UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number   811-02105



Fidelity Salem Street Trust

 (Exact name of registrant as specified in charter)



245 Summer St., Boston, Massachusetts 02210

 (Address of principal executive offices)       (Zip code)



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:

October 31, 2023







Item 1.

Reports to Stockholders







Fidelity® SAI Emerging Markets Low Volatility Index Fund
Fidelity® SAI International Low Volatility Index Fund
Fidelity® SAI U.S. Low Volatility Index Fund
 
 
Annual Report
October 31, 2023
 
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

Fidelity® SAI Emerging Markets Low Volatility Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® SAI International Low Volatility Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® SAI U.S. Low Volatility Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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. © 2023 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.
Fidelity® SAI Emerging Markets Low Volatility Index Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Life of
Fund A
Fidelity® SAI Emerging Markets Low Volatility Index Fund
11.41%
2.02%
 
A   From January 30, 2019
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI Emerging Markets Low Volatility Index Fund on January 30, 2019, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity Emerging Markets Low Volatility Focus Index℠ and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Fidelity® SAI Emerging Markets Low Volatility Index Fund
Management's Discussion of Fund Performance
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year, the fund gained 11.41%, versus 11.94% for the benchmark Fidelity EM Low Volatility Focus Index NR. (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, as well as by required local capital gains tax.) From a regional standpoint, emerging markets gained 12% and was a notable contributor versus the benchmark. By sector, information technology gained about 45% and contributed most, driven by the technology hardware & equipment industry (+81%). Energy stocks also helped (+36%). Financials rose approximately 4%, boosted by banks (+4%), utilities gained about 13%, and consumer discretionary advanced approximately 11%. Other notable contributors included the industrials (+20%), health care (+4%) and consumer staples (+2%) sectors. Conversely, from a sector standpoint, materials returned -8% and detracted most. Communication services (-2%) and real estate (-4%), especially in the equity real estate investment trusts (REITs) industry (-9%), also hurt. The top individual contributor was Quanta Computer (+194%), from the technology hardware & equipment industry. Also in technology hardware & equipment, Lite On Technology (+62%) helped. In energy, PetroChina (+83%) and China Shenhua Energy (+29%) boosted the fund. Conversely, the biggest individual detractor was Qatar Islamic Bank (-26%), from the banks category. Emirates Telecom Group (-26%), from the telecommunication services category, also hurt. NCSoft (-36%), from the media & entertainment category, also hurt. Saudi Electricity Company (-32%), from the utilities industry, detracted.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® SAI Emerging Markets Low Volatility Index Fund
Investment Summary October 31, 2023 (Unaudited)
Top Holdings (% of Fund's net assets)
 
Nestle India Ltd.  (India, Food Products)
1.7
 
Agricultural Bank of China Ltd. (H Shares) (China, Banks)
1.7
 
China Shenhua Energy Co. Ltd. (H Shares)  (China, Oil, Gas & Consumable Fuels)
1.7
 
HCL Technologies Ltd.  (India, IT Services)
1.7
 
Power Grid Corp. of India Ltd.  (India, Electric Utilities)
1.6
 
Industrial & Commercial Bank of China Ltd. (H Shares)  (China, Banks)
1.6
 
Bank of Communications Co. Ltd. (H Shares)  (China, Banks)
1.6
 
Chunghwa Telecom Co. Ltd.  (Taiwan, Diversified Telecommunication Services)
1.6
 
KT&G Corp.  (Korea (South), Tobacco)
1.6
 
Bank of China Ltd. (H Shares) (China, Banks)
1.5
 
 
16.3
 
 
Market Sectors (% of Fund's net assets)
 
Financials
27.5
 
Information Technology
15.8
 
Communication Services
12.5
 
Consumer Staples
10.0
 
Consumer Discretionary
9.2
 
Utilities
7.3
 
Health Care
6.5
 
Energy
4.7
 
Materials
3.1
 
Industrials
2.2
 
Real Estate
0.5
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.7%
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® SAI Emerging Markets Low Volatility Index Fund
Schedule of Investments October 31, 2023
Showing Percentage of Net Assets     
Common Stocks - 99.3%
 
 
Shares
Value ($)
 
Brazil - 1.9%
 
 
 
Rumo SA
 
7,556,800
33,439,224
Telefonica Brasil SA
 
3,107,800
27,886,522
TOTAL BRAZIL
 
 
61,325,746
Chile - 0.8%
 
 
 
Banco de Chile
 
241,951,263
24,857,451
China - 20.1%
 
 
 
Agricultural Bank of China Ltd. (H Shares)
 
144,283,000
53,291,890
Anta Sports Products Ltd.
 
2,380,200
26,918,850
Bank of China Ltd. (H Shares)
 
139,663,000
48,789,231
Bank of Communications Co. Ltd. (H Shares)
 
86,825,000
51,357,503
CGN Power Co. Ltd. (H Shares) (b)
 
82,742,000
19,883,535
China CITIC Bank Corp. Ltd. (H Shares)
 
69,273,000
30,903,259
China Construction Bank Corp. (H Shares)
 
30,497,000
17,247,825
China Minsheng Banking Corp. Ltd. (H Shares)
 
50,154,500
16,674,407
China Railway Group Ltd. (H Shares)
 
31,190,000
14,720,570
China Resource Gas Group Ltd.
 
6,690,000
19,776,485
China Resources Power Holdings Co. Ltd.
 
8,579,000
16,625,172
China Shenhua Energy Co. Ltd. (H Shares)
 
17,327,500
53,108,307
China Tower Corp. Ltd. (H Shares) (b)
 
201,604,000
18,799,748
Guangdong Investment Ltd.
 
20,832,000
14,215,384
Hengan International Group Co. Ltd.
 
4,605,000
15,423,516
Industrial & Commercial Bank of China Ltd. (H Shares)
 
107,520,000
51,528,397
PetroChina Co. Ltd. (H Shares)
 
71,616,000
46,744,885
Postal Savings Bank of China Co. Ltd. (H Shares) (b)
 
57,314,000
26,159,788
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
15,428,000
14,320,143
Shenzhou International Group Holdings Ltd.
 
580,400
5,700,963
Sinopharm Group Co. Ltd. (H Shares)
 
4,572,000
10,932,947
Want Want China Holdings Ltd.
 
36,997,000
22,988,454
Yum China Holdings, Inc.
 
799,587
42,026,293
TOTAL CHINA
 
 
638,137,552
India - 18.5%
 
 
 
Cipla Ltd./India (a)
 
2,425,887
34,959,079
Crompton Greaves Consumer Electricals Ltd.
 
2,650,090
8,973,155
Dr. Reddy's Laboratories Ltd.
 
735,153
47,436,053
HCL Technologies Ltd.
 
3,437,865
52,715,778
Hindustan Unilever Ltd.
 
1,434,338
42,792,783
Infosys Ltd.
 
2,386,517
39,236,439
Jubilant Foodworks Ltd.
 
2,837,059
17,065,778
Lupin Ltd.
 
1,350,398
18,293,844
MRF Ltd.
 
18,443
23,989,203
Nestle India Ltd.
 
183,716
53,480,208
Pidilite Industries Ltd.
 
31,205
921,054
Power Grid Corp. of India Ltd.
 
21,355,216
51,850,797
Sona Blw Precision Forgings Ltd. (b)
 
2,367,253
15,401,422
Sun Pharmaceutical Industries Ltd.
 
1,340,812
17,524,775
Tata Consultancy Services Ltd.
 
1,138,872
46,091,932
Tech Mahindra Ltd.
 
2,701,271
36,802,328
Tvs Motor Co. Ltd.
 
1,739,975
33,239,964
Wipro Ltd.
 
6,225,636
28,571,667
WNS Holdings Ltd. sponsored ADR (a)
 
298,427
16,210,555
TOTAL INDIA
 
 
585,556,814
Indonesia - 2.3%
 
 
 
PT Bank Central Asia Tbk
 
78,585,700
43,294,485
PT Telkom Indonesia Persero Tbk
 
141,568,000
31,033,944
TOTAL INDONESIA
 
 
74,328,429
Korea (South) - 9.0%
 
 
 
Coway Co. Ltd.
 
422,439
13,498,344
Db Insurance Co. Ltd.
 
294,229
19,113,845
GS Holdings Corp.
 
6,926
201,952
Hankook Tire Co. Ltd.
 
586,076
16,603,224
Hotel Shilla Co. (c)
 
167,803
7,752,873
Hyundai Mobis
 
283,937
43,906,653
Industrial Bank of Korea
 
2,190,340
18,100,327
Korea Electric Power Corp. (a)
 
1,109,098
13,861,915
KT&G Corp.
 
777,438
48,970,641
NCSOFT Corp.
 
117,183
20,215,328
Orion Corp./Republic of Korea
 
77,820
6,877,260
Samsung Electronics Co. Ltd.
 
726,731
36,119,325
Samsung SDS Co. Ltd.
 
324,777
33,241,884
SK Hynix, Inc.
 
65,817
5,707,215
TOTAL KOREA (SOUTH)
 
 
284,170,786
Kuwait - 2.5%
 
 
 
Boubyan Bank KSC
 
7,707,665
14,595,869
Mobile Telecommunication Co.
 
16,176,909
25,144,913
National Bank of Kuwait
 
13,695,994
38,815,275
TOTAL KUWAIT
 
 
78,556,057
Malaysia - 4.6%
 
 
 
CelcomDigi Bhd
 
19,533,100
17,497,878
IHH Healthcare Bhd
 
17,395,300
21,897,101
Malayan Banking Bhd
 
8,289,316
15,696,299
MISC Bhd
 
4,180,100
6,363,690
Nestle (Malaysia) Bhd
 
233,400
6,065,625
Petronas Gas Bhd
 
2,988,800
10,886,772
PPB Group Bhd
 
3,579,500
11,507,155
Public Bank Bhd
 
21,593,300
18,859,627
Tenaga Nasional Bhd
 
18,266,200
37,958,362
TOTAL MALAYSIA
 
 
146,732,509
Mexico - 0.4%
 
 
 
Kimberly-Clark de Mexico SA de CV Series A
 
7,379,000
13,526,871
Philippines - 2.0%
 
 
 
Bank of the Philippine Islands (BPI)
 
11,666,773
20,635,658
BDO Unibank, Inc.
 
13,074,732
29,361,025
PLDT, Inc.
 
607,215
12,944,209
TOTAL PHILIPPINES
 
 
62,940,892
Qatar - 2.7%
 
 
 
Masraf al Rayan
 
6,657,256
3,839,670
Qatar Electricity & Water Co. (a)
 
630,446
2,863,932
Qatar Islamic Bank
 
6,677,899
31,913,058
Qatar National Bank SAQ
 
8,250,039
33,738,830
The Commercial Bank of Qatar (a)
 
8,429,925
11,868,112
TOTAL QATAR
 
 
84,223,602
Russia - 0.0%
 
 
 
PhosAgro PJSC (d)
 
1,400
86
PhosAgro PJSC:
 
 
 
 GDR (Reg. S) (a)(d)
 
586,072
12,020
 sponsored GDR (Reg. S) (a)(d)
 
3,774
77
TOTAL RUSSIA
 
 
12,183
Saudi Arabia - 7.7%
 
 
 
Alinma Bank
 
4,475,932
39,252,096
Almarai Co. Ltd.
 
1,853,174
27,612,866
Jarir Marketing Co.
 
4,486,803
17,317,653
Mouwasat Medical Services Co.
 
696,810
18,573,675
Sabic Agriculture-Nutrients Co.
 
807,123
28,785,867
Saudi Basic Industries Corp.
 
2,023,026
41,521,751
Saudi Electricity Co.
 
4,931,360
23,397,539
Saudi Telecom Co.
 
4,544,003
46,510,746
The Savola Group
 
6,081
59,001
Yanbu National Petrochemical Co.
 
205,130
2,069,562
TOTAL SAUDI ARABIA
 
 
245,100,756
Taiwan - 20.0%
 
 
 
ASUSTeK Computer, Inc.
 
3,722,000
38,995,609
Chang Hwa Commercial Bank
 
43,910,869
23,245,108
Chicony Electronics Co. Ltd.
 
4,960,000
19,080,033
Chunghwa Telecom Co. Ltd.
 
13,705,000
48,978,766
Compal Electronics, Inc.
 
30,710,000
26,692,069
Far EasTone Telecommunications Co. Ltd.
 
12,185,000
28,520,471
Formosa Petrochemical Corp.
 
11,040,000
26,950,348
Formosa Plastics Corp.
 
11,114,000
26,410,656
Highwealth Construction Corp.
 
12,087,900
15,176,214
Inventec Corp.
 
23,817,000
29,814,118
Lite-On Technology Corp.
 
11,437,000
35,581,814
Mega Financial Holding Co. Ltd.
 
40,239,627
45,626,120
President Chain Store Corp.
 
4,284,000
34,050,194
Quanta Computer, Inc.
 
4,473,000
26,389,622
Sinopac Financial Holdings Co.
 
54,582,344
30,079,852
Synnex Technology International Corp.
 
9,397,000
19,927,957
Taiwan Cooperative Financial Holding Co. Ltd.
 
48,425,723
37,576,856
Taiwan Mobile Co. Ltd.
 
13,159,000
38,858,417
The Shanghai Commercial & Savings Bank Ltd.
 
19,244,080
25,478,607
Uni-President Enterprises Corp.
 
15,702,000
32,916,614
WPG Holding Co. Ltd.
 
10,828,000
23,942,041
TOTAL TAIWAN
 
 
634,291,486
Thailand - 2.5%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
7,308,800
44,518,034
Advanced Information Service PCL NVDR
 
533,500
3,249,558
Bangkok Bank PCL (For. Reg.)
 
3,107,900
13,543,774
Bangkok Dusit Medical Services PCL (For. Reg.)
 
25,994,900
19,056,477
TOTAL THAILAND
 
 
80,367,843
United Arab Emirates - 4.3%
 
 
 
Abu Dhabi National Oil Co. for Distribution PJSC
 
21,938,003
20,068,524
ADNOC Drilling Co. PJSC
 
18,974,984
18,804,504
Dubai Electricity & Water Authority PJSC (a)
 
37,636,434
24,387,344
Dubai Islamic Bank Pakistan Ltd.
 
21,464,884
31,557,412
Emirates Telecommunications Corp.
 
6,385,139
32,090,843
First Abu Dhabi Bank PJSC
 
2,477,401
8,552,531
TOTAL UNITED ARAB EMIRATES
 
 
135,461,158
 
TOTAL COMMON STOCKS
 (Cost $3,150,848,052)
 
 
 
3,149,590,135
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (f)
  (Cost $1,770,075)
 
1,800,000
1,769,970
 
 
 
 
Money Market Funds - 0.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (g)
 
22,632,886
22,637,413
Fidelity Securities Lending Cash Central Fund 5.40% (g)(h)
 
4,427,557
4,428,000
 
TOTAL MONEY MARKET FUNDS
 (Cost $27,065,413)
 
 
27,065,413
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $3,179,683,540)
 
 
 
3,178,425,518
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(6,476,593)
NET ASSETS - 100.0%
3,171,948,925
 
 
 
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)
487
Dec 2023
22,382,520
(630,612)
(630,612)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.7%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $80,244,493 or 2.5% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security
 
(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 $702,088.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
30,186,116
758,471,044
766,019,747
772,954
-
-
22,637,413
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
12,500,000
32,696,469
40,768,469
4,221
-
-
4,428,000
0.0%
Total
42,686,116
791,167,513
806,788,216
777,175
-
-
27,065,413
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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
396,249,377
131,633,024
264,616,353
-
Consumer Discretionary
292,462,899
79,412,470
213,050,429
-
Consumer Staples
316,271,188
41,198,738
275,072,450
-
Energy
145,608,044
18,804,504
126,803,540
-
Financials
875,554,187
238,990,304
636,563,883
-
Health Care
202,994,094
18,573,675
184,420,419
-
Industrials
70,935,991
49,649,779
21,286,212
-
Information Technology
498,909,831
-
498,909,831
-
Materials
99,721,073
72,377,180
27,331,710
12,183
Real Estate
15,176,214
-
15,176,214
-
Utilities
235,707,237
50,648,815
185,058,422
-
 Government Obligations
1,769,970
-
1,769,970
-
  Money Market Funds
27,065,413
27,065,413
-
-
 Total Investments in Securities:
3,178,425,518
728,353,902
2,450,059,433
12,183
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(630,612)
(630,612)
-
-
  Total Liabilities
(630,612)
(630,612)
-
-
 Total Derivative Instruments:
(630,612)
(630,612)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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
(630,612)
Total Equity Risk
0
(630,612)
Total Value of Derivatives
0
(630,612)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $3,781,487) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,152,618,127)
$
3,151,360,105
 
 
Fidelity Central Funds (cost $27,065,413)
27,065,413
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,179,683,540)
 
 
$
3,178,425,518
Foreign currency held at value (cost $11,950,056)
 
 
11,863,522
Receivable for investments sold
 
 
4,701
Receivable for fund shares sold
 
 
2,218,648
Dividends receivable
 
 
1,649,306
Distributions receivable from Fidelity Central Funds
 
 
83,749
Prepaid expenses
 
 
3,861
Receivable from investment adviser for expense reductions
 
 
8,200
Other receivables
 
 
409,791
  Total assets
 
 
3,194,667,296
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
3,186,425
 
 
Accrued management fee
403,094
 
 
Payable for daily variation margin on futures contracts
157,043
 
 
Deferred taxes
13,351,843
 
 
Other payables and accrued expenses
1,191,966
 
 
Collateral on securities loaned
4,428,000
 
 
  Total Liabilities
 
 
 
22,718,371
Net Assets  
 
 
$
3,171,948,925
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,124,517,982
Total accumulated earnings (loss)
 
 
 
47,430,943
Net Assets
 
 
$
3,171,948,925
Net Asset Value, offering price and redemption price per share ($3,171,948,925 ÷ 312,305,005 shares)
 
 
$
10.16
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
126,431,986
Interest  
 
 
83,578
Income from Fidelity Central Funds (including $4,221 from security lending)
 
 
777,175
 Income before foreign taxes withheld
 
 
$
127,292,739
Less foreign taxes withheld
 
 
(15,785,271)
 Total Income
 
 
 
111,507,468
Expenses
 
 
 
 
Management fee
$
4,607,946
 
 
Custodian fees and expenses
3,056,368
 
 
Independent trustees' fees and expenses
10,138
 
 
Registration fees
184,429
 
 
Audit
105,049
 
 
Legal
3,253
 
 
Interest
144,520
 
 
Miscellaneous
13,689
 
 
 Total expenses before reductions
 
8,125,392
 
 
 Expense reductions
 
(286,923)
 
 
 Total expenses after reductions
 
 
 
7,838,469
Net Investment income (loss)
 
 
 
103,668,999
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $971,747)
 
3,525,174
 
 
 Foreign currency transactions
 
(405,293)
 
 
 Futures contracts
 
6,972,476
 
 
Total net realized gain (loss)
 
 
 
10,092,357
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $6,437,329)  
 
154,605,623
 
 
 Assets and liabilities in foreign currencies
 
(11,673)
 
 
 Futures contracts
 
710,647
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
155,304,597
Net gain (loss)
 
 
 
165,396,954
Net increase (decrease) in net assets resulting from operations
 
 
$
269,065,953
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
103,668,999
$
59,863,843
Net realized gain (loss)
 
10,092,357
 
 
(6,168,928)
 
Change in net unrealized appreciation (depreciation)
 
155,304,597
 
(412,507,271)
 
Net increase (decrease) in net assets resulting from operations
 
269,065,953
 
 
(358,812,356)
 
Distributions to shareholders
 
(53,120,773)
 
 
(41,568,890)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,377,836,095
 
901,012,848
  Reinvestment of distributions
 
51,309,868
 
 
41,085,516
 
Cost of shares redeemed
 
(545,094,970)
 
(262,187,253)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
884,050,993
 
 
679,911,111
 
Total increase (decrease) in net assets
 
1,099,996,173
 
 
279,529,865
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,071,952,752
 
1,792,422,887
 
End of period
$
3,171,948,925
$
2,071,952,752
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
137,366,579
 
87,667,616
  Issued in reinvestment of distributions
 
5,225,037
 
 
3,675,772
 
Redeemed
 
(53,285,723)
 
(25,061,997)
Net increase (decrease)
 
89,305,893
 
66,281,391
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI Emerging Markets Low Volatility Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.29
$
11.44
$
9.41
$
10.11
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.35
 
.33
 
.27
 
.24
 
.22
     Net realized and unrealized gain (loss)
 
.70
 
(2.22)
 
1.95
 
(.75)
 
(.11)
  Total from investment operations
 
1.05  
 
(1.89)  
 
2.22  
 
(.51)  
 
.11
  Distributions from net investment income
 
(.18)
 
(.26)
 
(.19)
 
(.19)
 
-
     Total distributions
 
(.18)
 
(.26)
 
(.19)
 
(.19)
 
-
  Net asset value, end of period
$
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%
 
.26%
 
.23%
 
.24%
 
.35% H
    Expenses net of fee waivers, if any
 
.26%
 
.25%
 
.23%
 
.24%
 
.26% H
    Expenses net of all reductions
 
.26%
 
.25%
 
.23%
 
.24%
 
.26% H
    Net investment income (loss)
 
3.37%
 
3.09%
 
2.44%
 
2.59%
 
2.90% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,171,949
$
2,071,953
$
1,792,423
$
1,259,405
$
644,085
    Portfolio turnover rate I
 
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.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® SAI International Low Volatility Index Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® SAI International Low Volatility Index Fund
13.07%
2.18%
2.56%
 
A   From May 29, 2015
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Low Volatility Index Fund on May 29, 2015, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity International Low Volatility Focus Index℠, Fidelity SAI International Low Volatility Index Fund Linked Index and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Fidelity® SAI International Low Volatility Index Fund
Management's Discussion of Fund Performance
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year, the fund gained 13.07%, versus 12.52% for the benchmark Fidelity International Low Volatility Focus Index NR. (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, as well as by required local capital gains tax.) From a regional standpoint, Europe ex U.K. gained approximately 15% and contributed most versus the benchmark, followed by Japan (+18%). By sector, consumer discretionary gained 43% and notably contributed. Health care stocks also helped (+12%), benefiting from pharmaceuticals, biotechnology & life sciences (+14%). Financials rose about 15%, boosted by insurance (+24%); consumer staples gained 11%, lifted by household & personal products (+23%); and utilities advanced 18%. Other notable contributors included the communication services (+14%), industrials (+8%), materials (+8%) and information technology (+4%) sectors. In contrast, Asia Pacific ex Japan returned roughly -2% and was a notable detractor. From a sector standpoint, real estate returned about -2% and detracted most. This group was hampered by the equity real estate investment trusts (REITs) industry (-6%). Energy (-5%) also hurt. The top individual contributor was Novo-Nordisk (+78%), from the pharmaceuticals, biotechnology & life sciences group. Also in pharmaceuticals, biotechnology & life sciences, Novartis (+25%) helped. Another notable contributor was Prosus (+76%), a stock in the consumer discretionary distribution & retail industry. Another notable contributor was L'oreal (+40%), a stock in the household & personal products group. Conversely, the biggest individual detractor was Roche (-20%), from the pharmaceuticals, biotechnology & life sciences group. Also in pharmaceuticals, biotechnology & life sciences, CSL (-17%) hurt. Another notable detractor was Trend Micro (-25%), a stock in the software & services industry.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® SAI International Low Volatility Index Fund
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.5
 
Toyota Motor Corp.  (Japan, Automobiles)
2.1
 
RELX PLC (London Stock Exchange)  (United Kingdom, Professional Services)
2.1
 
Air Liquide SA  (France, Chemicals)
2.0
 
GSK PLC  (United States of America, Pharmaceuticals)
1.9
 
Novartis AG  (Switzerland, Pharmaceuticals)
1.9
 
Tokio Marine Holdings, Inc.  (Japan, Insurance)
1.9
 
Unilever PLC  (United Kingdom, Personal Care Products)
1.9
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
1.9
 
Sanofi SA  (United States of America, Pharmaceuticals)
1.9
 
 
20.1
 
 
Market Sectors (% of Fund's net assets)
 
Health Care
17.2
 
Financials
14.5
 
Consumer Staples
13.8
 
Industrials
12.8
 
Communication Services
9.5
 
Utilities
8.0
 
Consumer Discretionary
7.8
 
Real Estate
6.2
 
Materials
6.0
 
Information Technology
3.4
 
 
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 International Low Volatility Index Fund
Schedule of Investments October 31, 2023
Showing Percentage of Net Assets     
Common Stocks - 99.2%
 
 
Shares
Value ($)
 
Australia - 2.0%
 
 
 
ASX Ltd.
 
1,080,831
38,615,482
Insurance Australia Group Ltd.
 
13,760,071
49,639,983
Medibank Private Ltd.
 
15,522,664
33,874,780
TOTAL AUSTRALIA
 
 
122,130,245
Belgium - 0.5%
 
 
 
Elia Group SA/NV
 
154,969
14,700,152
Warehouses de Pauw
 
679,989
16,778,655
TOTAL BELGIUM
 
 
31,478,807
China - 0.0%
 
 
 
China Huishan Dairy Holdings Co. Ltd. (a)(b)
 
5,145,000
7
Denmark - 5.7%
 
 
 
Chr. Hansen Holding A/S
 
577,608
39,346,538
Coloplast A/S Series B
 
667,618
69,565,725
Novo Nordisk A/S Series B
 
1,585,356
152,949,177
Novozymes A/S Series B
 
606,047
27,201,769
Ringkjoebing Landbobank A/S
 
119,780
16,310,287
Tryg A/S
 
1,967,487
38,394,412
TOTAL DENMARK
 
 
343,767,908
Finland - 0.6%
 
 
 
Elisa Corp. (A Shares)
 
844,779
35,825,935
France - 4.6%
 
 
 
Air Liquide SA
 
723,368
123,950,736
bioMerieux SA
 
204,715
19,603,109
Hermes International SCA
 
15,574
28,996,183
Orange SA
 
9,194,913
108,151,010
TOTAL FRANCE
 
 
280,701,038
Germany - 5.7%
 
 
 
Beiersdorf AG
 
555,161
72,868,936
Deutsche Borse AG
 
573,934
94,467,505
Deutsche Telekom AG
 
1,397,316
30,326,879
Hannover Reuck SE
 
335,781
74,006,881
Symrise AG
 
740,798
75,701,608
TOTAL GERMANY
 
 
347,371,809
Hong Kong - 5.7%
 
 
 
CLP Holdings Ltd.
 
9,330,000
68,284,241
Hang Seng Bank Ltd.
 
4,075,000
46,589,825
Hong Kong & China Gas Co. Ltd.
 
60,578,015
42,168,894
Jardine Matheson Holdings Ltd.
 
1,352,576
54,807,921
Link (REIT)
 
9,495,829
43,577,716
MTR Corp. Ltd.
 
8,692,083
32,492,620
Power Assets Holdings Ltd.
 
7,632,500
36,489,674
Sino Land Ltd.
 
19,234,000
19,201,849
TOTAL HONG KONG
 
 
343,612,740
Ireland - 0.2%
 
 
 
Kerry Group PLC Class A
 
168,488
12,992,839
Israel - 0.7%
 
 
 
Elbit Systems Ltd. (Israel)
 
139,468
25,888,877
Mizrahi Tefahot Bank Ltd.
 
499,340
15,442,232
TOTAL ISRAEL
 
 
41,331,109
Italy - 0.4%
 
 
 
Recordati SpA
 
565,199
26,074,416
Japan - 30.5%
 
 
 
Advance Residence Investment Corp.
 
7,780
16,915,309
Ajinomoto Co., Inc.
 
2,231,900
81,514,983
Alfresa Holdings Corp.
 
556,900
8,821,627
Bridgestone Corp.
 
250,100
9,465,086
Canon, Inc.
 
2,110,200
49,886,598
Chubu Electric Power Co., Inc.
 
4,124,000
49,835,062
Daiwa House REIT Investment Corp.
 
11,993
21,224,583
FUJIFILM Holdings Corp.
 
1,776,510
97,171,196
Hankyu Hanshin Holdings, Inc.
 
1,360,540
42,807,488
Japan Post Bank Co. Ltd.
 
7,686,100
71,244,043
Japan Post Holdings Co. Ltd.
 
11,516,600
101,935,768
Japan Real Estate Investment Corp.
 
7,714
28,652,279
Kansai Electric Power Co., Inc.
 
4,608,700
59,009,069
KDDI Corp.
 
965,400
28,879,692
Kintetsu Group Holdings Co. Ltd.
 
1,073,200
30,196,381
Kyushu Railway Co.
 
888,000
18,156,313
McDonald's Holdings Co. (Japan) Ltd. (c)
 
489,300
19,037,588
Medipal Holdings Corp.
 
1,176,300
19,777,119
Nagoya Railroad Co. Ltd.
 
1,107,900
15,509,269
Nippon Building Fund, Inc.
 
9,413
37,820,808
Nippon Prologis REIT, Inc.
 
14,705
26,165,722
Nippon Telegraph & Telephone Corp.
 
85,089,500
100,131,253
Oriental Land Co. Ltd.
 
2,997,700
96,961,708
Osaka Gas Co. Ltd.
 
2,350,260
44,320,703
Otsuka Holdings Co. Ltd.
 
1,024,160
34,458,850
Pan Pacific International Holdings Ltd.
 
3,001,600
58,128,575
Secom Co. Ltd.
 
1,197,670
83,183,987
Sega Sammy Holdings, Inc.
 
604,100
9,447,869
Sekisui House Ltd.
 
1,302,400
25,504,574
Seven & i Holdings Co. Ltd.
 
1,553,200
56,907,245
Skylark Holdings Co. Ltd. (a)
 
1,282,400
18,920,260
SoftBank Corp.
 
8,682,000
98,166,230
Sohgo Security Services Co., Ltd.
 
2,446,300
14,326,070
Suntory Beverage & Food Ltd.
 
200,700
6,039,678
Tobu Railway Co. Ltd.
 
1,181,700
28,442,871
Tokio Marine Holdings, Inc.
 
5,109,100
114,301,991
Tokyo Gas Co. Ltd.
 
1,432,300
32,165,391
Toyota Motor Corp.
 
7,377,100
129,053,139
Trend Micro, Inc.
 
785,400
29,597,499
Zensho Holdings Co. Ltd.
 
505,600
26,575,278
TOTAL JAPAN
 
 
1,840,659,154
Netherlands - 4.2%
 
 
 
ASML Holding NV (Netherlands)
 
13,016
7,824,183
Koninklijke Ahold Delhaize NV
 
3,158,103
93,564,486
Koninklijke KPN NV
 
12,119,044
40,734,278
Wolters Kluwer NV
 
864,771
110,808,219
TOTAL NETHERLANDS
 
 
252,931,166
Norway - 0.8%
 
 
 
Gjensidige Forsikring ASA
 
1,059,930
15,873,877
Orkla ASA
 
2,733,899
18,829,749
Telenor ASA
 
1,279,731
13,076,891
TOTAL NORWAY
 
 
47,780,517
Singapore - 2.2%
 
 
 
CapitaLand Ascendas REIT
 
19,029,999
36,157,855
CapitaMall Trust
 
18,562,500
23,856,912
Mapletree Industrial (REIT)
 
11,305,910
17,771,794
Singapore Exchange Ltd.
 
4,633,300
32,079,409
Singapore Technologies Engineering Ltd.
 
8,789,700
24,129,992
TOTAL SINGAPORE
 
 
133,995,962
Spain - 0.6%
 
 
 
Redeia Corp. SA
 
2,440,978
37,980,057
Sweden - 1.1%
 
 
 
Axfood AB
 
604,939
13,364,267
Ericsson (B Shares)
 
5,427,407
24,313,319
Telia Co. AB (c)
 
13,264,606
28,120,265
TOTAL SWEDEN
 
 
65,797,851
Switzerland - 11.0%
 
 
 
Allreal Holding AG
 
86,418
13,851,200
Banque Cantonale Vaudoise
 
159,612
18,002,739
Barry Callebaut AG
 
1,609
2,432,117
BKW AG
 
71,725
12,032,359
DKSH Holding AG
 
198,599
12,160,682
Galenica AG (d)
 
279,854
21,089,421
Givaudan SA
 
30,693
101,899,478
Lindt & Spruengli AG
 
773
84,127,961
Novartis AG
 
1,228,510
115,012,574
PSP Swiss Property AG
 
257,684
31,642,173
Sandoz Group AG
 
245,879
6,392,611
SGS SA (Reg.)
 
647,279
52,641,896
Swiss Prime Site AG
 
430,903
39,980,447
Swisscom AG
 
143,235
85,659,144
Zurich Insurance Group Ltd.
 
137,457
65,067,866
TOTAL SWITZERLAND
 
 
661,992,668
United Kingdom - 13.7%
 
 
 
Admiral Group PLC
 
1,553,054
46,115,521
AstraZeneca PLC (United Kingdom)
 
901,970
112,930,028
Bunzl PLC
 
1,882,334
67,080,725
Diageo PLC
 
2,554,069
96,584,737
National Grid PLC
 
8,204,637
97,823,699
Pearson PLC
 
4,032,816
46,682,816
Reckitt Benckiser Group PLC
 
1,077,314
72,079,806
RELX PLC (London Stock Exchange)
 
3,611,883
126,154,822
Smith & Nephew PLC
 
4,683,170
52,409,982
Unilever PLC
 
2,389,080
113,148,464
TOTAL UNITED KINGDOM
 
 
831,010,600
United States of America - 9.0%
 
 
 
CSL Ltd.
 
459,338
67,886,540
Experian PLC
 
1,032,716
31,267,397
GSK PLC
 
6,578,292
117,269,727
Nestle SA (Reg. S)
 
997,037
107,519,254
Roche Holding AG (participation certificate)
 
409,732
105,591,887
Sanofi SA
 
1,238,183
112,434,718
TOTAL UNITED STATES OF AMERICA
 
 
541,969,523
 
TOTAL COMMON STOCKS
 (Cost $6,038,736,054)
 
 
 
5,999,404,351
 
 
 
 
Government Obligations - 0.0%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.0%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (f)
  (Cost $2,851,787)
 
2,900,000
2,851,619
 
 
 
 
Money Market Funds - 0.8%
 
 
Shares
Value ($)
 
Fidelity Securities Lending Cash Central Fund 5.40% (g)(h)
 
 (Cost $45,398,400)
 
 
45,393,861
45,398,400
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $6,086,986,241)
 
 
 
6,047,654,370
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(1,960,508)
NET ASSETS - 100.0%
6,045,693,862
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
469
Dec 2023
46,292,645
(1,927,253)
(1,927,253)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.8%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $21,089,421 or 0.3% of net assets.
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,534,958.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
-
657,037,047
657,037,047
578,902
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
50,539,138
439,954,515
445,095,253
372,339
-
-
45,398,400
0.2%
Total
50,539,138
1,096,991,562
1,102,132,300
951,241
-
-
45,398,400
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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
569,071,577
134,561,970
434,509,607
-
Consumer Discretionary
468,773,076
28,996,183
439,776,893
-
Consumer Staples
831,974,529
298,180,355
533,794,167
7
Financials
871,962,601
289,213,815
582,748,786
-
Health Care
1,042,267,511
142,725,282
899,542,229
-
Industrials
770,055,530
299,847,796
470,207,734
-
Information Technology
208,792,795
-
208,792,795
-
Materials
368,100,129
168,447,785
199,652,344
-
Real Estate
373,597,302
102,252,475
271,344,827
-
Utilities
494,809,301
64,712,568
430,096,733
-
 Government Obligations
2,851,619
-
2,851,619
-
  Money Market Funds
45,398,400
45,398,400
-
-
 Total Investments in Securities:
6,047,654,370
1,574,336,629
4,473,317,734
7
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(1,927,253)
(1,927,253)
-
-
  Total Liabilities
(1,927,253)
(1,927,253)
-
-
 Total Derivative Instruments:
(1,927,253)
(1,927,253)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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
(1,927,253)
Total Equity Risk
0
(1,927,253)
Total Value of Derivatives
0
(1,927,253)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $42,878,310) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,041,587,841)
$
6,002,255,970
 
 
Fidelity Central Funds (cost $45,398,400)
45,398,400
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,086,986,241)
 
 
$
6,047,654,370
Foreign currency held at value (cost $4,803,582)
 
 
4,787,318
Receivable for fund shares sold
 
 
5,148,271
Dividends receivable
 
 
17,311,228
Reclaims receivable
 
 
24,752,422
Distributions receivable from Fidelity Central Funds
 
 
75,898
Receivable for daily variation margin on futures contracts
 
 
141,111
Prepaid expenses
 
 
7,475
  Total assets
 
 
6,099,878,093
Liabilities
 
 
 
 
Payable to custodian bank
$
1,737,495
 
 
Payable for fund shares redeemed
6,051,852
 
 
Accrued management fee
754,437
 
 
Other payables and accrued expenses
242,047
 
 
Collateral on securities loaned
45,398,400
 
 
  Total Liabilities
 
 
 
54,184,231
Net Assets  
 
 
$
6,045,693,862
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,236,367,763
Total accumulated earnings (loss)
 
 
 
(190,673,901)
Net Assets
 
 
$
6,045,693,862
Net Asset Value, offering price and redemption price per share ($6,045,693,862 ÷ 597,595,058 shares)
 
 
$
10.12
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
174,510,343
Interest  
 
 
127,275
Income from Fidelity Central Funds (including $372,339 from security lending)
 
 
951,241
 Income before foreign taxes withheld
 
 
$
175,588,859
Less foreign taxes withheld
 
 
(14,417,820)
 Total Income
 
 
 
161,171,039
Expenses
 
 
 
 
Management fee
$
8,631,686
 
 
Custodian fees and expenses
467,180
 
 
Independent trustees' fees and expenses
19,807
 
 
Registration fees
151,158
 
 
Audit
57,940
 
 
Legal
6,984
 
 
Interest
392,278
 
 
Miscellaneous
33,136
 
 
 Total expenses before reductions
 
9,760,169
 
 
 Expense reductions
 
(57,981)
 
 
 Total expenses after reductions
 
 
 
9,702,188
Net Investment income (loss)
 
 
 
151,468,851
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(166,070,175)
 
 
 Foreign currency transactions
 
(1,239,676)
 
 
 Futures contracts
 
7,334,337
 
 
Total net realized gain (loss)
 
 
 
(159,975,514)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
651,159,946
 
 
 Assets and liabilities in foreign currencies
 
2,673,747
 
 
 Futures contracts
 
(4,359,914)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
649,473,779
Net gain (loss)
 
 
 
489,498,265
Net increase (decrease) in net assets resulting from operations
 
 
$
640,967,116
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
151,468,851
$
139,463,048
Net realized gain (loss)
 
(159,975,514)
 
 
(61,447,136)
 
Change in net unrealized appreciation (depreciation)
 
649,473,779
 
(1,303,036,818)
 
Net increase (decrease) in net assets resulting from operations
 
640,967,116
 
 
(1,225,020,906)
 
Distributions to shareholders
 
(105,861,928)
 
 
(141,537,086)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,822,038,768
 
2,573,305,678
  Reinvestment of distributions
 
98,129,051
 
 
136,529,604
 
Cost of shares redeemed
 
(1,904,398,706)
 
(1,787,195,386)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
15,769,113
 
 
922,639,896
 
Total increase (decrease) in net assets
 
550,874,301
 
 
(443,918,096)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,494,819,561
 
5,938,737,657
 
End of period
$
6,045,693,862
$
5,494,819,561
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
175,043,162
 
254,202,230
  Issued in reinvestment of distributions
 
9,952,236
 
 
12,222,883
 
Redeemed
 
(189,480,961)
 
(173,081,629)
Net increase (decrease)
 
(4,485,563)
 
93,343,484
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI International Low Volatility Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.13
$
11.67
$
9.64
$
11.54
$
10.49
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.27
 
.26
 
.27
 
.24
 
.28
     Net realized and unrealized gain (loss)
 
.92
 
(2.52)
 
1.90
 
(1.46)
 
1.04
  Total from investment operations
 
1.19  
 
(2.26)  
 
2.17  
 
(1.22)  
 
1.32
  Distributions from net investment income
 
(.20)
 
(.28)
 
(.14)
 
(.22)
 
(.24)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.46)
 
(.03)
     Total distributions
 
(.20)
 
(.28)
 
(.14)
 
(.68)
 
(.27)
  Net asset value, end of period
$
10.12
$
9.13
$
11.67
$
9.64
$
11.54
 Total Return C
 
13.07%
 
(19.80)%
 
22.69%
 
(11.31)%
 
12.89%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.17%
 
.17%
 
.17%
 
.18%
 
.25%
    Expenses net of fee waivers, if any
 
.17%
 
.17%
 
.17%
 
.18%
 
.20%
    Expenses net of all reductions
 
.17%
 
.17%
 
.17%
 
.18%
 
.20%
    Net investment income (loss)
 
2.63%
 
2.46%
 
2.37%
 
2.39%
 
2.59%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,045,694
$
5,494,820
$
5,938,738
$
4,603,961
$
2,548,056
    Portfolio turnover rate F
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® SAI U.S. Low Volatility Index Fund
6.39%
8.98%
9.70%
 
A   From May 29, 2015
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI U.S. Low Volatility Index Fund on May 29, 2015, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity U.S. Low Volatility Focus Index℠, Fidelity SAI U.S. Low Volatility Index Fund Linked Index and S&P 500® Index performed over the same period.
 
Fidelity® SAI U.S. Low Volatility Index Fund
Market Recap:
U.S. equities gained 10.14% for the 12 months ending October 31, 2023, according to the S&P 500® index, as global economic expansion and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets through July. After returning -18.11% in 2022, the index's upturn has been driven by a narrow set of companies in the information technology and communication services sectors, largely due to excitement for generative artificial intelligence. Monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of 25 basis points, followed by the decision to hold rates in September at a 22-year high so the Fed can observe the pause's effect on inflation and the economy. The year-to-date equity rally sputtered in August and continued to lose steam through October amid a stalling pattern in disinflationary trends, soaring yields on longer-term government bonds and mixed earnings from some big and influential firms. The S&P 500® closed at its 2023 high on July 31 before returning -3.27% in Q3 and -2.10% in October. Still, U.S. stocks ended October up 10.69% year to date. By sector for the full 12 months, communications services (+36%) and tech (+33%) led. In contrast, two defensive, rate-sensitive sectors lagged most: utilities (-8%) and real estate (-7%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 6.39%, versus 6.46% for the benchmark Fidelity U.S. Low Volatility Focus Index TR. By sector, information technology gained 25% and contributed most, driven by the software & services industry (+36%). Financials stocks also helped, gaining about 10% and benefitting from the financial services industry (+14%). The health care sector rose approximately 5%, boosted by the pharmaceuticals, biotechnology & life sciences industry (+11%). Other notable contributors included the materials (+21%), communication services (+5%) and consumer discretionary (+4%) sectors. Conversely, consumer staples returned roughly -6% and detracted most. This group was hampered by the food, beverage & tobacco industry (-17%). Real estate (-7%), hampered by the equity real estate investment trusts (REITs) industry (-8%), and utilities (-6%) also hurt. Other notable detractors included the energy (-8%) and industrials (-1%) sectors. Turning to individual stocks, the top contributor was Microsoft (+47%), from the software & services group. Other notable contributors were Eli Lilly (+55%), a stock in the pharmaceuticals, biotechnology & life sciences industry and Intel (+33%), a stock in the semiconductors & semiconductor equipment group. Apple (+12%), a stock in the technology hardware & equipment category, also helped lift the fund. In contrast, the biggest individual detractor was Dollar General (-53%), from the consumer staples distribution & retail industry. Other notable detractors were Johnson & Johnson (-12%), a stock in the pharmaceuticals, biotechnology & life sciences category and Chevron (-16%), from the energy industry. Medtronic (-16%), a stock in the health care equipment & services category also hurt. Lastly, Crown Castle (-26%), a stock in the equity real estate investment trusts (REITs) group, detracted.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® SAI U.S. Low Volatility Index Fund
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
8.4
 
Apple, Inc.
4.4
 
Eli Lilly & Co.
3.6
 
UnitedHealth Group, Inc.
3.3
 
Visa, Inc. Class A
3.0
 
Procter & Gamble Co.
2.8
 
Merck & Co., Inc.
2.7
 
Cisco Systems, Inc.
2.6
 
Johnson & Johnson
2.6
 
The Home Depot, Inc.
2.5
 
 
35.9
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
25.1
 
Health Care
15.4
 
Financials
12.6
 
Industrials
9.0
 
Consumer Discretionary
8.5
 
Consumer Staples
7.9
 
Communication Services
5.8
 
Real Estate
4.5
 
Materials
4.4
 
Utilities
4.3
 
Energy
2.3
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.2%
 
Fidelity® SAI U.S. Low Volatility Index Fund
Showing Percentage of Net Assets     
Common Stocks - 99.8%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 5.8%
 
 
 
Diversified Telecommunication Services - 3.2%
 
 
 
AT&T, Inc.
 
8,486,018
130,684,677
Verizon Communications, Inc.
 
4,990,229
175,306,745
 
 
 
305,991,422
Interactive Media & Services - 1.4%
 
 
 
Alphabet, Inc. Class A (a)
 
1,072,289
133,049,619
Media - 0.2%
 
 
 
Omnicom Group, Inc.
 
236,829
17,740,860
Wireless Telecommunication Services - 1.0%
 
 
 
T-Mobile U.S., Inc.
 
683,663
98,351,759
TOTAL COMMUNICATION SERVICES
 
 
555,133,660
CONSUMER DISCRETIONARY - 8.5%
 
 
 
Automobile Components - 0.1%
 
 
 
Gentex Corp.
 
277,411
7,956,147
Broadline Retail - 0.8%
 
 
 
Amazon.com, Inc. (a)
 
570,360
75,909,212
Diversified Consumer Services - 0.1%
 
 
 
Service Corp. International (b)
 
179,442
9,765,234
Hotels, Restaurants & Leisure - 2.8%
 
 
 
Domino's Pizza, Inc.
 
41,948
14,219,953
McDonald's Corp.
 
859,397
225,308,111
Yum China Holdings, Inc.
 
495,977
26,068,551
Yum! Brands, Inc.
 
49,617
5,996,711
 
 
 
271,593,326
Household Durables - 0.2%
 
 
 
Garmin Ltd.
 
181,652
18,624,780
Specialty Retail - 4.5%
 
 
 
AutoZone, Inc. (a)
 
21,839
54,098,042
O'Reilly Automotive, Inc. (a)
 
72,265
67,238,247
The Home Depot, Inc.
 
845,718
240,767,457
TJX Companies, Inc.
 
450,638
39,687,689
Tractor Supply Co. (b)
 
130,060
25,044,354
 
 
 
426,835,789
TOTAL CONSUMER DISCRETIONARY
 
 
810,684,488
CONSUMER STAPLES - 7.9%
 
 
 
Beverages - 1.1%
 
 
 
PepsiCo, Inc.
 
478,047
78,055,514
The Coca-Cola Co.
 
435,761
24,616,139
 
 
 
102,671,653
Consumer Staples Distribution & Retail - 0.4%
 
 
 
Dollar General Corp.
 
260,086
30,960,637
Walmart, Inc.
 
56,146
9,174,818
 
 
 
40,135,455
Food Products - 1.6%
 
 
 
Campbell Soup Co.
 
238,175
9,624,652
Flowers Foods, Inc.
 
228,813
5,017,869
General Mills, Inc.
 
697,202
45,485,458
Hormel Foods Corp.
 
343,836
11,191,862
Kellanova
 
305,146
15,400,719
McCormick & Co., Inc. (non-vtg.)
 
282,595
18,057,821
The Hershey Co.
 
174,830
32,754,401
The J.M. Smucker Co.
 
126,579
14,409,753
WK Kellogg Co. (b)
 
76,286
764,386
 
 
 
152,706,921
Household Products - 4.6%
 
 
 
Church & Dwight Co., Inc.
 
289,947
26,367,780
Colgate-Palmolive Co.
 
984,715
73,971,791
Kimberly-Clark Corp.
 
400,479
47,913,308
Procter & Gamble Co.
 
1,831,275
274,746,188
The Clorox Co.
 
146,744
17,271,769
 
 
 
440,270,836
Personal Care Products - 0.2%
 
 
 
Kenvue, Inc.
 
1,054,737
19,618,108
TOTAL CONSUMER STAPLES
 
 
755,402,973
ENERGY - 2.3%
 
 
 
Oil, Gas & Consumable Fuels - 2.3%
 
 
 
Chesapeake Energy Corp. (b)
 
123,217
10,606,519
Chevron Corp.
 
646,293
94,184,279
Coterra Energy, Inc.
 
899,113
24,725,608
DT Midstream, Inc. (b)
 
115,011
6,207,144
Kinder Morgan, Inc.
 
2,341,126
37,926,241
The Williams Companies, Inc.
 
1,446,015
49,742,916
 
 
 
223,392,707
FINANCIALS - 12.6%
 
 
 
Banks - 0.4%
 
 
 
Commerce Bancshares, Inc.
 
134,719
5,908,775
First Financial Bankshares, Inc.
 
154,177
3,707,957
M&T Bank Corp.
 
196,891
22,199,460
Prosperity Bancshares, Inc.
 
111,912
6,103,680
 
 
 
37,919,872
Capital Markets - 1.7%
 
 
 
Cboe Global Markets, Inc.
 
125,319
20,538,531
CME Group, Inc.
 
426,990
91,145,285
FactSet Research Systems, Inc.
 
45,485
19,644,517
Houlihan Lokey
 
59,886
6,019,741
NASDAQ, Inc.
 
401,960
19,937,216
SEI Investments Co.
 
120,260
6,453,152
 
 
 
163,738,442
Financial Services - 4.1%
 
 
 
Fiserv, Inc. (a)
 
732,760
83,351,450
Jack Henry & Associates, Inc.
 
86,504
12,196,199
The Western Union Co.
 
444,502
5,018,428
Visa, Inc. Class A
 
1,220,411
286,918,626
 
 
 
387,484,703
Insurance - 6.4%
 
 
 
Arch Capital Group Ltd. (a)
 
442,074
38,318,974
Arthur J. Gallagher & Co.
 
254,260
59,875,687
Assurant, Inc.
 
63,093
9,394,548
Brown & Brown, Inc.
 
279,454
19,399,697
Chubb Ltd.
 
491,633
105,514,274
Erie Indemnity Co. Class A
 
29,607
8,177,157
Globe Life, Inc.
 
105,486
12,274,351
Hanover Insurance Group, Inc. (b)
 
42,408
4,970,642
Hartford Financial Services Group, Inc.
 
368,256
27,048,403
Marsh & McLennan Companies, Inc.
 
587,245
111,371,014
Progressive Corp.
 
694,842
109,847,572
RLI Corp. (b)
 
48,127
6,412,441
Ryan Specialty Group Holdings, Inc. (a)(b)
 
110,517
4,774,334
Selective Insurance Group, Inc.
 
71,806
7,475,723
The Travelers Companies, Inc.
 
274,175
45,907,862
W.R. Berkley Corp.
 
238,350
16,069,557
Willis Towers Watson PLC
 
126,315
29,796,445
 
 
 
616,628,681
TOTAL FINANCIALS
 
 
1,205,771,698
HEALTH CARE - 15.4%
 
 
 
Biotechnology - 1.2%
 
 
 
Amgen, Inc.
 
436,574
111,631,972
Health Care Equipment & Supplies - 1.4%
 
 
 
Medtronic PLC
 
1,524,031
107,535,627
ResMed, Inc.
 
174,410
24,630,180
 
 
 
132,165,807
Health Care Providers & Services - 3.4%
 
 
 
Chemed Corp.
 
17,829
10,031,487
UnitedHealth Group, Inc.
 
593,987
318,115,678
 
 
 
328,147,165
Pharmaceuticals - 9.4%
 
 
 
Eli Lilly & Co.
 
631,569
349,845,016
Johnson & Johnson
 
1,655,868
245,631,459
Merck & Co., Inc.
 
2,490,794
255,804,544
Zoetis, Inc. Class A
 
326,153
51,206,021
 
 
 
902,487,040
TOTAL HEALTH CARE
 
 
1,474,431,984
INDUSTRIALS - 9.0%
 
 
 
Aerospace & Defense - 3.3%
 
 
 
General Dynamics Corp.
 
267,027
64,436,285
Huntington Ingalls Industries, Inc.
 
47,351
10,408,697
L3Harris Technologies, Inc.
 
224,885
40,346,618
Lockheed Martin Corp.
 
267,549
121,638,477
Northrop Grumman Corp.
 
169,444
79,880,985
 
 
 
316,711,062
Air Freight & Logistics - 0.1%
 
 
 
C.H. Robinson Worldwide, Inc.
 
138,216
11,310,215
Building Products - 0.2%
 
 
 
Lennox International, Inc. (b)
 
38,349
14,209,838
Commercial Services & Supplies - 1.2%
 
 
 
Republic Services, Inc.
 
244,032
36,236,312
Rollins, Inc.
 
274,926
10,339,967
Waste Management, Inc.
 
439,440
72,213,175
 
 
 
118,789,454
Construction & Engineering - 0.0%
 
 
 
MDU Resources Group, Inc.
 
241,723
4,498,465
Ground Transportation - 0.1%
 
 
 
Landstar System, Inc.
 
42,653
7,028,361
Machinery - 1.5%
 
 
 
Graco, Inc. (b)
 
199,823
14,856,840
IDEX Corp.
 
89,710
17,171,391
Nordson Corp.
 
63,892
13,582,800
Otis Worldwide Corp.
 
490,585
37,878,068
PACCAR, Inc.
 
620,313
51,194,432
Toro Co. (b)
 
123,789
10,007,103
 
 
 
144,690,634
Professional Services - 2.6%
 
 
 
Automatic Data Processing, Inc.
 
490,386
107,012,033
Booz Allen Hamilton Holding Corp. Class A
 
157,014
18,830,689
Exponent, Inc. (b)
 
60,342
4,422,465
FTI Consulting, Inc. (a)(b)
 
40,335
8,561,507
Leidos Holdings, Inc.
 
162,820
16,138,718
Maximus, Inc.
 
72,152
5,391,197
Paychex, Inc.
 
380,850
42,293,393
Science Applications International Corp.
 
64,090
7,001,192
Verisk Analytics, Inc.
 
171,870
39,076,363
 
 
 
248,727,557
TOTAL INDUSTRIALS
 
 
865,965,586
INFORMATION TECHNOLOGY - 25.1%
 
 
 
Communications Equipment - 3.2%
 
 
 
Cisco Systems, Inc.
 
4,728,905
246,517,818
Juniper Networks, Inc.
 
381,737
10,276,360
Motorola Solutions, Inc.
 
199,084
55,436,931
 
 
 
312,231,109
Electronic Equipment, Instruments & Components - 0.3%
 
 
 
Badger Meter, Inc.
 
34,798
4,821,263
Teledyne Technologies, Inc. (a)
 
55,845
20,918,979
 
 
 
25,740,242
IT Services - 1.5%
 
 
 
Accenture PLC Class A
 
170,729
50,721,879
Akamai Technologies, Inc. (a)
 
180,667
18,668,321
Amdocs Ltd.
 
143,412
11,495,906
IBM Corp.
 
280,906
40,630,244
VeriSign, Inc. (a)
 
107,501
21,463,650
 
 
 
142,980,000
Semiconductors & Semiconductor Equipment - 4.1%
 
 
 
Intel Corp.
 
4,951,069
180,714,019
NVIDIA Corp.
 
138,609
56,524,750
Texas Instruments, Inc.
 
1,077,405
153,002,284
 
 
 
390,241,053
Software - 11.6%
 
 
 
Aspen Technology, Inc. (a)(b)
 
34,650
6,159,038
Check Point Software Technologies Ltd. (a)(b)
 
116,111
15,587,902
Dolby Laboratories, Inc. Class A
 
70,533
5,708,941
Microsoft Corp.
 
2,376,434
803,496,096
Oracle Corp.
 
1,826,693
188,880,056
Qualys, Inc. (a)(b)
 
39,855
6,095,822
Roper Technologies, Inc.
 
126,527
61,817,296
SPS Commerce, Inc. (a)(b)
 
43,365
6,953,144
Tyler Technologies, Inc. (a)
 
49,766
18,557,741
 
 
 
1,113,256,036
Technology Hardware, Storage & Peripherals - 4.4%
 
 
 
Apple, Inc.
 
2,465,608
421,051,878
TOTAL INFORMATION TECHNOLOGY
 
 
2,405,500,318
MATERIALS - 4.4%
 
 
 
Chemicals - 3.5%
 
 
 
Air Products & Chemicals, Inc.
 
263,665
74,469,543
Balchem Corp.
 
38,255
4,446,761
Ecolab, Inc.
 
139,010
23,317,537
FMC Corp.
 
148,424
7,896,157
Linde PLC
 
581,162
222,096,870
 
 
 
332,226,868
Construction Materials - 0.6%
 
 
 
Martin Marietta Materials, Inc.
 
64,170
26,241,680
Vulcan Materials Co.
 
157,944
31,034,417
 
 
 
57,276,097
Containers & Packaging - 0.3%
 
 
 
Aptargroup, Inc.
 
77,775
9,509,549
Packaging Corp. of America
 
106,751
16,338,241
Sonoco Products Co.
 
116,276
6,024,260
 
 
 
31,872,050
TOTAL MATERIALS
 
 
421,375,015
REAL ESTATE - 4.5%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 4.2%
 
 
 
Agree Realty Corp.
 
110,628
6,188,530
American Homes 4 Rent Class A
 
372,959
12,210,678
American Tower Corp.
 
553,203
98,575,243
Crown Castle International Corp.
 
514,777
47,863,965
CubeSmart
 
266,697
9,091,701
Digital Realty Trust, Inc.
 
237,437
29,527,665
Equinix, Inc.
 
111,014
81,000,255
Equity Lifestyle Properties, Inc.
 
207,773
13,671,463
Essex Property Trust, Inc.
 
9,841
2,105,187
Extra Space Storage, Inc.
 
250,706
25,970,635
Mid-America Apartment Communities, Inc.
 
29,550
3,491,333
Public Storage
 
187,823
44,835,228
Realty Income Corp.
 
169,514
8,031,573
Sun Communities, Inc.
 
147,675
16,427,367
 
 
 
398,990,823
Real Estate Management & Development - 0.3%
 
 
 
CoStar Group, Inc. (a)
 
401,348
29,462,957
TOTAL REAL ESTATE
 
 
428,453,780
UTILITIES - 4.3%
 
 
 
Electric Utilities - 2.9%
 
 
 
Alliant Energy Corp.
 
298,403
14,559,082
American Electric Power Co., Inc.
 
611,068
46,160,077
Duke Energy Corp.
 
914,781
81,314,883
Evergy, Inc.
 
272,636
13,397,333
Eversource Energy
 
414,083
22,273,525
Exelon Corp.
 
1,078,608
42,000,996
Hawaiian Electric Industries, Inc. (b)
 
130,064
1,688,231
IDACORP, Inc.
 
60,073
5,689,514
Pinnacle West Capital Corp.
 
134,437
9,972,537
Xcel Energy, Inc.
 
653,285
38,720,202
 
 
 
275,776,380
Gas Utilities - 0.2%
 
 
 
Atmos Energy Corp.
 
171,509
18,464,659
Multi-Utilities - 1.2%
 
 
 
Ameren Corp.
 
311,723
23,600,548
CMS Energy Corp.
 
346,202
18,812,617
Consolidated Edison, Inc.
 
411,351
36,112,504
DTE Energy Co.
 
24,666
2,377,309
WEC Energy Group, Inc.
 
374,428
30,474,695
 
 
 
111,377,673
Water Utilities - 0.0%
 
 
 
American Water Works Co., Inc.
 
22,626
2,661,949
TOTAL UTILITIES
 
 
408,280,661
 
TOTAL COMMON STOCKS
 (Cost $8,110,374,299)
 
 
 
9,554,392,870
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (d)
 
 (Cost $688,362)
 
 
700,000
688,322
 
 
 
 
Money Market Funds - 0.5%
 
 
Shares
Value ($)
 
Fidelity Securities Lending Cash Central Fund 5.40% (e)(f)
 
 (Cost $51,820,121)
 
 
51,814,939
51,820,121
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
 (Cost $8,162,882,782)
 
 
 
9,606,901,313
NET OTHER ASSETS (LIABILITIES) - (0.3)%  
(32,140,853)
NET ASSETS - 100.0%
9,574,760,460
 
 
 
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)
73
Dec 2023
15,374,713
30,470
30,470
CME E-mini S&P MidCap 400 Index Contracts (United States)
21
Dec 2023
4,987,710
(22,684)
(22,684)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
7,786
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
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 $688,322.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
17,178,803
2,629,037,802
2,646,216,605
1,224,292
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
246,547,154
433,603,816
628,330,849
265,405
-
-
51,820,121
0.2%
Total
263,725,957
3,062,641,618
3,274,547,454
1,489,697
-
-
51,820,121
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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
555,133,660
555,133,660
-
-
Consumer Discretionary
810,684,488
810,684,488
-
-
Consumer Staples
755,402,973
755,402,973
-
-
Energy
223,392,707
223,392,707
-
-
Financials
1,205,771,698
1,205,771,698
-
-
Health Care
1,474,431,984
1,474,431,984
-
-
Industrials
865,965,586
865,965,586
-
-
Information Technology
2,405,500,318
2,405,500,318
-
-
Materials
421,375,015
421,375,015
-
-
Real Estate
428,453,780
428,453,780
-
-
Utilities
408,280,661
408,280,661
-
-
 U.S. Government and Government Agency Obligations
688,322
-
688,322
-
  Money Market Funds
51,820,121
51,820,121
-
-
 Total Investments in Securities:
9,606,901,313
9,606,212,991
688,322
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
30,470
30,470
-
-
  Total Assets
30,470
30,470
-
-
 Liabilities
 
 
 
 
Futures Contracts
(22,684)
(22,684)
-
-
  Total Liabilities
(22,684)
(22,684)
-
-
 Total Derivative Instruments:
7,786
7,786
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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) 
30,470
(22,684)
Total Equity Risk
30,470
(22,684)
Total Value of Derivatives
30,470
(22,684)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $50,908,730) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $8,111,062,661)
$
9,555,081,192
 
 
Fidelity Central Funds (cost $51,820,121)
51,820,121
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $8,162,882,782)
 
 
$
9,606,901,313
Segregated cash with brokers for derivative instruments
 
 
13,181
Receivable for investments sold
 
 
12,082,732
Receivable for fund shares sold
 
 
3,175,409
Dividends receivable
 
 
12,554,790
Distributions receivable from Fidelity Central Funds
 
 
86,215
Receivable for daily variation margin on futures contracts
 
 
79,123
Prepaid expenses
 
 
10,572
  Total assets
 
 
9,634,903,335
Liabilities
 
 
 
 
Payable to custodian bank
$
578,749
 
 
Payable for fund shares redeemed
6,665,589
 
 
Accrued management fee
796,385
 
 
Other payables and accrued expenses
285,960
 
 
Collateral on securities loaned
51,816,192
 
 
  Total Liabilities
 
 
 
60,142,875
Net Assets  
 
 
$
9,574,760,460
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
8,087,266,018
Total accumulated earnings (loss)
 
 
 
1,487,494,442
Net Assets
 
 
$
9,574,760,460
Net Asset Value, offering price and redemption price per share ($9,574,760,460 ÷ 550,615,013 shares)
 
 
$
17.39
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
174,005,815
Interest  
 
 
55,851
Income from Fidelity Central Funds (including $265,405 from security lending)
 
 
1,489,697
 Total Income
 
 
 
175,551,363
Expenses
 
 
 
 
Management fee
$
8,268,215
 
 
Custodian fees and expenses
110,751
 
 
Independent trustees' fees and expenses
27,863
 
 
Registration fees
353,608
 
 
Audit
46,946
 
 
Legal
10,980
 
 
Interest
650,452
 
 
Miscellaneous
43,626
 
 
 Total expenses before reductions
 
9,512,441
 
 
 Expense reductions
 
(2,884)
 
 
 Total expenses after reductions
 
 
 
9,509,557
Net Investment income (loss)
 
 
 
166,041,806
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(27,383,730)
 
 
 Futures contracts
 
2,537,728
 
 
Total net realized gain (loss)
 
 
 
(24,846,002)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
313,395,961
 
 
 Futures contracts
 
(1,232,581)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
312,163,380
Net gain (loss)
 
 
 
287,317,378
Net increase (decrease) in net assets resulting from operations
 
 
$
453,359,184
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
166,041,806
$
144,362,325
Net realized gain (loss)
 
(24,846,002)
 
 
178,740,822
 
Change in net unrealized appreciation (depreciation)
 
312,163,380
 
(1,000,149,044)
 
Net increase (decrease) in net assets resulting from operations
 
453,359,184
 
 
(677,045,897)
 
Distributions to shareholders
 
(303,046,026)
 
 
(268,770,756)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
5,108,381,896
 
3,039,157,235
  Reinvestment of distributions
 
300,330,158
 
 
267,624,606
 
Cost of shares redeemed
 
(3,696,540,350)
 
(2,464,734,875)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
1,712,171,704
 
 
842,046,966
 
Total increase (decrease) in net assets
 
1,862,484,862
 
 
(103,769,687)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
7,712,275,598
 
7,816,045,285
 
End of period
$
9,574,760,460
$
7,712,275,598
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
294,395,239
 
172,683,980
  Issued in reinvestment of distributions
 
17,887,442
 
 
14,640,296
 
Redeemed
 
(215,136,108)
 
(139,598,293)
Net increase (decrease)
 
97,146,573
 
47,725,983
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI U.S. Low Volatility Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.01
$
19.26
$
14.87
$
15.12
$
13.18
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.35
 
.33
 
.31
 
.30
 
.29
     Net realized and unrealized gain (loss)
 
.71
 
(1.90)
 
4.30
 
.03
 
1.98
  Total from investment operations
 
1.06  
 
(1.57)  
 
4.61  
 
.33  
 
2.27
  Distributions from net investment income
 
(.35)
 
(.34)
 
(.22)
 
(.24)
 
(.20)
  Distributions from net realized gain
 
(.34)
 
(.35)
 
-
 
(.34)
 
(.13)
     Total distributions
 
(.68) C
 
(.68) C
 
(.22)
 
(.58)
 
(.33)
  Net asset value, end of period
$
17.39
$
17.01
$
19.26
$
14.87
$
15.12
 Total Return D
 
6.39%
 
(8.39)%
 
31.25%
 
2.16%
 
17.62%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.11%
 
.11%
 
.11%
 
.12%
 
.19%
    Expenses net of fee waivers, if any
 
.11%
 
.11%
 
.11%
 
.12%
 
.15%
    Expenses net of all reductions
 
.11%
 
.11%
 
.11%
 
.12%
 
.15%
    Net investment income (loss)
 
2.01%
 
1.85%
 
1.76%
 
2.06%
 
2.05%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
9,574,760
$
7,712,276
$
7,816,045
$
5,243,996
$
4,120,541
    Portfolio turnover rate G
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI International Low Volatility Index Fund and Fidelity SAI U.S. Low Volatility Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain clients of Fidelity Management & Research Company (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value each Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 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. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or 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, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. 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. In addition, certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to partnerships, 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 for each Fund:
 
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 
$3,202,110,425
$300,880,241
$ (324,565,148)
$ (23,684,907)
Fidelity SAI International Low Volatility Index Fund 
6,130,089,647
559,927,388
 (642,362,665)
 (82,435,277)
Fidelity SAI U.S. Low Volatility Index Fund 
8,244,883,658
1,891,094,759
 (529,077,104)
1,362,017,655
 
The tax-based components of distributable earnings as of period end were as follows for each Fund:
 
 
Undistributed ordinary income
Capital loss carryforward
Net unrealized appreciation (depreciation) on securities and other investments
Fidelity SAI Emerging Markets Low Volatility Index Fund 
$87,930,408
$ (3,358,628)
$ (23,788,994)
Fidelity SAI International Low Volatility Index Fund 
135,132,899
 (243,023,037)
 (82,784,413)
Fidelity SAI U.S. Low Volatility Index Fund 
125,476,788
-
1,362,017,655
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 
Short-term
Long-term
Total capital loss carryforward
Fidelity SAI 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)
 
 
 
 
 
The tax character of distributions paid was as follows:
 
October 31, 2023
 
 
 
 
Ordinary Income
Long-term Capital Gains
Total
Fidelity SAI Emerging Markets Low Volatility Index Fund 
$53,120,773
$-
$53,120,773
Fidelity SAI International Low Volatility Index Fund 
 105,861,928
 -
 105,861,928
Fidelity SAI U.S. Low Volatility Index Fund 
 154,189,107
 148,856,919
 303,046,026
 
October 31, 2022
 
 
 
 
Ordinary Income
Long-term Capital Gains
Total
Fidelity SAI Emerging Markets Low Volatility Index Fund 
$41,568,890
$-
$41,568,890
Fidelity SAI International Low Volatility Index Fund 
 141,537,086
 -
 141,537,086
Fidelity SAI U.S. Low Volatility Index Fund 
 159,841,640
 108,929,116
 268,770,756
 
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
1,598,763,368
650,290,667
Fidelity SAI International Low Volatility Index Fund
2,205,138,839
2,142,272,742
Fidelity SAI U.S. Low Volatility Index Fund
5,815,023,410
4,156,038,022
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. Each Fund's management fee is equal to the following annual rate of average net assets:
 
Fidelity SAI Emerging Markets Low Volatility Index Fund
.15%
Fidelity SAI International Low Volatility Index Fund
.15%
Fidelity SAI U.S. Low Volatility Index Fund
.10%
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At 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
$ 14,395,603
4.91%
$113,934
Fidelity SAI International Low Volatility Index Fund 
 Borrower
$ 36,744,893
4.54%
$347,450
Fidelity SAI U.S. Low Volatility Index Fund 
 Borrower
$ 131,225,771
5.10%
$650,452
 
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 Low Volatility Index Fund
$5,372
Fidelity SAI International Low Volatility Index Fund
 10,297
Fidelity SAI U.S. Low Volatility Index Fund
14,502
 
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
$418
$-
$-
Fidelity SAI International Low Volatility Index Fund
$38,591
$-
$-
Fidelity SAI U.S. Low Volatility Index Fund
$22,227
$1,536
$368,632
 
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI Emerging Markets Low Volatility Index Fund
$8,082,885
5.24%
$30,586
Fidelity SAI International Low Volatility Index Fund
$8,858,128
4.67%
$44,828
 
10. 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%
$286,923
 
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 
 57,981
Fidelity SAI U.S. Low Volatility Index Fund 
 2,884
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Emerging Markets Fund
Strategic Advisers Fidelity Emerging Markets Fund
Strategic Advisers Fidelity International Fund
Strategic Advisers International Fund
Strategic Advisers Fidelity U.S. Total Stock Fund
Strategic Advisers Large Cap Fund
Fidelity SAI Emerging Markets Low Volatility Index Fund
18%
21%
-
-
-
-
Fidelity SAI International Low Volatility Index Fund
-
-
32%
14%
-
-
Fidelity SAI U.S. Low Volatility Index Fund
-
-
-
-
43%
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 Emerging Markets Low Volatility Index Fund
39%
Fidelity SAI International Low Volatility Index Fund
46%
Fidelity SAI U.S. Low Volatility Index Fund
54%
 
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI U.S. Low Volatility Index Fund, Fidelity SAI International Low Volatility Index Fund, and Fidelity SAI Emerging Markets Low Volatility Index Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity SAI U.S. Low Volatility Index Fund, Fidelity SAI International Low Volatility Index Fund, and Fidelity SAI Emerging Markets Low Volatility Index Fund (three of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Funds") as of October 31, 2023, the related statements of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2023 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.   
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Laura M. Bishop, Jonathan Chiel, Robert W. Helm, Christine J. Thompson, and Carol J. Zierhoffer, each of the Trustees oversees 313 funds. Mr. Chiel oversees 191 funds. Ms. Bishop, Mr. Helm, Ms. Thompson, and Ms. Zierhoffer each oversees 229 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.
Christine J. Thompson (1958)
Year of Election or Appointment: 2023
Trustee
Ms. Thompson also serves as a Trustee of other Fidelity® funds. Ms. Thompson serves as Leader of Advanced Technologies for Investment Management at Fidelity Investments (2018-present). Previously, Ms. Thompson served as Chief Investment Officer in the Bond group at Fidelity Management & Research Company (2010-2018) and held various other roles including Director of municipal bond portfolio managers and Portfolio Manager of certain Fidelity® funds.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Laura M. Bishop (1961)
Year of Election or Appointment: 2023
Trustee
Ms. Bishop also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting). Previously, Ms. Bishop served as a Member of the Advisory Board of certain Fidelity® funds (2022-2023).    
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Robert W. Helm (1957)
Year of Election or Appointment: 2023
Trustee
Mr. Helm also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon. Previously, Mr. Helm served as a Member of the Advisory Board of certain Fidelity® funds (2021-2023).     
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
Carol J. Zierhoffer (1960)
Year of Election or Appointment: 2023
Trustee
Ms. Zierhoffer also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016), and as a Member of the Advisory Board of certain Fidelity® funds (2023).    
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Robin Foley (1964)
Year of Election or Appointment: 2023
Vice President
Ms. Foley also serves as Vice President of other funds. Ms. Foley serves as Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley served as Chief Investment Officer of Bonds (2017-2023).     
Christopher M. Gouveia (1973)
Year of Election or Appointment: 2023
Chief Compliance Officer
Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).          
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
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 (May 1, 2023 to October 31, 2023).
 
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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Emerging Markets Low Volatility Index Fund
 
 
 
.25%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 984.50
 
$ 1.25
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,023.95
 
$ 1.28
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International Low Volatility Index Fund
 
 
 
.16%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 933.60
 
$ .78
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.40
 
$ .82
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI U.S. Low Volatility Index Fund
 
 
 
.11%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 994.90
 
$ .55
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.65
 
$ .56
 
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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2023 or, if subsequently determined to be different, the net capital gain of such year.
 
Fidelity SAI U.S. Low Volatility Index Fund
$7,329,683
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
 
Fidelity SAI U.S. Low Volatility Index Fund
 
December 2022
86%
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
Fidelity SAI Emerging Markets Low Volatility Index Fund
 
December 2022
45.82%
Fidelity SAI International Low Volatility Index Fund
 
December 2022
94.89%
Fidelity SAI U.S. Low Volatility Index Fund
 
December 2022
93.44%
 
A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:
 
Fidelity SAI U.S. Low Volatility Index Fund
 
December 2022
6.57%
 
The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 20xx as qualifying to be taxed as section 163(j) interest dividends:
 
Fidelity SAI Emerging Markets Low Volatility Index Fund
$422,687
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity SAI Emerging Markets Low Volatility Index Fund
12/12/2022
$0.2279
$0.0439
Fidelity® SAI International Low Volatility Index Fund
12/12/2022
$0.2192
$0.0212
 
The funds will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI Emerging Markets Low Volatility Index Fund
Fidelity SAI International Low Volatility Index Fund
Fidelity SAI U.S. Low Volatility Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2023 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the funds, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against the securities market index each fund seeks to track (benchmark index). The Board also periodically considers each fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of each fund compared to its benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to each fund (referred to as the "asset size peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the mapped group that have a similar sales load structure to each fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of each fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to each fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the management fee rate of each fund ranked equal to or below the competitive median of the mapped group for 2022. The information provided to the Board indicated that the management fee rate of Fidelity SAI Emerging Markets Low Volatility Fund and Fidelity SAI International Low Volatility ranked below the competitive median of the asset size peer group for 2022 and the management fee rate of Fidelity SAI U.S. Low Volatility Fund ranked below the competitive median of the asset size peer group for 2022.  Further, the information provided to the Board indicated that the total expense ratio of Fidelity SAI Emerging Markets Low Volatility Fund ranked above the competitive median of the similar sales load structure group for 2022 and above the competitive median of the total expense asset size peer group for 2022. The information provided to the Board indicated that the total expense ratio of each of Fidelity SAI International Low Volatility Index Fund and Fidelity SAI U.S. Low Volatility Index Fund ranked below the competitive median of the similar sales load structure group for 2022 and above the competitive median of the total expense asset size peer group for 2022.
For Fidelity SAI U.S. Low Volatility Fund, the Board considered that the fund's total expense ratio was under the competitive median of its similar sales load structure group. The Board considered that if funds in a fund complex with a unique at-cost service model were excluded from the total expense asset size peer groups, each of Fidelity SAI International Low Volatility Index Fund and Fidelity SAI U.S. Low Volatility Index Fund would not have been above the competitive median for 2022. For Fidelity SAI Emerging Markets Low Volatility Fund, the International Equity Index mapped group to which this fund is compared contains both emerging markets funds and developed markets funds that may not be directly comparable. The Board noted that, although total expenses ranked above median, Fidelity believes the fees charged are reasonable for the overall value of the nature and quality of services shareholders receive.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse each fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.25% for Fidelity SAI Emerging Markets Low Volatility Index Fund, 0.20% for Fidelity SAI International Low Volatility Index Fund, and 0.15% for Fidelity SAI U.S. Low Volatility Index Fund through February 29, 2024.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that each fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with each fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and Fidelity's views regarding portfolio manager investment in the Fidelity funds that they manage; (iii) hiring, training, and retaining personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends and market conditions; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (x) information concerning expense limitations applicable to certain funds; and (xi) matters related to money market funds, exchange-traded funds, and target date funds.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2024.
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
378,729,502,260.010
97.580
Withheld
9,407,876,478.960
2.420
TOTAL
388,137,378,738.970
100.000
Jennifer Toolin McAuliffe
Affirmative
378,454,868,010.950
97.510
Withheld
9,682,510,728.020
2.490
TOTAL
388,137,378,738.970
100.000
Christine J. Thompson
Affirmative
378,837,121,274.520
97.600
Withheld
9,300,257,464.450
2.400
TOTAL
388,137,378,738.970
100.000
Elizabeth S. Acton
Affirmative
378,262,110,794.850
97.460
Withheld
9,875,267,944.120
2.540
TOTAL
388,137,378,738.970
100.000
Laura M. Bishop
Affirmative
380,482,113,171.060
98.030
Withheld
7,655,265,567.910
1.970
TOTAL
388,137,378,738.970
100.000
Ann E. Dunwoody
Affirmative
380,016,034,008.120
97.910
Withheld
8,121,344,730.850
2.090
TOTAL
388,137,378,738.970
100.000
John Engler
Affirmative
379,432,488,394.200
97.760
Withheld
8,704,890,344.770
2.240
TOTAL
388,137,378,738.970
100.000
Robert F. Gartland
Affirmative
378,741,819,600.600
97.580
Withheld
9,395,559,138.370
2.420
TOTAL
388,137,378,738.970
100.000
Robert W. Helm
Affirmative
380,389,324,755.070
98.000
Withheld
7,748,053,983.900
2.000
TOTAL
388,137,378,738.970
100.000
Arthur E. Johnson
Affirmative
378,427,694,151.670
97.500
Withheld
9,709,684,587.300
2.500
TOTAL
388,137,378,738.970
100.000
Michael E. Kenneally
Affirmative
377,842,228,145.180
97.350
Withheld
10,295,150,593.790
2.650
TOTAL
388,137,378,738.970
100.000
Mark A. Murray
Affirmative
380,158,432,703.370
97.940
Withheld
7,978,946,035.600
2.060
TOTAL
388,137,378,738.970
100.000
Carol J. Zierhoffer
Affirmative
380,522,113,360.240
98.040
Withheld
7,615,265,378.730
1.960
TOTAL
388,137,378,738.970
100.000
 
 
 
Proposal 1 reflects trust wide proposal and voting results.
 
1.9867660.108
SV1-SV2-ANN-1223
Fidelity® SAI Emerging Markets Value Index Fund
 
 
Annual Report
October 31, 2023
 
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

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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. © 2023 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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Life of
Fund A
Fidelity® SAI Emerging Markets Value Index Fund
15.81%
6.85%
 
A   From May 12, 2020
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI Emerging Markets Value Index Fund on May 12, 2020, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity Emerging Markets Value Focus Index℠ and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year, the fund gained 15.81%, versus 16.36% for the benchmark Fidelity Emerging Markets Value Focus Index NR. (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, as well as by required local capital gains tax.) From a regional standpoint, emerging markets gained approximately 15% and contributed most versus the benchmark, followed by Asia Pacific ex Japan (+21%). By sector, information technology gained about 22% and notably contributed, driven by the semiconductors & semiconductor equipment industry (+33%). Financials stocks also helped (+17%), benefiting from banks (+13%). Energy rose roughly 34%, consumer discretionary gained about 14% and materials advanced 19%. Other contributors included the communication services (+7%), health care (+15%), utilities (+19%) and consumer staples (+7%) sectors. Conversely, from a sector standpoint, industrials returned 1% and detracted most. This group was hampered by the transportation industry (-5%). Real estate (-1%) also hurt, held back by the real estate management & development industry (+1%). The top individual contributor was Posco Holdings (+154%), from the materials group. Taiwan Semiconductor, within the semiconductors & semiconductor equipment industry, gained 37% and lifted the fund. In energy, Petrobras gained approximately 68% and helped. In contrast, the biggest individual detractor was Impala Platinum Holdings (-58%), from the materials category. Also in materials, Sibanye Stillwater (-43%) hurt. JD.com (-17%), a stock in the consumer discretionary distribution & retail industry, detracted.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
4.1
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
3.8
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
2.8
 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)
2.1
 
China Construction Bank Corp. (H Shares)  (China, Banks)
2.0
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
1.9
 
Vale SA  (Brazil, Metals & Mining)
1.8
 
Industrial & Commercial Bank of China Ltd. (H Shares)  (China, Banks)
1.6
 
Hon Hai Precision Industry Co. Ltd. (Foxconn)  (Taiwan, Electronic Equipment, Instruments & Components)
1.5
 
Bank of China Ltd. (H Shares) (China, Banks)
1.5
 
 
23.1
 
 
Market Sectors (% of Fund's net assets)
 
Financials
23.9
 
Information Technology
20.1
 
Consumer Discretionary
13.3
 
Communication Services
8.9
 
Materials
7.9
 
Industrials
6.6
 
Energy
5.4
 
Consumer Staples
5.0
 
Health Care
3.3
 
Utilities
2.6
 
Real Estate
1.6
 
 
Asset Allocation (% of Fund's net assets)
Futures - 1.4%
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 - 95.8%
 
 
Shares
Value ($)
 
Brazil - 3.4%
 
 
 
Banco do Brasil SA
 
3,188,400
30,576,514
Embraer SA (a)
 
1,549,000
5,404,256
Telefonica Brasil SA
 
925,500
8,304,581
Vale SA
 
3,533,300
48,355,769
TOTAL BRAZIL
 
 
92,641,120
Chile - 0.3%
 
 
 
Cencosud SA
 
2,867,251
4,645,267
Empresas CMPC SA
 
2,447,964
4,376,248
TOTAL CHILE
 
 
9,021,515
China - 23.2%
 
 
 
Agricultural Bank of China Ltd. (H Shares)
 
68,407,000
25,266,582
Alibaba Group Holding Ltd. (a)
 
5,212,800
53,666,188
Aluminum Corp. of China Ltd. (H Shares)
 
8,778,000
4,695,620
Anhui Conch Cement Co. Ltd. (H Shares)
 
2,632,000
6,550,245
Bank of China Ltd. (H Shares)
 
117,997,000
41,220,530
Bank of Communications Co. Ltd. (H Shares)
 
47,529,000
28,113,686
Beijing Enterprises Holdings Ltd.
 
1,065,500
3,550,098
CGN Power Co. Ltd. (H Shares) (b)
 
24,843,500
5,970,083
China CITIC Bank Corp. Ltd. (H Shares)
 
20,203,000
9,012,726
China Construction Bank Corp. (H Shares)
 
97,604,000
55,200,732
China Feihe Ltd. (b)
 
7,063,000
4,388,751
China Galaxy Securities Co. Ltd. (H Shares)
 
7,721,000
3,951,672
China Life Insurance Co. Ltd. (H Shares)
 
16,560,000
22,428,845
China Minsheng Banking Corp. Ltd. (H Shares)
 
14,628,000
4,863,237
China National Building Materials Co. Ltd. (H Shares)
 
10,144,000
4,828,502
China Overseas Land and Investment Ltd.
 
8,281,500
15,628,098
China Railway Group Ltd. (H Shares)
 
9,363,000
4,419,003
China State Construction International Holdings Ltd.
 
3,923,400
4,202,512
China Tower Corp. Ltd. (H Shares) (b)
 
103,846,000
9,683,730
China Vanke Co. Ltd. (H Shares)
 
4,910,400
4,593,956
CITIC Pacific Ltd.
 
14,242,000
12,104,827
COSCO SHIPPING Holdings Co. Ltd. (H Shares)
 
7,465,800
7,592,997
Daqo New Energy Corp. ADR (a)
 
128,484
3,271,203
GCL Technology Holdings Ltd.
 
42,180,000
6,211,753
Geely Automobile Holdings Ltd.
 
10,967,000
12,451,109
Haitong Securities Co. Ltd. (H Shares)
 
6,070,000
3,485,310
Hengan International Group Co. Ltd.
 
1,448,500
4,851,458
Industrial & Commercial Bank of China Ltd. (H Shares)
 
94,740,000
45,403,649
JD.com, Inc. Class A
 
2,802,200
35,624,824
Jiangxi Copper Co. Ltd. (H Shares)
 
2,408,800
3,405,938
Kunlun Energy Co. Ltd.
 
8,864,000
7,384,633
Lenovo Group Ltd.
 
16,464,000
19,159,685
Longfor Properties Co. Ltd. (b)
 
3,810,620
5,547,353
Meituan Class B (a)(b)
 
448,340
6,355,226
New China Life Insurance Co. Ltd. (H Shares)
 
1,910,100
4,190,111
People's Insurance Co. of China Group Ltd. (H Shares)
 
18,254,000
6,023,081
PICC Property & Casualty Co. Ltd. (H Shares)
 
15,354,000
17,533,581
Postal Savings Bank of China Co. Ltd. (H Shares) (b)
 
17,233,000
7,865,646
Qifu Technology, Inc. ADR
 
323,395
4,783,012
Sinopharm Group Co. Ltd. (H Shares)
 
2,986,000
7,140,372
SITC International Holdings Co. Ltd.
 
2,866,000
4,414,803
Tencent Holdings Ltd.
 
2,065,800
76,452,688
Vipshop Holdings Ltd. ADR (a)
 
734,989
10,480,943
Yangzijiang Shipbuilding Holdings Ltd.
 
6,066,300
6,430,176
Yankuang Energy Group Co. Ltd. (H Shares)
 
4,821,000
8,372,915
TOTAL CHINA
 
 
638,772,089
Czech Republic - 0.1%
 
 
 
CEZ A/S
 
96,661
4,136,043
Egypt - 0.1%
 
 
 
Commercial International Bank SAE
 
1,081,217
2,109,990
Greece - 0.4%
 
 
 
Eurobank Ergasias Services and Holdings SA (a)
 
3,246,101
5,296,307
National Bank of Greece SA (a)
 
1,100,642
6,288,782
TOTAL GREECE
 
 
11,585,089
Hong Kong - 0.5%
 
 
 
Orient Overseas International Ltd.
 
294,000
3,707,281
WH Group Ltd. (b)
 
17,417,000
10,402,010
TOTAL HONG KONG
 
 
14,109,291
Hungary - 0.3%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
952,292
7,577,240
India - 19.0%
 
 
 
Aurobindo Pharma Ltd.
 
625,901
6,384,985
Bajaj Auto Ltd.
 
151,128
9,637,720
Bank of Baroda
 
2,301,692
5,425,591
Cipla Ltd./India (a)
 
1,193,478
17,199,025
Dr. Reddy's Laboratories Ltd.
 
270,521
17,455,480
HCL Technologies Ltd.
 
2,355,229
36,114,778
HDFC Bank Ltd.
 
873,951
15,503,249
Hero Motocorp Ltd.
 
289,073
10,724,138
Hindalco Industries Ltd.
 
3,250,581
17,937,070
Indus Towers Ltd. (a)
 
1,859,186
3,846,206
Infosys Ltd.
 
1,748,673
28,749,723
ITC Ltd.
 
6,546,395
33,687,819
Jindal Steel & Power Ltd.
 
885,349
6,739,190
Mahindra & Mahindra Ltd.
 
1,925,207
33,729,770
Maruti Suzuki India Ltd.
 
295,493
36,889,230
NMDC Ltd.
 
2,543,515
4,712,442
NTPC Ltd.
 
9,840,174
27,870,430
Oil & Natural Gas Corp. Ltd.
 
8,678,890
19,413,989
Power Finance Corp. Ltd.
 
3,231,412
9,566,964
REC Ltd.
 
2,754,215
9,517,129
Reliance Industries Ltd.
 
605,865
16,654,997
State Bank of India
 
3,972,193
26,983,361
Sun Pharmaceutical Industries Ltd.
 
2,171,924
28,387,633
Tata Motors Ltd.
 
4,499,126
33,971,866
Tata Steel Ltd.
 
17,950,116
25,606,967
Tech Mahindra Ltd.
 
1,409,151
19,198,384
Vedanta Ltd.
 
2,481,696
6,456,271
Wipro Ltd.
 
3,297,591
15,133,823
TOTAL INDIA
 
 
523,498,230
Indonesia - 1.9%
 
 
 
Indofood Sukses Makmur Tbk PT
 
9,770,100
4,090,290
PT Adaro Energy Indonesia Tbk
 
31,320,200
5,053,491
PT Astra International Tbk
 
45,046,500
16,386,997
PT Telkom Indonesia Persero Tbk
 
94,334,900
20,679,701
PT United Tractors Tbk
 
3,320,500
5,254,718
TOTAL INDONESIA
 
 
51,465,197
Korea (South) - 13.5%
 
 
 
GS Holdings Corp.
 
206,775
6,029,266
Hana Financial Group, Inc.
 
658,509
19,118,940
Hankook Tire Co. Ltd.
 
170,918
4,842,017
HMM Co. Ltd.
 
805,355
8,710,105
Hyundai Glovis Co. Ltd.
 
49,237
6,239,451
Hyundai Mobis
 
146,877
22,712,353
Hyundai Motor Co. Ltd.
 
279,437
35,152,449
Hyundai Steel Co.
 
190,063
4,615,177
Industrial Bank of Korea
 
638,860
5,279,352
KB Financial Group, Inc.
 
844,103
32,128,047
Kia Corp.
 
591,304
33,731,975
Korea Investment Holdings Co. Ltd.
 
101,931
3,804,902
Korean Air Lines Co. Ltd.
 
409,723
6,224,765
Kumho Petro Chemical Co. Ltd.
 
42,549
3,993,107
LG Corp.
 
294,051
16,806,239
LG Electronics, Inc.
 
183,508
13,592,994
LG Uplus Corp.
 
476,107
3,562,996
Samsung Electronics Co. Ltd.
 
2,089,922
103,871,407
Shinhan Financial Group Co. Ltd.
 
1,124,079
28,850,742
Woori Financial Group, Inc.
 
1,507,582
13,296,363
TOTAL KOREA (SOUTH)
 
 
372,562,647
Kuwait - 0.8%
 
 
 
Agility Public Warehousing Co. KSC (a)
 
3,573,304
6,073,866
Mobile Telecommunication Co.
 
4,718,483
7,334,272
National Bank of Kuwait
 
3,575,855
10,134,189
TOTAL KUWAIT
 
 
23,542,327
Malaysia - 1.5%
 
 
 
Genting Bhd
 
4,745,300
4,015,396
IHH Healthcare Bhd
 
7,055,700
8,881,673
Kuala Lumpur Kepong Bhd
 
1,251,000
5,774,804
PPB Group Bhd
 
1,582,900
5,088,609
Sime Darby Plantation Bhd
 
7,387,400
6,734,577
Tenaga Nasional Bhd
 
5,942,700
12,349,320
TOTAL MALAYSIA
 
 
42,844,379
Mexico - 2.2%
 
 
 
Alfa SA de CV Series A
 
6,970,500
4,345,689
America Movil S.A.B. de CV Series L
 
36,113,800
29,826,085
Arca Continental S.A.B. de CV
 
1,019,600
9,142,977
CEMEX S.A.B. de CV unit (a)
 
17,636,200
10,594,045
Grupo Televisa SA de CV
 
5,630,600
2,582,787
Ternium SA sponsored ADR
 
109,217
4,094,545
TOTAL MEXICO
 
 
60,586,128
Peru - 0.2%
 
 
 
Credicorp Ltd. (United States)
 
36,594
4,572,786
Philippines - 0.7%
 
 
 
Aboitiz Equity Ventures, Inc.
 
5,011,900
4,036,661
Ayala Corp.
 
551,150
5,878,778
Metropolitan Bank & Trust Co.
 
4,003,460
3,682,823
PLDT, Inc.
 
192,325
4,099,858
Universal Robina Corp.
 
726,130
1,396,536
TOTAL PHILIPPINES
 
 
19,094,656
Poland - 0.8%
 
 
 
KGHM Polska Miedz SA (Bearer)
 
52,329
1,394,554
Orlen SA
 
1,188,449
18,763,276
PGE Polska Grupa Energetyczna SA (a)
 
1,897,419
3,287,559
TOTAL POLAND
 
 
23,445,389
Qatar - 0.9%
 
 
 
Industries Qatar QSC (a)
 
3,339,700
11,208,771
Ooredoo QSC
 
1,710,835
4,647,118
Qatar National Bank SAQ
 
2,323,608
9,502,478
TOTAL QATAR
 
 
25,358,367
Russia - 0.1%
 
 
 
Gazprom OAO (c)
 
9,889,350
1,035,073
Inter Rao Ues JSC (c)
 
63,735,100
351,472
Magnit OJSC (c)
 
135,409
2,783
Mobile TeleSystems OJSC sponsored ADR (a)(c)
 
753,517
750,495
Sberbank of Russia (c)
 
440,500
2,709
Surgutneftegas OJSC (c)
 
29,672,400
363,173
VK Co. Ltd. GDR (Reg. S) (a)(c)
 
217,763
479,079
VTB Bank OJSC (a)(c)
 
9,075,720,096
346,829
TOTAL RUSSIA
 
 
3,331,613
Saudi Arabia - 3.5%
 
 
 
Almarai Co. Ltd.
 
556,355
8,289,862
Banque Saudi Fransi
 
962,003
9,192,826
Etihad Etisalat Co.
 
839,652
10,317,720
Riyad Bank
 
1,688,807
11,951,654
Sahara International Petrochemical Co.
 
762,349
6,553,405
Saudi Electricity Co.
 
1,761,760
8,358,921
Saudi Telecom Co.
 
3,429,710
35,105,252
The Savola Group
 
582,283
5,649,616
TOTAL SAUDI ARABIA
 
 
95,419,256
South Africa - 3.1%
 
 
 
Absa Group Ltd.
 
1,264,127
11,525,176
Anglo American Platinum Ltd.
 
123,981
4,142,402
Aspen Pharmacare Holdings Ltd.
 
866,830
7,873,677
Exxaro Resources Ltd.
 
536,372
5,380,556
Growthpoint Properties Ltd. (d)
 
5,717,169
2,972,468
Impala Platinum Holdings Ltd.
 
1,931,851
8,047,303
MTN Group Ltd.
 
1,970,850
9,620,815
MultiChoice Group Ltd. (a)
 
982,129
3,678,735
Sasol Ltd.
 
1,298,732
16,415,634
Sibanye-Stillwater Ltd.
 
6,299,205
8,034,964
Woolworths Holdings Ltd.
 
1,814,035
6,753,904
TOTAL SOUTH AFRICA
 
 
84,445,634
Taiwan - 15.2%
 
 
 
Acer, Inc.
 
6,783,000
7,163,334
ASE Technology Holding Co. Ltd.
 
7,592,000
26,558,977
ASUSTeK Computer, Inc.
 
1,515,000
15,872,742
Catcher Technology Co. Ltd.
 
1,514,000
8,486,841
Cathay Financial Holding Co. Ltd.
 
20,714,023
28,088,319
Compal Electronics, Inc.
 
9,219,000
8,012,836
EVA Airways Corp.
 
5,729,000
4,854,532
Evergreen Marine Corp. (Taiwan)
 
2,260,300
7,515,984
Foxconn Technology Co. Ltd.
 
2,329,000
3,775,967
Fubon Financial Holding Co. Ltd.
 
11,296,675
20,991,059
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
13,992,000
41,729,957
Novatek Microelectronics Corp.
 
1,259,000
17,716,934
Pegatron Corp.
 
4,689,000
10,933,930
Pou Chen Corp.
 
5,640,000
5,023,415
Powerchip Semiconductor Manufacturing Corp.
 
6,606,600
5,430,538
Powertech Technology, Inc.
 
1,588,000
5,155,177
Radiant Opto-Electronics Corp.
 
1,035,000
3,964,083
Sino-American Silicon Products, Inc.
 
1,239,000
6,267,479
Taiwan Semiconductor Manufacturing Co. Ltd.
 
6,933,000
113,146,143
Uni-President Enterprises Corp.
 
8,116,000
17,013,835
Unimicron Technology Corp.
 
2,882,000
12,843,574
United Microelectronics Corp.
 
24,877,000
35,748,413
Wan Hai Lines Ltd.
 
3,122,000
4,458,720
Yang Ming Marine Transport Corp.
 
3,886,000
5,061,030
Zhen Ding Technology Holding Ltd.
 
1,412,400
4,267,015
TOTAL TAIWAN
 
 
420,080,834
Thailand - 1.6%
 
 
 
Advanced Information Service PCL NVDR
 
2,225,500
13,555,561
Bangkok Bank PCL:
 
 
 
 (For. Reg.)
 
400
1,743
 NVDR
 
1,274,000
5,551,906
Charoen Pokphand Foods PCL:
 
 
 
 (For. Reg.)
 
34,900
18,054
 NVDR
 
7,630,800
3,947,470
Kasikornbank PCL:
 
 
 
 (For. Reg.)
 
12,500
45,463
 NVDR
 
2,571,100
9,351,123
SCB X PCL NVDR
 
1,873,300
5,107,696
Thai Beverage PCL
 
19,007,800
7,507,721
TOTAL THAILAND
 
 
45,086,737
Turkey - 0.7%
 
 
 
Haci Omer Sabanci Holding A/S
 
2,115,265
3,996,104
Koc Holding A/S
 
1,819,812
8,790,850
Turkiye Is Bankasi A/S Series C
 
7,169,662
5,311,564
TOTAL TURKEY
 
 
18,098,518
United Arab Emirates - 1.6%
 
 
 
Emaar Properties PJSC
 
7,896,101
14,381,954
Emirates NBD Bank PJSC
 
4,976,618
22,965,879
Multiply Group (a)
 
7,477,417
6,921,649
TOTAL UNITED ARAB EMIRATES
 
 
44,269,482
United States of America - 0.2%
 
 
 
JBS SA
 
1,480,900
5,883,359
 
TOTAL COMMON STOCKS
 (Cost $2,877,127,400)
 
 
 
2,643,537,916
 
 
 
 
Nonconvertible Preferred Stocks - 2.8%
 
 
Shares
Value ($)
 
Brazil - 2.6%
 
 
 
Gerdau SA
 
2,419,390
10,446,793
Metalurgica Gerdau SA (PN)
 
1,691,500
3,465,700
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
8,138,000
56,074,601
TOTAL BRAZIL
 
 
69,987,094
Chile - 0.1%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B)
 
50,837
2,459,488
Colombia - 0.1%
 
 
 
Bancolombia SA (PN)
 
447,671
2,871,359
Russia - 0.0%
 
 
 
AK Transneft OAO (c)
 
2,792
810,352
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $64,570,123)
 
 
 
76,128,293
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (f)
  (Cost $1,868,412)
 
1,900,000
1,868,302
 
 
 
 
Money Market Funds - 1.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (g)
 
38,486,483
38,494,181
Fidelity Securities Lending Cash Central Fund 5.40% (g)(h)
 
2,999,700
3,000,000
 
TOTAL MONEY MARKET FUNDS
 (Cost $41,494,181)
 
 
41,494,181
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $2,985,060,116)
 
 
 
2,763,028,692
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(4,584,065)
NET ASSETS - 100.0%
2,758,444,627
 
 
 
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)
839
Dec 2023
38,560,440
(1,090,836)
(1,090,836)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.4%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $50,212,799 or 1.8% of net assets.
 
(c)
Level 3 security
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,080,665.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
19,455,170
255,325,068
236,286,057
725,568
-
-
38,494,181
0.1%
Fidelity Securities Lending Cash Central Fund 5.40%
1,612,397
239,621,177
238,233,574
247,005
-
-
3,000,000
0.0%
Total
21,067,567
494,946,245
474,519,631
972,573
-
-
41,494,181
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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
244,527,679
111,417,365
131,880,740
1,229,574
Consumer Discretionary
369,355,517
17,234,847
352,120,670
-
Consumer Staples
138,515,798
33,611,081
104,901,934
2,783
Energy
144,754,381
87,795,673
54,750,110
2,208,598
Financials
658,282,318
141,078,620
516,854,160
349,538
Health Care
93,322,845
7,873,677
85,449,168
-
Industrials
180,278,696
45,204,569
135,074,127
-
Information Technology
558,784,696
3,271,203
555,513,493
-
Materials
215,461,891
89,281,059
126,180,832
-
Real Estate
43,123,829
17,354,422
25,769,407
-
Utilities
73,258,559
15,782,523
57,124,564
351,472
 Government Obligations
1,868,302
-
1,868,302
-
  Money Market Funds
41,494,181
41,494,181
-
-
 Total Investments in Securities:
2,763,028,692
611,399,220
2,147,487,507
4,141,965
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(1,090,836)
(1,090,836)
-
-
  Total Liabilities
(1,090,836)
(1,090,836)
-
-
 Total Derivative Instruments:
(1,090,836)
(1,090,836)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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
(1,090,836)
Total Equity Risk
0
(1,090,836)
Total Value of Derivatives
0
(1,090,836)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $2,584,428) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,943,565,935)
$
2,721,534,511
 
 
Fidelity Central Funds (cost $41,494,181)
41,494,181
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,985,060,116)
 
 
$
2,763,028,692
Foreign currency held at value (cost $4,221,823)
 
 
4,216,586
Receivable for fund shares sold
 
 
2,317,512
Dividends receivable
 
 
5,813,151
Distributions receivable from Fidelity Central Funds
 
 
144,073
Prepaid expenses
 
 
3,390
Other receivables
 
 
382,004
  Total assets
 
 
2,775,905,408
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
890,942
 
 
Accrued management fee
350,648
 
 
Payable for daily variation margin on futures contracts
241,189
 
 
Deferred taxes
12,312,442
 
 
Other payables and accrued expenses
665,560
 
 
Collateral on securities loaned
3,000,000
 
 
  Total Liabilities
 
 
 
17,460,781
Net Assets  
 
 
$
2,758,444,627
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,178,256,686
Total accumulated earnings (loss)
 
 
 
(419,812,059)
Net Assets
 
 
$
2,758,444,627
Net Asset Value, offering price and redemption price per share ($2,758,444,627 ÷ 244,818,579 shares)
 
 
$
11.27
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
150,610,028
Interest  
 
 
100,090
Income from Fidelity Central Funds (including $247,005 from security lending)
 
 
972,573
 Income before foreign taxes withheld
 
 
$
151,682,691
Less foreign taxes withheld
 
 
(17,813,290)
 Total Income
 
 
 
133,869,401
Expenses
 
 
 
 
Management fee
$
4,141,661
 
 
Custodian fees and expenses
1,698,634
 
 
Independent trustees' fees and expenses
9,472
 
 
Registration fees
97,630
 
 
Audit
97,216
 
 
Legal
3,160
 
 
Interest
126,333
 
 
Miscellaneous
13,557
 
 
 Total Expenses
 
 
 
6,187,663
Net Investment income (loss)
 
 
 
127,681,738
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $1,688,078)
 
(128,353,720)
 
 
 Foreign currency transactions
 
(568,467)
 
 
 Futures contracts
 
2,249,443
 
 
Total net realized gain (loss)
 
 
 
(126,672,744)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $6,257,757)  
 
378,091,203
 
 
 Assets and liabilities in foreign currencies
 
(63,959)
 
 
 Futures contracts
 
(908,699)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
377,118,545
Net gain (loss)
 
 
 
250,445,801
Net increase (decrease) in net assets resulting from operations
 
 
$
378,127,539
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
127,681,738
$
126,441,332
Net realized gain (loss)
 
(126,672,744)
 
 
(160,063,213)
 
Change in net unrealized appreciation (depreciation)
 
377,118,545
 
(724,011,121)
 
Net increase (decrease) in net assets resulting from operations
 
378,127,539
 
 
(757,633,002)
 
Distributions to shareholders
 
(124,080,652)
 
 
(110,523,013)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
172,147,252
 
1,475,059,590
  Reinvestment of distributions
 
113,809,111
 
 
110,523,013
 
Cost of shares redeemed
 
(214,463,522)
 
(254,572,119)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
71,492,841
 
 
1,331,010,484
 
Total increase (decrease) in net assets
 
325,539,728
 
 
462,854,469
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,432,904,899
 
1,970,050,430
 
End of period
$
2,758,444,627
$
2,432,904,899
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
15,065,921
 
116,250,779
  Issued in reinvestment of distributions
 
10,374,577
 
 
8,108,805
 
Redeemed
 
(19,027,713)
 
(23,481,271)
Net increase (decrease)
 
6,412,785
 
100,878,313
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI Emerging Markets Value Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.20
$
14.32
$
11.78
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.53
 
.61
 
.51
 
.19
     Net realized and unrealized gain (loss)
 
1.07
 
(4.04)
 
2.22
 
1.59
  Total from investment operations
 
1.60  
 
(3.43)  
 
2.73  
 
1.78  
  Distributions from net investment income
 
(.53)
 
(.37)
 
(.17)
 
-
  Distributions from net realized gain
 
-
 
(.32)
 
(.02)
 
-
     Total distributions
 
(.53)
 
(.69)
 
(.19)
 
-
  Net asset value, end of period
$
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%
 
.22%
 
.22%
 
.27% H,I
    Expenses net of fee waivers, if any
 
.22%
 
.22%
 
.22%
 
.25% I
    Expenses net of all reductions
 
.22%
 
.22%
 
.22%
 
.25% I
    Net investment income (loss)
 
4.63%
 
4.95%
 
3.53%
 
3.43% I
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,758,445
$
2,432,905
$
1,970,050
$
838,148
    Portfolio turnover rate J
 
35%
 
30%
 
33%
 
17% K
 
AFor the period May 12, 2020 (commencement of operations) through October 31, 2020.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAudit fees are not annualized.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
KAmount not annualized.
 
For the period ended October 31, 2023
 
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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities.  U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to, futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$247,083,704
Gross unrealized depreciation
(504,861,151)
Net unrealized appreciation (depreciation)
$(257,777,447)
Tax Cost
$3,020,806,139
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$122,190,850
Capital loss carryforward
$(271,838,382)
Net unrealized appreciation (depreciation) on securities and other investments
$(257,852,085)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(120,116,043)
 Long-term
(151,722,339)
Total capital loss carryforward
$(271,838,382)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$124,080,652
$ 96,324,436
Long-term Capital Gains
-
14,198,577
Total
$124,080,652
$ 110,523,013
 
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
998,351,091
950,053,249
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
$ 16,177,980
4.90%
$108,006
 
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
$4,957
 
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
$26,171
$-
$-
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI Emerging Markets Value Index Fund
$13,659,800
4.83%
$ 18,327
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
Fidelity SAI Emerging Markets Value Index Fund
27%
64%
 
 
 
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
91%
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
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI Emerging Markets Value Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI Emerging Markets Value Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2023 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the three years in the period ended October 31, 2023 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Laura M. Bishop, Jonathan Chiel, Robert W. Helm, Christine J. Thompson, and Carol J. Zierhoffer, each of the Trustees oversees 313 funds. Mr. Chiel oversees 191 funds. Ms. Bishop, Mr. Helm, Ms. Thompson, and Ms. Zierhoffer each oversees 229 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.
Christine J. Thompson (1958)
Year of Election or Appointment: 2023
Trustee
Ms. Thompson also serves as a Trustee of other Fidelity® funds. Ms. Thompson serves as Leader of Advanced Technologies for Investment Management at Fidelity Investments (2018-present). Previously, Ms. Thompson served as Chief Investment Officer in the Bond group at Fidelity Management & Research Company (2010-2018) and held various other roles including Director of municipal bond portfolio managers and Portfolio Manager of certain Fidelity® funds.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Laura M. Bishop (1961)
Year of Election or Appointment: 2023
Trustee
Ms. Bishop also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting). Previously, Ms. Bishop served as a Member of the Advisory Board of certain Fidelity® funds (2022-2023).    
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Robert W. Helm (1957)
Year of Election or Appointment: 2023
Trustee
Mr. Helm also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon. Previously, Mr. Helm served as a Member of the Advisory Board of certain Fidelity® funds (2021-2023).     
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
Carol J. Zierhoffer (1960)
Year of Election or Appointment: 2023
Trustee
Ms. Zierhoffer also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016), and as a Member of the Advisory Board of certain Fidelity® funds (2023).    
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Robin Foley (1964)
Year of Election or Appointment: 2023
Vice President
Ms. Foley also serves as Vice President of other funds. Ms. Foley serves as Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley served as Chief Investment Officer of Bonds (2017-2023).     
Christopher M. Gouveia (1973)
Year of Election or Appointment: 2023
Chief Compliance Officer
Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).          
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
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 (May 1, 2023 to October 31, 2023).
 
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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Emerging Markets Value Index Fund
 
 
 
.22%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 978.30
 
$ 1.10
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.10
 
$ 1.12
 
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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates 49.56% % of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.6024 and $0.0744 for the dividend paid December 12, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI Emerging Markets Value Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for 2022 and below the competitive median of the asset size peer group for 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked above the competitive median of the similar sales load structure group for 2022 and above the competitive median of the total expense asset size peer group for 2022. 
The Board considered that, when compared to a subset of each group that excludes funds in a fund complex with a unique at-cost service model, the fund's total expense ratio would not be above the competitive median for 2022.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.25% through February 29, 2024.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and Fidelity's views regarding portfolio manager investment in the Fidelity funds that they manage; (iii) hiring, training, and retaining personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends and market conditions; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (x) information concerning expense limitations applicable to certain funds; and (xi) matters related to money market funds, exchange-traded funds, and target date funds.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2024.
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
378,729,502,260.010
97.580
Withheld
9,407,876,478.960
2.420
TOTAL
388,137,378,738.970
100.000
Jennifer Toolin McAuliffe
Affirmative
378,454,868,010.950
97.510
Withheld
9,682,510,728.020
2.490
TOTAL
388,137,378,738.970
100.000
Christine J. Thompson
Affirmative
378,837,121,274.520
97.600
Withheld
9,300,257,464.450
2.400
TOTAL
388,137,378,738.970
100.000
Elizabeth S. Acton
Affirmative
378,262,110,794.850
97.460
Withheld
9,875,267,944.120
2.540
TOTAL
388,137,378,738.970
100.000
Laura M. Bishop
Affirmative
380,482,113,171.060
98.030
Withheld
7,655,265,567.910
1.970
TOTAL
388,137,378,738.970
100.000
Ann E. Dunwoody
Affirmative
380,016,034,008.120
97.910
Withheld
8,121,344,730.850
2.090
TOTAL
388,137,378,738.970
100.000
John Engler
Affirmative
379,432,488,394.200
97.760
Withheld
8,704,890,344.770
2.240
TOTAL
388,137,378,738.970
100.000
Robert F. Gartland
Affirmative
378,741,819,600.600
97.580
Withheld
9,395,559,138.370
2.420
TOTAL
388,137,378,738.970
100.000
Robert W. Helm
Affirmative
380,389,324,755.070
98.000
Withheld
7,748,053,983.900
2.000
TOTAL
388,137,378,738.970
100.000
Arthur E. Johnson
Affirmative
378,427,694,151.670
97.500
Withheld
9,709,684,587.300
2.500
TOTAL
388,137,378,738.970
100.000
Michael E. Kenneally
Affirmative
377,842,228,145.180
97.350
Withheld
10,295,150,593.790
2.650
TOTAL
388,137,378,738.970
100.000
Mark A. Murray
Affirmative
380,158,432,703.370
97.940
Withheld
7,978,946,035.600
2.060
TOTAL
388,137,378,738.970
100.000
Carol J. Zierhoffer
Affirmative
380,522,113,360.240
98.040
Withheld
7,615,265,378.730
1.960
TOTAL
388,137,378,738.970
100.000
 
 
 
Proposal 1 reflects trust wide proposal and voting results.
 
1.9900583.103
EMV-ANN-1223
Fidelity® Emerging Markets Index Fund
Fidelity® Global ex U.S. Index Fund
 
 
Annual Report
October 31, 2023

Contents

Fidelity® Emerging Markets Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Global ex U.S. Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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. © 2023 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.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Emerging Markets Index Fund
10.74%
1.43%
1.31%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Markets Index Fund on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
Fidelity® Emerging Markets Index Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuations also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 10.74%, versus 10.84% for the benchmark MSCI Emerging Markets (Net MA) Index. From a regional standpoint, Emerging Asia gained 14% and contributed most, followed by Emerging Europe (+13%). In contrast, Middle East returned -13% and was a notable detractor. By sector, information technology gained 22% and contributed most, driven by the semiconductors & semiconductor equipment industry (+33%). Consumer discretionary stocks also helped (+17%). Communication services rose 22%, financials gained approximately 5%, lifted by insurance (+29%), and energy advanced 12%. Other notable contributors included the consumer staples (+6%), real estate (+12%) and health care (+3%) sectors. Conversely, materials returned -3% and detracted most. Utilities (-8%) and industrials (+0.29%), especially in the capital goods industry (+0.26%), also hurt. Turning to individual stocks, the top contributor was Taiwan Semiconductor (+37%), from the semiconductors & semiconductor equipment category. Tencent Holdings (+50%), a stock in the media & entertainment industry, contributed. Samsung Electronics, within the technology hardware & equipment category, gained 19% and lifted the fund. In consumer discretionary distribution & retail, Alibaba gained roughly 31% and lifted the fund. Lastly, Petrobras (+63%), a stock in the energy category, boosted the fund. In contrast, the biggest individual detractor was Meituan (-12%), from the consumer services group. In consumer discretionary distribution & retail, JD.com returned -30%. In technology hardware & equipment, Samsung SDI returned -39% and detracted, while Adani Total Gas, within the utilities group, returned approximately -82%. Lastly, EcoPro, within the materials group, returned about -52%.
.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Emerging Markets Index Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
6.2
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
3.8
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
3.7
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
2.6
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
1.3
 
Meituan Class B (China, Hotels, Restaurants & Leisure)
1.1
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
1.0
 
ICICI Bank Ltd.  (India, Banks)
0.9
 
Infosys Ltd.  (India, IT Services)
0.8
 
China Construction Bank Corp. (H Shares)  (China, Banks)
0.8
 
 
22.2
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.9
 
Information Technology
19.9
 
Consumer Discretionary
12.8
 
Communication Services
8.9
 
Materials
6.7
 
Industrials
6.2
 
Consumer Staples
6.0
 
Energy
5.2
 
Health Care
4.1
 
Utilities
3.0
 
Real Estate
1.6
 
 
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.
 
 
Fidelity® Emerging Markets Index Fund
Showing Percentage of Net Assets     
Common Stocks - 94.3%
 
 
Shares
Value ($)
 
Brazil - 3.7%
 
 
 
Ambev SA
 
4,583,100
11,690,121
Atacadao SA
 
612,900
1,090,437
B3 SA - Brasil Bolsa Balcao
 
5,642,142
12,421,833
Banco Bradesco SA
 
1,557,080
3,795,609
Banco BTG Pactual SA unit
 
1,143,700
6,714,637
Banco do Brasil SA
 
833,400
7,992,243
Banco Santander SA (Brasil) unit
 
362,900
1,937,674
BB Seguridade Participacoes SA
 
678,800
4,141,397
CCR SA
 
979,500
2,327,448
Centrais Eletricas Brasileiras SA (Electrobras)
 
1,149,565
7,943,838
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
332,700
3,851,777
Companhia Siderurgica Nacional SA (CSN)
 
642,900
1,499,579
Cosan SA
 
1,180,796
3,688,707
CPFL Energia SA (a)
 
218,100
1,446,574
Energisa SA unit
 
205,800
1,902,581
Eneva SA (a)
 
850,800
1,825,885
ENGIE Brasil Energia SA
 
200,750
1,564,829
Equatorial Energia SA
 
991,980
6,217,398
Hapvida Participacoes e Investimentos SA (a)(b)
 
5,117,044
3,745,107
Hypera SA (a)
 
368,400
2,213,286
Itausa-Investimentos Itau SA
 
73,365
124,852
Klabin SA unit
 
734,700
3,118,477
Localiza Rent a Car SA
 
873,934
8,817,776
Localiza Rent a Car SA rights 11/10/23 (a)
 
6,408
8,897
Lojas Renner SA (a)
 
933,498
2,269,983
Magazine Luiza SA (a)
 
2,943,224
776,415
Natura & Co. Holding SA
 
871,390
2,203,644
Petroleo Brasileiro SA - Petrobras (ON)
 
3,589,997
26,944,114
Prio SA (a)
 
774,200
7,324,707
Raia Drogasil SA
 
1,249,536
6,394,214
Rede D'Oregon Sao Luiz SA (b)
 
554,920
2,379,604
Rumo SA
 
1,258,300
5,568,041
Sendas Distribuidora SA
 
1,309,200
2,840,809
Suzano Papel e Celulose SA
 
770,217
7,878,235
Telefonica Brasil SA
 
403,500
3,620,636
TIM SA
 
820,900
2,469,986
Totvs SA
 
508,200
2,551,206
Ultrapar Participacoes SA
 
702,600
2,849,838
Vale SA
 
3,300,907
45,175,303
Vibra Energia SA (a)
 
1,129,491
4,433,506
Weg SA
 
1,627,964
10,658,817
TOTAL BRAZIL
 
 
236,420,020
Chile - 0.4%
 
 
 
Banco de Chile
 
44,087,921
4,529,480
Banco de Credito e Inversiones
 
73,972
1,768,716
Banco Santander Chile
 
63,959,192
2,788,478
Cencosud SA
 
1,251,133
2,026,975
Compania Cervecerias Unidas SA
 
125,964
716,095
Compania Sud Americana de Vapores SA
 
14,909,355
827,927
Empresas CMPC SA
 
1,090,735
1,949,917
Empresas COPEC SA
 
378,195
2,503,693
Enel Americas SA (a)
 
20,621,719
2,119,774
Enel Chile SA
 
26,843,636
1,589,623
Falabella SA
 
849,597
1,730,045
TOTAL CHILE
 
 
22,550,723
China - 28.7%
 
 
 
360 Security Technology, Inc. (A Shares) (a)
 
415,500
510,647
37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares)
 
129,000
364,965
3Peak, Inc. (A Shares)
 
6,867
151,231
3SBio, Inc. (b)
 
1,773,500
1,577,780
AAC Technology Holdings, Inc.
 
697,500
1,255,526
Accelink Technologies Co. Ltd. (A Shares)
 
46,700
172,120
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)
 
35,954
842,310
AECC Aero-Engine Control Co. Ltd. (A Shares)
 
77,100
218,918
AECC Aviation Power Co. Ltd.
 
155,500
752,070
Agricultural Bank of China Ltd.:
 
 
 
 (A Shares)
 
4,900,000
2,405,101
 (H Shares)
 
28,388,000
10,485,297
Aier Eye Hospital Group Co. Ltd. (A Shares)
 
542,971
1,357,793
AIMA Technology Group Co. Ltd.
 
50,000
192,063
Air China Ltd.:
 
 
 
 (A Shares) (a)
 
591,200
648,477
 (H Shares) (a)
 
1,912,000
1,300,750
Airtac International Group
 
136,551
4,486,011
Akeso, Inc. (a)(b)
 
489,000
2,746,007
Alibaba Group Holding Ltd. (a)
 
15,921,840
163,916,602
Alibaba Health Information Technology Ltd. (a)
 
5,250,000
3,092,664
Aluminum Corp. of China Ltd.:
 
 
 
 (A shares)
 
826,400
700,453
 (H Shares)
 
3,714,000
1,986,732
Amlogic Shanghai Co. Ltd. (A Shares) (a)
 
24,160
198,538
Angel Yeast Co. Ltd. (A Shares)
 
50,800
242,943
Anhui Conch Cement Co. Ltd.:
 
 
 
 (A Shares)
 
245,600
812,383
 (H Shares)
 
1,177,000
2,929,194
Anhui Gujing Distillery Co. Ltd.:
 
 
 
 (A Shares)
 
23,200
884,389
 (B Shares)
 
106,200
1,655,279
Anhui Honglu Steel Construction Group Co. Ltd.
 
40,210
138,157
Anhui Jianghuai Automobile Group Corp. Ltd. (A Shares) (a)
 
126,900
314,554
Anhui Kouzi Distillery Co. Ltd. (A Shares)
 
35,000
240,245
Anhui Yingjia Distillery Co. Ltd. (A Shares)
 
38,900
407,933
Anjoy Foods Group Co. Ltd. (A Shares)
 
17,000
300,319
Anker Innovations Technology Co. Ltd. (A Shares)
 
19,700
252,385
Anta Sports Products Ltd.
 
1,236,000
13,978,531
Apeloa Pharmaceutical Co. Ltd. A Shares
 
68,300
161,010
Asia - Potash International Investment Guangzhou Co. Ltd. (A Shares) (a)
 
54,000
210,552
ASR Microelectronics Co. Ltd. (A Shares)
 
24,255
216,198
Asymchem Laboratories Tianjin Co. Ltd. (A Shares)
 
19,940
411,574
Autobio Diagnostics Co. Ltd.
 
34,300
208,449
Autohome, Inc. ADR Class A
 
65,668
1,756,619
Avary Holding Shenzhen Co. Ltd. (A Shares)
 
112,300
329,144
AVIC Capital Co. Ltd. (A Shares)
 
513,700
233,971
AviChina Industry & Technology Co. Ltd. (H Shares)
 
2,412,000
1,093,159
Avicopter PLC (A Shares)
 
34,500
179,115
BAIC BluePark New Energy Technology Co. Ltd. (A Shares) (a)
 
324,200
303,906
Baidu, Inc. Class A (a)
 
2,186,852
28,710,762
Bank of Beijing Co. Ltd. (A Shares)
 
1,226,980
765,191
Bank of Changsha Co. Ltd. (A Shares)
 
232,500
233,599
Bank of Chengdu Co. Ltd. (A Shares)
 
221,400
374,262
Bank of China Ltd.:
 
 
 
 (A Shares)
 
1,997,700
1,065,067
 (H Shares)
 
77,104,000
26,935,157
Bank of Communications Co. Ltd.:
 
 
 
 (A Shares)
 
2,212,800
1,703,030
 (H Shares)
 
8,587,000
5,079,261
Bank of Hangzhou Co. Ltd. (A Shares)
 
343,120
501,957
Bank of Jiangsu Co. Ltd. (A Shares)
 
901,800
850,942
Bank of Nanjing Co. Ltd. (A Shares)
 
599,800
642,997
Bank of Ningbo Co. Ltd. (A Shares)
 
384,180
1,312,266
Bank of Shanghai Co. Ltd. (A Shares)
 
823,377
683,390
Bank of Suzhou Co. Ltd.
 
211,900
181,966
Baoshan Iron & Steel Co. Ltd. (A Shares)
 
1,296,800
1,109,561
BeiGene Ltd. (a)
 
670,030
9,618,871
Beijing Capital International Airport Co. Ltd. (H Shares) (a)
 
1,822,000
671,111
Beijing Dabeinong Technology Group Co. Ltd. (A Shares) (a)
 
243,900
235,113
Beijing E-Hualu Information Technology Co. Ltd. (A Shares) (a)
 
39,200
155,511
Beijing Easpring Material Technology Co. Ltd. (A Shares)
 
29,600
178,513
Beijing Enlight Media Co. Ltd. (A Shares)
 
171,500
183,430
Beijing Enterprises Holdings Ltd.
 
492,500
1,640,942
Beijing Enterprises Water Group Ltd.
 
3,860,000
814,481
Beijing Kingsoft Office Software, Inc. (A Shares)
 
26,847
1,056,195
Beijing New Building Materials PLC (A Shares)
 
98,200
328,397
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares)
 
73,000
248,565
Beijing Roborock Technology Co. Ltd. (A Shares)
 
7,579
327,685
Beijing Shiji Information Technology Co. Ltd. (A Shares)
 
132,196
190,718
Beijing Tiantan Biological Products Corp. Ltd. (A Shares)
 
95,800
378,038
Beijing Tongrentang Co. Ltd. (A Shares)
 
79,800
560,117
Beijing United Information Technology Co. Ltd. (A Shares)
 
42,070
216,616
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares)
 
49,207
295,152
Beijing Yanjing Brewery Co. Ltd. (A Shares)
 
164,700
234,177
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares)
 
1,905,000
1,302,455
Beiqi Foton Motor Co. Ltd. (A Shares) (a)
 
464,900
192,733
Bethel Automotive Safety Systems Co. Ltd. (A Shares)
 
23,900
247,377
Betta Pharmaceuticals Co. Ltd. (A Shares)
 
24,300
202,152
BGI Genomics Co. Ltd.
 
24,100
162,174
Bilibili, Inc. Class Z (a)(c)
 
190,452
2,555,434
Bloomage Biotechnology Corp. Ltd. (A Shares)
 
28,015
292,887
BOC Aviation Ltd. Class A (b)
 
201,700
1,240,472
BOC International China Co. Ltd.
 
161,900
241,331
BOE Technology Group Co. Ltd. (A Shares)
 
2,183,000
1,170,323
Bosideng International Holdings Ltd.
 
3,694,000
1,458,500
BTG Hotels Group Co. Ltd. (a)
 
64,500
147,280
By-Health Co. Ltd. (A Shares)
 
98,400
246,418
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
105,900
3,456,217
 (H Shares)
 
1,011,000
30,744,641
BYD Electronic International Co. Ltd.
 
764,500
3,191,417
C&D International Investment Group Ltd.
 
716,674
1,612,352
Caitong Securities Co. Ltd.
 
271,490
294,788
Cambricon Technologies Corp. Ltd. (A Shares) (a)
 
24,229
357,678
Canmax Technologies Co. Ltd. (A Shares)
 
48,320
179,746
CECEP Solar Energy Co. Ltd. (A Shares)
 
221,500
173,829
CECEP Wind-Power Corp. (A Shares)
 
366,910
159,055
CETC Cyberspace Security Technology Co. Ltd. (A Shares)
 
49,100
148,055
CGN Power Co. Ltd. (H Shares) (b)
 
10,377,000
2,493,672
Changchun High & New Technology Industry Group, Inc. (A Shares)
 
23,500
500,271
Changjiang Securities Co. Ltd. (A Shares)
 
323,200
251,423
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares)
 
16,500
329,953
Chaozhou Three-Circle Group Co. (A Shares)
 
111,400
470,490
Chengxin Lithium Group Co. Ltd. (A Shares)
 
52,900
169,928
Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a)
 
96,900
195,084
China Baoan Group Co. Ltd. (A Shares)
 
150,200
212,215
China Cinda Asset Management Co. Ltd. (H Shares)
 
9,218,000
896,386
China CITIC Bank Corp. Ltd.:
 
 
 
 (A Shares)
 
32,900
24,199
 (H Shares)
 
8,594,000
3,833,855
China Coal Energy Co. Ltd. (H Shares)
 
1,990,000
1,563,079
China Communications Services Corp. Ltd. (H Shares)
 
2,320,000
948,941
China Conch Venture Holdings Ltd.
 
1,406,000
1,164,412
China Construction Bank Corp.:
 
 
 
 (A Shares)
 
488,800
418,890
 (H Shares)
 
93,357,000
52,798,807
China CSSC Holdings Ltd. (A Shares)
 
259,900
919,746
China Eastern Airlines Corp. Ltd. (A Shares) (a)
 
988,700
589,314
China Energy Engineering Corp. Ltd. (A Shares)
 
1,897,500
565,625
China Everbright Bank Co. Ltd.:
 
 
 
 (A Shares)
 
2,528,700
1,026,510
 (H Shares)
 
3,323,000
947,874
China Everbright International Ltd.
 
3,584,333
1,223,607
China Feihe Ltd. (b)
 
3,518,000
2,185,987
China Film Co. Ltd. (A Shares) (a)
 
108,300
176,973
China Galaxy Securities Co. Ltd.:
 
 
 
 (A Shares)
 
259,800
430,869
 (H Shares)
 
3,398,500
1,739,381
China Gas Holdings Ltd.
 
2,649,000
2,381,469
China Great Wall Securities Co. Ltd. (A Shares)
 
236,300
269,998
China Greatwall Technology Group Co. Ltd. (A Shares)
 
187,400
281,667
China Hongqiao Group Ltd.
 
2,298,000
2,151,421
China Huishan Dairy Holdings Co. Ltd. (a)(d)
 
888,000
1
China International Capital Corp. Ltd.
 
114,200
575,403
China International Capital Corp. Ltd. (H Shares) (b)
 
1,474,800
2,348,997
China Jinmao Holdings Group Ltd.
 
5,906,210
724,437
China Jushi Co. Ltd. (A Shares)
 
232,104
367,412
China Life Insurance Co. Ltd.:
 
 
 
 (A Shares)
 
156,100
717,049
 (H Shares)
 
7,234,000
9,797,721
China Literature Ltd. (a)(b)
 
394,600
1,328,809
China Longyuan Power Grid Corp. Ltd. (H Shares)
 
3,255,000
2,755,449
China Medical System Holdings Ltd.
 
1,308,000
2,091,621
China Meheco Co. Ltd. (A Shares)
 
87,760
143,436
China Meidong Auto Holding Ltd. (c)
 
650,000
348,589
China Mengniu Dairy Co. Ltd.
 
3,061,000
9,994,584
China Merchants Bank Co. Ltd.:
 
 
 
 (A Shares)
 
1,211,000
5,095,977
 (H Shares)
 
3,770,846
14,303,930
China Merchants Energy Shipping Co. Ltd. (A Shares)
 
472,600
415,557
China Merchants Holdings International Co. Ltd.
 
1,357,283
1,727,733
China Merchants Securities Co. Ltd. (A Shares)
 
434,000
839,156
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
451,000
680,422
China Minmetals Rare Earth Co. Ltd. (A Shares)
 
57,100
234,170
China Minsheng Banking Corp. Ltd.:
 
 
 
 (A Shares)
 
2,617,500
1,331,147
 (H Shares)
 
5,524,040
1,836,527
China National Building Materials Co. Ltd. (H Shares)
 
3,756,000
1,787,841
China National Chemical Engineering Co. Ltd. (A Shares)
 
355,700
340,508
China National Medicines Corp. Ltd. (A Shares)
 
43,900
172,780
China National Nuclear Power Co. Ltd. (A Shares)
 
1,097,100
1,113,083
China National Software & Service Co. Ltd. (A Shares)
 
49,910
234,671
China Northern Rare Earth Group High-Tech Co. Ltd.
 
210,500
601,572
China Oilfield Services Ltd. (H Shares)
 
1,754,000
2,073,789
China Overseas Land and Investment Ltd.
 
3,715,000
7,010,612
China Overseas Property Holdings Ltd.
 
1,275,000
1,107,314
China Pacific Insurance (Group) Co. Ltd.
 
393,700
1,492,937
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
2,563,000
6,313,618
China Petroleum & Chemical Corp.:
 
 
 
 (A Shares)
 
2,099,700
1,568,022
 (H Shares)
 
23,629,000
12,084,764
China Power International Development Ltd.
 
4,821,563
1,873,831
China Railway Group Ltd.:
 
 
 
 (A Shares)
 
1,188,100
982,682
 (H Shares)
 
4,094,000
1,932,222
China Railway Signal & Communications Corp. (A Shares)
 
417,386
268,001
China Resource Gas Group Ltd.
 
900,800
2,662,879
China Resources Beer Holdings Co. Ltd.
 
1,572,878
8,323,147
China Resources Cement Holdings Ltd.
 
2,362,000
607,338
China Resources Land Ltd.
 
3,110,744
11,643,852
China Resources Microelectronics Ltd. (A Shares)
 
76,694
557,784
China Resources Mixc Lifestyle Services Ltd. (b)
 
664,400
2,592,103
China Resources Pharmaceutical Group Ltd. (b)
 
1,522,500
945,772
China Resources Power Holdings Co. Ltd.
 
1,869,691
3,623,258
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares)
 
57,400
338,346
China Ruyi Holdings Ltd. (a)(c)
 
5,436,000
1,251,784
China Shenhua Energy Co. Ltd.:
 
 
 
 (A Shares)
 
358,700
1,485,739
 (H Shares)
 
3,308,000
10,138,928
China Southern Airlines Ltd.:
 
 
 
 (A Shares) (a)
 
487,000
411,202
 (H Shares) (a)
 
2,096,000
991,803
China State Construction Engineering Corp. Ltd. (A Shares)
 
2,441,780
1,728,496
China State Construction International Holdings Ltd.
 
1,957,000
2,096,221
China Taiping Insurance Group Ltd.
 
1,393,777
1,287,538
China Three Gorges Renewables Group Co. Ltd. (A Shares)
 
1,652,000
1,084,282
China Tourism Group Duty Free Corp. Ltd.:
 
 
 
 (A Shares)
 
111,200
1,438,538
 (H Shares) (b)
 
81,700
922,655
China Tower Corp. Ltd. (H Shares) (b)
 
43,022,000
4,011,839
China Traditional Chinese Medicine Holdings Co. Ltd.
 
2,928,000
1,442,761
China United Network Communications Ltd. (A Shares)
 
1,849,900
1,127,641
China Vanke Co. Ltd.:
 
 
 
 (A Shares)
 
594,700
920,066
 (H Shares)
 
2,091,900
1,957,090
China XD Electric Co. Ltd. (A Shares)
 
299,900
189,547
China Yangtze Power Co. Ltd. (A Shares)
 
1,433,300
4,422,560
China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares)
 
30,200
276,340
China Zheshang Bank Co. Ltd.
 
1,248,480
435,417
ChinaSoft International Ltd.
 
2,602,000
1,887,798
Chongqing Brewery Co. Ltd. (A Shares)
 
28,200
302,631
Chongqing Changan Automobile Co. Ltd. (A Shares)
 
481,176
995,990
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares)
 
67,260
142,062
Chongqing Rural Commercial Bank Co. Ltd.:
 
 
 
 (A Shares)
 
459,300
266,882
 (H Shares)
 
70,000
26,501
Chongqing Taiji Industry Group Co. Ltd. (A Shares) (a)
 
32,400
185,922
Chongqing Zhifei Biological Products Co. Ltd. (A Shares)
 
139,650
1,197,167
Chow Tai Fook Jewellery Group Ltd.
 
1,938,000
2,736,697
CITIC Pacific Ltd.
 
5,640,000
4,793,654
CITIC Securities Co. Ltd.:
 
 
 
 (A Shares)
 
733,695
2,178,338
 (H Shares)
 
1,743,425
3,392,457
Cmoc Group Ltd.:
 
 
 
 (A Shares)
 
955,900
724,935
 (H Shares)
 
3,720,000
2,218,650
CNGR Advanced Material Co. Ltd.
 
39,100
290,912
CNNC Hua Yuan Titanium Dioxide Co. Ltd. (A Shares)
 
225,620
146,933
CNPC Capital Co. Ltd. (A Shares)
 
367,300
298,011
Contemporary Amperex Technology Co. Ltd.
 
255,880
6,498,675
COSCO Shipping Development Co. Ltd. (A Shares)
 
577,600
181,587
COSCO Shipping Energy Transportation Co. Ltd.:
 
 
 
 (A Shares)
 
190,200
374,888
 (H Shares)
 
1,276,000
1,353,240
COSCO SHIPPING Holdings Co. Ltd.:
 
 
 
 (A Shares) (a)
 
688,410
920,055
 (H Shares)
 
3,001,550
3,052,688
Cosco Shipping Ports Ltd.
 
1,356,977
818,653
Country Garden Holdings Co. Ltd. (a)(c)
 
12,058,958
1,078,345
Country Garden Services Holdings Co. Ltd. (c)
 
2,128,000
1,858,823
CRRC Corp. Ltd.:
 
 
 
 (A Shares)
 
1,405,800
1,026,960
 (H Shares)
 
4,249,000
1,770,236
CSC Financial Co. Ltd. (A Shares)
 
252,800
836,182
CSPC Pharmaceutical Group Ltd.
 
8,655,840
7,560,615
Dajin Heavy Industry Co. Ltd.
 
37,600
142,451
Daqin Railway Co. Ltd. (A Shares)
 
882,500
869,982
Daqo New Energy Corp. ADR (a)
 
56,168
1,430,037
DaShenLin Pharmaceutical Group Co. Ltd.
 
66,367
216,069
Datang International Power Generation Co. Ltd. (A Shares)
 
586,200
207,569
DHC Software Co. Ltd. (A Shares)
 
185,900
160,224
Do-Fluoride New Materials Co. Ltd. (A Shares)
 
68,880
150,689
Dong-E-E-Jiao Co. Ltd. (A Shares)
 
37,500
237,944
Dongfang Electric Corp. Ltd. (A Shares)
 
162,100
330,302
Dongfeng Motor Group Co. Ltd. (H Shares)
 
2,548,000
1,121,692
Dongxing Securities Co. Ltd. (A Shares)
 
186,800
204,324
Dongyue Group Co. Ltd.
 
1,529,000
1,217,925
East Buy Holding Ltd. (a)(b)(c)
 
393,500
1,605,285
East Money Information Co. Ltd. (A Shares)
 
922,917
1,926,130
Eastroc Beverage Group Co. Ltd.
 
15,500
407,045
Ecovacs Robotics Co. Ltd. Class A
 
33,200
196,029
ENN Energy Holdings Ltd.
 
768,300
5,819,985
ENN Natural Gas Co. Ltd. (A Shares)
 
148,100
349,591
Eoptolink Technology, Inc. Ltd. (A Shares)
 
41,200
177,719
Eve Energy Co. Ltd. (A shares)
 
119,155
755,934
Everbright Securities Co. Ltd. (A Shares)
 
228,100
513,540
Everdisplay Optronics Shanghai Co. Ltd. (A Shares) (a)
 
677,068
242,542
Fangda Carbon New Material Co. Ltd. (A Shares) (a)
 
236,281
190,612
Far East Horizon Ltd.
 
1,259,000
885,879
Farasis Energy Gan Zhou Co. Ltd. (A Shares) (a)
 
71,061
171,184
FAW Jiefang Group Co. Ltd. (A Shares) (a)
 
175,800
221,564
First Capital Securities Co. Ltd. (A Shares)
 
246,400
197,084
Flat Glass Group Co. Ltd. (c)
 
346,000
621,374
Flat Glass Group Co. Ltd. (A Shares) (a)
 
135,000
476,831
Focus Media Information Technology Co. Ltd. (A Shares)
 
839,420
793,651
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares)
 
269,556
1,387,577
Fosun International Ltd.
 
2,387,000
1,430,148
Founder Securities Co. Ltd. (A Shares)
 
480,400
497,997
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
577,896
1,164,618
Fujian Sunner Development Co. Ltd. A Shares
 
72,700
178,845
Fuyao Glass Industries Group Co. Ltd.:
 
 
 
 (A Shares)
 
151,500
771,023
 (H Shares) (b)
 
543,200
2,476,499
G-bits Network Technology Xiamen Co. Ltd. (A Shares)
 
4,200
152,835
GalaxyCore, Inc. (A Shares)
 
96,916
244,043
Ganfeng Lithium Group Co. Ltd.:
 
 
 
 (A Shares)
 
113,500
687,806
 (H Shares) (b)
 
365,640
1,313,297
GCL Technology Holdings Ltd.
 
19,626,000
2,890,277
GD Power Development Co. Ltd. (A Shares)
 
1,019,500
507,258
GDS Holdings Ltd. Class A (a)
 
923,292
1,176,221
Geely Automobile Holdings Ltd.
 
5,850,000
6,641,651
GEM Co. Ltd. (A Shares)
 
301,000
241,238
Gemdale Corp. (A Shares)
 
263,100
185,709
Genscript Biotech Corp. (a)
 
1,130,000
3,285,099
GF Securities Co. Ltd.:
 
 
 
 (A Shares)
 
318,000
645,224
 (H Shares)
 
1,029,400
1,340,240
Giant Network Group Co. Ltd. (A Shares)
 
116,500
188,145
Gigadevice Semiconductor Beijing, Inc. (A Shares)
 
38,684
566,689
Ginlong Technologies Co. Ltd. (A Shares)
 
23,150
212,430
GoerTek, Inc. (A Shares)
 
198,800
490,899
Goldwind Science & Technology Co. Ltd. (A Shares)
 
202,900
244,018
Gongniu Group Co. Ltd. (A Shares)
 
26,000
375,829
GoodWe Technologies Co. Ltd. (A Shares)
 
10,129
161,817
Gotion High-tech Co. Ltd. (A Shares) (a)
 
104,000
323,842
Great Wall Motor Co. Ltd.:
 
 
 
 (A Shares)
 
141,200
567,401
 (H Shares)
 
2,255,000
3,152,249
Gree Electric Appliances, Inc. of Zhuhai (A Shares)
 
163,900
760,347
Greenland Holdings Corp. Ltd. (A Shares) (a)
 
684,100
238,457
Greentown China Holdings Ltd.
 
983,000
953,649
GRG Banking Equipment Co. Ltd. (A Shares)
 
144,100
229,998
Guangdong Haid Group Co. Ltd. (A Shares)
 
96,700
595,386
Guangdong HEC Technology Holding Co. Ltd. (A Shares) (a)
 
177,700
172,894
Guangdong Investment Ltd.
 
2,870,000
1,958,437
Guanghui Energy Co. Ltd. (A Shares)
 
381,500
391,728
Guangzhou Automobile Group Co. Ltd.
 
316,900
434,388
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
2,762,000
1,293,992
Guangzhou Baiyun International Airport Co. Ltd. (A Shares) (a)
 
136,900
198,223
Guangzhou Baiyunshan Pharma Health (A Shares)
 
81,900
333,742
Guangzhou Great Power Energy & Technology Co. Ltd. (A Shares)
 
27,100
114,276
Guangzhou Haige Communications Group (A Shares)
 
133,100
211,408
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
27,200
230,236
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares)
 
40,700
233,833
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares)
 
111,900
425,828
Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares)
 
239,517
214,927
Guolian Securities Co. Ltd. (a)
 
139,500
205,148
Guosen Securities Co. Ltd. (A Shares)
 
374,400
491,886
Guotai Junan Securities Co. Ltd. (A Shares)
 
438,900
886,641
Guoyuan Securities Co. Ltd. (A Shares)
 
254,110
240,531
H World Group Ltd. ADR (a)
 
200,849
7,563,973
Haidilao International Holding Ltd. (b)
 
1,621,000
4,058,670
Haier Smart Home Co. Ltd.
 
2,377,000
6,779,986
Haier Smart Home Co. Ltd. (A Shares)
 
347,700
1,056,658
Hainan Airlines Co. Ltd. (A Shares) (a)
 
2,494,700
498,040
Hainan Airport Infrastructure Co. Ltd. (A Shares) (a)
 
670,700
349,436
Haitian International Holdings Ltd.
 
618,000
1,474,291
Haitong Securities Co. Ltd.:
 
 
 
 (A Shares)
 
477,900
638,415
 (H Shares)
 
2,836,800
1,628,851
Hanergy Mobile Energy Holding (a)(d)
 
1,618,000
2
Hangzhou Binjiang Real Estate Group Co. Ltd. (A Shares)
 
181,700
208,005
Hangzhou Chang Chuan Technology Co. Ltd.
 
35,400
197,722
Hangzhou First Applied Material Co. Ltd. (A Shares)
 
108,384
378,767
Hangzhou GreatStar Industrial Co. Ltd. (A Shares) (a)
 
69,800
189,147
Hangzhou Lion Electronics Co. Ltd. (A Shares)
 
39,300
172,918
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares)
 
57,200
258,204
Hangzhou Robam Appliances Co. Ltd. (A Shares)
 
55,100
173,871
Hangzhou Silan Microelectronics Co. Ltd. (A Shares)
 
82,200
272,990
Hangzhou Tigermed Consulting Co. Ltd.:
 
 
 
 (A Shares)
 
20,300
185,243
 (H Shares) (b)
 
2,300
12,924
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
1,150,000
2,163,717
Haohua Chemical Science & Technology Co. Ltd. (A Shares)
 
44,100
185,402
Hebei Hengshui Laobaigan Liquor Co. Ltd.
 
53,400
173,702
Hebei Yangyuan Zhihui Beverage Co. Ltd. (A Shares)
 
74,200
252,511
Heilongjiang Agriculture Co. Ltd. (A Shares)
 
103,300
179,913
Henan Shenhuo Coal & Power Co. Ltd. (A Shares)
 
131,700
296,108
Henan Shuanghui Investment & Development Co. Ltd. (A Shares)
 
202,623
725,382
Hengan International Group Co. Ltd.
 
619,500
2,074,890
Hengdian Group DMEGC Magnetics Co. Ltd. (A Shares)
 
94,300
187,797
Hengli Petrochemical Co. Ltd. (A Shares) (a)
 
410,040
821,597
Hengtong Optic-electric Co. Ltd. (A Shares)
 
144,200
260,051
Hengyi Petrochemical Co. Ltd. (A Shares) (a)
 
214,220
210,634
Hesteel Co. Ltd. (A Shares)
 
609,200
186,554
Hisense Electric Co. Ltd.
 
76,100
242,231
Hithink RoyalFlush Information Network Co. Ltd. (A Shares)
 
31,200
599,347
Hongfa Technology Co. Ltd. (A Shares)
 
30,640
121,609
Hoshine Silicon Industry Co. Ltd. (A Shares)
 
46,000
360,010
Hoymiles Power Electronics, Inc. (A Shares)
 
4,727
144,789
Hoyuan Green Energy Co. Ltd. (A Shares)
 
33,075
168,934
Hua Hong Semiconductor Ltd. (a)(b)
 
571,000
1,405,850
Huadian Power International Corp. Ltd. (A Shares)
 
497,600
333,769
Huadong Medicine Co. Ltd. (A Shares)
 
102,080
599,840
Huafon Chemical Co. Ltd. (A Shares)
 
288,000
285,639
Huagong Tech Co. Ltd. (A Shares)
 
58,600
226,500
Huaibei Mining Holdings Co. Ltd. (A Shares)
 
145,200
291,105
Hualan Biological Engineer, Inc. (A Shares)
 
106,060
340,358
Huaneng Power International, Inc.:
 
 
 
 (A Shares) (a)
 
508,400
528,977
 (H Shares) (a)
 
4,166,000
1,949,489
Huatai Securities Co. Ltd.:
 
 
 
 (A Shares)
 
337,900
740,689
 (H Shares) (b)
 
1,404,000
1,838,120
HUAXI Securities Co. Ltd.
 
153,400
166,246
Huaxia Bank Co. Ltd. (A Shares)
 
769,500
589,221
Huayu Automotive Systems Co. Ltd. (A Shares)
 
182,600
438,017
Hubei Feilihua Quartz Glass Co. Ltd. (A Shares)
 
30,200
163,546
Hubei Jumpcan Pharmaceutical Co. Ltd. (A Shares)
 
53,600
198,617
Hubei Xingfa Chemicals Group Co. Ltd. (A Shares)
 
64,600
173,571
Huizhou Desay SV Automotive Co. Ltd.
 
32,300
554,583
Humanwell Healthcare Group Co. Ltd. (A Shares)
 
95,100
304,103
Hunan Changyuan Lico Co. Ltd. (A Shares)
 
111,693
130,225
Hunan Valin Steel Co. Ltd. (A Shares)
 
402,100
320,422
Hundsun Technologies, Inc. (A Shares)
 
110,452
470,437
Hygeia Healthcare Holdings Co. (b)
 
336,800
2,033,622
iFlytek Co. Ltd. (A Shares)
 
134,800
841,008
IMEIK Technology Development Co. Ltd. (A Shares)
 
12,600
568,188
Industrial & Commercial Bank of China Ltd.:
 
 
 
 (A Shares)
 
3,941,700
2,549,396
 (H Shares)
 
62,692,000
30,044,813
Industrial Bank Co. Ltd. (A Shares)
 
1,207,800
2,490,909
Industrial Securities Co. Ltd. (A Shares)
 
505,510
431,397
Ingenic Semiconductor Co. Ltd. (A Shares)
 
27,900
281,821
Inner Mongoli Yili Industries Co. Ltd. (A Shares)
 
371,300
1,392,237
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a)
 
2,651,800
587,630
Inner Mongolia Dian Tou Energy Corp. Ltd.
 
129,800
241,512
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares)
 
489,000
267,466
Inner Mongolia Yitai Coal Co. Ltd. (B Shares) (a)
 
1,029,304
1,412,689
Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares)
 
211,500
196,771
Innovent Biologics, Inc. (a)(b)(c)
 
1,121,000
6,606,236
Inspur Electronic Information Industry Co. Ltd. (A Shares)
 
85,696
347,335
iQIYI, Inc. ADR (a)
 
430,317
2,005,277
iRay Technology Co. Ltd. (A Shares)
 
5,836
179,839
iSoftStone Information Technology Group Co. Ltd. (A Shares)
 
56,200
274,869
JA Solar Technology Co. Ltd. (A Shares)
 
192,272
589,131
Jason Furniture Hangzhou Co. Ltd. (A Shares)
 
47,810
242,066
JCET Group Co. Ltd. (A Shares)
 
103,900
438,573
JD Health International, Inc. (a)(b)
 
1,079,150
4,901,801
JD Logistics, Inc. (a)(b)
 
1,920,300
2,273,820
JD.com, Inc. Class A
 
2,275,807
28,932,704
Jiangsu Eastern Shenghong Co. Ltd.
 
385,500
560,910
Jiangsu Expressway Co. Ltd. (H Shares)
 
1,186,000
1,078,243
Jiangsu Hengli Hydraulic Co. Ltd.
 
77,776
598,693
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)
 
371,175
2,430,985
Jiangsu King's Luck Brewery JSC Ltd. (A Shares)
 
73,300
586,185
Jiangsu Nhwa Pharmaceutical Co. Ltd. (A Shares)
 
58,600
210,643
Jiangsu Pacific Quartz Co. Ltd. (A Shares)
 
21,000
264,058
Jiangsu Phoenix Publishing & Media Corp. Ltd.
 
147,700
194,039
Jiangsu Yanghe Brewery JSC Ltd. (A Shares)
 
87,900
1,466,033
Jiangsu Yangnong Chemical Co. Ltd. (A Shares)
 
23,560
217,556
Jiangsu Yoke Technology Co. Ltd. (A Shares)
 
27,600
217,964
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares)
 
58,900
270,907
Jiangsu Zhongtian Technology Co. Ltd. (A Shares)
 
198,800
380,823
Jiangxi Copper Co. Ltd.:
 
 
 
 (A Shares)
 
120,500
302,076
 (H Shares)
 
1,079,000
1,525,659
Jiangxi Special Electric Motor Co. Ltd. (A Shares) (a)
 
99,400
162,763
Jinduicheng Molybdenum Co. Ltd. (A Shares)
 
187,800
257,840
Jinko Solar Co. Ltd. (A Shares)
 
387,615
502,972
JiuGui Liquor Co. Ltd. (A Shares)
 
19,000
198,525
Jiumaojiu International Holdings Ltd. (b)
 
916,000
996,716
Jizhong Energy Resources Co. Ltd. (A Shares)
 
204,600
179,624
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares)
 
111,000
179,920
Jointown Pharmaceutical Group (A Shares)
 
229,546
223,424
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares) (a)
 
45,700
209,954
JOYY, Inc. ADR
 
43,505
1,693,215
Juewei Food Co. Ltd.
 
36,700
177,236
Juneyao Airlines Co. Ltd. (A shares) (a)
 
127,800
254,867
Kangmei Pharmaceutical Co. Ltd. rights (a)(d)
 
10,350
0
Kanzhun Ltd. ADR (a)
 
212,216
3,140,797
KE Holdings, Inc. ADR
 
638,613
9,393,997
Keda Industrial Group Co. Ltd.
 
110,400
164,450
Kingboard Chemical Holdings Ltd.
 
644,500
1,569,536
Kingdee International Software Group Co. Ltd. (a)
 
2,696,000
3,577,237
Kingnet Network Co. Ltd. (A Shares)
 
125,100
184,599
Kingsoft Corp. Ltd.
 
926,800
3,234,049
Kuaishou Technology Class B (a)(b)
 
2,249,900
14,489,011
Kuang-Chi Technologies Co. Ltd. (A Shares)
 
126,700
242,383
Kunlun Energy Co. Ltd.
 
3,794,000
3,160,796
Kunlun Tech Co. Ltd. (A Shares) (a)
 
69,600
299,574
Kweichow Moutai Co. Ltd. (A Shares)
 
73,100
16,838,894
Lb Group Co. Ltd. (A Shares)
 
139,073
354,024
Lenovo Group Ltd.
 
7,058,000
8,213,621
Lens Technology Co. Ltd. (A Shares)
 
289,500
517,285
Lepu Medical Technology Beijing Co. Ltd. (A Shares)
 
109,800
258,622
Li Auto, Inc. Class A (a)
 
1,089,648
18,429,902
Li Ning Co. Ltd.
 
2,299,500
7,046,597
Liaoning Port Co. Ltd. (A Shares)
 
1,097,200
226,440
Lingyi iTech Guangdong Co. (A Shares)
 
407,800
339,044
Livzon Pharmaceutical Group, Inc. (A Shares)
 
36,400
174,256
Longfor Properties Co. Ltd. (b)
 
1,845,060
2,685,967
LONGi Green Energy Technology Co. Ltd.
 
440,948
1,455,741
Lufax Holding Ltd. ADR
 
666,346
636,227
Luxi Chemical Group Co. Ltd.
 
112,000
173,880
Luxshare Precision Industry Co. Ltd. (A Shares)
 
414,928
1,863,483
Luzhou Laojiao Co. Ltd. (A Shares)
 
85,700
2,510,626
Mango Excellent Media Co. Ltd. (A Shares)
 
108,707
375,822
Maxscend Microelectronics Co. Ltd. (A Shares)
 
31,076
641,265
Meihua Holdings Group Co. Ltd. (A Shares)
 
172,000
223,433
Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a)
 
230,060
193,986
Meituan Class B (a)(b)
 
4,919,620
69,735,683
Metallurgical Corp. China Ltd. (A Shares)
 
1,039,800
470,596
Microport Scientific Corp. (a)
 
800,800
1,261,877
Ming Yang Smart Energy Group Ltd. (A Shares)
 
133,100
254,488
MINISO Group Holding Ltd. ADR
 
91,891
2,325,761
Minth Group Ltd.
 
730,000
1,629,527
Montage Technology Co. Ltd. (A Shares)
 
66,088
498,311
Muyuan Foodstuff Co. Ltd. (A Shares)
 
318,440
1,642,498
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd.
 
93,835
162,310
Nanjing Securities Co. Ltd. (A Shares)
 
216,300
237,867
NARI Technology Co. Ltd. (A Shares)
 
468,094
1,445,568
National Silicon Industry Group Co. Ltd. (A Shares) (a)
 
158,762
394,040
NAURA Technology Group Co. Ltd.
 
30,900
1,083,933
NavInfo Co. Ltd. (A Shares) (a)
 
137,700
188,381
NetEase, Inc.
 
1,876,050
40,150,379
New China Life Insurance Co. Ltd.
 
108,900
497,775
New China Life Insurance Co. Ltd. (H Shares)
 
834,500
1,830,610
New Hope Liuhe Co. Ltd. (A Shares) (a)
 
266,300
369,625
New Oriental Education & Technology Group, Inc. (a)
 
1,458,710
9,510,844
Ninestar Corp. (A Shares)
 
82,100
275,453
Ningbo Deye Technology Co. Ltd. (A Shares)
 
25,020
236,759
Ningbo Joyson Electronic Corp. (A shares)
 
81,800
210,971
Ningbo Orient Wires & Cables Co. Ltd. (A Shares)
 
40,200
231,501
Ningbo Ronbay New Energy Technology Co. Ltd. (A Shares)
 
26,422
160,087
Ningbo Shanshan Co. Ltd. (A Shares)
 
131,400
251,592
Ningbo Tuopu Group Co. Ltd. (A Shares)
 
64,100
566,308
Ningxia Baofeng Energy Group Co. Ltd.
 
426,800
841,706
NIO, Inc. sponsored ADR (a)(c)
 
1,343,216
9,805,477
Nongfu Spring Co. Ltd. (H Shares) (b)
 
1,709,200
9,735,164
North Industries Group Red Arrow Co. Ltd. (A Shares)
 
79,000
154,064
Offcn Education Technology Co. A Shares (a)
 
358,800
193,840
Offshore Oil Enginering Co. Ltd. (A Shares)
 
254,700
216,436
Oppein Home Group, Inc. (A Shares)
 
29,560
351,816
Orient Securities Co. Ltd. (A Shares)
 
435,308
516,371
Oriental Pearl Group Co. Ltd.
 
197,300
199,193
Ovctek China, Inc. (A Shares)
 
52,220
180,112
Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a)
 
541,000
258,385
PDD Holdings, Inc. ADR (a)
 
579,703
58,793,478
People's Insurance Co. of China Group Ltd.:
 
 
 
 (A Shares)
 
514,500
375,659
 (H Shares)
 
8,551,000
2,821,484
People.cn Co. Ltd. (A Shares)
 
64,300
285,128
Perfect World Co. Ltd. (A Shares)
 
112,700
185,017
PetroChina Co. Ltd.:
 
 
 
 (A Shares)
 
1,231,400
1,199,745
 (H Shares)
 
20,496,000
13,378,060
Pharmaron Beijing Co. Ltd.:
 
 
 
 (A Shares)
 
81,625
371,271
 (H Shares) (b)
 
8,075
19,276
PICC Property & Casualty Co. Ltd. (H Shares)
 
6,689,840
7,639,498
Ping An Bank Co. Ltd. (A Shares)
 
1,127,400
1,612,848
Ping An Healthcare and Technology Co. Ltd. (a)(b)(c)
 
542,400
1,267,008
Ping An Insurance Group Co. of China Ltd.:
 
 
 
 (A Shares)
 
637,694
3,963,058
 (H Shares)
 
6,486,000
32,900,084
Piotech, Inc. (A Shares)
 
10,623
367,104
Poly Developments & Holdings (A Shares)
 
697,600
1,050,084
Pop Mart International Group Ltd. (b)
 
460,200
1,270,388
Postal Savings Bank of China Co. Ltd.
 
1,580,200
987,281
Postal Savings Bank of China Co. Ltd. (H Shares) (b)
 
7,858,000
3,586,621
Power Construction Corp. of China Ltd. (A Shares)
 
1,003,900
722,014
Pylon Technologies Co. Ltd. (Series A)
 
10,354
161,244
Qi An Xin Technology Group, Inc. (A Shares) (a)
 
39,804
251,123
Qifu Technology, Inc. ADR
 
109,532
1,619,978
Qinghai Salt Lake Potash Co. Ltd. Class A (a)
 
315,700
731,053
Raytron Technology Co. Ltd. (A Shares)
 
26,014
167,554
Risen Energy Co. Ltd. (A Shares)
 
66,800
162,238
Riyue Heavy Industry Co. Ltd. (A Shares)
 
58,500
112,584
Rockchip Electronics Co. Ltd.
 
20,200
180,023
Rongsheng Petrochemical Co. Ltd. (A Shares)
 
589,400
918,179
SAIC Motor Corp. Ltd. (A Shares)
 
453,100
899,802
Sailun Group Co. Ltd. A Shares
 
178,200
273,679
Sanan Optoelectronics Co. Ltd. (A Shares)
 
290,100
590,549
Sangfor Technologies, Inc. (a)
 
24,200
277,670
Sany Heavy Equipment International Holdings Co. Ltd.
 
1,079,000
1,417,393
Sany Heavy Industry Co. Ltd. (A Shares)
 
492,600
974,198
Satellite Chemical Co. Ltd. (A Shares)
 
196,456
436,716
SDIC Capital Co. Ltd.
 
375,100
350,509
SDIC Power Holdings Co. Ltd. (A Shares)
 
431,500
719,883
Seazen Holdings Co. Ltd. (A Shares) (a)
 
131,800
214,070
Seres Group Co. Ltd. (A Shares) (a)
 
88,100
983,493
SF Holding Co. Ltd. (A Shares)
 
284,600
1,527,297
SG Micro Corp. (A Shares)
 
27,175
333,285
Shaanxi Coal Industry Co. Ltd. (A Shares)
 
563,800
1,390,246
Shan Xi Hua Yang Group New Energy Co. Ltd.
 
209,600
231,171
Shandong Buchang Pharmaceuticals Co. Ltd. (A Shares)
 
64,043
151,857
Shandong Gold Mining Co. Ltd.:
 
 
 
 (A Shares)
 
361,484
1,173,935
 (H Shares) (b)
 
404,750
758,270
Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares)
 
46,200
203,142
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares)
 
123,420
542,922
Shandong Linglong Tyre Co. Ltd. (A Shares)
 
85,400
233,788
Shandong Nanshan Aluminum Co. Ltd. (A Shares)
 
685,000
290,344
Shandong Sun Paper Industry JSC Ltd. (A Shares)
 
162,200
275,748
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
2,412,800
2,239,541
Shanghai Aiko Solar Energy Co. Ltd. (A Shares)
 
106,140
284,464
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares)
 
61,340
220,833
Shanghai Baosight Software Co. Ltd.
 
589,084
1,211,530
Shanghai Baosight Software Co. Ltd. (A Shares)
 
103,388
602,996
Shanghai Construction Group Co. Ltd. (A Shares)
 
522,300
187,850
Shanghai Electric Group Co. Ltd. (A Shares) (a)
 
738,700
448,509
Shanghai Electric Power Co. Ltd. (A Shares)
 
159,700
190,800
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:
 
 
 
 (A Shares)
 
111,400
433,325
 (H Shares)
 
502,000
1,158,341
Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares)
 
8,599
284,145
Shanghai Fudan Microelectronics Group Co. Ltd.:
 
 
 
 (A Shares)
 
13,725
90,894
 (H Shares) (c)
 
56,000
105,853
Shanghai International Airport Co. Ltd. (A Shares) (a)
 
72,500
368,897
Shanghai International Port Group Co. Ltd. (A Shares)
 
408,900
279,531
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares)
 
53,000
238,009
Shanghai Junshi Biosciences Co. Ltd. (A Shares) (a)
 
44,569
279,530
Shanghai Lingang Holdings Corp. Ltd. (A Shares)
 
140,960
206,782
Shanghai M&G Stationery, Inc. (A Shares)
 
54,100
286,680
Shanghai Moons' Electric Co. Ltd. (A Shares)
 
24,400
219,966
Shanghai Pharmaceuticals Holding Co. Ltd.:
 
 
 
 (A Shares)
 
153,600
378,525
 (H Shares)
 
727,000
1,057,640
Shanghai Pudong Development Bank Co. Ltd. (A Shares)
 
1,705,800
1,590,740
Shanghai Putailai New Energy Technology Co. Ltd.
 
117,164
400,871
Shanghai RAAS Blood Products Co. Ltd. (A Shares)
 
391,900
374,318
Shanghai Rural Commercial Bank Co. Ltd. (A Shares)
 
558,000
454,683
Shanghai Yuyuan Tourist Mart Group Co. Ltd.
 
224,800
199,740
Shanxi Coal International Energy Group Co. Ltd. (A Shares)
 
115,000
256,296
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares)
 
173,800
452,239
Shanxi Meijin Energy Co. Ltd. (A Shares) (a)
 
253,300
242,916
Shanxi Securities Co. Ltd. (A Shares)
 
209,930
161,276
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares)
 
333,800
178,468
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares)
 
71,040
2,399,942
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares)
 
330,160
390,580
Shede Spirits Co. Ltd. (A Shares)
 
19,500
307,088
Shenergy Co. Ltd. (A Shares)
 
278,700
224,448
Shenghe Resources Holding Co. Ltd. (A Shares)
 
102,300
149,585
Shengyi Technology Co. Ltd.
 
137,500
330,687
Shennan Circuits Co. Ltd. (A Shares)
 
29,840
283,918
Shenwan Hongyuan Group Co. Ltd. (A Shares)
 
1,314,800
789,024
Shenzhen Capchem Technology Co. Ltd. (A Shares)
 
43,380
261,821
Shenzhen Dynanonic Co. Ltd. (A Shares)
 
16,140
173,624
Shenzhen Energy Group Co. Ltd. (A Shares)
 
270,060
228,123
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
77,150
637,862
Shenzhen International Holdings Ltd.
 
1,392,336
917,722
Shenzhen Kaifa Technology Co. Ltd. (A Shares)
 
90,800
213,630
Shenzhen Kangtai Biological Products Co. Ltd.
 
65,000
269,573
Shenzhen Kedali Industry Co. Ltd.
 
15,600
193,797
Shenzhen Kstar Science & Technology Co. Ltd. (A Shares)
 
34,200
122,012
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
70,600
2,759,996
Shenzhen New Industries Biomedical Engineering Co. Ltd.
 
45,800
430,825
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) (a)
 
478,200
236,373
Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares)
 
64,800
288,522
Shenzhen SC New Energy Technology Corp. (A Shares)
 
20,200
201,661
Shenzhen Sed Industry Co. Ltd. (A Shares)
 
66,200
173,469
Shenzhen Senior Technology Material Co. Ltd. (A Shares)
 
73,938
155,352
Shenzhen Sunlord Electronics Co. Ltd. (A Shares)
 
47,300
188,830
Shenzhen Transsion Holdings Co. Ltd. (A Shares) (a)
 
46,766
859,582
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
54,400
195,322
Shenzhou International Group Holdings Ltd.
 
801,600
7,873,694
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares)
 
96,960
294,615
Shuangliang Eco-Energy Systems Ltd. (A Shares)
 
108,100
138,382
Sichuan Chuantou Energy Co. Ltd. (A Shares)
 
255,900
514,687
Sichuan Hebang Biotechnology Co. Ltd. (A Shares)
 
509,400
165,823
Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares)
 
86,000
323,091
Sichuan New Energy Power Co. Ltd. (A Shares) (a)
 
84,900
136,039
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares)
 
423,400
446,309
Sichuan Swellfun Co. Ltd. (A Shares)
 
28,500
238,223
Sichuan Yahua Industrial Group Co. Ltd. (A Shares)
 
65,300
125,795
Sieyuan Electric Co. Ltd. (A Shares)
 
45,000
303,353
Silergy Corp.
 
315,000
2,813,251
Sinolink Securities Co. Ltd. (A Shares)
 
217,100
271,354
Sinoma International Engineering Co. Ltd. (A Shares)
 
153,700
207,300
Sinoma Science & Technology Co. Ltd. (A Shares)
 
97,500
230,543
Sinomine Resource Group Co. Ltd. (A Shares)
 
41,780
213,637
Sinopec Shanghai Petrochemical Co. Ltd. (A Shares) (a)
 
418,700
171,297
Sinopharm Group Co. Ltd. (H Shares)
 
1,301,200
3,111,538
Sinotruk Hong Kong Ltd.
 
668,500
1,259,122
SKSHU Paint Co. Ltd. (A Shares)
 
30,632
249,393
Smoore International Holdings Ltd. (b)(c)
 
1,768,000
1,362,524
Songcheng Performance Development Co. Ltd. (A Shares)
 
150,580
226,170
Soochow Securities Co. Ltd. (A Shares)
 
291,745
319,954
Southwest Securities Co. Ltd. (A Shares)
 
387,500
217,235
Spring Airlines Co. Ltd. (A Shares) (a)
 
56,600
423,766
StarPower Semiconductor Ltd. (A Shares)
 
9,900
233,093
Sungrow Power Supply Co. Ltd. (A Shares)
 
86,400
995,862
Sunny Optical Technology Group Co. Ltd.
 
691,300
5,791,666
Sunresin New Materials Co. Ltd. (A Shares)
 
29,200
217,042
Sunwoda Electronic Co. Ltd. (A Shares)
 
109,400
241,003
SUPCON Technology Co. Ltd. (A Shares)
 
42,153
251,574
Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares)
 
99,300
254,356
Suzhou Maxwell Technologies Co. Ltd. (A Shares)
 
16,244
268,271
Suzhou TFC Optical Communication Co. Ltd. (A Shares)
 
22,900
223,959
TAL Education Group ADR (a)
 
428,479
3,757,761
Tangshan Jidong Cement Co. Ltd. A Shares
 
151,300
147,955
TBEA Co. Ltd. (A Shares)
 
294,970
564,624
TCL Technology Group Corp. (A Shares)
 
1,094,090
588,428
TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares)
 
235,175
593,861
Tencent Holdings Ltd.
 
6,498,400
240,497,701
Tencent Music Entertainment Group ADR (a)
 
728,185
5,286,623
Thunder Software Technology Co. Ltd. (A Shares)
 
26,600
255,638
Tianhe Chemicals Group Ltd. (a)(d)
 
376,000
0
Tianjin 712 Communication & Broadcasting Co. Ltd.
 
44,700
162,655
Tianma Microelectronics Co. Ltd. (A Shares) (a)
 
143,300
192,029
Tianqi Lithium Corp. (A Shares)
 
85,700
644,950
Tianshan Aluminum Group Co. Ltd.
 
271,800
240,784
Tianshui Huatian Technology Co. Ltd. (A Shares)
 
185,900
227,088
Tingyi (Cayman Islands) Holding Corp.
 
1,914,000
2,540,476
Titan Wind Energy Suzhou Co. Ltd. (A Shares) (a)
 
105,500
192,456
Tongcheng Travel Holdings Ltd. (a)
 
1,198,400
2,289,484
TongFu Microelectronics Co. Ltd. (A Shares)
 
88,000
247,123
Tongkun Group Co. Ltd. (A Shares) (a)
 
140,700
277,981
Tongling Nonferrous Metals Group Co. Ltd. (A Shares)
 
615,800
261,612
Tongwei Co. Ltd. (A Shares)
 
261,800
978,112
Topchoice Medical Corp. (a)
 
18,600
227,956
Topsports International Holdings Ltd. (b)
 
1,802,000
1,515,378
TravelSky Technology Ltd. (H Shares)
 
903,000
1,426,499
Trina Solar Co. Ltd. (A Shares)
 
126,384
516,171
Trip.com Group Ltd. (a)
 
532,512
18,148,874
Tsingtao Brewery Co. Ltd.:
 
 
 
 (A Shares)
 
49,500
565,769
 (H Shares)
 
590,000
4,474,282
Uni-President China Holdings Ltd.
 
1,256,000
854,822
Unigroup Guoxin Microelectronics Co. Ltd. (a)
 
49,419
509,614
Unisplendour Corp. Ltd. (A Shares) (a)
 
166,403
446,596
Universal Scientific Industrial Shanghai Co. Ltd. (A Shares)
 
107,700
213,957
Verisilicon Microelectronics Shanghai Co. Ltd. (A Shares) (a)
 
29,021
211,815
Vipshop Holdings Ltd. ADR (a)
 
329,256
4,695,191
Walvax Biotechnology Co. Ltd. (A Shares)
 
93,400
297,396
Wanda Film Holding Co. Ltd. (A Shares) (a)
 
126,700
216,419
Wanhua Chemical Group Co. Ltd. (A Shares)
 
182,800
2,217,861
Want Want China Holdings Ltd.
 
4,610,000
2,864,469
Weibo Corp. sponsored ADR
 
78,551
929,258
Weichai Power Co. Ltd.:
 
 
 
 (A Shares)
 
372,600
708,274
 (H Shares)
 
1,912,200
2,862,223
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
48,360
169,405
Wens Foodstuffs Group Co. Ltd. (A Shares)
 
381,780
980,709
Western Mining Co. Ltd. (A Shares)
 
140,400
241,422
Western Securities Co. Ltd. (A Shares)
 
260,000
236,711
Western Superconducting Technologies Co. Ltd. (A Shares)
 
37,834
239,227
Will Semiconductor Ltd.
 
68,735
1,037,259
Wingtech Technology Co. Ltd. (A Shares) (a)
 
72,300
492,233
Wintime Energy Group Co. Ltd. (A Shares) (a)
 
1,262,200
236,479
Wuchan Zhongda Group Co. Ltd.
 
300,500
187,791
Wuhan Guide Infrared Co. Ltd. (A Shares)
 
247,769
268,457
Wuliangye Yibin Co. Ltd. (A Shares)
 
225,900
4,816,436
WUS Printed Circuit Kunshan Co. Ltd. (A Shares)
 
110,790
296,733
WuXi AppTec Co. Ltd.
 
143,644
1,698,685
WuXi AppTec Co. Ltd. (H Shares) (b)(c)
 
357,122
4,291,373
Wuxi Autowell Technology Co. Ltd. (A Shares)
 
8,997
168,114
Wuxi Biologics (Cayman), Inc. (a)(b)
 
3,707,500
23,052,278
XCMG Construction Machinery Co. Ltd. (A Shares)
 
685,800
537,222
Xiamen C&D, Inc. (A Shares)
 
173,900
232,418
Xiamen Faratronic Co. Ltd. (A Shares)
 
13,200
180,160
Xiamen Tungsten Co. Ltd. (A Shares)
 
82,900
192,163
Xiaomi Corp. Class B (a)(b)
 
14,876,600
26,674,101
Xinjiang Daqo New Energy Co. Ltd. (A Shares)
 
103,489
505,487
Xinyi Solar Holdings Ltd.
 
4,747,498
2,793,947
XPeng, Inc. Class A (a)(c)
 
1,005,552
7,307,122
XTEP International Holdings Ltd.
 
1,404,500
1,276,877
Yadea Group Holdings Ltd. (b)
 
1,190,000
2,172,178
Yangzhou Yangjie Electronic Technology Co. Ltd. (A Shares)
 
29,700
154,238
Yankuang Energy Group Co. Ltd.:
 
 
 
 (A Shares)
 
237,150
633,583
 (H Shares)
 
2,190,000
3,803,502
Yantai Jereh Oilfield Services (A Shares)
 
59,300
231,914
Yealink Network Technology Corp. Ltd.
 
73,430
335,070
Yifeng Pharmacy Chain Co. Ltd.
 
58,825
263,566
Yihai International Holding Ltd.
 
502,000
913,590
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares)
 
84,600
404,654
Yintai Gold Co. Ltd. (A Shares)
 
161,780
299,371
Yonghui Superstores Co. Ltd. (A Shares) (a)
 
530,500
223,373
YongXing Special Materials Technology Co. Ltd. (A Shares)
 
31,610
216,234
Yonyou Network Technology Co. Ltd. (A Shares)
 
199,538
447,016
Youngor Group Co. Ltd. (A Shares)
 
273,689
252,617
YTO Express Group Co. Ltd. (A Shares)
 
199,300
370,176
Yuan Longping High-tech Agriculture Co. Ltd. (A Shares) (a)
 
77,300
174,240
Yuexiu Property Co. Ltd.
 
1,561,620
1,624,332
Yum China Holdings, Inc.
 
404,448
21,257,787
Yunda Holding Co. Ltd. (A Shares)
 
168,390
209,924
Yunnan Aluminium Co. Ltd. (A Shares)
 
202,100
384,256
Yunnan Baiyao Group Co. Ltd. (A Shares)
 
104,500
726,245
Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares)
 
24,700
266,403
Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares)
 
296,900
210,013
Yunnan Energy New Material Co. Ltd.
 
56,900
522,364
Yunnan Tin Co. Ltd. (A Shares)
 
96,200
185,865
Yunnan Yuntianhua Co. Ltd. (Series A)
 
106,800
243,237
Yutong Bus Co. Ltd.
 
127,900
238,507
Zai Lab Ltd. (a)
 
906,200
2,312,673
Zangge Mining Co. Ltd. (Series A)
 
91,600
280,387
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares)
 
35,200
1,204,828
Zhaojin Mining Industry Co. Ltd. (H Shares)
 
1,265,500
1,568,902
Zhefu Holding Group Co. Ltd. (A Shares)
 
310,700
157,154
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a)
 
433,197
350,083
Zhejiang China Commodities City Group Co. Ltd. (A Shares)
 
319,500
340,006
Zhejiang Chint Electric Co. Ltd. (A Shares)
 
125,900
397,902
Zhejiang Dahua Technology Co. Ltd. (A Shares) (a)
 
193,400
539,950
Zhejiang Dingli Machinery Co. Ltd. (A Shares)
 
29,160
217,202
Zhejiang Expressway Co. Ltd. (H Shares)
 
1,184,000
891,239
Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares)
 
86,220
190,680
Zhejiang Huayou Cobalt Co. Ltd. (A Shares)
 
93,050
468,407
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares)
 
76,000
452,045
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares)
 
52,100
211,769
Zhejiang Juhua Co. Ltd. (A Shares)
 
157,500
326,138
Zhejiang Longsheng Group Co. Ltd. (A Shares)
 
189,000
229,987
Zhejiang NHU Co. Ltd. (A Shares)
 
180,028
398,140
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
104,200
381,442
Zhejiang Supor Cookware Co. Ltd.
 
31,200
213,984
Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares)
 
100,590
246,780
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares)
 
92,000
207,410
Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) (a)
 
653,400
410,896
Zheshang Securities Co. Ltd.
 
226,400
311,868
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(b)
 
688,500
1,886,916
Zhongji Innolight Co. Ltd. (A Shares)
 
46,800
563,914
Zhongjin Gold Co. Ltd. (A Shares)
 
282,500
420,066
Zhongsheng Group Holdings Ltd. Class H
 
812,000
1,875,148
Zhongtai Securities Co. Ltd. (A Shares)
 
406,900
398,369
Zhuzhou CRRC Times Electric Co. Ltd.:
 
 
 
 (A Shares)
 
46,495
246,173
 (H Shares)
 
498,100
1,607,552
Zhuzhou Kibing Group Co. Ltd. (A Shares)
 
155,600
169,775
Zibo Qixiang Tengda Chemical Co. Ltd. (A Shares)
 
167,300
133,846
Zijin Mining Group Co. Ltd.:
 
 
 
 (A Shares) (a)
 
1,150,500
1,951,704
 (H Shares)
 
5,336,000
8,254,322
Zoomlion Heavy Industry Science and Technology Co. Ltd.:
 
 
 
 (A Shares)
 
155,100
136,128
 (H Shares)
 
462,000
240,185
ZTE Corp.:
 
 
 
 (A Shares)
 
200,600
717,379
 (H Shares)
 
787,880
1,750,873
ZTO Express, Inc. sponsored ADR
 
414,675
9,773,890
TOTAL CHINA
 
 
1,812,612,591
Colombia - 0.1%
 
 
 
Bancolombia SA
 
247,914
1,767,803
Bancolombia SA sponsored ADR
 
3,513
89,160
Interconexion Electrica SA ESP
 
431,012
1,518,385
TOTAL COLOMBIA
 
 
3,375,348
Czech Republic - 0.2%
 
 
 
CEZ A/S
 
157,206
6,726,712
Komercni Banka A/S
 
73,385
2,149,226
MONETA Money Bank A/S (b)
 
318,834
1,231,751
TOTAL CZECH REPUBLIC
 
 
10,107,689
Egypt - 0.1%
 
 
 
Commercial International Bank SAE
 
2,457,789
4,796,364
Eastern Co. SAE
 
1,003,356
853,299
EFG-Hermes Holding SAE
 
918,835
496,186
TOTAL EGYPT
 
 
6,145,849
Greece - 0.4%
 
 
 
Alpha Bank SA (a)
 
2,162,869
3,226,830
Eurobank Ergasias Services and Holdings SA (a)
 
2,518,350
4,108,915
Ff Group (a)(d)
 
1,035
0
Hellenic Telecommunications Organization SA
 
186,279
2,607,657
Jumbo SA
 
112,117
2,949,167
Motor Oil (HELLAS) Corinth Refineries SA
 
64,537
1,536,448
Mytilineos SA
 
103,935
3,846,877
National Bank of Greece SA (a)
 
532,105
3,040,310
OPAP SA
 
179,345
3,036,239
Piraeus Financial Holdings SA (a)
 
666,625
1,967,943
Public Power Corp. of Greece (a)
 
202,287
2,061,204
TOTAL GREECE
 
 
28,381,590
Hong Kong - 0.1%
 
 
 
Kingboard Laminates Holdings Ltd.
 
906,500
850,108
Nine Dragons Paper (Holdings) Ltd.
 
1,595,000
908,001
Orient Overseas International Ltd.
 
128,000
1,614,054
Sino Biopharmaceutical Ltd.
 
10,031,000
3,896,835
Vinda International Holdings Ltd. (c)
 
351,000
867,402
TOTAL HONG KONG
 
 
8,136,400
Hungary - 0.2%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
437,013
3,477,245
OTP Bank PLC
 
230,794
8,588,134
Richter Gedeon PLC
 
135,594
3,179,305
TOTAL HUNGARY
 
 
15,244,684
India - 15.3%
 
 
 
ABB India Ltd.
 
51,411
2,534,867
Adani Enterprises Ltd.
 
165,812
4,570,823
Adani Green Energy Ltd. (a)
 
307,551
3,396,859
Adani Ports & Special Economic Zone Ltd.
 
512,305
4,831,558
Adani Power Ltd. (a)
 
748,925
3,262,380
Ambuja Cements Ltd.
 
577,488
2,945,303
Apollo Hospitals Enterprise Ltd.
 
97,640
5,651,979
Ashok Leyland Ltd.
 
1,423,457
2,869,085
Asian Paints Ltd.
 
371,944
13,393,897
Astral Ltd.
 
117,184
2,604,180
AU Small Finance Bank Ltd. (b)
 
161,728
1,299,475
Aurobindo Pharma Ltd.
 
255,746
2,608,934
Avenue Supermarts Ltd. (a)(b)
 
157,799
6,887,610
Axis Bank Ltd.
 
2,210,079
26,070,770
Bajaj Auto Ltd.
 
65,870
4,200,655
Bajaj Finance Ltd.
 
264,424
23,796,238
Bajaj Finserv Ltd.
 
370,467
6,983,334
Bajaj Holdings & Investment Ltd.
 
25,909
2,154,887
Balkrishna Industries Ltd.
 
74,991
2,299,427
Bandhan Bank Ltd. (b)
 
703,063
1,809,832
Bank of Baroda
 
1,003,033
2,364,368
Berger Paints India Ltd.
 
282,985
1,898,181
Bharat Electronics Ltd.
 
3,546,562
5,680,230
Bharat Forge Ltd.
 
248,469
3,042,474
Bharat Petroleum Corp. Ltd.
 
736,464
3,086,455
Bharti Airtel Ltd.
 
2,166,711
23,789,084
Britannia Industries Ltd.
 
105,214
5,595,230
Cg Power & Industrial Soluti
 
592,906
2,775,811
Cholamandalam Investment and Finance Co. Ltd.
 
398,784
5,448,056
Cipla Ltd./India (a)
 
508,864
7,333,160
Coal India Ltd.
 
1,494,425
5,639,382
Colgate-Palmolive Ltd.
 
118,650
3,011,540
Container Corp. of India Ltd.
 
266,002
2,198,955
Cummins India Ltd.
 
134,296
2,704,239
Dabur India Ltd.
 
601,320
3,818,823
Divi's Laboratories Ltd.
 
115,854
4,713,454
DLF Ltd.
 
600,477
4,066,661
Dr. Reddy's Laboratories Ltd.
 
104,996
6,774,911
Eicher Motors Ltd.
 
132,690
5,250,047
GAIL India Ltd.
 
2,241,206
3,217,013
Godrej Consumer Products Ltd.
 
396,634
4,724,506
Godrej Properties Ltd. (a)
 
121,474
2,423,271
Grasim Industries Ltd.
 
255,453
5,787,848
Havells India Ltd.
 
243,201
3,640,018
HCL Technologies Ltd.
 
918,928
14,090,723
HDFC Asset Management Co. Ltd. (b)
 
82,819
2,719,565
HDFC Bank Ltd.
 
2,704,321
47,972,668
HDFC Standard Life Insurance Co. Ltd. (b)
 
938,182
6,967,375
Hero Motocorp Ltd.
 
106,586
3,954,167
Hindalco Industries Ltd.
 
1,194,550
6,591,661
Hindustan Aeronautics Ltd.
 
162,228
3,549,264
Hindustan Petroleum Corp. Ltd. (a)
 
550,986
1,638,748
Hindustan Unilever Ltd.
 
797,394
23,789,866
ICICI Bank Ltd.
 
5,020,887
55,222,392
ICICI Lombard General Insurance Co. Ltd. (b)
 
233,442
3,851,681
ICICI Prudential Life Insurance Co. Ltd. (b)
 
348,908
2,201,077
IDFC Bank Ltd. (a)
 
3,354,598
3,332,649
Indian Oil Corp. Ltd.
 
2,740,372
2,951,154
Indian Railway Catering & Tourism Corp. Ltd.
 
233,353
1,864,627
Indraprastha Gas Ltd.
 
305,187
1,401,480
Info Edge India Ltd.
 
68,782
3,374,479
Infosys Ltd.
 
3,219,368
52,929,243
InterGlobe Aviation Ltd. (a)(b)
 
130,799
3,856,967
ITC Ltd.
 
2,895,160
14,898,524
Jindal Steel & Power Ltd.
 
346,484
2,637,403
Jio Financial Services Ltd.
 
2,952,178
7,832,833
JSW Steel Ltd. (a)
 
586,700
5,189,626
Jubilant Foodworks Ltd.
 
383,928
2,309,444
Kotak Mahindra Bank Ltd.
 
1,059,842
22,149,231
Larsen & Toubro Ltd.
 
668,052
23,502,367
Ltimindtree Ltd. (b)
 
86,088
5,236,105
Lupin Ltd.
 
198,721
2,692,074
Mahindra & Mahindra Ltd.
 
904,477
15,846,504
Marico Ltd.
 
501,944
3,233,483
Maruti Suzuki India Ltd.
 
131,798
16,453,611
Max Healthcare Institute Ltd.
 
753,649
5,193,634
Mphasis BFL Ltd.
 
73,140
1,866,730
MRF Ltd.
 
1,850
2,406,334
Muthoot Finance Ltd.
 
116,887
1,823,267
Nestle India Ltd.
 
32,741
9,530,991
NTPC Ltd.
 
4,237,279
12,001,291
Oil & Natural Gas Corp. Ltd.
 
3,050,729
6,824,239
Page Industries Ltd.
 
5,947
2,701,423
Petronet LNG Ltd.
 
727,549
1,743,389
PI Industries Ltd.
 
80,896
3,302,943
Pidilite Industries Ltd.
 
147,959
4,367,191
Power Finance Corp. Ltd.
 
1,280,597
3,791,354
Power Grid Corp. of India Ltd.
 
4,399,906
10,683,040
REC Ltd.
 
1,149,578
3,972,341
Reliance Industries Ltd.
 
2,952,129
81,152,896
Samvardhana Motherson International Ltd.
 
2,300,165
2,539,612
SBI Cards & Payment Services Ltd.
 
275,585
2,468,881
SBI Life Insurance Co. Ltd. (b)
 
436,972
7,174,804
Shree Cement Ltd.
 
8,747
2,695,136
Shriram Transport Finance Co. Ltd.
 
272,767
6,153,202
Siemens Ltd.
 
86,322
3,452,790
Sona Blw Precision Forgings Ltd. (b)
 
397,365
2,585,269
SRF Ltd.
 
143,804
3,790,801
State Bank of India
 
1,730,968
11,758,576
Sun Pharmaceutical Industries Ltd.
 
930,761
12,165,298
Supreme Industries Ltd.
 
61,600
3,202,051
Tata Consultancy Services Ltd.
 
887,036
35,899,735
Tata Consumer Products Ltd.
 
540,813
5,849,929
Tata Elxsi Ltd.
 
33,220
3,042,113
Tata Motors Ltd.
 
1,610,944
12,163,868
Tata Power Co. Ltd./The
 
1,393,682
4,008,592
Tata Steel Ltd.
 
7,115,829
10,151,176
Tech Mahindra Ltd.
 
519,873
7,082,791
The Indian Hotels Co. Ltd.
 
826,322
3,804,711
Titan Co. Ltd.
 
344,382
13,198,225
Torrent Pharmaceuticals Ltd.
 
98,523
2,276,722
Trent Ltd.
 
175,878
4,551,142
Tube Investments of India Ltd.
 
103,074
3,898,300
Tvs Motor Co. Ltd.
 
230,594
4,405,199
Ultratech Cement Ltd.
 
111,976
11,329,057
United Spirits Ltd. (a)
 
282,584
3,503,351
UPL Ltd.
 
437,060
2,836,969
Varun Beverages Ltd.
 
441,213
4,814,337
Vedanta Ltd.
 
721,828
1,877,876
Wipro Ltd.
 
1,265,523
5,807,937
Yes Bank Ltd. (a)
 
12,551,065
2,404,769
Zomato Ltd. (a)
 
4,159,006
5,258,852
TOTAL INDIA
 
 
964,909,935
Indonesia - 1.8%
 
 
 
Indofood Sukses Makmur Tbk PT
 
4,260,800
1,783,800
PT Adaro Energy Indonesia Tbk
 
13,955,600
2,251,726
PT Aneka Tambang Tbk
 
8,160,900
874,386
PT Astra International Tbk
 
19,626,300
7,139,647
PT Bank Central Asia Tbk
 
53,786,100
29,631,874
PT Bank Mandiri (Persero) Tbk
 
36,197,400
12,931,598
PT Bank Negara Indonesia (Persero) Tbk
 
14,461,200
4,364,196
PT Bank Rakyat Indonesia (Persero) Tbk
 
66,127,385
20,676,968
PT Barito Pacific Tbk
 
27,393,488
1,941,203
PT Charoen Pokphand Indonesia Tbk (a)
 
7,157,100
2,636,750
PT GoTo Gojek Tokopedia Tbk (a)
 
803,777,912
3,040,891
PT Indah Kiat Pulp & Paper Tbk
 
2,651,900
1,602,815
PT Indofood CBP Sukses Makmur Tbk
 
2,264,600
1,476,004
PT Kalbe Farma Tbk
 
20,450,200
2,174,972
PT Merdeka Copper Gold Tbk (a)
 
11,692,396
1,639,927
PT Sarana Menara Nusantara Tbk
 
19,840,900
1,112,762
PT Semen Indonesia (Persero) Tbk
 
3,270,499
1,256,699
PT Sumber Alfaria Trijaya Tbk
 
16,110,800
2,932,112
PT Telkom Indonesia Persero Tbk
 
48,042,000
10,531,566
PT Unilever Indonesia Tbk
 
7,411,500
1,689,886
PT United Tractors Tbk
 
1,446,200
2,288,623
PT Vale Indonesia Tbk
 
2,408,100
750,483
TOTAL INDONESIA
 
 
114,728,888
Korea (South) - 10.8%
 
 
 
AMOREPACIFIC Corp.
 
