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   811-05251

Fidelity Concord Street Trust

 (Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

 (Address of principal executive offices)       (Zip code)

Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000

Date of fiscal year end:	October 31
Date of reporting period:	October 31, 2021

Item 1.

Reports to Stockholders

Fidelity® SAI International Small Cap Index Fund

Offered exclusively to certain clients of the Adviser or its affiliates - not available for sale to the general public. Fidelity SAI is a product name of Fidelity^® funds dedicated to certain programs affiliated with Strategic Advisers LLC.

Annual Report

October 31, 2021

Contents

Note to Shareholders
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

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. © 2021 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.

Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2021
	Japan	27.1%
	United Kingdom	15.0%
	Australia	9.2%
	Sweden	7.5%
	Switzerland	5.3%
	Germany	5.0%
	Netherlands	3.0%
	Israel	2.9%
	Italy	2.8%
	Other	22.2%

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Top Ten Stocks as of October 31, 2021

	% of fund's net assets
VAT Group AG (Switzerland, Machinery)	0.4
IMCD NV (Netherlands, Trading Companies & Distributors)	0.4
Getinge AB (B Shares) (Sweden, Health Care Equipment & Supplies)	0.3
Euronext NV (Netherlands, Capital Markets)	0.3
Intermediate Capital Group PLC (United Kingdom, Capital Markets)	0.3
Sig Combibloc Group AG (Switzerland, Containers & Packaging)	0.3
Rightmove PLC (United Kingdom, Interactive Media & Services)	0.3
Meggitt PLC (United Kingdom, Aerospace & Defense)	0.3
Indutrade AB (Sweden, Machinery)	0.3
B&M European Value Retail SA (Luxembourg, Multiline Retail)	0.2
	3.1

Top Market Sectors as of October 31, 2021

	% of fund's net assets
Industrials	23.4
Consumer Discretionary	11.4
Real Estate	12.6
Financials	11.4
Information Technology	10.1
Materials	8.7
Health Care	7.3
Consumer Staples	4.7
Communication Services	4.5
Utilities	3.1

