | 1,691,872 |
| ORSTED A/S (a)(c) | | 15,426 | 851,323 |
| Pandora A/S | | 6,893 | 1,054,825 |
| Rockwool International A/S Series B | | 765 | 251,319 |
| Svitzer A/S | | 1,146 | 38,509 |
| Tryg A/S | | 28,599 | 566,750 |
| Vestas Wind Systems A/S (a) | | 82,338 | 2,219,588 |
TOTAL DENMARK | | | 49,433,545 |
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 179,723 | 270,054 |
| Commercial International Bank SAE GDR | | 49,558 | 73,445 |
| Eastern Co. SAE | | 75,096 | 34,527 |
| EFG Holding SAE | | 76,734 | 23,734 |
TOTAL EGYPT | | | 401,760 |
| Finland - 0.6% | | | |
| Elisa Corp. (A Shares) | | 11,525 | 520,514 |
| Fortum Corp. | | 36,125 | 477,281 |
| Kesko Oyj | | 22,143 | 378,805 |
| Kone OYJ (B Shares) | | 27,785 | 1,358,069 |
| Metso Corp. | | 53,369 | 607,999 |
| Neste OYJ | | 34,633 | 788,734 |
| Nokia Corp. | | 434,619 | 1,579,993 |
| Nordea Bank Abp (Helsinki Stock Exchange) | | 258,584 | 3,030,154 |
| Orion Oyj (B Shares) | | 9,020 | 344,520 |
| Sampo Oyj (A Shares) | | 36,810 | 1,489,635 |
| Stora Enso Oyj (R Shares) | | 46,850 | 627,479 |
| UPM-Kymmene Corp. | | 43,745 | 1,536,859 |
| Wartsila Corp. | | 37,999 | 703,992 |
TOTAL FINLAND | | | 13,444,034 |
| France - 6.3% | | | |
| Accor SA | | 15,264 | 672,929 |
| Adevinta ASA Class B (a) | | 27,314 | 278,832 |
| Aeroports de Paris SA | | 2,882 | 367,543 |
| Air Liquide SA | | 42,703 | 8,351,794 |
| Airbus Group NV | | 48,263 | 7,942,051 |
| Alstom SA | | 23,768 | 374,775 |
| Amundi SA (c) | | 4,992 | 350,281 |
| Arkema SA | | 4,888 | 506,259 |
| AXA SA | | 147,543 | 5,107,934 |
| bioMerieux SA | | 3,372 | 359,860 |
| BNP Paribas SA | | 84,099 | 6,051,920 |
| Bollore SA | | 58,534 | 381,052 |
| Bouygues SA | | 15,354 | 567,112 |
| Bureau Veritas SA | | 25,862 | 756,790 |
| Capgemini SA | | 12,669 | 2,662,784 |
| Carrefour SA | | 45,753 | 769,713 |
| Compagnie de St.-Gobain | | 37,154 | 2,938,235 |
| Compagnie Generale des Etablissements Michelin SCA Series B | | 55,258 | 2,122,938 |
| Covivio | | 3,958 | 197,936 |
| Covivio rights (a)(b) | | 3,958 | 13,939 |
| Credit Agricole SA | | 86,601 | 1,339,998 |
| Danone SA | | 52,297 | 3,273,129 |
| Dassault Aviation SA | | 1,703 | 365,669 |
| Dassault Systemes SA | | 54,485 | 2,138,641 |
| Edenred SA | | 20,412 | 968,503 |
| Eiffage SA | | 5,921 | 633,785 |
| Engie SA | | 148,337 | 2,575,222 |
| EssilorLuxottica SA | | 23,992 | 5,141,336 |
| Eurazeo SA | | 3,462 | 313,306 |
| Gecina SA | | 3,842 | 393,618 |
| Getlink SE | | 28,935 | 494,071 |
| Hermes International SCA | | 2,577 | 6,190,643 |
| Ipsen SA | | 3,154 | 384,055 |
| Kering SA | | 6,075 | 2,139,469 |
| Klepierre SA | | 17,485 | 471,351 |
| L'Oreal SA | | 19,576 | 9,184,951 |
| La Francaise des Jeux SAEM (c) | | 8,739 | 330,709 |
| Legrand SA | | 21,557 | 2,215,339 |
| LVMH Moet Hennessy Louis Vuitton SE | | 22,479 | 18,465,067 |
| Orange SA | | 152,315 | 1,695,309 |
| Pernod Ricard SA | | 16,649 | 2,523,029 |
| Publicis Groupe SA | | 18,645 | 2,057,416 |
| Remy Cointreau SA | | 1,795 | 170,291 |
| Renault SA | | 15,446 | 770,461 |
| Rexel SA | | 18,746 | 488,740 |
| Safran SA | | 27,825 | 6,033,351 |
| Sartorius Stedim Biotech | | 2,392 | 518,207 |
| SEB SA | | 1,960 | 232,598 |
| Societe Generale Series A | | 59,273 | 1,597,114 |
| Sodexo SA | | 7,108 | 620,128 |
| Teleperformance | | 4,687 | 427,568 |
| Thales SA | | 7,745 | 1,305,530 |
| TotalEnergies SE | | 176,731 | 12,830,445 |
| Unibail-Rodamco-Westfield NV | | 9,657 | 808,811 |
| Veolia Environnement SA | | 56,080 | 1,743,397 |
| VINCI SA | | 40,627 | 4,760,512 |
| Vivendi SA | | 53,759 | 548,817 |
| Worldline SA (a)(c) | | 18,751 | 196,189 |
TOTAL FRANCE | | | 137,121,452 |
| Germany - 4.9% | | | |
| adidas AG | | 13,214 | 3,192,688 |
| Allianz SE | | 31,849 | 9,038,265 |
| BASF AG | | 72,850 | 3,821,581 |
| Bayer AG | | 80,204 | 2,340,988 |
| Bayerische Motoren Werke AG (BMW) | | 25,897 | 2,831,439 |
| Bechtle AG | | 6,819 | 329,659 |
| Beiersdorf AG | | 8,205 | 1,230,709 |
| Brenntag SE | | 10,867 | 868,171 |
| Carl Zeiss Meditec AG | | 3,306 | 349,641 |
| Commerzbank AG | | 86,258 | 1,285,081 |
| Continental AG | | 8,852 | 574,747 |
| Covestro AG (a)(c) | | 15,563 | 780,283 |
| Daimler Truck Holding AG | | 43,542 | 1,966,062 |
| Deutsche Bank AG | | 157,754 | 2,527,010 |
| Deutsche Borse AG | | 15,443 | 2,977,287 |
| Deutsche Lufthansa AG | | 49,717 | 356,231 |
| Deutsche Telekom AG | | 263,329 | 6,031,700 |
| DHL Group | | 80,746 | 3,380,830 |
| E.ON SE | | 182,525 | 2,415,404 |
| Evonik Industries AG | | 19,800 | 412,997 |
| Fresenius Medical Care AG & Co. KGaA | | 16,508 | 695,032 |
| Fresenius SE & Co. KGaA | | 34,647 | 1,034,199 |
| GEA Group AG | | 13,254 | 536,083 |
| Hannover Reuck SE | | 4,918 | 1,219,749 |
| HeidelbergCement AG | | 10,649 | 1,075,547 |
| Henkel AG & Co. KGaA | | 8,145 | 585,695 |
| Infineon Technologies AG | | 106,506 | 3,696,080 |
| Knorr-Bremse AG | | 5,967 | 442,784 |
| LEG Immobilien AG | | 6,088 | 519,249 |
| Mercedes-Benz Group AG (Germany) | | 65,372 | 4,944,795 |
| Merck KGaA | | 10,528 | 1,673,525 |
| MTU Aero Engines AG | | 4,427 | 1,070,570 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 11,096 | 4,881,129 |
| Nemetschek SE | | 4,657 | 415,239 |
| Puma AG | | 8,717 | 402,473 |
| Rational AG | | 423 | 362,946 |
| Rheinmetall AG | | 3,561 | 1,965,515 |
| RWE AG | | 51,575 | 1,796,642 |
| SAP SE | | 84,998 | 15,347,838 |
| Scout24 AG (c) | | 6,165 | 454,629 |
| Siemens AG | | 61,859 | 11,588,267 |
| Siemens Energy AG (a) | | 42,477 | 874,897 |
| Siemens Healthineers AG (c) | | 22,958 | 1,273,192 |
| Symrise AG | | 10,851 | 1,166,125 |
| Talanx AG | | 5,305 | 400,268 |
| Volkswagen AG | | 2,324 | 328,086 |
| Vonovia SE | | 59,772 | 1,727,173 |
| Zalando SE (a)(c) | | 18,410 | 481,702 |
TOTAL GERMANY | | | 107,670,202 |
| Greece - 0.1% | | | |
| Alpha Bank SA (a) | | 186,212 | 316,470 |
| Eurobank Ergasias Services and Holdings SA (a) | | 213,539 | 458,057 |
| Ff Group (a)(e) | | 256 | 0 |
| Hellenic Telecommunications Organization SA | | 15,108 | 230,240 |
| Jumbo SA | | 9,109 | 283,662 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 5,149 | 149,245 |
| Mytilineos SA | | 8,252 | 336,410 |
| National Bank of Greece SA (a) | | 63,564 | 512,836 |
| OPAP SA | | 15,227 | 253,666 |
| Piraeus Financial Holdings SA (a) | | 84,901 | 340,109 |
| Public Power Corp. of Greece (a) | | 17,315 | 207,699 |
TOTAL GREECE | | | 3,088,394 |
| Hong Kong - 1.1% | | | |
| AIA Group Ltd. | | 926,200 | 6,783,820 |
| CK Asset Holdings Ltd. | | 157,745 | 672,873 |
| CK Infrastructure Holdings Ltd. | | 52,000 | 293,755 |
| CLP Holdings Ltd. | | 134,000 | 1,054,052 |
| Futu Holdings Ltd. ADR (a) | | 4,585 | 294,861 |
| Hang Lung Properties Ltd. | | 141,000 | 155,623 |
| Hang Seng Bank Ltd. | | 61,700 | 813,612 |
| Henderson Land Development Co. Ltd. | | 121,010 | 364,824 |
| HKT Trust/HKT Ltd. unit | | 317,000 | 349,961 |
| Hong Kong & China Gas Co. Ltd. | | 907,865 | 690,297 |
| Hong Kong Exchanges and Clearing Ltd. | | 98,349 | 3,124,983 |
| Hongkong Land Holdings Ltd. | | 91,409 | 292,068 |
| Jardine Matheson Holdings Ltd. | | 12,835 | 491,185 |
| Link (REIT) | | 211,460 | 906,063 |
| MTR Corp. Ltd. | | 131,391 | 431,808 |
| Orient Overseas International Ltd. | | 11,000 | 160,435 |
| Power Assets Holdings Ltd. | | 112,000 | 642,449 |
| Prudential PLC | | 224,794 | 1,955,112 |
| Sino Biopharmaceutical Ltd. | | 869,250 | 297,022 |
| Sino Land Ltd. | | 318,688 | 340,741 |
| Sun Hung Kai Properties Ltd. | | 118,500 | 1,093,158 |
| Swire Pacific Ltd. (A Shares) | | 35,000 | 296,405 |
| Swire Properties Ltd. | | 93,000 | 192,340 |
| Techtronic Industries Co. Ltd. | | 112,500 | 1,554,672 |
| WH Group Ltd. (c) | | 680,766 | 494,808 |
| Wharf Real Estate Investment Co. Ltd. | | 136,000 | 421,942 |
TOTAL HONG KONG | | | 24,168,869 |
| Hungary - 0.1% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 34,854 | 286,033 |
| OTP Bank PLC | | 17,965 | 891,448 |
| Richter Gedeon PLC | | 11,428 | 291,014 |
TOTAL HUNGARY | | | 1,468,495 |
| India - 4.9% | | | |
| ABB India Ltd. | | 4,375 | 342,478 |
| Adani Enterprises Ltd. | | 13,671 | 499,399 |
| Adani Green Energy Ltd. (a) | | 25,839 | 555,087 |
| Adani Ports & Special Economic Zone Ltd. | | 43,087 | 682,392 |
| Adani Power Ltd. (a) | | 61,852 | 452,308 |
| Ambuja Cements Ltd. | | 49,655 | 368,012 |
| APL Apollo Tubes Ltd. | | 13,850 | 257,874 |
| Apollo Hospitals Enterprise Ltd. | | 8,151 | 579,575 |
| Ashok Leyland Ltd. | | 114,978 | 264,710 |
| Asian Paints Ltd. | | 31,408 | 1,080,063 |
| Astral Ltd. | | 11,330 | 286,672 |
| AU Small Finance Bank Ltd. (c) | | 13,311 | 100,824 |
| Aurobindo Pharma Ltd. | | 21,993 | 303,441 |
| Avenue Supermarts Ltd. (a)(c) | | 13,230 | 729,824 |
| Axis Bank Ltd. | | 186,289 | 2,599,500 |
| Bajaj Auto Ltd. | | 5,363 | 572,379 |
| Bajaj Finance Ltd. | | 22,731 | 1,885,050 |
| Bajaj Finserv Ltd. | | 30,717 | 593,204 |
| Bajaj Holdings & Investment Ltd. | | 2,220 | 215,589 |
| Balkrishna Industries Ltd. | | 6,035 | 175,304 |
| Bandhan Bank Ltd. (c) | | 62,488 | 140,639 |
| Bank of Baroda | | 86,665 | 291,312 |
| Berger Paints India Ltd. | | 23,244 | 141,549 |
| Bharat Electronics Ltd. | | 294,979 | 824,637 |
| Bharat Forge Ltd. | | 21,339 | 324,606 |
| Bharat Heavy Electricals Ltd. | | 82,469 | 277,324 |
| Bharat Petroleum Corp. Ltd. | | 61,182 | 445,069 |
| Bharti Airtel Ltd. | | 183,464 | 2,903,168 |
| Britannia Industries Ltd. | | 8,918 | 509,565 |
| Cg Power & Industrial Soluti | | 50,370 | 333,427 |
| Cholamandalam Investment and Finance Co. Ltd. | | 33,939 | 484,313 |
| Cipla Ltd./India (a) | | 42,319 | 708,231 |
| Coal India Ltd. | | 123,898 | 673,435 |
| Colgate-Palmolive Ltd. | | 11,241 | 380,305 |
| Container Corp. of India Ltd. | | 19,319 | 237,226 |
| Cummins India Ltd. | | 11,270 | 441,140 |
| Dabur India Ltd. | | 52,260 | 317,551 |
| Divi's Laboratories Ltd. | | 9,717 | 465,140 |
| DLF Ltd. | | 59,754 | 636,475 |
| Dr. Reddy's Laboratories Ltd. | | 9,448 | 700,914 |
| Eicher Motors Ltd. | | 11,080 | 609,821 |
| GAIL India Ltd. | | 190,002 | 474,512 |
| GMR Airports Infrastructure Ltd. (a) | | 190,239 | 193,435 |
| Godrej Consumer Products Ltd. | | 33,154 | 483,727 |
| Godrej Properties Ltd. (a) | | 10,429 | 329,530 |
| Grasim Industries Ltd. | | 21,279 | 613,366 |
| Havells India Ltd. | | 20,935 | 416,541 |
| HCL Technologies Ltd. | | 77,365 | 1,261,850 |
| HDFC Asset Management Co. Ltd. (c) | | 7,979 | 371,867 |
| HDFC Bank Ltd. | | 228,918 | 4,156,104 |
| HDFC Standard Life Insurance Co. Ltd. (c) | | 78,036 | 544,540 |
| Hero Motocorp Ltd. | | 9,687 | 525,584 |
| Hindalco Industries Ltd. | | 108,533 | 834,465 |
| Hindustan Aeronautics Ltd. | | 16,171 | 762,918 |
| Hindustan Petroleum Corp. Ltd. | | 47,065 | 279,097 |
| Hindustan Unilever Ltd. | | 67,057 | 1,790,390 |
| ICICI Bank Ltd. | | 422,724 | 5,823,036 |
| ICICI Lombard General Insurance Co. Ltd. (c) | | 19,477 | 397,957 |
| ICICI Prudential Life Insurance Co. Ltd. (c) | | 28,690 | 196,350 |
| IDFC Bank Ltd. (a) | | 274,085 | 268,922 |
| Indian Oil Corp. Ltd. | | 226,891 | 458,050 |
| Indian Railway Catering & Tourism Corp. Ltd. | | 18,852 | 234,025 |
| Indraprastha Gas Ltd. | | 24,679 | 138,419 |
| IndusInd Bank Ltd. | | 23,360 | 423,407 |
| Info Edge India Ltd. | | 5,743 | 415,237 |
| Infosys Ltd. | | 270,545 | 4,566,723 |
| InterGlobe Aviation Ltd. (a)(c) | | 14,140 | 674,059 |
| ITC Ltd. | | 244,234 | 1,273,131 |
| Jindal Steel & Power Ltd. | | 29,814 | 331,021 |
| Jio Financial Services Ltd. | | 233,594 | 1,051,609 |
| JSW Steel Ltd. | | 49,362 | 519,927 |
| Jubilant Foodworks Ltd. | | 31,296 | 173,333 |
| Kotak Mahindra Bank Ltd. | | 89,270 | 1,734,504 |
| Larsen & Toubro Ltd. | | 54,875 | 2,358,181 |
| Ltimindtree Ltd. (c) | | 7,151 | 401,528 |
| Lupin Ltd. | | 18,983 | 373,670 |
| Macrotech Developers Ltd. (c) | | 19,856 | 294,033 |
| Mahindra & Mahindra Ltd. | | 76,299 | 1,967,489 |
| Marico Ltd. | | 43,445 | 269,532 |
| Maruti Suzuki India Ltd. | | 11,563 | 1,773,483 |
| Max Healthcare Institute Ltd. | | 62,668 | 629,568 |
| Mphasis BFL Ltd. | | 5,858 | 161,745 |
| MRF Ltd. | | 194 | 308,715 |
| Muthoot Finance Ltd. | | 9,346 | 192,189 |
| Nestle India Ltd. | | 27,603 | 828,338 |
| NMDC Ltd. | | 81,000 | 245,739 |
| NTPC Ltd. | | 355,986 | 1,546,652 |
| Oil & Natural Gas Corp. Ltd. | | 257,752 | 869,860 |
| One97 Communications Ltd. (a) | | 19,991 | 89,076 |
| Page Industries Ltd. | | 478 | 198,927 |
| Persistent Systems Ltd. | | 8,094 | 325,513 |
| Petronet LNG Ltd. | | 58,397 | 216,696 |
| PI Industries Ltd. | | 6,953 | 303,795 |
| Pidilite Industries Ltd. | | 12,419 | 452,845 |
| Polycab India Ltd. | | 3,506 | 237,852 |
| Power Finance Corp. Ltd. | | 119,117 | 627,717 |
| Power Grid Corp. of India Ltd. | | 379,689 | 1,369,064 |
| Punjab National Bank | | 173,271 | 292,140 |
| REC Ltd. | | 105,689 | 640,050 |
| Reliance Industries Ltd. | | 247,862 | 8,698,538 |
| Samvardhana Motherson International Ltd. | | 199,827 | 312,862 |
| SBI Cards & Payment Services Ltd. | | 22,185 | 193,145 |
| SBI Life Insurance Co. Ltd. (c) | | 36,294 | 624,239 |
| Shree Cement Ltd. | | 706 | 206,636 |
| Shriram Finance Ltd. | | 22,701 | 692,413 |
| Siemens Ltd. | | 7,193 | 502,421 |
| Sona Blw Precision Forgings Ltd. (c) | | 34,276 | 256,137 |
| SRF Ltd. | | 12,614 | 395,005 |
| State Bank of India | | 145,666 | 1,438,473 |
| Sun Pharmaceutical Industries Ltd. | | 78,274 | 1,405,806 |
| Supreme Industries Ltd. | | 5,288 | 320,176 |
| Suzlon Energy Ltd. (a) | | 726,122 | 359,718 |
| Tata Communications Ltd. | | 9,699 | 200,684 |
| Tata Consultancy Services Ltd. | | 73,628 | 3,359,435 |
| Tata Consumer Products Ltd. | | 46,156 | 611,036 |
| Tata Elxsi Ltd. | | 2,866 | 241,891 |
| Tata Motors Ltd. | | 133,736 | 1,612,272 |
| Tata Motors Ltd. Class A | | 40,311 | 328,718 |
| Tata Power Co. Ltd./The | | 115,749 | 621,020 |
| Tata Steel Ltd. | | 604,912 | 1,192,053 |
| Tech Mahindra Ltd. | | 43,260 | 651,471 |
| The Indian Hotels Co. Ltd. | | 69,338 | 477,666 |
| Titan Co. Ltd. | | 28,993 | 1,243,658 |
| Torrent Pharmaceuticals Ltd. | | 8,520 | 269,065 |
| Trent Ltd. | | 14,786 | 780,256 |
| Tube Investments of India Ltd. | | 8,708 | 390,518 |
| Tvs Motor Co. Ltd. | | 19,195 | 472,493 |
| Ultratech Cement Ltd. | | 9,473 | 1,129,470 |
| Union Bank of India Ltd. | | 116,528 | 214,734 |
| United Spirits Ltd. | | 23,865 | 335,630 |
| UPL Ltd. | | 35,582 | 215,886 |
| Varun Beverages Ltd. | | 37,029 | 654,850 |
| Vedanta Ltd. | | 78,062 | 372,458 |
| Wipro Ltd. | | 104,884 | 577,445 |
| Yes Bank Ltd. (a) | | 1,067,503 | 333,783 |
| Zomato Ltd. (a) | | 498,690 | 1,150,613 |
TOTAL INDIA | | | 105,924,239 |
| Indonesia - 0.5% | | | |
| Amman Mineral Internasional PT | | 533,000 | 317,380 |
| PT Adaro Energy Indonesia Tbk | | 1,151,900 | 191,443 |
| PT Aneka Tambang Tbk | | 608,300 | 61,146 |
| PT Astra International Tbk | | 1,644,300 | 518,868 |
| PT Bank Central Asia Tbk | | 4,523,800 | 2,720,091 |
| PT Bank Mandiri (Persero) Tbk | | 3,053,100 | 1,290,476 |
| PT Bank Negara Indonesia (Persero) Tbk | | 1,220,300 | 392,616 |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 5,570,610 | 1,686,244 |
| PT Barito Pacific Tbk | | 2,328,095 | 145,489 |
| PT Charoen Pokphand Indonesia Tbk | | 591,100 | 179,840 |
| PT GoTo Gojek Tokopedia Tbk (a) | | 68,969,400 | 265,275 |
| PT Indah Kiat Pulp & Paper Tbk | | 199,100 | 114,593 |
| PT Indofood CBP Sukses Makmur Tbk | | 189,100 | 126,398 |
| PT Indofood Sukses Makmur Tbk | | 380,900 | 146,267 |
| PT Kalbe Farma Tbk | | 1,656,500 | 147,043 |
| PT Merdeka Copper Gold Tbk (a) | | 769,861 | 123,991 |
| PT Sarana Menara Nusantara Tbk | | 1,511,400 | 74,674 |
| PT Semen Indonesia (Persero) Tbk | | 275,282 | 78,964 |
| PT Sumber Alfaria Trijaya Tbk | | 1,568,700 | 282,129 |
| PT Telkom Indonesia Persero Tbk | | 3,998,300 | 775,104 |
| PT Unilever Indonesia Tbk | | 602,700 | 97,064 |
| PT United Tractors Tbk | | 116,700 | 177,862 |
TOTAL INDONESIA | | | 9,912,957 |
| Ireland - 0.3% | | | |
| AerCap Holdings NV (a) | | 16,353 | 1,381,665 |
| AIB Group PLC | | 129,051 | 670,161 |
| Bank of Ireland Group PLC | | 86,785 | 930,337 |
| Kerry Group PLC Class A | | 12,930 | 1,114,951 |
| Kingspan Group PLC (Ireland) | | 12,702 | 1,136,635 |
| Smurfit Kappa Group PLC | | 21,419 | 931,478 |
TOTAL IRELAND | | | 6,165,227 |
| Israel - 0.4% | | | |
| Azrieli Group | | 3,330 | 215,465 |
| Bank Hapoalim BM (Reg.) | | 104,049 | 941,590 |
| Bank Leumi le-Israel BM | | 124,540 | 975,244 |
| Check Point Software Technologies Ltd. (a) | | 7,638 | 1,141,270 |
| Elbit Systems Ltd. (Israel) | | 2,148 | 438,596 |
| Global-e Online Ltd. (a) | | 8,084 | 271,057 |
| Icl Group Ltd. | | 64,006 | 301,414 |
| Israel Discount Bank Ltd. (Class A) | | 99,483 | 512,617 |
| Mizrahi Tefahot Bank Ltd. | | 12,477 | 455,843 |
| NICE Ltd. (a) | | 4,960 | 1,110,073 |
| NICE Ltd. sponsored ADR (a) | | 209 | 46,714 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 91,447 | 1,284,830 |
| Wix.com Ltd. (a) | | 4,425 | 526,000 |
TOTAL ISRAEL | | | 8,220,713 |
| Italy - 1.5% | | | |
| Amplifon SpA | | 10,263 | 344,243 |
| Assicurazioni Generali SpA | | 81,747 | 1,997,805 |
| Banco BPM SpA | | 97,569 | 643,913 |
| Coca-Cola HBC AG | | 17,844 | 577,492 |
| Davide Campari Milano NV | | 49,553 | 498,158 |
| DiaSorin SpA | | 1,784 | 180,755 |
| Enel SpA | | 658,028 | 4,324,849 |
| Eni SpA | | 178,407 | 2,865,518 |
| Ferrari NV (Italy) | | 10,263 | 4,240,875 |
| FinecoBank SpA | | 49,129 | 757,096 |
| Infrastrutture Wireless Italiane SpA (c) | | 28,025 | 301,475 |
| Intesa Sanpaolo SpA | | 1,189,696 | 4,453,037 |
| Leonardo SpA | | 32,623 | 753,054 |
| Mediobanca SpA | | 41,803 | 595,572 |
| Moncler SpA | | 16,819 | 1,150,905 |
| Nexi SpA (a)(c) | | 48,593 | 284,081 |
| Poste Italiane SpA (c) | | 37,047 | 471,276 |
| Prysmian SpA | | 21,511 | 1,174,916 |
| Recordati SpA | | 8,625 | 460,690 |
| Snam SpA | | 160,829 | 735,837 |
| Telecom Italia SpA (a)(d) | | 776,707 | 184,762 |
| Terna - Rete Elettrica Nazionale | | 113,891 | 914,501 |
| UniCredit SpA | | 125,446 | 4,604,416 |
TOTAL ITALY | | | 32,515,226 |
| Japan - 14.0% | | | |
| Advantest Corp. | | 62,500 | 1,956,292 |
| AEON Co. Ltd. (d) | | 53,200 | 1,112,321 |
| AGC, Inc. | | 16,000 | 591,588 |
| Aisin Seiki Co. Ltd. | | 12,100 | 460,239 |
| Ajinomoto Co., Inc. | | 38,300 | 1,424,050 |
| Ana Holdings, Inc. | | 13,600 | 258,291 |
| Asahi Group Holdings | | 39,100 | 1,337,571 |
| ASAHI INTECC Co. Ltd. | | 17,600 | 257,887 |
| Asahi Kasei Corp. | | 101,000 | 704,186 |
| Astellas Pharma, Inc. | | 148,000 | 1,420,489 |
| Azbil Corp. | | 9,500 | 265,335 |
| Bandai Namco Holdings, Inc. | | 49,300 | 921,179 |
| Bridgestone Corp. | | 46,300 | 2,043,081 |
| Brother Industries Ltd. | | 19,300 | 341,397 |
| Canon, Inc. | | 81,300 | 2,200,408 |
| Capcom Co. Ltd. | | 27,800 | 457,656 |
| Central Japan Railway Co. | | 62,800 | 1,436,109 |
| Chiba Bank Ltd. | | 42,800 | 361,534 |
| Chubu Electric Power Co., Inc. | | 51,800 | 664,903 |
| Chugai Pharmaceutical Co. Ltd. | | 54,700 | 1,739,672 |
| Concordia Financial Group Ltd. | | 85,600 | 461,225 |
| Dai Nippon Printing Co. Ltd. | | 16,400 | 477,668 |
| Dai-ichi Mutual Life Insurance Co. | | 76,700 | 1,776,452 |
| Daifuku Co. Ltd. | | 24,400 | 499,805 |
| Daiichi Sankyo Kabushiki Kaisha | | 150,700 | 5,072,217 |
| Daikin Industries Ltd. | | 21,500 | 2,934,564 |
| Daito Trust Construction Co. Ltd. | | 4,800 | 514,533 |
| Daiwa House Industry Co. Ltd. | | 48,100 | 1,353,482 |
| Daiwa Securities Group, Inc. | | 109,000 | 801,048 |
| DENSO Corp. | | 153,800 | 2,621,232 |
| Dentsu Group, Inc. | | 16,300 | 440,967 |
| Disco Corp. | | 7,500 | 2,136,343 |
| East Japan Railway Co. | | 74,100 | 1,358,177 |
| Eisai Co. Ltd. | | 20,400 | 837,809 |
| ENEOS Holdings, Inc. | | 235,300 | 1,087,137 |
| FANUC Corp. | | 77,700 | 2,301,419 |
| Fast Retailing Co. Ltd. | | 14,200 | 3,712,861 |
| Fuji Electric Co. Ltd. | | 10,300 | 640,701 |
| FUJIFILM Holdings Corp. | | 90,900 | 1,933,669 |
| Fujitsu Ltd. | | 143,000 | 2,209,086 |
| GLP J-REIT | | 391 | 318,005 |
| Hamamatsu Photonics K.K. | | 11,700 | 428,708 |
| Hankyu Hanshin Holdings, Inc. | | 18,400 | 482,416 |
| Hikari Tsushin, Inc. | | 1,600 | 260,035 |
| Hirose Electric Co. Ltd. | | 2,310 | 245,197 |
| Hitachi Construction Machinery Co. Ltd. | | 8,900 | 254,204 |
| Hitachi Ltd. | | 75,500 | 6,965,683 |
| Honda Motor Co. Ltd. | | 376,200 | 4,280,246 |
| Hoshizaki Corp. | | 9,000 | 310,128 |
| Hoya Corp. | | 28,600 | 3,315,879 |
| Hulic Co. Ltd. | | 30,300 | 279,204 |
| Ibiden Co. Ltd. | | 9,100 | 345,923 |
| Idemitsu Kosan Co. Ltd. | | 77,530 | 525,275 |
| Iida Group Holdings Co. Ltd. | | 12,300 | 157,021 |
| INPEX Corp. | | 79,300 | 1,187,898 |
| Isuzu Motors Ltd. | | 47,900 | 607,030 |
| Itochu Corp. | | 96,600 | 4,358,087 |
| Japan Airlines Co. Ltd. | | 12,200 | 216,169 |
| Japan Exchange Group, Inc. | | 41,000 | 960,242 |
| Japan Post Bank Co. Ltd. | | 117,500 | 1,192,662 |
| Japan Post Holdings Co. Ltd. | | 168,900 | 1,621,997 |
| Japan Post Insurance Co. Ltd. | | 15,800 | 296,630 |
| Japan Real Estate Investment Corp. | | 105 | 356,070 |
| Japan Retail Fund Investment Corp. | | 577 | 348,351 |
| Japan Tobacco, Inc. | | 96,900 | 2,606,767 |
| JFE Holdings, Inc. | | 46,400 | 692,554 |
| Kajima Corp. | | 34,600 | 662,835 |
| Kansai Electric Power Co., Inc. | | 57,400 | 859,819 |
| Kao Corp. | | 37,900 | 1,563,459 |
| Kawasaki Kisen Kaisha Ltd. | | 32,400 | 456,512 |
| KDDI Corp. | | 121,800 | 3,379,803 |
| KDX Realty Investment Corp. | | 349 | 344,232 |
| Keisei Electric Railway Co. | | 11,100 | 413,508 |
| Keyence Corp. | | 15,800 | 6,948,364 |
| Kikkoman Corp. | | 55,500 | 661,305 |
| Kintetsu Group Holdings Co. Ltd. | | 14,500 | 372,775 |
| Kirin Holdings Co. Ltd. | | 62,000 | 905,051 |
| Kobe Bussan Co. Ltd. | | 12,400 | 267,806 |
| Koito Manufacturing Co. Ltd. | | 15,900 | 213,867 |
| Komatsu Ltd. | | 75,300 | 2,248,168 |
| Konami Group Corp. | | 8,100 | 488,732 |
| Kubota Corp. | | 81,500 | 1,307,238 |
| Kyocera Corp. | | 104,700 | 1,276,151 |
| Kyowa Hakko Kirin Co., Ltd. | | 21,800 | 366,106 |
| Lasertec Corp. | | 6,200 | 1,337,374 |
| LY Corp. | | 217,400 | 522,333 |
| M3, Inc. | | 35,730 | 377,958 |
| Makita Corp. | | 18,100 | 524,011 |
| Marubeni Corp. | | 116,600 | 2,077,388 |
| MatsukiyoCocokara & Co. | | 28,200 | 399,897 |
| Mazda Motor Corp. | | 45,700 | 517,300 |
| McDonald's Holdings Co. (Japan) Ltd. | | 7,100 | 312,320 |
| Meiji Holdings Co. Ltd. | | 19,000 | 425,113 |
| Minebea Mitsumi, Inc. | | 29,100 | 545,053 |
| Misumi Group, Inc. | | 23,500 | 382,060 |
| Mitsubishi Chemical Holdings Corp. | | 103,300 | 602,639 |
| Mitsubishi Corp. | | 280,800 | 6,421,779 |
| Mitsubishi Electric Corp. | | 157,500 | 2,745,213 |
| Mitsubishi Estate Co. Ltd. | | 91,800 | 1,682,209 |
| Mitsubishi Heavy Industries Ltd. | | 261,000 | 2,333,632 |
| Mitsubishi UFJ Financial Group, Inc. | | 903,900 | 9,004,070 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | | 64,300 | 416,410 |
| Mitsui & Co. Ltd. | | 105,300 | 5,083,431 |
| Mitsui Chemicals, Inc. | | 13,900 | 395,634 |
| Mitsui Fudosan Co. Ltd. | | 217,500 | 2,213,511 |
| Mitsui OSK Lines Ltd. | | 27,800 | 882,360 |
| Mizuho Financial Group, Inc. | | 196,510 | 3,798,363 |
| MonotaRO Co. Ltd. | | 20,700 | 248,087 |
| MS&AD Insurance Group Holdings, Inc. | | 104,700 | 1,882,406 |
| Murata Manufacturing Co. Ltd. | | 140,400 | 2,565,413 |
| NEC Corp. | | 20,000 | 1,448,040 |
| Nexon Co. Ltd. | | 27,500 | 428,762 |
| Nidec Corp. | | 34,100 | 1,597,001 |
| Nintendo Co. Ltd. | | 84,600 | 4,125,858 |
| Nippon Building Fund, Inc. | | 125 | 477,599 |
| Nippon Express Holdings, Inc. | | 6,200 | 317,181 |
| Nippon Paint Holdings Co. Ltd. | | 76,000 | 486,477 |
| Nippon Prologis REIT, Inc. | | 188 | 324,414 |
| Nippon Sanso Holdings Corp. | | 13,900 | 412,864 |
| Nippon Steel & Sumitomo Metal Corp. | | 69,700 | 1,562,599 |
| Nippon Telegraph & Telephone Corp. | | 2,423,000 | 2,616,022 |
| Nippon Yusen KK | | 37,700 | 1,070,321 |
| Nissan Chemical Corp. | | 10,200 | 347,699 |
| Nissan Motor Co. Ltd. | | 197,500 | 722,791 |
| Nissin Food Holdings Co. Ltd. | | 16,200 | 432,306 |
| Nitori Holdings Co. Ltd. | | 6,500 | 869,915 |
| Nitto Denko Corp. | | 11,740 | 970,730 |
| Nomura Holdings, Inc. | | 245,200 | 1,395,185 |
| Nomura Real Estate Holdings, Inc. | | 8,600 | 240,775 |
| Nomura Real Estate Master Fund, Inc. | | 334 | 319,277 |
| Nomura Research Institute Ltd. | | 31,600 | 764,654 |
| NTT Data Corp. | | 51,500 | 805,348 |
| Obayashi Corp. | | 53,100 | 592,638 |
| OBIC Co. Ltd. | | 5,700 | 732,259 |
| Odakyu Electric Railway Co. Ltd. | | 26,000 | 292,310 |
| Olympus Corp. | | 98,400 | 1,370,685 |
| OMRON Corp. | | 14,100 | 483,946 |
| Ono Pharmaceutical Co. Ltd. | | 30,000 | 432,101 |
| Oracle Corp. Japan | | 3,200 | 240,143 |
| Oriental Land Co. Ltd. | | 88,800 | 2,450,146 |
| ORIX Corp. | | 95,500 | 1,954,447 |
| Osaka Gas Co. Ltd. | | 30,600 | 680,418 |
| Otsuka Corp. | | 18,800 | 373,897 |
| Otsuka Holdings Co. Ltd. | | 34,100 | 1,458,009 |
| Pan Pacific International Holdings Ltd. | | 31,090 | 730,181 |
| Panasonic Holdings Corp. | | 180,000 | 1,571,122 |
| Rakuten Group, Inc. (a) | | 122,800 | 590,600 |
| Recruit Holdings Co. Ltd. | | 117,300 | 5,051,801 |
| Renesas Electronics Corp. | | 119,800 | 1,945,043 |
| Resona Holdings, Inc. | | 174,100 | 1,100,965 |
| Ricoh Co. Ltd. | | 44,200 | 381,316 |
| ROHM Co. Ltd. | | 27,000 | 388,121 |
| SBI Holdings, Inc. Japan | | 20,100 | 489,398 |
| Screen Holdings Co. Ltd. | | 6,700 | 691,287 |
| SCSK Corp. | | 13,000 | 236,330 |
| Secom Co. Ltd. | | 17,000 | 1,180,863 |
| Seiko Epson Corp. | | 23,200 | 381,640 |
| Sekisui Chemical Co. Ltd. | | 31,300 | 455,354 |
| Sekisui House Ltd. | | 48,600 | 1,116,845 |
| Seven & i Holdings Co. Ltd. | | 183,900 | 2,376,209 |
| SG Holdings Co. Ltd. | | 26,300 | 307,844 |
| Sharp Corp. (a) | | 20,400 | 107,083 |
| Shimadzu Corp. | | 19,100 | 518,910 |
| SHIMANO, Inc. | | 6,200 | 1,007,581 |
| SHIMIZU Corp. | | 43,000 | 266,362 |
| Shin-Etsu Chemical Co. Ltd. | | 146,700 | 5,678,601 |
| Shionogi & Co. Ltd. | | 20,100 | 938,686 |
| Shiseido Co. Ltd. | | 32,800 | 877,999 |
| Shizuoka Financial Group | | 37,800 | 352,819 |
| SMC Corp. | | 4,700 | 2,469,223 |
| SoftBank Corp. | | 233,500 | 2,816,404 |
| SoftBank Group Corp. | | 83,800 | 4,121,334 |
| Sompo Holdings, Inc. | | 72,600 | 1,436,764 |
| Sony Group Corp. | | 102,700 | 8,488,296 |
| Square Enix Holdings Co. Ltd. | | 7,200 | 260,260 |
| Subaru Corp. | | 49,400 | 1,103,052 |
| Sumco Corp. | | 29,300 | 436,960 |
| Sumitomo Corp. | | 84,400 | 2,219,481 |
| Sumitomo Electric Industries Ltd. | | 58,200 | 899,558 |
| Sumitomo Metal Mining Co. Ltd. | | 19,900 | 664,832 |
| Sumitomo Mitsui Financial Group, Inc. | | 103,500 | 5,879,195 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 53,700 | 1,129,034 |
| Sumitomo Realty & Development Co. Ltd. | | 23,300 | 806,271 |
| Suntory Beverage & Food Ltd. | | 11,200 | 364,395 |
| Suzuki Motor Corp. | | 128,400 | 1,495,319 |
| Sysmex Corp. | | 41,400 | 662,002 |
| T&D Holdings, Inc. | | 40,100 | 654,325 |
| Taisei Corp. | | 13,700 | 501,563 |
| Takeda Pharmaceutical Co. Ltd. | | 128,777 | 3,384,526 |
| TDK Corp. | | 31,676 | 1,413,098 |
| Terumo Corp. | | 109,600 | 1,859,269 |
| TIS, Inc. | | 17,700 | 378,011 |
| Tobu Railway Co. Ltd. | | 15,300 | 303,559 |
| Toho Co. Ltd. | | 9,300 | 311,572 |
| Tokio Marine Holdings, Inc. | | 146,700 | 4,636,658 |
| Tokyo Electric Power Co., Inc. (a) | | 124,800 | 776,291 |
| Tokyo Electron Ltd. | | 38,400 | 8,422,883 |
| Tokyo Gas Co. Ltd. | | 30,100 | 675,061 |
| Tokyu Corp. | | 40,200 | 475,870 |
| Toppan Holdings, Inc. | | 18,800 | 446,010 |
| Toray Industries, Inc. | | 115,000 | 525,633 |
| Toto Ltd. | | 11,800 | 319,361 |
| Toyota Industries Corp. | | 11,900 | 1,130,820 |
| Toyota Motor Corp. | | 863,300 | 19,690,661 |
| Toyota Tsusho Corp. | | 17,300 | 1,099,933 |
| Trend Micro, Inc. | | 11,000 | 542,060 |
| Unicharm Corp. | | 32,700 | 971,620 |
| USS Co. Ltd. | | 34,200 | 261,264 |
| West Japan Railway Co. | | 36,000 | 683,332 |
| Yakult Honsha Co. Ltd. | | 20,800 | 406,843 |
| Yamaha Corp. | | 10,400 | 219,161 |
| Yamaha Motor Co. Ltd. | | 71,800 | 669,695 |
| Yamato Holdings Co. Ltd. | | 22,200 | 293,188 |
| Yaskawa Electric Corp. | | 19,700 | 811,692 |
| Yokogawa Electric Corp. | | 18,400 | 406,563 |
| Zensho Holdings Co. Ltd. | | 7,900 | 306,198 |
| ZOZO, Inc. | | 11,000 | 236,923 |
TOTAL JAPAN | | | 305,774,459 |
| Jordan - 0.0% | | | |
| Hikma Pharmaceuticals PLC | | 13,913 | 334,487 |
| Korea (South) - 3.0% | | | |
| AMOREPACIFIC Corp. | | 1,618 | 196,658 |
| Celltrion Pharm, Inc. | | 1,468 | 101,054 |
| Celltrion, Inc. | | 12,468 | 1,688,221 |
| CJ CheilJedang Corp. | | 644 | 155,660 |
| Cosmo AM&T Co. Ltd. (a) | | 2,010 | 216,469 |
| Coway Co. Ltd. | | 4,358 | 174,121 |
| Db Insurance Co. Ltd. | | 3,837 | 268,393 |
| Delivery Hero AG (a)(c) | | 14,468 | 404,779 |
| Doosan Bobcat, Inc. | | 4,282 | 159,591 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 37,315 | 449,294 |
| Ecopro BM Co. Ltd. | | 3,995 | 677,188 |
| Ecopro Co. Ltd. | | 8,165 | 615,459 |
| Ecopro Materials Co. Ltd. | | 1,082 | 89,371 |
| GS Holdings Corp. | | 3,684 | 118,777 |
| Hana Financial Group, Inc. | | 23,966 | 1,007,980 |
| Hanjin Kal Corp. | | 2,097 | 89,748 |
| Hankook Tire Co. Ltd. | | 6,238 | 263,952 |
| Hanmi Pharm Co. Ltd. | | 552 | 125,395 |
| Hanmi Semiconductor Co. Ltd. | | 3,490 | 331,411 |
| Hanon Systems | | 15,329 | 61,219 |
| Hanwha Aerospace Co. Ltd. | | 2,865 | 433,966 |
| Hanwha Ocean Co. Ltd. (a) | | 6,008 | 137,956 |
| Hanwha Solutions Corp. | | 8,706 | 158,007 |
| HD Hyundai Co. Ltd. | | 3,476 | 167,812 |
| HD Hyundai Heavy Industries Co. Ltd. (a) | | 1,772 | 174,761 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | | 3,532 | 332,545 |
| HLB, Inc. | | 9,583 | 763,539 |
| HMM Co. Ltd. | | 19,026 | 216,614 |
| HYBE Co. Ltd. | | 1,734 | 250,824 |
| Hyundai Engineering & Construction Co. Ltd. | | 6,064 | 154,049 |
| Hyundai Glovis Co. Ltd. | | 1,603 | 209,262 |
| Hyundai Mobis | | 4,904 | 800,045 |
| Hyundai Motor Co. Ltd. | | 10,910 | 1,956,953 |
| Hyundai Steel Co. | | 6,725 | 155,723 |
| Industrial Bank of Korea | | 23,750 | 238,103 |
| Kakao Corp. | | 25,511 | 883,488 |
| Kakao Pay Corp. (a) | | 2,208 | 55,489 |
| KakaoBank Corp. | | 13,834 | 247,430 |
| Kangwon Land, Inc. | | 7,221 | 79,570 |
| KB Financial Group, Inc. | | 31,323 | 1,694,108 |
| Kia Corp. | | 21,355 | 1,804,187 |
| Korea Aerospace Industries Ltd. | | 5,740 | 213,131 |
| Korea Electric Power Corp. (a) | | 20,770 | 316,193 |
| Korea Investment Holdings Co. Ltd. | | 3,274 | 157,801 |
| Korea Zinc Co. Ltd. | | 711 | 236,181 |
| Korean Air Lines Co. Ltd. | | 14,737 | 221,614 |
| KRAFTON, Inc. (a) | | 2,345 | 402,460 |
| KT Corp. | | 4,909 | 122,391 |
| KT&G Corp. | | 8,177 | 525,416 |
| Kum Yang Co. Ltd. (a) | | 2,879 | 192,634 |
| Kumho Petro Chemical Co. Ltd. | | 1,259 | 124,873 |
| L&F Co. Ltd. | | 2,095 | 244,387 |
| LG Chemical Ltd. | | 3,918 | 1,122,679 |
| LG Corp. | | 7,643 | 434,873 |
| LG Display Co. Ltd. (a) | | 29,527 | 222,866 |
| LG Electronics, Inc. | | 8,581 | 569,913 |
| LG Energy Solution (a) | | 3,829 | 1,062,318 |
| LG H & H Co. Ltd. | | 537 | 161,349 |
| LG Innotek Co. Ltd. | | 1,106 | 175,310 |
| LG Uplus Corp. | | 17,156 | 121,509 |
| Lotte Chemical Corp. | | 1,525 | 117,518 |
| Meritz Financial Holdings Co. | | 8,191 | 467,030 |
| Mirae Asset Securities Co. Ltd. | | 18,864 | 102,523 |
| NAVER Corp. | | 10,630 | 1,398,167 |
| NCSOFT Corp. | | 1,123 | 141,494 |
| Netmarble Corp. (a)(c) | | 2,084 | 83,209 |
| NH Investment & Securities Co. Ltd. | | 11,120 | 99,673 |
| Orion Corp./Republic of Korea | | 1,925 | 128,468 |
| POSCO | | 5,875 | 1,691,252 |
| POSCO Chemtech Co. Ltd. | | 2,493 | 500,132 |
| POSCO ICT Co. Ltd. | | 4,136 | 119,858 |
| Posco International Corp. | | 4,127 | 135,734 |
| S-Oil Corp. | | 3,888 | 202,423 |
| Samsung Biologics Co. Ltd. (a)(c) | | 1,460 | 818,307 |
| Samsung C&T Corp. | | 6,719 | 722,504 |
| Samsung E&A Co. Ltd. (a) | | 13,171 | 249,014 |
| Samsung Electro-Mechanics Co. Ltd. | | 4,553 | 506,436 |
| Samsung Electronics Co. Ltd. | | 388,832 | 21,553,356 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 2,474 | 552,195 |
| Samsung Heavy Industries Co. Ltd. (a) | | 54,821 | 370,397 |
| Samsung Life Insurance Co. Ltd. | | 6,437 | 404,479 |
| Samsung SDI Co. Ltd. | | 4,495 | 1,387,170 |
| Samsung SDS Co. Ltd. | | 3,134 | 359,024 |
| Samsung Securities Co. Ltd. | | 4,871 | 132,878 |
| Shinhan Financial Group Co. Ltd. | | 35,712 | 1,196,468 |
| SK Biopharmaceuticals Co. Ltd. (a) | | 2,484 | 155,831 |
| SK Bioscience Co. Ltd. (a) | | 2,087 | 87,654 |
| SK Hynix, Inc. | | 44,515 | 5,478,025 |
| SK IE Technology Co. Ltd. (a)(c) | | 2,270 | 95,809 |
| SK Innovation Co., Ltd. (a) | | 4,997 | 395,309 |
| SK Square Co. Ltd. (a) | | 7,882 | 431,844 |
| SK Telecom Co. Ltd. | | 4,219 | 155,589 |
| SK, Inc. | | 2,969 | 352,803 |
| SKC Co. Ltd. | | 1,543 | 121,614 |
| Woori Financial Group, Inc. | | 48,867 | 499,374 |
| Yuhan Corp. | | 4,460 | 231,348 |
TOTAL KOREA (SOUTH) | | | 66,181,978 |
| Kuwait - 0.2% | | | |
| Agility Global PLC (b)(e) | | 270,456 | 10,966 |
| Boubyan Bank KSC | | 115,178 | 220,045 |
| Gulf Bank | | 149,277 | 124,922 |
| Kuwait Finance House KSCP | | 764,895 | 1,786,326 |
| Mabanee Co. SAKC | | 54,256 | 138,676 |
| Mobile Telecommunication Co. | | 163,481 | 258,770 |
| National Bank of Kuwait | | 643,883 | 1,806,548 |
TOTAL KUWAIT | | | 4,346,253 |
| Luxembourg - 0.1% | | | |
| ArcelorMittal SA (Netherlands) | | 41,797 | 1,052,250 |
| Eurofins Scientific SA | | 10,880 | 668,801 |
| Reinet Investments SCA | | 11,471 | 267,964 |
TOTAL LUXEMBOURG | | | 1,989,015 |
| Macau - 0.1% | | | |
| Galaxy Entertainment Group Ltd. | | 179,000 | 803,154 |
| Sands China Ltd. (a) | | 195,600 | 461,351 |
TOTAL MACAU | | | 1,264,505 |
| Malaysia - 0.4% | | | |
| AMMB Holdings Bhd | | 185,300 | 162,883 |
| Axiata Group Bhd | | 214,560 | 127,047 |
| CelcomDigi Bhd | | 309,000 | 268,218 |
| CIMB Group Holdings Bhd | | 521,843 | 721,203 |
| Gamuda Bhd | | 153,050 | 170,120 |
| Genting Bhd | | 165,400 | 156,333 |
| Genting Malaysia Bhd | | 262,100 | 144,581 |
| Hong Leong Bank Bhd | | 51,600 | 208,384 |
| IHH Healthcare Bhd | | 186,800 | 245,780 |
| Inari Amertron Bhd | | 219,800 | 141,715 |
| IOI Corp. Bhd | | 201,100 | 171,179 |
| Kuala Lumpur Kepong Bhd | | 39,544 | 191,009 |
| Malayan Banking Bhd | | 436,598 | 889,641 |
| Malaysia Airports Holdings Bhd | | 72,616 | 151,979 |
| Maxis Bhd | | 177,700 | 136,489 |
| MISC Bhd | | 105,800 | 176,291 |
| MR DIY Group M Sdn Bhd (c) | | 271,400 | 88,711 |
| Nestle (Malaysia) Bhd | | 5,500 | 146,419 |
| Petronas Chemicals Group Bhd | | 241,500 | 342,705 |
| Petronas Dagangan Bhd | | 23,300 | 105,095 |
| Petronas Gas Bhd | | 61,400 | 231,395 |
| PPB Group Bhd | | 49,540 | 163,203 |
| Press Metal Aluminium Holdings | | 324,700 | 364,990 |
| Public Bank Bhd | | 1,178,200 | 1,016,207 |
| QL Resources Bhd | | 83,900 | 112,671 |
| RHB Bank Bhd | | 113,667 | 130,843 |
| Sime Darby Bhd | | 211,800 | 123,997 |
| Sime Darby Plantation Bhd | | 167,116 | 156,063 |
| Telekom Malaysia Bhd | | 88,021 | 114,074 |
| Tenaga Nasional Bhd | | 213,100 | 533,611 |
| YTL Corp. Bhd | | 259,800 | 167,973 |
| YTL Power International Bhd | | 192,400 | 184,444 |
TOTAL MALAYSIA | | | 8,045,253 |
| Mexico - 0.7% | | | |
| Alfa SA de CV Series A | | 242,700 | 178,511 |
| America Movil S.A.B. de CV Series L | | 1,531,000 | 1,457,648 |
| Arca Continental S.A.B. de CV | | 41,900 | 408,758 |
| Banco del Bajio SA (c) | | 61,000 | 224,903 |
| CEMEX S.A.B. de CV unit (a) | | 1,238,880 | 981,370 |
| Coca-Cola FEMSA S.A.B. de CV unit | | 43,120 | 427,783 |
| Fibra Uno Administracion SA de CV | | 234,100 | 336,034 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 158,400 | 1,853,097 |
| Gruma S.A.B. de CV Series B | | 15,395 | 302,369 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 31,615 | 575,837 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 14,760 | 507,014 |
| Grupo Aeroportuario Norte S.A.B. de CV | | 22,200 | 245,783 |
| Grupo Bimbo S.A.B. de CV Series A | | 108,900 | 456,305 |
| Grupo Carso SA de CV Series A1 | | 46,400 | 364,927 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 212,000 | 2,098,250 |
| Grupo Financiero Inbursa S.A.B. de CV Series O (a) | | 149,000 | 412,885 |
| Grupo Mexico SA de CV Series B | | 254,400 | 1,571,924 |
| Industrias Penoles SA de CV (a) | | 15,620 | 226,685 |
| Kimberly-Clark de Mexico SA de CV Series A | | 125,400 | 261,037 |
| Operadora de Sites Mexicanos, SA de CV | | 101,300 | 114,009 |
| Orbia Advance Corp. S.A.B. de CV | | 78,200 | 128,456 |
| Prologis Property Mexico SA | | 62,373 | 245,986 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 14,835 | 149,028 |
| Southern Copper Corp. | | 6,888 | 803,623 |
| Wal-Mart de Mexico SA de CV Series V | | 426,100 | 1,589,908 |
TOTAL MEXICO | | | 15,922,130 |
| Netherlands - 2.8% | | | |
| ABN AMRO Bank NV: | | | |
| GDR (Bearer) (c) | | 39,258 | 632,213 |
| rights (a)(b) | | 39,258 | 37,288 |
| Adyen BV (a)(c) | | 1,769 | 2,119,261 |
| AEGON NV | | 116,728 | 726,964 |
| Akzo Nobel NV | | 13,784 | 914,097 |
| Argenx SE (a) | | 4,837 | 1,806,927 |
| ASM International NV (Netherlands) | | 3,837 | 2,437,253 |
| ASML Holding NV (Netherlands) | | 32,827 | 29,171,958 |
| ASR Nederland NV | | 12,947 | 648,986 |
| BE Semiconductor Industries NV | | 6,309 | 844,987 |
| Euronext NV (c) | | 6,879 | 621,438 |
| EXOR NV | | 7,549 | 827,381 |
| Heineken Holding NV | | 10,344 | 834,005 |
| Heineken NV (Bearer) | | 23,330 | 2,273,167 |
| IMCD NV | | 4,658 | 707,127 |
| ING Groep NV (Certificaten Van Aandelen) | | 270,556 | 4,277,564 |
| JDE Peet's BV | | 7,596 | 168,776 |
| Koninklijke Ahold Delhaize NV | | 77,515 | 2,352,904 |
| Koninklijke KPN NV | | 275,795 | 1,002,275 |
| Koninklijke Philips Electronics NV | | 63,367 | 1,682,786 |
| NN Group NV | | 22,108 | 1,022,785 |
| OCI NV | | 8,684 | 234,469 |
| Randstad NV | | 8,724 | 439,444 |
| Universal Music Group NV | | 66,770 | 1,973,817 |
| Wolters Kluwer NV | | 20,202 | 3,034,510 |
TOTAL NETHERLANDS | | | 60,792,382 |
| New Zealand - 0.1% | | | |
| Auckland International Airport Ltd. | | 108,779 | 499,144 |
| Fisher & Paykel Healthcare Corp. | | 47,068 | 788,283 |
| Mercury Nz Ltd. | | 55,501 | 208,288 |
| Meridian Energy Ltd. | | 107,492 | 379,112 |
| Spark New Zealand Ltd. | | 151,801 | 423,257 |
| Xero Ltd. (a) | | 11,799 | 916,053 |
TOTAL NEW ZEALAND | | | 3,214,137 |
| Norway - 0.3% | | | |
| Aker BP ASA | | 25,486 | 624,044 |
| DNB Bank ASA | | 75,553 | 1,320,146 |
| Equinor ASA | | 73,498 | 1,955,663 |
| Gjensidige Forsikring ASA | | 16,933 | 272,397 |
| Kongsberg Gruppen ASA | | 7,071 | 500,320 |
| Mowi ASA | | 37,442 | 660,464 |
| Norsk Hydro ASA | | 106,958 | 657,298 |
| Orkla ASA | | 57,294 | 390,952 |
| Salmar ASA | | 5,443 | 343,725 |
| Telenor ASA | | 50,753 | 584,355 |
TOTAL NORWAY | | | 7,309,364 |
| Peru - 0.1% | | | |
| Compania de Minas Buenaventura SAA sponsored ADR | | 16,730 | 289,429 |
| Credicorp Ltd. (United States) | | 5,540 | 917,479 |
TOTAL PERU | | | 1,206,908 |
| Philippines - 0.2% | | | |
| Aboitiz Equity Ventures, Inc. | | 132,680 | 96,718 |
| Ayala Corp. | | 22,010 | 234,155 |
| Ayala Land, Inc. | | 557,400 | 276,547 |
| Bank of the Philippine Islands (BPI) | | 153,196 | 335,694 |
| BDO Unibank, Inc. | | 192,226 | 489,605 |
| International Container Terminal Services, Inc. | | 82,610 | 472,878 |
| JG Summit Holdings, Inc. | | 205,051 | 119,824 |
| Jollibee Food Corp. | | 35,810 | 145,728 |
| Manila Electric Co. | | 23,620 | 149,793 |
| Metropolitan Bank & Trust Co. | | 139,663 | 169,134 |
| PLDT, Inc. | | 5,890 | 137,284 |
| SM Investments Corp. | | 20,205 | 332,015 |
| SM Prime Holdings, Inc. | | 824,100 | 398,544 |
| Universal Robina Corp. | | 69,290 | 122,895 |
TOTAL PHILIPPINES | | | 3,480,814 |
| Poland - 0.3% | | | |
| Allegro.eu SA (a)(c) | | 47,330 | 396,886 |
| Bank Polska Kasa Opieki SA | | 14,774 | 615,523 |
| Budimex SA | | 993 | 168,299 |
| CD Projekt SA | | 5,059 | 147,789 |
| Dino Polska SA (a)(c) | | 3,962 | 380,826 |
| KGHM Polska Miedz SA (Bearer) | | 11,610 | 402,561 |
| LPP SA | | 91 | 352,882 |
| mBank SA (a) | | 1,157 | 195,610 |
| Orlen SA | | 47,146 | 772,207 |
| PGE Polska Grupa Energetyczna SA (a) | | 72,720 | 109,141 |
| Powszechna Kasa Oszczednosci Bank SA | | 71,209 | 1,065,572 |
| Powszechny Zaklad Ubezpieczen SA | | 49,254 | 622,657 |
| Santander Bank Polska SA | | 2,916 | 403,139 |
TOTAL POLAND | | | 5,633,092 |
| Portugal - 0.1% | | | |
| Energias de Portugal SA | | 256,522 | 965,279 |
| Galp Energia SGPS SA Class B | | 38,148 | 822,373 |
| Jeronimo Martins SGPS SA | | 22,812 | 471,075 |
TOTAL PORTUGAL | | | 2,258,727 |
| Qatar - 0.2% | | | |
| Barwa Real Estate Co. | | 163,317 | 126,043 |
| Dukhan Bank | | 155,481 | 164,449 |
| Industries Qatar QSC | | 123,836 | 416,641 |
| Masraf al Rayan | | 466,695 | 321,982 |
| Mesaieed Petrochemical Holding Co. | | 446,148 | 235,144 |
| Ooredoo QSC | | 63,327 | 173,754 |
| Qatar Electricity & Water Co. | | 34,203 | 143,256 |
| Qatar Fuel Co. | | 47,683 | 189,370 |
| Qatar Gas Transport Co. Ltd. (Nakilat) | | 206,245 | 226,524 |
| Qatar International Islamic Bank QSC | | 84,043 | 232,209 |
| Qatar Islamic Bank | | 144,721 | 727,381 |
| Qatar National Bank SAQ | | 377,368 | 1,437,543 |
| The Commercial Bank of Qatar | | 272,819 | 311,183 |
TOTAL QATAR | | | 4,705,479 |
| Romania - 0.0% | | | |
| NEPI Rockcastle PLC | | 45,964 | 308,940 |
| Russia - 0.0% | | | |
| Alrosa Co. Ltd. (a)(e) | | 120,680 | 19,991 |
| Gazprom OAO (a)(e) | | 601,730 | 62,695 |
| Inter Rao Ues JSC (a)(e) | | 1,756,400 | 9,642 |
| LUKOIL PJSC (a)(e) | | 21,149 | 6,518 |
| MMC Norilsk Nickel PJSC (a)(e) | | 249,900 | 16,548 |
| MMC Norilsk Nickel PJSC sponsored ADR (a)(e) | | 6,705 | 16,092 |
| Moscow Exchange MICEX-RTS OAO (a)(e) | | 72,930 | 13,959 |
| Novatek PJSC GDR (Reg. S) (a)(e) | | 4,511 | 220,137 |
| Novolipetsk Steel OJSC (a)(e) | | 71,070 | 679 |
| Ozon Holdings PLC ADR (a)(e) | | 2,304 | 4,806 |
| PhosAgro PJSC: | | | |
| GDR (Reg. S) (a)(e) | | 6,442 | 132 |
| sponsored GDR (Reg. S) (a)(e) | | 42 | 1 |
| Polyus PJSC (a)(e) | | 1,749 | 4,095 |
| Rosneft Oil Co. OJSC (a)(e) | | 55,210 | 9,194 |
| Sberbank of Russia (a)(e) | | 551,355 | 3,375 |
| Severstal PAO (a)(e) | | 7,553 | 168 |
| Severstal PAO GDR (Reg. S) (a)(e) | | 2,375 | 56 |
| Surgutneftegas OJSC (a)(e) | | 351,800 | 4,286 |
| Tatneft PAO (a)(e) | | 71,609 | 8,868 |
| TKS Holding MKPAO JSC (a)(e) | | 393 | 498 |
| United Co. RUSAL International PJSC (a)(e) | | 141,950 | 17,034 |
| VK Co. Ltd. (a)(e) | | 3,049 | 902 |
| VK Co. Ltd. GDR (Reg. S) (a)(e) | | 3,849 | 0 |
| VTB Bank OJSC (a)(e) | | 152,910,000 | 5,817 |
| Yandex NV Class A (a)(e) | | 15,310 | 56,915 |
TOTAL RUSSIA | | | 482,408 |
| Saudi Arabia - 1.1% | | | |
| ACWA Power Co. | | 7,662 | 817,149 |
| Ades Holding Co. | | 26,714 | 142,309 |
| Advanced Petrochemicals Co. | | 10,174 | 115,829 |
| Al Rajhi Bank | | 159,956 | 3,407,584 |
| Alinma Bank | | 98,696 | 877,596 |
| Almarai Co. Ltd. | | 20,962 | 317,454 |
| Arab National Bank | | 54,862 | 451,991 |
| Arabian Internet and Communications Services Co. Ltd. | | 1,864 | 172,952 |
| Bank Al-Jazira | | 39,261 | 169,580 |
| Bank Albilad | | 49,758 | 473,620 |
| Banque Saudi Fransi | | 47,988 | 468,928 |
| Bupa Arabia for Cooperative Insurance Co. | | 6,682 | 429,717 |
| Dallah Healthcare Co. | | 2,673 | 116,168 |
| Dar Al Arkan Real Estate Development Co. (a) | | 42,606 | 151,085 |
| Dr Sulaiman Al Habib Medical Services Group Co. | | 7,094 | 587,478 |
| Elm Co. | | 1,932 | 471,127 |
| Etihad Etisalat Co. | | 30,999 | 429,784 |
| Jarir Marketing Co. | | 50,432 | 182,064 |
| Luberef | | 3,940 | 159,256 |
| Mobile Telecommunications Co. Saudi Arabia | | 35,596 | 114,648 |
| Mouwasat Medical Services Co. | | 8,326 | 298,356 |
| Nahdi Medical Co. | | 3,066 | 112,974 |
| Power & Water Utility Co. for Jubail & Yanbu | | 5,844 | 101,280 |
| Riyad Bank | | 120,775 | 891,982 |
| Sabic Agriculture-Nutrients Co. | | 19,029 | 587,522 |
| Sahara International Petrochemical Co. | | 30,846 | 282,093 |
| Saudi Arabian Mining Co. | | 105,659 | 1,425,464 |
| Saudi Arabian Oil Co. (c) | | 215,715 | 1,731,195 |
| Saudi Awwal Bank | | 81,110 | 882,336 |
| Saudi Basic Industries Corp. | | 73,661 | 1,659,562 |
| Saudi Electricity Co. | | 68,714 | 341,133 |
| Saudi Industrial Investment Group | | 28,954 | 179,254 |
| Saudi Investment Bank/The | | 38,237 | 172,090 |
| Saudi Kayan Petrochemical Co. (a) | | 57,658 | 144,045 |
| Saudi Research & Marketing Group (a) | | 2,990 | 191,967 |
| Saudi Tadawul Group Holding Co. | | 3,999 | 282,338 |
| Saudi Telecom Co. | | 163,857 | 1,644,861 |
| The Co. for Cooperative Insurance | | 6,128 | 243,447 |
| The Saudi National Bank | | 239,992 | 2,405,935 |
| The Savola Group | | 21,657 | 291,601 |
| Yanbu National Petrochemical Co. | | 21,584 | 222,999 |
TOTAL SAUDI ARABIA | | | 24,148,753 |
| Singapore - 0.9% | | | |
| CapitaLand Ascendas REIT | | 305,658 | 578,984 |
| CapitaLand Integrated Commercial Trust | | 436,123 | 621,691 |
| CapitaLand Investment Ltd. | | 214,145 | 414,125 |
| City Developments Ltd. | | 39,500 | 177,036 |
| DBS Group Holdings Ltd. | | 162,058 | 4,125,577 |
| Genting Singapore Ltd. | | 501,800 | 334,886 |
| Grab Holdings Ltd. (a) | | 153,560 | 537,460 |
| Jardine Cycle & Carriage Ltd. | | 7,700 | 148,597 |
| Keppel Ltd. | | 117,500 | 587,725 |
| Mapletree Logistics Trust (REIT) | | 299,029 | 293,438 |
| Mapletree Pan Asia Commercial Trust | | 187,600 | 171,912 |
| Oversea-Chinese Banking Corp. Ltd. | | 274,852 | 2,853,396 |
| Sea Ltd. ADR (a) | | 30,072 | 1,900,250 |
| Seatrium Ltd. (a) | | 3,465,914 | 247,591 |
| Sembcorp Industries Ltd. | | 74,600 | 291,542 |
| Singapore Airlines Ltd. | | 121,000 | 577,366 |
| Singapore Exchange Ltd. | | 69,800 | 476,142 |
| Singapore Technologies Engineering Ltd. | | 130,600 | 383,635 |
| Singapore Telecommunications Ltd. | | 676,300 | 1,172,890 |
| STMicroelectronics NV (France) | | 55,931 | 2,214,022 |
| United Overseas Bank Ltd. | | 103,103 | 2,287,938 |
TOTAL SINGAPORE | | | 20,396,203 |
| South Africa - 0.9% | | | |
| Absa Group Ltd. | | 68,534 | 528,471 |
| Anglo American Platinum Ltd. | | 5,223 | 181,943 |
| Anglo American PLC (United Kingdom) | | 103,626 | 3,386,236 |
| Aspen Pharmacare Holdings Ltd. | | 31,346 | 373,422 |
| Bid Corp. Ltd. | | 27,099 | 617,664 |
| Bidvest Group Ltd./The | | 23,873 | 311,329 |
| Capitec Bank Holdings Ltd. | | 7,108 | 879,707 |
| Clicks Group Ltd. | | 19,483 | 303,132 |
| Discovery Ltd. | | 44,588 | 284,056 |
| Exxaro Resources Ltd. | | 19,387 | 185,748 |
| FirstRand Ltd. | | 411,373 | 1,420,122 |
| Gold Fields Ltd. | | 72,926 | 1,179,773 |
| Harmony Gold Mining Co. Ltd. | | 45,709 | 395,667 |
| Impala Platinum Holdings Ltd. | | 71,801 | 319,626 |
| Kumba Iron Ore Ltd. | | 5,006 | 122,713 |
| MTN Group Ltd. | | 137,151 | 657,338 |
| Naspers Ltd. Class N | | 14,919 | 2,855,163 |
| Nedbank Group Ltd. | | 36,110 | 439,068 |
| Northam Platinum Holdings Ltd. | | 29,760 | 197,180 |
| Old Mutual Ltd. | | 372,821 | 219,050 |
| OUTsurance Group Ltd. | | 68,184 | 146,583 |
| Pepkor Holdings Ltd. (c) | | 156,705 | 147,827 |
| Remgro Ltd. | | 41,448 | 270,066 |
| Sanlam Ltd. | | 142,115 | 514,084 |
| Sasol Ltd. | | 47,668 | 334,883 |
| Shoprite Holdings Ltd. | | 40,892 | 545,594 |
| Sibanye-Stillwater Ltd. | | 221,829 | 253,185 |
| Standard Bank Group Ltd. (d) | | 109,123 | 1,024,748 |
| Vodacom Group Ltd. | | 51,859 | 248,164 |
| Woolworths Holdings Ltd. | | 77,181 | 245,179 |
TOTAL SOUTH AFRICA | | | 18,587,721 |
| Spain - 1.6% | | | |
| Acciona SA | | 1,935 | 224,469 |
| ACS Actividades de Construccion y Servicios SA | | 17,215 | 690,414 |
| Aena SME SA (c) | | 6,078 | 1,113,073 |
| Amadeus IT Holding SA Class A | | 36,680 | 2,328,225 |
| Banco Bilbao Vizcaya Argentaria SA | | 475,177 | 5,138,550 |
| Banco Santander SA (Spain) (d) | | 1,317,369 | 6,429,163 |
| CaixaBank SA | | 305,521 | 1,611,183 |
| Cellnex Telecom SA (c) | | 37,541 | 1,240,906 |
| EDP Renovaveis SA | | 25,339 | 348,028 |
| Enagas SA | | 21,120 | 310,140 |
| Endesa SA | | 25,723 | 469,422 |
| Grifols SA (a) | | 24,738 | 228,258 |
| Iberdrola SA | | 497,924 | 6,105,333 |
| Industria de Diseno Textil SA | | 88,661 | 4,054,425 |
| Redeia Corp. SA | | 33,000 | 551,155 |
| Repsol SA | | 99,095 | 1,555,402 |
| Telefonica SA | | 399,241 | 1,788,439 |
TOTAL SPAIN | | | 34,186,585 |
| Sweden - 1.9% | | | |
| Alfa Laval AB | | 23,598 | 1,014,120 |
| ASSA ABLOY AB (B Shares) | | 81,435 | 2,151,628 |
| Atlas Copco AB: | | | |
| (A Shares) | | 215,276 | 3,770,793 |
| (B Shares) | | 130,325 | 1,980,821 |
| Beijer Ref AB (B Shares) | | 30,977 | 445,384 |
| Boliden AB | | 22,359 | 746,828 |
| Epiroc AB: | | | |
| (A Shares) | | 53,458 | 988,298 |
| (B Shares) | | 32,131 | 538,218 |
| EQT AB | | 30,439 | 834,971 |
| Essity AB (B Shares) | | 49,477 | 1,232,839 |
| Evolution AB (c) | | 14,920 | 1,667,947 |
| Fastighets AB Balder (a) | | 53,687 | 345,494 |
| Getinge AB (B Shares) | | 18,964 | 404,390 |
| H&M Hennes & Mauritz AB (B Shares) (d) | | 52,859 | 847,776 |
| Hexagon AB (B Shares) | | 169,125 | 1,791,708 |
| Holmen AB (B Shares) | | 6,625 | 259,460 |
| Husqvarna AB (B Shares) | | 29,450 | 242,326 |
| Industrivarden AB: | | | |
| (A Shares) | | 10,572 | 342,666 |
| (C Shares) | | 11,951 | 387,038 |
| Indutrade AB | | 22,407 | 524,980 |
| Investment AB Latour (B Shares) | | 12,405 | 303,360 |
| Investor AB: | | | |
| (A Shares) | | 4,514 | 110,921 |
| (B Shares) | | 135,681 | 3,353,120 |
| L E Lundbergforetagen AB | | 6,301 | 313,323 |
| Lifco AB | | 18,812 | 460,894 |
| Nibe Industrier AB (B Shares) | | 121,734 | 569,986 |
| Saab AB (B Shares) | | 6,483 | 516,856 |
| Sagax AB | | 16,881 | 426,146 |
| Sandvik AB | | 86,674 | 1,751,506 |
| Securitas AB (B Shares) | | 39,732 | 401,812 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 129,239 | 1,703,970 |
| Skanska AB (B Shares) | | 27,408 | 477,136 |
| SKF AB (B Shares) | | 28,121 | 586,896 |
| Svenska Cellulosa AB SCA (B Shares) | | 48,919 | 719,332 |
| Svenska Handelsbanken AB (A Shares) | | 119,059 | 1,020,970 |
| Swedbank AB (A Shares) (d) | | 69,199 | 1,333,696 |
| Swedish Orphan Biovitrum AB (a) | | 15,828 | 409,904 |
| Tele2 AB (B Shares) | | 45,133 | 422,236 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 238,684 | 1,211,294 |
| Telia Co. AB | | 191,306 | 438,495 |
| Volvo AB: | | | |
| (A Shares) | | 16,890 | 448,749 |
| (B Shares) | | 121,696 | 3,129,528 |
| Volvo Car AB | | 58,395 | 185,087 |
TOTAL SWEDEN | | | 40,812,902 |
| Switzerland - 3.7% | | | |
| ABB Ltd. (Reg.) | | 130,183 | 6,325,389 |
| Adecco SA (Reg.) | | 13,146 | 461,057 |
| Alcon, Inc. (Switzerland) | | 40,718 | 3,149,361 |
| Avolta AG (a) | | 7,875 | 297,808 |
| Bachem Holding AG (B Shares) | | 2,797 | 243,872 |
| Baloise Holdings AG | | 3,767 | 568,789 |
| Banque Cantonale Vaudoise | | 2,489 | 260,475 |
| Barry Callebaut AG | | 296 | 477,850 |
| BKW AG | | 1,748 | 259,181 |
| Clariant AG (Reg.) | | 17,004 | 254,898 |
| Compagnie Financiere Richemont SA Series A | | 43,786 | 6,052,409 |
| DSM-Firmenich AG | | 15,196 | 1,714,155 |
| Ems-Chemie Holding AG | | 594 | 476,234 |
| Geberit AG (Reg.) | | 2,724 | 1,462,678 |
| Givaudan SA | | 753 | 3,232,350 |
| Helvetia Holding AG (Reg.) | | 3,054 | 399,670 |
| Julius Baer Group Ltd. | | 16,842 | 903,714 |
| Kuehne & Nagel International AG | | 4,447 | 1,178,933 |
| Lindt & Spruengli AG | | 9 | 1,041,719 |
| Lindt & Spruengli AG (participation certificate) | | 80 | 923,361 |
| Logitech International SA (Reg.) | | 13,418 | 1,051,837 |
| Lonza Group AG | | 6,070 | 3,350,602 |
| Novartis AG | | 166,833 | 16,192,403 |
| Partners Group Holding AG | | 1,846 | 2,388,705 |
| Sandoz Group AG | | 33,536 | 1,139,786 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 3,281 | 820,919 |
| (Reg.) | | 1,911 | 466,706 |
| SGS SA (Reg.) | | 12,753 | 1,124,567 |
| Sig Group AG | | 24,940 | 499,207 |
| Sika AG | | 12,429 | 3,560,028 |
| Sonova Holding AG | | 4,148 | 1,152,460 |
| Straumann Holding AG | | 9,116 | 1,219,764 |
| Swatch Group AG (Bearer) | | 2,313 | 485,987 |
| Swatch Group AG (Bearer) (Reg.) | | 4,311 | 179,146 |
| Swiss Life Holding AG | | 2,408 | 1,626,726 |
| Swiss Prime Site AG | | 6,187 | 572,764 |
| Swisscom AG | | 2,116 | 1,158,995 |
| Temenos AG | | 5,279 | 330,207 |
| UBS Group AG | | 267,524 | 7,063,157 |
| VAT Group AG (c) | | 2,206 | 1,110,379 |
| Zurich Insurance Group Ltd. | | 11,893 | 5,746,936 |
TOTAL SWITZERLAND | | | 80,925,184 |
| Taiwan - 4.5% | | | |
| Accton Technology Corp. | | 41,000 | 573,364 |
| Acer, Inc. | | 236,000 | 324,148 |
| Advantech Co. Ltd. | | 37,674 | 437,423 |
| Alchip Technologies Ltd. | | 6,000 | 564,884 |
| ASE Technology Holding Co. Ltd. | | 251,500 | 1,129,386 |
| Asia Cement Corp. | | 180,000 | 240,988 |
| ASUSTeK Computer, Inc. | | 57,000 | 746,098 |
| AUO Corp. | | 549,600 | 306,768 |
| Catcher Technology Co. Ltd. | | 48,000 | 320,055 |
| Cathay Financial Holding Co. Ltd. | | 776,872 | 1,199,183 |
| Chailease Holding Co. Ltd. | | 123,075 | 647,976 |
| Chang Hwa Commercial Bank | | 450,130 | 251,252 |
| Cheng Shin Rubber Industry Co. Ltd. | | 162,000 | 233,469 |
| China Airlines Ltd. | | 252,000 | 161,094 |
| China Development Financial Ho (a) | | 1,282,313 | 535,110 |
| China Steel Corp. | | 968,000 | 736,132 |
| Chunghwa Telecom Co. Ltd. | | 309,000 | 1,172,370 |
| Compal Electronics, Inc. | | 343,000 | 373,465 |
| CTBC Financial Holding Co. Ltd. | | 1,443,000 | 1,503,409 |
| Delta Electronics, Inc. | | 159,000 | 1,554,365 |
| E Ink Holdings, Inc. | | 69,000 | 440,348 |
| E.SUN Financial Holdings Co. Ltd. | | 1,152,872 | 967,039 |
| ECLAT Textile Co. Ltd. | | 14,000 | 219,886 |
| eMemory Technology, Inc. | | 5,000 | 335,465 |
| EVA Airways Corp. | | 228,000 | 247,449 |
| Evergreen Marine Corp. (Taiwan) | | 84,343 | 489,208 |
| Far Eastern New Century Corp. | | 253,000 | 251,930 |
| Far EasTone Telecommunications Co. Ltd. | | 140,000 | 346,640 |
| Feng Tay Enterprise Co. Ltd. | | 42,584 | 211,356 |
| First Financial Holding Co. Ltd. | | 893,519 | 747,725 |
| Formosa Chemicals & Fibre Corp. | | 287,000 | 486,930 |
| Formosa Petrochemical Corp. | | 89,000 | 196,326 |
| Formosa Plastics Corp. | | 309,000 | 648,035 |
| Fubon Financial Holding Co. Ltd. | | 634,317 | 1,339,524 |
| Gigabyte Technology Co. Ltd. | | 42,000 | 378,099 |
| Global Unichip Corp. | | 8,000 | 331,662 |
| GlobalWafers Co. Ltd. | | 18,000 | 285,496 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 1,015,800 | 4,826,966 |
| Hotai Motor Co. Ltd. | | 25,400 | 481,140 |
| Hua Nan Financial Holdings Co. Ltd. | | 731,281 | 528,815 |
| Innolux Corp. | | 700,541 | 304,124 |
| Inventec Corp. | | 218,000 | 349,098 |
| Largan Precision Co. Ltd. | | 8,000 | 532,316 |
| Lite-On Technology Corp. | | 162,000 | 489,467 |
| MediaTek, Inc. | | 124,000 | 3,732,099 |
| Mega Financial Holding Co. Ltd. | | 940,572 | 1,150,539 |
| Micro-Star International Co. Ltd. | | 58,000 | 281,710 |
| Nan Ya Plastics Corp. | | 384,000 | 665,594 |
| Nan Ya Printed Circuit Board Corp. | | 18,000 | 102,309 |
| Nanya Technology Corp. | | 98,000 | 197,456 |
| Nien Made Enterprise Co. Ltd. | | 14,000 | 163,318 |
| Novatek Microelectronics Corp. | | 47,000 | 886,496 |
| Pegatron Corp. | | 163,000 | 485,271 |
| PharmaEssentia Corp. (a) | | 19,000 | 170,534 |
| Pou Chen Corp. | | 175,000 | 193,358 |
| Powerchip Semiconductor Manufacturing Corp. | | 237,725 | 165,798 |
| President Chain Store Corp. | | 46,000 | 386,155 |
| Quanta Computer, Inc. | | 221,000 | 1,731,378 |
| Realtek Semiconductor Corp. | | 40,000 | 629,884 |
| Ruentex Development Co. Ltd. | | 120,575 | 141,615 |
| Shin Kong Financial Holding Co. Ltd. (a) | | 1,111,393 | 293,173 |
| Sinopac Financial Holdings Co. | | 869,686 | 584,054 |
| Synnex Technology International Corp. | | 103,000 | 251,310 |
| Taishin Financial Holdings Co. Ltd. | | 897,482 | 493,248 |
| Taiwan Business Bank | | 484,576 | 251,139 |
| Taiwan Cement Corp. | | 546,667 | 536,390 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 844,494 | 677,452 |
| Taiwan High Speed Rail Corp. | | 156,000 | 142,769 |
| Taiwan Mobile Co. Ltd. | | 149,000 | 474,704 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 2,006,000 | 47,945,774 |
| The Shanghai Commercial & Savings Bank Ltd. | | 320,312 | 455,381 |
| Uni-President Enterprises Corp. | | 395,000 | 924,867 |
| Unimicron Technology Corp. | | 111,000 | 612,741 |
| United Microelectronics Corp. | | 923,000 | 1,415,597 |
| Vanguard International Semiconductor Corp. | | 70,000 | 183,109 |
| Voltronic Power Technology Corp. | | 5,000 | 236,166 |
| Walsin Lihwa Corp. | | 240,162 | 270,796 |
| Wan Hai Lines Ltd. | | 57,145 | 88,604 |
| Winbond Electronics Corp. | | 244,080 | 193,226 |
| Wistron Corp. | | 214,000 | 731,446 |
| Wiwynn Corp. | | 7,629 | 541,755 |
| WPG Holding Co. Ltd. | | 129,400 | 348,866 |
| Yageo Corp. | | 27,213 | 518,152 |
| Yang Ming Marine Transport Corp. | | 136,000 | 217,048 |
| Yuanta Financial Holding Co. Ltd. | | 818,367 | 766,293 |
| Zhen Ding Technology Holding Ltd. | | 51,000 | 180,197 |
TOTAL TAIWAN | | | 98,863,754 |
| Thailand - 0.4% | | | |
| Advanced Info Service PCL (For. Reg.) | | 27,500 | 145,716 |
| Advanced Information Service PCL NVDR | | 69,900 | 370,383 |
| Airports of Thailand PCL: | | | |
| (For. Reg.) | | 171,900 | 300,995 |
| NVDR | | 175,500 | 307,299 |
| Asset World Corp. PCL: | | | |
| (For. Reg.) | | 235,300 | 27,703 |
| NVDR | | 388,600 | 45,751 |
| Bangkok Dusit Medical Services PCL: | | | |
| (For. Reg.) | | 292,100 | 227,482 |
| NVDR | | 615,000 | 478,950 |
| Bangkok Expressway and Metro PCL: | | | |
| (For. Reg.) | | 154,900 | 34,486 |
| NVDR | | 443,300 | 98,694 |
| BTS Group Holdings PCL: | | | |
| (For. Reg.) | | 53,600 | 9,086 |
| NVDR | | 576,500 | 98,061 |
| Bumrungrad Hospital PCL: | | | |
| (For. Reg.) | | 10,800 | 71,091 |
| NVDR | | 34,100 | 224,463 |
| Central Pattana PCL: | | | |
| (For. Reg.) | | 74,500 | 126,709 |
| NVDR | | 92,300 | 156,983 |
| Central Retail Corp. PCL: | | | |
| (For. Reg.) | | 96,317 | 88,850 |
| NVDR | | 33,600 | 30,995 |
| Charoen Pokphand Foods PCL: | | | |
| (For. Reg.) | | 110,100 | 58,563 |
| NVDR | | 181,200 | 96,382 |
| CP ALL PCL: | | | |
| (For. Reg.) | | 143,900 | 221,801 |
| NVDR | | 330,900 | 510,034 |
| CP Axtra PCL NVDR | | 180,200 | 156,763 |
| Delta Electronics PCL: | | | |
| (For. Reg.) | | 16,000 | 29,762 |
| NVDR | | 235,500 | 438,064 |
| Energy Absolute PCL: | | | |
| (For. Reg.) | | 54,700 | 44,831 |
| NVDR | | 79,000 | 64,747 |
| Global Power Synergy Public Co. Ltd.: | | | |
| (For. Reg.) | | 24,100 | 31,511 |
| NVDR | | 33,600 | 43,932 |
| Gulf Energy Development PCL: | | | |
| (For. Reg.) | | 68,700 | 74,010 |
| NVDR | | 171,200 | 184,432 |
| Home Product Center PCL: | | | |
| (For. Reg.) | | 187,500 | 52,197 |
| NVDR | | 295,000 | 82,124 |
| Indorama Ventures PCL: | | | |
| (For. Reg.) | | 43,100 | 27,588 |
| NVDR | | 95,400 | 61,064 |
| Intouch Holdings PCL: | | | |
| (For. Reg.) | | 16,900 | 30,358 |
| NVDR | | 60,000 | 107,778 |
| Kasikornbank PCL NVDR | | 46,000 | 161,039 |
| Krung Thai Bank PCL: | | | |
| (For. Reg.) | | 95,600 | 43,120 |
| NVDR | | 176,200 | 79,474 |
| Krungthai Card PCL: | | | |
| (For. Reg.) | | 27,500 | 31,622 |
| NVDR | | 52,500 | 60,369 |
| Land & House PCL: | | | |
| (For. Reg.) | | 249,000 | 49,843 |
| NVDR | | 396,100 | 79,289 |
| Minor International PCL: | | | |
| (For. Reg.) | | 98,681 | 87,253 |
| NVDR | | 191,141 | 169,006 |
| Muangthai Leasing PCL: | | | |
| (For. Reg.) | | 19,800 | 24,031 |
| NVDR | | 40,700 | 49,397 |
| PTT Exploration and Production PCL: | | | |
| (For. Reg.) | | 33,000 | 137,677 |
| NVDR | | 79,800 | 332,929 |
| PTT Global Chemical PCL NVDR | | 175,500 | 172,634 |
| PTT Oil & Retail Business PCL NVDR | | 240,300 | 120,331 |
| PTT PCL: | | | |
| (For. Reg.) | | 314,700 | 284,437 |
| NVDR | | 508,900 | 459,961 |
| SCB X PCL: | | | |
| (For. Reg.) | | 19,000 | 54,264 |
| NVDR | | 47,100 | 134,516 |
| SCG Packaging PCL NVDR | | 98,500 | 85,520 |
| Siam Cement PCL: | | | |
| (For. Reg.) | | 25,900 | 173,046 |
| NVDR | | 40,000 | 267,253 |
| Thai Oil PCL: | | | |
| (For. Reg.) | | 22,133 | 32,162 |
| NVDR | | 72,866 | 105,884 |
| TMBThanachart Bank PCL NVDR | | 1,881,300 | 91,426 |
| True Corp. PCL (a) | | 319,517 | 65,711 |
| True Corp. PCL NVDR (a) | | 513,986 | 105,705 |
TOTAL THAILAND | | | 8,617,537 |
| Turkey - 0.2% | | | |
| Akbank TAS | | 259,288 | 475,963 |
| Aselsan A/S | | 106,275 | 199,350 |
| Bim Birlesik Magazalar A/S JSC | | 37,143 | 443,841 |
| Coca-Cola Icecek Sanayi A/S | | 5,958 | 133,376 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 106,452 | 141,536 |
| Ford Otomotiv Sanayi A/S | | 6,070 | 208,792 |
| Haci Omer Sabanci Holding A/S | | 80,547 | 229,557 |
| Koc Holding A/S | | 63,608 | 444,070 |
| Pegasus Hava Tasimaciligi A/S (a) | | 3,616 | 115,449 |
| Sasa Polyester Sanayi A/S | | 104,365 | 133,025 |
| Tofas Turk Otomobil Fabrikasi A/S | | 10,330 | 87,794 |
| Turk Hava Yollari AO (a) | | 46,749 | 470,575 |
| Turkcell Iletisim Hizmet A/S | | 95,364 | 237,922 |
| Turkiye Is Bankasi A/S Series C | | 686,663 | 290,684 |
| Turkiye Petrol Rafinerileri A/S | | 79,705 | 481,879 |
| Turkiye Sise ve Cam Fabrikalari A/S | | 109,191 | 169,925 |
| Yapi ve Kredi Bankasi A/S | | 262,599 | 261,737 |
TOTAL TURKEY | | | 4,525,475 |
| United Arab Emirates - 0.3% | | | |
| Abu Dhabi Commercial Bank PJSC | | 237,562 | 540,075 |
| Abu Dhabi Islamic Bank | | 118,475 | 359,983 |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 265,443 | 252,225 |
| Aldar Properties PJSC | | 311,307 | 462,778 |
| Americana Restaurants International PLC | | 200,980 | 182,217 |
| Dubai Islamic Bank Pakistan Ltd. | | 235,030 | 355,786 |
| Emaar Properties PJSC | | 540,608 | 1,208,416 |
| Emirates NBD Bank PJSC | | 155,904 | 721,601 |
| Emirates Telecommunications Corp. | | 286,172 | 1,324,546 |
| First Abu Dhabi Bank PJSC | | 362,514 | 1,231,772 |
| Multiply Group (a) | | 305,955 | 191,592 |
| NMC Health PLC (a)(e) | | 2,259 | 0 |
TOTAL UNITED ARAB EMIRATES | | | 6,830,991 |
| United Kingdom - 6.5% | | | |
| 3i Group PLC | | 79,131 | 2,827,149 |
| Abrdn PLC | | 155,114 | 283,950 |
| Admiral Group PLC | | 20,971 | 715,116 |
| AngloGold Ashanti PLC | | 34,290 | 788,622 |
| Ashtead Group PLC | | 35,657 | 2,602,915 |
| Associated British Foods PLC | | 27,709 | 919,608 |
| AstraZeneca PLC (United Kingdom) | | 126,205 | 19,088,374 |
| Auto Trader Group PLC (c) | | 73,962 | 641,212 |
| Aviva PLC | | 224,532 | 1,306,586 |
| BAE Systems PLC | | 247,062 | 4,109,189 |
| Barclays PLC | | 1,234,925 | 3,113,610 |
| Barratt Developments PLC | | 79,597 | 452,247 |
| Berkeley Group Holdings PLC | | 8,558 | 504,099 |
| British American Tobacco PLC (United Kingdom) | | 163,843 | 4,809,821 |
| BT Group PLC | | 519,574 | 666,114 |
| Bunzl PLC | | 27,528 | 1,057,383 |
| Burberry Group PLC | | 28,970 | 414,521 |
| Centrica PLC | | 433,724 | 693,438 |
| CK Hutchison Holdings Ltd. | | 220,500 | 1,070,919 |
| Coca-Cola European Partners PLC | | 16,771 | 1,207,847 |
| Compass Group PLC | | 138,912 | 3,863,660 |
| Croda International PLC | | 10,710 | 616,942 |
| DCC PLC (United Kingdom) | | 8,073 | 553,306 |
| Diageo PLC | | 181,733 | 6,280,634 |
| Entain PLC | | 51,286 | 504,088 |
| Flutter Entertainment PLC (a) | | 14,422 | 2,689,636 |
| Halma PLC | | 31,108 | 857,883 |
| Hargreaves Lansdown PLC | | 29,616 | 301,160 |
| HSBC Holdings PLC (United Kingdom) | | 1,559,502 | 13,517,690 |
| Imperial Brands PLC | | 68,205 | 1,558,495 |
| Informa PLC | | 112,559 | 1,119,278 |
| InterContinental Hotel Group PLC | | 13,473 | 1,314,076 |
| Intertek Group PLC | | 13,191 | 814,910 |
| J Sainsbury PLC | | 134,043 | 441,178 |
| JD Sports Fashion PLC | | 214,576 | 309,951 |
| Kingfisher PLC | | 155,562 | 479,181 |
| Land Securities Group PLC | | 57,648 | 468,582 |
| Legal & General Group PLC | | 489,585 | 1,443,756 |
| Lloyds Banking Group PLC | | 5,179,971 | 3,343,068 |
| London Stock Exchange Group PLC | | 33,784 | 3,724,352 |
| M&G PLC | | 187,370 | 470,832 |
| Melrose Industries PLC | | 109,826 | 867,039 |
| National Grid PLC | | 300,929 | 3,947,335 |
| NatWest Group PLC | | 465,451 | 1,756,791 |
| Next PLC | | 9,875 | 1,111,525 |
| Ocado Group PLC (a) | | 47,803 | 210,915 |
| Pearson PLC | | 51,310 | 622,587 |
| Pepco Group NV (a) | | 14,419 | 68,569 |
| Persimmon PLC | | 25,871 | 421,545 |
| Phoenix Group Holdings PLC | | 63,382 | 387,917 |
| Reckitt Benckiser Group PLC | | 58,122 | 3,249,427 |
| RELX PLC (London Stock Exchange) | | 153,191 | 6,294,140 |
| Rentokil Initial PLC | | 205,739 | 1,038,565 |
| Rolls-Royce Holdings PLC (a) | | 685,782 | 3,516,708 |
| Sage Group PLC | | 83,249 | 1,212,917 |
| Schroders PLC | | 67,737 | 298,613 |
| Segro PLC | | 103,737 | 1,099,216 |
| Severn Trent PLC | | 21,579 | 665,203 |
| Smith & Nephew PLC | | 71,978 | 872,061 |
| Smiths Group PLC | | 28,066 | 566,729 |
| Spirax-Sarco Engineering PLC | | 6,044 | 667,999 |
| SSE PLC | | 89,048 | 1,850,987 |
| St. James's Place PLC | | 45,699 | 248,741 |
| Standard Chartered PLC (United Kingdom) | | 184,905 | 1,588,619 |
| Taylor Wimpey PLC | | 286,576 | 472,322 |
| Tesco PLC | | 574,245 | 2,120,153 |
| Unilever PLC | | 203,408 | 10,522,460 |
| United Utilities Group PLC | | 55,162 | 719,950 |
| Vodafone Group PLC | | 1,869,722 | 1,576,740 |
| Vodafone Group PLC sponsored ADR | | 1,083 | 9,108 |
| Whitbread PLC | | 15,038 | 595,103 |
| Wise PLC (a) | | 49,316 | 478,501 |
| WPP PLC | | 86,425 | 866,252 |
TOTAL UNITED KINGDOM | | | 141,870,115 |
| United States of America - 5.7% | | | |
| BP PLC | | 1,393,573 | 8,982,466 |
| Brookfield Renewable Corp. | | 10,625 | 246,822 |
| BRP, Inc. | | 2,765 | 186,027 |
| CNH Industrial NV | | 111 | 1,263 |
| CRH PLC | | 56,518 | 4,403,992 |
| CSL Ltd. | | 39,368 | 6,994,754 |
| CyberArk Software Ltd. (a) | | 3,387 | 810,340 |
| Experian PLC | | 74,720 | 3,013,752 |
| Ferrovial SE | | 42,171 | 1,521,165 |
| GFL Environmental, Inc. | | 18,690 | 596,413 |
| GSK PLC | | 335,066 | 6,951,587 |
| Haleon PLC | | 563,957 | 2,381,784 |
| Holcim AG | | 42,400 | 3,549,210 |
| James Hardie Industries PLC CDI (a) | | 35,877 | 1,233,378 |
| JBS SA | | 63,600 | 287,098 |
| Legend Biotech Corp. ADR (a) | | 6,083 | 266,070 |
| Monday.com Ltd. (a) | | 2,373 | 449,280 |
| Nestle SA (Reg. S) | | 217,266 | 21,813,549 |
| Parade Technologies Ltd. | | 6,000 | 135,973 |
| QIAGEN NV (Germany) | | 17,892 | 746,207 |
| Roche Holding AG: | | | |
| (Bearer) | | 2,650 | 694,175 |
| (participation certificate) | | 57,144 | 13,692,515 |
| Sanofi SA | | 92,687 | 9,156,828 |
| Schneider Electric SA | | 44,299 | 10,100,761 |
| Shell PLC (London) | | 529,018 | 18,805,859 |
| Stellantis NV (Italy) | | 180,364 | 4,019,076 |
| Swiss Re Ltd. | | 24,552 | 2,666,065 |
| Tenaris SA | | 38,434 | 642,938 |
TOTAL UNITED STATES OF AMERICA | | | 124,349,347 |
| Zambia - 0.0% | | | |
| First Quantum Minerals Ltd. | | 57,875 | 734,867 |
| TOTAL COMMON STOCKS (Cost $1,905,513,758) | | | 2,049,313,413 |
| | | | |
| Nonconvertible Preferred Stocks - 0.9% |
| | | Shares | Value ($) |
| Brazil - 0.4% | | | |
| Banco Bradesco SA (PN) | | 432,895 | 1,167,147 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 23,455 | 187,727 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 149,786 | 366,374 |
| Companhia Paranaense de Energia-COPEL (PN-B) | | 86,700 | 151,774 |
| Gerdau SA | | 113,646 | 399,641 |
| Itau Unibanco Holding SA | | 393,750 | 2,377,999 |
| Itausa-Investimentos Itau SA (PN) | | 438,261 | 806,874 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 387,300 | 3,134,142 |
TOTAL BRAZIL | | | 8,591,678 |
| Chile - 0.0% | | | |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 11,580 | 528,913 |
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 35,920 | 293,916 |
| Germany - 0.3% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 4,856 | 500,094 |
| Dr. Ing. h.c. F. Porsche AG Series F (c) | | 9,326 | 830,261 |
| Henkel AG & Co. KGaA | | 13,671 | 1,086,048 |
| Porsche Automobil Holding SE (Germany) | | 12,365 | 630,015 |
| Sartorius AG (non-vtg.) | | 2,144 | 645,924 |
| Volkswagen AG | | 16,929 | 2,073,889 |
TOTAL GERMANY | | | 5,766,231 |
| Korea (South) - 0.2% | | | |
| AMOREPACIFIC Corp. | | 2,314 | 77,480 |
| Hyundai Motor Co. Ltd. | | 2,240 | 254,176 |
| Hyundai Motor Co. Ltd. Series 2 | | 3,064 | 349,136 |
| LG Chemical Ltd. | | 813 | 155,595 |
| LG H & H Co. Ltd. | | 569 | 76,578 |
| Samsung Electronics Co. Ltd. | | 67,010 | 3,120,013 |
TOTAL KOREA (SOUTH) | | | 4,032,978 |
| Russia - 0.0% | | | |
| Surgutneftegas OJSC (a)(e) | | 352,900 | 6,114 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $20,275,447) | | | 19,219,830 |
| | | | |
| Government Obligations - 0.2% |
| | | Principal Amount (f) | Value ($) |
| United States of America - 0.2% | | | |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (g) (Cost $4,884,323) | | 4,900,000 | 4,884,189 |
| | | | |
| Money Market Funds - 4.9% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (h) | | 96,864,758 | 96,884,131 |
| Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 10,538,966 | 10,540,020 |
| TOTAL MONEY MARKET FUNDS (Cost $107,424,771) | | | 107,424,151 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $2,038,098,299) | 2,180,841,583 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | 2,226,958 |
| NET ASSETS - 100.0% | 2,183,068,541 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 649 | Jun 2024 | 73,580,375 | (1,725,696) | (1,725,696) |
| ICE MSCI Emerging Markets Index Contracts (United States) | 626 | Jun 2024 | 32,614,600 | 12,989 | 12,989 |
| TME S&P/TSX 60 Index Contracts (Canada) | 45 | Jun 2024 | 8,534,849 | (106,385) | (106,385) |
| | | | | | |
| TOTAL FUTURES CONTRACTS | | | | | (1,819,092) |
| The notional amount of futures purchased as a percentage of Net Assets is 5.3% |
Legend
| (b) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (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 $44,272,766 or 2.0% of net assets. |
| (d) | Security or a portion of the security is on loan at period end. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,673,110. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 77,429,952 | 269,876,323 | 250,421,524 | 1,804,096 | - | (620) | 96,884,131 | 0.2% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 10,750,416 | 37,225,649 | 37,436,045 | 44,158 | - | - | 10,540,020 | 0.0% |
| Total | 88,180,368 | 307,101,972 | 287,857,569 | 1,848,254 | - | (620) | 107,424,151 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 107,001,061 | 20,127,944 | 86,815,300 | 57,817 |
Consumer Discretionary | 241,010,941 | 61,514,926 | 179,491,209 | 4,806 |
Consumer Staples | 154,560,342 | 44,084,064 | 110,476,278 | - |
Energy | 119,810,391 | 44,602,618 | 74,889,961 | 317,812 |
Financials | 443,298,188 | 177,332,035 | 265,925,314 | 40,839 |
Health Care | 192,293,588 | 28,334,137 | 163,959,451 | - |
Industrials | 286,187,582 | 90,364,505 | 195,812,111 | 10,966 |
Information Technology | 264,250,144 | 57,653,289 | 206,596,855 | - |
Materials | 156,082,216 | 66,690,344 | 89,317,076 | 74,796 |
Real Estate | 40,443,107 | 10,320,365 | 30,122,742 | - |
Utilities | 63,595,683 | 20,439,819 | 43,146,222 | 9,642 |
|
| Government Obligations | 4,884,189 | - | 4,884,189 | - |
|
| Money Market Funds | 107,424,151 | 107,424,151 | - | - |
| Total Investments in Securities: | 2,180,841,583 | 728,888,197 | 1,451,436,708 | 516,678 |
Derivative Instruments: Assets | | | | |
Futures Contracts | 12,989 | 12,989 | - | - |
| Total Assets | 12,989 | 12,989 | - | - |
| Liabilities | | | | |
Futures Contracts | (1,832,081) | (1,832,081) | - | - |
| Total Liabilities | (1,832,081) | (1,832,081) | - | - |
| Total Derivative Instruments: | (1,819,092) | (1,819,092) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 12,989 | (1,832,081) |
| Total Equity Risk | 12,989 | (1,832,081) |
| Total Value of Derivatives | 12,989 | (1,832,081) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $9,785,327) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,930,673,528) | $ | 2,073,417,432 | | |
Fidelity Central Funds (cost $107,424,771) | | 107,424,151 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $2,038,098,299) | | | $ | 2,180,841,583 |
| Foreign currency held at value (cost $7,383,472) | | | | 7,284,173 |
| Receivable for fund shares sold | | | | 3,612,239 |
| Dividends receivable | | | | 6,678,362 |
| Reclaims receivable | | | | 3,236,751 |
| Distributions receivable from Fidelity Central Funds | | | | 349,894 |
Total assets | | | | 2,202,003,002 |
| Liabilities | | | | |
| Payable to custodian bank | $ | 215,314 | | |
| Payable for investments purchased on a delayed delivery basis | | 79,586 | | |
| Payable for fund shares redeemed | | 2,304,516 | | |
| Payable for daily variation margin on futures contracts | | 1,534,899 | | |
| Deferred taxes | | 4,189,794 | | |
| Other payables and accrued expenses | | 70,573 | | |
| Collateral on securities loaned | | 10,539,779 | | |
| Total liabilities | | | | 18,934,461 |
| Net Assets | | | $ | 2,183,068,541 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 2,096,668,110 |
| Total accumulated earnings (loss) | | | | 86,400,431 |
| Net Assets | | | $ | 2,183,068,541 |
Net Asset Value, offering price and redemption price per share ($2,183,068,541 ÷ 169,164,609 shares) | | | $ | 12.90 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 29,404,707 |
| Interest | | | | 189,208 |
| Income from Fidelity Central Funds (including $44,158 from security lending) | | | | 1,848,254 |
| Income before foreign taxes withheld | | | $ | 31,442,169 |
| Less foreign taxes withheld | | | | (2,427,156) |
| Total income | | | | 29,015,013 |
| Expenses | | | | |
| Independent trustees' fees and expenses | $ | 2,719 | | |
| Proxy | | 7,176 | | |
| Total expenses before reductions | | 9,895 | | |
| Expense reductions | | (189) | | |
| Total expenses after reductions | | | | 9,706 |
| Net Investment income (loss) | | | | 29,005,307 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $8,272) | | (14,392,326) | | |
| Foreign currency transactions | | 110,172 | | |
| Futures contracts | | 7,331,707 | | |
| Total net realized gain (loss) | | | | (6,950,447) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $2,550,783) | | 253,130,145 | | |
| Fidelity Central Funds | | (620) | | |
| Assets and liabilities in foreign currencies | | (112,118) | | |
| Futures contracts | | 2,964,949 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 255,982,356 |
| Net gain (loss) | | | | 249,031,909 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 278,037,216 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 29,005,307 | $ | 48,180,929 |
| Net realized gain (loss) | | (6,950,447) | | (15,851,419) |
| Change in net unrealized appreciation (depreciation) | | 255,982,356 | | 116,007,737 |
| Net increase (decrease) in net assets resulting from operations | | 278,037,216 | | 148,337,247 |
| Distributions to shareholders | | (49,799,346) | | (35,599,173) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 488,482,936 | | 654,140,985 |
| Reinvestment of distributions | | 36,508,132 | | 24,757,989 |
| Cost of shares redeemed | | (218,692,316) | | (418,912,908) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 306,298,752 | | 259,986,066 |
| Total increase (decrease) in net assets | | 534,536,622 | | 372,724,140 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,648,531,919 | | 1,275,807,779 |
| End of period | $ | 2,183,068,541 | $ | 1,648,531,919 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 38,696,958 | | 54,718,431 |
| Issued in reinvestment of distributions | | 2,968,142 | | 2,220,447 |
| Redeemed | | (17,335,354) | | (35,235,613) |
| Net increase (decrease) | | 24,329,746 | | 21,703,265 |
| | | | | |
Financial Highlights
Fidelity Flex® International Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 11.38 | $ | 10.36 | $ | 14.06 | $ | 11.04 | $ | 11.59 | $ | 10.60 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .18 | | .37 | | .37 | | .35 | | .27 | | .37 |
| Net realized and unrealized gain (loss) | | 1.68 | | .94 | | (3.76) | | 2.87 | | (.52) | | .81 |
| Total from investment operations | | 1.86 | | 1.31 | | (3.39) | | 3.22 | | (.25) | | 1.18 |
| Distributions from net investment income | | (.34) | | (.29) | | (.31) | | (.20) | | (.30) | | (.19) |
| Total distributions | | (.34) | | (.29) | | (.31) | | (.20) | | (.30) | | (.19) |
| Net asset value, end of period | $ | 12.90 | $ | 11.38 | $ | 10.36 | $ | 14.06 | $ | 11.04 | $ | 11.59 |
Total Return C,D | | | | 12.72% | | (24.60)% | | 29.31% | | (2.24)% | | 11.40% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
| Expenses before reductions | | -% G,H,I | | .01% | | -% H | | -% H | | -% H | | -% H |
Expenses net of fee waivers, if any H | | | | -% | | -% | | -% | | -% | | -% |
Expenses net of all reductions H | | -% G,I | | -% | | -% | | -% | | -% | | -% |
| Net investment income (loss) | | 2.93% G,I | | 3.09% | | 3.10% | | 2.56% | | 2.46% | | 3.35% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 2,183,069 | $ | 1,648,532 | $ | 1,275,808 | $ | 1,272,152 | $ | 575,120 | $ | 378,587 |
Portfolio turnover rate J | | | | 3% | | 4% | | 5% | | 4% | | 4% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GProxy expenses are not annualized.
HAmount represents less than .005%.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Flex International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes witheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & 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, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards, partnerships and losses deferred due to wash sales
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $373,699,847 |
| Gross unrealized depreciation | (247,781,843) |
| Net unrealized appreciation (depreciation) | $125,918,004 |
| Tax cost | $2,053,104,487 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(13,180,581) |
Long-term | (37,797,296) |
| Total capital loss carryforward | $(50,977,877) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Flex International Index Fund | 302,227,751 | 27,582,354 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.
| | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Flex International Index Fund | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $189.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 (November 1, 2023 to April 30, 2024). |
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
| Fidelity Flex® International Index Fund | | | | -%-D | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,164.60 | | $-E |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.86 | | $-E |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D Amount represents less than .005%.
E Amount represents less than $.005.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9881634.107
ZEI-SANN-0624
Fidelity® SAI International Quality Index Fund
Semi-Annual Report
April 30, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
| |
| Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 4.6 | |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 4.0 | |
| TotalEnergies SE (France, Oil, Gas & Consumable Fuels) | 3.3 | |
| Novartis AG (Switzerland, Pharmaceuticals) | 3.1 | |
| Unilever PLC (United Kingdom, Personal Care Products) | 2.9 | |
| Roche Holding AG (participation certificate) (United States of America, Pharmaceuticals) | 2.9 | |
| BHP Group Ltd. (Australia, Metals & Mining) | 2.8 | |
| L'Oreal SA (France, Personal Care Products) | 2.6 | |
| GSK PLC (United States of America, Pharmaceuticals) | 2.5 | |
| Keyence Corp. (Japan, Electronic Equipment, Instruments & Components) | 2.4 | |
| | 31.1 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Health Care | 17.6 | |
| Industrials | 13.4 | |
| Consumer Staples | 12.9 | |
| Materials | 12.4 | |
| Consumer Discretionary | 10.9 | |
| Information Technology | 10.6 | |
| Financials | 10.2 | |
| Communication Services | 4.8 | |
| Energy | 4.3 | |
| Real Estate | 0.7 | |
| Utilities | 0.6 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 1.6% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 98.4% |
| | | Shares | Value ($) |
| Australia - 8.2% | | | |
| Aristocrat Leisure Ltd. | | 197,814 | 5,048,210 |
| BHP Group Ltd. | | 1,059,721 | 29,064,031 |
| Fortescue Ltd. | | 516,504 | 8,560,768 |
| IGO Ltd. | | 205,563 | 1,023,844 |
| JB Hi-Fi Ltd. | | 33,347 | 1,301,270 |
| Medibank Private Ltd. | | 839,982 | 1,925,121 |
| Pilbara Minerals Ltd. (a) | | 862,825 | 2,196,669 |
| Pro Medicus Ltd. | | 15,930 | 1,138,120 |
| REA Group Ltd. | | 15,716 | 1,801,495 |
| Rio Tinto Ltd. | | 111,618 | 9,289,334 |
| Rio Tinto PLC | | 336,082 | 22,739,570 |
| Technology One Ltd. | | 91,105 | 943,594 |
| Whitehaven Coal Ltd. | | 255,167 | 1,262,180 |
TOTAL AUSTRALIA | | | 86,294,206 |
| Denmark - 6.8% | | | |
| Carlsberg A/S Series B | | 27,506 | 3,699,911 |
| Demant A/S (b) | | 28,687 | 1,380,805 |
| Genmab A/S (b) | | 20,151 | 5,594,525 |
| Novo Nordisk A/S Series B | | 377,384 | 48,396,595 |
| Novonesis (NOVOZYMES) B Series B | | 111,306 | 6,188,887 |
| Pandora A/S | | 25,517 | 3,904,825 |
| Ringkjoebing Landbobank A/S | | 8,385 | 1,413,317 |
| Rockwool International A/S Series B | | 2,719 | 893,248 |
TOTAL DENMARK | | | 71,472,113 |
| Finland - 0.8% | | | |
| Elisa Corp. (A Shares) | | 45,934 | 2,074,559 |
| Kone OYJ (B Shares) | | 123,019 | 6,012,893 |
TOTAL FINLAND | | | 8,087,452 |
| France - 11.7% | | | |
| Gaztransport et Technigaz SA | | 6,672 | 932,767 |
| Hermes International SCA | | 10,304 | 24,752,961 |
| Ipsen SA | | 11,593 | 1,411,651 |
| L'Oreal SA | | 58,974 | 27,670,275 |
| La Francaise des Jeux SAEM (c) | | 34,954 | 1,322,761 |
| Legrand SA | | 80,227 | 8,244,655 |
| LVMH Moet Hennessy Louis Vuitton SE | | 28,067 | 23,055,254 |
| Remy Cointreau SA | | 7,125 | 675,947 |
| TotalEnergies SE | | 473,160 | 34,350,811 |
TOTAL FRANCE | | | 122,417,082 |
| Germany - 1.8% | | | |
| Deutsche Borse AG | | 57,951 | 11,172,489 |
| Hannover Reuck SE | | 18,131 | 4,496,801 |
| Nemetschek SE | | 17,262 | 1,539,159 |
| Rational AG | | 1,838 | 1,577,057 |
TOTAL GERMANY | | | 18,785,506 |
| Hong Kong - 1.4% | | | |
| CK Infrastructure Holdings Ltd. | | 184,500 | 1,042,266 |
| Hong Kong Exchanges and Clearing Ltd. | | 363,500 | 11,550,004 |
| Power Assets Holdings Ltd. | | 416,000 | 2,386,240 |
TOTAL HONG KONG | | | 14,978,510 |
| Israel - 0.6% | | | |
| Mizrahi Tefahot Bank Ltd. | | 44,887 | 1,639,932 |
| NICE Ltd. (b) | | 19,042 | 4,261,695 |
TOTAL ISRAEL | | | 5,901,627 |
| Italy - 2.2% | | | |
| Azimut Holding SpA | | 32,770 | 866,260 |
| Ferrari NV (Italy) | | 38,446 | 15,886,650 |
| FinecoBank SpA | | 186,245 | 2,870,104 |
| Reply SpA | | 6,846 | 898,644 |
| Snam SpA | | 625,297 | 2,860,904 |
TOTAL ITALY | | | 23,382,562 |
| Japan - 18.8% | | | |
| Advantest Corp. | | 233,700 | 7,314,967 |
| Astellas Pharma, Inc. | | 544,100 | 5,222,218 |
| BayCurrent Consulting, Inc. | | 41,200 | 877,031 |
| Capcom Co. Ltd. | | 102,400 | 1,685,754 |
| Chugai Pharmaceutical Co. Ltd. | | 194,600 | 6,189,033 |
| Daito Trust Construction Co. Ltd. | | 20,000 | 2,143,888 |
| Daiwa House Industry Co. Ltd. | | 200,300 | 5,636,224 |
| Disco Corp. | | 27,100 | 7,719,320 |
| Hoya Corp. | | 107,000 | 12,405,561 |
| Japan Exchange Group, Inc. | | 161,200 | 3,775,389 |
| Japan Tobacco, Inc. | | 330,800 | 8,899,055 |
| Keyence Corp. | | 58,000 | 25,506,652 |
| Lasertec Corp. | | 24,200 | 5,220,072 |
| M3, Inc. | | 130,500 | 1,380,453 |
| Nexon Co. Ltd. | | 138,300 | 2,156,283 |
| Nintendo Co. Ltd. | | 356,500 | 17,386,150 |
| Nippon Telegraph & Telephone Corp. | | 9,114,000 | 9,840,043 |
| Nissan Chemical Corp. | | 42,600 | 1,452,156 |
| OBIC Co. Ltd. | | 20,000 | 2,569,331 |
| Ono Pharmaceutical Co. Ltd. | | 148,300 | 2,136,020 |
| Oracle Corp. Japan | | 10,200 | 765,455 |
| Recruit Holdings Co. Ltd. | | 517,300 | 22,278,745 |
| Rohto Pharmaceutical Co. Ltd. | | 65,300 | 1,274,032 |
| SG Holdings Co. Ltd. | | 148,400 | 1,737,036 |
| SHIMANO, Inc. | | 24,800 | 4,030,323 |
| Shin-Etsu Chemical Co. Ltd. | | 617,400 | 23,898,899 |
| Shionogi & Co. Ltd. | | 85,300 | 3,983,576 |
| Sysmex Corp. | | 145,900 | 2,332,996 |
| TIS, Inc. | | 64,700 | 1,381,770 |
| Trend Micro, Inc. | | 43,000 | 2,118,963 |
| USS Co. Ltd. | | 134,800 | 1,029,777 |
| Yakult Honsha Co. Ltd. | | 92,900 | 1,817,101 |
| ZOZO, Inc. | | 35,700 | 768,924 |
TOTAL JAPAN | | | 196,933,197 |
| Netherlands - 7.1% | | | |
| Adyen BV (b)(c) | | 9,458 | 11,330,679 |
| ASML Holding NV (Netherlands) | | 47,382 | 42,106,367 |
| BE Semiconductor Industries NV | | 24,750 | 3,314,857 |
| Universal Music Group NV | | 229,933 | 6,797,151 |
| Wolters Kluwer NV | | 75,798 | 11,385,496 |
TOTAL NETHERLANDS | | | 74,934,550 |
| Norway - 0.9% | | | |
| Equinor ASA | | 302,267 | 8,042,834 |
| Gjensidige Forsikring ASA | | 57,951 | 932,245 |
TOTAL NORWAY | | | 8,975,079 |
| Singapore - 0.3% | | | |
| Genting Singapore Ltd. | | 1,709,100 | 1,140,603 |
| Singapore Exchange Ltd. | | 251,700 | 1,716,978 |
TOTAL SINGAPORE | | | 2,857,581 |
| Spain - 0.9% | | | |
| Amadeus IT Holding SA Class A | | 137,404 | 8,721,575 |
| Enagas SA | | 71,917 | 1,056,078 |
TOTAL SPAIN | | | 9,777,653 |
| Sweden - 0.4% | | | |
| Avanza Bank Holding AB (a) | | 36,383 | 787,719 |
| Fortnox AB | | 144,838 | 859,271 |
| Hemnet Group AB | | 25,676 | 673,330 |
| Nordnet AB (a) | | 49,563 | 895,879 |
| Sectra AB (B Shares) | | 40,856 | 812,642 |
TOTAL SWEDEN | | | 4,028,841 |
| Switzerland - 15.0% | | | |
| ABB Ltd. (Reg.) | | 493,656 | 23,985,974 |
| Belimo Holding AG (Reg.) | | 3,001 | 1,392,686 |
| Compagnie Financiere Richemont SA Series A | | 159,212 | 22,007,402 |
| Ems-Chemie Holding AG | | 2,069 | 1,658,801 |
| Geberit AG (Reg.) | | 10,196 | 5,474,839 |
| Georg Fischer AG (Reg.) (a) | | 25,016 | 1,755,270 |
| Givaudan SA | | 2,422 | 10,396,750 |
| Kuehne & Nagel International AG | | 16,942 | 4,491,450 |
| Novartis AG | | 337,669 | 32,773,327 |
| Partners Group Holding AG | | 6,678 | 8,641,263 |
| Schindler Holding AG (participation certificate) | | 18,349 | 4,590,993 |
| SGS SA (Reg.) | | 46,292 | 4,082,056 |
| Sonova Holding AG | | 14,549 | 4,042,224 |
| Swisscom AG | | 7,742 | 4,240,519 |
| Swissquote Group Holding SA | | 3,226 | 877,346 |
| Temenos AG | | 19,455 | 1,216,930 |
| VAT Group AG (c) | | 8,235 | 4,145,047 |
| Zurich Insurance Group Ltd. | | 44,007 | 21,265,063 |
TOTAL SWITZERLAND | | | 157,037,940 |
| United Kingdom - 11.0% | | | |
| 3i Group PLC | | 296,875 | 10,606,587 |
| Admiral Group PLC | | 80,345 | 2,739,782 |
| Auto Trader Group PLC (c) | | 279,785 | 2,425,591 |
| Britvic PLC | | 76,374 | 844,106 |
| Computacenter PLC | | 23,281 | 751,124 |
| Diageo PLC | | 680,475 | 23,516,997 |
| Games Workshop Group PLC | | 10,039 | 1,243,133 |
| Hargreaves Lansdown PLC | | 107,055 | 1,088,625 |
| IG Group Holdings PLC | | 118,687 | 1,109,324 |
| Imperial Brands PLC | | 275,786 | 6,301,753 |
| Man Group PLC | | 368,532 | 1,186,246 |
| RELX PLC (London Stock Exchange) | | 590,991 | 24,281,977 |
| Rightmove PLC | | 249,535 | 1,605,803 |
| Sage Group PLC | | 312,243 | 4,549,303 |
| St. James's Place PLC | | 167,327 | 910,768 |
| Unilever PLC | | 592,465 | 30,648,692 |
| Wise PLC (b) | | 143,778 | 1,395,043 |
TOTAL UNITED KINGDOM | | | 115,204,854 |
| United States of America - 10.5% | | | |
| Experian PLC | | 281,656 | 11,360,298 |
| GSK PLC | | 1,249,449 | 25,922,218 |
| Haleon PLC | | 1,443,867 | 6,097,946 |
| Holcim AG | | 160,202 | 13,410,153 |
| Nestle SA (Reg. S) | | 224,723 | 22,562,234 |
| Roche Holding AG (participation certificate) | | 126,080 | 30,210,561 |
TOTAL UNITED STATES OF AMERICA | | | 109,563,410 |
| TOTAL COMMON STOCKS (Cost $1,011,640,629) | | | 1,030,632,163 |
| | | | |
| Government Obligations - 0.0% |
| | | Principal Amount (d) | Value ($) |
| United States of America - 0.0% | | | |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (e) (Cost $299,040) | | 300,000 | 299,032 |
| | | | |
| Money Market Funds - 1.6% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (f) | | 11,609,881 | 11,612,203 |
| Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 4,673,573 | 4,674,041 |
| TOTAL MONEY MARKET FUNDS (Cost $16,286,244) | | | 16,286,244 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $1,028,225,913) | 1,047,217,439 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | (70,877) |
| NET ASSETS - 100.0% | 1,047,146,562 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 145 | Jun 2024 | 16,439,375 | (422,497) | (422,497) |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 1.6% |
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $19,224,078 or 1.8% of net assets. |
| (d) | Amount is stated in United States dollars unless otherwise noted. |
| (e) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $299,032. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 77,319 | 472,918,926 | 461,383,981 | 281,489 | (61) | - | 11,612,203 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | - | 13,050,492 | 8,376,451 | 9,807 | - | - | 4,674,041 | 0.0% |
| Total | 77,319 | 485,969,418 | 469,760,432 | 291,296 | (61) | - | 16,286,244 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 50,686,678 | 15,391,362 | 35,295,316 | - |
Consumer Discretionary | 114,213,668 | 47,110,330 | 67,103,338 | - |
Consumer Staples | 134,008,049 | 28,514,381 | 105,493,668 | - |
Energy | 44,588,592 | 932,767 | 43,655,825 | - |
Financials | 105,192,964 | 53,115,717 | 52,077,247 | - |
Health Care | 185,332,525 | 7,647,322 | 177,685,203 | - |
Industrials | 138,566,751 | 45,801,035 | 92,765,716 | - |
Information Technology | 113,037,474 | 59,497,350 | 53,540,124 | - |
Materials | 129,879,862 | 18,244,438 | 111,635,424 | - |
Real Estate | 7,780,112 | - | 7,780,112 | - |
Utilities | 7,345,488 | 1,056,078 | 6,289,410 | - |
|
| Government Obligations | 299,032 | - | 299,032 | - |
|
| Money Market Funds | 16,286,244 | 16,286,244 | - | - |
| Total Investments in Securities: | 1,047,217,439 | 293,597,024 | 753,620,415 | - |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (422,497) | (422,497) | - | - |
| Total Liabilities | (422,497) | (422,497) | - | - |
| Total Derivative Instruments: | (422,497) | (422,497) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 0 | (422,497) |
| Total Equity Risk | 0 | (422,497) |
| Total Value of Derivatives | 0 | (422,497) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $4,413,872) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,011,939,669) | $ | 1,030,931,195 | | |
Fidelity Central Funds (cost $16,286,244) | | 16,286,244 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,028,225,913) | | | $ | 1,047,217,439 |
| Segregated cash with brokers for derivative instruments | | | | 232,067 |
| Cash | | | | 802 |
| Foreign currency held at value (cost $255,627) | | | | 251,976 |
| Receivable for fund shares sold | | | | 207,964 |
| Dividends receivable | | | | 1,833,962 |
| Reclaims receivable | | | | 2,576,666 |
| Distributions receivable from Fidelity Central Funds | | | | 140,079 |
| Prepaid expenses | | | | 99 |
| Receivable from investment adviser for expense reductions | | | | 30,949 |
Total assets | | | | 1,052,492,003 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 172,491 | | |
| Accrued management fee | | 126,298 | | |
| Payable for daily variation margin on futures contracts | | 226,200 | | |
| Other payables and accrued expenses | | 146,411 | | |
| Collateral on securities loaned | | 4,674,041 | | |
| Total liabilities | | | | 5,345,441 |
| Net Assets | | | $ | 1,047,146,562 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,041,286,328 |
| Total accumulated earnings (loss) | | | | 5,860,234 |
| Net Assets | | | $ | 1,047,146,562 |
Net Asset Value, offering price and redemption price per share ($1,047,146,562 ÷ 85,145,345 shares) | | | $ | 12.30 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 9,901,589 |
| Foreign Tax Reclaims | | | | 1,162,960 |
| Interest | | | | 11,862 |
| Income from Fidelity Central Funds (including $9,807 from security lending) | | | | 291,296 |
| Income before foreign taxes withheld | | | $ | 11,367,707 |
| Less foreign taxes withheld | | | | (1,871,400) |
| Total income | | | | 9,496,307 |
| Expenses | | | | |
| Management fee | $ | 387,109 | | |
| Custodian fees and expenses | | 36,362 | | |
| Independent trustees' fees and expenses | | 537 | | |
| Registration fees | | 101,827 | | |
| Audit | | 24,668 | | |
| Legal | | 212 | | |
| Miscellaneous | | 962 | | |
| Total expenses before reductions | | 551,677 | | |
| Expense reductions | | (33,695) | | |
| Total expenses after reductions | | | | 517,982 |
| Net Investment income (loss) | | | | 8,978,325 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 4,559,831 | | |
| Fidelity Central Funds | | (61) | | |
| Foreign currency transactions | | (28,385) | | |
| Futures contracts | | 714,908 | | |
| Total net realized gain (loss) | | | | 5,246,293 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 7,549,974 | | |
| Assets and liabilities in foreign currencies | | (55,323) | | |
| Futures contracts | | (300,960) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 7,193,691 |
| Net gain (loss) | | | | 12,439,984 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 21,418,309 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 8,978,325 | $ | 8,117,389 |
| Net realized gain (loss) | | 5,246,293 | | 8,530,196 |
| Change in net unrealized appreciation (depreciation) | | 7,193,691 | | 29,770,364 |
| Net increase (decrease) in net assets resulting from operations | | 21,418,309 | | 46,417,949 |
| Distributions to shareholders | | (8,058,495) | | (10,237,046) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 782,790,289 | | 27,624,215 |
| Reinvestment of distributions | | 7,924,506 | | 10,187,269 |
| Cost of shares redeemed | | (34,213,513) | | (112,997,465) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 756,501,282 | | (75,185,981) |
| Total increase (decrease) in net assets | | 769,861,096 | | (39,005,078) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 277,285,466 | | 316,290,544 |
| End of period | $ | 1,047,146,562 | $ | 277,285,466 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 61,802,042 | | 2,453,321 |
| Issued in reinvestment of distributions | | 675,576 | | 930,344 |
| Redeemed | | (2,786,183) | | (9,827,124) |
| Net increase (decrease) | | 59,691,435 | | (6,443,459) |
| | | | | |
Financial Highlights
Fidelity® SAI International Quality Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 10.89 | $ | 9.92 | $ | 14.51 | $ | 11.07 | $ | 10.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .21 | | .28 | | .32 | | .24 | | .08 |
| Net realized and unrealized gain (loss) | | 1.51 | | 1.02 | | (3.44) | | 3.32 | | .99 |
| Total from investment operations | | 1.72 | | 1.30 | | (3.12) | | 3.56 | | 1.07 |
| Distributions from net investment income | | (.31) | | (.33) | | (.24) | | (.10) | | - |
| Distributions from net realized gain | | - | | - | | (1.24) | | (.02) | | - |
| Total distributions | | (.31) | | (.33) | | (1.47) D | | (.12) | | - |
| Net asset value, end of period | $ | 12.30 | $ | 10.89 | $ | 9.92 | $ | 14.51 | $ | 11.07 |
Total Return E,F | | | | 13.13% | | (23.94)% | | 32.28% | | 10.70% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | |
| Expenses before reductions | | .21% I,J | | .20% | | .19% | | .19% | | .23% I,K |
| Expenses net of fee waivers, if any | | | | .20% | | .19% | | .19% | | .20% I |
| Expenses net of all reductions | | .20% I,J | | .20% | | .19% | | .19% | | .20% I |
| Net investment income (loss) | | 3.44% I,J | | 2.49% | | 2.70% | | 1.78% | | 1.55% I |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,047,147 | $ | 277,285 | $ | 316,291 | $ | 588,201 | $ | 473,547 |
Portfolio turnover rate L | | | | 38% | | 47% | | 78% | | 30% M |
AFor the period May 12, 2020 (commencement of operations) through October 31, 2020.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JProxy expenses are not annualized.
KAudit fees are not annualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
MAmount not annualized.
