N-CSR 1 filing5168.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number    811-02105



Fidelity Salem Street Trust

 (Exact name of registrant as specified in charter)



245 Summer St., Boston, Massachusetts 02210

 (Address of principal executive offices)       (Zip code)



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, 2022







Item 1.

Reports to Stockholders







Fidelity® Total International Index Fund
 
 
Annual Report
October 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts 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 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® Total International Index Fund
-25.01%
-0.53%
3.05%
 
A     From June 07, 2016
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Total International Index Fund, on June 07, 2016, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Investable Market Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
 
Comments from the Geode Capital Management, LLC, passive equity index team:
 
For the fiscal year, the fund returned -25.01%, roughly in line with the -25.05% result of the benchmark, the MSCI All Country World ex US IMI Index. (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) By region, Europe ex U.K. returned about -27% and detracted most, followed by emerging markets (-30%). By sector, stocks in information technology returned -37% and detracted most, followed by consumer discretionary, which returned -36%, hampered by the retailing industry (-47%). Industrials returned -25%, held back by the capital goods industry (-26%), and financials (-18%) also detracted. Communication services returned approximately -34%, hampered by the media & entertainment industry (-50%). Health care returned about -22%, with the pharmaceuticals, biotechnology & life sciences industry (-18%) hurting most. Other notable detractors included the materials (-20%), and consumer staples (-19%) sectors. Real estate (-33%) and utilities (-16%) also hurt. In contrast, energy gained roughly 7% and contributed. Turning to individual stocks, the biggest individual detractor was Taiwan Semiconductor (-42%), from the semiconductors & semiconductor equipment segment, followed by Tencent Holdings (-56%), which is in the media & entertainment category. Within retailing, Alibaba Group Holding returned about -63% and hurt. Other noteworthy detractors were ASML Holding (-41%), a stock in the semiconductors & semiconductor equipment industry, and Shopify (-76%), from the software & services group. Conversely, the biggest individual contributor was Shell (+24%), from the energy sector. Also in energy, Petroleo Brasileiro-Petrobras (+100%), Canadian National Resources (+49%), BP (+20%), and TotalEnergies (+14%) all boosted the fund.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
1.3
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
1.3
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
0.9
 
Shell PLC (London)  (United Kingdom, Oil, Gas & Consumable Fuels)
0.9
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
0.9
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
0.8
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
0.8
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
0.8
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
0.8
 
Novartis AG  (Switzerland, Pharmaceuticals)
0.8
 
 
9.3
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.8
 
Industrials
11.8
 
Information Technology
10.3
 
Consumer Discretionary
10.2
 
Health Care
9.9
 
Consumer Staples
8.6
 
Materials
8.6
 
Energy
6.5
 
Communication Services
5.6
 
Utilities
3.3
 
Real Estate
2.1
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 98.7%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 97.9%
 
 
Shares
Value ($)
 
Australia - 5.3%
 
 
 
29Metals Ltd.
 
127,522
150,903
Abacus Property Group unit
 
133,034
238,267
Accent Group Ltd.
 
148,620
140,696
Adbri Ltd.
 
161,680
162,884
AGL Energy Ltd.
 
224,953
979,899
Allkem Ltd. (a)
 
194,871
1,799,935
ALS Ltd.
 
157,568
1,153,019
Altium Ltd.
 
39,608
897,121
Alumina Ltd.
 
833,681
719,906
AMP Ltd. (a)
 
1,057,843
852,578
Ampol Ltd.
 
79,480
1,384,356
Ansell Ltd.
 
45,214
816,444
APA Group unit
 
387,183
2,602,923
APM Human Services International ltd.
 
103,756
217,022
Appen Ltd.
 
40,543
65,871
ARB Corp. Ltd.
 
32,387
600,981
Arena (REIT) unit
 
111,513
280,324
Aristocrat Leisure Ltd.
 
202,755
4,807,691
ASX Ltd.
 
64,447
2,790,833
Atlas Arteria Ltd. unit
 
479,537
2,021,389
Aub Group Ltd.
 
31,564
417,527
Aurizon Holdings Ltd.
 
603,717
1,397,927
Aussie Broadband Ltd. (a)
 
72,985
109,243
Austal Ltd.
 
141,807
225,860
Australia & New Zealand Banking Group Ltd.
 
999,759
16,379,790
Australian Agricultural Co. Ltd. (a)
 
71,591
80,138
AVZ Minerals Ltd. (a)(b)
 
729,530
363,982
Bank of Queensland Ltd.
 
218,954
1,030,797
Bapcor Ltd.
 
116,554
493,546
Beach Energy Ltd.
 
547,056
556,380
Bega Cheese Ltd.
 
112,811
231,632
Bellevue Gold Ltd. (a)
 
496,287
234,913
Bendigo & Adelaide Bank Ltd.
 
190,211
1,096,233
BHP Group Ltd.
 
1,707,432
40,803,056
Blackmores Ltd.
 
6,215
270,329
BlueScope Steel Ltd.
 
164,038
1,650,500
Boral Ltd.
 
148,172
272,961
Boss Energy Ltd. (a)
 
126,299
212,470
BrainChip Holdings Ltd. (a)(c)
 
504,172
208,008
Brambles Ltd.
 
482,742
3,606,620
Breville Group Ltd.
 
41,347
524,985
Brickworks Ltd.
 
32,102
454,418
BWP Trust
 
170,528
445,039
Calix Ltd. (a)
 
49,484
128,825
Capricorn Metals Ltd. (a)
 
120,096
260,418
carsales.com Ltd.
 
112,479
1,461,967
Centuria Capital Group unit
 
310,371
334,521
Centuria Industrial REIT
 
201,009
389,583
Centuria Office REIT unit
 
164,138
158,011
Chalice Mining Ltd. (a)
 
112,449
307,133
Challenger Ltd.
 
196,146
880,763
Champion Iron Ltd.
 
117,857
352,812
Charter Hall Group unit
 
159,772
1,322,444
Charter Hall Long Wale REIT unit
 
193,436
538,231
Charter Hall Retail REIT
 
218,368
560,113
Charter Hall Social Infrastruc
 
111,042
246,467
Cleanaway Waste Management Ltd.
 
699,483
1,208,046
Clinuvel Pharmaceuticals Ltd.
 
15,165
189,738
Cochlear Ltd.
 
22,213
2,837,589
Codan Ltd./Australia
 
35,520
87,928
Coles Group Ltd.
 
446,620
4,665,162
Collins Foods Ltd.
 
47,402
285,014
Commonwealth Bank of Australia
 
573,564
38,405,021
Computershare Ltd.
 
182,219
2,945,380
Core Lithium Ltd. (a)
 
502,541
445,209
Corporate Travel Management Ltd.
 
41,639
465,303
Costa Group Holdings Ltd.
 
194,062
315,295
Credit Corp. Group Ltd.
 
24,666
293,148
Cromwell Property Group unit
 
558,536
250,087
CSL Ltd.
 
162,247
29,108,577
CSR Ltd.
 
184,554
546,571
Data#3 Ltd.
 
86,693
382,627
De Grey Mining Ltd. (a)
 
444,361
301,290
Deterra Royalties Ltd.
 
160,432
419,717
Dexus unit
 
348,907
1,731,864
Dexus Industria (REIT)
 
82,954
140,613
Domain Holdings Australia Ltd.
 
106,547
227,630
Dominos Pizza Enterprises Ltd.
 
20,758
846,463
Downer EDI Ltd.
 
234,166
672,531
Eagers Automotive Ltd.
 
55,562
440,343
Elders Ltd.
 
61,195
508,864
Endeavour Group Ltd.
 
453,516
2,074,154
Evolution Mining Ltd.
 
625,233
831,855
EVT Ltd.
 
37,964
362,798
Firefinch Ltd. (a)(b)
 
386,763
49,479
Flight Centre Travel Group Ltd. (a)(c)
 
53,838
573,384
Fortescue Metals Group Ltd.
 
571,289
5,382,117
G8 Education Ltd.
 
297,462
183,612
GDI Property Group unit
 
218,126
110,224
Genworth Mortgage Insurance Ltd.
 
146,254
253,524
Gold Road Resources Ltd.
 
370,947
321,509
Goodman Group unit
 
563,519
6,127,734
GrainCorp Ltd.
 
80,795
432,566
Grange Resources Ltd.
 
198,597
78,760
Growthpoint Properties Australia Ltd.
 
103,245
219,255
GUD Holdings Ltd.
 
48,840
251,174
Harvey Norman Holdings Ltd.
 
182,283
485,045
Healius Ltd.
 
227,615
499,387
HomeCo Daily Needs (REIT) unit
 
464,161
380,033
HUB24 Ltd.
 
29,273
474,478
IDP Education Ltd.
 
72,105
1,364,749
IGO Ltd.
 
232,933
2,278,143
Iluka Resources Ltd.
 
146,739
811,903
Imdex Ltd.
 
162,028
211,428
Imugene Ltd. (a)
 
1,722,567
192,822
Incitec Pivot Ltd.
 
655,299
1,571,858
Ingenia Communities Group unit
 
125,588
314,903
Inghams Group Ltd.
 
150,420
243,427
Insignia Financial Ltd.
 
235,397
474,301
Insurance Australia Group Ltd.
 
834,241
2,614,749
Invocare Ltd.
 
49,687
324,815
ioneer Ltd. (a)
 
532,133
188,910
IPH Ltd.
 
81,761
519,846
Iress Ltd.
 
62,699
407,070
JB Hi-Fi Ltd.
 
37,252
1,022,470
Jervois Global Ltd. (a)
 
504,424
158,101
Johns Lyng Group Ltd.
 
59,307
246,582
Judo Capital Holdings Ltd.
 
220,265
164,844
Jumbo Interactive Ltd.
 
20,133
175,657
Karoon Energy Ltd. (a)
 
244,260
331,231
Kelsian Group Ltd.
 
54,851
163,849
Lake Resources NL (a)(c)
 
408,993
277,309
Lendlease Group unit
 
229,387
1,275,061
Leo Lithium Ltd.
 
333,887
132,414
Lifestyle Communities Ltd.
 
36,922
414,481
Link Administration Holdings Ltd.
 
168,513
369,717
Liontown Resources Ltd. (a)
 
562,507
678,237
Lovisa Holdings Ltd.
 
21,270
331,971
Lynas Rare Earths Ltd. (a)
 
306,432
1,632,757
Macquarie Group Ltd.
 
122,022
13,229,708
Magellan Financial Group Ltd. (c)
 
47,452
301,402
Magellan Financial Group Ltd. warrants 4/16/27 (a)
 
4,999
991
McMillan Shakespeare Ltd.
 
32,076
268,778
Medibank Private Ltd.
 
925,476
1,663,466
Megaport Ltd. (a)
 
55,420
215,887
Mesoblast Ltd. (a)(c)
 
284,884
168,559
Metcash Ltd.
 
332,201
871,219
Mincor Resources NL (a)
 
141,407
121,204
Mineral Resources Ltd.
 
57,803
2,703,886
Mirvac Group unit
 
1,296,382
1,716,508
Monadelphous Group Ltd.
 
33,820
295,939
Nanosonics Ltd. (a)
 
98,435
258,782
National Australia Bank Ltd.
 
1,077,088
22,373,323
National Storage REIT unit
 
355,694
593,826
Nearmap Ltd. (a)
 
181,326
238,929
Neometals Ltd. (a)
 
183,356
129,598
Netwealth Group Ltd.
 
44,053
342,651
New Hope Corp. Ltd.
 
172,094
621,952
Newcrest Mining Ltd.
 
280,056
3,101,699
Newcrest Mining Ltd.
 
20,461
225,071
NEXTDC Ltd. (a)
 
153,372
816,229
NIB Holdings Ltd.
 
163,800
698,847
Nickel Industries Ltd.
 
454,355
212,159
Nine Entertainment Co. Holdings Ltd.
 
486,901
641,579
Northern Star Resources Ltd.
 
397,370
2,221,513
Novonix Ltd. (a)(c)
 
107,100
183,597
NRW Holdings Ltd.
 
169,950
277,207
Nufarm Ltd.
 
142,775
508,686
Omni Bridgeway Ltd. (a)
 
93,916
271,532
oOh!media Ltd.
 
170,079
137,621
Orica Ltd.
 
149,490
1,327,223
Origin Energy Ltd.
 
592,742
2,111,851
Orora Ltd.
 
310,919
602,604
OZ Minerals Ltd.
 
113,171
1,749,662
Paladin Energy Ltd. (Australia) (a)
 
919,235
499,790
Pendal Group Ltd.
 
125,993
395,704
Perpetual Trustees Australia Ltd. (c)
 
21,416
341,099
Perseus Mining Ltd. (Australia)
 
475,359
554,916
PEXA Group Ltd. (a)
 
32,632
322,906
Pilbara Minerals Ltd. (a)
 
809,148
2,634,439
Pinnacle Investment Management Group Ltd.
 
42,870
223,213
Platinum Asset Management Ltd.
 
213,392
244,328
PointsBet Holdings Ltd.
 
72,896
95,121
PolyNovo Ltd. (a)(c)
 
209,942
268,579
Premier Investments Ltd.
 
34,131
546,452
Pro Medicus Ltd.
 
15,299
546,255
Qantas Airways Ltd. (a)
 
308,814
1,153,592
QBE Insurance Group Ltd.
 
498,833
3,905,521
Qube Holdings Ltd.
 
546,775
951,305
Ramelius Resources Ltd.
 
328,183
154,293
Ramsay Health Care Ltd.
 
61,166
2,291,541
REA Group Ltd.
 
17,995
1,399,562
Red 5 Ltd. (a)
 
881,209
90,186
Reece Ltd.
 
84,902
843,396
Regis Resources Ltd.
 
302,383
294,964
Reliance Worldwide Corp. Ltd.
 
273,938
562,470
Rio Tinto Ltd.
 
124,457
7,021,507
Rural Funds Group unit
 
193,695
315,937
Sandfire Resources NL
 
147,170
327,598
Santos Ltd.
 
1,082,694
5,285,343
Sayona Mining Ltd. (a)(c)
 
2,297,441
345,346
Scentre Group unit
 
1,705,238
3,163,191
SEEK Ltd.
 
115,752
1,598,540
Select Harvests Ltd.
 
56,802
192,567
Seven Group Holdings Ltd.
 
52,101
611,206
Shopping Centres Australasia Property Group unit
 
355,640
618,760
Sigma Healthcare Ltd.
 
524,060
212,862
Silver Lake Resources Ltd. (a)
 
341,306
242,331
Sims Ltd.
 
58,297
455,680
SiteMinder Ltd.
 
82,669
163,926
Smartgroup Corp. Ltd.
 
58,636
184,532
Sonic Healthcare Ltd.
 
152,665
3,200,062
South32 Ltd.
 
1,563,893
3,587,992
St Barbara Ltd.
 
291,036
94,942
Steadfast Group Ltd.
 
329,664
1,067,000
Stockland Corp. Ltd. unit
 
773,237
1,780,564
Suncorp Group Ltd.
 
425,145
3,102,881
Super Retail Group Ltd.
 
63,618
418,327
Syrah Resources Ltd. (a)
 
222,828
340,651
Tabcorp Holdings Ltd.
 
781,473
482,374
Tassal Group Ltd.
 
69,979
232,315
Technology One Ltd.
 
107,114
825,611
Telix Pharmaceuticals Ltd. (a)
 
80,726
357,840
Telstra Group Ltd.
 
1,334,327
3,345,729
The GPT Group unit
 
628,039
1,731,435
The Lottery Corp. Ltd. (a)
 
738,240
2,025,803
The Star Entertainment Group Ltd. (a)
 
309,297
581,655
Transurban Group unit
 
1,017,604
8,631,072
Treasury Wine Estates Ltd.
 
244,860
2,028,290
United Malt Group Ltd.
 
99,290
197,519
Vicinity Centres unit
 
1,279,863
1,592,302
Viva Energy Group Ltd. (d)
 
292,470
529,432
Vulcan Energy Resources Ltd. (a)(c)
 
32,326
157,561
Washington H. Soul Pattinson & Co. Ltd.
 
74,646
1,334,060
Waypoint (REIT) unit
 
323,125
564,255
Webjet Ltd.
 
133,712
451,592
Wesfarmers Ltd.
 
378,960
10,997,058
West African Resources Ltd. (a)
 
361,049
240,183
Westgold Resources Ltd.
 
191,433
89,389
Westpac Banking Corp.
 
1,174,382
18,111,274
Whitehaven Coal Ltd.
 
310,769
1,795,014
WiseTech Global Ltd.
 
49,221
1,831,122
Woodside Energy Group Ltd.
 
640,377
14,738,025
Woolworths Group Ltd.
 
406,836
8,592,882
WorleyParsons Ltd.
 
105,960
967,182
Zip Co. Ltd. (a)(c)
 
206,098
80,417
TOTAL AUSTRALIA
 
 
422,761,843
Austria - 0.2%
 
 
 
Andritz AG
 
22,805
1,060,593
AT&S Austria Technologie & Systemtechnik AG
 
8,674
267,878
BAWAG Group AG (d)
 
30,970
1,497,251
CA Immobilien Anlagen AG
 
15,841
500,173
DO & CO Restaurants & Catering AG (a)
 
2,981
234,499
Erste Group Bank AG
 
116,075
2,860,662
EVN AG
 
13,362
222,372
Immofinanz AG
 
10,050
118,587
Immofinanz AG (b)
 
23,102
0
Kontron AG (c)
 
16,076
232,746
Lenzing AG (c)
 
4,907
234,708
Oesterreichische Post AG (c)
 
14,623
416,917
OMV AG
 
49,667
2,289,250
Raiffeisen International Bank-Holding AG
 
50,033
695,693
S IMMO AG rights (a)(b)
 
14,648
0
Schoeller-Bleckmann Oilfield Equipment AG
 
4,330
238,347
Telekom Austria AG
 
67,655
393,137
UNIQA Insurance Group AG
 
49,820
322,979
Verbund AG
 
23,117
1,810,496
Vienna Insurance Group AG
 
14,195
317,739
Voestalpine AG
 
39,766
863,787
Wienerberger AG
 
41,637
952,159
TOTAL AUSTRIA
 
 
15,529,973
Bailiwick of Guernsey - 0.0%
 
 
 
Balanced Commercial Property Trust Ltd.
 
251,801
241,119
Burford Capital Ltd.
 
63,273
511,558
Picton Property Income Ltd.
 
201,731
198,957
Regional REIT Ltd. (d)
 
162,108
124,185
Sirius Real Estate Ltd.
 
403,475
326,207
UK Commercial Property REIT Ltd.
 
279,644
195,624
TOTAL BAILIWICK OF GUERNSEY
 
 
1,597,650
Bailiwick of Jersey - 0.6%
 
 
 
Boohoo.Com PLC (a)(c)
 
356,034
165,729
Breedon Group PLC
 
613,240
367,807
Centamin PLC
 
417,974
425,264
Experian PLC
 
310,815
9,910,422
Ferguson PLC
 
73,478
8,013,561
Glencore PLC
 
3,326,159
19,069,115
IWG PLC (a)
 
253,567
383,844
JTC PLC (d)
 
46,854
375,588
Man Group PLC
 
450,031
1,118,379
Petrofac Ltd. (a)
 
200,937
248,178
TP ICAP Group PLC
 
280,901
592,733
WPP PLC
 
366,742
3,227,385
Yellow Cake PLC (a)(d)
 
68,810
338,214
TOTAL BAILIWICK OF JERSEY
 
 
44,236,219
Belgium - 0.6%
 
 
 
Ackermans & Van Haaren SA
 
7,961
1,110,098
Aedifica SA
 
11,933
910,403
Ageas
 
54,716
1,894,180
Agfa-Gevaert NV (a)
 
42,967
129,722
Anheuser-Busch InBev SA NV
 
291,526
14,582,251
Barco NV
 
24,174
522,234
Bekaert SA
 
13,338
371,712
Bpost SA (c)
 
49,045
242,344
Cofinimmo SA
 
10,072
835,609
Colruyt NV
 
20,288
489,010
D'ieteren Group
 
8,373
1,392,618
DEME Group NV (a)
 
3,259
362,652
Econocom Group SA
 
65,492
178,310
ELIA GROUP SA/NV
 
11,042
1,395,678
Euronav NV
 
59,881
1,043,298
Fagron NV
 
29,105
362,414
Galapagos NV (a)
 
15,622
712,521
Gimv NV
 
6,774
289,533
Groupe Bruxelles Lambert SA
 
32,268
2,378,908
Intervest Offices & Warehouses NV
 
10,896
236,357
KBC Ancora
 
12,775
454,244
KBC Group NV
 
83,872
4,203,309
Kinepolis Group NV (a)
 
4,707
177,509
Melexis NV
 
7,151
493,275
Montea SICAFI SCA
 
4,240
289,541
Ontex Group NV (a)
 
25,745
151,892
Orange Belgium (a)
 
9,765
165,405
Proximus
 
51,663
541,704
Recticel SA
 
18,227
251,819
Retail Estates NV
 
4,319
254,388
Sofina SA
 
5,126
1,000,489
Solvay SA Class A
 
25,239
2,275,748
Telenet Group Holding NV
 
15,853
241,738
Tessenderlo Group (a)
 
8,233
249,376
Titan Cement International Trading SA
 
20,111
224,584
UCB SA
 
42,601
3,213,105
Umicore SA
 
71,208
2,347,437
VGP NV
 
3,521
267,235
Warehouses de Pauw
 
54,521
1,399,812
Xior Student Housing NV (a)
 
8,311
233,670
TOTAL BELGIUM
 
 
47,876,132
Bermuda - 0.3%
 
 
 
Alibaba Health Information Technology Ltd. (a)
 
1,606,000
679,256
Alibaba Pictures Group Ltd. (a)
 
4,700,000
173,638
Beijing Enterprises Water Group Ltd.
 