Asset Allocation as of October 31, 2021

As of October 31, 2021	% of fund's net assets
Stocks and Equity Futures	100.0

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 98.6%
		Shares	Value
Australia - 9.2%
Abacus Property Group unit		134,080	$360,076
Accent Group Ltd.		96,790	180,569
Adbri Ltd.		96,584	216,513
Alkane Resources Ltd. (a)		108,172	72,828
ALS Ltd.		130,189	1,293,717
Altium Ltd.		31,907	881,355
Alumina Ltd.		665,896	996,831
AMP Ltd.		927,785	753,760
Ansell Ltd.		34,687	822,200
Appen Ltd.		31,102	251,512
ARB Corp. Ltd.		19,927	728,368
Arena (REIT) unit		93,731	317,291
Atlas Arteria Ltd. unit		258,383	1,205,085
Aub Group Ltd.		20,328	331,984
Austal Ltd.		85,795	121,334
Australian Agricultural Co. Ltd. (a)		79,655	94,674
Australian Ethical Investment Ltd.		22,460	231,300
Australian Pharmaceutical Industries Ltd.		106,063	120,477
Aventus Group		92,568	238,149
Bank of Queensland Ltd. (b)		173,933	1,151,402
Bapcor Ltd.		92,043	550,453
Beach Energy Ltd.		463,264	486,144
Bega Cheese Ltd.		82,544	336,548
Bellevue Gold Ltd. (a)		202,678	131,119
Bendigo & Adelaide Bank Ltd.		148,383	1,032,495
Betmakers Technology Group Ltd. (a)		165,967	152,315
Blackmores Ltd.		3,964	280,807
Boral Ltd. (a)		104,086	499,546
BrainChip Holdings Ltd. (a)		369,172	130,524
Bravura Solutions Ltd.		69,379	145,089
Breville Group Ltd.		26,350	580,977
Brickworks Ltd.		20,419	364,651
BWP Trust		129,772	413,913
BWX Ltd.		37,136	130,180
carsales.com Ltd.		72,248	1,340,235
Cedar Woods Properties Ltd.		18,013	80,760
Centuria Capital Group unit		161,033	388,850
Centuria Industrial REIT		155,002	425,591
Centuria Office REIT unit		106,298	192,710
Chalice Mining Ltd. (a)		85,252	427,753
Challenger Ltd.		155,506	811,837
Champion Iron Ltd. (a)		88,192	291,907
Charter Hall Group unit		125,649	1,638,022
Charter Hall Long Wale REIT unit		153,137	559,859
Charter Hall Retail REIT		145,050	447,367
Charter Hall Social Infrastruc		87,347	251,000
Cimic Group Ltd.		21,246	318,367
City Chic Collective Ltd. (a)		54,295	252,821
Cleanaway Waste Management Ltd.		554,067	1,117,016
Clinuvel Pharmaceuticals Ltd.		10,787	313,302
Codan Ltd./Australia		27,183	205,507
Collins Foods Ltd.		29,844	287,362
Cooper Energy Ltd. (a)		414,887	90,509
Corporate Travel Management Ltd.		29,499	543,448
Costa Group Holdings Ltd.		121,137	266,086
Credit Corp. Group Ltd.		18,305	431,688
Cromwell Property Group unit		388,645	236,810
CSR Ltd.		130,187	580,744
Data#3 Ltd.		39,335	167,774
De Grey Mining Ltd. (a)		277,198	232,502
Deterra Royalties Ltd.		114,288	333,576
Dicker Data Ltd.		16,124	181,818
Domain Holdings Australia Ltd.		63,346	272,570
Downer EDI Ltd.		189,245	896,865
Eagers Automotive Ltd.		41,692	464,797
Elders Ltd.		42,390	383,611
Electro Optic Systems Holdings (a)		31,987	76,758
Emeco Holdings Ltd.		106,701	88,292
EML Payments Ltd. (a)		78,131	173,383
Event Hospitality & Entertainment Ltd. (a)		26,184	323,423
Flight Centre Travel Group Ltd. (a)(b)		43,064	647,574
G8 Education Ltd.		234,896	194,371
GDI Property Group unit		131,554	115,785
Genworth Mortgage Insurance Ltd.		112,633	194,875
Gold Road Resources Ltd.		238,466	248,450
GrainCorp Ltd.		61,256	289,381
Growthpoint Properties Australia Ltd.		82,038	256,109
GUD Holdings Ltd.		26,131	239,816
GWA Group Ltd.		56,171	114,933
Hansen Technologies Ltd.		43,174	205,259
Harvey Norman Holdings Ltd.		152,495	568,983
Healius Ltd.		143,838	521,534
Home Consortium Ltd.		22,740	136,165
HT&E Ltd.		63,628	92,378
HUB24 Ltd.		14,867	354,300
IDP Education Ltd.		56,360	1,587,761
IGO Ltd.		183,756	1,332,542
Iluka Resources Ltd.		114,100	806,818
Imugene Ltd. (a)		1,197,392	445,865
Incitec Pivot Ltd.		523,767	1,178,071
Ingenia Communities Group unit		80,355	393,510
Inghams Group Ltd.		88,534	247,085
Integral Diagnostics Ltd.		45,866	162,163
Integrated Research Ltd.		32,872	37,463
Invocare Ltd.		39,499	336,650
IOOF Holdings Ltd.		165,284	507,286
IPH Ltd.		58,684	377,882
Iress Ltd.		52,307	472,175
Irongate Group		131,255	158,472
JB Hi-Fi Ltd.		31,003	1,177,528
Johns Lyng Group Ltd.		35,990	175,707
Jumbo Interactive Ltd.		14,558	183,215
Jupiter Mines Ltd.		307,237	54,313
Kogan.Com Ltd.		23,353	174,619
Lendlease Global Commercial (REIT)		240,500	156,053
Lifestyle Communities Ltd.		25,032	409,560
Link Administration Holdings Ltd.		122,915	402,213
Lovisa Holdings Ltd.		14,712	240,377
Lynas Rare Earths Ltd. (a)		243,023	1,340,027
MA Financial Group Ltd.		17,876	109,998
Maas Group Holdings Ltd.		20,713	75,570
Mayne Pharma Group Ltd. (a)		427,430	109,322
McMillan Shakespeare Ltd.		19,142	197,130
Megaport Ltd. (a)		38,022	512,263
Mesoblast Ltd. (a)(b)		159,253	191,680
Metcash Ltd.		275,381	843,122
Mineral Resources Ltd.		43,236	1,255,112
Monadelphous Group Ltd.		24,620	186,130
Mount Gibson Iron Ltd.		144,749	45,733
Nanosonics Ltd. (a)		68,462	304,883
National Storage REIT unit		310,544	558,320
Nearmap Ltd. (a)		127,648	212,211
Netwealth Group Ltd.		29,686	386,331
New Hope Corp. Ltd. (b)		125,151	189,231
NEXTDC Ltd. (a)		123,208	1,088,101
NIB Holdings Ltd.		124,041	617,711
Nick Scali Ltd.		18,432	200,633
Nickel Mines Ltd.		270,491	212,633
Nine Entertainment Co. Holdings Ltd.		391,549	812,938
NRW Holdings Ltd.		121,040	166,171
Nufarm Ltd. (a)		86,157	281,930
Nuix Ltd. (a)		50,759	117,605
Objective Corp. Ltd.		6,278	98,703
Omni Bridgeway Ltd. (a)		71,962	167,814
oOh!media Ltd. (a)		160,833	219,591
Orocobre Ltd. (a)		153,992	1,030,980
Orora Ltd.		243,603	604,726
OZ Minerals Ltd.		90,206	1,705,258
Pact Group Holdings Ltd.		49,948	116,477
Paladin Energy Ltd. (Australia) (a)		611,034	404,492
Pendal Group Ltd.		86,217	431,297
Perenti Global Ltd.		156,195	119,848
Perpetual Trustees Australia Ltd.		15,301	433,473
Perseus Mining Ltd. (Australia)		336,523	399,976
Pilbara Minerals Ltd. (a)		627,136	1,037,879
Pinnacle Investment Management Group Ltd.		25,455	328,589
Platinum Asset Management Ltd.		110,841	253,476
PointsBet Holdings Ltd. (a)		51,442	319,252
PolyNovo Ltd. (a)		159,098	217,820
Premier Investments Ltd.		23,694	545,052
Pro Medicus Ltd.		12,559	503,363
Qube Holdings Ltd.		492,362	1,177,806
Ramelius Resources Ltd.		217,700	260,386
Redbubble Ltd. (a)		51,939	162,145
Regis Resources Ltd.		205,135	308,626
Reliance Worldwide Corp. Ltd.		213,072	924,835
Resolute Mng Ltd. (a)		293,145	92,618
Rural Funds Group unit		89,221	186,584
Sandfire Resources NL		91,584	383,051
SeaLink Travel Group Ltd.		38,039	210,033
Select Harvests Ltd.		31,989	177,831
Seven Group Holdings Ltd.		39,378	637,764
SG Fleet Group Ltd.		31,554	60,291
Shopping Centres Australasia Property Group unit		299,069	625,430
Sigma Healthcare Ltd.		237,432	101,807
Silver Lake Resources Ltd. (a)		236,080	301,017
Sims Ltd.		46,310	497,816
Smartgroup Corp. Ltd.		34,421	207,663
Southern Cross Media Group Ltd.		70,393	122,851
Spark Infrastructure Group unit		474,029	1,002,013
St Barbara Ltd.		191,752	211,320
Steadfast Group Ltd.		234,270	819,468
Super Retail Group Ltd.		42,906	417,329
Tassal Group Ltd.		57,342	153,131
Technology One Ltd.		74,130	680,882
Telix Pharmaceuticals Ltd. (a)		49,867	226,200
Temple & Webster Group Ltd. (a)		21,499	204,907
The Star Entertainment Group Ltd. (a)		231,449	637,233
Tyro Payments Ltd. (a)		88,846	270,011
United Malt Group Ltd.		76,311	231,916
Uniti Group Ltd. (a)		146,951	449,914
Viva Energy Group Ltd. (c)		228,436	398,671
Waypoint (REIT) unit		210,545	432,384
Webjet Ltd.		102,933	489,366
West African Resources Ltd. (a)		230,033	224,955
Western Areas NL		88,345	210,006
Westgold Resources Ltd.		102,720	150,679
Whitehaven Coal Ltd. (a)		251,566	493,918
WorleyParsons Ltd.		84,717	689,541
Zip Co. Ltd. (a)		121,846	595,781
TOTAL AUSTRALIA			80,277,377
Austria - 0.9%
Agrana Beteiligungs AG		3,340	70,425
Andritz AG		18,213	1,031,236
AT&S Austria Technologie & Systemtechnik AG		6,720	257,520
BAWAG Group AG (c)		19,338	1,217,215
CA Immobilien Anlagen AG		14,341	613,393
DO & CO Restaurants & Catering AG (a)		1,765	159,555
EVN AG		9,276	261,643
FACC AG (a)		5,450	55,694
IMMOFINANZ Immobilien Anlagen AG (b)		21,089	505,130
Lenzing AG (a)		3,588	431,364
Oesterreichische Post AG		9,097	383,839
Palfinger AG		3,955	174,650
PORR AG (a)		3,242	46,472
PORR AG rights 11/3/21 (a)		3,242	529
S IMMO AG		11,577	274,352
S&T AG (b)		13,247	318,215
Schoeller-Bleckmann Oilfield Equipment AG (a)		3,033	123,592
Semperit AG Holding		2,752	92,735
Telekom Austria AG		43,844	379,114
UNIQA Insurance Group AG		32,943	306,561
Vienna Insurance Group AG		10,138	295,918
Wienerberger AG		31,051	1,099,104
Zumtobel AG		7,807	80,322
TOTAL AUSTRIA			8,178,578
Bailiwick of Guernsey - 0.2%
BMO Commercial Property Trust Ltd.		214,111	300,054
Burford Capital Ltd.		49,929	512,136
Picton Property Income Ltd.		149,415	198,552
Regional REIT Ltd. (c)		111,292	133,727
Sirius Real Estate Ltd.		269,617	498,867
UK Commercial Property REIT Ltd.		210,209	218,638
TOTAL BAILIWICK OF GUERNSEY			1,861,974
Bailiwick of Jersey - 0.6%
Boohoo.Com PLC (a)		274,016	681,571
Breedon Group PLC		411,378	551,732
Centamin PLC		313,327	402,046
IWG PLC (a)		203,473	861,843
Man Group PLC		391,389	1,246,424
Petrofac Ltd. (a)(b)		77,618	137,560
Petrofac Ltd. rights (a)(b)		19,404	3,851
Sanne Group PLC		43,778	541,608
TP ICAP Group PLC		213,749	454,293
TOTAL BAILIWICK OF JERSEY			4,880,928
Belgium - 1.7%
Ackermans & Van Haaren SA		6,304	1,083,640
Aedifica SA		8,915	1,188,252
Agfa-Gevaert NV (a)		38,848	168,855
Akka Technologies SA (a)		3,418	188,710
Barco NV		18,397	413,855
Befimmo SCA Sicafi		6,117	250,322
Bekaert SA		9,823	430,142
Bpost SA (a)		26,627	227,778
Cofinimmo SA		7,464	1,203,660
Compagnie D'entreprises CFE SA		2,048	209,523
D'ieteren Group		5,961	1,026,057
Econocom Group SA		35,464	149,842
Euronav NV		50,885	540,584
Fagron NV		16,694	289,088
Galapagos NV (a)		12,393	657,207
Gimv NV		5,253	339,451
Immobel SA		1,063	93,514
Intervest Offices & Warehouses NV		5,725	166,776
Ion Beam Applications SA		5,630	110,641
KBC Ancora		9,605	500,318
Kinepolis Group NV (a)		3,746	235,789
Melexis NV		5,503	633,602
Mithra Pharmaceuticals SA (a)(b)		5,115	112,346
Montea SICAFI SCA		2,833	420,503
Ontex Group NV (a)		18,116	170,469
Orange Belgium		3,979	90,339
Recticel SA		11,416	211,150
Retail Estates NV		2,747	219,747
Telenet Group Holding NV		12,388	444,796
Tessenderlo Group (a)		4,698	171,345
Van de Velde		1,636	56,736
VGP NV		1,945	503,646
Warehouses de Pauw		37,083	1,688,997
Xior Student Housing NV		5,862	346,955
TOTAL BELGIUM			14,544,635
Bermuda - 0.9%
BW LPG Ltd. (c)		20,769	110,632
BW Offshore Ltd.		25,413	82,545
Cafe de Coral Holdings Ltd.		100,000	182,508
Chinese Estates Holdings Ltd.		117,500	57,085
Chow Sang Sang Holdings International Ltd.		103,000	146,415
CMBC Capital Holdings Ltd.		5,120,000	62,515
FLEX LNG Ltd.		8,031	162,181
Frontline Ltd. (a)		26,725	237,579
Golden Ocean Group Ltd.		35,447	319,732
Hafnia Ltd. (a)		26,820	57,019
Haitong International Securities Group Ltd.		669,000	153,912
Hiscox Ltd.		93,488	1,065,765
Johnson Electric Holdings Ltd.		103,000	228,757
K Wah International Holdings Ltd.		311,000	124,312
Kerry Logistics Network Ltd.		173,000	420,243
Kerry Properties Ltd.		156,500	441,511
Lancashire Holdings Ltd.		66,218	458,551
Luk Fook Holdings International Ltd.		98,000	267,656
Man Wah Holdings Ltd.		480,800	747,726
Medtecs International Corp. Ltd.		110,400	29,882
NWS Holdings Ltd.		426,000	423,783
Pacific Basin Shipping Ltd.		1,294,000	598,728
Realord Group Holdings Ltd. (a)		120,000	186,929
Shangri-La Asia Ltd. (a)		302,000	246,087
Silverlake Axis Ltd. Class A		229,000	54,342
SmarTone Telecommunications Holdings Ltd.		90,500	52,691
Stolt-Nielsen SA		7,233	111,305
Vtech Holdings Ltd.		44,700	343,846
Yue Yuen Industrial (Holdings) Ltd. (a)		217,000	462,420
TOTAL BERMUDA			7,836,657
British Virgin Islands - 0.0%
First Pacific Co. Ltd.		650,000	259,816
Huobi Technology Holdings Ltd. (a)		24,500	31,206
TOTAL BRITISH VIRGIN ISLANDS			291,022
Cayman Islands - 0.6%
Apollo Future Mobility Group Ltd. (a)		1,052,000	73,013
ASM Pacific Technology Ltd.		83,100	897,700
C-Mer Eye Care Holdings Ltd.		128,000	125,360
Citychamp Watch & Jewel Gr Ltd. (a)		366,000	61,623
CK Life Sciences International Holding, Inc.		774,000	72,620
Comba Telecom Systems Holdings Ltd. (a)		512,000	142,798
Cowell e Holdings, Inc.		93,000	72,435
Crystal International Group Ltd. (c)		160,500	51,571
EC Healthcare		72,000	104,199
Far East Consortium International Ltd.		288,000	95,130
Fosun Tourism Group (a)(c)		65,400	81,619
Health & Happiness H&H International Holdings Ltd.		62,000	145,507
HKBN Ltd.		215,000	258,094
Hutchison Telecommunications Hong Kong Holdings Ltd.		392,000	62,474
IGG, Inc.		225,000	209,370
Lifestyle International Holdings Ltd. (a)		121,500	63,713
Macau Legend Development Ltd. (a)		137,000	13,910
MECOM Power & Construction Ltd.		189,000	87,449
MGM China Holdings Ltd. (a)		259,600	191,184
Pacific Textile Holdings Ltd.		262,000	130,655
Perfect Shape (PRC) Holdings Ltd.		96,000	73,044
Razer, Inc. (a)(c)		278,000	66,776
Sa Sa International Holdings Ltd. (a)		286,000	62,490
Sapiens International Corp. NV		8,150	281,252
Stella International Holdings Ltd.		123,500	147,143
Suncity Group Holdings Ltd. (a)		590,000	22,370
Sunevision Holdings Ltd.		192,000	176,441
Texhong Textile Group Ltd.		72,500	108,463
The United Laboratories International Holdings Ltd.		280,000	177,418
Value Partners Group Ltd.		283,000	145,492
Vesync Co. Ltd.		61,000	86,398
Vobile Group Ltd. (a)		318,000	279,152
VPower Group International Holdings Ltd. (c)		176,838	34,547
VSTECS Holdings Ltd.		186,000	176,187
TOTAL CAYMAN ISLANDS			4,777,597
Denmark - 1.7%
ALK-Abello A/S (a)		1,777	769,895
Alm. Brand A/S		23,022	177,450
Bavarian Nordic A/S (a)		17,219	824,157
Better Collective A/S (a)		8,105	171,764
Brodrene Hartmann A/S Series B (a)		568	33,983
cBrain A/S		2,423	131,222
Chemometec A/S		4,225	638,182
D/S Norden A/S		6,775	163,505
DFDS A/S (a)		9,409	486,899
FLSmidth & Co. A/S		11,776	447,616
H Lundbeck A/S		18,958	527,053
ISS Holdings A/S (a)		42,568	847,391
Jyske Bank A/S (Reg.) (a)		14,740	719,248
Matas A/S		10,337	202,242
Netcompany Group A/S (c)		10,794	1,226,172
Nilfisk Holding A/S (a)		6,212	215,755
NKT Holding A/S (a)		11,090	534,595
NNIT A/S (c)		3,504	65,887
NTG Nordic Transport Group A/S (a)		1,855	151,052
Per Aarsleff Holding A/S		4,942	213,117
Ringkjoebing Landbobank A/S		7,507	953,103
Royal Unibrew A/S		13,343	1,655,486
Scandinavian Tobacco Group A/S (c)		17,077	383,735
Schouw & Co.		3,475	338,050
SimCorp A/S		10,929	1,320,312
Spar Nord Bank A/S		23,193	298,788
Sydbank A/S		16,201	556,398
The Drilling Co. of 1972 A/S (a)		5,689	203,867
Topdanmark A/S		12,176	646,738
Zealand Pharma A/S (a)		9,451	302,549
TOTAL DENMARK			15,206,211
Faroe Islands - 0.1%
Bakkafrost		13,589	1,255,003
Finland - 1.7%
Admicom OYJ		804	85,507
Aktia Bank Oyj (A Shares)		15,574	222,884
Basware Oyj (a)		3,344	123,508
Cargotec Corp. (B Shares)		10,425	540,380
Caverion Oyj		26,293	207,748
Citycon Oyj		17,023	139,816
F-Secure Oyj		25,710	144,889
Finnair Oyj (a)		168,832	129,046
Harvia Oyj		3,770	231,852
Huhtamaki Oyj		26,121	1,137,177
Kamux Corp.		8,585	133,184
Kemira Oyj		29,288	449,281
Kojamo OYJ		33,425	746,898