For the period ended April 30, 2024
1. Organization.
Fidelity SAI International Quality Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price or official closing price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $76,154,018 |
| Gross unrealized depreciation | (58,152,844) |
| Net unrealized appreciation (depreciation) | $18,001,174 |
| Tax cost | $1,029,216,265 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(23,513,897) |
| Total capital loss carryforward | $(23,513,897) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI International Quality Index Fund | 836,082,402 | 92,204,145 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity SAI International Quality Index Fund | 394 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity SAI International Quality Index Fund | 2,377 | - | - |
9. 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 28, 2025. 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 $33,695.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Fidelity International Fund | Strategic Advisers International Fund |
| Fidelity SAI International Quality Index Fund | 41% | 36% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity SAI International Quality Index Fund | 77% |
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 (November 1, 2023 to April 30, 2024). |
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
| Fidelity® SAI International Quality Index Fund | | | | .20% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,159.60 | | $ 1.07 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,023.87 | | $ 1.01 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9900586.103
IQI-SANN-0624
Fidelity® SAI Emerging Markets Index Fund
Semi-Annual Report
April 30, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
| |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 7.9 | |
| Tencent Holdings Ltd. (China, Interactive Media & Services) | 3.9 | |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 3.6 | |
| Alibaba Group Holding Ltd. (China, Broadline Retail) | 2.1 | |
| Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 1.4 | |
| PDD Holdings, Inc. ADR (China, Broadline Retail) | 1.0 | |
| ICICI Bank Ltd. (India, Banks) | 1.0 | |
| Meituan Class B (China, Hotels, Restaurants & Leisure) | 1.0 | |
| SK Hynix, Inc. (Korea (South), Semiconductors & Semiconductor Equipment) | 0.9 | |
| China Construction Bank Corp. (H Shares) (China, Banks) | 0.9 | |
| | 23.7 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Information Technology | 21.8 | |
| Financials | 21.6 | |
| Consumer Discretionary | 12.3 | |
| Communication Services | 8.6 | |
| Materials | 6.9 | |
| Industrials | 6.7 | |
| Consumer Staples | 5.4 | |
| Energy | 5.3 | |
| Health Care | 3.1 | |
| Utilities | 2.9 | |
| Real Estate | 1.7 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 3.4% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 94.4% |
| | | Shares | Value ($) |
| Brazil - 3.4% | | | |
| Ambev SA | | 3,503,798 | 8,198,426 |
| Atacadao SA | | 468,700 | 1,008,238 |
| B3 SA - Brasil Bolsa Balcao | | 4,186,340 | 8,699,035 |
| Banco Bradesco SA | | 1,178,012 | 2,804,034 |
| Banco BTG Pactual SA unit | | 874,400 | 5,624,342 |
| Banco do Brasil SA | | 1,274,610 | 6,730,695 |
| Banco Santander SA (Brasil) unit | | 278,100 | 1,547,797 |
| BB Seguridade Participacoes SA | | 518,958 | 3,218,127 |
| Caixa Seguridade Participacoes | | 444,900 | 1,341,743 |
| CCR SA | | 748,312 | 1,776,892 |
| Centrais Eletricas Brasileiras SA (Electrobras) | | 898,597 | 6,551,801 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 253,400 | 3,944,033 |
| Companhia Siderurgica Nacional SA (CSN) | | 491,500 | 1,317,583 |
| Cosan SA | | 902,924 | 2,521,357 |
| CPFL Energia SA (a) | | 170,700 | 1,048,671 |
| Energisa SA unit | | 190,800 | 1,657,181 |
| Eneva SA (a) | | 411,100 | 980,129 |
| ENGIE Brasil Energia SA | | 151,120 | 1,190,311 |
| Equatorial Energia SA | | 764,038 | 4,501,006 |
| Hapvida Participacoes e Investimentos SA (a)(b) | | 3,632,543 | 2,581,382 |
| Hypera SA (a) | | 281,700 | 1,601,468 |
| Klabin SA unit | | 556,000 | 2,467,018 |
| Localiza Rent a Car SA | | 677,304 | 6,395,296 |
| Lojas Renner SA | | 713,801 | 2,107,339 |
| Magazine Luiza SA (a) | | 2,495,781 | 653,673 |
| Natura & Co. Holding SA | | 668,126 | 2,134,617 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 2,758,508 | 23,512,607 |
| PRIO SA | | 595,200 | 5,501,984 |
| Raia Drogasil SA | | 955,060 | 4,704,856 |
| Rede D'Oregon Sao Luiz SA (b) | | 424,317 | 2,124,608 |
| Rumo SA | | 962,400 | 3,736,468 |
| Sendas Distribuidora SA | | 1,002,000 | 2,531,726 |
| Suzano SA | | 589,012 | 6,631,291 |
| Telefonica Brasil SA | | 306,200 | 2,791,570 |
| TIM SA | | 627,800 | 2,129,099 |
| Totvs SA | | 411,800 | 2,184,064 |
| Ultrapar Participacoes SA | | 537,238 | 2,674,499 |
| Vale SA | | 2,523,673 | 30,759,786 |
| Vibra Energia SA | | 863,449 | 3,901,035 |
| Weg SA | | 1,244,780 | 9,481,002 |
TOTAL BRAZIL | | | 185,266,789 |
| Chile - 0.4% | | | |
| Banco de Chile | | 33,702,424 | 3,738,668 |
| Banco de Credito e Inversiones | | 56,713 | 1,654,102 |
| Banco Santander Chile | | 48,905,037 | 2,215,894 |
| Cencosud SA | | 946,377 | 1,621,671 |
| Compania Sud Americana de Vapores SA | | 11,425,044 | 891,345 |
| Empresas CMPC SA | | 834,431 | 1,647,915 |
| Empresas COPEC SA | | 289,021 | 2,062,479 |
| Enel Americas SA | | 15,893,095 | 1,489,900 |
| Enel Chile SA | | 20,501,775 | 1,217,229 |
| Falabella SA (a) | | 649,784 | 1,739,435 |
| LATAM Airlines Group SA | | 134,421,687 | 1,818,799 |
TOTAL CHILE | | | 20,097,437 |
| China - 25.7% | | | |
| 360 Security Technology, Inc. (A Shares) (a) | | 317,500 | 371,503 |
| 37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | | 98,600 | 226,498 |
| AAC Technology Holdings, Inc. | | 533,633 | 1,698,361 |
| Accelink Technologies Co. Ltd. (A Shares) (a) | | 35,400 | 181,486 |
| ACM Research Shanghai, Inc. (A Shares) (a) | | 12,974 | 146,109 |
| Advanced Micro-Fabrication Equipment, Inc., China (A Shares) | | 27,587 | 536,385 |
| AECC Aero-Engine Control Co. Ltd. (A Shares) | | 58,500 | 157,618 |
| AECC Aviation Power Co. Ltd. | | 118,500 | 577,532 |
| Agricultural Bank of China Ltd.: | | | |
| (A Shares) | | 3,569,900 | 2,166,918 |
| (H Shares) | | 20,804,297 | 9,276,864 |
| Aier Eye Hospital Group Co. Ltd. (A Shares) | | 414,799 | 736,738 |
| AIMA Technology Group Co. Ltd. | | 38,400 | 186,344 |
| Air China Ltd.: | | | |
| (A Shares) (a) | | 405,300 | 412,157 |
| (H Shares) (a) | | 1,510,000 | 757,050 |
| Airtac International Group | | 103,926 | 3,673,047 |
| Akeso, Inc. (a)(b) | | 374,000 | 2,288,551 |
| Alibaba Group Holding Ltd. | | 12,066,816 | 112,982,377 |
| Alibaba Health Information Technology Ltd. (a) | | 4,175,000 | 1,558,439 |
| Aluminum Corp. of China Ltd.: | | | |
| (A shares) | | 578,100 | 590,250 |
| (H Shares) | | 2,938,000 | 1,948,522 |
| Amlogic Shanghai Co. Ltd. (A Shares) | | 18,568 | 147,626 |
| Angel Yeast Co. Ltd. (A Shares) | | 38,600 | 158,486 |
| Anhui Conch Cement Co. Ltd.: | | | |
| (A Shares) | | 193,200 | 611,984 |
| (H Shares) | | 887,900 | 2,059,986 |
| Anhui Gujing Distillery Co. Ltd.: | | | |
| (A Shares) | | 18,200 | 680,207 |
| (B Shares) | | 79,857 | 1,308,944 |
| Anhui Jianghuai Automobile Group Corp. Ltd. (A Shares) (a) | | 97,100 | 208,988 |
| Anhui Kouzi Distillery Co. Ltd. (A Shares) | | 26,600 | 152,959 |
| Anhui Yingjia Distillery Co. Ltd. (A Shares) | | 29,600 | 289,436 |
| Anjoy Foods Group Co. Ltd. (A Shares) | | 13,000 | 165,079 |
| Anker Innovations Technology Co. Ltd. (A Shares) (a) | | 18,100 | 215,037 |
| Anta Sports Products Ltd. | | 945,000 | 10,698,338 |
| Asia - Potash International Investment Guangzhou Co. Ltd. (A Shares) (a) | | 41,400 | 101,437 |
| ASR Microelectronics Co. Ltd. (A Shares) | | 18,690 | 105,278 |
| Asymchem Laboratories Tianjin Co. Ltd. (A Shares) | | 15,260 | 173,637 |
| Autobio Diagnostics Co. Ltd. | | 26,000 | 204,172 |
| Autohome, Inc. ADR Class A | | 50,233 | 1,290,988 |
| Avary Holding Shenzhen Co. Ltd. (A Shares) | | 86,700 | 287,630 |
| AVIC Capital Co. Ltd. (A Shares) | | 391,700 | 160,435 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 1,841,000 | 791,763 |
| Avicopter PLC (A Shares) | | 26,100 | 149,817 |
| BAIC BluePark New Energy Technology Co. Ltd. (A Shares) (a) | | 247,700 | 231,850 |
| Baidu, Inc. Class A (a) | | 1,671,924 | 21,660,755 |
| Bank of Beijing Co. Ltd. (A Shares) | | 937,525 | 721,724 |
| Bank of Changsha Co. Ltd. (A Shares) | | 177,600 | 199,822 |
| Bank of Chengdu Co. Ltd. (A Shares) | | 169,000 | 344,794 |
| Bank of China Ltd.: | | | |
| (A Shares) | | 1,321,400 | 836,093 |
| (H Shares) | | 59,260,464 | 26,577,752 |
| Bank of Communications Co. Ltd.: | | | |
| (A Shares) | | 1,838,600 | 1,743,977 |
| (H Shares) | | 6,367,176 | 4,584,744 |
| Bank of Hangzhou Co. Ltd. (A Shares) | | 263,100 | 468,464 |
| Bank of Jiangsu Co. Ltd. (A Shares) | | 814,243 | 907,761 |
| Bank of Nanjing Co. Ltd. (A Shares) | | 459,000 | 590,422 |
| Bank of Ningbo Co. Ltd. (A Shares) | | 293,520 | 926,819 |
| Bank of Shanghai Co. Ltd. (A Shares) | | 629,480 | 634,207 |
| Bank of Suzhou Co. Ltd. | | 162,100 | 168,782 |
| Baoshan Iron & Steel Co. Ltd. (A Shares) | | 983,100 | 941,516 |
| BeiGene Ltd. (a) | | 505,432 | 5,995,738 |
| Beijing Dabeinong Technology Group Co. Ltd. (A Shares) | | 183,800 | 118,767 |
| Beijing Enlight Media Co. Ltd. (A Shares) | | 132,100 | 170,252 |
| Beijing Enterprises Holdings Ltd. | | 373,427 | 1,195,546 |
| Beijing Enterprises Water Group Ltd. | | 2,980,000 | 751,588 |
| Beijing Kingsoft Office Software, Inc. (A Shares) | | 20,545 | 870,238 |
| Beijing New Building Materials PLC (A Shares) | | 75,200 | 339,600 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares) | | 55,800 | 112,542 |
| Beijing Roborock Technology Co. Ltd. (A Shares) | | 5,845 | 341,500 |
| Beijing Tiantan Biological Products Corp. Ltd. (A Shares) | | 73,300 | 290,275 |
| Beijing Tongrentang Co. Ltd. (A Shares) | | 61,000 | 355,735 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) | | 37,612 | 353,364 |
| Beijing Yanjing Brewery Co. Ltd. (A Shares) | | 125,000 | 170,589 |
| Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) | | 2,181,200 | 1,528,883 |
| Beiqi Foton Motor Co. Ltd. (A Shares) (a) | | 355,900 | 128,724 |
| Bethel Automotive Safety Systems Co. Ltd. (A Shares) | | 19,300 | 152,886 |
| Bilibili, Inc. Class Z (a)(c) | | 170,501 | 2,165,053 |
| Bloomage Biotechnology Corp. Ltd. (A Shares) | | 21,442 | 181,563 |
| BOC Aviation Ltd. Class A (b) | | 154,400 | 1,228,057 |
| BOC International China Co. Ltd. | | 123,000 | 173,832 |
| BOE Technology Group Co. Ltd. (A Shares) | | 1,650,100 | 990,495 |
| Bosideng International Holdings Ltd. | | 2,832,000 | 1,639,353 |
| Brilliance China Automotive Holdings Ltd. | | 2,244,000 | 1,863,385 |
| By-Health Co. Ltd. (A Shares) | | 75,500 | 164,690 |
| BYD Co. Ltd.: | | | |
| (A Shares) | | 74,400 | 2,233,763 |
| (H Shares) | | 779,800 | 21,376,333 |
| BYD Electronic International Co. Ltd. | | 585,000 | 1,970,739 |
| C&D International Investment Group Ltd. | | 491,982 | 974,576 |
| Caitong Securities Co. Ltd. | | 205,900 | 217,133 |
| Cambricon Technologies Corp. Ltd. (A Shares) (a) | | 18,530 | 427,617 |
| Canmax Technologies Co. Ltd. (A Shares) | | 37,300 | 108,493 |
| Cathay Biotech, Inc. (A Shares) (a) | | 25,891 | 182,862 |
| CECEP Solar Energy Co. Ltd. (A Shares) | | 176,400 | 125,469 |
| CGN Power Co. Ltd.: | | | |
| (A Shares) (a) | | 712,000 | 403,718 |
| (H Shares) (b) | | 7,836,447 | 2,627,624 |
| Changchun High & New Technology Industry Group, Inc. (A Shares) | | 18,000 | 279,850 |
| Changjiang Securities Co. Ltd. (A Shares) | | 245,300 | 191,516 |
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) | | 12,700 | 232,008 |
| Chaozhou Three-Circle Group Co. (A Shares) | | 85,700 | 329,009 |
| Chengxin Lithium Group Co. Ltd. (A Shares) | | 41,000 | 101,327 |
| Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a) | | 73,800 | 181,067 |
| China Baoan Group Co. Ltd. (A Shares) | | 114,600 | 165,979 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 7,031,000 | 633,611 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 6,619,051 | 3,872,367 |
| China Coal Energy Co. Ltd. (H Shares) | | 1,522,000 | 1,533,171 |
| China Communications Services Corp. Ltd. (H Shares) | | 1,772,000 | 847,099 |
| China Construction Bank Corp.: | | | |
| (A Shares) | | 262,900 | 258,169 |
| (H Shares) | | 71,547,000 | 46,290,270 |
| China CSSC Holdings Ltd. (A Shares) | | 199,000 | 999,941 |
| China Eastern Airlines Corp. Ltd. (A Shares) (a) | | 755,800 | 399,870 |
| China Energy Engineering Corp. Ltd. (A Shares) | | 1,435,800 | 435,381 |
| China Everbright Bank Co. Ltd.: | | | |
| (A Shares) | | 1,868,900 | 812,674 |
| (H Shares) | | 2,640,000 | 799,804 |
| China Feihe Ltd. (b) | | 2,688,000 | 1,469,976 |
| China Film Co. Ltd. (A Shares) (a) | | 81,600 | 133,705 |
| China Galaxy Securities Co. Ltd.: | | | |
| (A Shares) | | 224,300 | 383,604 |
| (H Shares) | | 2,749,000 | 1,489,043 |
| China Gas Holdings Ltd. | | 2,015,100 | 1,886,801 |
| China Great Wall Securities Co. Ltd. (A Shares) | | 178,900 | 188,615 |
| China Greatwall Technology Group Co. Ltd. (A Shares) | | 143,400 | 192,305 |
| China Hongqiao Group Ltd. (c) | | 1,755,700 | 2,422,655 |
| China Huishan Dairy Holdings Co. Ltd. (a)(d) | | 2,302,000 | 3 |
| China International Capital Corp. Ltd. | | 95,000 | 435,763 |
| China International Capital Corp. Ltd. (H Shares) (b) | | 1,191,400 | 1,436,646 |
| China Jushi Co. Ltd. (A Shares) | | 177,614 | 291,953 |
| China Life Insurance Co. Ltd.: | | | |
| (A Shares) | | 96,100 | 405,037 |
| (H Shares) | | 5,607,747 | 7,384,972 |
| China Literature Ltd. (a)(b) | | 303,500 | 1,084,119 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 2,475,000 | 1,733,820 |
| China Medical System Holdings Ltd. | | 1,000,000 | 892,850 |
| China Mengniu Dairy Co. Ltd. | | 2,334,000 | 4,834,829 |
| China Merchants Bank Co. Ltd.: | | | |
| (A Shares) | | 890,200 | 4,200,311 |
| (H Shares) | | 2,923,921 | 12,663,085 |
| China Merchants Energy Shipping Co. Ltd. (A Shares) | | 361,900 | 425,682 |
| China Merchants Expressway Network & Technology Holdings Co. Ltd. (A Shares) (a) | | 138,700 | 211,944 |
| China Merchants Holdings International Co. Ltd. | | 932,242 | 1,231,133 |
| China Merchants Securities Co. Ltd. (A Shares) | | 329,150 | 662,996 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 402,500 | 468,935 |
| China Minmetals Rare Earth Co. Ltd. (A Shares) | | 47,200 | 182,304 |
| China Minsheng Banking Corp. Ltd.: | | | |
| (A Shares) | | 1,438,700 | 784,472 |
| (H Shares) | | 5,171,061 | 1,891,995 |
| China National Building Materials Co. Ltd. (H Shares) | | 2,870,000 | 1,110,512 |
| China National Chemical Engineering Co. Ltd. (A Shares) | | 270,208 | 256,602 |
| China National Medicines Corp. Ltd. (A Shares) | | 33,400 | 160,060 |
| China National Nuclear Power Co. Ltd. (A Shares) | | 839,000 | 1,069,665 |
| China National Software & Service Co. Ltd. (A Shares) | | 38,210 | 159,054 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 160,800 | 427,341 |
| China Oilfield Services Ltd. (H Shares) | | 1,342,000 | 1,435,010 |
| China Overseas Land and Investment Ltd. | | 2,839,202 | 5,220,932 |
| China Overseas Property Holdings Ltd. (c) | | 975,000 | 593,030 |
| China Pacific Insurance (Group) Co. Ltd. | | 344,300 | 1,220,369 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 1,880,628 | 4,120,604 |
| China Petroleum & Chemical Corp.: | | | |
| (A Shares) | | 1,462,500 | 1,278,949 |
| (H Shares) | | 17,984,704 | 10,735,105 |
| China Power International Development Ltd. | | 3,666,619 | 1,479,612 |
| China Railway Group Ltd.: | | | |
| (A Shares) | | 857,500 | 774,540 |
| (H Shares) | | 3,225,000 | 1,591,405 |
| China Railway Signal & Communications Corp. (A Shares) | | 321,770 | 239,637 |
| China Resource Gas Group Ltd. | | 686,300 | 2,157,022 |
| China Resources Beer Holdings Co. Ltd. | | 1,202,144 | 5,479,447 |
| China Resources Land Ltd. | | 2,378,812 | 8,553,821 |
| China Resources Microelectronics Ltd. (A Shares) | | 58,851 | 295,505 |
| China Resources Mixc Lifestyle Services Ltd. (b)(c) | | 507,600 | 1,786,632 |
| China Resources Pharmaceutical Group Ltd. (b) | | 1,164,000 | 752,715 |
| China Resources Power Holdings Co. Ltd. | | 1,426,940 | 3,548,594 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) | | 43,900 | 363,281 |
| China Ruyi Holdings Ltd. (a)(c) | | 4,296,000 | 1,076,031 |
| China Shenhua Energy Co. Ltd.: | | | |
| (A Shares) | | 379,885 | 2,086,652 |
| (H Shares) | | 2,388,702 | 9,914,238 |
| China Southern Airlines Ltd.: | | | |
| (A Shares) (a) | | 442,500 | 345,663 |
| (H Shares) (a)(c) | | 140,000 | 50,620 |
| China State Construction Engineering Corp. Ltd. (A Shares) | | 1,861,040 | 1,374,690 |
| China State Construction International Holdings Ltd. | | 1,493,500 | 1,575,796 |
| China Taiping Insurance Group Ltd. | | 1,064,455 | 973,248 |
| China Three Gorges Renewables Group Co. Ltd. (A Shares) | | 1,268,500 | 820,261 |
| China Tourism Group Duty Free Corp. Ltd.: | | | |
| (A Shares) | | 88,300 | 906,001 |
| (H Shares) (b)(c) | | 80,000 | 704,494 |
| China Tower Corp. Ltd. (H Shares) (b) | | 32,857,000 | 3,846,219 |
| China United Network Communications Ltd. (A Shares) | | 1,412,400 | 910,902 |
| China Vanke Co. Ltd.: | | | |
| (A Shares) | | 387,800 | 394,746 |
| (H Shares) (c) | | 1,713,300 | 1,004,827 |
| China XD Electric Co. Ltd. (A Shares) (a) | | 229,100 | 222,255 |
| China Yangtze Power Co. Ltd. (A Shares) | | 1,088,000 | 3,871,090 |
| China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares) | | 24,700 | 158,781 |
| China Zheshang Bank Co. Ltd. | | 950,450 | 392,961 |
| Chongqing Brewery Co. Ltd. (A Shares) | | 21,500 | 208,362 |
| Chongqing Changan Automobile Co. Ltd. (A Shares) | | 368,174 | 744,645 |
| Chongqing Rural Commercial Bank Co. Ltd. (A Shares) | | 390,600 | 250,113 |
| Chongqing Taiji Industry Group Co. Ltd. (A Shares) (a) | | 24,700 | 123,571 |
| Chongqing Zhifei Biological Products Co. Ltd. (A Shares) | | 106,750 | 515,599 |
| Chow Tai Fook Jewellery Group Ltd. | | 1,480,800 | 2,014,849 |
| CITIC Pacific Ltd. | | 4,312,941 | 4,081,778 |
| CITIC Securities Co. Ltd.: | | | |
| (A Shares) | | 528,700 | 1,378,297 |
| (H Shares) | | 1,286,590 | 2,048,400 |
| Cmoc Group Ltd.: | | | |
| (A Shares) | | 808,400 | 994,008 |
| (H Shares) | | 2,737,000 | 2,567,881 |
| CNGR Advanced Material Co. Ltd. | | 29,800 | 215,028 |
| CNPC Capital Co. Ltd. (A Shares) (a) | | 374,400 | 302,397 |
| Contemporary Amperex Technology Co. Ltd. | | 195,720 | 5,474,325 |
| COSCO Shipping Development Co. Ltd. (A Shares) | | 439,700 | 149,080 |
| COSCO Shipping Energy Transportation Co. Ltd.: | | | |
| (A Shares) | | 162,000 | 356,491 |
| (H Shares) | | 946,000 | 1,109,434 |
| COSCO SHIPPING Holdings Co. Ltd.: | | | |
| (A Shares) | | 600,720 | 968,625 |
| (H Shares) | | 2,164,800 | 2,800,891 |
| Cosco Shipping Ports Ltd. | | 924,473 | 567,311 |
| Country Garden Holdings Co. Ltd. (a)(c) | | 9,333,662 | 593,616 |
| Country Garden Services Holdings Co. Ltd. | | 1,610,000 | 1,074,096 |
| CRRC Corp. Ltd.: | | | |
| (A Shares) | | 1,016,800 | 979,055 |
| (H Shares) | | 3,356,000 | 1,852,489 |
| CSC Financial Co. Ltd. (A Shares) | | 192,500 | 590,938 |
| CSPC Innovation Pharmaceutical Co. Ltd. (A Shares) | | 62,520 | 295,774 |
| CSPC Pharmaceutical Group Ltd. | | 6,617,608 | 5,433,931 |
| CSSC Science & Technology Co. Ltd. (a) | | 66,900 | 146,635 |
| Daqin Railway Co. Ltd. (A Shares) | | 697,800 | 661,522 |
| DaShenLin Pharmaceutical Group Co. Ltd. | | 50,573 | 151,705 |
| Datang International Power Generation Co. Ltd. (A Shares) | | 459,300 | 190,839 |
| Dong-E-E-Jiao Co. Ltd. (A Shares) | | 28,900 | 273,630 |
| Dongfang Electric Corp. Ltd. (A Shares) | | 123,600 | 287,200 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 1,681,000 | 609,603 |
| Dongxing Securities Co. Ltd. (A Shares) | | 142,900 | 173,370 |
| East Buy Holding Ltd. (a)(b)(c) | | 339,000 | 716,715 |
| East Money Information Co. Ltd. (A Shares) | | 705,208 | 1,265,020 |
| Eastroc Beverage Group Co. Ltd. (a) | | 11,900 | 349,197 |
| Ecovacs Robotics Co. Ltd. Class A | | 26,000 | 177,258 |
| Empyrean Technology Co. Ltd. (A Shares) (a) | | 16,100 | 173,610 |
| ENN Energy Holdings Ltd. | | 587,043 | 5,001,837 |
| ENN Natural Gas Co. Ltd. (A Shares) | | 114,900 | 286,273 |
| Eoptolink Technology, Inc. Ltd. (A Shares) | | 31,600 | 370,665 |
| Eve Energy Co. Ltd. (A shares) | | 91,074 | 464,494 |
| Everbright Securities Co. Ltd. (A Shares) | | 172,858 | 393,569 |
| Everdisplay Optronics Shanghai Co. Ltd. (A Shares) (a) | | 520,989 | 159,162 |
| Fangda Carbon New Material Co. Ltd. (A Shares) (a) | | 178,748 | 124,879 |
| Far East Horizon Ltd. | | 1,439,000 | 1,068,182 |
| FAW Jiefang Group Co. Ltd. (A Shares) (a) | | 138,000 | 170,858 |
| First Capital Securities Co. Ltd. (A Shares) | | 185,900 | 146,863 |
| Flat Glass Group Co. Ltd. (c) | | 326,000 | 785,260 |
| Flat Glass Group Co. Ltd. (A Shares) | | 65,600 | 240,075 |
| Focus Media Information Technology Co. Ltd. (A Shares) | | 641,240 | 573,994 |
| Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | | 206,076 | 1,113,007 |
| Fosun International Ltd. | | 1,823,454 | 1,075,823 |
| Founder Securities Co. Ltd. (A Shares) | | 366,100 | 452,355 |
| Foxconn Industrial Internet Co. Ltd. (A Shares) | | 589,297 | 1,947,169 |
| Fujian Sunner Development Co. Ltd. A Shares | | 55,800 | 120,397 |
| Fuyao Glass Industries Group Co. Ltd.: | | | |
| (A Shares) | | 92,500 | 636,011 |
| (H Shares) (b) | | 446,000 | 2,670,230 |
| GalaxyCore, Inc. (A Shares) | | 77,240 | 176,149 |
| Ganfeng Lithium Group Co. Ltd.: | | | |
| (A Shares) | | 60,740 | 294,493 |
| (H Shares) (b) | | 323,120 | 947,544 |
| GCL Technology Holdings Ltd. | | 15,982,000 | 2,367,141 |
| GD Power Development Co. Ltd. (A Shares) | | 791,800 | 559,556 |
| Geely Automobile Holdings Ltd. | | 4,476,517 | 5,387,750 |
| GEM Co. Ltd. (A Shares) | | 228,300 | 218,849 |
| Genscript Biotech Corp. (a) | | 866,000 | 1,277,064 |
| GF Securities Co. Ltd.: | | | |
| (A Shares) | | 234,800 | 426,976 |
| (H Shares) | | 813,428 | 810,371 |
| Giant Biogene Holding Co. Ltd. (b) | | 221,400 | 1,348,932 |
| Giant Network Group Co. Ltd. (A Shares) | | 87,700 | 141,773 |
| Gigadevice Semiconductor Beijing, Inc. (A Shares) | | 29,760 | 321,025 |
| Ginlong Technologies Co. Ltd. (A Shares) | | 17,800 | 131,067 |
| GoerTek, Inc. (A Shares) | | 152,700 | 331,584 |
| Goldwind Science & Technology Co. Ltd. (A Shares) | | 153,700 | 161,370 |
| Goneo Group Co. Ltd. (A Shares) | | 19,900 | 327,755 |
| GoodWe Technologies Co. Ltd. (A Shares) | | 7,711 | 98,610 |
| Gotion High-tech Co. Ltd. (A Shares) (a) | | 79,500 | 205,208 |
| Great Wall Motor Co. Ltd.: | | | |
| (A Shares) | | 95,100 | 343,017 |
| (H Shares) | | 1,762,500 | 2,663,389 |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | | 125,000 | 725,198 |
| Greenland Holdings Corp. Ltd. (A Shares) (a) | | 518,900 | 131,430 |
| GRG Banking Equipment Co. Ltd. (A Shares) | | 110,600 | 181,251 |
| Guangdong Haid Group Co. Ltd. (A Shares) | | 73,900 | 508,501 |
| Guangdong HEC Technology Holding Co. Ltd. (A Shares) (a) | | 133,700 | 163,338 |
| Guangdong Investment Ltd. | | 2,183,126 | 1,140,389 |
| Guanghui Energy Co. Ltd. (A Shares) | | 291,500 | 296,336 |
| Guangzhou Automobile Group Co. Ltd. | | 261,900 | 316,488 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 2,054,200 | 848,640 |
| Guangzhou Baiyun International Airport Co. Ltd. (A Shares) (a) | | 104,000 | 148,307 |
| Guangzhou Baiyunshan Pharma Health (A Shares) | | 61,900 | 273,479 |
| Guangzhou Haige Communications Group (A Shares) | | 110,800 | 166,282 |
| Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) | | 20,800 | 109,896 |
| Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares) | | 31,600 | 145,503 |
| Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) | | 85,700 | 247,568 |
| Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares) | | 185,331 | 147,622 |
| Guolian Securities Co. Ltd. (a)(d) | | 106,100 | 153,265 |
| Guosen Securities Co. Ltd. (A Shares) | | 284,400 | 351,648 |
| Guotai Junan Securities Co. Ltd. (A Shares) | | 333,300 | 630,880 |
| Guoyuan Securities Co. Ltd. (A Shares) | | 193,170 | 181,258 |
| H World Group Ltd. ADR | | 153,595 | 5,638,472 |
| Haidilao International Holding Ltd. (b) | | 1,240,000 | 2,797,698 |
| Haier Smart Home Co. Ltd. | | 1,747,000 | 6,470,931 |
| Haier Smart Home Co. Ltd. (A Shares) | | 331,500 | 1,379,146 |
| Hainan Airlines Co. Ltd. (A Shares) (a) | | 1,906,300 | 359,611 |
| Hainan Airport Infrastructure Co. Ltd. (A Shares) (a) | | 505,300 | 243,704 |
| Haitian International Holdings Ltd. | | 473,000 | 1,540,490 |
| Haitong Securities Co. Ltd.: | | | |
| (A Shares) | | 371,100 | 427,889 |
| (H Shares) | | 2,196,800 | 1,049,239 |
| Hangzhou Binjiang Real Estate Group Co. Ltd. (A Shares) | | 137,900 | 127,585 |
| Hangzhou Chang Chuan Technology Co. Ltd. | | 27,800 | 111,620 |
| Hangzhou First Applied Material Co. Ltd. (A Shares) | | 82,972 | 310,251 |
| Hangzhou Greatstar Industrial Co. Ltd. (A Shares) | | 53,400 | 186,099 |
| Hangzhou Oxygen Plant Group Co. Ltd. (A Shares) | | 43,700 | 164,394 |
| Hangzhou Robam Appliances Co. Ltd. (A Shares) | | 41,800 | 136,169 |
| Hangzhou Silan Microelectronics Co. Ltd. (A Shares) | | 74,300 | 195,765 |
| Hangzhou Tigermed Consulting Co. Ltd. (A Shares) | | 16,700 | 135,645 |
| Hansoh Pharmaceutical Group Co. Ltd. (b) | | 880,000 | 1,944,532 |
| Haohua Chemical Science & Technology Co. Ltd. (A Shares) | | 33,800 | 144,706 |
| Hebei Yangyuan Zhihui Beverage Co. Ltd. (A Shares) (a) | | 56,100 | 203,146 |
| Heilongjiang Agriculture Co. Ltd. (A Shares) | | 78,100 | 140,923 |
| Henan Shenhuo Coal & Power Co. Ltd. (A Shares) | | 99,800 | 297,852 |
| Henan Shuanghui Investment & Development Co. Ltd. (A Shares) | | 153,700 | 571,528 |
| Hengan International Group Co. Ltd. | | 473,900 | 1,590,963 |
| Hengdian Group DMEGC Magnetics Co. Ltd. (A Shares) | | 73,000 | 144,730 |
| Hengli Petrochemical Co. Ltd. (A Shares) (a) | | 312,920 | 668,106 |
| Hengtong Optic-electric Co. Ltd. (A Shares) | | 109,700 | 213,565 |
| Hengyi Petrochemical Co. Ltd. (A Shares) (a) | | 162,680 | 168,016 |
| Hesteel Co. Ltd. (A Shares) | | 451,700 | 136,290 |
| Hisense Electric Co. Ltd. | | 57,900 | 222,614 |
| Hithink RoyalFlush Information Network Co. Ltd. (A Shares) | | 23,900 | 396,389 |
| HLA Group Corp. Ltd. (A Shares) (a) | | 194,100 | 243,760 |
| Hongfa Technology Co. Ltd. (A Shares) | | 23,280 | 91,553 |
| Hoshine Silicon Industry Co. Ltd. (A Shares) | | 35,100 | 233,777 |
| Hoymiles Power Electronics, Inc. (A Shares) | | 3,547 | 110,755 |
| Hua Hong Semiconductor Ltd. (b) | | 437,000 | 861,198 |
| Huadian Power International Corp. Ltd. (A Shares) | | 377,700 | 352,073 |
| Huadong Medicine Co. Ltd. (A Shares) | | 77,900 | 353,870 |
| Huafon Chemical Co. Ltd. (A Shares) | | 220,800 | 247,594 |
| Huagong Tech Co. Ltd. (A Shares) (a) | | 44,800 | 204,996 |
| Huaibei Mining Holdings Co. Ltd. (A Shares) | | 110,200 | 293,157 |
| Hualan Biological Engineer, Inc. (A Shares) | | 81,070 | 217,641 |
| Huaneng Power International, Inc.: | | | |
| (A Shares) (a) | | 362,000 | 467,137 |
| (H Shares) (a) | | 3,236,186 | 2,059,837 |
| Huatai Securities Co. Ltd.: | | | |
| (A Shares) | | 302,200 | 571,524 |
| (H Shares) (b) | | 995,200 | 1,176,943 |
| Huaxia Bank Co. Ltd. (A Shares) | | 588,058 | 544,268 |
| Huayu Automotive Systems Co. Ltd. (A Shares) | | 140,200 | 318,332 |
| Hubei Jumpcan Pharmaceutical Co. Ltd. (A Shares) | | 40,900 | 231,965 |
| Huizhou Desay SV Automotive Co. Ltd. | | 24,700 | 426,606 |
| Humanwell Healthcare Group Co. Ltd. (A Shares) | | 72,600 | 202,441 |
| Hunan Valin Steel Co. Ltd. (A Shares) | | 306,700 | 220,685 |
| Hundsun Technologies, Inc. (A Shares) | | 84,519 | 238,784 |
| Hwatsing Technology Co. Ltd. (A Shares) | | 7,094 | 166,359 |
| Hygeia Healthcare Holdings Co. (b)(c) | | 257,600 | 1,063,227 |
| Hygon Information Technology Co. Ltd. (A Shares) | | 86,189 | 926,888 |
| IEIT Systems Co. Ltd. (A Shares) | | 65,472 | 365,119 |
| iFlytek Co. Ltd. (A Shares) | | 102,900 | 636,138 |
| IMEIK Technology Development Co. Ltd. (A Shares) | | 13,440 | 397,567 |
| Industrial & Commercial Bank of China Ltd.: | | | |
| (A Shares) | | 4,401,000 | 3,296,611 |
| (H Shares) | | 45,968,000 | 24,649,355 |
| Industrial Bank Co. Ltd. (A Shares) | | 923,600 | 2,145,323 |
| Industrial Securities Co. Ltd. (A Shares) | | 382,970 | 294,240 |
| Ingenic Semiconductor Co. Ltd. (A Shares) | | 21,400 | 186,406 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 282,600 | 1,113,697 |
| Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) | | 2,012,700 | 443,182 |
| Inner Mongolia Dian Tou Energy Corp. Ltd. | | 98,800 | 287,140 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares) | | 374,700 | 217,457 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 787,190 | 1,529,921 |
| Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares) | | 165,900 | 164,071 |
| Innovent Biologics, Inc. (a)(b) | | 899,500 | 4,354,448 |
| iQIYI, Inc. ADR (a) | | 329,154 | 1,596,397 |
| iRay Technology Co. Ltd. (A Shares) | | 4,540 | 124,383 |
| iSoftStone Information Technology Group Co. Ltd. (A Shares) | | 42,350 | 243,819 |
| JA Solar Technology Co. Ltd. (A Shares) | | 147,704 | 289,667 |
| Jason Furniture Hangzhou Co. Ltd. (A Shares) | | 36,420 | 167,655 |
| JCET Group Co. Ltd. (A Shares) | | 79,700 | 280,988 |
| JD Health International, Inc. (a)(b) | | 827,400 | 2,822,117 |
| JD Logistics, Inc. (a)(b) | | 1,470,100 | 1,591,126 |
| JD.com, Inc. Class A | | 1,737,000 | 25,027,343 |
| Jiangsu Eastern Shenghong Co. Ltd. | | 292,700 | 400,008 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 904,000 | 886,568 |
| Jiangsu Hengli Hydraulic Co. Ltd. | | 59,676 | 420,116 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 283,758 | 1,801,948 |
| Jiangsu King's Luck Brewery JSC Ltd. (A Shares) | | 55,700 | 440,489 |
| Jiangsu Nhwa Pharmaceutical Co. Ltd. (A Shares) (a) | | 44,900 | 154,778 |
| Jiangsu Pacific Quartz Co. Ltd. (A Shares) | | 16,100 | 173,774 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd. (a) | | 113,000 | 158,733 |
| Jiangsu Yanghe Brewery JSC Ltd. (A Shares) | | 66,900 | 875,754 |
| Jiangsu Yangnong Chemical Co. Ltd. (A Shares) | | 18,070 | 160,393 |
| Jiangsu Yoke Technology Co. Ltd. (A Shares) | | 21,100 | 185,618 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares) | | 44,500 | 237,305 |
| Jiangsu Zhongtian Technology Co. Ltd. (A Shares) | | 151,800 | 283,236 |
| Jiangxi Copper Co. Ltd.: | | | |
| (A Shares) | | 85,100 | 305,136 |
| (H Shares) | | 835,000 | 1,700,587 |
| Jiangxi Special Electric Motor Co. Ltd. (A Shares) (a) | | 76,500 | 102,395 |
| Jinduicheng Molybdenum Co. Ltd. (A Shares) | | 143,400 | 224,344 |
| Jinko Solar Co. Ltd. (A Shares) | | 371,486 | 386,122 |
| JiuGui Liquor Co. Ltd. (A Shares) | | 14,500 | 101,929 |
| Jizhong Energy Resources Co. Ltd. (A Shares) | | 155,600 | 160,921 |
| Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares) | | 84,000 | 140,731 |
| Jointown Pharmaceutical Group (A Shares) | | 173,074 | 195,834 |
| Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares) (a) | | 35,000 | 142,328 |
| Juneyao Airlines Co. Ltd. (A shares) (a) | | 97,800 | 165,815 |
| Kangmei Pharmaceutical Co. Ltd. rights (a)(d) | | 16,959 | 0 |
| Kanzhun Ltd. ADR | | 165,101 | 3,267,349 |
| KE Holdings, Inc. ADR | | 485,466 | 7,340,246 |
| Keda Industrial Group Co. Ltd. | | 86,900 | 121,070 |
| Kingboard Chemical Holdings Ltd. | | 493,900 | 1,085,482 |
| Kingdee International Software Group Co. Ltd. (a) | | 2,154,000 | 2,272,525 |
| Kingnet Network Co. Ltd. (A Shares) | | 95,700 | 155,073 |
| Kingsoft Corp. Ltd. | | 708,600 | 2,302,230 |
| Kuaishou Technology Class B (a)(b) | | 1,737,600 | 12,181,809 |
| Kuang-Chi Technologies Co. Ltd. (A Shares) (a) | | 95,800 | 258,115 |
| Kunlun Energy Co. Ltd. | | 2,889,000 | 2,800,536 |
| Kunlun Tech Co. Ltd. (A Shares) (a) | | 54,000 | 294,758 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 55,900 | 13,106,660 |
| Lb Group Co. Ltd. (A Shares) | | 105,700 | 305,591 |
| Lenovo Group Ltd. | | 5,971,000 | 6,715,940 |
| Lens Technology Co. Ltd. (A Shares) | | 223,200 | 438,751 |
| Lepu Medical Technology Beijing Co. Ltd. (A Shares) | | 83,400 | 168,525 |
| Li Auto, Inc. Class A (a)(c) | | 851,036 | 11,150,188 |
| Li Ning Co. Ltd. | | 1,751,500 | 4,585,197 |
| Liaoning Port Co. Ltd. (A Shares) | | 832,300 | 165,371 |
| Lingyi iTech Guangdong Co. (A Shares) | | 312,900 | 223,766 |
| Livzon Pharmaceutical Group, Inc. (A Shares) | | 27,200 | 150,446 |
| Longfor Properties Co. Ltd. (b)(c) | | 1,465,595 | 2,170,760 |
| LONGi Green Energy Technology Co. Ltd. | | 337,199 | 844,373 |
| Luxshare Precision Industry Co. Ltd. (A Shares) | | 319,024 | 1,278,809 |
| Luzhou Laojiao Co. Ltd. (A Shares) | | 65,500 | 1,676,604 |
| Mango Excellent Media Co. Ltd. (A Shares) | | 83,070 | 267,462 |
| Maxscend Microelectronics Co. Ltd. (A Shares) | | 23,828 | 296,896 |
| Meihua Holdings Group Co. Ltd. (A Shares) | | 130,100 | 199,240 |
| Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a) | | 173,288 | 105,695 |
| Meituan Class B (a)(b) | | 3,762,920 | 51,380,908 |
| Metallurgical Corp. China Ltd. (A Shares) | | 790,800 | 356,190 |
| MGI Tech Co. Ltd. (A Shares) | | 18,527 | 149,043 |
| Midea Group Co. Ltd. (A Shares) | | 156,100 | 1,501,333 |
| Ming Yang Smart Energy Group Ltd. (A Shares) | | 101,100 | 136,166 |
| MINISO Group Holding Ltd. | | 281,084 | 1,585,609 |
| Montage Technology Co. Ltd. (A Shares) | | 50,772 | 352,623 |
| Muyuan Foodstuff Co. Ltd. (A Shares) | | 243,054 | 1,461,529 |
| Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. | | 71,853 | 135,601 |
| Nanjing Securities Co. Ltd. (A Shares) | | 163,400 | 184,511 |
| NARI Technology Co. Ltd. (A Shares) | | 357,675 | 1,156,858 |
| National Silicon Industry Group Co. Ltd. (A Shares) (a) | | 122,787 | 224,087 |
| NAURA Technology Group Co. Ltd. | | 23,600 | 1,033,439 |
| NetEase, Inc. | | 1,434,320 | 26,885,813 |
| New China Life Insurance Co. Ltd. | | 80,700 | 348,988 |
| New China Life Insurance Co. Ltd. (H Shares) | | 640,900 | 1,229,092 |
| New Hope Liuhe Co. Ltd. (A Shares) (a) | | 201,300 | 247,492 |
| New Oriental Education & Technology Group, Inc. (a) | | 1,096,310 | 8,711,242 |
| Ninestar Corp. (A Shares) | | 63,000 | 219,189 |
| Ningbo Deye Technology Co. Ltd. (A Shares) | | 19,160 | 246,558 |
| Ningbo Joyson Electronic Corp. (A shares) | | 62,600 | 151,306 |
| Ningbo Orient Wires & Cables Co. Ltd. (A Shares) | | 30,600 | 186,030 |
| Ningbo Sanxing Medical Electric Co. Ltd. (a) | | 62,800 | 289,932 |
| Ningbo Shanshan Co. Ltd. (A Shares) | | 100,600 | 164,012 |
| Ningbo Tuopu Group Co. Ltd. (A Shares) | | 51,700 | 444,883 |
| Ningxia Baofeng Energy Group Co. Ltd. | | 326,300 | 745,895 |
| NIO, Inc. sponsored ADR (a)(c) | | 1,002,366 | 4,731,168 |
| Nongfu Spring Co. Ltd. (H Shares) (b) | | 1,493,000 | 8,771,256 |
| Offcn Education Technology Co. A Shares (a) | | 273,900 | 99,998 |
| Offshore Oil Enginering Co. Ltd. (A Shares) | | 196,800 | 172,466 |
| OFILM Group Co. Ltd. (A Shares) (a) | | 145,100 | 174,927 |
| Oppein Home Group, Inc. (A Shares) | | 22,480 | 193,039 |
| Orient Securities Co. Ltd. (A Shares) | | 331,039 | 380,340 |
| Oriental Pearl Group Co. Ltd. (a) | | 149,100 | 141,711 |
| Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a) | | 411,000 | 175,779 |
| PDD Holdings, Inc. ADR (a) | | 443,200 | 55,479,776 |
| People's Insurance Co. of China Group Ltd.: | | | |
| (A Shares) | | 366,200 | 264,257 |
| (H Shares) | | 6,579,552 | 2,159,575 |
| People.cn Co. Ltd. (A Shares) (a) | | 49,200 | 167,667 |
| Perfect World Co. Ltd. (A Shares) | | 86,100 | 118,546 |
| PetroChina Co. Ltd.: | | | |
| (A Shares) | | 862,100 | 1,216,290 |
| (H Shares) | | 15,783,790 | 14,706,413 |
| Pharmaron Beijing Co. Ltd. (A Shares) | | 66,100 | 179,007 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 5,113,568 | 6,353,011 |
| Ping An Bank Co. Ltd. (A Shares) | | 862,000 | 1,281,224 |
| Ping An Insurance Group Co. of China Ltd.: | | | |
| (A Shares) | | 463,796 | 2,636,476 |
| (H Shares) | | 4,989,641 | 22,613,469 |
| Piotech, Inc. (A Shares) | | 8,392 | 208,702 |
| Poly Developments & Holdings (A Shares) | | 531,500 | 652,138 |
| Pop Mart International Group Ltd. (b) | | 350,000 | 1,497,801 |
| Postal Savings Bank of China Co. Ltd. | | 1,288,700 | 852,856 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (b) | | 5,893,000 | 3,053,474 |
| Power Construction Corp. of China Ltd. (A Shares) | | 763,500 | 534,238 |
| Qi An Xin Technology Group, Inc. (A Shares) (a) | | 30,722 | 130,595 |
| Qifu Technology, Inc. ADR | | 90,520 | 1,655,611 |
| Qinghai Salt Lake Potash Co. Ltd. Class A (a) | | 241,700 | 552,151 |
| Range Intelligent Computing Technology Group Co. Ltd. (A Shares) | | 63,900 | 275,054 |
| Risen Energy Co. Ltd. (A Shares) | | 50,800 | 90,746 |
| Rockchip Electronics Co. Ltd. | | 18,700 | 147,905 |
| Rongsheng Petrochemical Co. Ltd. (A Shares) | | 449,900 | 694,903 |
| SAIC Motor Corp. Ltd. (A Shares) | | 343,000 | 702,339 |
| Sailun Group Co. Ltd. A Shares | | 138,900 | 317,461 |
| Sanan Optoelectronics Co. Ltd. (A Shares) | | 222,300 | 383,065 |
| Sangfor Technologies, Inc. (a) | | 18,700 | 140,871 |
| Sany Heavy Equipment International Holdings Co. Ltd. (c) | | 828,000 | 581,820 |
| Sany Heavy Industry Co. Ltd. (A Shares) | | 377,600 | 848,498 |
| Satellite Chemical Co. Ltd. (A Shares) (a) | | 149,530 | 397,157 |
| SDIC Capital Co. Ltd. | | 285,000 | 251,134 |
| SDIC Power Holdings Co. Ltd. (A Shares) | | 331,100 | 727,110 |
| Seazen Holdings Co. Ltd. (A Shares) (a) | | 99,900 | 135,330 |
| Seres Group Co. Ltd. (A Shares) (a) | | 67,100 | 836,352 |
| SF Holding Co. Ltd. (A Shares) | | 217,800 | 1,086,434 |
| SG Micro Corp. (A Shares) | | 20,892 | 220,658 |
| Shaanxi Coal Industry Co. Ltd. (A Shares) | | 431,000 | 1,459,711 |
| Shan Xi Hua Yang Group New Energy Co. Ltd. | | 159,850 | 208,344 |
| Shandong Gold Mining Co. Ltd.: | | | |
| (A Shares) | | 160,944 | 636,398 |
| (H Shares) (b) | | 540,500 | 1,167,915 |
| Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares) (a) | | 35,700 | 195,892 |
| Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) | | 94,400 | 387,484 |
| Shandong Linglong Tyre Co. Ltd. (A Shares) | | 65,500 | 201,830 |
| Shandong Nanshan Aluminum Co. Ltd. (A Shares) | | 518,200 | 255,347 |
| Shandong Sun Paper Industry JSC Ltd. (A Shares) | | 124,200 | 266,656 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 1,844,000 | 1,250,505 |
| Shanghai Aiko Solar Energy Co. Ltd. (A Shares) | | 81,420 | 134,205 |
| Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) | | 46,660 | 131,003 |
| Shanghai Baosight Software Co. Ltd. | | 414,762 | 886,048 |
| Shanghai Baosight Software Co. Ltd. (A Shares) | | 90,268 | 509,975 |
| Shanghai Construction Group Co. Ltd. (A Shares) | | 390,994 | 129,231 |
| Shanghai Electric Group Co. Ltd. (A Shares) (a) | | 562,600 | 333,930 |
| Shanghai Electric Power Co. Ltd. (A Shares) | | 123,300 | 156,082 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd.: | | | |
| (A Shares) | | 92,400 | 301,647 |
| (H Shares) | | 371,500 | 583,204 |
| Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares) | | 6,542 | 292,273 |
| Shanghai International Airport Co. Ltd. (A Shares) (a) | | 54,900 | 284,780 |
| Shanghai International Port Group Co. Ltd. (A Shares) | | 309,343 | 239,612 |
| Shanghai Jinjiang International Hotels Co. Ltd. (A Shares) | | 40,500 | 161,106 |
| Shanghai Junshi Biosciences Co. Ltd. (A Shares) (a) | | 34,078 | 141,247 |
| Shanghai Lingang Holdings Corp. Ltd. (A Shares) | | 106,200 | 154,652 |
| Shanghai M&G Stationery, Inc. (A Shares) | | 41,300 | 201,184 |
| Shanghai Moons' Electric Co. Ltd. (A Shares) (a) | | 18,700 | 144,164 |
| Shanghai Pharmaceuticals Holding Co. Ltd.: | | | |
| (A Shares) | | 150,400 | 371,792 |
| (H Shares) | | 500,209 | 710,827 |
| Shanghai Pudong Development Bank Co. Ltd. (A Shares) | | 1,302,409 | 1,380,710 |
| Shanghai Putailai New Energy Technology Co. Ltd. | | 95,274 | 242,346 |
| Shanghai RAAS Blood Products Co. Ltd. (A Shares) | | 295,400 | 292,145 |
| Shanghai Rural Commercial Bank Co. Ltd. (A Shares) | | 428,400 | 399,606 |
| Shanghai United Imaging Healthcare Co. Ltd. (A Shares) (a) | | 36,662 | 669,868 |
| Shanghai Yuyuan Tourist Mart Group Co. Ltd. | | 171,500 | 140,158 |
| Shanghai Zhangjiang High Ltd. (A Shares) (a) | | 68,800 | 174,418 |
| Shanxi Coal International Energy Group Co. Ltd. (A Shares) (a) | | 88,100 | 173,961 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) | | 132,900 | 387,514 |
| Shanxi Meijin Energy Co. Ltd. (A Shares) (a) | | 192,400 | 160,852 |
| Shanxi Taigang Stainless Steel Co. Ltd. (A Shares) | | 253,300 | 134,807 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) | | 54,260 | 1,954,275 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) | | 252,090 | 364,769 |
| Shede Spirits Co. Ltd. (A Shares) | | 14,800 | 148,444 |
| Shenergy Co. Ltd. (A Shares) | | 216,600 | 254,040 |
| Shengyi Technology Co. Ltd. | | 105,700 | 281,862 |
| Shennan Circuits Co. Ltd. (A Shares) | | 22,940 | 294,249 |
| Shenwan Hongyuan Group Co. Ltd. (A Shares) | | 1,000,200 | 647,271 |
| Shenzhen Capchem Technology Co. Ltd. (A Shares) | | 33,620 | 155,820 |
| Shenzhen Energy Group Co. Ltd. (A Shares) | | 210,360 | 209,759 |
| Shenzhen Goodix Technology Co. Ltd. (A Shares) (a) | | 20,400 | 172,166 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 59,600 | 488,777 |
| Shenzhen Kaifa Technology Co. Ltd. (A Shares) | | 69,700 | 132,266 |
| Shenzhen Kangtai Biological Products Co. Ltd. | | 49,620 | 138,156 |
| Shenzhen Kedali Industry Co. Ltd. | | 12,000 | 157,668 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 53,900 | 2,263,251 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | | 35,000 | 341,140 |
| Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) (a) | | 362,300 | 131,653 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares) | | 49,600 | 217,899 |
| Shenzhen SC New Energy Technology Corp. (A Shares) | | 15,500 | 146,564 |
| Shenzhen Sed Industry Co. Ltd. (A Shares) | | 50,500 | 122,038 |
| Shenzhen Transsion Holdings Co. Ltd. (A Shares) | | 35,897 | 710,938 |
| Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 41,400 | 152,603 |
| Shenzhou International Group Holdings Ltd. | | 613,000 | 6,025,307 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) | | 74,360 | 192,942 |
| Sichuan Changhong Electric Co. Ltd. (A Shares) | | 205,000 | 156,935 |
| Sichuan Chuantou Energy Co. Ltd. (A Shares) | | 203,200 | 466,279 |
| Sichuan Hebang Biotechnology Co. Ltd. (A Shares) | | 391,000 | 113,202 |
| Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) | | 66,500 | 311,400 |
| Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) | | 322,660 | 322,853 |
| Sichuan Swellfun Co. Ltd. (A Shares) | | 21,700 | 134,566 |
| Sieyuan Electric Co. Ltd. (A Shares) | | 34,300 | 307,768 |
| Silergy Corp. | | 242,000 | 3,208,318 |
| Sinolink Securities Co. Ltd. (A Shares) | | 165,200 | 198,872 |
| Sinoma International Engineering Co. Ltd. (A Shares) | | 117,300 | 205,170 |
| Sinoma Science & Technology Co. Ltd. (A Shares) | | 74,600 | 159,551 |
| Sinomine Resource Group Co. Ltd. (A Shares) | | 32,472 | 158,814 |
| Sinopharm Group Co. Ltd. (H Shares) | | 994,600 | 2,511,725 |
| Sinotruk Hong Kong Ltd. | | 511,500 | 1,272,975 |
| SKSHU Paint Co. Ltd. (A Shares) | | 23,448 | 109,751 |
| Smoore International Holdings Ltd. (b)(c) | | 1,366,000 | 1,189,670 |
| Songcheng Performance Development Co. Ltd. (A Shares) | | 116,060 | 173,617 |
| Soochow Securities Co. Ltd. (A Shares) | | 222,160 | 209,183 |
| Southwest Securities Co. Ltd. (A Shares) | | 294,500 | 160,867 |
| Spring Airlines Co. Ltd. (A Shares) (a) | | 43,300 | 338,702 |
| StarPower Semiconductor Ltd. (A Shares) | | 7,600 | 145,427 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 66,100 | 938,745 |
| Sunny Optical Technology Group Co. Ltd. | | 528,700 | 2,557,703 |
| Sunresin New Materials Co. Ltd. (A Shares) | | 22,450 | 144,403 |
| Sunwoda Electronic Co. Ltd. (A Shares) | | 82,900 | 173,559 |
| SUPCON Technology Co. Ltd. (A Shares) | | 35,385 | 231,948 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares) | | 76,500 | 161,723 |
| Suzhou Maxwell Technologies Co. Ltd. (A Shares) | | 12,440 | 196,397 |
| Suzhou TFC Optical Communication Co. Ltd. (A Shares) | | 17,600 | 385,615 |
| TAL Education Group ADR (a) | | 326,572 | 3,931,927 |
| TBEA Co. Ltd. (A Shares) | | 225,000 | 438,131 |
| TCL Technology Group Corp. (A Shares) | | 839,670 | 552,014 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares) | | 180,075 | 258,452 |
| Tencent Holdings Ltd. | | 4,905,000 | 215,247,098 |
| Tencent Music Entertainment Group ADR (a) | | 556,790 | 6,987,715 |
| Thunder Software Technology Co. Ltd. (A Shares) | | 20,500 | 137,375 |
| Tianfeng Securities Co. Ltd. (A Shares) (a) | | 381,500 | 153,086 |
| Tianjin 712 Communication & Broadcasting Co. Ltd. | | 34,500 | 105,182 |
| Tianma Microelectronics Co. Ltd. (A Shares) (a) | | 110,200 | 123,079 |
| Tianqi Lithium Corp. (A Shares) | | 65,700 | 356,320 |
| Tianshan Aluminum Group Co. Ltd. | | 206,800 | 215,131 |
| Tianshui Huatian Technology Co. Ltd. (A Shares) | | 142,600 | 160,462 |
| Tingyi (Cayman Islands) Holding Corp. | | 1,461,000 | 1,612,502 |
| Tongcheng Travel Holdings Ltd. | | 919,600 | 2,420,276 |
| TongFu Microelectronics Co. Ltd. (A Shares) | | 67,400 | 191,954 |
| Tongkun Group Co. Ltd. (A Shares) (a) | | 107,200 | 203,380 |
| Tongling Nonferrous Metals Group Co. Ltd. (A Shares) | | 561,700 | 311,457 |
| Tongwei Co. Ltd. (A Shares) | | 200,400 | 598,943 |
| Topchoice Medical Corp. (a) | | 14,200 | 118,906 |
| Topsports International Holdings Ltd. (b) | | 1,379,000 | 957,681 |
| TravelSky Technology Ltd. (H Shares) | | 691,000 | 897,631 |
| Trina Solar Co. Ltd. (A Shares) | | 96,860 | 283,438 |
| Trip.com Group Ltd. (a)(c) | | 407,143 | 19,830,860 |
| Tsinghua Tongfang Co. Ltd. (A Shares) (a) | | 149,100 | 124,401 |
| Tsingtao Brewery Co. Ltd.: | | | |
| (A Shares) (a) | | 24,000 | 270,887 |
| (H Shares) | | 474,000 | 3,415,835 |
| Unigroup Guoxin Microelectronics Co. Ltd. (a) | | 37,839 | 303,122 |
| Unisplendour Corp. Ltd. (A Shares) (a) | | 127,710 | 365,523 |
| Universal Scientific Industrial Shanghai Co. Ltd. (A Shares) | | 82,700 | 168,318 |
| Verisilicon Microelectronics Shanghai Co. Ltd. (A Shares) (a) | | 22,357 | 101,126 |
| Vipshop Holdings Ltd. ADR | | 257,950 | 3,879,568 |
| Walvax Biotechnology Co. Ltd. (A Shares) | | 71,400 | 144,615 |
| Wanda Film Holding Co. Ltd. (A Shares) (a) | | 97,800 | 197,032 |
| Wanhua Chemical Group Co. Ltd. (A Shares) | | 139,600 | 1,710,285 |
| Want Want China Holdings Ltd. | | 3,510,418 | 2,002,173 |
| Weichai Power Co. Ltd.: | | | |
| (A Shares) | | 267,500 | 641,769 |
| (H Shares) | | 1,479,000 | 3,022,134 |
| Weihai Guangwei Composites Co. Ltd. (A Shares) | | 36,840 | 132,097 |
| Wens Foodstuffs Group Co. Ltd. (A Shares) | | 295,600 | 776,712 |
| Western Mining Co. Ltd. (A Shares) | | 105,600 | 291,190 |
| Western Securities Co. Ltd. (A Shares) | | 197,900 | 201,629 |
| Western Superconducting Technologies Co. Ltd. (A Shares) | | 28,905 | 157,811 |
| Will Semiconductor Ltd. | | 52,730 | 736,837 |
| Wingtech Technology Co. Ltd. (A Shares) (a) | | 55,600 | 240,367 |
| Wintime Energy Group Co. Ltd. (A Shares) (a) | | 979,300 | 182,263 |
| Wuchan Zhongda Group Co. Ltd. | | 229,200 | 149,053 |
| Wuhan Guide Infrared Co. Ltd. (A Shares) | | 191,468 | 184,821 |
| Wuliangye Yibin Co. Ltd. (A Shares) | | 172,600 | 3,569,568 |
| WUS Printed Circuit Kunshan Co. Ltd. (A Shares) | | 85,060 | 386,851 |
| WuXi AppTec Co. Ltd. | | 99,784 | 599,620 |
| WuXi AppTec Co. Ltd. (H Shares) (b) | | 276,168 | 1,243,057 |
| Wuxi Biologics (Cayman), Inc. (a)(b) | | 2,841,000 | 4,921,569 |
| XCMG Construction Machinery Co. Ltd. (A Shares) | | 526,000 | 509,052 |
| Xiamen C&D, Inc. (A Shares) | | 133,325 | 182,771 |
| Xiamen Faratronic Co. Ltd. (A Shares) | | 10,100 | 137,129 |
| Xiamen Tungsten Co. Ltd. (A Shares) | | 62,900 | 165,864 |
| Xiaomi Corp. Class B (a)(b) | | 11,402,200 | 24,855,969 |
| Xinjiang Daqo New Energy Co. Ltd. (A Shares) (a) | | 79,683 | 268,554 |
| Xinyi Solar Holdings Ltd. | | 3,631,538 | 2,498,738 |
| XPeng, Inc. Class A (a) | | 855,250 | 3,467,321 |
| Yadea Group Holdings Ltd. (b) | | 908,000 | 1,746,694 |
| Yangzhou Yangjie Electronic Technology Co. Ltd. (A Shares) | | 24,200 | 126,432 |
| Yankuang Energy Group Co. Ltd.: | | | |
| (A Shares) | | 145,200 | 462,564 |
| (H Shares) | | 1,730,000 | 3,753,013 |
| Yantai Jereh Oilfield Services (A Shares) | | 45,500 | 199,576 |
| Yealink Network Technology Corp. Ltd. | | 56,470 | 274,733 |
| Yifeng Pharmacy Chain Co. Ltd. | | 44,970 | 272,017 |
| Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) | | 72,100 | 311,777 |
| Yintai Gold Co. Ltd. (A Shares) | | 123,380 | 313,005 |
| Yonghui Superstores Co. Ltd. (A Shares) (a) | | 407,800 | 136,486 |
| YongXing Special Materials Technology Co. Ltd. (A Shares) | | 23,970 | 156,526 |
| Yonyou Network Technology Co. Ltd. (A Shares) | | 152,120 | 243,370 |
| Youngor Fashion Co. Ltd. (A Shares) | | 204,387 | 220,276 |
| YTO Express Group Co. Ltd. (A Shares) | | 153,200 | 335,146 |
| Yuexiu Property Co. Ltd. | | 1,193,380 | 712,233 |
| Yum China Holdings, Inc. | | 301,501 | 11,007,802 |
| Yunda Holding Co. Ltd. (A Shares) | | 128,660 | 139,005 |
| Yunnan Aluminium Co. Ltd. (A Shares) | | 154,200 | 304,284 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 79,760 | 629,312 |
| Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares) | | 18,800 | 147,913 |
| Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares) (a) | | 224,400 | 176,909 |
| Yunnan Energy New Material Co. Ltd. | | 43,500 | 249,377 |
| Yunnan Tin Co. Ltd. (A Shares) | | 73,000 | 165,538 |
| Yunnan Yuntianhua Co. Ltd. (Series A) | | 81,100 | 226,105 |
| Yutong Bus Co. Ltd. (a) | | 98,500 | 347,761 |
| Zai Lab Ltd. (a)(c) | | 698,720 | 1,123,060 |
| Zangge Mining Co. Ltd. (Series A) | | 70,400 | 278,976 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) | | 26,800 | 877,301 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 1,118,000 | 1,800,462 |
| Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a) | | 331,310 | 213,521 |
| Zhejiang China Commodities City Group Co. Ltd. (A Shares) | | 243,400 | 293,804 |
| Zhejiang Chint Electric Co. Ltd. (A Shares) | | 95,800 | 272,514 |
| Zhejiang Dahua Technology Co. Ltd. (A Shares) | | 147,100 | 363,219 |
| Zhejiang Dingli Machinery Co. Ltd. (A Shares) | | 22,540 | 203,654 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 1,173,359 | 767,178 |
| Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) | | 65,990 | 152,533 |
| Zhejiang Huayou Cobalt Co. Ltd. (A Shares) | | 76,015 | 297,329 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) | | 58,000 | 270,667 |
| Zhejiang Juhua Co. Ltd. (A Shares) | | 119,900 | 391,152 |
| Zhejiang Leapmotor Technology Co. Ltd. (H Shares) (a)(b)(c) | | 372,500 | 1,279,927 |
| Zhejiang Longsheng Group Co. Ltd. (A Shares) | | 143,600 | 181,093 |
| Zhejiang NHU Co. Ltd. (A Shares) | | 136,236 | 360,461 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 83,100 | 250,864 |
| Zhejiang Supor Cookware Co. Ltd. | | 23,900 | 193,906 |
| Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares) | | 76,030 | 230,577 |
| Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) | | 70,800 | 171,406 |
| Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) (a) | | 496,200 | 426,292 |
| Zheshang Securities Co. Ltd. | | 172,100 | 267,408 |
| ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(b) | | 526,300 | 885,196 |
| Zhongji Innolight Co. Ltd. (A Shares) | | 35,700 | 899,892 |
| Zhongjin Gold Co. Ltd. (A Shares) | | 214,700 | 386,533 |
| Zhongsheng Group Holdings Ltd. Class H | | 619,100 | 1,129,106 |
| Zhongtai Securities Co. Ltd. (A Shares) | | 309,300 | 283,604 |
| Zhuzhou CRRC Times Electric Co. Ltd.: | | | |
| (A Shares) | | 32,236 | 211,814 |
| (H Shares) | | 377,027 | 1,351,271 |
| Zijin Mining Group Co. Ltd.: | | | |
| (A Shares) | | 1,075,700 | 2,589,853 |
| (H Shares) | | 3,868,000 | 8,437,932 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares) | | 315,700 | 370,031 |
| ZTE Corp.: | | | |
| (A Shares) | | 180,500 | 709,311 |
| (H Shares) | | 557,800 | 1,202,255 |
| ZTO Express, Inc. sponsored ADR | | 314,891 | 6,609,562 |
TOTAL CHINA | | | 1,414,686,555 |
| Colombia - 0.1% | | | |
| Bancolombia SA | | 189,152 | 1,629,706 |
| Interconexion Electrica SA ESP | | 328,324 | 1,514,827 |
TOTAL COLOMBIA | | | 3,144,533 |
| Czech Republic - 0.1% | | | |
| CEZ A/S (c) | | 119,663 | 4,417,070 |
| Komercni Banka A/S | | 56,348 | 2,078,755 |
| MONETA Money Bank A/S (b) | | 246,210 | 993,439 |
TOTAL CZECH REPUBLIC | | | 7,489,264 |
| Egypt - 0.1% | | | |
| Commercial International Bank SAE | | 1,879,503 | 2,824,164 |
| Eastern Co. SAE | | 767,482 | 352,865 |
| EFG Holding SAE | | 703,541 | 217,605 |
TOTAL EGYPT | | | 3,394,634 |
| Greece - 0.5% | | | |
| Alpha Bank SA (a) | | 1,656,191 | 2,814,723 |
| Eurobank Ergasias Services and Holdings SA (a) | | 1,928,802 | 4,137,419 |
| Ff Group (a)(d) | | 1,944 | 0 |
| Hellenic Telecommunications Organization SA | | 139,393 | 2,124,296 |
| Jumbo SA | | 85,728 | 2,669,647 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 49,251 | 1,427,548 |
| Mytilineos SA | | 74,180 | 3,024,099 |
| National Bank of Greece SA (a) | | 576,454 | 4,650,849 |
| OPAP SA | | 137,177 | 2,285,231 |
| Piraeus Financial Holdings SA (a) | | 788,467 | 3,158,560 |
| Public Power Corp. of Greece (a) | | 155,748 | 1,868,248 |
TOTAL GREECE | | | 28,160,620 |
| Hong Kong - 0.1% | | | |
| Orient Overseas International Ltd. | | 98,000 | 1,429,333 |
| Sino Biopharmaceutical Ltd. | | 7,665,750 | 2,619,377 |
TOTAL HONG KONG | | | 4,048,710 |
| Hungary - 0.3% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 333,966 | 2,740,728 |
| OTP Bank PLC | | 166,075 | 8,240,867 |
| Richter Gedeon PLC | | 103,634 | 2,639,043 |
TOTAL HUNGARY | | | 13,620,638 |
| India - 17.5% | | | |
| ABB India Ltd. | | 39,277 | 3,074,633 |
| Adani Enterprises Ltd. | | 126,766 | 4,630,739 |
| Adani Green Energy Ltd. (a) | | 234,852 | 5,045,216 |
| Adani Ports & Special Economic Zone Ltd. | | 391,449 | 6,199,585 |
| Adani Power Ltd. (a) | | 571,867 | 4,181,915 |
| Ambuja Cements Ltd. | | 441,595 | 3,272,829 |
| APL Apollo Tubes Ltd. | | 123,459 | 2,298,694 |
| Apollo Hospitals Enterprise Ltd. | | 74,605 | 5,304,775 |
| Ashok Leyland Ltd. | | 1,088,139 | 2,505,185 |
| Asian Paints Ltd. | | 284,423 | 9,780,779 |
| Astral Ltd. | | 99,559 | 2,519,046 |
| AU Small Finance Bank Ltd. (b) | | 124,021 | 939,400 |
| Aurobindo Pharma Ltd. | | 195,479 | 2,697,058 |
| Avenue Supermarts Ltd. (a)(b) | | 120,576 | 6,651,490 |
| Axis Bank Ltd. | | 1,691,921 | 23,609,278 |
| Bajaj Auto Ltd. | | 49,509 | 5,283,969 |
| Bajaj Finance Ltd. | | 206,159 | 17,096,479 |
| Bajaj Finserv Ltd. | | 283,861 | 5,481,901 |
| Bajaj Holdings & Investment Ltd. | | 19,802 | 1,923,019 |
| Balkrishna Industries Ltd. | | 57,358 | 1,666,130 |
| Bandhan Bank Ltd. (b) | | 585,093 | 1,316,839 |
| Bank of Baroda | | 766,731 | 2,577,260 |
| Berger Paints India Ltd. | | 216,018 | 1,315,487 |
| Bharat Electronics Ltd. | | 2,709,332 | 7,574,148 |
| Bharat Forge Ltd. | | 189,842 | 2,887,851 |
| Bharat Heavy Electricals Ltd. | | 774,479 | 2,604,393 |
| Bharat Petroleum Corp. Ltd. | | 562,698 | 4,093,353 |
| Bharti Airtel Ltd. | | 1,667,907 | 26,393,270 |
| Britannia Industries Ltd. | | 80,347 | 4,590,943 |
| Cg Power & Industrial Soluti | | 452,957 | 2,998,373 |
| Cholamandalam Investment and Finance Co. Ltd. | | 311,193 | 4,440,756 |
| Cipla Ltd./India (a) | | 388,993 | 6,510,004 |
| Coal India Ltd. | | 1,142,031 | 6,207,395 |
| Colgate-Palmolive Ltd. | | 100,801 | 3,410,299 |
| Container Corp. of India Ltd. | | 180,598 | 2,217,636 |
| Cummins India Ltd. | | 102,745 | 4,021,730 |
| Dabur India Ltd. | | 459,702 | 2,793,321 |
| Divi's Laboratories Ltd. | | 88,574 | 4,239,917 |
| DLF Ltd. | | 550,451 | 5,863,176 |
| Dr. Reddy's Laboratories Ltd. | | 86,548 | 6,420,695 |
| Eicher Motors Ltd. | | 101,496 | 5,586,134 |
| GAIL India Ltd. | | 1,705,795 | 4,260,066 |
| GMR Airports Infrastructure Ltd. (a) | | 1,789,144 | 1,819,202 |
| Godrej Consumer Products Ltd. | | 303,257 | 4,424,614 |
| Godrej Properties Ltd. (a) | | 92,756 | 2,930,852 |
| Grasim Industries Ltd. | | 195,242 | 5,627,840 |
| Havells India Ltd. | | 185,841 | 3,697,659 |
| HCL Technologies Ltd. | | 702,536 | 11,458,609 |
| HDFC Asset Management Co. Ltd. (b) | | 71,220 | 3,319,258 |
| HDFC Bank Ltd. | | 2,082,525 | 37,809,127 |
| HDFC Standard Life Insurance Co. Ltd. (b) | | 717,432 | 5,006,286 |
| Hero Motocorp Ltd. | | 88,918 | 4,824,390 |
| Hindalco Industries Ltd. | | 999,583 | 7,685,378 |
| Hindustan Aeronautics Ltd. | | 148,733 | 7,016,952 |
| Hindustan Petroleum Corp. Ltd. | | 420,551 | 2,493,883 |
| Hindustan Unilever Ltd. | | 609,610 | 16,276,300 |
| ICICI Bank Ltd. | | 3,848,358 | 53,011,246 |
| ICICI Lombard General Insurance Co. Ltd. (b) | | 178,804 | 3,653,349 |
| ICICI Prudential Life Insurance Co. Ltd. (b) | | 266,844 | 1,826,244 |
| IDFC Bank Ltd. (a) | | 2,566,979 | 2,518,622 |
| Indian Oil Corp. Ltd. | | 2,093,356 | 4,226,087 |
| Indian Railway Catering & Tourism Corp. Ltd. | | 177,994 | 2,209,578 |
| Indraprastha Gas Ltd. | | 233,502 | 1,309,662 |
| IndusInd Bank Ltd. | | 213,352 | 3,867,066 |
| Info Edge India Ltd. | | 52,756 | 3,814,425 |
| Infosys Ltd. | | 2,461,479 | 41,549,073 |
| InterGlobe Aviation Ltd. (a)(b) | | 128,790 | 6,139,470 |
| ITC Ltd. | | 2,219,801 | 11,571,274 |
| Jindal Steel & Power Ltd. | | 264,645 | 2,938,321 |
| Jio Financial Services Ltd. | | 2,119,246 | 9,540,566 |
| JSW Steel Ltd. | | 453,193 | 4,773,459 |
| Jubilant Foodworks Ltd. | | 293,444 | 1,625,241 |
| Kotak Mahindra Bank Ltd. | | 810,444 | 15,746,818 |
| Larsen & Toubro Ltd. | | 499,286 | 21,456,164 |
| Ltimindtree Ltd. (b) | | 65,885 | 3,699,438 |
| Lupin Ltd. | | 168,726 | 3,321,276 |
| Macrotech Developers Ltd. (b) | | 178,733 | 2,646,726 |
| Mahindra & Mahindra Ltd. | | 691,377 | 17,828,234 |
| Marico Ltd. | | 383,496 | 2,379,204 |
| Maruti Suzuki India Ltd. | | 104,880 | 16,086,040 |
| Max Healthcare Institute Ltd. | | 576,315 | 5,789,712 |
| Mphasis BFL Ltd. | | 56,003 | 1,546,298 |
| MRF Ltd. | | 1,729 | 2,751,379 |
| Muthoot Finance Ltd. | | 89,258 | 1,835,482 |
| Nestle India Ltd. | | 250,149 | 7,506,714 |
| NMDC Ltd. | | 760,340 | 2,306,727 |
| NTPC Ltd. | | 3,234,477 | 14,052,831 |
| Oil & Natural Gas Corp. Ltd. | | 2,331,189 | 7,867,287 |
| One97 Communications Ltd. (a) | | 188,352 | 839,264 |
| Page Industries Ltd. | | 4,548 | 1,892,723 |
| Persistent Systems Ltd. | | 74,150 | 2,982,058 |
| Petronet LNG Ltd. | | 555,720 | 2,062,136 |
| PI Industries Ltd. | | 61,850 | 2,702,390 |
| Pidilite Industries Ltd. | | 113,105 | 4,124,251 |
| Polycab India Ltd. | | 33,403 | 2,266,103 |
| Power Finance Corp. Ltd. | | 1,100,868 | 5,801,302 |
| Power Grid Corp. of India Ltd. | | 3,446,919 | 12,428,734 |
| Punjab National Bank | | 1,632,541 | 2,752,513 |
| REC Ltd. | | 976,011 | 5,910,697 |
| Reliance Industries Ltd. | | 2,256,903 | 79,204,382 |
| Samvardhana Motherson International Ltd. | | 1,758,400 | 2,753,063 |
| SBI Cards & Payment Services Ltd. | | 211,257 | 1,839,224 |
| SBI Life Insurance Co. Ltd. (b) | | 333,961 | 5,743,965 |
| Shree Cement Ltd. | | 6,687 | 1,957,190 |
| Shriram Finance Ltd. | | 208,846 | 6,370,102 |
| Siemens Ltd. | | 65,996 | 4,609,733 |
| Sona Blw Precision Forgings Ltd. (b) | | 304,345 | 2,274,307 |
| SRF Ltd. | | 109,853 | 3,440,026 |
| State Bank of India | | 1,323,136 | 13,066,160 |
| Sun Pharmaceutical Industries Ltd. | | 711,402 | 12,776,823 |
| Supreme Industries Ltd. | | 47,086 | 2,850,943 |
| Suzlon Energy Ltd. (a) | | 6,542,957 | 3,241,351 |
| Tata Communications Ltd. | | 84,487 | 1,748,139 |
| Tata Consultancy Services Ltd. | | 670,550 | 30,595,276 |
| Tata Consumer Products Ltd. | | 423,765 | 5,610,012 |
| Tata Elxsi Ltd. | | 25,391 | 2,143,005 |
| Tata Motors Ltd. | | 1,231,654 | 14,848,365 |
| Tata Motors Ltd. Class A | | 339,224 | 2,766,219 |
| Tata Power Co. Ltd./The | | 1,065,845 | 5,718,506 |
| Tata Steel Ltd. | | 5,468,995 | 10,777,327 |
| Tech Mahindra Ltd. | | 398,076 | 5,994,795 |
| The Indian Hotels Co. Ltd. | | 631,586 | 4,350,967 |
| Titan Co. Ltd. | | 263,271 | 11,293,040 |
| Torrent Pharmaceuticals Ltd. | | 75,251 | 2,376,453 |
| Trent Ltd. | | 134,389 | 7,091,694 |
| Tube Investments of India Ltd. | | 78,852 | 3,536,186 |
| Tvs Motor Co. Ltd. | | 176,118 | 4,335,218 |
| Ultratech Cement Ltd. | | 85,609 | 10,207,203 |
| Union Bank of India Ltd. | | 1,099,075 | 2,025,339 |
| United Spirits Ltd. | | 215,680 | 3,033,256 |
| UPL Ltd. | | 333,819 | 2,025,378 |
| Varun Beverages Ltd. | | 337,082 | 5,961,220 |
| Vedanta Ltd. | | 688,824 | 3,286,589 |
| Wipro Ltd. | | 968,319 | 5,331,135 |
| Yes Bank Ltd. (a) | | 9,594,422 | 2,999,950 |
| Zomato Ltd. (a) | | 4,520,241 | 10,429,421 |
TOTAL INDIA | | | 964,643,662 |
| Indonesia - 1.6% | | | |
| Amman Mineral Internasional PT | | 4,839,000 | 2,881,432 |
| PT Adaro Energy Indonesia Tbk | | 10,666,400 | 1,772,732 |
| PT Aneka Tambang Tbk | | 6,236,400 | 626,883 |
| PT Astra International Tbk | | 15,004,059 | 4,734,613 |
| PT Bank Central Asia Tbk | | 41,124,550 | 24,727,559 |
| PT Bank Mandiri (Persero) Tbk | | 27,676,196 | 11,698,096 |
| PT Bank Negara Indonesia (Persero) Tbk | | 11,060,600 | 3,558,605 |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 50,558,727 | 15,304,307 |
| PT Barito Pacific Tbk | | 20,850,131 | 1,302,979 |
| PT Charoen Pokphand Indonesia Tbk | | 5,469,700 | 1,664,136 |
| PT GoTo Gojek Tokopedia Tbk (a) | | 623,410,200 | 2,397,807 |
| PT Indah Kiat Pulp & Paper Tbk | | 1,825,100 | 1,050,449 |
| PT Indofood CBP Sukses Makmur Tbk | | 1,729,200 | 1,155,829 |
| PT Indofood Sukses Makmur Tbk | | 3,251,800 | 1,248,705 |
| PT Kalbe Farma Tbk | | 15,639,200 | 1,388,253 |
| PT Merdeka Copper Gold Tbk (a) | | 7,151,586 | 1,151,807 |
| PT Sarana Menara Nusantara Tbk | | 15,124,000 | 747,236 |
| PT Semen Indonesia (Persero) Tbk | | 2,501,232 | 717,469 |
| PT Sumber Alfaria Trijaya Tbk | | 13,853,100 | 2,491,465 |
| PT Telkom Indonesia Persero Tbk | | 36,714,265 | 7,117,372 |
| PT Unilever Indonesia Tbk | | 5,658,895 | 911,354 |
| PT United Tractors Tbk | | 1,105,300 | 1,684,583 |
TOTAL INDONESIA | | | 90,333,671 |
| Korea (South) - 10.9% | | | |
| AMOREPACIFIC Corp. | | 21,682 | 2,635,319 |
| Celltrion Pharm, Inc. | | 13,872 | 954,923 |
| Celltrion, Inc. | | 113,115 | 15,316,255 |
| CJ CheilJedang Corp. | | 6,135 | 1,482,881 |
| Cosmo AM&T Co. Ltd. (a) | | 17,934 | 1,931,422 |
| Coway Co. Ltd. | | 41,031 | 1,639,364 |
| Db Insurance Co. Ltd. | | 34,115 | 2,386,294 |
| Doosan Bobcat, Inc. | | 40,890 | 1,523,983 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 332,438 | 4,002,747 |
| Ecopro BM Co. Ltd. | | 36,252 | 6,145,034 |
| Ecopro Co. Ltd. | | 74,025 | 5,579,838 |
| Ecopro Materials Co. Ltd. | | 10,228 | 844,810 |
| GS Holdings Corp. | | 34,432 | 1,110,130 |
| Hana Financial Group, Inc. | | 216,716 | 9,114,801 |
| Hanjin Kal Corp. | | 19,798 | 847,316 |
| Hankook Tire Co. Ltd. | | 55,105 | 2,331,687 |
| Hanmi Pharm Co. Ltd. | | 5,224 | 1,186,712 |
| Hanmi Semiconductor Co. Ltd. | | 32,474 | 3,083,735 |
| Hanon Systems | | 138,498 | 553,113 |
| Hanwha Aerospace Co. Ltd. | | 26,272 | 3,979,457 |
| Hanwha Ocean Co. Ltd. (a) | | 56,782 | 1,303,827 |
| Hanwha Solutions Corp. | | 82,838 | 1,503,448 |
| HD Hyundai Co. Ltd. | | 32,203 | 1,554,678 |
| HD Hyundai Heavy Industries Co. Ltd. (a) | | 16,465 | 1,623,833 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | | 31,489 | 2,964,757 |
| HLB, Inc. | | 86,965 | 6,929,057 |
| HMM Co. Ltd. | | 178,802 | 2,035,691 |
| HYBE Co. Ltd. | | 15,439 | 2,233,256 |
| Hyundai Engineering & Construction Co. Ltd. | | 57,763 | 1,467,404 |
| Hyundai Glovis Co. Ltd. | | 13,899 | 1,814,427 |
| Hyundai Mobis | | 45,129 | 7,362,404 |
| Hyundai Motor Co. Ltd. | | 101,916 | 18,280,916 |
| Hyundai Steel Co. | | 64,298 | 1,488,879 |
| Industrial Bank of Korea | | 206,811 | 2,073,360 |
| Kakao Corp. | | 230,849 | 7,994,683 |
| Kakao Pay Corp. (a) | | 19,918 | 500,558 |
| KakaoBank Corp. | | 123,737 | 2,213,113 |
| Kangwon Land, Inc. | | 71,288 | 785,538 |
| KB Financial Group, Inc. | | 284,164 | 15,369,039 |
| Kia Corp. | | 193,726 | 16,367,026 |
| Korea Aerospace Industries Ltd. | | 54,199 | 2,012,454 |
| Korea Electric Power Corp. (a) | | 190,293 | 2,896,929 |
| Korea Investment Holdings Co. Ltd. | | 30,971 | 1,492,748 |
| Korea Zinc Co. Ltd. | | 6,201 | 2,059,859 |
| Korean Air Lines Co. Ltd. | | 136,447 | 2,051,884 |
| KRAFTON, Inc. (a) | | 21,513 | 3,692,167 |
| KT Corp. | | 47,767 | 1,190,925 |
| KT&G Corp. | | 74,401 | 4,780,666 |
| Kum Yang Co. Ltd. (a) | | 25,820 | 1,727,620 |
| Kumho Petro Chemical Co. Ltd. | | 11,638 | 1,154,304 |
| L&F Co. Ltd. | | 18,811 | 2,194,351 |
| LG Chemical Ltd. | | 36,633 | 10,496,965 |
| LG Corp. | | 69,960 | 3,980,599 |
| LG Display Co. Ltd. (a) | | 269,095 | 2,031,092 |
| LG Electronics, Inc. | | 78,848 | 5,236,743 |
| LG Energy Solution (a) | | 34,695 | 9,625,785 |
| LG H & H Co. Ltd. | | 6,451 | 1,938,297 |
| LG Innotek Co. Ltd. | | 10,541 | 1,670,831 |
| LG Uplus Corp. | | 158,348 | 1,121,519 |
| Lotte Chemical Corp. | | 14,272 | 1,099,816 |
| Meritz Financial Holdings Co. | | 75,376 | 4,297,744 |
| Mirae Asset Securities Co. Ltd. | | 179,440 | 975,226 |
| NAVER Corp. | | 96,318 | 12,668,736 |
| NCSOFT Corp. | | 10,580 | 1,333,045 |
| Netmarble Corp. (a)(b) | | 19,111 | 763,055 |
| NH Investment & Securities Co. Ltd. | | 110,569 | 991,076 |
| Orion Corp./Republic of Korea | | 17,585 | 1,173,561 |
| POSCO | | 53,289 | 15,340,451 |
| POSCO Chemtech Co. Ltd. | | 22,970 | 4,608,114 |
| POSCO ICT Co. Ltd. | | 39,453 | 1,143,319 |
| Posco International Corp. | | 39,133 | 1,287,054 |
| S-Oil Corp. | | 33,373 | 1,737,513 |
| Samsung Biologics Co. Ltd. (a)(b) | | 13,192 | 7,393,907 |
| Samsung C&T Corp. | | 61,909 | 6,657,162 |
| Samsung E&A Co. Ltd. (a) | | 116,259 | 2,198,022 |
| Samsung Electro-Mechanics Co. Ltd. | | 41,554 | 4,622,103 |
| Samsung Electronics Co. Ltd. | | 3,540,633 | 196,260,918 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 22,827 | 5,094,966 |
| Samsung Heavy Industries Co. Ltd. (a) | | 489,423 | 3,306,779 |
| Samsung Life Insurance Co. Ltd. | | 59,298 | 3,726,078 |
| Samsung SDI Co. Ltd. | | 40,786 | 12,586,674 |
| Samsung SDS Co. Ltd. | | 28,687 | 3,286,318 |
| Samsung Securities Co. Ltd. | | 46,328 | 1,263,796 |
| Shinhan Financial Group Co. Ltd. | | 323,097 | 10,824,799 |
| SK Biopharmaceuticals Co. Ltd. (a) | | 23,224 | 1,456,932 |
| SK Bioscience Co. Ltd. (a) | | 19,936 | 837,315 |
| SK Hynix, Inc. | | 404,755 | 49,809,236 |
| SK IE Technology Co. Ltd. (a)(b) | | 21,149 | 892,625 |
| SK Innovation Co., Ltd. (a) | | 44,765 | 3,541,330 |
| SK Square Co. Ltd. (a) | | 72,113 | 3,950,974 |
| SK Telecom Co. Ltd. | | 40,511 | 1,493,976 |
| SK, Inc. | | 27,130 | 3,223,829 |
| SKC Co. Ltd. | | 14,031 | 1,105,871 |
| Woori Financial Group, Inc. | | 445,897 | 4,556,641 |
| Yuhan Corp. | | 41,757 | 2,166,011 |
TOTAL KOREA (SOUTH) | | | 601,546,425 |
| Kuwait - 0.7% | | | |
| Agility Global PLC (d)(e) | | 2,379,416 | 96,473 |
| Boubyan Bank KSC | | 1,089,498 | 2,081,461 |
| Gulf Bank | | 1,408,898 | 1,179,032 |
| Kuwait Finance House KSCP | | 6,975,267 | 16,289,952 |
| Mabanee Co. SAKC | | 516,782 | 1,320,870 |
| Mobile Telecommunication Co. | | 1,442,731 | 2,283,661 |
| National Bank of Kuwait | | 5,863,458 | 16,451,155 |
TOTAL KUWAIT | | | 39,702,604 |
| Luxembourg - 0.0% | | | |
| Reinet Investments SCA | | 101,651 | 2,374,576 |
| Malaysia - 1.3% | | | |
| AMMB Holdings Bhd | | 1,721,000 | 1,512,797 |
| Axiata Group Bhd | | 2,040,298 | 1,208,122 |
| CelcomDigi Bhd | | 2,608,000 | 2,263,796 |
| CIMB Group Holdings Bhd | | 4,744,431 | 6,556,945 |
| Gamuda Bhd | | 1,431,656 | 1,591,333 |
| Genting Bhd | | 1,579,600 | 1,493,009 |
| Genting Malaysia Bhd | | 2,198,840 | 1,212,936 |
| Hong Leong Bank Bhd | | 482,500 | 1,948,548 |
| IHH Healthcare Bhd | | 1,631,387 | 2,146,478 |
| Inari Amertron Bhd | | 2,085,300 | 1,344,485 |
| IOI Corp. Bhd | | 1,863,500 | 1,586,232 |
| Kuala Lumpur Kepong Bhd | | 366,353 | 1,769,595 |
| Malayan Banking Bhd | | 4,023,497 | 8,198,541 |
| Malaysia Airports Holdings Bhd | | 679,180 | 1,421,460 |
| Maxis Bhd | | 1,740,000 | 1,336,472 |
| MISC Bhd | | 992,600 | 1,653,941 |
| MR DIY Group M Sdn Bhd (b) | | 2,448,750 | 800,405 |
| Nestle (Malaysia) Bhd | | 52,200 | 1,389,651 |
| Petronas Chemicals Group Bhd | | 2,076,400 | 2,946,551 |
| Petronas Dagangan Bhd | | 220,826 | 996,037 |
| Petronas Gas Bhd | | 586,800 | 2,211,444 |
| PPB Group Bhd | | 474,540 | 1,563,311 |
| Press Metal Aluminium Holdings | | 2,751,000 | 3,092,355 |
| Public Bank Bhd | | 10,793,985 | 9,309,899 |
| QL Resources Bhd | | 811,500 | 1,089,782 |
| RHB Bank Bhd | | 1,112,478 | 1,280,578 |
| Sime Darby Bhd | | 2,021,549 | 1,183,502 |
| Sime Darby Plantation Bhd | | 1,538,796 | 1,437,018 |
| Telekom Malaysia Bhd | | 852,847 | 1,105,281 |
| Tenaga Nasional Bhd | | 1,929,872 | 4,832,478 |
| YTL Corp. Bhd | | 2,451,900 | 1,585,267 |
| YTL Power International Bhd | | 1,814,900 | 1,739,850 |
TOTAL MALAYSIA | | | 73,808,099 |
| Mexico - 2.6% | | | |
| Alfa SA de CV Series A | | 2,322,600 | 1,708,318 |
| America Movil S.A.B. de CV Series L | | 13,887,747 | 13,222,372 |
| Arca Continental S.A.B. de CV | | 382,700 | 3,733,451 |
| Banco del Bajio SA (b) | | 573,400 | 2,114,090 |
| CEMEX S.A.B. de CV unit (a) | | 11,221,786 | 8,889,257 |
| Coca-Cola FEMSA S.A.B. de CV unit | | 389,259 | 3,861,744 |
| Fibra Uno Administracion SA de CV | | 2,145,883 | 3,080,266 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 1,441,691 | 16,866,120 |
| Gruma S.A.B. de CV Series B | | 137,095 | 2,692,642 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 290,522 | 5,291,577 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 133,495 | 4,585,621 |
| Grupo Aeroportuario Norte S.A.B. de CV | | 212,000 | 2,347,120 |
| Grupo Bimbo S.A.B. de CV Series A | | 980,470 | 4,108,293 |
| Grupo Carso SA de CV Series A1 | | 418,400 | 3,290,634 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 1,923,781 | 19,040,443 |
| Grupo Financiero Inbursa S.A.B. de CV Series O (a) | | 1,359,000 | 3,765,844 |
| Grupo Mexico SA de CV Series B | | 2,308,654 | 14,265,051 |
| Industrias Penoles SA de CV (a) | | 147,320 | 2,137,981 |
| Kimberly-Clark de Mexico SA de CV Series A | | 1,127,327 | 2,346,685 |
| Operadora de Sites Mexicanos, SA de CV (c) | | 946,200 | 1,064,912 |
| Orbia Advance Corp. S.A.B. de CV | | 745,120 | 1,223,979 |
| Prologis Property Mexico SA (c) | | 579,428 | 2,285,140 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 140,850 | 1,414,934 |
| Southern Copper Corp. | | 63,053 | 7,356,394 |
| Wal-Mart de Mexico SA de CV Series V | | 3,883,356 | 14,489,974 |
TOTAL MEXICO | | | 145,182,842 |
| Peru - 0.2% | | | |
| Compania de Minas Buenaventura SAA sponsored ADR | | 150,473 | 2,603,183 |
| Credicorp Ltd. (United States) | | 50,116 | 8,299,711 |
TOTAL PERU | | | 10,902,894 |
| Philippines - 0.6% | | | |
| Aboitiz Equity Ventures, Inc. | | 1,250,010 | 911,203 |
| Ayala Corp. | | 206,756 | 2,199,587 |
| Ayala Land, Inc. | | 4,984,313 | 2,472,904 |
| Bank of the Philippine Islands (BPI) | | 1,364,728 | 2,990,485 |
| BDO Unibank, Inc. | | 1,757,755 | 4,477,049 |
| International Container Terminal Services, Inc. | | 753,050 | 4,310,622 |
| JG Summit Holdings, Inc. | | 1,951,413 | 1,140,334 |
| Jollibee Food Corp. | | 332,063 | 1,351,323 |
| Manila Electric Co. | | 208,880 | 1,324,673 |
| Metropolitan Bank & Trust Co. | | 1,333,582 | 1,614,985 |
| PLDT, Inc. | | 56,010 | 1,305,476 |
| SM Investments Corp. | | 181,210 | 2,977,704 |
| SM Prime Holdings, Inc. | | 7,493,100 | 3,623,750 |
| Universal Robina Corp. | | 645,618 | 1,145,093 |
TOTAL PHILIPPINES | | | 31,845,188 |
| Poland - 0.9% | | | |
| Allegro.eu SA (a)(b) | | 431,136 | 3,615,297 |
| Bank Polska Kasa Opieki SA | | 136,196 | 5,674,274 |
| Budimex SA | | 9,464 | 1,604,008 |
| CD Projekt SA | | 48,146 | 1,406,494 |
| Dino Polska SA (a)(b) | | 36,337 | 3,492,702 |
| KGHM Polska Miedz SA (Bearer) | | 103,800 | 3,599,120 |
| LPP SA | | 825 | 3,199,204 |
| mBank SA (a) | | 11,014 | 1,862,095 |
| Orlen SA | | 430,275 | 7,047,498 |
| PGE Polska Grupa Energetyczna SA (a) | | 665,273 | 998,467 |
| Powszechna Kasa Oszczednosci Bank SA | | 648,641 | 9,706,269 |
| Powszechny Zaklad Ubezpieczen SA | | 448,089 | 5,664,630 |
| Santander Bank Polska SA | | 26,515 | 3,665,716 |
TOTAL POLAND | | | 51,535,774 |
| Qatar - 0.8% | | | |
| Barwa Real Estate Co. | | 1,583,875 | 1,222,381 |
| Dukhan Bank | | 1,358,051 | 1,436,379 |
| Industries Qatar QSC | | 1,121,366 | 3,772,791 |
| Masraf al Rayan | | 4,136,624 | 2,853,941 |
| Mesaieed Petrochemical Holding Co. | | 4,191,523 | 2,209,155 |
| Ooredoo QSC | | 593,465 | 1,628,321 |
| Qatar Electricity & Water Co. | | 326,099 | 1,365,836 |
| Qatar Fuel Co. | | 441,961 | 1,755,220 |
| Qatar Gas Transport Co. Ltd. (Nakilat) | | 1,847,688 | 2,029,361 |
| Qatar International Islamic Bank QSC | | 729,512 | 2,015,625 |
| Qatar Islamic Bank | | 1,313,884 | 6,603,702 |
| Qatar National Bank SAQ | | 3,423,832 | 13,042,722 |
| The Commercial Bank of Qatar | | 2,400,610 | 2,738,185 |
TOTAL QATAR | | | 42,673,619 |
| Romania - 0.1% | | | |
| NEPI Rockcastle PLC | | 416,200 | 2,797,422 |
| Russia - 0.1% | | | |
| Alrosa Co. Ltd. (a)(d) | | 1,399,461 | 231,821 |
| Gazprom OAO (a)(d) | | 6,384,126 | 665,167 |
| Inter Rao Ues JSC (a)(d) | | 20,040,158 | 110,012 |
| LUKOIL PJSC (a)(d) | | 224,329 | 69,137 |
| MMC Norilsk Nickel PJSC (a)(d) | | 3,422,100 | 226,612 |
| Moscow Exchange MICEX-RTS OAO (a)(d) | | 808,717 | 154,791 |
| Novatek PJSC GDR (Reg. S) (a)(d) | | 49,200 | 2,400,960 |
| Novolipetsk Steel OJSC (a)(d) | | 812,466 | 7,767 |
| Ozon Holdings PLC ADR (a)(d) | | 28,218 | 58,864 |
| PhosAgro PJSC: | | | |
| GDR (Reg. S) (a)(d) | | 73,324 | 1,504 |
| sponsored GDR (Reg. S) (a)(d) | | 472 | 10 |
| Polyus PJSC (a)(d) | | 18,462 | 43,229 |
| Rosneft Oil Co. OJSC (a)(d) | | 635,841 | 105,880 |
| Sberbank of Russia (a)(d) | | 5,823,145 | 35,649 |
| Severstal PAO (a)(d) | | 113,908 | 2,532 |
| Surgutneftegas OJSC (a)(d) | | 4,033,562 | 49,145 |
| Tatneft PAO (a)(d) | | 770,244 | 95,391 |
| TKS Holding MKPAO JSC (a)(d) | | 7,325 | 9,287 |
| United Co. RUSAL International PJSC (a)(d) | | 1,646,280 | 197,554 |
| VK Co. Ltd. (a)(d) | | 9,348 | 2,765 |
| VK Co. Ltd. GDR (Reg. S) (a)(d) | | 32,306 | 0 |
| VTB Bank OJSC (a)(d) | | 1,801,039,946 | 68,515 |
| Yandex NV Class A (a)(d) | | 148,436 | 551,810 |
TOTAL RUSSIA | | | 5,088,402 |
| Saudi Arabia - 4.0% | | | |
| ACWA Power Co. | | 70,598 | 7,529,249 |
| Ades Holding Co. | | 251,133 | 1,337,823 |
| Advanced Petrochemicals Co. | | 94,364 | 1,074,320 |
| Al Rajhi Bank | | 1,453,022 | 30,954,103 |
| Alinma Bank | | 908,176 | 8,075,420 |
| Almarai Co. Ltd. | | 185,315 | 2,806,456 |
| Arab National Bank | | 500,359 | 4,122,299 |
| Arabian Internet and Communications Services Co. Ltd. | | 17,801 | 1,651,669 |
| Bank Al-Jazira | | 372,381 | 1,608,429 |
| Bank Albilad | | 454,110 | 4,322,436 |
| Banque Saudi Fransi | | 437,778 | 4,277,866 |
| Bupa Arabia for Cooperative Insurance Co. | | 61,160 | 3,933,182 |
| Dallah Healthcare Co. | | 25,334 | 1,101,008 |
| Dar Al Arkan Real Estate Development Co. (a) | | 392,171 | 1,390,677 |
| Dr Sulaiman Al Habib Medical Services Group Co. | | 64,858 | 5,371,113 |
| Elm Co. | | 17,795 | 4,339,388 |
| Etihad Etisalat Co. | | 279,650 | 3,877,193 |
| Jarir Marketing Co. | | 435,631 | 1,572,667 |
| Luberef | | 37,533 | 1,517,091 |
| Mobile Telecommunications Co. Saudi Arabia | | 326,049 | 1,050,144 |
| Mouwasat Medical Services Co. | | 72,641 | 2,603,037 |
| Nahdi Medical Co. | | 28,884 | 1,064,301 |
| Power & Water Utility Co. for Jubail & Yanbu | | 55,568 | 963,025 |
| Riyad Bank | | 1,089,765 | 8,048,443 |
| Sabic Agriculture-Nutrients Co. | | 172,946 | 5,339,718 |
| Sahara International Petrochemical Co. | | 266,390 | 2,436,191 |
| Saudi Arabian Mining Co. | | 957,887 | 12,923,021 |
| Saudi Arabian Oil Co. (b) | | 1,973,337 | 15,836,784 |
| Saudi Awwal Bank | | 746,435 | 8,119,914 |
| Saudi Basic Industries Corp. | | 667,178 | 15,031,339 |
| Saudi Electricity Co. | | 617,621 | 3,066,204 |
| Saudi Industrial Investment Group | | 274,150 | 1,697,265 |
| Saudi Investment Bank/The | | 363,239 | 1,634,798 |
| Saudi Kayan Petrochemical Co. (a) | | 544,646 | 1,360,671 |
| Saudi Research & Marketing Group (a) | | 26,687 | 1,713,387 |
| Saudi Tadawul Group Holding Co. | | 35,585 | 2,512,373 |
| Saudi Telecom Co. | | 1,482,590 | 14,882,822 |
| The Co. for Cooperative Insurance | | 54,484 | 2,164,485 |
| The Saudi National Bank | | 2,179,506 | 21,849,684 |
| The Savola Group | | 193,950 | 2,611,442 |
| Yanbu National Petrochemical Co. | | 204,303 | 2,110,793 |
TOTAL SAUDI ARABIA | | | 219,882,230 |
| South Africa - 2.5% | | | |
| Absa Group Ltd. | | 629,847 | 4,856,798 |
| Anglo American Platinum Ltd. (c) | | 49,174 | 1,712,974 |
| Aspen Pharmacare Holdings Ltd. | | 281,164 | 3,349,484 |
| Bid Corp. Ltd. | | 248,617 | 5,666,698 |
| Bidvest Group Ltd./The | | 214,391 | 2,795,883 |
| Capitec Bank Holdings Ltd. | | 64,555 | 7,989,515 |
| Clicks Group Ltd. | | 176,417 | 2,744,836 |
| Discovery Ltd. | | 401,036 | 2,554,869 |
| Exxaro Resources Ltd. | | 181,221 | 1,736,294 |
| FirstRand Ltd. | | 3,742,739 | 12,920,504 |
| Gold Fields Ltd. | | 662,419 | 10,716,396 |
| Harmony Gold Mining Co. Ltd. | | 413,720 | 3,581,254 |
| Impala Platinum Holdings Ltd. | | 670,446 | 2,984,527 |
| Kumba Iron Ore Ltd. (c) | | 47,774 | 1,171,091 |
| MTN Group Ltd. | | 1,257,128 | 6,025,173 |
| Naspers Ltd. Class N | | 135,795 | 25,988,125 |
| Nedbank Group Ltd. | | 325,651 | 3,959,646 |
| Northam Platinum Holdings Ltd. | | 264,422 | 1,751,975 |
| Old Mutual Ltd. | | 3,552,021 | 2,086,982 |
| OUTsurance Group Ltd. | | 625,227 | 1,344,123 |
| Pepkor Holdings Ltd. (b) | | 1,494,730 | 1,410,050 |
| Remgro Ltd. | | 372,780 | 2,428,952 |
| Sanlam Ltd. | | 1,306,403 | 4,725,759 |
| Sasol Ltd. | | 426,124 | 2,993,655 |
| Shoprite Holdings Ltd. | | 372,522 | 4,970,306 |
| Sibanye-Stillwater Ltd. | | 2,098,504 | 2,395,128 |
| Standard Bank Group Ltd. | | 993,870 | 9,333,199 |
| Vodacom Group Ltd. | | 461,947 | 2,210,583 |
| Woolworths Holdings Ltd. | | 696,045 | 2,211,113 |
TOTAL SOUTH AFRICA | | | 138,615,892 |
| Taiwan - 16.4% | | | |
| Accton Technology Corp. | | 374,000 | 5,230,201 |
| Acer, Inc. | | 2,147,000 | 2,948,920 |
| Advantech Co. Ltd. | | 349,946 | 4,063,132 |
| Alchip Technologies Ltd. | | 55,000 | 5,178,104 |
| ASE Technology Holding Co. Ltd. | | 2,273,592 | 10,209,789 |
| Asia Cement Corp. | | 1,707,000 | 2,285,370 |
| ASUSTeK Computer, Inc. | | 523,502 | 6,852,347 |
| AUO Corp. | | 4,854,800 | 2,709,783 |
| Catcher Technology Co. Ltd. | | 429,095 | 2,861,122 |
| Cathay Financial Holding Co. Ltd. | | 7,067,834 | 10,909,944 |
| Chailease Holding Co. Ltd. | | 1,136,879 | 5,985,537 |
| Chang Hwa Commercial Bank | | 4,022,907 | 2,245,492 |
| Cheng Shin Rubber Industry Co. Ltd. | | 1,442,000 | 2,078,158 |
| China Airlines Ltd. | | 2,152,000 | 1,375,688 |
| China Development Financial Ho (a) | | 11,853,624 | 4,946,525 |
| China Steel Corp. | | 8,746,289 | 6,651,267 |
| Chunghwa Telecom Co. Ltd. | | 2,817,129 | 10,688,406 |
| Compal Electronics, Inc. | | 3,104,000 | 3,379,697 |
| CTBC Financial Holding Co. Ltd. | | 13,091,778 | 13,639,844 |
| Delta Electronics, Inc. | | 1,444,717 | 14,123,384 |
| E Ink Holdings, Inc. | | 635,000 | 4,052,478 |
| E.SUN Financial Holdings Co. Ltd. | | 10,449,988 | 8,765,536 |
| ECLAT Textile Co. Ltd. | | 132,129 | 2,075,240 |
| eMemory Technology, Inc. | | 47,000 | 3,153,373 |
| EVA Airways Corp. | | 2,001,000 | 2,171,694 |
| Evergreen Marine Corp. (Taiwan) | | 753,494 | 4,370,433 |
| Far Eastern New Century Corp. | | 2,181,000 | 2,171,772 |
| Far EasTone Telecommunications Co. Ltd. | | 1,308,348 | 3,239,473 |
| Feng Tay Enterprise Co. Ltd. | | 402,596 | 1,998,198 |
| First Financial Holding Co. Ltd. | | 8,076,518 | 6,758,690 |
| Formosa Chemicals & Fibre Corp. | | 2,606,149 | 4,421,645 |
| Formosa Petrochemical Corp. | | 847,347 | 1,869,174 |
| Formosa Plastics Corp. | | 2,831,085 | 5,937,355 |
| Fubon Financial Holding Co. Ltd. | | 5,788,748 | 12,224,430 |
| Gigabyte Technology Co. Ltd. | | 377,000 | 3,393,892 |
| Global Unichip Corp. | | 69,000 | 2,860,581 |
| GlobalWafers Co. Ltd. | | 162,000 | 2,569,466 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 9,250,465 | 43,957,157 |
| Hotai Motor Co. Ltd. | | 226,960 | 4,299,197 |
| Hua Nan Financial Holdings Co. Ltd. | | 6,572,379 | 4,752,718 |
| Innolux Corp. | | 6,394,961 | 2,776,228 |
| Inventec Corp. | | 1,994,000 | 3,193,123 |
| Largan Precision Co. Ltd. | | 74,451 | 4,953,928 |
| Lite-On Technology Corp. | | 1,483,044 | 4,480,868 |
| MediaTek, Inc. | | 1,126,615 | 33,908,376 |
| Mega Financial Holding Co. Ltd. | | 8,540,241 | 10,446,705 |
| Micro-Star International Co. Ltd. | | 532,000 | 2,583,959 |
| Nan Ya Plastics Corp. | | 3,527,358 | 6,114,031 |
| Nan Ya Printed Circuit Board Corp. | | 168,000 | 954,884 |
| Nanya Technology Corp. | | 919,000 | 1,851,651 |
| Nien Made Enterprise Co. Ltd. | | 130,000 | 1,516,525 |
| Novatek Microelectronics Corp. | | 428,000 | 8,072,775 |
| Pegatron Corp. | | 1,482,000 | 4,412,094 |
| PharmaEssentia Corp. (a) | | 176,000 | 1,579,685 |
| Pou Chen Corp. | | 1,637,391 | 1,809,157 |
| Powerchip Semiconductor Manufacturing Corp. | | 2,264,933 | 1,579,642 |
| President Chain Store Corp. | | 423,000 | 3,550,948 |
| Quanta Computer, Inc. | | 2,004,000 | 15,699,914 |
| Realtek Semiconductor Corp. | | 361,000 | 5,684,707 |
| Ruentex Development Co. Ltd. | | 1,158,296 | 1,360,413 |
| Shin Kong Financial Holding Co. Ltd. (a) | | 9,755,732 | 2,573,452 |
| Sinopac Financial Holdings Co. | | 7,798,026 | 5,236,915 |
| Synnex Technology International Corp. | | 928,700 | 2,265,941 |
| Taishin Financial Holdings Co. Ltd. | | 8,323,474 | 4,574,508 |
| Taiwan Business Bank | | 4,569,424 | 2,368,176 |
| Taiwan Cement Corp. | | 5,036,354 | 4,941,677 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 7,632,991 | 6,123,180 |
| Taiwan High Speed Rail Corp. | | 1,456,000 | 1,332,515 |
| Taiwan Mobile Co. Ltd. | | 1,351,000 | 4,304,198 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 18,262,740 | 436,501,327 |
| The Shanghai Commercial & Savings Bank Ltd. | | 2,852,439 | 4,055,257 |
| Uni-President Enterprises Corp. | | 3,579,332 | 8,380,779 |
| Unimicron Technology Corp. | | 1,018,000 | 5,619,557 |
| United Microelectronics Corp. | | 8,360,000 | 12,821,658 |
| Vanguard International Semiconductor Corp. | | 668,000 | 1,747,379 |
| Voltronic Power Technology Corp. | | 49,000 | 2,314,422 |
| Walsin Lihwa Corp. | | 2,091,779 | 2,358,596 |
| Wan Hai Lines Ltd. | | 520,415 | 806,906 |
| Winbond Electronics Corp. | | 2,323,673 | 1,839,539 |
| Wistron Corp. | | 1,935,000 | 6,613,778 |
| Wiwynn Corp. | | 71,629 | 5,086,561 |
| WPG Holding Co. Ltd. | | 1,182,880 | 3,189,073 |
| Yageo Corp. | | 251,114 | 4,781,358 |
| Yang Ming Marine Transport Corp. | | 1,295,000 | 2,066,747 |
| Yuanta Financial Holding Co. Ltd. | | 7,524,343 | 7,045,559 |
| Zhen Ding Technology Holding Ltd. | | 493,000 | 1,741,906 |
TOTAL TAIWAN | | | 900,625,789 |
| Thailand - 1.4% | | | |
| Advanced Information Service PCL NVDR | | 884,200 | 4,685,154 |
| Airports of Thailand PCL NVDR | | 3,184,100 | 5,575,324 |
| Asset World Corp. PCL NVDR | | 5,977,700 | 703,773 |
| Bangkok Dusit Medical Services PCL: | | | |
| (For. Reg.) | | 18,200 | 14,174 |
| NVDR | | 8,238,600 | 6,416,061 |
| Bangkok Expressway and Metro PCL NVDR | | 5,701,300 | 1,269,303 |
| BTS Group Holdings PCL NVDR | | 5,891,900 | 1,002,199 |
| Bumrungrad Hospital PCL NVDR | | 420,000 | 2,764,645 |
| Central Pattana PCL: | | | |
| (For. Reg.) | | 381,900 | 649,530 |
| NVDR | | 1,120,200 | 1,905,220 |
| Central Retail Corp. PCL: | | | |
| (For. Reg.) | | 174,024 | 160,532 |
| NVDR | | 1,141,300 | 1,052,816 |
| Charoen Pokphand Foods PCL NVDR | | 2,819,300 | 1,499,611 |
| CP ALL PCL NVDR | | 4,336,200 | 6,683,619 |
| CP Axtra PCL NVDR | | 1,572,000 | 1,367,540 |
| Delta Electronics PCL NVDR | | 2,200,100 | 4,092,500 |
| Energy Absolute PCL NVDR | | 1,249,500 | 1,024,065 |
| Global Power Synergy Public Co. Ltd. NVDR | | 526,000 | 687,747 |
| Gulf Energy Development PCL NVDR | | 2,189,500 | 2,358,725 |
| Home Product Center PCL NVDR | | 4,411,100 | 1,227,989 |
| Indorama Ventures PCL NVDR | | 1,256,200 | 804,071 |
| Intouch Holdings PCL NVDR | | 719,600 | 1,292,619 |
| Kasikornbank PCL NVDR | | 418,000 | 1,463,356 |
| Krung Thai Bank PCL: | | | |
| (For. Reg.) | | 553,800 | 249,788 |
| NVDR | | 2,056,500 | 927,572 |
| Krungthai Card PCL: | | | |
| (For. Reg.) | | 142,000 | 163,285 |
| NVDR | | 631,200 | 725,814 |
| Land & House PCL NVDR | | 6,248,000 | 1,250,687 |
| Minor International PCL: | | | |
| (For. Reg.) | | 110,326 | 97,550 |
| NVDR | | 2,387,400 | 2,110,926 |
| Muangthai Leasing PCL NVDR | | 553,700 | 672,018 |
| PTT Exploration and Production PCL NVDR | | 1,032,100 | 4,305,961 |
| PTT Global Chemical PCL NVDR | | 1,676,300 | 1,648,921 |
| PTT Oil & Retail Business PCL NVDR | | 2,242,700 | 1,123,036 |
| PTT PCL NVDR | | 7,419,500 | 6,706,000 |
| Robinsons Department Store PCL (For. Reg.) (a) | | 55,100 | 23,661 |
| SCB X PCL: | | | |
| (For. Reg.) | | 222,300 | 634,883 |
| NVDR | | 405,400 | 1,157,812 |
| SCG Packaging PCL NVDR | | 963,000 | 836,097 |
| Siam Cement PCL NVDR | | 580,700 | 3,879,842 |
| Thai Oil PCL NVDR | | 914,721 | 1,329,209 |
| TMBThanachart Bank PCL NVDR | | 18,108,500 | 880,025 |
| True Corp. PCL (a) | | 2,607,532 | 536,258 |
| True Corp. PCL NVDR (a) | | 5,358,898 | 1,102,096 |
TOTAL THAILAND | | | 79,062,014 |
| Turkey - 0.8% | | | |
| Akbank TAS | | 2,312,933 | 4,245,748 |
| Aselsan A/S | | 1,013,737 | 1,901,564 |
| Bim Birlesik Magazalar A/S JSC | | 337,594 | 4,034,085 |
| Coca-Cola Icecek Sanayi A/S | | 56,572 | 1,266,423 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 1,037,660 | 1,379,648 |
| Ford Otomotiv Sanayi A/S | | 52,047 | 1,790,277 |
| Haci Omer Sabanci Holding A/S | | 756,311 | 2,155,467 |
| Koc Holding A/S | | 564,030 | 3,937,695 |
| Pegasus Hava Tasimaciligi A/S (a) | | 34,087 | 1,088,300 |
| Sasa Polyester Sanayi A/S | | 986,372 | 1,257,245 |
| Tofas Turk Otomobil Fabrikasi A/S | | 92,738 | 788,178 |
| Turk Hava Yollari AO (a) | | 409,157 | 4,118,574 |
| Turkcell Iletisim Hizmet A/S | | 896,713 | 2,237,197 |
| Turkiye Is Bankasi A/S Series C | | 6,277,926 | 2,657,621 |
| Turkiye Petrol Rafinerileri A/S | | 714,118 | 4,317,397 |
| Turkiye Sise ve Cam Fabrikalari A/S | | 1,021,801 | 1,590,143 |
| Yapi ve Kredi Bankasi A/S | | 2,504,700 | 2,496,483 |
TOTAL TURKEY | | | 41,262,045 |
| United Arab Emirates - 1.1% | | | |
| Abu Dhabi Commercial Bank PJSC | | 2,171,005 | 4,935,580 |
| Abu Dhabi Islamic Bank | | 1,077,141 | 3,272,862 |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 2,315,366 | 2,200,067 |
| Aldar Properties PJSC | | 2,855,711 | 4,245,196 |
| Americana Restaurants International PLC | | 1,873,450 | 1,698,546 |
| Dubai Islamic Bank Pakistan Ltd. | | 2,147,177 | 3,250,375 |
| Emaar Properties PJSC | | 4,913,994 | 10,984,206 |
| Emirates NBD Bank PJSC | | 1,404,951 | 6,502,809 |
| Emirates Telecommunications Corp. | | 2,578,759 | 11,935,774 |
| First Abu Dhabi Bank PJSC | | 3,276,146 | 11,131,885 |
| Multiply Group (a) | | 2,907,754 | 1,820,859 |
TOTAL UNITED ARAB EMIRATES | | | 61,978,159 |
| United Kingdom - 0.1% | | | |
| AngloGold Ashanti PLC | | 311,114 | 7,155,187 |
| Pepco Group NV (a) | | 128,086 | 609,106 |
TOTAL UNITED KINGDOM | | | 7,764,293 |
| United States of America - 0.1% | | | |
| JBS SA | | 575,500 | 2,597,874 |
| Legend Biotech Corp. ADR (a) | | 53,770 | 2,351,900 |
| Parade Technologies Ltd. | | 57,000 | 1,291,746 |
TOTAL UNITED STATES OF AMERICA | | | 6,241,520 |
| TOTAL COMMON STOCKS (Cost $4,213,593,412) | | | 5,197,776,300 |
| | | | |
| Nonconvertible Preferred Stocks - 2.2% |
| | | Shares | Value ($) |
| Brazil - 1.4% | | | |
| Banco Bradesco SA (PN) | | 3,944,688 | 10,635,449 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 187,005 | 1,496,731 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 1,341,418 | 3,281,083 |
| Companhia Paranaense de Energia-COPEL (PN-B) | | 808,500 | 1,415,334 |
| Gerdau SA | | 1,028,892 | 3,618,143 |
| Itau Unibanco Holding SA | | 3,592,271 | 21,695,031 |
| Itausa-Investimentos Itau SA (PN) | | 4,020,839 | 7,402,692 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 3,529,900 | 28,564,957 |
TOTAL BRAZIL | | | 78,109,420 |
| Chile - 0.1% | | | |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 105,886 | 4,836,312 |
| Colombia - 0.1% | | | |
| Bancolombia SA (PN) | | 334,852 | 2,739,931 |
| Korea (South) - 0.6% | | | |
| Hyundai Motor Co. Ltd. | | 17,070 | 1,936,959 |
| Hyundai Motor Co. Ltd. Series 2 | | 26,701 | 3,042,523 |
| LG Chemical Ltd. | | 5,697 | 1,090,317 |
| LG H & H Co. Ltd. | | 988 | 132,969 |
| Samsung Electronics Co. Ltd. | | 609,683 | 28,387,091 |
TOTAL KOREA (SOUTH) | | | 34,589,859 |
| Russia - 0.0% | | | |
| Surgutneftegas OJSC (a)(d) | | 3,570,022 | 61,846 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $94,246,867) | | | 120,337,368 |
| | | | |
| Government Obligations - 0.3% |
| | | Principal Amount (f) | Value ($) |
| United States of America - 0.3% | | | |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (g) (Cost $14,952,008) | | 15,000,000 | 14,951,600 |
| | | | |
| Money Market Funds - 4.1% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (h) | | 193,120,312 | 193,158,937 |
| Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 35,784,083 | 35,787,661 |
| TOTAL MONEY MARKET FUNDS (Cost $228,946,733) | | | 228,946,598 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.0% (Cost $4,551,739,020) | 5,562,011,866 |
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (56,165,838) |
| NET ASSETS - 100.0% | 5,505,846,028 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE MSCI Emerging Markets Index Contracts (United States) | 3,589 | Jun 2024 | 186,986,900 | (395,474) | (395,474) |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 3.4% |
Legend
| (b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $242,058,545 or 4.4% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $6,045,430. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 215,977,603 | 1,116,439,202 | 1,139,257,607 | 3,779,123 | (126) | (135) | 193,158,937 | 0.4% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 26,639,700 | 122,829,615 | 113,681,654 | 209,959 | - | - | 35,787,661 | 0.1% |
| Total | 242,617,303 | 1,239,268,817 | 1,252,939,261 | 3,989,082 | (126) | (135) | 228,946,598 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 479,979,931 | 63,553,917 | 415,871,439 | 554,575 |
Consumer Discretionary | 683,285,960 | 113,498,415 | 569,728,681 | 58,864 |
Consumer Staples | 295,801,589 | 86,524,591 | 209,276,995 | 3 |
Energy | 292,245,512 | 101,330,242 | 187,467,744 | 3,447,526 |
Financials | 1,188,414,876 | 376,048,166 | 811,945,203 | 421,507 |
Health Care | 180,573,828 | 20,373,559 | 160,200,269 | - |
Industrials | 370,151,154 | 77,041,913 | 293,012,768 | 96,473 |
Information Technology | 1,201,622,404 | 8,175,121 | 1,193,447,283 | - |
Materials | 389,933,795 | 134,853,158 | 254,369,608 | 711,029 |
Real Estate | 82,889,052 | 32,462,598 | 50,426,454 | - |
Utilities | 153,215,567 | 50,496,335 | 102,609,220 | 110,012 |
|
| Government Obligations | 14,951,600 | - | 14,951,600 | - |
|
| Money Market Funds | 228,946,598 | 228,946,598 | - | - |
| Total Investments in Securities: | 5,562,011,866 | 1,293,304,613 | 4,263,307,264 | 5,399,989 |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (395,474) | (395,474) | - | - |
| Total Liabilities | (395,474) | (395,474) | - | - |
| Total Derivative Instruments: | (395,474) | (395,474) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 0 | (395,474) |
| Total Equity Risk | 0 | (395,474) |
| Total Value of Derivatives | 0 | (395,474) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $33,399,887) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $4,322,792,287) | $ | 5,333,065,268 | | |
Fidelity Central Funds (cost $228,946,733) | | 228,946,598 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $4,551,739,020) | | | $ | 5,562,011,866 |
| Foreign currency held at value (cost $3,474,227) | | | | 3,442,714 |
| Receivable for investments sold | | | | 684 |
| Receivable for fund shares sold | | | | 3,994,820 |
| Dividends receivable | | | | 8,112,599 |
| Distributions receivable from Fidelity Central Funds | | | | 752,691 |
| Prepaid expenses | | | | 1,040 |
| Receivable from investment adviser for expense reductions | | | | 285,769 |
Total assets | | | | 5,578,602,183 |
| Liabilities | | | | |
| Payable for investments purchased on a delayed delivery basis | $ | 96,475 | | |
| Payable for fund shares redeemed | | 2,427,098 | | |
| Accrued management fee | | 341,895 | | |
| Payable for daily variation margin on futures contracts | | 2,552,718 | | |
| Deferred taxes | | 29,823,240 | | |
| Other payables and accrued expenses | | 1,715,815 | | |
| Collateral on securities loaned | | 35,798,914 | | |
| Total liabilities | | | | 72,756,155 |
| Net Assets | | | $ | 5,505,846,028 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 5,375,432,205 |
| Total accumulated earnings (loss) | | | | 130,413,823 |
| Net Assets | | | $ | 5,505,846,028 |
Net Asset Value, offering price and redemption price per share ($5,505,846,028 ÷ 415,942,266 shares) | | | $ | 13.24 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 51,717,968 |
| Interest | | | | 402,082 |
| Income from Fidelity Central Funds (including $209,959 from security lending) | | | | 3,989,082 |
| Income before foreign taxes withheld | | | $ | 56,109,132 |
| Less foreign taxes withheld | | | | (5,471,426) |
| Total income | | | | 50,637,706 |
| Expenses | | | | |
| Management fee | $ | 1,692,721 | | |
| Custodian fees and expenses | | 1,329,314 | | |
| Independent trustees' fees and expenses | | 5,920 | | |
| Registration fees | | 213,558 | | |
| Audit | | 53,892 | | |
| Legal | | 2,533 | | |
| Miscellaneous | | 8,105 | | |
| Total expenses before reductions | | 3,306,043 | | |
| Expense reductions | | (1,632,341) | | |
| Total expenses after reductions | | | | 1,673,702 |
| Net Investment income (loss) | | | | 48,964,004 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $84,352) | | (37,172,907) | | |
| Fidelity Central Funds | | (126) | | |
| Foreign currency transactions | | (1,119,582) | | |
| Futures contracts | | 14,380,837 | | |
| Total net realized gain (loss) | | | | (23,911,778) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $19,744,408) | | 497,617,152 | | |
| Fidelity Central Funds | | (135) | | |
| Assets and liabilities in foreign currencies | | (126,248) | | |
| Futures contracts | | 6,783,377 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 504,274,146 |
| Net gain (loss) | | | | 480,362,368 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 529,326,372 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 48,964,004 | $ | 104,406,121 |
| Net realized gain (loss) | | (23,911,778) | | (163,057,283) |
| Change in net unrealized appreciation (depreciation) | | 504,274,146 | | 402,410,789 |
| Net increase (decrease) in net assets resulting from operations | | 529,326,372 | | 343,759,627 |
| Distributions to shareholders | | (104,651,089) | | (87,971,565) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 1,785,916,981 | | 1,703,730,387 |
| Reinvestment of distributions | | 103,468,129 | | 87,324,787 |
| Cost of shares redeemed | | (316,880,705) | | (1,494,269,332) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 1,572,504,405 | | 296,785,842 |
| Total increase (decrease) in net assets | | 1,997,179,688 | | 552,573,904 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 3,508,666,340 | | 2,956,092,436 |
| End of period | $ | 5,505,846,028 | $ | 3,508,666,340 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 138,653,109 | | 137,300,618 |
| Issued in reinvestment of distributions | | 8,172,838 | | 7,193,146 |
| Redeemed | | (24,630,057) | | (117,777,572) |
| Net increase (decrease) | | 122,195,890 | | 26,716,192 |
| | | | | |
Financial Highlights
Fidelity® SAI Emerging Markets Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 11.94 | $ | 11.07 | $ | 16.49 | $ | 14.45 | $ | 13.71 | $ | 12.62 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .14 | | .37 | | .41 | | .36 | | .30 | | .42 C |
| Net realized and unrealized gain (loss) | | 1.51 | | .81 | | (5.38) | | 1.93 | | .80 | | .99 |
| Total from investment operations | | 1.65 | | 1.18 | | (4.97) | | 2.29 | | 1.10 | | 1.41 |
| Distributions from net investment income | | (.35) | | (.31) | | (.45) | | (.25) | | (.36) | | (.32) |
| Total distributions | | (.35) | | (.31) | | (.45) | | (.25) | | (.36) | | (.32) |
| Net asset value, end of period | $ | 13.24 | $ | 11.94 | $ | 11.07 | $ | 16.49 | $ | 14.45 | $ | 13.71 |
Total Return D,E | | | | 10.58% | | (30.89)% | | 15.87% | | 8.19% | | 11.44% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .15% H,I | | .15% | | .15% | | .13% | | .14% | | .16% |
| Expenses net of fee waivers, if any | | | | .08% | | .08% | | .08% | | .08% | | .08% |
| Expenses net of all reductions | | .07% H | | .08% | | .08% | | .08% | | .08% | | .08% |
| Net investment income (loss) | | 2.17% H | | 2.93% | | 2.95% | | 2.10% | | 2.21% | | 3.12% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 5,505,846 | $ | 3,508,666 | $ | 2,956,092 | $ | 3,806,157 | $ | 3,564,409 | $ | 3,840,772 |
Portfolio turnover rate J | | | | 32% | | 30% | | 16% | | 38% | | 22% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.51%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IProxy expenses are not annualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity SAI Emerging Markets Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & 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, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $1,416,529,985 |
| Gross unrealized depreciation | (464,048,958) |
| Net unrealized appreciation (depreciation) | $952,481,027 |
| Tax cost | $4,609,135,365 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(434,329,895) |
Long-term | (364,576,017) |
| Total capital loss carryforward | $(798,905,912) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI Emerging Markets Index Fund | 1,618,208,783 | 53,251,777 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .075% of the Fund's average net assets.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity SAI Emerging Markets Index Fund | 3,966 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity SAI Emerging Markets Index Fund | 22,269 | - | - |
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .075% of average net assets. This reimbursement will remain in place through February 28, 2025. 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 $1,607,425.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $24,916.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Fidelity Emerging Markets Fund |
| Fidelity SAI Emerging Markets Index Fund | 30% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity SAI Emerging Markets Index Fund | 38% |
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 (November 1, 2023 to April 30, 2024). |
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
| Fidelity® SAI Emerging Markets Index Fund | | | | .08% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,139.30 | | $ .43 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.47 | | $ .40 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9870287.108
SV6-SANN-0624
Fidelity® SAI International Momentum Index Fund
Semi-Annual Report
April 30, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
| |
| Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 4.4 | |
| Toyota Motor Corp. (Japan, Automobiles) | 2.6 | |
| HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) | 2.6 | |
| Mitsubishi Corp. (Japan, Trading Companies & Distributors) | 2.6 | |
| L'Oreal SA (France, Personal Care Products) | 2.3 | |
| Hermes International SCA (France, Textiles, Apparel & Luxury Goods) | 2.2 | |
| Shell PLC (London) (United States of America, Oil, Gas & Consumable Fuels) | 2.1 | |
| ABB Ltd. (Reg.) (Switzerland, Electrical Equipment) | 2.1 | |
| Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors) | 1.9 | |
| Banco Bilbao Vizcaya Argentaria SA (Spain, Banks) | 1.8 | |
| | 24.6 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Financials | 21.3 | |
| Industrials | 20.2 | |
| Consumer Discretionary | 11.2 | |
| Health Care | 10.1 | |
| Materials | 9.1 | |
| Information Technology | 7.4 | |
| Consumer Staples | 7.3 | |
| Energy | 4.6 | |
| Communication Services | 2.9 | |
| Utilities | 2.9 | |
| Real Estate | 1.9 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 1.1% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 98.8% |
| | | Shares | Value ($) |
| Australia - 5.1% | | | |
| Altium Ltd. | | 24,338 | 1,028,277 |
| Ampol Ltd. | | 46,393 | 1,095,515 |
| Aristocrat Leisure Ltd. | | 26,119 | 666,557 |
| BHP Group Ltd. | | 80,500 | 2,207,802 |
| BlueScope Steel Ltd. | | 88,143 | 1,286,485 |
| Brambles Ltd. | | 267,525 | 2,516,782 |
| CAR Group Ltd. | | 78,848 | 1,709,702 |
| Cochlear Ltd. | | 13,686 | 2,855,009 |
| Fortescue Ltd. | | 348,452 | 5,775,399 |
| JB Hi-Fi Ltd. | | 22,886 | 893,060 |
| Medibank Private Ltd. | | 530,545 | 1,215,935 |
| NEXTDC Ltd. (a) | | 92,490 | 981,826 |
| Origin Energy Ltd. | | 341,977 | 2,158,360 |
| Pro Medicus Ltd. | | 10,744 | 767,606 |
| QBE Insurance Group Ltd. | | 294,065 | 3,363,800 |
| Reece Ltd. | | 44,635 | 791,809 |
| Rio Tinto Ltd. | | 57,318 | 4,770,253 |
| Seven Group Holdings Ltd. | | 31,056 | 754,633 |
| Steadfast Group Ltd. | | 201,365 | 732,852 |
| Washington H. Soul Pattinson & Co. Ltd. | | 48,422 | 1,013,356 |
| Whitehaven Coal Ltd. | | 144,575 | 715,138 |
TOTAL AUSTRALIA | | | 37,300,156 |
| Austria - 0.1% | | | |
| Raiffeisen International Bank-Holding AG | | 27,179 | 504,114 |
| Belgium - 0.1% | | | |
| Lotus Bakeries SA | | 84 | 845,350 |
| Denmark - 5.8% | | | |
| Ambu A/S Series B (a) | | 38,334 | 617,335 |
| Danske Bank A/S | | 117,456 | 3,394,828 |
| Demant A/S (a) | | 19,671 | 946,833 |
| Jyske Bank A/S (Reg.) | | 9,136 | 743,152 |
| NKT A/S (a) | | 11,241 | 939,310 |
| Novo Nordisk A/S Series B | | 255,305 | 32,740,907 |
| Pandora A/S | | 16,806 | 2,571,795 |
| Zealand Pharma A/S (a) | | 10,246 | 928,003 |
TOTAL DENMARK | | | 42,882,163 |
| Faroe Islands - 0.1% | | | |
| Bakkafrost | | 10,382 | 634,593 |
| Finland - 1.2% | | | |
| Nordea Bank Abp | | 607,058 | 7,083,922 |
| Wartsila Corp. | | 96,396 | 1,785,889 |
TOTAL FINLAND | | | 8,869,811 |
| France - 11.6% | | | |
| Accor SA | | 37,113 | 1,636,165 |
| Air Liquide SA | | 66,549 | 13,015,561 |
| Bollore SA | | 157,527 | 1,025,488 |
| Capgemini SA | | 32,506 | 6,832,146 |
| Engie SA | | 345,580 | 5,999,482 |
| EssilorLuxottica SA | | 39,521 | 8,469,104 |
| Gaztransport et Technigaz SA | | 4,574 | 639,460 |
| Hermes International SCA | | 6,599 | 15,852,561 |
| L'Oreal SA | | 36,546 | 17,147,182 |
| Publicis Groupe SA | | 48,783 | 5,383,047 |
| Safran SA | | 31,542 | 6,839,316 |
| Sodexo SA | | 15,765 | 1,375,395 |
| TotalEnergies SE | | 23,152 | 1,680,806 |
TOTAL FRANCE | | | 85,895,713 |
| Germany - 6.5% | | | |
| Beiersdorf AG | | 18,910 | 2,836,405 |
| Carl Zeiss Meditec AG | | 7,669 | 811,070 |
| CTS Eventim AG | | 12,252 | 1,087,868 |
| Deutsche Telekom AG | | 344,765 | 7,897,037 |
| E.ON SE | | 432,041 | 5,717,320 |
| Hannover Reuck SE | | 12,116 | 3,004,977 |
| HeidelbergCement AG | | 26,267 | 2,652,962 |
| Hochtief AG | | 4,476 | 471,469 |
| Morphosys AG (a) | | 7,877 | 556,220 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 28,088 | 12,355,907 |
| Nemetschek SE | | 11,641 | 1,037,965 |
| Scout24 AG (b) | | 14,906 | 1,099,221 |
| Siemens AG | | 39,218 | 7,346,848 |
| Talanx AG | | 10,917 | 823,699 |
TOTAL GERMANY | | | 47,698,968 |
| Ireland - 0.3% | | | |
| AIB Group PLC | | 224,441 | 1,165,521 |
| Glanbia PLC | | 38,936 | 741,297 |
TOTAL IRELAND | | | 1,906,818 |
| Israel - 0.1% | | | |
| Nova Ltd. (a) | | 6,013 | 1,040,240 |
| Italy - 5.1% | | | |
| A2A SpA | | 313,572 | 620,932 |
| Banca Popolare di Sondrio SCARL | | 95,012 | 796,979 |
| Banco BPM SpA | | 301,083 | 1,987,017 |
| BPER Banca | | 213,468 | 1,114,234 |
| Buzzi SpA | | 19,765 | 714,216 |
| Coca-Cola HBC AG | | 39,519 | 1,278,967 |
| Eni SpA | | 461,413 | 7,411,073 |
| Hera SpA | | 168,247 | 608,685 |
| Leonardo SpA | | 80,406 | 1,856,055 |
| Mediobanca SpA | | 126,366 | 1,800,352 |
| Prysmian SpA | | 50,802 | 2,774,769 |
| Recordati SpA | | 20,967 | 1,119,918 |
| Ryanair Holdings PLC sponsored ADR | | 16,339 | 2,225,372 |
| UniCredit SpA | | 358,200 | 13,147,503 |
TOTAL ITALY | | | 37,456,072 |
| Japan - 26.7% | | | |
| AEON Co. Ltd. | | 179,400 | 3,750,949 |
| Chubu Electric Power Co., Inc. | | 150,100 | 1,926,678 |
| Chugai Pharmaceutical Co. Ltd. | | 131,300 | 4,175,848 |
| COMSYS Holdings Corp. | | 23,400 | 547,737 |
| Daiwa House Industry Co. Ltd. | | 132,300 | 3,722,778 |
| Daiwa Securities Group, Inc. | | 305,300 | 2,243,668 |
| Disco Corp. | | 18,600 | 5,298,131 |
| Fast Retailing Co. Ltd. | | 35,500 | 9,282,152 |
| Honda Motor Co. Ltd. | | 464,500 | 5,284,887 |
| Hulic Co. Ltd. | | 123,100 | 1,134,324 |
| Idemitsu Kosan Co. Ltd. | | 233,500 | 1,581,990 |
| Isetan Mitsukoshi Holdings Ltd. | | 75,500 | 1,060,410 |
| Itochu Corp. | | 275,700 | 12,438,143 |
| Japan Exchange Group, Inc. | | 108,800 | 2,548,153 |
| Japan Post Holdings Co. Ltd. | | 403,100 | 3,871,090 |
| Japan Tobacco, Inc. | | 218,300 | 5,872,623 |
| Kyushu Electric Power Co., Inc. | | 97,600 | 905,424 |
| Marubeni Corp. | | 87,500 | 1,558,932 |
| Mitsubishi Corp. | | 826,200 | 18,894,848 |
| Mitsubishi Heavy Industries Ltd. | | 630,300 | 5,635,586 |
| Mitsui & Co. Ltd. | | 297,400 | 14,357,192 |
| Mitsui Fudosan Co. Ltd. | | 492,600 | 5,013,221 |
| NEC Corp. | | 57,100 | 4,134,154 |
| Nippon Sanso Holdings Corp. | | 42,200 | 1,253,442 |
| Nomura Holdings, Inc. | | 615,400 | 3,501,618 |
| Otsuka Holdings Co. Ltd. | | 87,000 | 3,719,847 |
| Santen Pharmaceutical Co. Ltd. | | 78,500 | 758,238 |
| Sanwa Holdings Corp. | | 43,100 | 703,861 |
| Sapporo Holdings Ltd. | | 16,200 | 585,560 |
| Screen Holdings Co. Ltd. | | 20,000 | 2,063,543 |
| SCSK Corp. | | 30,800 | 559,919 |
| Shin-Etsu Chemical Co. Ltd. | | 275,200 | 10,652,700 |
| Skylark Holdings Co. Ltd. | | 46,900 | 668,356 |
| Sumitomo Corp. | | 233,900 | 6,150,908 |
| Sumitomo Mitsui Financial Group, Inc. | | 68,700 | 3,902,422 |
| TDK Corp. | | 39,900 | 1,779,979 |
| Tokio Marine Holdings, Inc. | | 381,100 | 12,045,197 |
| Tokyo Electric Power Co., Inc. (a) | | 165,300 | 1,028,212 |
| Tokyo Electron Ltd. | | 51,200 | 11,230,511 |
| Toyo Suisan Kaisha Ltd. | | 19,100 | 1,194,405 |
| Toyota Motor Corp. | | 839,900 | 19,156,940 |
| Yamazaki Baking Co. Ltd. | | 35,000 | 847,119 |
TOTAL JAPAN | | | 197,041,695 |
| Jordan - 0.1% | | | |
| Hikma Pharmaceuticals PLC | | 33,893 | 814,833 |
| Netherlands - 2.3% | | | |
| ASM International NV (Netherlands) | | 9,232 | 5,864,143 |
| ASML Holding NV (Netherlands) | | 1,324 | 1,176,582 |
| BE Semiconductor Industries NV | | 16,698 | 2,236,423 |
| Fugro NV: | | | |
| (Certificaten Van Aandelen) | | 23,360 | 569,895 |
| rights (a)(c) | | 23,360 | 9,972 |
| Wolters Kluwer NV | | 48,117 | 7,227,578 |
TOTAL NETHERLANDS | | | 17,084,593 |
| New Zealand - 0.5% | | | |
| Fisher & Paykel Healthcare Corp. | | 109,686 | 1,836,994 |
| Xero Ltd. (a) | | 27,896 | 2,165,795 |
TOTAL NEW ZEALAND | | | 4,002,789 |
| Norway - 0.4% | | | |
| Frontline PLC | | 28,551 | 680,844 |
| Kongsberg Gruppen ASA | | 16,545 | 1,170,668 |
| Salmar ASA | | 14,861 | 938,470 |
TOTAL NORWAY | | | 2,789,982 |
| Singapore - 1.8% | | | |
| Keppel Ltd. | | 271,128 | 1,356,159 |
| Oversea-Chinese Banking Corp. Ltd. | | 764,600 | 7,937,751 |
| Sembcorp Industries Ltd. | | 180,300 | 704,626 |
| Singapore Airlines Ltd. | | 269,000 | 1,283,566 |
| Singapore Exchange Ltd. | | 162,300 | 1,107,134 |
| Singapore Technologies Engineering Ltd. | | 302,200 | 887,708 |
TOTAL SINGAPORE | | | 13,276,944 |
| Spain - 4.9% | | | |
| ACS Actividades de Construccion y Servicios SA | | 39,781 | 1,595,432 |
| Banco Bilbao Vizcaya Argentaria SA | | 1,221,333 | 13,207,458 |
| Banco de Sabadell SA | | 1,118,221 | 2,143,284 |
| Bankinter SA | | 121,083 | 958,811 |
| CaixaBank SA | | 804,712 | 4,243,696 |
| Industria de Diseno Textil SA | | 225,343 | 10,304,827 |
| Repsol SA | | 253,060 | 3,972,049 |
TOTAL SPAIN | | | 36,425,557 |
| Sweden - 2.7% | | | |
| AAK AB | | 37,920 | 979,278 |
| Fastighets AB Balder (a) | | 133,239 | 857,438 |
| Hemnet Group AB | | 17,569 | 460,731 |
| Investor AB (B Shares) | | 358,975 | 8,871,442 |
| Lagercrantz Group AB (B Shares) | | 41,672 | 619,763 |
| Mycronic AB | | 14,899 | 524,285 |
| Svenska Handelsbanken AB (A Shares) | | 333,471 | 2,859,623 |
| Swedbank AB (A Shares) | | 173,682 | 3,347,434 |
| Swedish Orphan Biovitrum AB (a) | | 46,143 | 1,194,985 |
TOTAL SWEDEN | | | 19,714,979 |
| Switzerland - 3.9% | | | |
| ABB Ltd. (Reg.) | | 318,951 | 15,497,331 |
| Accelleron Industries Ltd. | | 16,007 | 624,434 |
| Alcon, Inc. (Switzerland) | | 42,180 | 3,262,440 |
| Lindt & Spruengli AG | | 39 | 4,514,115 |
| Logitech International SA (Reg.) | | 33,309 | 2,611,092 |
| PSP Swiss Property AG | | 9,413 | 1,166,321 |
| Siegfried Holding AG | | 781 | 749,352 |
TOTAL SWITZERLAND | | | 28,425,085 |
| United Kingdom - 12.3% | | | |
| 3i Group PLC | | 203,592 | 7,273,823 |
| Admiral Group PLC | | 52,335 | 1,784,635 |
| Associated British Foods PLC | | 69,309 | 2,300,230 |
| Auto Trader Group PLC (b) | | 106,646 | 924,565 |
| BAE Systems PLC | | 578,642 | 9,624,099 |
| Britvic PLC | | 49,690 | 549,187 |
| Bunzl PLC | | 55,412 | 2,128,440 |
| Centrica PLC | | 1,114,435 | 1,781,758 |
| Computacenter PLC | | 15,594 | 503,115 |
| ConvaTec Group PLC (b) | | 338,544 | 1,057,569 |
| Cranswick PLC | | 11,268 | 606,845 |
| HSBC Holdings PLC (United Kingdom) | | 2,202,838 | 19,094,097 |
| IMI PLC | | 26,911 | 589,139 |
| Informa PLC | | 273,491 | 2,719,572 |
| InterContinental Hotel Group PLC | | 36,067 | 3,517,759 |
| Intermediate Capital Group PLC | | 61,578 | 1,615,841 |
| J Sainsbury PLC | | 340,817 | 1,121,736 |
| Londonmetric Properity PLC | | 426,097 | 1,046,756 |
| Marks & Spencer Group PLC | | 405,970 | 1,297,622 |
| Next PLC | | 26,261 | 2,955,924 |
| RELX PLC (London Stock Exchange) | | 161,866 | 6,650,569 |
| Rolls-Royce Holdings PLC (a) | | 1,760,423 | 9,027,494 |
| Sage Group PLC | | 205,542 | 2,994,696 |
| Shaftesbury Capital PLC | | 386,442 | 650,437 |
| Subsea 7 SA | | 45,661 | 740,704 |
| Tesco PLC | | 1,459,819 | 5,389,755 |
| Whitbread PLC | | 38,126 | 1,508,770 |
| Wise PLC (a) | | 98,596 | 956,653 |
TOTAL UNITED KINGDOM | | | 90,411,790 |
| United States of America - 7.2% | | | |
| CRH PLC | | 153,221 | 11,939,277 |
| Ferrovial SE | | 66,060 | 2,382,874 |
| GSK PLC | | 313,264 | 6,499,263 |
| Holcim AG | | 104,999 | 8,789,233 |
| James Hardie Industries PLC CDI (a) | | 87,916 | 3,022,372 |
| Shell PLC (London) | | 437,075 | 15,537,412 |
| Stellantis NV (Italy) | | 220,203 | 4,906,813 |
TOTAL UNITED STATES OF AMERICA | | | 53,077,244 |
| TOTAL COMMON STOCKS (Cost $561,786,984) | | | 728,099,489 |
| | | | |
| Government Obligations - 0.0% |
| | | Principal Amount (d) | Value ($) |
| United States of America - 0.0% | | | |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (e) (Cost $398,720) | | 400,000 | 398,709 |
| | | | |
| Money Market Funds - 0.4% |
| | | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (f) (Cost $2,644,844) | | 2,644,315 | 2,644,844 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.2% (Cost $564,830,548) | 731,143,042 |
NET OTHER ASSETS (LIABILITIES) - 0.8% | 5,857,582 |
| NET ASSETS - 100.0% | 737,000,624 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 73 | Jun 2024 | 8,276,375 | (174,932) | (174,932) |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 1.1% |
Legend
| (b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,081,355 or 0.4% of net assets. |
| (c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (d) | Amount is stated in United States dollars unless otherwise noted. |
| (e) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $269,129. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 94,176 | 27,763,008 | 25,212,340 | 80,659 | - | - | 2,644,844 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | - | 9,208,914 | 9,208,914 | 7,871 | - | - | - | 0.0% |
| Total | 94,176 | 36,971,922 | 34,421,254 | 88,530 | - | - | 2,644,844 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 22,307,231 | 6,392,880 | 15,914,351 | - |
Consumer Discretionary | 81,642,371 | 41,112,250 | 40,530,121 | - |
Consumer Staples | 53,431,688 | 35,791,277 | 17,640,411 | - |
Energy | 34,054,991 | 2,061,008 | 31,993,983 | - |
Financials | 157,761,978 | 54,452,802 | 103,309,176 | - |
Health Care | 73,881,374 | 19,971,442 | 53,909,932 | - |
Industrials | 149,214,817 | 26,351,296 | 122,863,521 | - |
Information Technology | 54,682,585 | 18,608,304 | 36,074,281 | - |
Materials | 66,079,702 | 15,306,455 | 50,773,247 | - |
Real Estate | 13,591,275 | 3,720,952 | 9,870,323 | - |
Utilities | 21,451,477 | 8,728,695 | 12,722,782 | - |
|
| Government Obligations | 398,709 | - | 398,709 | - |
|
| Money Market Funds | 2,644,844 | 2,644,844 | - | - |
| Total Investments in Securities: | 731,143,042 | 235,142,205 | 496,000,837 | - |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (174,932) | (174,932) | - | - |
| Total Liabilities | (174,932) | (174,932) | - | - |
| Total Derivative Instruments: | (174,932) | (174,932) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 0 | (174,932) |
| Total Equity Risk | 0 | (174,932) |
| Total Value of Derivatives | 0 | (174,932) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $562,185,704) | $ | 728,498,198 | | |
Fidelity Central Funds (cost $2,644,844) | | 2,644,844 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $564,830,548) | | | $ | 731,143,042 |
| Foreign currency held at value (cost $657,628) | | | | 656,989 |
| Receivable for investments sold | | | | 675,773 |
| Receivable for fund shares sold | | | | 142,193 |
| Dividends receivable | | | | 2,795,720 |
| Reclaims receivable | | | | 2,078,956 |
| Distributions receivable from Fidelity Central Funds | | | | 4,988 |
| Prepaid expenses | | | | 195 |
Total assets | | | | 737,497,856 |
| Liabilities | | | | |
| Payable for investments purchased on a delayed delivery basis | $ | 9,972 | | |
| Payable for fund shares redeemed | | 200,049 | | |
| Accrued management fee | | 93,052 | | |
| Payable for daily variation margin on futures contracts | | 113,880 | | |
| Audit fee payable | | 25,075 | | |
| Custody fee payable | | 51,932 | | |
| Other payables and accrued expenses | | 3,272 | | |
| Total liabilities | | | | 497,232 |
| Net Assets | | | $ | 737,000,624 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 814,878,100 |
| Total accumulated earnings (loss) | | | | (77,877,476) |
| Net Assets | | | $ | 737,000,624 |
Net Asset Value, offering price and redemption price per share ($737,000,624 ÷ 52,770,724 shares) | | | $ | 13.97 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 11,556,548 |
| Interest | | | | 15,735 |
| Income from Fidelity Central Funds (including $7,871 from security lending) | | | | 88,530 |
| Income before foreign taxes withheld | | | $ | 11,660,813 |
| Less foreign taxes withheld | | | | (1,085,838) |
| Total income | | | | 10,574,975 |
| Expenses | | | | |
| Management fee | $ | 527,042 | | |
| Custodian fees and expenses | | 47,150 | | |
| Independent trustees' fees and expenses | | 982 | | |
| Registration fees | | 23,085 | | |
| Audit | | 24,678 | | |
| Legal | | 440 | | |
| Miscellaneous | | 1,486 | | |
| Total expenses | | | | 624,863 |
| Net Investment income (loss) | | | | 9,950,112 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 9,080,438 | | |
| Foreign currency transactions | | (101,535) | | |
| Futures contracts | | 747,932 | | |
| Total net realized gain (loss) | | | | 9,726,835 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 122,612,847 | | |
| Assets and liabilities in foreign currencies | | 39,512 | | |
| Futures contracts | | 4,606 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 122,656,965 |
| Net gain (loss) | | | | 132,383,800 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 142,333,912 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 9,950,112 | $ | 16,753,785 |
| Net realized gain (loss) | | 9,726,835 | | (9,881,709) |
| Change in net unrealized appreciation (depreciation) | | 122,656,965 | | 84,392,993 |
| Net increase (decrease) in net assets resulting from operations | | 142,333,912 | | 91,265,069 |
| Distributions to shareholders | | (22,706,126) | | (14,027,534) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 43,765,262 | | 22,436,695 |
| Reinvestment of distributions | | 22,529,949 | | 13,948,304 |
| Cost of shares redeemed | | (46,556,251) | | (86,550,078) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 19,738,960 | | (50,165,079) |
| Total increase (decrease) in net assets | | 139,366,746 | | 27,072,456 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 597,633,878 | | 570,561,422 |
| End of period | $ | 737,000,624 | $ | 597,633,878 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 3,281,841 | | 1,859,042 |
| Issued in reinvestment of distributions | | 1,812,546 | | 1,243,164 |
| Redeemed | | (3,417,422) | | (7,493,979) |
| Net increase (decrease) | | 1,676,965 | | (4,391,773) |
| | | | | |
Financial Highlights
Fidelity® SAI International Momentum Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 11.70 | $ | 10.28 | $ | 14.51 | $ | 11.33 | $ | 10.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .19 | | .32 | | .30 | | .28 | | .08 |
| Net realized and unrealized gain (loss) | | 2.52 | | 1.37 | | (4.17) | | 3.05 | | 1.25 |
| Total from investment operations | | 2.71 | | 1.69 | | (3.87) | | 3.33 | | 1.33 |
| Distributions from net investment income | | (.44) | | (.27) | | (.27) D | | (.09) | | - |
| Distributions from net realized gain | | - | | - | | (.10) D | | (.05) | | - |
| Total distributions | | (.44) | | (.27) | | (.36) E | | (.15) E | | - |
| Net asset value, end of period | $ | 13.97 | $ | 11.70 | $ | 10.28 | $ | 14.51 | $ | 11.33 |
Total Return F,G | | | | 16.53% | | (27.34)% | | 29.56% | | 13.30% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | |
| Expenses before reductions | | .18% J,K | | .18% | | .18% | | .19% | | .24% K,L |
| Expenses net of fee waivers, if any | | | | .18% | | .18% | | .19% | | .20% K |
| Expenses net of all reductions | | .18% J,K | | .18% | | .18% | | .19% | | .20% K |
| Net investment income (loss) | | 2.83% J,K | | 2.71% | | 2.47% | | 2.03% | | 1.55% K |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 737,001 | $ | 597,634 | $ | 570,561 | $ | 1,035,573 | $ | 372,738 |
Portfolio turnover rate M | | | | 63% | | 113% | | 73% | | 29% N |
AFor the period May 12, 2020 (commencement of operations) through October 31, 2020.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JProxy expenses are not annualized.