28,353
2,657,440
BGF Retail Co. Ltd.
 
8,389
856,601
Celltrion Healthcare Co. Ltd.
 
103,656
5,119,805
Celltrion Pharm, Inc.
 
17,280
811,778
Celltrion, Inc.
 
106,464
11,805,663
CJ CheilJedang Corp.
 
8,037
1,681,229
Cosmo AM&T Co. Ltd. (a)
 
22,317
2,320,035
Cosmo AM&T Co. Ltd. rights 11/7/23 (a)
 
1,139
13,979
Coway Co. Ltd.
 
53,699
1,715,863
Db Insurance Co. Ltd.
 
44,627
2,899,080
Doosan Bobcat, Inc.
 
53,435
1,532,966
Doosan Heavy Industries & Construction Co. Ltd. (a)
 
434,898
4,326,892
Ecopro BM Co. Ltd. (c)
 
47,417
6,926,698
Ecopro Co. Ltd. (c)
 
19,364
8,934,340
F&F Co. Ltd.
 
16,707
1,156,482
GS Holdings Corp.
 
45,072
1,314,236
Hana Financial Group, Inc.
 
286,903
8,329,850
Hankook Tire Co. Ltd.
 
72,030
2,040,572
Hanmi Pharm Co. Ltd.
 
6,700
1,398,803
Hanmi Semiconductor Co. Ltd.
 
42,471
1,661,650
Hanon Systems
 
181,172
923,102
Hanwha Aerospace Co. Ltd.
 
34,371
2,580,216
Hanwha Ocean Co. Ltd. (a)(c)
 
42,038
734,081
Hanwha Ocean Co. Ltd. rights 11/9/23 (a)
 
13,877
17,955
Hanwha Solutions Corp. (a)
 
100,001
2,126,888
HD Hyundai Co. Ltd.
 
42,136
1,792,012
HD Hyundai Heavy Industries Co. Ltd. (a)
 
21,502
1,627,885
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)
 
41,156
2,756,779
HLB, Inc.
 
112,573
2,421,884
HMM Co. Ltd.
 
237,022
2,563,449
Hotel Shilla Co. (c)
 
30,445
1,406,627
HYBE Co. Ltd. (a)
 
18,172
2,955,172
Hyundai Engineering & Construction Co. Ltd.
 
75,617
1,872,581
Hyundai Glovis Co. Ltd.
 
18,176
2,303,314
Hyundai Mipo Dockyard Co. Ltd. (a)
 
23,211
1,194,346
Hyundai Mobis
 
59,418
9,188,114
Hyundai Motor Co. Ltd.
 
133,386
16,779,612
Hyundai Steel Co.
 
84,185
2,044,210
Industrial Bank of Korea
 
270,912
2,238,737
JYP Entertainment Corp.
 
27,527
2,092,242
Kakao Corp.
 
301,481
8,484,896
Kakao Games Corp. (a)
 
35,960
623,220
Kakao Pay Corp. (a)
 
25,988
661,544
KakaoBank Corp.
 
161,788
2,186,274
Kangwon Land, Inc.
 
92,963
1,010,733
KB Financial Group, Inc.
 
371,698
14,147,481
Kia Corp.
 
253,388
14,454,964
Korea Aerospace Industries Ltd.
 
70,926
2,330,340
Korea Electric Power Corp. (a)
 
249,610
3,119,718
Korea Investment Holdings Co. Ltd.
 
40,587
1,515,040
Korea Zinc Co. Ltd.
 
7,707
2,674,356
Korean Air Lines Co. Ltd.
 
178,123
2,706,155
KRAFTON, Inc. (a)
 
28,130
3,419,249
KT Corp.
 
63,441
1,532,501
KT&G Corp.
 
99,839
6,288,836
Kumho Petro Chemical Co. Ltd.
 
17,051
1,600,190
L&F Co. Ltd. (c)
 
24,597
2,389,076
LG Chemical Ltd.
 
47,921
15,682,452
LG Corp.
 
91,512
5,230,292
LG Display Co. Ltd. (a)
 
225,561
2,038,013
LG Electronics, Inc.
 
103,146
7,640,337
LG Energy Solution (a)
 
45,384
12,990,889
LG H & H Co. Ltd.
 
9,084
2,126,534
LG Innotek Co. Ltd.
 
13,769
2,281,887
LG Uplus Corp.
 
208,276
1,558,655
Lotte Chemical Corp.
 
18,663
2,023,741
Lotte Energy Materials Corp.
 
22,344
639,155
Meritz Financial Holdings Co.
 
100,993
3,753,148
Mirae Asset Securities Co. Ltd.
 
264,817
1,295,337
NAVER Corp.
 
127,245
17,762,885
NCSOFT Corp.
 
13,835
2,386,686
Netmarble Corp. (a)(b)
 
20,824
596,952
NH Investment & Securities Co. Ltd.
 
145,173
1,039,989
Orion Corp./Republic of Korea
 
23,008
2,033,307
Pan Ocean Co., Ltd. (Korea)
 
258,843
825,159
Pearl Abyss Corp. (a)
 
31,139
1,139,107
POSCO
 
69,703
21,306,214
POSCO Chemtech Co. Ltd. (c)
 
30,045
5,286,772
Posco International Corp.
 
51,172
1,905,894
S-Oil Corp.
 
43,665
2,151,786
Samsung Biologics Co. Ltd. (a)(b)
 
17,255
9,057,625
Samsung C&T Corp.
 
81,007
6,395,383
Samsung Electro-Mechanics Co. Ltd.
 
54,317
5,014,767
Samsung Electronics Co. Ltd.
 
4,630,764
230,154,031
Samsung Engineering Co. Ltd. (a)
 
152,055
2,675,942
Samsung Fire & Marine Insurance Co. Ltd.
 
29,863
5,702,016
Samsung Heavy Industries Co. Ltd. (a)
 
639,726
3,238,272
Samsung Life Insurance Co. Ltd.
 
77,576
4,147,210
Samsung SDI Co. Ltd.
 
53,342
16,864,899
Samsung SDS Co. Ltd.
 
37,512
3,839,464
Samsung Securities Co. Ltd.
 
60,738
1,588,756
Shinhan Financial Group Co. Ltd.
 
427,228
10,965,283
SK Biopharmaceuticals Co. Ltd. (a)
 
30,375
1,697,341
SK Bioscience Co. Ltd. (a)(c)
 
26,058
1,171,061
SK Hynix, Inc.
 
529,423
45,908,064
SK IE Technology Co. Ltd. (a)(b)
 
24,194
1,065,252
SK Innovation Co., Ltd.
 
61,731
5,615,641
SK Square Co. Ltd. (a)
 
96,007
3,029,127
SK, Inc.
 
35,504
3,737,672
SKC Co. Ltd. (c)
 
18,360
1,072,132
Woori Financial Group, Inc.
 
589,845
5,202,233
Yuhan Corp.
 
52,018
2,214,146
TOTAL KOREA (SOUTH)
 
 
680,319,249
Kuwait - 0.8%
 
 
 
Agility Public Warehousing Co. KSC (a)
 
1,557,116
2,646,770
Boubyan Bank KSC
 
1,345,451
2,547,857
Gulf Bank
 
1,792,180
1,372,586
Gulf Bank rights 11/12/23 (a)
 
139,121
2,877
Kuwait Finance House KSCP
 
7,875,663
17,408,155
Mabanee Co. SAKC
 
639,498
1,704,915
Mobile Telecommunication Co.
 
1,890,305
2,938,235
National Bank of Kuwait
 
7,305,672
20,704,716
TOTAL KUWAIT
 
 
49,326,111
Luxembourg - 0.0%
 
 
 
Reinet Investments SCA
 
133,014
2,763,836
Malaysia - 1.4%
 
 
 
AMMB Holdings Bhd
 
1,635,600
1,312,149
Axiata Group Bhd
 
2,714,441
1,241,967
CelcomDigi Bhd
 
3,474,500
3,112,480
CIMB Group Holdings Bhd
 
6,311,720
7,562,052
Dialog Group Bhd
 
3,338,200
1,506,166
Gamuda Bhd
 
1,850,604
1,818,467
Genting Bhd
 
2,103,500
1,779,947
Genting Malaysia Bhd
 
2,931,200
1,489,512
Hong Leong Bank Bhd
 
642,500
2,616,132
Hong Leong Credit Bhd
 
226,800
843,415
IHH Healthcare Bhd
 
2,176,100
2,739,262
Inari Amertron Bhd
 
2,574,600
1,543,621
IOI Corp. Bhd
 
2,483,700
2,049,278
Kuala Lumpur Kepong Bhd
 
480,447
2,217,816
Malayan Banking Bhd
 
5,352,181
10,134,664
Malaysia Airports Holdings Bhd
 
825,603
1,280,930
Maxis Bhd
 
2,319,700
1,928,806
MISC Bhd
 
1,322,600
2,013,496
MR DIY Group M Sdn Bhd (b)
 
2,792,450
867,568
Nestle (Malaysia) Bhd
 
69,700
1,811,371
Petronas Chemicals Group Bhd
 
2,761,900
4,258,869
Petronas Dagangan Bhd
 
294,400
1,425,240
Petronas Gas Bhd
 
768,730
2,800,117
PPB Group Bhd
 
632,320
2,032,743
Press Metal Aluminium Holdings
 
3,660,300
3,783,566
Public Bank Bhd
 
14,357,300
12,539,692
QL Resources Bhd
 
1,084,450
1,258,616
RHB Bank Bhd
 
1,483,334
1,737,434
Sime Darby Bhd
 
2,691,849
1,293,750
Sime Darby Plantation Bhd
 
2,051,056
1,869,805
Telekom Malaysia Bhd
 
1,129,093
1,201,948
Tenaga Nasional Bhd
 
2,527,200
5,251,687
TOTAL MALAYSIA
 
 
89,322,566
Mexico - 2.4%
 
 
 
Alfa SA de CV Series A
 
3,037,100
1,893,450
America Movil S.A.B. de CV Series L
 
18,367,800
15,169,812
Arca Continental S.A.B. de CV
 
507,700
4,552,657
Banco del Bajio SA (b)
 
749,600
2,294,244
CEMEX S.A.B. de CV unit (a)
 
14,691,918
8,825,419
Coca-Cola FEMSA S.A.B. de CV unit
 
509,515
3,865,803
Fibra Uno Administracion SA de CV
 
2,809,500
4,265,129
Fomento Economico Mexicano S.A.B. de CV unit
 
1,886,400
21,351,089
Gruma S.A.B. de CV Series B
 
179,405
3,121,900
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
380,100
4,433,903
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
188,005
4,051,769
Grupo Bimbo S.A.B. de CV Series A
 
1,288,100
5,242,708
Grupo Carso SA de CV Series A1
 
545,100
3,475,772
Grupo Financiero Banorte S.A.B. de CV Series O
 
2,516,200
20,421,010
Grupo Financiero Inbursa S.A.B. de CV Series O (a)
 
1,779,100
3,668,919
Grupo Mexico SA de CV Series B
 
3,019,507
12,314,846
Grupo Televisa SA de CV
 
2,327,000
1,067,408
Industrias Penoles SA de CV (a)
 
192,720
2,151,465
Kimberly-Clark de Mexico SA de CV Series A
 
1,476,800
2,707,207
Operadora de Sites Mexicanos, SA de CV
 
1,246,800
1,060,150
Orbia Advance Corp. S.A.B. de CV
 
974,155
1,578,294
Promotora y Operadora de Infraestructura S.A.B. de CV
 
184,135
1,507,274
Southern Copper Corp. (c)
 
82,457
5,846,201
Wal-Mart de Mexico SA de CV Series V
 
5,079,600
18,181,074
TOTAL MEXICO
 
 
153,047,503
Peru - 0.2%
 
 
 
Compania de Minas Buenaventura SAA
 
3,005
24,341
Compania de Minas Buenaventura SAA sponsored ADR
 
206,382
1,671,694
Credicorp Ltd.
 
511
63,722
Credicorp Ltd. (United States)
 
64,963
8,117,776
TOTAL PERU
 
 
9,877,533
Philippines - 0.6%
 
 
 
Aboitiz Equity Ventures, Inc.
 
1,640,060
1,320,929
Ayala Corp.
 
240,755
2,567,985
Ayala Land, Inc.
 
6,533,340
3,207,109
Bank of the Philippine Islands (BPI)
 
1,918,749
3,393,796
BDO Unibank, Inc.
 
2,297,983
5,160,422
International Container Terminal Services, Inc.
 
986,440
3,486,687
JG Summit Holdings, Inc.
 
2,554,356
1,652,925
Jollibee Food Corp.
 
434,460
1,566,757
Manila Electric Co.
 
266,650
1,665,235
Metropolitan Bank & Trust Co.
 
1,745,977
1,606,142
PLDT, Inc.
 
73,445
1,565,652
SM Investments Corp.
 
237,350
3,346,576
SM Prime Holdings, Inc.
 
9,812,600
5,179,327
Universal Robina Corp.
 
846,170
1,627,404
TOTAL PHILIPPINES
 
 
37,346,946
Poland - 0.9%
 
 
 
Allegro.eu SA (a)(b)
 
461,041
3,300,147
Bank Polska Kasa Opieki SA
 
178,100
5,399,596
Budimex SA
 
12,383
1,381,752
CD Projekt RED SA
 
62,965
1,569,622
Cyfrowy Polsat SA (c)
 
247,735
771,369
Dino Polska SA (a)(b)
 
47,541
4,497,831
KGHM Polska Miedz SA (Bearer)
 
135,791
3,618,794
LPP SA
 
1,079
3,473,662
mBank SA (a)
 
14,404
1,777,567
Orlen SA
 
562,754
8,884,781
PGE Polska Grupa Energetyczna SA (a)
 
875,622
1,517,145
Powszechna Kasa Oszczednosci Bank SA (a)
 
848,264
8,764,485
Powszechny Zaklad Ubezpieczen SA
 
586,267
6,626,743
Santander Bank Polska SA (a)
 
34,673
3,757,020
TOTAL POLAND
 
 
55,340,514
Qatar - 0.9%
 
 
 
Barwa Real Estate Co. (a)
 
2,081,270
1,446,200
Dukhan Bank
 
1,777,612
1,770,289
Industries Qatar QSC (a)
 
1,467,114
4,923,959
Masraf al Rayan
 
5,412,453
3,121,711
Mesaieed Petrochemical Holding Co. (a)
 
4,267,362
1,863,528
Ooredoo QSC
 
779,048
2,116,118
Qatar Electricity & Water Co. (a)
 
419,079
1,903,754
Qatar Fuel Co. (a)
 
578,744
2,360,436
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
2,420,651
2,340,206
Qatar International Islamic Bank QSC (a)
 
954,700
2,425,426
Qatar Islamic Bank
 
1,604,227
7,666,451
Qatar National Bank SAQ
 
4,478,926
18,316,728
The Commercial Bank of Qatar (a)
 
3,140,826
4,421,828
TOTAL QATAR
 
 
54,676,634
Romania - 0.0%
 
 
 
NEPI Rockcastle PLC
 
486,610
2,628,151
Russia - 0.1%
 
 
 
Alrosa Co. Ltd. (d)
 
2,234,923
371,902
Gazprom OAO (d)
 
8,473,436
886,875
Gazprom OAO sponsored ADR (Reg. S) (a)(d)
 
863,533
197,265
Inter Rao Ues JSC (d)
 
31,187,844
171,988
LUKOIL PJSC (d)
 
334,533
103,570
LUKOIL PJSC sponsored ADR (a)(d)
 
22,773
6,442
MMC Norilsk Nickel PJSC (a)(d)
 
48,442
322,245
MMC Norilsk Nickel PJSC sponsored ADR (a)(d)
 
59,247
142,193
Mobile TeleSystems OJSC sponsored ADR (a)(d)
 
396,417
394,827
Moscow Exchange MICEX-RTS OAO (d)
 
1,311,841
252,234
Novatek PJSC GDR (Reg. S) (a)(d)
 
78,382
4,075,864
Novolipetsk Steel OJSC (a)(d)
 
1,258,902
12,089
Novolipetsk Steel OJSC GDR (Reg. S) (a)(d)
 
3,783
470
Ozon Holdings PLC ADR (a)(d)
 
40,002
83,826
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
62,902
Polyus PJSC GDR (a)(d)
 
5,226
8,008
Rosneft Oil Co. OJSC (d)
 
857,494
143,441
Rosneft Oil Co. OJSC GDR (Reg. S) (a)(d)
 
150,200
35,515
Sberbank of Russia (d)
 
9,313,306
57,276
Severstal PAO (a)(d)
 
155,372
3,470
Severstal PAO GDR (Reg. S) (a)(d)
 
26,165
618
Surgutneftegas OJSC (d)
 
5,613,549
68,707
Surgutneftegas OJSC sponsored ADR (a)(d)
 
73,333
13,542
Tatneft PAO (d)
 
1,103,564
137,293
Tatneft PAO sponsored ADR (a)(d)
 
18,698
17,264
TCS Group Holding PLC GDR (a)(d)
 
103,050
131,252
United Co. RUSAL International PJSC (d)
 
2,596,470
312,996
VK Co. Ltd. GDR (Reg. S) (a)(d)
 
100,000
29,716
VTB Bank OJSC (a)(d)
 
2,380,815,800
90,983
VTB Bank OJSC sponsored GDR (Reg. S) (a)(d)
 
221,738
37,021
X5 Retail Group NV:
 
 
 
 GDR (Reg. S) (a)(d)
 
102,956
24,296
 GDR (Reg. S) (a)(d)
 
4,876
49,150
Yandex NV Class A (a)(d)
 
261,431
976,296
TOTAL RUSSIA
 
 
9,223,939
Saudi Arabia - 4.0%
 
 
 
ACWA Power Co.
 
92,348
5,587,748
Advanced Petrochemicals Co.
 
123,541
1,228,297
Al Rajhi Bank
 
1,900,395
33,989,899
Alinma Bank
 
950,104
8,332,024
Almarai Co. Ltd.
 
242,463
3,612,774
Arab National Bank
 
654,259
4,143,617
Arabian Internet and Communications Services Co. Ltd.
 
23,265
1,939,784
Bank Al-Jazira (a)
 
389,095
1,696,768
Bank Albilad
 
475,006
4,710,050
Banque Saudi Fransi
 
572,562
5,471,358
Bupa Arabia for Cooperative Insurance Co.
 
72,726
4,129,075
Dallah Healthcare Co.
 
33,160
1,308,157
Dar Al Arkan Real Estate Development Co. (a)
 
513,467
2,066,679
Dr Sulaiman Al Habib Medical Services Group Co.
 
84,850
5,699,488
Elm Co.
 
23,270
4,349,324
Etihad Etisalat Co.
 
365,817
4,495,192
Jarir Marketing Co.
 
569,601
2,198,481
Luberef
 
49,078
1,687,563
Mobile Telecommunications Co. Saudi Arabia
 
426,955
1,570,524
Mouwasat Medical Services Co.
 
95,026
2,532,946
Nahdi Medical Co.
 
37,835
1,430,057
National Industrialization Co. (a)
 
317,621
983,782
Power & Water Utility Co. for Jubail & Yanbu
 
72,571
1,052,314
Rabigh Refining & Petrochemical Co. (a)
 
405,198
1,088,708
Riyad Bank
 
1,425,205
10,086,148
Sabic Agriculture-Nutrients Co.
 
226,136
8,065,091
Sahara International Petrochemical Co.
 
348,302
2,994,120
Saudi Arabian Mining Co.
 
1,253,134
12,024,956
Saudi Arabian Oil Co. (b)
 
2,581,335
22,912,479
Saudi Awwal Bank
 
976,169
8,703,714
Saudi Basic Industries Corp.
 
872,688
17,911,551
Saudi Electricity Co.
 
805,804
3,823,252
Saudi Industrial Investment Group
 
358,506
2,289,637
Saudi Investment Bank/The
 
474,594
1,859,615
Saudi Kayan Petrochemical Co. (a)
 
712,745
2,010,034
Saudi Research & Marketing Group (a)
 
34,870
1,310,553
Saudi Tadawul Group Holding Co.
 
46,545
2,061,995
Saudi Telecom Co.
 
1,939,588
19,852,911
The Co. for Cooperative Insurance
 
71,265
2,294,704
The Saudi National Bank
 
2,850,595
25,492,446
The Savola Group
 
253,758
2,462,094
Yanbu National Petrochemical Co.
 
267,114
2,694,921
TOTAL SAUDI ARABIA
 
 
254,154,830
South Africa - 2.8%
 
 
 
Absa Group Ltd.
 
821,918
7,493,511
African Rainbow Minerals Ltd.
 
108,874
897,163
Anglo American Platinum Ltd.
 
64,307
2,148,599
Aspen Pharmacare Holdings Ltd.
 
367,760
3,340,474
Bid Corp. Ltd.
 
325,291
6,900,969
Bidvest Group Ltd./The
 
280,539
3,970,972
Capitec Bank Holdings Ltd. (c)
 
84,422
7,496,130
Clicks Group Ltd.
 
234,864
3,460,928
Discovery Ltd.
 
522,113
3,602,054
Exxaro Resources Ltd. (c)
 
237,029
2,377,730
FirstRand Ltd. (c)
 
4,895,747
16,139,219
Gold Fields Ltd.
 
866,432
11,429,926
Growthpoint Properties Ltd. (c)
 
3,344,709
1,738,979
Harmony Gold Mining Co. Ltd. (c)
 
539,432
2,473,225
Impala Platinum Holdings Ltd.
 
840,073
3,499,401
Kumba Iron Ore Ltd.
 
62,486
1,655,632
MTN Group Ltd.
 
1,644,346
8,026,967
Naspers Ltd. Class N
 
190,022
29,662,600
Nedbank Group Ltd.
 
426,156
4,586,136
Northam Platinum Holdings Ltd.
 
346,141
2,089,197
Old Mutual Ltd.
 
4,724,302
3,003,782
OUTsurance Group Ltd.
 
817,387
1,768,319
Pepkor Holdings Ltd. (b)
 
1,953,025
1,781,431
Remgro Ltd.
 
513,102
3,966,612
Sanlam Ltd.
 
1,708,917
5,993,932
Sasol Ltd.
 
553,579
6,997,094
Shoprite Holdings Ltd.
 
487,606
6,248,421
Sibanye-Stillwater Ltd.
 
2,744,660
3,500,957
Standard Bank Group Ltd.
 
1,299,790
12,754,854
Vodacom Group Ltd.
 
604,502
3,290,826
Woolworths Holdings Ltd.
 
910,063
3,388,291
TOTAL SOUTH AFRICA
 
 
175,684,331
Taiwan - 14.4%
 
 
 
Accton Technology Corp.
 
489,000
7,570,864
Acer, Inc.
 
2,807,994
2,965,443
Advantech Co. Ltd.
 
456,100
4,680,421
ASE Technology Holding Co. Ltd.
 
2,968,927
10,386,152
Asia Cement Corp.
 
2,234,153
2,756,775
ASUSTeK Computer, Inc.
 
685,000
7,176,784
AUO Corp.
 
6,344,400
3,068,610
Catcher Technology Co. Ltd.
 
561,000
3,144,728
Cathay Financial Holding Co. Ltd.
 
9,245,410
12,536,822
Chailease Holding Co. Ltd.
 
1,486,944
8,059,790
Chang Hwa Commercial Bank
 
5,259,011
2,783,964
Cheng Shin Rubber Industry Co. Ltd.
 
1,885,937
2,575,230
China Airlines Ltd.
 
2,796,000
1,674,788
China Development Financial Ho (a)
 
15,511,648
5,418,056
China Steel Corp.
 
11,448,204
8,534,399
Chunghwa Telecom Co. Ltd.
 
3,687,000
13,176,557
Compal Electronics, Inc.
 
4,059,000
3,527,942
CTBC Financial Holding Co. Ltd.
 
17,087,826
12,858,988
Delta Electronics, Inc.
 
1,889,381
17,013,782
E Ink Holdings, Inc.
 
829,000
4,310,069
E.SUN Financial Holdings Co. Ltd.
 
13,650,270
10,050,309
ECLAT Textile Co. Ltd.
 
172,613
2,745,235
eMemory Technology, Inc.
 
62,000
3,881,398
EVA Airways Corp.
 
2,494,000
2,113,319
Evergreen Marine Corp. (Taiwan)
 
985,363
3,276,544
Far Eastern New Century Corp.
 
2,856,705
2,600,775
Far EasTone Telecommunications Co. Ltd.
 
1,549,000
3,625,622
Feng Tay Enterprise Co. Ltd.
 
478,408
2,639,649
First Financial Holding Co. Ltd.
 
10,562,760
8,445,246
Formosa Chemicals & Fibre Corp.
 
3,410,760
6,412,319
Formosa Petrochemical Corp.
 
1,108,000
2,704,799
Formosa Plastics Corp.
 
3,703,520
8,800,827
Fubon Financial Holding Co. Ltd.
 
7,572,356
14,070,669
Giant Manufacturing Co. Ltd.
 
303,935
1,535,686
Gigabyte Technology Co. Ltd.
 
493,000
3,346,833
Global Unichip Corp.
 
85,000
3,795,982
GlobalWafers Co. Ltd.
 
211,000
3,099,292
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
12,097,869
36,080,871
Hotai Motor Co. Ltd.
 
296,760
5,533,021
Hua Nan Financial Holdings Co. Ltd.
 
8,595,032
5,385,999
Innolux Corp.
 
8,362,133
3,149,822
Inventec Corp.
 
2,608,865
3,265,777
Largan Precision Co. Ltd.
 
97,000
6,207,760
Lite-On Technology Corp.
 
1,952,279
6,073,763
MediaTek, Inc.
 
1,473,292
38,422,367
Mega Financial Holding Co. Ltd.
 
10,899,691
12,358,728
Micro-Star International Co. Ltd.
 
695,000
3,555,196
momo.com, Inc.
 
82,080
1,352,163
Nan Ya Plastics Corp.
 
4,614,860
8,822,916
Nan Ya Printed Circuit Board Corp.
 
220,000
1,613,579
Nanya Technology Corp.
 
1,201,000
2,405,886
Nien Made Enterprise Co. Ltd.
 
170,000
1,502,890
Novatek Microelectronics Corp.
 
560,000
7,880,447
Pegatron Corp.
 
1,938,000
4,519,078
PharmaEssentia Corp. (a)
 
231,000
2,297,032
Pou Chen Corp.
 
2,139,000
1,905,157
Powerchip Semiconductor Manufacturing Corp.
 
2,956,294
2,430,035
President Chain Store Corp.
 
555,000
4,411,265
Quanta Computer, Inc.
 
2,622,000
15,469,168
Realtek Semiconductor Corp.
 
473,401
5,895,393
Ruentex Development Co. Ltd.
 
1,480,555
1,483,671
Shin Kong Financial Holding Co. Ltd. (a)
 
12,723,127
3,415,412
Sinopac Financial Holdings Co.
 
10,198,435
5,620,268
Synnex Technology International Corp.
 
1,213,500
2,573,436
Taishin Financial Holdings Co. Ltd.
 
10,885,689
5,801,593
Taiwan Business Bank
 
5,977,696
2,354,979
Taiwan Cement Corp.
 
6,244,730
6,217,561
Taiwan Cooperative Financial Holding Co. Ltd.
 
9,979,868
7,744,067
Taiwan High Speed Rail Corp.
 
1,918,000
1,740,090
Taiwan Mobile Co. Ltd.
 
1,672,900
4,940,060
Taiwan Semiconductor Manufacturing Co. Ltd.
 
23,887,000
389,834,403
The Shanghai Commercial & Savings Bank Ltd.
 
3,730,609
4,939,219
Uni-President Enterprises Corp.
 
4,684,983
9,821,283
Unimicron Technology Corp.
 
1,331,000
5,931,574
United Microelectronics Corp.
 
10,911,000
15,679,179
Vanguard International Semiconductor Corp.
 
873,000
1,894,454
Voltronic Power Technology Corp.
 
63,000
2,524,602
Walsin Lihwa Corp.
 
2,737,526
2,911,258
Wan Hai Lines Ltd.
 
678,950
969,650
Winbond Electronics Corp.
 
2,894,000
2,240,897
Winbond Electronics Corp. rights 11/3/23 (a)
 
116,341
10,573
Wistron Corp.
 
2,530,000
7,049,474
Wiwynn Corp.
 
84,756
4,012,913
WPG Holding Co. Ltd.
 
1,547,200
3,421,050
Yageo Corp.
 
327,845
5,340,919
Yang Ming Marine Transport Corp.
 
1,692,000
2,203,619
Yuanta Financial Holding Co. Ltd.
 
9,844,750
7,390,833
Zhen Ding Technology Holding Ltd.
 
643,000
1,942,573
TOTAL TAIWAN
 
 
907,912,591
Thailand - 1.8%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
1,155,000
7,035,126
Airports of Thailand PCL (For. Reg.) (a)
 
4,163,000
7,686,326
Asset World Corp. PCL (For. Reg.)
 
6,821,000
652,714
B. Grimm Power PCL (For. Reg.)
 
606,400
370,964
Bangkok Dusit Medical Services PCL (For. Reg.)
 
10,794,400
7,913,215
Bangkok Expressway and Metro PCL (For. Reg.)
 
7,441,000
1,625,587
Banpu PCL:
 
 
 
 (For. Reg.)
 
7,382,700
1,551,941
 NVDR
 
2,300
483
Berli Jucker PCL (For. Reg.)
 
977,200
764,517
BTS Group Holdings PCL (For. Reg.)
 
7,688,200
1,599,020
Bumrungrad Hospital PCL:
 
 
 
 (For. Reg.)
 
556,700
4,001,286
 NVDR
 
21,800
156,688
Central Pattana PCL (For. Reg.)
 
1,964,300
3,398,272
Central Retail Corp. PCL (For. Reg.)
 
1,799,916
1,830,641
Charoen Pokphand Foods PCL (For. Reg.)
 
3,771,720
1,951,139
CP ALL PCL (For. Reg.)
 
5,669,500
8,665,070
CP Axtra PCL:
 
 
 
 (For. Reg.)
 
1,727,500
1,350,721
 NVDR
 
12,800
10,008
Delta Electronics PCL (For. Reg.)
 
3,023,900
6,609,851
Electricity Generating PCL (For. Reg.)
 
228,500
771,365
Energy Absolute PCL (For. Reg.)
 
1,634,500
1,899,938
Global Power Synergy Public Co. Ltd. (For. Reg.)
 
687,100
741,776
Gulf Energy Development PCL (For. Reg.)
 
2,706,100
3,238,870
Home Product Center PCL (For. Reg.)
 
5,750,106
1,893,225
Indorama Ventures PCL (For. Reg.)
 
1,636,000
1,071,966
Intouch Holdings PCL (For. Reg.)
 
941,300
1,849,032
Kasikornbank PCL (For. Reg.)
 
575,700
2,093,828
Krung Thai Bank PCL (For. Reg.)
 
3,393,570
1,764,558
Krungthai Card PCL (For. Reg.)
 
1,002,700
1,213,871
Land & House PCL (For. Reg.)
 
8,248,700
1,723,180
Minor International PCL (For. Reg.)
 
3,186,532
2,469,464
Muangthai Leasing PCL (For. Reg.)
 
721,900
729,082
Osotspa PCL (For. Reg.)
 
1,143,000
743,305
PTT Exploration and Production PCL (For. Reg.)
 
1,348,339
6,123,561
PTT Global Chemical PCL (For. Reg.)
 
2,188,439
2,090,201
PTT Oil & Retail Business PCL:
 
 
 
 (For. Reg.)
 
1,426,500
722,398
 NVDR
 
1,490,200
754,657
PTT PCL (For. Reg.)
 
9,700,800
8,929,319
Ratch Group PCL (For. Reg.)
 
1,049,200
936,119
SCB X PCL (For. Reg.)
 
818,300
2,231,158
SCG Packaging PCL (For. Reg.)
 
1,244,200
1,239,773
Siam Cement PCL (For. Reg.)
 
759,550
6,050,777
Thai Oil PCL (For. Reg.)
 
1,194,114
1,554,806
TMBThanachart Bank PCL:
 
 
 
 (For. Reg.)
 
23,430,400
1,082,413
 NVDR
 
101,100
4,671
True Corp. PCL
 
7,506,579
1,258,958
TOTAL THAILAND
 
 
112,355,840
Turkey - 0.7%
 
 
 
Akbank TAS
 
3,025,164
3,147,023
Aselsan A/S
 
1,327,023
1,937,168
Bim Birlesik Magazalar A/S JSC
 
441,619
4,241,651
Eregli Demir ve Celik Fabrikalari T.A.S. (a)
 
1,358,415
1,816,065
Ford Otomotiv Sanayi A/S
 
68,068
1,889,947
Haci Omer Sabanci Holding A/S
 
989,124
1,868,628
Hektas Ticaret A/S (a)
 
1,104,152
854,649
Koc Holding A/S
 
737,729
3,563,701
Koza Altin Isletmeleri A/S
 
931,931
722,661
Pegasus Hava Tasimaciligi A/S (a)
 
44,596
1,110,205
Sasa Polyester Sanayi A/S
 
1,027,139
1,550,905
Tofas Turk Otomobil Fabrikasi A/S
 
121,200
1,030,142
Turk Hava Yollari AO (a)
 
535,046
4,105,529
Turkcell Iletisim Hizmet A/S
 
1,173,612
1,989,226
Turkiye Is Bankasi A/S Series C
 
3,393,937
2,514,360
Turkiye Petrol Rafinerileri A/S
 
934,244
4,681,241
Turkiye Sise ve Cam Fabrikalari A/S
 
1,336,841
2,234,736
Yapi ve Kredi Bankasi A/S
 
3,276,138
1,994,425
TOTAL TURKEY
 
 
41,252,262
United Arab Emirates - 1.3%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
2,838,873
6,206,412
Abu Dhabi Islamic Bank (a)
 
1,408,269
3,949,134
Abu Dhabi National Oil Co. for Distribution PJSC
 
3,029,534
2,771,368
Aldar Properties PJSC
 
3,738,001
5,292,024
Americana Restaurants International PLC
 
2,449,785
2,467,793
Dubai Islamic Bank Pakistan Ltd.
 
2,807,102
4,126,967
Emaar Properties PJSC
 
6,429,072
11,709,908
Emirates NBD Bank PJSC
 
1,837,306
8,478,719
Emirates Telecommunications Corp.
 
3,373,862
16,956,573
First Abu Dhabi Bank PJSC
 
4,284,709
14,791,753
Multiply Group (a)
 
3,801,436
3,518,890
TOTAL UNITED ARAB EMIRATES
 
 
80,269,541
United Kingdom - 0.1%
 
 
 
AngloGold Ashanti PLC (c)
 
406,912
7,521,459
Pepco Group NV (a)
 
167,150
676,608
TOTAL UNITED KINGDOM
 
 
8,198,067
United States of America - 0.1%
 
 
 
JBS SA
 
752,800
2,990,744
Legend Biotech Corp. ADR (a)
 
57,876
3,823,867
Parade Technologies Ltd.
 
75,000
2,457,123
TOTAL UNITED STATES OF AMERICA
 
 
9,271,734
 
TOTAL COMMON STOCKS
 (Cost $6,603,225,248)
 
 
 
5,955,585,895
 
 
 
 
Nonconvertible Preferred Stocks - 2.2%
 
 
Shares
Value ($)
 
Brazil - 1.4%
 
 
 
Banco Bradesco SA (PN)
 
5,144,104
14,274,015
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)
 
269,706
2,056,864
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
1,348,780
3,140,711
Gerdau SA
 
1,121,275
4,841,604
Itau Unibanco Holding SA
 
4,698,231
24,992,623
Itausa-Investimentos Itau SA (PN)
 
4,939,252
8,464,350
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
4,636,600
31,948,328
TOTAL BRAZIL
 
 
89,718,495
Chile - 0.1%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B)
 
138,503
6,700,760
Colombia - 0.1%
 
 
 
Bancolombia SA (PN)
 
423,207
2,714,447
Korea (South) - 0.6%
 
 
 
Hyundai Motor Co. Ltd.
 
21,030
1,550,698
Hyundai Motor Co. Ltd. Series 2
 
36,104
2,678,266
LG Chemical Ltd.
 
7,444
1,552,419
LG H & H Co. Ltd.
 
2
210
Samsung Electronics Co. Ltd.
 
797,899
31,808,677
TOTAL KOREA (SOUTH)
 
 
37,590,270
Russia - 0.0%
 
 
 
Surgutneftegas OJSC (d)
 
5,794,540
100,840
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $148,346,263)
 
 
 
136,824,812
 
 
 
 
Nonconvertible Bonds - 0.0%
 
 
Principal
Amount (e)
 
Value ($)
 
India - 0.0%
 
 
 
NTPC Ltd. 8.49% 3/25/25
  (Cost $52,909)
INR
264,162
33,458
 
 
 
 
Government Obligations - 0.2%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.2%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (f)
  (Cost $14,750,623)
 
15,000,000
14,749,752
 
 
 
 
Money Market Funds - 4.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (g)
 
205,320,582
205,361,646
Fidelity Securities Lending Cash Central Fund 5.40% (g)(h)
 
83,807,006
83,815,387
 
TOTAL MONEY MARKET FUNDS
 (Cost $289,177,033)
 
 
289,177,033
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.3%
 (Cost $7,055,552,076)
 
 
 
6,396,370,950
NET OTHER ASSETS (LIABILITIES) - (1.3)%  
(84,984,023)
NET ASSETS - 100.0%
6,311,386,927
 
 
 
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)
4,702
Dec 2023
216,103,920
(9,953,109)
(9,953,109)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 3.4%
 
 
 
Currency Abbreviations
         INR
-
Indian rupee
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $316,902,537 or 5.0% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security
 
(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 $7,277,528.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
62,332,615
1,425,848,979
1,282,819,948
7,674,790
-
-
205,361,646
0.5%
Fidelity Securities Lending Cash Central Fund 5.40%
20,632,407
371,661,351
308,478,371
901,498
-
-
83,815,387
0.3%
Total
82,965,022
1,797,510,330
1,591,298,319
8,576,288
-
-
289,177,033
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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
569,839,189
104,635,404
463,802,946
1,400,839
Consumer Discretionary
825,949,623
176,035,253
649,830,544
83,826
Consumer Staples
380,099,419
122,683,501
257,342,471
73,447
Energy
326,848,680
124,918,661
196,143,401
5,786,618
Financials
1,365,401,835
500,646,106
864,186,963
568,766
Health Care
240,441,048
28,222,234
212,218,814
-
Industrials
390,583,485
93,286,283
297,297,202
-
Information Technology
1,257,698,668
10,270,351
1,247,428,317
-
Materials
474,041,461
171,355,380
301,446,785
1,239,296
Real Estate
102,178,520
41,306,132
60,872,388
-
Utilities
159,328,779
57,850,368
101,306,421
171,990
 Corporate Bonds
33,458
-
33,458
-
 Government Obligations
14,749,752
-
14,749,752
-
  Money Market Funds
289,177,033
289,177,033
-
-
 Total Investments in Securities:
6,396,370,950
1,720,386,706
4,666,659,462
9,324,782
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(9,953,109)
(9,953,109)
-
-
  Total Liabilities
(9,953,109)
(9,953,109)
-
-
 Total Derivative Instruments:
(9,953,109)
(9,953,109)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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
(9,953,109)
Total Equity Risk
0
(9,953,109)
Total Value of Derivatives
0
(9,953,109)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $78,528,995) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,766,375,043)
$
6,107,193,917
 
 
Fidelity Central Funds (cost $289,177,033)
289,177,033
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $7,055,552,076)
 
 
$
6,396,370,950
Cash
 
 
1,480,813
Foreign currency held at value (cost $11,949,458)
 
 
11,438,887
Receivable for investments sold
 
 
5,046
Receivable for fund shares sold
 
 
12,314,673
Dividends receivable
 
 
7,753,905
Interest receivable
 
 
125
Distributions receivable from Fidelity Central Funds
 
 
1,098,972
Other receivables
 
 
85,333
  Total assets
 
 
6,430,548,704
Liabilities
 
 
 
 
Payable for investments purchased
$
348
 
 
Payable for fund shares redeemed
8,481,716
 
 
Accrued management fee
402,235
 
 
Payable for daily variation margin on futures contracts
1,430,948
 
 
Deferred taxes
25,034,520
 
 
Other payables and accrued expenses
105
 
 
Collateral on securities loaned
83,811,905
 
 
  Total Liabilities
 
 
 
119,161,777
Net Assets  
 
 
$
6,311,386,927
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
7,653,787,779
Total accumulated earnings (loss)
 
 
 
(1,342,400,852)
Net Assets
 
 
$
6,311,386,927
Net Asset Value, offering price and redemption price per share ($6,311,386,927 ÷ 682,174,487 shares)
 
 
$
9.25
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
189,904,744
Non-Cash dividends
 
 
14,008,039
Interest  
 
 
602,427
Income from Fidelity Central Funds (including $901,498 from security lending)
 
 
8,576,288
 Income before foreign taxes withheld
 
 
$
213,091,498
Less foreign taxes withheld
 
 
(22,620,498)
 Total Income
 
 
 
190,471,000
Expenses
 
 
 
 
Management fee
$
4,732,606
 
 
Independent trustees' fees and expenses
21,688
 
 
 Total expenses before reductions
 
4,754,294
 
 
 Expense reductions
 
(64,889)
 
 
 Total expenses after reductions
 
 
 
4,689,405
Net Investment income (loss)
 
 
 
185,781,595
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $1,186,821)
 
(215,485,861)
 
 
 Foreign currency transactions
 
(149,073)
 
 
 Futures contracts
 
8,974,516
 
 
Total net realized gain (loss)
 
 
 
(206,660,418)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $2,388,227)  
 
565,422,380
 
 
 Assets and liabilities in foreign currencies
 
(290,798)
 
 
 Futures contracts
 
(9,104,849)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
556,026,733
Net gain (loss)
 
 
 
349,366,315
Net increase (decrease) in net assets resulting from operations
 
 
$
535,147,910
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
185,781,595
$
185,918,754
Net realized gain (loss)
 
(206,660,418)
 
 
(288,874,732)
 
Change in net unrealized appreciation (depreciation)
 
556,026,733
 
(2,125,258,642)
 
Net increase (decrease) in net assets resulting from operations
 
535,147,910
 
 
(2,228,214,620)
 
Distributions to shareholders
 
(144,831,374)
 
 
(141,768,973)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
2,426,882,664
 
4,848,475,063
  Reinvestment of distributions
 
115,318,941
 
 
111,740,080
 
Cost of shares redeemed
 
(1,855,775,506)
 
(3,797,103,742)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
686,426,099
 
 
1,163,111,401
 
Total increase (decrease) in net assets
 
1,076,742,635
 
 
(1,206,872,192)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,234,644,292
 
6,441,516,484
 
End of period
$
6,311,386,927
$
5,234,644,292
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
248,751,213
 
456,938,763
  Issued in reinvestment of distributions
 
12,281,037
 
 
9,382,039
 
Redeemed
 
(190,452,525)
 
(364,529,607)
Net increase (decrease)
 
70,579,725
 
101,791,195
 
 
 
 
 
 
Financial Highlights
Fidelity® Emerging Markets Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.56
$
12.64
$
11.07
$
10.48
$
9.62
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.29
 
.32
 
.28
 
.22
 
.35 C
     Net realized and unrealized gain (loss)
 
.63
 
(4.14)
 
1.48
 
.65
 
.72
  Total from investment operations
 
.92  
 
(3.82)  
 
1.76  
 
.87  
 
1.07
  Distributions from net investment income
 
(.23)
 
(.26)
 
(.19)
 
(.28)
 
(.21)
     Total distributions
 
(.23)
 
(.26)
 
(.19)
 
(.28)
 
(.21)
  Net asset value, end of period
$
9.25
$
8.56
$
12.64
$
11.07
$
10.48
 Total Return D
 
10.74%
 
(30.81)%
 
15.95%
 
8.54%
 
11.33%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.08%
 
.08%
 
.07% G
 
.08%
 
.08%
    Expenses net of fee waivers, if any
 
.08%
 
.08%
 
.07% G
 
.08%
 
.08%
    Expenses net of all reductions
 
.07%
 
.07%
 
.07% G
 
.07%
 
.08%
    Net investment income (loss)
 
2.93%
 
2.97%
 
2.17%
 
2.20%
 
3.40% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,311,387
$
5,234,644
$
6,441,516
$
3,400,765
$
2,938,021
    Portfolio turnover rate H
 
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 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.
 
GThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Global ex U.S. Index Fund
12.74%
3.64%
2.65%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Global ex U.S. Index Fund on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Fidelity® Global ex U.S. Index Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuations also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 12.74%, versus 12.27% for the benchmark MSCI All Country World ex US Index (Net MA). From a regional standpoint, Europe ex the U.K. gained 17% and contributed most, followed by emerging markets (+10%). By sector, financials gained about 12% and contributed most. Information technology, which gained 21%, also helped, benefitting from the semiconductors & semiconductor equipment industry (+33%), as did consumer discretionary, which advanced roughly 19%. The industrials sector rose 13%, boosted by the capital goods industry (+18%), energy gained 12%, and communication services advanced approximately 13%. Other notable contributors included the materials (+8%), consumer staples (+7%), health care (+6%), utilities (+8%) and real estate (+4%) sectors. In contrast, Canada returned -1% and was a notable detractor. Turning to individual stocks, the top contributor was Novo-Nordisk (+78%), from the pharmaceuticals, biotechnology & life sciences category. Taiwan Semiconductor (+37%) and ASML Holding (+28%), within the semiconductors & semiconductor equipment group, also contributed. In media & entertainment, Tencent Holdings gained roughly 50% and lifted the fund. Lastly, HSBC (+48%), a stock in the banks category, contributed. Conversely, the biggest individual detractor was Roche Holding (-21%), from the pharmaceuticals, biotechnology & life sciences industry. Also in pharmaceuticals, biotechnology & life sciences, CSL (-17%) hurt. Adyen (-53%) and Brookfield (-26%), within the financial services group, also hindered the fund's performance. Lastly, Nutrien, within the materials industry, returned approximately -35% and hurt the fund.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Global ex U.S. Index Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
1.8
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
1.4
 
Nestle SA (Reg. S)  (United States of America, Food Products)
1.3
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
1.1
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.1
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
1.1
 
Shell PLC (London)  (Netherlands, Oil, Gas & Consumable Fuels)
1.0
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
0.9
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
0.9
 
Novartis AG  (Switzerland, Pharmaceuticals)
0.9
 
 
11.5
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.4
 
Industrials
11.7
 
Consumer Discretionary
11.7
 
Information Technology
11.2
 
Health Care
9.5
 
Consumer Staples
8.1
 
Materials
7.3
 
Energy
6.7
 
Communication Services
5.4
 
Utilities
2.5
 
Real Estate
1.6
 
 
Asset Allocation (% of Fund's net assets)
Futures - 1.8%
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® Global ex U.S. Index Fund
Showing Percentage of Net Assets     
Common Stocks - 97.2%
 
 
Shares
Value ($)
 
Australia - 4.8%
 
 
 
Ampol Ltd.
 
87,270
1,769,640
ANZ Group Holdings Ltd.
 
1,106,324
17,445,599
APA Group unit
 
469,690
2,462,087
Aristocrat Leisure Ltd.
 
217,930
5,356,743
ASX Ltd.
 
70,739
2,527,334
Aurizon Holdings Ltd.
 
668,740
1,456,592
BHP Group Ltd.
 
1,867,998
52,878,310
BlueScope Steel Ltd.
 
166,637
1,997,555
Brambles Ltd.
 
513,469
4,285,286
Cochlear Ltd.
 
24,345
3,731,459
Coles Group Ltd.
 
497,823
4,831,716
Commonwealth Bank of Australia
 
617,135
37,963,618
Computershare Ltd.
 
213,355
3,367,159
DEXUS Property Group unit
 
393,147
1,623,772
EBOS Group Ltd.
 
56,346
1,150,260
Endeavour Group Ltd.
 
518,216
1,627,948
Flutter Entertainment PLC (a)
 
11,178
1,753,312
Flutter Entertainment PLC (Ireland) (a)
 
54,155
8,477,743
Fortescue Metals Group Ltd.
 
625,803
8,902,567
Glencore PLC
 
3,886,482
20,586,038
Goodman Group unit
 
626,469
8,289,381
IDP Education Ltd.
 
90,290
1,247,480
IGO Ltd.
 
253,795
1,536,823
Insurance Australia Group Ltd.
 
891,545
3,216,283
Lendlease Group unit
 
248,471
984,068
Macquarie Group Ltd.
 
135,567
13,934,929
Medibank Private Ltd.
 
999,467
2,181,116
Mineral Resources Ltd.
 
63,841
2,353,003
Mirvac Group unit
 
1,446,966
1,678,848
National Australia Bank Ltd.
 
1,157,517
20,736,055
Northern Star Resources Ltd.
 
426,967
3,126,587
Orica Ltd.
 
166,586
1,556,567
Origin Energy Ltd.
 
629,689
3,652,734
Pilbara Minerals Ltd. (b)
 
1,000,644
2,350,511
Qantas Airways Ltd. (a)
 
310,209
971,856
QBE Insurance Group Ltd.
 
552,807
5,481,693
Ramsay Health Care Ltd.
 
67,175
2,080,014
REA Group Ltd.
 
19,400
1,781,012
Reece Ltd.
 
82,841
923,654
Rio Tinto Ltd.
 
137,289
10,255,227
Rio Tinto PLC
 
415,185
26,489,019
Santos Ltd.
 
1,184,022
5,777,387
Scentre Group unit
 
1,947,326
3,016,784
SEEK Ltd.
 
134,023
1,768,124
Sonic Healthcare Ltd.
 
167,804
3,072,670
South32 Ltd.
 
1,691,051
3,617,808
Stockland Corp. Ltd. unit
 
874,883
1,974,560
Suncorp Group Ltd.
 
470,935
4,008,433
Telstra Group Ltd.
 
1,499,630
3,636,423
The GPT Group
 
729,283
1,683,061
The Lottery Corp. Ltd.
 
817,274
2,359,118
Transurban Group unit
 
1,135,911
8,551,699
Treasury Wine Estates Ltd.
 
263,687
2,023,965
Vicinity Centres unit
 
1,431,400
1,550,395
Washington H. Soul Pattinson & Co. Ltd.
 
87,781
1,870,075
Wesfarmers Ltd.
 
420,092
13,515,969
Westpac Banking Corp.
 
1,293,801
16,989,913
WiseTech Global Ltd.
 
60,436
2,250,109
Woodside Energy Group Ltd.
 
699,652
15,238,282
Woolworths Group Ltd.
 
451,047
10,096,584
TOTAL AUSTRALIA
 
 
402,022,957
Austria - 0.2%
 
 
 
Erste Group Bank AG
 
127,509
4,553,458
Mondi PLC
 
165,970
2,680,968
Mondi PLC
 
11,560
186,808
OMV AG
 
53,885
2,358,170
Verbund AG
 
25,441
2,207,368
Voestalpine AG
 
42,836
1,067,852
TOTAL AUSTRIA
 
 
13,054,624
Belgium - 0.5%
 
 
 
Ageas
 
58,065
2,227,763
Anheuser-Busch InBev SA NV
 
319,956
18,204,869
D'ieteren Group
 
7,918
1,173,763
Elia Group SA/NV
 
10,902
1,034,149
Groupe Bruxelles Lambert SA
 
35,385
2,583,420
KBC Group NV
 
92,634
5,087,032
Lotus Bakeries SA
 
146
1,081,378
Sofina SA
 
5,698
1,079,201
Solvay SA Class A
 
27,174
2,867,805
UCB SA
 
47,106
3,442,148
Umicore SA
 
80,298
1,910,518
Warehouses de Pauw
 
60,786
1,499,888
TOTAL BELGIUM
 
 
42,191,934
Brazil - 1.2%
 
 
 
Ambev SA
 
1,745,600
4,452,505
Atacadao SA
 
226,700
403,332
B3 SA - Brasil Bolsa Balcao
 
2,165,198
4,766,936
Banco Bradesco SA
 
566,415
1,380,719
Banco BTG Pactual SA unit
 
431,100
2,530,978
Banco do Brasil SA
 
319,900
3,067,817
Banco Santander SA (Brasil) unit
 
141,300
754,459
BB Seguridade Participacoes SA
 
257,100
1,568,582
CCR SA
 
373,000
886,307
Centrais Eletricas Brasileiras SA (Electrobras)
 
455,780
3,149,576
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
125,600
1,454,113
Companhia Siderurgica Nacional SA (CSN)
 
236,800
552,342
Cosan SA
 
447,464
1,397,840
CPFL Energia SA (a)
 
80,700
535,252
Energisa SA unit
 
77,800
719,246
Eneva SA (a)
 
312,900
671,509
ENGIE Brasil Energia SA
 
81,450
634,896
Equatorial Energia SA
 
373,347
2,340,014
Hapvida Participacoes e Investimentos SA (a)(c)
 
1,914,255
1,401,022
Hypera SA (a)
 
139,900
840,496
Itausa-Investimentos Itau SA
 
28,608
48,685
Klabin SA unit
 
279,300
1,185,505
Localiza Rent a Car SA
 
336,784
3,398,067
Localiza Rent a Car SA rights 11/10/23 (a)
 
2,469
3,428
Lojas Renner SA (a)
 
348,622
847,742
Magazine Luiza SA (a)
 
1,104,252
291,299
Natura & Co. Holding SA
 
328,603
830,999
Petroleo Brasileiro SA - Petrobras (ON)
 
1,375,409
10,322,899
Prio SA (a)
 
297,600
2,815,594
Raia Drogasil SA
 
468,664
2,398,281
Rede D'Oregon Sao Luiz SA (c)
 
209,192
897,056
Rumo SA
 
475,900
2,105,882
Sendas Distribuidora SA
 
487,800
1,058,468
Suzano Papel e Celulose SA
 
290,138
2,967,703
Telefonica Brasil SA
 
154,000
1,381,854
TIM SA
 
312,900
941,477
Totvs SA
 
190,800
957,832
Ultrapar Participacoes SA
 
259,100
1,050,944
Vale SA
 
1,257,186
17,205,501
Vibra Energia SA (a)
 
425,751
1,671,168
Weg SA
 
622,700
4,077,022
Wheaton Precious Metals Corp.
 
167,461
7,072,789
Yara International ASA
 
60,121
1,964,396
TOTAL BRAZIL
 
 
99,002,532
Burkina Faso - 0.0%
 
 
 
Endeavour Mining PLC
 
67,689
1,398,634
Canada - 7.1%
 
 
 
Agnico Eagle Mines Ltd. (Canada)
 
181,672
8,520,603
Air Canada (a)
 
61,918
746,990
Algonquin Power & Utilities Corp.
 
239,401
1,204,989
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
288,755
15,718,850
AltaGas Ltd.
 
103,366
1,920,107
ARC Resources Ltd.
 
221,585
3,564,854
Bank of Montreal
 
261,841
19,786,060
Bank of Nova Scotia
 
438,520
17,755,831
Barrick Gold Corp. (Canada)
 
648,184
10,353,182
BCE, Inc.
 
26,943
1,000,199
Brookfield Asset Management Ltd. Class A
 
130,451
3,739,266
Brookfield Corp. (Canada) Class A
 
519,992
15,148,857
CAE, Inc. (a)
 
119,224
2,489,798
Cameco Corp.
 
160,118
6,550,203
Canadian Apartment Properties (REIT) unit (b)
 
29,606
871,474
Canadian Imperial Bank of Commerce
 
333,252
11,753,636
Canadian National Railway Co.
 
207,350
21,939,402
Canadian Natural Resources Ltd.
 
408,423
25,935,265
Canadian Pacific Kansas City Ltd.
 
343,385
24,380,521
Canadian Tire Ltd. Class A (non-vtg.)
 
19,161
1,848,188
Canadian Utilities Ltd. Class A (non-vtg.)
 
45,634
965,496
CCL Industries, Inc. Class B
 
54,736
2,140,102
Cenovus Energy, Inc. (Canada)
 
528,266
10,064,386
CGI, Inc. Class A (sub. vtg.) (a)
 
78,294
7,558,681
Constellation Software, Inc.
 
7,434
14,902,898
Constellation Software, Inc. warrants 8/22/28 (a)(d)
 
7,326
1
Descartes Systems Group, Inc. (Canada) (a)
 
31,829
2,300,502
Dollarama, Inc.
 
105,289
7,190,098
Element Fleet Management Corp.
 
142,615
1,929,300
Emera, Inc.
 
102,457
3,355,758
Empire Co. Ltd. Class A (non-vtg.)
 
53,517
1,466,484
Enbridge, Inc.
 
784,900
25,153,024
Fairfax Financial Holdings Ltd. (sub. vtg.)
 
7,891
6,566,757
FirstService Corp.
 
14,838
2,099,629
Fortis, Inc.
 
177,260
7,037,992
Franco-Nevada Corp.
 
70,778
8,610,239
George Weston Ltd.
 
22,928
2,486,987
GFL Environmental, Inc.
 
86,405
2,489,187
Gildan Activewear, Inc.
 
65,201
1,852,005
Great-West Lifeco, Inc.
 
102,674
2,844,590
Hydro One Ltd. (c)
 
120,711
3,130,173
iA Financial Corp., Inc.
 
37,583
2,186,820
IGM Financial, Inc.
 
31,191
702,205
Imperial Oil Ltd.
 
75,317
4,292,268
Intact Financial Corp.
 
64,529
9,066,400
Ivanhoe Mines Ltd. (a)
 
223,295
1,645,628
Keyera Corp.
 
84,789
1,971,837
Kinross Gold Corp.
 
448,521
2,341,656
Loblaw Companies Ltd.
 
58,329
4,770,633
Magna International, Inc. Class A (sub. vtg.)
 
100,765
4,842,242
Manulife Financial Corp.
 
678,105
11,804,186
Metro, Inc.
 
84,597
4,297,107
National Bank of Canada
 
124,812
7,760,080
Northland Power, Inc.
 
91,764
1,289,692
Nutrien Ltd.
 
183,442
9,852,360
Nuvei Corp. (Canada) (c)
 
23,214
323,247
Onex Corp. (sub. vtg.)
 
25,225
1,413,728
Open Text Corp.
 
100,460
3,354,100
Pan American Silver Corp.
 
133,171
1,945,588
Parkland Corp.
 
51,444
1,556,953
Pembina Pipeline Corp.
 
199,099
6,127,669
Power Corp. of Canada (sub. vtg.)
 
213,760
5,149,971
Quebecor, Inc. Class B (sub. vtg.)
 
56,504
1,165,732
RB Global, Inc.
 
67,547
4,417,574
Restaurant Brands International, Inc.
 
108,202
7,268,085
Restaurant Brands International, Inc. (b)
 
867
58,262
RioCan (REIT)
 
51,889
630,488
Rogers Communications, Inc. Class B (non-vtg.)
 
132,597
4,912,806
Royal Bank of Canada
 
509,352
40,682,046
Saputo, Inc.
 
92,696
1,871,634
Shopify, Inc. Class A (a)
 
442,797
20,911,322
Stantec, Inc.
 
41,664
2,549,263
Sun Life Financial, Inc.
 
215,706
9,852,402
Suncor Energy, Inc.
 
486,548
15,756,893
TC Energy Corp.
 
375,378
12,928,108
Teck Resources Ltd. Class B (sub. vtg.)
 
168,344
5,948,337
TELUS Corp.
 
171,352
2,762,885
TFI International, Inc. (Canada)
 
28,656
3,170,086
The Toronto-Dominion Bank
 
677,537
37,845,333
Thomson Reuters Corp.
 
58,615
7,021,120
TMX Group Ltd.
 
104,910
2,184,821
Toromont Industries Ltd.
 
30,166
2,271,015
Tourmaline Oil Corp.
 
119,158
6,300,960
West Fraser Timber Co. Ltd.
 
20,572
1,388,378
WSP Global, Inc.
 
46,087
6,031,606
TOTAL CANADA
 
 
593,996,090
Chile - 0.1%
 
 
 
Antofagasta PLC
 
144,075
2,355,310
Banco de Chile
 
16,697,437
1,715,452
Banco de Credito e Inversiones
 
26,537
634,516
Banco Santander Chile
 
24,431,455
1,065,157
Cencosud SA
 
468,435
758,917
Compania Cervecerias Unidas SA
 
44,893
255,213
Compania Sud Americana de Vapores SA
 
5,525,781
306,851
Empresas CMPC SA
 
401,073
717,002
Empresas COPEC SA
 
143,559
950,377
Enel Americas SA (a)
 
7,906,370
812,722
Enel Chile SA
 
10,181,816
602,946
Falabella SA
 
316,660
644,819
Lundin Mining Corp.
 
237,405
1,482,551
TOTAL CHILE
 
 
12,301,833
China - 8.6%
 
 
 
360 Security Technology, Inc. (A Shares) (a)
 
154,800
190,248
37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares)
 
48,200
136,367
3Peak, Inc. (A Shares)
 
2,486
54,749
3SBio, Inc. (c)
 
670,500
596,505
AAC Technology Holdings, Inc.
 
260,000
468,010
Accelink Technologies Co. Ltd. (A Shares)
 
17,000
62,656
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)
 
13,645
319,667
AECC Aero-Engine Control Co. Ltd. (A Shares)
 
27,900
79,219
AECC Aviation Power Co. Ltd.
 
58,200
281,482
Agricultural Bank of China Ltd.:
 
 
 
 (A Shares)
 
2,154,700
1,057,606
 (H Shares)
 
10,475,000
3,869,011
Aier Eye Hospital Group Co. Ltd. (A Shares)
 
207,169
518,062
AIMA Technology Group Co. Ltd.
 
19,100
73,368
Air China Ltd.:
 
 
 
 (A Shares) (a)
 
192,700
211,369
 (H Shares) (a)
 
744,000
506,149
Airtac International Group
 
51,043
1,676,879
Akeso, Inc. (a)(c)
 
186,000
1,044,493
Alibaba Group Holding Ltd. (a)
 
6,063,512
62,424,336
Alibaba Health Information Technology Ltd. (a)
 
1,956,000
1,152,238
Aluminum Corp. of China Ltd.:
 
 
 
 (A shares)
 
648,700
549,835
 (H Shares)
 
936,000
500,695
Amlogic Shanghai Co. Ltd. (A Shares) (a)
 
8,978
73,778
Angel Yeast Co. Ltd. (A Shares)
 
19,600
93,734
Anhui Conch Cement Co. Ltd.:
 
 
 
 (A Shares)
 
32,800
108,494
 (H Shares)
 
597,500
1,486,995
Anhui Gujing Distillery Co. Ltd.:
 
 
 
 (A Shares)
 
1,200
45,744
 (B Shares)
 
55,802
869,754
Anhui Honglu Steel Construction Group Co. Ltd.
 
14,950
51,366
Anhui Jianghuai Automobile Group Corp. Ltd. (A Shares) (a)
 
43,400
107,578
Anhui Kouzi Distillery Co. Ltd. (A Shares)
 
13,500
92,666
Anhui Yingjia Distillery Co. Ltd. (A Shares)
 
14,800
155,203
Anjoy Foods Group Co. Ltd. (A Shares)
 
6,700
118,361
Anker Innovations Technology Co. Ltd. (A Shares)
 
6,900
88,399
Anta Sports Products Ltd.
 
473,800
5,358,437
Apeloa Pharmaceutical Co. Ltd. A Shares
 
27,200
64,121
Asia - Potash International Investment Guangzhou Co. Ltd. (A Shares) (a)
 
19,000
74,083
ASR Microelectronics Co. Ltd. (A Shares)
 
8,869
79,054
Asymchem Laboratories Tianjin Co. Ltd. (A Shares)
 
7,360
151,915
Autobio Diagnostics Co. Ltd.
 
12,800
77,789
Autohome, Inc. ADR Class A
 
25,096
671,318
Avary Holding Shenzhen Co. Ltd. (A Shares)
 
39,400
115,479
AVIC Capital Co. Ltd. (A Shares)
 
204,200
93,005
AviChina Industry & Technology Co. Ltd. (H Shares)
 
871,000
394,752
Avicopter PLC (A Shares)
 
13,700
71,127
BAIC BluePark New Energy Technology Co. Ltd. (A Shares) (a)
 
105,000
98,427
Baidu, Inc. Class A (a)
 
834,344
10,953,943
Bank of Beijing Co. Ltd. (A Shares)
 
471,716
294,180
Bank of Changsha Co. Ltd. (A Shares)
 
104,200
104,692
Bank of Chengdu Co. Ltd. (A Shares)
 
77,600
131,178
Bank of China Ltd.:
 
 
 
 (A Shares)
 
1,008,200
537,519
 (H Shares)
 
29,033,000
10,142,255
Bank of Communications Co. Ltd.:
 
 
 
 (A Shares)
 
730,700
562,366
 (H Shares)
 
3,369,000
1,992,784
Bank of Hangzhou Co. Ltd. (A Shares)
 
119,780
175,229
Bank of Jiangsu Co. Ltd. (A Shares)
 
314,230
296,509
Bank of Nanjing Co. Ltd. (A Shares)
 
211,900
227,161
Bank of Ningbo Co. Ltd. (A Shares)
 
146,440
500,204
Bank of Shanghai Co. Ltd. (A Shares)
 
770,020
639,104
Bank of Suzhou Co. Ltd.
 
79,200
68,012
Baoshan Iron & Steel Co. Ltd. (A Shares)
 
470,300
402,396
BeiGene Ltd. (a)
 
257,371
3,694,787
Beijing Capital International Airport Co. Ltd. (H Shares) (a)
 
666,000
245,313
Beijing Dabeinong Technology Group Co. Ltd. (A Shares) (a)
 
96,900
93,409
Beijing E-Hualu Information Technology Co. Ltd. (A Shares) (a)
 
14,800
58,713
Beijing Easpring Material Technology Co. Ltd. (A Shares)
 
10,900
65,736
Beijing Enlight Media Co. Ltd. (A Shares)
 
63,600
68,024
Beijing Enterprises Holdings Ltd.
 
187,500
624,724
Beijing Enterprises Water Group Ltd.
 
1,442,000
304,270
Beijing Kingsoft Office Software, Inc. (A Shares)
 
10,132
398,606
Beijing New Building Materials PLC (A Shares)
 
36,100
120,724
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares)
 
25,200
85,806
Beijing Roborock Technology Co. Ltd. (A Shares)
 
3,052
131,956
Beijing Shiji Information Technology Co. Ltd. (A Shares)
 
52,733
76,077
Beijing Tiantan Biological Products Corp. Ltd. (A Shares)
 
39,300
155,083
Beijing Tongrentang Co. Ltd. (A Shares)
 
29,200
204,955
Beijing United Information Technology Co. Ltd. (A Shares)
 
16,225
83,542
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares)
 
18,746
112,442
Beijing Yanjing Brewery Co. Ltd. (A Shares)
 
64,000
90,998
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares)
 
722,800
494,181
Beiqi Foton Motor Co. Ltd. (A Shares) (a)
 
158,600
65,751
Bethel Automotive Safety Systems Co. Ltd. (A Shares)
 
9,600
99,365
Betta Pharmaceuticals Co. Ltd. (A Shares)
 
8,800
73,207
BGI Genomics Co. Ltd.
 
8,300
55,853
Bilibili, Inc. Class Z (a)(b)
 
71,431
958,442
Bloomage Biotechnology Corp. Ltd. (A Shares)
 
10,867
113,611
BOC Aviation Ltd. Class A (c)
 
74,000
455,106
BOC Hong Kong (Holdings) Ltd.
 
1,369,649
3,622,092
BOC International China Co. Ltd.
 
54,800
81,686
BOE Technology Group Co. Ltd. (A Shares)
 
775,300
415,644
Bosideng International Holdings Ltd.
 
1,368,000
540,127
BTG Hotels Group Co. Ltd. (a)
 
29,700
67,817
Budweiser Brewing Co. APAC Ltd. (c)
 
621,093
1,180,292
By-Health Co. Ltd. (A Shares)
 
33,900
84,894
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
37,500
1,223,873
 (H Shares)
 
388,500
11,814,335
BYD Electronic International Co. Ltd.
 
289,000
1,206,435
C&D International Investment Group Ltd.
 
263,616
593,076
Caitong Securities Co. Ltd.
 
97,770
106,160
Cambricon Technologies Corp. Ltd. (A Shares) (a)
 
9,193
135,711
Canmax Technologies Co. Ltd. (A Shares)
 
15,730
58,514
CECEP Solar Energy Co. Ltd. (A Shares)
 
95,100
74,633
CECEP Wind-Power Corp. (A Shares)
 
156,650
67,908
CETC Cyberspace Security Technology Co. Ltd. (A Shares)
 
18,900
56,991
CGN Power Co. Ltd. (H Shares) (c)
 
3,810,000
915,572
Changchun High & New Technology Industry Group, Inc. (A Shares)
 
8,700
185,207
Changjiang Securities Co. Ltd. (A Shares)
 
101,100
78,648
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares)
 
6,100
121,983
Chaozhou Three-Circle Group Co. (A Shares)
 
41,300
174,428
Chengxin Lithium Group Co. Ltd. (A Shares)
 
18,200
58,463
Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a)
 
37,100
74,692
China Baoan Group Co. Ltd. (A Shares)
 
56,600
79,969
China Cinda Asset Management Co. Ltd. (H Shares)
 
3,353,000
326,056
China CITIC Bank Corp. Ltd.:
 
 
 
 (A Shares)
 
111,700
82,158
 (H Shares)
 
3,022,000
1,348,139
China Coal Energy Co. Ltd. (H Shares)
 
721,000
566,322
China Communications Services Corp. Ltd. (H Shares)
 
828,000
338,674
China Conch Venture Holdings Ltd.
 
538,500
445,972
China Construction Bank Corp.:
 
 
 
 (A Shares)
 
658,842
564,612
 (H Shares)
 
34,899,000
19,737,412
China CSSC Holdings Ltd. (A Shares)
 
98,000
346,807
China Eastern Airlines Corp. Ltd. (A Shares) (a)
 
332,700
198,306
China Energy Engineering Corp. Ltd. (A Shares)
 
648,100
193,192
China Everbright Bank Co. Ltd.:
 
 
 
 (A Shares)
 
324,600
131,769
 (H Shares)
 
2,080,000
593,313
China Everbright International Ltd.
 
1,282,481
437,809
China Feihe Ltd. (c)
 
1,351,000
839,474
China Film Co. Ltd. (A Shares) (a)
 
38,800
63,403
China Galaxy Securities Co. Ltd.:
 
 
 
 (A Shares)
 
80,200
133,009
 (H Shares)
 
1,345,500
688,638
China Gas Holdings Ltd.
 
1,008,600
906,738
China Great Wall Securities Co. Ltd. (A Shares)
 
68,600
78,383
China Greatwall Technology Group Co. Ltd. (A Shares)
 
71,700
107,767
China Hongqiao Group Ltd.
 
878,000
821,996
China Huishan Dairy Holdings Co. Ltd. (a)(d)
 
397,000
1
China International Capital Corp. Ltd.
 
17,200
86,663
China International Capital Corp. Ltd. (H Shares) (c)
 
626,800
998,340
China Jinmao Holdings Group Ltd. (b)
 
2,149,483
263,649
China Jushi Co. Ltd. (A Shares)
 
70,122
111,001
China Life Insurance Co. Ltd.:
 
 
 
 (A Shares)
 
31,100
142,859
 (H Shares)
 
2,864,000
3,878,998
China Literature Ltd. (a)(c)
 
150,400
506,469
China Longyuan Power Grid Corp. Ltd. (H Shares)
 
1,234,000
1,044,616
China Medical System Holdings Ltd.
 
501,000
801,148
China Meheco Co. Ltd. (A Shares)
 
33,180
54,230
China Meidong Auto Holding Ltd.
 
248,000
133,000
China Mengniu Dairy Co. Ltd.
 
1,186,000
3,872,453
China Merchants Bank Co. Ltd.:
 
 
 
 (A Shares)
 
345,400
1,453,469
 (H Shares)
 
1,587,251
6,020,911
China Merchants Energy Shipping Co. Ltd. (A Shares)
 
190,000
167,067
China Merchants Holdings International Co. Ltd.
 
494,655
629,664
China Merchants Securities Co. Ltd. (A Shares)
 
156,930
303,430
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
172,400
260,099
China Minmetals Rare Earth Co. Ltd. (A Shares)
 
22,700
93,094
China Minsheng Banking Corp. Ltd.:
 
 
 
 (A Shares)
 
801,300
407,506
 (H Shares)
 
2,321,800
771,908
China National Building Materials Co. Ltd. (H Shares)
 
1,431,000
681,150
China National Chemical Engineering Co. Ltd. (A Shares)
 
123,200
117,938
China National Medicines Corp. Ltd. (A Shares)
 
17,200
67,695
China National Nuclear Power Co. Ltd. (A Shares)
 
406,100
412,016
China National Software & Service Co. Ltd. (A Shares)
 
19,630
92,298
China Northern Rare Earth Group High-Tech Co. Ltd.
 
79,700
227,769
China Oilfield Services Ltd. (H Shares)
 
650,000
768,508
China Oriental Group Co. Ltd. (H Shares)
 
107
16
China Overseas Land and Investment Ltd.
 
1,403,500
2,648,558
China Overseas Property Holdings Ltd.
 
490,000
425,556
China Pacific Insurance (Group) Co. Ltd.
 
101,700
385,653
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
1,098,800
2,706,751
China Petroleum & Chemical Corp.:
 
 
 
 (A Shares)
 
924,000
690,028
 (H Shares)
 
8,906,000
4,554,865
China Power International Development Ltd.
 
1,856,248
721,404
China Railway Group Ltd.:
 
 
 
 (A Shares)
 
695,300
575,085
 (H Shares)
 
1,065,000
502,642
China Railway Signal & Communications Corp. (A Shares)
 
163,929
105,258
China Resource Gas Group Ltd.
 
340,100
1,005,379
China Resources Beer Holdings Co. Ltd.
 
611,162
3,234,066
China Resources Cement Holdings Ltd.
 
934,000
240,158
China Resources Land Ltd.
 
1,200,634
4,494,103
China Resources Microelectronics Ltd. (A Shares)
 
29,035
211,167
China Resources Mixc Lifestyle Services Ltd. (c)
 
245,400
957,408
China Resources Pharmaceutical Group Ltd. (c)
 
576,000
357,809
China Resources Power Holdings Co. Ltd.
 
708,523
1,373,041
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares)
 
21,900
129,090
China Ruyi Holdings Ltd. (a)(b)
 
2,060,000
474,370
China Shenhua Energy Co. Ltd.:
 
 
 
 (A Shares)
 
135,500
561,242
 (H Shares)
 
1,268,000
3,886,385
China Southern Airlines Ltd.:
 
 
 
 (A Shares) (a)
 
323,800
273,403
 (H Shares) (a)
 
572,000
270,664
China State Construction Engineering Corp. Ltd. (A Shares)
 
907,460
642,376
China State Construction International Holdings Ltd.
 
717,250
768,275
China Taiping Insurance Group Ltd.
 
534,777
494,014
China Three Gorges Renewables Group Co. Ltd. (A Shares)
 
613,400
402,602
China Tourism Group Duty Free Corp. Ltd.:
 
 
 
 (A Shares)
 
63,900
826,642
 (H Shares) (c)
 
3,400
38,397
China Tower Corp. Ltd. (H Shares) (c)
 
16,040,000
1,495,744
China Traditional Chinese Medicine Holdings Co. Ltd.
 
1,108,000
545,963
China United Network Communications Ltd. (A Shares)
 
707,400
431,209
China Vanke Co. Ltd.:
 
 
 
 (A Shares)
 
148,200
229,282
 (H Shares)
 
889,600
832,271
China XD Electric Co. Ltd. (A Shares)
 
103,000
65,100
China Yangtze Power Co. Ltd. (A Shares)
 
545,530
1,683,276
China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares)
 
11,100
101,569
China Zheshang Bank Co. Ltd.
 
508,950
177,500
ChinaSoft International Ltd.
 
990,000
718,263
Chongqing Brewery Co. Ltd. (A Shares)
 
10,800
115,901
Chongqing Changan Automobile Co. Ltd. (A Shares)
 
188,290
389,743
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares)
 
23,140
48,875
Chongqing Rural Commercial Bank Co. Ltd. (A Shares)
 
232,300
134,981
Chongqing Taiji Industry Group Co. Ltd. (A Shares) (a)
 
11,700
67,138
Chongqing Zhifei Biological Products Co. Ltd. (A Shares)
 
53,400
457,778
Chow Tai Fook Jewellery Group Ltd.
 
740,200
1,045,255
CITIC Pacific Ltd.
 
2,133,000
1,812,919
CITIC Securities Co. Ltd.:
 
 
 
 (A Shares)
 
204,630
607,546
 (H Shares)
 
768,675
1,495,732
Cmoc Group Ltd.:
 
 
 
 (A Shares)
 
361,400
274,078
 (H Shares)
 
1,419,000
846,308
CNGR Advanced Material Co. Ltd.
 
13,100
97,467
CNNC Hua Yuan Titanium Dioxide Co. Ltd. (A Shares)
 
62,975
41,012
CNPC Capital Co. Ltd. (A Shares)
 
133,600
108,397
Contemporary Amperex Technology Co. Ltd.
 
96,580
2,452,877
COSCO Shipping Development Co. Ltd. (A Shares)
 
201,700
63,411
COSCO Shipping Energy Transportation Co. Ltd.:
 
 
 
 (A Shares)
 
80,100
157,879
 (H Shares)
 
472,000
500,571
COSCO SHIPPING Holdings Co. Ltd.:
 
 
 
 (A Shares) (a)
 
464,620
620,961
 (H Shares)
 
870,650
885,484
Cosco Shipping Ports Ltd.
 
542,344
327,192
Country Garden Holdings Co. Ltd. (a)(b)
 
4,534,517
405,489
Country Garden Services Holdings Co. Ltd.
 
801,000
699,679
CRRC Corp. Ltd.:
 
 
 
 (A Shares)
 
1,213,400
886,409
 (H Shares)
 
476,000
198,313
CSC Financial Co. Ltd. (A Shares)
 
95,200
314,891
CSPC Pharmaceutical Group Ltd.
 
3,274,640
2,860,299
Dajin Heavy Industry Co. Ltd.
 
14,200
53,798
Daqin Railway Co. Ltd. (A Shares)
 
322,100
317,531
Daqo New Energy Corp. ADR (a)
 
21,215
540,134
DaShenLin Pharmaceutical Group Co. Ltd.
 
24,830
80,838
Datang International Power Generation Co. Ltd. (A Shares)
 
202,600
71,739
DHC Software Co. Ltd. (A Shares)
 
60,800
52,402
Do-Fluoride New Materials Co. Ltd. (A Shares)
 
23,380
51,149
Dong-E-E-Jiao Co. Ltd. (A Shares)
 
13,300
84,391
Dongfang Electric Corp. Ltd. (A Shares)
 
61,400
125,111
Dongfeng Motor Group Co. Ltd. (H Shares)
 
944,000
415,572
Dongxing Securities Co. Ltd. (A Shares)
 
67,500
73,832
Dongyue Group Co. Ltd.
 
575,000
458,016
East Buy Holding Ltd. (a)(b)(c)
 
149,000
607,846
East Money Information Co. Ltd. (A Shares)
 
348,789
727,923
Eastroc Beverage Group Co. Ltd.
 
5,400
141,809
Ecovacs Robotics Co. Ltd. Class A
 
12,700
74,987
ENN Energy Holdings Ltd.
 
289,500
2,193,005
ENN Natural Gas Co. Ltd. (A Shares)
 
60,000
141,630
Eoptolink Technology, Inc. Ltd. (A Shares)
 
15,300
65,998
ESR Group Ltd. (c)
 
791,259
1,016,685
Eve Energy Co. Ltd. (A shares)
 
45,524
288,810
Everbright Securities Co. Ltd. (A Shares)
 
86,400
194,519
Everdisplay Optronics Shanghai Co. Ltd. (A Shares) (a)
 
182,839
65,497
Fangda Carbon New Material Co. Ltd. (A Shares) (a)
 
75,600
60,988
Far East Horizon Ltd.
 
508,000
357,447
Farasis Energy Gan Zhou Co. Ltd. (A Shares) (a)
 
25,172
60,639
FAW Jiefang Group Co. Ltd. (A Shares) (a)
 
74,400
93,768
First Capital Securities Co. Ltd. (A Shares)
 
83,000
66,388
Flat Glass Group Co. Ltd.
 
64,000
114,936
Flat Glass Group Co. Ltd. (A Shares) (a)
 
93,700
330,956
Focus Media Information Technology Co. Ltd. (A Shares)
 
317,140
299,848
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares)
 
103,377
532,147
Fosun International Ltd.
 
932,500
558,699
Founder Securities Co. Ltd. (A Shares)
 
186,400
193,228
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
217,596
438,515
Fujian Sunner Development Co. Ltd. A Shares
 
29,800
73,309
Fuyao Glass Industries Group Co. Ltd.:
 
 
 
 (A Shares)
 
90,600
461,087
 (H Shares) (c)
 
160,000
729,455
G-bits Network Technology Xiamen Co. Ltd. (A Shares)
 
1,600
58,223
GalaxyCore, Inc. (A Shares)
 
36,469
91,832
Ganfeng Lithium Group Co. Ltd.:
 
 
 
 (A Shares)
 
83,720
507,340
 (H Shares) (c)
 
102,740
369,019
GCL Technology Holdings Ltd.
 
7,331,000
1,079,620
GD Power Development Co. Ltd. (A Shares)
 
411,600
204,794
GDS Holdings Ltd. Class A (a)
 
343,600
437,727
Geely Automobile Holdings Ltd.
 
2,308,000
2,620,330
GEM Co. Ltd. (A Shares)
 
106,200
85,114
Gemdale Corp. (A Shares)
 
103,400
72,985
Genscript Biotech Corp. (a)
 
426,000
1,238,453
GF Securities Co. Ltd.:
 
 
 
 (A Shares)
 
269,600
547,020
 (H Shares)
 
144,000
187,483
Giant Network Group Co. Ltd. (A Shares)
 
44,900
72,512
Gigadevice Semiconductor Beijing, Inc. (A Shares)
 
14,384
210,714
Ginlong Technologies Co. Ltd. (A Shares)
 
8,900
81,669
GoerTek, Inc. (A Shares)
 
76,300
188,408
Goldwind Science & Technology Co. Ltd. (A Shares)
 
103,982
125,054
Gongniu Group Co. Ltd. (A Shares)
 
9,300
134,431
GoodWe Technologies Co. Ltd. (A Shares)
 
3,959
63,247
Gotion High-tech Co. Ltd. (A Shares) (a)
 
38,500
119,884
Great Wall Motor Co. Ltd.:
 
 
 
 (A Shares)
 
47,200
189,669
 (H Shares)
 
867,500
1,212,672
Gree Electric Appliances, Inc. of Zhuhai (A Shares)
 
62,200
288,552
Greenland Holdings Corp. Ltd. (A Shares) (a)
 
263,200
91,744
Greentown China Holdings Ltd.
 
366,500
355,557
GRG Banking Equipment Co. Ltd. (A Shares)
 
43,500
69,430
Guangdong Haid Group Co. Ltd. (A Shares)
 
36,900
227,195
Guangdong HEC Technology Holding Co. Ltd. (A Shares) (a)
 
65,100
63,339
Guangdong Investment Ltd.
 
1,060,000
723,325
Guanghui Energy Co. Ltd. (A Shares)
 
151,500
155,562
Guangzhou Automobile Group Co. Ltd.
 
159,600
218,770
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
992,000
464,750
Guangzhou Baiyun International Airport Co. Ltd. (A Shares) (a)
 
51,700
74,859
Guangzhou Baiyunshan Pharma Health (A Shares)
 
30,200
123,065
Guangzhou Great Power Energy & Technology Co. Ltd. (A Shares)
 
10,800
45,542
Guangzhou Haige Communications Group (A Shares)
 
45,300
71,952
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
10,500
88,878
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares)
 
14,300
82,158
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares)
 
42,420
161,427
Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares)
 
104,804
94,044
Guolian Securities Co. Ltd. (a)
 
55,900
82,206
Guosen Securities Co. Ltd. (A Shares)
 
151,000
198,384
Guotai Junan Securities Co. Ltd.:
 
 
 
 (A Shares)
 
43,000
86,866
 (H Shares) (c)
 
228,600
255,146
Guoyuan Securities Co. Ltd. (A Shares)
 
91,900
86,989
H World Group Ltd. ADR (a)(b)
 
77,552
2,920,608
Haidilao International Holding Ltd. (c)
 
611,000
1,529,826
Haier Smart Home Co. Ltd.
 
818,000
2,333,205
Haier Smart Home Co. Ltd. (A Shares)
 
204,329
620,955
Hainan Airlines Co. Ltd. (A Shares) (a)
 
948,700
189,398
Hainan Airport Infrastructure Co. Ltd. (A Shares) (a)
 
251,200
130,876
Haitian International Holdings Ltd.
 
229,000
546,299
Haitong Securities Co. Ltd.:
 
 
 
 (A Shares)
 
130,800
174,732
 (H Shares)
 
1,136,000
652,276
Hanergy Mobile Energy Holding (a)(d)
 
576,000
1
Hangzhou Binjiang Real Estate Group Co. Ltd. (A Shares)
 
68,700
78,646
Hangzhou Chang Chuan Technology Co. Ltd.
 
12,700
70,934
Hangzhou First Applied Material Co. Ltd. (A Shares)
 
39,392
137,662
Hangzhou GreatStar Industrial Co. Ltd. (A Shares) (a)
 
24,100
65,307
Hangzhou Lion Electronics Co. Ltd. (A Shares)
 
14,900
65,559
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares)
 
21,100
95,247
Hangzhou Robam Appliances Co. Ltd. (A Shares)
 
21,100
66,582
Hangzhou Silan Microelectronics Co. Ltd. (A Shares)
 
29,000
96,310
Hangzhou Tigermed Consulting Co. Ltd.:
 
 
 
 (A Shares)
 
4,600
41,976
 (H Shares) (c)
 
7,800
43,830
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
438,000
824,094
Haohua Chemical Science & Technology Co. Ltd. (A Shares)
 
17,200
72,311
Hebei Hengshui Laobaigan Liquor Co. Ltd.
 
21,600
70,262
Hebei Yangyuan Zhihui Beverage Co. Ltd. (A Shares)
 
28,200
95,968
Heilongjiang Agriculture Co. Ltd. (A Shares)
 
32,100
55,907
Henan Shenhuo Coal & Power Co. Ltd. (A Shares)
 
51,300
115,341
Henan Shuanghui Investment & Development Co. Ltd. (A Shares)
 
71,600
256,325
Hengan International Group Co. Ltd.
 
232,500
778,712
Hengdian Group DMEGC Magnetics Co. Ltd. (A Shares)
 
34,100
67,910
Hengli Petrochemical Co. Ltd. (A Shares) (a)
 
157,200
314,981
Hengtong Optic-electric Co. Ltd. (A Shares)
 
52,300
94,318
Hengyi Petrochemical Co. Ltd. (A Shares) (a)
 
73,630
72,397
Hesteel Co. Ltd. (A Shares)
 
237,700
72,790
Hisense Electric Co. Ltd.
 
26,900
85,624
Hithink RoyalFlush Information Network Co. Ltd. (A Shares)
 
11,600
222,834
Hongfa Technology Co. Ltd. (A Shares)
 
18,620
73,902
Hoshine Silicon Industry Co. Ltd. (A Shares)
 
17,400
136,178
Hoymiles Power Electronics, Inc. (A Shares)
 
1,914
58,626
Hoyuan Green Energy Co. Ltd. (A Shares)
 
12,297
62,808
Hua Hong Semiconductor Ltd. (a)(c)
 
217,000
534,272
Huadian Power International Corp. Ltd.:
 
 
 
 (A Shares)
 
21,700
14,555
 (H Shares)
 
238,000
95,563
Huadong Medicine Co. Ltd. (A Shares)
 
38,660
227,173
Huafon Chemical Co. Ltd. (A Shares)
 
94,500
93,725
Huagong Tech Co. Ltd. (A Shares)
 
22,800
88,126
Huaibei Mining Holdings Co. Ltd. (A Shares)
 
55,500
111,269
Hualan Biological Engineer, Inc. (A Shares)
 
41,350
132,697
Huaneng Power International, Inc.:
 
 
 
 (A Shares) (a)
 
244,900
254,812
 (H Shares) (a)
 
1,450,000
678,531
Huatai Securities Co. Ltd.:
 
 
 
 (A Shares)
 
66,400
145,551
 (H Shares) (c)
 
650,600
851,767
HUAXI Securities Co. Ltd.
 
59,200
64,158
Huaxia Bank Co. Ltd. (A Shares)
 
286,000
218,996
Huayu Automotive Systems Co. Ltd. (A Shares)
 
67,031
160,793
Hubei Feilihua Quartz Glass Co. Ltd. (A Shares)
 
10,300
55,779
Hubei Jumpcan Pharmaceutical Co. Ltd. (A Shares)
 
18,900
70,035
Hubei Xingfa Chemicals Group Co. Ltd. (A Shares)
 
24,300
65,291
Huizhou Desay SV Automotive Co. Ltd.
 
12,400
212,905
Humanwell Healthcare Group Co. Ltd. (A Shares)
 
38,100
121,833
Hunan Changyuan Lico Co. Ltd. (A Shares)
 
32,754
38,189
Hunan Valin Steel Co. Ltd. (A Shares)
 
139,500
111,164
Hundsun Technologies, Inc. (A Shares)
 
41,777
177,937
Hygeia Healthcare Holdings Co. (b)(c)
 
129,400
781,326
iFlytek Co. Ltd. (A Shares)
 
50,300
313,818
IMEIK Technology Development Co. Ltd. (A Shares)
 
4,800
216,453
Industrial & Commercial Bank of China Ltd.:
 
 
 
 (A Shares)
 
1,760,800
1,138,843
 (H Shares)
 
23,569,000
11,295,320
Industrial Bank Co. Ltd. (A Shares)
 
441,700
910,941
Industrial Securities Co. Ltd. (A Shares)
 
186,940
159,533
Ingenic Semiconductor Co. Ltd. (A Shares)
 
9,900
100,001
Inner Mongoli Yili Industries Co. Ltd. (A Shares)
 
141,700
531,322
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a)
 
978,800
216,899
Inner Mongolia Dian Tou Energy Corp. Ltd.
 
46,800
87,078
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares)
 
164,900
90,195
Inner Mongolia Yitai Coal Co. Ltd. (B Shares) (a)
 
372,300
510,971
Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares)
 
78,600
73,126
Innovent Biologics, Inc. (a)(c)
 
422,000
2,486,915
Inspur Electronic Information Industry Co. Ltd. (A Shares)
 
32,012
129,748
iQIYI, Inc. ADR (a)
 
162,192
755,815
iRay Technology Co. Ltd. (A Shares)
 
2,161
66,592
iSoftStone Information Technology Group Co. Ltd. (A Shares)
 
21,450
104,910
JA Solar Technology Co. Ltd. (A Shares)
 
72,996
223,663
Jason Furniture Hangzhou Co. Ltd. (A Shares)
 
18,020
91,237
JCET Group Co. Ltd. (A Shares)
 
37,800
159,558
JD Health International, Inc. (a)(c)
 
405,400
1,841,440
JD Logistics, Inc. (a)(c)
 
727,400
861,312
JD.com, Inc. Class A
 
869,867
11,058,760
Jiangsu Eastern Shenghong Co. Ltd.
 
139,600
203,121
Jiangsu Expressway Co. Ltd. (H Shares)
 
456,000
414,569
Jiangsu Hengli Hydraulic Co. Ltd.
 
28,772
221,477
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)
 
141,048
923,784
Jiangsu King's Luck Brewery JSC Ltd. (A Shares)
 
27,900
223,118
Jiangsu Nhwa Pharmaceutical Co. Ltd. (A Shares)
 
20,700
74,408
Jiangsu Pacific Quartz Co. Ltd. (A Shares)
 
8,000
100,594
Jiangsu Phoenix Publishing & Media Corp. Ltd.
 
53,500
70,285
Jiangsu Yanghe Brewery JSC Ltd. (A Shares)
 
33,500
558,727
Jiangsu Yangnong Chemical Co. Ltd. (A Shares)
 
7,800
72,026
Jiangsu Yoke Technology Co. Ltd. (A Shares)
 
10,300
81,342
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares)
 
21,300
97,968
Jiangsu Zhongtian Technology Co. Ltd. (A Shares)
 
73,400
140,606
Jiangxi Copper Co. Ltd.:
 
 
 
 (A Shares)
 
30,000
75,206
 (H Shares)
 
407,000
575,480
Jiangxi Special Electric Motor Co. Ltd. (A Shares) (a)
 
35,600
58,293
Jinduicheng Molybdenum Co. Ltd. (A Shares)
 
71,500
98,166
Jinko Solar Co. Ltd. (A Shares)
 
147,331
191,178
JiuGui Liquor Co. Ltd. (A Shares)
 
7,300
76,276
Jiumaojiu International Holdings Ltd. (c)
 
347,000
377,577
Jizhong Energy Resources Co. Ltd. (A Shares)
 
84,300
74,009
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares)
 
39,200
63,539
Jointown Pharmaceutical Group (A Shares)
 
87,403
85,072
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares) (a)
 
18,500
84,992
JOYY, Inc. ADR
 
16,746
651,754
Juewei Food Co. Ltd.
 
13,800
66,645
Juneyao Airlines Co. Ltd. (A shares) (a)
 
42,800
85,354
Kangmei Pharmaceutical Co. Ltd. rights (a)(d)
 
3,087
0
Kanzhun Ltd. ADR (a)
 
79,458
1,175,978
KE Holdings, Inc. ADR
 
244,602
3,598,095
Keda Industrial Group Co. Ltd.
 
40,500
60,328
Kingboard Chemical Holdings Ltd.
 
249,000
606,384
Kingdee International Software Group Co. Ltd. (a)
 
1,016,000
1,348,098
Kingnet Network Co. Ltd. (A Shares)
 
46,000
67,878
Kingsoft Corp. Ltd.
 
347,200
1,211,547
Kuaishou Technology Class B (a)(c)
 
862,500
5,554,368
Kuang-Chi Technologies Co. Ltd. (A Shares)
 
45,500
87,044
Kunlun Energy Co. Ltd.
 
1,448,000
1,206,334
Kunlun Tech Co. Ltd. (A Shares) (a)
 
26,500
114,062
Kweichow Moutai Co. Ltd. (A Shares)
 
28,500
6,565,096
Lb Group Co. Ltd. (A Shares)
 
48,600
123,716
Lenovo Group Ltd.
 
2,728,000
3,174,661
Lens Technology Co. Ltd. (A Shares)
 
106,900
191,011
Lepu Medical Technology Beijing Co. Ltd. (A Shares)
 
37,400
88,091
Li Auto, Inc. Class A (a)
 
416,064
7,037,152
Li Ning Co. Ltd.
 
885,500
2,713,530
Liaoning Port Co. Ltd. (A Shares)
 
390,600
80,612
Lingyi iTech Guangdong Co. (A Shares)
 
150,800
125,375
Livzon Pharmaceutical Group, Inc. (A Shares)
 
14,900
71,330
Longfor Properties Co. Ltd. (c)
 
694,508
1,011,038
LONGi Green Energy Technology Co. Ltd.
 
167,968
554,528
Lufax Holding Ltd. ADR
 
252,184
240,785
Luxi Chemical Group Co. Ltd.
 
42,500
65,981
Luxshare Precision Industry Co. Ltd. (A Shares)
 
157,047
705,314
Luzhou Laojiao Co. Ltd. (A Shares)
 
32,700
957,964
Mango Excellent Media Co. Ltd. (A Shares)
 
41,100
142,091
Maxscend Microelectronics Co. Ltd. (A Shares)
 
11,952
246,634
Meihua Holdings Group Co. Ltd. (A Shares)
 
69,600
90,413
Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a)
 
86,164
72,653
Meituan Class B (a)(c)
 
1,875,010
26,578,293
Metallurgical Corp. China Ltd. (H Shares)
 
920,000
182,433
Microport Scientific Corp. (a)
 
301,300
474,780
Ming Yang Smart Energy Group Ltd. (A Shares)
 
47,800
91,394
MINISO Group Holding Ltd. ADR
 
34,655
877,118
Minth Group Ltd.
 
280,000
625,024
Montage Technology Co. Ltd. (A Shares)
 
24,805
187,032
Muyuan Foodstuff Co. Ltd. (A Shares)
 
119,040
614,003
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd.
 
35,293
61,048
Nanjing Securities Co. Ltd. (A Shares)
 
88,600
97,434
NARI Technology Co. Ltd. (A Shares)
 
171,705
530,260
National Silicon Industry Group Co. Ltd. (A Shares) (a)
 
61,329
152,216
NAURA Technology Group Co. Ltd.
 
11,600
406,913
NavInfo Co. Ltd. (A Shares) (a)
 
52,300
71,549
NetEase, Inc.
 
715,795
15,319,123
New China Life Insurance Co. Ltd.
 
21,900
100,104
New China Life Insurance Co. Ltd. (H Shares)
 
359,900
789,498
New Hope Liuhe Co. Ltd. (A Shares) (a)
 
103,800
144,075
New Oriental Education & Technology Group, Inc. (a)
 
548,610
3,576,958
Ninestar Corp. (A Shares)
 
31,300
105,014
Ningbo Deye Technology Co. Ltd. (A Shares)
 
9,100
86,112
Ningbo Joyson Electronic Corp. (A shares)
 
29,500
76,084
Ningbo Orient Wires & Cables Co. Ltd. (A Shares)
 
15,800
90,988
Ningbo Ronbay New Energy Technology Co. Ltd. (A Shares)
 
9,354
56,674
Ningbo Shanshan Co. Ltd. (A Shares)
 
44,500
85,204
Ningbo Tuopu Group Co. Ltd. (A Shares)
 
24,700
218,218
Ningxia Baofeng Energy Group Co. Ltd.
 
159,200
313,963
NIO, Inc. sponsored ADR (a)(b)
 
513,690
3,749,937
Nongfu Spring Co. Ltd. (H Shares) (c)
 
648,200
3,691,981
North Industries Group Red Arrow Co. Ltd. (A Shares)
 
29,900
58,310
Offcn Education Technology Co. A Shares (a)
 
141,800
76,607
Offshore Oil Enginering Co. Ltd. (A Shares)
 
106,500
90,500
Oppein Home Group, Inc. (A Shares)
 
11,260
134,014
Orient Securities Co. Ltd. (A Shares)
 
168,708
200,125
Oriental Pearl Group Co. Ltd.
 
66,500
67,138
Ovctek China, Inc. (A Shares)
 
19,820
68,361
Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a)
 
191,700
91,557
PDD Holdings, Inc. ADR (a)
 
220,831
22,396,680
People's Insurance Co. of China Group Ltd.:
 
 
 
 (A Shares)
 
140,700
102,731
 (H Shares)
 
3,307,000
1,091,176
People.cn Co. Ltd. (A Shares)
 
24,000
106,424
Perfect World Co. Ltd. (A Shares)
 
42,950
70,510
PetroChina Co. Ltd.:
 
 
 
 (A Shares)
 
525,000
511,504
 (H Shares)
 
7,730,000
5,045,492
Pharmaron Beijing Co. Ltd. (H Shares) (c)
 
59,300
141,557
PICC Property & Casualty Co. Ltd. (H Shares)
 
2,520,933
2,878,793
Ping An Bank Co. Ltd. (A Shares)
 
423,600
605,998
Ping An Healthcare and Technology Co. Ltd. (a)(b)(c)
 
205,300
479,566
Ping An Insurance Group Co. of China Ltd.:
 
 
 
 (A Shares)
 
253,892
1,577,855
 (H Shares)
 
2,463,500
12,496,046
Piotech, Inc. (A Shares)
 
3,993
137,988
Poly Developments & Holdings (A Shares)
 
265,700
399,953
Pop Mart International Group Ltd. (c)
 
174,800
482,538
Postal Savings Bank of China Co. Ltd.
 
332,900
207,990
Postal Savings Bank of China Co. Ltd. (H Shares) (c)
 
3,301,000
1,506,673
Power Construction Corp. of China Ltd. (A Shares)
 
360,700
259,419
Prosus NV
 
560,311
15,669,424
Pylon Technologies Co. Ltd. (Series A)
 
3,990
62,137
Qi An Xin Technology Group, Inc. (A Shares) (a)
 
15,199
95,890
Qifu Technology, Inc. ADR
 
40,882
604,645
Qinghai Salt Lake Potash Co. Ltd. Class A (a)
 
116,300
269,311
Raytron Technology Co. Ltd. (A Shares)
 
9,121
58,748
Risen Energy Co. Ltd. (A Shares)
 
25,500
61,932
Riyue Heavy Industry Co. Ltd. (A Shares)
 
22,600
43,494
Rockchip Electronics Co. Ltd.
 
7,900
70,405
Rongsheng Petrochemical Co. Ltd. (A Shares)
 
226,550
352,924
SAIC Motor Corp. Ltd. (A Shares)
 
164,000
325,684
Sailun Group Co. Ltd. A Shares
 
72,900
111,960
Sanan Optoelectronics Co. Ltd. (A Shares)
 
110,600
225,145
Sangfor Technologies, Inc. (a)
 
9,300
106,708
Sany Heavy Equipment International Holdings Co. Ltd.
 
401,000
526,760
Sany Heavy Industry Co. Ltd. (A Shares)
 
185,300
366,461
Satellite Chemical Co. Ltd. (A Shares)
 
76,099
169,166
SDIC Capital Co. Ltd.
 
140,200
131,009
SDIC Power Holdings Co. Ltd. (A Shares)
 
167,600
279,612
Seazen Holdings Co. Ltd. (A Shares) (a)
 
51,700
83,971
Seres Group Co. Ltd. (A Shares) (a)
 
34,200
381,787
SF Holding Co. Ltd. (A Shares)
 
107,800
578,505
SG Micro Corp. (A Shares)
 
9,847
120,768
Shaanxi Coal Industry Co. Ltd. (A Shares)
 
216,000
532,623
Shan Xi Hua Yang Group New Energy Co. Ltd.
 
82,650
91,156
Shandong Buchang Pharmaceuticals Co. Ltd. (A Shares)
 
24,010
56,932
Shandong Gold Mining Co. Ltd.:
 
 
 
 (A Shares)
 
95,832
311,219
 (H Shares) (c)
 
229,250
429,483
Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares)
 
15,100
66,395
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares)
 
44,320
194,963
Shandong Linglong Tyre Co. Ltd. (A Shares)
 
33,300
91,161
Shandong Nanshan Aluminum Co. Ltd. (A Shares)
 
237,000
100,455
Shandong Sun Paper Industry JSC Ltd. (A Shares)
 
56,000
95,203
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
899,600
835,001
Shanghai Aiko Solar Energy Co. Ltd. (A Shares)
 
40,880
109,562
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares)
 
24,180
87,052
Shanghai Baosight Software Co. Ltd.
 
278,576
572,929
Shanghai Baosight Software Co. Ltd. (A Shares)
 
20,352
118,700
Shanghai Construction Group Co. Ltd. (A Shares)
 
168,300
60,531
Shanghai Electric Group Co. Ltd. (A Shares) (a)
 
265,500
161,201
Shanghai Electric Power Co. Ltd. (A Shares)
 
68,200
81,481
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:
 
 
 
 (A Shares)
 
37,800
147,035
 (H Shares)
 
199,500
460,337
Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares)
 
3,050
100,784
Shanghai Fudan Microelectronics Group Co. Ltd. (A Shares)
 
12,650
83,775
Shanghai International Airport Co. Ltd. (A Shares) (a)
 
27,600
140,435
Shanghai International Port Group Co. Ltd. (A Shares)
 
205,500
140,483
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares)
 
19,600
88,019
Shanghai Junshi Biosciences Co. Ltd. (A Shares) (a)
 
17,430
109,318
Shanghai Lingang Holdings Corp. Ltd. (A Shares)
 
56,280
82,560
Shanghai M&G Stationery, Inc. (A Shares)
 
20,300
107,571
Shanghai Moons' Electric Co. Ltd. (A Shares)
 
9,000
81,135
Shanghai Pharmaceuticals Holding Co. Ltd.:
 
 
 
 (A Shares)
 
112,000
276,008
 (H Shares)
 
193,300
281,213
Shanghai Pudong Development Bank Co. Ltd. (A Shares)
 
623,200
581,164
Shanghai Putailai New Energy Technology Co. Ltd.
 
42,380
145,001
Shanghai RAAS Blood Products Co. Ltd. (A Shares)
 
153,600
146,709
Shanghai Rural Commercial Bank Co. Ltd. (A Shares)
 
162,300
132,249
Shanghai Yuyuan Tourist Mart Group Co. Ltd.
 
65,400
58,109
Shanxi Coal International Energy Group Co. Ltd. (A Shares)
 
45,200
100,736
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares)
 
67,600
175,900
Shanxi Meijin Energy Co. Ltd. (A Shares) (a)
 
90,100
86,406
Shanxi Securities Co. Ltd. (A Shares)
 
84,350
64,801
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares)
 
116,400
62,234
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares)
 
27,120
916,194
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares)
 
126,970
150,206
Shede Spirits Co. Ltd. (A Shares)
 
7,600
119,685
Shenergy Co. Ltd. (A Shares)
 
114,200
91,970
Shenghe Resources Holding Co. Ltd. (A Shares)
 
36,000
52,640
Shengyi Technology Co. Ltd.
 
44,800
107,744
Shennan Circuits Co. Ltd. (A Shares)
 
10,700
101,807
Shenwan Hongyuan Group Co. Ltd. (A Shares)
 
549,400
329,700
Shenzhen Capchem Technology Co. Ltd. (A Shares)
 
15,700
94,758
Shenzhen Dynanonic Co. Ltd. (A Shares)
 
6,240
67,126
Shenzhen Energy Group Co. Ltd. (A Shares)
 
107,820
91,077
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
30,650
253,408
Shenzhen International Holdings Ltd.
 
507,097
334,240
Shenzhen Kaifa Technology Co. Ltd. (A Shares)
 
35,600
83,758
Shenzhen Kangtai Biological Products Co. Ltd.
 
24,060
99,783
Shenzhen Kedali Industry Co. Ltd.
 
5,400
67,084
Shenzhen Kstar Science & Technology Co. Ltd. (A Shares)
 
12,400
44,238
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
26,800
1,047,704
Shenzhen New Industries Biomedical Engineering Co. Ltd.
 
16,900
158,973
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) (a)
 
182,400
90,160
Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares)
 
23,200
103,298
Shenzhen SC New Energy Technology Corp. (A Shares)
 
7,800
77,869
Shenzhen Sed Industry Co. Ltd. (A Shares)
 
24,300
63,675
Shenzhen Senior Technology Material Co. Ltd. (A Shares)
 
27,217
57,186
Shenzhen Sunlord Electronics Co. Ltd. (A Shares)
 
18,700
74,654
Shenzhen Transsion Holdings Co. Ltd. (A Shares) (a)
 
17,514
321,916
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
18,100
64,988
Shenzhou International Group Holdings Ltd.
 
302,500
2,971,298
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares)
 
38,060
115,646
Shuangliang Eco-Energy Systems Ltd. (A Shares)
 
44,100
56,454
Sichuan Chuantou Energy Co. Ltd. (A Shares)
 
87,736
176,462
Sichuan Hebang Biotechnology Co. Ltd. (A Shares)
 
172,200
56,055
Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares)
 
33,000
123,977
Sichuan New Energy Power Co. Ltd. (A Shares) (a)
 
31,500
50,474
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares)
 
156,940
165,431
Sichuan Swellfun Co. Ltd. (A Shares)
 
11,000
91,946
Sichuan Yahua Industrial Group Co. Ltd. (A Shares)
 
25,200
48,546
Sieyuan Electric Co. Ltd. (A Shares)
 
16,900
113,926
Silergy Corp.
 
119,000
1,062,784
Sinolink Securities Co. Ltd. (A Shares)
 
92,300
115,366
Sinoma International Engineering Co. Ltd. (A Shares)
 
60,700
81,868
Sinoma Science & Technology Co. Ltd. (A Shares)
 
36,000
85,124
Sinomine Resource Group Co. Ltd. (A Shares)
 
13,916
71,158
Sinopec Shanghai Petrochemical Co. Ltd. (A Shares) (a)
 
133,600
54,658
Sinopharm Group Co. Ltd. (H Shares)
 
491,600
1,175,555
Sinotruk Hong Kong Ltd.
 
248,500
468,051
SITC International Holdings Co. Ltd.
 
492,000
757,880
SKSHU Paint Co. Ltd. (A Shares)
 
11,424
93,010
Smoore International Holdings Ltd. (b)(c)
 
668,000
514,800
Songcheng Performance Development Co. Ltd. (A Shares)
 
60,860
91,411
Soochow Securities Co. Ltd. (A Shares)
 
96,649
105,994
Southwest Securities Co. Ltd. (A Shares)
 
132,600
74,337
Spring Airlines Co. Ltd. (A Shares) (a)
 
21,600
161,720
StarPower Semiconductor Ltd. (A Shares)
 
3,500
82,407
Sungrow Power Supply Co. Ltd. (A Shares)
 
33,100
381,517
Sunny Optical Technology Group Co. Ltd.
 
258,800
2,168,209
Sunresin New Materials Co. Ltd. (A Shares)
 
11,550
85,851
Sunwoda Electronic Co. Ltd. (A Shares)
 
36,300
79,967
SUPCON Technology Co. Ltd. (A Shares)
 
14,517
86,639
Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares)
 
38,200
97,849
Suzhou Maxwell Technologies Co. Ltd. (A Shares)
 
6,176
101,997
Suzhou TFC Optical Communication Co. Ltd. (A Shares)
 
8,500
83,129
TAL Education Group ADR (a)
 
161,370
1,415,215
Tangshan Jidong Cement Co. Ltd. A Shares
 
68,000
66,496
TBEA Co. Ltd. (A Shares)
 
102,700
196,586
TCL Technology Group Corp. (A Shares)
 
403,260
216,883
TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares)
 
88,500
223,479
Tencent Holdings Ltd.
 
2,474,500
91,578,167
Tencent Music Entertainment Group ADR (a)
 
272,669
1,979,577
Thunder Software Technology Co. Ltd. (A Shares)
 
10,300
98,988
Tianjin 712 Communication & Broadcasting Co. Ltd.
 
16,700
60,768
Tianma Microelectronics Co. Ltd. (A Shares) (a)
 
49,300
66,064
Tianqi Lithium Corp. (A Shares)
 
32,800
246,842
Tianshan Aluminum Group Co. Ltd.
 
86,000
76,186
Tianshui Huatian Technology Co. Ltd. (A Shares)
 
63,000
76,958
Tingyi (Cayman Islands) Holding Corp.
 
712,000
945,046
Titan Wind Energy Suzhou Co. Ltd. (A Shares) (a)
 
42,900
78,259
Tongcheng Travel Holdings Ltd. (a)
 
458,800
876,515
TongFu Microelectronics Co. Ltd. (A Shares)
 
34,800
97,726
Tongkun Group Co. Ltd. (A Shares) (a)
 
49,100
97,007
Tongling Nonferrous Metals Group Co. Ltd. (A Shares)
 
217,300
92,316
Tongwei Co. Ltd. (A Shares)
 
100,200
374,358
Topchoice Medical Corp. (a)
 
7,100
87,015
Topsports International Holdings Ltd. (c)
 
691,000
581,091
TravelSky Technology Ltd. (H Shares)
 
351,000
554,486
Trina Solar Co. Ltd. (A Shares)
 
48,382
197,599
Trip.com Group Ltd. (a)
 
204,055
6,954,526
Tsingtao Brewery Co. Ltd.:
 
 
 
 (A Shares)
 
32,300
369,179
 (H Shares)
 
202,000
1,531,873
Uni-President China Holdings Ltd.
 
471,000
320,558
Unigroup Guoxin Microelectronics Co. Ltd. (a)
 
18,479
190,558
Unisplendour Corp. Ltd. (A Shares) (a)
 
62,220
166,988
Universal Scientific Industrial Shanghai Co. Ltd. (A Shares)
 
42,000
83,437
Verisilicon Microelectronics Shanghai Co. Ltd. (A Shares) (a)
 
11,098
81,001
Vipshop Holdings Ltd. ADR (a)
 
124,073
1,769,281
Walvax Biotechnology Co. Ltd. (A Shares)
 
35,200
112,081
Wanda Film Holding Co. Ltd. (A Shares) (a)
 
49,900
85,235
Wanhua Chemical Group Co. Ltd. (A Shares)
 
69,200
839,584
Want Want China Holdings Ltd.
 
1,703,000
1,058,176
Weibo Corp. sponsored ADR
 
29,143
344,762
Weichai Power Co. Ltd.:
 
 
 
 (A Shares)
 
150,200
285,515
 (H Shares)
 
722,600
1,081,604
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
17,920
62,774
Wens Foodstuffs Group Co. Ltd. (A Shares)
 
149,200
383,262
Western Mining Co. Ltd. (A Shares)
 
57,100
98,185
Western Securities Co. Ltd. (A Shares)
 
93,900
85,489
Western Superconducting Technologies Co. Ltd. (A Shares)
 
13,872
87,713
Will Semiconductor Ltd.
 
25,650
387,076
Wilmar International Ltd.
 
706,793
1,837,510
Wingtech Technology Co. Ltd. (A Shares) (a)
 
26,800
182,460
Wintime Energy Group Co. Ltd. (A Shares) (a)
 
564,400
105,743
Wuchan Zhongda Group Co. Ltd.
 
106,200
66,367
Wuhan Guide Infrared Co. Ltd. (A Shares)
 
83,044
89,978
Wuliangye Yibin Co. Ltd. (A Shares)
 
85,900
1,831,482
WUS Printed Circuit Kunshan Co. Ltd. (A Shares)
 
42,530
113,910
WuXi AppTec Co. Ltd.
 
46,848
554,009
WuXi AppTec Co. Ltd. (H Shares) (b)(c)
 
143,000
1,718,366
Wuxi Autowell Technology Co. Ltd. (A Shares)
 
3,291
61,494
Wuxi Biologics (Cayman), Inc. (a)(c)
 
1,418,500
8,819,867
XCMG Construction Machinery Co. Ltd. (A Shares)
 
255,400
200,068
Xiamen C&D, Inc. (A Shares)
 
65,100
87,007
Xiamen Faratronic Co. Ltd. (A Shares)
 
4,800
65,513
Xiamen Tungsten Co. Ltd. (A Shares)
 
32,200
74,640
Xiaomi Corp. Class B (a)(c)
 
5,720,200
10,256,456
Xinjiang Daqo New Energy Co. Ltd. (A Shares)
 
39,264
191,783
Xinyi Solar Holdings Ltd.
 
1,789,446
1,053,106
XPeng, Inc. Class A (a)
 
384,326
2,792,811
XTEP International Holdings Ltd.
 
519,000
471,840
Yadea Group Holdings Ltd. (c)
 
442,000
806,809
Yangzhou Yangjie Electronic Technology Co. Ltd. (A Shares)
 
11,600
60,241
Yankuang Energy Group Co. Ltd.:
 
 
 
 (A Shares)
 
116,250
310,580
 (H Shares)
 
773,000
1,342,515
Yantai Jereh Oilfield Services (A Shares)
 
24,000
93,861
Yealink Network Technology Corp. Ltd.
 
27,160
123,934
Yifeng Pharmacy Chain Co. Ltd.
 
21,719
97,312
Yihai International Holding Ltd.
 
192,000
349,421
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares)
 
32,600
155,931
Yintai Gold Co. Ltd. (A Shares)
 
59,540
110,178
Yonghui Superstores Co. Ltd. (A Shares) (a)
 
202,500
85,265
YongXing Special Materials Technology Co. Ltd. (A Shares)
 
11,830
80,925
Yonyou Network Technology Co. Ltd. (A Shares)
 
77,030
172,567
Youngor Group Co. Ltd. (A Shares)
 
112,893
104,201
YTO Express Group Co. Ltd. (A Shares)
 
74,000
137,446
Yuan Longping High-tech Agriculture Co. Ltd. (A Shares) (a)
 
34,000
76,639
Yuexiu Property Co. Ltd.
 
593,920
617,771
Yum China Holdings, Inc.
 
155,798
8,188,743
Yunda Holding Co. Ltd. (A Shares)
 
64,620
80,559
Yunnan Aluminium Co. Ltd. (A Shares)
 
75,600
143,740
Yunnan Baiyao Group Co. Ltd. (A Shares)
 
38,080
264,645
Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares)
 
9,500
102,463
Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares)
 
102,400
72,433
Yunnan Energy New Material Co. Ltd.
 
21,000
192,788
Yunnan Tin Co. Ltd. (A Shares)
 
39,200
75,737
Yunnan Yuntianhua Co. Ltd. (Series A)
 
41,500
94,516
Yutong Bus Co. Ltd.
 
44,500
82,983
Zai Lab Ltd. (a)(b)
 
339,110
865,428
Zangge Mining Co. Ltd. (Series A)
 
30,700
93,972
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares)
 
13,198
451,742
Zhaojin Mining Industry Co. Ltd. (H Shares)
 
477,500
591,980
Zhefu Holding Group Co. Ltd. (A Shares)
 
130,200
65,856
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a)
 
167,966
135,740
Zhejiang China Commodities City Group Co. Ltd. (A Shares)
 
125,300
133,342
Zhejiang Chint Electric Co. Ltd. (A Shares)
 
46,900
148,226
Zhejiang Dahua Technology Co. Ltd. (A Shares) (a)
 
74,700
208,554
Zhejiang Dingli Machinery Co. Ltd. (A Shares)
 
11,000
81,935
Zhejiang Expressway Co. Ltd. (H Shares)
 
476,000
358,302
Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares)
 
33,860
74,883
Zhejiang Huayou Cobalt Co. Ltd. (A Shares)
 
34,110
171,707
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares)
 
28,400
168,922
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares)
 
19,700
80,074
Zhejiang Juhua Co. Ltd. (A Shares)
 
57,500
119,066
Zhejiang Longsheng Group Co. Ltd. (A Shares)
 
77,500
94,307
Zhejiang NHU Co. Ltd. (A Shares)
 
65,380
144,591
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
40,500
148,257
Zhejiang Supor Cookware Co. Ltd.
 
9,700
66,527
Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares)
 
35,600
87,338
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares)
 
33,200
74,848
Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) (a)
 
252,300
158,661
Zheshang Securities Co. Ltd.
 
76,900
105,930
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(c)
 
262,600
719,687
Zhongji Innolight Co. Ltd. (A Shares)
 
17,700
213,275
Zhongjin Gold Co. Ltd. (A Shares)
 
107,400
159,700
Zhongsheng Group Holdings Ltd. Class H
 
302,000
697,407
Zhongtai Securities Co. Ltd. (A Shares)
 
132,800
130,016
Zhuzhou CRRC Times Electric Co. Ltd.:
 
 
 
 (A Shares)
 
27,044
143,187
 (H Shares)
 
166,900
538,648
Zhuzhou Kibing Group Co. Ltd. (A Shares)
 
55,400
60,447
Zibo Qixiang Tengda Chemical Co. Ltd. (A Shares)
 
74,700
59,763
Zijin Mining Group Co. Ltd.:
 
 
 
 (A Shares) (a)
 
99,000
167,943
 (H Shares)
 
2,464,000
3,811,591
Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares)
 
197,900
173,692
ZTE Corp.:
 
 
 
 (A Shares)
 
28,500
101,921
 (H Shares)
 
372,080
826,858
ZTO Express, Inc. sponsored ADR
 
161,028
3,795,430
TOTAL CHINA
 
 
713,733,193
Colombia - 0.0%
 
 
 
Bancolombia SA
 
101,022
720,359
Interconexion Electrica SA ESP
 
163,149
574,747
TOTAL COLOMBIA
 
 
1,295,106
Czech Republic - 0.0%
 
 
 
CEZ A/S
 
59,042
2,526,357
Komercni Banka A/S
 
27,293
799,330
MONETA Money Bank A/S (c)
 
117,594
454,301
TOTAL CZECH REPUBLIC
 
 
3,779,988
Denmark - 2.2%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
1,115
1,817,827
 Series B
 
1,811
3,017,544
Carlsberg A/S Series B
 
36,295
4,325,392
Chr. Hansen Holding A/S
 
38,371
2,613,825
Coloplast A/S Series B
 
50,541
5,266,367
Danske Bank A/S
 
254,847
5,970,366
Demant A/S (a)
 
36,269
1,381,603
DSV A/S
 
68,641
10,237,155
Genmab A/S (a)
 
24,487
6,922,057
Novo Nordisk A/S Series B
 
1,204,356
116,191,734
Novozymes A/S Series B
 
76,189
3,419,662
ORSTED A/S (c)
 
70,094
3,386,881
Pandora A/S
 
30,918
3,498,671
Rockwool International A/S Series B
 
3,360
746,905
Tryg A/S
 
128,142
2,500,620
Vestas Wind Systems A/S (a)
 
374,305
8,112,980
TOTAL DENMARK
 
 
179,409,589
Egypt - 0.0%
 
 
 
Commercial International Bank SAE
 
922,326
1,799,915
Eastern Co. SAE
 
374,340
318,355
EFG-Hermes Holding SAE
 
342,651
185,037
TOTAL EGYPT
 
 
2,303,307
Finland - 0.7%
 
 
 
Elisa Corp. (A Shares)
 
53,284
2,259,702
Fortum Corp.
 
164,706
1,951,885
Kesko Oyj
 
99,505
1,680,895
Kone OYJ (B Shares)
 
125,892
5,446,807
Metso Corp.
 
242,796
2,133,832
Neste OYJ
 
156,084
5,236,985
Nokia Corp.
 
1,986,219
6,615,465
Nordea Bank Abp
 
1,186,811
12,471,539
Orion Oyj (B Shares)
 
39,541
1,570,611
Sampo Oyj (A Shares)
 
169,594
6,659,293
Stora Enso Oyj (R Shares)
 
213,176
2,554,484
UPM-Kymmene Corp.
 
199,066
6,691,770
Wartsila Corp.
 
173,257
2,060,553
TOTAL FINLAND
 
 
57,333,821
France - 6.6%
 
 
 
Accor SA
 
67,376
2,143,707
Adevinta ASA Class B (a)
 
106,998
939,146
Aeroports de Paris SA
 
10,976
1,228,730
Air Liquide SA
 
184,448
31,605,580
Airbus Group NV
 
218,968
29,358,401
Alstom SA
 
105,755
1,432,183
Amundi SA (c)
 
21,837
1,137,264
Arkema SA
 
22,791
2,131,298
AXA SA
 
676,393
20,041,812
bioMerieux SA
 
15,267
1,461,938
BNP Paribas SA
 
387,085
22,258,946
Bollore SA
 
269,711
1,469,713
Bouygues SA
 
70,457
2,475,824
Bureau Veritas SA
 
110,059
2,502,584
Capgemini SA
 
60,988
10,778,335
Carrefour SA
 
223,528
3,918,773
Compagnie de St.-Gobain
 
170,905
9,303,068
Compagnie Generale des Etablissements Michelin SCA Series B
 
250,672
7,447,078
Covivio
 
20,042
856,740
Credit Agricole SA
 
446,692
5,393,757
Danone SA
 
237,660
14,138,501
Dassault Aviation SA
 
7,572
1,502,237
Dassault Systemes SA
 
247,321
10,187,985
Edenred SA
 
92,610
4,923,050
Eiffage SA
 
27,471
2,491,047
Engie SA
 
673,732
10,715,632
EssilorLuxottica SA
 
108,757
19,636,531
Eurazeo SA
 
16,095
905,151
Gecina SA
 
16,581
1,624,607
Getlink SE
 
131,530
2,120,284
Hermes International SCA
 
11,683
21,751,792
Ipsen SA
 
13,870
1,636,357
Kering SA
 
27,500
11,184,296
Klepierre SA
 
78,562
1,903,596
L'Oreal SA (a)
 
4,395
1,847,353
L'Oreal SA
 
84,537
35,533,498
La Francaise des Jeux SAEM (c)
 
37,981
1,222,510
Legrand SA
 
98,819
8,548,474
LVMH Moet Hennessy Louis Vuitton SE
 
101,872
72,933,279
Orange SA
 
688,691
8,100,417
Pernod Ricard SA
 
75,379
13,359,552
Publicis Groupe SA
 
85,003
6,450,617
Remy Cointreau SA
 
8,408
953,260
Renault SA
 
71,673
2,506,419
Safran SA
 
126,479
19,758,492
Sartorius Stedim Biotech
 
10,079
1,882,833
SEB SA
 
9,270
913,670
Societe Generale Series A
 
269,171
6,048,748
Sodexo SA (a)
 
2,224
235,039
Sodexo SA
 
30,433
3,216,252
Teleperformance
 
21,950
2,511,816
Thales SA
 
39,108
5,758,051
TotalEnergies SE
 
828,844
55,414,423
Unibail-Rodamco-Westfield NV (a)
 
44,998
2,221,594
Valeo SA
 
75,794
997,659
Veolia Environnement SA
 
251,461
6,890,132
VINCI SA
 
195,763
21,646,376
Vivendi SA
 
247,982
2,218,768
Wendel SA
 
9,872
737,457
Worldline SA (a)(c)
 
87,646
1,111,004
TOTAL FRANCE
 
 
545,623,636
Germany - 4.9%
 
 
 
adidas AG
 
59,890
10,595,399
Allianz SE
 
148,566
34,800,478
BASF AG
 
330,544
15,273,498
Bayer AG
 
362,837
15,677,666
Bayerische Motoren Werke AG (BMW)
 
111,079
10,299,390
Bechtle AG
 
30,014
1,336,369
Beiersdorf AG
 
37,271
4,892,091
Brenntag SE
 
54,665
4,055,813
Carl Zeiss Meditec AG
 
14,723
1,273,379
Commerzbank AG
 
395,310
4,245,517
Continental AG
 
40,978
2,675,412
Covestro AG (a)(c)
 
71,595
3,613,498
Daimler Truck Holding AG
 
182,685
5,725,516
Deutsche Bank AG
 
718,621
7,874,422
Deutsche Borse AG
 
70,109
11,539,693
Deutsche Lufthansa AG (a)
 
218,967
1,530,074
Deutsche Telekom AG
 
1,195,354
25,943,563
DHL Group
 
366,026
14,236,858
E.ON SE
 
828,539
9,836,317
Evonik Industries AG
 
78,167
1,435,820
Fresenius Medical Care AG & Co. KGaA
 
76,427
2,539,376
Fresenius SE & Co. KGaA
 
156,736
4,020,019
GEA Group AG
 
57,631
1,965,365
Hannover Reuck SE
 
22,262
4,906,594
HeidelbergCement AG
 
54,004
3,913,059
HelloFresh AG (a)
 
56,530
1,229,784
Henkel AG & Co. KGaA
 
37,673
2,380,948
Infineon Technologies AG
 
482,065
14,081,225
Knorr-Bremse AG
 
26,564
1,476,761
LEG Immobilien AG (a)
 
26,802
1,668,655
Mercedes-Benz Group AG (Germany)
 
296,012
17,415,650
Merck KGaA
 
47,777
7,196,197
MTU Aero Engines AG
 
19,998
3,745,299
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
50,305
20,146,692
Nemetschek SE
 
21,091
1,571,074
Puma AG
 
38,508
2,171,725
Rational AG
 
1,875
1,066,366
Rheinmetall AG
 
16,233
4,644,428
RWE AG
 
234,239
8,954,759
SAP SE
 
385,288
51,679,578
Scout24 AG (c)
 
27,602
1,694,513
Siemens AG
 
280,557
37,229,596
Siemens Energy AG (a)(b)
 
194,094
1,718,954
Siemens Healthineers AG (c)
 
104,260
5,109,907
Symrise AG
 
49,375
5,045,595
Talanx AG
 
23,657
1,488,121
Telefonica Deutschland Holding AG
 
325,735
552,663
Volkswagen AG
 
10,744
1,242,005
Vonovia SE
 
271,659
6,254,157
Wacker Chemie AG
 
6,691
817,711
Zalando SE (a)(c)
 
81,678
1,900,453
TOTAL GERMANY
 
 
406,688,002
Greece - 0.1%
 
 
 
Alpha Bank SA (a)
 
804,190
1,199,788
Eurobank Ergasias Services and Holdings SA (a)
 
939,814
1,533,391
Ff Group (a)(d)
 
5,453
0
Hellenic Telecommunications Organization SA
 
71,705
1,003,774
Jumbo SA
 
41,766
1,098,628
Motor Oil (HELLAS) Corinth Refineries SA
 
23,651
563,065
Mytilineos SA
 
38,566
1,427,418
National Bank of Greece SA (a)
 
201,856
1,153,353
OPAP SA
 
72,126
1,221,064
Piraeus Financial Holdings SA (a)
 
247,817
731,580
Public Power Corp. of Greece (a)
 
77,397
788,637
TOTAL GREECE
 
 
10,720,698
Hong Kong - 1.4%
 
 
 
AIA Group Ltd.
 
4,265,295
37,039,003
CK Asset Holdings Ltd.
 
733,971
3,668,625
CK Infrastructure Holdings Ltd.
 
225,636
1,045,832
CLP Holdings Ltd.
 
608,608
4,454,270
Futu Holdings Ltd. ADR (a)
 
20,212
1,120,755
Hang Lung Properties Ltd.
 
669,998
880,684
Hang Seng Bank Ltd.
 
280,850
3,210,982
Henderson Land Development Co. Ltd.
 
540,059
1,413,043
HKT Trust/HKT Ltd. unit
 
1,364,557
1,413,388
Hong Kong & China Gas Co. Ltd.
 
4,099,468
2,853,676
Hong Kong Exchanges and Clearing Ltd.
 
445,402
15,581,344
Hongkong Land Holdings Ltd.
 
408,667
1,296,178
Jardine Matheson Holdings Ltd.
 
59,519
2,411,778
Jinmao Property Services Co. Ltd.
 
316
86
Kingboard Laminates Holdings Ltd.
 
335,000
314,160
Link (REIT)
 
947,850
4,349,819
MTR Corp. Ltd.
 
584,818
2,186,158
New World Development Co. Ltd.
 
559,090
1,026,109
Nine Dragons Paper (Holdings) Ltd.
 
574,000
326,767
Orient Overseas International Ltd. (b)
 
48,500
611,575
Power Assets Holdings Ltd.
 
520,854
2,490,114
Prudential PLC
 
1,017,238
10,636,636
Sino Biopharmaceutical Ltd.
 
3,710,250
1,441,355
Sino Land Ltd.
 
1,344,367
1,342,120
Sun Hung Kai Properties Ltd.
 
537,062
5,514,931
Swire Pacific Ltd. (A Shares)
 
158,004
1,009,305
Swire Properties Ltd.
 
414,155
801,889
Techtronic Industries Co. Ltd.
 
509,847
4,654,661
Vinda International Holdings Ltd. (b)
 
129,000
318,789
WH Group Ltd. (c)
 
3,075,946
1,837,057
Wharf Real Estate Investment Co. Ltd.
 
609,654
2,132,594
Xinyi Glass Holdings Ltd.
 
623,568
716,492
TOTAL HONG KONG
 
 
118,100,175
Hungary - 0.1%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
164,093
1,305,663
OTP Bank PLC
 
86,996
3,237,230
Richter Gedeon PLC
 
50,797
1,191,049
TOTAL HUNGARY
 
 
5,733,942
India - 4.4%
 
 
 
ABB India Ltd.
 
19,618
967,284
Adani Enterprises Ltd.
 
62,302
1,717,435
Adani Green Energy Ltd. (a)
 
115,601
1,276,797
Adani Ports & Special Economic Zone Ltd.
 
193,594
1,825,789
Adani Power Ltd. (a)
 
282,497
1,230,581
Ambuja Cements Ltd.
 
219,608
1,120,044
Apollo Hospitals Enterprise Ltd.
 
38,121
2,206,668
Ashok Leyland Ltd.
 
521,752
1,051,630
Asian Paints Ltd.
 
142,296
5,124,153
Astral Ltd.
 
43,218
960,434
AU Small Finance Bank Ltd. (c)
 
59,605
478,923
Aurobindo Pharma Ltd.
 
94,439
963,398
Avenue Supermarts Ltd. (a)(c)
 
59,395
2,592,473
Axis Bank Ltd.
 
844,647
9,963,715
Bajaj Auto Ltd.
 
24,867
1,585,816
Bajaj Finance Ltd.
 
100,930
9,082,967
Bajaj Finserv Ltd.
 
140,009
2,639,181
Bajaj Holdings & Investment Ltd.
 
9,960
828,387
Balkrishna Industries Ltd.
 
28,506
874,071
Bandhan Bank Ltd. (c)
 
266,042
684,848
Bank of Baroda
 
369,653
871,353
Berger Paints India Ltd.
 
118,243
793,139
Bharat Electronics Ltd.
 
1,350,273
2,162,619
Bharat Forge Ltd.
 
91,658
1,122,342
Bharat Petroleum Corp. Ltd.
 
279,211
1,170,148
Bharti Airtel Ltd.
 
829,942
9,112,226
Britannia Industries Ltd.
 
41,353
2,199,133
Cg Power & Industrial Soluti
 
226,053
1,058,314
Cholamandalam Investment and Finance Co. Ltd.
 
150,327
2,053,718
Cipla Ltd./India (a)
 
192,276
2,770,859
Coal India Ltd.
 
569,521
2,149,152
Colgate-Palmolive Ltd.
 
43,935
1,115,146
Container Corp. of India Ltd.
 
103,684
857,123
Cummins India Ltd.
 
49,517
997,095
Dabur India Ltd.
 
242,482
1,539,939
Divi's Laboratories Ltd.
 
43,798
1,781,897
DLF Ltd.
 
226,924
1,536,817
Dr. Reddy's Laboratories Ltd.
 
41,026
2,647,220
Eicher Motors Ltd.
 
50,016
1,978,946
GAIL India Ltd.
 
898,783
1,290,108
Godrej Consumer Products Ltd.
 
151,014
1,798,803
Godrej Properties Ltd. (a)
 
44,681
891,336
Grasim Industries Ltd.
 
96,208
2,179,803
Havells India Ltd.
 
92,674
1,387,063
HCL Technologies Ltd.
 
347,179
5,323,598
HDFC Asset Management Co. Ltd. (c)
 
30,736
1,009,292
HDFC Bank Ltd.
 
1,029,318
18,259,345
HDFC Standard Life Insurance Co. Ltd. (c)
 
361,721
2,686,308
Hero Motocorp Ltd.
 
39,878
1,479,409
Hindalco Industries Ltd.
 
455,075
2,511,155
Hindustan Aeronautics Ltd.
 
60,952
1,333,523
Hindustan Petroleum Corp. Ltd. (a)
 
210,740
626,785
Hindustan Unilever Ltd.
 
304,540
9,085,804
ICICI Bank Ltd.
 
1,910,929
21,017,416
ICICI Lombard General Insurance Co. Ltd. (c)
 
87,990
1,451,793
ICICI Prudential Life Insurance Co. Ltd. (c)
 
127,340
803,321
IDFC Bank Ltd. (a)
 
1,275,670
1,267,323
Indian Oil Corp. Ltd.
 
1,006,099
1,083,486
Indian Railway Catering & Tourism Corp. Ltd.
 
98,559
787,544
Indraprastha Gas Ltd.
 
111,425
511,686
Info Edge India Ltd.
 
26,180
1,284,404
Infosys Ltd.
 
1,226,617
20,166,663
InterGlobe Aviation Ltd. (a)(c)
 
49,475
1,458,906
ITC Ltd.
 
1,113,086
5,727,953
Jindal Steel & Power Ltd.
 
130,044
989,882
Jio Financial Services Ltd.
 
1,111,895
2,950,123
JSW Steel Ltd. (a)
 
223,292
1,975,118
Jubilant Foodworks Ltd.
 
140,460
844,910
Kotak Mahindra Bank Ltd.
 
404,169
8,446,573
Larsen & Toubro Ltd.
 
255,353
8,983,432
Ltimindtree Ltd. (c)
 
32,694
1,988,538
Lupin Ltd.
 
73,219
991,898
Mahindra & Mahindra Ltd.
 
346,581
6,072,125
Marico Ltd.
 
184,868
1,190,905
Maruti Suzuki India Ltd.
 
50,505
6,305,024
Max Healthcare Institute Ltd.
 
283,976
1,956,969
Mphasis BFL Ltd.
 
27,939
713,078
MRF Ltd.
 
679
883,190
Muthoot Finance Ltd.
 
42,327
660,240
Nestle India Ltd.
 
12,639
3,679,246
NTPC Ltd.
 
1,596,790
4,522,605
Oil & Natural Gas Corp. Ltd.
 
1,147,339
2,566,506
Page Industries Ltd.
 
2,248
1,021,153
Petronet LNG Ltd.
 
280,057
671,086
PI Industries Ltd.
 
29,997
1,224,763
Pidilite Industries Ltd.
 
55,576
1,640,394
Power Finance Corp. Ltd.
 
473,273
1,401,179
Power Grid Corp. of India Ltd.
 
1,700,588
4,129,054
REC Ltd.
 
428,143
1,479,439
Reliance Industries Ltd.
 
1,123,186
30,875,953
Samvardhana Motherson International Ltd.
 
866,702
956,926
SBI Cards & Payment Services Ltd.
 
103,966
931,399
SBI Life Insurance Co. Ltd. (c)
 
168,882
2,772,936
Shree Cement Ltd.
 
3,365
1,036,828
Shriram Transport Finance Co. Ltd.
 
102,875
2,320,701
Siemens Ltd.
 
32,802
1,312,046
Sona Blw Precision Forgings Ltd. (c)
 
150,727
980,635
SRF Ltd.
 
54,156
1,427,600
State Bank of India
 
663,106
4,504,522
Sun Pharmaceutical Industries Ltd.
 
357,912
4,678,007
Supreme Industries Ltd.
 
23,023
1,196,767
Tata Consultancy Services Ltd.
 
338,007
13,679,672
Tata Consumer Products Ltd.
 
205,225
2,219,902
Tata Elxsi Ltd.
 
12,684
1,161,534
Tata Motors Ltd.
 
619,934
4,680,979
Tata Power Co. Ltd./The
 
527,853
1,518,243
Tata Steel Ltd.
 
2,749,718
3,922,645
Tech Mahindra Ltd.
 
201,399
2,743,876
The Indian Hotels Co. Ltd.
 
315,462
1,452,511
Titan Co. Ltd.
 
132,033
5,060,082
Torrent Pharmaceuticals Ltd.
 
38,045
879,164
Trent Ltd.
 
65,705
1,700,229
Tube Investments of India Ltd.
 
38,431
1,453,476
Tvs Motor Co. Ltd.
 
87,225
1,666,320
Ultratech Cement Ltd.
 
42,382
4,287,955
United Spirits Ltd. (a)
 
113,422
1,406,156
UPL Ltd.
 
170,096
1,104,098
Varun Beverages Ltd.
 
167,160
1,823,982
Vedanta Ltd.
 
277,767
722,626
Wipro Ltd.
 
481,355
2,209,110
Yes Bank Ltd. (a)
 
4,755,890
911,223
Zomato Ltd. (a)
 
1,569,391
1,984,415
TOTAL INDIA
 
 
367,384,555
Indonesia - 0.5%
 
 
 
Indofood Sukses Makmur Tbk PT
 
1,604,700
671,814
PT Adaro Energy Indonesia Tbk
 
5,270,100
850,327
PT Aneka Tambang Tbk
 
2,924,000
313,287
PT Astra International Tbk
 
7,379,600
2,684,548
PT Bank Central Asia Tbk
 
20,523,300
11,306,710
PT Bank Mandiri (Persero) Tbk
 
13,946,600
4,982,453
PT Bank Negara Indonesia (Persero) Tbk
 
5,490,000
1,656,808
PT Bank Rakyat Indonesia (Persero) Tbk
 
25,311,454
7,914,484
PT Barito Pacific Tbk
 
10,390,157
736,285
PT Charoen Pokphand Indonesia Tbk (a)
 
2,649,500
976,103
PT GoTo Gojek Tokopedia Tbk (a)
 
301,949,712
1,142,351
PT Indah Kiat Pulp & Paper Tbk
 
1,000,500
604,705
PT Indofood CBP Sukses Makmur Tbk
 
818,400
533,411
PT Kalbe Farma Tbk
 
7,558,000
803,828
PT Merdeka Copper Gold Tbk (a)
 
4,425,195
620,659
PT Sarana Menara Nusantara Tbk
 
7,660,100
429,611
PT Semen Indonesia (Persero) Tbk
 
1,262,533
485,132
PT Sumber Alfaria Trijaya Tbk
 
6,115,600
1,113,019
PT Surya Citra Media Tbk
 
20
0
PT Telkom Indonesia Persero Tbk
 
18,547,300
4,065,861
PT Unilever Indonesia Tbk
 
2,796,100
637,535
PT United Tractors Tbk
 
547,700
866,740
PT Vale Indonesia Tbk
 
950,600
296,254
TOTAL INDONESIA
 
 
43,691,925
Ireland - 0.3%
 
 
 
AerCap Holdings NV (a)
 
64,435
4,002,702
AIB Group PLC
 
536,700
2,324,910
Bank of Ireland Group PLC
 
392,259
3,507,166
Kerry Group PLC Class A
 
59,178
4,563,472
Kingspan Group PLC (Ireland)
 
57,331
3,850,819
Smurfit Kappa Group PLC
 
95,205
3,096,637
TOTAL IRELAND
 
 
21,345,706
Israel - 0.4%
 
 
 
Azrieli Group
 
15,541
667,855
Bank Hapoalim BM (Reg.)
 
472,976
3,378,233
Bank Leumi le-Israel BM
 
570,226
3,666,545
Check Point Software Technologies Ltd. (a)
 
34,679
4,655,656
Elbit Systems Ltd. (Israel)
 
9,757
1,811,152
Global-e Online Ltd. (a)(b)
 
32,721
1,148,834
Icl Group Ltd.
 
279,311
1,354,403
Israel Discount Bank Ltd. (Class A)
 
464,376
2,039,256
Mizrahi Tefahot Bank Ltd.
 
55,938
1,729,899
NICE Ltd. (a)
 
23,116
3,572,057
NICE Ltd. sponsored ADR (a)
 
360
55,566
Teva Pharmaceutical Industries Ltd. sponsored ADR (a)
 
415,469
3,564,724
Wix.com Ltd. (a)
 
19,697
1,573,790
TOTAL ISRAEL
 
 
29,217,970
Italy - 1.4%
 
 
 
Amplifon SpA
 
45,559
1,284,207
Assicurazioni Generali SpA
 
372,290
7,384,031
Coca-Cola HBC AG
 
82,272
2,131,947
Davide Campari Milano NV
 
189,684
2,093,349
DiaSorin SpA
 
8,238
736,555
Enel SpA
 
3,000,163
19,043,774
Eni SpA
 
867,616
14,183,493
Ferrari NV (Italy)
 
46,480
14,041,029
FinecoBank SpA
 
222,809
2,620,408
Infrastrutture Wireless Italiane SpA (c)
 
122,193
1,334,298
Intesa Sanpaolo SpA
 
5,737,839
14,951,609
Mediobanca SpA (b)
 
203,059
2,421,435
Moncler SpA
 
76,654
3,969,406
Nexi SpA (a)(c)
 
215,843
1,250,628
Poste Italiane SpA (c)
 
191,678
1,894,287
Prysmian SpA
 
98,158
3,665,254
Recordati SpA
 
38,229
1,763,625
Snam SpA
 
742,090
3,402,887
Telecom Italia SpA (a)
 
1,940,517
501,201
Telecom Italia SpA (Risparmio Shares) (a)
 
1,667,908
433,791
Terna - Rete Elettrica Nazionale
 
522,807
3,997,294
UniCredit SpA
 
681,609
17,087,676
TOTAL ITALY
 
 
120,192,184
Japan - 14.5%
 
 
 
Advantest Corp.
 
283,348
7,298,658
AEON Co. Ltd.
 
243,342
5,119,826
AGC, Inc.
 
70,873
2,411,035
Aisin Seiki Co. Ltd.
 
53,662
1,869,309
Ajinomoto Co., Inc.
 
166,761
6,090,560
Ana Holdings, Inc. (a)
 
58,356
1,145,638
Asahi Group Holdings
 
177,849
6,432,872
ASAHI INTECC Co. Ltd.
 
78,392
1,317,192
Asahi Kasei Corp.
 
457,430
2,812,182
Astellas Pharma, Inc.
 
669,630
8,470,736
Azbil Corp.
 
41,422
1,223,965
Bandai Namco Holdings, Inc.
 
223,694
4,634,608
BayCurrent Consulting, Inc.
 
48,200
1,210,146
Bridgestone Corp.
 
210,120
7,952,035
Brother Industries Ltd.
 
84,821
1,323,229
Canon, Inc.
 
369,783
8,741,928
Capcom Co. Ltd.
 
63,074
2,030,310
Central Japan Railway Co.
 
266,210
5,991,964
Chiba Bank Ltd.
 
195,532
1,456,429
Chubu Electric Power Co., Inc.
 
236,444
2,857,226
Chugai Pharmaceutical Co. Ltd.
 
248,260
7,362,539
Concordia Financial Group Ltd.
 
389,515
1,809,842
CyberAgent, Inc.
 
157,400
826,264
Dai Nippon Printing Co. Ltd.
 
80,638
2,103,625
Dai-ichi Mutual Life Insurance Co.
 
347,865
7,348,659
Daifuku Co. Ltd.
 
110,003
1,817,568
Daiichi Sankyo Kabushiki Kaisha
 
683,173
17,615,065
Daikin Industries Ltd.
 
97,446
14,049,661
Daito Trust Construction Co. Ltd.
 
22,765
2,441,919
Daiwa House Industry Co. Ltd.
 
219,059
6,025,366
Daiwa House REIT Investment Corp.
 
794
1,405,180
Daiwa Securities Group, Inc.
 
499,444
2,880,030
DENSO Corp.
 
639,300
9,440,117
Dentsu Group, Inc.
 
74,014
2,149,810
Disco Corp.
 
34,087
6,019,732
East Japan Railway Co.
 
111,695
5,801,140
Eisai Co. Ltd.
 
93,348
4,945,424
ENEOS Holdings, Inc.
 
1,062,205
3,935,913
FANUC Corp.
 
351,950
8,734,138
Fast Retailing Co. Ltd.
 
64,674
14,318,591
Fuji Electric Co. Ltd.
 
46,825
1,782,845
FUJIFILM Holdings Corp.
 
138,253
7,562,136
Fujitsu Ltd.
 
64,994
8,419,813
GLP J-REIT
 
1,750
1,567,401
GMO Payment Gateway, Inc.
 
15,041
600,726
Hakuhodo DY Holdings, Inc.
 
78,924
640,484
Hamamatsu Photonics K.K.
 
51,042
1,895,854
Hankyu Hanshin Holdings, Inc.
 
85,821
2,700,238
Hikari Tsushin, Inc.
 
7,322
1,056,366
Hirose Electric Co. Ltd.
 
11,215
1,270,650
Hitachi Construction Machinery Co. Ltd.
 
38,709
1,000,076
Hitachi Ltd.
 
346,456
21,960,677
Honda Motor Co. Ltd.
 
1,704,627
17,470,335
Hoshizaki Corp.
 
39,100
1,262,721
Hoya Corp.
 
130,770
12,589,048
Hulic Co. Ltd.
 
139,394
1,277,983
Ibiden Co. Ltd.
 
42,105
1,795,208
Idemitsu Kosan Co. Ltd.
 
71,085
1,613,992
Iida Group Holdings Co. Ltd.
 
60,840
944,675
INPEX Corp.
 
358,706
5,205,138
Isuzu Motors Ltd.
 
219,645
2,449,185
Itochu Corp.
 
438,622
15,799,617
Japan Airlines Co. Ltd.
 
52,540
965,884
Japan Exchange Group, Inc.
 
187,108
3,700,023
Japan Post Bank Co. Ltd.
 
531,590
4,927,417
Japan Post Holdings Co. Ltd.
 
829,430
7,341,454
Japan Post Insurance Co. Ltd.
 
70,716
1,361,714
Japan Real Estate Investment Corp.
 
481
1,786,589
Japan Retail Fund Investment Corp.
 
2,562
1,653,379
Japan Tobacco, Inc.
 
441,681
10,281,836
JFE Holdings, Inc.
 
179,642
2,502,929
JSR Corp.
 
64,701
1,731,783
Kajima Corp.
 
157,344
2,600,487
Kansai Electric Power Co., Inc.
 
261,694
3,350,689
Kao Corp.
 
172,405
6,290,008
Kawasaki Kisen Kaisha Ltd. (b)
 
50,200
1,721,357
KDDI Corp.
 
551,987
16,512,549
KDX Realty Investment Corp.
 
1,526
1,591,601
Keio Corp.
 
37,002
1,098,015
Keisei Electric Railway Co.
 
47,230
1,779,137
Keyence Corp.
 
71,820
27,802,866
Kikkoman Corp.
 
50,473
2,871,650
Kintetsu Group Holdings Co. Ltd.
 
65,470
1,842,114
Kirin Holdings Co. Ltd.
 
285,708
4,015,146
Kobayashi Pharmaceutical Co. Ltd.
 
18,048
745,081
Kobe Bussan Co. Ltd.
 
54,021
1,336,915
Koei Tecmo Holdings Co. Ltd.
 
43,876
572,918
Koito Manufacturing Co. Ltd.
 
77,404
1,159,723
Komatsu Ltd.
 
341,863
7,854,781
Konami Group Corp.
 
36,792
1,905,903
Kose Corp.
 
12,234
810,515
Kubota Corp.
 
375,125
5,045,149
Kurita Water Industries Ltd.
 
37,998
1,154,510
Kyocera Corp.
 
118,717
5,851,728
Kyowa Hakko Kirin Co., Ltd.
 
99,163
1,555,302
Lasertec Corp.
 
27,974
4,620,752
LIXIL Group Corp.
 
105,261
1,154,194
LY Corp.
 
975,996
2,488,289
M3, Inc.
 
161,734
2,490,897
Makita Corp.
 
81,620
2,109,620
Marubeni Corp.
 
534,629
7,817,226
MatsukiyoCocokara & Co.
 
125,100
2,194,478
Mazda Motor Corp.
 
206,872
1,999,623
McDonald's Holdings Co. (Japan) Ltd. (b)
 
31,068
1,208,788
Meiji Holdings Co. Ltd.
 
87,526
2,154,367
Minebea Mitsumi, Inc.
 
132,360
2,075,313
Misumi Group, Inc.
 
103,675
1,569,501
Mitsubishi Chemical Holdings Corp.
 
480,462
2,718,745
Mitsubishi Corp.
 
424,514
19,788,958
Mitsubishi Electric Corp.
 
714,996
8,198,510
Mitsubishi Estate Co. Ltd.
 
416,667
5,333,471
Mitsubishi Heavy Industries Ltd.
 
118,701
6,113,657
Mitsubishi UFJ Financial Group, Inc.
 
4,214,457
35,355,700
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
297,899
1,963,819
Mitsui & Co. Ltd.
 
484,804
17,619,802
Mitsui Chemicals, Inc.
 
62,843
1,583,925
Mitsui Fudosan Co. Ltd.
 
329,206
7,135,495
Mitsui OSK Lines Ltd.
 
129,100
3,333,016
Mizuho Financial Group, Inc.
 
890,414
15,117,795
MonotaRO Co. Ltd.
 
90,250
721,277
MS&AD Insurance Group Holdings, Inc.
 
158,637
5,812,545
Murata Manufacturing Co. Ltd.
 
636,798
10,907,954
NEC Corp.
 
91,356
4,398,849
Nexon Co. Ltd.
 
124,779
2,289,601
NGK Insulators Ltd.
 
83,360
1,018,514
Nidec Corp.
 
154,541
5,668,725
Nintendo Co. Ltd.
 
383,010
15,823,849
Nippon Building Fund, Inc.
 
561
2,254,061
Nippon Express Holdings, Inc.
 
26,573
1,365,730
Nippon Paint Holdings Co. Ltd.
 
346,610
2,330,298
Nippon Prologis REIT, Inc.
 
854
1,519,587
Nippon Sanso Holdings Corp.
 
62,647
1,579,864
Nippon Steel & Sumitomo Metal Corp.
 
316,124
6,818,435
Nippon Telegraph & Telephone Corp.
 
11,001,325
12,946,092
Nippon Yusen KK
 
180,553
4,417,636
Nissan Chemical Corp.
 
47,622
1,942,272
Nissan Motor Co. Ltd.
 
862,771
3,319,929
Nissin Food Holdings Co. Ltd.
 
22,663
1,971,878
Nitori Holdings Co. Ltd.
 
29,780
3,225,020
Nitto Denko Corp.
 
52,155
3,374,730
Nomura Holdings, Inc.
 
1,114,106
4,304,246
Nomura Real Estate Holdings, Inc.
 
40,814
953,255
Nomura Real Estate Master Fund, Inc.
 
1,566
1,728,016
Nomura Research Institute Ltd.
 
143,124
3,756,999
NTT Data Corp.
 
230,515
2,842,230
Obayashi Corp.
 
236,143
2,022,756
OBIC Co. Ltd.
 
25,769
3,809,080
Odakyu Electric Railway Co. Ltd.
 
117,990
1,679,745
Oji Holdings Corp.
 
316,056
1,351,734
Olympus Corp.
 
468,248
6,253,616
OMRON Corp.
 
65,384
2,342,528
Ono Pharmaceutical Co. Ltd.
 
142,265
2,456,844
Open House Group Co. Ltd.
 
28,300
932,778
Oracle Corp. Japan
 
13,738
974,570
Oriental Land Co. Ltd.
 
402,185
13,008,822
ORIX Corp.
 
434,196
7,896,441
Osaka Gas Co. Ltd.
 
138,975
2,620,761
Otsuka Corp.
 
42,104
1,688,144
Otsuka Holdings Co. Ltd.
 
145,185
4,884,889
Pan Pacific International Holdings Ltd.
 
143,108
2,771,410
Panasonic Holdings Corp.
 
817,080
7,168,645
Persol Holdings Co. Ltd.
 
664,770
996,767
Rakuten Group, Inc.
 
544,950
2,015,727
Recruit Holdings Co. Ltd.
 
532,236
15,260,647
Renesas Electronics Corp. (a)
 
470,267
6,177,249
Resona Holdings, Inc.
 
793,043
4,237,484
Ricoh Co. Ltd.
 
200,662
1,626,387
ROHM Co. Ltd.
 
129,548
2,075,614
SBI Holdings, Inc. Japan
 
92,564
1,991,509
SCSK Corp.
 
59,756
1,020,051
Secom Co. Ltd.
 
77,706
5,397,058
Seiko Epson Corp.
 
105,962
1,471,090
Sekisui Chemical Co. Ltd.
 
144,952
1,985,390
Sekisui House Ltd.
 
218,908
4,286,821
Seven & i Holdings Co. Ltd.
 
278,440
10,201,683
SG Holdings Co. Ltd.
 
116,616
1,652,986
Sharp Corp. (a)
 
93,013
581,537
Shimadzu Corp.
 
86,721
2,050,630
SHIMANO, Inc.
 
28,574
4,111,973
SHIMIZU Corp.
 
211,843
1,507,579
Shin-Etsu Chemical Co. Ltd.
 
672,545
20,111,368
Shionogi & Co. Ltd.
 
97,360
4,533,533
Shiseido Co. Ltd.
 
148,394
4,706,386
Shizuoka Financial Group
 
177,412
1,508,668
SMC Corp.
 
21,157
9,769,523
SoftBank Corp.
 
1,054,229
11,920,028
SoftBank Group Corp.
 
380,142
15,568,363
Sompo Holdings, Inc.
 
109,479
4,742,627
Sony Group Corp.
 
465,442
38,696,330
Square Enix Holdings Co. Ltd.
 
31,292
1,039,576
Subaru Corp.
 
225,405
3,901,828
Sumco Corp.
 
126,364
1,632,895
Sumitomo Chemical Co. Ltd.
 
519,285
1,319,899
Sumitomo Corp.
 
387,261
7,612,651
Sumitomo Electric Industries Ltd.
 
261,932
2,749,823
Sumitomo Metal Mining Co. Ltd.
 
90,428
2,540,300
Sumitomo Mitsui Financial Group, Inc.
 
468,785
22,599,178
Sumitomo Mitsui Trust Holdings, Inc.
 
121,527
4,556,874
Sumitomo Realty & Development Co. Ltd.
 
104,508
2,622,518
Suntory Beverage & Food Ltd.
 
51,537
1,550,906
Suzuki Motor Corp.
 
136,364
5,292,561
Sysmex Corp.
 
62,065
2,973,088
T&D Holdings, Inc.
 
186,027
3,318,577
Taisei Corp.
 
62,087
2,105,538
Takeda Pharmaceutical Co. Ltd.
 
583,446
15,837,495
TDK Corp.
 
144,584
5,409,642
Terumo Corp.
 
248,935
6,810,411
TIS, Inc.
 
80,720
1,728,607
Tobu Railway Co. Ltd.
 
69,486
1,672,490
Toho Co. Ltd.
 
41,413
1,414,796
Tokio Marine Holdings, Inc.
 
664,963
14,876,709
Tokyo Electric Power Co., Inc. (a)
 
556,466
2,354,819
Tokyo Electron Ltd.
 
174,044
22,997,773
Tokyo Gas Co. Ltd.
 
145,162
3,259,926
Tokyu Corp.
 
184,281
2,080,355
Toppan Holdings, Inc.
 
90,558
2,088,618
Toray Industries, Inc.
 
519,353
2,512,546
Tosoh Corp.
 
92,951
1,138,113
Toto Ltd.
 
48,839
1,177,587
Toyota Industries Corp.
 
54,242
4,020,131
Toyota Motor Corp.
 
3,912,065
68,436,685
Toyota Tsusho Corp.
 
78,711
4,190,282
Trend Micro, Inc.
 
50,130
1,889,130
Unicharm Corp.
 
148,897
5,059,353
USS Co. Ltd.
 
73,417
1,283,248
Welcia Holdings Co. Ltd.
 
34,892
578,363
West Japan Railway Co.
 
82,059
3,127,642
Yakult Honsha Co. Ltd.
 
93,854
2,211,664
Yamaha Corp.
 
50,432
1,347,035
Yamaha Motor Co. Ltd.
 
111,578
2,726,615
Yamato Holdings Co. Ltd.
 
97,702
1,627,326
Yaskawa Electric Corp.
 
87,635
2,868,568
Yokogawa Electric Corp.
 
85,423
1,550,874
Zensho Holdings Co. Ltd.
 
33,700
1,771,335
ZOZO, Inc.
 
54,807
1,042,141
TOTAL JAPAN
 
 
1,208,418,546
Jordan - 0.0%
 
 
 
Hikma Pharmaceuticals PLC
 
59,830
1,382,778
Korea (South) - 3.1%
 
 
 
AMOREPACIFIC Corp.
 
10,754
1,007,940
BGF Retail Co. Ltd.
 
2,978
304,084
Celltrion Healthcare Co. Ltd.
 
39,021
1,927,336
Celltrion Pharm, Inc.
 
6,425
301,833
Celltrion, Inc.
 
41,003
4,546,773
CJ CheilJedang Corp.
 
2,984
624,211
Cosmo AM&T Co. Ltd. (a)
 
9,055
941,342
Cosmo AM&T Co. Ltd. rights 11/7/23 (a)
 
439
5,388
Coway Co. Ltd.
 
19,776
631,910
Db Insurance Co. Ltd.
 
16,693
1,084,419
Delivery Hero AG (a)(c)
 
63,563
1,612,127
Doosan Bobcat, Inc.
 
19,899
570,871
Doosan Heavy Industries & Construction Co. Ltd. (a)
 
164,327
1,634,924
Ecopro BM Co. Ltd. (b)
 
18,098
2,643,764
Ecopro Co. Ltd. (b)
 
7,383
3,406,436
F&F Co. Ltd.
 
6,215
430,211
GS Holdings Corp.
 
15,723
458,460
Hana Financial Group, Inc.
 
110,474
3,207,467
Hankook Tire Co. Ltd.
 
26,753
757,898
Hanmi Pharm Co. Ltd.
 
2,484
518,601
Hanmi Semiconductor Co. Ltd.
 
15,901
622,116
Hanon Systems
 
66,957
341,157
Hanwha Aerospace Co. Ltd.
 
12,941
971,475
Hanwha Ocean Co. Ltd. (a)(b)
 
15,672
273,670
Hanwha Ocean Co. Ltd. rights 11/9/23 (a)
 
5,173
6,693
Hanwha Solutions Corp. (a)
 
37,754
802,977
HD Hyundai Co. Ltd.
 
16,184
688,293
HD Hyundai Heavy Industries Co. Ltd. (a)
 
8,119
614,678
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)
 
15,571
1,043,002
HLB, Inc. (b)
 
42,137
906,531
HMM Co. Ltd.
 
89,876
972,030
Hotel Shilla Co. (b)
 
11,331
523,518
HYBE Co. Ltd. (a)
 
6,839
1,112,174
Hyundai Engineering & Construction Co. Ltd.
 
28,875
715,061
Hyundai Glovis Co. Ltd.
 
6,930
878,189
Hyundai Mipo Dockyard Co. Ltd. (a)
 
8,651
445,146
Hyundai Mobis
 
22,759
3,519,342
Hyundai Motor Co. Ltd.
 
51,456
6,473,031
Hyundai Steel Co.
 
31,382
762,029
Industrial Bank of Korea
 
106,137
877,085
JYP Entertainment Corp.
 
10,282
781,503
Kakao Corp.
 
115,759
3,257,927
Kakao Games Corp. (a)
 
13,207
228,889
Kakao Pay Corp. (a)
 
9,806
249,619
KakaoBank Corp.
 
61,399
829,697
Kangwon Land, Inc.
 
33,604
365,357
KB Financial Group, Inc.
 
142,091
5,408,234
Kia Corp.
 
96,755
5,519,559
Korea Aerospace Industries Ltd.
 
27,010
887,439
Korea Electric Power Corp. (a)
 
94,271
1,178,234
Korea Investment Holdings Co. Ltd.
 
14,792
552,159
Korea Zinc Co. Ltd.
 
2,933
1,017,761
Korean Air Lines Co. Ltd.
 
68,768
1,044,766
KRAFTON, Inc. (a)
 
10,641
1,293,431
KT Corp.
 
23,577
569,533
KT&G Corp.
 
37,930
2,389,202
Kumho Petro Chemical Co. Ltd.
 
6,598
619,204
L&F Co. Ltd.
 
9,244
897,858
LG Chemical Ltd.
 
18,028
5,899,777
LG Corp.
 
35,322
2,018,799
LG Display Co. Ltd. (a)
 
85,208
769,881
LG Electronics, Inc.
 
39,626
2,935,218
LG Energy Solution (a)
 
17,320
4,957,743
LG H & H Co. Ltd.
 
3,165
740,916
LG Innotek Co. Ltd.
 
5,244
869,069
LG Uplus Corp.
 
81,066
606,666
Lotte Chemical Corp.
 
7,127
772,823
Lotte Energy Materials Corp.
 
8,384
239,826
Meritz Financial Holdings Co.
 
38,130
1,417,004
Mirae Asset Securities Co. Ltd.
 
97,474
476,788
NAVER Corp.
 
48,622
6,787,433
NCSOFT Corp.
 
5,237
903,439
Netmarble Corp. (a)(c)
 
7,855
225,176
NH Investment & Securities Co. Ltd.
 
50,861
364,358
Orion Corp./Republic of Korea
 
8,594
759,486
Pan Ocean Co., Ltd. (Korea)
 
95,406
304,142
Pearl Abyss Corp. (a)
 
11,592
424,051
POSCO
 
26,561
8,118,938
POSCO Chemtech Co. Ltd. (b)
 
11,474
2,018,986
Posco International Corp.
 
19,224
715,995
S-Oil Corp.
 
16,714
823,656
Samsung Biologics Co. Ltd. (a)(c)
 
6,628
3,479,220
Samsung C&T Corp.
 
31,759
2,507,326
Samsung Electro-Mechanics Co. Ltd.
 
21,102
1,948,223
Samsung Electronics Co. Ltd.
 
1,759,648
87,456,428
Samsung Engineering Co. Ltd. (a)
 
57,508
1,012,055
Samsung Fire & Marine Insurance Co. Ltd.
 
11,499
2,195,609
Samsung Heavy Industries Co. Ltd. (a)
 
238,547
1,207,517
Samsung Life Insurance Co. Ltd.
 
29,412
1,572,364
Samsung SDI Co. Ltd.
 
20,370
6,440,291
Samsung SDS Co. Ltd.
 
14,052
1,438,264
Samsung Securities Co. Ltd.
 
26,460
692,128
Shinhan Financial Group Co. Ltd.
 
163,638
4,199,952
SK Biopharmaceuticals Co. Ltd. (a)
 
11,308
631,886
SK Bioscience Co. Ltd. (a)(b)
 
9,938
446,619
SK Hynix, Inc.
 
201,532
17,475,523
SK IE Technology Co. Ltd. (a)(c)
 
9,048
398,380
SK Innovation Co., Ltd.
 
23,167
2,107,492
SK Square Co. Ltd. (a)
 
36,701
1,157,957
SK, Inc.
 
14,145
1,489,110
SKC Co. Ltd.
 
6,838
399,305
Woori Financial Group, Inc.
 
221,739
1,955,663
Yuhan Corp.
 
19,312
822,015
TOTAL KOREA (SOUTH)
 
 
260,438,061
Kuwait - 0.2%
 
 
 
Agility Public Warehousing Co. KSC (a)
 
588,826
1,000,881
Boubyan Bank KSC
 
505,024
956,355
Gulf Bank
 
650,327
498,069
Gulf Bank rights 11/12/23 (a)
 
50,482
1,044
Kuwait Finance House KSCP
 
3,015,104
6,664,505
Mabanee Co. SAKC
 
229,897
612,910
Mobile Telecommunication Co.
 
729,434
1,133,811
National Bank of Kuwait
 
2,798,527
7,931,195
TOTAL KUWAIT
 
 
18,798,770
Luxembourg - 0.1%
 
 
 
ArcelorMittal SA (Netherlands)
 
189,748
4,192,127
Eurofins Scientific SA
 
49,302
2,495,121
Reinet Investments SCA
 
49,125
1,020,746
TOTAL LUXEMBOURG
 
 
7,707,994
Macau - 0.1%
 
 
 
Galaxy Entertainment Group Ltd.
 
810,136
4,554,152
Sands China Ltd. (a)
 
902,387
2,429,271
TOTAL MACAU
 
 
6,983,423
Malaysia - 0.4%
 
 
 
AMMB Holdings Bhd
 
622,400
499,316
Axiata Group Bhd
 
968,034
442,915
CelcomDigi Bhd
 
1,285,200
1,151,290
CIMB Group Holdings Bhd
 
2,332,911
2,795,053
Dialog Group Bhd
 
1,205,222
543,785
Gamuda Bhd
 
682,609
670,755
Genting Bhd
 
750,200
634,807
Genting Malaysia Bhd
 
1,032,400
524,622
Hong Leong Bank Bhd
 
243,800
992,705
Hong Leong Credit Bhd
 
78,500
291,923
IHH Healthcare Bhd
 
796,700
1,002,881
Inari Amertron Bhd
 
988,700
592,783
IOI Corp. Bhd
 
895,800
739,116
IOI Properties Group Bhd
 
30
12
Kuala Lumpur Kepong Bhd
 
176,141
813,093
Malayan Banking Bhd
 
1,979,007
3,747,364
Malaysia Airports Holdings Bhd
 
292,016
453,065
Maxis Bhd
 
837,900
696,705
MISC Bhd
 
476,200
724,956
MR DIY Group M Sdn Bhd (c)
 
1,080,850
335,802
Nestle (Malaysia) Bhd
 
24,600
639,308
Petronas Chemicals Group Bhd
 
1,030,600
1,589,192
Petronas Dagangan Bhd
 
106,100
513,648
Petronas Gas Bhd
 
279,900
1,019,542
PPB Group Bhd
 
244,380
785,618
Press Metal Aluminium Holdings
 
1,388,600
1,435,363
Public Bank Bhd
 
5,379,500
4,698,465
QL Resources Bhd
 
385,450
447,354
RHB Bank Bhd
 
537,254
629,287
Sime Darby Bhd
 
952,885
457,973
Sime Darby Plantation Bhd
 
731,340
666,712
Sime Darby Property Bhd
 
10
1
SP Setia Bhd
 
13
2
Telekom Malaysia Bhd
 
395,497
421,017
Tenaga Nasional Bhd
 
944,400
1,962,525
TOTAL MALAYSIA
 
 
32,918,955
Mexico - 0.7%
 
 
 
Alfa SA de CV Series A
 
1,135,400
707,854
America Movil S.A.B. de CV Series L
 
7,018,100
5,796,190
Arca Continental S.A.B. de CV
 
190,000
1,703,772
Banco del Bajio SA (c)
 
277,000
847,793
CEMEX S.A.B. de CV unit (a)
 
5,646,094
3,391,602
Coca-Cola FEMSA S.A.B. de CV unit
 
201,075
1,525,600
Fibra Uno Administracion SA de CV
 
1,078,200
1,636,826
Fomento Economico Mexicano S.A.B. de CV unit
 
720,200
8,151,534
Gruma S.A.B. de CV Series B
 
68,340
1,189,212
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
146,400
1,707,770
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
73,010
1,573,467
Grupo Bimbo S.A.B. de CV Series A
 
486,800
1,981,329
Grupo Carso SA de CV Series A1
 
204,600
1,304,610
Grupo Financiero Banorte S.A.B. de CV Series O
 
959,300
7,785,500
Grupo Financiero Inbursa S.A.B. de CV Series O (a)
 
674,400
1,390,770
Grupo Mexico SA de CV Series B
 
1,150,424
4,691,923
Grupo Televisa SA de CV
 
880,900
404,074
Industrias Penoles SA de CV (a)
 
72,610
810,595
Kimberly-Clark de Mexico SA de CV Series A
 
560,000
1,026,568
Operadora de Sites Mexicanos, SA de CV
 
448,200
381,103
Orbia Advance Corp. S.A.B. de CV
 
376,937
610,701
Promotora y Operadora de Infraestructura S.A.B. de CV
 
70,405
576,314
Southern Copper Corp.
 
31,904
2,261,994
Wal-Mart de Mexico SA de CV Series V
 
1,935,800
6,928,680
TOTAL MEXICO
 
 
58,385,781
Netherlands - 3.7%
 
 
 
ABN AMRO Bank NV GDR (Bearer) (c)
 
148,434
1,992,281
Adyen BV (a)(c)
 
8,035
5,419,495
AEGON NV
 
631,543
3,063,192
Akzo Nobel NV
 
63,573
4,255,285
Argenx SE (a)
 
20,686
9,730,314
ASM International NV (Netherlands)
 
17,354
7,133,741
ASML Holding NV (Netherlands)
 
148,734
89,407,043
ASR Nederland NV
 
60,025
2,235,638
BE Semiconductor Industries NV
 
28,696
2,954,343
Euronext NV (c)
 
31,532
2,195,352
EXOR NV
 
39,637
3,394,616
Heineken Holding NV
 
47,649
3,619,970
Heineken NV (Bearer)
 
106,027
9,525,831
IMCD NV
 
20,847
2,503,607
ING Groep NV (Certificaten Van Aandelen)
 
1,335,991
17,128,112
JDE Peet's BV
 
47,301
1,313,291
Koninklijke Ahold Delhaize NV
 
359,416
10,648,346
Koninklijke KPN NV
 
1,179,152
3,963,341
Koninklijke Philips Electronics NV
 
343,251
6,529,484
NN Group NV
 
93,151
2,987,575
OCI NV
 
38,118
887,722
Randstad NV
 
40,523
2,094,132
Shell PLC (London)
 
2,469,564
79,586,276
Stellantis NV (Italy)
 
816,958
15,213,849
Universal Music Group NV
 
302,870
7,416,932
Wolters Kluwer NV
 
95,059
12,180,471
TOTAL NETHERLANDS
 
 
307,380,239
New Zealand - 0.2%
 
 
 
Auckland International Airport Ltd.
 
481,612
2,059,987
Fisher & Paykel Healthcare Corp.
 
218,166
2,646,270
Mercury Nz Ltd.
 
264,331
909,283
Meridian Energy Ltd.
 
471,619
1,328,250
Spark New Zealand Ltd.
 
681,762
1,979,238
Xero Ltd. (a)
 
53,416
3,651,906
TOTAL NEW ZEALAND
 
 
12,574,934
Norway - 0.4%
 
 
 
Aker BP ASA
 
118,268
3,399,519
DNB Bank ASA
 
343,558
6,190,899
Equinor ASA
 
332,690
11,152,839
Gjensidige Forsikring ASA
 
72,752
1,089,559
Kongsberg Gruppen ASA
 
31,779
1,297,224
Mowi ASA
 
160,543
2,605,548
Norsk Hydro ASA
 
484,528
2,763,121
Orkla ASA
 
272,704
1,878,251
Salmar ASA
 
26,521
1,255,426
Telenor ASA
 
255,106
2,606,793
TOTAL NORWAY
 
 
34,239,179
Peru - 0.0%
 
 
 
Compania de Minas Buenaventura SAA sponsored ADR
 
77,885
630,869
Credicorp Ltd. (United States)
 
25,342
3,166,736
TOTAL PERU
 
 
3,797,605
Philippines - 0.2%
 
 
 
Aboitiz Equity Ventures, Inc.
 
623,190
501,927
Altus Property Ventures, Inc. (a)
 
7
1
Ayala Corp.
 
91,580
976,828
Ayala Land, Inc.
 
2,470,300
1,212,630
Bank of the Philippine Islands (BPI)
 
752,597
1,331,159
BDO Unibank, Inc.
 
887,001
1,991,877
DMCI Holdings, Inc.
 
4
1
International Container Terminal Services, Inc.
 
372,910
1,318,094
JG Summit Holdings, Inc.
 
960,636
621,628
Jollibee Food Corp.
 
167,480
603,969
Manila Electric Co.
 
99,400
620,755
Metropolitan Bank & Trust Co.
 
640,931
589,599
PLDT, Inc.
 
28,020
597,312
SM Investments Corp.
 
89,033
1,255,343
SM Prime Holdings, Inc.
 
3,700,900
1,953,424
Universal Robina Corp.
 
323,210
621,616
TOTAL PHILIPPINES
 
 
14,196,163
Poland - 0.3%
 
 
 
Allegro.eu SA (a)(b)(c)
 
173,794
1,244,023
Bank Polska Kasa Opieki SA
 
66,129
2,004,884
Budimex SA (b)
 
4,571
510,053
CD Projekt RED SA
 
23,714
591,154
Cyfrowy Polsat SA
 
87,993
273,983
Dino Polska SA (a)(c)
 
17,884
1,691,997
KGHM Polska Miedz SA (Bearer)
 
54,577
1,454,462
LPP SA
 
403
1,297,392
mBank SA (a)
 
5,424
669,364
Orlen SA
 
211,698
3,342,296
PGE Polska Grupa Energetyczna SA (a)
 
328,516
569,203
Powszechna Kasa Oszczednosci Bank SA (a)
 
320,730
3,313,866
Powszechny Zaklad Ubezpieczen SA
 
221,357
2,502,061
Santander Bank Polska SA (a)
 
13,033
1,412,201
TOTAL POLAND
 
 
20,876,939
Portugal - 0.1%
 
 
 
Banco Espirito Santo SA (Reg.) (a)(d)
 
82,039
1
Energias de Portugal SA
 
1,158,507
4,866,491
Galp Energia SGPS SA Class B
 
181,786
2,733,262
Jeronimo Martins SGPS SA
 
105,077
2,421,543
TOTAL PORTUGAL
 
 
10,021,297
Qatar - 0.2%
 
 
 
Barwa Real Estate Co. (a)
 
792,285
550,530
Dukhan Bank
 
662,915
660,184
Industries Qatar QSC (a)
 
552,383
1,853,919
Masraf al Rayan
 
2,063,799
1,190,326
Mesaieed Petrochemical Holding Co. (a)
 
1,549,035
676,453
Ooredoo QSC
 
296,927
806,539
Qatar Electricity & Water Co. (a)
 
160,955
731,172
Qatar Fuel Co. (a)
 
212,096
865,044
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
926,009
895,235
Qatar International Islamic Bank QSC (a)
 
349,251
887,276
Qatar Islamic Bank
 
623,276
2,978,578
Qatar National Bank SAQ
 
1,723,177
7,046,994
The Commercial Bank of Qatar (a)
 
1,190,233
1,675,675
TOTAL QATAR
 
 
20,817,925
Romania - 0.0%
 
 
 
NEPI Rockcastle PLC
 
185,708
1,002,998
Russia - 0.0%
 
 
 
Alrosa Co. Ltd. (d)
 
846,411
140,847
Gazprom OAO (d)
 
3,422,762
358,245
Gazprom OAO sponsored ADR (Reg. S) (a)(d)
 
266,976
60,988
Inter Rao Ues JSC (d)
 
12,405,200
68,409
LUKOIL PJSC (d)
 
135,807
42,045
LUKOIL PJSC sponsored ADR (a)(d)
 
3,670
1,038
MMC Norilsk Nickel PJSC (a)(d)
 
18,102
120,418
MMC Norilsk Nickel PJSC sponsored ADR (a)(d)
 
27,948
67,075
Mobile TeleSystems OJSC sponsored ADR (a)(d)
 
145,706
145,122
Moscow Exchange MICEX-RTS OAO (d)
 
524,685
100,884
Novatek PJSC GDR (Reg. S) (a)(d)
 
30,578
1,590,056
Novolipetsk Steel OJSC (a)(d)
 
477,930
4,589
Ozon Holdings PLC ADR (a)(d)
 
15,142
31,731
PhosAgro PJSC:
 
 
 
 GDR (Reg. S) (a)(d)
 
46,691
958
 sponsored GDR (Reg. S) (a)(d)
 
300
6
Polyus PJSC (a)(d)
 
11,075
26,050
Rosneft Oil Co. OJSC (d)
 
322,313
53,916
Rosneft Oil Co. OJSC GDR (Reg. S) (a)(d)
 
56,929
13,461
Sberbank of Russia (d)
 
3,621,326
22,271
Severstal PAO (a)(d)
 
60,348
1,348
Severstal PAO GDR (Reg. S) (a)(d)
 
9,813
232
Surgutneftegas OJSC (d)
 
1,105,600
13,532
Surgutneftegas OJSC sponsored ADR (a)(d)
 
71,885
13,275
Tatneft PAO (d)
 
446,514
55,550
Tatneft PAO sponsored ADR (a)(d)
 
5,142
4,748
TCS Group Holding PLC GDR (a)(d)
 
40,237
51,249
United Co. RUSAL International PJSC (d)
 
1,020,580
123,027
VK Co. Ltd. GDR (Reg. S) (a)(d)
 
38,348
11,395
VTB Bank OJSC (a)(d)
 
1,160,850,350
44,362
X5 Retail Group NV GDR (Reg. S) (a)(d)
 
41,220
9,727
Yandex NV Class A (a)(d)
 
102,848
384,079
TOTAL RUSSIA
 
 
3,560,633
Saudi Arabia - 1.2%
 
 
 
ACWA Power Co.
 
34,285
2,074,500
Advanced Petrochemicals Co.
 
44,679
444,218
Al Rajhi Bank
 
724,923
12,965,757
Alinma Bank
 
358,609
3,144,854
Almarai Co. Ltd.
 
90,017
1,341,281
Arab National Bank
 
249,011
1,577,061
Arabian Internet and Communications Services Co. Ltd.
 
8,644
720,717
Bank Al-Jazira (a)
 
143,415
625,405
Bank Albilad
 
177,123
1,756,311
Banque Saudi Fransi
 
224,911
2,149,232
Bupa Arabia for Cooperative Insurance Co.
 
27,326
1,551,455
Dallah Healthcare Co.
 
12,723
501,920
Dar Al Arkan Real Estate Development Co. (a)
 
191,613
771,233
Dr Sulaiman Al Habib Medical Services Group Co.
 
31,991
2,148,878
Elm Co.
 
8,728
1,631,324
Etihad Etisalat Co.
 
138,538
1,702,367
Jarir Marketing Co.
 
209,964
810,395
Luberef
 
19,014
653,803
Mobile Telecommunications Co. Saudi Arabia
 
158,559
583,248
Mouwasat Medical Services Co.
 
35,490
945,996
Nahdi Medical Co.
 
14,006
529,388
National Industrialization Co. (a)
 
115,264
357,012
Power & Water Utility Co. for Jubail & Yanbu
 
26,802
388,642
Rabigh Refining & Petrochemical Co. (a)
 
148,999
400,339
Riyad Bank
 
548,448
3,881,356
Sabic Agriculture-Nutrients Co.
 
85,577
3,052,085
Sahara International Petrochemical Co.
 
132,177
1,136,237
Saudi Arabian Mining Co.
 
482,122
4,626,397
Saudi Arabian Oil Co. (c)
 
975,646
8,660,042
Saudi Awwal Bank
 
377,155
3,362,788
Saudi Basic Industries Corp.
 
334,981
6,875,343
Saudi Electricity Co.
 
304,925
1,446,760
Saudi Industrial Investment Group
 
133,027
849,591
Saudi Investment Bank/The
 
184,876
724,405
Saudi Kayan Petrochemical Co. (a)
 
263,515
743,147
Saudi Research & Marketing Group (a)
 
12,886
484,307
Saudi Tadawul Group Holding Co.
 
17,422
771,814
Saudi Telecom Co.
 
745,170
7,627,286
The Co. for Cooperative Insurance
 
27,959
900,268
The Saudi National Bank
 
1,089,514
9,743,361
The Savola Group
 
95,658
928,124
Yanbu National Petrochemical Co.
 
102,139
1,030,483
TOTAL SAUDI ARABIA
 
 
96,619,130
Singapore - 1.0%
 
 
 
CapitaLand Ascendas REIT
 
1,417,854
2,693,986
CapitaLand Investment Ltd.
 
977,071
2,097,952
CapitaMall Trust
 
2,024,548
2,601,991
City Developments Ltd.
 
196,552
907,247
DBS Group Holdings Ltd.
 
667,700
16,040,379
Genting Singapore Ltd.
 
2,229,113
1,400,453
Grab Holdings Ltd. (a)
 
683,509
2,098,373
Jardine Cycle & Carriage Ltd.
 
35,300
727,172
Keppel (REIT) (e)
 
107,064
62,168
Keppel Corp. Ltd.
 
535,320
2,430,003
Mapletree Logistics Trust (REIT)
 
1,252,466
1,344,960
Mapletree Pan Asia Commercial Trust
 
839,843
816,248
Oversea-Chinese Banking Corp. Ltd.
 
1,248,751
11,577,315
Sea Ltd. ADR (a)
 
135,197
5,637,715
Seatrium Ltd. (a)
 
16,046,458
1,314,190
Sembcorp Industries Ltd.
 
322,700
1,082,629
Singapore Airlines Ltd.
 
562,468
2,511,566
Singapore Exchange Ltd.
 
311,717
2,158,224
Singapore Technologies Engineering Ltd.
 
562,624
1,544,548
Singapore Telecommunications Ltd.
 
3,073,269
5,340,340
STMicroelectronics NV (France)
 
252,401
9,621,553
United Overseas Bank Ltd.
 
467,009
9,211,613
UOL Group Ltd.
 
185,715
799,844
TOTAL SINGAPORE
 
 
84,020,469
South Africa - 0.9%
 
 
 
Absa Group Ltd.
 
311,306
2,838,209
African Rainbow Minerals Ltd.
 
41,763
344,143
Anglo American Platinum Ltd.
 
24,316
812,436
Anglo American PLC (United Kingdom)
 
469,227
11,955,721
Aspen Pharmacare Holdings Ltd.
 
139,215
1,264,532
Bid Corp. Ltd.
 
122,668
2,602,372
Bidvest Group Ltd./The
 
106,286
1,504,457
Capitec Bank Holdings Ltd.
 
31,822
2,825,589
Clicks Group Ltd.
 
96,053
1,415,426
Discovery Ltd.
 
208,748
1,440,151
Exxaro Resources Ltd.
 
90,083
903,658
FirstRand Ltd.
 
1,874,715
6,180,147
Gold Fields Ltd.
 
331,146
4,368,461
Growthpoint Properties Ltd.
 
1,207,438
627,771
Harmony Gold Mining Co. Ltd.
 
202,650
929,124
Impala Platinum Holdings Ltd.
 
314,611
1,310,541
Kumba Iron Ore Ltd.
 
24,061
637,521
MTN Group Ltd.
 
632,049
3,085,383
Naspers Ltd. Class N
 
71,295
11,129,212
Nedbank Group Ltd.
 
162,274
1,746,334
Northam Platinum Holdings Ltd.
 
130,360
786,811
Old Mutual Ltd.
 
1,749,454
1,112,329
OUTsurance Group Ltd.
 
298,629
646,048
Pepkor Holdings Ltd. (c)
 
745,795
680,269
Remgro Ltd.
 
195,834
1,513,924
Sanlam Ltd.
 
648,837
2,275,760
Sasol Ltd.
 
214,226
2,707,761
Shoprite Holdings Ltd.
 
183,525
2,351,779
Sibanye-Stillwater Ltd.
 
1,035,001
1,320,198
Standard Bank Group Ltd.
 
498,503
4,891,816
Vodacom Group Ltd.
 
229,847
1,251,256
Woolworths Holdings Ltd.
 
344,994
1,284,461
TOTAL SOUTH AFRICA
 
 
78,743,600
Spain - 1.6%
 
 
 
Acciona SA
 
8,958
1,127,937
ACS Actividades de Construccion y Servicios SA
 
81,700
2,953,886
Aena SME SA (c)
 
27,685
4,005,886
Amadeus IT Holding SA Class A
 
165,993
9,452,794
Banco Bilbao Vizcaya Argentaria SA
 
2,201,507
17,319,772
Banco Santander SA (Spain)
 
5,975,577
21,914,679
CaixaBank SA
 
1,524,743
6,198,905
Cellnex Telecom SA (c)
 
209,178
6,149,019
Corp. ACCIONA Energias Renovables SA
 
25,902
701,069
EDP Renovaveis SA
 
114,469
1,839,807
Enagas SA
 
92,092
1,539,105
Endesa SA
 
116,250
2,185,168
Grifols SA (a)
 
108,975
1,220,519
Iberdrola SA
 
2,245,971
24,979,729
Industria de Diseno Textil SA
 
402,955
13,878,236
Naturgy Energy Group SA
 
46,439
1,311,961
Redeia Corp. SA
 
150,971
2,349,012
Repsol SA
 
471,930
6,903,502
Telefonica SA
 
1,917,339
7,405,989
TOTAL SPAIN
 
 
133,436,975
Sweden - 1.8%
 
 
 
Alfa Laval AB
 
107,905
3,485,843
ASSA ABLOY AB (B Shares)
 
370,170
7,890,202
Atlas Copco AB:
 
 
 
 (A Shares)
 
989,600
12,814,352
 (B Shares)
 
577,579
6,470,466
Beijer Ref AB (B Shares)
 
140,345
1,328,962
Boliden AB
 
99,759
2,553,752
Epiroc AB:
 
 
 
 (A Shares)
 
243,768
4,016,010
 (B Shares)
 
145,133
2,011,393
EQT AB
 
129,731
2,358,122
Ericsson (B Shares)
 
1,087,556
4,871,957
Essity AB (B Shares)
 
225,420
5,135,459
Evolution AB (c)
 
67,741
6,019,494
Fastighets AB Balder (a)
 
234,258
990,341
Getinge AB (B Shares)
 
83,324
1,495,920
H&M Hennes & Mauritz AB (B Shares) (b)
 
239,575
3,204,364
Hexagon AB (B Shares)
 
769,057
6,267,535
Holmen AB (B Shares)
 
36,452
1,373,834
Husqvarna AB (B Shares)
 
128,410
829,420
Industrivarden AB:
 
 
 
 (A Shares)
 
49,997
1,290,858
 (C Shares)
 
54,862
1,411,551
Indutrade AB
 
99,849
1,763,522
Investment AB Latour (B Shares)
 
52,773
911,269
Investor AB:
 
 
 
 (A Shares)
 
32,388
588,137
 (B Shares)
 
605,784
11,092,748
L E Lundbergforetagen AB
 
30,127
1,227,217
Lifco AB
 
84,744
1,547,225
Nibe Industrier AB (B Shares)
 
563,295
3,238,740
Saab AB (B Shares)
 
29,327
1,502,810
Sagax AB
 
74,669
1,347,894
Sandvik AB
 
394,926
6,726,782
Securitas AB (B Shares)
 
180,942
1,446,894
Skandinaviska Enskilda Banken AB (A Shares)
 
584,740
6,511,400
Skanska AB (B Shares)
 
124,670
1,869,081
SKF AB (B Shares)
 
123,452
1,991,830
Svenska Cellulosa AB SCA (B Shares)
 
221,196
3,030,869
Svenska Handelsbanken AB (A Shares)
 
539,680
4,601,148
Swedbank AB (A Shares)
 
314,027
5,141,204
Swedish Orphan Biovitrum AB (a)
 
79,324
1,630,191
Tele2 AB (B Shares)
 
195,504
1,386,092
Telia Co. AB
 
863,494
1,830,562
Volvo AB:
 
 
 
 (A Shares)
 
76,105
1,523,130
 (B Shares)
 
554,436
10,972,046
Volvo Car AB (a)(b)
 
213,962
734,327
TOTAL SWEDEN
 
 
148,434,953
Switzerland - 3.9%
 
 
 
ABB Ltd. (Reg.)
 