Konecranes Oyj		16,048	667,483
Metsa Board OYJ (B Shares)		47,589	440,103
Metso Outotec Oyj		167,711	1,682,826
Musti Group OYJ		8,507	334,162
Neles Oyj		26,450	396,268
Nokian Tyres PLC		35,529	1,330,717
Oriola-KD Oyj		27,177	62,205
Outokumpu Oyj (A Shares) (a)		99,338	620,108
Qt Group Oyj (a)		4,719	761,541
Remedy Entertainment Oyj		2,124	98,705
Revenio Group Oyj		6,530	431,407
Rovio Entertainment OYJ (c)		10,060	82,510
Sanoma Corp.		20,031	311,678
Talenom OYJ		7,573	121,686
TietoEVRY Oyj		24,016	735,706
Tokmanni Group Corp.		12,765	290,405
Uponor Oyj		14,852	361,234
Valmet Corp.		36,391	1,476,587
YIT OYJ		37,001	218,143
TOTAL FINLAND			14,715,644
France - 2.8%
AB Science SA (a)(b)		7,970	120,234
ABC Arbitrage SA		9,370	77,122
Air France KLM (Reg.) (a)(b)		77,068	362,599
Akwel		2,146	54,701
Albioma SA		6,881	270,451
ALD SA (c)		27,100	402,873
Altarea SCA		918	196,323
ALTEN		7,863	1,265,276
Aubay		1,891	117,169
Beneteau SA (a)		10,333	157,434
BIC SA		6,735	391,229
Boiron SA		1,220	59,022
Bonduelle SCA		3,459	88,569
Carmila SA		13,616	206,195
Casino Guichard Perrachon SA (a)		10,331	257,125
Cellectis SA (a)		10,005	108,674
CGG SA (a)		185,874	134,681
Chargeurs SA		4,918	145,882
Coface SA		28,380	405,170
Compagnie des Alpes (a)		5,486	97,030
Derichebourg (a)		25,699	292,030
Devoteam SA (a)		463	90,186
Elior SA (a)(c)		32,866	259,113
Elis SA (a)		51,433	974,493
Eramet SA (a)		2,539	212,207
Eutelsat Communications		46,692	662,825
Fnac Darty SA		4,614	298,959
Gaztransport et Technigaz SA		6,037	498,284
Groupe Guillin SA		2,054	63,872
Guerbet		1,444	63,766
ICADE		8,204	643,003
ID Logistics Group (a)		696	255,453
Imerys SA		9,235	400,124
Interparfums SA		4,611	372,056
Ipsos SA		10,820	505,945
JCDecaux SA (a)		17,242	449,660
Kaufman & Broad SA		3,755	150,191
Korian SA		19,784	658,665
Lagardere S.C.A. (Reg.) (a)		8,881	234,485
LISI		5,208	144,792
LNA Sante SA		1,270	73,039
Maisons du Monde SA (c)		8,632	195,381
Manitou BF SA		2,668	90,830
McPhy Energy SA (a)(b)		5,562	150,969
Mercialys SA		18,852	204,309
Mersen SA		4,712	176,757
Metropole Television SA		6,694	147,491
Nacon SA (a)		6,076	33,890
Neoen SA (a)(c)		10,112	465,241
Nexans SA		6,477	648,784
Nexity		10,580	482,859
Peugeot Invest		1,354	188,766
Pharmagest Interactive		1,018	111,561
Plastic Omnium SA		15,920	440,948
Quadient SA		9,251	220,941
Rexel SA		66,220	1,313,604
Rubis SCA		24,495	784,076
SMCP S.A.S. (a)(c)		8,906	72,788
Soitec SA (a)		5,822	1,546,607
Sopra Steria Group		4,158	817,611
SPIE SA		34,404	835,192
Technicolor SA (a)		54,656	175,015
Television Francaise 1 SA		11,170	119,570
Trigano SA		2,349	439,630
Valneva SE (a)(b)		18,913	420,871
Verallia SA (c)		15,048	556,308
Vicat SA		5,430	231,310
Vilmorin & Cie		1,523	96,832
Virbac SA		1,141	577,061
Voltalia SA (a)		6,577	171,068
X-Fab Silicon Foundries SE (a)(c)		15,770	156,779
TOTAL FRANCE			24,093,956
Germany - 4.8%
1&1 AG		12,009	349,559
Aareal Bank AG		16,242	518,962
Adesso AG		763	169,879
ADVA Optical Networking SE (a)		11,590	153,542
Aixtron AG		30,534	725,360
alstria office REIT-AG		43,244	807,839
Amadeus Fire AG		1,536	354,768
AURELIUS AG		8,008	231,616
Aurubis AG		8,520	735,138
Basler AG		1,000	184,729
BayWa AG		3,830	162,046
Befesa SA (c)		10,792	802,178
Bertrandt AG		1,465	95,685
Bilfinger Berger AG		7,822	274,522
Borussia Dortmund GmbH & Co. KGaA (a)		20,702	114,153
CANCOM AG		10,455	722,258
CECONOMY AG (a)		44,063	214,546
CeWe Color Holding AG		1,518	211,981
CompuGroup Medical AG		7,302	610,292
Corestate Capital Holding SA (a)		5,817	68,388
CropEnergies AG		7,033	100,814
CTS Eventim AG (a)		15,568	1,131,267
Datagroup AG (a)		1,119	98,052
Dermapharm Holding SE		5,118	514,728
Deutsche Beteiligungs AG		3,545	163,921
Deutsche EuroShop AG		13,192	267,942
Deutsche Pfandbriefbank AG (c)		36,921	457,750
Deutz AG (a)		32,678	274,252
DIC Asset AG		12,143	213,227
Draegerwerk AG & Co. KGaA		865	64,496
Duerr AG		14,020	633,698
Eckert & Ziegler Strahlen-und Medizintechnik AG		4,006	599,706
ELMOS Semiconductor AG		2,449	113,950
ElringKlinger AG (a)		7,726	109,051
Encavis AG		26,297	550,228
Evotec OAI AG (a)		35,537	1,719,230
Exasol AG (a)		3,965	40,243
Flatex AG (a)		8,824	200,543
Fraport AG Frankfurt Airport Services Worldwide (a)		10,036	715,820
Freenet AG		34,555	889,988
Gerresheimer AG		8,483	777,643
Global Fashion Group SA (a)		20,303	182,481
Grenkeleasing AG (b)		7,648	298,033
Hamborner (REIT) AG		18,940	212,400
Hamburger Hafen und Logistik AG		7,851	175,979
Hensoldt AG		11,578	187,111
Hochtief AG		5,733	442,044
Home24 AG (a)		7,050	92,011
Hornbach Holding AG & Co. KGaA		2,587	326,870
Hornbach-Baumarkt AG		2,187	98,219
Hugo Boss AG		16,149	1,009,205
Hypoport AG (a)		958	588,609
INDUS Holding AG		5,123	201,354
Instone Real Estate Group BV (c)		12,778	336,787
Jenoptik AG		13,975	534,411
JOST Werke AG (c)		3,870	224,133
K+S AG		51,701	890,220
Kloeckner & Co. AG (a)		20,140	271,001
Koenig & Bauer AG (a)		3,805	134,157
Krones AG		3,893	401,652
KWS Saat AG		3,128	266,858
LPKF Laser & Electronics AG		6,785	150,359
MBB SE		558	88,501
Medios AG (a)		2,750	116,034
Metro Wholesale & Food Specialist AG		34,147	431,450
MLP AG		18,341	176,614
Morphosys AG (a)		8,825	415,719
Nagarro SE (a)		2,282	459,011
New Work SE		767	187,084
Nordex Se (a)		28,120	516,857
NORMA Group AG		8,737	375,719
Northern Data AG (a)		89	6,050
OHB SE		1,402	61,425
Patrizia Immobilien AG		12,492	345,134
Pfeiffer Vacuum Technology AG		1,070	267,175
PNE AG		9,473	91,439
ProSiebenSat.1 Media AG		44,153	739,327
Rheinmetall AG		11,780	1,141,706
SAF-Holland SA (a)		12,642	175,370
Salzgitter AG (a)		9,667	355,590
secunet Security Network AG		358	187,887
SGL Carbon AG (a)		16,196	154,648
Siltronic AG		4,448	693,127
Sixt AG (a)		3,991	686,964
SMA Solar Technology AG		2,799	147,740
Software AG (Bearer)		14,042	577,230
Steico AG		1,543	201,916
STRATEC Biomedical Systems AG		2,142	341,709
Stroer Out-of-Home Media AG		7,711	653,390
Suedzucker AG (Bearer)		19,120	303,249
TAG Immobilien AG		39,671	1,205,192
Takkt AG		9,398	153,401
Thyssenkrupp AG		109,444	1,137,643
TUI AG (GB) (a)(b)		306,595	1,029,256
Varta AG (b)		4,908	754,595
VERBIO Vereinigte BioEnergie AG		5,877	466,056
Vitesco Technologies Group AG (a)		6,500	372,694
Vossloh AG		2,348	125,536
Wacker Chemie AG		4,208	758,611
Wacker Construction Equipment AG		8,616	282,468
WashTec AG		3,006	195,291
Westwing Group AG (a)		686	21,459
Wustenrot & Wurttembergische AG		6,261	130,424
ZEAL Network SE		4,032	177,118
Zooplus AG (a)		1,743	963,932
TOTAL GERMANY			41,839,625
Gibraltar - 0.1%
888 Holdings PLC		99,793	522,797
Hong Kong - 0.6%
Bank of East Asia Ltd.		280,000	460,639
BOCOM International Holdings Co. Ltd.		222,000	49,933
Champion (REIT)		573,000	301,211
CITIC 1616 Holdings Ltd.		478,000	169,562
Dah Sing Banking Group Ltd.		121,200	116,207
Dah Sing Financial Holdings Ltd.		45,600	142,125
Guotai Junan International Holdings Ltd.		819,000	118,947
Hang Lung Group Ltd.		224,000	524,552
Hong Kong & Shanghai Hotels Ltd. (a)		111,500	101,605
Hong Kong Television Network Ltd.		152,000	228,571
Hysan Development Co. Ltd.		171,000	594,505
Melco International Development Ltd. (a)		184,000	240,272
Nissin Foods Co. Ltd.		106,000	79,018
PCCW Ltd.		1,175,000	605,584
Prosperity (REIT)		376,000	147,394
Shun Tak Holdings Ltd. (a)		400,000	109,505
Sun Hung Kai & Co. Ltd.		107,000	55,697
Sunlight (REIT)		282,000	163,100
Television Broadcasts Ltd. (a)		91,300	70,759
Vitasoy International Holdings Ltd.		204,000	490,827
Zensun Enterprises Ltd.		152,000	86,740
TOTAL HONG KONG			4,856,753
Ireland - 0.7%
AIB Group PLC (a)		218,502	592,067
Bank Ireland Group PLC (a)		262,562	1,566,779
C&C Group PLC (United Kingdom) (a)		106,719	378,562
Cairn Homes PLC		189,748	246,109
Dalata Hotel Group PLC (a)		53,844	230,302
Glanbia PLC		55,197	901,603
Glenveagh Properties PLC (a)(c)		196,337	247,392
Grafton Group PLC unit		61,273	1,124,498
Greencore Group PLC (a)		142,155	251,354
Hibernia (REIT) PLC		181,423	264,253
Irish Residential Properties REIT PLC		123,501	232,710
Origin Enterprises PLC		33,605	130,139
Uniphar PLC		61,875	315,436
TOTAL IRELAND			6,481,204
Isle of Man - 0.1%
Kape Technologies PLC (a)		28,429	154,848
Playtech Ltd. (a)		82,829	788,955
Strix Group PLC		54,883	219,697
TOTAL ISLE OF MAN			1,163,500
Israel - 2.9%
AFI Properties Ltd. (a)		2,937	152,217
Airport City Ltd. (a)		18,259	347,829
Alony Hetz Properties & Investments Ltd.		39,652	646,467
Altshuler Shaham Provident Funds & Pension Ltd.		15,075	82,132
Amot Investments Ltd.		55,811	425,238
Arad Investment & Industrial Development Ltd.		859	97,455
Ashtrom Group Ltd.		10,961	256,017
AudioCodes Ltd.		7,135	248,029
Azorim Investment Development & Construction Co. Ltd. (a)		22,653	101,082
Bezeq The Israel Telecommunication Corp. Ltd. (a)		555,855	695,796
Big Shopping Centers Ltd.		2,689	402,626
Blue Square Real Estate Ltd.		1,406	108,415
Caesarstone Sdot-Yam Ltd.		6,453	80,533
Camtek Ltd. (a)		7,539	300,431
Cellcom Israel Ltd. (Israel) (a)		23,820	89,880
Clal Insurance Enterprises Holdings Ltd. (a)		16,666	411,442
Cognyte Software Ltd. (a)		17,781	354,020
Compugen Ltd. (a)(b)		22,994	149,231
Danel Adir Yeoshua Ltd.		1,409	297,442
Delek Automotive Systems Ltd.		14,050	183,687
Delek Group Ltd. (a)		2,467	204,651
Delta Galil Industries Ltd.		2,344	119,928
Doral Group Renewable Energy Resources Ltd. (a)		15,481	75,146
Elco Ltd.		2,458	159,162
Electra Consumer Products 1970 Ltd.		2,900	135,819
Electra Israel Ltd.		568	373,359
Electreon Wireless Ltd. (a)		1,178	62,877
Energix-Renewable Energies Ltd.		58,544	274,742
Enlight Renewable Energy Ltd. (a)		248,059	611,456
Equital Ltd. (a)		5,369	164,887
Fattal Holdings 1998 Ltd. (a)		1,617	173,640
FIBI Holdings Ltd.		4,864	213,660
First International Bank of Israel		15,126	605,164
Formula Systems (1985) Ltd.		2,481	265,949
Fox Wizel Ltd.		2,013	277,043
Gav-Yam Lands Corp. Ltd.		37,812	449,535
Gazit-Globe Ltd.		18,375	148,946
Gilat Satellite Networks Ltd.		8,896	73,516
Harel Insurance Investments and Financial Services Ltd.		31,526	351,590
Hilan Ltd.		4,008	221,657
IDI Insurance Co. Ltd.		2,159	86,651
InMode Ltd. (a)		13,446	1,273,874
Isracard Ltd.		54,197	217,346
Israel Canada T.R Ltd.		30,147	145,383
Israel Corp. Ltd. (Class A) (a)		1,057	388,882
Isras Investment Co. Ltd.		448	99,826
Ituran Location & Control Ltd.		5,079	132,105
Kornit Digital Ltd. (a)		12,441	2,081,130
M Yochananof & Sons Ltd.		1,365	94,038
Magic Software Enterprises Ltd.		7,381	156,701
Malam Team Ltd.		2,064	69,466
Matrix IT Ltd.		9,164	248,507
Maytronics Ltd.		11,698	276,004
Mega Or Holdings Ltd.		6,468	255,503
Melisron Ltd. (a)		5,802	490,108
Menora Mivtachim Holdings Ltd.		6,739	155,465
Migdal Insurance & Financial Holdings Ltd.		101,042	171,503
Mivne Real Estate KD Ltd.		168,329	612,812
Nano Dimension Ltd. ADR (a)(b)		67,322	395,853
Naphtha Israel Petroleum Corp. Ltd. (a)		8,298	51,372
Nova Ltd. (a)		7,628	807,553
Oil Refineries Ltd. (a)		474,257	128,293
One Software Technologies Ltd.		10,593	181,072
OPC Energy Ltd. (a)		24,463	255,117
Partner Communications Co. Ltd. (a)		37,893	191,240
Paz Oil Co. Ltd. (a)		2,543	323,224
Plus500 Ltd.		24,721	445,397
Prashkovsky Investments & Construction Ltd.		1,900	59,792
Property & Building Corp. Ltd. (a)		753	107,084
Radware Ltd. (a)		11,080	392,564
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.		2,377	178,781
Reit 1 Ltd.		48,700	304,418
Shapir Engineering and Industry Ltd.		39,177	320,166
Shikun & Binui Ltd. (a)		64,195	381,395
Shufersal Ltd.		72,136	596,356
Strauss Group Ltd.		14,195	416,876
Summit Real Estate Holdings Ltd. (a)		10,151	184,167
Tadiran Group Ltd.		776	101,036
Taro Pharmaceutical Industries Ltd. (a)		2,624	145,816
The Phoenix Holdings Ltd.		40,688	512,658
Tower Semiconductor Ltd. (a)		27,252	884,472
Tremor International Ltd. (a)		27,848	259,157
UroGen Pharma Ltd. (a)(b)		5,314	91,401
YH Dimri Construction & Development Ltd.		2,029	145,426
TOTAL ISRAEL			25,208,686
Italy - 2.8%
A2A SpA		421,766	886,387
ACEA SpA		11,242	243,800
Anima Holding SpA (c)		70,882	376,103
Arnoldo Mondadori Editore SpA (a)		36,402	84,161
Ascopiave SpA		22,802	92,784
Autogrill SpA (a)		52,445	410,805
Azimut Holding SpA		28,949	832,945
Banca Generali SpA		15,852	745,091
Banca IFIS SpA		6,499	120,130
Banca Mediolanum S.p.A.		60,342	607,290
Banca Monte dei Paschi di Siena SpA (a)(b)		79,095	94,268
Banca Popolare di Sondrio SCARL		123,269	535,226
Banco BPM SpA		369,614	1,147,657
BFF Bank SpA (c)		45,081	403,360
Biesse SpA (a)		3,693	114,156
BPER Banca		288,979	632,876
Brembo SpA		40,253	528,144
Brunello Cucinelli SpA (a)		9,206	557,648
Buzzi Unicem SpA		26,206	611,033
Carel Industries SpA (c)		9,496	274,434
Cementir SpA		12,721	133,673
Cerved Information Solutions SpA		10,538	126,448
CIR SpA (a)		186,795	102,893
Credito Emiliano SpA		23,590	178,891
Danieli & C. Officine Meccaniche SpA		2,918	98,160
Datalogic SpA		3,985	72,371
De'Longhi SpA		18,304	715,189
Dovalue SpA (c)		15,965	152,996
El.En. Group SpA		11,532	230,626
Enav SpA (a)(c)		74,006	324,238
ERG SpA		16,183	584,050
Esprinet SpA		8,047	104,372
Falck Renewables SpA		31,773	320,098
Fila SpA		5,756	69,334
Fincantieri SpA (a)(b)		134,954	106,397
Gruppo MutuiOnline SpA		7,093	346,429
GVS SpA (c)		18,783	279,014
Hera SpA		222,136	908,263
Illimity Bank SpA (a)		15,270	240,775
Immobiliare Grande Distribuzione SpA (a)		14,831	64,978
Interpump Group SpA		19,084	1,406,395
Iren SpA		174,330	541,297
Italgas SpA		130,292	826,890
Italmobiliare SpA		3,347	117,428
Juventus Football Club SpA (a)(b)		140,652	113,653
La Doria SpA		3,387	64,917
Leonardo SpA (a)		109,344	801,134
Maire Tecnimont SpA		40,009	172,329
MARR SpA		9,103	214,250
Piaggio & C SpA		42,625	142,896
Pirelli & C. SpA (c)		94,962	583,130
Rai Way SpA (c)		24,991	151,381
Reply SpA		5,552	1,076,317
Saipem SpA (a)(b)		152,897	335,204
Salcef Group SpA		4,489	103,786
Salvatore Ferragamo Italia SpA (a)		13,509	287,186
Sanlorenzo SpA		3,253	136,505
Saras Raffinerie Sarde SpA (a)		152,662	113,369
Sesa SpA		2,065	404,859
Societa Cattolica Di Assicurazioni SCRL (a)		33,610	255,654
Tamburi Investment Partners SpA		27,273	307,394
Technogym SpA (c)		35,658	374,283
Tinexta SpA		5,695	252,145
Tod's SpA (a)		2,708	149,260
Unipol Gruppo SpA (b)		107,035	614,950
Webuild SpA (b)		108,192	267,650
Webuild SpA warrants 8/2/30 (a)(d)		6,641	6,617
Zignago Vetro SpA		5,790	116,730
TOTAL ITALY			24,395,102
Japan - 27.1%
77 Bank Ltd.		15,300	156,084
Activia Properties, Inc.		177	725,642
Adastria Co. Ltd.		6,000	111,301
Adeka Corp.		21,100	469,377
Advan Group Co. Ltd.		4,900	41,874
Advance Residence Investment Corp.		355	1,166,781
Aeon (REIT) Investment Corp.		375	506,941
Aeon Delight Co. Ltd.		5,900	181,200
AEON Financial Service Co. Ltd.		29,400	373,531
Aeon Hokkaido Corp.		5,600	64,674
AEON MALL Co. Ltd.		27,600	404,332
Ai Holdings Corp.		9,700	183,080
AI inside, Inc. (a)		400	25,093
Aica Kogyo Co. Ltd.		13,600	416,851
Aichi Corp.		7,300	51,747
Aichi Steel Corp.		2,600	60,572
Aida Engineering Ltd.		12,000	108,935
Aiful Corp.		84,300	280,849
Ain Holdings, Inc.		6,800	401,366
Air Water, Inc.		49,700	760,414
Akatsuki, Inc.		2,200	60,020
Alfresa Holdings Corp.		50,800	716,127