1,674,000
351,876
Boe Varitronix Ltd.
 
121,000
179,427
Borr Drilling Ltd. (a)(c)
 
48,973
238,832
Brightoil Petroleum Holdings Ltd. (a)(b)
 
26,000
0
Brookfield Asset Management Reinsurance Partners Ltd.
 
6,180
244,279
BW LPG Ltd. (d)
 
31,577
255,443
Cafe de Coral Holdings Ltd.
 
162,000
189,043
CGN New Energy Holdings Co. Ltd. (d)
 
670,000
180,097
China Foods Ltd.
 
454,000
115,674
China Gas Holdings Ltd.
 
1,019,400
903,865
China Resource Gas Group Ltd.
 
313,900
803,780
China Ruyi Holdings Ltd. (a)(c)
 
1,685,600
264,125
China Water Affairs Group Ltd.
 
334,000
236,576
Chow Sang Sang Holdings International Ltd.
 
286,000
263,788
CK Infrastructure Holdings Ltd.
 
211,500
1,005,007
Concord New Energy Group Ltd.
 
3,120,000
238,482
Cosco Shipping Ports Ltd.
 
689,086
339,730
Credicorp Ltd. (United States)
 
24,213
3,543,815
First Pacific Co. Ltd.
 
1,074,000
284,588
FLEX LNG Ltd.
 
10,458
324,922
Frontline Ltd. (c)
 
42,320
528,789
Gemdale Properties and Investment Corp. Ltd.
 
2,342,000
128,294
Golden Ocean Group Ltd.
 
46,221
379,686
GOME Retail Holdings Ltd. (a)(c)
 
4,764,000
77,684
Grand Pharmaceutical Group, Ltd.
 
511,500
218,945
Gulf Keystone Petroleum Ltd.
 
84,096
201,562
Hafnia Ltd.
 
45,710
235,670
Hiscox Ltd.
 
118,766
1,224,718
Hongkong Land Holdings Ltd.
 
371,239
1,429,270
Hopson Development Holdings Ltd.
 
282,900
227,051
Huabao International Holdings Ltd.
 
365,000
168,326
Jardine Matheson Holdings Ltd.
 
54,058
2,487,749
Johnson Electric Holdings Ltd.
 
160,427
165,339
K Wah International Holdings Ltd.
 
524,902
147,113
Kerry Logistics Network Ltd.
 
168,000
266,672
Kerry Properties Ltd.
 
174,000
275,309
Kunlun Energy Co. Ltd.
 
1,326,000
792,257
Lancashire Holdings Ltd.
 
88,494
502,553
Luk Fook Holdings International Ltd.
 
200,000
434,669
Luye Pharma Group Ltd. (a)(d)
 
1,041,000
253,299
Man Wah Holdings Ltd.
 
609,200
339,925
Nine Dragons Paper (Holdings) Ltd.
 
591,000
350,098
NWS Holdings Ltd.
 
577,367
409,691
Orient Overseas International Ltd.
 
46,000
672,157
Pacific Basin Shipping Ltd.
 
1,754,000
424,554
PAX Global Technology Ltd.
 
272,000
213,798
Realord Group Holdings Ltd. (a)(c)
 
166,000
194,768
Shanghai Industrial Urban Development Group Ltd.
 
1,639,400
92,938
Shangri-La Asia Ltd. (a)
 
410,000
226,685
Shenzhen International Holdings Ltd.
 
516,456
347,390
Sihuan Pharmaceutical Holdings Group Ltd.
 
1,676,000
143,054
Sinopec Kantons Holdings Ltd.
 
470,000
126,936
Skyworth Group Ltd.
 
531,589
195,038
SMI Corp. Ltd. (a)(b)
 
7,200
2,146
Theme International Holdings Ltd. (a)
 
1,860,000
177,715
United Energy Group Ltd.
 
2,840,000
274,968
Vtech Holdings Ltd.
 
64,200
341,461
Yue Yuen Industrial (Holdings) Ltd.
 
290,000
294,816
Yuexiu Transport Infrastructure Ltd.
 
412,000
161,133
TOTAL BERMUDA
 
 
25,950,469
Brazil - 1.4%
 
 
 
3R Petroleum Oleo e Gas SA (a)
 
64,800
583,332
AES Brasil Energia SA
 
153,987
295,126
Aliansce Sonae Shopping Centers SA
 
63,272
266,170
Alupar Investimento SA unit
 
84,900
464,645
Ambev SA
 
1,597,263
4,947,480
Americanas SA
 
215,659
648,793
Anima Holding SA (a)
 
130,600
173,189
Arezzo Industria e Comercio SA
 
27,200
550,266
Atacadao SA
 
176,100
663,422
Auren Energia SA
 
127,389
367,950
B3 SA - Brasil Bolsa Balcao
 
2,068,534
6,022,796
Banco Bradesco SA
 
657,430
2,117,827
Banco BTG Pactual SA unit
 
396,700
2,222,534
Banco do Brasil SA
 
289,300
2,073,349
Banco Santander SA (Brasil) unit
 
123,400
711,422
BB Seguridade Participacoes SA
 
238,200
1,369,114
BR Malls Participacoes SA
 
310,605
610,326
BRF SA (a)
 
205,172
498,879
CCR SA
 
395,984
993,506
Centrais Eletricas Brasileiras SA (Electrobras)
 
335,476
3,235,585
Cielo SA
 
429,300
494,499
Cogna Educacao (a)
 
736,954
469,379
Companhia Brasileira de Aluminio
 
53,600
114,557
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
117,900
1,371,753
Companhia Siderurgica Nacional SA (CSN)
 
232,387
552,456
Compania de Saneamento do Parana unit
 
115,600
428,339
Cosan SA
 
409,364
1,336,149
CPFL Energia SA
 
78,800
540,334
CVC Brasil Operadora e Agencia de Viagens SA (a)
 
107,506
149,224
Cyrela Brazil Realty SA (a)
 
111,600
401,851
Dexco SA
 
127,160
238,540
EDP Energias do Brasil SA
 
95,600
426,966
Embraer SA (a)
 
246,388
655,858
Enauta Participacoes SA
 
41,100
121,259
Energisa SA unit
 
68,700
644,906
Eneva SA (a)
 
364,900
1,001,700
ENGIE Brasil Energia SA
 
74,181
577,594
Equatorial Energia SA
 
348,500
2,026,029
Fleury SA
 
72,900
262,499
Fleury SA rights 11/21/22 (a)
 
16,210
4,080
Gol Linhas Aereas Inteligentes SA warrants 7/23/24 (a)
 
900
725
GPA
 
62,661
267,481
GPS Participacoes e Empreendimentos SA (d)
 
118,800
317,843
Grendene SA
 
126,100
177,231
Grupo de Moda Soma SA
 
199,016
560,967
Grupo Mateus SA (a)
 
218,600
308,930
Grupo SBF SA
 
40,800
149,599
Hapvida Participacoes e Investimentos SA (d)
 
1,572,935
2,375,161
Hypera SA
 
141,700
1,393,820
Iguatemi SA unit
 
89,810
381,112
IRB Brasil Resseguros SA (a)
 
807,413
146,930
JBS SA
 
261,200
1,262,134
JHSF Participacoes SA
 
167,100
237,443
Klabin SA unit
 
271,100
1,134,679
Light SA (a)
 
101,400
111,500
Localiza Rent a Car SA
 
742
10,133
Localiza Rent a Car SA
 
251,279
3,431,463
Locaweb Servicos de Internet SA (a)(d)
 
154,300
326,493
Lojas Renner SA
 
339,437
2,030,511
M. Dias Branco SA
 
34,557
291,013
Magazine Luiza SA
 
1,038,368
898,559
Marfrig Global Foods SA
 
120,000
248,572
Minerva SA
 
98,300
260,332
MRV Engenharia e Participacoes SA
 
120,400
237,280
Multiplan Empreendimentos Imobiliarios SA
 
109,396
558,257
Natura & Co. Holding SA (a)
 
305,852
885,197
Odontoprev SA
 
112,390
180,155
Omega Energia SA (a)
 
109,251
227,364
Omega Energia SA rights 11/7/22 (a)
 
13,758
53
Pet Center Comercio e Participacoes SA
 
127,500
216,223
Petro Rio SA (a)
 
242,200
1,659,367
Petroleo Brasileiro SA - Petrobras (ON)
 
1,161,988
7,481,894
Petroreconcavo SA
 
59,000
358,192
Qualicorp Consultoria E Corret
 
70,900
108,158
Raia Drogasil SA
 
369,800
1,883,542
Rede D'Oregon Sao Luiz SA (d)
 
138,700
863,804
Rumo SA
 
435,600
1,867,038
Santos Brasil Participacoes SA
 
226,500
399,022
Sao Martinho SA
 
59,300
309,616
Sendas Distribuidora SA
 
282,905
1,085,505
Simpar SA
 
142,800
299,395
SLC Agricola SA
 
40,810
363,028
Smartfit Escola de Ginastica e Danca SA (a)
 
120,000
402,594
Sul America SA unit
 
103,020
475,462
Suzano Papel e Celulose SA
 
253,389
2,609,679
Telefonica Brasil SA
 
168,200
1,345,144
TIM SA
 
301,280
769,896
Totvs SA
 
178,800
1,147,809
Transmissora Alianca de Energia Eletrica SA unit
 
70,700
550,079
Ultrapar Participacoes SA
 
248,600
645,383
Vale SA
 
1,350,083
17,545,460
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
109,000
340,157
Via S/A (a)
 
464,600
281,521
Vibra Energia SA
 
399,442
1,411,251
Weg SA
 
570,180
4,446,201
YDUQS Participacoes SA
 
107,800
336,621
TOTAL BRAZIL
 
 
108,246,661
British Virgin Islands - 0.0%
 
 
 
VK Co. Ltd. unit (a)(b)
 
39,795
17,729
Canada - 8.4%
 
 
 
Absolute Software Corp.
 
22,331
268,165
Advantage Energy Ltd. (a)
 
65,410
494,530
Aecon Group, Inc.
 
24,865
176,310
AG Growth International, Inc.
 
7,195
184,318
Agnico Eagle Mines Ltd. (Canada)
 
154,372
6,790,850
Air Canada (a)
 
59,762
860,229
Alamos Gold, Inc.
 
137,356
1,083,846
Algoma Steel Group, Inc.
 
36,642
249,532
Algonquin Power & Utilities Corp.
 
216,184
2,392,964
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
279,313
12,506,399
Allied Properties (REIT)
 
23,665
458,413
AltaGas Ltd.
 
88,826
1,601,978
Altius Minerals Corp.
 
17,814
278,779
Altus Group Ltd.
 
15,073
535,607
Andlauer Healthcare Group, Inc.
 
8,544
327,499
ARC Resources Ltd.
 
230,352
3,243,037
Aritzia, Inc. (a)
 
31,000
1,202,364
Artis (REIT)
 
26,390
184,992
ATCO Ltd. Class I (non-vtg.)
 
23,113
717,642
Athabasca Oil Corp. (a)
 
203,624
411,029
ATS Automation Tooling System, Inc. (a)
 
25,474
805,908
Aurora Cannabis, Inc. (a)(c)
 
136,778
196,781
AutoCanada, Inc. (a)
 
9,108
142,134
Aya Gold & Silver, Inc. (a)(c)
 
37,626
218,186
B2Gold Corp.
 
365,043
1,114,676
Badger Infrastructure Solution
 
13,287
280,691
Ballard Power Systems, Inc. (a)(c)
 
84,232
477,316
Bank of Montreal
 
224,428
20,672,712
Bank of Nova Scotia
 
400,685
19,367,349
Barrick Gold Corp. (Canada)
 
600,684
9,034,400
Bausch Health Cos., Inc. (Canada) (a)
 
92,718
602,989
Baytex Energy Corp. (a)
 
195,091
1,059,693
BCE, Inc.
 
21,109
952,140
BELLUS Health, Inc. (a)
 
28,605
265,400
Birchcliff Energy Ltd.
 
91,875
714,175
BlackBerry Ltd. (a)
 
181,801
844,717
Boardwalk (REIT)
 
9,704
345,322
Bombardier, Inc. Class B (sub. vtg.) (a)
 
29,124
855,324
Boralex, Inc. Class A
 
33,945
962,525
Boyd Group Services, Inc.
 
7,385
1,050,872
Brookfield Asset Management, Inc. (Canada) Class A
 
473,034
18,732,473
Brookfield Infrastructure Corp. Class A
 
34,554
1,490,868
Brookfield Renewable Corp.
 
46,719
1,451,621
BRP, Inc.
 
12,839
858,446
BSR Real Estate Investment Trust
 
19,300
272,130
CAE, Inc. (a)
 
107,648
2,054,427
Cameco Corp.
 
146,451
3,473,286
Canaccord Genuity Group, Inc.
 
38,205
195,743
Canacol Energy Ltd. (c)
 
76,702
113,166
Canada Goose Holdings, Inc. (a)
 
21,573
352,965
Canadian Apartment Properties (REIT) unit
 
31,765
983,716
Canadian Imperial Bank of Commerce
 
300,177
13,632,291
Canadian National Railway Co.
 
197,102
23,351,021
Canadian Natural Resources Ltd.
 
389,211
23,343,804
Canadian Pacific Railway Ltd.
 
312,392
23,288,092
Canadian Tire Ltd. Class A (non-vtg.)
 
18,662
2,091,607
Canadian Utilities Ltd. Class A (non-vtg.)
 
38,623
1,027,698
Canadian Western Bank, Edmonton
 
31,033
539,863
Canfor Corp. (a)
 
21,679
325,738
Capital Power Corp.
 
40,931
1,370,025
Capstone Copper Corp. (a)
 
125,173
290,341
Cardinal Energy Ltd.
 
47,327
320,991
Cargojet, Inc.
 
3,279
319,632
Cascades, Inc.
 
26,623
172,751
CCL Industries, Inc. Class B
 
52,724
2,476,850
Celestica, Inc. (sub. vtg.) (a)
 
38,740
425,121
Cenovus Energy, Inc. (Canada)
 
468,923
9,479,311
Centerra Gold, Inc.
 
78,159
363,157
CGI, Inc. Class A (sub. vtg.) (a)
 
71,956
5,796,199
Choice Properties REIT
 
48,673
467,670
CI Financial Corp.
 
66,470
665,505
Cineplex, Inc. (a)(c)
 
26,951
183,188
Cogeco Communications, Inc.
 
4,694
239,395
Colliers International Group, Inc.
 
11,308
1,061,284
Constellation Software, Inc.
 
6,740
9,745,703
Converge Technology Solutions Corp. (a)
 
72,811
298,224
Corus Entertainment, Inc. Class B (non-vtg.)
 
65,189
102,878
Crescent Point Energy Corp.
 
195,378
1,527,343
Crew Energy, Inc. (a)
 
51,837
229,059
Cronos Group, Inc. (a)(c)
 
78,272
261,414
Definity Financial Corp.
 
28,250
836,707
Denison Mines Corp. (a)
 
289,947
366,065
Descartes Systems Group, Inc. (Canada) (a)
 
28,605
1,973,700
Docebo, Inc. (a)
 
6,669
193,900
Dollarama, Inc.
 
93,098
5,531,826
Dream Industrial (REIT)
 
59,514
478,349
DREAM Unlimited Corp.
 
9,565
174,471
Dundee Precious Metals, Inc.
 
76,337
346,286
Dye & Durham Ltd.
 
20,874
230,903
ECN Capital Corp.
 
85,768
258,749
Eldorado Gold Corp. (a)
 
67,557
377,369
Element Fleet Management Corp.
 
136,649
1,820,516
Emera, Inc.
 
86,110
3,191,319
Empire Co. Ltd. Class A (non-vtg.)
 
56,275
1,445,756
Enbridge, Inc.
 
680,203
26,502,129
Endeavour Silver Corp. (a)
 
67,819
230,983
Enerflex Ltd.
 
36,289
187,525
Energy Fuels, Inc. (a)
 
54,263
392,330
Enerplus Corp.
 
83,096
1,440,693
Enghouse Systems Ltd.
 
16,407
364,787
EQB, Inc.
 
9,477
335,853
Equinox Gold Corp. (a)
 
111,188
366,451
ERO Copper Corp. (a)
 
35,777
407,312
Exchange Income Corp.
 
6,782
226,506
Extendicare, Inc.
 
36,578
188,213
Fairfax Financial Holdings Ltd. (sub. vtg.)
 
7,759
3,810,672
Fiera Capital Corp. (c)
 
29,808
189,698
Filo Mining Corp. (a)
 
30,569
366,195
Finning International, Inc.
 
53,133
1,129,859
First Capital (REIT) unit
 
52,743
613,628
First Majestic Silver Corp.
 
83,839
705,248
First National Financial Corp.
 
8,979
225,406
First Quantum Minerals Ltd.
 
199,240
3,514,322
FirstService Corp.
 
13,402
1,675,410
Fortis, Inc.
 
157,271
6,135,687
Fortuna Silver Mines, Inc. (a)
 
106,069
295,079
Franco-Nevada Corp.
 
64,681
7,991,891
Freehold Royalties Ltd. (c)
 
49,266
612,955
Frontera Energy Corp. (a)
 
22,664
189,650
George Weston Ltd.
 
24,626
2,710,514
GFL Environmental, Inc.
 
61,635
1,663,537
Gibson Energy, Inc.
 
50,373
859,671
Gildan Activewear, Inc.
 
63,464
2,002,655
goeasy Ltd.
 
4,438
360,063
GoGold Resources, Inc. (a)(c)
 
120,122
133,141
Granite (REIT)
 
9,881
504,948
Great-West Lifeco, Inc.
 
89,115
2,063,117
H&R (REIT) unit
 
41,048
337,761
Headwater Exploration, Inc.
 
73,537
389,722
Home Capital Group, Inc.
 
17,278
334,057
HudBay Minerals, Inc.
 
82,614
313,513
Hut 8 Mining Corp. (a)(c)
 
60,350
135,553
Hydro One Ltd. (d)
 
106,989
2,682,676
iA Financial Corp, Inc.
 
36,729
2,044,110
IAMGOLD Corp. (a)
 
159,921
234,772
IGM Financial, Inc.
 
27,516
736,601
Imperial Oil Ltd.
 
79,052
4,300,322
Innergex Renewable Energy, Inc.
 
49,820
548,537
Intact Financial Corp.
 
59,081
8,977,398
Interfor Corp. (a)
 
19,946
354,309
InterRent REIT
 
28,813
242,585
Ivanhoe Mines Ltd. (a)(c)
 
207,768
1,441,192
Jamieson Wellness, Inc. (d)
 
15,449
377,961
K92 Mining, Inc. (a)
 
77,790
353,448
Karora Resources, Inc. (a)
 
69,220
144,806
Kelt Exploration Ltd. (a)
 
59,081
255,431
Keyera Corp.
 
76,526
1,640,224
Killam Apartment (REIT)
 
25,708
297,963
Kinaxis, Inc. (a)
 
9,462
1,009,924
Kinross Gold Corp.
 
446,384
1,618,627
Knight Therapeutics, Inc. (a)
 
46,978
191,381
Labrador Iron Ore Royalty Corp.
 
22,179
459,746
Lassonde Industries, Inc. Class A (sub. vtg.)
 
1,440
124,292
Laurentian Bank of Canada
 
21,572
481,366
Lightspeed Commerce, Inc. (Canada) (a)
 
45,646
874,824
Linamar Corp.
 
15,866
679,081
Lithium Americas Corp. (a)(c)
 
36,327
903,942
Loblaw Companies Ltd.
 
55,935
4,582,864
Lundin Gold, Inc.
 
30,946
223,517
Lundin Mining Corp.
 
228,466
1,197,378
MAG Silver Corp. (a)
 
32,387
430,289
Magna International, Inc. Class A (sub. vtg.)
 
93,634
5,217,964
Major Drilling Group International, Inc. (a)
 
37,310
224,569
Manulife Financial Corp.
 
644,637
10,684,408
Maple Leaf Foods, Inc.
 
27,854
412,796
Martinrea International, Inc.
 
30,018
192,357
MDA Ltd. (a)
 
26,247
128,889
MEG Energy Corp. (a)
 
95,744
1,431,574
Methanex Corp.
 
20,278
707,762
Metro, Inc.
 
80,830
4,234,475
Minto Apartment (REIT) (d)
 
17,666
172,854
Morguard North American Resources (REIT) (c)
 
10,443
121,880
MTY Food Group, Inc.
 
7,711
312,549
Mullen Group Ltd.
 
40,081
402,766
National Bank of Canada
 
111,307
7,578,697
New Gold, Inc. (a)
 
252,960
228,385
NexGen Energy Ltd. (a)
 
140,268
588,933
Nfi Group, Inc. (c)
 
24,094
155,633
North West Co., Inc.
 
24,904
648,032
Northland Power, Inc.
 
78,395
2,281,042
Northwest Healthcare Properties REIT
 
29,000
228,620
Novagold Resources, Inc. (a)
 
95,518
441,009
Nutrien Ltd.
 
186,053
15,720,307
Nuvei Corp. (a)(d)
 
23,696
713,132
NuVista Energy Ltd. (a)
 
64,758
642,185
Obsidian Energy Ltd. (a)
 
25,594
232,767
OceanaGold Corp. (a)
 
256,364
372,592
Onex Corp. (sub. vtg.)
 
27,671
1,392,741
Open Text Corp.
 
90,404
2,618,521
Orla Mining Ltd. (a)(c)
 
72,393
228,495
Osisko Gold Royalties Ltd.
 
65,154
698,719
Osisko Mining, Inc. (a)
 
118,717
247,481
Pan American Silver Corp.
 
73,482
1,174,242
Paramount Resources Ltd. Class A
 
27,362
579,636
Parex Resources, Inc.
 
40,349
615,446
Park Lawn Corp.
 
14,149
219,658
Parkland Corp.
 