591,058
19,858,200
Adecco SA (Reg.)
 
60,233
2,267,221
Alcon, Inc. (Switzerland)
 
184,343
13,135,946
Avolta AG (a)
 
35,312
1,230,961
Bachem Holding AG (B Shares)
 
12,198
879,667
Baloise Holdings AG
 
17,158
2,455,858
Banque Cantonale Vaudoise
 
11,162
1,258,969
Barry Callebaut AG
 
1,313
1,984,692
BKW AG
 
7,656
1,284,346
Clariant AG (Reg.)
 
76,983
1,089,178
Compagnie Financiere Richemont SA Series A
 
192,764
22,741,433
DSM-Firmenich AG
 
68,946
6,243,941
Ems-Chemie Holding AG
 
2,540
1,731,215
Geberit AG (Reg.)
 
12,393
5,746,570
Givaudan SA
 
3,417
11,344,297
Helvetia Holding AG (Reg.)
 
13,947
1,867,471
Julius Baer Group Ltd.
 
76,365
4,525,520
Kuehne & Nagel International AG
 
20,134
5,411,711
Lindt & Spruengli AG
 
39
4,244,490
Lindt & Spruengli AG (participation certificate)
 
364
4,021,547
Logitech International SA (Reg.)
 
61,076
4,777,847
Lonza Group AG
 
27,522
9,638,314
Novartis AG
 
756,285
70,803,074
Partners Group Holding AG
 
8,391
8,825,932
Sandoz Group AG
 
151,257
3,932,532
Schindler Holding AG:
 
 
 
 (participation certificate)
 
14,560
2,932,328
 (Reg.)
 
9,290
1,802,545
SGS SA (Reg.)
 
55,694
4,529,481
Sig Group AG
 
115,139
2,530,235
Sika AG
 
54,122
12,905,031
Sonova Holding AG
 
19,258
4,541,132
Straumann Holding AG
 
41,421
4,869,979
Swatch Group AG (Bearer)
 
10,855
2,770,880
Swatch Group AG (Bearer) (Reg.)
 
19,132
923,316
Swiss Life Holding AG
 
10,937
6,995,159
Swiss Prime Site AG
 
27,901
2,588,737
Swisscom AG
 
9,549
5,710,610
Temenos Group AG
 
23,275
1,666,722
UBS Group AG
 
1,213,905
28,317,555
VAT Group AG (c)
 
10,032
3,536,814
Zurich Insurance Group Ltd.
 
55,299
26,176,826
TOTAL SWITZERLAND
 
 
324,098,282
Taiwan - 4.2%
 
 
 
Accton Technology Corp.
 
184,000
2,848,750
Acer, Inc.
 
1,050,288
1,109,179
Advantech Co. Ltd.
 
170,411
1,748,729
ASE Technology Holding Co. Ltd.
 
1,134,840
3,969,993
Asia Cement Corp.
 
825,466
1,018,562
ASUSTeK Computer, Inc.
 
257,000
2,692,604
AUO Corp.
 
2,400,000
1,160,813
Catcher Technology Co. Ltd.
 
215,000
1,205,199
Cathay Financial Holding Co. Ltd.
 
3,499,869
4,745,840
Chailease Holding Co. Ltd.
 
560,746
3,039,452
Chang Hwa Commercial Bank
 
1,925,454
1,019,278
Cheng Shin Rubber Industry Co. Ltd.
 
694,899
948,878
China Airlines Ltd.
 
1,067,490
639,421
China Development Financial Ho (a)
 
5,843,405
2,041,040
China Steel Corp.
 
4,376,426
3,262,535
Chunghwa Telecom Co. Ltd.
 
1,408,000
5,031,894
Compal Electronics, Inc.
 
1,519,000
1,320,262
CTBC Financial Holding Co. Ltd.
 
6,571,579
4,945,266
Delta Electronics, Inc.
 
723,621
6,516,171
E Ink Holdings, Inc.
 
311,000
1,616,926
E.SUN Financial Holdings Co. Ltd.
 
5,245,130
3,861,842
ECLAT Textile Co. Ltd.
 
65,941
1,048,725
eMemory Technology, Inc.
 
24,000
1,502,477
EVA Airways Corp.
 
949,000
804,146
Evergreen Marine Corp. (Taiwan)
 
372,248
1,237,805
Far Eastern New Century Corp.
 
1,109,664
1,010,250
Far EasTone Telecommunications Co. Ltd.
 
590,000
1,380,967
Feng Tay Enterprise Co. Ltd.
 
177,244
977,956
First Financial Holding Co. Ltd.
 
4,059,596
3,245,770
Formosa Chemicals & Fibre Corp.
 
1,328,590
2,497,784
Formosa Petrochemical Corp.
 
427,000
1,042,373
Formosa Plastics Corp.
 
1,428,480
3,394,556
Fubon Financial Holding Co. Ltd.
 
2,894,900
5,379,195
Giant Manufacturing Co. Ltd.
 
117,698
594,690
Gigabyte Technology Co. Ltd.
 
185,000
1,255,911
Global Unichip Corp.
 
32,000
1,429,076
GlobalWafers Co. Ltd.
 
81,000
1,189,776
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
4,615,990
13,766,800
Hotai Motor Co. Ltd.
 
112,220
2,092,316
Hua Nan Financial Holdings Co. Ltd.
 
3,217,423
2,016,169
Innolux Corp.
 
3,168,636
1,193,552
Inventec Corp.
 
981,280
1,228,366
Largan Precision Co. Ltd.
 
37,000
2,367,908
Lite-On Technology Corp.
 
734,910
2,286,389
MediaTek, Inc.
 
560,970
14,629,683
Mega Financial Holding Co. Ltd.
 
4,192,112
4,753,270
Micro-Star International Co. Ltd.
 
259,000
1,324,886
momo.com, Inc.
 
30,580
503,767
Nan Ya Plastics Corp.
 
1,782,780
3,408,406
Nan Ya Printed Circuit Board Corp.
 
85,000
623,428
Nanya Technology Corp.
 
447,000
895,446
Nien Made Enterprise Co. Ltd.
 
63,000
556,953
Novatek Microelectronics Corp.
 
215,000
3,025,529
Pegatron Corp.
 
723,000
1,685,910
PharmaEssentia Corp. (a)
 
87,000
865,116
Pou Chen Corp.
 
780,000
694,728
Powerchip Semiconductor Manufacturing Corp.
 
1,144,044
940,389
President Chain Store Corp.
 
209,000
1,661,179
Quanta Computer, Inc.
 
1,001,000
5,905,659
Realtek Semiconductor Corp.
 
182,090
2,267,617
Ruentex Development Co. Ltd.
 
566,851
568,044
Shin Kong Financial Holding Co. Ltd. (a)
 
4,876,475
1,309,047
Sinopac Financial Holdings Co.
 
3,859,390
2,126,876
Synnex Technology International Corp.
 
473,500
1,004,138
Taishin Financial Holdings Co. Ltd.
 
4,147,688
2,210,535
Taiwan Business Bank
 
2,211,840
871,379
Taiwan Cement Corp.
 
2,417,612
2,407,094
Taiwan Cooperative Financial Holding Co. Ltd.
 
3,841,229
2,980,674
Taiwan High Speed Rail Corp.
 
686,000
622,368
Taiwan Mobile Co. Ltd.
 
625,600
1,847,392
Taiwan Semiconductor Manufacturing Co. Ltd.
 
9,091,000
148,364,524
The Shanghai Commercial & Savings Bank Ltd.
 
1,455,059
1,926,456
Uni-President Enterprises Corp.
 
1,806,080
3,786,144
Unimicron Technology Corp.
 
512,000
2,281,718
United Microelectronics Corp.
 
4,165,000
5,985,132
Vanguard International Semiconductor Corp.
 
341,000
739,987
Voltronic Power Technology Corp.
 
24,000
961,753
Walsin Lihwa Corp.
 
1,028,312
1,093,572
Wan Hai Lines Ltd.
 
263,360
376,121
Winbond Electronics Corp.
 
1,109,000
858,727
Winbond Electronics Corp. rights 11/3/23 (a)
 
44,582
4,052
Wistron Corp.
 
970,000
2,702,763
Wiwynn Corp.
 
32,000
1,515,093
WPG Holding Co. Ltd.
 
572,320
1,265,470
Yageo Corp.
 
122,352
1,993,235
Yang Ming Marine Transport Corp.
 
643,000
837,427
Yuanta Financial Holding Co. Ltd.
 
3,837,075
2,880,640
Zhen Ding Technology Holding Ltd.
 
236,302
713,894
TOTAL TAIWAN
 
 
345,661,812
Thailand - 0.5%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
228,500
1,391,798
Advanced Information Service PCL NVDR
 
206,500
1,257,795
Airports of Thailand PCL:
 
 
 
 (For. Reg.) (a)
 
907,200
1,675,002
 NVDR (a)
 
747,300
1,379,772
Asset World Corp. PCL:
 
 
 
 (For. Reg.)
 
2,164,600
207,134
 NVDR
 
267,100
25,559
B. Grimm Power PCL:
 
 
 
 (For. Reg.)
 
222,000
135,808
 NVDR
 
18,400
11,256
Bangkok Dusit Medical Services PCL:
 
 
 
 (For. Reg.)
 
2,030,000
1,488,163
 NVDR
 
2,039,800
1,495,347
Bangkok Expressway and Metro PCL:
 
 
 
 (For. Reg.)
 
1,674,400
365,795
 NVDR
 
1,011,600
220,998
Banpu PCL NVDR
 
2,796,400
587,840
Berli Jucker PCL:
 
 
 
 (For. Reg.)
 
279,800
218,903
 NVDR
 
94,500
73,933
BTS Group Holdings PCL:
 
 
 
 (For. Reg.)
 
1,613,500
335,582
 NVDR
 
1,314,100
270,964
Bumrungrad Hospital PCL:
 
 
 
 (For. Reg.)
 
104,400
750,376
 NVDR
 
114,900
825,845
Central Pattana PCL:
 
 
 
 (For. Reg.)
 
540,000
934,209
 NVDR
 
282,600
488,903
Central Retail Corp. PCL:
 
 
 
 (For. Reg.)
 
262,466
266,946
 NVDR
 
414,100
421,169
Charoen Pokphand Foods PCL:
 
 
 
 (For. Reg.)
 
706,700
365,581
 NVDR
 
648,200
335,319
CP ALL PCL:
 
 
 
 (For. Reg.)
 
1,177,300
1,799,345
 NVDR
 
957,900
1,464,022
CP Axtra PCL NVDR
 
767,900
600,416
Delta Electronics PCL NVDR
 
1,157,500
2,530,391
Electricity Generating PCL:
 
 
 
 (For. Reg.)
 
38,400
129,630
 NVDR
 
55,800
188,368
Energy Absolute PCL:
 
 
 
 (For. Reg.)
 
273,800
318,264
 NVDR
 
344,500
400,446
Global Power Synergy Public Co. Ltd.:
 
 
 
 (For. Reg.)
 
139,900
151,032
 NVDR
 
113,100
122,100
Gulf Energy Development PCL:
 
 
 
 (For. Reg.)
 
350,400
419,386
 NVDR
 
722,600
864,864
Home Product Center PCL:
 
 
 
 (For. Reg.)
 
1,156,167
380,669
 NVDR
 
1,042,400
343,211
Indorama Ventures PCL NVDR
 
597,000
391,176
Intouch Holdings PCL:
 
 
 
 (For. Reg.)
 
169,100
332,170
 NVDR
 
196,000
385,010
Kasikornbank PCL NVDR
 
217,200
789,959
Krung Thai Bank PCL:
 
 
 
 (For. Reg.)
 
788,655
410,078
 NVDR
 
429,500
223,328
Krungthai Card PCL:
 
 
 
 (For. Reg.)
 
150,000
181,590
 NVDR
 
224,400
271,659
Land & House PCL:
 
 
 
 (For. Reg.)
 
2,087,000
435,981
 NVDR
 
1,095,500
228,853
Minor International PCL:
 
 
 
 (For. Reg.)
 
1,019,598
790,157
 NVDR
 
184,200
142,749
Muangthai Leasing PCL:
 
 
 
 (For. Reg.)
 
145,909
147,361
 NVDR
 
118,600
119,780
Osotspa PCL:
 
 
 
 (For. Reg.)
 
123,400
80,248
 NVDR
 
368,200
239,444
PTT Exploration and Production PCL:
 
 
 
 (For. Reg.)
 
372,744
1,692,839
 NVDR
 
136,000
617,652
PTT Global Chemical PCL:
 
 
 
 (For. Reg.)
 
534,039
510,066
 NVDR
 
296,600
283,286
PTT Oil & Retail Business PCL NVDR
 
1,048,200
530,822
PTT PCL:
 
 
 
 (For. Reg.)
 
2,596,900
2,390,375
 NVDR
 
1,056,300
972,295
Ratch Group PCL:
 
 
 
 (For. Reg.)
 
98,200
87,616
 NVDR unit
 
281,700
251,339
SCB X PCL:
 
 
 
 (For. Reg.)
 
94,050
256,435
 NVDR
 
222,500
606,663
SCG Packaging PCL NVDR
 
456,000
454,377
Siam Cement PCL:
 
 
 
 (For. Reg.)
 
166,100
1,323,197
 NVDR
 
117,800
938,426
Thai Oil PCL:
 
 
 
 (For. Reg.)
 
321,912
419,148
 NVDR
 
127,810
166,416
TMBThanachart Bank PCL NVDR
 
8,385,400
387,380
True Corp. PCL
 
2,632,130
441,445
True Corp. PCL NVDR
 
257,971
43,265
TOTAL THAILAND
 
 
42,784,726
Turkey - 0.2%
 
 
 
Akbank TAS
 
1,136,991
1,182,791
Aselsan A/S
 
491,264
717,140
Bim Birlesik Magazalar A/S JSC
 
165,029
1,585,066
Eregli Demir ve Celik Fabrikalari T.A.S. (a)
 
516,164
690,060
Ford Otomotiv Sanayi A/S
 
25,189
699,387
Haci Omer Sabanci Holding A/S
 
373,148
704,942
Hektas Ticaret A/S (a)
 
413,442
320,017
Koc Holding A/S
 
277,334
1,339,700
Koza Altin Isletmeleri A/S
 
351,308
272,420
Pegasus Hava Tasimaciligi A/S (a)
 
16,395
408,149
Sasa Polyester Sanayi A/S
 
383,918
579,688
Tofas Turk Otomobil Fabrikasi A/S
 
45,418
386,031
Turk Hava Yollari AO (a)
 
201,452
1,545,787
Turkcell Iletisim Hizmet A/S
 
437,573
741,669
Turkiye Is Bankasi A/S Series C
 
1,283,143
950,602
Turkiye Petrol Rafinerileri A/S
 
351,469
1,761,115
Turkiye Sise ve Cam Fabrikalari A/S
 
504,329
843,064
Yapi ve Kredi Bankasi A/S
 
1,222,059
743,957
TOTAL TURKEY
 
 
15,471,585
United Arab Emirates - 0.4%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
1,073,414
2,346,723
Abu Dhabi Islamic Bank (a)
 
532,055
1,492,014
Abu Dhabi National Oil Co. for Distribution PJSC
 
1,161,689
1,062,694
Aldar Properties PJSC
 
1,412,581
1,999,842
Americana Restaurants International PLC
 
927,903
934,724
Dubai Islamic Bank Pakistan Ltd.
 
1,065,413
1,566,357
Emaar Properties PJSC
 
2,473,536
4,505,297
Emirates NBD Bank PJSC
 
716,042
3,304,359
Emirates Telecommunications Corp.
 
1,294,625
6,506,610
First Abu Dhabi Bank PJSC
 
1,646,385
5,683,681
Multiply Group (a)
 
1,431,968
1,325,535
NMC Health PLC (a)(d)
 
30,958
6
TOTAL UNITED ARAB EMIRATES
 
 
30,727,842
United Kingdom - 7.2%
 
 
 
3i Group PLC
 
359,706
8,481,001
Abrdn PLC
 
710,577
1,352,940
Admiral Group PLC
 
77,432
2,299,223
AngloGold Ashanti PLC
 
153,056
2,829,124
Ashtead Group PLC
 
161,915
9,257,453
Associated British Foods PLC
 
127,090
3,129,593
AstraZeneca PLC (United Kingdom)
 
572,002
71,616,797
Auto Trader Group PLC (c)
 
342,828
2,593,238
Aviva PLC
 
1,014,567
4,914,127
BAE Systems PLC
 
1,126,738
15,150,550
Barclays PLC
 
5,753,533
9,234,695
Barratt Developments PLC
 
355,742
1,789,648
Berkeley Group Holdings PLC
 
38,866
1,906,593
BP PLC
 
6,394,299
39,043,715
British American Tobacco PLC (United Kingdom)
 
783,870
23,416,115
BT Group PLC
 
2,410,692
3,303,660
Bunzl PLC
 
125,377
4,468,059
Burberry Group PLC
 
140,598
2,891,456
Centrica PLC
 
2,060,990
3,940,413
CK Hutchison Holdings Ltd.
 
999,893
5,061,745
CNH Industrial NV
 
379,415
4,201,269
Coca-Cola European Partners PLC
 
76,271
4,462,616
Compass Group PLC
 
638,826
16,105,689
Croda International PLC
 
50,926
2,709,895
DCC PLC (United Kingdom)
 
36,101
2,003,075
Diageo PLC
 
827,456
31,291,097
Entain PLC
 
237,333
2,683,891
Halma PLC
 
141,738
3,178,482
Hargreaves Lansdown PLC
 
127,764
1,097,284
HSBC Holdings PLC (United Kingdom)
 
7,287,364
52,617,869
Imperial Brands PLC
 
320,047
6,818,342
Informa PLC
 
521,330
4,509,057
InterContinental Hotel Group PLC
 
61,570
4,363,008
Intertek Group PLC
 
59,005
2,741,765
J Sainsbury PLC
 
604,942
1,891,867
JD Sports Fashion PLC
 
980,670
1,519,743
Johnson Matthey PLC
 
70,020
1,271,481
Kingfisher PLC
 
696,801
1,779,294
Land Securities Group PLC
 
255,519
1,767,147
Legal & General Group PLC
 
2,218,949
5,701,504
Lloyds Banking Group PLC
 
23,771,232
11,569,458
London Stock Exchange Group PLC
 
156,409
15,780,901
M&G PLC
 
854,177
2,057,731
Melrose Industries PLC
 
503,977
2,860,650
National Grid PLC
 
1,357,147
16,181,233
NatWest Group PLC
 
2,154,016
4,686,745
Next PLC
 
45,039
3,768,484
Ocado Group PLC (a)
 
209,891
1,187,036
Pearson PLC
 
235,350
2,724,350
Pepco Group NV (a)
 
63,590
257,407
Persimmon PLC
 
115,527
1,426,640
Phoenix Group Holdings PLC
 
269,566
1,486,848
Reckitt Benckiser Group PLC
 
263,986
17,662,501
RELX PLC (London Stock Exchange)
 
698,535
24,398,232
Rentokil Initial PLC
 
934,157
4,757,186
Rolls-Royce Holdings PLC (a)
 
3,112,632
8,193,153
Sage Group PLC
 
379,665
4,478,968
Schroders PLC
 
299,338
1,343,626
Segro PLC
 
426,314
3,693,468
Severn Trent PLC
 
92,170
2,975,464
Smith & Nephew PLC
 
323,737
3,622,984
Smiths Group PLC
 
128,329
2,516,697
Spirax-Sarco Engineering PLC
 
27,487
2,736,871
SSE PLC
 
403,787
8,014,485
St. James's Place PLC
 
204,211
1,587,540
Standard Chartered PLC (United Kingdom)
 
876,697
6,713,163
Taylor Wimpey PLC
 
1,276,835
1,719,537
Tesco PLC
 
2,662,256
8,736,359
Unilever PLC
 
926,350
43,872,570
United Utilities Group PLC
 
248,776
3,217,561
Vodafone Group PLC
 
8,329,012
7,667,185
Vodafone Group PLC sponsored ADR
 
20,171
186,380
Whitbread PLC
 
72,586
2,936,116
Wise PLC (a)
 
224,009
1,812,241
WPP PLC
 
401,340
3,456,031
TOTAL UNITED KINGDOM
 
 
599,680,321
United States of America - 4.6%
 
 
 
Brookfield Renewable Corp.
 
48,537
1,104,267
BRP, Inc.
 
13,044
881,640
CRH PLC
 
268,075
14,405,022
CSL Ltd.
 
178,108
26,322,960
CyberArk Software Ltd. (a)
 
15,634
2,558,348
Experian PLC
 
339,990
10,293,829
Ferrovial SE
 
187,066
5,629,258
Ferrovial SE rights (a)(b)(e)
 
187,066
84,637
GSK PLC
 
1,511,749
26,949,608
Haleon PLC
 
2,046,947
8,204,349
Holcim AG
 
192,399
11,861,415
James Hardie Industries PLC CDI (a)
 
162,933
4,065,085
JBS SA
 
282,700
1,123,118
Legend Biotech Corp. ADR (a)
 
21,620
1,428,433
Monday.com Ltd. (a)
 
7,875
1,023,671
Nestle SA (Reg. S)
 
984,386
106,154,986
Parade Technologies Ltd.
 
28,000
917,326
QIAGEN NV (Germany) (a)
 
83,318
3,096,136
Roche Holding AG:
 
 
 
 (Bearer)
 
11,357
3,086,297
 (participation certificate)
 
259,648
66,913,793
Sanofi SA
 
419,348
38,079,407
Schneider Electric SA
 
200,933
30,915,003
Swiss Re Ltd.
 
111,271
12,124,643
Tenaris SA
 
172,674
2,711,362
TOTAL UNITED STATES OF AMERICA
 
 
379,934,593
Zambia - 0.0%
 
 
 
First Quantum Minerals Ltd.
 
217,930
2,525,426
 
TOTAL COMMON STOCKS
 (Cost $8,246,444,329)
 
 
 
8,096,164,335
 
 
 
 
Nonconvertible Preferred Stocks - 0.9%
 
 
Shares
Value ($)
 
Brazil - 0.4%
 
 
 
Banco Bradesco SA (PN)
 
1,992,644
5,529,249
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)
 
91,407
697,099
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
503,805
1,173,138
Gerdau SA
 
424,240
1,831,845
Itau Unibanco Holding SA
 
1,795,421
9,550,888
Itausa-Investimentos Itau SA (PN)
 
1,944,040
3,331,483
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
1,756,300
12,101,723
TOTAL BRAZIL
 
 
34,215,425
Chile - 0.0%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B)
 
52,077
2,519,479
Colombia - 0.0%
 
 
 
Bancolombia SA (PN)
 
155,262
995,850
France - 0.0%
 
 
 
Air Liquide SA (a)
 
8,637
1,479,969
Germany - 0.3%
 
 
 
Bayerische Motoren Werke AG (BMW) (non-vtg.)
 
21,404
1,815,203
Dr. Ing. h.c. F. Porsche AG Series F (c)
 
42,117
3,678,312
Henkel AG & Co. KGaA
 
63,009
4,538,882
Porsche Automobil Holding SE (Germany)
 
56,007
2,506,767
Sartorius AG (non-vtg.)
 
9,756
2,438,251
Volkswagen AG
 
76,237
8,084,989
TOTAL GERMANY
 
 
23,062,404
Korea (South) - 0.2%
 
 
 
Hyundai Motor Co. Ltd.
 
8,203
604,868
Hyundai Motor Co. Ltd. Series 2
 
12,390
919,115
LG Chemical Ltd.
 
3,195
666,306
LG H & H Co. Ltd.
 
694
72,824
Samsung Electronics Co. Ltd.
 
307,552
12,260,728
TOTAL KOREA (SOUTH)
 
 
14,523,841
Russia - 0.0%
 
 
 
Surgutneftegas OJSC (d)
 
2,913,333
50,699
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $86,723,155)
 
 
 
76,847,667
 
 
 
 
Nonconvertible Bonds - 0.0%
 
 
Principal
Amount (f)
 
Value ($)
 
India - 0.0%
 
 
 
NTPC Ltd. 8.49% 3/25/25
  (Cost $13,959)
INR
69,696
8,828
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (f)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (g)
  (Cost $9,833,749)
 
10,000,000
9,833,168
 
 
 
 
Money Market Funds - 1.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (h)
 
93,287,764
93,306,422
Fidelity Securities Lending Cash Central Fund 5.40% (h)(i)
 
30,945,994
30,949,089
 
TOTAL MONEY MARKET FUNDS
 (Cost $124,255,511)
 
 
124,255,511
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.7%
 (Cost $8,467,270,703)
 
 
 
8,307,109,509
NET OTHER ASSETS (LIABILITIES) - 0.3%  
21,584,749
NET ASSETS - 100.0%
8,328,694,258
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
987
Dec 2023
97,421,835
(874,455)
(874,455)
ICE MSCI Emerging Markets Index Contracts (United States)
944
Dec 2023
43,386,240
(639,628)
(639,628)
TME S&P/TSX 60 Index Contracts (Canada)
68
Dec 2023
11,131,062
(204,192)
(204,192)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(1,718,275)
The notional amount of futures purchased as a percentage of Net Assets is 1.8%
 
 
 
Currency Abbreviations
         INR
-
Indian rupee
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $189,159,484 or 2.3% of net assets.
 
(d)
Level 3 security
 
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(f)
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 $5,044,415.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
122,732,231
1,623,463,746
1,652,889,554
5,242,639
634
(635)
93,306,422
0.2%
Fidelity Securities Lending Cash Central Fund 5.40%
17,459,839
268,749,217
255,259,967
620,220
-
-
30,949,089
0.1%
Total
140,192,070
1,892,212,963
1,908,149,521
5,862,859
634
(635)
124,255,511
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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
446,589,178
90,930,527
355,118,055
540,596
Consumer Discretionary
962,927,020
279,680,985
683,214,304
31,731
Consumer Staples
695,635,338
163,487,296
532,138,314
9,728
Energy
500,510,524
190,881,054
307,371,917
2,257,553
Financials
1,730,445,211
708,417,426
1,021,809,018
218,767
Health Care
780,964,655
116,050,852
664,913,797
6
Industrials
1,048,912,692
350,435,965
698,476,727
-
Information Technology
941,539,254
93,414,144
848,125,109
1
Materials
636,992,976
255,592,675
380,915,751
484,550
Real Estate
165,424,874
40,118,718
125,306,156
-
Utilities
263,070,280
102,016,033
160,985,837
68,410
 Corporate Bonds
8,828
-
8,828
-
 Government Obligations
9,833,168
-
9,833,168
-
  Money Market Funds
124,255,511
124,255,511
-
-
 Total Investments in Securities:
8,307,109,509
2,515,281,186
5,788,216,981
3,611,342
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(1,718,275)
(1,718,275)
-
-
  Total Liabilities
(1,718,275)
(1,718,275)
-
-
 Total Derivative Instruments:
(1,718,275)
(1,718,275)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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
(1,718,275)
Total Equity Risk
0
(1,718,275)
Total Value of Derivatives
0
(1,718,275)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $29,386,738) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $8,343,015,192)
$
8,182,853,998
 
 
Fidelity Central Funds (cost $124,255,511)
124,255,511
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $8,467,270,703)
 
 
$
8,307,109,509
Segregated cash with brokers for derivative instruments
 
 
90
Cash
 
 
590,849
Foreign currency held at value (cost $16,357,104)
 
 
16,200,501
Receivable for investments sold
 
 
24,087
Receivable for fund shares sold
 
 
17,759,047
Dividends receivable
 
 
17,079,106
Reclaims receivable
 
 
20,698,954
Interest receivable
 
 
33
Distributions receivable from Fidelity Central Funds
 
 
277,780
Receivable for daily variation margin on futures contracts
 
 
21,037
Other receivables
 
 
28,399
  Total assets
 
 
8,379,789,392
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
4,432
 
 
Delayed delivery
147,195
 
 
Payable for fund shares redeemed
8,223,792
 
 
Accrued management fee
385,934
 
 
Deferred taxes
11,379,761
 
 
Other payables and accrued expenses
6,334
 
 
Collateral on securities loaned
30,947,686
 
 
  Total Liabilities
 
 
 
51,095,134
Net Assets  
 
 
$
8,328,694,258
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
9,002,990,874
Total accumulated earnings (loss)
 
 
 
(674,296,616)
Net Assets
 
 
$
8,328,694,258
Net Asset Value, offering price and redemption price per share ($8,328,694,258 ÷ 653,679,282 shares)
 
 
$
12.74
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
293,521,900
Foreign Tax Reclaims
 
 
15,616,960
Interest  
 
 
423,707
Income from Fidelity Central Funds (including $620,220 from security lending)
 
 
5,862,859
 Income before foreign taxes withheld
 
 
$
315,425,426
Less foreign taxes withheld
 
 
(35,454,453)
 Total Income
 
 
 
279,970,973
Expenses
 
 
 
 
Management fee
$
4,809,860
 
 
Independent trustees' fees and expenses
30,129
 
 
 Total expenses before reductions
 
4,839,989
 
 
 Expense reductions
 
(127,082)
 
 
 Total expenses after reductions
 
 
 
4,712,907
Net Investment income (loss)
 
 
 
275,258,066
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $502,625)
 
(239,053,469)
 
 
   Fidelity Central Funds
 
634
 
 
 Foreign currency transactions
 
1,230,768
 
 
 Futures contracts
 
15,823,798
 
 
Total net realized gain (loss)
 
 
 
(221,998,269)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $995,068)  
 
914,482,101
 
 
   Fidelity Central Funds
 
(635)
 
 
 Assets and liabilities in foreign currencies
 
1,371,043
 
 
 Futures contracts
 
(590,675)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
915,261,834
Net gain (loss)
 
 
 
693,263,565
Net increase (decrease) in net assets resulting from operations
 
 
$
968,521,631
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
275,258,066
$
261,202,687
Net realized gain (loss)
 
(221,998,269)
 
 
(42,009,740)
 
Change in net unrealized appreciation (depreciation)
 
915,261,834
 
(2,580,454,832)
 
Net increase (decrease) in net assets resulting from operations
 
968,521,631
 
 
(2,361,261,885)
 
Distributions to shareholders
 
(208,386,222)
 
 
(232,318,373)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
3,103,954,657
 
3,351,217,856
  Reinvestment of distributions
 
198,751,243
 
 
222,581,907
 
Cost of shares redeemed
 
(3,207,929,609)
 
(2,638,924,650)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
94,776,291
 
 
934,875,113
 
Total increase (decrease) in net assets
 
854,911,700
 
 
(1,658,705,145)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
7,473,782,558
 
9,132,487,703
 
End of period
$
8,328,694,258
$
7,473,782,558
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
233,829,985
 
247,319,236
  Issued in reinvestment of distributions
 
15,938,351
 
 
15,064,264
 
Redeemed
 
(240,542,102)
 
(196,149,020)
Net increase (decrease)
 
9,226,234
 
66,234,480
 
 
 
 
 
 
Financial Highlights
Fidelity® Global ex U.S. Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.60
$
15.79
$
12.43
$
13.09
$
12.07
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.42
 
.42
 
.38
 
.29
 
.41
     Net realized and unrealized gain (loss)
 
1.05
 
(4.21)
 
3.23
 
(.57)
 
.91
  Total from investment operations
 
1.47  
 
(3.79)  
 
3.61  
 
(.28)  
 
1.32
  Distributions from net investment income
 
(.33)
 
(.40)
 
(.25)
 
(.38)
 
(.30)
     Total distributions
 
(.33)
 
(.40)
 
(.25)
 
(.38)
 
(.30)
  Net asset value, end of period
$
12.74
$
11.60
$
15.79
$
12.43
$
13.09
 Total Return C
 
12.74%
 
(24.56)%
 
29.25%
 
(2.25)%
 
11.28%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.06%
 
.06%
 
.05% F
 
.06%
 
.06%
    Expenses net of fee waivers, if any
 
.06%
 
.06%
 
.05% F
 
.06%
 
.06%
    Expenses net of all reductions
 
.05%
 
.06%
 
.05% F
 
.06%
 
.06%
    Net investment income (loss)
 
3.13%
 
3.06%
 
2.46%
 
2.37%
 
3.32%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
8,328,694
$
7,473,783
$
9,132,488
$
5,621,566
$
5,343,395
    Portfolio turnover rate G
 
8%
 
5% H
 
5% H
 
5%
 
5% H
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value each Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 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 or foreign tax reclaims, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable. Fidelity 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 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. As of October 31, 2023, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. 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. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost
Gross unrealized appreciation
Gross unrealized depreciation
Net unrealized appreciation (depreciation)
Fidelity Emerging Markets Index Fund
$7,208,929,692
$908,090,393
$(1,720,649,135)
$(812,558,742)
Fidelity Global ex U.S. Index Fund
8,549,062,434
1,236,059,034
(1,478,216,151)
(242,157,117)
 
The tax-based components of distributable earnings as of period end were as follows for each Fund:
 
 
Undistributed ordinary income
Capital loss carryforward
Net unrealized appreciation (depreciation) on securities and other investments
Fidelity Emerging Markets Index Fund
$159,169,902
$(663,401,306)
$(813,134,928)
Fidelity Global ex U.S. Index Fund
239,709,683
(659,386,659)
(243,239,882)
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 
Short-term
Long-term
Total capital loss carryforward
 
 
 
 
 
 
Fidelity Emerging Markets Index Fund
$(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)
 
 
 
 
 
 
 
The tax character of distributions paid was as follows:
 
October 31, 2023
 
 
 
Ordinary Income
Total
Fidelity Emerging Markets Index Fund 
$144,831,374
$144,831,374
Fidelity Global ex U.S. Index Fund
 208,386,222
 208,386,222
 
October 31, 2022
 
 
 
Ordinary Income
Total
Fidelity Emerging Markets Index Fund 
$141,768,973
$141,768,973
Fidelity Global ex U.S. Index Fund
 232,318,373
 232,318,373
 
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 and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Emerging Markets Index Fund
1,093,942,507
456,909,551
Fidelity Global ex U.S. Index Fund
873,392,607
686,741,493
 
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 Global ex U.S. Index Fund
62,225,242
197,626,769
805,816,881
 
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 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 is presented in the table below. Interest expense on borrowings is paid by the investment adviser under the Expense Contract.
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Emerging Markets Index Fund 
Borrower
$ 34,493,000
5.07%
$9,706
Fidelity Global ex U.S. Index Fund
Borrower
$ 29,257,333
5.12%
$24,975
 
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 Funds for certain losses as follows:
 
 
Amount ($)
Fidelity Global ex U.S. Index Fund
48,786
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
$94,871
$1
$-
Fidelity Global ex U.S. Index Fund
$65,211
$-
$-
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 
$64,889
Fidelity Global ex U.S. Index Fund
127,082
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.
To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund (the "Funds"), each a fund of Fidelity Salem Street Trust, including the schedules of investments, as of October 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Laura M. Bishop, Jonathan Chiel, Robert W. Helm, Christine J. Thompson, and Carol J. Zierhoffer, each of the Trustees oversees 313 funds. Mr. Chiel oversees 191 funds. Ms. Bishop, Mr. Helm, Ms. Thompson, and Ms. Zierhoffer each oversees 229 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.
Christine J. Thompson (1958)
Year of Election or Appointment: 2023
Trustee
Ms. Thompson also serves as a Trustee of other Fidelity® funds. Ms. Thompson serves as Leader of Advanced Technologies for Investment Management at Fidelity Investments (2018-present). Previously, Ms. Thompson served as Chief Investment Officer in the Bond group at Fidelity Management & Research Company (2010-2018) and held various other roles including Director of municipal bond portfolio managers and Portfolio Manager of certain Fidelity® funds.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Laura M. Bishop (1961)
Year of Election or Appointment: 2023
Trustee
Ms. Bishop also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting). Previously, Ms. Bishop served as a Member of the Advisory Board of certain Fidelity® funds (2022-2023).    
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Robert W. Helm (1957)
Year of Election or Appointment: 2023
Trustee
Mr. Helm also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon. Previously, Mr. Helm served as a Member of the Advisory Board of certain Fidelity® funds (2021-2023).     
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
Carol J. Zierhoffer (1960)
Year of Election or Appointment: 2023
Trustee
Ms. Zierhoffer also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016), and as a Member of the Advisory Board of certain Fidelity® funds (2023).    
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Robin Foley (1964)
Year of Election or Appointment: 2023
Vice President
Ms. Foley also serves as Vice President of other funds. Ms. Foley serves as Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley served as Chief Investment Officer of Bonds (2017-2023).     
Christopher M. Gouveia (1973)
Year of Election or Appointment: 2023
Chief Compliance Officer
Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).          
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
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 (May 1, 2023 to October 31, 2023).
 
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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Emerging Markets Index Fund
 
 
 
.08%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 947.70
 
$ .39
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.80
 
$ .41
 
 
 
 
 
 
 
 
 
 
Fidelity® Global ex U.S. Index Fund
 
 
 
.06%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 931.30
 
$ .29
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.90
 
$ .31
 
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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
Fidelity Emerging Markets Index Fund
 
December 2022
52.74%
Fidelity Global ex U.S. Index Fund
 
December 2022
95.40%
 
The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends:
 
Fidelity Emerging Markets Index Fund
$1,820,404
Fidelity Global ex U.S. Index Fund
$2,472,486
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity Emerging Markets Index Fund
12/19/2022
$0.2701
$0.0371
Fidelity Global ex U.S. Index Fund
12/19/2022
$0.3714
$0.0404
 
The funds will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Emerging Markets Index Fund
Fidelity Global ex U.S. Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2023 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the funds, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against the securities market index each fund seeks to track (benchmark index). The Board also periodically considers each fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of a fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of each fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the mapped group for 2022 and below the competitive median of the asset size peer group for 2022. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the similar sales load structure group for 2022 and below the competitive median of the total expense asset size peer group for 2022.
Other Contractual Arrangements. The Board considered that current contractual arrangements for the funds oblige FMR to pay all expenses of each fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.075% for Fidelity Emerging Markets Index Fund and 0.055% for Fidelity Global ex U.S. Index Fund. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that each fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with each fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to each fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and Fidelity's views regarding portfolio manager investment in the Fidelity funds that they manage; (iii) hiring, training, and retaining personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends and market conditions; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (x) information concerning expense limitations applicable to certain funds; and (xi) matters related to money market funds, exchange-traded funds, and target date funds.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through September 30, 2024.
 
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
378,729,502,260.010
97.580
Withheld
9,407,876,478.960
2.420
TOTAL
388,137,378,738.970
100.000
Jennifer Toolin McAuliffe
Affirmative
378,454,868,010.950
97.510
Withheld
9,682,510,728.020
2.490
TOTAL
388,137,378,738.970
100.000
Christine J. Thompson
Affirmative
378,837,121,274.520
97.600
Withheld
9,300,257,464.450
2.400
TOTAL
388,137,378,738.970
100.000
Elizabeth S. Acton
Affirmative
378,262,110,794.850
97.460
Withheld
9,875,267,944.120
2.540
TOTAL
388,137,378,738.970
100.000
Laura M. Bishop
Affirmative
380,482,113,171.060
98.030
Withheld
7,655,265,567.910
1.970
TOTAL
388,137,378,738.970
100.000
Ann E. Dunwoody
Affirmative
380,016,034,008.120
97.910
Withheld
8,121,344,730.850
2.090
TOTAL
388,137,378,738.970
100.000
John Engler
Affirmative
379,432,488,394.200
97.760
Withheld
8,704,890,344.770
2.240
TOTAL
388,137,378,738.970
100.000
Robert F. Gartland
Affirmative
378,741,819,600.600
97.580
Withheld
9,395,559,138.370
2.420
TOTAL
388,137,378,738.970
100.000
Robert W. Helm
Affirmative
380,389,324,755.070
98.000
Withheld
7,748,053,983.900
2.000
TOTAL
388,137,378,738.970
100.000
Arthur E. Johnson
Affirmative
378,427,694,151.670
97.500
Withheld
9,709,684,587.300
2.500
TOTAL
388,137,378,738.970
100.000
Michael E. Kenneally
Affirmative
377,842,228,145.180
97.350
Withheld
10,295,150,593.790
2.650
TOTAL
388,137,378,738.970
100.000
Mark A. Murray
Affirmative
380,158,432,703.370
97.940
Withheld
7,978,946,035.600
2.060
TOTAL
388,137,378,738.970
100.000
Carol J. Zierhoffer
Affirmative
380,522,113,360.240
98.040
Withheld
7,615,265,378.730
1.960
TOTAL
388,137,378,738.970
100.000
 
 
 
Proposal 1 reflects trust wide proposal and voting results.
 
1.929368.112
EMX-I-GUX-I-ANN-1223
Fidelity® U.S. Sustainability Index Fund
 
 
Annual Report
October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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. © 2023 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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® U.S. Sustainability Index Fund
12.47%
11.75%
11.35%
 
A   From May 9, 2017
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® U.S. Sustainability Index Fund, on May 9, 2017, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI USA ESG Leaders Index performed over the same period.
 
Market Recap:
U.S. equities gained 10.14% for the 12 months ending October 31, 2023, according to the S&P 500® index, as global economic expansion and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets through July. After returning -18.11% in 2022, the index's upturn has been driven by a narrow set of companies in the information technology and communication services sectors, largely due to excitement for generative artificial intelligence. Monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of 25 basis points, followed by the decision to hold rates in September at a 22-year high so the Fed can observe the pause's effect on inflation and the economy. The year-to-date equity rally sputtered in August and continued to lose steam through October amid a stalling pattern in disinflationary trends, soaring yields on longer-term government bonds and mixed earnings from some big and influential firms. The S&P 500® closed at its 2023 high on July 31 before returning -3.27% in Q3 and -2.10% in October. Still, U.S. stocks ended October up 10.69% year to date. By sector for the full 12 months, communications services (+36%) and tech (+33%) led. In contrast, two defensive, rate-sensitive sectors lagged most: utilities (-8%) and real estate (-7%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 12.47%, versus 12.60% for the benchmark MSCI USA ESG Leaders Index. By sector, information technology gained about 49% and contributed most, driven by the software & services industry (+39%). Communication services stocks also helped, gaining 19%. The industrials sector rose approximately 4%, boosted by the capital goods industry (+6%). Other notable contributors included the materials (+11%) and energy (+12%) sectors. Conversely, consumer staples returned about -3% and detracted most. This group was hampered by the food, beverage & tobacco industry (-9%). Consumer discretionary (-2%), hampered by the automobiles & components industry (-11%), and financials (-1%), especially in the banks industry (-38%), also hurt. Other notable detractors included the health care (-1%), utilities (-6%) and real estate (-1%) sectors. Turning to individual stocks, the biggest contributor was Microsoft (+47%), from the software & services industry. Also, in software & services, Adobe (+67%) helped. Nvidia (+203%), from the semiconductors & semiconductor equipment group, also contributed. Alphabet (+32%), a stock in the media & entertainment category, boosted the fund. Lastly, Eli Lilly (+55%), from the pharmaceuticals, biotechnology & life sciences category, also lifted the fund. In contrast, the biggest individual detractor was Tesla (-12%), from the automobiles & components category. Johnson & Johnson (-12%) and Bristol-Myers Squibb (-31%), within the pharmaceuticals, biotechnology & life sciences industry, also hurt the fund's performance. In media & entertainment, Disney returned -23% and detracted. Lastly, another notable detractor was Charles Schwab (-34%), a stock in the financial services industry.
 
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
12.6
 
NVIDIA Corp.
5.3
 
Alphabet, Inc. Class A
3.9
 
Alphabet, Inc. Class C
3.5
 
Tesla, Inc.
3.0
 
Eli Lilly & Co.
2.3
 
Visa, Inc. Class A
2.0
 
Johnson & Johnson
1.9
 
Procter & Gamble Co.
1.9
 
MasterCard, Inc. Class A
1.7
 
 
38.1
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
29.1
 
Health Care
12.7
 
Financials
12.0
 
Communication Services
10.5
 
Consumer Discretionary
10.4
 
Industrials
9.0
 
Consumer Staples
6.3
 
Materials
2.9
 
Energy
2.6
 
Real Estate
2.4
 
Utilities
1.2
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.9%
 
Showing Percentage of Net Assets  
Common Stocks - 99.1%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 10.5%
 
 
 
Diversified Telecommunication Services - 0.8%
 
 
 
Liberty Global PLC Class C (a)
 
31,347
531,645
Verizon Communications, Inc.
 
536,738
18,855,606
 
 
 
19,387,251
Entertainment - 1.1%
 
 
 
Electronic Arts, Inc.
 
32,999
4,084,946
Take-Two Interactive Software, Inc. (a)
 
21,620
2,891,675
The Walt Disney Co. (a)
 
233,286
19,033,805
 
 
 
26,010,426
Interactive Media & Services - 7.5%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (a)
 
758,487
94,113,067
 Class C (a)
 
674,870
84,561,211
Snap, Inc. Class A (a)
 
130,051
1,301,811
Zoominfo Technologies, Inc. (a)
 
33,665
436,298
 
 
 
180,412,387
Media - 1.1%
 
 
 
Comcast Corp. Class A
 
531,039
21,926,600
Fox Corp.:
 
 
 
 Class A
 
34,777
1,056,873
 Class B
 
17,551
489,848
Interpublic Group of Companies, Inc.
 
49,300
1,400,120
Omnicom Group, Inc.
 
25,435
1,905,336
Sirius XM Holdings, Inc.
 
98,574
421,897
 
 
 
27,200,674
TOTAL COMMUNICATION SERVICES
 
 
253,010,738
CONSUMER DISCRETIONARY - 10.4%
 
 
 
Automobile Components - 0.2%
 
 
 
Aptiv PLC (a)
 
36,109
3,148,705
BorgWarner, Inc.
 
29,973
1,106,004
Lear Corp.
 
7,556
980,467
 
 
 
5,235,176
Automobiles - 3.1%
 
 
 
Rivian Automotive, Inc. (a)
 
83,146
1,348,628
Tesla, Inc. (a)
 
364,171
73,140,104
 
 
 
74,488,732
Broadline Retail - 0.4%
 
 
 
eBay, Inc.
 
68,278
2,678,546
MercadoLibre, Inc. (a)
 
5,769
7,157,829
 
 
 
9,836,375
Distributors - 0.2%
 
 
 
Genuine Parts Co.
 
17,959
2,314,197
LKQ Corp.
 
34,089
1,497,189
Pool Corp.
 
4,979
1,572,219
 
 
 
5,383,605
Hotels, Restaurants & Leisure - 2.0%
 
 
 
ARAMARK Holdings Corp.
 
31,698
853,627
Booking Holdings, Inc. (a)
 
4,715
13,152,775
Hilton Worldwide Holdings, Inc.
 
33,785
5,119,441
McDonald's Corp.
 
93,211
24,437,128
Vail Resorts, Inc.
 
5,148
1,092,663
Yum! Brands, Inc.
 
35,765
4,322,558
 
 
 
48,978,192
Household Durables - 0.2%
 
 
 
NVR, Inc. (a)
 
414
2,240,825
PulteGroup, Inc.
 
28,439
2,092,826
Whirlpool Corp.
 
6,982
730,038
 
 
 
5,063,689
Leisure Products - 0.0%
 
 
 
Hasbro, Inc.
 
16,870
761,681
Specialty Retail - 3.3%
 
 
 
AutoZone, Inc. (a)
 
2,318
5,741,987
Best Buy Co., Inc.
 
25,081
1,675,912
Burlington Stores, Inc. (a)
 
8,297
1,004,186
CarMax, Inc. (a)
 
20,207
1,234,446
Lowe's Companies, Inc.
 
74,807
14,255,970
The Home Depot, Inc.
 
128,349
36,539,677
TJX Companies, Inc.
 
146,710
12,920,750
Tractor Supply Co.
 
13,993
2,694,492
Ulta Beauty, Inc. (a)
 
6,366
2,427,419
 
 
 
78,494,839
Textiles, Apparel & Luxury Goods - 1.0%
 
 
 
Deckers Outdoor Corp. (a)
 
3,341
1,994,777
lululemon athletica, Inc. (a)
 
14,790
5,819,569
NIKE, Inc. Class B
 
157,299
16,165,618
VF Corp.
 
41,995
618,586
 
 
 
24,598,550
TOTAL CONSUMER DISCRETIONARY
 
 
252,840,839
CONSUMER STAPLES - 6.3%
 
 
 
Beverages - 2.5%
 
 
 
Keurig Dr. Pepper, Inc.
 
116,482
3,532,899
PepsiCo, Inc.
 
175,740
28,694,827
The Coca-Cola Co.
 
524,487
29,628,271
 
 
 
61,855,997
Consumer Staples Distribution & Retail - 0.4%
 
 
 
Kroger Co.
 
87,050
3,949,459
Target Corp.
 
58,921
6,527,858
 
 
 
10,477,317
Food Products - 0.8%
 
 
 
Bunge Ltd.
 
19,193
2,034,074
Campbell Soup Co.
 
24,812
1,002,653
Conagra Brands, Inc.
 
60,846
1,664,747
Darling Ingredients, Inc. (a)
 
20,425
904,623
General Mills, Inc.
 
74,708
4,873,950
Hormel Foods Corp.
 
38,368
1,248,878
Kellanova
 
34,946
1,763,725
Lamb Weston Holdings, Inc.
 
18,606
1,670,819
McCormick & Co., Inc. (non-vtg.)
 
32,114
2,052,085
The J.M. Smucker Co.
 
13,018
1,481,969
 
 
 
18,697,523
Household Products - 2.6%
 
 
 
Church & Dwight Co., Inc.
 
31,197
2,837,055
Colgate-Palmolive Co.
 
100,627
7,559,100
Kimberly-Clark Corp.
 
43,081
5,154,211
Procter & Gamble Co.
 
300,903
45,144,477
The Clorox Co.
 
15,755
1,854,364
 
 
 
62,549,207
TOTAL CONSUMER STAPLES
 
 
153,580,044
ENERGY - 2.6%
 
 
 
Energy Equipment & Services - 0.8%
 
 
 
Baker Hughes Co. Class A
 
129,237
4,448,338
Halliburton Co.
 
115,165
4,530,591
Schlumberger Ltd.
 
181,962
10,128,005
 
 
 
19,106,934
Oil, Gas & Consumable Fuels - 1.8%
 
 
 
Cheniere Energy, Inc.
 
31,013
5,161,183
HF Sinclair Corp.
 
19,689
1,090,377
Kinder Morgan, Inc.
 
257,455
4,170,771
Marathon Petroleum Corp.
 
54,163
8,192,154
ONEOK, Inc.
 
74,319
4,845,599
Phillips 66 Co.
 
58,576
6,681,764
Targa Resources Corp.
 
27,462
2,296,098
The Williams Companies, Inc.
 
155,489
5,348,822
Valero Energy Corp.
 
46,149
5,860,923
 
 
 
43,647,691
TOTAL ENERGY
 
 
62,754,625
FINANCIALS - 12.0%
 
 
 
Banks - 0.9%
 
 
 
Citizens Financial Group, Inc.
 
61,750
1,446,803
Huntington Bancshares, Inc.
 
184,023
1,775,822
PNC Financial Services Group, Inc.
 
50,967
5,834,192
Regions Financial Corp.
 
119,593
1,737,686
Truist Financial Corp.
 
170,079
4,823,440
U.S. Bancorp
 
195,753
6,240,606
Webster Financial Corp.
 
22,186
842,402
 
 
 
22,700,951
Capital Markets - 3.8%
 
 
 
Ameriprise Financial, Inc.
 
13,302
4,184,410
Bank of New York Mellon Corp.
 
99,448
4,226,540
BlackRock, Inc. Class A
 
19,121
11,707,406
Cboe Global Markets, Inc.
 
13,455
2,205,140
Charles Schwab Corp.
 
191,979
9,990,587
FactSet Research Systems, Inc.
 
4,861
2,099,417
Franklin Resources, Inc.
 
38,534
878,190
Intercontinental Exchange, Inc.
 
73,011
7,844,302
Invesco Ltd.
 
43,698
566,763
LPL Financial
 
9,935
2,230,606
MarketAxess Holdings, Inc.
 
4,786
1,023,008
Moody's Corp.
 
21,087
6,494,796
Morgan Stanley
 
159,925
11,325,889
NASDAQ, Inc.
 
43,778
2,171,389
Northern Trust Corp.
 
26,564
1,750,833
Raymond James Financial, Inc.
 
25,730
2,455,671
S&P Global, Inc.
 
41,876
14,627,706
State Street Corp.
 
42,688
2,758,925
T. Rowe Price Group, Inc.
 
28,672
2,594,816
 
 
 
91,136,394
Consumer Finance - 0.7%
 
 
 
Ally Financial, Inc.
 
34,735
840,240
American Express Co.
 
80,649
11,777,173
Discover Financial Services
 
32,437
2,662,429
Synchrony Financial
 
54,658
1,533,157
 
 
 
16,812,999
Financial Services - 4.3%
 
 
 
Equitable Holdings, Inc.
 
45,601
1,211,619
Fidelity National Information Services, Inc.
 
75,633
3,714,337
Fiserv, Inc. (a)
 
78,808
8,964,410
MasterCard, Inc. Class A
 
108,037
40,659,725
Visa, Inc. Class A
 
206,589
48,569,074
 
 
 
103,119,165
Insurance - 2.3%
 
 
 
AFLAC, Inc.
 
73,288
5,724,526
Allstate Corp.
 
33,557
4,299,658
Arch Capital Group Ltd. (a)
 
47,554
4,121,981
Assurant, Inc.
 
6,812
1,014,307
Hartford Financial Services Group, Inc.
 
39,625
2,910,456
Marsh & McLennan Companies, Inc.
 
63,159
11,978,104
Principal Financial Group, Inc.
 
30,925
2,093,004
Progressive Corp.
 
74,722
11,812,801
Prudential Financial, Inc.
 
46,598
4,260,921
The Travelers Companies, Inc.
 
29,488
4,937,471
Willis Towers Watson PLC
 
13,591
3,205,981
 
 
 
56,359,210
Mortgage Real Estate Investment Trusts - 0.0%
 
 
 
Annaly Capital Management, Inc.
 
63,100
984,991
TOTAL FINANCIALS
 
 
291,113,710
HEALTH CARE - 12.7%
 
 
 
Biotechnology - 1.5%
 
 
 
Amgen, Inc.
 
68,217
17,443,087
Biogen, Inc. (a)
 
18,479
4,389,502
Gilead Sciences, Inc.
 
159,246
12,507,181
Repligen Corp. (a)
 
6,772
911,240
 
 
 
35,251,010
Health Care Equipment & Supplies - 1.1%
 
 
 
Align Technology, Inc. (a)
 
9,286
1,714,103
Dentsply Sirona, Inc.
 
26,978
820,401
DexCom, Inc. (a)
 
49,490
4,396,197
Edwards Lifesciences Corp. (a)
 
77,403
4,932,119
Hologic, Inc. (a)
 
31,361
2,075,157
IDEXX Laboratories, Inc. (a)
 
10,599
4,233,983
Insulet Corp. (a)
 
8,900
1,179,873
STERIS PLC
 
12,602
2,646,168
Teleflex, Inc.
 
5,999
1,108,315
The Cooper Companies, Inc.
 
6,310
1,967,143
Zimmer Biomet Holdings, Inc.
 
26,666
2,784,197
 
 
 
27,857,656
Health Care Providers & Services - 2.1%
 
 
 
Cencora, Inc.
 
21,946
4,063,302
Cigna Group
 
37,771
11,678,793
DaVita HealthCare Partners, Inc. (a)
 
6,917
534,200
Elevance Health, Inc.
 
30,263
13,621,074
HCA Holdings, Inc.
 
26,349
5,958,563
Humana, Inc.
 
15,950
8,352,856
Laboratory Corp. of America Holdings
 
11,333
2,263,540
Molina Healthcare, Inc. (a)
 
7,454
2,481,809
Quest Diagnostics, Inc.
 
14,305
1,861,081
 
 
 
50,815,218
Life Sciences Tools & Services - 1.4%
 
 
 
Agilent Technologies, Inc.
 
37,703
3,897,359
Avantor, Inc. (a)
 
86,096
1,500,653
Bio-Techne Corp.
 
20,115
1,098,882
Danaher Corp.
 
89,491
17,184,062
Illumina, Inc. (a)
 
20,204
2,210,722
Mettler-Toledo International, Inc. (a)
 
2,811
2,769,397
Waters Corp. (a)
 
7,523
1,794,461
West Pharmaceutical Services, Inc.
 
9,478
3,016,753
 
 
 
33,472,289
Pharmaceuticals - 6.6%
 
 
 
Bristol-Myers Squibb Co.
 
268,209
13,820,810
Eli Lilly & Co.
 
103,012
57,061,437
Jazz Pharmaceuticals PLC (a)
 
8,151
1,035,340
Johnson & Johnson
 
307,391
45,598,381
Merck & Co., Inc.
 
323,949
33,269,562
Zoetis, Inc. Class A
 
58,997
9,262,529
 
 
 
160,048,059
TOTAL HEALTH CARE
 
 
307,444,232
INDUSTRIALS - 9.0%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Axon Enterprise, Inc. (a)
 
8,957
1,831,617
L3Harris Technologies, Inc.
 
24,188
4,339,569
 
 
 
6,171,186
Air Freight & Logistics - 0.7%
 
 
 
C.H. Robinson Worldwide, Inc.
 
14,908
1,219,922
Expeditors International of Washington, Inc.
 
19,548
2,135,619
United Parcel Service, Inc. Class B
 
92,510
13,067,038
 
 
 
16,422,579
Building Products - 0.9%
 
 
 
Allegion PLC
 
11,251
1,106,648
Builders FirstSource, Inc. (a)
 
16,337
1,772,891
Carrier Global Corp.
 
106,585
5,079,841
Fortune Brands Home & Security, Inc.
 
16,226
905,411
Johnson Controls International PLC
 
87,591
4,293,711
Lennox International, Inc.
 
4,079
1,511,433
Masco Corp.
 
28,726
1,496,337
Owens Corning
 
11,502
1,303,982
Trane Technologies PLC
 
29,115
5,540,876
 
 
 
23,011,130
Commercial Services & Supplies - 0.6%
 
 
 
Cintas Corp.
 
11,687
5,926,711
Waste Management, Inc.
 
51,931
8,533,821
 
 
 
14,460,532
Construction & Engineering - 0.2%
 
 
 
AECOM
 
16,874
1,291,705
Quanta Services, Inc.
 
18,534
3,097,402
 
 
 
4,389,107
Electrical Equipment - 0.9%
 
 
 
Eaton Corp. PLC
 
50,889
10,580,332
Emerson Electric Co.
 
72,964
6,491,607
Generac Holdings, Inc. (a)
 
7,899
664,069
Rockwell Automation, Inc.
 
14,666
3,854,371
 
 
 
21,590,379
Ground Transportation - 1.5%
 
 
 
CSX Corp.
 
261,549
7,807,238
J.B. Hunt Transport Services, Inc.
 
10,568
1,816,322
Knight-Swift Transportation Holdings, Inc. Class A
 
20,462
1,000,387
Norfolk Southern Corp.
 
29,067
5,545,693
Old Dominion Freight Lines, Inc.
 
12,600
4,745,916
Union Pacific Corp.
 
77,843
16,160,985
 
 
 
37,076,541
Industrial Conglomerates - 0.3%
 
 
 
3M Co.
 
70,429
6,405,518
Machinery - 2.0%
 
 
 
Caterpillar, Inc.
 
65,794
14,872,734
Cummins, Inc.
 
18,071
3,908,757
Dover Corp.
 
17,877
2,323,116
Fortive Corp.
 
45,132
2,946,217
Graco, Inc.
 
21,484
1,597,335
IDEX Corp.
 
9,633
1,843,853
Illinois Tool Works, Inc.
 
38,796
8,694,960
Ingersoll Rand, Inc.
 
51,642
3,133,637
Otis Worldwide Corp.
 
52,760
4,073,600
Pentair PLC
 
21,077
1,224,995
Toro Co.
 
13,323
1,077,031
Xylem, Inc.
 
30,576
2,860,079
 
 
 
48,556,314
Passenger Airlines - 0.0%
 
 
 
Delta Air Lines, Inc.
 
20,418
638,063
Professional Services - 1.0%
 
 
 
Automatic Data Processing, Inc.
 
52,740
11,508,923
Broadridge Financial Solutions, Inc.
 
15,073
2,572,057
Ceridian HCM Holding, Inc. (a)
 
18,847
1,206,396
Clarivate Analytics PLC (a)
 
42,827
273,236
Paychex, Inc.
 
41,424
4,600,135
Paylocity Holding Corp. (a)
 
5,674
1,017,916
Robert Half, Inc.
 
13,803
1,032,050
TransUnion Holding Co., Inc.
 
24,639
1,081,159
 
 
 
23,291,872
Trading Companies & Distributors - 0.7%
 
 
 
Fastenal Co.
 
72,924
4,254,386
Ferguson PLC
 
26,106
3,921,121
United Rentals, Inc.
 
8,775
3,565,019
W.W. Grainger, Inc.
 
5,764
4,206,740
 
 
 
15,947,266
TOTAL INDUSTRIALS
 
 
217,960,487
INFORMATION TECHNOLOGY - 29.1%
 
 
 
Electronic Equipment, Instruments & Components - 0.2%
 
 
 
Keysight Technologies, Inc. (a)
 
22,774
2,779,567
Trimble, Inc. (a)
 
31,618
1,490,156
 
 
 
4,269,723
IT Services - 2.0%
 
 
 
Accenture PLC Class A
 
80,529
23,924,361
Akamai Technologies, Inc. (a)
 
19,396
2,004,189
Gartner, Inc. (a)
 
10,091
3,350,616
IBM Corp.
 
115,926
16,767,537
Twilio, Inc. Class A (a)
 
21,989
1,127,156
 
 
 
47,173,859
Semiconductors & Semiconductor Equipment - 8.2%
 
 
 
Applied Materials, Inc.
 
107,208
14,188,979
Intel Corp.
 
532,496
19,436,104
Lam Research Corp.
 
17,151
10,088,561
Marvell Technology, Inc.
 
109,790
5,184,284
NVIDIA Corp.
 
315,333
128,592,797
NXP Semiconductors NV
 
33,161
5,717,951
Texas Instruments, Inc.
 
115,874
16,455,267
 
 
 
199,663,943
Software - 18.3%
 
 
 
Adobe, Inc. (a)
 
58,189
30,960,039
ANSYS, Inc. (a)
 
11,061
3,077,834
Autodesk, Inc. (a)
 
27,281
5,391,544
Cadence Design Systems, Inc. (a)
 
34,809
8,348,939
DocuSign, Inc. (a)
 
25,911
1,007,420
Fair Isaac Corp. (a)
 
3,192
2,700,017
Gen Digital, Inc.
 
73,732
1,228,375
HubSpot, Inc. (a)
 
6,022
2,551,943
Intuit, Inc.
 
35,753
17,695,947
Microsoft Corp.
 
901,786
304,902,852
PTC, Inc. (a)
 
14,333
2,012,640
Salesforce, Inc. (a)
 
124,343
24,971,805
ServiceNow, Inc. (a)
 
26,004
15,130,427
Splunk, Inc. (a)
 
20,089
2,956,297
Synopsys, Inc. (a)
 
19,424
9,118,403
VMware, Inc. Class A (a)
 
30,217
4,401,106
Workday, Inc. Class A (a)
 
26,297
5,567,338
Zscaler, Inc. (a)
 
11,169
1,772,409
 
 
 
443,795,335
Technology Hardware, Storage & Peripherals - 0.4%
 
 
 
Hewlett Packard Enterprise Co.
 
164,969
2,537,223
HP, Inc.
 
113,326
2,983,874
NetApp, Inc.
 
27,076
1,970,591
Seagate Technology Holdings PLC
 
23,798
1,624,214
Western Digital Corp. (a)
 
40,801
1,638,160
 
 
 
10,754,062
TOTAL INFORMATION TECHNOLOGY
 
 
705,656,922
MATERIALS - 2.9%
 
 
 
Chemicals - 1.9%
 
 
 
Ecolab, Inc.
 
32,717
5,487,950
International Flavors & Fragrances, Inc.
 
32,497
2,221,170
Linde PLC
 
62,507
23,887,675
LyondellBasell Industries NV Class A
 
33,230
2,998,675
PPG Industries, Inc.
 
30,060
3,690,466
Sherwin-Williams Co.
 
31,279
7,450,971
 
 
 
45,736,907
Construction Materials - 0.2%
 
 
 
Martin Marietta Materials, Inc.
 
7,916
3,237,169
Containers & Packaging - 0.3%
 
 
 
Amcor PLC
 
187,721
1,668,840
Avery Dennison Corp.
 
10,295
1,792,051
Ball Corp.
 
40,104
1,931,008
International Paper Co.
 
42,115
1,420,539
WestRock Co.
 
32,759
1,177,031
 
 
 
7,989,469
Metals & Mining - 0.5%
 
 
 
Newmont Corp.
 
147,123
5,512,699
Nucor Corp.
 
32,078
4,740,808
Steel Dynamics, Inc.
 
20,464
2,179,621
 
 
 
12,433,128
TOTAL MATERIALS
 
 
69,396,673
REAL ESTATE - 2.4%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 2.3%
 
 
 
American Tower Corp.
 
59,498
10,601,949
Boston Properties, Inc.
 
19,047
1,020,348
Crown Castle International Corp.
 
55,362
5,147,559
Digital Realty Trust, Inc.
 
37,195
4,625,570
Equinix, Inc.
 
11,940
8,711,902
Healthpeak Properties, Inc.
 
69,953
1,087,769
Iron Mountain, Inc.
 
37,148
2,194,332
Prologis (REIT), Inc.
 
117,892
11,877,619
SBA Communications Corp. Class A
 
13,840
2,887,439
Welltower, Inc.
 
63,457
5,305,640
Weyerhaeuser Co.
 
93,530
2,683,376
 
 
 
56,143,503
Real Estate Management & Development - 0.1%
 
 
 
CBRE Group, Inc. (a)
 
39,688
2,751,966
TOTAL REAL ESTATE
 
 
58,895,469
UTILITIES - 1.2%
 
 
 
Electric Utilities - 0.4%
 
 
 
Edison International
 
48,893
3,083,193
Eversource Energy
 
44,577
2,397,797
Exelon Corp.
 
126,981
4,944,640
 
 
 
10,425,630
Gas Utilities - 0.1%
 
 
 
Atmos Energy Corp.
 
18,422
1,983,313
Multi-Utilities - 0.5%
 
 
 
CMS Energy Corp.
 
37,169
2,019,763
Consolidated Edison, Inc.
 
44,254
3,885,059
Sempra
 
80,342
5,626,350
 
 
 
11,531,172
Water Utilities - 0.2%
 
 
 
American Water Works Co., Inc.
 
24,848
2,923,367
Essential Utilities, Inc.
 
32,136
1,075,271
 
 
 
3,998,638
TOTAL UTILITIES
 
 
27,938,753
 
TOTAL COMMON STOCKS
 (Cost $2,207,233,959)
 
 
 
2,400,592,492
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (b)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (c)
 
 (Cost $393,350)
 
 
400,000
393,327
 
 
 
 
Money Market Funds - 0.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (d)
 
 (Cost $16,961,349)
 
 
16,957,957
16,961,349
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.8%
 (Cost $2,224,588,658)
 
 
 
2,417,947,168
NET OTHER ASSETS (LIABILITIES) - 0.2%  
5,566,620
NET ASSETS - 100.0%
2,423,513,788
 
 
 
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)
15
Dec 2023
4,347,075
(37,161)
(37,161)
CME E-mini S&P 500 Index Contracts (United States)
83
Dec 2023
17,480,838
(61,485)
(61,485)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(98,646)
The notional amount of futures purchased as a percentage of Net Assets is 0.9%
 
 
 
Legend
 
(a)
Non-income producing
 
(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 $393,327.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
4,031,628
344,025,023
331,095,302
364,916
-
-
16,961,349
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
8,384,795
3,069,953
11,454,748
17,421
-
-
-
0.0%
Total
12,416,423
347,094,976
342,550,050
382,337
-
-
16,961,349
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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
253,010,738
253,010,738
-
-
Consumer Discretionary
252,840,839
252,840,839
-
-
Consumer Staples
153,580,044
153,580,044
-
-
Energy
62,754,625
62,754,625
-
-
Financials
291,113,710
291,113,710
-
-
Health Care
307,444,232
307,444,232
-
-
Industrials
217,960,487
217,960,487
-
-
Information Technology
705,656,922
705,656,922
-
-
Materials
69,396,673
69,396,673
-
-
Real Estate
58,895,469
58,895,469
-
-
Utilities
27,938,753
27,938,753
-
-
 U.S. Government and Government Agency Obligations
393,327
-
393,327
-
  Money Market Funds
16,961,349
16,961,349
-
-
 Total Investments in Securities:
2,417,947,168
2,417,553,841
393,327
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(98,646)
(98,646)
-
-
  Total Liabilities
(98,646)
(98,646)
-
-
 Total Derivative Instruments:
(98,646)
(98,646)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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
(98,646)
Total Equity Risk
0
(98,646)
Total Value of Derivatives
0
(98,646)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,207,627,309)
$
2,400,985,819
 
 
Fidelity Central Funds (cost $16,961,349)
16,961,349
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,224,588,658)
 
 
$
2,417,947,168
Segregated cash with brokers for derivative instruments
 
 
792,253
Cash
 
 
408
Receivable for fund shares sold
 
 
3,365,034
Dividends receivable
 
 
2,088,797
Distributions receivable from Fidelity Central Funds
 
 
62,432
Receivable for daily variation margin on futures contracts
 
 
122,889
  Total assets
 
 
2,424,378,981
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
609,126
 
 
Accrued management fee
226,620
 
 
Other payables and accrued expenses
29,447
 
 
  Total Liabilities
 
 
 
865,193
Net Assets  
 
 
$
2,423,513,788
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,301,052,812
Total accumulated earnings (loss)
 
 
 
122,460,976
Net Assets
 
 
$
2,423,513,788
Net Asset Value, offering price and redemption price per share ($2,423,513,788 ÷ 129,734,891 shares)
 
 
$
18.68
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
35,455,297
Interest  
 
 
20,527
Income from Fidelity Central Funds (including $17,421 from security lending)
 
 
382,337
 Total Income
 
 
 
35,858,161
Expenses
 
 
 
 
Management fee
$
2,471,880
 
 
Independent trustees' fees and expenses
7,699
 
 
Interest
25,094
 
 
Miscellaneous
29,438
 
 
 Total expenses before reductions
 
2,534,111
 
 
 Expense reductions
 
(289)
 
 
 Total expenses after reductions
 
 
 
2,533,822
Net Investment income (loss)
 
 
 
33,324,339
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(73,629,779)
 
 
 Futures contracts
 
184,626
 
 
Total net realized gain (loss)
 
 
 
(73,445,153)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
281,464,530
 
 
 Futures contracts
 
(539,995)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
280,924,535
Net gain (loss)
 
 
 
207,479,382
Net increase (decrease) in net assets resulting from operations
 
 
$
240,803,721
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
33,324,339
$
30,958,542
Net realized gain (loss)
 
(73,445,153)
 
 
(16,287,855)
 
Change in net unrealized appreciation (depreciation)
 
280,924,535
 
(499,203,720)
 
Net increase (decrease) in net assets resulting from operations
 
240,803,721
 
 
(484,533,033)
 
Distributions to shareholders
 
(31,003,717)
 
 
(20,452,876)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
667,415,739
 
1,362,470,513
  Reinvestment of distributions
 
28,625,159
 
 
19,223,799
 
Cost of shares redeemed
 
(661,727,724)
 
(565,764,704)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
34,313,174
 
 
815,929,608
 
Total increase (decrease) in net assets
 
244,113,178
 
 
310,943,699
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,179,400,610
 
1,868,456,911
 
End of period
$
2,423,513,788
$
2,179,400,610
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
35,494,418
 
69,593,522
  Issued in reinvestment of distributions
 
1,672,031
 
 
949,791
 
Redeemed
 
(36,785,982)
 
(30,563,531)
Net increase (decrease)
 
380,467
 
39,979,782
 
 
 
 
 
 
Financial Highlights
Fidelity® U.S. Sustainability Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.85
$
20.91
$
14.29
$
13.18
$
11.43
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.27
 
.25
 
.23
 
.23
 
.23
     Net realized and unrealized gain (loss)
 
1.81
 
(4.10)
 
6.56
 
1.08
 
1.69
  Total from investment operations
 
2.08  
 
(3.85)  
 
6.79  
 
1.31  
 
1.92
  Distributions from net investment income
 
(.25)
 
(.17)
 
(.17)
 
(.18)
 
(.15)
  Distributions from net realized gain
 
-
 
(.04)
 
-
 
(.02)
 
(.02)
     Total distributions
 
(.25)
 
(.21)
 
(.17)
 
(.20)
 
(.17)
  Net asset value, end of period
$
18.68
$
16.85
$
20.91
$
14.29
$
13.18
 Total Return C
 
12.47%
 
(18.58)%
 
47.84%
 
9.99%
 
17.06%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.11%
 
.11%
 
.11%
 
.11%
 
.11%
    Expenses net of fee waivers, if any
 
.11%
 
.11%
 
.11%
 
.11%
 
.11%
    Expenses net of all reductions
 
.11%
 
.11%
 
.11%
 
.11%
 
.11%
    Net investment income (loss)
 
1.48%
 
1.37%
 
1.28%
 
1.68%
 
1.84%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,423,514
$
2,179,401
$
1,868,457
$
488,752
$
206,094
    Portfolio turnover rate F
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity U.S. Sustainability Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 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.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$409,696,103
Gross unrealized depreciation
(226,483,007)
Net unrealized appreciation (depreciation)
$183,213,096
Tax Cost
$2,234,734,072
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$24,269,237
Capital loss carryforward
$(85,021,357)
Net unrealized appreciation (depreciation) on securities and other investments
$183,213,096
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(60,057,755)
 Long-term
(24,963,602)
Total capital loss carryforward
$(85,021,357)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$31,003,717
$18,202,081
Long-term Capital Gains
-
2,250,795
Total
$31,003,717
$20,452,876
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
499,922,148
478,121,101
 
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 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 U.S. Sustainability Index Fund
 Borrower
$ 41,868,400
4.32%
$25,094
 
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 U.S. Sustainability Index Fund
$1,820
$-
$-
 
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 $289.
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.
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity U.S. Sustainability Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity U.S. Sustainability Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Laura M. Bishop, Jonathan Chiel, Robert W. Helm, Christine J. Thompson, and Carol J. Zierhoffer, each of the Trustees oversees 313 funds. Mr. Chiel oversees 191 funds. Ms. Bishop, Mr. Helm, Ms. Thompson, and Ms. Zierhoffer each oversees 229 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.
Christine J. Thompson (1958)
Year of Election or Appointment: 2023
Trustee
Ms. Thompson also serves as a Trustee of other Fidelity® funds. Ms. Thompson serves as Leader of Advanced Technologies for Investment Management at Fidelity Investments (2018-present). Previously, Ms. Thompson served as Chief Investment Officer in the Bond group at Fidelity Management & Research Company (2010-2018) and held various other roles including Director of municipal bond portfolio managers and Portfolio Manager of certain Fidelity® funds.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Laura M. Bishop (1961)
Year of Election or Appointment: 2023
Trustee
Ms. Bishop also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting). Previously, Ms. Bishop served as a Member of the Advisory Board of certain Fidelity® funds (2022-2023).    
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Robert W. Helm (1957)
Year of Election or Appointment: 2023
Trustee
Mr. Helm also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon. Previously, Mr. Helm served as a Member of the Advisory Board of certain Fidelity® funds (2021-2023).     
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
Carol J. Zierhoffer (1960)
Year of Election or Appointment: 2023
Trustee
Ms. Zierhoffer also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016), and as a Member of the Advisory Board of certain Fidelity® funds (2023).    
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Robin Foley (1964)
Year of Election or Appointment: 2023
Vice President
Ms. Foley also serves as Vice President of other funds. Ms. Foley serves as Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley served as Chief Investment Officer of Bonds (2017-2023).     
Christopher M. Gouveia (1973)
Year of Election or Appointment: 2023
Chief Compliance Officer
Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).          
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
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 (May 1, 2023 to October 31, 2023).
 
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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® U.S. Sustainability Index Fund
 
 
 
.11%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,026.90
 
$ .56
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.65
 
$ .56
 
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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates 98% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
The fund designates 98.48% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The fund designates 1.49% of the dividend distributed during the fiscal year as a section 199A dividend.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity U.S. Sustainability Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for 2022 and below the competitive median of the asset size peer group for 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked equal to the competitive median of the similar sales load structure group for 2022 and below the competitive median of the total expense asset size peer group for 2022.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and Fidelity's views regarding portfolio manager investment in the Fidelity funds that they manage; (iii) hiring, training, and retaining personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends and market conditions; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (x) information concerning expense limitations applicable to certain funds; and (xi) matters related to money market funds, exchange-traded funds, and target date funds.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2024.
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
378,729,502,260.010
97.580
Withheld
9,407,876,478.960
2.420
TOTAL
388,137,378,738.970
100.000
Jennifer Toolin McAuliffe
Affirmative
378,454,868,010.950
97.510
Withheld
9,682,510,728.020
2.490
TOTAL
388,137,378,738.970
100.000
Christine J. Thompson
Affirmative
378,837,121,274.520
97.600
Withheld
9,300,257,464.450
2.400
TOTAL
388,137,378,738.970
100.000
Elizabeth S. Acton
Affirmative
378,262,110,794.850
97.460
Withheld
9,875,267,944.120
2.540
TOTAL
388,137,378,738.970
100.000
Laura M. Bishop
Affirmative
380,482,113,171.060
98.030
Withheld
7,655,265,567.910
1.970
TOTAL
388,137,378,738.970
100.000
Ann E. Dunwoody
Affirmative
380,016,034,008.120
97.910
Withheld
8,121,344,730.850
2.090
TOTAL
388,137,378,738.970
100.000
John Engler
Affirmative
379,432,488,394.200
97.760
Withheld
8,704,890,344.770
2.240
TOTAL
388,137,378,738.970
100.000
Robert F. Gartland
Affirmative
378,741,819,600.600
97.580
Withheld
9,395,559,138.370
2.420
TOTAL
388,137,378,738.970
100.000
Robert W. Helm
Affirmative
380,389,324,755.070
98.000
Withheld
7,748,053,983.900
2.000
TOTAL
388,137,378,738.970
100.000
Arthur E. Johnson
Affirmative
378,427,694,151.670
97.500
Withheld
9,709,684,587.300
2.500
TOTAL
388,137,378,738.970
100.000
Michael E. Kenneally
Affirmative
377,842,228,145.180
97.350
Withheld
10,295,150,593.790
2.650
TOTAL
388,137,378,738.970
100.000
Mark A. Murray
Affirmative
380,158,432,703.370
97.940
Withheld
7,978,946,035.600
2.060
TOTAL
388,137,378,738.970
100.000
Carol J. Zierhoffer
Affirmative
380,522,113,360.240
98.040
Withheld
7,615,265,378.730
1.960
TOTAL
388,137,378,738.970
100.000
 
 
 
Proposal 1 reflects trust wide proposal and voting results.
 
1.9883815.106
USY-ANN-1223
Fidelity® SAI Emerging Markets Index Fund
 
 
Annual Report
October 31, 2023
 
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

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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. © 2023 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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® SAI Emerging Markets Index Fund
10.58%
1.32%
4.45%
 
A   From January 5, 2016
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI Emerging Markets Index Fund, on January 5, 2016, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuations also helped bolster non-U.S. equity performance overall.   For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 10.58%, versus 10.84% for the benchmark MSCI Emerging Markets Index. From a regional standpoint, emerging markets gained 10% and contributed most, followed by Asia Pacific ex Japan (+12%). By sector, information technology gained roughly 22% and contributed most, driven by the semiconductors & semiconductor equipment industry (+33%). Consumer discretionary stocks also helped (+17%). Communication services rose 22%, financials gained approximately 5%, lifted by insurance (+29%), and energy advanced roughly 11%. Other notable contributors included the consumer staples (+6%), real estate (+11%) and health care (+3%) sectors. From a sector standpoint, materials returned about -3% and detracted most. Utilities (-8%) and industrials (+0.26%), especially in the capital goods industry (+0.26%), also hurt. Turning to individual stocks, the top contributor was Taiwan Semiconductor (+37%), from the semiconductors & semiconductor equipment industry. Tencent Holdings, within the media & entertainment group, gained approximately 50% and lifted the fund. Another notable contributor was Samsung Electronics (+19%), a stock in the technology hardware & equipment group. Alibaba (+31%), from the consumer discretionary distribution & retail category, also contributed. Lastly, Petrobras, within the energy industry, gained about 62% and contributed. Conversely, the biggest individual detractor was Meituan (-11%), from the consumer services category. JD.com (-30%), a stock in the consumer discretionary distribution & retail industry, detracted. Samsung SDI (-39%), from the technology hardware & equipment industry, also hurt. In utilities, Adani Total Gas returned roughly -82% and lastly, EcoPro (-52%), from the materials category, also hurt.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
6.0
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
3.7
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
3.5
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
2.5
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
1.2
 
Meituan Class B (China, Hotels, Restaurants & Leisure)
1.1
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
0.9
 
ICICI Bank Ltd.  (India, Banks)
0.8
 
Infosys Ltd.  (India, IT Services)
0.8
 
China Construction Bank Corp. (H Shares)  (China, Banks)
0.8
 
 
21.3
 
 
Market Sectors (% of Fund's net assets)
 
Financials
20.9
 
Information Technology
19.0
 
Consumer Discretionary
12.6
 
Communication Services
8.8
 
Materials
6.7
 
Industrials
5.9
 
Consumer Staples
5.8
 
Energy
4.9
 
Health Care
3.9
 
Utilities
3.0
 
Real Estate
1.6
 
 
Asset Allocation (% of Fund's net assets)
Futures - 6.7%
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 - 91.2%
 
 
Shares
Value ($)
 
Brazil - 3.6%
 
 
 
Ambev SA
 
2,475,198
6,313,492
Atacadao SA
 
330,500
588,007
B3 SA - Brasil Bolsa Balcao
 
3,024,140
6,657,997
Banco Bradesco SA
 
869,412
2,119,318
Banco BTG Pactual SA unit
 
610,500
3,584,232
Banco do Brasil SA
 
445,805
4,275,236
Banco Santander SA (Brasil) unit
 
192,300
1,026,770
BB Seguridade Participacoes SA
 
363,858
2,219,918
CCR SA
 
523,012
1,242,760
Centrais Eletricas Brasileiras SA (Electrobras)
 
641,597
4,433,627
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
175,500
2,031,821
Companhia Siderurgica Nacional SA (CSN)
 
346,200
807,520
Cosan SA
 
631,624
1,973,140
CPFL Energia SA (a)
 
116,700
774,026
Energisa SA unit
 
109,200
1,009,533
Eneva SA (a)
 
467,200
1,002,649
ENGIE Brasil Energia SA
 
114,020
888,776
Equatorial Energia SA
 
524,138
3,285,121
Hapvida Participacoes e Investimentos SA (a)(b)
 
2,750,243
2,012,872
Hypera SA (a)
 
196,700
1,181,741
Itausa-Investimentos Itau SA
 
39,853
67,821
Klabin SA unit
 
395,800
1,679,996
Localiza Rent a Car SA
 
467,364
4,715,586
Localiza Rent a Car SA rights 11/10/23 (a)
 
3,427
4,758
Lojas Renner SA (a)
 
502,801
1,222,659
Magazine Luiza SA (a)
 
1,587,008
418,648
Natura & Co. Holding SA
 
469,726
1,187,882
Petroleo Brasileiro SA - Petrobras (ON)
 
1,834,808
13,770,840
Prio SA (a)
 
415,400
3,930,100
Raia Drogasil SA
 
677,060
3,464,699
Rede D'Oregon Sao Luiz SA (b)
 
298,217
1,278,812
Rumo SA
 
672,400
2,975,404
Sendas Distribuidora SA
 
705,100
1,529,983
Suzano Papel e Celulose SA
 
412,212
4,216,348
Telefonica Brasil SA
 
217,600
1,952,541
TIM SA
 
451,400
1,358,207
Totvs SA
 
273,400
1,372,491
Ultrapar Participacoes SA
 
376,538
1,527,288
Vale SA
 
1,773,773
24,275,368
Vibra Energia SA (a)
 
607,449
2,384,374
Weg SA
 
878,780
5,753,662
TOTAL BRAZIL
 
 
126,516,023
Chile - 0.4%
 
 
 
Banco de Chile
 
23,673,840
2,432,189
Banco de Credito e Inversiones
 
39,746
950,351
Banco Santander Chile
 
34,408,815
1,500,147
Cencosud SA
 
680,066
1,101,783
Compania Cervecerias Unidas SA
 
69,911
397,438
Compania Sud Americana de Vapores SA
 
8,316,838
461,840
Empresas CMPC SA
 
580,296
1,037,401
Empresas COPEC SA
 
201,660
1,335,012
Enel Americas SA (a)
 
10,893,135
1,119,741
Enel Chile SA
 
14,063,366
832,803
Falabella SA
 
460,403
937,525
TOTAL CHILE
 
 
12,106,230
China - 27.7%
 
 
 
360 Security Technology, Inc. (A Shares) (a)
 
219,300
269,519
37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares)
 
66,800
188,990
3Peak, Inc. (A Shares)
 
3,537
77,895
3SBio, Inc. (b)
 
1,000,000
889,642
AAC Technology Holdings, Inc.
 
378,133
680,653
Accelink Technologies Co. Ltd. (A Shares)
 
23,600
86,982
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)
 
18,956
444,090
AECC Aero-Engine Control Co. Ltd. (A Shares)
 
40,700
115,564
AECC Aviation Power Co. Ltd.
 
77,700
375,793
Agricultural Bank of China Ltd.:
 
 
 
 (A Shares)
 
2,279,500
1,118,863
 (H Shares)
 
15,802,297
5,836,684
Aier Eye Hospital Group Co. Ltd. (A Shares)
 
280,799
702,187
AIMA Technology Group Co. Ltd.
 
24,700
94,879
Air China Ltd.:
 
 
 
 (A Shares) (a)
 
351,400
385,444
 (H Shares) (a)
 
980,000
666,702
Airtac International Group
 
72,926
2,395,785
Akeso, Inc. (a)(b)
 
266,000
1,493,738
Alibaba Group Holding Ltd. (a)
 
8,554,916
88,073,537
Alibaba Health Information Technology Ltd. (a)
 
2,845,000
1,675,930
Aluminum Corp. of China Ltd.:
 
 
 
 (A shares)
 
456,600
387,012
 (H Shares)
 
2,020,000
1,080,560
Amlogic Shanghai Co. Ltd. (A Shares) (a)
 
12,828
105,416
Angel Yeast Co. Ltd. (A Shares)
 
26,600
127,210
Anhui Conch Cement Co. Ltd.:
 
 
 
 (A Shares)
 
136,900
452,831
 (H Shares)
 
659,400
1,641,045
Anhui Gujing Distillery Co. Ltd.:
 
 
 
 (A Shares)
 
10,100
385,014
 (B Shares)
 
64,857
1,010,889
Anhui Honglu Steel Construction Group Co. Ltd.
 
21,190
72,806
Anhui Jianghuai Automobile Group Corp. Ltd. (A Shares) (a)
 
60,900
150,956
Anhui Kouzi Distillery Co. Ltd. (A Shares)
 
18,500
126,987
Anhui Yingjia Distillery Co. Ltd. (A Shares)
 
20,700
217,075
Anjoy Foods Group Co. Ltd. (A Shares)
 
9,000
158,993
Anker Innovations Technology Co. Ltd. (A Shares)
 
10,100
129,395
Anta Sports Products Ltd.
 
664,600
7,516,288
Apeloa Pharmaceutical Co. Ltd. A Shares
 
35,400
83,452
Asia - Potash International Investment Guangzhou Co. Ltd. (A Shares) (a)
 
28,900
112,684
ASR Microelectronics Co. Ltd. (A Shares)
 
12,281
109,467
Asymchem Laboratories Tianjin Co. Ltd. (A Shares)
 
10,560
217,965
Autobio Diagnostics Co. Ltd.
 
18,400
111,821
Autohome, Inc. ADR Class A
 
35,602
952,354
Avary Holding Shenzhen Co. Ltd. (A Shares)
 
60,900
178,494
AVIC Capital Co. Ltd. (A Shares)
 
281,800
128,349
AviChina Industry & Technology Co. Ltd. (H Shares)
 
1,322,000
599,153
Avicopter PLC (A Shares)
 
18,100
93,970
BAIC BluePark New Energy Technology Co. Ltd. (A Shares) (a)
 
152,700
143,141
Baidu, Inc. Class A (a)
 
1,175,224
15,429,291
Bank of Beijing Co. Ltd. (A Shares)
 
619,025
386,048
Bank of Changsha Co. Ltd. (A Shares)
 
121,900
122,476
Bank of Chengdu Co. Ltd. (A Shares)
 
112,400
190,005
Bank of China Ltd.:
 
 
 
 (A Shares)
 
1,191,500
635,244
 (H Shares)
 
41,241,464
14,407,104
Bank of Communications Co. Ltd.:
 
 
 
 (A Shares)
 
735,800
566,291
 (H Shares)
 
5,261,176
3,112,017
Bank of Hangzhou Co. Ltd. (A Shares)
 
169,700
248,257
Bank of Jiangsu Co. Ltd. (A Shares)
 
448,843
423,530
Bank of Nanjing Co. Ltd. (A Shares)
 
298,200
319,676
Bank of Ningbo Co. Ltd. (A Shares)
 
197,520
674,680
Bank of Shanghai Co. Ltd. (A Shares)
 
414,380
343,929
Bank of Suzhou Co. Ltd.
 
114,700
98,497
Baoshan Iron & Steel Co. Ltd. (A Shares)
 
662,400
566,759
BeiGene Ltd. (a)
 
361,132
5,184,368
Beijing Capital International Airport Co. Ltd. (H Shares) (a)
 
1,031,000
379,756
Beijing Dabeinong Technology Group Co. Ltd. (A Shares) (a)
 
128,400
123,774
Beijing E-Hualu Information Technology Co. Ltd. (A Shares) (a)
 
19,100
75,772
Beijing Easpring Material Technology Co. Ltd. (A Shares)
 
15,400
92,875
Beijing Enlight Media Co. Ltd. (A Shares)
 
89,200
95,405
Beijing Enterprises Holdings Ltd.
 
267,427
891,030
Beijing Enterprises Water Group Ltd.
 
2,056,000
433,827
Beijing Kingsoft Office Software, Inc. (A Shares)
 
13,808
543,224
Beijing New Building Materials PLC (A Shares)
 
52,600
175,903
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares)
 
36,600
124,623
Beijing Roborock Technology Co. Ltd. (A Shares)
 
3,725
161,054
Beijing Shiji Information Technology Co. Ltd. (A Shares)
 
70,480
101,681
Beijing Tiantan Biological Products Corp. Ltd. (A Shares)
 
46,000
181,522
Beijing Tongrentang Co. Ltd. (A Shares)
 
41,200
289,183
Beijing United Information Technology Co. Ltd. (A Shares)
 
22,634
116,541
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares)
 
25,012
150,026
Beijing Yanjing Brewery Co. Ltd. (A Shares)
 
86,400
122,847
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares)
 
971,400
664,150
Beiqi Foton Motor Co. Ltd. (A Shares) (a)
 
228,100
94,563
Bethel Automotive Safety Systems Co. Ltd. (A Shares)
 
12,400
128,346
Betta Pharmaceuticals Co. Ltd. (A Shares)
 
12,900
107,315
BGI Genomics Co. Ltd.
 
12,900
86,807
Bilibili, Inc. Class Z (a)(c)
 
102,581
1,376,404
Bloomage Biotechnology Corp. Ltd. (A Shares)
 
15,461
161,639
BOC Aviation Ltd. Class A (b)
 
106,500
654,984
BOC International China Co. Ltd.
 
83,900
125,063
BOE Technology Group Co. Ltd. (A Shares)
 
1,142,400
612,450
Bosideng International Holdings Ltd.
 
2,036,000
803,873
BTG Hotels Group Co. Ltd. (a)
 
34,200
78,093
By-Health Co. Ltd. (A Shares)
 
53,100
132,976
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
68,700
2,242,135
 (H Shares)
 
532,300
16,187,312
BYD Electronic International Co. Ltd.
 
412,000
1,719,900
C&D International Investment Group Ltd.
 
382,982
861,622
Caitong Securities Co. Ltd.
 
147,400
160,049
Cambricon Technologies Corp. Ltd. (A Shares) (a)
 
12,223
180,441
Canmax Technologies Co. Ltd. (A Shares)
 
26,000
96,717
CECEP Solar Energy Co. Ltd. (A Shares)
 
118,600
93,075
CECEP Wind-Power Corp. (A Shares)
 
171,500
74,345
CETC Cyberspace Security Technology Co. Ltd. (A Shares)
 
26,300
79,305
CGN Power Co. Ltd. (H Shares) (b)
 
5,854,447
1,406,868
Changchun High & New Technology Industry Group, Inc. (A Shares)
 
12,000
255,458
Changjiang Securities Co. Ltd. (A Shares)
 
170,000
132,246
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares)
 
8,800
175,975
Chaozhou Three-Circle Group Co. (A Shares)
 
60,300
254,673
Chengxin Lithium Group Co. Ltd. (A Shares)
 
28,000
89,943
Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a)
 
47,200
95,026
China Baoan Group Co. Ltd. (A Shares)
 
78,800
111,335
China Cinda Asset Management Co. Ltd. (H Shares)
 
4,826,000
469,295
China CITIC Bank Corp. Ltd. (H Shares)
 
4,662,051
2,079,780
China Coal Energy Co. Ltd. (H Shares)
 
1,093,000
858,515
China Communications Services Corp. Ltd. (H Shares)
 
1,314,000
537,461
China Conch Venture Holdings Ltd.
 
764,600
633,222
China Construction Bank Corp.:
 
 
 
 (A Shares)
 
247,500
212,102
 (H Shares)
 
50,206,000
28,394,410
China CSSC Holdings Ltd. (A Shares)
 
138,500
490,130
China Eastern Airlines Corp. Ltd. (A Shares) (a)
 
502,400
299,455
China Energy Engineering Corp. Ltd. (A Shares)
 
979,000
291,830
China Everbright Bank Co. Ltd.:
 
 
 
 (A Shares)
 
1,274,900
517,537
 (H Shares)
 
1,953,000
557,087
China Everbright International Ltd.
 
1,929,814
658,793
China Feihe Ltd. (b)
 
1,927,000
1,197,384
China Film Co. Ltd. (A Shares) (a)
 
55,200
90,202
China Galaxy Securities Co. Ltd.:
 
 
 
 (A Shares)
 
98,300
163,027
 (H Shares)
 
1,964,500
1,005,447
China Gas Holdings Ltd.
 
1,439,900
1,294,480
China Great Wall Securities Co. Ltd. (A Shares)
 
105,800
120,888
China Greatwall Technology Group Co. Ltd. (A Shares)
 
100,300
150,753
China Hongqiao Group Ltd.
 
1,246,200
1,166,710
China Huishan Dairy Holdings Co. Ltd. (a)(d)
 
2,302,000
3
China International Capital Corp. Ltd.
 
68,800
346,653
China International Capital Corp. Ltd. (H Shares) (b)
 
772,600
1,230,563
China Jinmao Holdings Group Ltd.
 
3,145,191
385,779
China Jushi Co. Ltd. (A Shares)
 
125,114
198,051
China Life Insurance Co. Ltd.:
 
 
 
 (A Shares)
 
92,800
426,279
 (H Shares)
 
3,859,747
5,227,637
China Literature Ltd. (a)(b)
 
213,500
718,958
China Longyuan Power Grid Corp. Ltd. (H Shares)
 
1,798,000
1,522,058
China Medical System Holdings Ltd.
 
711,000
1,136,959
China Meheco Co. Ltd. (A Shares)
 
47,000
76,818
China Meidong Auto Holding Ltd.
 
352,000
188,775
China Mengniu Dairy Co. Ltd.
 
1,652,000
5,394,006
China Merchants Bank Co. Ltd.:
 
 
 
 (A Shares)
 
555,200
2,336,322
 (H Shares)
 
2,137,421
8,107,868
China Merchants Energy Shipping Co. Ltd. (A Shares)
 
253,000
222,463
China Merchants Holdings International Co. Ltd.
 
748,242
952,463
China Merchants Securities Co. Ltd. (A Shares)
 
215,650
416,968
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
232,700
351,073
China Minmetals Rare Earth Co. Ltd. (A Shares)
 
30,700
125,902
China Minsheng Banking Corp. Ltd.:
 
 
 
 (A Shares)
 
1,252,200
636,814
 (H Shares)
 
3,250,061
1,080,518
China National Building Materials Co. Ltd. (H Shares)
 
2,034,000
968,176
China National Chemical Engineering Co. Ltd. (A Shares)
 
191,108
182,946
China National Medicines Corp. Ltd. (A Shares)
 
22,400
88,161
China National Nuclear Power Co. Ltd. (A Shares)
 
577,700
586,116
China National Software & Service Co. Ltd. (A Shares)
 
26,910
126,528
China Northern Rare Earth Group High-Tech Co. Ltd.
 
105,900
302,644
China Oilfield Services Ltd. (H Shares)
 
938,000
1,109,016
China Overseas Land and Investment Ltd.
 
1,989,702
3,754,786
China Overseas Property Holdings Ltd.
 
690,000
599,252
China Pacific Insurance (Group) Co. Ltd.
 
161,500
612,419
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
1,473,428
3,629,599
China Petroleum & Chemical Corp.:
 
 
 
 (A Shares)
 
437,400
326,643
 (H Shares)
 
13,822,704
7,069,454
China Power International Development Ltd.
 
2,660,619
1,034,011
China Railway Group Ltd.:
 
 
 
 (A Shares)
 
562,200
464,998
 (H Shares)
 
2,356,000
1,111,948
China Railway Signal & Communications Corp. (A Shares)
 
234,971
150,874
China Resource Gas Group Ltd.
 
487,500
1,441,112
China Resources Beer Holdings Co. Ltd.
 
852,144
4,509,263
China Resources Cement Holdings Ltd.
 
1,328,000
341,467
China Resources Land Ltd.
 
1,668,812
6,246,544
China Resources Microelectronics Ltd. (A Shares)
 
39,504
287,307
China Resources Mixc Lifestyle Services Ltd. (b)
 
357,000
1,392,807
China Resources Pharmaceutical Group Ltd. (b)
 
822,000
510,624
China Resources Power Holdings Co. Ltd.
 
1,018,940
1,974,595
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares)
 
31,100
183,320
China Ruyi Holdings Ltd. (a)(c)
 
2,940,000
677,013
China Shenhua Energy Co. Ltd.:
 
 
 
 (A Shares)
 
152,985
633,666
 (H Shares)
 
1,837,202
5,630,973
China Southern Airlines Ltd.:
 
 
 
 (A Shares) (a)
 
442,500
373,628
 (H Shares) (a)
 
816,000
386,122
China State Construction Engineering Corp. Ltd. (A Shares)
 
1,261,840
893,236
China State Construction International Holdings Ltd.
 
1,065,500
1,141,300
China Taiping Insurance Group Ltd.
 
753,255
695,839
China Three Gorges Renewables Group Co. Ltd. (A Shares)
 
847,000
555,924
China Tourism Group Duty Free Corp. Ltd.:
 
 
 
 (A Shares)
 
86,300
1,116,419
 (H Shares) (b)
 
13,000
146,812
China Tower Corp. Ltd. (H Shares) (b)
 
23,465,000
2,188,132
China Traditional Chinese Medicine Holdings Co. Ltd.
 
1,612,000
794,307
China United Network Communications Ltd. (A Shares)
 
959,000
584,576
China Vanke Co. Ltd.:
 
 
 
 (A Shares)
 
275,700
426,538
 (H Shares)
 
1,199,300
1,122,013
China XD Electric Co. Ltd. (A Shares)
 
144,400
91,266
China Yangtze Power Co. Ltd. (A Shares)
 
740,600
2,285,180
China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares)
 
16,200
148,235
China Zheshang Bank Co. Ltd.
 
662,350
231,000
ChinaSoft International Ltd.
 
1,420,000
1,030,235
Chongqing Brewery Co. Ltd. (A Shares)
 
15,100
162,047
Chongqing Changan Automobile Co. Ltd. (A Shares)
 
245,274
507,695
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares)
 
35,360
74,685
Chongqing Rural Commercial Bank Co. Ltd. (A Shares)
 
245,800
142,825
Chongqing Taiji Industry Group Co. Ltd. (A Shares) (a)
 
16,400
94,109
Chongqing Zhifei Biological Products Co. Ltd. (A Shares)
 
70,950
608,228
Chow Tai Fook Jewellery Group Ltd.
 
1,054,400
1,488,944
CITIC Pacific Ltd.
 
3,034,941
2,579,514
CITIC Securities Co. Ltd.:
 
 
 
 (A Shares)
 
280,000
831,319
 (H Shares)
 
1,142,090
2,222,344
Cmoc Group Ltd.:
 
 
 
 (A Shares)
 
597,400
453,056
 (H Shares)
 
1,921,000
1,145,706
CNGR Advanced Material Co. Ltd.
 
19,000
141,364
CNNC Hua Yuan Titanium Dioxide Co. Ltd. (A Shares)
 
94,890
61,796
CNPC Capital Co. Ltd. (A Shares)
 
188,300
152,778
Contemporary Amperex Technology Co. Ltd.
 
133,220
3,383,436
COSCO Shipping Development Co. Ltd. (A Shares)
 
321,900
101,200
COSCO Shipping Energy Transportation Co. Ltd.:
 
 
 
 (A Shares)
 
108,300
213,462
 (H Shares)
 
680,000
721,162
COSCO SHIPPING Holdings Co. Ltd.:
 
 
 
 (A Shares) (a)
 
330,720
442,005
 (H Shares)
 
1,751,800
1,781,646
Cosco Shipping Ports Ltd.
 
754,473
455,168
Country Garden Holdings Co. Ltd. (a)(c)
 
6,470,662
578,624
Country Garden Services Holdings Co. Ltd.
 
1,144,000
999,292
CRRC Corp. Ltd.:
 
 
 
 (A Shares)
 
791,300
578,058
 (H Shares)
 
2,248,000
936,571
CSC Financial Co. Ltd. (A Shares)
 
128,600
425,368
CSPC Pharmaceutical Group Ltd.
 
4,687,608
4,094,484
Dajin Heavy Industry Co. Ltd.
 
19,700
74,635
Daqin Railway Co. Ltd. (A Shares)
 
456,700
450,222
Daqo New Energy Corp. ADR (a)
 
30,503
776,606
DaShenLin Pharmaceutical Group Co. Ltd.
 
35,673
116,140
Datang International Power Generation Co. Ltd. (A Shares)
 
295,700
104,705
DHC Software Co. Ltd. (A Shares)
 
101,700
87,654
Do-Fluoride New Materials Co. Ltd. (A Shares)
 
32,900
71,975
Dong-E-E-Jiao Co. Ltd. (A Shares)
 
20,300
128,807
Dongfang Electric Corp. Ltd. (A Shares)
 
86,100
175,441
Dongfeng Motor Group Co. Ltd. (H Shares)
 
1,381,000
607,950
Dongxing Securities Co. Ltd. (A Shares)
 
101,500
111,022
Dongyue Group Co. Ltd.
 
831,000
661,933
East Buy Holding Ltd. (a)(b)(c)
 
212,000
864,855
East Money Information Co. Ltd. (A Shares)
 
477,208
995,934
Eastroc Beverage Group Co. Ltd.
 
8,000
210,088
Ecovacs Robotics Co. Ltd. Class A
 
17,900
105,690
ENN Energy Holdings Ltd.
 
413,043
3,128,861
ENN Natural Gas Co. Ltd. (A Shares)
 
79,700
188,132
Eoptolink Technology, Inc. Ltd. (A Shares)
 
21,200
91,448
Eve Energy Co. Ltd. (A shares)
 
61,574
390,633
Everbright Securities Co. Ltd. (A Shares)
 
122,458
275,700
Everdisplay Optronics Shanghai Co. Ltd. (A Shares) (a)
 
330,422
118,365
Fangda Carbon New Material Co. Ltd. (A Shares) (a)
 
124,048
100,072
Far East Horizon Ltd.
 
659,000
463,697
Farasis Energy Gan Zhou Co. Ltd. (A Shares) (a)
 
34,876
84,015
FAW Jiefang Group Co. Ltd. (A Shares) (a)
 
96,100
121,117
First Capital Securities Co. Ltd. (A Shares)
 
133,400
106,701
Flat Glass Group Co. Ltd. (c)
 
220,000
395,094
Flat Glass Group Co. Ltd. (A Shares) (a)
 
53,600
189,320
Focus Media Information Technology Co. Ltd. (A Shares)
 
434,940
411,225
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares)
 
137,976
710,251
Fosun International Ltd.
 
1,302,454
780,353
Founder Securities Co. Ltd. (A Shares)
 
238,500
247,236
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
300,697
605,987
Fujian Sunner Development Co. Ltd. A Shares
 
38,000
93,481
Fuyao Glass Industries Group Co. Ltd.:
 
 
 
 (A Shares)
 
52,300
266,168
 (H Shares) (b)
 
340,400
1,551,915
G-bits Network Technology Xiamen Co. Ltd. (A Shares)
 
2,300
83,695
GalaxyCore, Inc. (A Shares)
 
47,998
120,863
Ganfeng Lithium Group Co. Ltd.:
 
 
 
 (A Shares)
 
49,440
299,605
 (H Shares) (b)
 
217,120
779,846
GCL Technology Holdings Ltd.
 
10,590,000
1,559,565
GD Power Development Co. Ltd. (A Shares)
 
520,000
258,729
GDS Holdings Ltd. Class A (a)
 
497,552
633,853
Geely Automobile Holdings Ltd.
 
3,165,517
3,593,891
GEM Co. Ltd. (A Shares)
 
152,100
121,901
Gemdale Corp. (A Shares)
 
140,500
99,172
Genscript Biotech Corp. (a)
 
610,000
1,773,372
GF Securities Co. Ltd.:
 
 
 
 (A Shares)
 
212,700
431,570
 (H Shares)
 
509,228
662,996
Giant Network Group Co. Ltd. (A Shares)
 
57,600
93,023
Gigadevice Semiconductor Beijing, Inc. (A Shares)
 
19,760
289,468
Ginlong Technologies Co. Ltd. (A Shares)
 
12,300
112,868
GoerTek, Inc. (A Shares)
 
100,000
246,931
Goldwind Science & Technology Co. Ltd. (A Shares)
 
110,800
133,254
Gongniu Group Co. Ltd. (A Shares)
 
13,100
189,360
GoodWe Technologies Co. Ltd. (A Shares)
 
5,060
80,836
Gotion High-tech Co. Ltd. (A Shares) (a)
 
56,400
175,622
Great Wall Motor Co. Ltd. (H Shares)
 
1,412,500
1,974,524
Gree Electric Appliances, Inc. of Zhuhai (A Shares)
 
84,200
390,612
Greenland Holdings Corp. Ltd. (A Shares) (a)
 
351,400
122,487
Greentown China Holdings Ltd.
 
527,500
511,750
GRG Banking Equipment Co. Ltd. (A Shares)
 
78,900
125,932
Guangdong Haid Group Co. Ltd. (A Shares)
 
49,000
301,695
Guangdong HEC Technology Holding Co. Ltd. (A Shares) (a)
 
95,800
93,209
Guangdong Investment Ltd.
 
1,513,126
1,032,530
Guanghui Energy Co. Ltd. (A Shares)
 
205,000
210,496
Guangzhou Automobile Group Co. Ltd.
 
261,900
358,997
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
1,284,200
601,645
Guangzhou Baiyun International Airport Co. Ltd. (A Shares) (a)
 
68,400
99,039
Guangzhou Baiyunshan Pharma Health (A Shares)
 
44,100
179,707
Guangzhou Great Power Energy & Technology Co. Ltd. (A Shares)
 
14,300
60,300
Guangzhou Haige Communications Group (A Shares)
 
74,600
118,490
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
14,500
122,736
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares)
 
22,000
126,396
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares)
 
56,500
215,007
Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares)
 
129,431
116,143
Guolian Securities Co. Ltd. (a)
 
73,200
107,647
Guosen Securities Co. Ltd. (A Shares)
 
183,500
241,082
Guotai Junan Securities Co. Ltd. (A Shares)
 
216,900
438,169
Guoyuan Securities Co. Ltd. (A Shares)
 
135,170
127,947
H World Group Ltd. ADR (a)(c)
 
107,958
4,065,698
Haidilao International Holding Ltd. (b)
 
873,000
2,185,823
Haier Smart Home Co. Ltd.
 
1,288,000
3,673,800
Haier Smart Home Co. Ltd. (A Shares)
 
187,500
569,811
Hainan Airlines Co. Ltd. (A Shares) (a)
 
1,288,700
257,275
Hainan Airport Infrastructure Co. Ltd. (A Shares) (a)
 
324,600
169,117
Haitian International Holdings Ltd.
 
335,000
799,171
Haitong Securities Co. Ltd.:
 
 
 
 (A Shares)
 
367,100
490,400
 (H Shares)
 
1,274,800
731,973
Hangzhou Binjiang Real Estate Group Co. Ltd. (A Shares)
 
97,200
111,272
Hangzhou Chang Chuan Technology Co. Ltd.
 
19,000
106,122
Hangzhou First Applied Material Co. Ltd. (A Shares)
 
55,672
194,556
Hangzhou GreatStar Industrial Co. Ltd. (A Shares) (a)
 
34,700
94,032
Hangzhou Lion Electronics Co. Ltd. (A Shares)
 
21,300
93,719
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares)
 
30,800
139,033
Hangzhou Robam Appliances Co. Ltd. (A Shares)
 
29,400
92,773
Hangzhou Silan Microelectronics Co. Ltd. (A Shares)
 
44,800
148,783
Hangzhou Tigermed Consulting Co. Ltd. (A Shares)
 
10,700
97,640
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
624,000
1,174,052
Haohua Chemical Science & Technology Co. Ltd. (A Shares)
 
20,900
87,866
Hebei Hengshui Laobaigan Liquor Co. Ltd.
 
24,500
79,695
Hebei Yangyuan Zhihui Beverage Co. Ltd. (A Shares)
 
35,000
119,109
Heilongjiang Agriculture Co. Ltd. (A Shares)
 
58,000
101,016
Henan Shenhuo Coal & Power Co. Ltd. (A Shares)
 
71,100
159,858
Henan Shuanghui Investment & Development Co. Ltd. (A Shares)
 
102,600
367,304
Hengan International Group Co. Ltd.
 
347,900
1,165,221
Hengdian Group DMEGC Magnetics Co. Ltd. (A Shares)
 
50,900
101,367
Hengli Petrochemical Co. Ltd. (A Shares) (a)
 
208,320
417,411
Hengtong Optic-electric Co. Ltd. (A Shares)
 
73,500
132,550
Hengyi Petrochemical Co. Ltd. (A Shares) (a)
 
120,280
118,267
Hesteel Co. Ltd. (A Shares)
 
340,100
104,148
Hisense Electric Co. Ltd.
 
38,700
123,185
Hithink RoyalFlush Information Network Co. Ltd. (A Shares)
 
16,700
320,805
Hongfa Technology Co. Ltd. (A Shares)
 
16,980
67,393
Hoshine Silicon Industry Co. Ltd. (A Shares)
 
22,200
173,744
Hoymiles Power Electronics, Inc. (A Shares)
 
2,372
72,655
Hoyuan Green Energy Co. Ltd. (A Shares)
 
16,209
82,789
Hua Hong Semiconductor Ltd. (a)(b)
 
312,000
768,170
Huadian Power International Corp. Ltd. (A Shares)
 
253,200
169,836
Huadong Medicine Co. Ltd. (A Shares)
 
52,400
307,911
Huafon Chemical Co. Ltd. (A Shares)
 
159,700
158,391
Huagong Tech Co. Ltd. (A Shares)
 
27,500
106,293
Huaibei Mining Holdings Co. Ltd. (A Shares)
 
79,600
159,586
Hualan Biological Engineer, Inc. (A Shares)
 
53,370
171,270
Huaneng Power International, Inc.:
 
 
 
 (A Shares) (a)
 
319,600
332,535
 (H Shares) (a)
 
2,162,186
1,011,800
Huatai Securities Co. Ltd.:
 
 
 
 (A Shares)
 
189,400
415,171
 (H Shares) (b)
 
750,400
982,426
HUAXI Securities Co. Ltd.
 
80,700
87,458
Huaxia Bank Co. Ltd. (A Shares)
 
391,758
299,977
Huayu Automotive Systems Co. Ltd. (A Shares)
 
98,300
235,800
Hubei Feilihua Quartz Glass Co. Ltd. (A Shares)
 
15,700
85,022
Hubei Jumpcan Pharmaceutical Co. Ltd. (A Shares)
 
28,300
104,867
Hubei Xingfa Chemicals Group Co. Ltd. (A Shares)
 
34,100
91,622
Huizhou Desay SV Automotive Co. Ltd.
 
16,600
285,018
Humanwell Healthcare Group Co. Ltd. (A Shares)
 
51,300
164,043
Hunan Changyuan Lico Co. Ltd. (A Shares)
 
61,437
71,631
Hunan Valin Steel Co. Ltd. (A Shares)
 
221,600
176,587
Hundsun Technologies, Inc. (A Shares)
 
57,119
243,281
Hygeia Healthcare Holdings Co. (b)
 
184,200
1,112,212
iFlytek Co. Ltd. (A Shares)
 
69,100
431,110
IMEIK Technology Development Co. Ltd. (A Shares)
 
6,700
302,132
Industrial & Commercial Bank of China Ltd.:
 
 
 
 (A Shares)
 
4,401,000
2,846,460
 (H Shares)
 
30,390,000
14,564,248
Industrial Bank Co. Ltd. (A Shares)
 
619,100
1,276,802
Industrial Securities Co. Ltd. (A Shares)
 
266,670
227,573
Ingenic Semiconductor Co. Ltd. (A Shares)
 
15,300
154,547
Inner Mongoli Yili Industries Co. Ltd. (A Shares)
 
190,200
713,179
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a)
 
1,313,500
291,067
Inner Mongolia Dian Tou Energy Corp. Ltd.
 
60,800
113,127
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares)
 
230,600
126,130
Inner Mongolia Yitai Coal Co. Ltd. (B Shares) (a)
 
631,290
866,427
Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares)
 
113,000
105,131
Innovent Biologics, Inc. (a)(b)
 
605,000
3,565,364
Inspur Electronic Information Industry Co. Ltd. (A Shares)
 
45,972
186,329
iQIYI, Inc. ADR (a)
 
231,280
1,077,765
iRay Technology Co. Ltd. (A Shares)
 
3,046
93,864
iSoftStone Information Technology Group Co. Ltd. (A Shares)
 
27,450
134,256
JA Solar Technology Co. Ltd. (A Shares)
 
100,304
307,336
Jason Furniture Hangzhou Co. Ltd. (A Shares)
 
25,720
130,223
JCET Group Co. Ltd. (A Shares)
 
56,900
240,181
JD Health International, Inc. (a)(b)
 
582,150
2,644,288
JD Logistics, Inc. (a)(b)
 
1,042,100
1,233,947
JD.com, Inc. Class A
 
1,224,050
15,561,546
Jiangsu Eastern Shenghong Co. Ltd.
 
191,200
278,200
Jiangsu Expressway Co. Ltd. (H Shares)
 
658,000
598,216
Jiangsu Hengli Hydraulic Co. Ltd.
 
41,676
320,808
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)
 
192,658
1,261,800
Jiangsu King's Luck Brewery JSC Ltd. (A Shares)
 
37,300
298,291
Jiangsu Nhwa Pharmaceutical Co. Ltd. (A Shares)
 
29,700
106,759
Jiangsu Pacific Quartz Co. Ltd. (A Shares)
 
11,400
143,346
Jiangsu Phoenix Publishing & Media Corp. Ltd.
 
76,100
99,975
Jiangsu Yanghe Brewery JSC Ltd. (A Shares)
 
45,100
752,196
Jiangsu Yangnong Chemical Co. Ltd. (A Shares)
 
12,870
118,843
Jiangsu Yoke Technology Co. Ltd. (A Shares)
 
14,800
116,879
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares)
 
31,400
144,423
Jiangsu Zhongtian Technology Co. Ltd. (A Shares)
 
101,000
193,476
Jiangxi Copper Co. Ltd.:
 
 
 
 (A Shares)
 
83,300
208,821
 (H Shares)
 
584,000
825,751
Jiangxi Special Electric Motor Co. Ltd. (A Shares) (a)
 
52,400
85,802
Jinduicheng Molybdenum Co. Ltd. (A Shares)
 
91,100
125,076
Jinko Solar Co. Ltd. (A Shares)
 
194,730
252,683
JiuGui Liquor Co. Ltd. (A Shares)
 
10,000
104,487
Jiumaojiu International Holdings Ltd. (b)
 
497,000
540,795
Jizhong Energy Resources Co. Ltd. (A Shares)
 
112,700
98,943
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares)
 
56,200
91,095
Jointown Pharmaceutical Group (A Shares)
 
123,074
119,792
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares) (a)
 
24,300
111,639
JOYY, Inc. ADR
 
23,693
922,132
Juewei Food Co. Ltd.
 
18,600
89,825
Juneyao Airlines Co. Ltd. (A shares) (a)
 
64,600
128,829
Kangmei Pharmaceutical Co. Ltd. rights (a)(d)
 
18,271
0
Kanzhun Ltd. ADR (a)
 
114,357
1,692,484
KE Holdings, Inc. ADR
 
343,119
5,047,280
Keda Industrial Group Co. Ltd.
 
58,500
87,141
Kingboard Chemical Holdings Ltd.
 
347,900
847,233
Kingdee International Software Group Co. Ltd. (a)
 
1,451,000
1,925,286
Kingnet Network Co. Ltd. (A Shares)
 
64,400
95,029
Kingsoft Corp. Ltd.
 
498,400
1,739,156
Kuaishou Technology Class B (a)(b)
 
1,209,600
7,789,639
Kuang-Chi Technologies Co. Ltd. (A Shares)
 
67,600
129,322
Kunlun Energy Co. Ltd.
 
2,061,000
1,717,027
Kunlun Tech Co. Ltd. (A Shares) (a)
 
35,500
152,800
Kweichow Moutai Co. Ltd. (A Shares)
 
38,100
8,776,496
Lb Group Co. Ltd. (A Shares)
 
75,800
192,956
Lenovo Group Ltd.
 
3,797,000
4,418,691
Lens Technology Co. Ltd. (A Shares)
 
145,400
259,804
Lepu Medical Technology Beijing Co. Ltd. (A Shares)
 
56,900
134,022
Li Auto, Inc. Class A (a)
 
585,636
9,905,230
Li Ning Co. Ltd.
 
1,237,500
3,792,200
Liaoning Port Co. Ltd. (A Shares)
 
562,700
116,130
Lingyi iTech Guangdong Co. (A Shares)
 
218,900
181,993
Livzon Pharmaceutical Group, Inc. (A Shares)
 
19,100
91,436
Longfor Properties Co. Ltd. (b)
 
989,095
1,439,886
LONGi Green Energy Technology Co. Ltd.
 
228,599
754,694
Lufax Holding Ltd. ADR
 
361,053
344,733
Luxi Chemical Group Co. Ltd.
 
61,500
95,479
Luxshare Precision Industry Co. Ltd. (A Shares)
 
214,524
963,449
Luzhou Laojiao Co. Ltd. (A Shares)
 
44,400
1,300,721
Mango Excellent Media Co. Ltd. (A Shares)
 
56,170
194,191
Maxscend Microelectronics Co. Ltd. (A Shares)
 
16,028
330,744
Meihua Holdings Group Co. Ltd. (A Shares)
 
92,700
120,420
Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a)
 
121,488
102,438
Meituan Class B (a)(b)
 
2,643,420
37,470,516
Metallurgical Corp. China Ltd. (A Shares)
 
560,500
253,673
Microport Scientific Corp. (a)
 
434,300
684,357
Ming Yang Smart Energy Group Ltd. (A Shares)
 
72,600
138,812
MINISO Group Holding Ltd. ADR
 
49,704
1,258,008
Minth Group Ltd.
 
396,000
883,962
Montage Technology Co. Ltd. (A Shares)
 
33,848
255,218
Muyuan Foodstuff Co. Ltd. (A Shares)
 
164,554
848,762
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd.
 
49,253
85,195
Nanjing Securities Co. Ltd. (A Shares)
 
92,500
101,723
NARI Technology Co. Ltd. (A Shares)
 
238,675
737,076
National Silicon Industry Group Co. Ltd. (A Shares) (a)
 
81,486
202,244
NAURA Technology Group Co. Ltd.
 
15,700
550,736
NavInfo Co. Ltd. (A Shares) (a)
 
77,300
105,751
NetEase, Inc.
 
1,008,020
21,573,191
New China Life Insurance Co. Ltd.
 
46,800
213,920
New China Life Insurance Co. Ltd. (H Shares)
 
480,500
1,054,054
New Hope Liuhe Co. Ltd. (A Shares) (a)
 
139,900
194,181
New Oriental Education & Technology Group, Inc. (a)
 
784,110
5,112,427
Ninestar Corp. (A Shares)
 
44,100
147,959
Ningbo Deye Technology Co. Ltd. (A Shares)
 
12,660
119,799
Ningbo Joyson Electronic Corp. (A shares)
 
41,500
107,033
Ningbo Orient Wires & Cables Co. Ltd. (A Shares)
 
21,100
121,509
Ningbo Ronbay New Energy Technology Co. Ltd. (A Shares)
 
13,650
82,703
Ningbo Shanshan Co. Ltd. (A Shares)
 
66,800
127,902
Ningbo Tuopu Group Co. Ltd. (A Shares)
 
33,000
291,547
Ningxia Baofeng Energy Group Co. Ltd.
 
215,200
424,403
NIO, Inc. sponsored ADR (a)(c)
 
722,055
5,271,002
Nongfu Spring Co. Ltd. (H Shares) (b)
 
929,800
5,295,902
North Industries Group Red Arrow Co. Ltd. (A Shares)
 
41,900
81,712
Offcn Education Technology Co. A Shares (a)
 
193,800
104,700
Offshore Oil Enginering Co. Ltd. (A Shares)
 
137,300
116,673
Oppein Home Group, Inc. (A Shares)
 
14,980
178,288
Orient Securities Co. Ltd. (A Shares)
 
216,839
257,219
Oriental Pearl Group Co. Ltd.
 
101,400
102,373
Ovctek China, Inc. (A Shares)
 
28,089
96,882
Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a)
 
269,000
128,476
PDD Holdings, Inc. ADR (a)
 
311,502
31,592,533
People's Insurance Co. of China Group Ltd.:
 
 
 
 (A Shares)
 
359,300
262,340
 (H Shares)
 
4,414,552
1,456,623
People.cn Co. Ltd. (A Shares)
 
33,400
148,107
Perfect World Co. Ltd. (A Shares)
 
60,700
99,650
PetroChina Co. Ltd.:
 
 
 
 (A Shares)
 
735,100
716,203
 (H Shares)
 
10,905,790
7,118,380
Pharmaron Beijing Co. Ltd. (A Shares)
 
43,800
199,224
PICC Property & Casualty Co. Ltd. (H Shares)
 
3,603,568
4,115,113
Ping An Bank Co. Ltd. (A Shares)
 
571,500
817,583
Ping An Healthcare and Technology Co. Ltd. (a)(b)(c)
 
299,600
699,844
Ping An Insurance Group Co. of China Ltd.:
 
 
 
 (A Shares)
 
336,996
2,094,319
 (H Shares)
 
3,492,141
17,713,804
Piotech, Inc. (A Shares)
 
5,616
194,075
Poly Developments & Holdings (A Shares)
 
356,400
536,482
Pop Mart International Group Ltd. (b)
 
250,800
692,336
Postal Savings Bank of China Co. Ltd.
 
708,700
442,783
Postal Savings Bank of China Co. Ltd. (H Shares) (b)
 
4,456,000
2,033,849
Power Construction Corp. of China Ltd. (A Shares)
 
513,700
369,458
Pylon Technologies Co. Ltd. (Series A)
 
5,525
86,041
Qi An Xin Technology Group, Inc. (A Shares) (a)
 
19,910
125,612
Qifu Technology, Inc. ADR
 
59,768
883,969
Qinghai Salt Lake Potash Co. Ltd. Class A (a)
 
167,100
386,946
Raytron Technology Co. Ltd. (A Shares)
 
13,912
89,606
Risen Energy Co. Ltd. (A Shares)
 
36,600
88,891
Riyue Heavy Industry Co. Ltd. (A Shares)
 
31,700
61,007
Rockchip Electronics Co. Ltd.
 
8,900
79,317
Rongsheng Petrochemical Co. Ltd. (A Shares)
 
303,400
472,642
SAIC Motor Corp. Ltd. (A Shares)
 
226,600
450,000
Sailun Group Co. Ltd. A Shares
 
90,600
139,143
Sanan Optoelectronics Co. Ltd. (A Shares)
 
149,500
304,333
Sangfor Technologies, Inc. (a)
 
12,400
142,277
Sany Heavy Equipment International Holdings Co. Ltd.
 
585,000
768,466
Sany Heavy Industry Co. Ltd. (A Shares)
 
253,500
501,338
Satellite Chemical Co. Ltd. (A Shares)
 
105,230
233,923
SDIC Capital Co. Ltd.
 
196,900
183,991
SDIC Power Holdings Co. Ltd. (A Shares)
 
221,200
369,034
Seazen Holdings Co. Ltd. (A Shares) (a)
 
70,200
114,019
Seres Group Co. Ltd. (A Shares) (a)
 
46,200
515,748
SF Holding Co. Ltd. (A Shares)
 
146,400
785,651
SG Micro Corp. (A Shares)
 
14,592
178,962
Shaanxi Coal Industry Co. Ltd. (A Shares)
 
288,000
710,165
Shan Xi Hua Yang Group New Energy Co. Ltd.
 
112,350
123,912
Shandong Buchang Pharmaceuticals Co. Ltd. (A Shares)
 
34,188
81,066
Shandong Gold Mining Co. Ltd.:
 
 
 
 (A Shares)
 
140,644
456,748
 (H Shares) (b)
 
333,500
624,788
Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares)
 
23,400
102,890
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares)
 
66,800
293,852
Shandong Linglong Tyre Co. Ltd. (A Shares)
 
44,700
122,369
Shandong Nanshan Aluminum Co. Ltd. (A Shares)
 
367,800
155,896
Shandong Sun Paper Industry JSC Ltd. (A Shares)
 
83,100
141,274
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
1,307,200
1,213,332
Shanghai Aiko Solar Energy Co. Ltd. (A Shares)
 
57,820
154,962
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares)
 
32,660
117,581
Shanghai Baosight Software Co. Ltd.
 
322,962
664,214
Shanghai Baosight Software Co. Ltd. (A Shares)
 
65,068
379,500
Shanghai Construction Group Co. Ltd. (A Shares)
 
285,794
102,788
Shanghai Electric Group Co. Ltd. (A Shares) (a)
 
397,600
241,407
Shanghai Electric Power Co. Ltd. (A Shares)
 
88,600
105,854
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:
 
 
 
 (A Shares)
 
90,900
353,584
 (H Shares)
 
235,500
543,405
Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares)
 
4,341
143,444
Shanghai Fudan Microelectronics Group Co. Ltd. (A Shares)
 
15,590
103,245
Shanghai International Airport Co. Ltd. (A Shares) (a)
 
38,600
196,406
Shanghai International Port Group Co. Ltd. (A Shares)
 
205,143
140,239
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares)
 
28,400
127,537
Shanghai Junshi Biosciences Co. Ltd. (A Shares) (a)
 
23,119
144,999
Shanghai Lingang Holdings Corp. Ltd. (A Shares)
 
71,300
104,594
Shanghai M&G Stationery, Inc. (A Shares)
 
28,300
149,964
Shanghai Moons' Electric Co. Ltd. (A Shares)
 
12,500
112,688
Shanghai Pharmaceuticals Holding Co. Ltd.:
 
 
 
 (A Shares)
 
150,400
370,639
 (H Shares)
 
296,909
431,943
Shanghai Pudong Development Bank Co. Ltd. (A Shares)
 
867,209
808,714
Shanghai Putailai New Energy Technology Co. Ltd.
 
58,974
201,777
Shanghai RAAS Blood Products Co. Ltd. (A Shares)
 
198,200
189,308
Shanghai Rural Commercial Bank Co. Ltd. (A Shares)
 
273,800
223,104
Shanghai Yuyuan Tourist Mart Group Co. Ltd.
 
116,900
103,868
Shanxi Coal International Energy Group Co. Ltd. (A Shares)
 
54,400
121,239
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares)
 
93,700
243,814
Shanxi Meijin Energy Co. Ltd. (A Shares) (a)
 
131,800
126,397
Shanxi Securities Co. Ltd. (A Shares)
 
113,460
87,164
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares)
 
183,800
98,269
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares)
 
36,860
1,245,240
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares)
 
157,890
186,784
Shede Spirits Co. Ltd. (A Shares)
 
9,500
149,607
Shenergy Co. Ltd. (A Shares)
 
141,900
114,278
Shenghe Resources Holding Co. Ltd. (A Shares)
 
53,800
78,668
Shengyi Technology Co. Ltd.
 
74,500
179,172
Shennan Circuits Co. Ltd. (A Shares)
 
16,340
155,470
Shenwan Hongyuan Group Co. Ltd. (A Shares)
 
656,300
393,852
Shenzhen Capchem Technology Co. Ltd. (A Shares)
 
23,220
140,145
Shenzhen Dynanonic Co. Ltd. (A Shares)
 
8,640
92,944
Shenzhen Energy Group Co. Ltd. (A Shares)
 
144,660
122,196
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
39,500
326,579
Shenzhen International Holdings Ltd.
 
760,519
501,276
Shenzhen Kaifa Technology Co. Ltd. (A Shares)
 
41,700
98,110
Shenzhen Kangtai Biological Products Co. Ltd.
 
33,520
139,017
Shenzhen Kedali Industry Co. Ltd.
 
7,800
96,899
Shenzhen Kstar Science & Technology Co. Ltd. (A Shares)
 
18,200
64,930
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
37,100
1,450,366
Shenzhen New Industries Biomedical Engineering Co. Ltd.
 
24,700
232,345
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) (a)
 
253,400
125,255
Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares)
 
35,000
155,837
Shenzhen SC New Energy Technology Corp. (A Shares)
 
10,900
108,817
Shenzhen Sed Industry Co. Ltd. (A Shares)
 
33,700
88,307
Shenzhen Senior Technology Material Co. Ltd. (A Shares)
 
38,758
81,435
Shenzhen Sunlord Electronics Co. Ltd. (A Shares)
 
24,800
99,006
Shenzhen Transsion Holdings Co. Ltd. (A Shares) (a)
 
24,352
447,602
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
29,800
106,996
Shenzhou International Group Holdings Ltd.
 
431,600
4,239,379
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares)
 
52,260
158,793
Shuangliang Eco-Energy Systems Ltd. (A Shares)
 
46,200
59,142
Sichuan Chuantou Energy Co. Ltd. (A Shares)
 
131,400
264,282
Sichuan Hebang Biotechnology Co. Ltd. (A Shares)
 
286,600
93,296
Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares)
 
44,300
166,429
Sichuan New Energy Power Co. Ltd. (A Shares) (a)
 
45,200
72,426
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares)
 
221,760
233,759
Sichuan Swellfun Co. Ltd. (A Shares)
 
15,100
126,217
Sichuan Yahua Industrial Group Co. Ltd. (A Shares)
 
37,200
71,662
Sieyuan Electric Co. Ltd. (A Shares)
 
23,600
159,092
Silergy Corp.
 
170,000
1,518,263
Sinolink Securities Co. Ltd. (A Shares)
 
103,900
129,865
Sinoma International Engineering Co. Ltd. (A Shares)
 
76,700
103,448
Sinoma Science & Technology Co. Ltd. (A Shares)
 
52,200
123,429
Sinomine Resource Group Co. Ltd. (A Shares)
 
20,272
103,658
Sinopec Shanghai Petrochemical Co. Ltd. (A Shares) (a)
 
239,600
98,024
Sinopharm Group Co. Ltd. (H Shares)
 
702,200
1,679,159
Sinotruk Hong Kong Ltd.
 
361,500
680,886
SKSHU Paint Co. Ltd. (A Shares)
 
16,548
134,727
Smoore International Holdings Ltd. (b)(c)
 
939,000
723,648
Songcheng Performance Development Co. Ltd. (A Shares)
 
80,160
120,399
Soochow Securities Co. Ltd. (A Shares)
 
152,860
167,640
Southwest Securities Co. Ltd. (A Shares)
 
202,500
113,523
Spring Airlines Co. Ltd. (A Shares) (a)
 
31,000
232,098
StarPower Semiconductor Ltd. (A Shares)
 
5,400
127,142
Sungrow Power Supply Co. Ltd. (A Shares)
 
44,800
516,373
Sunny Optical Technology Group Co. Ltd.
 
372,900
3,124,132
Sunresin New Materials Co. Ltd. (A Shares)
 
14,450
107,406
Sunwoda Electronic Co. Ltd. (A Shares)
 
52,400
115,435
SUPCON Technology Co. Ltd. (A Shares)
 
22,680
135,357
Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares)
 
53,300
136,527
Suzhou Maxwell Technologies Co. Ltd. (A Shares)
 
8,640
142,690
Suzhou TFC Optical Communication Co. Ltd. (A Shares)
 
11,800
115,403
TAL Education Group ADR (a)
 
230,447
2,021,020
Tangshan Jidong Cement Co. Ltd. A Shares
 
84,900
83,023
TBEA Co. Ltd. (A Shares)
 
146,700
280,809
TCL Technology Group Corp. (A Shares)
 
556,570
299,337
TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares)
 
119,375
301,444
Tencent Holdings Ltd.
 
3,491,200
129,204,969
Tencent Music Entertainment Group ADR (a)
 
392,051
2,846,290
Thunder Software Technology Co. Ltd. (A Shares)
 
14,300
137,429
Tianjin 712 Communication & Broadcasting Co. Ltd.
 
24,300
88,423
Tianma Microelectronics Co. Ltd. (A Shares) (a)
 
81,700
109,482
Tianqi Lithium Corp. (A Shares)
 
44,500
334,892
Tianshan Aluminum Group Co. Ltd.
 
122,400
108,432
Tianshui Huatian Technology Co. Ltd. (A Shares)
 
104,900
128,142
Tingyi (Cayman Islands) Holding Corp.
 
1,045,000
1,387,041
Titan Wind Energy Suzhou Co. Ltd. (A Shares) (a)
 
55,300
100,880
Tongcheng Travel Holdings Ltd. (a)
 
652,000
1,245,614
TongFu Microelectronics Co. Ltd. (A Shares)
 
48,200
135,356
Tongkun Group Co. Ltd. (A Shares) (a)
 
74,600
147,387
Tongling Nonferrous Metals Group Co. Ltd. (A Shares)
 
332,600
141,299
Tongwei Co. Ltd. (A Shares)
 
135,600
506,616
Topchoice Medical Corp. (a)
 
10,000
122,557
Topsports International Holdings Ltd. (b)
 
978,000
822,441
TravelSky Technology Ltd. (H Shares)
 
498,000
786,707
Trina Solar Co. Ltd. (A Shares)
 
67,540
275,843
Trip.com Group Ltd. (a)
 
286,393
9,760,739
Tsingtao Brewery Co. Ltd.:
 
 
 
 (A Shares)
 
19,800
226,308
 (H Shares)
 
334,000
2,532,899
Uni-President China Holdings Ltd.
 
727,000
494,790
Unigroup Guoxin Microelectronics Co. Ltd. (a)
 
25,439
262,330
Unisplendour Corp. Ltd. (A Shares) (a)
 
85,810
230,299
Universal Scientific Industrial Shanghai Co. Ltd. (A Shares)
 
53,600
106,482
Verisilicon Microelectronics Shanghai Co. Ltd. (A Shares) (a)
 
13,758
100,415
Vipshop Holdings Ltd. ADR (a)
 
177,788
2,535,257
Walvax Biotechnology Co. Ltd. (A Shares)
 
51,800
164,937
Wanda Film Holding Co. Ltd. (A Shares) (a)
 
67,400
115,127
Wanhua Chemical Group Co. Ltd. (A Shares)
 
93,800
1,138,049
Want Want China Holdings Ltd.
 
2,530,418
1,572,300
Weibo Corp. sponsored ADR
 
42,609
504,064
Weichai Power Co. Ltd.:
 
 
 
 (A Shares)
 
172,100
327,144
 (H Shares)
 
1,086,000
1,625,549
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
25,440
89,116
Wens Foodstuffs Group Co. Ltd. (A Shares)
 
196,700
505,279
Western Mining Co. Ltd. (A Shares)
 
75,000
128,965
Western Securities Co. Ltd. (A Shares)
 
139,500
127,005
Western Superconducting Technologies Co. Ltd. (A Shares)
 
20,343
128,630
Will Semiconductor Ltd.
 
36,430
549,754
Wingtech Technology Co. Ltd. (A Shares) (a)
 
38,800
264,158
Wintime Energy Group Co. Ltd. (A Shares) (a)
 
597,400
111,926
Wuchan Zhongda Group Co. Ltd.
 
168,600
105,363
Wuhan Guide Infrared Co. Ltd. (A Shares)
 
134,368
145,587
Wuliangye Yibin Co. Ltd. (A Shares)
 
117,200
2,498,833
WUS Printed Circuit Kunshan Co. Ltd. (A Shares)
 
58,860
157,647
WuXi AppTec Co. Ltd.
 
85,284
1,008,540
WuXi AppTec Co. Ltd. (H Shares) (b)(c)
 
185,268
2,226,281
Wuxi Autowell Technology Co. Ltd. (A Shares)
 
4,855
90,718
Wuxi Biologics (Cayman), Inc. (a)(b)
 
1,994,000
12,398,177
XCMG Construction Machinery Co. Ltd. (A Shares)
 
346,200
271,196
Xiamen C&D, Inc. (A Shares)
 
95,025
127,001
Xiamen Faratronic Co. Ltd. (A Shares)
 
7,000
95,540
Xiamen Tungsten Co. Ltd. (A Shares)
 
44,800
103,847
Xiaomi Corp. Class B (a)(b)
 
8,003,400
14,350,289
Xinjiang Daqo New Energy Co. Ltd. (A Shares)
 
53,526
261,445
Xinyi Solar Holdings Ltd.
 
2,563,538
1,508,666
XPeng, Inc. Class A (a)
 
540,550
3,928,056
XTEP International Holdings Ltd.
 
765,500
695,941
Yadea Group Holdings Ltd. (b)
 
644,000
1,175,532
Yangzhou Yangjie Electronic Technology Co. Ltd. (A Shares)
 
16,300
84,649
Yankuang Energy Group Co. Ltd.:
 
 
 
 (A Shares)
 
124,500
332,621
 (H Shares)
 
1,186,000
2,059,796
Yantai Jereh Oilfield Services (A Shares)
 
31,100
121,628
Yealink Network Technology Corp. Ltd.
 
40,670
185,582
Yifeng Pharmacy Chain Co. Ltd.
 
31,570
141,449
Yihai International Holding Ltd.
 
276,000
502,292
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares)
 
45,000
215,242
Yintai Gold Co. Ltd. (A Shares)
 
86,880
160,770
Yonghui Superstores Co. Ltd. (A Shares) (a)
 
270,500
113,897
YongXing Special Materials Technology Co. Ltd. (A Shares)
 
16,770
114,718
Yonyou Network Technology Co. Ltd. (A Shares)
 
102,820
230,343
Youngor Group Co. Ltd. (A Shares)
 
135,387
124,963
YTO Express Group Co. Ltd. (A Shares)
 
107,400
199,483
Yuan Longping High-tech Agriculture Co. Ltd. (A Shares) (a)
 
40,700
91,741
Yuexiu Property Co. Ltd.
 
836,380
869,967
Yum China Holdings, Inc.
 
218,086
11,462,600
Yunda Holding Co. Ltd. (A Shares)
 
90,460
112,773
Yunnan Aluminium Co. Ltd. (A Shares)
 
109,200
207,624
Yunnan Baiyao Group Co. Ltd. (A Shares)
 
53,660
372,921
Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares)
 
12,500
134,819
Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares)
 
142,500
100,798
Yunnan Energy New Material Co. Ltd.
 
28,400
260,723
Yunnan Tin Co. Ltd. (A Shares)
 
49,600
95,831
Yunnan Yuntianhua Co. Ltd. (Series A)
 
57,100
130,045
Yutong Bus Co. Ltd.
 
63,900
119,160
Zai Lab Ltd. (a)
 
491,220
1,253,621
Zangge Mining Co. Ltd. (Series A)
 
48,900
149,683
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares)
 
18,200
622,951
Zhaojin Mining Industry Co. Ltd. (H Shares)
 
683,500
847,368
Zhefu Holding Group Co. Ltd. (A Shares)
 
174,400
88,213
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a)
 
232,310
187,738
Zhejiang China Commodities City Group Co. Ltd. (A Shares)
 
169,500
180,379
Zhejiang Chint Electric Co. Ltd. (A Shares)
 
66,500
210,171
Zhejiang Dahua Technology Co. Ltd. (A Shares) (a)
 
99,800
278,630
Zhejiang Dingli Machinery Co. Ltd. (A Shares)
 
15,740
117,241
Zhejiang Expressway Co. Ltd. (H Shares)
 
672,000
505,838
Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares)
 
45,490
100,604
Zhejiang Huayou Cobalt Co. Ltd. (A Shares)
 
47,215
237,677
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares)
 
40,600
241,487
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares)
 
27,700
112,591
Zhejiang Juhua Co. Ltd. (A Shares)
 
84,300
174,561
Zhejiang Longsheng Group Co. Ltd. (A Shares)
 
84,600
102,946
Zhejiang NHU Co. Ltd. (A Shares)
 
96,436
213,272
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
53,400
195,480
Zhejiang Supor Cookware Co. Ltd.
 
16,400
112,479
Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares)
 
52,130
127,892
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares)
 
50,300
113,399
Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) (a)
 
330,300
207,712
Zheshang Securities Co. Ltd.
 
122,400
168,607
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(b)
 
372,300
1,020,332
Zhongji Innolight Co. Ltd. (A Shares)
 
25,000
301,236
Zhongjin Gold Co. Ltd. (A Shares)
 
143,300
213,081
Zhongsheng Group Holdings Ltd. Class H
 
438,600
1,012,857
Zhongtai Securities Co. Ltd. (A Shares)
 
198,700
194,534
Zhuzhou CRRC Times Electric Co. Ltd.:
 
 
 
 (A Shares)
 
15,617
82,686
 (H Shares)
 
285,627
921,823
Zhuzhou Kibing Group Co. Ltd. (A Shares)
 
83,600
91,216
Zibo Qixiang Tengda Chemical Co. Ltd. (A Shares)
 
72,500
58,003
Zijin Mining Group Co. Ltd.:
 
 
 
 (A Shares) (a)
 
366,600
621,899
 (H Shares)
 
3,148,000
4,869,679
Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares)
 
193,500
169,830
ZTE Corp.:
 
 
 
 (A Shares)
 
139,200
497,803
 (H Shares)
 
372,800
828,458
ZTO Express, Inc. sponsored ADR
 
223,898
5,277,276
TOTAL CHINA
 
 
972,223,200
Colombia - 0.1%
 
 
 
Bancolombia SA
 
123,210
878,575
Interconexion Electrica SA ESP
 
226,854
799,170
TOTAL COLOMBIA
 
 
1,677,745
Czech Republic - 0.2%
 
 
 
CEZ A/S (c)
 
84,565
3,618,465
Komercni Banka A/S
 
43,215
1,265,637
MONETA Money Bank A/S (b)
 
180,736
698,237
TOTAL CZECH REPUBLIC
 
 
5,582,339
Egypt - 0.1%
 
 
 
Commercial International Bank SAE
 
1,343,412
2,621,663
Eastern Co. SAE
 
554,691
471,734
EFG-Hermes Holding SAE
 
589,184
318,169
TOTAL EGYPT
 
 
3,411,566
Greece - 0.4%
 
 
 
Alpha Bank SA (a)
 
1,170,528
1,746,335
Eurobank Ergasias Services and Holdings SA (a)
 
1,358,384
2,216,326
Ff Group (a)(d)
 
1,944
0
Hellenic Telecommunications Organization SA
 
102,399
1,433,449
Jumbo SA
 
60,979
1,604,014
Motor Oil (HELLAS) Corinth Refineries SA
 
34,727
826,754
Mytilineos SA
 
56,169
2,078,946
National Bank of Greece SA (a)
 
286,892
1,639,226
OPAP SA
 
97,924
1,657,814
Piraeus Financial Holdings SA (a)
 
358,975
1,059,730
Public Power Corp. of Greece (a)
 
108,370
1,104,236
TOTAL GREECE
 
 
15,366,830
Hong Kong - 0.1%
 
 
 
Kingboard Laminates Holdings Ltd.
 
497,500
466,551
Nine Dragons Paper (Holdings) Ltd.
 
875,000
498,120
Orient Overseas International Ltd.
 
70,000
882,686
Sino Biopharmaceutical Ltd.
 
5,435,750
2,111,676
Vinda International Holdings Ltd. (c)
 
190,000
469,534
TOTAL HONG KONG
 
 
4,428,567
Hungary - 0.2%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
236,921
1,885,144
OTP Bank PLC
 
124,498
4,632,727
Richter Gedeon PLC
 
74,366
1,743,677
TOTAL HUNGARY
 
 
8,261,548
India - 14.8%
 
 
 
ABB India Ltd.
 
28,208
1,390,822
Adani Enterprises Ltd.
 
88,823
2,448,521
Adani Green Energy Ltd. (a)
 
165,414
1,826,975
Adani Ports & Special Economic Zone Ltd.
 
275,039
2,593,898
Adani Power Ltd. (a)
 
404,475
1,761,927
Ambuja Cements Ltd.
 
313,498
1,598,902
Apollo Hospitals Enterprise Ltd.
 
52,620
3,045,956
Ashok Leyland Ltd.
 
761,178
1,534,212
Asian Paints Ltd.
 
200,191
7,208,982
Astral Ltd.
 
62,691
1,393,182
AU Small Finance Bank Ltd. (b)
 
87,183
700,510
Aurobindo Pharma Ltd.
 
136,634
1,393,840
Avenue Supermarts Ltd. (a)(b)
 
85,139
3,716,147
Axis Bank Ltd.
 
1,187,360
14,006,463
Bajaj Auto Ltd.
 
35,427
2,259,247
Bajaj Finance Ltd.
 
142,192
12,796,247
Bajaj Finserv Ltd.
 
197,469
3,722,307
Bajaj Holdings & Investment Ltd.
 
13,848
1,151,757
Balkrishna Industries Ltd.
 
40,013
1,226,907
Bandhan Bank Ltd. (b)
 
378,616
974,637
Bank of Baroda
 
535,979
1,263,420
Berger Paints India Ltd.
 
155,176
1,040,875
Bharat Electronics Ltd.
 
1,897,412
3,038,925
Bharat Forge Ltd.
 
133,085
1,629,611
Bharat Petroleum Corp. Ltd.
 
393,499
1,649,119
Bharti Airtel Ltd.
 
1,166,259
12,804,769
Britannia Industries Ltd.
 
56,735
3,017,140
Cg Power & Industrial Soluti
 
326,267
1,527,486
Cholamandalam Investment and Finance Co. Ltd.
 
214,400
2,929,062
Cipla Ltd./India (a)
 
273,130
3,936,034
Coal India Ltd.
 
802,253
3,027,393
Colgate-Palmolive Ltd.
 
65,267
1,656,588
Container Corp. of India Ltd.
 
141,106
1,166,479
Cummins India Ltd.
 
72,364
1,457,151
Dabur India Ltd.
 
331,226
2,103,528
Divi's Laboratories Ltd.
 
62,399
2,538,668
DLF Ltd.
 
319,326
2,162,598
Dr. Reddy's Laboratories Ltd.
 
56,314
3,633,684
Eicher Motors Ltd.
 
71,406
2,825,269
GAIL India Ltd.
 
1,202,311
1,725,790
Godrej Consumer Products Ltd.
 
215,748
2,569,882
Godrej Properties Ltd. (a)
 
64,133
1,279,382
Grasim Industries Ltd.
 
138,284
3,133,127
Havells India Ltd.
 
134,279
2,009,769
HCL Technologies Ltd.
 
493,618
7,569,075
HDFC Asset Management Co. Ltd. (b)
 
44,360
1,456,669
HDFC Bank Ltd.
 
1,452,338
25,763,409
HDFC Standard Life Insurance Co. Ltd. (b)
 
503,029
3,735,727
Hero Motocorp Ltd.
 
57,344
2,127,369
Hindalco Industries Ltd.
 
642,661
3,546,275
Hindustan Aeronautics Ltd.
 
86,722
1,897,325
Hindustan Petroleum Corp. Ltd. (a)
 
292,736
870,659
Hindustan Unilever Ltd.
 
430,157
12,833,527
ICICI Bank Ltd.
 
2,697,260
29,665,903
ICICI Lombard General Insurance Co. Ltd. (b)
 
125,023
2,062,819
ICICI Prudential Life Insurance Co. Ltd. (b)
 
186,677
1,177,647
IDFC Bank Ltd. (a)
 
1,802,339
1,790,546
Indian Oil Corp. Ltd.
 
1,455,606
1,567,567
Indian Railway Catering & Tourism Corp. Ltd.
 
126,876
1,013,813
Indraprastha Gas Ltd.
 
166,208
763,261
Info Edge India Ltd.
 
36,850
1,807,879
Infosys Ltd.
 
1,729,389
28,432,677
InterGlobe Aviation Ltd. (a)(b)
 
69,557
2,051,079
ITC Ltd.
 
1,536,751
7,908,137
Jindal Steel & Power Ltd.
 
186,796
1,421,873
Jio Financial Services Ltd.
 
1,586,870
4,210,345
JSW Steel Ltd. (a)
 
315,245
2,788,484
Jubilant Foodworks Ltd.
 
206,368
1,241,367
Kotak Mahindra Bank Ltd.
 
569,321
11,898,021
Larsen & Toubro Ltd.
 
358,405
12,608,848
Ltimindtree Ltd. (b)
 
46,287
2,815,301
Lupin Ltd.
 
106,152
1,438,041
Mahindra & Mahindra Ltd.
 
485,274
8,502,037
Marico Ltd.
 
271,671
1,750,083
Maruti Suzuki India Ltd.
 
70,868
8,847,133
Max Healthcare Institute Ltd.
 
405,373
2,793,554
Mphasis BFL Ltd.
 
39,360
1,004,573
MRF Ltd.
 
992
1,290,316
Muthoot Finance Ltd.
 
63,238
986,421
Nestle India Ltd.
 
17,704
5,153,681
NTPC Ltd.
 
2,281,397
6,461,625
Oil & Natural Gas Corp. Ltd.
 
1,625,900
3,637,009
Page Industries Ltd.
 
3,201
1,454,053
Petronet LNG Ltd.
 
390,238
935,107
PI Industries Ltd.
 
43,738
1,785,801
Pidilite Industries Ltd.
 
80,316
2,370,625
Power Finance Corp. Ltd.
 
675,551
2,000,046
Power Grid Corp. of India Ltd.
 
2,403,413
5,835,524
REC Ltd.
 
612,295
2,115,772
Reliance Industries Ltd.
 
1,585,291
43,579,042
Samvardhana Motherson International Ltd.
 
1,226,874
1,354,591
SBI Cards & Payment Services Ltd.
 
149,551
1,339,781
SBI Life Insurance Co. Ltd. (b)
 
233,902
3,840,523
Shree Cement Ltd.
 
4,784
1,474,052
Shriram Transport Finance Co. Ltd.
 
146,664
3,308,513
Siemens Ltd.
 
46,465
1,858,552
Sona Blw Precision Forgings Ltd. (b)
 
213,266
1,387,515
SRF Ltd.
 
77,872
2,052,775
State Bank of India
 
928,291
6,305,940
Sun Pharmaceutical Industries Ltd.
 
498,567
6,516,405
Supreme Industries Ltd.
 
33,254
1,728,588
Tata Consultancy Services Ltd.
 
476,231
19,273,814
Tata Consumer Products Ltd.
 
292,978
3,169,118
Tata Elxsi Ltd.
 
17,847
1,634,335
Tata Motors Ltd.
 
863,409
6,519,403
Tata Power Co. Ltd./The
 
741,589
2,133,003
Tata Steel Ltd.
 
3,834,304
5,469,875
Tech Mahindra Ltd.
 
279,479
3,807,644
The Indian Hotels Co. Ltd.
 
444,033
2,044,502
Titan Co. Ltd.
 
184,432
7,068,241
Torrent Pharmaceuticals Ltd.
 
52,242
1,207,236
Trent Ltd.
 
94,380
2,442,243
Tube Investments of India Ltd.
 
55,234
2,088,972
Tvs Motor Co. Ltd.
 
122,994
2,349,641
Ultratech Cement Ltd.
 
60,542
6,125,275
United Spirits Ltd. (a)
 
154,414
1,914,356
UPL Ltd.
 
237,676
1,542,762
Varun Beverages Ltd.
 
237,760
2,594,341
Vedanta Ltd.
 
388,848
1,011,610
Wipro Ltd.
 
679,440
3,118,193
Yes Bank Ltd. (a)
 
6,769,711
1,297,068
Zomato Ltd. (a)
 
2,237,353
2,829,019
TOTAL INDIA
 
 
518,651,119
Indonesia - 1.8%
 
 
 
Indofood Sukses Makmur Tbk PT
 
2,316,900
969,979
PT Adaro Energy Indonesia Tbk
 
7,497,700
1,209,748
PT Aneka Tambang Tbk
 
4,586,900
491,456
PT Astra International Tbk
 
10,565,559
3,843,535
PT Bank Central Asia Tbk
 
28,937,050
15,942,019
PT Bank Mandiri (Persero) Tbk
 
19,468,196
6,955,054
PT Bank Negara Indonesia (Persero) Tbk
 
7,841,400
2,366,429
PT Bank Rakyat Indonesia (Persero) Tbk
 
35,549,727
11,115,827
PT Barito Pacific Tbk
 
14,783,231
1,047,594
PT Charoen Pokphand Indonesia Tbk (a)
 
3,880,400
1,429,580
PT GoTo Gojek Tokopedia Tbk (a)
 
432,156,000
1,634,953
PT Indah Kiat Pulp & Paper Tbk
 
1,416,400
856,076
PT Indofood CBP Sukses Makmur Tbk
 
1,234,700
804,744
PT Kalbe Farma Tbk
 
11,011,800
1,171,155
PT Merdeka Copper Gold Tbk (a)
 
6,304,786
884,283
PT Sarana Menara Nusantara Tbk
 
10,667,200
598,262
PT Semen Indonesia (Persero) Tbk
 
1,798,832
691,207
PT Sumber Alfaria Trijaya Tbk
 
8,760,800
1,594,437
PT Telkom Indonesia Persero Tbk
 
25,886,165
5,674,657
PT Unilever Indonesia Tbk
 
3,943,295
899,105
PT United Tractors Tbk
 
777,900
1,231,033
PT Vale Indonesia Tbk
 
1,342,100
418,265
TOTAL INDONESIA
 
 
61,829,398
Korea (South) - 10.4%
 
 
 
AMOREPACIFIC Corp.
 
15,375
1,441,052
BGF Retail Co. Ltd.
 
4,600
469,706
Celltrion Healthcare Co. Ltd.
 
55,816
2,756,879
Celltrion Pharm, Inc.
 
9,263
435,156
Celltrion, Inc.
 
57,474
6,373,222
CJ CheilJedang Corp.
 
4,336
907,031
Cosmo AM&T Co. Ltd. (a)
 
12,597
1,309,562
Cosmo AM&T Co. Ltd. rights 11/7/23 (a)
 
608
7,462
Coway Co. Ltd.
 
29,338
937,448
Db Insurance Co. Ltd.
 
23,901
1,552,668
Doosan Bobcat, Inc.
 
28,628
821,292
Doosan Heavy Industries & Construction Co. Ltd. (a)
 
235,529
2,343,328
Ecopro BM Co. Ltd. (c)
 
25,483
3,722,569
Ecopro Co. Ltd. (c)
 
10,403
4,799,832
F&F Co. Ltd.
 
8,982
621,747
GS Holdings Corp.
 
23,502
685,285
Hana Financial Group, Inc.
 
153,667
4,461,519
Hankook Tire Co. Ltd.
 
38,401
1,087,880
Hanmi Pharm Co. Ltd.
 
3,591
749,717
Hanmi Semiconductor Co. Ltd.
 
22,871
894,813
Hanon Systems
 
96,909
493,768
Hanwha Aerospace Co. Ltd.
 
18,423
1,383,007
Hanwha Ocean Co. Ltd. (a)(c)
 
22,479
392,536
Hanwha Ocean Co. Ltd. rights 11/9/23 (a)
 
7,420
9,600
Hanwha Solutions Corp. (a)
 
53,799
1,144,233
HD Hyundai Co. Ltd.
 
22,294
948,147
HD Hyundai Heavy Industries Co. Ltd. (a)
 
11,513
871,633
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)
 
22,063
1,477,860
HLB, Inc.
 
60,626
1,304,302
HMM Co. Ltd.
 
128,307
1,387,671
Hotel Shilla Co.
 
16,470
760,951
HYBE Co. Ltd. (a)
 
9,746
1,584,917
Hyundai Engineering & Construction Co. Ltd.
 
40,884
1,012,452
Hyundai Glovis Co. Ltd.
 
9,797
1,241,503
Hyundai Mipo Dockyard Co. Ltd. (a)
 
12,521
644,281
Hyundai Mobis
 
31,877
4,929,306
Hyundai Motor Co. Ltd.
 
71,486
8,992,753
Hyundai Steel Co.
 
45,187
1,097,247
Industrial Bank of Korea
 
140,986
1,165,067
JYP Entertainment Corp.
 
14,803
1,125,130
Kakao Corp.
 
161,691
4,550,639
Kakao Games Corp. (a)
 
18,818
326,133
Kakao Pay Corp. (a)
 
13,927
354,522
KakaoBank Corp.
 
86,837
1,173,446
Kangwon Land, Inc.
 
51,802
563,213
KB Financial Group, Inc.
 
199,472
7,592,256
Kia Corp.
 
136,100
7,764,064
Korea Aerospace Industries Ltd.
 
38,056
1,250,366
Korea Electric Power Corp. (a)
 
130,361
1,629,300
Korea Investment Holdings Co. Ltd.
 
20,996
783,743
Korea Zinc Co. Ltd.
 
4,163
1,444,575
Korean Air Lines Co. Ltd.
 
94,921
1,442,099
KRAFTON, Inc. (a)
 
15,071
1,831,905
KT Corp.
 
34,217
826,557
KT&G Corp.
 
52,808
3,326,364
Kumho Petro Chemical Co. Ltd.
 
9,199
863,301
L&F Co. Ltd. (c)
 
13,220
1,284,042
LG Chemical Ltd.
 
25,804
8,444,523
LG Corp.
 
49,258
2,815,300
LG Display Co. Ltd. (a)
 
120,399
1,087,842
LG Electronics, Inc.
 
55,503
4,111,276
LG Energy Solution (a)
 
24,431
6,993,223
LG H & H Co. Ltd.
 
4,546
1,064,204
LG Innotek Co. Ltd.
 
7,429
1,231,182
LG Uplus Corp.
 
111,648
835,529
Lotte Chemical Corp.
 
10,037
1,088,372
Lotte Energy Materials Corp.
 
12,058
344,922
Meritz Financial Holdings Co.
 
53,934
2,004,320
Mirae Asset Securities Co. Ltd.
 
139,874
684,186
NAVER Corp.
 
68,316
9,536,636
NCSOFT Corp.
 
7,416
1,279,340
Netmarble Corp. (a)(b)
 
10,867
311,519
NH Investment & Securities Co. Ltd.
 
75,235
538,968
Orion Corp./Republic of Korea
 
12,445
1,099,814
Pan Ocean Co., Ltd. (Korea)
 
143,933
458,841
Pearl Abyss Corp. (a)
 
16,652
609,153
POSCO
 
37,448
11,446,783
POSCO Chemtech Co. Ltd. (c)
 
16,150
2,841,783
Posco International Corp.
 
27,452
1,022,446
S-Oil Corp.
 
23,308
1,148,605
Samsung Biologics Co. Ltd. (a)(b)
 
9,279
4,870,803
Samsung C&T Corp.
 
43,855
3,462,288
Samsung Electro-Mechanics Co. Ltd.
 
29,189
2,694,847
Samsung Electronics Co. Ltd.
 
2,494,618
123,985,241
Samsung Engineering Co. Ltd. (a)
 
81,766
1,438,960
Samsung Fire & Marine Insurance Co. Ltd.
 
15,997
3,054,453
Samsung Heavy Industries Co. Ltd. (a)
 
343,428
1,738,421
Samsung Life Insurance Co. Ltd.
 
41,450
2,215,915
Samsung SDI Co. Ltd.
 
28,653
9,059,090
Samsung SDS Co. Ltd.
 
20,157
2,063,128
Samsung Securities Co. Ltd.
 
31,606
826,735
Shinhan Financial Group Co. Ltd.
 
228,803
5,872,484
SK Biopharmaceuticals Co. Ltd. (a)
 
16,261
908,657
SK Bioscience Co. Ltd. (a)(c)
 
14,234
639,684
SK Hynix, Inc.
 
284,464
24,666,838
SK IE Technology Co. Ltd. (a)(b)
 
13,000
572,384
SK Innovation Co., Ltd.
 
33,041
3,005,725
SK Square Co. Ltd. (a)
 
51,626
1,628,857
SK, Inc.
 
19,033
2,003,693
SKC Co. Ltd. (c)
 
9,899
578,052
Woori Financial Group, Inc.
 
315,244
2,780,345
Yuhan Corp.
 
27,973
1,190,671
TOTAL KOREA (SOUTH)
 
 
365,607,095
Kuwait - 0.8%
 
 
 
Agility Public Warehousing Co. KSC (a)
 
823,815
1,400,312
Boubyan Bank KSC
 
714,445
1,352,932
Gulf Bank
 
943,220
722,389
Gulf Bank rights 11/12/23 (a)
 
73,219
1,514
Kuwait Finance House KSCP
 
4,205,791
9,296,368
Mabanee Co. SAKC
 
329,816
879,296
Mobile Telecommunication Co.
 
1,028,095
1,598,041
National Bank of Kuwait
 
3,906,723
11,071,889
TOTAL KUWAIT
 
 
26,322,741
Luxembourg - 0.0%
 
 
 
Reinet Investments SCA
 
73,660
1,530,547
Malaysia - 1.4%
 
 
 
AMMB Holdings Bhd
 
852,100
683,591
Axiata Group Bhd
 
1,442,998
660,230
CelcomDigi Bhd
 
1,851,400
1,658,496
CIMB Group Holdings Bhd
 
3,344,531
4,007,072
Dialog Group Bhd
 
1,793,865
809,376
Gamuda Bhd
 
970,317
953,467
Genting Bhd
 
1,094,800
926,402
Genting Malaysia Bhd
 
1,522,840
773,843
Hong Leong Bank Bhd
 
340,900
1,388,077
Hong Leong Credit Bhd
 
120,200
446,995
IHH Healthcare Bhd
 
1,160,587
1,460,940
Inari Amertron Bhd
 
1,376,600
825,351
IOI Corp. Bhd
 
1,320,100
1,089,203
Kuala Lumpur Kepong Bhd
 
253,328
1,169,400
Malayan Banking Bhd
 
2,828,797
5,356,491
Malaysia Airports Holdings Bhd
 
446,580
692,873
Maxis Bhd
 
1,237,700
1,029,134
MISC Bhd
 
738,900
1,124,885
MR DIY Group M Sdn Bhd (b)
 
1,519,150
471,975
Nestle (Malaysia) Bhd
 
37,600
977,153
Petronas Chemicals Group Bhd
 
1,470,400
2,267,367
Petronas Dagangan Bhd
 
155,126
750,991
Petronas Gas Bhd
 
418,700
1,525,124
PPB Group Bhd
 
337,540
1,085,103
Press Metal Aluminium Holdings
 
1,948,500
2,014,119
Public Bank Bhd
 
7,597,685
6,635,832
QL Resources Bhd
 
586,500
680,694
RHB Bank Bhd
 
794,178
930,223
Sime Darby Bhd
 
1,423,949
684,375
Sime Darby Plantation Bhd
 
1,086,996
990,938
Telekom Malaysia Bhd
 
603,847
642,811
Tenaga Nasional Bhd
 
1,356,072
2,818,007
TOTAL MALAYSIA
 
 
47,530,538
Mexico - 2.3%
 
 
 
Alfa SA de CV Series A
 
1,630,200
1,016,332
America Movil S.A.B. de CV Series L
 
9,878,247
8,158,361
Arca Continental S.A.B. de CV
 
274,900
2,465,089
Banco del Bajio SA (b)
 
402,200
1,230,983
CEMEX S.A.B. de CV unit (a)
 
7,895,686
4,742,930
Coca-Cola FEMSA S.A.B. de CV unit
 
275,384
2,089,399
Fibra Uno Administracion SA de CV
 
1,517,383
2,303,554
Fomento Economico Mexicano S.A.B. de CV unit
 
1,014,391
11,481,315
Gruma S.A.B. de CV Series B
 
96,135
1,672,884
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
203,527
2,374,162
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
100,985
2,176,367
Grupo Bimbo S.A.B. de CV Series A
 
690,970
2,812,323
Grupo Carso SA de CV Series A1
 
292,100
1,862,545
Grupo Financiero Banorte S.A.B. de CV Series O
 
1,350,481
10,960,252
Grupo Financiero Inbursa S.A.B. de CV Series O (a)
 
949,600
1,958,297
Grupo Mexico SA de CV Series B
 
1,621,554
6,613,393
Grupo Televisa SA de CV
 
1,214,493
557,095
Industrias Penoles SA de CV (a)
 
103,620
1,156,781
Kimberly-Clark de Mexico SA de CV Series A
 
772,427
1,415,981
Operadora de Sites Mexicanos, SA de CV
 
664,300
564,852
Orbia Advance Corp. S.A.B. de CV
 
523,820
848,676
Promotora y Operadora de Infraestructura S.A.B. de CV
 
98,805
808,788
Southern Copper Corp.
 
44,838
3,179,014
Wal-Mart de Mexico SA de CV Series V
 
2,731,756
9,777,592
TOTAL MEXICO
 
 
82,226,965
Peru - 0.2%
 
 
 
Compania de Minas Buenaventura SAA sponsored ADR
 
117,104
948,542
Credicorp Ltd. (United States)
 
35,521
4,438,704
TOTAL PERU
 
 
5,387,246
Philippines - 0.6%
 
 
 
Aboitiz Equity Ventures, Inc.
 
881,040
709,603
Ayala Corp.
 
130,196
1,388,721
Ayala Land, Inc.
 
3,482,413
1,709,459
Bank of the Philippine Islands (BPI)
 
1,033,628
1,828,234
BDO Unibank, Inc.
 
1,237,255
2,778,418
International Container Terminal Services, Inc.
 
530,460
1,874,972
JG Summit Holdings, Inc.
 
1,373,213
888,607
Jollibee Food Corp.
 
233,813
843,181
Manila Electric Co.
 
144,800
904,279
Metropolitan Bank & Trust Co.
 
946,282
870,494
PLDT, Inc.
 
40,510
863,565
SM Investments Corp.
 
128,010
1,804,909
SM Prime Holdings, Inc.
 
5,212,500
2,751,283
Universal Robina Corp.
 
461,188
886,984
TOTAL PHILIPPINES
 
 
20,102,709
Poland - 0.9%
 
 
 
Allegro.eu SA (a)(b)
 
251,725
1,801,856
Bank Polska Kasa Opieki SA
 
95,415
2,892,771
Budimex SA
 
6,685
745,943
CD Projekt RED SA
 
33,743
841,162
Cyfrowy Polsat SA
 
130,709
406,987
Dino Polska SA (a)(b)
 
25,625
2,424,369
KGHM Polska Miedz SA (Bearer)
 
72,986
1,945,057
LPP SA
 
578
1,860,776
mBank SA (a)
 
7,692
949,253
Orlen SA
 
300,378
4,742,379
PGE Polska Grupa Energetyczna SA (a)
 
460,062
797,126
Powszechna Kasa Oszczednosci Bank SA (a)
 
455,366
4,704,960
Powszechny Zaklad Ubezpieczen SA
 
314,110
3,550,475
Santander Bank Polska SA (a)
 
18,543
2,009,241
TOTAL POLAND
 
 
29,672,355
Qatar - 0.8%
 
 
 
Barwa Real Estate Co. (a)
 
1,098,123
763,046
Dukhan Bank
 
974,148
970,135
Industries Qatar QSC (a)
 
795,593
2,670,186
Masraf al Rayan
 
2,937,641
1,694,327
Mesaieed Petrochemical Holding Co. (a)
 
2,404,900
1,050,204
Ooredoo QSC
 
425,519
1,155,832
Qatar Electricity & Water Co. (a)
 
222,239
1,009,567
Qatar Fuel Co. (a)
 
317,886
1,296,514
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
1,306,756
1,263,329
Qatar International Islamic Bank QSC (a)
 
525,794
1,335,785
Qatar Islamic Bank
 
865,993
4,138,500
Qatar National Bank SAQ
 
2,415,713
9,879,145
The Commercial Bank of Qatar (a)
 
1,697,644
2,390,037
TOTAL QATAR
 
 
29,616,607
Romania - 0.0%
 
 
 
NEPI Rockcastle PLC
 
269,421
1,455,126
Russia - 0.2%
 
 
 
Alrosa Co. Ltd. (d)
 
1,399,461
232,877
Gazprom OAO (d)
 
6,384,126
668,197
Inter Rao Ues JSC (d)
 
20,040,158
110,513
LUKOIL PJSC (d)
 
224,329
69,451
MMC Norilsk Nickel PJSC (a)(d)
 
34,221
227,644
Mobile TeleSystems OJSC sponsored ADR (a)(d)
 
247,296
246,304
Moscow Exchange MICEX-RTS OAO (d)
 
808,717
155,496
Novatek PJSC GDR (Reg. S) (a)(d)
 
49,200
2,558,400
Novolipetsk Steel OJSC (a)(d)
 
812,466
7,802
Ozon Holdings PLC ADR (a)(d)
 
28,218
59,132
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
43,426
Rosneft Oil Co. OJSC (d)
 
635,841
106,363
Sberbank of Russia (d)
 
5,823,145
35,812
Severstal PAO (a)(d)
 
113,908
2,544
Surgutneftegas OJSC (d)
 
4,033,562
49,368
Tatneft PAO (d)
 
770,244
95,825
TCS Group Holding PLC GDR (a)(d)
 
64,541
82,204
United Co. RUSAL International PJSC (d)
 
1,646,280
198,453
VK Co. Ltd. GDR (Reg. S) (a)(d)
 
41,654
12,378
VTB Bank OJSC (a)(d)
 
1,801,039,946
68,827
X5 Retail Group NV GDR (Reg. S) (a)(d)
 
66,442
15,679
Yandex NV Class A (a)(d)
 
158,365
591,403
TOTAL RUSSIA
 
 
5,639,612
Saudi Arabia - 3.9%
 
 
 
ACWA Power Co.
 
49,757
3,010,673
Advanced Petrochemicals Co.
 
66,636
662,523
Al Rajhi Bank
 
1,020,934
18,260,121
Alinma Bank
 
510,253
4,474,710
Almarai Co. Ltd.
 
129,964
1,936,504
Arab National Bank
 
350,997
2,222,969
Arabian Internet and Communications Services Co. Ltd.
 
12,473
1,039,971
Bank Al-Jazira (a)
 
209,963
915,608
Bank Albilad
 
255,160
2,530,108
Banque Saudi Fransi
 
306,896
2,932,674
Bupa Arabia for Cooperative Insurance Co.
 
39,050
2,217,094
Dallah Healthcare Co.
 
17,740
699,840
Dar Al Arkan Real Estate Development Co. (a)
 
271,713
1,093,631
Dr Sulaiman Al Habib Medical Services Group Co.
 
45,530
3,058,311
Elm Co.
 
12,491
2,334,654
Etihad Etisalat Co.
 
197,644
2,428,667
Jarir Marketing Co.
 
306,161
1,181,685
Luberef
 
26,522
911,968
Mobile Telecommunications Co. Saudi Arabia
 
232,300
854,499
Mouwasat Medical Services Co.
 
51,090
1,361,819
Nahdi Medical Co.
 
20,584
778,018
National Industrialization Co. (a)
 
171,275
530,498
Power & Water Utility Co. for Jubail & Yanbu
 
37,862
549,017
Rabigh Refining & Petrochemical Co. (a)
 
211,394
567,985
Riyad Bank
 
765,074
5,414,414
Sabic Agriculture-Nutrients Co.
 
121,787
4,343,507
Sahara International Petrochemical Co.
 
187,864
1,614,941
Saudi Arabian Mining Co.
 
672,550
6,453,726
Saudi Arabian Oil Co. (b)
 
1,383,972
12,284,430
Saudi Awwal Bank
 
523,797
4,670,277
Saudi Basic Industries Corp.
 
469,368
9,633,579
Saudi Electricity Co.
 
422,583
2,005,005
Saudi Industrial Investment Group
 
194,162
1,240,037
Saudi Investment Bank/The
 
253,604
993,704
Saudi Kayan Petrochemical Co. (a)
 
383,569
1,081,714
Saudi Research & Marketing Group (a)
 
18,556
697,408
Saudi Tadawul Group Holding Co.
 
24,920
1,103,983
Saudi Telecom Co.
 
1,041,337
10,658,743
The Co. for Cooperative Insurance
 
38,233
1,231,087
The Saudi National Bank
 
1,530,497
13,687,007
The Savola Group
 
135,940
1,318,962
Yanbu National Petrochemical Co.
 
144,734
1,460,225
TOTAL SAUDI ARABIA
 
 
136,446,296
South Africa - 2.7%
 
 
 
Absa Group Ltd.
 
440,294
4,014,206
African Rainbow Minerals Ltd.
 
58,672
483,479
Anglo American Platinum Ltd.
 
34,479
1,151,998
Aspen Pharmacare Holdings Ltd.
 
194,871
1,770,072
Bid Corp. Ltd.
 
175,325
3,719,477
Bidvest Group Ltd./The
 
150,756
2,133,920
Capitec Bank Holdings Ltd.
 
45,339
4,025,811
Clicks Group Ltd.
 
128,371
1,891,660
Discovery Ltd.
 
277,112
1,911,794
Exxaro Resources Ltd. (c)
 
127,187
1,275,862
FirstRand Ltd.
 
2,623,737
8,649,358
Gold Fields Ltd.
 
465,455
6,140,258
Growthpoint Properties Ltd.
 
1,810,536
941,333
Harmony Gold Mining Co. Ltd.
 
290,321
1,331,084
Impala Platinum Holdings Ltd.
 
451,461
1,880,602
Kumba Iron Ore Ltd.
 
33,648
891,539
MTN Group Ltd.
 
884,935
4,319,860
Naspers Ltd. Class N
 
102,065
15,932,435
Nedbank Group Ltd.
 
228,934
2,463,704
Northam Platinum Holdings Ltd.
 
185,826
1,121,586
Old Mutual Ltd. (c)
 
2,515,720
1,599,532
OUTsurance Group Ltd.
 
437,937
947,424
Pepkor Holdings Ltd. (b)
 
1,042,032
950,479
Remgro Ltd.
 
272,275
2,104,863
Sanlam Ltd.
 
915,422
3,210,792
Sasol Ltd.
 
297,508
3,760,423
Shoprite Holdings Ltd.
 
262,454
3,363,213
Sibanye-Stillwater Ltd.
 
1,474,881
1,881,287
Standard Bank Group Ltd.
 
697,749
6,847,019
Vodacom Group Ltd.
 
330,714
1,800,362
Woolworths Holdings Ltd.
 
490,987
1,828,013
TOTAL SOUTH AFRICA
 
 
94,343,445
Taiwan - 13.9%
 
 
 
Accton Technology Corp.
 
262,000
4,056,373
Acer, Inc.
 
1,508,000
1,592,556
Advantech Co. Ltd.
 
244,946
2,513,595
ASE Technology Holding Co. Ltd.
 
1,595,592
5,581,835
Asia Cement Corp.
 
1,215,000
1,499,217
ASUSTeK Computer, Inc.
 
367,502
3,850,340
AUO Corp.
 
3,395,800
1,642,454
Catcher Technology Co. Ltd.
 
300,095
1,682,205
Cathay Financial Holding Co. Ltd.
 
4,955,834
6,720,136
Chailease Holding Co. Ltd.
 
795,879
4,313,960
Chang Hwa Commercial Bank
 
2,859,907
1,513,950
Cheng Shin Rubber Industry Co. Ltd.
 
1,006,000
1,373,684
China Airlines Ltd.
 
1,501,000
899,091
China Development Financial Ho (a)
 
8,315,624
2,904,561
China Steel Corp.
 
6,168,289
4,598,331
Chunghwa Telecom Co. Ltd.
 
1,987,129
7,101,578
Compal Electronics, Inc.
 
2,182,000
1,896,519
CTBC Financial Holding Co. Ltd.
 
9,183,778
6,911,007
Delta Electronics, Inc.
 
1,014,717
9,137,476
E Ink Holdings, Inc.
 
445,000
2,313,608
E.SUN Financial Holdings Co. Ltd.
 
7,351,988
5,413,062
ECLAT Textile Co. Ltd.
 
93,129
1,481,122
eMemory Technology, Inc.
 
34,000
2,128,509
EVA Airways Corp.
 
1,341,000
1,136,311
Evergreen Marine Corp. (Taiwan)
 
534,494
1,777,308
Far Eastern New Century Corp.
 
1,528,000
1,391,108
Far EasTone Telecommunications Co. Ltd.
 
845,348
1,978,640
Feng Tay Enterprise Co. Ltd.
 
256,596
1,415,786
First Financial Holding Co. Ltd.
 
5,695,518
4,553,739
Formosa Chemicals & Fibre Corp.
 
1,841,149
3,461,409
Formosa Petrochemical Corp.
 
594,347
1,450,893
Formosa Plastics Corp.
 
2,000,085
4,752,884
Fubon Financial Holding Co. Ltd.
 
4,059,748
7,543,672
Giant Manufacturing Co. Ltd.
 
163,837
827,816
Gigabyte Technology Co. Ltd.
 
265,000
1,799,008
Global Unichip Corp.
 
45,000
2,009,637
GlobalWafers Co. Ltd.
 
114,000
1,674,499
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
6,495,465
19,372,175
Hotai Motor Co. Ltd.
 
158,960
2,963,772
Hua Nan Financial Holdings Co. Ltd.
 
4,635,379
2,904,718
Innolux Corp.
 
4,473,961
1,685,238
Inventec Corp.
 
1,400,000
1,752,520
Largan Precision Co. Ltd.
 
52,451
3,356,734
Lite-On Technology Corp.
 
1,048,044
3,260,585
MediaTek, Inc.
 
791,615
20,644,734
Mega Financial Holding Co. Ltd.
 
5,852,233
6,635,615
Micro-Star International Co. Ltd.
 
373,000
1,908,040
momo.com, Inc.
 
44,120
726,821
Nan Ya Plastics Corp.
 
2,484,358
4,749,717
Nan Ya Printed Circuit Board Corp.
 
118,000
865,465
Nanya Technology Corp.
 
649,000
1,300,100
Nien Made Enterprise Co. Ltd.
 
93,000
822,169
Novatek Microelectronics Corp.
 
302,000
4,249,813
Pegatron Corp.
 
1,039,000
2,422,767
PharmaEssentia Corp. (a)
 
125,000
1,242,983
Pou Chen Corp.
 
1,134,391
1,010,375
Powerchip Semiconductor Manufacturing Corp.
 
1,602,933
1,317,590
President Chain Store Corp.
 
301,000
2,392,416
Quanta Computer, Inc.
 
1,408,000
8,306,861
Realtek Semiconductor Corp.
 
255,000
3,175,585
Ruentex Development Co. Ltd.
 
802,296
803,985
Shin Kong Financial Holding Co. Ltd. (a)
 
6,826,732
1,832,576
Sinopac Financial Holdings Co.
 
5,490,026
3,025,505
Synnex Technology International Corp.
 
645,700
1,369,318
Taishin Financial Holdings Co. Ltd.
 
5,859,474
3,122,842
Taiwan Business Bank
 
3,237,424
1,275,419
Taiwan Cement Corp.
 
3,379,354
3,364,651
Taiwan Cooperative Financial Holding Co. Ltd.
 
5,376,991
4,172,378
Taiwan High Speed Rail Corp.
 
1,019,000
924,479
Taiwan Mobile Co. Ltd.
 
921,000
2,719,705
Taiwan Semiconductor Manufacturing Co. Ltd.
 
12,832,740
209,429,543
The Shanghai Commercial & Savings Bank Ltd.
 
2,009,439
2,660,439
Uni-President Enterprises Corp.
 
2,521,332
5,285,550
Unimicron Technology Corp.
 
715,000
3,186,383
United Microelectronics Corp.
 
5,874,000
8,440,977
Vanguard International Semiconductor Corp.
 
477,000
1,035,114
Voltronic Power Technology Corp.
 
35,000
1,402,556
Walsin Lihwa Corp.
 
1,486,779
1,581,135
Wan Hai Lines Ltd.
 
373,415
533,297
Winbond Electronics Corp.
 
1,559,000
1,207,173
Winbond Electronics Corp. rights 11/3/23 (a)
 
62,673
5,696
Wistron Corp.
 
1,359,000
3,786,654
Wiwynn Corp.
 
45,629
2,160,381
WPG Holding Co. Ltd.
 
828,880
1,832,756
Yageo Corp.
 
176,114
2,869,071
Yang Ming Marine Transport Corp.
 
917,000
1,194,278
Yuanta Financial Holding Co. Ltd.
 
5,257,343
3,946,890
Zhen Ding Technology Holding Ltd.
 
345,000
1,042,283
TOTAL TAIWAN
 
 
488,175,706
Thailand - 1.7%
 
 
 
Advanced Information Service PCL NVDR
 
623,200
3,795,923
Airports of Thailand PCL NVDR (a)
 
2,228,900
4,115,314
Asset World Corp. PCL NVDR
 
4,094,200
391,781
B. Grimm Power PCL NVDR
 
486,400
297,554
Bangkok Dusit Medical Services PCL:
 
 
 
 (For. Reg.)
 
18,200
13,342
 NVDR
 
5,784,500
4,240,531
Bangkok Expressway and Metro PCL NVDR
 
3,934,200
859,479
Banpu PCL NVDR
 
3,922,600
824,582
Berli Jucker PCL NVDR
 
520,800
407,450
BTS Group Holdings PCL NVDR
 
3,985,500
821,798
Bumrungrad Hospital PCL NVDR
 
312,800
2,248,252
Central Pattana PCL:
 
 
 
 (For. Reg.)
 
381,900
660,693
 NVDR
 
638,300
1,104,270
Central Retail Corp. PCL:
 
 
 
 (For. Reg.)
 
174,024
176,995
 NVDR
 
764,300
777,347
Charoen Pokphand Foods PCL NVDR
 
2,005,800
1,037,615
CP ALL PCL NVDR
 
3,046,600
4,656,319
CP Axtra PCL NVDR
 
1,106,300
865,009
Delta Electronics PCL NVDR
 
1,623,000
3,548,013
Electricity Generating PCL NVDR
 
131,500
443,915
Energy Absolute PCL NVDR
 
883,100
1,026,513
Global Power Synergy Public Co. Ltd. NVDR
 
380,300
410,562
Gulf Energy Development PCL NVDR
 
1,537,500
1,840,199
Home Product Center PCL NVDR
 
3,058,000
1,006,848
Indorama Ventures PCL NVDR
 
868,500
569,072
Intouch Holdings PCL NVDR
 
521,200
1,023,813
Kasikornbank PCL NVDR
 
309,200
1,124,564
Krung Thai Bank PCL:
 
 
 
 (For. Reg.)
 
553,800
287,960
 NVDR
 
1,246,300
648,040
Krungthai Card PCL:
 
 
 
 (For. Reg.)
 
142,000
171,906
 NVDR
 
400,100
484,362
Land & House PCL NVDR
 
4,142,400
865,361
Minor International PCL:
 
 
 
 (For. Reg.)
 
110,326
85,499
 NVDR
 
1,578,500
1,223,289
Muangthai Leasing PCL NVDR
 
391,100
394,991
Osotspa PCL NVDR
 
724,000
470,825
PTT Exploration and Production PCL NVDR
 
720,100
3,270,377
PTT Global Chemical PCL NVDR
 
1,164,500
1,112,226
PTT Oil & Retail Business PCL NVDR
 
1,548,100
783,978
PTT PCL NVDR
 
5,176,900
4,765,194
Ratch Group PCL NVDR unit
 
599,300
534,709
Robinsons Department Store PCL (For. Reg.) (a)(d)
 
55,100
24,327
SCB X PCL:
 
 
 
 (For. Reg.)
 
158,100
431,072
 NVDR
 
277,300
756,080
SCG Packaging PCL NVDR
 
675,000
672,598
Siam Cement PCL NVDR
 
407,300
3,244,660
Thai Oil PCL NVDR
 
624,421
813,032
TMBThanachart Bank PCL NVDR
 
12,508,400
577,850
True Corp. PCL
 
2,607,532
437,320
True Corp. PCL NVDR
 
2,267,098
380,224
TOTAL THAILAND
 
 
60,723,633
Turkey - 0.6%
 
 
 
Akbank TAS
 
1,622,931
1,688,306
Aselsan A/S
 
707,982
1,033,501
Bim Birlesik Magazalar A/S JSC
 
237,577
2,281,873
Eregli Demir ve Celik Fabrikalari T.A.S. (a)
 
735,971
983,919
Ford Otomotiv Sanayi A/S
 
36,086
1,001,948
Haci Omer Sabanci Holding A/S
 
529,008
999,388
Hektas Ticaret A/S (a)
 
591,851
458,111
Koc Holding A/S
 
395,506
1,910,546
Koza Altin Isletmeleri A/S
 
503,840
390,700
Pegasus Hava Tasimaciligi A/S (a)
 
23,725
590,627
Sasa Polyester Sanayi A/S
 
550,093
830,600
Tofas Turk Otomobil Fabrikasi A/S
 
64,493
548,159
Turk Hava Yollari AO (a)
 
286,331
2,197,082
Turkcell Iletisim Hizmet A/S
 
632,241
1,071,623
Turkiye Is Bankasi A/S Series C
 
1,822,714
1,350,337
Turkiye Petrol Rafinerileri A/S
 
501,726
2,514,011
Turkiye Sise ve Cam Fabrikalari A/S
 
716,967
1,198,521
Yapi ve Kredi Bankasi A/S
 
1,756,444
1,069,276
TOTAL TURKEY
 
 
22,118,528
United Arab Emirates - 1.2%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
1,529,303
3,343,399
Abu Dhabi Islamic Bank (a)
 
760,249
2,131,926
Abu Dhabi National Oil Co. for Distribution PJSC
 
1,641,224
1,501,365
Aldar Properties PJSC
 
1,993,647
2,822,479
Americana Restaurants International PLC
 
1,318,520
1,328,212
Dubai Islamic Bank Pakistan Ltd.
 
1,526,136
2,243,707
Emaar Properties PJSC
 
3,442,373
6,269,936
Emirates NBD Bank PJSC
 
987,461
4,556,892
Emirates Telecommunications Corp.
 
1,813,003
9,111,907
First Abu Dhabi Bank PJSC
 
2,303,321
7,951,568
Multiply Group (a)
 
2,042,764
1,890,933
TOTAL UNITED ARAB EMIRATES
 
 
43,152,324
United Kingdom - 0.1%
 
 
 
AngloGold Ashanti PLC
 
218,684
4,042,207
Pepco Group NV (a)
 
100,370
406,289
TOTAL UNITED KINGDOM
 
 
4,448,496
United States of America - 0.1%
 
 
 
JBS SA
 
403,400
1,602,638
Legend Biotech Corp. ADR (a)
 
31,675
2,092,767
Parade Technologies Ltd.
 
40,000
1,310,465
TOTAL UNITED STATES OF AMERICA
 
 
5,005,870
 
TOTAL COMMON STOCKS
 (Cost $2,724,237,641)
 
 
 
3,199,560,404
 
 
 
 
Nonconvertible Preferred Stocks - 2.1%
 
 
Shares
Value ($)
 
Brazil - 1.4%
 
 
 
Banco Bradesco SA (PN)
 
2,731,588
7,579,693
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)
 
120,405
918,247
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
715,760
1,666,688
Gerdau SA
 
604,710
2,611,105
Itau Unibanco Holding SA
 
2,521,671
13,414,234
Itausa-Investimentos Itau SA (PN)
 
2,686,713
4,604,195
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
2,590,100
17,846,992
TOTAL BRAZIL
 
 
48,641,154
Chile - 0.1%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B)
 
74,733
3,615,574
Colombia - 0.0%
 
 
 
Bancolombia SA (PN)
 
243,716
1,563,193
Korea (South) - 0.6%
 
 
 
Hyundai Motor Co. Ltd.
 