KAnnualized.
LAudit fees are not annualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
NAmount not annualized.
For the period ended April 30, 2024
1. Organization.
Fidelity SAI International Momentum Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $169,868,261 |
| Gross unrealized depreciation | (8,546,261) |
| Net unrealized appreciation (depreciation) | $161,322,000 |
| Tax cost | $569,646,110 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| Short-term | $(226,856,496) |
| Long-term | (28,200,295) |
| Total capital loss carryforward | $(255,056,791) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI International Momentum Index Fund | 224,247,953 | 219,980,197 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity SAI International Momentum Index Fund | 631 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity SAI International Momentum Index Fund | 836 | - | - |
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Fidelity International Fund | Strategic Advisers International Fund |
| Fidelity SAI International Momentum Index Fund | 49% | 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.
| Fund | % of shares held |
| Fidelity SAI International Momentum Index Fund | 69% |
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 (November 1, 2023 to April 30, 2024). |
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
| Fidelity® SAI International Momentum Index Fund | | | | .18% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,236.20 | | $ 1.00 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,023.97 | | $ .91 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9900588.103
IMI-SANN-0624
Fidelity® SAI International Value Index Fund
Semi-Annual Report
April 30, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
| |
| Sanofi SA (United States of America, Pharmaceuticals) | 2.7 | |
| Mitsubishi Corp. (Japan, Trading Companies & Distributors) | 2.4 | |
| Deutsche Telekom AG (Germany, Diversified Telecommunication Services) | 2.2 | |
| Banco Santander SA (Spain) (Spain, Banks) | 2.2 | |
| BNP Paribas SA (France, Banks) | 2.0 | |
| Shell PLC (London) (United States of America, Oil, Gas & Consumable Fuels) | 2.0 | |
| Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors) | 2.0 | |
| British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) | 1.8 | |
| Rio Tinto PLC (Australia, Metals & Mining) | 1.8 | |
| Glencore PLC (Australia, Metals & Mining) | 1.7 | |
| | 20.8 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Financials | 21.4 | |
| Industrials | 15.8 | |
| Consumer Discretionary | 13.1 | |
| Health Care | 10.1 | |
| Materials | 9.6 | |
| Information Technology | 6.8 | |
| Consumer Staples | 6.5 | |
| Energy | 6.2 | |
| Communication Services | 4.4 | |
| Utilities | 3.5 | |
| Real Estate | 1.4 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 1.6% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 98.4% |
| | | Shares | Value ($) |
| Australia - 5.1% | | | |
| BlueScope Steel Ltd. | | 617,395 | 9,011,142 |
| Glencore PLC | | 15,061,067 | 87,633,788 |
| IGO Ltd. | | 937,040 | 4,667,099 |
| Pilbara Minerals Ltd. (a) | | 3,934,566 | 10,017,025 |
| Qantas Airways Ltd. (b) | | 1,190,904 | 4,493,168 |
| Rio Tinto Ltd. | | 516,276 | 42,966,728 |
| Rio Tinto PLC | | 1,328,052 | 89,857,032 |
| Whitehaven Coal Ltd. | | 1,162,405 | 5,749,822 |
TOTAL AUSTRALIA | | | 254,395,804 |
| Austria - 0.9% | | | |
| Erste Group Bank AG | | 491,933 | 23,031,351 |
| Raiffeisen International Bank-Holding AG | | 187,788 | 3,483,080 |
| Verbund AG | | 115,963 | 8,860,909 |
| Voestalpine AG | | 146,631 | 3,930,893 |
| Wienerberger AG | | 146,595 | 5,250,334 |
TOTAL AUSTRIA | | | 44,556,567 |
| Belgium - 1.2% | | | |
| Ageas | | 231,330 | 10,650,204 |
| Anheuser-Busch InBev SA NV | | 844,053 | 50,452,247 |
TOTAL BELGIUM | | | 61,102,451 |
| Brazil - 0.1% | | | |
| Yara International ASA | | 226,498 | 6,473,702 |
| China - 0.7% | | | |
| BOC Hong Kong (Holdings) Ltd. | | 4,999,000 | 15,322,402 |
| ENN Energy Holdings Ltd. | | 1,054,400 | 8,983,903 |
| Wilmar International Ltd. | | 4,183,400 | 9,833,389 |
TOTAL CHINA | | | 34,139,694 |
| Denmark - 0.6% | | | |
| A.P. Moller - Maersk A/S Series B | | 10,132 | 14,772,722 |
| ISS A/S | | 214,594 | 4,028,493 |
| Novo Nordisk A/S Series B | | 98,763 | 12,665,595 |
| Svitzer A/S | | 20,264 | 680,937 |
TOTAL DENMARK | | | 32,147,747 |
| Finland - 0.7% | | | |
| Fortum Corp. | | 610,923 | 8,071,476 |
| Nokia Corp. | | 7,340,153 | 26,684,038 |
TOTAL FINLAND | | | 34,755,514 |
| France - 11.6% | | | |
| Alstom SA (a) | | 390,166 | 6,152,163 |
| Arkema SA | | 87,739 | 9,087,283 |
| BNP Paribas SA | | 1,404,553 | 101,074,238 |
| Bouygues SA | | 270,955 | 10,007,938 |
| Carrefour SA | | 739,880 | 12,447,168 |
| Compagnie de St.-Gobain | | 704,984 | 55,751,974 |
| Compagnie Generale des Etablissements Michelin SCA Series B | | 993,905 | 38,184,487 |
| Credit Agricole SA | | 1,572,761 | 24,335,700 |
| Eiffage SA | | 105,137 | 11,253,881 |
| Elis SA | | 285,735 | 6,440,257 |
| Engie SA | | 2,439,557 | 42,352,213 |
| Eurazeo SA | | 65,706 | 5,946,298 |
| Forvia SE (b) | | 230,147 | 3,684,193 |
| Ipsen SA | | 53,623 | 6,529,540 |
| Orange SA | | 2,554,286 | 28,429,929 |
| Renault SA | | 263,289 | 13,133,100 |
| Rexel SA | | 321,496 | 8,381,946 |
| Rubis SCA | | 134,973 | 4,681,404 |
| Societe Generale Series A | | 960,970 | 25,893,384 |
| Sopra Steria Group | | 20,356 | 4,475,128 |
| Teleperformance | | 88,237 | 8,049,355 |
| TotalEnergies SE | | 933,330 | 67,758,565 |
| Valeo SA | | 287,727 | 3,646,509 |
| VINCI SA | | 704,853 | 82,591,896 |
TOTAL FRANCE | | | 580,288,549 |
| Germany - 12.8% | | | |
| Bayer AG | | 1,366,187 | 39,876,157 |
| Bayerische Motoren Werke AG (BMW) | | 478,556 | 52,322,748 |
| Commerzbank AG | | 1,449,196 | 21,590,284 |
| Continental AG | | 150,301 | 9,758,811 |
| Daimler Truck Holding AG | | 701,821 | 31,689,487 |
| Deutsche Bank AG | | 2,838,126 | 45,463,010 |
| Deutsche Lufthansa AG | | 841,287 | 6,027,973 |
| Deutsche Telekom AG | | 4,855,938 | 111,228,008 |
| DHL Group | | 1,309,994 | 54,849,360 |
| Evonik Industries AG | | 285,091 | 5,946,549 |
| Fresenius Medical Care AG & Co. KGaA | | 277,473 | 11,682,365 |
| Fresenius SE & Co. KGaA | | 571,848 | 17,069,425 |
| HeidelbergCement AG | | 184,006 | 18,584,571 |
| Infineon Technologies AG | | 1,763,620 | 61,202,948 |
| K+S AG | | 248,851 | 3,724,672 |
| Mercedes-Benz Group AG (Germany) | | 1,116,163 | 84,427,542 |
| Merck KGaA | | 179,753 | 28,573,436 |
| RWE AG | | 941,319 | 32,791,336 |
| TUI AG (b) | | 629,188 | 4,455,871 |
TOTAL GERMANY | | | 641,264,553 |
| Hong Kong - 1.6% | | | |
| CK Asset Holdings Ltd. | | 2,614,500 | 11,152,349 |
| Henderson Land Development Co. Ltd. | | 1,815,930 | 5,474,709 |
| Hongkong Land Holdings Ltd. | | 1,440,000 | 4,601,060 |
| Jardine Matheson Holdings Ltd. | | 285,233 | 10,915,625 |
| Link (REIT) | | 3,578,000 | 15,330,997 |
| Sino Land Ltd. | | 4,856,731 | 5,192,815 |
| Sun Hung Kai Properties Ltd. | | 2,094,500 | 19,321,678 |
| Swire Pacific Ltd. (A Shares) | | 762,400 | 6,456,544 |
TOTAL HONG KONG | | | 78,445,777 |
| Ireland - 0.3% | | | |
| Bank of Ireland Group PLC | | 1,386,109 | 14,859,122 |
| Israel - 0.9% | | | |
| Bank Hapoalim BM (Reg.) | | 1,749,216 | 15,829,501 |
| Bank Leumi le-Israel BM | | 2,118,583 | 16,590,136 |
| Icl Group Ltd. | | 1,004,455 | 4,730,132 |
| Israel Discount Bank Ltd. (Class A) | | 1,720,936 | 8,867,651 |
TOTAL ISRAEL | | | 46,017,420 |
| Italy - 3.1% | | | |
| A2A SpA | | 2,172,754 | 4,302,465 |
| BPER Banca | | 1,478,490 | 7,717,238 |
| Eni SpA | | 3,337,793 | 53,610,601 |
| Ryanair Holdings PLC sponsored ADR (a) | | 118,104 | 16,085,765 |
| Snam SpA | | 2,853,140 | 13,053,893 |
| UniCredit SpA | | 1,498,888 | 55,015,729 |
| Unipol Gruppo SpA | | 479,516 | 4,308,846 |
TOTAL ITALY | | | 154,094,537 |
| Japan - 26.0% | | | |
| Aisin Seiki Co. Ltd. | | 254,100 | 9,665,013 |
| Ana Holdings, Inc. | | 229,500 | 4,358,668 |
| Bridgestone Corp. | | 813,800 | 35,910,562 |
| Brother Industries Ltd. | | 358,300 | 6,337,958 |
| Canon, Inc. | | 1,409,900 | 38,159,354 |
| Chubu Electric Power Co., Inc. | | 1,053,200 | 13,518,837 |
| Dentsu Group, Inc. | | 310,100 | 8,389,192 |
| Electric Power Development Co. Ltd. | | 241,000 | 4,093,866 |
| FUJIFILM Holdings Corp. | | 1,679,900 | 35,735,652 |
| Honda Motor Co. Ltd. | | 6,954,000 | 79,119,702 |
| INPEX Corp. | | 1,295,100 | 19,400,341 |
| Isuzu Motors Ltd. | | 865,000 | 10,962,019 |
| Japan Post Holdings Co. Ltd. | | 2,711,000 | 26,034,548 |
| JFE Holdings, Inc. | | 844,900 | 12,610,745 |
| Kawasaki Kisen Kaisha Ltd. | | 994,300 | 14,009,576 |
| Kobe Steel Ltd. | | 551,700 | 6,733,798 |
| Koito Manufacturing Co. Ltd. | | 342,000 | 4,600,153 |
| Kuraray Co. Ltd. | | 458,700 | 5,081,995 |
| Kyocera Corp. | | 1,837,900 | 22,401,508 |
| Marubeni Corp. | | 2,343,800 | 41,757,991 |
| Mazda Motor Corp. | | 834,800 | 9,449,498 |
| Medipal Holdings Corp. | | 285,500 | 4,477,512 |
| Mitsubishi Chemical Holdings Corp. | | 1,988,900 | 11,602,979 |
| Mitsubishi Corp. | | 5,325,200 | 121,785,096 |
| Mitsui & Co. Ltd. | | 2,056,500 | 99,278,967 |
| Mitsui OSK Lines Ltd. | | 503,600 | 15,984,056 |
| Mizuho Financial Group, Inc. | | 2,390,100 | 46,198,500 |
| NEC Corp. | | 368,600 | 26,687,374 |
| NGK Insulators Ltd. | | 364,500 | 4,965,327 |
| Nippon Express Holdings, Inc. | | 115,700 | 5,919,016 |
| Nippon Steel & Sumitomo Metal Corp. | | 1,321,500 | 29,626,606 |
| Nippon Yusen KK | | 709,500 | 20,143,037 |
| Nissan Motor Co. Ltd. | | 3,122,520 | 11,427,496 |
| Niterra Co. Ltd. | | 238,700 | 7,828,846 |
| Obayashi Corp. | | 974,400 | 10,875,080 |
| Ono Pharmaceutical Co. Ltd. | | 675,700 | 9,732,356 |
| Otsuka Holdings Co. Ltd. | | 775,800 | 33,170,773 |
| Panasonic Holdings Corp. | | 3,413,300 | 29,792,838 |
| Renesas Electronics Corp. | | 1,988,500 | 32,284,793 |
| Ricoh Co. Ltd. | | 847,300 | 7,309,706 |
| ROHM Co. Ltd. | | 486,900 | 6,999,116 |
| Seiko Epson Corp. | | 455,000 | 7,484,744 |
| Sekisui House Ltd. | | 921,900 | 21,185,591 |
| Seven & i Holdings Co. Ltd. | | 3,328,800 | 43,012,093 |
| Shionogi & Co. Ltd. | | 388,900 | 18,161,930 |
| Sojitz Corp. | | 291,300 | 7,500,061 |
| Stanley Electric Co. Ltd. | | 204,300 | 3,615,495 |
| Subaru Corp. | | 838,900 | 18,731,791 |
| Sumitomo Corp. | | 1,693,900 | 44,544,773 |
| Sumitomo Electric Industries Ltd. | | 1,104,200 | 17,066,868 |
| Sumitomo Forestry Co. Ltd. | | 272,300 | 8,389,481 |
| Sumitomo Metal Mining Co. Ltd. | | 379,800 | 12,688,603 |
| Suzuki Motor Corp. | | 2,732,200 | 31,818,615 |
| Takeda Pharmaceutical Co. Ltd. | | 2,200,100 | 57,823,186 |
| Tokyo Gas Co. Ltd. | | 562,400 | 12,613,095 |
| Toray Industries, Inc. | | 2,265,800 | 10,356,342 |
| Toyota Tsusho Corp. | | 314,000 | 19,964,102 |
| Yamaha Motor Co. Ltd. | | 1,460,900 | 13,626,140 |
| Yamato Kogyo Co. Ltd. | | 65,200 | 3,503,143 |
| Yokohama Rubber Co. Ltd. | | 186,300 | 4,876,254 |
TOTAL JAPAN | | | 1,301,382,757 |
| Luxembourg - 0.3% | | | |
| ArcelorMittal SA (Netherlands) | | 640,777 | 16,131,720 |
| Netherlands - 2.7% | | | |
| ABN AMRO Bank NV: | | | |
| GDR (Bearer) (c) | | 601,999 | 9,694,621 |
| rights (b)(d) | | 601,999 | 571,783 |
| ASML Holding NV (Netherlands) | | 8,816 | 7,834,404 |
| EXOR NV | | 140,144 | 15,359,984 |
| JDE Peet's BV | | 182,191 | 4,048,121 |
| Koninklijke Ahold Delhaize NV | | 1,336,957 | 40,582,228 |
| Koninklijke Philips Electronics NV | | 1,270,786 | 33,747,231 |
| NN Group NV | | 396,725 | 18,353,736 |
| Signify NV (c) | | 177,190 | 4,871,143 |
TOTAL NETHERLANDS | | | 135,063,251 |
| Norway - 1.0% | | | |
| Equinor ASA | | 1,337,811 | 35,596,980 |
| Norsk Hydro ASA | | 1,890,413 | 11,617,316 |
TOTAL NORWAY | | | 47,214,296 |
| Singapore - 4.5% | | | |
| DBS Group Holdings Ltd. | | 2,750,448 | 70,019,277 |
| Oversea-Chinese Banking Corp. Ltd. | | 5,399,086 | 56,051,009 |
| Seatrium Ltd. (a)(b) | | 57,860,900 | 4,133,356 |
| Singapore Airlines Ltd. | | 1,879,400 | 8,967,784 |
| STMicroelectronics NV (Italy) | | 886,503 | 35,126,308 |
| United Overseas Bank Ltd. | | 2,133,600 | 47,346,300 |
| Venture Corp. Ltd. | | 377,448 | 3,999,153 |
TOTAL SINGAPORE | | | 225,643,187 |
| Spain - 4.5% | | | |
| ACS Actividades de Construccion y Servicios SA | | 278,881 | 11,184,627 |
| Banco de Sabadell SA | | 7,571,668 | 14,512,549 |
| Banco Santander SA (Spain) | | 22,015,561 | 107,442,666 |
| CaixaBank SA | | 5,473,347 | 28,864,019 |
| Repsol SA | | 1,693,344 | 26,578,853 |
| Telefonica SA | | 8,003,086 | 35,850,602 |
TOTAL SPAIN | | | 224,433,316 |
| Sweden - 0.5% | | | |
| SSAB AB (B Shares) (a) | | 1,188,753 | 6,720,202 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 3,193,068 | 16,204,461 |
TOTAL SWEDEN | | | 22,924,663 |
| Switzerland - 0.4% | | | |
| Avolta AG (b) | | 152,893 | 5,781,934 |
| Swatch Group AG (Bearer) | | 55,249 | 11,608,440 |
TOTAL SWITZERLAND | | | 17,390,374 |
| United Kingdom - 10.1% | | | |
| 3i Group PLC | | 1,315,096 | 46,985,029 |
| Barclays PLC | | 20,039,770 | 50,526,171 |
| Barratt Developments PLC | | 1,354,619 | 7,696,544 |
| British American Tobacco PLC (United Kingdom) | | 3,109,462 | 91,282,229 |
| BT Group PLC | | 7,894,655 | 10,121,250 |
| Centrica PLC | | 7,800,419 | 12,471,304 |
| CK Hutchison Holdings Ltd. | | 3,729,500 | 18,113,346 |
| easyJet PLC | | 904,103 | 6,084,682 |
| HSBC Holdings PLC (United Kingdom) | | 4,924,239 | 42,683,074 |
| Imperial Brands PLC | | 1,235,872 | 28,239,868 |
| Inchcape PLC | | 574,176 | 5,739,693 |
| International Consolidated Airlines Group SA CDI (b) | | 3,483,346 | 7,591,432 |
| J Sainsbury PLC | | 2,469,783 | 8,128,833 |
| Kingfisher PLC | | 2,604,985 | 8,024,198 |
| Lloyds Banking Group PLC | | 71,828,207 | 46,356,737 |
| NatWest Group PLC | | 7,433,475 | 28,056,787 |
| Standard Chartered PLC (United Kingdom) | | 2,987,756 | 25,669,427 |
| Tesco PLC | | 9,583,188 | 35,381,811 |
| Vodafone Group PLC | | 31,655,537 | 26,695,180 |
TOTAL UNITED KINGDOM | | | 505,847,595 |
| United States of America - 8.8% | | | |
| GSK PLC | | 4,106,269 | 85,192,433 |
| Holcim AG | | 510,613 | 42,742,280 |
| Roche Holding AG (participation certificate) | | 42,103 | 10,088,478 |
| Sanofi SA | | 1,349,471 | 133,318,308 |
| Shell PLC (London) | | 2,823,186 | 100,360,360 |
| Stellantis NV (Italy) | | 3,077,755 | 68,582,034 |
TOTAL UNITED STATES OF AMERICA | | | 440,283,893 |
| TOTAL COMMON STOCKS (Cost $4,232,551,447) | | | 4,918,856,489 |
| | | | |
| Government Obligations - 0.0% |
| | | Principal Amount (e) | Value ($) |
| United States of America - 0.0% | | | |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (f) (Cost $2,890,722) | | 2,900,000 | 2,890,643 |
| | | | |
| Money Market Funds - 1.3% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (g) | | 34,818,132 | 34,825,096 |
| Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | | 29,307,124 | 29,310,055 |
| TOTAL MONEY MARKET FUNDS (Cost $64,135,151) | | | 64,135,151 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.7% (Cost $4,299,577,320) | 4,985,882,283 |
NET OTHER ASSETS (LIABILITIES) - 0.3% | 13,543,098 |
| NET ASSETS - 100.0% | 4,999,425,381 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 712 | Jun 2024 | 80,723,000 | (1,658,201) | (1,658,201) |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 1.6% |
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $14,565,764 or 0.3% of net assets. |
| (d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (e) | Amount is stated in United States dollars unless otherwise noted. |
| (f) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,601,578. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 4,868,220 | 615,491,864 | 585,534,956 | 925,756 | (32) | - | 34,825,096 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 27,003,300 | 165,614,959 | 163,308,204 | 170,190 | - | - | 29,310,055 | 0.1% |
| Total | 31,871,520 | 781,106,823 | 748,843,160 | 1,095,946 | (32) | - | 64,135,151 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 220,714,161 | 10,121,250 | 210,592,911 | - |
Consumer Discretionary | 635,112,466 | 165,372,994 | 469,739,472 | - |
Consumer Staples | 323,407,987 | 12,176,954 | 311,231,033 | - |
Energy | 309,055,522 | - | 309,055,522 | - |
Financials | 1,080,704,391 | 344,272,060 | 736,432,331 | - |
Health Care | 502,108,725 | 92,048,558 | 410,060,167 | - |
Industrials | 804,205,060 | 139,559,206 | 664,645,854 | - |
Information Technology | 338,926,645 | 12,309,532 | 326,617,113 | - |
Materials | 471,296,679 | 80,580,058 | 390,716,621 | - |
Real Estate | 67,530,152 | - | 67,530,152 | - |
Utilities | 165,794,701 | 38,387,558 | 127,407,143 | - |
|
| Government Obligations | 2,890,643 | - | 2,890,643 | - |
|
| Money Market Funds | 64,135,151 | 64,135,151 | - | - |
| Total Investments in Securities: | 4,985,882,283 | 958,963,321 | 4,026,918,962 | - |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (1,658,201) | (1,658,201) | - | - |
| Total Liabilities | (1,658,201) | (1,658,201) | - | - |
| Total Derivative Instruments: | (1,658,201) | (1,658,201) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 0 | (1,658,201) |
| Total Equity Risk | 0 | (1,658,201) |
| Total Value of Derivatives | 0 | (1,658,201) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $26,987,033) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $4,235,442,169) | $ | 4,921,747,132 | | |
Fidelity Central Funds (cost $64,135,151) | | 64,135,151 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $4,299,577,320) | | | $ | 4,985,882,283 |
| Foreign currency held at value (cost $7,945,119) | | | | 7,918,464 |
| Receivable for fund shares sold | | | | 103,367 |
| Dividends receivable | | | | 30,383,797 |
| Reclaims receivable | | | | 12,548,161 |
| Distributions receivable from Fidelity Central Funds | | | | 137,176 |
| Prepaid expenses | | | | 1,271 |
Total assets | | | | 5,036,974,519 |
| Liabilities | | | | |
| Payable for investments purchased | | | | |
Regular delivery | $ | 5,530,168 | | |
Delayed delivery | | 571,783 | | |
| Payable for fund shares redeemed | | 142,051 | | |
| Accrued management fee | | 622,641 | | |
| Payable for daily variation margin on futures contracts | | 1,103,499 | | |
| Other payables and accrued expenses | | 268,941 | | |
| Collateral on securities loaned | | 29,310,055 | | |
| Total liabilities | | | | 37,549,138 |
| Net Assets | | | $ | 4,999,425,381 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 4,740,715,022 |
| Total accumulated earnings (loss) | | | | 258,710,359 |
| Net Assets | | | $ | 4,999,425,381 |
Net Asset Value, offering price and redemption price per share ($4,999,425,381 ÷ 509,495,970 shares) | | | $ | 9.81 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends: | | | | |
| Unaffiliated issuers | | | $ | 84,705,555 |
| Foreign Tax Reclaims | | | | 5,843,283 |
| Interest | | | | 135,991 |
| Income from Fidelity Central Funds (including $170,190 from security lending) | | | | 1,095,946 |
| Income before foreign taxes withheld | | | $ | 91,780,775 |
| Less foreign taxes withheld | | | | (7,269,831) |
| Total income | | | | 84,510,944 |
| Expenses | | | | |
| Management fee | $ | 3,330,657 | | |
| Custodian fees and expenses | | 197,360 | | |
| Independent trustees' fees and expenses | | 6,174 | | |
| Registration fees | | 21,490 | | |
| Audit | | 24,943 | | |
| Legal | | 2,748 | | |
| Miscellaneous | | 8,088 | | |
| Total expenses | | | | 3,591,460 |
| Net Investment income (loss) | | | | 80,919,484 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 86,291,923 | | |
| Fidelity Central Funds | | (32) | | |
| Foreign currency transactions | | 208,957 | | |
| Futures contracts | | 5,559,120 | | |
| Total net realized gain (loss) | | | | 92,059,968 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 545,342,289 | | |
| Assets and liabilities in foreign currencies | | 28,270 | | |
| Futures contracts | | (41,033) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 545,329,526 |
| Net gain (loss) | | | | 637,389,494 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 718,308,978 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 80,919,484 | $ | 190,930,449 |
| Net realized gain (loss) | | 92,059,968 | | (14,713,486) |
| Change in net unrealized appreciation (depreciation) | | 545,329,526 | | 665,072,184 |
| Net increase (decrease) in net assets resulting from operations | | 718,308,978 | | 841,289,147 |
| Distributions to shareholders | | (235,417,408) | | (199,830,507) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 616,080,499 | | 28,673,028 |
| Reinvestment of distributions | | 230,467,224 | | 196,381,215 |
| Cost of shares redeemed | | (89,443,095) | | (1,255,801,776) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 757,104,628 | | (1,030,747,533) |
| Total increase (decrease) in net assets | | 1,239,996,198 | | (389,288,893) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 3,759,429,183 | | 4,148,718,076 |
| End of period | $ | 4,999,425,381 | $ | 3,759,429,183 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 65,595,805 | | 3,212,167 |
| Issued in reinvestment of distributions | | 25,607,469 | | 23,546,908 |
| Redeemed | | (9,208,039) | | (141,228,215) |
| Net increase (decrease) | | 81,995,235 | | (114,469,140) |
| | | | | |
Financial Highlights
Fidelity® SAI International Value Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 8.79 | $ | 7.65 | $ | 10.03 | $ | 7.16 | $ | 9.19 | $ | 8.93 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .17 | | .39 | | .42 | | .38 | | .24 | | .37 |
| Net realized and unrealized gain (loss) | | 1.40 | | 1.14 | | (1.99) | | 2.63 | | (1.95) | | .07 |
| Total from investment operations | | 1.57 | | 1.53 | | (1.57) | | 3.01 | | (1.71) | | .44 |
| Distributions from net investment income | | (.55) | | (.39) | | (.46) | | (.14) | | (.32) | | (.18) |
| Distributions from net realized gain | | - | | - | | (.35) | | - | | - | | - C |
| Total distributions | | (.55) | | (.39) | | (.81) | | (.14) | | (.32) | | (.18) |
| Net asset value, end of period | $ | 9.81 | $ | 8.79 | $ | 7.65 | $ | 10.03 | $ | 7.16 | $ | 9.19 |
Total Return D,E | | | | 20.25% | | (16.93)% | | 42.33% | | (19.36)% | | 5.12% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .16% H,I | | .17% | | .16% | | .17% | | .18% | | .26% |
| Expenses net of fee waivers, if any | | | | .17% | | .16% | | .17% | | .18% | | .20% |
| Expenses net of all reductions | | .16% H,I | | .17% | | .16% | | .17% | | .18% | | .20% |
| Net investment income (loss) | | 3.64% H,I | | 4.33% | | 4.82% | | 3.84% | | 3.04% | | 4.22% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 4,999,425 | $ | 3,759,429 | $ | 4,148,718 | $ | 5,985,049 | $ | 2,258,397 | $ | 1,036,532 |
Portfolio turnover rate J | | | | 62% | | 79% | | 60% | | 57% | | 59% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IProxy expenses are not annualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity SAI International Value Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $854,116,023 |
| Gross unrealized depreciation | (237,089,715) |
| Net unrealized appreciation (depreciation) | $617,026,308 |
| Tax cost | $4,367,197,774 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| Short-term | $(286,256,532) |
| Long-term | (210,891,744) |
| Total capital loss carryforward | $(497,148,276) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI International Value Index Fund | 1,843,636,404 | 1,276,691,446 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity SAI International Value Index Fund | 3,972 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity SAI International Value Index Fund | 18,337 | - | - |
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Fidelity International Fund | Strategic Advisers International Fund |
| Fidelity SAI International Value Index Fund | 85% | 11% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity SAI International Value Index Fund | 96% |
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 (November 1, 2023 to April 30, 2024). |
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
| Fidelity® SAI International Value Index Fund | | | | .16% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,184.10 | | $ .87 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.07 | | $ .81 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9885502.106
IIV-SANN-0624
Fidelity® Total International Index Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
| |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.0 | |
| Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.4 | |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 1.2 | |
| Tencent Holdings Ltd. (China, Interactive Media & Services) | 1.0 | |
| Nestle SA (Reg. S) (United States of America, Food Products) | 0.9 | |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 0.9 | |
| Toyota Motor Corp. (Japan, Automobiles) | 0.8 | |
| AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 0.8 | |
| Shell PLC (London) (United States of America, Oil, Gas & Consumable Fuels) | 0.8 | |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 0.8 | |
| | 10.6 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Financials | 21.7 | |
| Industrials | 12.8 | |
| Information Technology | 12.3 | |
| Consumer Discretionary | 11.1 | |
| Health Care | 8.8 | |
| Materials | 7.6 | |
| Consumer Staples | 7.3 | |
| Energy | 5.8 | |
| Communication Services | 4.8 | |
| Utilities | 2.8 | |
| Real Estate | 1.7 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 3.3% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 95.8% |
| | | Shares | Value ($) |
| Australia - 4.7% | | | |
| Abacus Storage King | | 291,659 | 212,707 |
| Accent Group Ltd. | | 191,985 | 233,262 |
| Adbri Ltd. (a) | | 152,621 | 309,609 |
| AGL Energy Ltd. | | 249,749 | 1,521,113 |
| ALS Ltd. | | 183,363 | 1,533,101 |
| Altium Ltd. | | 47,754 | 2,017,600 |
| Alumina Ltd. (a) | | 1,015,980 | 1,043,744 |
| AMP Ltd. | | 1,103,911 | 776,971 |
| Ampol Ltd. | | 95,148 | 2,246,805 |
| Ansell Ltd. | | 57,656 | 947,928 |
| ANZ Group Holdings Ltd. | | 1,198,077 | 21,618,016 |
| APA Group unit | | 499,810 | 2,667,226 |
| ARB Corp. Ltd. | | 32,863 | 806,770 |
| Arena (REIT) unit | | 193,857 | 457,388 |
| Aristocrat Leisure Ltd. | | 232,017 | 5,921,070 |
| ASX Ltd. | | 76,787 | 3,136,760 |
| Atlas Arteria Ltd. unit | | 470,682 | 1,567,576 |
| Aub Group Ltd. | | 45,539 | 825,912 |
| Audinate Group Ltd. (a) | | 31,684 | 380,390 |
| Aurizon Holdings Ltd. | | 730,575 | 1,794,476 |
| Aussie Broadband Ltd. (a)(b) | | 109,845 | 262,003 |
| Austal Ltd. | | 175,009 | 258,853 |
| AVZ Minerals Ltd. (a)(c) | | 729,530 | 368,620 |
| Bank of Queensland Ltd. | | 281,664 | 1,112,616 |
| Bapcor Ltd. | | 140,556 | 526,282 |
| Beach Energy Ltd. | | 673,440 | 689,591 |
| Bega Cheese Ltd. | | 116,246 | 308,174 |
| Bellevue Gold Ltd. (a) | | 492,855 | 556,874 |
| Bendigo & Adelaide Bank Ltd. | | 231,530 | 1,451,260 |
| BHP Group Ltd. | | 2,032,770 | 55,750,986 |
| BlueScope Steel Ltd. | | 179,474 | 2,619,499 |
| Boral Ltd. (b) | | 119,650 | 440,274 |
| Boss Energy Ltd. (a)(b) | | 174,560 | 549,414 |
| Brambles Ltd. | | 553,549 | 5,207,597 |
| Breville Group Ltd. | | 43,518 | 716,513 |
| Brickworks Ltd. | | 32,613 | 561,700 |
| BWP Trust (b) | | 225,678 | 516,439 |
| Capricorn Metals Ltd. (a) | | 148,429 | 469,867 |
| CAR Group Ltd. | | 142,294 | 3,085,434 |
| Centuria Capital Group unit | | 320,159 | 352,424 |
| Centuria Industrial REIT | | 213,792 | 436,534 |
| Cettire Ltd. (a) | | 107,680 | 204,690 |
| Challenger Ltd. | | 187,996 | 809,963 |
| Champion Iron Ltd. | | 166,523 | 754,654 |
| Charter Hall Group unit | | 192,391 | 1,461,061 |
| Charter Hall Long Wale REIT unit | | 297,833 | 644,211 |
| Charter Hall Retail REIT | | 260,174 | 555,148 |
| Charter Hall Social Infrastruc | | 201,619 | 329,332 |
| Cleanaway Waste Management Ltd. | | 855,965 | 1,480,795 |
| Cochlear Ltd. | | 26,482 | 5,524,356 |
| Codan Ltd./Australia | | 41,711 | 293,964 |
| Coles Group Ltd. | | 530,263 | 5,530,229 |
| Collins Foods Ltd. | | 52,960 | 339,499 |
| Commonwealth Bank of Australia | | 669,438 | 49,049,407 |
| Computershare Ltd. | | 212,946 | 3,741,114 |
| Coronado Global Resources, Inc. CDI (b)(d) | | 404,601 | 321,552 |
| Corporate Travel Management Ltd. | | 52,837 | 517,663 |
| Credit Corp. Group Ltd. | | 30,756 | 321,856 |
| CSR Ltd. | | 193,888 | 1,105,896 |
| Data#3 Ltd. | | 62,672 | 308,254 |
| De Grey Mining Ltd. (a) | | 682,354 | 567,833 |
| Deep Yellow Ltd. (a) | | 365,752 | 337,427 |
| Deterra Royalties Ltd. | | 195,775 | 619,706 |
| Dexus Industria (REIT) | | 115,909 | 217,936 |
| DEXUS Property Group unit | | 430,751 | 1,956,563 |
| Dicker Data Ltd. | | 44,340 | 305,457 |
| Domain Holdings Australia Ltd. (b) | | 127,409 | 240,790 |
| Dominos Pizza Enterprises Ltd. | | 28,134 | 709,692 |
| Downer EDI Ltd. | | 277,082 | 831,815 |
| Eagers Automotive Ltd. | | 66,436 | 535,184 |
| EBOS Group Ltd. | | 62,941 | 1,297,026 |
| Elders Ltd. | | 68,567 | 372,537 |
| Emerald Resources NL (a) | | 230,062 | 517,892 |
| Endeavour Group Ltd. | | 575,338 | 1,978,533 |
| Evolution Mining Ltd. | | 798,508 | 2,059,179 |
| EVT Ltd. | | 41,722 | 319,314 |
| Firefinch Ltd. (a)(b)(c) | | 386,763 | 50,109 |
| Fleetpartners Group Ltd. (a) | | 112,153 | 259,686 |
| Flight Centre Travel Group Ltd. (b) | | 73,366 | 997,192 |
| Fortescue Ltd. | | 679,421 | 11,261,027 |
| G8 Education Ltd. | | 337,716 | 265,270 |
| Genesis Minerals Ltd. (a) | | 422,448 | 472,407 |
| Glencore PLC | | 4,157,241 | 24,189,174 |
| Gold Road Resources Ltd. | | 464,883 | 481,077 |
| Goodman Group unit | | 685,577 | 13,848,403 |
| GrainCorp Ltd. | | 93,853 | 515,690 |
| GUD Holdings Ltd. | | 64,608 | 424,266 |
| Hansen Technologies Ltd. | | 92,282 | 279,633 |
| Harvey Norman Holdings Ltd. | | 227,433 | 667,928 |
| Healius Ltd. (a)(b) | | 290,485 | 223,774 |
| HealthCo REIT | | 271,809 | 209,790 |
| Helia Group Ltd. | | 146,914 | 377,091 |
| Hmc Capital Ltd. | | 95,780 | 388,004 |
| HomeCo Daily Needs (REIT) unit | | 728,294 | 571,009 |
| HUB24 Ltd. | | 31,596 | 811,813 |
| IDP Education Ltd. | | 109,768 | 1,144,540 |
| IGO Ltd. | | 282,317 | 1,406,132 |
| Iluka Resources Ltd. | | 179,347 | 872,096 |
| Imdex Ltd. | | 222,069 | 297,813 |
| Incitec Pivot Ltd. | | 780,609 | 1,401,652 |
| Ingenia Communities Group unit | | 168,986 | 500,864 |
| Inghams Group Ltd. | | 158,792 | 375,842 |
| Insignia Financial Ltd. | | 241,956 | 378,655 |
| Insurance Australia Group Ltd. | | 966,753 | 4,005,236 |
| IPH Ltd. | | 102,741 | 413,579 |
| Iress Ltd. (a) | | 82,644 | 451,679 |
| JB Hi-Fi Ltd. | | 44,687 | 1,743,781 |
| Johns Lyng Group Ltd. (b) | | 93,824 | 336,456 |
| Judo Capital Holdings Ltd. (a) | | 334,078 | 286,839 |
| Jumbo Interactive Ltd. | | 28,848 | 293,222 |
| Karoon Energy Ltd. (a) | | 351,794 | 434,203 |
| Kelsian Group Ltd. | | 89,824 | 319,232 |
| Lendlease Group unit | | 269,965 | 1,113,348 |
| Leo Lithium Ltd. (a)(c) | | 399,362 | 130,647 |
| Lifestyle Communities Ltd. | | 48,331 | 368,761 |
| Link Administration Holdings Ltd. | | 184,857 | 266,774 |
| Liontown Resources Ltd. (a) | | 613,944 | 481,807 |
| Lovisa Holdings Ltd. (b) | | 27,907 | 562,439 |
| Lynas Rare Earths Ltd. (a) | | 385,298 | 1,611,067 |
| Macquarie Group Ltd. | | 144,964 | 17,357,774 |
| Magellan Financial Group Ltd. | | 78,258 | 444,359 |
| Magellan Financial Group Ltd. warrants 4/16/27 (a) | | 4,999 | 385 |
| McMillan Shakespeare Ltd. | | 24,673 | 294,508 |
| Medibank Private Ltd. | | 1,116,327 | 2,558,466 |
| Megaport Ltd. (a) | | 62,774 | 537,503 |
| Metcash Ltd. | | 395,053 | 1,001,809 |
| Mineral Resources Ltd. | | 71,156 | 3,227,802 |
| Mirvac Group unit | | 1,580,262 | 2,070,569 |
| Monadelphous Group Ltd. | | 46,747 | 401,552 |
| Nanosonics Ltd. (a) | | 134,535 | 248,932 |
| National Australia Bank Ltd. | | 1,243,210 | 26,949,723 |
| National Storage REIT unit | | 528,586 | 728,882 |
| Netwealth Group Ltd. | | 55,295 | 695,972 |
| Neuren Pharmaceuticals Ltd. (a) | | 47,523 | 583,486 |
| New Hope Corp. Ltd. | | 232,763 | 677,112 |
| NEXTDC Ltd. (a) | | 243,199 | 2,581,675 |
| NIB Holdings Ltd. | | 200,770 | 958,785 |
| Nick Scali Ltd. | | 32,419 | 325,019 |
| Nine Entertainment Co. Holdings Ltd. | | 593,766 | 578,753 |
| Northern Star Resources Ltd. | | 462,636 | 4,385,203 |
| NRW Holdings Ltd. | | 196,108 | 350,045 |
| Nufarm Ltd. | | 157,005 | 518,946 |
| OceanaGold Corp. | | 292,562 | 633,302 |
| oOh!media Ltd. | | 269,179 | 291,029 |
| Orica Ltd. | | 189,056 | 2,189,029 |
| Origin Energy Ltd. | | 688,944 | 4,348,213 |
| Orora Ltd. | | 565,712 | 792,955 |
| Paladin Energy Ltd. (Australia) (a) | | 116,584 | 1,034,654 |
| Perenti Ltd. | | 394,240 | 241,984 |
| Perpetual Trustees Australia Ltd. | | 42,700 | 649,221 |
| Perseus Mining Ltd. (Australia) | | 572,911 | 838,010 |
| PEXA Group Ltd. (a) | | 57,843 | 449,919 |
| Pilbara Minerals Ltd. (b) | | 1,156,154 | 2,943,456 |
| Pinnacle Investment Management Group Ltd. | | 64,528 | 462,333 |
| PolyNovo Ltd. (a) | | 293,046 | 380,252 |
| Premier Investments Ltd. | | 39,405 | 757,981 |
| Pro Medicus Ltd. | | 21,485 | 1,534,998 |
| PWR Holdings Ltd. | | 37,903 | 286,923 |
| Qantas Airways Ltd. (a) | | 343,692 | 1,296,717 |
| QBE Insurance Group Ltd. | | 596,540 | 6,823,802 |
| Qube Holdings Ltd. | | 679,873 | 1,446,271 |
| Ramelius Resources Ltd. | | 460,681 | 611,098 |
| Ramsay Health Care Ltd. | | 74,286 | 2,490,083 |
| REA Group Ltd. | | 21,268 | 2,437,910 |
| Red 5 Ltd. (a) | | 1,241,848 | 355,695 |
| Reece Ltd. | | 90,895 | 1,612,446 |
| Region RE Ltd. unit | | 507,460 | 711,384 |
| Regis Resources Ltd. (a) | | 327,950 | 461,943 |
| Resolute Mng Ltd. (a) | | 948,577 | 257,694 |
| Rio Tinto Ltd. | | 147,479 | 12,273,842 |
| Rio Tinto PLC | | 451,417 | 30,543,226 |
| Rural Funds Group unit | | 187,317 | 242,490 |
| Sandfire Resources NL (a) | | 191,229 | 1,151,777 |
| Santos Ltd. | | 1,299,324 | 6,376,261 |
| Scentre Group unit | | 2,049,393 | 4,150,125 |
| SEEK Ltd. | | 144,609 | 2,233,895 |
| Seven Group Holdings Ltd. | | 66,093 | 1,606,001 |
| Sigma Healthcare Ltd. | | 458,572 | 373,407 |
| Silex Systems Ltd. (a)(b) | | 80,343 | 261,149 |
| Silver Lake Resources Ltd. (a) | | 432,349 | 398,969 |
| SiteMinder Ltd. (a) | | 101,017 | 368,326 |
| Smartgroup Corp. Ltd. | | 60,095 | 368,482 |
| Sonic Healthcare Ltd. | | 182,427 | 3,135,131 |
| South32 Ltd. | | 1,836,071 | 4,188,961 |
| Stanmore Resources Ltd. | | 137,864 | 294,671 |
| Steadfast Group Ltd. | | 428,462 | 1,559,354 |
| Stockland Corp. Ltd. unit | | 954,830 | 2,705,145 |
| Suncorp Group Ltd. | | 507,110 | 5,416,146 |
| Super Retail Group Ltd. | | 68,303 | 635,107 |
| Tabcorp Holdings Ltd. | | 977,859 | 458,828 |
| Technology One Ltd. | | 120,516 | 1,248,210 |
| Telix Pharmaceuticals Ltd. (a) | | 102,642 | 985,061 |
| Telstra Group Ltd. | | 1,566,892 | 3,701,958 |
| Temple & Webster Group Ltd. (a) | | 36,876 | 269,130 |
| The GPT Group | | 774,210 | 2,082,186 |
| The Lottery Corp. Ltd. | | 895,812 | 2,794,478 |
| The Star Entertainment Group Ltd. (a) | | 1,077,787 | 277,834 |
| Transurban Group unit | | 1,217,447 | 9,774,225 |
| Treasury Wine Estates Ltd. | | 326,076 | 2,528,788 |
| Ventia Services Group Pty Ltd. | | 332,492 | 773,825 |
| Vicinity Centres unit | | 1,527,653 | 1,870,716 |
| Viva Energy Group Ltd. (d) | | 445,534 | 975,494 |
| Washington H. Soul Pattinson & Co. Ltd. | | 92,618 | 1,938,272 |
| Waypoint (REIT) unit | | 302,413 | 453,777 |
| Webjet Ltd. (a)(b) | | 167,147 | 877,365 |
| Weebit Nano Ltd. (a)(b) | | 80,852 | 162,580 |
| Wesfarmers Ltd. | | 453,622 | 19,432,814 |
| West African Resources Ltd. (a) | | 441,091 | 373,760 |
| Westgold Resources Ltd. | | 217,718 | 311,039 |
| Westpac Banking Corp. | | 1,400,832 | 23,262,698 |
| Whitehaven Coal Ltd. | | 323,470 | 1,600,040 |
| WiseTech Global Ltd. | | 67,226 | 3,960,455 |
| Woodside Energy Group Ltd. | | 760,690 | 13,629,289 |
| Woolworths Group Ltd. | | 488,066 | 10,013,709 |
| WorleyParsons Ltd. | | 149,360 | 1,441,802 |
| Yancoal Australia Ltd. (b) | | 139,773 | 498,980 |
TOTAL AUSTRALIA | | | 575,706,253 |
| Austria - 0.2% | | | |
| ams-OSRAM AG (a) | | 416,377 | 505,722 |
| Andritz AG | | 26,859 | 1,473,326 |
| AT&S Austria Technologie & Systemtechnik AG | | 12,623 | 281,011 |
| BAWAG Group AG (d) | | 30,634 | 1,837,324 |
| CA Immobilien Anlagen AG | | 14,570 | 474,248 |
| DO & CO Restaurants & Catering AG | | 3,208 | 492,310 |
| Erste Group Bank AG | | 137,254 | 6,425,967 |
| EVN AG | | 14,500 | 446,436 |
| Immofinanz AG (a) | | 12,781 | 317,127 |
| Immofinanz AG (a)(c) | | 23,102 | 0 |
| Kontron AG | | 18,062 | 363,926 |
| Lenzing AG (a) | | 9,450 | 306,081 |
| Mondi PLC | | 179,914 | 3,414,887 |
| Oesterreichische Post AG | | 15,337 | 489,393 |
| OMV AG | | 59,192 | 2,822,422 |
| Raiffeisen International Bank-Holding AG | | 53,948 | 1,000,624 |
| S IMMO AG rights (a)(c) | | 14,648 | 0 |
| Schoeller-Bleckmann Oilfield Equipment AG | | 5,556 | 270,972 |
| UNIQA Insurance Group AG | | 49,307 | 434,119 |
| Verbund AG | | 27,514 | 2,102,387 |
| Vienna Insurance Group AG | | 15,041 | 469,514 |
| Voestalpine AG | | 46,919 | 1,257,808 |
| Wienerberger AG | | 42,383 | 1,517,957 |
TOTAL AUSTRIA | | | 26,703,561 |
| Bailiwick of Jersey - 0.0% | | | |
| JTC PLC (d) | | 65,483 | 699,598 |
| Belgium - 0.5% | | | |
| Ackermans & Van Haaren SA | | 8,792 | 1,515,326 |
| Aedifica SA (b) | | 19,553 | 1,255,148 |
| Aedifica SA rights (a)(e) | | 14,150 | 28,927 |
| Ageas | | 64,310 | 2,960,769 |
| Anheuser-Busch InBev SA NV | | 347,841 | 20,791,775 |
| Barco NV | | 30,849 | 430,620 |
| Bekaert SA | | 14,656 | 736,060 |
| Cofinimmo SA (b) | | 14,870 | 988,655 |
| Colruyt NV | | 18,312 | 848,538 |
| D'ieteren Group | | 8,305 | 1,800,981 |
| Deme Group NV | | 3,214 | 512,439 |
| Elia Group SA/NV | | 12,089 | 1,165,640 |
| Fagron NV | | 30,188 | 587,631 |
| Galapagos NV (a)(b) | | 21,692 | 613,551 |
| Groupe Bruxelles Lambert SA | | 32,639 | 2,433,039 |
| KBC Ancora | | 15,667 | 758,244 |
| KBC Group NV | | 100,414 | 7,490,611 |
| Kinepolis Group NV | | 6,499 | 277,776 |
| Lotus Bakeries SA | | 167 | 1,680,637 |
| Melexis NV | | 8,508 | 715,483 |
| Montea SICAFI SCA | | 6,700 | 576,309 |
| Ontex Group NV (a)(b) | | 37,140 | 374,955 |
| Proximus | | 60,194 | 444,213 |
| Recticel SA (b) | | 23,854 | 315,158 |
| Retail Estates NV | | 4,867 | 340,730 |
| Shurgard Self Storage SA | | 13,744 | 564,702 |
| Sofina SA | | 6,132 | 1,444,931 |
| Solvay SA Class A | | 31,514 | 1,018,013 |
| Syensqo SA | | 30,046 | 2,795,755 |
| Tessenderlo Group | | 11,186 | 287,699 |
| UCB SA | | 50,943 | 6,771,331 |
| Umicore SA | | 84,939 | 1,890,894 |
| VGP NV (b) | | 5,727 | 625,854 |
| Warehouses de Pauw | | 68,942 | 1,834,958 |
| Warehouses de Pauw rights (a)(e) | | 68,942 | 82,404 |
| X-Fab Silicon Foundries SE (a)(d) | | 28,908 | 201,455 |
| Xior Student Housing NV (a) | | 14,508 | 433,522 |
| Xior Student Housing NV: | | | |
| rights (a)(e) | | 14,508 | 8,077 |
| rights (a)(e) | | 14,508 | 18,824 |
TOTAL BELGIUM | | | 67,621,634 |
| Brazil - 1.1% | | | |
| 3R Petroleum Oleo e Gas SA | | 106,993 | 683,465 |
| AES Brasil Energia SA | | 141,315 | 257,723 |
| Allos SA | | 184,864 | 743,358 |
| Alupar Investimento SA unit | | 65,723 | 352,372 |
| Ambev SA | | 1,869,263 | 4,373,829 |
| Arezzo Industria e Comercio SA | | 33,700 | 336,961 |
| Atacadao SA | | 261,200 | 561,877 |
| Auren Energia SA | | 117,689 | 262,685 |
| B3 SA - Brasil Bolsa Balcao | | 2,274,934 | 4,727,215 |
| Banco Bradesco SA | | 834,930 | 1,987,393 |
| Banco BTG Pactual SA unit | | 462,800 | 2,976,836 |
| Banco do Brasil SA | | 683,000 | 3,606,644 |
| Banco Santander SA (Brasil) unit | | 148,100 | 824,267 |
| BB Seguridade Participacoes SA | | 277,500 | 1,720,814 |
| BRF SA (a) | | 241,172 | 783,997 |
| Caixa Seguridade Participacoes | | 245,000 | 738,878 |
| CCR SA | | 400,384 | 950,725 |
| Centrais Eletricas Brasileiras SA (Electrobras) | | 403,276 | 2,940,344 |
| Cielo SA | | 524,600 | 562,728 |
| Cogna Educacao (a) | | 900,154 | 376,177 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 133,800 | 2,082,524 |
| Companhia de Saneamento de Minas Gerais - COPASA | | 87,800 | 331,072 |
| Companhia Siderurgica Nacional SA (CSN) | | 277,087 | 742,798 |
| Compania de Saneamento do Parana | | 98,300 | 487,089 |
| Cosan SA | | 503,764 | 1,406,728 |
| CPFL Energia SA (a) | | 87,600 | 538,158 |
| Cury Construtora e Incorporado SA | | 68,400 | 258,183 |
| Cyrela Brazil Realty SA | | 137,200 | 536,371 |
| Dexco SA | | 204,776 | 285,123 |
| Direcional Engenharia SA | | 68,800 | 308,981 |
| Ecorodovias Infraestrutura e Logistica SA | | 132,200 | 184,580 |
| Embraer SA (a) | | 285,188 | 1,831,649 |
| Enauta Participacoes SA | | 66,400 | 349,353 |
| Energisa SA unit | | 105,100 | 912,839 |
| Eneva SA (a) | | 237,300 | 565,762 |
| ENGIE Brasil Energia SA | | 84,481 | 665,423 |
| Equatorial Energia SA | | 412,679 | 2,431,123 |
| ERO Copper Corp. (a) | | 38,468 | 784,366 |
| EZ Tec Empreendimentos e Participacoes SA | | 69,900 | 185,364 |
| Fleury SA | | 127,012 | 354,184 |
| Gol Linhas Aereas Inteligentes SA warrants 7/23/24 (a)(c) | | 900 | 139 |
| GPS Participacoes e Empreendimentos SA (d) | | 144,100 | 520,332 |
| Grendene SA | | 183,400 | 217,568 |
| Grupo de Moda Soma SA | | 230,616 | 269,583 |
| Grupo Mateus SA (a) | | 242,100 | 345,950 |
| Hapvida Participacoes e Investimentos SA (a)(d) | | 2,001,335 | 1,422,202 |
| Hidrovias do Brasil SA (a) | | 280,500 | 237,144 |
| Hypera SA (a) | | 161,300 | 916,993 |
| Iguatemi SA unit | | 92,510 | 372,705 |
| Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | | 54,400 | 234,672 |
| IRB Brasil Resseguros SA (a) | | 30,513 | 249,623 |
| Klabin SA unit | | 300,000 | 1,331,125 |
| Localiza Rent a Car SA | | 368,535 | 3,479,812 |
| Lojas Renner SA | | 404,337 | 1,193,715 |
| LWSA SA (d) | | 181,900 | 161,141 |
| M. Dias Branco SA | | 33,257 | 217,375 |
| Magazine Luiza SA (a) | | 1,495,851 | 391,780 |
| Marfrig Global Foods SA (a) | | 168,000 | 305,743 |
| Minerva SA | | 173,000 | 203,898 |
| MRV Engenharia e Participacoes SA (a) | | 180,300 | 232,641 |
| Multiplan Empreendimentos Imobiliarios SA | | 118,696 | 523,235 |
| Natura & Co. Holding SA | | 370,952 | 1,185,166 |
| Odontoprev SA | | 132,290 | 304,446 |
| Oncoclinicas do Brasil Servicos Medicos SA (a) | | 123,200 | 174,624 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 1,326,388 | 11,305,691 |
| Petroreconcavo SA | | 68,500 | 287,450 |
| PRIO SA | | 324,500 | 2,999,653 |
| Raia Drogasil SA | | 516,792 | 2,545,842 |
| Rede D'Oregon Sao Luiz SA (d) | | 234,934 | 1,176,344 |
| Rumo SA | | 527,100 | 2,046,438 |
| Santos Brasil Participacoes SA | | 205,500 | 537,436 |
| Sao Martinho SA | | 70,400 | 387,616 |
| Sendas Distribuidora SA | | 553,405 | 1,398,273 |
| Simpar SA | | 203,200 | 226,187 |
| SLC Agricola SA | | 95,682 | 351,764 |
| Smartfit Escola de Ginastica e Danca SA | | 114,200 | 532,007 |
| Suzano SA | | 317,889 | 3,578,899 |
| Telefonica Brasil SA | | 167,700 | 1,528,891 |
| TIM SA | | 351,880 | 1,193,353 |
| Totvs SA | | 228,800 | 1,213,487 |
| Transmissora Alianca de Energia Eletrica SA | | 82,400 | 558,897 |
| Ultrapar Participacoes SA | | 294,100 | 1,464,100 |
| Vale SA | | 1,365,083 | 16,638,313 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | | 211,700 | 289,872 |
| Vibra Energia SA | | 470,342 | 2,124,990 |
| Vivara Participacoes S.A. | | 65,300 | 278,675 |
| Weg SA | | 671,580 | 5,115,162 |
| Wheaton Precious Metals Corp. | | 182,243 | 9,494,402 |
| Wilson Sons Holdings Brasil SA | | 85,300 | 275,977 |
| Yara International ASA | | 66,443 | 1,899,055 |
| YDUQS Participacoes SA | | 117,500 | 330,148 |
TOTAL BRAZIL | | | 129,280,492 |
| Burkina Faso - 0.0% | | | |
| Endeavour Mining PLC | | 74,695 | 1,589,497 |
| IAMGOLD Corp. (a) | | 202,857 | 720,569 |
TOTAL BURKINA FASO | | | 2,310,066 |
| Canada - 7.0% | | | |
| Adentra, Inc. | | 9,228 | 285,423 |
| Advantage Energy Ltd. (a) | | 74,592 | 581,933 |
| Aecon Group, Inc. | | 28,218 | 346,614 |
| Africa Oil Corp. | | 194,959 | 346,965 |
| AG Growth International, Inc. (b) | | 9,391 | 361,615 |
| Agnico Eagle Mines Ltd. (Canada) | | 198,981 | 12,600,998 |
| Air Canada (a) | | 74,902 | 1,105,589 |
| Alamos Gold, Inc. | | 161,123 | 2,370,058 |
| Algoma Steel Group, Inc. | | 44,874 | 343,286 |
| Algonquin Power & Utilities Corp. (b) | | 270,459 | 1,652,243 |
| Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 308,870 | 17,118,934 |
| Allied Properties (REIT) | | 26,674 | 328,036 |
| AltaGas Ltd. | | 114,571 | 2,511,715 |
| Altius Minerals Corp. (b) | | 23,186 | 366,489 |
| Altus Group Ltd. (b) | | 18,828 | 690,946 |
| Andlauer Healthcare Group, Inc. | | 9,902 | 300,013 |
| ARC Resources Ltd. | | 241,769 | 4,378,238 |
| Aritzia, Inc. (a) | | 33,598 | 869,816 |
| ATCO Ltd. Class I (non-vtg.) | | 31,798 | 867,796 |
| Athabasca Oil Corp. (a) | | 241,445 | 841,852 |
| ATS Corp. (a) | | 35,450 | 1,166,259 |
| Aya Gold & Silver, Inc. (a)(b) | | 47,476 | 456,603 |
| B2Gold Corp. | | 537,168 | 1,357,894 |
| Badger Infrastructure Solution | | 15,518 | 506,690 |
| Ballard Power Systems, Inc. (a)(b) | | 118,363 | 311,244 |
| Bank of Montreal | | 287,987 | 25,724,593 |
| Bank of Nova Scotia | | 484,116 | 22,210,995 |
| Barrick Gold Corp. (Canada) | | 706,158 | 11,736,385 |
| Baytex Energy Corp. (b) | | 313,524 | 1,161,495 |
| BCE, Inc. | | 28,768 | 945,176 |
| Birchcliff Energy Ltd. (b) | | 118,399 | 486,789 |
| Bird Construction, Inc. | | 26,351 | 362,347 |
| Bitfarms Ltd. (a)(b) | | 134,983 | 241,207 |
| BlackBerry Ltd. (a)(b) | | 220,690 | 617,191 |
| Boardwalk (REIT) | | 9,744 | 501,622 |
| Bombardier, Inc. Class B (sub. vtg.) (a) | | 35,950 | 1,637,877 |
| Boralex, Inc. Class A | | 40,454 | 811,930 |
| Boyd Group Services, Inc. | | 8,805 | 1,646,512 |
| Brookfield Asset Management Ltd. Class A | | 139,347 | 5,323,255 |
| Brookfield Business Corp. Class A | | 16,147 | 330,060 |
| Brookfield Corp. (Canada) Class A | | 556,913 | 22,338,820 |
| Brookfield Infrastructure Corp. Class A | | 50,644 | 1,542,883 |
| CAE, Inc. (a) | | 129,469 | 2,497,873 |
| Calian Group Ltd. | | 6,338 | 253,032 |
| Calibre Mining Corp. (a) | | 267,213 | 376,561 |
| Cameco Corp. | | 175,321 | 7,999,064 |
| Canaccord Genuity Group, Inc. | | 43,695 | 277,091 |
| Canada Goose Holdings, Inc. (a)(b) | | 25,568 | 288,619 |
| Canadian Apartment Properties (REIT) unit | | 33,768 | 1,051,072 |
| Canadian Imperial Bank of Commerce | | 376,219 | 17,561,350 |
| Canadian National Railway Co. | | 217,669 | 26,419,434 |
| Canadian Natural Resources Ltd. | | 429,859 | 32,573,923 |
| Canadian Pacific Kansas City Ltd. | | 373,002 | 29,262,497 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 21,486 | 2,075,635 |
| Canadian Utilities Ltd. Class A (non-vtg.) | | 51,938 | 1,161,262 |
| Canadian Western Bank, Edmonton (b) | | 42,901 | 823,024 |
| Canfor Corp. (a) | | 27,636 | 291,286 |
| Capital Power Corp. | | 48,757 | 1,272,538 |
| Capstone Copper Corp. (a)(b) | | 170,222 | 1,178,379 |
| Cardinal Energy Ltd. (b) | | 69,482 | 356,331 |
| Cargojet, Inc. | | 3,942 | 352,207 |
| Cascades, Inc. | | 36,751 | 246,671 |
| CCL Industries, Inc. Class B | | 61,404 | 3,135,656 |
| Celestica, Inc. (sub. vtg.) (a) | | 48,537 | 2,101,689 |
| Cenovus Energy, Inc. (Canada) | | 563,031 | 11,566,133 |
| Centerra Gold, Inc. | | 92,680 | 564,165 |
| CES Energy Solutions Corp. | | 109,520 | 451,079 |
| CGI, Inc. Class A (sub. vtg.) (a) | | 82,307 | 8,339,813 |
| Choice Properties REIT | | 59,619 | 563,861 |
| CI Financial Corp. | | 58,962 | 696,417 |
| Cogeco Communications, Inc. | | 7,614 | 301,817 |
| Colliers International Group, Inc. | | 16,774 | 1,746,792 |
| Computer Modelling Group Ltd. | | 38,285 | 305,357 |
| Constellation Software, Inc. | | 8,070 | 20,776,769 |
| Constellation Software, Inc. warrants 3/31/40 (a)(c) | | 7,284 | 1 |
| Converge Technology Solutions Corp. | | 88,176 | 342,674 |
| Crescent Point Energy Corp. | | 241,656 | 2,131,046 |
| Crombie (REIT) | | 27,316 | 254,974 |
| Cronos Group, Inc. (a)(b) | | 103,566 | 304,484 |
| CT Real Estate Investment Trust | | 30,923 | 301,671 |
| Definity Financial Corp. | | 35,301 | 1,176,743 |
| Denison Mines Corp. (a)(b) | | 372,194 | 740,792 |
| dentalcorp Holdings Ltd. (a) | | 52,670 | 239,887 |
| Descartes Systems Group, Inc. (Canada) (a) | | 34,462 | 3,196,744 |
| Docebo, Inc. (a) | | 6,963 | 311,265 |
| Dollarama, Inc. | | 112,793 | 9,409,180 |
| Dream Industrial (REIT) (b) | | 57,924 | 522,164 |
| Dundee Precious Metals, Inc. | | 78,035 | 590,655 |
| Dye & Durham Ltd. | | 23,543 | 251,052 |
| ECN Capital Corp. | | 107,723 | 137,720 |
| Element Fleet Management Corp. | | 154,853 | 2,471,304 |
| Emera, Inc. | | 112,699 | 3,800,977 |
| Empire Co. Ltd. Class A (non-vtg.) | | 56,604 | 1,318,629 |
| Enbridge, Inc. | | 847,126 | 30,121,540 |
| Enerflex Ltd. (b) | | 54,602 | 319,287 |
| Enerplus Corp. | | 80,093 | 1,566,778 |
| Enghouse Systems Ltd. | | 21,624 | 468,246 |
| EQB, Inc. | | 12,272 | 740,875 |
| Equinox Gold Corp. (a) | | 124,012 | 671,114 |
| Exchange Income Corp. (b) | | 10,471 | 352,773 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 8,555 | 9,301,096 |
| Fiera Capital Corp. (b) | | 40,448 | 201,557 |
| Filo Corp. (a) | | 42,574 | 762,939 |
| Finning International, Inc. | | 59,555 | 1,868,435 |
| First Capital (REIT) unit | | 44,808 | 481,068 |
| First Majestic Silver Corp. | | 118,811 | 792,470 |
| First National Financial Corp. (b) | | 9,403 | 261,944 |
| FirstService Corp. | | 16,206 | 2,380,310 |
| Fission Uranium Corp. (a)(b) | | 326,359 | 256,033 |
| Foran Mining Corp. (a)(b) | | 97,764 | 299,687 |
| Fortis, Inc. | | 189,750 | 7,451,338 |
| Fortuna Silver Mines, Inc. (a) | | 129,542 | 588,122 |
| Franco-Nevada Corp. | | 77,278 | 9,302,662 |
| Freehold Royalties Ltd. | | 60,978 | 627,653 |
| George Weston Ltd. | | 23,937 | 3,150,159 |
| Gibson Energy, Inc. | | 67,410 | 1,105,668 |
| Gildan Activewear, Inc. | | 61,758 | 2,140,771 |
| Global Atomic Corp. (a)(b) | | 87,309 | 132,551 |
| goeasy Ltd. | | 5,652 | 722,753 |
| Granite (REIT) | | 12,893 | 637,322 |
| Great-West Lifeco, Inc. | | 109,704 | 3,244,143 |
| H&R (REIT) | | 62,837 | 410,804 |
| Hammond Power Solutions, Inc. Class A (b) | | 3,523 | 295,219 |
| Headwater Exploration, Inc. | | 116,658 | 633,859 |
| HudBay Minerals, Inc. | | 149,723 | 1,260,516 |
| Hut 8 Mining Corp. (a) | | 29,651 | 233,262 |
| Hydro One Ltd. (d) | | 128,006 | 3,585,451 |
| iA Financial Corp., Inc. | | 40,615 | 2,462,302 |
| IGM Financial, Inc. | | 32,464 | 811,453 |
| Imperial Oil Ltd. | | 74,734 | 5,138,251 |
| Innergex Renewable Energy, Inc. | | 70,551 | 411,524 |
| Intact Financial Corp. | | 71,337 | 11,725,147 |
| Interfor Corp. (a) | | 22,733 | 288,487 |
| International Petroleum Corp. (a)(b) | | 40,423 | 499,764 |
| InterRent REIT | | 36,576 | 318,295 |
| Ivanhoe Mines Ltd. (a) | | 254,201 | 3,445,604 |
| Jamieson Wellness, Inc. (d) | | 20,012 | 380,136 |
| K92 Mining, Inc. (a) | | 99,762 | 530,460 |
| Karora Resources, Inc. (a) | | 84,418 | 328,682 |
| Kelt Exploration Ltd. (a) | | 86,021 | 390,536 |
| Keyera Corp. (b) | | 91,917 | 2,358,267 |
| Killam Apartment (REIT) | | 28,406 | 354,701 |
| Kinaxis, Inc. (a) | | 11,879 | 1,264,913 |
| Kinross Gold Corp. | | 495,640 | 3,197,097 |
| Labrador Iron Ore Royalty Corp. | | 27,688 | 604,786 |
| Laurentian Bank of Canada | | 20,676 | 386,441 |
| Lightspeed Commerce, Inc. (Canada) (a)(b) | | 57,211 | 749,293 |
| Linamar Corp. | | 17,596 | 828,641 |
| Lithium Americas Corp. (b) | | 45,202 | 231,814 |
| Lithium Americas Corp. (b) | | 48,815 | 216,302 |
| Loblaw Companies Ltd. | | 62,272 | 6,828,592 |
| Lundin Gold, Inc. | | 44,744 | 608,114 |
| MAG Silver Corp. (a) | | 49,704 | 611,258 |
| Magna International, Inc. Class A (sub. vtg.) | | 109,442 | 5,231,020 |
| Major Drilling Group International, Inc. (a) | | 44,697 | 310,394 |
| Manulife Financial Corp. | | 723,662 | 16,879,226 |
| Maple Leaf Foods, Inc. | | 34,724 | 614,698 |
| Martinrea International, Inc. | | 34,620 | 287,945 |
| Mattr Corp. Class A (a) | | 29,957 | 354,919 |
| MEG Energy Corp. (a) | | 112,152 | 2,550,742 |
| Methanex Corp. | | 26,421 | 1,265,153 |
| Metro, Inc. | | 90,235 | 4,615,806 |
| MTY Food Group, Inc. | | 9,312 | 334,154 |
| Mullen Group Ltd. | | 41,131 | 381,836 |
| National Bank of Canada | | 133,915 | 10,752,889 |
| New Gold, Inc. (a) | | 291,077 | 503,224 |
| NexGen Energy Ltd. (a)(b) | | 203,270 | 1,547,430 |
| NFI Group, Inc. (a)(b) | | 40,461 | 332,117 |
| North American Construction Group Ltd. | | 12,306 | 259,234 |
| North West Co., Inc. | | 21,344 | 604,978 |
| Northland Power, Inc. | | 105,093 | 1,603,896 |
| Novagold Resources, Inc. (a)(b) | | 114,258 | 331,989 |
| Nutrien Ltd. | | 198,872 | 10,486,412 |
| Nuvei Corp. (Canada) (d) | | 27,545 | 883,385 |
| NuVista Energy Ltd. (a) | | 75,076 | 678,419 |
| Obsidian Energy Ltd. (a) | | 37,392 | 320,778 |
| Onex Corp. (sub. vtg.) | | 26,595 | 1,886,851 |
| Open Text Corp. | | 110,021 | 3,884,881 |
| Orla Mining Ltd. (a)(b) | | 95,859 | 372,532 |
| Osisko Gold Royalties Ltd. | | 68,400 | 1,050,855 |
| Osisko Mining, Inc. (a) | | 171,569 | 378,869 |
| Pan American Silver Corp. | | 148,158 | 2,732,526 |
| Paramount Resources Ltd. Class A | | 34,148 | 773,920 |
| Parex Resources, Inc. | | 44,526 | 776,250 |
| Park Lawn Corp. (b) | | 19,708 | 235,497 |
| Parkland Corp. | | 57,448 | 1,769,781 |
| Pason Systems, Inc. | | 35,214 | 400,319 |
| Pembina Pipeline Corp. | | 233,240 | 8,206,985 |
| Pet Valu Holdings Ltd. | | 19,891 | 446,469 |
| Peyto Exploration & Development Corp. (b) | | 82,366 | 920,795 |
| Power Corp. of Canada (sub. vtg.) | | 226,699 | 6,040,257 |
| PrairieSky Royalty Ltd. | | 88,996 | 1,695,685 |
| Precision Drilling Corp. (a) | | 6,223 | 436,308 |
| Premium Brands Holdings Corp. | | 18,950 | 1,241,630 |
| Primaris Real Estate Investmen | | 24,130 | 231,370 |
| Quebecor, Inc. Class B (sub. vtg.) | | 65,779 | 1,361,307 |
| RB Global, Inc. | | 73,324 | 5,248,532 |
| Restaurant Brands International, Inc. | | 119,284 | 9,049,519 |
| Richelieu Hardware Ltd. | | 23,676 | 668,153 |
| RioCan (REIT) | | 61,847 | 783,505 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 143,138 | 5,362,021 |
| Rogers Sugar, Inc. | | 80,602 | 305,042 |
| Royal Bank of Canada | | 560,696 | 54,246,977 |
| Russel Metals, Inc. | | 26,118 | 735,550 |
| Sandstorm Gold Ltd. | | 107,900 | 589,134 |
| Saputo, Inc. | | 103,610 | 1,992,196 |
| Savaria Corp. | | 28,863 | 346,151 |
| Seabridge Gold, Inc. (a) | | 31,534 | 473,010 |
| Secure Energy Services, Inc. | | 98,682 | 835,820 |
| Shopify, Inc. Class A (a) | | 485,306 | 34,071,714 |
| Sienna Senior Living, Inc. | | 38,809 | 377,758 |
| Silvercorp Metals, Inc. | | 97,145 | 308,374 |
| SilverCrest Metals, Inc. (a) | | 64,513 | 528,138 |
| Sleep Country Canada Holdings, Inc. (d) | | 18,391 | 365,108 |
| SmartCentres (REIT) (b) | | 29,953 | 484,766 |
| SNC-Lavalin Group, Inc. | | 70,762 | 2,717,088 |
| Spin Master Corp. (d) | | 15,404 | 336,580 |
| Sprott, Inc. (b) | | 11,245 | 440,847 |
| SSR Mining, Inc. | | 86,455 | 463,471 |
| Stantec, Inc. | | 45,587 | 3,629,674 |
| Stelco Holdings, Inc. (b) | | 14,016 | 406,333 |
| Stella-Jones, Inc. | | 21,331 | 1,239,279 |
| StorageVault Canada, Inc. | | 107,804 | 370,401 |
| Sun Life Financial, Inc. | | 230,692 | 11,778,840 |
| Suncor Energy, Inc. | | 516,280 | 19,700,133 |
| SunOpta, Inc. (a) | | 38,736 | 253,721 |
| Superior Plus Corp. | | 99,056 | 671,334 |
| Surge Energy, Inc. | | 52,849 | 286,770 |
| Tamarack Valley Energy Ltd. (b) | | 226,040 | 612,450 |
| Taseko Mines Ltd. (a) | | 142,910 | 352,954 |
| TC Energy Corp. | | 412,924 | 14,793,456 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 185,073 | 9,100,055 |
| TELUS Corp. | | 197,892 | 3,178,289 |
| TFI International, Inc. (Canada) | | 32,191 | 4,192,208 |
| The Toronto-Dominion Bank | | 709,847 | 42,111,796 |
| Thomson Reuters Corp. | | 63,119 | 9,533,530 |
| Timbercreek Financial Corp. (b) | | 60,297 | 326,747 |
| TMX Group Ltd. | | 111,178 | 2,943,695 |
| Topaz Energy Corp. | | 42,735 | 707,464 |
| Torex Gold Resources, Inc. (a) | | 36,690 | 517,042 |
| Toromont Industries Ltd. | | 33,029 | 3,023,030 |
| Tourmaline Oil Corp. | | 134,481 | 6,572,391 |
| TransAlta Corp. | | 115,366 | 765,112 |
| Transcontinental, Inc. Class A (b) | | 34,649 | 343,809 |
| Trican Well Service Ltd. | | 111,950 | 339,920 |
| Tricon Residential, Inc. | | 104,647 | 1,172,162 |
| Triple Flag Precious Metals Corp. | | 24,209 | 390,397 |
| Trisura Group Ltd. (a) | | 20,891 | 638,119 |
| Vermilion Energy, Inc. | | 70,597 | 813,328 |
| Well Health Technologies Corp. (a)(b) | | 103,705 | 274,960 |
| Wesdome Gold Mines, Inc. (a) | | 64,496 | 482,555 |
| West Fraser Timber Co. Ltd. | | 23,058 | 1,766,052 |
| Westshore Terminals Investment Corp. | | 17,079 | 328,516 |
| Whitecap Resources, Inc. | | 248,069 | 1,881,263 |
| Winpak Ltd. | | 15,308 | 476,704 |
| WSP Global, Inc. | | 49,153 | 7,458,374 |
TOTAL CANADA | | | 855,531,058 |
| Chile - 0.2% | | | |
| Aguas Andinas SA | | 1,231,808 | 351,560 |
| Antofagasta PLC | | 158,064 | 4,364,946 |
| Banco de Chile | | 18,091,187 | 2,006,887 |
| Banco de Credito e Inversiones | | 31,465 | 917,714 |
| Banco Itau Chile SA | | 31,867 | 335,250 |
| Banco Santander Chile | | 26,949,011 | 1,221,063 |
| CAP SA | | 35,397 | 253,094 |
| Cencosud SA | | 533,657 | 914,451 |
| Colbun SA | | 3,371,419 | 432,959 |
| Compania Cervecerias Unidas SA | | 60,464 | 370,953 |
| Compania Sud Americana de Vapores SA | | 6,425,277 | 501,279 |
| Empresa Nacional de Telecomunicaciones SA (ENTEL) | | 87,282 | 300,016 |
| Empresas CMPC SA | | 465,397 | 919,111 |
| Empresas COPEC SA | | 158,678 | 1,132,340 |
| Enel Americas SA | | 8,408,538 | 788,259 |
| Enel Chile SA | | 11,090,854 | 658,485 |
| Falabella SA (a) | | 361,963 | 968,955 |
| LATAM Airlines Group SA | | 74,419,791 | 1,006,940 |
| Lundin Mining Corp. | | 264,715 | 3,022,787 |
| Parque Arauco SA | | 282,654 | 425,431 |
| Plaza SA | | 192,752 | 280,279 |
| SMU SA | | 1,586,190 | 294,091 |
| Vina Concha y Toro SA | | 257,866 | 343,803 |
TOTAL CHILE | | | 21,810,653 |
| China - 6.8% | | | |
| 360 Security Technology, Inc. (A Shares) (a) | | 286,500 | 335,231 |
| 361 Degrees International Ltd. | | 483,000 | 293,077 |
| 37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | | 64,000 | 147,017 |
| 3SBio, Inc. (d) | | 899,500 | 719,024 |
| AAC Technology Holdings, Inc. | | 314,000 | 999,348 |
| Advanced Micro-Fabrication Equipment, Inc., China (A Shares) | | 18,521 | 360,111 |
| AECC Aviation Power Co. Ltd. | | 95,600 | 465,925 |
| Agricultural Bank of China Ltd.: | | | |
| (A Shares) | | 3,267,400 | 1,983,301 |
| (H Shares) | | 9,400,000 | 4,191,563 |
| Aier Eye Hospital Group Co. Ltd. (A Shares) | | 272,675 | 484,307 |
| Air China Ltd.: | | | |
| (A Shares) (a) | | 448,800 | 456,393 |
| (H Shares) (a) | | 562,000 | 281,763 |
| Airtac International Group | | 57,673 | 2,038,331 |
| Akeso, Inc. (a)(d) | | 215,000 | 1,315,611 |
| Alibaba Group Holding Ltd. | | 6,554,164 | 61,367,061 |
| Alibaba Health Information Technology Ltd. (a)(b) | | 2,506,000 | 935,437 |
| Aluminum Corp. of China Ltd. (H Shares) | | 2,168,000 | 1,437,848 |
| ANE (Cayman), Inc. (a)(b) | | 444,500 | 296,081 |
| Anhui Conch Cement Co. Ltd. (H Shares) | | 689,500 | 1,599,685 |
| Anhui Expressway Co. Ltd. (H Shares) | | 242,000 | 266,392 |
| Anhui Gujing Distillery Co. Ltd. (B Shares) | | 91,137 | 1,493,835 |
| Anhui Yingjia Distillery Co. Ltd. (A Shares) | | 25,900 | 253,257 |
| Anta Sports Products Ltd. | | 517,200 | 5,855,217 |
| Ascentage Pharma Group International (a)(b)(d) | | 118,000 | 268,062 |
| Autohome, Inc. ADR Class A | | 30,107 | 773,750 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 1,376,000 | 591,779 |
| Baidu, Inc. Class A (a) | | 910,668 | 11,798,238 |
| Bairong, Inc. (a)(d) | | 150,500 | 188,301 |
| Bank of Beijing Co. Ltd. (A Shares) | | 563,900 | 434,100 |
| Bank of Chengdu Co. Ltd. (A Shares) | | 151,900 | 309,907 |
| Bank of China Ltd.: | | | |
| (A Shares) | | 3,843,800 | 2,432,098 |
| (H Shares) | | 27,543,000 | 12,352,773 |
| Bank of Communications Co. Ltd.: | | | |
| (A Shares) | | 780,000 | 739,857 |
| (H Shares) | | 3,738,000 | 2,691,581 |
| Bank of Hangzhou Co. Ltd. (A Shares) | | 220,400 | 392,434 |
| Bank of Jiangsu Co. Ltd. (A Shares) | | 508,810 | 567,248 |
| Bank of Nanjing Co. Ltd. (A Shares) | | 306,100 | 393,743 |
| Bank of Ningbo Co. Ltd. (A Shares) | | 180,750 | 570,736 |
| Bank of Shanghai Co. Ltd. (A Shares) | | 411,700 | 414,791 |
| Baoshan Iron & Steel Co. Ltd. (A Shares) | | 531,900 | 509,401 |
| BeiGene Ltd. (a) | | 279,936 | 3,320,769 |
| Beijing Capital International Airport Co. Ltd. (H Shares) (a) | | 986,000 | 313,752 |
| Beijing Enterprises Holdings Ltd. | | 235,000 | 752,364 |
| Beijing Enterprises Water Group Ltd. | | 2,172,000 | 547,802 |
| Beijing Kingsoft Office Software, Inc. (A Shares) | | 12,660 | 536,248 |
| Beijing New Building Materials PLC (A Shares) | | 65,700 | 296,698 |
| Beijing Tiantan Biological Products Corp. Ltd. (A Shares) | | 70,000 | 277,207 |
| Beijing Tongrentang Co. Ltd. (A Shares) | | 52,800 | 307,915 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) | | 24,900 | 233,935 |
| Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) | | 1,225,800 | 859,208 |
| Bilibili, Inc. Class Z (a)(b) | | 91,031 | 1,155,928 |
| BOC Aviation Ltd. Class A (d) | | 89,300 | 710,269 |
| BOC Hong Kong (Holdings) Ltd. | | 1,483,500 | 4,547,066 |
| BOE Technology Group Co. Ltd. (A Shares) | | 1,055,300 | 633,458 |
| Bosideng International Holdings Ltd. | | 1,704,000 | 986,391 |
| Brilliance China Automotive Holdings Ltd. | | 1,260,000 | 1,046,286 |
| BYD Co. Ltd.: | | | |
| (A Shares) | | 118,000 | 3,542,797 |
| (H Shares) | | 342,500 | 9,388,810 |
| BYD Electronic International Co. Ltd. | | 341,000 | 1,148,756 |
| C&D International Investment Group Ltd. | | 316,637 | 627,232 |
| Cambricon Technologies Corp. Ltd. (A Shares) (a) | | 11,040 | 254,770 |
| CGN Mining Co. Ltd. (a)(b) | | 1,205,000 | 310,611 |
| CGN New Energy Holdings Co. Ltd. (b)(d) | | 1,260,000 | 375,279 |
| CGN Power Co. Ltd. (H Shares) (d) | | 5,258,000 | 1,763,050 |
| Changchun High & New Technology Industry Group, Inc. (A Shares) | | 16,700 | 259,639 |
| Chaozhou Three-Circle Group Co. (A Shares) | | 85,900 | 329,777 |
| China BlueChemical Ltd. (H Shares) | | 1,026,000 | 325,715 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 4,966,000 | 447,520 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 3,672,000 | 2,148,243 |
| China Coal Energy Co. Ltd. (H Shares) | | 872,000 | 878,400 |
| China Communications Services Corp. Ltd. (H Shares) | | 1,200,000 | 573,656 |
| China Conch Venture Holdings Ltd. | | 686,000 | 500,379 |
| China Construction Bank Corp.: | | | |
| (A Shares) | | 2,126,500 | 2,088,232 |
| (H Shares) | | 35,635,000 | 23,055,527 |
| China CSSC Holdings Ltd. (A Shares) | | 122,800 | 617,049 |
| China Datang Corp. Renewable Power Co. Ltd. | | 1,550,000 | 329,884 |
| China Eastern Airlines Corp. Ltd. (A Shares) (a) | | 649,700 | 343,736 |
| China Education Group Holdings Ltd. | | 563,724 | 318,270 |
| China Energy Engineering Corp. Ltd. (A Shares) | | 845,400 | 256,352 |
| China Everbright Bank Co. Ltd.: | | | |
| (A Shares) | | 959,800 | 417,360 |
| (H Shares) | | 1,648,000 | 499,272 |
| China Everbright International Ltd. | | 1,853,370 | 751,518 |
| China Everbright Ltd. | | 674,000 | 359,389 |
| China Feihe Ltd. (d) | | 1,804,000 | 986,546 |
| China Galaxy Securities Co. Ltd. (H Shares) | | 2,073,000 | 1,122,876 |
| China Gas Holdings Ltd. | | 1,194,400 | 1,118,354 |
| China Hongqiao Group Ltd. (b) | | 1,008,000 | 1,390,919 |
| China Huishan Dairy Holdings Co. Ltd. (a)(c) | | 51,000 | 0 |
| China International Capital Corp. Ltd. (H Shares) (d) | | 962,800 | 1,160,990 |
| China Jinmao Holdings Group Ltd. (b) | | 3,234,356 | 274,071 |
| China Jushi Co. Ltd. (A Shares) | | 182,530 | 300,034 |
| China Liansu Group Holdings Ltd. | | 590,000 | 247,320 |
| China Life Insurance Co. Ltd. (H Shares) | | 3,242,000 | 4,269,465 |
| China Literature Ltd. (a)(d) | | 179,800 | 642,255 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 1,490,000 | 1,043,795 |
| China Medical System Holdings Ltd. | | 609,000 | 543,745 |
| China Mengniu Dairy Co. Ltd. | | 1,305,000 | 2,703,279 |
| China Merchants Bank Co. Ltd.: | | | |
| (A Shares) | | 328,800 | 1,551,407 |
| (H Shares) | | 1,757,000 | 7,609,317 |
| China Merchants Energy Shipping Co. Ltd. (A Shares) | | 226,600 | 266,536 |
| China Merchants Holdings International Co. Ltd. | | 554,954 | 732,881 |
| China Merchants Securities Co. Ltd. (A Shares) | | 214,460 | 431,980 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 294,400 | 342,993 |
| China Minsheng Banking Corp. Ltd.: | | | |
| (A Shares) | | 1,483,200 | 808,736 |
| (H Shares) | | 1,696,000 | 620,535 |
| China National Building Materials Co. Ltd. (H Shares) | | 1,911,350 | 739,574 |
| China National Chemical Engineering Co. Ltd. (A Shares) | | 209,300 | 198,761 |
| China National Nuclear Power Co. Ltd. (A Shares) | | 428,900 | 546,817 |
| China Nonferrous Mining Co. Ltd. | | 581,000 | 525,195 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 118,700 | 315,456 |
| China Oilfield Services Ltd. (H Shares) | | 754,000 | 806,257 |
| China Overseas Grand Oceans Group Ltd. | | 895,034 | 192,255 |
| China Overseas Land and Investment Ltd. | | 1,596,000 | 2,934,841 |
| China Overseas Property Holdings Ltd. (b) | | 600,000 | 364,941 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 1,425,600 | 3,123,602 |
| China Petroleum & Chemical Corp.: | | | |
| (A Shares) | | 1,216,900 | 1,064,173 |
| (H Shares) | | 9,152,000 | 5,462,847 |
| China Power International Development Ltd. | | 2,231,042 | 900,306 |
| China Railway Group Ltd.: | | | |
| (A Shares) | | 392,200 | 354,256 |
| (H Shares) | | 1,940,000 | 957,310 |
| China Resource Gas Group Ltd. | | 388,500 | 1,221,045 |
| China Resources Beer Holdings Co. Ltd. | | 664,666 | 3,029,589 |
| China Resources Cement Holdings Ltd. | | 1,704,000 | 287,602 |
| China Resources Land Ltd. | | 1,304,500 | 4,690,770 |
| China Resources Medical Holdin | | 545,000 | 287,097 |
| China Resources Microelectronics Ltd. (A Shares) | | 45,462 | 228,275 |
| China Resources Mixc Lifestyle Services Ltd. (d) | | 304,800 | 1,072,824 |
| China Resources Pharmaceutical Group Ltd. (d) | | 829,500 | 536,406 |
| China Resources Power Holdings Co. Ltd. | | 828,000 | 2,059,117 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) | | 37,300 | 308,665 |
| China Risun Group Ltd. Class H (b) | | 735,000 | 295,228 |
| China Ruyi Holdings Ltd. (a)(b) | | 2,549,600 | 638,605 |
| China Shenhua Energy Co. Ltd.: | | | |
| (A Shares) | | 441,400 | 2,424,545 |
| (H Shares) | | 982,500 | 4,077,838 |
| China Southern Airlines Ltd. (A Shares) (a) | | 373,300 | 291,607 |
| China State Construction Engineering Corp. Ltd. (A Shares) | | 1,013,100 | 748,344 |
| China State Construction International Holdings Ltd. | | 869,750 | 917,676 |
| China Taiping Insurance Group Ltd. | | 714,800 | 653,553 |
| China Three Gorges Renewables Group Co. Ltd. (A Shares) | | 843,100 | 545,181 |
| China Tobacco International Co. Ltd. | | 235,000 | 359,958 |
| China Tourism Group Duty Free Corp. Ltd. (A Shares) | | 88,600 | 909,080 |
| China Tower Corp. Ltd. (H Shares) (d) | | 18,268,000 | 2,138,440 |
| China Traditional Chinese Medicine Holdings Co. Ltd. | | 1,294,000 | 704,615 |
| China Travel International Investment HK Ltd. | | 1,646,000 | 263,915 |
| China United Network Communications Ltd. (A Shares) | | 887,700 | 572,506 |
| China Vanke Co. Ltd. (H Shares) (b) | | 1,385,600 | 812,636 |
| China Water Affairs Group Ltd. | | 504,000 | 313,014 |
| China Yangtze Power Co. Ltd. (A Shares) | | 573,200 | 2,039,438 |
| China Zheshang Bank Co. Ltd. | | 833,270 | 344,513 |
| ChinaSoft International Ltd. | | 1,104,000 | 663,864 |
| Chongqing Changan Automobile Co. Ltd. (A Shares) | | 217,082 | 439,056 |
| Chongqing Rural Commercial Bank Co. Ltd. (A Shares) | | 444,600 | 284,691 |
| Chongqing Zhifei Biological Products Co. Ltd. (A Shares) | | 58,000 | 280,138 |
| Chow Tai Fook Jewellery Group Ltd. | | 854,000 | 1,161,994 |
| Cimc Enric Holdings Ltd. | | 434,000 | 429,387 |
| CITIC 1616 Holdings Ltd. | | 952,000 | 322,854 |
| CITIC Pacific Ltd. | | 2,419,000 | 2,289,347 |
| CITIC Securities Co. Ltd. (H Shares) | | 1,176,350 | 1,872,885 |
| Cloud Music, Inc. (a)(b)(d) | | 28,550 | 353,169 |
| Cmoc Group Ltd. (H Shares) | | 2,178,000 | 2,043,421 |
| CNPC Capital Co. Ltd. (A Shares) (a) | | 317,200 | 256,197 |
| COFCO Meat Holdings Ltd. (a) | | 1,849,000 | 419,472 |
| Contemporary Amperex Technology Co. Ltd. | | 105,640 | 2,954,770 |
| COSCO Shipping Energy Transportation Co. Ltd. (A Shares) | | 369,000 | 812,007 |
| COSCO SHIPPING Holdings Co. Ltd. (H Shares) | | 1,636,100 | 2,116,841 |
| Cosco Shipping Ports Ltd. | | 635,086 | 389,726 |
| Country Garden Holdings Co. Ltd. (a)(b) | | 5,345,081 | 339,945 |
| Country Garden Services Holdings Co. Ltd. | | 959,000 | 639,788 |
| CRRC Corp. Ltd. (A Shares) | | 1,586,000 | 1,527,126 |
| CSC Financial Co. Ltd. (A Shares) | | 115,000 | 353,028 |
| CSG Holding Co. Ltd. (B Shares) | | 1,114,034 | 337,638 |
| CSPC Pharmaceutical Group Ltd. | | 3,695,600 | 3,034,576 |
| CT Environmental Group Ltd. (a)(c) | | 26,000 | 0 |
| Daqin Railway Co. Ltd. (A Shares) | | 421,300 | 399,397 |
| Daqo New Energy Corp. ADR (a) | | 20,838 | 400,090 |
| Dongfang Electric Corp. Ltd. (A Shares) | | 126,200 | 293,241 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 1,042,000 | 377,874 |
| Dongyue Group Co. Ltd. | | 683,000 | 602,240 |
| East Buy Holding Ltd. (a)(b)(d) | | 196,000 | 414,384 |
| East Money Information Co. Ltd. (A Shares) | | 467,304 | 838,262 |
| Eastroc Beverage Group Co. Ltd. (a) | | 10,000 | 293,443 |
| ENN Energy Holdings Ltd. | | 327,300 | 2,788,725 |
| ENN Natural Gas Co. Ltd. (A Shares) | | 81,700 | 203,555 |
| ESR Group Ltd. (d) | | 729,200 | 799,109 |
| Eve Energy Co. Ltd. (A shares) | | 67,900 | 346,302 |
| Everbright Securities Co. Ltd. (A Shares) | | 156,600 | 356,552 |
| Everest Medicines Ltd. (a)(b)(d) | | 81,500 | 253,088 |
| Far East Horizon Ltd. | | 872,000 | 647,293 |
| FinVolution Group ADR | | 67,829 | 323,544 |
| Flat Glass Group Co. Ltd. (A Shares) | | 158,700 | 580,792 |
| Focus Media Information Technology Co. Ltd. (A Shares) | | 561,200 | 502,348 |
| Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | | 119,205 | 643,821 |
| Fosun International Ltd. | | 1,260,000 | 743,390 |
| Founder Securities Co. Ltd. (A Shares) | | 238,500 | 294,692 |
| Foxconn Industrial Internet Co. Ltd. (A Shares) | | 322,500 | 1,065,612 |
| Fu Shou Yuan International Group Ltd. | | 850,000 | 575,435 |
| Fufeng Group Ltd. | | 675,000 | 492,515 |
| Fuyao Glass Industries Group Co. Ltd. (H Shares) (d) | | 312,000 | 1,867,964 |
| Ganfeng Lithium Group Co. Ltd. (A Shares) | | 114,760 | 556,405 |
| GCL Technology Holdings Ltd. | | 8,960,000 | 1,327,092 |
| GD Power Development Co. Ltd. (A Shares) | | 544,600 | 384,863 |
| GDS Holdings Ltd. Class A (a) | | 452,384 | 459,531 |
| Geely Automobile Holdings Ltd. | | 2,513,000 | 3,024,543 |
| Genertec Universal Medical Group Co. Ltd. (d) | | 790,500 | 474,615 |
| Genscript Biotech Corp. (a) | | 498,000 | 734,386 |
| GF Securities Co. Ltd. (H Shares) | | 843,600 | 840,429 |
| Giant Biogene Holding Co. Ltd. (d) | | 145,200 | 884,665 |
| Gigadevice Semiconductor Beijing, Inc. (A Shares) | | 25,144 | 271,232 |
| GoerTek, Inc. (A Shares) | | 122,600 | 266,222 |
| Golden Solar New Energy Technology Holdings Ltd. (a)(b) | | 432,000 | 264,442 |
| Goneo Group Co. Ltd. (A Shares) | | 17,400 | 286,580 |
| Great Wall Motor Co. Ltd.: | | | |
| (A Shares) | | 123,500 | 445,453 |
| (H Shares) | | 811,500 | 1,226,292 |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | | 75,000 | 435,119 |
| Greentown China Holdings Ltd. | | 584,500 | 512,499 |
| Greentown Management Holdings Co. Ltd. (d) | | 431,000 | 368,413 |
| Greentown Service Group Co. Ltd. | | 880,000 | 399,804 |
| Guangdong Haid Group Co. Ltd. (A Shares) | | 62,600 | 430,746 |
| Guangdong Investment Ltd. | | 1,288,000 | 672,807 |
| Guanghui Energy Co. Ltd. (A Shares) | | 225,600 | 229,342 |
| Guangzhou Automobile Group Co. Ltd. | | 242,900 | 293,528 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 1,075,600 | 444,357 |
| Guangzhou Baiyunshan Pharma Health (A Shares) | | 65,900 | 291,151 |
| Guosen Securities Co. Ltd. (A Shares) | | 252,200 | 311,834 |
| Guotai Junan Securities Co. Ltd. (A Shares) | | 210,600 | 398,630 |
| H World Group Ltd. ADR | | 84,897 | 3,116,569 |
| Haidilao International Holding Ltd. (d) | | 708,000 | 1,597,395 |
| Haier Smart Home Co. Ltd. | | 745,200 | 2,760,239 |
| Haier Smart Home Co. Ltd. (A Shares) | | 370,300 | 1,540,566 |
| Hainan Airlines Co. Ltd. (A Shares) (a) | | 1,967,400 | 371,137 |
| Hainan Airport Infrastructure Co. Ltd. (A Shares) (a) | | 529,500 | 255,376 |
| Haitian International Holdings Ltd. | | 283,000 | 921,688 |
| Haitong Securities Co. Ltd. (H Shares) | | 1,922,000 | 917,989 |
| Hangzhou First Applied Material Co. Ltd. (A Shares) | | 59,900 | 223,980 |
| Hangzhou Steam Turbine Power G | | 301,547 | 271,444 |
| Hansoh Pharmaceutical Group Co. Ltd. (d) | | 492,000 | 1,087,170 |
| Hello Group, Inc. ADR | | 68,374 | 398,620 |
| Henan Shuanghui Investment & Development Co. Ltd. (A Shares) | | 108,500 | 403,453 |
| Hengan International Group Co. Ltd. | | 307,000 | 1,030,652 |
| Hengli Petrochemical Co. Ltd. (A Shares) (a) | | 227,120 | 484,917 |
| Hithink RoyalFlush Information Network Co. Ltd. (A Shares) | | 12,300 | 203,999 |
| Hopson Development Holdings Ltd. | | 651,750 | 309,714 |
| Hoshine Silicon Industry Co. Ltd. (A Shares) | | 37,700 | 251,094 |
| Hua Hong Semiconductor Ltd. (b)(d) | | 274,000 | 539,973 |
| Huadian Power International Corp. Ltd. (A Shares) | | 292,900 | 273,027 |
| Huadong Medicine Co. Ltd. (A Shares) | | 63,100 | 286,639 |
| Huaibei Mining Holdings Co. Ltd. (A Shares) | | 84,100 | 223,725 |
| Huaneng Power International, Inc.: | | | |
| (A Shares) (a) | | 227,600 | 293,703 |
| (H Shares) (a) | | 1,790,000 | 1,139,338 |
| Huatai Securities Co. Ltd. (H Shares) (d) | | 861,800 | 1,019,182 |
| Huaxia Bank Co. Ltd. (A Shares) | | 405,600 | 375,397 |
| Huayu Automotive Systems Co. Ltd. (A Shares) | | 127,500 | 289,496 |
| Huizhou Desay SV Automotive Co. Ltd. | | 17,000 | 293,616 |
| Hundsun Technologies, Inc. (A Shares) | | 98,200 | 277,436 |
| HUTCHMED China Ltd. (a) | | 245,820 | 939,839 |
| Hygeia Healthcare Holdings Co. (b)(d) | | 156,800 | 647,182 |
| Hygon Information Technology Co. Ltd. (A Shares) | | 47,862 | 514,714 |
| IEIT Systems Co. Ltd. (A Shares) | | 46,100 | 257,087 |
| iFlytek Co. Ltd. (A Shares) | | 66,400 | 410,492 |
| IMEIK Technology Development Co. Ltd. (A Shares) | | 9,520 | 281,610 |
| Industrial & Commercial Bank of China Ltd.: | | | |
| (A Shares) | | 4,335,600 | 3,247,623 |
| (H Shares) | | 21,973,000 | 11,782,550 |
| Industrial Bank Co. Ltd. (A Shares) | | 495,000 | 1,149,778 |
| Industrial Securities Co. Ltd. (A Shares) | | 391,200 | 300,563 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 177,100 | 697,933 |
| Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) | | 1,528,100 | 336,477 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 541,773 | 1,052,948 |
| InnoCare Pharma Ltd. (a)(b)(d) | | 366,000 | 215,188 |
| Innovent Biologics, Inc. (a)(d) | | 501,500 | 2,427,744 |
| iQIYI, Inc. ADR (a) | | 198,854 | 964,442 |
| JA Solar Technology Co. Ltd. (A Shares) | | 113,016 | 221,639 |
| JCET Group Co. Ltd. (A Shares) | | 73,800 | 260,187 |
| JD Health International, Inc. (a)(d) | | 468,900 | 1,599,336 |
| JD Logistics, Inc. (a)(d) | | 895,000 | 968,681 |
| JD.com, Inc. Class A | | 945,252 | 13,619,543 |
| Jiangsu Eastern Shenghong Co. Ltd. | | 256,000 | 349,853 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 564,000 | 553,124 |
| Jiangsu Hengli Hydraulic Co. Ltd. | | 40,236 | 283,260 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 163,924 | 1,040,966 |
| Jiangsu King's Luck Brewery JSC Ltd. (A Shares) | | 34,900 | 275,998 |
| Jiangsu Yanghe Brewery JSC Ltd. (A Shares) | | 45,800 | 599,545 |
| Jiangsu Zhongtian Technology Co. Ltd. (A Shares) | | 156,000 | 291,073 |
| Jiangxi Copper Co. Ltd. (H Shares) | | 561,000 | 1,142,550 |
| Jinan Acetate Chemical Co. Ltd. | | 18,503 | 461,184 |
| Jinko Solar Co. Ltd. (A Shares) | | 247,479 | 257,229 |
| JinkoSolar Holdings Co. Ltd. ADR (b) | | 18,344 | 442,457 |
| Jinxin Fertility Group Ltd. (d) | | 1,215,500 | 409,921 |
| Jiumaojiu International Holdings Ltd. (d) | | 459,000 | 288,279 |
| JOYY, Inc. ADR | | 17,022 | 555,258 |
| Kanzhun Ltd. ADR | | 91,504 | 1,810,864 |
| KE Holdings, Inc. ADR | | 266,726 | 4,032,897 |
| Kerry Logistics Network Ltd. | | 173,000 | 161,920 |
| Keymed Biosciences, Inc. (a)(b)(d) | | 80,000 | 343,354 |
| Kingboard Chemical Holdings Ltd. | | 320,000 | 703,288 |
| Kingdee International Software Group Co. Ltd. (a) | | 1,223,000 | 1,290,297 |
| Kingsoft Corp. Ltd. | | 411,800 | 1,337,932 |
| Kuaishou Technology Class B (a)(d) | | 951,700 | 6,672,092 |
| Kunlun Energy Co. Ltd. | | 1,670,000 | 1,618,863 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 29,200 | 6,846,413 |
| Lb Group Co. Ltd. (A Shares) | | 105,500 | 305,012 |
| Legend Holdings Corp. (H Shares) (d) | | 430,700 | 304,202 |
| Lenovo Group Ltd. | | 3,290,000 | 3,700,459 |
| Lens Technology Co. Ltd. (A Shares) | | 202,300 | 397,667 |
| Li Auto, Inc. Class A (a) | | 463,630 | 6,074,434 |
| Li Ning Co. Ltd. | | 967,000 | 2,531,479 |
| Lifetech Scientific Corp. (a)(b) | | 2,080,000 | 456,155 |
| Longfor Properties Co. Ltd. (d) | | 820,586 | 1,215,407 |
| LONGi Green Energy Technology Co. Ltd. | | 206,456 | 516,982 |
| Lufax Holding Ltd. ADR | | 91,056 | 399,736 |
| Luxshare Precision Industry Co. Ltd. (A Shares) | | 186,178 | 746,295 |
| Luye Pharma Group Ltd. (a)(b)(d) | | 1,057,000 | 372,442 |
| Luzhou Laojiao Co. Ltd. (A Shares) | | 38,700 | 990,604 |
| Mango Excellent Media Co. Ltd. (A Shares) | | 71,979 | 231,752 |
| Maoyan Entertainment (a)(d) | | 200,400 | 247,768 |
| Maxscend Microelectronics Co. Ltd. (A Shares) | | 12,288 | 153,108 |
| Meitu, Inc. (b)(d) | | 1,285,500 | 527,469 |
| Meituan Class B (a)(d) | | 2,046,042 | 27,937,744 |
| Metallurgical Corp. China Ltd. (A Shares) | | 614,800 | 276,916 |
| Microport Scientific Corp. (a)(b) | | 393,272 | 312,768 |
| Midea Group Co. Ltd. (A Shares) | | 85,500 | 822,319 |
| MINISO Group Holding Ltd. | | 159,828 | 901,598 |
| Minth Group Ltd. | | 356,000 | 606,840 |
| MMG Ltd. (a)(b) | | 1,300,000 | 589,452 |
| Montage Technology Co. Ltd. (A Shares) | | 39,674 | 275,545 |
| Muyuan Foodstuff Co. Ltd. (A Shares) | | 139,366 | 838,034 |
| NARI Technology Co. Ltd. (A Shares) | | 211,330 | 683,522 |
| National Silicon Industry Group Co. Ltd. (A Shares) (a) | | 114,848 | 209,599 |
| NAURA Technology Group Co. Ltd. | | 14,700 | 643,710 |
| NetDragon WebSoft, Inc. | | 170,500 | 238,833 |
| NetEase, Inc. | | 779,605 | 14,613,416 |
| New China Life Insurance Co. Ltd. (H Shares) | | 527,300 | 1,011,235 |
| New Hope Liuhe Co. Ltd. (A Shares) (a) | | 229,900 | 282,655 |
| New Horizon Health Ltd. (a)(b)(c)(d) | | 119,500 | 216,003 |
| New Oriental Education & Technology Group, Inc. (a) | | 602,050 | 4,783,869 |
| Nexteer Auto Group Ltd. | | 466,000 | 245,632 |
| Ningbo Tuopu Group Co. Ltd. (A Shares) | | 34,300 | 295,154 |
| Ningxia Baofeng Energy Group Co. Ltd. | | 229,200 | 523,933 |
| NIO, Inc. sponsored ADR (a)(b) | | 555,922 | 2,623,952 |
| Noah Holdings Ltd. sponsored ADR | | 22,669 | 284,949 |
| Nongfu Spring Co. Ltd. (H Shares) (d) | | 816,800 | 4,798,635 |
| Oppein Home Group, Inc. (A Shares) | | 22,900 | 196,645 |
| Orient Securities Co. Ltd. (A Shares) | | 317,884 | 365,225 |
| PDD Holdings, Inc. ADR (a) | | 240,797 | 30,142,968 |
| People's Insurance Co. of China Group Ltd. (H Shares) | | 4,222,000 | 1,385,767 |
| PetroChina Co. Ltd. (H Shares) | | 9,310,000 | 8,674,514 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 2,825,000 | 3,509,733 |
| Ping An Bank Co. Ltd. (A Shares) | | 508,200 | 755,357 |
| Ping An Healthcare and Technology Co. Ltd. (a)(d) | | 312,200 | 441,403 |
| Ping An Insurance Group Co. of China Ltd.: | | | |
| (A Shares) | | 494,790 | 2,812,664 |
| (H Shares) | | 2,368,500 | 10,734,239 |
| Poly Developments & Holdings (A Shares) | | 346,100 | 424,657 |
| Poly Property Development Co. Ltd. (H Shares) | | 81,200 | 329,878 |
| Poly Property Group Co. Ltd. | | 1,494,327 | 272,700 |
| Pop Mart International Group Ltd. (d) | | 251,600 | 1,076,705 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (d) | | 4,041,000 | 2,093,855 |
| Power Construction Corp. of China Ltd. (A Shares) | | 552,200 | 386,386 |
| Prosus NV | | 588,098 | 19,677,730 |
| Qifu Technology, Inc. ADR | | 52,023 | 951,501 |
| Qinghai Salt Lake Potash Co. Ltd. Class A (a) | | 194,400 | 444,096 |
| RLX Technology, Inc. ADR | | 245,362 | 476,002 |
| Rongsheng Petrochemical Co. Ltd. (A Shares) | | 309,150 | 477,505 |
| SAIC Motor Corp. Ltd. (A Shares) | | 197,300 | 403,999 |
| Sailun Group Co. Ltd. A Shares | | 112,600 | 257,351 |
| Sanan Optoelectronics Co. Ltd. (A Shares) | | 173,300 | 298,628 |
| Sany Heavy Equipment International Holdings Co. Ltd. (b) | | 519,000 | 364,692 |
| Sany Heavy Industry Co. Ltd. (A Shares) | | 260,300 | 584,916 |
| Satellite Chemical Co. Ltd. (A Shares) (a) | | 122,219 | 324,618 |
| SciClone Pharmaceuticals Holdings Ltd. (b)(d) | | 156,000 | 356,401 |
| SDIC Capital Co. Ltd. | | 305,200 | 268,933 |
| SDIC Power Holdings Co. Ltd. (A Shares) | | 212,100 | 465,781 |
| Seres Group Co. Ltd. (A Shares) (a) | | 37,600 | 468,656 |
| SF Holding Co. Ltd. (A Shares) | | 136,400 | 680,393 |
| Shaanxi Coal Industry Co. Ltd. (A Shares) | | 233,500 | 790,818 |
| Shandong Gold Mining Co. Ltd. (A Shares) | | 253,360 | 1,001,826 |
| Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) | | 88,200 | 362,035 |
| Shandong Nanshan Aluminum Co. Ltd. (A Shares) | | 680,100 | 335,124 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 1,132,800 | 768,206 |
| Shanghai Baosight Software Co. Ltd. | | 630,570 | 1,347,074 |
| Shanghai Electric Group Co. Ltd. (A Shares) (a) | | 348,500 | 206,851 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 384,000 | 602,828 |
| Shanghai Industrial Holdings Ltd. | | 305,000 | 425,822 |
| Shanghai International Airport Co. Ltd. (A Shares) (a) | | 61,400 | 318,498 |
| Shanghai MicroPort MedBot (Group) Co. Ltd. (H Shares) (a)(b) | | 128,500 | 241,634 |
| Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | | 455,500 | 647,293 |
| Shanghai Pudong Development Bank Co. Ltd. (A Shares) | | 726,800 | 770,495 |
| Shanghai RAAS Blood Products Co. Ltd. (A Shares) | | 313,400 | 309,946 |
| Shanghai Rural Commercial Bank Co. Ltd. (A Shares) | | 364,600 | 340,094 |
| Shanghai United Imaging Healthcare Co. Ltd. (A Shares) (a) | | 22,019 | 402,319 |
| Shangri-La Asia Ltd. | | 612,000 | 426,864 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) | | 85,800 | 250,178 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) | | 31,100 | 1,120,125 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) | | 162,000 | 234,411 |
| Shengyi Technology Co. Ltd. | | 115,400 | 307,729 |
| Shenwan Hongyuan Group Co. Ltd. (A Shares) | | 685,300 | 443,486 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 40,900 | 335,419 |
| Shenzhen International Holdings Ltd. | | 686,456 | 549,026 |
| Shenzhen Investment Ltd. | | 2,012,810 | 255,863 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 29,000 | 1,217,705 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | | 25,100 | 244,646 |
| Shenzhen Transsion Holdings Co. Ltd. (A Shares) | | 20,504 | 406,081 |
| Shenzhou International Group Holdings Ltd. | | 336,700 | 3,309,496 |
| Shoucheng Holdings Ltd. (b) | | 1,344,000 | 241,165 |
| Shougang Fushan Resources Group Ltd. | | 1,048,335 | 399,368 |
| Sichuan Chuantou Energy Co. Ltd. (A Shares) | | 158,900 | 364,624 |
| Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) | | 199,160 | 199,279 |
| Silergy Corp. | | 134,000 | 1,776,507 |
| Simcere Pharmaceutical Group Ltd. (b)(d) | | 520,000 | 356,943 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 742,000 | 477,926 |
| Sinopec Kantons Holdings Ltd. | | 716,000 | 366,676 |
| Sinopharm Group Co. Ltd. (H Shares) | | 580,400 | 1,465,720 |
| Sinotruk Hong Kong Ltd. | | 295,000 | 734,170 |
| SITC International Holdings Co. Ltd. | | 568,000 | 1,231,762 |
| Smoore International Holdings Ltd. (b)(d) | | 836,000 | 728,085 |
| Spring Airlines Co. Ltd. (A Shares) (a) | | 36,200 | 283,164 |
| Sun Art Retail Group Ltd. | | 1,302,500 | 268,847 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 42,000 | 596,479 |
| Sunny Optical Technology Group Co. Ltd. | | 296,400 | 1,433,901 |
| TAL Education Group ADR (a) | | 180,342 | 2,171,318 |
| TBEA Co. Ltd. (A Shares) | | 186,340 | 362,851 |
| TCL Technology Group Corp. (A Shares) | | 681,110 | 447,774 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares) | | 136,025 | 195,230 |
| Tencent Holdings Ltd. | | 2,663,125 | 116,866,448 |
| Tencent Music Entertainment Group ADR (a) | | 305,295 | 3,831,452 |
| TI Fluid Systems PLC (d) | | 159,389 | 276,042 |
| Tianli Education International Holdings Ltd. | | 580,000 | 412,542 |
| Tianneng Power International Ltd. (b) | | 448,000 | 344,220 |
| Tianqi Lithium Corp. (A Shares) | | 45,400 | 246,224 |
| Tingyi (Cayman Islands) Holding Corp. | | 890,000 | 982,291 |
| Tong Ren Tang Technologies Co. Ltd. (H Shares) | | 470,000 | 322,846 |
| Tongcheng Travel Holdings Ltd. | | 525,600 | 1,383,316 |
| Tongling Nonferrous Metals Group Co. Ltd. (A Shares) | | 608,900 | 337,629 |
| Tongwei Co. Ltd. (A Shares) | | 125,100 | 373,891 |
| Topsports International Holdings Ltd. (d) | | 866,000 | 601,415 |
| Towngas Smart Energy Co. Ltd. | | 588,892 | 226,867 |
| TravelSky Technology Ltd. (H Shares) | | 424,000 | 550,790 |
| Trina Solar Co. Ltd. (A Shares) | | 72,812 | 213,067 |
| Trip.com Group Ltd. (a)(b) | | 222,282 | 10,826,769 |
| Tsingtao Brewery Co. Ltd. (H Shares) | | 296,000 | 2,133,095 |
| Tuya, Inc. ADR (a) | | 118,340 | 207,095 |
| Unigroup Guoxin Microelectronics Co. Ltd. (a) | | 31,759 | 254,417 |
| Unisplendour Corp. Ltd. (A Shares) (a) | | 114,460 | 327,600 |
| Vipshop Holdings Ltd. ADR | | 142,934 | 2,149,727 |
| VSTECS Holdings Ltd. | | 508,000 | 323,479 |
| Wanhua Chemical Group Co. Ltd. (A Shares) | | 86,100 | 1,054,839 |
| Want Want China Holdings Ltd. | | 2,022,000 | 1,153,251 |
| Weibo Corp. sponsored ADR (b) | | 40,974 | 353,196 |
| Weichai Power Co. Ltd. (H Shares) | | 989,000 | 2,020,886 |
| Weimob, Inc. (a)(b)(d) | | 1,196,000 | 209,455 |
| Wens Foodstuffs Group Co. Ltd. (A Shares) | | 191,300 | 502,656 |
| Western Mining Co. Ltd. (A Shares) | | 106,400 | 293,396 |
| Wharf Holdings Ltd. | | 439,000 | 1,412,420 |
| Will Semiconductor Ltd. | | 32,795 | 458,270 |
| Wilmar International Ltd. | | 770,100 | 1,810,177 |
| Wingtech Technology Co. Ltd. (A Shares) (a) | | 49,700 | 214,861 |
| Wuliangye Yibin Co. Ltd. (A Shares) | | 94,500 | 1,954,369 |
| WUS Printed Circuit Kunshan Co. Ltd. (A Shares) | | 60,600 | 275,607 |
| WuXi AppTec Co. Ltd. | | 30,316 | 182,174 |
| WuXi AppTec Co. Ltd. (H Shares) (d) | | 193,197 | 869,597 |
| Wuxi Biologics (Cayman), Inc. (a)(d) | | 1,558,500 | 2,699,847 |
| XCMG Construction Machinery Co. Ltd. (A Shares) | | 372,600 | 360,595 |
| XD, Inc. (a) | | 139,600 | 260,774 |
| Xiaomi Corp. Class B (a)(d) | | 6,210,600 | 13,538,658 |
| Xinjiang Daqo New Energy Co. Ltd. (A Shares) (a) | | 53,131 | 179,067 |
| Xinte Energy Co. Ltd. (H Shares) (a)(b) | | 193,200 | 215,693 |
| Xinyi Solar Holdings Ltd. | | 1,999,379 | 1,375,705 |
| XPeng, Inc. Class A (a) | | 473,168 | 1,918,299 |
| XTEP International Holdings Ltd. | | 671,219 | 424,225 |
| Yadea Group Holdings Ltd. (d) | | 526,000 | 1,011,851 |
| Yangzijiang Shipbuilding Holdings Ltd. | | 1,040,500 | 1,335,599 |
| Yankuang Energy Group Co. Ltd. (H Shares) | | 1,090,000 | 2,364,615 |
| Yantai Changyu Pioneer Wine Co. Ltd. (B Shares) | | 312,200 | 360,274 |
| Yihai International Holding Ltd. | | 232,000 | 478,192 |
| Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) | | 65,500 | 283,237 |
| Yonyou Network Technology Co. Ltd. (A Shares) | | 151,059 | 241,673 |
| YTO Express Group Co. Ltd. (A Shares) | | 166,400 | 364,023 |
| Yuexiu Property Co. Ltd. | | 777,720 | 464,159 |
| Yuexiu Transport Infrastructure Ltd. | | 478,000 | 237,108 |
| Yum China Holdings, Inc. | | 165,223 | 6,032,292 |
| Yunnan Aluminium Co. Ltd. (A Shares) | | 143,700 | 283,565 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 67,840 | 535,263 |
| Zai Lab Ltd. (a)(b) | | 414,310 | 665,925 |
| Zangge Mining Co. Ltd. (Series A) | | 63,700 | 252,425 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) | | 15,400 | 504,121 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 565,500 | 910,699 |
| Zhejiang Chint Electric Co. Ltd. (A Shares) | | 112,900 | 321,157 |
| Zhejiang Dahua Technology Co. Ltd. (A Shares) | | 90,000 | 222,228 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 748,160 | 489,170 |
| Zhejiang Huayou Cobalt Co. Ltd. (A Shares) | | 68,500 | 267,935 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) | | 51,100 | 238,467 |
| Zhejiang Juhua Co. Ltd. (A Shares) | | 88,500 | 288,715 |
| Zhejiang Leapmotor Technology Co. Ltd. (H Shares) (a)(b)(d) | | 215,200 | 739,437 |
| Zhejiang NHU Co. Ltd. (A Shares) | | 136,740 | 361,795 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 63,100 | 190,488 |
| Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) (a) | | 352,000 | 302,408 |
| Zheshang Securities Co. Ltd. | | 187,400 | 291,181 |
| ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(d) | | 329,600 | 554,362 |
| Zhongji Innolight Co. Ltd. (A Shares) | | 18,700 | 471,372 |
| Zhongjin Gold Co. Ltd. (A Shares) | | 177,200 | 319,020 |
| Zhongsheng Group Holdings Ltd. Class H | | 372,000 | 678,448 |
| Zhongtai Securities Co. Ltd. (A Shares) | | 336,200 | 308,270 |
| Zhongyu Energy Holdings Ltd. (a)(b) | | 438,000 | 273,194 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 262,900 | 942,238 |
| Zijin Mining Group Co. Ltd. (H Shares) | | 2,756,000 | 6,012,135 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares) | | 250,100 | 293,141 |
| ZTE Corp. (H Shares) | | 563,000 | 1,213,463 |
| ZTO Express, Inc. sponsored ADR | | 174,102 | 3,654,401 |
TOTAL CHINA | | | 838,402,263 |
| Colombia - 0.0% | | | |
| Bancolombia SA | | 106,214 | 915,124 |
| Interconexion Electrica SA ESP | | 178,119 | 821,808 |
TOTAL COLOMBIA | | | 1,736,932 |
| Cyprus - 0.0% | | | |
| Atalaya Mining PLC | | 53,318 | 296,141 |
| Czech Republic - 0.0% | | | |
| CEZ A/S | | 65,675 | 2,424,234 |
| Komercni Banka A/S | | 33,217 | 1,225,421 |
| MONETA Money Bank A/S (d) | | 175,776 | 709,243 |
TOTAL CZECH REPUBLIC | | | 4,358,898 |
| Denmark - 2.2% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 1,047 | 1,492,097 |
| Series B | | 1,834 | 2,674,020 |
| ALK-Abello A/S (a) | | 53,595 | 1,000,751 |
| Alm. Brand A/S | | 355,978 | 618,857 |
| Ambu A/S Series B (a) | | 77,626 | 1,250,097 |
| Bavarian Nordic A/S (a)(b) | | 32,950 | 723,694 |
| Better Collective A/S (a)(b) | | 15,825 | 424,330 |
| Cadeler A/S (a) | | 79,943 | 379,978 |
| Carlsberg A/S Series B | | 38,786 | 5,217,216 |
| cBrain A/S | | 4,769 | 192,087 |
| Cementir SpA | | 25,080 | 266,048 |
| Chemometec A/S | | 6,579 | 281,464 |
| Coloplast A/S Series B | | 50,550 | 6,094,570 |
| D/S Norden A/S | | 10,007 | 422,966 |
| Danske Bank A/S | | 275,557 | 7,964,417 |
| Demant A/S (a) | | 40,449 | 1,946,951 |
| DFDS A/S | | 15,781 | 483,666 |
| DSV A/S | | 70,172 | 10,018,404 |
| FLSmidth & Co. A/S | | 17,659 | 887,890 |
| Genmab A/S (a) | | 26,654 | 7,399,953 |
| GN Store Nord A/S (a) | | 54,955 | 1,498,723 |
| H Lundbeck A/S | | 136,975 | 667,148 |
| ISS A/S | | 62,637 | 1,175,861 |
| Jyske Bank A/S (Reg.) | | 19,320 | 1,571,552 |
| Matas A/S | | 16,930 | 273,733 |
| Netcompany Group A/S (a)(d) | | 18,631 | 681,378 |
| NKT A/S (a) | | 21,459 | 1,793,137 |
| Novo Nordisk A/S Series B | | 1,313,378 | 168,430,629 |
| Novonesis (NOVOZYMES) B Series B | | 149,514 | 8,313,346 |
| ORSTED A/S (a)(d) | | 75,970 | 4,192,595 |
| Pandora A/S | | 33,870 | 5,183,071 |
| Per Aarsleff Holding A/S | | 7,952 | 373,200 |
| Ringkjoebing Landbobank A/S | | 11,089 | 1,869,084 |
| Rockwool International A/S Series B | | 3,695 | 1,213,885 |
| Royal Unibrew A/S | | 20,454 | 1,545,266 |
| Scandinavian Tobacco Group A/S (d) | | 26,958 | 435,099 |
| Schouw & Co. | | 5,383 | 432,864 |
| Spar Nord Bank A/S | | 31,574 | 560,199 |
| Svitzer A/S | | 5,762 | 193,622 |
| Sydbank A/S | | 23,067 | 1,176,965 |
| Topdanmark A/S | | 19,707 | 822,241 |
| Tryg A/S | | 140,276 | 2,779,869 |
| Vestas Wind Systems A/S (a) | | 405,793 | 10,938,975 |
| Zealand Pharma A/S (a) | | 21,570 | 1,953,642 |
TOTAL DENMARK | | | 267,815,540 |
| Egypt - 0.0% | | | |
| Abou Kir Fertilizers & Chemical Industries | | 144,367 | 187,662 |
| Centamin PLC | | 479,848 | 726,708 |
| Commercial International Bank SAE | | 1,032,338 | 1,551,204 |