52,517
1,061,635
Pason Systems, Inc.
 
30,677
325,831
Pembina Pipeline Corp.
 
182,113
6,012,730
Pet Valu Holdings Ltd.
 
12,973
349,381
Peyto Exploration & Development Corp.
 
60,169
561,786
Pipestone Energy Corp. (a)
 
51,034
153,962
Power Corp. of Canada (sub. vtg.)
 
182,865
4,540,920
PrairieSky Royalty Ltd.
 
74,192
1,152,349
Precision Drilling Corp. (a)
 
5,091
375,561
Premium Brands Holdings Corp.
 
15,104
891,040
Primaris Real Estate Investmen
 
16,910
174,146
Primo Water Corp.
 
66,907
976,173
Quebecor, Inc. Class B (sub. vtg.)
 
51,545
971,612
Restaurant Brands International, Inc.
 
98,446
5,849,601
Richelieu Hardware Ltd.
 
19,373
520,036
RioCan (REIT)
 
48,595
692,354
Ritchie Bros. Auctioneers, Inc.
 
37,477
2,448,308
Rogers Communications, Inc. Class B (non-vtg.)
 
118,711
4,941,535
Rogers Sugar, Inc.
 
82,659
363,436
Royal Bank of Canada
 
476,020
44,043,250
Russel Metals, Inc.
 
22,471
465,469
Sabina Gold & Silver Corp. (a)
 
150,014
122,227
Sandstorm Gold Ltd.
 
77,365
381,047
Saputo, Inc.
 
83,693
2,037,112
Seabridge Gold, Inc. (a)
 
23,674
252,840
Secure Energy Services, Inc.
 
111,561
585,504
Shaw Communications, Inc. Class B
 
157,733
4,051,145
Shopify, Inc. Class A (a)
 
385,533
13,218,517
Sienna Senior Living, Inc.
 
27,414
236,440
Sierra Wireless, Inc. (a)
 
13,162
390,648
Silvercorp Metals, Inc.
 
92,730
225,980
SilverCrest Metals, Inc. (a)
 
53,960
270,523
Slate Grocery REIT
 
23,663
245,949
Sleep Country Canada Holdings, Inc. (d)
 
14,229
234,165
Smart (REIT)
 
36,671
718,696
SNC-Lavalin Group, Inc.
 
60,550
1,048,464
Softchoice Corp.
 
12,042
154,420
Solaris Resources, Inc. (a)
 
22,786
81,119
Spartan Delta Corp. (a)
 
47,267
435,078
Spin Master Corp. (d)
 
12,090
373,611
Sprott, Inc. (c)
 
8,490
304,303
SSR Mining, Inc.
 
74,010
1,019,142
Stantec, Inc.
 
38,346
1,876,276
Stelco Holdings, Inc.
 
17,050
429,394
Stella-Jones, Inc.
 
19,622
590,957
StorageVault Canada, Inc.
 
84,219
386,368
Summit Industrial Income REIT
 
34,545
441,464
Sun Life Financial, Inc.
 
194,516
8,261,237
Suncor Energy, Inc.
 
484,641
16,669,929
SunOpta, Inc. (a)
 
26,369
296,124
Superior Plus Corp.
 
67,748
515,190
Surge Energy, Inc.
 
27,555
206,913
Tamarack Valley Energy Ltd.
 
152,298
586,901
TC Energy Corp.
 
329,628
14,478,614
Teck Resources Ltd. Class B (sub. vtg.)
 
161,816
4,925,687
TELUS Corp.
 
151,485
3,163,466
TELUS Corp.
 
11,115
232,115
TFI International, Inc. (Canada)
 
27,900
2,539,640
The Toronto-Dominion Bank
 
610,111
39,046,925
Thomson Reuters Corp.
 
56,357
5,993,736
Timbercreek Financial Corp.
 
85,564
482,980
TMX Group Ltd.
 
18,693
1,797,195
Topaz Energy Corp.
 
34,629
585,644
Torex Gold Resources, Inc. (a)
 
33,478
228,044
Toromont Industries Ltd.
 
27,581
2,119,669
Tourmaline Oil Corp.
 
107,206
6,040,395
TransAlta Corp.
 
86,418
761,196
TransAlta Renewables, Inc.
 
39,994
429,487
Transcontinental, Inc. Class A
 
29,522
336,967
Trican Well Service Ltd. (a)
 
91,666
243,572
Tricon Residential, Inc.
 
84,069
708,417
Trisura Group Ltd. (a)
 
15,060
438,087
Turquoise Hill Resources Ltd. (a)
 
27,328
769,481
Uni-Select, Inc. (a)
 
14,183
384,675
Vermilion Energy, Inc.
 
56,209
1,311,619
Village Farms International, Inc. (a)
 
35,154
75,933
Voyager Digital Ltd. (a)
 
76,288
2,846
Well Health Technologies Corp. (a)(c)
 
78,939
169,194
Wesdome Gold Mines, Inc. (a)
 
51,060
306,206
West Fraser Timber Co. Ltd.
 
20,553
1,543,191
Westshore Terminals Investment Corp.
 
14,152
253,154
Wheaton Precious Metals Corp.
 
153,428
5,019,478
Whitecap Resources, Inc.
 
211,970
1,643,046
Winpak Ltd.
 
12,396
377,790
WSP Global, Inc.
 
41,936
5,154,156
Yamana Gold, Inc.
 
327,595
1,437,970
TOTAL CANADA
 
 
670,219,494
Cayman Islands - 3.8%
 
 
 
3SBio, Inc. (d)
 
673,500
475,332
AAC Technology Holdings, Inc. (a)
 
271,500
497,329
Advanced Energy Solution Holding Co. Ltd.
 
8,000
139,890
Agile Property Holdings Ltd. (a)(c)
 
462,000
87,696
Airtac International Group
 
48,673
1,116,699
AK Medical Holdings Ltd. (d)
 
212,000
220,382
Akeso, Inc. (a)(d)
 
163,000
654,106
Alchip Technologies Ltd.
 
25,000
503,038
Alibaba Group Holding Ltd. (a)
 
5,122,964
39,830,567
Alphamab Oncology (a)(d)
 
170,000
119,330
Anta Sports Products Ltd.
 
414,400
3,642,659
Apex International Co. Ltd.
 
64,000
98,022
Asia Cement (China) Holdings Corp.
 
324,000
113,095
ASMPT Ltd.
 
104,800
576,759
Autohome, Inc. ADR Class A
 
26,253
685,728
Baidu, Inc. Class A (a)
 
746,168
7,153,515
Baozun, Inc. sponsored ADR (a)
 
21,050
82,937
BeiGene Ltd. ADR (a)(c)
 
16,101
2,719,298
Bilibili, Inc. Class Z (a)
 
62,651
558,308
BizLink Holding, Inc.
 
47,062
359,670
Bosideng International Holdings Ltd.
 
1,160,000
500,965
Budweiser Brewing Co. APAC Ltd. (d)
 
602,900
1,268,835
C&D International Investment Group Ltd.
 
183,584
285,328
Canaan, Inc. ADR (a)(c)
 
62,751
181,978
CARsgen Therapeutics Holdings Ltd. (a)(d)
 
51,000
86,022
Chailease Holding Co. Ltd.
 
463,716
2,142,174
China Conch Environment Protection Holdings Ltd. (a)
 
589,500
173,478
China Conch Venture Holdings Ltd.
 
580,000
855,631
China Education Group Holdings Ltd.
 
337,000
197,057
China Feihe Ltd. (d)
 
1,276,000
734,749
China Hongqiao Group Ltd.
 
836,000
593,214
China Huishan Dairy Holdings Co. Ltd. (a)(b)
 
51,000
0
China Liansu Group Holdings Ltd.
 
399,000
323,789
China Literature Ltd. (a)(d)
 
147,000
396,075
China Medical System Holdings Ltd.
 
507,000
553,527
China Meidong Auto Holding Ltd.
 
212,000
278,718
China Mengniu Dairy Co. Ltd.
 
1,078,000
3,453,874
China Modern Dairy Holdings Ltd. (c)
 
1,518,000
154,708
China Overseas Property Holdings Ltd.
 
495,000
311,517
China Resources Cement Holdings Ltd.
 
930,000
336,474
China Resources Land Ltd.
 
1,090,000
3,415,948
China Resources Medical Holdin
 
377,500
180,342
China Resources Microelectronics Ltd. (A Shares)
 
23,382
162,200
China Resources Mixc Lifestyle Services Ltd. (d)
 
241,400
707,318
China State Construction International Holdings Ltd.
 
715,750
643,748
ChinaSoft International Ltd.
 
982,000
650,526
Chindata Group Holdings Ltd. ADR (a)(c)
 
46,627
247,589
Chow Tai Fook Jewellery Group Ltd.
 
697,800
1,194,758
CIFI Ever Sunshine Services Group Ltd.
 
294,000
64,795
CIFI Holdings Group Co. Ltd. (b)(c)
 
1,407,187
93,219
Cimc Enric Holdings Ltd.
 
290,000
282,624
CK Asset Holdings Ltd.
 
665,488
3,679,423
CK Hutchison Holdings Ltd.
 
903,000
4,494,984
CMGE Technology Group Ltd. (a)
 
622,000
97,464
COFCO Meat Holdings Ltd.
 
942,000
198,009
Comba Telecom Systems Holdings Ltd.
 
1,076,000
150,784
Country Garden Holdings Co. Ltd.
 
2,784,081
358,223
Country Garden Services Holdings Co. Ltd.
 
692,000
604,756
Cowell e Holdings, Inc. (a)
 
106,000
129,636
CStone Pharmaceuticals Co. Ltd. (a)(d)
 
261,000
112,385
CT Environmental Group Ltd. (a)(b)
 
26,000
0
Dali Foods Group Co. Ltd. (d)
 
852,500
350,790
Daqo New Energy Corp. ADR (a)
 
20,347
895,065
Differ Group Auto Ltd. (c)
 
1,198,000
239,611
Dongyue Group Co. Ltd.
 
545,000
473,512
ENN Energy Holdings Ltd.
 
267,500
2,659,784
ESR Group Ltd. (d)
 
688,400
1,175,156
Far East Consortium International Ltd.
 
703,311
158,588
FIH Mobile Ltd. (a)
 
1,355,000
110,476
FinVolution Group ADR
 
55,365
240,284
Fu Shou Yuan International Group Ltd.
 
546,000
272,664
Fufeng Group Ltd.
 
555,000
287,764
Fulgent Sun International Holding Co. Ltd.
 
50,000
211,602
Futu Holdings Ltd. ADR (a)
 
20,424
691,557
GDS Holdings Ltd. Class A (a)
 
303,784
339,069
Geely Automobile Holdings Ltd.
 
2,005,000
2,155,790
General Interface Solution Holding Ltd.
 
101,000
243,623
Genscript Biotech Corp. (a)
 
408,000
1,031,221
Golden Solar New Energy Technology Holdings Ltd. (a)
 
300,000
299,631
Grab Holdings Ltd. (a)
 
439,588
1,142,929
Greentown China Holdings Ltd.
 
312,000
296,910
Greentown Service Group Co. Ltd.
 
564,000
231,358
H World Group Ltd. ADR
 
65,988
1,786,955
Haichang Ocean Park Holdings Ltd. (a)(c)(d)
 
483,000
427,643
Haidilao International Holding Ltd. (a)(c)(d)
 
389,000
577,827
Haitian International Holdings Ltd.
 
232,000
464,612
Hansoh Pharmaceutical Group Co. Ltd. (d)
 
428,000
660,840
Helens International Holdings Co. Ltd. (a)(c)
 
96,500
92,816
Hello Group, Inc. ADR
 
57,324
269,423
Hengan International Group Co. Ltd.
 
229,000
888,326
HKBN Ltd.
 
355,000
239,692
HUTCHMED China Ltd. sponsored ADR (a)(c)
 
31,566
279,043
HUYA, Inc. ADR (a)
 
39,622
74,093
Hygeia Healthcare Holdings Co. (a)(d)
 
119,200
516,303
I-Mab ADR (a)
 
18,997
70,479
iDreamSky Technology Holdings Ltd. (a)(d)
 
274,800
103,273
IGG, Inc. (a)
 
308,000
80,044
Innovent Biologics, Inc. (a)(d)
 
354,500
1,255,483
iQIYI, Inc. ADR (a)(c)
 
122,738
247,931
JD Health International, Inc. (a)(d)
 
375,850
2,061,282
JD.com, Inc. Class A
 
727,302
13,244,548
JinkoSolar Holdings Co. Ltd. ADR (a)(c)
 
13,826
656,458
Jinxin Fertility Group Ltd. (d)
 
580,500
286,196
Jiumaojiu International Holdings Ltd. (d)
 
255,000
400,222
JOYY, Inc. ADR
 
16,915
426,765
Kanzhun Ltd. ADR (a)
 
62,386
681,879
KE Holdings, Inc. ADR (a)
 
225,798
2,298,624
Kingboard Chemical Holdings Ltd.
 
233,000
574,660
Kingboard Laminates Holdings Ltd.
 
356,500
284,759
Kingdee International Software Group Co. Ltd. (a)
 
887,000
1,450,903
Kingsoft Cloud Holdings Ltd. ADR (a)(c)
 
41,812
105,784
Kingsoft Corp. Ltd.
 
332,200
1,005,109
Kintor Pharmaceutical Ltd. (a)(c)(d)
 
69,500
110,142
Koolearn Technology Holding Ltd. (a)(c)(d)
 
118,000
571,987
Kuaishou Technology Class B (a)(d)
 
594,300
2,445,445
KWG Group Holdings Ltd.
 
553,123
53,553
Lee & Man Paper Manufacturing Ltd.
 
599,000
181,616
Li Ning Co. Ltd.
 
798,000
4,127,420
Lifetech Scientific Corp. (a)
 
1,534,000
480,740
LK Technology Holdings Ltd. (c)
 
192,500
174,361
Longfor Properties Co. Ltd. (d)
 
622,000
792,392
Lonking Holdings Ltd.
 
922,000
126,854
Lufax Holding Ltd. ADR
 
234,569
372,965
Maoyan Entertainment (a)(d)
 
232,000
135,068
Meituan Class B (a)(d)
 
1,486,400
23,798,075
Melco Crown Entertainment Ltd. sponsored ADR (a)(c)
 
73,179
400,289
MGM China Holdings Ltd. (a)
 
410,400
165,213
MH Development Ltd. (a)(b)
 
74,000
0
Microport Scientific Corp. (a)(c)
 
231,072
488,069
Midea Real Estate Holding Ltd. (d)
 
147,800
103,182
Ming Yuan Cloud Group Holdings Ltd.
 
254,000
116,813
Minth Group Ltd.
 
268,000
529,196
NetDragon WebSoft, Inc.
 
100,000
167,906
NetEase, Inc.
 
699,805
7,764,514
New Horizon Health Ltd. (a)(d)
 
70,000
156,058
New Oriental Education & Technology Group, Inc. (a)
 
517,250
1,211,219
Nexteer Auto Group Ltd.
 
339,000
183,543
NIO, Inc. sponsored ADR (a)
 
460,284
4,450,946
Noah Holdings Ltd. sponsored ADR (a)
 
12,588
165,155
Ocumension Therapeutics Class H (a)(d)
 
119,000
109,606
Pacific Textile Holdings Ltd.
 
458,000
136,531
Parade Technologies Ltd.
 
27,000
509,797
Pinduoduo, Inc. ADR (a)
 
170,744
9,361,894
Ping An Healthcare and Technology Co. Ltd. (a)(c)(d)
 
167,200
308,429
Pop Mart International Group Ltd. (c)(d)
 
198,400
256,794
Powerlong Real Estate Holding Ltd.
 
641,000
52,262
Redco Properties Group Ltd. (a)(d)
 
460,000
97,864
RLX Technology, Inc. ADR (a)(c)
 
167,031
208,789
Sands China Ltd. (a)
 
828,800
1,446,505
Sany Heavy Equipment International Holdings Co. Ltd.
 
435,000
356,882
Sapiens International Corp. NV
 
12,075
237,430
Sea Ltd. ADR (a)
 
121,974
6,059,668
Seazen Group Ltd. (a)
 
728,000
116,856
Shenzhou International Group Holdings Ltd.
 
281,500
1,954,455
Silergy Corp.
 
110,000
1,275,501
Sino Biopharmaceutical Ltd.
 
3,608,000
1,751,222
SITC International Holdings Co. Ltd.
 
473,000
774,911
Smoore International Holdings Ltd. (c)(d)
 
615,000
654,201
SOHO China Ltd. (a)
 
889,000
130,241
SSY Group Ltd.
 
590,000
244,278
Sun King Power Electronics Group Ltd. (a)
 
590,000
104,476
Sunac Services Holdings Ltd. (d)
 
456,000
80,167
Sunevision Holdings Ltd.
 
287,000
152,099
Sunny Optical Technology Group Co. Ltd.
 
242,100
2,098,808
TAL Education Group ADR (a)
 
154,853
729,358
TCL Electronics Holdings Ltd.
 
345,000
131,853
Tencent Holdings Ltd.
 
2,109,025
55,418,415
Tencent Music Entertainment Group ADR (a)
 
245,164
885,042
The United Laboratories International Holdings Ltd.
 
414,000
173,519
Tianneng Power International Ltd. (c)
 
266,000
255,846
Tingyi (Cayman Islands) Holding Corp.
 
696,000
1,088,823
Tongcheng Travel Holdings Ltd. (a)
 
430,800
671,749
Tongdao Liepin Group (a)
 
98,400
85,743
Topsports International Holdings Ltd. (d)
 
761,000
383,910
Towngas Smart Energy Co. Ltd.
 
394,892
138,344
TPK Holding Co. Ltd.
 
194,000
171,421
Trip.com Group Ltd. ADR (a)
 
185,096
4,188,722
Truly International Holdings Ltd.
 
824,000
100,774
Tuya, Inc. ADR (a)(c)
 
76,723
68,560
Uni-President China Holdings Ltd.
 
509,000
376,093
Up Fintech Holdings Ltd. ADR (a)(c)
 
35,619
131,790
Value Partners Group Ltd.
 
542,000
129,119
Vinda International Holdings Ltd.
 
139,000
260,659
Vipshop Holdings Ltd. ADR (a)
 
146,974
1,024,409
Viva China Holdings Ltd. (a)
 
1,712,000
213,737
Vnet Group, Inc. ADR (a)
 
36,800
154,192
Vobile Group Ltd. (a)
 
532,000
126,737
Want Want China Holdings Ltd.
 
1,664,000
1,093,837
Weibo Corp. sponsored ADR (a)
 
26,013
294,467
Weimob, Inc. (a)(c)(d)
 
697,000
244,183
WH Group Ltd. (d)
 
2,895,500
1,464,414
Wharf Real Estate Investment Co. Ltd.
 
567,000
2,235,596
Wisdom Marine Lines Co. Ltd.
 
160,000
259,441
Wuxi Biologics (Cayman), Inc. (a)(d)
 
1,214,000
5,462,566
Wynn Macau Ltd. (a)
 
574,800
229,198
XD, Inc. (a)
 
80,800
139,991
Xiaomi Corp. Class B (a)(d)
 
5,183,800
5,818,002
Xinyi Glass Holdings Ltd.
 
625,000
804,176
Xinyi Solar Holdings Ltd.
 
1,669,379
1,656,693
XPeng, Inc. ADR (a)
 
141,684
937,948
XTEP International Holdings Ltd.
 
465,719
427,175
Yadea Group Holdings Ltd. (d)
 
424,000
647,101
Yihai International Holding Ltd.
 
174,000
286,392
Zai Lab Ltd. ADR (a)
 
30,084
670,272
Zhen Ding Technology Holding Ltd.
 
233,000
765,734
Zhongsheng Group Holdings Ltd. Class H
 
214,500
814,317
Zhou Hei Ya International Holdings Co. Ltd. (d)
 
403,000
177,636
ZTO Express, Inc. sponsored ADR
 
144,653
2,443,189
TOTAL CAYMAN ISLANDS
 
 
306,484,090
Chile - 0.1%
 
 
 
Aguas Andinas SA
 
1,126,643
237,628
Banco de Chile
 
15,204,396
1,390,554
Banco de Credito e Inversiones
 
19,828
552,494
Banco Santander Chile
 
22,304,874
799,051
CAP SA
 
31,201
166,961
Cencosud SA
 
528,324
711,152
Cencosud Shopping SA
 
173,012
189,204
Colbun SA
 
2,846,378
279,690
Compania Cervecerias Unidas SA
 
52,151
286,043
Compania Sud Americana de Vapores SA
 
5,380,472
373,525
Empresa Nacional de Telecomunicaciones SA (ENTEL)
 
58,026
180,812
Empresas CMPC SA
 
370,784
588,303
Empresas COPEC SA
 
127,855
881,095
Enel Americas SA
 
7,049,064
698,406
Enel Chile SA
 
10,042,968
353,393
Falabella SA
 
246,152
481,294
Parque Arauco SA
 
174,455
148,661
Vina Concha y Toro SA
 
255,598
288,784
TOTAL CHILE
 
 
8,607,050
China - 2.7%
 
 
 
360 Security Technology, Inc. (A Shares)
 
356,500
345,619
37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares)
 
76,800
152,382
A-Living Smart City Services C (H Shares) (d)
 
307,750
174,465
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (a)
 
11,367
172,756
AECC Aviation Power Co. Ltd.
 