5,584
411,750
Hyundai Motor Co. Ltd. Series 2
 
25,073
1,859,964
LG Chemical Ltd.
 
3,922
817,919
LG H & H Co. Ltd.
 
988
103,674
Samsung Electronics Co. Ltd.
 
419,232
16,712,912
TOTAL KOREA (SOUTH)
 
 
19,906,219
Russia - 0.0%
 
 
 
Surgutneftegas OJSC (d)
 
3,570,022
62,127
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $56,198,738)
 
 
 
73,788,267
 
 
 
 
Government Obligations - 0.4%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.4%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (f)
  (Cost $14,750,623)
 
15,000,000
14,749,752
 
 
 
 
Money Market Funds - 6.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (g)
 
215,934,416
215,977,603
Fidelity Securities Lending Cash Central Fund 5.40% (g)(h)
 
26,637,037
26,639,700
 
TOTAL MONEY MARKET FUNDS
 (Cost $242,617,303)
 
 
242,617,303
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.6%
 (Cost $3,037,804,305)
 
 
 
3,530,715,726
NET OTHER ASSETS (LIABILITIES) - (0.6)%  
(22,049,386)
NET ASSETS - 100.0%
3,508,666,340
 
 
 
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)
5,096
Dec 2023
234,212,160
(7,178,851)
(7,178,851)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 6.7%
 
 
 
Security Type Abbreviations
CP
-
COMMERCIAL PAPER
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $170,824,958 or 4.9% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security
 
(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 $7,917,667.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
3,464,344
1,635,821,476
1,423,308,217
4,409,178
-
-
215,977,603
0.5%
Fidelity Securities Lending Cash Central Fund 5.40%
16,509,541
189,843,602
179,713,443
431,369
-
-
26,639,700
0.1%
Total
19,973,885
1,825,665,078
1,603,021,660
4,840,547
-
-
242,617,303
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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
306,683,241
56,399,833
249,433,323
850,085
Consumer Discretionary
443,982,559
94,772,369
349,126,731
83,459
Consumer Staples
204,474,902
66,086,315
138,372,905
15,682
Energy
175,947,433
67,039,780
105,297,922
3,609,731
Financials
732,729,244
269,142,183
463,244,722
342,339
Health Care
129,245,506
15,199,911
114,045,595
-
Industrials
209,682,781
50,135,571
159,547,210
-
Information Technology
675,292,976
5,523,722
669,769,254
-
Materials
255,048,042
92,247,194
162,086,588
714,260
Real Estate
54,524,858
22,140,533
32,384,325
-
Utilities
85,737,129
30,856,291
54,770,325
110,513
 Government Obligations
14,749,752
-
14,749,752
-
  Money Market Funds
242,617,303
242,617,303
-
-
 Total Investments in Securities:
3,530,715,726
1,012,161,005
2,512,828,652
5,726,069
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(7,178,851)
(7,178,851)
-
-
  Total Liabilities
(7,178,851)
(7,178,851)
-
-
 Total Derivative Instruments:
(7,178,851)
(7,178,851)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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
(7,178,851)
Total Equity Risk
0
(7,178,851)
Total Value of Derivatives
0
(7,178,851)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $25,035,645) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,795,187,002)
$
3,288,098,423
 
 
Fidelity Central Funds (cost $242,617,303)
242,617,303
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,037,804,305)
 
 
$
3,530,715,726
Cash
 
 
935,522
Foreign currency held at value (cost $11,117,853)
 
 
11,084,819
Receivable for investments sold
 
 
169
Receivable for fund shares sold
 
 
1,983,489
Dividends receivable
 
 
4,281,512
Distributions receivable from Fidelity Central Funds
 
 
690,043
Prepaid expenses
 
 
4,159
Receivable from investment adviser for expense reductions
 
 
208,208
  Total assets
 
 
3,549,903,647
Liabilities
 
 
 
 
Payable for investments purchased
$
190
 
 
Payable for fund shares redeemed
1,908,800
 
 
Accrued management fee
218,024
 
 
Payable for daily variation margin on futures contracts
1,555,321
 
 
Deferred taxes
10,078,832
 
 
Other payables and accrued expenses
825,187
 
 
Collateral on securities loaned
26,650,953
 
 
  Total Liabilities
 
 
 
41,237,307
Net Assets  
 
 
$
3,508,666,340
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,802,927,800
Total accumulated earnings (loss)
 
 
 
(294,261,460)
Net Assets
 
 
$
3,508,666,340
Net Asset Value, offering price and redemption price per share ($3,508,666,340 ÷ 293,746,376 shares)
 
 
$
11.94
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
105,906,662
Non-Cash dividends
 
 
8,469,029
Interest  
 
 
584,047
Income from Fidelity Central Funds (including $431,369 from security lending)
 
 
4,840,547
 Income before foreign taxes withheld
 
 
$
119,800,285
Less foreign taxes withheld
 
 
(12,560,205)
 Total Income
 
 
 
107,240,080
Expenses
 
 
 
 
Management fee
$
2,668,260
 
 
Custodian fees and expenses
2,340,544
 
 
Independent trustees' fees and expenses
12,260
 
 
Registration fees
68,614
 
 
Audit
150,771
 
 
Legal
4,880
 
 
Interest
175,299
 
 
Miscellaneous
35,022
 
 
 Total expenses before reductions
 
5,455,650
 
 
 Expense reductions
 
(2,621,691)
 
 
 Total expenses after reductions
 
 
 
2,833,959
Net Investment income (loss)
 
 
 
104,406,121
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $5,198,625)
 
(167,871,009)
 
 
 Foreign currency transactions
 
(1,048,022)
 
 
 Futures contracts
 
5,861,748
 
 
Total net realized gain (loss)
 
 
 
(163,057,283)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of decrease in deferred foreign taxes of $3,087,558)  
 
409,141,657
 
 
 Assets and liabilities in foreign currencies
 
53,712
 
 
 Futures contracts
 
(6,784,580)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
402,410,789
Net gain (loss)
 
 
 
239,353,506
Net increase (decrease) in net assets resulting from operations
 
 
$
343,759,627
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
104,406,121
$
115,649,880
Net realized gain (loss)
 
(163,057,283)
 
 
(316,446,719)
 
Change in net unrealized appreciation (depreciation)
 
402,410,789
 
(1,203,717,254)
 
Net increase (decrease) in net assets resulting from operations
 
343,759,627
 
 
(1,404,514,093)
 
Distributions to shareholders
 
(87,971,565)
 
 
(108,921,064)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,703,730,387
 
1,927,174,410
  Reinvestment of distributions
 
87,324,787
 
 
106,410,044
 
Cost of shares redeemed
 
(1,494,269,332)
 
(1,370,213,430)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
296,785,842
 
 
663,371,024
 
Total increase (decrease) in net assets
 
552,573,904
 
 
(850,064,133)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,956,092,436
 
3,806,156,569
 
End of period
$
3,508,666,340
$
2,956,092,436
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
137,300,618
 
132,184,146
  Issued in reinvestment of distributions
 
7,193,146
 
 
6,895,296
 
Redeemed
 
(117,777,572)
 
(102,830,412)
Net increase (decrease)
 
26,716,192
 
36,249,030
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI Emerging Markets Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.07
$
16.49
$
14.45
$
13.71
$
12.62
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.37
 
.41
 
.36
 
.30
 
.42 C
     Net realized and unrealized gain (loss)
 
.81
 
(5.38)
 
1.93
 
.80
 
.99
  Total from investment operations
 
1.18  
 
(4.97)  
 
2.29  
 
1.10  
 
1.41
  Distributions from net investment income
 
(.31)
 
(.45)
 
(.25)
 
(.36)
 
(.32)
     Total distributions
 
(.31)
 
(.45)
 
(.25)
 
(.36)
 
(.32)
  Net asset value, end of period
$
11.94
$
11.07
$
16.49
$
14.45
$
13.71
 Total Return D
 
10.58%
 
(30.89)%
 
15.87%
 
8.19%
 
11.44%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.15%
 
.15%
 
.13%
 
.14%
 
.16%
    Expenses net of fee waivers, if any
 
.08%
 
.08%
 
.08%
 
.08%
 
.08%
    Expenses net of all reductions
 
.08%
 
.08%
 
.08%
 
.08%
 
.08%
    Net investment income (loss)
 
2.93%
 
2.95%
 
2.10%
 
2.21%
 
3.12% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,508,666
$
2,956,092
$
3,806,157
$
3,564,409
$
3,840,772
    Portfolio turnover rate G
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$861,167,474
Gross unrealized depreciation
(436,242,258)
Net unrealized appreciation (depreciation)
$424,925,216
Tax Cost
$3,105,790,510
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$89,867,690
Capital loss carryforward
$(798,905,912)
Net unrealized appreciation (depreciation) on securities and other investments
$424,855,593
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(434,329,895)
 Long-term
(364,576,017)
Total capital loss carryforward
$(798,905,912)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$87,971,565
$108,921,064
 
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
1,178,318,495
1,093,687,318
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .075% of the Fund's average net assets.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At 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 Index Fund 
Borrower
$ 38,290,833
4.90%
$156,385
 
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
$6,388
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
$45,492
$-
$-
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI Emerging Markets Index Fund
$20,337,167
5.58%
$18,914
10. 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 $2,580,742.
 
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 $40,949.
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
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 Emerging Markets Fund
Fidelity SAI Emerging Markets Index Fund
26%
 
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
31%
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI Emerging Markets Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI Emerging Markets Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 13, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Laura M. Bishop, Jonathan Chiel, Robert W. Helm, Christine J. Thompson, and Carol J. Zierhoffer, each of the Trustees oversees 313 funds. Mr. Chiel oversees 191 funds. Ms. Bishop, Mr. Helm, Ms. Thompson, and Ms. Zierhoffer each oversees 229 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.
Christine J. Thompson (1958)
Year of Election or Appointment: 2023
Trustee
Ms. Thompson also serves as a Trustee of other Fidelity® funds. Ms. Thompson serves as Leader of Advanced Technologies for Investment Management at Fidelity Investments (2018-present). Previously, Ms. Thompson served as Chief Investment Officer in the Bond group at Fidelity Management & Research Company (2010-2018) and held various other roles including Director of municipal bond portfolio managers and Portfolio Manager of certain Fidelity® funds.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Laura M. Bishop (1961)
Year of Election or Appointment: 2023
Trustee
Ms. Bishop also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting). Previously, Ms. Bishop served as a Member of the Advisory Board of certain Fidelity® funds (2022-2023).    
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Robert W. Helm (1957)
Year of Election or Appointment: 2023
Trustee
Mr. Helm also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon. Previously, Mr. Helm served as a Member of the Advisory Board of certain Fidelity® funds (2021-2023).     
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
Carol J. Zierhoffer (1960)
Year of Election or Appointment: 2023
Trustee
Ms. Zierhoffer also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016), and as a Member of the Advisory Board of certain Fidelity® funds (2023).    
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Robin Foley (1964)
Year of Election or Appointment: 2023
Vice President
Ms. Foley also serves as Vice President of other funds. Ms. Foley serves as Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley served as Chief Investment Officer of Bonds (2017-2023).     
Christopher M. Gouveia (1973)
Year of Election or Appointment: 2023
Chief Compliance Officer
Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).          
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
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 (May 1, 2023 to October 31, 2023).
 
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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Emerging Markets Index Fund
 
 
 
.08%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 946.90
 
$ .39
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.80
 
$ .41
 
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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $1,146,418 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 50.86% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3753 and $0.0693 for the dividend paid December 19, 2023.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI Emerging Markets Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for 2022 and below the competitive median of the asset size peer group for 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2022 and below the competitive median of the total expense asset size peer group for 2022.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.075% through February 29, 2024.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and Fidelity's views regarding portfolio manager investment in the Fidelity funds that they manage; (iii) hiring, training, and retaining personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends and market conditions; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (x) information concerning expense limitations applicable to certain funds; and (xi) matters related to money market funds, exchange-traded funds, and target date funds.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2024.
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
378,729,502,260.010
97.580
Withheld
9,407,876,478.960
2.420
TOTAL
388,137,378,738.970
100.000
Jennifer Toolin McAuliffe
Affirmative
378,454,868,010.950
97.510
Withheld
9,682,510,728.020
2.490
TOTAL
388,137,378,738.970
100.000
Christine J. Thompson
Affirmative
378,837,121,274.520
97.600
Withheld
9,300,257,464.450
2.400
TOTAL
388,137,378,738.970
100.000
Elizabeth S. Acton
Affirmative
378,262,110,794.850
97.460
Withheld
9,875,267,944.120
2.540
TOTAL
388,137,378,738.970
100.000
Laura M. Bishop
Affirmative
380,482,113,171.060
98.030
Withheld
7,655,265,567.910
1.970
TOTAL
388,137,378,738.970
100.000
Ann E. Dunwoody
Affirmative
380,016,034,008.120
97.910
Withheld
8,121,344,730.850
2.090
TOTAL
388,137,378,738.970
100.000
John Engler
Affirmative
379,432,488,394.200
97.760
Withheld
8,704,890,344.770
2.240
TOTAL
388,137,378,738.970
100.000
Robert F. Gartland
Affirmative
378,741,819,600.600
97.580
Withheld
9,395,559,138.370
2.420
TOTAL
388,137,378,738.970
100.000
Robert W. Helm
Affirmative
380,389,324,755.070
98.000
Withheld
7,748,053,983.900
2.000
TOTAL
388,137,378,738.970
100.000
Arthur E. Johnson
Affirmative
378,427,694,151.670
97.500
Withheld
9,709,684,587.300
2.500
TOTAL
388,137,378,738.970
100.000
Michael E. Kenneally
Affirmative
377,842,228,145.180
97.350
Withheld
10,295,150,593.790
2.650
TOTAL
388,137,378,738.970
100.000
Mark A. Murray
Affirmative
380,158,432,703.370
97.940
Withheld
7,978,946,035.600
2.060
TOTAL
388,137,378,738.970
100.000
Carol J. Zierhoffer
Affirmative
380,522,113,360.240
98.040
Withheld
7,615,265,378.730
1.960
TOTAL
388,137,378,738.970
100.000
 
 
 
Proposal 1 reflects trust wide proposal and voting results.
 
1.9879600.107
SV6-ANN-1223
Fidelity Flex® Funds
 
Fidelity Flex® International Index Fund
 
 
Annual Report
October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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. © 2023 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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity Flex® International Index Fund
12.72%
3.66%
3.92%
 
A   From March 9, 2017
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity Flex® International Index Fund, on March 9, 2017, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 12.72%, versus 12.27% for the benchmark MSCI All Country World ex U.S. Index (Net MA). (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Europe ex U.K. gained 17% and contributed most, followed by emerging markets (+10%). By sector, financials gained roughly 12% and contributed. Information technology, which gained 21%, also helped, benefiting from the semiconductors & semiconductor equipment industry (+33%), as did consumer discretionary, which advanced approximately 19%. The industrials sector rose roughly 13%, boosted by the capital goods industry (+18%). Energy gained 12%, and communication services advanced approximately 13%. Other notable contributors included the materials (+8%), consumer staples (+7%), health care (+6%), utilities (+8%) and real estate (+4%) sectors. Conversely, Canada returned -1% and was a notable detractor. Turning to individual stocks, the biggest contributor was Novo-Nordisk (+78%), from the pharmaceuticals, biotechnology & life sciences group. Taiwan Semiconductor (+37%) and ASML Holding (+28%), within the semiconductors & semiconductor equipment industry, also boosted the fund. Tencent Holdings (+50%), a stock in the media & entertainment industry, boosted the fund. Lastly, another notable contributor was HSBC Holdings (+48%), a stock in the banks category. In contrast, the biggest individual detractor was Roche Holdings (-21%), from the pharmaceuticals, biotechnology & life sciences group. Adyen (-53%) and Brookfield (-26%), within the financial services category, also hurt the fund's performance. Nutrien (-35%), a stock in the materials category, detracted. Lastly, another notable detractor was Meituan (-12%), a stock in the consumer services group.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
1.7
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
1.3
 
Nestle SA (Reg. S)  (United States of America, Food Products)
1.2
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
1.1
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.0
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
1.0
 
Shell PLC (London)  (Netherlands, Oil, Gas & Consumable Fuels)
0.9
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
0.9
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
0.8
 
Novartis AG  (Switzerland, Pharmaceuticals)
0.8
 
 
10.7
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.4
 
Industrials
12.1
 
Consumer Discretionary
11.1
 
Information Technology
10.6
 
Health Care
9.1
 
Consumer Staples
7.9
 
Materials
7.0
 
Energy
6.2
 
Communication Services
5.2
 
Utilities
2.7
 
Real Estate
1.6
 
 
Asset Allocation (% of Fund's net assets)
Futures - 5.8%
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.
 
 
Showing Percentage of Net Assets  
Common Stocks - 93.3%
 
 
Shares
Value ($)
 
Australia - 4.6%
 
 
 
Ampol Ltd.
 
16,496
334,502
ANZ Group Holdings Ltd.
 
210,196
3,314,576
APA Group unit
 
88,940
466,218
Aristocrat Leisure Ltd.
 
41,219
1,013,167
ASX Ltd.
 
13,612
486,324
Aurizon Holdings Ltd.
 
131,334
286,060
BHP Group Ltd.
 
355,115
10,052,410
BlueScope Steel Ltd.
 
32,462
389,137
Brambles Ltd.
 
96,944
809,071
Cochlear Ltd.
 
4,603
705,521
Coles Group Ltd.
 
94,303
915,276
Commonwealth Bank of Australia
 
117,312
7,216,554
Computershare Ltd.
 
39,967
630,757
DEXUS Property Group unit
 
77,068
318,305
EBOS Group Ltd.
 
10,898
222,474
Endeavour Group Ltd.
 
99,789
313,482
Flutter Entertainment PLC (a)
 
1,939
304,140
Flutter Entertainment PLC (Ireland) (a)
 
10,455
1,636,687
Fortescue Metals Group Ltd.
 
118,894
1,691,366
Glencore PLC
 
738,609
3,912,287
Goodman Group unit
 
118,806
1,572,030
IDP Education Ltd.
 
17,765
245,448
IGO Ltd.
 
47,480
287,509
Insurance Australia Group Ltd.
 
172,231
621,330
Lendlease Group unit
 
48,892
193,636
Macquarie Group Ltd.
 
25,686
2,640,263
Magellan Financial Group Ltd. warrants 4/16/27 (a)
 
50
5
Medibank Private Ltd.
 
190,364
415,427
Mineral Resources Ltd.
 
12,331
454,487
Mirvac Group unit
 
270,160
313,454
National Australia Bank Ltd.
 
219,871
3,938,825
Northern Star Resources Ltd.
 
80,357
588,437
Orica Ltd.
 
32,722
305,752
Origin Energy Ltd.
 
120,576
699,444
Pilbara Minerals Ltd.
 
188,596
443,012
Qantas Airways Ltd. (a)
 
57,463
180,026
QBE Insurance Group Ltd.
 
105,017
1,041,360
Ramsay Health Care Ltd.
 
12,976
401,790
REA Group Ltd.
 
3,699
339,586
Reece Ltd.
 
15,209
169,576
Rio Tinto Ltd.
 
26,095
1,949,247
Rio Tinto PLC
 
78,940
5,036,413
Santos Ltd.
 
228,737
1,116,113
Scentre Group unit
 
364,489
564,664
SEEK Ltd.
 
24,382
321,664
Sonic Healthcare Ltd.
 
31,386
574,711
South32 Ltd.
 
321,882
688,629
Stockland Corp. Ltd. unit
 
171,441
386,932
Suncorp Group Ltd.
 
88,734
755,273
Telstra Group Ltd.
 
283,741
688,038
The GPT Group
 
132,250
305,210
The Lottery Corp. Ltd.
 
157,333
454,153
Transurban Group unit
 
216,070
1,626,682
Treasury Wine Estates Ltd.
 
51,420
394,681
Vicinity Centres unit
 
269,081
291,450
Washington H. Soul Pattinson & Co. Ltd.
 
16,606
353,772
Wesfarmers Ltd.
 
79,148
2,546,494
Westpac Banking Corp.
 
245,781
3,227,543
WiseTech Global Ltd.
 
11,672
434,563
Woodside Energy Group Ltd.
 
133,122
2,899,371
Woolworths Group Ltd.
 
85,438
1,912,510
TOTAL AUSTRALIA
 
 
76,397,824
Austria - 0.2%
 
 
 
Erste Group Bank AG
 
24,175
863,310
Mondi PLC
 
31,283
505,325
Mondi PLC
 
3,073
49,659
OMV AG
 
10,461
457,805
Verbund AG
 
4,613
400,243
Voestalpine AG
 
7,900
196,938
TOTAL AUSTRIA
 
 
2,473,280
Belgium - 0.5%
 
 
 
Ageas
 
11,008
422,341
Anheuser-Busch InBev SA NV
 
60,747
3,456,385
D'ieteren Group
 
1,430
211,983
Elia Group SA/NV
 
1,962
186,113
Groupe Bruxelles Lambert SA
 
6,797
496,241
KBC Group NV
 
17,594
966,181
Lotus Bakeries SA
 
29
214,794
Sofina SA
 
1,154
218,567
Solvay SA Class A
 
5,125
540,866
UCB SA
 
8,887
649,394
Umicore SA
 
14,921
355,013
Warehouses de Pauw
 
10,941
269,968
TOTAL BELGIUM
 
 
7,987,846
Brazil - 1.1%
 
 
 
Ambev SA
 
328,300
837,395
Atacadao SA
 
42,200
75,080
B3 SA - Brasil Bolsa Balcao
 
410,800
904,424
Banco Bradesco SA
 
114,068
278,057
Banco BTG Pactual SA unit
 
80,200
470,852
Banco do Brasil SA
 
60,900
584,026
Banco Santander SA (Brasil) unit
 
25,400
135,621
BB Seguridade Participacoes SA
 
47,500
289,800
CCR SA
 
67,400
160,153
Centrais Eletricas Brasileiras SA (Electrobras)
 
77,800
537,621
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
23,600
273,225
Companhia Siderurgica Nacional SA (CSN)
 
49,700
115,926
Cosan SA
 
85,008
265,558
CPFL Energia SA (a)
 
17,300
114,744
Energisa SA unit
 
13,900
128,503
Eneva SA (a)
 
59,300
127,263
ENGIE Brasil Energia SA
 
13,250
103,283
Equatorial Energia SA
 
70,289
440,548
Hapvida Participacoes e Investimentos SA (a)(b)
 
362,073
264,997
Hypera SA (a)
 
26,600
159,808
Itausa-Investimentos Itau SA
 
5,093
8,667
Klabin SA unit
 
55,000
233,451
Localiza Rent a Car SA
 
63,945
645,189
Localiza Rent a Car SA rights 11/10/23 (a)
 
468
650
Lojas Renner SA (a)
 
62,673
152,402
Magazine Luiza SA (a)
 
190,632
50,288
Natura & Co. Holding SA
 
58,893
148,934
Petroleo Brasileiro SA - Petrobras (ON)
 
255,444
1,917,192
Prio SA (a)
 
56,600
535,493
Raia Drogasil SA
 
88,524
453,001
Rede D'Oregon Sao Luiz SA (b)
 
37,361
160,211
Rumo SA
 
89,900
397,812
Sendas Distribuidora SA
 
93,100
202,016
Suzano Papel e Celulose SA
 
54,722
559,729
Telefonica Brasil SA
 
27,700
248,554
TIM SA
 
55,100
165,789
Totvs SA
 
39,600
198,795
Ultrapar Participacoes SA
 
52,800
214,164
Vale SA
 
239,026
3,271,244
Vibra Energia SA (a)
 
82,878
325,315
Weg SA
 
117,060
766,430
Wheaton Precious Metals Corp.
 
31,877
1,346,339
Yara International ASA
 
11,530
376,732
TOTAL BRAZIL
 
 
18,645,281
Burkina Faso - 0.0%
 
 
 
Endeavour Mining PLC
 
12,566
259,647
Canada - 6.9%
 
 
 
Agnico Eagle Mines Ltd. (Canada)
 
34,586
1,622,119
Air Canada (a)
 
11,423
137,809
Algonquin Power & Utilities Corp.
 
47,041
236,774
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
54,748
2,980,297
AltaGas Ltd. (c)
 
20,054
372,519
ARC Resources Ltd.
 
42,333
681,052
Bank of Montreal
 
49,880
3,769,191
Bank of Nova Scotia
 
83,430
3,378,110
Barrick Gold Corp. (Canada)
 
123,346
1,970,156
BCE, Inc.
 
5,157
191,442
Brookfield Asset Management Ltd. Class A
 
24,891
713,479
Brookfield Corp. (Canada) Class A
 
98,647
2,873,870
CAE, Inc. (a)
 
22,186
463,318
Cameco Corp.
 
30,435
1,245,053
Canadian Apartment Properties (REIT) unit
 
5,339
157,157
Canadian Imperial Bank of Commerce
 
63,514
2,240,108
Canadian National Railway Co.
 
39,458
4,174,994
Canadian Natural Resources Ltd.
 
77,637
4,930,026
Canadian Pacific Kansas City Ltd.
 
65,262
4,633,637
Canadian Tire Ltd. Class A (non-vtg.)
 
3,766
363,252
Canadian Utilities Ltd. Class A (non-vtg.)
 
9,439
199,705
CCL Industries, Inc. Class B
 
10,367
405,335
Cenovus Energy, Inc. (Canada)
 
100,427
1,913,309
CGI, Inc. Class A (sub. vtg.) (a)
 
14,867
1,435,294
Constellation Software, Inc.
 
1,410
2,826,619
Constellation Software, Inc. warrants 8/22/28 (a)(d)
 
1,367
0
Descartes Systems Group, Inc. (Canada) (a)
 
5,948
429,903
Dollarama, Inc.
 
19,939
1,361,618
Element Fleet Management Corp.
 
26,861
363,377
Emera, Inc.
 
19,399
635,372
Empire Co. Ltd. Class A (non-vtg.)
 
10,191
279,256
Enbridge, Inc. (c)
 
151,195
4,845,218
Fairfax Financial Holdings Ltd. (sub. vtg.)
 
1,500
1,248,275
FirstService Corp.
 
2,781
393,521
Fortis, Inc.
 
33,721
1,338,870
Franco-Nevada Corp.
 
13,498
1,642,050
George Weston Ltd.
 
4,333
469,998
GFL Environmental, Inc.
 
16,365
471,449
Gildan Activewear, Inc.
 
12,649
359,289
Great-West Lifeco, Inc.
 
19,692
545,568
Hydro One Ltd. (b)
 
23,280
603,677
iA Financial Corp., Inc.
 
7,201
419,000
IGM Financial, Inc.
 
5,458
122,876
Imperial Oil Ltd.
 
14,353
817,968
Intact Financial Corp.
 
12,306
1,729,007
Ivanhoe Mines Ltd. (a)
 
42,053
309,920
Keyera Corp.
 
16,496
383,628
Kinross Gold Corp.
 
86,844
453,399
Loblaw Companies Ltd.
 
11,221
917,747
Magna International, Inc. Class A (sub. vtg.)
 
19,137
919,625
Manulife Financial Corp.
 
129,123
2,247,723
Metro, Inc.
 
16,145
820,086
National Bank of Canada
 
23,734
1,475,641
Northland Power, Inc.
 
17,556
246,740
Nutrien Ltd.
 
34,804
1,869,264
Nuvei Corp. (Canada) (b)
 
4,089
56,938
Onex Corp. (sub. vtg.)
 
4,850
271,817
Open Text Corp.
 
18,819
628,318
Pan American Silver Corp.
 
25,401
371,101
Parkland Corp.
 
9,791
296,325
Pembina Pipeline Corp.
 
38,937
1,198,364
Power Corp. of Canada (sub. vtg.)
 
40,800
982,966
Quebecor, Inc. Class B (sub. vtg.)
 
11,124
229,499
RB Global, Inc.
 
12,759
834,439
Restaurant Brands International, Inc.
 
17,298
1,161,932
Restaurant Brands International, Inc.
 
3,458
232,378
RioCan (REIT)
 
11,422
138,785
Rogers Communications, Inc. Class B (non-vtg.)
 
25,111
930,379
Royal Bank of Canada
 
96,990
7,746,611
Saputo, Inc.
 
17,602
355,404
Shopify, Inc. Class A (a)
 
84,084
3,970,911
Stantec, Inc.
 
7,711
471,807
Sun Life Financial, Inc.
 
41,189
1,881,313
Suncor Energy, Inc.
 
92,482
2,995,036
TC Energy Corp.
 
71,444
2,460,548
Teck Resources Ltd. Class B (sub. vtg.)
 
31,989
1,130,313
TELUS Corp.
 
33,173
534,882
TFI International, Inc. (Canada)
 
5,337
590,409
The Toronto-Dominion Bank
 
128,789
7,193,796
Thomson Reuters Corp.
 
11,125
1,332,593
TMX Group Ltd.
 
19,642
409,058
Toromont Industries Ltd.
 
5,855
440,787
Tourmaline Oil Corp.
 
22,641
1,197,234
West Fraser Timber Co. Ltd.
 
4,041
272,722
WSP Global, Inc.
 
8,748
1,144,889
TOTAL CANADA
 
 
113,096,244
Chile - 0.2%
 
 
 
Antofagasta PLC
 
27,884
455,842
Banco de Chile
 
3,272,124
336,170
Banco de Credito e Inversiones
 
4,825
115,369
Banco Santander Chile
 
4,269,821
186,155
Cencosud SA
 
85,649
138,761
Compania Cervecerias Unidas SA
 
8,514
48,401
Compania Sud Americana de Vapores SA
 
912,743
50,685
Empresas CMPC SA
 
88,109
157,513
Empresas COPEC SA
 
30,418
201,371
Enel Americas SA (a)
 
1,356,829
139,473
Enel Chile SA
 
1,719,015
101,796
Falabella SA
 
75,417
153,573
Lundin Mining Corp.
 
46,626
291,171
TOTAL CHILE
 
 
2,376,280
China - 8.2%
 
 
 
360 Security Technology, Inc. (A Shares) (a)
 
27,700
34,043
37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares)
 
8,800
24,897
3Peak, Inc. (A Shares)
 
452
9,954
3SBio, Inc. (b)
 
119,000
105,867
AAC Technology Holdings, Inc.
 
45,000
81,002
Accelink Technologies Co. Ltd. (A Shares)
 
4,200
15,480
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)
 
2,277
53,344
AECC Aero-Engine Control Co. Ltd. (A Shares)
 
4,200
11,926
AECC Aviation Power Co. Ltd.
 
10,300
49,816
Agricultural Bank of China Ltd.:
 
 
 
 (A Shares)
 
392,900
192,850
 (H Shares)
 
1,988,000
734,281
Aier Eye Hospital Group Co. Ltd. (A Shares)
 
34,495
86,261
AIMA Technology Group Co. Ltd.
 
2,900
11,140
Air China Ltd.:
 
 
 
 (A Shares) (a)
 
90,900
99,707
 (H Shares) (a)
 
92,000
62,588
Airtac International Group
 
10,278
337,656
Akeso, Inc. (a)(b)
 
33,000
185,313
Alibaba Group Holding Ltd. (a)
 
1,151,344
11,853,178
Alibaba Health Information Technology Ltd. (a)
 
358,000
210,890
Aluminum Corp. of China Ltd.:
 
 
 
 (A shares)
 
88,000
74,588
 (H Shares)
 
196,000
104,846
Amlogic Shanghai Co. Ltd. (A Shares) (a)
 
1,229
10,099
Angel Yeast Co. Ltd. (A Shares)
 
3,600
17,216
Anhui Conch Cement Co. Ltd.:
 
 
 
 (A Shares)
 
8,200
27,124
 (H Shares)
 
116,000
288,689
Anhui Gujing Distillery Co. Ltd. (B Shares)
 
12,700
197,948
Anhui Honglu Steel Construction Group Co. Ltd.
 
2,990
10,273
Anhui Jianghuai Automobile Group Corp. Ltd. (A Shares) (a)
 
13,500
33,463
Anhui Kouzi Distillery Co. Ltd. (A Shares)
 
2,300
15,788
Anhui Yingjia Distillery Co. Ltd. (A Shares)
 
2,500
26,217
Anjoy Foods Group Co. Ltd. (A Shares)
 
1,000
17,666
Anker Innovations Technology Co. Ltd. (A Shares)
 
1,700
21,779
Anta Sports Products Ltd.
 
89,200
1,008,807
Apeloa Pharmaceutical Co. Ltd. A Shares
 
3,600
8,487
Asia - Potash International Investment Guangzhou Co. Ltd. (A Shares) (a)
 
2,600
10,138
ASR Microelectronics Co. Ltd. (A Shares)
 
1,602
14,280
Asymchem Laboratories Tianjin Co. Ltd. (A Shares)
 
1,260
26,007
Autobio Diagnostics Co. Ltd.
 
2,100
12,762
Autohome, Inc. ADR Class A
 
4,715
126,126
Avary Holding Shenzhen Co. Ltd. (A Shares)
 
7,400
21,689
AVIC Capital Co. Ltd. (A Shares)
 
32,600
14,848
AviChina Industry & Technology Co. Ltd. (H Shares)
 
168,000
76,140
Avicopter PLC (A Shares)
 
1,800
9,345
BAIC BluePark New Energy Technology Co. Ltd. (A Shares) (a)
 
66,100
61,962
Baidu, Inc. Class A (a)
 
158,442
2,080,155
Bank of Beijing Co. Ltd. (A Shares)
 
75,200
46,898
Bank of Changsha Co. Ltd. (A Shares)
 
20,100
20,195
Bank of Chengdu Co. Ltd. (A Shares)
 
15,200
25,695
Bank of China Ltd.:
 
 
 
 (A Shares)
 
514,800
274,464
 (H Shares)
 
4,996,000
1,745,280
Bank of Communications Co. Ltd.:
 
 
 
 (A Shares)
 
22,600
17,394
 (H Shares)
 
831,000
491,541
Bank of Hangzhou Co. Ltd. (A Shares)
 
18,900
27,649
Bank of Jiangsu Co. Ltd. (A Shares)
 
56,660
53,465
Bank of Nanjing Co. Ltd. (A Shares)
 
38,600
41,380
Bank of Ningbo Co. Ltd. (A Shares)
 
34,780
118,800
Bank of Shanghai Co. Ltd. (A Shares)
 
51,018
42,344
Bank of Suzhou Co. Ltd.
 
15,800
13,568
Baoshan Iron & Steel Co. Ltd. (A Shares)
 
85,200
72,898
BeiGene Ltd. (a)
 
48,477
695,930
Beijing Capital International Airport Co. Ltd. (H Shares) (a)
 
118,000
43,464
Beijing Dabeinong Technology Group Co. Ltd. (A Shares) (a)
 
13,400
12,917
Beijing E-Hualu Information Technology Co. Ltd. (A Shares) (a)
 
2,600
10,314
Beijing Easpring Material Technology Co. Ltd. (A Shares)
 
1,900
11,459
Beijing Enlight Media Co. Ltd. (A Shares)
 
13,000
13,904
Beijing Enterprises Holdings Ltd.
 
33,000
109,951
Beijing Enterprises Water Group Ltd.
 
246,000
51,907
Beijing Kingsoft Office Software, Inc. (A Shares)
 
1,987
78,171
Beijing New Building Materials PLC (A Shares)
 
6,500
21,737
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares)
 
10,700
36,433
Beijing Roborock Technology Co. Ltd. (A Shares)
 
530
22,915
Beijing Shiji Information Technology Co. Ltd. (A Shares)
 
10,519
15,176
Beijing Tiantan Biological Products Corp. Ltd. (A Shares)
 
6,700
26,439
Beijing Tongrentang Co. Ltd. (A Shares)
 
5,100
35,797
Beijing United Information Technology Co. Ltd. (A Shares)
 
2,972
15,303
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares)
 
2,856
17,131
Beijing Yanjing Brewery Co. Ltd. (A Shares)
 
11,400
16,209
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares)
 
123,400
84,369
Beiqi Foton Motor Co. Ltd. (A Shares) (a)
 
77,700
32,212
Bethel Automotive Safety Systems Co. Ltd. (A Shares)
 
1,700
17,596
Betta Pharmaceuticals Co. Ltd. (A Shares)
 
2,200
18,302
BGI Genomics Co. Ltd.
 
1,300
8,748
Bilibili, Inc. Class Z (a)
 
14,066
188,734
Bloomage Biotechnology Corp. Ltd. (A Shares)
 
1,779
18,599
BOC Aviation Ltd. Class A (b)
 
15,600
95,941
BOC Hong Kong (Holdings) Ltd.
 
262,500
694,192
BOC International China Co. Ltd.
 
9,900
14,757
BOE Technology Group Co. Ltd. (A Shares)
 
138,100
74,037
Bosideng International Holdings Ltd.
 
244,000
96,338
BTG Hotels Group Co. Ltd. (a)
 
4,200
9,590
Budweiser Brewing Co. APAC Ltd. (b)
 
127,100
241,534
By-Health Co. Ltd. (A Shares)
 
5,100
12,772
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
12,300
401,430
 (H Shares)
 
69,000
2,098,299
BYD Electronic International Co. Ltd.
 
57,000
237,947
C&D International Investment Group Ltd.
 
54,961
123,650
Caitong Securities Co. Ltd.
 
14,300
15,527
Cambricon Technologies Corp. Ltd. (A Shares) (a)
 
1,596
23,561
Canmax Technologies Co. Ltd. (A Shares)
 
3,120
11,606
CECEP Solar Energy Co. Ltd. (A Shares)
 
16,700
13,106
CECEP Wind-Power Corp. (A Shares)
 
17,550
7,608
CETC Cyberspace Security Technology Co. Ltd. (A Shares)
 
3,700
11,157
CGN Power Co. Ltd. (H Shares) (b)
 
718,000
172,541
Changchun High & New Technology Industry Group, Inc. (A Shares)
 
1,400
29,803
Changjiang Securities Co. Ltd. (A Shares)
 
16,200
12,602
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares)
 
1,000
19,997
Chaozhou Three-Circle Group Co. (A Shares)
 
6,300
26,608
Chengxin Lithium Group Co. Ltd. (A Shares)
 
3,200
10,279
Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a)
 
6,500
13,086
China Baoan Group Co. Ltd. (A Shares)
 
7,400
10,455
China Cinda Asset Management Co. Ltd. (H Shares)
 
571,000
55,526
China CITIC Bank Corp. Ltd.:
 
 
 
 (A Shares)
 
67,800
49,869
 (H Shares)
 
514,000
229,300
China Coal Energy Co. Ltd. (H Shares)
 
125,000
98,183
China Communications Services Corp. Ltd. (H Shares)
 
178,000
72,807
China Conch Venture Holdings Ltd.
 
95,500
79,091
China Construction Bank Corp.:
 
 
 
 (A Shares)
 
291,400
249,723
 (H Shares)
 
6,369,000
3,602,040
China CSSC Holdings Ltd. (A Shares)
 
17,100
60,514
China Eastern Airlines Corp. Ltd. (A Shares) (a)
 
34,300
20,445
China Energy Engineering Corp. Ltd. (A Shares)
 
101,000
30,107
China Everbright Bank Co. Ltd.:
 
 
 
 (A Shares)
 
77,100
31,298
 (H Shares)
 
360,000
102,689
China Everbright International Ltd.
 
239,888
81,892
China Feihe Ltd. (b)
 
239,000
148,508
China Film Co. Ltd. (A Shares) (a)
 
13,600
22,224
China Galaxy Securities Co. Ltd.:
 
 
 
 (A Shares)
 
10,400
17,248
 (H Shares)
 
249,000
127,440
China Gas Holdings Ltd.
 
180,200
162,001
China Great Wall Securities Co. Ltd. (A Shares)
 
14,800
16,911
China Greatwall Technology Group Co. Ltd. (A Shares)
 
12,600
18,938
China Hongqiao Group Ltd.
 
179,000
167,582
China International Capital Corp. Ltd. (H Shares) (b)
 
134,800
214,704
China Jinmao Holdings Group Ltd.
 
356,413
43,717
China Jushi Co. Ltd. (A Shares)
 
13,715
21,710
China Life Insurance Co. Ltd.:
 
 
 
 (A Shares)
 
6,600
30,317
 (H Shares)
 
539,000
730,021
China Literature Ltd. (a)(b)
 
25,000
84,187
China Longyuan Power Grid Corp. Ltd. (H Shares)
 
272,000
230,256
China Medical System Holdings Ltd.
 
88,000
140,721
China Meheco Co. Ltd. (A Shares)
 
5,180
8,466
China Meidong Auto Holding Ltd.
 
42,000
22,524
China Mengniu Dairy Co. Ltd.
 
220,000
718,330
China Merchants Bank Co. Ltd.:
 
 
 
 (A Shares)
 
30,400
127,925
 (H Shares)
 
342,000
1,297,307
China Merchants Energy Shipping Co. Ltd. (A Shares)
 
29,900
26,291
China Merchants Holdings International Co. Ltd.
 
95,219
121,208
China Merchants Securities Co. Ltd. (A Shares)
 
61,150
118,236
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
30,700
46,317
China Minmetals Rare Earth Co. Ltd. (A Shares)
 
3,800
15,584
China Minsheng Banking Corp. Ltd.:
 
 
 
 (A Shares)
 
26,000
13,222
 (H Shares)
 
676,900
225,043
China National Building Materials Co. Ltd. (H Shares)
 
253,000
120,427
China National Chemical Engineering Co. Ltd. (A Shares)
 
21,700
20,773
China National Medicines Corp. Ltd. (A Shares)
 
2,700
10,627
China National Nuclear Power Co. Ltd. (A Shares)
 
69,900
70,918
China National Software & Service Co. Ltd. (A Shares)
 
3,380
15,892
China Northern Rare Earth Group High-Tech Co. Ltd.
 
13,800
39,438
China Oilfield Services Ltd. (H Shares)
 
120,000
141,878
China Overseas Land and Investment Ltd.
 
270,500
510,463
China Overseas Property Holdings Ltd.
 
80,000
69,479
China Pacific Insurance (Group) Co. Ltd.
 
23,600
89,493
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
192,800
474,938
China Petroleum & Chemical Corp.:
 
 
 
 (A Shares)
 
183,700
137,184
 (H Shares)
 
1,642,000
839,781
China Power International Development Ltd.
 
405,805
157,710
China Railway Group Ltd.:
 
 
 
 (A Shares)
 
102,100
84,447
 (H Shares)
 
265,000
125,071
China Railway Signal & Communications Corp. (A Shares)
 
29,107
18,689
China Resource Gas Group Ltd.
 
61,300
181,211
China Resources Beer Holdings Co. Ltd.
 
112,000
592,667
China Resources Cement Holdings Ltd.
 
144,000
37,027
China Resources Land Ltd.
 
228,000
853,429
China Resources Microelectronics Ltd. (A Shares)
 
4,411
32,081
China Resources Mixc Lifestyle Services Ltd. (b)
 
56,000
218,479
China Resources Pharmaceutical Group Ltd. (b)
 
104,000
64,604
China Resources Power Holdings Co. Ltd.
 
144,000
279,056
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares)
 
4,000
23,578
China Ruyi Holdings Ltd. (a)
 
392,000
90,268
China Shenhua Energy Co. Ltd.:
 
 
 
 (A Shares)
 
14,800
61,302
 (H Shares)
 
254,000
778,503
China Southern Airlines Ltd.:
 
 
 
 (A Shares) (a)
 
61,500
51,928
 (H Shares) (a)
 
92,000
43,533
China State Construction Engineering Corp. Ltd. (A Shares)
 
164,300
116,305
China State Construction International Holdings Ltd.
 
128,000
137,106
China Taiping Insurance Group Ltd.
 
91,000
84,064
China Three Gorges Renewables Group Co. Ltd. (A Shares)
 
203,500
133,566
China Tourism Group Duty Free Corp. Ltd.:
 
 
 
 (A Shares)
 
11,100
143,595
 (H Shares) (b)
 
1,600
18,069
China Tower Corp. Ltd. (H Shares) (b)
 
3,334,000
310,898
China Traditional Chinese Medicine Holdings Co. Ltd.
 
196,000
96,578
China United Network Communications Ltd. (A Shares)
 
120,700
73,575
China Vanke Co. Ltd.:
 
 
 
 (A Shares)
 
10,100
15,626
 (H Shares)
 
251,200
235,012
China XD Electric Co. Ltd. (A Shares)
 
61,800
39,060
China Yangtze Power Co. Ltd. (A Shares)
 
107,800
332,625
China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares)
 
1,700
15,556
China Zheshang Bank Co. Ltd.
 
83,200
29,017
ChinaSoft International Ltd.
 
178,000
129,142
Chongqing Brewery Co. Ltd. (A Shares)
 
1,700
18,244
Chongqing Changan Automobile Co. Ltd. (A Shares)
 
30,488
63,107
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares)
 
3,770
7,963
Chongqing Rural Commercial Bank Co. Ltd. (H Shares)
 
102,000
38,615
Chongqing Taiji Industry Group Co. Ltd. (A Shares) (a)
 
3,100
17,789
Chongqing Zhifei Biological Products Co. Ltd. (A Shares)
 
9,150
78,440
Chow Tai Fook Jewellery Group Ltd.
 
158,000
223,116
CITIC Pacific Ltd.
 
432,000
367,174
CITIC Securities Co. Ltd.:
 
 
 
 (A Shares)
 
27,925
82,909
 (H Shares)
 
192,225
374,042
Cmoc Group Ltd.:
 
 
 
 (A Shares)
 
48,200
36,554
 (H Shares)
 
273,000
162,820
CNGR Advanced Material Co. Ltd.
 
2,000
14,880
CNNC Hua Yuan Titanium Dioxide Co. Ltd. (A Shares)
 
18,940
12,334
CNPC Capital Co. Ltd. (A Shares)
 
34,400
27,911
Contemporary Amperex Technology Co. Ltd.
 
18,880
479,502
COSCO Shipping Development Co. Ltd. (A Shares)
 
37,900
11,915
COSCO Shipping Energy Transportation Co. Ltd.:
 
 
 
 (A Shares)
 
57,200
112,742
 (H Shares)
 
16,000
16,969
COSCO SHIPPING Holdings Co. Ltd.:
 
 
 
 (A Shares) (a)
 
46,470
62,107
 (H Shares)
 
225,550
229,393
Cosco Shipping Ports Ltd.
 
115,757
69,835
Country Garden Holdings Co. Ltd. (a)
 
888,784
79,477
Country Garden Services Holdings Co. Ltd.
 
159,000
138,888
CRRC Corp. Ltd.:
 
 
 
 (A Shares)
 
86,000
62,824
 (H Shares)
 
309,000
128,737
CSC Financial Co. Ltd. (A Shares)
 
17,000
56,231
CSPC Pharmaceutical Group Ltd.
 
625,760
546,582
Dajin Heavy Industry Co. Ltd.
 
2,200
8,335
Daqin Railway Co. Ltd. (A Shares)
 
53,000
52,248
Daqo New Energy Corp. ADR (a)
 
3,947
100,491
DaShenLin Pharmaceutical Group Co. Ltd.
 
5,232
17,034
Datang International Power Generation Co. Ltd. (A Shares)
 
34,800
12,322
DHC Software Co. Ltd. (A Shares)
 
13,100
11,291
Do-Fluoride New Materials Co. Ltd. (A Shares)
 
4,480
9,801
Dong-E-E-Jiao Co. Ltd. (A Shares)
 
2,200
13,959
Dongfang Electric Corp. Ltd. (A Shares)
 
11,400
23,229
Dongfeng Motor Group Co. Ltd. (H Shares)
 
174,000
76,599
Dongxing Securities Co. Ltd. (A Shares)
 
7,700
8,422
Dongyue Group Co. Ltd.
 
102,000
81,248
East Buy Holding Ltd. (a)(b)
 
29,000
118,306
East Money Information Co. Ltd. (A Shares)
 
62,240
129,895
Eastroc Beverage Group Co. Ltd.
 
1,800
47,270
Ecovacs Robotics Co. Ltd. Class A
 
2,300
13,580
ENN Energy Holdings Ltd.
 
54,400
412,088
ENN Natural Gas Co. Ltd. (A Shares)
 
9,300
21,953
Eoptolink Technology, Inc. Ltd. (A Shares)
 
3,700
15,960
ESR Group Ltd. (b)
 
157,800
202,757
Eve Energy Co. Ltd. (A shares)
 
7,371
46,763
Everbright Securities Co. Ltd. (A Shares)
 
15,000
33,771
Everdisplay Optronics Shanghai Co. Ltd. (A Shares) (a)
 
115,707
41,449
Fangda Carbon New Material Co. Ltd. (A Shares) (a)
 
11,940
9,632
Far East Horizon Ltd.
 
97,000
68,253
Farasis Energy Gan Zhou Co. Ltd. (A Shares) (a)
 
12,895
31,064
FAW Jiefang Group Co. Ltd. (A Shares) (a)
 
12,800
16,132
First Capital Securities Co. Ltd. (A Shares)
 
14,400
11,518
Flat Glass Group Co. Ltd.
 
15,000
26,938
Flat Glass Group Co. Ltd. (A Shares) (a)
 
14,400
50,862
Focus Media Information Technology Co. Ltd. (A Shares)
 
60,200
56,918
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares)
 
28,492
146,667
Fosun International Ltd.
 
164,500
98,559
Founder Securities Co. Ltd. (A Shares)
 
29,000
30,062
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
42,500
85,649
Fujian Sunner Development Co. Ltd. A Shares
 
3,700
9,102
Fuyao Glass Industries Group Co. Ltd.:
 
 
 
 (A Shares)
 
2,500
12,723
 (H Shares) (b)
 
58,000
264,427
G-bits Network Technology Xiamen Co. Ltd. (A Shares)
 
400
14,556
GalaxyCore, Inc. (A Shares)
 
6,414
16,151
Ganfeng Lithium Group Co. Ltd.:
 
 
 
 (A Shares)
 
9,960
60,357
 (H Shares) (b)
 
28,260
101,504
GCL Technology Holdings Ltd.
 
1,454,000
214,127
GD Power Development Co. Ltd. (A Shares)
 
61,500
30,600
GDS Holdings Ltd. Class A (a)
 
61,700
78,602
Geely Automobile Holdings Ltd.
 
424,000
481,378
GEM Co. Ltd. (A Shares)
 
13,600
10,900
Gemdale Corp. (A Shares)
 
16,900
11,929
Genscript Biotech Corp. (a)
 
76,000
220,945
GF Securities Co. Ltd.:
 
 
 
 (A Shares)
 
17,700
35,913
 (H Shares)
 
82,200
107,021
Giant Network Group Co. Ltd. (A Shares)
 
7,800
12,597
Gigadevice Semiconductor Beijing, Inc. (A Shares)
 
2,540
37,209
Ginlong Technologies Co. Ltd. (A Shares)
 
1,350
12,388
GoerTek, Inc. (A Shares)
 
12,500
30,866
Goldwind Science & Technology Co. Ltd. (H Shares)
 
69,216
33,025
Gongniu Group Co. Ltd. (A Shares)
 
3,400
49,147
GoodWe Technologies Co. Ltd. (A Shares)
 
662
10,576
Gotion High-tech Co. Ltd. (A Shares) (a)
 
7,000
21,797
Great Wall Motor Co. Ltd.:
 
 
 
 (A Shares)
 
8,300
33,353
 (H Shares)
 
157,500
220,168
Gree Electric Appliances, Inc. of Zhuhai (A Shares)
 
11,300
52,422
Greenland Holdings Corp. Ltd. (A Shares) (a)
 
46,000
16,034
Greentown China Holdings Ltd.
 
65,000
63,059
GRG Banking Equipment Co. Ltd. (A Shares)
 
10,900
17,397
Guangdong Haid Group Co. Ltd. (A Shares)
 
6,600
40,636
Guangdong HEC Technology Holding Co. Ltd. (A Shares) (a)
 
12,600
12,259
Guangdong Investment Ltd.
 
194,000
132,382
Guanghui Energy Co. Ltd. (A Shares)
 
22,400
23,001
Guangzhou Automobile Group Co. Ltd.
 
29,400
40,300
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
164,000
76,834
Guangzhou Baiyun International Airport Co. Ltd. (A Shares) (a)
 
8,900
12,887
Guangzhou Baiyunshan Pharma Health (A Shares)
 
5,100
20,782
Guangzhou Great Power Energy & Technology Co. Ltd. (A Shares)
 
1,800
7,590
Guangzhou Haige Communications Group (A Shares)
 
11,300
17,948
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
1,900
16,083
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares)
 
2,600
14,938
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares)
 
8,160
31,052
Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares)
 
13,776
12,362
Guolian Securities Co. Ltd. (a)
 
6,400
9,412
Guosen Securities Co. Ltd. (A Shares)
 
26,300
34,553
Guotai Junan Securities Co. Ltd.:
 
 
 
 (A Shares)
 
19,300
38,989
 (H Shares) (b)
 
80,600
89,960
Guoyuan Securities Co. Ltd. (A Shares)
 
14,510
13,735
H World Group Ltd. ADR (a)
 
14,685
553,037
Haidilao International Holding Ltd. (b)
 
121,000
302,961
Haier Smart Home Co. Ltd.
 
166,600
475,198
Haier Smart Home Co. Ltd. (A Shares)
 
26,400
80,229
Hainan Airlines Co. Ltd. (A Shares) (a)
 
161,400
32,222
Hainan Airport Infrastructure Co. Ltd. (A Shares) (a)
 
43,200
22,507
Haitian International Holdings Ltd.
 
39,000
93,038
Haitong Securities Co. Ltd.:
 
 
 
 (A Shares)
 
16,400
21,908
 (H Shares)
 
311,600
178,916
Hangzhou Binjiang Real Estate Group Co. Ltd. (A Shares)
 
12,200
13,966
Hangzhou Chang Chuan Technology Co. Ltd.
 
2,300
12,846
Hangzhou First Applied Material Co. Ltd. (A Shares)
 
5,616
19,626
Hangzhou GreatStar Industrial Co. Ltd. (A Shares) (a)
 
11,700
31,705
Hangzhou Lion Electronics Co. Ltd. (A Shares)
 
2,100
9,240
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares)
 
3,800
17,153
Hangzhou Robam Appliances Co. Ltd. (A Shares)
 
3,100
9,782
Hangzhou Silan Microelectronics Co. Ltd. (A Shares)
 
4,600
15,277
Hangzhou Tigermed Consulting Co. Ltd.:
 
 
 
 (A Shares)
 
2,500
22,813
 (H Shares) (b)
 
2,100
11,800
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
74,000
139,231
Haohua Chemical Science & Technology Co. Ltd. (A Shares)
 
2,900
12,192
Hebei Hengshui Laobaigan Liquor Co. Ltd.
 
3,600
11,710
Hebei Yangyuan Zhihui Beverage Co. Ltd. (A Shares)
 
4,800
16,335
Heilongjiang Agriculture Co. Ltd. (A Shares)
 
5,300
9,231
Henan Shenhuo Coal & Power Co. Ltd. (A Shares)
 
7,500
16,863
Henan Shuanghui Investment & Development Co. Ltd. (A Shares)
 
11,300
40,454
Hengan International Group Co. Ltd.
 
51,000
170,814
Hengdian Group DMEGC Magnetics Co. Ltd. (A Shares)
 
6,600
13,144
Hengli Petrochemical Co. Ltd. (A Shares) (a)
 
26,600
53,298
Hengtong Optic-electric Co. Ltd. (A Shares)
 
9,100
16,411
Hengyi Petrochemical Co. Ltd. (A Shares) (a)
 
10,900
10,718
Hesteel Co. Ltd. (A Shares)
 
30,300
9,279
Hisense Electric Co. Ltd.
 
9,900
31,512
Hithink RoyalFlush Information Network Co. Ltd. (A Shares)
 
2,000
38,420
Hongfa Technology Co. Ltd. (A Shares)
 
2,660
10,557
Hoshine Silicon Industry Co. Ltd. (A Shares)
 
2,900
22,696
Hoymiles Power Electronics, Inc. (A Shares)
 
326
9,985
Hoyuan Green Energy Co. Ltd. (A Shares)
 
2,263
11,559
Hua Hong Semiconductor Ltd. (a)(b)
 
39,000
96,021
Huadian Power International Corp. Ltd.:
 
 
 
 (A Shares)
 
23,100
15,494
 (H Shares)
 
26,000
10,440
Huadong Medicine Co. Ltd. (A Shares)
 
6,200
36,432
Huafon Chemical Co. Ltd. (A Shares)
 
13,300
13,191
Huagong Tech Co. Ltd. (A Shares)
 
3,800
14,688
Huaibei Mining Holdings Co. Ltd. (A Shares)
 
8,100
16,239
Hualan Biological Engineer, Inc. (A Shares)
 
7,410
23,780
Huaneng Power International, Inc.:
 
 
 
 (A Shares) (a)
 
61,600
64,093
 (H Shares) (a)
 
216,000
101,078
Huatai Securities Co. Ltd.:
 
 
 
 (A Shares)
 
16,700
36,607
 (H Shares) (b)
 
110,800
145,060
HUAXI Securities Co. Ltd.
 
9,900
10,729
Huaxia Bank Co. Ltd. (A Shares)
 
50,000
38,286
Huayu Automotive Systems Co. Ltd. (A Shares)
 
10,300
24,707
Hubei Feilihua Quartz Glass Co. Ltd. (A Shares)
 
2,000
10,831
Hubei Jumpcan Pharmaceutical Co. Ltd. (A Shares)
 
3,700
13,711
Hubei Xingfa Chemicals Group Co. Ltd. (A Shares)
 
4,300
11,553
Huizhou Desay SV Automotive Co. Ltd.
 
2,200
37,773
Humanwell Healthcare Group Co. Ltd. (A Shares)
 
5,400
17,268
Hunan Changyuan Lico Co. Ltd. (A Shares)
 
5,814
6,779
Hunan Valin Steel Co. Ltd. (A Shares)
 
20,300
16,177
Hundsun Technologies, Inc. (A Shares)
 
7,808
33,256
Hygeia Healthcare Holdings Co. (b)
 
22,400
135,253
iFlytek Co. Ltd. (A Shares)
 
8,500
53,031
IMEIK Technology Development Co. Ltd. (A Shares)
 
800
36,075
Industrial & Commercial Bank of China Ltd.:
 
 
 
 (A Shares)
 
847,100
547,884
 (H Shares)
 
3,735,000
1,789,979
Industrial Bank Co. Ltd. (A Shares)
 
109,700
226,240
Industrial Securities Co. Ltd. (A Shares)
 
38,270
32,659
Ingenic Semiconductor Co. Ltd. (A Shares)
 
1,900
19,192
Inner Mongoli Yili Industries Co. Ltd. (A Shares)
 
39,400
147,735
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a)
 
184,300
40,840
Inner Mongolia Dian Tou Energy Corp. Ltd.
 
6,200
11,536
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares)
 
25,400
13,893
Inner Mongolia Yitai Coal Co. Ltd. (B Shares) (a)
 
91,700
125,856
Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares)
 
14,600
13,583
Innovent Biologics, Inc. (a)(b)
 
82,000
483,239
Inspur Electronic Information Industry Co. Ltd. (A Shares)
 
5,345
21,664
iQIYI, Inc. ADR (a)
 
29,150
135,839
iRay Technology Co. Ltd. (A Shares)
 
410
12,634
iSoftStone Information Technology Group Co. Ltd. (A Shares)
 
3,750
18,341
JA Solar Technology Co. Ltd. (A Shares)
 
13,376
40,985
Jason Furniture Hangzhou Co. Ltd. (A Shares)
 
3,120
15,797
JCET Group Co. Ltd. (A Shares)
 
6,800
28,704
JD Health International, Inc. (a)(b)
 
76,200
346,122
JD Logistics, Inc. (a)(b)
 
127,800
151,328
JD.com, Inc. Class A
 
164,873
2,096,057
Jiangsu Eastern Shenghong Co. Ltd.
 
23,700
34,484
Jiangsu Expressway Co. Ltd. (H Shares)
 
82,000
74,550
Jiangsu Hengli Hydraulic Co. Ltd.
 
4,576
35,224
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)
 
24,532
160,671
Jiangsu King's Luck Brewery JSC Ltd. (A Shares)
 
5,100
40,785
Jiangsu Nhwa Pharmaceutical Co. Ltd. (A Shares)
 
5,700
20,489
Jiangsu Pacific Quartz Co. Ltd. (A Shares)
 
1,200
15,089
Jiangsu Phoenix Publishing & Media Corp. Ltd.
 
13,500
17,735
Jiangsu Yanghe Brewery JSC Ltd. (A Shares)
 
9,000
150,106
Jiangsu Yangnong Chemical Co. Ltd. (A Shares)
 
1,430
13,205
Jiangsu Yoke Technology Co. Ltd. (A Shares)
 
2,200
17,374
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares)
 
4,700
21,617
Jiangsu Zhongtian Technology Co. Ltd. (A Shares)
 
11,200
21,455
Jiangxi Copper Co. Ltd.:
 
 
 
 (A Shares)
 
9,800
24,567
 (H Shares)
 
99,000
139,982
Jiangxi Special Electric Motor Co. Ltd. (A Shares) (a)
 
5,700
9,333
Jinduicheng Molybdenum Co. Ltd. (A Shares)
 
12,400
17,025
Jinko Solar Co. Ltd. (A Shares)
 
25,551
33,155
JiuGui Liquor Co. Ltd. (A Shares)
 
1,200
12,538
Jiumaojiu International Holdings Ltd. (b)
 
61,000
66,375
Jizhong Energy Resources Co. Ltd. (A Shares)
 
11,700
10,272
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares)
 
6,300
10,212
Jointown Pharmaceutical Group (A Shares)
 
15,019
14,618
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares) (a)
 
2,700
12,404
JOYY, Inc. ADR
 
2,964
115,359
Juewei Food Co. Ltd.
 
1,800
8,693
Juneyao Airlines Co. Ltd. (A shares) (a)
 
8,100
16,154
Kangmei Pharmaceutical Co. Ltd. rights (a)(d)
 
809
0
Kanzhun Ltd. ADR (a)
 
15,586
230,673
KE Holdings, Inc. ADR
 
46,297
681,029
Keda Industrial Group Co. Ltd.
 
6,400
9,533
Kingboard Chemical Holdings Ltd.
 
41,000
99,846
Kingdee International Software Group Co. Ltd. (a)
 
200,000
265,374
Kingnet Network Co. Ltd. (A Shares)
 
12,600
18,593
Kingsoft Corp. Ltd.
 
68,000
237,285
Kuaishou Technology Class B (a)(b)
 
162,500
1,046,475
Kuang-Chi Technologies Co. Ltd. (A Shares)
 
10,200
19,513
Kunlun Energy Co. Ltd.
 
308,000
256,596
Kunlun Tech Co. Ltd. (A Shares) (a)
 
4,600
19,799
Kweichow Moutai Co. Ltd. (A Shares)
 
5,300
1,220,877
Lb Group Co. Ltd. (A Shares)
 
8,900
22,656
Lenovo Group Ltd.
 
514,000
598,158
Lens Technology Co. Ltd. (A Shares)
 
20,300
36,272
Lepu Medical Technology Beijing Co. Ltd. (A Shares)
 
7,000
16,488
Li Auto, Inc. Class A (a)
 
78,998
1,336,143
Li Ning Co. Ltd.
 
168,000
514,820
Liaoning Port Co. Ltd. (A Shares)
 
69,500
14,343
Lingyi iTech Guangdong Co. (A Shares)
 
30,900
25,690
Livzon Pharmaceutical Group, Inc. (A Shares)
 
2,000
9,574
Longfor Properties Co. Ltd. (b)
 
130,297
189,681
LONGi Green Energy Technology Co. Ltd.
 
33,752
111,428
Lufax Holding Ltd. ADR
 
43,164
41,213
Luxi Chemical Group Co. Ltd.
 
6,400
9,936
Luxshare Precision Industry Co. Ltd. (A Shares)
 
27,793
124,821
Luzhou Laojiao Co. Ltd. (A Shares)
 
7,000
205,069
Mango Excellent Media Co. Ltd. (A Shares)
 
7,000
24,200
Maxscend Microelectronics Co. Ltd. (A Shares)
 
1,824
37,639
Meihua Holdings Group Co. Ltd. (A Shares)
 
10,200
13,250
Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a)
 
16,500
13,913
Meituan Class B (a)(b)
 
356,080
5,047,439
Metallurgical Corp. China Ltd. (A Shares)
 
62,000
28,060
Microport Scientific Corp. (a)
 
52,800
83,201
Ming Yang Smart Energy Group Ltd. (A Shares)
 
7,300
13,958
MINISO Group Holding Ltd. ADR
 
7,028
177,879
Minth Group Ltd.
 
48,000
107,147
Montage Technology Co. Ltd. (A Shares)
 
4,439
33,471
Muyuan Foodstuff Co. Ltd. (A Shares)
 
21,540
111,102
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd.
 
6,501
11,245
Nanjing Securities Co. Ltd. (A Shares)
 
14,200
15,616
NARI Technology Co. Ltd. (A Shares)
 
44,680
137,981
National Silicon Industry Group Co. Ltd. (A Shares) (a)
 
10,561
26,212
NAURA Technology Group Co. Ltd.
 
2,000
70,157
NavInfo Co. Ltd. (A Shares) (a)
 
7,300
9,987
NetEase, Inc.
 
135,890
2,908,257
New China Life Insurance Co. Ltd.
 
16,300
74,506
New China Life Insurance Co. Ltd. (H Shares)
 
37,500
82,262
New Hope Liuhe Co. Ltd. (A Shares) (a)
 
16,100
22,347
New Oriental Education & Technology Group, Inc. (a)
 
106,290
693,015
Ninestar Corp. (A Shares)
 
5,400
18,117
Ningbo Deye Technology Co. Ltd. (A Shares)
 
1,760
16,655
Ningbo Joyson Electronic Corp. (A shares)
 
3,600
9,285
Ningbo Orient Wires & Cables Co. Ltd. (A Shares)
 
2,300
13,245
Ningbo Ronbay New Energy Technology Co. Ltd. (A Shares)
 
1,425
8,634
Ningbo Shanshan Co. Ltd. (A Shares)
 
7,100
13,594
Ningbo Tuopu Group Co. Ltd. (A Shares)
 
3,700
32,689
Ningxia Baofeng Energy Group Co. Ltd.
 
26,400
52,064
NIO, Inc. sponsored ADR (a)(c)
 
96,524
704,625
Nongfu Spring Co. Ltd. (H Shares) (b)
 
121,800
693,742
North Industries Group Red Arrow Co. Ltd. (A Shares)
 
5,900
11,506
Offcn Education Technology Co. A Shares (a)
 
22,400
12,102
Offshore Oil Enginering Co. Ltd. (A Shares)
 
15,000
12,747
Oppein Home Group, Inc. (A Shares)
 
1,760
20,947
Orient Securities Co. Ltd. (A Shares)
 
26,240
31,126
Oriental Pearl Group Co. Ltd.
 
30,300
30,591
Ovctek China, Inc. (A Shares)
 
3,820
13,176
Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a)
 
33,400
15,952
PDD Holdings, Inc. ADR (a)
 
41,918
4,251,324
People's Insurance Co. of China Group Ltd.:
 
 
 
 (A Shares)
 
63,300
46,218
 (H Shares)
 
611,000
201,605
People.cn Co. Ltd. (A Shares)
 
5,500
24,389
Perfect World Co. Ltd. (A Shares)
 
8,250
13,544
PetroChina Co. Ltd.:
 
 
 
 (A Shares)
 
97,400
94,896
 (H Shares)
 
1,478,000
964,714
Pharmaron Beijing Co. Ltd.:
 
 
 
 (A Shares)
 
5,325
24,221
 (H Shares) (b)
 
8,000
19,097
PICC Property & Casualty Co. Ltd. (H Shares)
 
490,000
559,558
Ping An Bank Co. Ltd. (A Shares)
 
119,900
171,528
Ping An Healthcare and Technology Co. Ltd. (a)(b)
 
35,900
83,860
Ping An Insurance Group Co. of China Ltd.:
 
 
 
 (A Shares)
 
57,200
355,479
 (H Shares)
 
458,000
2,323,194
Piotech, Inc. (A Shares)
 
1,006
34,765
Poly Developments & Holdings (A Shares)
 
45,000
67,738
Pop Mart International Group Ltd. (b)
 
33,600
92,753
Postal Savings Bank of China Co. Ltd.
 
120,000
74,974
Postal Savings Bank of China Co. Ltd. (H Shares) (b)
 
576,000
262,903
Power Construction Corp. of China Ltd. (A Shares)
 
69,600
50,057
Prosus NV
 
107,011
2,992,625
Pylon Technologies Co. Ltd. (Series A)
 
565
8,799
Qi An Xin Technology Group, Inc. (A Shares) (a)
 
2,667
16,826
Qifu Technology, Inc. ADR
 
7,332
108,440
Qinghai Salt Lake Potash Co. Ltd. Class A (a)
 
19,800
45,850
Raytron Technology Co. Ltd. (A Shares)
 
1,967
12,669
Risen Energy Co. Ltd. (A Shares)
 
3,900
9,472
Riyue Heavy Industry Co. Ltd. (A Shares)
 
3,000
5,774
Rockchip Electronics Co. Ltd.
 
1,400
12,477
Rongsheng Petrochemical Co. Ltd. (A Shares)
 
37,850
58,963
SAIC Motor Corp. Ltd. (A Shares)
 
29,100
57,789
Sailun Group Co. Ltd. A Shares
 
9,500
14,590
Sanan Optoelectronics Co. Ltd. (A Shares)
 
18,900
38,474
Sangfor Technologies, Inc. (a)
 
1,600
18,358
Sany Heavy Equipment International Holdings Co. Ltd.
 
72,000
94,580
Sany Heavy Industry Co. Ltd. (A Shares)
 
32,400
64,076
Satellite Chemical Co. Ltd. (A Shares)
 
11,909
26,473
SDIC Capital Co. Ltd.
 
20,500
19,156
SDIC Power Holdings Co. Ltd. (A Shares)
 
27,200
45,378
Seazen Holdings Co. Ltd. (A Shares) (a)
 
8,200
13,318
Seres Group Co. Ltd. (A Shares) (a)
 
6,000
66,980
SF Holding Co. Ltd. (A Shares)
 
18,900
101,426
SG Micro Corp. (A Shares)
 
1,657
20,322
Shaanxi Coal Industry Co. Ltd. (A Shares)
 
36,400
89,757
Shan Xi Hua Yang Group New Energy Co. Ltd.
 
11,700
12,904
Shandong Buchang Pharmaceuticals Co. Ltd. (A Shares)
 
4,200
9,959
Shandong Gold Mining Co. Ltd.:
 
 
 
 (A Shares)
 
17,740
57,611
 (H Shares) (b)
 
39,250
73,532
Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares)
 
7,000
30,779
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares)
 
7,260
31,937
Shandong Linglong Tyre Co. Ltd. (A Shares)
 
7,300
19,984
Shandong Nanshan Aluminum Co. Ltd. (A Shares)
 
55,000
23,312
Shandong Sun Paper Industry JSC Ltd. (A Shares)
 
8,700
14,790
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
164,400
152,595
Shanghai Aiko Solar Energy Co. Ltd. (A Shares)
 
6,440
17,260
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares)
 
3,644
13,119
Shanghai Baosight Software Co. Ltd.
 
76,386
157,098
Shanghai Construction Group Co. Ltd. (A Shares)
 
23,498
8,451
Shanghai Electric Group Co. Ltd. (A Shares) (a)
 
51,500
31,269
Shanghai Electric Power Co. Ltd. (A Shares)
 
12,000
14,337
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:
 
 
 
 (A Shares)
 
5,400
21,005
 (H Shares)
 
38,500
88,837
Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares)
 
617
20,388
Shanghai Fudan Microelectronics Group Co. Ltd. (A Shares)
 
4,237
28,060
Shanghai International Airport Co. Ltd. (A Shares) (a)
 
5,200
26,459
Shanghai International Port Group Co. Ltd. (A Shares)
 
34,200
23,380
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares)
 
3,300
14,819
Shanghai Junshi Biosciences Co. Ltd. (A Shares) (a)
 
2,376
14,902
Shanghai Lingang Holdings Corp. Ltd. (A Shares)
 
10,480
15,374
Shanghai M&G Stationery, Inc. (A Shares)
 
3,400
18,017
Shanghai Moons' Electric Co. Ltd. (A Shares)
 
2,000
18,030
Shanghai Pharmaceuticals Holding Co. Ltd.:
 
 
 
 (A Shares)
 
22,000
54,216
 (H Shares)
 
48,200
70,121
Shanghai Pudong Development Bank Co. Ltd. (A Shares)
 
165,800
154,616
Shanghai Putailai New Energy Technology Co. Ltd.
 
6,786
23,218
Shanghai RAAS Blood Products Co. Ltd. (A Shares)
 
26,800
25,598
Shanghai Rural Commercial Bank Co. Ltd. (A Shares)
 
34,900
28,438
Shanghai Yuyuan Tourist Mart Group Co. Ltd.
 
11,700
10,396
Shanxi Coal International Energy Group Co. Ltd. (A Shares)
 
8,100
18,052
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares)
 
11,000
28,623
Shanxi Meijin Energy Co. Ltd. (A Shares) (a)
 
18,700
17,933
Shanxi Securities Co. Ltd. (A Shares)
 
11,070
8,504
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares)
 
17,300
9,250
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares)
 
5,860
197,968
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares)
 
22,030
26,062
Shede Spirits Co. Ltd. (A Shares)
 
1,300
20,473
Shenergy Co. Ltd. (A Shares)
 
18,400
14,818
Shenghe Resources Holding Co. Ltd. (A Shares)
 
5,500
8,042
Shengyi Technology Co. Ltd.
 
10,900
26,214
Shennan Circuits Co. Ltd. (A Shares)
 
1,740
16,556
Shenwan Hongyuan Group Co. Ltd. (A Shares)
 
73,400
44,048
Shenzhen Capchem Technology Co. Ltd. (A Shares)
 
3,180
19,193
Shenzhen Dynanonic Co. Ltd. (A Shares)
 
1,120
12,048
Shenzhen Energy Group Co. Ltd. (A Shares)
 
13,140
11,100
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
6,050
50,020
Shenzhen International Holdings Ltd.
 
104,479
68,865
Shenzhen Kaifa Technology Co. Ltd. (A Shares)
 
6,000
14,117
Shenzhen Kangtai Biological Products Co. Ltd.
 
4,320
17,916
Shenzhen Kedali Industry Co. Ltd.
 
1,000
12,423
Shenzhen Kstar Science & Technology Co. Ltd. (A Shares)
 
2,300
8,205
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
4,700
183,739
Shenzhen New Industries Biomedical Engineering Co. Ltd.
 
2,800
26,339
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) (a)
 
27,100
13,395
Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares)
 
4,600
20,481
Shenzhen SC New Energy Technology Corp. (A Shares)
 
1,300
12,978
Shenzhen Sed Industry Co. Ltd. (A Shares)
 
6,700
17,557
Shenzhen Senior Technology Material Co. Ltd. (A Shares)
 
5,446
11,443
Shenzhen Sunlord Electronics Co. Ltd. (A Shares)
 
3,300
13,174
Shenzhen Transsion Holdings Co. Ltd. (A Shares) (a)
 
3,371
61,961
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
4,200
15,080
Shenzhou International Group Holdings Ltd.
 
58,900
578,544
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares)
 
5,940
18,049
Shuangliang Eco-Energy Systems Ltd. (A Shares)
 
7,300
9,345
Sichuan Chuantou Energy Co. Ltd. (A Shares)
 
15,600
31,376
Sichuan Hebang Biotechnology Co. Ltd. (A Shares)
 
23,300
7,585
Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares)
 
6,700
25,171
Sichuan New Energy Power Co. Ltd. (A Shares) (a)
 
6,000
9,614
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares)
 
25,620
27,006
Sichuan Swellfun Co. Ltd. (A Shares)
 
1,900
15,882
Sichuan Yahua Industrial Group Co. Ltd. (A Shares)
 
3,100
5,972
Sieyuan Electric Co. Ltd. (A Shares)
 
3,200
21,572
Silergy Corp.
 
23,000
205,412
Sinolink Securities Co. Ltd. (A Shares)
 
14,700
18,374
Sinoma International Engineering Co. Ltd. (A Shares)
 
10,100
13,622
Sinoma Science & Technology Co. Ltd. (A Shares)
 
6,700
15,842
Sinomine Resource Group Co. Ltd. (A Shares)
 
2,156
11,024
Sinopec Shanghai Petrochemical Co. Ltd.:
 
 
 
 (A Shares) (a)
 
29,900
12,233
 (H Shares) (a)
 
30,000
4,027
Sinopharm Group Co. Ltd. (H Shares)
 
96,000
229,563
Sinotruk Hong Kong Ltd.
 
52,500
98,884
SITC International Holdings Co. Ltd.
 
88,000
135,556
SKSHU Paint Co. Ltd. (A Shares)
 
2,156
17,553
Smoore International Holdings Ltd. (b)
 
152,000
117,140
Songcheng Performance Development Co. Ltd. (A Shares)
 
10,220
15,350
Soochow Securities Co. Ltd. (A Shares)
 
16,770
18,392
Southwest Securities Co. Ltd. (A Shares)
 
20,800
11,661
Spring Airlines Co. Ltd. (A Shares) (a)
 
3,700
27,702
StarPower Semiconductor Ltd. (A Shares)
 
700
16,481
Sungrow Power Supply Co. Ltd. (A Shares)
 
5,600
64,547
Sunny Optical Technology Group Co. Ltd.
 
49,000
410,519
Sunresin New Materials Co. Ltd. (A Shares)
 
1,950
14,494
Sunwoda Electronic Co. Ltd. (A Shares)
 
6,600
14,539
SUPCON Technology Co. Ltd. (A Shares)
 
2,853
17,027
Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares)
 
6,700
17,162
Suzhou Maxwell Technologies Co. Ltd. (A Shares)
 
928
15,326
Suzhou TFC Optical Communication Co. Ltd. (A Shares)
 
2,000
19,560
TAL Education Group ADR (a)
 
31,427
275,615
Tangshan Jidong Cement Co. Ltd. A Shares
 
8,100
7,921
TBEA Co. Ltd. (A Shares)
 
20,150
38,571
TCL Technology Group Corp. (A Shares)
 
65,340
35,141
TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares)
 
15,875
40,087
Tencent Holdings Ltd.
 
470,000
17,394,115
Tencent Music Entertainment Group ADR (a)
 
50,717
368,205
Thunder Software Technology Co. Ltd. (A Shares)
 
1,700
16,338
Tianjin 712 Communication & Broadcasting Co. Ltd.
 
1,900
6,914
Tianma Microelectronics Co. Ltd. (A Shares) (a)
 
13,200
17,689
Tianqi Lithium Corp. (A Shares)
 
5,300
39,886
Tianshan Aluminum Group Co. Ltd.
 
12,200
10,808
Tianshui Huatian Technology Co. Ltd. (A Shares)
 
14,800
18,079
Tingyi (Cayman Islands) Holding Corp.
 
132,000
175,205
Titan Wind Energy Suzhou Co. Ltd. (A Shares) (a)
 
8,000
14,594
Tongcheng Travel Holdings Ltd. (a)
 
81,200
155,129
TongFu Microelectronics Co. Ltd. (A Shares)
 
5,500
15,445
Tongkun Group Co. Ltd. (A Shares) (a)
 
9,400
18,572
Tongling Nonferrous Metals Group Co. Ltd. (A Shares)
 
33,000
14,019
Tongwei Co. Ltd. (A Shares)
 
17,100
63,887
Topchoice Medical Corp. (a)
 
1,300
15,932
Topsports International Holdings Ltd. (b)
 
115,000
96,708
TravelSky Technology Ltd. (H Shares)
 
59,000
93,204
Trina Solar Co. Ltd. (A Shares)
 
8,264
33,751
Trip.com Group Ltd. (a)
 
38,700
1,318,959
Tsingtao Brewery Co. Ltd.:
 
 
 
 (A Shares)
 
500
5,715
 (H Shares)
 
50,000
379,176
Uni-President China Holdings Ltd.
 
80,000
54,447
Unigroup Guoxin Microelectronics Co. Ltd. (a)
 
3,299
34,020
Unisplendour Corp. Ltd. (A Shares) (a)
 
10,220
27,429
Universal Scientific Industrial Shanghai Co. Ltd. (A Shares)
 
7,000
13,906
Verisilicon Microelectronics Shanghai Co. Ltd. (A Shares) (a)
 
1,918
13,999
Vipshop Holdings Ltd. ADR (a)
 
24,728
352,621
Walvax Biotechnology Co. Ltd. (A Shares)
 
5,400
17,194
Wanda Film Holding Co. Ltd. (A Shares) (a)
 
7,300
12,469
Wanhua Chemical Group Co. Ltd. (A Shares)
 
15,800
191,697
Want Want China Holdings Ltd.
 
320,000
198,835
Weibo Corp. sponsored ADR
 
4,919
58,192
Weichai Power Co. Ltd.:
 
 
 
 (A Shares)
 
22,700
43,150
 (H Shares)
 
162,000
242,485
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
3,520
12,331
Wens Foodstuffs Group Co. Ltd. (A Shares)
 
23,060
59,236
Western Mining Co. Ltd. (A Shares)
 
7,900
13,584
Western Securities Co. Ltd. (A Shares)
 
13,000
11,836
Western Superconducting Technologies Co. Ltd. (A Shares)
 
2,303
14,562
Will Semiconductor Ltd.
 
4,750
71,681
Wilmar International Ltd.
 
137,700
357,990
Wingtech Technology Co. Ltd. (A Shares) (a)
 
4,100
27,914
Wintime Energy Group Co. Ltd. (A Shares) (a)
 
78,900
14,782
Wuchan Zhongda Group Co. Ltd.
 
14,500
9,061
Wuhan Guide Infrared Co. Ltd. (A Shares)
 
17,590
19,059
Wuliangye Yibin Co. Ltd. (A Shares)
 
17,700
377,383
WUS Printed Circuit Kunshan Co. Ltd. (A Shares)
 
5,140
13,767
WuXi AppTec Co. Ltd.
 
7,860
92,950
WuXi AppTec Co. Ltd. (H Shares) (b)
 
29,764
357,660
Wuxi Autowell Technology Co. Ltd. (A Shares)
 
600
11,211
Wuxi Biologics (Cayman), Inc. (a)(b)
 
268,500
1,669,464
XCMG Construction Machinery Co. Ltd. (A Shares)
 
46,100
36,113
Xiamen C&D, Inc. (A Shares)
 
12,400
16,573
Xiamen Faratronic Co. Ltd. (A Shares)
 
900
12,284
Xiamen Tungsten Co. Ltd. (A Shares)
 
6,000
13,908
Xiaomi Corp. Class B (a)(b)
 
1,081,000
1,938,259
Xinjiang Daqo New Energy Co. Ltd. (A Shares)
 
6,651
32,486
Xinyi Solar Holdings Ltd.
 
352,968
207,725
XPeng, Inc. Class A (a)
 
72,902
529,763
XTEP International Holdings Ltd.
 
93,500
85,004
Yadea Group Holdings Ltd. (b)
 
80,000
146,029
Yangzhou Yangjie Electronic Technology Co. Ltd. (A Shares)
 
1,600
8,309
Yankuang Energy Group Co. Ltd.:
 
 
 
 (A Shares)
 
18,150
48,491
 (H Shares)
 
160,000
277,881
Yantai Jereh Oilfield Services (A Shares)
 
3,100
12,124
Yealink Network Technology Corp. Ltd.
 
4,130
18,846
Yifeng Pharmacy Chain Co. Ltd.
 
4,060
18,191
Yihai International Holding Ltd.
 
34,000
61,877
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares)
 
5,000
23,916
Yintai Gold Co. Ltd. (A Shares)
 
8,120
15,026
Yonghui Superstores Co. Ltd. (A Shares) (a)
 
32,700
13,769
YongXing Special Materials Technology Co. Ltd. (A Shares)
 
1,950
13,339
Yonyou Network Technology Co. Ltd. (A Shares)
 
13,020
29,168
Youngor Group Co. Ltd. (A Shares)
 
20,800
19,199
YTO Express Group Co. Ltd. (A Shares)
 
11,100
20,617
Yuan Longping High-tech Agriculture Co. Ltd. (A Shares) (a)
 
3,500
7,889
Yuexiu Property Co. Ltd.
 
120,240
125,069
Yum China Holdings, Inc.
 
29,525
1,551,834
Yunda Holding Co. Ltd. (A Shares)
 
10,180
12,691
Yunnan Aluminium Co. Ltd. (A Shares)
 
12,100
23,006
Yunnan Baiyao Group Co. Ltd. (A Shares)
 
7,100
49,343
Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares)
 
1,700
18,335
Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares)
 
51,300
36,287
Yunnan Energy New Material Co. Ltd.
 
3,400
31,213
Yunnan Tin Co. Ltd. (A Shares)
 
4,300
8,308
Yunnan Yuntianhua Co. Ltd. (Series A)
 
7,000
15,942
Yutong Bus Co. Ltd.
 
16,700
31,142
Zai Lab Ltd. (a)
 
66,740
170,324
Zangge Mining Co. Ltd. (Series A)
 
6,100
18,672
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares)
 
2,400
82,147
Zhaojin Mining Industry Co. Ltd. (H Shares)
 
83,500
103,519
Zhefu Holding Group Co. Ltd. (A Shares)
 
15,500
7,840
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a)
 
34,940
28,236
Zhejiang China Commodities City Group Co. Ltd. (A Shares)
 
23,100
24,583
Zhejiang Chint Electric Co. Ltd. (A Shares)
 
7,000
22,123
Zhejiang Dahua Technology Co. Ltd. (A Shares) (a)
 
13,200
36,853
Zhejiang Dingli Machinery Co. Ltd. (A Shares)
 
1,600
11,918
Zhejiang Expressway Co. Ltd. (H Shares)
 
78,000
58,713
Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares)
 
5,290
11,699
Zhejiang Huayou Cobalt Co. Ltd. (A Shares)
 
5,840
29,398
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares)
 
5,000
29,740
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares)
 
3,700
15,039
Zhejiang Juhua Co. Ltd. (A Shares)
 
11,400
23,606
Zhejiang Longsheng Group Co. Ltd. (A Shares)
 
11,600
14,116
Zhejiang NHU Co. Ltd. (A Shares)
 
10,632
23,513
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
6,800
24,893
Zhejiang Supor Cookware Co. Ltd.
 
1,700
11,659
Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares)
 
6,240
15,309
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares)
 
5,900
13,301
Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) (a)
 
42,200
26,538
Zheshang Securities Co. Ltd.
 
16,700
23,004
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(b)
 
46,100
126,343
Zhongji Innolight Co. Ltd. (A Shares)
 
3,300
39,763
Zhongjin Gold Co. Ltd. (A Shares)
 
18,400
27,360
Zhongsheng Group Holdings Ltd. Class H
 
61,000
140,867
Zhongtai Securities Co. Ltd. (A Shares)
 
26,300
25,749
Zhuzhou CRRC Times Electric Co. Ltd.:
 
 
 
 (A Shares)
 
4,183
22,147
 (H Shares)
 
31,900
102,953
Zhuzhou Kibing Group Co. Ltd. (A Shares)
 
8,200
8,947
Zibo Qixiang Tengda Chemical Co. Ltd. (A Shares)
 
10,900
8,720
Zijin Mining Group Co. Ltd.:
 
 
 
 (A Shares) (a)
 
72,100
122,310
 (H Shares)
 
398,000
615,671
Zoomlion Heavy Industry Science and Technology Co. Ltd.:
 
 
 
 (A Shares)
 
25,800
22,644
 (H Shares)
 
10,200
5,303
ZTE Corp. (H Shares)
 
83,000
184,447
ZTO Express, Inc. sponsored ADR
 
29,738
700,925
TOTAL CHINA
 
 
135,648,137
Colombia - 0.0%
 
 
 
Bancolombia SA
 
14,586
104,009
Interconexion Electrica SA ESP
 
27,677
97,502
TOTAL COLOMBIA
 
 
201,511
Czech Republic - 0.1%
 
 
 
CEZ A/S
 
11,247
481,250
Komercni Banka A/S
 
5,205
152,439
MONETA Money Bank A/S (b)
 
23,657
91,394
TOTAL CZECH REPUBLIC
 
 
725,083
Denmark - 2.1%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
219
357,044
 Series B
 
337
561,520
Carlsberg A/S Series B
 
6,827
813,596
Chr. Hansen Holding A/S
 
7,446
507,220
Coloplast A/S Series B
 
9,591
999,381
Danske Bank A/S
 
48,368
1,133,129
Demant A/S (a)
 
7,109
270,805
DSV A/S
 
13,037
1,944,345
Genmab A/S (a)
 
4,643
1,312,497
Novo Nordisk A/S Series B
 
228,754
22,069,325
Novozymes A/S Series B
 
14,422
647,316
ORSTED A/S (b)
 
13,288
642,065
Pandora A/S
 
5,886
666,058
Rockwool International A/S Series B
 
656
145,824
Tryg A/S
 
24,508
478,260
Vestas Wind Systems A/S (a)
 
70,230
1,522,220
TOTAL DENMARK
 
 
34,070,605
Egypt - 0.0%
 
 
 
Commercial International Bank SAE
 
149,891
292,512
Commercial International Bank SAE GDR
 
49,558
56,397
Eastern Co. SAE
 
62,936
53,524
EFG-Hermes Holding SAE
 
61,361
33,136
TOTAL EGYPT
 
 
435,569
Finland - 0.7%
 
 
 
Elisa Corp. (A Shares)
 
10,070
427,055
Fortum Corp.
 
31,461
372,836
Kesko Oyj
 
19,100
322,648
Kone OYJ (B Shares)
 
23,881
1,033,228
Metso Corp.
 
46,453
408,256
Neste OYJ
 
29,682
995,901
Nokia Corp.
 
375,132
1,249,446
Nordea Bank Abp
 
225,584
2,370,537
Orion Oyj (B Shares)
 
7,642
303,548
Sampo Oyj (A Shares)
 
32,207
1,264,643
Stora Enso Oyj (R Shares)
 
40,111
480,649
UPM-Kymmene Corp.
 
37,436
1,258,442
Wartsila Corp.
 
32,859
390,794
TOTAL FINLAND
 
 
10,877,983
France - 6.3%
 
 
 
Accor SA
 
13,067
415,754
Adevinta ASA Class B (a)
 
20,538
180,267
Aeroports de Paris SA
 
2,141
239,678
Air Liquide SA
 
36,703
6,289,142
Airbus Group NV
 
41,581
5,575,023
Alstom SA
 
20,153
272,921
Amundi SA (b)
 
4,307
224,307
Arkema SA
 
4,193
392,108
AXA SA
 
128,576
3,809,762
bioMerieux SA
 
2,956
283,061
BNP Paribas SA
 
73,517
4,227,523
Bollore SA
 
51,836
282,466
Bouygues SA
 
13,329
468,374
Bureau Veritas SA
 
20,811
473,212
Capgemini SA
 
11,569
2,044,575
Carrefour SA
 
42,240
740,529
Compagnie de St.-Gobain
 
32,462
1,767,041
Compagnie Generale des Etablissements Michelin SCA Series B
 
47,660
1,415,905
Covivio
 
3,698
158,079
Credit Agricole SA
 
84,872
1,024,820
Danone SA
 
45,181
2,687,838
Dassault Aviation SA
 
1,459
289,456
Dassault Systemes SA
 
46,929
1,933,164
Edenred SA
 
17,597
935,438
Eiffage SA
 
5,114
463,733
Engie SA
 
127,880
2,033,917
EssilorLuxottica SA
 
20,667
3,731,513
Eurazeo SA
 
2,983
167,758
Gecina SA
 
3,233
316,770
Getlink SE
 
25,215
406,470
Hermes International SCA
 
2,218
4,129,545
Ipsen SA
 
2,715
320,311
Kering SA
 
5,220
2,122,983
Klepierre SA
 
14,720
356,673
L'Oreal SA
 
16,886
7,097,704
La Francaise des Jeux SAEM (b)
 
7,646
246,105
Legrand SA
 
18,614
1,610,230
LVMH Moet Hennessy Louis Vuitton SE
 
19,348
13,851,825
Orange SA
 
130,779
1,538,229
Pernod Ricard SA
 
14,306
2,535,477
Publicis Groupe SA
 
16,094
1,221,324
Remy Cointreau SA
 
1,611
182,648
Renault SA
 
13,311
465,488
Safran SA
 
24,042
3,755,830
Sartorius Stedim Biotech
 
1,934
361,286
SEB SA
 
1,642
161,839
Societe Generale Series A
 
51,048
1,147,139
Sodexo SA
 
6,207
655,975
Teleperformance
 
4,154
475,357
Thales SA
 
7,283
1,072,310
TotalEnergies SE
 
157,586
10,535,803
Unibail-Rodamco-Westfield NV (a)
 
8,600
424,590
Valeo SA
 
14,795
194,743
Veolia Environnement SA
 
47,687
1,306,643
VINCI SA
 
37,232
4,116,906
Vivendi SA
 
46,800
418,733
Wendel SA
 
1,874
139,991
Worldline SA (a)(b)
 
17,061
216,266
TOTAL FRANCE
 
 
103,912,557
Germany - 4.7%
 
 
 
adidas AG
 
11,363
2,010,277
Allianz SE
 
28,252
6,617,820
BASF AG
 
62,750
2,899,499
Bayer AG
 
68,947
2,979,101
Bayerische Motoren Werke AG (BMW)
 
21,224
1,967,917
Bechtle AG
 
5,832
259,669
Beiersdorf AG
 
7,075
928,645
Brenntag SE
 
10,304
764,495
Carl Zeiss Meditec AG
 
2,807
242,775
Commerzbank AG
 
74,859
803,964
Continental AG
 
7,580
494,891
Covestro AG (a)(b)
 
13,401
676,367
Daimler Truck Holding AG
 
34,758
1,089,348
Deutsche Bank AG
 
135,942
1,489,609
Deutsche Borse AG
 
13,316
2,191,766
Deutsche Lufthansa AG (a)
 
40,446
282,624
Deutsche Telekom AG
 
227,104
4,928,989
DHL Group
 
69,593
2,706,872
E.ON SE
 
157,335
1,867,863
Evonik Industries AG
 
15,697
288,332
Fresenius Medical Care AG & Co. KGaA
 
14,450
480,118
Fresenius SE & Co. KGaA
 
29,658
760,679
GEA Group AG
 
10,608
361,760
Hannover Reuck SE
 
4,243
935,167
HeidelbergCement AG
 
10,066
729,369
HelloFresh AG (a)
 
10,579
230,141
Henkel AG & Co. KGaA
 
7,330
463,259
Infineon Technologies AG
 
91,647
2,677,029
Knorr-Bremse AG
 
5,191
288,581
LEG Immobilien AG (a)
 
5,228
325,488
Mercedes-Benz Group AG (Germany)
 
56,271
3,310,663
Merck KGaA
 
9,072
1,366,429
MTU Aero Engines AG
 
3,735
699,505
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
9,567
3,831,496
Nemetschek SE
 
4,028
300,047
Puma AG
 
7,357
414,911
Rational AG
 
350
199,055
Rheinmetall AG
 
3,007
860,333
RWE AG
 
44,272
1,692,481
SAP SE
 
73,152
9,812,048
Scout24 AG (b)
 
5,306
325,740
Siemens AG
 
53,276
7,069,665
Siemens Energy AG (a)(c)
 
36,501
323,264
Siemens Healthineers AG (b)
 
19,838
972,284
Symrise AG
 
9,358
956,287
Talanx AG
 
4,488
282,313
Telefonica Deutschland Holding AG
 
59,029
100,152
Volkswagen AG
 
2,256
260,793
Vonovia SE
 
51,043
1,175,116
Wacker Chemie AG
 
1,322
161,562
Zalando SE (a)(b)
 
15,797
367,559
TOTAL GERMANY
 
 
77,224,117
Greece - 0.1%
 
 
 
Alpha Bank SA (a)
 
156,757
233,869
Eurobank Ergasias Services and Holdings SA (a)
 
179,905
293,531
Ff Group (a)(d)
 
256
0
Hellenic Telecommunications Organization SA
 
13,787
193,000
Jumbo SA
 
8,062
212,066
Motor Oil (HELLAS) Corinth Refineries SA
 
4,805
114,394
Mytilineos SA
 
7,503
277,704
National Bank of Greece SA (a)
 
38,961
222,613
OPAP SA
 
12,902
218,426
Piraeus Financial Holdings SA (a)
 
47,647
140,659
Public Power Corp. of Greece (a)
 
13,614
138,720
TOTAL GREECE
 
 
2,044,982
Hong Kong - 1.4%
 
 
 
AIA Group Ltd.
 
810,400
7,037,358
CK Asset Holdings Ltd.
 
137,745
688,494
CK Infrastructure Holdings Ltd.
 
44,500
206,259
CLP Holdings Ltd.
 
116,000
848,979
Futu Holdings Ltd. ADR (a)
 
3,902
216,366
Hang Lung Properties Ltd.
 
120,000
157,735
Hang Seng Bank Ltd.
 
52,600
601,380
Henderson Land Development Co. Ltd.
 
106,010
277,371
HKT Trust/HKT Ltd. unit
 
253,000
262,054
Hong Kong & China Gas Co. Ltd.
 
794,865
553,313
Hong Kong Exchanges and Clearing Ltd.
 
84,449
2,954,250
Hongkong Land Holdings Ltd.
 
79,509
252,180
Jardine Matheson Holdings Ltd.
 
11,235
455,255
Kingboard Laminates Holdings Ltd.
 
54,500
51,110
Link (REIT)
 
174,560
801,081
MTR Corp. Ltd.
 
108,391
405,186
New World Development Co. Ltd.
 
110,267
202,375
Nine Dragons Paper (Holdings) Ltd.
 
102,000
58,067
Orient Overseas International Ltd.
 
10,000
126,098
Power Assets Holdings Ltd.
 
97,000
463,740
Prudential PLC
 
193,068
2,018,794
Sino Biopharmaceutical Ltd.
 
689,250
267,759
Sino Land Ltd.
 
270,105
269,654
Sun Hung Kai Properties Ltd.
 
102,000
1,047,408
Swire Pacific Ltd. (A Shares)
 
28,500
182,054
Swire Properties Ltd.
 
76,400
147,926
Techtronic Industries Co. Ltd.
 
97,000
885,564
Vinda International Holdings Ltd.
 
23,000
56,838
WH Group Ltd. (b)
 
591,766
353,422
Wharf Real Estate Investment Co. Ltd.
 
118,000
412,769
Xinyi Glass Holdings Ltd.
 
110,615
127,099
TOTAL HONG KONG
 
 
22,387,938
Hungary - 0.1%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
32,041
254,945
OTP Bank PLC
 
16,703
621,540
Richter Gedeon PLC
 
10,031
235,199
TOTAL HUNGARY
 
 
1,111,684
India - 4.2%
 
 
 
ABB India Ltd.
 
3,601
177,551
Adani Enterprises Ltd.
 
11,826
325,999
Adani Green Energy Ltd. (a)
 
22,157
244,721
Adani Ports & Special Economic Zone Ltd.
 
37,196
350,796
Adani Power Ltd. (a)
 
54,018
235,307
Ambuja Cements Ltd.
 
42,380
216,146
Apollo Hospitals Enterprise Ltd.
 
7,073
409,427
Ashok Leyland Ltd.
 
102,665
206,929
Asian Paints Ltd.
 
26,864
967,387
Astral Ltd.
 
8,649
192,207
AU Small Finance Bank Ltd. (b)
 
11,896
95,584
Aurobindo Pharma Ltd.
 
18,845
192,243
Avenue Supermarts Ltd. (a)(b)
 
11,421
498,504
Axis Bank Ltd.
 
159,590
1,882,573
Bajaj Auto Ltd.
 
4,793
305,659
Bajaj Finance Ltd.
 
19,084
1,717,421
Bajaj Finserv Ltd.
 
26,662
502,581
Bajaj Holdings & Investment Ltd.
 
1,723
143,304
Balkrishna Industries Ltd.
 
5,042
154,601
Bandhan Bank Ltd. (b)
 
51,805
133,357
Bank of Baroda
 
66,869
157,625
Berger Paints India Ltd.
 
20,433
137,059
Bharat Electronics Ltd.
 
259,014
414,841
Bharat Forge Ltd.
 
18,031
220,788
Bharat Petroleum Corp. Ltd.
 
53,900
225,890
Bharti Airtel Ltd.
 
156,694
1,720,399
Britannia Industries Ltd.
 
7,598
404,058
Cg Power & Industrial Soluti
 
44,465
208,172
Cholamandalam Investment and Finance Co. Ltd.
 
28,819
393,716
Cipla Ltd./India (a)
 
36,780
530,031
Coal India Ltd.
 
108,432
409,180
Colgate-Palmolive Ltd.
 
8,154
206,963
Container Corp. of India Ltd.
 
21,372
176,676
Cummins India Ltd.
 
9,902
199,391
Dabur India Ltd.
 
43,891
278,740
Divi's Laboratories Ltd.
 
8,367
340,407
DLF Ltd.
 
44,293
299,969
Dr. Reddy's Laboratories Ltd.
 
7,600
490,393
Eicher Motors Ltd.
 
9,548
377,779
GAIL India Ltd.
 
161,972
232,494
Godrej Consumer Products Ltd.
 
28,532
339,859
Godrej Properties Ltd. (a)
 
8,838
176,308
Grasim Industries Ltd.
 
18,621
421,900
Havells India Ltd.
 
18,319
274,183
HCL Technologies Ltd.
 
66,332
1,017,126
HDFC Asset Management Co. Ltd. (b)
 
6,223
204,347
HDFC Bank Ltd.
 
195,215
3,462,971
HDFC Standard Life Insurance Co. Ltd. (b)
 
67,004
497,603
Hero Motocorp Ltd.
 
7,388
274,083
Hindalco Industries Ltd.
 
86,482
477,217
Hindustan Aeronautics Ltd.
 
12,042
263,458
Hindustan Petroleum Corp. Ltd. (a)
 
36,200
107,666
Hindustan Unilever Ltd.
 
57,422
1,713,158
ICICI Bank Ltd.
 
362,159
3,983,218
ICICI Lombard General Insurance Co. Ltd. (b)
 
17,332
285,970
ICICI Prudential Life Insurance Co. Ltd. (b)
 
25,698
162,115
IDFC Bank Ltd. (a)
 
242,337
240,751
Indian Oil Corp. Ltd.
 
201,963
217,497
Indian Railway Catering & Tourism Corp. Ltd.
 
16,892
134,977
Indraprastha Gas Ltd.
 
20,882
95,894
Info Edge India Ltd.
 
5,099
250,160
Infosys Ltd.
 
232,692
3,825,661
InterGlobe Aviation Ltd. (a)(b)
 
9,935
292,961
ITC Ltd.
 
209,293
1,077,024
Jindal Steel & Power Ltd.
 
25,829
196,608
Jio Financial Services Ltd.
 
213,098
565,400
JSW Steel Ltd. (a)
 
42,184
373,137
Jubilant Foodworks Ltd.
 
28,276
170,089
Kotak Mahindra Bank Ltd.
 
76,544
1,599,664
Larsen & Toubro Ltd.
 
48,201
1,695,733
Ltimindtree Ltd. (b)
 
6,351
386,285
Lupin Ltd.
 
14,760
199,954
Mahindra & Mahindra Ltd.
 
65,469
1,147,022
Marico Ltd.
 
35,368
227,838
Maruti Suzuki India Ltd.
 
9,507
1,186,850
Max Healthcare Institute Ltd.
 
54,176
373,344
Mphasis BFL Ltd.
 
4,995
127,486
MRF Ltd.
 
137
178,199
Muthoot Finance Ltd.
 
8,698
135,676
Nestle India Ltd.
 
2,338
680,598
NTPC Ltd.
 
300,057
849,855
Oil & Natural Gas Corp. Ltd.
 
216,047
483,280
Page Industries Ltd.
 
428
194,419
Petronet LNG Ltd.
 
51,294
122,913
PI Industries Ltd.
 
5,920
241,711
Pidilite Industries Ltd.
 
10,776
318,067
Power Finance Corp. Ltd.
 
90,855
268,987
Power Grid Corp. of India Ltd.
 
326,629
793,060
REC Ltd.
 
82,817
286,172
Reliance Industries Ltd.
 
213,380
5,865,734
Samvardhana Motherson International Ltd.
 
167,239
184,649
SBI Cards & Payment Services Ltd.
 
20,116
180,213
SBI Life Insurance Co. Ltd. (b)
 
31,458
516,520
Shree Cement Ltd.
 
599
184,565
Shriram Transport Finance Co. Ltd.
 
19,601
442,168
Siemens Ltd.
 
6,352
254,073
Sona Blw Precision Forgings Ltd. (b)
 
29,322
190,770
SRF Ltd.
 
10,530
277,580
State Bank of India
 
124,521
845,879
Sun Pharmaceutical Industries Ltd.
 
67,355
880,348
Supreme Industries Ltd.
 
4,455
231,577
Tata Consultancy Services Ltd.
 
63,995
2,589,978
Tata Consumer Products Ltd.
 
38,955
421,373
Tata Elxsi Ltd.
 
2,406
220,329
Tata Motors Ltd.
 
114,490
864,488
Tata Power Co. Ltd./The
 
102,851
295,826
Tata Steel Ltd.
 
518,497
739,669
Tech Mahindra Ltd.
 
37,345
508,791
The Indian Hotels Co. Ltd.
 
59,965
276,102
Titan Co. Ltd.
 
24,723
947,494
Torrent Pharmaceuticals Ltd.
 
7,538
174,192
Trent Ltd.
 
12,862
332,826
Tube Investments of India Ltd.
 
7,558
285,847
Tvs Motor Co. Ltd.
 
17,031
325,355
Ultratech Cement Ltd.
 
8,074
816,879
United Spirits Ltd. (a)
 
21,125
261,898
UPL Ltd.
 
32,622
211,750
Varun Beverages Ltd.
 
31,678
345,657
Vedanta Ltd.
 
55,051
143,218
Wipro Ltd.
 
90,805
416,737
Yes Bank Ltd. (a)
 
918,299
175,945
Zomato Ltd. (a)
 
299,752
379,021
TOTAL INDIA
 
 
69,762,773
Indonesia - 0.5%
 
 
 
Indofood Sukses Makmur Tbk PT
 
279,700
117,097
PT Adaro Energy Indonesia Tbk
 
1,030,400
166,254
PT Aneka Tambang Tbk
 
520,500
55,768
PT Astra International Tbk
 
1,428,300
519,586
PT Bank Central Asia Tbk
 
3,888,400
2,142,200
PT Bank Mandiri (Persero) Tbk
 
2,611,200
932,857
PT Bank Negara Indonesia (Persero) Tbk
 
1,053,400
317,902
PT Bank Rakyat Indonesia (Persero) Tbk
 
4,787,010
1,496,821
PT Barito Pacific Tbk
 
1,995,895
141,436
PT Charoen Pokphand Indonesia Tbk (a)
 
494,400
182,142
PT GoTo Gojek Tokopedia Tbk (a)
 
57,303,500
216,793
PT Indah Kiat Pulp & Paper Tbk
 
200,400
121,122
PT Indofood CBP Sukses Makmur Tbk
 
175,600
114,451
PT Kalbe Farma Tbk
 
1,528,300
162,542
PT Merdeka Copper Gold Tbk (a)
 
861,961
120,895
PT Sarana Menara Nusantara Tbk
 
1,370,700
76,875
PT Semen Indonesia (Persero) Tbk
 
250,582
96,287
PT Sumber Alfaria Trijaya Tbk
 
1,244,500
226,495
PT Telkom Indonesia Persero Tbk
 
3,482,400
763,397
PT Unilever Indonesia Tbk
 
477,600
108,897
PT United Tractors Tbk
 
107,100
169,487
PT Vale Indonesia Tbk
 
152,100
47,402
TOTAL INDONESIA
 
 
8,296,706
Ireland - 0.3%
 
 
 
AerCap Holdings NV (a)
 
12,240
760,349
AIB Group PLC
 
99,774
432,207
Bank of Ireland Group PLC
 
74,265
663,999
Kerry Group PLC Class A
 
11,211
864,529
Kingspan Group PLC (Ireland)
 
10,854
729,044
Smurfit Kappa Group PLC
 
18,297
595,128
TOTAL IRELAND
 
 
4,045,256
Israel - 0.3%
 
 
 
Azrieli Group
 
2,987
128,363
Bank Hapoalim BM (Reg.)
 
89,085
636,290
Bank Leumi le-Israel BM
 
107,524
691,378
Check Point Software Technologies Ltd. (a)
 
6,557
880,277
Elbit Systems Ltd. (Israel)
 
1,856
344,522
Global-e Online Ltd. (a)
 
6,625
232,604
Icl Group Ltd.
 
54,055
262,117
Israel Discount Bank Ltd. (Class A)
 
85,651
376,127
Mizrahi Tefahot Bank Ltd.
 
10,617
328,334
NICE Ltd. (a)
 
4,233
654,115
NICE Ltd. sponsored ADR (a)
 
209
32,259
Teva Pharmaceutical Industries Ltd. sponsored ADR (a)
 
78,668
674,971
Wix.com Ltd. (a)
 
3,838
306,656
TOTAL ISRAEL
 
 
5,548,013
Italy - 1.4%
 
 
 
Amplifon SpA
 
8,827
248,814
Assicurazioni Generali SpA
 
70,876
1,405,761
Coca-Cola HBC AG
 
15,367
398,211
Davide Campari Milano NV
 
36,789
406,003
DiaSorin SpA
 
1,586
141,803
Enel SpA
 
569,106
3,612,446
Eni SpA
 
165,445
2,704,639
Ferrari NV (Italy)
 
8,828
2,666,829
FinecoBank SpA
 
42,940
505,008
Infrastrutture Wireless Italiane SpA (b)
 
23,668
258,445
Intesa Sanpaolo SpA
 
1,089,113
2,838,001
Mediobanca SpA (c)
 
38,892
463,779
Moncler SpA
 
14,448
748,167
Nexi SpA (a)(b)
 
42,009
243,407
Poste Italiane SpA (b)
 
36,894
364,611
Prysmian SpA
 
18,655
696,584
Recordati SpA
 
7,434
342,954
Snam SpA
 
140,273
643,228
Telecom Italia SpA (a)
 
720,399
186,066
Terna - Rete Elettrica Nazionale
 
97,157
742,846
UniCredit SpA
 
129,269
3,240,724
TOTAL ITALY
 
 
22,858,326
Japan - 13.9%
 
 
 
Advantest Corp.
 
53,600
1,380,663
AEON Co. Ltd. (c)
 
46,000
967,823
AGC, Inc.
 
13,500
459,258
Aisin Seiki Co. Ltd.
 
10,500
365,766
Ajinomoto Co., Inc.
 
31,500
1,150,465
Ana Holdings, Inc. (a)
 
11,700
229,693
Asahi Group Holdings
 
33,600
1,215,326
ASAHI INTECC Co. Ltd.
 
14,900
250,359
Asahi Kasei Corp.
 
88,800
545,923
Astellas Pharma, Inc.
 
127,000
1,606,534
Azbil Corp.
 
8,200
242,299
Bandai Namco Holdings, Inc.
 
42,000
870,178
BayCurrent Consulting, Inc.
 
9,300
233,493
Bridgestone Corp.
 
40,100
1,517,593
Brother Industries Ltd.
 
15,700
244,924
Canon, Inc.
 
69,900
1,652,485
Capcom Co. Ltd.
 
11,900
383,053
Central Japan Railway Co.
 
50,500
1,136,675
Chiba Bank Ltd.
 
37,500
279,320
Chubu Electric Power Co., Inc.
 
45,200
546,204
Chugai Pharmaceutical Co. Ltd.
 
47,000
1,393,859
Concordia Financial Group Ltd.
 
74,900
348,015
CyberAgent, Inc.
 
31,800
166,933
Dai Nippon Printing Co. Ltd.
 
15,500
404,353
Dai-ichi Mutual Life Insurance Co.
 
66,000
1,394,252
Daifuku Co. Ltd.
 
21,700
358,547
Daiichi Sankyo Kabushiki Kaisha
 
129,700
3,344,210
Daikin Industries Ltd.
 
18,500
2,667,310
Daito Trust Construction Co. Ltd.
 
4,300
461,245
Daiwa House Industry Co. Ltd.
 
41,400
1,138,735
Daiwa House REIT Investment Corp.
 
157
277,850
Daiwa Securities Group, Inc.
 
93,400
538,588
DENSO Corp.
 
121,600
1,795,586
Dentsu Group, Inc.
 
14,300
415,358
Disco Corp.
 
6,500
1,147,894
East Japan Railway Co.
 
21,200
1,101,071
Eisai Co. Ltd.
 
17,700
937,717
ENEOS Holdings, Inc.
 
203,100
752,570
FANUC Corp.
 
66,800
1,657,737
Fast Retailing Co. Ltd.
 
12,300
2,723,176
Fuji Electric Co. Ltd.
 
8,800
335,057
FUJIFILM Holdings Corp.
 
26,100
1,427,613
Fujitsu Ltd.
 
12,300
1,593,435
GLP J-REIT
 
330
295,567
GMO Payment Gateway, Inc.
 
2,900
115,824
Hakuhodo DY Holdings, Inc.
 
14,900
120,916
Hamamatsu Photonics K.K.
 
9,800
364,002
Hankyu Hanshin Holdings, Inc.
 
15,900
500,271
Hikari Tsushin, Inc.
 
1,400
201,982
Hirose Electric Co. Ltd.
 
2,210
250,391
Hitachi Construction Machinery Co. Ltd.
 
7,300
188,601
Hitachi Ltd.
 
65,700
4,164,501
Honda Motor Co. Ltd.
 
323,400
3,314,453
Hoshizaki Corp.
 
7,700
248,669
Hoya Corp.
 
24,800
2,387,462
Hulic Co. Ltd.
 
25,900
237,455
Ibiden Co. Ltd.
 
7,900
336,828
Idemitsu Kosan Co. Ltd.
 
13,566
308,017
Iida Group Holdings Co. Ltd.
 
11,500
178,563
INPEX Corp.
 
68,200
989,642
Isuzu Motors Ltd.
 
41,200
459,407
Itochu Corp.
 
83,300
3,000,552
Japan Airlines Co. Ltd.
 
11,100
204,060
Japan Exchange Group, Inc.
 
35,700
705,960
Japan Post Bank Co. Ltd.
 
101,100
937,117
Japan Post Holdings Co. Ltd.
 
157,500
1,394,065
Japan Post Insurance Co. Ltd.
 
13,000
250,329
Japan Real Estate Investment Corp.
 
86
319,432
Japan Retail Fund Investment Corp.
 
480
309,767
Japan Tobacco, Inc.
 
83,900
1,953,097
JFE Holdings, Inc.
 
33,800
470,931
JSR Corp.
 
12,500
334,574
Kajima Corp.
 
29,700
490,864
Kansai Electric Power Co., Inc.
 
49,400
632,510
Kao Corp.
 
32,700
1,193,024
Kawasaki Kisen Kaisha Ltd.
 
9,800
336,042
KDDI Corp.
 
104,900
3,138,056
KDX Realty Investment Corp.
 
290
302,467
Keio Corp.
 
7,500
222,559
Keisei Electric Railway Co.
 
8,800
331,493
Keyence Corp.
 
13,600
5,264,815
Kikkoman Corp.
 
9,400
534,811
Kintetsu Group Holdings Co. Ltd.
 
12,700
357,337
Kirin Holdings Co. Ltd.
 
53,400
750,447
Kobayashi Pharmaceutical Co. Ltd.
 
3,800
156,876
Kobe Bussan Co. Ltd.
 
10,300
254,905
Koei Tecmo Holdings Co. Ltd.
 
8,280
108,118
Koito Manufacturing Co. Ltd.
 
15,000
224,741
Komatsu Ltd.
 
64,900
1,491,168
Konami Group Corp.
 
7,100
367,795
Kose Corp.
 
2,400
159,002
Kubota Corp.
 
71,100
956,241
Kurita Water Industries Ltd.
 
7,200
218,761
Kyocera Corp.
 
22,500
1,109,057
Kyowa Hakko Kirin Co., Ltd.
 
19,100
299,570
Lasertec Corp.
 
5,300
875,455
LIXIL Group Corp.
 
20,400
223,687
LY Corp.
 
187,000
476,754
M3, Inc.
 
32,130
494,840
Makita Corp.
 
15,400
398,042
Marubeni Corp.
 
101,300
1,481,186
MatsukiyoCocokara & Co.
 
24,300
426,266
Mazda Motor Corp.
 
38,700
374,074
McDonald's Holdings Co. (Japan) Ltd.
 
6,200
241,228
Meiji Holdings Co. Ltd.
 
16,300
401,209
Minebea Mitsumi, Inc.
 
25,800
404,526
Misumi Group, Inc.
 
20,300
307,315
Mitsubishi Chemical Holdings Corp.
 
90,800
513,801
Mitsubishi Corp.
 
80,600
3,757,214
Mitsubishi Electric Corp.
 
134,300
1,539,952
Mitsubishi Estate Co. Ltd.
 
78,600
1,006,105
Mitsubishi Heavy Industries Ltd.
 
22,500
1,158,855
Mitsubishi UFJ Financial Group, Inc.
 
800,200
6,712,996
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
56,800
374,439
Mitsui & Co. Ltd.
 
92,000
3,343,664
Mitsui Chemicals, Inc.
 
12,100
304,974
Mitsui Fudosan Co. Ltd.
 
62,200
1,348,176
Mitsui OSK Lines Ltd.
 
24,100
622,197
Mizuho Financial Group, Inc.
 
169,010
2,869,517
MonotaRO Co. Ltd.
 
17,700
141,458
MS&AD Insurance Group Holdings, Inc.
 
30,100
1,102,880
Murata Manufacturing Co. Ltd.
 
120,900
2,070,942
NEC Corp.
 
17,300
833,006
Nexon Co. Ltd.
 
24,000
440,382
NGK Insulators Ltd.
 
15,600
190,605
Nidec Corp.
 
29,100
1,067,418
Nintendo Co. Ltd.
 
72,700
3,003,561
Nippon Building Fund, Inc.
 
104
417,865
Nippon Express Holdings, Inc.
 
4,900
251,838
Nippon Paint Holdings Co. Ltd.
 
66,800
449,104
Nippon Prologis REIT, Inc.
 
163
290,038
Nippon Sanso Holdings Corp.
 
12,200
307,666
Nippon Steel & Sumitomo Metal Corp.
 
60,200
1,298,445
Nippon Telegraph & Telephone Corp.
 
2,089,100
2,458,402
Nippon Yusen KK
 
34,200
836,780
Nissan Chemical Corp.
 
9,100
371,145
Nissan Motor Co. Ltd.
 
162,300
624,528
Nissin Food Holdings Co. Ltd.
 
4,300
374,137
Nitori Holdings Co. Ltd.
 
5,600
606,451
Nitto Denko Corp.
 
10,040
649,646
Nomura Holdings, Inc.
 
209,500
809,384
Nomura Real Estate Holdings, Inc.
 
7,800
182,177
Nomura Real Estate Master Fund, Inc.
 
286
315,589
Nomura Research Institute Ltd.
 
27,100
711,374
NTT Data Corp.
 
44,300
546,215
Obayashi Corp.
 
45,800
392,314
OBIC Co. Ltd.
 
4,900
724,300
Odakyu Electric Railway Co. Ltd.
 
22,400
318,894
Oji Holdings Corp.
 
60,400
258,324
Olympus Corp.
 
88,900
1,187,291
OMRON Corp.
 
12,200
437,092
Ono Pharmaceutical Co. Ltd.
 
27,400
473,184
Open House Group Co. Ltd.
 
5,700
187,874
Oracle Corp. Japan
 
2,700
191,537
Oriental Land Co. Ltd.
 
76,400
2,471,186
ORIX Corp.
 
82,300
1,496,737
Osaka Gas Co. Ltd.
 
26,300
495,960
Otsuka Corp.
 
7,700
308,729
Otsuka Holdings Co. Ltd.
 
27,400
921,899
Pan Pacific International Holdings Ltd.
 
27,590
534,304
Panasonic Holdings Corp.
 
154,900
1,359,014
Persol Holdings Co. Ltd.
 
131,000
196,423
Rakuten Group, Inc.
 
104,600
386,907
Recruit Holdings Co. Ltd.
 
101,000
2,895,944
Renesas Electronics Corp. (a)
 
89,400
1,174,324
Resona Holdings, Inc.
 
150,200
802,567
Ricoh Co. Ltd.
 
38,600
312,857
ROHM Co. Ltd.
 
24,800
397,345
SBI Holdings, Inc. Japan
 
16,800
361,451
SCSK Corp.
 
11,100
189,480
Secom Co. Ltd.
 
14,700
1,020,986
Seiko Epson Corp.
 
20,300
281,829
Sekisui Chemical Co. Ltd.
 
26,700
365,707
Sekisui House Ltd.
 
41,300
808,768
Seven & i Holdings Co. Ltd.
 
52,800
1,934,524
SG Holdings Co. Ltd.
 
21,900
310,424
Sharp Corp. (a)
 
18,600
116,291
Shimadzu Corp.
 
16,700
394,893
SHIMANO, Inc.
 
5,400
777,093
SHIMIZU Corp.
 
39,800
283,236
Shin-Etsu Chemical Co. Ltd.
 
127,700
3,818,661
Shionogi & Co. Ltd.
 
18,500
861,446
Shiseido Co. Ltd.
 
28,100
891,205
Shizuoka Financial Group
 
33,200
282,325
SMC Corp.
 
4,000
1,847,053
SoftBank Corp.
 
200,800
2,270,419
SoftBank Group Corp.
 
72,200
2,956,884
Sompo Holdings, Inc.
 
20,600
892,391
Sony Group Corp.
 
88,400
7,349,478
Square Enix Holdings Co. Ltd.
 
5,800
192,686
Subaru Corp.
 
43,500
752,998
Sumco Corp.
 
24,100
311,424
Sumitomo Chemical Co. Ltd.
 
100,300
254,939
Sumitomo Corp.
 
73,300
1,440,908
Sumitomo Electric Industries Ltd.
 
50,500
530,161
Sumitomo Metal Mining Co. Ltd.
 
17,500
491,609
Sumitomo Mitsui Financial Group, Inc.
 
89,000
4,290,510
Sumitomo Mitsui Trust Holdings, Inc.
 
23,000
862,426
Sumitomo Realty & Development Co. Ltd.
 
20,200
506,898
Suntory Beverage & Food Ltd.
 
9,500
285,884
Suzuki Motor Corp.
 
25,800
1,001,350
Sysmex Corp.
 
11,800
565,253
T&D Holdings, Inc.
 
34,400
613,669
Taisei Corp.
 
11,700
396,779
Takeda Pharmaceutical Co. Ltd.
 
110,877
3,009,728
TDK Corp.
 
27,376
1,024,279
Terumo Corp.
 
47,200
1,291,307
TIS, Inc.
 
15,600
334,072
Tobu Railway Co. Ltd.
 
13,300
320,124
Toho Co. Ltd.
 
8,000
273,305
Tokio Marine Holdings, Inc.
 
126,300
2,825,613
Tokyo Electric Power Co., Inc. (a)
 
107,400
454,489
Tokyo Electron Ltd.
 
33,100
4,373,758
Tokyo Gas Co. Ltd.
 
27,400
615,326
Tokyu Corp.
 
35,300
398,503
Toppan Holdings, Inc.
 
17,300
399,005
Toray Industries, Inc.
 
98,300
475,560
Tosoh Corp.
 
17,400
213,050
Toto Ltd.
 
9,400
226,649
Toyota Industries Corp.
 
10,300
763,382
Toyota Motor Corp.
 
743,100
12,999,605
Toyota Tsusho Corp.
 
14,900
793,221
Trend Micro, Inc.
 
9,400
354,235
Unicharm Corp.
 
28,300
961,602
USS Co. Ltd.
 
15,300
267,427
Welcia Holdings Co. Ltd.
 
6,400
106,085
West Japan Railway Co.
 
15,500
590,776
Yakult Honsha Co. Ltd.
 
18,000
424,169
Yamaha Corp.
 
9,900
264,428
Yamaha Motor Co. Ltd.
 
20,500
500,955
Yamato Holdings Co. Ltd.
 
19,200
319,796
Yaskawa Electric Corp.
 
16,600
543,370
Yokogawa Electric Corp.
 
16,100
292,299
Zensho Holdings Co. Ltd.
 
6,500
341,652
ZOZO, Inc.
 
9,900
188,246
TOTAL JAPAN
 
 
229,492,807
Jordan - 0.0%
 
 
 
Hikma Pharmaceuticals PLC
 
11,831
273,436
Korea (South) - 3.0%
 
 
 
AMOREPACIFIC Corp.
 
1,528
143,215
BGF Retail Co. Ltd.
 
449
45,847
Celltrion Healthcare Co. Ltd.
 
7,576
374,196
Celltrion Pharm, Inc.
 
1,105
51,911
Celltrion, Inc.
 
7,776
862,271
CJ CheilJedang Corp.
 
661
138,272
Cosmo AM&T Co. Ltd. (a)
 
1,704
177,145
Cosmo AM&T Co. Ltd. rights 11/7/23 (a)
 
77
945
Coway Co. Ltd.
 
3,392
108,386
Db Insurance Co. Ltd.
 
3,021
196,252
Delivery Hero AG (a)(b)
 
12,343
313,051
Doosan Bobcat, Inc.
 
3,957
113,520
Doosan Heavy Industries & Construction Co. Ltd. (a)
 
30,840
306,834
Ecopro BM Co. Ltd.
 
3,432
501,348
Ecopro Co. Ltd.
 
1,401
646,406
F&F Co. Ltd.
 
1,051
72,752
GS Holdings Corp.
 
2,790
81,352
Hana Financial Group, Inc.
 
20,056
582,300
Hankook Tire Co. Ltd.
 
4,832
136,888
Hanmi Pharm Co. Ltd.
 
464
96,872
Hanmi Semiconductor Co. Ltd.
 
3,107
121,559
Hanon Systems
 
11,205
57,091
Hanwha Aerospace Co. Ltd.
 
2,541
190,752
Hanwha Ocean Co. Ltd. (a)
 
3,167
55,303
Hanwha Ocean Co. Ltd. rights 11/9/23 (a)
 
1,045
1,352
Hanwha Solutions Corp. (a)
 
6,734
143,223
HD Hyundai Co. Ltd.
 
2,816
119,762
HD Hyundai Heavy Industries Co. Ltd. (a)
 
1,652
125,071
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)
 
2,823
189,095
HLB, Inc.
 
7,543
162,279
HMM Co. Ltd.
 
16,278
176,050
Hotel Shilla Co.
 
2,027
93,652
HYBE Co. Ltd. (a)
 
1,340
217,914
Hyundai Engineering & Construction Co. Ltd.
 
6,325
156,632
Hyundai Glovis Co. Ltd.
 
1,473
186,663
Hyundai Mipo Dockyard Co. Ltd. (a)
 
1,463
75,280
Hyundai Mobis
 
4,302
665,241
Hyundai Motor Co. Ltd.
 
9,096
1,144,253
Hyundai Steel Co.
 
6,792
164,926
Industrial Bank of Korea
 
17,180
141,970
JYP Entertainment Corp.
 
2,066
157,030
Kakao Corp.
 
22,194
624,629
Kakao Games Corp. (a)
 
2,502
43,362
Kakao Pay Corp. (a)
 
1,631
41,518
KakaoBank Corp.
 
12,071
163,118
Kangwon Land, Inc.
 
5,722
62,212
KB Financial Group, Inc.
 
26,666
1,014,955
Kia Corp.
 
18,268
1,042,130
Korea Aerospace Industries Ltd.
 
5,492
180,445
Korea Electric Power Corp. (a)
 
18,484
231,020
Korea Investment Holdings Co. Ltd.
 
2,497
93,209
Korea Zinc Co. Ltd.
 
527
182,871
Korean Air Lines Co. Ltd.
 
13,922
211,512
KRAFTON, Inc. (a)
 
2,143
260,485
KT Corp.
 
3,989
96,360
KT&G Corp.
 
7,324
461,337
Kumho Petro Chemical Co. Ltd.
 
1,429
134,108
L&F Co. Ltd.
 
1,748
169,781
LG Chemical Ltd.
 
3,313
1,084,200
LG Corp.
 
6,535
373,502
LG Display Co. Ltd. (a)
 
17,414
157,341
LG Electronics, Inc.
 
7,499
555,474
LG Energy Solution (a)
 
3,285
940,311
LG H & H Co. Ltd.
 
465
108,855
LG Innotek Co. Ltd.
 
1,037
171,858
LG Uplus Corp.
 
12,853
96,187
Lotte Chemical Corp.
 
1,356
147,039
Lotte Energy Materials Corp.
 
1,528
43,709
Meritz Financial Holdings Co.
 
7,394
274,779
Mirae Asset Securities Co. Ltd.
 
18,991
92,893
NAVER Corp.
 
9,168
1,279,816
NCSOFT Corp.
 
938
161,815
Netmarble Corp. (a)(b)
 
1,298
37,209
NH Investment & Securities Co. Ltd.
 
8,755
62,719
Orion Corp./Republic of Korea
 
1,537
135,831
Pan Ocean Co., Ltd. (Korea)
 
16,856
53,735
Pearl Abyss Corp. (a)
 
2,089
76,418
POSCO
 
5,044
1,541,807
POSCO Chemtech Co. Ltd.
 
2,175
382,717
Posco International Corp.
 
3,688
137,359
S-Oil Corp.
 
3,488
171,887
Samsung Biologics Co. Ltd. (a)(b)
 
1,267
665,083
Samsung C&T Corp.
 
6,246
493,112
Samsung Electro-Mechanics Co. Ltd.
 
4,085
377,144
Samsung Electronics Co. Ltd.
 
330,974
16,449,769
Samsung Engineering Co. Ltd. (a)
 
11,589
203,949
Samsung Fire & Marine Insurance Co. Ltd.
 
2,141
408,801
Samsung Heavy Industries Co. Ltd. (a)
 
47,466
240,271
Samsung Life Insurance Co. Ltd.
 
5,792
309,640
Samsung SDI Co. Ltd.
 
3,867
1,222,612
Samsung SDS Co. Ltd.
 
2,813
287,919
Samsung Securities Co. Ltd.
 
3,846
100,602
Shinhan Financial Group Co. Ltd.
 
30,629
786,127
SK Biopharmaceuticals Co. Ltd. (a)
 
2,330
130,199
SK Bioscience Co. Ltd. (a)
 
1,738
78,107
SK Hynix, Inc.
 
38,327
3,323,464
SK IE Technology Co. Ltd. (a)(b)
 
1,611
70,932
SK Innovation Co., Ltd.
 
4,443
404,178
SK Square Co. Ltd. (a)
 
7,416
233,983
SK, Inc.
 
2,829
297,822
SKC Co. Ltd.
 
1,252
73,111
Woori Financial Group, Inc.
 
41,289
364,155
Yuhan Corp.
 
3,512
149,488
TOTAL KOREA (SOUTH)
 
 
49,065,842
Kuwait - 0.2%
 
 
 
Agility Public Warehousing Co. KSC (a)
 
119,374
202,911
Boubyan Bank KSC
 
100,284
189,906
Gulf Bank
 
120,869
92,571
Gulf Bank rights 11/12/23 (a)
 
9,382
194
Kuwait Finance House KSCP
 
571,264
1,262,707
Mabanee Co. SAKC
 
42,766
114,015
Mobile Telecommunication Co.
 
135,875
211,200
National Bank of Kuwait
 
530,157
1,502,497
TOTAL KUWAIT
 
 
3,576,001
Luxembourg - 0.1%
 
 
 
ArcelorMittal SA (Netherlands)
 
35,615
786,847
Eurofins Scientific SA
 
9,428
477,141
Reinet Investments SCA
 
9,056
188,170
TOTAL LUXEMBOURG
 
 
1,452,158
Macau - 0.1%
 
 
 
Galaxy Entertainment Group Ltd.
 
151,000
848,841
Sands China Ltd. (a)
 
168,400
453,341
TOTAL MACAU
 
 
1,302,182
Malaysia - 0.4%
 
 
 
AMMB Holdings Bhd
 
111,400
89,370
Axiata Group Bhd
 
212,560
97,255
CelcomDigi Bhd
 
268,800
240,793
CIMB Group Holdings Bhd
 
464,143
556,088
Dialog Group Bhd
 
229,400
103,503
Gamuda Bhd
 
123,031
120,894
Genting Bhd
 
172,600
146,051
Genting Malaysia Bhd
 
191,500
97,312
Hong Leong Bank Bhd
 
46,900
190,967
Hong Leong Credit Bhd
 
13,100
48,716
IHH Healthcare Bhd
 
162,900
205,058
Inari Amertron Bhd
 
167,900
100,666
IOI Corp. Bhd
 
165,500
136,553
Kuala Lumpur Kepong Bhd
 
31,100
143,562
Malayan Banking Bhd
 
374,598
709,323
Malaysia Airports Holdings Bhd
 
49,416
76,669
Maxis Bhd
 
150,700
125,305
MISC Bhd
 
93,600
142,495
MR DIY Group M Sdn Bhd (b)
 
214,700
66,704
Nestle (Malaysia) Bhd
 
4,500
116,947
Petronas Chemicals Group Bhd
 
201,700
311,023
Petronas Dagangan Bhd
 
18,500
89,562
Petronas Gas Bhd
 
58,800
214,180
PPB Group Bhd
 
48,840
157,008
Press Metal Aluminium Holdings
 
250,000
258,419
Public Bank Bhd
 
1,010,500
882,573
QL Resources Bhd
 
65,500
76,019
RHB Bank Bhd
 
116,967
137,004
Sime Darby Bhd
 
161,900
77,812
Sime Darby Plantation Bhd
 
134,116
122,264
Telekom Malaysia Bhd
 
68,521
72,942
Tenaga Nasional Bhd
 
186,100
386,728
TOTAL MALAYSIA
 
 
6,299,765
Mexico - 0.7%
 
 
 
Alfa SA de CV Series A
 
206,900
128,990
America Movil S.A.B. de CV Series L
 
1,325,500
1,094,719
Arca Continental S.A.B. de CV
 
35,900
321,923
Banco del Bajio SA (b)
 
55,500
169,865
CEMEX S.A.B. de CV unit (a)
 
1,045,680
628,139
Coca-Cola FEMSA S.A.B. de CV unit
 
37,320
283,155
Fibra Uno Administracion SA de CV
 
209,400
317,892
Fomento Economico Mexicano S.A.B. de CV unit
 
136,300
1,542,702
Gruma S.A.B. de CV Series B
 
12,375
215,342
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
27,800
324,290
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
13,860
298,702
Grupo Bimbo S.A.B. de CV Series A
 
94,100
382,997
Grupo Carso SA de CV Series A1
 
38,500
245,491
Grupo Financiero Banorte S.A.B. de CV Series O
 
182,200
1,478,701
Grupo Financiero Inbursa S.A.B. de CV Series O (a)
 
134,600
277,577
Grupo Mexico SA de CV Series B
 
219,300
894,400
Grupo Televisa SA de CV
 
160,900
73,806
Industrias Penoles SA de CV (a)
 
14,220
158,748
Kimberly-Clark de Mexico SA de CV Series A
 
109,400
200,547
Operadora de Sites Mexicanos, SA de CV
 
80,600
68,534
Orbia Advance Corp. S.A.B. de CV
 
77,200
125,077
Promotora y Operadora de Infraestructura S.A.B. de CV
 
12,940
105,923
Southern Copper Corp.
 
6,024
427,102
Wal-Mart de Mexico SA de CV Series V
 
365,300
1,307,494
TOTAL MEXICO
 
 
11,072,116
Netherlands - 3.5%
 
 
 
ABN AMRO Bank NV GDR (Bearer) (b)
 
28,538
383,037
Adyen BV (a)(b)
 
1,524
1,027,917
AEGON NV
 
119,574
579,973
Akzo Nobel NV
 
11,878
795,059
Argenx SE (a)
 
3,927
1,847,189
ASM International NV (Netherlands)
 
3,298
1,355,715
ASML Holding NV (Netherlands)
 
28,264
16,990,067
ASR Nederland NV
 
11,136
414,762
BE Semiconductor Industries NV
 
5,402
556,153
Euronext NV (b)
 
5,947
414,048
EXOR NV
 
7,598
650,713
Heineken Holding NV
 
9,014
684,808
Heineken NV (Bearer)
 
20,118
1,807,470
IMCD NV
 
4,056
487,103
ING Groep NV (Certificaten Van Aandelen)
 
253,648
3,251,902
JDE Peet's BV
 
9,006
250,047
Koninklijke Ahold Delhaize NV
 
68,233
2,021,525
Koninklijke KPN NV
 
228,611
768,403
Koninklijke Philips Electronics NV
 
65,121
1,238,763
NN Group NV
 
17,669
566,687
OCI NV
 
7,387
172,034
Randstad NV
 
7,758
400,915
Shell PLC (London)
 
469,720
15,137,597
Stellantis NV (Italy)
 
155,136
2,889,029
Universal Music Group NV
 
57,506
1,408,255
Wolters Kluwer NV
 
18,046
2,312,341
TOTAL NETHERLANDS
 
 
58,411,512
New Zealand - 0.1%
 
 
 
Auckland International Airport Ltd.
 
86,266
368,983
Fisher & Paykel Healthcare Corp.
 
41,370
501,802
Mercury Nz Ltd.
 
45,781
157,484
Meridian Energy Ltd.
 
95,629
269,326
Spark New Zealand Ltd.
 
126,628
367,617
Xero Ltd. (a)
 
10,006
684,083
TOTAL NEW ZEALAND
 
 
2,349,295
Norway - 0.4%
 
 
 
Aker BP ASA
 
22,209
638,380
DNB Bank ASA
 
64,523
1,162,701
Equinor ASA
 
63,072
2,114,376
Gjensidige Forsikring ASA
 
13,616
203,918
Kongsberg Gruppen ASA
 
6,514
265,903
Mowi ASA
 
30,849
500,667
Norsk Hydro ASA
 
93,838
535,131
Orkla ASA
 
51,966
357,916
Salmar ASA
 
5,226
247,384
Telenor ASA
 
49,072
501,441
TOTAL NORWAY
 
 
6,527,817
Peru - 0.0%
 
 
 
Compania de Minas Buenaventura SAA sponsored ADR
 
14,294
115,781
Credicorp Ltd. (United States)
 
4,783
597,684
TOTAL PERU
 
 
713,465
Philippines - 0.2%
 
 
 
Aboitiz Equity Ventures, Inc.
 
108,780
87,613
Ayala Corp.
 
18,670
199,141
Ayala Land, Inc.
 
445,300
218,590
Bank of the Philippine Islands (BPI)
 
143,506
253,827
BDO Unibank, Inc.
 
168,166
377,639
International Container Terminal Services, Inc.
 
70,360
248,696
JG Summit Holdings, Inc.
 
173,451
112,240
Jollibee Food Corp.
 
31,680
114,245
Manila Electric Co.
 
17,080
106,665
Metropolitan Bank & Trust Co.
 
118,733
109,224
PLDT, Inc.
 
4,815
102,643
SM Investments Corp.
 
17,095
241,035
SM Prime Holdings, Inc.
 
733,500
387,159
Universal Robina Corp.
 
64,390
123,839
TOTAL PHILIPPINES
 
 
2,682,556
Poland - 0.2%
 
 
 
Allegro.eu SA (a)(b)
 
34,212
244,891
Bank Polska Kasa Opieki SA
 
13,095
397,011
Budimex SA
 
918
102,435
CD Projekt RED SA
 
4,625
115,294
Cyfrowy Polsat SA
 
18,168
56,569
Dino Polska SA (a)(b)
 
3,368
318,645
KGHM Polska Miedz SA (Bearer)
 
10,065
268,230
LPP SA
 
78
251,108
mBank SA (a)
 
1,073
132,417
Orlen SA
 
40,871
645,273
PGE Polska Grupa Energetyczna SA (a)
 
63,614
110,221
Powszechna Kasa Oszczednosci Bank SA (a)
 
60,340
623,449
Powszechny Zaklad Ubezpieczen SA
 
42,134
476,253
Santander Bank Polska SA (a)
 
2,535
274,682
TOTAL POLAND
 
 
4,016,478
Portugal - 0.1%
 
 
 
Energias de Portugal SA
 
219,312
921,254
Galp Energia SGPS SA Class B
 
34,333
516,217
Jeronimo Martins SGPS SA
 
19,848
457,405
TOTAL PORTUGAL
 
 
1,894,876
Qatar - 0.2%
 
 
 
Barwa Real Estate Co. (a)
 
138,973
96,567
Dukhan Bank
 
130,867
130,328
Industries Qatar QSC (a)
 
106,581
357,709
Masraf al Rayan
 
396,359
228,606
Mesaieed Petrochemical Holding Co. (a)
 
366,853
160,202
Ooredoo QSC
 
50,692
137,694
Qatar Electricity & Water Co. (a)
 
28,356
128,813
Qatar Fuel Co. (a)
 
43,240
176,357
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
181,878
175,834
Qatar International Islamic Bank QSC (a)
 
66,834
169,793
Qatar Islamic Bank
 
114,595
547,639
Qatar National Bank SAQ
 
324,522
1,327,144
The Commercial Bank of Qatar (a)
 
227,965
320,942
TOTAL QATAR
 
 
3,957,628
Romania - 0.0%
 
 
 
NEPI Rockcastle PLC
 
36,091
194,925
Russia - 0.0%
 
 
 
Alrosa Co. Ltd. (d)
 
120,680
20,082
Gazprom OAO (d)
 
601,730
62,980
Inter Rao Ues JSC (d)
 
1,756,400
9,686
LUKOIL PJSC (d)
 
21,149
6,548
MMC Norilsk Nickel PJSC (a)(d)
 
2,499
16,624
MMC Norilsk Nickel PJSC sponsored ADR (a)(d)
 
6,705
16,092
Mobile TeleSystems OJSC sponsored ADR (a)(d)
 
21,752
21,665
Moscow Exchange MICEX-RTS OAO (d)
 
72,930
14,023
Novatek PJSC GDR (Reg. S) (a)(d)
 
4,511
234,572
Novolipetsk Steel OJSC (a)(d)
 
71,070
682
Ozon Holdings PLC ADR (a)(d)
 
2,304
4,828
PhosAgro PJSC:
 
 
 
 GDR (Reg. S) (a)(d)
 
6,442
132
 sponsored GDR (Reg. S) (a)(d)
 
42
1
Polyus PJSC (a)(d)
 
1,749
4,114
Rosneft Oil Co. OJSC (d)
 
55,210
9,235
Sberbank of Russia (d)
 
551,355
3,391
Severstal PAO (a)(d)
 
7,553
169
Severstal PAO GDR (Reg. S) (a)(d)
 
2,375
56
Surgutneftegas OJSC (d)
 
351,800
4,306
Tatneft PAO (d)
 
71,609
8,909
TCS Group Holding PLC GDR (a)(d)
 
6,170
7,859
United Co. RUSAL International PJSC (d)
 
141,950
17,112
VK Co. Ltd. GDR (Reg. S) (a)(d)
 
6,898
2,050
VTB Bank OJSC (a)(d)
 
152,910,000
5,843
X5 Retail Group NV GDR (Reg. S) (a)(d)
 
5,899
1,392
Yandex NV Class A (a)(d)
 
15,310
57,174
TOTAL RUSSIA
 
 
529,525
Saudi Arabia - 1.1%
 
 
 
ACWA Power Co.
 
6,647
402,193
Advanced Petrochemicals Co.
 
8,341
82,930
Al Rajhi Bank
 
137,250
2,454,813
Alinma Bank
 
67,820
594,754
Almarai Co. Ltd.
 
18,260
272,080
Arab National Bank
 
47,746
302,390
Arabian Internet and Communications Services Co. Ltd.
 
1,585
132,154
Bank Al-Jazira (a)
 
25,923
113,045
Bank Albilad
 
34,442
341,519
Banque Saudi Fransi
 
41,615
397,670
Bupa Arabia for Cooperative Insurance Co.
 
5,283
299,946
Dallah Healthcare Co.
 
2,196
86,632
Dar Al Arkan Real Estate Development Co. (a)
 
37,531
151,060
Dr Sulaiman Al Habib Medical Services Group Co.
 
6,089
409,006
Elm Co.
 
1,683
314,564
Etihad Etisalat Co.
 
27,215
334,420
Jarir Marketing Co.
 
44,691
172,493
Luberef
 
3,252
111,821
Mobile Telecommunications Co. Saudi Arabia
 
30,556
112,398
Mouwasat Medical Services Co.
 
6,929
184,695
Nahdi Medical Co.
 
2,533
95,740
National Industrialization Co. (a)
 
20,242
62,696
Power & Water Utility Co. for Jubail & Yanbu
 
5,790
83,958
Rabigh Refining & Petrochemical Co. (a)
 
27,968
75,146
Riyad Bank
 
102,720
726,947
Sabic Agriculture-Nutrients Co.
 
16,003
570,744
Sahara International Petrochemical Co.
 
25,808
221,854
Saudi Arabian Mining Co.
 
90,757
870,896
Saudi Arabian Oil Co. (b)
 
185,639
1,647,771
Saudi Awwal Bank
 
70,977
632,845
Saudi Basic Industries Corp.
 
63,019
1,293,438
Saudi Electricity Co.
 
59,810
283,777
Saudi Industrial Investment Group
 
26,624
170,037
Saudi Investment Bank/The
 
36,006
141,083
Saudi Kayan Petrochemical Co. (a)
 
52,977
149,402
Saudi Research & Marketing Group (a)
 
2,353
88,435
Saudi Tadawul Group Holding Co.
 
3,200
141,764
Saudi Telecom Co.
 
140,375
1,436,827
The Co. for Cooperative Insurance
 
5,191
167,148
The Saudi National Bank
 
206,121
1,843,309
The Savola Group
 
17,291
167,766
Yanbu National Petrochemical Co.
 
21,391
215,814
TOTAL SAUDI ARABIA
 
 
18,357,980
Singapore - 1.0%
 
 
 
CapitaLand Ascendas REIT
 
270,858
514,642
CapitaLand Investment Ltd.
 
178,645
383,584
CapitaMall Trust
 
383,723
493,169
City Developments Ltd.
 
35,400
163,400
DBS Group Holdings Ltd.
 
126,526
3,039,576
Genting Singapore Ltd.
 
426,100
267,700
Grab Holdings Ltd. (a)
 
128,854
395,582
Jardine Cycle & Carriage Ltd.
 
7,600
156,558
Keppel (REIT) (e)
 
20,700
12,020
Keppel Corp. Ltd.
 
103,500
469,822
Mapletree Logistics Trust (REIT)
 
243,427
261,404
Mapletree Pan Asia Commercial Trust
 
160,700
156,185
Oversea-Chinese Banking Corp. Ltd.
 
236,052
2,188,465
Sea Ltd. ADR (a)
 
25,603
1,067,645
Seatrium Ltd. (a)
 
3,122,414
255,723
Sembcorp Industries Ltd.
 
63,500
213,037
Singapore Airlines Ltd.
 
105,500
471,085
Singapore Exchange Ltd.
 
61,800
427,882
Singapore Technologies Engineering Ltd.
 
105,900
290,723
Singapore Telecommunications Ltd.
 
580,700
1,009,067
STMicroelectronics NV (France)
 
48,032
1,830,985
United Overseas Bank Ltd.
 
88,403
1,743,723
UOL Group Ltd.
 
33,100
142,556
TOTAL SINGAPORE
 
 
15,954,533
South Africa - 0.9%
 
 
 
Absa Group Ltd.
 
58,271
531,263
African Rainbow Minerals Ltd.
 
6,898
56,842
Anglo American Platinum Ltd.
 
4,726
157,903
Anglo American PLC (United Kingdom)
 
89,190
2,272,526
Aspen Pharmacare Holdings Ltd.
 
27,392
248,810
Bid Corp. Ltd.
 
23,030
488,576
Bidvest Group Ltd./The
 
20,488
290,003
Capitec Bank Holdings Ltd.
 
5,979
530,897
Clicks Group Ltd.
 
18,721
275,870
Discovery Ltd.
 
38,440
265,197
Exxaro Resources Ltd.
 
17,421
174,757
FirstRand Ltd.
 
354,305
1,167,995
Gold Fields Ltd.
 
61,998
817,874
Growthpoint Properties Ltd.
 
271,377
141,094
Harmony Gold Mining Co. Ltd.
 
39,443
180,841
Impala Platinum Holdings Ltd.
 
59,506
247,878
Kumba Iron Ore Ltd.
 
3,985
105,587
MTN Group Ltd.
 
119,138
581,579
Naspers Ltd. Class N
 
13,716
2,141,080
Nedbank Group Ltd.
 
30,663
329,984
Northam Platinum Holdings Ltd.
 
25,521
154,037
Old Mutual Ltd.
 
331,951
211,059
OUTsurance Group Ltd.
 
61,030
132,031
Pepkor Holdings Ltd. (b)
 
125,121
114,128
Remgro Ltd.
 
40,628
314,081
Sanlam Ltd.
 
122,743
430,514
Sasol Ltd.
 
39,514
499,447
Shoprite Holdings Ltd.
 
35,387
453,466
Sibanye-Stillwater Ltd.
 
196,324
250,421
Standard Bank Group Ltd.
 
93,810
920,559
Vodacom Group Ltd.
 
41,374
225,234
Woolworths Holdings Ltd.
 
66,982
249,383
TOTAL SOUTH AFRICA
 
 
14,960,916
Spain - 1.5%
 
 
 
Acciona SA
 
1,843
232,059
ACS Actividades de Construccion y Servicios SA
 
15,372
555,779
Aena SME SA (b)
 
5,265
761,820
Amadeus IT Holding SA Class A
 
31,532
1,795,651
Banco Bilbao Vizcaya Argentaria SA
 
417,869
3,287,473
Banco Santander SA (Spain) (c)
 
1,134,051
4,158,990
CaixaBank SA
 
289,233
1,175,889
Cellnex Telecom SA (b)
 
39,654
1,165,673
Corp. ACCIONA Energias Renovables SA
 
4,346
117,630
EDP Renovaveis SA
 
22,412
360,218
Enagas SA
 
17,807
297,603
Endesa SA
 
22,262
418,462
Grifols SA (a)
 
21,116
236,499
Iberdrola SA
 
426,343
4,741,794
Industria de Diseno Textil SA
 
76,216
2,624,967
Naturgy Energy Group SA
 
8,713
246,153
Redeia Corp. SA
 
29,018
451,502
Repsol SA
 
89,871
1,314,654
Telefonica SA
 
363,067
1,402,397
TOTAL SPAIN
 
 
25,345,213
Sweden - 1.7%
 
 
 
Alfa Laval AB
 
20,402
659,081
ASSA ABLOY AB (B Shares)
 
70,147
1,495,189
Atlas Copco AB:
 
 
 
 (A Shares)
 
191,388
2,478,287
 (B Shares)
 
105,679
1,183,894
Beijer Ref AB (B Shares)
 
26,590
251,787
Boliden AB
 
19,276
493,451
Epiroc AB:
 
 
 
 (A Shares)
 
44,019
725,201
 (B Shares)
 
29,114
403,490
EQT AB
 
24,928
453,117
Ericsson (B Shares)
 
205,269
919,550
Essity AB (B Shares)
 
42,728
973,418
Evolution AB (b)
 
12,749
1,132,882
Fastighets AB Balder (a)
 
45,935
194,193
Getinge AB (B Shares)
 
15,864
284,807
H&M Hennes & Mauritz AB (B Shares)
 
45,302
605,923
Hexagon AB (B Shares)
 
145,778
1,188,038
Holmen AB (B Shares)
 
6,656
250,857
Husqvarna AB (B Shares)
 
25,641
165,619
Industrivarden AB:
 
 
 
 (A Shares)
 
8,615
222,428
 (C Shares)
 
10,709
275,533
Indutrade AB
 
19,738
348,610
Investment AB Latour (B Shares)
 
9,583
165,477
Investor AB:
 
 
 
 (A Shares)
 
4,514
81,970
 (B Shares)
 
116,676
2,136,500
L E Lundbergforetagen AB
 
5,130
208,969
Lifco AB
 
16,441
300,174
Nibe Industrier AB (B Shares)
 
106,566
612,715
Saab AB (B Shares)
 
5,649
289,473
Sagax AB
 
14,540
262,470
Sandvik AB
 
74,848
1,274,887
Securitas AB (B Shares)
 
35,164
281,187
Skandinaviska Enskilda Banken AB (A Shares)
 
111,084
1,236,981
Skanska AB (B Shares)
 
23,499
352,302
SKF AB (B Shares)
 
23,836
384,581
Svenska Cellulosa AB SCA (B Shares)
 
42,575
583,371
Svenska Handelsbanken AB (A Shares)
 
101,377
864,309
Swedbank AB (A Shares)
 
59,550
974,944
Swedish Orphan Biovitrum AB (a)
 
15,932
327,419
Tele2 AB (B Shares)
 
38,106
270,166
Telia Co. AB
 
174,458
369,842
Volvo AB:
 
 
 
 (A Shares)
 
16,481
329,843
 (B Shares)
 
103,372
2,045,687
Volvo Car AB (a)
 
41,960
144,008
TOTAL SWEDEN
 
 
28,202,630
Switzerland - 3.7%
 
 
 
ABB Ltd. (Reg.)
 
112,102
3,766,371
Adecco SA (Reg.)
 
11,044
415,706
Alcon, Inc. (Switzerland)
 
35,029
2,496,103
Avolta AG (a)
 
6,990
243,668
Bachem Holding AG (B Shares)
 
2,430
175,241
Baloise Holdings AG
 
3,269
467,898
Banque Cantonale Vaudoise
 
2,163
243,966
Barry Callebaut AG
 
246
371,846
BKW AG
 
1,498
251,300
Clariant AG (Reg.)
 
14,453
204,485
Compagnie Financiere Richemont SA Series A
 
36,594
4,317,196
DSM-Firmenich AG
 
12,979
1,175,414
Ems-Chemie Holding AG
 
491
334,656
Geberit AG (Reg.)
 
2,319
1,075,308
Givaudan SA
 
648
2,151,333
Helvetia Holding AG (Reg.)
 
2,559
342,644
Julius Baer Group Ltd.
 
14,274
845,902
Kuehne & Nagel International AG
 
3,843
1,032,940
Lindt & Spruengli AG
 
7
761,831
Lindt & Spruengli AG (participation certificate)
 
71
784,423
Logitech International SA (Reg.)
 
11,534
902,280
Lonza Group AG
 
5,213
1,825,613
Novartis AG
 
143,671
13,450,417
Partners Group Holding AG
 
1,591
1,673,467
Sandoz Group AG
 
28,734
747,056
Schindler Holding AG:
 
 
 
 (participation certificate)
 
2,878
579,618
 (Reg.)
 
1,568
304,240
SGS SA (Reg.)
 
10,555
858,417
Sig Group AG
 
21,561
473,813
Sika AG
 
10,274
2,449,767
Sonova Holding AG
 
3,654
861,631
Straumann Holding AG
 
7,846
922,475
Swatch Group AG (Bearer)
 
2,084
531,968
Swatch Group AG (Bearer) (Reg.)
 
3,441
166,064
Swiss Life Holding AG
 
2,077
1,328,421
Swiss Prime Site AG
 
5,424
503,255
Swisscom AG
 
1,820
1,088,419
Temenos Group AG
 
4,498
322,102
UBS Group AG
 
230,446
5,375,764
VAT Group AG (b)
 
1,877
661,742
Zurich Insurance Group Ltd.
 
10,537
4,987,888
TOTAL SWITZERLAND
 
 
61,472,648
Taiwan - 4.0%
 
 
 
Accton Technology Corp.
 
35,000
541,882
Acer, Inc.
 
206,000
217,551
Advantech Co. Ltd.
 
31,674
325,033
ASE Technology Holding Co. Ltd.
 
215,500
753,880
Asia Cement Corp.
 
155,000
191,258
ASUSTeK Computer, Inc.
 
49,000
513,376
AUO Corp.
 
450,600
217,943
Catcher Technology Co. Ltd.
 
42,000
235,434
Cathay Financial Holding Co. Ltd.
 
670,872
909,706
Chailease Holding Co. Ltd.
 
108,075
585,807
Chang Hwa Commercial Bank
 
372,130
196,995
Cheng Shin Rubber Industry Co. Ltd.
 
139,000
189,803
China Airlines Ltd.
 
186,000
111,413
China Development Financial Ho (a)
 
1,100,313
384,328
China Steel Corp.
 
811,000
604,584
Chunghwa Telecom Co. Ltd.
 
266,000
950,628
Compal Electronics, Inc.
 
296,000
257,273
CTBC Financial Holding Co. Ltd.
 
1,213,000
912,811
Delta Electronics, Inc.
 
137,000
1,233,678
E Ink Holdings, Inc.
 
60,000
311,947
E.SUN Financial Holdings Co. Ltd.
 
990,872
729,551
ECLAT Textile Co. Ltd.
 
14,000
222,656
eMemory Technology, Inc.
 
5,000
313,016
EVA Airways Corp.
 
167,000
141,509
Evergreen Marine Corp. (Taiwan)
 
73,343
243,881
Far Eastern New Century Corp.
 
200,000
182,082
Far EasTone Telecommunications Co. Ltd.
 
106,000
248,106
Feng Tay Enterprise Co. Ltd.
 
35,584
196,337
First Financial Holding Co. Ltd.
 
742,519
593,666
Formosa Chemicals & Fibre Corp.
 
256,000
481,287
Formosa Petrochemical Corp.
 
81,000
197,734
Formosa Plastics Corp.
 
267,000
634,483
Fubon Financial Holding Co. Ltd.
 
548,317
1,018,862
Giant Manufacturing Co. Ltd.
 
22,688
114,635
Gigabyte Technology Co. Ltd.
 
36,000
244,394
Global Unichip Corp.
 
6,000
267,952
GlobalWafers Co. Ltd.
 
16,000
235,017
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
874,800
2,609,017
Hotai Motor Co. Ltd.
 
21,400
398,998
Hua Nan Financial Holdings Co. Ltd.
 
626,281
392,453
Innolux Corp.
 
589,541
222,066
Inventec Corp.
 
184,000
230,331
Largan Precision Co. Ltd.
 
7,000
447,983
Lite-On Technology Corp.
 
142,000
441,778
MediaTek, Inc.
 
107,000
2,790,481
Mega Financial Holding Co. Ltd.
 
791,321
897,248
Micro-Star International Co. Ltd.
 
48,000
245,539
momo.com, Inc.
 
5,060
83,357
Nan Ya Plastics Corp.
 
331,000
632,822
Nan Ya Printed Circuit Board Corp.
 
16,000
117,351
Nanya Technology Corp.
 
89,000
178,288
Nien Made Enterprise Co. Ltd.
 
11,000
97,246
Novatek Microelectronics Corp.
 
41,000
576,961
Pegatron Corp.
 
141,000
328,787
PharmaEssentia Corp. (a)
 
17,000
169,046
Pou Chen Corp.
 
143,000
127,367
Powerchip Semiconductor Manufacturing Corp.
 
222,725
183,077
President Chain Store Corp.
 
39,000
309,981
Quanta Computer, Inc.
 
190,000
1,120,954
Realtek Semiconductor Corp.
 
35,000
435,865
Ruentex Development Co. Ltd.
 
100,575
100,787
Shin Kong Financial Holding Co. Ltd. (a)
 
928,393
249,219
Sinopac Financial Holdings Co.
 
743,686
409,839
Synnex Technology International Corp.
 
86,000
182,378
Taishin Financial Holdings Co. Ltd.
 
793,482
422,891
Taiwan Business Bank
 
408,576
160,963
Taiwan Cement Corp.
 
456,667
454,680
Taiwan Cooperative Financial Holding Co. Ltd.
 
734,494
569,945
Taiwan High Speed Rail Corp.
 
145,000
131,550
Taiwan Mobile Co. Ltd.
 
126,000
372,077
Taiwan Semiconductor Manufacturing Co. Ltd.
 
1,727,000
28,184,517
The Shanghai Commercial & Savings Bank Ltd.
 
266,312
352,589
Uni-President Enterprises Corp.
 
332,000
695,982
Unimicron Technology Corp.
 
97,000
432,279
United Microelectronics Corp.
 
792,000
1,138,109
Vanguard International Semiconductor Corp.
 
58,000
125,863
Voltronic Power Technology Corp.
 
5,000
200,365
Walsin Lihwa Corp.
 
191,162
203,294
Wan Hai Lines Ltd.
 
44,145
63,046
Winbond Electronics Corp.
 
201,000
155,639
Winbond Electronics Corp. rights 11/3/23 (a)
 
8,080
734
Wistron Corp.
 
182,000
507,116
Wiwynn Corp.
 
6,629
313,861
WPG Holding Co. Ltd.
 
107,400
237,475
Yageo Corp.
 
25,213
410,745
Yang Ming Marine Transport Corp.
 
128,000
166,704
Yuanta Financial Holding Co. Ltd.
 
741,367
556,573
Zhen Ding Technology Holding Ltd.
 
45,000
135,950
TOTAL TAIWAN
 
 
65,682,664
Thailand - 0.5%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
27,500
167,503
Advanced Information Service PCL NVDR
 
55,700
339,270
Airports of Thailand PCL:
 
 
 
 (For. Reg.) (a)
 
171,900
317,386
 NVDR (a)
 
133,400
246,302
Asset World Corp. PCL:
 
 
 
 (For. Reg.)
 
326,600
31,253
 NVDR
 
303,100
29,004
B. Grimm Power PCL:
 
 
 
 (For. Reg.)
 
25,000
15,294
 NVDR
 
21,900
13,397
Bangkok Dusit Medical Services PCL:
 
 
 
 (For. Reg.)
 
292,100
214,134
 NVDR
 
497,800
364,930
Bangkok Expressway and Metro PCL:
 
 
 
 (For. Reg.)
 
154,900
33,840
 NVDR
 
396,800
86,686
Banpu PCL NVDR
 
489,600
102,920
Berli Jucker PCL:
 
 
 
 (For. Reg.)
 
16,000
12,518
 NVDR
 
57,200
44,751
BTS Group Holdings PCL:
 
 
 
 (For. Reg.)
 
53,600
11,148
 NVDR
 
467,200
96,335
Bumrungrad Hospital PCL:
 
 
 
 (For. Reg.)
 
10,800
77,625
 NVDR
 
31,400
225,688
Central Pattana PCL:
 
 
 
 (For. Reg.)
 
74,500
128,886
 NVDR
 
67,000
115,911
Central Retail Corp. PCL:
 
 
 
 (For. Reg.)
 
96,317
97,961
 NVDR
 
25,400
25,834
Charoen Pokphand Foods PCL:
 
 
 
 (For. Reg.)
 
110,100
56,956
 NVDR
 
164,900
85,304
CP ALL PCL:
 
 
 
 (For. Reg.)
 
143,900
219,932
 NVDR
 
271,500
414,951
CP Axtra PCL NVDR
 
149,300
116,737
Delta Electronics PCL:
 
 
 
 (For. Reg.)
 
16,000
34,974
 NVDR
 
200,100
437,435
Electricity Generating PCL:
 
 
 
 (For. Reg.)
 
6,900
23,293
 NVDR
 
10,500
35,446
Energy Absolute PCL:
 
 
 
 (For. Reg.)
 
54,700
63,583
 NVDR
 
62,700
72,882
Global Power Synergy Public Co. Ltd.:
 
 
 
 (For. Reg.)
 
24,100
26,018
 NVDR
 
19,400
20,944
Gulf Energy Development PCL:
 
 
 
 (For. Reg.)
 
68,700
82,225
 NVDR
 
150,200
179,771
Home Product Center PCL:
 
 
 
 (For. Reg.)
 
187,500
61,734
 NVDR
 
194,800
64,138
Indorama Ventures PCL:
 
 
 
 (For. Reg.)
 
15,800
10,353
 NVDR
 
95,400
62,510
Intouch Holdings PCL:
 
 
 
 (For. Reg.)
 
16,900
33,197
 NVDR
 
50,600
99,396
Kasikornbank PCL NVDR
 
45,400
165,120
Krung Thai Bank PCL:
 
 
 
 (For. Reg.)
 
95,600
49,709
 NVDR
 
132,300
68,792
Krungthai Card PCL:
 
 
 
 (For. Reg.)
 
27,500
33,292
 NVDR
 
38,700
46,850
Land & House PCL:
 
 
 
 (For. Reg.)
 
249,000
52,017
 NVDR
 
268,500
56,091
Minor International PCL:
 
 
 
 (For. Reg.)
 
98,681
76,475
 NVDR
 
132,641
102,793
Muangthai Leasing PCL:
 
 
 
 (For. Reg.)
 
19,800
19,997
 NVDR
 
24,500
24,744
Osotspa PCL:
 
 
 
 (For. Reg.)
 
17,500
11,380
 NVDR
 
66,800
43,441
PTT Exploration and Production PCL:
 
 
 
 (For. Reg.)
 
33,000
149,871
 NVDR
 
66,500
302,014
PTT Global Chemical PCL NVDR
 
154,100
147,183
PTT Oil & Retail Business PCL NVDR
 
236,900
119,969
PTT PCL:
 
 
 
 (For. Reg.)
 
314,700
289,673
 NVDR
 
385,400
354,750
Ratch Group PCL:
 
 
 
 (For. Reg.)
 
15,300
13,651
 NVDR unit
 
61,700
55,050
SCB X PCL:
 
 
 
 (For. Reg.)
 
15,800
43,080
 NVDR
 
43,600
118,879
SCG Packaging PCL NVDR
 
90,400
90,078
Siam Cement PCL:
 
 
 
 (For. Reg.)
 
25,900
206,326
 NVDR
 
28,000
223,055
Thai Oil PCL:
 
 
 
 (For. Reg.)
 
22,133
28,818
 NVDR
 
59,766
77,819
TMBThanachart Bank PCL NVDR
 
1,892,300
87,419
True Corp. PCL
 
319,517
53,587
True Corp. PCL NVDR
 
355,186
59,570
TOTAL THAILAND
 
 
8,171,848
Turkey - 0.2%
 
 
 
Akbank TAS
 
218,694
227,503
Aselsan A/S
 
100,120
146,154
Bim Birlesik Magazalar A/S JSC
 
32,007
307,420
Eregli Demir ve Celik Fabrikalari T.A.S. (a)
 
106,249
142,044
Ford Otomotiv Sanayi A/S
 
5,118
142,104
Haci Omer Sabanci Holding A/S
 
67,102
126,767
Hektas Ticaret A/S (a)
 
70,312
54,424
Koc Holding A/S
 
53,158
256,787
Koza Altin Isletmeleri A/S
 
59,481
46,124
Pegasus Hava Tasimaciligi A/S (a)
 
2,845
70,826
Sasa Polyester Sanayi A/S
 
68,374
103,240
Tofas Turk Otomobil Fabrikasi A/S
 
8,249
70,113
Turk Hava Yollari AO (a)
 
39,244
301,128
Turkcell Iletisim Hizmet A/S
 
79,367
134,524
Turkiye Is Bankasi A/S Series C
 
234,027
173,376
Turkiye Petrol Rafinerileri A/S
 
67,559
338,520
Turkiye Sise ve Cam Fabrikalari A/S
 
102,980
172,147
Yapi ve Kredi Bankasi A/S
 
248,797
151,461
TOTAL TURKEY
 
 
2,964,662
United Arab Emirates - 0.4%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
204,721
447,566
Abu Dhabi Islamic Bank (a)
 
103,876
291,294
Abu Dhabi National Oil Co. for Distribution PJSC
 
226,354
207,065
Aldar Properties PJSC
 
272,121
385,252
Americana Restaurants International PLC
 
179,800
181,122
Dubai Islamic Bank Pakistan Ltd.
 
206,390
303,432
Emaar Properties PJSC
 
462,693
842,749
Emirates NBD Bank PJSC
 
134,259
619,573
Emirates Telecommunications Corp.
 
245,025
1,231,462
First Abu Dhabi Bank PJSC
 
306,548
1,058,271
Multiply Group (a)
 
277,046
256,454
NMC Health PLC (a)(d)
 
2,259
0
TOTAL UNITED ARAB EMIRATES
 
 
5,824,240
United Kingdom - 6.9%
 
 
 
3i Group PLC
 
68,016
1,603,653
Abrdn PLC
 
141,578
269,565
Admiral Group PLC
 
14,922
443,086
AngloGold Ashanti PLC
 
29,570
546,579
Ashtead Group PLC
 
30,738
1,757,438
Associated British Foods PLC
 
24,374
600,210
AstraZeneca PLC (United Kingdom)
 
108,639
13,602,010
Auto Trader Group PLC (b)
 
65,390
494,627
Aviva PLC
 
192,898
934,315
BAE Systems PLC
 
214,000
2,877,526
Barclays PLC
 
1,090,724
1,750,664
Barratt Developments PLC
 
69,868
351,488
Berkeley Group Holdings PLC
 
7,453
365,611
BP PLC
 
1,215,949
7,424,608
BP PLC sponsored ADR
 
1
37
British American Tobacco PLC (United Kingdom)
 
148,886
4,447,589
BT Group PLC
 
455,521
624,255
Bunzl PLC
 
23,795
847,982
Burberry Group PLC
 
26,186
538,526
Centrica PLC
 
389,928
745,504
CK Hutchison Holdings Ltd.
 
186,000
941,585
CNH Industrial NV
 
71,884
795,973
Coca-Cola European Partners PLC
 
14,357
840,028
Compass Group PLC
 
121,345
3,059,276
Croda International PLC
 
9,834
523,291
DCC PLC (United Kingdom)
 
6,964
386,400
Diageo PLC
 
157,081
5,940,179
Entain PLC
 
44,958
508,410
Halma PLC
 
26,989
605,230
Hargreaves Lansdown PLC
 
25,470
218,746
HSBC Holdings PLC (United Kingdom)
 
1,384,830
9,999,062
Imperial Brands PLC
 
60,731
1,293,825
Informa PLC
 
98,547
852,347
InterContinental Hotel Group PLC
 
11,791
835,540
Intertek Group PLC
 
11,247
522,610
J Sainsbury PLC
 
114,395
357,754
JD Sports Fashion PLC
 
185,041
286,758
Johnson Matthey PLC
 
14,059
255,295
Kingfisher PLC
 
135,645
346,372
Land Securities Group PLC
 
50,500
349,253
Legal & General Group PLC
 
420,630
1,080,793
Lloyds Banking Group PLC
 
4,511,261
2,195,631
London Stock Exchange Group PLC
 
29,773
3,003,950
M&G PLC
 
152,244
366,759
Melrose Industries PLC
 
93,121
528,569
National Grid PLC
 
257,504
3,070,214
NatWest Group PLC
 
404,049
879,137
Next PLC
 
8,575
717,484
Ocado Group PLC (a)
 
40,659
229,947
Pearson PLC
 
44,347
513,349
Pepco Group NV (a)
 
10,645
43,090
Persimmon PLC
 
22,762
281,087
Phoenix Group Holdings PLC
 
52,364
288,825
Reckitt Benckiser Group PLC
 
50,184
3,357,659
RELX PLC (London Stock Exchange)
 
132,549
4,629,634
Rentokil Initial PLC
 
176,568
899,171
Rolls-Royce Holdings PLC (a)
 
590,548
1,554,456
Sage Group PLC
 
71,574
844,370
Schroders PLC
 
53,653
240,830
Segro PLC
 
82,056
710,911
Severn Trent PLC
 
17,891
577,564
Smith & Nephew PLC
 
61,526
688,546
Smiths Group PLC
 
24,184
474,279
Spirax-Sarco Engineering PLC
 
5,153
513,082
SSE PLC
 
76,484
1,518,077
St. James's Place PLC
 
38,525
299,494
Standard Chartered PLC (United Kingdom)
 
166,370
1,273,951
Taylor Wimpey PLC
 
251,254
338,368
Tesco PLC
 
503,384
1,651,886
Unilever PLC
 
176,000
8,335,480
United Utilities Group PLC
 
47,389
612,909
Vodafone Group PLC
 
1,613,103
1,484,925
Vodafone Group PLC sponsored ADR
 
257
2,375
Whitbread PLC
 
13,907
562,541
Wise PLC (a)
 
42,074
340,380
WPP PLC
 
75,242
647,926
TOTAL UNITED KINGDOM
 
 
113,900,856
United States of America - 4.4%
 
 
 
Brookfield Renewable Corp.
 
9,894
225,099
BRP, Inc.
 
2,546
172,083
CRH PLC
 
50,876
2,733,824
CSL Ltd.
 
33,833
5,000,251
CyberArk Software Ltd. (a)
 
2,917
477,338
Experian PLC
 
64,462
1,951,707
Ferrovial SE
 
35,658
1,073,034
Ferrovial SE rights (a)(e)
 
35,658
16,133
GSK PLC
 
287,010
5,116,463
Haleon PLC
 
388,071
1,555,424
Holcim AG
 
36,586
2,255,530
James Hardie Industries PLC CDI (a)
 
30,884
770,538
JBS SA
 
50,800
201,820
Legend Biotech Corp. ADR (a)
 
4,098
270,755
Monday.com Ltd. (a)
 
1,526
198,365
Nestle SA (Reg. S)
 
187,052
20,171,460
Parade Technologies Ltd.
 
6,000
196,570
QIAGEN NV (Germany) (a)
 
15,926
591,818
Roche Holding AG:
 
 
 
 (Bearer)
 
2,263
614,977
 (participation certificate)
 
49,219
12,684,211
Sanofi SA
 
79,649
7,232,625
Schneider Electric SA
 
38,126
5,865,962
Swiss Re Ltd.
 
21,178
2,307,660
Tenaris SA
 
33,027
518,597
TOTAL UNITED STATES OF AMERICA
 
 
72,202,244
Zambia - 0.0%
 
 
 
First Quantum Minerals Ltd.
 
41,394
479,684
 
TOTAL COMMON STOCKS
 (Cost $1,647,633,597)
 
 
 
1,537,720,144
 
 
 
 
Nonconvertible Preferred Stocks - 0.9%
 
 
Shares
Value ($)
 
Brazil - 0.4%
 
 
 
Banco Bradesco SA (PN)
 
373,195
1,035,553
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)
 
22,455
171,249
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
100,420
233,834
Gerdau SA
 
80,405
347,184
Itau Unibanco Holding SA
 
341,750
1,817,967
Itausa-Investimentos Itau SA (PN)
 
367,061
629,029
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
340,100
2,343,447
TOTAL BRAZIL
 
 
6,578,263
Chile - 0.0%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B)
 
9,858
476,929
Colombia - 0.0%
 
 
 
Bancolombia SA (PN)
 
35,920
230,391
Germany - 0.3%
 
 
 
Bayerische Motoren Werke AG (BMW) (non-vtg.)
 
3,941
334,223
Dr. Ing. h.c. F. Porsche AG Series F (b)
 
8,007
699,296
Henkel AG & Co. KGaA
 
11,847
853,404
Porsche Automobil Holding SE (Germany)
 
10,965
490,773
Sartorius AG (non-vtg.)
 
1,843
460,608
Volkswagen AG
 
14,277
1,514,086
TOTAL GERMANY
 
 
4,352,390
Korea (South) - 0.2%
 
 
 
AMOREPACIFIC Corp.
 
2,314
62,573
Hyundai Motor Co. Ltd.
 
2,240
165,172
Hyundai Motor Co. Ltd. Series 2
 
2,956
219,282
LG Chemical Ltd.
 
770
160,581
LG H & H Co. Ltd.
 
569
59,707
Samsung Electronics Co. Ltd.
 
62,595
2,495,384
TOTAL KOREA (SOUTH)
 
 
3,162,699
Russia - 0.0%
 
 
 
Surgutneftegas OJSC (d)
 
352,900
6,141
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $17,830,099)
 
 
 
14,806,813
 
 
 
 
Government Obligations - 0.3%
 
 
Principal
Amount (f)
 
Value ($)
 
United States of America - 0.3%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (g)
  (Cost $4,818,537)
 
4,900,000
4,818,252
 
 
 
 
Money Market Funds - 5.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (h)
 
77,414,469
77,429,952
Fidelity Securities Lending Cash Central Fund 5.40% (h)(i)
 
10,749,341
10,750,416
 
TOTAL MONEY MARKET FUNDS
 (Cost $88,180,368)
 
 
88,180,368
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.8%
 (Cost $1,758,462,601)
 
 
 
1,645,525,577
NET OTHER ASSETS (LIABILITIES) - 0.2%  
3,006,342
NET ASSETS - 100.0%
1,648,531,919
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
621
Dec 2023
61,295,805
(2,987,773)
(2,987,773)
ICE MSCI Emerging Markets Index Contracts (United States)
596
Dec 2023
27,392,160
(1,431,719)
(1,431,719)
TME S&P/TSX 60 Index Contracts (Canada)
43
Dec 2023
7,038,760
(364,549)
(364,549)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(4,784,041)
The notional amount of futures purchased as a percentage of Net Assets is 5.8%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $36,197,206 or 2.2% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security
 
(e)
Security or a portion of the security 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 $2,995,183.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
47,496,410
302,803,322
272,869,780
1,843,625
-
-
77,429,952
0.2%
Fidelity Securities Lending Cash Central Fund 5.40%
11,111,800
104,841,355
105,202,739
113,364
-
-
10,750,416
0.0%
Total
58,608,210
407,644,677
378,072,519
1,956,989
-
-
88,180,368
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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
84,792,728
17,168,996
67,542,843
80,889
Consumer Discretionary
183,119,724
53,285,968
129,828,928
4,828
Consumer Staples
132,097,705
30,991,152
101,105,161
1,392
Energy
95,247,592
36,485,574
58,429,327
332,691
Financials
328,566,522
134,536,255
193,999,151
31,116
Health Care
148,314,059
22,159,332
126,154,727
-
Industrials
199,168,172
66,439,383
132,728,789
-
Information Technology
178,793,133
17,731,625
161,061,508
-
Materials
120,947,515
48,607,454
72,264,997
75,064
Real Estate
31,423,044
7,682,593
23,740,451
-
Utilities
50,056,763
19,356,437
30,690,640
9,686
 Government Obligations
4,818,252
-
4,818,252
-
  Money Market Funds
88,180,368
88,180,368
-
-
 Total Investments in Securities:
1,645,525,577
542,625,137
1,102,364,774
535,666
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(4,784,041)
(4,784,041)
-
-
  Total Liabilities
(4,784,041)
(4,784,041)
-
-
 Total Derivative Instruments:
(4,784,041)
(4,784,041)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
0
(4,784,041)
Total Equity Risk
0
(4,784,041)
Total Value of Derivatives
0
(4,784,041)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $10,147,138) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,670,282,233)
$
1,557,345,209
 
 
Fidelity Central Funds (cost $88,180,368)
88,180,368
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,758,462,601)
 
 
$
1,645,525,577
Cash
 
 
181
Foreign currency held at value (cost $8,868,945)
 
 
8,765,453
Receivable for fund shares sold
 
 
2,318,908
Dividends receivable
 
 
3,212,305
Reclaims receivable
 
 
2,587,866
Distributions receivable from Fidelity Central Funds
 
 
297,506
Receivable for daily variation margin on futures contracts
 
 
11,459
Other receivables
 
 
10,897
  Total assets
 
 
1,662,730,152
Liabilities
 
 
 
 
Payable for investments purchased on a delayed delivery basis
$
28,228
 
 
Payable for fund shares redeemed
1,650,661
 
 
Deferred taxes
1,639,011
 
 
Other payables and accrued expenses
130,159
 
 
Collateral on securities loaned
10,750,174
 
 
  Total Liabilities
 
 
 
14,198,233
Net Assets  
 
 
$
1,648,531,919
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,790,369,358
Total accumulated earnings (loss)
 
 
 
(141,837,439)
Net Assets
 
 
$
1,648,531,919
Net Asset Value, offering price and redemption price per share ($1,648,531,919 ÷ 144,834,863 shares)
 
 
$
11.38
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
50,977,786
Interest  
 
 
221,982
Income from Fidelity Central Funds (including $113,364 from security lending)
 
 
1,956,989
 Income before foreign taxes withheld
 
 
$
53,156,757
Less foreign taxes withheld
 
 
(4,924,165)
 Total Income
 
 
 
48,232,592
Expenses
 
 
 
 
Independent trustees' fees and expenses
$
5,248
 
 
Proxy
125,905
 
 
 Total expenses before reductions
 
131,153
 
 
 Expense reductions
 
(79,490)
 
 
 Total expenses after reductions
 
 
 
51,663
Net Investment income (loss)
 
 
 
48,180,929
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $8,572)
 
(21,274,829)
 
 
 Foreign currency transactions
 
(49,106)
 
 
 Futures contracts
 
5,472,516
 
 
Total net realized gain (loss)
 
 
 
(15,851,419)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $254,323)  
 
119,997,569
 
 
 Assets and liabilities in foreign currencies
 
91,535
 
 
 Futures contracts
 
(4,081,367)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
116,007,737
Net gain (loss)
 
 
 
100,156,318
Net increase (decrease) in net assets resulting from operations
 
 
$
148,337,247
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
48,180,929
$
40,738,493
Net realized gain (loss)
 
(15,851,419)
 
 
(31,829,297)
 
Change in net unrealized appreciation (depreciation)
 
116,007,737
 
(381,130,025)
 
Net increase (decrease) in net assets resulting from operations
 
148,337,247
 
 
(372,220,829)
 
Distributions to shareholders
 
(35,599,173)
 
 
(29,150,134)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
654,140,985
 
735,487,480
  Reinvestment of distributions
 
24,757,989
 
 
19,695,566
 
Cost of shares redeemed
 
(418,912,908)
 
(350,156,302)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
259,986,066
 
 
405,026,744
 
Total increase (decrease) in net assets
 
372,724,140
 
 
3,655,781
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,275,807,779
 
1,272,151,998
 
End of period
$
1,648,531,919
$
1,275,807,779
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
54,718,431
 
60,059,205
  Issued in reinvestment of distributions
 
2,220,447
 
 
1,491,705
 
Redeemed
 
(35,235,613)
 
(28,896,363)
Net increase (decrease)
 
21,703,265
 
32,654,547
 
 
 
 
 
 
Financial Highlights
Fidelity Flex® International Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.36
$
14.06
$
11.04
$
11.59
$
10.60
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.37
 
.37
 
.35
 
.27
 
.37
     Net realized and unrealized gain (loss)
 
.94
 
(3.76)
 
2.87
 
(.52)
 
.81
  Total from investment operations
 
1.31  
 
(3.39)  
 
3.22  
 
(.25)  
 
1.18
  Distributions from net investment income
 
(.29)
 
(.31)
 
(.20)
 
(.30)
 
(.19)
     Total distributions
 
(.29)
 
(.31)
 
(.20)
 
(.30)
 
(.19)
  Net asset value, end of period
$
11.38
$
10.36
$
14.06
$
11.04
$
11.59
 Total Return C
 
12.72%
 
(24.60)%
 
29.31%
 
(2.24)%
 
11.40%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01%
 
-% F
 
-% F
 
-% F
 
-% F
    Expenses net of fee waivers, if any F
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions F
 
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
3.09%
 
3.10%
 
2.56%
 
2.46%
 
3.35%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,648,532
$
1,275,808
$
1,272,152
$
575,120
$
378,587
    Portfolio turnover rate G
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount represents less than .005%.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 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.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards, partnerships and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$172,311,876
Gross unrealized depreciation
(304,261,694)
Net unrealized appreciation (depreciation)
$(131,949,818)
Tax Cost
$1,777,110,846
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$42,909,176
Capital loss carryforward
$(50,977,877)
Net unrealized appreciation (depreciation) on securities and other investments
$(132,129,727)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(13,180,581)
 Long-term
(37,797,296)
Total capital loss carryforward
$(50,977,877)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$35,599,173
$29,150,134
 
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
287,470,974
50,362,332
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services 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.
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
 
Amount ($)
Fidelity Flex International Index Fund
 4,460
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.
 
 
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Flex International Index Fund
$ -
$ -
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent proxy and shareholder meeting expenses exceeded .003% of average net assets on an annual basis. This reimbursement will remain in place through February 28, 2025. During the period this reimbursement reduced the Fund's expenses as follows:
 
 
Reimbursement
Fidelity Flex International Index Fund
$79,100
 
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 $390.
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.
To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Flex International Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Flex International Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Laura M. Bishop, Jonathan Chiel, Robert W. Helm, Christine J. Thompson, and Carol J. Zierhoffer, each of the Trustees oversees 313 funds. Mr. Chiel oversees 191 funds. Ms. Bishop, Mr. Helm, Ms. Thompson, and Ms. Zierhoffer each oversees 229 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.
Christine J. Thompson (1958)
Year of Election or Appointment: 2023
Trustee
Ms. Thompson also serves as a Trustee of other Fidelity® funds. Ms. Thompson serves as Leader of Advanced Technologies for Investment Management at Fidelity Investments (2018-present). Previously, Ms. Thompson served as Chief Investment Officer in the Bond group at Fidelity Management & Research Company (2010-2018) and held various other roles including Director of municipal bond portfolio managers and Portfolio Manager of certain Fidelity® funds.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Laura M. Bishop (1961)
Year of Election or Appointment: 2023
Trustee
Ms. Bishop also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting). Previously, Ms. Bishop served as a Member of the Advisory Board of certain Fidelity® funds (2022-2023).    
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Robert W. Helm (1957)
Year of Election or Appointment: 2023
Trustee
Mr. Helm also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon. Previously, Mr. Helm served as a Member of the Advisory Board of certain Fidelity® funds (2021-2023).     
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
Carol J. Zierhoffer (1960)
Year of Election or Appointment: 2023
Trustee
Ms. Zierhoffer also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016), and as a Member of the Advisory Board of certain Fidelity® funds (2023).    
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Robin Foley (1964)
Year of Election or Appointment: 2023
Vice President
Ms. Foley also serves as Vice President of other funds. Ms. Foley serves as Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley served as Chief Investment Officer of Bonds (2017-2023).     
Christopher M. Gouveia (1973)
Year of Election or Appointment: 2023
Chief Compliance Officer
Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).          
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
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 (May 1, 2023 to October 31, 2023).
 
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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity Flex® International Index Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 931.30
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $522,599 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 87.30% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $.3253 and $.0333 for the dividend paid December 19, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Flex International Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable. 
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and Fidelity's views regarding portfolio manager investment in the Fidelity funds that they manage; (iii) hiring, training, and retaining personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends and market conditions; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (x) information concerning expense limitations applicable to certain funds; and (xi) matters related to money market funds, exchange-traded funds, and target date funds.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that the fund's Advisory Contracts should be renewed through September 30, 2024.
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
378,729,502,260.010
97.580
Withheld
9,407,876,478.960
2.420
TOTAL
388,137,378,738.970
100.000
Jennifer Toolin McAuliffe
Affirmative
378,454,868,010.950
97.510
Withheld
9,682,510,728.020
2.490
TOTAL
388,137,378,738.970
100.000
Christine J. Thompson
Affirmative
378,837,121,274.520
97.600
Withheld
9,300,257,464.450
2.400
TOTAL
388,137,378,738.970
100.000
Elizabeth S. Acton
Affirmative
378,262,110,794.850
97.460
Withheld
9,875,267,944.120
2.540
TOTAL
388,137,378,738.970
100.000
Laura M. Bishop
Affirmative
380,482,113,171.060
98.030
Withheld
7,655,265,567.910
1.970
TOTAL
388,137,378,738.970
100.000
Ann E. Dunwoody
Affirmative
380,016,034,008.120
97.910
Withheld
8,121,344,730.850
2.090
TOTAL
388,137,378,738.970
100.000
John Engler
Affirmative
379,432,488,394.200
97.760
Withheld
8,704,890,344.770
2.240
TOTAL
388,137,378,738.970
100.000
Robert F. Gartland
Affirmative
378,741,819,600.600
97.580
Withheld
9,395,559,138.370
2.420
TOTAL
388,137,378,738.970
100.000
Robert W. Helm
Affirmative
380,389,324,755.070
98.000
Withheld
7,748,053,983.900
2.000
TOTAL
388,137,378,738.970
100.000
Arthur E. Johnson
Affirmative
378,427,694,151.670
97.500
Withheld
9,709,684,587.300
2.500
TOTAL
388,137,378,738.970
100.000
Michael E. Kenneally
Affirmative
377,842,228,145.180
97.350
Withheld
10,295,150,593.790
2.650
TOTAL
388,137,378,738.970
100.000
Mark A. Murray
Affirmative
380,158,432,703.370
97.940
Withheld
7,978,946,035.600
2.060
TOTAL
388,137,378,738.970
100.000
Carol J. Zierhoffer
Affirmative
380,522,113,360.240
98.040
Withheld
7,615,265,378.730
1.960
TOTAL
388,137,378,738.970
100.000
 
 
 
Proposal 1 reflects trust wide proposal and voting results.
 