| Eastern Co. SAE | | 509,747 | 234,366 |
| EFG Holding SAE | | 560,643 | 173,407 |
| Elsewedy Electric Co. | | 280,562 | 182,057 |
| Ezz Steel Co. SAE (a) | | 115,674 | 138,156 |
| Misr Fertilizers Production Co. SAE | | 183,891 | 161,217 |
| Talaat Moustafa Group Holding | | 387,784 | 413,474 |
| Telecom Egypt SAE | | 193,993 | 125,315 |
TOTAL EGYPT | | | 3,893,566 |
| Faroe Islands - 0.0% | | | |
| Bakkafrost | | 20,650 | 1,262,218 |
| Finland - 0.6% | | | |
| Cargotec Corp. (B Shares) | | 15,747 | 1,243,585 |
| Elisa Corp. (A Shares) | | 58,123 | 2,625,062 |
| Fortum Corp. | | 181,321 | 2,395,601 |
| Huhtamaki Oyj | | 39,449 | 1,513,915 |
| Kemira Oyj | | 45,851 | 999,195 |
| Kempower OYJ (a)(b) | | 8,982 | 184,331 |
| Kesko Oyj | | 109,561 | 1,874,284 |
| Kojamo OYJ | | 49,822 | 552,968 |
| Kone OYJ (B Shares) | | 136,352 | 6,664,580 |
| Konecranes Oyj | | 27,205 | 1,437,723 |
| Mandatum Holding OY | | 171,288 | 795,539 |
| Metsa Board OYJ (B Shares) | | 69,218 | 498,249 |
| Metso Corp. | | 265,325 | 3,022,678 |
| Neste OYJ | | 171,025 | 3,894,932 |
| Nokia Corp. | | 2,156,028 | 7,837,920 |
| Nokian Tyres PLC | | 51,938 | 454,512 |
| Nordea Bank Abp (Helsinki Stock Exchange) | | 1,267,163 | 14,848,941 |
| Orion Oyj (B Shares) | | 44,284 | 1,691,431 |
| Outokumpu Oyj (A Shares) | | 152,935 | 621,023 |
| Puuilo Oyj | | 34,960 | 381,301 |
| Qt Group Oyj (a)(b) | | 7,933 | 615,062 |
| Revenio Group Oyj | | 11,116 | 310,810 |
| Sampo Oyj (A Shares) | | 181,375 | 7,339,924 |
| Stora Enso Oyj (R Shares) | | 239,000 | 3,201,013 |
| TietoEVRY Oyj | | 47,185 | 893,312 |
| Tokmanni Group Corp. | | 23,122 | 351,383 |
| UPM-Kymmene Corp. | | 216,624 | 7,610,483 |
| Valmet Corp. (b) | | 64,187 | 1,607,019 |
| Wartsila Corp. | | 191,001 | 3,538,598 |
TOTAL FINLAND | | | 79,005,374 |
| France - 5.8% | | | |
| Abivax SA (a) | | 17,761 | 279,769 |
| Accor SA | | 76,383 | 3,367,423 |
| Adevinta ASA Class B (a) | | 134,440 | 1,372,417 |
| Aeroports de Paris SA | | 14,237 | 1,815,650 |
| Air France KLM (Reg.) (a)(b) | | 51,670 | 531,461 |
| Air Liquide SA | | 210,760 | 41,220,149 |
| Airbus Group NV | | 238,288 | 39,212,140 |
| Alstom SA | | 117,099 | 1,846,425 |
| ALTEN | | 12,535 | 1,480,873 |
| Amundi SA (d) | | 23,650 | 1,659,483 |
| Antin Infrastructure Partners SA | | 17,143 | 219,540 |
| Arkema SA | | 24,682 | 2,556,358 |
| AXA SA | | 726,043 | 25,135,586 |
| Beneteau SA | | 19,723 | 257,211 |
| bioMerieux SA | | 17,150 | 1,830,248 |
| BNP Paribas SA | | 414,771 | 29,847,690 |
| Bollore SA | | 286,108 | 1,862,540 |
| Bouygues SA | | 76,706 | 2,833,197 |
| Bureau Veritas SA | | 127,886 | 3,742,280 |
| Capgemini SA | | 62,505 | 13,137,368 |
| Carmila SA | | 31,199 | 524,738 |
| Carrefour SA | | 230,511 | 3,877,938 |
| Coface SA | | 47,936 | 739,223 |
| Compagnie de St.-Gobain | | 183,020 | 14,473,699 |
| Compagnie Generale des Etablissements Michelin SCA Series B | | 272,333 | 10,462,666 |
| Compagnie Plastic Omnium SA | | 27,073 | 331,684 |
| Covivio | | 21,868 | 1,093,597 |
| Covivio rights (a)(e) | | 21,868 | 77,014 |
| Credit Agricole SA | | 420,195 | 6,501,776 |
| Danone SA | | 257,862 | 16,138,892 |
| Dassault Aviation SA | | 8,422 | 1,808,377 |
| Dassault Systemes SA | | 268,993 | 10,558,493 |
| Derichebourg | | 60,843 | 259,077 |
| Edenred SA | | 100,850 | 4,785,102 |
| Eiffage SA | | 29,069 | 3,111,550 |
| Elis SA | | 1,901 | 42,847 |
| Elis SA | | 74,432 | 1,677,643 |
| Engie SA | | 728,909 | 12,654,309 |
| Eramet SA | | 4,423 | 431,193 |
| Esker SA | | 2,662 | 496,587 |
| EssilorLuxottica SA | | 118,297 | 25,350,309 |
| Eurazeo SA | | 16,968 | 1,535,580 |
| Eutelsat Communications (a)(b) | | 65,977 | 266,575 |
| Forvia SE (a) | | 65,147 | 1,042,873 |
| Gaztransport et Technigaz SA | | 14,592 | 2,040,008 |
| Gecina SA | | 18,544 | 1,899,855 |
| Getlink SE | | 144,789 | 2,472,301 |
| Hermes International SCA | | 12,704 | 30,518,403 |
| ICADE | | 16,212 | 432,536 |
| ID Logistics Group (a) | | 1,311 | 484,088 |
| Imerys SA | | 15,372 | 496,743 |
| Interparfums SA | | 10,057 | 510,346 |
| Ipsen SA | | 15,563 | 1,895,068 |
| Ipsos SA | | 16,752 | 1,124,510 |
| JCDecaux SA (a) | | 28,543 | 597,647 |
| Kering SA | | 30,017 | 10,571,267 |
| Klepierre SA | | 84,420 | 2,275,750 |
| L'Oreal SA | | 96,690 | 45,366,414 |
| La Francaise des Jeux SAEM (d) | | 44,008 | 1,665,391 |
| Legrand SA | | 105,650 | 10,857,290 |
| LVMH Moet Hennessy Louis Vuitton SE | | 111,069 | 91,236,112 |
| Mercialys SA | | 46,698 | 506,335 |
| Mersen SA | | 11,240 | 417,437 |
| Metropole Television SA | | 23,120 | 327,173 |
| Neoen SA (d) | | 31,275 | 959,913 |
| Nexans SA | | 12,713 | 1,362,158 |
| Nexity | | 21,184 | 238,284 |
| Orange SA | | 749,541 | 8,342,604 |
| Orpea (a) | | 32,805 | 448,122 |
| Pernod Ricard SA | | 82,263 | 12,466,333 |
| Peugeot Invest | | 2,904 | 327,890 |
| Pluxee France SA | | 37,591 | 1,158,983 |
| Publicis Groupe SA | | 91,932 | 10,144,399 |
| Quadient SA | | 16,721 | 320,847 |
| Remy Cointreau SA | | 9,659 | 916,347 |
| Renault SA | | 77,175 | 3,849,561 |
| Rexel SA | | 92,895 | 2,421,930 |
| Rubis SCA | | 40,739 | 1,412,991 |
| Safran SA | | 137,329 | 29,777,324 |
| Sartorius Stedim Biotech | | 11,791 | 2,554,421 |
| SCOR SE | | 62,693 | 2,049,999 |
| SEB SA | | 10,427 | 1,237,400 |
| Societe BIC SA | | 9,983 | 703,155 |
| Societe Generale Series A | | 289,581 | 7,802,774 |
| Sodexo SA | | 35,778 | 3,121,402 |
| Soitec SA (a) | | 10,519 | 1,039,516 |
| Sopra Steria Group | | 6,533 | 1,436,236 |
| SPIE SA | | 57,061 | 2,081,408 |
| Technip Energies NV | | 63,334 | 1,503,203 |
| Teleperformance | | 23,191 | 2,115,582 |
| Television Francaise 1 SA | | 28,368 | 259,754 |
| Thales SA | | 38,280 | 6,452,639 |
| TotalEnergies SE | | 871,976 | 63,304,343 |
| Trigano SA | | 3,826 | 585,926 |
| Ubisoft Entertainment SA (a) | | 39,932 | 944,784 |
| Unibail-Rodamco-Westfield NV | | 47,368 | 3,967,253 |
| Valeo SA | | 86,349 | 1,094,344 |
| Vallourec SA (a) | | 65,967 | 1,145,056 |
| Veolia Environnement SA | | 275,270 | 8,557,507 |
| Verallia SA (d) | | 30,974 | 1,196,607 |
| Vicat SA | | 9,509 | 351,628 |
| VINCI SA | | 199,829 | 23,415,175 |
| Virbac SA | | 1,796 | 665,092 |
| Vivendi SA | | 270,377 | 2,760,234 |
| VusionGroup (a)(b) | | 3,052 | 502,570 |
| Wavestone | | 4,508 | 257,385 |
| Wendel SA | | 11,456 | 1,174,292 |
| Worldline SA (a)(d) | | 98,314 | 1,028,643 |
TOTAL FRANCE | | | 715,600,238 |
| Georgia - 0.0% | | | |
| Bank of Georgia Group PLC | | 14,412 | 968,858 |
| TBC Bank Group PLC | | 17,750 | 767,411 |
TOTAL GEORGIA | | | 1,736,269 |
| Germany - 4.7% | | | |
| 1&1 AG | | 17,748 | 312,521 |
| adidas AG | | 65,126 | 15,735,359 |
| Aixtron AG | | 46,733 | 1,090,234 |
| Allianz SE | | 156,730 | 44,477,605 |
| Amadeus Fire AG | | 3,014 | 362,826 |
| Aroundtown SA (a)(b) | | 312,316 | 650,775 |
| ATOSS Software AG | | 1,936 | 520,657 |
| Aurubis AG | | 13,864 | 1,112,634 |
| BASF AG | | 358,186 | 18,789,799 |
| Bayer AG | | 396,036 | 11,559,467 |
| Bayerische Motoren Werke AG (BMW) | | 122,284 | 13,369,877 |
| BayWa AG (b) | | 9,332 | 224,080 |
| Bechtle AG | | 33,214 | 1,605,703 |
| Beiersdorf AG | | 40,485 | 6,072,546 |
| Bilfinger Berger AG | | 12,571 | 586,269 |
| Brenntag SE | | 54,164 | 4,327,194 |
| CANCOM AG (b) | | 15,167 | 474,256 |
| Carl Zeiss Meditec AG | | 16,376 | 1,731,918 |
| Cewe Stiftung & Co. KGAA | | 3,207 | 341,567 |
| Commerzbank AG | | 424,401 | 6,322,774 |
| CompuGroup Medical AG | | 12,523 | 375,811 |
| Continental AG | | 44,525 | 2,890,939 |
| Covestro AG (a)(d) | | 76,391 | 3,830,020 |
| CTS Eventim AG | | 25,315 | 2,247,745 |
| Daimler Truck Holding AG | | 214,717 | 9,695,167 |
| Dermapharm Holding SE | | 9,991 | 334,799 |
| Deutsche Bank AG | | 776,069 | 12,431,595 |
| Deutsche Borse AG | | 75,858 | 14,624,815 |
| Deutsche Lufthansa AG | | 239,981 | 1,719,507 |
| Deutsche Pfandbriefbank AG (b)(d) | | 57,370 | 272,575 |
| Deutsche Telekom AG | | 1,293,232 | 29,622,211 |
| Deutz AG | | 60,532 | 352,392 |
| DHL Group | | 398,702 | 16,693,626 |
| Duerr AG | | 22,752 | 585,171 |
| E.ON SE | | 898,096 | 11,884,756 |
| Eckert & Ziegler Strahlen-und Medizintechnik AG (b) | | 7,111 | 282,457 |
| ELMOS Semiconductor AG | | 3,039 | 252,971 |
| Encavis AG (a)(b) | | 52,763 | 951,617 |
| Energiekontor AG | | 3,569 | 245,670 |
| Evonik Industries AG | | 93,481 | 1,949,866 |
| Evotec OAI AG (a)(b) | | 58,833 | 606,286 |
| Fielmann AG | | 11,382 | 532,640 |
| Flatex AG (b) | | 35,861 | 470,158 |
| Formycon AG (a) | | 4,836 | 211,342 |
| Fraport AG Frankfurt Airport Services Worldwide (a)(b) | | 15,675 | 787,571 |
| Freenet AG | | 52,477 | 1,458,330 |
| Fresenius Medical Care AG & Co. KGaA | | 83,198 | 3,502,861 |
| Fresenius SE & Co. KGaA | | 170,783 | 5,097,802 |
| GEA Group AG | | 65,839 | 2,662,982 |
| Gerresheimer AG | | 14,153 | 1,525,512 |
| GFT Technologies AG | | 9,482 | 279,290 |
| Grand City Properties SA (a) | | 33,081 | 368,927 |
| Grenkeleasing AG | | 14,048 | 328,325 |
| Hamborner (REIT) AG | | 52,433 | 358,122 |
| Hannover Reuck SE | | 24,304 | 6,027,812 |
| HeidelbergCement AG | | 52,360 | 5,288,350 |
| HelloFresh AG (a)(b) | | 66,892 | 448,508 |
| Henkel AG & Co. KGaA | | 42,136 | 3,029,936 |
| Hensoldt AG (b) | | 26,282 | 1,033,855 |
| Hornbach Holding AG & Co. KGaA | | 4,511 | 354,321 |
| Hugo Boss AG | | 23,298 | 1,256,608 |
| Hypoport AG (a)(b) | | 1,970 | 522,653 |
| Infineon Technologies AG | | 526,012 | 18,254,207 |
| Ionos SE (a) | | 10,044 | 257,791 |
| Jenoptik AG | | 22,796 | 614,036 |
| JOST Werke AG (d) | | 6,667 | 322,311 |
| K+S AG | | 74,028 | 1,108,013 |
| KION Group AG | | 29,276 | 1,355,336 |
| Knorr-Bremse AG | | 29,211 | 2,167,618 |
| Krones AG | | 6,017 | 793,678 |
| Lanxess AG | | 36,539 | 1,034,522 |
| LEG Immobilien AG | | 29,938 | 2,553,431 |
| Mercedes-Benz Group AG (Germany) | | 321,636 | 24,328,827 |
| Merck KGaA | | 51,915 | 8,252,379 |
| Metro Wholesale & Food Specialist AG (b) | | 58,344 | 312,569 |
| Montana Aerospace AG (a)(d) | | 13,619 | 263,120 |
| Morphosys AG (a)(b) | | 15,328 | 1,082,359 |
| MTU Aero Engines AG | | 21,992 | 5,318,271 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 54,770 | 24,093,314 |
| mutares AG | | 7,152 | 321,715 |
| Nagarro SE (a)(b) | | 3,899 | 297,304 |
| Nemetschek SE | | 23,592 | 2,103,570 |
| Nordex SE (a)(b) | | 51,486 | 728,582 |
| NORMA Group AG | | 18,663 | 372,451 |
| Pfeiffer Vacuum Technology AG | | 1,720 | 283,781 |
| PNE AG (b) | | 16,631 | 238,186 |
| ProSiebenSat.1 Media AG | | 63,687 | 496,157 |
| Puma AG | | 43,056 | 1,987,938 |
| PVA TePla AG (a) | | 11,141 | 221,980 |
| Rational AG | | 2,102 | 1,803,577 |
| Rheinmetall AG | | 17,590 | 9,708,903 |
| RWE AG | | 254,385 | 8,861,634 |
| SAF-Holland SA | | 20,756 | 400,487 |
| Salzgitter AG | | 11,325 | 292,482 |
| SAP SE | | 419,696 | 75,783,268 |
| Schaeffler AG | | 59,737 | 349,357 |
| SCHOTT Pharma AG & Co. KGaA | | 15,925 | 668,250 |
| Scout24 AG (d) | | 30,635 | 2,259,133 |
| SGL Carbon AG (a)(b) | | 44,495 | 319,574 |
| Siemens AG | | 305,411 | 57,213,733 |
| Siemens Energy AG (a) | | 209,255 | 4,310,017 |
| Siemens Healthineers AG (d) | | 112,750 | 6,252,827 |
| Siltronic AG | | 6,979 | 544,448 |
| Sirius Real Estate Ltd. | | 629,375 | 765,988 |
| Sixt SE (b) | | 7,588 | 728,812 |
| SMA Solar Technology AG | | 6,794 | 358,323 |
| Softwareone Holding AG | | 46,840 | 797,949 |
| Stabilus Se | | 10,796 | 670,551 |
| Stroeer SE & Co. KGaA | | 14,473 | 929,052 |
| Suedzucker AG (Bearer) | | 28,076 | 401,500 |
| Suess MicroTec AG (b) | | 8,284 | 412,418 |
| Symrise AG | | 53,271 | 5,724,877 |
| TAG Immobilien AG (a) | | 72,880 | 1,041,441 |
| Talanx AG | | 26,163 | 1,974,026 |
| TeamViewer AG (a)(d) | | 58,899 | 780,056 |
| Thyssenkrupp AG (b) | | 202,766 | 1,018,773 |
| TUI AG (GB) (a)(b) | | 185,489 | 1,311,862 |
| United Internet AG | | 40,884 | 987,815 |
| VERBIO Vereinigte BioEnergie AG (b) | | 9,404 | 196,905 |
| Vitesco Technologies Group AG | | 3,611 | 246,056 |
| Volkswagen AG | | 11,450 | 1,616,431 |
| Vonovia SE | | 294,989 | 8,524,009 |
| Vossloh AG | | 6,997 | 339,758 |
| Wacker Chemie AG | | 7,801 | 837,518 |
| Wacker Construction Equipment AG | | 16,845 | 301,654 |
| Zalando SE (a)(d) | | 90,620 | 2,371,096 |
TOTAL GERMANY | | | 577,331,968 |
| Ghana - 0.0% | | | |
| Tullow Oil PLC (a)(b) | | 600,542 | 272,398 |
| Greece - 0.1% | | | |
| Aegean Airlines SA (a) | | 19,982 | 268,692 |
| Alpha Bank SA (a) | | 941,829 | 1,600,653 |
| Eurobank Ergasias Services and Holdings SA (a) | | 1,074,861 | 2,305,654 |
| Ff Group (a)(c) | | 881 | 0 |
| GEK Terna Holding Real Estate Construction SA | | 25,655 | 459,420 |
| Hellenic Telecommunications Organization SA | | 80,213 | 1,222,415 |
| Helleniq Energy Holdings SA | | 41,610 | 374,344 |
| Jumbo SA | | 48,012 | 1,495,137 |
| Lamda Development SA (a) | | 42,373 | 311,569 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 28,648 | 830,367 |
| Mytilineos SA | | 40,894 | 1,667,127 |
| National Bank of Greece SA (a) | | 316,298 | 2,551,902 |
| OPAP SA | | 76,174 | 1,268,982 |
| Piraeus Financial Holdings SA (a) | | 439,266 | 1,759,678 |
| Public Power Corp. of Greece (a) | | 86,532 | 1,037,980 |
| Terna Energy SA | | 24,073 | 468,598 |
TOTAL GREECE | | | 17,622,518 |
| Guatemala - 0.0% | | | |
| Millicom International Cellular SA (depository receipt) (a) | | 56,114 | 1,155,845 |
| Hong Kong - 1.1% | | | |
| AIA Group Ltd. | | 4,579,800 | 33,544,095 |
| Alibaba Pictures Group Ltd. (a) | | 6,060,000 | 360,926 |
| ASMPT Ltd. | | 127,600 | 1,585,772 |
| Bank of East Asia Ltd. | | 480,581 | 605,097 |
| Brightoil Petroleum Holdings Ltd. (a)(c) | | 26,000 | 0 |
| Cafe de Coral Holdings Ltd. | | 216,000 | 224,022 |
| Chow Sang Sang Holdings International Ltd. | | 211,000 | 226,693 |
| CK Asset Holdings Ltd. | | 786,988 | 3,356,957 |
| CK Infrastructure Holdings Ltd. | | 253,000 | 1,429,232 |
| CLP Holdings Ltd. | | 658,000 | 5,175,869 |
| Concord New Energy Group Ltd. | | 3,660,000 | 284,125 |
| Cowell e Holdings, Inc. (a)(b) | | 128,000 | 290,402 |
| Dah Sing Financial Holdings Ltd. | | 135,600 | 379,803 |
| Fortune (REIT) | | 752,000 | 369,441 |
| Futu Holdings Ltd. ADR (a) | | 22,673 | 1,458,101 |
| Grand Pharmaceutical Group, Ltd. | | 826,000 | 455,952 |
| Hang Lung Properties Ltd. | | 802,000 | 885,178 |
| Hang Seng Bank Ltd. | | 310,400 | 4,093,115 |
| Henderson Land Development Co. Ltd. | | 590,345 | 1,779,786 |
| HKT Trust/HKT Ltd. unit | | 1,545,000 | 1,705,646 |
| Hong Kong & China Gas Co. Ltd. | | 4,495,038 | 3,417,812 |
| Hong Kong Exchanges and Clearing Ltd. | | 484,374 | 15,390,706 |
| Hong Kong Resources Holdings Co. Ltd. (a)(e) | | 7,503 | 903 |
| Hongkong Land Holdings Ltd. | | 445,639 | 1,423,897 |
| Hutchison Port Holdings Trust | | 2,376,600 | 303,913 |
| Hysan Development Co. Ltd. | | 338,000 | 526,801 |
| Jardine Matheson Holdings Ltd. | | 63,958 | 2,447,618 |
| Johnson Electric Holdings Ltd. | | 177,306 | 241,877 |
| Kerry Properties Ltd. | | 299,000 | 579,646 |
| Kingboard Laminates Holdings Ltd. | | 438,500 | 375,631 |
| Link (REIT) | | 1,044,920 | 4,477,268 |
| Luk Fook Holdings International Ltd. | | 183,000 | 438,717 |
| Man Wah Holdings Ltd. | | 718,000 | 524,032 |
| Melco Crown Entertainment Ltd. sponsored ADR (a) | | 92,947 | 607,873 |
| Melco International Development Ltd. (a)(b) | | 380,000 | 285,445 |
| MH Development Ltd. (a)(c) | | 74,000 | 0 |
| MTR Corp. Ltd. | | 627,287 | 2,061,540 |
| New World Development Co. Ltd. (b) | | 624,822 | 663,531 |
| Nine Dragons Paper (Holdings) Ltd. (a) | | 825,000 | 364,491 |
| NWS Holdings Ltd. | | 408,000 | 344,900 |
| Orient Overseas International Ltd. | | 56,000 | 816,761 |
| Pacific Basin Shipping Ltd. | | 2,256,000 | 781,158 |
| PAX Global Technology Ltd. | | 457,000 | 382,362 |
| PCCW Ltd. | | 1,778,886 | 889,433 |
| Power Assets Holdings Ltd. | | 555,500 | 3,186,434 |
| Prudential PLC | | 1,109,414 | 9,648,962 |
| Sino Biopharmaceutical Ltd. | | 4,327,000 | 1,478,530 |
| Sino Land Ltd. | | 1,546,432 | 1,653,445 |
| Skyworth Group Ltd. | | 658,625 | 270,854 |
| SMI Corp. Ltd. (a)(c) | | 7,200 | 2,154 |
| SSY Group Ltd. | | 820,000 | 499,054 |
| Stella International Holdings Ltd. | | 253,000 | 461,177 |
| Sun Hung Kai Properties Ltd. | | 577,500 | 5,327,414 |
| Swire Pacific Ltd. (A Shares) | | 169,000 | 1,431,212 |
| Swire Properties Ltd. | | 470,600 | 973,280 |
| Techtronic Industries Co. Ltd. | | 553,500 | 7,648,984 |
| The United Laboratories International Holdings Ltd. | | 422,000 | 497,641 |
| United Energy Group Ltd. (b) | | 3,330,000 | 237,537 |
| Vitasoy International Holdings Ltd. (b) | | 398,000 | 297,051 |
| Vtech Holdings Ltd. | | 91,100 | 526,577 |
| WH Group Ltd. (d) | | 3,395,500 | 2,467,986 |
| Wharf Real Estate Investment Co. Ltd. | | 686,000 | 2,128,324 |
| Xinyi Glass Holdings Ltd. | | 720,393 | 769,816 |
| Yue Yuen Industrial (Holdings) Ltd. | | 373,500 | 661,303 |
TOTAL HONG KONG | | | 135,724,262 |
| Hungary - 0.1% | | | |
| Magyar Telekom PLC | | 157,530 | 397,715 |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 174,755 | 1,434,146 |
| OTP Bank PLC | | 90,286 | 4,480,114 |
| Richter Gedeon PLC | | 57,617 | 1,467,218 |
TOTAL HUNGARY | | | 7,779,193 |
| India - 5.4% | | | |
| 360 ONE WAM Ltd. | | 53,443 | 501,947 |
| 3M India Ltd. | | 1,295 | 472,062 |
| Aarti Industries Ltd. | | 79,981 | 708,084 |
| Aavas Financiers Ltd. (a) | | 22,739 | 442,314 |
| ABB India Ltd. | | 21,426 | 1,677,243 |
| Action Construction Equipment Ltd. | | 18,080 | 326,968 |
| Adani Enterprises Ltd. | | 68,643 | 2,507,516 |
| Adani Green Energy Ltd. (a) | | 127,763 | 2,744,673 |
| Adani Ports & Special Economic Zone Ltd. | | 211,406 | 3,348,149 |
| Adani Power Ltd. (a) | | 305,569 | 2,234,547 |
| Aditya Birla Fashion and Retail Ltd. (a) | | 158,047 | 497,111 |
| Aegis Logistics Ltd. | | 64,214 | 526,906 |
| Affle (India) Ltd. (a) | | 32,805 | 439,085 |
| Ahluwalia Contracts (India) Ltd. | | 15,667 | 209,090 |
| AIA Engineering Ltd. | | 17,778 | 806,557 |
| Ajanta Pharma Ltd. | | 19,388 | 514,081 |
| Alembic Pharmaceuticals Ltd. | | 24,980 | 298,828 |
| Alkyl Amines Chemicals | | 10,400 | 254,108 |
| Alok Industries Ltd. (a) | | 550,931 | 179,449 |
| Amara Raja Energy & Mobility L | | 54,758 | 720,026 |
| Amber Enterprises India Ltd. (a) | | 8,233 | 377,918 |
| Ambuja Cements Ltd. | | 244,798 | 1,814,292 |
| Anand Rathi Wealth Ltd. | | 7,315 | 349,337 |
| Anant Raj Ltd. | | 54,078 | 234,118 |
| Angel One Ltd. | | 15,788 | 524,837 |
| Apar Industries Ltd. | | 7,642 | 719,580 |
| APL Apollo Tubes Ltd. | | 68,425 | 1,274,011 |
| Apollo Hospitals Enterprise Ltd. | | 40,777 | 2,899,441 |
| Apollo Tyres Ltd. | | 135,537 | 825,886 |
| Aptus Value Housing Finance India Ltd. | | 87,913 | 343,892 |
| Archean Chemical Industries Ltd. | | 27,685 | 216,122 |
| Arvind Mills Ltd. | | 67,596 | 253,363 |
| Asahi India Glass Ltd. | | 37,911 | 272,652 |
| Ashok Leyland Ltd. | | 599,531 | 1,380,280 |
| Asian Paints Ltd. | | 152,580 | 5,246,943 |
| Aster DM Healthcare Ltd. (d) | | 58,455 | 242,868 |
| Astral Ltd. | | 56,381 | 1,426,554 |
| Atul Ltd. | | 7,244 | 519,162 |
| AU Small Finance Bank Ltd. (d) | | 76,362 | 578,406 |
| Aurobindo Pharma Ltd. | | 108,996 | 1,503,837 |
| Avenue Supermarts Ltd. (a)(d) | | 64,327 | 3,548,554 |
| Axis Bank Ltd. | | 919,558 | 12,831,628 |
| Bajaj Auto Ltd. | | 27,329 | 2,916,754 |
| Bajaj Electricals Ltd. | | 25,156 | 284,961 |
| Bajaj Finance Ltd. | | 111,191 | 9,220,915 |
| Bajaj Finserv Ltd. | | 152,133 | 2,937,980 |
| Bajaj Holdings & Investment Ltd. | | 10,926 | 1,061,050 |
| Balkrishna Industries Ltd. | | 33,115 | 961,922 |
| Balrampur Chini Mills Ltd. | | 67,958 | 321,750 |
| Bandhan Bank Ltd. (d) | | 348,066 | 783,374 |
| Bank of Baroda | | 430,721 | 1,447,809 |
| BASF India Ltd. | | 5,424 | 242,900 |
| Bata India Ltd. | | 28,867 | 472,794 |
| Bayer CropScience Ltd. | | 6,372 | 417,058 |
| Beml Ltd. | | 8,650 | 362,405 |
| Berger Paints India Ltd. | | 120,459 | 733,560 |
| Bharat Dynamics Ltd. | | 20,864 | 492,730 |
| Bharat Electronics Ltd. | | 1,486,298 | 4,155,062 |
| Bharat Forge Ltd. | | 105,791 | 1,609,279 |
| Bharat Heavy Electricals Ltd. | | 426,787 | 1,435,185 |
| Bharat Petroleum Corp. Ltd. | | 309,042 | 2,248,130 |
| Bharti Airtel Ltd. | | 903,688 | 14,300,127 |
| Bikaji Foods International Ltd. | | 37,448 | 238,587 |
| Biocon Ltd. | | 194,705 | 695,464 |
| Birla Corp. Ltd. | | 15,255 | 262,978 |
| Birlasoft Ltd. | | 71,699 | 556,150 |
| BLS International Services Ltd. | | 52,490 | 220,024 |
| Blue Dart Express Ltd. | | 3,477 | 262,573 |
| Blue Star Ltd. | | 57,216 | 1,023,118 |
| Brigade Enterprises Ltd. | | 53,822 | 665,659 |
| Britannia Industries Ltd. | | 43,698 | 2,496,858 |
| Brookfield India Real Estate Trust (d) | | 91,586 | 277,388 |
| BSE Ltd. | | 27,193 | 902,510 |
| Can Finance Homes Ltd. | | 41,862 | 381,403 |
| Carborundum Universal Ltd. | | 51,590 | 876,975 |
| Castrol India Ltd. | | 194,734 | 490,342 |
| CCL Products (India) Ltd. | | 39,865 | 282,432 |
| CEAT Ltd. | | 10,396 | 319,459 |
| Cello World Ltd. | | 26,544 | 287,447 |
| Central Depository Services (India) Ltd. | | 22,455 | 564,369 |
| Century Plyboards India Ltd. | | 28,498 | 216,970 |
| Century Textiles & Industries Ltd. | | 19,758 | 471,479 |
| Cera Sanitaryware Ltd. | | 3,366 | 289,535 |
| CESC Ltd. GDR | | 273,425 | 480,228 |
| Cg Power & Industrial Soluti | | 245,276 | 1,623,617 |
| Chalet Hotels Ltd. (a) | | 28,337 | 293,062 |
| Chambal Fertilizers & Chemicals Ltd. | | 92,079 | 467,192 |
| Chemplast Sanmar Ltd. (a) | | 41,898 | 250,538 |
| Chennai Petroleum Corp. Ltd. | | 20,280 | 247,967 |
| Cholamandalam Financial Holdings Ltd. | | 40,029 | 516,201 |
| Cholamandalam Investment and Finance Co. Ltd. | | 169,908 | 2,424,605 |
| CIE Automotive India Ltd. | | 65,713 | 385,040 |
| Cipla Ltd./India (a) | | 212,141 | 3,550,292 |
| City Union Bank Ltd. | | 206,086 | 395,897 |
| Clean Science & Technology Ltd. | | 13,518 | 213,702 |
| CMS Info Systems Ltd. | | 74,316 | 368,814 |
| Coal India Ltd. | | 622,630 | 3,384,243 |
| Cochin Shipyard Ltd. (d) | | 34,163 | 532,870 |
| Coforge Ltd. | | 24,423 | 1,486,797 |
| Colgate-Palmolive Ltd. | | 56,301 | 1,904,775 |
| Computer Age Management Services Private Ltd. | | 19,308 | 739,831 |
| Container Corp. of India Ltd. | | 105,644 | 1,297,245 |
| Coromandel International Ltd. | | 51,804 | 748,812 |
| Craftsman Automation Ltd. | | 4,786 | 253,380 |
| CreditAccess Grameen Ltd. (a) | | 24,392 | 440,607 |
| CRISIL Ltd. | | 7,772 | 405,303 |
| Crompton Greaves Consumer Electricals Ltd. | | 280,387 | 1,068,518 |
| Cummins India Ltd. | | 56,141 | 2,197,517 |
| Cyient Ltd. | | 34,931 | 753,328 |
| Dabur India Ltd. | | 256,574 | 1,559,040 |
| Data Patterns India Ltd. (a) | | 9,300 | 330,127 |
| Deepak Fertilisers and Petrochemicals Corp. Ltd. | | 35,686 | 258,110 |
| Deepak Nitrite Ltd. | | 29,376 | 854,740 |
| Delhivery Private Ltd. (a) | | 156,757 | 842,497 |
| Devyani International Ltd. (a) | | 173,771 | 345,166 |
| Divi's Laboratories Ltd. | | 48,230 | 2,308,705 |
| Dixon Technologies India Ltd. | | 13,333 | 1,330,281 |
| DLF Ltd. | | 300,556 | 3,201,398 |
| Dr Lal Pathlabs Ltd. (d) | | 18,029 | 511,679 |
| Dr. Reddy's Laboratories Ltd. | | 47,367 | 3,513,993 |
| E.I.D. Parry (India) Ltd. | | 42,406 | 313,477 |
| eClerx Services Ltd. | | 9,867 | 290,234 |
| Edelweiss Financial Services Ltd. | | 274,120 | 256,736 |
| Eicher Motors Ltd. | | 55,893 | 3,076,237 |
| EIH Ltd. | | 80,534 | 461,013 |
| Elecon Engineering Co. Ltd. | | 20,445 | 277,249 |
| Electrosteel Castings Ltd. | | 132,803 | 304,333 |
| Elgi Equipments Ltd. | | 81,766 | 636,292 |
| Emami Ltd. | | 93,142 | 543,339 |
| Embassy Office Parks (REIT) | | 350,542 | 1,498,614 |
| Endurance Technologies Ltd. (d) | | 13,199 | 312,225 |
| Engineers India Ltd. | | 116,611 | 340,367 |
| Equitas Small Finance Bank Ltd. (d) | | 299,998 | 348,474 |
| Eris Lifesciences Ltd. (a)(d) | | 26,583 | 285,058 |
| Exide Industries Ltd. | | 193,236 | 1,092,846 |
| Federal Bank Ltd. | | 766,656 | 1,488,689 |
| Fine Organic Industries Ltd. | | 6,339 | 333,043 |
| Finolex Cables Ltd. | | 31,925 | 402,101 |
| Finolex Industries Ltd. | | 124,036 | 394,781 |
| Firstsource Solutions Ltd. | | 155,203 | 391,758 |
| Five Star Business Finance Ltd. (a) | | 51,284 | 465,030 |
| Fortis Healthcare Ltd. | | 192,841 | 1,014,471 |
| GAIL India Ltd. | | 931,491 | 2,326,313 |
| Garware Technical Fibres Ltd. | | 5,014 | 194,197 |
| Gateway Distriparks Ltd. | | 217,087 | 277,540 |
| Ge T&D India Ltd. (a) | | 28,922 | 392,992 |
| GHCL Ltd. | | 41,035 | 251,880 |
| Gland Pharma Ltd. (a)(d) | | 14,721 | 300,640 |
| GlaxoSmithKline Pharmaceuticals Ltd. | | 19,275 | 481,767 |
| Glenmark Pharmaceuticals Ltd. | | 61,287 | 775,328 |
| Global Health Ltd. (a) | | 34,056 | 587,753 |
| GMM Pfaudler Ltd. | | 18,871 | 322,399 |
| GMR Airports Infrastructure Ltd. (a) | | 988,610 | 1,005,219 |
| Go Fashion (INDIA) Ltd. (a) | | 17,131 | 225,638 |
| Godawari Power & Ispat Ltd. | | 25,907 | 275,660 |
| Godfrey Phillips India Ltd. | | 6,318 | 252,912 |
| Godrej Consumer Products Ltd. | | 168,228 | 2,454,499 |
| Godrej Industries Ltd. (a) | | 29,319 | 336,949 |
| Godrej Properties Ltd. (a) | | 52,328 | 1,653,431 |
| Gokaldas Exports Ltd. | | 25,380 | 267,479 |
| Granules India Ltd. | | 66,877 | 338,887 |
| Graphite India Ltd. | | 35,342 | 285,651 |
| Grasim Industries Ltd. | | 106,862 | 3,080,292 |
| Great Eastern Shipping Co. Ltd. | | 43,491 | 566,589 |
| Grindwell Norton Ltd. | | 20,847 | 531,133 |
| Gujarat Fluorochemicals Ltd. | | 12,250 | 530,726 |
| Gujarat Gas Ltd. | | 63,521 | 415,334 |
| Gujarat Narmada Valley Fertilizers Co. | | 48,249 | 411,260 |
| Gujarat Pipavav Port Ltd. | | 131,111 | 330,419 |
| Gujarat State Fertilizers & Chemicals Ltd. | | 102,880 | 302,554 |
| Gujarat State Petronet Ltd. | | 121,440 | 428,380 |
| Happiest Minds Technologies Ltd. | | 42,425 | 412,816 |
| Havells India Ltd. | | 102,120 | 2,031,871 |
| HBL Power Systems Ltd. (a) | | 51,916 | 317,456 |
| HCL Technologies Ltd. | | 379,657 | 6,192,339 |
| HDFC Asset Management Co. Ltd. (d) | | 39,474 | 1,839,713 |
| HDFC Bank Ltd. | | 1,129,769 | 20,511,437 |
| HDFC Standard Life Insurance Co. Ltd. (d) | | 391,377 | 2,731,053 |
| Hero Motocorp Ltd. | | 48,544 | 2,633,834 |
| Hfcl Ltd. | | 327,290 | 393,097 |
| Himadri Speciality Chemical Ltd. | | 80,854 | 362,630 |
| Hindalco Industries Ltd. | | 543,228 | 4,176,654 |
| Hindustan Aeronautics Ltd. | | 81,095 | 3,825,915 |
| Hindustan Construction Co. Ltd. (a) | | 633,061 | 285,827 |
| Hindustan Copper Ltd. | | 106,666 | 490,704 |
| Hindustan Petroleum Corp. Ltd. | | 233,271 | 1,383,306 |
| Hindustan Unilever Ltd. | | 329,897 | 8,808,094 |
| Hitachi Energy India Ltd. | | 4,661 | 533,827 |
| Home First Finance Co. India Ltd. (d) | | 24,283 | 264,831 |
| Honasa Consumer Ltd. | | 45,012 | 230,761 |
| ICICI Bank Ltd. | | 2,085,554 | 28,728,568 |
| ICICI Lombard General Insurance Co. Ltd. (d) | | 98,655 | 2,015,733 |
| ICICI Prudential Life Insurance Co. Ltd. (d) | | 150,316 | 1,028,742 |
| ICICI Securities Ltd. (d) | | 40,869 | 370,107 |
| IDFC Bank Ltd. (a) | | 1,470,673 | 1,442,968 |
| IDFC Ltd. (a) | | 535,650 | 778,853 |
| Iifl Finance Ltd. | | 91,914 | 447,313 |
| Iifl Finance Ltd. rights 5/14/24 (a) | | 10,212 | 11,610 |
| India Cements Ltd./The (a) | | 84,072 | 225,418 |
| Indiabulls Housing Finance Ltd. | | 183,565 | 372,940 |
| Indiabulls Real Estate Ltd. (a) | | 203,902 | 322,573 |
| IndiaMART InterMESH Ltd. (d) | | 14,018 | 442,800 |
| Indian Energy Exchange Ltd. (d) | | 219,179 | 409,754 |
| Indian Oil Corp. Ltd. | | 1,143,686 | 2,308,884 |
| Indian Railway Catering & Tourism Corp. Ltd. | | 99,550 | 1,235,791 |
| Indian Renewable Energy Development Agency Ltd. | | 275,322 | 584,550 |
| Indraprastha Gas Ltd. | | 133,205 | 747,118 |
| IndusInd Bank Ltd. | | 118,817 | 2,153,592 |
| Infibeam Avenues Ltd. | | 518,427 | 210,575 |
| Info Edge India Ltd. | | 29,113 | 2,104,962 |
| Infosys Ltd. | | 1,334,561 | 22,527,014 |
| Inox Wind Ltd. (a) | | 50,080 | 373,499 |
| Intellect Design Arena Ltd. | | 36,238 | 467,931 |
| InterGlobe Aviation Ltd. (a)(d) | | 69,919 | 3,333,066 |
| Ion Exchange (INDIA) Ltd. | | 36,448 | 247,245 |
| Ipca Laboratories Ltd. | | 59,836 | 960,782 |
| IRB Infrastructure Developers Ltd. | | 513,802 | 416,265 |
| Ircon International Ltd. (d) | | 143,575 | 429,725 |
| ITC Ltd. | | 1,190,048 | 6,203,426 |
| J.B. Chemicals & Pharmaceuticals Ltd. | | 30,010 | 684,659 |
| Jai Balaji Industries Ltd. (a) | | 15,569 | 190,435 |
| Jaiprakash Power Ventures Ltd. (a) | | 1,441,874 | 342,942 |
| JBM Auto Ltd. | | 10,451 | 237,850 |
| Jindal Saw Ltd. | | 51,617 | 341,435 |
| Jindal Steel & Power Ltd. | | 145,592 | 1,616,490 |
| Jio Financial Services Ltd. | | 1,152,132 | 5,186,747 |
| JK Cement Ltd. | | 15,525 | 742,441 |
| JK Lakshmi Cement Ltd. | | 32,115 | 305,523 |
| JK Tyre & Industries Ltd. | | 48,765 | 245,639 |
| JM Financial Ltd. | | 213,310 | 226,000 |
| JSW Steel Ltd. | | 244,283 | 2,573,020 |
| Jubilant Foodworks Ltd. | | 173,241 | 959,496 |
| Jubilant Ingrevia Ltd. | | 39,893 | 263,810 |
| Jubilant Pharmova Ltd. | | 31,838 | 256,808 |
| Jupiter Wagons Ltd. | | 50,782 | 248,045 |
| Jyothy Laboratories Ltd. | | 64,884 | 336,444 |
| Kajaria Ceramics Ltd. | | 39,847 | 574,135 |
| Kalpataru Power Transmission Ltd. | | 41,294 | 606,392 |
| Kalyan Jewellers India Ltd. | | 107,244 | 529,967 |
| Kansai Nerolac Paints Ltd. | | 109,111 | 364,751 |
| Kaynes Technology India Ltd. (a) | | 11,279 | 359,945 |
| KEC International Ltd. | | 54,397 | 486,663 |
| KEI Industries Ltd. | | 24,712 | 1,182,462 |
| KFin Technologies Ltd. (a) | | 35,571 | 318,093 |
| Kirloskar Oil Engines Ltd. | | 35,777 | 436,739 |
| KNR Constructions Ltd. | | 80,338 | 254,895 |
| Kotak Mahindra Bank Ltd. | | 438,836 | 8,526,524 |
| KPI Green Energy Ltd. (d) | | 10,332 | 224,110 |
| KPIT Technologies Ltd. | | 68,494 | 1,220,743 |
| KPR Mill Ltd. | | 36,056 | 365,167 |
| Krishna Institute of Medical Sciences Ltd. (a)(d) | | 22,798 | 555,551 |
| KSB Ltd. | | 6,258 | 338,162 |
| L&T Finance Ltd. | | 328,755 | 654,431 |
| Lakshmi Machine Works Ltd. | | 1,875 | 378,563 |
| Larsen & Toubro Ltd. | | 270,029 | 11,604,144 |
| Laurus Labs Ltd. (d) | | 159,901 | 860,960 |
| Lemon Tree Hotels Ltd. (a)(d) | | 218,829 | 399,103 |
| LIC Housing Finance Ltd. | | 126,838 | 1,021,225 |
| Ltimindtree Ltd. (d) | | 35,970 | 2,019,713 |
| Lupin Ltd. | | 93,270 | 1,835,967 |
| Macrotech Developers Ltd. (d) | | 98,393 | 1,457,030 |
| Mahanagar Gas Ltd. | | 22,616 | 390,793 |
| Maharashtra Seamless Ltd. | | 20,500 | 221,363 |
| Mahindra & Mahindra Financial Services Ltd. | | 215,035 | 671,082 |
| Mahindra & Mahindra Ltd. | | 376,266 | 9,702,605 |
| Mahindra Lifespace Developers Ltd. | | 43,102 | 327,495 |
| Manappuram General Finance & Leasing Ltd. | | 252,001 | 601,499 |
| Marico Ltd. | | 213,379 | 1,323,800 |
| Maruti Suzuki India Ltd. | | 56,694 | 8,695,480 |
| Mastek Ltd. | | 8,482 | 272,914 |
| Max Financial Services Ltd. (a) | | 109,316 | 1,322,444 |
| Max Healthcare Institute Ltd. | | 315,198 | 3,166,507 |
| MedPlus Health Services Ltd. (a) | | 27,853 | 232,480 |
| Metropolis Healthcare Ltd. (d) | | 13,203 | 286,811 |
| Mindspace Business Parks (REIT) (d) | | 83,608 | 355,263 |
| Motherson Sumi Wiring India Ltd. | | 783,125 | 646,841 |
| Motilal Oswal Financial Services Ltd. | | 16,743 | 476,018 |
| Mphasis BFL Ltd. | | 32,728 | 903,652 |
| MRF Ltd. | | 955 | 1,519,703 |
| Mrs Bectors Food Specialities Ltd. | | 15,043 | 229,170 |
| MTAR Technologies Pvt Ltd. (a) | | 10,494 | 236,284 |
| Multi Commodity Exchange of India Ltd. | | 11,103 | 545,379 |
| Muthoot Finance Ltd. | | 49,990 | 1,027,983 |
| Narayana Hrudayalaya Ltd. | | 31,442 | 484,406 |
| Natco Pharma Ltd. | | 36,008 | 437,541 |
| National Aluminium Co. Ltd. | | 351,358 | 777,875 |
| Nava Bharat Ventures Ltd. | | 34,897 | 209,715 |
| Navin Fluorine International Ltd. | | 15,961 | 652,189 |
| NBBC India Ltd. | | 232,321 | 387,690 |
| Ncc Ltd. | | 181,376 | 524,527 |
| Nestle India Ltd. | | 135,358 | 4,061,954 |
| Neuland Laboratories Ltd. | | 3,568 | 324,944 |
| Newgen Software Technologies Ltd. | | 28,431 | 314,948 |
| Nexus Select Trust | | 201,773 | 323,032 |
| NIIT Learning Systems Ltd. | | 38,576 | 229,792 |
| Nippon Life India Asset Management Ltd. (d) | | 54,941 | 386,753 |
| Nlc India Ltd. | | 96,887 | 280,168 |
| NMDC Ltd. | | 428,423 | 1,299,754 |
| NMDC Steel Ltd. (a) | | 341,750 | 262,601 |
| NTPC Ltd. | | 1,751,414 | 7,609,368 |
| Nuvoco Vistas Corp. Ltd. (a) | | 80,391 | 325,567 |
| Oil & Natural Gas Corp. Ltd. | | 1,269,161 | 4,283,159 |
| Olectra Greentech Ltd. | | 16,422 | 338,910 |
| One97 Communications Ltd. (a) | | 106,509 | 474,586 |
| Page Industries Ltd. | | 2,584 | 1,075,373 |
| Paisalo Digital Ltd. | | 240,544 | 205,667 |
| PB Fintech Ltd. (a) | | 102,827 | 1,556,933 |
| Pcbl Ltd. /India | | 80,974 | 261,206 |
| Persistent Systems Ltd. | | 40,710 | 1,637,216 |
| Petronet LNG Ltd. | | 315,810 | 1,171,891 |
| Phoenix Mills Ltd. | | 40,501 | 1,527,069 |
| PI Industries Ltd. | | 33,737 | 1,474,059 |
| Pidilite Industries Ltd. | | 60,907 | 2,220,908 |
| Piramal Enterprises Ltd. | | 46,642 | 515,081 |
| Piramal Pharma Ltd. (a) | | 242,816 | 416,502 |
| PNB Housing Finance Ltd. (a)(d) | | 49,631 | 472,315 |
| PNC Infratech Ltd. | | 56,231 | 301,611 |
| Poly Medicure Ltd. | | 14,502 | 285,335 |
| Polycab India Ltd. | | 18,593 | 1,261,374 |
| Poonawalla Fincorp Ltd. | | 97,027 | 567,841 |
| Power Finance Corp. Ltd. | | 599,954 | 3,161,609 |
| Power Grid Corp. of India Ltd. | | 1,873,261 | 6,754,514 |
| Praj Industries Ltd. | | 54,963 | 360,472 |
| Procter & Gamble Health Ltd. | | 4,688 | 275,909 |
| PTC India Ltd. | | 106,858 | 286,682 |
| Punjab National Bank | | 910,744 | 1,535,542 |
| PVR INOX Ltd. (a) | | 35,212 | 572,204 |
| Quess Corp. Ltd. (d) | | 35,779 | 266,925 |
| Radico Khaitan Ltd. | | 30,716 | 645,349 |
| RailTel Corp. of India Ltd. | | 46,293 | 220,672 |
| Rain Industries Ltd. | | 101,325 | 210,947 |
| Rainbow Children's Medicare Ltd. | | 23,720 | 390,037 |
| Ramkrishna Forgings Ltd. | | 38,210 | 342,706 |
| Rategain Travel Technologies Ltd. (a) | | 24,310 | 202,123 |
| Ratnamani Metals & Tubes Ltd. | | 12,527 | 473,379 |
| Raymond Ltd. | | 15,539 | 390,173 |
| RBL Bank Ltd. (d) | | 199,162 | 618,661 |
| REC Ltd. | | 531,812 | 3,220,640 |
| Redington (India) Ltd. | | 254,022 | 663,972 |
| Relaxo Footwears Ltd. | | 35,809 | 357,077 |
| Reliance Industries Ltd. | | 1,223,871 | 42,950,870 |
| Reliance Infrastructure Ltd. (a) | | 102,236 | 217,531 |
| Reliance Power Ltd. (a) | | 1,138,703 | 370,555 |
| Restaurant Brands Asia Ltd. (a) | | 204,547 | 244,419 |
| RHI Magnesita India Ltd. | | 37,956 | 294,876 |
| RITES Ltd. | | 23,229 | 189,797 |
| Route Mobile Ltd. | | 15,086 | 275,211 |
| Safari Industries India Ltd. | | 10,880 | 275,053 |
| Samvardhana Motherson International Ltd. | | 974,974 | 1,526,481 |
| Sanofi India Ltd. | | 4,205 | 419,147 |
| Sapphire Foods India Ltd. (a) | | 18,746 | 319,323 |
| SBI Cards & Payment Services Ltd. | | 115,323 | 1,004,013 |
| SBI Life Insurance Co. Ltd. (d) | | 183,614 | 3,158,071 |
| Sheela Foam Private Ltd. (a) | | 25,489 | 275,591 |
| Shipping Corp. of India Ltd. | | 73,017 | 198,043 |
| Shree Cement Ltd. | | 3,772 | 1,104,011 |
| Shriram Finance Ltd. | | 114,828 | 3,502,419 |
| Shyam Metalics & Energy Ltd. | | 28,398 | 212,975 |
| Siemens Ltd. | | 35,476 | 2,477,951 |
| SJVN Ltd. | | 327,855 | 524,008 |
| SKF India Ltd. | | 10,992 | 608,823 |
| Sobha Ltd. | | 16,850 | 357,272 |
| Sona Blw Precision Forgings Ltd. (d) | | 170,359 | 1,273,057 |
| Sonata Software Ltd. | | 74,676 | 618,109 |
| South Indian Bank Ltd. | | 676,923 | 248,911 |
| SRF Ltd. | | 59,990 | 1,878,576 |
| Star Health & Allied Insurance Co. Ltd. (a) | | 70,158 | 480,291 |
| State Bank of India | | 717,567 | 7,086,078 |
| Sterling & Wilson Renewable Energy Ltd. (a) | | 43,670 | 342,663 |
| Strides Pharma Science Ltd. | | 28,892 | 309,727 |
| Sumitomo Chemical India Ltd. | | 54,431 | 261,079 |
| Sun Pharmaceutical Industries Ltd. | | 384,742 | 6,909,990 |
| Sun TV Ltd. | | 45,035 | 353,127 |
| Sundram Fasteners Ltd. | | 46,877 | 626,986 |
| Supreme Industries Ltd. | | 26,027 | 1,575,872 |
| Supreme Petrochem Ltd. | | 33,922 | 275,704 |
| Suven Pharmaceuticals Ltd. (a) | | 47,824 | 377,083 |
| Suzlon Energy Ltd. (a) | | 3,595,676 | 1,781,282 |
| Swan Energy Ltd. | | 47,215 | 350,216 |
| Syngene International Ltd. (d) | | 78,983 | 651,072 |
| Tamilnad Mercantile Bank Ltd. | | 44,795 | 260,934 |
| Tanla Solutions Ltd. | | 29,858 | 326,774 |
| Tata Chemicals Ltd. | | 60,415 | 776,006 |
| Tata Communications Ltd. | | 47,592 | 984,737 |
| Tata Consultancy Services Ltd. | | 361,789 | 16,507,396 |
| Tata Consumer Products Ltd. | | 232,052 | 3,072,020 |
| Tata Elxsi Ltd. | | 13,780 | 1,163,035 |
| Tata Investment Corp. Ltd. | | 5,038 | 399,662 |
| Tata Motors Ltd. | | 658,068 | 7,933,424 |
| Tata Motors Ltd. Class A | | 196,869 | 1,605,378 |
| Tata Power Co. Ltd./The | | 580,990 | 3,117,146 |
| Tata Steel Ltd. | | 2,963,358 | 5,839,661 |
| Tata Teleservices (Maharashtra) Ltd. (a) | | 268,999 | 264,197 |
| TeamLease Services Ltd. (a) | | 6,585 | 261,218 |
| Tech Mahindra Ltd. | | 217,709 | 3,278,572 |
| Tejas Networks Ltd. (a)(d) | | 35,986 | 492,259 |
| Texmaco Rail & Engineering Ltd. | | 91,208 | 198,969 |
| The Indian Hotels Co. Ltd. | | 349,129 | 2,405,134 |
| The Jammu & Kashmir Bank Ltd. | | 163,813 | 267,664 |
| The Karnataka Bank Ltd. | | 84,945 | 235,080 |
| The Karur Vysya Bank Ltd. | | 184,157 | 449,288 |
| The Ramco Cements Ltd. | | 52,529 | 499,210 |
| Timken India Ltd. | | 14,943 | 597,592 |
| Titagarh Rail System Ltd. | | 30,069 | 380,716 |
| Titan Co. Ltd. | | 141,643 | 6,075,793 |
| Torrent Pharmaceuticals Ltd. | | 41,786 | 1,319,617 |
| Trent Ltd. | | 73,016 | 3,853,047 |
| Trident Ltd. | | 597,420 | 280,575 |
| Triveni Turbine Ltd. | | 60,707 | 390,583 |
| TTK Prestige Ltd. | | 27,336 | 229,810 |
| Tube Investments of India Ltd. | | 42,827 | 1,920,614 |
| TVS Holdings Ltd. | | 2,200 | 229,322 |
| Tvs Motor Co. Ltd. | | 96,599 | 2,377,825 |
| Ultratech Cement Ltd. | | 46,525 | 5,547,199 |
| Union Bank of India Ltd. | | 609,408 | 1,122,997 |
| United Spirits Ltd. | | 118,353 | 1,664,479 |
| Uno Minda Ltd. | | 86,544 | 763,736 |
| UPL Ltd. | | 190,260 | 1,154,363 |
| Usha Martin Ltd. | | 74,519 | 335,444 |
| UTI Asset Management Co. Ltd. | | 30,411 | 346,426 |
| V-Guard Industries Ltd. | | 93,836 | 385,021 |
| Vardhman Textiles Ltd. | | 47,996 | 255,979 |
| Varun Beverages Ltd. | | 183,080 | 3,237,729 |
| Vedanta Ltd. | | 378,853 | 1,807,623 |
| Vinati Organics Ltd. | | 15,750 | 308,231 |
| VIP Industries Ltd. | | 34,738 | 227,993 |
| Voltamp Transformers Ltd. | | 2,975 | 369,806 |
| Voltas Ltd. | | 83,851 | 1,478,394 |
| Welspun Gujarat Stahl Rohren Ltd. | | 43,840 | 295,321 |
| Westlife Foodworld Ltd. | | 29,662 | 300,567 |
| Whirlpool of India Ltd. | | 17,244 | 311,179 |
| Wipro Ltd. | | 526,722 | 2,899,898 |
| Yes Bank Ltd. (a) | | 5,295,099 | 1,655,653 |
| Zee Entertainment Enterprises Ltd. (a) | | 357,991 | 628,993 |
| Zensar Technologies Ltd. | | 52,911 | 387,467 |
| ZF Commercial Vehicle Control Systems India Ltd. | | 2,104 | 344,429 |
| Zomato Ltd. (a) | | 2,463,994 | 5,685,102 |
TOTAL INDIA | | | 658,715,952 |
| Indonesia - 0.5% | | | |
| Amman Mineral Internasional PT | | 2,614,700 | 1,556,950 |
| First Pacific Co. Ltd. | | 1,012,000 | 473,287 |
| First Resources Ltd. | | 286,700 | 295,363 |
| Golden Agri-Resources Ltd. | | 2,701,700 | 539,924 |
| Nickel Industries Ltd. | | 730,452 | 438,720 |
| PT Adaro Energy Indonesia Tbk | | 5,896,900 | 980,051 |
| PT AKR Corporindo Tbk | | 3,869,400 | 398,009 |
| PT Aneka Tambang Tbk | | 3,975,200 | 399,587 |
| PT Astra International Tbk | | 8,114,700 | 2,560,638 |
| PT Bank Aladin Syariah Tbk (a) | | 3,772,300 | 233,341 |
| PT Bank Central Asia Tbk | | 22,229,900 | 13,366,497 |
| PT Bank Jago Tbk (a) | | 1,833,300 | 241,161 |
| PT Bank Mandiri (Persero) Tbk | | 14,955,500 | 6,321,348 |
| PT Bank Negara Indonesia (Persero) Tbk | | 6,067,300 | 1,952,075 |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 27,415,171 | 8,298,670 |
| PT Bank Tabungan Negara (Persero) Tbk | | 2,866,591 | 232,240 |
| PT Barito Pacific Tbk | | 11,507,107 | 719,109 |
| PT BFI Finance Indonesia Tbk | | 3,660,700 | 236,262 |
| PT Bukalapak.com Tbk (a) | | 27,973,500 | 222,524 |
| PT Bukit Asam Tbk | | 2,161,300 | 399,529 |
| PT Bumi Resources Minerals Tbk (a) | | 25,816,900 | 242,235 |
| PT Bumi Resources Tbk (a) | | 54,956,700 | 334,293 |
| PT Charoen Pokphand Indonesia Tbk | | 3,080,800 | 937,322 |
| PT Ciputra Development Tbk | | 4,593,000 | 340,535 |
| PT GoTo Gojek Tokopedia Tbk (a) | | 342,255,684 | 1,316,410 |
| PT Hanson International Tbk (a)(c) | | 3,268,900 | 10,052 |
| PT Indah Kiat Pulp & Paper Tbk | | 1,063,500 | 612,105 |
| PT Indo Tambangraya Megah Tbk | | 209,700 | 325,055 |
| PT Indocement Tunggal Prakarsa Tbk | | 582,900 | 277,257 |
| PT Indofood CBP Sukses Makmur Tbk | | 998,200 | 667,215 |
| PT Indofood Sukses Makmur Tbk | | 1,861,500 | 714,824 |
| PT Inti Agriculture Resources Tbk (a)(c) | | 1,180,800 | 3,631 |
| PT Japfa Comfeed Indonesia Tbk | | 3,154,300 | 221,902 |
| PT Jasa Marga Tbk | | 1,036,896 | 343,899 |
| PT Kalbe Farma Tbk | | 9,110,900 | 808,752 |
| PT Map Aktif Adiperkasa | | 4,715,500 | 227,272 |
| PT Medco Energi International Tbk | | 2,866,700 | 235,195 |
| PT Medikaloka Hermina Tbk | | 3,307,600 | 259,684 |
| PT Merdeka Copper Gold Tbk (a) | | 4,064,025 | 654,536 |
| PT Mitra Adiperkasa Tbk | | 3,613,500 | 349,601 |
| PT Pabrik Kertas Tjiwi Kimia Tbk | | 652,400 | 311,451 |
| PT Pacific Strategic Financial Tbk (a) | | 3,596,500 | 249,039 |
| PT Pakuwon Jati Tbk | | 10,960,300 | 270,357 |
| PT Perusahaan Gas Negara Tbk Series B | | 5,312,700 | 479,751 |
| PT Pool Advista Indonesia Tbk (a)(c) | | 184,900 | 569 |
| PT Sarana Menara Nusantara Tbk | | 9,061,300 | 447,694 |
| PT Semen Indonesia (Persero) Tbk | | 1,509,769 | 433,071 |
| PT Smartfren Telecom Tbk (a) | | 81,236,100 | 249,670 |
| PT Smartfren Telecom Tbk rights 5/6/24 (a) | | 34,228,693 | 2,088 |
| PT Sugih Energy Tbk (a)(c) | | 40,500 | 125 |
| PT Sumber Alfaria Trijaya Tbk | | 7,790,000 | 1,401,023 |
| PT Summarecon Agung Tbk | | 5,698,100 | 180,012 |
| PT Telkom Indonesia Persero Tbk | | 20,030,200 | 3,883,025 |
| PT Transcoal Pacific Tbk | | 486,000 | 253,877 |
| PT Unilever Indonesia Tbk | | 3,272,400 | 527,013 |
| PT United Tractors Tbk | | 626,000 | 954,084 |
| PT XL Axiata Tbk | | 2,267,200 | 344,043 |
TOTAL INDONESIA | | | 58,733,952 |
| Ireland - 0.3% | | | |
| AerCap Holdings NV (a) | | 80,460 | 6,798,065 |
| AIB Group PLC | | 636,545 | 3,305,575 |
| Bank of Ireland Group PLC | | 427,483 | 4,582,628 |
| C&C Group PLC (United Kingdom) | | 171,609 | 353,387 |
| Cairn Homes PLC | | 275,604 | 465,305 |
| COSMO Pharmaceuticals NV | | 4,149 | 326,323 |
| Dalata Hotel Group PLC | | 98,161 | 442,076 |
| Glanbia PLC | | 81,408 | 1,549,915 |
| Glenveagh Properties PLC (a)(d) | | 268,213 | 365,238 |
| Greencore Group PLC (a)(b) | | 216,021 | 355,766 |
| Irish Residential Properties REIT PLC | | 228,428 | 241,584 |
| Kerry Group PLC Class A | | 63,752 | 5,497,320 |
| Keywords Studios PLC | | 33,299 | 478,501 |
| Kingspan Group PLC (Ireland) | | 62,113 | 5,558,164 |
| Origin Enterprises PLC | | 72,778 | 260,190 |
| Smurfit Kappa Group PLC | | 105,166 | 4,573,501 |
| Uniphar PLC | | 106,424 | 291,890 |
TOTAL IRELAND | | | 35,445,428 |
| Israel - 0.6% | | | |
| Airport City Ltd. (a) | | 30,515 | 471,714 |
| Alony Hetz Properties & Investments Ltd. | | 65,335 | 424,665 |
| Amot Investments Ltd. | | 106,009 | 446,515 |
| Ashtrom Group Ltd. | | 18,900 | 261,655 |
| Aura Investments Ltd. | | 69,056 | 267,982 |
| Azrieli Group | | 16,969 | 1,097,963 |
| Bank Hapoalim BM (Reg.) | | 511,520 | 4,628,992 |
| Bank Leumi le-Israel BM | | 613,397 | 4,803,371 |
| Bezeq The Israel Telecommunication Corp. Ltd. | | 794,491 | 986,943 |
| Big Shopping Centers Ltd. (a) | | 5,561 | 574,581 |
| Camtek Ltd. | | 11,878 | 985,693 |
| Cellcom Israel Ltd. (Israel) (a) | | 57,015 | 239,083 |
| Check Point Software Technologies Ltd. (a) | | 37,581 | 5,615,353 |
| Clal Insurance Enterprises Holdings Ltd. (a) | | 27,772 | 465,161 |
| Danel Adir Yeoshua Ltd. | | 2,734 | 247,705 |
| Delek Group Ltd. | | 3,856 | 456,539 |
| Delta Galil Industries Ltd. | | 5,008 | 223,253 |
| Elbit Systems Ltd. (Israel) | | 10,804 | 2,206,047 |
| Electra Israel Ltd. | | 945 | 361,164 |
| Energean PLC (b) | | 64,911 | 895,449 |
| Energix-Renewable Energies Ltd. | | 119,416 | 447,134 |
| Enlight Renewable Energy Ltd. (a) | | 49,804 | 803,301 |
| Equital Ltd. (a) | | 11,456 | 317,504 |
| Fattal Holdings 1998 Ltd. (a) | | 3,268 | 397,228 |
| FIBI Holdings Ltd. | | 8,223 | 344,379 |
| First International Bank of Israel | | 23,270 | 927,280 |
| Formula Systems (1985) Ltd. | | 4,664 | 340,297 |
| Fox Wizel Ltd. | | 3,742 | 296,728 |
| Global-e Online Ltd. (a)(b) | | 39,975 | 1,340,362 |
| Harel Insurance Investments and Financial Services Ltd. | | 46,752 | 428,954 |
| Hilan Ltd. | | 7,010 | 394,748 |
| Icl Group Ltd. | | 311,901 | 1,468,789 |
| Isracard Ltd. | | 83,749 | 307,541 |
| Israel Canada T.R Ltd. | | 73,852 | 272,974 |
| Israel Corp. Ltd. (Class A) | | 1,600 | 382,975 |
| Israel Discount Bank Ltd. (Class A) | | 502,770 | 2,590,677 |
| Kornit Digital Ltd. (a) | | 21,525 | 331,700 |
| Matrix IT Ltd. | | 16,335 | 330,049 |
| Maytronics Ltd. | | 23,702 | 202,708 |
| Mega Or Holdings Ltd. | | 10,389 | 270,106 |
| Melisron Ltd. | | 10,816 | 743,489 |
| Menora Mivtachim Holdings Ltd. | | 11,099 | 267,326 |
| Migdal Insurance & Financial Holdings Ltd. | | 212,595 | 269,945 |
| Mivne Real Estate KD Ltd. | | 256,042 | 617,583 |
| Mizrahi Tefahot Bank Ltd. | | 63,287 | 2,312,171 |
| Nano Dimension Ltd. ADR (a)(b) | | 103,524 | 249,493 |
| Next Vision Stabilized Systems Ltd. | | 24,003 | 320,754 |
| NICE Ltd. (a) | | 25,498 | 5,706,580 |
| Nova Ltd. (a) | | 11,728 | 2,028,927 |
| Oddity Tech Ltd. | | 13,015 | 423,508 |
| Oil Refineries Ltd. | | 1,118,434 | 325,518 |
| One Software Technologies Ltd. | | 23,378 | 324,523 |
| OPC Energy Ltd. (a) | | 58,174 | 438,289 |
| OY Nofar Energy Ltd. (a) | | 9,385 | 234,271 |
| Partner Communications Co. Ltd. (a) | | 65,662 | 306,931 |
| Paz Oil Co. Ltd. | | 4,533 | 453,100 |
| Perion Network Ltd. (a) | | 19,793 | 249,102 |
| Plus500 Ltd. | | 33,616 | 908,145 |
| Radware Ltd. (a) | | 18,720 | 309,442 |
| Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. | | 4,219 | 240,512 |
| Reit 1 Ltd. | | 89,023 | 358,314 |
| Retailors Ltd. | | 9,086 | 199,658 |
| Sapiens International Corp. NV | | 14,010 | 434,718 |
| Sella Capital Real Estate Ltd. | | 117,988 | 238,678 |
| Shapir Engineering and Industry Ltd. | | 62,405 | 341,575 |
| Shikun & Binui Ltd. (a) | | 150,414 | 323,489 |
| Shufersal Ltd. | | 110,057 | 727,115 |
| Strauss Group Ltd. | | 24,646 | 453,181 |
| Summit Real Estate Holdings Ltd. | | 19,264 | 233,280 |
| Tel Aviv Stock Exchange Ltd. | | 42,190 | 279,526 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 451,608 | 6,345,092 |
| The Phoenix Holdings Ltd. | | 71,613 | 687,296 |
| Tower Semiconductor Ltd. (a) | | 44,754 | 1,461,638 |
| Wix.com Ltd. (a) | | 22,730 | 2,701,915 |
| YH Dimri Construction & Development Ltd. | | 3,659 | 286,919 |
| ZIM Integrated Shipping Services Ltd. (b) | | 40,214 | 532,836 |
TOTAL ISRAEL | | | 70,190,101 |
| Italy - 1.6% | | | |
| A2A SpA | | 626,776 | 1,241,135 |
| ACEA SpA (b) | | 17,686 | 307,277 |
| Amco - Asset Management Co. SpA Class B (a)(c) | | 141 | 0 |
| Amplifon SpA | | 50,330 | 1,688,174 |
| Anima Holding SpA (d) | | 84,981 | 399,225 |
| Ariston Holding NV (b) | | 31,891 | 164,657 |
| Assicurazioni Generali SpA | | 397,453 | 9,713,306 |
| Azimut Holding SpA | | 43,863 | 1,159,498 |
| Banca Generali SpA | | 23,096 | 907,541 |
| Banca IFIS SpA | | 15,801 | 353,108 |
| Banca Mediolanum S.p.A. | | 86,239 | 936,909 |
| Banca Monte dei Paschi di Siena SpA | | 332,678 | 1,615,405 |
| Banca Popolare di Sondrio SCARL | | 152,215 | 1,276,809 |
| Banco BPM SpA | | 488,728 | 3,225,392 |
| BFF Bank SpA (d) | | 72,666 | 934,467 |
| BPER Banca | | 402,486 | 2,100,846 |
| Brembo N.V. | | 61,895 | 790,803 |
| Brunello Cucinelli SpA | | 13,679 | 1,402,890 |
| Buzzi SpA | | 38,788 | 1,401,620 |
| Carel Industries SpA (d) | | 22,270 | 452,040 |
| Coca-Cola HBC AG | | 87,420 | 2,829,204 |
| Credito Emiliano SpA | | 39,744 | 420,755 |
| Cromwell European (REIT) | | 150,462 | 238,976 |
| Davide Campari Milano NV | | 247,333 | 2,486,445 |
| De'Longhi SpA | | 30,675 | 1,010,244 |
| DiaSorin SpA | | 9,169 | 929,003 |
| El.En. Group SpA | | 29,362 | 370,695 |
| Enav SpA (d) | | 115,254 | 475,268 |
| Enel SpA | | 3,220,407 | 21,165,928 |
| Eni SpA | | 873,026 | 14,022,274 |
| ERG SpA (b) | | 26,145 | 705,919 |
| Ferrari NV (Italy) | | 50,640 | 20,925,453 |
| Ferretti SpA | | 80,229 | 245,731 |
| FinecoBank SpA | | 245,618 | 3,785,064 |
| GVS SpA (a)(d) | | 33,099 | 193,571 |
| Hera SpA | | 331,250 | 1,198,399 |
| Industrie de Nora SpA (b) | | 15,660 | 211,244 |
| Infrastrutture Wireless Italiane SpA (d) | | 134,275 | 1,444,447 |
| Intercos SpA | | 24,220 | 339,637 |
| Interpump Group SpA | | 30,974 | 1,357,918 |
| Intesa Sanpaolo SpA | | 5,823,425 | 21,797,103 |
| Iren SpA | | 294,685 | 592,495 |
| Italgas SpA | | 183,596 | 1,018,855 |
| Iveco Group NV | | 71,332 | 898,662 |
| Leonardo SpA | | 163,532 | 3,774,897 |
| Lottomatica Group SpA | | 37,683 | 437,542 |
| Maire Tecnimont SpA | | 63,402 | 527,092 |
| MARR SpA | | 21,104 | 272,068 |
| Mediobanca SpA | | 203,852 | 2,904,304 |
| MFE-MediaForEurope NV Class A | | 117,137 | 344,774 |
| Moncler SpA | | 82,598 | 5,652,087 |
| Nexi SpA (a)(d) | | 241,068 | 1,409,313 |
| OVS (d) | | 116,360 | 304,736 |
| Piaggio & C SpA | | 89,491 | 262,065 |
| Pirelli & C. SpA (d) | | 122,995 | 783,361 |
| Poste Italiane SpA (d) | | 179,708 | 2,286,070 |
| Prysmian SpA | | 105,497 | 5,762,172 |
| Rai Way SpA (d) | | 61,119 | 347,003 |
| Recordati SpA | | 42,412 | 2,265,367 |
| Reply SpA | | 9,227 | 1,211,188 |
| SAES Getters SpA | | 6,801 | 190,886 |
| Saipem SpA (a) | | 506,109 | 1,168,819 |
| Salcef Group SpA | | 10,607 | 292,617 |
| Salvatore Ferragamo Italia SpA (b) | | 36,127 | 359,716 |
| Sanlorenzo SpA | | 6,745 | 296,209 |
| Saras SpA | | 192,881 | 364,341 |
| Sesa SpA | | 3,660 | 382,588 |
| Snam SpA | | 785,916 | 3,595,780 |
| SOL SpA | | 15,278 | 589,414 |
| Tamburi Investment Partners SpA (b) | | 40,432 | 393,519 |
| Technogym SpA (d) | | 62,564 | 591,901 |
| Technoprobe SpA (a) | | 64,090 | 513,318 |
| Telecom Italia SpA (a)(b) | | 4,131,404 | 982,774 |
| Terna - Rete Elettrica Nazionale | | 552,921 | 4,439,742 |
| Tinexta SpA | | 11,155 | 211,188 |
| Tod's SpA (a)(b) | | 4,400 | 202,008 |
| UniCredit SpA | | 619,062 | 22,722,276 |
| Unipol Gruppo SpA | | 159,316 | 1,431,586 |
| Webuild SpA | | 180,818 | 455,793 |
| Webuild SpA warrants 8/2/30 (a)(b) | | 5,662 | 14,272 |
| Zignago Vetro SpA | | 20,941 | 279,800 |
TOTAL ITALY | | | 196,756,978 |
| Japan - 15.2% | | | |
| 77 Bank Ltd. | | 22,700 | 641,736 |
| ABC-MART, Inc. | | 40,921 | 815,076 |
| ACOM Co. Ltd. | | 187,700 | 483,989 |
| Activia Properties, Inc. | | 289 | 717,284 |
| Adastria Co. Ltd. | | 11,600 | 252,582 |
| Adeka Corp. | | 32,800 | 681,607 |
| Advance Logistics Investment Corp. | | 345 | 266,174 |
| Advance Residence Investment Corp. | | 552 | 1,193,432 |
| Advantest Corp. | | 308,536 | 9,657,384 |
| Aeon (REIT) Investment Corp. | | 659 | 576,311 |
| AEON Co. Ltd. | | 260,425 | 5,445,043 |
| Aeon Delight Co. Ltd. | | 8,900 | 210,505 |
| AEON Financial Service Co. Ltd. | | 45,699 | 380,407 |
| AEON MALL Co. Ltd. | | 34,600 | 395,579 |
| AGC, Inc. | | 77,763 | 2,875,228 |
| Ai Holdings Corp. | | 18,800 | 289,155 |
| Aica Kogyo Co. Ltd. | | 23,000 | 533,123 |
| Aichi Financial Group, Inc. | | 20,100 | 379,113 |
| Aiful Corp. | | 133,100 | 386,620 |
| Ain Holdings, Inc. | | 12,000 | 454,158 |
| Air Water, Inc. | | 74,500 | 1,118,633 |
| Aisin Seiki Co. Ltd. | | 59,200 | 2,251,746 |
| Ajinomoto Co., Inc. | | 188,925 | 7,024,510 |
| Alfresa Holdings Corp. | | 73,039 | 1,082,400 |
| Alps Alpine Co. Ltd. | | 83,098 | 750,106 |
| Amada Co. Ltd. | | 139,200 | 1,520,352 |
| Amano Corp. | | 22,900 | 550,774 |
| Amvis Holdings, Inc. | | 17,700 | 241,481 |
| Ana Holdings, Inc. | | 59,441 | 1,128,904 |
| Anritsu Corp. | | 60,500 | 461,261 |
| Anycolor, Inc. (a)(b) | | 11,800 | 162,438 |
| Aoyama Trading Co. Ltd. | | 22,500 | 231,103 |
| Aozora Bank Ltd. (b) | | 46,700 | 725,575 |
| Appier Group, Inc. (a) | | 30,900 | 254,681 |
| Arata Corp. | | 14,000 | 310,184 |
| Arcland Sakamoto Co. Ltd. | | 26,600 | 327,453 |
| ARCS Co. Ltd. | | 20,200 | 396,461 |
| ARE Holdings, Inc. | | 29,900 | 386,475 |
| Argo Graphics, Inc. | | 8,700 | 223,188 |
| Ariake Japan Co. Ltd. | | 8,800 | 286,736 |
| Artience Co. Ltd. | | 18,449 | 341,906 |
| As One Corp. | | 25,400 | 418,472 |
| Asahi Group Holdings | | 192,159 | 6,573,564 |
| ASAHI INTECC Co. Ltd. | | 90,660 | 1,328,412 |
| Asahi Kasei Corp. | | 499,300 | 3,481,187 |
| Asics Corp. | | 65,100 | 2,790,339 |
| ASKUL Corp. | | 20,200 | 305,066 |
| Astellas Pharma, Inc. | | 729,003 | 6,996,899 |
| Atom Corp. (a)(b) | | 51,000 | 291,789 |
| Autobacs Seven Co. Ltd. | | 32,700 | 330,633 |
| Axial Retailing, Inc. | | 39,200 | 261,989 |
| AZ-Com Maruwa Holdings, Inc. | | 28,600 | 219,182 |
| Azbil Corp. | | 50,100 | 1,399,293 |
| Bandai Namco Holdings, Inc. | | 243,500 | 4,549,841 |
| BayCurrent Consulting, Inc. | | 54,300 | 1,155,893 |
| Belc Co. Ltd. | | 5,700 | 272,023 |
| Bic Camera, Inc. | | 47,900 | 465,122 |
| Biprogy, Inc. | | 31,800 | 925,107 |
| Bridgestone Corp. | | 226,658 | 10,001,740 |
| Brother Industries Ltd. | | 94,700 | 1,675,145 |
| Bunka Shutter Co. Ltd. | | 27,400 | 295,310 |
| C. Uyemura & Co. Ltd. | | 4,700 | 307,646 |
| Calbee, Inc. | | 33,900 | 740,429 |
| Canon Marketing Japan, Inc. | | 18,800 | 516,574 |
| Canon, Inc. | | 400,743 | 10,846,226 |
| Capcom Co. Ltd. | | 140,900 | 2,319,558 |
| Casio Computer Co. Ltd. | | 80,500 | 670,668 |
| Cellebrite DI Ltd. (a)(b) | | 26,635 | 287,924 |
| Central Japan Railway Co. | | 307,175 | 7,024,473 |
| Change Holdings, Inc. (b) | | 22,300 | 166,970 |
| Chiba Bank Ltd. | | 217,700 | 1,838,927 |
| Chubu Electric Power Co., Inc. | | 259,116 | 3,326,004 |
| Chudenko Corp. | | 13,200 | 266,343 |
| Chugai Pharmaceutical Co. Ltd. | | 270,300 | 8,596,586 |
| Chugin Financial Group, Inc. | | 65,000 | 547,379 |
| Chugoku Electric Power Co., Inc. | | 118,200 | 811,467 |
| Chugoku Marine Paints Ltd. | | 17,800 | 232,954 |
| Citizen Watch Co. Ltd. | | 95,000 | 631,084 |
| CKD Corp. | | 23,565 | 440,407 |
| Coca-Cola Bottlers Japan, Inc. | | 56,250 | 787,530 |
| Colowide Co. Ltd. | | 34,900 | 475,469 |
| Comforia Residential REIT, Inc. | | 281 | 608,293 |
| COMSYS Holdings Corp. | | 45,700 | 1,069,725 |
| Concordia Financial Group Ltd. | | 434,800 | 2,342,762 |
| Cosmo Energy Holdings Co. Ltd. | | 24,900 | 1,190,356 |
| Cosmos Pharmaceutical Corp. | | 8,200 | 754,352 |
| Cover Corp. (a)(b) | | 14,900 | 159,195 |
| CRE Logistics REIT, Inc. (b) | | 301 | 288,094 |
| Create Restaurants Holdings, Inc. | | 52,600 | 362,492 |
| Create SD Holdings Co. Ltd. | | 12,600 | 272,302 |
| Credit Saison Co. Ltd. | | 59,401 | 1,096,493 |
| CyberAgent, Inc. | | 178,600 | 1,112,780 |
| Cybozu, Inc. | | 17,200 | 174,094 |
| Dai Nippon Printing Co. Ltd. | | 82,000 | 2,388,342 |
| Dai-ichi Mutual Life Insurance Co. | | 377,599 | 8,745,587 |
| Daicel Chemical Industries Ltd. | | 94,321 | 876,063 |
| Daido Steel Co. Ltd. | | 53,800 | 593,226 |
| Daiei Kankyo Co. Ltd. | | 17,500 | 292,469 |
| Daifuku Co. Ltd. | | 122,500 | 2,509,266 |
| Daihen Corp. | | 8,300 | 504,535 |
| Daiichi Sankyo Kabushiki Kaisha | | 744,800 | 25,068,264 |
| Daiichikosho Co. Ltd. | | 41,800 | 487,907 |
| Daikin Industries Ltd. | | 106,168 | 14,491,012 |
| Daio Paper Corp. | | 39,900 | 285,665 |
| Daiseki Co. Ltd. | | 19,720 | 374,778 |
| Daishi Hokuetsu Financial Group, Inc. | | 17,542 | 502,795 |
| Daito Trust Construction Co. Ltd. | | 23,544 | 2,523,785 |
| Daiwa House Industry Co. Ltd. | | 234,544 | 6,599,813 |
| Daiwa House REIT Investment Corp. | | 940 | 1,578,990 |
| Daiwa Office Investment Corp. | | 124 | 452,093 |
| Daiwa Securities Group, Inc. | | 534,000 | 3,924,398 |
| Daiwa Securities Living Invest | | 822 | 558,145 |
| Daiwabo Holdings Co. Ltd. | | 34,900 | 606,216 |
| DCM Holdings Co. Ltd. | | 50,100 | 463,841 |
| DeNA Co. Ltd. | | 33,000 | 332,843 |
| Denka Co. Ltd. | | 35,700 | 528,986 |
| DENSO Corp. | | 757,988 | 12,918,483 |
| Dentsu Group, Inc. | | 81,800 | 2,212,950 |
| Dentsu Soken, Inc. (b) | | 11,500 | 380,973 |
| Descente Ltd. | | 16,400 | 369,777 |
| Dexerials Corp. | | 22,400 | 839,029 |
| Dic Corp. | | 32,300 | 603,674 |
| Digital Garage, Inc. | | 14,800 | 261,029 |
| Dip Corp. | | 16,400 | 277,163 |
| Disco Corp. | | 37,000 | 10,539,293 |
| Dmg Mori Co. Ltd. (b) | | 48,600 | 1,299,201 |
| Doutor Nichires Holdings Co., Ltd. | | 18,300 | 245,064 |
| Dowa Holdings Co. Ltd. | | 22,000 | 823,834 |
| DTS Corp. | | 20,600 | 561,983 |
| Duskin Co. Ltd. | | 17,700 | 367,946 |
| Earth Corp. | | 8,100 | 225,431 |
| East Japan Railway Co. | | 361,830 | 6,631,971 |
| Ebara Corp. | | 37,200 | 3,066,547 |
| EDION Corp. | | 35,700 | 368,810 |
| eGuarantee, Inc. | | 24,700 | 269,958 |
| Eiken Chemical Co. Ltd. | | 20,000 | 254,333 |
| Eisai Co. Ltd. | | 102,300 | 4,201,365 |
| Eizo Corp. | | 8,000 | 257,054 |
| Elecom Co. Ltd. | | 22,500 | 212,929 |
| Electric Power Development Co. Ltd. | | 59,300 | 1,007,329 |
| en japan, Inc. | | 16,600 | 275,974 |
| ENEOS Holdings, Inc. | | 1,154,950 | 5,336,117 |
| euglena Co. Ltd. (a)(b) | | 72,700 | 238,694 |
| Exedy Corp. | | 15,900 | 291,109 |
| Exeo Group, Inc. | | 74,900 | 816,354 |
| Ezaki Glico Co. Ltd. | | 20,600 | 531,809 |
| Fancl Corp. | | 36,800 | 429,811 |
| FANUC Corp. | | 383,225 | 11,350,856 |
| Fast Retailing Co. Ltd. | | 70,308 | 18,383,367 |
| FCC Co. Ltd. | | 19,100 | 271,771 |
| Ferrotec Holdings Corp. | | 21,200 | 402,515 |
| Financial Products Group Co. Ltd. | | 29,100 | 407,805 |
| Food & Life Companies Ltd. | | 46,500 | 878,889 |
| FP Corp. | | 21,300 | 342,725 |
| Freee KK (a) | | 18,500 | 323,806 |
| Frontier Real Estate Investment Corp. | | 195 | 566,884 |
| Fuji Corp. | | 34,600 | 580,429 |
| Fuji Electric Co. Ltd. | | 51,200 | 3,184,841 |
| Fuji Kyuko Co. Ltd. | | 10,800 | 230,582 |
| Fuji Media Holdings, Inc. | | 21,000 | 249,594 |
| Fuji Oil Holdings, Inc. | | 21,700 | 319,381 |
| Fuji Seal International, Inc. | | 19,700 | 253,133 |
| Fuji Soft ABC, Inc. | | 22,200 | 868,771 |
| FUJIFILM Holdings Corp. | | 447,400 | 9,517,311 |
| Fujikura Ltd. | | 101,300 | 1,740,773 |
| Fujimi, Inc. | | 22,600 | 490,188 |
| Fujitec Co. Ltd. | | 25,600 | 631,387 |
| Fujitsu General Ltd. | | 27,100 | 349,572 |
| Fujitsu Ltd. | | 707,320 | 10,926,788 |
| Fukuda Denshi Co. Ltd. | | 7,100 | 294,409 |
| Fukuoka (REIT) Investment Fund | | 286 | 307,195 |
| Fukuoka Financial Group, Inc. | | 67,512 | 1,793,289 |
| Fukushima Galilei Co. Ltd. | | 6,200 | 247,905 |
| Fukuyama Transporting Co. Ltd. | | 9,900 | 239,213 |
| Funai Soken Holdings, Inc. | | 22,000 | 332,842 |
| Furukawa Electric Co. Ltd. | | 30,800 | 659,455 |
| Fuso Chemical Co. Ltd. | | 9,300 | 238,855 |
| Future Corp. | | 21,300 | 214,882 |
| Fuyo General Lease Co. Ltd. | | 6,800 | 583,165 |
| Global One Real Estate Investment Corp. | | 431 | 293,292 |
| Glory Ltd. | | 21,400 | 385,591 |
| GLP J-REIT | | 1,914 | 1,556,679 |
| GMO Internet, Inc. | | 32,700 | 536,906 |
| GMO Payment Gateway, Inc. | | 17,300 | 791,322 |
| GNI Group Ltd. (a) | | 20,900 | 327,929 |
| GOLDWIN, Inc. | | 9,100 | 551,974 |
| GS Yuasa Corp. | | 33,200 | 626,399 |
| GungHo Online Entertainment, Inc. | | 21,400 | 314,613 |
| Gunma Bank Ltd. | | 143,700 | 874,581 |
| Gunze Ltd. | | 7,600 | 257,597 |
| H.I.S. Co. Ltd. (a) | | 26,600 | 295,562 |
| H.U. Group Holdings, Inc. | | 25,447 | 386,824 |
| H2O Retailing Corp. | | 40,800 | 461,009 |
| Hakuhodo DY Holdings, Inc. | | 88,600 | 824,095 |
| Hakuto Co. Ltd. | | 6,400 | 221,004 |
| Hamakyorex Co. Ltd. | | 13,100 | 322,957 |
| Hamamatsu Photonics K.K. | | 57,500 | 2,106,896 |
| Hankyu Hanshin Holdings, Inc. | | 91,900 | 2,409,456 |
| Hankyu REIT, Inc. | | 332 | 297,187 |
| Hanwa Co. Ltd. | | 15,000 | 577,146 |
| Harmonic Drive Systems, Inc. | | 22,400 | 559,435 |
| Haseko Corp. | | 96,600 | 1,167,050 |
| Hazama Ando Corp. | | 71,900 | 536,090 |
| Heiwa Corp. | | 23,800 | 298,143 |
| Heiwa Real Estate (REIT), Inc. | | 447 | 400,747 |
| Heiwa Real Estate Co. Ltd. | | 16,300 | 450,631 |
| Hiday Hidaka Corp. | | 16,176 | 287,528 |
| Hikari Tsushin, Inc. | | 8,100 | 1,316,427 |
| Hino Motors Ltd. (a) | | 123,700 | 361,102 |
| Hioki EE Corp. | | 5,600 | 223,315 |
| Hirata Corp. | | 5,000 | 223,693 |
| Hirogin Holdings, Inc. | | 118,100 | 849,891 |
| Hirose Electric Co. Ltd. | | 11,955 | 1,268,973 |
| Hisamitsu Pharmaceutical Co., Inc. | | 23,900 | 579,853 |
| Hitachi Construction Machinery Co. Ltd. | | 43,600 | 1,245,315 |
| Hitachi Ltd. | | 372,476 | 34,364,895 |
| Hitachi Zosen Corp. | | 69,500 | 537,922 |
| Hogy Medical Co. Ltd. | | 12,000 | 283,588 |
| Hokkaido Electric Power Co., Inc. | | 85,400 | 606,828 |
| Hokkoku Financial Holdings, Inc. | | 9,900 | 317,803 |
| Hokuetsu Corp. (b) | | 41,400 | 349,160 |
| Hokuhoku Financial Group, Inc. | | 48,700 | 597,400 |
| Hokuriku Electric Power Co., Inc. | | 82,200 | 480,897 |
| Honda Motor Co. Ltd. | | 1,852,616 | 21,078,290 |
| Horiba Ltd. | | 14,700 | 1,426,181 |
| Hoshino Resorts REIT, Inc. (b) | | 116 | 406,064 |
| Hoshizaki Corp. | | 44,100 | 1,519,629 |
| Hosiden Corp. | | 20,300 | 253,479 |
| House Foods Group, Inc. | | 28,800 | 567,441 |
| Hoya Corp. | | 141,218 | 16,372,790 |
| Hulic (REIT), Inc. | | 531 | 507,494 |
| Hulic Co. Ltd. | | 152,700 | 1,407,078 |
| Ibiden Co. Ltd. | | 45,800 | 1,741,019 |
| Ichibanya Co. Ltd. | | 39,500 | 272,730 |
| Ichigo Real Estate Investment Corp. | | 497 | 254,847 |
| Ichigo, Inc. | | 116,300 | 313,273 |
| Idec Corp. | | 18,400 | 324,781 |
| Idemitsu Kosan Co. Ltd. | | 388,500 | 2,632,134 |
| IHI Corp. | | 58,772 | 1,407,246 |
| Iida Group Holdings Co. Ltd. | | 64,400 | 822,125 |
| Iino Kaiun Kaisha Ltd. | | 33,400 | 268,474 |
| Inaba Denki Sangyo Co. Ltd. | | 24,700 | 576,265 |
| Inabata & Co. Ltd. | | 21,400 | 436,238 |
| Industrial & Infrastructure Fund Investment Corp. | | 1,005 | 831,015 |
| Infomart Corp. | | 93,800 | 218,991 |
| INFRONEER Holdings, Inc. | | 79,204 | 701,405 |
| INPEX Corp. | | 388,400 | 5,818,155 |
| Internet Initiative Japan, Inc. | | 46,300 | 783,349 |
| Invincible Investment Corp. | | 2,717 | 1,217,326 |
| Iriso Electronics Co. Ltd. | | 13,900 | 271,810 |
| Isetan Mitsukoshi Holdings Ltd. | | 136,871 | 1,922,376 |
| Isuzu Motors Ltd. | | 234,668 | 2,973,913 |
| ITO EN Ltd. | | 23,260 | 564,410 |
| Itochu Corp. | | 476,750 | 21,508,468 |
| Itochu Enex Co. Ltd. | | 26,200 | 253,590 |
| Itoham Yonekyu Holdings, Inc. | | 12,680 | 330,896 |
| Iwatani Corp. | | 18,200 | 1,033,442 |
| Iyogin Holdings, Inc. | | 107,200 | 818,131 |
| Izumi Co. Ltd. | | 14,900 | 346,164 |
| J. Front Retailing Co. Ltd. | | 102,000 | 888,302 |
| JACCS Co. Ltd. | | 9,200 | 330,620 |
| JAFCO Co. Ltd. | | 23,800 | 268,598 |
| Japan Airlines Co. Ltd. | | 54,300 | 962,129 |
| Japan Airport Terminal Co. Ltd. | | 27,100 | 957,692 |
| Japan Aviation Electronics Industry Ltd. | | 21,800 | 350,220 |
| Japan Elevator Service Holdings Co. Ltd. | | 28,700 | 446,015 |
| Japan Excellent, Inc. | | 515 | 420,701 |
| Japan Exchange Group, Inc. | | 201,800 | 4,726,262 |
| Japan Hotel REIT Investment Corp. | | 1,911 | 1,004,226 |
| Japan Lifeline Co. Ltd. | | 33,100 | 242,945 |
| Japan Logistics Fund, Inc. | | 374 | 666,850 |
| Japan Material Co. Ltd. | | 28,100 | 396,434 |
| Japan Petroleum Exploration Co. Ltd. | | 13,800 | 582,129 |
| Japan Post Bank Co. Ltd. | | 577,134 | 5,858,090 |
| Japan Post Holdings Co. Ltd. | | 828,938 | 7,960,541 |
| Japan Post Insurance Co. Ltd. | | 77,400 | 1,453,114 |
| Japan Prime Realty Investment Corp. | | 357 | 772,499 |
| Japan Real Estate Investment Corp. | | 507 | 1,719,309 |
| Japan Retail Fund Investment Corp. | | 2,767 | 1,670,517 |
| Japan Securities Finance Co. Ltd. | | 39,900 | 404,500 |
| Japan Steel Works Ltd. | | 32,700 | 793,755 |
| Japan Tobacco, Inc. | | 471,343 | 12,679,888 |
| Japan Wool Textile Co. Ltd./The | | 26,500 | 228,772 |
| JCR Pharmaceuticals Co. Ltd. | | 39,900 | 205,106 |
| Jcu Corp. | | 10,700 | 255,458 |
| JEOL Ltd. | | 18,400 | 728,997 |
| JFE Holdings, Inc. | | 227,400 | 3,394,110 |
| JGC Holdings Corp. | | 89,442 | 862,147 |
| JMDC, Inc. | | 11,500 | 232,629 |
| Joyful Honda Co. Ltd. | | 28,000 | 398,218 |
| JTEKT Corp. | | 85,500 | 661,838 |
| Juroku Financial Group, Inc. | | 15,300 | 459,535 |
| Justsystems Corp. | | 16,000 | 278,698 |
| JVCKENWOOD Holdings, Inc. | | 65,600 | 333,474 |
| K's Holdings Corp. | | 63,300 | 607,631 |
| Kadokawa Corp. | | 37,100 | 678,121 |
| KAGA ELECTRONICS Co. Ltd. | | 8,900 | 350,605 |
| Kagome Co. Ltd. | | 31,800 | 812,900 |
| Kajima Corp. | | 168,800 | 3,233,716 |
| Kakaku.com, Inc. | | 56,900 | 654,495 |
| Kaken Pharmaceutical Co. Ltd. | | 16,356 | 355,531 |
| Kamigumi Co. Ltd. | | 37,200 | 803,356 |
| Kanamoto Co. Ltd. | | 16,500 | 277,514 |
| Kandenko Co. Ltd. | | 48,600 | 542,119 |
| Kaneka Corp. | | 19,600 | 507,680 |
| Kanematsu Corp. | | 37,700 | 612,995 |
| Kansai Electric Power Co., Inc. | | 281,499 | 4,216,692 |
| Kansai Paint Co. Ltd. | | 73,739 | 959,947 |
| Kao Corp. | | 187,191 | 7,722,046 |
| Kasumigaseki Capital Co. Ltd. | | 2,600 | 241,632 |
| Katitas Co. Ltd. | | 24,900 | 299,992 |
| Kato Sangyo | | 10,700 | 310,300 |
| Kawasaki Heavy Industries Ltd. | | 61,000 | 1,888,442 |
| Kawasaki Kisen Kaisha Ltd. | | 158,700 | 2,236,065 |
| KDDI Corp. | | 599,837 | 16,644,755 |
| KDX Realty Investment Corp. | | 1,694 | 1,670,856 |
| KeePer Technical Laboratory Co. Ltd. | | 6,700 | 190,523 |
| Keihan Electric Railway Co., Ltd. | | 39,800 | 832,404 |
| Keikyu Corp. | | 96,739 | 769,023 |
| Keio Corp. | | 42,203 | 1,032,592 |
| Keisei Electric Railway Co. | | 56,106 | 2,090,114 |
| Kewpie Corp. | | 42,300 | 849,481 |
| Keyence Corp. | | 78,250 | 34,411,992 |
| Kfc Holdings Japan Ltd. | | 8,700 | 282,174 |
| KH Neochem Co. Ltd. | | 21,000 | 322,450 |
| Kikkoman Corp. | | 275,300 | 3,280,312 |
| Kinden Corp. | | 49,592 | 946,271 |
| Kintetsu Group Holdings Co. Ltd. | | 73,053 | 1,878,090 |
| Kirin Holdings Co. Ltd. | | 302,970 | 4,422,634 |
| Kisoji Co. Ltd. (b) | | 16,500 | 263,226 |
| Kissei Pharmaceutical Co. Ltd. | | 15,100 | 346,000 |
| Kitz Corp. | | 29,700 | 252,799 |
| Kobayashi Pharmaceutical Co. Ltd. | | 20,000 | 708,999 |
| Kobe Bussan Co. Ltd. | | 61,000 | 1,317,434 |
| Kobe Steel Ltd. | | 143,200 | 1,747,834 |
| Koei Tecmo Holdings Co. Ltd. | | 54,396 | 505,957 |
| Kohnan Shoji Co. Ltd. | | 11,100 | 313,469 |
| Koito Manufacturing Co. Ltd. | | 82,900 | 1,115,066 |
| Kokuyo Co. Ltd. | | 33,000 | 563,778 |
| Komatsu Ltd. | | 371,411 | 11,088,902 |
| KOMEDA Holdings Co. Ltd. | | 22,200 | 364,386 |
| KOMERI Co. Ltd. | | 15,000 | 363,691 |
| Konami Group Corp. | | 40,500 | 2,443,661 |
| Konica Minolta, Inc. (a) | | 199,900 | 664,695 |
| Konishi Co. Ltd. | | 29,800 | 253,076 |
| Kose Corp. | | 14,300 | 737,366 |
| Kotobuki Spirits Co. Ltd. | | 44,600 | 459,227 |
| Krosaki Harima Corp. | | 9,200 | 198,870 |
| Kubota Corp. | | 398,410 | 6,390,391 |
| Kumagai Gumi Co. Ltd. | | 14,600 | 384,903 |
| Kura Sushi, Inc. | | 10,600 | 329,020 |
| Kuraray Co. Ltd. | | 114,552 | 1,269,136 |
| Kureha Chemical Industry Co. Ltd. | | 17,000 | 303,064 |
| Kurita Water Industries Ltd. | | 42,400 | 1,679,214 |
| Kusuri No Aoki Holdings Co. Ltd. | | 20,800 | 387,803 |
| Kyb Corp. | | 8,400 | 286,767 |
| Kyocera Corp. | | 515,748 | 6,286,269 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | | 14,000 | 228,333 |
| Kyorin Pharmaceutical Co. Ltd. | | 30,300 | 353,067 |
| Kyoritsu Maintenance Co. Ltd. | | 27,000 | 575,793 |
| Kyoto Financial Group, Inc. | | 93,800 | 1,669,562 |
| Kyowa Hakko Kirin Co., Ltd. | | 110,400 | 1,854,041 |
| Kyudenko Corp. | | 17,300 | 718,017 |
| Kyushu Electric Power Co., Inc. | | 163,078 | 1,512,856 |
| Kyushu Financial Group, Inc. | | 134,485 | 899,846 |
| Kyushu Railway Co. | | 53,600 | 1,153,253 |
| LaSalle Logiport REIT | | 765 | 767,280 |
| Lasertec Corp. | | 30,400 | 6,557,445 |
| Lawson, Inc. | | 18,100 | 1,182,895 |
| Leopalace21 Corp. (a) | | 76,400 | 252,860 |
| LIFE Corp. | | 11,800 | 294,779 |
| Lifenet Insurance Co. (a)(b) | | 33,200 | 293,149 |
| Lintec Corp. | | 17,700 | 352,867 |
| Lion Corp. | | 101,036 | 906,089 |
| LIXIL Group Corp. | | 116,195 | 1,248,018 |
| LY Corp. | | 1,068,865 | 2,568,092 |
| M&A Research Institute Holding (a) | | 9,700 | 306,541 |
| M3, Inc. | | 181,090 | 1,915,603 |
| Mabuchi Motor Co. Ltd. | | 39,700 | 614,869 |
| Macnica Fuji Electronics Holdings, Inc. | | 18,900 | 833,359 |
| Maeda Kosen Co. Ltd. | | 9,600 | 210,095 |
| Makino Milling Machine Co. Ltd. | | 9,700 | 389,094 |
| Makita Corp. | | 90,400 | 2,617,161 |
| Mani, Inc. | | 36,400 | 421,695 |
| Marubeni Corp. | | 573,300 | 10,214,121 |
| Maruha Nichiro Corp. | | 20,100 | 392,061 |
| Marui Group Co. Ltd. | | 62,902 | 960,757 |
| Maruichi Steel Tube Ltd. | | 25,000 | 643,712 |
| Maruwa Ceramic Co. Ltd. | | 3,700 | 779,693 |
| Matsui Securities Co. Ltd. | | 48,500 | 248,248 |
| MatsukiyoCocokara & Co. | | 139,100 | 1,972,540 |
| Max Co. Ltd. | | 14,500 | 323,563 |
| Maxell Ltd. | | 24,400 | 240,737 |
| Mazda Motor Corp. | | 230,400 | 2,608,007 |
| McDonald's Holdings Co. (Japan) Ltd. (b) | | 35,028 | 1,540,836 |
| MCJ Co. Ltd. | | 31,600 | 275,854 |
| Mebuki Financial Group, Inc. | | 386,068 | 1,365,763 |
| Medipal Holdings Corp. | | 77,500 | 1,215,437 |
| Medley, Inc. (a) | | 10,300 | 236,097 |
| Megmilk Snow Brand Co. Ltd. | | 22,500 | 363,370 |
| Meidensha Corp. | | 16,200 | 358,975 |
| Meiji Holdings Co. Ltd. | | 93,700 | 2,096,479 |
| Meiko Electronics Co. Ltd. | | 9,100 | 296,904 |
| Meitec Group Holdings, Inc. | | 30,600 | 570,690 |
| Menicon Co. Ltd. | | 28,100 | 271,127 |
| Mercari, Inc. (a) | | 48,000 | 555,018 |
| Micronics Japan Co. Ltd. | | 11,500 | 473,726 |
| Milbon Co. Ltd. | | 14,700 | 288,945 |
| Minebea Mitsumi, Inc. | | 146,495 | 2,743,903 |
| Mirai Corp. | | 862 | 246,815 |
| Mirait One Corp. | | 39,800 | 485,958 |
| Misumi Group, Inc. | | 116,705 | 1,897,374 |
| Mitsubishi Chemical Holdings Corp. | | 505,057 | 2,946,436 |
| Mitsubishi Corp. | | 1,386,953 | 31,719,035 |
| Mitsubishi Electric Corp. | | 776,892 | 13,541,170 |
| Mitsubishi Estate Co. Ltd. | | 451,871 | 8,280,407 |
| Mitsubishi Estate Logistics REIT Investment Corp. | | 212 | 543,390 |
| Mitsubishi Gas Chemical Co., Inc. | | 63,845 | 1,129,687 |
| Mitsubishi Heavy Industries Ltd. | | 1,286,460 | 11,502,389 |
| Mitsubishi Logistics Corp. | | 21,500 | 713,289 |
| Mitsubishi Materials Corp. | | 53,300 | 1,041,620 |
| Mitsubishi Motors Corp. of Japan | | 270,734 | 857,913 |
| Mitsubishi Pencil Co. Ltd. | | 13,500 | 205,935 |
| Mitsubishi Shokuhin Co. Ltd. | | 8,300 | 294,304 |
| Mitsubishi UFJ Financial Group, Inc. | | 4,462,939 | 44,456,927 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | | 309,980 | 2,007,445 |
| Mitsuboshi Belting Ltd. | | 11,700 | 358,847 |
| Mitsui & Co. Ltd. | | 519,782 | 25,092,837 |
| Mitsui Chemicals, Inc. | | 68,600 | 1,952,556 |
| Mitsui Fudosan Co. Ltd. | | 1,071,920 | 10,908,997 |
| Mitsui Fudosan Logistics Park, Inc. | | 240 | 688,523 |
| Mitsui High-Tec, Inc. | | 8,400 | 376,118 |
| Mitsui Mining & Smelting Co. Ltd. | | 23,200 | 727,480 |
| Mitsui OSK Lines Ltd. | | 137,400 | 4,361,019 |
| Mitsui-Soko Co. Ltd. | | 11,600 | 342,163 |
| Miura Co. Ltd. | | 37,055 | 582,996 |
| MIXI, Inc. | | 18,900 | 288,449 |
| Mizuho Financial Group, Inc. | | 968,968 | 18,729,287 |
| Mizuho Leasing Co. Ltd. | | 61,500 | 439,321 |
| Mizuno Corp. | | 7,900 | 383,417 |
| Mochida Pharmaceutical Co. Ltd. | | 14,500 | 292,510 |
| Monex Group, Inc. | | 76,900 | 397,334 |
| Money Forward, Inc. (a) | | 17,900 | 623,303 |
| MonotaRO Co. Ltd. | | 102,300 | 1,226,053 |
| Mori Hills REIT Investment Corp. | | 620 | 539,536 |
| MORI TRUST Sogo (REIT), Inc. | | 1,054 | 489,020 |
| Morinaga & Co. Ltd. | | 32,300 | 521,992 |
| Morinaga Milk Industry Co. Ltd. | | 30,100 | 589,822 |
| MOS Food Services, Inc. | | 13,500 | 298,594 |
| MS&AD Insurance Group Holdings, Inc. | | 517,691 | 9,307,590 |
| Murata Manufacturing Co. Ltd. | | 691,806 | 12,640,799 |
| Musashi Seimitsu Industry Co. Ltd. | | 23,200 | 245,836 |
| Nabtesco Corp. | | 45,600 | 752,033 |
| Nagase & Co. Ltd. | | 39,600 | 685,094 |
| Nagawa Co. Ltd. | | 5,400 | 252,194 |
| Nagoya Railroad Co. Ltd. | | 75,916 | 990,223 |
| Nakanishi, Inc. | | 29,100 | 447,032 |
| Namura Shipbuilding Co. Ltd. | | 20,900 | 260,594 |
| Nankai Electric Railway Co. Ltd. | | 41,800 | 727,841 |
| NEC Corp. | | 98,600 | 7,138,836 |
| NEC Networks & System Integration Corp. | | 29,000 | 481,749 |
| Net One Systems Co. Ltd. | | 34,600 | 578,949 |
| Nexon Co. Ltd. | | 138,800 | 2,164,079 |
| Nextage Co. Ltd. | | 19,500 | 342,357 |
| NGK Insulators Ltd. | | 91,300 | 1,243,716 |
| NH Foods Ltd. | | 33,713 | 1,109,030 |
| NHK Spring Co. Ltd. | | 80,987 | 820,791 |
| Nichias Corp. | | 24,000 | 657,833 |
| Nichiha Corp. | | 12,800 | 298,459 |
| Nichirei Corp. | | 43,110 | 1,079,328 |
| Nidec Corp. | | 167,790 | 7,858,087 |
| Nifco, Inc. | | 32,000 | 773,550 |
| Nihon Kohden Corp. | | 33,700 | 916,251 |
| Nihon M&A Center Holdings, Inc. | | 126,000 | 689,640 |
| Nihon Parkerizing Co. Ltd. | | 41,100 | 316,064 |
| Nikkon Holdings Co. Ltd. | | 24,600 | 482,852 |
| Nikon Corp. | | 124,500 | 1,287,246 |
| Nintendo Co. Ltd. | | 417,380 | 20,355,207 |
| Nippn Corp. | | 22,900 | 353,391 |
| Nippon Accommodations Fund, Inc. | | 206 | 857,890 |
| Nippon Building Fund, Inc. | | 607 | 2,319,222 |
| Nippon Ceramic Co. Ltd. | | 16,900 | 289,229 |
| Nippon Densetsu Kogyo Co. Ltd. | | 21,500 | 295,098 |
| Nippon Electric Glass Co. Ltd. | | 32,300 | 799,234 |
| Nippon Express Holdings, Inc. | | 29,566 | 1,512,546 |
| Nippon Gas Co. Ltd. | | 42,800 | 698,034 |
| Nippon Kayaku Co. Ltd. | | 62,700 | 510,719 |
| Nippon Light Metal Holding Co. Ltd. | | 28,540 | 338,656 |
| Nippon Paint Holdings Co. Ltd. | | 381,085 | 2,439,332 |
| Nippon Paper Industries Co. Ltd. (a) | | 43,945 | 305,531 |
| Nippon Pillar Packing Co. Ltd. | | 8,000 | 315,116 |
| Nippon Prologis REIT, Inc. | | 922 | 1,591,011 |
| Nippon REIT Investment Corp. | | 193 | 435,899 |
| Nippon Sanso Holdings Corp. | | 69,800 | 2,073,228 |
| Nippon Seiki Co. Ltd. | | 24,500 | 222,787 |
| Nippon Shinyaku Co. Ltd. | | 23,100 | 639,184 |
| Nippon Shokubai Co. Ltd. | | 43,400 | 412,521 |
| Nippon Soda Co. Ltd. | | 10,000 | 366,837 |
| Nippon Steel & Sumitomo Metal Corp. | | 341,083 | 7,646,713 |
| Nippon Telegraph & Telephone Corp. | | 11,878,000 | 12,824,230 |
| Nippon Television Network Corp. | | 22,800 | 332,821 |
| Nippon Yusen KK | | 184,100 | 5,226,685 |
| Nipro Corp. | | 67,138 | 543,207 |
| Nishi-Nippon Financial Holdings, Inc. | | 51,700 | 653,615 |
| Nishi-Nippon Railroad Co. Ltd. | | 24,900 | 387,918 |
| Nishimatsu Construction Co. Ltd. | | 14,500 | 419,265 |
| Nishimatsuya Chain Co. Ltd. | | 17,600 | 244,063 |
| Nishio Holdings Co. Ltd. | | 11,100 | 283,625 |
| Nissan Chemical Corp. | | 51,200 | 1,745,315 |
| Nissan Motor Co. Ltd. | | 969,848 | 3,549,356 |
| Nissan Shatai Co. Ltd. | | 33,600 | 217,183 |
| Nissha Co. Ltd. | | 25,600 | 275,551 |
| Nisshin Oillio Group Ltd. | | 11,800 | 379,070 |
| Nisshin Seifun Group, Inc. | | 81,000 | 1,056,636 |
| Nisshinbo Holdings, Inc. | | 60,900 | 461,684 |
| Nissin Food Holdings Co. Ltd. | | 80,900 | 2,158,861 |
| Nissui Corp. | | 117,400 | 704,428 |
| Niterra Co. Ltd. | | 61,000 | 2,000,669 |
| Nitori Holdings Co. Ltd. | | 32,200 | 4,309,425 |
| Nittetsu Mining Co. Ltd. | | 6,800 | 213,733 |
| Nitto Boseki Co. Ltd. | | 9,700 | 347,669 |
| Nitto Denko Corp. | | 57,742 | 4,774,437 |
| Nitto Kogyo Corp. | | 12,100 | 324,559 |
| Noevir Holdings Co. Ltd. | | 8,600 | 284,552 |
| NOF Corp. | | 80,200 | 1,075,958 |
| Nojima Co. Ltd. | | 30,200 | 360,828 |
| NOK Corp. | | 36,900 | 534,018 |
| NOMURA Co. Ltd. | | 40,200 | 216,372 |
| Nomura Holdings, Inc. | | 1,196,354 | 6,807,238 |
| Nomura Micro Science Co. Ltd. (b) | | 10,800 | 345,322 |
| Nomura Real Estate Holdings, Inc. | | 45,000 | 1,259,871 |
| Nomura Real Estate Master Fund, Inc. | | 1,634 | 1,561,974 |
| Nomura Research Institute Ltd. | | 155,010 | 3,750,916 |
| Noritake Co. Ltd. | | 9,400 | 246,764 |
| North Pacific Bank Ltd. | | 127,500 | 366,686 |
| NS Solutions Corp. (b) | | 13,600 | 442,974 |
| NSD Co. Ltd. | | 34,800 | 680,200 |
| NSK Ltd. | | 155,000 | 852,405 |
| NTN Corp. | | 197,600 | 392,142 |
| NTT Data Corp. | | 252,800 | 3,953,241 |
| Ntt Ud (REIT) Investment Corp. | | 620 | 475,331 |
| Nxera Pharma Co. Ltd. (a) | | 34,212 | 316,455 |
| Obayashi Corp. | | 260,400 | 2,906,271 |
| OBIC Business Consultants Ltd. | | 12,800 | 523,038 |
| OBIC Co. Ltd. | | 27,841 | 3,576,637 |
| Odakyu Electric Railway Co. Ltd. | | 127,700 | 1,435,691 |
| Ogaki Kyoritsu Bank Ltd. | | 21,000 | 300,785 |
| Ohsho Food Service Corp. | | 5,100 | 252,756 |
| Oji Holdings Corp. | | 353,600 | 1,385,057 |
| Okamura Corp. | | 24,900 | 377,091 |
| Okasan Securities Group, Inc. | | 70,334 | 336,932 |
| Oki Electric Industry Co. Ltd. | | 41,900 | 299,448 |
| Okinawa Cellular Telephone Co. | | 12,500 | 268,587 |
| Okuma Corp. | | 9,700 | 435,665 |
| Okumura Corp. | | 13,500 | 422,360 |
| Olympus Corp. | | 485,500 | 6,762,880 |
| OMRON Corp. | | 71,000 | 2,436,890 |
| One (REIT), Inc. | | 135 | 227,283 |
| Ono Pharmaceutical Co. Ltd. | | 148,080 | 2,132,851 |
| Open House Group Co. Ltd. | | 32,100 | 976,169 |
| Open Up Group, Inc. | | 24,200 | 306,561 |
| Optex Group Co. Ltd. | | 20,900 | 245,350 |
| Oracle Corp. Japan | | 15,500 | 1,163,191 |
| Organo Corp. | | 10,800 | 495,443 |
| Orient Corp. | | 25,550 | 166,749 |
| Oriental Land Co. Ltd. | | 438,370 | 12,095,389 |
| ORIX Corp. | | 468,320 | 9,584,364 |
| ORIX JREIT, Inc. | | 1,059 | 1,116,271 |
| Osaka Gas Co. Ltd. | | 149,800 | 3,330,936 |
| Osaka Soda Co. Ltd. | | 6,300 | 369,485 |
| OSAKA Titanium technologies Co. Ltd. (b) | | 14,800 | 230,572 |
| OSG Corp. | | 37,800 | 487,480 |
| Otsuka Corp. | | 92,200 | 1,833,685 |
| Otsuka Holdings Co. Ltd. | | 168,418 | 7,201,025 |
| Pacific Industrial Co. Ltd. | | 29,600 | 305,301 |
| Pal Group Holdings Co. Ltd. | | 19,800 | 236,296 |
| PALTAC Corp. | | 12,700 | 384,390 |
| Pan Pacific International Holdings Ltd. | | 152,892 | 3,590,826 |
| Panasonic Holdings Corp. | | 887,389 | 7,745,536 |
| Paramount Bed Holdings Co. Ltd. | | 19,400 | 330,547 |
| Park24 Co. Ltd. (a) | | 53,740 | 578,758 |
| Penta-Ocean Construction Co. Ltd. | | 124,200 | 623,298 |
| PeptiDream, Inc. (a) | | 43,300 | 551,739 |
| Persol Holdings Co. Ltd. | | 769,600 | 1,064,595 |
| Pigeon Corp. | | 63,200 | 576,070 |
| Pilot Corp. | | 12,500 | 334,559 |
| Piolax, Inc. | | 16,300 | 276,914 |
| PKSHA Technology, Inc. (a) | | 7,700 | 212,107 |
| Plus Alpha Consulting Co. Ltd. | | 13,700 | 174,266 |
| Pola Orbis Holdings, Inc. (b) | | 42,689 | 391,721 |
| Prestige International, Inc. | | 72,100 | 307,908 |
| Raito Kogyo Co. Ltd. | | 25,000 | 324,843 |
| Raksul, Inc. (a) | | 25,700 | 145,550 |
| Rakus Co. Ltd. | | 38,700 | 391,183 |
| Rakuten Bank Ltd. | | 40,100 | 812,670 |
| Rakuten Group, Inc. (a) | | 606,095 | 2,914,981 |
| Recruit Holdings Co. Ltd. | | 579,554 | 24,959,861 |
| Relo Group, Inc. | | 46,100 | 400,729 |
| Renesas Electronics Corp. | | 591,155 | 9,597,846 |
| Rengo Co. Ltd. | | 81,200 | 608,827 |
| Resona Holdings, Inc. | | 857,046 | 5,419,743 |
| Resonac Holdings Corp. | | 71,482 | 1,549,940 |
| Resorttrust, Inc. | | 33,500 | 554,437 |
| Ricoh Co. Ltd. | | 221,700 | 1,912,619 |
| Ricoh Leasing Co. Ltd. | | 6,400 | 217,519 |
| Riken Keiki Co. Ltd. | | 13,000 | 318,093 |
| Riken Vitamin Co. Ltd. | | 17,100 | 294,684 |
| Rinnai Corp. | | 39,883 | 864,164 |
| Riso Kagaku Corp. | | 10,700 | 199,733 |
| ROHM Co. Ltd. | | 133,000 | 1,911,856 |
| Rohto Pharmaceutical Co. Ltd. | | 78,800 | 1,537,422 |
| Roland Corp. | | 7,300 | 198,449 |
| Rorze Corp. | | 4,400 | 762,850 |
| Round One Corp. | | 83,100 | 365,035 |
| Royal Holdings Co. Ltd. (b) | | 19,400 | 303,262 |
| Ryohin Keikaku Co. Ltd. | | 103,030 | 1,659,714 |
| Ryoyo Ryosan Holdings, Inc. | | 10,400 | 182,585 |
| Saizeriya Co. Ltd. | | 12,100 | 408,586 |
| Sakata Seed Corp. | | 14,300 | 329,476 |
| Sakura Internet, Inc. (b) | | 7,900 | 294,656 |
| SAMTY Co. Ltd. | | 15,600 | 266,118 |
| San-A Co. Ltd. | | 10,100 | 303,115 |
| San-Ai Obbli Co. Ltd. | | 23,000 | 301,731 |
| Sangetsu Corp. | | 21,600 | 459,189 |
| Sanken Electric Co. Ltd. | | 10,000 | 431,735 |
| Sanki Engineering Co. Ltd. | | 20,200 | 283,562 |
| Sankyo Co. Ltd. (Gunma) | | 82,900 | 900,461 |
| Sankyu, Inc. | | 20,600 | 714,194 |
| Sanrio Co. Ltd. | | 65,600 | 1,106,045 |
| Sansan, Inc. (a) | | 30,900 | 283,778 |
| Santen Pharmaceutical Co. Ltd. | | 140,260 | 1,354,784 |
| Sanwa Holdings Corp. | | 76,600 | 1,250,946 |
| Sapporo Holdings Ltd. | | 26,300 | 950,631 |
| Sato Holding Corp. | | 19,300 | 267,436 |
| Sawai Group Holdings Co. Ltd. | | 17,200 | 640,966 |
| SBI Holdings, Inc. Japan | | 99,200 | 2,415,336 |
| SBI Sumishin Net Bank Ltd. | | 25,900 | 387,295 |
| Screen Holdings Co. Ltd. | | 32,800 | 3,384,210 |
| SCSK Corp. | | 62,400 | 1,134,382 |
| Secom Co. Ltd. | | 83,233 | 5,781,572 |
| Sega Sammy Holdings, Inc. | | 66,319 | 868,047 |
| Seibu Holdings, Inc. | | 90,300 | 1,405,438 |
| Seiko Epson Corp. | | 115,773 | 1,904,464 |
| Seiko Group Corp. | | 12,200 | 322,705 |
| Seino Holdings Co. Ltd. | | 51,200 | 685,934 |
| Seiren Co. Ltd. | | 19,800 | 329,829 |
| Sekisui Chemical Co. Ltd. | | 150,400 | 2,188,026 |
| Sekisui House (REIT), Inc. | | 1,668 | 854,682 |
| Sekisui House Ltd. | | 236,380 | 5,432,097 |
| Sekisui Jushi Corp. | | 15,900 | 259,869 |
| SENKO Co. Ltd. | | 53,000 | 388,418 |
| Senshu Ikeda Holdings, Inc. | | 112,300 | 285,876 |
| Seria Co. Ltd. | | 20,300 | 344,110 |
| Seven & i Holdings Co. Ltd. | | 907,087 | 11,720,653 |
| Seven Bank Ltd. | | 275,300 | 492,120 |
| SG Holdings Co. Ltd. | | 128,300 | 1,501,763 |
| Sharp Corp. (a) | | 108,300 | 568,485 |
| Shibaura Machine Co. Ltd. | | 11,600 | 259,682 |
| Shibaura Mechatronics Corp. | | 5,900 | 224,719 |
| SHIFT, Inc. (a) | | 4,900 | 450,738 |
| Shiga Bank Ltd. | | 18,600 | 481,032 |
| Shikoku Electric Power Co., Inc. | | 75,900 | 629,033 |
| Shimadzu Corp. | | 95,400 | 2,591,833 |
| Shimamura Co. Ltd. | | 18,200 | 897,203 |
| SHIMANO, Inc. | | 30,965 | 5,032,216 |
| SHIMIZU Corp. | | 210,600 | 1,304,553 |
| Shin-Etsu Chemical Co. Ltd. | | 724,075 | 28,028,176 |
| Shin-Etsu Polymer Co. Ltd. | | 23,700 | 231,346 |
| Shinko Electric Industries Co. Ltd. | | 26,400 | 926,911 |
| Shinmaywa Industries Ltd. | | 30,400 | 231,776 |
| Shionogi & Co. Ltd. | | 98,600 | 4,604,696 |
| Ship Healthcare Holdings, Inc. | | 34,500 | 513,288 |
| Shiseido Co. Ltd. | | 162,055 | 4,337,930 |
| Shizuoka Financial Group | | 192,700 | 1,798,632 |
| SHO-BOND Holdings Co. Ltd. | | 16,900 | 652,626 |
| Shochiku Co. Ltd. | | 4,800 | 290,883 |
| Shoei Co. Ltd. | | 23,300 | 298,515 |
| Showa Sangyo Co. Ltd. | | 10,700 | 239,886 |
| Simplex Holdings, Inc. | | 19,200 | 310,186 |
| SKY Perfect JSAT Holdings, Inc. | | 70,400 | 414,283 |
| Skylark Holdings Co. Ltd. | | 93,000 | 1,325,312 |
| SMC Corp. | | 23,067 | 12,118,633 |
| SMS Co., Ltd. | | 30,400 | 420,660 |
| Socionext, Inc. | | 72,200 | 2,110,813 |
| SoftBank Corp. | | 1,141,800 | 13,772,033 |
| SoftBank Group Corp. | | 414,212 | 20,371,194 |
| Sohgo Security Services Co., Ltd. | | 154,800 | 860,957 |
| Sojitz Corp. | | 90,440 | 2,328,546 |
| Sompo Holdings, Inc. | | 358,157 | 7,087,974 |
| Sony Group Corp. | | 507,105 | 41,912,923 |
| SOSiLA Logistics REIT, Inc. | | 356 | 280,291 |
| Sotetsu Holdings, Inc. | | 36,000 | 573,864 |
| Square Enix Holdings Co. Ltd. | | 35,300 | 1,275,995 |
| Stanley Electric Co. Ltd. | | 52,339 | 926,243 |
| Star Asia Investment Corp. | | 998 | 389,342 |
| Star Micronics Co. Ltd. | | 23,000 | 273,093 |
| Starts Corp., Inc. | | 14,400 | 324,849 |
| Subaru Corp. | | 242,925 | 5,424,270 |
| Sugi Holdings Co. Ltd. | | 45,100 | 661,720 |
| Sumco Corp. | | 142,300 | 2,122,165 |
| Sumitomo Bakelite Co. Ltd. | | 27,500 | 783,281 |
| Sumitomo Chemical Co. Ltd. | | 628,500 | 1,342,766 |
| Sumitomo Corp. | | 414,700 | 10,905,436 |
| Sumitomo Electric Industries Ltd. | | 285,500 | 4,412,779 |
| Sumitomo Forestry Co. Ltd. | | 62,323 | 1,920,153 |
| Sumitomo Heavy Industries Ltd. | | 44,747 | 1,246,952 |
| Sumitomo Metal Mining Co. Ltd. | | 97,600 | 3,260,684 |
| Sumitomo Mitsui Construction Co. Ltd. | | 88,560 | 228,079 |
| Sumitomo Mitsui Financial Group, Inc. | | 510,533 | 29,000,221 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 263,600 | 5,542,146 |
| Sumitomo Osaka Cement Co. Ltd. | | 15,003 | 372,497 |
| Sumitomo Realty & Development Co. Ltd. | | 114,387 | 3,958,239 |
| Sumitomo Rubber Industries Ltd. | | 69,800 | 847,222 |
| Sundrug Co. Ltd. | | 29,541 | 857,788 |
| Suntory Beverage & Food Ltd. | | 55,900 | 1,818,721 |
| Suruga Bank Ltd. | | 72,500 | 442,170 |
| Suzuken Co. Ltd. | | 26,100 | 770,831 |
| Suzuki Motor Corp. | | 631,760 | 7,357,342 |
| SWCC Showa Holdings Co. Ltd. | | 13,200 | 348,045 |
| Sysmex Corp. | | 205,000 | 3,278,027 |
| Systena Corp. | | 151,900 | 253,102 |
| T Hasegawa Co. Ltd. | | 18,500 | 361,236 |
| T&D Holdings, Inc. | | 198,800 | 3,243,886 |
| Tadano Ltd. | | 44,800 | 359,496 |
| Taiheiyo Cement Corp. | | 47,791 | 1,093,100 |
| Taikisha Ltd. | | 10,700 | 315,593 |
| Taisei Corp. | | 68,400 | 2,504,152 |
| Taiyo Holdings Co. Ltd. | | 17,800 | 362,735 |
| Taiyo Yuden Co. Ltd. | | 51,900 | 1,215,632 |
| Takara Bio, Inc. | | 27,800 | 179,730 |
| Takara Holdings, Inc. | | 64,269 | 422,210 |
| Takara Leben Real Estate Investment Corp. | | 409 | 265,071 |
| Takara Standard Co. Ltd. | | 20,200 | 246,423 |
| Takasago Thermal Engineering Co. Ltd. | | 17,900 | 600,082 |
| Takashimaya Co. Ltd. | | 59,300 | 840,595 |
| Takeda Pharmaceutical Co. Ltd. | | 633,570 | 16,651,532 |
| Takeuchi Manufacturing Co. Ltd. | | 14,900 | 565,205 |
| Takuma Co. Ltd. | | 31,700 | 396,686 |
| Tama Home Co. Ltd. (b) | | 9,100 | 251,804 |
| Tamron Co. Ltd. | | 8,600 | 399,906 |
| Tbs Holdings, Inc. | | 14,300 | 372,683 |
| TDK Corp. | | 156,343 | 6,974,617 |
| Techmatrix Corp. | | 18,700 | 198,183 |
| TechnoPro Holdings, Inc. | | 44,800 | 763,096 |
| Teijin Ltd. | | 74,100 | 722,896 |
| Terumo Corp. | | 542,000 | 9,194,559 |
| The Awa Bank Ltd. | | 17,500 | 298,167 |
| The Hachijuni Bank Ltd. | | 148,200 | 988,633 |
| The Hyakugo Bank Ltd. | | 103,000 | 423,596 |
| The Keiyo Bank Ltd. | | 56,200 | 276,314 |
| The Kiyo Bank Ltd. | | 32,000 | 367,609 |
| The Monogatari Corp. | | 13,600 | 367,448 |
| The Musashino Bank Ltd. | | 14,600 | 285,887 |
| The Nanto Bank Ltd. | | 14,300 | 274,843 |
| The San-In Godo Bank Ltd. | | 61,600 | 479,829 |
| The Sumitomo Warehouse Co. Ltd. | | 22,400 | 370,945 |
| The Toho Bank Ltd. | | 107,000 | 229,742 |
| THK Co. Ltd. | | 47,900 | 1,045,136 |
| TIS, Inc. | | 89,400 | 1,909,278 |
| TKC Corp. | | 12,200 | 280,759 |
| TOA Corp. | | 28,100 | 194,152 |
| Toagosei Co. Ltd. | | 37,700 | 379,238 |
| Tobu Railway Co. Ltd. | | 76,800 | 1,523,749 |
| Tocalo Co. Ltd. | | 30,900 | 356,064 |
| Toda Corp. | | 98,900 | 645,967 |
| Toei Animation Co. Ltd. | | 18,400 | 304,526 |
| Toei Co. Ltd. | | 16,900 | 401,168 |
| Toho Co. Ltd. | | 45,800 | 1,534,409 |
| Toho Gas Co. Ltd. | | 30,700 | 788,391 |
| Toho Holdings Co. Ltd. | | 21,300 | 510,290 |
| Toho Titanium Co. Ltd. (b) | | 17,600 | 151,796 |
| Tohoku Electric Power Co., Inc. | | 187,100 | 1,444,423 |
| Tokai Carbon Co. Ltd. | | 91,400 | 606,383 |
| TOKAI Holdings Corp. | | 43,300 | 266,323 |
| Tokai Rika Co. Ltd. | | 24,600 | 334,963 |
| Tokai Tokyo Financial Holdings | | 89,100 | 326,510 |
| Tokio Marine Holdings, Inc. | | 724,579 | 22,901,330 |
| Tokuyama Corp. | | 30,035 | 619,746 |
| Tokyo Century Corp. | | 63,000 | 627,060 |
| Tokyo Electric Power Co., Inc. (a) | | 615,628 | 3,829,378 |
| Tokyo Electron Device Ltd. | | 8,900 | 319,560 |
| Tokyo Electron Ltd. | | 189,769 | 41,625,055 |
| Tokyo Gas Co. Ltd. | | 147,435 | 3,306,564 |
| Tokyo Ohka Kogyo Co. Ltd. | | 39,600 | 1,050,124 |
| Tokyo Seimitsu Co. Ltd. | | 16,300 | 1,060,686 |
| Tokyo Steel Manufacturing Co. Ltd. | | 27,800 | 294,898 |
| Tokyo Tatemono Co. Ltd. | | 77,500 | 1,289,599 |
| Tokyo TY Financial Group, Inc. | | 11,700 | 347,299 |
| Tokyotokeiba Co. Ltd. | | 8,600 | 237,054 |
| Tokyu Construction Co. Ltd. | | 50,300 | 270,681 |
| Tokyu Corp. | | 202,400 | 2,395,922 |
| Tokyu Fudosan Holdings Corp. | | 247,200 | 1,811,050 |
| Tokyu REIT, Inc. | | 400 | 411,572 |
| TOMONY Holdings, Inc. | | 88,900 | 234,989 |
| Tomy Co. Ltd. | | 36,300 | 580,406 |
| Topcon Corp. | | 41,860 | 491,657 |
| Toppan Holdings, Inc. | | 92,500 | 2,194,466 |
| Topre Corp. | | 17,200 | 277,637 |
| Toray Industries, Inc. | | 549,300 | 2,510,698 |
| TORIDOLL Holdings Corp. | | 19,200 | 461,385 |
| Toshiba Tec Corp. | | 15,600 | 313,777 |
| Tosoh Corp. | | 104,400 | 1,439,271 |
| Totetsu Kogyo Co. Ltd. | | 12,400 | 247,716 |
| Toto Ltd. | | 58,100 | 1,572,447 |
| Towa Corp. | | 8,300 | 478,002 |
| Towa Pharmaceutical Co. Ltd. | | 12,700 | 228,604 |
| Toyo Construction Co. Ltd. | | 27,200 | 220,388 |
| Toyo Seikan Group Holdings Ltd. | | 53,400 | 825,422 |
| Toyo Suisan Kaisha Ltd. | | 36,036 | 2,253,487 |
| Toyo Tanso Co. Ltd. | | 5,800 | 286,088 |
| Toyo Tire Corp. | | 47,700 | 902,441 |
| Toyobo Co. Ltd. | | 44,500 | 315,786 |
| Toyoda Gosei Co. Ltd. | | 27,500 | 532,419 |
| Toyota Boshoku Corp. | | 35,400 | 523,507 |
| Toyota Industries Corp. | | 58,900 | 5,597,083 |
| Toyota Motor Corp. | | 4,265,560 | 97,291,434 |
| Toyota Tsusho Corp. | | 85,349 | 5,426,484 |
| Transcosmos, Inc. | | 12,400 | 268,054 |
| Trend Micro, Inc. | | 54,100 | 2,665,951 |
| Tri Chemical Laboratories, Inc. | | 11,500 | 319,900 |
| Trusco Nakayama Corp. | | 25,200 | 416,866 |
| TS tech Co. Ltd. | | 40,200 | 494,988 |
| Tsubakimoto Chain Co. | | 11,000 | 378,708 |
| Tsumura & Co. | | 23,684 | 570,707 |
| Tsuruha Holdings, Inc. | | 16,200 | 1,022,607 |
| U-Next Holdings Co. Ltd. | | 9,800 | 273,857 |
| Uacj Corp. | | 14,300 | 436,874 |
| Ube Corp. | | 38,200 | 698,360 |
| Ulvac, Inc. | | 19,159 | 1,145,627 |
| Unicharm Corp. | | 160,500 | 4,768,961 |
| United Urban Investment Corp. | | 1,114 | 1,067,428 |
| Ushio, Inc. | | 37,100 | 488,008 |
| USS Co. Ltd. | | 169,300 | 1,293,333 |
| UT Group Co. Ltd. (a) | | 13,100 | 274,706 |
| Valor Holdings Co. Ltd. | | 18,200 | 278,835 |
| Visional, Inc. (a) | | 9,400 | 428,906 |
| Wacoal Holdings Corp. | | 17,000 | 372,072 |
| Wacom Co. Ltd. | | 61,900 | 237,728 |
| WealthNavi, Inc. (a)(b) | | 17,500 | 158,619 |
| Welcia Holdings Co. Ltd. | | 39,600 | 582,231 |
| West Holdings Corp. (b) | | 11,149 | 186,030 |
| West Japan Railway Co. | | 174,312 | 3,308,694 |
| Workman Co. Ltd. (b) | | 9,500 | 233,392 |
| Yakult Honsha Co. Ltd. | | 104,300 | 2,040,082 |
| Yamada Holdings Co. Ltd. | | 229,510 | 656,992 |
| Yamaguchi Financial Group, Inc. | | 80,800 | 816,210 |
| Yamaha Corp. | | 55,700 | 1,173,777 |
| Yamaha Motor Co. Ltd. | | 358,821 | 3,346,804 |
| Yamato Holdings Co. Ltd. | | 110,700 | 1,461,980 |
| Yamato Kogyo Co. Ltd. | | 16,300 | 875,786 |
| Yamazaki Baking Co. Ltd. | | 49,200 | 1,190,807 |
| Yamazen Co. Ltd. | | 36,800 | 323,195 |
| Yaoko Co. Ltd. | | 7,900 | 427,093 |
| Yaskawa Electric Corp. | | 96,900 | 3,992,535 |
| Yellow Hat Ltd. | | 21,000 | 272,980 |
| Yodogawa Steel Works Ltd. | | 9,400 | 295,028 |
| Yokogawa Bridge Holdings Corp. | | 16,700 | 302,894 |
| Yokogawa Electric Corp. | | 92,312 | 2,039,708 |
| Yokohama Rubber Co. Ltd. | | 47,700 | 1,248,510 |
| YONEX Co. Ltd. | | 32,200 | 256,777 |
| Yoshinoya Holdings Co. Ltd. | | 27,100 | 496,307 |
| Yuasa Trading Co. Ltd. | | 9,600 | 350,811 |
| Zenkoku Hosho Co. Ltd. | | 21,300 | 747,885 |
| Zensho Holdings Co. Ltd. | | 39,200 | 1,519,361 |
| Zeon Corp. | | 61,100 | 608,930 |
| Zojirushi Thermos | | 25,200 | 245,814 |
| ZOZO, Inc. | | 54,400 | 1,171,693 |
| Zuken, Inc. | | 8,600 | 224,721 |
TOTAL JAPAN | | | 1,867,524,180 |
| Jordan - 0.0% | | | |
| Hikma Pharmaceuticals PLC | | 68,753 | 1,652,914 |
| Korea (South) - 3.2% | | | |
| ABL Bio, Inc. (a) | | 17,881 | 333,176 |
| Advanced Nano Products Co. Ltd. | | 4,151 | 345,939 |
| Alteogen, Inc. (a) | | 15,036 | 1,910,140 |
| AMOREPACIFIC Corp. | | 12,192 | 1,481,866 |
| AMOREPACIFIC Group, Inc. | | 15,021 | 361,606 |
| Ananti, Inc. (a)(b) | | 62,745 | 286,920 |
| BGF Retail Co. Ltd. | | 4,487 | 421,831 |
| Bioneer Corp. (a) | | 17,890 | 389,115 |
| BNK Financial Group, Inc. | | 122,378 | 736,785 |
| Celltrion Pharm, Inc. | | 7,819 | 538,246 |
| Celltrion, Inc. | | 61,640 | 8,346,320 |