46,000
306,377
Agricultural Bank of China Ltd.:
 
 
 
 (A Shares)
 
2,493,200
942,260
 (H Shares)
 
8,616,000
2,459,295
Aier Eye Hospital Group Co. Ltd. (A Shares)
 
156,553
529,496
Air China Ltd.:
 
 
 
 (A Shares) (a)
 
197,600
261,648
 (H Shares) (a)
 
536,000
372,827
Aluminum Corp. of China Ltd. (H Shares)
 
2,068,000
589,549
Anhui Conch Cement Co. Ltd. (H Shares)
 
543,000
1,397,336
Anhui Gujing Distillery Co. Ltd. (B Shares)
 
106,155
1,251,333
Anjoy Foods Group Co. Ltd. (A Shares)
 
9,100
167,386
Asymchem Laboratories Tianjin Co. Ltd. (A Shares)
 
7,700
150,976
Avary Holding Shenzhen Co. Ltd. (A Shares)
 
24,700
100,621
AVIC Electromechanical Systems Co. Ltd. (A Shares)
 
227,300
364,158
AviChina Industry & Technology Co. Ltd. (H Shares)
 
953,000
417,639
Bank of Beijing Co. Ltd. (A Shares)
 
457,900
253,313
Bank of Chengdu Co. Ltd. (A Shares)
 
92,200
171,954
Bank of China Ltd.:
 
 
 
 (A Shares)
 
3,473,300
1,431,573
 (H Shares)
 
23,187,000
7,468,009
Bank of Communications Co. Ltd.:
 
 
 
 (A Shares)
 
373,200
227,408
 (H Shares)
 
3,396,000
1,656,976
Bank of Hangzhou Co. Ltd. (A Shares)
 
175,300
290,690
Bank of Jiangsu Co. Ltd. (A Shares)
 
232,310
220,130
Bank of Nanjing Co. Ltd. (A Shares)
 
297,600
420,550
Bank of Ningbo Co. Ltd. (A Shares)
 
121,550
395,463
Bank of Shanghai Co. Ltd. (A Shares)
 
348,700
266,435
Baoshan Iron & Steel Co. Ltd. (A Shares)
 
405,900
267,343
Beijing Capital International Airport Co. Ltd. (H Shares) (a)
 
702,000
380,081
Beijing Enlight Media Co. Ltd. (A Shares)
 
224,200
206,612
Beijing Kingsoft Office Software, Inc. (A Shares)
 
9,912
394,612
Beijing New Building Materials PLC (A Shares)
 
47,200
128,165
Beijing Shiji Information Technology Co. Ltd. (A Shares)
 
82,320
142,481
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares)
 
11,310
194,393
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares)
 
621,100
379,316
BGI Genomics Co. Ltd.
 
13,100
99,503
Bloomage Biotechnology Corp. Ltd. (A Shares)
 
12,941
187,818
BOE Technology Group Co. Ltd. (A Shares)
 
592,500
270,981
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
15,300
516,788
 (H Shares)
 
306,500
6,860,440
CanSino Biologics, Inc. (H Shares) (c)(d)
 
44,400
412,910
CGN Power Co. Ltd. (H Shares) (d)
 
4,051,000
820,558
Changchun High & New Technology Industry Group, Inc. (A Shares)
 
9,100
201,740
Chaozhou Three-Circle Group Co. (A Shares)
 
44,400
172,666
Chengxin Lithium Group Co. Ltd. (A Shares)
 
21,700
128,425
China BlueChemical Ltd. (H Shares)
 
748,000
142,936
China Cinda Asset Management Co. Ltd. (H Shares)
 
3,430,000
318,982
China CITIC Bank Corp. Ltd. (H Shares)
 
3,023,000
1,139,934
China Coal Energy Co. Ltd. (H Shares)
 
729,000
536,791
China Communications Services Corp. Ltd. (H Shares)
 
996,000
277,877
China Construction Bank Corp.:
 
 
 
 (A Shares)
 
772,300
564,718
 (H Shares)
 
31,602,000
16,770,817
China CSSC Holdings Ltd. (A Shares)
 
119,800
435,046
China Datang Corp. Renewable Power Co. Ltd.
 
1,029,000
277,908
China Eastern Airlines Corp. Ltd. (A Shares) (a)
 
352,700
231,820
China Energy Engineering Corp. Ltd. (A Shares)
 
879,000
275,632
China Everbright Bank Co. Ltd.:
 
 
 
 (A Shares)
 
265,800
98,998
 (H Shares)
 
1,917,000
495,756
China Galaxy Securities Co. Ltd. (H Shares)
 
1,493,000
559,187
China International Capital Corp. Ltd. (H Shares) (d)
 
628,400
874,195
China Jushi Co. Ltd. (A Shares)
 
110,030
176,279
China Life Insurance Co. Ltd. (H Shares)
 
2,740,000
2,987,854
China Longyuan Power Grid Corp. Ltd. (H Shares)
 
1,158,000
1,323,277
China Merchants Bank Co. Ltd.:
 
 
 
 (A Shares)
 
147,400
541,329
 (H Shares)
 
1,601,500
5,263,763
China Merchants Securities Co. Ltd. (A Shares)
 
99,060
169,556
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
194,000
348,264
China Minsheng Banking Corp. Ltd.:
 
 
 
 (A Shares)
 
969,100
437,912
 (H Shares)
 
1,607,000
466,767
China National Building Materials Co. Ltd. (H Shares)
 
1,363,350
791,994
China National Chemical Engineering Co. Ltd. (A Shares)
 
227,100
219,857
China National Nuclear Power Co. Ltd. (A Shares)
 
437,400
361,161
China Northern Rare Earth Group High-Tech Co. Ltd.
 
74,700
247,537
China Oilfield Services Ltd. (H Shares)
 
652,000
734,259
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
1,145,000
1,846,668
China Petroleum & Chemical Corp.:
 
 
 
 (A Shares)
 
997,100
555,697
 (H Shares)
 
8,104,000
3,211,830
China Railway Group Ltd.:
 
 
 
 (A Shares)
 
193,400
132,148
 (H Shares)
 
1,794,000
779,339
China Railway Signal & Communications Corp. (A Shares)
 
441,886
274,103
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares)
 
27,400
204,630
China Shenhua Energy Co. Ltd.:
 
 
 
 (A Shares)
 
323,800
1,242,810
 (H Shares)
 
873,000
2,296,593
China Southern Airlines Ltd.:
 
 
 
 (A Shares) (a)
 
373,300
330,214
 (H Shares) (a)
 
446,000
230,112
China State Construction Engineering Corp. Ltd. (A Shares)
 
873,300
568,018
China Suntien Green Energy Corp. Ltd. (H Shares)
 
675,000
256,253
China Three Gorges Renewables Group Co. Ltd. (A Shares)
 
651,000
496,525
China Tourism Group Duty Free Corp. Ltd. (A Shares)
 
39,300
862,965
China Tower Corp. Ltd. (H Shares) (d)
 
15,282,000
1,382,255
China United Network Communications Ltd. (A Shares)
 
1,588,700
730,947
China Vanke Co. Ltd. (H Shares)
 
860,100
1,104,483
China Yangtze Power Co. Ltd. (A Shares)
 
428,200
1,187,930
China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares)
 
13,400
247,435
China Zheshang Bank Co. Ltd. (a)
 
425,900
160,961
Chongqing Brewery Co. Ltd. (A Shares)
 
10,900
130,479
Chongqing Changan Automobile Co. Ltd. (A Shares)
 
163,982
253,510
Chongqing Rural Commercial Bank Co. Ltd. (A Shares)
 
181,000
86,499
Chongqing Zhifei Biological Products Co. Ltd. (A Shares)
 
27,700
323,923
CITIC Securities Co. Ltd. (H Shares)
 
1,087,350
1,626,249
Cmoc Group Ltd. (H Shares)
 
1,995,000
643,003
CNGR Advanced Material Co. Ltd.
 
12,300
121,486
Contemporary Amperex Technology Co. Ltd.
 
42,600
2,175,121
COSCO SHIPPING Holdings Co. Ltd. (H Shares)
 
1,467,100
1,583,043
CRRC Corp. Ltd. (A Shares)
 
1,630,800
1,060,716
CSC Financial Co. Ltd. (A Shares)
 
89,800
290,320
Daqin Railway Co. Ltd. (A Shares)
 
226,300
198,631
Dongfeng Motor Group Co. Ltd. (H Shares)
 
970,000
438,682
East Money Information Co. Ltd. (A Shares)
 
262,920
561,993
Eastern Communications Co. Ltd. (B Shares)
 
794,450
326,519
Ecovacs Robotics Co. Ltd. Class A
 
9,100
72,646
Eve Energy Co. Ltd. (A shares)
 
39,400
448,011
Everbright Securities Co. Ltd. (A Shares)
 
102,900
197,546
FAW Jiefang Group Co. Ltd. (A Shares)
 
201,900
192,420
Flat Glass Group Co. Ltd. (A Shares) (a)
 
112,800
529,795
Focus Media Information Technology Co. Ltd. (A Shares)
 
375,500
230,352
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares)
 
66,638
544,572
Founder Securities Co. Ltd. (A Shares)
 
236,700
205,167
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
280,700
315,182
Fuyao Glass Industries Group Co. Ltd. (H Shares) (d)
 
261,600
938,136
G-bits Network Technology Xiamen Co. Ltd. (A Shares)
 
5,900
205,731
Ganfeng Lithium Group Co. Ltd. (A Shares)
 
72,660
786,207
GD Power Development Co. Ltd. (A Shares) (a)
 
580,500
347,367
Gemdale Corp. (A Shares)
 
135,900
145,523
GF Securities Co. Ltd. (H Shares)
 
623,600
634,750
Giant Network Group Co. Ltd. (A Shares)
 
140,314
148,712
Gigadevice Semiconductor Beijing, Inc. (A Shares)
 
9,844
110,896
Ginlong Technologies Co. Ltd. (A Shares)
 
6,150
157,310
GoerTek, Inc. (A Shares)
 
46,100
136,856
Gotion High-tech Co. Ltd. (A Shares)
 
36,200
148,956
Great Wall Motor Co. Ltd.:
 
 
 
 (A Shares)
 
70,800
282,700
 (H Shares)
 
960,500
1,048,644
Gree Electric Appliances, Inc. of Zhuhai (A Shares)
 
38,500
151,145
Guangdong Haid Group Co. Ltd. (A Shares)
 
38,300
302,869
Guanghui Energy Co. Ltd. (A Shares)
 
140,400
197,635
Guangzhou Automobile Group Co. Ltd.
 
138,400
214,719
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
893,600
544,153
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
14,400
148,991
Guangzhou R&F Properties Co. Ltd. (H Shares) (c)
 
707,200
96,400
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares)
 
20,600
183,521
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares)
 
30,600
178,080
Guizhou Zhongyida Co. Ltd. (B Shares) (a)
 
1,136,000
449,856
Guotai Junan Securities Co. Ltd. (A Shares)
 
258,300
467,585
Haier Smart Home Co. Ltd.
 
691,200
1,729,398
Haier Smart Home Co. Ltd. (A Shares)
 
203,600
579,890
Hainan Meilan International Airport Co. Ltd. (a)
 
82,000
127,445
Haitong Securities Co. Ltd. (H Shares)
 
1,496,400
732,030
Hangzhou First Applied Material Co. Ltd. (A Shares)
 
29,000
254,384
Hangzhou Silan Microelectronics Co. Ltd. (A Shares)
 
38,200
164,247
Hangzhou Steam Turbine Power G
 
563,055
770,380
Hangzhou Tigermed Consulting Co. Ltd. (A Shares)
 
41,900
478,216
Henan Shuanghui Investment & Development Co. Ltd. (A Shares)
 
52,100
162,516
Hengli Petrochemical Co. Ltd. (A Shares)
 
113,920
239,293
Hengyi Petrochemical Co. Ltd. (A Shares)
 
144,600
132,662
Hoshine Silicon Industry Co. Ltd. (A Shares)
 
11,800
154,632
Huadong Medicine Co. Ltd. (A Shares)
 
39,400
220,822
Huaneng Power International, Inc.:
 
 
 
 (A Shares) (a)
 
152,100
139,543
 (H Shares) (a)
 
1,508,000
539,830
Huangshan Tourism Development Co. Ltd.
 
915,889
640,206
Huatai Securities Co. Ltd. (H Shares) (d)
 
772,400
756,691
Huaxia Bank Co. Ltd. (A Shares)
 
315,000
206,610
Huayu Automotive Systems Co. Ltd. (A Shares)
 
56,800
130,433
Hubei Xingfa Chemicals Group Co. Ltd. (A Shares)
 
32,100
124,261
Huizhou Desay SV Automotive Co. Ltd.
 
13,300
188,676
Hundsun Technologies, Inc. (A Shares)
 
36,400
207,747
iFlytek Co. Ltd. (A Shares)
 
45,100
216,332
IMEIK Technology Development Co. Ltd. (A Shares)
 
3,100
178,710
Industrial & Commercial Bank of China Ltd.:
 
 
 
 (A Shares)
 
1,236,300
702,549
 (H Shares)
 
18,934,000
8,220,488
Industrial Bank Co. Ltd. (A Shares)
 
330,000
679,169
Ingenic Semiconductor Co. Ltd. (A Shares)
 
11,700
108,879
Inner Mongoli Yili Industries Co. Ltd. (A Shares)
 
81,400
281,332
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares)
 
744,800
179,497
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares)
 
207,700
110,350
Inner Mongolia Yitai Coal Co. Ltd. (B Shares)
 
767,373
1,085,065
JA Solar Technology Co. Ltd. (A Shares)
 
41,440
354,654
Jafron Biomedical Co. Ltd. (A Shares)
 
23,100
100,208
JCET Group Co. Ltd. (A Shares)
 
49,900
164,536
Jiangsu Eastern Shenghong Co. Ltd.
 
75,000
125,703
Jiangsu Expressway Co. Ltd. (H Shares)
 
404,000
284,614
Jiangsu Hengli Hydraulic Co. Ltd.
 
24,736
186,869
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)
 
116,424
640,875
Jiangsu King's Luck Brewery JSC Ltd. (A Shares)
 
36,200
185,290
Jiangsu Yanghe Brewery JSC Ltd. (A Shares)
 
23,700
423,997
Jiangsu Zhongtian Technology Co. Ltd. (A Shares)
 
82,900
249,396
Jiangxi Copper Co. Ltd. (H Shares)
 
542,000
592,429
Jiangxi Special Electric Motor Co. Ltd. (A Shares) (a)
 
38,700
101,110
JiuGui Liquor Co. Ltd. (A Shares)
 
7,500
104,804
Konka Group Co. Ltd. (B Shares)
 
1,930,700
487,001
Kuang-Chi Technologies Co. Ltd. (A Shares) (a)
 
44,500
105,417
Kunlun Tech Co. Ltd. (A Shares)
 
72,621
129,373
Kweichow Moutai Co. Ltd. (A Shares)
 
21,900
4,029,521
Lb Group Co. Ltd. (A Shares)
 
44,200
93,025
Lens Technology Co. Ltd. (A Shares)
 
121,400
165,570
LONGi Green Energy Technology Co. Ltd.
 
133,056
874,177
Luxshare Precision Industry Co. Ltd. (A Shares)
 
117,878
460,026
Luzhou Laojiao Co. Ltd. (A Shares)
 
30,500
652,984
Mango Excellent Media Co. Ltd. (A Shares)
 
50,479
151,584
Maxscend Microelectronics Co. Ltd. (A Shares)
 
9,088
114,936
Metallurgical Corp. China Ltd. (A Shares)
 
638,200
251,683
Ming Yang Smart Energy Group Ltd. (A Shares)
 
69,700
237,649
Montage Technology Co. Ltd. (A Shares)
 
20,717
160,961
Muyuan Foodstuff Co. Ltd. (A Shares)
 
109,266
699,922
NARI Technology Co. Ltd. (A Shares)
 
117,192
391,555
National Silicon Industry Group Co. Ltd. (A Shares) (a)
 
50,067
139,241
NAURA Technology Group Co. Ltd.
 
9,400
341,998
New China Life Insurance Co. Ltd. (H Shares)
 
399,600
634,298
New Hope Liuhe Co. Ltd. (A Shares) (a)
 
70,300
124,083
Ninestar Corp. (A Shares)
 
42,000
328,448
Ningbo Deye Technology Co. Ltd. (A Shares)
 
3,200
143,360
Ningbo Orient Wires & Cables Co. Ltd. (A Shares)
 
16,100
169,754
Ningbo Ronbay New Energy Technology Co. Ltd. (A Shares)
 
13,082
140,280
Ningbo Shanshan Co. Ltd. (A Shares)
 
76,900
189,331
Ningbo Tuopu Group Co. Ltd. (A Shares)
 
26,500
235,139
Ningxia Baofeng Energy Group Co. Ltd.
 
156,900
246,429
Nongfu Spring Co. Ltd. (H Shares) (d)
 
602,800
3,029,493
Oppein Home Group, Inc. (A Shares)
 
18,100
201,797
Orient Securities Co. Ltd. (A Shares)
 
121,984
129,619
Ovctek China, Inc. (A Shares)
 
18,700
76,102
People's Insurance Co. of China Group Ltd. (H Shares)
 
3,295,000
910,888
Perfect World Co. Ltd. (A Shares)
 
85,200
132,883
PetroChina Co. Ltd. (H Shares)
 
7,854,000
3,001,662
Pharmaron Beijing Co. Ltd.:
 
 
 
 (A Shares)
 
17,550
124,964
 (H Shares) (d)
 
80,250
269,897
PICC Property & Casualty Co. Ltd. (H Shares)
 
2,369,000
2,185,010
Ping An Bank Co. Ltd. (A Shares)
 
436,300
617,747
Ping An Insurance Group Co. of China Ltd.:
 
 
 
 (A Shares)
 
239,590
1,185,992
 (H Shares)
 
2,115,000
8,467,171
Pingdingshan Tianan Coal Mining Co. Ltd. A Shares
 
61,000
92,048
Poly Developments & Holdings (A Shares)
 
276,300
522,113
Postal Savings Bank of China Co. Ltd. (H Shares) (d)
 
3,275,000
1,518,666
Power Construction Corp. of China Ltd. (A Shares)
 
312,200
300,961
Rongsheng Petrochemical Co. Ltd. (A Shares)
 
178,650
261,753
SAIC Motor Corp. Ltd. (A Shares)
 
181,600
341,919
Sangfor Technologies, Inc.
 
10,400
179,436
Sany Heavy Industry Co. Ltd. (A Shares)
 
154,100
284,866
Satellite Chemical Co. Ltd. (A Shares)
 
84,819
144,019
SDIC Power Holdings Co. Ltd. (A Shares)
 
259,500
358,892
Seazen Holdings Co. Ltd. (A Shares) (a)
 
60,500
109,271
SF Holding Co. Ltd. (A Shares)
 
102,300
676,033
SG Micro Corp. (A Shares)
 
8,550
175,217
Shaanxi Coal Industry Co. Ltd. (A Shares)
 
169,600
461,222
Shandong Gold Mining Co. Ltd. (A Shares)
 
221,560
524,858
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares)
 
28,100
100,735
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
876,400
1,208,035
Shanghai Baosight Software Co. Ltd.
 
463,082
1,395,266
Shanghai Baosight Software Co. Ltd. (A Shares)
 
59,540
345,032
Shanghai Chlor Alkali Co. Ltd. (B Shares)
 
786,942
485,543
Shanghai Diesel Engine Co. Ltd. (B Shares)
 
599,986
239,994
Shanghai Electric Group Co. Ltd. (A Shares) (a)
 
365,700
194,295
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares)
 
261,000
659,013
Shanghai Haixin Group Co. Ltd. (B Shares)
 
2,222,826
686,853
Shanghai Highly Group Co. Ltd. (B Shares)
 
1,069,645
489,897
Shanghai International Port Group Co. Ltd. (A Shares)
 
299,300
211,886
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares)
 
40,000
298,402
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. (B Shares)
 
781,771
673,887
Shanghai Junshi Biosciences Co. Ltd. (A Shares) (a)
 
14,900
144,983
Shanghai Lujiazui Finance Trust Ltd. (B Shares)
 
2,466,942
1,830,471
Shanghai M&G Stationery, Inc. (A Shares)
 
26,000
143,477
Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares)
 
377,500
511,692
Shanghai Pudong Development Bank Co. Ltd. (A Shares)
 
580,400
527,716
Shanghai Putailai New Energy Technology Co. Ltd.
 
24,000
164,023
Shanghai Shangling Electric Appliances Co. Ltd. (B Shares)
 
682,746
703,228
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares)
 
86,700
199,331
Shanxi Meijin Energy Co. Ltd. (A Shares)
 
117,600
141,064
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares)
 
24,200
770,050
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares)
 
102,700
160,177
Shenwan Hongyuan Group Co. Ltd. (A Shares)
 
313,800
167,150
Shenzhen Dynanonic Co. Ltd. (A Shares)
 
3,700
130,715
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
59,500
543,435
Shenzhen Kangtai Biological Products Co. Ltd.
 
17,760
75,681
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
21,900
975,932
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares)
 
353,500
203,303
Shenzhen Transsion Holdings Co. Ltd. (A Shares)
 
18,491
157,314
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares)
 
158,400
244,013
Sichuan Swellfun Co. Ltd. (A Shares)
 
12,500
96,845
Sinoma Science & Technology Co. Ltd. (A Shares)
 
60,100
147,392
Sinopec Engineering Group Co. Ltd. (H Shares)
 
809,500
289,783
Sinopharm Group Co. Ltd. (H Shares)
 
485,600
925,465
SKSHU Paint Co. Ltd. (A Shares) (a)
 
10,500
124,944
Songcheng Performance Development Co. Ltd. (A Shares)
 
75,982
119,858
StarPower Semiconductor Ltd. (A Shares)
 
4,100
209,242
Sungrow Power Supply Co. Ltd. (A Shares)
 
26,400
471,070
Sunwoda Electronic Co. Ltd. (A Shares)
 
44,800
142,935
Suzhou Maxwell Technologies Co. Ltd. (A Shares)
 
4,960
324,310
Suzhou TA&A Ultra Clean Technology Co. Ltd. (A Shares)
 
15,900
134,661
TBEA Co. Ltd. (A Shares)
 
112,800
315,251
TCL Technology Group Corp. (A Shares)
 
260,100
139,259
TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares)
 
58,700
317,497
Thunder Software Technology Co. Ltd. (A Shares)
 
13,300
179,825
Tianma Microelectronics Co. Ltd. (A Shares)
 
100,800
122,016
Tianshui Huatian Technology Co. Ltd. (A Shares)
 
163,600
197,586
Tong Ren Tang Technologies Co. Ltd. (H Shares)
 
328,000
168,395
TongFu Microelectronics Co. Ltd. (A Shares) (a)
 
68,600
176,880
Tongwei Co. Ltd. (A Shares)
 
89,500
533,110
Topchoice Medical Corp. (a)
 
7,100
118,853
TravelSky Technology Ltd. (H Shares)
 
336,000
487,971
Trina Solar Co. Ltd. (A Shares)
 
39,313
357,606
Tsingtao Brewery Co. Ltd. (H Shares)
 
236,000
1,653,577
Unigroup Guoxin Microelectronics Co. Ltd.
 