1.9881635.106
ZEI-ANN-1223
Fidelity® SAI International Value Index Fund
 
 
Annual Report
October 31, 2023
 
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

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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. © 2023 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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® SAI International Value Index Fund
20.25%
3.80%
1.27%
 
A   From December 19, 2017
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Value Index Fund on December 19, 2017, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity International Value Focus Index℠ and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 20.25%, versus 19.70% for the benchmark Fidelity International Value Focus Index. (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Japan gained 39% and contributed most, followed by Europe ex U.K. (+17%), especially France (+22%). By sector, financials gained 28% and contributed, driven by the banks industry (+29%). Industrials, which gained roughly 33%, also helped, benefiting from the capital goods industry (+39%). Consumer discretionary, which advanced approximately 25%, was lifted by the automobiles & components industry (+25%). The materials and energy sectors rose roughly 20%, and health care advanced 9%. Other notable contributors included the communication services (+13%), utilities (+27%), consumer staples (+7%) and information technology (+9%) sectors. In contrast, emerging markets returned about -28% and was a notable detractor. From a sector standpoint, real estate returned -8% and detracted most. This group was hampered by the real estate management & development industry (-9%). Turning to individual stocks, the biggest contributor was Mitsubishi (+75%), from the capital goods group. Also in capital goods, Mitsui (+67%) helped. Lastly, Banco Santander (+47%) and Sumitomo Mitsui Financial Group (+57%), within the banks group, also lifted the fund. In contrast, the biggest individual detractor was British American Tobacco (-18%), from the food, beverage & tobacco category. In pharmaceuticals, biotechnology & life sciences, Bayer returned -15% and detracted. Nokia, within the technology hardware & equipment category, returned roughly -23% and hindered the fund. Equinor (-11%), a stock in the energy category, detracted.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Deutsche Telekom AG  (Germany, Diversified Telecommunication Services)
2.4
 
Sanofi SA  (United States of America, Pharmaceuticals)
2.3
 
Shell PLC (London)  (Netherlands, Oil, Gas & Consumable Fuels)
2.2
 
Mitsubishi Corp.  (Japan, Trading Companies & Distributors)
2.2
 
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco)
2.2
 
BNP Paribas SA  (France, Banks)
2.1
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
2.0
 
Glencore PLC  (Australia, Metals & Mining)
2.0
 
Banco Santander SA (Spain)  (Spain, Banks)
2.0
 
Mitsui & Co. Ltd.  (Japan, Trading Companies & Distributors)
1.9
 
 
21.3
 
 
Market Sectors (% of Fund's net assets)
 
Financials
20.6
 
Industrials
15.4
 
Consumer Discretionary
13.3
 
Health Care
10.1
 
Materials
9.6
 
Consumer Staples
7.8
 
Energy
6.9
 
Information Technology
5.4
 
Communication Services
4.7
 
Utilities
3.1
 
Real Estate
2.0
 
 
Asset Allocation (% of Fund's net assets)
Futures - 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 - 98.9%
 
 
Shares
Value ($)
 
Australia - 4.7%
 
 
 
Allkem Ltd. (a)
 
746,510
4,561,696
ANZ Group Holdings Ltd.
 
1,413,877
22,295,396
Bank of Queensland Ltd.
 
818,692
2,660,461
BlueScope Steel Ltd.
 
567,412
6,801,829
Glencore PLC
 
13,989,627
74,100,689
Incitec Pivot Ltd.
 
2,419,230
4,223,213
Pilbara Minerals Ltd. (b)
 
3,510,016
8,245,020
Qantas Airways Ltd. (a)
 
1,050,012
3,289,589
Rio Tinto Ltd.
 
462,316
34,534,125
Sonic Healthcare Ltd.
 
587,052
10,749,549
Whitehaven Coal Ltd.
 
1,042,033
4,908,274
TOTAL AUSTRALIA
 
 
176,369,841
Austria - 0.9%
 
 
 
Andritz AG
 
89,352
4,103,181
Erste Group Bank AG
 
444,240
15,864,199
OMV AG
 
175,230
7,668,593
Voestalpine AG
 
131,244
3,271,760
Wienerberger AG
 
130,799
3,174,860
TOTAL AUSTRIA
 
 
34,082,593
Belgium - 2.0%
 
 
 
Aedifica SA
 
59,242
3,225,090
Ageas
 
213,043
8,173,758
Anheuser-Busch InBev SA NV
 
935,192
53,210,590
Solvay SA Class A
 
90,984
9,601,987
TOTAL BELGIUM
 
 
74,211,425
Brazil - 0.2%
 
 
 
Yara International ASA
 
203,070
6,635,116
China - 0.8%
 
 
 
BOC Hong Kong (Holdings) Ltd.
 
4,475,500
11,835,640
ENN Energy Holdings Ltd.
 
943,800
7,149,424
Wilmar International Ltd.
 
3,748,900
9,746,337
TOTAL CHINA
 
 
28,731,401
Denmark - 0.5%
 
 
 
A.P. Moller - Maersk A/S Series B
 
9,073
15,117,713
ISS A/S
 
191,897
2,774,906
TOTAL DENMARK
 
 
17,892,619
Finland - 0.8%
 
 
 
Nokia Corp.
 
6,593,311
21,960,226
Stora Enso Oyj (R Shares)
 
762,636
9,138,654
TOTAL FINLAND
 
 
31,098,880
France - 10.8%
 
 
 
Alstom SA
 
347,026
4,699,587
Arkema SA
 
78,458
7,336,990
BNP Paribas SA
 
1,352,726
77,787,190
Bouygues SA
 
242,259
8,512,860
Carrefour SA
 
672,508
11,790,048
Compagnie de St.-Gobain
 
639,925
34,833,770
Compagnie Generale des Etablissements Michelin SCA Series B
 
889,056
26,412,481
Credit Agricole SA
 
1,394,411
16,837,359
Dassault Aviation SA
 
27,166
5,389,565
Eiffage SA
 
93,993
8,523,207
Elis SA
 
254,782
4,170,477
Engie SA
 
2,183,786
34,732,872
Eurazeo SA
 
61,194
3,441,429
Forvia (a)
 
206,097
3,454,248
Ipsen SA
 
48,021
5,665,429
Orange SA
 
2,284,989
26,876,151
Renault SA
 
235,724
8,243,317
Rexel SA
 
287,180
5,844,846
Societe Generale Series A
 
879,043
19,753,651
Sopra Steria Group
 
18,150
3,251,324
Teleperformance
 
74,130
8,482,956
TotalEnergies SE
 
1,120,397
74,906,922
Valeo SA
 
257,812
3,393,519
TOTAL FRANCE
 
 
404,340,198
Germany - 12.7%
 
 
 
Aurubis AG
 
39,200
3,221,144
Bayer AG
 
1,223,468
52,864,295
Bayerische Motoren Werke AG (BMW)
 
428,708
39,750,364
Commerzbank AG
 
1,310,136
14,070,487
Continental AG
 
134,511
8,782,087
Daimler Truck Holding AG
 
645,664
20,235,705
Deutsche Bank AG
 
2,540,925
27,842,652
Deutsche Lufthansa AG (a)
 
742,682
5,189,633
Deutsche Telekom AG
 
4,150,824
90,088,092
DHL Group
 
1,172,766
45,615,620
E.ON SE
 
2,796,038
33,194,233
Evonik Industries AG
 
255,400
4,691,345
Fresenius Medical Care AG & Co. KGaA
 
248,472
8,255,772
Fresenius SE & Co. KGaA
 
512,033
13,132,798
HeidelbergCement AG
 
170,739
12,371,524
K+S AG
 
238,407
4,003,342
Mercedes-Benz Group AG (Germany)
 
999,243
58,789,732
Merck KGaA
 
160,950
24,242,375
Siemens Energy AG (a)(b)
 
637,080
5,642,170
Thyssenkrupp AG
 
612,533
4,250,379
TUI AG (a)(b)
 
562,540
2,826,122
TOTAL GERMANY
 
 
479,059,871
Hong Kong - 2.0%
 
 
 
CK Asset Holdings Ltd.
 
2,371,000
11,851,028
Hang Lung Properties Ltd.
 
2,188,000
2,876,033
Henderson Land Development Co. Ltd.
 
1,627,930
4,259,415
Hongkong Land Holdings Ltd.
 
1,295,600
4,109,283
Jardine Matheson Holdings Ltd.
 
255,833
10,366,645
Link (REIT)
 
3,190,400
14,641,201
Sino Land Ltd.
 
4,171,500
4,164,527
Sun Hung Kai Properties Ltd.
 
1,876,500
19,269,225
Swire Pacific Ltd. (A Shares)
 
687,400
4,391,003
TOTAL HONG KONG
 
 
75,928,360
Ireland - 0.3%
 
 
 
Ryanair Holdings PLC sponsored ADR (a)
 
123,162
10,801,307
Israel - 0.4%
 
 
 
Bank Leumi le-Israel BM
 
1,909,109
12,275,543
Icl Group Ltd.
 
899,185
4,360,224
TOTAL ISRAEL
 
 
16,635,767
Italy - 3.5%
 
 
 
A2A SpA
 
1,949,345
3,652,868
Banco BPM SpA
 
1,886,762
9,628,555
BPER Banca
 
1,322,249
4,293,751
Buzzi SpA
 
117,453
3,106,925
Eni SpA
 
2,985,149
48,800,206
Leonardo SpA
 
503,831
7,588,729
UniCredit SpA
 
2,247,802
56,351,532
TOTAL ITALY
 
 
133,422,566
Japan - 26.3%
 
 
 
Aisin Seiki Co. Ltd.
 
227,500
7,924,935
Bridgestone Corp.
 
728,900
27,585,372
Brother Industries Ltd.
 
321,000
5,007,681
Canon, Inc.
 
1,262,400
29,844,016
Chubu Electric Power Co., Inc.
 
944,000
11,407,444
Credit Saison Co. Ltd.
 
194,000
2,908,023
Electric Power Development Co. Ltd.
 
216,600
3,320,626
Honda Motor Co. Ltd.
 
6,226,200
63,810,910
INPEX Corp.
 
1,277,900
18,543,448
Isuzu Motors Ltd.
 
774,600
8,637,295
Itochu Corp.
 
1,172,000
42,216,649
Japan Post Holdings Co. Ltd.
 
2,500,100
22,128,893
Japan Tobacco, Inc.
 
1,369,900
31,889,728
JFE Holdings, Inc. (b)
 
726,900
10,127,803
JGC Holdings Corp.
 
300,600
3,702,484
Kawasaki Kisen Kaisha Ltd. (b)
 
312,200
10,705,334
Kobe Steel Ltd.
 
493,600
5,836,059
Kyocera Corp.
 
432,600
21,323,464
Marubeni Corp.
 
2,115,300
30,929,444
Mazda Motor Corp.
 
747,500
7,225,327
Medipal Holdings Corp.
 
261,100
4,389,871
Mitsubishi Corp.
 
1,790,200
83,451,176
Mitsubishi Motors Corp. of Japan
 
853,800
2,788,997
Mitsui & Co. Ltd.
 
1,923,900
69,922,561
Mitsui OSK Lines Ltd.
 
450,900
11,641,028
Mizuho Financial Group, Inc.
 
3,063,400
52,011,595
NEC Corp.
 
339,800
16,361,585
Nippon Express Holdings, Inc.
 
103,800
5,334,844
Nippon Steel & Sumitomo Metal Corp.
 
1,183,500
25,526,748
Nippon Yusen KK
 
635,300
15,544,045
Nissan Motor Co. Ltd.
 
2,943,520
11,326,618
Niterra Co. Ltd.
 
213,600
4,780,967
Ono Pharmaceutical Co. Ltd.
 
605,700
10,460,132
Otsuka Holdings Co. Ltd.
 
694,700
23,373,851
Panasonic Holdings Corp.
 
3,056,500
26,816,178
Renesas Electronics Corp. (a)
 
1,780,400
23,386,658
Ricoh Co. Ltd.
 
759,100
6,152,588
Seiko Epson Corp.
 
407,600
5,658,785
Sekisui House Ltd.
 
825,600
16,167,519
Shionogi & Co. Ltd.
 
348,400
16,223,118
Sojitz Corp.
 
272,200
5,652,340
Stanley Electric Co. Ltd.
 
183,400
2,933,408
Subaru Corp.
 
766,300
13,264,882
Sumco Corp.
 
436,100
5,635,351
Sumitomo Corp.
 
1,523,100
29,940,604
Sumitomo Electric Industries Ltd.
 
988,800
10,380,652
Sumitomo Forestry Co. Ltd.
 
243,600
5,751,751
Suzuki Motor Corp.
 
611,700
23,741,308
Takeda Pharmaceutical Co. Ltd.
 
1,970,500
53,488,726
TDK Corp.
 
420,500
15,733,099
Tokyo Gas Co. Ltd.
 
503,700
11,311,672
Yamaha Motor Co. Ltd.
 
436,100
10,656,911
Yokohama Rubber Co. Ltd.
 
166,800
3,082,396
TOTAL JAPAN
 
 
987,966,899
Luxembourg - 0.3%
 
 
 
ArcelorMittal SA (Netherlands)
 
573,580
12,672,176
Netherlands - 5.6%
 
 
 
ABN AMRO Bank NV GDR (Bearer) (c)
 
515,065
6,913,202
EXOR NV
 
129,078
11,054,577
Heineken Holding NV
 
125,568
9,539,599
Koninklijke Ahold Delhaize NV
 
1,215,046
35,997,925
Randstad NV
 
153,471
7,931,014
Shell PLC (London)
 
2,622,662
84,520,143
Signify NV (c)
 
159,847
4,137,020
Stellantis NV (Italy)
 
2,755,122
51,307,425
TOTAL NETHERLANDS
 
 
211,400,905
Norway - 0.3%
 
 
 
Norsk Hydro ASA
 
1,677,974
9,568,994
Singapore - 3.4%
 
 
 
City Developments Ltd.
 
634,500
2,928,733
Oversea-Chinese Banking Corp. Ltd.
 
4,836,186
44,836,842
Singapore Airlines Ltd.
 
1,666,100
7,439,571
STMicroelectronics NV (Italy)
 
817,042
31,145,920
United Overseas Bank Ltd.
 
1,910,500
37,684,041
Venture Corp. Ltd.
 
338,148
2,887,218
TOTAL SINGAPORE
 
 
126,922,325
South Africa - 1.1%
 
 
 
Anglo American PLC (United Kingdom)
 
1,665,654
42,440,216
Spain - 4.9%
 
 
 
ACS Actividades de Construccion y Servicios SA
 
249,425
9,018,030
Banco Bilbao Vizcaya Argentaria SA
 
5,267,116
41,437,637
Banco de Sabadell SA
 
7,007,155
8,682,111
Banco Santander SA (Spain)
 
20,155,048
73,916,111
Repsol SA
 
1,590,774
23,270,212
Telefonica SA
 
7,161,223
27,661,220
TOTAL SPAIN
 
 
183,985,321
Sweden - 0.8%
 
 
 
Ericsson (B Shares)
 
3,838,890
17,197,191
Fastighets AB Balder (a)
 
825,616
3,490,347
Securitas AB (B Shares)
 
626,234
5,007,650
SSAB AB (B Shares)
 
1,072,410
6,217,844
TOTAL SWEDEN
 
 
31,913,032
Switzerland - 0.5%
 
 
 
Avolta AG (a)
 
135,003
4,706,145
Swatch Group AG (Bearer)
 
49,075
12,527,032
TOTAL SWITZERLAND
 
 
17,233,177
United Kingdom - 10.9%
 
 
 
3i Group PLC
 
1,211,741
28,569,932
Barclays PLC
 
18,279,493
29,339,458
Barratt Developments PLC
 
1,212,894
6,101,764
British American Tobacco PLC (United Kingdom)
 
2,783,993
83,164,684
BT Group PLC
 
7,079,782
9,702,274
Centrica PLC
 
6,990,631
13,365,407
CK Hutchison Holdings Ltd.
 
3,338,500
16,900,443
DCC PLC (United Kingdom)
 
125,877
6,984,322
IG Group Holdings PLC
 
500,948
3,884,637
Imperial Brands PLC
 
1,140,169
24,290,378
International Consolidated Airlines Group SA CDI (a)
 
3,054,461
5,351,633
Investec PLC
 
807,011
4,473,801
J Sainsbury PLC
 
2,208,596
6,907,059
Kingfisher PLC
 
2,361,073
6,029,044
Legal & General Group PLC
 
7,441,301
19,120,135
Lloyds Banking Group PLC
 
83,755,529
40,763,815
NatWest Group PLC
 
6,947,848
15,117,247
Persimmon PLC
 
397,639
4,910,433
Standard Chartered PLC (United Kingdom)
 
2,876,052
22,022,894
Taylor Wimpey PLC
 
4,427,090
5,962,044
Tesco PLC
 
8,882,075
29,147,083
Virgin Money UK PLC
 
1,473,099
2,666,917
Vodafone Group PLC
 
28,355,878
26,102,706
TOTAL UNITED KINGDOM
 
 
410,878,110
United States of America - 5.2%
 
 
 
GSK PLC
 
3,305,656
58,929,184
Holcim AG
 
606,284
37,377,460
QIAGEN NV (Germany) (a)
 
274,943
10,217,012
Sanofi SA
 
979,500
88,944,693
TOTAL UNITED STATES OF AMERICA
 
 
195,468,349
 
TOTAL COMMON STOCKS
 (Cost $3,578,696,606)
 
 
 
3,719,659,448
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (d)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (e)
  (Cost $2,851,787)
 
2,900,000
2,851,619
 
 
 
 
Money Market Funds - 0.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (f)
 
4,867,246
4,868,220
Fidelity Securities Lending Cash Central Fund 5.40% (f)(g)
 
27,000,600
27,003,300
 
TOTAL MONEY MARKET FUNDS
 (Cost $31,871,520)
 
 
31,871,520
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $3,613,419,913)
 
 
 
3,754,382,587
NET OTHER ASSETS (LIABILITIES) - 0.1%  
5,046,596
NET ASSETS - 100.0%
3,759,429,183
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
389
Dec 2023
38,396,245
(1,617,168)
(1,617,168)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.0%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $11,050,222 or 0.3% of net assets.
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,151,464.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
1,842,526
307,027,728
304,002,034
668,559
-
-
4,868,220
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
16,040,672
364,787,851
353,825,223
714,947
-
-
27,003,300
0.1%
Total
17,883,198
671,815,579
657,827,257
1,383,506
-
-
31,871,520
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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
180,430,443
9,702,274
170,728,169
-
Consumer Discretionary
490,071,183
143,182,413
346,888,770
-
Consumer Staples
295,683,431
52,444,583
243,238,848
-
Energy
262,617,798
30,938,805
231,678,993
-
Financials
770,643,471
248,324,759
522,318,712
-
Health Care
380,936,805
53,257,614
327,679,191
-
Industrials
582,992,658
181,304,831
401,687,827
-
Information Technology
205,545,106
3,251,324
202,293,782
-
Materials
357,398,122
131,431,730
225,966,392
-
Real Estate
75,205,885
6,715,437
68,490,448
-
Utilities
118,134,546
50,212,508
67,922,038
-
 Government Obligations
2,851,619
-
2,851,619
-
  Money Market Funds
31,871,520
31,871,520
-
-
 Total Investments in Securities:
3,754,382,587
942,637,798
2,811,744,789
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(1,617,168)
(1,617,168)
-
-
  Total Liabilities
(1,617,168)
(1,617,168)
-
-
 Total Derivative Instruments:
(1,617,168)
(1,617,168)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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
(1,617,168)
Total Equity Risk
0
(1,617,168)
Total Value of Derivatives
0
(1,617,168)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $25,459,710) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,581,548,393)
$
3,722,511,067
 
 
Fidelity Central Funds (cost $31,871,520)
31,871,520
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,613,419,913)
 
 
$
3,754,382,587
Foreign currency held at value (cost $846,958)
 
 
844,510
Receivable for investments sold
 
 
1,100
Receivable for fund shares sold
 
 
395,581
Dividends receivable
 
 
17,079,324
Reclaims receivable
 
 
14,779,756
Distributions receivable from Fidelity Central Funds
 
 
55,335
Receivable for daily variation margin on futures contracts
 
 
110,674
Prepaid expenses
 
 
5,085
  Total assets
 
 
3,787,653,952
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
553,163
 
 
Accrued management fee
487,134
 
 
Other payables and accrued expenses
181,172
 
 
Collateral on securities loaned
27,003,300
 
 
  Total Liabilities
 
 
 
28,224,769
Net Assets  
 
 
$
3,759,429,183
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,983,610,394
Total accumulated earnings (loss)
 
 
 
(224,181,211)
Net Assets
 
 
$
3,759,429,183
Net Asset Value, offering price and redemption price per share ($3,759,429,183 ÷ 427,500,735 shares)
 
 
$
8.79
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Unaffiliated issuers
 
 
$
215,896,732
Interest  
 
 
269,835
Income from Fidelity Central Funds (including $714,947 from security lending)
 
 
1,383,506
 Income before foreign taxes withheld
 
 
$
217,550,073
Less foreign taxes withheld
 
 
(19,047,527)
 Total Income
 
 
 
198,502,546
Expenses
 
 
 
 
Management fee
$
6,625,871
 
 
Custodian fees and expenses
410,635
 
 
Independent trustees' fees and expenses
15,446
 
 
Registration fees
33,489
 
 
Audit
61,394
 
 
Legal
6,436
 
 
Interest
392,358
 
 
Miscellaneous
26,468
 
 
 Total Expenses
 
 
 
7,572,097
Net Investment income (loss)
 
 
 
190,930,449
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(22,674,993)
 
 
 Foreign currency transactions
 
398,962
 
 
 Futures contracts
 
7,562,545
 
 
Total net realized gain (loss)
 
 
 
(14,713,486)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
666,916,655
 
 
 Assets and liabilities in foreign currencies
 
1,529,221
 
 
 Futures contracts
 
(3,373,692)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
665,072,184
Net gain (loss)
 
 
 
650,358,698
Net increase (decrease) in net assets resulting from operations
 
 
$
841,289,147
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
190,930,449
$
262,814,201
Net realized gain (loss)
 
(14,713,486)
 
 
(431,951,862)
 
Change in net unrealized appreciation (depreciation)
 
665,072,184
 
(834,887,039)
 
Net increase (decrease) in net assets resulting from operations
 
841,289,147
 
 
(1,004,024,700)
 
Distributions to shareholders
 
(199,830,507)
 
 
(449,845,102)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
28,673,028
 
1,108,617,933
  Reinvestment of distributions
 
196,381,215
 
 
447,410,521
 
Cost of shares redeemed
 
(1,255,801,776)
 
(1,938,490,026)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(1,030,747,533)
 
 
(382,461,572)
 
Total increase (decrease) in net assets
 
(389,288,893)
 
 
(1,836,331,374)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,148,718,076
 
5,985,049,450
 
End of period
$
3,759,429,183
$
4,148,718,076
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
3,212,167
 
118,980,904
  Issued in reinvestment of distributions
 
23,546,908
 
 
49,328,613
 
Redeemed
 
(141,228,215)
 
(222,929,982)
Net increase (decrease)
 
(114,469,140)
 
(54,620,465)
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI International Value Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.65
$
10.03
$
7.16
$
9.19
$
8.93
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.39
 
.42
 
.38
 
.24
 
.37
     Net realized and unrealized gain (loss)
 
1.14
 
(1.99)
 
2.63
 
(1.95)
 
.07
  Total from investment operations
 
1.53  
 
(1.57)  
 
3.01  
 
(1.71)  
 
.44
  Distributions from net investment income
 
(.39)
 
(.46)
 
(.14)
 
(.32)
 
(.18)
  Distributions from net realized gain
 
-
 
(.35)
 
-
 
-
 
- C
     Total distributions
 
(.39)
 
(.81)
 
(.14)
 
(.32)
 
(.18)
  Net asset value, end of period
$
8.79
$
7.65
$
10.03
$
7.16
$
9.19
 Total Return D
 
20.25%
 
(16.93)%
 
42.33%
 
(19.36)%
 
5.12%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.17%
 
.16%
 
.17%
 
.18%
 
.26%
    Expenses net of fee waivers, if any
 
.17%
 
.16%
 
.17%
 
.18%
 
.20%
    Expenses net of all reductions
 
.17%
 
.16%
 
.17%
 
.18%
 
.20%
    Net investment income (loss)
 
4.33%
 
4.82%
 
3.84%
 
3.04%
 
4.22%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,759,429
$
4,148,718
$
5,985,049
$
2,258,397
$
1,036,532
    Portfolio turnover rate G
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity SAI International Value Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 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.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$397,692,918
Gross unrealized depreciation
(342,636,236)
Net unrealized appreciation (depreciation)
$55,056,682
Tax Cost
$3,699,325,905
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$218,851,448
Capital loss carryforward
$(497,148,276)
Net unrealized appreciation (depreciation) on securities and other investments
$54,115,618
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(286,256,532)
 Long-term
(210,891,744)
Total capital loss carryforward
$(497,148,276)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$199,830,507
$ 449,845,102
 
 
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
2,676,482,347
3,706,518,444
 
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, 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 International Value Index Fund 
 Borrower
$ 38,065,767
5.05%
$390,014
 
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
$8,099
 
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
$75,610
$ -
$-
 
 
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI International Value Index Fund
$1,206,333
5.83%
$2,344
 
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.
 
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
83%
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
94%
 
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.
 
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Value Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Value Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 12, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Laura M. Bishop, Jonathan Chiel, Robert W. Helm, Christine J. Thompson, and Carol J. Zierhoffer, each of the Trustees oversees 313 funds. Mr. Chiel oversees 191 funds. Ms. Bishop, Mr. Helm, Ms. Thompson, and Ms. Zierhoffer each oversees 229 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.
Christine J. Thompson (1958)
Year of Election or Appointment: 2023
Trustee
Ms. Thompson also serves as a Trustee of other Fidelity® funds. Ms. Thompson serves as Leader of Advanced Technologies for Investment Management at Fidelity Investments (2018-present). Previously, Ms. Thompson served as Chief Investment Officer in the Bond group at Fidelity Management & Research Company (2010-2018) and held various other roles including Director of municipal bond portfolio managers and Portfolio Manager of certain Fidelity® funds.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Laura M. Bishop (1961)
Year of Election or Appointment: 2023
Trustee
Ms. Bishop also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting). Previously, Ms. Bishop served as a Member of the Advisory Board of certain Fidelity® funds (2022-2023).    
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Robert W. Helm (1957)
Year of Election or Appointment: 2023
Trustee
Mr. Helm also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon. Previously, Mr. Helm served as a Member of the Advisory Board of certain Fidelity® funds (2021-2023).     
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
Carol J. Zierhoffer (1960)
Year of Election or Appointment: 2023
Trustee
Ms. Zierhoffer also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016), and as a Member of the Advisory Board of certain Fidelity® funds (2023).    
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Robin Foley (1964)
Year of Election or Appointment: 2023
Vice President
Ms. Foley also serves as Vice President of other funds. Ms. Foley serves as Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley served as Chief Investment Officer of Bonds (2017-2023).     
Christopher M. Gouveia (1973)
Year of Election or Appointment: 2023
Chief Compliance Officer
Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).          
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
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 (May 1, 2023 to October 31, 2023).
 
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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International Value Index Fund
 
 
 
.18%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 959.60
 
$ .89
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.30
 
$ .92
 
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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates 98.21% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.4242 and $0.0362 for the dividend paid December 12, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI International Value Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked equal to the competitive median of the mapped group for 2022 and below the competitive median of the asset size peer group for 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2022 and below the competitive median of the total expense asset size peer group for 2022.
The Board considered that, when compared to a subset of the total expense asset size peer group that excludes funds in a fund complex with a unique at-cost service model, the fund would not be above the total expense asset size peer group competitive median for 2022.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.20% through February 29, 2024.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and Fidelity's views regarding portfolio manager investment in the Fidelity funds that they manage; (iii) hiring, training, and retaining personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends and market conditions; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (x) information concerning expense limitations applicable to certain funds; and (xi) matters related to money market funds, exchange-traded funds, and target date funds.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2024.
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
378,729,502,260.010
97.580
Withheld
9,407,876,478.960
2.420
TOTAL
388,137,378,738.970
100.000
Jennifer Toolin McAuliffe
Affirmative
378,454,868,010.950
97.510
Withheld
9,682,510,728.020
2.490
TOTAL
388,137,378,738.970
100.000
Christine J. Thompson
Affirmative
378,837,121,274.520
97.600
Withheld
9,300,257,464.450
2.400
TOTAL
388,137,378,738.970
100.000
Elizabeth S. Acton
Affirmative
378,262,110,794.850
97.460
Withheld
9,875,267,944.120
2.540
TOTAL
388,137,378,738.970
100.000
Laura M. Bishop
Affirmative
380,482,113,171.060
98.030
Withheld
7,655,265,567.910
1.970
TOTAL
388,137,378,738.970
100.000
Ann E. Dunwoody
Affirmative
380,016,034,008.120
97.910
Withheld
8,121,344,730.850
2.090
TOTAL
388,137,378,738.970
100.000
John Engler
Affirmative
379,432,488,394.200
97.760
Withheld
8,704,890,344.770
2.240
TOTAL
388,137,378,738.970
100.000
Robert F. Gartland
Affirmative
378,741,819,600.600
97.580
Withheld
9,395,559,138.370
2.420
TOTAL
388,137,378,738.970
100.000
Robert W. Helm
Affirmative
380,389,324,755.070
98.000
Withheld
7,748,053,983.900
2.000
TOTAL
388,137,378,738.970
100.000
Arthur E. Johnson
Affirmative
378,427,694,151.670
97.500
Withheld
9,709,684,587.300
2.500
TOTAL
388,137,378,738.970
100.000
Michael E. Kenneally
Affirmative
377,842,228,145.180
97.350
Withheld
10,295,150,593.790
2.650
TOTAL
388,137,378,738.970
100.000
Mark A. Murray
Affirmative
380,158,432,703.370
97.940
Withheld
7,978,946,035.600
2.060
TOTAL
388,137,378,738.970
100.000
Carol J. Zierhoffer
Affirmative
380,522,113,360.240
98.040
Withheld
7,615,265,378.730
1.960
TOTAL
388,137,378,738.970
100.000
 
 
 
Proposal 1 reflects trust wide proposal and voting results.
 
1.9885501.105
IIV-ANN-1223
Fidelity® Series Global ex U.S. Index Fund
 
 
Annual Report
October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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. © 2023 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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Series Global ex U.S. Index Fund
12.62%
3.64%
2.63%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series Global ex U.S. Index Fund on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuations also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 12.62%, versus 12.27% for the benchmark MSCI All Country World ex US Index (Net MA). From a regional standpoint, Europe ex the U.K. gained roughly 17% and contributed most, followed by emerging markets (+10%). In contrast, Canada returned -1% and was a notable detractor. By sector, financials gained approximately 12% and contributed most. Information technology, which gained 21%, also helped, benefitting from the semiconductors & semiconductor equipment industry (+33%), as did consumer discretionary, which advanced roughly 19%. The industrials sector rose 13%, boosted by the capital goods industry (+18%). Energy gained 12%, and communication services advanced approximately 12%. Other notable contributors included the materials (+8%), consumer staples (+7%), health care (+6%), utilities (+8%) and real estate (+4%) sectors. Turning to individual stocks, the top contributor was Novo-Nordisk (+78%), from the pharmaceuticals, biotechnology & life sciences industry. In semiconductors & semiconductor equipment, Taiwan Semiconductor (+37%) and ASML Holding (+28%) boosted the fund. Tencent Holdings, within the media & entertainment group, gained roughly 50%. Lastly, HSBC (+48%), from the banks category, also helped. In contrast, the biggest individual detractor was Roche Holding (-21%), from the pharmaceuticals, biotechnology & life sciences category. Also in pharmaceuticals, biotechnology & life sciences, CSL (-17%) hurt. Adyen (-53%), a stock in the financial services category, detracted. Another notable detractor was Nutrien (-35%), a stock in the materials industry. Lastly, in consumer services, Meituan returned roughly -12% and detracted.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
1.8
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
1.4
 
Nestle SA (Reg. S)  (United States of America, Food Products)
1.3
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
1.1
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.1
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
1.0
 
Shell PLC (London)  (Netherlands, Oil, Gas & Consumable Fuels)
0.9
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
0.9
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
0.9
 
Novartis AG  (Switzerland, Pharmaceuticals)
0.8
 
 
11.2
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.1
 
Industrials
12.3
 
Consumer Discretionary
11.6
 
Information Technology
10.7
 
Health Care
9.2
 
Consumer Staples
8.2
 
Materials
7.0
 
Energy
6.3
 
Communication Services
5.3
 
Utilities
2.5
 
Real Estate
1.5
 
 
Asset Allocation (% of Fund's net assets)
Futures - 4.1%
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 - 94.9%
 
 
Shares
Value ($)
 
Australia - 4.7%
 
 
 
Ampol Ltd.
 
367,835
7,458,868
ANZ Group Holdings Ltd.
 
4,735,903
74,680,352
APA Group unit
 
1,961,739
10,283,320
Aristocrat Leisure Ltd.
 
935,993
23,006,809
ASX Ltd.
 
301,487
10,771,403
Aurizon Holdings Ltd.
 
2,858,154
6,225,385
BHP Group Ltd.
 
7,997,144
226,378,968
BlueScope Steel Ltd.
 
708,506
8,493,188
Brambles Ltd.
 
2,201,008
18,369,074
Cochlear Ltd.
 
104,633
16,037,533
Coles Group Ltd.
 
2,129,193
20,665,288
Commonwealth Bank of Australia
 
2,641,251
162,478,945
Computershare Ltd.
 
916,575
14,465,345
DEXUS Property Group unit
 
1,670,419
6,899,147
EBOS Group Ltd.
 
238,750
4,873,896
Endeavour Group Ltd.
 
2,226,260
6,993,678
Flutter Entertainment PLC (a)
 
76,515
12,001,670
Flutter Entertainment PLC (Ireland) (a)
 
202,601
31,716,355
Fortescue Metals Group Ltd.
 
2,681,026
38,139,819
Glencore PLC
 
16,634,105
88,108,042
Goodman Group unit
 
2,690,236
35,596,959
IDP Education Ltd.
 
390,409
5,394,035
IGO Ltd.
 
1,062,096
6,431,388
Insurance Australia Group Ltd.
 
3,897,067
14,058,818
Lendlease Group unit
 
1,070,903
4,241,305
Macquarie Group Ltd.
 
580,624
59,682,327
Medibank Private Ltd.
 
4,284,628
9,350,253
Mineral Resources Ltd.
 
272,564
10,045,957
Mirvac Group unit
 
6,126,261
7,108,018
National Australia Bank Ltd.
 
4,954,919
88,763,685
Northern Star Resources Ltd.
 
1,832,419
13,418,409
Orica Ltd.
 
713,354
6,665,527
Origin Energy Ltd.
 
2,734,757
15,863,925
Pilbara Minerals Ltd. (b)
 
4,289,208
10,075,340
Qantas Airways Ltd. (a)
 
1,329,899
4,166,449
QBE Insurance Group Ltd.
 
2,369,936
23,500,539
Ramsay Health Care Ltd.
 
287,190
8,892,581
REA Group Ltd.
 
82,384
7,563,240
Reece Ltd.
 
340,434
3,795,743
Rio Tinto Ltd.
 
587,061
43,852,340
Rio Tinto PLC
 
1,777,061
113,377,417
Santos Ltd.
 
5,061,780
24,698,748
Scentre Group unit
 
8,497,599
13,164,422
SEEK Ltd.
 
554,317
7,312,932
Sonic Healthcare Ltd.
 
729,700
13,361,586
South32 Ltd.
 
7,276,662
15,567,576
Stockland Corp. Ltd. unit
 
3,711,762
8,377,231
Suncorp Group Ltd.
 
2,017,635
17,173,398
Telstra Group Ltd.
 
6,431,708
15,596,121
The GPT Group
 
2,971,635
6,858,026
The Lottery Corp. Ltd.
 
3,463,948
9,998,928
Transurban Group unit
 
4,899,899
36,888,858
Treasury Wine Estates Ltd.
 
1,128,376
8,661,002
Vicinity Centres unit
 
6,024,241
6,525,047
Washington H. Soul Pattinson & Co. Ltd.
 
362,549
7,723,697
Wesfarmers Ltd.
 
1,798,098
57,851,700
Westpac Banking Corp.
 
5,538,925
72,735,958
WiseTech Global Ltd.
 
266,207
9,911,226
Woodside Energy Group Ltd.
 
2,996,925
65,272,434
Woolworths Group Ltd.
 
1,927,755
43,152,353
TOTAL AUSTRALIA
 
 
1,720,722,583
Austria - 0.2%
 
 
 
Erste Group Bank AG
 
545,712
19,487,853
Mondi PLC
 
554,249
8,952,967
Mondi PLC
 
232,421
3,755,898
OMV AG
 
235,082
10,287,897
Verbund AG
 
105,897
9,188,068
Voestalpine AG
 
178,192
4,442,119
TOTAL AUSTRIA
 
 
56,114,802
Belgium - 0.5%
 
 
 
Ageas
 
258,340
9,911,655
Anheuser-Busch InBev SA NV
 
1,370,117
77,956,970
D'ieteren Group
 
32,910
4,878,572
Elia Group SA/NV
 
45,741
4,338,930
Groupe Bruxelles Lambert SA
 
147,924
10,799,768
KBC Group NV
 
396,715
21,785,759
Lotus Bakeries SA
 
632
4,681,034
Sofina SA
 
23,543
4,459,042
Solvay SA Class A
 
119,084
12,567,517
UCB SA
 
202,529
14,799,277
Umicore SA
 
324,453
7,719,660
Warehouses de Pauw
 
255,746
6,310,505
TOTAL BELGIUM
 
 
180,208,689
Brazil - 1.1%
 
 
 
Ambev SA
 
7,056,530
17,999,103
Atacadao SA
 
979,900
1,743,383
B3 SA - Brasil Bolsa Balcao
 
9,270,475
20,410,031
Banco Bradesco SA
 
1,424,338
3,472,031
Banco BTG Pactual SA unit
 
1,877,000
11,019,824
Banco do Brasil SA
 
1,359,800
13,040,379
Banco Santander SA (Brasil) unit
 
577,500
3,083,513
BB Seguridade Participacoes SA
 
1,085,900
6,625,137
CCR SA
 
1,564,900
3,718,451
Centrais Eletricas Brasileiras SA (Electrobras)
 
1,856,130
12,826,413
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
532,700
6,167,243
Companhia Siderurgica Nacional SA (CSN)
 
1,027,900
2,397,601
Cosan SA
 
1,873,932
5,854,005
CPFL Energia SA (a)
 
360,800
2,393,048
Energisa SA unit
 
336,500
3,110,877
Eneva SA (a)
 
1,419,300
3,045,932
ENGIE Brasil Energia SA
 
335,950
2,618,701
Equatorial Energia SA
 
1,609,616
10,088,534
Hapvida Participacoes e Investimentos SA (a)(c)
 
8,205,444
6,005,472
Hypera SA (a)
 
635,100
3,815,576
Itausa-Investimentos Itau SA
 
118,810
202,190
Klabin SA unit
 
1,181,700
5,015,794
Localiza Rent a Car SA
 
1,443,562
14,565,181
Localiza Rent a Car SA rights 11/10/23 (a)
 
10,585
14,696
Lojas Renner SA (a)
 
1,495,209
3,635,893
Magazine Luiza SA (a)
 
4,709,132
1,242,256
Natura & Co. Holding SA
 
1,396,419
3,531,381
Petroleo Brasileiro SA - Petrobras (ON)
 
4,731,911
35,514,556
Prio SA (a)
 
1,274,300
12,056,153
Raia Drogasil SA
 
2,087,744
10,683,551
Rede D'Oregon Sao Luiz SA (c)
 
890,711
3,819,541
Rumo SA
 
2,014,500
8,914,265
Sendas Distribuidora SA
 
2,097,900
4,552,194
Suzano Papel e Celulose SA
 
1,262,395
12,912,522
Telefonica Brasil SA
 
646,840
5,804,144
TIM SA
 
1,322,403
3,978,947
Totvs SA
 
811,100
4,071,789
Ultrapar Participacoes SA
 
1,113,100
4,514,880
Vale SA
 
5,336,247
73,030,405
Vale SA sponsored ADR
 
43,641
598,318
Vibra Energia SA (a)
 
1,809,350
7,102,105
Weg SA
 
2,662,632
17,433,130
Wheaton Precious Metals Corp.
 
717,998
30,324,963
Yara International ASA
 
264,220
8,633,133
TOTAL BRAZIL
 
 
411,587,241
Burkina Faso - 0.0%
 
 
 
Endeavour Mining PLC
 
286,993
5,930,036
Canada - 7.0%
 
 
 
Agnico Eagle Mines Ltd. (Canada)
 
778,498
36,512,356
Air Canada (a)
 
272,819
3,291,337
Algonquin Power & Utilities Corp. (b)
 
1,037,479
5,221,996
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,234,303
67,191,299
AltaGas Ltd. (b)
 
437,893
8,134,216
ARC Resources Ltd. (b)
 
970,527
15,613,815
Bank of Montreal (b)
 
1,119,872
84,623,318
Bank of Nova Scotia
 
1,876,191
75,967,640
Barrick Gold Corp. (Canada)
 
2,777,298
44,360,664
BCE, Inc. (b)
 
113,478
4,212,618
Brookfield Asset Management Ltd. Class A (b)
 
559,205
16,029,132
Brookfield Corp. (Canada) Class A (b)
 
2,226,336
64,859,545
CAE, Inc. (a)
 
495,075
10,338,830
Cameco Corp.
 
686,993
28,103,921
Canadian Apartment Properties (REIT) unit (b)
 
134,176
3,949,569
Canadian Imperial Bank of Commerce (b)
 
1,426,460
50,310,552
Canadian National Railway Co.
 
888,559
94,017,135
Canadian Natural Resources Ltd.
 
1,749,499
111,094,921
Canadian Pacific Kansas City Ltd.
 
1,470,651
104,417,016
Canadian Tire Ltd. Class A (non-vtg.) (b)
 
83,369
8,041,419
Canadian Utilities Ltd. Class A (non-vtg.) (b)
 
211,154
4,467,466
CCL Industries, Inc. Class B
 
239,623
9,368,927
Cenovus Energy, Inc. (Canada)
 
2,263,060
43,115,230
CGI, Inc. Class A (sub. vtg.) (a)
 
335,434
32,383,562
Constellation Software, Inc.
 
31,835
63,819,447
Constellation Software, Inc. warrants 8/22/28 (a)(d)
 
30,824
2
Descartes Systems Group, Inc. (Canada) (a)
 
131,736
9,521,471
Dollarama, Inc.
 
450,522
30,765,771
Element Fleet Management Corp.
 
605,817
8,195,512
Emera, Inc. (b)
 
426,023
13,953,463
Empire Co. Ltd. Class A (non-vtg.) (b)
 
241,818
6,626,345
Enbridge, Inc. (b)
 
3,355,213
107,521,663
Fairfax Financial Holdings Ltd. (sub. vtg.)
 
34,369
28,601,303
FirstService Corp. (b)
 
62,611
8,859,677
Fortis, Inc. (b)
 
774,126
30,736,166
Franco-Nevada Corp.
 
303,592
36,932,375
George Weston Ltd.
 
97,327
10,557,005
GFL Environmental, Inc.
 
360,771
10,393,223
Gildan Activewear, Inc.
 
276,623
7,857,350
Great-West Lifeco, Inc.
 
429,608
11,902,318
Hydro One Ltd. (c)
 
515,070
13,356,349
iA Financial Corp., Inc.
 
158,864
9,243,725
IGM Financial, Inc.
 
128,213
2,886,468
Imperial Oil Ltd.
 
323,297
18,424,490
Intact Financial Corp.
 
276,365
38,829,606
Ivanhoe Mines Ltd. (a)
 
948,048
6,986,876
Keyera Corp. (b)
 
355,510
8,267,674
Kinross Gold Corp.
 
1,910,082
9,972,233
Loblaw Companies Ltd.
 
252,691
20,667,181
Magna International, Inc. Class A (sub. vtg.) (b)
 
431,019
20,712,534
Manulife Financial Corp.
 
2,896,814
50,426,602
Metro, Inc.
 
364,215
18,500,310
National Bank of Canada (b)
 
534,598
33,238,175
Northland Power, Inc. (b)
 
392,387
5,514,781
Nutrien Ltd.
 
785,125
42,167,738
Nuvei Corp. (Canada) (c)
 
99,114
1,380,127
Onex Corp. (sub. vtg.)
 
106,298
5,957,440
Open Text Corp.
 
431,225
14,397,489
Pan American Silver Corp.
 
567,139
8,285,730
Parkland Corp.
 
216,537
6,553,494
Pembina Pipeline Corp.
 
869,964
26,774,879
Power Corp. of Canada (sub. vtg.)
 
913,704
22,013,233
Quebecor, Inc. Class B (sub. vtg.)
 
238,592
4,922,385
RB Global, Inc.
 
289,734
18,948,604
Restaurant Brands International, Inc.
 
365,684
24,563,522
Restaurant Brands International, Inc. (b)
 
101,678
6,832,762
RioCan (REIT) (b)
 
230,419
2,799,755
Rogers Communications, Inc. Class B (non-vtg.)
 
568,454
21,061,595
Royal Bank of Canada
 
2,179,035
174,039,961
Saputo, Inc.
 
394,638
7,968,173
Shopify, Inc. Class A (a)
 
1,895,459
89,514,051
Stantec, Inc.
 
171,678
10,504,329
Sun Life Financial, Inc.
 
922,876
42,152,490
Suncor Energy, Inc.
 
2,085,187
67,528,933
TC Energy Corp. (b)
 
1,609,096
55,417,649
Teck Resources Ltd. Class B (sub. vtg.)
 
720,944
25,474,134
TELUS Corp.
 
732,318
11,807,918
TFI International, Inc. (Canada)
 
122,840
13,589,244
The Toronto-Dominion Bank
 
2,899,516
161,958,903
Thomson Reuters Corp.
 
250,781
30,039,468
TMX Group Ltd.
 
431,909
8,994,795
Toromont Industries Ltd.
 
129,207
9,727,212
Tourmaline Oil Corp. (b)
 
511,572
27,051,433
West Fraser Timber Co. Ltd.
 
87,896
5,931,990
WSP Global, Inc.
 
197,281
25,819,022
TOTAL CANADA
 
 
2,543,075,037
Chile - 0.1%
 
 
 
Antofagasta PLC
 
629,181
10,285,727
Banco de Chile
 
70,722,820
7,265,881
Banco de Credito e Inversiones
 
118,875
2,842,374
Banco Santander Chile
 
102,578,930
4,472,212
Cencosud SA
 
1,990,714
3,225,179
Compania Cervecerias Unidas SA
 
202,876
1,153,333
Compania Sud Americana de Vapores SA
 
22,914,615
1,272,465
Empresas CMPC SA
 
1,739,217
3,109,215
Empresas COPEC SA
 
596,614
3,949,651
Enel Americas SA (a)
 
33,437,585
3,437,160
Enel Chile SA
 
42,818,828
2,535,640
Falabella SA
 
1,382,822
2,815,858
Lundin Mining Corp.
 
1,020,777
6,374,566
TOTAL CHILE
 
 
52,739,261
China - 8.4%
 
 
 
360 Security Technology, Inc. (A Shares) (a)
 
657,300
807,818
37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares)
 
202,700
573,476
3Peak, Inc. (A Shares)
 
11,096
244,366
3SBio, Inc. (c)
 
3,003,500
2,672,040
AAC Technology Holdings, Inc.
 
1,112,500
2,002,541
Accelink Technologies Co. Ltd. (A Shares)
 
73,700
271,633
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)
 
57,519
1,347,523
AECC Aero-Engine Control Co. Ltd. (A Shares)
 
120,600
342,432
AECC Aviation Power Co. Ltd.
 
245,852
1,189,054
Agricultural Bank of China Ltd.:
 
 
 
 (A Shares)
 
7,458,100
3,660,711
 (H Shares)
 
47,006,000
17,361,980
Aier Eye Hospital Group Co. Ltd. (A Shares)
 
869,901
2,175,339
AIMA Technology Group Co. Ltd.
 
76,600
294,240
Air China Ltd.:
 
 
 
 (A Shares) (a)
 
1,533,400
1,681,959
 (H Shares) (a)
 
2,076,000
1,412,320
Airtac International Group
 
217,456
7,143,924
Akeso, Inc. (a)(c)
 
784,000
4,402,596
Alibaba Group Holding Ltd. (a)
 
25,951,424
267,171,962
Alibaba Health Information Technology Ltd. (a)
 
8,384,000
4,938,838
Aluminum Corp. of China Ltd.:
 
 
 
 (A shares)
 
950,100
805,301
 (H Shares)
 
7,112,000
3,804,426
Amlogic Shanghai Co. Ltd. (A Shares) (a)
 
38,668
317,759
Angel Yeast Co. Ltd. (A Shares)
 
74,000
353,893
Anhui Conch Cement Co. Ltd.:
 
 
 
 (A Shares)
 
254,100
840,498
 (H Shares)
 
2,144,500
5,337,006
Anhui Gujing Distillery Co. Ltd.:
 
 
 
 (A Shares)
 
34,000
1,296,088
 (B Shares)
 
177,200
2,761,916
Anhui Honglu Steel Construction Group Co. Ltd.
 
62,200
213,712
Anhui Jianghuai Automobile Group Corp. Ltd. (A Shares) (a)
 
186,200
461,545
Anhui Kouzi Distillery Co. Ltd. (A Shares)
 
54,900
376,842
Anhui Yingjia Distillery Co. Ltd. (A Shares)
 
61,600
645,981
Anjoy Foods Group Co. Ltd. (A Shares)
 
26,600
469,912
Anker Innovations Technology Co. Ltd. (A Shares)
 
30,600
392,029
Anta Sports Products Ltd.
 
2,026,800
22,922,076
Apeloa Pharmaceutical Co. Ltd. A Shares
 
106,500
251,062
Asia - Potash International Investment Guangzhou Co. Ltd. (A Shares) (a)
 
86,700
338,053
ASR Microelectronics Co. Ltd. (A Shares)
 
38,473
342,931
Asymchem Laboratories Tianjin Co. Ltd. (A Shares)
 
31,900
658,436
Autobio Diagnostics Co. Ltd.
 
54,700
332,424
Autohome, Inc. ADR Class A
 
115,036
3,077,213
Avary Holding Shenzhen Co. Ltd. (A Shares)
 
178,500
523,171
AVIC Capital Co. Ltd. (A Shares)
 
752,300
342,644
AviChina Industry & Technology Co. Ltd. (H Shares)
 
3,941,000
1,786,128
Avicopter PLC (A Shares)
 
52,300
271,527
BAIC BluePark New Energy Technology Co. Ltd. (A Shares) (a)
 
457,600
428,955
Baidu, Inc. Class A (a)
 
3,570,348
46,874,417
Bank of Beijing Co. Ltd. (A Shares)
 
1,844,300
1,150,176
Bank of Changsha Co. Ltd. (A Shares)
 
484,900
487,192
Bank of Chengdu Co. Ltd. (A Shares)
 
328,400
555,139
Bank of China Ltd.:
 
 
 
 (A Shares)
 
5,504,400
2,934,653
 (H Shares)
 
122,138,024
42,667,136
Bank of Communications Co. Ltd.:
 
 
 
 (A Shares)
 
2,985,400
2,297,643
 (H Shares)
 
15,025,200
8,887,495
Bank of Hangzhou Co. Ltd. (A Shares)
 
550,431
805,236
Bank of Jiangsu Co. Ltd. (A Shares)
 
1,259,460
1,188,431
Bank of Nanjing Co. Ltd. (A Shares)
 
834,000
894,064
Bank of Ningbo Co. Ltd. (A Shares)
 
607,510
2,075,107
Bank of Shanghai Co. Ltd. (A Shares)
 
1,095,700
909,413
Bank of Suzhou Co. Ltd.
 
294,400
252,811
Baoshan Iron & Steel Co. Ltd. (A Shares)
 
2,034,600
1,740,834
BeiGene Ltd. (a)
 
1,101,718
15,816,132
Beijing Capital International Airport Co. Ltd. (H Shares) (a)
 
2,942,000
1,083,649
Beijing Dabeinong Technology Group Co. Ltd. (A Shares) (a)
 
358,400
345,488
Beijing E-Hualu Information Technology Co. Ltd. (A Shares) (a)
 
59,900
237,630
Beijing Easpring Material Technology Co. Ltd. (A Shares)
 
44,400
267,769
Beijing Enlight Media Co. Ltd. (A Shares)
 
279,600
299,050
Beijing Enterprises Holdings Ltd.
 
770,500
2,567,199
Beijing Enterprises Water Group Ltd.
 
6,182,000
1,304,435
Beijing Kingsoft Office Software, Inc. (A Shares)
 
42,806
1,684,043
Beijing New Building Materials PLC (A Shares)
 
145,400
486,241
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares)
 
105,900
360,589
Beijing Roborock Technology Co. Ltd. (A Shares)
 
12,212
527,996
Beijing Shiji Information Technology Co. Ltd. (A Shares)
 
206,037
297,247
Beijing Tiantan Biological Products Corp. Ltd. (A Shares)
 
154,400
609,281
Beijing Tongrentang Co. Ltd. (A Shares)
 
127,500
894,923
Beijing United Information Technology Co. Ltd. (A Shares)
 
63,916
329,100
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares)
 
78,899
473,249
Beijing Yanjing Brewery Co. Ltd. (A Shares)
 
257,300
365,839
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares)
 
2,965,300
2,027,386
Beiqi Foton Motor Co. Ltd. (A Shares) (a)
 
677,200
280,746
Bethel Automotive Safety Systems Co. Ltd. (A Shares)
 
37,800
391,248
Betta Pharmaceuticals Co. Ltd. (A Shares)
 
38,200
317,786
BGI Genomics Co. Ltd.
 
38,600
259,748
Bilibili, Inc. Class Z (a)
 
304,244
4,082,264
Bloomage Biotechnology Corp. Ltd. (A Shares)
 
45,651
477,265
BOC Aviation Ltd. Class A (c)
 
308,600
1,897,917
BOC Hong Kong (Holdings) Ltd.
 
5,905,951
15,618,526
BOC International China Co. Ltd.
 
243,200
362,518
BOE Technology Group Co. Ltd. (A Shares)
 
3,560,100
1,908,598
Bosideng International Holdings Ltd.
 
6,154,000
2,429,781
BTG Hotels Group Co. Ltd. (a)
 
106,500
243,184
Budweiser Brewing Co. APAC Ltd. (c)
 
2,690,858
5,113,563
By-Health Co. Ltd. (A Shares)
 
155,500
389,411
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
356,120
11,622,549
 (H Shares)
 
1,481,000
45,037,401
BYD Electronic International Co. Ltd.
 
1,224,000
5,109,607
C&D International Investment Group Ltd.
 
1,134,327
2,551,975
Caitong Securities Co. Ltd.
 
377,560
409,960
Cambricon Technologies Corp. Ltd. (A Shares) (a)
 
38,724
571,660
Canmax Technologies Co. Ltd. (A Shares)
 
75,090
279,327
CECEP Solar Energy Co. Ltd. (A Shares)
 
320,700
251,680
CECEP Wind-Power Corp. (A Shares)
 
598,130
259,288
CETC Cyberspace Security Technology Co. Ltd. (A Shares)
 
79,100
238,517
CGN Power Co. Ltd. (H Shares) (c)
 
17,789,000
4,274,833
Changchun High & New Technology Industry Group, Inc. (A Shares)
 
37,500
798,305
Changjiang Securities Co. Ltd. (A Shares)
 
441,300
343,295
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares)
 
26,200
523,925
Chaozhou Three-Circle Group Co. (A Shares)
 
177,300
748,814
Chengxin Lithium Group Co. Ltd. (A Shares)
 
81,500
261,798
Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a)
 
156,200
314,470
China Baoan Group Co. Ltd. (A Shares)
 
225,800
319,029
China Cinda Asset Management Co. Ltd. (H Shares)
 
14,061,000
1,367,334
China CITIC Bank Corp. Ltd.:
 
 
 
 (A Shares)
 
341,500
251,183
 (H Shares)
 
13,112,293
5,849,502
China Coal Energy Co. Ltd. (H Shares)
 
3,121,000
2,451,442
China Communications Services Corp. Ltd. (H Shares)
 
3,686,000
1,507,671
China Conch Venture Holdings Ltd.
 
2,194,000
1,817,013
China Construction Bank Corp.:
 
 
 
 (A Shares)
 
4,294,800
3,680,540
 (H Shares)
 
146,510,649
82,860,284
China CSSC Holdings Ltd. (A Shares)
 
414,000
1,465,082
China Eastern Airlines Corp. Ltd. (A Shares) (a)
 
1,486,100
885,789
China Energy Engineering Corp. Ltd. (A Shares)
 
2,723,900
811,966
China Everbright Bank Co. Ltd.:
 
 
 
 (A Shares)
 
4,728,400
1,919,464
 (H Shares)
 
4,326,000
1,233,977
China Everbright International Ltd.
 
5,881,629
2,007,850
China Feihe Ltd. (c)
 
6,028,000
3,745,631
China Film Co. Ltd. (A Shares) (a)
 
166,500
272,077
China Galaxy Securities Co. Ltd.:
 
 
 
 (A Shares)
 
32,200
53,403
 (H Shares)
 
6,768,500
3,464,175
China Gas Holdings Ltd.
 
4,284,800
3,852,065
China Great Wall Securities Co. Ltd. (A Shares)
 
318,100
363,464
China Greatwall Technology Group Co. Ltd. (A Shares)
 
293,400
440,987
China Hongqiao Group Ltd.
 
3,771,500
3,530,932
China Huishan Dairy Holdings Co. Ltd. (a)(d)
 
958,000
1
China International Capital Corp. Ltd.
 
195,900
987,054
China International Capital Corp. Ltd. (H Shares) (c)
 
2,315,200
3,687,549
China Jinmao Holdings Group Ltd.
 
9,446,127
1,158,632
China Jushi Co. Ltd. (A Shares)
 
360,740
571,038
China Life Insurance Co. Ltd.:
 
 
 
 (A Shares)
 
359,300
1,650,452
 (H Shares)
 
11,513,000
15,593,194
China Literature Ltd. (a)(c)
 
628,800
2,117,473
China Longyuan Power Grid Corp. Ltd. (H Shares)
 
5,219,000
4,418,030
China Medical System Holdings Ltd.
 
2,157,000
3,449,256
China Meheco Co. Ltd. (A Shares)
 
128,420
209,892
China Meidong Auto Holding Ltd. (b)
 
1,066,000
571,687
China Mengniu Dairy Co. Ltd.
 
5,088,000
16,613,017
China Merchants Bank Co. Ltd.:
 
 
 
 (A Shares)
 
1,090,000
4,586,800
 (H Shares)
 
7,213,191
27,361,759
China Merchants Energy Shipping Co. Ltd. (A Shares)
 
712,100
626,149
China Merchants Holdings International Co. Ltd.
 
2,361,836
3,006,463
China Merchants Securities Co. Ltd. (A Shares)
 
636,600
1,230,891
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
711,900
1,074,040
China Minmetals Rare Earth Co. Ltd. (A Shares)
 
90,600
371,556
China Minsheng Banking Corp. Ltd.:
 
 
 
 (A Shares)
 
2,506,500
1,274,697
 (H Shares)
 
11,487,332
3,819,088
China National Building Materials Co. Ltd. (H Shares)
 
6,136,000
2,920,711
China National Chemical Engineering Co. Ltd. (A Shares)
 
525,500
503,055
China National Medicines Corp. Ltd. (A Shares)
 
70,900
279,046
China National Nuclear Power Co. Ltd. (A Shares)
 
1,706,400
1,731,259
China National Software & Service Co. Ltd. (A Shares)
 
77,090
362,468
China Northern Rare Earth Group High-Tech Co. Ltd.
 
335,200
957,943
China Oilfield Services Ltd. (H Shares)
 
2,776,000
3,282,120
China Overseas Land and Investment Ltd.
 
6,185,000
11,671,773
China Overseas Property Holdings Ltd.
 
2,055,000
1,784,730
China Pacific Insurance (Group) Co. Ltd.
 
392,900
1,489,903
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
4,793,400
11,807,918
China Petroleum & Chemical Corp.:
 
 
 
 (A Shares)
 
3,523,200
2,631,068
 (H Shares)
 
38,381,800
19,629,904
China Power International Development Ltd.
 
8,331,699
3,237,995
China Railway Group Ltd.:
 
 
 
 (A Shares)
 
2,481,900
2,052,789
 (H Shares)
 
5,467,000
2,580,229
China Railway Signal & Communications Corp. (A Shares)
 
659,588
423,518
China Resource Gas Group Ltd.
 
1,450,600
4,288,157
China Resources Beer Holdings Co. Ltd.
 
2,622,989
13,879,985
China Resources Cement Holdings Ltd.
 
3,730,000
959,090
China Resources Land Ltd.
 
5,136,465
19,226,345
China Resources Microelectronics Ltd. (A Shares)
 
122,447
890,539
China Resources Mixc Lifestyle Services Ltd. (c)
 
1,063,000
4,147,208
China Resources Pharmaceutical Group Ltd. (c)
 
2,423,000
1,505,159
China Resources Power Holdings Co. Ltd.
 
3,043,780
5,898,516
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares)
 
91,100
536,991
China Ruyi Holdings Ltd. (a)(b)
 
8,920,000
2,054,068
China Shenhua Energy Co. Ltd.:
 
 
 
 (A Shares)
 
277,000
1,147,337
 (H Shares)
 
5,836,000
17,887,178
China Southern Airlines Ltd.:
 
 
 
 (A Shares) (a)
 
1,742,200
1,471,039
 (H Shares) (a)
 
1,968,000
931,235
China State Construction Engineering Corp. Ltd. (A Shares)
 
3,805,240
2,693,667
China State Construction International Holdings Ltd.
 
3,181,750
3,408,100
China Taiping Insurance Group Ltd.
 
2,236,065
2,065,624
China Three Gorges Renewables Group Co. Ltd. (A Shares)
 
2,556,300
1,677,814
China Tourism Group Duty Free Corp. Ltd.:
 
 
 
 (A Shares)
 
269,900
3,491,560
 (H Shares) (c)
 
36,000
406,556
China Tower Corp. Ltd. (H Shares) (c)
 
68,928,000
6,427,596
China Traditional Chinese Medicine Holdings Co. Ltd.
 
4,638,000
2,285,357
China United Network Communications Ltd. (A Shares)
 
2,935,500
1,789,389
China Vanke Co. Ltd.:
 
 
 
 (A Shares)
 
699,700
1,082,512
 (H Shares)
 
3,846,300
3,598,431
China XD Electric Co. Ltd. (A Shares)
 
443,800
280,497
China Yangtze Power Co. Ltd. (A Shares)
 
2,262,200
6,980,196
China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares)
 
48,900
447,451
China Zheshang Bank Co. Ltd.
 
2,006,420
699,754
ChinaSoft International Ltd.
 
4,226,000
3,066,039
Chongqing Brewery Co. Ltd. (A Shares)
 
45,300
486,141
Chongqing Changan Automobile Co. Ltd. (A Shares)
 
751,464
1,555,462
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares)
 
95,210
201,096
Chongqing Rural Commercial Bank Co. Ltd.:
 
 
 
 (A Shares)
 
300,900
174,842
 (H Shares)
 
900,000
340,723
Chongqing Taiji Industry Group Co. Ltd. (A Shares) (a)
 
50,800
291,507
Chongqing Zhifei Biological Products Co. Ltd. (A Shares)
 
224,500
1,924,555
Chow Tai Fook Jewellery Group Ltd.
 
3,083,000
4,353,580
CITIC Pacific Ltd.
 
9,028,000
7,673,247
CITIC Securities Co. Ltd.:
 
 
 
 (A Shares)
 
459,005
1,362,784
 (H Shares)
 
4,077,775
7,934,769
Cmoc Group Ltd.:
 
 
 
 (A Shares)
 
384,300
291,445
 (H Shares)
 
7,665,000
4,571,492
CNGR Advanced Material Co. Ltd.
 
62,300
463,525
CNNC Hua Yuan Titanium Dioxide Co. Ltd. (A Shares)
 
352,875
229,806
CNPC Capital Co. Ltd. (A Shares)
 
577,000
468,152
Contemporary Amperex Technology Co. Ltd.
 
429,560
10,909,688
COSCO Shipping Development Co. Ltd. (A Shares)
 
962,000
302,435
COSCO Shipping Energy Transportation Co. Ltd.:
 
 
 
 (A Shares)
 
1,552,366
3,059,745
 (H Shares)
 
218,000
231,196
COSCO SHIPPING Holdings Co. Ltd.:
 
 
 
 (A Shares) (a)
 
706,470
944,192
 (H Shares)
 
5,756,600
5,854,677
Cosco Shipping Ports Ltd.
 
2,398,345
1,446,903
Country Garden Holdings Co. Ltd. (a)(b)
 
19,233,866
1,719,945
Country Garden Services Holdings Co. Ltd. (b)
 
3,408,000
2,976,913
CRRC Corp. Ltd.:
 
 
 
 (A Shares)
 
5,254,900
3,838,791
 (H Shares)
 
2,615,000
1,089,472
CSC Financial Co. Ltd. (A Shares)
 
392,500
1,298,265
CSPC Pharmaceutical Group Ltd.
 
13,932,800
12,169,880
Dajin Heavy Industry Co. Ltd.
 
57,700
218,602
Daqin Railway Co. Ltd. (A Shares)
 
1,331,400
1,312,515
Daqo New Energy Corp. ADR (a)
 
92,340
2,350,976
DaShenLin Pharmaceutical Group Co. Ltd.
 
99,956
325,424
Datang International Power Generation Co. Ltd. (A Shares)
 
873,300
309,229
DHC Software Co. Ltd. (A Shares)
 
354,900
305,882
Do-Fluoride New Materials Co. Ltd. (A Shares)
 
98,000
214,395
Dong-E-E-Jiao Co. Ltd. (A Shares)
 
58,900
373,730
Dongfang Electric Corp. Ltd. (A Shares)
 
250,724
510,886
Dongfeng Motor Group Co. Ltd. (H Shares)
 
4,468,000
1,966,923
Dongxing Securities Co. Ltd. (A Shares)
 
241,600
264,265
Dongyue Group Co. Ltd.
 
2,556,000
2,035,981
East Buy Holding Ltd. (a)(b)(c)
 
630,500
2,572,127
East Money Information Co. Ltd. (A Shares)
 
1,472,720
3,073,569
Eastroc Beverage Group Co. Ltd.
 
24,700
648,645
Ecovacs Robotics Co. Ltd. Class A
 
52,100
307,624
ENN Energy Holdings Ltd.
 
1,229,800
9,315,916
ENN Natural Gas Co. Ltd. (A Shares)
 
235,000
554,719
Eoptolink Technology, Inc. Ltd. (A Shares)
 
65,600
282,970
ESR Group Ltd. (c)
 
3,396,591
4,364,265
Eve Energy Co. Ltd. (A shares)
 
189,729
1,203,664
Everbright Securities Co. Ltd. (A Shares)
 
347,100
781,454
Everdisplay Optronics Shanghai Co. Ltd. (A Shares) (a)
 
1,063,280
380,892
Fangda Carbon New Material Co. Ltd. (A Shares) (a)
 
306,487
247,248
Far East Horizon Ltd.
 
2,075,000
1,460,046
Farasis Energy Gan Zhou Co. Ltd. (A Shares) (a)
 
109,850
264,626
FAW Jiefang Group Co. Ltd. (A Shares) (a)
 
265,700
334,867
First Capital Securities Co. Ltd. (A Shares)
 
329,900
263,872
Flat Glass Group Co. Ltd. (b)
 
248,000
445,378
Flat Glass Group Co. Ltd. (A Shares) (a)
 
466,500
1,647,716
Focus Media Information Technology Co. Ltd. (A Shares)
 
1,322,940
1,250,807
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares)
 
427,603
2,201,146
Fosun International Ltd.
 
3,878,000
2,323,467
Founder Securities Co. Ltd. (A Shares)
 
773,000
801,316
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
924,794
1,863,712
Fujian Sunner Development Co. Ltd. A Shares
 
106,800
262,732
Fuyao Glass Industries Group Co. Ltd.:
 
 
 
 (A Shares)
 
124,600
634,122
 (H Shares) (c)
 
1,062,800
4,845,403
G-bits Network Technology Xiamen Co. Ltd. (A Shares)
 
7,000
254,725
GalaxyCore, Inc. (A Shares)
 
156,406
393,844
Ganfeng Lithium Group Co. Ltd.:
 
 
 
 (A Shares)
 
275,160
1,667,460
 (H Shares) (c)
 
483,920
1,738,132
GCL Technology Holdings Ltd.
 
31,383,000
4,621,703
GD Power Development Co. Ltd. (A Shares)
 
1,798,400
894,804
GDS Holdings Ltd. Class A (a)
 
1,470,620
1,873,485
Geely Automobile Holdings Ltd.
 
9,378,000
10,647,078
GEM Co. Ltd. (A Shares)
 
462,500
370,673
Gemdale Corp. (A Shares)
 
395,000
278,811
Genscript Biotech Corp. (a)
 
1,814,000
5,273,601
GF Securities Co. Ltd.:
 
 
 
 (A Shares)
 
93,000
188,698
 (H Shares)
 
2,263,400
2,946,861
Giant Network Group Co. Ltd. (A Shares)
 
181,500
293,118
Gigadevice Semiconductor Beijing, Inc. (A Shares)
 
61,584
902,156
Ginlong Technologies Co. Ltd. (A Shares)
 
36,450
334,474
GoerTek, Inc. (A Shares)
 
318,300
785,981
Goldwind Science & Technology Co. Ltd.:
 
 
 
 (A Shares)
 
98,100
117,980
 (H Shares)
 
1,521,964
726,166
Gongniu Group Co. Ltd. (A Shares)
 
40,735
588,823
GoodWe Technologies Co. Ltd. (A Shares)
 
15,908
254,139
Gotion High-tech Co. Ltd. (A Shares) (a)
 
161,100
501,643
Great Wall Motor Co. Ltd.:
 
 
 
 (A Shares)
 
160,400
644,555
 (H Shares)
 
3,799,500
5,311,295
Gree Electric Appliances, Inc. of Zhuhai (A Shares)
 
252,600
1,171,835
Greenland Holdings Corp. Ltd. (A Shares) (a)
 
1,105,900
385,483
Greentown China Holdings Ltd.
 
1,558,500
1,511,965
GRG Banking Equipment Co. Ltd. (A Shares)
 
216,000
344,758
Guangdong Haid Group Co. Ltd. (A Shares)
 
151,300
931,560
Guangdong HEC Technology Holding Co. Ltd. (A Shares) (a)
 
278,700
271,162
Guangdong Investment Ltd.
 
4,610,000
3,145,781
Guanghui Energy Co. Ltd. (A Shares)
 
564,800
579,942
Guangzhou Automobile Group Co. Ltd.
 
400,600
549,119
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
5,097,526
2,388,181
Guangzhou Baiyun International Airport Co. Ltd. (A Shares) (a)
 
216,200
313,045
Guangzhou Baiyunshan Pharma Health (A Shares)
 
128,200
522,414
Guangzhou Great Power Energy & Technology Co. Ltd. (A Shares)
 
41,700
175,841
Guangzhou Haige Communications Group (A Shares)
 
195,700
310,838
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
42,400
358,898
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares)
 
65,000
373,444
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares)
 
178,940
680,944
Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares)
 
383,716
344,322
Guolian Securities Co. Ltd. (a)
 
235,800
346,766
Guosen Securities Co. Ltd. (A Shares)
 
582,400
765,156
Guotai Junan Securities Co. Ltd. (A Shares)
 
675,400
1,364,404
Guoyuan Securities Co. Ltd. (A Shares)
 
410,900
388,943
H World Group Ltd. ADR (a)
 
331,533
12,485,533
Haidilao International Holding Ltd. (c)
 
2,594,000
6,494,873
Haier Smart Home Co. Ltd.
 
3,977,400
11,344,854
Haier Smart Home Co. Ltd. (A Shares)
 
534,800
1,625,254
Hainan Airlines Co. Ltd. (A Shares) (a)
 
3,934,900
785,560
Hainan Airport Infrastructure Co. Ltd. (A Shares) (a)
 
1,031,900
537,622
Haitian International Holdings Ltd.
 
984,000
2,347,415
Haitong Securities Co. Ltd.:
 
 
 
 (A Shares)
 
143,300
191,431
 (H Shares)
 
5,935,600
3,408,140
Hanergy Mobile Energy Holding (a)(d)
 
1,902,000
2
Hangzhou Binjiang Real Estate Group Co. Ltd. (A Shares)
 
281,000
321,681
Hangzhou Chang Chuan Technology Co. Ltd.
 
56,600
316,132
Hangzhou First Applied Material Co. Ltd. (A Shares)
 
173,500
606,327
Hangzhou GreatStar Industrial Co. Ltd. (A Shares) (a)
 
106,700
289,141
Hangzhou Lion Electronics Co. Ltd. (A Shares)
 
62,500
274,996
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares)
 
90,700
409,425
Hangzhou Robam Appliances Co. Ltd. (A Shares)
 
82,800
261,280
Hangzhou Silan Microelectronics Co. Ltd. (A Shares)
 
130,600
433,729
Hangzhou Tigermed Consulting Co. Ltd. (A Shares)
 
60,807
554,880
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
1,840,000
3,461,948
Haohua Chemical Science & Technology Co. Ltd. (A Shares)
 
70,800
297,652
Hebei Hengshui Laobaigan Liquor Co. Ltd.
 
86,800
282,348
Hebei Yangyuan Zhihui Beverage Co. Ltd. (A Shares)
 
115,500
393,060
Heilongjiang Agriculture Co. Ltd. (A Shares)
 
147,900
257,590
Henan Shenhuo Coal & Power Co. Ltd. (A Shares)
 
201,800
453,718
Henan Shuanghui Investment & Development Co. Ltd. (A Shares)
 
305,800
1,094,751
Hengan International Group Co. Ltd.
 
1,022,500
3,424,657
Hengdian Group DMEGC Magnetics Co. Ltd. (A Shares)
 
152,300
303,303
Hengli Petrochemical Co. Ltd. (A Shares) (a)
 
651,260
1,304,929
Hengtong Optic-electric Co. Ltd. (A Shares)
 
243,200
438,587
Hengyi Petrochemical Co. Ltd. (A Shares) (a)
 
327,310
321,831
Hesteel Co. Ltd. (A Shares)
 
847,900
259,651
Hisense Electric Co. Ltd.
 
114,900
365,734
Hithink RoyalFlush Information Network Co. Ltd. (A Shares)
 
49,900
958,572
Hongfa Technology Co. Ltd. (A Shares)
 
76,420
303,307
Hoshine Silicon Industry Co. Ltd. (A Shares)
 
72,800
569,755
Hoymiles Power Electronics, Inc. (A Shares)
 
7,799
238,885
Hoyuan Green Energy Co. Ltd. (A Shares)
 
51,917
265,172
Hua Hong Semiconductor Ltd. (a)(c)
 
929,000
2,287,276
Huadian Power International Corp. Ltd. (A Shares)
 
776,600
520,910
Huadong Medicine Co. Ltd. (A Shares)
 
161,960
951,705
Huafon Chemical Co. Ltd. (A Shares)
 
442,200
438,575
Huagong Tech Co. Ltd. (A Shares)
 
91,500
353,664
Huaibei Mining Holdings Co. Ltd. (A Shares)
 
207,400
415,807
Hualan Biological Engineer, Inc. (A Shares)
 
169,250
543,142
Huaneng Power International, Inc.:
 
 
 
 (A Shares) (a)
 
1,188,400
1,236,499
 (H Shares) (a)
 
5,870,000
2,746,880
Huatai Securities Co. Ltd.:
 
 
 
 (A Shares)
 
319,600
700,574
 (H Shares) (c)
 
2,688,800
3,520,184
HUAXI Securities Co. Ltd.
 
261,200
283,074
Huaxia Bank Co. Ltd. (A Shares)
 
1,423,964
1,090,357
Huayu Automotive Systems Co. Ltd. (A Shares)
 
273,200
655,347
Hubei Feilihua Quartz Glass Co. Ltd. (A Shares)
 
48,800
264,272
Hubei Jumpcan Pharmaceutical Co. Ltd. (A Shares)
 
83,400
309,042
Hubei Xingfa Chemicals Group Co. Ltd. (A Shares)
 
97,700
262,506
Huizhou Desay SV Automotive Co. Ltd.
 
51,500
884,243
Humanwell Healthcare Group Co. Ltd. (A Shares)
 
148,700
475,501
Hunan Changyuan Lico Co. Ltd. (A Shares)
 
177,813
207,316
Hunan Valin Steel Co. Ltd. (A Shares)
 
600,200
478,283
Hundsun Technologies, Inc. (A Shares)
 
176,268
750,761
Hygeia Healthcare Holdings Co. (c)
 
539,000
3,254,519
iFlytek Co. Ltd. (A Shares)
 
214,000
1,335,131
IMEIK Technology Development Co. Ltd. (A Shares)
 
20,300
915,414
Industrial & Commercial Bank of China Ltd.:
 
 
 
 (A Shares)
 
11,396,400
7,370,916
 (H Shares)
 
94,948,008
45,503,336
Industrial Bank Co. Ltd. (A Shares)
 
2,717,000
5,603,411
Industrial Securities Co. Ltd. (A Shares)
 
838,270
715,370
Ingenic Semiconductor Co. Ltd. (A Shares)
 
44,600
450,509
Inner Mongoli Yili Industries Co. Ltd. (A Shares)
 
579,300
2,172,160
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a)
 
4,104,600
909,566
Inner Mongolia Dian Tou Energy Corp. Ltd.
 
172,700
321,334
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares)
 
731,800
400,269
Inner Mongolia Yitai Coal Co. Ltd. (B Shares) (a)
 
1,888,130
2,591,402
Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares)
 
323,600
301,064
Innovent Biologics, Inc. (a)(c)
 
1,797,000
10,590,015
Inspur Electronic Information Industry Co. Ltd. (A Shares)
 
136,034
551,359
iQIYI, Inc. ADR (a)
 
687,015
3,201,490
iRay Technology Co. Ltd. (A Shares)
 
9,693
298,694
iSoftStone Information Technology Group Co. Ltd. (A Shares)
 
85,950
420,374
JA Solar Technology Co. Ltd. (A Shares)
 
307,936
943,531
Jason Furniture Hangzhou Co. Ltd. (A Shares)
 
73,430
371,783
JCET Group Co. Ltd. (A Shares)
 
164,000
692,261
JD Health International, Inc. (a)(c)
 
1,727,450
7,846,561
JD Logistics, Inc. (a)(c)
 
3,089,800
3,658,621
JD.com, Inc. Class A
 
3,722,249
47,321,556
Jiangsu Eastern Shenghong Co. Ltd.
 
613,400
892,509
Jiangsu Expressway Co. Ltd. (H Shares)
 
1,866,000
1,696,460
Jiangsu Hengli Hydraulic Co. Ltd.
 
122,832
945,519
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)
 
593,366
3,886,209
Jiangsu King's Luck Brewery JSC Ltd. (A Shares)
 
116,000
927,660
Jiangsu Nhwa Pharmaceutical Co. Ltd. (A Shares)
 
92,200
331,421
Jiangsu Pacific Quartz Co. Ltd. (A Shares)
 
33,500
421,235
Jiangsu Phoenix Publishing & Media Corp. Ltd.
 
230,800
303,210
Jiangsu Yanghe Brewery JSC Ltd. (A Shares)
 
140,000
2,334,978
Jiangsu Yangnong Chemical Co. Ltd. (A Shares)
 
37,350
344,895
Jiangsu Yoke Technology Co. Ltd. (A Shares)
 
43,700
345,110
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares)
 
93,900
431,888
Jiangsu Zhongtian Technology Co. Ltd. (A Shares)
 
313,200
599,968
Jiangxi Copper Co. Ltd.:
 
 
 
 (A Shares)
 
16,300
40,862
 (H Shares)
 
2,153,000
3,044,248
Jiangxi Special Electric Motor Co. Ltd. (A Shares) (a)
 
151,500
248,074
Jinduicheng Molybdenum Co. Ltd. (A Shares)
 
290,200
398,430
Jinko Solar Co. Ltd. (A Shares)
 
620,853
805,623
JiuGui Liquor Co. Ltd. (A Shares)
 
30,400
317,641
Jiumaojiu International Holdings Ltd. (c)
 
1,519,000
1,652,852
Jizhong Energy Resources Co. Ltd. (A Shares)
 
312,500
274,353
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares)
 
168,000
272,311
Jointown Pharmaceutical Group (A Shares)
 
348,104
338,821
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares) (a)
 
69,300
318,377
JOYY, Inc. ADR
 
71,588
2,786,205
Juewei Food Co. Ltd.
 
57,400
277,203
Juneyao Airlines Co. Ltd. (A shares) (a)
 
193,500
385,890
Kangmei Pharmaceutical Co. Ltd. rights (a)(d)
 
10,730
0
Kanzhun Ltd. ADR (a)
 
340,034
5,032,503
KE Holdings, Inc. ADR
 
1,047,735
15,412,182
Keda Industrial Group Co. Ltd.
 
162,400
241,909
Kingboard Chemical Holdings Ltd.
 
1,019,000
2,481,547
Kingdee International Software Group Co. Ltd. (a)
 
4,314,000
5,724,111
Kingnet Network Co. Ltd. (A Shares)
 
195,900
289,072
Kingsoft Corp. Ltd.
 
1,480,400
5,165,825
Kuaishou Technology Class B (a)(c)
 
3,692,000
23,775,915
Kuang-Chi Technologies Co. Ltd. (A Shares)
 
200,400
383,375
Kunlun Energy Co. Ltd.
 
6,152,000
5,125,255
Kunlun Tech Co. Ltd. (A Shares) (a)
 
110,100
473,895
Kweichow Moutai Co. Ltd. (A Shares)
 
122,700
28,264,464
Lb Group Co. Ltd. (A Shares)
 
214,100
545,012
Lenovo Group Ltd.
 
11,628,000
13,531,877
Lens Technology Co. Ltd. (A Shares)
 
455,500
813,897
Lepu Medical Technology Beijing Co. Ltd. (A Shares)
 
174,300
410,544
Li Auto, Inc. Class A (a)
 
1,780,018
30,106,564
Li Ning Co. Ltd.
 
3,792,500
11,621,752
Liaoning Port Co. Ltd. (A Shares)
 
1,825,800
376,808
Lingyi iTech Guangdong Co. (A Shares)
 
643,200
534,755
Livzon Pharmaceutical Group, Inc. (A Shares)
 
54,900
262,820
Longfor Properties Co. Ltd. (c)
 
3,034,283
4,417,191
LONGi Green Energy Technology Co. Ltd.
 
705,966
2,330,669
Lufax Holding Ltd. ADR
 
1,073,530
1,025,006
Luxi Chemical Group Co. Ltd.
 
167,000
259,268
Luxshare Precision Industry Co. Ltd. (A Shares)
 
665,082
2,986,950
Luzhou Laojiao Co. Ltd. (A Shares)
 
137,300
4,022,276
Mango Excellent Media Co. Ltd. (A Shares)
 
171,894
594,272
Maxscend Microelectronics Co. Ltd. (A Shares)
 
49,716
1,025,908
Meihua Holdings Group Co. Ltd. (A Shares)
 
238,200
309,429
Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a)
 
348,864
294,161
Meituan Class B (a)(c)
 
8,025,300
113,758,741
Metallurgical Corp. China Ltd. (A Shares)
 
1,525,600
690,460
Microport Scientific Corp. (a)
 
1,307,900
2,060,951
Ming Yang Smart Energy Group Ltd. (A Shares)
 
205,000
391,961
MINISO Group Holding Ltd. ADR
 
146,483
3,707,485
Minth Group Ltd.
 
1,166,000
2,602,778
Montage Technology Co. Ltd. (A Shares)
 
105,349
794,343
Muyuan Foodstuff Co. Ltd. (A Shares)
 
505,570
2,607,706
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd.
 
161,458
279,281
Nanjing Securities Co. Ltd. (A Shares)
 
374,100
411,401
NARI Technology Co. Ltd. (A Shares)
 
739,640
2,284,157
National Silicon Industry Group Co. Ltd. (A Shares) (a)
 
254,582
631,861
NAURA Technology Group Co. Ltd.
 
49,400
1,732,889
NavInfo Co. Ltd. (A Shares) (a)
 
201,200
275,253
NetEase, Inc.
 
3,062,735
65,547,279
New China Life Insurance Co. Ltd.
 
69,700
318,594
New China Life Insurance Co. Ltd. (H Shares)
 
1,607,700
3,526,748
New Hope Liuhe Co. Ltd. (A Shares) (a)
 
431,900
599,478
New Oriental Education & Technology Group, Inc. (a)
 
2,398,730
15,639,809
Ninestar Corp. (A Shares)
 
128,800
432,135
Ningbo Deye Technology Co. Ltd. (A Shares)
 
39,740
376,052
Ningbo Joyson Electronic Corp. (A shares)
 
122,900
316,973
Ningbo Orient Wires & Cables Co. Ltd. (A Shares)
 
63,000
362,801
Ningbo Ronbay New Energy Technology Co. Ltd. (A Shares)
 
41,708
252,702
Ningbo Shanshan Co. Ltd. (A Shares)
 
202,700
388,110
Ningbo Tuopu Group Co. Ltd. (A Shares)
 
102,200
902,912
Ningxia Baofeng Energy Group Co. Ltd.
 
672,700
1,326,653
NIO, Inc. sponsored ADR (a)(b)
 
2,198,788
16,051,152
Nongfu Spring Co. Ltd. (H Shares) (c)
 
2,756,200
15,698,607
North Industries Group Red Arrow Co. Ltd. (A Shares)
 
125,900
245,527
Offcn Education Technology Co. A Shares (a)
 
563,600
304,483
Offshore Oil Enginering Co. Ltd. (A Shares)
 
358,900
304,982
Oppein Home Group, Inc. (A Shares)
 
46,300
551,052
Orient Securities Co. Ltd. (A Shares)
 
684,072
811,461
Oriental Pearl Group Co. Ltd.
 
294,200
297,023
Ovctek China, Inc. (A Shares)
 
84,029
289,824
Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a)
 
865,600
413,415
PDD Holdings, Inc. ADR (a)
 
945,161
95,858,229
People's Insurance Co. of China Group Ltd.:
 
 
 
 (A Shares)
 
3,335,700
2,435,538
 (H Shares)
 
8,404,000
2,772,980
People.cn Co. Ltd. (A Shares)
 
102,000
452,303
Perfect World Co. Ltd. (A Shares)
 
186,450
306,091
PetroChina Co. Ltd.:
 
 
 
 (A Shares)
 
1,264,500
1,231,994
 (H Shares)
 
34,608,000
22,589,184
Pharmaron Beijing Co. Ltd.:
 
 
 
 (A Shares)
 
25
114
 (H Shares) (c)
 
317,500
757,914
PICC Property & Casualty Co. Ltd. (H Shares)
 
11,028,001
12,593,483
Ping An Bank Co. Ltd. (A Shares)
 
1,716,700
2,455,896
Ping An Healthcare and Technology Co. Ltd. (a)(b)(c)
 
906,800
2,118,221
Ping An Insurance Group Co. of China Ltd.:
 
 
 
 (A Shares)
 
1,516,577
9,425,026
 (H Shares)
 
10,028,500
50,869,332
Piotech, Inc. (A Shares)
 
17,480
604,065
Poly Developments & Holdings (A Shares)
 
1,098,800
1,654,003
Pop Mart International Group Ltd. (c)
 
735,600
2,030,633
Postal Savings Bank of China Co. Ltd.
 
2,545,500
1,590,383
Postal Savings Bank of China Co. Ltd. (H Shares) (c)
 
12,507,000
5,708,561
Power Construction Corp. of China Ltd. (A Shares)
 
1,519,639
1,092,938
Prosus NV (b)
 
2,405,169
67,261,953
Pylon Technologies Co. Ltd. (Series A)
 
16,258
253,188
Qi An Xin Technology Group, Inc. (A Shares) (a)
 
61,242
386,375
Qifu Technology, Inc. ADR
 
175,571
2,596,695
Qinghai Salt Lake Potash Co. Ltd. Class A (a)
 
496,200
1,149,029
Raytron Technology Co. Ltd. (A Shares)
 
42,137
271,401
Risen Energy Co. Ltd. (A Shares)
 
104,100
252,828
Riyue Heavy Industry Co. Ltd. (A Shares)
 
90,600
174,361
Rockchip Electronics Co. Ltd.
 
32,100
286,076
Rongsheng Petrochemical Co. Ltd. (A Shares)
 
941,650
1,466,920
SAIC Motor Corp. Ltd. (A Shares)
 
638,300
1,267,587
Sailun Group Co. Ltd. A Shares
 
275,000
422,344
Sanan Optoelectronics Co. Ltd. (A Shares)
 
464,300
945,163
Sangfor Technologies, Inc. (a)
 
37,400
429,127
Sany Heavy Equipment International Holdings Co. Ltd.
 
1,721,000
2,260,735
Sany Heavy Industry Co. Ltd. (A Shares)
 
767,300
1,517,462
Satellite Chemical Co. Ltd. (A Shares)
 
307,101
682,676
SDIC Capital Co. Ltd.
 
531,500
496,655
SDIC Power Holdings Co. Ltd. (A Shares)
 
671,200
1,119,781
Seazen Holdings Co. Ltd. (A Shares) (a)
 
202,400
328,739
Seres Group Co. Ltd. (A Shares) (a)
 
138,500
1,546,126
SF Holding Co. Ltd. (A Shares)
 
444,300
2,384,322
SG Micro Corp. (A Shares)
 
43,557
534,201
Shaanxi Coal Industry Co. Ltd. (A Shares)
 
865,700
2,134,686
Shan Xi Hua Yang Group New Energy Co. Ltd.
 
307,650
339,311
Shandong Buchang Pharmaceuticals Co. Ltd. (A Shares)
 
100,770
238,944
Shandong Gold Mining Co. Ltd.:
 
 
 
 (A Shares)
 
568,823
1,847,277
 (H Shares) (c)
 
744,250
1,394,299
Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares)
 
71,000
312,188
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares)
 
194,500
855,601
Shandong Linglong Tyre Co. Ltd. (A Shares)
 
129,800
355,335
Shandong Nanshan Aluminum Co. Ltd. (A Shares)
 
1,009,900
428,056
Shandong Sun Paper Industry JSC Ltd. (A Shares)
 
236,300
401,722
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
3,863,200
3,585,791
Shanghai Aiko Solar Energy Co. Ltd. (A Shares)
 
169,280
453,684
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares)
 
95,444
343,613
Shanghai Baosight Software Co. Ltd.
 
1,487,576
3,059,399
Shanghai Baosight Software Co. Ltd. (A Shares)
 
12,362
72,100
Shanghai Construction Group Co. Ltd. (A Shares)
 
1,042,233
374,848
Shanghai Electric Group Co. Ltd. (A Shares) (a)
 
1,118,000
678,804
Shanghai Electric Power Co. Ltd. (A Shares)
 
242,800
290,083
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:
 
 
 
 (A Shares)
 
58,600
227,943
 (H Shares)
 
1,062,500
2,451,669
Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares)
 
13,788
455,611
Shanghai Fudan Microelectronics Group Co. Ltd.:
 
 
 
 (A Shares)
 
45,778
303,167
 (H Shares) (b)
 
123,000
232,498
Shanghai International Airport Co. Ltd. (A Shares) (a)
 
109,172
555,493
Shanghai International Port Group Co. Ltd. (A Shares)
 
743,900
508,543
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares)
 
81,900
367,792
Shanghai Junshi Biosciences Co. Ltd. (A Shares) (a)
 
71,882
450,833
Shanghai Lingang Holdings Corp. Ltd. (A Shares)
 
224,360
329,126
Shanghai M&G Stationery, Inc. (A Shares)
 
81,600
432,404
Shanghai Moons' Electric Co. Ltd. (A Shares)
 
38,400
346,176
Shanghai Pharmaceuticals Holding Co. Ltd.:
 
 
 
 (A Shares)
 
800,800
1,973,458
 (H Shares)
 
369,400
537,403
Shanghai Pudong Development Bank Co. Ltd. (A Shares)
 
4,032,200
3,760,218
Shanghai Putailai New Energy Technology Co. Ltd.
 
186,751
638,959
Shanghai RAAS Blood Products Co. Ltd. (A Shares)
 
658,400
628,862
Shanghai Rural Commercial Bank Co. Ltd. (A Shares)
 
717,200
584,406
Shanghai Yuyuan Tourist Mart Group Co. Ltd.
 
391,800
348,123
Shanxi Coal International Energy Group Co. Ltd. (A Shares)
 
192,600
429,240
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares)
 
255,900
665,869
Shanxi Meijin Energy Co. Ltd. (A Shares) (a)
 
400,100
383,698
Shanxi Securities Co. Ltd. (A Shares)
 
332,800
255,669
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares)
 
507,700
271,444
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares)
 
114,060
3,853,284
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares)
 
512,980
606,856
Shede Spirits Co. Ltd. (A Shares)
 
31,000
488,191
Shenergy Co. Ltd. (A Shares)
 
440,800
354,993
Shenghe Resources Holding Co. Ltd. (A Shares)
 
159,600
233,371
Shengyi Technology Co. Ltd.
 
216,100
519,719
Shennan Circuits Co. Ltd. (A Shares)
 
47,440
451,377
Shenwan Hongyuan Group Co. Ltd. (A Shares)
 
1,996,815
1,198,308
Shenzhen Capchem Technology Co. Ltd. (A Shares)
 
68,620
414,158
Shenzhen Dynanonic Co. Ltd. (A Shares)
 
25,880
278,401
Shenzhen Energy Group Co. Ltd. (A Shares)
 
384,398
324,706
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
131,000
1,083,083
Shenzhen International Holdings Ltd.
 
2,235,236
1,473,297
Shenzhen Kaifa Technology Co. Ltd. (A Shares)
 
143,000
336,444
Shenzhen Kangtai Biological Products Co. Ltd.
 
104,080
431,648
Shenzhen Kedali Industry Co. Ltd.
 
24,500
304,361
Shenzhen Kstar Science & Technology Co. Ltd. (A Shares)
 
53,300
190,153
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
113,400
4,433,195
Shenzhen New Industries Biomedical Engineering Co. Ltd.
 
72,900
685,746
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) (a)
 
657,000
324,753
Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares)
 
100,900
449,257
Shenzhen SC New Energy Technology Corp. (A Shares)
 
32,300
322,459
Shenzhen Sed Industry Co. Ltd. (A Shares)
 
104,300
273,306
Shenzhen Senior Technology Material Co. Ltd. (A Shares)
 
115,940
243,603
Shenzhen Sunlord Electronics Co. Ltd. (A Shares)
 
78,600
313,784
Shenzhen Transsion Holdings Co. Ltd. (A Shares) (a)
 
74,621
1,371,570
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
79,300
284,725
Shenzhou International Group Holdings Ltd.
 
1,328,400
13,048,173
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares)
 
152,160
462,341
Shuangliang Eco-Energy Systems Ltd. (A Shares)
 
178,200
228,119
Sichuan Chuantou Energy Co. Ltd. (A Shares)
 
392,500
789,428
Sichuan Hebang Biotechnology Co. Ltd. (A Shares)
 
901,300
293,396
Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares)
 
134,600
505,674
Sichuan New Energy Power Co. Ltd. (A Shares) (a)
 
122,300
195,966
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares)
 
598,500
630,883
Sichuan Swellfun Co. Ltd. (A Shares)
 
45,200
377,814
Sichuan Yahua Industrial Group Co. Ltd. (A Shares)
 
100,400
193,411
Sieyuan Electric Co. Ltd. (A Shares)
 
73,300
494,129
Silergy Corp.
 
506,000
4,519,064
Sinolink Securities Co. Ltd. (A Shares)
 
377,000
471,214
Sinoma International Engineering Co. Ltd. (A Shares)
 
244,200
329,360
Sinoma Science & Technology Co. Ltd. (A Shares)
 
152,900
361,539
Sinomine Resource Group Co. Ltd. (A Shares)
 
66,328
339,160
Sinopec Shanghai Petrochemical Co. Ltd. (A Shares) (a)
 
552,400
225,995
Sinopharm Group Co. Ltd. (H Shares)
 
2,080,400
4,974,826
Sinotruk Hong Kong Ltd.
 
1,061,500
1,999,339
SITC International Holdings Co. Ltd.
 
2,095,000
3,227,150
SKSHU Paint Co. Ltd. (A Shares)
 
48,612
395,779
Smoore International Holdings Ltd. (b)(c)
 
2,849,000
2,195,605
Songcheng Performance Development Co. Ltd. (A Shares)
 
225,152
338,176
Soochow Securities Co. Ltd. (A Shares)
 
433,225
475,114
Southwest Securities Co. Ltd. (A Shares)
 
582,900
326,778
Spring Airlines Co. Ltd. (A Shares) (a)
 
89,700
671,586
StarPower Semiconductor Ltd. (A Shares)
 
16,000
376,716
Sungrow Power Supply Co. Ltd. (A Shares)
 
138,000
1,590,613
Sunny Optical Technology Group Co. Ltd.
 
1,108,200
9,284,426
Sunresin New Materials Co. Ltd. (A Shares)
 
47,200
350,835
Sunwoda Electronic Co. Ltd. (A Shares)
 
162,600
358,200
SUPCON Technology Co. Ltd. (A Shares)
 
67,238
401,284
Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares)
 
156,500
400,873
Suzhou Maxwell Technologies Co. Ltd. (A Shares)
 
25,868
427,212
Suzhou TFC Optical Communication Co. Ltd. (A Shares)
 
36,500
356,966
TAL Education Group ADR (a)
 
687,874
6,032,655
Tangshan Jidong Cement Co. Ltd. A Shares
 
264,300
258,456
TBEA Co. Ltd. (A Shares)
 
443,750
849,414
TCL Technology Group Corp. (A Shares)
 
1,682,520
904,900
TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares)
 
375,200
947,451
Tencent Holdings Ltd.
 
10,589,600
391,907,924
Tencent Music Entertainment Group ADR (a)
 
1,166,005
8,465,196
Thunder Software Technology Co. Ltd. (A Shares)
 
42,600
409,405
Tianjin 712 Communication & Broadcasting Co. Ltd.
 
70,300
255,808
Tianma Microelectronics Co. Ltd. (A Shares) (a)
 
218,000
292,131
Tianqi Lithium Corp. (A Shares)
 
135,500
1,019,728
Tianshan Aluminum Group Co. Ltd.
 
419,900
371,983
Tianshui Huatian Technology Co. Ltd. (A Shares)
 
288,900
352,909
Tingyi (Cayman Islands) Holding Corp.
 
3,120,000
4,141,214
Titan Wind Energy Suzhou Co. Ltd. (A Shares) (a)
 
159,500
290,964
Tongcheng Travel Holdings Ltd. (a)
 
1,952,800
3,730,729
TongFu Microelectronics Co. Ltd. (A Shares)
 
138,900
390,062
Tongkun Group Co. Ltd. (A Shares) (a)
 
229,300
453,028
Tongling Nonferrous Metals Group Co. Ltd. (A Shares)
 
920,100
390,888
Tongwei Co. Ltd. (A Shares)
 
417,200
1,558,703
Topchoice Medical Corp. (a)
 
29,700
363,994
Topsports International Holdings Ltd. (c)
 
2,865,000
2,409,299
TravelSky Technology Ltd. (H Shares)
 
1,459,000
2,304,831
Trina Solar Co. Ltd. (A Shares)
 
202,669
827,730
Trip.com Group Ltd. (a)
 
872,843
29,747,907
Tsingtao Brewery Co. Ltd.:
 
 
 
 (A Shares)
 
57,300
654,921
 (H Shares)
 
982,000
7,447,025
Uni-President China Holdings Ltd.
 
2,015,000
1,371,391
Unigroup Guoxin Microelectronics Co. Ltd. (a)
 
79,359
818,359
Unisplendour Corp. Ltd. (A Shares) (a)
 
265,180
711,696
Universal Scientific Industrial Shanghai Co. Ltd. (A Shares)
 
168,200
334,147
Verisilicon Microelectronics Shanghai Co. Ltd. (A Shares) (a)
 
46,295
337,892
Vipshop Holdings Ltd. ADR (a)
 
542,757
7,739,715
Walvax Biotechnology Co. Ltd. (A Shares)
 
150,900
480,483
Wanda Film Holding Co. Ltd. (A Shares) (a)
 
190,200
324,884
Wanhua Chemical Group Co. Ltd. (A Shares)
 
290,700
3,526,981
Want Want China Holdings Ltd.
 
7,347,000
4,565,131
Weibo Corp. sponsored ADR
 
124,777
1,476,112
Weichai Power Co. Ltd.:
 
 
 
 (A Shares)
 
257,700
489,861
 (H Shares)
 
3,513,800
5,259,533
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
77,560
271,693
Wens Foodstuffs Group Co. Ltd. (A Shares)
 
604,020
1,551,594
Western Mining Co. Ltd. (A Shares)
 
210,600
362,133
Western Securities Co. Ltd. (A Shares)
 
499,740
454,977
Western Superconducting Technologies Co. Ltd. (A Shares)
 
60,200
380,648
Will Semiconductor Ltd.
 
109,715
1,655,676
Wilmar International Ltd.
 
2,977,780
7,741,590
Wingtech Technology Co. Ltd. (A Shares) (a)
 
115,700
787,709
Wintime Energy Group Co. Ltd. (A Shares) (a)
 
1,893,800
354,812
Wuchan Zhongda Group Co. Ltd.
 
515,800
322,338
Wuhan Guide Infrared Co. Ltd. (A Shares)
 
405,243
439,079
Wuliangye Yibin Co. Ltd. (A Shares)
 
361,500
7,707,576
WUS Printed Circuit Kunshan Co. Ltd. (A Shares)
 
176,240
472,031
WuXi AppTec Co. Ltd.
 
156,296
1,848,303
WuXi AppTec Co. Ltd. (H Shares) (b)(c)
 
654,774
7,868,122
Wuxi Autowell Technology Co. Ltd. (A Shares)
 
14,482
270,604
Wuxi Biologics (Cayman), Inc. (a)(c)
 
6,067,500
37,726,149
XCMG Construction Machinery Co. Ltd. (A Shares)
 
1,057,300
828,237
Xiamen C&D, Inc. (A Shares)
 
250,800
335,196
Xiamen Faratronic Co. Ltd. (A Shares)
 
21,000
286,619
Xiamen Tungsten Co. Ltd. (A Shares)
 
130,200
301,806
Xiaomi Corp. Class B (a)(c)
 
24,419,000
43,783,854
Xinjiang Daqo New Energy Co. Ltd. (A Shares)
 
164,580
803,883
Xinyi Solar Holdings Ltd.
 
7,605,450
4,475,878
XPeng, Inc. Class A (a)(b)
 
1,645,264
11,955,766
XTEP International Holdings Ltd.
 
2,250,500
2,046,004
Yadea Group Holdings Ltd. (c)
 
1,908,000
3,482,787
Yangzhou Yangjie Electronic Technology Co. Ltd. (A Shares)
 
46,600
242,003
Yankuang Energy Group Co. Ltd.:
 
 
 
 (A Shares)
 
105,000
280,524
 (H Shares)
 
4,007,000
6,959,193
Yantai Jereh Oilfield Services (A Shares)
 
88,800
347,285
Yealink Network Technology Corp. Ltd.
 
117,050
534,114
Yifeng Pharmacy Chain Co. Ltd.
 
89,940
402,976
Yihai International Holding Ltd.
 
801,000
1,457,740
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares)
 
133,500
638,550
Yintai Gold Co. Ltd. (A Shares)
 
258,480
478,313
Yonghui Superstores Co. Ltd. (A Shares) (a)
 
827,900
348,597
YongXing Special Materials Technology Co. Ltd. (A Shares)
 
49,420
338,067
Yonyou Network Technology Co. Ltd. (A Shares)
 
310,420
695,420
Youngor Group Co. Ltd. (A Shares)
 
729,177
673,037
YTO Express Group Co. Ltd. (A Shares)
 
310,700
577,088
Yuan Longping High-tech Agriculture Co. Ltd. (A Shares) (a)
 
99,200
223,605
Yuexiu Property Co. Ltd.
 
2,701,920
2,810,424
Yum China Holdings, Inc.
 
666,347
35,023,198
Yunda Holding Co. Ltd. (A Shares)
 
252,250
314,469
Yunnan Aluminium Co. Ltd. (A Shares)
 
317,100
602,907
Yunnan Baiyao Group Co. Ltd. (A Shares)
 
165,820
1,152,401
Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares)
 
39,700
428,186
Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares)
 
463,900
328,142
Yunnan Energy New Material Co. Ltd.
 
90,800
833,580
Yunnan Tin Co. Ltd. (A Shares)
 
157,100
303,528
Yunnan Yuntianhua Co. Ltd. (Series A)
 
160,100
364,627
Yutong Bus Co. Ltd.
 
192,900
359,719
Zai Lab Ltd. (a)
 
1,453,500
3,709,414
Zangge Mining Co. Ltd. (Series A)
 
143,700
439,865
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares)
 
56,200
1,923,618
Zhaojin Mining Industry Co. Ltd. (H Shares)
 
2,041,000
2,530,327
Zhefu Holding Group Co. Ltd. (A Shares)
 
486,000
245,822
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a)
 
702,900
568,040
Zhejiang China Commodities City Group Co. Ltd. (A Shares)
 
513,400
546,351
Zhejiang Chint Electric Co. Ltd. (A Shares)
 
185,400
585,949
Zhejiang Dahua Technology Co. Ltd. (A Shares) (a)
 
308,600
861,575
Zhejiang Dingli Machinery Co. Ltd. (A Shares)
 
44,240
329,527
Zhejiang Expressway Co. Ltd. (H Shares)
 
1,934,000
1,455,791
Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares)
 
133,880
296,083
Zhejiang Huayou Cobalt Co. Ltd. (A Shares)
 
148,600
748,042
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares)
 
122,000
725,651
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares)
 
84,000
341,433
Zhejiang Juhua Co. Ltd. (A Shares)
 
249,800
517,265
Zhejiang Longsheng Group Co. Ltd. (A Shares)
 
305,900
372,238
Zhejiang NHU Co. Ltd. (A Shares)
 
284,508
629,202
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
165,600
606,208
Zhejiang Supor Cookware Co. Ltd.
 
46,000
315,489
Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares)
 
208,520
511,567
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares)
 
131,100
295,559
Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) (a)
 
1,006,000
632,631
Zheshang Securities Co. Ltd.
 
325,800
448,792
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(c)
 
1,128,400
3,092,514
Zhongji Innolight Co. Ltd. (A Shares)
 
74,500
897,684
Zhongjin Gold Co. Ltd. (A Shares)
 
447,200
664,969
Zhongsheng Group Holdings Ltd. Class H
 
1,294,500
2,989,384
Zhongtai Securities Co. Ltd. (A Shares)
 
607,800
595,057
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares)
 
929,400
2,999,516
Zhuzhou Kibing Group Co. Ltd. (A Shares)
 
216,100
235,787
Zibo Qixiang Tengda Chemical Co. Ltd. (A Shares)
 
277,600
222,090
Zijin Mining Group Co. Ltd.:
 
 
 
 (A Shares) (a)
 
689,400
1,169,496
 (H Shares)
 
10,099,000
15,622,263
Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares)
 
832,200
730,402
ZTE Corp.:
 
 
 
 (A Shares)
 
94,700
338,663
 (H Shares)
 
1,622,936
3,606,582
ZTO Express, Inc. sponsored ADR (b)
 
688,784
16,234,639
TOTAL CHINA
 
 
3,055,413,017
Colombia - 0.0%
 
 
 
Bancolombia SA
 
339,687
2,422,209
Interconexion Electrica SA ESP
 
692,211
2,438,547
TOTAL COLOMBIA
 
 
4,860,756
Czech Republic - 0.0%
 
 
 
CEZ A/S
 
251,088
10,743,843
Komercni Banka A/S
 
118,322
3,465,295
MONETA Money Bank A/S (c)
 
513,426
1,983,518
TOTAL CZECH REPUBLIC
 
 
16,192,656
Denmark - 2.1%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
4,966
8,096,261
 Series B
 
7,486
12,473,405
Carlsberg A/S Series B
 
155,166
18,491,631
Chr. Hansen Holding A/S
 
167,577
11,415,311
Coloplast A/S Series B
 
215,592
22,464,663
Danske Bank A/S
 
1,085,488
25,430,004
Demant A/S (a)
 
156,298
5,953,893
DSV A/S
 
293,316
43,745,303
Genmab A/S (a)
 
104,833
29,634,498
Novo Nordisk A/S Series B
 
5,154,866
497,322,068
Novozymes A/S Series B
 
325,208
14,596,612
ORSTED A/S (c)
 
299,908
14,491,292
Pandora A/S
 
137,597
15,570,431
Rockwool International A/S Series B
 
13,803
3,068,312
Tryg A/S
 
544,529
10,626,180
Vestas Wind Systems A/S (a)
 
1,600,969
34,700,655
TOTAL DENMARK
 
 
768,080,519
Egypt - 0.0%
 
 
 
Commercial International Bank SAE
 
3,908,953
7,628,304
Eastern Co. SAE
 
1,558,349
1,325,290
EFG-Hermes Holding SAE
 
1,995,216
1,077,449
TOTAL EGYPT
 
 
10,031,043
Finland - 0.7%
 
 
 
Elisa Corp. (A Shares)
 
228,446
9,688,086
Fortum Corp. (b)
 
696,436
8,253,268
Kesko Oyj
 
422,015
7,128,916
Kone OYJ (B Shares)
 
538,048
23,279,028
Metso Corp.
 
1,055,172
9,273,462
Neste OYJ
 
668,914
22,443,637
Nokia Corp. (b)
 
8,483,820
28,256,912
Nordea Bank Abp
 
5,067,385
53,250,340
Orion Oyj (B Shares)
 
167,475
6,652,287
Sampo Oyj (A Shares)
 
725,435
28,484,997
Stora Enso Oyj (R Shares)
 
931,869
11,166,570
UPM-Kymmene Corp. (b)
 
849,126
28,544,081
Wartsila Corp.
 
734,201
8,731,885
TOTAL FINLAND
 
 
245,153,469
France - 6.4%
 
 
 
Accor SA
 
294,732
9,377,508
Adevinta ASA Class B (a)
 
448,300
3,934,832
Aeroports de Paris SA (b)
 
45,367
5,078,699
Air Liquide SA
 
779,016
133,486,146
Airbus Group NV
 
937,044
125,635,313
Alstom SA (b)
 
466,834
6,322,083
Amundi SA (c)
 
95,401
4,968,454
Arkema SA
 
97,434
9,111,529
AXA SA
 
2,891,317
85,670,953
bioMerieux SA
 
64,123
6,140,293
BNP Paribas SA
 
1,654,675
95,150,473
Bollore SA
 
1,238,835
6,750,678
Bouygues SA
 
320,966
11,278,585
Bureau Veritas SA
 
471,391
10,718,757
Capgemini SA
 
261,057
46,136,288
Carrefour SA (b)
 
952,383
16,696,666
Compagnie de St.-Gobain
 
745,185
40,563,509
Compagnie Generale des Etablissements Michelin SCA Series B
 
1,068,509
31,743,752
Covivio
 
76,411
3,266,359
Credit Agricole SA
 
1,903,956
22,990,059
Danone SA
 
1,017,873
60,553,727
Dassault Aviation SA
 
34,798
6,903,706
Dassault Systemes SA
 
1,058,934
43,621,060
Edenred SA
 
397,059
21,107,237
Eiffage SA
 
113,760
10,315,662
Engie SA
 
2,878,348
45,779,803
EssilorLuxottica SA
 
465,285
84,009,153
Eurazeo SA
 
66,187
3,722,225
Gecina SA
 
71,477
7,003,321
Getlink SE
 
578,547
9,326,266
Hermes International SCA
 
49,929
92,959,447
Ipsen SA
 
58,172
6,863,025
Kering SA
 
117,551
47,808,189
Klepierre SA
 
354,008
8,577,787
L'Oreal SA (a)
 
23,733
9,975,709
L'Oreal SA
 
356,729
149,944,156
La Francaise des Jeux SAEM (c)
 
161,125
5,186,195
Legrand SA
 
422,107
36,514,950
LVMH Moet Hennessy Louis Vuitton SE
 
435,811
312,010,418
Orange SA
 
2,937,269
34,548,299
Pernod Ricard SA
 
322,955
57,237,880
Publicis Groupe SA
 
363,983
27,621,553
Remy Cointreau SA
 
35,432
4,017,118
Renault SA
 
305,326
10,677,313
Safran SA
 
541,200
84,546,018
Sartorius Stedim Biotech
 
43,943
8,208,884
SEB SA
 
37,994
3,744,765
Societe Generale Series A
 
1,149,303
25,826,871
Sodexo SA
 
131,516
13,899,009
Sodexo SA (a)
 
8,142
860,471
Teleperformance
 
94,052
10,762,701
Thales SA
 
167,652
24,684,178
TotalEnergies SE
 
3,547,324
237,165,151
Unibail-Rodamco-Westfield NV (a)
 
183,790
9,073,886
Valeo SA
 
319,013
4,199,093
Veolia Environnement SA
 
1,074,870
29,451,868
VINCI SA
 
836,137
92,455,346
Vivendi SA
 
1,083,934
9,698,276
Wendel SA
 
39,651
2,962,003
Worldline SA (a)(c)
 
387,616
4,913,435
TOTAL FRANCE
 
 
2,333,757,090
Germany - 4.8%
 
 
 
adidas AG
 
256,262
45,336,417
Allianz SE
 
635,335
148,822,487
BASF AG
 
1,413,919
65,333,175
Bayer AG
 
1,552,844
67,096,159
Bayerische Motoren Werke AG (BMW)
 
506,629
46,975,301
Bechtle AG
 
126,600
5,636,846
Beiersdorf AG
 
158,422
20,794,045
Brenntag SE
 
236,110
17,517,939
Carl Zeiss Meditec AG
 
62,440
5,400,379
Commerzbank AG
 
1,692,760
18,179,760
Continental AG
 
174,952
11,422,438
Covestro AG (a)(c)
 
306,511
15,470,030
Daimler Truck Holding AG
 
779,849
24,441,187
Deutsche Bank AG
 
3,071,152
33,652,712
Deutsche Borse AG
 
300,337
49,434,407
Deutsche Lufthansa AG (a)
 
979,332
6,843,271
Deutsche Telekom AG
 
5,111,969
110,948,464
DHL Group
 
1,565,742
60,900,719
E.ON SE
 
3,542,901
42,060,902
Evonik Industries AG
 
325,223
5,973,896
Fresenius Medical Care AG & Co. KGaA
 
280,263
9,312,065
Fresenius Medical Care AG & Co. KGaA sponsored ADR
 
93,838
1,560,526
Fresenius SE & Co. KGaA
 
671,503
17,222,940
GEA Group AG
 
246,629
8,410,681
Hannover Reuck SE
 
95,194
20,980,970
HeidelbergCement AG
 
230,453
16,698,322
HelloFresh AG (a)
 
245,245
5,335,191
Henkel AG & Co. KGaA
 
161,409
10,201,111
Infineon Technologies AG
 
2,064,617
60,307,918
Knorr-Bremse AG
 
111,548
6,201,240
LEG Immobilien AG (a)
 
114,805
7,147,599
Mercedes-Benz Group AG (Germany)
 
1,268,767
74,646,980
Merck KGaA
 
204,484
30,799,489
MTU Aero Engines AG
 
85,742
16,058,079
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
215,067
86,132,365
Nemetschek SE
 
89,147
6,640,581
Puma AG
 
168,472
9,501,270
Rational AG
 
7,896
4,490,682
Rheinmetall AG
 
69,615
19,917,564
RWE AG
 
1,003,942
38,379,852
SAP SE
 
1,648,841
221,162,888
Scout24 AG (c)
 
116,323
7,141,181
Siemens AG
 
1,200,471
159,301,140
Siemens Energy AG (a)(b)
 
830,339
7,353,729
Siemens Healthineers AG (c)
 
446,007
21,859,335
Symrise AG
 
211,726
21,636,126
Talanx AG
 
98,115
6,171,830
Telefonica Deutschland Holding AG
 
1,398,279
2,372,409
Volkswagen AG
 
44,685
5,165,581
Vonovia SE
 
1,163,557
26,787,510
Wacker Chemie AG
 
28,075
3,431,061
Zalando SE (a)(c)
 
347,354
8,082,101
TOTAL GERMANY
 
 
1,742,650,850
Greece - 0.1%
 
 
 
Alpha Bank SA (a)
 
3,454,672
5,154,098
Eurobank Ergasias Services and Holdings SA (a)
 
4,022,733
6,563,452
Ff Group (a)(d)
 
7,962
0
Hellenic Telecommunications Organization SA
 
302,698
4,237,367
Jumbo SA
 
178,808
4,703,431
Motor Oil (HELLAS) Corinth Refineries SA
 
101,617
2,419,221
Mytilineos SA
 
165,618
6,129,909
National Bank of Greece SA (a)
 
850,510
4,859,593
OPAP SA
 
286,587
4,851,803
Piraeus Financial Holdings SA (a)
 
1,060,871
3,131,796
Public Power Corp. of Greece (a)
 
325,752
3,319,251
TOTAL GREECE
 
 
45,369,921
Hong Kong - 1.4%
 
 
 
AIA Group Ltd.
 
18,264,409
158,604,622
CK Asset Holdings Ltd.
 
3,167,139
15,830,390
CK Infrastructure Holdings Ltd.
 
987,631
4,577,709
CLP Holdings Ltd.
 
2,620,476
19,178,694
Futu Holdings Ltd. ADR (a)
 
86,418
4,791,878
Hang Lung Properties Ltd.
 
2,780,125
3,654,356
Hang Seng Bank Ltd.
 
1,226,453
14,022,143
Henderson Land Development Co. Ltd.
 
2,237,869
5,855,296
HKT Trust/HKT Ltd. unit
 
6,030,479
6,246,280
Hong Kong & China Gas Co. Ltd.
 
17,429,350
12,132,725
Hong Kong Exchanges and Clearing Ltd.
 
1,909,684
66,805,813
Hongkong Land Holdings Ltd.
 
1,718,945
5,452,015
Jardine Matheson Holdings Ltd.
 
255,864
10,367,901
Kingboard Laminates Holdings Ltd.
 
1,439,500
1,349,951
Link (REIT)
 
4,111,609
18,868,761
MTR Corp. Ltd.
 
2,440,120
9,121,622
New World Development Co. Ltd.
 
2,326,491
4,269,855
Nine Dragons Paper (Holdings) Ltd.
 
2,525,000
1,437,431
Orient Overseas International Ltd.
 
207,500
2,616,533
Power Assets Holdings Ltd.
 
2,169,426
10,371,654
Prudential PLC
 
4,355,549
45,543,314
Sino Biopharmaceutical Ltd.
 
16,123,000
6,263,450
Sino Land Ltd.
 
5,710,282
5,700,737
Sun Hung Kai Properties Ltd.
 
2,308,422
23,704,504
Swire Pacific Ltd. (A Shares)
 
668,060
4,267,462
Swire Properties Ltd.
 
1,792,920
3,471,462
Techtronic Industries Co. Ltd.
 
2,182,370
19,924,002
Vinda International Holdings Ltd. (b)
 
566,000
1,398,716
WH Group Ltd. (c)
 
13,029,743
7,781,795
Wharf Real Estate Investment Co. Ltd.
 
2,591,349
9,064,642
Xinyi Glass Holdings Ltd.
 
2,656,313
3,052,158
TOTAL HONG KONG
 
 
505,727,871
Hungary - 0.1%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
690,263
5,492,316
OTP Bank PLC
 
378,491
14,084,124
Richter Gedeon PLC
 
220,610
5,172,695
TOTAL HUNGARY
 
 
24,749,135
India - 4.3%
 
 
 
ABB India Ltd.
 
82,394
4,062,513
Adani Enterprises Ltd.
 
265,348
7,314,662
Adani Green Energy Ltd. (a)
 
492,919
5,444,223
Adani Ports & Special Economic Zone Ltd.
 
821,539
7,747,949
Adani Power Ltd. (a)
 
1,200,146
5,227,937
Ambuja Cements Ltd.
 
915,922
4,671,384
Apollo Hospitals Enterprise Ltd.
 
156,793
9,076,104
Ashok Leyland Ltd.
 
2,281,279
4,598,090
Asian Paints Ltd.
 
611,961
22,037,034
Astral Ltd.
 
186,351
4,141,279
AU Small Finance Bank Ltd. (c)
 
260,653
2,094,331
Aurobindo Pharma Ltd.
 
409,821
4,180,695
Avenue Supermarts Ltd. (a)(c)
 
261,700
11,422,680
Axis Bank Ltd.
 
3,623,506
42,743,989
Bajaj Auto Ltd.
 
104,605
6,670,859
Bajaj Finance Ltd.
 
433,436
39,006,090
Bajaj Finserv Ltd.
 
592,761
11,173,595
Bajaj Holdings & Investment Ltd.
 
41,341
3,438,387
Balkrishna Industries Ltd.
 
120,071
3,681,701
Bandhan Bank Ltd. (c)
 
1,130,014
2,908,894
Bank of Baroda
 
1,607,101
3,788,289
Berger Paints India Ltd.
 
460,117
3,086,330
Bharat Electronics Ltd.
 
5,691,450
9,115,517
Bharat Forge Ltd.
 
398,365
4,877,934
Bharat Petroleum Corp. Ltd.
 
1,173,293
4,917,166
Bharti Airtel Ltd.
 
3,563,541
39,125,373
Britannia Industries Ltd.
 
168,270
8,948,518
Cg Power & Industrial Soluti
 
947,979
4,438,158
Cholamandalam Investment and Finance Co. Ltd.
 
637,788
8,713,250
Cipla Ltd./India (a)
 
817,429
11,779,842
Coal India Ltd.
 
2,370,514
8,945,403
Colgate-Palmolive Ltd.
 
198,514
5,038,626
Container Corp. of India Ltd.
 
424,872
3,512,284
Cummins India Ltd.
 
214,795
4,325,200
Dabur India Ltd.
 
968,683
6,151,848
Divi's Laboratories Ltd.
 
185,196
7,534,594
DLF Ltd.
 
961,881
6,514,228
Dr. Reddy's Laboratories Ltd.
 
168,597
10,878,792
Eicher Motors Ltd.
 
212,430
8,405,061
GAIL India Ltd.
 
3,556,985
5,105,674
Godrej Consumer Products Ltd.
 
637,805
7,597,214
Godrej Properties Ltd. (a)
 
194,577
3,881,595
Grasim Industries Ltd.
 
435,095
9,858,032
Havells India Ltd.
 
394,769
5,908,554
HCL Technologies Ltd.
 
1,517,594
23,270,591
HDFC Asset Management Co. Ltd. (c)
 
132,622
4,354,968
HDFC Bank Ltd.
 
4,409,396
78,219,446
HDFC Standard Life Insurance Co. Ltd. (c)
 
1,557,682
11,568,070
Hero Motocorp Ltd.
 
169,957
6,305,128
Hindalco Industries Ltd.
 
1,914,067
10,562,036
Hindustan Aeronautics Ltd.
 
259,794
5,683,838
Hindustan Petroleum Corp. Ltd. (a)
 
868,663
2,583,587
Hindustan Unilever Ltd.
 
1,309,874
39,079,460
ICICI Bank Ltd.
 
8,189,032
90,067,339
ICICI Lombard General Insurance Co. Ltd. (c)
 
373,781
6,167,207
ICICI Prudential Life Insurance Co. Ltd. (c)
 
558,348
3,522,324
IDFC Bank Ltd. (a)
 
5,460,496
5,424,768
Indian Oil Corp. Ltd.
 
4,365,155
4,700,911
Indian Railway Catering & Tourism Corp. Ltd.
 
375,573
3,001,048
Indraprastha Gas Ltd.
 
499,690
2,294,677
Info Edge India Ltd.
 
110,335
5,413,090
Infosys Ltd.
 
4,921,844
80,919,446
Infosys Ltd. sponsored ADR
 
345,030
5,665,393
InterGlobe Aviation Ltd. (a)(c)
 
209,146
6,167,243
ITC Ltd.
 
4,787,330
24,635,652
Jindal Steel & Power Ltd.
 
564,249
4,295,009
Jio Financial Services Ltd.
 
4,883,752
12,957,760
JSW Steel Ltd. (a)
 
940,913
8,322,800
Jubilant Foodworks Ltd.
 
616,626
3,709,194
Kotak Mahindra Bank Ltd.
 
1,734,183
36,242,025
Larsen & Toubro Ltd.
 
1,094,066
38,489,730
Ltimindtree Ltd. (c)
 
138,080
8,398,399
Lupin Ltd.
 
319,099
4,322,835
Mahindra & Mahindra Ltd.
 
1,484,585
26,010,040
Marico Ltd.
 
810,406
5,220,571
Maruti Suzuki India Ltd.
 
216,957
27,084,827
Max Healthcare Institute Ltd.
 
1,209,314
8,333,766
Mphasis BFL Ltd.
 
117,177
2,990,672
MRF Ltd.
 
2,964
3,855,338
Muthoot Finance Ltd.
 
185,071
2,886,838
Nestle India Ltd.
 
54,866
15,971,637
NTPC Ltd.
 
7,003,835
19,837,037
Oil & Natural Gas Corp. Ltd.
 
5,069,656
11,340,418
Page Industries Ltd.
 
9,560
4,342,627
Petronet LNG Ltd.
 
1,135,295
2,720,450
PI Industries Ltd.
 
130,145
5,313,756
Pidilite Industries Ltd.
 
238,788
7,048,121
Power Finance Corp. Ltd.
 
2,027,096
6,001,449
Power Grid Corp. of India Ltd.
 
7,495,537
18,199,281
REC Ltd.
 
1,832,641
6,332,650
Reliance Industries Ltd.
 
4,810,452
132,237,483
Samvardhana Motherson International Ltd.
 
3,683,348
4,066,784
SBI Cards & Payment Services Ltd.
 
440,680
3,947,917
SBI Life Insurance Co. Ltd. (c)
 
700,280
11,498,154
Shree Cement Ltd.
 
14,042
4,326,638
Shriram Transport Finance Co. Ltd.
 
436,751
9,852,428
Siemens Ltd.
 
138,175
5,526,856
Sona Blw Precision Forgings Ltd. (c)
 
637,966
4,150,627
SRF Ltd.
 
231,779
6,109,901
State Bank of India
 
2,850,920
19,366,482
Sun Pharmaceutical Industries Ltd.
 
1,541,702
20,150,462
Supreme Industries Ltd.
 
98,972
5,144,698
Tata Consultancy Services Ltd.
 
1,448,358
58,617,315
Tata Consumer Products Ltd.
 
867,593
9,384,681
Tata Elxsi Ltd.
 
53,149
4,867,106
Tata Motors Ltd.
 
2,659,222
20,079,174
Tata Power Co. Ltd./The
 
2,244,206
6,454,921
Tata Steel Ltd.
 
11,882,112
16,950,578
Tech Mahindra Ltd.
 
867,258
11,815,591
The Indian Hotels Co. Ltd.
 
1,324,088
6,096,621
Titan Co. Ltd.
 
566,681
21,717,695
Torrent Pharmaceuticals Ltd.
 
158,473
3,662,078
Trent Ltd.
 
281,473
7,283,592
Tube Investments of India Ltd.
 
165,310
6,252,090
Tvs Motor Co. Ltd.
 
366,566
7,002,768
Ultratech Cement Ltd.
 
185,371
18,754,720
United Spirits Ltd. (a)
 
457,619
5,673,358
UPL Ltd.
 
747,279
4,850,610
Varun Beverages Ltd.
 
708,504
7,730,908
Vedanta Ltd.
 
1,155,494
3,006,082
Wipro Ltd.
 
2,116,224
9,712,108
Yes Bank Ltd. (a)
 
20,145,543
3,859,862
Zomato Ltd. (a)
 
6,665,545
8,428,244
TOTAL INDIA
 
 
1,572,501,862
Indonesia - 0.5%
 
 
 
Indofood Sukses Makmur Tbk PT
 
6,738,300
2,821,015
PT Adaro Energy Indonesia Tbk
 
22,563,900
3,640,668
PT Aneka Tambang Tbk
 
14,416,000
1,544,579
PT Astra International Tbk
 
32,633,500
11,871,401
PT Bank Central Asia Tbk
 
87,836,700
48,391,052
PT Bank Mandiri (Persero) Tbk
 
59,715,100
21,333,347
PT Bank Negara Indonesia (Persero) Tbk
 
23,166,178
6,991,242
PT Bank Rakyat Indonesia (Persero) Tbk
 
108,332,000
33,873,672
PT Barito Pacific Tbk
 
43,963,326
3,115,403
PT Charoen Pokphand Indonesia Tbk (a)
 
11,583,400
4,267,446
PT GoTo Gojek Tokopedia Tbk (a)
 
1,287,771,068
4,871,957
PT Indah Kiat Pulp & Paper Tbk
 
4,337,400
2,621,535
PT Indofood CBP Sukses Makmur Tbk
 
3,584,800
2,336,474
PT Kalbe Farma Tbk
 
33,049,400
3,514,955
PT Merdeka Copper Gold Tbk (a)
 
18,924,590
2,654,284
PT Sarana Menara Nusantara Tbk
 
31,436,700
1,763,104
PT Semen Indonesia (Persero) Tbk
 
5,499,496
2,113,198
PT Sumber Alfaria Trijaya Tbk
 
25,709,700
4,679,081
PT Surya Citra Media Tbk
 
35
0
PT Telkom Indonesia Persero Tbk
 
79,464,100
17,419,787
PT Unilever Indonesia Tbk
 
11,980,000
2,731,544
PT United Tractors Tbk
 
2,336,512
3,697,549
PT Vale Indonesia Tbk
 
3,836,200
1,195,550
TOTAL INDONESIA
 
 
187,448,843
Ireland - 0.3%
 
 
 
AerCap Holdings NV (a)
 
275,816
17,133,690
AIB Group PLC
 
2,283,591
9,892,200
Bank of Ireland Group PLC
 
1,676,369
14,988,323
Kerry Group PLC Class A
 
253,257
19,529,743
Kingspan Group PLC (Ireland)
 
244,494
16,422,219
Smurfit Kappa Group PLC
 
415,507
13,514,778
TOTAL IRELAND
 
 
91,480,953
Israel - 0.3%
 
 
 
Azrieli Group
 
65,335
2,807,692
Bank Hapoalim BM (Reg.)
 
2,027,419
14,480,848
Bank Leumi le-Israel BM
 
2,443,497
15,711,649
Check Point Software Technologies Ltd. (a)
 
147,786
19,840,271
Elbit Systems Ltd. (Israel)
 
41,306
7,667,465
Global-e Online Ltd. (a)(b)
 
140,036
4,916,664
Icl Group Ltd.
 
1,198,006
5,809,232
Israel Discount Bank Ltd. (Class A)
 
1,994,599
8,759,063
Mizrahi Tefahot Bank Ltd.
 
239,157
7,395,998
NICE Ltd. (a)
 
81,898
12,655,490
NICE Ltd. sponsored ADR (a)
 
19,733
3,045,789
Teva Pharmaceutical Industries Ltd. sponsored ADR (a)
 
1,779,598
15,268,951
Wix.com Ltd. (a)
 
83,755
6,692,025
TOTAL ISRAEL
 
 
125,051,137
Italy - 1.4%
 
 
 
Amplifon SpA
 
193,408
5,451,743
Assicurazioni Generali SpA
 
1,583,218
31,401,679
Coca-Cola HBC AG
 
347,333
9,000,577
Davide Campari Milano NV
 
836,364
9,230,099
DiaSorin SpA
 
37,685
3,369,395
Enel SpA
 
12,824,172
81,402,456
Eni SpA
 
3,700,206
60,489,716
Ferrari NV (Italy)
 
198,411
59,937,493
FinecoBank SpA
 
974,738
11,463,681
Infrastrutture Wireless Italiane SpA (c)
 
518,528
5,662,114
Intesa Sanpaolo SpA
 
24,661,904
64,263,765
Mediobanca SpA (b)
 
870,775
10,383,806
Moncler SpA
 
326,556
16,910,184
Nexi SpA (a)(c)
 
910,575
5,276,013
Poste Italiane SpA (c)
 
800,481
7,910,877
Prysmian SpA
 
419,689
15,671,334
Recordati SpA
 
162,170
7,481,415
Snam SpA
 
3,207,523
14,708,239
Telecom Italia SpA (a)
 
7,896,011
2,039,399
Telecom Italia SpA (Risparmio Shares) (a)
 
7,564,311
1,967,333
Terna - Rete Elettrica Nazionale
 
2,234,666
17,085,878
UniCredit SpA
 
2,912,668
73,019,467
TOTAL ITALY
 
 
514,126,663
Japan - 14.2%
 
 
 
Advantest Corp.
 
1,213,128
31,248,522
AEON Co. Ltd.
 
1,039,078
21,861,817
AGC, Inc.
 
308,296
10,487,951
Aisin Seiki Co. Ltd.
 
227,401
7,921,486
Ajinomoto Co., Inc.
 
714,715
26,103,312
Ana Holdings, Inc. (a)
 
245,551
4,820,626
Asahi Group Holdings
 
763,117
27,602,258
ASAHI INTECC Co. Ltd.
 
338,949
5,695,235
Asahi Kasei Corp.
 
1,947,025
11,969,892
Astellas Pharma, Inc.
 
2,868,765
36,289,521
Azbil Corp.
 
178,882
5,285,725
Bandai Namco Holdings, Inc.
 
957,394
19,835,783
BayCurrent Consulting, Inc.
 
205,800
5,166,970
Bridgestone Corp.
 
894,195
33,840,995
Brother Industries Ltd.
 
360,175
5,618,820
Canon, Inc.
 
1,537,828
36,355,325
Canon, Inc. sponsored ADR (b)
 
39,199
924,312
Capcom Co. Ltd.
 
276,200
8,890,692
Central Japan Railway Co.
 
1,142,190
25,708,884
Chiba Bank Ltd.
 
819,194
6,101,804
Chubu Electric Power Co., Inc.
 
1,035,595
12,514,292
Chugai Pharmaceutical Co. Ltd.
 
1,063,524
31,540,469
Concordia Financial Group Ltd.
 
1,638,588
7,613,533
CyberAgent, Inc.
 
667,496
3,503,989
Dai Nippon Printing Co. Ltd.
 
353,921
9,232,831
Dai-ichi Mutual Life Insurance Co.
 
1,488,991
31,454,982
Daifuku Co. Ltd.
 
471,227
7,786,036
Daiichi Sankyo Kabushiki Kaisha
 
2,925,196
75,423,822
Daikin Industries Ltd.
 
416,682
60,076,768
Daito Trust Construction Co. Ltd.
 
96,321
10,332,006
Daiwa House Industry Co. Ltd.
 
940,108
25,858,304
Daiwa House REIT Investment Corp.
 
3,410
6,034,839
Daiwa Securities Group, Inc.
 
2,144,651
12,367,070
DENSO Corp.
 
2,725,700
40,248,596
Dentsu Group, Inc.
 
313,922
9,118,175
Disco Corp.
 
145,987
25,781,165
East Japan Railway Co.
 
479,581
24,908,156
Eisai Co. Ltd.
 
399,997
21,191,184
ENEOS Holdings, Inc.
 
4,557,864
16,888,788
FANUC Corp.
 
1,506,425
37,384,072
Fast Retailing Co. Ltd.
 
277,089
61,346,508
Fuji Electric Co. Ltd.
 
201,104
7,656,961
FUJIFILM Holdings Corp.
 
589,548
32,246,981
Fujitsu Ltd.
 
278,358
36,060,597
GLP J-REIT
 
7,247
6,490,832
GMO Payment Gateway, Inc.
 
65,228
2,605,158
Hakuhodo DY Holdings, Inc.
 
352,907
2,863,909
Hamamatsu Photonics K.K.
 
218,546
8,117,459
Hankyu Hanshin Holdings, Inc.
 
370,580
11,659,781
Hikari Tsushin, Inc.
 
31,270
4,511,413
Hirose Electric Co. Ltd.
 
47,968
5,434,732
Hitachi Construction Machinery Co. Ltd.
 
165,571
4,277,652
Hitachi Ltd.
 
1,481,809
93,926,875
Honda Motor Co. Ltd.
 
7,286,958
74,682,378
Hoshizaki Corp.
 
167,906
5,422,466
Hoya Corp.
 
559,782
53,889,441
Hulic Co. Ltd.
 
585,972
5,372,270
Ibiden Co. Ltd.
 
175,040
7,463,085
Idemitsu Kosan Co. Ltd.
 
316,527
7,186,778
Iida Group Holdings Co. Ltd.
 
243,378
3,778,978
INPEX Corp.
 
1,535,612
22,283,075
Isuzu Motors Ltd.
 
938,792
10,468,143
Itochu Corp.
 
1,871,071
67,397,908
Japan Airlines Co. Ltd.
 
226,726
4,168,082
Japan Exchange Group, Inc.
 
804,894
15,916,616
Japan Post Bank Co. Ltd.
 
2,269,540
21,036,834
Japan Post Holdings Co. Ltd.
 
3,540,946
31,341,633
Japan Post Insurance Co. Ltd.
 
309,842
5,966,345
Japan Real Estate Investment Corp.
 
2,008
7,458,358
Japan Retail Fund Investment Corp.
 
10,814
6,978,782
Japan Tobacco, Inc.
 
1,889,926
43,995,347
JFE Holdings, Inc. (b)
 
782,990
10,909,298
JSR Corp.
 
275,321
7,369,226
Kajima Corp.
 
671,878
11,104,395
Kansai Electric Power Co., Inc.
 
1,120,699
14,349,253
Kao Corp.
 
739,426
26,977,147
Kawasaki Kisen Kaisha Ltd. (b)
 
214,200
7,344,916
KDDI Corp.
 
2,362,207
70,664,814
KDX Realty Investment Corp.
 
6,540
6,821,146
Keio Corp.
 
158,920
4,715,867
Keisei Electric Railway Co.
 
199,442
7,512,909
Keyence Corp.
 
307,329
118,972,808
Kikkoman Corp.
 
217,448
12,371,654
Kintetsu Group Holdings Co. Ltd.
 
296,764
8,349,980
Kirin Holdings Co. Ltd.
 
1,231,720
17,309,754
Kobayashi Pharmaceutical Co. Ltd.
 
79,787
3,293,869
Kobe Bussan Co. Ltd. (b)
 
232,972
5,765,603
Koei Tecmo Holdings Co. Ltd.
 
179,218
2,340,170
Koito Manufacturing Co. Ltd.
 
322,330
4,829,384
Komatsu Ltd.
 
1,459,864
33,542,418
Konami Group Corp.
 
155,236
8,041,549
Kose Corp.
 
51,768
3,429,681
Kubota Corp.
 
1,603,267
21,562,734
Kurita Water Industries Ltd.
 
162,084
4,924,668
Kyocera Corp.
 
509,456
25,111,805
Kyowa Hakko Kirin Co., Ltd.
 
420,021
6,587,733
Lasertec Corp.
 
120,295
19,870,355
LIXIL Group Corp.
 
440,203
4,826,856
LY Corp.
 
4,245,749
10,824,480
M3, Inc.
 
690,702
10,637,635
Makita Corp.
 
348,168
8,999,048
Marubeni Corp.
 
2,286,045
33,426,039
MatsukiyoCocokara & Co.
 
552,000
9,683,070
Mazda Motor Corp.
 
912,009
8,815,470
McDonald's Holdings Co. (Japan) Ltd. (b)
 
135,645
5,277,649
Meiji Holdings Co. Ltd.
 
364,312
8,967,186
Minebea Mitsumi, Inc.
 
562,000
8,811,768
Misumi Group, Inc.
 
442,014
6,691,501
Mitsubishi Chemical Holdings Corp.
 
2,051,084
11,606,275
Mitsubishi Corp.
 
1,813,901
84,556,011
Mitsubishi Electric Corp.
 
3,059,697
35,084,050
Mitsubishi Estate Co. Ltd.
 
1,791,812
22,935,768
Mitsubishi Heavy Industries Ltd.
 
508,128
26,170,972
Mitsubishi UFJ Financial Group, Inc.
 
18,033,818
151,288,352
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
1,342,916
8,852,811
Mitsui & Co. Ltd.
 
2,070,846
75,263,192
Mitsui Chemicals, Inc.
 
263,771
6,648,211
Mitsui Fudosan Co. Ltd.
 
1,412,510
30,615,959
Mitsui OSK Lines Ltd. (b)
 
535,800
13,832,918
Mizuho Financial Group, Inc.
 
3,808,732
64,666,131
MonotaRO Co. Ltd.
 
385,308
3,079,377
MS&AD Insurance Group Holdings, Inc.
 
678,315
24,853,826
Murata Manufacturing Co. Ltd.
 
2,727,183
46,714,950
NEC Corp.
 
390,663
18,810,671
Nexon Co. Ltd.
 
558,159
10,241,799
NGK Insulators Ltd.
 
361,795
4,420,505
Nidec Corp.
 
661,656
24,270,233
Nintendo Co. Ltd.
 
1,640,290
67,767,686
Nippon Building Fund, Inc.
 
2,399
9,639,023
Nippon Express Holdings, Inc.
 
111,285
5,719,539
Nippon Paint Holdings Co. Ltd.
 
1,511,530
10,162,185
Nippon Prologis REIT, Inc. (b)
 
3,522
6,266,962
Nippon Sanso Holdings Corp.
 
268,586
6,773,339
Nippon Steel & Sumitomo Metal Corp.
 
1,350,799
29,135,197
Nippon Telegraph & Telephone Corp.
 
47,007,975
55,317,841
Nippon Yusen KK (b)
 
774,433
18,948,247
Nissan Chemical Corp.
 
196,684
8,021,794
Nissan Motor Co. Ltd.
 
3,686,225
14,184,536
Nissin Food Holdings Co. Ltd.
 
95,805
8,335,867
Nitori Holdings Co. Ltd.
 
127,942
13,855,458
Nitto Denko Corp.
 
230,750
14,930,859
Nomura Holdings, Inc.
 
4,769,765
18,427,550
Nomura Real Estate Holdings, Inc.
 
168,118
3,926,578
Nomura Real Estate Master Fund, Inc.
 
6,638
7,324,757
Nomura Research Institute Ltd.
 
613,480
16,103,823
NTT Data Corp.
 
1,003,456
12,372,524
Obayashi Corp.
 
1,006,085
8,617,932
OBIC Co. Ltd.
 
110,552
16,341,394
Odakyu Electric Railway Co. Ltd.
 
484,239
6,893,787
Oji Holdings Corp.
 
1,327,402
5,677,142
Olympus Corp.
 
2,006,163
26,793,011
OMRON Corp.
 
280,877
10,063,048
Ono Pharmaceutical Co. Ltd.
 
603,545
10,422,916
Open House Group Co. Ltd.
 
121,000
3,988,203
Oracle Corp. Japan
 
59,303
4,206,937
Oriental Land Co. Ltd.
 
1,721,240
55,674,140
ORIX Corp.
 
1,857,254
33,776,674
Osaka Gas Co. Ltd.
 
604,218
11,394,214
Otsuka Corp.
 
176,232
7,065,956
Otsuka Holdings Co. Ltd.
 
623,103
20,964,901
Pan Pacific International Holdings Ltd.
 
613,191
11,874,973
Panasonic Holdings Corp.
 
3,495,293
30,665,925
Persol Holdings Co. Ltd.
 
2,910,260
4,363,690
Rakuten Group, Inc.
 
2,394,760
8,858,027
Recruit Holdings Co. Ltd.
 
2,277,983
65,315,942
Renesas Electronics Corp. (a)
 
2,014,483
26,461,484
Resona Holdings, Inc.
 
3,395,289
18,142,124
Ricoh Co. Ltd.
 
848,938
6,880,734
ROHM Co. Ltd.
 
543,580
8,709,223
SBI Holdings, Inc. Japan
 
382,665
8,233,016
SCSK Corp.
 
246,433
4,206,679
Secom Co. Ltd.
 
332,859
23,118,671
Seiko Epson Corp.
 
449,009
6,233,673
Sekisui Chemical Co. Ltd.
 
620,539
8,499,445
Sekisui House Ltd.
 
949,003
18,584,089
Seven & i Holdings Co. Ltd.
 
1,190,272
43,610,031
SG Holdings Co. Ltd.
 
497,649
7,053,981
Sharp Corp. (a)
 
402,511
2,516,586
Shimadzu Corp.
 
368,577
8,715,480
SHIMANO, Inc.
 
122,390
17,612,669
SHIMIZU Corp.
 
861,881
6,133,569
Shin-Etsu Chemical Co. Ltd.
 
2,877,885
86,058,484
Shionogi & Co. Ltd.
 
419,194
19,519,614
Shiseido Co. Ltd.
 
636,475
20,186,106
Shizuoka Financial Group
 
720,818
6,129,659
SMC Corp.
 
90,655
41,861,137
SoftBank Corp.
 
4,505,727
50,945,661
SoftBank Group Corp.
 
1,627,244
66,642,267
Sompo Holdings, Inc.
 
480,954
20,834,912
Sony Group Corp.
 
1,991,720
165,589,383
Square Enix Holdings Co. Ltd.
 
132,838
4,413,115
Subaru Corp.
 
980,278
16,968,905
Sumco Corp.
 
550,029
7,107,559
Sumitomo Chemical Co. Ltd.
 
2,178,181
5,536,420
Sumitomo Corp.
 
1,707,769
33,570,767
Sumitomo Electric Industries Ltd.
 
1,135,203
11,917,625
Sumitomo Metal Mining Co. Ltd.
 
393,232
11,046,657
Sumitomo Mitsui Financial Group, Inc.
 
2,005,572
96,684,573
Sumitomo Mitsui Trust Holdings, Inc.
 
519,657
19,485,476
Sumitomo Realty & Development Co. Ltd.
 
456,479
11,454,857
Suntory Beverage & Food Ltd.
 
218,903
6,587,462
Suzuki Motor Corp.
 
583,132
22,632,526
Sysmex Corp.
 
266,429
12,762,697
T&D Holdings, Inc.
 
796,753
14,213,456
Taisei Corp.
 
263,002
8,919,109
Takeda Pharmaceutical Co. Ltd.
 
2,495,920
67,751,120
TDK Corp.
 
619,887
23,193,206
Terumo Corp.
 
1,067,124
29,194,581
TIS, Inc.
 
340,767
7,297,475
Tobu Railway Co. Ltd.
 
291,193
7,008,856
Toho Co. Ltd.
 
172,405
5,889,888
Tokio Marine Holdings, Inc.
 
2,845,324
63,656,260
Tokyo Electric Power Co., Inc. (a)
 
2,442,226
10,334,864
Tokyo Electron Ltd.
 
745,458
98,503,100
Tokyo Gas Co. Ltd.
 
624,139
14,016,390
Tokyu Corp.
 
810,975
9,155,126
Toppan Holdings, Inc.
 
396,177
9,137,377
Toray Industries, Inc.
 
2,151,319
10,407,736
Tosoh Corp.
 
402,425
4,927,383
Toto Ltd.
 
202,517
4,883,012
Toyota Industries Corp.
 
231,643
17,168,156
Toyota Motor Corp.
 
16,740,530
292,854,637
Toyota Tsusho Corp.
 
335,595
17,865,832
Trend Micro, Inc.
 
207,245
7,809,949
Unicharm Corp.
 
638,397
21,692,014
USS Co. Ltd.
 
322,546
5,637,749
Welcia Holdings Co. Ltd.
 
152,637
2,530,083
West Japan Railway Co.
 
353,680
13,480,355
Yakult Honsha Co. Ltd.
 
398,436
9,389,121
Yamaha Corp.
 
217,361
5,805,696
Yamaha Motor Co. Ltd.
 
475,739
11,625,563
Yamato Holdings Co. Ltd.
 
442,829
7,375,769
Yaskawa Electric Corp.
 
383,789
12,562,615
Yokogawa Electric Corp.
 
355,100
6,446,922
Zensho Holdings Co. Ltd.
 
144,100
7,574,164
ZOZO, Inc.
 
216,363
4,114,087
TOTAL JAPAN
 
 
5,173,181,777
Jordan - 0.0%
 
 
 
Hikma Pharmaceuticals PLC
 
255,206
5,898,265
Korea (South) - 3.1%
 
 
 
AMOREPACIFIC Corp.
 
43,515
4,078,528
BGF Retail Co. Ltd.
 
13,433
1,371,644
Celltrion Healthcare Co. Ltd.
 
166,507
8,224,158
Celltrion Pharm, Inc.
 
27,772
1,304,671
Celltrion, Inc.
 
177,174
19,646,608
CJ CheilJedang Corp.
 
12,905
2,699,547
Cosmo AM&T Co. Ltd. (a)
 
38,864
4,040,232
Cosmo AM&T Co. Ltd. rights 11/7/23 (a)
 
1,871
22,963
Coway Co. Ltd.
 
86,171
2,753,453
Db Insurance Co. Ltd.
 
71,436
4,640,660
Delivery Hero AG (a)(c)
 
271,868
6,895,295
Doosan Bobcat, Inc.
 
85,593
2,455,528
Doosan Heavy Industries & Construction Co. Ltd. (a)
 
697,597
6,940,540
Ecopro BM Co. Ltd.
 
77,540
11,327,080
Ecopro Co. Ltd.
 
31,618
14,588,203
EUSU Holdings Co. Ltd.
 
6
27
F&F Co. Ltd.
 
26,950
1,865,517
GS Holdings Corp.
 
69,067
2,013,896
Hana Financial Group, Inc.
 
477,679
13,868,780
Hanjin Shipping Co. Ltd. (a)(d)
 
12
0
Hankook Tire Co. Ltd.
 
115,649
3,276,275
Hanmi Pharm Co. Ltd.
 
10,800
2,254,787
Hanmi Semiconductor Co. Ltd.
 
68,110
2,664,759
Hanon Systems
 
292,176
1,488,685
Hanwha Aerospace Co. Ltd.
 
55,150
4,140,087
Hanwha Ocean Co. Ltd. (a)
 
67,239
1,174,149
Hanwha Ocean Co. Ltd. rights 11/9/23 (a)
 
22,196
28,718
Hanwha Solutions Corp. (a)
 
160,687
3,417,599
HD Hyundai Co. Ltd.
 
66,109
2,811,565
HD Hyundai Heavy Industries Co. Ltd. (a)
 
34,648
2,623,150
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)
 
65,933
4,416,433
HLB, Inc.
 
181,437
3,903,417
HMM Co. Ltd.
 
377,155
4,079,021
Hotel Shilla Co.
 
48,956
2,261,877
HYBE Co. Ltd. (a)
 
29,130
4,737,187
Hyundai Engineering & Construction Co. Ltd.
 
120,208
2,976,834
Hyundai Glovis Co. Ltd.
 
28,848
3,655,699
Hyundai Mipo Dockyard Co. Ltd. (a)
 
37,380
1,923,427
Hyundai Mobis
 
98,104
15,170,331
Hyundai Motor Co. Ltd.
 
210,622
26,495,701
Hyundai Steel Co.
 
133,870
3,250,678
Industrial Bank of Korea
 
421,904
3,486,491
JYP Entertainment Corp.
 
44,099
3,351,828
Kakao Corp.
 
501,785
14,122,261
Kakao Games Corp. (a)
 
57,364
994,170
Kakao Pay Corp. (a)
 
41,853
1,065,400
KakaoBank Corp.
 
259,972
3,513,054
Kangwon Land, Inc.
 
162,556
1,767,378
KB Financial Group, Inc.
 
611,533
23,276,023
Kia Corp.
 
416,544
23,762,484
Korea Aerospace Industries Ltd.
 
114,558
3,763,910
Korea Electric Power Corp. (a)
 
397,073
4,962,764
Korea Investment Holdings Co. Ltd.
 
64,399
2,403,899
Korea Zinc Co. Ltd.
 
12,518
4,343,790
Korean Air Lines Co. Ltd.
 
284,954
4,329,197
KRAFTON, Inc. (a)
 
45,189
5,492,799
KT Corp.
 
104,253
2,518,368
KT&G Corp.
 
161,332
10,162,266
Kumho Petro Chemical Co. Ltd.
 
27,304
2,562,406
L&F Co. Ltd.
 
39,481
3,834,740
LG Chemical Ltd.
 
77,883
25,487,706
LG Corp.
 
146,475
8,371,656
LG Display Co. Ltd. (a)
 
361,552
3,266,734
LG Electronics, Inc.
 
171,016
12,667,674
LG Energy Solution (a)
 
74,379
21,290,529
LG H & H Co. Ltd.
 
14,113
3,303,806
LG Innotek Co. Ltd.
 
22,190
3,677,470
LG Uplus Corp.
 
334,145
2,500,608
Lotte Chemical Corp.
 
32,272
3,499,447
Lotte Energy Materials Corp.
 
36,322
1,038,999
Meritz Financial Holdings Co.
 
161,689
6,008,760
Mirae Asset Securities Co. Ltd.
 
417,478
2,042,070
NAVER Corp.
 
208,994
29,174,713
NCSOFT Corp.
 
22,165
3,823,701
Netmarble Corp. (a)(c)
 
32,920
943,703
NH Investment & Securities Co. Ltd.
 
230,866
1,653,876
Orion Corp./Republic of Korea
 
36,970
3,267,184
Pan Ocean Co., Ltd. (Korea)
 
392,013
1,249,689
Pearl Abyss Corp. (a)
 
49,791
1,821,422
POSCO
 
113,763
34,774,096
POSCO Chemtech Co. Ltd.
 
49,173
8,652,569
Posco International Corp.
 
81,941
3,051,881
S-Oil Corp.
 
68,979
3,399,245
Samsung Biologics Co. Ltd. (a)(c)
 
28,636
15,031,825
Samsung C&T Corp.
 
130,212
10,280,045
Samsung Electro-Mechanics Co. Ltd.
 
87,340
8,063,584
Samsung Electronics Co. Ltd.
 
7,524,574
373,979,550
Samsung Engineering Co. Ltd. (a)
 
244,817
4,308,416
Samsung Fire & Marine Insurance Co. Ltd.
 
47,847
9,135,865
Samsung Heavy Industries Co. Ltd. (a)
 
1,025,624
5,191,675
Samsung Life Insurance Co. Ltd.
 
124,444
6,652,771
Samsung SDI Co. Ltd.
 
87,544
27,678,391
Samsung SDS Co. Ltd.
 
60,198
6,161,443
Samsung Securities Co. Ltd.
 
96,336
2,519,911
Shinhan Financial Group Co. Ltd.
 
707,636
18,162,267
SK Biopharmaceuticals Co. Ltd. (a)
 
49,155
2,746,759
SK Bioscience Co. Ltd. (a)
 
43,109
1,937,343
SK Hynix, Inc.
 
864,342
74,950,026
SK IE Technology Co. Ltd. (a)(c)
 
38,832
1,709,756
SK Innovation Co., Ltd.
 
98,844
8,991,794
SK Square Co. Ltd. (a)
 
155,161
4,895,501
SK, Inc.
 
56,722
5,971,390
SKC Co. Ltd.
 
29,581
1,727,383
Woori Financial Group, Inc.
 
1,000,280
8,822,131
Yuhan Corp.
 
83,689
3,562,222
TOTAL KOREA (SOUTH)
 
 
1,112,648,523
Kuwait - 0.2%
 
 
 
Agility Public Warehousing Co. KSC (a)
 
2,471,203
4,200,526
Boubyan Bank KSC
 
2,167,404
4,104,375
Gulf Bank
 
2,871,778
2,199,423
Gulf Bank rights 11/12/23 (a)
 
222,926
4,611
Kuwait Finance House KSCP
 
12,992,443
28,718,148
Mabanee Co. SAKC
 
1,020,049
2,719,471
Mobile Telecommunication Co.
 
2,980,360
4,632,584
National Bank of Kuwait
 
11,918,277
33,777,117
TOTAL KUWAIT
 
 
80,356,255
Luxembourg - 0.1%
 
 
 
ArcelorMittal SA (Netherlands)
 
809,075
17,874,997
Eurofins Scientific SA (b)
 
216,274
10,945,394
Reinet Investments SCA
 
211,517
4,395,014
TOTAL LUXEMBOURG
 
 
33,215,405
Macau - 0.1%
 
 
 
Galaxy Entertainment Group Ltd.
 
3,481,239
19,569,667
Sands China Ltd. (a)
 
3,872,865
10,425,945
TOTAL MACAU
 
 
29,995,612
Malaysia - 0.4%
 
 
 
AMMB Holdings Bhd
 
2,600,200
2,085,992
Axiata Group Bhd
 
4,211,215
1,926,802
CelcomDigi Bhd
 
5,407,400
4,843,984
CIMB Group Holdings Bhd
 
10,376,388
12,431,918
Dialog Group Bhd
 
5,179,822
2,337,090
Gamuda Bhd
 
2,893,109
2,842,867
Genting Bhd
 
3,171,900
2,684,010
Genting Malaysia Bhd
 
4,651,500
2,363,696
Hong Leong Bank Bhd
 
1,036,300
4,219,608
Hong Leong Credit Bhd
 
343,800
1,278,510
IHH Healthcare Bhd
 
3,420,300
4,305,453
Inari Amertron Bhd
 
4,059,600
2,433,964
IOI Corp. Bhd
 
3,880,500
3,201,765
IOI Properties Group Bhd
 
11
4
Kuala Lumpur Kepong Bhd
 
767,013
3,540,648
Malayan Banking Bhd
 
8,482,468
16,062,044
Malaysia Airports Holdings Bhd
 
1,266,840
1,965,513
Maxis Bhd
 
3,611,100
3,002,591
MISC Bhd
 
2,146,600
3,267,936
MR DIY Group M Sdn Bhd (c)
 
4,844,150
1,504,998
Nestle (Malaysia) Bhd
 
108,500
2,819,710
Petronas Chemicals Group Bhd
 
4,341,900
6,695,239
Petronas Dagangan Bhd
 
442,200
2,140,764
Petronas Gas Bhd
 
1,211,800
4,414,009
PPB Group Bhd
 
981,520
3,155,330
Press Metal Aluminium Holdings
 
5,762,400
5,956,458
Public Bank Bhd
 
22,909,500
20,009,199
QL Resources Bhd
 
1,684,800
1,955,384
RHB Bank Bhd
 
2,493,677
2,920,852
Sime Darby Bhd
 
4,345,107
2,088,335
Sime Darby Plantation Bhd
 
3,185,624
2,904,111
Sime Darby Property Bhd
 
15
2
SP Setia Bhd
 
14
2
Telekom Malaysia Bhd
 
1,776,399
1,891,022
Tenaga Nasional Bhd
 
4,044,125
8,403,957
TOTAL MALAYSIA
 
 
141,653,767
Mexico - 0.7%
 
 
 
Alfa SA de CV Series A
 
4,725,700
2,946,190
America Movil S.A.B. de CV Series L
 
30,304,346
25,028,105
Arca Continental S.A.B. de CV
 
813,562
7,295,389
Banco del Bajio SA (c)
 
1,189,800
3,641,531
CEMEX S.A.B. de CV unit (a)
 
24,137,140
14,499,153
Coca-Cola FEMSA S.A.B. de CV unit
 
811,960
6,160,520
Fibra Uno Administracion SA de CV
 
4,645,100
7,051,771
Fomento Economico Mexicano S.A.B. de CV unit
 
3,087,100
34,941,130
Gruma S.A.B. de CV Series B
 
283,265
4,929,210
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
632,600
7,379,339
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
298,975
6,443,327
Grupo Bimbo S.A.B. de CV Series A (b)
 
2,142,400
8,719,802
Grupo Carso SA de CV Series A1
 
865,400
5,518,131
Grupo Financiero Banorte S.A.B. de CV Series O
 
4,107,100
33,332,457
Grupo Financiero Inbursa S.A.B. de CV Series O (a)
 
3,185,500
6,569,243
Grupo Mexico SA de CV Series B
 
4,928,123
20,099,001
Grupo Televisa SA de CV
 
3,712,800
1,703,081
Industrias Penoles SA de CV (a)(b)
 
307,340
3,431,046
Kimberly-Clark de Mexico SA de CV Series A (b)
 
2,356,200
4,319,286
Operadora de Sites Mexicanos, SA de CV (b)
 
1,953,200
1,660,800
Orbia Advance Corp. S.A.B. de CV
 
1,535,716
2,488,117
Promotora y Operadora de Infraestructura S.A.B. de CV
 
287,660
2,354,699
Southern Copper Corp. (b)
 
131,832
9,346,889
Wal-Mart de Mexico SA de CV Series V
 
8,263,300
29,576,280
TOTAL MEXICO
 
 
249,434,497
Netherlands - 3.6%
 
 
 
ABN AMRO Bank NV GDR (Bearer) (c)
 
642,854
8,628,385
Adyen BV (a)(c)
 
34,404
23,205,017
AEGON NV
 
2,691,367
13,054,019
Akzo Nobel NV
 
271,636
18,182,066
Argenx SE (a)
 
88,564
41,658,876
ASM International NV (Netherlands)
 
74,331
30,555,382
ASML Holding NV (Netherlands)
 
636,628
382,690,085
ASR Nederland NV
 
256,925
9,569,202
BE Semiconductor Industries NV
 
123,062
12,669,618
Euronext NV (c)
 
137,919
9,602,332
EXOR NV (b)
 
167,683
14,360,810
Heineken Holding NV
 
204,586
15,542,722
Heineken NV (Bearer)
 
454,069
40,795,124
IMCD NV
 
90,719
10,894,839
ING Groep NV (Certificaten Van Aandelen)
 
5,706,084
73,155,017
JDE Peet's BV
 
198,958
5,523,978
Koninklijke Ahold Delhaize NV
 
1,533,420
45,430,327
Koninklijke KPN NV
 
5,094,009
17,121,877
Koninklijke Philips Electronics NV
 
1,469,357
27,950,809
NN Group NV
 
399,722
12,820,037
OCI NV
 
163,217
3,801,125
Randstad NV
 
171,309
8,852,839
Shell PLC (London)
 
10,566,027
340,509,798
Stellantis NV (Italy)
 
3,488,999
64,974,093
Universal Music Group NV
 
1,295,960
31,736,545
Wolters Kluwer NV
 
406,488
52,085,710
TOTAL NETHERLANDS
 
 
1,315,370,632
New Zealand - 0.1%
 
 
 
Auckland International Airport Ltd.
 
1,951,985
8,349,178
Fisher & Paykel Healthcare Corp.
 
904,176
10,967,307
Mercury Nz Ltd.
 
1,112,400
3,826,592
Meridian Energy Ltd.
 
2,010,084
5,661,123
Spark New Zealand Ltd.
 
2,929,419
8,504,461
Xero Ltd. (a)
 
229,164
15,667,317
TOTAL NEW ZEALAND
 
 
52,975,978
Norway - 0.4%
 
 
 
Aker BP ASA
 
502,945
14,456,751
DNB Bank ASA
 
1,446,487
26,065,629
Equinor ASA
 
1,380,601
46,282,186
Equinor ASA sponsored ADR
 
45,714
1,525,476
Gjensidige Forsikring ASA
 
308,339
4,617,791
Kongsberg Gruppen ASA
 
136,618
5,576,769
Mowi ASA
 
704,803
11,438,668
Norsk Hydro ASA
 
2,062,625
11,762,546
Orkla ASA
 
1,203,807
8,291,230
Salmar ASA
 
112,439
5,322,532
Telenor ASA
 
1,114,016
11,383,537
TOTAL NORWAY
 
 
146,723,115
Peru - 0.0%
 
 
 
Compania de Minas Buenaventura SAA sponsored ADR
 
350,672
2,840,443
Credicorp Ltd. (United States)
 
109,208
13,646,632
TOTAL PERU
 
 
16,487,075
Philippines - 0.2%
 
 
 
Aboitiz Equity Ventures, Inc.
 
2,572,600
2,072,011
Ayala Corp.
 
449,135
4,790,647
Ayala Land, Inc.
 
10,406,070
5,108,168
Bank of the Philippine Islands (BPI)
 
3,094,360
5,473,163
BDO Unibank, Inc.
 
3,665,889
8,232,234
International Container Terminal Services, Inc.
 
1,564,340
5,529,341
JG Summit Holdings, Inc.
 
4,159,565
2,691,656
Jollibee Food Corp.
 
682,290
2,460,486
Manila Electric Co.
 
431,690
2,695,914
Metropolitan Bank & Trust Co.
 
2,731,311
2,512,561
PLDT, Inc.
 
115,060
2,452,773
SM Investments Corp.
 
377,575
5,323,714
SM Prime Holdings, Inc.
 
15,615,175
8,242,066
Universal Robina Corp.
 
1,337,310
2,571,993
TOTAL PHILIPPINES
 
 
60,156,727
Poland - 0.3%
 
 
 
Allegro.eu SA (a)(c)
 
737,136
5,276,445
Bank Polska Kasa Opieki SA
 
285,586
8,658,333
Budimex SA
 
19,809
2,210,380
CD Projekt RED SA
 
100,840
2,513,788
Cyfrowy Polsat SA
 
395,100
1,230,217
Dino Polska SA (a)(c)
 
76,255
7,214,448
KGHM Polska Miedz SA (Bearer)
 
217,816
5,804,738
LPP SA
 
1,731
5,572,669
mBank SA (a)
 
23,035
2,842,700
Orlen SA
 
927,686
14,646,341
PGE Polska Grupa Energetyczna SA (a)
 
1,398,669
2,423,401
Powszechna Kasa Oszczednosci Bank SA (a)
 
1,432,320
14,799,104
Powszechny Zaklad Ubezpieczen SA
 
938,904
10,612,699
Santander Bank Polska SA (a)
 
55,614
6,026,099
TOTAL POLAND
 
 
89,831,362
Portugal - 0.1%
 
 
 
Banco Espirito Santo SA (Reg.) (a)(d)
 
319,729
3
Energias de Portugal SA
 
4,993,517
20,976,052
Galp Energia SGPS SA Class B
 
775,633
11,662,108
Jeronimo Martins SGPS SA
 
449,549
10,360,045
TOTAL PORTUGAL
 
 
42,998,208
Qatar - 0.2%
 
 
 
Barwa Real Estate Co. (a)
 
3,280,844
2,279,741
Dukhan Bank
 
2,883,960
2,872,079
Industries Qatar QSC (a)
 
2,352,725
7,896,265
Masraf al Rayan
 
8,666,490
4,998,525
Mesaieed Petrochemical Holding Co. (a)
 
6,865,821
2,998,257
Ooredoo QSC
 
1,245,874
3,384,151
Qatar Electricity & Water Co. (a)
 
689,790
3,133,515
Qatar Fuel Co. (a)
 
920,855
3,755,753
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
3,949,670
3,818,412
Qatar International Islamic Bank QSC (a)
 
1,545,172
3,925,526
Qatar Islamic Bank
 
2,623,016
12,535,149
Qatar National Bank SAQ
 
7,335,441
29,998,549
The Commercial Bank of Qatar (a)
 
5,021,587
7,069,666
TOTAL QATAR
 
 
88,665,588
Romania - 0.0%
 
 
 
NEPI Rockcastle PLC
 
818,914
4,422,905
Russia - 0.0%
 
 
 
Alrosa Co. Ltd. (d)
 
3,102,770
516,315
Gazprom OAO (d)
 
12,146,244
1,271,291
Gazprom OAO sponsored ADR (Reg. S) (a)(d)
 
1,078,053
246,270
Inter Rao Ues JSC (d)
 
42,112,900
232,235
LUKOIL PJSC (d)
 
451,803
139,877
LUKOIL PJSC sponsored ADR (a)(d)
 
52,271
14,787
MMC Norilsk Nickel PJSC (a)(d)
 
66,556
442,743
MMC Norilsk Nickel PJSC sponsored ADR (a)(d)
 
85,403
204,967
Mobile TeleSystems OJSC sponsored ADR (a)(d)
 
504,110
502,089
Moscow Exchange MICEX-RTS OAO (d)
 
1,699,470
326,765
Novatek PJSC GDR (Reg. S) (a)(d)
 
110,438
5,742,776
Novolipetsk Steel OJSC (a)(d)
 
1,805,640
17,339
Ozon Holdings PLC ADR (a)(d)
 
62,559
131,095
PhosAgro PJSC:
 
 
 
 GDR (Reg. S) (a)(d)
 
158,247
3,246
 sponsored GDR (Reg. S) (a)(d)
 
1,019
21
Polyus PJSC (a)(d)
 
41,353
97,270
Rosneft Oil Co. OJSC (d)
 
1,187,356
198,620
Rosneft Oil Co. OJSC GDR (Reg. S) (a)(d)
 
214,392
50,693
Sberbank of Russia (d)
 
13,066,303
80,356
Severstal PAO (a)(d)
 
245,384
5,480
Severstal PAO GDR (Reg. S) (a)(d)
 
10,278
243
Surgutneftegas OJSC (d)
 
6,111,900
74,806
Surgutneftegas OJSC sponsored ADR (a)(d)
 
214,357
39,585
Tatneft PAO (d)
 
1,520,327
189,142
Tatneft PAO sponsored ADR (a)(d)
 
24,387
22,517
TCS Group Holding PLC GDR (a)(d)
 
142,667
181,712
United Co. RUSAL International PJSC (d)
 
3,455,150
416,507
VK Co. Ltd. GDR (Reg. S) (a)(d)
 
120,267
35,738
VTB Bank OJSC (a)(d)
 
4,133,678,016
157,969
X5 Retail Group NV GDR (Reg. S) (a)(d)
 
152,037
35,878
Yandex NV Class A (a)(d)
 
371,380
1,386,893
TOTAL RUSSIA
 
 
12,765,225
Saudi Arabia - 1.1%
 
 
 
ACWA Power Co.
 
147,667
8,934,963
Advanced Petrochemicals Co.
 
202,799
2,016,314
Al Rajhi Bank
 
3,102,647
55,493,020
Alinma Bank
 
1,580,583
13,861,067
Almarai Co. Ltd.
 
387,928
5,780,247
Arab National Bank
 
1,048,517
6,640,570
Arabian Internet and Communications Services Co. Ltd.
 
37,234
3,104,487
Bank Al-Jazira (a)
 
623,646
2,719,599
Bank Albilad
 
762,410
7,559,882
Banque Saudi Fransi
 
917,625
8,768,754
Bupa Arabia for Cooperative Insurance Co.
 
116,559
6,617,728
Dallah Healthcare Co.
 
53,071
2,093,642
Dar Al Arkan Real Estate Development Co. (a)
 
821,618
3,306,971
Dr Sulaiman Al Habib Medical Services Group Co.
 
136,040
9,137,989
Elm Co.
 
37,299
6,971,441
Etihad Etisalat Co.
 
583,747
7,173,136
Jarir Marketing Co.
 
909,473
3,510,281
Luberef
 
81,294
2,795,321
Mobile Telecommunications Co. Saudi Arabia
 
684,924
2,519,445
Mouwasat Medical Services Co.
 
152,340
4,060,667
Nahdi Medical Co.
 
60,653
2,292,514
National Industrialization Co. (a)
 
506,912
1,570,081
Power & Water Utility Co. for Jubail & Yanbu
 
116,986
1,696,353
Rabigh Refining & Petrochemical Co. (a)
 
661,584
1,777,579
Riyad Bank
 
2,349,175
16,625,066
Sabic Agriculture-Nutrients Co.
 
378,350
13,493,771
Sahara International Petrochemical Co.
 
562,208
4,832,927
Saudi Arabian Mining Co.
 
2,067,486
19,839,401
Saudi Arabian Oil Co. (c)
 
4,168,694
37,002,215
Saudi Awwal Bank
 
1,616,437
14,412,469
Saudi Basic Industries Corp.
 
1,432,244
29,396,201
Saudi Electricity Co.
 
1,285,720
6,100,281
Saudi Industrial Investment Group
 
582,667
3,721,266
Saudi Investment Bank/The
 
758,127
2,970,590
Saudi Kayan Petrochemical Co. (a)
 
1,140,426
3,216,150
Saudi Research & Marketing Group (a)
 
55,753
2,095,419
Saudi Tadawul Group Holding Co.
 
74,631
3,306,235
Saudi Telecom Co.
 
3,189,253
32,644,023
The Co. for Cooperative Insurance
 
119,909
3,861,021
The Saudi National Bank
 
4,663,551
41,705,442
The Savola Group
 
405,641
3,935,743
Yanbu National Petrochemical Co.
 
429,029
4,328,486
TOTAL SAUDI ARABIA
 
 
413,888,757
Singapore - 1.0%
 
 
 
CapitaLand Ascendas REIT
 
5,815,215
11,049,170
CapitaLand Investment Ltd.
 
4,055,099
8,707,045
CapitaMall Trust
 
8,286,039
10,649,390
City Developments Ltd.
 
772,145
3,564,077
DBS Group Holdings Ltd.
 
2,867,483
68,886,497
Genting Singapore Ltd.
 
9,408,823
5,911,145
Grab Holdings Ltd. (a)(b)
 
2,913,671
8,944,970
Jardine Cycle & Carriage Ltd.
 
153,800
3,168,247
Keppel (REIT) (e)
 
473,431
274,904
Keppel Corp. Ltd.
 
2,367,157
10,745,347
Mapletree Logistics Trust (REIT)
 
5,391,933
5,790,126
Mapletree Pan Asia Commercial Trust
 
3,678,689
3,575,340
Oversea-Chinese Banking Corp. Ltd.
 
5,381,291
49,890,574
Sea Ltd. ADR (a)
 
579,941
24,183,540
Seatrium Ltd. (a)
 
69,011,886
5,652,010
Sembcorp Industries Ltd.
 
1,394,400
4,678,083
Singapore Airlines Ltd.
 
2,420,939
10,810,124
Singapore Exchange Ltd.
 
1,339,890
9,276,947
Singapore Technologies Engineering Ltd.
 
2,450,397
6,726,971
Singapore Telecommunications Ltd.
 
13,302,918
23,116,134
STMicroelectronics NV (France)
 
1,081,055
41,209,934
United Overseas Bank Ltd.
 
2,009,315
39,633,137
UOL Group Ltd.
 
721,249
3,106,300
TOTAL SINGAPORE
 
 
359,550,012
South Africa - 0.9%
 
 
 
Absa Group Ltd.
 
1,365,935
12,453,370
African Rainbow Minerals Ltd.
 
175,974
1,450,092
Anglo American Platinum Ltd.
 
103,214
3,448,543
Anglo American PLC (United Kingdom)
 
2,010,150
51,217,840
Aspen Pharmacare Holdings Ltd.
 
590,916
5,367,467
Bid Corp. Ltd.
 
535,935
11,369,730
Bidvest Group Ltd./The
 
448,862
6,353,550
Capitec Bank Holdings Ltd. (b)
 
138,753
12,320,373
Clicks Group Ltd.
 
376,817
5,552,731
Discovery Ltd.
 
832,078
5,740,501
Exxaro Resources Ltd.
 
375,608
3,767,870
FirstRand Ltd.
 
7,977,610
26,298,825
Gold Fields Ltd.
 
1,415,971
18,679,417
Growthpoint Properties Ltd. (b)
 
5,296,254
2,753,626
Harmony Gold Mining Co. Ltd.
 
864,991
3,965,871
Impala Platinum Holdings Ltd.
 
1,347,113
5,611,523
Kumba Iron Ore Ltd.
 
100,403
2,660,282
MTN Group Ltd.
 
2,699,771
13,179,083
Naspers Ltd. Class N
 
304,670
47,559,253
Nedbank Group Ltd.
 
698,439
7,516,347
Northam Platinum Holdings Ltd.
 
555,845
3,354,903
Old Mutual Ltd. (b)
 
7,564,301
4,809,495
OUTsurance Group Ltd.
 
1,307,630
2,828,901
Pepkor Holdings Ltd. (c)
 
3,119,738
2,845,636
Remgro Ltd.
 
863,984
6,679,158
Sanlam Ltd.
 
2,827,594
9,917,630
Sasol Ltd.
 
914,798
11,562,808
Shoprite Holdings Ltd.
 
804,634
10,310,972
Sibanye-Stillwater Ltd.
 
4,405,535
5,619,489
Standard Bank Group Ltd.
 
2,122,051
20,823,711
Thungela Resources Ltd.
 
1
9
Vodacom Group Ltd.
 
965,613
5,256,665
Woolworths Holdings Ltd.
 
1,479,255
5,507,472
TOTAL SOUTH AFRICA
 
 
336,783,143
Spain - 1.6%
 
 
 
Acciona SA
 
38,345
4,828,168
ACS Actividades de Construccion y Servicios SA
 
356,696
12,896,443
Aena SME SA (c)
 
119,621
17,308,581
Amadeus IT Holding SA Class A
 
710,699
40,472,135
Banco Bilbao Vizcaya Argentaria SA
 
9,417,666
74,090,988
Banco Santander SA (Spain) (b)
 
25,559,369
93,735,780
Banco Santander SA (Spain) sponsored ADR
 
64
232
CaixaBank SA
 
6,527,999
26,539,849
Cellnex Telecom SA (c)
 
895,197
26,315,309
Corp. ACCIONA Energias Renovables SA
 
106,698
2,887,909
EDP Renovaveis SA
 
477,728
7,678,302
Enagas SA (b)
 
382,891
6,399,138
Endesa SA
 
507,184
9,533,612
Grifols SA (a)
 
463,239
5,188,271
Iberdrola SA
 
9,614,586
106,933,596
Industria de Diseno Textil SA (b)
 
1,723,642
59,364,221
Naturgy Energy Group SA (b)
 
192,356
5,434,301
Redeia Corp. SA
 
627,637
9,765,630
Repsol SA
 
2,040,348
29,846,685
Telefonica SA
 
8,202,953
31,685,047
TOTAL SPAIN
 
 
570,904,197
Sweden - 1.7%
 
 
 
Alfa Laval AB
 
458,452
14,810,171
ASSA ABLOY AB (B Shares)
 
1,574,143
33,552,978
Atlas Copco AB:
 
 
 
 (A Shares) (b)
 
4,346,814
56,286,989
 (B Shares) (b)
 
2,334,735
26,155,424
Beijer Ref AB (B Shares) (b)
 
588,785
5,575,351
Boliden AB
 
434,957
11,134,559
Epiroc AB:
 
 
 
 (A Shares)
 
1,060,644
17,473,814
 (B Shares)
 
593,812
8,229,620
EQT AB (b)
 
567,823
10,321,326
Ericsson (B Shares) (b)
 
4,650,196
20,831,623
Essity AB (B Shares)
 
965,098
21,986,609
Evolution AB (c)
 
289,701
25,742,953
Fastighets AB Balder (a)
 
1,002,948
4,240,029
Getinge AB (B Shares)
 
354,411
6,362,758
H&M Hennes & Mauritz AB (B Shares) (b)
 
1,009,426
13,501,275
Hexagon AB (B Shares)
 
3,290,894
26,819,591
Holmen AB (B Shares)
 
147,855
5,572,486
Husqvarna AB (B Shares) (b)
 
610,384
3,942,565
Industrivarden AB:
 
 
 
 (A Shares)
 
186,202
4,807,494
 (C Shares)
 
248,375
6,390,470
Indutrade AB
 
419,503
7,409,217
Investment AB Latour (B Shares)
 
232,798
4,019,889
Investor AB:
 
 
 
 (A Shares)
 
674,957
12,256,609
 (B Shares)
 
2,149,939
39,368,376
L E Lundbergforetagen AB
 
119,693
4,875,669
Lifco AB
 
360,339
6,578,940
Nibe Industrier AB (B Shares) (b)
 
2,404,118
13,822,798
Saab AB (B Shares)
 
123,636
6,335,508
Sagax AB
 
302,732
5,464,795
Sandvik AB
 
1,682,218
28,653,250
Securitas AB (B Shares)
 
754,175
6,030,724
Skandinaviska Enskilda Banken AB (A Shares)
 
2,491,617
27,745,521
Skanska AB (B Shares)
 
531,138
7,962,942
SKF AB (B Shares)
 
545,530
8,801,827
Svenska Cellulosa AB SCA (B Shares)
 
969,471
13,283,875
Svenska Handelsbanken AB (A Shares)
 
2,299,791
19,607,319
Swedbank AB (A Shares)
 
1,339,251
21,926,022
Swedish Orphan Biovitrum AB (a)
 
339,941
6,986,142
Tele2 AB (B Shares)
 
846,211
5,999,502
Telia Co. AB (b)
 
3,842,917
8,146,781
Volvo AB:
 
 
 
 (A Shares)
 
302,905
6,062,198
 (B Shares)
 
2,386,207
47,221,992
Volvo Car AB (a)(b)
 
921,020
3,160,980
TOTAL SWEDEN
 
 
635,458,961
Switzerland - 3.8%
 
 
 
ABB Ltd. (Reg.)
 
2,526,805
84,894,884
Adecco SA (Reg.)
 
258,187
9,718,378
Alcon, Inc. (Switzerland)
 
789,022
56,224,269
Avolta AG (a)
 
149,084
5,197,003
Bachem Holding AG (B Shares)
 
51,785
3,734,509
Baloise Holdings AG
 
73,673
10,544,962
Banque Cantonale Vaudoise (b)
 
46,616
5,257,848
Barry Callebaut AG
 
5,842
8,830,594
BKW AG
 
32,537
5,458,304
Clariant AG (Reg.)
 
344,307
4,871,358
Compagnie Financiere Richemont SA Series A
 
824,680
97,292,049
DSM-Firmenich AG
 
294,899
26,706,873
Ems-Chemie Holding AG (b)
 
10,944
7,459,221
Geberit AG (Reg.)
 
52,644
24,410,751
Givaudan SA
 
14,625
48,554,389
Helvetia Holding AG (Reg.)
 
57,547
7,705,408
Julius Baer Group Ltd.
 
328,245
19,452,357
Kuehne & Nagel International AG
 
86,621
23,282,399
Lindt & Spruengli AG
 
161
17,522,124
Lindt & Spruengli AG (participation certificate)
 
1,600
17,677,129
Logitech International SA (Reg.)
 
260,801
20,401,912
Lonza Group AG
 
117,734
41,230,916
Novartis AG
 
3,236,872
303,034,556
Partners Group Holding AG
 
35,934
37,796,571
Sandoz Group AG (b)
 
647,374
16,831,083
Schindler Holding AG:
 
 
 
 (participation certificate)
 
63,722
12,833,365
 (Reg.)
 
38,138
7,399,942
SGS SA (Reg.)
 
238,347
19,384,281
Sig Group AG (b)
 
490,185
10,772,053
Sika AG
 
231,597
55,222,766
Sonova Holding AG
 
82,553
19,466,409
Straumann Holding AG
 
177,486
20,867,507
Swatch Group AG (Bearer)
 
48,542
12,390,977
Swatch Group AG (Bearer) (Reg.)
 
70,669
3,410,509
Swiss Life Holding AG
 
47,339
30,277,393
Swiss Prime Site AG
 
122,731
11,387,343
Swisscom AG
 
40,738
24,362,636
Temenos Group AG
 
98,417
7,047,637
UBS Group AG
 
5,194,714
121,180,488
UBS Group AG
 
657
15,413
VAT Group AG (c)
 
42,921
15,131,935
Zurich Insurance Group Ltd.
 
236,434
111,920,497
TOTAL SWITZERLAND
 
 
1,387,160,998
Taiwan - 4.1%
 
 
 
Accton Technology Corp.
 
784,000
12,138,154
Acer, Inc.
 
4,563,060
4,818,918
Advantech Co. Ltd.
 
730,303
7,494,246
ASE Technology Holding Co. Ltd.
 
4,878,943
17,067,932
Asia Cement Corp.
 
3,656,785
4,512,194
ASUSTeK Computer, Inc.
 
1,129,422
11,833,019
AUO Corp.
 
10,157,600
4,912,949
Catcher Technology Co. Ltd.
 
980,000
5,493,464
Cathay Financial Holding Co. Ltd.
 
15,197,184
20,607,458
Chailease Holding Co. Ltd.
 
2,455,727
13,310,954
Chang Hwa Commercial Bank
 
8,558,350
4,530,536
Cheng Shin Rubber Industry Co. Ltd.
 
3,006,513
4,105,366
China Airlines Ltd.
 
4,472,000
2,678,703
China Development Financial Ho (a)
 
24,797,457
8,661,492
China Steel Corp.
 
18,924,421
14,107,763
Chunghwa Picture Tubes, Ltd. (a)(d)
 
551
0
Chunghwa Telecom Co. Ltd.
 
6,055,400
21,640,717
Compal Electronics, Inc.
 
6,496,394
5,646,441
CTBC Financial Holding Co. Ltd.
 
28,274,255
21,277,036
Delta Electronics, Inc.
 
3,101,383
27,927,800
E Ink Holdings, Inc.
 
1,331,000
6,920,026
E.SUN Financial Holdings Co. Ltd.
 
22,663,272
16,686,329
ECLAT Textile Co. Ltd.
 
299,420
4,761,971
eMemory Technology, Inc.
 
101,000
6,322,923
EVA Airways Corp.
 
4,016,000
3,403,003
Evergreen Marine Corp. (Taiwan)
 
1,617,221
5,377,608
Far Eastern New Century Corp.
 
4,656,032
4,238,902
Far EasTone Telecommunications Co. Ltd.
 
2,496,000
5,842,191
Feng Tay Enterprise Co. Ltd.
 
762,710
4,208,305
First Financial Holding Co. Ltd.
 
17,559,419
14,039,286
Formosa Chemicals & Fibre Corp.
 
5,467,620
10,279,271
Formosa Petrochemical Corp.
 
1,735,000
4,235,403
Formosa Plastics Corp.
 
6,162,640
14,644,535
Fubon Financial Holding Co. Ltd.
 
12,418,311
23,075,241
Giant Manufacturing Co. Ltd.
 
493,272
2,492,344
Gigabyte Technology Co. Ltd.
 
790,000
5,363,080
Global Unichip Corp.
 
135,000
6,028,912
GlobalWafers Co. Ltd.
 
338,000
4,964,743
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
19,765,593
58,949,210
Hotai Motor Co. Ltd.
 
475,180
8,859,620
Hua Nan Financial Holdings Co. Ltd.
 
13,791,634
8,642,402
Innolux Corp.
 
13,356,597
5,031,121
Inventec Corp.
 
4,176,209
5,227,778
Largan Precision Co. Ltd.
 
156,000
9,983,614
Lite-On Technology Corp.
 
3,223,053
10,027,286
MediaTek, Inc.
 
2,403,989
62,694,257
Mega Financial Holding Co. Ltd.
 
18,048,846
20,464,872
Micro-Star International Co. Ltd.
 
1,112,000
5,688,313
momo.com, Inc.
 
129,360
2,131,041
Nan Ya Plastics Corp.
 
7,601,980
14,533,838
Nan Ya Printed Circuit Board Corp.
 
352,000
2,581,726
Nanya Technology Corp.
 
1,923,000
3,852,222
Nien Made Enterprise Co. Ltd.
 
272,000
2,404,624
Novatek Microelectronics Corp.
 
924,000
13,002,738
Pegatron Corp.
 
3,098,652
7,225,516
PharmaEssentia Corp. (a)
 
370,000
3,679,229
Pou Chen Corp.
 
3,360,240
2,992,886
Powerchip Semiconductor Manufacturing Corp.
 
4,725,554
3,884,343
President Chain Store Corp.
 
885,000
7,034,179
Quanta Computer, Inc.
 
4,285,000
25,280,467
Realtek Semiconductor Corp.
 
757,744
9,436,394
Ruentex Development Co. Ltd.
 
2,430,661
2,435,777
Shin Kong Financial Holding Co. Ltd. (a)
 
20,582,616
5,525,223
Sinopac Financial Holdings Co.
 
16,352,301
9,011,610
Synnex Technology International Corp.
 
1,941,920
4,118,176
Taishin Financial Holdings Co. Ltd.
 
17,420,737
9,284,486
Taiwan Business Bank
 
9,618,432
3,789,287
Taiwan Cement Corp.
 
10,429,302
10,383,927
Taiwan Cooperative Financial Holding Co. Ltd.
 
16,384,294
12,713,703
Taiwan High Speed Rail Corp.
 
3,034,000
2,752,572
Taiwan Mobile Co. Ltd.
 
2,673,400
7,894,528
Taiwan Semiconductor Manufacturing Co. Ltd.
 
38,914,000
635,074,125
The Shanghai Commercial & Savings Bank Ltd.
 
5,980,811
7,918,421
Uni-President Enterprises Corp.
 
7,788,620
16,327,538
Unimicron Technology Corp.
 
2,197,000
9,790,886
United Microelectronics Corp.
 
17,902,000
25,725,292
Vanguard International Semiconductor Corp.
 
1,397,000
3,031,560
Voltronic Power Technology Corp.
 
102,000
4,087,450
Walsin Lihwa Corp.
 
4,374,600
4,652,226
Wan Hai Lines Ltd.
 
1,097,050
1,566,765
Winbond Electronics Corp.
 
4,626,000
3,582,029
Winbond Electronics Corp. rights 11/3/23 (a)
 
185,969
16,901
Wistron Corp.
 
4,148,000
11,557,794
Wiwynn Corp.
 
136,000
6,439,145
WPG Holding Co. Ltd.
 
2,546,378
5,630,355
Yageo Corp.
 
524,909
8,551,286
Yang Ming Marine Transport Corp.
 
2,700,000
3,516,413
Yuanta Financial Holding Co. Ltd.
 
16,369,195
12,288,984
Zhen Ding Technology Holding Ltd.
 
1,027,230
3,103,374
TOTAL TAIWAN
 
 
1,480,026,724
Thailand - 0.5%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
834,600
5,083,564
Advanced Information Service PCL NVDR
 
1,156,100
7,041,826
Airports of Thailand PCL:
 
 
 
 (For. Reg.) (a)
 
2,874,900
5,308,051
 NVDR (a)
 
3,766,200
6,953,697
Asset World Corp. PCL:
 
 
 
 (For. Reg.)
 
7,773,300
743,841
 NVDR
 
6,688,800
640,063
B. Grimm Power PCL:
 
 
 
 (For. Reg.)
 
718,200
439,358
 NVDR
 
423,100
258,831
Bangkok Dusit Medical Services PCL:
 
 
 
 (For. Reg.)
 
8,118,600
5,951,626
 NVDR
 
9,183,400
6,732,215
Bangkok Expressway and Metro PCL:
 
 
 
 (For. Reg.)
 
5,767,300
1,259,945
 NVDR
 
6,120,100
1,337,019
Banpu PCL NVDR
 
11,540,100
2,425,881
Berli Jucker PCL:
 
 
 
 (For. Reg.)
 
600,400
469,726
 NVDR
 
937,500
733,458
BTS Group Holdings PCL:
 
 
 
 (For. Reg.)
 