Alpen Co. Ltd.		3,800	92,691
Alpha Systems, Inc.		1,700	64,906
Alps Electric Co. Ltd.		56,900	555,973
Altech Corp.		4,300	77,460
Amada Co. Ltd.		92,200	910,887
Amano Corp.		14,300	353,863
Amuse, Inc.		3,100	60,325
Anest Iwata Corp.		8,600	68,507
AnGes MG, Inc. (a)		38,000	180,378
Anicom Holdings, Inc.		19,500	152,032
Anritsu Corp.		37,400	620,184
Aoki International Co. Ltd.		9,700	59,223
Aozora Bank Ltd.		32,200	736,575
Arata Corp.		3,800	134,514
Arcland Sakamoto Co. Ltd.		7,000	104,705
Arcland Service Holdings Co. Ltd.		4,100	81,375
ARCS Co. Ltd.		11,400	219,077
Argo Graphics, Inc.		4,400	122,524
Ariake Japan Co. Ltd.		4,900	319,029
ARTERIA Networks Corp.		7,000	98,771
Aruhi Corp.		9,200	106,662
As One Corp.		3,900	534,622
Asahi Holdings, Inc.		20,500	365,887
Asics Corp.		41,000	1,021,779
ASKUL Corp.		10,100	137,186
Atom Corp.		31,600	213,162
Autobacs Seven Co. Ltd.		17,800	230,216
Avex, Inc.		9,100	124,250
Axial Retailing, Inc.		4,400	139,945
Bank of Kyoto Ltd.		15,400	692,588
Bank of Nagoya Ltd.		3,100	65,943
BASE, Inc. (a)		21,400	174,872
BayCurrent Consulting, Inc.		3,600	1,494,073
Belc Co. Ltd.		2,800	138,226
Bell System24 Holdings, Inc.		8,900	114,343
Belluna Co. Ltd.		13,500	94,799
Benefit One, Inc.		21,600	1,090,078
Benesse Holdings, Inc.		18,100	414,095
Benext-Yumeshin Group Co.		14,800	192,947
Bengo4.Com, Inc. (a)		2,100	126,286
Bic Camera, Inc.		25,100	216,476
BML, Inc.		6,000	210,899
Broadleaf Co. Ltd.		23,800	114,245
Bunka Shutter Co. Ltd.		13,300	129,644
Bushiroad, Inc. (a)		3,200	44,634
Calbee, Inc.		23,700	610,642
Canon Electronics, Inc.		5,100	70,200
Canon Marketing Japan, Inc.		12,200	241,686
Cawachi Ltd.		3,300	64,369
CellSource Co. Ltd. (a)		1,500	84,992
Central Glass Co. Ltd.		8,600	160,146
Central Security Patrols Co. Ltd.		2,100	50,491
Change, Inc. (a)		9,100	163,986
Chatwork Co. Ltd. (a)		3,600	33,483
Chiyoda Corp. (a)		42,600	155,724
Chofu Seisakusho Co. Ltd.		4,800	86,730
Chubu Shiryo Co. Ltd.		5,100	48,743
Chudenko Corp.		7,600	148,812
Chugoku Electric Power Co., Inc.		78,300	649,486
Chugoku Marine Paints Ltd.		10,200	78,955
Ci Takiron Corp.		10,300	54,931
Citizen Watch Co. Ltd.		71,800	313,124
CKD Corp.		13,600	269,622
Coca-Cola West Co. Ltd.		33,600	462,389
COLOPL, Inc.		15,900	114,873
Colowide Co. Ltd.		16,200	234,194
Comforia Residential REIT, Inc.		169	493,760
Computer Engineering & Consulting Ltd.		6,400	76,196
COMSYS Holdings Corp.		30,400	752,736
Comture Corp.		6,200	168,132
CONEXIO Corp.		4,100	52,547
Cosmo Energy Holdings Co. Ltd.		15,100	308,684
CRE Logistics REIT, Inc.		127	247,084
Create Restaurants Holdings, Inc.		23,200	159,503
Create SD Holdings Co. Ltd.		7,200	221,343
Credit Saison Co. Ltd.		40,100	491,615
Curves Holdings Co. Ltd.		13,900	108,296
CYBERDYNE, Inc. (a)		29,300	102,328
Cybozu, Inc.		6,400	151,845
Dai-Dan Co. Ltd.		3,400	71,586
Daibiru Corp.		12,500	173,947
Daicel Chemical Industries Ltd.		69,900	523,360
Daido Steel Co. Ltd.		7,100	272,021
Daihen Corp.		5,100	212,881
Daiho Corp.		2,800	94,320
Daiichi Jitsugyo Co. Ltd.		1,900	88,378
Daiichikosho Co. Ltd.		9,600	348,571
Daiken Corp.		2,600	56,817
Daikokutenbussan Co. Ltd.		1,400	79,753
DaikyoNishikawa Corp.		10,400	62,497
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		3,100	71,657
Daio Paper Corp.		23,100	406,481
Daiseki Co. Ltd.		11,880	554,520
Daishi Hokuetsu Financial Group, Inc.		10,000	223,954
Daito Pharmaceutical Co. Ltd.		3,200	90,241
Daiwa Industries Ltd.		7,600	84,703
Daiwa Office Investment Corp.		86	555,121
Daiwa Securities Living Invest		492	497,027
Daiwabo Holdings Co. Ltd.		23,500	413,717
DCM Holdings Co. Ltd.		33,400	325,654
Demae-Can Co. Ltd. (a)		13,300	158,222
DeNA Co. Ltd.		23,100	426,707
Denka Co. Ltd.		21,600	707,166
Denyo Co. Ltd.		4,000	69,357
Descente Ltd. (a)		8,200	310,821
Dexerials Corp.		14,600	295,347
Dic Corp.		20,400	540,126
Digital Arts, Inc.		3,000	244,954
Digital Garage, Inc.		8,900	415,755
Digital Holdings, Inc.		4,100	62,875
Dip Corp.		9,600	344,441
Direct Marketing MiX, Inc.		2,400	92,055
Dmg Mori Co. Ltd.		30,700	528,679
Doshisha Co. Ltd.		5,200	81,477
Doutor Nichires Holdings Co., Ltd.		8,000	114,755
Dowa Holdings Co. Ltd.		13,300	555,460
DTS Corp.		10,000	221,887
Duskin Co. Ltd.		10,200	245,716
Dydo Group Holdings, Inc.		2,500	119,116
Eagle Industry Co. Ltd.		6,800	72,635
Earth Corp.		4,200	257,735
Ebara Corp.		25,700	1,402,369
eBase Co. Ltd.		6,800	45,300
EDION Corp.		20,800	197,406
Edulab, Inc.		1,000	14,128
eGuarantee, Inc.		9,300	207,103
Eiken Chemical Co. Ltd.		8,100	136,162
Eizo Corp.		3,900	149,151
Elan Corp.		8,900	96,197
Elecom Co. Ltd.		12,200	186,606
Electric Power Development Co. Ltd.		39,100	516,886
Elematec Corp.		4,700	46,904
EM Systems Co. Ltd.		9,400	62,313
en japan, Inc.		8,000	317,695
Enigmo, Inc.		6,500	61,732
Enplas Corp.		1,800	47,735
eRex Co. Ltd.		7,000	160,294
ES-Con Japan Ltd.		9,100	65,386
ESPEC Corp.		4,700	95,338
euglena Co. Ltd. (a)		26,900	190,694
Exedy Corp.		7,700	114,698
Exeo Group, Inc.		27,000	624,081
Ezaki Glico Co. Ltd.		12,800	464,557
Fancl Corp.		21,200	642,741
FCC Co. Ltd.		9,100	125,988
Ferrotec Holdings Corp.		9,500	318,673
Financial Products Group Co. Ltd.		16,900	97,818
Food & Life Companies Ltd.		29,800	1,291,634
FP Corp.		12,500	424,463
Freee KK (a)		8,800	631,628
Frontier Real Estate Investment Corp.		124	548,594
Fuji Co. Ltd.		4,600	81,066
Fuji Corp.		18,600	433,865
Fuji Kyuko Co. Ltd.		5,900	237,693
Fuji Media Holdings, Inc.		12,200	126,459
Fuji Oil Holdings, Inc.		12,800	300,390
Fuji Seal International, Inc.		11,300	248,504
Fuji Soft ABC, Inc.		6,300	320,818
Fujibo Holdings, Inc.		2,500	90,673
Fujicco Co. Ltd.		4,900	82,262
Fujikura Ltd. (a)		63,000	339,812
Fujimi, Inc.		4,600	289,272
Fujimori Kogyo Co. Ltd.		3,800	156,247
Fujio Food Group, Inc.		3,800	45,392
Fujitec Co. Ltd.		17,300	392,980
Fujitsu General Ltd.		16,300	399,709
Fujiya Co. Ltd.		2,800	57,951
Fukuda Corp.		1,300	52,923
Fukui Computer Holdings, Inc.		2,300	82,965
Fukuoka (REIT) Investment Fund		170	252,317
Fukuoka Financial Group, Inc.		46,700	838,981
Fukushima Industries Corp.		3,200	127,219
Fukuyama Transporting Co. Ltd.		7,500	298,762
Fullcast Holdings Co. Ltd.		4,900	114,376
Funai Soken Holdings, Inc.		9,900	275,038
Furukawa Co. Ltd.		8,000	88,528
Furukawa Electric Co. Ltd.		18,100	396,048
Fuso Chemical Co. Ltd.		4,700	216,391
Futaba Industrial Co. Ltd.		14,600	57,159
Future Corp.		5,600	163,784
Fuyo General Lease Co. Ltd.		4,500	292,462
G-7 Holdings, Inc.		5,400	98,801
G-Tekt Corp.		5,900	73,555
GA Technologies Co. Ltd. (a)		4,100	42,583
Gakken Holdings Co. Ltd.		5,000	48,945
Genky DrugStores Co. Ltd.		1,900	91,631
Geo Holdings Corp.		7,200	76,493
giftee, Inc. (a)		3,200	108,174
Giken Ltd.		4,600	175,527
Global One Real Estate Investment Corp.		257	264,705
Glory Ltd.		12,700	273,371
GMO Financial Gate, Inc.		300	77,912
GMO Financial Holdings, Inc.		9,200	70,468
GMO GlobalSign Holdings KK		1,300	53,538
GMO Internet, Inc.		18,200	502,579
GNI Group Ltd. (a)		11,300	158,336
Goldcrest Co. Ltd.		4,500	64,476
GOLDWIN, Inc.		6,300	381,209
Grace Technology, Inc.		6,700	61,323
GREE, Inc.		29,500	248,799
GS Yuasa Corp.		17,900	389,677
GungHo Online Entertainment, Inc.		12,800	240,139
Gunma Bank Ltd.		93,800	289,588
Gunze Ltd.		3,800	146,460
H.I.S. Co. Ltd. (a)		11,400	256,351
H.U. Group Holdings, Inc.		13,800	340,325
H2O Retailing Corp.		24,100	192,467
Halows Co. Ltd.		2,600	63,873
Hamakyorex Co. Ltd.		4,000	110,898
Hankyu REIT, Inc.		168	247,774
Hanwa Co. Ltd.		9,200	276,355
Haseko Corp.		69,200	901,056
Hazama Ando Corp.		48,100	325,719
HEALIOS KK (a)		5,600	84,632
Heiwa Corp.		14,700	262,117
Heiwa Real Estate (REIT), Inc.		231	322,512
Heiwa Real Estate Co. Ltd.		8,300	262,039
Heiwado Co. Ltd.		7,800	135,019
Hennge K.K. (a)		1,700	84,072
Hibiya Engineering Ltd.		4,400	73,967
Hiday Hidaka Corp.		6,600	94,267
Hioki EE Corp.		2,400	167,630
Hirata Corp.		2,300	140,234
Hirogin Holdings, Inc.		77,100	424,763
Hitachi Transport System Ltd.		9,100	358,505
Hitachi Zosen Corp.		44,200	346,569
Hogy Medical Co. Ltd.		6,400	175,468
Hokkaido Electric Power Co., Inc.		46,500	193,248
Hokkoku Financial Holdings, Inc.		5,700	99,345
Hokuetsu Kishu Paper Co. Ltd.		33,700	222,673
Hokuhoku Financial Group, Inc.		32,200	230,351
Hokuriku Electric Power Co., Inc.		44,900	213,803
Hokuto Corp.		5,200	89,800
Horiba Ltd.		9,200	603,163
Hoshino Resorts REIT, Inc.		55	359,126
Hosiden Corp.		13,700	144,446
Hosokawa Micron Corp.		3,400	94,064
House Foods Group, Inc.		16,400	470,546
Hulic (REIT), Inc.		329	498,431
Hyakujushi Bank Ltd.		6,100	78,928
Ichibanya Co. Ltd.		3,800	153,630
Ichigo Real Estate Investment Corp.		325	246,190
Ichigo, Inc.		68,800	205,957
Ichikoh Industries Ltd.		7,900	39,192
Idec Corp.		7,500	158,948
IDOM, Inc.		15,600	106,848
IHI Corp. (a)		35,500	829,203
Iino Kaiun Kaisha Ltd.		19,700	95,011
Inaba Denki Sangyo Co. Ltd.		13,000	311,839
Inabata & Co. Ltd.		12,300	182,086
Inageya Co. Ltd.		5,600	67,684
Industrial & Infrastructure Fund Investment Corp.		502	920,441
Infocom Corp.		6,400	122,882
Infomart Corp.		52,700	514,265
Information Services Inter-Dentsu Ltd.		6,100	213,423
INFRONEER Holdings, Inc.		58,316	484,452
Insource Co. Ltd.		5,700	114,123
Internet Initiative Japan, Inc.		13,900	486,337
Invesco Office J-REIT, Inc.		839	166,966
Invincible Investment Corp.		1,656	654,697
IR Japan Holdings Ltd.		2,400	221,329
Iriso Electronics Co. Ltd.		5,300	243,485
Isetan Mitsukoshi Holdings Ltd.		91,200	666,759
ITOCHU Advance Logistics Investment Corp.		154	219,310
Itochu Enex Co. Ltd.		14,000	123,528
Itochushokuhin Co. Ltd.		1,400	64,699
Itoham Yonekyu Holdings, Inc.		40,700	248,171
Iwatani Corp.		12,700	750,131
Iyo Bank Ltd.		63,100	308,718
Izumi Co. Ltd.		8,600	260,741
J-Oil Mills, Inc.		4,900	78,979
J-Stream, Inc.		2,800	24,742
J. Front Retailing Co. Ltd.		65,900	610,822
JAC Recruitment Co. Ltd.		4,000	78,482
JACCS Co. Ltd.		5,600	149,354
JAFCO Co. Ltd.		7,900	500,522
Japan Airport Terminal Co. Ltd. (a)		16,300	808,603
Japan Aviation Electronics Industry Ltd.		12,600	208,918
Japan Display, Inc. (a)		159,400	47,713
Japan Elevator Service Holdings Co. Ltd.		15,600	338,065
Japan Excellent, Inc.		329	397,244
Japan Hotel REIT Investment Corp.		1,208	729,522
Japan Investment Adviser Co. Ltd.		3,800	41,555
Japan Lifeline Co. Ltd.		15,900	171,213
Japan Logistics Fund, Inc.		220	658,091
Japan Material Co. Ltd.		17,500	243,358
Japan Medical Dynamic Marketing, Inc.		3,900	74,968
Japan Petroleum Exploration Co. Ltd.		9,100	165,599
Japan Prime Realty Investment Corp.		220	806,940
Japan Pulp & Paper Co. Ltd.		2,700	91,083
Japan Securities Finance Co. Ltd.		25,100	191,613
Japan Steel Works Ltd.		16,100	472,974
Japan Wool Textile Co. Ltd.		12,100	96,635
JCR Pharmaceuticals Co. Ltd.		17,600	431,955
Jcu Corp.		5,200	208,855
JDC Corp.		10,600	55,629
JEOL Ltd.		9,900	750,305
JGC Corp.		59,000	554,441
JIG-SAW, Inc. (a)		1,300	89,448
JINS Holdings, Inc.		3,500	221,292
Jm Holdings Co. Ltd.		3,300	54,168
JMDC, Inc. (a)		6,900	518,742
Joshin Denki Co. Ltd.		4,700	97,828
Joyful Honda Co. Ltd.		15,100	207,673
JSP Corp.		3,400	45,752
JTEKT Corp.		55,800	493,920
JTOWER, Inc. (a)		2,200	209,014
Juroku Financial Group, Inc.		7,600	138,032
Justsystems Corp.		8,700	449,671
K's Holdings Corp.		45,900	473,813
Kadokawa Corp.		12,500	660,008
KAGA ELECTRONICS Co. Ltd.		4,200	115,445
Kagome Co. Ltd.		20,200	512,591
Kaken Pharmaceutical Co. Ltd.		8,100	319,495
Kamakura Shinsho Ltd.		6,700	54,133
Kameda Seika Co. Ltd.		3,700	144,709
Kamei Corp.		5,600	57,066
Kamigumi Co. Ltd.		27,800	559,752
Kanamoto Co. Ltd.		8,200	175,651
Kandenko Co. Ltd.		27,800	215,501
Kaneka Corp.		12,900	494,701
Kanematsu Corp.		20,400	236,909
Kanematsu Electric Ltd.		3,200	104,517
Kanto Denka Kogyo Co. Ltd.		10,900	100,261
Kappa Create Co. Ltd. (a)		6,600	80,211
Katakura Industries Co. Ltd.		5,800	88,172
Katitas Co. Ltd.		13,800	503,890
Kato Sangyo		6,300	177,626
Kawasaki Heavy Industries Ltd. (a)		38,400	779,230
Kawasaki Kisen Kaisha Ltd. (a)		12,700	612,145
KeePer Technical Laboratory Co. Ltd.		3,800	109,581
Keihan Electric Railway Co., Ltd.		26,000	683,972
Keihanshin Bldg Co. Ltd.		7,900	98,694
Keikyu Corp.		59,600	672,671
Keiyo Co. Ltd.		9,300	67,731
Kenedix Office Investment Corp.		115	728,150
Kenedix Residential Investment Corp.		253	486,522
Kenedix Retail REIT Corp.		157	400,593
Kewpie Corp.		28,400	622,936
Key Coffee, Inc.		4,400	86,085
Kfc Holdings Japan Ltd.		3,800	96,357
KH Neochem Co. Ltd.		9,100	233,877
Kinden Corp.		33,300	546,474
Kintetsu Department Store Co. Ltd. (a)		2,200	49,214
Kintetsu World Express, Inc.		9,900	237,765
Kisoji Co. Ltd.		6,000	112,682
Kissei Pharmaceutical Co. Ltd.		6,900	138,023
Kitanotatsujin Corp.		18,800	68,490
Kitz Corp.		15,800	105,699
Koa Corp.		8,300	112,202
Kobe Steel Ltd.		83,800	492,358
Kohnan Shoji Co. Ltd.		6,600	206,404
Kojima Co. Ltd.		8,700	44,802
Kokuyo Co. Ltd.		22,600	343,947
KOMEDA Holdings Co. Ltd.		12,400	224,903
KOMERI Co. Ltd.		7,900	182,437
Komori Corp.		11,500	75,115
Konica Minolta, Inc.		122,400	605,842
Konishi Co. Ltd.		7,500	116,655
Konoike Transport Co. Ltd.		6,900	75,526
Koshidaka Holdings Co. Ltd.		11,200	68,629
Kotobuki Spirits Co. Ltd.		5,000	334,307
Kumagai Gumi Co. Ltd.		9,500	235,139
Kumiai Chemical Industry Co. Ltd.		21,100	157,341
Kura Sushi, Inc.		5,700	184,428
Kuraray Co. Ltd.		81,600	738,403
Kureha Chemical Industry Co. Ltd.		4,200	272,949
Kusuri No Aoki Holdings Co. Ltd.		4,200	279,575
Kyb Corp.		5,000	133,804
Kyoei Steel Ltd.		5,300	65,396
Kyokuto Kaihatsu Kogyo Co. Ltd.		8,100	110,702
Kyorin Holdings, Inc.		10,300	158,217
Kyoritsu Maintenance Co. Ltd.		7,900	296,024
Kyudenko Corp.		11,500	364,782
Kyushu Electric Power Co., Inc.		108,700	765,725
Kyushu Financial Group, Inc.		96,400	324,634
Kyushu Railway Co.		36,000	805,845
LaSalle Logiport REIT		482	804,223
LEC, Inc.		5,700	52,119
Leopalace21 Corp. (a)		47,800	102,970
LIFE Corp.		4,000	131,297
Lifenet Insurance Co. (a)		9,700	96,628
LIFULL Co. Ltd.		20,100	63,078
Link & Motivation, Inc.		9,000	95,090
Lintec Corp.		11,400	254,487
LITALICO, Inc.		5,200	157,012
M&A Capital Partners Co. Ltd. (a)		3,900	219,979
Mabuchi Motor Co. Ltd.		13,000	448,218
Macnica Fuji Electronics Holdings, Inc.		12,600	296,222
Maeda Kosen Co. Ltd.		4,700	136,324
Makino Milling Machine Co. Ltd.		6,400	230,260
Makuake, Inc. (a)		1,300	52,576
Mandom Corp.		9,600	139,553
Mani, Inc.		20,300	346,044
Marudai Food Co. Ltd.		4,600	68,428
Maruha Nichiro Corp.		10,900	245,912
Marui Group Co. Ltd.		51,400	1,008,659
Maruichi Steel Tube Ltd.		15,400	349,915
Marusan Securities Co. Ltd.		14,600	76,941
Maruwa Ceramic Co. Ltd.		2,300	257,800
Maruwa Unyu Kikan Co. Ltd.		10,200	142,847
Maruzen Showa Unyu Co. Ltd.		3,300	100,780
Marvelous, Inc.		8,100	51,419
Matsuda Sangyo Co. Ltd.		3,200	95,611
Matsui Securities Co. Ltd.		31,500	225,982
Matsumotokiyoshi Holdings Co. Ltd.		30,770	1,364,327
Matsuya Co. Ltd. (a)		7,300	69,716
Matsuyafoods Holdings Co. Ltd.		2,300	73,560
Max Co. Ltd.		6,900	109,891
Maxell Ltd.		12,200	146,806
Maxvalu Tokai Co. Ltd.		2,600	59,568
MCJ Co. Ltd.		18,100	203,782
Mebuki Financial Group, Inc.		268,000	548,735
Media Do Co. Ltd.		2,300	86,421