| CHA Biotech Co. Ltd. (a) | | 23,060 | 283,032 |
| Cheil Worldwide, Inc. | | 35,188 | 478,588 |
| Chong Kun Dang Pharmaceutical Corp. | | 3,488 | 261,076 |
| CJ CheilJedang Corp. | | 3,883 | 938,554 |
| CJ Corp. | | 5,882 | 537,889 |
| CJ ENM Co. Ltd. | | 5,009 | 273,272 |
| CJ Logistics Corp. | | 4,185 | 368,149 |
| Classys, Inc. | | 9,743 | 264,416 |
| Cosmax, Inc. | | 3,755 | 377,787 |
| Cosmo AM&T Co. Ltd. (a) | | 10,083 | 1,085,900 |
| Cosmochemical Co. Ltd. (a) | | 12,485 | 284,711 |
| Coway Co. Ltd. | | 23,300 | 930,935 |
| Creative & Innovative System (a) | | 32,597 | 266,833 |
| CS Wind Corp. | | 11,542 | 431,275 |
| Daeduck Electronics Co. Ltd. | | 17,282 | 285,955 |
| Daejoo Electronic Materials Co. Ltd. | | 4,899 | 327,641 |
| Daewoo Engineering & Construction Co. Ltd. (a) | | 122,969 | 337,873 |
| Daewoong Pharmaceutical Co. Ltd. | | 3,542 | 284,918 |
| Daishin Securities Co. Ltd. | | 10,166 | 114,854 |
| DB HiTek Co. Ltd. | | 16,020 | 472,075 |
| Db Insurance Co. Ltd. | | 19,287 | 1,349,097 |
| Delivery Hero AG (a)(d) | | 71,491 | 2,000,142 |
| Dentium Co. Ltd. | | 3,325 | 309,349 |
| DGB Financial Group Co. Ltd. | | 77,204 | 470,269 |
| DL E&C Co. Ltd. | | 14,794 | 395,474 |
| DL Holdings Co. Ltd. | | 6,405 | 245,092 |
| Dongjin Semichem Co. Ltd. | | 17,726 | 546,497 |
| Dongsuh Co., Inc. | | 27,276 | 373,988 |
| Doosan Bobcat, Inc. | | 23,546 | 877,567 |
| Doosan Co. Ltd. | | 3,418 | 372,320 |
| Doosan Fuel Cell Co. Ltd. (a)(b) | | 22,057 | 314,376 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 186,604 | 2,246,821 |
| Douzone Bizon Co. Ltd. | | 7,945 | 339,973 |
| E-Mart, Inc. | | 8,829 | 403,781 |
| Ecopro BM Co. Ltd. | | 19,769 | 3,351,020 |
| Ecopro Co. Ltd. | | 40,410 | 3,046,015 |
| Ecopro HN Co. Ltd. | | 4,670 | 228,770 |
| Ecopro Materials Co. Ltd. | | 5,700 | 470,807 |
| Enchem Co. Ltd. (a) | | 3,420 | 697,666 |
| EO Technics Co. Ltd. | | 3,819 | 646,527 |
| Eugene Technology Co. Ltd. | | 7,406 | 280,929 |
| F&F Co. Ltd. | | 8,096 | 382,165 |
| Fila Holdings Corp. | | 20,501 | 601,811 |
| Foosung Co. Ltd. | | 44,396 | 246,348 |
| Green Cross Corp. | | 4,584 | 375,571 |
| GS Engineering & Construction Corp. | | 35,017 | 413,934 |
| GS Holdings Corp. | | 20,331 | 655,497 |
| GS Retail Co. Ltd. | | 29,248 | 418,089 |
| Hana Financial Group, Inc. | | 118,817 | 4,997,293 |
| Hana Micron, Inc. | | 16,811 | 324,907 |
| Hana Tour Service, Inc. | | 7,026 | 313,355 |
| HanAll BioPharma Co. Ltd. (a) | | 14,848 | 383,597 |
| Hanjin Kal Corp. | | 11,260 | 481,906 |
| Hankook Tire Co. Ltd. | | 31,259 | 1,322,678 |
| Hanmi Pharm Co. Ltd. | | 3,230 | 733,744 |
| Hanmi Science Co. Ltd. | | 9,762 | 237,782 |
| Hanmi Semiconductor Co. Ltd. | | 17,761 | 1,686,587 |
| Hanon Systems | | 88,582 | 353,766 |
| Hansol Chemical Co. Ltd. | | 4,344 | 600,845 |
| Hanwha Aerospace Co. Ltd. | | 14,466 | 2,191,186 |
| Hanwha Corp. | | 23,225 | 454,497 |
| Hanwha Life Insurance Co. Ltd. | | 148,569 | 314,262 |
| Hanwha Ocean Co. Ltd. (a) | | 32,548 | 747,367 |
| Hanwha Solutions Corp. | | 46,480 | 843,578 |
| Hanwha Systems Co. Ltd. | | 32,386 | 456,350 |
| HD Hyundai Co. Ltd. | | 19,129 | 923,499 |
| HD Hyundai Construction Equipment Co. Ltd. | | 6,044 | 236,957 |
| HD Hyundai Electric Co. Ltd. | | 8,836 | 1,554,436 |
| HD Hyundai Heavy Industries Co. Ltd. (a) | | 9,844 | 970,848 |
| HD Hyundai Infracore Co. Ltd. | | 62,542 | 371,037 |
| Hd Hyundai Mipo (a) | | 11,933 | 640,759 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | | 17,664 | 1,663,103 |
| HDC Hyundai Development Co. | | 19,289 | 243,952 |
| Hite Jinro Co. Ltd. | | 20,004 | 302,446 |
| HK inno.N Corp. | | 10,938 | 304,687 |
| HL Mando Co. Ltd. | | 18,122 | 509,648 |
| HLB Life Science Co. Ltd. (a) | | 36,562 | 451,038 |
| HLB, Inc. | | 47,387 | 3,775,625 |
| HMM Co. Ltd. | | 99,725 | 1,135,386 |
| Hotel Shilla Co. | | 14,510 | 619,838 |
| HPSP Co. Ltd. | | 17,164 | 479,206 |
| HUGEL, Inc. (a) | | 2,872 | 437,864 |
| HYBE Co. Ltd. | | 8,551 | 1,236,905 |
| Hyosung Advanced Materials Co. | | 1,400 | 368,349 |
| Hyosung Corp. | | 7,637 | 330,693 |
| Hyosung Heavy Industries Co. Ltd. | | 2,138 | 475,768 |
| Hyosung TNC Co. Ltd. | | 1,265 | 334,233 |
| Hyundai Bioscience Co. Ltd. (a) | | 16,963 | 246,390 |
| Hyundai Department Store Co. Ltd. | | 7,609 | 287,010 |
| Hyundai Elevator Co. Ltd. | | 11,159 | 324,405 |
| Hyundai Engineering & Construction Co. Ltd. | | 34,825 | 884,690 |
| Hyundai Glovis Co. Ltd. | | 8,187 | 1,068,762 |
| Hyundai Marine & Fire Insurance Co. Ltd. | | 26,632 | 599,509 |
| Hyundai Mobis | | 24,755 | 4,038,563 |
| Hyundai Motor Co. Ltd. | | 50,008 | 8,970,054 |
| Hyundai Rotem Co. Ltd. | | 32,830 | 877,737 |
| Hyundai Steel Co. | | 37,838 | 876,173 |
| Hyundai Wia Corp. | | 8,976 | 372,585 |
| Industrial Bank of Korea | | 119,877 | 1,201,813 |
| ISC Co. Ltd. | | 4,545 | 237,374 |
| Isu Specialty Chemical Co. Ltd. (c) | | 1,655 | 405,397 |
| Isupetasys Co. Ltd. | | 19,745 | 552,335 |
| JB Financial Group Co. Ltd. | | 50,187 | 480,188 |
| Jeju Semiconductor Corp. (a) | | 12,428 | 196,877 |
| JR Global (REIT) | | 107,562 | 312,273 |
| Jusung Engineering Co. Ltd. | | 14,285 | 352,815 |
| JYP Entertainment Corp. | | 12,650 | 603,342 |
| Kakao Corp. | | 126,281 | 4,373,320 |
| Kakao Games Corp. (a) | | 20,986 | 326,827 |
| Kakao Pay Corp. (a) | | 12,672 | 318,459 |
| KakaoBank Corp. | | 69,117 | 1,236,201 |
| Kangwon Land, Inc. | | 47,264 | 520,812 |
| KB Financial Group, Inc. | | 154,998 | 8,383,083 |
| KCC Corp. | | 2,056 | 371,138 |
| KEPCO E&C | | 8,248 | 387,780 |
| KEPCO Plant Service & Engineering Co. Ltd. | | 13,497 | 341,510 |
| Kia Corp. | | 105,677 | 8,928,168 |
| Kiwoom Securities Co. Ltd. | | 6,234 | 590,345 |
| Koh Young Technology, Inc. | | 23,529 | 273,603 |
| Kolmar Korea Co. Ltd. | | 8,667 | 312,015 |
| Kolon Industries, Inc. | | 11,305 | 324,496 |
| Korea Aerospace Industries Ltd. | | 31,285 | 1,161,638 |
| Korea Electric Power Corp. (a) | | 105,755 | 1,609,963 |
| Korea Gas Corp. | | 13,531 | 268,446 |
| Korea Investment Holdings Co. Ltd. | | 18,102 | 872,485 |
| Korea Zinc Co. Ltd. | | 3,536 | 1,174,595 |
| Korean Air Lines Co. Ltd. | | 81,841 | 1,230,722 |
| Korean Reinsurance Co. | | 60,588 | 357,113 |
| KRAFTON, Inc. (a) | | 11,839 | 2,031,867 |
| KT Corp. | | 29,191 | 727,789 |
| KT&G Corp. | | 41,189 | 2,646,616 |
| Kum Yang Co. Ltd. (a) | | 14,237 | 952,600 |
| Kumho Petro Chemical Co. Ltd. | | 6,791 | 673,559 |
| Kumho Tire Co., Inc. (a) | | 58,070 | 293,213 |
| L&F Co. Ltd. | | 10,391 | 1,212,136 |
| Lake Materials Co. Ltd. (a) | | 17,733 | 289,455 |
| Leeno Industrial, Inc. | | 4,250 | 755,125 |
| LG Chemical Ltd. | | 19,029 | 5,452,645 |
| LG Corp. | | 38,836 | 2,209,699 |
| LG Display Co. Ltd. (a) | | 160,046 | 1,208,005 |
| LG Electronics, Inc. | | 43,435 | 2,884,765 |
| LG Energy Solution (a) | | 18,920 | 5,249,167 |
| LG H & H Co. Ltd. | | 3,955 | 1,188,337 |
| LG Innotek Co. Ltd. | | 6,320 | 1,001,769 |
| LG Uplus Corp. | | 105,009 | 743,739 |
| LIG Nex1 Co. Ltd. | | 5,327 | 614,984 |
| LigaChem Biosciences, Inc. (a) | | 10,635 | 519,067 |
| Lotte Chemical Corp. | | 8,268 | 637,141 |
| Lotte Confectionery Co. Ltd. | | 15,760 | 313,257 |
| Lotte Energy Materials Corp. | | 11,729 | 380,456 |
| Lotte Fine Chemical Co. Ltd. | | 9,083 | 293,989 |
| Lotte Shopping Co. Ltd. | | 5,850 | 292,496 |
| LS Corp. | | 8,208 | 808,743 |
| LS Electric Co. Ltd. | | 7,998 | 1,006,522 |
| Lunit, Inc. | | 9,387 | 376,488 |
| LX International Corp. | | 16,801 | 337,114 |
| Lx Semicon Co. Ltd. | | 5,740 | 301,324 |
| Medytox, Inc. | | 2,779 | 268,436 |
| Meritz Financial Holdings Co. | | 41,492 | 2,365,766 |
| Mezzion Pharma Co. Ltd. (a) | | 10,945 | 295,868 |
| Mirae Asset Securities Co. Ltd. | | 106,508 | 578,853 |
| Myoung Shin Industrial Co. Ltd. | | 25,542 | 268,152 |
| NAVER Corp. | | 52,559 | 6,913,101 |
| NCSOFT Corp. | | 6,071 | 764,926 |
| Netmarble Corp. (a)(d) | | 11,137 | 444,673 |
| NEXTIN, Inc. | | 4,898 | 229,842 |
| NH Investment & Securities Co. Ltd. | | 69,574 | 623,621 |
| NongShim Co. Ltd. | | 1,741 | 498,511 |
| Oci Co. Ltd. | | 3,978 | 268,518 |
| Oci Holdings Co. Ltd. | | 6,500 | 441,620 |
| Orion Corp./Republic of Korea | | 10,507 | 701,200 |
| Oscotec, Inc. (a) | | 13,590 | 298,143 |
| Ottogi Corp. | | 1,084 | 324,950 |
| Pan Ocean Co., Ltd. (Korea) | | 115,542 | 340,628 |
| Paradise Co. Ltd. | | 36,608 | 395,484 |
| Park Systems Corp. | | 2,420 | 256,651 |
| Pearl Abyss Corp. (a) | | 15,761 | 361,150 |
| People & Technology, Inc. | | 9,453 | 270,330 |
| Peptron, Inc. (a) | | 8,810 | 182,374 |
| PharmaResearch Co. Ltd. | | 3,861 | 352,666 |
| Poongsan Corp. | | 9,747 | 454,174 |
| POSCO | | 29,033 | 8,357,810 |
| POSCO Chemtech Co. Ltd. | | 12,604 | 2,528,545 |
| POSCO ICT Co. Ltd. | | 21,799 | 631,719 |
| Posco International Corp. | | 22,136 | 728,036 |
| Rainbow Robotics (a) | | 3,667 | 461,732 |
| S&S Tech Corp. | | 8,712 | 261,144 |
| S-Oil Corp. | | 19,850 | 1,033,459 |
| S.M. Entertainment Co. Ltd. | | 6,077 | 345,064 |
| S1 Corp. | | 9,656 | 414,736 |
| Sam A Aluminium Co. Ltd. | | 2,942 | 164,090 |
| Sam Chun Dang Pharm Co. Ltd. (a) | | 6,743 | 506,138 |
| Samsung Biologics Co. Ltd. (a)(d) | | 7,171 | 4,019,232 |
| Samsung C&T Corp. | | 33,940 | 3,649,616 |
| Samsung E&A Co. Ltd. (a) | | 65,343 | 1,235,391 |
| Samsung Electro-Mechanics Co. Ltd. | | 22,896 | 2,546,751 |
| Samsung Electronics Co. Ltd. | | 1,891,229 | 104,832,763 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 12,531 | 2,796,908 |
| Samsung Heavy Industries Co. Ltd. (a) | | 271,923 | 1,837,244 |
| Samsung Life Insurance Co. Ltd. | | 32,814 | 2,061,917 |
| Samsung SDI Co. Ltd. | | 22,201 | 6,851,291 |
| Samsung SDS Co. Ltd. | | 15,874 | 1,818,489 |
| Samsung Securities Co. Ltd. | | 28,526 | 778,170 |
| Samyang Foods Co. Ltd. | | 2,466 | 523,278 |
| SD Biosensor, Inc. | | 24,014 | 181,747 |
| Seegene, Inc. | | 17,258 | 274,660 |
| Seojin System Co. Ltd. (a) | | 17,170 | 303,483 |
| SFA Engineering Corp. | | 18,565 | 343,565 |
| Shinhan Financial Group Co. Ltd. | | 176,726 | 5,920,895 |
| Shinsegae Co. Ltd. | | 3,987 | 476,112 |
| Shinsung Delta Tech Co. Ltd. | | 6,813 | 398,560 |
| SIMMTECH Co. Ltd. | | 10,905 | 237,221 |
| SK Biopharmaceuticals Co. Ltd. (a) | | 13,574 | 851,550 |
| SK Bioscience Co. Ltd. (a) | | 14,558 | 611,438 |
| SK Chemicals Co. Ltd. | | 7,310 | 316,802 |
| SK Hynix, Inc. | | 219,857 | 27,055,649 |
| SK IE Technology Co. Ltd. (a)(d) | | 12,193 | 514,623 |
| SK Innovation Co., Ltd. (a) | | 24,875 | 1,967,845 |
| SK Networks Co. Ltd. | | 53,265 | 192,812 |
| SK Square Co. Ltd. (a) | | 39,801 | 2,180,643 |
| SK Telecom Co. Ltd. | | 23,944 | 883,013 |
| SK, Inc. | | 15,144 | 1,799,545 |
| SKC Co. Ltd. | | 8,385 | 660,875 |
| SOLUM Co. Ltd. (a) | | 20,456 | 384,304 |
| SOOP Co. Ltd. | | 3,737 | 301,632 |
| Soulbrain Co. Ltd. | | 1,983 | 426,896 |
| ST Pharm Co. Ltd. | | 6,847 | 459,995 |
| Studio Dragon Corp. (a) | | 9,404 | 287,643 |
| SungEel HiTech Co. Ltd. (a) | | 4,321 | 247,782 |
| Synopex, Inc. | | 36,431 | 227,835 |
| Taihan Electric Wire Co. Ltd. | | 56,172 | 554,304 |
| TCC Steel | | 7,339 | 276,390 |
| WeMade Entertainment Co. Ltd. | | 7,929 | 268,002 |
| WONIK IPS Co. Ltd. | | 13,446 | 357,100 |
| Woori Financial Group, Inc. | | 248,793 | 2,542,426 |
| Youngone Corp. | | 10,283 | 283,764 |
| Yuhan Corp. | | 23,377 | 1,212,607 |
TOTAL KOREA (SOUTH) | | | 390,565,505 |
| Kuwait - 0.2% | | | |
| Agility Global PLC (c)(e) | | 1,295,636 | 52,532 |
| Agility Public Warehousing Co. KSC (c) | | 647,818 | 690,263 |
| Al Ahli Bank of Kuwait KSCP | | 525,551 | 409,122 |
| Ali Alghanim Sons Automotive Co. KSSC | | 65,736 | 234,969 |
| Boubyan Bank KSC | | 591,342 | 1,129,745 |
| Boubyan Petrochemicals Co. KSCP | | 192,902 | 430,479 |
| Boursa Kuwait Securities Co. KPSC | | 45,013 | 292,008 |
| Burgan Bank SAK | | 578,043 | 339,364 |
| Commercial Real Estate Co. | | 853,246 | 370,856 |
| Gulf Bank | | 817,202 | 683,873 |
| Gulf Cable & Electrical Industries Co. KSCP | | 57,423 | 233,752 |
| Human Soft Holding Co. KSCC | | 43,683 | 410,759 |
| Kuwait Finance House KSCP | | 3,668,807 | 8,568,086 |
| Kuwait International Bank | | 477,303 | 249,257 |
| Kuwait Projects Co. Holding KSCP (a) | | 919,930 | 378,953 |
| Kuwait Real Estate Co. | | 376,702 | 270,033 |
| Kuwait Telecommunications Co. | | 187,496 | 333,880 |
| Mabanee Co. SAKC | | 287,525 | 734,900 |
| Mobile Telecommunication Co. | | 791,050 | 1,252,132 |
| National Bank of Kuwait | | 3,102,481 | 8,704,658 |
| National Industries Group Holding SAK | | 807,220 | 562,933 |
| National Investments Co. KSCC | | 233,112 | 192,055 |
| Salhia Real Estate Co. KSCP | | 230,742 | 327,065 |
| Warba Bank KSCP | | 613,458 | 376,074 |
TOTAL KUWAIT | | | 27,227,748 |
| Luxembourg - 0.1% | | | |
| Aperam SA | | 18,871 | 552,618 |
| ArcelorMittal SA (Netherlands) | | 205,131 | 5,164,224 |
| Eurofins Scientific SA | | 54,224 | 3,333,188 |
| Reinet Investments SCA | | 56,642 | 1,323,162 |
| SES SA (France) (depositary receipt) | | 160,740 | 782,573 |
TOTAL LUXEMBOURG | | | 11,155,765 |
| Macau - 0.1% | | | |
| Galaxy Entertainment Group Ltd. | | 884,000 | 3,966,413 |
| Sands China Ltd. (a) | | 977,200 | 2,304,869 |
| SJM Holdings Ltd. (a)(b) | | 1,288,250 | 472,795 |
| Wynn Macau Ltd. | | 664,000 | 616,620 |
TOTAL MACAU | | | 7,360,697 |
| Malaysia - 0.4% | | | |
| Alliance Bank Malaysia Bhd | | 469,200 | 375,254 |
| AMMB Holdings Bhd | | 1,047,700 | 920,952 |
| Axiata Group Bhd | | 1,229,958 | 728,295 |
| Axis (REIT) | | 725,038 | 291,615 |
| Bermaz Auto Bhd | | 585,800 | 283,312 |
| Bursa Malaysia Bhd | | 323,400 | 504,838 |
| Carlsberg Brewery Bhd | | 77,200 | 302,117 |
| CelcomDigi Bhd | | 1,508,100 | 1,309,061 |
| Chin Hin Group Bhd | | 341,000 | 420,352 |
| CIMB Group Holdings Bhd | | 2,575,248 | 3,559,069 |
| CTOS Digital Bhd | | 969,800 | 286,128 |
| Dialog Group Bhd | | 1,412,100 | 711,341 |
| Fraser & Neave Holdings Bhd | | 62,600 | 411,175 |
| Frontken Corp. Bhd | | 561,400 | 461,939 |
| Gamuda Bhd | | 826,289 | 918,448 |
| Genting Bhd | | 915,600 | 865,409 |
| Genting Malaysia Bhd | | 1,279,900 | 706,026 |
| Hap Seng Consolidated Bhd | | 233,000 | 214,548 |
| Hartalega Holdings Bhd (a) | | 719,200 | 421,208 |
| Heineken Malaysia Bhd | | 82,200 | 397,418 |
| Hong Leong Bank Bhd | | 267,800 | 1,081,494 |
| IHH Healthcare Bhd | | 830,700 | 1,092,984 |
| IJM Corp. Bhd | | 954,400 | 482,225 |
| Inari Amertron Bhd | | 1,202,350 | 775,208 |
| IOI Corp. Bhd | | 1,043,800 | 888,494 |
| IOI Properties Group Bhd | | 643,900 | 290,775 |
| Kossan Rubber Industries Bhd | | 667,500 | 305,239 |
| KPJ Healthcare Bhd | | 796,700 | 336,469 |
| Kuala Lumpur Kepong Bhd | | 198,632 | 959,452 |
| Malayan Banking Bhd | | 2,110,818 | 4,301,141 |
| Malaysia Airports Holdings Bhd | | 392,451 | 821,363 |
| Malaysian Pacific Industries Bhd | | 44,700 | 282,553 |
| Maxis Bhd | | 1,108,600 | 851,502 |
| Mega First Corp. Bhd | | 369,900 | 361,771 |
| MISC Bhd | | 526,200 | 876,792 |
| MR DIY Group M Sdn Bhd (d) | | 1,499,800 | 490,229 |
| My E.G.Services Bhd | | 2,477,070 | 484,187 |
| Nestle (Malaysia) Bhd | | 30,100 | 801,312 |
| Pentamaster Corp. Bhd | | 339,200 | 302,419 |
| Petronas Chemicals Group Bhd | | 1,148,700 | 1,630,082 |
| Petronas Dagangan Bhd | | 135,500 | 611,174 |
| Petronas Gas Bhd | | 296,300 | 1,116,651 |
| PPB Group Bhd | | 271,740 | 895,212 |
| Press Metal Aluminium Holdings | | 1,534,500 | 1,724,907 |
| Public Bank Bhd | | 5,839,600 | 5,036,702 |
| QL Resources Bhd | | 482,275 | 647,658 |
| RHB Bank Bhd | | 599,293 | 689,848 |
| Scientex Bhd | | 379,800 | 333,996 |
| Sime Darby Bhd | | 1,225,189 | 717,279 |
| Sime Darby Plantation Bhd | | 905,771 | 845,862 |
| Sime Darby Property Bhd | | 1,427,600 | 291,894 |
| Sunway (REIT) | | 805,200 | 268,144 |
| Telekom Malaysia Bhd | | 523,415 | 678,340 |
| Tenaga Nasional Bhd | | 1,033,200 | 2,587,175 |
| TIME dotCom Bhd | | 533,500 | 576,638 |
| Top Glove Corp. Bhd (a) | | 2,329,300 | 428,998 |
| United Plantations Bhd | | 80,800 | 423,231 |
| V.S. Industry Bhd | | 1,440,200 | 274,240 |
| ViTrox Corp. Bhd | | 165,800 | 258,990 |
| Yinson Holdings Bhd | | 588,500 | 299,694 |
| YTL Corp. Bhd | | 1,369,900 | 885,704 |
| YTL Power International Bhd | | 1,020,500 | 978,300 |
TOTAL MALAYSIA | | | 52,074,833 |
| Malta - 0.0% | | | |
| Kindred Group PLC (depository receipt) | | 88,467 | 993,813 |
| Mexico - 0.7% | | | |
| Alfa SA de CV Series A | | 1,306,100 | 960,662 |
| Alsea S.A.B. de CV (a) | | 195,411 | 818,569 |
| America Movil S.A.B. de CV Series L | | 7,516,196 | 7,156,088 |
| Arca Continental S.A.B. de CV | | 203,500 | 1,985,256 |
| Banco del Bajio SA (d) | | 316,500 | 1,166,916 |
| Bolsa Mexicana de Valores S.A.B. de CV | | 196,100 | 368,373 |
| Borr Drilling Ltd. (b) | | 89,323 | 474,819 |
| CEMEX S.A.B. de CV unit (a) | | 6,089,232 | 4,823,541 |
| Coca-Cola FEMSA S.A.B. de CV unit | | 210,420 | 2,087,526 |
| Controladora Vuela Compania de Aviacion S.A.B. de CV (a)(b) | | 402,900 | 331,384 |
| Corporacion Inmobiliaria Vesta S.A.B. de CV (b) | | 326,000 | 1,153,415 |
| FIBRA Macquarie Mexican (REIT) (d) | | 326,216 | 586,896 |
| Fibra Uno Administracion SA de CV | | 1,168,435 | 1,677,207 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 780,491 | 9,130,844 |
| Genomma Lab Internacional SA de CV | | 371,000 | 361,888 |
| Gentera S.A.B. de CV | | 453,800 | 727,691 |
| Gruma S.A.B. de CV Series B | | 73,810 | 1,449,680 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 157,901 | 2,876,014 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 72,345 | 2,485,088 |
| Grupo Aeroportuario Norte S.A.B. de CV | | 114,900 | 1,272,095 |
| Grupo Bimbo S.A.B. de CV Series A | | 530,877 | 2,224,441 |
| Grupo Carso SA de CV Series A1 | | 228,027 | 1,793,388 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 1,041,819 | 10,311,306 |
| Grupo Financiero Inbursa S.A.B. de CV Series O (a) | | 740,500 | 2,051,955 |
| Grupo Mexico SA de CV Series B | | 1,246,417 | 7,701,545 |
| Grupo Televisa SA de CV | | 997,670 | 589,956 |
| Grupo Traxion S.A.B. de CV (a)(b)(d) | | 179,500 | 301,878 |
| Industrias Penoles SA de CV (a) | | 80,480 | 1,167,966 |
| Kimberly-Clark de Mexico SA de CV Series A | | 619,867 | 1,290,338 |
| La Comer S.A.B. de CV (b) | | 229,200 | 490,892 |
| Megacable Holdings S.A.B. de CV unit | | 128,900 | 375,246 |
| Nemak S.A.B. de CV (a)(b)(d) | | 1,340,775 | 231,671 |
| Ollamani S.A.B. (b) | | 23,001 | 47,101 |
| Operadora de Sites Mexicanos, SA de CV | | 543,363 | 611,534 |
| Orbia Advance Corp. S.A.B. de CV | | 407,428 | 669,266 |
| Prologis Property Mexico SA (b) | | 315,340 | 1,243,633 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 78,110 | 784,668 |
| Qualitas Controladora S.A.B. de CV (b) | | 82,100 | 1,073,627 |
| Regional S.A.B. de CV (b) | | 101,700 | 918,525 |
| Southern Copper Corp. | | 33,686 | 3,930,146 |
| Terrafina | | 310,471 | 763,366 |
| Wal-Mart de Mexico SA de CV Series V | | 2,083,730 | 7,775,026 |
TOTAL MEXICO | | | 88,241,426 |
| Netherlands - 2.6% | | | |
| Aalberts Industries NV | | 40,199 | 1,927,085 |
| ABN AMRO Bank NV: | | | |
| GDR (Bearer) (d) | | 192,457 | 3,099,337 |
| rights (a)(e) | | 192,457 | 182,797 |
| Adyen BV (a)(d) | | 8,744 | 10,475,308 |
| AEGON NV | | 591,052 | 3,680,979 |
| Akzo Nobel NV | | 68,396 | 4,535,736 |
| Alfen Beheer BV (a)(b)(d) | | 9,228 | 401,409 |
| AMG Critical Materials NV | | 15,057 | 355,443 |
| Arcadis NV | | 29,068 | 1,803,893 |
| Argenx SE (a) | | 23,926 | 8,937,883 |
| ASM International NV (Netherlands) | | 18,953 | 12,038,897 |
| ASML Holding NV (Netherlands) | | 162,265 | 144,198,000 |
| ASR Nederland NV | | 64,132 | 3,214,705 |
| Basic-Fit NV (a)(b)(d) | | 23,265 | 512,955 |
| BE Semiconductor Industries NV | | 31,276 | 4,188,907 |
| Corbion NV | | 26,493 | 580,734 |
| Eurocommercial Properties NV | | 20,009 | 456,967 |
| Euronext NV (d) | | 34,049 | 3,075,935 |
| EXOR NV | | 36,172 | 3,964,503 |
| Flow Traders Ltd. (b) | | 18,557 | 382,020 |
| Fugro NV: | | | |
| (Certificaten Van Aandelen) | | 47,046 | 1,147,743 |
| rights (a)(e) | | 47,046 | 20,083 |
| Heineken Holding NV | | 51,419 | 4,145,758 |
| Heineken NV (Bearer) | | 114,895 | 11,194,836 |
| IMCD NV | | 22,932 | 3,481,289 |
| ING Groep NV (Certificaten Van Aandelen) | | 1,333,037 | 21,075,677 |
| JDE Peet's BV | | 42,069 | 934,735 |
| Koninklijke Ahold Delhaize NV | | 381,979 | 11,594,658 |
| Koninklijke BAM Groep NV | | 120,392 | 492,601 |
| Koninklijke BAM Groep NV rights (a)(e) | | 120,392 | 25,696 |
| Koninklijke KPN NV | | 1,354,839 | 4,923,663 |
| Koninklijke Philips Electronics NV | | 312,617 | 8,301,916 |
| Koninklijke Vopak NV | | 29,025 | 1,156,005 |
| NN Group NV | | 109,363 | 5,059,474 |
| NSI NV | | 13,557 | 257,242 |
| OCI NV | | 42,500 | 1,147,507 |
| Pharming Group NV (a)(b) | | 372,859 | 348,773 |
| PostNL NV (b) | | 187,420 | 253,019 |
| PostNL NV rights (a)(b)(e) | | 187,420 | 6,000 |
| Randstad NV | | 43,762 | 2,204,372 |
| Redcare Pharmacy NV (a)(b)(d) | | 6,283 | 851,563 |
| SBM Offshore NV | | 56,861 | 846,515 |
| SBM Offshore NV rights (a)(e) | | 56,861 | 46,428 |
| Signify NV (d) | | 52,660 | 1,447,680 |
| TKH Group NV (bearer) (depositary receipt) | | 18,989 | 821,951 |
| TomTom Group BV (a)(b) | | 36,437 | 218,537 |
| Universal Music Group NV | | 329,585 | 9,743,007 |
| Van Lanschot Kempen NV (Bearer) | | 13,814 | 491,656 |
| Wereldhave NV | | 18,608 | 259,351 |
| Wolters Kluwer NV | | 99,414 | 14,932,818 |
TOTAL NETHERLANDS | | | 315,444,046 |
| New Zealand - 0.2% | | | |
| Air New Zealand Ltd. | | 746,564 | 240,016 |
| Auckland International Airport Ltd. | | 535,779 | 2,458,480 |
| Contact Energy Ltd. | | 317,080 | 1,618,821 |
| Fisher & Paykel Healthcare Corp. | | 236,430 | 3,959,671 |
| Fletcher Building Ltd. | | 329,799 | 738,161 |
| Goodman Property Trust | | 450,898 | 604,733 |
| Infratil Ltd. | | 334,155 | 2,145,524 |
| Kiwi Property Group Ltd. | | 743,655 | 354,080 |
| Mercury Nz Ltd. | | 290,955 | 1,091,916 |
| Meridian Energy Ltd. | | 535,864 | 1,889,929 |
| Ryman Healthcare Ltd. (a) | | 248,206 | 592,453 |
| Spark New Zealand Ltd. | | 735,903 | 2,051,872 |
| Xero Ltd. (a) | | 57,979 | 4,501,386 |
TOTAL NEW ZEALAND | | | 22,247,042 |
| Nigeria - 0.0% | | | |
| Airtel Africa PLC (d) | | 374,574 | 519,066 |
| Norway - 0.5% | | | |
| Aker ASA (A Shares) | | 8,783 | 489,416 |
| Aker BP ASA | | 126,099 | 3,087,629 |
| Aker Solutions ASA | | 106,911 | 405,181 |
| Austevoll Seafood ASA | | 48,671 | 390,604 |
| BlueNord ASA (a) | | 10,456 | 535,578 |
| Borregaard ASA | | 40,021 | 685,961 |
| Crayon Group Holding A/S (a)(b)(d) | | 34,454 | 256,036 |
| DNB Bank ASA | | 368,416 | 6,437,372 |
| DNO ASA (A Shares) (b) | | 329,042 | 308,352 |
| DOF Group ASA | | 64,146 | 474,086 |
| Elkem ASA (b)(d) | | 152,187 | 267,425 |
| Entra ASA (d) | | 32,841 | 303,325 |
| Equinor ASA | | 360,923 | 9,603,575 |
| Europris ASA (d) | | 74,843 | 472,969 |
| FLEX LNG Ltd. | | 14,620 | 383,251 |
| Frontline PLC | | 54,894 | 1,309,035 |
| Gjensidige Forsikring ASA | | 82,219 | 1,322,639 |
| Golden Ocean Group Ltd. | | 53,880 | 760,776 |
| Hoegh Autoliners ASA | | 48,695 | 513,756 |
| Kitron ASA | | 89,907 | 232,770 |
| Kongsberg Gruppen ASA | | 35,497 | 2,511,648 |
| Leroy Seafood Group ASA | | 115,128 | 509,907 |
| Mowi ASA | | 188,164 | 3,319,146 |
| MPC Container Ships ASA | | 198,717 | 320,477 |
| NEL ASA (a)(b) | | 759,478 | 358,664 |
| Nordic VLSI ASA (a)(b) | | 74,202 | 824,949 |
| Norsk Hydro ASA | | 533,518 | 3,278,674 |
| Norwegian Air Shuttle A/S (a)(b) | | 310,679 | 408,468 |
| Orkla ASA | | 277,564 | 1,893,987 |
| PGS ASA (a) | | 437,984 | 339,474 |
| Protector Forsikring ASA | | 23,246 | 472,935 |
| Salmar ASA | | 26,542 | 1,676,123 |
| Schibsted ASA: | | | |
| (A Shares) | | 33,172 | 949,009 |
| (B Shares) | | 35,681 | 999,588 |
| Seadrill Ltd. (a) | | 12,410 | 607,178 |
| Sparebank 1 Oestlandet (b) | | 19,134 | 230,810 |
| Sparebank 1 Sr Bank ASA (primary capital certificate) | | 76,293 | 925,804 |
| Sparebanken Midt-Norge | | 56,977 | 750,495 |
| Sparebanken Nord-Norge | | 45,902 | 414,785 |
| Stolt-Nielsen SA | | 11,012 | 470,874 |
| Storebrand ASA (A Shares) | | 176,865 | 1,702,018 |
| Telenor ASA | | 252,156 | 2,903,250 |
| TGS ASA | | 56,572 | 647,788 |
| Tomra Systems ASA | | 96,121 | 1,191,508 |
| Wallenius Wilhelmsen ASA | | 46,235 | 468,656 |
TOTAL NORWAY | | | 56,415,951 |
| Peru - 0.0% | | | |
| Compania de Minas Buenaventura SAA sponsored ADR | | 82,088 | 1,420,122 |
| Credicorp Ltd. (United States) | | 27,309 | 4,522,643 |
| Intercorp Financial Services, Inc. | | 16,385 | 349,328 |
TOTAL PERU | | | 6,292,093 |
| Philippines - 0.2% | | | |
| Aboitiz Equity Ventures, Inc. | | 723,230 | 527,204 |
| Alliance Global Group, Inc. | | 1,184,300 | 205,167 |
| AREIT, Inc. | | 308,600 | 184,039 |
| Ayala Corp. | | 113,245 | 1,204,764 |
| Ayala Land, Inc. | | 2,766,300 | 1,372,465 |
| Bank of the Philippine Islands (BPI) | | 751,281 | 1,646,258 |
| BDO Unibank, Inc. | | 958,564 | 2,441,488 |
| Bloomberry Resorts Corp. (a) | | 2,037,300 | 366,931 |
| Century Pacific Food, Inc. | | 546,700 | 358,997 |
| DMCI Holdings, Inc. | | 1,363,000 | 261,189 |
| GT Capital Holdings, Inc. | | 42,340 | 468,345 |
| International Container Terminal Services, Inc. | | 410,390 | 2,349,162 |
| JG Summit Holdings, Inc. | | 1,116,790 | 652,611 |
| Jollibee Food Corp. | | 186,170 | 757,615 |
| Manila Electric Co. | | 114,890 | 728,608 |
| Metropolitan Bank & Trust Co. | | 745,608 | 902,941 |
| PLDT, Inc. | | 30,770 | 717,184 |
| PUREGOLD Price Club, Inc. | | 490,400 | 201,034 |
| Robinsons Land Corp. | | 932,956 | 251,681 |
| Security Bank Corp. | | 202,230 | 249,981 |
| Semirara Mining & Power Corp. | | 406,100 | 231,669 |
| SM Investments Corp. | | 96,325 | 1,582,845 |
| SM Prime Holdings, Inc. | | 4,051,100 | 1,959,159 |
| TELUS International, Inc. (a) | | 34,497 | 290,179 |
| Universal Robina Corp. | | 379,020 | 672,244 |
| Wilcon Depot, Inc. | | 663,500 | 190,433 |
TOTAL PHILIPPINES | | | 20,774,193 |
| Poland - 0.3% | | | |
| Alior Bank SA | | 34,839 | 891,502 |
| Allegro.eu SA (a)(d) | | 234,035 | 1,962,504 |
| Asseco Poland SA | | 24,108 | 475,456 |
| Auto Partner SA (b) | | 36,082 | 240,612 |
| Bank Millennium SA (a) | | 253,773 | 580,255 |
| Bank Polska Kasa Opieki SA | | 73,443 | 3,059,823 |
| Budimex SA | | 5,185 | 878,781 |
| CCC SA (a)(b) | | 18,070 | 421,191 |
| CD Projekt SA | | 26,065 | 761,439 |
| Cyfrowy Polsat SA (a)(b) | | 115,411 | 286,081 |
| Dino Polska SA (a)(d) | | 19,875 | 1,910,379 |
| ENEA SA (a) | | 115,489 | 241,148 |
| Grupa Kety SA | | 3,984 | 828,445 |
| InPost SA (a) | | 80,021 | 1,292,078 |
| Jastrzebska Spolka Weglowa SA (a)(b) | | 22,299 | 168,765 |
| KGHM Polska Miedz SA (Bearer) | | 55,259 | 1,916,029 |
| Kruk SA | | 7,073 | 808,712 |
| LPP SA | | 449 | 1,741,142 |
| mBank SA (a) | | 6,070 | 1,026,232 |
| Orange Polska SA (b) | | 274,812 | 532,497 |
| Orlen SA | | 228,913 | 3,749,379 |
| PGE Polska Grupa Energetyczna SA (a) | | 364,795 | 547,498 |
| Powszechna Kasa Oszczednosci Bank SA | | 349,601 | 5,231,432 |
| Powszechny Zaklad Ubezpieczen SA | | 242,266 | 3,062,667 |
| Santander Bank Polska SA | | 14,259 | 1,971,316 |
| Tauron Polska Energia SA (a) | | 437,755 | 314,578 |
| Text SA | | 9,024 | 200,217 |
| XTB SA (d) | | 20,765 | 325,471 |
TOTAL POLAND | | | 35,425,629 |
| Portugal - 0.1% | | | |
| Banco Comercial Portugues SA (Reg.) (a) | | 3,461,837 | 1,214,004 |
| Corticeira Amorim SGPS SA | | 24,406 | 249,521 |
| Energias de Portugal SA | | 1,268,776 | 4,774,337 |
| Galp Energia SGPS SA Class B | | 187,759 | 4,047,603 |
| Greenvolt-Energias Renovaveis SA (a) | | 24,827 | 219,912 |
| Jeronimo Martins SGPS SA | | 116,170 | 2,398,948 |
| Mota-Engil SGPS SA | | 43,833 | 190,482 |
| NOS SGPS | | 112,632 | 389,451 |
| REN - Redes Energeticas Nacionais SGPS SA | | 172,709 | 417,474 |
| Sonae SGPS SA | | 322,062 | 323,082 |
| The Navigator Co. SA | | 105,334 | 466,736 |
TOTAL PORTUGAL | | | 14,691,550 |
| Qatar - 0.2% | | | |
| Barwa Real Estate Co. | | 868,701 | 670,434 |
| Doha Bank | | 1,027,141 | 421,181 |
| Dukhan Bank | | 754,091 | 797,584 |
| Estithmar Holding QPSC (a) | | 389,375 | 219,124 |
| Gulf International Services QSC | | 393,586 | 299,865 |
| Industries Qatar QSC | | 594,688 | 2,000,804 |
| Masraf al Rayan | | 2,295,287 | 1,583,565 |
| Mesaieed Petrochemical Holding Co. | | 2,311,092 | 1,218,068 |
| Ooredoo QSC | | 336,689 | 923,791 |
| Qatar Aluminum Manufacturing Co. | | 1,265,834 | 491,245 |
| Qatar Electricity & Water Co. | | 181,917 | 761,943 |
| Qatar Fuel Co. | | 244,940 | 972,764 |
| Qatar Gas Transport Co. Ltd. (Nakilat) | | 1,019,457 | 1,119,695 |
| Qatar International Islamic Bank QSC | | 415,665 | 1,148,473 |
| Qatar Islamic Bank | | 717,816 | 3,607,809 |
| Qatar National Bank SAQ | | 1,848,548 | 7,041,846 |
| Qatar Navigation QPSC | | 395,893 | 1,147,122 |
| The Commercial Bank of Qatar | | 1,330,282 | 1,517,347 |
| United Development Co. | | 789,592 | 238,547 |
| Vodafone Qatar QSC | | 850,005 | 413,213 |
TOTAL QATAR | | | 26,594,420 |
| Romania - 0.0% | | | |
| NEPI Rockcastle PLC | | 225,608 | 1,516,388 |
| Russia - 0.0% | | | |
| Aeroflot Pjsc (a)(c) | | 402,869 | 28,556 |
| Alrosa Co. Ltd. (a)(c) | | 739,283 | 122,462 |
| Credit Bank of Moscow (a)(c) | | 4,537,000 | 45,067 |
| Detsky Mir PJSC (a)(c)(d) | | 227,830 | 37,565 |
| Gazprom OAO (a)(c) | | 3,442,771 | 358,705 |
| Inter Rao Ues JSC (a)(c) | | 11,220,073 | 61,593 |
| LUKOIL PJSC (a)(c) | | 120,075 | 37,006 |
| MMC Norilsk Nickel PJSC (a)(c) | | 1,831,800 | 121,302 |
| Moscow Exchange MICEX-RTS OAO (a)(c) | | 449,874 | 86,107 |
| Novatek PJSC GDR (Reg. S) (a)(c) | | 26,560 | 1,296,128 |
| Novolipetsk Steel OJSC (a)(c) | | 409,801 | 3,917 |
| Ozon Holdings PLC ADR (a)(c) | | 17,054 | 35,575 |
| PhosAgro PJSC: | | | |
| GDR (Reg. S) (a)(c) | | 43,237 | 887 |
| sponsored GDR (Reg. S) (a)(c) | | 277 | 6 |
| Polyus PJSC (a)(c) | | 10,038 | 23,504 |
| Rosneft Oil Co. OJSC (a)(c) | | 315,946 | 52,611 |
| Rostelecom PJSC (a)(c) | | 298,140 | 66,276 |
| Sberbank of Russia (a)(c) | | 3,156,853 | 19,326 |
| Segezha Group PJSC (a)(c)(d) | | 1,842,700 | 27,472 |
| Severstal PAO (a)(c) | | 63,766 | 1,418 |
| Sistema JSFC GDR (Reg. S) (a)(c) | | 40,315 | 71,280 |
| Surgutneftegas OJSC (a)(c) | | 2,091,286 | 25,480 |
| Tatneft PAO (a)(c) | | 399,435 | 49,468 |
| TKS Holding MKPAO JSC (a)(c) | | 2,047 | 2,595 |
| Unipro PJSC (a)(c) | | 8,778,000 | 27,881 |
| United Co. RUSAL International PJSC (a)(c) | | 983,490 | 118,019 |
| VK Co. Ltd. (a)(c) | | 35,535 | 10,512 |
| VK Co. Ltd. GDR (Reg. S) (a)(c) | | 4,260 | 0 |
| VTB Bank OJSC (a)(c) | | 963,847,980 | 36,666 |
| Yandex NV Class A (a)(c) | | 84,793 | 315,218 |
TOTAL RUSSIA | | | 3,082,602 |
| Saudi Arabia - 1.1% | | | |
| Abdullah Al Othaim Markets Co. | | 187,691 | 623,535 |
| ACWA Power Co. | | 38,184 | 4,072,308 |
| Ades Holding Co. | | 138,623 | 738,465 |
| Advanced Petrochemicals Co. | | 54,317 | 618,391 |
| Al Hammadi Co. for Development and Investment | | 34,984 | 517,680 |
| Al Masane Al Kobra Mining Co. | | 18,859 | 299,182 |
| Al Moammar Information Systems Co. | | 6,874 | 288,845 |
| Al Rajhi Bank | | 788,088 | 16,788,842 |
| Al Rajhi Co. for Co-operative Insurance | | 18,014 | 635,913 |
| Al Rajhi Reit | | 110,806 | 250,234 |
| Al-Dawaa Medical Services Co. | | 15,988 | 408,375 |
| Aldrees Petroleum and Transport Services Co. | | 15,570 | 699,085 |
| Alinma Bank | | 495,528 | 4,406,191 |
| Alkhorayef Water & Power Technologies Co. (a) | | 5,491 | 341,120 |
| Almarai Co. Ltd. | | 100,737 | 1,525,586 |
| Almunajem Foods Co. | | 9,158 | 293,986 |
| Alujain Corp. (a) | | 22,574 | 270,544 |
| Arab National Bank | | 274,273 | 2,259,648 |
| Arabian Cement Co. | | 27,486 | 224,616 |
| Arabian Contracting Services Co. | | 6,506 | 379,890 |
| Arabian Internet and Communications Services Co. Ltd. | | 9,859 | 914,769 |
| Arriyadh Development Co. | | 41,945 | 261,471 |
| Astra Industrial Group | | 14,853 | 687,485 |
| Ataa Educational Co. | | 11,394 | 215,084 |
| Bank Al-Jazira | | 214,458 | 926,310 |
| Bank Albilad | | 250,412 | 2,383,541 |
| Banque Saudi Fransi | | 240,521 | 2,350,316 |
| Bawan Co. | | 17,609 | 222,542 |
| BinDawood Holding Co. | | 147,552 | 372,558 |
| Bupa Arabia for Cooperative Insurance Co. | | 33,466 | 2,152,189 |
| Catrion Catering Holding Co. | | 17,742 | 597,928 |
| Dallah Healthcare Co. | | 14,728 | 640,075 |
| Dar Al Arkan Real Estate Development Co. (a) | | 220,917 | 783,394 |
| Dr Sulaiman Al Habib Medical Services Group Co. | | 35,193 | 2,914,453 |
| Eastern Province Cement Co. | | 25,223 | 224,617 |
| Electrical Industries Co. | | 243,964 | 308,972 |
| Elm Co. | | 9,698 | 2,364,899 |
| Emaar The Economic City (a) | | 179,686 | 371,771 |
| Etihad Etisalat Co. | | 155,197 | 2,151,721 |
| First Milling Co. | | 11,477 | 252,760 |
| Jadwa (REIT) Saudi Fund | | 84,749 | 273,865 |
| Jahez International Co. (a) | | 41,185 | 329,427 |
| Jamjoom Pharmaceuticals Factory Co. | | 9,820 | 339,849 |
| Jarir Marketing Co. | | 241,755 | 872,757 |
| Leejam Sports Co. JSC | | 10,859 | 605,691 |
| Luberef | | 20,964 | 847,369 |
| Lumi Rental Co. | | 8,907 | 209,459 |
| Maharah Human Resources Co. | | 117,994 | 198,827 |
| Middle East Healthcare Co. (a) | | 17,928 | 434,027 |
| Middle East Paper Co. | | 23,117 | 262,567 |
| Mobile Telecommunications Co. Saudi Arabia | | 190,558 | 613,753 |
| Mouwasat Medical Services Co. | | 39,844 | 1,427,781 |
| Nahdi Medical Co. | | 17,407 | 641,403 |
| National Co. for Learning & Education | | 8,576 | 345,272 |
| National Gas & Industrialization Co. | | 16,625 | 377,216 |
| National Industrialization Co. (a) | | 147,876 | 551,982 |
| National Medical Care Co. | | 9,524 | 467,744 |
| Power & Water Utility Co. for Jubail & Yanbu | | 31,650 | 548,512 |
| Qassim Cement Co. | | 20,703 | 325,675 |
| Retal Urban Development Co. | | 110,339 | 269,772 |
| Riyad Bank | | 595,274 | 4,396,387 |
| Sabic Agriculture-Nutrients Co. | | 92,741 | 2,863,384 |
| Sahara International Petrochemical Co. | | 145,099 | 1,326,960 |
| Saudi Arabian Mining Co. | | 519,168 | 7,004,186 |
| Saudi Arabian Oil Co. (d) | | 1,044,137 | 8,379,599 |
| Saudi Automotive Services Co. | | 13,458 | 300,693 |
| Saudi Awwal Bank | | 408,587 | 4,444,715 |
| Saudi Basic Industries Corp. | | 357,832 | 8,061,858 |
| Saudi Cement Co. | | 33,291 | 407,417 |
| Saudi Chemical Co. Holding | | 200,598 | 430,548 |
| Saudi Dairy & Foodstuffs Co. | | 6,803 | 662,053 |
| Saudi Electricity Co. | | 331,081 | 1,643,665 |
| Saudi Ground Services Co. (a) | | 42,849 | 623,782 |
| Saudi Industrial Investment Group | | 156,037 | 966,027 |
| Saudi Investment Bank/The | | 213,176 | 959,423 |
| Saudi Kayan Petrochemical Co. (a) | | 315,048 | 787,074 |
| Saudi Pharmaceutical Industries & Medical Appliances Corp. (a) | | 28,254 | 280,988 |
| Saudi Real Estate Co. (a) | | 69,785 | 420,132 |
| Saudi Research & Marketing Group (a) | | 14,758 | 947,509 |
| Saudi Tadawul Group Holding Co. | | 19,528 | 1,378,717 |
| Saudi Telecom Co. | | 803,058 | 8,061,412 |
| Seera Group Holding (a) | | 65,055 | 474,392 |
| Southern Province Cement Co. | | 30,879 | 328,912 |
| The Co. for Cooperative Insurance | | 30,420 | 1,208,495 |
| The National Agriculture Development Co. (a) | | 63,062 | 590,166 |
| The Saudi National Bank | | 1,182,827 | 11,857,915 |
| The Savola Group | | 106,869 | 1,438,939 |
| Theeb Rent A Car Co. | | 13,433 | 244,621 |
| United Electronics Co. | | 18,943 | 501,530 |
| United International Transportation Co. | | 16,190 | 360,008 |
| Yamama Cement Co. | | 46,540 | 431,822 |
| Yanbu Cement Co. | | 38,783 | 301,942 |
| Yanbu National Petrochemical Co. | | 112,650 | 1,163,864 |
TOTAL SAUDI ARABIA | | | 139,931,374 |
| Singapore - 1.0% | | | |
| AEM Holdings Ltd. (b) | | 124,900 | 213,760 |
| AIMS APAC (REIT) | | 295,500 | 272,530 |
| BW LPG Ltd. (d) | | 39,214 | 568,697 |
| CapitaLand Ascendas REIT | | 1,486,241 | 2,815,272 |
| Capitaland Ascott Trust unit | | 1,036,757 | 688,606 |
| Capitaland India Trust | | 490,524 | 358,459 |
| CapitaLand Integrated Commercial Trust | | 2,110,737 | 3,008,847 |
| CapitaLand Investment Ltd. | | 1,078,425 | 2,085,516 |
| CapitaRetail China Trust | | 606,574 | 294,651 |
| CDL Hospitality Trusts unit | | 397,324 | 282,764 |
| City Developments Ltd. | | 213,700 | 957,789 |
| ComfortDelgro Corp. Ltd. | | 923,700 | 1,004,726 |
| DBS Group Holdings Ltd. | | 793,402 | 20,197,959 |
| Digital Core (REIT) | | 427,500 | 258,689 |
| ESR-LOGOS (REIT) | | 3,054,897 | 648,586 |
| Far East Hospitality Trust unit | | 468,100 | 210,673 |
| Frasers Centrepoint Trust | | 422,983 | 670,021 |
| Frasers Logistics & Industrial Trust | | 1,301,765 | 942,979 |
| Genting Singapore Ltd. | | 2,465,900 | 1,645,668 |
| Grab Holdings Ltd. (a) | | 774,471 | 2,710,649 |
| Hafnia Ltd. | | 115,785 | 877,625 |
| iFast Corp. Ltd. | | 58,700 | 315,870 |
| Jardine Cycle & Carriage Ltd. | | 42,900 | 827,895 |
| Kenon Holdings Ltd. | | 10,479 | 236,262 |
| Keppel (REIT) | | 1,080,934 | 694,062 |
| Keppel DC (REIT) | | 589,874 | 735,767 |
| Keppel Infrastructure Trust | | 1,673,735 | 580,642 |
| Keppel Ltd. | | 571,400 | 2,858,093 |
| Lendlease Global Commercial (REIT) | | 826,321 | 328,654 |
| Mapletree Industrial (REIT) | | 866,927 | 1,435,489 |
| Mapletree Logistics Trust (REIT) | | 1,426,553 | 1,399,881 |
| Mapletree Pan Asia Commercial Trust | | 985,715 | 903,283 |
| NetLink NBN Trust | | 1,175,869 | 735,894 |
| Olam Group Ltd. | | 421,300 | 362,725 |
| Oversea-Chinese Banking Corp. Ltd. | | 1,332,078 | 13,829,066 |
| PARAGON REIT | | 596,800 | 366,479 |
| Parkway Life REIT | | 204,900 | 537,847 |
| Raffles Medical Group Ltd. (b) | | 380,555 | 278,703 |
| SATS Ltd. (a)(b) | | 394,537 | 724,562 |
| Sea Ltd. ADR (a) | | 148,348 | 9,374,110 |
| Seatrium Ltd. (a) | | 18,407,319 | 1,314,947 |
| Sembcorp Industries Ltd. | | 365,700 | 1,429,183 |
| Sheng Siong Group Ltd. | | 326,300 | 369,890 |
| SIA Engineering Co. Ltd. | | 133,300 | 220,122 |
| Singapore Airlines Ltd. | | 595,550 | 2,841,739 |
| Singapore Exchange Ltd. | | 335,100 | 2,285,893 |
| Singapore Post Ltd. | | 776,700 | 255,720 |
| Singapore Technologies Engineering Ltd. | | 620,600 | 1,823,003 |
| Singapore Telecommunications Ltd. | | 3,288,700 | 5,703,511 |
| Starhill Global (REIT) | | 686,883 | 238,719 |
| StarHub Ltd. | | 294,400 | 251,714 |
| STMicroelectronics NV (France) | | 276,293 | 10,937,027 |
| Suntec (REIT) (b) | | 878,900 | 692,911 |
| UMS Holdings Ltd. | | 263,700 | 258,912 |
| United Overseas Bank Ltd. | | 501,014 | 11,117,904 |
| UOL Group Ltd. | | 199,531 | 851,948 |
| Venture Corp. Ltd. | | 116,700 | 1,236,465 |
| Yangzijiang Financial Holding Ltd. | | 1,245,300 | 286,420 |
TOTAL SINGAPORE | | | 119,355,778 |
| South Africa - 0.9% | | | |
| Absa Group Ltd. | | 344,376 | 2,655,509 |
| Aeci Ltd. | | 61,859 | 308,051 |
| African Rainbow Minerals Ltd. | | 48,803 | 504,142 |
| Anglo American Platinum Ltd. (b) | | 26,968 | 939,429 |
| Anglo American PLC (United Kingdom) | | 510,791 | 16,691,362 |
| Aspen Pharmacare Holdings Ltd. | | 152,177 | 1,812,872 |
| AVI Ltd. | | 139,735 | 643,287 |
| Barloworld Ltd. | | 91,951 | 422,509 |
| Bid Corp. Ltd. | | 133,518 | 3,043,260 |
| Bidvest Group Ltd./The | | 116,707 | 1,521,981 |
| Capitec Bank Holdings Ltd. | | 34,907 | 4,320,192 |
| Clicks Group Ltd. | | 94,595 | 1,471,784 |
| Dis-Chem Pharmacies Ltd. (d) | | 195,667 | 337,085 |
| Discovery Ltd. | | 222,396 | 1,416,812 |
| Equites Property Fund Ltd. | | 365,522 | 238,701 |
| Exxaro Resources Ltd. | | 101,643 | 973,850 |
| FirstRand Ltd. | | 2,013,561 | 6,951,119 |
| Fortress Real Estate Investmen Class B | | 501,385 | 390,043 |
| Foschini Group Ltd./The | | 138,059 | 728,923 |
| Gold Fields Ltd. | | 359,138 | 5,810,016 |
| Growthpoint Properties Ltd. | | 1,377,923 | 796,123 |
| Harmony Gold Mining Co. Ltd. | | 224,057 | 1,939,488 |
| Hyprop Investments Ltd. | | 178,806 | 274,531 |
| Impala Platinum Holdings Ltd. | | 366,228 | 1,630,284 |
| Investec Ltd. | | 96,505 | 611,398 |
| JSE Ltd. | | 46,568 | 211,359 |
| Kumba Iron Ore Ltd. (b) | | 26,969 | 661,095 |
| Life Healthcare Group Holdings Ltd. | | 624,083 | 356,070 |
| Momentum Metropolitan Holdings | | 527,380 | 574,041 |
| Motus Holdings Ltd. | | 71,071 | 314,740 |
| Mr Price Group Ltd. | | 104,507 | 968,206 |
| MTN Group Ltd. | | 687,289 | 3,294,044 |
| MultiChoice Group Ltd. (a) | | 119,293 | 762,470 |
| Naspers Ltd. Class N | | 73,616 | 14,088,455 |
| Nedbank Group Ltd. | | 176,217 | 2,142,653 |
| Netcare Ltd. | | 628,439 | 380,565 |
| Ninety One Ltd. | | 97,290 | 201,215 |
| Northam Platinum Holdings Ltd. | | 146,999 | 973,968 |
| Old Mutual Ltd. | | 1,875,690 | 1,102,057 |
| Omnia Holdings Ltd. | | 79,388 | 225,370 |
| OUTsurance Group Ltd. | | 357,340 | 768,215 |
| Pepkor Holdings Ltd. (d) | | 817,007 | 770,722 |
| Pick 'n Pay Stores Ltd. | | 181,378 | 193,114 |
| PSG Financial Services Ltd. | | 474,995 | 380,939 |
| Redefine Properties Ltd. | | 2,766,095 | 578,522 |
| Remgro Ltd. | | 205,164 | 1,336,803 |
| Resilient Property Income Fund Ltd. | | 126,071 | 295,459 |
| Reunert Ltd. | | 85,500 | 300,112 |
| Sanlam Ltd. | | 706,320 | 2,555,029 |
| Santam Ltd. | | 20,083 | 318,774 |
| Sappi Ltd. | | 238,145 | 639,753 |
| Sasol Ltd. | | 233,582 | 1,640,987 |
| Scatec Solar AS (d) | | 54,996 | 403,738 |
| Shoprite Holdings Ltd. | | 198,964 | 2,654,641 |
| Sibanye-Stillwater Ltd. | | 1,149,693 | 1,312,203 |
| Spar Group Ltd./The (a) | | 89,317 | 456,423 |
| Standard Bank Group Ltd. | | 537,137 | 5,044,127 |
| Super Group Ltd./South Africa | | 186,427 | 275,992 |
| Telkom SA Ltd. (a) | | 135,969 | 171,601 |
| Thungela Resources Ltd. | | 59,378 | 415,414 |
| Tiger Brands Ltd. | | 67,000 | 728,801 |
| Truworths International Ltd. | | 152,621 | 610,125 |
| Vodacom Group Ltd. | | 252,398 | 1,207,816 |
| Vukile Property Fund Ltd. | | 343,462 | 275,124 |
| Wilson Bayly Holmes-Ovcon Ltd. | | 34,497 | 254,902 |
| Woolworths Holdings Ltd. | | 381,769 | 1,212,758 |
TOTAL SOUTH AFRICA | | | 107,491,153 |
| Spain - 1.6% | | | |
| Acciona SA | | 10,595 | 1,229,069 |
| Acerinox SA | | 73,291 | 791,547 |
| ACS Actividades de Construccion y Servicios SA | | 84,207 | 3,377,153 |
| Aena SME SA (d) | | 29,423 | 5,388,279 |
| Almirall SA | | 44,952 | 411,127 |
| Amadeus IT Holding SA Class A | | 180,658 | 11,467,077 |
| AmRest Holdings NV (a)(b) | | 33,726 | 219,081 |
| Applus Services SA | | 51,357 | 694,968 |
| Atresmedia Corporacion de Medios de Comunicacion SA | | 86,503 | 435,732 |
| Banco Bilbao Vizcaya Argentaria SA | | 2,342,118 | 25,327,593 |
| Banco de Sabadell SA | | 2,195,457 | 4,208,013 |
| Banco Santander SA (Spain) | | 6,489,073 | 31,668,659 |
| Bankinter SA | | 274,100 | 2,170,495 |
| Befesa SA (d) | | 16,287 | 469,300 |
| CaixaBank SA | | 1,498,748 | 7,903,736 |
| Cellnex Telecom SA (d) | | 185,113 | 6,118,853 |
| Cie Automotive SA | | 18,051 | 479,674 |
| Compania de Distribucion Integral Logista Holdings SA | | 25,285 | 689,715 |
| Construcciones y Auxiliar de Ferrocarriles | | 9,809 | 336,552 |
| EDP Renovaveis SA | | 126,817 | 1,741,814 |
| eDreams ODIGEO SA (a) | | 46,323 | 315,401 |
| Enagas SA | | 103,399 | 1,518,380 |
| Ence Energia y Celulosa SA (b) | | 90,594 | 323,691 |
| Endesa SA | | 129,239 | 2,358,498 |
| Faes Farma SA | | 177,269 | 644,163 |
| Fluidra SA | | 39,730 | 843,757 |
| Gestamp Automocion SA (d) | | 84,159 | 253,277 |
| Grifols SA (a)(b) | | 122,518 | 1,130,475 |
| Iberdrola SA | | 2,445,130 | 29,981,149 |
| Indra Sistemas SA | | 52,508 | 1,010,339 |
| Industria de Diseno Textil SA | | 436,159 | 19,945,342 |
| Inmobiliaria Colonial SA | | 109,796 | 643,873 |
| Laboratorios Farmaceuticos ROVI SA | | 9,180 | 825,878 |
| Linea Directa Aseguradora SA Compania de Seguros y Reaseguros | | 356,454 | 384,973 |
| MAPFRE SA (Reg.) | | 391,319 | 944,647 |
| Melia Hotels International SA (a) | | 51,870 | 404,373 |
| Merlin Properties Socimi SA | | 128,383 | 1,453,680 |
| Pharma Mar SA | | 10,062 | 326,870 |
| Redeia Corp. SA | | 161,352 | 2,694,849 |
| Repsol SA | | 486,746 | 7,640,001 |
| Sacyr SA | | 194,293 | 677,618 |
| Solaria Energia y Medio Ambiente SA (a) | | 36,575 | 373,739 |
| Tecnicas Reunidas SA (a) | | 34,439 | 342,173 |
| Telefonica SA | | 1,946,116 | 8,717,816 |
| Unicaja Banco SA (d) | | 537,601 | 703,964 |
| Vidrala SA | | 8,965 | 946,221 |
| Viscofan Envolturas Celulosicas SA | | 16,517 | 1,052,328 |
TOTAL SPAIN | | | 191,585,912 |
| Sweden - 2.1% | | | |
| AAK AB | | 72,598 | 1,874,831 |
| AcadeMedia AB (d) | | 52,845 | 242,637 |
| Addlife AB | | 47,885 | 445,810 |
| Addnode Group AB (B Shares) | | 53,065 | 551,817 |
| AddTech AB (B Shares) | | 105,412 | 2,226,772 |
| AFRY AB (B Shares) | | 39,235 | 624,462 |
| Alfa Laval AB | | 114,517 | 4,921,351 |
| Alimak Group AB (d) | | 32,023 | 298,134 |
| Alleima AB | | 78,887 | 493,921 |
| Arjo AB | | 98,209 | 416,348 |
| ASSA ABLOY AB (B Shares) | | 395,496 | 10,449,565 |
| Atea ASA | | 37,527 | 481,059 |
| Atlas Copco AB: | | | |
| (A Shares) | | 1,027,973 | 18,006,066 |
| (B Shares) | | 675,818 | 10,271,815 |
| Atrium Ljungberg AB (B Shares) | | 26,457 | 469,103 |
| Avanza Bank Holding AB (b) | | 51,873 | 1,123,090 |
| Axfood AB | | 42,942 | 1,112,087 |
| Beijer Ref AB (B Shares) (b) | | 155,709 | 2,238,765 |
| Betsson AB (B Shares) | | 49,652 | 551,919 |
| Bilia AB (A Shares) | | 31,074 | 393,345 |
| Billerud AB | | 96,689 | 810,245 |
| BioArctic AB (a)(d) | | 17,205 | 304,433 |
| BioGaia AB | | 39,226 | 419,653 |
| Biotage AB (A Shares) | | 28,497 | 434,421 |
| Boliden AB | | 110,554 | 3,692,691 |
| BONESUPPORT Holding AB (a)(d) | | 23,318 | 478,192 |
| Boozt AB (a)(d) | | 24,739 | 283,972 |
| Bravida Holding AB (d) | | 86,077 | 586,974 |
| Bufab AB | | 13,157 | 404,247 |
| Bure Equity AB | | 23,525 | 743,722 |
| Calliditas Therapeutics AB (a)(b) | | 21,368 | 213,284 |
| Camurus AB (a) | | 12,692 | 573,768 |
| Castellum AB (a) | | 158,309 | 1,914,866 |
| Catena AB | | 15,127 | 668,474 |
| Cibus Nordic Real Estate AB | | 24,839 | 326,028 |
| Clas Ohlson AB (B Shares) | | 18,533 | 225,348 |
| Cloetta AB | | 158,044 | 235,767 |
| Coor Service Management Holding AB (d) | | 50,793 | 220,863 |
| Corem Property Group AB (b) | | 274,988 | 206,483 |
| Dios Fastigheter AB | | 53,592 | 412,867 |
| Dometic Group AB (d) | | 131,812 | 950,878 |
| Electrolux AB (B Shares) (a)(b) | | 94,400 | 833,637 |
| Electrolux Professional AB | | 100,467 | 654,562 |
| Elekta AB (B Shares) | | 153,682 | 1,104,462 |
| Embracer Group AB (a)(b) | | 315,896 | 805,477 |
| Epiroc AB: | | | |
| (A Shares) | | 253,175 | 4,680,542 |
| (B Shares) | | 166,414 | 2,787,560 |
| EQT AB | | 149,385 | 4,097,772 |
| Essity AB (B Shares) | | 242,110 | 6,032,758 |
| Evolution AB (d) | | 73,675 | 8,236,325 |
| Fabege AB | | 98,897 | 765,482 |
| Fastighets AB Balder (a) | | 262,047 | 1,686,361 |
| Fortnox AB | | 199,057 | 1,180,932 |
| Getinge AB (B Shares) | | 93,074 | 1,984,718 |
| Granges AB | | 42,841 | 508,864 |
| H&M Hennes & Mauritz AB (B Shares) (b) | | 259,543 | 4,162,664 |
| Hemnet Group AB | | 36,084 | 946,270 |
| Hexagon AB (B Shares) | | 827,775 | 8,769,440 |
| Hexatronic Group AB (b) | | 74,897 | 234,130 |
| HEXPOL AB (B Shares) | | 107,442 | 1,228,421 |
| HMS Networks AB | | 12,822 | 481,215 |
| Holmen AB (B Shares) | | 32,441 | 1,270,511 |
| Hufvudstaden AB (A Shares) | | 55,011 | 642,437 |
| Husqvarna AB (B Shares) | | 140,943 | 1,159,732 |
| Industrivarden AB: | | | |
| (A Shares) | | 49,854 | 1,615,899 |
| (C Shares) | | 53,177 | 1,722,158 |
| Indutrade AB | | 109,302 | 2,560,867 |
| Instalco AB | | 94,302 | 334,751 |
| Investment AB Latour (B Shares) | | 57,415 | 1,404,064 |
| Investor AB: | | | |
| (A Shares) | | 137,265 | 3,372,959 |
| (B Shares) | | 544,641 | 13,459,854 |
| INVISIO AB | | 19,181 | 423,812 |
| Inwido AB | | 24,949 | 309,474 |
| JM AB (B Shares) | | 27,225 | 467,897 |
| Kinnevik AB (B Shares) (a) | | 102,001 | 1,078,284 |
| L E Lundbergforetagen AB | | 27,124 | 1,348,767 |
| Lifco AB | | 92,637 | 2,269,608 |
| Lindab International AB | | 32,606 | 660,381 |
| Loomis AB (B Shares) | | 29,206 | 752,650 |
| Medicover AB Class B | | 29,371 | 466,401 |
| Meko AB | | 23,429 | 239,384 |
| MIPS AB | | 12,193 | 416,229 |
| Modern Times Group MTG AB (B Shares) (a) | | 39,152 | 337,327 |
| Munters Group AB (d) | | 53,432 | 1,081,207 |
| Mycronic AB | | 32,034 | 1,127,254 |
| NCAB Group AB (b) | | 78,025 | 513,658 |
| NCC AB (B Shares) | | 35,365 | 433,542 |
| New Wave Group AB (B Shares) | | 38,679 | 357,645 |
| Nibe Industrier AB (B Shares) (b) | | 616,183 | 2,885,108 |
| Nolato AB (B Shares) | | 88,476 | 437,547 |
| Nordnet AB (b) | | 56,796 | 1,026,620 |
| Nordnet AB (B Shares) (a)(c) | | 492 | 0 |
| NP3 Fastigheter AB | | 16,438 | 346,051 |
| Nyfosa AB | | 63,348 | 556,143 |
| OX2 AB (a)(b) | | 66,704 | 242,837 |
| Pandox AB | | 39,639 | 620,101 |
| Paradox Interactive AB | | 17,127 | 261,713 |
| Peab AB | | 72,404 | 447,088 |
| Platzer Fastigheter Holding AB | | 32,445 | 265,262 |
| Ratos AB (B Shares) | | 101,794 | 356,543 |
| Saab AB (B Shares) | | 32,430 | 2,585,478 |
| Sagax AB | | 81,841 | 2,066,002 |
| Sandvik AB (b) | | 420,066 | 8,488,684 |
| Scandic Hotels Group AB (a)(b)(d) | | 65,113 | 343,574 |
| Sdiptech AB (a) | | 13,279 | 341,964 |
| Sectra AB (B Shares) | | 57,648 | 1,146,641 |
| Securitas AB (B Shares) (b) | | 196,938 | 1,991,646 |
| Sinch AB (a)(d) | | 278,509 | 644,945 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 634,792 | 8,369,504 |
| Skanska AB (B Shares) | | 136,149 | 2,370,167 |
| SKF AB (B Shares) | | 136,898 | 2,857,114 |
| SkiStar AB | | 22,407 | 313,117 |
| SSAB AB: | | | |
| (A Shares) | | 125,119 | 709,133 |
| (B Shares) (b) | | 230,528 | 1,303,210 |
| Stillfront Group AB (a) | | 239,618 | 230,477 |
| Storskogen Group AB | | 588,866 | 321,353 |
| Surgical Science Sweden AB (a)(b) | | 18,037 | 257,124 |
| Svenska Cellulosa AB SCA (B Shares) | | 246,154 | 3,619,583 |
| Svenska Handelsbanken AB (A Shares) | | 584,889 | 5,015,614 |
| Svolder AB (B Shares) | | 68,701 | 386,507 |
| Sweco AB (B Shares) | | 87,544 | 943,725 |
| Swedbank AB (A Shares) | | 340,278 | 6,558,296 |
| Swedish Orphan Biovitrum AB (a) | | 79,761 | 2,065,605 |
| Tele2 AB (B Shares) | | 218,700 | 2,046,021 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 1,184,244 | 6,009,905 |
| Telia Co. AB | | 940,917 | 2,156,688 |
| Thule Group AB (d) | | 43,793 | 1,247,777 |
| Trelleborg AB (B Shares) | | 91,045 | 3,248,421 |
| Troax Group AB | | 18,222 | 368,726 |
| Truecaller AB (B Shares) | | 107,770 | 348,724 |
| Vimian Group AB (a)(b) | | 79,322 | 218,092 |
| Vitec Software Group AB | | 13,476 | 648,708 |
| Vitrolife AB | | 32,391 | 488,787 |
| Volvo AB: | | | |
| (A Shares) | | 133,443 | 3,545,435 |
| (B Shares) | | 541,784 | 13,932,488 |
| Volvo Car AB | | 304,490 | 965,104 |
| Wallenstam AB (B Shares) | | 151,382 | 677,485 |
| Wihlborgs Fastigheter AB | | 112,845 | 952,287 |
| Xvivo Perfusion AB (a) | | 12,780 | 439,514 |
| Yubico AB (a) | | 14,990 | 264,968 |
TOTAL SWEDEN | | | 260,242,023 |
| Switzerland - 3.6% | | | |
| ABB Ltd. (Reg.) | | 638,171 | 31,007,732 |
| Accelleron Industries Ltd. | | 38,276 | 1,493,149 |
| Adecco SA (Reg.) | | 64,484 | 2,261,587 |
| Alcon, Inc. (Switzerland) | | 200,996 | 15,546,169 |
| Allreal Holding AG | | 6,007 | 971,053 |
| ALSO Holding AG | | 2,796 | 690,445 |
| Arbonia AG | | 26,744 | 353,192 |
| Aryzta AG (a) | | 418,098 | 793,670 |
| Autoneum Holding AG | | 1,973 | 316,367 |
| Avolta AG (a) | | 40,568 | 1,534,155 |
| Bachem Holding AG (B Shares) | | 13,714 | 1,195,733 |
| Baloise Holdings AG | | 18,499 | 2,793,213 |
| Banque Cantonale Vaudoise | | 12,082 | 1,264,388 |
| Barry Callebaut AG | | 1,447 | 2,335,978 |
| Basilea Pharmaceutica AG (a)(b) | | 7,193 | 309,082 |
| Belimo Holding AG (Reg.) | | 4,012 | 1,861,865 |
| Bell Food Group AG | | 1,125 | 326,149 |
| BKW AG | | 8,547 | 1,267,290 |
| Bossard Holding AG | | 2,694 | 615,437 |
| Bucher Industries AG | | 2,653 | 1,024,547 |
| Burckhardt Compression Holding AG | | 1,353 | 862,505 |
| Burkhalter Holding AG | | 3,774 | 413,837 |
| Bystronic AG | | 653 | 290,893 |
| Cembra Money Bank AG | | 12,576 | 963,123 |
| Clariant AG (Reg.) | | 88,744 | 1,330,315 |
| Comet Holding AG | | 3,069 | 978,207 |
| Compagnie Financiere Richemont SA Series A | | 216,157 | 29,878,740 |
| Daetwyler Holdings AG (b) | | 3,278 | 681,097 |
| DKSH Holding AG | | 15,314 | 997,888 |
| DocMorris AG (a)(b) | | 4,801 | 428,525 |
| Dorma Kaba Holding AG | | 1,390 | 741,686 |
| Dottikon ES Holding AG (a) | | 1,430 | 373,348 |
| DSM-Firmenich AG | | 74,934 | 8,452,783 |
| EFG International | | 40,246 | 467,585 |
| Emmi AG | | 913 | 888,915 |
| Ems-Chemie Holding AG | | 2,739 | 2,195,967 |
| Flughafen Zuerich AG | | 7,861 | 1,575,193 |
| Forbo Holding AG (Reg.) | | 479 | 554,426 |
| Galenica AG (d) | | 20,419 | 1,560,440 |
| Geberit AG (Reg.) | | 13,329 | 7,157,133 |
| Georg Fischer AG (Reg.) | | 33,233 | 2,331,823 |
| Givaudan SA | | 3,701 | 15,887,023 |
| Helvetia Holding AG (Reg.) | | 15,033 | 1,967,332 |
| Huber+Suhner AG | | 7,338 | 586,721 |
| Implenia AG | | 7,303 | 268,128 |
| INFICON Holding AG | | 714 | 998,862 |
| Interroll Holding AG | | 288 | 930,498 |
| Intershop Holding AG | | 2,095 | 281,233 |
| IWG PLC | | 318,622 | 740,131 |
| Julius Baer Group Ltd. | | 82,737 | 4,439,532 |
| Kardex Holding AG | | 2,733 | 725,431 |
| Komax Holding AG (Reg.) (b) | | 1,865 | 322,178 |
| Kuehne & Nagel International AG | | 21,894 | 5,804,262 |
| Landis+Gyr Group AG | | 9,285 | 688,863 |
| LEM Holding SA | | 221 | 376,487 |
| Leonteq AG (b) | | 4,943 | 129,860 |
| Lindt & Spruengli AG | | 44 | 5,092,847 |
| Lindt & Spruengli AG (participation certificate) | | 377 | 4,351,341 |
| Logitech International SA (Reg.) | | 66,224 | 5,191,299 |
| Lonza Group AG | | 29,958 | 16,536,626 |
| Medacta Group SA (d) | | 3,311 | 401,246 |
| Medmix AG (d) | | 14,821 | 243,456 |
| Meyer Burger Technology AG (a) | | 8,603,348 | 107,630 |
| Mobilezone Holding AG | | 23,497 | 337,917 |
| Mobimo Holding AG | | 2,974 | 831,458 |
| Novartis AG | | 823,241 | 79,901,758 |
| OC Oerlikon Corp. AG (Reg.) | | 84,525 | 367,064 |
| Orior AG | | 4,249 | 303,682 |
| Partners Group Holding AG | | 9,065 | 11,730,016 |
| PSP Swiss Property AG | | 17,616 | 2,182,717 |
| Sandoz Group AG | | 165,787 | 5,634,590 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 13,657 | 3,417,036 |
| (Reg.) | | 11,854 | 2,894,994 |
| Schweiter Technologies AG | | 542 | 243,509 |
| Sensirion Holding AG (a)(b)(d) | | 4,509 | 297,739 |
| SFS Group AG | | 6,923 | 823,907 |
| SGS SA (Reg.) | | 62,448 | 5,506,701 |
| Siegfried Holding AG | | 1,653 | 1,586,017 |
| Sig Group AG | | 124,047 | 2,482,964 |
| Sika AG | | 61,058 | 17,488,791 |
| SKAN Group AG | | 4,855 | 432,025 |
| Sonova Holding AG | | 20,514 | 5,699,511 |
| St.Galler Kantonalbank AG | | 1,312 | 675,803 |
| Stadler Rail AG (b) | | 23,869 | 708,865 |
| Straumann Holding AG | | 45,071 | 6,030,713 |
| Sulzer AG (Reg.) | | 7,772 | 943,547 |
| Swatch Group AG (Bearer) | | 10,844 | 2,278,447 |
| Swatch Group AG (Bearer) (Reg.) | | 25,277 | 1,050,401 |
| Swiss Life Holding AG | | 11,864 | 8,014,734 |
| Swiss Prime Site AG | | 29,266 | 2,709,314 |
| Swisscom AG | | 10,296 | 5,639,419 |
| Swissquote Group Holding SA | | 4,669 | 1,269,785 |
| Tecan Group AG | | 5,171 | 1,839,453 |
| Temenos AG | | 26,096 | 1,632,331 |
| u-blox Holding AG | | 3,334 | 308,647 |
| UBS Group AG | | 1,318,955 | 34,822,995 |
| Valiant Holding AG | | 6,860 | 801,484 |
| VAT Group AG (d) | | 10,872 | 5,472,368 |
| Vetropack Holding AG | | 9,172 | 310,306 |
| Vontobel Holdings AG | | 11,603 | 653,832 |
| Ypsomed Holding AG | | 1,771 | 633,842 |
| Zehnder Group AG | | 6,353 | 371,816 |
| Zurich Insurance Group Ltd. | | 58,380 | 28,210,385 |
TOTAL SWITZERLAND | | | 443,697,499 |
| Taiwan - 4.9% | | | |
| Ability Opto-Electronics Technology Co. Ltd. | | 34,000 | 212,811 |
| Acbel Polytech, Inc. | | 317,161 | 384,869 |
| Accton Technology Corp. | | 206,000 | 2,880,806 |
| Acer, Inc. | | 1,169,000 | 1,605,630 |
| Acter Group Corp. Ltd. | | 50,000 | 318,869 |
| ADATA Technology Co. Ltd. | | 134,333 | 407,750 |
| Advanced Energy Solution Holding Co. Ltd. | | 16,000 | 306,827 |
| Advanced Wireless Semiconductor Co. (a) | | 60,000 | 252,105 |
| Advantech Co. Ltd. | | 188,696 | 2,190,900 |
| Airoha Technology Corp. (a) | | 15,000 | 310,747 |
| Alchip Technologies Ltd. | | 30,000 | 2,824,420 |
| Allied Supreme Corp. | | 20,341 | 264,334 |
| Allis Elelctric Co. Ltd. | | 88,000 | 391,748 |
| Andes Technology Corp. | | 20,000 | 235,375 |
| AP Memory Technology Corp. | | 42,000 | 484,447 |
| Arcadyan Technology Corp. | | 75,000 | 394,698 |
| Ardentec Corp. | | 210,000 | 468,179 |
| ASE Technology Holding Co. Ltd. | | 1,233,718 | 5,540,132 |
| Asia Cement Corp. | | 882,000 | 1,180,841 |
| Asia Optical Co., Inc. | | 146,000 | 285,462 |
| Asia Vital Components Co. Ltd. | | 133,132 | 2,621,458 |
| ASMedia Technology, Inc. | | 11,000 | 649,274 |
| ASPEED Tech, Inc. | | 12,000 | 1,121,622 |
| ASUSTeK Computer, Inc. | | 285,000 | 3,730,490 |
| AUO Corp. | | 2,649,800 | 1,479,027 |
| AURAS Technology Co. Ltd. | | 25,000 | 603,320 |
| BES Engineering Corp. | | 682,000 | 368,781 |
| BizLink Holding, Inc. | | 56,847 | 399,768 |
| Bora Pharmaceuticals Co. Ltd. | | 23,782 | 556,415 |
| Capital Securities Corp. | | 633,490 | 481,779 |
| Catcher Technology Co. Ltd. | | 232,000 | 1,546,931 |
| Cathay Financial Holding Co. Ltd. | | 3,774,155 | 5,825,804 |
| Center Laboratories, Inc. | | 284,683 | 378,683 |
| Century Iron & Steel Industrial Co. Ltd. | | 71,000 | 483,916 |
| Chailease Holding Co. Ltd. | | 613,530 | 3,230,165 |
| Chang Hwa Commercial Bank | | 2,116,538 | 1,181,402 |
| Chang Wah Technology Co. Ltd. | | 202,000 | 250,459 |
| Channel Well Technology Co. Ltd. | | 95,000 | 218,678 |
| Charoen Pokphand Enterprise Co. Ltd. | | 81,000 | 261,633 |
| Chenbro Micom Co. Ltd. | | 28,000 | 243,190 |
| Cheng Loong Corp. | | 366,000 | 327,182 |
| Cheng Shin Rubber Industry Co. Ltd. | | 779,000 | 1,122,667 |
| Cheng Uei Precision Industries Co. Ltd. | | 185,000 | 262,925 |
| Chicony Electronics Co. Ltd. | | 247,125 | 1,527,134 |
| Chicony Power Technology Co. Ltd. | | 72,000 | 381,877 |
| Chin-Poon Industrial Co. Ltd. | | 165,000 | 207,589 |
| China Airlines Ltd. | | 1,190,000 | 760,720 |
| China Development Financial Ho (a) | | 6,418,957 | 2,678,635 |
| China Motor Co. Ltd. | | 120,800 | 528,194 |
| China Petrochemical Development Corp. (a) | | 1,586,532 | 546,184 |
| China Steel Chemical Corp. | | 79,000 | 272,908 |
| China Steel Corp. | | 4,623,000 | 3,515,641 |
| Chipbond Technology Corp. | | 255,000 | 592,291 |
| ChipMOS TECHNOLOGIES, Inc. | | 235,000 | 328,431 |
| Chong Hong Construction Co. Ltd. | | 100,000 | 392,325 |
| Chroma ATE, Inc. | | 157,000 | 1,272,843 |
| Chung Hsin Electric & Machinery Manufacturing Corp. | | 158,000 | 883,711 |
| Chung Hung Steel Co. Ltd. | | 420,000 | 298,078 |
| Chunghwa Telecom Co. Ltd. | | 1,482,000 | 5,622,823 |
| Cleanaway Co. Ltd. | | 35,000 | 207,344 |
| Clevo Co. Ltd. | | 178,000 | 229,738 |
| Co-Tech Development Corp. | | 134,000 | 266,370 |
| Compal Electronics, Inc. | | 1,699,000 | 1,849,905 |
| Compeq Manufacturing Co. Ltd. | | 394,000 | 926,561 |
| Coretronic Corp. | | 133,000 | 417,899 |
| CSBC Corp. (a) | | 458,000 | 254,506 |
| CTBC Financial Holding Co. Ltd. | | 7,076,960 | 7,373,226 |
| CTCI Corp. | | 267,000 | 422,537 |
| Delta Electronics, Inc. | | 783,000 | 7,654,516 |
| Depo Auto Parts Industries Co. Ltd. | | 49,000 | 295,089 |
| Dynamic Holding Co. Ltd. | | 114,000 | 236,885 |
| E Ink Holdings, Inc. | | 348,000 | 2,220,886 |
| E.SUN Financial Holdings Co. Ltd. | | 5,572,802 | 4,674,512 |
| ECLAT Textile Co. Ltd. | | 74,060 | 1,163,199 |
| EirGenix, Inc. (a) | | 93,000 | 232,198 |
| Elan Microelectronics Corp. | | 116,500 | 585,329 |
| Elite Material Co. Ltd. | | 112,000 | 1,392,018 |
| Elite Semiconductor Memory Technology, Inc. | | 120,000 | 324,423 |
| eMemory Technology, Inc. | | 26,000 | 1,744,419 |
| Ennoconn Corp. | | 48,920 | 488,339 |
| ENNOSTAR, Inc. (a) | | 311,000 | 407,272 |
| Episil Technologies, Inc. | | 153,398 | 327,626 |
| Eternal Materials Co. Ltd. | | 398,426 | 385,807 |
| Etron Technology, Inc. | | 137,169 | 199,569 |
| EVA Airways Corp. | | 1,112,040 | 1,206,902 |
| Evergreen International Storage & Transport Corp. | | 235,000 | 242,110 |
| Evergreen Marine Corp. (Taiwan) | | 411,151 | 2,384,767 |
| Evergreen Steel Corp. | | 77,000 | 349,622 |
| Everlight Electronics Co. Ltd. | | 169,000 | 325,854 |
| Far Eastern Department Stores Co. Ltd. | | 336,000 | 349,033 |
| Far Eastern International Bank | | 1,064,000 | 499,648 |
| Far Eastern New Century Corp. | | 1,166,000 | 1,161,066 |
| Far EasTone Telecommunications Co. Ltd. | | 701,000 | 1,735,678 |
| Faraday Technology Corp. | | 97,360 | 864,419 |
| Farglory Land Development Co. Ltd. | | 124,000 | 278,465 |
| Feng Hsin Iron & Steel Co. | | 192,000 | 413,817 |
| Feng Tay Enterprise Co. Ltd. | | 224,168 | 1,112,609 |
| First Financial Holding Co. Ltd. | | 4,293,771 | 3,593,165 |
| Fitipower Integrated Technology, Inc. | | 39,553 | 296,302 |
| FLEXium Interconnect, Inc. | | 154,940 | 433,144 |
| FocalTech Systems Co. Ltd. | | 90,000 | 231,443 |
| Formosa Chemicals & Fibre Corp. | | 1,404,000 | 2,382,055 |
| Formosa Petrochemical Corp. | | 459,000 | 1,012,514 |
| Formosa Plastics Corp. | | 1,521,000 | 3,189,843 |
| Formosa Taffeta Co. Ltd. | | 356,000 | 249,248 |
| Fortune Electric Co. Ltd. | | 47,000 | 1,208,541 |
| Foxconn Technology Co. Ltd. | | 377,010 | 709,318 |
| Foxsemicon Integrated Technology, Inc. | | 40,000 | 368,315 |
| Fubon Financial Holding Co. Ltd. | | 3,096,723 | 6,539,527 |
| Fulgent Sun International Holding Co. Ltd. | | 68,000 | 250,867 |
| Fusheng Precision Co. Ltd. | | 47,000 | 402,556 |
| General Interface Solution Holding Ltd. | | 148,000 | 276,636 |
| Genius Electronic Optical Co. Ltd. | | 41,792 | 560,780 |
| Getac Holdings Corp. | | 166,000 | 531,245 |
| Giant Manufacturing Co. Ltd. | | 132,734 | 886,423 |
| Gigabyte Technology Co. Ltd. | | 207,000 | 1,863,490 |
| Global Brands Manufacture Ltd. | | 128,000 | 285,305 |
| Global Mixed-mode Technology, Inc. | | 32,000 | 281,348 |
| Global Unichip Corp. | | 38,000 | 1,575,392 |
| GlobalWafers Co. Ltd. | | 88,000 | 1,395,759 |
| Gloria Material Technology Corp. | | 261,000 | 432,379 |
| Gold Circuit Electronics Ltd. | | 133,400 | 795,488 |
| Goldsun Development & Construction Co. Ltd. | | 376,101 | 553,203 |
| Grand Pacific Petrochemical Corp. | | 651,953 | 269,351 |
| Grand Process Technology Corp. | | 9,000 | 298,683 |
| Grape King Bio Ltd. | | 70,000 | 335,474 |
| Great Tree Pharmacy Co. Ltd. | | 29,474 | 253,769 |
| Great Wall Enterprise Co. Ltd. | | 291,025 | 509,513 |
| Greatek Electronics, Inc. | | 138,000 | 257,416 |
| Gudeng Precision Industrial Co. Ltd. | | 29,130 | 374,266 |
| HannStar Board Corp. | | 130,000 | 221,939 |
| HannStar Display Corp. (a) | | 987,000 | 311,716 |
| Highwealth Construction Corp. | | 477,037 | 647,412 |
| HIWIN Technologies Corp. | | 117,218 | 827,430 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 5,013,600 | 23,824,057 |
| Hota Industrial Manufacturing Co. Ltd. | | 151,014 | 251,693 |
| Hotai Finance Co. Ltd. | | 87,100 | 318,486 |
| Hotai Motor Co. Ltd. | | 122,160 | 2,314,019 |
| Hsin Kuang Steel Co. Ltd. | | 122,000 | 218,850 |
| HTC Corp. (a) | | 316,000 | 410,488 |
| Hua Nan Financial Holdings Co. Ltd. | | 3,493,806 | 2,526,494 |
| Huaku Development Co. Ltd. | | 96,000 | 488,075 |
| IBF Financial Holdings Co. Ltd. (a) | | 974,081 | 434,123 |
| Innodisk Corp. | | 37,699 | 338,116 |
| Innolux Corp. | | 3,510,003 | 1,523,789 |
| International CSRC Investment Holdings Co. | | 500,579 | 275,049 |
| International Games Systems Co. Ltd. | | 49,000 | 1,495,817 |
| Inventec Corp. | | 1,092,000 | 1,748,691 |
| ITE Tech, Inc. | | 64,000 | 324,661 |
| ITEQ Corp. | | 102,931 | 342,565 |
| Jentech Precision Industrial Co. Ltd. | | 34,699 | 1,030,543 |
| Kaori Heat Treatment Co. Ltd. | | 32,000 | 420,280 |
| Kenda Rubber Industrial Co. Ltd. | | 326,855 | 332,798 |
| Kenmec Mechanical Engineering Co. Ltd. | | 82,000 | 228,402 |
| Kindom Development Co. Ltd. | | 233,000 | 401,715 |
| King Slide Works Co. Ltd. | | 24,000 | 891,135 |
| King Yuan Electronics Co. Ltd. | | 449,000 | 1,304,178 |
| King's Town Bank Co. Ltd. | | 341,000 | 586,173 |
| Kinik Co. | | 45,000 | 349,011 |
| Kinpo Electronics, Inc. | | 585,000 | 261,546 |
| Kinsus Interconnect Technology Corp. | | 129,000 | 375,117 |
| L&K Engineering Co. Ltd. | | 69,688 | 573,902 |
| LandMark Optoelectronics Corp. | | 46,000 | 191,509 |
| Largan Precision Co. Ltd. | | 40,000 | 2,661,578 |
| Lien Hwa Industrial Corp. | | 357,704 | 727,322 |
| Lite-On Technology Corp. | | 814,009 | 2,459,446 |
| Lotes Co. Ltd. | | 34,182 | 1,494,650 |
| Lotus Pharmaceutical Co. Ltd. | | 60,000 | 592,129 |
| LuxNet Corp. | | 51,466 | 188,851 |
| M31 Technology Corp. | | 9,000 | 326,986 |
| Macronix International Co. Ltd. | | 794,380 | 669,297 |
| Makalot Industrial Co. Ltd. | | 89,701 | 1,072,077 |
| Marketech International Corp. | | 44,000 | 212,132 |
| MediaTek, Inc. | | 612,000 | 18,419,714 |
| Medigen Vaccine Biologics Corp. (a) | | 157,933 | 249,277 |
| Mega Financial Holding Co. Ltd. | | 4,582,300 | 5,605,221 |
| Mercuries Life Insurance Co. Ltd. (a) | | 1,526,000 | 267,719 |
| Merida Industry Co. Ltd. | | 97,000 | 695,753 |
| Merry Electronics Co. Ltd. | | 103,006 | 380,160 |
| Micro-Star International Co. Ltd. | | 293,000 | 1,423,120 |
| Microbio Co. Ltd. | | 204,126 | 260,866 |
| MiTAC Holdings Corp. | | 351,483 | 484,385 |
| MPI Corp. | | 37,000 | 495,714 |
| Nan Pao Resins Chemical Co. Ltd. | | 23,000 | 249,497 |
| Nan Ya Plastics Corp. | | 1,917,000 | 3,322,769 |
| Nan Ya Printed Circuit Board Corp. | | 94,000 | 534,280 |
| Nankang Rubber Tire Co. Ltd. (a) | | 224,000 | 403,302 |
| Nanya Technology Corp. | | 506,000 | 1,019,516 |
| Nien Made Enterprise Co. Ltd. | | 77,000 | 898,250 |
| Novatek Microelectronics Corp. | | 233,000 | 4,394,758 |
| Nuvoton Technology Corp. | | 95,000 | 374,888 |
| Oneness Biotech Co. Ltd. | | 125,673 | 607,828 |
| Orient Semiconductor Electronics Ltd. | | 180,000 | 348,348 |
| Pan Jit International, Inc. | | 166,000 | 286,514 |
| Pan-International Industrial | | 276,000 | 288,597 |
| Pegatron Corp. | | 803,000 | 2,390,629 |
| Pegavision Corp. | | 22,000 | 351,515 |
| PharmaEssentia Corp. (a) | | 101,000 | 906,524 |
| Phihong Technology Co. Ltd. (a) | | 167,887 | 273,763 |
| Phison Electronics Corp. | | 67,000 | 1,427,653 |
| PixArt Imaging, Inc. | | 61,000 | 293,876 |
| Polaris Group (a) | | 164,000 | 341,773 |
| Pou Chen Corp. | | 860,000 | 950,216 |
| Powerchip Semiconductor Manufacturing Corp. | | 1,251,629 | 872,929 |
| Powertech Technology, Inc. | | 275,000 | 1,461,873 |
| Poya International Co. Ltd. | | 23,014 | 351,958 |
| President Chain Store Corp. | | 217,000 | 1,821,645 |
| President Securities Corp. | | 357,000 | 301,780 |
| Primax Electronics Ltd. | | 210,000 | 621,391 |
| Qisda Corp. | | 584,000 | 736,632 |
| Quanta Computer, Inc. | | 1,088,000 | 8,523,706 |
| Quanta Storage, Inc. | | 115,000 | 313,461 |
| Radiant Opto-Electronics Corp. | | 181,000 | 1,101,581 |
| Raydium Semiconductor Corp. | | 27,445 | 357,135 |
| Realtek Semiconductor Corp. | | 198,000 | 3,117,928 |
| RichWave Technology Corp. (a) | | 40,302 | 224,357 |
| Ruentex Development Co. Ltd. | | 670,395 | 787,376 |
| Ruentex Industries Ltd. | | 246,824 | 454,377 |
| Run Long Construction Co. Ltd. | | 85,000 | 296,305 |
| Sakura Development Co. Ltd. | | 131,000 | 301,384 |
| Sanyang Motor Co. Ltd. | | 229,000 | 588,795 |
| SDI Corp. | | 70,000 | 224,986 |
| SerComm Corp. | | 123,000 | 464,523 |
| Shihlin Electric & Engineering Corp. | | 98,000 | 873,707 |
| Shin Kong Financial Holding Co. Ltd. (a) | | 5,392,410 | 1,422,457 |
| Shin Zu Shing Co. Ltd. | | 65,279 | 346,014 |
| Shinfox Energy Co. Ltd. (a) | | 50,728 | 207,979 |
| Shinkong Insurance Co. Ltd. | | 104,000 | 307,112 |
| Shinkong Synthetic Fiber Co. | | 539,000 | 282,408 |
| Shiny Chemical Industrial Co. Ltd. | | 66,250 | 351,755 |
| Sigurd Microelectronics Corp. | | 206,000 | 464,952 |
| Silicon Integrated System Corp. | | 250,000 | 468,528 |
| Simplo Technology Co. Ltd. | | 69,000 | 919,799 |
| SINBON Electronics Co. Ltd. | | 97,000 | 834,051 |
| Sino-American Silicon Products, Inc. | | 203,000 | 1,206,464 |
| Sinon Corp. | | 209,000 | 259,705 |
| Sinopac Financial Holdings Co. | | 4,198,619 | 2,819,664 |
| Sitronix Technology Corp. | | 49,000 | 417,735 |
| Solar Applied Materials Technology Corp. | | 263,000 | 356,912 |
| Sporton International, Inc. | | 40,050 | 305,005 |
| Standard Foods Corp. | | 185,714 | 218,274 |
| Sunonwealth Electric Machine Industry Co. Ltd. | | 95,000 | 323,949 |
| Sunplus Technology Co. Ltd. | | 256,000 | 242,602 |
| Supreme Electronics Co. Ltd. | | 208,000 | 559,477 |
| Synnex Technology International Corp. | | 506,100 | 1,234,837 |
| Systex Corp. | | 84,000 | 320,592 |
| Ta Chen Stainless Pipe Co. Ltd. | | 672,758 | 756,253 |
| Ta Ya Electric Wire & Cable Co. Ltd. | | 361,122 | 628,131 |
| Taichung Commercial Bank Co. Ltd. | | 1,454,944 | 788,522 |
| TaiMed Biologics, Inc. (a) | | 98,678 | 258,017 |
| Tainan Spinning Co. Ltd. | | 576,000 | 347,880 |
| Taishin Financial Holdings Co. Ltd. | | 4,452,557 | 2,447,086 |
| Taiwan Business Bank | | 2,488,084 | 1,289,489 |
| Taiwan Cement Corp. | | 2,703,387 | 2,652,567 |
| Taiwan Cogeneration Corp. | | 252,404 | 367,606 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 4,055,716 | 3,253,492 |
| Taiwan Fertilizer Co. Ltd. | | 287,000 | 574,048 |
| Taiwan Glass Industry Corp. (a) | | 653,000 | 342,604 |
| Taiwan High Speed Rail Corp. | | 691,000 | 632,396 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | | 125,000 | 607,992 |
| Taiwan Mask Corp. | | 103,000 | 211,663 |
| Taiwan Mobile Co. Ltd. | | 691,000 | 2,201,481 |
| Taiwan Paiho Ltd. | | 155,000 | 301,910 |
| Taiwan Secom Co. | | 111,000 | 436,790 |
| Taiwan Semiconductor Co. Ltd. | | 130,000 | 288,587 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 9,916,000 | 237,004,231 |
| Taiwan Surface Mounting Technology Co. Ltd. | | 131,000 | 477,816 |
| Taiwan Union Technology Corp. | | 104,000 | 582,304 |
| Taiwan-Asia Semiconductor Corp. | | 207,000 | 245,012 |
| Tatung Co. Ltd. (a) | | 628,000 | 1,253,815 |
| TCI Co. Ltd. | | 56,557 | 249,719 |
| TECO Electric & Machinery Co. Ltd. | | 485,000 | 822,545 |
| The Shanghai Commercial & Savings Bank Ltd. | | 1,544,437 | 2,195,696 |
| Tong Hsing Electronics Industries Ltd. | | 84,954 | 381,675 |
| Tong Yang Industry Co. Ltd. | | 153,000 | 555,962 |
| Topco Scientific Co. Ltd. | | 65,393 | 498,951 |
| Topkey Corp. | | 43,000 | 258,950 |
| TPK Holding Co. Ltd. | | 255,000 | 298,371 |
| Transcend Information, Inc. | | 97,000 | 277,968 |
| Tripod Technology Corp. | | 185,000 | 1,107,792 |
| TSEC Corp. | | 297,911 | 253,501 |
| TSRC Corp. | | 389,000 | 286,844 |
| TTY Biopharm Co. Ltd. | | 115,000 | 270,181 |
| Tung Ho Steel Enterprise Corp. | | 214,040 | 479,952 |
| TXC Corp. | | 139,000 | 476,039 |
| U-Ming Marine Transport Corp. | | 201,000 | 333,601 |
| Uni-President Enterprises Corp. | | 1,928,000 | 4,514,290 |
| Unimicron Technology Corp. | | 555,000 | 3,063,707 |
| United Integrated Services Co. | | 71,000 | 855,127 |
| United Microelectronics Corp. | | 4,515,000 | 6,924,616 |
| United Renewable Energy Co. Ltd. | | 710,796 | 262,996 |
| Universal Vision Biotchnology Co. Ltd. | | 27,260 | 213,115 |
| UPI Semiconductor Corp. | | 27,000 | 224,855 |
| USI Corp. | | 443,000 | 214,907 |
| Vanguard International Semiconductor Corp. | | 363,000 | 949,549 |
| Via Technologies, Inc. | | 86,000 | 334,162 |
| VisEra Technologies Co. Ltd. | | 47,000 | 389,569 |
| Visual Photonics Epitaxy Co. Ltd. | | 69,000 | 324,614 |
| Voltronic Power Technology Corp. | | 27,075 | 1,278,836 |
| Wafer Works Corp. | | 280,511 | 338,159 |
| Waffer Technology Corp. | | 69,000 | 198,275 |
| Wah Lee Industrial Corp. | | 74,000 | 284,425 |
| Walsin Lihwa Corp. | | 1,152,457 | 1,299,458 |
| Walsin Technology Corp. | | 135,875 | 459,771 |
| Wan Hai Lines Ltd. | | 309,305 | 479,579 |
| Win Semiconductors Corp. | | 141,389 | 627,279 |
| Winbond Electronics Corp. | | 1,271,523 | 1,006,603 |
| WinWay Technology Co. Ltd. | | 12,000 | 304,396 |
| Wisdom Marine Lines Co. Ltd. | | 202,000 | 421,329 |
| Wistron Corp. | | 1,054,829 | 3,605,377 |
| Wistron NeWeb Corp. | | 166,149 | 761,097 |
| Wiwynn Corp. | | 39,000 | 2,769,491 |
| Wowprime Corp. | | 40,587 | 291,699 |
| WPG Holding Co. Ltd. | | 648,760 | 1,749,073 |
| WT Microelectronics Co. Ltd. | | 240,572 | 1,096,297 |
| XinTec, Inc. | | 79,000 | 281,021 |
| Yageo Corp. | | 136,061 | 2,590,682 |
| Yang Ming Marine Transport Corp. | | 733,000 | 1,169,826 |
| Yankey Engineering Co. Ltd. | | 20,713 | 241,379 |
| YFY, Inc. | | 513,000 | 487,092 |
| Yieh Phui Enterprise Co. | | 430,996 | 203,051 |
| Yuanta Financial Holding Co. Ltd. | | 4,012,301 | 3,756,993 |
| Yulon Finance Corp. | | 115,643 | 522,958 |
| Yulon Motor Co. Ltd. | | 272,248 | 570,114 |
| Zhen Ding Technology Holding Ltd. | | 276,000 | 975,185 |
| ZillTek Technology Corp. | | 16,000 | 183,434 |
TOTAL TAIWAN | | | 600,633,421 |
| Tanzania - 0.0% | | | |
| Helios Towers PLC (a)(b) | | 342,588 | 422,944 |
| Thailand - 0.5% | | | |
| Advanced Info Service PCL (For. Reg.) | | 178,700 | 946,886 |
| Advanced Information Service PCL NVDR | | 297,800 | 1,577,967 |
| AEON Thana Sinsap Thailand PCL unit | | 66,600 | 288,248 |
| Airports of Thailand PCL NVDR | | 1,713,300 | 2,999,969 |
| Amata Corp. PCL NVDR | | 502,000 | 305,236 |
| AP Thailand PCL NVDR | | 1,361,000 | 394,031 |
| Asset World Corp. PCL (For. Reg.) | | 2,400,600 | 282,630 |
| Aurora Design PCL NVDR | | 569,800 | 206,077 |
| B. Grimm Power PCL (For. Reg.) | | 225,300 | 155,007 |
| Bangchak Corp. PCL NVDR | | 444,600 | 499,442 |
| Bangkok Chain Hospital PCL NVDR | | 679,000 | 366,977 |
| Bangkok Commercial Asset Management PCL (For. Reg.) | | 428,000 | 113,919 |
| Bangkok Dusit Medical Services PCL: | | | |
| (For. Reg.) | | 1,755,900 | 1,367,461 |
| NVDR | | 2,715,100 | 2,114,467 |
| Bangkok Expressway and Metro PCL (For. Reg.) | | 2,773,700 | 617,520 |
| Bangkok Life Assurance PCL NVDR | | 375,800 | 181,500 |
| Banpu PCL NVDR | | 4,175,400 | 621,254 |
| BTS Group Holdings PCL: | | | |
| (For. Reg.) | | 1,364,900 | 231,372 |
| NVDR | | 2,186,800 | 371,970 |
| Bumrungrad Hospital PCL: | | | |
| (For. Reg.) | | 93,900 | 618,096 |
| NVDR | | 150,600 | 991,323 |
| Carabao Group PCL NVDR | | 195,300 | 357,716 |
| Central Pattana PCL: | | | |
| (For. Reg.) | | 494,900 | 841,719 |
| NVDR | | 334,000 | 568,062 |
| Central Plaza Hotel PCL NVDR | | 286,400 | 345,357 |
| Central Retail Corp. PCL (For. Reg.) | | 570,683 | 526,438 |
| CH. Karnchang PCL (For. Reg.) | | 388,600 | 236,651 |
| Charoen Pokphand Foods PCL: | | | |
| (For. Reg.) | | 726,960 | 386,676 |
| NVDR | | 925,400 | 492,228 |
| Chularat Hospital PCL NVDR unit | | 3,223,500 | 251,196 |
| Com7 PCL NVDR | | 606,200 | 296,330 |
| CP ALL PCL: | | | |
| (For. Reg.) | | 1,146,600 | 1,767,317 |
| NVDR | | 1,198,600 | 1,847,467 |
| CP Axtra PCL NVDR | | 889,700 | 773,983 |
| Delta Electronics PCL: | | | |
| (For. Reg.) | | 606,800 | 1,128,735 |
| NVDR | | 1,207,800 | 2,246,680 |
| Dohome PCL NVDR | | 706,289 | 204,090 |
| Electricity Generating PCL (For. Reg.) | | 81,000 | 244,365 |
| Energy Absolute PCL: | | | |
| (For. Reg.) | | 372,400 | 305,212 |
| NVDR | | 353,900 | 290,049 |
| Energy Earth PCL (For. Reg.) (a)(c) | | 7,600 | 0 |
| Global Power Synergy Public Co. Ltd. (For. Reg.) | | 180,500 | 236,004 |
| Gulf Energy Development PCL: | | | |
| (For. Reg.) | | 171,300 | 184,540 |
| NVDR | | 977,400 | 1,052,943 |
| Hana Microelectronics PCL (For. Reg.) | | 154,400 | 159,363 |
| Home Product Center PCL: | | | |
| (For. Reg.) | | 1,398,300 | 389,267 |
| NVDR | | 1,244,100 | 346,340 |
| Indorama Ventures PCL: | | | |
| (For. Reg.) | | 440,100 | 281,700 |
| NVDR | | 290,800 | 186,136 |
| Intouch Holdings PCL: | | | |
| (For. Reg.) | | 287,200 | 515,898 |
| NVDR | | 155,900 | 280,044 |
| IRPC PCL NVDR | | 7,216,700 | 380,702 |
| Jaymart Group Holdings PCL NVDR | | 416,800 | 155,335 |
| JMT Network Services PCL (For. Reg.) | | 107,638 | 59,311 |
| Kasikornbank PCL NVDR | | 270,600 | 947,331 |
| KCE Electronics PCL (For. Reg.) | | 228,200 | 238,467 |
| Krung Thai Bank PCL: | | | |
| (For. Reg.) | | 425,800 | 192,055 |
| NVDR | | 1,091,100 | 492,134 |
| Krungthai Card PCL: | | | |
| (For. Reg.) | | 264,900 | 304,607 |
| NVDR | | 219,600 | 252,517 |
| Land & House PCL: | | | |
| (For. Reg.) | | 1,721,500 | 344,599 |
| NVDR | | 2,093,500 | 419,064 |
| MBK PCL NVDR unit | | 615,000 | 280,121 |
| Mega Lifesciences PCL NVDR | | 253,700 | 278,561 |
| Minor International PCL: | | | |
| (For. Reg.) | | 353,049 | 312,164 |
| NVDR | | 1,100,800 | 973,321 |
| Muangthai Leasing PCL (For. Reg.) | | 195,300 | 237,033 |
| Ngern Tid Lor PCL NVDR | | 713,688 | 398,813 |
| Osotspa PCL NVDR | | 779,200 | 448,468 |
| Plan B Media PCL NVDR unit | | 1,395,500 | 312,604 |
| PTT Exploration and Production PCL: | | | |
| (For. Reg.) | | 318,800 | 1,330,046 |
| NVDR | | 235,000 | 980,429 |
| PTT Global Chemical PCL: | | | |
| (For. Reg.) | | 422,700 | 415,796 |
| NVDR | | 511,400 | 503,047 |
| PTT Oil & Retail Business PCL: | | | |
| (For. Reg.) | | 604,000 | 302,454 |
| NVDR | | 768,400 | 384,778 |
| PTT PCL: | | | |
| (For. Reg.) | | 2,370,400 | 2,142,449 |
| NVDR | | 1,565,800 | 1,415,224 |
| Quality Houses PCL NVDR | | 4,620,600 | 270,672 |
| Ratch Group PCL NVDR unit | | 569,300 | 439,378 |
| Sansiri PCL NVDR | | 7,862,300 | 358,227 |
| SCB X PCL: | | | |
| (For. Reg.) | | 180,900 | 516,646 |
| NVDR | | 180,000 | 514,076 |
| SCG Packaging PCL NVDR | | 601,400 | 522,149 |
| Siam Cement PCL: | | | |
| (For. Reg.) | | 168,700 | 1,127,139 |
| NVDR | | 146,400 | 978,145 |
| Siam Global House PCL NVDR | | 885,500 | 384,023 |
| Sri Trang Agro-Industry PCL NVDR | | 558,000 | 261,983 |
| Srinanaporn Marketing PCL NVDR | | 445,100 | 201,614 |
| Srisawad Corp. PCL (For. Reg.) | | 187,130 | 204,816 |
| Star Petroleum Refining PCL NVDR | | 1,159,300 | 247,814 |
| STARK Corp. PCL NVDR (a)(c) | | 4,002,200 | 2,154 |
| Supalai PCL (For. Reg.) | | 381,875 | 202,955 |
| Thai Airways International PCL (For. Reg.) (a)(c) | | 126,000 | 11,257 |
| Thai Oil PCL: | | | |
| (For. Reg.) | | 271,197 | 394,085 |
| NVDR | | 255,600 | 371,420 |
| Thai Union Frozen Products PCL (For. Reg.) | | 817,400 | 326,692 |
| Thanachart Capital PCL NVDR | | 218,800 | 288,298 |
| Thonburi Healthcare Group PCL NVDR | | 228,100 | 245,389 |
| TISCO Financial Group PCL NVDR | | 125,300 | 327,528 |
| TMBThanachart Bank PCL NVDR | | 12,175,400 | 591,692 |
| TOA Paint Thailand PCL NVDR | | 441,900 | 299,470 |
| True Corp. PCL (a) | | 1,687,994 | 347,148 |
| True Corp. PCL NVDR (a) | | 2,824,723 | 580,925 |
| WHA Corp. PCL: | | | |
| (For. Reg.) | | 1,748,400 | 234,293 |
| NVDR | | 2,139,700 | 286,729 |
TOTAL THAILAND | | | 57,032,005 |
| Turkey - 0.3% | | | |
| Akbank TAS | | 1,281,854 | 2,353,042 |
| Aksa Akrilik Kimya Sanayii | | 80,723 | 290,128 |
| Alarko Holding AS | | 96,863 | 348,735 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 96,808 | 545,523 |
| Anadolu Sigoria (a) | | 106,526 | 296,031 |
| Aselsan A/S | | 594,295 | 1,114,776 |
| Bim Birlesik Magazalar A/S JSC | | 188,000 | 2,246,509 |
| Cimsa Cimento Sanayi Ve Ticaret A/S | | 247,428 | 244,019 |
| Coca-Cola Icecek Sanayi A/S | | 33,408 | 747,873 |
| Dogan Sirketler Grubu Holding A/S | | 1,005,149 | 452,819 |
| Dogus Otomotiv Servis ve Ticaret A/S | | 27,147 | 237,847 |
| Ege Endustri Ve Ticaret A/S | | 577 | 311,784 |
| Eldorado Gold Corp. (a) | | 83,411 | 1,188,773 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | | 1,038,151 | 312,219 |
| Enerjisa Enerji A/S (d) | | 159,020 | 334,133 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 638,497 | 848,931 |
| Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret A/S | | 45,412 | 208,928 |
| Ford Otomotiv Sanayi A/S | | 29,707 | 1,021,841 |
| Haci Omer Sabanci Holding A/S | | 447,800 | 1,276,219 |
| Hektas Ticaret A/S (a) | | 593,331 | 278,837 |
| Is Yatirim Menkul Degerler A/S | | 264,068 | 304,786 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D | | 597,848 | 480,327 |
| Kiler Holding A/S | | 152,108 | 209,002 |
| Koc Holding A/S | | 316,804 | 2,211,722 |
| Kontrolmatik Enerji Ve Muhendislik A/S | | 44,766 | 326,212 |
| Koza Altin Isletmeleri A/S | | 607,904 | 436,600 |
| Mavi Jeans Class B (d) | | 157,488 | 449,809 |
| MIA Teknoloji A/S | | 108,054 | 187,507 |
| Migros Turk Ticaret A/S | | 42,371 | 578,270 |
| Nuh Cimento Sanayi A/S | | 30,926 | 291,009 |
| Odas Elektrik Uretim Ve Sanayi (a) | | 789,192 | 232,959 |
| Otokar Otomotiv ve Savunma Sanayi A.S. | | 22,674 | 366,509 |
| Oyak Cimento Fabrikalari A/S (a) | | 200,250 | 374,701 |
| Pegasus Hava Tasimaciligi A/S (a) | | 23,204 | 740,837 |
| Peker Gayrimenkul Yatirim Ortakligi A/S | | 240,602 | 59,730 |
| Petkim Petrokimya Holding A/S (a) | | 642,814 | 411,258 |
| Politeknik Metal Sanayi Ve Ticaret A/S | | 331 | 189,077 |
| Reeder Teknoloji Sanayi VE Ticaret A/S | | 110,098 | 141,760 |
| Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S | | 251,245 | 262,368 |
| Sasa Polyester Sanayi A/S | | 560,785 | 714,785 |
| Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret A/S | | 117,108 | 200,687 |
| Sok Marketler Ticaret A/S | | 163,959 | 295,150 |
| TAV Havalimanlari Holding A/S (a) | | 95,050 | 645,382 |
| Tofas Turk Otomobil Fabrikasi A/S | | 60,784 | 516,602 |
| Turk Hava Yollari AO (a) | | 233,779 | 2,353,219 |
| Turkcell Iletisim Hizmet A/S | | 542,975 | 1,354,661 |
| Turkiye Is Bankasi A/S Series C | | 3,640,801 | 1,541,252 |
| Turkiye Petrol Rafinerileri A/S | | 396,709 | 2,398,414 |
| Turkiye Sise ve Cam Fabrikalari A/S | | 659,012 | 1,025,565 |
| Ulker Biskuvi Sanayi A/S (a) | | 95,436 | 336,820 |
| Vestel Elektonik Sanayi ve Ticaret A/S (a) | | 81,025 | 208,903 |
| Yapi ve Kredi Bankasi A/S | | 1,432,651 | 1,427,951 |
TOTAL TURKEY | | | 35,932,801 |
| United Arab Emirates - 0.3% | | | |
| Abu Dhabi Commercial Bank PJSC | | 1,187,776 | 2,700,299 |
| Abu Dhabi Islamic Bank | | 599,838 | 1,822,590 |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 1,279,919 | 1,216,183 |
| Agthia Group PJSC | | 169,651 | 263,745 |
| Air Arabia PJSC (a) | | 986,914 | 720,120 |
| Ajman Bank PJSC (a) | | 566,316 | 289,873 |
| Al Yah Satellite Communications Co. PJSC (Yahsat) | | 638,125 | 416,973 |
| Aldar Properties PJSC | | 1,557,151 | 2,314,804 |
| Americana Restaurants International PLC | | 1,034,152 | 937,604 |
| Aramex Co. | | 366,368 | 258,350 |
| Dana Gas PJSC | | 2,603,001 | 489,006 |
| Dubai Financial Market PJSC | | 753,755 | 283,205 |
| Dubai Investments Ltd. | | 943,413 | 559,950 |
| Dubai Islamic Bank Pakistan Ltd. | | 1,189,591 | 1,800,791 |
| Emaar Properties PJSC | | 2,661,066 | 5,948,257 |
| Emirates Central Cooling Systems Corp. | | 917,102 | 397,014 |
| Emirates NBD Bank PJSC | | 764,962 | 3,540,623 |
| Emirates Telecommunications Corp. | | 1,397,728 | 6,469,377 |
| First Abu Dhabi Bank PJSC | | 1,786,716 | 6,071,011 |
| Gulf Navigation Holding PJSC (a) | | 166,428 | 332,593 |
| Multiply Group (a) | | 1,658,714 | 1,038,700 |
| National Central Cooling Co. (a) | | 370,399 | 306,573 |
| Network International Holdings PLC (a)(d) | | 200,417 | 984,695 |
| NMC Health PLC (a)(c) | | 17,953 | 4 |
| Ras Al Khaimah Ceramics | | 337,433 | 253,564 |
| Sharjah Islamic Bank | | 642,418 | 391,793 |
| Waha Capital PJSC | | 465,398 | 190,067 |
TOTAL UNITED ARAB EMIRATES | | | 39,997,764 |
| United Kingdom - 6.9% | | | |
| 3i Group PLC | | 389,177 | 13,904,302 |
| 4Imprint Group PLC | | 11,603 | 910,508 |
| A.G. Barr PLC | | 53,394 | 380,962 |
| AB Dynamics PLC | | 9,481 | 214,430 |
| Abrdn PLC | | 759,479 | 1,390,295 |
| Admiral Group PLC | | 105,806 | 3,608,008 |
| Advanced Medical Solutions Group PLC | | 112,876 | 267,138 |
| AJ Bell PLC | | 131,352 | 530,963 |
| Allfunds Group PLC (b) | | 139,959 | 887,224 |
| Alpha Financial Markets Consulting PLC | | 58,639 | 245,462 |
| Alpha FX Group PLC | | 15,321 | 409,689 |
| Alphawave IP Group PLC (a)(b) | | 142,191 | 226,713 |
| AngloGold Ashanti PLC | | 168,920 | 3,884,924 |
| Ascential PLC (a)(b) | | 182,312 | 712,583 |
| Ashmore Group PLC | | 198,382 | 479,416 |
| Ashtead Group PLC | | 176,072 | 12,853,029 |
| Ashtead Technology Holdings PLC | | 35,770 | 365,170 |
| Associated British Foods PLC | | 135,489 | 4,496,615 |
| Assura PLC | | 1,275,681 | 657,058 |
| Aston Martin Lagonda Global Holdings PLC (a)(b)(d) | | 98,404 | 182,228 |
| AstraZeneca PLC (United Kingdom) | | 623,316 | 94,275,892 |
| Auction Technology Group PLC (a)(b) | | 43,633 | 272,063 |
| Auto Trader Group PLC (d) | | 365,781 | 3,171,131 |
| Aviva PLC | | 1,087,114 | 6,326,084 |
| B&M European Value Retail SA | | 403,237 | 2,615,058 |
| Babcock International Group PLC | | 108,033 | 685,088 |
| BAE Systems PLC | | 1,216,472 | 20,232,626 |
| Balfour Beatty PLC | | 222,349 | 1,010,768 |
| Barclays PLC | | 6,090,218 | 15,355,236 |
| Barratt Developments PLC | | 391,169 | 2,222,506 |
| Beazley PLC | | 273,484 | 2,265,683 |
| Bellway PLC | | 49,361 | 1,560,480 |
| Berkeley Group Holdings PLC | | 42,373 | 2,495,930 |
| Big Yellow Group PLC | | 76,408 | 1,031,137 |
| Bodycote PLC | | 86,776 | 754,679 |
| Breedon Group PLC | | 115,998 | 524,702 |
| Bridgepoint Group PLC (d) | | 109,606 | 315,552 |
| British American Tobacco PLC (United Kingdom) | | 806,480 | 23,675,251 |
| British Land Co. PLC | | 345,099 | 1,673,128 |
| Britvic PLC | | 96,990 | 1,071,960 |
| BT Group PLC | | 2,600,744 | 3,334,253 |
| Bunzl PLC | | 134,702 | 5,174,061 |
| Burberry Group PLC | | 146,216 | 2,092,152 |
| Bytes Technology Group PLC | | 99,355 | 606,096 |
| Capita Group PLC (a)(b) | | 932,159 | 156,546 |
| Central Asia Metals PLC | | 137,537 | 361,764 |
| Centrica PLC | | 2,165,808 | 3,462,692 |
| Chemring Group PLC | | 128,513 | 602,188 |
| CK Hutchison Holdings Ltd. | | 1,063,500 | 5,165,181 |
| Clarkson PLC | | 12,020 | 583,511 |
| Close Brothers Group PLC | | 65,898 | 374,989 |
| Coats Group PLC (b) | | 663,798 | 676,001 |
| Coca-Cola European Partners PLC | | 82,717 | 5,957,278 |
| Compass Group PLC | | 684,118 | 19,027,872 |
| Computacenter PLC | | 35,384 | 1,141,607 |
| ConvaTec Group PLC (d) | | 658,859 | 2,058,193 |
| Craneware PLC | | 13,933 | 370,833 |
| Cranswick PLC | | 22,573 | 1,215,683 |
| Crest Nicholson Holdings PLC | | 128,995 | 299,644 |
| Croda International PLC | | 53,736 | 3,095,422 |
| Currys PLC (a)(b) | | 419,393 | 324,126 |
| CVS Group PLC | | 32,442 | 396,866 |
| Darktrace PLC (a) | | 144,279 | 1,086,030 |
| DCC PLC (United Kingdom) | | 39,151 | 2,683,324 |
| Deliveroo PLC Class A (a)(d) | | 388,286 | 649,175 |
| Derwent London PLC | | 38,867 | 998,522 |
| Diageo PLC | | 896,453 | 30,981,127 |
| Diploma PLC | | 54,130 | 2,453,912 |
| Direct Line Insurance Group PLC | | 539,750 | 1,253,118 |
| Discoverie Group PLC | | 44,895 | 395,495 |
| Domino's Pizza UK & IRL PLC | | 151,188 | 615,491 |
| Dowlais Group PLC | | 592,251 | 604,619 |
| Dr. Martens Ltd. | | 265,536 | 252,168 |
| Drax Group PLC | | 159,192 | 1,030,397 |
| DS Smith PLC | | 554,310 | 2,427,004 |
| Dunelm Group PLC | | 52,558 | 666,590 |
| easyJet PLC | | 125,956 | 847,694 |
| Elementis PLC | | 258,739 | 455,863 |
| Empiric Student Property PLC | | 289,065 | 326,887 |
| Entain PLC | | 260,016 | 2,555,687 |
| Essentra PLC | | 144,371 | 318,584 |
| FDM Group Holdings PLC | | 50,188 | 216,671 |
| Fever-Tree Drinks PLC | | 45,173 | 639,532 |
| Firstgroup PLC | | 284,286 | 576,182 |
| Flutter Entertainment PLC (a) | | 71,302 | 13,297,491 |
| Forterra PLC (d) | | 124,287 | 255,628 |
| Frasers Group PLC (a) | | 48,489 | 494,713 |
| Future PLC | | 44,639 | 369,813 |
| Games Workshop Group PLC | | 13,398 | 1,659,080 |
| Gamma Communications PLC | | 41,911 | 684,998 |
| GB Group PLC (b) | | 121,254 | 436,054 |
| Genuit Group PLC | | 108,653 | 592,625 |
| Genus PLC | | 28,289 | 637,687 |
| Grafton Group PLC unit | | 84,100 | 994,755 |
| Grainger Trust PLC | | 289,228 | 927,003 |
| Great Portland Estates PLC | | 97,172 | 475,971 |
| Greggs PLC | | 41,660 | 1,418,012 |
| Halfords Group PLC | | 98,449 | 185,756 |
| Halma PLC | | 151,512 | 4,178,333 |
| Hammerson PLC | | 1,618,078 | 550,757 |
| Harbour Energy PLC | | 255,415 | 922,035 |
| Hargreaves Lansdown PLC | | 143,504 | 1,459,269 |
| Hays PLC | | 658,763 | 757,716 |
| Hill & Smith Holdings PLC | | 33,591 | 793,302 |
| Hilton Food Group PLC | | 37,524 | 429,495 |
| Hiscox Ltd. | | 140,691 | 2,162,345 |
| Hollywood Bowl Group PLC | | 83,727 | 357,281 |
| Home (REIT) PLC (a)(c) | | 386,246 | 183,642 |
| Howden Joinery Group PLC | | 220,892 | 2,417,897 |
| HSBC Holdings PLC (United Kingdom) | | 7,701,871 | 66,759,458 |
| Hunting PLC | | 67,679 | 302,755 |
| Ibstock PLC (d) | | 223,972 | 414,759 |
| IG Group Holdings PLC | | 153,491 | 1,434,624 |
| IMI PLC | | 103,065 | 2,256,311 |
| Impax Asset Management Group PLC | | 46,904 | 261,103 |
| Imperial Brands PLC | | 330,655 | 7,555,518 |
| Inchcape PLC | | 151,392 | 1,513,375 |
| Indivior PLC (a) | | 47,503 | 855,933 |
| Informa PLC | | 544,937 | 5,418,809 |
| IntegraFin Holdings PLC | | 130,127 | 487,801 |
| InterContinental Hotel Group PLC | | 66,347 | 6,471,089 |
| Intermediate Capital Group PLC | | 116,491 | 3,056,788 |
| International Distributions Services PLC (a) | | 301,628 | 1,019,889 |
| Intertek Group PLC | | 64,175 | 3,964,587 |
| Investec PLC | | 255,712 | 1,634,370 |
| IP Group PLC | | 446,599 | 267,584 |
| ITV PLC | | 1,475,997 | 1,296,565 |
| J Sainsbury PLC | | 664,204 | 2,186,104 |
| J.D. Wetherspoon PLC (a) | | 39,527 | 357,838 |
| JD Sports Fashion PLC | | 1,050,052 | 1,516,779 |
| Jet2 PLC | | 69,900 | 1,254,253 |
| John Wood Group PLC (a) | | 296,565 | 549,930 |
| Johnson Matthey PLC | | 73,698 | 1,617,089 |
| Johnson Service Group PLC | | 226,302 | 366,477 |
| Jupiter Fund Management PLC | | 209,468 | 202,849 |
| Just Eat Takeaway.com NV (a)(b)(d) | | 78,141 | 1,156,648 |
| Just Group PLC | | 474,388 | 614,111 |
| Kainos Group PLC | | 39,287 | 481,583 |
| Keller Group PLC | | 30,583 | 421,893 |
| Kier Group PLC | | 197,458 | 331,117 |
| Kingfisher PLC | | 755,911 | 2,328,451 |
| Lancashire Holdings Ltd. | | 102,824 | 783,751 |
| Land Securities Group PLC | | 277,105 | 2,252,399 |
| Learning Technologies Group PLC (b) | | 275,584 | 252,413 |
| Legal & General Group PLC | | 2,403,267 | 7,087,085 |
| Liontrust Asset Management PLC | | 33,584 | 283,263 |
| Lloyds Banking Group PLC | | 25,484,332 | 16,447,167 |
| London Stock Exchange Group PLC | | 165,156 | 18,206,815 |
| Londonmetric Properity PLC | | 816,074 | 2,004,780 |
| M&G PLC | | 894,129 | 2,246,808 |
| Man Group PLC | | 484,682 | 1,560,114 |
| Marks & Spencer Group PLC | | 794,509 | 2,539,528 |
| Marlowe PLC (a) | | 34,529 | 211,414 |
| Marshalls PLC | | 109,163 | 366,928 |
| ME Group International PLC | | 103,630 | 206,926 |
| Melrose Industries PLC | | 539,388 | 4,258,283 |
| Mitchells & Butlers PLC (a) | | 117,910 | 355,813 |
| Mitie Group PLC | | 541,118 | 791,100 |
| Mobico Group PLC | | 237,395 | 164,337 |
| Molten Ventures PLC (a)(b) | | 74,981 | 261,871 |
| Moneysupermarket.com Group PLC | | 230,011 | 619,082 |
| Moonpig Group PLC (a) | | 145,367 | 283,000 |
| Morgan Advanced Materials PLC | | 133,514 | 523,854 |
| Morgan Sindall PLC | | 20,232 | 572,612 |
| National Grid PLC | | 1,467,049 | 19,243,520 |
| NatWest Group PLC | | 2,288,863 | 8,639,047 |
| NCC Group Ltd. | | 157,852 | 267,463 |
| Next Fifteen Communications Group PLC | | 38,600 | 432,647 |
| Next PLC | | 48,288 | 5,435,271 |
| Ninety One PLC | | 119,425 | 251,747 |
| Ocado Group PLC (a)(b) | | 237,219 | 1,046,648 |
| OSB Group PLC | | 161,630 | 829,267 |
| Oxford Instruments PLC | | 24,266 | 685,268 |
| Oxford Nanopore Technologies Ltd. (a)(b) | | 240,219 | 295,213 |
| Pagegroup PLC | | 140,363 | 782,593 |
| Pan African Resources PLC | | 868,441 | 262,609 |
| Paragon Banking Group PLC | | 87,276 | 780,294 |
| Pearson PLC | | 252,044 | 3,058,262 |
| Pennon Group PLC | | 122,228 | 1,016,418 |
| Pepco Group NV (a)(b) | | 74,571 | 354,619 |
| Persimmon PLC | | 131,672 | 2,145,481 |
| Pets At Home Group PLC | | 194,004 | 708,345 |
| Phoenix Group Holdings PLC (b) | | 305,934 | 1,872,407 |
| Picton Property Income Ltd. | | 326,575 | 270,552 |
| Playtech Ltd. (a) | | 104,920 | 694,845 |
| Polar Capital Holdings PLC | | 53,559 | 362,062 |
| Premier Foods PLC | | 276,728 | 559,481 |
| Primary Health Properties PLC | | 564,529 | 647,211 |
| QinetiQ Group PLC | | 221,324 | 950,244 |
| Quilter PLC (b)(d) | | 586,950 | 805,299 |
| Rathbone Brothers PLC | | 27,277 | 558,296 |
| Reckitt Benckiser Group PLC | | 287,205 | 16,056,772 |
| Redde Northgate PLC | | 109,567 | 526,417 |
| Redrow PLC | | 107,281 | 861,961 |
| RELX PLC (London Stock Exchange) | | 753,202 | 30,946,721 |
| Renew Holdings PLC | | 36,617 | 432,383 |