3,939,900
819,435
 NVDR
 
8,119,300
1,674,176
Bumrungrad Hospital PCL:
 
 
 
 (For. Reg.)
 
333,600
2,397,753
 NVDR
 
664,900
4,778,974
Central Pattana PCL:
 
 
 
 (For. Reg.)
 
1,878,700
3,250,183
 NVDR
 
1,253,900
2,169,268
Central Retail Corp. PCL:
 
 
 
 (For. Reg.)
 
1,222,150
1,243,013
 NVDR
 
1,579,300
1,606,259
Charoen Pokphand Foods PCL:
 
 
 
 (For. Reg.)
 
3,517,640
1,819,701
 NVDR
 
2,490,400
1,288,302
CP ALL PCL:
 
 
 
 (For. Reg.)
 
4,316,600
6,597,344
 NVDR
 
5,316,800
8,126,015
CP Axtra PCL NVDR
 
3,268,200
2,555,384
Delta Electronics PCL:
 
 
 
 (For. Reg.)
 
2,269,000
4,959,738
 NVDR
 
2,684,200
5,867,884
Electricity Generating PCL:
 
 
 
 (For. Reg.)
 
176,400
595,487
 NVDR
 
202,800
684,608
Energy Absolute PCL:
 
 
 
 (For. Reg.)
 
1,264,600
1,469,967
 NVDR
 
1,344,400
1,562,726
Global Power Synergy Public Co. Ltd.:
 
 
 
 (For. Reg.)
 
472,100
509,667
 NVDR
 
783,200
845,523
Gulf Energy Development PCL:
 
 
 
 (For. Reg.)
 
1,254,900
1,501,962
 NVDR
 
3,273,100
3,917,500
Home Product Center PCL:
 
 
 
 (For. Reg.)
 
4,757,447
1,566,392
 NVDR
 
4,300,100
1,415,810
Indorama Ventures PCL NVDR
 
2,593,300
1,699,224
Intouch Holdings PCL:
 
 
 
 (For. Reg.)
 
737,800
1,449,289
 NVDR
 
736,100
1,445,950
Kasikornbank PCL NVDR
 
910,600
3,311,864
Krung Thai Bank PCL:
 
 
 
 (For. Reg.)
 
1,971,475
1,025,110
 NVDR
 
3,607,800
1,875,951
Krungthai Card PCL:
 
 
 
 (For. Reg.)
 
402,600
487,389
 NVDR
 
1,184,500
1,433,958
Land & House PCL:
 
 
 
 (For. Reg.)
 
7,055,500
1,473,916
 NVDR
 
7,750,000
1,619,000
Minor International PCL:
 
 
 
 (For. Reg.)
 
2,307,541
1,788,273
 NVDR
 
2,760,082
2,138,978
Muangthai Leasing PCL:
 
 
 
 (For. Reg.)
 
559,091
564,653
 NVDR
 
617,000
623,139
Osotspa PCL:
 
 
 
 (For. Reg.)
 
496,400
322,814
 NVDR
 
1,539,000
1,000,828
PTT Exploration and Production PCL:
 
 
 
 (For. Reg.)
 
1,205,451
5,474,627
 NVDR
 
930,200
4,224,558
PTT Global Chemical PCL:
 
 
 
 (For. Reg.)
 
1,977,086
1,888,336
 NVDR
 
1,504,100
1,436,582
PTT Oil & Retail Business PCL NVDR
 
4,593,200
2,326,057
PTT PCL:
 
 
 
 (For. Reg.)
 
7,492,700
6,896,824
 NVDR
 
8,003,800
7,367,277
Ratch Group PCL:
 
 
 
 (For. Reg.)
 
514,200
458,781
 NVDR unit
 
1,166,300
1,040,599
SCB X PCL:
 
 
 
 (For. Reg.)
 
291,200
793,979
 NVDR
 
1,002,100
2,732,302
SCG Packaging PCL NVDR
 
1,999,600
1,992,485
Siam Cement PCL:
 
 
 
 (For. Reg.)
 
548,850
4,372,285
 NVDR
 
655,800
5,224,277
Thai Oil PCL:
 
 
 
 (For. Reg.)
 
934,645
1,216,962
 NVDR
 
880,054
1,145,882
TMBThanachart Bank PCL NVDR
 
37,021,300
1,710,272
True Corp. PCL
 
9,429,253
1,581,418
True Corp. PCL NVDR
 
4,882,205
818,814
TOTAL THAILAND
 
 
183,564,825
Turkey - 0.2%
 
 
 
Akbank TAS
 
4,832,862
5,027,538
Aselsan A/S
 
2,195,754
3,205,327
Bim Birlesik Magazalar A/S JSC
 
705,676
6,777,859
Eregli Demir ve Celik Fabrikalari T.A.S. (a)
 
2,134,301
2,853,347
Ford Otomotiv Sanayi A/S
 
109,011
3,026,752
Haci Omer Sabanci Holding A/S
 
1,643,664
3,105,168
Hektas Ticaret A/S (a)
 
1,736,311
1,343,960
Koc Holding A/S
 
1,174,203
5,672,148
Koza Altin Isletmeleri A/S
 
1,528,428
1,185,211
Pegasus Hava Tasimaciligi A/S (a)
 
78,297
1,949,182
Sasa Polyester Sanayi A/S
 
1,634,967
2,468,681
Tofas Turk Otomobil Fabrikasi A/S
 
189,523
1,610,854
Turk Hava Yollari AO (a)
 
851,181
6,531,304
Turkcell Iletisim Hizmet A/S
 
1,856,995
3,147,533
Turkiye Is Bankasi A/S Series C
 
5,419,941
4,015,303
Turkiye Petrol Rafinerileri A/S
 
1,495,832
7,495,204
Turkiye Sise ve Cam Fabrikalari A/S
 
2,101,495
3,512,973
Yapi ve Kredi Bankasi A/S
 
5,220,042
3,177,822
TOTAL TURKEY
 
 
66,106,166
United Arab Emirates - 0.4%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
4,548,815
9,944,728
Abu Dhabi Islamic Bank (a)
 
2,256,222
6,327,004
Abu Dhabi National Oil Co. for Distribution PJSC
 
4,834,374
4,422,406
Aldar Properties PJSC
 
5,988,264
8,477,804
Americana Restaurants International PLC
 
3,932,347
3,961,253
Dubai Islamic Bank Pakistan Ltd.
 
4,525,184
6,652,871
Emaar Properties PJSC
 
10,717,055
19,520,038
Emirates NBD Bank PJSC
 
3,116,385
14,381,357
Emirates Telecommunications Corp.
 
5,507,620
27,680,551
First Abu Dhabi Bank PJSC
 
7,013,906
24,213,539
Multiply Group (a)
 
6,074,844
5,623,324
NMC Health PLC (a)(d)
 
75,611
15
TOTAL UNITED ARAB EMIRATES
 
 
131,204,890
United Kingdom - 7.0%
 
 
 
3i Group PLC
 
1,535,890
36,212,585
Abrdn PLC
 
3,055,112
5,816,941
Admiral Group PLC
 
328,820
9,763,798
AngloGold Ashanti PLC
 
667,302
12,334,570
Ashtead Group PLC
 
691,080
39,512,339
Associated British Foods PLC
 
544,928
13,418,861
AstraZeneca PLC (United Kingdom)
 
2,448,210
306,525,078
Auto Trader Group PLC (c)
 
1,474,648
11,154,612
Aviva PLC
 
4,299,799
20,826,381
BAE Systems PLC
 
4,821,753
64,835,133
Barclays PLC
 
24,577,207
39,447,590
Barratt Developments PLC
 
1,586,333
7,980,441
Berkeley Group Holdings PLC
 
169,024
8,291,567
BP PLC
 
25,864,800
157,930,977
BP PLC sponsored ADR
 
266,305
9,741,437
British American Tobacco PLC (United Kingdom)
 
3,353,264
100,170,202
BT Group PLC
 
10,569,947
14,485,265
Bunzl PLC
 
532,690
18,983,470
Burberry Group PLC
 
599,920
12,337,603
Centrica PLC
 
8,822,522
16,867,805
CK Hutchison Holdings Ltd.
 
4,270,723
21,619,622
CNH Industrial NV (b)
 
1,618,887
17,925,962
Coca-Cola European Partners PLC
 
326,145
19,082,744
Compass Group PLC
 
2,733,082
68,904,786
Croda International PLC
 
222,764
11,853,807
DCC PLC (United Kingdom)
 
158,663
8,803,463
Diageo PLC
 
3,541,910
133,940,957
Entain PLC
 
1,017,283
11,503,992
Halma PLC
 
607,898
13,632,145
Hargreaves Lansdown PLC
 
547,446
4,701,669
HSBC Holdings PLC (United Kingdom)
 
31,164,489
225,020,870
Imperial Brands PLC
 
1,370,643
29,200,440
Informa PLC
 
2,234,234
19,324,208
InterContinental Hotel Group PLC
 
267,480
18,954,318
Intertek Group PLC
 
258,541
12,013,535
J Sainsbury PLC
 
2,579,867
8,068,154
JD Sports Fashion PLC
 
3,999,380
6,197,834
Johnson Matthey PLC
 
285,558
5,185,397
Kingfisher PLC
 
2,958,378
7,554,273
Land Securities Group PLC
 
1,172,603
8,109,617
Legal & General Group PLC
 
9,477,987
24,353,321
Lloyds Banking Group PLC
 
101,556,493
49,427,544
London Stock Exchange Group PLC
 
669,396
67,538,773
M&G PLC
 
3,689,109
8,887,144
Melrose Industries PLC
 
2,155,681
12,235,972
National Grid PLC
 
5,798,709
69,137,875
NatWest Group PLC
 
9,204,369
20,027,025
Next PLC
 
188,831
15,799,788
Ocado Group PLC (a)
 
899,678
5,088,119
Pearson PLC
 
733,970
8,496,243
Pearson PLC sponsored ADR (b)
 
294,486
3,398,368
Pepco Group NV (a)
 
257,873
1,043,847
Persimmon PLC
 
491,875
6,074,151
Phoenix Group Holdings PLC
 
1,161,082
6,404,194
Reckitt Benckiser Group PLC
 
1,129,928
75,600,049
RELX PLC (London Stock Exchange)
 
2,986,922
104,326,362
Rentokil Initial PLC
 
3,987,044
20,303,985
Rolls-Royce Holdings PLC (a)
 
13,323,668
35,070,913
Sage Group PLC
 
1,626,471
19,187,735
Schroders PLC
 
1,250,448
5,612,832
Segro PLC
 
1,865,704
16,163,951
Severn Trent PLC
 
408,459
13,186,017
Smith & Nephew PLC
 
1,387,346
15,525,975
Smiths Group PLC
 
558,469
10,952,295
Spirax-Sarco Engineering PLC
 
117,427
11,692,167
SSE PLC
 
1,729,360
34,324,853
St. James's Place PLC
 
852,006
6,623,510
Standard Chartered PLC (United Kingdom)
 
3,743,716
28,666,888
Taylor Wimpey PLC
 
5,478,856
7,378,477
Tesco PLC
 
11,276,456
37,004,394
Unilever PLC
 
3,961,721
187,629,818
United Utilities Group PLC
 
1,101,487
14,246,156
Vodafone Group PLC
 
34,578,252
31,830,647
Vodafone Group PLC sponsored ADR
 
183,947
1,699,670
Whitbread PLC
 
312,381
12,635,866
Wise PLC (a)
 
953,586
7,714,544
WPP PLC
 
1,721,910
14,827,765
TOTAL UNITED KINGDOM
 
 
2,568,351,681
United States of America - 4.5%
 
 
 
Brookfield Renewable Corp.
 
207,853
4,728,871
BRP, Inc.
 
56,564
3,823,143
CRH PLC
 
1,142,789
61,407,818
CSL Ltd.
 
762,775
112,732,140
CyberArk Software Ltd. (a)
 
67,151
10,988,590
Experian PLC
 
1,453,349
44,002,843
Ferrovial SE
 
798,895
24,040,639
Ferrovial SE rights (a)(b)(e)
 
798,895
361,455
GSK PLC
 
6,468,750
115,316,947
Haleon PLC
 
8,754,838
35,090,183
Holcim AG
 
833,604
51,391,758
James Hardie Industries PLC CDI (a)
 
697,911
17,412,482
JBS SA
 
1,203,200
4,780,105
Legend Biotech Corp. ADR (a)
 
92,680
6,123,368
Monday.com Ltd. (a)
 
33,682
4,378,323
Nestle SA (Reg. S)
 
4,213,054
454,330,606
Parade Technologies Ltd.
 
120,000
3,931,396
QIAGEN NV (Germany) (a)
 
357,651
13,290,480
Roche Holding AG:
 
 
 
 (Bearer)
 
50,132
13,623,515
 (participation certificate)
 
1,109,647
285,966,730
Sanofi SA
 
1,794,447
162,946,949
Schneider Electric SA
 
859,064
132,173,245
Swiss Re Ltd.
 
476,096
51,877,794
Tenaris SA
 
745,172
11,700,843
TOTAL UNITED STATES OF AMERICA
 
 
1,626,420,223
Zambia - 0.0%
 
 
 
First Quantum Minerals Ltd.
 
933,810
10,821,220
 
TOTAL COMMON STOCKS
 (Cost $35,005,143,767)
 
 
 
34,639,996,147
 
 
 
 
Nonconvertible Preferred Stocks - 0.9%
 
 
Shares
Value ($)
 
Brazil - 0.4%
 
 
 
Ambev SA sponsored ADR
 
427,222
1,080,872
Banco Bradesco SA:
 
 
 
 (PN)
 
8,332,734
23,121,922
 (PN) sponsored ADR (b)
 
1,102,352
3,075,562
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)
 
475,542
3,626,636
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
2,169,554
5,051,929
Gerdau SA
 
1,792,382
7,739,407
Itau Unibanco Holding SA
 
6,827,061
36,317,107
Itau Unibanco Holding SA sponsored ADR
 
837,131
4,445,166
Itausa-Investimentos Itau SA (PN)
 
8,265,798
14,165,021
Petroleo Brasileiro SA - Petrobras:
 
 
 
 (PN) (non-vtg.)
 
6,647,240
45,802,572
 (PN) sponsored ADR (non-vtg.) (b)
 
905,983
12,529,745
 sponsored ADR
 
149,348
2,240,220
TOTAL BRAZIL
 
 
159,196,159
Chile - 0.0%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B)
 
230,503
11,151,709
Colombia - 0.0%
 
 
 
Bancolombia SA (PN)
 
754,127
4,836,966
France - 0.0%
 
 
 
Air Liquide SA (a)
 
46,389
7,948,860
Germany - 0.3%
 
 
 
Bayerische Motoren Werke AG (BMW) (non-vtg.)
 
62,243
5,278,624
Dr. Ing. h.c. F. Porsche AG Series F (c)
 
179,721
15,696,037
Henkel AG & Co. KGaA
 
270,368
19,476,080
Porsche Automobil Holding SE (Germany)
 
244,310
10,934,853
Sartorius AG (non-vtg.)
 
41,699
10,421,548
Volkswagen AG
 
325,672
34,537,750
TOTAL GERMANY
 
 
96,344,892
Korea (South) - 0.2%
 
 
 
AMOREPACIFIC Corp.
 
7,985
215,923
Hyundai Motor Co. Ltd.
 
41,134
3,033,116
Hyundai Motor Co. Ltd. Series 2
 
66,197
4,910,623
LG Chemical Ltd.
 
13,021
2,715,482
LG H & H Co. Ltd.
 
1,295
135,888
Samsung Electronics Co. Ltd.
 
1,326,911
52,898,028
TOTAL KOREA (SOUTH)
 
 
63,909,060
Russia - 0.0%
 
 
 
Surgutneftegas OJSC (d)
 
8,898,217
154,852
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $391,430,052)
 
 
 
343,542,498
 
 
 
 
Nonconvertible Bonds - 0.0%
 
 
Principal
Amount (f)
 
Value ($)
 
India - 0.0%
 
 
 
NTPC Ltd. 8.49% 3/25/25
  (Cost $46,681)
INR
233,068
29,520
 
 
 
 
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 5.42% 2/22/24 (g)
  (Cost $39,334,995)
 
40,000,000
39,332,672
 
 
 
 
Money Market Funds - 5.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (h)
 
1,204,258,069
1,204,498,921
Fidelity Securities Lending Cash Central Fund 5.40% (h)(i)
 
645,987,557
646,052,156
 
TOTAL MONEY MARKET FUNDS
 (Cost $1,850,550,947)
 
 
1,850,551,077
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.0%
 (Cost $37,286,506,442)
 
 
 
36,873,451,914
NET OTHER ASSETS (LIABILITIES) - (1.0)%  
(381,560,639)
NET ASSETS - 100.0%
36,491,891,275
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
9,789
Dec 2023
966,223,245
(39,855,997)
(39,855,997)
ICE MSCI Emerging Markets Index Contracts (United States)
9,386
Dec 2023
431,380,560
(19,635,492)
(19,635,492)
TME S&P/TSX 60 Index Contracts (Canada)
680
Dec 2023
111,310,618
(4,989,114)
(4,989,114)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(64,480,603)
The notional amount of futures purchased as a percentage of Net Assets is 4.1%
 
 
 
Currency Abbreviations
         INR
-
Indian rupee
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $809,295,048 or 2.2% of net assets.
 
(d)
Level 3 security
 
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(f)
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 $39,332,672.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
397,660,148
7,617,588,722
6,810,749,950
45,499,626
279
(278)
1,204,498,921
2.6%
Fidelity Securities Lending Cash Central Fund 5.40%
772,628,901
8,099,201,240
8,225,777,985
8,231,219
-
-
646,052,156
2.7%
Total
1,170,289,049
15,716,789,962
15,036,527,935
53,730,845
279
(278)
1,850,551,077
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
1,913,022,738
390,565,693
1,520,532,325
1,924,720
Consumer Discretionary
4,123,185,432
1,199,857,083
2,923,197,254
131,095
Consumer Staples
2,977,645,567
700,775,084
2,276,834,604
35,879
Energy
2,141,705,934
829,769,638
1,303,791,080
8,145,216
Financials
7,407,042,723
3,031,429,250
4,374,866,668
746,805
Health Care
3,342,814,175
498,942,215
2,843,871,945
15
Industrials
4,487,896,918
1,498,452,187
2,989,444,731
-
Information Technology
4,029,741,081
406,096,762
3,623,644,317
2
Materials
2,727,366,911
1,096,259,009
1,629,403,771
1,704,131
Real Estate
706,314,945
172,767,194
533,547,751
-
Utilities
1,126,802,221
436,452,564
690,117,420
232,237
 Corporate Bonds
29,520
-
29,520
-
 U.S. Government and Government Agency Obligations
39,332,672
-
39,332,672
-
  Money Market Funds
1,850,551,077
1,850,551,077
-
-
 Total Investments in Securities:
36,873,451,914
12,111,917,756
24,748,614,058
12,920,100
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(64,480,603)
(64,480,603)
-
-
  Total Liabilities
(64,480,603)
(64,480,603)
-
-
 Total Derivative Instruments:
(64,480,603)
(64,480,603)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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
(64,480,603)
Total Equity Risk
0
(64,480,603)
Total Value of Derivatives
0
(64,480,603)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $609,582,954) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $35,435,955,495)
$
35,022,900,837
 
 
Fidelity Central Funds (cost $1,850,550,947)
1,850,551,077
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $37,286,506,442)
 
 
$
36,873,451,914
Segregated cash with brokers for derivative instruments
 
 
9,278,267
Cash
 
 
4,012
Foreign currency held at value (cost $48,926,132)
 
 
48,519,768
Receivable for investments sold
 
 
11,128
Receivable for fund shares sold
 
 
127,980,151
Dividends receivable
 
 
72,529,543
Reclaims receivable
 
 
44,583,804
Interest receivable
 
 
110
Distributions receivable from Fidelity Central Funds
 
 
5,225,654
Receivable for daily variation margin on futures contracts
 
 
185,244
Receivable from investment adviser for expense reductions
 
 
71,559
Other receivables
 
 
86,088
  Total assets
 
 
37,181,927,242
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
593
 
 
Delayed delivery
638,083
 
 
Payable for fund shares redeemed
740,206
 
 
Deferred taxes
41,134,653
 
 
Other payables and accrued expenses
1,450,396
 
 
Collateral on securities loaned
646,072,036
 
 
  Total Liabilities
 
 
 
690,035,967
Net Assets  
 
 
$
36,491,891,275
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
37,806,758,867
Total accumulated earnings (loss)
 
 
 
(1,314,867,592)
Net Assets
 
 
$
36,491,891,275
Net Asset Value, offering price and redemption price per share ($36,491,891,275 ÷ 2,911,544,243 shares)
 
 
$
12.53
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
1,166,300,803
Interest  
 
 
2,873,998
Income from Fidelity Central Funds (including $8,231,219 from security lending)
 
 
53,730,845
 Income before foreign taxes withheld
 
 
$
1,222,905,646
Less foreign taxes withheld
 
 
(112,647,328)
 Total Income
 
 
 
1,110,258,318
Expenses
 
 
 
 
Custodian fees and expenses
$
5,383,201
 
 
Independent trustees' fees and expenses
120,061
 
 
Interest
116,239
 
 
Miscellaneous
20
 
 
 Total expenses before reductions
 
5,619,521
 
 
 Expense reductions
 
(775,962)
 
 
 Total expenses after reductions
 
 
 
4,843,559
Net Investment income (loss)
 
 
 
1,105,414,759
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $1,459,859)
 
(782,165,377)
 
 
   Fidelity Central Funds
 
279
 
 
 Foreign currency transactions
 
(536,535)
 
 
 Futures contracts
 
145,704,606
 
 
Total net realized gain (loss)
 
 
 
(636,997,027)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $5,127,377)  
 
3,195,038,147
 
 
   Fidelity Central Funds
 
(278)
 
 
 Assets and liabilities in foreign currencies
 
2,553,710
 
 
 Futures contracts
 
(81,261,192)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
3,116,330,387
Net gain (loss)
 
 
 
2,479,333,360
Net increase (decrease) in net assets resulting from operations
 
 
$
3,584,748,119
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,105,414,759
$
959,918,355
Net realized gain (loss)
 
(636,997,027)
 
 
(629,944,936)
 
Change in net unrealized appreciation (depreciation)
 
3,116,330,387
 
(8,932,760,322)
 
Net increase (decrease) in net assets resulting from operations
 
3,584,748,119
 
 
(8,602,786,903)
 
Distributions to shareholders
 
(864,349,534)
 
 
(836,166,076)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
8,456,848,187
 
10,356,317,960
  Reinvestment of distributions
 
864,349,534
 
 
836,166,076
 
Cost of shares redeemed
 
(5,436,184,955)
 
(2,731,913,098)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
3,885,012,766
 
 
8,460,570,938
 
Total increase (decrease) in net assets
 
6,605,411,351
 
 
(978,382,041)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
29,886,479,924
 
30,864,861,965
 
End of period
$
36,491,891,275
$
29,886,479,924
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
643,820,506
 
773,245,005
  Issued in reinvestment of distributions
 
68,982,405
 
 
56,080,892
 
Redeemed
 
(417,024,417)
 
(198,646,544)
Net increase (decrease)
 
295,778,494
 
630,679,353
 
 
 
 
 
 
Financial Highlights
Fidelity® Series Global ex U.S. Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.43
$
15.55
$
12.23
$
12.78
$
11.80
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.41
 
.42
 
.38
 
.29
 
.40
     Net realized and unrealized gain (loss)
 
1.03
 
(4.15)
 
3.18
 
(.56)
 
.90
  Total from investment operations
 
1.44  
 
(3.73)  
 
3.56  
 
(.27)  
 
1.30
  Distributions from net investment income
 
(.34)
 
(.39)
 
(.24)
 
(.26)
 
(.32)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.01)
 
-
     Total distributions
 
(.34)
 
(.39)
 
(.24)
 
(.28) C
 
(.32)
  Net asset value, end of period
$
12.53
$
11.43
$
15.55
$
12.23
$
12.78
 Total Return D
 
12.62%
 
(24.57)%
 
29.34%
 
(2.27)%
 
11.36%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.02%
 
.02%
 
.02%
 
.02%
 
.04%
    Expenses net of fee waivers, if any
 
.01%
 
.01%
 
.01%
 
.01%
 
.04%
    Expenses net of all reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.04%
    Net investment income (loss)
 
3.11%
 
3.11%
 
2.52%
 
2.42%
 
3.27%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
36,491,891
$
29,886,480
$
30,864,862
$
18,177,449
$
12,066,585
    Portfolio turnover rate G
 
6%
 
4%
 
5% H
 
5%
 
3% H
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2023
 
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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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
$5,054,650,035
Gross unrealized depreciation
(5,833,069,104)
Net unrealized appreciation (depreciation)
$(778,419,069)
Tax Cost
$37,646,881,869
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$1,044,846,386
Capital loss carryforward
$(1,538,541,064)
Net unrealized appreciation (depreciation) on securities and other investments
$(780,038,261)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(370,074,036)
 Long-term
(1,168,467,028)
Total capital loss carryforward
$(1,538,541,064)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$864,349,534
$836,166,076
 
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
5,677,536,457
2,121,442,446
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 does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Series Global ex U.S. Index Fund 
 Borrower
$1,029,421,000
4.07%
$116,239
 
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
$887,827
$11
$-
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 $765,961.
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $10,001.
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.
To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Series Global ex U.S. Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Series Global ex U.S. Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Laura M. Bishop, Jonathan Chiel, Robert W. Helm, Christine J. Thompson, and Carol J. Zierhoffer, each of the Trustees oversees 313 funds. Mr. Chiel oversees 191 funds. Ms. Bishop, Mr. Helm, Ms. Thompson, and Ms. Zierhoffer each oversees 229 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.
Christine J. Thompson (1958)
Year of Election or Appointment: 2023
Trustee
Ms. Thompson also serves as a Trustee of other Fidelity® funds. Ms. Thompson serves as Leader of Advanced Technologies for Investment Management at Fidelity Investments (2018-present). Previously, Ms. Thompson served as Chief Investment Officer in the Bond group at Fidelity Management & Research Company (2010-2018) and held various other roles including Director of municipal bond portfolio managers and Portfolio Manager of certain Fidelity® funds.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Laura M. Bishop (1961)
Year of Election or Appointment: 2023
Trustee
Ms. Bishop also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting). Previously, Ms. Bishop served as a Member of the Advisory Board of certain Fidelity® funds (2022-2023).    
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Robert W. Helm (1957)
Year of Election or Appointment: 2023
Trustee
Mr. Helm also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon. Previously, Mr. Helm served as a Member of the Advisory Board of certain Fidelity® funds (2021-2023).     
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
Carol J. Zierhoffer (1960)
Year of Election or Appointment: 2023
Trustee
Ms. Zierhoffer also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016), and as a Member of the Advisory Board of certain Fidelity® funds (2023).    
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Robin Foley (1964)
Year of Election or Appointment: 2023
Vice President
Ms. Foley also serves as Vice President of other funds. Ms. Foley serves as Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley served as Chief Investment Officer of Bonds (2017-2023).     
Christopher M. Gouveia (1973)
Year of Election or Appointment: 2023
Chief Compliance Officer
Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).          
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
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 (May 1, 2023 to October 31, 2023).
 
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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Global ex U.S. Index Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 930.90
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $13,118,574 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 59.87% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
 The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3699 and $0.0269 for the dividend paid December 12, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Global ex U.S. Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, collective investment trusts, and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies, collective investment trusts, and 529 plans.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds, collective investment trusts, and 529 plans that invest in the fund. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2026.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and Fidelity's views regarding portfolio manager investment in the Fidelity funds that they manage; (iii) hiring, training, and retaining personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends and market conditions; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (x) information concerning expense limitations applicable to certain funds; and (xi) matters related to money market funds, exchange-traded funds, and target date funds.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2024.
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
378,729,502,260.010
97.580
Withheld
9,407,876,478.960
2.420
TOTAL
388,137,378,738.970
100.000
Jennifer Toolin McAuliffe
Affirmative
378,454,868,010.950
97.510
Withheld
9,682,510,728.020
2.490
TOTAL
388,137,378,738.970
100.000
Christine J. Thompson
Affirmative
378,837,121,274.520
97.600
Withheld
9,300,257,464.450
2.400
TOTAL
388,137,378,738.970
100.000
Elizabeth S. Acton
Affirmative
378,262,110,794.850
97.460
Withheld
9,875,267,944.120
2.540
TOTAL
388,137,378,738.970
100.000
Laura M. Bishop
Affirmative
380,482,113,171.060
98.030
Withheld
7,655,265,567.910
1.970
TOTAL
388,137,378,738.970
100.000
Ann E. Dunwoody
Affirmative
380,016,034,008.120
97.910
Withheld
8,121,344,730.850
2.090
TOTAL
388,137,378,738.970
100.000
John Engler
Affirmative
379,432,488,394.200
97.760
Withheld
8,704,890,344.770
2.240
TOTAL
388,137,378,738.970
100.000
Robert F. Gartland
Affirmative
378,741,819,600.600
97.580
Withheld
9,395,559,138.370
2.420
TOTAL
388,137,378,738.970
100.000
Robert W. Helm
Affirmative
380,389,324,755.070
98.000
Withheld
7,748,053,983.900
2.000
TOTAL
388,137,378,738.970
100.000
Arthur E. Johnson
Affirmative
378,427,694,151.670
97.500
Withheld
9,709,684,587.300
2.500
TOTAL
388,137,378,738.970
100.000
Michael E. Kenneally
Affirmative
377,842,228,145.180
97.350
Withheld
10,295,150,593.790
2.650
TOTAL
388,137,378,738.970
100.000
Mark A. Murray
Affirmative
380,158,432,703.370
97.940
Withheld
7,978,946,035.600
2.060
TOTAL
388,137,378,738.970
100.000
Carol J. Zierhoffer
Affirmative
380,522,113,360.240
98.040
Withheld
7,615,265,378.730
1.960
TOTAL
388,137,378,738.970
100.000
 
 
 
Proposal 1 reflects trust wide proposal and voting results.
 
1.899279.114
SGX-ANN-1223
Fidelity® SAI International Index Fund
 
 
Annual Report
October 31, 2023
 
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

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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. © 2023 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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® SAI International Index Fund
15.43%
4.41%
4.85%
 
A   From January 5, 2016
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Index Fund, on January 5, 2016, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 15.43%, versus 14.65% for the benchmark MSCI EAFE Index (Net MA). (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Europe ex the U.K., led by France (+18%), gained roughly 17% and contributed most, followed by Japan (+17%). By sector, financials gained approximately 21% and contributed most, driven by the banks industry (+24%). Industrials, which gained 17%, also helped, benefiting from the capital goods industry (+22%), as did consumer discretionary, which advanced 20%. The information technology sector rose about 19%, boosted by the semiconductors & semiconductor equipment industry (+33%). Materials gained approximately 17%, and energy advanced about 19%. Other notable contributors included the health care (+6%), consumer staples (+7%), utilities (+17%), communication services (+6%) and real estate (+2%) sectors. Turning to individual stocks, the biggest contributor was Novo-Nordisk (+79%), from the pharmaceuticals, biotechnology & life sciences group. Also in pharmaceuticals, biotechnology & life sciences, Novartis (+26%) helped. ASML Holding, within the semiconductors & semiconductor equipment industry, gained approximately 27% and lifted the fund. Lastly, HSBC Holdings (+48%) and Mitsubishi UFJ Financial Group (+82%), within the banks group, also boosted the fund. Conversely, the biggest individual detractor was Roche Holdings (-21%), from the pharmaceuticals, biotechnology & life sciences industry. Also in the pharmaceuticals, biotechnology & life sciences group, CSL (-17%) and Lonza Group (-32%) hurt. Adyen, within the financial services category, returned about -53% and hindered the fund. Lastly, British American Tobacco (-18%), from the food, beverage & tobacco category, also hurt.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.2
 
Nestle SA (Reg. S)  (United States of America, Food Products)
2.0
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.7
 
Shell PLC (London)  (Netherlands, Oil, Gas & Consumable Fuels)
1.5
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
1.4
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
1.3
 
Novartis AG  (Switzerland, Pharmaceuticals)
1.3
 
Toyota Motor Corp.  (Japan, Automobiles)
1.3
 
Roche Holding AG (participation certificate)  (United States of America, Pharmaceuticals)
1.2
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
1.0
 
 
14.9
 
 
Market Sectors (% of Fund's net assets)
 
Financials
18.7
 
Industrials
16.1
 
Health Care
12.8
 
Consumer Discretionary
11.7
 
Consumer Staples
9.5
 
Information Technology
7.5
 
Materials
7.5
 
Energy
4.7
 
Communication Services
4.0
 
Utilities
3.9
 
Real Estate
1.8
 
 
Asset Allocation (% of Fund's net assets)
Futures - 1.8%
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.
 
 
Showing Percentage of Net Assets  
Common Stocks - 97.8%
 
 
Shares
Value ($)
 
Australia - 7.5%
 
 
 
Ampol Ltd.
 
77,030
1,561,995
ANZ Group Holdings Ltd.
 
971,697
15,322,669
APA Group unit
 
407,091
2,133,947
Aristocrat Leisure Ltd.
 
190,256
4,676,513
ASX Ltd.
 
62,578
2,235,761
Aurizon Holdings Ltd.
 
595,177
1,296,363
BHP Group Ltd.
 
1,637,791
46,361,731
BlueScope Steel Ltd.
 
147,267
1,765,357
Brambles Ltd.
 
449,292
3,749,681
Cochlear Ltd.
 
21,219
3,252,324
Coles Group Ltd.
 
432,710
4,199,749
Commonwealth Bank of Australia
 
541,939
33,337,868
Computershare Ltd.
 
185,442
2,926,637
DEXUS Property Group unit
 
347,696
1,436,050
EBOS Group Ltd.
 
49,552
1,011,566
Endeavour Group Ltd.
 
463,224
1,455,194
Flutter Entertainment PLC (Ireland) (a)
 
57,092
8,937,518
Fortescue Metals Group Ltd.
 
547,480
7,788,357
Glencore PLC
 
3,405,205
18,036,795
Goodman Group unit
 
548,140
7,252,939
IDP Education Ltd.
 
80,977
1,118,808
IGO Ltd.
 
220,324
1,334,144
Insurance Australia Group Ltd.
 
789,003
2,846,359
Lendlease Group unit
 
222,796
882,382
Macquarie Group Ltd.
 
118,709
12,202,095
Medibank Private Ltd.
 
890,224
1,942,717
Mineral Resources Ltd.
 
56,586
2,085,604
Mirvac Group unit
 
1,275,568
1,479,983
National Australia Bank Ltd.
 
1,015,055
18,183,955
Northern Star Resources Ltd.
 
371,845
2,722,941
Orica Ltd.
 
147,283
1,376,201
Origin Energy Ltd.
 
556,813
3,229,991
Pilbara Minerals Ltd. (b)
 
872,438
2,049,355
Qantas Airways Ltd. (a)
 
273,169
855,813
QBE Insurance Group Ltd.
 
482,395
4,783,480
Ramsay Health Care Ltd.
 
59,264
1,835,057
REA Group Ltd.
 
17,080
1,568,025
Reece Ltd.
 
73,097
815,011
Rio Tinto Ltd.
 
120,021
8,965,340
Rio Tinto PLC
 
363,997
23,223,198
Santos Ltd.
 
1,050,115
5,123,993
Scentre Group unit
 
1,678,115
2,599,724
SEEK Ltd.
 
115,132
1,518,901
Sonic Healthcare Ltd.
 
144,545
2,646,773
South32 Ltd.
 
1,469,481
3,143,784
Stockland Corp. Ltd. unit
 
771,772
1,741,845
Suncorp Group Ltd.
 
409,481
3,485,358
Telstra Group Ltd.
 
1,307,384
3,170,249
The GPT Group
 
619,225
1,429,066
The Lottery Corp. Ltd.
 
719,733
2,077,560
Transurban Group unit
 
995,934
7,497,883
Treasury Wine Estates Ltd.
 
233,350
1,791,109
Vicinity Centres unit
 
1,251,208
1,355,223
Washington H. Soul Pattinson & Co. Ltd.
 
75,837
1,615,622
Wesfarmers Ltd.
 
366,822
11,802,069
Westpac Banking Corp.
 
1,134,547
14,898,624
WiseTech Global Ltd.
 
53,643
1,997,197
Woodside Energy Group Ltd.
 
613,905
13,370,729
Woolworths Group Ltd.
 
394,021
8,820,070
TOTAL AUSTRALIA
 
 
352,325,252
Austria - 0.2%
 
 
 
Erste Group Bank AG
 
111,152
3,969,335
Mondi PLC
 
156,983
2,535,798
OMV AG
 
47,611
2,083,601
Verbund AG
 
22,011
1,909,767
Voestalpine AG
 
37,494
934,682
TOTAL AUSTRIA
 
 
11,433,183
Belgium - 0.8%
 
 
 
Ageas
 
51,636
1,981,103
Anheuser-Busch InBev SA NV
 
280,820
15,978,107
D'ieteren Group
 
6,946
1,029,674
Elia Group SA/NV
 
9,496
900,778
Groupe Bruxelles Lambert SA
 
30,808
2,249,258
KBC Group NV
 
80,918
4,443,644
Lotus Bakeries SA
 
132
977,684
Sofina SA
 
4,977
942,643
Solvay SA Class A
 
23,962
2,528,827
UCB SA
 
40,837
2,984,057
Umicore SA
 
67,717
1,611,180
Warehouses de Pauw
 
53,544
1,321,192
TOTAL BELGIUM
 
 
36,948,147
Brazil - 0.0%
 
 
 
Yara International ASA
 
53,552
1,749,760
Burkina Faso - 0.0%
 
 
 
Endeavour Mining PLC
 
59,935
1,238,416
Chile - 0.0%
 
 
 
Antofagasta PLC
 
127,483
2,084,067
China - 0.5%
 
 
 
BOC Hong Kong (Holdings) Ltd.
 
1,196,500
3,164,193
Budweiser Brewing Co. APAC Ltd. (c)
 
556,500
1,057,543
ESR Group Ltd. (c)
 
708,200
909,963
Prosus NV
 
494,233
13,821,514
SITC International Holdings Co. Ltd.
 
434,000
668,536
Wilmar International Ltd.
 
621,100
1,614,727
TOTAL CHINA
 
 
21,236,476
Denmark - 3.4%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
982
1,600,992
 Series B
 
1,567
2,610,984
Carlsberg A/S Series B
 
31,841
3,794,594
Chr. Hansen Holding A/S
 
34,110
2,323,566
Coloplast A/S Series B
 
44,167
4,602,197
Danske Bank A/S
 
223,014
5,224,606
Demant A/S (a)
 
32,567
1,240,582
DSV A/S
 
60,191
8,976,918
Genmab A/S (a)
 
21,321
6,027,082
Novo Nordisk A/S Series B
 
1,055,037
101,786,006
Novozymes A/S Series B
 
66,143
2,968,758
ORSTED A/S (c)
 
61,159
2,955,149
Pandora A/S
 
27,336
3,093,333
Rockwool International A/S Series B
 
2,976
661,544
Tryg A/S
 
112,898
2,203,142
Vestas Wind Systems A/S (a)
 
326,486
7,076,513
TOTAL DENMARK
 
 
157,145,966
Finland - 1.1%
 
 
 
Elisa Corp. (A Shares)
 
45,949
1,948,635
Fortum Corp.
 
144,991
1,718,248
Kesko Oyj
 
88,272
1,491,141
Kone OYJ (B Shares)
 
109,894
4,754,642
Metso Corp.
 
214,454
1,884,746
Neste OYJ
 
136,772
4,589,022
Nokia Corp.
 
1,730,132
5,762,521
Nordea Bank Abp
 
1,041,182
10,941,205
Orion Oyj (B Shares)
 
34,763
1,380,824
Sampo Oyj (A Shares)
 
148,664
5,837,454
Stora Enso Oyj (R Shares)
 
188,070
2,253,640
UPM-Kymmene Corp.
 
172,536
5,799,942
Wartsila Corp.
 
153,030
1,819,993
TOTAL FINLAND
 
 
50,182,013
France - 10.2%
 
 
 
Accor SA
 
59,930
1,906,797
Adevinta ASA Class B (a)
 
94,197
826,789
Aeroports de Paris SA
 
9,592
1,073,795
Air Liquide SA
 
169,334
29,015,762
Airbus Group NV
 
191,658
25,696,779
Alstom SA (b)
 
92,596
1,253,978
Amundi SA (c)
 
19,762
1,029,199
Arkema SA
 
19,410
1,815,124
AXA SA
 
593,324
17,580,443
bioMerieux SA
 
13,375
1,280,764
BNP Paribas SA
 
339,208
19,505,825
Bollore SA
 
238,572
1,300,030
Bouygues SA
 
61,637
2,165,893
Bureau Veritas SA
 
95,334
2,167,759
Capgemini SA
 
53,314
9,422,119
Carrefour SA
 
193,156
3,386,307
Compagnie de St.-Gobain
 
149,570
8,141,715
Compagnie Generale des Etablissements Michelin SCA Series B
 
219,306
6,515,243
Covivio
 
16,322
697,720
Credit Agricole SA
 
391,312
4,725,049
Danone SA
 
208,144
12,382,581
Dassault Aviation SA
 
6,670
1,323,286
Dassault Systemes SA
 
216,600
8,922,484
Edenred SA
 
80,686
4,289,183
Eiffage SA
 
23,764
2,154,900
Engie SA
 
590,550
9,392,632
EssilorLuxottica SA
 
95,313
17,209,161
Eurazeo SA
 
14,084
792,056
Gecina SA
 
14,853
1,455,298
Getlink SE
 
115,536
1,862,458
Hermes International SCA
 
10,239
19,063,306
Ipsen SA
 
12,173
1,436,148
Kering SA
 
24,067
9,788,089
Klepierre SA
 
69,525
1,684,625
L'Oreal SA
 
77,974
32,774,867
La Francaise des Jeux SAEM (c)
 
33,940
1,092,440
Legrand SA
 
86,257
7,461,781
LVMH Moet Hennessy Louis Vuitton SE
 
89,272
63,912,554
Orange SA
 
601,909
7,079,683
Pernod Ricard SA
 
66,117
11,718,032
Publicis Groupe SA
 
74,004
5,615,936
Remy Cointreau SA
 
7,387
837,504
Renault SA
 
62,140
2,173,049
Safran SA
 
110,505
17,263,041
Sartorius Stedim Biotech
 
8,938
1,669,686
SEB SA
 
8,045
792,931
Societe Generale Series A
 
235,166
5,284,596
Sodexo SA
 
28,602
3,022,746
Teleperformance
 
19,114
2,187,282
Thales SA
 
33,982
5,003,327
TotalEnergies SE
 
726,921
48,600,108
Unibail-Rodamco-Westfield NV (a)
 
38,203
1,886,118
Valeo SA
 
66,886
880,405
Veolia Environnement SA
 
219,747
6,021,156
VINCI SA
 
171,835
19,000,552
Vivendi SA
 
218,959
1,959,090
Wendel SA
 
8,603
642,660
Worldline SA (a)(c)
 
77,661
984,434
TOTAL FRANCE
 
 
479,127,275
Germany - 7.6%
 
 
 
adidas AG
 
52,374
9,265,711
Allianz SE
 
130,394
30,543,822
BASF AG
 
289,004
13,354,053
Bayer AG
 
317,581
13,722,219
Bayerische Motoren Werke AG (BMW)
 
97,266
9,018,630
Bechtle AG
 
26,475
1,178,795
Beiersdorf AG
 
32,585
4,277,019
Brenntag SE
 
47,454
3,520,801
Carl Zeiss Meditec AG
 
13,002
1,124,531
Commerzbank AG
 
344,166
3,696,245
Continental AG
 
35,559
2,321,611
Covestro AG (a)(c)
 
62,462
3,152,543
Daimler Truck Holding AG
 
159,668
5,004,142
Deutsche Bank AG
 
626,697
6,867,147
Deutsche Borse AG
 
61,428
10,110,831
Deutsche Lufthansa AG (a)
 
193,211
1,350,099
Deutsche Telekom AG
 
1,047,913
22,743,553
DHL Group
 
320,502
12,466,168
E.ON SE
 
726,000
8,618,986
Evonik Industries AG
 
67,833
1,245,998
Fresenius Medical Care AG & Co. KGaA
 
66,395
2,206,051
Fresenius SE & Co. KGaA
 
136,560
3,502,538
GEA Group AG
 
49,626
1,692,374
Hannover Reuck SE
 
19,495
4,296,741
HeidelbergCement AG
 
46,824
3,392,806
HelloFresh AG (a)
 
50,163
1,091,273
Henkel AG & Co. KGaA
 
33,196
2,098,000
Infineon Technologies AG
 
422,215
12,332,993
Knorr-Bremse AG
 
23,462
1,304,313
LEG Immobilien AG (a)
 
23,959
1,491,654
Mercedes-Benz Group AG (Germany)
 
259,427
15,263,198
Merck KGaA
 
41,775
6,292,173
MTU Aero Engines AG
 
17,402
3,259,111
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
44,122
17,670,457
Nemetschek SE
 
18,668
1,390,584
Puma AG
 
34,132
1,924,933
Rational AG
 
1,655
941,246
Rheinmetall AG
 
14,083
4,029,290
RWE AG
 
204,384
7,813,427
SAP SE
 
337,600
45,283,075
Scout24 AG (c)
 
24,233
1,487,687
Siemens AG
 
245,708
32,605,173
Siemens Energy AG (a)(b)
 
167,962
1,487,521
Siemens Healthineers AG (c)
 
91,160
4,467,860
Symrise AG
 
42,936
4,387,599
Talanx AG
 
20,475
1,287,960
Telefonica Deutschland Holding AG
 
288,444
489,392
Volkswagen AG
 
9,719
1,123,515
Vonovia SE
 
237,043
5,457,224
Wacker Chemie AG
 
5,904
721,531
Zalando SE (a)(c)
 
72,444
1,685,599
TOTAL GERMANY
 
 
356,060,202
Hong Kong - 2.2%
 
 
 
AIA Group Ltd.
 
3,734,400
32,428,813
CK Asset Holdings Ltd.
 
638,925
3,193,555
CK Infrastructure Holdings Ltd.
 
203,500
943,231
CLP Holdings Ltd.
 
531,000
3,886,274
Futu Holdings Ltd. ADR (a)
 
17,859
990,282
Hang Lung Properties Ltd.
 
582,000
765,014
Hang Seng Bank Ltd.
 
247,200
2,826,259
Henderson Land Development Co. Ltd.
 
470,021
1,229,791
HKT Trust/HKT Ltd. unit
 
1,225,000
1,268,837
Hong Kong & China Gas Co. Ltd.
 
3,619,074
2,519,270
Hong Kong Exchanges and Clearing Ltd.
 
389,360
13,620,846
Hongkong Land Holdings Ltd.
 
357,920
1,135,223
Jardine Matheson Holdings Ltd.
 
51,561
2,089,310
Link (REIT)
 
817,796
3,752,983
MTR Corp. Ltd.
 
502,190
1,877,279
New World Development Co. Ltd.
 
487,845
895,352
Power Assets Holdings Ltd.
 
447,500
2,139,421
Prudential PLC
 
890,108
9,307,315
Sino Land Ltd.
 
1,189,440
1,187,452
Sun Hung Kai Properties Ltd.
 
468,500
4,810,888
Swire Pacific Ltd. (A Shares)
 
138,500
884,716
Swire Properties Ltd.
 
378,200
732,273
Techtronic Industries Co. Ltd.
 
445,000
4,062,639
WH Group Ltd. (c)
 
2,695,500
1,609,842
Wharf Real Estate Investment Co. Ltd.
 
540,000
1,888,942
Xinyi Glass Holdings Ltd.
 
534,108
613,701
TOTAL HONG KONG
 
 
100,659,508
Ireland - 0.4%
 
 
 
AerCap Holdings NV (a)
 
56,447
3,506,488
AIB Group PLC
 
465,644
2,017,105
Bank of Ireland Group PLC
 
341,615
3,054,361
Kerry Group PLC Class A
 
51,522
3,973,084
Kingspan Group PLC (Ireland)
 
50,003
3,358,611
Smurfit Kappa Group PLC
 
84,138
2,736,672
TOTAL IRELAND
 
 
18,646,321
Israel - 0.6%
 
 
 
Azrieli Group
 
13,718
589,514
Bank Hapoalim BM (Reg.)
 
410,738
2,933,698
Bank Leumi le-Israel BM
 
496,248
3,190,867
Check Point Software Technologies Ltd. (a)
 
30,259
4,062,271
Elbit Systems Ltd. (Israel)
 
8,603
1,596,940
Global-e Online Ltd. (a)
 
29,204
1,025,352
Icl Group Ltd.
 
250,159
1,213,042
Israel Discount Bank Ltd. (Class A)
 
399,921
1,756,209
Mizrahi Tefahot Bank Ltd.
 
49,930
1,544,099
NICE Ltd. (a)
 
20,455
3,160,859
Teva Pharmaceutical Industries Ltd. sponsored ADR (a)
 
362,162
3,107,350
Wix.com Ltd. (a)
 
17,455
1,394,655
TOTAL ISRAEL
 
 
25,574,856
Italy - 2.3%
 
 
 
Amplifon SpA
 
40,241
1,134,305
Assicurazioni Generali SpA
 
327,669
6,499,015
Coca-Cola HBC AG
 
71,434
1,851,097
Davide Campari Milano NV
 
168,978
1,864,838
DiaSorin SpA
 
7,225
645,983
Enel SpA
 
2,629,391
16,690,269
Eni SpA
 
764,112
12,491,444
Ferrari NV (Italy)
 
40,753
12,310,974
FinecoBank SpA
 
197,410
2,321,696
Infrastrutture Wireless Italiane SpA (c)
 
108,590
1,185,758
Intesa Sanpaolo SpA
 
5,024,413
13,092,570
Mediobanca SpA
 
178,490
2,128,455
Moncler SpA
 
66,588
3,448,154
Nexi SpA (a)(c)
 
190,970
1,106,510
Poste Italiane SpA (c)
 
168,938
1,669,556
Prysmian SpA
 
84,901
3,170,233
Recordati SpA
 
33,756
1,557,271
Snam SpA
 
651,679
2,988,303
Telecom Italia SpA (a)
 
3,220,976
831,921
Terna - Rete Elettrica Nazionale
 
454,746
3,476,911
UniCredit SpA
 
596,089
14,943,722
TOTAL ITALY
 
 
105,408,985
Japan - 22.6%
 
 
 
Advantest Corp.
 
247,700
6,380,414
AEON Co. Ltd.
 
211,400
4,447,778
AGC, Inc.
 
62,530
2,127,214
Aisin Seiki Co. Ltd.
 
47,590
1,657,792
Ajinomoto Co., Inc.
 
145,600
5,317,703
Ana Holdings, Inc. (a)
 
51,700
1,014,968
Asahi Group Holdings
 
155,700
5,631,733
ASAHI INTECC Co. Ltd.
 
70,200
1,179,545
Asahi Kasei Corp.
 
405,700
2,494,157
Astellas Pharma, Inc.
 
584,900
7,398,912
Azbil Corp.
 
37,200
1,099,210
Bandai Namco Holdings, Inc.
 
193,800
4,015,249
BayCurrent Consulting, Inc.
 
42,700
1,072,058
Bridgestone Corp.
 
184,600
6,986,225
Brother Industries Ltd.
 
75,000
1,170,019
Canon, Inc.
 
323,400
7,645,401
Capcom Co. Ltd.
 
56,000
1,802,602
Central Japan Railway Co.
 
233,100
5,246,711
Chiba Bank Ltd.
 
171,400
1,276,681
Chubu Electric Power Co., Inc.
 
208,260
2,516,646
Chugai Pharmaceutical Co. Ltd.
 
217,100
6,438,440
Concordia Financial Group Ltd.
 
342,600
1,591,856
CyberAgent, Inc.
 
139,100
730,199
Dai Nippon Printing Co. Ltd.
 
70,920
1,850,109
Dai-ichi Mutual Life Insurance Co.
 
304,000
6,422,010
Daifuku Co. Ltd.
 
98,300
1,624,201
Daiichi Sankyo Kabushiki Kaisha
 
598,000
15,418,948
Daikin Industries Ltd.
 
85,300
12,298,463
Daito Trust Construction Co. Ltd.
 
20,000
2,145,328
Daiwa House Industry Co. Ltd.
 
191,800
5,275,588
Daiwa House REIT Investment Corp.
 
713
1,261,830
Daiwa Securities Group, Inc.
 
431,200
2,486,503
DENSO Corp.
 
560,400
8,275,053
Dentsu Group, Inc.
 
65,500
1,902,512
Disco Corp.
 
29,800
5,262,651
East Japan Railway Co.
 
97,800
5,079,471
Eisai Co. Ltd.
 
81,500
4,317,736
ENEOS Holdings, Inc.
 
931,500
3,451,596
FANUC Corp.
 
308,100
7,645,938
Fast Retailing Co. Ltd.
 
56,600
12,531,036
Fuji Electric Co. Ltd.
 
41,000
1,561,060
FUJIFILM Holdings Corp.
 
120,600
6,596,555
Fujitsu Ltd.
 
56,900
7,371,256
GLP J-REIT
 
1,513
1,355,130
GMO Payment Gateway, Inc.
 
13,600
543,174
Hakuhodo DY Holdings, Inc.
 
69,300
562,383
Hamamatsu Photonics K.K.
 
45,400
1,686,293
Hankyu Hanshin Holdings, Inc.
 
74,000
2,328,306
Hikari Tsushin, Inc.
 
6,600
952,201
Hirose Electric Co. Ltd.
 
9,930
1,125,060
Hitachi Construction Machinery Co. Ltd.
 
34,800
899,084
Hitachi Ltd.
 
303,300
19,225,164
Honda Motor Co. Ltd.
 
1,493,400
15,305,517
Hoshizaki Corp.
 
35,100
1,133,542
Hoya Corp.
 
114,500
11,022,757
Hulic Co. Ltd.
 
124,200
1,138,682
Ibiden Co. Ltd.
 
36,400
1,551,967
Idemitsu Kosan Co. Ltd.
 
62,623
1,421,862
Iida Group Holdings Co. Ltd.
 
51,300
796,545
INPEX Corp.
 
313,800
4,553,513
Isuzu Motors Ltd.
 
188,500
2,101,898
Itochu Corp.
 
384,300
13,842,882
Japan Airlines Co. Ltd.
 
46,600
856,684
Japan Exchange Group, Inc.
 
162,300
3,209,450
Japan Post Bank Co. Ltd.
 
467,900
4,337,061
Japan Post Holdings Co. Ltd.
 
727,400
6,438,365
Japan Post Insurance Co. Ltd.
 
61,900
1,191,952
Japan Real Estate Investment Corp.
 
414
1,537,729
Japan Retail Fund Investment Corp.
 
2,259
1,457,839
Japan Tobacco, Inc.
 
387,900
9,029,875
JFE Holdings, Inc.
 
158,900
2,213,933
JSR Corp.
 
57,300
1,533,689
Kajima Corp.
 
136,700
2,259,295
Kansai Electric Power Co., Inc.
 
227,600
2,914,155
Kao Corp.
 
150,600
5,494,476
Kawasaki Kisen Kaisha Ltd.
 
44,600
1,529,333
KDDI Corp.
 
483,900
14,475,744
KDX Realty Investment Corp.
 
1,338
1,395,519
Keio Corp.
 
33,200
985,192
Keisei Electric Railway Co.
 
41,800
1,574,591
Keyence Corp.
 
62,900
24,349,767
Kikkoman Corp.
 
43,900
2,497,680
Kintetsu Group Holdings Co. Ltd.
 
58,600
1,648,815
Kirin Holdings Co. Ltd.
 
251,200
3,530,194
Kobayashi Pharmaceutical Co. Ltd.
 
16,360
675,394
Kobe Bussan Co. Ltd.
 
48,600
1,202,755
Koei Tecmo Holdings Co. Ltd.
 
38,060
496,975
Koito Manufacturing Co. Ltd.
 
67,500
1,011,334
Komatsu Ltd.
 
299,000
6,869,943
Konami Group Corp.
 
32,500
1,683,568
Kose Corp.
 
10,800
715,511
Kubota Corp.
 
327,400
4,403,283
Kurita Water Industries Ltd.
 
33,800
1,026,960
Kyocera Corp.
 
103,800
5,116,448
Kyowa Hakko Kirin Co., Ltd.
 
87,200
1,367,670
Lasertec Corp.
 
24,400
4,030,398
LIXIL Group Corp.
 
92,900
1,018,655
LY Corp.
 
863,700
2,201,992
M3, Inc.
 
142,600
2,196,210
Makita Corp.
 
72,420
1,871,829
Marubeni Corp.
 
466,700
6,823,983
MatsukiyoCocokara & Co.
 
110,900
1,945,385
Mazda Motor Corp.
 
183,800
1,776,609
McDonald's Holdings Co. (Japan) Ltd. (b)
 
27,900
1,085,528
Meiji Holdings Co. Ltd.
 
75,900
1,868,205
Minebea Mitsumi, Inc.
 
117,410
1,840,907
Misumi Group, Inc.
 
92,050
1,393,514
Mitsubishi Chemical Holdings Corp.
 
414,000
2,342,663
Mitsubishi Corp.
 
371,800
17,331,665
Mitsubishi Electric Corp.
 
624,800
7,164,276
Mitsubishi Estate Co. Ltd.
 
363,900
4,658,037
Mitsubishi Heavy Industries Ltd.
 
103,600
5,335,885
Mitsubishi UFJ Financial Group, Inc.
 
3,691,800
30,971,053
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
260,900
1,719,913
Mitsui & Co. Ltd.
 
424,500
15,428,103
Mitsui Chemicals, Inc.
 
55,200
1,391,287
Mitsui Fudosan Co. Ltd.
 
287,700
6,235,858
Mitsui OSK Lines Ltd.
 
111,200
2,870,886
Mizuho Financial Group, Inc.
 
779,920
13,241,785
MonotaRO Co. Ltd.
 
81,000
647,351
MS&AD Insurance Group Holdings, Inc.
 
138,600
5,078,378
Murata Manufacturing Co. Ltd.
 
557,200
9,544,490
NEC Corp.
 
79,400
3,823,160
Nexon Co. Ltd.
 
110,410
2,025,941
NGK Insulators Ltd.
 
75,700
924,922
Nidec Corp.
 
134,900
4,948,273
Nintendo Co. Ltd.
 
335,900
13,877,525
Nippon Building Fund, Inc.
 
495
1,988,877
Nippon Express Holdings, Inc.
 
23,400
1,202,653
Nippon Paint Holdings Co. Ltd.
 
306,600
2,061,306
Nippon Prologis REIT, Inc.
 
734
1,306,062
Nippon Sanso Holdings Corp.
 
56,000
1,412,237
Nippon Steel & Sumitomo Metal Corp.
 
276,500
5,963,790
Nippon Telegraph & Telephone Corp.
 
9,661,200
11,369,065
Nippon Yusen KK
 
156,700
3,834,018
Nissan Chemical Corp.
 
40,900
1,668,114
Nissan Motor Co. Ltd.
 
750,500
2,887,912
Nissin Food Holdings Co. Ltd.
 
19,900
1,731,473
Nitori Holdings Co. Ltd.
 
25,900
2,804,836
Nitto Denko Corp.
 
46,000
2,976,466
Nomura Holdings, Inc.
 
971,700
3,754,074
Nomura Real Estate Holdings, Inc.
 
35,500
829,141
Nomura Real Estate Master Fund, Inc.
 
1,372
1,513,945
Nomura Research Institute Ltd.
 
124,720
3,273,894
NTT Data Corp.
 
204,100
2,516,535
Obayashi Corp.
 
209,900
1,797,963
OBIC Co. Ltd.
 
22,500
3,325,868
Odakyu Electric Railway Co. Ltd.
 
101,300
1,442,140
Oji Holdings Corp.
 
278,700
1,191,967
Olympus Corp.
 
409,300
5,466,345
OMRON Corp.
 
56,700
2,031,405
Ono Pharmaceutical Co. Ltd.
 
125,300
2,163,867
Open House Group Co. Ltd.
 
25,300
833,897
Oracle Corp. Japan
 
12,400
879,652
Oriental Land Co. Ltd.
 
352,700
11,408,211
ORIX Corp.
 
379,300
6,898,083
Osaka Gas Co. Ltd.
 
121,230
2,286,130
Otsuka Corp.
 
36,800
1,475,482
Otsuka Holdings Co. Ltd.
 
126,100
4,242,756
Pan Pacific International Holdings Ltd.
 
123,100
2,383,938
Panasonic Holdings Corp.
 
714,100
6,265,151
Persol Holdings Co. Ltd.
 
603,000
904,148
Rakuten Group, Inc.
 
483,200
1,787,319
Recruit Holdings Co. Ltd.
 
466,100
13,364,349
Renesas Electronics Corp. (a)
 
411,600
5,406,621
Resona Holdings, Inc.
 
691,820
3,696,617
Ricoh Co. Ltd.
 
177,400
1,437,846
ROHM Co. Ltd.
 
113,200
1,813,687
SBI Holdings, Inc. Japan
 
79,200
1,703,983
SCSK Corp.
 
50,500
862,049
Secom Co. Ltd.
 
67,900
4,715,984
Seiko Epson Corp.
 
93,400
1,296,689
Sekisui Chemical Co. Ltd.
 
124,300
1,702,522
Sekisui House Ltd.
 
192,900
3,777,513
Seven & i Holdings Co. Ltd.
 
243,600
8,925,190
SG Holdings Co. Ltd.
 
103,500
1,467,072
Sharp Corp. (a)
 
84,100
525,811
Shimadzu Corp.
 
76,600
1,811,306
SHIMANO, Inc.
 
24,900
3,583,262
SHIMIZU Corp.
 
180,300
1,283,103
Shin-Etsu Chemical Co. Ltd.
 
589,000
17,613,090
Shionogi & Co. Ltd.
 
84,400
3,930,055
Shiseido Co. Ltd.
 
129,300
4,100,811
Shizuoka Financial Group
 
151,300
1,286,618
SMC Corp.
 
18,500
8,542,618
SoftBank Corp.
 
928,900
10,502,950
SoftBank Group Corp.
 
332,700
13,625,420
Sompo Holdings, Inc.
 
95,500
4,137,057
Sony Group Corp.
 
407,700
33,895,724
Square Enix Holdings Co. Ltd.
 
27,700
920,243
Subaru Corp.
 
198,900
3,443,018
Sumco Corp.
 
113,200
1,462,788
Sumitomo Chemical Co. Ltd.
 
455,200
1,157,011
Sumitomo Corp.
 
338,100
6,646,260
Sumitomo Electric Industries Ltd.
 
231,000
2,425,092
Sumitomo Metal Mining Co. Ltd.
 
79,930
2,245,390
Sumitomo Mitsui Financial Group, Inc.
 
410,700
19,799,017
Sumitomo Mitsui Trust Holdings, Inc.
 
105,900
3,970,911
Sumitomo Realty & Development Co. Ltd.
 
92,400
2,318,680
Suntory Beverage & Food Ltd.
 
44,900
1,351,179
Suzuki Motor Corp.
 
119,100
4,622,511
Sysmex Corp.
 
54,200
2,596,332
T&D Holdings, Inc.
 
161,800
2,886,387
Taisei Corp.
 
54,900
1,861,807
Takeda Pharmaceutical Co. Ltd.
 
511,403
13,881,906
TDK Corp.
 
125,700
4,703,093
Terumo Corp.
 
217,500
5,950,406
TIS, Inc.
 
71,100
1,522,596
Tobu Railway Co. Ltd.
 
61,000
1,468,237
Toho Co. Ltd.
 
36,170
1,235,679
Tokio Marine Holdings, Inc.
 
582,700
13,036,302
Tokyo Electric Power Co., Inc. (a)
 
493,600
2,088,786
Tokyo Electron Ltd.
 
152,500
20,150,998
Tokyo Gas Co. Ltd.
 
126,500
2,840,831
Tokyu Corp.
 
161,600
1,824,308
Toppan Holdings, Inc.
 
79,700
1,838,191
Toray Industries, Inc.
 
448,400
2,169,287
Toshiba Corp.
 
28,000
851,218
Tosoh Corp.
 
84,090
1,029,617
Toto Ltd.
 
42,900
1,034,388
Toyota Industries Corp.
 
47,370
3,510,814
Toyota Motor Corp.
 
3,428,550
59,978,194
Toyota Tsusho Corp.
 
68,640
3,654,139
Trend Micro, Inc.
 
43,200
1,627,976
Unicharm Corp.
 
130,400
4,430,846
USS Co. Ltd.
 
66,400
1,160,599
Welcia Holdings Co. Ltd.
 
30,500
505,562
West Japan Railway Co.
 
71,000
2,706,133
Yakult Honsha Co. Ltd.
 
82,900
1,953,534
Yamaha Corp.
 
45,400
1,212,631
Yamaha Motor Co. Ltd.
 
96,200
2,350,825
Yamato Holdings Co. Ltd.
 
86,000
1,432,418
Yaskawa Electric Corp.
 
77,600
2,540,091
Yokogawa Electric Corp.
 
73,800
1,339,856
Zensho Holdings Co. Ltd.
 
30,000
1,576,856
ZOZO, Inc.
 
45,300
861,368
TOTAL JAPAN
 
 
1,059,272,140
Jordan - 0.0%
 
 
 
Hikma Pharmaceuticals PLC
 
53,496
1,236,388
Korea (South) - 0.0%
 
 
 
Delivery Hero AG (a)(b)(c)
 
56,635
1,436,414
Luxembourg - 0.1%
 
 
 
ArcelorMittal SA (Netherlands)
 
165,423
3,654,712
Eurofins Scientific SA
 
43,594
2,206,245
TOTAL LUXEMBOURG
 
 
5,860,957
Macau - 0.1%
 
 
 
Galaxy Entertainment Group Ltd.
 
706,000
3,968,755
Sands China Ltd. (a)
 
784,800
2,112,721
TOTAL MACAU
 
 
6,081,476
Netherlands - 5.8%
 
 
 
ABN AMRO Bank NV GDR (Bearer) (c)
 
130,594
1,752,832
Adyen BV (a)(c)
 
7,018
4,733,543
AEGON NV
 
545,578
2,646,234
Akzo Nobel NV
 
55,168
3,692,692
Argenx SE (a)
 
18,083
8,505,911
ASM International NV (Netherlands)
 
15,181
6,240,482
ASML Holding NV (Netherlands)
 
130,336
78,347,630
ASR Nederland NV
 
51,678
1,924,753
BE Semiconductor Industries NV
 
24,924
2,566,004
Euronext NV (c)
 
27,700
1,928,557
EXOR NV
 
35,062
3,002,801
Heineken Holding NV
 
41,913
3,184,197
Heineken NV (Bearer)
 
93,120
8,366,222
IMCD NV
 
18,427
2,212,979
ING Groep NV (Certificaten Van Aandelen)
 
1,170,283
15,003,647
JDE Peet's BV
 
40,622
1,127,851
Koninklijke Ahold Delhaize NV
 
314,026
9,303,585
Koninklijke KPN NV
 
1,044,192
3,509,716
Koninklijke Philips Electronics NV
 
300,202
5,710,586
NN Group NV
 
81,070
2,600,108
OCI NV
 
34,122
794,660
Randstad NV
 
35,687
1,844,219
Shell PLC (London)
 
2,167,548
69,853,251
Stellantis NV (Italy)
 
715,308
13,320,866
Universal Music Group NV
 
264,928
6,487,777
Wolters Kluwer NV
 
83,261
10,668,724
TOTAL NETHERLANDS
 
 
269,329,827
New Zealand - 0.2%
 
 
 
Auckland International Airport Ltd.
 
404,711
1,731,061
Fisher & Paykel Healthcare Corp.
 
187,271
2,271,525
Mercury Nz Ltd.
 
224,114
770,939
Meridian Energy Ltd.
 
417,188
1,174,952
Spark New Zealand Ltd.
 
596,859
1,732,755
Xero Ltd. (a)
 
46,493
3,178,600
TOTAL NEW ZEALAND
 
 
10,859,832
Norway - 0.6%
 
 
 
Aker BP ASA
 
102,176
2,936,967
DNB Bank ASA
 
299,275
5,392,922
Equinor ASA
 
291,307
9,765,548
Gjensidige Forsikring ASA
 
64,629
967,906
Kongsberg Gruppen ASA
 
28,442
1,161,007
Mowi ASA
 
142,056
2,305,511
Norsk Hydro ASA
 
428,933
2,446,079
Orkla ASA
 
242,693
1,671,550
Salmar ASA
 
23,450
1,110,054
Telenor ASA
 
226,173
2,311,142
TOTAL NORWAY
 
 
30,068,686
Portugal - 0.2%
 
 
 
Energias de Portugal SA
 
1,014,612
4,262,037
Galp Energia SGPS SA Class B
 
159,131
2,392,630
Jeronimo Martins SGPS SA
 
91,568
2,110,223
TOTAL PORTUGAL
 
 
8,764,890
Singapore - 1.6%
 
 
 
CapitaLand Ascendas REIT
 
1,206,789
2,292,953
CapitaLand Investment Ltd.
 
841,165
1,806,136
CapitaMall Trust
 
1,720,627
2,211,386
City Developments Ltd.
 
161,800
746,838
DBS Group Holdings Ltd.
 
585,705
14,070,586
Genting Singapore Ltd.
 
1,954,600
1,227,988
Grab Holdings Ltd. (a)(b)
 
605,681
1,859,441
Jardine Cycle & Carriage Ltd.
 
31,900
657,133
Keppel (REIT) (d)
 
94,160
54,675
Keppel Corp. Ltd.
 
470,800
2,137,125
Mapletree Logistics Trust (REIT)
 
1,118,812
1,201,436
Mapletree Pan Asia Commercial Trust
 
762,900
741,467
Oversea-Chinese Banking Corp. Ltd.
 
1,094,864
10,150,611
Sea Ltd. ADR (a)
 
117,961
4,918,974
Seatrium Ltd. (a)
 
14,341,809
1,174,581
Sembcorp Industries Ltd.
 
289,000
969,568
Singapore Airlines Ltd.
 
481,290
2,149,085
Singapore Exchange Ltd.
 
277,100
1,918,547
Singapore Technologies Engineering Ltd.
 
505,100
1,386,630
Singapore Telecommunications Ltd.
 
2,669,300
4,638,373
STMicroelectronics NV (France)
 
220,971
8,423,438
United Overseas Bank Ltd.
 
408,872
8,064,878
UOL Group Ltd.
 
150,191
646,848
TOTAL SINGAPORE
 
 
73,448,697
South Africa - 0.2%
 
 
 
Anglo American PLC (United Kingdom)
 
410,819
10,467,508
Spain - 2.5%
 
 
 
Acciona SA
 
7,979
1,004,667
ACS Actividades de Construccion y Servicios SA
 
70,831
2,560,914
Aena SME SA (c)
 
24,247
3,508,424
Amadeus IT Holding SA Class A
 
145,661
8,294,948
Banco Bilbao Vizcaya Argentaria SA
 
1,928,729
15,173,764
Banco Santander SA (Spain)
 
5,232,591
19,189,871
CaixaBank SA
 
1,334,167
5,424,111
Cellnex Telecom SA (c)
 
182,727
5,371,463
Corp. ACCIONA Energias Renovables SA
 
21,261
575,454
EDP Renovaveis SA
 
99,256
1,595,296
Enagas SA
 
80,426
1,344,135
Endesa SA
 
102,691
1,930,298
Grifols SA (a)
 
95,899
1,074,068
Iberdrola SA
 
1,968,374
21,892,290
Industria de Diseno Textil SA (b)
 
352,679
12,146,672
Naturgy Energy Group SA
 
40,774
1,151,917
Redeia Corp. SA
 
131,149
2,040,595
Repsol SA
 
413,043
6,042,089
Telefonica SA
 
1,673,232
6,463,091
TOTAL SPAIN
 
 
116,784,067
Sweden - 2.8%
 
 
 
Alfa Laval AB
 
93,462
3,019,265
ASSA ABLOY AB (B Shares)
 
323,917
6,904,316
Atlas Copco AB:
 
 
 
 (A Shares)
 
876,099
11,344,625
 (B Shares)
 
495,456
5,550,464
Beijer Ref AB (B Shares)
 
124,338
1,177,387
Boliden AB
 
88,394
2,262,817
Epiroc AB:
 
 
 
 (A Shares)
 
215,114
3,543,943
 (B Shares)
 
123,409
1,710,321
EQT AB
 
114,906
2,088,648
Ericsson (B Shares)
 
946,531
4,240,203
Essity AB (B Shares)
 
196,784
4,483,081
Evolution AB (c)
 
59,232
5,263,380
Fastighets AB Balder (a)
 
210,599
890,321
Getinge AB (B Shares)
 
73,892
1,326,587
H&M Hennes & Mauritz AB (B Shares) (b)
 
208,745
2,792,006
Hexagon AB (B Shares)
 
671,098
5,469,205
Holmen AB (B Shares)
 
30,231
1,139,372
Husqvarna AB (B Shares)
 
112,899
729,232
Industrivarden AB:
 
 
 
 (A Shares)
 
42,781
1,104,550
 (C Shares)
 
48,861
1,257,150
Indutrade AB
 
88,233
1,558,362
Investment AB Latour (B Shares)
 
47,716
823,946
Investor AB (B Shares)
 
559,283
10,241,250
L E Lundbergforetagen AB
 
24,333
991,200
Lifco AB
 
75,153
1,372,116
Nibe Industrier AB (B Shares)
 
489,845
2,816,429
Saab AB (B Shares)
 
25,864
1,325,355
Sagax AB
 
63,676
1,149,453
Sandvik AB
 
344,553
5,868,778
Securitas AB (B Shares)
 
158,807
1,269,893
Skandinaviska Enskilda Banken AB (A Shares)
 
512,686
5,709,040
Skanska AB (B Shares)
 
109,859
1,647,031
SKF AB (B Shares)
 
110,073
1,775,967
Svenska Cellulosa AB SCA (B Shares)
 
195,695
2,681,450
Svenska Handelsbanken AB (A Shares)
 
471,305
4,018,203
Swedbank AB (A Shares)
 
274,335
4,491,373
Swedish Orphan Biovitrum AB (a)
 
69,162
1,421,351
Tele2 AB (B Shares)
 
172,471
1,222,792
Telia Co. AB
 
761,303
1,613,922
Volvo AB:
 
 
 
 (A Shares)
 
63,368
1,268,217
 (B Shares)
 
489,085
9,678,778
Volvo Car AB (a)(b)
 
192,480
660,599
TOTAL SWEDEN
 
 
129,902,378
Switzerland - 6.1%
 
 
 
ABB Ltd. (Reg.)
 
517,198
17,376,673
Adecco SA (Reg.)
 
51,724
1,946,935
Alcon, Inc. (Switzerland)
 
161,539
11,510,975
Avolta AG (a)
 
31,180
1,086,921
Bachem Holding AG (B Shares)
 
10,898
785,916
Baloise Holdings AG
 
14,804
2,118,926
Banque Cantonale Vaudoise
 
9,738
1,098,355
Barry Callebaut AG
 
1,153
1,742,841
BKW AG
 
6,826
1,145,108
Clariant AG (Reg.)
 
69,753
986,886
Compagnie Financiere Richemont SA Series A
 
168,765
19,910,138
DSM-Firmenich AG
 
60,132
5,445,721
Ems-Chemie Holding AG
 
2,269
1,546,507
Geberit AG (Reg.)
 
10,813
5,013,932
Givaudan SA
 
2,986
9,913,395
Helvetia Holding AG (Reg.)
 
11,997
1,606,370
Julius Baer Group Ltd.
 
66,597
3,946,652
Kuehne & Nagel International AG
 
17,565
4,721,203
Lindt & Spruengli AG
 
35
3,809,157
Lindt & Spruengli AG (participation certificate)
 
310
3,424,944
Logitech International SA (Reg.)
 
53,168
4,159,220
Lonza Group AG
 
24,074
8,430,811
Novartis AG
 
662,644
62,036,444
Partners Group Holding AG
 
7,337
7,717,300
Sandoz Group AG
 
132,504
3,444,973
Schindler Holding AG:
 
 
 
 (participation certificate)
 
13,113
2,640,908
 (Reg.)
 
7,648
1,483,947
SGS SA (Reg.)
 
48,469
3,941,886
Sig Group AG
 
98,920
2,173,815
Sika AG
 
47,321
11,283,378
Sonova Holding AG
 
16,804
3,962,467
Straumann Holding AG
 
36,080
4,242,023
Swatch Group AG (Bearer)
 
9,371
2,392,070
Swatch Group AG (Bearer) (Reg.)
 
16,919
816,516
Swiss Life Holding AG
 
9,543
6,103,575
Swiss Prime Site AG
 
24,799
2,300,924
Swisscom AG
 
8,373
5,007,324
Temenos Group AG
 
20,618
1,476,454
UBS Group AG
 
1,063,331
24,805,017
VAT Group AG (c)
 
8,730
3,077,789
Zurich Insurance Group Ltd.
 
48,647
23,027,976
TOTAL SWITZERLAND
 
 
283,662,372
United Arab Emirates - 0.0%
 
 
 
NMC Health PLC (a)(e)
 
55,366
11
United Kingdom - 11.2%
 
 
 
3i Group PLC
 
314,691
7,419,655
Abrdn PLC
 
629,746
1,199,038
Admiral Group PLC
 
68,622
2,037,623
Ashtead Group PLC
 
141,684
8,100,750
Associated British Foods PLC
 
112,397
2,767,778
AstraZeneca PLC (United Kingdom)
 
501,065
62,735,218
Auto Trader Group PLC (c)
 
296,893
2,245,774
Aviva PLC
 
885,223
4,287,640
BAE Systems PLC
 
985,591
13,252,633
Barclays PLC
 
5,029,593
8,072,737
Barratt Developments PLC
 
315,044
1,584,907
Berkeley Group Holdings PLC
 
34,412
1,688,100
BP PLC
 
5,609,843
34,253,811
British American Tobacco PLC (United Kingdom)
 
686,864
20,518,309
BT Group PLC
 
2,087,725
2,861,060
Bunzl PLC
 
109,268
3,893,983
Burberry Group PLC
 
121,938
2,507,705
Centrica PLC
 
1,798,881
3,439,286
CK Hutchison Holdings Ltd.
 
867,000
4,389,002
CNH Industrial NV
 
330,903
3,664,094
Coca-Cola European Partners PLC
 
66,766
3,906,479
Compass Group PLC
 
560,491
14,130,755
Croda International PLC
 
45,150
2,402,540
DCC PLC (United Kingdom)
 
31,924
1,771,312
Diageo PLC
 
726,511
27,473,758
Entain PLC
 
206,514
2,335,373
Halma PLC
 
122,757
2,752,832
Hargreaves Lansdown PLC
 
115,006
987,714
HSBC Holdings PLC (United Kingdom)
 
6,391,009
46,145,804
Imperial Brands PLC
 
279,103
5,946,064
Informa PLC
 
452,590
3,914,515
InterContinental Hotel Group PLC
 
54,431
3,857,120
Intertek Group PLC
 
52,180
2,424,630
J Sainsbury PLC
 
535,456
1,674,560
JD Sports Fashion PLC
 
837,822
1,298,372
Johnson Matthey PLC
 
59,320
1,077,181
Kingfisher PLC
 
615,821
1,572,510
Land Securities Group PLC
 
227,773
1,575,258
Legal & General Group PLC
 
1,932,792
4,966,234
Lloyds Banking Group PLC
 
20,823,289
10,134,695
London Stock Exchange Group PLC
 
137,288
13,851,686
M&G PLC
 
724,557
1,745,474
Melrose Industries PLC
 
436,937
2,480,121
National Grid PLC
 
1,190,674
14,196,379
NatWest Group PLC
 
1,879,257
4,088,920
Next PLC
 
38,951
3,259,092
Ocado Group PLC (a)
 
187,207
1,058,747
Pearson PLC
 
208,325
2,411,515
Persimmon PLC
 
103,260
1,275,155
Phoenix Group Holdings PLC
 
242,498
1,337,549
Reckitt Benckiser Group PLC
 
231,962
15,519,872
RELX PLC (London Stock Exchange)
 
612,254
21,384,634
Rentokil Initial PLC
 
814,925
4,149,998
Rolls-Royce Holdings PLC (a)
 
2,721,097
7,162,544
Sage Group PLC
 
331,364
3,909,153
Schroders PLC
 
260,389
1,168,797
Segro PLC
 
376,164
3,258,982
Severn Trent PLC
 
86,924
2,806,111
Smith & Nephew PLC
 
282,236
3,158,541
Smiths Group PLC
 
113,027
2,216,605
Spirax-Sarco Engineering PLC
 
23,859
2,375,633
SSE PLC
 
352,482
6,996,168
St. James's Place PLC
 
177,340
1,378,644
Standard Chartered PLC (United Kingdom)
 
766,919
5,872,556
Taylor Wimpey PLC
 
1,141,779
1,537,655
Tesco PLC
 
2,317,544
7,605,165
Unilever PLC
 
813,137
38,510,725
United Utilities Group PLC
 
220,420
2,850,817
Vodafone Group PLC
 
7,434,727
6,843,960
Whitbread PLC
 
63,992
2,588,488
Wise PLC (a)
 
198,790
1,608,218
WPP PLC
 
347,587
2,993,152
TOTAL UNITED KINGDOM
 
 
522,867,865
United States of America - 7.0%
 
 
 
CRH PLC
 
234,605
12,606,510
CSL Ltd.
 
155,874
23,036,950
CyberArk Software Ltd. (a)
 
13,504
2,209,795
Experian PLC
 
297,477
9,006,669
Ferrovial SE
 
164,674
4,955,430
Ferrovial SE rights (a)(d)
 
164,674
74,506
GSK PLC
 
1,323,799
23,599,066
Haleon PLC
 
1,791,334
7,179,829
Holcim AG
 
168,526
10,389,642
James Hardie Industries PLC CDI (a)
 
142,301
3,550,329
Monday.com Ltd. (a)
 
7,023
912,920
Nestle SA (Reg. S)
 
863,213
93,087,837
QIAGEN NV (Germany) (a)
 
73,664
2,737,389
Roche Holding AG:
 
 
 
 (Bearer)
 
10,355
2,814,001
 (participation certificate)
 
227,121
58,531,271
Sanofi SA
 
367,289
33,352,126
Schneider Electric SA
 
175,938
27,069,341
Swiss Re Ltd.
 
97,515
10,625,721
Tenaris SA
 
152,640
2,396,784
TOTAL UNITED STATES OF AMERICA
 
 
328,136,116
 
TOTAL COMMON STOCKS
 (Cost $3,977,299,928)
 
 
 
4,578,000,051
 
 
 
 
Nonconvertible Preferred Stocks - 0.4%
 
 
Shares
Value ($)
 
Germany - 0.4%
 
 
 
Bayerische Motoren Werke AG (BMW) (non-vtg.)
 
18,749
1,590,041
Dr. Ing. h.c. F. Porsche AG Series F (c)
 
36,818
3,215,521
Henkel AG & Co. KGaA
 
55,046
3,965,263
Porsche Automobil Holding SE (Germany)
 
49,502
2,215,616
Sartorius AG (non-vtg.)
 
8,472
2,117,350
Volkswagen AG
 
66,484
7,050,676
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $23,604,994)
 
 
 
20,154,467
 
 
 
 
Government Obligations - 0.0%
 
 
Principal
Amount (f)
 
Value ($)
 
United States of America - 0.0%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (g)
  (Cost $1,573,400)
 
1,600,000
1,573,307
 
 
 
 
Money Market Funds - 1.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (h)
 
38,210,147
38,217,789
Fidelity Securities Lending Cash Central Fund 5.40% (h)(i)
 
21,057,503
21,059,609
 
TOTAL MONEY MARKET FUNDS
 (Cost $59,277,398)
 
 
59,277,398
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.5%
 (Cost $4,061,755,720)
 
 
 
4,659,005,223
NET OTHER ASSETS (LIABILITIES) - 0.5%  
21,766,835
NET ASSETS - 100.0%
4,680,772,058
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
840
Dec 2023
82,912,200
(2,268,369)
(2,268,369)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.8%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $56,927,780 or 1.2% of net assets.
 
(d)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(e)
Level 3 security
 
(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 $1,573,307.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
13,901,145
1,969,707,822
1,945,391,178
3,204,504
-
-
38,217,789
0.1%
Fidelity Securities Lending Cash Central Fund 5.40%
11,418,997
88,056,910
78,416,298
137,715
-
-
21,059,609
0.1%
Total
25,320,142
2,057,764,732
2,023,807,476
3,342,219
-
-
59,277,398
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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
192,543,074
35,881,045
156,662,029
-
Consumer Discretionary
547,670,797
165,583,867
382,086,930
-
Consumer Staples
456,253,248
75,727,493
380,525,755
-
Energy
224,888,943
20,441,093
204,447,850
-
Financials
877,426,308
270,654,499
606,771,809
-
Health Care
603,942,586
92,515,163
511,427,412
11
Industrials
721,476,916
207,579,170
513,897,746
-
Information Technology
362,484,919
35,414,024
327,070,895
-
Materials
343,895,771
110,746,450
233,149,321
-
Real Estate
107,441,631
18,301,059
89,140,572
-
Utilities
160,130,325
52,729,189
107,401,136
-
 Government Obligations
1,573,307
-
1,573,307
-
  Money Market Funds
59,277,398
59,277,398
-
-
 Total Investments in Securities:
4,659,005,223
1,144,850,450
3,514,154,762
11
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(2,268,369)
(2,268,369)
-
-
  Total Liabilities
(2,268,369)
(2,268,369)
-
-
 Total Derivative Instruments:
(2,268,369)
(2,268,369)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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
(2,268,369)
Total Equity Risk
0
(2,268,369)
Total Value of Derivatives
0
(2,268,369)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $19,832,511) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $4,002,478,322)
$
4,599,727,825
 
 
Fidelity Central Funds (cost $59,277,398)
59,277,398
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,061,755,720)
 
 
$
4,659,005,223
Segregated cash with brokers for derivative instruments
 
 
1,013,705
Foreign currency held at value (cost $11,421,361)
 
 
11,372,512
Receivable for fund shares sold
 
 
1,204,726
Dividends receivable
 
 
10,502,675
Reclaims receivable
 
 
20,667,710
Distributions receivable from Fidelity Central Funds
 
 
436,642
Receivable for daily variation margin on futures contracts
 
 
248,829
Prepaid expenses
 
 
4,748
Receivable from investment adviser for expense reductions
 
 
65,748
  Total assets
 
 
4,704,522,518
Liabilities
 
 
 
 
Payable for investments purchased on a delayed delivery basis
$
129,524
 
 
Payable for fund shares redeemed
2,196,983
 
 
Accrued management fee
137,588
 
 
Other payables and accrued expenses
226,756
 
 
Collateral on securities loaned
21,059,609
 
 
  Total Liabilities
 
 
 
23,750,460
Net Assets  
 
 
$
4,680,772,058
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,059,925,307
Total accumulated earnings (loss)
 
 
 
(379,153,249)
Net Assets
 
 
$
4,680,772,058
Net Asset Value, offering price and redemption price per share ($4,680,772,058 ÷ 385,376,403 shares)
 
 
$
12.15
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
123,057,516
Foreign Tax Reclaims
 
 
9,706,157
Interest  
 
 
174,488
Income from Fidelity Central Funds (including $137,715 from security lending)
 
 
3,342,219
 Income before foreign taxes withheld
 
 
$
136,280,380
Less foreign taxes withheld
 
 
(16,634,398)
 Total Income
 
 
 
119,645,982
Expenses
 
 
 
 
Management fee
$
1,323,828
 
 
Custodian fees and expenses
529,071
 
 
Independent trustees' fees and expenses
12,524
 
 
Registration fees
36,488
 
 
Audit
91,644
 
 
Legal
5,705
 
 
Interest
69,853
 
 
Miscellaneous
22,943
 
 
 Total expenses before reductions
 
2,092,056
 
 
 Expense reductions
 
(679,205)
 
 
 Total expenses after reductions
 
 
 
1,412,851
Net Investment income (loss)
 
 
 
118,233,131
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
11,543,422
 
 
 Foreign currency transactions
 
(510,020)
 
 
 Futures contracts
 
(5,744,370)
 
 
Total net realized gain (loss)
 
 
 
5,289,032
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
214,272,640
 
 
 Assets and liabilities in foreign currencies
 
1,773,487
 
 
 Futures contracts
 
(3,772,390)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
212,273,737
Net gain (loss)
 
 
 
217,562,769
Net increase (decrease) in net assets resulting from operations
 
 
$
335,795,900
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
118,233,131
$
163,367,759
Net realized gain (loss)
 
5,289,032
 
 
(476,309,515)
 
Change in net unrealized appreciation (depreciation)
 
212,273,737
 
(937,797,179)
 
Net increase (decrease) in net assets resulting from operations
 
335,795,900
 
 
(1,250,738,935)
 
Distributions to shareholders
 
(99,352,487)
 
 
(164,779,160)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
2,215,904,081
 
1,319,237,205
  Reinvestment of distributions
 
98,336,677
 
 
164,400,475
 
Cost of shares redeemed
 
(1,038,838,311)
 
(3,151,339,963)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
1,275,402,447
 
 
(1,667,702,283)
 
Total increase (decrease) in net assets
 
1,511,845,860
 
 
(3,083,220,378)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,168,926,198
 
6,252,146,576
 
End of period
$
4,680,772,058
$
3,168,926,198
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
171,776,026
 
104,093,787
  Issued in reinvestment of distributions
 
8,419,236
 
 
12,109,857
 
Redeemed
 
(86,009,290)
 
(255,655,639)
Net increase (decrease)
 
94,185,972
 
(139,451,995)
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI International Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.88
$
14.52
$
11.04
$
12.19
$
11.27
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.39
 
.42
 
.37
 
.28
 
.38
     Net realized and unrealized gain (loss)
 
1.27
 
(3.68)
 
3.36
 
(1.04)
 
.85
  Total from investment operations
 
1.66  
 
(3.26)  
 
3.73  
 
(.76)  
 
1.23
  Distributions from net investment income
 
(.39)
 
(.38)
 
(.25)
 
(.39)
 
(.31)
     Total distributions
 
(.39)
 
(.38)
 
(.25)
 
(.39)
 
(.31)
  Net asset value, end of period
$
12.15
$
10.88
$
14.52
$
11.04
$
12.19
 Total Return C
 
15.43%
 
(23.00)%
 
34.09%
 
(6.51)%
 
11.36%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.06%
 
.05%
 
.05%
 
.05%
 
.11%
    Expenses net of fee waivers, if any
 
.04%
 
.04%
 
.04%
 
.04%
 
.05%
    Expenses net of all reductions
 
.04%
 
.04%
 
.04%
 
.04%
 
.05%
    Net investment income (loss)
 
3.12%
 
3.28%
 
2.66%
 
2.51%
 
3.35%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,680,772
$
3,168,926
$
6,252,147
$
3,657,921
$
6,490,033
    Portfolio turnover rate F
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
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, ETFs  and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 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. 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 tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to partnerships, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$911,768,338
Gross unrealized depreciation
(362,748,003)
Net unrealized appreciation (depreciation)
$549,020,335
Tax Cost
$4,109,984,888
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$115,307,942
Capital loss carryforward
$(1,042,535,402)
Net unrealized appreciation (depreciation) on securities and other investments
$548,074,212
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(456,769,397)
 Long-term
(585,766,005)
Total capital loss carryforward
$(1,042,535,402)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$99,352,487
$164,779,160
 
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
1,935,574,655
677,711,473
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 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 International Index Fund.
Borrower
$ 15,057,649
4.20%
$65,069
 
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
$6,550
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
$14,929
$-
$-
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI International Index Fund
$3,565,400
4.83%
$ 4,784
10. 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 $679,205.
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
In addition, 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
32%
 
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
37%
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 13, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Laura M. Bishop, Jonathan Chiel, Robert W. Helm, Christine J. Thompson, and Carol J. Zierhoffer, each of the Trustees oversees 313 funds. Mr. Chiel oversees 191 funds. Ms. Bishop, Mr. Helm, Ms. Thompson, and Ms. Zierhoffer each oversees 229 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.
Christine J. Thompson (1958)
Year of Election or Appointment: 2023
Trustee
Ms. Thompson also serves as a Trustee of other Fidelity® funds. Ms. Thompson serves as Leader of Advanced Technologies for Investment Management at Fidelity Investments (2018-present). Previously, Ms. Thompson served as Chief Investment Officer in the Bond group at Fidelity Management & Research Company (2010-2018) and held various other roles including Director of municipal bond portfolio managers and Portfolio Manager of certain Fidelity® funds.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Laura M. Bishop (1961)
Year of Election or Appointment: 2023
Trustee
Ms. Bishop also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting). Previously, Ms. Bishop served as a Member of the Advisory Board of certain Fidelity® funds (2022-2023).    
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Robert W. Helm (1957)
Year of Election or Appointment: 2023
Trustee
Mr. Helm also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon. Previously, Mr. Helm served as a Member of the Advisory Board of certain Fidelity® funds (2021-2023).     
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
Carol J. Zierhoffer (1960)
Year of Election or Appointment: 2023
Trustee
Ms. Zierhoffer also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016), and as a Member of the Advisory Board of certain Fidelity® funds (2023).    
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Robin Foley (1964)
Year of Election or Appointment: 2023
Vice President
Ms. Foley also serves as Vice President of other funds. Ms. Foley serves as Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley served as Chief Investment Officer of Bonds (2017-2023).     
Christopher M. Gouveia (1973)
Year of Election or Appointment: 2023
Chief Compliance Officer
Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).          
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
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 (May 1, 2023 to October 31, 2023).
 
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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International Index Fund
 
 
 
.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 926.10
 
$ .19
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.00
 
$ .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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $503,467 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 97.98% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.4200 and $0.0270 for the dividend paid December 19, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI International Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for 2022 and below the competitive median of the asset size peer group for 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2022 and below the competitive median of the total expense asset size peer group for 2022.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.035% through February 29, 2024.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and Fidelity's views regarding portfolio manager investment in the Fidelity funds that they manage; (iii) hiring, training, and retaining personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends and market conditions; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (x) information concerning expense limitations applicable to certain funds; and (xi) matters related to money market funds, exchange-traded funds, and target date funds.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2024.
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
378,729,502,260.010
97.580
Withheld
9,407,876,478.960
2.420
TOTAL
388,137,378,738.970
100.000
Jennifer Toolin McAuliffe
Affirmative
378,454,868,010.950
97.510
Withheld
9,682,510,728.020
2.490
TOTAL
388,137,378,738.970
100.000
Christine J. Thompson
Affirmative
378,837,121,274.520
97.600
Withheld
9,300,257,464.450
2.400
TOTAL
388,137,378,738.970
100.000
Elizabeth S. Acton
Affirmative
378,262,110,794.850
97.460
Withheld
9,875,267,944.120
2.540
TOTAL
388,137,378,738.970
100.000
Laura M. Bishop
Affirmative
380,482,113,171.060
98.030
Withheld
7,655,265,567.910
1.970
TOTAL
388,137,378,738.970
100.000
Ann E. Dunwoody
Affirmative
380,016,034,008.120
97.910
Withheld
8,121,344,730.850
2.090
TOTAL
388,137,378,738.970
100.000
John Engler
Affirmative
379,432,488,394.200
97.760
Withheld
8,704,890,344.770
2.240
TOTAL
388,137,378,738.970
100.000
Robert F. Gartland
Affirmative
378,741,819,600.600
97.580
Withheld
9,395,559,138.370
2.420
TOTAL
388,137,378,738.970
100.000
Robert W. Helm
Affirmative
380,389,324,755.070
98.000
Withheld
7,748,053,983.900
2.000
TOTAL
388,137,378,738.970
100.000
Arthur E. Johnson
Affirmative
378,427,694,151.670
97.500
Withheld
9,709,684,587.300
2.500
TOTAL
388,137,378,738.970
100.000
Michael E. Kenneally
Affirmative
377,842,228,145.180
97.350
Withheld
10,295,150,593.790
2.650
TOTAL
388,137,378,738.970
100.000
Mark A. Murray
Affirmative
380,158,432,703.370
97.940
Withheld
7,978,946,035.600
2.060
TOTAL
388,137,378,738.970
100.000
Carol J. Zierhoffer
Affirmative
380,522,113,360.240
98.040
Withheld
7,615,265,378.730
1.960
TOTAL
388,137,378,738.970
100.000
 
 
 
Proposal 1 reflects trust wide proposal and voting results.
 
1.9879602.107
SV7-ANN-1223
Fidelity® SAI International Momentum Index Fund
 
 
Annual Report
October 31, 2023
 
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

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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. © 2023 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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Life of
Fund A
Fidelity® SAI International Momentum Index Fund
16.53%
6.46%
 
A   From May 12, 2020
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Momentum Index Fund on May 12, 2020, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity International Momentum Focus Index℠ and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 16.53%, versus 15.95% for the benchmark Fidelity International Momentum Focus Index. (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Europe ex U.K. gained 19% and contributed most, followed by Japan (+21%). By sector, industrials gained 29% and contributed, driven by the capital goods industry (+36%). Financials, which gained about 19%, also helped, benefiting from the banks industry (+17%). Consumer discretionary, which advanced roughly 15%, was lifted by the consumer durables & apparel industry (+24%). The consumer staples sector rose about 11%, boosted by the household & personal products industry (+37%). Health care gained 11% and materials advanced 12%. Other notable contributors included the energy (+14%), communication services (+16%), information technology (+14%), and utilities (+20%) sectors. In contrast, Asia Pacific ex Japan returned -4% and was a notable detractor. Turning to individual stocks, the top contributor was Novo-Nordisk (+79%), from the pharmaceuticals, biotechnology & life sciences industry. Mitsubishi (+75%) and Mitsui (+67%), within the capital goods group, also boosted the fund. Another notable contributor was L'Oreal (+35%), a stock in the household & personal products industry. Lastly, Hermes International (+45%), from the consumer durables & apparel group, also lifted the fund. Conversely, the biggest individual detractor was Infineon Technologies (-23%), from the semiconductors & semiconductor equipment category. In health care equipment & services, Olympus returned -41% and detracted. In pharmaceuticals, biotechnology & life sciences, Daiichi Sankyo returned -21% and detracted. Another notable detractor was Equinor (-23%), a stock in the energy sector. Lastly, in consumer durables & apparel, Panasonic Holdings returned -29% and detracted.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
4.2
 
HSBC Holdings PLC (United Kingdom)  (United Kingdom, Banks)
2.8
 
L'Oreal SA  (France, Personal Care Products)
2.5
 
Shell PLC (London)  (Netherlands, Oil, Gas & Consumable Fuels)
2.3
 
Mitsubishi Corp.  (Japan, Trading Companies & Distributors)
2.1
 
Hermes International SCA  (France, Textiles, Apparel & Luxury Goods)
2.0
 
Air Liquide SA  (France, Chemicals)
1.9
 
Mitsui & Co. Ltd.  (Japan, Trading Companies & Distributors)
1.8
 
ABB Ltd. (Reg.)  (Switzerland, Electrical Equipment)
1.8
 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  (Germany, Insurance)
1.7
 
 
23.1
 
 
Market Sectors (% of Fund's net assets)
 
Financials
18.8
 
Industrials
18.6
 
Consumer Discretionary
14.0
 
Health Care
10.9
 
Materials
9.6
 
Consumer Staples
8.0
 
Information Technology
6.5
 
Utilities
5.3
 
Communication Services
4.4
 
Energy
2.8
 
Real Estate
0.3
 
 
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.
 
 
Showing Percentage of Net Assets  
Common Stocks - 99.2%
 
 
Shares
Value ($)
 
Australia - 5.0%
 
 
 
AGL Energy Ltd.
 
115,059
786,537
Altium Ltd.
 
22,674
571,918
BHP Group Ltd.
 
79,880
2,261,201
BlueScope Steel Ltd.
 
87,486
1,048,735
Brambles Ltd.
 
265,177
2,213,102
CAR Group Ltd.
 
73,596
1,297,296
Cochlear Ltd.
 
12,826
1,965,894
Fortescue Metals Group Ltd.
 
317,923
4,522,718
Liontown Resources Ltd. (a)
 
359,389
369,417
Medibank Private Ltd.
 
525,477
1,146,737
Newcrest Mining Ltd.
 
170,626
2,615,429
NIB Holdings Ltd.
 
94,444
435,256
Origin Energy Ltd.
 
336,585
1,952,480
Pro Medicus Ltd.
 
10,206
486,142
Qantas Airways Ltd. (a)
 
164,618
515,733
QBE Insurance Group Ltd.
 
291,488
2,890,426
Sonic Healthcare Ltd.
 
82,511
1,510,864
Steadfast Group Ltd.
 
199,583
686,315
Technology One Ltd.
 
58,367
541,284
Washington H. Soul Pattinson & Co. Ltd.
 
47,953
1,021,585
WiseTech Global Ltd.
 
33,560
1,249,482
TOTAL AUSTRALIA
 
 
30,088,551
Belgium - 0.2%
 
 
 
Solvay SA Class A
 
13,715
1,447,411
Chile - 0.2%
 
 
 
Antofagasta PLC
 
64,694
1,057,605
Denmark - 5.7%
 
 
 
DSV A/S
 
32,321
4,820,371
Genmab A/S (a)
 
9,338
2,639,693
Jyske Bank A/S (Reg.) (a)
 
9,039
635,854
Novo Nordisk A/S Series B
 
259,049
24,992,070
Ringkjoebing Landbobank A/S
 
5,244
714,069
TOTAL DENMARK
 
 
33,802,057
Finland - 1.1%
 
 
 
Nordea Bank Abp
 
601,738
6,323,331
France - 12.5%
 
 
 
Air Liquide SA
 
65,956
11,301,709
Bollore SA
 
155,609
847,947
Dassault Aviation SA
 
4,261
845,356
Edenred SA
 
46,219
2,456,953
Engie SA
 
342,525
5,447,822
EssilorLuxottica SA
 
39,166
7,071,585
Hermes International SCA
 
6,540
12,176,386
Ipsen SA
 
7,531
888,493
L'Oreal SA
 
36,222
15,225,219
LVMH Moet Hennessy Louis Vuitton SE
 
4,959
3,550,300
Pernod Ricard SA
 
28,215
5,000,594
Publicis Groupe SA
 
43,717
3,317,549
Renault SA
 
36,971
1,292,883
SCOR SE
 
30,128
897,378
Sodexo SA
 
15,558
1,644,217
Technip Energies NV
 
24,074
526,011
TotalEnergies SE
 
22,946
1,534,112
Verallia SA (b)
 
13,615
442,841
TOTAL FRANCE
 
 
74,467,355
Germany - 11.2%
 
 
 
adidas AG
 
32,350
5,723,178
Aixtron AG
 
21,240
594,663
Beiersdorf AG
 
18,751
2,461,206
Commerzbank AG
 
197,495
2,121,040
Deutsche Telekom AG
 
341,698
7,416,099
E.ON SE
 
428,365
5,085,499
Fresenius Medical Care AG & Co. KGaA
 
38,976
1,295,023
Gerresheimer AG
 
5,189
482,613
HeidelbergCement AG
 
26,780
1,940,444
Infineon Technologies AG
 
245,165
7,161,324
Mercedes-Benz Group AG (Germany)
 
144,625
8,508,906
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
26,037
10,427,580
RWE AG
 
125,224
4,787,207
Siemens AG
 
64,578
8,569,427
Talanx AG
 
10,391
653,636
TOTAL GERMANY
 
 
67,227,845
Ireland - 0.7%
 
 
 
AIB Group PLC
 
219,791
952,104
Bank of Ireland Group PLC
 
189,616
1,695,346
Ryanair Holdings PLC sponsored ADR (a)
 
18,862
1,654,197
TOTAL IRELAND
 
 
4,301,647
Italy - 3.0%
 
 
 
A2A SpA
 
306,024
573,457
Banco BPM SpA
 
289,098
1,475,330
BPER Banca
 
207,441
673,625
Buzzi SpA
 
18,434
487,625
Coca-Cola HBC AG
 
39,155
1,014,639
Interpump Group SpA
 
15,320
638,678
Mediobanca SpA
 
124,411
1,483,575
Prada SpA
 
97,500
587,346
Prysmian SpA
 
50,338
1,879,638
UniCredit SpA
 
352,595
8,839,421
TOTAL ITALY
 
 
17,653,334
Japan - 27.3%
 
 
 
Ajinomoto Co., Inc.
 
103,500
3,780,098
Alfresa Holdings Corp.
 
39,600
627,288
Asics Corp.
 
36,200
1,146,707
Bridgestone Corp.
 
105,100
3,977,531
Capcom Co. Ltd.
 
32,800
1,055,810
Chubu Electric Power Co., Inc.
 
148,100
1,789,664
Daiichi Sankyo Kabushiki Kaisha
 
113,100
2,916,192
Daiwa House Industry Co. Ltd.
 
12,500
343,821
DENSO Corp.
 
262,100
3,870,256
Disco Corp.
 
17,300
3,055,163
Eisai Co. Ltd.
 
54,900
2,908,512
Fast Retailing Co. Ltd.
 
35,200
7,793,153
Honda Motor Co. Ltd.
 
976,700
10,009,977
Ibiden Co. Ltd.
 
27,100
1,155,448
Invincible Investment Corp.
 
1,278
491,519
Isetan Mitsukoshi Holdings Ltd.
 
74,800
843,816
Itochu Corp.
 
273,200
9,840,946
Iwatani Corp.
 
10,200
487,851
J. Front Retailing Co. Ltd.
 
51,000
486,198
Japan Airport Terminal Co. Ltd.
 
17,500
769,633
Japan Exchange Group, Inc.
 
103,300
2,042,737
Japan Tobacco, Inc.
 
209,900
4,886,235
JFE Holdings, Inc.
 
111,000
1,546,549
Kajima Corp.
 
91,400
1,510,604
Kansai Electric Power Co., Inc.
 
161,400
2,066,540
Kansai Paint Co. Ltd.
 
46,600
681,978
Kobe Steel Ltd.
 
77,400
915,136
Kuraray Co. Ltd.
 
64,500
737,956
Kyushu Electric Power Co., Inc. (a)
 
91,100
582,050
Lawson, Inc.
 
9,800
473,599
Marubeni Corp.
 
322,500
4,715,523
MatsukiyoCocokara & Co.
 
72,900
1,278,797
Mazda Motor Corp.
 
111,100
1,073,891
Medipal Holdings Corp.
 
40,900
687,651
Mitsubishi Corp.
 
273,000
12,726,048
Mitsubishi Heavy Industries Ltd.
 
62,500
3,219,043
Mitsui & Co. Ltd.
 
294,700
10,710,629
Nippon Telegraph & Telephone Corp.
 
5,533,900
6,512,159
Nissin Food Holdings Co. Ltd.
 
15,300
1,331,233
Otsuka Corp.
 
22,600
906,138
Otsuka Holdings Co. Ltd.
 
74,200
2,496,531
Panasonic Holdings Corp.
 
447,900
3,929,647
Renesas Electronics Corp. (a)
 
270,900
3,558,440
Rohto Pharmaceutical Co. Ltd.
 
42,400
989,247
Sanrio Co. Ltd.
 
12,600
536,552
Screen Holdings Co. Ltd.
 
18,000
836,859
Sega Sammy Holdings, Inc.
 
31,100
486,391
Sekisui House Ltd.
 
126,400
2,475,260
Shin-Etsu Chemical Co. Ltd.
 
272,800
8,157,642
Skylark Holdings Co. Ltd. (a)
 
43,400
640,314
Sojitz Corp.
 
39,200
814,003
Sumitomo Corp.
 
231,800
4,556,649
Sumitomo Forestry Co. Ltd.
 
36,700
866,540
Sumitomo Mitsui Financial Group, Inc.
 
68,100
3,282,963
Tohoku Electric Power Co., Inc.
 
98,200
613,171
Tokio Marine Holdings, Inc.
 
377,800
8,452,231
Toyo Suisan Kaisha Ltd.
 
18,900
871,875
Tsuruha Holdings, Inc.
 
7,400
543,580
Yamaha Motor Co. Ltd.
 
64,900
1,585,952
Yamazaki Baking Co. Ltd.
 
32,700
692,307
Zensho Holdings Co. Ltd.
 
17,500
919,833
TOTAL JAPAN
 
 
163,260,066
Jordan - 0.1%
 
 
 
Hikma Pharmaceuticals PLC
 
33,349
770,755
Luxembourg - 0.2%
 
 
 
ArcelorMittal SA (Netherlands)
 
67,920
1,500,565
Macau - 0.5%
 
 
 
Galaxy Entertainment Group Ltd.
 
267,000
1,500,931
Sands China Ltd. (a)
 
463,200
1,246,957
TOTAL MACAU
 
 
2,747,888
Netherlands - 6.0%
 
 
 
ABN AMRO Bank NV GDR (Bearer) (b)
 
77,969
1,046,500
Argenx SE (a)
 
10,245
4,819,060
ASM International NV (Netherlands)
 
7,170
2,947,385
ASML Holding NV (Netherlands)
 
8,414
5,057,827
Shell PLC (London)
 
433,417
13,967,666
Stellantis NV (Italy)
 
89,549
1,667,632
Wolters Kluwer NV
 
47,687
6,110,417
TOTAL NETHERLANDS
 
 
35,616,487
New Zealand - 0.8%
 
 
 
Contact Energy Ltd.
 
153,384
696,742
Fisher & Paykel Healthcare Corp.
 
108,734
1,318,902
Infratil Ltd.
 
153,673
879,937
Xero Ltd. (a)
 
27,505
1,880,442
TOTAL NEW ZEALAND
 
 
4,776,023
Norway - 0.1%
 
 
 
Kongsberg Gruppen ASA
 
16,418
670,185
Portugal - 0.2%
 
 
 
Jeronimo Martins SGPS SA
 
53,199
1,225,993
Singapore - 2.5%
 
 
 
Keppel (REIT) (c)
 
53,785
31,231
Keppel Corp. Ltd.
 
268,928
1,220,757
Oversea-Chinese Banking Corp. Ltd.
 
758,600
7,033,069
Sembcorp Industries Ltd.
 
178,100
597,509
Singapore Airlines Ltd.
 
261,400
1,167,219
STMicroelectronics NV (Italy)
 
121,500
4,631,622
TOTAL SINGAPORE
 
 
14,681,407
Spain - 3.2%
 
 
 
ACS Actividades de Construccion y Servicios SA
 
39,115
1,414,214
Banco Bilbao Vizcaya Argentaria SA
 
1,165,350
9,168,082
Banco de Sabadell SA
 
1,056,299
1,308,792
Bankinter SA
 
119,844
756,023
CaixaBank SA
 
760,520
3,091,925
Industria de Diseno Textil SA
 
67,959
2,340,586
Naturgy Energy Group SA
 
34,107
963,566
TOTAL SPAIN
 
 
19,043,188
Sweden - 2.0%
 
 
 
Epiroc AB (A Shares)
 
177,920
2,931,182
Investor AB (B Shares)
 
355,928
6,517,537
Swedbank AB (A Shares)
 
172,141
2,818,267
TOTAL SWEDEN
 
 
12,266,986
Switzerland - 3.7%
 
 
 
ABB Ltd. (Reg.)
 
316,184
10,623,061
Alcon, Inc. (Switzerland)
 
52,086
3,711,553
Lindt & Spruengli AG
 
39
4,244,490
Siegfried Holding AG
 
768
607,460
Swisscom AG
 
4,766
2,850,222
TOTAL SWITZERLAND
 
 
22,036,786
United Kingdom - 9.8%
 
 
 
3i Group PLC
 
190,128
4,482,760
Associated British Foods PLC
 
66,167
1,629,364
Auto Trader Group PLC (b)
 
105,675
799,353
BAE Systems PLC
 
573,522
7,711,796
Beazley PLC
 
114,876
718,376
Britvic PLC
 
49,370
502,857
Bunzl PLC
 
54,822
1,953,691
Centrica PLC
 
1,096,353
2,096,120
easyJet PLC (a)
 
108,257
481,586
Halma PLC
 
67,183
1,506,582
HSBC Holdings PLC (United Kingdom)
 
2,304,982
16,642,951
IMI PLC
 
51,049
908,996
Informa PLC
 
271,191
2,345,570
International Consolidated Airlines Group SA CDI (a)
 
476,929
835,614
J Sainsbury PLC
 
337,572
1,055,707
Marks & Spencer Group PLC (a)
 
385,202
1,015,044
Rolls-Royce Holdings PLC (a)
 
1,644,193
4,327,889
Sage Group PLC
 
200,004
2,359,479
Shaftesbury Capital PLC
 
375,014
474,043
Spectris PLC
 
20,869
786,322
SSE PLC
 
200,025
3,970,156
Whitbread PLC
 
38,182
1,544,469
Wise PLC (a)
 
89,945
727,658
TOTAL UNITED KINGDOM
 
 
58,876,383
United States of America - 3.2%
 
 
 
CRH PLC
 
139,975
7,521,563
GSK PLC
 
161,564
2,880,165
Holcim AG
 
104,082
6,416,664
James Hardie Industries PLC CDI (a)
 
85,978
2,145,102
TOTAL UNITED STATES OF AMERICA
 
 
18,963,494
 
TOTAL COMMON STOCKS
 (Cost $549,105,672)
 
 
 
592,805,342
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (d)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (e)
  (Cost $393,350)
 
400,000
393,327
 
 
 
 
Money Market Funds - 0.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (f)
 
 (Cost $94,176)
 
 
94,157
94,176
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.3%
 (Cost $549,593,198)
 
 
 
593,292,845
NET OTHER ASSETS (LIABILITIES) - 0.7%  
4,341,033
NET ASSETS - 100.0%
597,633,878
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
46
Dec 2023
4,540,430
(179,538)
(179,538)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.8%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,288,694 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 $165,197.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
-
27,946,628
27,852,452
34,483
-
-
94,176
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
-
11,896,201
11,896,201
22,897
-
-
-
0.0%
Total
-
39,842,829
39,748,653
57,380
-
-
94,176
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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
26,442,005
9,361,288
17,080,717
-
Consumer Discretionary
82,425,809
26,389,351
56,036,458
-
Consumer Staples
48,222,084
18,149,894
30,072,190
-
Energy
16,515,640
526,011
15,989,629
-
Financials
113,619,432
44,402,974
69,216,458
-
Health Care
65,076,446
13,532,459
51,543,987
-
Industrials
111,236,124
22,212,943
89,023,181
-
Information Technology
38,800,378
8,194,431
30,605,947
-
Materials
57,118,290
23,430,147
33,688,143
-
Real Estate
1,340,614
474,043
866,571
-
Utilities
32,008,520
17,476,005
14,532,515
-
 Government Obligations
393,327
-
393,327
-
  Money Market Funds
94,176
94,176
-
-
 Total Investments in Securities:
593,292,845
184,243,722
409,049,123
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(179,538)
(179,538)
-
-
  Total Liabilities
(179,538)
(179,538)
-
-
 Total Derivative Instruments:
(179,538)
(179,538)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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
(179,538)
Total Equity Risk
0
(179,538)
Total Value of Derivatives
0
(179,538)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $549,499,022)
$
593,198,669
 
 
Fidelity Central Funds (cost $94,176)
94,176
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $549,593,198)
 
 
$
593,292,845
Cash
 
 
5,392
Foreign currency held at value (cost $468,524)
 
 
466,858
Receivable for investments sold
 
 
1,909
Receivable for fund shares sold
 
 
87,655
Dividends receivable
 
 
1,783,720
Reclaims receivable
 
 
2,297,366
Distributions receivable from Fidelity Central Funds
 
 
2,053
Receivable for daily variation margin on futures contracts
 
 
13,613
Prepaid expenses
 
 
779
  Total assets
 
 
597,952,190
Liabilities
 
 
 
 
Payable for investments purchased on a delayed delivery basis
$
31,427
 
 
Payable for fund shares redeemed
138,180
 
 
Accrued management fee
75,799
 
 
Audit fee payable
42,295
 
 
Custody fee payable
24,874
 
 
Other payables and accrued expenses
5,737
 
 
  Total Liabilities
 
 
 
318,312
Net Assets  
 
 
$
597,633,878
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
795,139,140
Total accumulated earnings (loss)
 
 
 
(197,505,262)
Net Assets
 
 
$
597,633,878
Net Asset Value, offering price and redemption price per share ($597,633,878 ÷ 51,093,759 shares)
 
 
$
11.70
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
19,313,137
Interest  
 
 
30,464
Income from Fidelity Central Funds (including $22,897 from security lending)
 
 
57,380
 Income before foreign taxes withheld
 
 
$
19,400,981
Less foreign taxes withheld
 
 
(1,522,342)
 Total Income
 
 
 
17,878,639
Expenses
 
 
 
 
Management fee
$
928,446
 
 
Custodian fees and expenses
102,979
 
 
Independent trustees' fees and expenses
2,156
 
 
Registration fees
24,217
 
 
Audit
48,246
 
 
Legal
732
 
 
Interest
9,554
 
 
Miscellaneous
8,524
 
 
 Total Expenses
 
 
 
1,124,854
Net Investment income (loss)
 
 
 
16,753,785
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(10,607,265)
 
 
 Foreign currency transactions
 
134,299
 
 
 Futures contracts
 
591,257
 
 
Total net realized gain (loss)
 
 
 
(9,881,709)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
84,612,089
 
 
 Assets and liabilities in foreign currencies
 
80,780
 
 
 Futures contracts
 
(299,876)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
84,392,993
Net gain (loss)
 
 
 
74,511,284
Net increase (decrease) in net assets resulting from operations
 
 
$
91,265,069
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
16,753,785
$
27,102,380
Net realized gain (loss)
 
(9,881,709)
 
 
(237,671,396)
 
Change in net unrealized appreciation (depreciation)
 
84,392,993
 
(166,173,932)
 
Net increase (decrease) in net assets resulting from operations
 
91,265,069
 
 
(376,742,948)
 
Distributions to shareholders
 
(14,027,534)
 
 
(37,303,193)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
22,436,695
 
594,269,522
  Reinvestment of distributions
 
13,948,304
 
 
37,266,455
 
Cost of shares redeemed
 
(86,550,078)
 
(682,501,019)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(50,165,079)
 
 
(50,965,042)
 
Total increase (decrease) in net assets
 
27,072,456
 
 
(465,011,183)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
570,561,422
 
1,035,572,605
 
End of period
$
597,633,878
$
570,561,422
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
1,859,042
 
41,133,495
  Issued in reinvestment of distributions
 
1,243,164
 
 
2,617,027
 
Redeemed
 
(7,493,979)
 
(59,628,242)
Net increase (decrease)
 
(4,391,773)
 
(15,877,720)
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI International Momentum Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.28
$
14.51
$
11.33
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.32
 
.30
 
.28
 
.08
     Net realized and unrealized gain (loss)
 
1.37
 
(4.17)
 
3.05
 
1.25
  Total from investment operations
 
1.69  
 
(3.87)  
 
3.33  
 
1.33  
  Distributions from net investment income
 
(.27)
 
(.27) D
 
(.09)
 
-
  Distributions from net realized gain
 
-
 
(.10) D
 
(.05)
 
-
     Total distributions
 
(.27)
 
(.36) E
 
(.15) E
 
-
  Net asset value, end of period
$
11.70
$
10.28
$
14.51
$
11.33
 Total Return F,G
 
16.53%
 
(27.34)%
 
29.56%
 
13.30%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.18%
 
.18%
 
.19%
 
.24% J,K
    Expenses net of fee waivers, if any
 
.18%
 
.18%
 
.19%
 
.20% K
    Expenses net of all reductions
 
.18%
 
.18%
 
.19%
 
.20% K
    Net investment income (loss)
 
2.71%
 
2.47%
 
2.03%
 
1.55% K
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
597,634
$
570,561
$
1,035,573
$
372,738
    Portfolio turnover rate L
 
63%
 
113%
 
73%
 
29% M
 
AFor the period May 12, 2020 (commencement of operations) through October 31, 2020.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
ETotal distributions per share do not sum due to rounding.
 
FTotal returns for periods of less than one year are not annualized.
 
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
JAudit fees are not annualized.
 
KAnnualized.
 
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
MAmount not annualized.
 
For the period ended October 31, 2023
 
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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. 
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 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.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$73,845,830
Gross unrealized depreciation
(37,219,979)
Net unrealized appreciation (depreciation)
$36,625,851
Tax Cost
$556,666,994
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$21,080,963
Capital loss carryforward
$(255,056,791)
Net unrealized appreciation (depreciation) on securities and other investments
$36,470,564
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(226,856,496)
 Long-term
(28,200,295)
Total capital loss carryforward
$(255,056,791)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$14,027,534
$ 27,992,929
Long-term Capital Gains
-
9,310,264
Total
$14,027,534
$37,303,193
 
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
383,624,486
430,953,525
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 International Momentum Index Fund 
 Borrower
$12,072,714
4.07%
$9,543
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity SAI International Momentum Index Fund
$1,121
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
$2,420
$-
$-
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI International Momentum Index Fund
$19,200
4.15%
$ 11
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 Momentum Index Fund
48%
19%
 
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
67%
 
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.
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Momentum Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Momentum Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2023 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the three years in the period ended October 31, 2023 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 12, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Laura M. Bishop, Jonathan Chiel, Robert W. Helm, Christine J. Thompson, and Carol J. Zierhoffer, each of the Trustees oversees 313 funds. Mr. Chiel oversees 191 funds. Ms. Bishop, Mr. Helm, Ms. Thompson, and Ms. Zierhoffer each oversees 229 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.
Christine J. Thompson (1958)
Year of Election or Appointment: 2023
Trustee
Ms. Thompson also serves as a Trustee of other Fidelity® funds. Ms. Thompson serves as Leader of Advanced Technologies for Investment Management at Fidelity Investments (2018-present). Previously, Ms. Thompson served as Chief Investment Officer in the Bond group at Fidelity Management & Research Company (2010-2018) and held various other roles including Director of municipal bond portfolio managers and Portfolio Manager of certain Fidelity® funds.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Laura M. Bishop (1961)
Year of Election or Appointment: 2023
Trustee
Ms. Bishop also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting). Previously, Ms. Bishop served as a Member of the Advisory Board of certain Fidelity® funds (2022-2023).    
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Robert W. Helm (1957)
Year of Election or Appointment: 2023
Trustee
Mr. Helm also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon. Previously, Mr. Helm served as a Member of the Advisory Board of certain Fidelity® funds (2021-2023).     
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
Carol J. Zierhoffer (1960)
Year of Election or Appointment: 2023
Trustee
Ms. Zierhoffer also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016), and as a Member of the Advisory Board of certain Fidelity® funds (2023).    
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Robin Foley (1964)
Year of Election or Appointment: 2023
Vice President
Ms. Foley also serves as Vice President of other funds. Ms. Foley serves as Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley served as Chief Investment Officer of Bonds (2017-2023).     
Christopher M. Gouveia (1973)
Year of Election or Appointment: 2023
Chief Compliance Officer
Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).          
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
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 (May 1, 2023 to October 31, 2023).
 
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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International Momentum Index Fund
 
 
 
.18%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 949.70
 
$ .88
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.30
 
$ .92
 
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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $110,620 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 96.63% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3192 and $0.0512 for the dividend paid December 12, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI International Momentum Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked equal to the competitive median of the mapped group for 2022 and below the competitive median of the asset size peer group for 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2022 and below the competitive median of the total expense asset size peer group for 2022.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.20% through February 29, 2024.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and Fidelity's views regarding portfolio manager investment in the Fidelity funds that they manage; (iii) hiring, training, and retaining personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends and market conditions; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (x) information concerning expense limitations applicable to certain funds; and (xi) matters related to money market funds, exchange-traded funds, and target date funds.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2024.
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
378,729,502,260.010
97.580
Withheld
9,407,876,478.960
2.420
TOTAL
388,137,378,738.970
100.000
Jennifer Toolin McAuliffe
Affirmative
378,454,868,010.950
97.510
Withheld
9,682,510,728.020
2.490
TOTAL
388,137,378,738.970
100.000
Christine J. Thompson
Affirmative
378,837,121,274.520
97.600
Withheld
9,300,257,464.450
2.400
TOTAL
388,137,378,738.970
100.000
Elizabeth S. Acton
Affirmative
378,262,110,794.850
97.460
Withheld
9,875,267,944.120
2.540
TOTAL
388,137,378,738.970
100.000
Laura M. Bishop
Affirmative
380,482,113,171.060
98.030
Withheld
7,655,265,567.910
1.970
TOTAL
388,137,378,738.970
100.000
Ann E. Dunwoody
Affirmative
380,016,034,008.120
97.910
Withheld
8,121,344,730.850
2.090
TOTAL
388,137,378,738.970
100.000
John Engler
Affirmative
379,432,488,394.200
97.760
Withheld
8,704,890,344.770
2.240
TOTAL
388,137,378,738.970
100.000
Robert F. Gartland
Affirmative
378,741,819,600.600
97.580
Withheld
9,395,559,138.370
2.420
TOTAL
388,137,378,738.970
100.000
Robert W. Helm
Affirmative
380,389,324,755.070
98.000
Withheld
7,748,053,983.900
2.000
TOTAL
388,137,378,738.970
100.000
Arthur E. Johnson
Affirmative
378,427,694,151.670
97.500
Withheld
9,709,684,587.300
2.500
TOTAL
388,137,378,738.970
100.000
Michael E. Kenneally
Affirmative
377,842,228,145.180
97.350
Withheld
10,295,150,593.790
2.650
TOTAL
388,137,378,738.970
100.000
Mark A. Murray
Affirmative
380,158,432,703.370
97.940
Withheld
7,978,946,035.600
2.060
TOTAL
388,137,378,738.970
100.000
Carol J. Zierhoffer
Affirmative
380,522,113,360.240
98.040
Withheld
7,615,265,378.730
1.960
TOTAL
388,137,378,738.970
100.000
 
 
 
Proposal 1 reflects trust wide proposal and voting results.
 
1.9900587.103
IMI-ANN-1223
Fidelity® Total International Index Fund
 
 
Annual Report
October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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. © 2023 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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® Total International Index Fund
12.29%
3.61%
4.26%
 
A   From June 7, 2016
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Total International Index Fund, on June 7, 2016, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Investable Market Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 12.29%, versus 11.81% for the benchmark MSCI All Country World ex U.S. IMI Index (Net MA). (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Europe ex the U.K. gained 16% and contributed most, followed by emerging markets (+11%). By sector, financials gained 13% and contributed. Information technology, which gained 21%, also helped, benefiting from the semiconductors & semiconductor equipment industry (+33%), as did consumer discretionary, which advanced 17%. The industrials sector rose about 12%, boosted by the capital goods industry (+17%). Materials gained roughly 9%, and energy advanced about 11%. Other notable contributors included the communication services (+12%), consumer staples (+7%), health care (+5%) and utilities (+7%) sectors. Conversely, Canada returned -1% and was a notable detractor. Turning to individual stocks, the top contributor was Novo-Nordisk (+78%), from the pharmaceuticals, biotechnology & life sciences category. Taiwan Semiconductor Manufacturing (+37%) and ASML Holding (+28%), within the semiconductors & semiconductor equipment group, also helped. In media & entertainment, Tencent Holdings gained roughly 50% and helped. Lastly, another notable contributor was HSBC Holdings (+48%), a stock in the banks group. Conversely, the biggest individual detractor was Roche Holdings (-21%), from the pharmaceuticals, biotechnology & life sciences group. Also in pharmaceuticals, biotechnology & life sciences, CSL (-17%) hurt. Adyen, within the financial services industry, returned roughly -53% and hindered the fund. In materials, Nutrien returned approximately -35% and detracted. Lastly, in food, beverage & tobacco, British American Tobacco returned -18% and hurt.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
1.5
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
1.2
 
Nestle SA (Reg. S)  (United States of America, Food Products)
1.1
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
1.0
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
0.9
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
0.9
 
Shell PLC (London)  (Netherlands, Oil, Gas & Consumable Fuels)
0.8
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
0.8
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
0.7
 
Novartis AG  (Switzerland, Pharmaceuticals)
0.7
 
 
9.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.5
 
Industrials
11.5
 
Consumer Discretionary
11.3
 
Information Technology
10.6
 
Health Care
9.2
 
Materials
8.0
 
Consumer Staples
7.9
 
Energy
6.0
 
Communication Services
5.1
 
Utilities
3.2
 
Real Estate
1.8
 
 
Asset Allocation (% of Fund's net assets)
Futures - 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 - 95.3%
 
 
Shares
Value ($)
 
Australia - 4.9%
 
 
 
Accent Group Ltd.
 
150,482
179,736
Adbri Ltd.
 
157,586
197,974
AGL Energy Ltd.
 
223,050
1,524,758
Allkem Ltd. (a)
 
221,752
1,355,059
ALS Ltd.
 
167,454
1,146,031
Altium Ltd.
 
43,466
1,096,366
Alumina Ltd. (a)
 
965,262
479,674
AMP Ltd.
 
1,099,651
732,689
Ampol Ltd.
 
86,013
1,744,150
Ansell Ltd.
 
47,413
640,588
ANZ Group Holdings Ltd.
 
1,092,187
17,222,673
APA Group unit
 
475,888
2,494,577
ARB Corp. Ltd.
 
32,259
601,966
Arena (REIT) unit
 
133,980
271,043
Aristocrat Leisure Ltd.
 
219,195
5,387,837
ASX Ltd.
 
74,210
2,651,344
Atlas Arteria Ltd. unit
 
487,682
1,648,669
Aub Group Ltd.
 
37,853
650,069
Aurizon Holdings Ltd.
 
666,652
1,452,044
Aussie Broadband Ltd. (a)
 
82,096
204,526
Austal Ltd.
 
130,478
140,892
AVZ Minerals Ltd. (a)(b)
 
729,530
360,966
Bank of Queensland Ltd.
 
243,544
791,432
Bapcor Ltd.
 
122,169
415,845
Beach Energy Ltd.
 
594,971
586,019
Bega Cheese Ltd.
 
116,774
206,906
Bellevue Gold Ltd. (a)
 
425,245
386,729
Bendigo & Adelaide Bank Ltd.
 
206,467
1,143,910
BHP Group Ltd.
 
1,859,516
52,638,206
BlueScope Steel Ltd.
 
168,000
2,013,894
Boral Ltd. (a)
 
147,247
422,125
Boss Energy Ltd. (a)
 
134,702
371,207
Brambles Ltd.
 
496,869
4,146,747
Breville Group Ltd.
 
39,577
536,384
Brickworks Ltd.
 
31,546
491,676
BWP Trust
 
167,194
345,761
Calix Ltd. (a)
 
60,422
103,360
Capricorn Metals Ltd. (a)
 
118,633
352,979
CAR Group Ltd.
 
138,279
2,437,480
Centuria Capital Group unit
 
310,336
227,044
Centuria Industrial REIT
 
195,576
353,961
Chalice Mining Ltd. (a)
 
140,109
159,654
Challenger Ltd.
 
193,577
721,783
Champion Iron Ltd.
 
151,179
687,639
Charter Hall Group unit
 
171,759
951,542
Charter Hall Long Wale REIT unit
 
222,341
427,147
Charter Hall Retail REIT
 
213,222
414,319
Charter Hall Social Infrastruc
 
133,666
202,547
Cleanaway Waste Management Ltd.
 
768,474
1,094,727
Clinuvel Pharmaceuticals Ltd.
 
16,818
157,374
Cochlear Ltd.
 
24,302
3,724,868
Codan Ltd./Australia
 
46,989
233,063
Coles Group Ltd.
 
480,813
4,666,622
Collins Foods Ltd.
 
46,336
268,696
Commonwealth Bank of Australia
 
612,499
37,678,430
Computershare Ltd.
 
215,117
3,394,967
Core Lithium Ltd. (a)(c)
 
678,401
155,991
Coronado Global Resources, Inc. CDI (d)
 
298,910
328,809
Corporate Travel Management Ltd.
 
45,932
486,035
Costa Group Holdings Ltd.
 
173,164
341,548
Credit Corp. Group Ltd.
 
28,393
219,055
Cromwell Property Group unit
 
624,876
127,433
CSR Ltd.
 
184,554
659,447
Data#3 Ltd.
 
81,230
350,161
De Grey Mining Ltd. (a)
 
455,621
342,446
Deterra Royalties Ltd.
 
183,036
546,913
Dexus Industria (REIT)
 
95,697
144,646
DEXUS Property Group unit
 
399,046
1,648,136
Domain Holdings Australia Ltd.
 
106,547
230,955
Dominos Pizza Enterprises Ltd.
 
25,396
823,061
Downer EDI Ltd.
 
249,560
600,206
Eagers Automotive Ltd.
 
58,167
478,400
EBOS Group Ltd.
 
56,648
1,156,425
Elders Ltd.
 
63,491
239,583
Endeavour Group Ltd.
 
550,114
1,728,154
Evolution Mining Ltd.
 
677,608
1,515,549
EVT Ltd.
 
36,245
240,329
Firefinch Ltd. (a)(b)
 
386,763
49,069
Flight Centre Travel Group Ltd.
 
64,801
770,312
Flutter Entertainment PLC (a)
 
26,740
4,194,271
Flutter Entertainment PLC (Ireland) (a)
 
39,413
6,169,943
Fortescue Metals Group Ltd.
 
624,329
8,881,598
G8 Education Ltd.
 
335,502
202,748
Genesis Minerals Ltd. (a)
 
351,119
322,801
Glencore PLC
 
3,879,565
20,549,400
Gold Road Resources Ltd.
 
396,355
471,145
Goodman Group unit
 
625,603
8,277,922
GrainCorp Ltd.
 
80,935
357,704
Growthpoint Properties Australia Ltd.
 
108,767
136,556
GUD Holdings Ltd.
 
55,146
375,010
Hansen Technologies Ltd.
 
126,789
418,683
Harvey Norman Holdings Ltd. (c)
 
212,263
496,158
Healius Ltd. (a)
 
217,073
250,163
Helia Group Ltd.
 
138,020
317,411
Hmc Capital Ltd.
 
117,871
320,209
HomeCo Daily Needs (REIT) unit
 
560,224
382,037
HUB24 Ltd.
 
29,105
561,951
IDP Education Ltd.
 
93,684
1,294,373
IGO Ltd.
 
251,610
1,523,592
Iluka Resources Ltd.
 
163,864
756,684
Imdex Ltd.
 
223,941
234,894
Imugene Ltd. (a)
 
2,270,828
62,443
Incitec Pivot Ltd.
 
709,787
1,239,064
Ingenia Communities Group unit
 
132,176
328,984
Inghams Group Ltd.
 
152,740
357,738
Insignia Financial Ltd.
 
246,595
324,322
Insurance Australia Group Ltd.
 
921,469
3,324,235
Invocare Ltd.
 
55,495
446,613
IPH Ltd.
 
85,018
369,463
Iress Ltd.
 
68,125
217,232
JB Hi-Fi Ltd.
 
41,993
1,207,087
Johns Lyng Group Ltd.
 
75,046
292,156
Judo Capital Holdings Ltd. (a)
 
279,974
150,743
Jumbo Interactive Ltd.
 
23,084
203,590
Karoon Energy Ltd. (a)
 
227,758
366,760
Kelsian Group Ltd.
 
71,751
275,941
Latin Resources Ltd. (a)(c)
 
1,038,339
163,573
Lendlease Group unit
 
288,702
1,143,402
Leo Lithium Ltd. (a)(b)
 
399,362
127,934
Lifestyle Communities Ltd.
 
36,079
358,923
Link Administration Holdings Ltd.
 
211,741
160,731
Liontown Resources Ltd. (a)
 
566,920
582,738
Lovisa Holdings Ltd.
 
24,569
271,887
Lynas Rare Earths Ltd. (a)
 
343,628
1,545,773
Macquarie Group Ltd.
 
134,462
13,821,346
Magellan Financial Group Ltd.
 
60,342
250,412
Magellan Financial Group Ltd. warrants 4/16/27 (a)
 
4,999
496
McMillan Shakespeare Ltd.
 
30,221
322,073
Medibank Private Ltd.
 
1,001,635
2,185,847
Megaport Ltd. (a)
 
56,625
346,308
Metcash Ltd.
 
370,377
867,362
Mineral Resources Ltd.
 
66,686
2,457,862
Mirvac Group unit
 
1,493,498
1,732,837
Monadelphous Group Ltd.
 
37,943
339,915
Nanosonics Ltd. (a)
 
102,576
244,806
National Australia Bank Ltd.
 
1,153,411
20,662,499
National Storage REIT unit
 
454,327
579,260
Netwealth Group Ltd.
 
45,811
372,221
Neuren Pharmaceuticals Ltd. (a)
 
50,848
346,826
New Hope Corp. Ltd.
 
211,601
778,711
Newcrest Mining Ltd. (c)
 
18,283
273,807
NEXTDC Ltd. (a)
 
188,472
1,415,211
NIB Holdings Ltd.
 
180,653
832,561
Nick Scali Ltd.
 
45,957
315,226
Nine Entertainment Co. Holdings Ltd.
 
532,328
627,290
Northern Star Resources Ltd.
 
421,652
3,087,667
NRW Holdings Ltd.
 
176,337
281,663
Nufarm Ltd.
 
138,803
383,541
OceanaGold Corp.
 
269,899
451,535
oOh!media Ltd.
 
342,599
284,246
Orica Ltd.
 
162,545
1,518,808
Origin Energy Ltd.
 
618,076
3,585,368
Orora Ltd.
 
426,464
668,324
Paladin Energy Ltd. (Australia) (a)
 
1,066,575
642,725
Perpetual Trustees Australia Ltd.
 
41,383
505,927
Perseus Mining Ltd. (Australia)
 
517,571
553,004
PEXA Group Ltd. (a)
 
56,382
391,063
Pilbara Minerals Ltd. (c)
 
1,014,185
2,382,318
Pinnacle Investment Management Group Ltd.
 
55,312
274,135
Platinum Asset Management Ltd.
 
204,193
146,020
PolyNovo Ltd. (a)
 
229,715
169,395
Premier Investments Ltd.
 
38,013
551,200
Pro Medicus Ltd.
 
18,862
898,453
PWR Holdings Ltd.
 
55,735
347,306
Qantas Airways Ltd. (a)
 
324,637
1,017,057
QBE Insurance Group Ltd.
 
555,186
5,505,284
Qube Holdings Ltd.
 
599,451
1,016,502
Ramelius Resources Ltd.
 
402,299
417,837
Ramsay Health Care Ltd.
 
67,755
2,097,973
REA Group Ltd.
 
19,187
1,761,457
Reece Ltd.
 
84,902
946,633
Region RE Ltd. unit
 
410,687
513,520
Regis Resources Ltd.
 
290,908
314,924
Resolute Mng Ltd. (a)
 
797,052
180,022
Rio Tinto Ltd.
 
135,459
10,118,530
Rio Tinto PLC
 
413,337
26,371,116
Rural Funds Group unit
 
197,377
224,993
Sandfire Resources NL (a)
 
175,282
664,889
Santos Ltd.
 
1,184,601
5,780,212
Sayona Mining Ltd. (a)(c)
 
3,330,003
160,000
Scentre Group unit
 
1,883,140
2,917,348
SEEK Ltd.
 
144,192
1,902,280
Seven Group Holdings Ltd.
 
57,575
1,017,444
Sigma Healthcare Ltd.
 
480,219
196,988
Silver Lake Resources Ltd. (a)
 
367,897
241,986
SiteMinder Ltd. (a)
 
86,600
224,521
Smartgroup Corp. Ltd.
 
54,672
298,904
Sonic Healthcare Ltd.
 
165,646
3,033,155
South32 Ltd.
 
1,725,411
3,691,317
Stanmore Resources Ltd. (a)
 
144,904
351,127
Steadfast Group Ltd.
 
336,091
1,155,731
Stockland Corp. Ltd. unit
 
925,630
2,089,093
Strike Energy Ltd. (a)
 
860,289
213,633
Suncorp Group Ltd.
 
473,834
4,033,108
Super Retail Group Ltd.
 
64,109
539,433
Tabcorp Holdings Ltd.
 
817,705
403,480
Technology One Ltd.
 
107,114
993,353
Telix Pharmaceuticals Ltd. (a)
 
87,874
495,765
Telstra Group Ltd.
 
1,461,314
3,543,511
The GPT Group
 
749,901
1,730,643
The Lottery Corp. Ltd.
 
797,222
2,301,237
The Star Entertainment Group Ltd. (a)
 
817,795
276,265
Transurban Group unit
 
1,119,832
8,430,648
Treasury Wine Estates Ltd.
 
263,051
2,019,083
United Malt Group Ltd. (a)
 
98,760
313,242
Ventia Services Group Pty Ltd.
 
232,596
406,526
Vicinity Centres unit
 
1,455,054
1,576,015
Viva Energy Group Ltd. (d)
 
312,665
563,023
Washington H. Soul Pattinson & Co. Ltd.
 
83,167
1,771,779
Waypoint (REIT) unit
 
316,549
427,512
Webjet Ltd. (a)
 
149,355
580,391
Weebit Nano Ltd. (a)(c)
 
65,110
137,339
Wesfarmers Ltd.
 
412,430
13,269,453
West African Resources Ltd. (a)
 
401,793
186,689
Westpac Banking Corp.
 
1,289,088
16,928,023
Whitehaven Coal Ltd.
 
324,073
1,526,477
WiseTech Global Ltd.
 
65,350
2,433,064
Woodside Energy Group Ltd.
 
694,555
15,127,271
Woolworths Group Ltd.
 
434,608
9,728,600
WorleyParsons Ltd.
 
132,253
1,382,504
Yancoal Australia Ltd. (c)
 
149,792
459,971
TOTAL AUSTRALIA
 
 
480,042,377
Austria - 0.2%
 
 
 
ams-OSRAM AG (a)(c)
 
100,515
356,800
Andritz AG
 
24,743
1,136,237
AT&S Austria Technologie & Systemtechnik AG
 
10,089
252,788
BAWAG Group AG (d)
 
30,750
1,364,584
CA Immobilien Anlagen AG
 
15,866
535,531
DO & CO Restaurants & Catering AG
 
2,920
341,098
Erste Group Bank AG
 
124,328
4,439,862
EVN AG
 
13,112
355,863
Immofinanz AG (a)
 
12,726
255,842
Immofinanz AG (a)(b)
 
23,102
0
Kontron AG
 
15,666
314,948
Lenzing AG (a)
 
6,897
268,191
Mondi PLC
 
176,645
2,853,405
Oesterreichische Post AG
 
14,085
449,336
OMV AG
 
53,002
2,319,527
Raiffeisen International Bank-Holding AG
 
53,392
772,274
S IMMO AG rights (a)(b)
 
14,648
0
Schoeller-Bleckmann Oilfield Equipment AG
 
4,677
236,055
UNIQA Insurance Group AG
 
49,820
401,685
Verbund AG
 
25,927
2,249,535
Vienna Insurance Group AG
 
15,464
414,788
Voestalpine AG
 
43,731
1,090,163
Wienerberger AG
 
41,283
1,002,055
TOTAL AUSTRIA
 
 
21,410,567
Bailiwick of Jersey - 0.0%
 
 
 
JTC PLC (d)
 
56,496
438,446
Belgium - 0.6%
 
 
 
Ackermans & Van Haaren SA
 
8,043
1,193,995
Aedifica SA
 
17,193
935,974
Ageas
 
58,129
2,230,218
Anheuser-Busch InBev SA NV
 
317,705
18,076,791
Barco NV
 
25,049
384,048
Bekaert SA
 
13,460
544,045
Bpost SA
 
44,616
241,706
Cofinimmo SA
 
11,782
731,786
Colruyt NV
 
21,922
906,255
D'ieteren Group
 
8,210
1,217,049
Deme Group NV
 
3,214
297,564
Elia Group SA/NV
 
11,245
1,066,686
Euronav NV
 
41,505
741,749
Fagron NV
 
27,900
489,458
Galapagos NV (a)
 
17,168
571,201
Groupe Bruxelles Lambert SA
 
33,622
2,454,705
Intervest Offices & Warehouses NV
 
12,334
261,665
KBC Ancora
 
13,289
501,981
KBC Group NV
 
93,056
5,110,207
Kinepolis Group NV
 
5,386
265,000
Lotus Bakeries SA
 
162
1,199,885
Melexis NV
 
7,374
541,098
Montea SICAFI SCA
 
5,000
352,876
Ontex Group NV (a)
 
31,095
227,350
Proximus
 
59,458
492,102
Recticel SA (c)
 
18,227
163,738
Retail Estates NV
 
4,573
278,225
Shurgard Self Storage Europe SARL
 
9,704
362,556
Sofina SA
 
5,618
1,064,049
Solvay SA Class A
 
26,788
2,827,069
Tessenderlo Group (c)
 
9,880
287,486
UCB SA
 
47,943
3,503,309
Umicore SA
 
76,081
1,810,184
VGP NV
 
4,963
403,041
Warehouses de Pauw
 
69,728
1,720,531
X-Fab Silicon Foundries SE (a)(d)
 
31,383
283,582
Xior Student Housing NV (a)
 
10,852
311,750
TOTAL BELGIUM
 
 
54,050,914
Brazil - 1.2%
 
 
 
3R Petroleum Oleo e Gas SA (a)
 
103,793
667,833
AES Brasil Energia SA
 
133,315
266,273
Allos SA
 
177,864
807,871
Alupar Investimento SA unit
 
63,096
350,412
Ambev SA
 
1,705,163
4,349,362
Arezzo Industria e Comercio SA
 
26,200
303,430
Atacadao SA
 
278,400
495,314
Auren Energia SA
 
121,789
324,175
B3 SA - Brasil Bolsa Balcao
 
2,169,534
4,776,482
Banco ABC Brasil SA
 
2,752
10,857
Banco Bradesco SA
 
764,030
1,862,434
Banco BTG Pactual SA unit
 
429,000
2,518,649
Banco do Brasil SA
 
312,800
2,999,728
Banco Santander SA (Brasil) unit
 
142,400
760,333
BB Seguridade Participacoes SA
 
256,200
1,563,091
BRF SA (a)
 
315,972
668,701
Camil Alimentos SA
 
137,500
187,906
CCR SA
 
406,884
966,821
Centrais Eletricas Brasileiras SA (Electrobras)
 
366,976
2,535,914
Cielo SA
 
485,400
338,892
CM Hospitalar SA
 
95,300
281,453
Cogna Educacao (a)
 
734,854
349,809
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
125,600
1,454,113
Companhia de Saneamento de Minas Gerais - COPASA
 
74,100
234,275
Companhia Siderurgica Nacional SA (CSN)
 
257,787
601,294
Compania de Saneamento do Parana
 
98,300
424,064
Cosan SA
 
450,064
1,405,962
CPFL Energia SA (a)
 
86,100
571,068
Cyrela Brazil Realty SA
 
110,600
394,644
Dexco SA
 
152,676
207,737
Embraer SA (a)
 
263,088
917,879
Energisa SA unit
 
80,800
746,980
Eneva SA (a)
 
356,600
765,292
ENGIE Brasil Energia SA
 
80,681
628,901
Equatorial Energia SA
 
379,179
2,376,567
ERO Copper Corp. (a)
 
31,675
429,871
EZ Tec Empreendimentos e Participacoes SA
 
62,300
177,568
Fleury SA
 
114,112
339,275
Gol Linhas Aereas Inteligentes SA warrants 7/23/24 (a)
 
900
530
GPS Participacoes e Empreendimentos SA (d)
 
137,300
437,356
Grendene SA
 
162,600
199,954
Grupo de Moda Soma SA
 
198,016
207,766
Grupo Mateus SA (a)
 
214,700
247,841
Hapvida Participacoes e Investimentos SA (a)(d)
 
1,926,735
1,410,156
Hidrovias do Brasil SA (a)
 
353,400
276,874
Hypera SA (a)
 
152,000
913,191
Iguatemi SA unit
 
89,810
357,512
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira
 
41,200
156,489
IRB Brasil Resseguros SA (a)
 
24,413
197,028
Itausa-Investimentos Itau SA
 
28,063
47,757
JHSF Participacoes SA
 
157,300
133,846
Klabin SA unit
 
289,200
1,227,526
Localiza Rent a Car SA
 
338,174
3,412,091
Localiza Rent a Car SA rights 11/10/23 (a)
 
2,479
3,442
Locaweb Servicos de Internet SA (d)
 
140,800
151,922
Lojas Renner SA (a)
 
359,737
874,771
M. Dias Branco SA
 
32,057
207,217
Magazine Luiza SA (a)
 
1,133,568
299,032
Marfrig Global Foods SA
 
252,700
323,785
Minerva SA
 
113,700
170,716
MRV Engenharia e Participacoes SA
 
147,200
240,869
Multiplan Empreendimentos Imobiliarios SA (a)
 
109,796
538,772
Natura & Co. Holding SA
 
332,052
839,721
Odontoprev SA
 
114,790
237,697
Omega Energia SA (a)
 
109,551
165,139
Oncoclinicas do Brasil Servicos Medicos SA (a)
 
105,400
198,184
Pet Center Comercio e Participacoes SA
 
138,100
97,513
Petroleo Brasileiro SA - Petrobras (ON)
 
1,286,688
9,657,019
Petroreconcavo SA
 
58,800
241,883
Prio SA (a)
 
299,600
2,834,516
Raia Drogasil SA
 
479,092
2,451,644
Rede D'Oregon Sao Luiz SA (d)
 
209,034
896,378
Rumo SA
 
480,100
2,124,467
Santos Brasil Participacoes SA
 
210,700
309,254
Sao Martinho SA
 
62,500
439,456
Sendas Distribuidora SA
 
505,405
1,096,669
Simpar SA
 
137,800
189,136
Sitios Latinoamerica S.A.B. de CV (a)(c)
 
679,255
243,008
SLC Agricola SA
 
45,041
328,399
Smartfit Escola de Ginastica e Danca SA
 
104,700
402,249
Suzano Papel e Celulose SA
 
289,189
2,957,996
Telefonica Brasil SA
 
157,000
1,408,773
TIM SA
 
328,680
988,957
Totvs SA
 
198,800
997,992
Transmissora Alianca de Energia Eletrica SA
 
76,300
511,366
Tres Tentos Agroindustrial SA
 
69,000
150,954
Ultrapar Participacoes SA
 
271,800
1,102,456
Vale SA
 
1,249,283
17,097,343
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
204,000
316,819
Vibra Energia SA (a)
 
433,442
1,701,357
Vivara Participacoes S.A.
 
67,100
339,376
Weg SA
 
614,280
4,021,894
Wheaton Precious Metals Corp.
 
168,516
7,117,348
Yara International ASA
 
60,372
1,972,597
YDUQS Participacoes SA
 
101,800
357,994
TOTAL BRAZIL
 
 
114,893,227
Burkina Faso - 0.0%
 
 
 
Endeavour Mining PLC
 
68,792
1,421,425
IAMGOLD Corp. (a)
 
174,298
446,193
TOTAL BURKINA FASO
 
 
1,867,618
Canada - 6.9%
 
 
 
Advantage Energy Ltd. (a)
 
67,556
490,563
Aecon Group, Inc.
 
24,865
182,890
Africa Oil Corp.
 
219,754
405,675
AG Growth International, Inc.
 
7,691
269,927
Agnico Eagle Mines Ltd. (Canada)
 
182,365
8,553,106
Air Canada (a)
 
64,154
773,965
Alamos Gold, Inc.
 
148,731
1,841,508
Algoma Steel Group, Inc.
 
37,786
264,880
Algonquin Power & Utilities Corp. (c)
 
245,458
1,235,476
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
284,702
15,498,218
Allied Properties (REIT)
 
23,665
270,482
AltaGas Ltd.
 
109,127
2,027,122
Altius Minerals Corp.
 
22,821
334,231
Altus Group Ltd.
 
16,614
564,283
Andlauer Healthcare Group, Inc.
 
8,739
244,761
ARC Resources Ltd. (c)
 
222,546
3,580,315
Aritzia, Inc. (a)
 
34,222
532,301
ATCO Ltd. Class I (non-vtg.)
 
30,949
793,392
Athabasca Oil Corp. (a)
 
218,541
649,280
ATS Corp. (a)
 
34,015
1,145,484
AutoCanada, Inc. (a)
 
11,962
206,763
Aya Gold & Silver, Inc. (a)(c)
 
42,438
229,825
B2Gold Corp.
 
459,081
1,469,854
Badger Infrastructure Solution
 
14,739
390,383
Ballard Power Systems, Inc. (a)(c)
 
90,512
302,196
Bank of Montreal
 
257,099
19,427,730
Bank of Nova Scotia
 
435,730
17,642,862
Barrick Gold Corp. (Canada)
 
650,767
10,394,440
Baytex Energy Corp.
 
253,417
1,096,450
BCE, Inc.
 
23,433
869,898
Birchcliff Energy Ltd.
 
103,306
570,632
BlackBerry Ltd. (a)
 
205,044
737,818
Boardwalk (REIT)
 
9,704
453,168
Bombardier, Inc. Class B (sub. vtg.) (a)
 
32,053
1,028,331
Boralex, Inc. Class A
 
35,901
668,184
Boyd Group Services, Inc.
 
7,924
1,350,980
Brookfield Asset Management Ltd. Class A
 
133,764
3,834,230
Brookfield Business Corp. Class A
 
13,902
196,688
Brookfield Corp. (Canada) Class A
 
521,158
15,182,825
Brookfield Infrastructure Corp. Class A
 
38,198
983,631
BSR Real Estate Investment Trust
 
19,300
203,615
CAE, Inc. (a)
 
116,881
2,440,868
Cameco Corp.
 
163,410
6,684,874
Canaccord Genuity Group, Inc.
 
36,850
190,528
Canada Goose Holdings, Inc. (a)(c)
 
22,515
249,707
Canadian Apartment Properties (REIT) unit (c)
 
31,765
935,026
Canadian Imperial Bank of Commerce
 
330,935
11,671,917
Canadian National Railway Co.
 
205,791
21,774,446
Canadian Natural Resources Ltd.
 
407,940
25,904,594
Canadian Pacific Kansas City Ltd.
 
343,067
24,357,943
Canadian Tire Ltd. Class A (non-vtg.)
 
19,602
1,890,725
Canadian Utilities Ltd. Class A (non-vtg.)
 
48,338
1,022,706
Canadian Western Bank, Edmonton
 
37,433
741,777
Canfor Corp. (a)
 
23,167
236,891
Capital Power Corp.
 
45,438
1,162,859
Capstone Copper Corp. (a)
 
168,440
573,309
Cardinal Energy Ltd. (c)
 
62,096
332,253
Cargojet, Inc. (c)
 
3,714
211,578
Cascades, Inc.
 
29,695
240,686
CCL Industries, Inc. Class B
 
56,948
2,226,588
Celestica, Inc. (sub. vtg.) (a)
 
43,446
1,014,132
Cenovus Energy, Inc. (Canada)
 
529,688
10,091,478
Centerra Gold, Inc.
 
82,752
420,697
CES Energy Solutions Corp.
 
143,364
375,274
CGI, Inc. Class A (sub. vtg.) (a)
 
78,694
7,597,298
Choice Properties REIT
 
48,850
424,124
CI Financial Corp.
 
64,616
585,703
Cineplex, Inc. (a)(c)
 
29,566
177,812
Cogeco Communications, Inc.
 
5,796
228,287
Colliers International Group, Inc.
 
15,876
1,439,172
Constellation Software, Inc.
 
7,478
14,991,105
Constellation Software, Inc. warrants 8/22/28 (a)(b)
 
7,284
1
Converge Technology Solutions Corp.
 
85,478
170,124
Crescent Point Energy Corp.
 
203,565
1,632,337
Crew Energy, Inc. (a)(c)
 
58,738
262,187
Definity Financial Corp.
 
30,375
839,789
Denison Mines Corp. (a)
 
322,640
516,503
dentalcorp Holdings Ltd. (a)
 
52,688
208,966
Descartes Systems Group, Inc. (Canada) (a)
 
30,927
2,235,308
Docebo, Inc. (a)
 
6,949
274,252
Dollarama, Inc.
 
103,368
7,058,914
Dream Industrial (REIT) (c)
 
58,630
495,084
DREAM Unlimited Corp. (c)
 
10,629
129,763
Dundee Precious Metals, Inc.
 
79,475
520,950
Dye & Durham Ltd.
 
18,048
105,288
ECN Capital Corp.
 
93,147
128,965
Element Fleet Management Corp.
 
142,399
1,926,378
Emera, Inc.
 
100,975
3,307,218
Empire Co. Ltd. Class A (non-vtg.)
 
57,973
1,588,588
Enbridge, Inc.
 
794,459
25,459,353
Endeavour Silver Corp. (a)
 
76,318
163,321
Enerflex Ltd.
 
47,486
189,019
Enerplus Corp.
 
82,135
1,388,906
Enghouse Systems Ltd.
 
17,183
403,446
EQB, Inc. (c)
 
11,374
564,456
Equinox Gold Corp. (a)(c)
 
109,964
481,328
Exchange Income Corp.
 
8,631
265,450
Extendicare, Inc.
 
36,578
154,568
Fairfax Financial Holdings Ltd. (sub. vtg.)
 
7,942
6,609,199
Fiera Capital Corp. (c)
 
42,902
144,167
Filo Corp. (a)
 
34,130
444,484
Finning International, Inc.
 
55,168
1,478,307
First Capital (REIT) unit
 
52,743
495,957
First Majestic Silver Corp.
 
108,739
559,868
First National Financial Corp.
 
8,979
224,030
FirstService Corp.
 
15,622
2,210,568
Fortis, Inc.
 
176,873
7,022,627
Fortuna Silver Mines, Inc. (a)
 
111,787
313,576
Franco-Nevada Corp.
 
70,771
8,609,387
Freehold Royalties Ltd.
 
54,128
557,381
George Weston Ltd.
 
22,375
2,427,004
GFL Environmental, Inc.
 
84,312
2,428,891
Gibson Energy, Inc. (c)
 
56,019
851,141
Gildan Activewear, Inc.
 
65,917
1,872,342
goeasy Ltd. (c)
 
4,986
395,500
Granite (REIT)
 
11,143
507,431
Great-West Lifeco, Inc.
 
95,339
2,641,373
H&R (REIT)
 
40,969
252,003
Headwater Exploration, Inc.
 
92,319
496,629
HudBay Minerals, Inc.
 
127,632
556,823
Hut 8 Mining Corp. (a)(c)
 
91,415
197,761
Hydro One Ltd. (d)
 
117,066
3,035,654
iA Financial Corp., Inc.
 
37,986
2,210,269
IGM Financial, Inc.
 
28,727
646,733
Imperial Oil Ltd.
 
75,963
4,329,083
Innergex Renewable Energy, Inc.
 
60,777
374,282
Intact Financial Corp.
 
63,612
8,937,561
Interfor Corp. (a)
 
19,873
245,197
International Petroleum Corp. (a)
 
43,204
451,434
InterRent REIT
 
28,813
244,342
Ivanhoe Mines Ltd. (a)
 
223,892
1,650,028
Jamieson Wellness, Inc. (d)
 
17,550
288,165
K92 Mining, Inc. (a)(c)
 
91,878
331,271
Karora Resources, Inc. (a)(c)
 
68,498
204,000
Kelt Exploration Ltd. (a)
 
66,242
376,410
Keyera Corp.
 
82,811
1,925,837
Killam Apartment (REIT)
 
25,708
290,495
Kinaxis, Inc. (a)
 
10,519
1,027,210
Kinross Gold Corp.
 
460,596
2,404,698
Labrador Iron Ore Royalty Corp.
 
24,621
541,511
Laurentian Bank of Canada (c)
 
20,103
368,211
Lightspeed Commerce, Inc. (Canada) (a)
 
49,969
623,734
Linamar Corp.
 
15,866
686,011
Lithium Americas Corp. (c)
 
37,335
206,497
Lithium Americas Corp. (c)
 
37,335
250,650
Loblaw Companies Ltd.
 
57,484
4,701,522
Lundin Gold, Inc.
 
42,029
506,742
MAG Silver Corp. (a)
 
45,387
453,952
Magna International, Inc. Class A (sub. vtg.)
 
103,449
4,971,221
Major Drilling Group International, Inc. (a)
 
34,937
184,920
Manulife Financial Corp.
 
672,257
11,702,386
Maple Leaf Foods, Inc.
 
29,689
591,104
Martinrea International, Inc.
 
28,628
235,960
MEG Energy Corp. (a)
 
114,655
2,265,403
Methanex Corp.
 
24,899
1,028,099
Metro, Inc.
 
84,080
4,270,846
MTY Food Group, Inc.
 
8,222
309,374
Mullen Group Ltd.
 
38,645
366,734
National Bank of Canada
 
123,735
7,693,118
New Gold, Inc. (a)
 
260,362
317,297
NexGen Energy Ltd. (a)
 
183,424
1,107,091
NFI Group, Inc.
 
39,971
373,553
North American Energy Partners, Inc.
 
12,192
250,917
North West Co., Inc.
 
21,191
540,338
Northland Power, Inc.
 
95,555
1,342,972
Northwest Healthcare Properties REIT
 
46,312
133,918
Novagold Resources, Inc. (a)
 
98,640
343,560
Nutrien Ltd.
 
184,255
9,896,025
Nuvei Corp. (Canada) (d)
 
23,567
328,162
NuVista Energy Ltd. (a)
 
67,068
650,488
Obsidian Energy Ltd. (a)
 
31,617
268,804
Onex Corp. (sub. vtg.)
 
26,980
1,512,086
Open Text Corp.
 
104,124
3,476,431
Orla Mining Ltd. (a)
 
86,021
263,630
Osisko Gold Royalties Ltd.
 
66,508
812,916
Osisko Mining, Inc. (a)
 
129,328
250,869
Pan American Silver Corp.
 
134,486
1,964,800
Paramount Resources Ltd. Class A
 
29,834
717,049
Parex Resources, Inc.
 
40,000
766,685
Park Lawn Corp.
 
14,963
175,985
Parkland Corp.
 
53,206
1,610,280
Pason Systems, Inc.
 
34,268
328,409
Pembina Pipeline Corp.
 
196,313
6,041,925
Pet Valu Holdings Ltd. (c)
 
16,947
303,561
Peyto Exploration & Development Corp. (c)
 
70,392
741,102
Power Corp. of Canada (sub. vtg.)
 
212,273
5,114,145
PrairieSky Royalty Ltd.
 
79,505
1,396,032
Precision Drilling Corp. (a)
 
5,743
332,881
Premium Brands Holdings Corp.
 
16,443
1,058,613
Primaris Real Estate Investmen
 
19,357
173,505
Quebecor, Inc. Class B (sub. vtg.)
 
56,270
1,160,905
RB Global, Inc.
 
69,116
4,520,186
Restaurant Brands International, Inc.
 
107,845
7,244,104
Richelieu Hardware Ltd.
 
20,333
608,194
RioCan (REIT)
 
48,595
590,464
Rogers Communications, Inc. Class B (non-vtg.)
 
135,716
5,028,367
Rogers Sugar, Inc.
 
80,279
298,134
Royal Bank of Canada
 
503,923
40,248,431
Russel Metals, Inc.
 
23,410
583,245
Sandstorm Gold Ltd.
 
97,703
447,387
Saputo, Inc.
 
98,822
1,995,324
Savaria Corp. (c)
 
24,554
219,556
Seabridge Gold, Inc. (a)
 
27,514
300,982
Secure Energy Services, Inc.
 
115,935
643,735
ShawCor Ltd. Class A (a)
 
26,666
279,207
Shopify, Inc. Class A (a)
 
443,490
20,944,049
Sienna Senior Living, Inc.
 
33,200
240,127
Silvercorp Metals, Inc.
 
80,792
179,441
SilverCrest Metals, Inc. (a)
 
59,834
296,419
Slate Grocery REIT
 
29,481
209,402
Sleep Country Canada Holdings, Inc. (d)
 
15,140
238,768
Smart (REIT)
 
36,671
568,278
SNC-Lavalin Group, Inc.
 
64,332
1,786,961
Softchoice Corp. (c)
 
12,868
153,943
Spartan Delta Corp.
 
57,917
186,270
Spin Master Corp. (d)
 
13,893
332,110
Sprott, Inc.
 
9,096
263,746
SSR Mining, Inc.
 
77,405
1,071,139
Stantec, Inc.
 
40,359
2,469,415
Stelco Holdings, Inc.
 
14,224
400,847
Stella-Jones, Inc.
 
19,751
1,034,586
StorageVault Canada, Inc.
 
95,640
296,558
Sun Life Financial, Inc. (c)
 
207,721
9,487,686
Suncor Energy, Inc. (c)
 
487,353
15,782,962
SunOpta, Inc. (a)
 
35,953
138,060
Superior Plus Corp.
 
66,065
444,006
Surge Energy, Inc.
 
44,598
306,164
Tamarack Valley Energy Ltd.
 
206,118
622,776
TC Energy Corp.
 
376,620
12,970,882
Teck Resources Ltd. Class B (sub. vtg.)
 
169,036
5,972,788
TELUS Corp.
 
172,637
2,783,604
TFI International, Inc. (Canada)
 
28,456
3,147,961
The Toronto-Dominion Bank
 
675,213
37,715,521
Thomson Reuters Corp.
 
58,264
6,979,076
Timbercreek Financial Corp. (c)
 
81,041
337,196
TMX Group Ltd.
 
99,010
2,061,950
Topaz Energy Corp.
 
37,212
568,880
Torex Gold Resources, Inc. (a)
 
32,926
317,448
Toromont Industries Ltd.
 
29,842
2,246,623
Tourmaline Oil Corp.
 
121,538
6,426,812
TransAlta Corp.
 
89,273
653,413
Transcontinental, Inc. Class A
 
30,937
227,775
Trican Well Service Ltd.
 
101,749
344,116
Tricon Residential, Inc.
 
92,463
612,753
Triple Flag Precious Metals Corp.
 
20,984
266,773
Trisura Group Ltd. (a)
 
18,001
395,782
Vermilion Energy, Inc.
 
60,644
875,058
Well Health Technologies Corp. (a)
 
87,295
232,913
Wesdome Gold Mines, Inc. (a)
 
59,727
319,578
West Fraser Timber Co. Ltd.
 
22,910
1,546,167
Westshore Terminals Investment Corp.
 
14,984
252,732
Whitecap Resources, Inc./Alberta
 
222,800
1,720,705
Winpak Ltd.
 
14,375
391,419
WSP Global, Inc.
 
45,741
5,986,323
TOTAL CANADA
 
 
679,360,505
Chile - 0.2%
 
 
 
Aguas Andinas SA
 
1,125,797
328,305
Antofagasta PLC
 
144,453
2,361,489
Banco de Chile
 
16,691,761
1,714,869
Banco de Credito e Inversiones
 
29,252
699,433
Banco Itau Chile SA
 
30,345
267,511
Banco Santander Chile
 
24,584,977
1,071,850
CAP SA
 
31,094
169,957
Cencosud SA
 
487,879
790,418
Colbun SA
 
3,357,557
487,465
Compania Cervecerias Unidas SA
 
54,559
310,163
Compania Sud Americana de Vapores SA
 
5,850,438
324,879
Empresa Nacional de Telecomunicaciones SA (ENTEL)
 
69,028
232,991
Empresas CMPC SA
 
423,054
756,298
Empresas COPEC SA
 
143,017
946,789
Enel Americas SA (a)
 
8,015,951
823,986
Enel Chile SA
 
10,481,867
620,714
Falabella SA
 
334,614
681,379
Lundin Mining Corp.
 
241,986
1,511,158
Parque Arauco SA
 
300,250
410,286
Plaza SA
 
197,999
240,320
Vina Concha y Toro SA
 
247,838
276,886
TOTAL CHILE
 
 
15,027,146
China - 7.5%
 
 
 
360 Security Technology, Inc. (A Shares) (a)
 
177,400
218,024
37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares)
 
67,200
190,121
3SBio, Inc. (d)
 
768,000
683,245
A-Living Smart City Services C (H Shares) (d)
 
336,500
158,656
AAC Technology Holdings, Inc.
 
276,500
497,710
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)
 
14,590
341,806
AECC Aviation Power Co. Ltd.
 
68,800
332,749
Agricultural Bank of China Ltd.:
 
 
 
 (A Shares)
 
2,899,400
1,423,133
 (H Shares)
 
9,235,000
3,411,009
Aier Eye Hospital Group Co. Ltd. (A Shares)
 
291,575
729,134
Air China Ltd.:
 
 
 
 (A Shares) (a)
 
458,500
502,920
 (H Shares) (a)
 
630,000
428,594
Airtac International Group
 
51,673
1,697,576
AK Medical Holdings Ltd. (d)
 
224,000
218,067
Akeso, Inc. (a)(d)
 
189,000
1,061,340
Alibaba Group Holding Ltd. (a)
 
6,061,864
62,407,369
Alibaba Health Information Technology Ltd. (a)
 
2,184,000
1,286,548
Alphamab Oncology (a)(c)(d)
 
173,000
254,433
Aluminum Corp. of China Ltd. (H Shares)
 
2,248,000
1,202,524
Anhui Conch Cement Co. Ltd. (H Shares)
 
593,500
1,477,040
Anhui Gujing Distillery Co. Ltd. (B Shares)
 
73,637
1,147,738
Anjoy Foods Group Co. Ltd. (A Shares)
 
9,100
160,759
Anta Sports Products Ltd.
 
478,000
5,405,937
Ascentage Pharma Group International (a)(d)
 
96,600
313,665
Asia Cement (China) Holdings Corp.
 
663,000
205,522
Autohome, Inc. ADR Class A
 
28,408
759,914
Avary Holding Shenzhen Co. Ltd. (A Shares)
 
54,500
159,736
AviChina Industry & Technology Co. Ltd. (H Shares)
 
1,012,000
458,656
Baidu, Inc. Class A (a)
 
838,868
11,013,338
Bank of Beijing Co. Ltd. (A Shares)
 
444,400
277,145
Bank of Chengdu Co. Ltd. (A Shares)
 
92,200
155,858
Bank of China Ltd.:
 
 
 
 (A Shares)
 
3,354,300
1,788,334
 (H Shares)
 
24,847,000
8,679,937
Bank of Communications Co. Ltd.:
 
 
 
 (A Shares)
 
676,200
520,421
 (H Shares)
 
3,690,000
2,182,657
Bank of Hangzhou Co. Ltd. (A Shares)
 
175,300
256,450
Bank of Jiangsu Co. Ltd. (A Shares)
 
465,510
439,257
Bank of Nanjing Co. Ltd. (A Shares)
 
297,600
319,033
Bank of Ningbo Co. Ltd. (A Shares)
 
149,150
509,460
Bank of Shanghai Co. Ltd. (A Shares)
 
348,700
289,415
Baoshan Iron & Steel Co. Ltd. (A Shares)
 
671,100
574,203
BeiGene Ltd. (a)
 
263,336
3,780,420
Beijing Capital International Airport Co. Ltd. (H Shares) (a)
 
778,000
286,567
Beijing Easpring Material Technology Co. Ltd. (A Shares)
 
69,900
421,556
Beijing Enterprises Holdings Ltd.
 
187,000
623,058
Beijing Enterprises Water Group Ltd.
 
1,596,000
336,765
Beijing Kingsoft Office Software, Inc. (A Shares)
 
11,434
449,828
Beijing New Building Materials PLC (A Shares)
 
47,200
157,845
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.
 
144,000
216,285
Beijing Tongrentang Co. Ltd. (A Shares)
 
47,100
330,595
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares)
 
30,434
182,548
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares)
 
761,600
520,709
Bilibili, Inc. Class Z (a)(c)
 
72,891
978,032
Bloomage Biotechnology Corp. Ltd. (A Shares)
 
12,941
135,294
BOC Aviation Ltd. Class A (d)
 
79,800
490,777
BOC Hong Kong (Holdings) Ltd.
 
1,342,500
3,550,295
BOE Technology Group Co. Ltd. (A Shares)
 
1,092,200
585,537
Bosideng International Holdings Ltd.
 
1,630,000
643,572
Budweiser Brewing Co. APAC Ltd. (d)
 
636,300
1,209,191
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
107,100
3,495,381
 (H Shares)
 
323,500
9,837,677
BYD Electronic International Co. Ltd.
 
301,000
1,256,529
C&D International Investment Group Ltd.
 
332,637
748,357
Cambricon Technologies Corp. Ltd. (A Shares) (a)
 
9,375
138,398
Canaan, Inc. ADR (a)(c)
 
61,274
117,646
CARsgen Therapeutics Holdings Ltd. (a)(c)(d)
 
190,500
253,365
CGN New Energy Holdings Co. Ltd. (d)
 
848,000
221,173
CGN Power Co. Ltd. (H Shares) (d)
 
4,099,000
985,021
Changchun High & New Technology Industry Group, Inc. (A Shares)
 
18,600
395,960
Chaozhou Three-Circle Group Co. (A Shares)
 
44,400
187,520
Chervon Holdings Ltd.
 
53,500
131,773
China BlueChemical Ltd. (H Shares)
 
768,000
179,727
China Cinda Asset Management Co. Ltd. (H Shares)
 
3,902,000
379,442
China CITIC Bank Corp. Ltd. (H Shares)
 
3,407,000
1,519,891
China Coal Energy Co. Ltd. (H Shares)
 
762,000
598,526
China Communications Services Corp. Ltd. (H Shares)
 
994,000
406,572
China Conch Environment Protection Holdings Ltd. (a)
 
620,500
152,633
China Conch Venture Holdings Ltd.
 
578,000
478,684
China Construction Bank Corp.:
 
 
 
 (A Shares)
 
1,273,000
1,090,930
 (H Shares)
 
33,769,000
19,098,331
China CSSC Holdings Ltd. (A Shares)
 
110,700
391,750
China Datang Corp. Renewable Power Co. Ltd.
 
1,020,000
230,776
China Eastern Airlines Corp. Ltd. (A Shares) (a)
 
943,900
562,611
China Education Group Holdings Ltd.
 
483,000
401,261
China Energy Engineering Corp. Ltd. (A Shares)
 
879,000
262,021
China Everbright Bank Co. Ltd.:
 
 
 
 (A Shares)
 
529,200
214,825
 (H Shares)
 
1,917,000
546,818
China Everbright International Ltd.
 
1,438,370
491,026
China Everbright Ltd.
 
414,000
246,291
China Feihe Ltd. (d)
 
1,425,000
885,455
China Foods Ltd.
 
506,000
175,225
China Galaxy Securities Co. Ltd. (H Shares)
 
1,647,000
842,948
China Gas Holdings Ltd.
 
1,026,200
922,561
China Hongqiao Group Ltd.
 
898,000
840,721
China Huishan Dairy Holdings Co. Ltd. (a)(b)
 
51,000
0
China International Capital Corp. Ltd. (H Shares) (d)
 
756,400
1,204,761
China Jinmao Holdings Group Ltd.
 
2,336,356
286,570
China Jushi Co. Ltd. (A Shares)
 
110,030
174,173
China Liansu Group Holdings Ltd.
 
463,000
248,618
China Life Insurance Co. Ltd. (H Shares)
 
2,891,000
3,915,567
China Literature Ltd. (a)(d)
 
151,800
511,184
China Longyuan Power Grid Corp. Ltd. (H Shares)
 
1,275,000
1,079,323
China Medical System Holdings Ltd.
 
526,000
841,126
China Meidong Auto Holding Ltd.
 
254,000
136,218
China Mengniu Dairy Co. Ltd.
 
1,231,000
4,019,384
China Merchants Bank Co. Ltd.:
 
 
 
 (A Shares)
 
259,200
1,090,733
 (H Shares)
 
1,725,000
6,543,433
China Merchants Energy Shipping Co. Ltd. (A Shares)
 
226,600
199,249
China Merchants Holdings International Co. Ltd.
 
560,954
714,058
China Merchants Securities Co. Ltd. (A Shares)
 
221,360
428,008
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
194,000
292,687
China Minsheng Banking Corp. Ltd.:
 
 
 
 (A Shares)
 
1,435,500
730,033
 (H Shares)
 
1,664,000
553,215
China Modern Dairy Holdings Ltd.
 
1,713,000
175,253
China National Building Materials Co. Ltd. (H Shares)
 
1,469,350
699,405
China National Chemical Engineering Co. Ltd. (A Shares)
 
209,300
200,361
China National Nuclear Power Co. Ltd. (A Shares)
 
437,400
443,772
China Nonferrous Mining Co. Ltd.
 
570,000
345,627
China Northern Rare Earth Group High-Tech Co. Ltd.
 
141,600
404,668
China Oilfield Services Ltd. (H Shares)
 
684,000
808,707
China Overseas Grand Oceans Group Ltd.
 
703,034
239,645
China Overseas Land and Investment Ltd.
 
1,489,500
2,810,850
China Overseas Property Holdings Ltd.
 
510,000
442,926
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
1,206,200
2,971,317
China Petroleum & Chemical Corp.:
 
 
 
 (A Shares)
 
1,106,800
826,540
 (H Shares)
 
8,544,000
4,369,725
China Power International Development Ltd.
 
1,933,042
751,249
China Railway Group Ltd.:
 
 
 
 (A Shares)
 
392,200
324,390
 (H Shares)
 
1,831,000
864,167
China Railway Signal & Communications Corp. (A Shares)
 
348,088
223,505
China Resource Gas Group Ltd.
 
396,700
1,172,695
China Resources Beer Holdings Co. Ltd.
 
632,666
3,347,858
China Resources Cement Holdings Ltd.
 
1,070,000
275,128
China Resources Land Ltd.
 
1,212,000
4,536,647
China Resources Medical Holdin
 
347,500
204,948
China Resources Microelectronics Ltd. (A Shares)
 
43,421
315,795
China Resources Mixc Lifestyle Services Ltd. (d)
 
256,400
1,000,324
China Resources Pharmaceutical Group Ltd. (d)
 
599,000
372,097
China Resources Power Holdings Co. Ltd.
 
726,000
1,406,909
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares)
 
26,300
155,026
China Ruyi Holdings Ltd. (a)(c)
 
2,505,600
576,981
China Shenhua Energy Co. Ltd.:
 
 
 
 (A Shares)
 
411,900
1,706,094
 (H Shares)
 
907,000
2,779,930
China Southern Airlines Ltd.:
 
 
 
 (A Shares) (a)
 
373,300
315,198
 (H Shares) (a)
 
514,000
243,219
China State Construction Engineering Corp. Ltd. (A Shares)
 
1,079,600
764,231
China State Construction International Holdings Ltd.
 
761,750
815,941
China Taiping Insurance Group Ltd.
 
555,000
512,696
China Three Gorges Renewables Group Co. Ltd. (A Shares)
 
972,800
638,492
China Tourism Group Duty Free Corp. Ltd. (A Shares)
 
77,700
1,005,166
China Tower Corp. Ltd. (H Shares) (d)
 
16,854,000
1,571,650
China Traditional Chinese Medicine Holdings Co. Ltd.
 
1,226,000
604,107
China United Network Communications Ltd. (A Shares)
 
815,600
497,164
China Vanke Co. Ltd. (H Shares)
 
1,391,800
1,302,107
China Water Affairs Group Ltd.
 
338,000
213,896
China Yangtze Power Co. Ltd. (A Shares)
 
545,200
1,682,257
China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares)
 
13,400
122,615
China Zheshang Bank Co. Ltd.
 
553,670
193,097
ChinaSoft International Ltd.
 
1,040,000
754,539
Chindata Group Holdings Ltd. ADR (a)(c)
 
60,012
532,907
Chongqing Changan Automobile Co. Ltd. (A Shares)
 
263,082
544,556
Chongqing Zhifei Biological Products Co. Ltd. (A Shares)
 
59,100
506,642
Chow Tai Fook Jewellery Group Ltd.
 
750,000
1,059,093
Cimc Enric Holdings Ltd.
 
314,000
266,490
CITIC 1616 Holdings Ltd.
 
863,000
329,034
CITIC Pacific Ltd.
 
2,265,000
1,925,111
CITIC Securities Co. Ltd. (H Shares)
 
1,249,850
2,432,030
Cloud Music, Inc. (a)(c)(d)
 
25,650
291,667
Cmoc Group Ltd. (H Shares)
 
1,920,000
1,145,110
COFCO Meat Holdings Ltd. (a)
 
1,296,000
301,637
Contemporary Amperex Technology Co. Ltd.
 
99,240
2,520,434
COSCO Shipping Energy Transportation Co. Ltd. (A Shares)
 
411,300
810,681
COSCO SHIPPING Holdings Co. Ltd. (H Shares)
 
1,516,600
1,542,439
Cosco Shipping Ports Ltd.
 
623,086
375,903
Country Garden Holdings Co. Ltd. (a)(c)
 
4,625,081
413,587
Country Garden Services Holdings Co. Ltd.
 
816,000
712,782
CRRC Corp. Ltd. (A Shares)
 
1,619,000
1,182,706
CSC Financial Co. Ltd. (A Shares)
 
145,000
479,614
CSPC Pharmaceutical Group Ltd.
 
3,605,600
3,149,383
CT Environmental Group Ltd. (a)(b)
 
26,000
0
Daqin Railway Co. Ltd. (A Shares)
 
470,300
463,629
Daqo New Energy Corp. ADR (a)
 
22,172
564,499
Do-Fluoride New Materials Co. Ltd. (A Shares)
 
155,800
340,844
Dongfang Electric Corp. Ltd. (A Shares)
 
76,600
156,083
Dongfeng Motor Group Co. Ltd. (H Shares)
 
1,040,000
457,834
Dongyue Group Co. Ltd.
 
619,000
493,064
East Buy Holding Ltd. (a)(d)
 
150,000
611,926
East Money Information Co. Ltd. (A Shares)
 
382,604
798,495
ENN Energy Holdings Ltd.
 
290,100
2,197,550
ENN Natural Gas Co. Ltd. (A Shares)
 
77,800
183,647
ESR Group Ltd. (d)
 
895,600
1,150,753
Eve Energy Co. Ltd. (A shares)
 
69,600
441,551
Everbright Securities Co. Ltd. (A Shares)
 
102,900
231,667
Excellence Commercial Property & Facilities Management Group Ltd.
 
750,000
174,176
Far East Horizon Ltd.
 
548,000
385,593
FAW Jiefang Group Co. Ltd. (A Shares) (a)
 
184,600
232,655
FinVolution Group ADR
 
58,552
276,951
Flat Glass Group Co. Ltd. (A Shares) (a)
 
155,200
548,179
Focus Media Information Technology Co. Ltd. (A Shares)
 
365,000
345,098
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares)
 
165,105
849,901
Fosun International Ltd.
 
951,000
569,783
Founder Securities Co. Ltd. (A Shares)
 
494,100
512,199
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
236,500
476,612
Fu Shou Yuan International Group Ltd.
 
627,000
420,946
Fufeng Group Ltd.
 
621,000
322,530
Fuyao Glass Industries Group Co. Ltd. (H Shares) (d)
 
271,200
1,236,426
Ganfeng Lithium Group Co. Ltd.:
 
 
 
 (A Shares)
 
119,960
726,954
 (H Shares) (d)
 
80,800
290,216
GCL Technology Holdings Ltd.
 
7,476,000
1,100,974
GD Power Development Co. Ltd. (A Shares)
 
580,500
288,831
GDS Holdings Ltd. Class A (a)
 
373,184
475,415
Geely Automobile Holdings Ltd.
 
2,472,000
2,806,523
Genertec Universal Medical Group Co. Ltd. (d)
 
503,500
255,673
Genscript Biotech Corp. (a)
 
430,000
1,250,082
GF Securities Co. Ltd. (H Shares)
 
597,400
777,792
Gigadevice Semiconductor Beijing, Inc. (A Shares)
 
16,844
246,751
GoerTek, Inc. (A Shares)
 
88,900
219,522
Golden Solar New Energy Technology Holdings Ltd. (a)(c)
 
364,000
292,343
Goldwind Science & Technology Co. Ltd. (H Shares)
 
413,792
197,430
Great Wall Motor Co. Ltd.:
 
 
 
 (A Shares)
 
86,200
346,388
 (H Shares)
 
813,000
1,136,487
Gree Electric Appliances, Inc. of Zhuhai (A Shares)
 
98,900
458,806
Greentown China Holdings Ltd.
 
396,000
384,176
Greentown Management Holdings Co. Ltd. (d)
 
294,000
216,663
Greentown Service Group Co. Ltd.
 
616,000
240,257
Guangdong Haid Group Co. Ltd. (A Shares)
 
38,300
235,815
Guangdong Investment Ltd.
 
1,102,000
751,985
Guangzhou Automobile Group Co. Ltd.
 
242,900
332,953
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
893,600
418,650
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares)
 
48,800
185,705
Guosen Securities Co. Ltd. (A Shares)
 
377,800
496,353
Guotai Junan Securities Co. Ltd. (A Shares)
 
258,300
521,803
H World Group Ltd. ADR (a)
 
79,473
2,992,953
Haichang Ocean Park Holdings Ltd. (a)(c)(d)
 
1,340,000
171,302
Haidilao International Holding Ltd. (d)
 
616,000
1,542,345
Haier Smart Home Co. Ltd.
 
730,800
2,084,482
Haier Smart Home Co. Ltd. (A Shares)
 
337,100
1,024,445
Hainan Airlines Co. Ltd. (A Shares) (a)
 
1,326,800
264,881
Hainan Airport Infrastructure Co. Ltd. (A Shares) (a)
 
456,800
237,994
Haitian International Holdings Ltd.
 
220,000
524,828
Haitong Securities Co. Ltd. (H Shares)
 
1,496,400
859,212
Hangzhou First Applied Material Co. Ltd. (A Shares)
 
66,400
232,047
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares)
 
30,900
139,484
Hangzhou Steam Turbine Power G
 
420,247
397,949
Hansoh Pharmaceutical Group Co. Ltd. (d)
 
452,000
850,435
Helens International Holdings Co. Ltd. (c)
 
206,000
153,704
Hello Group, Inc. ADR
 
64,572
457,170
Henan Shuanghui Investment & Development Co. Ltd. (A Shares)
 
121,400
434,607
Hengan International Group Co. Ltd.
 
253,500
849,047
Hengli Petrochemical Co. Ltd. (A Shares) (a)
 
218,620
438,049
Hengyi Petrochemical Co. Ltd. (A Shares) (a)
 
144,600
142,179
Hithink RoyalFlush Information Network Co. Ltd. (A Shares)
 
12,900
247,807
Hopson Development Holdings Ltd.
 
414,228
242,544
Hoshine Silicon Industry Co. Ltd. (A Shares)
 
32,300
252,789
Hua Hong Semiconductor Ltd. (a)(d)
 
226,000
556,431
Huadian Power International Corp. Ltd. (A Shares)
 
231,200
155,079
Huadong Medicine Co. Ltd. (A Shares)
 
39,400
231,521
Huaneng Power International, Inc.:
 
 
 
 (A Shares) (a)
 
227,600
236,812
 (H Shares) (a)
 
1,534,000
717,839
Huatai Securities Co. Ltd. (H Shares) (d)
 
772,400
1,011,228
Huaxia Bank Co. Ltd. (A Shares)
 
315,000
241,202
Huayu Automotive Systems Co. Ltd. (A Shares)
 
123,100
295,290
Huizhou Desay SV Automotive Co. Ltd.
 
13,300
228,358
Hundsun Technologies, Inc. (A Shares)
 
57,800
246,182
HUTCHMED China Ltd. (a)
 
182,320
733,126
Hygeia Healthcare Holdings Co. (d)
 
132,800
801,856
iFlytek Co. Ltd. (A Shares)
 
56,000
349,380
IMEIK Technology Development Co. Ltd. (A Shares)
 
6,400
288,603
Industrial & Commercial Bank of China Ltd.:
 
 
 
 (A Shares)
 
3,763,900
2,434,399
 (H Shares)
 
20,285,000
9,721,480
Industrial Bank Co. Ltd. (A Shares)
 
523,100
1,078,816
Industrial Securities Co. Ltd. (A Shares)
 
415,400
354,498
Inner Mongoli Yili Industries Co. Ltd. (A Shares)
 
168,200
630,687
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a)
 
1,197,000
265,251
Inner Mongolia Yitai Coal Co. Ltd. (B Shares) (a)
 
559,673
768,134
Innovent Biologics, Inc. (a)(d)
 
426,000
2,510,488
Inspur Electronic Information Industry Co. Ltd. (A Shares)
 
38,600
156,450
iQIYI, Inc. ADR (a)
 
163,809
763,350
JA Solar Technology Co. Ltd. (A Shares)
 
75,216
230,466
JCET Group Co. Ltd. (A Shares)
 
47,500
200,502
JD Health International, Inc. (a)(d)
 
429,350
1,950,228
JD Logistics, Inc. (a)(d)
 
769,500
911,162
JD.com, Inc. Class A
 
873,052
11,099,252
Jiangsu Eastern Shenghong Co. Ltd.
 
189,600
275,872
Jiangsu Expressway Co. Ltd. (H Shares)
 
480,000
436,389
Jiangsu Hengli Hydraulic Co. Ltd.
 
39,536
304,335
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)
 
143,724
941,310
Jiangsu King's Luck Brewery JSC Ltd. (A Shares)
 
36,200
289,494
Jiangsu Yanghe Brewery JSC Ltd. (A Shares)
 
35,900
598,755
Jiangsu Zhongtian Technology Co. Ltd. (A Shares)
 
82,900
158,804
Jiangxi Copper Co. Ltd. (H Shares)
 
521,000
736,671
Jinan Acetate Chemical Co. Ltd.
 
15,503
465,751
Jinke Smart Services Group Co. Ltd. (a)(c)
 
187,500
187,133
Jinko Solar Co. Ltd. (A Shares)
 
164,477
213,426
JinkoSolar Holdings Co. Ltd. ADR (c)
 
16,534
538,843
Jinxin Fertility Group Ltd. (a)(d)
 
841,500
423,670
Jiumaojiu International Holdings Ltd. (d)
 
374,000
406,956
JOYY, Inc. ADR
 
17,543
682,774
Kanzhun Ltd. ADR (a)
 
88,272
1,306,426
KE Holdings, Inc. ADR
 
249,295
3,667,129
Kerry Logistics Network Ltd.
 