Medical Data Vision Co. Ltd.		6,900	89,015
Medley, Inc. (a)		5,700	168,079
MedPeer, Inc. (a)		3,500	105,168
Megachips Corp.		4,300	135,956
Megmilk Snow Brand Co. Ltd.		12,200	236,069
Meidensha Corp.		9,400	197,864
Meiko Electronics Co. Ltd.		5,500	152,630
Meisei Industrial Co. Ltd.		8,800	52,440
Meitec Corp.		6,500	390,959
Melco Holdings, Inc.		1,500	61,991
Menicon Co. Ltd.		15,400	578,182
Metawater Co. Ltd.		6,100	103,217
Micronics Japan Co. Ltd.		7,500	99,303
Mie Kotsu Group Holdings, Inc.		13,200	57,694
Milbon Co. Ltd.		6,800	407,143
Mimasu Semiconductor Industries Co. Ltd.		4,400	96,273
Mirai Corp.		455	210,065
Mirait Holdings Corp.		24,900	478,895
Miroku Jyoho Service Co., Ltd.		4,900	77,364
Mitani Sekisan Co. Ltd.		2,700	171,326
Mitsubishi Estate Logistics REIT Investment Corp.		100	432,416
Mitsubishi Logisnext Co. Ltd.		7,000	64,374
Mitsubishi Logistics Corp.		14,300	399,334
Mitsubishi Materials Corp.		30,300	588,207
Mitsubishi Motors Corp. of Japan (a)		179,800	575,454
Mitsubishi Pencil Co. Ltd.		9,300	111,577
Mitsubishi Research Institute, Inc.		2,100	78,434
Mitsubishi Shokuhin Co. Ltd.		4,700	120,989
Mitsuboshi Belting Ltd.		6,000	106,644
Mitsui Fudosan Logistics Park, Inc.		139	738,916
Mitsui High-Tec, Inc.		5,300	409,377
Mitsui Mining & Smelting Co. Ltd.		15,600	447,645
Mitsui OSK Lines Ltd.		29,300	1,847,409
Mitsui Sugar Co. Ltd.		4,200	74,635
Mitsui-Soko Co. Ltd.		5,100	102,292
Mitsuuroko Group Holdings Co. Ltd.		7,900	94,532
mixi, Inc.		11,500	263,515
Mizuho Leasing Co. Ltd.		7,200	222,457
Mizuno Corp.		4,900	114,039
Mochida Pharmaceutical Co. Ltd.		6,700	195,382
Modalis Therapeutics Corp. (a)		3,100	28,958
Modec, Inc.		5,200	89,440
Monex Group, Inc.		41,600	270,896
Money Forward, Inc. (a)		11,500	781,458
Mori Hills REIT Investment Corp.		416	564,030
Mori Trust Hotel (REIT), Inc.		88	109,261
MORI TRUST Sogo (REIT), Inc.		267	344,948
Morinaga & Co. Ltd.		10,100	356,921
Morinaga Milk Industry Co. Ltd.		10,000	586,047
Morita Holdings Corp.		8,300	104,429
MOS Food Services, Inc.		6,500	181,249
MTI Ltd.		5,800	37,149
Musashi Seimitsu Industry Co. Ltd.		12,300	231,500
Nachi-Fujikoshi Corp.		4,000	151,521
Nafco Co. Ltd.		3,600	54,455
Nagaileben Co. Ltd.		5,600	115,100
Nagase & Co. Ltd.		27,100	458,689
Nagatanien Holdings Co. Ltd.		3,100	56,763
Nagoya Railroad Co. Ltd. (a)		50,500	834,397
Nakanishi, Inc.		19,200	445,349
Nankai Electric Railway Co. Ltd.		27,600	547,771
NEC Networks & System Integration Corp.		17,900	288,019
Net One Systems Co. Ltd.		23,300	764,086
Nextage Co. Ltd.		11,700	214,423
NGK Spark Plug Co. Ltd.		41,500	662,963
NHK Spring Co. Ltd.		53,000	399,821
Nichi-iko Pharmaceutical Co. Ltd.		13,300	100,971
Nichias Corp.		15,700	384,414
Nichicon Corp.		12,500	118,293
Nichiden Corp.		3,800	76,456
Nichiha Corp.		6,700	192,603
Nichirei Corp.		30,200	735,534
Nichireki Co. Ltd.		6,100	72,383
Nifco, Inc.		21,800	695,410
Nihon Chouzai Co. Ltd.		3,200	46,112
Nihon Kohden Corp.		21,600	687,296
Nihon Nohyaku Co. Ltd.		10,000	47,010
Nihon Parkerizing Co. Ltd.		21,900	218,504
Nihon Unisys Ltd.		19,300	542,268
Nikkiso Co. Ltd.		12,700	112,459
Nikkon Holdings Co. Ltd.		15,800	308,690
Nikon Corp.		81,900	903,010
Nippn Corp.		13,000	186,273
Nippo Corp.		14,600	516,489
Nippon Accommodations Fund, Inc.		122	680,426
Nippon Carbon Co. Ltd.		2,800	108,096
Nippon Ceramic Co. Ltd.		5,100	132,494
Nippon Densetsu Kogyo Co. Ltd.		9,000	138,725
Nippon Electric Glass Co. Ltd.		21,600	551,512
Nippon Gas Co. Ltd.		28,700	355,983
Nippon Kanzai Co. Ltd.		5,100	123,843
Nippon Kayaku Co. Ltd.		36,300	382,314
Nippon Koei Co. Ltd.		3,000	91,115
Nippon Light Metal Holding Co. Ltd.		14,900	247,299
Nippon Paper Industries Co. Ltd.		26,400	270,608
Nippon Parking Development Co. Ltd.		51,500	65,085
Nippon REIT Investment Corp.		120	461,305
Nippon Seiki Co. Ltd.		12,100	121,734
Nippon Sheet Glass Co. Ltd. (a)		24,200	135,243
Nippon Shokubai Co. Ltd.		7,200	376,162
Nippon Signal Co. Ltd.		10,900	94,257
Nippon Soda Co. Ltd.		5,400	162,247
Nippon Steel & Sumikin Bussan Corp.		3,900	176,357
Nippon Suisan Kaisha Co. Ltd.		76,400	434,204
Nippon Television Network Corp.		14,600	157,295
Nipro Corp.		37,100	376,998
Nishi-Nippon Financial Holdings, Inc.		32,300	188,340
Nishi-Nippon Railroad Co. Ltd.		16,100	396,596
Nishimatsu Construction Co. Ltd.		12,000	346,142
Nishimatsuya Chain Co. Ltd.		10,300	131,421
Nishio Rent All Co. Ltd.		4,900	121,167
Nissan Shatai Co. Ltd.		16,700	118,447
Nissei ASB Machine Co. Ltd.		2,100	68,551
Nissha Co. Ltd.		10,200	167,097
Nisshin Oillio Group Ltd.		6,300	167,001
Nisshinbo Holdings, Inc.		38,200	294,847
Nissin Electric Co. Ltd.		12,700	157,392
Nitta Corp.		5,200	119,211
Nittetsu Mining Co. Ltd.		1,300	74,880
Nitto Boseki Co. Ltd.		6,400	205,136
Nitto Kogyo Corp.		7,000	104,156
Nitto Kohki Co. Ltd.		3,300	54,830
Nittoku Co. Ltd.		3,600	125,156
Noevir Holdings Co. Ltd.		4,100	200,552
NOF Corp.		18,400	923,433
Nohmi Bosai Ltd.		5,700	104,550
Nojima Co. Ltd.		8,300	182,028
NOK Corp.		23,100	268,139
NOMURA Co. Ltd.		20,700	204,090
Noritake Co. Ltd.		2,300	100,566
Noritsu Koki Co. Ltd.		4,800	99,828
Noritz Corp.		6,800	109,102
North Pacific Bank Ltd.		68,900	142,593
NS Solutions Corp.		8,500	285,713
Ns United Kaiun Kaisha Ltd.		2,500	78,732
NSD Co. Ltd.		18,400	350,603
NTN Corp. (a)		107,500	233,117
Ntt Ud (REIT) Investment Corp.		338	448,674
Obara Group, Inc.		2,800	89,794
OBIC Business Consultants Ltd.		8,100	399,858
Ogaki Kyoritsu Bank Ltd.		9,600	159,533
Ohsho Food Service Corp.		3,400	178,543
Oiles Corp.		5,500	81,719
Oisix Ra Daichi, Inc. (a)		6,800	284,809
Okamoto Industries, Inc.		2,800	98,257
Okamura Corp.		15,000	197,953
Okasan Securities Group, Inc.		39,000	133,393
Oki Electric Industry Co. Ltd.		22,600	185,639
Okinawa Cellular Telephone Co.		3,300	148,686
Okinawa Financial Group, Inc.		5,600	123,107
Okuma Corp.		6,300	300,186
Okumura Corp.		8,600	222,091
Okuwa Co. Ltd.		6,700	64,369
One (REIT), Inc.		57	152,869
Onward Holdings Co. Ltd.		24,900	73,644
Open Door, Inc. (a)		3,000	66,315
Open House Co. Ltd.		20,400	1,300,970
Optex Group Co. Ltd.		8,600	109,537
Optim Corp. (a)		4,500	70,756
Optorun Co. Ltd.		7,000	141,896
Organo Corp.		1,700	107,998
Orient Corp.		141,300	193,911
Oro Co. Ltd.		1,800	59,580
Osaka Organic Chemical Industry Ltd.		3,900	116,867
Osaka Soda Co. Ltd.		3,200	81,322
Osaka Steel Co. Ltd.		3,600	36,767
OSG Corp.		22,600	375,995
Outsourcing, Inc.		30,600	587,010
Pacific Industrial Co. Ltd.		10,800	110,004
Pal Group Holdings Co. Ltd.		5,500	79,549
PALTAC Corp.		7,800	345,382
Paramount Bed Holdings Co. Ltd.		9,800	182,859
Park24 Co. Ltd. (a)		29,300	448,811
Pasona Group, Inc.		5,600	156,384
Penta-Ocean Construction Co. Ltd.		73,700	507,862
Pharma Foods International Co. Ltd.		5,800	131,456
Pilot Corp.		7,300	267,719
Piolax, Inc.		7,000	100,698
PKSHA Technology, Inc. (a)		4,000	62,720
Plaid, Inc.		4,000	102,040
Plenus Co. Ltd.		5,900	100,440
PR TIMES, Inc. (a)		1,300	41,820
Premier Anti-Aging Co. Ltd.		800	84,411
Pressance Corp.		5,500	91,157
Prestige International, Inc.		25,500	174,862
Prima Meat Packers Ltd.		6,700	157,473
Proto Corp.		6,200	76,576
Qol Holdings Co. Ltd.		6,200	92,101
Raito Kogyo Co. Ltd.		11,800	209,830
Raiznext Corp.		7,300	78,901
Raksul, Inc. (a)		6,100	335,604
Rakus Co. Ltd.		19,600	621,211
Relia, Inc.		9,800	100,424
Relo Group, Inc.		31,000	644,796
Rengo Co. Ltd.		47,900	363,232
RENOVA, Inc. (a)		9,500	417,914
Resorttrust, Inc.		22,200	393,410
Restar Holdings Corp.		4,500	75,214
Retail Partners Co. Ltd.		5,600	58,540
Ricoh Leasing Co. Ltd.		3,700	117,308
Riken Kieki Co. Ltd.		3,500	97,118
Riken Vitamin Co. Ltd.		5,500	90,313
Ringer Hut Co. Ltd. (a)		5,700	110,562
Riso Kagaku Corp.		5,200	109,747
Riso Kyoiku Co. Ltd.		30,000	125,324
Rock Field Co. Ltd.		4,900	72,334
Rohto Pharmaceutical Co. Ltd.		25,600	782,175
Roland Corp.		3,300	135,682
Rorze Corp.		2,800	268,373
Round One Corp.		15,800	190,117
Royal Holdings Co. Ltd. (a)		7,300	132,511
RPA Holdings, Inc. (a)		5,700	21,888
RS Technologies Co. Ltd.		1,900	103,324
Ryobi Ltd.		6,100	63,949
Ryosan Co. Ltd.		5,000	103,074
Ryoyo Electro Corp.		3,600	74,966
S Foods, Inc.		4,700	136,099
S-Pool, Inc.		16,800	187,863
S.T. Corp.		3,400	48,216
Saibu Gas Co. Ltd.		5,500	112,306
Saizeriya Co. Ltd.		7,900	213,249
Sakai Moving Service Co. Ltd.		2,800	115,301
Sakata INX Corp.		10,700	103,364
Sakata Seed Corp.		7,800	235,327
SAMTY Co. Ltd.		8,300	184,571
Samty Residential Investment Corp.		94	99,196
San-A Co. Ltd.		4,600	165,754
San-Ai Oil Co. Ltd.		15,000	195,493
SanBio Co. Ltd. (a)		7,600	80,220
Sangetsu Corp.		12,100	166,502
Sanken Electric Co. Ltd. (a)		6,000	315,446
Sanki Engineering Co. Ltd.		10,400	130,992
Sankyo Co. Ltd. (Gunma)		12,100	293,690
Sankyu, Inc.		15,000	677,201
Sanrio Co. Ltd.		13,200	295,755
Sansan, Inc. (a)		4,200	487,992
Sanshin Electronic Co. Ltd.		2,300	33,020
Sanwa Holdings Corp.		50,100	584,349
Sanyo Chemical Industries Ltd.		3,100	153,496
Sanyo Denki Co. Ltd.		2,400	137,881
Sanyo Special Steel Co. Ltd. (a)		5,000	82,455
Sapporo Holdings Ltd.		17,200	373,191
Sato Holding Corp.		7,000	161,348
Sawai Group Holdings Co. Ltd.		10,600	467,611
SB Technology Corp.		2,500	68,828
SBS Holdings, Inc.		4,700	167,218
Screen Holdings Co. Ltd.		10,300	957,378
Sega Sammy Holdings, Inc.		47,000	668,360
Seibu Holdings, Inc. (a)		61,100	667,428
Seikagaku Corp.		10,300	90,899
Seiko Holdings Corp.		6,600	139,189
Seino Holdings Co. Ltd.		33,400	404,671
Seiren Co. Ltd.		11,300	228,060
Sekisui House (REIT), Inc.		1,096	828,576
Sekisui Jushi Corp.		6,500	121,093
SENKO Co. Ltd.		29,300	260,613
Senshu Ikeda Holdings, Inc.		55,500	77,974
Septeni Holdings Co. Ltd.		18,700	78,923
Seria Co. Ltd.		12,300	406,068
Seven Bank Ltd.		161,500	341,403
Shibaura Machine Co. Ltd.		5,200	121,217
Shibuya Corp.		3,700	97,750
SHIFT, Inc. (a)		3,100	714,920
Shiga Bank Ltd.		10,400	168,287
Shikoku Chemicals Corp.		9,200	113,060
Shikoku Electric Power Co., Inc.		42,800	278,747
Shima Seiki Manufacturing Ltd.		6,700	128,831
Shimamura Co. Ltd.		6,000	508,035
Shin Nippon Air Technologies Co. Ltd.		2,600	55,947
Shin-Etsu Polymer Co. Ltd.		11,200	101,167
Shinko Electric Industries Co. Ltd.		18,100	729,198
Shinmaywa Industries Ltd.		14,300	116,875
Shinnihon Corp.		6,900	50,506
Shinnihonseiyaku Co. Ltd.		2,400	35,571
Shinsei Bank Ltd.		35,200	581,317
Ship Healthcare Holdings, Inc.		20,400	535,834
Shizuoka Gas Co. Ltd.		12,400	130,800
SHO-BOND Holdings Co. Ltd.		10,600	444,028
Shochiku Co. Ltd. (a)		2,400	261,150
Shoei Co. Ltd.		6,200	275,877
Shoei Foods Corp.		2,700	93,081
Showa Denko K.K.		46,773	1,173,068
Showa Sangyo Co. Ltd.		4,500	111,947
Siix Corp.		7,500	83,085
Sinfonia Technology Co. Ltd.		5,300	61,072
Sinko Industries Ltd.		4,800	87,127
SKY Perfect JSAT Holdings, Inc.		35,000	131,260
Skylark Co. Ltd. (a)		60,700	822,460
SMS Co., Ltd.		18,700	725,529
Snow Peak, Inc.		3,600	189,990
Sodick Co. Ltd.		12,900	99,444
Software Service, Inc.		600	37,853
Sojitz Corp.		64,360	1,061,879
Solasto Corp.		14,200	171,863
Sosei Group Corp. (a)		19,900	318,253
SOSiLA Logistics REIT, Inc.		156	234,578
Sotetsu Holdings, Inc.		19,900	384,923
Sourcenext Corp.		22,400	40,196
Sparx Group Co. Ltd.		23,800	61,739
SRE Holdings Corp. (a)		1,600	111,153
Star Asia Investment Corp.		383	203,184
Star Micronics Co. Ltd.		9,000	118,122
Starts Corp., Inc.		7,800	187,440
Starts Proceed Investment Corp.		58	121,851
Starzen Co. Ltd.		3,600	67,846
Strike Co. Ltd.		2,100	79,250
Sugi Holdings Co. Ltd.		9,400	673,052
Sumitomo Bakelite Co. Ltd.		9,400	422,461
Sumitomo Densetsu Co. Ltd.		4,200	80,621
Sumitomo Forestry Co. Ltd.		34,600	660,893
Sumitomo Heavy Industries Ltd.		29,900	769,791
Sumitomo Mitsui Construction Co. Ltd.		38,700	164,229
Sumitomo Osaka Cement Co. Ltd.		9,400	263,396
Sumitomo Riko Co. Ltd.		9,800	63,841
Sumitomo Rubber Industries Ltd.		46,200	569,372
Sumitomo Seika Chemicals Co. Ltd.		2,200	62,659
Sun Corp.		3,500	90,523
Sun Frontier Fudousan Co. Ltd.		7,300	68,504
Sundrug Co. Ltd.		19,400	567,762
Suzuken Co. Ltd.		18,200	506,651
SystemPro Co. Ltd.		18,400	340,028
T Hasegawa Co. Ltd.		8,800	214,901
T-Gaia Corp.		5,100	90,872
Tachi-S Co. Ltd.		7,500	90,836
Tadano Ltd.		26,000	283,922
Taihei Dengyo Kaisha Ltd.		3,000	70,865
Taiheiyo Cement Corp.		29,800	633,139
Taikisha Ltd.		6,600	188,500
Taiko Pharmaceutical Co. Ltd.		7,000	49,725
Taiyo Holdings Co. Ltd.		9,400	251,303
Taiyo Yuden Co. Ltd.		31,600	1,601,692
Takamatsu Construction Group C		4,000	70,186
Takara Bio, Inc.		12,900	336,650
Takara Holdings, Inc.		37,900	518,406
Takara Leben Co. Ltd.		23,600	64,313
Takara Leben Real Estate Investment Corp.		147	143,312
Takara Standard Co. Ltd.		8,000	106,356
Takasago International Corp.		3,100	80,792
Takasago Thermal Engineering Co. Ltd.		12,100	221,354
Takashimaya Co. Ltd.		38,700	358,335
Takeuchi Manufacturing Co. Ltd.		9,400	241,339
Taki Chemical Co. Ltd.		1,400	77,495
Takuma Co. Ltd.		16,600	217,151
Tama Home Co. Ltd.		3,900	80,379
Tamron Co. Ltd.		4,200	98,730
Tamura Corp.		19,300	132,621
Tatsuta Electric Wire & Cable Co. Ltd.		10,600	47,678
Tbs Holdings, Inc.		9,100	143,940
Techmatrix Corp.		9,500	150,635
TechnoPro Holdings, Inc.		29,300	936,406
Teijin Ltd.		48,200	646,976
Teikoku Sen-I Co. Ltd.		4,700	84,714
Tenma Corp.		4,000	95,263
The Aomori Bank Ltd.		5,000	86,231
The Awa Bank Ltd.		9,300	173,235
The Chugoku Bank Ltd.		40,700	295,245
The Hachijuni Bank Ltd.		99,100	331,211
The Hyakugo Bank Ltd.		57,300	166,101
The Keiyo Bank Ltd.		28,200	109,839
The Kiyo Bank Ltd.		16,600	217,993
The Monogatari Corp.		2,600	161,965
The Musashino Bank Ltd.		7,500	117,808
The Nanto Bank Ltd.		7,300	125,848
The Nippon Road Co. Ltd.		1,700	122,974
The Okinawa Electric Power Co., Inc.		11,900	145,994
The Pack Corp.		3,500	92,985
The San-In Godo Bank Ltd.		39,300	192,332
The Sumitomo Warehouse Co. Ltd.		14,700	236,328
The Suruga Bank Ltd.		43,300	158,842
The Toho Bank Ltd.		46,700	83,596
TKC Corp.		7,900	242,184
TKP Corp. (a)		3,500	56,658
TOA Corp.		3,500	76,810
Toagosei Co. Ltd.		25,900	289,461
Toc Co. Ltd.		10,200	57,183
Tocalo Co. Ltd.		15,100	185,169
Toda Corp.		61,300	386,169
Toei Animation Co. Ltd.		2,200	341,624
Toei Co. Ltd.		1,600	313,859
Toenec Corp.		2,200	64,745
Toho Holdings Co. Ltd.		14,700	237,993
Toho Titanium Co. Ltd.		8,400	88,450
Tokai Carbon Co. Ltd.		51,700	676,274
Tokai Corp.		5,300	101,951
TOKAI Holdings Corp.		25,900	196,667
Tokai Rika Co. Ltd.		13,600	190,369
Tokai Tokyo Financial Holdings		51,500	178,535
Token Corp.		1,800	146,773
Tokushu Tokai Paper Co. Ltd.		2,200	85,789
Tokuyama Corp.		16,900	289,402
Tokyo Ohka Kogyo Co. Ltd.		8,500	540,383
Tokyo Seimitsu Co. Ltd.		10,200	415,304
Tokyo Steel Manufacturing Co. Ltd.		23,000	255,938
Tokyo Tatemono Co. Ltd.		50,700	745,209
Tokyotokeiba Co. Ltd.		4,300	170,373
Tokyu Construction Co. Ltd.		21,200	149,903
Tokyu Fudosan Holdings Corp.		164,900	955,499
Tokyu REIT, Inc.		224	375,827
TOMONY Holdings, Inc.		37,300	99,653
Tomy Co. Ltd.		21,900	207,858
Tonami Holdings Co. Ltd.		1,400	55,320
Topcon Corp.		27,900	497,429
Toppan Forms Co. Ltd.		12,200	117,289
Topre Corp.		8,700	100,633
TORIDOLL Holdings Corp.		11,900	286,488
Torii Pharmaceutical Co. Ltd.		3,500	90,867