14,559
327,168
Unisplendour Corp. Ltd. (A Shares)
 
70,160
164,762
Venus MedTech Hangzhou, Inc. (H Shares) (a)(d)
 
116,000
142,605
Walvax Biotechnology Co. Ltd. (A Shares)
 
40,600
213,760
Wanhua Chemical Group Co. Ltd. (A Shares)
 
56,600
622,818
Weichai Power Co. Ltd. (H Shares)
 
840,000
804,724
Wens Foodstuffs Group Co. Ltd. (A Shares) (a)
 
151,800
372,074
Western Superconducting Technologies Co. Ltd. (A Shares)
 
14,052
224,473
Will Semiconductor Ltd.
 
21,195
212,940
Wingtech Technology Co. Ltd. (A Shares)
 
28,400
186,199
Winning Health Technology Group Co. Ltd. (A Shares)
 
226,004
299,568
Wuhan Guide Infrared Co. Ltd. (A Shares)
 
94,236
149,814
Wuliangye Yibin Co. Ltd. (A Shares)
 
68,900
1,259,520
WuXi AppTec Co. Ltd.
 
17,516
183,245
WuXi AppTec Co. Ltd. (H Shares) (d)
 
170,897
1,369,414
Wuxi Shangji Automation Co. Ltd. (A Shares)
 
11,760
197,232
Xiamen Faratronic Co. Ltd. (A Shares)
 
8,000
194,016
Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares)
 
404,192
350,659
Yankuang Energy Group Co. Ltd. (H Shares)
 
614,000
1,728,663
Yealink Network Technology Corp. Ltd.
 
19,800
186,751
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares)
 
26,600
139,321
YongXing Special Materials Technology Co. Ltd. (A Shares)
 
10,200
162,674
Yonyou Network Technology Co. Ltd. (A Shares)
 
117,759
394,094
YTO Express Group Co. Ltd. (A Shares)
 
84,900
219,257
Yunda Holding Co. Ltd. (A Shares)
 
73,060
131,856
Yunnan Baiyao Group Co. Ltd. (A Shares)
 
44,940
335,747
Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares)
 
9,200
180,148
Yunnan Energy New Material Co. Ltd.
 
18,100
366,912
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares)
 
15,900
496,406
Zhaojin Mining Industry Co. Ltd. (H Shares) (a)
 
465,000
383,864
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a)
 
399,300
201,758
Zhejiang Chint Electric Co. Ltd. (A Shares)
 
59,900
208,336
Zhejiang Dahua Technology Co. Ltd. (A Shares)
 
51,300
81,345
Zhejiang Expressway Co. Ltd. (H Shares)
 
488,000
302,760
Zhejiang Huayou Cobalt Co. Ltd. (A Shares)
 
31,460
234,693
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares)
 
24,200
236,138
Zhejiang NHU Co. Ltd. (A Shares)
 
92,840
227,813
Zhejiang Semir Garment Co. Ltd. (A Shares)
 
161,500
99,073
Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares)
 
67,080
173,879
Zhejiang Yongtai Technology Co. Ltd. (A Shares)
 
24,700
73,800
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(d)
 
252,900
471,027
Zhuzhou CRRC Times Electric Co. Ltd.:
 
 
 
 (A Shares)
 
21,033
180,812
 (H Shares)
 
172,000
746,097
Zijin Mining Group Co. Ltd. (H Shares)
 
2,430,000
2,321,760
Zoomlion Heavy Industry Science and Technology Co. Ltd.:
 
 
 
 (A Shares)
 
216,400
158,532
 (H Shares)
 
398,200
128,343
ZTE Corp. (H Shares)
 
397,200
708,414
TOTAL CHINA
 
 
213,509,585
Colombia - 0.0%
 
 
 
Bancolombia SA
 
102,055
733,577
Cementos Argos SA
 
183,582
123,782
Corporacion Financiera Colombiana SA
 
33,501
109,211
Ecopetrol SA
 
1,642,716
814,914
Grupo Argos SA
 
110,915
230,196
Interconexion Electrica SA ESP
 
151,358
590,568
TOTAL COLOMBIA
 
 
2,602,248
Cyprus - 0.0%
 
 
 
Galaxy Cosmos Mezz PLC (a)
 
26,761
4,321
Ozon Holdings PLC ADR (a)(b)
 
17,054
53,578
Sunrisemezz Ltd. (a)
 
44,592
3,609
TCS Group Holding PLC unit (a)(b)
 
36,283
69,283
TOTAL CYPRUS
 
 
130,791
Czech Republic - 0.0%
 
 
 
CEZ A/S
 
54,465
1,781,195
Komercni Banka A/S
 
28,462
816,467
MONETA Money Bank A/S (d)
 
148,575
433,704
TOTAL CZECH REPUBLIC
 
 
3,031,366
Denmark - 1.7%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
1,201
2,403,817
 Series B
 
1,530
3,196,434
ALK-Abello A/S (a)
 
44,178
731,775
Alm. Brand A/S
 
292,060
399,270
Ambu A/S Series B (c)
 
57,273
641,274
Bavarian Nordic A/S (a)
 
24,038
765,714
Better Collective A/S (a)
 
12,428
161,524
Carlsberg A/S Series B
 
32,393
3,814,137
Chemometec A/S
 
5,841
550,818
Chr. Hansen Holding A/S
 
35,226
1,956,490
Coloplast A/S Series B
 
39,837
4,440,638
D/S Norden A/S
 
7,913
410,443
Danske Bank A/S
 
226,650
3,658,023
Demant A/S (a)
 
30,919
844,965
DFDS A/S
 
12,564
381,541
DSV A/S
 
63,087
8,540,772
FLSmidth & Co. A/S
 
16,963
392,313
Genmab A/S (a)
 
22,171
8,540,441
GN Store Nord A/S
 
43,292
920,507
H Lundbeck A/S
 
107,511
401,973
ISS A/S (a)
 
52,920
971,402
Jyske Bank A/S (Reg.) (a)
 
17,488
944,231
Matas A/S
 
18,241
174,559
Netcompany Group A/S (a)(d)
 
13,389
459,551
Nilfisk Holding A/S (a)
 
5,420
100,713
NKT A/S (a)
 
14,324
715,601
Novo Nordisk A/S Series B
 
558,158
60,689,223
Novozymes A/S Series B
 
68,328
3,588,574
ORSTED A/S (d)
 
63,410
5,231,690
Pandora A/S
 
30,104
1,586,650
Per Aarsleff Holding A/S
 
7,251
202,585
Ringkjoebing Landbobank A/S
 
9,392
1,022,184
Rockwool International A/S Series B
 
2,973
591,893
Royal Unibrew A/S
 
17,081
975,532
Scandinavian Tobacco Group A/S (d)
 
18,962
317,866
Schouw & Co.
 
4,176
264,939
SimCorp A/S
 
13,320
795,562
Solar Holding A/S
 
1,894
142,786
Spar Nord Bank A/S
 
30,293
366,686
Sydbank A/S
 
21,176
645,317
Topdanmark A/S
 
15,007
693,155
Tryg A/S
 
115,659
2,502,980
Vestas Wind Systems A/S
 
340,231
6,707,200
Zealand Pharma A/S (a)
 
12,854
331,318
TOTAL DENMARK
 
 
133,175,066
Egypt - 0.0%
 
 
 
Commercial International Bank SAE
 
939,500
1,259,144
Eastern Co. SAE
 
551,870
271,426
EFG-Hermes Holding SAE
 
480,154
266,145
Elsewedy Electric Co. (a)
 
541,769
190,936
Fawry for Banking & Payment Technology Services SAE (a)
 
667,019
109,261
Talaat Moustafa Group Holding
 
660,996
225,573
TOTAL EGYPT
 
 
2,322,485
Faroe Islands - 0.0%
 
 
 
Bakkafrost
 
17,281
863,539
Finland - 0.8%
 
 
 
Cargotec Corp. (B Shares)
 
14,210
534,759
Caverion Oyj
 
57,239
254,266
Citycon Oyj
 
39,588
246,670
Elisa Corp. (A Shares)
 
48,827
2,360,068
F-Secure Corp. (a)
 
44,486
125,735
Fortum Corp.
 
151,450
2,132,056
Harvia Oyj
 
8,275
117,433
Huhtamaki Oyj
 
34,973
1,256,331
Kemira Oyj
 
45,313
598,268
Kesko Oyj
 
95,129
1,852,021
Kojamo OYJ
 
45,666
594,355
Kone OYJ (B Shares)
 
114,920
4,705,492
Konecranes Oyj
 
22,697
571,076
Metsa Board OYJ (B Shares)
 
65,586
493,245
Metso Outotec Oyj
 
226,842
1,722,125
Musti Group OYJ
 
14,256
267,963
Neste OYJ
 
142,769
6,255,996
Nokia Corp.
 
1,824,996
8,110,133
Nokian Tyres PLC
 
47,197
532,190
Nordea Bank ABP
 
1,145,436
10,946,854
Oriola-KD Oyj
 
62,325
113,084
Orion Oyj (B Shares)
 
36,345
1,671,980
Outokumpu Oyj (A Shares)
 
135,107
542,490
Qt Group Oyj (a)(c)
 
5,814
248,558
Revenio Group Oyj
 
9,899
368,416
Sampo Oyj (A Shares)
 
162,215
7,419,099
Sanoma Corp.
 
26,408
309,519
Stora Enso Oyj (R Shares)
 
186,670
2,433,247
TietoEVRY Oyj
 
31,843
759,658
Tokmanni Group Corp.
 
21,697
262,451
UPM-Kymmene Corp.
 
179,815
6,025,881
Uponor Oyj
 
26,301
349,332
Valmet Corp.
 
57,444
1,307,391
Wartsila Corp.
 
163,626
1,115,753
YIT OYJ
 
65,895
165,276
TOTAL FINLAND
 
 
66,769,171
France - 6.2%
 
 
 
Accor SA (a)
 
57,641
1,381,163
Aeroports de Paris SA (a)
 
9,354
1,266,903
Air France KLM (Reg.) (a)
 
461,277
606,974
Air Liquide SA
 
175,582
22,968,542
ALD SA (c)(d)
 
32,075
342,340
Alstom SA
 
106,089
2,183,444
Altarea SCA (c)
 
1,443
192,231
ALTEN
 
9,924
1,160,215
Amundi SA (d)
 
19,539
922,604
Antin Infrastructure Partners SA
 
12,068
262,615
Arkema SA
 
20,078
1,589,748
Atos SE (a)(c)
 
33,678
328,829
AXA SA
 
626,354
15,467,754
Beneteau SA
 
14,177
157,197
BIC SA
 
8,940
513,311
bioMerieux SA
 
14,261
1,261,926
BNP Paribas SA
 
372,599
17,472,628
Boiron SA
 
3,954
180,528
Bollore SA
 
282,033
1,411,712
Bonduelle SCA
 
8,084
93,951
Bouygues SA
 
75,186
2,145,145
Bureau Veritas SA
 
99,733
2,470,928
Capgemini SA
 
54,973
9,009,572
Carmila SA
 
20,433
285,932
Carrefour SA
 
203,487
3,275,216
Casino Guichard Perrachon SA (a)(c)
 
19,278
185,561
CGG SA (a)
 
250,941
213,026
Chargeurs SA (c)
 
9,139
120,843
Coface SA
 
40,264
448,443
Compagnie de St. Gobain
 
168,435
6,885,786
Compagnie Generale des Etablissements Michelin SCA Series B
 
226,593
5,774,510
Compagnie Plastic Omnium SA
 
20,842
292,273
Covivio
 
16,479
882,667
Credit Agricole SA
 
396,574
3,598,378
Danone SA
 
214,426
10,656,869
Dassault Aviation SA
 
8,537
1,268,878
Dassault Systemes SA
 
222,106
7,444,722
Derichebourg
 
37,238
162,732
Edenred SA
 
83,028
4,263,444
Eiffage SA
 
27,828
2,517,443
Electricite de France SA
 
186,930
2,207,566
Elior SA (a)(c)(d)
 
61,863
137,556
Elis SA
 
66,405
761,903
Engie SA
 
610,785
7,936,153
Eramet SA
 
3,598
235,922
Esker SA
 
1,973
259,131
EssilorLuxottica SA
 
96,960
15,364,853
Eurazeo SA
 
14,514
829,052
Euroapi SASU (a)
 
23,237
406,577
Eutelsat Communications (c)
 
58,209
584,454
Faurecia SA (a)
 
53,917
805,646
Fnac Darty SA
 
6,694
206,928
Gaztransport et Technigaz SA
 
8,823
1,026,265
Gecina SA
 
15,112
1,347,833
Getlink SE
 
143,562
2,274,259
Hermes International SCA
 
10,636
13,774,701
ICADE
 
11,216
417,431
ID Logistics Group (a)
 
1,132
304,286
Imerys SA
 
13,920
570,342
Interparfums SA
 
7,441
358,854
Ipsen SA
 
12,785
1,314,017
Ipsos SA
 
13,471
652,323
JCDecaux SA (a)
 
21,684
273,651
Kaufman & Broad SA
 
5,799
140,979
Kering SA
 
24,961
11,431,172
Klepierre SA
 
71,736
1,442,675
Korian SA
 
26,957
254,681
L'Oreal SA
 
81,112
25,469,524
La Francaise des Jeux SAEM (d)
 
36,789
1,199,772
Legrand SA
 
90,312
6,882,199
LISI
 
7,750
153,026
LVMH Moet Hennessy Louis Vuitton SE
 
93,202
58,809,986
Maisons du Monde SA (d)
 
12,649
124,004
Mercialys SA
 
30,370
263,065
Mersen SA
 
9,207
298,441
Neoen SA (d)
 
17,455
609,267
Nexans SA
 
8,754
818,398
Nexity
 
14,813
296,878
Orange SA
 
664,768
6,333,853
Orpea (a)(c)
 
18,039
146,396
Pernod Ricard SA
 
70,503
12,381,175
Peugeot Invest
 
1,998
164,675
Publicis Groupe SA
 
76,626
4,291,393
Quadient SA
 
13,105
184,422
Remy Cointreau SA
 
7,915
1,213,192
Renault SA (a)
 
64,154
1,976,184
Rexel SA
 
82,782
1,481,158
Rubis SCA
 
32,129
730,284
Safran SA
 
114,872
12,793,293
Sanofi SA
 
383,858
33,033,999
Sartorius Stedim Biotech
 
9,412
2,987,613
Schneider Electric SA
 
182,896
23,128,373
SCOR SE
 
51,905
780,968
SEB SA
 
8,409
547,642
SES-imagotag SA (a)
 
1,812
205,932
Societe Generale Series A
 
265,745
6,095,404
Sodexo SA
 
29,755
2,638,839
Soitec SA (a)
 
8,881
1,140,525
Somfy SA
 
2,759
293,926
Sopra Steria Group
 
5,360
709,801
SPIE SA
 
45,934
1,074,936
Technicolor Creative Studios (a)(c)
 
94,940
147,961
Teleperformance
 
19,849
5,321,760
Television Francaise 1 SA
 
15,595
98,943
Thales SA
 
35,949
4,570,497
TotalEnergies SE
 
835,825
45,597,068
Trigano SA
 
3,224
330,082
Ubisoft Entertainment SA (a)
 
31,495
864,339
Valeo SA
 
69,855
1,152,181
Vallourec SA (a)
 
33,231
353,857
Valneva SE (a)(c)
 
37,984
256,983
Vantiva SA (a)
 
94,940
70,603
Veolia Environnement SA
 
222,739
4,970,648
Verallia SA (d)
 
26,796
759,479
Vicat SA
 
9,264
212,399
VINCI SA
 
178,398
16,419,220
Virbac SA
 
1,443
353,659
Vivendi SA
 
233,390
1,910,293
Voltalia SA (a)
 
11,992
228,489
Wendel SA
 
9,343
732,194
Worldline SA (a)(d)
 
80,534
3,515,027
TOTAL FRANCE
 
 
494,110,418
Germany - 4.3%
 
 
 
1&1 AG
 
27,049
356,594
Aareal Bank AG (a)
 
20,889
660,594
Adesso AG
 
1,325
131,205
adidas AG
 
57,594
5,622,045
Aixtron AG
 
39,058
960,731
Allianz SE
 
136,420
24,542,574
Amadeus Fire AG
 
2,392
241,590
AURELIUS AG
 
12,349
261,408
Aurubis AG
 
10,841
684,814
Auto1 Group SE (a)(d)
 
30,684
206,654
BASF AG
 
308,983
13,864,277
Bayer AG
 
330,598
17,383,198
Bayerische Motoren Werke AG (BMW)
 
89,646
7,036,489
BayWa AG
 
6,918
312,096
Bechtle AG
 
28,172
974,434
Befesa SA (d)
 
15,195
527,678
Beiersdorf AG
 
33,620
3,227,359
Bilfinger Berger AG (c)
 
11,180
311,572
Borussia Dortmund GmbH & Co. KGaA (a)(c)
 
32,518
120,510
Brenntag SE
 
51,334
3,114,760
CANCOM AG
 
13,983
346,020
Carl Zeiss Meditec AG
 
13,561
1,642,373
CECONOMY AG (c)
 
61,062
99,508
Cewe Stiftung & Co. KGAA
 
3,508
274,916
Commerzbank AG (a)
 
358,571
2,868,881
CompuGroup Medical AG
 
9,178
290,245
Continental AG
 
36,732
1,902,559
Covestro AG (d)
 
65,742
2,231,680
CTS Eventim AG (a)
 
21,475
1,025,904
Daimler Truck Holding AG (a)
 
149,699
3,994,381
Delivery Hero AG (a)(d)
 
54,678
1,799,394
Dermapharm Holding SE
 
6,635
252,446
Deutsche Bank AG
 
692,138
6,607,492
Deutsche Beteiligungs AG (c)
 
6,402
162,282
Deutsche Borse AG
 
63,636
10,348,472
Deutsche EuroShop AG (c)
 
6,500
139,393
Deutsche Lufthansa AG (a)
 
199,373
1,363,115
Deutsche Pfandbriefbank AG (d)
 
50,979
380,117
Deutsche Post AG
 
334,264
11,816,175
Deutsche Telekom AG
 
1,082,878
20,439,863
Deutz AG
 
49,613
187,491
DIC Asset AG
 
29,110
200,800
Draegerwerk AG & Co. KGaA
 
423
15,279
Duerr AG
 
19,386
513,057
E.ON SE
 
745,339
6,241,464
Eckert & Ziegler Strahlen-und Medizintechnik AG
 
5,547
219,492
ELMOS Semiconductor AG
 
3,634
166,098
Encavis AG (c)
 
41,926
781,019
Energiekontor AG
 
2,635
234,103
Evonik Industries AG
 
72,075
1,328,761
Evotec OAI AG (a)
 
48,350
922,907
Fielmann AG
 
10,278
327,672
Flatex AG (a)(c)
 
29,651
259,562
Fraport AG Frankfurt Airport Services Worldwide (a)
 
12,091
466,486
Freenet AG
 
41,306
812,739
Fresenius Medical Care AG & Co. KGaA
 
68,376
1,891,321
Fresenius SE & Co. KGaA
 
139,111
3,201,384
GEA Group AG
 
49,754
1,740,596
Gerresheimer AG
 
10,919
625,861
GFT Technologies AG
 
6,726
219,682
Grenkeleasing AG
 
10,423
212,603
Hamborner (REIT) AG
 
37,362
266,584
Hamburger Hafen und Logistik AG (c)
 
9,565
112,108
Hannover Reuck SE
 
20,283
3,303,362
HeidelbergCement AG
 
49,176
2,261,447
Heidelberger Druckmaschinen AG (a)(c)
 
105,172
145,303
HelloFresh AG (a)
 
55,918
1,119,587
Henkel AG & Co. KGaA
 
44,554
2,615,548
Hensoldt AG
 
13,516
317,901
Hochtief AG
 
9,585
509,614
Hornbach Holding AG & Co. KGaA
 
3,356
228,843
Hugo Boss AG
 
20,257
933,685
Hypoport AG (a)
 
1,449
141,765
INDUS Holding AG (c)
 
9,410
185,803
Infineon Technologies AG
 
438,330
10,636,289
Instone Real Estate Group BV (c)(d)
 
22,022
160,395
Jenoptik AG
 
20,284
445,415
JOST Werke AG (d)
 
6,321
269,859
K+S AG
 
64,718
1,430,091
KION Group AG
 
23,726
526,013
Kloeckner & Co. AG (c)
 
27,553
216,064
Knorr-Bremse AG
 
24,041
1,082,344
Krones AG
 
6,313
584,890
KWS Saat AG
 
5,912
343,541
Lanxess AG
 
28,373
960,357
LEG Immobilien AG
 
23,694
1,548,239
Mercedes-Benz Group AG (Germany)
 