167,500
142,064
Keymed Biosciences, Inc. (a)(c)(d)
 
72,500
538,639
Kingboard Chemical Holdings Ltd.
 
259,500
631,954
Kingdee International Software Group Co. Ltd. (a)
 
1,023,000
1,357,386
Kingsoft Cloud Holdings Ltd. ADR (a)(c)
 
43,966
209,278
Kingsoft Corp. Ltd.
 
352,400
1,229,692
Konka Group Co. Ltd. (B Shares) (a)
 
2,599,660
372,808
Kuaishou Technology Class B (a)(d)
 
877,400
5,650,322
Kunlun Energy Co. Ltd.
 
1,448,000
1,206,334
Kweichow Moutai Co. Ltd. (A Shares)
 
27,800
6,403,848
Lee & Man Paper Manufacturing Ltd.
 
576,000
164,050
Lenovo Group Ltd.
 
2,744,000
3,193,281
Lens Technology Co. Ltd. (A Shares)
 
121,400
216,920
Lepu Biopharma Co. Ltd. (H Shares) (a)(c)(d)
 
316,000
158,593
Li Auto, Inc. Class A (a)
 
418,430
7,077,170
Li Ning Co. Ltd.
 
868,500
2,661,435
Lifetech Scientific Corp. (a)
 
1,526,000
468,861
Longfor Properties Co. Ltd. (d)
 
727,086
1,058,464
LONGi Green Energy Technology Co. Ltd.
 
205,056
676,970
Lonking Holdings Ltd.
 
1,048,000
161,896
Lufax Holding Ltd. ADR
 
257,789
246,137
Luxshare Precision Industry Co. Ltd. (A Shares)
 
198,178
890,037
Luye Pharma Group Ltd. (a)(d)
 
817,000
395,842
Luzhou Laojiao Co. Ltd. (A Shares)
 
38,600
1,130,807
Mango Excellent Media Co. Ltd. (A Shares)
 
45,479
157,230
Maoyan Entertainment (a)(d)
 
198,200
238,163
Maxscend Microelectronics Co. Ltd. (A Shares)
 
12,988
268,012
Meitu, Inc. (d)
 
824,500
330,725
Meituan Class B (a)(d)
 
1,877,142
26,608,514
Metallurgical Corp. China Ltd. (A Shares)
 
600,300
271,686
Microport Scientific Corp. (a)
 
332,972
524,688
MINISO Group Holding Ltd. ADR
 
35,649
902,276
Minth Group Ltd.
 
286,000
638,417
MMG Ltd. (a)
 
1,128,000
332,629
Montage Technology Co. Ltd. (A Shares)
 
35,113
264,756
Muyuan Foodstuff Co. Ltd. (A Shares)
 
144,466
745,149
NARI Technology Co. Ltd. (A Shares)
 
241,430
745,584
National Silicon Industry Group Co. Ltd. (A Shares) (a)
 
98,219
243,775
NAURA Technology Group Co. Ltd.
 
11,900
417,437
NetDragon WebSoft, Inc.
 
100,000
177,682
NetEase, Inc.
 
716,405
15,332,178
New China Life Insurance Co. Ltd. (H Shares)
 
432,400
948,539
New Hope Liuhe Co. Ltd. (A Shares) (a)
 
294,100
408,211
New Horizon Health Ltd. (a)(c)(d)
 
88,500
215,192
New Oriental Education & Technology Group, Inc. (a)
 
560,550
3,654,807
Nexteer Auto Group Ltd.
 
398,000
191,865
Ninestar Corp. (A Shares)
 
42,000
140,914
Ningbo Tuopu Group Co. Ltd. (A Shares)
 
26,500
234,121
Ningxia Baofeng Energy Group Co. Ltd.
 
269,800
532,081
NIO, Inc. sponsored ADR (a)(c)
 
521,204
3,804,789
Noah Holdings Ltd. sponsored ADR
 
22,331
255,467
Nongfu Spring Co. Ltd. (H Shares) (d)
 
643,200
3,663,502
Oppein Home Group, Inc. (A Shares)
 
16,500
196,379
Orient Securities Co. Ltd. (A Shares)
 
285,184
338,291
PDD Holdings, Inc. ADR (a)
 
220,911
22,404,794
People's Insurance Co. of China Group Ltd. (H Shares)
 
3,741,000
1,234,378
PetroChina Co. Ltd. (H Shares)
 
8,362,000
5,458,008
PICC Property & Casualty Co. Ltd. (H Shares)
 
2,601,000
2,970,226
Ping An Bank Co. Ltd. (A Shares)
 
436,300
624,167
Ping An Healthcare and Technology Co. Ltd. (a)(c)(d)
 
220,300
514,605
Ping An Insurance Group Co. of China Ltd.:
 
 
 
 (A Shares)
 
413,690
2,570,947
 (H Shares)
 
2,281,500
11,572,856
Poly Developments & Holdings (A Shares)
 
380,500
572,759
Poly Property Group Co. Ltd.
 
923,327
190,035
Pop Mart International Group Ltd. (d)
 
186,200
514,007
Postal Savings Bank of China Co. Ltd. (H Shares) (d)
 
3,931,000
1,794,224
Power Construction Corp. of China Ltd. (A Shares)
 
620,000
445,910
Prosus NV
 
564,797
15,794,877
Qifu Technology, Inc. ADR
 
44,829
663,021
Qingdao Ainnovation Technology Group Co. Ltd. (a)(c)(d)
 
82,900
78,340
Qinghai Salt Lake Potash Co. Ltd. Class A (a)
 
143,300
331,834
Riyue Heavy Industry Co. Ltd. (A Shares)
 
136,700
263,082
RLX Technology, Inc. ADR (a)(c)
 
219,196
372,633
Rongsheng Petrochemical Co. Ltd. (A Shares)
 
244,650
381,120
SAIC Motor Corp. Ltd. (A Shares)
 
258,700
513,747
Sanan Optoelectronics Co. Ltd. (A Shares)
 
170,000
346,064
Sany Heavy Equipment International Holdings Co. Ltd.
 
425,000
558,287
Sany Heavy Industry Co. Ltd. (A Shares)
 
228,900
452,687
Satellite Chemical Co. Ltd. (A Shares)
 
84,819
188,550
SDIC Power Holdings Co. Ltd. (A Shares)
 
162,500
271,103
Seazen Group Ltd. (a)(c)
 
1,420,000
230,451
Seres Group Co. Ltd. (A Shares) (a)
 
59,700
666,453
SF Holding Co. Ltd. (A Shares)
 
140,400
753,452
Shaanxi Coal Industry Co. Ltd. (A Shares)
 
221,400
545,939
Shandong Chenming Paper Holdings Ltd. (B Shares) (a)
 
2,877,924
580,676
Shandong Gold Mining Co. Ltd. (A Shares)
 
245,560
797,467
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares)
 
71,700
315,407
Shandong Nanshan Aluminum Co. Ltd. (A Shares)
 
1,201,400
509,226
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
938,000
870,644
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares)
 
48,400
174,247
Shanghai Baosight Software Co. Ltd.
 
473,480
973,775
Shanghai Chlor Alkali Co. Ltd. (B Shares)
 
1,105,042
493,939
Shanghai Electric Group Co. Ltd. (A Shares) (a)
 
365,700
222,038
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares)
 
273,000
629,935
Shanghai Industrial Holdings Ltd.
 
225,000
275,315
Shanghai International Airport Co. Ltd. (A Shares) (a)
 
47,500
241,691
Shanghai International Port Group Co. Ltd. (A Shares)
 
299,300
204,607
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares)
 
35,600
159,871
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. (B Shares)
 
374,320
330,461
Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares)
 
381,600
555,152
Shanghai Pudong Development Bank Co. Ltd. (A Shares)
 
913,000
851,416
Shanghai Putailai New Energy Technology Co. Ltd.
 
56,550
193,483
Shanghai Shangling Electric Appliances Co. Ltd. (B Shares)
 
356,355
334,180
Shangri-La Asia Ltd. (a)
 
498,000
317,713
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares)
 
83,000
215,972
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares)
 
548,800
293,418
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares)
 
32,900
1,111,459
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares)
 
205,700
243,343
Shede Spirits Co. Ltd. (A Shares)
 
12,700
200,001
Shenwan Hongyuan Group Co. Ltd. (A Shares)
 
890,400
534,338
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
47,200
390,241
Shenzhen International Holdings Ltd.
 
598,956
394,786
Shenzhen Investment Ltd.
 
1,160,810
170,623
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
29,300
1,145,437
Shenzhen New Industries Biomedical Engineering Co. Ltd.
 
28,500
268,090
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) (a)
 
353,500
174,734
Shenzhen Transsion Holdings Co. Ltd. (A Shares) (a)
 
17,992
330,702
Shenzhou International Group Holdings Ltd.
 
304,300
2,988,979
Shoucheng Holdings Ltd.
 
1,020,000
167,062
Shougang Fushan Resources Group Ltd.
 
840,335
275,990
Sichuan Chuantou Energy Co. Ltd. (A Shares)
 
151,200
304,106
Sichuan Hebang Biotechnology Co. Ltd. (A Shares)
 
969,300
315,532
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares)
 
221,760
233,759
Sichuan Yahua Industrial Group Co. Ltd. (A Shares)
 
133,600
257,368
Sihuan Pharmaceutical Holdings Group Ltd.
 
2,358,000
199,151
Silergy Corp.
 
120,000
1,071,715
Sinoma Science & Technology Co. Ltd. (A Shares)
 
56,700
134,070
Sinopec Engineering Group Co. Ltd. (H Shares)
 
683,000
341,338
Sinopec Kantons Holdings Ltd.
 
524,000
207,689
Sinopharm Group Co. Ltd. (H Shares)
 
493,200
1,179,381
Sinotruk Hong Kong Ltd.
 
287,000
540,565
SITC International Holdings Co. Ltd.
 
514,000
791,769
SKSHU Paint Co. Ltd. (A Shares)
 
14,700
119,681
Smoore International Holdings Ltd. (c)(d)
 
696,000
536,378
Spring Airlines Co. Ltd. (A Shares) (a)
 
39,100
292,743
Sungrow Power Supply Co. Ltd. (A Shares)
 
33,000
380,364
Sunny Optical Technology Group Co. Ltd.
 
283,100
2,371,793
SUPCON Technology Co. Ltd. (A Shares)
 
24,751
147,717
Suzhou Maxwell Technologies Co. Ltd. (A Shares)
 
7,276
120,164
TAL Education Group ADR (a)
 
165,719
1,453,356
TBEA Co. Ltd. (A Shares)
 
146,640
280,694
TCL Technology Group Corp. (A Shares)
 
673,410
362,176
TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares)
 
93,125
235,158
Tencent Holdings Ltd.
 
2,471,425
91,464,365
Tencent Music Entertainment Group ADR (a)
 
290,057
2,105,814
Theme International Holdings Ltd. (a)(c)
 
1,850,000
137,252
TI Fluid Systems PLC (d)
 
131,782
197,976
Tiangong International Co. Ltd.
 
656,000
192,824
Tianli Education International Holdings Ltd.
 
715,000
204,031
Tianneng Power International Ltd. (c)
 
284,000
256,446
Tianqi Lithium Corp. (A Shares)
 
37,200
279,955
Tianshui Huatian Technology Co. Ltd. (A Shares)
 
155,000
189,342
Tingyi (Cayman Islands) Holding Corp.
 
740,000
982,211
Tong Ren Tang Technologies Co. Ltd. (H Shares)
 
283,000
215,825
Tongcheng Travel Holdings Ltd. (a)
 
467,200
892,563
Tongwei Co. Ltd. (A Shares)
 
127,900
477,848
Topsports International Holdings Ltd. (d)
 
727,000
611,365
Towngas Smart Energy Co. Ltd.
 
421,892
174,764
TravelSky Technology Ltd. (H Shares)
 
359,000
567,124
Trina Solar Co. Ltd. (A Shares)
 
48,241
197,023
Trip.com Group Ltd. (a)
 
205,332
6,998,048
Tsingtao Brewery Co. Ltd. (H Shares)
 
258,000
1,956,550
Uni-President China Holdings Ltd.
 
529,000
360,033
Unigroup Guoxin Microelectronics Co. Ltd. (a)
 
20,159
207,882
Unisplendour Corp. Ltd. (A Shares) (a)
 
68,160
182,929
Vipshop Holdings Ltd. ADR (a)
 
131,241
1,871,497
Wanhua Chemical Group Co. Ltd. (A Shares)
 
73,400
890,541
Want Want China Holdings Ltd.
 
1,781,000
1,106,642
Weibo Corp. sponsored ADR
 
42,944
508,028
Weichai Power Co. Ltd. (H Shares)
 
920,000
1,377,076
Weimob, Inc. (a)(d)
 
904,000
363,540
Wens Foodstuffs Group Co. Ltd. (A Shares)
 
151,800
389,941
Will Semiconductor Ltd.
 
32,695
493,390
Wilmar International Ltd.
 
712,600
1,852,607
Wingtech Technology Co. Ltd. (A Shares) (a)
 
28,400
193,353
Wintime Energy Group Co. Ltd. (A Shares) (a)
 
2,962,700
555,075
Wuchan Zhongda Group Co. Ltd.
 
361,700
226,037
Wuliangye Yibin Co. Ltd. (A Shares)
 
95,000
2,025,504
WuXi AppTec Co. Ltd.
 
29,016
343,133
WuXi AppTec Co. Ltd. (H Shares) (c)(d)
 
174,797
2,100,456
Wuxi Biologics (Cayman), Inc. (a)(d)
 
1,422,500
8,844,738
XCMG Construction Machinery Co. Ltd. (A Shares)
 
399,200
312,714
XD, Inc. (a)
 
135,000
204,561
Xiaomi Corp. Class B (a)(d)
 
5,722,400
10,260,401
Xinjiang Daqo New Energy Co. Ltd. (A Shares)
 
52,897
258,373
Xinyi Solar Holdings Ltd.
 
1,803,379
1,061,305
XPeng, Inc. Class A (a)
 
390,468
2,837,444
XTEP International Holdings Ltd.
 
620,719
564,316
Yadea Group Holdings Ltd. (d)
 
466,000
850,618
Yangzijiang Shipbuilding Holdings Ltd.
 
940,700
997,126
Yankuang Energy Group Co. Ltd. (H Shares)
 
980,000
1,702,024
Yihai International Holding Ltd.
 
212,000
385,819
Yonyou Network Technology Co. Ltd. (A Shares)
 
95,059
212,956
YTO Express Group Co. Ltd. (A Shares)
 
84,900
157,692
Yuexiu Property Co. Ltd.
 
657,720
684,133
Yuexiu Transport Infrastructure Ltd.
 
514,000
265,621
Yum China Holdings, Inc.
 
157,176
8,261,171
Yunnan Baiyao Group Co. Ltd. (A Shares)
 
44,940
312,320
Yunnan Energy New Material Co. Ltd.
 
35,300
324,068
Zai Lab Ltd. (a)
 
348,410
889,162
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares)
 
15,700
537,381
Zhaojin Mining Industry Co. Ltd. (H Shares)
 
497,000
616,155
Zhejiang Chint Electric Co. Ltd. (A Shares)
 
59,900
189,312
Zhejiang Dahua Technology Co. Ltd. (A Shares) (a)
 
97,600
272,488
Zhejiang Expressway Co. Ltd. (H Shares)
 
492,000
370,346
Zhejiang Huayou Cobalt Co. Ltd. (A Shares)
 
31,460
158,367
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares)
 
44,600
265,279
Zhejiang Juhua Co. Ltd. (A Shares)
 
87,000
180,152
Zhejiang NHU Co. Ltd. (A Shares)
 
92,840
205,320
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
72,100
263,935
Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares)
 
67,080
164,569
Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) (a)
 
351,100
220,792
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(d)
 
270,700
741,886
Zhongji Innolight Co. Ltd. (A Shares)
 
18,700
225,325
Zhongjin Gold Co. Ltd. (A Shares)
 
184,000
273,601
Zhongsheng Group Holdings Ltd. Class H
 
359,500
830,192
Zhongtai Securities Co. Ltd. (A Shares)
 
477,800
467,782
Zhou Hei Ya International Holdings Co. Ltd. (d)
 
621,000
204,916
Zhuzhou CRRC Times Electric Co. Ltd.:
 
 
 
 (A Shares)
 
21,033
111,362
 (H Shares)
 
185,600
599,000
Zijin Mining Group Co. Ltd. (H Shares)
 
2,504,000
3,873,467
Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares)
 
216,400
189,929
ZTE Corp. (H Shares)
 
458,600
1,019,128
ZTO Express, Inc. sponsored ADR
 
162,035
3,819,165
TOTAL CHINA
 
 
742,097,280
Colombia - 0.0%
 
 
 
Bancolombia SA
 
102,055
727,725
Interconexion Electrica SA ESP
 
159,332
561,301
TOTAL COLOMBIA
 
 
1,289,026
Czech Republic - 0.0%
 
 
 
CEZ A/S
 
59,424
2,542,703
Komercni Banka A/S
 
29,635
867,920
MONETA Money Bank A/S (d)
 
148,946
575,423
TOTAL CZECH REPUBLIC
 
 
3,986,046
Denmark - 2.0%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
1,262
2,057,487
 Series B
 
1,660
2,765,943
ALK-Abello A/S (a)
 
48,994
542,815
Alm. Brand A/S
 
322,465
466,297
Ambu A/S Series B (a)
 
70,512
694,549
Bavarian Nordic A/S (a)(c)
 
29,820
567,547
Better Collective A/S (a)
 
12,551
303,587
Carlsberg A/S Series B
 
35,350
4,212,773
Chemometec A/S
 
6,026
248,601
Chr. Hansen Holding A/S
 
38,960
2,653,947
Coloplast A/S Series B
 
50,430
5,254,801
D/S Norden A/S
 
9,394
533,509
Danske Bank A/S
 
252,615
5,918,076
Demant A/S (a)
 
37,310
1,421,258
DFDS A/S
 
14,397
415,556
DSV A/S
 
67,350
10,044,615
FLSmidth & Co. A/S
 
18,924
708,803
Genmab A/S (a)
 
24,895
7,037,391
GN Store Nord A/S (a)
 
54,531
906,821
H Lundbeck A/S
 
114,235
596,297
ISS A/S
 
57,579
832,615
Jyske Bank A/S (Reg.) (a)
 
17,842
1,255,106
Matas A/S
 
17,566
228,610
Netcompany Group A/S (a)(d)
 
17,694
552,361
NKT A/S (a)
 
19,928
1,000,108
Novo Nordisk A/S Series B
 
1,203,630
116,121,692
Novozymes A/S Series B
 
73,563
3,301,796
ORSTED A/S (d)
 
69,976
3,381,179
Pandora A/S
 
31,602
3,576,072
Per Aarsleff Holding A/S
 
7,449
325,787
Ringkjoebing Landbobank A/S
 
10,342
1,408,257
Rockwool International A/S Series B
 
3,336
741,570
Royal Unibrew A/S
 
18,524
1,338,796
Scandinavian Tobacco Group A/S (d)
 
21,077
312,849
Schouw & Co.
 
4,818
297,123
Solar Holding A/S
 
2,485
148,140
Spar Nord Bank A/S
 
29,505
446,732
Sydbank A/S
 
21,827
946,881
Topdanmark A/S
 
16,409
735,105
Trifork Holding AG
 
19,239
269,748
Tryg A/S
 
128,569
2,508,952
Vestas Wind Systems A/S (a)
 
376,852
8,168,185
Zealand Pharma A/S (a)
 
18,739
777,853
TOTAL DENMARK
 
 
196,026,190
Egypt - 0.1%
 
 
 
Abou Kir Fertilizers & Chemical Industries
 
153,279
381,649
Centamin PLC
 
464,098
465,090
Commercial International Bank SAE
 
961,654
1,876,664
Eastern Co. SAE
 
433,130
368,353
EFG-Hermes Holding SAE
 
559,982
302,399
Elsewedy Electric Co.
 
357,872
313,840
Energean PLC (c)
 
51,317
531,420
Talaat Moustafa Group Holding
 
631,845
459,914
TOTAL EGYPT
 
 
4,699,329
Faroe Islands - 0.0%
 
 
 
Bakkafrost (c)
 
18,630
839,696
Finland - 0.7%
 
 
 
Cargotec Corp. (B Shares)
 
15,096
594,518
Caverion Oyj
 
37,804
341,204
Citycon Oyj
 
39,588
209,189
Elisa Corp. (A Shares)
 
51,895
2,200,797
Fortum Corp.
 
164,651
1,951,233
Huhtamaki Oyj
 
38,751
1,328,889
Kemira Oyj
 
41,685
673,953
Kempower OYJ (a)(c)
 
6,853
214,489
Kesko Oyj
 
101,166
1,708,953
Kojamo OYJ
 
47,239
402,868
Kone OYJ (B Shares)
 
123,119
5,326,831
Konecranes Oyj
 
25,547
835,537
Mandatum Holding OY
 
168,329
650,454
Metsa Board OYJ (B Shares)
 
66,418
501,777
Metso Corp.
 
242,848
2,134,289
Musti Group OYJ
 
15,940
313,878
Neste OYJ
 
157,178
5,273,691
Nokia Corp.
 
2,006,113
6,681,726
Nokian Tyres PLC
 
50,477
380,704
Nordea Bank Abp
 
1,174,405
12,341,171
Orion Oyj (B Shares)
 
39,472
1,567,870
Outokumpu Oyj (A Shares)
 
142,958
585,845
Qt Group Oyj (a)
 
7,287
424,842
Revenio Group Oyj
 
8,912
207,078
Sampo Oyj (A Shares)
 
168,329
6,609,622
Stora Enso Oyj (R Shares)
 
213,469
2,557,995
TietoEVRY Oyj
 
40,400
845,540
Tokmanni Group Corp.
 
20,230
272,918
UPM-Kymmene Corp.
 
200,524
6,740,782
Uponor Oyj
 
19,745
596,681
Valmet Corp.
 
57,750
1,292,988
Wartsila Corp.
 
172,797
2,055,082
YIT OYJ
 
68,000
121,021
TOTAL FINLAND
 
 
67,944,415
France - 5.9%
 
 
 
Accor SA
 
67,251
2,139,730
Adevinta ASA Class B (a)
 
107,432
942,955
Aeroports de Paris SA
 
10,852
1,214,849
Air France KLM (Reg.) (a)
 
45,637
514,466
Air Liquide SA
 
191,452
32,805,731
Airbus Group NV
 
217,002
29,094,807
Alstom SA
 
110,971
1,502,821
Altarea SCA
 
1,710
121,588
ALTEN
 
11,058
1,302,262
Amundi SA (d)
 
22,126
1,152,315
Antin Infrastructure Partners SA
 
14,632
174,019
Arkema SA
 
24,092
2,252,960
Atos SE (a)(c)
 
41,370
288,380
AXA SA
 
674,179
19,976,211
Beneteau SA
 
17,513
210,877
BIC SA
 
9,318
584,168
bioMerieux SA
 
15,349
1,469,790
BNP Paribas SA
 
388,851
22,360,498
Boiron SA
 
3,556
148,058
Bollore SA
 
295,376
1,609,567
Bouygues SA
 
75,142
2,640,452
Bureau Veritas SA
 
106,735
2,427,001
Capgemini SA
 
61,756
10,914,063
Carmila SA
 
25,328
354,290
Carrefour SA
 
221,589
3,884,779
CGG SA (a)
 
298,813
210,572
Clariane SE (c)
 
29,939
112,839
Coface SA
 
43,695
526,139
Compagnie de St.-Gobain
 
172,048
9,365,286
Compagnie Generale des Etablissements Michelin SCA Series B
 
251,820
7,481,183
Compagnie Plastic Omnium SA
 
24,317
272,736
Covivio
 
17,856
763,295
Credit Agricole SA
 
445,762
5,382,527
Danone SA
 
236,480
14,068,303
Dassault Aviation SA
 
8,478
1,681,982
Dassault Systemes SA
 
251,181
10,346,992
Derichebourg
 
43,229
186,713
Edenred SA
 
91,041
4,839,643
Eiffage SA
 
26,807
2,430,837
Elis SA
 
1,901
31,117
Elis SA
 
68,754
1,125,421
Engie SA
 
657,552
10,458,291
Eramet SA
 
3,632
250,757
Esker SA
 
2,170
274,840
EssilorLuxottica SA
 
108,489
19,588,143
Eurazeo SA
 
16,490
927,365
Euroapi SASU (a)
 
21,542
112,714
Eutelsat Communications (c)
 
59,940
255,593
Fnac Darty SA (c)
 
7,087
166,322
Forvia (a)
 
58,346
977,897
Gaztransport et Technigaz SA
 
12,445
1,589,384
Gecina SA
 
16,709
1,637,149
Getlink SE
 
133,280
2,148,494
Hermes International SCA
 
11,632
21,656,839
ICADE
 
13,199
430,149
ID Logistics Group (a)
 
1,171
317,193
Imerys SA
 
14,354
380,003
Interparfums SA
 
8,677
409,020
Ipsen SA
 
13,842
1,633,054
Ipsos SA
 
14,838
720,006
JCDecaux SA (a)
 
24,321
379,835
Kaufman & Broad SA
 
5,875
156,030
Kering SA
 
27,536
11,198,937
Klepierre SA
 
78,351
1,898,483
L'Oreal SA
 
88,555
37,222,387
La Francaise des Jeux SAEM (d)
 
38,632
1,243,464
Legrand SA
 
97,437
8,428,922
LISI
 
8,070
186,574
LVMH Moet Hennessy Louis Vuitton SE
 
101,534
72,691,295
Mercialys SA
 
34,498
293,479
Mersen SA
 
10,308
341,386
Neoen SA (d)
 
26,208
689,939
Nexans SA
 
10,145
715,986
Nexity (c)
 
17,213
240,048
Orange SA
 
686,169
8,070,753
Pernod Ricard SA
 
74,580
13,217,944
Peugeot Invest
 
2,373
230,247
Publicis Groupe SA
 
86,524
6,566,041
Quadient SA
 
14,034
292,830
Remy Cointreau SA
 
8,423
954,961
Renault SA
 
69,960
2,446,516
Rexel SA
 
89,660
1,824,810
Rubis SCA
 
36,579
794,985
Safran SA
 
126,516
19,764,272
Sartorius Stedim Biotech
 
10,475
1,956,809
SCOR SE
 
53,332
1,588,521
SEB SA
 
9,261
912,783
SES-imagotag SA (a)
 
2,423
242,020
Societe Generale Series A
 
271,103
6,092,164
Sodexo SA
 
32,524
3,437,235
Soitec SA (a)
 
9,780
1,453,925
Sopra Steria Group
 
5,751
1,030,213
SPIE SA
 
52,951
1,391,722
Technip Energies NV
 
54,193
1,184,104
Teleperformance
 
22,582
2,584,138
Thales SA
 
39,948
5,881,728
TotalEnergies SE
 
828,946
55,421,242
Trigano SA
 
3,496
457,951
Ubisoft Entertainment SA (a)
 
35,074
997,565
Unibail-Rodamco-Westfield NV (a)
 
43,464
2,145,859
Valeo SA
 
76,563
1,007,781
Vallourec SA (a)
 
57,319
686,853
Valneva SE (a)
 
38,910
220,263
Veolia Environnement SA
 
245,722
6,732,881
Verallia SA (d)
 
27,809
904,515
Vicat SA
 
9,537
292,642
VINCI SA
 
193,755
21,424,343
Virbac SA
 
1,667
478,004
Vivendi SA
 
264,565
2,367,141
Voltalia SA (a)
 
16,649
138,993
Wendel SA
 
10,899
814,176
Worldline SA (a)(d)
 
88,046
1,116,074
TOTAL FRANCE
 
 
575,657,204
Georgia - 0.0%
 
 
 
Bank of Georgia Group PLC
 
13,611
550,898
TBC Bank Group PLC
 
16,368
534,167
TOTAL GEORGIA
 
 
1,085,065
Germany - 4.5%
 
 
 
1&1 AG
 
19,287
331,011
Adesso AG (c)
 
1,607
151,503
adidas AG
 
60,048
10,623,351
Aixtron AG
 
41,723
1,168,132
Allianz SE
 
146,607
34,341,597
Amadeus Fire AG
 
2,478
285,795
Aroundtown SA (a)(c)
 
327,580
737,245
ATOSS Software AG
 
1,824
384,065
Aurubis AG
 
12,128
996,583
Auto1 Group SE (a)(c)(d)
 
39,140
229,434
BASF AG
 
329,771
15,237,780
Bayer AG
 
361,738
15,630,179
Bayerische Motoren Werke AG (BMW)
 
102,451
9,499,390
BayWa AG (c)
 
6,630
220,979
Bechtle AG
 
29,893
1,330,981
Beiersdorf AG
 
36,428
4,781,441
Bilfinger Berger AG
 
11,189
409,869
Brenntag SE
 
55,803
4,140,246
CANCOM AG (c)
 
14,409
358,590
Carl Zeiss Meditec AG
 
14,721
1,273,206
Cewe Stiftung & Co. KGAA
 
3,300
299,241
Commerzbank AG
 
401,274
4,309,568
CompuGroup Medical AG
 
10,093
368,867
Continental AG
 
41,783
2,727,970
Covestro AG (a)(d)
 
70,619
3,564,238
CTS Eventim AG
 
22,881
1,381,203
CureVac NV (a)(c)
 
37,914
200,183
Daimler Truck Holding AG
 
181,046
5,674,149
Dermapharm Holding SE
 
7,569
291,999
Deutsche Bank AG
 
715,224
7,837,198
Deutsche Beteiligungs AG
 
7,102
210,410
Deutsche Borse AG
 
69,879
11,501,836
Deutsche EuroShop AG
 
8,046
145,921
Deutsche Lufthansa AG (a)
 
219,499
1,533,791
Deutsche Pfandbriefbank AG (c)(d)
 
51,112
340,714
Deutsche Telekom AG
 
1,185,563
25,731,062
Deutz AG
 
55,948
226,020
DHL Group
 
363,548
14,140,474
Duerr AG
 
19,973
409,355
E.ON SE
 
799,099
9,486,809
Eckert & Ziegler Strahlen-und Medizintechnik AG
 
6,323
248,480
ELMOS Semiconductor AG
 
3,350
218,704
Encavis AG (a)(c)
 
45,081
586,951
Energiekontor AG
 
2,904
214,169
Evonik Industries AG
 
77,371
1,421,198
Evotec OAI AG (a)(c)
 
51,997
895,143
Fielmann AG
 
10,079
433,196
Flatex AG (a)(c)
 
26,218
264,985
Formycon AG (a)
 
3,914
230,676
Fraport AG Frankfurt Airport Services Worldwide (a)(c)
 
13,791
681,896
Freenet AG
 
50,684
1,283,872
Fresenius Medical Care AG & Co. KGaA
 
74,609
2,478,971
Fresenius SE & Co. KGaA
 
156,098
4,003,655
GEA Group AG
 
58,473
1,994,079
Gerresheimer AG
 
12,786
1,189,187
GFT Technologies AG (c)
 
7,105
211,852
Grand City Properties SA (a)
 
32,551
290,520
Grenkeleasing AG
 
10,796
230,750
Hamborner (REIT) AG
 
37,362
246,684
Hamburger Hafen und Logistik AG (c)
 
30,855
546,522
Hannover Reuck SE
 
21,969
4,842,017
HeidelbergCement AG
 
53,087
3,846,614
Heidelberger Druckmaschinen AG (a)
 
120,573
144,163
HelloFresh AG (a)
 
59,285
1,289,718
Henkel AG & Co. KGaA
 
40,492
2,559,110
Hensoldt AG
 
20,645
609,461
Hochtief AG
 
8,637
891,948
Hornbach Holding AG & Co. KGaA
 
4,058
241,739
Hugo Boss AG
 
21,296
1,241,585
Hypoport AG (a)(c)
 
1,969
239,799
INDUS Holding AG
 
9,969
193,876
Infineon Technologies AG
 
483,212
14,114,729
Jenoptik AG
 
21,667
512,622
JOST Werke AG (d)
 
6,321
289,601
K+S AG
 
70,828
1,189,347
KION Group AG
 
26,347
803,995
Kloeckner & Co. AG
 
27,887
172,912
Knorr-Bremse AG
 
26,393
1,467,255
Krones AG
 
6,017
584,453
Lanxess AG (c)
 
30,629
700,025
LEG Immobilien AG (a)
 
27,114
1,688,080
Mercedes-Benz Group AG (Germany)
 
294,808
17,344,813
Merck KGaA
 
47,832
7,204,481
Metro Wholesale & Food Specialist AG (a)
 
57,561
365,432
Morphosys AG (a)
 
12,538
405,271
MTU Aero Engines AG
 
19,731
3,695,295
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
50,720
20,312,896
Nagarro SE (a)(c)
 
3,214
225,979
Nemetschek SE
 
21,134
1,574,277
Nordex SE (a)(c)
 
46,858
492,136
NORMA Group AG
 
12,525
220,260
Patrizia Immobilien AG
 
17,187
138,756
Pfeiffer Vacuum Technology AG (c)
 
1,395
215,208
PNE AG (c)
 
15,422
195,490
ProSiebenSat.1 Media AG (c)
 
59,660
333,180
Puma AG
 
38,654
2,179,959
PVA TePla AG (a)
 
9,516
144,086
Rational AG
 
1,884
1,071,485
Rheinmetall AG
 
15,943
4,561,456
RWE AG
 
230,780
8,822,524
SAF-Holland SA
 
20,495
273,241
Salzgitter AG
 
10,238
254,788
SAP SE
 
384,897
51,627,132
Schaeffler AG
 
58,431
301,957
Scout24 AG (d)
 
28,028
1,720,666
SGL Carbon AG (a)(c)
 
28,343
173,790
Siemens AG
 
280,069
37,164,839
Siemens Energy AG (a)(c)
 
190,129
1,683,839
Siemens Healthineers AG (d)
 
103,315
5,063,591
Siltronic AG
 
6,786
580,884
Sirius Real Estate Ltd.
 
449,291
435,780
Sixt SE (c)
 
6,547
563,196
SMA Solar Technology AG (a)
 
5,809
354,961
Softwareone Holding AG
 
41,733
817,547
Stabilus Se
 
9,765
618,908
STRATEC Biomedical Systems AG
 
3,213
148,226
Stroeer SE & Co. KGaA
 
14,144
647,120
Suedzucker AG (Bearer)
 
25,479
385,518
Symrise AG
 
50,182
5,128,062
Synlab AG
 
25,170
264,060
TAG Immobilien AG (a)
 
61,523
669,528
Takkt AG
 
13,651
174,774
Talanx AG
 
23,123
1,454,530
TeamViewer AG (a)(d)
 
51,408
788,453
Telefonica Deutschland Holding AG
 
349,362
592,750
Thyssenkrupp AG
 
184,590
1,280,874
TUI AG (GB) (a)(c)
 
171,283
862,722
United Internet AG (c)
 
39,159
814,181
VERBIO Vereinigte BioEnergie AG (c)
 
7,454
251,361
Vitesco Technologies Group AG (a)
 
7,490
729,908
Volkswagen AG
 
11,867
1,371,824
Vonovia SE
 
275,692
6,347,005
Vossloh AG
 
6,625
256,913
Wacker Chemie AG
 
6,815
832,865
Wacker Construction Equipment AG
 
12,503
228,869
Wuestenrot & Wuerttembergische AG
 
15,478
214,870
Zalando SE (a)(d)
 
82,288
1,914,646
TOTAL GERMANY
 
 
444,304,086
Ghana - 0.0%
 
 
 
Tullow Oil PLC (a)(c)
 
618,043
249,248
Greece - 0.1%
 
 
 
Aegean Airlines SA (a)
 
15,367
168,127
Alpha Bank SA (a)
 
841,278
1,255,120
Eurobank Ergasias Services and Holdings SA (a)
 
965,819
1,575,821
Ff Group (a)(b)
 
881
0
GEK Terna Holding Real Estate Construction SA
 
24,540
342,748
Hellenic Telecommunications Organization SA
 
77,061
1,078,751
Holding Co. ADMIE IPTO SA
 
110,747
234,363
Jumbo SA
 
44,102
1,160,075
Lamda Development SA (a)
 
35,105
225,839
Motor Oil (HELLAS) Corinth Refineries SA
 
25,252
601,181
Mytilineos SA
 
40,534
1,500,258
National Bank of Greece SA (a)
 
205,706
1,175,351
OPAP SA
 
70,599
1,195,213
Piraeus Financial Holdings SA (a)
 
260,323
768,499
Public Power Corp. of Greece (a)
 
76,877
783,338
Terna Energy SA
 
23,839
357,929
TOTAL GREECE
 
 
12,422,613
Guatemala - 0.0%
 
 
 
Millicom International Cellular SA (depository receipt) (a)
 
56,854
891,332
Hong Kong - 1.4%
 
 
 
AIA Group Ltd.
 
4,264,800
37,034,705
Alibaba Pictures Group Ltd. (a)
 
4,970,000
317,547
Alliance International Education Leasing Holdings Co. Ltd. (a)(c)(d)
 
330,000
60,302
ASMPT Ltd.
 
114,800
972,304
Bank of East Asia Ltd.
 
517,981
615,171
Brightoil Petroleum Holdings Ltd. (a)(b)
 
26,000
0
Cafe de Coral Holdings Ltd.
 
172,000
216,631
Champion (REIT)
 
903,000
285,247
Chow Sang Sang Holdings International Ltd.
 
245,000
281,633
CK Asset Holdings Ltd.
 
710,488
3,551,250
CK Infrastructure Holdings Ltd.
 
228,000
1,056,789
CLP Holdings Ltd.
 
602,500
4,409,566
Concord New Energy Group Ltd.
 
3,100,000
253,857
Cowell e Holdings, Inc. (a)(c)
 
102,000
244,709
Dah Sing Banking Group Ltd.
 
255,600
167,686
Dah Sing Financial Holdings Ltd.
 
99,200
224,544
Far East Consortium International Ltd.
 
718,211
147,796
Fortune (REIT)
 
629,000
351,919
Futu Holdings Ltd. ADR (a)
 
20,683
1,146,872
Giordano International Ltd.
 
652,000
185,798
Grand Pharmaceutical Group, Ltd.
 
468,000
251,583
Hang Lung Group Ltd.
 
318,000
423,555
Hang Lung Properties Ltd.
 
683,000
897,774
Hang Seng Bank Ltd.
 
277,900
3,177,255
Henderson Land Development Co. Ltd.
 
553,345
1,447,805
HKBN Ltd.
 
385,000
133,372
HKT Trust/HKT Ltd. unit
 
1,383,000
1,432,491
Hong Kong & China Gas Co. Ltd.
 
4,159,038
2,895,143
Hong Kong Exchanges and Clearing Ltd.
 
445,574
15,587,361
Hong Kong Television Network Ltd.
 
251,000
89,889
Hongkong Land Holdings Ltd.
 
432,339
1,371,259
Huabao International Holdings Ltd. (c)
 
449,000
151,055
Hutchison Port Holdings Trust
 
1,951,700
306,563
Hysan Development Co. Ltd.
 
229,000
421,533
Jardine Matheson Holdings Ltd.
 
59,158
2,397,150
Johnson Electric Holdings Ltd.
 
160,427
199,010
K Wah International Holdings Ltd.
 
524,902
140,943
Kerry Properties Ltd.
 
222,000
373,579
Kingboard Laminates Holdings Ltd.
 
389,000
364,801
Kingkey Financial International Holdings Ltd. (a)(c)
 
1,370,000
153,381
Link (REIT)
 
956,520
4,389,607
LK Technology Holdings Ltd. (c)
 
217,500
187,087
Luk Fook Holdings International Ltd.
 
167,000
414,293
Man Wah Holdings Ltd.
 
619,600
384,815
Melco Crown Entertainment Ltd. sponsored ADR (a)
 
82,144
693,295
Melco International Development Ltd. (a)
 
289,000
202,009
MH Development Ltd. (a)(b)
 
74,000
0
MTR Corp. Ltd.
 
571,787
2,137,446
New World Development Co. Ltd.
 
551,822
1,012,770
Nine Dragons Paper (Holdings) Ltd.
 
668,000
380,279
NWS Holdings Ltd.
 
593,367
702,095
Orient Overseas International Ltd. (c)
 
49,500
624,185
Pacific Basin Shipping Ltd.
 
1,983,000
573,828
PAX Global Technology Ltd.
 
347,000
239,518
PCCW Ltd.
 
1,652,886
808,984
Power Assets Holdings Ltd.
 
501,000
2,395,195
Prudential PLC
 
1,019,807
10,663,498
Sino Biopharmaceutical Ltd.
 
3,897,000
1,513,903
Sino Land Ltd.
 
1,452,033
1,449,606
Skyworth Group Ltd.
 
546,625
197,521
SMI Corp. Ltd. (a)(b)
 
7,200
2,153
SSY Group Ltd.
 
564,000
309,367
Stella International Holdings Ltd.
 
300,000
338,782
Sun Hung Kai Properties Ltd.
 
524,000
5,380,801
Sunevision Holdings Ltd.
 
412,000
153,246
Sunlight (REIT)
 
504,000
139,398
Swire Pacific Ltd. (A Shares)
 
166,000
1,060,382
Swire Properties Ltd.
 
492,400
953,388
Techtronic Industries Co. Ltd.
 
513,500
4,688,011
The United Laboratories International Holdings Ltd.
 
394,000
402,189
United Energy Group Ltd.
 
2,984,000
476,460
Value Partners Group Ltd.
 
542,000
187,335
Vinda International Holdings Ltd. (c)
 
152,000
375,627
Vitasoy International Holdings Ltd.
 
334,000
412,048
Viva Goods Co. Ltd. (a)
 
1,632,000
214,885
Vtech Holdings Ltd.
 
63,900
371,823
WH Group Ltd. (d)
 
3,105,500
1,854,708
Wharf Real Estate Investment Co. Ltd.
 
642,000
2,245,742
Xinyi Glass Holdings Ltd.
 
656,393
754,209
Yue Yuen Industrial (Holdings) Ltd.
 
324,000
378,815
Yuexiu (REIT)
 
1,015,654
145,392
TOTAL HONG KONG
 
 
133,554,523
Hungary - 0.1%
 
 
 
Magyar Telekom PLC
 
180,128
280,072
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
163,007
1,297,021
OTP Bank PLC
 
87,164
3,243,482
Richter Gedeon PLC
 
51,303
1,202,914
TOTAL HUNGARY
 
 
6,023,489
India - 4.8%
 
 
 
360 ONE WAM Ltd.
 
64,873
409,243
3M India Ltd.
 
1,213
433,671
Aarti Industries Ltd.
 
86,230
470,776
Aavas Financiers Ltd. (a)
 
20,653
349,288
ABB India Ltd.
 
19,987
985,478
ACC Ltd.
 
29,222
662,739
Adani Enterprises Ltd.
 
63,909
1,761,735
Adani Green Energy Ltd. (a)
 
115,895
1,280,044
Adani Ports & Special Economic Zone Ltd.
 
192,839
1,818,668
Adani Power Ltd. (a)
 
285,460
1,243,488
Aditya Birla Fashion and Retail Ltd. (a)
 
138,232
356,488
Aegis Logistics Ltd.
 
56,302
197,691
Affle (India) Ltd. (a)
 
22,663
286,185
AIA Engineering Ltd.
 
17,278
729,385
Ajanta Pharma Ltd.
 
19,814
419,454
Alembic Pharmaceuticals Ltd.
 
32,798
280,892
Alkyl Amines Chemicals
 
8,423
216,680
Amara Raja Energy & Mobility L
 
44,236
325,624
Amber Enterprises India Ltd. (a)
 
8,121
286,336
Ambuja Cements Ltd.
 
225,339
1,149,274
Angel One Ltd.
 
14,396
446,667
Apar Industries Ltd.
 
6,515
405,275
APL Apollo Tubes Ltd.
 
63,552
1,194,752
Apollo Hospitals Enterprise Ltd.
 
37,348
2,161,923
Apollo Tyres Ltd.
 
126,534
579,356
Aptus Value Housing Finance India Ltd.
 
62,279
215,941
Asahi India Glass Ltd.
 
35,932
241,396
Ashok Leyland Ltd.
 
560,443
1,129,615
Asian Paints Ltd.
 
139,806
5,034,487
Aster DM Healthcare Ltd. (a)(d)
 
62,988
249,572
Astral Ltd.
 
45,546
1,012,169
AstraZeneca Pharma India Ltd.
 
6,304
357,013
Atul Ltd.
 
5,999
449,641
AU Small Finance Bank Ltd. (d)
 
68,239
548,296
Aurobindo Pharma Ltd.
 
100,029
1,020,423
Avenue Supermarts Ltd. (a)(d)
 
59,587
2,600,853
Axis Bank Ltd.
 
842,880
9,942,871
Bajaj Auto Ltd.
 
24,884
1,586,900
Bajaj Electricals Ltd.
 
21,874
268,571
Bajaj Finance Ltd.
 
100,870
9,077,567
Bajaj Finserv Ltd.
 
139,572
2,630,944
Bajaj Holdings & Investment Ltd.
 
10,270
854,170
Bajel Projects Ltd. (b)
 
21,874
34,393
Balkrishna Industries Ltd.
 
29,311
898,754
Balrampur Chini Mills Ltd.
 
58,162
288,508
Bandhan Bank Ltd. (d)
 
285,591
735,171
Bank of Baroda
 
406,920
959,199
BASF India Ltd.
 
12,366
374,861
Bata India Ltd.
 
29,698
558,649
Bayer CropScience Ltd.
 
6,580
389,026
Beml Ltd.
 
9,296
225,666
Berger Paints India Ltd.
 
113,964
764,437
Bharat Dynamics Ltd.
 
22,449
262,798
Bharat Electronics Ltd.
 
1,396,859
2,237,232
Bharat Forge Ltd.
 
97,863
1,198,321
Bharat Heavy Electricals Ltd.
 
425,449
617,805
Bharat Petroleum Corp. Ltd.
 
283,791
1,189,343
Bharti Airtel Ltd.
 
816,905
8,969,088
Biocon Ltd.
 
168,073
443,408
Birlasoft Ltd.
 
73,729
485,251
Blue Star Ltd.
 
52,897
561,990
Brigade Enterprises Ltd.
 
49,435
365,203
Britannia Industries Ltd.
 
40,860
2,172,915
Brookfield India Real Estate Trust (d)
 
120,143
350,724
BSE Ltd.
 
37,241
833,390
Can Finance Homes Ltd.
 
41,885
384,342
Carborundum Universal Ltd.
 
42,599
548,376
Castrol India Ltd.
 
278,638
455,562
CCL Products (India) Ltd.
 
34,887
247,288
CEAT Ltd.
 
10,060
254,769
Central Depository Services (India) Ltd.
 
25,213
440,814
Century Textiles & Industries Ltd.
 
35,290
458,591
Cera Sanitaryware Ltd.
 
2,533
258,036
CESC Ltd. GDR
 
326,089
331,972
Cg Power & Industrial Soluti
 
239,587
1,121,676
Chambal Fertilizers & Chemicals Ltd.
 
98,798
342,383
Cholamandalam Financial Holdings Ltd.
 
42,439
579,526
Cholamandalam Investment and Finance Co. Ltd.
 
152,918
2,089,115
Cipla Ltd./India (a)
 
192,133
2,768,799
City Union Bank Ltd.
 
168,545
279,388
Coal India Ltd.
 
564,562
2,130,439
Coforge Ltd.
 
21,417
1,282,928
Colgate-Palmolive Ltd.
 
50,187
1,273,832
Compagnie Automotive India Ltd.
 
43,464
240,230
Computer Age Management Services Private Ltd.
 
14,642
395,115
Container Corp. of India Ltd.
 
112,295
928,308
Coromandel International Ltd.
 
50,230
629,214
Craftsman Automation Ltd.
 
5,159
301,506
CreditAccess Grameen Ltd. (a)
 
22,640
433,946
CRISIL Ltd.
 
7,558
371,848
Crompton Greaves Consumer Electricals Ltd.
 
241,075
816,275
Cummins India Ltd.
 
52,943
1,066,082
Cyient Ltd.
 
32,292
615,852
Dabur India Ltd.
 
242,585
1,540,593
Dalmia Bharat Ltd.
 
30,909
781,261
Data Patterns India Ltd. (a)
 
11,965
267,673
Deepak Fertilisers and Petrochemicals Corp. Ltd.
 
33,310
257,186
Deepak Nitrite Ltd.
 
25,134
599,679
Delhivery Private Ltd. (a)
 
151,534
752,023
Devyani International Ltd. (a)
 
139,162
300,535
Divi's Laboratories Ltd.
 
43,749
1,779,903
Dixon Technologies India Ltd. (a)
 
11,501
704,701
DLF Ltd.
 
229,457
1,553,971
Dr Lal Pathlabs Ltd. (d)
 
15,402
447,300
Dr. Reddy's Laboratories Ltd.
 
41,167
2,656,318
E.I.D. Parry (India) Ltd.
 
39,653
219,691
Easy Trip Planners Ltd.
 
562,528
267,181
Eicher Motors Ltd.
 
50,500
1,998,096
EIH Ltd.
 
119,592
322,566
Elgi Equipments Ltd.
 
73,736
447,544
Emami Ltd.
 
85,849
525,757
Embassy Office Parks (REIT)
 
216,565
810,163
Endurance Technologies Ltd. (d)
 
13,199
253,022
Engineers India Ltd.
 
163,277
242,741
Equitas Small Finance Bank Ltd. (d)
 
234,604
261,307
Escorts Kubota Ltd.
 
13,365
502,824
Exide Industries Ltd.
 
190,932
585,525
Federal Bank Ltd.
 
685,783
1,158,696
Fine Organic Industries Ltd.
 
3,634
193,049
Finolex Cables Ltd.
 
28,076
302,481
Finolex Industries Ltd.
 
128,207
295,862
Firstsource Solutions Ltd.
 
169,679
317,964
Five Star Business Finance Ltd.
 
41,896
371,776
Fortis Healthcare Ltd.
 
178,456
692,063
GAIL India Ltd.
 
853,304
1,224,827
GHCL Ltd.
 
38,920
271,792
Gland Pharma Ltd. (a)(d)
 
15,475
287,404
GlaxoSmithKline Pharmaceuticals Ltd.
 
24,868
424,982
Glenmark Pharmaceuticals Ltd.
 
62,014
557,104
Global Health Ltd.
 
28,791
271,486
GMM Pfaudler Ltd.
 
14,899
310,334
GMR Airports Infrastructure Ltd. (a)
 
817,986
536,558
Godrej Consumer Products Ltd.
 
155,051
1,846,890
Godrej Industries Ltd. (a)
 
40,550
306,018
Godrej Properties Ltd. (a)
 
48,082
959,183
Granules India Ltd.
 
80,439
314,806
Grasim Industries Ltd.
 
100,188
2,269,979
Great Eastern Shipping Co. Ltd.
 
40,193
383,400
Grindwell Norton Ltd.
 
18,498
476,218
Gujarat Fluorochemicals Ltd.
 
11,333
377,846
Gujarat Gas Ltd.
 
72,988
358,728
Gujarat Narmada Valley Fertilizers Co.
 
39,985
332,106
Gujarat State Fertilizers & Chemicals Ltd.
 
116,636
280,441
Gujarat State Petronet Ltd.
 
116,239
373,432
Happiest Minds Technologies Ltd.
 
31,257
307,585
Havells India Ltd.
 
97,267
1,455,807
HCL Technologies Ltd.
 
354,516
5,436,103
HDFC Asset Management Co. Ltd. (d)
 
35,780
1,174,924
HDFC Bank Ltd.
 
1,020,821
18,108,615
HDFC Standard Life Insurance Co. Ltd. (d)
 
357,773
2,656,988
Hero Motocorp Ltd.
 
41,358
1,534,314
Hfcl Ltd.
 
336,444
263,136
Hindalco Industries Ltd.
 
469,663
2,591,653
Hindustan Aeronautics Ltd.
 
63,152
1,381,655
Hindustan Petroleum Corp. Ltd. (a)
 
220,962
657,188
Hindustan Unilever Ltd.
 
300,361
8,961,126
Hitachi Energy India Ltd.
 
5,113
254,284
ICICI Bank Ltd.
 
1,885,848
20,741,562
ICICI Lombard General Insurance Co. Ltd. (d)
 
91,610
1,511,521
ICICI Prudential Life Insurance Co. Ltd. (d)
 
136,824
863,151
ICICI Securities Ltd. (d)
 
36,539
280,457
IDFC Bank Ltd. (a)
 
1,275,600
1,267,254
IDFC Ltd.
 
477,728
657,476
Iifl Finance Ltd.
 
67,398
501,507
India Cements Ltd./The
 
72,267
181,611
Indiabulls Housing Finance Ltd.
 
150,736
293,254
Indiabulls Real Estate Ltd. (a)
 
198,967
174,964
IndiaMART InterMESH Ltd. (d)
 
11,263
358,412
Indian Bank
 
96,193
485,346
Indian Energy Exchange Ltd. (d)
 
209,961
317,434
Indian Oil Corp. Ltd.
 
1,053,026
1,134,022
Indian Railway Catering & Tourism Corp. Ltd.
 
96,689
772,602
Indraprastha Gas Ltd.
 
124,342
571,003
Info Edge India Ltd.
 
26,671
1,308,493
Infosys Ltd.
 
1,228,658
20,200,219
Intellect Design Arena Ltd.
 
35,868
292,570
InterGlobe Aviation Ltd. (a)(d)
 
50,541
1,490,340
Ion Exchange (INDIA) Ltd.
 
40,933
261,563
Ipca Laboratories Ltd.
 
54,428
642,790
IRB Infrastructure Developers Ltd.
 
646,285
260,124
ITC Ltd.
 
1,113,548
5,730,330
J.B. Chemicals & Pharmaceuticals Ltd.
 
28,642
480,829
JBM Auto Ltd.
 
12,394
178,609
Jindal Stainless Ltd.
 
142,165
755,643
Jindal Steel & Power Ltd.
 
145,269
1,105,774
Jio Financial Services Ltd.
 
1,168,818
3,101,153
JK Cement Ltd.
 
15,589
590,795
JK Lakshmi Cement Ltd.
 
33,659
277,738
JSW Steel Ltd. (a)
 
228,045
2,017,161
Jubilant Foodworks Ltd.
 
153,996
926,333
Jupiter Wagons Ltd.
 
48,374
183,203
Jyothy Laboratories Ltd.
 
68,524
298,505
Kajaria Ceramics Ltd.
 
31,873
482,908
Kalpataru Power Transmission Ltd.
 
42,193
335,627
Kalyan Jewellers India Ltd.
 
121,682
422,267
Kansai Nerolac Paints Ltd.
 
90,340
341,753
KEC International Ltd.
 
50,737
382,789
KEI Industries Ltd.
 
22,749
654,919
Kirloskar Oil Engines Ltd.
 
48,397
316,140
Kotak Mahindra Bank Ltd.
 
404,894
8,461,724
KPIT Technologies Ltd.
 
61,150
894,474
KPR Mill Ltd.
 
38,954
376,524
Krishna Institute of Medical Sciences Ltd. (a)(d)
 
18,905
428,523
L&T Finance Holdings Ltd.
 
406,412
649,123
Lakshmi Machine Works Ltd.
 
2,579
409,114
Larsen & Toubro Ltd.
 
250,932
8,827,900
Laurus Labs Ltd. (d)
 
137,462
597,213
Lemon Tree Hotels Ltd. (a)(d)
 
235,123
309,959
LIC Housing Finance Ltd.
 
122,518
675,862
Linde India Ltd. (a)
 
8,572
616,845
Ltimindtree Ltd. (d)
 
32,932
2,003,013
Lupin Ltd.
 
77,570
1,050,841
Mahanagar Gas Ltd.
 
21,960
272,204
Mahindra & Mahindra Financial Services Ltd.
 
200,880
592,004
Mahindra & Mahindra Ltd.
 
349,520
6,123,616
Mahindra Lifespace Developers Ltd.
 
38,777
228,675
Manappuram General Finance & Leasing Ltd.
 
220,659
364,361
Marico Ltd.
 
196,521
1,265,973
Maruti Suzuki India Ltd.
 
50,861
6,349,467
Max Financial Services Ltd. (a)
 
95,457
1,048,119
Max Healthcare Institute Ltd.
 
288,162
1,985,816
MedPlus Health Services Ltd. (a)
 
25,300
242,577
Metropolis Healthcare Ltd. (d)
 
13,706
231,368
Mindspace Business Parks (REIT) (d)
 
100,246
371,871
Motherson Sumi Wiring India Ltd.
 
721,163
518,948
Mphasis BFL Ltd.
 
30,233
771,627
MRF Ltd.
 
715
930,016
MTAR Technologies Pvt Ltd. (a)
 
14,690
430,349
Multi Commodity Exchange of India Ltd.
 
13,146
367,924
Muthoot Finance Ltd.
 
47,504
740,993
Narayana Hrudayalaya Ltd.
 
35,518
424,969
Natco Pharma Ltd.
 
37,653
361,984
National Aluminium Co. Ltd.
 
391,195
433,021
Navin Fluorine International Ltd.
 
13,211
545,766
Ncc Ltd.
 
175,577
304,732
Nestle India Ltd.
 
12,347
3,594,244
Nexus Select Trust
 
244,287
376,697
Nippon Life India Asset Management Ltd. (d)
 
76,363
359,091
NMDC Steel Ltd.
 
374,962
180,885
NTPC Ltd.
 
1,603,483
4,541,562
Nuvama Wealth Management Ltd.
 
2,738
96,972
Oberoi Realty Ltd.
 
49,227
672,610
Oil & Natural Gas Corp. Ltd.
 
1,144,566
2,560,303
Oil India Ltd.
 
108,555
389,991
Olectra Greentech Ltd.
 
19,898
272,220
Oracle Financial Services Soft
 
9,381
437,005
Page Industries Ltd.
 
2,382
1,082,023
PB Fintech Ltd. (a)
 
78,627
661,416
Persistent Systems Ltd.
 
19,443
1,439,695
Petronet LNG Ltd.
 
291,347
698,140
Phoenix Mills Ltd.
 
37,028
807,567
PI Industries Ltd.
 
33,538
1,369,340
Pidilite Industries Ltd.
 
56,422
1,665,364
Piramal Enterprises Ltd.
 
40,156
470,447
Piramal Pharma Ltd. (a)
 
235,792
296,106
PNB Housing Finance Ltd. (a)(d)
 
43,182
382,072
Poly Medicure Ltd.
 
16,319
277,939
Poonawalla Fincorp Ltd.
 
95,637
405,144
Power Finance Corp. Ltd.
 
510,965
1,512,770
Power Grid Corp. of India Ltd.
 
1,701,784
4,131,958
Praj Industries Ltd.
 
69,352
446,020
Prestige Estates Projs. Ltd.
 
59,105
543,605
Prince Pipes & Fittings Ltd.
 
36,067
272,923
Procter & Gamble Health Ltd.
 
4,832
296,188
PVR INOX Ltd. (a)
 
32,226
618,556
Quess Corp. Ltd. (d)
 
34,295
174,109
Radico Khaitan Ltd.
 
30,108
440,172
Rail Vikas Nigam Ltd.
 
123,151
227,925
Rainbow Children's Medicare Ltd.
 
22,633
288,927
Rajesh Exports Ltd.
 
27,220
146,781
Ramkrishna Forgings Ltd.
 
34,346
264,189
Ratnamani Metals & Tubes Ltd.
 
12,566
417,330
Raymond Ltd.
 
14,143
299,066
RBL Bank Ltd. (d)
 
187,791
497,407
REC Ltd.
 
447,252
1,545,469
Redington (India) Ltd.
 
247,321
423,600
Relaxo Footwears Ltd.
 
42,253
455,534
Reliance Industries Ltd.
 
1,119,149
30,764,977
Reliance Infrastructure Ltd. (a)
 
134,442
273,339
Reliance Power Ltd. (a)
 
1,074,233
220,679
RHI Magnesita India Ltd.
 
30,290
249,499
Route Mobile Ltd.
 
11,857
221,129
Samvardhana Motherson International Ltd.
 
885,166
977,312
Sanofi India Ltd.
 
3,952
358,785
Sapphire Foods India Ltd. (a)
 
15,450
240,509
SBI Cards & Payment Services Ltd.
 
106,384
953,062
SBI Life Insurance Co. Ltd. (d)
 
167,399
2,748,586
Sharda Cropchem Ltd.
 
40,008
195,130
Sheela Foam Private Ltd.
 
14,928
193,504
Shree Cement Ltd.
 
3,599
1,108,928
Shree Renuka Sugars Ltd. (a)
 
326,298
190,885
Shriram Transport Finance Co. Ltd.
 
103,499
2,334,778
Siemens Ltd.
 
33,107
1,324,245
SKF India Ltd.
 
10,158
604,313
Solar Industries India Ltd.
 
10,987
725,573
Sona Blw Precision Forgings Ltd. (d)
 
157,856
1,027,016
Sonata Software Ltd.
 
37,775
523,236
SRF Ltd.
 
56,278
1,483,538
Star Health & Allied Insurance Co. Ltd. (a)
 
67,009
466,700
State Bank of India
 
654,002
4,442,677
Sun Pharmaceutical Industries Ltd.
 
357,063
4,666,910
Sun TV Ltd.
 
47,576
362,257
Sundram Fasteners Ltd.
 
44,132
664,773
Supreme Industries Ltd.
 
24,234
1,259,716
Suven Pharmaceuticals Ltd. (a)
 
51,844
360,246
Suzlon Energy Ltd. (a)
 
3,015,375
1,109,387
Syngene International Ltd. (d)
 
69,238
565,694
Tamilnad Mercantile Bank Ltd.
 
47,819
310,334
Tanla Solutions Ltd.
 
25,557
292,184
Tata Chemicals Ltd.
 
62,140
715,862
Tata Consultancy Services Ltd.
 
335,525
13,579,222
Tata Consumer Products Ltd.
 
209,961
2,271,131
Tata Elxsi Ltd.
 
12,927
1,183,787
Tata Investment Corp. Ltd.
 
6,516
243,115
Tata Motors Ltd.
 
629,360
4,752,153
Tata Power Co. Ltd./The
 
529,232
1,522,209
Tata Steel Ltd.
 
2,725,170
3,887,626
Tata Teleservices (Maharashtra) Ltd. (a)
 
259,013
267,762
Tech Mahindra Ltd.
 
196,839
2,681,750
Tejas Networks Ltd. (a)(d)
 
24,101
247,881
The Indian Hotels Co. Ltd.
 
322,944
1,486,961
The Karur Vysya Bank Ltd.
 
171,284
294,473
The Ramco Cements Ltd.
 
50,247
598,523
Thermax Ltd.
 
16,731
569,264
Timken India Ltd.
 
12,124
422,461
Titagarh Rail System Ltd.
 
29,139
266,569
Titan Co. Ltd.
 
129,519
4,963,735
Torrent Pharmaceuticals Ltd.
 
38,211
883,000
Torrent Power Ltd.
 
69,116
603,592
Trent Ltd.
 
69,374
1,795,170
Trident Ltd.
 
543,763
227,875
Triveni Turbine Ltd. (a)
 
62,393
269,107
TTK Prestige Ltd. (a)
 
22,899
220,167
Tube Investments of India Ltd.
 
39,439
1,491,599
Tvs Motor Co. Ltd.
 
89,596
1,711,615
Ultratech Cement Ltd.
 
42,543
4,304,244
United Spirits Ltd. (a)
 
111,368
1,380,691
Uno Minda Ltd.
 
67,169
470,193
UPL Ltd.
 
186,067
1,207,766
Usha Martin Ltd.
 
77,019
275,304
V-Guard Industries Ltd.
 
124,160
446,600
Vardhman Textiles Ltd.
 
54,351
240,904
Varun Beverages Ltd.
 
170,145
1,856,553
Vedanta Ltd.
 
288,935
751,681
Vinati Organics Ltd.
 
12,892
267,727
VIP Industries Ltd.
 
38,965
285,105
Vodafone Idea Ltd. (a)
 
3,879,016
552,061
Voltas Ltd.
 
79,890
803,690
Westlife Foodworld Ltd.
 
36,610
351,993
Whirlpool of India Ltd.
 
16,586
327,135
Wipro Ltd.
 
495,968
2,276,174
Yes Bank Ltd. (a)
 
4,936,353
945,799
Zee Entertainment Enterprises Ltd.
 
324,204
1,009,135
Zensar Technologies Ltd.
 
56,014
329,718
ZF Commercial Vehicle Control Systems India Ltd.
 
2,798
527,522
Zomato Ltd. (a)
 
1,576,277
1,993,122
TOTAL INDIA
 
 
468,366,883
Indonesia - 0.5%
 
 
 
First Pacific Co. Ltd.
 
996,000
377,051
First Resources Ltd.
 
231,500
255,605
Golden Agri-Resources Ltd.
 
2,342,400
462,164
Indofood Sukses Makmur Tbk PT
 
1,722,600
721,173
Nickel Industries Ltd.
 
864,967
411,802
PT Adaro Energy Indonesia Tbk
 
5,380,700
868,172
PT AKR Corporindo Tbk
 
3,590,700
336,927
PT Aneka Tambang Tbk
 
3,707,700
397,255
PT Astra International Tbk
 
7,413,300
2,696,807
PT Bank Aladin Syariah Tbk (a)
 
3,864,600
255,295
PT Bank BTPN Syariah Tbk
 
1,290,000
127,871
PT Bank Central Asia Tbk
 
20,125,600
11,087,609
PT Bank Mandiri (Persero) Tbk
 
13,669,200
4,883,351
PT Bank Negara Indonesia (Persero) Tbk
 
5,623,000
1,696,946
PT Bank Rakyat Indonesia (Persero) Tbk
 
24,915,171
7,790,573
PT Bank Tabungan Negara (Persero) Tbk
 
3,300,591
254,632
PT Barito Pacific Tbk
 
10,760,007
762,494
PT Berkah Beton Sadaya Tbk (a)
 
7,167,500
22,536
PT BFI Finance Indonesia Tbk
 
3,260,800
212,301
PT Bukalapak.com Tbk (a)
 
22,280,900
294,988
PT Bukit Asam Tbk
 
1,579,100
246,494
PT Bumi Resources Minerals Tbk (a)
 
29,634,400
361,752
PT Bumi Resources Tbk (a)
 
44,874,700
319,310
PT Bumi Serpong Damai Tbk (a)
 
3,560,300
225,164
PT Charoen Pokphand Indonesia Tbk (a)
 
2,828,100
1,041,902
PT Ciputra Development Tbk
 
3,866,900
269,835
PT GoTo Gojek Tokopedia Tbk (a)
 
303,498,384
1,148,210
PT Hanson International Tbk (a)(b)
 
3,268,900
10,289
PT Indah Kiat Pulp & Paper Tbk
 
1,082,100
654,024
PT Indo Tambangraya Megah Tbk
 
161,600
269,911
PT Indocement Tunggal Prakarsa Tbk
 
534,200
312,060
PT Indofood CBP Sukses Makmur Tbk
 
885,200
576,949
PT Inti Agri Resources Tbk (a)(b)
 
1,180,800
3,717
PT Japfa Comfeed Indonesia Tbk
 
3,277,200
252,695
PT Jasa Marga Tbk
 
1,041,096
279,392
PT Kalbe Farma Tbk
 
8,017,600
852,708
PT Map Aktif Adiperkasa
 
5,581,400
264,121
PT Medco Energi International Tbk
 
3,135,500
252,079
PT Medikaloka Hermina Tbk
 
2,752,000
266,577
PT Merdeka Copper Gold Tbk (a)
 
4,520,025
633,960
PT Metro Healthcare Indonesia Tbk (a)(b)
 
7,867,100
237,722
PT Mitra Adiperkasa Tbk
 
3,184,700
347,943
PT Pabrik Kertas Tjiwi Kimia Tbk
 
606,500
292,140
PT Pacific Strategic Financial Tbk (a)
 
4,191,900
290,229
PT Pakuwon Jati Tbk
 
8,059,900
202,862
PT Perusahaan Gas Negara Tbk Series B
 
4,328,600
342,234
PT Pool Advista Indonesia Tbk (a)(b)
 
184,900
582
PT Sarana Menara Nusantara Tbk
 
8,338,000
467,630
PT Semen Indonesia (Persero) Tbk
 
1,355,169
520,728
PT Smartfren Telecom Tbk (a)
 
62,290,000
205,743
PT Sugih Energy Tbk (a)(b)
 
40,500
127
PT Sumber Alfaria Trijaya Tbk
 
6,257,500
1,138,844
PT Summarecon Agung Tbk
 
5,503,500
185,257
PT Telkom Indonesia Persero Tbk
 
18,064,800
3,960,090
PT Transcoal Pacific Tbk
 
441,700
242,492
PT Unilever Indonesia Tbk
 
2,916,400
664,965
PT United Tractors Tbk
 
569,800
901,713
PT Vale Indonesia Tbk
 
1,054,000
328,479
PT XL Axiata Tbk
 
2,027,900
289,880
TOTAL INDONESIA
 
 
52,776,361
Iraq - 0.0%
 
 
 
Genel Energy PLC (c)
 
202,899
201,730
Ireland - 0.3%
 
 
 
AerCap Holdings NV (a)
 
64,438
4,002,889
AIB Group PLC
 
536,289
2,323,130
Bank of Ireland Group PLC
 
390,119
3,488,033
C&C Group PLC (United Kingdom)
 
165,677
280,310
Cairn Homes PLC
 
275,604
324,861
COSMO Pharmaceuticals NV
 
4,789
181,894
Dalata Hotel Group PLC
 
85,777
363,950
Glanbia PLC
 
74,523
1,173,329
Glenveagh Properties PLC (a)(d)
 
267,553
258,185
Greencore Group PLC (a)(c)
 
232,585
254,002
Irish Residential Properties REIT PLC
 
185,058
178,187
Kerry Group PLC Class A
 
58,465
4,508,489
Keywords Studios PLC
 
28,317
449,154
Kingspan Group PLC (Ireland)
 
57,691
3,875,000
Origin Enterprises PLC
 
58,773
195,269
Smurfit Kappa Group PLC
 
95,247
3,098,003
Uniphar PLC
 
110,745
245,491
TOTAL IRELAND
 
 
25,200,176
Israel - 0.5%
 
 
 
Airport City Ltd. (a)
 
27,763
364,793
Alony Hetz Properties & Investments Ltd.
 
61,114
297,405
Amot Investments Ltd.
 
94,743
396,599
Ashdod Refinery Ltd.
 
4,102
80,548
Ashtrom Group Ltd.
 
18,179
195,687
Azrieli Group
 
15,676
673,657
Bank Hapoalim BM (Reg.)
 
463,388
3,309,751
Bank Leumi le-Israel BM
 
563,354
3,622,358
Bezeq The Israel Telecommunication Corp. Ltd.
 
779,278
958,963
Big Shopping Centers Ltd. (a)
 
4,768
333,831
Camtek Ltd. (a)
 
11,669
604,813
Check Point Software Technologies Ltd. (a)
 
35,069
4,708,013
Clal Insurance Enterprises Holdings Ltd. (a)
 
27,730
346,316
Danel Adir Yeoshua Ltd.
 
2,434
174,571
Delek Automotive Systems Ltd.
 
25,024
115,524
Delek Group Ltd.
 
3,461
377,610
Elbit Systems Ltd. (Israel)
 
9,826
1,823,960
Electra Israel Ltd.
 
946
299,481
Energix-Renewable Energies Ltd.
 
111,144
270,106
Enlight Renewable Energy Ltd. (a)
 
52,045
700,586
Equital Ltd. (a)
 
9,314
202,525
Fattal Holdings 1998 Ltd. (a)
 
3,100
256,390
FIBI Holdings Ltd.
 
12,288
432,299
First International Bank of Israel
 
20,895
710,802
Formula Systems (1985) Ltd.
 
4,412
250,072
Fox Wizel Ltd.
 
3,625
205,823
Global-e Online Ltd. (a)(c)
 
35,347
1,241,033
Harel Insurance Investments and Financial Services Ltd.
 
48,428
310,792
Hilan Ltd.
 
6,422
275,819
Icl Group Ltd.
 
299,352
1,451,583
Isracard Ltd.
 
82,680
257,736
Israel Corp. Ltd. (Class A)
 
1,537
331,280
Israel Discount Bank Ltd. (Class A)
 
457,344
2,008,376
Ituran Location & Control Ltd.
 
8,889
219,825
Kornit Digital Ltd. (a)
 
18,779
259,150
M Yochananof & Sons Ltd.
 
7,516
269,996
Matrix IT Ltd.
 
15,794
266,763
Maytronics Ltd.
 
20,114
187,107
Mega Or Holdings Ltd.
 
10,370
141,978
Melisron Ltd.
 
10,256
555,428
Migdal Insurance & Financial Holdings Ltd.
 
194,945
183,273
Mivne Real Estate KD Ltd.
 
247,510
534,026
Mizrahi Tefahot Bank Ltd.
 
56,939
1,760,855
Nano Dimension Ltd. ADR (a)(c)
 
94,591
251,612
NICE Ltd. (a)
 
24,008
3,709,895
Nova Ltd. (a)
 
10,579
1,007,387
Oil Refineries Ltd.
 
1,019,397
279,439
One Software Technologies Ltd.
 
31,130
315,998
OPC Energy Ltd. (a)
 
45,737
248,148
Partner Communications Co. Ltd. (a)
 
54,534
198,195
Paz Oil Co. Ltd. (a)
 
3,981
282,964
Perion Network Ltd. (a)
 
18,591
477,424
Plus500 Ltd.
 
35,270
604,880
Radware Ltd. (a)
 
15,914
237,278
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.
 
7,112
383,576
Reit 1 Ltd.
 
87,229
315,293
Sapiens International Corp. NV
 
12,589
317,995
Sella Capital Real Estate Ltd.
 
117,861
209,362
Shapir Engineering and Industry Ltd.
 
58,874
315,781
Shikun & Binui Ltd. (a)
 
167,340
378,399
Shufersal Ltd. (a)
 
107,893
454,581
Strauss Group Ltd. (a)
 
21,354
395,487
Summit Real Estate Holdings Ltd.
 
15,884
151,766
Taboola.com Ltd. (a)(c)
 
82,744
303,670
Tel Aviv Stock Exchange Ltd. (a)
 
43,722
194,705
Teva Pharmaceutical Industries Ltd. sponsored ADR (a)
 
422,512
3,625,153
The Phoenix Holdings Ltd.
 
71,033
603,306
Tower Semiconductor Ltd. (a)
 
40,509
937,961
Wix.com Ltd. (a)
 
19,877
1,588,172
YH Dimri Construction & Development Ltd.
 
3,582
192,393
ZIM Integrated Shipping Services Ltd. (c)
 
37,478
290,080
TOTAL ISRAEL
 
 
50,238,403
Italy - 1.5%
 
 
 
A2A SpA
 
555,805
1,041,520
ACEA SpA
 
16,504
198,553
Amco - Asset Management Co. SpA Class B (a)(b)
 
141
0
Amplifon SpA
 
45,500
1,282,544
Anima Holding SpA (d)
 
93,985
383,462
Ariston Holding NV (c)
 
29,268
163,823
Assicurazioni Generali SpA
 
361,593
7,171,866
Azimut Holding SpA
 
41,811
879,496
Banca Generali SpA
 
22,192
718,999
Banca Mediolanum S.p.A.
 
93,459
762,038
Banca Monte dei Paschi di Siena SpA (a)(c)
 
185,613
501,009
Banca Popolare di Sondrio SCARL
 
175,539
956,550
Banco BPM SpA
 
560,467
2,860,184
BFF Bank SpA (d)
 
71,088
682,605
BPER Banca
 
389,272
1,264,086
Brembo SpA
 
55,201
592,843
Brunello Cucinelli SpA
 
12,751
1,023,356
Buzzi SpA
 
37,054
980,171
Carel Industries SpA (d)
 
15,823
329,489
CIR SpA (a)
 
386,033
157,462
Coca-Cola HBC AG
 
80,037
2,074,030
Credito Emiliano SpA
 
43,402
351,316
Cromwell European (REIT)
 
137,562
167,338
Datalogic SpA
 
37,873
226,816
Davide Campari Milano NV
 
188,604
2,081,431
De'Longhi SpA
 
28,465
636,109
DiaSorin SpA
 
9,369
837,677
El.En. Group SpA
 
19,461
181,413
Enav SpA (d)
 
110,162
366,472
Enel SpA
 
2,955,169
18,758,171
Eni SpA
 
846,063
13,831,152
ERG SpA
 
24,348
597,693
Ferrari NV (Italy)
 
46,095
13,924,726
FinecoBank SpA
 
236,663
2,783,342
Hera SpA
 
328,506
922,510
Illimity Bank SpA
 
30,736
156,560
Industrie de Nora SpA
 
13,038
183,894
Infrastrutture Wireless Italiane SpA (d)
 
120,389
1,314,599
Interpump Group SpA
 
31,806
1,325,965
Intesa Sanpaolo SpA
 
5,768,587
15,031,731
Iren SpA
 
246,097
491,887
Italgas SpA
 
169,904
862,562
Iveco Group NV (a)
 
70,785
595,736
Leonardo SpA
 
148,763
2,240,676
Lottomatica Group SpA
 
36,408
344,244
Maire Tecnimont SpA
 
68,943
320,244
MARR SpA
 
17,996
213,266
Mediobanca SpA (c)
 
201,469
2,402,475
MFE-MediaForEurope NV Class A
 
102,001
185,030
Moncler SpA
 
74,985
3,882,979
Nexi SpA (a)(d)
 
216,132
1,252,302
OVS (d)
 
106,324
187,990
Piaggio & C SpA
 
83,956
225,460
Pirelli & C. SpA (d)
 
131,130
582,883
Poste Italiane SpA (d)
 
185,001
1,828,301
Prysmian SpA
 
101,164
3,777,499
Rai Way SpA (d)
 
56,156
279,268
Recordati SpA
 
38,061
1,755,874
Reply SpA
 
9,131
858,425
Saipem SpA (a)
 
453,974
690,023
Salvatore Ferragamo Italia SpA (c)
 
24,181
295,261
Saras SpA
 
196,866
285,897
Sesa SpA
 
3,307
333,293
Snam SpA
 
741,572
3,400,511
SOL SpA
 
16,432
472,918
Tamburi Investment Partners SpA
 
49,611
415,223
Technogym SpA (d)
 
58,682
441,160
Technoprobe SpA (a)
 
68,615
499,136
Telecom Italia SpA (a)
 
3,612,585
933,066
Terna - Rete Elettrica Nazionale
 
506,644
3,873,714
Tinexta SpA
 
10,532
181,089
UniCredit SpA
 
681,518
17,085,394
Unipol Gruppo SpA
 
146,989
795,065
Webuild SpA
 
172,511
310,673
Webuild SpA warrants 8/2/30 (a)(c)
 
5,662
10,197
TOTAL ITALY
 
 
150,012,722
Japan - 15.1%
 
 
 
77 Bank Ltd.
 
21,300
474,757
Abalance Corp. (c)
 
4,000
86,119
ABC-MART, Inc.
 
38,121
590,458
Activia Properties, Inc.
 
234
633,084
Adeka Corp.
 
31,400
524,953
Advance Logistics Investment Corp.
 
279
227,273
Advance Residence Investment Corp.
 
509
1,106,670
Advantest Corp.
 
284,236
7,321,532
Aeon (REIT) Investment Corp.
 
563
535,972
AEON Co. Ltd.
 
236,125
4,967,983
Aeon Delight Co. Ltd.
 
11,200
246,958
AEON Financial Service Co. Ltd.
 
47,599
392,381
AEON MALL Co. Ltd.
 
35,900
408,231
AGC, Inc.
 
71,963
2,448,116
Ai Holdings Corp.
 
18,500
286,387
Aica Kogyo Co. Ltd.
 
21,600
496,272
Aichi Financial Group, Inc.
 
19,800
311,632
Aiful Corp.
 
142,700
359,387
Ain Holdings, Inc.
 
10,600
299,707
Air Water, Inc.
 
67,900
856,131
Aisin Seiki Co. Ltd.
 
53,400
1,860,182
Ajinomoto Co., Inc.
 
165,525
6,045,418
Alfresa Holdings Corp.
 
67,439
1,068,274
Alps Alpine Co. Ltd.
 
72,498
594,935
Amada Co. Ltd.
 
126,800
1,230,018
Amano Corp.
 
21,700
443,251
Amvis Holdings, Inc.
 
18,100
308,771
Ana Holdings, Inc. (a)
 
57,841
1,135,527
Anicom Holdings, Inc.
 
38,500
139,538
Anritsu Corp.
 
55,000
409,428
Anycolor, Inc. (a)(c)
 
7,000
164,335
Aozora Bank Ltd. (c)
 
48,600
991,280
Appier Group, Inc. (a)
 
21,800
179,465
Arata Corp.
 
6,600
245,639
Arcland Sakamoto Co. Ltd.
 
22,100
236,726
ARCS Co. Ltd.
 
22,200
424,208
ARE Holdings, Inc.
 
34,700
439,296
Argo Graphics, Inc.
 
22,700
497,480
Ariake Japan Co. Ltd.
 
7,900
249,839
As One Corp.
 
10,800
344,195
Asahi Group Holdings
 
175,359
6,342,808
ASAHI INTECC Co. Ltd.
 
80,360
1,350,259
Asahi Kasei Corp.
 
447,000
2,748,060
Asics Corp.
 
60,000
1,900,619
ASKUL Corp.
 
17,400
227,146
Astellas Pharma, Inc.
 
673,103
8,514,669
Atom Corp. (a)
 
47,200
283,223
Autobacs Seven Co. Ltd.
 
32,700
336,352
Avex, Inc.
 
16,000
146,119
Axial Retailing, Inc.
 
9,400
240,759
AZ-Com Maruwa Holdings, Inc.
 
19,000
260,751
Azbil Corp.
 
42,400
1,252,864
Bandai Namco Holdings, Inc.
 
224,800
4,657,523
BayCurrent Consulting, Inc.
 
48,800
1,225,210
Belc Co. Ltd.
 
6,300
295,476
Bell System24 Holdings, Inc.
 
15,800
162,071
Benefit One, Inc.
 
31,400
225,150
Benesse Holdings, Inc.
 
30,600
361,796
Bic Camera, Inc. (c)
 
43,800
331,607
Biprogy, Inc.
 
28,800
718,338
BML, Inc.
 
10,400
196,813
Bridgestone Corp.
 
204,058
7,722,617
Brother Industries Ltd.
 
87,100
1,358,782
C. Uyemura & Co. Ltd.
 
5,200
282,335
Calbee, Inc.
 
30,800
591,681
Canon Marketing Japan, Inc.
 
17,200
412,466
Canon, Inc.
 
361,243
8,540,036
Capcom Co. Ltd.
 
66,700
2,147,028
Casio Computer Co. Ltd.
 
68,200
546,487
Central Glass Co. Ltd.
 
10,200
193,315
Central Japan Railway Co.
 
260,275
5,858,377
Change Holdings, Inc. (c)
 
17,300
176,504
Chiba Bank Ltd.
 
195,400
1,455,446
Chiyoda Corp. (a)(c)
 
73,700
173,264
Chubu Electric Power Co., Inc.
 
240,216
2,902,808
Chugai Pharmaceutical Co. Ltd.
 
247,700
7,345,931
Chugin Financial Group, Inc.
 
56,100
447,311
Chugoku Electric Power Co., Inc.
 
106,000
662,838
Citizen Watch Co. Ltd.
 
86,000
501,554
CKD Corp.
 
22,065
277,479
Coca-Cola Bottlers Japan, Inc.
 
51,150
685,848
Colowide Co. Ltd.
 
33,000
513,811
Comforia Residential REIT, Inc.
 
237
502,976
COMSYS Holdings Corp.
 
42,200
868,065
Comture Corp.
 
12,100
161,749
Concordia Financial Group Ltd.
 
389,000
1,807,449
Cosmo Energy Holdings Co. Ltd.
 
24,500
896,235
Cosmos Pharmaceutical Corp.
 
7,400
770,100
CRE Logistics REIT, Inc.
 
242
254,284
Create Restaurants Holdings, Inc.
 
45,400
314,645
Create SD Holdings Co. Ltd.
 
13,600
291,650
Credit Saison Co. Ltd.
 
55,701
834,947
CyberAgent, Inc.
 
160,000
839,912
Cybozu, Inc.
 
13,200
164,465
Dai Nippon Printing Co. Ltd.
 
79,100
2,063,503
Dai-ichi Mutual Life Insurance Co.
 
348,999
7,372,615
Daicel Chemical Industries Ltd.
 
96,121
817,382
Daido Steel Co. Ltd.
 
10,900
427,601
Daiei Kankyo Co. Ltd.
 
16,200
223,650
Daifuku Co. Ltd.
 
111,100
1,835,694
Daihen Corp.
 
9,400
296,270
Daiichi Sankyo Kabushiki Kaisha
 
685,000
17,662,173
Daiichikosho Co. Ltd.
 
28,300
418,315
Daikin Industries Ltd.
 
97,468
14,052,833
Daio Paper Corp.
 
35,300
290,029
Daiseki Co. Ltd.
 
16,320
450,718
Daishi Hokuetsu Financial Group, Inc.
 
15,642
408,459
Daito Trust Construction Co. Ltd.
 
22,644
2,428,940
Daiwa House Industry Co. Ltd.
 
212,044
5,832,413
Daiwa House REIT Investment Corp.
 
816
1,444,114
Daiwa Office Investment Corp.
 
103
450,570
Daiwa Securities Group, Inc.
 
502,500
2,897,652
Daiwa Securities Living Invest
 
683
505,016
Daiwabo Holdings Co. Ltd.
 
34,300
651,930
DCM Holdings Co. Ltd.
 
44,400
346,698
DeNA Co. Ltd.
 
33,000
322,383
Denka Co. Ltd.
 
29,300
529,261
DENSO Corp.
 
628,488
9,280,463
Dentsu Group, Inc.
 
77,700
2,256,873
Descente Ltd.
 
14,100
393,263
Dexerials Corp.
 
22,400
510,951
Dic Corp.
 
31,700
499,857
Digital Arts, Inc.
 
5,300
146,195
Digital Garage, Inc.
 
13,000
260,374
Dip Corp.
 
14,500
287,381
Disco Corp.
 
34,300
6,057,347
Dmg Mori Co. Ltd.
 
42,000
694,680
Dowa Holdings Co. Ltd.
 
21,200
648,092
DTS Corp.
 
16,500
338,883
Duskin Co. Ltd.
 
17,300
377,186
Dydo Group Holdings, Inc.
 
5,600
216,730
Earth Corp.
 
7,800
256,570
East Japan Railway Co.
 
108,410
5,630,526
Ebara Corp.
 
34,000
1,505,641
EDION Corp.
 
32,000
319,161
eGuarantee, Inc.
 
16,500
190,592
Eiken Chemical Co. Ltd.
 
22,200
218,969
Eisai Co. Ltd.
 
94,300
4,995,859
Eizo Corp.
 
6,800
218,196
Elecom Co. Ltd.
 
20,600
233,576
Electric Power Development Co. Ltd.
 
54,700
838,588
en japan, Inc.
 
14,200
211,805
ENEOS Holdings, Inc.
 
1,044,350
3,869,753
euglena Co. Ltd. (a)(c)
 
49,400
239,785
Exedy Corp.
 
18,800
313,892
Exeo Group, Inc.
 
38,000
789,251
Ezaki Glico Co. Ltd.
 
20,300
590,063
Fancl Corp.
 
32,500
485,893
FANUC Corp.
 
351,725
8,728,555
Fast Retailing Co. Ltd.
 
64,608
14,303,979
FCC Co. Ltd.
 
17,000
201,723
Ferrotec Holdings Corp. (c)
 
18,400
323,420
Financial Products Group Co. Ltd.
 
27,000
256,475
Food & Life Companies Ltd.
 
41,900
706,215
FP Corp.
 
20,400
392,836
Freee KK (a)
 
15,300
255,496
Frontier Real Estate Investment Corp.
 
168
502,594
Fuji Co. Ltd.
 
15,900
201,005
Fuji Corp.
 
28,600
430,654
Fuji Electric Co. Ltd.
 
47,000
1,789,508
Fuji Kyuko Co. Ltd.
 
9,400
265,327
Fuji Media Holdings, Inc.
 
16,300
161,887
Fuji Oil Holdings, Inc.
 
20,300
322,452
Fuji Seal International, Inc.
 
22,800
253,973
Fuji Soft ABC, Inc.
 
18,800
676,524
FUJIFILM Holdings Corp.
 
135,500
7,411,552
Fujikura Ltd.
 
95,800
688,046
Fujimi, Inc.
 
20,300
405,226
Fujimori Kogyo Co. Ltd.
 
9,000
227,098
Fujitec Co. Ltd.
 
24,100
523,214
Fujitsu General Ltd.
 
22,200
394,821
Fujitsu Ltd.
 
64,942
8,413,077
Fukuoka (REIT) Investment Fund
 
235
253,015
Fukuoka Financial Group, Inc.
 
59,812
1,581,055
Fukuyama Transporting Co. Ltd.
 
9,100
248,687
Funai Soken Holdings, Inc.
 
21,100
346,798
Furukawa Electric Co. Ltd.
 
28,900
433,055
Fuso Chemical Co. Ltd.
 
9,000
244,548
Future Corp.
 
18,200
207,716
Fuyo General Lease Co. Ltd.
 
6,500
528,455
G-Tekt Corp.
 
24,100
281,263
Global One Real Estate Investment Corp.
 
371
281,432
GLOBERIDE, Inc.
 
19,200
247,781
Glory Ltd.
 
18,400
343,055
GLP J-REIT
 
1,634
1,463,505
GMO Internet, Inc.
 
26,400
384,510
GMO Payment Gateway, Inc.
 
15,600
623,052
GNI Group Ltd. (a)
 
20,000
265,633
GOLDWIN, Inc.
 
8,900
562,097
GS Yuasa Corp.
 
26,400
425,914
GungHo Online Entertainment, Inc.
 
17,400
262,349
Gunma Bank Ltd.
 
133,000
642,732
Gunze Ltd.
 
10,000
299,862
H.I.S. Co. Ltd. (a)(c)
 
21,400
241,561
H.U. Group Holdings, Inc.
 
20,947
352,036
H2O Retailing Corp.
 
33,000
353,532
Hakuhodo DY Holdings, Inc.
 
84,400
684,922
Halows Co. Ltd.
 
6,500
182,608
Hamakyorex Co. Ltd.
 
10,700
267,870
Hamamatsu Photonics K.K.
 
50,200
1,864,580
Hankyu Hanshin Holdings, Inc.
 
82,000
2,580,015
Hankyu REIT, Inc.
 
272
255,551
Hanwa Co. Ltd.
 
12,400
373,775
Harmonic Drive Systems, Inc.
 
20,000
433,189
Haseko Corp.
 
82,200
1,011,623
Hazama Ando Corp.
 
65,100
503,876
Heiwa Corp.
 
22,900
324,157
Heiwa Real Estate (REIT), Inc.
 
362
338,404
Heiwa Real Estate Co. Ltd.
 
12,100
309,746
Heiwado Co. Ltd.
 
16,800
274,782
Hiday Hidaka Corp.
 
12,676
231,799
Hikari Tsushin, Inc.
 
7,400
1,067,619
Hino Motors Ltd. (a)
 
105,600
307,362
Hirogin Holdings, Inc.
 
97,800
621,879
Hirose Electric Co. Ltd.
 
10,955
1,241,192
Hisamitsu Pharmaceutical Co., Inc.
 
19,100
609,203
Hitachi Construction Machinery Co. Ltd.
 
38,800
1,002,427
Hitachi Ltd.
 
343,676
21,784,463
Hitachi Zosen Corp.
 
63,800
332,818
Hogy Medical Co. Ltd.
 
12,900
280,294
Hokkaido Electric Power Co., Inc.
 
63,800
268,389
Hokkoku Financial Holdings, Inc.
 
8,200
271,312
Hokuetsu Corp. (c)
 
47,700
365,988
Hokuhoku Financial Group, Inc.
 
45,100
526,546
Hokuriku Electric Power Co., Inc. (a)
 
64,500
319,935
Honda Motor Co. Ltd.
 
1,700,616
17,429,227
Horiba Ltd.
 
13,700
692,690
Hoshino Resorts REIT, Inc.
 
95
373,770
Hoshizaki Corp.
 
39,200
1,265,951
Hosiden Corp.
 
20,100
236,240
House Foods Group, Inc.
 
23,500
496,228
Hoya Corp.
 
130,618
12,574,415
Hulic (REIT), Inc.
 
443
451,901
Hulic Co. Ltd.
 
147,400
1,351,383
Ibiden Co. Ltd.
 
41,500
1,769,413
Ichibanya Co. Ltd.
 
6,900
243,414
Ichigo Real Estate Investment Corp.
 
438
245,734
Ichigo, Inc.
 
107,300
234,800
Idec Corp.
 
14,000
251,210
Idemitsu Kosan Co. Ltd.
 
73,000
1,657,472
IHI Corp.
 
52,072
999,375
Iida Group Holdings Co. Ltd.
 
57,300
889,708
Inaba Denki Sangyo Co. Ltd.
 
23,100
481,702
Inabata & Co. Ltd.
 
17,100
356,997
Industrial & Infrastructure Fund Investment Corp.
 
762
684,886
Infomart Corp.
 
83,600
200,513
Information Services Inter-Dentsu Ltd.
 
10,000
339,393
INFRONEER Holdings, Inc.
 
68,204
719,474
INPEX Corp.
 
358,200
5,197,796
Insource Co. Ltd.
 
20,900
123,186
Internet Initiative Japan, Inc.
 
39,300
635,033
Invincible Investment Corp.
 
2,515
967,270
Iriso Electronics Co. Ltd.
 
9,100
214,837
Isetan Mitsukoshi Holdings Ltd.
 
128,271
1,447,020
Isuzu Motors Ltd.
 
207,468
2,313,403
ITO EN Ltd.
 
19,060
619,363
Itochu Corp.
 
432,250
15,570,091
Itochu Enex Co. Ltd.
 
24,300
238,855
Itoham Yonekyu Holdings, Inc.
 
12,080
333,844
Iwatani Corp.
 
16,400
784,388
Iyogin Holdings, Inc.
 
100,200
721,273
Izumi Co. Ltd.
 
14,100
356,526
J. Front Retailing Co. Ltd.
 
94,200
898,037
JACCS Co. Ltd.
 
9,300
319,672
JAFCO Co. Ltd.
 
24,700
266,039
Japan Airlines Co. Ltd.
 
51,700
950,442
Japan Airport Terminal Co. Ltd.
 
22,300
980,733
Japan Aviation Electronics Industry Ltd.
 
20,500
386,395
Japan Elevator Service Holdings Co. Ltd.
 
27,000
357,808
Japan Excellent, Inc.
 
452
396,729
Japan Exchange Group, Inc.
 
181,200
3,583,193
Japan Hotel REIT Investment Corp.
 
1,645
747,872
Japan Lifeline Co. Ltd.
 
32,500
247,824
Japan Logistics Fund, Inc.
 
311
576,061
Japan Material Co. Ltd.
 
24,200
339,851
Japan Petroleum Exploration Co. Ltd.
 
11,900
407,475
Japan Post Bank Co. Ltd.
 
526,834
4,883,333
Japan Post Holdings Co. Ltd.
 
807,538
7,147,683
Japan Post Insurance Co. Ltd.
 
71,900
1,384,513
Japan Prime Realty Investment Corp.
 
296
693,320
Japan Real Estate Investment Corp.
 
493
1,831,161
Japan Retail Fund Investment Corp.
 
2,550
1,645,635
Japan Securities Finance Co. Ltd.
 
52,800
525,773
Japan Steel Works Ltd.
 
23,800
386,148
Japan Tobacco, Inc.
 
424,643
9,885,210
Japan Wool Textile Co. Ltd./The
 
33,100
300,930
JCR Pharmaceuticals Co. Ltd.
 
27,000
206,642
Jcu Corp.
 
9,400
205,042
JEOL Ltd.
 
17,000
479,967
JFE Holdings, Inc.
 
179,800
2,505,130
JGC Holdings Corp.
 
82,542
1,016,668
JMDC, Inc.
 
14,700
411,694
Joshin Denki Co. Ltd.
 
15,100
239,862
Joyful Honda Co. Ltd.
 
27,700
325,342
JSR Corp.
 
64,800
1,734,433
JTEKT Corp.
 
77,000
634,863
JTOWER, Inc. (a)
 
4,000
145,564
Juroku Financial Group, Inc.
 
18,100
487,651
Justsystems Corp.
 
13,500
240,576
K's Holdings Corp.
 
54,700
509,027
Kadokawa Corp.
 
34,300
660,722
KAGA ELECTRONICS Co. Ltd.
 
11,700
468,181
Kagome Co. Ltd.
 
30,800
640,744
Kajima Corp.
 
154,600
2,555,136
Kakaku.com, Inc.
 
50,100
483,189
Kaken Pharmaceutical Co. Ltd.
 
12,756
282,484
Kameda Seika Co. Ltd.
 
7,800
210,821
Kamigumi Co. Ltd.
 
36,400
738,430
Kanamoto Co. Ltd.
 
14,600
236,946
Kandenko Co. Ltd.
 
48,800
452,197
Kaneka Corp.
 
21,400
523,696
Kanematsu Corp.
 
31,700
428,380
Kansai Electric Power Co., Inc.
 
261,899
3,353,314
Kansai Paint Co. Ltd.
 
75,039
1,098,174
Kao Corp.
 
172,091
6,278,552
Katitas Co. Ltd.
 
19,900
265,614
Kato Sangyo
 
12,000
337,405
Kawasaki Heavy Industries Ltd.
 
56,200
1,240,437
Kawasaki Kisen Kaisha Ltd. (c)
 
52,700
1,807,082
KDDI Corp.
 
543,737
16,265,752
KDX Realty Investment Corp.
 
624
650,825
KeePer Technical Laboratory Co. Ltd.
 
5,800
218,631
Keihan Electric Railway Co., Ltd.
 
38,100
931,848
Keikyu Corp.
 
82,639
700,648
Keio Corp.
 
37,803
1,121,784
Keisei Electric Railway Co.
 
48,106
1,812,136
Kenedix Residential Investment Corp.
 
374
521,081
Kenedix Retail REIT Corp.
 
229
400,012
Kewpie Corp.
 
39,200
680,384
Keyence Corp.
 
71,550
27,698,344
Kfc Holdings Japan Ltd.
 
8,300
165,338
KH Neochem Co. Ltd.
 
18,200
275,688
Kikkoman Corp.
 
51,300
2,918,702
Kinden Corp.
 
46,892
710,294
Kintetsu Group Holdings Co. Ltd.
 
65,453
1,841,636
Kirin Holdings Co. Ltd.
 
280,570
3,942,940
Kisoji Co. Ltd.
 
15,200
268,519
Kissei Pharmaceutical Co. Ltd.
 
13,000
274,962
Kitz Corp.
 
30,900
208,797
Kobayashi Pharmaceutical Co. Ltd.
 
18,900
780,254
Kobe Bussan Co. Ltd.
 
55,200
1,366,092
Kobe Steel Ltd.
 
129,900
1,535,867
Koei Tecmo Holdings Co. Ltd.
 
41,296
539,230
Kohnan Shoji Co. Ltd.
 
10,700
277,376
Koito Manufacturing Co. Ltd.
 
75,800
1,135,691
Kokuyo Co. Ltd.
 
33,600
520,800
Komatsu Ltd.
 
337,311
7,750,192
KOMEDA Holdings Co. Ltd.
 
19,900
363,126
KOMERI Co. Ltd.
 
14,100
292,375
Konami Group Corp.
 
36,500
1,890,776
Konica Minolta, Inc.
 
163,700
458,520
Kose Corp.
 
12,500
828,137
Kotobuki Spirits Co. Ltd.
 
36,000
478,044
Kubota Corp.
 
373,810
5,027,463
Kumagai Gumi Co. Ltd.
 
14,300
358,374
Kumiai Chemical Industry Co. Ltd.
 
39,100
284,989
Kura Sushi, Inc.
 
9,200
218,952
Kuraray Co. Ltd.
 
111,252
1,272,853
Kureha Chemical Industry Co. Ltd.
 
6,600
391,967
Kurita Water Industries Ltd.
 
38,000
1,154,570
Kusuri No Aoki Holdings Co. Ltd.
 
6,600
432,417
Kyb Corp.
 
7,800
230,427
Kyocera Corp.
 
115,837
5,709,769
Kyokuto Kaihatsu Kogyo Co. Ltd.
 
16,600
202,202
Kyorin Pharmaceutical Co. Ltd.
 
19,900
234,729
Kyoritsu Maintenance Co. Ltd.
 
12,500
478,075
Kyoto Financial Group, Inc.
 
21,100
1,196,239
Kyowa Hakko Kirin Co., Ltd.
 
96,600
1,515,103
Kyudenko Corp.
 
17,600
525,729
Kyushu Electric Power Co., Inc. (a)
 
144,278
921,812
Kyushu Financial Group, Inc.
 
137,785
868,249
Kyushu Railway Co.
 
48,700
995,735
LaSalle Logiport REIT
 
648
635,508
Lasertec Corp.
 
27,600
4,558,974
Lawson, Inc.
 
16,800
811,884
Leopalace21 Corp. (a)
 
99,900
214,895
LIFE Corp.
 
10,600
249,869
Lintec Corp.
 
18,100
299,180
Lion Corp.
 
85,636
821,822
LIXIL Group Corp.
 
104,495
1,145,795
LY Corp.
 
1,004,465
2,560,870
M&A Research Institute Holding (a)(c)
 
11,600
254,227
M3, Inc.
 
160,290
2,468,657
Mabuchi Motor Co. Ltd.
 
19,200
548,535
Macnica Fuji Electronics Holdings, Inc.
 
17,200
698,827
Makino Milling Machine Co. Ltd.
 
9,200
383,900
Makita Corp.
 
83,900
2,168,551
Mandom Corp.
 
27,400
251,331
Mani, Inc.
 
31,100
423,065
Marubeni Corp.
 
537,700
7,862,129
Maruha Nichiro Corp.
 
18,300
313,268
Marui Group Co. Ltd.
 
64,002
1,012,073
Maruichi Steel Tube Ltd.
 
24,900
617,927
Maruka Furusato Corp.
 
8,200
150,581
Maruwa Ceramic Co. Ltd.
 
3,600
631,669
Matsui Securities Co. Ltd.
 
50,600
251,663
MatsukiyoCocokara & Co.
 
125,100
2,194,478
Maxell Ltd.
 
19,300
206,428
Mazda Motor Corp.
 
207,800
2,008,593
McDonald's Holdings Co. (Japan) Ltd. (c)
 
30,128
1,172,214
MCJ Co. Ltd.
 
27,800
200,004
Mebuki Financial Group, Inc.
 
370,268
1,120,881
Medipal Holdings Corp.
 
68,700
1,155,052
Medley, Inc. (a)
 
9,000
260,199
Megachips Corp.
 
6,400
165,009
Megmilk Snow Brand Co. Ltd.
 
21,600
348,148
Meidensha Corp.
 
17,400
272,604
Meiji Holdings Co. Ltd.
 
86,900
2,138,959
Meiko Electronics Co. Ltd.
 
9,500
197,049
Meitec Group Holdings, Inc.
 
30,500
536,803
Menicon Co. Ltd.
 
25,100
290,985
Mercari, Inc. (a)
 
42,500
852,952
Milbon Co. Ltd.
 
11,900
314,597
Minebea Mitsumi, Inc.
 
131,895
2,068,022
Mirai Corp.
 
805
243,080
Mirait One Corp.
 
37,200
493,040
Misumi Group, Inc.
 
104,305
1,579,038
Mitsubishi Chemical Holdings Corp.
 
460,057
2,603,281
Mitsubishi Corp.
 
423,451
19,739,406
Mitsubishi Electric Corp.
 
711,592
8,159,478
Mitsubishi Estate Co. Ltd.
 
404,671
5,179,919
Mitsubishi Estate Logistics REIT Investment Corp.
 
177
445,459
Mitsubishi Gas Chemical Co., Inc.
 
57,445
776,419
Mitsubishi Heavy Industries Ltd.
 
118,666
6,111,855
Mitsubishi Logistics Corp.
 
22,300
583,366
Mitsubishi Materials Corp.
 
48,600
780,983
Mitsubishi Motors Corp. of Japan
 
246,634
805,647
Mitsubishi Pencil Co. Ltd.
 
17,500
215,723
Mitsubishi Research Institute, Inc.
 
5,600
181,037
Mitsubishi Shokuhin Co. Ltd.
 
9,200
242,585
Mitsubishi UFJ Financial Group, Inc.
 
4,203,539
35,264,107
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
314,980
2,076,420
Mitsuboshi Belting Ltd.
 
10,800
311,784
Mitsui & Co. Ltd.
 
482,482
17,535,411
Mitsui Chemicals, Inc.
 
63,500
1,600,485
Mitsui Fudosan Co. Ltd.
 
324,540
7,034,360
Mitsui Fudosan Logistics Park, Inc.
 
197
595,577
Mitsui High-Tec, Inc.
 
7,400
312,447
Mitsui Mining & Smelting Co. Ltd.
 
22,600
586,846
Mitsui OSK Lines Ltd.
 
127,100
3,281,381
Miura Co. Ltd.
 
32,455
629,270
MIXI, Inc.
 
16,000
242,337
Mizuho Financial Group, Inc.
 
884,368
15,015,143
Mizuho Leasing Co. Ltd.
 
11,000
349,963
Mizuno Corp.
 
8,800
258,152
Mochida Pharmaceutical Co. Ltd.
 
10,100
222,559
Monex Group, Inc.
 
70,800
311,391
Money Forward, Inc. (a)
 
16,500
416,758
MonotaRO Co. Ltd.
 
91,400
730,468
Mori Hills REIT Investment Corp.
 
522
488,564
MORI TRUST Sogo (REIT), Inc.
 
1,034
504,089
Morinaga & Co. Ltd.
 
15,000
540,965
Morinaga Milk Industry Co. Ltd.
 
14,600
569,472
Morita Holdings Corp.
 
22,800
233,903
MOS Food Services, Inc.
 
10,600
231,240
MS&AD Insurance Group Holdings, Inc.
 
158,297
5,800,087
Murata Manufacturing Co. Ltd.
 
631,206
10,812,167
Musashi Seimitsu Industry Co. Ltd.
 
20,500
197,306
Nabtesco Corp.
 
41,000
726,180
Nachi-Fujikoshi Corp.
 
8,000
199,352
Nagaileben Co. Ltd.
 
15,600
215,278
Nagase & Co. Ltd.
 
35,600
539,308
Nagawa Co. Ltd.
 
4,600
187,117
Nagoya Railroad Co. Ltd.
 
69,216
968,941
Nakanishi, Inc.
 
26,900
590,811
Nankai Electric Railway Co. Ltd.
 
39,500
756,495
NEC Corp.
 
91,300
4,396,153
NEC Networks & System Integration Corp.
 
25,900
350,522
Net One Systems Co. Ltd.
 
32,000
488,414
Nexon Co. Ltd.
 
134,300
2,464,304
Nextage Co. Ltd.
 
16,800
232,114
NGK Insulators Ltd.
 
91,700
1,120,414
NH Foods Ltd.
 
30,513
915,486
NHK Spring Co. Ltd.
 
75,487
534,146
Nichias Corp.
 
23,200
460,282
Nichiha Corp.
 
12,400
244,850
Nichirei Corp.
 
39,610
857,320
Nidec Corp.
 
155,490
5,703,536
Nifco, Inc.
 
30,000
703,566
Nihon Kohden Corp.
 
30,300
715,648
Nihon M&A Center Holdings, Inc.
 
115,200
526,153
Nihon Parkerizing Co. Ltd.
 
42,500
308,447
Nikkiso Co. Ltd.
 
22,700
144,591
Nikkon Holdings Co. Ltd.
 
22,300
473,178
Nikon Corp.
 
109,000
1,034,891
Nintendo Co. Ltd.
 
383,780
15,855,661
Nippn Corp.
 
24,200
368,549
Nippon Accommodations Fund, Inc.
 
181
729,213
Nippon Building Fund, Inc.
 
574
2,306,294
Nippon Carbon Co. Ltd.
 
8,900
260,700
Nippon Ceramic Co. Ltd.
 
13,900
241,830
Nippon Densetsu Kogyo Co. Ltd.
 
19,700
268,571
Nippon Electric Glass Co. Ltd.
 
31,500
629,757
Nippon Express Holdings, Inc.
 
27,066
1,391,068
Nippon Gas Co. Ltd.
 
39,200
589,156
Nippon Kayaku Co. Ltd.
 
54,300
466,465
Nippon Light Metal Holding Co. Ltd.
 
32,140
352,515
Nippon Paint Holdings Co. Ltd.
 
358,685
2,411,479
Nippon Paper Industries Co. Ltd. (a)
 
38,245
332,774
Nippon Prologis REIT, Inc.
 
862
1,533,822
Nippon REIT Investment Corp.
 
170
392,755
Nippon Sanso Holdings Corp.
 
62,800
1,583,722
Nippon Shinyaku Co. Ltd.
 
19,500
790,843
Nippon Shokubai Co. Ltd.
 
11,300
419,705
Nippon Signal Co. Ltd.
 
26,300
162,634
Nippon Soda Co. Ltd.
 
9,400
337,016
Nippon Steel & Sumitomo Metal Corp.
 
309,583
6,677,353
Nippon Telegraph & Telephone Corp.
 
10,723,400
12,619,036
Nippon Television Network Corp.
 
16,700
162,467
Nippon Yusen KK
 
177,600
4,345,384
Nipro Corp.
 
66,238
504,367
Nishi-Nippon Financial Holdings, Inc.
 
46,700
557,744
Nishi-Nippon Railroad Co. Ltd.
 
24,500
395,840
Nishimatsu Construction Co. Ltd.
 
14,100
339,485
Nishimatsuya Chain Co. Ltd.
 
19,700
253,028
Nissan Chemical Corp.
 
46,000
1,876,119
Nissan Motor Co. Ltd.
 
878,448
3,380,254
Nissha Co. Ltd.
 
17,300
179,866
Nisshin Oillio Group Ltd.
 
11,800
329,568
Nisshin Seifun Group, Inc.
 
74,300
1,120,726
Nisshinbo Holdings, Inc.
 
53,500
386,975
Nissin Food Holdings Co. Ltd.
 
22,400
1,948,995
Nissui Corp.
 
111,400
540,574
Niterra Co. Ltd.
 
55,300
1,237,769
Nitori Holdings Co. Ltd.
 
29,800
3,227,186
Nitta Corp.
 
8,500
191,930
Nitto Boseki Co. Ltd.
 
10,800
243,064
Nitto Denko Corp.
 
53,442
3,458,006
Nitto Kogyo Corp.
 
14,600
333,708
Noevir Holdings Co. Ltd.
 
8,300
291,110
NOF Corp.
 
24,300
958,658
Nojima Co. Ltd.
 
28,900
257,390
NOK Corp.
 
33,900
401,843
NOMURA Co. Ltd.
 
44,000
253,334
Nomura Holdings, Inc.
 
1,109,954
4,288,206
Nomura Real Estate Holdings, Inc.
 
39,900
931,908
Nomura Real Estate Master Fund, Inc.
 
1,489
1,643,050
Nomura Research Institute Ltd.
 
144,810
3,801,256
North Pacific Bank Ltd.
 
125,000
321,899
NS Solutions Corp.
 
12,500
362,994
NSD Co. Ltd.
 
26,700
464,550
NSK Ltd.
 
141,900
763,766
NTN Corp.
 
171,300
305,162
NTT Data Corp.
 
237,600
2,929,587
Ntt Ud (REIT) Investment Corp.
 
484
398,993
Obayashi Corp.
 
235,000
2,012,965
OBIC Business Consultants Ltd.
 
11,000
472,561
OBIC Co. Ltd.
 
25,641
3,790,159
Odakyu Electric Railway Co. Ltd.
 
122,300
1,741,103
Ogaki Kyoritsu Bank Ltd.
 
17,900
249,979
Ohsho Food Service Corp.
 
5,600
258,858
Oisix Ra Daichi, Inc. (a)(c)
 
12,100
92,077
Oji Holdings Corp.
 
312,800
1,337,809
Okamura Corp.
 
21,800
310,360
Okasan Securities Group, Inc.
 
68,834
311,252
Oki Electric Industry Co. Ltd.
 
47,000
283,562
Okinawa Financial Group, Inc.
 
11,400
190,141
Okuma Corp.
 
9,200
378,769
Okumura Corp.
 
12,500
382,368
Olympus Corp.
 
470,500
6,283,693
OMRON Corp.
 
67,700
2,425,504
One (REIT), Inc.
 
115
199,242
Ono Pharmaceutical Co. Ltd.
 
150,080
2,591,805
Open House Group Co. Ltd.
 
28,300
932,778
Open Up Group, Inc.
 
29,700
368,395
Optex Group Co. Ltd.
 
18,200
204,597
Optorun Co. Ltd.
 
13,500
156,171
Oracle Corp. Japan
 
13,800
978,968
Organo Corp.
 
10,900
359,382
Orient Corp.
 
29,950
223,272
Oriental Land Co. Ltd.
 
399,170
12,911,300
ORIX Corp.
 
431,820
7,853,230
ORIX JREIT, Inc.
 
927
1,065,366
Osaka Gas Co. Ltd.
 
136,900
2,581,631
Osaka Soda Co. Ltd.
 
6,400
375,876
OSAKA Titanium technologies Co. Ltd.
 
11,100
236,980
OSG Corp.
 
35,700
407,358
Otsuka Corp.
 
41,000
1,643,880
Otsuka Holdings Co. Ltd.
 
145,518
4,896,093
Outsourcing, Inc.
 
43,200
321,015
Pacific Industrial Co. Ltd.
 
24,500
224,903
Pal Group Holdings Co. Ltd.
 
12,800
165,566
PALTAC Corp.
 
12,300
398,723
Pan Pacific International Holdings Ltd.
 
138,592
2,683,954
Panasonic Holdings Corp.
 
814,589
7,146,790
Paramount Bed Holdings Co. Ltd.
 
20,300
345,864
Park24 Co. Ltd. (a)
 
50,440
568,247
Penta-Ocean Construction Co. Ltd.
 
105,100
617,875
PeptiDream, Inc. (a)
 
37,400
272,640
Persol Holdings Co. Ltd.
 
657,000
985,116
Pigeon Corp.
 
46,400
492,670
Pilot Corp.
 
12,500
424,194
Piolax, Inc.
 
14,300
211,192
Plus Alpha Consulting Co. Ltd.
 
17,300
278,309
Pola Orbis Holdings, Inc.
 
37,989
381,589
Prestige International, Inc.
 
48,900
198,490
Raito Kogyo Co. Ltd.
 
20,800
269,233
Raksul, Inc. (a)
 
21,000
176,481
Rakus Co. Ltd.
 
33,900
422,076
Rakuten Bank Ltd. (c)
 
37,200
635,279
Rakuten Group, Inc.
 
549,195
2,031,429
Recruit Holdings Co. Ltd.
 
531,554
15,241,093
Relo Group, Inc.
 
40,200
398,546
Renesas Electronics Corp. (a)
 
470,555
6,181,032
Rengo Co. Ltd.
 
77,000
509,927
RENOVA, Inc. (a)
 
17,400
125,171
Resona Holdings, Inc.
 
801,546
4,282,919
Resonac Holdings Corp.
 
66,082
1,071,271
Resorttrust, Inc.
 
30,300
436,021
Ricoh Co. Ltd.
 
196,900
1,595,896
Riken Keiki Co. Ltd.
 
5,700
233,554
Ringer Hut Co. Ltd.
 
13,300
203,118
Rinnai Corp.
 
38,883
714,259
ROHM Co. Ltd.
 
128,000
2,050,812
Rohto Pharmaceutical Co. Ltd.
 
70,500
1,644,857
Roland Corp.
 
8,100
234,203
Rorze Corp.
 
4,000
297,613
Round One Corp.
 
77,900
282,584
Royal Holdings Co. Ltd.
 
14,400
245,418
Ryohin Keikaku Co. Ltd.
 
93,630
1,320,115
S Foods, Inc.
 
10,000
211,537
Saizeriya Co. Ltd.
 
11,800
479,453
Sakai Moving Service Co. Ltd.
 
11,400
194,575
Sakata Seed Corp.
 
12,900
347,110
San-A Co. Ltd.
 
10,100
312,882
San-Ai Obbli Co. Ltd.
 
25,700
277,496
Sangetsu Corp.
 
17,600
330,755
Sanken Electric Co. Ltd.
 
8,500
422,758
Sankyo Co. Ltd. (Gunma)
 
15,200
631,680
Sankyu, Inc.
 
18,900
569,082
Sanrio Co. Ltd.
 
19,500
830,379
Sansan, Inc. (a)
 
26,900
213,757
Santen Pharmaceutical Co. Ltd.
 
124,360
1,078,642
Sanwa Holdings Corp.
 
69,100
932,315
Sanyo Chemical Industries Ltd.
 
7,200
191,417
Sanyo Special Steel Co. Ltd.
 
10,600
180,654
Sapporo Holdings Ltd.
 
24,400
859,030
Sato Holding Corp.
 
16,100
216,233
Sawai Group Holdings Co. Ltd.
 
16,300
519,471
SBI Holdings, Inc. Japan
 
92,500
1,990,132
SBI Sumishin Net Bank Ltd. (c)
 
28,000
294,735
Screen Holdings Co. Ltd.
 
30,600
1,422,660
SCSK Corp.
 
55,500
947,400
Secom Co. Ltd.
 
76,733
5,329,479
Sega Sammy Holdings, Inc.
 
58,519
915,212
Seibu Holdings, Inc.
 
103,600
1,011,599
Seiko Epson Corp.
 
107,373
1,490,679
Seiko Group Corp.
 
12,500
195,201
Seino Holdings Co. Ltd.
 
46,300
673,477
Seiren Co. Ltd.
 
17,800
264,044
Sekisui Chemical Co. Ltd.
 
139,900
1,916,193
Sekisui House (REIT), Inc.
 
1,447
762,100
Sekisui House Ltd.
 
217,480
4,258,857
Sekisui Jushi Corp.
 
17,500
285,382
SENKO Co. Ltd.
 
51,200
352,757
Seria Co. Ltd.
 
19,600
271,664
Seven & i Holdings Co. Ltd.
 
274,629
10,062,052
Seven Bank Ltd.
 
233,000
461,344
SG Holdings Co. Ltd.
 
115,800
1,641,420
Sharp Corp. (a)
 
112,600
704,000
Shibaura Machine Co. Ltd.
 
9,100
225,334
Shibaura Mechatronics Corp.
 
5,400
233,255
SHIFT, Inc. (a)
 
4,600
834,622
Shiga Bank Ltd.
 
14,500
383,457
Shikoku Electric Power Co., Inc.
 
55,500
378,952
Shima Seiki Manufacturing Ltd.
 
15,700
160,180
Shimadzu Corp.
 
85,300
2,017,029
Shimamura Co. Ltd.
 
8,300
819,125
SHIMANO, Inc.
 
28,165
4,053,116
SHIMIZU Corp.
 
200,500
1,426,857
Shin-Etsu Chemical Co. Ltd.
 
669,475
20,019,564
Shinko Electric Industries Co. Ltd.
 
24,600
789,878
Shinmaywa Industries Ltd.
 
27,300
217,852
Shionogi & Co. Ltd.
 
97,700
4,549,365
Ship Healthcare Holdings, Inc.
 
28,800
444,646
Shiseido Co. Ltd.
 
150,055
4,759,065
Shizuoka Financial Group
 
164,100
1,395,466
Shizuoka Gas Co. Ltd.
 
25,900
175,976
SHO-BOND Holdings Co. Ltd.
 
15,100
594,684
Shochiku Co. Ltd.
 
3,700
235,386
Shoei Co. Ltd.
 
20,800
277,134
Siix Corp.
 
18,200
170,507
Simplex Holdings, Inc.
 
17,900
300,649
SKY Perfect JSAT Holdings, Inc.
 
61,100
282,798
Skylark Holdings Co. Ltd. (a)
 
82,700
1,220,138
SMC Corp.
 
21,067
9,727,964
SMS Co., Ltd.
 
27,200
431,607
Socionext, Inc.
 
12,700
1,238,721
SoftBank Corp.
 
1,020,500
11,538,659
SoftBank Group Corp.
 
381,312
15,616,279
Sohgo Security Services Co., Ltd.
 
140,800
824,556
Sojitz Corp.
 
86,540
1,797,037
Sompo Holdings, Inc.
 
111,819
4,843,995
Sony Group Corp.
 
463,905
38,568,545
Sosei Group Corp. (a)
 
28,912
267,339
SOSiLA Logistics REIT, Inc.
 
279
221,042
Sotetsu Holdings, Inc.
 
31,100
548,976
Square Enix Holdings Co. Ltd.
 
31,400
1,043,164
Stanley Electric Co. Ltd.
 
48,239
771,563
Star Asia Investment Corp.
 
705
265,628
Star Micronics Co. Ltd.
 
19,400
233,230
Starts Corp., Inc.
 
13,000
246,904
Subaru Corp.
 
236,625
4,096,049
Sugi Holdings Co. Ltd.
 
12,600
510,027
Sumco Corp.
 
130,000
1,679,880
Sumitomo Bakelite Co. Ltd.
 
13,200
587,373
Sumitomo Chemical Co. Ltd.
 
548,500
1,394,157
Sumitomo Corp.
 
382,300
7,515,129
Sumitomo Dainippon Pharma Co., Ltd.
 
68,100
207,954
Sumitomo Electric Industries Ltd.
 
270,400
2,838,722
Sumitomo Forestry Co. Ltd.
 
57,723
1,362,924
Sumitomo Heavy Industries Ltd.
 
41,047
939,556
Sumitomo Metal Mining Co. Ltd.
 
90,300
2,536,704
Sumitomo Mitsui Construction Co. Ltd.
 
70,660
187,464
Sumitomo Mitsui Financial Group, Inc.
 
467,833
22,553,284
Sumitomo Mitsui Trust Holdings, Inc.
 
119,700
4,488,367
Sumitomo Osaka Cement Co. Ltd.
 
12,403
288,725
Sumitomo Realty & Development Co. Ltd.
 
105,787
2,654,613
Sumitomo Rubber Industries Ltd.
 
64,900
658,386
Sundrug Co. Ltd.
 
27,341
743,457
Suntory Beverage & Food Ltd.
 
52,300
1,573,867
Suruga Bank Ltd.
 
67,200
287,134
Suzuken Co. Ltd.
 
23,400
716,738
Suzuki Motor Corp.
 
137,740
5,345,967
Sysmex Corp.
 
62,700
3,003,506
Systena Corp.
 
120,500
205,139
T Hasegawa Co. Ltd.
 
14,100
295,401
T&D Holdings, Inc.
 
183,100
3,266,362
Tadano Ltd.
 
44,800
336,812
Taiheiyo Cement Corp.
 
44,491
762,471
Taikisha Ltd.
 
12,500
363,746
Taisei Corp.
 
61,900
2,099,196
Taisho Pharmaceutical Holdings Co. Ltd.
 
15,000
593,971
Taiyo Holdings Co. Ltd.
 
16,800
273,991
Taiyo Yuden Co. Ltd.
 
44,400
995,379
Takara Bio, Inc.
 
21,000
185,195
Takara Holdings, Inc.
 
59,769
498,216
Takasago International Corp.
 
9,800
209,204
Takasago Thermal Engineering Co. Ltd.
 
19,700
388,969
Takashimaya Co. Ltd.
 
54,100
735,715
Takeda Pharmaceutical Co. Ltd.
 
569,870
15,468,978
Takeuchi Manufacturing Co. Ltd.
 
13,100
373,758
Takuma Co. Ltd.
 
27,500
266,796
Tamron Co. Ltd.
 
13,000
353,900
Tbs Holdings, Inc.
 
14,400
234,751
TDK Corp.
 
141,343
5,288,379
Techmatrix Corp.
 
16,900
167,017
TechnoPro Holdings, Inc.
 
40,100
794,415
Teijin Ltd.
 
66,800
604,612
Terumo Corp.
 
249,400
6,823,133
The Awa Bank Ltd.
 
15,700
260,828
The Hachijuni Bank Ltd.
 
135,100
769,412
The Hyakugo Bank Ltd.
 
93,800
354,654
The Keiyo Bank Ltd.
 
49,900
226,406
The Kiyo Bank Ltd. (c)
 
29,000
299,365
The Monogatari Corp.
 
13,200
357,463
The Nanto Bank Ltd.
 
13,500
242,996
The Okinawa Electric Power Co., Inc.
 
20,401
148,967
The San-In Godo Bank Ltd.
 
56,700
390,536
The Sumitomo Warehouse Co. Ltd.
 
21,600
345,807
THK Co. Ltd.
 
44,600
797,075
TIS, Inc.
 
79,800
1,708,905
TKC Corp.
 
12,800
298,586
Toagosei Co. Ltd.
 
42,600
390,835
Tobu Railway Co. Ltd.
 
68,800
1,655,978
Tocalo Co. Ltd.
 
31,900
288,337
Toda Corp.
 
87,600
486,477
Toei Animation Co. Ltd. (c)
 
3,200
288,148
Toei Co. Ltd.
 
2,200
258,285
Toho Co. Ltd.
 
43,900
1,499,760
Toho Gas Co. Ltd.
 
27,000
464,976
Toho Holdings Co. Ltd.
 
20,300
457,625
Toho Titanium Co. Ltd.
 
12,500
163,073
Tohoku Electric Power Co., Inc.
 
164,200
1,025,282
Tokai Carbon Co. Ltd.
 
79,500
610,074
TOKAI Holdings Corp.
 
46,100
297,304
Tokai Rika Co. Ltd.
 
20,800
326,400
Tokai Tokyo Financial Holdings
 
80,800
274,438
Tokio Marine Holdings, Inc.
 
663,679
14,847,983
Tokuyama Corp.
 
27,935
423,528
Tokyo Century Corp.
 
13,500
520,138
Tokyo Electric Power Co., Inc. (a)
 
559,228
2,366,507
Tokyo Electron Ltd.
 
174,069
23,001,076
Tokyo Gas Co. Ltd.
 
139,635
3,135,806
Tokyo Ohka Kogyo Co. Ltd.
 
12,200
704,926
Tokyo Seimitsu Co. Ltd.
 
15,100
705,856
Tokyo Steel Manufacturing Co. Ltd.
 
27,000
312,069
Tokyo Tatemono Co. Ltd.
 
66,900
888,320
Tokyo TY Financial Group, Inc.
 
13,900
410,270
Tokyotokeiba Co. Ltd.
 
7,300
189,040
Tokyu Construction Co. Ltd.
 
49,800
256,243
Tokyu Corp.
 
190,800
2,153,948
Tokyu Fudosan Holdings Corp.
 
221,800
1,292,279
Tokyu REIT, Inc.
 
322
384,240
TOMONY Holdings, Inc.
 
98,700
332,602
Tomy Co. Ltd.
 
34,400
474,465
Topcon Corp.
 
39,160
357,093
Toppan Holdings, Inc.
 
88,800
2,048,072
Toray Industries, Inc.
 
497,300
2,405,858
TORIDOLL Holdings Corp.
 
17,600
425,906
Toshiba Tec Corp.
 
11,300
245,635
Tosoh Corp.
 
94,900
1,161,977
Totetsu Kogyo Co. Ltd.
 
13,400
261,148
Toto Ltd.
 
49,900
1,203,170
Towa Pharmaceutical Co. Ltd.
 
13,300
244,485
Toyo Ink South Carolina Holdings Co. Ltd.
 
23,649
401,748
Toyo Seikan Group Holdings Ltd.
 
47,900
805,318
Toyo Suisan Kaisha Ltd.
 
33,136
1,528,595
Toyo Tanso Co. Ltd.
 
8,200
277,161
Toyo Tire Corp.
 
43,400
644,627
Toyobo Co. Ltd.
 
39,800
267,035
Toyoda Gosei Co. Ltd.
 
26,000
516,557
Toyota Boshoku Corp.
 
28,700
499,119
Toyota Industries Corp.
 
53,700
3,979,960
Toyota Motor Corp.
 
3,903,360
68,284,402
Toyota Tsusho Corp.
 
78,549
4,181,657
Trancom Co. Ltd.
 
3,700
169,986
Transcosmos, Inc.
 
11,400
232,149
TRE Holdings Corp.
 
22,800
177,974
Trend Micro, Inc.
 
48,700
1,835,241
Tri Chemical Laboratories, Inc.
 
11,000
233,950
Trusco Nakayama Corp.
 
20,500
309,396
TS tech Co. Ltd.
 
35,100
393,127
Tsubakimoto Chain Co.
 
12,000
303,339
Tsuburaya Fields Holdings, Inc.
 
14,400
156,779
Tsugami Corp.
 
20,400
146,164
Tsumura & Co.
 
21,484
384,419
Tsuruha Holdings, Inc.
 
14,100
1,035,740
Uacj Corp.
 
15,500
315,506
Ube Corp.
 
36,500
562,056
Ulvac, Inc.
 
17,659
607,278
Unicharm Corp.
 
147,300
5,005,089
United Super Markets Holdings, Inc. (c)
 
28,900
205,116
United Urban Investment Corp.
 
1,059
1,067,651
Universal Entertainment Corp.
 
9,700
138,363
USEN-NEXT HOLDINGS Co. Ltd.
 
9,000
206,438
Ushio, Inc.
 
40,900
498,793
USS Co. Ltd.
 
75,500
1,319,657
UT Group Co. Ltd. (a)
 
14,300
176,631
Valor Holdings Co. Ltd.
 
22,800
356,921
Visional, Inc. (a)
 
8,500
416,629
W-Scope Corp. (a)
 
21,800
126,146
Wacoal Holdings Corp.
 
19,200
438,864
Wacom Co. Ltd.
 
61,500
212,027
Welcia Holdings Co. Ltd.
 
36,100
598,387
West Holdings Corp.
 
9,449
208,498
West Japan Railway Co.
 
79,056
3,013,184
Workman Co. Ltd. (c)
 
8,100
208,683
Yakult Honsha Co. Ltd.
 
93,600
2,205,679
Yamada Holdings Co. Ltd.
 
237,810
752,091
Yamaguchi Financial Group, Inc.
 
72,000
660,777
Yamaha Corp.
 
51,500
1,375,561
Yamaha Motor Co. Ltd.
 
107,507
2,627,133
Yamato Holdings Co. Ltd.
 
103,700
1,727,229
Yamato Kogyo Co. Ltd.
 
14,900
713,871
Yamazaki Baking Co. Ltd.
 
41,800
884,967
Yamazen Co. Ltd.
 
30,700
248,715
Yaoko Co. Ltd.
 
8,100
417,007
Yaskawa Electric Corp.
 
91,900
3,008,175
Yokogawa Bridge Holdings Corp.
 
17,300
285,960
Yokogawa Electric Corp.
 
82,712
1,501,655
Yokohama Rubber Co. Ltd.
 
43,900
811,254
YONEX Co. Ltd.
 
25,800
279,513
Yoshinoya Holdings Co. Ltd.
 
24,300
567,903
Yuasa Trading Co. Ltd.
 
8,600
235,225
Zenkoku Hosho Co. Ltd.
 
19,500
623,576
Zensho Holdings Co. Ltd.
 
34,200
1,797,616
Zeon Corp.
 
47,400
391,783
ZERIA Pharmaceutical Co. Ltd.
 
13,700
182,008
Zojirushi Thermos
 
15,900
163,568
ZOZO, Inc.
 
52,700
1,002,077
TOTAL JAPAN
 
 
1,489,700,622
Jordan - 0.0%
 
 
 
Hikma Pharmaceuticals PLC
 
60,600
1,400,574
Korea (South) - 3.2%
 
 
 
ABL Bio, Inc. (a)
 
13,434
158,584
Advanced Nano Products Co. Ltd.
 
3,108
276,205
AfreecaTV Co. Ltd.
 
3,505
174,268
Alteogen, Inc.
 
13,534
626,852
AMOREPACIFIC Corp.
 
11,065
1,037,089
AMOREPACIFIC Group, Inc.
 
12,017
254,902
Ananti, Inc. (a)(c)
 
28,087
138,487
BGF Retail Co. Ltd.
 
3,243
331,143
BH Co. Ltd.
 
17,159
238,749
Bioneer Corp. (a)
 
8,435
198,509
BNK Financial Group, Inc.
 
105,688
531,156
Bukwang Pharmaceutical Co. Ltd. (a)
 
30,426
128,137
Caregen Co. Ltd.
 
7,265
144,613
Celltrion Healthcare Co. Ltd.
 
39,494
1,950,698
Celltrion Pharm, Inc.
 
6,691
314,329
Celltrion, Inc.
 
42,637
4,727,965
CHA Biotech Co. Ltd. (a)
 
20,178
240,641
Cheil Worldwide, Inc.
 
28,205
414,685
Chong Kun Dang Pharmaceutical Corp.
 
4,304
301,978
Chunbo Co. Ltd.
 
1,805
132,704
CJ CGV Co. Ltd. (a)
 
23,939
90,900
CJ CheilJedang Corp.
 
3,109
650,360
CJ Corp.
 
5,821
362,555
CJ ENM Co. Ltd. (a)
 
4,106
158,549
CJ Logistics Corp.
 
4,311
242,012
Classys, Inc.
 
8,815
215,045
Cosmax, Inc. (a)
 
3,531
354,496
Cosmo AM&T Co. Ltd. (a)
 
8,489
882,501
Cosmo AM&T Co. Ltd. rights 11/7/23 (a)
 
444
5,449
Cosmochemical Co. Ltd. (a)(c)
 
10,909
254,266
Coway Co. Ltd.
 
20,657
660,060
Creative & Innovative System (a)
 
20,208
134,838
CS Wind Corp.
 
9,654
327,095
Daeduck Electronics Co. Ltd.
 
13,266
197,261
Daejoo Electronic Materials Co. Ltd. (c)
 
4,278
219,277
Daesang Corp. (c)
 
14,412
212,164
Daewoo Engineering & Construction Co. Ltd. (a)
 
83,201
242,376
Daewoong Pharmaceutical Co. Ltd.
 
2,334
172,899
Daou Data Corp.
 
7,256
61,412
DB HiTek Co. Ltd.
 
13,575
489,350
Db Insurance Co. Ltd.
 
16,951
1,101,179
Delivery Hero AG (a)(d)
 
67,560
1,713,501
Dentium Co. Ltd.
 
2,962
240,091
DGB Financial Group Co. Ltd.
 
63,027
366,540
DL E&C Co. Ltd.
 
12,442
315,772
DL Holdings Co. Ltd.
 
5,967
187,646
Dongjin Semichem Co. Ltd.
 
12,058
268,732
DongKook Pharmaceutical Co. Ltd.
 
18,570
221,779
Dongsuh Co., Inc.
 
16,631
212,333
Doosan Bobcat, Inc.
 
21,854
626,957
Doosan Co. Ltd.
 
3,033
167,086
Doosan Fuel Cell Co. Ltd. (a)(c)
 
18,550
226,105
Doosan Heavy Industries & Construction Co. Ltd. (a)
 
166,538
1,656,922
Douzone Bizon Co. Ltd.
 
6,492
131,467
E-Mart, Inc.
 
7,417
399,280
Ecopro BM Co. Ltd. (c)
 
18,161
2,652,967
Ecopro Co. Ltd. (c)
 
7,395
3,411,973
Ecopro HN Co. Ltd.
 
4,118
176,161
EM-Tech Co. Ltd.
 
6,240
229,631
Emro, Inc. (a)
 
3,117
127,623
Enchem Co. Ltd. (a)
 
3,424
131,891
EO Technics Co. Ltd.
 
3,711
384,289
EoFlow Co. Ltd. (a)(b)
 
11,136
178,663
ESR Kendall Square Co. Ltd. (REIT)
 
73,476
174,081
Eugene Technology Co. Ltd.
 
6,821
193,172
F&F Co. Ltd.
 
6,612
457,692
Fila Holdings Corp.
 
18,164
480,256
Foosung Co. Ltd.
 
21,245
157,454
GemVax & Kael Co. Ltd. (a)
 
17,423
183,389
Grand Korea Leisure Co. Ltd. (a)
 
14,815
171,196
Green Cross Corp.
 
2,690
191,453
Green Cross Holdings Corp.
 
17,330
173,754
GS Engineering & Construction Corp.
 
26,141
255,486
GS Holdings Corp.
 
16,519
481,671
GS Retail Co. Ltd.
 
17,841
320,919
HAESUNG DS Co. Ltd.
 
4,398
144,497
Hana Financial Group, Inc.
 
112,137
3,255,750
Hana Micron, Inc.
 
15,805
286,796
Hana Technology Co. Ltd. (a)
 
2,814
136,945
Hana Tour Service, Inc. (a)
 
5,977
194,556
HanAll BioPharma Co. Ltd. (a)
 
17,256
373,742
Handsome Co. Ltd.
 
21,675
299,235
Hankook Tire Co. Ltd.
 
28,104
796,172
Hanmi Pharm Co. Ltd.
 
2,675
558,477
Hanmi Science Co. Ltd.
 
12,408
291,177
Hanmi Semiconductor Co. Ltd.
 
16,428
642,735
Hanon Systems
 
77,152
393,102
Hansol Chemical Co. Ltd.
 
3,455
384,991
Hanssem Co. Ltd.
 
3,681
133,502
Hanwha Aerospace Co. Ltd.
 
14,145
1,061,859
Hanwha Corp.
 
18,522
304,645
Hanwha Life Insurance Co. Ltd. (a)
 
116,970
240,012
Hanwha Ocean Co. Ltd. (a)(c)
 
17,888
312,366
Hanwha Ocean Co. Ltd. rights 11/9/23 (a)
 
5,905
7,640
Hanwha Solutions Corp. (a)
 
41,029
872,632
Hanwha Systems Co. Ltd.
 
27,256
256,693
HD Hyundai Co. Ltd.
 
18,091
769,396
HD Hyundai Construction Equipment Co. Ltd.
 
4,591
151,308
HD Hyundai Electric Co. Ltd.
 
8,279
460,087
HD Hyundai Heavy Industries Co. Ltd. (a)
 
8,475
641,630
Hd Hyundai Infracore Co. Ltd.
 
48,320
239,399
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)
 
15,551
1,041,663
Hite Jinro Co. Ltd.
 
15,647
246,222
HK inno.N Corp.
 
15,112
484,135
HL Mando Co. Ltd.
 
12,825
311,866
HLB Life Science Co. Ltd.
 
33,684
222,631
HLB, Inc.
 
48,721
1,048,179
HMM Co. Ltd.
 
93,211
1,008,099
Hotel Shilla Co.
 
12,176
562,558
HPSP Co. Ltd.
 
11,349
262,863
HUGEL, Inc. (a)
 
2,731
287,700
HYBE Co. Ltd. (a)
 
7,353
1,195,762
Hydro Lithium, Inc. (a)
 
6,159
48,200
Hyosung Advanced Materials Co.
 
1,108
293,400
Hyosung Corp.
 
4,222
184,389
Hyosung Heavy Industries Co. Ltd. (a)
 
2,203
279,008
Hyosung TNC Co. Ltd.
 
1,045
276,558
Hyundai Autoever Corp.
 
2,807
270,607
Hyundai Bioscience Co. Ltd. (a)
 
13,569
375,409
Hyundai Department Store Co. Ltd.
 
6,363
251,630
Hyundai Elevator Co. Ltd. (c)
 
10,435
333,637
Hyundai Engineering & Construction Co. Ltd.
 
29,194
722,961
Hyundai Glovis Co. Ltd.
 
7,053
893,776
Hyundai Marine & Fire Insurance Co. Ltd.
 
22,028
513,085
Hyundai Mipo Dockyard Co. Ltd. (a)
 
9,076
467,015
Hyundai Mobis
 
22,992
3,555,372
Hyundai Motor Co. Ltd.
 
45,033
5,665,034
Hyundai Rotem Co. Ltd. (a)
 
28,194
486,719
Hyundai Steel Co.
 
33,008
801,512
Hyundai Wia Corp.
 
6,550
272,258
I-Sens, Inc.
 
9,696
165,093
Industrial Bank of Korea
 
97,253
803,670
Innox Advanced Materials Co. Ltd.
 
5,711
113,163
Intellian Technologies, Inc. (c)
 
3,186
166,877
IS Dongseo Co. Ltd. (a)
 
6,489
121,049
ISC Co. Ltd.
 
3,952
203,718
Isu Specialty Chemical Co. Ltd.
 
1,745
148,531
Isupetasys Co. Ltd.
 
19,376
312,735
ITM Semiconductor Co. Ltd. (a)
 
13,014
192,722
JB Financial Group Co. Ltd.
 
46,538
347,591
Jeisys Medical, Inc. (a)
 
31,276
243,792
JR Global (REIT)
 
71,016
206,826
Jusung Engineering Co. Ltd. (c)
 
14,282
260,804
JW Pharmaceutical Corp.
 
7,510
145,776
JYP Entertainment Corp.
 
10,694
812,818
Kakao Corp.
 
115,108
3,239,605
Kakao Games Corp. (a)
 
13,879
240,536
Kakao Pay Corp. (a)
 
10,086
256,747
KakaoBank Corp.
 
66,788
902,520
Kangwon Land, Inc.
 
37,022
402,519
KB Financial Group, Inc.
 
142,189
5,411,964
KCC Corp.
 
1,752
308,325
KEPCO E&C (c)
 
5,418
210,120
KEPCO Plant Service & Engineering Co. Ltd.
 
10,358
250,243
Kia Corp.
 
97,628
5,569,361
Kiwoom Securities Co. Ltd.
 
5,647
337,129
Koh Young Technology, Inc.
 
22,090
180,758
Kolmar Korea Co. Ltd.
 
8,204
325,751
Kolon Industries, Inc.
 
7,285
234,981
Komipharm International Co. Ltd.
 
29,305
112,214
Korea Aerospace Industries Ltd.
 
27,314
897,427
Korea Electric Power Corp. (a)
 
100,712
1,258,736
Korea Gas Corp. (a)
 
19,521
330,326
Korea Investment Holdings Co. Ltd.
 
15,476
577,691
Korea Zinc Co. Ltd.
 
3,037
1,053,850
Korean Air Lines Co. Ltd.
 
78,122
1,186,878
Korean Reinsurance Co.
 
42,831
281,301
KRAFTON, Inc. (a)
 
12,353
1,501,528
KT Corp.
 
26,092
630,287
KT&G Corp.
 
39,518
2,489,230
Kum Yang Co. Ltd. (a)
 
12,035
785,441
Kumho Petro Chemical Co. Ltd.
 
6,572
616,764
Kumho Tire Co., Inc. (a)
 
49,661
154,482
L&C Bio Co. Ltd.
 
6,799
142,707
L&F Co. Ltd.
 
9,669
939,138
Lake Materials Co. Ltd. (a)
 
18,078
151,787
Leeno Industrial, Inc.
 
3,850
393,418
LegoChem Biosciences, Inc. (a)
 
9,706
266,046
LG Chemical Ltd.
 
17,181
5,622,591
LG Corp.
 
35,630
2,036,403
LG Display Co. Ltd. (a)
 
85,434
771,923
LG Electronics, Inc.
 
40,159
2,974,699
LG Energy Solution (a)
 
17,355
4,967,761
LG H & H Co. Ltd.
 
3,439
805,058
LG Innotek Co. Ltd.
 
5,223
865,589
LG Uplus Corp.
 
80,435
601,944
LIG Nex1 Co. Ltd.
 
5,298
342,179
Lotte Chemical Corp.
 
7,699
834,849
Lotte Energy Materials Corp.
 
8,814
252,126
Lotte Fine Chemical Co. Ltd.
 
6,413
265,996
Lotte REIT Co. Ltd.
 
64,151
136,552
Lotte Shopping Co. Ltd.
 
4,614
246,384
Lotte Tour Development Co. Ltd. (a)
 
19,261
154,074
Lotte Wellfood Co. Ltd.
 
3,436
289,961
LS Corp.
 
6,737
391,125
LS Electric Co. Ltd.
 
6,200
294,500
Lunit, Inc.
 
2,346
227,418
LX Holdings Corp.
 
57,352
286,430
LX International Corp.
 
11,358
209,449
Lx Semicon Co. Ltd.
 
4,333
231,102
Medytox, Inc.
 
2,460
375,790
MegaStudyEdu Co. Ltd.
 
4,093
187,857
Meritz Financial Holdings Co.
 
39,275
1,459,555
Mezzion Pharma Co. Ltd. (a)
 
9,835
269,825
Mirae Asset Securities Co. Ltd.
 
101,518
496,569
Myoung Shin Industrial Co. Ltd. (a)
 
17,684
206,443
NAVER Corp.
 
49,443
6,902,042
NCSOFT Corp.
 
5,561
959,332
Netmarble Corp. (a)(d)
 
7,783
223,112
NH Investment & Securities Co. Ltd.
 
55,448
397,218
NongShim Co. Ltd.
 
1,237
406,240
Oci Co. Ltd.
 
1,318
101,839
Oci Holdings Co. Ltd.
 
7,169
517,208
Orion Corp./Republic of Korea
 
8,948
790,770
Oscotec, Inc. (a)(c)
 
12,929
182,754
Ottogi Corp.
 
945
261,739
Pan Ocean Co., Ltd. (Korea)
 
106,473
339,423
Paradise Co. Ltd. (a)
 
20,029
217,586
Park Systems Corp.
 
2,816
292,420
Partron Co. Ltd.
 
76,888
494,421
Pearl Abyss Corp. (a)
 
12,449
455,401
People & Technology, Inc.
 
7,119
260,638
PharmaResearch Co. Ltd.
 
3,383
291,673
Pharmicell Co. Ltd. (a)
 
33,064
151,618
PI Advanced Materials Co. Ltd.
 
6,522
118,447
POSCO
 
26,599
8,130,554
POSCO Chemtech Co. Ltd. (c)
 
11,524
2,027,784
POSCO ICT Co. Ltd. (c)
 
20,648
752,184
Posco International Corp.
 
19,588
729,552
Posco M-Tech Co. Ltd.
 
9,214
145,439
Rainbow Robotics (a)(c)
 
3,037
318,171
S&S Tech Corp.
 
7,439
209,095
S-Oil Corp.
 
18,826
927,734
S.M. Entertainment Co. Ltd.
 
4,494
336,526
S1 Corp.
 
8,238
332,462
Sam Chun Dang Pharm Co. Ltd. (a)
 
6,295
286,457
Sambu Engineering & Constructi (a)
 
84,354
161,319
Samsung Biologics Co. Ltd. (a)(d)
 
6,486
3,404,680
Samsung C&T Corp.
 
31,715
2,503,852
Samsung Electro-Mechanics Co. Ltd.
 
22,328
2,061,412
Samsung Electronics Co. Ltd.
 
1,776,123
88,275,254
Samsung Engineering Co. Ltd. (a)
 
57,768
1,016,631
Samsung Fire & Marine Insurance Co. Ltd.
 
11,795
2,252,127
Samsung Heavy Industries Co. Ltd. (a)
 
260,750
1,319,908
Samsung Life Insurance Co. Ltd.
 
31,030
1,658,863
Samsung SDI Co. Ltd.
 
20,442
6,463,055
Samsung SDS Co. Ltd.
 
14,512
1,485,346
Samsung Securities Co. Ltd.
 
22,864
598,066
Samyang Foods Co. Ltd.
 
2,162
293,335
Sang-A Frontec Co. Ltd.
 
19,878
261,896
Seegene, Inc.
 
14,376
203,344
Seojin System Co. Ltd. (a)
 
12,164
150,827
Seoul Semiconductor Co. Ltd.
 
25,684
191,904
SFA Engineering Corp.
 
8,988
185,665
Shin Poong Pharmaceutical Co. (a)(c)
 
16,301
140,594
Shinhan Financial Group Co. Ltd.
 
163,226
4,189,377
Shinsegae Co. Ltd.
 
2,945
368,317
SIMMTECH Co. Ltd. (c)
 
9,322
228,343
SK Biopharmaceuticals Co. Ltd. (a)
 
11,688
653,120
SK Bioscience Co. Ltd. (a)(c)
 
11,408
512,682
SK Chemicals Co. Ltd.
 
5,095
212,985
SK Hynix, Inc.
 
201,700
17,490,091
SK IE Technology Co. Ltd. (a)(d)
 
9,202
405,160
SK Innovation Co., Ltd.
 
23,901
2,174,263
SK Networks Co. Ltd. (c)
 
53,371
220,070
SK Oceanplant Co. Ltd. (a)
 
12,495
148,597
SK Square Co. Ltd. (a)
 
36,298
1,145,242
SK, Inc.
 
15,856
1,669,235
SKC Co. Ltd.
 
7,380
430,955
SOLUM Co. Ltd. (a)
 
19,777
424,281
Solus Advanced Materials Co. Lt
 
7,569
123,090
Soulbrain Co. Ltd.
 
1,736
299,334
ST Pharm Co. Ltd.
 
4,157
209,476
STCube (a)
 
16,834
124,481
Studio Dragon Corp. (a)
 
6,163
223,360
Taihan Electric Wire Co. Ltd. (a)
 
22,609
186,236
TCC Steel
 
7,222
279,906
Tokai Carbon Korea Co. Ltd.
 
2,366
145,482
Voronoi, Inc.
 
4,346
108,018
W-Scope Chungju Plant Co. Ltd.
 
5,464
166,571
Webzen, Inc.
 
12,597
128,136
WeMade Entertainment Co. Ltd. (c)
 
7,090
206,936
Won Tech Co. Ltd.
 
22,503
153,171
WONIK IPS Co. Ltd.
 
12,292
274,431
Woori Financial Group, Inc.
 
218,042
1,923,057
YG Entertainment, Inc.
 
5,532
225,460
Young Poong Paper Manufacturing Co. Ltd.
 
7,297
44,430
Youngone Corp.
 
8,851
355,278
Yuhan Corp.
 
19,969
849,980
TOTAL KOREA (SOUTH)
 
 
310,371,857
Kuwait - 0.2%
 
 
 
Agility Public Warehousing Co. KSC (a)
 
590,056
1,002,971
Al Ahli Bank of Kuwait KSCP
 
725,097
501,440
Ali Alghanim Sons Automotive Co. KSSC
 
75,445
262,089
Boubyan Bank KSC
 
498,781
944,533
Boubyan Petrochemicals Co. KSCP
 
163,927
324,729
Boursa Kuwait Securities Co. KPSC
 
36,747
205,793
Burgan Bank SAK
 
755,813
398,118
Commercial Real Estate Co.
 
711,233
225,931
Gulf Bank
 
706,792
541,314
Gulf Bank rights 11/12/23 (a)
 
54,865
1,135
Gulf Cable & Electrical Industries Co. KSCP
 
50,965
194,341
Human Soft Holding Co. KSCC
 
38,710
380,282
Jazeera Airways Co. KSCP
 
36,421
171,836
Kuwait Finance House KSCP
 
2,907,580
6,426,837
Kuwait Projects Co. Holding KSCP (a)
 
787,517
269,759
Mabanee Co. SAKC
 
255,106
680,118
Mobile Telecommunication Co.
 
716,449
1,113,627
National Bank of Kuwait
 
2,733,063
7,745,666
National Industries Group Holding SAK
 
758,072
436,054
Salhia Real Estate Co. KSCP
 
221,046
286,442
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC
 
276,147
155,274
Warba Bank KSCP
 
612,790
340,604
TOTAL KUWAIT
 
 
22,608,893
Luxembourg - 0.1%
 
 
 
Aperam SA
 
21,202
586,645
ArcelorMittal SA (Netherlands)
 
190,943
4,218,528
Eurofins Scientific SA
 
51,588
2,610,813
Reinet Investments SCA
 
51,832
1,076,993
SES SA (France) (depositary receipt)
 
141,087
821,809
TOTAL LUXEMBOURG
 
 
9,314,788
Macau - 0.1%
 
 
 
Galaxy Entertainment Group Ltd.
 
823,000
4,626,467
Sands China Ltd. (a)
 
909,200
2,447,611
SJM Holdings Ltd. (a)
 
996,250
345,782
TOTAL MACAU
 
 
7,419,860
Malaysia - 0.4%
 
 
 
AFFIN Bank Bhd
 
460,937
195,436
Agmo Holdings Bhd
 
59
7
Alliance Bank Malaysia Bhd
 
485,600
349,707
AMMB Holdings Bhd
 
714,700
573,363
Axiata Group Bhd
 
1,148,358
525,420
Axis (REIT)
 
694,263
263,760
British American Tobacco (Malaysia) Bhd
 
80,700
159,307
Bursa Malaysia Bhd
 
323,400
460,917
Carlsberg Brewery Bhd
 
84,600
356,531
CelcomDigi Bhd
 
1,368,100
1,225,553
Chin Hin Group Bhd (a)
 
272,800
218,285
CIMB Group Holdings Bhd
 
2,377,748
2,848,773
CTOS Digital Bhd
 
994,200
302,783
Dialog Group Bhd
 
1,332,500
601,212
Fraser & Neave Holdings Bhd
 
59,500
325,942
Frontken Corp. Bhd
 
473,700
316,620
Gamuda Bhd
 
740,218
727,363
Genting Bhd
 
840,700
711,387
Genting Malaysia Bhd
 
1,206,000
612,838
Hartalega Holdings Bhd (a)
 
659,800
286,669
Heineken Malaysia Bhd
 
71,400
360,478
Hibiscus Petroleum Bhd
 
321,120
180,285
Hong Leong Bank Bhd
 
247,400
1,007,364
Hong Leong Credit Bhd
 
104,400
388,239
IHH Healthcare Bhd
 
802,300
1,009,930
IJM Corp. Bhd
 
1,118,100
446,100
Inari Amertron Bhd
 
1,047,550
628,067
IOI Corp. Bhd
 
1,008,400
832,022
IOI Properties Group Bhd
 
791,500
307,366
Kossan Rubber Industries Bhd
 
562,100
159,314
KPJ Healthcare Bhd
 
918,300
246,662
Kuala Lumpur Kepong Bhd
 
187,527
865,653
Malayan Banking Bhd
 
1,940,318
3,674,104
Malaysia Airports Holdings Bhd
 
351,151
544,814
Malaysian Pacific Industries Bhd
 
37,100
200,540
Maxis Bhd
 
911,700
758,069
MISC Bhd
 
485,800
739,571
MR DIY Group M Sdn Bhd (d)
 
1,412,100
438,716
My E.G.Services Bhd
 
2,092,870
342,767
Nestle (Malaysia) Bhd
 
26,700
693,883
Pentamaster Corp. Bhd
 
254,500
267,319
Petronas Chemicals Group Bhd
 
1,033,600
1,593,818
Petronas Dagangan Bhd
 
122,900
594,979
Petronas Gas Bhd
 
276,100
1,005,701
PPB Group Bhd
 
243,540
782,917
Press Metal Aluminium Holdings
 
1,431,100
1,479,295
Public Bank Bhd
 
5,294,400
4,624,139
QL Resources Bhd
 
456,675
530,018
RHB Bank Bhd
 
583,693
683,682
Scientex Bhd
 
515,900
395,041
Sime Darby Bhd
 
1,167,689
561,212
Sime Darby Plantation Bhd
 
809,271
737,756
Sunway (REIT)
 
773,700
244,136
Telekom Malaysia Bhd
 
463,415
493,317
Tenaga Nasional Bhd
 
931,200
1,935,095
TIME dotCom Bhd
 
469,100
524,304
Top Glove Corp. Bhd (a)
 
1,895,800
288,578
V.S. Industry Bhd
 
1,261,900
235,463
Yinson Holdings Bhd
 
551,800
286,300
YTL Power International Bhd
 
849,400
376,441
TOTAL MALAYSIA
 
 
42,525,328
Malta - 0.0%
 
 
 
Kambi Group PLC (a)
 
11,078
158,690
Kindred Group PLC (depository receipt)
 
84,451
690,440
TOTAL MALTA
 
 
849,130
Mexico - 0.7%
 
 
 
Alfa SA de CV Series A
 
1,121,600
699,250
Alsea S.A.B. de CV (a)(c)
 
208,711
691,574
America Movil S.A.B. de CV Series L
 
7,064,096
5,834,178
Arca Continental S.A.B. de CV
 
184,700
1,656,245
Banco del Bajio SA (d)
 
284,400
870,442
Bolsa Mexicana de Valores S.A.B. de CV
 
188,300
293,589
Borr Drilling Ltd. (a)(c)
 
76,709
476,558
CEMEX S.A.B. de CV unit (a)
 
5,517,032
3,314,075
Coca-Cola FEMSA S.A.B. de CV unit
 
187,745
1,424,463
Controladora Vuela Compania de Aviacion S.A.B. de CV (a)(c)
 
317,700
181,150
Corporacion Inmobiliaria Vesta S.A.B. de CV (c)
 
323,300
1,013,708
FIBRA Macquarie Mexican (REIT) (d)
 
273,578
423,971
Fibra Uno Administracion SA de CV
 
1,067,635
1,620,787
Fomento Economico Mexicano S.A.B. de CV unit
 
701,591
7,940,910
GCC S.A.B. de CV
 
66,300
590,334
Genomma Lab Internacional SA de CV (c)
 
283,500
212,597
Gentera S.A.B. de CV
 
415,200
440,325
Gruma S.A.B. de CV Series B
 
70,150
1,220,709
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
148,396
1,731,053
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
74,365
1,602,669
Grupo Aeroportuario Norte S.A.B. de CV
 
107,000
816,818
Grupo Bimbo S.A.B. de CV Series A
 
487,277
1,983,271
Grupo Carso SA de CV Series A1
 
203,527
1,297,768
Grupo Financiero Banorte S.A.B. de CV Series O
 
959,919
7,790,523
Grupo Financiero Inbursa S.A.B. de CV Series O (a)
 
741,000
1,528,115
Grupo Mexico SA de CV Series B
 
1,143,617
4,664,161
Grupo Televisa SA de CV
 
998,770
458,141
Grupo Traxion S.A.B. de CV (a)(c)(d)
 
138,400
204,503
Industrias Penoles SA de CV (a)
 
73,780
823,656
Kimberly-Clark de Mexico SA de CV Series A
 
560,667
1,027,791
La Comer S.A.B. de CV
 
193,600
386,040
Megacable Holdings S.A.B. de CV unit
 
124,800
244,076
Nemak S.A.B. de CV (a)(d)
 
900,575
159,345
Operadora de Sites Mexicanos, SA de CV
 
476,463
405,135
Orbia Advance Corp. S.A.B. de CV
 
360,228
583,630
Prologis Property Mexico SA
 
264,031
946,200
Promotora y Operadora de Infraestructura S.A.B. de CV
 
73,480
601,485
Qualitas Controladora S.A.B. de CV
 
74,900
618,634
Regional S.A.B. de CV
 
91,900
699,101
Southern Copper Corp.
 
31,635
2,242,922
Terrafina (c)
 
279,571
453,727
Wal-Mart de Mexico SA de CV Series V
 
1,869,530
6,691,484
TOTAL MEXICO
 
 
66,865,113
Netherlands - 3.2%
 
 
 
Aalberts Industries NV
 
36,442
1,134,414
ABN AMRO Bank NV GDR (Bearer) (d)
 
146,689
1,968,860
Adyen BV (a)(d)
 
8,106
5,467,384
AEGON NV
 
619,726
3,005,876
Akzo Nobel NV
 
61,663
4,127,438
Alfen Beheer BV (a)(c)(d)
 
8,352
262,201
AMG Critical Materials NV
 
11,821
307,442
Arcadis NV
 
26,480
1,118,498
Argenx SE (a)
 
20,830
9,798,049
ASM International NV (Netherlands)
 
17,466
7,179,781
ASML Holding NV (Netherlands)
 
148,614
89,334,909
ASR Nederland NV
 
61,041
2,273,479
Basic-Fit NV (a)(c)(d)
 
19,912
508,182
BE Semiconductor Industries NV
 
28,213
2,904,617
Corbion NV
 
22,588
390,293
Eurocommercial Properties NV
 
16,089
344,561
Euronext NV (d)
 
33,259
2,315,591
EXOR NV
 
38,743
3,318,052
Flow Traders Ltd. (c)
 
12,426
227,065
Fugro NV (Certificaten Van Aandelen) (a)
 
43,274
713,838
Heineken Holding NV
 
46,764
3,552,735
Heineken NV (Bearer)
 
105,226
9,453,867
IMCD NV
 
22,579
2,711,610
ING Groep NV (Certificaten Van Aandelen)
 
1,328,913
17,037,368
JDE Peet's BV
 
42,781
1,187,795
Koninklijke Ahold Delhaize NV
 
351,944
10,426,974
Koninklijke BAM Groep NV
 
126,325
260,913
Koninklijke KPN NV
 
1,171,588
3,937,917
Koninklijke Philips Electronics NV (c)
 
344,012
6,543,960
Koninklijke Vopak NV
 
25,605
861,817
NN Group NV
 
97,798
3,136,615
NSI NV
 
9,172
165,565
OCI NV
 
38,660
900,344
Pharming Group NV (a)
 
290,093
342,553
PostNL NV
 
134,569
250,388
Randstad NV
 
40,406
2,088,085
Redcare Pharmacy NV (a)(d)
 
5,486
610,949
SBM Offshore NV
 
53,589
666,255
Shell PLC (London)
 
2,458,856
79,241,191
Signify NV (d)
 
48,031
1,243,096
Stellantis NV (Italy)
 
813,395
15,147,497
TKH Group NV (bearer) (depositary receipt)
 
16,305
594,860
TomTom Group BV (a)(c)
 
29,325
175,313
Universal Music Group NV
 
303,949
7,443,356
Van Lanschot Kempen NV (Bearer)
 
13,943
373,991
Wereldhave NV
 
14,371
216,381
Wolters Kluwer NV
 
94,321
12,085,907
TOTAL NETHERLANDS
 
 
317,357,832
New Zealand - 0.2%
 
 
 
Air New Zealand Ltd.
 
677,149
264,279
Auckland International Airport Ltd.
 
460,067
1,967,833
Contact Energy Ltd.
 
284,206
1,290,997
Fisher & Paykel Healthcare Corp.
 
212,890
2,582,274
Fletcher Building Ltd.
 
315,521
795,179
Goodman Property Trust
 
430,537
508,708
Infratil Ltd.
 
301,248
1,724,956
Kiwi Property Group Ltd.
 
650,654
296,424
Mercury Nz Ltd.
 
259,456
892,514
Meridian Energy Ltd.
 
486,337
1,369,701
Ryman Healthcare Ltd.
 
216,927
719,180
Spark New Zealand Ltd.
 
683,680
1,984,807
Summerset Group Holdings Ltd.
 
91,739
520,987
The a2 Milk Co. Ltd. (a)
 
275,452
670,929
Xero Ltd. (a)
 
54,802
3,746,663
TOTAL NEW ZEALAND
 
 
19,335,431
Nigeria - 0.0%
 
 
 
Airtel Africa PLC (d)
 
357,374
492,141
Norway - 0.5%
 
 
 
Aker ASA (A Shares)
 
8,323
499,189
Aker BP ASA
 
122,201
3,512,570
Aker Solutions ASA
 
98,843
393,923
Austevoll Seafood ASA
 
36,887
251,946
BlueNord ASA (a)
 
10,579
561,577
Bonheur A/S
 
9,564
165,408
Borregaard ASA
 
37,851
512,995
Crayon Group Holding A/S (a)(c)(d)
 
28,278
163,021
DNB Bank ASA
 
333,103
6,002,501
DNO ASA (A Shares)
 
194,432
197,896
Elkem ASA (d)
 
120,865
186,962
Entra ASA (d)
 
28,259
220,462
Equinor ASA
 
331,490
11,112,611
Europris ASA (d)
 
68,102
385,594
FLEX LNG Ltd.
 
11,711
358,534
Frontline PLC
 
49,012
1,093,792
Gjensidige Forsikring ASA
 
73,928
1,107,171
Golden Ocean Group Ltd.
 
53,171
392,680
Grieg Seafood ASA (c)
 
23,751
157,653
Hexagon Composites ASA (a)
 
61,404
144,785
Hexagon Purus Holding A/S (a)
 
61,299
56,191
Hoegh Autoliners ASA
 
36,651
296,267
Kitron ASA
 
68,107
179,246
Kongsberg Gruppen ASA
 
33,233
1,356,576
Leroy Seafood Group ASA
 
103,371
409,007
Mowi ASA
 
160,332
2,602,124
MPC Container Ships ASA
 
147,508
208,303
NEL ASA (a)(c)
 
630,316
413,028
Nordic VLSI ASA (a)(c)
 
60,654
489,534
Norsk Hydro ASA
 
492,036
2,805,937
Norwegian Air Shuttle A/S (a)
 
300,266
215,410
Orkla ASA
 
270,705
1,864,483
PGS ASA (a)
 
346,136
312,642
Protector Forsikring ASA
 
25,625
401,432
Salmar ASA
 
26,731
1,265,367
Schibsted ASA:
 
 
 
 (A Shares)
 
26,769
534,855
 (B Shares)
 
35,681
661,176
Sparebank 1 Sr Bank ASA (primary capital certificate)
 
67,601
733,442
Sparebanken Midt-Norge
 
50,284
609,478
Sparebanken Nord-Norge
 
42,069
355,504
Stolt-Nielsen SA
 
15,187
499,619
Storebrand ASA (A Shares)
 
166,949
1,391,970
Telenor ASA
 
253,413
2,589,493
TGS ASA
 
47,774
650,903
Tomra Systems ASA
 
87,147
688,847
Veidekke ASA
 
50,909
439,321
Wallenius Wilhelmsen ASA
 
40,073
336,305
TOTAL NORWAY
 
 
49,787,730
Peru - 0.0%
 
 
 
Compania de Minas Buenaventura SAA sponsored ADR
 
88,053
713,229
Credicorp Ltd. (United States)
 
25,049
3,130,123
TOTAL PERU
 
 
3,843,352
Philippines - 0.2%
 
 
 
Aboitiz Equity Ventures, Inc.
 
645,430
519,839
Alliance Global Group, Inc.
 
1,237,200
232,657
Ayala Corp.
 
104,135
1,110,744
Ayala Land, Inc.
 
2,550,300
1,251,900
Bank of the Philippine Islands (BPI)
 
728,941
1,289,318
BDO Unibank, Inc.
 
871,344
1,956,717
Bloomberry Resorts Corp. (a)
 
1,510,300
241,757
Century Pacific Food, Inc.
 
528,700
260,337
Converge ICT Solutions, Inc. (a)
 
1,112,100
163,838
GT Capital Holdings, Inc.
 
39,140
377,794
International Container Terminal Services, Inc.
 
379,360
1,340,892
JG Summit Holdings, Inc.
 
1,019,490
659,712
Jollibee Food Corp.
 
169,160
610,028
Manila Electric Co.
 
111,200
694,447
Megaworld Corp.
 
4,538,000
158,135
Metropolitan Bank & Trust Co.
 
694,868
639,216
PLDT, Inc.
 
29,675
632,592
PUREGOLD Price Club, Inc.
 
530,300
254,953
Robinsons Land Corp.
 
804,656
197,341
Security Bank Corp.
 
196,350
268,220
SM Investments Corp.
 
88,785
1,251,846
SM Prime Holdings, Inc.
 
3,754,600
1,981,769
TELUS International, Inc. (a)
 
42,138
269,829
Universal Robina Corp.
 
340,510
654,889
Wilcon Depot, Inc.
 
632,300
222,105
TOTAL PHILIPPINES
 
 
17,240,875
Poland - 0.3%
 
 
 
Alior Bank SA (a)
 
34,229
537,808
Allegro.eu SA (a)(d)
 
177,618
1,271,396
Asseco Poland SA
 
20,532
375,587
Bank Millennium SA (a)
 
245,005
425,787
Bank Polska Kasa Opieki SA
 
68,042
2,062,882
Budimex SA
 
4,820
537,838
CCC SA (a)
 
18,882
178,418
CD Projekt RED SA
 
24,214
603,618
Cyfrowy Polsat SA
 
96,176
299,462
Dino Polska SA (a)(d)
 
18,231
1,724,826
ENEA SA (a)
 
115,950
200,818
Grupa Kety SA
 
3,970
669,199
InPost SA (a)
 
75,085
741,086
Jastrzebska Spolka Weglowa SA (a)
 
23,265
275,841
KGHM Polska Miedz SA (Bearer)
 
52,202
1,391,169
Kruk SA
 
6,768
747,813
LPP SA
 
409
1,316,708
mBank SA (a)
 
5,675
700,340
Orange Polska SA
 
258,486
478,918
Orlen SA
 
205,752
3,248,420
PGE Polska Grupa Energetyczna SA (a)
 
335,800
581,823
Powszechna Kasa Oszczednosci Bank SA (a)
 
320,797
3,314,558
Powszechny Zaklad Ubezpieczen SA
 
221,473
2,503,372
Santander Bank Polska SA (a)
 
13,258
1,436,581
Tauron Polska Energia SA (a)
 
435,078
382,083
Text SA
 
8,417
226,609
TOTAL POLAND
 
 
26,232,960
Portugal - 0.1%
 
 
 
Banco Comercial Portugues SA (Reg.) (a)
 
3,105,024
951,459
CTT Correios de Portugal SA
 
85,833
327,406
Energias de Portugal SA
 
1,127,333
4,735,539
Galp Energia SGPS SA Class B
 
178,173
2,678,938
Greenvolt-Energias Renovaveis SA (a)(c)
 
34,377
229,522
Jeronimo Martins SGPS SA
 
103,286
2,380,269
NOS SGPS
 
102,774
375,606
REN - Redes Energeticas Nacionais SGPS SA
 
198,801
517,464
Sonae SGPS SA
 
414,044
406,995
The Navigator Co. SA
 
92,808
369,233
TOTAL PORTUGAL
 
 
12,972,431
Qatar - 0.2%
 
 
 
Barwa Real Estate Co. (a)
 
780,715
542,491
Doha Bank
 
1,041,389
433,316
Dukhan Bank
 
685,514
682,690
Estithmar Holding QPSC (a)
 
370,272
205,424
Gulf International Services QSC (a)
 
393,685
296,264
Industries Qatar QSC (a)
 
590,665
1,982,402
Masraf al Rayan
 
2,036,045
1,174,319
Medicare Group
 
110,295
163,277
Mesaieed Petrochemical Holding Co. (a)
 
1,606,988
701,761
Ooredoo QSC
 
298,947
812,026
Qatar Aluminum Manufacturing Co. (a)
 
1,147,522
390,176
Qatar Electricity & Water Co. (a)
 
165,399
751,359
Qatar Fuel Co. (a)
 
231,813
945,461
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
918,555
888,029
Qatar International Islamic Bank QSC (a)
 
375,916
955,019
Qatar Islamic Bank
 
627,721
2,999,820
Qatar National Bank SAQ
 
1,694,301
6,928,905
Qatar Navigation QPSC
 
219,109
542,266
The Commercial Bank of Qatar (a)
 
1,178,358
1,658,957
United Development Co. (a)
 
737,213
197,009
Vodafone Qatar QSC (a)
 
790,707
386,558
TOTAL QATAR
 
 
23,637,529
Romania - 0.0%
 
 
 
NEPI Rockcastle PLC
 
199,201
1,075,872
Russia - 0.0%
 
 
 
Aeroflot Pjsc (a)(b)
 
402,869
28,687
Alrosa Co. Ltd. (b)
 
739,283
123,020
Credit Bank of Moscow (a)(b)
 
4,537,000
45,272
Detsky Mir PJSC (a)(b)(d)
 
227,830
37,736
Gazprom OAO (b)
 
3,442,771
360,339
Inter Rao Ues JSC (b)
 
11,220,073
61,874
LUKOIL PJSC (b)
 
120,075
37,175
MMC Norilsk Nickel PJSC (a)(b)
 
18,318
121,855
Mobile TeleSystems OJSC sponsored ADR (a)(b)
 
173,383
172,688
Moscow Exchange MICEX-RTS OAO (b)
 
449,874
86,499
Novatek PJSC GDR (Reg. S) (a)(b)
 
26,560
1,381,120
Novolipetsk Steel OJSC (a)(b)
 
409,801
3,935
Ozon Holdings PLC ADR (a)(b)
 
17,054
35,737
PhosAgro PJSC:
 
 
 
 GDR (Reg. S) (a)(b)
 
43,237
887
 sponsored GDR (Reg. S) (a)(b)
 
277
6
Polyus PJSC (a)(b)
 
10,038
23,611
Rosneft Oil Co. OJSC (b)
 
315,946
52,851
Rostelecom PJSC (b)
 
298,140
66,578
Sberbank of Russia (b)
 
3,156,853
19,414
Segezha Group PJSC (a)(b)(d)
 
1,842,700
27,597
Severstal PAO (a)(b)
 
63,766
1,424
Sistema JSFC GDR (Reg. S) (a)(b)
 
40,315
71,280
Surgutneftegas OJSC (b)
 
2,091,286
25,596
Tatneft PAO (b)
 
399,435
49,693
TCS Group Holding PLC GDR (a)(b)
 
36,283
46,213
Unipro PJSC (a)(b)
 
8,778,000
28,008
United Co. RUSAL International PJSC (b)
 
983,490
118,556
VK Co. Ltd. GDR (Reg. S) (a)(b)
 
39,795
11,825
VTB Bank OJSC (a)(b)
 
963,847,980
36,833
X5 Retail Group NV GDR (Reg. S) (a)(b)
 
33,857
7,990
Yandex NV Class A (a)(b)
 
90,012
336,143
TOTAL RUSSIA
 
 
3,420,442
Saudi Arabia - 1.1%
 
 
 
Abdullah Al Othaim Markets Co.
 
172,467
598,550
ACWA Power Co.
 
36,473
2,206,891
Advanced Petrochemicals Co.
 
51,029
507,352
Al Hammadi Co. for Development and Investment
 
35,605
512,493
Al Masane Al Kobra Mining Co.
 
19,605
275,398
Al Moammar Information Systems Co.
 
8,136
294,940
Al Rajhi Bank
 
716,121
12,808,327
Al Rajhi Co. for Co-operative Insurance (a)
 
8,226
326,268
Al-Dawaa Medical Services Co.
 
15,356
387,625
Aldrees Petroleum and Transport Services Co.
 
15,114
473,773
Alinma Bank
 
359,920
3,156,351
Alkhorayef Water & Power Technologies Co.
 
8,171
297,951
Almarai Co. Ltd.
 
93,119
1,387,502
Alujain Corp. (a)
 
17,771
179,055
Arab National Bank
 
249,180
1,578,131
Arabian Contracting Services Co.
 
6,398
344,151
Arabian Internet and Communications Services Co. Ltd.
 
9,054
754,902
Astra Industrial Group
 
16,481
399,768
Bank Al-Jazira (a)
 
158,697
692,047
Bank Albilad
 
180,740
1,792,176
Banque Saudi Fransi
 
218,163
2,084,749
Bupa Arabia for Cooperative Insurance Co.
 
28,526
1,619,586
Catrion Catering Holding Co.
 
16,821
468,097
Dallah Healthcare Co.
 
13,475
531,587
Dar Al Arkan Real Estate Development Co. (a)
 
194,604
783,271
Dr Sulaiman Al Habib Medical Services Group Co.
 
32,688
2,195,697
Elm Co.
 
8,826
1,649,640
Emaar The Economic City (a)
 
153,197
298,913
Etihad Etisalat Co.
 
141,631
1,740,375
Jadwa (REIT) Saudi Fund
 
80,634
277,263
Jahez International Co. (a)
 
2,306
271,070
Jarir Marketing Co.
 
226,166
872,930
Leejam Sports Co. JSC
 
12,432
508,998
Luberef
 
19,630
674,984
Middle East Healthcare Co. (a)
 
16,256
298,983
Mobile Telecommunications Co. Saudi Arabia
 
170,541
627,323
Mouwasat Medical Services Co.
 
36,419
970,759
Nahdi Medical Co.
 
15,317
578,940
National Co. for Learning & Education
 
7,289
191,570
National Gas & Industrialization Co.
 
17,276
267,088
National Industrialization Co. (a)
 
136,443
422,611
National Medical Care Co.
 
10,833
354,016
Northern Region Cement Co.
 
95,467
260,577
Power & Water Utility Co. for Jubail & Yanbu
 
33,032
478,980
Qassim Cement Co.
 
22,780
381,326
Rabigh Refining & Petrochemical Co. (a)
 
166,857
448,320
Riyad (REIT) Fund
 
94,785
205,659
Riyad Bank
 
551,190
3,900,761
Riyadh Cables Group Co.
 
15,964
311,484
Sabic Agriculture-Nutrients Co.
 
86,618
3,089,212
Sahara International Petrochemical Co.
 
134,712
1,158,029
Saudi Arabian Mining Co.
 
476,522
4,572,660
Saudi Arabian Oil Co. (d)
 
940,448
8,347,617
Saudi Automotive Services Co.
 
17,530
266,342
Saudi Awwal Bank
 
385,669
3,438,700
Saudi Basic Industries Corp.
 
323,279
6,635,164
Saudi Cement Co.
 
34,965
463,205
Saudi Chemical Co. Holding
 
247,506
263,894
Saudi Dairy & Foodstuffs Co.
 
6,560
524,576
Saudi Electricity Co.
 
299,083
1,419,042
Saudi Ground Services Co. (a)
 
38,010
295,338
Saudi Industrial Investment Group
 
142,515
910,187
Saudi Investment Bank/The
 
192,647
754,854
Saudi Kayan Petrochemical Co. (a)
 
280,234
790,296
Saudi Pharmaceutical Industries & Medical Appliances Corp. (a)
 
30,289
239,787
Saudi Real Estate Co. (a)
 
77,781
247,964
Saudi Research & Marketing Group (a)
 
14,103
530,047
Saudi Tadawul Group Holding Co.
 
18,026
798,572
Saudi Telecom Co.
 
737,438
7,548,145
Seera Group Holding (a)
 
60,861
382,855
Southern Province Cement Co.
 
31,635
343,199
The Co. for Cooperative Insurance
 
24,697
795,233
The National Agriculture Development Co. (a)
 
29,544
360,283
The Saudi National Bank
 
1,087,539
9,725,699
The Savola Group
 
101,749
987,222
United Electronics Co.
 
17,671
377,292
United International Transportation Co.
 
18,219
326,345
Yamama Cement Co. (a)
 
46,569
359,980
Yanbu Cement Co.
 
37,788
324,838
Yanbu National Petrochemical Co.
 
104,658
1,055,898
TOTAL SAUDI ARABIA
 
 
109,981,683
Singapore - 1.0%
 
 
 
AEM Holdings Ltd.
 
98,100
247,981
AIMS APAC (REIT)
 
342,800
300,413
BW LPG Ltd. (d)
 
30,752
434,951
CapitaLand Ascendas REIT
 
1,411,641
2,682,181
Capitaland Ascott Trust unit
 
1,020,557
671,022
Capitaland India Trust
 
459,924
322,381
CapitaLand Investment Ltd.
 
1,008,725
2,165,919
CapitaMall Trust
 
1,944,437
2,499,031
CapitaRetail China Trust
 
506,874
292,421
CDL Hospitality Trusts unit
 
346,124
244,727
City Developments Ltd.
 
205,100
946,703
ComfortDelgro Corp. Ltd.
 
829,600
801,281
DBS Group Holdings Ltd.
 
656,775
15,777,924
Digital Core (REIT)
 
323,500
163,523
ESR-LOGOS (REIT)
 
3,352,097
672,367
Far East Hospitality Trust unit
 
641,100
276,823
Frasers Centrepoint Trust
 
350,783
530,649
Frasers Logistics & Industrial Trust
 
1,107,465
841,239
Genting Singapore Ltd.
 
2,273,300
1,428,213
Grab Holdings Ltd. (a)(c)
 
708,924
2,176,397
Hafnia Ltd.
 
107,229
703,600
iFast Corp. Ltd.
 
56,900
274,666
Jardine Cycle & Carriage Ltd.
 
36,500
751,892
Kenon Holdings Ltd.
 
9,222
168,606
Keppel (REIT) (e)
 
796,834
462,691
Keppel Corp. Ltd.
 
529,200
2,402,222
Keppel DC (REIT)
 
487,274
601,345
Keppel Infrastructure Trust
 
1,307,835
419,851
Lendlease Global Commercial (REIT)
 
844,700
314,615
Mapletree Industrial (REIT)
 
823,027
1,293,719
Mapletree Logistics Trust (REIT)
 
1,215,070
1,304,803
Mapletree Pan Asia Commercial Trust
 
1,011,015
982,611
NetLink NBN Trust
 
1,072,069
650,056
Olam Group Ltd.
 
402,300
291,521
Oversea-Chinese Banking Corp. Ltd.
 
1,204,378
11,165,928
PARAGON REIT
 
640,700
371,856
Parkway Life REIT
 
144,300
354,006
Raffles Medical Group Ltd.
 
324,755
282,576
Sasseur (REIT)
 
479,900
219,114
SATS Ltd. (a)
 
408,737
735,287
Sea Ltd. ADR (a)
 
137,115
5,717,696
Seatrium Ltd. (a)
 
17,044,619
1,395,939
Sembcorp Industries Ltd.
 
347,700
1,166,501
Sheng Siong Group Ltd.
 
317,500
359,467
SIA Engineering Co. Ltd.
 
118,400
198,151
Singapore Airlines Ltd.
 
556,450
2,484,694
Singapore Exchange Ltd.
 
306,600
2,122,795
Singapore Post Ltd.
 
659,100
216,473
Singapore Technologies Engineering Ltd.
 
558,900
1,534,325
Singapore Telecommunications Ltd.
 
3,069,600
5,333,964
Starhill Global (REIT)
 
725,783
236,117
StarHub Ltd.
 
280,800
211,416
STMicroelectronics NV (France)
 
254,376
9,696,841
Suntec (REIT)
 
740,000
594,671
The Hour Glass Ltd.
 
112,700
137,040
United Overseas Bank Ltd.
 
457,314
9,020,382
UOL Group Ltd.
 
194,531
837,813
Venture Corp. Ltd.
 
105,400
899,940
Yangzijiang Financial Holding Ltd.
 
964,400
225,792
TOTAL SINGAPORE
 
 
99,617,128
South Africa - 0.9%
 
 
 
Absa Group Ltd.
 
316,547
2,885,991
Aeci Ltd.
 
50,517
299,267
African Rainbow Minerals Ltd.
 
44,700
368,345
Anglo American Platinum Ltd.
 
25,715
859,179
Anglo American PLC (United Kingdom)
 
471,271
12,007,802
Aspen Pharmacare Holdings Ltd.
 
135,977
1,235,120
Astral Foods Ltd.
 
20,586
161,319
AVI Ltd. (c)
 
129,839
484,941
Barloworld Ltd.
 
64,748
272,332
Bid Corp. Ltd.
 
121,977
2,587,712
Bidvest Group Ltd./The
 
105,462
1,492,793
Burstone Group Ltd.
 
385,772
153,170
Capitec Bank Holdings Ltd.
 
33,061
2,935,604
Clicks Group Ltd.
 
88,473
1,303,728
Coronation Fund Managers Ltd.
 
100,861
163,488
DataTec Ltd.
 
87,094
164,725
Dis-Chem Pharmacies Ltd. (d)
 
197,680
258,906
Discovery Ltd.
 
191,009
1,317,770
DRDGOLD Ltd.
 
175,769
154,194
Equites Property Fund Ltd.
 
307,798
189,097
Exxaro Resources Ltd.
 
89,216
894,960
FirstRand Ltd.
 
1,813,194
5,977,338
Fortress Real Estate Investmen Class A (a)
 
608,081
427,084
Foschini Group Ltd./The
 
127,552
689,243
Gold Fields Ltd.
 
329,280
4,343,845
Growthpoint Properties Ltd.
 
1,421,522
739,077
Harmony Gold Mining Co. Ltd.
 
206,817
948,229
Hosken Consolidated Investment Ltd.
 
22,337
233,731
Hyprop Investments Ltd.
 
137,456
209,162
Impala Platinum Holdings Ltd.
 
333,777
1,390,379
Investec Ltd.
 
91,596
501,143
JSE Ltd.
 
39,566
187,879
Kumba Iron Ore Ltd.
 
24,039
636,938
Life Healthcare Group Holdings Ltd.
 
515,962
514,093
Momentum Metropolitan Holdings
 
479,476
539,483
Motus Holdings Ltd.
 
70,893
351,926
Mr Price Group Ltd.
 
97,216
702,668
MTN Group Ltd.
 
630,203
3,076,371
MultiChoice Group Ltd. (a)
 
129,275
484,222
Naspers Ltd. Class N
 
71,946
11,230,833
Nedbank Group Ltd.
 
162,860
1,752,640
Netcare Ltd.
 
509,441
352,884
Ninety One Ltd.
 
83,958
164,064
Northam Platinum Holdings Ltd.
 
135,055
815,149
Old Mutual Ltd.
 
1,729,670
1,099,750
Omnia Holdings Ltd.
 
76,579
237,780
OUTsurance Group Ltd.
 
311,498
673,889
Pepkor Holdings Ltd. (d)
 
842,922
768,862
Pick 'n Pay Stores Ltd.
 
144,486
193,811
PSG Financial Services Ltd.
 
409,032
317,350
Redefine Properties Ltd.
 
2,466,357
463,166
Remgro Ltd.
 
185,240
1,432,026
Resilient Property Income Fund Ltd.
 
110,308
219,876
Sanlam Ltd.
 
633,912
2,223,411
Santam Ltd.
 
18,132
265,683
Sappi Ltd.
 
213,620
449,419
Sasol Ltd.
 
215,370
2,722,221
Scatec Solar AS (d)
 
44,400
223,770
Shoprite Holdings Ltd.
 
181,704
2,328,444
Sibanye-Stillwater Ltd.
 
1,073,215
1,368,942
Spar Group Ltd./The (c)
 
71,876
433,859
Standard Bank Group Ltd.
 
487,147
4,780,379
Super Group Ltd./South Africa
 
143,483
244,662
Telkom SA Ltd. (a)
 
116,367
136,425
Thungela Resources Ltd.
 
49,913
445,474
Tiger Brands Ltd.
 
60,746
561,878
Truworths International Ltd.
 
146,327
592,767
Vodacom Group Ltd.
 
221,495
1,205,788
Vukile Property Fund Ltd.
 
343,462
229,067
Woolworths Holdings Ltd.
 
352,319
1,311,733
TOTAL SOUTH AFRICA
 
 
91,389,256
Spain - 1.5%
 
 
 
Acciona SA
 
8,971
1,129,574
Acerinox SA
 
73,764
717,901
ACS Actividades de Construccion y Servicios SA
 
81,036
2,929,879
Aena SME SA (d)
 
27,538
3,984,616
Almirall SA
 
33,336
302,994
Amadeus IT Holding SA Class A
 
164,858
9,388,159
AmRest Holdings NV (a)
 
38,617
244,791
Applus Services SA
 
52,826
556,157
Atresmedia Corporacion de Medios de Comunicacion SA
 
49,558
185,523
Banco Bilbao Vizcaya Argentaria SA
 
2,193,527
17,256,992
Banco de Sabadell SA
 
2,083,822
2,581,929
Banco Santander SA (Spain)
 
5,969,118
21,890,992
Bankinter SA
 
250,581
1,580,763
Befesa SA (d)
 
15,602
454,643
CaixaBank SA
 
1,524,983
6,199,881
Cellnex Telecom SA (d)
 
209,731
6,165,275
Cie Automotive SA
 
20,111
511,984
Compania de Distribucion Integral Logista Holdings SA
 
27,833
682,653
Construcciones y Auxiliar de Ferrocarriles
 
7,697
229,666
Corp. ACCIONA Energias Renovables SA
 
24,833
672,135
Ebro Foods SA
 
28,580
486,267
EDP Renovaveis SA
 
118,531
1,905,094
eDreams ODIGEO SA (a)
 
66,548
426,712
Enagas SA
 
95,481
1,595,744
Ence Energia y Celulosa SA
 
63,839
190,621
Endesa SA
 
115,769
2,176,127
Faes Farma SA
 
135,093
423,823
Fluidra SA
 
35,751
628,704
Gestamp Automocion SA (d)
 
69,951
256,981
Global Dominion Access SA (d)
 
64,248
208,701
Grifols SA (a)
 
110,097
1,233,085
Iberdrola SA
 
2,210,618
24,586,533
Indra Sistemas SA
 
47,484
665,717
Industria de Diseno Textil SA (c)
 
396,100
13,642,141
Inmobiliaria Colonial SA
 
109,796
614,567
Laboratorios Farmaceuticos ROVI SA
 
8,361
446,320
Lar Espana Real Estate Socimi SA
 
32,223
186,841
Linea Directa Aseguradora SA Compania de Seguros y Reaseguros
 
264,227
227,577
MAPFRE SA (Reg.)
 
350,228
727,071
Melia Hotels International SA (a)(c)
 
59,602
330,775
Merlin Properties Socimi SA
 
118,638
986,673
Naturgy Energy Group SA
 
42,996
1,214,692
Pharma Mar SA
 
6,657
226,809
Prosegur Compania de Seguridad SA (Reg.)
 