Tosei Corp.		8,000	76,902
Toshiba Tec Corp.		6,900	271,663
Tosho Co. Ltd.		4,100	70,285
Totetsu Kogyo Co. Ltd.		6,500	141,424
Towa Pharmaceutical Co. Ltd.		6,700	172,249
Toyo Construction Co. Ltd.		19,800	99,112
Toyo Gosei Co. Ltd.		1,400	194,784
Toyo Ink South Carolina Holdings Co. Ltd.		9,900	174,350
Toyo Seikan Group Holdings Ltd.		38,000	451,213
Toyo Tanso Co. Ltd.		3,300	89,712
Toyo Tire Corp.		29,300	487,213
Toyobo Co. Ltd.		21,600	259,359
Toyoda Gosei Co. Ltd.		17,700	362,183
Toyota Boshoku Corp.		17,800	342,242
TPR Co. Ltd.		6,400	81,553
Trancom Co. Ltd.		1,900	133,313
Trans Cosmos, Inc.		6,500	195,989
Tri Chemical Laboratories, Inc.		6,900	206,386
Trusco Nakayama Corp.		12,600	304,667
TS tech Co. Ltd.		24,100	322,459
Tsubaki Nakashima Co. Ltd.		11,600	162,434
Tsubakimoto Chain Co.		6,700	197,967
Tsugami Corp.		11,500	158,104
Tsukishima Kikai Co. Ltd.		6,000	61,344
Tsumura & Co.		15,600	486,181
Tsurumi Manufacturing Co. Ltd.		4,500	69,344
TV Asahi Corp.		5,800	88,016
Uacj Corp. (a)		8,400	194,689
Ube Industries Ltd.		27,000	503,047
Uchida Yoko Co. Ltd.		2,000	84,609
Ulvac, Inc.		12,000	673,260
Union Tool Co.		2,300	77,688
Unipres Corp.		9,700	79,139
United Arrows Ltd. (a)		5,600	112,174
United Super Markets Holdings, Inc.		14,100	128,703
Universal Entertainment Corp. (a)		6,400	152,032
USEN-NEXT HOLDINGS Co. Ltd.		3,900	114,808
Ushio, Inc.		25,700	459,783
UT Group Co. Ltd.		7,100	227,119
Uzabase, Inc. (a)		5,400	96,763
V Technology Co. Ltd.		2,300	86,735
V-cube, Inc.		5,300	80,144
Valor Holdings Co. Ltd.		9,600	203,319
ValueCommerce Co. Ltd.		4,100	161,816
Vector, Inc.		7,600	86,235
Vision, Inc. (a)		7,700	103,317
VT Holdings Co. Ltd.		18,900	84,568
Wacoal Holdings Corp.		10,300	206,271
Wacom Co. Ltd.		41,100	265,878
Wakita & Co. Ltd.		9,100	82,337
WDB Holdings Co. Ltd.		2,400	75,649
WealthNavi, Inc.		6,200	170,014
Weathernews, Inc.		1,400	102,170
West Holdings Corp.		6,200	346,529
World Co. Ltd. (a)		6,400	78,553
World Holdings Co. Ltd.		2,100	52,455
WOWOW INC.		1,600	32,580
Xebio Holdings Co. Ltd.		6,800	63,194
YA-MAN Ltd.		7,900	83,922
YAKUODO Holdings Co. Ltd.		2,600	54,939
YAMABIKO Corp.		9,100	99,169
Yamaguchi Financial Group, Inc.		54,800	305,922
Yamashin-Filter Corp.		10,400	62,978
Yamato Kogyo Co. Ltd.		11,000	368,833
Yamazaki Baking Co. Ltd.		32,400	492,182
Yamazen Co. Ltd.		15,500	143,611
Yaoko Co. Ltd.		4,800	285,712
Yellow Hat Ltd.		8,700	141,748
Yodogawa Steel Works Ltd.		4,900	107,066
Yokogawa Bridge Holdings Corp.		8,400	169,312
Yokohama Reito Co. Ltd.		12,100	92,526
Yokohama Rubber Co. Ltd.		32,200	544,861
Yokowo Co. Ltd.		4,600	102,232
Yondoshi Holdings, Inc.		3,900	59,162
YONEX Co. Ltd.		15,400	101,393
Yoshinoya Holdings Co. Ltd.		17,300	337,322
Yuasa Trading Co. Ltd.		4,500	120,265
Yukiguni Maitake Co. Ltd.		5,500	68,987
Yurtec Corp.		9,600	56,234
Zenkoku Hosho Co. Ltd.		14,000	676,545
Zenrin Co. Ltd.		8,500	78,373
Zensho Holdings Co. Ltd.		25,100	579,725
Zeon Corp.		35,400	419,985
ZERIA Pharmaceutical Co. Ltd.		6,300	112,785
ZIGExN Co. Ltd.		15,800	56,235
Zojirushi Thermos		8,800	122,057
Zuken, Inc.		3,700	142,664
TOTAL JAPAN			236,972,103
Liechtenstein - 0.0%
Implantica AG SDR (a)		5,730	50,775
Liechtensteinische Landesbank AG		3,377	199,168
TOTAL LIECHTENSTEIN			249,943
Luxembourg - 0.8%
ADLER Group SA (b)(c)		20,657	280,106
Aperam SA		12,970	773,355
B&M European Value Retail SA		242,780	2,103,849
B&S Group SARL (c)		7,708	69,591
eDreams ODIGEO SA (a)		15,882	139,166
Grand City Properties SA		27,413	702,238
Millicom International Cellular SA (depository receipt) (a)		27,382	957,796
NeoGames SA		1,676	62,263
SES SA (France) (depositary receipt)		103,565	929,994
Solutions 30 SE (a)		22,588	204,063
Stabilus SA		6,700	503,438
Subsea 7 SA		60,322	540,962
TOTAL LUXEMBOURG			7,266,821
Malta - 0.1%
Kambi Group PLC (a)		6,595	178,928
Kindred Group PLC (depositary receipt)		62,148	868,393
Media and Games Invest PLC (a)(b)		24,783	143,532
TOTAL MALTA			1,190,853
Marshall Islands - 0.0%
Atlas Corp. (b)		23,565	329,910
Mauritius - 0.0%
Golden Agri-Resources Ltd.		1,726,400	339,263
Netherlands - 3.0%
Aalberts Industries NV		26,825	1,483,814
Accell Group NV (a)		7,007	288,768
AerCap Holdings NV (a)		35,312	2,084,820
Alfen Beheer BV (a)(c)		5,624	632,581
AMG Advanced Metallurgical Group NV		8,996	265,600
Arcadis NV		19,572	954,785
ASR Nederland NV		38,025	1,778,496
Basic-Fit NV (a)(c)		13,408	650,985
BE Semiconductor Industries NV		18,045	1,647,107
Boskalis Westminster		21,147	630,705
Brack Capital Properties NV (a)		710	82,547
Brunel International NV		5,347	73,432
CM.com NV (a)		3,119	124,212
Corbion NV		16,014	760,851
COSMO Pharmaceuticals NV (a)		2,018	153,620
Eurocommercial Properties NV		11,321	264,228
Euronext NV (c)		21,650	2,437,669
Fastned BV unit (a)(b)		1,095	65,569
Flow Traders BV (c)		8,814	299,149
ForFarmers NV		9,151	43,637
Fugro NV (Certificaten Van Aandelen) (a)		28,398	240,630
IMCD NV		15,383	3,415,177
Intertrust NV (a)(c)		24,248	366,641
Koninklijke BAM Groep NV (a)		72,780	211,176
Mediaset NV		79,555	223,292
Meltwater Holding BV (a)		36,133	167,665
NSI NV		5,226	209,632
OCI NV (a)		25,780	730,141
Pharming Group NV (a)(b)		166,928	139,902
PostNL NV		130,495	566,148
RHI Magnesita NV		7,680	352,941
SBM Offshore NV		40,466	638,997
Shop Apotheke Europe NV (a)(c)		3,670	555,770
Sif Holdings NV		3,530	57,538
Signify NV (c)		34,611	1,674,432
Sligro Food Group NV (a)		6,632	177,482
Technip Energies NV (a)		29,150	449,018
TKH Group NV (depositary receipt)		11,061	629,864
TomTom Group BV (a)		17,532	150,888
Van Lanschot NV (Bearer)		8,452	234,492
VastNed Retail NV		3,048	86,854
Wereldhave NV		9,273	143,750
TOTAL NETHERLANDS			26,145,005
New Zealand - 1.0%
Air New Zealand Ltd. (a)		153,507	183,705
Argosy Property Ltd.		227,700	254,545
Chorus Ltd.		124,319	567,484
Contact Energy Ltd.		209,873	1,230,231
Fletcher Building Ltd.		211,322	1,085,777
Genesis Energy Ltd.		142,018	331,771
Goodman Property Trust		297,223	529,280
Infratil Ltd.		194,870	1,156,251
Kiwi Property Group Ltd.		424,642	356,029
Oceania Healthcare Ltd.		191,255	191,875
Precinct Properties New Zealand Ltd.		337,760	404,205
Pushpay Holdings Ltd. (a)		249,931	340,291
Restaurant Brands NZ Ltd. (a)		7,934	88,580
SKYCITY Entertainment Group Ltd.		206,473	473,467
Summerset Group Holdings Ltd.		59,524	618,923
Synlait Milk Ltd. (a)		28,305	73,020
Z Energy Ltd.		139,493	359,858
TOTAL NEW ZEALAND			8,245,292
Norway - 2.2%
Aker ASA (A Shares)		7,027	646,312
Aker BioMarine ASA (a)		5,934	29,958
Aker Carbon Capture A/S (a)		70,810	254,644
Aker Horizons Holding ASA (a)		30,419	125,307
Aker Solutions ASA (a)		66,008	186,978
Atea ASA		23,076	431,588
Atlantic Sapphire A/S (a)		16,836	84,400
Austevoll Seafood ASA		24,558	331,688
Bonheur A/S		5,068	200,071
Borregaard ASA		25,825	626,679
BW Energy Ltd. (a)		20,743	67,646
Crayon Group Holding A/S (a)(c)		14,699	342,946
DNO ASA (A Shares) (a)		117,121	170,526
Elkem ASA (c)		78,878	312,416
Entra ASA (c)		32,010	798,744
Europris ASA (c)		42,513	314,020
Fjordkraft Holding ASA (c)		25,802	153,476
Grieg Seafood ASA (a)		13,602	151,108
Hexagon Composites ASA		29,370	118,274
Hexagon Purus Holding A/S		15,046	54,544
Kahoot! A/S (a)		70,580	420,243
Kongsberg Gruppen ASA		24,368	799,008
Leroy Seafood Group ASA		80,705	733,691
LINK Mobility Group Holding ASA		43,483	138,974
NEL ASA (a)(b)		395,502	834,740
Nordic VLSI ASA (a)		46,819	1,385,522
Norway Royal Salmon ASA		3,498	73,456
Ocean Yield ASA		16,395	79,569
Pexip Holding ASA (a)		19,811	93,381
Protector Forsikring ASA		16,856	195,339
Quantafuel ASA (a)		33,366	108,615
REC Silicon ASA (a)		82,803	149,867
Salmar ASA		15,332	1,166,974
Sbanken ASA (c)		25,720	301,410
Scatec Solar AS (c)		32,239	633,873
Selvaag Bolig ASA		11,582	71,154
Sparebank 1 Oestlandet		11,228	185,009
Sparebank 1 Sr Bank ASA (primary capital certificate)		49,145	752,774
Sparebanken Midt-Norge		35,944	598,223
Sparebanken Nord-Norge		26,897	326,028
Storebrand ASA (A Shares)		127,515	1,366,636
TGS ASA		32,078	295,115
Tomra Systems ASA		31,975	2,063,563
Vaccibody A/S (a)		34,921	268,690
Veidekke ASA		29,240	420,884
Volue A/S		13,594	95,101
Wallenius Wilhelmsen ASA (a)		27,359	124,684
XXL ASA (c)		37,397	61,886
TOTAL NORWAY			19,145,734
Portugal - 0.2%
Altri SGPS SA		19,255	124,649
Banco Comercial Portugues SA (Reg.) (a)		2,221,567	400,885
Corticeira Amorim SGPS SA		10,432	145,436
CTT Correios de Portugal SA		30,379	167,162
NOS SGPS		54,306	211,812
REN - Redes Energeticas Nacionais SGPS SA		109,170	332,538
Semapa		4,622	64,864
Sonae SGPS SA		245,951	270,530
The Navigator Co. SA		59,541	232,643
TOTAL PORTUGAL			1,950,519
Singapore - 1.9%
AEM Holdings Ltd.		72,000	223,715
AIMS APAC (REIT)		143,100	152,810
Ara Logos Logistics Trust		355,600	237,330
Ascendas India Trust		230,500	237,594
Ascott Residence Trust		509,100	388,857
CapitaRetail China Trust		287,600	260,194
CDL Hospitality Trusts unit		219,800	195,595
China Aviation Oil Singapore Corp. Ltd.		73,000	54,134
ComfortDelgro Corp. Ltd.		587,200	679,297
Cosco Shipping International Singapore (a)		305,300	62,260
Cromwell European (REIT)		85,290	261,277
ESR (REIT)		762,260	271,327
Far East Hospitality Trust unit		239,100	114,364
First Resources Ltd.		147,800	195,094
Fortune (REIT)		409,000	424,218
Frasers Centrepoint Trust		275,300	492,008
Frasers Hospitality Trust unit		162,200	57,735
Frasers Logistics & Industrial Trust		693,300	781,473
Haw Par Corp. Ltd.		32,900	307,408
Hutchison Port Holdings Trust		1,393,700	299,646
iFast Corp. Ltd.		37,100	237,979
Japfa Ltd.		111,800	56,791
Kenon Holdings Ltd.		6,636	265,075
Keppel (REIT)		495,600	415,297
Keppel DC (REIT)		353,700	626,877
Keppel Infrastructure Trust		940,800	369,762
Keppel Pacific Oak U.S. (REIT)		201,100	159,875
Manulife U.S. REIT		392,500	278,675
Mapletree Greater China Commercial Trust		608,200	460,040
Mapletree Industrial (REIT)		475,835	970,372
Nanofilm Technologies International Ltd.		70,500	197,620
NetLink NBN Trust		842,900	637,566
Olam International Ltd.		199,900	252,006
OUE Commercial (REIT)		586,100	195,584
Oue Ltd.		77,600	79,413
Oxley Holdings Ltd.		232,800	34,527
Parkway Life REIT		107,600	371,832
Raffles Medical Group Ltd.		250,600	254,595
Riverstone Holdings Ltd.		137,800	87,881
Sasseur (REIT)		143,700	90,578
SATS Ltd. (a)		182,200	566,124
Sembcorp Industries Ltd.		268,700	400,509
Sembcorp Marine Ltd. (a)		5,115,600	299,690
Sheng Siong Group Ltd.		182,000	191,650
SIA Engineering Co. Ltd. (a)		76,100	122,460
Singapore Post Ltd.		407,100	197,739
Singapore Press Holdings Ltd.		438,900	647,691
SPH REIT		267,900	193,699
Starhill Global (REIT)		399,831	191,243
StarHub Ltd.		162,400	149,333
Suntec (REIT)		535,300	591,470
Yangzijiang Shipbuilding Holdings Ltd.		646,700	680,989
Yanlord Land Group Ltd.		162,300	134,799
TOTAL SINGAPORE			16,106,077
Slovenia - 0.0%
Prime U.S. (REIT)		129,513	112,029
Spain - 1.9%
Acciona SA		6,651	1,274,763
Acerinox SA		43,844	609,978
Almirall SA		19,719	292,918
Applus Services SA		38,921	352,293
Atresmedia Corporacion de Medios de Comunicacion SA (a)		24,043	98,167
Audax Renovables SA (b)		29,600	47,665
Banco de Sabadell SA (a)		1,520,314	1,223,911
Bankinter SA		182,201	1,002,993
Cie Automotive SA		13,275	360,936
Compania de Distribucion Integral Logista Holdings SA		17,989	383,465
Construcciones y Auxiliar de Ferrocarriles		5,088	223,212
Corporacion Financiera Alba SA		4,738	269,749
Distribuidora Internacional de Alimentacion SA (a)		3,949,564	72,138
Ebro Foods SA		18,550	367,976
Ence Energia y Celulosa SA (a)		39,234	100,868
Faes Farma SA		79,509	324,267
Fluidra SA		23,730	906,624
Gestamp Automocion SA (a)(c)		46,603	208,058
Global Dominion Access SA (c)		24,364	130,544
Grenergy Renovables SA (a)		2,968	121,115
Grupo Catalana Occidente SA		11,336	402,961
Grupo Empresarial San Jose SA		6,412	31,873
Indra Sistemas SA (a)		36,175	437,001
Inmobiliaria Colonial SA		75,357	732,618
Laboratorios Farmaceuticos ROVI SA		5,359	375,417
Lar Espana Real Estate Socimi SA		15,509	94,303
Linea Directa Aseguradora SA Compania de Seguros y Reaseguros		176,607	355,234
MAPFRE SA (Reg.)		291,944	617,770
Mediaset Espana Comunicacion SA (a)		44,149	229,663
Melia Hotels International SA (a)		33,288	244,816
Merlin Properties Socimi SA		94,915	1,027,873
Metrovacesa SA (c)		10,100	88,268
Miquel y Costas & Miquel SA		3,603	49,898
Miquel y Costas & Miquel SA rights (a)		3,603	18,145
Neinor Homes SLU (c)		11,672	150,310
Pharma Mar SA		4,017	311,775
Promotora de Informaciones SA (a)		59,183	41,255
Prosegur Cash SA (c)		123,774	84,705
Prosegur Compania de Seguridad SA (Reg.)		59,201	167,669
Sacyr SA		112,406	319,656
Solaria Energia y Medio Ambiente SA (a)		20,482	408,905
Solarpack Corp. Tecnologica SL (a)		3,960	121,082
Soltec Power Holdings SA		9,516	84,704
Talgo SA (a)(c)		18,383	101,154
Tecnicas Reunidas SA (a)		8,975	81,133
Unicaja Banco SA (c)		356,725	381,446
Viscofan Envolturas Celulosicas SA		10,623	726,373
Zardoya Otis SA		50,171	402,504
TOTAL SPAIN			16,460,151
Sweden - 7.5%
AAK AB		48,619	1,062,621
AcadeMedia AB (c)		23,083	165,301
AddTech AB (B Shares)		70,082	1,566,808
AFRY AB (B Shares)		24,952	743,214
Alimak Group AB (c)		9,793	132,960
Ambea AB (c)		18,847	131,016
Arjo AB		58,520	797,257
Atrium Ljungberg AB (B Shares)		12,045	276,581
Attendo AB (a)(c)		27,781	119,366
Avanza Bank Holding AB		33,470	1,328,589
Axfood AB		28,200	691,209
Bactiguard Holding AB (a)		4,747	92,198
Beijer Alma AB (B Shares)		12,273	307,968
Beijer Ref AB (B Shares)		66,980	1,375,789
Betsson AB (B Shares)		29,785	207,399
BHG Group AB (a)		26,444	304,377
BICO Group AB (a)		8,191	411,076
Bilia AB (A Shares)		19,548	347,120
Billerud AB		50,508	1,055,681
BioArctic AB (a)(c)		8,838	121,435
BioGaia AB		4,461	274,267
Biotage AB (A Shares)		17,684	571,621
Bonava AB		21,199	209,201
BONESUPPORT Holding AB (a)(c)		12,779	55,577
Boozt AB (a)(c)		12,907	217,471
Bravida Holding AB (c)		54,766	823,276
Bufab AB		7,241	308,594
Bure Equity AB		15,008	695,876
Calliditas Therapeutics AB (a)		7,380	58,349
Camurus AB (a)		8,268	155,386
Castellum AB		63,461	1,687,761
Catena AB		7,661	466,547
Cellavision AB		3,830	174,196
Cibus Nordic Real Estate AB		9,608	254,185
Cint Group AB		29,519	445,466
Clas Ohlson AB (B Shares)		10,185	109,582
Cloetta AB		56,746	180,123
Collector AB (a)		16,225	79,840
Coor Service Management Holding AB (c)		24,735	239,919
Corem Property Group AB		168,391	558,820
Creades AB (A Shares)		13,656	189,861
Desenio Group AB (a)		15,408	33,730
Dios Fastigheter AB		23,639	275,119
Dometic Group AB (c)		79,876	1,161,215
Duni AB		8,793	122,660
Dustin Group AB (c)		17,247	211,069
Electrolux Professional AB (a)		60,399	465,581
Elekta AB (B Shares)		99,419	1,154,409
Enad Global 7 AB (a)		13,465	44,842
Fabege AB		71,183	1,203,513
Fagerhult AB		21,823	175,082
Fingerprint Cards AB (a)		77,854	186,476
Fortnox AB		13,231	936,708
Garo AB		7,355	184,988
Getinge AB (B Shares)		61,649	2,758,699
Granges AB		28,837	313,789
Hansa Medical AB (a)		9,606	108,878
Hexatronic Group AB		7,550	330,115
HEXPOL AB (B Shares)		71,026	829,519
HMS Networks AB		6,904	393,917
Holmen AB (B Shares)		25,298	1,121,737
Hufvudstaden AB (A Shares)		29,891	477,532