266,235
15,410,105
Merck KGaA
 
43,114
7,026,079
Metro Wholesale & Food Specialist AG (a)
 
48,457
370,171
Morphosys AG (a)(c)
 
13,570
256,879
MTU Aero Engines AG
 
17,899
3,206,074
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
46,946
12,392,620
Nagarro SE (a)(c)
 
3,165
315,283
Nemetschek SE
 
19,046
910,242
Nordex SE (a)(c)
 
44,498
415,917
NORMA Group AG
 
11,724
185,959
Patrizia Immobilien AG
 
16,899
124,084
Pfeiffer Vacuum Technology AG
 
1,273
179,900
ProSiebenSat.1 Media AG
 
59,809
406,651
Puma AG
 
35,403
1,567,768
PVA TePla AG (a)(c)
 
10,411
174,907
Rational AG
 
1,737
980,173
Rheinmetall AG
 
14,654
2,382,259
RWE AG
 
216,660
8,348,314
Salzgitter AG (c)
 
11,124
248,888
SAP SE
 
348,701
33,563,475
Schaeffler AG (c)
 
63,424
326,243
Scout24 AG (d)
 
27,266
1,397,939
secunet Security Network AG (c)
 
639
140,191
Shop Apotheke Europe NV (a)(d)
 
5,079
210,561
Siemens AG
 
257,212
28,089,874
Siemens Energy AG
 
145,883
1,703,355
Siemens Healthineers AG (d)
 
94,135
4,312,567
Siltronic AG
 
5,594
348,557
Sixt SE
 
6,034
566,495
SMA Solar Technology AG (a)(c)
 
3,663
177,523
Software AG (Bearer) (c)
 
16,856
369,473
Stabilus Se
 
10,001
549,028
STRATEC Biomedical Systems AG (c)
 
3,246
272,347
Stroeer SE & Co. KGaA
 
16,141
658,152
Suedzucker AG (Bearer)
 
32,964
420,239
Symrise AG
 
44,482
4,540,392
Synlab AG
 
24,154
311,029
TAG Immobilien AG
 
62,742
393,420
Takkt AG (c)
 
10,011
129,603
TeamViewer AG (a)(d)
 
50,744
488,138
Telefonica Deutschland Holding AG
 
345,348
752,886
Thyssenkrupp AG (a)
 
158,289
834,080
TUI AG (GB) (a)(c)
 
404,932
612,048
Uniper SE (c)
 
33,212
99,516
United Internet AG
 
33,291
622,629
Varta AG (c)
 
6,603
177,296
VERBIO Vereinigte BioEnergie AG
 
7,486
589,624
Vitesco Technologies Group AG (a)
 
6,461
346,072
Volkswagen AG
 
11,334
1,937,343
Vonovia SE
 
238,790
5,279,794
Vossloh AG
 
8,260
297,131
Wacker Construction Equipment AG
 
10,270
162,085
Wuestenrot & Wuerttembergische AG
 
15,478
218,429
Zalando SE (a)(d)
 
74,587
1,719,096
TOTAL GERMANY
 
 
346,958,125
Gibraltar - 0.0%
 
 
 
888 Holdings PLC
 
146,155
155,543
Greece - 0.1%
 
 
 
Alpha Bank SA (a)
 
722,573
669,810
Eurobank Ergasias Services and Holdings SA (a)
 
825,362
815,664
Ff Group (a)(b)
 
881
1,045
GEK Terna Holding Real Estate Construction SA
 
17,635
167,830
Hellenic Telecommunications Organization SA
 
65,352
1,026,887
Holding Co. ADMIE IPTO SA
 
49,556
82,080
Jumbo SA
 
36,450
518,352
Motor Oil (HELLAS) Corinth Refineries SA
 
20,781
356,930
Mytilineos SA
 
32,936
552,682
National Bank of Greece SA (a)
 
187,994
681,831
OPAP SA
 
65,468
802,265
Piraeus Financial Holdings SA (a)
 
312,150
384,986
Public Power Corp. of Greece (a)
 
69,031
435,925
Terna Energy SA
 
20,617
383,453
TOTAL GREECE
 
 
6,879,740
Hong Kong - 1.4%
 
 
 
AIA Group Ltd.
 
4,068,000
30,814,262
Bank of East Asia Ltd.
 
591,581
566,737
Beijing Enterprises Holdings Ltd.
 
175,000
444,096
BOC Hong Kong (Holdings) Ltd.
 
1,251,000
3,888,632
BYD Electronic International Co. Ltd. (c)
 
232,500
675,317
Champion (REIT)
 
964,000
288,599
China Everbright International Ltd.
 
1,361,370
452,654
China Everbright Ltd.
 
412,000
217,294
China Jinmao Holdings Group Ltd.
 
2,050,000
271,604
China Merchants Holdings International Co. Ltd.
 
467,718
548,178
China Nonferrous Mining Co. Ltd.
 
589,000
213,850
China Overseas Grand Oceans Group Ltd.
 
793,034
224,282
China Overseas Land and Investment Ltd.
 
1,302,000
2,484,692
China Power International Development Ltd.
 
1,886,042
545,415
China Resources Beer Holdings Co. Ltd.
 
556,666
2,623,893
China Resources Power Holdings Co. Ltd.
 
672,000
977,654
China South City Holdings Ltd.
 
1,980,000
94,590
China Taiping Insurance Group Ltd.
 
608,200
421,498
China Tobacco International Co. Ltd.
 
126,000
121,351
China Traditional Chinese Medicine Holdings Co. Ltd.
 
1,040,000
449,141
CITIC 1616 Holdings Ltd.
 
794,000
234,670
CITIC Pacific Ltd.
 
1,976,000
1,769,669
CLP Holdings Ltd.
 
552,000
3,704,917
CSPC Pharmaceutical Group Ltd.
 
3,085,600
3,169,411
Dah Sing Banking Group Ltd.
 
242,000
144,282
Dah Sing Financial Holdings Ltd.
 
74,800
148,082
Everest Medicines Ltd. (a)(d)
 
70,500
55,504
Far East Horizon Ltd.
 
571,000
440,817
Fortune (REIT)
 
540,000
344,652
Fosun International Ltd.
 
913,000
558,292
Galaxy Entertainment Group Ltd.
 
744,000
3,397,909
Ganfeng Lithium Group Co. Ltd. (H Shares) (d)
 
61,800
418,054
Genertec Universal Medical Group Co. Ltd. (d)
 
542,500
226,685
Guangdong Investment Ltd.
 
1,104,000
696,184
Hang Lung Group Ltd.
 
275,000
356,640
Hang Lung Properties Ltd.
 
689,000
866,737
Hang Seng Bank Ltd.
 
259,700
3,656,002
Henderson Land Development Co. Ltd.
 
451,345
1,105,010
Hong Kong & China Gas Co. Ltd.
 
3,665,038
2,824,900
Hong Kong Exchanges and Clearing Ltd.
 
406,874
10,799,908
Hong Kong Television Network Ltd.
 
269,000
140,503
Hua Hong Semiconductor Ltd. (a)(d)
 
215,000
503,424
Hysan Development Co. Ltd.
 
206,000
449,284
Lenovo Group Ltd.
 
2,502,000
2,001,689
Link (REIT)
 
708,578
4,188,469
Melco International Development Ltd. (a)
 
270,000
141,025
MMG Ltd. (a)
 
1,076,000
212,468
MTR Corp. Ltd.
 
511,028
2,249,274
New World Development Co. Ltd.
 
504,822
1,032,841
PCCW Ltd.
 
1,551,886
593,104
Poly Property Group Co. Ltd.
 
848,327
132,929
Power Assets Holdings Ltd.
 
468,000
2,238,750
Shanghai Industrial Holdings Ltd.
 
194,000
189,313
Shenzhen Investment Ltd.
 
1,094,810
149,236
Shougang Fushan Resources Group Ltd.
 
756,335
205,231
Sino Land Ltd.
 
1,166,350
1,246,639
Sino-Ocean Group Holding Ltd.
 
1,241,000
82,210
Sinotruk Hong Kong Ltd.
 
269,000
239,883
SJM Holdings Ltd. (a)(c)
 
1,072,250
334,666
Sun Hung Kai Properties Ltd.
 
477,000
5,125,996
Sunlight (REIT)
 
436,000
138,860
Swire Pacific Ltd. (A Shares)
 
169,000
1,118,464
Swire Properties Ltd.
 
372,800
716,188
Techtronic Industries Co. Ltd.
 
465,500
4,407,712
Vitasoy International Holdings Ltd. (a)
 
316,000
539,438
Wharf Holdings Ltd.
 
412,000
1,178,320
Yuexiu (REIT)
 
1,028,000
176,798
Yuexiu Property Co. Ltd.
 
508,400
433,940
TOTAL HONG KONG
 
 
111,408,718
Hungary - 0.0%
 
 
 
Magyar Telekom PLC
 
169,238
121,331
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
134,174
804,524
OTP Bank PLC
 
74,621
1,626,551
Richter Gedeon PLC
 
50,382
994,827
TOTAL HUNGARY
 
 
3,547,233
India - 4.7%
 
 
 
3M India Ltd. (a)
 
1,170
329,153
Aarti Industries Ltd.
 
95,921
810,079
Aarti Pharmalabs Ltd. (a)(b)
 
23,980
109,848
Aavas Financiers Ltd. (a)
 
21,384
521,503
ACC Ltd.
 
30,719
887,021
Adani Enterprises Ltd.
 
98,207
3,971,286
Adani Green Energy Ltd. (a)
 
107,785
2,738,114
Adani Ports & Special Economic Zone Ltd.
 
180,382
1,794,559
Adani Power Ltd. (a)
 
266,876
1,079,690
Adani Total Gas Ltd.
 
92,861
4,041,607
Adani Transmissions Ltd. (a)
 
94,490
3,822,405
Aditya Birla Capital Ltd. (a)
 
218,689
308,695
Aditya Birla Fashion and Retail Ltd. (a)
 
133,189
569,408
Affle (India) Ltd. (a)
 
20,721
288,988
AIA Engineering Ltd.
 
17,884
579,372
Ajanta Pharma Ltd.
 
20,293
317,449
Alembic Pharmaceuticals Ltd.
 
40,230
267,341
Alkyl Amines Chemicals
 
6,901
246,191
Alok Industries Ltd. (a)
 
605,923
113,455
Amara Raja Batteries Ltd.
 
70,250
435,392
Amber Enterprises India Ltd. (a)
 
7,740
193,084
Ambuja Cements Ltd.
 
215,977
1,390,492
Angel One Ltd.
 
10,681
206,788
APL Apollo Tubes Ltd.
 
51,552
671,926
Apollo Hospitals Enterprise Ltd.
 
34,889
1,903,975
Apollo Tyres Ltd.
 
129,115
453,415
Aptus Value Housing Finance India Ltd. (a)
 
51,277
195,556
Ashok Leyland Ltd.
 
512,034
948,234
Asian Paints Ltd.
 
130,342
4,893,257
Astral Poly Technik Ltd.
 
31,749
779,016
Atul Ltd.
 
5,870
593,758
AU Small Finance Bank Ltd. (d)
 
81,365
579,473
Aurobindo Pharma Ltd.
 
100,029
650,285
Avenue Supermarts Ltd. (a)(d)
 
55,648
2,904,680
Axis Bank Ltd.
 
775,518
8,487,791
Bajaj Auto Ltd.
 
22,748
1,009,027
Bajaj Electricals Ltd.
 
20,024
282,786
Bajaj Finance Ltd.
 
92,270
7,963,108
Bajaj Finserv Ltd.
 
129,695
2,643,879
Balkrishna Industries Ltd.
 
28,804
682,955
Balrampur Chini Mills Ltd.
 
51,643
197,108
Bandhan Bank Ltd. (a)(d)
 
231,001
665,684
Bata India Ltd.
 
20,373
449,976
Bayer CropScience Ltd.
 
5,644
318,980
Beml Land Assets Ltd. (b)
 
9,676
43,827
Beml Ltd.
 
9,676
184,227
Berger Paints India Ltd.
 
91,147
645,010
Bharat Electronics Ltd.
 
1,287,235
1,661,525
Bharat Forge Ltd.
 
91,273
919,787
Bharat Heavy Electricals Ltd.
 
402,764
360,288
Bharat Petroleum Corp. Ltd.
 
298,760
1,095,898
Bharti Airtel Ltd.
 
747,705
7,514,986
Biocon Ltd.
 
157,796
514,391
Birlasoft Ltd.
 
68,426
223,885
Blue Star Ltd.
 
27,676
413,284
Brigade Enterprises Ltd.
 
48,829
294,667
Brightcom Group Ltd.
 
367,641
146,781
Britannia Industries Ltd.
 
37,958
1,727,117
BSE Ltd.
 
26,867
191,522
Canara Bank Ltd.
 
136,957
480,458
Carborundum Universal Ltd.
 
41,384
422,864
Central Depository Services (India) Ltd.
 
25,948
383,531
CESC Ltd. GDR
 
336,184
311,695
Cg Power & Industrial Soluti (a)
 
209,406
657,714
Chambal Fertilizers & Chemicals Ltd.
 
67,463
266,005
Cholamandalam Financial Holdings Ltd.
 
42,001
318,762
Cholamandalam Investment and Finance Co. Ltd.
 
142,692
1,222,742
Cipla Ltd./India
 
169,307
2,387,642
City Union Bank Ltd.
 
155,095
348,486
Coal India Ltd.
 
532,135
1,581,041
Coforge Ltd.
 
12,022
553,262
Colgate-Palmolive Ltd.
 
49,426
974,280
Computer Age Management Services Private Ltd.
 
11,312
348,345
Container Corp. of India Ltd.
 
96,737
932,546
Coromandel International Ltd.
 
48,226
560,646
CreditAccess Grameen Ltd. (a)
 
18,148
213,795
CRISIL Ltd.
 
5,802
210,114
Crompton Greaves Consumer Electricals Ltd.
 
210,070
919,405
Cummins India Ltd.
 
46,840
762,692
Cyient Ltd.
 
31,301
283,327
Dabur India Ltd.
 
225,003
1,507,721
Dalmia Bharat Ltd.
 
30,287
585,745
Deepak Fertilisers and Petrochemicals Corp. Ltd.
 
27,452
320,334
Deepak Nitrite Ltd.
 
25,804
721,299
Divi's Laboratories Ltd.
 
46,016
2,006,126
Dixon Technologies India Ltd.
 
10,836
591,228
DLF Ltd.
 
219,066
1,020,173
Dr Lal Pathlabs Ltd. (d)
 
13,694
423,996
Dr. Reddy's Laboratories Ltd.
 
41,727
2,245,961
Edelweiss Financial Services Ltd.
 
245,328
171,593
Eicher Motors Ltd.
 
50,500
2,348,970
Emami Ltd.
 
80,003
458,147
Embassy Office Parks (REIT)
 
153,045
636,695
Endurance Technologies Ltd. (d)
 
13,199
215,939
Exide Industries Ltd.
 
194,097
388,640
Federal Bank Ltd.
 
592,783
941,664
Fine Organic Industries Ltd.
 
3,236
224,433
Firstsource Solutions Ltd.
 
161,379
202,455
Fortis Healthcare Ltd. (a)
 
166,733
558,831
GAIL India Ltd.
 
804,956
887,805
GHCL Ltd.
 
29,413
229,729
Gillette India Ltd.
 
4,275
265,576
Glenmark Pharmaceuticals Ltd.
 
65,923
322,169
GMR Airports Infrastructure Ltd. (a)
 
839,875
379,963
Godrej Consumer Products Ltd. (a)
 
152,353
1,526,291
Godrej Industries Ltd. (a)
 
32,194
166,979
Godrej Properties Ltd. (a)
 
45,419
692,972
Granules India Ltd.
 
83,203
374,554
Grasim Industries Ltd.
 
95,811
1,992,725
Great Eastern Shipping Co. Ltd.
 
38,027
255,940
Grindwell Norton Ltd.
 
18,944
481,266
Gujarat Fluorochemicals Ltd.
 
10,317
472,472
Gujarat Gas Ltd.
 
77,864
487,802
Gujarat Narmada Valley Fertilizers Co.
 
30,577
261,943
Gujarat State Petronet Ltd.
 
110,430
301,688
Happiest Minds Technologies Ltd.
 
23,469
275,104
Havells India Ltd.
 
90,709
1,332,802
HCL Technologies Ltd.
 
370,547
4,660,486
HDFC Standard Life Insurance Co. Ltd. (d)
 
330,140
2,155,402
Hero Motocorp Ltd.
 
37,014
1,196,919
Hfcl Ltd. (a)
 
289,209
288,930
Hindalco Industries Ltd.
 
466,532
2,286,165
Hindustan Petroleum Corp. Ltd.
 
223,085
576,307
Hindustan Unilever Ltd.
 
279,258
8,604,776
Hitachi Energy India Ltd.
 
4,690
179,272
Housing Development Finance Corp. Ltd.
 
580,993
17,334,338
ICICI Bank Ltd.
 
1,742,148
19,154,950
ICICI Lombard General Insurance Co. Ltd. (d)
 
85,850
1,213,339
ICICI Prudential Life Insurance Co. Ltd. (d)
 
132,443
812,049
ICICI Securities Ltd. (d)
 
36,539
227,916
IDFC Bank Ltd. (a)
 
1,127,726
764,260
IDFC Ltd.
 
486,656
455,321
Iifl Finance Ltd.
 
78,728
399,346
IIFL Wealth Management Ltd.
 
14,227
304,442
India Cements Ltd./The
 
73,489
214,040
Indiabulls Housing Finance Ltd. (a)
 
136,227
212,865
Indiabulls Real Estate Ltd. (a)
 
227,831
214,125
IndiaMart InterMesh Ltd. (d)
 
5,572
309,055
Indian Energy Exchange Ltd. (d)
 
191,230
323,183
Indian Oil Corp. Ltd.
 
1,020,821
841,641
Indian Railway Catering & Tourism Corp. Ltd.
 
91,888
822,752
Indraprastha Gas Ltd.
 
138,928
718,723
Indus Towers Ltd.
 
252,286
565,343
Info Edge India Ltd.
 
25,019
1,185,274
Infosys Ltd.
 
1,137,562
21,130,372
Intellect Design Arena Ltd.
 
31,966
166,665
InterGlobe Aviation Ltd. (a)(d)
 
34,062
733,127
Ipca Laboratories Ltd.
 
56,027
612,588
ITC Ltd.
 
996,196
4,196,346
Jindal Steel & Power Ltd.
 
148,149
822,980
JK Cement Ltd.
 
15,335
502,519
JSW Steel Ltd. (a)
 
248,500
2,023,153
Jubilant Foodworks Ltd.
 
141,480
1,042,471
Kajaria Ceramics Ltd.
 
30,490
398,252
Kansai Nerolac Paints Ltd.
 
55,259
324,425
KEC International Ltd.
 
52,910
281,232
KEI Industries Ltd.
 
23,482
458,180
Kotak Mahindra Bank Ltd.
 
189,728
4,359,183
KPIT Technologies Ltd.
 
61,988
531,106
KPR Mill Ltd.
 
35,682
237,894
L&T Finance Holdings Ltd.
 
430,977
422,230
Larsen & Toubro Infotech Ltd. (d)
 
18,595
1,064,720
Larsen & Toubro Ltd.
 
236,263
5,774,144
Laurus Labs Ltd. (d)
 
128,433
705,233
LIC Housing Finance Ltd.
 
120,828
591,587
Linde India Ltd.
 
8,164
302,940
Lupin Ltd.
 
74,762
631,295
Mahanagar Gas Ltd.
 
21,960
228,580
Mahindra & Mahindra Financial Services Ltd.
 
290,914
709,889
Mahindra & Mahindra Ltd.
 
291,024
4,741,181
Mahindra Lifespace Developers Ltd.
 
34,444
166,977
Manappuram General Finance & Leasing Ltd.
 
223,324
284,078
Marico Ltd.
 
186,705
1,183,089
Maruti Suzuki India Ltd.
 
40,308
4,639,267
Max Financial Services Ltd. (a)
 
83,370
713,097
Max Healthcare Institute Ltd. (a)
 
261,400
1,440,889
Metropolis Healthcare Ltd. (d)
 
11,494
234,906
MindTree Consulting Ltd.
 
21,459
882,352
Motherson Sumi Wiring India Ltd.
 
468,143
494,836
Mphasis BFL Ltd.
 
31,016
741,304
MRF Ltd.
 
688
754,381
Multi Commodity Exchange of India Ltd.
 
13,661
253,540
Muthoot Finance Ltd.
 
43,890
553,238
Narayana Hrudayalaya Ltd.
 
37,325
356,860
Natco Pharma Ltd.
 
34,768
252,318
National Aluminium Co. Ltd.
 
388,740
329,664
Navin Fluorine International Ltd.
 
11,945
656,809
Nestle India Ltd.
 
11,642
2,863,864
NIIT Ltd.
 
35,158
118,475
Nippon Life India Asset Management Ltd. (d)
 
65,535
214,149
NTPC Ltd.
 
1,358,078
2,839,856
Oberoi Realty Ltd.
 
48,386
540,470
Oil & Natural Gas Corp. Ltd.
 
856,248
1,386,567
Oil India Ltd.
 
102,706
239,457
Oracle Financial Services Soft
 
9,630
338,859
Page Industries Ltd.
 
2,382
1,432,096
PB Fintech Ltd.
 
49,226
229,569
Persistent Systems Ltd.
 
18,104
807,671
Petronet LNG Ltd.
 
277,412
688,838
Phoenix Mills Ltd.
 
35,900
619,229
PI Industries Ltd.
 
27,755
1,086,981
Pidilite Industries Ltd.
 
52,955
1,653,260
Piramal Enterprises Ltd.
 
47,080
483,085
Piramal Pharma Ltd. (a)
 
188,320
375,139
Polycab India Ltd.
 