104,772
156,533
Redeia Corp. SA
 
155,947
2,426,436
Repsol SA
 
480,095
7,022,941
Sacyr SA
 
179,090
516,564
Solaria Energia y Medio Ambiente SA (a)(c)
 
33,263
498,017
Tecnicas Reunidas SA (a)
 
20,159
177,361
Telefonica SA
 
1,929,904
7,454,523
Unicaja Banco SA (d)
 
537,601
558,597
Vidrala SA
 
7,971
591,231
Vidrala SA rights 11/2/23 (a)
 
7,971
29,393
Viscofan Envolturas Celulosicas SA
 
15,033
868,490
TOTAL SPAIN
 
 
151,354,168
Sweden - 1.9%
 
 
 
AAK AB
 
65,445
1,242,948
AcadeMedia AB (d)
 
44,637
184,907
Addlife AB
 
41,572
270,755
AddTech AB (B Shares)
 
95,049
1,391,362
AFRY AB (B Shares)
 
35,240
369,371
Alfa Laval AB
 
105,777
3,417,098
Alimak Group AB (d)
 
30,366
178,456
Alleima AB
 
86,141
523,987
Arjo AB
 
87,910
293,442
ASSA ABLOY AB (B Shares)
 
366,753
7,817,368
Atea ASA
 
32,347
336,473
Atlas Copco AB:
 
 
 
 (A Shares)
 
966,982
12,521,471
 (B Shares)
 
593,133
6,644,713
Atrium Ljungberg AB (B Shares)
 
21,555
330,978
Avanza Bank Holding AB
 
45,506
766,420
Axfood AB
 
39,543
873,581
Beijer Ref AB (B Shares)
 
140,033
1,326,007
Betsson AB (B Shares)
 
45,777
460,130
Bilia AB (A Shares)
 
28,513
264,377
Billerud AB
 
86,817
804,981
BioArctic AB (a)(c)(d)
 
13,983
282,104
BioGaia AB
 
32,934
293,863
Biotage AB (A Shares)
 
25,065
255,535
Boliden AB
 
103,958
2,661,244
BONESUPPORT Holding AB (a)(d)
 
24,477
318,394
Boozt AB (a)(d)
 
22,604
157,950
Bravida Holding AB (d)
 
83,327
520,306
Bufab AB
 
11,528
273,059
Bure Equity AB
 
21,580
430,345
Camurus AB (a)
 
11,959
358,263
Castellum AB
 
159,554
1,523,006
Catena AB
 
12,351
408,290
Cibus Nordic Real Estate AB
 
20,208
189,273
Cloetta AB
 
115,126
184,512
Coor Service Management Holding AB (d)
 
46,173
159,171
Creades AB (A Shares)
 
26,291
140,141
Dios Fastigheter AB
 
39,135
211,584
Dometic Group AB (d)
 
116,981
719,967
Electrolux AB (B Shares)
 
80,186
672,380
Electrolux Professional AB
 
88,895
358,847
Elekta AB (B Shares)
 
129,414
879,961
Embracer Group AB (a)
 
279,986
454,150
Epiroc AB:
 
 
 
 (A Shares)
 
233,382
3,844,903
 (B Shares)
 
153,134
2,122,279
EQT AB
 
136,139
2,474,600
Ericsson (B Shares)
 
1,102,278
4,937,908
Essity AB (B Shares)
 
222,694
5,073,356
Evolution AB (d)
 
67,414
5,990,436
Fabege AB
 
95,525
710,803
Fastighets AB Balder (a)
 
234,968
993,343
Fortnox AB
 
179,766
710,854
Getinge AB (B Shares)
 
83,422
1,497,679
Granges AB
 
42,092
404,613
H&M Hennes & Mauritz AB (B Shares) (c)
 
238,817
3,194,225
Hemnet Group AB
 
36,659
636,137
Hexagon AB (B Shares)
 
775,059
6,316,449
Hexatronic Group AB (c)
 
61,092
142,134
HEXPOL AB (B Shares)
 
97,587
862,878
HMS Networks AB
 
10,866
359,395
Holmen AB (B Shares)
 
39,331
1,482,341
Hufvudstaden AB (A Shares)
 
40,063
426,383
Husqvarna AB (B Shares)
 
146,774
948,036
Industrivarden AB:
 
 
 
 (A Shares)
 
48,296
1,246,940
 (C Shares)
 
50,364
1,295,821
Indutrade AB
 
98,201
1,734,416
Instalco AB
 
81,915
228,813
Intrum AB (c)
 
30,834
158,003
Investment AB Latour (B Shares)
 
52,446
905,623
Investor AB:
 
 
 
 (A Shares)
 
137,265
2,492,608
 (B Shares)
 
500,302
9,161,226
INVISIO AB
 
16,126
242,126
Inwido AB
 
22,216
226,689
JM AB (B Shares)
 
24,522
260,983
Kinnevik AB (B Shares) (a)
 
89,698
763,230
Know IT AB
 
11,448
143,581
L E Lundbergforetagen AB
 
26,568
1,082,242
Lifco AB
 
84,236
1,537,951
Lindab International AB
 
28,900
444,538
Loomis AB (B Shares)
 
26,732
693,059
Medicover AB Class B
 
25,344
285,625
Meko AB
 
20,764
167,043
MIPS AB
 
9,989
245,643
Modern Times Group MTG AB (B Shares) (a)
 
34,943
279,702
Munters Group AB (d)
 
48,031
584,335
Mycronic AB
 
27,517
601,494
NCC AB (B Shares)
 
31,840
325,746
New Wave Group AB (B Shares)
 
34,752
226,368
Nibe Industrier AB (B Shares)
 
575,703
3,310,081
Nolato AB (B Shares)
 
75,555
333,696
Nordnet AB
 
50,371
710,725
Nordnet AB (B Shares) (a)(b)
 
492
0
Nyfosa AB
 
59,729
287,878
OX2 AB (a)
 
76,312
308,052
Pandox AB
 
33,799
331,860
Paradox Interactive AB
 
14,741
279,965
Peab AB
 
69,106
256,800
Platzer Fastigheter Holding AB
 
31,004
162,485
Ratos AB (B Shares)
 
83,260
231,376
Saab AB (B Shares)
 
29,436
1,508,396
Sagax AB
 
79,681
1,438,369
Sandvik AB
 
389,739
6,638,432
Scandic Hotels Group AB (a)(d)
 
74,237
249,730
Sdiptech AB (a)
 
11,324
221,764
Sectra AB (B Shares)
 
50,619
546,892
Securitas AB (B Shares)
 
178,009
1,423,440
Sinch AB (a)(d)
 
257,422
405,973
Skandinaviska Enskilda Banken AB (A Shares)
 
579,197
6,449,676
Skanska AB (B Shares)
 
122,848
1,841,765
SKF AB (B Shares)
 
126,653
2,043,477
SkiStar AB
 
19,775
187,786
SSAB AB:
 
 
 
 (A Shares)
 
110,713
662,942
 (B Shares)
 
213,612
1,238,525
Stillfront Group AB (a)
 
175,212
181,060
Storskogen Group AB
 
505,890
298,482
Surgical Science Sweden AB (a)
 
13,716
155,438
Svenska Cellulosa AB SCA (B Shares)
 
222,227
3,044,996
Svenska Handelsbanken AB (A Shares)
 
540,878
4,611,361
Sweco AB (B Shares)
 
79,561
730,575
Swedbank AB (A Shares)
 
315,133
5,159,311
Swedish Orphan Biovitrum AB (a)
 
90,069
1,851,012
Tele2 AB (B Shares)
 
197,139
1,397,684
Telia Co. AB
 
911,440
1,932,205
Thule Group AB (d)
 
38,323
869,631
Trelleborg AB (B Shares)
 
84,986
2,143,979
Troax Group AB (c)
 
16,150
258,112
Truecaller AB (B Shares) (a)
 
89,587
216,214
Vestum AB (a)(c)
 
316,644
98,320
Vimian Group AB (a)(c)
 
65,187
147,748
Vitec Software Group AB
 
11,534
459,605
Vitrolife AB (c)
 
29,273
380,518
Volvo AB:
 
 
 
 (A Shares)
 
128,074
2,563,213
 (B Shares)
 
488,552
9,668,230
Volvo Car AB (a)(c)
 
249,606
856,658
Wallenstam AB (B Shares)
 
134,710
454,245
Wihlborgs Fastigheter AB
 
101,522
656,201
Xvivo Perfusion AB (a)
 
8,632
179,407
TOTAL SWEDEN
 
 
189,318,017
Switzerland - 3.7%
 
 
 
ABB Ltd. (Reg.)
 
584,560
19,639,882
Accelleron Industries Ltd.
 
31,320
769,185
Adecco SA (Reg.)
 
58,549
2,203,834
Alcon, Inc. (Switzerland)
 
183,133
13,049,724
Allreal Holding AG
 
5,352
857,826
ALSO Holding AG
 
2,507
636,637
Arbonia AG
 
24,221
206,091
Aryzta AG (a)
 
401,243
733,543
Autoneum Holding AG (a)(c)
 
1,400
158,523
Avolta AG (a)
 
36,982
1,289,176
Bachem Holding AG (B Shares)
 
12,419
895,604
Baloise Holdings AG
 
16,775
2,401,039
Banque Cantonale Vaudoise
 
10,974
1,237,764
Barry Callebaut AG
 
1,311
1,981,669
Basilea Pharmaceutica AG (a)
 
5,933
230,237
Belimo Holding AG (Reg.)
 
3,628
1,519,560
Bell Food Group AG
 
995
295,333
BKW AG
 
8,158
1,368,560
Bossard Holding AG
 
2,244
461,800
Bucher Industries AG
 
2,500
888,803
Burckhardt Compression Holding AG
 
1,195
604,298
Burkhalter Holding AG
 
5,532
515,708
Bystronic AG
 
565
269,565
Cembra Money Bank AG
 
11,597
796,166
Clariant AG (Reg.)
 
80,613
1,140,537
Comet Holding AG
 
2,930
573,664
Compagnie Financiere Richemont SA Series A
 
192,487
22,708,753
Daetwyler Holdings AG
 
2,828
496,800
DKSH Holding AG
 
13,144
804,838
DocMorris AG (a)(c)
 
4,400
181,679
Dorma Kaba Holding AG
 
1,250
568,900
Dottikon ES Holding AG (a)
 
1,218
267,795
DSM-Firmenich AG
 
69,869
6,327,531
EFG International
 
35,765
427,772
Emmi AG
 
826
779,100
Ems-Chemie Holding AG
 
2,517
1,715,539
Flughafen Zuerich AG
 
7,302
1,358,213
Forbo Holding AG (Reg.)
 
381
418,842
Galenica AG (d)
 
18,365
1,383,962
Geberit AG (Reg.)
 
12,176
5,645,948
Georg Fischer AG (Reg.)
 
30,243
1,559,942
Givaudan SA
 
3,413
11,331,017
Helvetia Holding AG (Reg.)
 
13,668
1,830,113
Huber+Suhner AG
 
7,325
500,063
Idorsia Ltd. (a)(c)
 
45,339
85,579
Implenia AG
 
5,321
165,541
INFICON Holding AG
 
651
704,925
Interroll Holding AG
 
255
668,581
Intershop Holding AG
 
414
274,437
IWG PLC (a)
 
291,563
467,782
Julius Baer Group Ltd.
 
76,931
4,559,062
Kardex AG
 
2,411
464,892
Komax Holding AG (Reg.) (c)
 
1,588
313,882
Kuehne & Nagel International AG
 
19,869
5,340,483
Landis+Gyr Group AG
 
8,580
633,844
LEM Holding SA
 
226
457,143
Leonteq AG
 
4,188
179,325
Lindt & Spruengli AG
 
38
4,135,657
Lindt & Spruengli AG (participation certificate)
 
375
4,143,077
Logitech International SA (Reg.)
 
61,213
4,788,564
Lonza Group AG
 
27,500
9,630,610
Medacta Group SA (d)
 
2,949
337,807
Medartis Holding AG (a)(d)
 
1,896
149,862
Medmix AG (d)
 
10,044
208,245
Metall Zug AG
 
188
269,708
Meyer Burger Technology AG (a)(c)
 
1,203,386
321,997
Mobilezone Holding AG
 
22,668
343,889
Mobimo Holding AG
 
2,657
733,147
Novartis AG
 
754,324
70,619,486
OC Oerlikon Corp. AG (Reg.)
 
76,897
305,339
Orior AG
 
3,675
299,769
Partners Group Holding AG
 
8,443
8,880,627
PSP Swiss Property AG
 
16,320
2,004,006
Sandoz Group AG
 
150,864
3,922,315
Schindler Holding AG:
 
 
 
 (participation certificate)
 
13,142
2,646,748
 (Reg.)
 
10,770
2,089,710
Schweiter Technologies AG
 
447
249,630
Sensirion Holding AG (a)(c)(d)
 
3,764
281,374
SFS Group AG
 
6,926
688,298
SGS SA (Reg.)
 
54,101
4,399,925
Siegfried Holding AG
 
1,458
1,153,225
Sig Group AG
 
112,563
2,473,627
Sika AG
 
54,153
12,912,423
SKAN Group AG
 
3,910
292,718
Sonova Holding AG
 
19,197
4,526,748
St.Galler Kantonalbank AG
 
1,197
649,392
Stadler Rail AG (c)
 
22,801
770,018
Straumann Holding AG
 
41,752
4,908,895
Sulzer AG (Reg.)
 
7,320
601,115
Swatch Group AG (Bearer)
 
10,088
2,575,093
Swatch Group AG (Bearer) (Reg.)
 
21,837
1,053,861
Swiss Life Holding AG
 
11,182
7,151,858
Swiss Prime Site AG
 
27,157
2,519,706
Swisscom AG
 
9,235
5,522,827
Swissquote Group Holding SA
 
4,269
816,115
Tecan Group AG
 
4,700
1,345,441
Temenos Group AG
 
23,322
1,670,087
u-blox Holding AG
 
2,803
264,076
UBS Group AG
 
1,210,442
28,236,772
Valiant Holding AG
 
6,615
719,931
VAT Group AG (d)
 
9,860
3,476,174
Vetropack Holding AG
 
7,176
281,234
Vontobel Holdings AG
 
10,668
621,562
Ypsomed Holding AG
 
1,841
505,964
Zehnder Group AG
 
4,531
234,109
Zurich Insurance Group Ltd.
 
54,361
25,732,806
TOTAL SWITZERLAND
 
 
359,812,578
Taiwan - 4.4%
 
 
 
Acbel Polytech, Inc.
 
271,161
319,557
Accton Technology Corp.
 
185,000
2,864,233
Acer, Inc.
 
1,079,000
1,139,501
ADATA Technology Co. Ltd.
 
131,333
396,192
Adimmune Corp. (a)
 
181,000
177,791
Advanced Energy Solution Holding Co. Ltd.
 
14,000
266,374
Advantech Co. Ltd.
 
169,696
1,741,392
Alchip Technologies Ltd.
 
26,000
2,130,784
Alexander Marine Co. Ltd.
 
9,000
101,067
Allied Supreme Corp.
 
18,341
176,831
Andes Technology Corp.
 
15,000
179,344
AP Memory Technology Corp.
 
37,000
410,846
Arcadyan Technology Corp.
 
68,000
324,455
Ardentec Corp.
 
326,000
655,589
ASE Technology Holding Co. Ltd.
 
1,134,718
3,969,567
Asia Cement Corp.
 
864,000
1,066,110
Asia Optical Co., Inc.
 
119,000
222,678
Asia Pacific Telecom Co. Ltd. (a)
 
1,075,723
225,313
Asia Vital Components Co. Ltd.
 
120,132
1,060,695
ASMedia Technology, Inc.
 
11,000
449,844
ASPEED Tech, Inc.
 
12,000
958,274
ASUSTeK Computer, Inc.
 
266,000
2,786,897
AUO Corp.
 
2,425,800
1,173,292
AURAS Technology Co. Ltd.
 
29,000
256,377
Bank of Kaohsiung Co. Ltd.
 
24,676
8,866
BizLink Holding, Inc.
 
52,847
411,498
Bora Pharmaceuticals Co. Ltd.
 
20,782
415,954
Brighton-Best International Taiwan, Inc.
 
195,000
200,245
Capital Securities Corp.
 
854,490
376,341
Catcher Technology Co. Ltd.
 
226,000
1,266,860
Cathay Financial Holding Co. Ltd.
 
3,454,155
4,683,851
Center Laboratories, Inc.
 
217,683
307,038
Century Iron & Steel Industrial Co. Ltd.
 
68,000
316,294
Chailease Holding Co. Ltd.
 
583,530
3,162,950
Chang Hwa Commercial Bank
 
1,969,538
1,042,615
Chang Wah Technology Co. Ltd.
 
220,000
219,647
Charoen Pokphand Enterprise Co. Ltd.
 
110,000
307,317
Cheng Loong Corp.
 
366,000
319,516
Cheng Shin Rubber Industry Co. Ltd.
 
723,000
987,250
Cheng Uei Precision Industries Co. Ltd.
 
199,000
236,303
Chicony Electronics Co. Ltd.
 
226,125
869,853
Chicony Power Technology Co. Ltd.
 
73,000
252,543
Chin-Poon Industrial Co. Ltd.
 
206,000
221,446
China Airlines Ltd.
 
1,065,000
637,929
China Bills Finance Corp.
 
340,000
149,356
China Development Financial Ho (a)
 
5,860,957
2,047,171
China Metals Products Co. Ltd.
 
253,000
273,733
China Motor Co. Ltd.
 
97,800
262,013
China Petrochemical Development Corp. (a)
 
1,440,532
451,364
China Steel Chemical Corp.
 
74,000
271,926
China Steel Corp.
 
4,273,000
3,185,433
Chipbond Technology Corp.
 
237,000
497,439
ChipMOS TECHNOLOGIES, Inc.
 
243,000
307,756
Chroma ATE, Inc.
 
142,000
958,840
Chung Hsin Electric & Machinery Manufacturing Corp.
 
154,000
444,327
Chung Hung Steel Co. Ltd.
 
406,000
270,223
Chunghwa Telecom Co. Ltd.
 
1,354,000
4,838,909
Clevo Co. Ltd.
 
218,000
210,339
Compal Electronics, Inc.
 
1,647,000
1,431,515
Compeq Manufacturing Co. Ltd.
 
401,000
655,166
Coretronic Corp.
 
125,000
282,195
CTBC Financial Holding Co. Ltd.
 
6,590,960
4,959,851
CTCI Corp.
 
257,000
312,639
Delta Electronics, Inc.
 
728,000
6,555,604
E Ink Holdings, Inc.
 
315,000
1,637,722
E.SUN Financial Holdings Co. Ltd.
 
5,117,802
3,768,093
ECLAT Textile Co. Ltd.
 
71,060
1,130,137
Ecove Environment Corp.
 
28,000
268,548
EirGenix, Inc. (a)
 
79,000
259,916
Elan Microelectronics Corp.
 
111,500
496,661
Elite Material Co. Ltd.
 
101,000
1,126,085
Elite Semiconductor Memory Technology, Inc.
 
110,000
286,283
eMemory Technology, Inc.
 
24,000
1,502,477
Ennoconn Corp.
 
33,920
261,624
ENNOSTAR, Inc. (a)
 
252,000
321,344
Episil Technologies, Inc.
 
113,398
239,812
Eternal Materials Co. Ltd.
 
364,426
312,879
Etron Technology, Inc.
 
129,169
163,374
EVA Airways Corp.
 
948,040
803,332
Evergreen Aviation Technologies Corp.
 
74,000
214,589
Evergreen International Storage & Transport Corp.
 
246,000
226,957
Evergreen Marine Corp. (Taiwan)
 
386,151
1,284,035
Everlight Electronics Co. Ltd.
 
193,000
264,233
Far Eastern Department Stores Co. Ltd.
 
352,000
260,132
Far Eastern International Bank
 
1,239,000
439,884
Far Eastern New Century Corp.
 
1,132,000
1,030,585
Far EasTone Telecommunications Co. Ltd.
 
608,000
1,423,098
Faraday Technology Corp.
 
85,000
800,774
Feng Hsin Iron & Steel Co.
 
190,000
368,613
Feng Tay Enterprise Co. Ltd.
 
184,168
1,016,160
First Financial Holding Co. Ltd.
 
3,906,771
3,123,581
Fitipower Integrated Technology, Inc.
 
34,553
285,801
FLEXium Interconnect, Inc.
 
135,940
350,346
FocalTech Systems Co. Ltd.
 
86,000
214,650
Formosa Chemicals & Fibre Corp.
 
1,279,000
2,404,554
Formosa International Hotel Corp.
 
31,000
193,436
Formosa Petrochemical Corp.
 
399,000
974,021
Formosa Plastics Corp.
 
1,341,000
3,186,674
Formosa Sumco Technology Corp.
 
38,000
183,015
Formosa Taffeta Co. Ltd.
 
334,000
259,591
Fortune Electric Co. Ltd.
 
47,000
326,612
Foxconn Technology Co. Ltd.
 
357,010
578,814
Fubon Financial Holding Co. Ltd.
 
2,827,723
5,254,369
Fulgent Sun International Holding Co. Ltd.
 
56,000
222,334
Fusheng Precision Co. Ltd.
 
47,000
293,625
General Interface Solution Holding Ltd.
 
132,000
227,415
Genius Electronic Optical Co. Ltd.
 
35,792
422,212
Getac Holdings Corp.
 
181,000
405,565
Giant Manufacturing Co. Ltd.
 
118,734
599,925
Gigabyte Technology Co. Ltd.
 
186,000
1,262,700
Global Brands Manufacture Ltd.
 
204,000
388,822
Global Unichip Corp.
 
32,000
1,429,076
GlobalWafers Co. Ltd.
 
80,000
1,175,087
Gloria Material Technology Corp.
 
174,000
239,992
Gold Circuit Electronics Ltd.
 
132,400
723,914
Goldsun Development & Construction Co. Ltd.
 
436,101
339,069
Grand Pacific Petrochemical Corp.
 
492,000
240,044
Grape King Bio Ltd.
 
57,000
260,320
Great Tree Pharmacy Co. Ltd.
 
28,474
298,182
Great Wall Enterprise Co. Ltd.
 
274,025
429,860
Greatek Electronics, Inc.
 
155,000
278,674
Gudeng Precision Industrial Co. Ltd.
 
23,000
239,280
Gudeng Precision Industrial Co. Ltd. rights 11/27/23 (a)
 
1,130
1,253
HannStar Display Corp. (a)
 
836,000
286,228
Highwealth Construction Corp.
 
429,037
538,651
HIWIN Technologies Corp.
 
107,218
649,256
Holtek Semiconductor, Inc.
 
193,000
367,628
Holy Stone Enterprise Co. Ltd.
 
82,950
243,019
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
4,600,600
13,720,900
Hota Industrial Manufacturing Co. Ltd.
 
131,014
250,548
Hotai Finance Co. Ltd.
 
97,100
373,059
Hotai Motor Co. Ltd.
 
112,160
2,091,197
HTC Corp. (a)
 
269,000
367,997
Hua Nan Financial Holdings Co. Ltd.
 
3,158,806
1,979,437
Huaku Development Co. Ltd.
 
97,000
273,792
IBF Financial Holdings Co. Ltd. (a)
 
976,081
346,162
Innodisk Corp.
 
34,699
320,246
Innolux Corp.
 
3,206,003
1,207,627
International CSRC Investment Holdings Co.
 
387,579
228,356
International Games Systems Co. Ltd.
 
44,000
847,444
Inventec Corp.
 
984,000
1,231,771
ITE Tech, Inc.
 
83,000
418,138
ITEQ Corp.
 
96,931
227,950
Jentech Precision Industrial Co. Ltd.
 
30,699
547,033
Kaori Heat Treatment Co. Ltd.
 
33,000
214,477
Kenda Rubber Industrial Co. Ltd.
 
267,855
241,275
King Slide Works Co. Ltd.
 
24,000
523,398
King Yuan Electronics Co. Ltd.
 
438,000
1,036,911
King's Town Bank Co. Ltd.
 
341,000
390,759
Kinik Co.
 
54,000
271,953
Kinpo Electronics, Inc.
 
473,000
203,603
Kinsus Interconnect Technology Corp.
 
117,000
344,191
L&K Engineering Co. Ltd.
 
86,000
338,607
Largan Precision Co. Ltd.
 
37,000
2,367,908
Lien Hwa Industrial Corp.
 
340,704
651,424
Lite-On Technology Corp.
 
768,009
2,389,364
Lotes Co. Ltd.
 
32,182
821,163
Lotus Pharmaceutical Co. Ltd.
 
42,000
327,528
LuxNet Corp.
 
48,000
229,947
M31 Technology Corp.
 
7,700
208,437
Macronix International Co. Ltd.
 
707,380
590,644
Makalot Industrial Co. Ltd.
 
82,701
924,914
Marketech International Corp.
 
44,000
180,462
MediaTek, Inc.
 
559,000
14,578,307
Medigen Vaccine Biologics Corp. (a)
 
106,933
229,370
Mega Financial Holding Co. Ltd.
 
4,192,218
4,753,390
Merida Industry Co. Ltd.
 
84,000
430,052
Merry Electronics Co. Ltd.
 
93,006
254,768
Micro-Star International Co. Ltd.
 
287,000
1,468,117
Microbio Co. Ltd.
 
198,126
313,600
MiTAC Holdings Corp.
 
345,483
393,087
momo.com, Inc.
 
32,384
533,485
Nan Ya Plastics Corp.
 
1,697,000
3,244,408
Nan Ya Printed Circuit Board Corp.
 
85,000
623,428
Nankang Rubber Tire Co. Ltd. (a)
 
185,000
208,801
Nantex Industry Co. Ltd.
 
150,000
159,303
Nanya Technology Corp.
 
460,000
921,488
Nien Made Enterprise Co. Ltd.
 
67,000
592,315
Novatek Microelectronics Corp.
 
212,000
2,983,312
Nuvoton Technology Corp.
 
88,000
346,969
OBI Pharma, Inc. (a)
 
76,723
190,902
Oneness Biotech Co. Ltd.
 
111,673
676,214
Orient Semiconductor Electronics Ltd.
 
202,000
259,791
Pan Jit International, Inc.
 
137,000
253,317
Pegatron Corp.
 
728,000
1,697,569
PharmaEssentia Corp. (a)
 
89,000
885,004
Phihong Technology Co. Ltd. (a)
 
147,887
240,780
Phison Electronics Corp.
 
62,000
894,170
PixArt Imaging, Inc.
 
68,000
270,126
Polaris Group (a)
 
113,000
255,553
Pou Chen Corp.
 
860,000
765,982
Powerchip Semiconductor Manufacturing Corp.
 
1,094,629
899,771
Powertech Technology, Inc.
 
277,000
899,234
Poya International Co. Ltd.
 
22,014
338,149
President Chain Store Corp.
 
209,000
1,661,179
Primax Electronics Ltd.
 
193,000
411,879
Qisda Corp.
 
559,000
733,230
Quanta Computer, Inc.
 
1,006,000
5,935,158
Quanta Storage, Inc.
 
103,000
218,385
Radiant Opto-Electronics Corp.
 
171,000
654,935
Raydium Semiconductor Corp.
 
24,445
271,307
Realtek Semiconductor Corp.
 
184,000
2,291,403
RichWave Technology Corp. (a)
 
35,302
125,989
Ruentex Development Co. Ltd.
 
568,395
569,591
Ruentex Industries Ltd.
 
280,824
496,691
Sanyang Motor Co. Ltd.
 
228,000
469,624
SDI Corp.
 
55,000
171,467
SerComm Corp.
 
99,000
345,148
Shihlin Electric & Engineering Corp.
 
90,000
263,842
Shin Kong Financial Holding Co. Ltd. (a)
 
4,974,410
1,335,337
Shin Zu Shing Co. Ltd.
 
89,279
255,087
Shinkong Synthetic Fiber Co.
 
574,000
266,519
Shiny Chemical Industrial Co. Ltd.
 
56,250
218,194
Sigurd Microelectronics Corp.
 
234,000
429,320
Simplo Technology Co. Ltd.
 
66,000
679,453
SINBON Electronics Co. Ltd.
 
87,000
744,431
Sino-American Silicon Products, Inc.
 
183,000
925,705
Sinopac Financial Holdings Co.
 
3,839,619
2,115,980
Sitronix Technology Corp.
 
45,000
397,477
Solar Applied Materials Technology Corp.
 
323,000
389,414
Sporton International, Inc.
 
42,050
277,367
St. Shine Optical Co. Ltd.
 
31,000
173,762
Standard Foods Corp.
 
221,714
258,127
Sunonwealth Electric Machine Industry Co. Ltd.
 
84,000
226,643
Supreme Electronics Co. Ltd.
 
318,000
545,840
Synnex Technology International Corp.
 
478,100
1,013,893
Systex Corp.
 
76,000
235,242
Ta Chen Stainless Pipe Co. Ltd.
 
685,758
784,546
Ta Ya Electric Wire & Cable Co. Ltd.
 
319,122
316,631
Taichung Commercial Bank Co. Ltd.
 
1,422,944
645,389
TaiDoc Technology Corp.
 
31,000
136,251
TaiMed Biologics, Inc. (a)
 
78,000
207,598
Tainan Spinning Co. Ltd.
 
544,000
238,362
Taishin Financial Holdings Co. Ltd.
 
4,081,557
2,175,290
Taiwan Business Bank
 
2,296,084
904,568
Taiwan Cement Corp.
 
2,333,387
2,323,235
Taiwan Cogeneration Corp.
 
230,404
281,205
Taiwan Cooperative Financial Holding Co. Ltd.
 
3,666,716
2,845,258
Taiwan Fertilizer Co. Ltd.
 
287,000
525,455
Taiwan Glass Industry Corp. (a)
 
432,000
243,584
Taiwan High Speed Rail Corp.
 
716,000
649,585
Taiwan Hon Chuan Enterprise Co. Ltd.
 
125,000
388,025
Taiwan Mask Corp.
 
108,000
227,692
Taiwan Mobile Co. Ltd.
 
628,000
1,854,479
Taiwan Paiho Ltd.
 
150,000
265,874
Taiwan Secom Co.
 
108,000
393,066
Taiwan Semiconductor Co. Ltd.
 
95,000
229,483
Taiwan Semiconductor Manufacturing Co. Ltd.
 
9,078,000
148,152,407
Taiwan Surface Mounting Technology Co. Ltd.
 
109,000
307,799
Taiwan Union Technology Corp.
 
109,000
359,479
Taiwan-Asia Semiconductor Corp.
 
217,000
300,793
Tatung Co. Ltd. (a)
 
630,000
697,671
TCI Co. Ltd.
 
42,557
227,326
TECO Electric & Machinery Co. Ltd.
 
485,000
691,716
The Shanghai Commercial & Savings Bank Ltd.
 
1,400,437
1,854,138
Tong Hsing Electronics Industries Ltd.
 
84,954
352,345
Tong Yang Industry Co. Ltd.
 
176,000
398,952
Topco Scientific Co. Ltd.
 
74,393
388,398
TPK Holding Co. Ltd.
 
178,000
176,299
Transcend Information, Inc.
 
118,000
267,413
Tripod Technology Corp.
 
171,000
874,780
TSEC Corp.
 
240,911
211,662
TSRC Corp.
 
318,000
224,788
TTY Biopharm Co. Ltd.
 
148,000
382,640
Tung Ho Steel Enterprise Corp.
 
220,040
441,351
TXC Corp.
 
147,000
435,606
U-Ming Marine Transport Corp.
 
179,000
245,123
Uni-President Enterprises Corp.
 
1,748,000
3,664,389
Unimicron Technology Corp.
 
505,000
2,250,522
Union Bank of Taiwan
 
886,689
361,020
United Integrated Services Co.
 
67,000
497,047
United Microelectronics Corp.
 
4,100,000
5,891,727
United Renewable Energy Co. Ltd.
 
562,796
259,058
Universal Vision Biotchnology Co. Ltd.
 
21,260
195,219
USI Corp.
 
329,000
195,673
Vanguard International Semiconductor Corp.
 
336,000
729,137
VIA Labs, Inc.
 
42,000
262,624
Via Technologies, Inc.
 
73,000
270,068
VisEra Technologies Co. Ltd.
 
44,000
279,131
Visual Photonics Epitaxy Co. Ltd.
 
65,000
296,170
Voltronic Power Technology Corp.
 
25,075
1,004,832
Wafer Works Corp.
 
252,511
340,470
Waffer Technology Corp.
 
51,000
171,165
Walsin Lihwa Corp.
 
1,025,457
1,090,536
Walsin Technology Corp.
 
133,875
433,380
Wan Hai Lines Ltd.
 
284,305
406,033
Win Semiconductors Corp.
 
132,389
592,920
Winbond Electronics Corp.
 
1,123,363
869,848
Winbond Electronics Corp. rights 11/3/23 (a)
 
45,160
4,104
WinWay Technology Co. Ltd.
 
9,000
177,874
Wisdom Marine Lines Co. Ltd.
 
194,000
250,306
Wistron Corp.
 
979,829
2,730,150
Wistron NeWeb Corp.
 
119,460
471,563
Wiwynn Corp.
 
32,000
1,515,093
Wowprime Corp.
 
28,587
211,022
WPG Holding Co. Ltd.
 
608,760
1,346,043
WT Microelectronics Co. Ltd.
 
185,235
679,019
XinTec, Inc.
 
74,000
265,178
Yageo Corp.
 
132,061
2,151,404
Yang Ming Marine Transport Corp.
 
659,000
858,265
YFY, Inc.
 
454,000
417,723
Yieh Phui Enterprise Co.
 
505,996
241,387
Yuanta Financial Holding Co. Ltd.
 
3,675,301
2,759,190
Yulon Finance Corp.
 
99,643
551,542
Yulon Motor Co. Ltd.
 
229,248
526,080
Zhen Ding Technology Holding Ltd.
 
251,000
758,299
TOTAL TAIWAN
 
 
427,426,536
Tanzania - 0.0%
 
 
 
Helios Towers PLC (a)
 
300,505
221,158
Thailand - 0.6%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
180,500
1,099,429
Advanced Information Service PCL NVDR
 
272,600
1,660,412
Airports of Thailand PCL NVDR (a)
 
1,566,200
2,891,742
Amata Corp. PCL NVDR
 
679,200
447,341
AP Thailand PCL NVDR
 
1,361,000
406,839
Asset World Corp. PCL (For. Reg.)
 
2,400,600
229,718
B. Grimm Power PCL (For. Reg.)
 
232,200
142,048
Bangchak Corp. PCL:
 
 
 
 (For. Reg.)
 
266,300
304,149
 NVDR
 
338,200
386,267
Bangkok Chain Hospital PCL (For. Reg.)
 
273,800
152,374
Bangkok Commercial Asset Management PCL (For. Reg.)
 
444,400
110,094
Bangkok Dusit Medical Services PCL:
 
 
 
 (For. Reg.)
 
1,755,900
1,287,224
 NVDR
 
2,355,300
1,726,636
Bangkok Expressway and Metro PCL (For. Reg.)
 
2,773,700
605,952
Bangkok Life Assurance PCL NVDR
 
375,800
241,273
Banpu PCL NVDR
 
3,021,100
635,075
BEC World PCL NVDR
 
623,300
93,108
Berli Jucker PCL (For. Reg.)
 
296,700
232,125
Betagro PCL NVDR
 
402,000
228,006
Beyond Securities PCL NVDR (a)
 
665,200
75,470
BTS Group Holdings PCL:
 
 
 
 (For. Reg.)
 
1,364,900
283,877
 NVDR
 
1,890,200
389,754
Bumrungrad Hospital PCL:
 
 
 
 (For. Reg.)
 
93,900
674,907
 NVDR
 
134,300
965,282
Carabao Group PCL NVDR
 
166,500
311,041
Central Pattana PCL:
 
 
 
 (For. Reg.)
 
494,900
856,185
 NVDR
 
278,600
481,983
Central Plaza Hotel PCL NVDR (a)
 
262,600
326,966
Central Retail Corp. PCL (For. Reg.)
 
570,683
580,425
CH. Karnchang PCL (For. Reg.)
 
388,600
234,402
Charoen Pokphand Foods PCL:
 
 
 
 (For. Reg.)
 
726,960
376,062
 NVDR
 
876,800
453,575
Chularat Hospital PCL (For. Reg.)
 
1,771,600
154,878
Com7 PCL NVDR
 
606,200
449,205
CP ALL PCL:
 
 
 
 (For. Reg.)
 
1,152,900
1,762,053
 NVDR
 
1,038,400
1,587,055
CP Axtra PCL NVDR
 
874,400
683,688
Delta Electronics PCL:
 
 
 
 (For. Reg.)
 
606,800
1,326,386
 NVDR
 
557,700
1,219,179
Dhipaya Group Holdings PCL NVDR
 
221,500
208,458
Dohome PCL NVDR
 
543,681
165,501
Eastern Polymer Group PCL NVDR
 
1,498,500
273,883
Electricity Generating PCL (For. Reg.)
 
81,000
273,438
Energy Absolute PCL:
 
 
 
 (For. Reg.)
 
372,400
432,877
 NVDR
 
285,400
331,748
Energy Earth PCL (For. Reg.) (a)(b)
 
7,600
0
Global Power Synergy Public Co. Ltd. (For. Reg.)
 
180,500
194,863
Gulf Energy Development PCL:
 
 
 
 (For. Reg.)
 
178,500
213,643
 NVDR
 
939,300
1,124,227
Gunkul Engineering PCL (For. Reg.)
 
1,834,539
115,792
Hana Microelectronics PCL (For. Reg.)
 
154,400
223,275
Home Product Center PCL:
 
 
 
 (For. Reg.)
 
1,427,700
470,071
 NVDR
 
1,244,100
409,621
i-Tail Corp. PCL
 
430,700
228,864
Indorama Ventures PCL:
 
 
 
 (For. Reg.)
 
453,900
297,412
 NVDR
 
251,600
164,857
Intouch Holdings PCL (For. Reg.)
 
287,200
564,158
IRPC PCL:
 
 
 
 (For. Reg.)
 
2,406,200
127,905
 NVDR
 
5,436,600
288,990
Jaymart Group Holdings PCL NVDR
 
330,800
150,190
JMT Network Services PCL (For. Reg.)
 
153,238
125,111
Kasikornbank PCL NVDR
 
250,500
911,072
KCE Electronics PCL (For. Reg.)
 
228,200
320,432
Krung Thai Bank PCL:
 
 
 
 (For. Reg.)
 
425,800
221,404
 NVDR
 
1,039,800
540,666
Krungthai Card PCL (For. Reg.)
 
264,900
320,689
Land & House PCL:
 
 
 
 (For. Reg.)
 
1,721,500
359,627
 NVDR
 
2,093,500
437,339
MBK PCL NVDR unit
 
533,000
236,246
Mega Lifesciences PCL NVDR
 
199,000
224,496
Minor International PCL:
 
 
 
 (For. Reg.)
 
375,749
291,194
 NVDR
 
885,300
686,080
Muangthai Leasing PCL (For. Reg.)
 
195,300
197,243
Ngern Tid Lor PCL NVDR
 
552,300
293,501
Osotspa PCL NVDR
 
661,000
429,855
Plan B Media PCL NVDR unit
 
1,484,300
334,606
PTT Exploration and Production PCL:
 
 
 
 (For. Reg.)
 
318,800
1,447,849
 NVDR
 
199,200
904,679
PTT Global Chemical PCL:
 
 
 
 (For. Reg.)
 
432,200
412,799
 NVDR
 
449,600
429,418
PTT Oil & Retail Business PCL:
 
 
 
 (For. Reg.)
 
650,800
329,574
 NVDR
 
812,200
411,309
PTT PCL:
 
 
 
 (For. Reg.)
 
2,370,400
2,181,888
 NVDR
 
1,292,800
1,189,987
Ramkhamhaeng Hospital PCL NVDR
 
210,700
235,287
Ratch Group PCL NVDR unit
 
415,600
370,808
Sansiri PCL NVDR
 
7,862,300
333,135
SCB X PCL:
 
 
 
 (For. Reg.)
 
185,500
505,780
 NVDR
 
184,600
503,326
SCG Packaging PCL NVDR
 
520,800
518,947
SCGJWD Logistics PCL NVDR
 
785,000
251,937
Siam Cement PCL:
 
 
 
 (For. Reg.)
 
168,700
1,343,909
 NVDR
 
126,900
1,010,919
Sino-Thai Engineering & Construction PCL (For. Reg.)
 
490,900
116,168
Srisawad Corp. PCL (For. Reg.)
 
187,130
216,803
Star Petroleum Refining PCL NVDR
 
1,326,900
272,052
STARK Corp. PCL NVDR (a)(b)
 
4,002,200
2,215
Supalai PCL (For. Reg.)
 
381,875
194,539
Thai Airways International PCL (For. Reg.) (a)(b)
 
126,000
11,574
Thai Oil PCL:
 
 
 
 (For. Reg.)
 
277,997
361,968
 NVDR
 
242,200
315,358
Thai Union Frozen Products PCL (For. Reg.)
 
817,400
305,312
Thonburi Healthcare Group PCL NVDR
 
164,500
285,876
Thoresen Thai Agencies PCL NVDR
 
1,131,200
161,166
TMBThanachart Bank PCL NVDR
 
12,942,200
597,890
TOA Paint Thailand PCL NVDR
 
275,000
164,483
True Corp. PCL
 
1,902,194
319,025
True Corp. PCL NVDR
 
1,999,923
335,415
VGI PCL (For. Reg.)
 
1,548,930
82,362
Vibhavadi Medical Center PCL NVDR
 
3,485,900
192,066
WHA Corp. PCL:
 
 
 
 (For. Reg.)
 
1,819,200
251,894
 NVDR
 
2,139,700
296,272
TOTAL THAILAND
 
 
55,125,508
Turkey - 0.3%
 
 
 
Akbank TAS
 
1,167,775
1,214,815
Aksa Akrilik Kimya Sanayii
 
76,821
240,343
Alarko Holding AS
 
85,453
305,370
Anadolu Efes Biracilik Ve Malt Sanayii A/S
 
88,508
312,068
Aselsan A/S
 
574,477
838,613
Bim Birlesik Magazalar A/S JSC
 
171,525
1,647,459
Borusan Mannesmann Boru Sanayi ve Ticaret A/S (a)
 
11,465
373,675
Dogan Sirketler Grubu Holding A/S
 
623,557
301,218
Dogus Otomotiv Servis ve Ticaret A/S
 
26,987
236,810
Eldorado Gold Corp. (a)
 
86,058
930,860
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S
 
906,164
209,908
Enerjisa Enerji A/S (d)
 
140,511
241,336
Eregli Demir ve Celik Fabrikalari T.A.S. (a)
 
553,244
739,632
Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret A/S
 
28,976
188,062
Ford Otomotiv Sanayi A/S
 
28,280
785,210
Girisim Elektrik Taahhut Ticaret Ve Sanayi A/S
 
64,625
196,710
Haci Omer Sabanci Holding A/S
 
421,130
795,588
Hektas Ticaret A/S (a)
 
447,283
346,211
Is Yatirim Menkul Degerler A/S
 
222,786
333,716
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D
 
331,847
292,483
Koc Holding A/S
 
285,441
1,378,862
Kontrolmatik Enerji Ve Muhendislik A/S
 
38,682
358,556
Koza Altin Isletmeleri A/S
 
382,571
296,662
Koza Anadolu Metal Madencilik Isletmeleri A/S (a)
 
114,667
212,982
Mavi Jeans Class B (d)
 
81,508
274,867
Migros Turk Ticaret A/S
 
41,707
497,346
Odas Elektrik Uretim Ve Sanayi (a)
 
584,915
243,928
Otokar Otomotiv ve Savunma Sanayi A.S.
 
19,773
278,938
Oyak Cimento Fabrikalari A/S (a)
 
144,117
363,101
Pegasus Hava Tasimaciligi A/S (a)
 
19,832
493,712
Petkim Petrokimya Holding A/S (a)
 
697,445
484,678
Reysas Logistics (a)
 
130,493
144,228
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S
 
179,214
199,723
Sasa Polyester Sanayi A/S
 
405,062
611,614
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret A/S
 
67,556
164,481
Sok Marketler Ticaret A/S
 
143,432
302,876
TAV Havalimanlari Holding A/S (a)
 
89,845
363,577
Tofas Turk Otomobil Fabrikasi A/S
 
54,676
464,720
Turk Hava Yollari AO (a)
 
210,058
1,611,822
Turk Traktor ve Ziraat Makinalari A/S
 
11,429
292,513
Turkcell Iletisim Hizmet A/S
 
491,165
832,505
Turkiye Is Bankasi A/S Series C
 
1,313,635
973,192
Turkiye Petrol Rafinerileri A/S
 
365,503
1,831,435
Turkiye Sise ve Cam Fabrikalari A/S
 
546,779
914,026
Yapi ve Kredi Bankasi A/S
 
1,317,448
802,027
TOTAL TURKEY
 
 
24,922,458
United Arab Emirates - 0.4%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
1,072,675
2,345,108
Abu Dhabi Islamic Bank (a)
 
539,663
1,513,348
Abu Dhabi National Oil Co. for Distribution PJSC
 
1,177,404
1,077,070
Air Arabia PJSC
 
877,965
626,264
Ajman Bank PJSC (a)
 
443,720
247,652
Al Yah Satellite Communications Co. PJSC (Yahsat)
 
450,464
311,511
Aldar Properties PJSC
 
1,409,649
1,995,691
Americana Restaurants International PLC
 
935,034
941,907
Aramex Co.
 
367,792
230,308
Dana Gas PJSC
 
2,837,994
625,858
Dubai Financial Market PJSC (a)
 
659,545
235,231
Dubai Investments Ltd.
 
876,382
539,239
Dubai Islamic Bank Pakistan Ltd.
 
1,070,443
1,573,752
Emaar Properties PJSC
 
2,494,382
4,543,266
Emirates Central Cooling Systems Corp.
 
938,963
457,594
Emirates NBD Bank PJSC
 
693,319
3,199,498
Emirates Telecommunications Corp.
 
1,294,344
6,505,197
First Abu Dhabi Bank PJSC
 
1,664,586
5,746,515
Gulf Navigation Holding PJSC (a)
 
135,622
265,853
Multiply Group (a)
 
1,458,774
1,350,349
National Central Cooling Co. (a)
 
404,795
385,729
Network International Holdings PLC (a)(d)
 
183,026
862,696
NMC Health PLC (a)(b)
 
17,953
3
Sharjah Islamic Bank
 
673,479
429,061
TOTAL UNITED ARAB EMIRATES
 
 
36,008,700
United Kingdom - 7.2%
 
 
 
3i Group PLC
 
351,447
8,286,273
4Imprint Group PLC
 
10,676
651,402
888 Holdings PLC (a)
 
155,482
154,208
A.G. Barr PLC
 
46,121
275,524
Abrdn PLC
 
733,520
1,396,624
Admiral Group PLC
 
78,122
2,319,711
Advanced Medical Solutions Group PLC
 
93,983
221,381
AJ Bell PLC
 
122,125
375,842
Allfunds Group PLC
 
127,322
649,078
Alpha Financial Markets Consulting PLC
 
45,475
210,036
Alpha FX Group PLC
 
13,404
254,154
Alphawave IP Group PLC (a)
 
96,449
114,884
AngloGold Ashanti PLC
 
155,194
2,868,643
Ascential PLC (a)
 
175,606
558,787
Ashmore Group PLC
 
184,727
380,572
Ashtead Group PLC
 
160,572
9,180,667
Associated British Foods PLC
 
126,513
3,115,385
Assura PLC
 
1,130,963
562,773
Aston Martin Lagonda Global Holdings PLC (a)(c)(d)
 
106,929
284,367
AstraZeneca PLC (United Kingdom)
 
571,388
71,539,922
Auction Technology Group PLC (a)
 
39,709
270,763
Auto Trader Group PLC (d)
 
338,056
2,557,141
Aviva PLC
 
1,002,043
4,853,466
B&M European Value Retail SA
 
353,971
2,275,078
Babcock International Group PLC (a)
 
99,927
474,651
BAE Systems PLC
 
1,117,303
15,023,683
Balfour Beatty PLC
 
217,214
816,327
Barclays PLC
 
5,762,825
9,249,609
Barratt Developments PLC
 
357,129
1,796,626
Beazley PLC
 
250,826
1,568,538
Bellway PLC
 
45,043
1,143,128
Berkeley Group Holdings PLC
 
38,588
1,892,956
Big Yellow Group PLC
 
65,668
762,244
Bodycote PLC
 
73,109
510,058
BP PLC
 
6,409,748
39,138,047
Breedon Group PLC
 
123,605
469,487
Bridgepoint Group PLC (d)
 
98,993
218,383
British American Tobacco PLC (United Kingdom)
 
780,233
23,307,469
British Land Co. PLC
 
323,095
1,168,300
Britvic PLC
 
102,098
1,039,916
BT Group PLC
 
2,507,354
3,436,128
Bunzl PLC
 
123,909
4,415,744
Burberry Group PLC
 
138,198
2,842,099
Bytes Technology Group PLC
 
91,574
547,836
Capita Group PLC (a)
 
675,738
137,736
Central Asia Metals PLC
 
89,445
178,077
Centrica PLC
 
2,060,320
3,939,132
Ceres Power Holdings PLC (a)(c)
 
49,222
118,457
Chemring Group PLC
 
120,308
408,708
CK Hutchison Holdings Ltd.
 
976,500
4,943,323
Clarkson PLC
 
13,426
431,628
Close Brothers Group PLC
 
58,110
562,920
CNH Industrial NV
 
381,908
4,228,874
Coats Group PLC
 
624,216
512,883
Coca-Cola European Partners PLC
 
75,643
4,425,872
Compass Group PLC
 
631,105
15,911,032
Computacenter PLC
 
30,097
938,679
ConvaTec Group PLC (d)
 
600,586
1,490,624
Craneware PLC
 
12,091
232,932
Cranswick PLC
 
21,013
892,376
Crest Nicholson Holdings PLC
 
93,336
181,512
Croda International PLC
 
53,244
2,833,241
Currys PLC
 
423,194
230,233
Custodian (REIT) PLC
 
216,519
216,061
CVS Group PLC
 
27,551
490,583
Darktrace PLC (a)
 
134,639
572,764
DCC PLC (United Kingdom)
 
36,035
1,999,413
Dechra Pharmaceuticals PLC
 
41,687
1,929,455
Deliveroo PLC Class A (a)(d)
 
361,396
571,036
Derwent London PLC
 
34,844
772,061
Diageo PLC
 
816,047
30,859,654
Diploma PLC
 
48,981
1,691,955
Direct Line Insurance Group PLC (a)
 
492,614
905,905
Discoverie Group PLC
 
38,946
292,069
Domino's Pizza UK & IRL PLC
 
141,490
589,871
Dowlais Group PLC
 
503,895
612,459
Dr. Martens Ltd.
 
249,044
352,343
Drax Group PLC
 
152,619
783,926
DS Smith PLC
 
512,573
1,776,816
Dunelm Group PLC
 
48,178
571,233
easyJet PLC (a)
 
112,984
502,615
Elementis PLC (a)
 
250,280
360,176
Empiric Student Property PLC
 
257,690
264,662
Entain PLC
 
242,480
2,742,096
Ergomed PLC (a)
 
18,205
296,948
Essentra PLC
 
144,072
260,217
FD Technologies PLC (a)
 
9,673
100,993
FDM Group Holdings PLC
 
57,499
305,057
Fever-Tree Drinks PLC
 
39,923
487,185
Firstgroup PLC
 
275,167
528,099
Forterra PLC (d)
 
121,148
198,198
Frasers Group PLC (a)
 
55,760
544,221
Future PLC
 
41,747
448,808
Games Workshop Group PLC
 
12,221
1,466,834
Gamma Communications PLC
 
37,615
478,222
GB Group PLC
 
97,238
282,469
Genuit Group PLC
 
99,832
322,160
Genus PLC
 
25,177
654,258
Grafton Group PLC unit
 
78,949
739,936
Grainger Trust PLC
 
275,790
762,265
Great Portland Estates PLC
 
95,369
452,073
Greggs PLC
 
38,300
1,103,276
Halfords Group PLC
 
97,780
238,406
Halma PLC
 
138,293
3,101,228
Hammerson PLC
 
1,479,385
396,305
Harbour Energy PLC
 
253,275
781,306
Hargreaves Lansdown PLC
 
131,378
1,128,323
Hays PLC
 
627,130
732,518
Hill & Smith Holdings PLC
 
32,939
659,788
Hilton Food Group PLC
 
51,264
406,877
Hiscox Ltd.
 
128,389
1,463,753
Home (REIT) PLC (b)
 
386,246
178,631
Howden Joinery Group PLC
 
202,240
1,567,301
HSBC Holdings PLC (United Kingdom)
 
7,243,609
52,301,939
Ibstock PLC (d)
 
174,679
260,084
IG Group Holdings PLC
 
149,429
1,158,758
IMI PLC
 
95,825
1,706,293
Impax Asset Management Group PLC
 
40,517
189,599
Imperial Brands PLC
 
315,682
6,725,350
Inchcape PLC
 
138,048
1,117,484
Indivior PLC (a)
 
49,073
939,421
Informa PLC
 
523,907
4,531,346
IntegraFin Holdings PLC
 
119,642
318,176
InterContinental Hotel Group PLC
 
62,530
4,431,036
Intermediate Capital Group PLC
 
106,656
1,691,089
International Distributions Services PLC (a)
 
266,747
818,974
Intertek Group PLC
 
58,308
2,709,378
Investec PLC
 
239,273
1,326,450
IP Group PLC
 
428,383
228,317
ITM Power PLC (a)(c)
 
267,577
210,161
ITV PLC
 
1,325,126
1,028,545
J Sainsbury PLC
 
608,961
1,904,436
J.D. Wetherspoon PLC (a)
 
35,205
270,432
JD Sports Fashion PLC
 
968,569
1,500,990
Jet2 PLC
 
63,909
778,336
John Wood Group PLC (a)
 
256,304
442,054
Johnson Matthey PLC
 
68,593
1,245,568
Johnson Service Group PLC
 
194,842
302,657
Jupiter Fund Management PLC
 
198,185
189,094
Just Eat Takeaway.com NV (a)(d)
 
77,403
943,212
Just Group PLC
 
393,617
361,687
Kainos Group PLC
 
32,186
438,932
Keller Group PLC
 
29,611
278,928
Kingfisher PLC
 
716,940
1,830,720
Lancashire Holdings Ltd.
 
93,589
646,116
Land Securities Group PLC
 
259,817
1,796,871
Learning Technologies Group PLC
 
240,690
180,940
Legal & General Group PLC
 
2,246,443
5,772,148
Liontrust Asset Management PLC
 
26,095
177,299
Lloyds Banking Group PLC
 
23,907,240
11,635,654
London Stock Exchange Group PLC
 
156,719
15,812,178
Londonmetric Properity PLC
 
407,527
819,274
LXI REIT PLC
 
622,258
648,547
M&G PLC
 
838,998
2,021,165
Man Group PLC
 
446,342
1,190,802
Marks & Spencer Group PLC (a)
 
724,808
1,909,938
Marlowe PLC (a)(c)
 
32,359
217,892
Marshalls PLC
 
95,856
239,774
Melrose Industries PLC
 
505,177
2,867,461
Mitchells & Butlers PLC (a)
 
106,569
268,644
Mitie Group PLC
 
524,198
627,579
Mobico Group PLC
 
208,053
158,049
Molten Ventures PLC (a)
 
54,093
154,769
Moneysupermarket.com Group PLC
 
207,335
652,694
Moonpig Group PLC (a)
 
133,657
267,886
Morgan Advanced Materials PLC
 
125,752
343,902
Morgan Sindall PLC
 
17,769
406,030
National Grid PLC
 
1,317,061
15,703,288
NatWest Group PLC
 
2,179,641
4,742,500
Next Fifteen Communications Group PLC
 
34,075
261,752
Next PLC
 
44,568
3,729,075
Ninety One PLC
 
148,234
284,850
Ocado Group PLC (a)
 
219,292
1,240,203
OSB Group PLC
 
161,661
589,080
Oxford Instruments PLC
 
23,851
522,394
Oxford Nanopore Technologies Ltd. (a)
 
205,014
507,339
Pagegroup PLC
 
125,437
572,649
Paragon Banking Group PLC
 
93,969
506,656
Pearson PLC
 
234,495
2,714,452
Pennon Group PLC
 
98,180
866,953
Pepco Group NV (a)
 
68,764
278,350
Persimmon PLC
 
116,286
1,436,013
Petrofac Ltd. (a)(c)
 
174,294
99,567
Pets At Home Group PLC
 
197,265
673,262
Phoenix Group Holdings PLC
 
273,501
1,508,553
Picton Property Income Ltd.
 
255,133
201,566
Playtech Ltd. (a)
 
93,279
445,114
Premier Foods PLC
 
273,694
389,879
Primary Health Properties PLC
 
519,558
566,768
PZ Cussons PLC Class L
 
115,823
188,360
QinetiQ Group PLC
 
203,187
817,450
Quilter PLC (d)
 
538,164
522,635
Rathbone Brothers PLC
 
24,763
450,871
Reckitt Benckiser Group PLC
 
258,453
17,292,305
Redde Northgate PLC
 
90,015
367,613
Redrow PLC
 
114,897
679,544
RELX PLC (London Stock Exchange)
 
689,017
24,065,790
Renew Holdings PLC
 
50,829
442,963
Renewi PLC (a)
 
36,786
262,457
Renishaw PLC
 
14,105
528,719
Rentokil Initial PLC
 
924,358
4,707,285
Rightmove PLC
 
304,141
1,748,530
Rolls-Royce Holdings PLC (a)
 
3,113,250
8,194,780
Rotork PLC
 
329,610
1,173,028
RS GROUP PLC
 
171,889
1,414,823
RWS Holdings PLC
 
116,282
293,411
S4 Capital PLC (a)(c)
 
197,957
152,665
Safestore Holdings PLC
 
80,440
668,263
Sage Group PLC
 
366,662
4,325,569
Savills PLC
 
52,338
500,962
Schroders PLC
 
330,612
1,484,004
Segro PLC
 
434,619
3,765,421
Serco Group PLC
 
424,277
737,433
Serica Energy PLC
 
102,249
289,320
Severn Trent PLC
 
94,560
3,052,619
Shaftesbury Capital PLC
 
543,034
686,432
Smart Metering Systems PLC
 
54,529
423,512
Smith & Nephew PLC
 
323,894
3,624,741
Smiths Group PLC
 
128,430
2,518,677
Softcat PLC
 
48,592
747,124
Spectris PLC
 
38,887
1,465,221
Spirax-Sarco Engineering PLC
 
26,674
2,655,921
Spire Healthcare Group PLC (d)
 
134,143
348,099
Spirent Communications PLC
 
228,832
270,485
SSE PLC
 
394,666
7,833,449
SSP Group PLC (a)
 
304,920
667,107
St. James's Place PLC
 
209,242
1,626,651
Standard Chartered PLC (United Kingdom)
 
873,029
6,685,076
SThree PLC
 
63,363
270,321
Subsea 7 SA
 
83,040
1,088,274
Supermarket Income (REIT) PLC
 
493,270
435,270
Target Healthcare (REIT) PLC
 
531,523
465,795
Tate & Lyle PLC
 
151,187
1,158,608
Taylor Wimpey PLC
 
1,281,290
1,725,537
Team17 Group PLC (a)
 
48,087
154,885
Telecom Plus PLC
 
29,683
557,047
Tesco PLC
 
2,637,795
8,656,089
The Weir Group PLC
 
94,382
1,958,212
THG PLC (a)
 
248,083
210,832
TORM PLC
 
14,632
446,402
TP ICAP Group PLC
 
297,552
568,167
Trainline PLC (a)(d)
 
174,228
551,437
Travis Perkins PLC
 
80,392
722,681
Tritax Big Box REIT PLC
 
687,211
1,142,650
Tyman PLC
 
86,255
254,758
Unilever PLC
 
913,490
43,263,512
Unite Group PLC
 
122,628
1,294,484
United Utilities Group PLC
 
252,543
3,266,282
Urban Logistics REIT PLC
 
198,223
251,049
Vesuvius PLC
 
86,287
422,656
Victoria PLC (a)(c)
 
22,703
88,854
Victrex PLC
 
33,735
564,614
Virgin Money UK PLC
 
443,172
802,324
Vistry Group PLC
 
127,223
1,093,257
Vodafone Group PLC
 
8,559,786
7,879,621
Volex PLC
 
70,037
240,482
Volution Group PLC
 
77,081
339,713
Warehouse (REIT) PLC
 
195,802
172,541
Watches of Switzerland Group PLC (a)(d)
 
89,869
547,249
WH Smith PLC
 
50,967
718,595
Whitbread PLC
 
72,924
2,949,789
Wickes Group PLC
 
140,521
218,619
Wise PLC (a)
 
234,270
1,895,253
Workspace Group PLC
 
58,233
341,298
WPP PLC
 
412,536
3,552,443
Yellow Cake PLC (a)(d)
 
77,916
522,761
YouGov PLC
 
37,558
388,024
TOTAL UNITED KINGDOM
 
 
712,413,978
United States of America - 3.9%
 
 
 
Bausch Health Cos., Inc. (Canada) (a)
 
106,148
723,930
Brookfield Renewable Corp.
 
49,796
1,132,911
BRP, Inc.
 
13,371
903,742
Burford Capital Ltd.
 
68,798
850,421
Carnival PLC (a)
 
50,915
522,559
CRH PLC
 
268,487
14,427,161
CSL Ltd.
 
178,493
26,379,860
CyberArk Software Ltd. (a)
 
15,324
2,507,619
Diversified Gas & Oil PLC
 
421,577
342,543
Energy Fuels, Inc. (a)(c)
 
61,026
488,032
Experian PLC
 
336,924
10,201,001
Ferrovial SE
 
182,077
5,479,127
Ferrovial SE rights (a)(e)
 
182,077
82,380
Fiverr International Ltd. (a)(c)
 
12,068
255,480
GSK PLC
 
1,502,120
26,777,954
Haleon PLC
 
2,020,003
8,096,355
Holcim AG
 
191,422
11,801,183
InMode Ltd. (a)(c)
 
27,697
529,013
James Hardie Industries PLC CDI (a)
 
163,661
4,083,249
JBS SA
 
297,100
1,180,327
JS Global Lifestyle Co. Ltd. (c)(d)
 
580,500
91,423
Legend Biotech Corp. ADR (a)
 
21,854
1,443,894
Maxeon Solar Technologies Ltd. (a)(c)
 
12,384
77,276
MDA Ltd. (a)
 
44,400
367,239
Monday.com Ltd. (a)
 
8,556
1,112,194
Nestle SA (Reg. S)
 
979,907
105,671,976
Parade Technologies Ltd.
 
29,000
950,087
PolyPeptide Group AG (a)(d)
 
6,049
113,180
Primo Water Corp.
 
62,317
813,860
QIAGEN NV (Germany) (a)
 
85,599
3,180,899
REC Silicon ASA (a)
 
114,194
148,276
Reliance Worldwide Corp. Ltd.
 
295,752
659,220
Resolute Forest Products, Inc. rights (a)(b)
 
19,734
0
RHI Magnesita NV
 
11,055
344,788
Roche Holding AG:
 
 
 
 (Bearer)
 
18,545
5,039,657
 (participation certificate)
 
251,103
64,711,664
Sanofi SA
 
419,219
38,067,693
Schneider Electric SA
 
199,991
30,770,070
Sims Ltd.
 
65,587
522,819
Swiss Re Ltd.
 
110,510
12,041,721
Tenaris SA
 
171,309
2,689,929
Titan Cement International Trading SA
 
18,584
348,048
Vobile Group Ltd. (a)
 
588,000
151,441
TOTAL UNITED STATES OF AMERICA
 
 
386,082,201
Vietnam - 0.0%
 
 
 
XP Power PLC
 
11,029
146,921
Zambia - 0.0%
 
 
 
First Quantum Minerals Ltd.
 
219,618
2,544,987
 
TOTAL COMMON STOCKS
 (Cost $9,914,770,644)
 
 
 
9,377,774,654
 
 
 
 
Nonconvertible Preferred Stocks - 0.8%
 
 
Shares
Value ($)
 
Brazil - 0.4%
 
 
 
Alpargatas SA (PN)
 
84,600
138,434
Azul SA (a)
 
109,400
279,481
Banco ABC Brasil SA Series A
 
50,089
185,881
Banco Bradesco SA (PN)
 
1,815,952
5,038,958
Banco do Estado Rio Grande do Sul SA Class B
 
98,700
213,384
Banco Pan SA
 
175,500
244,710
Bradespar SA (PN)
 
121,756
539,501
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)
 
160,711
1,225,634
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
516,394
1,202,453
Gerdau SA
 
429,418
1,854,203
Itau Unibanco Holding SA
 
1,767,260
9,401,084
Itausa-Investimentos Itau SA (PN)
 
1,844,969
3,161,706
Marcopolo SA (PN)
 
233,700
242,889
Metalurgica Gerdau SA (PN)
 
274,200
561,806
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
1,844,386
12,708,676
Unipar Carbocloro SA
 
20,990
296,089
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)
 
229,200
300,493
TOTAL BRAZIL
 
 
37,595,382
Chile - 0.0%
 
 
 
Embotelladora Andina SA Class B
 
173,369
352,549
Sociedad Quimica y Minera de Chile SA (PN-B)
 
53,559
2,591,178
TOTAL CHILE
 
 
2,943,727
Colombia - 0.0%
 
 
 
Bancolombia SA (PN)
 
157,123
1,007,786
Germany - 0.3%
 
 
 
Bayerische Motoren Werke AG (BMW) (non-vtg.)
 
29,752
2,523,169
Dr. Ing. h.c. F. Porsche AG Series F (d)
 
42,314
3,695,517
Draegerwerk AG & Co. KGaA (non-vtg.)
 
4,700
236,469
Fuchs Petrolub AG
 
25,725
1,043,056
Henkel AG & Co. KGaA
 
57,610
4,149,962
Jungheinrich AG
 
17,764
476,293
Porsche Automobil Holding SE (Germany)
 
54,405
2,435,065
Sartorius AG (non-vtg.)
 
9,871
2,466,992
Sixt SE Preference Shares
 
3,957
227,349
Sto SE & Co. KGaA
 
1,328
172,553
Volkswagen AG
 
74,054
7,853,480
TOTAL GERMANY
 
 
25,279,905
Italy - 0.0%
 
 
 
Danieli & C. Officine Meccaniche SpA
 
21,368
430,937
Korea (South) - 0.1%
 
 
 
Daishin Securities Co. Ltd.
 
17,082
168,041
Hyundai Motor Co. Ltd.
 
6,122
451,421
Hyundai Motor Co. Ltd. Series 2
 
25,493
1,891,121
LG Chemical Ltd.
 
4,548
948,469
LG H & H Co. Ltd.
 
1,095
114,902
Samsung Electronics Co. Ltd.
 
272,954
10,881,460
TOTAL KOREA (SOUTH)
 
 
14,455,414
Russia - 0.0%
 
 
 
Surgutneftegas OJSC (b)
 
1,961,555
34,136
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $96,645,180)
 
 
 
81,747,287
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (f)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (g)
  (Cost $11,013,799)
 
11,200,000
11,013,148
 
 
 
 
Money Market Funds - 4.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (h)
 
342,319,651
342,388,114
Fidelity Securities Lending Cash Central Fund 5.40% (h)(i)
 
105,462,569
105,473,115
 
TOTAL MONEY MARKET FUNDS
 (Cost $447,861,229)
 
 
447,861,229
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.8%
 (Cost $10,470,290,852)
 
 
 
9,918,396,318
NET OTHER ASSETS (LIABILITIES) - (0.8)%  
(73,985,895)
NET ASSETS - 100.0%
9,844,410,423
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
2,557
Dec 2023
252,388,685
(11,335,582)
(11,335,582)
ICE MSCI Emerging Markets Index Contracts (United States)
2,451
Dec 2023
112,647,960
(5,508,458)
(5,508,458)
TME S&P/TSX 60 Index Contracts (Canada)
178
Dec 2023
29,137,191
(1,387,036)
(1,387,036)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(18,231,076)
The notional amount of futures purchased as a percentage of Net Assets is 4.0%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $238,289,593 or 2.4% of net assets.
 
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(g)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $11,013,148.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
50,479,298
1,739,261,267
1,447,352,451
9,053,534
-
-
342,388,114
0.8%
Fidelity Securities Lending Cash Central Fund 5.40%
54,404,001
308,357,932
257,288,818
2,014,280
-
-
105,473,115
0.4%
Total
104,883,299
2,047,619,199
1,704,641,269
11,067,814
-
-
447,861,229
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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
496,219,701
119,226,054
376,332,980
660,667
Consumer Discretionary
1,116,164,985
338,032,045
778,059,467
73,473
Consumer Staples
777,544,447
198,585,322
578,947,418
11,707
Energy
560,293,960
238,177,573
320,175,350
1,941,037
Financials
1,873,887,906
788,826,920
1,084,826,173
234,813
Health Care
870,439,130
154,583,395
715,439,347
416,388
Industrials
1,309,330,041
480,868,286
828,419,279
42,476
Information Technology
1,088,330,410
139,207,377
949,123,032
1
Materials
787,244,215
318,759,412
467,525,943
958,860
Real Estate
280,043,500
98,499,991
181,354,589
188,920
Utilities
300,023,646
125,044,282
174,855,089
124,275
 Government Obligations
11,013,148
-
11,013,148
-
  Money Market Funds
447,861,229
447,861,229
-
-
 Total Investments in Securities:
9,918,396,318
3,447,671,886
6,466,071,815
4,652,617
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(18,231,076)
(18,231,076)
-
-
  Total Liabilities
(18,231,076)
(18,231,076)
-
-
 Total Derivative Instruments:
(18,231,076)
(18,231,076)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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
(18,231,076)
Total Equity Risk
0
(18,231,076)
Total Value of Derivatives
0
(18,231,076)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $99,738,846) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $10,022,429,623)
$
9,470,535,089
 
 
Fidelity Central Funds (cost $447,861,229)
447,861,229
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $10,470,290,852)
 
 
$
9,918,396,318
Segregated cash with brokers for derivative instruments
 
 
1,214,158
Cash
 
 
496,596
Foreign currency held at value (cost $12,291,319)
 
 
12,185,005
Receivable for investments sold
 
 
1,101,075
Receivable for fund shares sold
 
 
11,829,959
Dividends receivable
 
 
20,041,385
Reclaims receivable
 
 
16,684,113
Distributions receivable from Fidelity Central Funds
 
 
1,525,891
Receivable for daily variation margin on futures contracts
 
 
51,604
Other receivables
 
 
2,986
  Total assets
 
 
9,983,529,090
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
2,056
 
 
Delayed delivery
144,222
 
 
Payable for fund shares redeemed
18,954,859
 
 
Accrued management fee
499,264
 
 
Deferred taxes
14,039,314
 
 
Other payables and accrued expenses
4,554
 
 
Collateral on securities loaned
105,474,398
 
 
  Total Liabilities
 
 
 
139,118,667
Net Assets  
 
 
$
9,844,410,423
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
10,497,484,341
Total accumulated earnings (loss)
 
 
 
(653,073,918)
Net Assets
 
 
$
9,844,410,423
Net Asset Value, offering price and redemption price per share ($9,844,410,423 ÷ 831,023,396 shares)
 
 
$
11.85
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
321,438,569
Interest  
 
 
528,773
Income from Fidelity Central Funds (including $2,014,280 from security lending)
 
 
11,067,814
 Income before foreign taxes withheld
 
 
$
333,035,156
Less foreign taxes withheld
 
 
(31,810,788)
 Total Income
 
 
 
301,224,368
Expenses
 
 
 
 
Management fee
$
5,862,061
 
 
Independent trustees' fees and expenses
33,077
 
 
 Total expenses before reductions
 
5,895,138
 
 
 Expense reductions
 
(64,151)
 
 
 Total expenses after reductions
 
 
 
5,830,987
Net Investment income (loss)
 
 
 
295,393,381
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $281,920)
 
(140,076,696)
 
 
   Redemptions in-kind
 
17,381,109
 
 
 Foreign currency transactions
 
(1,170,960)
 
 
 Futures contracts
 
21,721,656
 
 
Total net realized gain (loss)
 
 
 
(102,144,891)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $3,350,951)  
 
762,361,318
 
 
 Assets and liabilities in foreign currencies
 
1,088,396
 
 
 Futures contracts
 
(20,969,354)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
742,480,360
Net gain (loss)
 
 
 
640,335,469
Net increase (decrease) in net assets resulting from operations
 
 
$
935,728,850
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
295,393,381
$
257,868,708
Net realized gain (loss)
 
(102,144,891)
 
 
(81,766,221)
 
Change in net unrealized appreciation (depreciation)
 
742,480,360
 
(2,621,790,004)
 
Net increase (decrease) in net assets resulting from operations
 
935,728,850
 
 
(2,445,687,517)
 
Distributions to shareholders
 
(218,213,495)
 
 
(217,671,505)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
3,690,276,965
 
3,856,408,422
  Reinvestment of distributions
 
204,119,321
 
 
206,193,841
 
Cost of shares redeemed
 
(2,786,350,539)
 
(1,938,049,642)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
1,108,045,747
 
 
2,124,552,621
 
Total increase (decrease) in net assets
 
1,825,561,102
 
 
(538,806,401)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
8,018,849,321
 
8,557,655,722
 
End of period
$
9,844,410,423
$
8,018,849,321
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
296,975,955
 
300,730,591
  Issued in reinvestment of distributions
 
17,551,102
 
 
14,892,066
 
Redeemed
 
(224,337,969)
 
(152,548,294)
Net increase (decrease)
 
90,189,088
 
163,074,363
 
 
 
 
 
 
Financial Highlights
Fidelity® Total International Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.82
$
14.81
$
11.54
$
12.09
$
11.14
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.38
 
.38
 
.35
 
.27
 
.37
     Net realized and unrealized gain (loss)
 
.94
 
(4.00)
 
3.14
 
(.50)
 
.81
  Total from investment operations
 
1.32  
 
(3.62)  
 
3.49  
 
(.23)  
 
1.18
  Distributions from net investment income
 
(.29)
 
(.37)
 
(.22)
 
(.32)
 
(.23)
     Total distributions
 
(.29)
 
(.37)
 
(.22)
 
(.32)
 
(.23)
  Net asset value, end of period
$
11.85
$
10.82
$
14.81
$
11.54
$
12.09
 Total Return C
 
12.29%
 
(25.01)%
 
30.47%
 
(1.97)%
 
10.88%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.06%
 
.06%
 
.06%
 
.06%
 
.06%
    Expenses net of fee waivers, if any
 
.06%
 
.06%
 
.06%
 
.06%
 
.06%
    Expenses net of all reductions
 
.06%
 
.06%
 
.06%
 
.06%
 
.06%
    Net investment income (loss)
 
3.02%
 
3.04%
 
2.47%
 
2.41%
 
3.25%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
9,844,410
$
8,018,849
$
8,557,656
$
4,656,266
$
3,254,707
    Portfolio turnover rate F
 
4% G
 
3% G
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
GPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Total International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 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.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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
$1,241,031,281
Gross unrealized depreciation
(1,884,910,157)
Net unrealized appreciation (depreciation)
$(643,878,876)
Tax Cost
$10,560,888,158
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$267,547,117
Capital loss carryforward
$(262,042,341)
Net unrealized appreciation (depreciation) on securities and other investments
$(644,598,338)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(67,451,012)
Long-term
(194,591,329)
Total capital loss carryforward  
$(262,042,341)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$218,213,495
$217,671,505
 
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
1,299,900,474
351,490,871
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Total International Index Fund
4,412,954
17,381,109
56,088,646
 
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
13,066,155
51,582,020
176,131,768
 
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 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
$209,963
$4,773
$16,660
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 $64,151.
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.
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity Total International Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Total International Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 13, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Laura M. Bishop, Jonathan Chiel, Robert W. Helm, Christine J. Thompson, and Carol J. Zierhoffer, each of the Trustees oversees 313 funds. Mr. Chiel oversees 191 funds. Ms. Bishop, Mr. Helm, Ms. Thompson, and Ms. Zierhoffer each oversees 229 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.
Christine J. Thompson (1958)
Year of Election or Appointment: 2023
Trustee
Ms. Thompson also serves as a Trustee of other Fidelity® funds. Ms. Thompson serves as Leader of Advanced Technologies for Investment Management at Fidelity Investments (2018-present). Previously, Ms. Thompson served as Chief Investment Officer in the Bond group at Fidelity Management & Research Company (2010-2018) and held various other roles including Director of municipal bond portfolio managers and Portfolio Manager of certain Fidelity® funds.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Laura M. Bishop (1961)
Year of Election or Appointment: 2023
Trustee
Ms. Bishop also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting). Previously, Ms. Bishop served as a Member of the Advisory Board of certain Fidelity® funds (2022-2023).    
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Robert W. Helm (1957)
Year of Election or Appointment: 2023
Trustee
Mr. Helm also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon. Previously, Mr. Helm served as a Member of the Advisory Board of certain Fidelity® funds (2021-2023).     
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
Carol J. Zierhoffer (1960)
Year of Election or Appointment: 2023
Trustee
Ms. Zierhoffer also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016), and as a Member of the Advisory Board of certain Fidelity® funds (2023).    
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Robin Foley (1964)
Year of Election or Appointment: 2023
Vice President
Ms. Foley also serves as Vice President of other funds. Ms. Foley serves as Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley served as Chief Investment Officer of Bonds (2017-2023).     
Christopher M. Gouveia (1973)
Year of Election or Appointment: 2023
Chief Compliance Officer
Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).          
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
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 (May 1, 2023 to October 31, 2023).
 
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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Total International Index Fund
 
 
 
.06%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 931.60
 
$ .29
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.90
 
$ .31
 
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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $2,643,722 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 90.46% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3288 and $0.0348 for the dividend paid December 19, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Total International Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for 2022 and below the competitive median of the asset size peer group for 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2022 and below the competitive median of the total expense asset size peer group for 2022.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and Fidelity's views regarding portfolio manager investment in the Fidelity funds that they manage; (iii) hiring, training, and retaining personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends and market conditions; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (x) information concerning expense limitations applicable to certain funds; and (xi) matters related to money market funds, exchange-traded funds, and target date funds.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2024.
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
378,729,502,260.010
97.580
Withheld
9,407,876,478.960
2.420
TOTAL
388,137,378,738.970
100.000
Jennifer Toolin McAuliffe
Affirmative
378,454,868,010.950
97.510
Withheld
9,682,510,728.020
2.490
TOTAL
388,137,378,738.970
100.000
Christine J. Thompson
Affirmative
378,837,121,274.520
97.600
Withheld
9,300,257,464.450
2.400
TOTAL
388,137,378,738.970
100.000
Elizabeth S. Acton
Affirmative
378,262,110,794.850
97.460
Withheld
9,875,267,944.120
2.540
TOTAL
388,137,378,738.970
100.000
Laura M. Bishop
Affirmative
380,482,113,171.060
98.030
Withheld
7,655,265,567.910
1.970
TOTAL
388,137,378,738.970
100.000
Ann E. Dunwoody
Affirmative
380,016,034,008.120
97.910
Withheld
8,121,344,730.850
2.090
TOTAL
388,137,378,738.970
100.000
John Engler
Affirmative
379,432,488,394.200
97.760
Withheld
8,704,890,344.770
2.240
TOTAL
388,137,378,738.970
100.000
Robert F. Gartland
Affirmative
378,741,819,600.600
97.580
Withheld
9,395,559,138.370
2.420
TOTAL
388,137,378,738.970
100.000
Robert W. Helm
Affirmative
380,389,324,755.070
98.000
Withheld
7,748,053,983.900
2.000
TOTAL
388,137,378,738.970
100.000
Arthur E. Johnson
Affirmative
378,427,694,151.670
97.500
Withheld
9,709,684,587.300
2.500
TOTAL
388,137,378,738.970
100.000
Michael E. Kenneally
Affirmative
377,842,228,145.180
97.350
Withheld
10,295,150,593.790
2.650
TOTAL
388,137,378,738.970
100.000
Mark A. Murray
Affirmative
380,158,432,703.370
97.940
Withheld
7,978,946,035.600
2.060
TOTAL
388,137,378,738.970
100.000
Carol J. Zierhoffer
Affirmative
380,522,113,360.240
98.040
Withheld
7,615,265,378.730
1.960
TOTAL
388,137,378,738.970
100.000
 
 
 
Proposal 1 reflects trust wide proposal and voting results.
 
1.9879613.107
TI1-I-ANN-1223
Fidelity® SAI International Quality Index Fund
 
 
Annual Report
October 31, 2023
 
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

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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. © 2023 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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Life of
Fund A
Fidelity® SAI International Quality Index Fund
13.13%
6.89%
 
A   From May 12, 2020
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Quality Index Fund on May 12, 2020, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity International Quality Focus Index℠ and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 13.13%, versus 12.72% for the benchmark Fidelity International Quality Focus Index. (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Europe ex U.K. gained approximately 15% and contributed most, followed by Japan (+8%). By sector, information technology gained roughly 17% and contributed, driven by the semiconductors & semiconductor equipment industry (+41%). Materials stocks also helped (+25%). Health care rose about 12%, boosted by pharmaceuticals, biotechnology & life sciences (+14%). Industrials gained 12%, lifted by capital goods (+12%), and financials advanced roughly 10%. Other notable contributors included the consumer discretionary (+19%), communication services (+7%) and consumer staples (+13%) sectors. Conversely, from a sector standpoint, energy returned approximately -4% and detracted. Utilities (+3%) also hurt. Turning to individual stocks, the top contributor was Novo-Nordisk (+79%), from the pharmaceuticals, biotechnology & life sciences category. In software & services, SAP gained 46% and contributed. ASML Holding (+28%), from the semiconductors & semiconductor equipment industry, also helped. Lastly, another notable contributor was L'Oreal (+35%), a stock in the household & personal products industry. In contrast, the biggest individual detractor was Richemont (-28%), from the consumer durables & apparel industry. Another notable detractor was Adyen (-53%), a stock in the financial services category. Roche Holdings (-20%) and Genmab (-27%), within the pharmaceuticals, biotechnology & life sciences group, also hindered the fund's performance. Lastly, Unilever (-9%), from the household & personal products industry, also hurt.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
4.2
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.5
 
Novartis AG  (Switzerland, Pharmaceuticals)
3.4
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
3.3
 
Roche Holding AG (participation certificate)  (United States of America, Pharmaceuticals)
3.1
 
BHP Group Ltd.  (Australia, Metals & Mining)
3.0
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.9
 
Unilever PLC  (United Kingdom, Personal Care Products)
2.8
 
L'Oreal SA  (France, Personal Care Products)
2.7
 
Keyence Corp.  (Japan, Electronic Equipment, Instruments & Components)
2.5
 
 
31.4
 
 
Market Sectors (% of Fund's net assets)
 
Health Care
19.2
 
Consumer Staples
12.8
 
Industrials
12.2
 
Consumer Discretionary
11.7
 
Financials
11.0
 
Materials
10.7
 
Information Technology
9.3
 
Communication Services
5.6
 
Energy
4.6
 
Real Estate
1.0
 
Utilities
1.0
 
 
Asset Allocation (% of Fund's net assets)
Futures - 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 - 99.1%
 
 
Shares
Value ($)
 
Australia - 8.5%
 
 
 
Altium Ltd.
 
10,814
272,767
BHP Group Ltd.
 
294,223
8,328,711
Fortescue Metals Group Ltd.
 
151,160
2,150,376
JB Hi-Fi Ltd.
 
9,760
280,551
Medibank Private Ltd.
 
245,828
536,465
NIB Holdings Ltd.
 
43,153
198,876
Pilbara Minerals Ltd.
 
232,834
546,927
Pro Medicus Ltd.
 
4,476
213,205
REA Group Ltd.
 
4,599
422,210
Rio Tinto Ltd.
 
33,136
2,475,196
Rio Tinto PLC
 
94,701
6,041,973
Sonic Healthcare Ltd.
 
41,929
767,765
Technology One Ltd.
 
24,915
231,057
Telstra Group Ltd.
 
357,180
866,119
Whitehaven Coal Ltd.
 
77,958
367,205
TOTAL AUSTRALIA
 
 
23,699,403
Denmark - 5.9%
 
 
 
Carlsberg A/S Series B
 
8,421
1,003,558
Genmab A/S (a)
 
5,890
1,665,002
Novo Nordisk A/S Series B
 
120,346
11,610,524
Novozymes A/S Series B
 
18,663
837,669
Pandora A/S
 
7,945
899,054
Ringkjoebing Landbobank A/S
 
2,454
334,158
TOTAL DENMARK
 
 
16,349,965
Finland - 0.9%
 
 
 
Elisa Corp. (A Shares)
 
13,444
570,142
Kone OYJ (B Shares)
 
36,003
1,557,695
Orion Oyj (B Shares)
 
9,560
379,733
TOTAL FINLAND
 
 
2,507,570
France - 13.0%
 
 
 
Gaztransport et Technigaz SA
 
1,953
249,423
Hermes International SCA
 
3,110
5,790,300
Ipsen SA
 
3,591
423,660
Kering SA
 
5,453
2,217,744
L'Oreal SA
 
17,708
7,443,216
La Francaise des Jeux SAEM (b)
 
11,082
356,701
Legrand SA
 
23,817
2,060,323
LVMH Moet Hennessy Louis Vuitton SE
 
11,399
8,160,893
Remy Cointreau SA
 
2,085
236,388
TotalEnergies SE
 
135,297
9,045,617
TOTAL FRANCE
 
 
35,984,265
Germany - 1.7%
 
 
 
Deutsche Borse AG
 
16,961
2,791,721
Hannover Reuck SE
 
5,382
1,186,205
Nemetschek SE
 
4,949
368,652
Rational AG
 
456
259,340
TeamViewer AG (a)(b)
 
13,320
204,291
TOTAL GERMANY
 
 
4,810,209
Hong Kong - 1.6%
 
 
 
CK Infrastructure Holdings Ltd.
 
53,500
247,975
Hong Kong Exchanges and Clearing Ltd.
 
106,400
3,722,154
Power Assets Holdings Ltd.
 
122,000
583,261
TOTAL HONG KONG
 
 
4,553,390
Israel - 0.5%
 
 
 
Mizrahi Tefahot Bank Ltd.
 
13,325
412,079
NICE Ltd. (a)
 
5,681
877,871
TOTAL ISRAEL
 
 
1,289,950
Italy - 1.9%
 
 
 
Azimut Holding SpA
 
10,230
215,188
Ferrari NV (Italy)
 
11,425
3,451,350
FinecoBank SpA
 
54,507
641,045
Snam SpA
 
183,002
839,164
TOTAL ITALY
 
 
5,146,747
Japan - 22.0%
 
 
 
Advantest Corp.
 
64,500
1,661,432
Astellas Pharma, Inc.
 
161,500
2,042,955
BayCurrent Consulting, Inc.
 
12,200
306,302
Capcom Co. Ltd.
 
14,300
460,307
Chugai Pharmaceutical Co. Ltd.
 
57,000
1,690,424
Daito Trust Construction Co. Ltd.
 
6,100
654,325
Daiwa House Industry Co. Ltd.
 
59,500
1,636,588
Disco Corp.
 
7,900
1,395,132
Fast Retailing Co. Ltd.
 
16,700
3,697,320
GMO Payment Gateway, Inc.
 
3,900
155,763
GOLDWIN, Inc.
 
3,300
208,418
Hamamatsu Photonics K.K.
 
13,100
486,574
Hoya Corp.
 
31,800
3,061,342
Japan Exchange Group, Inc.
 
47,200
933,370
Japan Tobacco, Inc.
 
98,200
2,285,985
Keyence Corp.
 
17,800
6,890,713
Kobayashi Pharmaceutical Co. Ltd.
 
4,900
202,288
M3, Inc.
 
38,200
588,326
Nexon Co. Ltd.
 
40,300
739,475
Nintendo Co. Ltd.
 
104,300
4,309,098
Nippon Shinyaku Co. Ltd.
 
5,400
219,003
Nippon Telegraph & Telephone Corp.
 
2,667,300
3,138,814
Nissan Chemical Corp.
 
12,600
513,893
OBIC Co. Ltd.
 
5,800
857,335
Ono Pharmaceutical Co. Ltd.
 
42,500
733,953
Otsuka Holdings Co. Ltd.
 
49,300
1,658,746
Recruit Holdings Co. Ltd.
 
151,400
4,341,048
Rohto Pharmaceutical Co. Ltd.
 
19,500
454,961
SG Holdings Co. Ltd.
 
43,500
616,596
Shimadzu Corp.
 
24,600
581,699
SHIMANO, Inc.
 
7,400
1,064,905
Shin-Etsu Chemical Co. Ltd.
 
180,700
5,403,541
Shionogi & Co. Ltd.
 
25,000
1,164,116
Square Enix Holdings Co. Ltd.
 
7,900
262,452
Sysmex Corp.
 
15,200
728,123
TIS, Inc.
 
19,800
424,014
Tokio Marine Holdings, Inc.
 
178,800
4,000,156
Trend Micro, Inc.
 
12,500
471,058
USS Co. Ltd.
 
19,200
335,595
Yakult Honsha Co. Ltd.
 
28,300
666,888
TOTAL JAPAN
 
 
61,043,033
Netherlands - 6.1%
 
 
 
Adyen BV (a)(b)
 
2,767
1,866,303
ASML Holding NV (Netherlands)
 
16,070
9,660,005
BE Semiconductor Industries NV
 
6,882
708,523
Universal Music Group NV
 
68,260
1,671,608
Wolters Kluwer NV
 
22,987
2,945,460
TOTAL NETHERLANDS
 
 
16,851,899
New Zealand - 0.2%
 
 
 
Spark New Zealand Ltd.
 
165,442
480,298
Norway - 1.2%
 
 
 
Equinor ASA
 
93,539
3,135,728
Gjensidige Forsikring ASA
 
16,961
254,014
TOTAL NORWAY
 
 
3,389,742
Singapore - 0.4%
 
 
 
Frasers Logistics & Industrial Trust
 
258,400
196,283
Genting Singapore Ltd.
 
507,400
318,777
Singapore Exchange Ltd.
 
73,500
508,889
TOTAL SINGAPORE
 
 
1,023,949
Spain - 0.4%
 
 
 
Enagas SA
 
22,217
371,306
Redeia Corp. SA
 
38,640
601,214
TOTAL SPAIN
 
 
972,520
Sweden - 0.2%
 
 
 
AddTech AB (B Shares)
 
23,200
339,610
Fortnox AB
 
42,998
170,028
TOTAL SWEDEN
 
 
509,638
Switzerland - 11.8%
 
 
 
Belimo Holding AG (Reg.)
 
878
367,744
Compagnie Financiere Richemont SA Series A
 
46,595
5,497,069
Ems-Chemie Holding AG
 
605
412,356
Geberit AG (Reg.)
 
3,142
1,456,929
Georg Fischer AG (Reg.)
 
7,321
377,619
Kuehne & Nagel International AG
 
5,067
1,361,932
Novartis AG
 
99,560
9,320,764
Partners Group Holding AG
 
2,026
2,131,014
Sandoz Group AG
 
19,912
517,692
SGS SA (Reg.)
 
13,548
1,101,832
Sonova Holding AG
 
4,585
1,081,166
Swisscom AG
 
2,266
1,355,141
Temenos Group AG
 
6,018
430,949
VAT Group AG (b)
 
2,411
850,006
Zurich Insurance Group Ltd.
 
13,430
6,357,344
TOTAL SWITZERLAND
 
 
32,619,557
United Kingdom - 12.3%
 
 
 
3i Group PLC
 
86,877
2,048,350
Admiral Group PLC
 
24,631
731,379
Auto Trader Group PLC (b)
 
82,255
622,198
British American Tobacco PLC (United Kingdom)
 
199,547
5,960,957
Britvic PLC
 
23,054
234,816
Diageo PLC
 
181,722
6,872,004
Games Workshop Group PLC
 
2,938
352,635
Hargreaves Lansdown PLC
 
31,331
269,082
Howden Joinery Group PLC
 
51,826
401,636
IG Group Holdings PLC
 
36,627
284,027
Man Group PLC
 
123,129
328,497
RELX PLC (London Stock Exchange)
 
176,955
6,180,634
Rightmove PLC
 
74,271
426,990
Rotork PLC
 
76,837
273,450
RS GROUP PLC
 
42,203
347,374
Safestore Holdings PLC
 
19,461
161,674
Schroders PLC
 
81,159
364,295
St. James's Place PLC
 
48,933
380,406
Unilever PLC
 
161,366
7,642,404
Wise PLC (a)
 
42,078
340,413
TOTAL UNITED KINGDOM
 
 
34,223,221
United States of America - 10.5%
 
 
 
Experian PLC
 
86,542
2,620,220
GSK PLC
 
357,708
6,376,780
Haleon PLC
 
453,365
1,817,128
Holcim AG
 
50,581
3,118,323
Roche Holding AG (participation certificate)
 
32,879
8,473,235
Schneider Electric SA
 
44,087
6,783,106
TOTAL UNITED STATES OF AMERICA
 
 
29,188,792
 
TOTAL COMMON STOCKS
 (Cost $263,202,579)
 
 
 
274,644,148
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (c)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (d)
  (Cost $295,012)
 
300,000
294,995
 
 
 
 
Money Market Funds - 0.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (e)
 
 (Cost $77,319)
 
 
77,303
77,319
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.2%
 (Cost $263,574,910)
 
 
 
275,016,462
NET OTHER ASSETS (LIABILITIES) - 0.8%  
2,269,004
NET ASSETS - 100.0%
277,285,466
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
28
Dec 2023
2,763,740
(121,537)
(121,537)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.0%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,899,499 or 1.4% of net assets.
 
(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 $97,348.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
 
 
 
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 5.40%
3,034,111
37,372,083
40,328,875
77,510
-
-
77,319
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
650,950
6,799,134
7,450,084
5,496
-
-
-
0.0%
Total
3,685,061
44,171,217
47,778,959
83,006
-
-
77,319
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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
15,324,852
2,352,273
12,972,579
-
Consumer Discretionary
32,631,312
10,850,040
21,781,272
-
Consumer Staples
34,820,593
471,204
34,349,389
-
Energy
12,797,973
249,423
12,548,550
-
Financials
30,991,193
14,229,146
16,762,047
-
Health Care
52,716,514
2,402,251
50,314,263
-
Industrials
34,548,856
14,260,847
20,288,009
-
Information Technology
25,692,100
2,760,314
22,931,786
-
Materials
29,828,965
4,368,348
25,460,617
-
Real Estate
2,648,870
161,674
2,487,196
-
Utilities
2,642,920
972,520
1,670,400
-
 Government Obligations
294,995
-
294,995
-
  Money Market Funds
77,319
77,319
-
-
 Total Investments in Securities:
275,016,462
53,155,359
221,861,103
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(121,537)
(121,537)
-
-
  Total Liabilities
(121,537)
(121,537)
-
-
 Total Derivative Instruments:
(121,537)
(121,537)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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
(121,537)
Total Equity Risk
0
(121,537)
Total Value of Derivatives
0
(121,537)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $263,497,591)
$
274,939,143
 
 
Fidelity Central Funds (cost $77,319)
77,319
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $263,574,910)
 
 
$
275,016,462
Cash
 
 
38,012
Foreign currency held at value (cost $119,381)
 
 
118,008
Receivable for fund shares sold
 
 
81,239
Dividends receivable
 
 
549,704
Reclaims receivable
 
 
1,705,225
Distributions receivable from Fidelity Central Funds
 
 
2,339
Receivable for daily variation margin on futures contracts
 
 
8,260
Prepaid expenses
 
 
398
  Total assets
 
 
277,519,647
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
129,620
 
 
Accrued management fee
35,030
 
 
Audit fee payable
42,295
 
 
Custody fee payable
21,809
 
 
Other payables and accrued expenses
5,427
 
 
  Total Liabilities
 
 
 
234,181
Net Assets  
 
 
$
277,285,466
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
284,785,046
Total accumulated earnings (loss)
 
 
 
(7,499,580)
Net Assets
 
 
$
277,285,466
Net Asset Value, offering price and redemption price per share ($277,285,466 ÷ 25,453,910 shares)
 
 
$
10.89
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
9,386,550
Foreign Tax Reclaims
 
 
732,541
Interest  
 
 
18,978
Income from Fidelity Central Funds (including $5,496 from security lending)
 
 
83,006
 Income before foreign taxes withheld
 
 
$
10,221,075
Less foreign taxes withheld
 
 
(1,452,018)
 Total Income
 
 
 
8,769,057
Expenses
 
 
 
 
Management fee
$
489,656
 
 
Custodian fees and expenses
74,004
 
 
Independent trustees' fees and expenses
1,148
 
 
Registration fees
22,561
 
 
Audit
48,795
 
 
Legal
401
 
 
Interest
8,797
 
 
Miscellaneous
6,306
 
 
 Total Expenses
 
 
 
651,668
Net Investment income (loss)
 
 
 
8,117,389
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
7,757,159
 
 
 Foreign currency transactions
 
900
 
 
 Futures contracts
 
772,137
 
 
Total net realized gain (loss)
 
 
 
8,530,196
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
30,007,523
 
 
 Assets and liabilities in foreign currencies
 
112,869
 
 
 Futures contracts
 
(350,028)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
29,770,364
Net gain (loss)
 
 
 
38,300,560
Net increase (decrease) in net assets resulting from operations
 
 
$
46,417,949
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
8,117,389
$
12,520,370
Net realized gain (loss)
 
8,530,196
 
 
(31,334,908)
 
Change in net unrealized appreciation (depreciation)
 
29,770,364
 
(106,056,812)
 
Net increase (decrease) in net assets resulting from operations
 
46,417,949
 
 
(124,871,350)
 
Distributions to shareholders
 
(10,237,046)
 
 
(57,966,562)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
27,624,215
 
58,623,756
  Reinvestment of distributions
 
10,187,269
 
 
57,912,763
 
Cost of shares redeemed
 
(112,997,465)
 
(205,609,251)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(75,185,981)
 
 
(89,072,732)
 
Total increase (decrease) in net assets
 
(39,005,078)
 
 
(271,910,644)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
316,290,544
 
588,201,188
 
End of period
$
277,285,466
$
316,290,544
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
2,453,321
 
4,925,582
  Issued in reinvestment of distributions
 
930,344
 
 
4,434,362
 
Redeemed
 
(9,827,124)
 
(18,012,279)
Net increase (decrease)
 
(6,443,459)
 
(8,652,335)
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI International Quality Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.92
$
14.51
$
11.07
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.28
 
.32
 
.24
 
.08
     Net realized and unrealized gain (loss)
 
1.02
 
(3.44)
 
3.32
 
.99
  Total from investment operations
 
1.30  
 
(3.12)  
 
3.56  
 
1.07  
  Distributions from net investment income
 
(.33)
 
(.24)
 
(.10)
 
-
  Distributions from net realized gain
 
-
 
(1.24)
 
(.02)
 
-
     Total distributions
 
(.33)
 
(1.47) D
 
(.12)
 
-
  Net asset value, end of period
$
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
 
.20%
 
.19%
 
.19%
 
.23% I,J
    Expenses net of fee waivers, if any
 
.20%
 
.19%
 
.19%
 
.20% J
    Expenses net of all reductions
 
.20%
 
.19%
 
.19%
 
.20% J
    Net investment income (loss)
 
2.49%
 
2.70%
 
1.78%
 
1.55% J
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
277,285
$
316,291
$
588,201
$
473,547
    Portfolio turnover rate K
 
38%
 
47%
 
78%
 
30% L
 
AFor the period May 12, 2020 (commencement of operations) through October 31, 2020.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAudit fees are not annualized.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
LAmount not annualized.
 
For the period ended October 31, 2023
 
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, 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 October 31, 2023 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.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$34,786,643
Gross unrealized depreciation
(26,228,894)
Net unrealized appreciation (depreciation)
$8,557,749
Tax Cost
$266,458,713
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$7,477,234
Capital loss carryforward
$(23,513,897)
Net unrealized appreciation (depreciation) on securities and other investments
$8,537,084
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(23,513,897)
Long-term
-
Total capital loss carryforward
$(23,513,897)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$10,237,046
$45,978,919
Long-term Capital Gains
-
11,987,643
Total
$10,237,046
$57,966,562
 
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
121,434,762
195,576,256
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 International Quality Index Fund 
 Borrower
$6,404,000
5.50%
$8,797
 
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
$601
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
$579
$-
$-
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Fidelity SAI International Quality Index Fund
35%
 
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
36%
 
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.
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Quality Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Quality Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2023 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the three years in the period ended October 31, 2023 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 12, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Laura M. Bishop, Jonathan Chiel, Robert W. Helm, Christine J. Thompson, and Carol J. Zierhoffer, each of the Trustees oversees 313 funds. Mr. Chiel oversees 191 funds. Ms. Bishop, Mr. Helm, Ms. Thompson, and Ms. Zierhoffer each oversees 229 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.
Christine J. Thompson (1958)
Year of Election or Appointment: 2023
Trustee
Ms. Thompson also serves as a Trustee of other Fidelity® funds. Ms. Thompson serves as Leader of Advanced Technologies for Investment Management at Fidelity Investments (2018-present). Previously, Ms. Thompson served as Chief Investment Officer in the Bond group at Fidelity Management & Research Company (2010-2018) and held various other roles including Director of municipal bond portfolio managers and Portfolio Manager of certain Fidelity® funds.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Laura M. Bishop (1961)
Year of Election or Appointment: 2023
Trustee
Ms. Bishop also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting). Previously, Ms. Bishop served as a Member of the Advisory Board of certain Fidelity® funds (2022-2023).    
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Robert W. Helm (1957)
Year of Election or Appointment: 2023
Trustee
Mr. Helm also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon. Previously, Mr. Helm served as a Member of the Advisory Board of certain Fidelity® funds (2021-2023).     
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
Carol J. Zierhoffer (1960)
Year of Election or Appointment: 2023
Trustee
Ms. Zierhoffer also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016), and as a Member of the Advisory Board of certain Fidelity® funds (2023).    
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Robin Foley (1964)
Year of Election or Appointment: 2023
Vice President
Ms. Foley also serves as Vice President of other funds. Ms. Foley serves as Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley served as Chief Investment Officer of Bonds (2017-2023).     
Christopher M. Gouveia (1973)
Year of Election or Appointment: 2023
Chief Compliance Officer
Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).          
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
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 (May 1, 2023 to October 31, 2023).
 
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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International Quality Index Fund
 
 
 
.21%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 920.50
 
$ 1.02
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.15
 
$ 1.07
 
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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates 99.51% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3687 and $0.0347 for the dividend paid December 12, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI International Quality Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked equal to the competitive median of the mapped group for 2022 and below the competitive median of the asset size peer group for 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked equal to the competitive median of the similar sales load structure group for 2022 and below the competitive median of the total expense asset size peer group for 2022.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.20% through February 29, 2024.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and Fidelity's views regarding portfolio manager investment in the Fidelity funds that they manage; (iii) hiring, training, and retaining personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends and market conditions; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (x) information concerning expense limitations applicable to certain funds; and (xi) matters related to money market funds, exchange-traded funds, and target date funds.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2024.
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
378,729,502,260.010
97.580
Withheld
9,407,876,478.960
2.420
TOTAL
388,137,378,738.970
100.000
Jennifer Toolin McAuliffe
Affirmative
378,454,868,010.950
97.510
Withheld
9,682,510,728.020
2.490
TOTAL
388,137,378,738.970
100.000
Christine J. Thompson
Affirmative
378,837,121,274.520
97.600
Withheld
9,300,257,464.450
2.400
TOTAL
388,137,378,738.970
100.000
Elizabeth S. Acton
Affirmative
378,262,110,794.850
97.460
Withheld
9,875,267,944.120
2.540
TOTAL
388,137,378,738.970
100.000
Laura M. Bishop
Affirmative
380,482,113,171.060
98.030
Withheld
7,655,265,567.910
1.970
TOTAL
388,137,378,738.970
100.000
Ann E. Dunwoody
Affirmative
380,016,034,008.120
97.910
Withheld
8,121,344,730.850
2.090
TOTAL
388,137,378,738.970
100.000
John Engler
Affirmative
379,432,488,394.200
97.760
Withheld
8,704,890,344.770
2.240
TOTAL
388,137,378,738.970
100.000
Robert F. Gartland
Affirmative
378,741,819,600.600
97.580
Withheld
9,395,559,138.370
2.420
TOTAL
388,137,378,738.970
100.000
Robert W. Helm
Affirmative
380,389,324,755.070
98.000
Withheld
7,748,053,983.900
2.000
TOTAL
388,137,378,738.970
100.000
Arthur E. Johnson
Affirmative
378,427,694,151.670
97.500
Withheld
9,709,684,587.300
2.500
TOTAL
388,137,378,738.970
100.000
Michael E. Kenneally
Affirmative
377,842,228,145.180
97.350
Withheld
10,295,150,593.790
2.650
TOTAL
388,137,378,738.970
100.000
Mark A. Murray
Affirmative
380,158,432,703.370
97.940
Withheld
7,978,946,035.600
2.060
TOTAL
388,137,378,738.970
100.000
Carol J. Zierhoffer
Affirmative
380,522,113,360.240
98.040
Withheld
7,615,265,378.730
1.960
TOTAL
388,137,378,738.970
100.000
 
 
 
Proposal 1 reflects trust wide proposal and voting results.
 
1.9900585.103
IQI-ANN-1223
Fidelity® International Sustainability Index Fund
 
 
Annual Report
October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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. © 2023 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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® International Sustainability Index Fund
12.68%
3.37%
2.59%
 
A   From May 9, 2017
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Sustainability Index Fund, on May 9, 2017, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA ESG Leaders Index (net) performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuations also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 12.68%, versus 12.36% for the benchmark MSCI ACWI EX USA ESG Leaders Index. From a regional standpoint, Europe ex the U.K. gained 18% and contributed most, followed by emerging markets (+10%). In contrast, Canada returned about -3% and was a notable detractor. By sector, information technology gained 23% and contributed most, driven by the semiconductors & semiconductor equipment industry (+34%). Financials, which gained 10%, also helped, benefitting from the banks industry (+8%), as did consumer discretionary, which advanced approximately 18%. The health care sector rose 11%, boosted by the pharmaceuticals, biotechnology & life sciences industry (+14%), communication services gained 18%, and consumer staples advanced 13%. Other notable contributors included the industrials (+8%), materials (+7%), energy (+7%), real estate (+8%) and utilities (+4%) sectors. Turning to individual stocks, the biggest contributor was Novo-Nordisk (+78%), from the pharmaceuticals, biotechnology & life sciences industry. Taiwan Semiconductor (+37%) and ASML Holding (+28%), within the semiconductors & semiconductor equipment group, also lifted the fund. Tencent Holdings (+50%), from the media & entertainment category, also helped. Lastly, HSBC, within the banks group, gained roughly 48% and helped. In contrast, the biggest individual detractor was Nutrien (-35%), from the materials category. In consumer services, Meituan returned -12% and detracted. Brookfield (-26%), from the financial services industry, also hurt. Lonza, within the pharmaceuticals, biotechnology & life sciences category, returned -32% and hindered the fund. Lastly, LVMH Moet Hennessy Louis Vuitton (-6%), a stock in the consumer durables & apparel industry, detracted.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
3.5
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.7
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
2.2
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.1
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
1.7
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
1.7
 
Novartis AG  (Switzerland, Pharmaceuticals)
1.7
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
1.5
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
1.3
 
HSBC Holdings PLC (United Kingdom)  (United Kingdom, Banks)
1.2
 
 
19.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.3
 
Industrials
11.9
 
Consumer Discretionary
11.9
 
Information Technology
11.0
 
Health Care
9.5
 
Consumer Staples
8.0
 
Communication Services
7.5
 
Materials
7.1
 
Energy
5.1
 
Utilities
2.8
 
Real Estate
1.9
 
 
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.
 
 
Showing Percentage of Net Assets  
Common Stocks - 97.2%
 
 
Shares
Value ($)
 
Australia - 3.6%
 
 
 
ANZ Group Holdings Ltd.
 
95,208
1,501,333
APA Group unit
 
39,936
209,342
Aristocrat Leisure Ltd.
 
18,644
458,272
ASX Ltd.
 
6,144
219,510
Aurizon Holdings Ltd.
 
56,590
123,259
BlueScope Steel Ltd.
 
14,480
173,578
Brambles Ltd.
 
44,047
367,605
Cochlear Ltd.
 
2,079
318,657
Coles Group Ltd.
 
42,401
411,531
Computershare Ltd.
 
18,165
286,679
DEXUS Property Group unit
 
33,066
136,569
EBOS Group Ltd.
 
5,081
103,725
Endeavour Group Ltd.
 
45,423
142,694
Fortescue Metals Group Ltd.
 
53,618
762,761
Goodman Group unit
 
53,705
710,620
IDP Education Ltd.
 
7,700
106,386
IGO Ltd.
 
21,625
130,947
Lendlease Group unit
 
22,692
89,872
Macquarie Group Ltd.
 
11,620
1,194,420
Mineral Resources Ltd.
 
5,550
204,558
Mirvac Group unit
 
125,411
145,509
Northern Star Resources Ltd.
 
36,476
267,106
Orica Ltd.
 
14,001
130,824
Pilbara Minerals Ltd.
 
85,478
200,788
QBE Insurance Group Ltd.
 
47,267
468,705
Ramsay Health Care Ltd.
 
5,835
180,676
REA Group Ltd.
 
1,683
154,507
Scentre Group unit
 
165,158
255,862
SEEK Ltd.
 
11,339
149,592
Sonic Healthcare Ltd.
 
14,176
259,578
Stockland Corp. Ltd. unit
 
75,932
171,374
Suncorp Group Ltd.
 
40,128
341,555
Telstra Group Ltd.
 
128,207
310,887
The GPT Group
 
58,890
135,908
Transurban Group unit
 
97,598
734,766
Vicinity Centres unit
 
118,838
128,717
Woodside Energy Group Ltd.
 
60,089
1,308,727
TOTAL AUSTRALIA
 
 
12,997,399
Austria - 0.2%
 
 
 
Mondi PLC
 
11
178
Mondi PLC
 
15,448
249,537
OMV AG
 
4,662
204,023
Verbund AG
 
2,161
187,497
TOTAL AUSTRIA
 
 
641,235
Belgium - 0.2%
 
 
 
KBC Group NV
 
7,925
435,204
Umicore SA
 
6,439
153,202
TOTAL BELGIUM
 
 
588,406
Brazil - 0.9%
 
 
 
Atacadao SA
 
19,400
34,515
Banco Bradesco SA
 
210
512
Banco Santander SA (Brasil) unit
 
11,500
61,403
CCR SA
 
34,700
82,453
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
10,500
121,562
Companhia Siderurgica Nacional SA (CSN)
 
20,400
47,583
Cosan SA
 
37,444
116,972
Energisa SA unit
 
6,600
61,016
Equatorial Energia SA
 
31,315
196,272
Hapvida Participacoes e Investimentos SA (a)(b)
 
162,200
118,712
Klabin SA unit
 
23,300
98,898
Localiza Rent a Car SA
 
28,650
289,071
Localiza Rent a Car SA rights 11/10/23 (a)
 
203
282
Lojas Renner SA (a)
 
31,965
77,729
Natura & Co. Holding SA
 
29,613
74,888
Prio SA (a)
 
25,300
239,363
Raia Drogasil SA
 
40,980
209,706
Rede D'Oregon Sao Luiz SA (b)
 
19,002
81,484
Rumo SA
 
39,900
176,560
Telefonica Brasil SA
 
12,800
114,855
TIM SA
 
28,600
86,054
Totvs SA
 
17,500
87,851
Ultrapar Participacoes SA
 
24,000
97,347
Weg SA
 
53,280
348,842
Wheaton Precious Metals Corp.
 
14,353
606,205
TOTAL BRAZIL
 
 
3,430,135
Burkina Faso - 0.0%
 
 
 
Endeavour Mining PLC
 
5,706
117,901
Canada - 7.2%
 
 
 
Agnico Eagle Mines Ltd. (Canada)
 
15,594
731,375
Algonquin Power & Utilities Corp.
 
20,111
101,226
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
24,730
1,346,218
Bank of Montreal
 
22,573
1,705,733
Bank of Nova Scotia
 
37,720
1,527,296
Brookfield Corp. (Canada) Class A
 
44,552
1,297,927
CAE, Inc. (a)
 
10,056
210,003
Cameco Corp.
 
13,698
560,366
Canadian Apartment Properties (REIT) unit
 
2,771
81,566
Canadian National Railway Co.
 
17,824
1,885,932
Canadian Tire Ltd. Class A (non-vtg.)
 
1,661
160,213
Dollarama, Inc.
 
8,968
612,417
Enbridge, Inc.
 
67,511
2,163,468
FirstService Corp.
 
1,234
174,615
Fortis, Inc.
 
15,354
609,621
Gildan Activewear, Inc.
 
5,654
160,599
Hydro One Ltd. (b)
 
10,464
271,343
Intact Financial Corp.
 
5,551
779,922
Ivanhoe Mines Ltd. (a)
 
19,333
142,479
Keyera Corp.
 
7,254
168,698
Kinross Gold Corp.
 
38,918
203,185
Magna International, Inc. Class A (sub. vtg.)
 
8,605
413,512
Metro, Inc.
 
7,343
372,988
National Bank of Canada
 
10,700
665,263
Nutrien Ltd.
 
15,700
843,220
Open Text Corp.
 
8,548
285,396
Parkland Corp.
 
4,317
130,654
Pembina Pipeline Corp.
 
17,414
535,951
RB Global, Inc.
 
5,761
376,769
RioCan (REIT)
 
5,080
61,726
Rogers Communications, Inc. Class B (non-vtg.)
 
11,223
415,820
Shopify, Inc. Class A (a)
 
37,957
1,792,539
Sun Life Financial, Inc.
 
18,564
847,913
TELUS Corp.
 
14,917
240,522
The Toronto-Dominion Bank
 
58,190
3,250,332
Thomson Reuters Corp.
 
5,028
602,272
Toromont Industries Ltd.
 
2,608
196,341
West Fraser Timber Co. Ltd.
 
1,749
118,038
TOTAL CANADA
 
 
26,043,458
Chile - 0.2%
 
 
 
Antofagasta PLC
 
12,526
204,773
Cencosud SA
 
42,754
69,266
Empresas CMPC SA
 
34,584
61,826
Empresas COPEC SA
 
12,924
85,558
Enel Americas SA (a)
 
715,204
73,518
Falabella SA
 
26,959
54,897
Lundin Mining Corp.
 
20,193
126,102
TOTAL CHILE
 
 
675,940
China - 9.5%
 
 
 
37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares)
 
4,100
11,600
3SBio, Inc. (b)
 
63,500
56,492
AAC Technology Holdings, Inc.
 
22,000
39,601
Agricultural Bank of China Ltd.:
 
 
 
 (A Shares)
 
157,600
77,356
 (H Shares)
 
927,000
342,394
Air China Ltd.:
 
 
 
 (A Shares) (a)
 
21,400
23,473
 (H Shares) (a)
 
66,000
44,900
Airtac International Group
 
4,000
131,409
Alibaba Group Holding Ltd. (a)
 
519,600
5,349,323
Alibaba Health Information Technology Ltd. (a)
 
166,000
97,787
Angel Yeast Co. Ltd. (A Shares)
 
1,600
7,652
Anhui Conch Cement Co. Ltd.:
 
 
 
 (A Shares)
 
7,400
24,477
 (H Shares)
 
38,000
94,570
Anjoy Foods Group Co. Ltd. (A Shares)
 
500
8,833
Baidu, Inc. Class A (a)
 
71,312
936,242
Beijing Capital International Airport Co. Ltd. (H Shares) (a)
 
58,000
21,364
Beijing Easpring Material Technology Co. Ltd. (A Shares)
 
900
5,428
Beijing Enterprises Water Group Ltd.
 
124,000
26,165
Beijing Tongrentang Co. Ltd. (A Shares)
 
2,500
17,548
BOC Aviation Ltd. Class A (b)
 
6,400
39,361
BOC Hong Kong (Holdings) Ltd.
 
117,500
310,733
Bosideng International Holdings Ltd.
 
118,000
46,590
By-Health Co. Ltd. (A Shares)
 
3,100
7,763
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
3,300
107,701
 (H Shares)
 
33,000
1,003,534
CECEP Solar Energy Co. Ltd. (A Shares)
 
7,200
5,650
CECEP Wind-Power Corp. (A Shares)
 
11,920
5,167
China Baoan Group Co. Ltd. (A Shares)
 
4,800
6,782
China Communications Services Corp. Ltd. (H Shares)
 
74,000
30,268
China Conch Venture Holdings Ltd.
 
44,500
36,854
China Construction Bank Corp.:
 
 
 
 (A Shares)
 
200
171
 (H Shares)
 
3,040,000
1,719,297
China Eastern Airlines Corp. Ltd. (A Shares) (a)
 
31,200
18,597
China Everbright International Ltd.
 
112,962
38,563
China Feihe Ltd. (b)
 
122,000
75,807
China Jinmao Holdings Group Ltd.
 
186,917
22,927
China Jushi Co. Ltd. (A Shares)
 
7,357
11,646
China Literature Ltd. (a)(b)
 
12,600
42,430
China Medical System Holdings Ltd.
 
45,000
71,959
China Mengniu Dairy Co. Ltd.
 
100,000
326,514
China Merchants Bank Co. Ltd.:
 
 
 
 (A Shares)
 
38,100
160,328
 (H Shares)
 
124,000
470,369
China Overseas Land and Investment Ltd.
 
118,000
222,679
China Resource Gas Group Ltd.
 
30,700
90,753
China Resources Cement Holdings Ltd.
 
76,000
19,542
China Resources Land Ltd.
 
100,000
374,311
China Resources Pharmaceutical Group Ltd. (b)
 
48,500
30,128
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares)
 
1,800
10,610
China Ruyi Holdings Ltd. (a)
 
172,000
39,608
China Southern Airlines Ltd.:
 
 
 
 (A Shares) (a)
 
20,200
17,056
 (H Shares) (a)
 
58,000
27,445
China Three Gorges Renewables Group Co. Ltd. (A Shares)
 
52,700
34,589
China Tourism Group Duty Free Corp. Ltd.:
 
 
 
 (A Shares)
 
3,600
46,571
 (H Shares) (b)
 
3,200
36,138
China Vanke Co. Ltd.:
 
 
 
 (A Shares)
 
17,800
27,539
 (H Shares)
 
78,100
73,067
Chow Tai Fook Jewellery Group Ltd.
 
67,200
94,895
CITIC Pacific Ltd.
 
179,000
152,139
Cmoc Group Ltd.:
 
 
 
 (A Shares)
 
32,500
24,647
 (H Shares)
 
129,000
76,937
CNGR Advanced Material Co. Ltd.
 
1,200
8,928
Contemporary Amperex Technology Co. Ltd.
 
8,140
206,734
COSCO SHIPPING Holdings Co. Ltd.:
 
 
 
 (A Shares) (a)
 
23,600
31,541
 (H Shares)
 
102,500
104,246
Country Garden Services Holdings Co. Ltd.
 
72,000
62,893
CSPC Pharmaceutical Group Ltd.
 
275,280
240,449
East Buy Holding Ltd. (a)(b)
 
12,500
50,994
Ecovacs Robotics Co. Ltd. Class A
 
1,100
6,495
ENN Energy Holdings Ltd.
 
25,000
189,379
ENN Natural Gas Co. Ltd. (A Shares)
 
4,800
11,330
Far East Horizon Ltd.
 
40,000
28,145
Fosun International Ltd.
 
75,500
45,235
Ganfeng Lithium Group Co. Ltd.:
 
 
 
 (A Shares)
 
3,020
18,301
 (H Shares) (b)
 
13,840
49,710
Geely Automobile Holdings Ltd.
 
186,000
211,170
GEM Co. Ltd. (A Shares)
 
9,500
7,614
Genscript Biotech Corp. (a)
 
38,000
110,472
Ginlong Technologies Co. Ltd. (A Shares)
 
700
6,423
Goldwind Science & Technology Co. Ltd.:
 
 
 
 (A Shares)
 
6,400
7,697
 (H Shares)
 
18
9
GoodWe Technologies Co. Ltd. (A Shares)
 
282
4,505
Greentown China Holdings Ltd.
 
31,000
30,074
Guangzhou Baiyunshan Pharma Health (A Shares)
 
2,600
10,595
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
900
7,618
Haier Smart Home Co. Ltd.
 
76,600
218,488
Haier Smart Home Co. Ltd. (A Shares)
 
11,600
35,252
Haitian International Holdings Ltd.
 
20,000
47,712
Hangzhou Robam Appliances Co. Ltd. (A Shares)
 
1,800
5,680
Hangzhou Tigermed Consulting Co. Ltd. (A Shares)
 
700
6,388
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
40,000
75,260
Henan Shuanghui Investment & Development Co. Ltd. (A Shares)
 
6,400
22,912
Huadong Medicine Co. Ltd. (A Shares)
 
3,200
18,804
Huatai Securities Co. Ltd.:
 
 
 
 (A Shares)
 
13,500
29,592
 (H Shares) (b)
 
46,000
60,223
Industrial & Commercial Bank of China Ltd.:
 
 
 
 (A Shares)
 
116,600
75,414
 (H Shares)
 
2,062,000
988,203
Inner Mongoli Yili Industries Co. Ltd. (A Shares)
 
11,700
43,871
JD Logistics, Inc. (a)(b)
 
66,300
78,506
JD.com, Inc. Class A
 
74,250
943,952
Jiangsu Eastern Shenghong Co. Ltd.
 
12,200
17,751
Jiangsu Expressway Co. Ltd. (H Shares)
 
38,000
34,547
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)
 
11,800
77,283
Jiangsu Zhongtian Technology Co. Ltd. (A Shares)
 
6,300
12,068
Jiumaojiu International Holdings Ltd. (b)
 
29,000
31,555
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares)
 
3,500
5,673
Jointown Pharmaceutical Group (A Shares)
 
7,140
6,950
Kanzhun Ltd. ADR (a)
 
6,730
99,604
Kingdee International Software Group Co. Ltd. (a)
 
91,000
120,745
Kuaishou Technology Class B (a)(b)
 
73,300
472,041
Kuang-Chi Technologies Co. Ltd. (A Shares)
 
4,000
7,652
Kunlun Energy Co. Ltd.
 
128,000
106,637
Lenovo Group Ltd.
 
230,000
267,658
Li Auto, Inc. Class A (a)
 
35,530
600,941
Livzon Pharmaceutical Group, Inc. (A Shares)
 
1,200
5,745
Longfor Properties Co. Ltd. (b)
 
62,471
90,943
Microport Scientific Corp. (a)
 
25,300
39,867
Ming Yang Smart Energy Group Ltd. (A Shares)
 
4,200
8,030
MINISO Group Holding Ltd. ADR
 
3,108
78,663
NetEase, Inc.
 
61,200
1,309,775
NIO, Inc. sponsored ADR (a)
 
43,831
319,966
Nongfu Spring Co. Ltd. (H Shares) (b)
 
55,600
316,683
Offshore Oil Enginering Co. Ltd. (A Shares)
 
8,100
6,883
Perfect World Co. Ltd. (A Shares)
 
3,600
5,910
Pharmaron Beijing Co. Ltd. (A Shares)
 
2,750
12,508
Ping An Healthcare and Technology Co. Ltd. (a)(b)
 
17,200
40,178
Pop Mart International Group Ltd. (b)
 
14,600
40,303
Postal Savings Bank of China Co. Ltd.
 
54,000
33,738
Postal Savings Bank of China Co. Ltd. (H Shares) (b)
 
244,000
111,369
Prosus NV
 
48,357
1,352,332
Pylon Technologies Co. Ltd. (Series A)
 
324
5,046
SF Holding Co. Ltd. (A Shares)
 
9,000
48,298
Shandong Nanshan Aluminum Co. Ltd. (A Shares)
 
21,600
9,155
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
82,800
76,854
Shanghai Electric Group Co. Ltd. (A Shares) (a)
 
23,300
14,147
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:
 
 
 
 (A Shares)
 
4,100
15,948
 (H Shares)
 
19,000
43,842
Shanghai M&G Stationery, Inc. (A Shares)
 
1,700
9,008
Shanghai Pharmaceuticals Holding Co. Ltd.:
 
 
 
 (A Shares)
 
5,200
12,815
 (H Shares)
 
22,400
32,588
Shanghai Putailai New Energy Technology Co. Ltd.
 
3,685
12,608
Shanghai Yuyuan Tourist Mart Group Co. Ltd.
 
7,200
6,397
Shenzhen Capchem Technology Co. Ltd. (A Shares)
 
1,400
8,450
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
2,500
20,670
Shenzhen International Holdings Ltd.
 
44,323
29,214
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
2,200
86,006
Shuangliang Eco-Energy Systems Ltd. (A Shares)
 
3,500
4,480
Sinoma Science & Technology Co. Ltd. (A Shares)
 
3,100
7,330
Sinopec Shanghai Petrochemical Co. Ltd. (A Shares) (a)
 
13,400
5,482
Sinopharm Group Co. Ltd. (H Shares)
 
41,200
98,521
Sinotruk Hong Kong Ltd.
 
21,000
39,554
SKSHU Paint Co. Ltd. (A Shares)
 
968
7,881
Sungrow Power Supply Co. Ltd. (A Shares)
 
2,700
31,121
Sunwoda Electronic Co. Ltd. (A Shares)
 
3,400
7,490
TCL Technology Group Corp. (A Shares)
 
34,600
18,609
Tencent Holdings Ltd.
 
212,000
7,845,856
Tianqi Lithium Corp. (A Shares)
 
2,700
20,319
Titan Wind Energy Suzhou Co. Ltd. (A Shares) (a)
 
3,300
6,020
Tongcheng Travel Holdings Ltd. (a)
 
41,200
78,711
Topchoice Medical Corp. (a)
 
600
7,353
Uni-President China Holdings Ltd.
 
40,000
27,224
Vipshop Holdings Ltd. ADR (a)
 
10,721
152,881
Want Want China Holdings Ltd.
 
159,000
98,796
Weichai Power Co. Ltd.:
 
 
 
 (A Shares)
 
12,600
23,951
 (H Shares)
 
66,000
98,790
Western Mining Co. Ltd. (A Shares)
 
4,400
7,566
WuXi AppTec Co. Ltd.
 
4,776
56,479
WuXi AppTec Co. Ltd. (H Shares) (b)
 
11,480
137,950
Wuxi Biologics (Cayman), Inc. (a)(b)
 
120,500
749,238
XPeng, Inc. Class A (a)
 
32,816
238,467
Yadea Group Holdings Ltd. (b)
 
40,000
73,014
Yihai International Holding Ltd.
 
16,000
29,118
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares)
 
2,700
12,915
Yum China Holdings, Inc.
 
13,188
693,161
Yunnan Baiyao Group Co. Ltd. (A Shares)
 
3,320
23,073
Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares)
 
9,400
6,649
Yunnan Energy New Material Co. Ltd.
 
1,800
16,525
Zai Lab Ltd. (a)
 
28,700
73,244
Zai Lab Ltd. ADR (a)
 
1
25
Zangge Mining Co. Ltd. (Series A)
 
2,900
8,877
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares)
 
1,100
37,651
Zhejiang Chint Electric Co. Ltd. (A Shares)
 
4,000
12,642
Zhejiang Expressway Co. Ltd. (H Shares)
 
38,000
28,604
Zhejiang Huayou Cobalt Co. Ltd. (A Shares)
 
2,958
14,890
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares)
 
1,700
6,910
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares)
 
2,900
6,538
Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares)
 
13,000
11,410
ZTO Express, Inc. sponsored ADR
 
13,500
318,195
TOTAL CHINA
 
 
34,583,647
Colombia - 0.0%
 
 
 
Bancolombia SA
 
9,271
66,109
Interconexion Electrica SA ESP
 
13,619
47,978
TOTAL COLOMBIA
 
 
114,087
Czech Republic - 0.0%
 
 
 
Komercni Banka A/S
 
2,556
74,858
MONETA Money Bank A/S (b)
 
12,015
46,418
TOTAL CZECH REPUBLIC
 
 
121,276
Denmark - 3.9%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
93
151,621
 Series B
 
154
256,600
Chr. Hansen Holding A/S
 
3,344
227,793
Coloplast A/S Series B
 
4,321
450,248
DSV A/S
 
5,888
878,139
Genmab A/S (a)
 
2,089
590,525
Novo Nordisk A/S Series B
 
103,275
9,963,583
Novozymes A/S Series B
 
6,482
290,938
ORSTED A/S (b)
 
5,985
289,190
Pandora A/S
 
2,675
302,702
Rockwool International A/S Series B
 
301
66,910
Vestas Wind Systems A/S (a)
 
31,985
693,268
TOTAL DENMARK
 
 
14,161,517
Egypt - 0.0%
 
 
 
Commercial International Bank SAE
 
77,922
152,064
Commercial International Bank SAE GDR
 
4
5
TOTAL EGYPT
 
 
152,069
Finland - 1.0%
 
 
 
Elisa Corp. (A Shares)
 
4,530
192,111
Kesko Oyj
 
8,664
146,357
Metso Corp.
 
20,998
184,543
Neste OYJ
 
13,391
449,300
Nokia Corp.
 
169,424
564,298
Nordea Bank Abp
 
102,067
1,072,566
Stora Enso Oyj (R Shares)
 
18,452
221,110
UPM-Kymmene Corp.
 
16,956
569,990
Wartsila Corp.
 
14,993
178,312
TOTAL FINLAND
 
 
3,578,587
France - 7.4%
 
 
 
Aeroports de Paris SA
 
987
110,492
AXA SA
 
58,078
1,720,876
BNP Paribas SA
 
33,212
1,909,824
Bouygues SA
 
6,047
212,489
Carrefour SA
 
18,914
331,590
Compagnie Generale des Etablissements Michelin SCA Series B
 
21,488
638,375
Credit Agricole SA
 
38,330
462,831
Danone SA
 
20,389
1,212,951
Dassault Systemes SA
 
21,193
873,011
Eiffage SA
 
2,330
211,282
Gecina SA
 
1,413
138,446
Getlink SE
 
10,992
177,193
Hermes International SCA
 
1,003
1,867,418
Kering SA
 
2,355
957,782
Klepierre SA
 
6,851
166,003
L'Oreal SA
 
7,629
3,206,703
LVMH Moet Hennessy Louis Vuitton SE
 
8,739
6,256,517
Orange SA
 
58,931
693,149
Societe Generale Series A
 
23,025
517,412
Teleperformance
 
1,870
213,991
TotalEnergies SE
 
71,160
4,757,578
Valeo SA
 
6,802
89,533
Worldline SA (a)(b)
 
7,610
96,465
TOTAL FRANCE
 
 
26,821,911
Germany - 2.9%
 
 
 
adidas AG
 
5,128
907,217
Bayerische Motoren Werke AG (BMW)
 
9,509
881,687
Beiersdorf AG
 
3,188
418,448
Brenntag SE
 
4,649
344,928
Commerzbank AG
 
33,711
362,047
Covestro AG (a)(b)
 
6,113
308,531
Deutsche Borse AG
 
6,016
990,212
Deutsche Lufthansa AG (a)
 
18,363
128,315
DHL Group
 
31,378
1,220,471
Evonik Industries AG
 
6,447
118,422
GEA Group AG
 
4,872
166,148
HeidelbergCement AG
 
4,599
333,238
HelloFresh AG (a)
 
4,770
103,769
Henkel AG & Co. KGaA
 
3,228
204,011
Knorr-Bremse AG
 
2,230
123,971
LEG Immobilien AG (a)
 
2,278
141,825
Merck KGaA
 
4,089
615,887
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
4,322
1,730,921
Puma AG
 
3,341
188,421
Symrise AG
 
4,214
430,626
Telefonica Deutschland Holding AG
 
27,397
46,483
Vonovia SE
 
23,211
534,366
Zalando SE (a)(b)
 
7,091
164,991
TOTAL GERMANY
 
 
10,464,935
Greece - 0.1%
 
 
 
Alpha Bank SA (a)
 
74,197
110,696
Eurobank Ergasias Services and Holdings SA (a)
 
79,864
130,305
Hellenic Telecommunications Organization SA
 
6,404
89,647
Motor Oil (HELLAS) Corinth Refineries SA
 
2,043
48,638
Mytilineos SA
 
3,294
121,919
TOTAL GREECE
 
 
501,205
Hong Kong - 1.5%
 
 
 
AIA Group Ltd.
 
365,400
3,173,063
Hang Seng Bank Ltd.
 
24,200
276,681
HKT Trust/HKT Ltd. unit
 
117,000
121,187
Hong Kong & China Gas Co. Ltd.
 
355,356
247,366
MTR Corp. Ltd.
 
49,656
185,623
Prudential PLC
 
87,157
911,347
Sino Biopharmaceutical Ltd.
 
317,750
123,439
Sino Land Ltd.
 
112,219
112,031
Swire Pacific Ltd. (A Shares)
 
13,000
83,042
Swire Properties Ltd.
 
39,400
76,287
Vinda International Holdings Ltd.
 
11,000
27,184
WH Group Ltd. (b)
 
256,000
152,892
TOTAL HONG KONG
 
 
5,490,142
Hungary - 0.1%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
13,852
110,218
OTP Bank PLC
 
7,535
280,387
Richter Gedeon PLC
 
4,629
108,537
TOTAL HUNGARY
 
 
499,142
India - 4.1%
 
 
 
ABB India Ltd.
 
1,760
86,778
Adani Green Energy Ltd. (a)
 
9,736
107,533
Ashok Leyland Ltd.
 
48,752
98,263
Asian Paints Ltd.
 
12,152
437,600
Astral Ltd.
 
3,978
88,403
AU Small Finance Bank Ltd. (b)
 
5,111
41,067
Axis Bank Ltd.
 
72,162
851,245
Bajaj Finance Ltd.
 
8,633
776,907
Berger Paints India Ltd.
 
10,272
68,902
Bharti Airtel Ltd.
 
70,696
776,196
Britannia Industries Ltd.
 
3,437
182,778
Colgate-Palmolive Ltd.
 
4,061
103,075
Cummins India Ltd.
 
4,591
92,446
Dabur India Ltd.
 
19,063
121,064
DLF Ltd.
 
19,022
128,824
Eicher Motors Ltd.
 
4,352
172,192
GAIL India Ltd.
 
70,836
101,678
Grasim Industries Ltd.
 
8,387
190,026
Havells India Ltd.
 
7,702
115,277
HCL Technologies Ltd.
 
29,989
459,847
Hero Motocorp Ltd.
 
3,378
125,318
Hindalco Industries Ltd.
 
39,160
216,089
Hindustan Unilever Ltd.
 
26,013
776,085
ICICI Prudential Life Insurance Co. Ltd. (b)
 
11,881
74,951
Indraprastha Gas Ltd.
 
9,674
44,425
Info Edge India Ltd.
 
2,181
107,001
Infosys Ltd.
 
105,078
1,727,575
Kotak Mahindra Bank Ltd.
 
34,614
723,385
Lupin Ltd.
 
6,785
91,916
Mahindra & Mahindra Ltd.
 
29,557
517,841
Marico Ltd.
 
15,895
102,394
Nestle India Ltd.
 
1,072
312,062
PI Industries Ltd.
 
2,564
104,687
Pidilite Industries Ltd.
 
4,687
138,343
Reliance Industries Ltd.
 
96,350
2,648,625
Shree Cement Ltd.
 
300
92,436
Shriram Transport Finance Co. Ltd.
 
8,903
200,838
Siemens Ltd.
 
2,735
109,397
Supreme Industries Ltd.
 
2,082
108,225
Tata Consultancy Services Ltd.
 
28,954
1,171,814
The Indian Hotels Co. Ltd.
 
26,236
120,801
Torrent Pharmaceuticals Ltd.
 
3,369
77,853
Tvs Motor Co. Ltd.
 
7,300
139,457
UPL Ltd.
 
13,840
89,836
Vedanta Ltd.
 
24,841
64,625
Zomato Ltd. (a)
 
135,898
171,836
TOTAL INDIA
 
 
15,057,916
Indonesia - 0.6%
 
 
 
PT Aneka Tambang Tbk
 
258,300
27,675
PT Bank Central Asia Tbk
 
1,754,800
966,756
PT Bank Rakyat Indonesia (Persero) Tbk
 
2,155,800
674,084
PT Barito Pacific Tbk
 
926,068
65,625
PT Kalbe Farma Tbk
 
699,100
74,352
PT Merdeka Copper Gold Tbk (a)
 
397,418
55,740
PT Sarana Menara Nusantara Tbk
 
624,600
35,030
PT Telkom Indonesia Persero Tbk
 
1,564,200
342,897
PT Unilever Indonesia Tbk
 
234,500
53,468
TOTAL INDONESIA
 
 
2,295,627
Ireland - 0.3%
 
 
 
Kerry Group PLC Class A
 
5,048
389,273
Kingspan Group PLC (Ireland)
 
4,888
328,318
Smurfit Kappa Group PLC
 
8,251
268,372
TOTAL IRELAND
 
 
985,963
Israel - 0.1%
 
 
 
Bank Leumi le-Israel BM
 
48,463
311,616
Italy - 1.1%
 
 
 
Assicurazioni Generali SpA
 
32,044
635,563
Coca-Cola HBC AG
 
7,021
181,938
Enel SpA
 
257,341
1,633,493
FinecoBank SpA
 
19,328
227,312
Mediobanca SpA
 
17,474
208,374
Moncler SpA
 
6,514
337,317
Nexi SpA (a)(b)
 
18,158
105,210
Poste Italiane SpA (b)
 
16,482
162,886
Prysmian SpA
 
8,336
311,269
Terna - Rete Elettrica Nazionale
 
44,555
340,660
TOTAL ITALY
 
 
4,144,022
Japan - 15.2%
 
 
 
Advantest Corp.
 
24,200
623,359
AEON Co. Ltd.
 
20,700
435,520
Ajinomoto Co., Inc.
 
14,200
518,622
Ana Holdings, Inc. (a)
 
4,900
96,196
Asahi Kasei Corp.
 
39,900
245,297
Astellas Pharma, Inc.
 
57,200
723,573
Azbil Corp.
 
3,500
103,420
Bridgestone Corp.
 
18,200
688,783
Brother Industries Ltd.
 
7,400
115,442
Dai Nippon Printing Co. Ltd.
 
7,000
182,611
Daifuku Co. Ltd.
 
9,300
153,663
Daiichi Sankyo Kabushiki Kaisha
 
58,500
1,508,375
Daikin Industries Ltd.
 
8,300
1,196,685
Daiwa House Industry Co. Ltd.
 
18,700
514,356
Daiwa Securities Group, Inc.
 
42,300
243,922
Eisai Co. Ltd.
 
8,000
423,827
FANUC Corp.
 
30,100
746,974
Fast Retailing Co. Ltd.
 
5,600
1,239,820
Fuji Electric Co. Ltd.
 
4,100
156,106
FUJIFILM Holdings Corp.
 
11,800
645,434
Fujitsu Ltd.
 
5,500
712,512
Hankyu Hanshin Holdings, Inc.
 
7,200
226,538
Hirose Electric Co. Ltd.
 
1,000
113,299
Hitachi Construction Machinery Co. Ltd.
 
3,500
90,425
Hitachi Ltd.
 
29,700
1,882,583
Hoya Corp.
 
11,200
1,078,209
Hulic Co. Ltd.
 
11,800
108,184
Ibiden Co. Ltd.
 
3,600
153,491
INPEX Corp.
 
30,600
444,033
Isuzu Motors Ltd.
 
18,600
207,402
Itochu Corp.
 
37,600
1,354,391
JFE Holdings, Inc.
 
15,600
217,353
JSR Corp.
 
5,600
149,889
Kao Corp.
 
14,700
536,313
KDDI Corp.
 
47,400
1,417,959
Keio Corp.
 
3,400
100,893
Kikkoman Corp.
 
4,300
244,648
Komatsu Ltd.
 
29,200
670,911
Kubota Corp.
 
32,000
430,376
Kurita Water Industries Ltd.
 
3,200
97,227
Kyowa Hakko Kirin Co., Ltd.
 
8,300
130,180
LIXIL Group Corp.
 
8,800
96,493
LY Corp.
 
84,600
215,687
Marubeni Corp.
 
45,700
668,215
MatsukiyoCocokara & Co.
 
10,800
189,451
Mazda Motor Corp.
 
18,100
174,954
McDonald's Holdings Co. (Japan) Ltd.
 
2,800
108,942
Meiji Holdings Co. Ltd.
 
7,400
182,144
Mitsubishi Chemical Holdings Corp.
 
40,700
230,305
Mitsubishi Estate Co. Ltd.
 
35,600
455,691
Mitsui Chemicals, Inc.
 
5,600
141,145
Mitsui Fudosan Co. Ltd.
 
28,200
611,231
Mizuho Financial Group, Inc.
 
76,400
1,297,149
MS&AD Insurance Group Holdings, Inc.
 
13,600
498,311
NEC Corp.
 
7,800
375,575
Nintendo Co. Ltd.
 
32,890
1,358,832
Nippon Express Holdings, Inc.
 
2,200
113,070
Nippon Paint Holdings Co. Ltd.
 
30,100
202,366
Nippon Prologis REIT, Inc.
 
73
129,894
Nissin Food Holdings Co. Ltd.
 
1,900
165,317
Nitori Holdings Co. Ltd.
 
2,600
281,567
Nitto Denko Corp.
 
4,500
291,176
Nomura Holdings, Inc.
 
95,100
367,410
Nomura Real Estate Holdings, Inc.
 
3,600
84,082
Nomura Research Institute Ltd.
 
12,300
322,874
NTT Data Corp.
 
20,000
246,598
OMRON Corp.
 
5,500
197,050
Ono Pharmaceutical Co. Ltd.
 
12,300
212,415
Open House Group Co. Ltd.
 
2,600
85,697
Oriental Land Co. Ltd.
 
34,500
1,115,915
ORIX Corp.
 
37,200
676,532
Osaka Gas Co. Ltd.
 
11,900
224,408
Pan Pacific International Holdings Ltd.
 
12,000
232,390
Panasonic Holdings Corp.
 
69,900
613,267
Rakuten Group, Inc.
 
47,300
174,959
Recruit Holdings Co. Ltd.
 
45,600
1,307,475
Renesas Electronics Corp. (a)
 
40,200
528,052
Ricoh Co. Ltd.
 
17,400
141,029
SCSK Corp.
 
5,200
88,765
Secom Co. Ltd.
 
6,700
465,347
Seiko Epson Corp.
 
8,900
123,560
Sekisui Chemical Co. Ltd.
 
12,200
167,102
Sekisui House Ltd.
 
18,800
368,156
Seven & i Holdings Co. Ltd.
 
23,900
875,665
SG Holdings Co. Ltd.
 
9,800
138,911
Sharp Corp. (a)
 
8,000
50,018
Shimadzu Corp.
 
7,600
179,712
SHIMIZU Corp.
 
17,100
121,692
Shin-Etsu Chemical Co. Ltd.
 
57,700
1,725,425
Shionogi & Co. Ltd.
 
8,200
381,830
SoftBank Corp.
 
90,900
1,027,794
Sompo Holdings, Inc.
 
9,300
402,876
Sony Group Corp.
 
39,900
3,317,242
Sumitomo Chemical Co. Ltd.
 
43,300
110,058
Sumitomo Electric Industries Ltd.
 
22,700
238,310
Sumitomo Metal Mining Co. Ltd.
 
7,900
221,926
Sumitomo Mitsui Financial Group, Inc.
 
40,100
1,933,140
Sumitomo Mitsui Trust Holdings, Inc.
 
10,400
389,967
Suntory Beverage & Food Ltd.
 
4,500
135,419
Sysmex Corp.
 
5,400
258,675
T&D Holdings, Inc.
 
15,800
281,860
TDK Corp.
 
12,400
463,949
Terumo Corp.
 
21,300
582,729
TIS, Inc.
 
7,000
149,904
Tobu Railway Co. Ltd.
 
5,800
139,603
Tokio Marine Holdings, Inc.
 
57,100
1,277,455
Tokyo Electron Ltd.
 
14,900
1,968,852
Tokyo Gas Co. Ltd.
 
12,400
278,469
Tokyu Corp.
 
15,900
179,496
Toray Industries, Inc.
 
44,000
212,865
Toto Ltd.
 
4,400
106,091
Unicharm Corp.
 
12,700
431,532
USS Co. Ltd.
 
6,300
110,117
West Japan Railway Co.
 
7,000
266,802
Yamaha Corp.
 
4,300
114,853
Yamaha Motor Co. Ltd.
 
9,500
232,150
Yamato Holdings Co. Ltd.
 
8,200
136,579
Yaskawa Electric Corp.
 
7,600
248,772
Yokogawa Electric Corp.
 
7,000
127,087
ZOZO, Inc.
 
4,600
87,468
TOTAL JAPAN
 
 
55,364,692
Korea (South) - 1.7%
 
 
 
AMOREPACIFIC Corp.
 
973
91,196
BGF Retail Co. Ltd.
 
265
27,059
Celltrion Healthcare Co. Ltd.
 
3,286
162,303
CJ CheilJedang Corp.
 
255
53,342
Coway Co. Ltd.
 
1,701
54,353
Doosan Bobcat, Inc.
 
1,695
48,627
Doosan Heavy Industries & Construction Co. Ltd. (a)
 
13,782
137,120
Hana Financial Group, Inc.
 
9,357
271,668
Hanon Systems
 
5,752
29,307
Hanwha Solutions Corp. (a)
 
3,427
72,888
HD Hyundai Co. Ltd.
 
1,335
56,777
HMM Co. Ltd.
 
8,104
87,647
Hyundai Engineering & Construction Co. Ltd.
 
2,685
66,491
Hyundai Glovis Co. Ltd.
 
629
79,709
Hyundai Mipo Dockyard Co. Ltd. (a)
 
737
37,923
Kakao Corp.
 
9,835
276,797
KB Financial Group, Inc.
 
12,122
461,385
Korea Zinc Co. Ltd.
 
244
84,669
Korean Air Lines Co. Ltd.
 
6,363
96,671
Kumho Petro Chemical Co. Ltd.
 
540
50,678
LG Chemical Ltd.
 
1,564
511,829
LG Corp.
 
2,901
165,804
LG Display Co. Ltd. (a)
 
7,169
64,774
LG Electronics, Inc.
 
3,362
249,034
LG H & H Co. Ltd.
 
312
73,038
LG Uplus Corp.
 
6,599
49,384
Lotte Chemical Corp.
 
592
64,194
Mirae Asset Securities Co. Ltd.
 
8,367
40,927
NAVER Corp.
 
4,150
579,323
NCSOFT Corp.
 
476
82,115
Netmarble Corp. (a)(b)
 
660
18,920
POSCO Chemtech Co. Ltd.
 
981
172,619
Samsung Engineering Co. Ltd. (a)
 
5,213
91,741
Samsung SDI Co. Ltd.
 
1,741
550,444
Samsung SDS Co. Ltd.
 
1,189
121,698
Samsung Securities Co. Ltd.
 
1,920
50,222
Shinhan Financial Group Co. Ltd.
 
13,914
357,118
SK Biopharmaceuticals Co. Ltd. (a)
 
964
53,868
SK Bioscience Co. Ltd. (a)
 
826
37,121
SK IE Technology Co. Ltd. (a)(b)
 
767
33,771
SK Innovation Co., Ltd.
 
1,958
178,118
SK Square Co. Ltd. (a)
 
3,305
104,276
SK, Inc.
 
1,125
118,434
SKC Co. Ltd.
 
582
33,986
Woori Financial Group, Inc.
 
18,710
165,016
Yuhan Corp.
 
1,776
75,595
TOTAL KOREA (SOUTH)
 
 
6,289,979
Kuwait - 0.2%
 
 
 
Kuwait Finance House KSCP
 
255,768
565,343
Malaysia - 0.7%
 
 
 
AMMB Holdings Bhd
 
50,700
40,674
Axiata Group Bhd
 
84,704
38,756
CelcomDigi Bhd
 
118,500
106,153
CIMB Group Holdings Bhd
 
196,705
235,672
Dialog Group Bhd
 
104,200
47,014
Gamuda Bhd
 
58,169
57,159
Hong Leong Credit Bhd
 
7,100
26,403
IHH Healthcare Bhd
 
74,400
93,654
Kuala Lumpur Kepong Bhd
 
16,300
75,243
Malayan Banking Bhd
 
170,940
323,685
Malaysia Airports Holdings Bhd
 
25,700
39,874
Maxis Bhd
 
79,200
65,854
MISC Bhd
 
45,400
69,116
MR DIY Group M Sdn Bhd (b)
 
87,100
27,061
Nestle (Malaysia) Bhd
 
2,200
57,174
Petronas Chemicals Group Bhd
 
86,100
132,767
Petronas Dagangan Bhd
 
9,200
44,539
Petronas Gas Bhd
 
27,100
98,712
PPB Group Bhd
 
22,000
70,724
Press Metal Aluminium Holdings
 
114,000
117,839
Public Bank Bhd
 
459,900
401,677
QL Resources Bhd
 
33,700
39,112
RHB Bank Bhd
 
46,118
54,018
Sime Darby Bhd
 
83,900
40,324
Telekom Malaysia Bhd
 
35,295
37,572
TOTAL MALAYSIA
 
 
2,340,776
Mexico - 0.8%
 
 
 
America Movil S.A.B. de CV Series L
 
599,100
494,792
Arca Continental S.A.B. de CV
 
16,100
144,372
CEMEX S.A.B. de CV unit (a)
 
479,500
288,035
Fomento Economico Mexicano S.A.B. de CV unit
 
61,500
696,084
Gruma S.A.B. de CV Series B
 
6,135
106,758
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
5,960
128,446
Grupo Bimbo S.A.B. de CV Series A
 
40,800
166,060
Grupo Financiero Banorte S.A.B. de CV Series O
 
82,100
666,308
Grupo Televisa SA de CV
 
73,900
33,898
Industrias Penoles SA de CV (a)
 
6,610
73,792
Orbia Advance Corp. S.A.B. de CV
 
33,800
54,762
TOTAL MEXICO
 
 
2,853,307
Netherlands - 3.5%
 
 
 
Akzo Nobel NV
 
5,401
361,518
ASML Holding NV (Netherlands)
 
12,759
7,669,695
ING Groep NV (Certificaten Van Aandelen)
 
114,514
1,468,130
JDE Peet's BV
 
4,142
115,001
Koninklijke Ahold Delhaize NV
 
30,722
910,195
Koninklijke KPN NV
 
102,071
343,079
NN Group NV
 
7,931
254,366
Universal Music Group NV
 
25,931
635,020
Wolters Kluwer NV
 
8,148
1,044,051
TOTAL NETHERLANDS
 
 
12,801,055
New Zealand - 0.2%
 
 
 
Mercury Nz Ltd.
 
21,861
75,201
Meridian Energy Ltd.
 
39,701
111,812
Spark New Zealand Ltd.
 
59,108
171,598
Xero Ltd. (a)
 
4,546
310,798
TOTAL NEW ZEALAND
 
 
669,409
Norway - 0.8%
 
 
 
Aker BP ASA
 
10,002
287,499
DNB Bank ASA
 
29,309
528,147
Equinor ASA
 
28,505
955,579
Gjensidige Forsikring ASA
 
6,572
98,425
Mowi ASA
 
13,890
225,429
Norsk Hydro ASA
 
42,093
240,044
Orkla ASA
 
23,762
163,661
Salmar ASA
 
2,228
105,467
Telenor ASA
 
22,118
226,012
TOTAL NORWAY
 
 
2,830,263
Peru - 0.1%
 
 
 
Credicorp Ltd. (United States)
 
2,145
268,039
Philippines - 0.1%
 
 
 
Ayala Corp.
 
8,550
91,198
JG Summit Holdings, Inc.
 
80,833
52,307
PLDT, Inc.
 
2,320
49,456
SM Investments Corp.
 
7,515
105,960
SM Prime Holdings, Inc.
 
310,400
163,837
Universal Robina Corp.
 
26,810
51,563
TOTAL PHILIPPINES
 
 
514,321
Poland - 0.4%
 
 
 
Allegro.eu SA (a)(b)
 
15,592
111,608
CD Projekt RED SA
 
1,996
49,757
KGHM Polska Miedz SA (Bearer)
 
4,304
114,700
mBank SA (a)
 
458
56,521
Orlen SA
 
18,428
290,942
Powszechna Kasa Oszczednosci Bank SA (a)
 
27,835
287,598
Powszechny Zaklad Ubezpieczen SA
 
19,289
218,029
Santander Bank Polska SA (a)
 
1,099
119,083
TOTAL POLAND
 
 
1,248,238
Portugal - 0.1%
 
 
 
Galp Energia SGPS SA Class B
 
15,612
234,736
Jeronimo Martins SGPS SA
 
8,981
206,971
TOTAL PORTUGAL
 
 
441,707
Qatar - 0.2%
 
 
 
Qatar Fuel Co. (a)
 
19,870
81,041
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
82,615
79,869
Qatar National Bank SAQ
 
145,985
597,011
TOTAL QATAR
 
 
757,921
Romania - 0.0%
 
 
 
NEPI Rockcastle PLC
 
15,435
83,363
Russia - 0.1%
 
 
 
Gazprom OAO (c)
 
372,050
38,941
LUKOIL PJSC (c)
 
13,192
4,084
Mobile TeleSystems OJSC sponsored ADR (a)(c)
 
14,384
14,326
Moscow Exchange MICEX-RTS OAO (c)
 
49,350
9,489
Novatek PJSC GDR (Reg. S) (a)(c)
 
2,894
150,488
Novolipetsk Steel OJSC (a)(c)
 
47,040
452
PhosAgro PJSC:
 
 
 
 GDR (Reg. S) (a)(c)
 
4,171
86
 sponsored GDR (Reg. S) (a)(c)
 
26
1
Polyus PJSC (a)(c)
 
1,031
2,425
TOTAL RUSSIA
 
 
220,292
Saudi Arabia - 0.7%
 
 
 
ACWA Power Co.
 
3,019
182,672
Alinma Bank
 
31,057
272,357
Bank Albilad
 
15,549
154,180
Dr Sulaiman Al Habib Medical Services Group Co.
 
2,770
186,065
National Industrialization Co. (a)
 
10,020
31,035
Sahara International Petrochemical Co.
 
11,032
94,835
Saudi Arabian Oil Co. (b)
 
84,206
747,430
Saudi Basic Industries Corp.
 
28,500
584,950
Saudi Electricity Co.
 
25,590
121,415
The Savola Group
 
8,598
83,422
TOTAL SAUDI ARABIA
 
 
2,458,361
Singapore - 0.7%
 
 
 
CapitaLand Investment Ltd.
 
80,001
171,777
CapitaMall Trust
 
169,609
217,985
City Developments Ltd.
 
15,400
71,084
Keppel (REIT) (d)
 
9,260
5,377
Keppel Corp. Ltd.
 
46,300
210,172
Singapore Exchange Ltd.
 
27,200
188,324
STMicroelectronics NV (France)
 
21,642
824,995
United Overseas Bank Ltd.
 
40,100
790,960
TOTAL SINGAPORE
 
 
2,480,674
South Africa - 1.7%
 
 
 
Absa Group Ltd.
 
26,876
245,031
Anglo American Platinum Ltd.
 
2,179
72,804
Anglo American PLC (United Kingdom)
 
40,246
1,025,452
Aspen Pharmacare Holdings Ltd.
 
11,660
105,911
Bid Corp. Ltd.
 
10,605
224,982
Bidvest Group Ltd./The
 
8,897
125,935
Capitec Bank Holdings Ltd.
 
2,759
244,981
Clicks Group Ltd.
 
8,041
118,491
Discovery Ltd.
 
16,533
114,061
FirstRand Ltd.
 
159,647
526,289
Gold Fields Ltd.
 
28,297
373,293
Growthpoint Properties Ltd.
 
105,490
54,846
Impala Platinum Holdings Ltd.
 
26,636
110,955
Kumba Iron Ore Ltd.
 
1,981
52,489
MTN Group Ltd.
 
53,622
261,759
Naspers Ltd. Class N
 
6,200
967,825
Nedbank Group Ltd.
 
13,519
145,487
Northam Platinum Holdings Ltd.
 
11,736
70,835
Old Mutual Ltd.
 
160,090
101,788
Sanlam Ltd.
 
55,723
195,445
Sasol Ltd.
 
18,080
228,526
Shoprite Holdings Ltd.
 
15,896
203,699
Sibanye-Stillwater Ltd.
 
86,968
110,932
Standard Bank Group Ltd.
 
42,464
416,700
Vodacom Group Ltd.
 
20,599
112,138
Woolworths Holdings Ltd.
 
30,993
115,391
TOTAL SOUTH AFRICA
 
 
6,326,045
Spain - 1.1%
 
 
 
ACS Actividades de Construccion y Servicios SA
 
6,941
250,954
Amadeus IT Holding SA Class A
 
14,257
811,893
Iberdrola SA
 
192,771
2,144,002
Naturgy Energy Group SA
 
3,875
109,474
Redeia Corp. SA
 
12,944
201,400
Repsol SA
 
40,414
591,185
TOTAL SPAIN
 
 
4,108,908
Sweden - 1.8%
 
 
 
Alfa Laval AB
 
9,177
296,461
ASSA ABLOY AB (B Shares)
 
31,724
676,199
Atlas Copco AB:
 
 
 
 (A Shares)
 
85,162
1,102,765
 (B Shares)
 
49,240
551,623
Beijer Ref AB (B Shares)
 
11,834
112,059
Boliden AB
 
8,668
221,894
Epiroc AB:
 
 
 
 (A Shares)
 
21,178
348,902
 (B Shares)
 
11,984
166,086
EQT AB
 
11,279
205,019
Essity AB (B Shares)
 
19,277
439,164
H&M Hennes & Mauritz AB (B Shares)
 
20,443
273,429
Holmen AB (B Shares)
 
2,884
108,695
Husqvarna AB (B Shares)
 
11,512
74,358
Nibe Industrier AB (B Shares)
 
47,981
275,873
Sandvik AB
 
33,783
575,426
SKF AB (B Shares)
 
10,812
174,446
Svenska Cellulosa AB SCA (B Shares)
 
19,260
263,904
Svenska Handelsbanken AB (A Shares)
 
46,274
394,518
Tele2 AB (B Shares)
 
16,424
116,444
Telia Co. AB
 
75,080
159,166
TOTAL SWEDEN
 
 
6,536,431
Switzerland - 5.2%
 
 
 
ABB Ltd. (Reg.)
 
50,712
1,703,808
Baloise Holdings AG
 
1,448
207,255
Banque Cantonale Vaudoise
 
987
111,324
Clariant AG (Reg.)
 
7,198
101,839
DSM-Firmenich AG
 
5,888
533,234
Geberit AG (Reg.)
 
1,056
489,662
Givaudan SA
 
293
972,748
Julius Baer Group Ltd.
 
6,518
386,268
Kuehne & Nagel International AG
 
1,710
459,622
Lindt & Spruengli AG
 
4
435,332
Lindt & Spruengli AG (participation certificate)
 
30
331,446
Logitech International SA (Reg.)
 
5,204
407,098
Lonza Group AG
 
2,356
825,081
Novartis AG
 
64,853
6,071,510
SGS SA (Reg.)
 
4,740
385,495
Sig Group AG
 
9,705
213,272
Sika AG
 
4,633
1,104,708
Sonova Holding AG
 
1,645
387,899
Swiss Life Holding AG
 
933
596,734
Swisscom AG
 
820
490,386
Temenos Group AG
 
1,961
140,427
VAT Group AG (b)
 
854
301,080
Zurich Insurance Group Ltd.
 
4,762
2,254,183
TOTAL SWITZERLAND
 
 
18,910,411
Taiwan - 5.8%
 
 
 
Acer, Inc.
 
94,000
99,271
AUO Corp.
 
214,400
103,699
Cathay Financial Holding Co. Ltd.
 
300,751
407,820
China Airlines Ltd.
 
89,000
53,311
China Steel Corp.
 
375,000
279,555
Chunghwa Telecom Co. Ltd.
 
121,000
432,428
CTBC Financial Holding Co. Ltd.
 
557,000
419,155
Delta Electronics, Inc.
 
61,000
549,302
E.SUN Financial Holdings Co. Ltd.
 
444,635
327,372
EVA Airways Corp.
 
85,000
72,026
Evergreen Marine Corp. (Taiwan)
 
31,157
103,604
Far Eastern New Century Corp.
 
99,000
90,131
Far EasTone Telecommunications Co. Ltd.
 
49,000
114,690
First Financial Holding Co. Ltd.
 
345,228
276,020
Fubon Financial Holding Co. Ltd.
 
247,285
459,496
Hotai Motor Co. Ltd.
 
9,180
171,159
Hua Nan Financial Holdings Co. Ltd.
 
279,357
175,057
Lite-On Technology Corp.
 
64,000
199,111
MediaTek, Inc.
 
48,000
1,251,805
Mega Financial Holding Co. Ltd.
 
355,844
403,477
momo.com, Inc.
 
2,640
43,491
Nan Ya Plastics Corp.
 
150,000
286,777
President Chain Store Corp.
 
19,000
151,016
Sinopac Financial Holdings Co.
 
333,806
183,958
Taishin Financial Holdings Co. Ltd.
 
355,721
189,584
Taiwan Cement Corp.
 
203,887
203,000
Taiwan Cooperative Financial Holding Co. Ltd.
 
325,302
252,424
Taiwan High Speed Rail Corp.
 
61,000
55,342
Taiwan Mobile Co. Ltd.
 
54,000
159,462
Taiwan Semiconductor Manufacturing Co. Ltd.
 
779,000
12,713,228
Uni-President Enterprises Corp.
 
153,000
320,739
United Microelectronics Corp.
 
356,000
511,574
Voltronic Power Technology Corp.
 
2,000
80,146
Wan Hai Lines Ltd.
 
21,460
30,648
Yang Ming Marine Transport Corp.
 
57,000
74,235
TOTAL TAIWAN
 
 
21,244,113
Thailand - 0.7%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
13,300
81,011
Advanced Information Service PCL NVDR
 
24,200
147,403
Airports of Thailand PCL:
 
 
 
 (For. Reg.) (a)
 
33,200
61,299
 NVDR (a)
 
102,000
188,327
Asset World Corp. PCL NVDR
 
247,500
23,684
B. Grimm Power PCL:
 
 
 
 (For. Reg.)
 
10,100
6,179
 NVDR
 
14,000
8,564
Bangkok Dusit Medical Services PCL:
 
 
 
 (For. Reg.)
 
106,700
78,220
 NVDR
 
244,700
179,386
Bangkok Expressway and Metro PCL NVDR
 
234,900
51,317
Berli Jucker PCL NVDR
 
30,800
24,097
BTS Group Holdings PCL:
 
 
 
 (For. Reg.)
 
90,133
18,746
 NVDR
 
151,100
31,156
Bumrungrad Hospital PCL:
 
 
 
 (For. Reg.)
 
6,200
44,563
 NVDR
 
11,700
84,094
Central Retail Corp. PCL NVDR
 
60,700
61,736
Charoen Pokphand Foods PCL:
 
 
 
 (For. Reg.)
 
53,600
27,728
 NVDR
 
77,000
39,833
CP ALL PCL:
 
 
 
 (For. Reg.)
 
50,100
76,571
 NVDR
 
133,800
204,495
Delta Electronics PCL NVDR
 
98,700
215,766
Energy Absolute PCL:
 
 
 
 (For. Reg.)
 
20,900
24,294
 NVDR
 
35,300
41,033
Home Product Center PCL:
 
 
 
 (For. Reg.)
 
25,200
8,297
 NVDR
 
174,600
57,487
Indorama Ventures PCL:
 
 
 
 (For. Reg.)
 
25,900
16,971
 NVDR
 
25,900
16,971
Intouch Holdings PCL:
 
 
 
 (For. Reg.)
 
4,800
9,429
 NVDR
 
27,900
54,805
Kasikornbank PCL NVDR
 
19,800
72,013
Minor International PCL:
 
 
 
 (For. Reg.)
 
48,599
37,663
 NVDR
 
52,268
40,506
Muangthai Leasing PCL NVDR
 
22,800
23,027
Osotspa PCL NVDR
 
41,500
26,988
PTT Exploration and Production PCL:
 
 
 
 (For. Reg.)
 
16,400
74,482
 NVDR
 
27,400
124,439
PTT Global Chemical PCL:
 
 
 
 (For. Reg.)
 
11,900
11,366
 NVDR
 
63,200
60,363
PTT Oil & Retail Business PCL NVDR
 
92,200
46,691
SCG Packaging PCL NVDR
 
39,600
39,459
Siam Cement PCL:
 
 
 
 (For. Reg.)
 
4,600
36,645
 NVDR
 
19,400
154,546
TOTAL THAILAND
 
 
2,631,650
Turkey - 0.2%
 
 
 
Haci Omer Sabanci Holding A/S
 
33,431
63,157
Koc Holding A/S
 
23,384
112,960
Turk Hava Yollari AO (a)
 
16,968
130,199
Turkiye Is Bankasi A/S Series C
 
114,119
84,544
Turkiye Sise ve Cam Fabrikalari A/S
 
45,396
75,886
Yapi ve Kredi Bankasi A/S
 
110,318
67,159
TOTAL TURKEY
 
 
533,905
United Arab Emirates - 0.6%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
92,765
202,805
Abu Dhabi Islamic Bank (a)
 
44,656
125,226
Aldar Properties PJSC
 
122,005
172,727
Emaar Properties PJSC
 
209,833
382,190
Emirates NBD Bank PJSC
 
60,010
276,932
Emirates Telecommunications Corp.
 
110,087
553,282
First Abu Dhabi Bank PJSC
 
139,966
483,193
NMC Health PLC (a)(c)
 
987
0
TOTAL UNITED ARAB EMIRATES
 
 
2,196,355
United Kingdom - 8.1%
 
 
 
3i Group PLC
 
30,816
726,567
Abrdn PLC
 
59,878
114,008
Admiral Group PLC
 
6,728
199,777
Ashtead Group PLC
 
13,875
793,300
Associated British Foods PLC
 
11,025
271,491
AstraZeneca PLC (United Kingdom)
 
49,050
6,141,244
Auto Trader Group PLC (b)
 
29,325
221,822
Barratt Developments PLC
 
30,947
155,687
Berkeley Group Holdings PLC
 
3,388
166,200
BT Group PLC
 
204,762
280,610
Burberry Group PLC
 
11,940
245,551
CNH Industrial NV
 
32,356
358,279
Coca-Cola European Partners PLC
 
6,529
382,012
Croda International PLC
 
4,429
235,678
DCC PLC (United Kingdom)
 
3,147
174,612
HSBC Holdings PLC (United Kingdom)
 
625,789
4,518,463
Informa PLC
 
44,372
383,780
Intertek Group PLC
 
5,124
238,095
J Sainsbury PLC
 
52,545
164,327
Johnson Matthey PLC
 
5,639
102,398
Kingfisher PLC
 
58,557
149,526
Legal & General Group PLC
 
189,531
486,993
Lloyds Banking Group PLC
 
2,041,014
993,362
National Grid PLC
 
116,616
1,390,410
Ocado Group PLC (a)
 
17,800
100,668
Phoenix Group Holdings PLC
 
23,081
127,308
Reckitt Benckiser Group PLC
 
22,709
1,519,390
RELX PLC (London Stock Exchange)
 
59,953
2,094,021
Sage Group PLC
 
32,424
382,511
Schroders PLC
 
25,956
116,508
Segro PLC
 
37,051
321,000
Spirax-Sarco Engineering PLC
 
2,337
232,694
St. James's Place PLC
 
17,375
135,074
Taylor Wimpey PLC
 
112,121
150,995
Tesco PLC
 
227,080
745,177
Unilever PLC
 
79,591
3,769,484
Vodafone Group PLC
 
727,863
670,027
WPP PLC
 
34,084
293,505
TOTAL UNITED KINGDOM
 
 
29,552,554
United States of America - 1.6%
 
 
 
Brookfield Renewable Corp.
 
4,492
102,198
CRH PLC
 
22,979
1,234,778
James Hardie Industries PLC CDI (a)
 
13,941
347,820
Schneider Electric SA
 
17,248
2,653,730
Swiss Re Ltd.
 
9,547
1,040,289
Tenaris SA
 
14,942
234,622
TOTAL UNITED STATES OF AMERICA
 
 
5,613,437
 
TOTAL COMMON STOCKS
 (Cost $389,570,565)
 
 
 
353,619,685
 
 
 
 
Nonconvertible Preferred Stocks - 0.7%
 
 
Shares
Value ($)
 
Brazil - 0.4%
 
 
 
Banco Bradesco SA (PN)
 
168,355
467,157
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
42,768
99,588
Gerdau SA
 
35,525
153,395
Itau Unibanco Holding SA
 
153,700
817,620
TOTAL BRAZIL
 
 
1,537,760
Chile - 0.1%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B)
 
4,494
217,419
Colombia - 0.0%
 
 
 
Bancolombia SA (PN)
 
14,054
90,142
Germany - 0.2%
 
 
 
Bayerische Motoren Werke AG (BMW) (non-vtg.)
 
1,862
157,910
Henkel AG & Co. KGaA
 
5,405
389,352
TOTAL GERMANY
 
 
547,262
Korea (South) - 0.0%
 
 
 
LG Chemical Ltd.
 
242
50,468
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $2,754,732)
 
 
 
2,443,051
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (f)
  (Cost $196,675)
 
200,000
196,663
 
 
 
 
Money Market Funds - 1.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (g)
 
 (Cost $4,832,504)
 
 
4,831,538
4,832,504
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.3%
 (Cost $397,354,476)
 
 
 
361,091,903
NET OTHER ASSETS (LIABILITIES) - 0.7%  
2,605,107
NET ASSETS - 100.0%
363,697,010
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
49
Dec 2023
4,836,545
(79,288)
(79,288)
ICE MSCI Emerging Markets Index Contracts (United States)
47
Dec 2023
2,160,120
(39,227)
(39,227)
TME S&P/TSX 60 Index Contracts (Canada)
3
Dec 2023
491,076
(11,809)
(11,809)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(130,324)
The notional amount of futures purchased as a percentage of Net Assets is 2.1%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,034,155 or 1.7% of net assets.
 
(c)
Level 3 security
 
(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 $196,663.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
10,183,079
47,900,371
53,250,946
321,600
-
-
4,832,504
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
4,676,936
2,702,083
7,379,019
7,598
-
-
-
0.0%
Total
14,860,015
50,602,454
60,629,965
329,198
-
-
4,832,504
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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
26,474,235
4,287,954
22,171,955
14,326
Consumer Discretionary
41,472,200
11,972,145
29,500,055
-
Consumer Staples
28,946,885
9,331,750
19,615,135
-
Energy
18,298,187
7,457,880
10,646,794
193,513
Financials
75,559,808
30,438,537
45,111,782
9,489
Health Care
35,248,345
2,054,768
33,193,577
-
Industrials
44,922,953
16,786,626
28,136,327
-
Information Technology
40,905,104
3,095,822
37,809,282
-
Materials
25,976,579
12,863,188
13,110,427
2,964
Real Estate
7,925,219
1,778,307
6,146,912
-
Utilities
10,333,221
2,827,440
7,505,781
-
 Government Obligations
196,663
-
196,663
-
  Money Market Funds
4,832,504
4,832,504
-
-
 Total Investments in Securities:
361,091,903
107,726,921
253,144,690
220,292
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(130,324)
(130,324)
-
-
  Total Liabilities
(130,324)
(130,324)
-
-
 Total Derivative Instruments:
(130,324)
(130,324)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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
(130,324)
Total Equity Risk
0
(130,324)
Total Value of Derivatives
0
(130,324)
 
(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
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $392,521,972)
$
356,259,399
 
 
Fidelity Central Funds (cost $4,832,504)
4,832,504
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $397,354,476)
 
 
$
361,091,903
Segregated cash with brokers for derivative instruments
 
 
62,323
Foreign currency held at value (cost $1,201,210)
 
 
1,194,769
Receivable for fund shares sold
 
 
156,582
Dividends receivable
 
 
644,887
Reclaims receivable
 
 
858,381
Distributions receivable from Fidelity Central Funds
 
 
49,869
Receivable for daily variation margin on futures contracts
 
 
224
Other receivables
 
 
332
  Total assets
 
 
364,059,270
Liabilities
 
 
 
 
Payable for investments purchased on a delayed delivery basis
$
5,411
 
 
Payable for fund shares redeemed
101,436
 
 
Accrued management fee
61,639
 
 
Deferred taxes
188,680
 
 
Other payables and accrued expenses
5,094
 
 
  Total Liabilities
 
 
 
362,260
Net Assets  
 
 
$
363,697,010
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
425,001,238
Total accumulated earnings (loss)
 
 
 
(61,304,228)
Net Assets
 
 
$
363,697,010
Net Asset Value, offering price and redemption price per share ($363,697,010 ÷ 34,445,805 shares)
 
 
$
10.56
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
11,508,637
Non-Cash dividends
 
 
679,769
Interest  
 
 
20,129
Income from Fidelity Central Funds (including $7,598 from security lending)
 
 
329,198
 Income before foreign taxes withheld
 
 
$
12,537,733
Less foreign taxes withheld
 
 
(1,188,578)
 Total Income
 
 
 
11,349,155
Expenses
 
 
 
 
Management fee
$
763,919
 
 
Independent trustees' fees and expenses
1,312
 
 
Miscellaneous
5,088
 
 
 Total expenses before reductions
 
770,319
 
 
 Expense reductions
 
(190)
 
 
 Total expenses after reductions
 
 
 
770,129
Net Investment income (loss)
 
 
 
10,579,026
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $60,481)
 
(10,180,589)
 
 
 Foreign currency transactions
 
(32,229)
 
 
 Futures contracts
 
252,907
 
 
Total net realized gain (loss)
 
 
 
(9,959,911)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of decrease in deferred foreign taxes of $58,433)  
 
41,499,852
 
 
 Assets and liabilities in foreign currencies
 
56,302
 
 
 Futures contracts
 
53,756
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
41,609,910
Net gain (loss)
 
 
 
31,649,999
Net increase (decrease) in net assets resulting from operations
 
 
$
42,229,025
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
10,579,026
$
10,010,817
Net realized gain (loss)
 
(9,959,911)
 
 
(21,508,094)
 
Change in net unrealized appreciation (depreciation)
 
41,609,910
 
(120,661,320)
 
Net increase (decrease) in net assets resulting from operations
 
42,229,025
 
 
(132,158,597)
 
Distributions to shareholders
 
(8,331,104)
 
 
(7,834,340)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
72,093,340
 
188,182,342
  Reinvestment of distributions
 
7,520,386
 
 
7,154,872
 
Cost of shares redeemed
 
(83,900,144)
 
(125,866,856)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(4,286,418)
 
 
69,470,358
 
Total increase (decrease) in net assets
 
29,611,503
 
 
(70,522,579)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
334,085,507
 
404,608,086
 
End of period
$
363,697,010
$
334,085,507
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
6,485,020
 
15,579,977
  Issued in reinvestment of distributions
 
721,034
 
 
546,174
 
Redeemed
 
(7,589,054)
 
(11,037,382)
Net increase (decrease)
 
(383,000)
 
5,088,769
 
 
 
 
 
 
Financial Highlights
Fidelity® International Sustainability Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.59
$
13.60
$
10.81
$
10.89
$
9.87
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.31
 
.29
 
.30
 
.24
 
.32 C
     Net realized and unrealized gain (loss)
 
.90
 
(4.04)
 
2.63
 
(.08)
 
.91
  Total from investment operations
 
1.21  
 
(3.75)  
 
2.93  
 
.16  
 
1.23
  Distributions from net investment income
 
(.24)
 
(.26)
 
(.14)
 
(.24)
 
(.21)
     Total distributions
 
(.24)
 
(.26)
 
(.14)
 
(.24)
 
(.21)
  Net asset value, end of period
$
10.56
$
9.59
$
13.60
$
10.81
$
10.89
 Total Return D
 
12.68%
 
(28.11)%
 
27.27%
 
1.48%
 
12.81%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.20%
 
.20%
 
.20%
 
.20%
 
.20%
    Expenses net of fee waivers, if any
 
.20%
 
.20%
 
.20%
 
.20%
 
.20%
    Expenses net of all reductions
 
.20%
 
.20%
 
.20%
 
.20%
 
.20%
    Net investment income (loss)
 
2.77%
 
2.52%
 
2.28%
 
2.25%
 
3.14% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
363,697
$
334,086
$
404,608
$
149,868
$
71,875
    Portfolio turnover rate G
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity International Sustainability Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. 
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 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 did not recognize dividend income during the period on certain Russian securities due to restrictions imposed by the Russian government on these dividend payments. There is uncertainty regarding the timeline for these restrictions to be lifted and the collectability of these and future dividend payments on Russian securities.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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
$32,870,874
Gross unrealized depreciation
(70,297,470)
Net unrealized appreciation (depreciation)
$(37,426,596)
Tax Cost
$398,506,690
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$9,421,441
Capital loss carryforward
$(33,084,088)
Net unrealized appreciation (depreciation) on securities and other investments
$(37,452,902)
 
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(13,590,977)
 Long-term
(19,493,111)
Total capital loss carryforward
$(33,084,088)
 
 
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$8,331,104
$7,834,340
 
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 International Sustainability Index Fund
83,811,839
80,767,555
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .20% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
 
Amount ($)
Fidelity International Sustainability Index Fund
1,588
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 International Sustainability Index Fund
$814
$-
$-
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 $190.
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.
 
To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity International Sustainability Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Sustainability Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2023
 
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Laura M. Bishop, Jonathan Chiel, Robert W. Helm, Christine J. Thompson, and Carol J. Zierhoffer, each of the Trustees oversees 313 funds. Mr. Chiel oversees 191 funds. Ms. Bishop, Mr. Helm, Ms. Thompson, and Ms. Zierhoffer each oversees 229 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.
Christine J. Thompson (1958)
Year of Election or Appointment: 2023
Trustee
Ms. Thompson also serves as a Trustee of other Fidelity® funds. Ms. Thompson serves as Leader of Advanced Technologies for Investment Management at Fidelity Investments (2018-present). Previously, Ms. Thompson served as Chief Investment Officer in the Bond group at Fidelity Management & Research Company (2010-2018) and held various other roles including Director of municipal bond portfolio managers and Portfolio Manager of certain Fidelity® funds.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Laura M. Bishop (1961)
Year of Election or Appointment: 2023
Trustee
Ms. Bishop also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting). Previously, Ms. Bishop served as a Member of the Advisory Board of certain Fidelity® funds (2022-2023).    
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Robert W. Helm (1957)
Year of Election or Appointment: 2023
Trustee
Mr. Helm also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon. Previously, Mr. Helm served as a Member of the Advisory Board of certain Fidelity® funds (2021-2023).     
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
Carol J. Zierhoffer (1960)
Year of Election or Appointment: 2023
Trustee
Ms. Zierhoffer also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016), and as a Member of the Advisory Board of certain Fidelity® funds (2023).    
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Robin Foley (1964)
Year of Election or Appointment: 2023
Vice President
Ms. Foley also serves as Vice President of other funds. Ms. Foley serves as Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley served as Chief Investment Officer of Bonds (2017-2023).     
Christopher M. Gouveia (1973)
Year of Election or Appointment: 2023
Chief Compliance Officer
Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).          
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
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 (May 1, 2023 to October 31, 2023).
 
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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® International Sustainability Index Fund
 
 
 
.20%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 921.50
 
$ .97
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.20
 
$ 1.02
 
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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $107,803 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 94.44% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.2813 and $0.0383 for the dividend paid December 19, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Sustainability Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the mapped group for 2022 and above the competitive median of the asset size peer group for 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2022 and below the competitive median of the total expense asset size peer group for 2022.
The Board considered that the fund has a unitary fee that covers expenses beyond portfolio management, whereas the majority of funds within this group do not have unitary or all-inclusive fees. The Board further considered that the fund's total net expense ratio ranked below the competitive medians.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and Fidelity's views regarding portfolio manager investment in the Fidelity funds that they manage; (iii) hiring, training, and retaining personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends and market conditions; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (x) information concerning expense limitations applicable to certain funds; and (xi) matters related to money market funds, exchange-traded funds, and target date funds.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2024.
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
378,729,502,260.010
97.580
Withheld
9,407,876,478.960
2.420
TOTAL
388,137,378,738.970
100.000
Jennifer Toolin McAuliffe
Affirmative
378,454,868,010.950
97.510
Withheld
9,682,510,728.020
2.490
TOTAL
388,137,378,738.970
100.000
Christine J. Thompson
Affirmative
378,837,121,274.520
97.600
Withheld
9,300,257,464.450
2.400
TOTAL
388,137,378,738.970
100.000
Elizabeth S. Acton
Affirmative
378,262,110,794.850
97.460
Withheld
9,875,267,944.120
2.540
TOTAL
388,137,378,738.970
100.000
Laura M. Bishop
Affirmative
380,482,113,171.060
98.030
Withheld
7,655,265,567.910
1.970
TOTAL
388,137,378,738.970
100.000
Ann E. Dunwoody
Affirmative
380,016,034,008.120
97.910
Withheld
8,121,344,730.850
2.090
TOTAL
388,137,378,738.970
100.000
John Engler
Affirmative
379,432,488,394.200
97.760
Withheld
8,704,890,344.770
2.240
TOTAL
388,137,378,738.970
100.000
Robert F. Gartland
Affirmative
378,741,819,600.600
97.580
Withheld
9,395,559,138.370
2.420
TOTAL
388,137,378,738.970
100.000
Robert W. Helm
Affirmative
380,389,324,755.070
98.000
Withheld
7,748,053,983.900
2.000
TOTAL
388,137,378,738.970
100.000
Arthur E. Johnson
Affirmative
378,427,694,151.670
97.500
Withheld
9,709,684,587.300
2.500
TOTAL
388,137,378,738.970
100.000
Michael E. Kenneally
Affirmative
377,842,228,145.180
97.350
Withheld
10,295,150,593.790
2.650
TOTAL
388,137,378,738.970
100.000
Mark A. Murray
Affirmative
380,158,432,703.370
97.940
Withheld
7,978,946,035.600
2.060
TOTAL
388,137,378,738.970
100.000
Carol J. Zierhoffer
Affirmative
380,522,113,360.240
98.040
Withheld
7,615,265,378.730
1.960
TOTAL
388,137,378,738.970
100.000
 
 
 
Proposal 1 reflects trust wide proposal and voting results.
 
1.9883818.106
ISY-ANN-1223

Item 2.

Code of Ethics


As of the end of the period, October 31, 2023, Fidelity Salem Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


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



Item 4.  

Principal Accountant Fees and Services


Fees and Services


The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, Deloitte Entities) in each of the last two fiscal years for services rendered to Fidelity Emerging Markets Index Fund, Fidelity Flex International Index Fund, Fidelity Global ex U.S. Index Fund, Fidelity International Sustainability Index Fund and Fidelity Series Global ex U.S. Index Fund (the Fund(s)):


Services Billed by Deloitte Entities


October 31, 2023 FeesA


Audit Fees

Audit-Related Fees

Tax Fees

All Other  Fees

Fidelity Emerging Markets Index Fund

$47,200

$-

$12,300

$1,200

Fidelity Flex International Index Fund

$49,200

$-

$10,000

$1,200

Fidelity Global ex U.S. Index Fund

$52,600

$-

$10,000

$1,300

Fidelity International Sustainability Index Fund

$36,100

$-

$10,000

$1,000

Fidelity Series Global ex U.S. Index Fund

$57,500

$-

$10,000

$1,400



October 31, 2022 FeesA


Audit Fees

Audit-Related Fees

Tax Fees

All Other  Fees

Fidelity Emerging Markets Index Fund

$46,700

$-

$11,200

$1,100

Fidelity Flex International Index Fund

$48,800

$-

$9,100

$1,100

Fidelity Global ex U.S. Index Fund

$53,000

$-

$9,100

$1,200

Fidelity International Sustainability Index Fund

$35,900

$-

$9,100

$900

Fidelity Series Global ex U.S. Index Fund

$57,500

$-

$9,100

$1,300



A Amounts may reflect rounding.


The following table presents fees billed by PricewaterhouseCoopers LLP (PwC) in each of the last two fiscal years for services rendered to Fidelity SAI Emerging Markets Index Fund, Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI Emerging Markets Value Index Fund, Fidelity SAI International Index Fund, Fidelity SAI International Low Volatility Index Fund, Fidelity SAI International Momentum Index Fund, Fidelity SAI International Quality Index Fund, Fidelity SAI International Value Index Fund, Fidelity SAI U.S. Low Volatility Index Fund, Fidelity Total International Index Fund and Fidelity U.S. Sustainability Index Fund (the Fund(s)):



Services Billed by PwC


October 31, 2023 FeesA


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI Emerging Markets Index Fund

$40,900

$3,700

$35,800

$1,600

Fidelity SAI Emerging Markets Low Volatility Index Fund

$36,100

$3,300

$10,900

$1,400

Fidelity SAI Emerging Markets Value Index Fund

$38,100

$3,500

$10,000

$1,500

Fidelity SAI International Index Fund

$40,900

$3,700

$46,500

$1,600

Fidelity SAI International Low Volatility Index Fund

$36,200

$3,300

$12,900

$1,400

Fidelity SAI International Momentum Index Fund

$38,000

$3,500

$10,000

$1,500

Fidelity SAI International Quality Index Fund

$38,000

$3,500

$10,300

$1,500

Fidelity SAI International Value Index Fund

$39,300

$3,600

$15,900

$1,500

Fidelity SAI U.S. Low Volatility Index Fund

$37,200

$3,400

$9,800

$1,400

Fidelity Total International Index Fund

$68,100

$6,000

$28,700

$2,500

Fidelity U.S. Sustainability Index Fund

$31,500

$2,800

$6,600

$1,200



October 31, 2022 FeesA


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI Emerging Markets Index Fund

$38,900

$3,600

$9,900

$1,600

Fidelity SAI Emerging Markets Low Volatility Index Fund

$34,400

$3,200

$10,900

$1,400

Fidelity SAI Emerging Markets Value Index Fund

$36,400

$3,300

$9,500

$1,500

Fidelity SAI International Index Fund

$45,000

$3,600

$9,900

$1,600

Fidelity SAI International Low Volatility Index Fund

$34,500

$3,200

$15,500

$1,400

Fidelity SAI International Momentum Index Fund

$36,400

$3,300

$9,500

$1,500

Fidelity SAI International Quality Index Fund

$36,400

$3,300

$9,500

$1,500

Fidelity International Value Index Fund

$37,300

$3,400

$13,300

$1,500

Fidelity SAI U.S. Low Volatility Index Fund

$35,200

$3,200

$11,300

$1,400

Fidelity Total International Index Fund

$62,200

$5,700

$30,900

$2,500

Fidelity U.S. Sustainability Index Fund

$30,100

$2,700

$6,300

$1,200



A Amounts may reflect rounding.


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


Services Billed by Deloitte Entities




October 31, 2023A

October 31, 2022A

Audit-Related Fees

 $-

 $-

Tax Fees

$-

$-

All Other Fees

 $-

 $-


A Amounts may reflect rounding.



Services Billed by PwC




October 31, 2023A

October 31, 2022A

Audit-Related Fees

$8,284,200

$7,914,600

 

Tax Fees

$1,000

$1,000

 

All Other Fees

$-

$-

 


A Amounts may reflect rounding.


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


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


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


Assurance services must be performed by an independent public accountant.


* * *


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


Billed By

October 31, 2023A

October 31, 2022A

Deloitte Entities

$301,000

$510,800

PwC

$13,842,600

$13,075,100



A Amounts may reflect rounding.


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


Audit Committee Pre-Approval Policies and Procedures

 

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


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


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


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


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




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

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

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


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable.


Item 7.

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 trusts Board of Trustees.


Item 11.

Controls and Procedures




(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trusts 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 trusts 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 trusts 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


(a)

(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Salem Street Trust



By:

/s/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer



Date:

December 21, 2023


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer



Date:

December 21, 2023



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

December 21, 2023

 






                                                      Exhibit EX-99.CERT

     

I, Laura M. Del Prato, certify that:



1.

I have reviewed this report on Form N-CSR of Fidelity Salem Street Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and





5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



Date:

 December 21, 2023

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer









I, John J. Burke III, certify that:

1.

I have reviewed this report on Form N-CSR of Fidelity Salem Street Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):





a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



Date:

December 21, 2023

/s/John J. Burke III

John J. Burke III

Chief Financial Officer















Exhibit EX-99.906CERT





Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)



In connection with the attached Report of Fidelity Salem Street Trust (the Trust) on Form N-CSR to be filed with the Securities and Exchange Commission (the Report), each of the undersigned officers of the Trust does hereby certify that, to the best of such officers knowledge:



1.

The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.



Dated: December 21, 2023





/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer





 

Dated: December 21, 2023





/s/John J. Burke III

John J. Burke III

Chief Financial Officer







A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.







Fidelity Investments























FIDELITY FUNDS’

CODE OF ETHICS

FOR PRESIDENT, TREASURER

AND PRINCIPAL ACCOUNTING OFFICER

























2023







FIDELITY FUNDS’ CODE OF ETHICS FOR

PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER





I.  Purposes of the Code/Covered Officers



This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.  The Code applies to the Fidelity Funds’ President and Treasurer, and Chief Financial Officer (Covered Officers).  Fidelity’s Ethics Office, within Enterprise Compliance, administers the Code.



The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:



·

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

·

full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

·

compliance with applicable laws and governmental rules and regulations;

·

the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

·

accountability for adherence to the Code.



Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.



II.

Covered Officers Should Handle Ethically

Actual and Apparent Conflicts of Interest



Overview.  A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or their service to, the Fidelity Funds.  For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.  



Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act).  For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as “affiliated persons” of the Fund.  Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions.  This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.



Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees.  As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies.  The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds.  Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.  In addition, it is recognized by the Funds’ Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.



Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act.  The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive.  The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.  



*               *               *



Each Covered Officer must:



·

not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

·

not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

·

not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer’s responsibilities with the Fidelity Funds;

·

not have a consulting or employment relationship with any of the Fidelity Funds’ service providers that are not affiliated with Fidelity; and

·

not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.



With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution.  Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.



III.  Disclosure and Compliance



·

Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

·

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

·

Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board’s Compliance Committee,  with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

·

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.



IV.  Reporting and Accountability



Each Covered Officer must:



·

upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

·

notify the Fidelity Ethics Office promptly if they know of any violation of the Code.  Failure to do so is itself a violation of this Code.  



The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it.  Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below.  The Covered Officer will be informed of any action determined to be appropriate.  The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response.  Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities.  Additionally, other legal remedies may be pursued.  



The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds.  The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion.  The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.



V.  Oversight



Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board’s Compliance Committee.  In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.





VI.  Other Policies and Procedures



This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act.  Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.  



VII.  Amendments



Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.



VIII.  Records and Confidentiality



Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office.  All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly.  Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.









2023