Indutrade AB		73,775	2,146,760
Instalco AB		11,257	596,406
Intrum AB		18,080	512,000
Investment AB Oresund		7,458	129,742
INVISIO AB		10,721	193,747
Inwido AB		14,228	260,935
JM AB (B Shares)		15,075	609,986
K-Fast Holding AB (a)		16,084	147,487
Karo Bio AB (a)		15,249	100,500
Know IT AB		5,292	212,592
Kungsleden AB		43,960	604,015
LeoVegas AB (c)		20,018	75,569
Lifco AB		62,764	1,827,815
Lime Technologies AB		2,692	108,645
Lindab International AB		21,214	695,112
Loomis AB (B Shares)		20,390	550,587
Mekonomen AB (a)		10,905	224,754
MIPS AB		7,073	854,064
Modern Times Group MTG AB (B Shares) (a)		27,511	314,897
Munters Group AB (c)		35,487	261,979
Mycronic AB		20,014	464,228
NCC AB (B Shares)		21,941	379,905
New Wave Group AB (B Shares) (a)		10,796	183,034
Nobia AB		34,265	210,865
Nobina AB (c)		24,080	230,482
Nolato AB (B Shares)		55,041	726,787
Nordic Entertainment Group AB (B Shares) (a)		19,852	1,148,402
Nordnet AB		30,423	583,273
Nyfosa AB		47,009	793,154
Oncopeptides AB (a)(c)		16,768	7,583
Pandox AB (a)		25,087	442,265
Paradox Interactive AB		10,068	147,714
Peab AB		49,485	620,579
Platzer Fastigheter Holding AB		15,945	259,932
PowerCell Sweden AB (a)		12,503	279,236
Ratos AB (B Shares)		58,622	337,070
Re:NewCell AB		5,321	134,450
Resurs Holding AB (c)		35,754	192,342
Saab AB (B Shares)		19,933	554,262
Sagax AB		38,018	1,487,430
Sagax AB (D Shares)		46,315	176,620
Samhallsbyggnadsbolaget I Norden AB:
(B Shares)		226,950	1,522,161
(D Shares)		34,496	125,484
SAS AB (a)		973,889	169,478
Scandi Standard		12,577	62,607
Scandic Hotels Group AB (a)(b)(c)		42,383	204,315
Sdiptech AB (a)		6,727	350,528
Sedana Medical AB (a)		17,320	171,929
SkiStar AB		11,136	232,108
SSAB Svenskt Stal AB:
(A Shares) (a)		73,357	417,694
(B Shares) (a)		152,724	761,486
Stillfront Group AB (a)		82,537	368,283
Storytel AB (a)		10,939	215,647
Svolder AB (B Shares)		5,609	227,417
Sweco AB (B Shares)		53,766	855,824
Swedencare AB		17,780	292,952
Swedish Orphan Biovitrum AB (a)		53,339	1,447,134
Thule Group AB (c)		28,233	1,626,652
Tobii AB (a)		24,544	177,478
Trelleborg AB (B Shares)		65,375	1,493,166
Troax Group AB		10,440	427,909
Vitrolife AB		16,100	1,047,962
Wallenstam AB (B Shares)		43,583	763,261
Wihlborgs Fastigheter AB		37,195	880,068
Xvivo Perfusion AB (a)		6,162	244,672
TOTAL SWEDEN			65,356,881
Switzerland - 5.3%
Allreal Holding AG		3,844	812,799
ALSO Holding AG		1,749	517,670
ams AG (a)		74,059	1,463,223
APG SGA SA (a)		370	83,650
Arbonia AG		14,028	304,583
Aryzta AG (a)		264,859	346,261
Ascom Holding AG (Reg.) (a)		8,798	136,640
Autoneum Holding AG (a)		755	118,082
Bachem Holding AG (B Shares)		1,672	1,344,028
Basilea Pharmaceutica AG (a)		3,291	153,839
Belimo Holding AG (Reg.)		2,652	1,540,917
Bell AG		605	194,266
BKW AG		5,731	758,625
Bobst Group SA (a)		2,243	182,752
Bossard Holding AG		1,530	561,468
Bucher Industries AG		1,801	907,975
Burckhardt Compression Holding AG		779	327,561
Burkhalter Holding AG		1,172	84,738
Bystronic AG		372	511,114
Cembra Money Bank AG		8,097	539,888
COLTENE Holding AG		795	100,374
Comet Holding AG		1,896	704,063
Daetwyler Holdings AG		2,039	791,683
DKSH Holding AG		9,653	772,788
Dorma Kaba Holding AG		798	591,353
Dufry AG (a)		19,612	1,038,383
EFG International		24,401	171,361
Emmi AG		574	598,387
Flughafen Zuerich AG (a)		5,384	970,249
Forbo Holding AG (Reg.)		291	565,092
Galenica AG (c)		13,441	983,559
GAM Holding Ltd. (a)		42,125	67,862
Georg Fischer AG (Reg.)		1,105	1,671,500
Gurit-Heberlein AG (Bearer)		85	147,422
Helvetia Holding AG (Reg.)		10,033	1,194,405
Huber+Suhner AG		4,050	360,059
Idorsia Ltd. (a)		29,319	603,287
Implenia AG (a)		3,496	71,325
INFICON Holding AG		465	595,216
Interroll Holding AG		173	839,870
Intershop Holding AG		304	190,249
Kardex AG		1,682	518,047
Komax Holding AG (Reg.) (a)		982	250,112
Landis+Gyr Group AG		5,877	404,381
LEM Holding SA		124	300,655
Leonteq AG		2,515	166,458
Medacta Group SA (a)(c)		1,919	321,929
Medartis Holding AG (a)(c)		1,091	143,703
medmix AG (c)		6,686	319,659
Metall Zug AG		51	115,301
Meyer Burger Technology AG (a)		605,290	289,027
Mobilezone Holding AG		10,779	144,803
Mobimo Holding AG		1,761	593,347
Molecular Partners AG (a)		5,480	102,945
OC Oerlikon Corp. AG (Reg.)		50,871	516,433
Orior AG		1,653	169,705
Peach Property Group AG		2,032	137,597
PSP Swiss Property AG		12,379	1,546,699
Relief Therapeutics Holding AG (a)		598,107	51,606
Rieter Holding AG (Reg.) (a)		813	168,709
Schweiter Technologies AG		273	391,789
Sensirion Holding AG (a)(c)		2,488	358,146
SFS Group AG		4,561	613,713
Siegfried Holding AG		1,069	1,026,852
Sig Combibloc Group AG		86,490	2,259,547
Softwareone Holding AG		25,739	595,966
St.Galler Kantonalbank AG		827	381,164
Stadler Rail AG		13,495	592,507
Sulzer AG (Reg.)		5,087	500,311
Swiss Steel Holding AG (a)		244,536	93,744
Swissquote Group Holding SA		2,497	505,618
Tecan Group AG		3,245	1,984,709
TX Group AG (a)		709	117,083
u-blox Holding AG (a)		1,790	130,985
V-ZUG Holding AG (a)		594	83,430
Valiant Holding AG		4,349	430,340
Valora Holding AG (a)		1,018	193,682
VAT Group AG (c)		7,280	3,476,191
Vetropack Holding AG		3,600	221,363
Vontobel Holdings AG		7,684	710,829
VZ Holding AG		3,814	387,815
Ypsomed Holding AG		840	139,450
Zehnder Group AG		2,654	285,517
Zur Rose Group AG (a)		2,416	857,580
TOTAL SWITZERLAND			46,518,013
United Kingdom - 15.0%
A.G. Barr PLC		23,816	161,826
AB Dynamics PLC		4,187	104,861
Abcam PLC (a)		58,183	1,317,020
Advanced Medical Solutions Group PLC		52,747	234,607
Airtel Africa PLC (c)		257,330	385,977
AJ Bell PLC		82,582	463,372
Alliance Pharma PLC		123,232	173,371
Alpha FX Group PLC		7,710	221,582
AO World PLC (a)		84,142	168,468
Argo Blockchain PLC (a)		98,232	164,011
Ascential PLC (a)		109,059	602,981
Ashmore Group PLC		125,064	577,481
ASOS PLC (a)		18,931	643,037
Assura PLC		719,280	717,606
Aston Martin Lagonda Global Holdings PLC (a)(c)		18,642	435,754
Auction Technology Group PLC		22,679	438,868
Avacta Group PLC (a)		71,048	113,762
Avast PLC (c)		180,370	1,381,347
Avon Rubber PLC		8,283	220,479
Babcock International Group PLC (a)		69,157	302,201
Bakkavor Group PLC (c)		38,235	66,141
Balfour Beatty PLC		178,406	620,160
Bank of Georgia Group PLC		10,616	220,543
Beazley PLC (a)		164,318	877,022
Bellway PLC		33,272	1,508,555
Biffa PLC (a)(c)		82,482	449,265
Big Yellow Group PLC		44,953	909,887
Blue Prism Group PLC (a)		22,384	345,854
Bodycote PLC		51,751	566,237
Brewin Dolphin Holding PLC		82,174	423,409
Britvic PLC		71,933	874,182
Bytes Technology Group PLC		57,712	421,763
Cairn Energy PLC		133,804	334,922
Capita Group PLC (a)		450,886	292,116
Capital & Counties Properties PLC		195,824	442,192
Carnival PLC (a)		42,776	863,461
Central Asia Metals PLC		47,075	158,162
Centrica PLC (a)		1,582,631	1,306,477
Ceres Power Holdings PLC (a)		25,815	439,848
Chemring Group PLC		77,338	309,585
Cineworld Group PLC (a)(b)		257,601	215,754
Civitas Social Housing PLC		169,591	217,936
Clinigen Group PLC		33,635	282,171
Clipper Logistics PLC		20,524	201,111
Close Brothers Group PLC		41,045	808,879
CLS Holdings PLC		50,435	154,611
CMC Markets PLC (c)		35,262	121,851
Coats Group PLC (a)		394,625	347,801
Computacenter PLC		20,053	738,231
ContourGlobal PLC (c)		52,573	143,178
ConvaTec Group PLC (c)		434,737	1,272,023
Countryside Properties PLC (a)(c)		134,381	865,099
Craneware PLC		7,199	224,630
Cranswick PLC		14,208	672,775
Crest Nicholson Holdings PLC		69,640	339,289
Currys PLC		299,745	498,002
Custodian (REIT) PLC		104,728	139,312
CVS Group PLC		18,255	623,323
Dechra Pharmaceuticals PLC		29,233	2,048,349
Derwent London PLC		27,128	1,255,602
Diploma PLC		33,603	1,381,461
Diversified Gas & Oil PLC		215,804	340,821
Domino's Pizza UK & IRL PLC		111,903	592,671
dotdigital Group PLC		72,323	238,041
Dr. Martens Ltd. (a)		121,443	612,949
Draper Esprit PLC (a)		36,930	488,727
Drax Group PLC		107,653	781,578
DS Smith PLC		370,104	1,941,943
Dunelm Group PLC		32,984	577,344
easyJet PLC (a)		81,831	697,697
Electrocomponents PLC		126,733	1,951,205
Elementis PLC (a)		155,009	295,932
EMIS Group PLC		15,435	284,746
Empiric Student Property PLC		163,691	198,257
Energean PLC (a)		30,752	377,719
Equiniti Group PLC (a)(c)		97,886	238,988
Ergomed PLC (a)		10,060	197,565
Essentra PLC		81,993	325,974
Eurasia Mining PLC (a)		473,148	155,406
Euromoney Institutional Invest		29,706	426,055
FD Technologies PLC (a)		6,067	173,533
Ferrexpo PLC		79,676	340,207
Fever-Tree Drinks PLC		28,314	879,218
Firstgroup PLC (a)		330,300	455,648
Forterra PLC (c)		61,632	218,457
Frasers Group PLC (a)		56,179	494,747
Frontier Developments PLC (a)		5,889	198,664
Funding Circle Holdings PLC (a)(c)		47,148	101,303
Future PLC		30,920	1,492,893
Games Workshop Group PLC		8,861	1,169,622
Gamma Communications PLC		22,003	545,633
GB Group PLC		50,568	613,501
GCP Student Living PLC		124,220	357,853
Genuit Group PLC		67,203	610,685
Genus PLC		17,597	1,331,755
Grainger Trust PLC		181,146	765,538
Great Portland Estates PLC		62,022	621,323
Greatland Gold PLC (a)		1,041,280	247,245
Greggs PLC		27,386	1,144,987
Halfords Group PLC		53,291	194,289
Hammerson PLC (b)		850,526	374,338
Harbour Energy PLC (a)		61,586	296,172
Hays PLC		452,874	1,028,836
Helical Bar PLC		29,937	188,463
Hill & Smith Holdings PLC		21,375	536,496
Hochschild Mining PLC		90,890	177,377
HomeServe PLC		81,453	953,090
Hotel Chocolat Group Ltd. (a)		13,292	96,047
Howden Joinery Group PLC		160,802	2,024,163
Hunting PLC		37,308	86,492
Ibstock PLC (c)		111,985	305,901
Ideagen PLC		58,064	227,266
IG Design Group PLC		21,453	73,986
IG Group Holdings PLC		99,852	1,084,337
IMI PLC		72,697	1,625,658
Inchcape PLC		105,888	1,196,982
Indivior PLC (a)		198,350	660,171
IntegraFin Holdings PLC		76,585	598,991
Intermediate Capital Group PLC		78,392	2,350,579
Investec PLC		188,205	854,610
iomart Group PLC		24,690	49,400
IP Group PLC		273,587	451,547
IQE PLC (a)		201,750	129,631
ITM Power PLC (a)(b)		104,588	699,925
ITV PLC (a)		978,082	1,440,954
J.D. Wetherspoon PLC (a)		26,232	367,255
Jet2 PLC (a)		43,464	725,391
John Wood Group PLC (a)		187,208	546,994
Johnson Service Group PLC (a)		118,956	216,195
Judges Scientific PLC		1,332	134,895
Jupiter Fund Management PLC		119,437	407,658
Just Group PLC (a)		281,591	354,156
Kainos Group PLC		21,546	583,838
Keller Group PLC		19,267	241,793
Keywords Studios PLC		19,350	751,014
Learning Technologies Group PLC		150,405	403,028
Liontrust Asset Management PLC		16,450	490,776
Londonmetric Properity PLC		233,040	833,675
Luceco PLC (c)		21,704	112,871
LXI REIT PLC		186,148	373,977
Marks & Spencer Group PLC (a)		529,151	1,329,575
Marshalls PLC		54,417	527,637
Marston's PLC (a)		172,431	187,604
Mediclinic International PLC (London) (a)		108,889	497,727
Meggitt PLC (a)		210,879	2,164,488
Micro Focus International PLC		91,418	447,991
Mitchells & Butlers PLC (a)		71,671	248,352
Mitie Group PLC (a)		384,863	344,465
Moneysupermarket.com Group PLC		147,342	427,487
Moonpig Group PLC (a)		42,165	192,157
Morgan Advanced Materials PLC		77,112	365,139
Morgan Sindall PLC		10,723	333,855
Naked Wines PLC (a)		16,113	163,622
National Express Group PLC Class L (a)		147,954	462,875
NCC Group Ltd.		83,562	284,182
Network International Holdings PLC (a)(c)		126,798	560,847
Ninety One PLC		93,536	333,847
Numis Corp. PLC		18,372	84,732
On The Beach Group PLC (a)(c)		42,912	175,301
OSB Group PLC		120,714	834,276
Oxford BioMedica PLC (a)		15,476	322,355
Pagegroup PLC		88,833	807,241
Paragon Banking Group PLC		69,474	521,506
Pennon Group PLC		75,966	1,212,212
Petropavlovsk PLC (a)		639,618	208,683
Pets At Home Group PLC		135,017	891,367
Polar Capital Holdings PLC		19,919	226,259
Premier Foods PLC		160,373	240,987
Primary Health Properties PLC		357,100	750,657
Provident Financial PLC (a)		68,115	343,604
PZ Cussons PLC Class L		58,104	170,964
QinetiQ Group PLC		155,080	571,760
Quilter PLC (c)		469,898	1,000,631
Rank Group PLC (a)		70,971	159,289
Rathbone Brothers PLC		15,910	429,376
Reach PLC		80,739	349,718
Redde Northgate PLC		63,462	345,667
Redrow PLC		76,246	673,243
Renalytix AI PLC (a)		12,752	153,186
Renishaw PLC		9,842	676,831
Restore PLC		33,360	216,404
Rightmove PLC		233,400	2,208,467
Rotork PLC		235,558	1,141,845
Royal Mail PLC		216,110	1,243,660
RWS Holdings PLC		79,136	673,636
S4 Capital PLC (a)		74,473	739,939
Sabre Insurance Group PLC (c)		66,815	179,953
Safestore Holdings PLC		56,879	935,658
Saga PLC (a)		29,006	123,852
Savills PLC		38,455	746,259
Secure Income (REIT) PLC		74,215	415,409
Senior Engineering Group PLC (a)		112,655	246,987
Serco Group PLC		323,509	559,178
Serica Energy PLC		42,812	120,696
Shaftesbury PLC		51,998	444,406
SIG PLC (a)		189,031	134,394
Silence Therapeutics PLC (a)		10,844	74,945
Smart Metering Systems PLC		34,082	380,606
Softcat PLC		32,199	856,201
Solgold PLC (a)		255,117	97,061
Spectris PLC		31,054	1,599,661
Spire Healthcare Group PLC (a)(c)		75,119	241,590
Spirent Communications PLC		165,665	652,956
SSP Group PLC (a)		204,229	719,706
Stagecoach Group PLC (a)		110,183	120,105
SThree PLC		33,833	272,720
Sumo Group PLC (a)		30,507	202,698
Synthomer PLC		92,009	637,779
Tate & Lyle PLC		126,354	1,120,879
TBC Bank Group PLC		11,310	243,009
Team17 Group PLC (a)		28,051	272,563
Telecom Plus PLC		16,929	289,139
The Go-Ahead Group PLC (a)		11,887	127,703
The Restaurant Group PLC (a)		208,148	251,532
The Weir Group PLC		70,025	1,662,698
TI Fluid Systems PLC (c)		62,254	226,200
TORM PLC (a)		6,387	51,960
Trainline PLC (a)(c)		130,668	566,520
Travis Perkins PLC		60,681	1,281,384
Tritax Big Box REIT PLC		465,302	1,432,775
Tullow Oil PLC (a)		324,701	204,277
Ultra Electronics Holdings PLC		19,167	850,409
Unite Group PLC		91,203	1,358,621
Vesuvius PLC		58,570	378,336
Victoria PLC (a)		17,299	255,685
Victrex PLC		23,401	732,742
Virgin Money UK PLC (a)		350,046	973,920
Vistry Group PLC		60,028	1,002,246
Volex PLC (a)		32,599	200,760
Warehouse (REIT) PLC		107,225	240,658
Watkin Jones PLC		53,773	177,722
WH Smith PLC (a)		35,398	756,694
Wickes Group PLC		67,681	198,588
Workspace Group PLC		36,796	413,936
Young & Co.'s Brewery PLC Class A (a)		6,037	122,690
TOTAL UNITED KINGDOM			130,947,539
United States of America - 0.2%
Coronado Global Resources, Inc. unit (a)(c)		199,236	204,580
Fiverr International Ltd. (a)(b)		7,257	1,236,230
Nano-X Imaging Ltd. (a)(b)		8,863	200,747
TOTAL UNITED STATES OF AMERICA			1,641,557
TOTAL COMMON STOCKS
(Cost $866,220,470)			861,364,939
Nonconvertible Preferred Stocks - 0.2%
Germany - 0.2%
Draegerwerk AG & Co. KGaA (non-vtg.)		2,245	176,734
Jungheinrich AG		13,006	658,831
Sixt AG Preference Shares		3,991	394,924
Sto SE & Co. KGaA		689	154,996
TOTAL GERMANY			1,385,485
Italy - 0.0%
Danieli & C. Officine Meccaniche SpA		10,094	217,971
TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $1,565,810)			1,603,456
Money Market Funds - 1.6%
Fidelity Cash Central Fund 0.06% (e)		93,737	93,755
Fidelity Securities Lending Cash Central Fund 0.06% (e)(f)		14,260,049	14,261,475
TOTAL MONEY MARKET FUNDS
(Cost $14,355,230)			14,355,230
TOTAL INVESTMENT IN SECURITIES - 100.4%
(Cost $882,141,510)			877,323,625
NET OTHER ASSETS (LIABILITIES) - (0.4)%			(3,904,852)
NET ASSETS - 100%			$873,418,773