| Renewi PLC (a) | | 33,074 | 232,674 |
| Renishaw PLC | | 15,065 | 781,216 |
| Rentokil Initial PLC | | 1,014,849 | 5,122,931 |
| Rightmove PLC | | 323,811 | 2,083,783 |
| Rolls-Royce Holdings PLC (a) | | 3,386,057 | 17,363,786 |
| Rotork PLC | | 345,404 | 1,395,793 |
| RS GROUP PLC | | 199,355 | 1,835,897 |
| RWS Holdings PLC | | 130,788 | 282,074 |
| Safestore Holdings PLC | | 90,776 | 877,374 |
| Sage Group PLC | | 409,240 | 5,962,526 |
| Savills PLC | | 56,009 | 757,249 |
| Schroders PLC | | 315,988 | 1,393,005 |
| Segro PLC | | 500,556 | 5,303,984 |
| Serco Group PLC | | 436,538 | 999,312 |
| Serica Energy PLC | | 125,161 | 290,895 |
| Severn Trent PLC | | 107,486 | 3,313,406 |
| Shaftesbury Capital PLC | | 590,759 | 994,332 |
| Smith & Nephew PLC | | 354,363 | 4,293,340 |
| Smiths Group PLC | | 137,439 | 2,775,268 |
| Softcat PLC | | 52,704 | 1,033,285 |
| Spectris PLC | | 41,457 | 1,725,026 |
| Spirax-Sarco Engineering PLC (b) | | 29,520 | 3,262,630 |
| Spire Healthcare Group PLC (d) | | 137,523 | 423,590 |
| Spirent Communications PLC | | 288,409 | 701,663 |
| SSE PLC | | 436,748 | 9,078,418 |
| SSP Group PLC | | 328,062 | 807,152 |
| St. James's Place PLC | | 225,111 | 1,225,288 |
| Standard Chartered PLC (United Kingdom) | | 912,011 | 7,835,580 |
| SThree PLC | | 64,689 | 344,749 |
| Subsea 7 SA | | 91,260 | 1,480,403 |
| Supermarket Income (REIT) PLC | | 547,397 | 493,848 |
| Target Healthcare (REIT) PLC | | 303,676 | 295,219 |
| Tate & Lyle PLC | | 165,100 | 1,359,522 |
| Taylor Wimpey PLC | | 1,429,110 | 2,355,397 |
| Telecom Plus PLC | | 32,404 | 702,914 |
| Tesco PLC | | 2,814,067 | 10,389,735 |
| The PRS REIT PLC | | 260,855 | 257,828 |
| The Weir Group PLC | | 102,097 | 2,615,294 |
| THG PLC (a)(b) | | 271,325 | 215,287 |
| TORM PLC | | 16,887 | 583,285 |
| TP ICAP Group PLC | | 315,474 | 817,966 |
| Trainline PLC (a)(d) | | 186,551 | 695,585 |
| Travis Perkins PLC | | 94,582 | 889,933 |
| Tritax Big Box REIT PLC | | 766,554 | 1,452,097 |
| Trustpilot Group PLC (a)(d) | | 129,900 | 308,726 |
| Tyman PLC | | 106,273 | 500,631 |
| Unilever PLC | | 1,003,083 | 51,890,292 |
| Unite Group PLC | | 144,773 | 1,678,762 |
| United Utilities Group PLC | | 270,108 | 3,525,328 |
| Urban Logistics REIT PLC | | 224,218 | 324,439 |
| Vesuvius PLC | | 93,092 | 558,933 |
| Victrex PLC | | 40,146 | 635,082 |
| Virgin Money UK PLC | | 486,626 | 1,300,040 |
| Vistry Group PLC | | 132,008 | 1,976,108 |
| Vodafone Group PLC | | 9,258,074 | 7,807,353 |
| Volex PLC | | 70,968 | 284,657 |
| Volution Group PLC | | 99,376 | 540,783 |
| Warehouse (REIT) PLC | | 231,957 | 232,453 |
| Watches of Switzerland Group PLC (a)(d) | | 104,716 | 443,313 |
| WH Smith PLC | | 55,709 | 763,635 |
| Whitbread PLC | | 74,946 | 2,965,857 |
| Wickes Group PLC | | 149,733 | 272,416 |
| Wise PLC (a) | | 246,397 | 2,390,730 |
| Workspace Group PLC | | 59,102 | 367,408 |
| WPP PLC | | 432,062 | 4,330,628 |
| Yellow Cake PLC (a)(d) | | 94,168 | 757,780 |
| YouGov PLC | | 44,618 | 485,046 |
TOTAL UNITED KINGDOM | | | 847,150,444 |
| United States of America - 5.1% | | | |
| Bausch Health Cos., Inc. (Canada) (a) | | 114,382 | 1,001,986 |
| BP PLC | | 6,874,004 | 44,307,335 |
| Brookfield Renewable Corp. | | 60,502 | 1,405,480 |
| BRP, Inc. | | 14,764 | 993,311 |
| Burford Capital Ltd. | | 76,534 | 1,185,850 |
| Carnival PLC (a) | | 57,000 | 764,285 |
| CRH PLC | | 279,188 | 21,754,870 |
| CSL Ltd. | | 194,224 | 34,508,969 |
| CyberArk Software Ltd. (a) | | 17,121 | 4,096,199 |
| Diversified Gas & Oil PLC (b) | | 22,935 | 322,694 |
| Energy Fuels, Inc. (a)(b) | | 71,692 | 371,310 |
| Experian PLC | | 367,465 | 14,821,313 |
| Ferrovial SE | | 205,576 | 7,415,406 |
| Fiverr International Ltd. (a)(b) | | 14,199 | 291,221 |
| GCC S.A.B. de CV | | 69,000 | 785,349 |
| GFL Environmental, Inc. | | 90,923 | 2,901,425 |
| GSK PLC | | 1,651,701 | 34,267,708 |
| Haleon PLC | | 2,750,276 | 11,615,359 |
| Holcim AG | | 207,585 | 17,376,479 |
| InMode Ltd. (a) | | 32,674 | 561,666 |
| James Hardie Industries PLC CDI (a) | | 176,700 | 6,074,584 |
| JBS SA | | 316,400 | 1,428,266 |
| Legend Biotech Corp. ADR (a) | | 30,679 | 1,341,899 |
| MDA Ltd. (a) | | 43,738 | 451,788 |
| Monday.com Ltd. (a) | | 11,711 | 2,217,244 |
| Nestle SA (Reg. S) | | 1,072,619 | 107,691,160 |
| Parade Technologies Ltd. | | 32,000 | 725,191 |
| Primo Water Corp. | | 68,838 | 1,298,973 |
| QIAGEN NV (Germany) | | 89,611 | 3,737,332 |
| Reliance Worldwide Corp. Ltd. | | 324,672 | 1,065,683 |
| Resolute Forest Products, Inc. rights (a)(c) | | 19,734 | 0 |
| RHI Magnesita NV | | 8,340 | 377,249 |
| Riskified Ltd. (a)(b) | | 46,338 | 238,641 |
| Roche Holding AG: | | | |
| (Bearer) | | 16,726 | 4,381,421 |
| (participation certificate) | | 278,202 | 66,661,155 |
| Sanofi SA | | 458,071 | 45,254,215 |
| Schneider Electric SA | | 218,686 | 49,863,318 |
| Shell PLC (London) | | 2,607,134 | 92,680,010 |
| Sims Ltd. | | 70,130 | 537,496 |
| Stellantis NV (Italy) | | 889,165 | 19,813,385 |
| Swiss Re Ltd. | | 120,677 | 13,104,137 |
| Tenaris SA | | 187,656 | 3,139,177 |
| Titan Cement International Trading SA | | 16,880 | 535,927 |
TOTAL UNITED STATES OF AMERICA | | | 623,366,466 |
| Zambia - 0.0% | | | |
| First Quantum Minerals Ltd. | | 285,839 | 3,629,438 |
| TOTAL COMMON STOCKS (Cost $10,769,430,775) | | | 11,773,768,232 |
| | | | |
| Nonconvertible Preferred Stocks - 0.9% |
| | | Shares | Value ($) |
| Brazil - 0.4% | | | |
| Alpargatas SA (PN) (a) | | 111,600 | 203,315 |
| Azul SA (a) | | 129,900 | 243,910 |
| Banco ABC Brasil SA | | 1,764 | 7,769 |
| Banco ABC Brasil SA Series A | | 56,941 | 253,858 |
| Banco Bradesco SA (PN) | | 1,963,052 | 5,292,672 |
| Banco do Estado Rio Grande do Sul SA Class B | | 108,600 | 263,521 |
| Banco Pan SA | | 157,900 | 277,935 |
| Bradespar SA (PN) | | 122,156 | 468,854 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 172,011 | 1,376,724 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 726,822 | 1,777,793 |
| Companhia Paranaense de Energia-COPEL (PN-B) | | 435,500 | 762,372 |
| Gerdau SA | | 559,821 | 1,968,634 |
| Itau Unibanco Holding SA | | 1,926,560 | 11,635,197 |
| Itausa-Investimentos Itau SA (PN) | | 2,142,123 | 3,943,823 |
| Marcopolo SA (PN) | | 339,640 | 431,042 |
| Metalurgica Gerdau SA (PN) | | 282,200 | 574,987 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 2,083,386 | 16,859,354 |
| Randon Participacoes SA (PN) | | 107,400 | 221,104 |
| Unipar Carbocloro SA | | 30,459 | 309,658 |
| Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) | | 202,900 | 309,082 |
TOTAL BRAZIL | | | 47,181,604 |
| Chile - 0.0% | | | |
| Embotelladora Andina SA Class B | | 163,308 | 461,831 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 57,839 | 2,641,779 |
TOTAL CHILE | | | 3,103,610 |
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 179,187 | 1,466,200 |
| Germany - 0.3% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 29,160 | 3,003,037 |
| Dr. Ing. h.c. F. Porsche AG Series F (d) | | 45,807 | 4,078,035 |
| Draegerwerk AG & Co. KGaA (non-vtg.) | | 4,521 | 239,793 |
| Fuchs Petrolub AG | | 27,997 | 1,309,271 |
| Henkel AG & Co. KGaA | | 66,130 | 5,253,483 |
| Jungheinrich AG | | 22,242 | 827,935 |
| Porsche Automobil Holding SE (Germany) | | 62,132 | 3,165,719 |
| Sartorius AG (non-vtg.) | | 10,540 | 3,175,392 |
| Sixt SE Preference Shares | | 4,689 | 325,267 |
| Sto SE & Co. KGaA | | 1,717 | 295,380 |
| Volkswagen AG | | 83,092 | 10,179,193 |
TOTAL GERMANY | | | 31,852,505 |
| Italy - 0.0% | | | |
| Danieli & C. Officine Meccaniche SpA | | 22,450 | 578,601 |
| Korea (South) - 0.2% | | | |
| Daishin Securities Co. Ltd. | | 18,377 | 197,470 |
| Hyundai Motor Co. Ltd. | | 6,122 | 694,673 |
| Hyundai Motor Co. Ltd. Series 2 | | 25,493 | 2,904,874 |
| LG Chemical Ltd. | | 4,548 | 870,416 |
| Samsung Electronics Co. Ltd. | | 365,926 | 17,037,665 |
TOTAL KOREA (SOUTH) | | | 21,705,098 |
| Russia - 0.0% | | | |
| Surgutneftegas OJSC (a)(c) | | 1,961,555 | 33,981 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $108,435,049) | | | 105,921,599 |
| | | | |
| Government Obligations - 0.1% |
| | | Principal Amount (f) | Value ($) |
| United States of America - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (g) (Cost $11,164,166) | | 11,200,000 | 11,163,861 |
| | | | |
| Money Market Funds - 3.7% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (h) | | 328,504,527 | 328,570,228 |
| Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 130,519,196 | 130,532,248 |
| TOTAL MONEY MARKET FUNDS (Cost $459,102,826) | | | 459,102,476 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $11,348,132,816) | 12,349,956,168 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (60,419,130) |
| NET ASSETS - 100.0% | 12,289,537,038 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 2,326 | Jun 2024 | 263,710,250 | (5,088,545) | (5,088,545) |
| ICE MSCI Emerging Markets Index Contracts (United States) | 2,226 | Jun 2024 | 115,974,600 | 220,056 | 220,056 |
| TME S&P/TSX 60 Index Contracts (Canada) | 164 | Jun 2024 | 31,104,783 | (276,181) | (276,181) |
| | | | | | |
| TOTAL FUTURES CONTRACTS | | | | | (5,144,670) |
| The notional amount of futures purchased as a percentage of Net Assets is 3.3% |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $284,022,231 or 2.3% of net assets. |
| (e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $11,163,861. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 342,388,114 | 1,151,375,216 | 1,165,191,367 | 6,744,215 | (1,385) | (350) | 328,570,228 | 0.7% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 105,473,115 | 189,071,208 | 164,012,075 | 828,841 | - | - | 130,532,248 | 0.5% |
| Total | 447,861,229 | 1,340,446,424 | 1,329,203,442 | 7,573,056 | (1,385) | (350) | 459,102,476 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 589,796,282 | 135,399,278 | 453,931,564 | 465,440 |
Consumer Discretionary | 1,385,612,239 | 375,274,757 | 1,010,264,342 | 73,140 |
Consumer Staples | 864,812,615 | 260,798,412 | 604,010,572 | 3,631 |
Energy | 661,561,870 | 272,388,166 | 387,320,200 | 1,853,504 |
Financials | 2,383,951,402 | 983,855,512 | 1,399,905,560 | 190,330 |
Health Care | 1,059,215,173 | 183,319,024 | 875,680,142 | 216,007 |
Industrials | 1,765,196,432 | 613,656,759 | 1,150,754,772 | 784,901 |
Information Technology | 1,499,157,602 | 344,821,278 | 1,154,336,323 | 1 |
Materials | 964,702,738 | 411,262,028 | 552,066,950 | 1,373,760 |
Real Estate | 343,167,546 | 120,249,756 | 222,724,096 | 193,694 |
Utilities | 362,515,932 | 130,146,199 | 232,280,259 | 89,474 |
|
| Government Obligations | 11,163,861 | - | 11,163,861 | - |
|
| Money Market Funds | 459,102,476 | 459,102,476 | - | - |
| Total Investments in Securities: | 12,349,956,168 | 4,290,273,645 | 8,054,438,641 | 5,243,882 |
Derivative Instruments: Assets | | | | |
Futures Contracts | 220,056 | 220,056 | - | - |
| Total Assets | 220,056 | 220,056 | - | - |
| Liabilities | | | | |
Futures Contracts | (5,364,726) | (5,364,726) | - | - |
| Total Liabilities | (5,364,726) | (5,364,726) | - | - |
| Total Derivative Instruments: | (5,144,670) | (5,144,670) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 220,056 | (5,364,726) |
| Total Equity Risk | 220,056 | (5,364,726) |
| Total Value of Derivatives | 220,056 | (5,364,726) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $121,516,240) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $10,889,029,990) | $ | 11,890,853,692 | | |
Fidelity Central Funds (cost $459,102,826) | | 459,102,476 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $11,348,132,816) | | | $ | 12,349,956,168 |
| Segregated cash with brokers for derivative instruments | | | | 1,931,660 |
| Foreign currency held at value (cost $36,785,503) | | | | 36,432,258 |
| Receivable for investments sold | | | | 791,540 |
| Receivable for fund shares sold | | | | 10,993,850 |
| Dividends receivable | | | | 39,688,712 |
| Reclaims receivable | | | | 20,689,367 |
| Distributions receivable from Fidelity Central Funds | | | | 1,370,435 |
| Other receivables | | | | 46 |
Total assets | | | | 12,461,854,036 |
| Liabilities | | | | |
| Payable for investments purchased on a delayed delivery basis | $ | 549,542 | | |
| Payable for fund shares redeemed | | 5,970,727 | | |
| Accrued management fee | | 614,764 | | |
| Payable for daily variation margin on futures contracts | | 5,482,720 | | |
| Deferred taxes | | 29,150,840 | | |
| Other payables and accrued expenses | | 14,833 | | |
| Collateral on securities loaned | | 130,533,572 | | |
| Total liabilities | | | | 172,316,998 |
| Net Assets | | | $ | 12,289,537,038 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 11,610,357,764 |
| Total accumulated earnings (loss) | | | | 679,179,274 |
| Net Assets | | | $ | 12,289,537,038 |
Net Asset Value, offering price and redemption price per share ($12,289,537,038 ÷ 916,255,979 shares) | | | $ | 13.41 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 171,157,250 |
| Interest | | | | 487,840 |
| Income from Fidelity Central Funds (including $828,841 from security lending) | | | | 7,573,056 |
| Income before foreign taxes withheld | | | $ | 179,218,146 |
| Less foreign taxes withheld | | | | (15,632,612) |
| Total income | | | | 163,585,534 |
| Expenses | | | | |
| Management fee | $ | 3,441,289 | | |
| Independent trustees' fees and expenses | | 16,030 | | |
| Interest | | 15,473 | | |
| Total expenses before reductions | | 3,472,792 | | |
| Expense reductions | | (62,418) | | |
| Total expenses after reductions | | | | 3,410,374 |
| Net Investment income (loss) | | | | 160,175,160 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $1,084,039) | | (95,510,939) | | |
| Fidelity Central Funds | | (1,385) | | |
| Foreign currency transactions | | (1,668,670) | | |
| Futures contracts | | 28,805,492 | | |
| Total net realized gain (loss) | | | | (68,375,502) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $15,111,527) | | 1,538,606,709 | | |
| Fidelity Central Funds | | (350) | | |
| Assets and liabilities in foreign currencies | | (894,503) | | |
| Futures contracts | | 13,086,406 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 1,550,798,262 |
| Net gain (loss) | | | | 1,482,422,760 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 1,642,597,920 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 160,175,160 | $ | 295,393,381 |
| Net realized gain (loss) | | (68,375,502) | | (102,144,891) |
| Change in net unrealized appreciation (depreciation) | | 1,550,798,262 | | 742,480,360 |
| Net increase (decrease) in net assets resulting from operations | | 1,642,597,920 | | 935,728,850 |
| Distributions to shareholders | | (310,344,728) | | (218,213,495) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 2,295,575,343 | | 3,690,276,965 |
| Reinvestment of distributions | | 290,726,537 | | 204,119,321 |
| Cost of shares redeemed | | (1,473,428,457) | | (2,786,350,539) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 1,112,873,423 | | 1,108,045,747 |
| Total increase (decrease) in net assets | | 2,445,126,615 | | 1,825,561,102 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 9,844,410,423 | | 8,018,849,321 |
| End of period | $ | 12,289,537,038 | $ | 9,844,410,423 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 174,677,002 | | 296,975,955 |
| Issued in reinvestment of distributions | | 22,695,308 | | 17,551,102 |
| Redeemed | | (112,139,727) | | (224,337,969) |
| Net increase (decrease) | | 85,232,583 | | 90,189,088 |
| | | | | |
Financial Highlights
Fidelity® Total International Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 11.85 | $ | 10.82 | $ | 14.81 | $ | 11.54 | $ | 12.09 | $ | 11.14 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .18 | | .38 | | .38 | | .35 | | .27 | | .37 |
| Net realized and unrealized gain (loss) | | 1.75 | | .94 | | (4.00) | | 3.14 | | (.50) | | .81 |
| Total from investment operations | | 1.93 | | 1.32 | | (3.62) | | 3.49 | | (.23) | | 1.18 |
| Distributions from net investment income | | (.37) | | (.29) | | (.37) | | (.22) | | (.32) | | (.23) |
| Total distributions | | (.37) | | (.29) | | (.37) | | (.22) | | (.32) | | (.23) |
| Net asset value, end of period | $ | 13.41 | $ | 11.85 | $ | 10.82 | $ | 14.81 | $ | 11.54 | $ | 12.09 |
Total Return C,D | | | | 12.29% | | (25.01)% | | 30.47% | | (1.97)% | | 10.88% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
| Expenses before reductions | | .06% G | | .06% | | .06% | | .06% | | .06% | | .06% |
| Expenses net of fee waivers, if any | | | | .06% | | .06% | | .06% | | .06% | | .06% |
| Expenses net of all reductions | | .06% G | | .06% | | .06% | | .06% | | .06% | | .06% |
| Net investment income (loss) | | 2.79% G | | 3.02% | | 3.04% | | 2.47% | | 2.41% | | 3.25% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 12,289,537 | $ | 9,844,410 | $ | 8,018,849 | $ | 8,557,656 | $ | 4,656,266 | $ | 3,254,707 |
Portfolio turnover rate H | | | | 4% I | | 3% I | | 5% | | 4% | | 4% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
IPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
1. Organization.
Fidelity Total International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or ETFs but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes witheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & 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, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $2,433,888,413 |
| Gross unrealized depreciation | (1,541,644,201) |
| Net unrealized appreciation (depreciation) | $892,244,212 |
| Tax cost | $11,452,567,286 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(67,451,012) |
Long-term | (194,591,329) |
| Total capital loss carryforward | $(262,042,341) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Total International Index Fund | 1,252,362,368 | 286,602,605 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity Total International Index Fund | 4,412,954 | 17,381,109 | 56,088,646 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .06% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Fidelity Total International Index Fund | Borrower | 49,876,000 | 5.58% | 15,473 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Total International Index Fund | 87,475 | 1,207 | 282,141 |
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $62,418.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 (November 1, 2023 to April 30, 2024). |
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
| Fidelity® Total International Index Fund | | | | .06% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,164.00 | | $ .32 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.57 | | $ .30 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9879614.107
TI1-I-SANN-0624
Fidelity® International Sustainability Index Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
| |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 4.4 | |
| Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 3.1 | |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 2.6 | |
| Tencent Holdings Ltd. (China, Interactive Media & Services) | 2.2 | |
| AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 1.8 | |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 1.7 | |
| Novartis AG (Switzerland, Pharmaceuticals) | 1.5 | |
| HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) | 1.2 | |
| TotalEnergies SE (France, Oil, Gas & Consumable Fuels) | 1.2 | |
| Alibaba Group Holding Ltd. (China, Broadline Retail) | 1.2 | |
| | 20.9 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Financials | 20.0 | |
| Information Technology | 12.8 | |
| Industrials | 12.7 | |
| Consumer Discretionary | 10.9 | |
| Health Care | 9.7 | |
| Consumer Staples | 7.0 | |
| Materials | 6.9 | |
| Communication Services | 6.7 | |
| Energy | 4.5 | |
| Utilities | 2.9 | |
| Real Estate | 2.3 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 3.7% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 95.7% |
| | | Shares | Value ($) |
| Australia - 3.4% | | | |
| ANZ Group Holdings Ltd. | | 95,216 | 1,718,071 |
| APA Group unit | | 41,191 | 219,815 |
| Aristocrat Leisure Ltd. | | 18,252 | 465,791 |
| ASX Ltd. | | 6,016 | 245,754 |
| Aurizon Holdings Ltd. | | 56,674 | 139,206 |
| BlueScope Steel Ltd. | | 13,897 | 202,833 |
| Brambles Ltd. | | 43,837 | 412,403 |
| Cochlear Ltd. | | 2,061 | 429,941 |
| Coles Group Ltd. | | 42,109 | 439,164 |
| Computershare Ltd. | | 16,973 | 298,188 |
| DEXUS Property Group unit | | 34,647 | 157,374 |
| EBOS Group Ltd. | | 4,635 | 95,514 |
| Endeavour Group Ltd. | | 45,423 | 156,205 |
| Fortescue Ltd. | | 53,381 | 884,761 |
| Goodman Group unit | | 53,899 | 1,088,740 |
| IDP Education Ltd. | | 8,495 | 88,576 |
| Macquarie Group Ltd. | | 11,570 | 1,385,375 |
| Mineral Resources Ltd. | | 5,501 | 249,538 |
| Mirvac Group unit | | 125,411 | 164,322 |
| Northern Star Resources Ltd. | | 36,099 | 342,173 |
| Orica Ltd. | | 15,633 | 181,010 |
| Pilbara Minerals Ltd. | | 91,750 | 233,587 |
| QBE Insurance Group Ltd. | | 47,217 | 540,114 |
| Ramsay Health Care Ltd. | | 5,878 | 197,032 |
| REA Group Ltd. | | 1,683 | 192,919 |
| Scentre Group unit | | 160,046 | 324,101 |
| SEEK Ltd. | | 11,339 | 175,163 |
| Sonic Healthcare Ltd. | | 14,109 | 242,473 |
| Stockland Corp. Ltd. unit | | 75,932 | 215,124 |
| Suncorp Group Ltd. | | 40,008 | 427,302 |
| Telstra Group Ltd. | | 126,819 | 299,624 |
| The GPT Group | | 61,992 | 166,723 |
| Transurban Group unit | | 96,878 | 777,781 |
| Vicinity Centres unit | | 125,652 | 153,870 |
| Woodside Energy Group Ltd. | | 59,943 | 1,073,999 |
TOTAL AUSTRALIA | | | 14,384,566 |
| Austria - 0.2% | | | |
| Mondi PLC | | 13,815 | 262,218 |
| Mondi PLC | | 10 | 191 |
| OMV AG | | 4,575 | 218,147 |
| Verbund AG | | 2,161 | 165,125 |
TOTAL AUSTRIA | | | 645,681 |
| Belgium - 0.2% | | | |
| KBC Group NV | | 7,893 | 588,796 |
| Umicore SA | | 6,781 | 150,957 |
TOTAL BELGIUM | | | 739,753 |
| Brazil - 0.9% | | | |
| Atacadao SA | | 19,400 | 41,732 |
| Banco Santander SA (Brasil) unit | | 11,500 | 64,005 |
| CCR SA | | 33,500 | 79,547 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 10,900 | 169,653 |
| Companhia Siderurgica Nacional SA (CSN) | | 21,400 | 57,368 |
| Cosan SA | | 39,244 | 109,586 |
| Energisa SA unit | | 8,300 | 72,089 |
| Equatorial Energia SA | | 33,215 | 195,672 |
| Hapvida Participacoes e Investimentos SA (a)(b) | | 157,400 | 111,853 |
| Klabin SA unit | | 24,300 | 107,821 |
| Localiza Rent a Car SA | | 27,673 | 261,296 |
| Lojas Renner SA | | 31,965 | 94,370 |
| Magazine Luiza SA (a) | | 109,642 | 28,716 |
| Natura & Co. Holding SA | | 29,613 | 94,612 |
| PRIO SA | | 24,800 | 229,249 |
| Raia Drogasil SA | | 40,980 | 201,877 |
| Rede D'Oregon Sao Luiz SA (b) | | 19,002 | 95,145 |
| Rumo SA | | 42,000 | 163,063 |
| Telefonica Brasil SA | | 13,300 | 121,254 |
| TIM SA | | 27,800 | 94,280 |
| Totvs SA | | 17,900 | 94,936 |
| Ultrapar Participacoes SA | | 23,400 | 116,491 |
| Weg SA | | 51,980 | 395,911 |
| Wheaton Precious Metals Corp. | | 14,234 | 741,556 |
TOTAL BRAZIL | | | 3,742,082 |
| Burkina Faso - 0.0% | | | |
| Endeavour Mining PLC | | 5,932 | 126,232 |
| Canada - 7.0% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 15,624 | 989,431 |
| Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 24,263 | 1,344,762 |
| Bank of Montreal | | 22,798 | 2,036,444 |
| Bank of Nova Scotia | | 38,379 | 1,760,809 |
| Brookfield Corp. (Canada) Class A | | 43,862 | 1,759,387 |
| CAE, Inc. (a) | | 10,278 | 198,296 |
| Cameco Corp. | | 13,670 | 623,697 |
| Canadian Apartment Properties (REIT) unit | | 2,738 | 85,224 |
| Canadian National Railway Co. | | 17,256 | 2,094,436 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 1,661 | 160,459 |
| Dollarama, Inc. | | 8,849 | 738,183 |
| Enbridge, Inc. | | 67,139 | 2,387,284 |
| FirstService Corp. | | 1,294 | 190,061 |
| Fortis, Inc. | | 15,268 | 599,563 |
| Gildan Activewear, Inc. | | 4,953 | 171,690 |
| Hydro One Ltd. (b) | | 10,281 | 287,971 |
| Intact Financial Corp. | | 5,618 | 923,390 |
| Ivanhoe Mines Ltd. (a) | | 20,451 | 277,206 |
| Keyera Corp. | | 7,397 | 189,781 |
| Kinross Gold Corp. | | 39,587 | 255,354 |
| Magna International, Inc. Class A (sub. vtg.) | | 8,532 | 407,806 |
| Metro, Inc. | | 7,138 | 365,131 |
| National Bank of Canada | | 10,694 | 858,689 |
| Nutrien Ltd. | | 15,582 | 821,630 |
| Open Text Corp. | | 8,451 | 298,408 |
| Parkland Corp. | | 4,531 | 139,585 |
| Pembina Pipeline Corp. | | 18,309 | 644,236 |
| RB Global, Inc. | | 5,747 | 411,370 |
| RioCan (REIT) | | 5,003 | 63,380 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 11,194 | 419,333 |
| Shopify, Inc. Class A (a) | | 38,086 | 2,673,891 |
| Sun Life Financial, Inc. | | 18,461 | 942,595 |
| TELUS Corp. | | 15,198 | 244,091 |
| The Toronto-Dominion Bank | | 56,070 | 3,326,362 |
| Thomson Reuters Corp. | | 5,013 | 757,166 |
| Toromont Industries Ltd. | | 2,654 | 242,911 |
| West Fraser Timber Co. Ltd. | | 1,811 | 138,708 |
TOTAL CANADA | | | 29,828,720 |
| Chile - 0.2% | | | |
| Antofagasta PLC | | 12,390 | 342,151 |
| Cencosud SA | | 42,754 | 73,261 |
| Empresas CMPC SA | | 34,584 | 68,300 |
| Empresas COPEC SA | | 12,924 | 92,227 |
| Enel Americas SA | | 715,204 | 67,047 |
| Falabella SA (a) | | 26,959 | 72,168 |
| Lundin Mining Corp. | | 20,584 | 235,049 |
TOTAL CHILE | | | 950,203 |
| China - 8.2% | | | |
| 37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | | 4,100 | 9,418 |
| AAC Technology Holdings, Inc. | | 22,000 | 70,018 |
| Agricultural Bank of China Ltd.: | | | |
| (A Shares) | | 157,600 | 95,663 |
| (H Shares) | | 873,000 | 389,280 |
| Aier Eye Hospital Group Co. Ltd. (A Shares) | | 19,300 | 34,279 |
| Air China Ltd.: | | | |
| (A Shares) (a) | | 21,400 | 21,762 |
| (H Shares) (a) | | 62,000 | 31,084 |
| Airtac International Group | | 4,000 | 141,372 |
| Alibaba Group Holding Ltd. | | 514,100 | 4,813,552 |
| Alibaba Health Information Technology Ltd. (a) | | 182,000 | 67,937 |
| Angel Yeast Co. Ltd. (A Shares) | | 1,600 | 6,569 |
| Anhui Conch Cement Co. Ltd.: | | | |
| (A Shares) | | 7,400 | 23,440 |
| (H Shares) | | 41,000 | 95,123 |
| Anjoy Foods Group Co. Ltd. (A Shares) | | 500 | 6,349 |
| Asymchem Laboratories Tianjin Co. Ltd. (A Shares) | | 800 | 9,103 |
| Baidu, Inc. Class A (a) | | 71,062 | 920,650 |
| Beijing Enterprises Water Group Ltd. | | 124,000 | 31,274 |
| Beijing Tongrentang Co. Ltd. (A Shares) | | 2,500 | 14,579 |
| BOC Aviation Ltd. Class A (b) | | 6,400 | 50,904 |
| BOC Hong Kong (Holdings) Ltd. | | 113,500 | 347,888 |
| Bosideng International Holdings Ltd. | | 118,000 | 68,306 |
| By-Health Co. Ltd. (A Shares) | | 3,100 | 6,762 |
| BYD Co. Ltd.: | | | |
| (A Shares) | | 3,300 | 99,078 |
| (H Shares) | | 33,000 | 904,615 |
| CECEP Solar Energy Co. Ltd. (A Shares) | | 7,200 | 5,121 |
| China Baoan Group Co. Ltd. (A Shares) | | 4,800 | 6,952 |
| China Construction Bank Corp.: | | | |
| (A Shares) | | 200 | 196 |
| (H Shares) | | 3,030,000 | 1,960,383 |
| China Eastern Airlines Corp. Ltd. (A Shares) (a) | | 31,200 | 16,507 |
| China Feihe Ltd. (b) | | 122,000 | 66,718 |
| China Jushi Co. Ltd. (A Shares) | | 7,357 | 12,093 |
| China Literature Ltd. (a)(b) | | 12,600 | 45,008 |
| China Medical System Holdings Ltd. | | 45,000 | 40,178 |
| China Mengniu Dairy Co. Ltd. | | 97,000 | 200,933 |
| China Merchants Bank Co. Ltd.: | | | |
| (A Shares) | | 42,500 | 200,532 |
| (H Shares) | | 118,500 | 513,207 |
| China Merchants Holdings International Co. Ltd. | | 40,000 | 52,825 |
| China National Medicines Corp. Ltd. (A Shares) | | 1,900 | 9,105 |
| China Overseas Land and Investment Ltd. | | 122,000 | 224,343 |
| China Resource Gas Group Ltd. | | 30,700 | 96,489 |
| China Resources Land Ltd. | | 100,000 | 359,584 |
| China Resources Pharmaceutical Group Ltd. (b) | | 48,500 | 31,363 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) | | 1,800 | 14,895 |
| China Ruyi Holdings Ltd. (a) | | 172,000 | 43,081 |
| China Southern Airlines Ltd. (A Shares) (a) | | 20,200 | 15,779 |
| China Three Gorges Renewables Group Co. Ltd. (A Shares) | | 52,700 | 34,078 |
| China Tourism Group Duty Free Corp. Ltd.: | | | |
| (A Shares) | | 3,600 | 36,938 |
| (H Shares) (b) | | 3,800 | 33,463 |
| China Vanke Co. Ltd.: | | | |
| (A Shares) | | 17,800 | 18,119 |
| (H Shares) | | 72,500 | 42,520 |
| China Yangtze Power Co. Ltd. (A Shares) | | 49,400 | 175,765 |
| Chongqing Zhifei Biological Products Co. Ltd. (A Shares) | | 4,800 | 23,184 |
| Chow Tai Fook Jewellery Group Ltd. | | 64,800 | 88,170 |
| CITIC Pacific Ltd. | | 186,000 | 176,031 |
| Cmoc Group Ltd.: | | | |
| (A Shares) | | 32,500 | 39,962 |
| (H Shares) | | 117,000 | 109,771 |
| CNGR Advanced Material Co. Ltd. | | 1,200 | 8,659 |
| Contemporary Amperex Technology Co. Ltd. | | 8,640 | 241,662 |
| Country Garden Services Holdings Co. Ltd. | | 72,000 | 48,034 |
| CSPC Innovation Pharmaceutical Co. Ltd. (A Shares) | | 2,760 | 13,057 |
| CSPC Pharmaceutical Group Ltd. | | 285,280 | 234,253 |
| East Buy Holding Ltd. (a)(b) | | 14,500 | 30,656 |
| Ecovacs Robotics Co. Ltd. Class A | | 1,100 | 7,499 |
| ENN Energy Holdings Ltd. | | 25,600 | 218,122 |
| ENN Natural Gas Co. Ltd. (A Shares) | | 4,800 | 11,959 |
| Far East Horizon Ltd. | | 63,000 | 46,765 |
| Fosun International Ltd. | | 75,500 | 44,544 |
| Ganfeng Lithium Group Co. Ltd.: | | | |
| (A Shares) | | 3,020 | 14,642 |
| (H Shares) (b) | | 13,840 | 40,586 |
| Geely Automobile Holdings Ltd. | | 194,000 | 233,490 |
| GEM Co. Ltd. (A Shares) | | 9,500 | 9,107 |
| Genscript Biotech Corp. (a) | | 38,000 | 56,037 |
| Goldwind Science & Technology Co. Ltd.: | | | |
| (A Shares) | | 6,400 | 6,719 |
| (H Shares) | | 18 | 7 |
| GoodWe Technologies Co. Ltd. (A Shares) | | 282 | 3,606 |
| Guangzhou Baiyunshan Pharma Health (A Shares) | | 2,600 | 11,487 |
| Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) | | 900 | 4,755 |
| Haier Smart Home Co. Ltd. | | 75,800 | 280,765 |
| Haier Smart Home Co. Ltd. (A Shares) | | 11,600 | 48,260 |
| Haitian International Holdings Ltd. | | 20,000 | 65,137 |
| Hangzhou Robam Appliances Co. Ltd. (A Shares) | | 1,800 | 5,864 |
| Hangzhou Tigermed Consulting Co. Ltd. (A Shares) | | 700 | 5,686 |
| Hansoh Pharmaceutical Group Co. Ltd. (b) | | 40,000 | 88,388 |
| Henan Shuanghui Investment & Development Co. Ltd. (A Shares) | | 6,400 | 23,798 |
| Hoymiles Power Electronics, Inc. (A Shares) | | 239 | 7,463 |
| Huadong Medicine Co. Ltd. (A Shares) | | 3,200 | 14,536 |
| Huatai Securities Co. Ltd.: | | | |
| (A Shares) | | 13,500 | 25,531 |
| (H Shares) (b) | | 42,800 | 50,616 |
| Hygeia Healthcare Holdings Co. (b) | | 11,200 | 46,227 |
| IMEIK Technology Development Co. Ltd. (A Shares) | | 560 | 16,565 |
| Industrial & Commercial Bank of China Ltd.: | | | |
| (A Shares) | | 116,600 | 87,340 |
| (H Shares) | | 2,056,000 | 1,102,486 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 11,700 | 46,108 |
| Innovent Biologics, Inc. (a)(b) | | 39,000 | 188,798 |
| JD Logistics, Inc. (a)(b) | | 66,300 | 71,758 |
| JD.com, Inc. Class A | | 73,850 | 1,064,058 |
| Jiangsu Eastern Shenghong Co. Ltd. | | 12,200 | 16,673 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 38,000 | 37,267 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 11,800 | 74,934 |
| Jiangsu Zhongtian Technology Co. Ltd. (A Shares) | | 6,300 | 11,755 |
| Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares) | | 3,500 | 5,864 |
| Juneyao Airlines Co. Ltd. (A shares) (a) | | 5,800 | 9,834 |
| Kanzhun Ltd. ADR | | 7,087 | 140,252 |
| Kingdee International Software Group Co. Ltd. (a) | | 91,000 | 96,007 |
| Kuaishou Technology Class B (a)(b) | | 73,600 | 515,988 |
| Kuang-Chi Technologies Co. Ltd. (A Shares) (a) | | 4,000 | 10,777 |
| Kunlun Energy Co. Ltd. | | 128,000 | 124,081 |
| Lenovo Group Ltd. | | 252,000 | 283,439 |
| Lepu Medical Technology Beijing Co. Ltd. (A Shares) | | 4,200 | 8,487 |
| Li Auto, Inc. Class A (a) | | 36,230 | 474,682 |
| Livzon Pharmaceutical Group, Inc. (A Shares) | | 1,200 | 6,637 |
| Longfor Properties Co. Ltd. (b) | | 62,471 | 92,529 |
| Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a) | | 9,900 | 6,038 |
| Ming Yang Smart Energy Group Ltd. (A Shares) | | 4,200 | 5,657 |
| MINISO Group Holding Ltd. | | 12,432 | 70,130 |
| NetEase, Inc. | | 61,100 | 1,145,298 |
| NIO, Inc. sponsored ADR (a) | | 43,719 | 206,354 |
| Nongfu Spring Co. Ltd. (H Shares) (b) | | 62,800 | 368,945 |
| Offshore Oil Enginering Co. Ltd. (A Shares) | | 8,100 | 7,098 |
| Perfect World Co. Ltd. (A Shares) | | 3,600 | 4,957 |
| Pharmaron Beijing Co. Ltd. (A Shares) | | 2,750 | 7,447 |
| Pop Mart International Group Ltd. (b) | | 14,600 | 62,480 |
| Postal Savings Bank of China Co. Ltd. | | 54,000 | 35,737 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (b) | | 259,000 | 134,202 |
| Prosus NV | | 46,205 | 1,546,017 |
| Sany Heavy Equipment International Holdings Co. Ltd. | | 36,000 | 25,297 |
| SF Holding Co. Ltd. (A Shares) | | 9,000 | 44,894 |
| Shandong Nanshan Aluminum Co. Ltd. (A Shares) | | 21,600 | 10,644 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 82,800 | 56,151 |
| Shanghai Electric Group Co. Ltd. (A Shares) (a) | | 23,300 | 13,830 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd.: | | | |
| (A Shares) | | 4,100 | 13,385 |
| (H Shares) | | 16,500 | 25,903 |
| Shanghai M&G Stationery, Inc. (A Shares) | | 1,700 | 8,281 |
| Shanghai Pharmaceuticals Holding Co. Ltd.: | | | |
| (A Shares) | | 5,200 | 12,855 |
| (H Shares) | | 22,400 | 31,832 |
| Shanghai Putailai New Energy Technology Co. Ltd. | | 3,685 | 9,373 |
| Shanghai Yuyuan Tourist Mart Group Co. Ltd. | | 7,200 | 5,884 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 2,500 | 20,502 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 2,400 | 100,776 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | | 1,700 | 16,570 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) | | 4,100 | 10,638 |
| Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) | | 3,500 | 16,389 |
| Sinoma Science & Technology Co. Ltd. (A Shares) | | 3,100 | 6,630 |
| Sinopharm Group Co. Ltd. (H Shares) | | 43,200 | 109,096 |
| Sinotruk Hong Kong Ltd. | | 22,500 | 55,996 |
| SKSHU Paint Co. Ltd. (A Shares) | | 968 | 4,531 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 2,700 | 38,345 |
| Sunwoda Electronic Co. Ltd. (A Shares) | | 3,400 | 7,118 |
| TCL Technology Group Corp. (A Shares) | | 34,600 | 22,747 |
| Tencent Holdings Ltd. | | 209,000 | 9,171,589 |
| Tianqi Lithium Corp. (A Shares) | | 2,700 | 14,643 |
| Tongcheng Travel Holdings Ltd. | | 37,600 | 98,959 |
| Topchoice Medical Corp. (a) | | 600 | 5,024 |
| Vipshop Holdings Ltd. ADR | | 11,125 | 167,320 |
| Want Want China Holdings Ltd. | | 141,000 | 80,420 |
| Weichai Power Co. Ltd.: | | | |
| (A Shares) | | 12,600 | 30,229 |
| (H Shares) | | 62,000 | 126,689 |
| Western Mining Co. Ltd. (A Shares) | | 4,400 | 12,133 |
| WuXi AppTec Co. Ltd. | | 4,776 | 28,700 |
| WuXi AppTec Co. Ltd. (H Shares) (b) | | 11,480 | 51,673 |
| Wuxi Biologics (Cayman), Inc. (a)(b) | | 120,000 | 207,880 |
| XPeng, Inc. Class A (a) | | 37,316 | 151,285 |
| Yadea Group Holdings Ltd. (b) | | 40,000 | 76,947 |
| Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) | | 2,700 | 11,675 |
| Yum China Holdings, Inc. | | 12,762 | 465,941 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 3,320 | 26,195 |
| Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares) (a) | | 9,400 | 7,411 |
| Yunnan Energy New Material Co. Ltd. | | 1,800 | 10,319 |
| Zai Lab Ltd. (a) | | 28,700 | 46,130 |
| Zai Lab Ltd. ADR (a) | | 1 | 16 |
| Zangge Mining Co. Ltd. (Series A) | | 2,900 | 11,492 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) | | 1,100 | 36,009 |
| Zhejiang Chint Electric Co. Ltd. (A Shares) | | 4,000 | 11,378 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 50,440 | 32,979 |
| Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) | | 4,200 | 9,708 |
| Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) | | 2,900 | 7,021 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares) | | 13,000 | 15,237 |
| ZTO Express, Inc. sponsored ADR | | 13,227 | 277,635 |
TOTAL CHINA | | | 34,847,198 |
| Colombia - 0.0% | | | |
| Bancolombia SA | | 8,796 | 75,785 |
| Interconexion Electrica SA ESP | | 13,619 | 62,836 |
TOTAL COLOMBIA | | | 138,621 |
| Czech Republic - 0.0% | | | |
| Komercni Banka A/S | | 2,464 | 90,900 |
| MONETA Money Bank A/S (b) | | 10,865 | 43,839 |
TOTAL CZECH REPUBLIC | | | 134,739 |
| Denmark - 4.2% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 97 | 138,236 |
| Series B | | 127 | 185,169 |
| Coloplast A/S Series B | | 3,978 | 479,608 |
| DSV A/S | | 5,538 | 790,656 |
| Genmab A/S (a) | | 2,078 | 576,915 |
| Novo Nordisk A/S Series B | | 103,127 | 13,225,245 |
| Novonesis (NOVOZYMES) B Series B | | 11,780 | 654,997 |
| ORSTED A/S (a)(b) | | 5,959 | 328,862 |
| Pandora A/S | | 2,669 | 408,433 |
| Rockwool International A/S Series B | | 301 | 98,885 |
| Svitzer A/S | | 448 | 15,054 |
| Vestas Wind Systems A/S (a) | | 31,849 | 858,555 |
TOTAL DENMARK | | | 17,760,615 |
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 80,811 | 121,428 |
| Commercial International Bank SAE GDR | | 4 | 6 |
TOTAL EGYPT | | | 121,434 |
| Finland - 0.6% | | | |
| Elisa Corp. (A Shares) | | 4,530 | 204,592 |
| Kesko Oyj | | 8,664 | 148,217 |
| Metso Corp. | | 20,838 | 237,394 |
| Neste OYJ | | 13,316 | 303,259 |
| Nokia Corp. | | 168,144 | 611,263 |
| Stora Enso Oyj (R Shares) | | 18,184 | 243,545 |
| UPM-Kymmene Corp. | | 16,820 | 590,924 |
| Wartsila Corp. | | 14,874 | 275,565 |
TOTAL FINLAND | | | 2,614,759 |
| France - 7.0% | | | |
| Aeroports de Paris SA | | 1,054 | 134,417 |
| AXA SA | | 57,522 | 1,991,410 |
| BNP Paribas SA | | 32,639 | 2,348,763 |
| Bouygues SA | | 6,007 | 221,873 |
| Carrefour SA | | 17,744 | 298,511 |
| Compagnie Generale des Etablissements Michelin SCA Series B | | 21,436 | 823,542 |
| Credit Agricole SA | | 33,966 | 525,564 |
| Danone SA | | 20,350 | 1,273,652 |
| Dassault Systemes SA | | 21,105 | 828,412 |
| Eiffage SA | | 2,304 | 246,621 |
| Gecina SA | | 1,499 | 153,574 |
| Getlink SE | | 11,555 | 197,304 |
| Hermes International SCA | | 1,001 | 2,404,669 |
| Kering SA | | 2,347 | 826,557 |
| Klepierre SA | | 6,851 | 184,686 |
| L'Oreal SA | | 7,603 | 3,567,286 |
| LVMH Moet Hennessy Louis Vuitton SE | | 8,726 | 7,167,853 |
| Orange SA | | 58,568 | 651,878 |
| Societe Generale Series A | | 22,762 | 613,323 |
| Teleperformance | | 1,842 | 168,035 |
| TotalEnergies SE | | 68,616 | 4,981,434 |
| Worldline SA (a)(b) | | 7,610 | 79,622 |
TOTAL FRANCE | | | 29,688,986 |
| Germany - 2.8% | | | |
| adidas AG | | 5,112 | 1,235,131 |
| Bayerische Motoren Werke AG (BMW) | | 10,042 | 1,097,938 |
| Beiersdorf AG | | 3,170 | 475,484 |
| Brenntag SE | | 4,150 | 331,546 |
| Commerzbank AG | | 33,242 | 495,243 |
| Covestro AG (a)(b) | | 5,930 | 297,313 |
| Deutsche Borse AG | | 6,010 | 1,158,680 |
| Deutsche Lufthansa AG | | 19,392 | 138,947 |
| DHL Group | | 31,310 | 1,310,948 |
| Evonik Industries AG | | 7,143 | 148,992 |
| GEA Group AG | | 5,295 | 214,166 |
| HeidelbergCement AG | | 4,104 | 414,503 |
| Henkel AG & Co. KGaA | | 3,259 | 234,350 |
| Knorr-Bremse AG | | 2,345 | 174,012 |
| LEG Immobilien AG | | 2,373 | 202,395 |
| Merck KGaA | | 4,077 | 648,078 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 4,318 | 1,899,488 |
| Puma AG | | 3,341 | 154,257 |
| Symrise AG | | 4,190 | 450,287 |
| Vonovia SE | | 23,078 | 666,862 |
| Zalando SE (a)(b) | | 7,091 | 185,538 |
TOTAL GERMANY | | | 11,934,158 |
| Greece - 0.1% | | | |
| Alpha Bank SA (a) | | 71,329 | 121,225 |
| Eurobank Ergasias Services and Holdings SA (a) | | 82,484 | 176,934 |
| Hellenic Telecommunications Organization SA | | 6,166 | 93,967 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 2,043 | 59,217 |
| Mytilineos SA | | 3,294 | 134,287 |
TOTAL GREECE | | | 585,630 |
| Hong Kong - 1.2% | | | |
| AIA Group Ltd. | | 358,400 | 2,625,050 |
| CK Infrastructure Holdings Ltd. | | 20,500 | 115,807 |
| Hang Seng Bank Ltd. | | 23,600 | 311,203 |
| HKT Trust/HKT Ltd. unit | | 123,000 | 135,789 |
| Hong Kong & China Gas Co. Ltd. | | 345,356 | 262,592 |
| MTR Corp. Ltd. | | 49,656 | 163,191 |
| Orient Overseas International Ltd. | | 4,000 | 58,340 |
| Prudential PLC | | 86,606 | 753,243 |
| Sino Biopharmaceutical Ltd. | | 330,750 | 113,017 |
| Sino Land Ltd. | | 124,278 | 132,878 |
| Swire Pacific Ltd. (A Shares) | | 14,000 | 118,562 |
| Swire Properties Ltd. | | 39,400 | 81,486 |
| WH Group Ltd. (b) | | 270,500 | 196,610 |
TOTAL HONG KONG | | | 5,067,768 |
| Hungary - 0.1% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 14,502 | 119,012 |
| OTP Bank PLC | | 7,074 | 351,021 |
| Richter Gedeon PLC | | 4,235 | 107,844 |
TOTAL HUNGARY | | | 577,877 |
| India - 4.7% | | | |
| ABB India Ltd. | | 1,649 | 129,085 |
| Adani Green Energy Ltd. (a) | | 9,979 | 214,374 |
| Ashok Leyland Ltd. | | 48,752 | 112,240 |
| Asian Paints Ltd. | | 12,028 | 413,621 |
| Astral Ltd. | | 4,317 | 109,229 |
| AU Small Finance Bank Ltd. (b) | | 5,111 | 38,713 |
| Axis Bank Ltd. | | 71,926 | 1,003,664 |
| Bajaj Finance Ltd. | | 8,766 | 726,952 |
| Berger Paints India Ltd. | | 8,952 | 54,515 |
| Bharti Airtel Ltd. | | 70,940 | 1,122,568 |
| Britannia Industries Ltd. | | 3,496 | 199,758 |
| Cipla Ltd./India (a) | | 16,373 | 274,011 |
| Colgate-Palmolive Ltd. | | 4,422 | 149,605 |
| Cummins India Ltd. | | 4,473 | 175,086 |
| Dabur India Ltd. | | 19,897 | 120,902 |
| DLF Ltd. | | 23,088 | 245,924 |
| Eicher Motors Ltd. | | 4,352 | 239,525 |
| GAIL India Ltd. | | 74,214 | 185,343 |
| GMR Airports Infrastructure Ltd. (a) | | 77,808 | 79,115 |
| Grasim Industries Ltd. | | 8,387 | 241,755 |
| Havells India Ltd. | | 8,076 | 160,687 |
| HCL Technologies Ltd. | | 29,755 | 485,315 |
| Hero Motocorp Ltd. | | 3,709 | 201,238 |
| Hindalco Industries Ltd. | | 42,138 | 323,982 |
| Hindustan Unilever Ltd. | | 25,800 | 688,848 |
| ICICI Prudential Life Insurance Co. Ltd. (b) | | 11,881 | 81,312 |
| Indraprastha Gas Ltd. | | 9,674 | 54,259 |
| Info Edge India Ltd. | | 2,213 | 160,007 |
| Infosys Ltd. | | 104,757 | 1,768,269 |
| InterGlobe Aviation Ltd. (a)(b) | | 5,488 | 261,615 |
| Kotak Mahindra Bank Ltd. | | 34,432 | 669,009 |
| Lupin Ltd. | | 7,322 | 144,129 |
| Mahindra & Mahindra Ltd. | | 29,274 | 754,876 |
| Marico Ltd. | | 16,687 | 103,526 |
| Max Healthcare Institute Ltd. | | 24,370 | 244,823 |
| Nestle India Ltd. | | 10,544 | 316,415 |
| PI Industries Ltd. | | 2,692 | 117,621 |
| Pidilite Industries Ltd. | | 4,720 | 172,110 |
| Power Grid Corp. of India Ltd. | | 145,888 | 526,036 |
| Reliance Industries Ltd. | | 96,157 | 3,374,561 |
| Shree Cement Ltd. | | 300 | 87,806 |
| Shriram Finance Ltd. | | 8,791 | 268,138 |
| Siemens Ltd. | | 2,869 | 200,396 |
| Supreme Industries Ltd. | | 2,082 | 126,060 |
| Suzlon Energy Ltd. (a) | | 284,799 | 141,088 |
| Tata Consultancy Services Ltd. | | 28,533 | 1,301,879 |
| The Indian Hotels Co. Ltd. | | 27,494 | 189,405 |
| Torrent Pharmaceuticals Ltd. | | 3,058 | 96,573 |
| Tvs Motor Co. Ltd. | | 7,691 | 189,317 |
| UPL Ltd. | | 14,513 | 88,055 |
| Vedanta Ltd. | | 30,584 | 145,926 |
| Zomato Ltd. (a) | | 191,973 | 442,934 |
TOTAL INDIA | | | 19,722,200 |
| Indonesia - 0.5% | | | |
| PT Aneka Tambang Tbk | | 258,300 | 25,964 |
| PT Bank Central Asia Tbk | | 1,749,300 | 1,051,827 |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 2,147,400 | 650,026 |
| PT Barito Pacific Tbk | | 926,068 | 57,872 |
| PT Kalbe Farma Tbk | | 699,100 | 62,057 |
| PT Merdeka Copper Gold Tbk (a) | | 316,518 | 50,977 |
| PT Sarana Menara Nusantara Tbk | | 624,600 | 30,860 |
| PT Telkom Indonesia Persero Tbk | | 1,545,600 | 299,628 |
| PT Unilever Indonesia Tbk | | 234,500 | 37,766 |
TOTAL INDONESIA | | | 2,266,977 |
| Ireland - 0.3% | | | |
| Kerry Group PLC Class A | | 4,960 | 427,700 |
| Kingspan Group PLC (Ireland) | | 4,918 | 440,086 |
| Smurfit Kappa Group PLC | | 8,196 | 356,431 |
TOTAL IRELAND | | | 1,224,217 |
| Israel - 0.1% | | | |
| Bank Leumi le-Israel BM | | 47,837 | 374,601 |
| Italy - 1.1% | | | |
| Assicurazioni Generali SpA | | 32,282 | 788,936 |
| Coca-Cola HBC AG | | 7,021 | 227,223 |
| Enel SpA | | 257,352 | 1,691,430 |
| FinecoBank SpA | | 19,198 | 295,848 |
| Mediobanca SpA | | 16,448 | 234,337 |
| Moncler SpA | | 6,491 | 444,172 |
| Nexi SpA (a)(b) | | 18,907 | 110,533 |
| Poste Italiane SpA (b) | | 14,771 | 187,902 |
| Prysmian SpA | | 8,240 | 450,063 |
| Terna - Rete Elettrica Nazionale | | 44,011 | 353,391 |
TOTAL ITALY | | | 4,783,835 |
| Japan - 15.5% | | | |
| Advantest Corp. | | 24,200 | 757,476 |
| AEON Co. Ltd. | | 20,600 | 430,711 |
| Ajinomoto Co., Inc. | | 14,800 | 550,286 |
| Ana Holdings, Inc. | | 5,200 | 98,758 |
| Asahi Kasei Corp. | | 39,300 | 274,005 |
| Astellas Pharma, Inc. | | 56,800 | 545,161 |
| Azbil Corp. | | 3,900 | 108,927 |
| Bandai Namco Holdings, Inc. | | 18,800 | 351,281 |
| Bridgestone Corp. | | 18,000 | 794,286 |
| Brother Industries Ltd. | | 7,400 | 130,898 |
| Dai Nippon Printing Co. Ltd. | | 6,600 | 192,232 |
| Daifuku Co. Ltd. | | 9,800 | 200,741 |
| Daiichi Sankyo Kabushiki Kaisha | | 58,400 | 1,965,610 |
| Daikin Industries Ltd. | | 8,300 | 1,132,878 |
| Daiwa House Industry Co. Ltd. | | 18,600 | 523,384 |
| Daiwa Securities Group, Inc. | | 41,900 | 307,926 |
| DENSO Corp. | | 59,700 | 1,017,474 |
| Eisai Co. Ltd. | | 7,900 | 324,446 |
| FANUC Corp. | | 30,000 | 888,579 |
| Fast Retailing Co. Ltd. | | 5,500 | 1,438,080 |
| Fuji Electric Co. Ltd. | | 4,000 | 248,816 |
| FUJIFILM Holdings Corp. | | 35,400 | 753,046 |
| Fujitsu Ltd. | | 55,600 | 858,917 |
| Hankyu Hanshin Holdings, Inc. | | 7,100 | 186,149 |
| Hirose Electric Co. Ltd. | | 900 | 95,531 |
| Hitachi Construction Machinery Co. Ltd. | | 3,500 | 99,968 |
| Hitachi Ltd. | | 29,300 | 2,703,238 |
| Hoya Corp. | | 11,100 | 1,286,932 |
| Hulic Co. Ltd. | | 12,400 | 114,262 |
| Ibiden Co. Ltd. | | 3,600 | 136,849 |
| INPEX Corp. | | 30,600 | 458,382 |
| Isuzu Motors Ltd. | | 18,600 | 235,715 |
| Itochu Corp. | | 37,600 | 1,696,315 |
| JFE Holdings, Inc. | | 18,100 | 270,156 |
| Kao Corp. | | 14,600 | 602,283 |
| KDDI Corp. | | 47,200 | 1,309,743 |
| Kikkoman Corp. | | 21,300 | 253,798 |
| Koito Manufacturing Co. Ltd. | | 6,500 | 87,430 |
| Komatsu Ltd. | | 29,200 | 871,800 |
| Kubota Corp. | | 31,400 | 503,648 |
| Kyowa Hakko Kirin Co., Ltd. | | 8,700 | 146,107 |
| LY Corp. | | 86,300 | 207,347 |
| Marubeni Corp. | | 45,200 | 805,300 |
| MatsukiyoCocokara & Co. | | 11,100 | 157,406 |
| Mazda Motor Corp. | | 18,100 | 204,883 |
| McDonald's Holdings Co. (Japan) Ltd. | | 2,800 | 123,168 |
| Meiji Holdings Co. Ltd. | | 7,600 | 170,045 |
| Mitsubishi Chemical Holdings Corp. | | 40,200 | 234,521 |
| Mitsubishi Estate Co. Ltd. | | 35,400 | 648,695 |
| Mitsui Chemicals, Inc. | | 5,300 | 150,853 |
| Mitsui Fudosan Co. Ltd. | | 84,200 | 856,909 |
| Mizuho Financial Group, Inc. | | 76,200 | 1,472,878 |
| MS&AD Insurance Group Holdings, Inc. | | 40,600 | 729,949 |
| NEC Corp. | | 7,700 | 557,495 |
| Nintendo Co. Ltd. | | 32,790 | 1,599,136 |
| Nippon Express Holdings, Inc. | | 2,300 | 117,664 |
| Nippon Paint Holdings Co. Ltd. | | 30,600 | 195,871 |
| Nippon Prologis REIT, Inc. | | 73 | 125,969 |
| Nissin Food Holdings Co. Ltd. | | 6,500 | 173,456 |
| Nitori Holdings Co. Ltd. | | 2,500 | 334,583 |
| Nitto Denko Corp. | | 4,500 | 372,086 |
| Nomura Holdings, Inc. | | 94,700 | 538,842 |
| Nomura Real Estate Holdings, Inc. | | 3,600 | 100,790 |
| Nomura Research Institute Ltd. | | 12,100 | 292,795 |
| NTT Data Corp. | | 19,800 | 309,629 |
| OMRON Corp. | | 5,500 | 188,773 |
| Ono Pharmaceutical Co. Ltd. | | 11,700 | 168,519 |
| Oriental Land Co. Ltd. | | 34,400 | 949,156 |
| ORIX Corp. | | 37,000 | 757,220 |
| Osaka Gas Co. Ltd. | | 11,800 | 262,383 |
| Pan Pacific International Holdings Ltd. | | 12,000 | 281,832 |
| Panasonic Holdings Corp. | | 69,700 | 608,373 |
| Rakuten Group, Inc. (a) | | 47,100 | 226,525 |
| Recruit Holdings Co. Ltd. | | 45,600 | 1,963,872 |
| Renesas Electronics Corp. | | 46,400 | 753,339 |
| Ricoh Co. Ltd. | | 17,400 | 150,111 |
| SCSK Corp. | | 5,200 | 94,532 |
| Secom Co. Ltd. | | 6,600 | 458,453 |
| Seiko Epson Corp. | | 9,300 | 152,985 |
| Sekisui Chemical Co. Ltd. | | 12,200 | 177,486 |
| Sekisui House Ltd. | | 18,700 | 429,733 |
| Seven & i Holdings Co. Ltd. | | 71,400 | 922,574 |
| SG Holdings Co. Ltd. | | 10,300 | 120,562 |
| Sharp Corp. (a) | | 8,000 | 41,993 |
| Shimadzu Corp. | | 7,600 | 206,477 |
| SHIMIZU Corp. | | 17,100 | 105,925 |
| Shin-Etsu Chemical Co. Ltd. | | 56,900 | 2,202,539 |
| Shionogi & Co. Ltd. | | 7,700 | 359,596 |
| SoftBank Corp. | | 91,000 | 1,097,613 |
| Sompo Holdings, Inc. | | 28,100 | 556,103 |
| Sony Group Corp. | | 39,800 | 3,289,525 |
| Subaru Corp. | | 18,900 | 422,018 |
| Sumitomo Electric Industries Ltd. | | 22,500 | 347,767 |
| Sumitomo Metal Mining Co. Ltd. | | 7,900 | 263,928 |
| Sumitomo Mitsui Financial Group, Inc. | | 40,200 | 2,283,513 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 20,600 | 433,112 |
| Suntory Beverage & Food Ltd. | | 4,500 | 146,409 |
| Sysmex Corp. | | 15,800 | 252,648 |
| T&D Holdings, Inc. | | 15,300 | 249,655 |
| TDK Corp. | | 12,300 | 548,715 |
| Terumo Corp. | | 42,500 | 720,976 |
| TIS, Inc. | | 7,000 | 149,496 |
| Tobu Railway Co. Ltd. | | 6,100 | 121,027 |
| Tokio Marine Holdings, Inc. | | 56,900 | 1,798,404 |
| Tokyo Electron Ltd. | | 14,900 | 3,268,254 |
| Tokyo Gas Co. Ltd. | | 11,800 | 264,642 |
| Tokyu Corp. | | 15,900 | 188,217 |
| Toray Industries, Inc. | | 43,100 | 196,998 |
| Toto Ltd. | | 4,600 | 124,497 |
| Unicharm Corp. | | 12,700 | 377,357 |
| USS Co. Ltd. | | 13,200 | 100,839 |
| West Japan Railway Co. | | 13,700 | 260,046 |
| Yamaha Corp. | | 4,300 | 90,615 |
| Yamaha Motor Co. Ltd. | | 28,500 | 265,826 |
| Yamato Holdings Co. Ltd. | | 8,100 | 106,974 |
| Yaskawa Electric Corp. | | 7,500 | 309,020 |
| Yokogawa Electric Corp. | | 7,300 | 161,299 |
| ZOZO, Inc. | | 4,400 | 94,769 |
TOTAL JAPAN | | | 65,505,714 |
| Korea (South) - 1.7% | | | |
| AMOREPACIFIC Corp. | | 973 | 118,262 |
| CJ CheilJedang Corp. | | 255 | 61,636 |
| Coway Co. Ltd. | | 1,795 | 71,718 |
| Doosan Bobcat, Inc. | | 1,695 | 63,173 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 14,495 | 174,528 |
| Hana Financial Group, Inc. | | 9,158 | 385,174 |
| Hanon Systems | | 5,752 | 22,971 |
| Hanwha Solutions Corp. | | 3,614 | 65,591 |
| HD Hyundai Co. Ltd. | | 1,410 | 68,071 |
| HMM Co. Ltd. | | 7,754 | 88,281 |
| Hyundai Engineering & Construction Co. Ltd. | | 2,549 | 64,754 |
| Hyundai Glovis Co. Ltd. | | 629 | 82,112 |
| Kakao Corp. | | 9,746 | 337,520 |
| KB Financial Group, Inc. | | 12,059 | 652,212 |
| Korea Zinc Co. Ltd. | | 271 | 90,021 |
| Korean Air Lines Co. Ltd. | | 6,011 | 90,393 |
| Kumho Petro Chemical Co. Ltd. | | 509 | 50,485 |
| LG Chemical Ltd. | | 1,564 | 448,155 |
| LG Corp. | | 3,035 | 172,686 |
| LG Display Co. Ltd. (a) | | 9,066 | 68,429 |
| LG Electronics, Inc. | | 3,268 | 217,046 |
| LG Energy Solution (a) | | 1,465 | 406,450 |
| LG H & H Co. Ltd. | | 312 | 93,745 |
| LG Uplus Corp. | | 6,599 | 46,738 |
| Lotte Chemical Corp. | | 592 | 45,620 |
| Mirae Asset Securities Co. Ltd. | | 7,869 | 42,767 |
| NAVER Corp. | | 4,072 | 535,591 |
| NCSOFT Corp. | | 476 | 59,974 |
| Netmarble Corp. (a)(b) | | 835 | 33,339 |
| POSCO Chemtech Co. Ltd. | | 1,001 | 200,815 |
| Samsung E&A Co. Ltd. (a) | | 5,213 | 98,558 |
| Samsung SDI Co. Ltd. | | 1,731 | 534,191 |
| Samsung SDS Co. Ltd. | | 1,238 | 141,822 |
| Samsung Securities Co. Ltd. | | 1,920 | 52,376 |
| Shinhan Financial Group Co. Ltd. | | 13,664 | 457,788 |
| SK Biopharmaceuticals Co. Ltd. (a) | | 964 | 60,475 |
| SK Bioscience Co. Ltd. (a) | | 826 | 34,692 |
| SK IE Technology Co. Ltd. (a)(b) | | 934 | 39,421 |
| SK Innovation Co., Ltd. (a) | | 1,958 | 154,896 |
| SK Square Co. Ltd. (a) | | 3,134 | 171,708 |
| SK, Inc. | | 1,179 | 140,099 |
| SKC Co. Ltd. | | 582 | 45,871 |
| Woori Financial Group, Inc. | | 18,471 | 188,756 |
| Yuhan Corp. | | 1,864 | 96,689 |
TOTAL KOREA (SOUTH) | | | 7,075,599 |
| Kuwait - 0.2% | | | |
| Kuwait Finance House KSCP | | 296,450 | 692,326 |
| Malaysia - 0.6% | | | |
| AMMB Holdings Bhd | | 74,900 | 65,839 |
| Axiata Group Bhd | | 84,704 | 50,156 |
| CelcomDigi Bhd | | 116,700 | 101,298 |
| CIMB Group Holdings Bhd | | 198,905 | 274,893 |
| Gamuda Bhd | | 62,056 | 68,977 |
| IHH Healthcare Bhd | | 71,800 | 94,470 |
| Kuala Lumpur Kepong Bhd | | 14,030 | 67,769 |
| Malayan Banking Bhd | | 170,340 | 347,096 |
| Malaysia Airports Holdings Bhd | | 29,700 | 62,159 |
| Maxis Bhd | | 79,200 | 60,833 |
| MISC Bhd | | 45,400 | 75,649 |
| MR DIY Group M Sdn Bhd (b) | | 110,900 | 36,249 |
| Nestle (Malaysia) Bhd | | 2,200 | 58,568 |
| Petronas Chemicals Group Bhd | | 90,200 | 128,000 |
| Petronas Dagangan Bhd | | 9,200 | 41,497 |
| Petronas Gas Bhd | | 25,800 | 97,231 |
| PPB Group Bhd | | 21,300 | 70,170 |
| Press Metal Aluminium Holdings | | 119,000 | 133,766 |
| Public Bank Bhd | | 454,500 | 392,010 |
| QL Resources Bhd | | 33,700 | 45,257 |
| RHB Bank Bhd | | 46,118 | 53,087 |
| Sime Darby Bhd | | 83,900 | 49,119 |
| Telekom Malaysia Bhd | | 35,295 | 45,742 |
| YTL Corp. Bhd | | 106,700 | 68,986 |
| YTL Power International Bhd | | 79,000 | 75,733 |
TOTAL MALAYSIA | | | 2,564,554 |
| Mexico - 0.8% | | | |
| America Movil S.A.B. de CV Series L | | 585,700 | 557,639 |
| Arca Continental S.A.B. de CV | | 16,600 | 161,942 |
| CEMEX S.A.B. de CV unit (a) | | 473,700 | 375,238 |
| Fibra Uno Administracion SA de CV | | 93,500 | 134,213 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 61,200 | 715,969 |
| Gruma S.A.B. de CV Series B | | 5,570 | 109,399 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 5,810 | 199,576 |
| Grupo Bimbo S.A.B. de CV Series A | | 42,200 | 176,823 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 81,600 | 807,628 |
| Industrias Penoles SA de CV (a) | | 6,610 | 95,928 |
| Orbia Advance Corp. S.A.B. de CV | | 33,800 | 55,522 |
| Prologis Property Mexico SA | | 25,208 | 99,415 |
TOTAL MEXICO | | | 3,489,292 |
| Netherlands - 4.0% | | | |
| Akzo Nobel NV | | 5,350 | 354,790 |
| ASML Holding NV (Netherlands) | | 12,741 | 11,322,384 |
| ING Groep NV (Certificaten Van Aandelen) | | 105,096 | 1,661,596 |
| JDE Peet's BV | | 3,232 | 71,812 |
| Koninklijke Ahold Delhaize NV | | 30,085 | 913,205 |
| Koninklijke KPN NV | | 105,355 | 382,874 |
| NN Group NV | | 8,536 | 394,902 |
| Universal Music Group NV | | 25,902 | 765,700 |
| Wolters Kluwer NV | | 7,863 | 1,181,089 |
TOTAL NETHERLANDS | | | 17,048,352 |
| New Zealand - 0.2% | | | |
| Mercury Nz Ltd. | | 22,219 | 83,385 |
| Meridian Energy Ltd. | | 41,791 | 147,392 |
| Spark New Zealand Ltd. | | 59,108 | 164,807 |
| Xero Ltd. (a) | | 4,538 | 352,322 |
TOTAL NEW ZEALAND | | | 747,906 |
| Norway - 0.6% | | | |
| Aker BP ASA | | 9,717 | 237,928 |
| DNB Bank ASA | | 29,111 | 508,660 |
| Equinor ASA | | 28,366 | 754,773 |
| Gjensidige Forsikring ASA | | 6,572 | 105,722 |
| Mowi ASA | | 14,961 | 263,907 |
| Norsk Hydro ASA | | 42,801 | 263,029 |
| Orkla ASA | | 22,572 | 154,022 |
| Salmar ASA | | 2,135 | 134,825 |
| Telenor ASA | | 20,325 | 234,016 |
TOTAL NORWAY | | | 2,656,882 |
| Peru - 0.1% | | | |
| Credicorp Ltd. (United States) | | 2,122 | 351,424 |
| Philippines - 0.1% | | | |
| Ayala Corp. | | 9,090 | 96,705 |
| JG Summit Holdings, Inc. | | 80,833 | 47,236 |
| PLDT, Inc. | | 2,320 | 54,074 |
| SM Investments Corp. | | 7,975 | 131,048 |
| SM Prime Holdings, Inc. | | 327,400 | 158,334 |
| Universal Robina Corp. | | 26,810 | 47,551 |
TOTAL PHILIPPINES | | | 534,948 |
| Poland - 0.4% | | | |
| Allegro.eu SA (a)(b) | | 18,370 | 154,042 |
| CD Projekt SA | | 1,996 | 58,309 |
| KGHM Polska Miedz SA (Bearer) | | 4,533 | 157,175 |
| mBank SA (a) | | 483 | 81,659 |
| Orlen SA | | 18,160 | 297,444 |
| Powszechna Kasa Oszczednosci Bank SA | | 27,469 | 411,046 |
| Powszechny Zaklad Ubezpieczen SA | | 19,289 | 243,847 |
| Santander Bank Polska SA | | 1,165 | 161,062 |
TOTAL POLAND | | | 1,564,584 |
| Portugal - 0.1% | | | |
| Galp Energia SGPS SA Class B | | 14,495 | 312,475 |
| Jeronimo Martins SGPS SA | | 9,152 | 188,992 |
TOTAL PORTUGAL | | | 501,467 |
| Qatar - 0.2% | | | |
| Qatar Fuel Co. | | 19,870 | 78,912 |
| Qatar Gas Transport Co. Ltd. (Nakilat) | | 82,615 | 90,738 |
| Qatar National Bank SAQ | | 144,677 | 551,132 |
TOTAL QATAR | | | 720,782 |
| Romania - 0.0% | | | |
| NEPI Rockcastle PLC | | 18,239 | 122,591 |
| Russia - 0.0% | | | |
| Gazprom OAO (a)(c) | | 372,050 | 38,764 |
| LUKOIL PJSC (a)(c) | | 13,192 | 4,066 |
| Moscow Exchange MICEX-RTS OAO (a)(c) | | 49,350 | 9,446 |
| Novatek PJSC GDR (Reg. S) (a)(c) | | 2,894 | 141,227 |
| Novolipetsk Steel OJSC (a)(c) | | 47,040 | 450 |
| PhosAgro PJSC: | | | |
| GDR (Reg. S) (a)(c) | | 4,171 | 86 |
| sponsored GDR (Reg. S) (a)(c) | | 26 | 1 |
| Polyus PJSC (a)(c) | | 1,031 | 2,414 |
TOTAL RUSSIA | | | 196,454 |
| Saudi Arabia - 0.7% | | | |
| ACWA Power Co. | | 3,025 | 322,615 |
| Alinma Bank | | 38,238 | 340,009 |
| Bank Albilad | | 19,802 | 188,485 |
| Dr Sulaiman Al Habib Medical Services Group Co. | | 2,714 | 224,756 |
| Sahara International Petrochemical Co. | | 11,639 | 106,441 |
| Saudi Arabian Oil Co. (b) | | 84,044 | 674,485 |
| Saudi Basic Industries Corp. | | 28,237 | 636,172 |
| Saudi Electricity Co. | | 26,942 | 133,755 |
| The Savola Group | | 8,598 | 115,768 |
TOTAL SAUDI ARABIA | | | 2,742,486 |
| Singapore - 0.6% | | | |
| CapitaLand Integrated Commercial Trust | | 169,609 | 241,777 |
| CapitaLand Investment Ltd. | | 84,601 | 163,606 |
| City Developments Ltd. | | 15,400 | 69,022 |
| Keppel Ltd. | | 44,400 | 222,085 |
| Singapore Exchange Ltd. | | 27,200 | 185,545 |
| STMicroelectronics NV (France) | | 21,563 | 853,569 |
| United Overseas Bank Ltd. | | 39,800 | 883,194 |
TOTAL SINGAPORE | | | 2,618,798 |
| South Africa - 1.6% | | | |
| Absa Group Ltd. | | 27,340 | 210,821 |
| Anglo American Platinum Ltd. | | 2,179 | 75,905 |
| Anglo American PLC (United Kingdom) | | 40,092 | 1,310,106 |
| Aspen Pharmacare Holdings Ltd. | | 12,171 | 144,992 |
| Bid Corp. Ltd. | | 10,429 | 237,707 |
| Bidvest Group Ltd./The | | 9,320 | 121,543 |
| Capitec Bank Holdings Ltd. | | 2,714 | 335,893 |
| Clicks Group Ltd. | | 7,197 | 111,977 |
| Discovery Ltd. | | 17,409 | 110,907 |
| FirstRand Ltd. | | 157,707 | 544,429 |
| Gold Fields Ltd. | | 28,141 | 455,256 |
| Impala Platinum Holdings Ltd. | | 29,094 | 129,514 |
| Kumba Iron Ore Ltd. | | 1,981 | 48,561 |
| MTN Group Ltd. | | 52,692 | 252,543 |
| Naspers Ltd. Class N | | 5,774 | 1,105,014 |
| Nedbank Group Ltd. | | 14,081 | 171,213 |
| Northam Platinum Holdings Ltd. | | 11,736 | 77,759 |
| Old Mutual Ltd. | | 145,210 | 85,318 |
| Sanlam Ltd. | | 56,812 | 205,511 |
| Sasol Ltd. | | 18,519 | 130,102 |
| Shoprite Holdings Ltd. | | 16,176 | 215,825 |
| Sibanye-Stillwater Ltd. | | 91,185 | 104,074 |
| Standard Bank Group Ltd. | | 41,945 | 393,896 |
| Vodacom Group Ltd. | | 20,599 | 98,574 |
| Woolworths Holdings Ltd. | | 30,993 | 98,455 |
TOTAL SOUTH AFRICA | | | 6,775,895 |
| Spain - 1.0% | | | |
| ACS Actividades de Construccion y Servicios SA | | 6,762 | 271,193 |
| Amadeus IT Holding SA Class A | | 14,195 | 901,013 |
| Iberdrola SA | | 193,690 | 2,374,945 |
| Redeia Corp. SA | | 12,944 | 216,187 |
| Repsol SA | | 38,191 | 599,449 |
TOTAL SPAIN | | | 4,362,787 |
| Sweden - 1.9% | | | |
| Alfa Laval AB | | 9,089 | 390,598 |
| ASSA ABLOY AB (B Shares) | | 31,702 | 837,612 |
| Atlas Copco AB: | | | |
| (A Shares) | | 85,240 | 1,493,071 |
| (B Shares) | | 49,010 | 744,907 |
| Beijer Ref AB (B Shares) | | 12,408 | 178,401 |
| Boliden AB | | 8,793 | 293,701 |
| Epiroc AB: | | | |
| (A Shares) | | 21,352 | 394,743 |
| (B Shares) | | 11,647 | 195,096 |
| EQT AB | | 11,777 | 323,054 |
| Essity AB (B Shares) | | 19,189 | 478,140 |
| H&M Hennes & Mauritz AB (B Shares) | | 20,342 | 326,254 |
| Holmen AB (B Shares) | | 2,441 | 95,599 |
| Husqvarna AB (B Shares) | | 11,512 | 94,725 |
| Nibe Industrier AB (B Shares) | | 47,477 | 222,298 |
| Sandvik AB | | 33,515 | 677,270 |
| SKF AB (B Shares) | | 10,969 | 228,927 |
| Svenska Cellulosa AB SCA (B Shares) | | 18,954 | 278,710 |
| Svenska Handelsbanken AB (A Shares) | | 46,027 | 394,697 |
| Tele2 AB (B Shares) | | 16,440 | 153,802 |
| Telia Co. AB | | 75,080 | 172,092 |
TOTAL SWEDEN | | | 7,973,697 |
| Switzerland - 5.0% | | | |
| ABB Ltd. (Reg.) | | 50,542 | 2,455,757 |
| Baloise Holdings AG | | 1,428 | 215,618 |
| Banque Cantonale Vaudoise | | 987 | 103,290 |
| Clariant AG (Reg.) | | 7,198 | 107,901 |
| DSM-Firmenich AG | | 5,864 | 661,477 |
| Geberit AG (Reg.) | | 1,055 | 566,492 |
| Givaudan SA | | 292 | 1,253,448 |
| Julius Baer Group Ltd. | | 6,481 | 347,760 |
| Kuehne & Nagel International AG | | 1,712 | 453,864 |
| Lindt & Spruengli AG | | 3 | 347,240 |
| Lindt & Spruengli AG (participation certificate) | | 34 | 392,429 |
| Logitech International SA (Reg.) | | 5,190 | 406,844 |
| Lonza Group AG | | 2,352 | 1,298,289 |
| Novartis AG | | 64,763 | 6,285,738 |
| SGS SA (Reg.) | | 4,917 | 433,584 |
| Sig Group AG | | 9,705 | 194,258 |
| Sika AG | | 4,817 | 1,379,729 |
| Sonova Holding AG | | 1,593 | 442,591 |
| Swiss Life Holding AG | | 931 | 628,938 |
| Swisscom AG | | 816 | 446,947 |
| Temenos AG | | 2,062 | 128,980 |
| VAT Group AG (b) | | 850 | 427,843 |
| Zurich Insurance Group Ltd. | | 4,632 | 2,238,275 |
TOTAL SWITZERLAND | | | 21,217,292 |
| Taiwan - 6.6% | | | |
| Acer, Inc. | | 94,000 | 129,110 |
| AUO Corp. | | 214,400 | 119,671 |
| Cathay Financial Holding Co. Ltd. | | 300,751 | 464,241 |
| China Airlines Ltd. | | 89,000 | 56,894 |
| China Steel Corp. | | 366,000 | 278,331 |
| Chunghwa Telecom Co. Ltd. | | 120,000 | 455,289 |
| CTBC Financial Holding Co. Ltd. | | 556,000 | 579,276 |
| Delta Electronics, Inc. | | 61,000 | 596,329 |
| E.SUN Financial Holdings Co. Ltd. | | 443,635 | 372,125 |
| EVA Airways Corp. | | 85,000 | 92,251 |
| Evergreen Marine Corp. (Taiwan) | | 32,157 | 186,518 |
| Far Eastern New Century Corp. | | 98,000 | 97,585 |
| Far EasTone Telecommunications Co. Ltd. | | 56,000 | 138,656 |
| First Financial Holding Co. Ltd. | | 342,228 | 286,387 |
| Fubon Financial Holding Co. Ltd. | | 246,285 | 520,094 |
| Hotai Motor Co. Ltd. | | 9,180 | 173,892 |
| Hua Nan Financial Holdings Co. Ltd. | | 287,357 | 207,798 |
| Lite-On Technology Corp. | | 64,000 | 193,370 |
| MediaTek, Inc. | | 48,000 | 1,444,683 |
| Mega Financial Holding Co. Ltd. | | 363,255 | 444,346 |
| Nan Ya Plastics Corp. | | 147,000 | 254,798 |
| PharmaEssentia Corp. (a) | | 8,000 | 71,804 |
| President Chain Store Corp. | | 18,000 | 151,104 |
| Sinopac Financial Holdings Co. | | 329,806 | 221,488 |
| Taishin Financial Holdings Co. Ltd. | | 362,721 | 199,348 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 323,302 | 259,353 |
| Taiwan High Speed Rail Corp. | | 61,000 | 55,827 |
| Taiwan Mobile Co. Ltd. | | 58,000 | 184,784 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 779,000 | 18,619,023 |
| Uni-President Enterprises Corp. | | 151,000 | 353,557 |
| United Microelectronics Corp. | | 356,000 | 545,994 |
| Voltronic Power Technology Corp. | | 2,000 | 94,466 |
| Wan Hai Lines Ltd. | | 21,460 | 33,274 |
| Yang Ming Marine Transport Corp. | | 57,000 | 90,969 |
TOTAL TAIWAN | | | 27,972,635 |
| Thailand - 0.6% | | | |
| Advanced Info Service PCL (For. Reg.) | | 13,300 | 70,473 |
| Advanced Information Service PCL NVDR | | 24,900 | 131,939 |
| Airports of Thailand PCL: | | | |
| (For. Reg.) | | 33,200 | 58,133 |
| NVDR | | 104,400 | 182,803 |
| Asset World Corp. PCL NVDR | | 247,500 | 29,139 |
| Bangkok Dusit Medical Services PCL: | | | |
| (For. Reg.) | | 93,300 | 72,660 |
| NVDR | | 264,000 | 205,598 |
| Bangkok Expressway and Metro PCL NVDR | | 234,900 | 52,297 |
| BTS Group Holdings PCL: | | | |
| (For. Reg.) | | 90,133 | 15,279 |
| NVDR | | 151,100 | 25,702 |
| Bumrungrad Hospital PCL: | | | |
| (For. Reg.) | | 3,300 | 21,722 |
| NVDR | | 14,000 | 92,155 |
| Central Retail Corp. PCL NVDR | | 60,700 | 55,994 |
| Charoen Pokphand Foods PCL: | | | |
| (For. Reg.) | | 43,800 | 23,298 |
| NVDR | | 77,000 | 40,957 |
| CP ALL PCL: | | | |
| (For. Reg.) | | 24,300 | 37,455 |
| NVDR | | 137,600 | 212,090 |
| Delta Electronics PCL NVDR | | 100,500 | 186,944 |
| Energy Absolute PCL: | | | |
| (For. Reg.) | | 3,800 | 3,114 |
| NVDR | | 35,300 | 28,931 |
| Home Product Center PCL: | | | |
| (For. Reg.) | | 25,200 | 7,015 |
| NVDR | | 174,600 | 48,606 |
| Indorama Ventures PCL: | | | |
| (For. Reg.) | | 10,900 | 6,977 |
| NVDR | | 25,900 | 16,578 |
| Intouch Holdings PCL: | | | |
| (For. Reg.) | | 4,800 | 8,622 |
| NVDR | | 27,900 | 50,117 |
| Kasikornbank PCL NVDR | | 19,800 | 69,317 |
| Minor International PCL: | | | |
| (For. Reg.) | | 48,599 | 42,971 |
| NVDR | | 62,568 | 55,322 |
| Muangthai Leasing PCL NVDR | | 22,800 | 27,672 |
| PTT Exploration and Production PCL: | | | |
| (For. Reg.) | | 16,400 | 68,421 |
| NVDR | | 28,200 | 117,652 |
| PTT Global Chemical PCL: | | | |
| (For. Reg.) | | 11,900 | 11,706 |
| NVDR | | 63,200 | 62,168 |
| PTT Oil & Retail Business PCL NVDR | | 92,200 | 46,169 |
| SCG Packaging PCL NVDR | | 39,600 | 34,382 |
| Siam Cement PCL: | | | |
| (For. Reg.) | | 4,600 | 30,734 |
| NVDR | | 20,800 | 138,971 |
TOTAL THAILAND | | | 2,390,083 |
| Turkey - 0.2% | | | |
| Haci Omer Sabanci Holding A/S | | 33,431 | 95,278 |
| Koc Holding A/S | | 24,259 | 169,361 |
| Turk Hava Yollari AO (a) | | 17,677 | 177,937 |
| Turkiye Is Bankasi A/S Series C | | 285,294 | 120,773 |
| Turkiye Sise ve Cam Fabrikalari A/S | | 45,396 | 70,646 |
| Yapi ve Kredi Bankasi A/S | | 110,318 | 109,956 |
TOTAL TURKEY | | | 743,951 |
| United Arab Emirates - 0.5% | | | |
| Abu Dhabi Commercial Bank PJSC | | 90,425 | 205,573 |
| Abu Dhabi Islamic Bank | | 47,110 | 143,142 |
| Aldar Properties PJSC | | 122,005 | 181,368 |
| Emaar Properties PJSC | | 208,164 | 465,307 |
| Emirates NBD Bank PJSC | | 59,386 | 274,868 |
| Emirates Telecommunications Corp. | | 108,838 | 503,756 |
| First Abu Dhabi Bank PJSC | | 138,710 | 471,317 |
| NMC Health PLC (a)(c) | | 987 | 0 |
TOTAL UNITED ARAB EMIRATES | | | 2,245,331 |
| United Kingdom - 7.9% | | | |
| 3i Group PLC | | 30,780 | 1,099,691 |
| Abrdn PLC | | 59,878 | 109,612 |
| Admiral Group PLC | | 8,325 | 283,884 |
| Ashtead Group PLC | | 13,815 | 1,008,477 |
| Associated British Foods PLC | | 10,755 | 356,937 |
| AstraZeneca PLC (United Kingdom) | | 48,979 | 7,408,022 |
| Auto Trader Group PLC (b) | | 28,648 | 248,363 |
| Barratt Developments PLC | | 30,947 | 175,832 |
| Berkeley Group Holdings PLC | | 3,388 | 199,566 |
| BT Group PLC | | 202,554 | 259,682 |
| Burberry Group PLC | | 11,128 | 159,227 |
| Coca-Cola European Partners PLC | | 6,518 | 469,426 |
| Croda International PLC | | 4,148 | 238,942 |
| DCC PLC (United Kingdom) | | 3,147 | 215,689 |
| HSBC Holdings PLC (United Kingdom) | | 605,569 | 5,249,044 |
| Informa PLC | | 43,230 | 429,876 |
| Intertek Group PLC | | 5,083 | 314,016 |
| J Sainsbury PLC | | 52,545 | 172,942 |
| Kingfisher PLC | | 60,666 | 186,871 |
| Legal & General Group PLC | | 188,084 | 554,648 |
| Lloyds Banking Group PLC | | 2,008,823 | 1,296,461 |
| National Grid PLC | | 117,346 | 1,539,247 |
| Ocado Group PLC (a) | | 18,886 | 83,328 |
| Phoenix Group Holdings PLC | | 23,330 | 142,787 |
| Reckitt Benckiser Group PLC | | 22,543 | 1,260,312 |
| RELX PLC (London Stock Exchange) | | 59,667 | 2,451,531 |
| Sage Group PLC | | 32,231 | 469,598 |
| Schroders PLC | | 25,956 | 114,425 |
| Segro PLC | | 39,474 | 418,274 |
| Spirax-Sarco Engineering PLC | | 2,304 | 254,644 |
| St. James's Place PLC | | 17,375 | 94,573 |
| Taylor Wimpey PLC | | 114,518 | 188,744 |
| Tesco PLC | | 222,790 | 822,557 |
| Unilever PLC | | 79,022 | 4,087,872 |
| Vodafone Group PLC | | 725,040 | 611,428 |
| WPP PLC | | 33,720 | 337,981 |
TOTAL UNITED KINGDOM | | | 33,314,509 |
| United States of America - 1.8% | | | |
| Brookfield Renewable Corp. | | 4,004 | 93,014 |
| CRH PLC | | 21,923 | 1,708,283 |
| James Hardie Industries PLC CDI (a) | | 13,900 | 477,854 |
| Schneider Electric SA | | 17,193 | 3,920,233 |
| Swiss Re Ltd. | | 9,541 | 1,036,043 |
| Tenaris SA | | 14,943 | 249,972 |
TOTAL UNITED STATES OF AMERICA | | | 7,485,399 |
| TOTAL COMMON STOCKS (Cost $383,795,683) | | | 405,876,590 |
| | | | |
| Nonconvertible Preferred Stocks - 0.6% |
| | | Shares | Value ($) |
| Brazil - 0.4% | | | |
| Banco Bradesco SA (PN) | | 168,355 | 453,909 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 58,458 | 142,987 |
| Gerdau SA | | 41,070 | 144,424 |
| Itau Unibanco Holding SA | | 151,300 | 913,756 |
TOTAL BRAZIL | | | 1,655,076 |
| Chile - 0.1% | | | |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 4,445 | 203,024 |
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 14,054 | 114,997 |
| Germany - 0.1% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 1,862 | 191,758 |
| Henkel AG & Co. KGaA | | 5,365 | 426,205 |
TOTAL GERMANY | | | 617,963 |
| Korea (South) - 0.0% | | | |
| LG Chemical Ltd. | | 221 | 42,296 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,719,839) | | | 2,633,356 |
| | | | |
| Government Obligations - 0.1% |
| | | Principal Amount (d) | Value ($) |
| United States of America - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (e) (Cost $199,360) | | 200,000 | 199,355 |
| | | | |
| Money Market Funds - 3.0% |
| | | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (f) (Cost $12,872,178) | | 12,869,604 | 12,872,178 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $399,587,060) | 421,581,479 |
NET OTHER ASSETS (LIABILITIES) - 0.6% | 2,372,263 |
| NET ASSETS - 100.0% | 423,953,742 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 88 | Jun 2024 | 9,977,000 | (154,354) | (154,354) |
| ICE MSCI Emerging Markets Index Contracts (United States) | 85 | Jun 2024 | 4,428,500 | 18,126 | 18,126 |
| TME S&P/TSX 60 Index Contracts (Canada) | 6 | Jun 2024 | 1,137,980 | (13,927) | (13,927) |
| | | | | | |
| TOTAL FUTURES CONTRACTS | | | | | (150,155) |
| The notional amount of futures purchased as a percentage of Net Assets is 3.7% |
Legend
| (b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,175,699 or 1.5% of net assets. |
| (d) | Amount is stated in United States dollars unless otherwise noted. |
| (e) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $199,355. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 4,832,504 | 29,803,620 | 21,763,986 | 155,105 | 40 | - | 12,872,178 | 0.0% |
| Total | 4,832,504 | 29,803,620 | 21,763,986 | 155,105 | 40 | - | 12,872,178 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 28,499,567 | 4,395,832 | 24,103,735 | - |
Consumer Discretionary | 46,410,426 | 10,166,103 | 36,244,323 | - |
Consumer Staples | 29,734,772 | 11,361,186 | 18,373,586 | - |
Energy | 19,058,015 | 7,173,725 | 11,700,233 | 184,057 |
Financials | 84,294,529 | 33,286,153 | 50,998,930 | 9,446 |
Health Care | 41,239,718 | 1,630,283 | 39,609,435 | - |
Industrials | 53,775,078 | 18,838,147 | 34,936,931 | - |
Information Technology | 54,323,391 | 15,395,041 | 38,928,350 | - |
Materials | 29,446,818 | 15,868,711 | 13,575,156 | 2,951 |
Real Estate | 9,604,331 | 2,177,897 | 7,426,434 | - |
Utilities | 12,123,301 | 3,210,767 | 8,912,534 | - |
|
| Government Obligations | 199,355 | - | 199,355 | - |
|
| Money Market Funds | 12,872,178 | 12,872,178 | - | - |
| Total Investments in Securities: | 421,581,479 | 136,376,023 | 285,009,002 | 196,454 |
Derivative Instruments: Assets | | | | |
Futures Contracts | 18,126 | 18,126 | - | - |
| Total Assets | 18,126 | 18,126 | - | - |
| Liabilities | | | | |
Futures Contracts | (168,281) | (168,281) | - | - |
| Total Liabilities | (168,281) | (168,281) | - | - |
| Total Derivative Instruments: | (150,155) | (150,155) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 18,126 | (168,281) |
| Total Equity Risk | 18,126 | (168,281) |
| Total Value of Derivatives | 18,126 | (168,281) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $386,714,882) | $ | 408,709,301 | | |
Fidelity Central Funds (cost $12,872,178) | | 12,872,178 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $399,587,060) | | | $ | 421,581,479 |
| Segregated cash with brokers for derivative instruments | | | | 301,921 |
| Foreign currency held at value (cost $719,197) | | | | 712,789 |
| Receivable for fund shares sold | | | | 137,335 |
| Dividends receivable | | | | 1,260,363 |
| Reclaims receivable | | | | 947,474 |
| Distributions receivable from Fidelity Central Funds | | | | 37,315 |
Total assets | | | | 424,978,676 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 124,146 | | |
| Accrued management fee | | 70,275 | | |
| Payable for daily variation margin on futures contracts | | 209,345 | | |
| Deferred taxes | | 620,502 | | |
| Other payables and accrued expenses | | 666 | | |
| Total liabilities | | | | 1,024,934 |
| Net Assets | | | $ | 423,953,742 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 436,711,471 |
| Total accumulated earnings (loss) | | | | (12,757,729) |
| Net Assets | | | $ | 423,953,742 |
Net Asset Value, offering price and redemption price per share ($423,953,742 ÷ 35,485,114 shares) | | | $ | 11.95 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 5,843,008 |
| Interest | | | | 18,053 |
| Income from Fidelity Central Funds | | | | 155,105 |
| Income before foreign taxes withheld | | | $ | 6,016,166 |
| Less foreign taxes withheld | | | | (515,747) |
| Total income | | | | 5,500,419 |
| Expenses | | | | |
| Management fee | $ | 411,441 | | |
| Independent trustees' fees and expenses | | 584 | | |
| Miscellaneous | | 2,998 | | |
| Total expenses before reductions | | 415,023 | | |
| Expense reductions | | (64) | | |
| Total expenses after reductions | | | | 414,959 |
| Net Investment income (loss) | | | | 5,085,460 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $29,973) | | (4,482,412) | | |
| Fidelity Central Funds | | 40 | | |
| Foreign currency transactions | | (3,052) | | |
| Futures contracts | | 835,493 | | |
| Total net realized gain (loss) | | | | (3,649,931) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $431,823) | | 57,825,169 | | |
| Assets and liabilities in foreign currencies | | (22,603) | | |
| Futures contracts | | (19,831) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 57,782,735 |
| Net gain (loss) | | | | 54,132,804 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 59,218,264 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 5,085,460 | $ | 10,579,026 |
| Net realized gain (loss) | | (3,649,931) | | (9,959,911) |
| Change in net unrealized appreciation (depreciation) | | 57,782,735 | | 41,609,910 |
| Net increase (decrease) in net assets resulting from operations | | 59,218,264 | | 42,229,025 |
| Distributions to shareholders | | (10,671,765) | | (8,331,104) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 43,049,358 | | 72,093,340 |
| Reinvestment of distributions | | 9,588,850 | | 7,520,386 |
| Cost of shares redeemed | | (40,927,975) | | (83,900,144) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 11,710,233 | | (4,286,418) |
| Total increase (decrease) in net assets | | 60,256,732 | | 29,611,503 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 363,697,010 | | 334,085,507 |
| End of period | $ | 423,953,742 | $ | 363,697,010 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 3,695,120 | | 6,485,020 |
| Issued in reinvestment of distributions | | 839,654 | | 721,034 |
| Redeemed | | (3,495,465) | | (7,589,054) |
| Net increase (decrease) | | 1,039,309 | | (383,000) |
| | | | | |
Financial Highlights
Fidelity® International Sustainability Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 10.56 | $ | 9.59 | $ | 13.60 | $ | 10.81 | $ | 10.89 | $ | 9.87 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .14 | | .31 | | .29 | | .30 | | .24 | | .32 C |
| Net realized and unrealized gain (loss) | | 1.56 | | .90 | | (4.04) | | 2.63 | | (.08) | | .91 |
| Total from investment operations | | 1.70 | | 1.21 | | (3.75) | | 2.93 | | .16 | | 1.23 |
| Distributions from net investment income | | (.31) | | (.24) | | (.26) | | (.14) | | (.24) | | (.21) |
| Total distributions | | (.31) | | (.24) | | (.26) | | (.14) | | (.24) | | (.21) |
| Net asset value, end of period | $ | 11.95 | $ | 10.56 | $ | 9.59 | $ | 13.60 | $ | 10.81 | $ | 10.89 |
Total Return D,E | | | | 12.68% | | (28.11)% | | 27.27% | | 1.48% | | 12.81% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .20% H,I | | .20% | | .20% | | .20% | | .20% | | .20% |
| Expenses net of fee waivers, if any | | | | .20% | | .20% | | .20% | | .20% | | .20% |
| Expenses net of all reductions | | .20% H,I | | .20% | | .20% | | .20% | | .20% | | .20% |
| Net investment income (loss) | | 2.47% H,I | | 2.77% | | 2.52% | | 2.28% | | 2.25% | | 3.14% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 423,954 | $ | 363,697 | $ | 334,086 | $ | 404,608 | $ | 149,868 | $ | 71,875 |
Portfolio turnover rate J | | | | 22% | | 23% | | 19% | | 11% | | 17% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.73%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HProxy expenses are not annualized.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity International Sustainability Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. The Fund did not recognize dividend income during the period on certain Russian securities due to restrictions imposed by the Russian government on these dividend payments. There is uncertainty regarding the timeline for these restrictions to be lifted and the collectability of these and future dividend payments on Russian securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & 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, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $73,348,231 |
| Gross unrealized depreciation | (52,302,943) |
| Net unrealized appreciation (depreciation) | $21,045,288 |
| Tax cost | $400,386,036 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(13,590,977) |
Long-term | (19,493,111) |
| Total capital loss carryforward | $(33,084,088) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity International Sustainability Index Fund | 16,944,182 | 18,303,841 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .20% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $64.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 (November 1, 2023 to April 30, 2024). |
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
| Fidelity® International Sustainability Index Fund | | | | .20% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,162.20 | | $ 1.08 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,023.87 | | $ 1.01 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9883819.106
ISY-SANN-0624
Fidelity® Series Global ex U.S. Index Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
| |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.3 | |
| Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.6 | |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 1.4 | |
| Tencent Holdings Ltd. (China, Interactive Media & Services) | 1.1 | |
| Nestle SA (Reg. S) (United States of America, Food Products) | 1.0 | |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 1.0 | |
| Toyota Motor Corp. (Japan, Automobiles) | 0.9 | |
| AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 0.9 | |
| Shell PLC (London) (United States of America, Oil, Gas & Consumable Fuels) | 0.9 | |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 0.9 | |
| | 12.0 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Financials | 22.4 | |
| Industrials | 13.1 | |
| Information Technology | 12.0 | |
| Consumer Discretionary | 11.4 | |
| Health Care | 9.6 | |
| Materials | 7.4 | |
| Consumer Staples | 7.3 | |
| Energy | 5.9 | |
| Communication Services | 5.1 | |
| Utilities | 2.4 | |
| Real Estate | 1.6 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 1.9% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 97.2% |
| | | Shares | Value ($) |
| Australia - 4.6% | | | |
| Ampol Ltd. | | 403,005 | 9,516,477 |
| ANZ Group Holdings Ltd. | | 5,099,267 | 92,010,809 |
| APA Group unit | | 2,166,572 | 11,561,869 |
| Aristocrat Leisure Ltd. | | 982,394 | 25,070,681 |
| ASX Ltd. | | 329,380 | 13,455,220 |
| Aurizon Holdings Ltd. | | 3,096,045 | 7,604,665 |
| BHP Group Ltd. | | 8,596,359 | 235,764,740 |
| BlueScope Steel Ltd. | | 752,916 | 10,989,129 |
| Brambles Ltd. | | 2,362,391 | 22,224,555 |
| CAR Group Ltd. | | 609,523 | 13,216,602 |
| Cochlear Ltd. | | 111,213 | 23,199,918 |
| Coles Group Ltd. | | 2,273,464 | 23,710,452 |
| Commonwealth Bank of Australia | | 2,839,668 | 208,061,136 |
| Computershare Ltd. | | 912,916 | 16,038,445 |
| DEXUS Property Group unit | | 1,829,909 | 8,311,836 |
| EBOS Group Ltd. | | 264,747 | 5,455,646 |
| Endeavour Group Ltd. | | 2,439,808 | 8,390,268 |
| Fortescue Ltd. | | 2,873,531 | 47,627,188 |
| Glencore PLC | | 17,591,587 | 102,357,782 |
| Goodman Group unit | | 2,899,621 | 58,571,276 |
| IDP Education Ltd. (a) | | 450,109 | 4,693,240 |
| Insurance Australia Group Ltd. | | 4,081,842 | 16,910,978 |
| Macquarie Group Ltd. | | 620,286 | 74,272,125 |
| Medibank Private Ltd. | | 4,684,255 | 10,735,658 |
| Mineral Resources Ltd. | | 298,651 | 13,547,507 |
| Mirvac Group unit | | 6,678,272 | 8,750,336 |
| National Australia Bank Ltd. | | 5,288,614 | 114,644,094 |
| Northern Star Resources Ltd. | | 1,952,021 | 18,502,687 |
| Orica Ltd. | | 823,191 | 9,531,509 |
| Origin Energy Ltd. | | 2,925,219 | 18,462,279 |
| Pilbara Minerals Ltd. (a) | | 4,820,943 | 12,273,655 |
| Qantas Airways Ltd. (b) | | 1,425,493 | 5,378,250 |
| QBE Insurance Group Ltd. | | 2,534,708 | 28,994,445 |
| Ramsay Health Care Ltd. | | 314,957 | 10,557,427 |
| REA Group Ltd. | | 90,016 | 10,318,359 |
| Reece Ltd. | | 383,955 | 6,811,229 |
| Rio Tinto Ltd. | | 629,385 | 52,380,150 |
| Rio Tinto PLC | | 1,910,323 | 129,253,941 |
| Santos Ltd. | | 5,518,313 | 27,080,391 |
| Scentre Group unit | | 8,749,150 | 17,717,472 |
| SEEK Ltd. | | 606,962 | 9,376,246 |
| Seven Group Holdings Ltd. | | 275,894 | 6,703,979 |
| Sonic Healthcare Ltd. | | 766,623 | 13,174,933 |
| South32 Ltd. | | 7,655,990 | 17,466,995 |
| Stockland Corp. Ltd. unit | | 4,069,178 | 11,528,456 |
| Suncorp Group Ltd. | | 2,157,106 | 23,038,791 |
| Telstra Group Ltd. | | 6,859,006 | 16,205,172 |
| The GPT Group | | 3,266,010 | 8,783,714 |
| The Lottery Corp. Ltd. | | 3,762,175 | 11,736,075 |
| Transurban Group unit | | 5,233,091 | 42,013,665 |
| Treasury Wine Estates Ltd. | | 1,368,997 | 10,616,860 |
| Vicinity Centres unit | | 6,539,709 | 8,008,324 |
| Washington H. Soul Pattinson & Co. Ltd. | | 399,129 | 8,352,808 |
| Wesfarmers Ltd. | | 1,924,818 | 82,457,707 |
| Westpac Banking Corp. | | 5,937,797 | 98,605,099 |
| WiseTech Global Ltd. | | 283,092 | 16,677,671 |
| Woodside Energy Group Ltd. | | 3,223,403 | 57,753,739 |
| Woolworths Group Ltd. | | 2,072,676 | 42,525,343 |
TOTAL AUSTRALIA | | | 2,018,980,003 |
| Austria - 0.2% | | | |
| Erste Group Bank AG | | 583,865 | 27,335,429 |
| Mondi PLC | | 211,291 | 4,028,975 |
| Mondi PLC | | 541,383 | 10,275,809 |
| OMV AG | | 249,263 | 11,885,482 |
| Verbund AG | | 115,738 | 8,843,717 |
| Voestalpine AG | | 198,387 | 5,318,371 |
TOTAL AUSTRIA | | | 67,687,783 |
| Belgium - 0.5% | | | |
| Ageas | | 271,653 | 12,506,635 |
| Anheuser-Busch InBev SA NV | | 1,472,775 | 88,033,345 |
| D'ieteren Group | | 36,396 | 7,892,656 |
| Elia Group SA/NV | | 50,074 | 4,828,211 |
| Groupe Bruxelles Lambert SA | | 148,928 | 11,101,677 |
| KBC Group NV | | 424,847 | 31,692,431 |
| Lotus Bakeries SA | | 689 | 6,933,887 |
| Sofina SA | | 26,262 | 6,188,319 |
| Syensqo SA | | 126,049 | 11,728,755 |
| UCB SA | | 214,583 | 28,522,321 |
| Umicore SA | | 356,079 | 7,926,957 |
| Warehouses de Pauw | | 297,408 | 7,915,802 |
| Warehouses de Pauw rights (b)(c) | | 297,408 | 355,481 |
TOTAL BELGIUM | | | 225,626,477 |
| Brazil - 1.1% | | | |
| Ambev SA | | 7,580,630 | 17,737,676 |
| Atacadao SA | | 1,073,900 | 2,310,107 |
| B3 SA - Brasil Bolsa Balcao | | 9,543,475 | 19,830,932 |
| Banco Bradesco SA | | 1,575,438 | 3,750,032 |
| Banco BTG Pactual SA unit | | 2,001,400 | 12,873,466 |
| Banco do Brasil SA | | 2,918,400 | 15,410,879 |
| Banco Santander SA (Brasil) unit | | 640,600 | 3,565,331 |
| BB Seguridade Participacoes SA | | 1,190,100 | 7,379,968 |
| Caixa Seguridade Participacoes | | 1,026,400 | 3,095,448 |
| CCR SA | | 1,715,800 | 4,074,224 |
| Centrais Eletricas Brasileiras SA (Electrobras) | | 2,005,130 | 14,619,694 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 577,400 | 8,986,918 |
| Companhia Siderurgica Nacional SA (CSN) | | 1,134,200 | 3,040,493 |
| Cosan SA | | 2,078,932 | 5,805,283 |
| CPFL Energia SA (b) | | 408,200 | 2,507,719 |
| Energisa SA unit | | 442,800 | 3,845,911 |
| Eneva SA (b) | | 978,400 | 2,332,664 |
| ENGIE Brasil Energia SA | | 335,950 | 2,646,142 |
| Equatorial Energia SA | | 1,757,816 | 10,355,427 |
| Hapvida Participacoes e Investimentos SA (b)(d) | | 8,325,744 | 5,916,496 |
| Hypera SA (b) | | 635,100 | 3,610,552 |
| Klabin SA unit | | 1,258,700 | 5,584,957 |
| Localiza Rent a Car SA | | 1,547,848 | 14,615,219 |
| Lojas Renner SA | | 1,661,309 | 4,904,646 |
| Magazine Luiza SA (b) | | 6,202,267 | 1,624,443 |
| Natura & Co. Holding SA | | 1,535,919 | 4,907,156 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 5,591,711 | 47,661,890 |
| PRIO SA | | 1,360,200 | 12,573,585 |
| Raia Drogasil SA | | 2,193,844 | 10,807,405 |
| Rede D'Oregon Sao Luiz SA (d) | | 981,111 | 4,912,546 |
| Rumo SA | | 2,194,400 | 8,519,644 |
| Sendas Distribuidora SA | | 2,303,600 | 5,820,443 |
| Suzano SA | | 1,349,295 | 15,190,807 |
| Telefonica Brasil SA | | 697,440 | 6,358,435 |
| TIM SA | | 1,450,003 | 4,917,489 |
| Totvs SA | | 947,200 | 5,023,666 |
| Ultrapar Participacoes SA | | 1,226,200 | 6,104,316 |
| Vale SA | | 5,730,847 | 69,850,423 |
| Vale SA sponsored ADR | | 43,641 | 531,111 |
| Vibra Energia SA | | 1,970,550 | 8,902,882 |
| Weg SA | | 2,850,732 | 21,712,909 |
| Wheaton Precious Metals Corp. (a) | | 769,175 | 40,072,082 |
| Yara International ASA | | 281,334 | 8,041,009 |
TOTAL BRAZIL | | | 462,332,425 |
| Burkina Faso - 0.0% | | | |
| Endeavour Mining PLC | | 313,009 | 6,660,780 |
| Canada - 7.2% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 842,100 | 53,328,208 |
| Air Canada (b) | | 298,048 | 4,399,328 |
| Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 1,303,621 | 72,252,412 |
| AltaGas Ltd. (a) | | 498,975 | 10,938,921 |
| ARC Resources Ltd. (a) | | 1,016,946 | 18,416,056 |
| Bank of Montreal | | 1,222,696 | 109,217,976 |
| Bank of Nova Scotia (a) | | 2,058,383 | 94,437,562 |
| Barrick Gold Corp. (Canada) | | 2,980,953 | 49,543,606 |
| BCE, Inc. (a) | | 123,096 | 4,044,334 |
| Brookfield Asset Management Ltd. Class A | | 595,422 | 22,745,972 |
| Brookfield Corp. (Canada) Class A (a) | | 2,355,474 | 94,482,457 |
| CAE, Inc. (b) | | 541,196 | 10,441,409 |
| Cameco Corp. | | 736,868 | 33,619,787 |
| Canadian Apartment Properties (REIT) unit (a) | | 139,974 | 4,356,871 |
| Canadian Imperial Bank of Commerce | | 1,578,940 | 73,702,600 |
| Canadian National Railway Co. | | 926,003 | 112,393,013 |
| Canadian Natural Resources Ltd. | | 1,815,473 | 137,573,198 |
| Canadian Pacific Kansas City Ltd. | | 1,580,223 | 123,970,569 |
| Canadian Tire Ltd. Class A (non-vtg.) (a) | | 89,227 | 8,619,692 |
| Canadian Utilities Ltd. Class A (non-vtg.) (a) | | 217,840 | 4,870,603 |
| CCL Industries, Inc. Class B | | 253,972 | 12,969,333 |
| Cenovus Energy, Inc. (Canada) | | 2,384,289 | 48,979,547 |
| CGI, Inc. Class A (sub. vtg.) (b) | | 349,620 | 35,425,485 |
| Constellation Software, Inc. | | 34,154 | 87,931,819 |
| Constellation Software, Inc. warrants 3/31/40 (b)(e) | | 30,824 | 2 |
| Descartes Systems Group, Inc. (Canada) (b) | | 144,644 | 13,417,382 |
| Dollarama, Inc. | | 477,253 | 39,812,396 |
| Element Fleet Management Corp. (a) | | 656,801 | 10,481,908 |
| Emera, Inc. (a) | | 481,604 | 16,242,962 |
| Empire Co. Ltd. Class A (non-vtg.) (a) | | 235,138 | 5,477,700 |
| Enbridge, Inc. (a) | | 3,606,462 | 128,236,164 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 36,054 | 39,198,331 |
| FirstService Corp. | | 67,762 | 9,952,767 |
| Fortis, Inc. | | 828,197 | 32,522,667 |
| Franco-Nevada Corp. | | 326,047 | 39,249,271 |
| George Weston Ltd. | | 102,864 | 13,537,116 |
| Gildan Activewear, Inc. (a) | | 258,729 | 8,968,545 |
| Great-West Lifeco, Inc. (a) | | 473,139 | 13,991,566 |
| Hydro One Ltd. (a)(d) | | 557,573 | 15,617,633 |
| iA Financial Corp., Inc. | | 168,758 | 10,231,027 |
| IGM Financial, Inc. | | 141,709 | 3,542,082 |
| Imperial Oil Ltd. (a) | | 318,796 | 21,918,455 |
| Intact Financial Corp. | | 301,724 | 49,592,191 |
| Ivanhoe Mines Ltd. (a)(b) | | 1,068,011 | 14,476,508 |
| Keyera Corp. | | 388,567 | 9,969,263 |
| Kinross Gold Corp. | | 2,091,218 | 13,489,279 |
| Loblaw Companies Ltd. | | 265,467 | 29,110,448 |
| Magna International, Inc. Class A (sub. vtg.) | | 461,776 | 22,071,595 |
| Manulife Financial Corp. | | 3,063,577 | 71,457,130 |
| MEG Energy Corp. (b) | | 465,510 | 10,587,381 |
| Metro, Inc. | | 385,557 | 19,722,460 |
| National Bank of Canada | | 573,457 | 46,046,516 |
| Northland Power, Inc. (a) | | 432,221 | 6,596,421 |
| Nutrien Ltd. | | 839,363 | 44,259,151 |
| Onex Corp. (sub. vtg.) | | 111,847 | 7,935,275 |
| Open Text Corp. | | 459,816 | 16,236,266 |
| Pan American Silver Corp. | | 621,066 | 11,454,521 |
| Parkland Corp. | | 237,596 | 7,319,541 |
| Pembina Pipeline Corp. | | 982,847 | 34,583,306 |
| Power Corp. of Canada (sub. vtg.) | | 962,060 | 25,633,502 |
| Quebecor, Inc. Class B (sub. vtg.) | | 262,756 | 5,437,779 |
| RB Global, Inc. (a) | | 309,433 | 22,149,215 |
| Restaurant Brands International, Inc. | | 417,290 | 31,657,842 |
| Restaurant Brands International, Inc. (a) | | 86,349 | 6,549,572 |
| RioCan (REIT) (a) | | 256,558 | 3,250,188 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 602,039 | 22,552,683 |
| Royal Bank of Canada (a) | | 2,384,093 | 230,659,461 |
| Saputo, Inc. | | 432,013 | 8,306,675 |
| Shopify, Inc. Class A (b) | | 2,045,003 | 143,572,833 |
| Stantec, Inc. | | 193,790 | 15,429,718 |
| Sun Life Financial, Inc. | | 990,376 | 50,567,340 |
| Suncor Energy, Inc. | | 2,189,528 | 83,547,674 |
| TC Energy Corp. (a) | | 1,760,318 | 63,065,328 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 782,104 | 38,456,122 |
| TELUS Corp. | | 830,119 | 13,332,315 |
| TFI International, Inc. (Canada) | | 136,208 | 17,738,256 |
| The Toronto-Dominion Bank | | 3,007,091 | 178,396,195 |
| Thomson Reuters Corp. (a) | | 268,849 | 40,607,106 |
| TMX Group Ltd. | | 471,296 | 12,478,654 |
| Toromont Industries Ltd. | | 138,822 | 12,705,896 |
| Tourmaline Oil Corp. | | 566,610 | 27,691,513 |
| West Fraser Timber Co. Ltd. | | 95,476 | 7,312,672 |
| WSP Global, Inc. | | 211,598 | 32,107,439 |
TOTAL CANADA | | | 3,159,171,962 |
| Chile - 0.2% | | | |
| Antofagasta PLC | | 670,078 | 18,504,241 |
| Banco de Chile | | 78,061,044 | 8,659,446 |
| Banco de Credito e Inversiones | | 127,208 | 3,710,173 |
| Banco Santander Chile | | 113,748,480 | 5,153,960 |
| Cencosud SA | | 2,106,966 | 3,610,405 |
| Compania Sud Americana de Vapores SA | | 25,670,657 | 2,002,742 |
| Empresas CMPC SA | | 1,857,484 | 3,668,340 |
| Empresas COPEC SA | | 667,052 | 4,760,141 |
| Enel Americas SA | | 37,044,078 | 3,472,701 |
| Enel Chile SA | | 45,778,724 | 2,717,970 |
| Falabella SA (b) | | 1,453,426 | 3,890,740 |
| LATAM Airlines Group SA | | 309,931,265 | 4,193,539 |
| Lundin Mining Corp. | | 1,110,448 | 12,680,233 |
TOTAL CHILE | | | 77,024,631 |
| China - 7.7% | | | |
| 360 Security Technology, Inc. (A Shares) (b) | | 657,300 | 769,100 |
| 37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | | 202,700 | 465,631 |
| AAC Technology Holdings, Inc. | | 1,232,500 | 3,922,601 |
| Accelink Technologies Co. Ltd. (A Shares) (b) | | 73,700 | 377,840 |
| ACM Research Shanghai, Inc. (A Shares) (b) | | 27,615 | 310,991 |
| Advanced Micro-Fabrication Equipment, Inc., China (A Shares) | | 57,519 | 1,118,366 |
| AECC Aero-Engine Control Co. Ltd. (A Shares) | | 120,600 | 324,935 |
| AECC Aviation Power Co. Ltd. | | 245,852 | 1,198,206 |
| Agricultural Bank of China Ltd.: | | | |
| (A Shares) | | 7,458,100 | 4,527,042 |
| (H Shares) | | 48,734,000 | 21,731,024 |
| Aier Eye Hospital Group Co. Ltd. (A Shares) | | 1,102,701 | 1,958,544 |
| AIMA Technology Group Co. Ltd. | | 76,600 | 371,717 |
| Air China Ltd.: | | | |
| (A Shares) (b) | | 1,679,300 | 1,707,712 |
| (H Shares) (a)(b) | | 2,076,000 | 1,040,818 |
| Airtac International Group | | 237,456 | 8,392,384 |
| Akeso, Inc. (b)(d) | | 843,000 | 5,158,420 |
| Alibaba Group Holding Ltd. | | 27,613,124 | 258,543,463 |
| Alibaba Health Information Technology Ltd. (a)(b) | | 9,768,000 | 3,646,188 |
| Aluminum Corp. of China Ltd.: | | | |
| (A shares) | | 950,100 | 970,069 |
| (H Shares) | | 7,112,000 | 4,716,777 |
| Amlogic Shanghai Co. Ltd. (A Shares) | | 38,668 | 307,432 |
| Angel Yeast Co. Ltd. (A Shares) | | 74,000 | 303,833 |
| Anhui Conch Cement Co. Ltd.: | | | |
| (A Shares) | | 318,000 | 1,007,303 |
| (H Shares) | | 2,326,500 | 5,397,633 |
| Anhui Gujing Distillery Co. Ltd.: | | | |
| (A Shares) | | 40,900 | 1,528,596 |
| (B Shares) | | 177,200 | 2,904,502 |