18,739
628,734
Poonawalla Fincorp Ltd.
 
84,563
321,172
Power Grid Corp. of India Ltd.
 
1,109,346
3,057,469
Prestige Estates Projs. Ltd.
 
55,915
298,556
Procter & Gamble Health Ltd.
 
5,164
251,578
PVR Ltd. (a)
 
21,842
468,344
Quess Corp. Ltd. (d)
 
36,231
241,949
Radico Khaitan Ltd.
 
32,365
407,338
Rajesh Exports Ltd.
 
30,685
256,363
Ratnamani Metals & Tubes Ltd.
 
13,194
328,559
RBL Bank Ltd. (a)(d)
 
215,156
351,272
REC Ltd.
 
445,649
552,081
Redington (India) Ltd.
 
211,597
349,424
Reliance Industries Ltd.
 
1,027,369
31,642,667
Reliance Power Ltd. (a)
 
1,259,948
245,049
Route Mobile Ltd.
 
11,154
176,520
Samvardhana Motherson International Ltd.
 
964,815
751,758
Sanofi India Ltd.
 
3,826
259,415
SBI Cards & Payment Services Ltd.
 
83,779
836,626
SBI Life Insurance Co. Ltd. (d)
 
156,730
2,396,863
Schaeffler India Ltd.
 
17,147
570,586
Sheela Foam Private Ltd. (a)
 
7,431
249,295
Shree Cement Ltd.
 
3,940
1,082,358
Shree Renuka Sugars Ltd. (a)
 
255,554
166,860
Shriram Transport Finance Co. Ltd.
 
66,036
980,529
Siemens Ltd.
 
26,093
922,175
SKF India Ltd.
 
10,043
533,621
Solar Industries India Ltd.
 
10,527
496,192
Sonata Software Ltd.
 
45,114
285,273
SRF Ltd.
 
51,992
1,607,023
State Bank of India
 
612,222
4,243,694
Sun Pharmaceutical Industries Ltd.
 
329,881
4,052,380
Sun TV Ltd.
 
49,788
314,468
Sundram Fasteners Ltd.
 
39,345
445,091
Supreme Industries Ltd.
 
24,818
650,671
Suven Pharmaceuticals Ltd.
 
44,726
215,228
Suzlon Energy Ltd. (a)
 
2,118,445
203,451
Syngene International Ltd. (d)
 
50,316
383,722
Tanla Solutions Ltd.
 
24,240
217,290
Tata Chemicals Ltd.
 
55,237
755,889
Tata Communications Ltd.
 
43,092
655,360
Tata Consultancy Services Ltd.
 
308,602
11,903,992
Tata Consumer Products Ltd.
 
194,146
1,806,252
Tata Elxsi Ltd.
 
11,749
992,924
Tata Investment Corp. Ltd.
 
6,516
184,692
Tata Motors Ltd. (a)
 
554,120
2,774,309
Tata Power Co. Ltd./The
 
507,650
1,385,950
Tata Steel Ltd.
 
2,505,247
3,073,301
Tata Teleservices (Maharashtra) Ltd. (a)
 
176,694
217,612
Tech Mahindra Ltd.
 
199,590
2,563,953
Tejas Networks Ltd. (a)(d)
 
25,086
207,949
The Indian Hotels Co. Ltd.
 
280,747
1,132,077
The Ramco Cements Ltd.
 
59,911
522,394
Thermax Ltd.
 
15,402
404,112
Timken India Ltd.
 
10,046
364,140
Titan Co. Ltd.
 
120,999
4,036,467
Torrent Pharmaceuticals Ltd.
 
38,996
777,282
Torrent Power Ltd.
 
91,232
555,845
Trent Ltd.
 
65,585
1,210,526
Trident Ltd.
 
502,647
214,041
TTK Prestige Ltd.
 
19,330
217,468
Tube Investments of India Ltd.
 
37,531
1,243,741
Tvs Motor Co. Ltd.
 
67,323
932,055
Ultratech Cement Ltd.
 
35,352
2,867,684
United Spirits Ltd. (a)
 
107,805
1,167,323
Uno Minda Ltd.
 
63,599
412,341
UPL Ltd.
 
175,467
1,547,789
Vardhman Textiles Ltd.
 
44,534
181,057
Vedanta Ltd.
 
266,389
903,624
Vinati Organics Ltd.
 
12,892
297,047
Vodafone Idea Ltd. (a)
 
3,859,769
398,659
Voltas Ltd.
 
79,890
845,610
Whirlpool of India Ltd.
 
14,163
269,547
Wipro Ltd.
 
468,053
2,190,165
Yes Bank Ltd. (a)
 
4,074,918
765,462
Yes Bank Ltd. (a)
 
207,098
35,013
Zee Entertainment Enterprises Ltd.
 
303,552
962,397
Zensar Technologies Ltd.
 
50,705
136,839
Zomato Ltd. (a)
 
808,386
616,201
TOTAL INDIA
 
 
380,690,480
Indonesia - 0.6%
 
 
 
PT ACE Hardware Indonesia Tbk
 
3,247,100
117,622
PT Adaro Energy Tbk
 
4,937,400
1,259,872
PT Adaro Minerals Indonesia Tbk
 
2,914,000
323,207
PT AKR Corporindo Tbk
 
3,056,100
305,659
PT Aneka Tambang Tbk
 
3,275,800
387,488
PT Astra International Tbk
 
6,748,500
2,877,226
PT Bank Aladin Syariah Tbk (a)
 
2,053,700
173,802
PT Bank BTPN Syariah Tbk
 
1,059,800
200,443
PT Bank Central Asia Tbk
 
18,740,700
10,573,371
PT Bank Jago Tbk (a)
 
1,432,800
468,490
PT Bank Mandiri (Persero) Tbk
 
6,341,000
4,288,992
PT Bank Negara Indonesia (Persero) Tbk
 
2,578,100
1,553,720
PT Bank Neo Commerce Tbk (a)
 
1,669,700
95,274
PT Bank Rakyat Indonesia (Persero) Tbk
 
23,062,071
6,875,373
PT Bank Tabungan Negara Tbk
 
2,670,500
264,525
PT Barito Pacific Tbk
 
10,036,700
530,872
PT Berkah Beton Sadaya Tbk
 
1,433,500
372,218
PT BFI Finance Indonesia Tbk
 
2,856,900
202,396
PT Bukit Asam Tbk
 
1,438,500
360,605
PT Bumi Resources Minerals Tbk (a)
 
15,469,700
179,517
PT Bumi Serpong Damai Tbk (a)
 
3,101,700
184,939
PT Charoen Pokphand Indonesia Tbk
 
2,893,700
1,034,293
PT Ciputra Development Tbk
 
3,618,000
218,043
PT Gudang Garam Tbk
 
174,500
269,623
PT Hanson International Tbk (a)(b)
 
3,268,900
10,479
PT Indah Kiat Pulp & Paper Tbk
 
966,900
595,111
PT Indo Tambangraya Megah Tbk
 
146,100
421,978
PT Indocement Tunggal Prakarsa Tbk
 
562,700
334,608
PT Indofood CBP Sukses Makmur Tbk
 
872,800
544,188
PT Indofood Sukses Makmur Tbk
 
1,639,200
677,855
PT Inti Agriculture Resources Tbk (a)(b)
 
1,180,800
3,785
PT Jasa Marga Tbk (a)
 
863,796
188,847
PT Kalbe Farma Tbk
 
7,745,200
1,017,962
PT M Cash Integrasi Tbk (a)
 
170,800
119,360
PT Matahari Department Store Tbk
 
513,100
153,626
PT Medco Energi International Tbk
 
3,517,600
260,479
PT Media Nusantara Citra Tbk (a)
 
2,782,700
146,294
PT Medikaloka Hermina Tbk
 
2,490,500
237,913
PT Merdeka Copper Gold Tbk (a)
 
4,171,925
1,008,377
PT Metro Healthcare Indonesia Tbk (a)
 
7,426,100
242,815
PT Mitra Adiperkasa Tbk (a)
 
3,355,900
259,263
PT Pabrik Kertas Tjiwi Kimia Tbk
 
568,500
284,296
PT Pakuwon Jati Tbk
 
6,812,100
191,293
PT Panin Financial Tbk
 
5,298,300
215,703
PT Perusahaan Gas Negara Tbk Series B
 
3,749,900
474,823
PT Pool Advista Indonesia Tbk (a)(b)
 
184,900
593
PT Sarana Menara Nusantara Tbk
 
9,585,700
709,824
PT Semen Indonesia (Persero) Tbk
 
1,227,400
625,602
PT Smartfren Telecom Tbk (a)
 
37,864,300
189,352
PT Sugih Energy Tbk (a)(b)
 
40,500
130
PT Sumber Alfaria Trijaya Tbk
 
5,909,500
1,068,427
PT Summarecon Agung Tbk
 
6,089,200
230,334
PT Surya Citra Media Tbk
 
8,173,400
122,621
PT Surya Esa Perkasa Tbk
 
2,880,800
196,702
PT Telkom Indonesia Persero Tbk
 
16,842,900
4,730,344
PT Tower Bersama Infrastructure Tbk
 
2,242,870
353,740
PT Transcoal Pacific Tbk
 
392,800
258,761
PT Unilever Indonesia Tbk
 
2,649,200
788,093
PT United Tractors Tbk
 
576,200
1,193,221
PT Vale Indonesia Tbk (a)
 
917,000
382,145
PT XL Axiata Tbk
 
1,536,500
248,244
TOTAL INDONESIA
 
 
51,604,758
Ireland - 0.5%
 
 
 
AIB Group PLC
 
268,331
776,972
Bank of Ireland Group PLC
 
340,931
2,458,205
C&C Group PLC (United Kingdom) (a)
 
145,449
272,720
Cairn Homes PLC
 
283,912
274,965
CRH PLC
 
255,632
9,207,317
Dalata Hotel Group PLC (a)
 
64,629
207,257
DCC PLC (United Kingdom)
 
33,330
1,849,986
Flutter Entertainment PLC (a)
 
24,858
3,301,128
Flutter Entertainment PLC (Ireland) (a)
 
31,907
4,222,147
Glanbia PLC
 
62,876
726,384
Glenveagh Properties PLC (a)(d)
 
243,350
238,086
Grafton Group PLC unit
 
86,211
682,181
Greencore Group PLC (a)(c)
 
248,008
190,558
Irish Residential Properties REIT PLC
 
155,957
168,612
James Hardie Industries PLC CDI
 
151,671
3,311,430
Kerry Group PLC Class A
 
52,420
4,558,758
Kingspan Group PLC (Ireland)
 
51,789
2,615,323
Origin Enterprises PLC
 
51,948
192,516
Smurfit Kappa Group PLC
 
83,339
2,761,523
Uniphar PLC
 
76,328
264,009
TOTAL IRELAND
 
 
38,280,077
Isle of Man - 0.0%
 
 
 
Entain PLC
 
199,648
2,888,224
Kape Technologies PLC (a)
 
61,214
154,440
Playtech Ltd. (a)
 
79,616
473,866
Strix Group PLC (c)
 
75,682
93,735
TOTAL ISLE OF MAN
 
 
3,610,265
Israel - 0.8%
 
 
 
AFI Properties Ltd.
 
4,158
124,732
Airport City Ltd. (a)
 
23,680
392,371
Alony Hetz Properties & Investments Ltd.
 
51,372
603,342
Amot Investments Ltd.
 
83,109
503,327
Ashtrom Group Ltd.
 
17,167
373,845
AudioCodes Ltd.
 
10,696
218,427
Azrieli Group
 
14,503
1,075,756
Bank Hapoalim BM (Reg.)
 
431,568
4,164,783
Bank Leumi le-Israel BM
 
523,565
5,000,727
Bezeq The Israel Telecommunication Corp. Ltd.
 
763,537
1,352,242
Big Shopping Centers Ltd.
 
4,183
469,493
Camtek Ltd. (a)
 
11,230
254,153
Check Point Software Technologies Ltd. (a)
 
34,676
4,481,179
Clal Insurance Enterprises Holdings Ltd. (a)
 
23,699
409,185
Cognyte Software Ltd. (a)
 
28,232
76,791
CyberArk Software Ltd. (a)
 
13,959
2,190,307
Danel Adir Yeoshua Ltd.
 
2,144
248,770
Delek Group Ltd. (a)
 
3,211
491,253
Elbit Systems Ltd. (Israel)
 
9,187
1,859,473
Electra Israel Ltd.
 
839
488,529
Electra Real Estate Ltd.
 
12,438
152,943
Energix-Renewable Energies Ltd.
 
92,598
323,898
Enlight Renewable Energy Ltd. (a)
 
353,140
716,064
Equital Ltd. (a)
 
8,892
274,293
Fattal Holdings 1998 Ltd. (a)
 
2,618
266,353
First International Bank of Israel
 
20,895
902,963
Formula Systems (1985) Ltd.
 
3,752
304,743
Fox Wizel Ltd.
 
3,042
371,044
G City Ltd.
 
35,296
114,072
Harel Insurance Investments and Financial Services Ltd.
 
46,255
445,592
Hilan Ltd.
 
5,674
297,385
Icl Group Ltd.
 
242,140
2,187,349
InMode Ltd. (a)(c)
 
24,574
843,380
Isracard Ltd.
 
84,382
249,787
Israel Canada T.R Ltd.
 
64,732
186,856
Israel Corp. Ltd. (Class A)
 
1,391
602,686
Israel Discount Bank Ltd. (Class A)
 
431,608
2,457,572
Ituran Location & Control Ltd.
 
9,652
231,455
Kornit Digital Ltd. (a)
 
17,393
464,741
Matrix IT Ltd.
 
14,998
323,725
Maytronics Ltd.
 
20,969
226,333
Mega Or Holdings Ltd.
 
10,876
316,411
Melisron Ltd.
 
8,362
620,959
Migdal Insurance & Financial Holdings Ltd.
 
188,098
225,651
Mivne Real Estate KD Ltd.
 
213,733
665,354
Mizrahi Tefahot Bank Ltd.
 
53,197
2,012,831
Nano Dimension Ltd. ADR (a)(c)
 
93,713
232,408
Neto Malinda Trading Ltd. (a)
 
5,014
168,715
NICE Ltd. (a)
 
21,487
4,072,956
Nova Ltd. (a)
 
10,177
747,388
Oil Refineries Ltd.
 
756,442
282,150
OPC Energy Ltd. (a)
 
38,427
473,058
Partner Communications Co. Ltd. (a)
 
56,793
428,332
Paz Oil Co. Ltd. (a)
 
3,713
443,746
Perion Network Ltd. (a)
 
15,413
353,009
Plus500 Ltd.
 
34,525
714,659
RADA Electronic Industries Ltd. (a)(c)
 
17,714
203,711
Radware Ltd. (a)
 
15,914
366,340
Reit 1 Ltd.
 
90,098
472,986
Sella Capital Real Estate Ltd.
 
122,653
315,592
Shapir Engineering and Industry Ltd.
 
60,493
498,523
Shikun & Binui Ltd. (a)
 
95,416
378,850
Shufersal Ltd.
 
103,106
704,093
Strauss Group Ltd.
 
20,552
514,622
Summit Real Estate Holdings Ltd.
 
15,884
221,703
Teva Pharmaceutical Industries Ltd. sponsored ADR (a)
 
376,535
3,358,692
The Phoenix Holdings Ltd.
 
58,998
639,644
Tower Semiconductor Ltd. (a)
 
37,264
1,594,520
Tremor International Ltd. (a)
 
36,226
141,951
Wix.com Ltd. (a)
 
19,670
1,654,247
YH Dimri Construction & Development Ltd.
 
3,757
228,596
ZIM Integrated Shipping Services Ltd. (c)
 
28,923
679,401
TOTAL ISRAEL
 
 
60,453,017
Italy - 1.2%
 
 
 
A2A SpA
 
550,489
610,391
ACEA SpA
 
16,504
207,954
Amco - Asset Management Co. SpA Class B (a)(b)
 
141
0
Amplifon SpA
 
42,592
1,058,181
Anima Holding SpA (d)
 
102,476
317,589
Ascopiave SpA
 
78,844
186,613
Assicurazioni Generali SpA
 
371,847
5,580,351
Atlantia SpA
 
161,314
3,599,671
Autogrill SpA (a)
 
66,941
418,758
Azimut Holding SpA
 
41,811
673,511
Banca Generali SpA
 
23,020
688,400
Banca Mediolanum S.p.A.
 
93,459
700,095
Banca Popolare di Sondrio SCARL
 
180,242
646,591
Banco BPM SpA
 
498,746
1,508,723
BFF Bank SpA (d)
 
71,475
504,335
BPER Banca
 
380,959
704,964
Brembo SpA
 
55,201
577,164
Brunello Cucinelli SpA
 
12,252
710,136
Buzzi Unicem SpA
 
37,054
615,010
Carel Industries SpA (d)
 
14,513
316,252
CIR SpA (a)
 
309,618
130,806
Credito Emiliano SpA
 
43,402
257,352
De'Longhi SpA
 
29,406
507,687
DiaSorin SpA
 
8,671
1,133,694
Digital Bros SpA
 
5,416
127,707
Dovalue SpA (d)
 
31,044
178,860
El.En. Group SpA
 
19,014
232,627
Enav SpA (d)
 
91,020
351,707
Enel SpA
 
2,707,812
12,096,742
Eni SpA
 
839,393
11,024,365
ERG SpA
 
21,720
681,292
FinecoBank SpA
 
209,508
2,824,111
Gruppo MutuiOnline SpA
 
10,268
227,301
GVS SpA (a)(d)
 
24,631
126,333
Hera SpA
 
278,803
664,571
Illimity Bank SpA (a)
 
28,562
194,198
Infrastrutture Wireless Italiane SpA (d)
 
117,329
1,035,669
Interpump Group SpA
 
25,237
977,167
Intesa Sanpaolo SpA
 
5,518,140
10,520,502
Iren SpA
 
252,993
376,031
Italgas SpA
 
159,977
824,477
Italmobiliare SpA
 
4,894
125,023
Iveco Group NV (a)
 
77,880
420,998
Leonardo SpA
 
139,854
1,123,930
Maire Tecnimont SpA (c)
 
71,667
222,532
MARR SpA
 
20,959
220,798
Mediobanca SpA
 
208,512
1,890,001
Moncler SpA
 
69,192
2,987,478
Nexi SpA (a)(d)
 
178,491
1,546,973
OVS (d)
 
98,071
183,176
Piaggio & C SpA
 
83,956
215,721
Pirelli & C. SpA (d)
 
133,193
502,556
Poste Italiane SpA (d)
 
184,288
1,606,321
Prysmian SpA
 
87,831
2,863,499
Rai Way SpA (d)
 
56,156
269,045
Recordati SpA
 
35,393
1,330,180
Reply SpA
 
7,840
853,042
Saipem SpA (a)(c)
 
384,350
373,757
Salvatore Ferragamo Italia SpA
 
19,135
281,383
Saras SpA (a)
 
201,909
244,033
Sesa SpA
 
3,197
346,590
Snam SpA
 
650,625
2,893,014
Tamburi Investment Partners SpA
 
52,841
371,807
Technogym SpA (d)
 
61,103
420,280
Technoprobe SpA
 
45,323
311,742
Telecom Italia SpA (a)
 
3,398,747
664,940
Terna - Rete Elettrica Nazionale
 
469,976
3,115,556
Tinexta SpA
 
9,975
201,099
UniCredit SpA
 
699,081
8,669,496
Unipol Gruppo SpA
 
145,160
624,887
Webuild SpA (c)
 
194,490
264,666
Webuild SpA warrants 8/2/30 (a)(b)(c)
 
5,662
4,823
TOTAL ITALY
 
 
99,267,234
Japan - 14.9%
 
 
 
77 Bank Ltd.
 
20,300
245,874
ABC-MART, Inc.
 
12,507
557,661
Activia Properties, Inc.
 
228
675,436
Adeka Corp.
 
29,100
435,634
Advance Logistics Investment Corp.
 
206
201,435
Advance Residence Investment Corp.
 
428
995,918
Advantest Corp.
 
63,859
3,375,579
Aeon (REIT) Investment Corp.
 
546
587,511
AEON Co. Ltd.
 
221,225
4,130,813
Aeon Delight Co. Ltd.
 
11,200
224,008
AEON Financial Service Co. Ltd.
 
48,599
475,874
AEON MALL Co. Ltd.
 
33,700
366,474
AGC, Inc.
 
63,063
1,978,472
Ai Holdings Corp.
 
16,000
237,157
Aica Kogyo Co. Ltd.
 
22,100
475,604
Aiful Corp.
 
145,700
396,843
Ain Holdings, Inc.
 
9,000
378,291
Air Water, Inc.
 
63,900
714,656
Aisin Seiki Co. Ltd.
 
48,200
1,236,645
Ajinomoto Co., Inc.
 
153,625
4,231,803
Alfresa Holdings Corp.
 
64,539
742,636
Alps Alpine Co. Ltd.
 
66,498
572,430
Amada Co. Ltd.
 
108,300
762,568
Amano Corp.
 
19,000
325,451
Ana Holdings, Inc. (a)
 
51,441
1,000,141
AnGes MG, Inc. (a)(c)
 
52,500
57,551
Anicom Holdings, Inc.
 
38,300
153,257
Anritsu Corp.
 
46,700
470,784
Aozora Bank Ltd.
 
39,300
675,814
Appier Group, Inc. (a)
 
21,400
205,660
Arata Corp.
 
6,900
190,719
ARCS Co. Ltd.
 
22,200
296,209
Ariake Japan Co. Ltd.
 
7,300
252,833
As One Corp.
 
10,500
449,107
Asahi Group Holdings
 
154,459
4,325,413
Asahi Holdings, Inc.
 
30,000
383,133
ASAHI INTECC Co. Ltd.
 