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
ICE E-mini MSCI EAFE Index Contracts (United States)	92	Dec. 2021	$10,762,160	$40,452	$40,452

The notional amount of futures purchased as a percentage of Net Assets is 1.2%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $9,745,295.

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 $42,813,395 or 4.9% of net assets.

 (d) Level 3 security

 (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.

Fund	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 0.06%	$--	$730,653,405	$730,559,650	$2,511	$--	$--	$93,755	0.0%
Fidelity Securities Lending Cash Central Fund 0.06%	--	19,830,565	5,569,090	57,826	--	--	14,261,475	0.0%
Total	$--	$750,483,970	$736,128,740	$60,337	$--	$--	$14,355,230

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, 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	$38,480,631	$30,955,107	$7,525,524	$--
Consumer Discretionary	111,161,703	72,365,084	38,796,619	--
Consumer Staples	47,311,368	27,272,358	20,039,010	--
Energy	13,944,147	12,212,889	1,731,258	--
Financials	93,603,326	78,423,772	15,179,554	--
Health Care	63,760,762	49,765,635	13,995,127	--
Industrials	205,486,363	145,548,184	59,931,562	6,617
Information Technology	86,657,028	56,412,024	30,245,004	--
Materials	75,447,899	51,099,042	24,348,857	--
Real Estate	102,173,602	76,957,232	25,216,370	--
Utilities	24,941,566	20,653,851	4,287,715	--
Money Market Funds	14,355,230	14,355,230	--	--
Total Investments in Securities:	$877,323,625	$636,020,408	$241,296,600	$6,617
Derivative Instruments:
Assets
Futures Contracts	$40,452	$40,452	$--	$--
Total Assets	$40,452	$40,452	$--	$--
Total Derivative Instruments:	$40,452	$40,452	$--	$--

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, 2021. 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)	$40,452	$0
Total Equity Risk	40,452	0
Total Value of Derivatives	$40,452	$0

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

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

Financial Statements

Statement of Assets and Liabilities

		October 31, 2021
Assets
Investment in securities, at value (including securities loaned of $12,848,540) — See accompanying schedule: Unaffiliated issuers (cost $867,786,280)	$862,968,395
Fidelity Central Funds (cost $14,355,230)	14,355,230
Total Investment in Securities (cost $882,141,510)		$877,323,625
Segregated cash with brokers for derivative instruments		551,369
Foreign currency held at value (cost $7,602,288)		7,561,052
Receivable for investments sold		445,656
Receivable for fund shares sold		68,162
Dividends receivable		2,125,669
Distributions receivable from Fidelity Central Funds		42,971
Prepaid expenses		15,235
Receivable from investment adviser for expense reductions		32,576
Other receivables		2,781
Total assets		888,169,096
Liabilities
Payable for fund shares redeemed	97,872
Accrued management fee	71,972
Payable for daily variation margin on futures contracts	62,950
Other payables and accrued expenses	256,054
Collateral on securities loaned	14,261,475
Total liabilities		14,750,323
Net Assets		$873,418,773
Net Assets consist of:
Paid in capital		$871,911,521
Total accumulated earnings (loss)		1,507,252
Net Assets		$873,418,773
Net Asset Value, offering price and redemption price per share ($873,418,773 ÷ 86,283,760 shares)		$10.12

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

Statement of Operations

		For the period May 27, 2021 (commencement of operations) through October 31, 2021
Investment Income
Dividends		$7,502,608
Income from Fidelity Central Funds (including $57,826 from security lending)		60,337
Income before foreign taxes withheld		7,562,945
Less foreign taxes withheld		(602,719)
Total income		6,960,226
Expenses
Management fee	$331,224
Custodian fees and expenses	117,216
Independent trustees' fees and expenses	736
Registration fees	151,631
Audit	45,454
Legal	88
Miscellaneous	510
Total expenses before reductions	646,859
Expense reductions	(308,450)
Total expenses after reductions		338,409
Net investment income (loss)		6,621,817
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(184,724)
Foreign currency transactions	(146,354)
Futures contracts	93,619
Total net realized gain (loss)		(237,459)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(4,817,885)
Assets and liabilities in foreign currencies	(53,441)
Futures contracts	40,452
Total change in net unrealized appreciation (depreciation)		(4,830,874)
Net gain (loss)		(5,068,333)
Net increase (decrease) in net assets resulting from operations		$1,553,484

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

Statement of Changes in Net Assets

	For the period May 27, 2021 (commencement of operations) through October 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$6,621,817
Net realized gain (loss)	(237,459)
Change in net unrealized appreciation (depreciation)	(4,830,874)
Net increase (decrease) in net assets resulting from operations	1,553,484
Share transactions
Proceeds from sales of shares	883,521,251
Cost of shares redeemed	(11,655,962)
Net increase (decrease) in net assets resulting from share transactions	871,865,289
Total increase (decrease) in net assets	873,418,773
Net Assets
Beginning of period	–
End of period	$873,418,773
Other Information
Shares
Sold	87,430,958
Redeemed	(1,147,198)
Net increase (decrease)	86,283,760

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

Financial Highlights

Fidelity SAI International Small Cap Index Fund

Years ended October 31,	2021 A
Selected Per–Share Data
Net asset value, beginning of period	$10.00
Income from Investment Operations
Net investment income (loss)B	.09
Net realized and unrealized gain (loss)	.03C
Total from investment operations	.12
Net asset value, end of period	$10.12
Total ReturnD,E	1.20%
Ratios to Average Net AssetsF,G
Expenses before reductions	.19%H,I
Expenses net of fee waivers, if any	.10%H
Expenses net of all reductions	.10%H
Net investment income (loss)	2.00%H
Supplemental Data
Net assets, end of period (000 omitted)	$873,419
Portfolio turnover rateJ	1%K

 ^A For the period May 27, 2021 (commencement of operations) through October 31, 2021.

 ^B Calculated based on average shares outstanding during the period.

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

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

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

 ^F Fees and expenses of any underlying 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.

 ^G Expense 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.

 ^H Annualized

 ^I Audit fees are not annualized.

 ^J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 ^K Amount not annualized.

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

Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity SAI International Small Cap Index Fund (the Fund) is a fund of Fidelity Concord 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 Ratio(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%.

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

• Level 1 – quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
• Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 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. 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, 2021, 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 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), 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	$54,413,215
Gross unrealized depreciation	(61,744,071)
Net unrealized appreciation (depreciation)	$(7,330,856)
Tax Cost	$884,654,481

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

Undistributed ordinary income	$8,943,309
Capital loss carryforward	$(51,760)
Net unrealized appreciation (depreciation) on securities and other investments	$(7,384,297)

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.

No expiration
Short-term	$(51,760)
Total capital loss carryforward	$(51,760)

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 objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end. 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 Small Cap Index Fund	880,867,039	6,568,056

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 .10% of the Fund's average net assets.

Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.

7. 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 Small Cap Index Fund	$5,772	$–	$–

8. Expense Reductions.

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .10% of average net assets. This reimbursement will remain in place through February 28, 2023. 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 $308,450.

9. Other.

Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

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 Small Cap Index Fund	56%	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 Small Cap Index Fund	75%

10. Coronavirus (COVID-19) Pandemic.

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity SAI International Small Cap Index Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity SAI International Small Cap Index Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations, the statement of changes in net assets and the financial highlights for the period from May 27, 2021 (commencement of operations) through October 31, 2021, 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, 2021, and the results of its operations, the changes in its net assets and the financial highlights for the period from May 27, 2021 (commencement of operations) through October 31, 2021 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 audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit 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 audit 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 audit 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 audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 15, 2021

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 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. Robert A. Lawrence is an interested person and currently serves as Acting 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. David M. Thomas serves as Lead Independent Trustee 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 high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity^® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, 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, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity^® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Ms. Doulton also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity^® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity^® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * 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+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity^® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity^® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity^® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity^® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity^® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity^® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity^® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity^® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity^® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity^® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity^® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity^® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Mr. Wiley also serves as Trustee of other Fidelity^® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity^® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + 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 or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity^® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity^® funds (2016-2020) and Assistant Treasurer of certain Fidelity^® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity^® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 27, 2021 to October 31, 2021). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period May 27, 2021 to October 31, 2021).

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	Ending Account Value October 31, 2021	Expenses Paid During Period-B
Fidelity SAI International Small Cap Index Fund	.10%
Actual		$1,000.00	$1,012.00	$.44
Hypothetical-C		$1,000.00	$1,024.70	$.51

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

 ^B Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 158/365 (to reflect the period May 27, 2021 to October 31, 2021.

 ^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI International Small Cap Index Fund

At its February 2021 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts) for the fund. FMR and the sub-adviser are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophies. The Board considered the structure of the investment personnel compensation program and whether the structure provides appropriate incentives to act in the best interests of the fund.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers, and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, and pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value 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, and the expanded availability of Fidelity Investor Centers.

Investment Performance.  The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  In reviewing the Advisory Contracts, the Board considered the fund's proposed management fee rate and the projected total expense ratio of the fund. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total expense ratio of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

The Board also noted that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of its average net assets exceed a certain limit through February 28, 2023.

Based on its review, the Board concluded that the fund's management fee and projected total expense ratio were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

Costs of the Services and Profitability.  The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the 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.

Economies of Scale.  The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangement are fair and reasonable, and that the fund's Advisory Contracts should be approved.

SCI-ANN-1221
1.9903806.100

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