| Anhui Jianghuai Automobile Group Corp. Ltd. (A Shares) (b) | | 186,200 | 400,757 |
| Anhui Kouzi Distillery Co. Ltd. (A Shares) | | 54,900 | 315,694 |
| Anhui Yingjia Distillery Co. Ltd. (A Shares) | | 74,200 | 725,546 |
| Anjoy Foods Group Co. Ltd. (A Shares) | | 26,600 | 337,777 |
| Anker Innovations Technology Co. Ltd. (A Shares) (b) | | 43,700 | 519,177 |
| Anta Sports Products Ltd. | | 2,155,800 | 24,405,796 |
| Asia - Potash International Investment Guangzhou Co. Ltd. (A Shares) (b) | | 86,700 | 212,429 |
| ASR Microelectronics Co. Ltd. (A Shares) | | 38,473 | 216,713 |
| Asymchem Laboratories Tianjin Co. Ltd. (A Shares) | | 31,900 | 362,976 |
| Autobio Diagnostics Co. Ltd. | | 54,700 | 429,547 |
| Autohome, Inc. ADR Class A | | 115,036 | 2,956,425 |
| Avary Holding Shenzhen Co. Ltd. (A Shares) | | 233,100 | 773,316 |
| AVIC Capital Co. Ltd. (A Shares) | | 752,300 | 308,131 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 3,941,000 | 1,694,915 |
| Avicopter PLC (A Shares) | | 52,300 | 300,207 |
| BAIC BluePark New Energy Technology Co. Ltd. (A Shares) (b) | | 457,600 | 428,319 |
| Baidu, Inc. Class A (b) | | 3,829,498 | 49,613,391 |
| Bank of Beijing Co. Ltd. (A Shares) | | 2,303,700 | 1,773,430 |
| Bank of Changsha Co. Ltd. (A Shares) | | 484,900 | 545,572 |
| Bank of Chengdu Co. Ltd. (A Shares) | | 328,400 | 670,002 |
| Bank of China Ltd.: | | | |
| (A Shares) | | 5,504,400 | 3,482,814 |
| (H Shares) | | 131,602,024 | 59,022,252 |
| Bank of Communications Co. Ltd.: | | | |
| (A Shares) | | 2,985,400 | 2,831,757 |
| (H Shares) | | 16,098,200 | 11,591,657 |
| Bank of Hangzhou Co. Ltd. (A Shares) | | 550,431 | 980,072 |
| Bank of Jiangsu Co. Ltd. (A Shares) | | 1,707,960 | 1,904,124 |
| Bank of Nanjing Co. Ltd. (A Shares) | | 1,175,600 | 1,512,200 |
| Bank of Ningbo Co. Ltd. (A Shares) | | 657,010 | 2,074,575 |
| Bank of Shanghai Co. Ltd. (A Shares) | | 1,643,000 | 1,655,337 |
| Bank of Suzhou Co. Ltd. | | 627,300 | 653,157 |
| Baoshan Iron & Steel Co. Ltd. (A Shares) | | 2,222,000 | 2,128,011 |
| BeiGene Ltd. (b) | | 1,159,518 | 13,754,899 |
| Beijing Dabeinong Technology Group Co. Ltd. (A Shares) | | 358,400 | 231,589 |
| Beijing Enlight Media Co. Ltd. (A Shares) | | 279,600 | 360,351 |
| Beijing Enterprises Holdings Ltd. | | 833,000 | 2,666,892 |
| Beijing Enterprises Water Group Ltd. | | 7,064,000 | 1,781,617 |
| Beijing Kingsoft Office Software, Inc. (A Shares) | | 49,775 | 2,108,351 |
| Beijing New Building Materials PLC (A Shares) | | 145,400 | 656,620 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares) | | 105,900 | 213,587 |
| Beijing Roborock Technology Co. Ltd. (A Shares) | | 12,212 | 713,498 |
| Beijing Tiantan Biological Products Corp. Ltd. (A Shares) | | 154,400 | 611,440 |
| Beijing Tongrentang Co. Ltd. (A Shares) | | 127,500 | 743,545 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) | | 78,899 | 741,255 |
| Beijing Yanjing Brewery Co. Ltd. (A Shares) | | 257,300 | 351,140 |
| Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) | | 4,912,600 | 3,443,421 |
| Beiqi Foton Motor Co. Ltd. (A Shares) (b) | | 677,200 | 244,935 |
| Bethel Automotive Safety Systems Co. Ltd. (A Shares) | | 57,900 | 458,659 |
| Bilibili, Inc. Class Z (a)(b) | | 390,024 | 4,952,596 |
| Bloomage Biotechnology Corp. Ltd. (A Shares) | | 45,651 | 386,557 |
| BOC Aviation Ltd. Class A (d) | | 359,200 | 2,856,982 |
| BOC Hong Kong (Holdings) Ltd. | | 6,266,451 | 19,207,257 |
| BOC International China Co. Ltd. | | 243,200 | 343,706 |
| BOE Technology Group Co. Ltd. (A Shares) | | 3,560,100 | 2,136,998 |
| Bosideng International Holdings Ltd. | | 6,574,000 | 3,805,476 |
| Brilliance China Automotive Holdings Ltd. | | 5,182,000 | 4,303,057 |
| By-Health Co. Ltd. (A Shares) | | 155,500 | 339,197 |
| BYD Co. Ltd.: | | | |
| (A Shares) | | 356,120 | 10,692,040 |
| (H Shares) | | 1,593,000 | 43,668,246 |
| BYD Electronic International Co. Ltd. | | 1,343,500 | 4,525,963 |
| C&D International Investment Group Ltd. | | 1,203,327 | 2,383,692 |
| Caitong Securities Co. Ltd. | | 377,560 | 398,158 |
| Cambricon Technologies Corp. Ltd. (A Shares) (b) | | 38,724 | 893,634 |
| Canmax Technologies Co. Ltd. (A Shares) | | 125,290 | 364,426 |
| Cathay Biotech, Inc. (A Shares) (b) | | 62,032 | 438,117 |
| CECEP Solar Energy Co. Ltd. (A Shares) | | 320,700 | 228,106 |
| CGN Power Co. Ltd.: | | | |
| (A Shares) (b) | | 1,472,200 | 834,767 |
| (H Shares) (d) | | 17,789,000 | 5,964,796 |
| Changchun High & New Technology Industry Group, Inc. (A Shares) | | 37,500 | 583,021 |
| Changjiang Securities Co. Ltd. (A Shares) | | 441,300 | 344,541 |
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) | | 26,200 | 478,632 |
| Chaozhou Three-Circle Group Co. (A Shares) | | 177,300 | 680,668 |
| Chengxin Lithium Group Co. Ltd. (A Shares) | | 138,800 | 343,028 |
| Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (b) | | 156,200 | 383,234 |
| China Baoan Group Co. Ltd. (A Shares) | | 225,800 | 327,033 |
| China Cinda Asset Management Co. Ltd. (H Shares) | | 17,611,000 | 1,587,047 |
| China CITIC Bank Corp. Ltd.: | | | |
| (A Shares) | | 341,500 | 323,756 |
| (H Shares) | | 14,667,293 | 8,580,859 |
| China Coal Energy Co. Ltd. (H Shares) | | 3,389,000 | 3,413,873 |
| China Communications Services Corp. Ltd. (H Shares) | | 4,022,000 | 1,922,705 |
| China Construction Bank Corp.: | | | |
| (A Shares) | | 4,294,800 | 4,217,513 |
| (H Shares) | | 157,597,649 | 101,964,272 |
| China CSSC Holdings Ltd. (A Shares) | | 534,100 | 2,683,761 |
| China Eastern Airlines Corp. Ltd. (A Shares) (b) | | 1,486,100 | 786,250 |
| China Energy Engineering Corp. Ltd. (A Shares) | | 2,723,900 | 825,974 |
| China Everbright Bank Co. Ltd.: | | | |
| (A Shares) | | 5,435,700 | 2,363,663 |
| (H Shares) | | 4,326,000 | 1,310,588 |
| China Feihe Ltd. (d) | | 6,028,000 | 3,296,508 |
| China Film Co. Ltd. (A Shares) (b) | | 259,400 | 425,036 |
| China Galaxy Securities Co. Ltd.: | | | |
| (A Shares) | | 404,400 | 691,617 |
| (H Shares) | | 7,144,500 | 3,869,941 |
| China Gas Holdings Ltd. | | 4,669,400 | 4,372,105 |
| China Great Wall Securities Co. Ltd. (A Shares) | | 318,100 | 335,375 |
| China Greatwall Technology Group Co. Ltd. (A Shares) | | 293,400 | 393,462 |
| China Hongqiao Group Ltd. (a) | | 4,140,000 | 5,712,703 |
| China Huishan Dairy Holdings Co. Ltd. (b)(e) | | 958,000 | 1 |
| China International Capital Corp. Ltd. | | 195,900 | 898,590 |
| China International Capital Corp. Ltd. (H Shares) (d) | | 2,862,400 | 3,451,617 |
| China Jushi Co. Ltd. (A Shares) | | 360,740 | 592,966 |
| China Life Insurance Co. Ltd.: | | | |
| (A Shares) | | 359,300 | 1,514,358 |
| (H Shares) | | 12,387,000 | 16,312,728 |
| China Literature Ltd. (b)(d) | | 667,400 | 2,383,990 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 5,469,000 | 3,831,217 |
| China Medical System Holdings Ltd. | | 2,343,000 | 2,091,947 |
| China Mengniu Dairy Co. Ltd. | | 5,319,000 | 11,018,191 |
| China Merchants Bank Co. Ltd.: | | | |
| (A Shares) | | 1,303,400 | 6,149,950 |
| (H Shares) | | 7,566,191 | 32,768,096 |
| China Merchants Energy Shipping Co. Ltd. (A Shares) | | 712,100 | 837,601 |
| China Merchants Expressway Network & Technology Holdings Co. Ltd. (A Shares) (b) | | 523,500 | 799,947 |
| China Merchants Holdings International Co. Ltd. | | 2,213,836 | 2,923,625 |
| China Merchants Securities Co. Ltd. (A Shares) | | 817,700 | 1,647,066 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 970,700 | 1,130,920 |
| China Minmetals Rare Earth Co. Ltd. (A Shares) | | 90,600 | 349,931 |
| China Minsheng Banking Corp. Ltd.: | | | |
| (A Shares) | | 2,506,500 | 1,366,705 |
| (H Shares) | | 12,792,832 | 4,680,659 |
| China National Building Materials Co. Ltd. (H Shares) | | 6,748,000 | 2,611,057 |
| China National Chemical Engineering Co. Ltd. (A Shares) | | 525,500 | 499,040 |
| China National Medicines Corp. Ltd. (A Shares) | | 70,900 | 339,768 |
| China National Nuclear Power Co. Ltd. (A Shares) | | 1,931,300 | 2,462,270 |
| China National Software & Service Co. Ltd. (A Shares) | | 77,090 | 320,896 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 335,200 | 890,824 |
| China Oilfield Services Ltd. (H Shares) | | 3,064,000 | 3,276,356 |
| China Overseas Land and Investment Ltd. | | 6,524,500 | 11,997,727 |
| China Overseas Property Holdings Ltd. (a) | | 2,255,000 | 1,371,572 |
| China Pacific Insurance (Group) Co. Ltd. | | 578,700 | 2,051,199 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 4,793,400 | 10,502,717 |
| China Petroleum & Chemical Corp.: | | | |
| (A Shares) | | 3,523,200 | 3,081,022 |
| (H Shares) | | 41,005,800 | 24,476,443 |
| China Power International Development Ltd. (a) | | 8,331,699 | 3,362,140 |
| China Railway Group Ltd.: | | | |
| (A Shares) | | 2,481,900 | 2,241,784 |
| (H Shares) | | 6,157,000 | 3,038,226 |
| China Railway Signal & Communications Corp. (A Shares) | | 895,548 | 666,957 |
| China Resource Gas Group Ltd. | | 1,581,900 | 4,971,868 |
| China Resources Beer Holdings Co. Ltd. | | 2,730,989 | 12,448,018 |
| China Resources Land Ltd. | | 5,454,465 | 19,613,368 |
| China Resources Microelectronics Ltd. (A Shares) | | 122,447 | 614,835 |
| China Resources Mixc Lifestyle Services Ltd. (d) | | 1,177,200 | 4,143,467 |
| China Resources Pharmaceutical Group Ltd. (d) | | 2,761,500 | 1,785,757 |
| China Resources Power Holdings Co. Ltd. | | 3,337,780 | 8,300,579 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) | | 91,100 | 753,871 |
| China Ruyi Holdings Ltd. (a)(b) | | 10,048,000 | 2,516,750 |
| China Shenhua Energy Co. Ltd.: | | | |
| (A Shares) | | 389,800 | 2,141,114 |
| (H Shares) | | 6,119,500 | 25,398,807 |
| China Southern Airlines Ltd.: | | | |
| (A Shares) (b) | | 950,300 | 742,335 |
| (H Shares) (a)(b) | | 1,968,000 | 711,576 |
| China State Construction Engineering Corp. Ltd. (A Shares) | | 4,240,140 | 3,132,053 |
| China State Construction International Holdings Ltd. | | 3,315,750 | 3,498,457 |
| China Taiping Insurance Group Ltd. | | 2,611,865 | 2,388,070 |
| China Three Gorges Renewables Group Co. Ltd. (A Shares) | | 3,008,900 | 1,945,670 |
| China Tourism Group Duty Free Corp. Ltd.: | | | |
| (A Shares) | | 308,100 | 3,161,258 |
| (H Shares) (a)(d) | | 36,000 | 317,022 |
| China Tower Corp. Ltd. (H Shares) (d) | | 74,910,000 | 8,768,916 |
| China United Network Communications Ltd. (A Shares) | | 3,796,800 | 2,448,678 |
| China Vanke Co. Ltd.: | | | |
| (A Shares) | | 827,400 | 842,221 |
| (H Shares) (a) | | 4,160,700 | 2,440,194 |
| China XD Electric Co. Ltd. (A Shares) (b) | | 443,800 | 430,540 |
| China Yangtze Power Co. Ltd. (A Shares) | | 2,631,700 | 9,363,554 |
| China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares) | | 48,900 | 314,348 |
| China Zheshang Bank Co. Ltd. | | 2,006,420 | 829,548 |
| Chongqing Brewery Co. Ltd. (A Shares) | | 58,200 | 564,030 |
| Chongqing Changan Automobile Co. Ltd. (A Shares) | | 860,764 | 1,740,927 |
| Chongqing Rural Commercial Bank Co. Ltd.: | | | |
| (A Shares) | | 300,900 | 192,675 |
| (H Shares) | | 900,000 | 385,230 |
| Chongqing Taiji Industry Group Co. Ltd. (A Shares) (b) | | 50,800 | 254,146 |
| Chongqing Zhifei Biological Products Co. Ltd. (A Shares) | | 261,900 | 1,264,968 |
| Chow Tai Fook Jewellery Group Ltd. | | 3,345,800 | 4,552,459 |
| CITIC Pacific Ltd. | | 10,005,000 | 9,468,756 |
| CITIC Securities Co. Ltd.: | | | |
| (A Shares) | | 459,005 | 1,196,605 |
| (H Shares) | | 4,077,775 | 6,492,289 |
| Cmoc Group Ltd.: | | | |
| (A Shares) | | 384,300 | 472,535 |
| (H Shares) | | 8,415,000 | 7,895,038 |
| CNGR Advanced Material Co. Ltd. | | 62,300 | 449,538 |
| CNPC Capital Co. Ltd. (A Shares) (b) | | 885,200 | 714,961 |
| Contemporary Amperex Technology Co. Ltd. | | 456,360 | 12,764,474 |
| COSCO Shipping Development Co. Ltd. (A Shares) | | 962,000 | 326,165 |
| COSCO Shipping Energy Transportation Co. Ltd. (A Shares) | | 1,461,366 | 3,215,826 |
| COSCO SHIPPING Holdings Co. Ltd.: | | | |
| (A Shares) | | 706,470 | 1,139,141 |
| (H Shares) | | 5,971,100 | 7,725,611 |
| Cosco Shipping Ports Ltd. | | 2,252,345 | 1,382,172 |
| Country Garden Holdings Co. Ltd. (a)(b) | | 20,477,866 | 1,302,383 |
| Country Garden Services Holdings Co. Ltd. | | 3,535,000 | 2,358,342 |
| CRRC Corp. Ltd.: | | | |
| (A Shares) | | 5,254,900 | 5,059,832 |
| (H Shares) | | 2,795,000 | 1,542,820 |
| CSC Financial Co. Ltd. (A Shares) | | 392,500 | 1,204,899 |
| CSPC Innovation Pharmaceutical Co. Ltd. (A Shares) | | 138,240 | 653,995 |
| CSPC Pharmaceutical Group Ltd. | | 15,210,800 | 12,490,078 |
| CSSC Science & Technology Co. Ltd. (b) | | 160,500 | 351,792 |
| Daqin Railway Co. Ltd. (A Shares) | | 1,606,200 | 1,522,695 |
| DaShenLin Pharmaceutical Group Co. Ltd. | | 99,956 | 299,841 |
| Datang International Power Generation Co. Ltd. (A Shares) | | 873,300 | 362,857 |
| Dong-E-E-Jiao Co. Ltd. (A Shares) | | 75,800 | 717,686 |
| Dongfang Electric Corp. Ltd. (A Shares) | | 250,724 | 582,588 |
| Dongfeng Motor Group Co. Ltd. (H Shares) | | 4,068,000 | 1,475,231 |
| Dongxing Securities Co. Ltd. (A Shares) | | 241,600 | 293,115 |
| East Buy Holding Ltd. (a)(b)(d) | | 743,500 | 1,571,911 |
| East Money Information Co. Ltd. (A Shares) | | 1,579,820 | 2,833,921 |
| Eastroc Beverage Group Co. Ltd. (b) | | 29,900 | 877,394 |
| Ecovacs Robotics Co. Ltd. Class A | | 81,700 | 556,999 |
| Empyrean Technology Co. Ltd. (A Shares) (b) | | 37,500 | 404,372 |
| ENN Energy Holdings Ltd. | | 1,339,500 | 11,413,067 |
| ENN Natural Gas Co. Ltd. (A Shares) | | 308,300 | 768,128 |
| Eoptolink Technology, Inc. Ltd. (A Shares) | | 65,600 | 769,482 |
| ESR Group Ltd. (d) | | 2,933,191 | 3,214,396 |
| Eve Energy Co. Ltd. (A shares) | | 189,729 | 967,653 |
| Everbright Securities Co. Ltd. (A Shares) | | 347,100 | 790,289 |
| Everdisplay Optronics Shanghai Co. Ltd. (A Shares) (b) | | 1,063,280 | 324,833 |
| Fangda Carbon New Material Co. Ltd. (A Shares) (b) | | 306,487 | 214,122 |
| Far East Horizon Ltd. | | 3,172,000 | 2,354,602 |
| FAW Jiefang Group Co. Ltd. (A Shares) (b) | | 265,700 | 328,963 |
| First Capital Securities Co. Ltd. (A Shares) | | 329,900 | 260,624 |
| Flat Glass Group Co. Ltd. (a) | | 463,000 | 1,115,262 |
| Flat Glass Group Co. Ltd. (A Shares) | | 350,300 | 1,281,987 |
| Focus Media Information Technology Co. Ltd. (A Shares) | | 1,322,940 | 1,184,206 |
| Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | | 458,203 | 2,474,734 |
| Fosun International Ltd. | | 3,878,000 | 2,287,988 |
| Founder Securities Co. Ltd. (A Shares) | | 773,000 | 955,122 |
| Foxconn Industrial Internet Co. Ltd. (A Shares) | | 1,371,694 | 4,532,384 |
| Fujian Sunner Development Co. Ltd. A Shares | | 106,800 | 230,438 |
| Fuyao Glass Industries Group Co. Ltd.: | | | |
| (A Shares) | | 124,600 | 856,724 |
| (H Shares) (d) | | 1,138,400 | 6,815,673 |
| GalaxyCore, Inc. (A Shares) | | 156,406 | 356,689 |
| Ganfeng Lithium Group Co. Ltd.: | | | |
| (A Shares) | | 275,160 | 1,334,093 |
| (H Shares) (a)(d) | | 483,920 | 1,419,087 |
| GCL Technology Holdings Ltd. | | 36,679,000 | 5,432,635 |
| GD Power Development Co. Ltd. (A Shares) | | 1,798,400 | 1,270,910 |
| Geely Automobile Holdings Ltd. | | 10,321,000 | 12,421,928 |
| GEM Co. Ltd. (A Shares) | | 798,200 | 765,158 |
| Genscript Biotech Corp. (a)(b) | | 1,942,000 | 2,863,810 |
| GF Securities Co. Ltd.: | | | |
| (A Shares) | | 302,200 | 549,540 |
| (H Shares) | | 2,263,400 | 2,254,893 |
| Giant Biogene Holding Co. Ltd. (d) | | 534,600 | 3,257,177 |
| Giant Network Group Co. Ltd. (A Shares) | | 181,500 | 293,408 |
| Gigadevice Semiconductor Beijing, Inc. (A Shares) | | 61,584 | 664,315 |
| Ginlong Technologies Co. Ltd. (A Shares) | | 36,450 | 268,393 |
| GoerTek, Inc. (A Shares) | | 318,300 | 691,179 |
| Goldwind Science & Technology Co. Ltd.: | | | |
| (A Shares) | | 98,100 | 102,995 |
| (H Shares) | | 783,164 | 313,151 |
| Goneo Group Co. Ltd. (A Shares) | | 40,735 | 670,910 |
| GoodWe Technologies Co. Ltd. (A Shares) | | 21,360 | 273,158 |
| Gotion High-tech Co. Ltd. (A Shares) (b) | | 240,300 | 620,270 |
| Great Wall Motor Co. Ltd.: | | | |
| (A Shares) | | 160,400 | 578,548 |
| (H Shares) | | 4,224,000 | 6,383,066 |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | | 353,800 | 2,052,599 |
| Greenland Holdings Corp. Ltd. (A Shares) (b) | | 1,105,900 | 280,109 |
| GRG Banking Equipment Co. Ltd. (A Shares) | | 216,000 | 353,980 |
| Guangdong Haid Group Co. Ltd. (A Shares) | | 151,300 | 1,041,085 |
| Guangdong HEC Technology Holding Co. Ltd. (A Shares) (b) | | 278,700 | 340,480 |
| Guangdong Investment Ltd. | | 4,828,000 | 2,521,980 |
| Guanghui Energy Co. Ltd. (A Shares) | | 564,800 | 574,169 |
| Guangzhou Automobile Group Co. Ltd. | | 400,600 | 484,097 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 5,097,526 | 2,105,912 |
| Guangzhou Baiyun International Airport Co. Ltd. (A Shares) (b) | | 216,200 | 308,307 |
| Guangzhou Baiyunshan Pharma Health (A Shares) | | 128,200 | 566,397 |
| Guangzhou Haige Communications Group (A Shares) | | 195,700 | 293,695 |
| Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) | | 42,400 | 224,019 |
| Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares) | | 91,900 | 423,155 |
| Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) | | 178,940 | 516,917 |
| Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares) | | 383,716 | 305,641 |
| Guolian Securities Co. Ltd. (b)(e) | | 235,800 | 340,621 |
| Guosen Securities Co. Ltd. (A Shares) | | 582,400 | 720,112 |
| Guotai Junan Securities Co. Ltd. (A Shares) | | 675,400 | 1,278,417 |
| Guoyuan Securities Co. Ltd. (A Shares) | | 410,900 | 385,563 |
| H World Group Ltd. ADR | | 352,810 | 12,951,655 |
| Haidilao International Holding Ltd. (d) | | 2,861,000 | 6,455,012 |
| Haier Smart Home Co. Ltd. | | 4,121,600 | 15,266,508 |
| Haier Smart Home Co. Ltd. (A Shares) | | 641,100 | 2,667,181 |
| Hainan Airlines Co. Ltd. (A Shares) (b) | | 3,934,900 | 742,293 |
| Hainan Airport Infrastructure Co. Ltd. (A Shares) (b) | | 1,031,900 | 497,681 |
| Haitian International Holdings Ltd. | | 1,047,000 | 3,409,921 |
| Haitong Securities Co. Ltd.: | | | |
| (A Shares) | | 502,500 | 579,398 |
| (H Shares) | | 5,935,600 | 2,834,971 |
| Hanergy Mobile Energy Holding (b)(e) | | 1,902,000 | 2 |
| Hangzhou Binjiang Real Estate Group Co. Ltd. (A Shares) | | 422,900 | 391,267 |
| Hangzhou Chang Chuan Technology Co. Ltd. | | 67,100 | 269,415 |
| Hangzhou First Applied Material Co. Ltd. (A Shares) | | 173,500 | 648,756 |
| Hangzhou Greatstar Industrial Co. Ltd. (A Shares) | | 106,700 | 371,849 |
| Hangzhou Oxygen Plant Group Co. Ltd. (A Shares) | | 90,700 | 341,202 |
| Hangzhou Robam Appliances Co. Ltd. (A Shares) | | 82,800 | 269,732 |
| Hangzhou Silan Microelectronics Co. Ltd. (A Shares) | | 172,500 | 454,502 |
| Hangzhou Tigermed Consulting Co. Ltd. (A Shares) | | 36,107 | 293,278 |
| Hansoh Pharmaceutical Group Co. Ltd. (d) | | 2,026,000 | 4,476,843 |
| Haohua Chemical Science & Technology Co. Ltd. (A Shares) | | 70,800 | 303,111 |
| Hebei Yangyuan Zhihui Beverage Co. Ltd. (A Shares) (b) | | 160,240 | 580,252 |
| Heilongjiang Agriculture Co. Ltd. (A Shares) | | 147,900 | 266,870 |
| Henan Shenhuo Coal & Power Co. Ltd. (A Shares) | | 201,800 | 602,269 |
| Henan Shuanghui Investment & Development Co. Ltd. (A Shares) | | 376,800 | 1,401,116 |
| Hengan International Group Co. Ltd. | | 1,146,000 | 3,847,318 |
| Hengdian Group DMEGC Magnetics Co. Ltd. (A Shares) | | 152,300 | 301,950 |
| Hengli Petrochemical Co. Ltd. (A Shares) (b) | | 651,260 | 1,390,486 |
| Hengtong Optic-electric Co. Ltd. (A Shares) | | 243,200 | 473,464 |
| Hengyi Petrochemical Co. Ltd. (A Shares) (b) | | 327,310 | 338,047 |
| Hesteel Co. Ltd. (A Shares) | | 847,900 | 255,834 |
| Hisense Electric Co. Ltd. | | 114,900 | 441,767 |
| Hithink RoyalFlush Information Network Co. Ltd. (A Shares) | | 49,900 | 827,607 |
| HLA Group Corp. Ltd. (A Shares) (b) | | 455,100 | 571,536 |
| Hongfa Technology Co. Ltd. (A Shares) | | 76,420 | 300,537 |
| Hoshine Silicon Industry Co. Ltd. (A Shares) | | 72,800 | 484,872 |
| Hoymiles Power Electronics, Inc. (A Shares) | | 10,423 | 325,457 |
| Hua Hong Semiconductor Ltd. (a)(d) | | 1,013,000 | 1,996,324 |
| Huadian Power International Corp. Ltd. (A Shares) | | 776,600 | 723,909 |
| Huadong Medicine Co. Ltd. (A Shares) | | 161,960 | 735,722 |
| Huafon Chemical Co. Ltd. (A Shares) | | 442,200 | 495,860 |
| Huagong Tech Co. Ltd. (A Shares) (b) | | 91,500 | 418,686 |
| Huaibei Mining Holdings Co. Ltd. (A Shares) | | 207,400 | 551,732 |
| Hualan Biological Engineer, Inc. (A Shares) | | 169,250 | 454,369 |
| Huaneng Power International, Inc.: | | | |
| (A Shares) (b) | | 1,348,500 | 1,740,151 |
| (H Shares) (b) | | 6,416,000 | 4,083,794 |
| Huatai Securities Co. Ltd.: | | | |
| (A Shares) | | 413,900 | 782,772 |
| (H Shares) (d) | | 2,688,800 | 3,179,829 |
| Huaxia Bank Co. Ltd. (A Shares) | | 1,423,964 | 1,317,929 |
| Huayu Automotive Systems Co. Ltd. (A Shares) | | 273,200 | 620,317 |
| Hubei Jumpcan Pharmaceutical Co. Ltd. (A Shares) | | 124,100 | 703,834 |
| Huizhou Desay SV Automotive Co. Ltd. | | 51,500 | 889,482 |
| Humanwell Healthcare Group Co. Ltd. (A Shares) | | 148,700 | 414,641 |
| Hunan Valin Steel Co. Ltd. (A Shares) | | 600,200 | 431,871 |
| Hundsun Technologies, Inc. (A Shares) | | 176,268 | 497,994 |
| Hwatsing Technology Co. Ltd. (A Shares) | | 16,259 | 381,283 |
| Hygeia Healthcare Holdings Co. (a)(d) | | 565,800 | 2,335,302 |
| Hygon Information Technology Co. Ltd. (A Shares) | | 197,616 | 2,125,189 |
| IEIT Systems Co. Ltd. (A Shares) | | 136,034 | 758,623 |
| iFlytek Co. Ltd. (A Shares) | | 259,000 | 1,601,164 |
| IMEIK Technology Development Co. Ltd. (A Shares) | | 28,420 | 840,689 |
| Industrial & Commercial Bank of China Ltd.: | | | |
| (A Shares) | | 10,998,500 | 8,238,532 |
| (H Shares) | | 103,216,008 | 55,347,372 |
| Industrial Bank Co. Ltd. (A Shares) | | 2,108,300 | 4,897,125 |
| Industrial Securities Co. Ltd. (A Shares) | | 838,270 | 644,052 |
| Ingenic Semiconductor Co. Ltd. (A Shares) | | 64,800 | 564,445 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 661,900 | 2,608,479 |
| Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (b) | | 4,104,600 | 903,803 |
| Inner Mongolia Dian Tou Energy Corp. Ltd. | | 172,700 | 501,914 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares) | | 731,800 | 424,701 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 1,771,630 | 3,443,203 |
| Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares) | | 323,600 | 320,033 |
| Innovent Biologics, Inc. (b)(d) | | 2,057,000 | 9,957,864 |
| iQIYI, Inc. ADR (b) | | 723,363 | 3,508,311 |
| iRay Technology Co. Ltd. (A Shares) | | 9,693 | 265,560 |
| iSoftStone Information Technology Group Co. Ltd. (A Shares) | | 85,950 | 494,834 |
| JA Solar Technology Co. Ltd. (A Shares) | | 307,936 | 603,904 |
| Jason Furniture Hangzhou Co. Ltd. (A Shares) | | 73,430 | 338,026 |
| JCET Group Co. Ltd. (A Shares) | | 164,000 | 578,194 |
| JD Health International, Inc. (b)(d) | | 1,912,900 | 6,524,568 |
| JD Logistics, Inc. (b)(d) | | 3,423,400 | 3,705,231 |
| JD.com, Inc. Class A | | 3,978,499 | 57,323,695 |
| Jiangsu Eastern Shenghong Co. Ltd. | | 613,400 | 838,281 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 2,102,000 | 2,061,466 |
| Jiangsu Hengli Hydraulic Co. Ltd. | | 122,832 | 864,732 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 628,966 | 3,994,122 |
| Jiangsu King's Luck Brewery JSC Ltd. (A Shares) | | 116,000 | 917,356 |
| Jiangsu Nhwa Pharmaceutical Co. Ltd. (A Shares) (b) | | 115,700 | 398,838 |
| Jiangsu Pacific Quartz Co. Ltd. (A Shares) | | 33,500 | 361,580 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd. (b) | | 230,800 | 324,209 |
| Jiangsu Yanghe Brewery JSC Ltd. (A Shares) | | 152,100 | 1,991,064 |
| Jiangsu Yangnong Chemical Co. Ltd. (A Shares) | | 56,650 | 502,835 |
| Jiangsu Yoke Technology Co. Ltd. (A Shares) | | 43,700 | 384,431 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares) | | 93,900 | 500,740 |
| Jiangsu Zhongtian Technology Co. Ltd. (A Shares) | | 450,800 | 841,125 |
| Jiangxi Copper Co. Ltd.: | | | |
| (A Shares) | | 16,300 | 58,446 |
| (H Shares) | | 2,153,000 | 4,384,867 |
| Jiangxi Special Electric Motor Co. Ltd. (A Shares) (b) | | 151,500 | 202,782 |
| Jinduicheng Molybdenum Co. Ltd. (A Shares) | | 290,200 | 454,006 |
| Jinko Solar Co. Ltd. (A Shares) | | 1,047,970 | 1,089,258 |
| JiuGui Liquor Co. Ltd. (A Shares) | | 30,400 | 213,699 |
| Jizhong Energy Resources Co. Ltd. (A Shares) | | 312,500 | 323,187 |
| Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares) | | 168,000 | 281,463 |
| Jointown Pharmaceutical Group (A Shares) | | 348,104 | 393,881 |
| Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares) (b) | | 69,300 | 281,809 |
| Juneyao Airlines Co. Ltd. (A shares) (b) | | 289,400 | 490,662 |
| Kangmei Pharmaceutical Co. Ltd. rights (b)(e) | | 9,959 | 0 |
| Kanzhun Ltd. ADR | | 381,075 | 7,541,474 |
| KE Holdings, Inc. ADR | | 1,113,926 | 16,842,561 |
| Keda Industrial Group Co. Ltd. | | 162,400 | 226,257 |
| Kingboard Chemical Holdings Ltd. | | 1,084,500 | 2,383,488 |
| Kingdee International Software Group Co. Ltd. (b) | | 4,981,000 | 5,255,083 |
| Kingnet Network Co. Ltd. (A Shares) | | 195,900 | 317,438 |
| Kingsoft Corp. Ltd. | | 1,590,600 | 5,167,834 |
| Kuaishou Technology Class B (b)(d) | | 3,960,700 | 27,767,317 |
| Kuang-Chi Technologies Co. Ltd. (A Shares) (b) | | 200,400 | 539,939 |
| Kunlun Energy Co. Ltd. | | 6,708,000 | 6,502,596 |
| Kunlun Tech Co. Ltd. (A Shares) (b) | | 110,100 | 600,979 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 128,500 | 30,128,906 |
| Lb Group Co. Ltd. (A Shares) | | 214,100 | 618,987 |
| Lenovo Group Ltd. | | 13,630,000 | 15,330,474 |
| Lens Technology Co. Ltd. (A Shares) | | 455,500 | 895,391 |
| Lepu Medical Technology Beijing Co. Ltd. (A Shares) | | 226,300 | 457,282 |
| Li Auto, Inc. Class A (b) | | 1,948,018 | 25,522,736 |
| Li Ning Co. Ltd. | | 4,020,000 | 10,523,833 |
| Liaoning Port Co. Ltd. (A Shares) | | 1,825,800 | 362,770 |
| Lingyi iTech Guangdong Co. (A Shares) | | 643,200 | 459,976 |
| Livzon Pharmaceutical Group, Inc. (A Shares) | | 94,200 | 521,029 |
| Longfor Properties Co. Ltd. (d) | | 3,370,783 | 4,992,621 |
| LONGi Green Energy Technology Co. Ltd. | | 865,566 | 2,167,447 |
| Luxshare Precision Industry Co. Ltd. (A Shares) | | 704,582 | 2,824,320 |
| Luzhou Laojiao Co. Ltd. (A Shares) | | 145,400 | 3,721,805 |
| Mango Excellent Media Co. Ltd. (A Shares) | | 171,894 | 553,450 |
| Maxscend Microelectronics Co. Ltd. (A Shares) | | 49,716 | 619,459 |
| Meihua Holdings Group Co. Ltd. (A Shares) | | 238,200 | 364,788 |
| Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (b) | | 620,364 | 378,382 |
| Meituan Class B (b)(d) | | 8,611,700 | 117,588,726 |
| Metallurgical Corp. China Ltd. (A Shares) | | 1,525,600 | 687,156 |
| MGI Tech Co. Ltd. (A Shares) | | 52,751 | 424,362 |
| Midea Group Co. Ltd. (A Shares) | | 403,300 | 3,878,844 |
| Ming Yang Smart Energy Group Ltd. (A Shares) | | 234,500 | 315,834 |
| MINISO Group Holding Ltd. | | 631,384 | 3,561,669 |
| Montage Technology Co. Ltd. (A Shares) | | 105,349 | 731,672 |
| Muyuan Foodstuff Co. Ltd. (A Shares) | | 538,070 | 3,235,516 |
| Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. | | 161,458 | 304,703 |
| Nanjing Securities Co. Ltd. (A Shares) | | 474,500 | 535,805 |
| NARI Technology Co. Ltd. (A Shares) | | 807,440 | 2,611,570 |
| National Silicon Industry Group Co. Ltd. (A Shares) (b) | | 356,995 | 651,519 |
| NAURA Technology Group Co. Ltd. | | 59,600 | 2,609,873 |
| NetEase, Inc. | | 3,282,935 | 61,537,438 |
| New China Life Insurance Co. Ltd. | | 69,700 | 301,418 |
| New China Life Insurance Co. Ltd. (H Shares) | | 1,715,400 | 3,289,725 |
| New Hope Liuhe Co. Ltd. (A Shares) (b) | | 431,900 | 531,007 |
| New Oriental Education & Technology Group, Inc. (b) | | 2,513,530 | 19,972,423 |
| Ninestar Corp. (A Shares) | | 128,800 | 448,120 |
| Ningbo Deye Technology Co. Ltd. (A Shares) | | 39,740 | 511,388 |
| Ningbo Joyson Electronic Corp. (A shares) | | 122,900 | 297,053 |
| Ningbo Orient Wires & Cables Co. Ltd. (A Shares) | | 63,000 | 383,002 |
| Ningbo Sanxing Medical Electric Co. Ltd. (b) | | 205,300 | 947,820 |
| Ningbo Shanshan Co. Ltd. (A Shares) | | 202,700 | 330,470 |
| Ningbo Tuopu Group Co. Ltd. (A Shares) | | 132,000 | 1,135,871 |
| Ningxia Baofeng Energy Group Co. Ltd. | | 672,700 | 1,537,738 |
| NIO, Inc. sponsored ADR (a)(b) | | 2,300,699 | 10,859,299 |
| Nongfu Spring Co. Ltd. (H Shares) (d) | | 3,396,200 | 19,952,403 |
| Offcn Education Technology Co. A Shares (b) | | 778,500 | 284,223 |
| Offshore Oil Enginering Co. Ltd. (A Shares) | | 358,900 | 314,522 |
| OFILM Group Co. Ltd. (A Shares) (b) | | 323,200 | 389,638 |
| Oppein Home Group, Inc. (A Shares) | | 68,600 | 589,077 |
| Orient Securities Co. Ltd. (A Shares) | | 900,472 | 1,034,577 |
| Oriental Pearl Group Co. Ltd. (b) | | 581,100 | 552,304 |
| Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (b) | | 865,600 | 370,205 |
| PDD Holdings, Inc. ADR (b) | | 1,014,164 | 126,953,050 |
| People's Insurance Co. of China Group Ltd.: | | | |
| (A Shares) | | 3,664,800 | 2,644,591 |
| (H Shares) | | 9,742,000 | 3,197,571 |
| People.cn Co. Ltd. (A Shares) (b) | | 102,000 | 347,603 |
| Perfect World Co. Ltd. (A Shares) | | 186,450 | 256,712 |
| PetroChina Co. Ltd.: | | | |
| (A Shares) | | 1,264,500 | 1,784,014 |
| (H Shares) | | 37,282,000 | 34,737,188 |
| Pharmaron Beijing Co. Ltd.: | | | |
| (A Shares) | | 25 | 68 |
| (H Shares) (d) | | 317,500 | 389,195 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 11,738,001 | 14,583,096 |
| Ping An Bank Co. Ltd. (A Shares) | | 1,996,900 | 2,968,070 |
| Ping An Insurance Group Co. of China Ltd.: | | | |
| (A Shares) | | 1,462,777 | 8,315,244 |
| (H Shares) | | 10,850,000 | 49,173,104 |
| Piotech, Inc. (A Shares) | | 17,480 | 434,714 |
| Poly Developments & Holdings (A Shares) | | 1,098,800 | 1,348,202 |
| Pop Mart International Group Ltd. (d) | | 823,600 | 3,524,540 |
| Postal Savings Bank of China Co. Ltd. | | 2,545,500 | 1,684,602 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (d) | | 14,077,000 | 7,294,036 |
| Power Construction Corp. of China Ltd. (A Shares) | | 1,519,639 | 1,063,325 |
| Prosus NV (a) | | 2,481,562 | 83,032,941 |
| Qi An Xin Technology Group, Inc. (A Shares) (b) | | 61,242 | 260,332 |
| Qifu Technology, Inc. ADR | | 210,882 | 3,857,032 |
| Qinghai Salt Lake Potash Co. Ltd. Class A (b) | | 496,200 | 1,133,542 |
| Range Intelligent Computing Technology Group Co. Ltd. (A Shares) | | 143,300 | 616,827 |
| Risen Energy Co. Ltd. (A Shares) | | 151,200 | 270,095 |
| Rockchip Electronics Co. Ltd. | | 40,000 | 316,375 |
| Rongsheng Petrochemical Co. Ltd. (A Shares) | | 941,650 | 1,454,447 |
| SAIC Motor Corp. Ltd. (A Shares) | | 828,300 | 1,696,057 |
| Sailun Group Co. Ltd. A Shares | | 275,000 | 628,523 |
| Sanan Optoelectronics Co. Ltd. (A Shares) | | 464,300 | 800,076 |
| Sangfor Technologies, Inc. (b) | | 37,400 | 281,743 |
| Sany Heavy Equipment International Holdings Co. Ltd. (a) | | 1,923,000 | 1,351,256 |
| Sany Heavy Industry Co. Ltd. (A Shares) | | 1,203,800 | 2,705,038 |
| Satellite Chemical Co. Ltd. (A Shares) (b) | | 307,101 | 815,672 |
| SDIC Capital Co. Ltd. | | 531,500 | 468,342 |
| SDIC Power Holdings Co. Ltd. (A Shares) | | 671,200 | 1,473,983 |
| Seazen Holdings Co. Ltd. (A Shares) (b) | | 303,500 | 411,138 |
| Seres Group Co. Ltd. (A Shares) (b) | | 158,000 | 1,969,353 |
| SF Holding Co. Ltd. (A Shares) | | 486,800 | 2,428,264 |
| SG Micro Corp. (A Shares) | | 43,557 | 460,042 |
| Shaanxi Coal Industry Co. Ltd. (A Shares) | | 970,300 | 3,286,212 |
| Shan Xi Hua Yang Group New Energy Co. Ltd. | | 307,650 | 400,982 |
| Shandong Gold Mining Co. Ltd.: | | | |
| (A Shares) | | 623,523 | 2,465,509 |
| (H Shares) (d) | | 744,250 | 1,608,179 |
| Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares) (b) | | 71,000 | 389,590 |
| Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) | | 194,500 | 798,365 |
| Shandong Linglong Tyre Co. Ltd. (A Shares) | | 202,900 | 625,210 |
| Shandong Nanshan Aluminum Co. Ltd. (A Shares) | | 1,009,900 | 497,635 |
| Shandong Sun Paper Industry JSC Ltd. (A Shares) | | 236,300 | 507,333 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 4,199,200 | 2,847,679 |
| Shanghai Aiko Solar Energy Co. Ltd. (A Shares) | | 169,280 | 279,026 |
| Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) | | 148,144 | 415,931 |
| Shanghai Baosight Software Co. Ltd. | | 1,611,176 | 3,441,924 |
| Shanghai Baosight Software Co. Ltd. (A Shares) | | 12,362 | 69,840 |
| Shanghai Construction Group Co. Ltd. (A Shares) | | 1,042,233 | 344,477 |
| Shanghai Electric Group Co. Ltd. (A Shares) (b) | | 1,118,000 | 663,586 |
| Shanghai Electric Power Co. Ltd. (A Shares) | | 242,800 | 307,354 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd.: | | | |
| (A Shares) | | 58,600 | 191,305 |
| (H Shares) (a) | | 1,197,000 | 1,879,127 |
| Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares) | | 13,788 | 615,998 |
| Shanghai International Airport Co. Ltd. (A Shares) (b) | | 109,172 | 566,303 |
| Shanghai International Port Group Co. Ltd. (A Shares) | | 743,900 | 576,213 |
| Shanghai Jinjiang International Hotels Co. Ltd. (A Shares) | | 81,900 | 325,792 |
| Shanghai Junshi Biosciences Co. Ltd. (A Shares) (b) | | 71,882 | 297,937 |
| Shanghai Lingang Holdings Corp. Ltd. (A Shares) | | 224,360 | 326,721 |
| Shanghai M&G Stationery, Inc. (A Shares) | | 81,600 | 397,497 |
| Shanghai Moons' Electric Co. Ltd. (A Shares) (b) | | 38,400 | 296,038 |
| Shanghai Pharmaceuticals Holding Co. Ltd.: | | | |
| (A Shares) | | 800,800 | 1,979,596 |
| (H Shares) | | 369,400 | 524,940 |
| Shanghai Pudong Development Bank Co. Ltd. (A Shares) | | 3,022,800 | 3,204,530 |
| Shanghai Putailai New Energy Technology Co. Ltd. | | 186,751 | 475,034 |
| Shanghai RAAS Blood Products Co. Ltd. (A Shares) | | 658,400 | 651,145 |
| Shanghai Rural Commercial Bank Co. Ltd. (A Shares) | | 1,212,500 | 1,131,005 |
| Shanghai United Imaging Healthcare Co. Ltd. (A Shares) (b) | | 81,170 | 1,483,094 |
| Shanghai Yuyuan Tourist Mart Group Co. Ltd. | | 391,800 | 320,197 |
| Shanghai Zhangjiang High Ltd. (A Shares) (b) | | 152,000 | 385,343 |
| Shanxi Coal International Energy Group Co. Ltd. (A Shares) (b) | | 192,600 | 380,305 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) | | 368,200 | 1,073,609 |
| Shanxi Meijin Energy Co. Ltd. (A Shares) (b) | | 531,700 | 444,516 |
| Shanxi Taigang Stainless Steel Co. Ltd. (A Shares) | | 507,700 | 270,200 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) | | 120,060 | 4,324,186 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) | | 512,980 | 742,271 |
| Shede Spirits Co. Ltd. (A Shares) | | 31,000 | 310,930 |
| Shenergy Co. Ltd. (A Shares) | | 440,800 | 516,995 |
| Shengyi Technology Co. Ltd. | | 216,100 | 576,258 |
| Shennan Circuits Co. Ltd. (A Shares) | | 59,940 | 768,845 |
| Shenwan Hongyuan Group Co. Ltd. (A Shares) | | 2,339,415 | 1,513,933 |
| Shenzhen Capchem Technology Co. Ltd. (A Shares) | | 98,420 | 456,152 |
| Shenzhen Energy Group Co. Ltd. (A Shares) | | 384,398 | 383,300 |
| Shenzhen Goodix Technology Co. Ltd. (A Shares) (b) | | 46,300 | 390,749 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 131,000 | 1,074,326 |
| Shenzhen Kaifa Technology Co. Ltd. (A Shares) | | 236,100 | 448,035 |
| Shenzhen Kangtai Biological Products Co. Ltd. | | 104,080 | 289,787 |
| Shenzhen Kedali Industry Co. Ltd. | | 36,900 | 484,830 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 131,800 | 5,534,258 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | | 72,900 | 710,547 |
| Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) (b) | | 657,000 | 238,742 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares) | | 100,900 | 443,267 |
| Shenzhen SC New Energy Technology Corp. (A Shares) | | 40,300 | 381,066 |
| Shenzhen Sed Industry Co. Ltd. (A Shares) | | 104,300 | 252,052 |
| Shenzhen Transsion Holdings Co. Ltd. (A Shares) | | 89,379 | 1,770,146 |
| Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 79,300 | 292,305 |
| Shenzhou International Group Holdings Ltd. | | 1,407,600 | 13,835,599 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) | | 168,960 | 438,401 |
| Sichuan Changhong Electric Co. Ltd. (A Shares) | | 461,100 | 352,989 |
| Sichuan Chuantou Energy Co. Ltd. (A Shares) | | 392,500 | 900,662 |
| Sichuan Hebang Biotechnology Co. Ltd. (A Shares) | | 901,300 | 260,944 |
| Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) | | 134,600 | 630,293 |
| Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) | | 598,500 | 598,859 |
| Sichuan Swellfun Co. Ltd. (A Shares) | | 45,200 | 280,294 |
| Sieyuan Electric Co. Ltd. (A Shares) | | 73,300 | 657,709 |
| Silergy Corp. | | 555,000 | 7,357,920 |
| Sinolink Securities Co. Ltd. (A Shares) | | 377,000 | 453,843 |
| Sinoma International Engineering Co. Ltd. (A Shares) | | 244,200 | 427,132 |
| Sinoma Science & Technology Co. Ltd. (A Shares) | | 240,300 | 513,942 |
| Sinomine Resource Group Co. Ltd. (A Shares) | | 91,328 | 446,666 |
| Sinopharm Group Co. Ltd. (H Shares) | | 2,299,600 | 5,807,323 |
| Sinotruk Hong Kong Ltd. | | 1,130,000 | 2,812,243 |
| SITC International Holdings Co. Ltd. | | 2,301,000 | 4,989,938 |
| SKSHU Paint Co. Ltd. (A Shares) | | 48,612 | 227,534 |
| Smoore International Holdings Ltd. (a)(d) | | 2,989,000 | 2,603,166 |
| Songcheng Performance Development Co. Ltd. (A Shares) | | 225,152 | 336,810 |
| Soochow Securities Co. Ltd. (A Shares) | | 433,225 | 407,920 |
| Southwest Securities Co. Ltd. (A Shares) | | 582,900 | 318,402 |
| Spring Airlines Co. Ltd. (A Shares) (b) | | 109,700 | 858,097 |
| StarPower Semiconductor Ltd. (A Shares) | | 20,000 | 382,703 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 167,000 | 2,371,715 |
| Sunny Optical Technology Group Co. Ltd. | | 1,192,800 | 5,770,434 |
| Sunresin New Materials Co. Ltd. (A Shares) | | 47,200 | 303,601 |
| Sunwoda Electronic Co. Ltd. (A Shares) | | 162,600 | 340,418 |
| SUPCON Technology Co. Ltd. (A Shares) | | 89,360 | 585,752 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares) | | 156,500 | 330,846 |
| Suzhou Maxwell Technologies Co. Ltd. (A Shares) | | 25,868 | 408,391 |
| Suzhou TFC Optical Communication Co. Ltd. (A Shares) | | 36,500 | 799,712 |
| TAL Education Group ADR (b) | | 742,253 | 8,936,726 |
| TBEA Co. Ltd. (A Shares) | | 443,750 | 864,092 |
| TCL Technology Group Corp. (A Shares) | | 1,682,520 | 1,106,119 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares) | | 375,200 | 538,505 |
| Tencent Holdings Ltd. | | 11,224,000 | 492,545,041 |
| Tencent Music Entertainment Group ADR (b) | | 1,277,295 | 16,030,052 |
| Thunder Software Technology Co. Ltd. (A Shares) | | 51,700 | 346,454 |
| Tianfeng Securities Co. Ltd. (A Shares) (b) | | 905,600 | 363,392 |
| Tianjin 712 Communication & Broadcasting Co. Ltd. | | 113,600 | 346,340 |
| Tianma Microelectronics Co. Ltd. (A Shares) (b) | | 218,000 | 243,477 |
| Tianqi Lithium Corp. (A Shares) | | 135,500 | 734,876 |
| Tianshan Aluminum Group Co. Ltd. | | 419,900 | 436,816 |
| Tianshui Huatian Technology Co. Ltd. (A Shares) | | 288,900 | 325,087 |
| Tingyi (Cayman Islands) Holding Corp. | | 3,456,000 | 3,814,378 |
| Tongcheng Travel Holdings Ltd. | | 2,115,200 | 5,566,951 |
| TongFu Microelectronics Co. Ltd. (A Shares) | | 138,900 | 395,586 |
| Tongkun Group Co. Ltd. (A Shares) (b) | | 229,300 | 435,028 |
| Tongling Nonferrous Metals Group Co. Ltd. (A Shares) | | 1,451,800 | 805,009 |
| Tongwei Co. Ltd. (A Shares) | | 522,000 | 1,560,120 |
| Topchoice Medical Corp. (b) | | 29,700 | 248,697 |
| Topsports International Holdings Ltd. (d) | | 3,036,000 | 2,108,425 |
| TravelSky Technology Ltd. (H Shares) | | 1,606,000 | 2,086,246 |
| Trina Solar Co. Ltd. (A Shares) | | 202,669 | 593,062 |
| Trip.com Group Ltd. (b) | | 932,593 | 45,424,141 |
| Tsinghua Tongfang Co. Ltd. (A Shares) (b) | | 344,800 | 287,683 |
| Tsingtao Brewery Co. Ltd.: | | | |
| (A Shares) (b) | | 57,300 | 646,743 |
| (H Shares) | | 1,098,000 | 7,912,629 |
| Unigroup Guoxin Microelectronics Co. Ltd. (b) | | 79,359 | 635,733 |
| Unisplendour Corp. Ltd. (A Shares) (b) | | 265,180 | 758,981 |
| Universal Scientific Industrial Shanghai Co. Ltd. (A Shares) | | 232,100 | 472,389 |
| Verisilicon Microelectronics Shanghai Co. Ltd. (A Shares) (b) | | 59,848 | 270,706 |
| Vipshop Holdings Ltd. ADR | | 589,901 | 8,872,111 |
| Walvax Biotechnology Co. Ltd. (A Shares) | | 150,900 | 305,636 |
| Wanda Film Holding Co. Ltd. (A Shares) (b) | | 190,200 | 383,184 |
| Wanhua Chemical Group Co. Ltd. (A Shares) | | 316,000 | 3,871,418 |
| Want Want China Holdings Ltd. | | 7,772,000 | 4,432,773 |
| Weichai Power Co. Ltd.: | | | |
| (A Shares) | | 257,700 | 618,257 |
| (H Shares) | | 3,822,800 | 7,811,367 |
| Weihai Guangwei Composites Co. Ltd. (A Shares) | | 77,560 | 278,107 |
| Wens Foodstuffs Group Co. Ltd. (A Shares) | | 664,420 | 1,745,816 |
| Western Mining Co. Ltd. (A Shares) | | 344,900 | 951,057 |
| Western Securities Co. Ltd. (A Shares) | | 499,740 | 509,156 |
| Western Superconducting Technologies Co. Ltd. (A Shares) | | 78,064 | 426,201 |
| Wharf Holdings Ltd. | | 1,803,000 | 5,800,896 |
| Will Semiconductor Ltd. | | 134,215 | 1,875,490 |
| Wilmar International Ltd. | | 3,259,480 | 7,661,647 |
| Wingtech Technology Co. Ltd. (A Shares) (b) | | 115,700 | 500,189 |
| Wintime Energy Group Co. Ltd. (A Shares) (b) | | 1,893,800 | 352,466 |
| Wuchan Zhongda Group Co. Ltd. | | 515,800 | 335,433 |
| Wuhan Guide Infrared Co. Ltd. (A Shares) | | 405,243 | 391,175 |
| Wuliangye Yibin Co. Ltd. (A Shares) | | 421,300 | 8,712,972 |
| WUS Printed Circuit Kunshan Co. Ltd. (A Shares) | | 176,240 | 801,535 |
| WuXi AppTec Co. Ltd. | | 178,796 | 1,074,418 |
| WuXi AppTec Co. Ltd. (H Shares) (d) | | 684,074 | 3,079,078 |
| Wuxi Biologics (Cayman), Inc. (b)(d) | | 6,461,500 | 11,193,495 |
| XCMG Construction Machinery Co. Ltd. (A Shares) | | 1,057,300 | 1,023,234 |
| Xiamen C&D, Inc. (A Shares) | | 250,800 | 343,815 |
| Xiamen Faratronic Co. Ltd. (A Shares) | | 21,000 | 285,119 |
| Xiamen Tungsten Co. Ltd. (A Shares) | | 130,200 | 343,330 |
| Xiaomi Corp. Class B (b)(d) | | 26,115,600 | 56,930,114 |
| Xinjiang Daqo New Energy Co. Ltd. (A Shares) (b) | | 164,580 | 554,682 |
| Xinyi Solar Holdings Ltd. | | 8,325,450 | 5,728,460 |
| XPeng, Inc. Class A (a)(b) | | 1,953,464 | 7,919,658 |
| Yadea Group Holdings Ltd. (d) | | 2,098,000 | 4,035,863 |
| Yangzhou Yangjie Electronic Technology Co. Ltd. (A Shares) | | 64,800 | 338,544 |
| Yankuang Energy Group Co. Ltd.: | | | |
| (A Shares) | | 105,000 | 334,499 |
| (H Shares) | | 4,317,000 | 9,365,179 |
| Yantai Jereh Oilfield Services (A Shares) | | 88,800 | 389,503 |
| Yealink Network Technology Corp. Ltd. | | 117,050 | 569,461 |
| Yifeng Pharmacy Chain Co. Ltd. | | 89,940 | 544,033 |
| Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) | | 166,300 | 719,119 |
| Yintai Gold Co. Ltd. (A Shares) | | 355,980 | 903,091 |
| Yonghui Superstores Co. Ltd. (A Shares) (b) | | 827,900 | 277,088 |
| YongXing Special Materials Technology Co. Ltd. (A Shares) | | 69,620 | 454,623 |
| Yonyou Network Technology Co. Ltd. (A Shares) | | 310,420 | 496,628 |
| Youngor Fashion Co. Ltd. (A Shares) | | 718,977 | 774,872 |
| YTO Express Group Co. Ltd. (A Shares) | | 442,100 | 967,154 |
| Yuexiu Property Co. Ltd. | | 2,701,920 | 1,612,559 |
| Yum China Holdings, Inc. | | 690,652 | 25,215,705 |
| Yunda Holding Co. Ltd. (A Shares) | | 252,250 | 272,533 |
| Yunnan Aluminium Co. Ltd. (A Shares) | | 459,900 | 907,525 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 165,820 | 1,308,332 |
| Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares) | | 49,700 | 391,026 |
| Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares) (b) | | 463,900 | 365,723 |
| Yunnan Energy New Material Co. Ltd. | | 90,800 | 520,538 |
| Yunnan Tin Co. Ltd. (A Shares) | | 157,100 | 356,248 |
| Yunnan Yuntianhua Co. Ltd. (Series A) | | 160,100 | 446,355 |
| Yutong Bus Co. Ltd. (b) | | 192,900 | 681,047 |
| Zai Lab Ltd. (a)(b) | | 1,551,100 | 2,493,100 |
| Zangge Mining Co. Ltd. (Series A) | | 143,700 | 569,443 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) | | 70,100 | 2,294,731 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 2,287,000 | 3,683,056 |
| Zhejiang Century Huatong Group Co. Ltd. (A Shares) (b) | | 921,100 | 593,627 |
| Zhejiang China Commodities City Group Co. Ltd. (A Shares) | | 589,700 | 711,818 |
| Zhejiang Chint Electric Co. Ltd. (A Shares) | | 185,400 | 527,391 |
| Zhejiang Dahua Technology Co. Ltd. (A Shares) | | 308,600 | 761,994 |
| Zhejiang Dingli Machinery Co. Ltd. (A Shares) | | 44,240 | 399,719 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 2,866,920 | 1,874,481 |
| Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) | | 133,880 | 309,458 |
| Zhejiang Huayou Cobalt Co. Ltd. (A Shares) | | 148,600 | 581,242 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) | | 122,000 | 569,335 |
| Zhejiang Juhua Co. Ltd. (A Shares) | | 249,800 | 814,928 |
| Zhejiang Leapmotor Technology Co. Ltd. (H Shares) (a)(b)(d) | | 825,200 | 2,835,425 |
| Zhejiang Longsheng Group Co. Ltd. (A Shares) | | 305,900 | 385,769 |
| Zhejiang NHU Co. Ltd. (A Shares) | | 284,508 | 752,768 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 165,600 | 499,918 |
| Zhejiang Supor Cookware Co. Ltd. | | 46,000 | 373,209 |
| Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares) | | 208,520 | 632,381 |
| Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) | | 131,100 | 317,392 |
| Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) (b) | | 1,006,000 | 864,269 |
| Zheshang Securities Co. Ltd. | | 325,800 | 506,226 |
| ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (b)(d) | | 1,128,400 | 1,897,882 |
| Zhongji Innolight Co. Ltd. (A Shares) | | 84,000 | 2,117,394 |
| Zhongjin Gold Co. Ltd. (A Shares) | | 447,200 | 805,112 |
| Zhongsheng Group Holdings Ltd. Class H | | 1,358,000 | 2,476,701 |
| Zhongtai Securities Co. Ltd. (A Shares) | | 607,800 | 557,306 |
| Zhuzhou CRRC Times Electric Co. Ltd.: | | | |
| (A Shares) | | 25,415 | 166,995 |
| (H Shares) | | 981,700 | 3,518,429 |
| Zijin Mining Group Co. Ltd.: | | | |
| (A Shares) | | 689,400 | 1,659,798 |
| (H Shares) | | 10,815,000 | 23,592,614 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares) | | 832,200 | 975,418 |
| ZTE Corp.: | | | |
| (A Shares) | | 229,100 | 900,295 |
| (H Shares) | | 1,795,536 | 3,870,011 |
| ZTO Express, Inc. sponsored ADR | | 715,245 | 15,012,993 |
TOTAL CHINA | | | 3,360,266,326 |
| Colombia - 0.0% | | | |
| Bancolombia SA | | 433,509 | 3,735,051 |
| Interconexion Electrica SA ESP | | 747,224 | 3,447,554 |
TOTAL COLOMBIA | | | 7,182,605 |
| Czech Republic - 0.0% | | | |
| CEZ A/S | | 274,011 | 10,114,453 |
| Komercni Banka A/S | | 130,010 | 4,796,247 |
| MONETA Money Bank A/S (d) | | 596,207 | 2,405,652 |
TOTAL CZECH REPUBLIC | | | 17,316,352 |
| Denmark - 2.3% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 4,169 | 5,941,313 |
| Series B | | 7,850 | 11,445,506 |
| Carlsberg A/S Series B | | 167,120 | 22,479,790 |
| Coloplast A/S Series B | | 214,059 | 25,808,061 |
| Danske Bank A/S | | 1,170,544 | 33,832,204 |
| Demant A/S (b) | | 169,234 | 8,145,819 |
| DSV A/S | | 297,236 | 42,436,160 |
| Genmab A/S (b) | | 112,179 | 31,144,269 |
| Novo Nordisk A/S Series B | | 5,535,125 | 709,837,219 |
| Novonesis (NOVOZYMES) B Series B | | 633,322 | 35,214,258 |
| ORSTED A/S (b)(d) | | 321,026 | 17,716,626 |
| Pandora A/S | | 143,528 | 21,963,856 |
| Rockwool International A/S Series B | | 15,707 | 5,160,078 |
| Svitzer A/S | | 24,038 | 807,756 |
| Tryg A/S | | 587,987 | 11,652,220 |
| Vestas Wind Systems A/S (b) | | 1,713,713 | 46,196,616 |
TOTAL DENMARK | | | 1,029,781,751 |
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 4,298,946 | 6,459,649 |
| Eastern Co. SAE | | 1,788,454 | 822,278 |
| EFG Holding SAE | | 1,685,559 | 521,343 |
TOTAL EGYPT | | | 7,803,270 |
| Finland - 0.6% | | | |
| Elisa Corp. (A Shares) | | 242,135 | 10,935,762 |
| Fortum Corp. | | 763,100 | 10,082,028 |
| Kesko Oyj | | 465,734 | 7,967,412 |
| Kone OYJ (B Shares) | | 576,649 | 28,185,312 |
| Metso Corp. | | 1,118,699 | 12,744,622 |
| Neste OYJ | | 718,663 | 16,366,866 |
| Nokia Corp. | | 9,043,412 | 32,875,984 |
| Nordea Bank Abp (Helsinki Stock Exchange) | | 5,386,872 | 63,124,748 |
| Orion Oyj (B Shares) | | 183,978 | 7,027,056 |
| Sampo Oyj (A Shares) | | 765,822 | 30,991,456 |
| Stora Enso Oyj (R Shares) | | 991,549 | 13,280,173 |
| UPM-Kymmene Corp. | | 906,391 | 31,843,532 |
| Wartsila Corp. | | 803,897 | 14,893,472 |
TOTAL FINLAND | | | 280,318,423 |
| France - 6.5% | | | |
| Accor SA | | 318,740 | 14,051,982 |
| Adevinta ASA Class B (a)(b) | | 584,741 | 5,969,269 |
| Aeroports de Paris SA | | 58,448 | 7,453,897 |
| Air Liquide SA | | 609,639 | 119,232,353 |
| Air Liquide SA | | 233,700 | 45,706,723 |
| Airbus Group NV | | 1,005,617 | 165,482,085 |
| Alstom SA (a) | | 487,972 | 7,694,375 |
| Amundi SA (d) | | 104,481 | 7,331,265 |
| Arkema SA | | 102,487 | 10,614,759 |
| AXA SA | | 3,079,205 | 106,601,979 |
| bioMerieux SA | | 70,183 | 7,489,930 |
| BNP Paribas SA | | 1,751,688 | 126,054,716 |
| Bollore SA | | 1,208,631 | 7,868,091 |
| Bouygues SA | | 322,503 | 11,911,904 |
| Bureau Veritas SA | | 538,890 | 15,769,336 |
| Capgemini SA | | 263,601 | 55,403,941 |
| Carrefour SA | | 964,556 | 16,226,942 |
| Compagnie de St.-Gobain | | 773,132 | 61,141,296 |
| Compagnie Generale des Etablissements Michelin SCA Series B | | 1,151,993 | 44,258,015 |
| Covivio | | 86,746 | 4,338,080 |
| Covivio rights (b)(c) | | 86,746 | 305,499 |
| Credit Agricole SA | | 1,811,823 | 28,034,762 |
| Danone SA | | 1,092,865 | 68,399,494 |
| Dassault Aviation SA | | 34,464 | 7,400,132 |
| Dassault Systemes SA | | 1,133,798 | 44,503,753 |
| Edenred SA | | 423,673 | 20,102,315 |
| Eiffage SA | | 124,103 | 13,284,005 |
| Engie SA | | 863,500 | 14,990,892 |
| Engie SA | | 2,232,503 | 38,757,628 |
| EssilorLuxottica SA | | 500,296 | 107,210,311 |
| Eurazeo SA | | 70,797 | 6,407,027 |
| Eurazeo SA | | 19,800 | 1,791,872 |
| Gecina SA | | 78,449 | 8,037,194 |
| Getlink SE | | 607,696 | 10,376,531 |
| Hermes International SCA | | 53,709 | 129,023,370 |
| Ipsen SA | | 64,206 | 7,818,205 |
| Kering SA | | 126,302 | 44,480,533 |
| Klepierre SA | | 360,998 | 9,731,594 |
| L'Oreal SA | | 384,294 | 180,308,624 |
| L'Oreal SA | | 23,733 | 11,135,393 |
| La Francaise des Jeux SAEM (d) | | 178,879 | 6,769,302 |
| Legrand SA (a) | | 448,527 | 46,093,590 |
| LVMH Moet Hennessy Louis Vuitton SE | | 468,325 | 384,699,172 |
| Orange SA | | 3,159,534 | 35,166,511 |
| Pernod Ricard SA | | 346,923 | 52,573,544 |
| Publicis Groupe SA | | 388,226 | 42,839,485 |
| Remy Cointreau SA | | 39,303 | 3,728,665 |
| Renault SA | | 324,601 | 16,191,399 |
| Rexel SA | | 383,370 | 9,995,106 |
| Safran SA | | 579,875 | 125,735,467 |
| Sartorius Stedim Biotech | | 49,619 | 10,749,540 |
| SEB SA | | 42,193 | 5,007,155 |
| Societe Generale Series A (a) | | 1,226,665 | 33,052,549 |
| Sodexo SA | | 141,027 | 12,303,703 |
| Sodexo SA | | 8,142 | 710,337 |
| Teleperformance | | 96,289 | 8,783,892 |
| Thales SA | | 160,615 | 27,073,946 |
| TotalEnergies SE | | 3,683,321 | 267,404,396 |
| Unibail-Rodamco-Westfield NV | | 200,667 | 16,806,635 |
| Veolia Environnement SA | | 1,168,514 | 36,326,396 |
| VINCI SA | | 849,146 | 99,499,581 |
| Vivendi SA | | 1,128,545 | 11,521,130 |
| Worldline SA (b)(d) | | 400,326 | 4,188,542 |
TOTAL FRANCE | | | 2,849,920,115 |
| Germany - 5.1% | | | |
| adidas AG | | 274,934 | 66,427,926 |
| Allianz SE | | 664,356 | 188,534,191 |
| BASF AG | | 1,515,169 | 79,483,063 |
| Bayer AG | | 1,666,873 | 48,652,556 |
| Bayerische Motoren Werke AG (BMW) | | 541,474 | 59,201,865 |
| Bechtle AG | | 139,257 | 6,732,263 |
| Beiersdorf AG | | 171,023 | 25,652,588 |
| Brenntag SE | | 225,436 | 18,010,216 |
| Carl Zeiss Meditec AG | | 68,474 | 7,241,777 |
| Commerzbank AG | | 1,790,766 | 26,679,033 |
| Continental AG | | 185,399 | 12,037,669 |
| Covestro AG (b)(d) | | 321,431 | 16,115,604 |
| Daimler Truck Holding AG | | 907,253 | 40,965,405 |
| Deutsche Bank AG | | 3,287,868 | 52,667,279 |
| Deutsche Borse AG | | 322,267 | 62,130,496 |
| Deutsche Lufthansa AG | | 1,014,855 | 7,271,620 |
| Deutsche Telekom AG | | 5,495,246 | 125,871,720 |
| DHL Group | | 1,681,456 | 70,402,449 |
| E.ON SE | | 3,804,101 | 50,340,734 |
| Evonik Industries AG | | 397,734 | 8,296,104 |
| Fresenius Medical Care AG & Co. KGaA | | 301,986 | 12,714,429 |
| Fresenius Medical Care AG & Co. KGaA sponsored ADR | | 93,838 | 1,974,352 |
| Fresenius SE & Co. KGaA | | 717,822 | 21,426,688 |
| GEA Group AG | | 276,424 | 11,180,488 |
| Hannover Reuck SE | | 102,416 | 25,400,938 |
| HeidelbergCement AG | | 221,411 | 22,362,469 |
| Henkel AG & Co. KGaA | | 172,216 | 12,383,794 |
| Infineon Technologies AG | | 2,214,674 | 76,855,886 |
| Knorr-Bremse AG | | 122,755 | 9,109,100 |
| LEG Immobilien AG | | 124,898 | 10,652,628 |
| Mercedes-Benz Group AG (Germany) | | 1,361,030 | 102,949,495 |
| Merck KGaA | | 219,232 | 34,848,996 |
| MTU Aero Engines AG | | 91,413 | 22,106,179 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 231,527 | 101,848,691 |
| Nemetschek SE | | 97,456 | 8,689,621 |
| Puma AG | | 178,185 | 8,226,979 |
| Rational AG | | 8,655 | 7,426,239 |
| Rheinmetall AG | | 73,989 | 40,838,661 |
| RWE AG | | 1,074,257 | 37,422,301 |
| SAP SE | | 1,771,225 | 319,824,871 |
| Scout24 AG (d) | | 127,059 | 9,369,778 |
| Siemens AG | | 1,289,031 | 241,478,779 |
| Siemens Energy AG (b) | | 874,678 | 18,015,708 |
| Siemens Healthineers AG (d) | | 478,488 | 26,535,723 |
| Symrise AG | | 225,666 | 24,251,657 |
| Talanx AG | | 108,512 | 8,187,343 |
| Volkswagen AG | | 51,696 | 7,298,080 |
| Vonovia SE | | 1,243,621 | 35,935,703 |
| Zalando SE (b)(d) | | 380,166 | 9,947,142 |
TOTAL GERMANY | | | 2,241,977,276 |
| Greece - 0.1% | | | |
| Alpha Bank SA (b) | | 3,810,532 | 6,476,060 |
| Eurobank Ergasias Services and Holdings SA (b) | | 4,403,745 | 9,446,350 |
| Ff Group (b)(e) | | 7,962 | 0 |
| Hellenic Telecommunications Organization SA | | 315,692 | 4,811,025 |
| Jumbo SA | | 197,399 | 6,147,182 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 112,393 | 3,257,728 |
| Mytilineos SA | | 169,617 | 6,914,783 |
| National Bank of Greece SA (b) | | 1,314,421 | 10,604,791 |
| OPAP SA | | 308,183 | 5,134,018 |
| Piraeus Financial Holdings SA (b) | | 1,803,284 | 7,223,868 |
| Public Power Corp. of Greece (b) | | 358,221 | 4,296,978 |
TOTAL GREECE | | | 64,312,783 |
| Hong Kong - 1.1% | | | |
| AIA Group Ltd. | | 19,276,009 | 141,184,392 |
| CK Asset Holdings Ltd. | | 3,300,639 | 14,079,127 |
| CK Infrastructure Holdings Ltd. | | 1,069,631 | 6,042,495 |
| CLP Holdings Ltd. | | 2,789,976 | 21,946,126 |
| Futu Holdings Ltd. ADR (b) | | 94,309 | 6,065,012 |
| Hang Lung Properties Ltd. | | 2,991,125 | 3,301,343 |
| Hang Seng Bank Ltd. | | 1,302,153 | 17,170,945 |
| Henderson Land Development Co. Ltd. | | 2,471,869 | 7,452,249 |
| HKT Trust/HKT Ltd. unit | | 6,471,479 | 7,144,370 |
| Hong Kong & China Gas Co. Ltd. | | 18,952,350 | 14,410,462 |
| Hong Kong Exchanges and Clearing Ltd. | | 2,044,484 | 64,962,306 |
| Hongkong Land Holdings Ltd. | | 1,877,445 | 5,998,775 |
| Jardine Matheson Holdings Ltd. | | 270,264 | 10,342,774 |
| Link (REIT) | | 4,349,409 | 18,636,326 |
| MTR Corp. Ltd. | | 2,614,620 | 8,592,788 |
| Orient Overseas International Ltd. | | 221,000 | 3,223,291 |
| Power Assets Holdings Ltd. | | 2,358,426 | 13,528,297 |
| Prudential PLC | | 4,667,256 | 40,592,761 |
| Sino Biopharmaceutical Ltd. | | 17,642,000 | 6,028,249 |
| Sino Land Ltd. | | 6,524,596 | 6,976,096 |
| Sun Hung Kai Properties Ltd. | | 2,457,422 | 22,669,619 |
| Swire Pacific Ltd. (A Shares) | | 727,060 | 6,157,260 |
| Swire Properties Ltd. | | 2,025,920 | 4,189,942 |
| Techtronic Industries Co. Ltd. | | 2,334,870 | 32,266,274 |
| WH Group Ltd. (d) | | 14,181,743 | 10,307,860 |
| Wharf Real Estate Investment Co. Ltd. | | 2,841,349 | 8,815,322 |
TOTAL HONG KONG | | | 502,084,461 |
| Hungary - 0.1% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 763,071 | 6,262,225 |
| OTP Bank PLC | | 379,746 | 18,843,512 |
| Richter Gedeon PLC | | 236,098 | 6,012,242 |
TOTAL HUNGARY | | | 31,117,979 |
| India - 5.0% | | | |
| ABB India Ltd. | | 89,627 | 7,016,069 |
| Adani Enterprises Ltd. | | 290,111 | 10,597,702 |
| Adani Green Energy Ltd. (b) | | 537,901 | 11,555,477 |
| Adani Ports & Special Economic Zone Ltd. | | 896,120 | 14,192,327 |
| Adani Power Ltd. (b) | | 1,297,251 | 9,486,461 |
| Ambuja Cements Ltd. | | 996,706 | 7,386,969 |
| APL Apollo Tubes Ltd. | | 282,219 | 5,254,661 |
| Apollo Hospitals Enterprise Ltd. | | 169,556 | 12,056,248 |
| Ashok Leyland Ltd. | | 2,457,973 | 5,658,908 |
| Asian Paints Ltd. | | 651,797 | 22,414,090 |
| Astral Ltd. | | 227,603 | 5,758,821 |
| AU Small Finance Bank Ltd. (d) | | 288,765 | 2,187,257 |
| Aurobindo Pharma Ltd. | | 449,657 | 6,203,995 |
| Avenue Supermarts Ltd. (b)(d) | | 276,293 | 15,241,509 |
| Axis Bank Ltd. | | 3,873,186 | 54,046,924 |
| Bajaj Auto Ltd. | | 112,317 | 11,987,306 |
| Bajaj Finance Ltd. | | 471,968 | 39,139,649 |
| Bajaj Finserv Ltd. | | 650,476 | 12,561,941 |
| Bajaj Holdings & Investment Ltd. | | 45,249 | 4,394,238 |
| Balkrishna Industries Ltd. | | 132,607 | 3,851,957 |
| Bandhan Bank Ltd. (d) | | 1,361,525 | 3,064,315 |
| Bank of Baroda | | 1,749,480 | 5,880,634 |
| Berger Paints India Ltd. | | 498,708 | 3,036,987 |
| Bharat Electronics Ltd. | | 6,161,609 | 17,225,257 |
| Bharat Forge Ltd. | | 436,714 | 6,643,235 |
| Bharat Heavy Electricals Ltd. | | 1,768,998 | 5,948,729 |
| Bharat Petroleum Corp. Ltd. | | 1,292,735 | 9,404,016 |
| Bharti Airtel Ltd. | | 3,818,104 | 60,418,386 |
| Britannia Industries Ltd. | | 183,062 | 10,459,970 |
| Cg Power & Industrial Soluti | | 1,018,287 | 6,740,604 |
| Cholamandalam Investment and Finance Co. Ltd. | | 715,353 | 10,208,161 |
| Cipla Ltd./India (b) | | 891,601 | 14,921,416 |
| Coal India Ltd. | | 2,622,736 | 14,255,618 |
| Colgate-Palmolive Ltd. | | 228,232 | 7,721,543 |
| Container Corp. of India Ltd. | | 413,914 | 5,082,617 |
| Cummins India Ltd. | | 235,965 | 9,236,337 |
| Dabur India Ltd. | | 1,057,307 | 6,424,593 |
| Divi's Laboratories Ltd. | | 201,819 | 9,660,801 |
| DLF Ltd. | | 1,261,374 | 13,435,634 |
| Dr. Reddy's Laboratories Ltd. | | 198,470 | 14,723,799 |
| Eicher Motors Ltd. | | 231,973 | 12,767,324 |
| GAIL India Ltd. | | 3,919,278 | 9,788,036 |
| GMR Airports Infrastructure Ltd. (b) | | 4,076,047 | 4,144,524 |
| Godrej Consumer Products Ltd. | | 695,919 | 10,153,674 |
| Godrej Properties Ltd. (b) | | 213,216 | 6,737,079 |
| Grasim Industries Ltd. | | 443,859 | 12,794,212 |
| Havells India Ltd. | | 427,486 | 8,505,644 |
| HCL Technologies Ltd. | | 1,608,753 | 26,239,327 |
| HDFC Asset Management Co. Ltd. (d) | | 161,787 | 7,540,196 |
| HDFC Bank Ltd. | | 4,765,637 | 86,522,166 |
| HDFC Standard Life Insurance Co. Ltd. (d) | | 1,646,607 | 11,490,127 |
| Hero Motocorp Ltd. | | 202,498 | 10,986,858 |
| Hindalco Industries Ltd. | | 2,272,918 | 17,475,522 |
| Hindustan Aeronautics Ltd. | | 341,364 | 16,104,933 |
| Hindustan Petroleum Corp. Ltd. | | 967,359 | 5,736,475 |
| Hindustan Unilever Ltd. | | 1,394,422 | 37,230,410 |
| ICICI Bank Ltd. | | 8,805,862 | 121,301,010 |
| ICICI Lombard General Insurance Co. Ltd. (d) | | 406,571 | 8,307,117 |
| ICICI Prudential Life Insurance Co. Ltd. (d) | | 616,563 | 4,219,673 |
| IDFC Bank Ltd. (b) | | 5,875,421 | 5,764,738 |
| Indian Oil Corp. Ltd. | | 4,751,188 | 9,591,743 |
| Indian Railway Catering & Tourism Corp. Ltd. | | 401,767 | 4,987,445 |
| Indraprastha Gas Ltd. | | 539,448 | 3,025,647 |
| IndusInd Bank Ltd. | | 491,062 | 8,900,638 |
| Info Edge India Ltd. | | 120,641 | 8,722,724 |
| Infosys Ltd. | | 5,307,802 | 89,594,204 |
| Infosys Ltd. sponsored ADR (a) | | 326,978 | 5,463,802 |
| InterGlobe Aviation Ltd. (b)(d) | | 294,640 | 14,045,605 |
| ITC Ltd. | | 5,079,527 | 26,478,318 |
| Jindal Steel & Power Ltd. | | 596,766 | 6,625,820 |
| Jio Financial Services Ltd. | | 4,853,725 | 21,850,831 |
| JSW Steel Ltd. | | 1,041,069 | 10,965,527 |
| Jubilant Foodworks Ltd. | | 680,439 | 3,768,614 |
| Kotak Mahindra Bank Ltd. | | 1,855,547 | 36,053,028 |
| Larsen & Toubro Ltd. | | 1,142,944 | 49,116,525 |
| Ltimindtree Ltd. (d) | | 150,275 | 8,437,930 |
| Lupin Ltd. | | 384,575 | 7,570,143 |
| Macrotech Developers Ltd. (d) | | 406,085 | 6,013,415 |
| Mahindra & Mahindra Ltd. | | 1,583,334 | 40,828,735 |
| Marico Ltd. | | 864,549 | 5,363,649 |
| Maruti Suzuki India Ltd. | | 240,161 | 36,834,854 |
| Max Healthcare Institute Ltd. | | 1,309,789 | 13,158,258 |
| Mphasis BFL Ltd. | | 129,645 | 3,579,625 |
| MRF Ltd. | | 3,940 | 6,269,770 |
| Muthoot Finance Ltd. | | 207,399 | 4,264,907 |
| Nestle India Ltd. | | 574,129 | 17,229,020 |
| NMDC Ltd. | | 1,736,363 | 5,267,795 |
| NTPC Ltd. | | 7,418,749 | 32,232,237 |
| Oil & Natural Gas Corp. Ltd. | | 5,347,286 | 18,045,999 |
| One97 Communications Ltd. (b) | | 431,860 | 1,924,293 |
| Page Industries Ltd. | | 10,214 | 4,250,720 |
| Persistent Systems Ltd. | | 169,010 | 6,797,001 |
| Petronet LNG Ltd. | | 1,267,662 | 4,703,972 |
| PI Industries Ltd. | | 139,509 | 6,095,516 |
| Pidilite Industries Ltd. | | 260,507 | 9,499,105 |
| Polycab India Ltd. | | 76,944 | 5,219,982 |
| Power Finance Corp. Ltd. | | 2,522,956 | 13,295,353 |
| Power Grid Corp. of India Ltd. | | 7,894,996 | 28,467,394 |
| Punjab National Bank | | 3,714,376 | 6,262,549 |
| REC Ltd. | | 2,237,309 | 13,549,085 |
| Reliance Industries Ltd. | | 5,164,822 | 181,255,702 |
| Samvardhana Motherson International Ltd. | | 4,038,568 | 6,323,039 |
| SBI Cards & Payment Services Ltd. | | 485,436 | 4,226,254 |
| SBI Life Insurance Co. Ltd. (d) | | 766,550 | 13,184,284 |
| Shree Cement Ltd. | | 15,345 | 4,491,263 |
| Shriram Finance Ltd. | | 474,934 | 14,486,168 |
| Siemens Ltd. | | 150,361 | 10,502,515 |
| Sona Blw Precision Forgings Ltd. (d) | | 700,355 | 5,233,606 |
| SRF Ltd. | | 253,449 | 7,936,708 |
| State Bank of India | | 3,029,100 | 29,912,801 |
| Sun Pharmaceutical Industries Ltd. | | 1,628,607 | 29,249,880 |
| Supreme Industries Ltd. | | 108,291 | 6,556,757 |
| Suzlon Energy Ltd. (b) | | 14,866,082 | 7,364,590 |
| Tata Communications Ltd. | | 194,585 | 4,026,202 |
| Tata Consultancy Services Ltd. | | 1,534,084 | 69,995,858 |
| Tata Consumer Products Ltd. | | 973,731 | 12,890,735 |
| Tata Elxsi Ltd. | | 58,599 | 4,945,767 |
| Tata Motors Ltd. | | 2,826,233 | 34,072,020 |
| Tata Motors Ltd. Class A | | 768,401 | 6,265,963 |
| Tata Power Co. Ltd./The | | 2,445,139 | 13,118,738 |
| Tata Steel Ltd. | | 12,544,655 | 24,720,785 |
| Tech Mahindra Ltd. | | 907,372 | 13,664,499 |
| The Indian Hotels Co. Ltd. | | 1,452,222 | 10,004,290 |
| Titan Co. Ltd. | | 602,708 | 25,853,229 |
| Torrent Pharmaceuticals Ltd. | | 172,195 | 5,437,979 |
| Trent Ltd. | | 307,849 | 16,245,160 |
| Tube Investments of India Ltd. | | 179,252 | 8,038,710 |
| Tvs Motor Co. Ltd. | | 401,082 | 9,872,801 |
| Ultratech Cement Ltd. | | 196,257 | 23,399,819 |
| Union Bank of India Ltd. | | 2,503,790 | 4,613,901 |
| United Spirits Ltd. | | 495,837 | 6,973,296 |
| UPL Ltd. | | 747,279 | 4,533,961 |
| Varun Beverages Ltd. | | 772,290 | 13,657,777 |
| Vedanta Ltd. | | 1,579,546 | 7,536,494 |
| Wipro Ltd. | | 2,201,897 | 12,122,669 |
| Yes Bank Ltd. (b) | | 22,026,257 | 6,887,092 |
| Zomato Ltd. (b) | | 10,357,810 | 23,898,274 |
TOTAL INDIA | | | 2,207,145,570 |
| Indonesia - 0.5% | | | |
| Amman Mineral Internasional PT | | 10,987,600 | 6,542,679 |
| PT Adaro Energy Indonesia Tbk | | 24,206,200 | 4,023,016 |
| PT Aneka Tambang Tbk | | 14,416,000 | 1,449,097 |
| PT Astra International Tbk | | 34,502,200 | 10,887,357 |
| PT Bank Central Asia Tbk | | 94,166,300 | 56,620,747 |
| PT Bank Mandiri (Persero) Tbk | | 63,430,700 | 26,810,708 |
| PT Bank Negara Indonesia (Persero) Tbk | | 25,379,278 | 8,165,455 |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 115,800,500 | 35,053,225 |
| PT Barito Pacific Tbk | | 46,719,826 | 2,919,644 |
| PT Charoen Pokphand Indonesia Tbk | | 12,461,000 | 3,791,212 |
| PT GoTo Gojek Tokopedia Tbk (b) | | 1,419,635,868 | 5,460,311 |
| PT Indah Kiat Pulp & Paper Tbk | | 4,029,000 | 2,318,920 |
| PT Indofood CBP Sukses Makmur Tbk | | 3,863,800 | 2,582,636 |
| PT Indofood Sukses Makmur Tbk | | 7,319,000 | 2,810,527 |
| PT Kalbe Farma Tbk | | 36,286,100 | 3,221,027 |
| PT Merdeka Copper Gold Tbk (b) | | 15,733,290 | 2,533,943 |
| PT Sarana Menara Nusantara Tbk | | 35,803,600 | 1,768,958 |
| PT Semen Indonesia (Persero) Tbk | | 5,499,496 | 1,577,509 |
| PT Sumber Alfaria Trijaya Tbk | | 32,010,100 | 5,756,981 |
| PT Surya Citra Media Tbk | | 35 | 0 |
| PT Telkom Indonesia Persero Tbk | | 84,229,400 | 16,328,585 |
| PT Unilever Indonesia Tbk | | 13,111,800 | 2,111,629 |
| PT United Tractors Tbk | | 2,530,812 | 3,857,200 |
TOTAL INDONESIA | | | 206,591,366 |
| Ireland - 0.3% | | | |
| AerCap Holdings NV (b) | | 339,868 | 28,715,447 |
| AIB Group PLC | | 2,650,534 | 13,764,210 |
| Bank of Ireland Group PLC | | 1,795,612 | 19,249,004 |
| Kerry Group PLC Class A | | 268,621 | 23,163,124 |
| Kingspan Group PLC (Ireland) | | 264,169 | 23,639,089 |
| Smurfit Kappa Group PLC | | 442,798 | 19,256,577 |
TOTAL IRELAND | | | 127,787,451 |
| Israel - 0.4% | | | |
| Azrieli Group | | 71,375 | 4,618,253 |
| Bank Hapoalim BM (Reg.) | | 2,158,217 | 19,530,749 |
| Bank Leumi le-Israel BM | | 2,585,798 | 20,248,789 |
| Check Point Software Technologies Ltd. (b) | | 158,913 | 23,744,780 |
| Elbit Systems Ltd. (Israel) | | 44,857 | 9,159,261 |
| Global-e Online Ltd. (a)(b) | | 166,070 | 5,568,327 |
| Icl Group Ltd. | | 1,305,635 | 6,148,434 |
| Israel Discount Bank Ltd. (Class A) | | 2,103,793 | 10,840,439 |
| Mizrahi Tefahot Bank Ltd. | | 263,662 | 9,632,808 |
| NICE Ltd. (b) | | 87,503 | 19,583,609 |
| NICE Ltd. sponsored ADR (b) | | 20,317 | 4,541,053 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (b) | | 1,902,547 | 26,730,785 |
| Wix.com Ltd. (b) | | 92,678 | 11,016,634 |
TOTAL ISRAEL | | | 171,363,921 |
| Italy - 1.5% | | | |
| Amplifon SpA | | 210,489 | 7,060,242 |
| Assicurazioni Generali SpA | | 1,716,435 | 41,947,749 |
| Banco BPM SpA (a) | | 2,042,325 | 13,478,456 |
| Coca-Cola HBC AG | | 373,738 | 12,095,412 |
| Davide Campari Milano NV | | 1,045,752 | 10,512,970 |
| DiaSorin SpA | | 37,685 | 3,818,243 |
| Enel SpA | | 13,782,108 | 90,582,062 |
| Eni SpA | | 3,725,500 | 59,837,832 |
| Ferrari NV (Italy) | | 213,805 | 88,348,468 |
| FinecoBank SpA | | 1,031,503 | 15,895,841 |
| Infrastrutture Wireless Italiane SpA (d) | | 570,855 | 6,140,902 |
| Intesa Sanpaolo SpA | | 24,805,194 | 92,845,940 |
| Leonardo SpA | | 688,247 | 15,887,174 |
| Mediobanca SpA | | 867,114 | 12,353,877 |
| Moncler SpA | | 349,517 | 23,917,051 |
| Nexi SpA (b)(d) | | 1,002,559 | 5,861,082 |
| Poste Italiane SpA (d) | | 774,754 | 9,855,664 |
| Prysmian SpA | | 446,451 | 24,384,839 |
| Recordati SpA | | 177,116 | 9,460,361 |
| Snam SpA | | 3,415,933 | 15,628,825 |
| Telecom Italia SpA (a)(b) | | 8,540,002 | 2,031,486 |
| Telecom Italia SpA (Risparmio Shares) (b) | | 7,564,311 | 1,867,200 |
| Terna - Rete Elettrica Nazionale | | 2,385,247 | 19,152,610 |
| UniCredit SpA | | 2,614,137 | 95,950,233 |
TOTAL ITALY | | | 678,914,519 |
| Japan - 14.5% | | | |
| Advantest Corp. | | 1,299,728 | 40,682,361 |
| AEON Co. Ltd. | | 1,110,778 | 23,224,477 |
| AGC, Inc. | | 332,096 | 12,278,999 |
| Aisin Seiki Co. Ltd. | | 250,501 | 9,528,120 |
| Ajinomoto Co., Inc. | | 796,915 | 29,630,474 |
| Ana Holdings, Inc. | | 260,951 | 4,955,985 |
| Asahi Group Holdings | | 817,417 | 27,963,005 |
| ASAHI INTECC Co. Ltd. | | 370,049 | 5,422,211 |
| Asahi Kasei Corp. | | 2,117,625 | 14,764,367 |
| Astellas Pharma, Inc. | | 3,072,665 | 29,491,137 |
| Azbil Corp. | | 205,382 | 5,736,319 |
| Bandai Namco Holdings, Inc. | | 1,011,694 | 18,903,683 |
| Bridgestone Corp. | | 967,995 | 42,714,726 |
| Brother Industries Ltd. | | 395,775 | 7,000,852 |
| Canon, Inc. | | 1,658,128 | 44,877,717 |
| Canon, Inc. sponsored ADR (a) | | 39,199 | 1,056,021 |
| Capcom Co. Ltd. | | 584,200 | 9,617,357 |
| Central Japan Railway Co. | | 1,311,690 | 29,995,707 |
| Chiba Bank Ltd. | | 895,494 | 7,564,298 |
| Chubu Electric Power Co., Inc. | | 1,086,195 | 13,942,360 |
| Chugai Pharmaceutical Co. Ltd. | | 1,139,424 | 36,238,093 |
| Concordia Financial Group Ltd. | | 1,789,988 | 9,644,700 |
| Dai Nippon Printing Co. Ltd. | | 344,621 | 10,037,475 |
| Dai-ichi Mutual Life Insurance Co. | | 1,595,991 | 36,964,816 |
| Daifuku Co. Ltd. | | 515,927 | 10,568,148 |
| Daiichi Sankyo Kabushiki Kaisha | | 3,137,496 | 105,600,935 |
| Daikin Industries Ltd. | | 447,482 | 61,077,414 |
| Daito Trust Construction Co. Ltd. | | 99,321 | 10,646,654 |
| Daiwa House Industry Co. Ltd. | | 1,005,508 | 28,293,903 |
| Daiwa Securities Group, Inc. | | 2,267,451 | 16,663,634 |
| DENSO Corp. | | 3,207,200 | 54,660,703 |
| Dentsu Group, Inc. | | 341,822 | 9,247,373 |
| Disco Corp. | | 156,287 | 44,517,691 |
| East Japan Railway Co. | | 1,541,643 | 28,256,729 |
| Eisai Co. Ltd. | | 426,197 | 17,503,510 |
| ENEOS Holdings, Inc. | | 4,897,364 | 22,626,874 |
| FANUC Corp. | | 1,616,325 | 47,874,412 |
| Fast Retailing Co. Ltd. | | 296,989 | 77,653,437 |
| Fuji Electric Co. Ltd. | | 213,904 | 13,305,670 |
| FUJIFILM Holdings Corp. | | 1,899,444 | 40,405,899 |
| Fujitsu Ltd. | | 2,986,580 | 46,137,146 |
| GLP J-REIT | | 7,947 | 6,463,392 |
| Hamamatsu Photonics K.K. | | 238,846 | 8,751,717 |
| Hankyu Hanshin Holdings, Inc. | | 389,780 | 10,219,344 |
| Hikari Tsushin, Inc. | | 34,570 | 5,618,381 |
| Hirose Electric Co. Ltd. (a) | | 50,068 | 5,314,510 |
| Hitachi Construction Machinery Co. Ltd. | | 183,171 | 5,231,782 |
| Hitachi Ltd. | | 1,572,609 | 145,090,001 |
| Honda Motor Co. Ltd. | | 7,835,358 | 89,147,424 |
| Hoshizaki Corp. | | 184,906 | 6,371,624 |
| Hoya Corp. | | 595,382 | 69,028,485 |
| Hulic Co. Ltd. | | 651,572 | 6,004,012 |
| Ibiden Co. Ltd. | | 191,540 | 7,281,108 |
| Idemitsu Kosan Co. Ltd. | | 1,645,135 | 11,145,987 |
| Iida Group Holdings Co. Ltd. | | 262,578 | 3,352,048 |
| INPEX Corp. | | 1,650,412 | 24,722,845 |
| Isuzu Motors Ltd. | | 983,092 | 12,458,582 |
| Itochu Corp. | | 2,015,771 | 90,941,050 |
| Japan Airlines Co. Ltd. | | 245,126 | 4,343,331 |
| Japan Exchange Group, Inc. | | 852,894 | 19,975,226 |
| Japan Post Bank Co. Ltd. | | 2,454,240 | 24,911,299 |
| Japan Post Holdings Co. Ltd. | | 3,522,846 | 33,830,949 |
| Japan Post Insurance Co. Ltd. | | 325,042 | 6,102,365 |
| Japan Real Estate Investment Corp. | | 2,179 | 7,389,299 |
| Japan Retail Fund Investment Corp. | | 11,788 | 7,116,753 |
| Japan Tobacco, Inc. | | 2,034,126 | 54,721,276 |
| JFE Holdings, Inc. | | 979,690 | 14,622,584 |
| Kajima Corp. | | 719,578 | 13,785,017 |
| Kansai Electric Power Co., Inc. | | 1,196,799 | 17,927,357 |
| Kao Corp. | | 790,526 | 32,610,959 |
| Kawasaki Kisen Kaisha Ltd. | | 663,300 | 9,345,823 |
| KDDI Corp. | | 2,538,907 | 70,451,614 |
| KDX Realty Investment Corp. | | 7,055 | 6,958,610 |
| Keisei Electric Railway Co. | | 234,642 | 8,741,107 |
| Keyence Corp. | | 329,929 | 145,092,830 |
| Kikkoman Corp. | | 1,154,240 | 13,753,241 |
| Kintetsu Group Holdings Co. Ltd. | | 304,664 | 7,832,482 |
| Kirin Holdings Co. Ltd. | | 1,317,920 | 19,238,464 |
| Kobe Bussan Co. Ltd. | | 253,872 | 5,482,945 |
| Koito Manufacturing Co. Ltd. | | 343,030 | 4,614,008 |
| Komatsu Ltd. | | 1,569,064 | 46,846,207 |
| Konami Group Corp. (a) | | 169,336 | 10,217,280 |
| Kubota Corp. | | 1,696,367 | 27,209,279 |
| Kyocera Corp. | | 2,177,424 | 26,539,846 |
| Kyowa Hakko Kirin Co., Ltd. | | 455,221 | 7,644,915 |
| Lasertec Corp. | | 127,995 | 27,609,217 |
| LY Corp. | | 4,501,749 | 10,816,056 |
| M3, Inc. | | 747,802 | 7,910,385 |
| Makita Corp. | | 380,768 | 11,023,576 |
| Marubeni Corp. | | 2,429,145 | 43,278,529 |
| MatsukiyoCocokara & Co. | | 584,100 | 8,282,966 |
| Mazda Motor Corp. | | 966,509 | 10,940,375 |
| McDonald's Holdings Co. (Japan) Ltd. (a) | | 147,045 | 6,468,317 |
| Meiji Holdings Co. Ltd. | | 400,312 | 8,956,732 |
| Minebea Mitsumi, Inc. | | 611,500 | 11,453,612 |
| Misumi Group, Inc. | | 484,014 | 7,869,032 |
| Mitsubishi Chemical Holdings Corp. | | 2,164,284 | 12,626,147 |
| Mitsubishi Corp. | | 5,851,603 | 133,823,712 |
| Mitsubishi Electric Corp. | | 3,279,297 | 57,157,906 |
| Mitsubishi Estate Co. Ltd. | | 1,909,612 | 34,993,095 |
| Mitsubishi Heavy Industries Ltd. | | 5,439,280 | 48,633,239 |
| Mitsubishi UFJ Financial Group, Inc. | | 18,834,918 | 187,621,335 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | | 1,370,716 | 8,876,822 |
| Mitsui & Co. Ltd. | | 2,195,046 | 105,967,371 |
| Mitsui Chemicals, Inc. | | 290,371 | 8,264,804 |
| Mitsui Fudosan Co. Ltd. | | 4,529,430 | 46,096,295 |
| Mitsui OSK Lines Ltd. | | 580,800 | 18,434,352 |
| Mizuho Financial Group, Inc. | | 4,092,932 | 79,112,723 |
| MonotaRO Co. Ltd. | | 426,808 | 5,115,243 |
| MS&AD Insurance Group Holdings, Inc. | | 2,183,145 | 39,250,863 |
| Murata Manufacturing Co. Ltd. | | 2,922,583 | 53,401,942 |
| NEC Corp. | | 416,863 | 30,181,712 |
| Nexon Co. Ltd. | | 577,859 | 9,009,601 |
| Nidec Corp. | | 708,756 | 33,193,075 |
| Nintendo Co. Ltd. | | 1,762,590 | 85,959,759 |
| Nippon Building Fund, Inc. | | 2,602 | 9,941,707 |
| Nippon Express Holdings, Inc. | | 124,185 | 6,353,094 |
| Nippon Paint Holdings Co. Ltd. | | 1,596,630 | 10,220,056 |
| Nippon Prologis REIT, Inc. | | 3,845 | 6,634,963 |
| Nippon Sanso Holdings Corp. | | 294,786 | 8,755,855 |
| Nippon Steel & Sumitomo Metal Corp. | | 1,452,099 | 32,554,495 |
| Nippon Telegraph & Telephone Corp. | | 50,636,275 | 54,670,083 |
| Nippon Yusen KK (a) | | 780,733 | 22,165,375 |
| Nissan Chemical Corp. | | 212,684 | 7,250,011 |
| Nissan Motor Co. Ltd. | | 4,059,625 | 14,857,022 |
| Nissin Food Holdings Co. Ltd. | | 338,215 | 9,025,455 |
| Nitori Holdings Co. Ltd. | | 136,042 | 18,206,919 |
| Nitto Denko Corp. | | 244,050 | 20,179,444 |
| Nomura Holdings, Inc. | | 5,105,365 | 29,049,458 |
| Nomura Real Estate Holdings, Inc. | | 184,718 | 5,171,575 |
| Nomura Real Estate Master Fund, Inc. | | 6,769 | 6,470,626 |
| Nomura Research Institute Ltd. | | 655,680 | 15,866,078 |
| NTT Data Corp. | | 1,071,556 | 16,756,801 |
| Obayashi Corp. | | 1,102,985 | 12,310,191 |
| OBIC Co. Ltd. | | 118,352 | 15,204,273 |
| Odakyu Electric Railway Co. Ltd. | | 528,939 | 5,946,694 |
| Olympus Corp. | | 2,042,863 | 28,456,514 |
| OMRON Corp. | | 295,777 | 10,151,776 |
| Ono Pharmaceutical Co. Ltd. | | 615,945 | 8,871,683 |
| Oracle Corp. Japan | | 65,703 | 4,930,655 |
| Oriental Land Co. Ltd. | | 1,850,440 | 51,056,852 |
| ORIX Corp. | | 1,990,054 | 40,727,284 |
| Osaka Gas Co. Ltd. | | 636,918 | 14,162,436 |
| Otsuka Corp. | | 385,864 | 7,674,112 |
| Otsuka Holdings Co. Ltd. | | 710,303 | 30,370,326 |
| Pan Pacific International Holdings Ltd. | | 647,191 | 15,199,946 |
| Panasonic Holdings Corp. | | 3,745,793 | 32,694,989 |
| Rakuten Group, Inc. (b) | | 2,547,260 | 12,250,908 |
| Recruit Holdings Co. Ltd. | | 2,445,083 | 105,303,269 |
| Renesas Electronics Corp. | | 2,491,583 | 40,452,724 |
| Resona Holdings, Inc. | | 3,611,589 | 22,838,780 |
| Ricoh Co. Ltd. | | 933,638 | 8,054,549 |
| ROHM Co. Ltd. | | 559,080 | 8,036,693 |
| SBI Holdings, Inc. Japan | | 423,065 | 10,300,847 |
| Screen Holdings Co. Ltd. | | 138,000 | 14,238,446 |
| SCSK Corp. | | 261,433 | 4,752,643 |
| Secom Co. Ltd. | | 356,559 | 24,767,480 |
| Seiko Epson Corp. | | 491,109 | 8,078,737 |
| Sekisui Chemical Co. Ltd. | | 640,039 | 9,311,317 |
| Sekisui House Ltd. | | 1,010,203 | 23,214,825 |
| Seven & i Holdings Co. Ltd. | | 3,834,716 | 49,549,135 |
| SG Holdings Co. Ltd. | | 544,849 | 6,377,508 |
| Sharp Corp. (b) | | 423,611 | 2,223,604 |
| Shimadzu Corp. | | 401,977 | 10,920,937 |
| SHIMANO, Inc. | | 130,190 | 21,157,570 |
| SHIMIZU Corp. | | 887,381 | 5,496,845 |
| Shin-Etsu Chemical Co. Ltd. | | 3,055,985 | 118,293,940 |
| Shionogi & Co. Ltd. | | 417,694 | 19,506,632 |
| Shiseido Co. Ltd. | | 679,275 | 18,183,008 |
| Shizuoka Financial Group | | 790,218 | 7,375,774 |
| SMC Corp. | | 97,155 | 51,041,999 |
| SoftBank Corp. | | 4,878,927 | 58,848,084 |
| SoftBank Group Corp. | | 1,745,544 | 85,846,897 |
| Sompo Holdings, Inc. | | 1,513,362 | 29,949,633 |
| Sony Group Corp. | | 2,139,020 | 176,792,932 |
| Square Enix Holdings Co. Ltd. | | 146,638 | 5,300,546 |
| Subaru Corp. | | 1,024,478 | 22,875,561 |
| Sumco Corp. | | 595,529 | 8,881,313 |
| Sumitomo Corp. | | 1,762,669 | 46,353,203 |
| Sumitomo Electric Industries Ltd. | | 1,212,603 | 18,742,379 |
| Sumitomo Metal Mining Co. Ltd. | | 416,932 | 13,929,132 |
| Sumitomo Mitsui Financial Group, Inc. | | 2,155,472 | 122,439,030 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 1,113,714 | 23,415,651 |
| Sumitomo Realty & Development Co. Ltd. | | 484,779 | 16,775,254 |
| Suntory Beverage & Food Ltd. | | 234,303 | 7,623,108 |
| Suzuki Motor Corp. | | 2,668,128 | 31,072,447 |
| Sysmex Corp. | | 849,087 | 13,577,220 |
| T&D Holdings, Inc. | | 829,053 | 13,527,933 |
| Taisei Corp. | | 289,202 | 10,587,805 |
| Takeda Pharmaceutical Co. Ltd. | | 2,683,820 | 70,536,349 |
| TDK Corp. | | 659,587 | 29,424,833 |
| Terumo Corp. | | 2,283,448 | 38,736,712 |
| TIS, Inc. | | 372,767 | 7,961,027 |
| Tobu Railway Co. Ltd. | | 317,493 | 6,299,213 |
| Toho Co. Ltd. | | 190,605 | 6,385,719 |
| Tokio Marine Holdings, Inc. | | 3,057,324 | 96,630,992 |
| Tokyo Electric Power Co., Inc. (b) | | 2,570,526 | 15,989,389 |
| Tokyo Electron Ltd. | | 799,958 | 175,467,521 |
| Tokyo Gas Co. Ltd. | | 627,539 | 14,073,985 |
| Tokyu Corp. | | 852,275 | 10,088,856 |
| Toppan Holdings, Inc. | | 388,377 | 9,213,840 |
| Toray Industries, Inc. | | 2,356,819 | 10,772,365 |
| Toto Ltd. | | 241,217 | 6,528,417 |
| Toyota Industries Corp. | | 248,743 | 23,637,269 |
| Toyota Motor Corp. | | 17,986,630 | 410,249,772 |
| Toyota Tsusho Corp. | | 360,495 | 22,920,251 |
| Trend Micro, Inc. | | 225,545 | 11,114,454 |
| Unicharm Corp. | | 684,397 | 20,335,591 |
| USS Co. Ltd. | | 700,292 | 5,349,737 |
| West Japan Railway Co. | | 747,360 | 14,185,973 |
| Yakult Honsha Co. Ltd. | | 437,336 | 8,554,182 |
| Yamaha Corp. | | 225,461 | 4,751,183 |
| Yamaha Motor Co. Ltd. | | 1,508,317 | 14,068,409 |
| Yamato Holdings Co. Ltd. | | 452,329 | 5,973,767 |
| Yaskawa Electric Corp. | | 404,989 | 16,686,611 |
| Yokogawa Electric Corp. | | 388,100 | 8,575,383 |
| Zensho Holdings Co. Ltd. | | 162,600 | 6,302,247 |
| ZOZO, Inc. | | 231,463 | 4,985,361 |
TOTAL JAPAN | | | 6,370,003,997 |
| Jordan - 0.0% | | | |
| Hikma Pharmaceuticals PLC | | 281,764 | 6,773,985 |
| Korea (South) - 3.2% | | | |
| AMOREPACIFIC Corp. | | 46,828 | 5,691,667 |
| Celltrion Pharm, Inc. | | 31,546 | 2,171,568 |
| Celltrion, Inc. | | 258,903 | 35,056,575 |
| CJ CheilJedang Corp. | | 14,094 | 3,406,639 |
| Cosmo AM&T Co. Ltd. (b) | | 40,867 | 4,401,217 |
| Coway Co. Ltd. | | 93,761 | 3,746,153 |
| Db Insurance Co. Ltd. | | 78,205 | 5,470,325 |
| Delivery Hero AG (b)(d) | | 300,060 | 8,394,941 |
| Doosan Bobcat, Inc. | | 93,547 | 3,486,526 |
| Doosan Heavy Industries & Construction Co. Ltd. (b) | | 769,291 | 9,262,711 |
| Ecopro BM Co. Ltd. | | 82,980 | 14,065,843 |
| Ecopro Co. Ltd. (a) | | 169,485 | 12,775,398 |
| Ecopro Materials Co. Ltd. | | 23,313 | 1,925,602 |
| EUSU Holdings Co. Ltd. | | 6 | 24 |
| GS Holdings Corp. | | 78,874 | 2,542,996 |
| Hana Financial Group, Inc. | | 496,063 | 20,863,784 |
| Hanjin Kal Corp. | | 45,598 | 1,951,506 |
| Hanjin Shipping Co. Ltd. (b)(e) | | 12 | 0 |
| Hankook Tire Co. Ltd. | | 126,572 | 5,355,707 |
| Hanmi Pharm Co. Ltd. | | 12,231 | 2,778,459 |
| Hanmi Semiconductor Co. Ltd. | | 74,365 | 7,061,710 |
| Hanon Systems | | 292,176 | 1,166,849 |
| Hanwha Aerospace Co. Ltd. | | 60,227 | 9,122,669 |
| Hanwha Ocean Co. Ltd. (b) | | 131,372 | 3,016,561 |
| Hanwha Solutions Corp. | | 190,194 | 3,451,880 |
| HD Hyundai Co. Ltd. | | 74,157 | 3,580,109 |
| HD Hyundai Heavy Industries Co. Ltd. (b) | | 37,627 | 3,710,900 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (b) | | 72,448 | 6,821,134 |
| HLB, Inc. | | 197,467 | 15,733,458 |
| HMM Co. Ltd. | | 407,897 | 4,643,976 |
| HYBE Co. Ltd. | | 34,958 | 5,056,684 |
| Hyundai Engineering & Construction Co. Ltd. | | 132,854 | 3,375,007 |
| Hyundai Glovis Co. Ltd. | | 31,519 | 4,114,608 |
| Hyundai Mobis | | 102,961 | 16,797,193 |
| Hyundai Motor Co. Ltd. | | 228,143 | 40,922,554 |
| Hyundai Steel Co. | | 147,337 | 3,411,722 |
| Industrial Bank of Korea | | 479,073 | 4,802,893 |
| Kakao Corp. | | 528,346 | 18,297,496 |
| Kakao Pay Corp. (b) | | 45,801 | 1,151,021 |
| KakaoBank Corp. | | 278,051 | 4,973,115 |
| Kangwon Land, Inc. | | 162,556 | 1,791,240 |
| KB Financial Group, Inc. | | 650,298 | 35,171,434 |
| Kia Corp. | | 443,309 | 37,453,156 |
| Korea Aerospace Industries Ltd. | | 125,525 | 4,660,848 |
| Korea Electric Power Corp. (b) | | 433,555 | 6,600,233 |
| Korea Investment Holdings Co. Ltd. | | 71,017 | 3,422,895 |
| Korea Zinc Co. Ltd. | | 14,162 | 4,704,358 |
| Korean Air Lines Co. Ltd. | | 319,028 | 4,797,530 |
| KRAFTON, Inc. (b) | | 49,116 | 8,429,529 |
| KT Corp. | | 109,329 | 2,725,786 |
| KT&G Corp. | | 170,004 | 10,923,676 |
| Kum Yang Co. Ltd. (b) | | 59,050 | 3,951,045 |
| Kumho Petro Chemical Co. Ltd. | | 27,304 | 2,708,121 |
| L&F Co. Ltd. | | 43,128 | 5,030,990 |
| LG Chemical Ltd. | | 82,794 | 23,724,122 |
| LG Corp. | | 159,672 | 9,085,052 |
| LG Display Co. Ltd. (b) | | 647,230 | 4,885,203 |
| LG Electronics, Inc. | | 179,892 | 11,947,648 |
| LG Energy Solution (b) | | 79,365 | 22,019,035 |
| LG H & H Co. Ltd. | | 15,323 | 4,604,018 |
| LG Innotek Co. Ltd. | | 24,094 | 3,819,087 |
| LG Uplus Corp. | | 383,731 | 2,717,821 |
| Lotte Chemical Corp. | | 32,272 | 2,486,915 |
| Meritz Financial Holdings Co. | | 172,977 | 9,862,699 |
| Mirae Asset Securities Co. Ltd. | | 417,478 | 2,268,921 |
| NAVER Corp. | | 220,417 | 28,991,516 |
| NCSOFT Corp. | | 24,313 | 3,063,357 |
| Netmarble Corp. (b)(d) | | 41,767 | 1,667,653 |
| NH Investment & Securities Co. Ltd. | | 263,939 | 2,365,796 |
| Orion Corp./Republic of Korea | | 40,473 | 2,701,026 |
| POSCO | | 121,943 | 35,104,067 |
| POSCO Chemtech Co. Ltd. (a) | | 52,238 | 10,479,699 |
| POSCO ICT Co. Ltd. (a) | | 90,424 | 2,620,422 |
| Posco International Corp. | | 89,663 | 2,948,946 |
| S-Oil Corp. | | 76,815 | 3,999,252 |
| Samsung Biologics Co. Ltd. (b)(d) | | 30,187 | 16,919,336 |
| Samsung C&T Corp. | | 140,833 | 15,143,972 |
| Samsung E&A Co. Ltd. (b) | | 266,683 | 5,041,975 |
| Samsung Electro-Mechanics Co. Ltd. | | 95,281 | 10,598,225 |
| Samsung Electronics Co. Ltd. | | 8,089,390 | 448,403,182 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 51,899 | 11,583,810 |
| Samsung Heavy Industries Co. Ltd. (b) | | 1,127,483 | 7,617,822 |
| Samsung Life Insurance Co. Ltd. | | 134,918 | 8,477,774 |
| Samsung SDI Co. Ltd. | | 93,280 | 28,786,471 |
| Samsung SDS Co. Ltd. | | 65,643 | 7,519,913 |
| Samsung Securities Co. Ltd. | | 109,494 | 2,986,922 |
| Shinhan Financial Group Co. Ltd. | | 739,353 | 24,770,727 |
| SK Biopharmaceuticals Co. Ltd. (b) | | 53,281 | 3,342,524 |
| SK Bioscience Co. Ltd. (b) | | 46,253 | 1,942,633 |
| SK Hynix, Inc. | | 925,788 | 113,927,668 |
| SK IE Technology Co. Ltd. (b)(d) | | 48,594 | 2,050,981 |
| SK Innovation Co., Ltd. (b) | | 102,197 | 8,084,738 |
| SK Square Co. Ltd. (b) | | 164,520 | 9,013,830 |
| SK Telecom Co. Ltd. | | 92,215 | 3,400,730 |
| SK, Inc. | | 62,011 | 7,368,701 |
| SKC Co. Ltd. | | 32,317 | 2,547,106 |
| Woori Financial Group, Inc. | | 1,020,174 | 10,425,202 |
| Yuhan Corp. | | 95,847 | 4,971,757 |
TOTAL KOREA (SOUTH) | | | 1,383,218,275 |
| Kuwait - 0.2% | | | |
| Agility Global PLC (c)(e) | | 5,488,962 | 222,550 |
| Boubyan Bank KSC | | 2,493,941 | 4,764,616 |
| Gulf Bank | | 3,317,283 | 2,776,059 |
| Kuwait Finance House KSCP | | 15,927,554 | 37,197,012 |
| Mabanee Co. SAKC | | 1,182,966 | 3,023,604 |
| Mobile Telecommunication Co. | | 3,307,760 | 5,235,767 |
| National Bank of Kuwait | | 13,395,483 | 37,583,824 |
TOTAL KUWAIT | | | 90,803,432 |
| Luxembourg - 0.1% | | | |
| ArcelorMittal SA (Netherlands) | | 868,727 | 21,870,418 |
| Eurofins Scientific SA (a) | | 230,168 | 14,148,593 |
| Reinet Investments SCA | | 232,653 | 5,434,795 |
TOTAL LUXEMBOURG | | | 41,453,806 |
| Macau - 0.1% | | | |
| Galaxy Entertainment Group Ltd. | | 3,714,239 | 16,665,392 |
| Sands China Ltd. (b) | | 4,098,465 | 9,666,829 |
TOTAL MACAU | | | 26,332,221 |
| Malaysia - 0.4% | | | |
| AMMB Holdings Bhd | | 3,936,200 | 3,460,007 |
| Axiata Group Bhd | | 4,503,615 | 2,666,727 |
| CelcomDigi Bhd | | 5,911,100 | 5,130,954 |
| CIMB Group Holdings Bhd | | 10,833,688 | 14,972,479 |
| Gamuda Bhd | | 3,175,645 | 3,529,835 |
| Genting Bhd | | 3,668,900 | 3,467,778 |
| Genting Malaysia Bhd | | 5,179,400 | 2,857,089 |
| Hong Leong Bank Bhd | | 1,134,700 | 4,582,419 |
| IHH Healthcare Bhd | | 3,703,100 | 4,872,310 |
| Inari Amertron Bhd | | 4,938,200 | 3,183,875 |
| IOI Corp. Bhd | | 4,185,500 | 3,562,745 |
| IOI Properties Group Bhd | | 11 | 5 |
| Kuala Lumpur Kepong Bhd | | 851,063 | 4,110,890 |
| Malayan Banking Bhd | | 9,237,268 | 18,822,462 |
| Malaysia Airports Holdings Bhd | | 1,532,840 | 3,208,091 |
| Maxis Bhd | | 3,956,000 | 3,038,554 |
| MISC Bhd | | 2,222,800 | 3,703,787 |
| MR DIY Group M Sdn Bhd (d) | | 5,375,850 | 1,757,165 |
| Nestle (Malaysia) Bhd | | 115,100 | 3,064,155 |
| Petronas Chemicals Group Bhd | | 4,790,600 | 6,798,182 |
| Petronas Dagangan Bhd | | 499,200 | 2,251,646 |
| Petronas Gas Bhd | | 1,311,600 | 4,942,962 |
| PPB Group Bhd | | 1,049,620 | 3,457,838 |
| Press Metal Aluminium Holdings | | 6,400,400 | 7,194,587 |
| Public Bank Bhd | | 24,565,600 | 21,188,027 |
| QL Resources Bhd | | 1,802,700 | 2,420,888 |
| RHB Bank Bhd | | 2,493,677 | 2,870,481 |
| Sime Darby Bhd | | 4,770,807 | 2,793,037 |
| Sime Darby Plantation Bhd | | 3,508,924 | 3,276,840 |
| Sime Darby Property Bhd | | 15 | 3 |
| SP Setia Bhd | | 14 | 4 |
| Telekom Malaysia Bhd | | 2,024,199 | 2,623,341 |
| Tenaga Nasional Bhd | | 4,395,225 | 11,005,822 |
| YTL Corp. Bhd | | 5,615,800 | 3,630,874 |
| YTL Power International Bhd | | 4,161,300 | 3,989,220 |
TOTAL MALAYSIA | | | 168,435,079 |
| Mexico - 0.8% | | | |
| Alfa SA de CV Series A | | 5,330,500 | 3,920,686 |
| America Movil S.A.B. de CV Series L | | 31,802,046 | 30,278,381 |
| Arca Continental S.A.B. de CV | | 877,362 | 8,559,155 |
| Banco del Bajio SA (d) | | 1,323,500 | 4,879,661 |
| CEMEX S.A.B. de CV unit (b) | | 25,720,040 | 20,373,944 |
| Coca-Cola FEMSA S.A.B. de CV unit | | 892,175 | 8,851,051 |
| Fibra Uno Administracion SA de CV | | 4,918,200 | 7,059,734 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 3,299,700 | 38,602,681 |
| Gruma S.A.B. de CV Series B | | 309,770 | 6,084,101 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 665,855 | 12,127,903 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 303,885 | 10,438,605 |
| Grupo Aeroportuario Norte S.A.B. de CV | | 486,500 | 5,386,197 |
| Grupo Bimbo S.A.B. de CV Series A | | 2,252,500 | 9,438,259 |
| Grupo Carso SA de CV Series A1 | | 956,100 | 7,519,540 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 4,405,200 | 43,600,056 |
| Grupo Financiero Inbursa S.A.B. de CV Series O (b) | | 3,116,200 | 8,635,116 |
| Grupo Mexico SA de CV Series B | | 5,289,723 | 32,684,919 |
| Industrias Penoles SA de CV (a)(b) | | 333,140 | 4,834,694 |
| Kimberly-Clark de Mexico SA de CV Series A | | 2,559,400 | 5,327,741 |
| Operadora de Sites Mexicanos, SA de CV | | 2,062,200 | 2,320,927 |
| Orbia Advance Corp. S.A.B. de CV | | 1,663,916 | 2,733,248 |
| Prologis Property Mexico SA (a) | | 1,325,330 | 5,226,817 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 321,265 | 3,227,325 |
| Southern Copper Corp. (a) | | 143,387 | 16,728,961 |
| Wal-Mart de Mexico SA de CV Series V | | 8,889,300 | 33,168,662 |
TOTAL MEXICO | | | 332,008,364 |
| Netherlands - 2.9% | | | |
| ABN AMRO Bank NV: | | | |
| GDR (Bearer) (a)(d) | | 809,125 | 13,030,188 |
| rights (a)(b)(c) | | 809,125 | 768,513 |
| Adyen BV (b)(d) | | 36,848 | 44,143,885 |
| AEGON NV | | 2,446,554 | 15,236,756 |
| Akzo Nobel NV (a) | | 288,530 | 19,134,100 |
| Argenx SE (b) | | 100,480 | 37,535,672 |
| ASM International NV (Netherlands) | | 79,636 | 50,584,584 |
| ASML Holding NV (Netherlands) | | 683,735 | 607,606,198 |
| ASR Nederland NV | | 269,041 | 13,486,053 |
| BE Semiconductor Industries NV | | 130,819 | 17,521,060 |
| Euronext NV (d) | | 145,815 | 13,172,706 |
| EXOR NV | | 158,464 | 17,367,883 |
| Heineken Holding NV | | 219,893 | 17,729,304 |
| Heineken NV (Bearer) | | 488,426 | 47,589,963 |
| IMCD NV | | 96,743 | 14,686,478 |
| ING Groep NV (Certificaten Van Aandelen) | | 5,636,554 | 89,115,451 |
| JDE Peet's BV | | 167,217 | 3,715,412 |
| Koninklijke Ahold Delhaize NV | | 1,616,015 | 49,052,804 |
| Koninklijke KPN NV | | 5,700,850 | 20,717,639 |
| Koninklijke Philips Electronics NV | | 1,318,227 | 35,007,083 |
| NN Group NV | | 459,572 | 21,261,235 |
| OCI NV | | 175,424 | 4,736,476 |
| Randstad NV | | 184,492 | 9,293,202 |
| Universal Music Group NV | | 1,390,379 | 41,101,606 |
| Wolters Kluwer NV | | 421,421 | 63,300,974 |
TOTAL NETHERLANDS | | | 1,266,895,225 |
| New Zealand - 0.2% | | | |
| Auckland International Airport Ltd. | | 2,256,028 | 10,352,027 |
| Fisher & Paykel Healthcare Corp. | | 983,978 | 16,479,418 |
| Mercury Nz Ltd. | | 1,201,851 | 4,510,389 |
| Meridian Energy Ltd. | | 2,204,690 | 7,775,683 |
| Spark New Zealand Ltd. | | 3,099,010 | 8,640,773 |
| Xero Ltd. (b) | | 244,663 | 18,995,196 |
TOTAL NEW ZEALAND | | | 66,753,486 |
| Norway - 0.4% | | | |
| Aker BP ASA | | 536,238 | 13,130,192 |
| DNB Bank ASA | | 1,570,267 | 27,437,442 |
| Equinor ASA | | 1,484,563 | 39,501,812 |
| Equinor ASA sponsored ADR | | 45,714 | 1,215,535 |
| Gjensidige Forsikring ASA | | 340,387 | 5,475,731 |
| Kongsberg Gruppen ASA | | 147,968 | 10,469,717 |
| Mowi ASA | | 792,091 | 13,972,204 |
| Norsk Hydro ASA | | 2,258,018 | 13,876,390 |
| Orkla ASA | | 1,181,247 | 8,060,361 |
| Salmar ASA | | 111,375 | 7,033,313 |
| Telenor ASA | | 1,071,038 | 12,331,616 |
TOTAL NORWAY | | | 152,504,313 |
| Peru - 0.1% | | | |
| Compania de Minas Buenaventura SAA sponsored ADR | | 350,672 | 6,066,626 |
| Credicorp Ltd. (United States) | | 114,902 | 19,028,920 |
TOTAL PERU | | | 25,095,546 |
| Philippines - 0.2% | | | |
| Aboitiz Equity Ventures, Inc. | | 2,770,700 | 2,019,721 |
| Ayala Corp. | | 477,495 | 5,079,861 |
| Ayala Land, Inc. | | 11,260,270 | 5,586,641 |
| Bank of the Philippine Islands (BPI) | | 3,123,560 | 6,844,558 |
| BDO Unibank, Inc. | | 4,044,679 | 10,301,907 |
| International Container Terminal Services, Inc. | | 1,714,470 | 9,814,000 |
| JG Summit Holdings, Inc. | | 4,555,665 | 2,662,163 |
| Jollibee Food Corp. | | 759,480 | 3,090,687 |
| Manila Electric Co. | | 464,340 | 2,944,746 |
| Metropolitan Bank & Trust Co. | | 2,957,931 | 3,582,092 |
| PLDT, Inc. | | 123,935 | 2,888,665 |
| SM Investments Corp. | | 418,515 | 6,877,180 |
| SM Prime Holdings, Inc. | | 17,113,675 | 8,276,372 |
| Universal Robina Corp. | | 1,503,070 | 2,665,902 |
TOTAL PHILIPPINES | | | 72,634,495 |
| Poland - 0.3% | | | |
| Allegro.eu SA (b)(d) | | 986,219 | 8,269,953 |
| Bank Polska Kasa Opieki SA | | 311,815 | 12,991,011 |
| Budimex SA | | 21,751 | 3,686,474 |
| CD Projekt SA | | 110,730 | 3,234,766 |
| Dino Polska SA (b)(d) | | 82,740 | 7,952,945 |
| KGHM Polska Miedz SA (Bearer) | | 238,183 | 8,258,663 |
| LPP SA | | 1,874 | 7,267,040 |
| mBank SA (b) | | 25,133 | 4,249,140 |
| Orlen SA | | 984,913 | 16,131,945 |
| PGE Polska Grupa Energetyczna SA (b) | | 1,525,179 | 2,289,047 |
| Powszechna Kasa Oszczednosci Bank SA | | 1,484,897 | 22,220,010 |
| Powszechny Zaklad Ubezpieczen SA | | 1,025,823 | 12,968,199 |
| Santander Bank Polska SA | | 60,281 | 8,333,888 |
TOTAL POLAND | | | 117,853,081 |
| Portugal - 0.1% | | | |
| Banco Espirito Santo SA (Reg.) (b)(e) | | 319,729 | 3 |
| Energias de Portugal SA | | 5,327,760 | 20,048,080 |
| Galp Energia SGPS SA Class B | | 785,532 | 16,934,059 |
| Jeronimo Martins SGPS SA | | 481,284 | 9,938,669 |
TOTAL PORTUGAL | | | 46,920,811 |
| Qatar - 0.2% | | | |
| Barwa Real Estate Co. | | 3,680,915 | 2,840,805 |
| Dukhan Bank | | 3,071,131 | 3,248,263 |
| Industries Qatar QSC | | 2,560,701 | 8,615,377 |
| Masraf al Rayan | | 9,516,790 | 6,565,827 |
| Mesaieed Petrochemical Holding Co. | | 9,753,785 | 5,140,762 |
| Ooredoo QSC | | 1,335,122 | 3,663,243 |
| Qatar Electricity & Water Co. | | 751,229 | 3,146,455 |
| Qatar Fuel Co. | | 1,010,223 | 4,012,036 |
| Qatar Gas Transport Co. Ltd. (Nakilat) | | 4,177,087 | 4,587,798 |
| Qatar International Islamic Bank QSC | | 1,665,223 | 4,600,973 |
| Qatar Islamic Bank | | 3,004,226 | 15,099,515 |
| Qatar National Bank SAQ | | 7,840,643 | 29,868,091 |
| The Commercial Bank of Qatar | | 5,499,425 | 6,272,758 |
TOTAL QATAR | | | 97,661,903 |
| Romania - 0.0% | | | |
| NEPI Rockcastle PLC | | 949,617 | 6,382,700 |
| Russia - 0.0% | | | |
| Alrosa Co. Ltd. (b)(e) | | 3,102,770 | 513,974 |
| Gazprom OAO (b)(e) | | 12,146,244 | 1,265,527 |
| Gazprom OAO sponsored ADR (Reg. S) (b)(e) | | 1,078,053 | 534,714 |
| Inter Rao Ues JSC (b)(e) | | 42,112,900 | 231,182 |
| LUKOIL PJSC (b)(e) | | 451,803 | 139,242 |
| MMC Norilsk Nickel PJSC (b)(e) | | 6,655,600 | 440,735 |
| MMC Norilsk Nickel PJSC sponsored ADR (b)(e) | | 85,403 | 204,967 |
| Moscow Exchange MICEX-RTS OAO (b)(e) | | 1,699,470 | 325,283 |
| Novatek PJSC GDR (Reg. S) (b)(e) | | 110,438 | 5,389,374 |
| Novolipetsk Steel OJSC (b)(e) | | 1,805,640 | 17,261 |
| Ozon Holdings PLC ADR (b)(e) | | 62,559 | 130,500 |
| PhosAgro PJSC: | | | |
| GDR (Reg. S) (b)(e) | | 158,247 | 3,246 |
| sponsored GDR (Reg. S) (b)(e) | | 1,019 | 21 |
| Polyus PJSC (b)(e) | | 41,353 | 96,829 |
| Rosneft Oil Co. OJSC (b)(e) | | 1,187,356 | 197,719 |
| Rosneft Oil Co. OJSC GDR (Reg. S) (b)(e) | | 214,392 | 50,693 |
| Sberbank of Russia (b)(e) | | 13,066,303 | 79,992 |
| Severstal PAO (b)(e) | | 245,384 | 5,455 |
| Severstal PAO GDR (Reg. S) (b)(e) | | 10,278 | 243 |
| Surgutneftegas OJSC (b)(e) | | 6,111,900 | 74,467 |
| Surgutneftegas OJSC sponsored ADR (b)(e) | | 214,357 | 39,585 |
| Tatneft PAO (b)(e) | | 1,520,327 | 188,284 |
| TKS Holding MKPAO JSC (b)(e) | | 5,907 | 7,490 |
| United Co. RUSAL International PJSC (b)(e) | | 3,455,150 | 414,618 |
| VK Co. Ltd. (b)(e) | | 51,978 | 15,376 |
| VK Co. Ltd. GDR (Reg. S) (b)(e) | | 68,289 | 1 |
| VTB Bank OJSC (b)(e) | | 4,133,678,016 | 157,252 |
| Yandex NV Class A (b)(e) | | 371,380 | 1,380,604 |
TOTAL RUSSIA | | | 11,904,634 |
| Saudi Arabia - 1.1% | | | |
| ACWA Power Co. | | 161,855 | 17,261,771 |
| Ades Holding Co. | | 581,855 | 3,099,628 |
| Advanced Petrochemicals Co. | | 224,620 | 2,557,264 |
| Al Rajhi Bank | | 3,324,794 | 70,828,945 |
| Alinma Bank | | 2,068,917 | 18,396,625 |
| Almarai Co. Ltd. | | 426,590 | 6,460,383 |
| Arab National Bank | | 1,148,125 | 9,459,037 |
| Arabian Internet and Communications Services Co. Ltd. | | 40,960 | 3,800,480 |
| Bank Al-Jazira | | 858,316 | 3,707,332 |
| Bank Albilad | | 1,040,343 | 9,902,481 |
| Banque Saudi Fransi | | 1,003,395 | 9,804,945 |
| Bupa Arabia for Cooperative Insurance Co. | | 139,652 | 8,980,980 |
| Dallah Healthcare Co. | | 57,162 | 2,484,244 |
| Dar Al Arkan Real Estate Development Co. (b) | | 903,278 | 3,203,113 |
| Dr Sulaiman Al Habib Medical Services Group Co. | | 147,658 | 12,228,063 |
| Elm Co. | | 40,780 | 9,944,379 |
| Etihad Etisalat Co. | | 642,621 | 8,909,586 |
| Jarir Marketing Co. | | 994,203 | 3,589,161 |
| Luberef | | 88,050 | 3,558,999 |
| Mobile Telecommunications Co. Saudi Arabia | | 765,095 | 2,464,232 |
| Mouwasat Medical Services Co. | | 164,735 | 5,903,158 |
| Nahdi Medical Co. | | 70,023 | 2,580,168 |
| Power & Water Utility Co. for Jubail & Yanbu | | 129,078 | 2,236,994 |
| Riyad Bank | | 2,495,853 | 18,433,085 |
| Sabic Agriculture-Nutrients Co. | | 396,900 | 12,254,311 |
| Sahara International Petrochemical Co. | | 613,755 | 5,612,914 |
| Saudi Arabian Mining Co. | | 2,192,803 | 29,583,488 |
| Saudi Arabian Oil Co. (d) | | 4,510,269 | 36,196,634 |
| Saudi Awwal Bank | | 1,701,287 | 18,507,041 |
| Saudi Basic Industries Corp. | | 1,526,948 | 34,401,724 |
| Saudi Electricity Co. | | 1,410,290 | 7,001,440 |
| Saudi Industrial Investment Group | | 635,951 | 3,937,179 |
| Saudi Investment Bank/The | | 842,632 | 3,792,361 |
| Saudi Kayan Petrochemical Co. (b) | | 1,203,196 | 3,005,905 |
| Saudi Research & Marketing Group (b) | | 61,290 | 3,935,006 |
| Saudi Tadawul Group Holding Co. | | 81,825 | 5,777,012 |
| Saudi Telecom Co. | | 3,392,529 | 34,055,542 |
| The Co. for Cooperative Insurance | | 125,234 | 4,975,168 |
| The Saudi National Bank | | 4,987,646 | 50,001,464 |
| The Savola Group | | 440,389 | 5,929,623 |
| Yanbu National Petrochemical Co. | | 457,607 | 4,727,849 |
TOTAL SAUDI ARABIA | | | 503,489,714 |
| Singapore - 1.0% | | | |
| CapitaLand Ascendas REIT | | 6,308,615 | 11,949,924 |
| CapitaLand Integrated Commercial Trust | | 9,004,839 | 12,836,359 |
| CapitaLand Investment Ltd. | | 4,436,999 | 8,580,507 |
| City Developments Ltd. | | 845,745 | 3,790,573 |
| DBS Group Holdings Ltd. | | 3,378,301 | 86,002,787 |
| Genting Singapore Ltd. | | 10,284,223 | 6,863,384 |
| Grab Holdings Ltd. (b) | | 3,206,826 | 11,223,891 |
| Jardine Cycle & Carriage Ltd. | | 168,600 | 3,253,685 |
| Keppel Ltd. | | 2,476,057 | 12,385,022 |
| Mapletree Logistics Trust (REIT) | | 6,047,287 | 5,934,221 |
| Mapletree Pan Asia Commercial Trust | | 4,015,889 | 3,680,053 |
| Oversea-Chinese Banking Corp. Ltd. | | 5,738,291 | 59,572,491 |
| Sea Ltd. ADR (b) | | 625,713 | 39,538,804 |
| Seatrium Ltd. (a)(b) | | 75,609,086 | 5,401,217 |
| Sembcorp Industries Ltd. | | 1,521,900 | 5,947,698 |
| Singapore Airlines Ltd. | | 2,521,839 | 12,033,260 |
| Singapore Exchange Ltd. | | 1,451,690 | 9,902,740 |
| Singapore Technologies Engineering Ltd. | | 2,670,097 | 7,843,369 |
| Singapore Telecommunications Ltd. | | 14,016,618 | 24,308,674 |
| STMicroelectronics NV (France) | | 1,158,783 | 45,870,294 |
| United Overseas Bank Ltd. | | 2,144,515 | 47,588,512 |
TOTAL SINGAPORE | | | 424,507,465 |
| South Africa - 0.9% | | | |
| Absa Group Ltd. (a) | | 1,444,313 | 11,137,206 |
| Anglo American Platinum Ltd. (a) | | 112,931 | 3,933,947 |
| Anglo American PLC (United Kingdom) | | 2,156,087 | 70,455,488 |
| Aspen Pharmacare Holdings Ltd. | | 646,589 | 7,702,761 |
| Bid Corp. Ltd. | | 565,618 | 12,892,064 |
| Bidvest Group Ltd./The | | 490,958 | 6,402,606 |
| Capitec Bank Holdings Ltd. | | 147,916 | 18,306,514 |
| Clicks Group Ltd. | | 403,384 | 6,276,170 |
| Discovery Ltd. | | 921,488 | 5,870,498 |
| Exxaro Resources Ltd. (a) | | 408,291 | 3,911,871 |
| FirstRand Ltd. (a) | | 8,568,474 | 29,579,676 |
| Gold Fields Ltd. | | 1,516,582 | 24,534,764 |
| Harmony Gold Mining Co. Ltd. | | 949,038 | 8,215,087 |
| Impala Platinum Holdings Ltd. | | 1,530,027 | 6,810,999 |
| Kumba Iron Ore Ltd. (a) | | 110,139 | 2,699,852 |
| MTN Group Ltd. (a) | | 2,870,774 | 13,759,067 |
| Naspers Ltd. Class N | | 310,840 | 59,487,822 |
| Nedbank Group Ltd. (a) | | 742,151 | 9,023,941 |
| Northam Platinum Holdings Ltd. | | 609,021 | 4,035,178 |
| Old Mutual Ltd. (a) | | 8,030,813 | 4,718,486 |
| OUTsurance Group Ltd. (a) | | 1,450,999 | 3,119,380 |
| Pepkor Holdings Ltd. (d) | | 3,423,793 | 3,229,828 |
| Remgro Ltd. | | 850,161 | 5,539,461 |
| Sanlam Ltd. (a) | | 2,970,169 | 10,744,236 |
| Sasol Ltd. | | 976,798 | 6,862,313 |
| Shoprite Holdings Ltd. | | 847,812 | 11,311,776 |
| Sibanye-Stillwater Ltd. | | 4,818,392 | 5,499,474 |
| Standard Bank Group Ltd. | | 2,276,487 | 21,377,954 |
| Thungela Resources Ltd. | | 1 | 7 |
| Vodacom Group Ltd. | | 1,061,807 | 5,081,130 |
| Woolworths Holdings Ltd. | | 1,592,408 | 5,058,572 |
TOTAL SOUTH AFRICA | | | 387,578,128 |
| Spain - 1.6% | | | |
| Acciona SA | | 42,538 | 4,934,605 |
| ACS Actividades de Construccion y Servicios SA | | 358,586 | 14,381,226 |
| Aena SME SA (a)(d) | | 127,006 | 23,258,802 |
| Amadeus IT Holding SA Class A | | 763,974 | 48,492,448 |
| Banco Bilbao Vizcaya Argentaria SA | | 9,901,812 | 107,077,896 |
| Banco Santander SA (Spain) (a) | | 27,447,169 | 133,950,573 |
| Banco Santander SA (Spain) sponsored ADR | | 64 | 307 |
| CaixaBank SA (a) | | 6,362,509 | 33,553,067 |
| Cellnex Telecom SA (d) | | 779,111 | 25,753,275 |
| EDP Renovaveis SA | | 514,617 | 7,068,195 |
| Enagas SA (a) | | 416,037 | 6,109,367 |
| Endesa SA | | 536,448 | 9,789,704 |
| Grifols SA (a)(b) | | 508,590 | 4,692,766 |
| Iberdrola SA (a) | | 10,401,435 | 127,537,994 |
| Industria de Diseno Textil SA (a) | | 1,850,019 | 84,600,481 |
| Redeia Corp. SA (a) | | 685,680 | 11,452,008 |
| Repsol SA | | 2,062,063 | 32,366,294 |
| Telefonica SA | | 8,293,573 | 37,151,867 |
TOTAL SPAIN | | | 712,170,875 |
| Sweden - 1.9% | | | |
| Alfa Laval AB (a) | | 490,921 | 21,097,255 |
| ASSA ABLOY AB (B Shares) (a) | | 1,699,373 | 44,899,843 |
| Atlas Copco AB: | | | |
| (A Shares) (a) | | 4,554,584 | 79,778,494 |
| (B Shares) (a) | | 2,646,820 | 40,229,243 |
| Beijer Ref AB (B Shares) (a) | | 648,943 | 9,330,425 |
| Boliden AB (a) | | 465,225 | 15,539,302 |
| Epiroc AB: | | | |
| (A Shares) | | 1,123,239 | 20,765,744 |
| (B Shares) | | 655,676 | 10,983,067 |
| EQT AB (a) | | 633,916 | 17,388,916 |
| Essity AB (B Shares) | | 1,033,845 | 25,760,756 |
| Evolution AB (a)(d) | | 310,852 | 34,750,977 |
| Fastighets AB Balder (b) | | 1,102,233 | 7,093,242 |
| Getinge AB (B Shares) | | 389,519 | 8,306,138 |
| H&M Hennes & Mauritz AB (B Shares) (a) | | 1,088,630 | 17,459,925 |
| Hexagon AB (B Shares) (a) | | 3,521,215 | 37,303,714 |
| Holmen AB (B Shares) (a) | | 131,633 | 5,155,240 |
| Husqvarna AB (B Shares) (a) | | 597,876 | 4,919,549 |
| Industrivarden AB: | | | |
| (A Shares) | | 205,396 | 6,657,422 |
| (C Shares) (a) | | 265,961 | 8,613,252 |
| Indutrade AB | | 460,461 | 10,788,268 |
| Investment AB Latour (B Shares) | | 252,981 | 6,186,561 |
| Investor AB: | | | |
| (A Shares) (a) | | 674,957 | 16,585,456 |
| (B Shares) (a) | | 2,266,752 | 56,018,829 |
| L E Lundbergforetagen AB | | 128,537 | 6,391,626 |
| Lifco AB | | 396,888 | 9,723,763 |
| Nibe Industrier AB (B Shares) (a) | | 2,556,681 | 11,970,957 |
| Saab AB (B Shares) | | 136,366 | 10,871,762 |
| Sagax AB (a) | | 345,543 | 8,722,920 |
| Sandvik AB (a) | | 1,807,648 | 36,528,911 |
| Securitas AB (B Shares) (a) | | 828,606 | 8,379,745 |
| Skandinaviska Enskilda Banken AB (A Shares) (a) | | 2,692,767 | 35,503,162 |
| Skanska AB (B Shares) (a) | | 573,537 | 9,984,490 |
| SKF AB (B Shares) | | 579,471 | 12,093,783 |
| Svenska Cellulosa AB SCA (B Shares) (a) | | 1,032,967 | 15,189,313 |
| Svenska Handelsbanken AB (A Shares) | | 2,476,457 | 21,236,429 |
| Swedbank AB (A Shares) | | 1,440,831 | 27,769,637 |
| Swedish Orphan Biovitrum AB (b) | | 331,017 | 8,572,488 |
| Tele2 AB (B Shares) | | 911,672 | 8,529,036 |
| Telefonaktiebolaget LM Ericsson (B Shares) (a) | | 4,964,545 | 25,194,508 |
| Telia Co. AB | | 3,990,054 | 9,145,654 |
| Volvo AB: | | | |
| (A Shares) | | 324,075 | 8,610,319 |
| (B Shares) | | 2,573,591 | 66,182,325 |
| Volvo Car AB | | 1,260,166 | 3,994,192 |
TOTAL SWEDEN | | | 850,206,638 |
| Switzerland - 3.8% | | | |
| ABB Ltd. (Reg.) | | 2,714,231 | 131,880,244 |
| Adecco SA (Reg.) | | 271,860 | 9,534,693 |
| Alcon, Inc. (Switzerland) | | 847,817 | 65,574,967 |
| Avolta AG (b) | | 168,743 | 6,381,331 |
| Bachem Holding AG (B Shares) (a) | | 57,834 | 5,042,584 |
| Baloise Holdings AG | | 77,061 | 11,635,645 |
| Banque Cantonale Vaudoise (a) | | 50,803 | 5,316,561 |
| Barry Callebaut AG | | 6,056 | 9,776,561 |
| BKW AG | | 36,065 | 5,347,468 |
| Clariant AG (Reg.) | | 369,724 | 5,542,341 |
| Compagnie Financiere Richemont SA Series A | | 911,854 | 126,042,870 |
| DSM-Firmenich AG | | 315,699 | 35,611,807 |
| Ems-Chemie Holding AG | | 12,049 | 9,660,172 |
| Geberit AG (Reg.) (a) | | 56,693 | 30,441,844 |
| Givaudan SA | | 15,670 | 67,265,510 |
| Helvetia Holding AG (Reg.) | | 62,523 | 8,182,232 |
| Julius Baer Group Ltd. | | 349,783 | 18,768,784 |
| Kuehne & Nagel International AG (a) | | 92,254 | 24,457,220 |
| Lindt & Spruengli AG | | 183 | 21,181,615 |
| Lindt & Spruengli AG (participation certificate) | | 1,628 | 18,790,405 |
| Logitech International SA (Reg.) | | 279,177 | 21,884,683 |
| Lonza Group AG | | 126,355 | 69,747,160 |
| Novartis AG | | 3,476,360 | 337,406,999 |
| Partners Group Holding AG | | 38,511 | 49,832,836 |
| Sandoz Group AG | | 695,167 | 23,626,589 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 68,549 | 17,151,232 |
| (Reg.) | | 40,282 | 9,837,704 |
| SGS SA (Reg.) | | 254,381 | 22,431,465 |
| Sig Group AG | | 522,734 | 10,463,210 |
| Sika AG | | 258,731 | 74,108,102 |
| Sonova Holding AG | | 86,085 | 23,917,442 |
| Straumann Holding AG | | 189,475 | 25,352,652 |
| Swatch Group AG (Bearer) | | 51,344 | 10,787,955 |
| Swatch Group AG (Bearer) (Reg.) | | 76,049 | 3,160,263 |
| Swiss Life Holding AG | | 50,095 | 33,841,713 |
| Swiss Prime Site AG | | 129,767 | 12,013,241 |
| Swisscom AG (a) | | 43,937 | 24,065,575 |
| Temenos AG | | 107,953 | 6,752,567 |
| UBS Group AG | | 5,576,954 | 147,242,506 |
| UBS Group AG | | 657 | 17,640 |
| VAT Group AG (d) | | 45,828 | 23,067,300 |
| Zurich Insurance Group Ltd. | | 248,194 | 119,932,309 |
TOTAL SWITZERLAND | | | 1,683,075,997 |
| Taiwan - 4.7% | | | |
| Accton Technology Corp. | | 850,000 | 11,886,820 |
| Acer, Inc. | | 4,917,060 | 6,753,617 |
| Advantech Co. Ltd. | | 797,303 | 9,257,277 |
| Alchip Technologies Ltd. | | 126,000 | 11,862,566 |
| ASE Technology Holding Co. Ltd. | | 5,197,943 | 23,341,875 |
| Asia Cement Corp. | | 3,872,785 | 5,184,971 |
| ASUSTeK Computer, Inc. | | 1,199,422 | 15,699,761 |
| AUO Corp. | | 11,199,600 | 6,251,232 |
| Catcher Technology Co. Ltd. | | 988,000 | 6,587,791 |
| Cathay Financial Holding Co. Ltd. | | 16,174,184 | 24,966,551 |
| Chailease Holding Co. Ltd. | | 2,594,727 | 13,660,938 |
| Chang Hwa Commercial Bank | | 9,258,350 | 5,167,793 |
| Cheng Shin Rubber Industry Co. Ltd. | | 3,262,513 | 4,701,815 |
| China Airlines Ltd. | | 4,699,000 | 3,003,884 |
| China Development Financial Ho (b) | | 27,017,457 | 11,274,402 |
| China Steel Corp. | | 19,901,421 | 15,134,381 |
| Chunghwa Picture Tubes, Ltd. (b)(e) | | 551 | 0 |
| Chunghwa Telecom Co. Ltd. | | 6,441,400 | 24,439,172 |
| Compal Electronics, Inc. | | 7,140,394 | 7,774,602 |
| CTBC Financial Holding Co. Ltd. | | 30,002,255 | 31,258,252 |
| Delta Electronics, Inc. | | 3,306,383 | 32,322,813 |
| E Ink Holdings, Inc. | | 1,447,000 | 9,234,545 |
| E.SUN Financial Holdings Co. Ltd. | | 23,956,272 | 20,094,718 |
| ECLAT Textile Co. Ltd. | | 304,420 | 4,781,272 |
| eMemory Technology, Inc. | | 107,000 | 7,178,955 |
| EVA Airways Corp. | | 4,598,000 | 4,990,229 |
| Evergreen Marine Corp. (Taiwan) | | 1,727,221 | 10,018,265 |
| Far Eastern New Century Corp. | | 5,058,032 | 5,036,631 |
| Far EasTone Telecommunications Co. Ltd. | | 3,036,000 | 7,517,143 |
| Feng Tay Enterprise Co. Ltd. | | 922,710 | 4,579,671 |
| First Financial Holding Co. Ltd. | | 18,397,419 | 15,395,551 |
| Formosa Chemicals & Fibre Corp. | | 6,011,620 | 10,199,437 |
| Formosa Petrochemical Corp. | | 1,934,000 | 4,266,235 |
| Formosa Plastics Corp. | | 6,518,640 | 13,670,901 |
| Fubon Financial Holding Co. Ltd. | | 13,243,311 | 27,966,658 |
| Gigabyte Technology Co. Ltd. | | 857,000 | 7,715,027 |
| Global Unichip Corp. | | 159,000 | 6,591,773 |
| GlobalWafers Co. Ltd. | | 366,000 | 5,805,090 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 21,152,593 | 100,514,716 |
| Hotai Motor Co. Ltd. | | 521,180 | 9,872,468 |
| Hua Nan Financial Holdings Co. Ltd. | | 15,030,634 | 10,869,180 |
| Innolux Corp. | | 14,684,597 | 6,374,987 |
| Inventec Corp. | | 4,584,209 | 7,340,994 |
| Largan Precision Co. Ltd. | | 169,000 | 11,245,165 |
| Lite-On Technology Corp. | | 3,381,053 | 10,215,511 |
| MediaTek, Inc. | | 2,576,989 | 77,561,112 |
| Mega Financial Holding Co. Ltd. | | 19,576,730 | 23,946,902 |
| Micro-Star International Co. Ltd. | | 1,218,000 | 5,915,905 |
| Nan Ya Plastics Corp. | | 8,107,980 | 14,053,702 |
| Nan Ya Printed Circuit Board Corp. | | 386,000 | 2,193,959 |
| Nanya Technology Corp. | | 2,105,000 | 4,241,269 |
| Nien Made Enterprise Co. Ltd. | | 301,000 | 3,511,339 |
| Novatek Microelectronics Corp. | | 981,000 | 18,503,253 |
| Pegatron Corp. | | 3,365,652 | 10,019,956 |
| PharmaEssentia Corp. (b) | | 409,000 | 3,670,972 |
| Pou Chen Corp. | | 3,784,240 | 4,181,215 |
| Powerchip Semiconductor Manufacturing Corp. | | 5,183,554 | 3,615,188 |
| President Chain Store Corp. | | 962,000 | 8,075,679 |
| Quanta Computer, Inc. | | 4,590,000 | 35,959,385 |
| Realtek Semiconductor Corp. | | 826,744 | 13,018,830 |
| Ruentex Development Co. Ltd. | | 2,658,661 | 3,122,584 |
| Shin Kong Financial Holding Co. Ltd. (b) | | 22,457,616 | 5,924,066 |
| Sinopac Financial Holdings Co. | | 17,864,301 | 11,997,117 |
| Synnex Technology International Corp. | | 2,129,920 | 5,196,806 |
| Taishin Financial Holdings Co. Ltd. | | 19,092,737 | 10,493,201 |
| Taiwan Business Bank | | 10,557,432 | 5,471,556 |
| Taiwan Cement Corp. | | 11,474,302 | 11,258,600 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 17,357,294 | 13,924,008 |
| Taiwan High Speed Rail Corp. | | 3,295,000 | 3,015,548 |
| Taiwan Mobile Co. Ltd. | | 3,097,400 | 9,868,115 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 41,783,000 | 998,663,620 |
| The Shanghai Commercial & Savings Bank Ltd. | | 6,550,811 | 9,313,160 |
| Uni-President Enterprises Corp. | | 8,218,620 | 19,243,378 |
| Unimicron Technology Corp. | | 2,317,000 | 12,790,288 |
| United Microelectronics Corp. | | 19,114,000 | 29,314,973 |
| Vanguard International Semiconductor Corp. | | 1,528,000 | 3,997,000 |
| Voltronic Power Technology Corp. | | 110,000 | 5,195,641 |
| Walsin Lihwa Corp. | | 4,871,600 | 5,492,996 |
| Wan Hai Lines Ltd. | | 1,217,050 | 1,887,041 |
| Winbond Electronics Corp. | | 5,321,969 | 4,213,143 |
| Wistron Corp. | | 4,438,000 | 15,168,965 |
| Wiwynn Corp. | | 162,000 | 11,504,040 |
| WPG Holding Co. Ltd. | | 2,714,378 | 7,318,029 |
| Yageo Corp. | | 575,909 | 10,965,646 |
| Yang Ming Marine Transport Corp. | | 2,994,000 | 4,778,254 |
| Yuanta Financial Holding Co. Ltd. | | 17,278,195 | 16,178,761 |
| Zhen Ding Technology Holding Ltd. | | 1,133,230 | 4,004,016 |
TOTAL TAIWAN | | | 2,060,774,853 |
| Thailand - 0.4% | | | |
| Advanced Info Service PCL (For. Reg.) | | 834,600 | 4,422,336 |
| Advanced Information Service PCL NVDR | | 1,187,700 | 6,293,324 |
| Airports of Thailand PCL: | | | |
| (For. Reg.) | | 2,874,900 | 5,033,918 |
| NVDR | | 4,373,700 | 7,658,301 |
| Asset World Corp. PCL: | | | |
| (For. Reg.) | | 7,773,300 | 915,174 |
| NVDR | | 6,688,800 | 787,492 |
| Bangkok Dusit Medical Services PCL: | | | |
| (For. Reg.) | | 8,118,600 | 6,322,607 |
| NVDR | | 10,819,900 | 8,426,327 |
| Bangkok Expressway and Metro PCL: | | | |
| (For. Reg.) | | 5,767,300 | 1,283,996 |
| NVDR | | 7,539,700 | 1,678,593 |
| BTS Group Holdings PCL: | | | |
| (For. Reg.) | | 3,939,900 | 667,875 |
| NVDR | | 8,888,800 | 1,511,965 |
| Bumrungrad Hospital PCL: | | | |
| (For. Reg.) | | 333,600 | 2,195,918 |
| NVDR | | 685,000 | 4,509,005 |
| Central Pattana PCL: | | | |
| (For. Reg.) | | 1,703,600 | 2,897,458 |
| NVDR | | 1,748,100 | 2,973,143 |
| Central Retail Corp. PCL: | | | |
| (For. Reg.) | | 1,222,150 | 1,127,397 |
| NVDR | | 1,579,300 | 1,456,858 |
| Charoen Pokphand Foods PCL: | | | |
| (For. Reg.) | | 3,517,640 | 1,871,064 |
| NVDR | | 2,763,300 | 1,469,824 |
| CP ALL PCL: | | | |
| (For. Reg.) | | 4,316,600 | 6,653,409 |
| NVDR | | 5,571,900 | 8,588,271 |
| CP Axtra PCL NVDR | | 3,616,600 | 3,146,213 |
| Delta Electronics PCL: | | | |
| (For. Reg.) | | 2,269,000 | 4,220,664 |
| NVDR | | 3,028,400 | 5,633,257 |
| Energy Absolute PCL: | | | |
| (For. Reg.) | | 1,264,600 | 1,036,441 |
| NVDR | | 1,455,800 | 1,193,144 |
| Global Power Synergy Public Co. Ltd.: | | | |
| (For. Reg.) | | 472,100 | 617,272 |
| NVDR | | 783,200 | 1,024,036 |
| Gulf Energy Development PCL: | | | |
| (For. Reg.) | | 1,254,900 | 1,351,891 |
| NVDR | | 3,661,200 | 3,944,172 |
| Home Product Center PCL: | | | |
| (For. Reg.) | | 4,757,447 | 1,324,408 |
| NVDR | | 4,895,000 | 1,362,701 |
| Indorama Ventures PCL NVDR | | 3,003,800 | 1,922,678 |
| Intouch Holdings PCL: | | | |
| (For. Reg.) | | 737,800 | 1,325,312 |
| NVDR | | 832,900 | 1,496,140 |
| Kasikornbank PCL NVDR | | 969,000 | 3,392,326 |
| Krung Thai Bank PCL: | | | |
| (For. Reg.) | | 1,971,475 | 889,222 |
| NVDR | | 3,607,800 | 1,627,276 |
| Krungthai Card PCL: | | | |
| (For. Reg.) | | 402,600 | 462,948 |
| NVDR | | 1,476,100 | 1,697,360 |
| Land & House PCL: | | | |
| (For. Reg.) | | 7,055,500 | 1,412,327 |
| NVDR | | 7,750,000 | 1,551,348 |
| Minor International PCL: | | | |
| (For. Reg.) | | 2,307,541 | 2,040,315 |
| NVDR | | 3,435,182 | 3,037,369 |
| Muangthai Leasing PCL: | | | |
| (For. Reg.) | | 559,091 | 678,561 |
| NVDR | | 617,000 | 748,844 |
| PTT Exploration and Production PCL: | | | |
| (For. Reg.) | | 1,205,451 | 5,029,189 |
| NVDR | | 1,152,800 | 4,809,527 |
| PTT Global Chemical PCL: | | | |
| (For. Reg.) | | 1,977,086 | 1,944,795 |
| NVDR | | 1,888,700 | 1,857,852 |
| PTT Oil & Retail Business PCL NVDR | | 4,873,000 | 2,440,163 |
| PTT PCL: | | | |
| (For. Reg.) | | 7,492,700 | 6,772,161 |
| NVDR | | 9,511,100 | 8,596,461 |
| SCB X PCL: | | | |
| (For. Reg.) | | 373,700 | 1,067,278 |
| NVDR | | 1,002,100 | 2,861,973 |
| SCG Packaging PCL NVDR | | 1,999,600 | 1,736,096 |
| Siam Cement PCL: | | | |
| (For. Reg.) | | 548,850 | 3,667,042 |
| NVDR | | 783,400 | 5,234,146 |
| Thai Oil PCL: | | | |
| (For. Reg.) | | 934,645 | 1,358,161 |
| NVDR | | 1,068,654 | 1,552,894 |
| TMBThanachart Bank PCL NVDR | | 42,432,400 | 2,062,103 |
| True Corp. PCL (b) | | 9,429,253 | 1,939,194 |
| True Corp. PCL NVDR (b) | | 9,261,605 | 1,904,716 |
TOTAL THAILAND | | | 180,714,231 |
| Turkey - 0.2% | | | |
| Akbank TAS | | 5,278,545 | 9,689,591 |
| Aselsan A/S | | 2,352,805 | 4,413,382 |
| Bim Birlesik Magazalar A/S JSC | | 767,228 | 9,168,003 |
| Coca-Cola Icecek Sanayi A/S | | 129,545 | 2,900,000 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 2,381,608 | 3,166,530 |
| Ford Otomotiv Sanayi A/S | | 118,329 | 4,070,200 |
| Haci Omer Sabanci Holding A/S | | 1,751,481 | 4,991,677 |
| Koc Holding A/S | | 1,290,282 | 9,007,920 |
| Pegasus Hava Tasimaciligi A/S (b) | | 78,297 | 2,499,798 |
| Sasa Polyester Sanayi A/S | | 2,262,275 | 2,883,530 |
| Tofas Turk Otomobil Fabrikasi A/S | | 224,809 | 1,910,647 |
| Turk Hava Yollari AO (b) | | 938,004 | 9,441,948 |
| Turkcell Iletisim Hizmet A/S | | 2,055,520 | 5,128,288 |
| Turkiye Is Bankasi A/S Series C | | 14,834,192 | 6,279,726 |
| Turkiye Petrol Rafinerileri A/S | | 1,635,820 | 9,889,801 |
| Turkiye Sise ve Cam Fabrikalari A/S | | 2,254,879 | 3,509,079 |
| Yapi ve Kredi Bankasi A/S | | 5,734,471 | 5,715,658 |
TOTAL TURKEY | | | 94,665,778 |
| United Arab Emirates - 0.3% | | | |
| Abu Dhabi Commercial Bank PJSC | | 4,995,058 | 11,355,804 |
| Abu Dhabi Islamic Bank | | 2,458,119 | 7,468,923 |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 5,343,011 | 5,076,944 |
| Aldar Properties PJSC | | 6,492,795 | 9,651,954 |
| Americana Restaurants International PLC | | 4,302,319 | 3,900,657 |
| Dubai Islamic Bank Pakistan Ltd. | | 4,932,215 | 7,466,339 |
| Emaar Properties PJSC | | 11,246,818 | 25,139,910 |
| Emirates NBD Bank PJSC | | 3,191,735 | 14,772,930 |
| Emirates Telecommunications Corp. | | 5,910,011 | 27,354,458 |
| First Abu Dhabi Bank PJSC | | 7,506,464 | 25,505,914 |
| Multiply Group (b) | | 6,711,176 | 4,202,593 |
| NMC Health PLC (b)(e) | | 75,611 | 15 |
TOTAL UNITED ARAB EMIRATES | | | 141,896,441 |
| United Kingdom - 6.7% | | | |
| 3i Group PLC | | 1,651,045 | 58,987,630 |
| Abrdn PLC | | 3,144,159 | 5,755,668 |
| Admiral Group PLC | | 438,918 | 14,967,200 |
| AngloGold Ashanti PLC | | 712,457 | 16,385,515 |
| Ashtead Group PLC | | 742,364 | 54,191,615 |
| Associated British Foods PLC | | 579,500 | 19,232,474 |
| AstraZeneca PLC (United Kingdom) | | 2,629,254 | 397,671,914 |
| Auto Trader Group PLC (d) | | 1,544,640 | 13,391,227 |
| Aviva PLC | | 4,653,080 | 27,076,991 |
| BAE Systems PLC | | 5,145,976 | 85,588,986 |
| Barclays PLC | | 25,707,085 | 64,815,144 |
| Barratt Developments PLC | | 1,660,600 | 9,435,037 |
| Berkeley Group Holdings PLC | | 178,837 | 10,534,177 |
| British American Tobacco PLC (United Kingdom) | | 3,413,487 | 100,207,272 |
| BT Group PLC | | 10,922,578 | 14,003,163 |
| Bunzl PLC | | 573,377 | 22,024,080 |
| Burberry Group PLC | | 607,103 | 8,686,818 |
| Centrica PLC | | 9,164,027 | 14,651,439 |
| CK Hutchison Holdings Ltd. | | 4,528,223 | 21,992,565 |
| Coca-Cola European Partners PLC | | 350,619 | 25,251,580 |
| Compass Group PLC | | 2,897,541 | 80,591,415 |
| Croda International PLC | | 224,073 | 12,907,558 |
| DCC PLC (United Kingdom) | | 168,044 | 11,517,369 |
| Diageo PLC | | 3,790,896 | 131,012,146 |
| Entain PLC | | 1,076,981 | 10,585,604 |
| Flutter Entertainment PLC (b) | | 300,293 | 56,003,245 |
| Halma PLC | | 644,107 | 17,762,905 |
| Hargreaves Lansdown PLC | | 606,708 | 6,169,515 |
| HSBC Holdings PLC (United Kingdom) | | 32,491,814 | 281,637,526 |
| Imperial Brands PLC | | 1,419,462 | 32,434,928 |
| Informa PLC | | 2,333,778 | 23,206,899 |
| InterContinental Hotel Group PLC | | 280,406 | 27,349,123 |
| Intertek Group PLC | | 274,017 | 16,928,154 |
| J Sainsbury PLC | | 2,823,781 | 9,293,952 |
| JD Sports Fashion PLC | | 4,389,224 | 6,340,145 |
| Kingfisher PLC | | 3,197,226 | 9,848,492 |
| Land Securities Group PLC | | 1,205,961 | 9,802,440 |
| Legal & General Group PLC | | 10,154,187 | 29,944,068 |
| Lloyds Banking Group PLC | | 107,844,269 | 69,600,908 |
| London Stock Exchange Group PLC | | 706,109 | 77,841,533 |
| M&G PLC | | 3,807,689 | 9,568,133 |
| Melrose Industries PLC | | 2,263,001 | 17,865,617 |
| National Grid PLC | | 6,299,846 | 82,636,103 |
| NatWest Group PLC | | 9,679,158 | 36,532,856 |
| Next PLC | | 205,929 | 23,179,258 |
| Ocado Group PLC (a)(b) | | 986,459 | 4,352,416 |
| Pearson PLC | | 763,720 | 9,266,857 |
| Pearson PLC sponsored ADR | | 294,486 | 3,586,839 |
| Pepco Group NV (b) | | 280,334 | 1,333,114 |
| Persimmon PLC | | 539,610 | 8,792,477 |
| Phoenix Group Holdings PLC | | 1,283,582 | 7,855,902 |
| Reckitt Benckiser Group PLC | | 1,210,615 | 67,681,861 |
| RELX PLC (London Stock Exchange) | | 3,196,773 | 131,345,432 |
| Rentokil Initial PLC | | 4,282,136 | 21,616,110 |
| Rolls-Royce Holdings PLC (b) | | 14,281,773 | 73,237,296 |
| Sage Group PLC | | 1,731,681 | 25,230,165 |
| Schroders PLC | | 1,375,382 | 6,063,251 |
| Segro PLC | | 2,160,185 | 22,889,718 |
| Severn Trent PLC | | 454,564 | 14,012,571 |
| Smith & Nephew PLC | | 1,487,089 | 18,017,058 |
| Smiths Group PLC | | 592,234 | 11,958,820 |
| Spirax-Sarco Engineering PLC | | 125,241 | 13,841,973 |
| SSE PLC | | 1,854,825 | 38,555,133 |
| St. James's Place PLC | | 929,966 | 5,061,842 |
| Standard Chartered PLC (United Kingdom) | | 3,843,646 | 33,022,841 |
| Taylor Wimpey PLC | | 5,949,892 | 9,806,353 |
| Tesco PLC | | 11,975,088 | 44,212,875 |
| Unilever PLC | | 4,239,552 | 219,315,444 |
| United Utilities Group PLC | | 1,149,246 | 14,999,441 |
| Vodafone Group PLC | | 37,136,128 | 31,316,974 |
| Vodafone Group PLC sponsored ADR | | 183,947 | 1,546,994 |
| Whitbread PLC | | 314,543 | 12,447,488 |
| Wise PLC (b) | | 1,044,537 | 10,134,887 |
| WPP PLC | | 1,814,466 | 18,186,690 |
TOTAL UNITED KINGDOM | | | 2,955,099,209 |
| United States of America - 5.9% | | | |
| BP PLC | | 27,917,141 | 179,943,759 |
| BP PLC sponsored ADR (a) | | 190,403 | 7,381,924 |
| Brookfield Renewable Corp. (a) | | 231,712 | 5,382,741 |
| BRP, Inc. | | 60,613 | 4,077,998 |
| CRH PLC | | 1,177,083 | 91,720,589 |
| CSL Ltd. | | 819,542 | 145,613,054 |
| CyberArk Software Ltd. (b) | | 70,553 | 16,879,805 |
| Experian PLC | | 1,558,016 | 62,840,932 |
| Ferrovial SE | | 880,362 | 31,755,855 |
| GFL Environmental, Inc. | | 395,404 | 12,617,657 |
| GSK PLC | | 6,979,679 | 144,806,839 |
| Haleon PLC | | 11,751,492 | 49,630,583 |
| Holcim AG | | 884,321 | 74,024,546 |
| James Hardie Industries PLC CDI (b) | | 746,963 | 25,679,059 |
| JBS SA | | 1,322,700 | 5,970,822 |
| Legend Biotech Corp. ADR (b) | | 123,207 | 5,389,074 |
| Monday.com Ltd. (b) | | 48,769 | 9,233,435 |
| Nestle SA (Reg. S) | | 4,528,601 | 454,672,438 |
| Parade Technologies Ltd. | | 129,000 | 2,923,426 |
| QIAGEN NV (Germany) | | 373,727 | 15,586,724 |
| Roche Holding AG: | | | |
| (Bearer) | | 54,224 | 14,204,122 |
| (participation certificate) | | 1,191,616 | 285,528,139 |
| Sanofi SA | | 1,930,691 | 190,738,784 |
| Schneider Electric SA | | 923,134 | 210,486,836 |
| Shell PLC (London) | | 11,030,847 | 392,131,363 |
| Stellantis NV (Italy) (a) | | 3,757,703 | 83,733,407 |
| Swiss Re Ltd. | | 511,747 | 55,569,851 |
| Tenaris SA | | 803,014 | 13,433,107 |
TOTAL UNITED STATES OF AMERICA | | | 2,591,956,869 |
| Zambia - 0.0% | | | |
| First Quantum Minerals Ltd. | | 1,202,376 | 15,267,158 |
| TOTAL COMMON STOCKS (Cost $37,398,817,070) | | | 42,686,406,938 |
| | | | |
| Nonconvertible Preferred Stocks - 0.9% |
| | | Shares | Value ($) |
| Brazil - 0.4% | | | |
| Ambev SA sponsored ADR | | 427,222 | 991,155 |
| Banco Bradesco SA: | | | |
| (PN) | | 8,917,534 | 24,042,960 |
| (PN) sponsored ADR | | 1,102,352 | 2,976,350 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 475,542 | 3,806,094 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 2,371,754 | 7,541,644 |
| Companhia Paranaense de Energia-COPEL (PN-B) | | 1,880,100 | 3,291,243 |
| Gerdau SA | | 2,360,738 | 8,301,636 |
| Itau Unibanco Holding SA | | 7,362,861 | 44,466,996 |
| Itau Unibanco Holding SA sponsored ADR | | 837,131 | 5,064,643 |
| Itausa-Investimentos Itau SA (PN) | | 9,226,838 | 16,987,361 |
| Petroleo Brasileiro SA - Petrobras: | | | |
| (PN) (non-vtg.) | | 6,647,240 | 53,791,362 |
| (PN) sponsored ADR (non-vtg.) | | 905,983 | 14,604,446 |
| sponsored ADR | | 149,348 | 2,534,436 |
TOTAL BRAZIL | | | 188,400,326 |
| Chile - 0.0% | | | |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 243,143 | 11,105,485 |
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 754,127 | 6,170,654 |
| France - 0.0% | | | |
| Air Liquide SA (b) | | 46,389 | 9,072,697 |
| Germany - 0.3% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 99,081 | 10,203,837 |
| Dr. Ing. h.c. F. Porsche AG Series F (d) | | 193,271 | 17,206,232 |
| Henkel AG & Co. KGaA | | 290,542 | 23,081,167 |
| Porsche Automobil Holding SE (Germany) | | 260,626 | 13,279,287 |
| Sartorius AG (non-vtg.) | | 44,533 | 13,416,482 |
| Volkswagen AG | | 347,915 | 42,621,358 |
TOTAL GERMANY | | | 119,808,363 |
| Korea (South) - 0.2% | | | |
| AMOREPACIFIC Corp. | | 7,985 | 267,363 |
| Hyundai Motor Co. Ltd. | | 41,134 | 4,667,537 |
| Hyundai Motor Co. Ltd. Series 2 | | 66,197 | 7,543,009 |
| LG Chemical Ltd. | | 14,509 | 2,776,795 |
| LG H & H Co. Ltd. | | 1,295 | 174,286 |
| Samsung Electronics Co. Ltd. | | 1,406,792 | 65,500,813 |
TOTAL KOREA (SOUTH) | | | 80,929,803 |
| Russia - 0.0% | | | |
| Surgutneftegas OJSC (b)(e) | | 8,898,217 | 154,149 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $418,030,568) | | | 415,641,477 |
| | | | |
| Nonconvertible Bonds - 0.0% |
| | | Principal Amount (f) | Value ($) |
| India - 0.0% | | | |
NTPC Ltd. 8.49% 3/25/25 (Cost $46,681) | INR | 233,068 | 14,507 |
| | | | |
| U.S. Government and Government Agency Obligations - 0.1% |
| | | Principal Amount (f) | Value ($) |
| U.S. Treasury Obligations - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (g) (Cost $39,872,021) | | 40,000,000 | 39,870,933 |
| | | | |
| Money Market Funds - 5.8% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (h) | | 1,315,162,879 | 1,315,425,912 |
| Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 1,238,838,501 | 1,238,962,385 |
| TOTAL MONEY MARKET FUNDS (Cost $2,554,388,169) | | | 2,554,388,297 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 104.0% (Cost $40,411,154,509) | 45,696,322,152 |
NET OTHER ASSETS (LIABILITIES) - (4.0)% | (1,774,572,055) |
| NET ASSETS - 100.0% | 43,921,750,097 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 4,676 | Jun 2024 | 530,141,500 | (9,482,686) | (9,482,686) |
| ICE MSCI Emerging Markets Index Contracts (United States) | 4,466 | Jun 2024 | 232,678,600 | 701,276 | 701,276 |
| TME S&P/TSX 60 Index Contracts (Canada) | 330 | Jun 2024 | 62,588,893 | (461,847) | (461,847) |
| | | | | | |
| TOTAL FUTURES CONTRACTS | | | | | (9,243,257) |
| The notional amount of futures purchased as a percentage of Net Assets is 1.9% |
Currency Abbreviations
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $917,887,697 or 2.1% of net assets. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $39,870,933. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 1,204,498,921 | 3,542,511,414 | 3,431,583,061 | 30,969,396 | (1,362) | - | 1,315,425,912 | 2.6% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 646,052,156 | 5,121,796,865 | 4,528,886,634 | 4,199,495 | - | (2) | 1,238,962,385 | 4.5% |
| Total | 1,850,551,077 | 8,664,308,279 | 7,960,469,695 | 35,168,891 | (1,362) | (2) | 2,554,388,297 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 2,228,984,823 | 419,889,025 | 1,807,699,817 | 1,395,981 |
Consumer Discretionary | 5,021,004,067 | 1,284,077,117 | 3,736,796,450 | 130,500 |
Consumer Staples | 3,219,524,655 | 918,428,969 | 2,301,095,685 | 1 |
Energy | 2,497,390,641 | 937,127,639 | 1,552,229,248 | 8,033,754 |
Financials | 9,237,528,145 | 3,695,574,116 | 5,541,043,388 | 910,641 |
Health Care | 4,006,599,186 | 590,222,500 | 3,416,376,671 | 15 |
Industrials | 5,964,747,125 | 1,880,149,443 | 4,084,375,132 | 222,550 |
Information Technology | 5,508,587,808 | 1,206,939,209 | 4,301,648,597 | 2 |
Materials | 3,251,349,098 | 1,385,464,111 | 1,864,187,638 | 1,697,349 |
Real Estate | 841,689,148 | 215,133,434 | 626,555,714 | - |
Utilities | 1,324,643,719 | 427,467,571 | 896,944,964 | 231,184 |
|
| Corporate Bonds | 14,507 | - | 14,507 | - |
|
| U.S. Government and Government Agency Obligations | 39,870,933 | - | 39,870,933 | - |
|
| Money Market Funds | 2,554,388,297 | 2,554,388,297 | - | - |
| Total Investments in Securities: | 45,696,322,152 | 15,514,861,431 | 30,168,838,744 | 12,621,977 |
Derivative Instruments: Assets | | | | |
Futures Contracts | 701,276 | 701,276 | - | - |
| Total Assets | 701,276 | 701,276 | - | - |
| Liabilities | | | | |
Futures Contracts | (9,944,533) | (9,944,533) | - | - |
| Total Liabilities | (9,944,533) | (9,944,533) | - | - |
| Total Derivative Instruments: | (9,243,257) | (9,243,257) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 701,276 | (9,944,533) |
| Total Equity Risk | 701,276 | (9,944,533) |
| Total Value of Derivatives | 701,276 | (9,944,533) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $1,154,596,864) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $37,856,766,340) | $ | 43,141,933,855 | | |
Fidelity Central Funds (cost $2,554,388,169) | | 2,554,388,297 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $40,411,154,509) | | | $ | 45,696,322,152 |
| Segregated cash with brokers for derivative instruments | | | | 12,562,565 |
| Cash | | | | 4,731 |
| Foreign currency held at value (cost $47,456,409) | | | | 47,211,099 |
| Receivable for fund shares sold | | | | 2,579,615 |
| Dividends receivable | | | | 138,137,785 |
| Reclaims receivable | | | | 58,667,035 |
| Interest receivable | | | | 18 |
| Distributions receivable from Fidelity Central Funds | | | | 5,922,232 |
| Receivable from investment adviser for expense reductions | | | | 48,636 |
| Other receivables | | | | 160,134 |
Total assets | | | | 45,961,616,002 |
| Liabilities | | | | |
| Payable for investments purchased on a delayed delivery basis | $ | 1,652,047 | | |
| Payable for fund shares redeemed | | 681,148,155 | | |
| Payable for daily variation margin on futures contracts | | 20,161,724 | | |
| Other payables and accrued expenses | | 97,921,714 | | |
| Collateral on securities loaned | | 1,238,982,265 | | |
| Total liabilities | | | | 2,039,865,905 |
| Net Assets | | | $ | 43,921,750,097 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 40,293,785,817 |
| Total accumulated earnings (loss) | | | | 3,627,964,280 |
| Net Assets | | | $ | 43,921,750,097 |
Net Asset Value, offering price and redemption price per share ($43,921,750,097 ÷ 3,099,704,783 shares) | | | $ | 14.17 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 627,622,672 |
| Interest | | | | 1,494,068 |
| Income from Fidelity Central Funds (including $4,199,495 from security lending) | | | | 35,168,891 |
| Income before foreign taxes withheld | | | $ | 664,285,631 |
| Less foreign taxes withheld | | | | (55,667,123) |
| Total income | | | | 608,618,508 |
| Expenses | | | | |
| Custodian fees and expenses | $ | 3,064,554 | | |
| Independent trustees' fees and expenses | | 59,389 | | |
| Total expenses before reductions | | 3,123,943 | | |
| Expense reductions | | (311,534) | | |
| Total expenses after reductions | | | | 2,812,409 |
| Net Investment income (loss) | | | | 605,806,099 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $14,001) | | (291,749,969) | | |
| Fidelity Central Funds | | (1,362) | | |
| Foreign currency transactions | | (5,325,159) | | |
| Futures contracts | | 121,289,495 | | |
| Total net realized gain (loss) | | | | (175,786,995) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $54,652,651) | | 5,643,569,522 | | |
| Fidelity Central Funds | | (2) | | |
| Assets and liabilities in foreign currencies | | (2,262,896) | | |
| Futures contracts | | 55,237,346 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 5,696,543,970 |
| Net gain (loss) | | | | 5,520,756,975 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 6,126,563,074 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 605,806,099 | $ | 1,105,414,759 |
| Net realized gain (loss) | | (175,786,995) | | (636,997,027) |
| Change in net unrealized appreciation (depreciation) | | 5,696,543,970 | | 3,116,330,387 |
| Net increase (decrease) in net assets resulting from operations | | 6,126,563,074 | | 3,584,748,119 |
| Distributions to shareholders | | (1,183,731,202) | | (864,349,534) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 3,797,691,162 | | 8,456,848,187 |
| Reinvestment of distributions | | 1,183,731,202 | | 864,349,534 |
| Cost of shares redeemed | | (2,494,395,414) | | (5,436,184,955) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 2,487,026,950 | | 3,885,012,766 |
| Total increase (decrease) in net assets | | 7,429,858,822 | | 6,605,411,351 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 36,491,891,275 | | 29,886,479,924 |
| End of period | $ | 43,921,750,097 | $ | 36,491,891,275 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 276,896,591 | | 643,820,506 |
| Issued in reinvestment of distributions | | 89,540,938 | | 68,982,405 |
| Redeemed | | (178,276,989) | | (417,024,417) |
| Net increase (decrease) | | 188,160,540 | | 295,778,494 |
| | | | | |
Financial Highlights
Fidelity® Series Global ex U.S. Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.53 | $ | 11.43 | $ | 15.55 | $ | 12.23 | $ | 12.78 | $ | 11.80 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .20 | | .41 | | .42 | | .38 | | .29 | | .40 |
| Net realized and unrealized gain (loss) | | 1.84 | | 1.03 | | (4.15) | | 3.18 | | (.56) | | .90 |
| Total from investment operations | | 2.04 | | 1.44 | | (3.73) | | 3.56 | | (.27) | | 1.30 |
| Distributions from net investment income | | (.40) | | (.34) | | (.39) | | (.24) | | (.26) | | (.32) |
| Distributions from net realized gain | | - | | - | | - | | - | | (.01) | | - |
| Total distributions | | (.40) | | (.34) | | (.39) | | (.24) | | (.28) C | | (.32) |
| Net asset value, end of period | $ | 14.17 | $ | 12.53 | $ | 11.43 | $ | 15.55 | $ | 12.23 | $ | 12.78 |
Total Return D,E | | | | 12.62% | | (24.57)% | | 29.34% | | (2.27)% | | 11.36% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .01% H | | .02% | | .02% | | .02% | | .02% | | .04% |
| Expenses net of fee waivers, if any | | | | .01% | | .01% | | .01% | | .01% | | .04% |
| Expenses net of all reductions | | .01% H | | .01% | | .01% | | .01% | | .01% | | .04% |
| Net investment income (loss) | | 2.86% H | | 3.11% | | 3.11% | | 2.52% | | 2.42% | | 3.27% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 43,921,750 | $ | 36,491,891 | $ | 29,886,480 | $ | 30,864,862 | $ | 18,177,449 | $ | 12,066,585 |
Portfolio turnover rate I | | | | 6% | | 4% | | 5% J | | 5% | | 3% J |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
1. Organization.
Fidelity Series Global ex U.S. Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund did not recognize dividend income during the period on certain Russian securities due to restrictions imposed by the Russian government on these dividend payments. There is uncertainty regarding the timeline for these restrictions to be lifted and the collectability of these and future dividend payments on Russian securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $9,611,829,684 |
| Gross unrealized depreciation | (4,715,930,591) |
| Net unrealized appreciation (depreciation) | $4,895,899,093 |
| Tax cost | $40,791,179,802 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| Short-term | $(370,074,036) |
| Long-term | (1,168,467,028) |
| Total capital loss carryforward | $(1,538,541,064) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Series Global ex U.S. Index Fund | 3,237,168,093 | 526,258,951 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Series Global ex U.S. Index Fund | 460,039 | - | - |
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .013% of average net assets. This reimbursement will remain in place through February 28, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $308,375.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $3,159.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 (November 1, 2023 to April 30, 2024). |
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
| Fidelity® Series Global ex U.S. Index Fund | | | | .01% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,165.30 | | $ .05 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.81 | | $ .05 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.899282.114
SGX-SANN-0624
Fidelity® SAI International Index Fund
Semi-Annual Report
April 30, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
| |
| Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 2.5 | |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 2.1 | |
| Nestle SA (Reg. S) (United States of America, Food Products) | 1.6 | |
| Toyota Motor Corp. (Japan, Automobiles) | 1.4 | |
| AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 1.4 | |
| Shell PLC (London) (United States of America, Oil, Gas & Consumable Fuels) | 1.4 | |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 1.4 | |
| Novartis AG (Switzerland, Pharmaceuticals) | 1.2 | |
| SAP SE (Germany, Software) | 1.1 | |
| Roche Holding AG (participation certificate) (United States of America, Pharmaceuticals) | 1.0 | |
| | 15.1 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Financials | 18.7 | |
| Industrials | 16.9 | |
| Health Care | 12.5 | |
| Consumer Discretionary | 11.6 | |
| Information Technology | 8.8 | |
| Consumer Staples | 8.6 | |
| Materials | 7.5 | |
| Energy | 4.2 | |
| Communication Services | 3.8 | |
| Utilities | 3.4 | |
| Real Estate | 1.7 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Futures - 2.9% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 96.8% |
| | | Shares | Value ($) |
| Australia - 7.1% | | | |
| Ampol Ltd. | | 93,979 | 2,219,201 |
| ANZ Group Holdings Ltd. | | 1,191,549 | 21,500,225 |
| APA Group unit | | 506,056 | 2,700,558 |
| Aristocrat Leisure Ltd. | | 229,880 | 5,866,534 |
| ASX Ltd. | | 77,116 | 3,150,200 |
| Aurizon Holdings Ltd. | | 725,937 | 1,783,084 |
| BHP Group Ltd. | | 2,008,870 | 55,095,502 |
| BlueScope Steel Ltd. | | 177,274 | 2,587,389 |
| Brambles Ltd. | | 552,323 | 5,196,063 |
| CAR Group Ltd. | | 142,376 | 3,087,212 |
| Cochlear Ltd. | | 25,975 | 5,418,592 |
| Coles Group Ltd. | | 532,385 | 5,552,359 |
| Commonwealth Bank of Australia | | 663,579 | 48,620,120 |
| Computershare Ltd. | | 213,633 | 3,753,183 |
| DEXUS Property Group unit | | 424,195 | 1,926,784 |
| EBOS Group Ltd. | | 61,528 | 1,267,909 |
| Endeavour Group Ltd. | | 565,069 | 1,943,219 |
| Fortescue Ltd. | | 671,405 | 11,128,167 |
| Glencore PLC | | 4,111,001 | 23,920,124 |
| Goodman Group unit | | 677,806 | 13,691,432 |
| IDP Education Ltd. (a) | | 104,268 | 1,087,192 |
| Insurance Australia Group Ltd. | | 953,288 | 3,949,450 |
| Macquarie Group Ltd. | | 145,007 | 17,362,923 |
| Medibank Private Ltd. | | 1,086,067 | 2,489,114 |
| Mineral Resources Ltd. | | 69,277 | 3,142,567 |
| Mirvac Group unit | | 1,556,229 | 2,039,079 |
| National Australia Bank Ltd. | | 1,235,871 | 26,790,632 |
| Northern Star Resources Ltd. | | 456,261 | 4,324,776 |
| Orica Ltd. | | 194,460 | 2,251,601 |
| Origin Energy Ltd. | | 683,697 | 4,315,097 |
| Pilbara Minerals Ltd. (a) | | 1,127,492 | 2,870,486 |
| Qantas Airways Ltd. (b) | | 333,211 | 1,257,174 |
| QBE Insurance Group Ltd. | | 592,378 | 6,776,193 |
| Ramsay Health Care Ltd. | | 72,926 | 2,444,495 |
| REA Group Ltd. | | 20,842 | 2,389,078 |
| Reece Ltd. | | 89,166 | 1,581,774 |
| Rio Tinto Ltd. | | 147,137 | 12,245,379 |
| Rio Tinto PLC | | 446,385 | 30,202,757 |
| Santos Ltd. | | 1,288,274 | 6,322,034 |
| Scentre Group unit | | 2,070,825 | 4,193,526 |
| SEEK Ltd. | | 140,485 | 2,170,189 |
| Seven Group Holdings Ltd. | | 64,956 | 1,578,373 |
| Sonic Healthcare Ltd. | | 180,146 | 3,095,930 |
| South32 Ltd. | | 1,788,668 | 4,080,812 |
| Stockland Corp. Ltd. unit | | 941,423 | 2,667,161 |
| Suncorp Group Ltd. | | 503,758 | 5,380,345 |
| Telstra Group Ltd. | | 1,607,744 | 3,798,476 |
| The GPT Group | | 755,459 | 2,031,756 |
| The Lottery Corp. Ltd. | | 877,869 | 2,738,505 |
| Transurban Group unit | | 1,225,844 | 9,841,640 |
| Treasury Wine Estates Ltd. | | 322,444 | 2,500,621 |
| Vicinity Centres unit | | 1,525,972 | 1,868,658 |
| Washington H. Soul Pattinson & Co. Ltd. | | 92,528 | 1,936,388 |
| Wesfarmers Ltd. | | 449,656 | 19,262,913 |
| Westpac Banking Corp. | | 1,387,452 | 23,040,505 |
| WiseTech Global Ltd. | | 66,144 | 3,896,712 |
| Woodside Energy Group Ltd. | | 752,673 | 13,485,649 |
| Woolworths Group Ltd. | | 481,791 | 9,884,964 |
TOTAL AUSTRALIA | | | 471,702,781 |
| Austria - 0.2% | | | |
| Erste Group Bank AG | | 136,520 | 6,391,602 |
| Mondi PLC | | 175,288 | 3,327,083 |
| OMV AG | | 58,081 | 2,769,447 |
| Verbund AG | | 26,851 | 2,051,726 |
| Voestalpine AG | | 45,773 | 1,227,086 |
TOTAL AUSTRIA | | | 15,766,944 |
| Belgium - 0.8% | | | |
| Ageas | | 63,007 | 2,900,780 |
| Anheuser-Busch InBev SA NV | | 344,306 | 20,580,475 |
| D'ieteren Group | | 8,472 | 1,837,196 |
| Elia Group SA/NV | | 11,598 | 1,118,297 |
| Groupe Bruxelles Lambert SA | | 34,713 | 2,587,643 |
| KBC Group NV | | 99,357 | 7,411,762 |
| Lotus Bakeries SA | | 161 | 1,620,255 |
| Sofina SA | | 6,078 | 1,432,206 |
| Syensqo SA | | 29,229 | 2,719,734 |
| UCB SA | | 50,174 | 6,669,116 |
| Umicore SA | | 82,597 | 1,838,757 |
| Warehouses de Pauw | | 69,231 | 1,842,650 |
| Warehouses de Pauw rights (b)(c) | | 69,231 | 82,749 |
TOTAL BELGIUM | | | 52,641,620 |
| Brazil - 0.0% | | | |
| Yara International ASA | | 65,305 | 1,866,529 |
| Burkina Faso - 0.0% | | | |
| Endeavour Mining PLC | | 72,812 | 1,549,427 |
| Chile - 0.1% | | | |
| Antofagasta PLC | | 156,474 | 4,321,038 |
| China - 0.4% | | | |
| BOC Hong Kong (Holdings) Ltd. | | 1,470,000 | 4,505,687 |
| ESR Group Ltd. (d) | | 679,800 | 744,973 |
| Prosus NV | | 579,815 | 19,400,581 |
| SITC International Holdings Co. Ltd. | | 529,000 | 1,147,187 |
| Wharf Holdings Ltd. | | 422,000 | 1,357,725 |
| Wilmar International Ltd. | | 757,700 | 1,781,030 |
TOTAL CHINA | | | 28,937,183 |
| Denmark - 3.6% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 1,195 | 1,703,015 |
| Series B | | 1,636 | 2,385,331 |
| Carlsberg A/S Series B | | 39,041 | 5,251,517 |
| Coloplast A/S Series B | | 49,996 | 6,027,776 |
| Danske Bank A/S | | 273,397 | 7,901,987 |
| Demant A/S (b) | | 39,747 | 1,913,161 |
| DSV A/S | | 69,467 | 9,917,751 |
| Genmab A/S (b) | | 26,208 | 7,276,130 |
| Novo Nordisk A/S Series B | | 1,293,187 | 165,841,297 |
| Novonesis (NOVOZYMES) B Series B | | 147,922 | 8,224,826 |
| ORSTED A/S (b)(d) | | 75,019 | 4,140,112 |
| Pandora A/S | | 33,491 | 5,125,073 |
| Rockwool International A/S Series B | | 3,631 | 1,192,860 |
| Svitzer A/S | | 5,662 | 190,262 |
| Tryg A/S | | 137,704 | 2,728,899 |
| Vestas Wind Systems A/S (b) | | 400,425 | 10,794,269 |
TOTAL DENMARK | | | 240,614,266 |
| Finland - 1.0% | | | |
| Elisa Corp. (A Shares) | | 56,095 | 2,533,469 |
| Fortum Corp. | | 176,937 | 2,337,680 |
| Kesko Oyj | | 107,717 | 1,842,738 |
| Kone OYJ (B Shares) | | 135,006 | 6,598,791 |
| Metso Corp. | | 261,544 | 2,979,603 |
| Neste OYJ | | 167,898 | 3,823,717 |
| Nokia Corp. | | 2,115,576 | 7,690,863 |
| Nordea Bank Abp (Helsinki Stock Exchange) | | 1,259,104 | 14,754,504 |
| Orion Oyj (B Shares) | | 42,472 | 1,622,222 |
| Sampo Oyj (A Shares) | | 179,038 | 7,245,350 |
| Stora Enso Oyj (R Shares) | | 229,414 | 3,072,624 |
| UPM-Kymmene Corp. | | 211,945 | 7,446,099 |
| Wartsila Corp. | | 186,696 | 3,458,841 |
TOTAL FINLAND | | | 65,406,501 |
| France - 10.0% | | | |
| Accor SA | | 75,215 | 3,315,931 |
| Adevinta ASA Class B (b) | | 137,931 | 1,408,055 |
| Aeroports de Paris SA | | 13,658 | 1,741,810 |
| Air Liquide SA | | 157,064 | 30,718,360 |
| Air Liquide SA | | 50,800 | 9,935,394 |
| Airbus Group NV | | 234,961 | 38,664,657 |
| Alstom SA (a) | | 113,655 | 1,792,120 |
| Amundi SA (d) | | 24,205 | 1,698,426 |
| Arkema SA | | 23,672 | 2,451,751 |
| AXA SA | | 719,443 | 24,907,094 |
| bioMerieux SA | | 16,334 | 1,743,164 |
| BNP Paribas SA | | 409,379 | 29,459,672 |
| Bollore SA | | 284,116 | 1,849,572 |
| Bouygues SA | | 75,909 | 2,803,759 |
| Bureau Veritas SA | | 125,873 | 3,683,374 |
| Capgemini SA | | 61,612 | 12,949,676 |
| Carrefour SA | | 225,379 | 3,791,602 |
| Compagnie de St.-Gobain | | 180,683 | 14,288,883 |
| Compagnie Generale des Etablissements Michelin SCA Series B | | 269,163 | 10,340,879 |
| Covivio | | 19,906 | 995,479 |
| Covivio rights (b)(c) | | 19,906 | 70,104 |
| Credit Agricole SA | | 423,521 | 6,553,240 |
| Danone SA | | 255,201 | 15,972,347 |
| Dassault Aviation SA | | 7,964 | 1,710,035 |
| Dassault Systemes SA | | 264,914 | 10,398,384 |
| Edenred SA | | 99,040 | 4,699,221 |
| Eiffage SA | | 29,206 | 3,126,215 |
| Engie SA | | 546,871 | 9,494,018 |
| Engie SA | | 177,100 | 3,074,565 |
| EssilorLuxottica SA | | 116,881 | 25,046,869 |
| Eurazeo SA | | 16,675 | 1,509,063 |
| Gecina SA | | 18,123 | 1,856,723 |
| Getlink SE | | 140,967 | 2,407,040 |
| Hermes International SCA | | 12,547 | 30,141,247 |
| Ipsen SA | | 14,871 | 1,810,805 |
| Kering SA | | 29,512 | 10,393,418 |
| Klepierre SA | | 84,821 | 2,286,560 |
| L'Oreal SA | | 72,053 | 33,806,870 |
| L'Oreal SA | | 23,300 | 10,932,231 |
| La Francaise des Jeux SAEM (d) | | 41,427 | 1,567,718 |
| Legrand SA | | 104,534 | 10,742,603 |
| LVMH Moet Hennessy Louis Vuitton SE | | 109,422 | 89,883,207 |
| Orange SA | | 738,669 | 8,221,596 |
| Pernod Ricard SA | | 81,074 | 12,286,149 |
| Publicis Groupe SA | | 90,739 | 10,012,756 |
| Remy Cointreau SA | | 9,092 | 862,556 |
| Renault SA | | 76,307 | 3,806,264 |
| Rexel SA | | 89,864 | 2,342,907 |
| Safran SA | | 135,466 | 29,373,366 |
| Sartorius Stedim Biotech | | 11,516 | 2,494,845 |
| SEB SA | | 9,818 | 1,165,128 |
| Societe Generale Series A | | 286,728 | 7,725,900 |
| Sodexo SA | | 34,889 | 3,043,842 |
| Teleperformance | | 22,671 | 2,068,145 |
| Thales SA | | 37,557 | 6,330,767 |
| TotalEnergies SE | | 860,330 | 62,458,858 |
| Unibail-Rodamco-Westfield NV | | 46,944 | 3,931,741 |
| Veolia Environnement SA | | 273,354 | 8,497,943 |
| VINCI SA | | 198,348 | 23,241,637 |
| Vivendi SA | | 264,011 | 2,695,245 |
| Worldline SA (b)(d) | | 94,829 | 992,180 |
TOTAL FRANCE | | | 667,573,966 |
| Germany - 7.9% | | | |
| adidas AG | | 64,218 | 15,515,973 |
| Allianz SE | | 155,219 | 44,048,806 |
| BASF AG | | 353,917 | 18,565,855 |
| Bayer AG | | 389,491 | 11,368,432 |
| Bayerische Motoren Werke AG (BMW) | | 126,441 | 13,824,381 |
| Bechtle AG | | 32,302 | 1,561,613 |
| Beiersdorf AG | | 39,961 | 5,993,949 |
| Brenntag SE | | 52,673 | 4,208,077 |
| Carl Zeiss Meditec AG | | 15,874 | 1,678,827 |
| Commerzbank AG | | 418,224 | 6,230,748 |
| Continental AG | | 43,715 | 2,838,347 |
| Covestro AG (b)(d) | | 75,021 | 3,761,332 |
| Daimler Truck Holding AG | | 212,010 | 9,572,937 |
| Deutsche Bank AG | | 768,185 | 12,305,304 |
| Deutsche Borse AG | | 75,297 | 14,516,658 |
| Deutsche Lufthansa AG | | 235,928 | 1,690,467 |
| Deutsche Telekom AG | | 1,284,238 | 29,416,198 |
| DHL Group | | 393,007 | 16,455,176 |
| E.ON SE | | 889,880 | 11,776,031 |
| Evonik Industries AG | | 91,894 | 1,916,764 |
| Fresenius Medical Care AG & Co. KGaA | | 81,496 | 3,431,202 |
| Fresenius SE & Co. KGaA | | 167,593 | 5,002,581 |
| GEA Group AG | | 64,565 | 2,611,453 |
| Hannover Reuck SE | | 23,910 | 5,930,093 |
| HeidelbergCement AG | | 51,692 | 5,220,882 |
| Henkel AG & Co. KGaA | | 41,240 | 2,965,506 |
| Infineon Technologies AG | | 517,644 | 17,963,812 |
| Knorr-Bremse AG | | 28,608 | 2,122,872 |
| LEG Immobilien AG | | 29,226 | 2,492,704 |
| Mercedes-Benz Group AG (Germany) | | 317,968 | 24,051,377 |
| Merck KGaA | | 51,236 | 8,144,446 |
| MTU Aero Engines AG | | 21,357 | 5,164,710 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 54,075 | 23,787,584 |
| Nemetschek SE | | 22,775 | 2,030,723 |
| Puma AG | | 41,635 | 1,922,329 |
| Rational AG | | 2,018 | 1,731,502 |
| Rheinmetall AG | | 17,271 | 9,532,829 |
| RWE AG | | 250,889 | 8,739,849 |
| SAP SE | | 413,799 | 74,718,464 |
| Scout24 AG (d) | | 29,578 | 2,181,186 |
| Siemens AG | | 301,180 | 56,421,125 |
| Siemens Energy AG (b) | | 206,123 | 4,245,507 |
| Siemens Healthineers AG (d) | | 111,790 | 6,199,588 |
| Symrise AG | | 52,694 | 5,662,868 |
| Talanx AG | | 25,460 | 1,920,983 |
| Volkswagen AG | | 11,854 | 1,673,465 |
| Vonovia SE | | 290,736 | 8,401,115 |
| Zalando SE (b)(d) | | 88,409 | 2,313,244 |
TOTAL GERMANY | | | 523,829,874 |
| Hong Kong - 1.7% | | | |
| AIA Group Ltd. | | 4,503,400 | 32,984,514 |
| CK Asset Holdings Ltd. | | 776,425 | 3,311,900 |
| CK Infrastructure Holdings Ltd. | | 248,500 | 1,403,811 |
| CLP Holdings Ltd. | | 651,500 | 5,124,740 |
| Futu Holdings Ltd. ADR (b) | | 21,778 | 1,400,543 |
| Hang Lung Properties Ltd. | | 709,000 | 782,532 |
| Hang Seng Bank Ltd. | | 303,900 | 4,007,402 |
| Henderson Land Development Co. Ltd. | | 573,021 | 1,727,557 |
| HKT Trust/HKT Ltd. unit | | 1,494,000 | 1,649,343 |
| Hong Kong & China Gas Co. Ltd. | | 4,453,074 | 3,385,905 |
| Hong Kong Exchanges and Clearing Ltd. | | 477,660 | 15,177,372 |
| Hongkong Land Holdings Ltd. | | 435,220 | 1,390,606 |
| Jardine Matheson Holdings Ltd. | | 62,861 | 2,405,637 |
| Link (REIT) | | 1,024,396 | 4,389,327 |
| MTR Corp. Ltd. | | 612,690 | 2,013,568 |
| Power Assets Holdings Ltd. | | 546,500 | 3,134,809 |
| Prudential PLC | | 1,090,531 | 9,484,730 |
| Sino Land Ltd. | | 1,531,661 | 1,637,651 |
| Sun Hung Kai Properties Ltd. | | 575,000 | 5,304,352 |
| Swire Pacific Ltd. (A Shares) | | 169,000 | 1,431,212 |
| Swire Properties Ltd. | | 461,200 | 953,839 |
| Techtronic Industries Co. Ltd. | | 545,500 | 7,538,429 |
| WH Group Ltd. (d) | | 3,288,500 | 2,390,214 |
| Wharf Real Estate Investment Co. Ltd. | | 659,000 | 2,044,556 |
TOTAL HONG KONG | | | 115,074,549 |
| Ireland - 0.5% | | | |
| AerCap Holdings NV (b) | | 79,379 | 6,706,732 |
| AIB Group PLC | | 619,675 | 3,217,969 |
| Bank of Ireland Group PLC | | 419,398 | 4,495,957 |
| Kerry Group PLC Class A | | 62,639 | 5,401,346 |
| Kingspan Group PLC (Ireland) | | 61,663 | 5,517,896 |
| Smurfit Kappa Group PLC | | 103,238 | 4,489,655 |
TOTAL IRELAND | | | 29,829,555 |
| Israel - 0.6% | | | |
| Azrieli Group | | 16,738 | 1,083,017 |
| Bank Hapoalim BM (Reg.) | | 504,318 | 4,563,817 |
| Bank Leumi le-Israel BM | | 604,369 | 4,732,675 |
| Check Point Software Technologies Ltd. (b) | | 37,122 | 5,546,769 |
| Elbit Systems Ltd. (Israel) | | 10,515 | 2,147,037 |
| Global-e Online Ltd. (a)(b) | | 39,139 | 1,312,331 |
| Icl Group Ltd. | | 305,147 | 1,436,984 |
| Israel Discount Bank Ltd. (Class A) | | 487,884 | 2,513,972 |
| Mizrahi Tefahot Bank Ltd. | | 61,589 | 2,250,135 |
| NICE Ltd. (b) | | 25,111 | 5,619,968 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (b) | | 444,294 | 6,242,331 |
| Wix.com Ltd. (b) | | 21,413 | 2,545,363 |
TOTAL ISRAEL | | | 39,994,399 |
| Italy - 2.4% | | | |
| Amplifon SpA | | 49,104 | 1,647,051 |
| Assicurazioni Generali SpA | | 401,164 | 9,803,999 |
| Banco BPM SpA | | 478,006 | 3,154,632 |
| Coca-Cola HBC AG | | 87,160 | 2,820,789 |
| Davide Campari Milano NV | | 242,774 | 2,440,613 |
| DiaSorin SpA | | 8,825 | 894,149 |
| Enel SpA | | 3,222,746 | 21,181,301 |
| Eni SpA | | 869,325 | 13,962,830 |
| Ferrari NV (Italy) | | 49,950 | 20,640,331 |
| FinecoBank SpA | | 242,826 | 3,742,038 |
| Infrastrutture Wireless Italiane SpA (d) | | 132,530 | 1,425,675 |
| Intesa Sanpaolo SpA | | 5,795,797 | 21,693,691 |
| Leonardo SpA | | 160,580 | 3,706,754 |
| Mediobanca SpA | | 202,408 | 2,883,731 |
| Moncler SpA | | 81,673 | 5,588,791 |
| Nexi SpA (b)(d) | | 232,902 | 1,361,573 |
| Poste Italiane SpA (d) | | 181,099 | 2,303,765 |
| Prysmian SpA | | 104,311 | 5,697,393 |
| Recordati SpA | | 41,240 | 2,202,767 |
| Snam SpA | | 801,674 | 3,667,877 |
| Telecom Italia SpA (a)(b) | | 3,929,112 | 934,653 |
| Terna - Rete Elettrica Nazionale | | 559,230 | 4,490,400 |
| UniCredit SpA | | 610,694 | 22,415,134 |
TOTAL ITALY | | | 158,659,937 |
| Japan - 22.4% | | | |
| Advantest Corp. | | 303,600 | 9,502,884 |
| AEON Co. Ltd. | | 259,400 | 5,423,612 |
| AGC, Inc. | | 77,730 | 2,874,008 |
| Aisin Seiki Co. Ltd. | | 58,090 | 2,209,526 |
| Ajinomoto Co., Inc. | | 186,100 | 6,919,472 |
| Ana Holdings, Inc. | | 63,000 | 1,196,497 |
| Asahi Group Holdings | | 191,100 | 6,537,337 |
| ASAHI INTECC Co. Ltd. | | 85,700 | 1,255,735 |
| Asahi Kasei Corp. | | 499,000 | 3,479,095 |
| Astellas Pharma, Inc. | | 718,100 | 6,892,253 |
| Azbil Corp. | | 48,100 | 1,343,433 |
| Bandai Namco Holdings, Inc. | | 238,100 | 4,448,941 |
| Bridgestone Corp. | | 226,300 | 9,985,943 |
| Brother Industries Ltd. | | 91,500 | 1,618,541 |
| Canon, Inc. | | 396,400 | 10,728,681 |
| Capcom Co. Ltd. | | 136,600 | 2,248,769 |
| Central Japan Railway Co. | | 306,600 | 7,011,324 |
| Chiba Bank Ltd. | | 209,100 | 1,766,282 |
| Chubu Electric Power Co., Inc. | | 254,160 | 3,262,389 |
| Chugai Pharmaceutical Co. Ltd. | | 266,200 | 8,466,190 |
| Concordia Financial Group Ltd. | | 418,000 | 2,252,241 |
| Dai Nippon Printing Co. Ltd. | | 80,620 | 2,348,148 |
| Dai-ichi Mutual Life Insurance Co. | | 372,900 | 8,636,753 |
| Daifuku Co. Ltd. | | 119,800 | 2,453,960 |
| Daiichi Sankyo Kabushiki Kaisha | | 733,100 | 24,674,468 |
| Daikin Industries Ltd. | | 104,600 | 14,276,993 |
| Daito Trust Construction Co. Ltd. | | 23,300 | 2,497,629 |
| Daiwa House Industry Co. Ltd. | | 235,600 | 6,629,528 |
| Daiwa Securities Group, Inc. | | 529,500 | 3,891,327 |
| DENSO Corp. | | 749,500 | 12,773,820 |
| Dentsu Group, Inc. | | 79,900 | 2,161,549 |
| Disco Corp. | | 36,500 | 10,396,871 |
| East Japan Railway Co. | | 360,300 | 6,603,928 |
| Eisai Co. Ltd. | | 100,200 | 4,115,120 |
| ENEOS Holdings, Inc. | | 1,142,500 | 5,278,595 |
| FANUC Corp. | | 378,000 | 11,196,095 |
| Fast Retailing Co. Ltd. | | 69,400 | 18,145,953 |
| Fuji Electric Co. Ltd. | | 50,100 | 3,116,417 |
| FUJIFILM Holdings Corp. | | 443,700 | 9,438,603 |
| Fujitsu Ltd. | | 698,000 | 10,782,811 |
| GLP J-REIT | | 1,845 | 1,500,561 |
| Hamamatsu Photonics K.K. | | 55,300 | 2,026,284 |
| Hankyu Hanshin Holdings, Inc. | | 90,300 | 2,367,507 |
| Hikari Tsushin, Inc. | | 8,000 | 1,300,175 |
| Hirose Electric Co. Ltd. | | 11,630 | 1,234,476 |
| Hitachi Construction Machinery Co. Ltd. | | 42,400 | 1,211,041 |
| Hitachi Ltd. | | 367,400 | 33,896,580 |
| Honda Motor Co. Ltd. | | 1,830,700 | 20,828,938 |
| Hoshizaki Corp. | | 42,900 | 1,478,279 |
| Hoya Corp. | | 139,100 | 16,127,230 |
| Hulic Co. Ltd. | | 151,400 | 1,395,099 |
| Ibiden Co. Ltd. | | 44,400 | 1,687,800 |
| Idemitsu Kosan Co. Ltd. | | 381,815 | 2,586,842 |
| Iida Group Holdings Co. Ltd. | | 60,800 | 776,168 |
| INPEX Corp. | | 385,000 | 5,767,224 |
| Isuzu Motors Ltd. | | 231,500 | 2,933,766 |
| Itochu Corp. | | 471,100 | 21,253,569 |
| Japan Airlines Co. Ltd. | | 56,900 | 1,008,198 |
| Japan Exchange Group, Inc. | | 199,100 | 4,663,027 |
| Japan Post Bank Co. Ltd. | | 573,700 | 5,823,233 |
| Japan Post Holdings Co. Ltd. | | 823,400 | 7,907,358 |
| Japan Post Insurance Co. Ltd. | | 75,600 | 1,419,321 |
| Japan Real Estate Investment Corp. | | 505 | 1,712,527 |
| Japan Retail Fund Investment Corp. | | 2,757 | 1,664,480 |
| Japan Tobacco, Inc. | | 475,400 | 12,789,028 |
| JFE Holdings, Inc. | | 228,500 | 3,410,528 |
| Kajima Corp. | | 167,900 | 3,216,475 |
| Kansai Electric Power Co., Inc. | | 279,600 | 4,188,246 |
| Kao Corp. | | 184,900 | 7,627,537 |
| Kawasaki Kisen Kaisha Ltd. | | 156,000 | 2,198,023 |
| KDDI Corp. | | 593,500 | 16,468,911 |
| KDX Realty Investment Corp. | | 1,634 | 1,611,675 |
| Keisei Electric Railway Co. | | 54,800 | 2,041,462 |
| Keyence Corp. | | 77,100 | 33,906,256 |
| Kikkoman Corp. | | 269,500 | 3,211,203 |
| Kintetsu Group Holdings Co. Ltd. | | 71,400 | 1,835,593 |
| Kirin Holdings Co. Ltd. | | 308,200 | 4,498,979 |
| Kobe Bussan Co. Ltd. | | 59,300 | 1,280,719 |
| Koito Manufacturing Co. Ltd. | | 80,200 | 1,078,749 |
| Komatsu Ltd. | | 366,800 | 10,951,235 |
| Konami Group Corp. | | 39,600 | 2,389,358 |
| Kubota Corp. | | 396,000 | 6,351,735 |
| Kyocera Corp. | | 509,300 | 6,207,676 |
| Kyowa Hakko Kirin Co., Ltd. | | 106,500 | 1,788,545 |
| Lasertec Corp. | | 29,900 | 6,449,593 |
| LY Corp. | | 1,053,900 | 2,532,136 |
| M3, Inc. | | 174,000 | 1,840,603 |
| Makita Corp. | | 88,320 | 2,556,943 |
| Marubeni Corp. | | 567,900 | 10,117,912 |
| MatsukiyoCocokara & Co. | | 135,300 | 1,918,653 |
| Mazda Motor Corp. | | 224,300 | 2,538,958 |
| McDonald's Holdings Co. (Japan) Ltd. (a) | | 34,100 | 1,500,014 |
| Meiji Holdings Co. Ltd. | | 92,600 | 2,071,867 |
| Minebea Mitsumi, Inc. | | 143,210 | 2,682,374 |
| Misumi Group, Inc. | | 112,250 | 1,824,945 |
| Mitsubishi Chemical Holdings Corp. | | 505,000 | 2,946,103 |
| Mitsubishi Corp. | | 1,367,100 | 31,265,005 |
| Mitsubishi Electric Corp. | | 766,100 | 13,353,067 |
| Mitsubishi Estate Co. Ltd. | | 446,700 | 8,185,650 |
| Mitsubishi Heavy Industries Ltd. | | 1,270,000 | 11,355,219 |
| Mitsubishi UFJ Financial Group, Inc. | | 4,400,300 | 43,832,958 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | | 318,200 | 2,060,678 |
| Mitsui & Co. Ltd. | | 512,900 | 24,760,604 |
| Mitsui Chemicals, Inc. | | 67,300 | 1,915,554 |
| Mitsui Fudosan Co. Ltd. | | 1,059,000 | 10,777,510 |
| Mitsui OSK Lines Ltd. | | 136,400 | 4,329,280 |
| Mizuho Financial Group, Inc. | | 956,220 | 18,482,879 |
| MonotaRO Co. Ltd. | | 98,800 | 1,184,106 |
| MS&AD Insurance Group Holdings, Inc. | | 510,000 | 9,169,313 |
| Murata Manufacturing Co. Ltd. | | 683,300 | 12,485,376 |
| NEC Corp. | | 97,400 | 7,051,954 |
| Nexon Co. Ltd. | | 136,110 | 2,122,138 |
| Nidec Corp. | | 165,600 | 7,755,523 |
| Nintendo Co. Ltd. | | 411,800 | 20,083,076 |
| Nippon Building Fund, Inc. | | 604 | 2,307,760 |
| Nippon Express Holdings, Inc. | | 28,600 | 1,463,127 |
| Nippon Paint Holdings Co. Ltd. | | 374,000 | 2,393,980 |
| Nippon Prologis REIT, Inc. | | 896 | 1,546,145 |
| Nippon Sanso Holdings Corp. | | 68,300 | 2,028,675 |
| Nippon Steel & Sumitomo Metal Corp. | | 339,200 | 7,604,499 |
| Nippon Telegraph & Telephone Corp. | | 11,840,900 | 12,784,175 |
| Nippon Yusen KK | | 182,100 | 5,169,904 |
| Nissan Chemical Corp. | | 49,600 | 1,690,774 |
| Nissan Motor Co. Ltd. | | 955,300 | 3,496,114 |
| Nissin Food Holdings Co. Ltd. | | 79,100 | 2,110,827 |
| Nitori Holdings Co. Ltd. | | 31,800 | 4,255,892 |
| Nitto Denko Corp. | | 57,000 | 4,713,085 |
| Nomura Holdings, Inc. | | 1,192,300 | 6,784,171 |
| Nomura Real Estate Holdings, Inc. | | 43,300 | 1,212,276 |
| Nomura Real Estate Master Fund, Inc. | | 1,612 | 1,540,944 |
| Nomura Research Institute Ltd. | | 153,420 | 3,712,442 |
| NTT Data Corp. | | 250,600 | 3,918,838 |
| Obayashi Corp. | | 256,100 | 2,858,280 |
| OBIC Co. Ltd. | | 27,700 | 3,558,523 |
| Odakyu Electric Railway Co. Ltd. | | 123,500 | 1,388,471 |
| Olympus Corp. | | 477,500 | 6,651,442 |
| OMRON Corp. | | 69,100 | 2,371,678 |
| Ono Pharmaceutical Co. Ltd. | | 144,300 | 2,078,406 |
| Oracle Corp. Japan | | 15,200 | 1,140,678 |
| Oriental Land Co. Ltd. | | 432,600 | 11,936,185 |
| ORIX Corp. | | 465,100 | 9,518,465 |
| Osaka Gas Co. Ltd. | | 147,930 | 3,289,355 |
| Otsuka Corp. | | 90,000 | 1,789,931 |
| Otsuka Holdings Co. Ltd. | | 166,000 | 7,097,639 |
| Pan Pacific International Holdings Ltd. | | 151,200 | 3,551,087 |
| Panasonic Holdings Corp. | | 875,800 | 7,644,382 |
| Rakuten Group, Inc. (b) | | 594,900 | 2,861,139 |
| Recruit Holdings Co. Ltd. | | 571,300 | 24,604,383 |
| Renesas Electronics Corp. | | 582,200 | 9,452,455 |
| Resona Holdings, Inc. | | 843,920 | 5,336,738 |
| Ricoh Co. Ltd. | | 216,400 | 1,866,895 |
| ROHM Co. Ltd. | | 130,000 | 1,868,731 |
| SBI Holdings, Inc. Japan | | 98,600 | 2,400,727 |
| Screen Holdings Co. Ltd. | | 32,200 | 3,322,304 |
| SCSK Corp. | | 61,700 | 1,121,657 |
| Secom Co. Ltd. | | 83,400 | 5,793,173 |
| Seiko Epson Corp. | | 113,900 | 1,873,654 |
| Sekisui Chemical Co. Ltd. | | 151,700 | 2,206,939 |
| Sekisui House Ltd. | | 237,100 | 5,448,643 |
| Seven & i Holdings Co. Ltd. | | 891,600 | 11,520,543 |
| SG Holdings Co. Ltd. | | 126,300 | 1,478,353 |
| Sharp Corp. (b) | | 102,600 | 538,564 |
| Shimadzu Corp. | | 93,400 | 2,537,497 |
| SHIMANO, Inc. | | 30,300 | 4,924,144 |
| SHIMIZU Corp. | | 205,300 | 1,271,723 |
| Shin-Etsu Chemical Co. Ltd. | | 714,000 | 27,638,183 |
| Shionogi & Co. Ltd. | | 97,600 | 4,557,995 |
| Shiseido Co. Ltd. | | 158,800 | 4,250,799 |
| Shizuoka Financial Group | | 184,600 | 1,723,028 |
| SMC Corp. | | 22,700 | 11,925,823 |
| SoftBank Corp. | | 1,140,100 | 13,751,528 |
| SoftBank Group Corp. | | 407,800 | 20,055,848 |
| Sompo Holdings, Inc. | | 353,400 | 6,993,832 |
| Sony Group Corp. | | 499,900 | 41,317,420 |
| Square Enix Holdings Co. Ltd. | | 33,800 | 1,221,774 |
| Subaru Corp. | | 239,300 | 5,343,328 |
| Sumco Corp. | | 138,100 | 2,059,529 |
| Sumitomo Corp. | | 412,000 | 10,834,433 |
| Sumitomo Electric Industries Ltd. | | 283,400 | 4,380,321 |
| Sumitomo Metal Mining Co. Ltd. | | 97,530 | 3,258,345 |
| Sumitomo Mitsui Financial Group, Inc. | | 503,600 | 28,606,401 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 260,300 | 5,472,764 |
| Sumitomo Realty & Development Co. Ltd. | | 113,500 | 3,927,545 |
| Suntory Beverage & Food Ltd. | | 54,900 | 1,786,185 |
| Suzuki Motor Corp. | | 623,200 | 7,257,654 |
| Sysmex Corp. | | 200,100 | 3,199,674 |
| T&D Holdings, Inc. | | 194,400 | 3,172,089 |
| Taisei Corp. | | 67,000 | 2,452,898 |
| Takeda Pharmaceutical Co. Ltd. | | 627,103 | 16,481,566 |
| TDK Corp. | | 154,100 | 6,874,554 |
| Terumo Corp. | | 533,400 | 9,048,668 |
| TIS, Inc. | | 86,800 | 1,853,751 |
| Tobu Railway Co. Ltd. | | 74,500 | 1,478,116 |
| Toho Co. Ltd. | | 44,170 | 1,479,800 |
| Tokio Marine Holdings, Inc. | | 714,300 | 22,576,448 |
| Tokyo Electric Power Co., Inc. (b) | | 605,700 | 3,767,623 |
| Tokyo Electron Ltd. | | 186,900 | 40,995,752 |
| Tokyo Gas Co. Ltd. | | 146,800 | 3,292,323 |
| Tokyu Corp. | | 197,200 | 2,334,367 |
| Toppan Holdings, Inc. | | 91,400 | 2,168,370 |
| Toray Industries, Inc. | | 547,000 | 2,500,185 |
| Toto Ltd. | | 56,600 | 1,531,851 |
| Toyota Industries Corp. | | 58,170 | 5,527,713 |
| Toyota Motor Corp. | | 4,202,350 | 95,849,702 |
| Toyota Tsusho Corp. | | 84,240 | 5,355,974 |
| Trend Micro, Inc. | | 52,800 | 2,601,890 |
| Unicharm Corp. | | 160,000 | 4,754,104 |
| USS Co. Ltd. | | 162,200 | 1,239,094 |
| West Japan Railway Co. | | 174,600 | 3,314,160 |
| Yakult Honsha Co. Ltd. | | 101,200 | 1,979,446 |
| Yamaha Corp. | | 51,700 | 1,089,484 |
| Yamaha Motor Co. Ltd. | | 354,800 | 3,309,299 |
| Yamato Holdings Co. Ltd. | | 104,800 | 1,384,061 |
| Yaskawa Electric Corp. | | 95,400 | 3,930,731 |
| Yokogawa Electric Corp. | | 90,100 | 1,990,832 |
| Zensho Holdings Co. Ltd. | | 38,300 | 1,484,478 |
| ZOZO, Inc. | | 54,000 | 1,163,078 |
TOTAL JAPAN | | | 1,488,194,556 |
| Jordan - 0.0% | | | |
| Hikma Pharmaceuticals PLC | | 65,391 | 1,572,087 |
| Korea (South) - 0.0% | | | |
| Delivery Hero AG (b)(d) | | 69,379 | 1,941,054 |
| Luxembourg - 0.1% | | | |
| ArcelorMittal SA (Netherlands) | | 203,042 | 5,111,633 |
| Eurofins Scientific SA | | 53,640 | 3,297,289 |
TOTAL LUXEMBOURG | | | 8,408,922 |
| Macau - 0.1% | | | |
| Galaxy Entertainment Group Ltd. | | 868,000 | 3,894,623 |
| Sands China Ltd. (b) | | 957,600 | 2,258,640 |
TOTAL MACAU | | | 6,153,263 |
| Netherlands - 4.5% | | | |
| ABN AMRO Bank NV: | | | |
| GDR (Bearer) (d) | | 187,749 | 3,023,519 |
| rights (b)(c) | | 187,749 | 178,326 |
| Adyen BV (b)(d) | | 8,609 | 10,313,578 |
| AEGON NV | | 575,591 | 3,584,691 |
| Akzo Nobel NV | | 67,859 | 4,500,124 |
| Argenx SE (b) | | 23,472 | 8,768,285 |
| ASM International NV (Netherlands) | | 18,611 | 11,821,660 |
| ASML Holding NV (Netherlands) | | 159,755 | 141,967,470 |
| ASR Nederland NV | | 62,508 | 3,133,300 |
| BE Semiconductor Industries NV | | 30,560 | 4,093,011 |
| Euronext NV (d) | | 34,000 | 3,071,508 |
| EXOR NV | | 37,097 | 4,065,885 |
| Heineken Holding NV | | 51,444 | 4,147,773 |
| Heineken NV (Bearer) | | 114,182 | 11,125,364 |
| IMCD NV | | 22,625 | 3,434,683 |
| ING Groep NV (Certificaten Van Aandelen) | | 1,316,970 | 20,821,654 |
| JDE Peet's BV | | 38,451 | 854,347 |
| Koninklijke Ahold Delhaize NV | | 377,571 | 11,460,857 |
| Koninklijke KPN NV | | 1,330,385 | 4,834,794 |
| Koninklijke Philips Electronics NV | | 307,959 | 8,178,217 |
| NN Group NV | | 107,295 | 4,963,801 |
| OCI NV | | 41,608 | 1,123,423 |
| Randstad NV | | 43,223 | 2,177,222 |
| Universal Music Group NV | | 324,959 | 9,606,256 |
| Wolters Kluwer NV | | 98,466 | 14,790,420 |
TOTAL NETHERLANDS | | | 296,040,168 |
| New Zealand - 0.2% | | | |
| Auckland International Airport Ltd. | | 534,598 | 2,453,060 |
| Fisher & Paykel Healthcare Corp. | | 231,889 | 3,883,619 |
| Mercury Nz Ltd. | | 278,897 | 1,046,664 |
| Meridian Energy Ltd. | | 510,174 | 1,799,324 |
| Spark New Zealand Ltd. | | 721,630 | 2,012,075 |
| Xero Ltd. (b) | | 57,165 | 4,438,188 |
TOTAL NEW ZEALAND | | | 15,632,930 |
| Norway - 0.5% | | | |
| Aker BP ASA | | 125,976 | 3,084,617 |
| DNB Bank ASA | | 367,381 | 6,419,287 |
| Equinor ASA | | 357,346 | 9,508,397 |
| Gjensidige Forsikring ASA | | 78,868 | 1,268,732 |
| Kongsberg Gruppen ASA | | 34,693 | 2,454,760 |
| Mowi ASA | | 185,017 | 3,263,634 |
| Norsk Hydro ASA | | 523,281 | 3,215,763 |
| Orkla ASA | | 276,495 | 1,886,692 |
| Salmar ASA | | 26,288 | 1,660,083 |
| Telenor ASA | | 248,368 | 2,859,636 |
TOTAL NORWAY | | | 35,621,601 |
| Portugal - 0.2% | | | |
| Energias de Portugal SA | | 1,249,947 | 4,703,485 |
| Galp Energia SGPS SA Class B | | 184,664 | 3,980,883 |
| Jeronimo Martins SGPS SA | | 111,686 | 2,306,352 |
TOTAL PORTUGAL | | | 10,990,720 |
| Singapore - 1.5% | | | |
| CapitaLand Ascendas REIT | | 1,491,889 | 2,825,970 |
| CapitaLand Integrated Commercial Trust | | 2,130,827 | 3,037,485 |
| CapitaLand Investment Ltd. | | 1,025,865 | 1,983,873 |
| City Developments Ltd. | | 197,100 | 883,389 |
| DBS Group Holdings Ltd. | | 789,805 | 20,106,388 |
| Genting Singapore Ltd. | | 2,384,800 | 1,591,545 |
| Grab Holdings Ltd. (b) | | 755,634 | 2,644,719 |
| Jardine Cycle & Carriage Ltd. | | 39,000 | 752,632 |
| Keppel Ltd. | | 578,600 | 2,894,107 |
| Mapletree Logistics Trust (REIT) | | 1,388,360 | 1,362,402 |
| Mapletree Pan Asia Commercial Trust | | 930,900 | 853,052 |
| Oversea-Chinese Banking Corp. Ltd. | | 1,341,964 | 13,931,698 |
| Sea Ltd. ADR (b) | | 146,206 | 9,238,757 |
| Seatrium Ltd. (a)(b) | | 17,489,309 | 1,249,368 |
| Sembcorp Industries Ltd. | | 352,500 | 1,377,596 |
| Singapore Airlines Ltd. (a) | | 587,190 | 2,801,848 |
| Singapore Exchange Ltd. | | 338,000 | 2,305,676 |
| Singapore Technologies Engineering Ltd. | | 615,700 | 1,808,609 |
| Singapore Telecommunications Ltd. | | 3,280,800 | 5,689,810 |
| STMicroelectronics NV (France) | | 271,035 | 10,728,890 |
| United Overseas Bank Ltd. | | 501,572 | 11,130,286 |
TOTAL SINGAPORE | | | 99,198,100 |
| South Africa - 0.3% | | | |
| Anglo American PLC (United Kingdom) | | 503,792 | 16,462,653 |
| Spain - 2.5% | | | |
| Acciona SA | | 9,735 | 1,129,305 |
| ACS Actividades de Construccion y Servicios SA | | 83,694 | 3,356,579 |
| Aena SME SA (d) | | 29,755 | 5,449,078 |
| Amadeus IT Holding SA Class A | | 178,770 | 11,347,238 |
| Banco Bilbao Vizcaya Argentaria SA | | 2,313,293 | 25,015,881 |
| Banco Santander SA (Spain) | | 6,414,527 | 31,304,852 |
| CaixaBank SA | | 1,487,320 | 7,843,470 |
| Cellnex Telecom SA (d) | | 182,156 | 6,021,111 |
| EDP Renovaveis SA | | 121,148 | 1,663,951 |
| Enagas SA | | 98,146 | 1,441,242 |
| Endesa SA | | 125,269 | 2,286,049 |
| Grifols SA (a)(b) | | 117,631 | 1,085,383 |
| Iberdrola SA | | 2,432,120 | 29,821,626 |
| Industria de Diseno Textil SA | | 432,152 | 19,762,104 |
| Redeia Corp. SA | | 160,057 | 2,673,221 |
| Repsol SA | | 481,191 | 7,552,810 |
| Telefonica SA | | 1,940,081 | 8,690,782 |
TOTAL SPAIN | | | 166,444,682 |
| Sweden - 3.0% | | | |
| Alfa Laval AB | | 114,911 | 4,938,283 |
| ASSA ABLOY AB (B Shares) | | 397,503 | 10,502,593 |
| Atlas Copco AB: | | | |
| (A Shares) | | 1,066,378 | 18,678,771 |
| (B Shares) | | 616,469 | 9,369,765 |
| Beijer Ref AB (B Shares) (a) | | 151,808 | 2,182,677 |
| Boliden AB | | 107,867 | 3,602,940 |
| Epiroc AB: | | | |
| (A Shares) | | 262,423 | 4,851,513 |
| (B Shares) | | 153,786 | 2,576,031 |
| EQT AB | | 148,110 | 4,062,797 |
| Essity AB (B Shares) | | 241,666 | 6,021,695 |
| Evolution AB (d) | | 72,676 | 8,124,644 |
| Fastighets AB Balder (b) | | 257,127 | 1,654,699 |
| Getinge AB (B Shares) | | 90,207 | 1,923,582 |
| H&M Hennes & Mauritz AB (B Shares) (a) | | 256,389 | 4,112,079 |
| Hexagon AB (B Shares) | | 823,516 | 8,724,320 |
| Holmen AB (B Shares) | | 30,057 | 1,177,144 |
| Husqvarna AB (B Shares) | | 137,915 | 1,134,817 |
| Industrivarden AB: | | | |
| (A Shares) | | 51,218 | 1,660,109 |
| (C Shares) | | 59,312 | 1,920,843 |
| Indutrade AB | | 107,771 | 2,524,997 |
| Investment AB Latour (B Shares) | | 58,407 | 1,428,323 |
| Investor AB (B Shares) | | 685,792 | 16,948,155 |
| L E Lundbergforetagen AB | | 29,974 | 1,490,486 |
| Lifco AB | | 91,946 | 2,252,679 |
| Nibe Industrier AB (B Shares) | | 602,003 | 2,818,714 |
| Saab AB (B Shares) | | 31,582 | 2,517,871 |
| Sagax AB | | 81,516 | 2,057,797 |
| Sandvik AB | | 423,406 | 8,556,179 |
| Securitas AB (B Shares) | | 193,889 | 1,960,812 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 629,144 | 8,295,037 |
| Skanska AB (B Shares) | | 134,191 | 2,336,081 |
| SKF AB (B Shares) | | 134,402 | 2,805,022 |
| Svenska Cellulosa AB SCA (B Shares) | | 241,316 | 3,548,443 |
| Svenska Handelsbanken AB (A Shares) | | 578,385 | 4,959,841 |
| Swedbank AB (A Shares) | | 336,636 | 6,488,103 |
| Swedish Orphan Biovitrum AB (b) | | 76,741 | 1,987,394 |
| Tele2 AB (B Shares) | | 213,869 | 2,000,825 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 1,162,010 | 5,897,070 |
| Telia Co. AB | | 930,454 | 2,132,706 |
| Volvo AB: | | | |
| (A Shares) | | 79,114 | 2,101,973 |
| (B Shares) | | 598,116 | 15,381,118 |
| Volvo Car AB (a) | | 296,137 | 938,629 |
TOTAL SWEDEN | | | 198,647,557 |
| Switzerland - 5.9% | | | |
| ABB Ltd. (Reg.) | | 634,027 | 30,806,382 |
| Adecco SA (Reg.) | | 63,102 | 2,213,118 |
| Alcon, Inc. (Switzerland) | | 198,080 | 15,320,629 |
| Avolta AG (b) | | 39,543 | 1,495,392 |
| Bachem Holding AG (B Shares) | | 13,310 | 1,160,507 |
| Baloise Holdings AG | | 18,064 | 2,727,531 |
| Banque Cantonale Vaudoise | | 11,881 | 1,243,353 |
| Barry Callebaut AG | | 1,407 | 2,271,404 |
| BKW AG | | 8,329 | 1,234,966 |
| Clariant AG (Reg.) | | 85,082 | 1,275,420 |
| Compagnie Financiere Richemont SA Series A | | 213,049 | 29,449,130 |
| DSM-Firmenich AG | | 73,759 | 8,320,239 |
| Ems-Chemie Holding AG | | 2,768 | 2,219,218 |
| Geberit AG (Reg.) | | 13,258 | 7,119,009 |
| Givaudan SA | | 3,660 | 15,711,025 |
| Helvetia Holding AG (Reg.) | | 14,640 | 1,915,901 |
| Julius Baer Group Ltd. | | 81,758 | 4,387,001 |
| Kuehne & Nagel International AG | | 21,535 | 5,709,088 |
| Lindt & Spruengli AG | | 42 | 4,861,354 |
| Lindt & Spruengli AG (participation certificate) | | 388 | 4,478,303 |
| Logitech International SA (Reg.) | | 65,187 | 5,110,008 |
| Lonza Group AG | | 29,517 | 16,293,197 |
| Novartis AG | | 812,220 | 78,832,087 |
| Partners Group Holding AG | | 8,993 | 11,636,849 |
| Sandoz Group AG | | 162,413 | 5,519,919 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 16,200 | 4,053,304 |
| (Reg.) | | 9,258 | 2,260,996 |
| SGS SA (Reg.) | | 61,940 | 5,461,905 |
| Sig Group AG | | 120,598 | 2,413,928 |
| Sika AG | | 60,445 | 17,313,210 |
| Sonova Holding AG | | 20,095 | 5,583,098 |
| Straumann Holding AG | | 44,257 | 5,921,796 |
| Swatch Group AG (Bearer) | | 13,302 | 2,794,901 |
| Swatch Group AG (Bearer) (Reg.) | | 11,718 | 486,949 |
| Swiss Life Holding AG | | 11,699 | 7,903,268 |
| Swiss Prime Site AG | | 30,252 | 2,800,593 |
| Swisscom AG | | 10,276 | 5,628,465 |
| Temenos AG | | 25,197 | 1,576,097 |
| UBS Group AG | | 1,303,270 | 34,408,880 |
| VAT Group AG (d) | | 10,707 | 5,389,316 |
| Zurich Insurance Group Ltd. | | 57,988 | 28,020,962 |
TOTAL SWITZERLAND | | | 393,328,698 |
| United Arab Emirates - 0.0% | | | |
| NMC Health PLC (b)(e) | | 55,366 | 11 |
| United Kingdom - 10.3% | | | |
| 3i Group PLC | | 385,561 | 13,775,112 |
| Abrdn PLC | | 733,894 | 1,343,460 |
| Admiral Group PLC | | 103,261 | 3,521,223 |
| Ashtead Group PLC | | 173,460 | 12,662,356 |
| Associated British Foods PLC | | 135,169 | 4,485,995 |
| AstraZeneca PLC (United Kingdom) | | 614,291 | 92,910,870 |
| Auto Trader Group PLC (d) | | 360,848 | 3,128,365 |
| Aviva PLC | | 1,085,635 | 6,317,478 |
| BAE Systems PLC | | 1,201,874 | 19,989,828 |
| Barclays PLC | | 6,005,996 | 15,142,887 |
| Barratt Developments PLC | | 384,364 | 2,183,842 |
| Berkeley Group Holdings PLC | | 41,960 | 2,471,603 |
| British American Tobacco PLC (United Kingdom) | | 797,711 | 23,417,825 |
| BT Group PLC | | 2,568,872 | 3,293,392 |
| Bunzl PLC | | 133,884 | 5,142,641 |
| Burberry Group PLC | | 142,557 | 2,039,797 |
| Centrica PLC | | 2,141,772 | 3,424,263 |
| CK Hutchison Holdings Ltd. | | 1,063,500 | 5,165,181 |
| Coca-Cola European Partners PLC | | 81,868 | 5,896,133 |
| Compass Group PLC | | 677,298 | 18,838,182 |
| Croda International PLC | | 52,705 | 3,036,032 |
| DCC PLC (United Kingdom) | | 39,161 | 2,684,009 |
| Diageo PLC | | 885,747 | 30,611,131 |
| Entain PLC | | 251,928 | 2,476,190 |
| Flutter Entertainment PLC (b) | | 70,160 | 13,084,513 |
| Halma PLC | | 150,501 | 4,150,452 |
| Hargreaves Lansdown PLC | | 140,305 | 1,426,739 |
| HSBC Holdings PLC (United Kingdom) | | 7,591,498 | 65,802,750 |
| Imperial Brands PLC | | 331,516 | 7,575,192 |
| Informa PLC | | 545,728 | 5,426,675 |
| InterContinental Hotel Group PLC | | 65,500 | 6,388,478 |
| Intertek Group PLC | | 64,017 | 3,954,826 |
| J Sainsbury PLC | | 653,710 | 2,151,565 |
| JD Sports Fashion PLC | | 1,022,041 | 1,476,318 |
| Kingfisher PLC | | 746,155 | 2,298,399 |
| Land Securities Group PLC | | 279,092 | 2,268,550 |
| Legal & General Group PLC | | 2,371,845 | 6,994,424 |
| Lloyds Banking Group PLC | | 25,195,830 | 16,260,972 |
| London Stock Exchange Group PLC | | 164,946 | 18,183,665 |
| M&G PLC | | 897,310 | 2,254,801 |
| Melrose Industries PLC | | 527,735 | 4,166,287 |
| National Grid PLC | | 1,473,316 | 19,325,725 |
| NatWest Group PLC | | 2,261,512 | 8,535,814 |
| Next PLC | | 48,036 | 5,406,906 |
| Ocado Group PLC (a)(b) | | 228,478 | 1,008,082 |
| Pearson PLC | | 248,511 | 3,015,393 |
| Persimmon PLC | | 125,974 | 2,052,637 |
| Phoenix Group Holdings PLC | | 296,229 | 1,813,009 |
| Reckitt Benckiser Group PLC | | 283,023 | 15,822,969 |
| RELX PLC (London Stock Exchange) | | 746,840 | 30,685,326 |
| Rentokil Initial PLC | | 1,000,197 | 5,048,968 |
| Rolls-Royce Holdings PLC (b) | | 3,335,468 | 17,104,365 |
| Sage Group PLC | | 404,989 | 5,900,590 |
| Schroders PLC | | 317,907 | 1,401,465 |
| Segro PLC | | 503,845 | 5,338,834 |
| Severn Trent PLC | | 106,938 | 3,296,513 |
| Smith & Nephew PLC | | 346,953 | 4,203,563 |
| Smiths Group PLC | | 137,071 | 2,767,837 |
| Spirax-Sarco Engineering PLC | | 29,292 | 3,237,431 |
| SSE PLC | | 433,445 | 9,009,761 |
| St. James's Place PLC | | 216,359 | 1,177,651 |
| Standard Chartered PLC (United Kingdom) | | 898,099 | 7,716,054 |
| Taylor Wimpey PLC | | 1,393,229 | 2,296,259 |
| Tesco PLC | | 2,797,316 | 10,327,889 |
| Unilever PLC | | 990,634 | 51,246,296 |
| United Utilities Group PLC | | 270,609 | 3,531,867 |
| Vodafone Group PLC | | 9,127,760 | 7,697,459 |
| Whitbread PLC | | 74,117 | 2,933,050 |
| Wise PLC (b) | | 242,480 | 2,352,724 |
| WPP PLC | | 427,199 | 4,281,886 |
TOTAL UNITED KINGDOM | | | 686,358,724 |
| United States of America - 9.0% | | | |
| BP PLC | | 6,783,074 | 43,721,233 |
| CRH PLC | | 274,914 | 21,421,832 |
| CSL Ltd. | | 191,490 | 34,023,203 |
| CyberArk Software Ltd. (b) | | 16,579 | 3,966,526 |
| Experian PLC | | 364,028 | 14,682,685 |
| Ferrovial SE | | 205,580 | 7,415,550 |
| GSK PLC | | 1,630,445 | 33,826,711 |
| Haleon PLC | | 2,744,903 | 11,592,667 |
| Holcim AG | | 206,566 | 17,291,181 |
| James Hardie Industries PLC CDI (b) | | 174,456 | 5,997,440 |
| Monday.com Ltd. (b) | | 11,494 | 2,176,159 |
| Nestle SA (Reg. S) | | 1,058,088 | 106,232,245 |
| QIAGEN NV (Germany) | | 87,930 | 3,667,224 |
| Roche Holding AG: | | | |
| (Bearer) | | 12,674 | 3,319,988 |
| (participation certificate) | | 278,430 | 66,715,787 |
| Sanofi SA | | 451,101 | 44,565,628 |
| Schneider Electric SA | | 215,651 | 49,171,298 |
| Shell PLC (London) | | 2,576,436 | 91,588,738 |
| Stellantis NV (Italy) | | 877,715 | 19,558,243 |
| Swiss Re Ltd. | | 119,560 | 12,982,844 |
| Tenaris SA | | 187,317 | 3,133,506 |
TOTAL UNITED STATES OF AMERICA | | | 597,050,688 |
| TOTAL COMMON STOCKS (Cost $5,018,825,464) | | | 6,439,814,983 |
| | | | |
| Nonconvertible Preferred Stocks - 0.4% |
| | | Shares | Value ($) |
| Germany - 0.4% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 23,222 | 2,391,513 |
| Dr. Ing. h.c. F. Porsche AG Series F (d) | | 45,175 | 4,021,770 |
| Henkel AG & Co. KGaA | | 66,912 | 5,315,607 |
| Porsche Automobil Holding SE (Germany) | | 60,863 | 3,101,061 |
| Sartorius AG (non-vtg.) | | 10,398 | 3,132,611 |
| Volkswagen AG | | 81,549 | 9,990,167 |
| | | | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $28,610,948) | | | 27,952,729 |
| | | | |
| Government Obligations - 0.0% |
| | | Principal Amount (f) | Value ($) |
| United States of America - 0.0% | | | |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (g) (Cost $1,594,881) | | 1,600,000 | 1,594,837 |
| | | | |
| Money Market Funds - 2.3% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (h) | | 132,145,906 | 132,172,335 |
| Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 19,344,577 | 19,346,511 |
| TOTAL MONEY MARKET FUNDS (Cost $151,518,846) | | | 151,518,846 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.5% (Cost $5,200,550,139) | 6,620,881,395 |
NET OTHER ASSETS (LIABILITIES) - 0.5% | 35,965,504 |
| NET ASSETS - 100.0% | 6,656,846,899 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI EAFE Index Contracts (United States) | 1,680 | Jun 2024 | 190,470,000 | (5,718,910) | (5,718,910) |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 2.9% |
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $81,563,929 or 1.2% of net assets. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,594,837. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 38,217,789 | 1,306,600,175 | 1,212,645,623 | 3,117,480 | (6) | - | 132,172,335 | 0.3% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 21,059,609 | 54,399,945 | 56,113,043 | 69,744 | - | - | 19,346,511 | 0.1% |
| Total | 59,277,398 | 1,361,000,120 | 1,268,758,666 | 3,187,224 | (6) | - | 151,518,846 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 253,614,759 | 53,214,567 | 200,400,192 | - |
Consumer Discretionary | 779,395,169 | 209,871,450 | 569,523,719 | - |
Consumer Staples | 559,323,115 | 133,563,716 | 425,759,399 | - |
Energy | 281,244,581 | 16,792,170 | 264,452,411 | - |
Financials | 1,257,373,889 | 396,743,033 | 860,630,856 | - |
Health Care | 839,451,904 | 126,452,354 | 712,999,539 | 11 |
Industrials | 1,098,881,761 | 301,398,545 | 797,483,216 | - |
Information Technology | 575,245,618 | 206,790,729 | 368,454,889 | - |
Materials | 468,923,262 | 169,873,905 | 299,049,357 | - |
Real Estate | 148,113,441 | 28,762,200 | 119,351,241 | - |
Utilities | 206,200,213 | 51,299,108 | 154,901,105 | - |
|
| Government Obligations | 1,594,837 | - | 1,594,837 | - |
|
| Money Market Funds | 151,518,846 | 151,518,846 | - | - |
| Total Investments in Securities: | 6,620,881,395 | 1,846,280,623 | 4,774,600,761 | 11 |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (5,718,910) | (5,718,910) | - | - |
| Total Liabilities | (5,718,910) | (5,718,910) | - | - |
| Total Derivative Instruments: | (5,718,910) | (5,718,910) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 0 | (5,718,910) |
| Total Equity Risk | 0 | (5,718,910) |
| Total Value of Derivatives | 0 | (5,718,910) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
| Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $17,940,568) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $5,049,031,293) | $ | 6,469,362,549 | | |
Fidelity Central Funds (cost $151,518,846) | | 151,518,846 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $5,200,550,139) | | | $ | 6,620,881,395 |
| Segregated cash with brokers for derivative instruments | | | | 4,441,130 |
| Foreign currency held at value (cost $4,908,376) | | | | 4,875,843 |
| Receivable for fund shares sold | | | | 2,214,141 |
| Dividends receivable | | | | 26,999,923 |
| Reclaims receivable | | | | 22,372,740 |
| Distributions receivable from Fidelity Central Funds | | | | 570,444 |
| Prepaid expenses | | | | 1,187 |
| Receivable from investment adviser for expense reductions | | | | 57,132 |
Total assets | | | | 6,682,413,935 |
| Liabilities | | | | |
| Payable for investments purchased on a delayed delivery basis | $ | 331,179 | | |
| Payable for fund shares redeemed | | 2,683,524 | | |
| Accrued management fee | | 196,002 | | |
| Payable for daily variation margin on futures contracts | | 2,583,507 | | |
| Other payables and accrued expenses | | 426,313 | | |
| Collateral on securities loaned | | 19,346,511 | | |
| Total liabilities | | | | 25,567,036 |
| Net Assets | | | $ | 6,656,846,899 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 6,243,350,904 |
| Total accumulated earnings (loss) | | | | 413,495,995 |
| Net Assets | | | $ | 6,656,846,899 |
Net Asset Value, offering price and redemption price per share ($6,656,846,899 ÷ 477,343,912 shares) | | | $ | 13.95 |
| Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 103,991,582 |
| Interest | | | | 142,448 |
| Income from Fidelity Central Funds (including $69,744 from security lending) | | | | 3,187,224 |
| Income before foreign taxes withheld | | | $ | 107,321,254 |
| Less foreign taxes withheld | | | | (6,991,272) |
| Total income | | | | 100,329,982 |
| Expenses | | | | |
| Management fee | $ | 1,107,473 | | |
| Custodian fees and expenses | | 360,016 | | |
| Independent trustees' fees and expenses | | 8,479 | | |
| Registration fees | | 38,355 | | |
| Audit | | 27,670 | | |
| Legal | | 5,273 | | |
| Miscellaneous | | 9,433 | | |
| Total expenses before reductions | | 1,556,699 | | |
| Expense reductions | | (441,164) | | |
| Total expenses after reductions | | | | 1,115,535 |
| Net Investment income (loss) | | | | 99,214,447 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (16,238,839) | | |
| Fidelity Central Funds | | (6) | | |
| Foreign currency transactions | | (833,869) | | |
| Futures contracts | | 24,375,906 | | |
| Total net realized gain (loss) | | | | 7,303,192 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 823,081,753 | | |
| Assets and liabilities in foreign currencies | | (338,732) | | |
| Futures contracts | | (3,450,541) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 819,292,480 |
| Net gain (loss) | | | | 826,595,672 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 925,810,119 |
| Statement of Changes in Net Assets |
| |
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 99,214,447 | $ | 118,233,131 |
| Net realized gain (loss) | | 7,303,192 | | 5,289,032 |
| Change in net unrealized appreciation (depreciation) | | 819,292,480 | | 212,273,737 |
| Net increase (decrease) in net assets resulting from operations | | 925,810,119 | | 335,795,900 |
| Distributions to shareholders | | (133,160,875) | | (99,352,487) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 1,488,894,779 | | 2,215,904,081 |
| Reinvestment of distributions | | 131,710,052 | | 98,336,677 |
| Cost of shares redeemed | | (437,179,234) | | (1,038,838,311) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 1,183,425,597 | | 1,275,402,447 |
| Total increase (decrease) in net assets | | 1,976,074,841 | | 1,511,845,860 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 4,680,772,058 | | 3,168,926,198 |
| End of period | $ | 6,656,846,899 | $ | 4,680,772,058 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 113,987,382 | | 171,776,026 |
| Issued in reinvestment of distributions | | 9,932,885 | | 8,419,236 |
| Redeemed | | (31,952,758) | | (86,009,290) |
| Net increase (decrease) | | 91,967,509 | | 94,185,972 |
| | | | | |
Financial Highlights
Fidelity® SAI International Index Fund |
| |
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.15 | $ | 10.88 | $ | 14.52 | $ | 11.04 | $ | 12.19 | $ | 11.27 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .21 | | .39 | | .42 | | .37 | | .28 | | .38 |
| Net realized and unrealized gain (loss) | | 1.89 | | 1.27 | | (3.68) | | 3.36 | | (1.04) | | .85 |
| Total from investment operations | | 2.10 | | 1.66 | | (3.26) | | 3.73 | | (.76) | | 1.23 |
| Distributions from net investment income | | (.30) | | (.39) | | (.38) | | (.25) | | (.39) | | (.31) |
| Total distributions | | (.30) | | (.39) | | (.38) | | (.25) | | (.39) | | (.31) |
| Net asset value, end of period | $ | 13.95 | $ | 12.15 | $ | 10.88 | $ | 14.52 | $ | 11.04 | $ | 12.19 |
Total Return C,D | | | | 15.43% | | (23.00)% | | 34.09% | | (6.51)% | | 11.36% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
| Expenses before reductions | | .05% G,H | | .06% | | .05% | | .05% | | .05% | | .11% |
| Expenses net of fee waivers, if any | | | | .04% | | .04% | | .04% | | .04% | | .05% |
| Expenses net of all reductions | | .04% G | | .04% | | .04% | | .04% | | .04% | | .05% |
| Net investment income (loss) | | 3.14% G | | 3.12% | | 3.28% | | 2.66% | | 2.51% | | 3.35% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 6,656,847 | $ | 4,680,772 | $ | 3,168,926 | $ | 6,252,147 | $ | 3,657,921 | $ | 6,490,033 |
Portfolio turnover rate I | | | | 18% | | 20% | | 10% | | 16% | | 4% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HProxy expenses are not annualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity SAI International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to partnerships, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $1,646,653,595 |
| Gross unrealized depreciation | (281,151,055) |
| Net unrealized appreciation (depreciation) | $1,365,502,540 |
| Tax cost | $5,249,659,945 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(456,769,397) |
Long-term | (585,766,005) |
| Total capital loss carryforward | $(1,042,535,402) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI International Index Fund | 1,145,627,307 | 83,161,829 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .035% of the Fund's average net assets.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity SAI International Index Fund | 5,578 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity SAI International Index Fund | 7,475 | - | - |
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .035% of average net assets. This reimbursement will remain in place through February 28, 2025. 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 $441,160.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $4.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Fidelity International Fund |
| Fidelity SAI International Index Fund | 42% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity SAI International Index Fund | 47% |
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 (November 1, 2023 to April 30, 2024). |
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
| Fidelity® SAI International Index Fund | | | | .04% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,173.80 | | $ .22 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.66 | | $ .20 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9870291.108
SV7-SANN-0624
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
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 Fidelity Salem Street 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 Fidelity Salem Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable
assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Salem Street Trust
| |
By: | /s/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer (Principal Executive Officer) |
|
|
Date: | June 21, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| |
By: | /s/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer (Principal Executive Officer) |
|
|
Date: | June 21, 2024 |
| |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer (Principal Financial Officer) |
|
|
Date: | June 21, 2024 |