74,860
1,275,734
Asahi Kasei Corp.
 
414,500
2,657,739
Asics Corp.
 
55,300
849,425
ASKUL Corp.
 
12,600
131,766
Astellas Pharma, Inc.
 
617,403
8,519,041
Atom Corp. (a)(c)
 
43,900
233,236
Autobacs Seven Co. Ltd.
 
29,700
282,629
Avex, Inc.
 
12,200
136,773
Axial Retailing, Inc.
 
9,800
223,424
AZ-Com Maruwa Holdings, Inc.
 
17,700
168,435
Azbil Corp.
 
39,900
1,085,413
Bandai Namco Holdings, Inc.
 
67,100
4,441,294
Bank of Kyoto Ltd.
 
19,500
702,915
BayCurrent Consulting, Inc.
 
46,000
1,296,210
Belc Co. Ltd.
 
6,500
248,731
Bell System24 Holdings, Inc.
 
13,600
126,492
Benefit One, Inc.
 
31,200
433,080
Benesse Holdings, Inc.
 
26,600
392,484
BeNext-Yumeshin Group Co.
 
32,300
390,567
Bic Camera, Inc.
 
39,900
310,463
Biprogy, Inc.
 
24,300
525,401
BML, Inc.
 
8,500
192,357
Bridgestone Corp.
 
188,258
6,808,624
Brother Industries Ltd.
 
80,300
1,366,820
Calbee, Inc.
 
30,800
618,299
Canon Marketing Japan, Inc.
 
16,800
354,766
Canon, Inc.
 
335,243
7,106,309
Capcom Co. Ltd.
 
59,300
1,653,038
Casio Computer Co. Ltd.
 
64,400
560,433
Central Glass Co. Ltd.
 
10,900
257,299
Central Japan Railway Co.
 
48,155
5,575,220
Change, Inc.
 
15,000
200,948
Chiba Bank Ltd.
 
181,200
990,723
Chiyoda Corp. (a)
 
64,600
160,311
Chubu Electric Power Co., Inc.
 
212,816
1,733,213
Chugai Pharmaceutical Co. Ltd.
 
226,300
5,243,793
Chugin Financial Group, Inc.
 
48,300
291,044
Chugoku Electric Power Co., Inc.
 
88,900
417,312
Chugoku Marine Paints Ltd.
 
28,600
175,799
Citizen Watch Co. Ltd.
 
89,400
375,769
CKD Corp.
 
18,965
233,021
Coca-Cola West Co. Ltd.
 
49,050
443,345
COLOPL, Inc.
 
27,800
131,059
Colowide Co. Ltd.
 
34,400
422,207
Comforia Residential REIT, Inc.
 
212
449,820
COMSYS Holdings Corp.
 
40,200
659,659
Comture Corp.
 
9,100
148,347
Concordia Financial Group Ltd.
 
368,200
1,121,723
Cosmo Energy Holdings Co. Ltd.
 
25,800
663,674
Cosmos Pharmaceutical Corp.
 
7,200
697,266
CRE Logistics REIT, Inc.
 
202
277,946
Create Restaurants Holdings, Inc.
 
45,300
286,067
Create SD Holdings Co. Ltd.
 
13,800
294,200
Credit Saison Co. Ltd.
 
55,701
595,612
CyberAgent, Inc.
 
146,000
1,201,816
CYBERDYNE, Inc. (a)(c)
 
48,600
108,512
Dai Nippon Printing Co. Ltd.
 
75,800
1,520,639
Dai-ichi Mutual Life Insurance Co.
 
329,899
5,230,417
Daicel Chemical Industries Ltd.
 
94,821
540,759
Daido Steel Co. Ltd.
 
10,600
275,167
Daifuku Co. Ltd.
 
34,000
1,559,434
Daihen Corp.
 
9,900
255,997
Daiichi Sankyo Kabushiki Kaisha
 
591,600
18,937,569
Daiichikosho Co. Ltd.
 
13,800
396,288
Daikin Industries Ltd.
 
83,868
12,562,351
Daio Paper Corp.
 
31,000
228,912
Daiseki Co. Ltd.
 
15,620
483,217
Daishi Hokuetsu Financial Group, Inc.
 
16,042
283,199
Daito Trust Construction Co. Ltd.
 
20,444
2,022,470
Daiwa House Industry Co. Ltd.
 
197,044
3,969,912
Daiwa House REIT Investment Corp.
 
729
1,470,796
Daiwa Office Investment Corp.
 
106
500,434
Daiwa Securities Group, Inc.
 
430,700
1,679,989
Daiwa Securities Living Invest
 
611
474,188
Daiwabo Holdings Co. Ltd.
 
35,500
459,104
DCM Holdings Co. Ltd.
 
42,900
334,383
DeNA Co. Ltd.
 
29,900
390,302
Denka Co. Ltd.
 
27,100
627,859
DENSO Corp.
 
145,122
7,200,363
Dentsu Group, Inc.
 
72,400
2,256,794
Descente Ltd.
 
11,500
276,875
Dexerials Corp.
 
18,700
437,019
Dic Corp.
 
32,400
544,303
Digital Arts, Inc.
 
4,300
181,317
Digital Garage, Inc.
 
13,300
319,318
Dip Corp.
 
14,700
412,247
Disco Corp.
 
9,700
2,328,861
Dmg Mori Co. Ltd.
 
39,700
460,557
Dowa Holdings Co. Ltd.
 
18,200
579,555
DTS Corp.
 
16,500
392,818
Duskin Co. Ltd.
 
17,600
337,572
Dydo Group Holdings, Inc.
 
5,600
170,981
Earth Corp.
 
6,900
238,979
East Japan Railway Co.
 
101,310
5,398,342
Ebara Corp.
 
31,900
1,039,413
EDION Corp.
 
30,600
243,038
eGuarantee, Inc.
 
16,500
266,983
Eiken Chemical Co. Ltd.
 
15,900
196,538
Eisai Co. Ltd.
 
85,400
5,154,037
Eizo Corp.
 
7,100
172,850
Elecom Co. Ltd.
 
20,100
186,543
Electric Power Development Co. Ltd.
 
50,500
702,337
en japan, Inc.
 
11,700
203,714
ENEOS Holdings, Inc.
 
1,015,350
3,344,554
eRex Co. Ltd.
 
11,400
193,431
euglena Co. Ltd. (a)
 
36,500
218,713
Exedy Corp.
 
15,400
180,519
Exeo Group, Inc.
 
38,000
556,858
Ezaki Glico Co. Ltd.
 
19,000
427,419
Fancl Corp.
 
28,800
546,386
FANUC Corp.
 
64,285
8,411,797
Fast Retailing Co. Ltd.
 
19,636
10,959,290
FCC Co. Ltd.
 
16,200
157,539
Ferrotec Holdings Corp.
 
15,500
262,894
Financial Products Group Co. Ltd.
 
23,900
186,770
Food & Life Companies Ltd.
 
38,400
647,941
FP Corp.
 
17,500
417,213
Freee KK (a)(c)
 
13,800
270,070
Frontier Real Estate Investment Corp.
 
159
561,384
Fuji Co. Ltd.
 
13,900
172,190
Fuji Corp.
 
25,800
341,467
Fuji Electric Co. Ltd.
 
43,500
1,685,060
Fuji Kyuko Co. Ltd.
 
9,600
296,984
Fuji Media Holdings, Inc.
 
14,700
102,320
Fuji Oil Holdings, Inc.
 
18,900
297,555
Fuji Seal International, Inc.
 
24,900
291,877
Fuji Soft ABC, Inc.
 
8,600
468,476
FUJIFILM Holdings Corp.
 
120,600
5,530,592
Fujikura Ltd.
 
80,600
477,003
Fujimi, Inc.
 
6,500
271,899
Fujimori Kogyo Co. Ltd.
 
9,000
188,238
Fujitec Co. Ltd.
 
22,500
447,594
Fujitsu General Ltd.
 
20,600
471,031
Fujitsu Ltd.
 
66,242
7,621,707
Fukuoka (REIT) Investment Fund
 
226
263,853
Fukuoka Financial Group, Inc.
 
59,812
1,015,269
Fukuyama Transporting Co. Ltd.
 
9,100
198,591
Funai Soken Holdings, Inc.
 
22,200
396,090
Furukawa Electric Co. Ltd.
 
28,700
443,157
Fuso Chemical Co. Ltd.
 
8,100
183,305
Future Corp.
 
15,400
173,269
Fuyo General Lease Co. Ltd.
 
6,000
333,300
Giken Ltd.
 
7,600
164,067
Global One Real Estate Investment Corp.
 
352
271,762
Glory Ltd.
 
17,800
274,730
GLP J-REIT
 
1,402
1,452,962
GMO Internet, Inc.
 
24,100
416,699
GMO Payment Gateway, Inc.
 
14,400
1,039,120
GNI Group Ltd. (a)
 
21,200
201,884
GOLDWIN, Inc.
 
8,500
444,736
GREE, Inc. (c)
 
25,100
141,287
GS Yuasa Corp.
 
25,800
393,346
GungHo Online Entertainment, Inc.
 
16,700
247,420
Gunma Bank Ltd.
 
125,200
341,007
Gunze Ltd.
 
7,300
187,538
H.I.S. Co. Ltd. (a)(c)
 
19,300
267,250
H.U. Group Holdings, Inc.
 
19,147
356,684
H2O Retailing Corp.
 
33,800
284,139
Hakuhodo DY Holdings, Inc.
 
84,400
712,912
Halows Co. Ltd.
 
6,900
138,701
Hamakyorex Co. Ltd.
 
11,100
248,209
Hamamatsu Photonics K.K.
 
48,300
2,189,327
Hankyu Hanshin Holdings, Inc.
 
76,700
2,277,350
Hankyu REIT, Inc.
 
236
244,896
Hanwa Co. Ltd.
 
11,900
288,107
Harmonic Drive Systems, Inc.
 
16,600
554,840
Haseko Corp.
 
81,400
838,662
Hazama Ando Corp.
 
66,200
384,213
Heiwa Corp.
 
23,300
376,072
Heiwa Real Estate (REIT), Inc.
 
322
333,705
Heiwa Real Estate Co. Ltd.
 
11,300
313,857
Heiwado Co. Ltd.
 
17,400
220,345
Hiday Hidaka Corp.
 
12,076
151,625
Hikari Tsushin, Inc.
 
7,200
870,130
Hino Motors Ltd.
 
98,300
408,550
Hirogin Holdings, Inc.
 
87,800
361,958
Hirose Electric Co. Ltd.
 
10,455
1,357,719
Hisamitsu Pharmaceutical Co., Inc.
 
20,900
515,841
Hitachi Construction Machinery Co. Ltd.
 
36,200
709,417
Hitachi Ltd.
 
325,776
14,810,490
Hitachi Transport System Ltd.
 
14,100
842,994
Hitachi Zosen Corp.
 
57,400
331,596
Hogy Medical Co. Ltd.
 
13,300
295,168
Hokkaido Electric Power Co., Inc.
 
61,000
185,837
Hokkoku Financial Holdings, Inc.
 
7,900
241,205
Hokuetsu Corp.
 
43,200
224,287
Hokuhoku Financial Group, Inc.
 
46,200
277,458
Hokuriku Electric Power Co., Inc.
 
64,700
216,689
Honda Motor Co. Ltd.
 
536,672
12,237,450
Horiba Ltd.
 
12,100
498,013
Hoshino Resorts REIT, Inc.
 
82
389,334
Hoshizaki Corp.
 
36,900
1,058,398
Hosiden Corp.
 
21,300
224,897
House Foods Group, Inc.
 
22,400
419,242
Hoya Corp.
 
123,618
11,535,020
Hulic (REIT), Inc.
 
442
517,517
Hulic Co. Ltd.
 
117,300
851,972
Ibiden Co. Ltd.
 
38,700
1,309,129
Ichibanya Co. Ltd.
 
6,600
203,732
Ichigo Real Estate Investment Corp.
 
438
247,138
Ichigo, Inc.
 
98,600
222,139
Idec Corp.
 
12,800
274,602
Idemitsu Kosan Co. Ltd.
 
69,700
1,523,420
IDOM, Inc.
 
28,400
142,291
IHI Corp.
 
46,472
1,037,607
Iida Group Holdings Co. Ltd.
 
48,500
673,869
Inaba Denki Sangyo Co. Ltd.
 
23,600
440,908
Inabata & Co. Ltd.
 
16,200
267,685
Industrial & Infrastructure Fund Investment Corp.
 
685
723,259
Infomart Corp.
 
74,800
242,970
Information Services Inter-Dentsu Ltd.
 
9,600
294,078
INFRONEER Holdings, Inc.
 
98,404
682,961
INPEX Corp.
 
350,300
3,535,367
Internet Initiative Japan, Inc.
 
36,700
577,051
Invincible Investment Corp.
 
2,102
660,166
Iriso Electronics Co. Ltd.
 
7,300
212,085
Isetan Mitsukoshi Holdings Ltd.
 
115,571
1,025,951
Isuzu Motors Ltd.
 
191,968
2,251,536
ITO EN Ltd.
 
19,360
683,547
Itochu Corp.
 
399,150
10,332,078
Itochu Enex Co. Ltd.
 
17,100
117,646
ITOCHU Techno-Solutions Corp.
 
31,812
738,097
Itoham Yonekyu Holdings, Inc.
 
58,400
261,179
Iwatani Corp.
 
15,800
582,293
Iyogin Holdings, Inc.
 
82,300
385,777
Izumi Co. Ltd.
 
12,800
258,161
J. Front Retailing Co. Ltd.
 
82,600
667,710
JACCS Co. Ltd.
 
9,300
225,784
JAFCO Co. Ltd.
 
26,400
405,334
Japan Airlines Co. Ltd. (a)
 
47,300
882,730
Japan Airport Terminal Co. Ltd. (a)
 
21,600
926,783
Japan Aviation Electronics Industry Ltd.
 
16,600
258,888
Japan Elevator Service Holdings Co. Ltd.
 
24,500
289,660
Japan Excellent, Inc.
 
443
409,647
Japan Exchange Group, Inc.
 
169,000
2,220,962
Japan Hotel REIT Investment Corp.
 
1,536
808,829
Japan Lifeline Co. Ltd.
 
29,400
198,511
Japan Logistics Fund, Inc.
 
272
582,615
Japan Material Co. Ltd.
 
24,900
328,550
Japan Petroleum Exploration Co. Ltd.
 
12,100
314,106
Japan Post Bank Co. Ltd.
 
126,034
839,125
Japan Post Holdings Co. Ltd.
 
781,338
5,252,533
Japan Post Insurance Co. Ltd.
 
67,600
998,804
Japan Prime Realty Investment Corp.
 
292
792,374
Japan Real Estate Investment Corp.
 
403
1,688,483
Japan Retail Fund Investment Corp.
 
2,311
1,701,836
Japan Securities Finance Co. Ltd.
 
58,300
349,341
Japan Steel Works Ltd.
 
20,200
417,734
Japan Tobacco, Inc.
 
394,243
6,602,560
Japan Wool Textile Co. Ltd./The
 
22,300
149,522
JCR Pharmaceuticals Co. Ltd.
 
24,400
363,469
Jcu Corp.
 
13,200
250,604
JEOL Ltd.
 
16,400
602,199
JFE Holdings, Inc.
 
162,600
1,490,459
JGC Holdings Corp.
 
74,742
900,754
JINS Holdings, Inc.
 
5,700
171,734
JMDC, Inc.
 
8,200
291,725
Joshin Denki Co. Ltd.
 
10,800
139,090
Joyful Honda Co. Ltd.
 
24,400
297,667
JSR Corp.
 
61,500
1,172,138
JTEKT Corp.
 
72,200
509,836
JTOWER, Inc. (a)
 
3,300
134,268
Justsystems Corp.
 
14,000
295,639
K's Holdings Corp.
 
55,400
434,422
Kadokawa Corp.
 
31,400
564,248
Kagome Co. Ltd.
 
30,800
616,021
Kajima Corp.
 
142,400
1,341,689
Kakaku.com, Inc.
 
46,800
793,455
Kaken Pharmaceutical Co. Ltd.
 
12,356
316,181
Kameda Seika Co. Ltd.
 
7,200
222,496
Kamigumi Co. Ltd.
 
32,600
620,013
Kanamoto Co. Ltd.
 
14,600
210,907
Kandenko Co. Ltd.
 
48,800
274,366
Kaneka Corp.
 
22,000
545,950
Kanematsu Corp.
 
31,200
308,653
Kansai Electric Power Co., Inc.
 
235,699
1,786,427
Kansai Paint Co. Ltd.
 
60,739
792,452
Kao Corp.
 
160,091
5,979,710
Katitas Co. Ltd.
 
17,600
394,741
Kato Sangyo
 
12,000
280,843
Kawasaki Heavy Industries Ltd.
 
49,400
839,197
Kawasaki Kisen Kaisha Ltd.
 
52,800
802,857
KDDI Corp.
 
542,137
16,023,929
Keihan Electric Railway Co., Ltd.
 
33,900
872,037
Keikyu Corp.
 
76,139
781,898
Keio Corp.
 
35,103
1,232,305
Keisei Electric Railway Co.
 
45,106
1,198,216
Kenedix Office Investment Corp.
 
284
646,518
Kenedix Residential Investment Corp.
 
329
481,901
Kenedix Retail REIT Corp.
 
184
330,766
Kewpie Corp.
 
33,100
522,895
Keyence Corp.
 
65,550
24,827,842
Kfc Holdings Japan Ltd.
 
7,300
136,579
KH Neochem Co. Ltd.
 
15,500
264,666
Ki-Star Real Estate Co. Ltd.
 
3,100
96,526
Kikkoman Corp.
 
49,100
2,668,066
Kinden Corp.
 
46,892
477,450
Kintetsu Group Holdings Co. Ltd.
 
58,453
1,977,327
Kirin Holdings Co. Ltd.
 
278,670
4,103,352
Kisoji Co. Ltd.
 
11,400
168,667
Kissei Pharmaceutical Co. Ltd.
 
12,100
213,934
Kitz Corp.
 
30,900
183,702
Kobayashi Pharmaceutical Co. Ltd.
 
18,600
988,197
Kobe Bussan Co. Ltd.
 
52,000
1,131,309
Kobe Steel Ltd.
 
114,400
469,310
Koei Tecmo Holdings Co. Ltd.
 
39,496
597,108
Kohnan Shoji Co. Ltd.
 
9,400
196,920
Koito Manufacturing Co. Ltd.
 
69,700
990,926
Kokuyo Co. Ltd.
 
34,200
424,582
Komatsu Ltd.
 
308,511
6,043,791
KOMEDA Holdings Co. Ltd.
 
20,400
340,652
KOMERI Co. Ltd.
 
12,700
221,638
Konami Group Corp.
 
31,100
1,365,769
Konica Minolta, Inc.
 
149,700
456,062
Kose Corp.
 
11,600
1,160,039
Kotobuki Spirits Co. Ltd.
 
6,900
354,060
Kubota Corp.
 
341,610
4,770,525
Kumagai Gumi Co. Ltd.
 
13,800
233,318
Kumiai Chemical Industry Co. Ltd.
 
42,600
280,190
Kura Sushi, Inc.
 
8,300
194,250
Kuraray Co. Ltd.
 
118,752
816,997
Kureha Chemical Industry Co. Ltd.
 
6,300
405,044
Kurita Water Industries Ltd.
 
35,400
1,299,869
Kusuri No Aoki Holdings Co. Ltd.
 
6,300
304,207
Kyb Corp.
 
7,500
164,178
Kyocera Corp.
 
106,537
5,331,328
Kyokuto Kaihatsu Kogyo Co. Ltd.
 
13,500
125,562
Kyorin Holdings, Inc.
 
17,200
212,723
Kyoritsu Maintenance Co. Ltd.
 
11,900
490,581
Kyowa Hakko Kirin Co., Ltd.
 
92,000
2,168,600
Kyudenko Corp.
 
19,600
416,530
Kyushu Electric Power Co., Inc.
 
135,878
673,473
Kyushu Financial Group, Inc.
 
143,285
362,320
Kyushu Railway Co.
 
46,400
970,470
LaSalle Logiport REIT
 
584
623,295
Lasertec Corp.
 
25,400
3,568,978
Lawson, Inc.
 
16,300
520,697
LIFE Corp.
 
11,800
176,014
Lintec Corp.
 
16,900
253,679
Lion Corp.
 
80,736
816,618
LIXIL Group Corp.
 
101,095
1,530,414
M&A Capital Partners Co. Ltd. (a)
 
6,900
176,334
M3, Inc.
 
148,190
4,430,900
Mabuchi Motor Co. Ltd.
 
19,500
529,809
Macnica Fuji Electronics Holdings, Inc.
 
22,600
452,623
Makino Milling Machine Co. Ltd.
 
8,500
262,669
Makita Corp.
 
75,100
1,372,341
Mandom Corp.
 
17,600
178,373
Mani, Inc.
 
29,200
426,134
Marubeni Corp.
 
518,700
4,545,318
Maruha Nichiro Corp.
 
17,700
272,949
Marui Group Co. Ltd.
 
59,902
988,598
Maruichi Steel Tube Ltd.
 
22,300
421,570
Maruka Furusato Corp.
 
8,100
201,826
Maruwa Ceramic Co. Ltd.
 
3,100
365,049
Matsui Securities Co. Ltd.
 
50,600
269,513
MatsukiyoCocokara & Co.
 
37,000
1,348,667
Maxell Ltd.
 
19,000
157,806
Mazda Motor Corp.
 
191,600
1,290,036
McDonald's Holdings Co. (Japan) Ltd.
 
27,328
948,334
MCJ Co. Ltd.
 
27,800
175,742
Mebuki Financial Group, Inc.
 
334,368
649,870
Medipal Holdings Corp.
 
61,800
766,811
Medley, Inc. (a)
 
9,500
231,279
Megachips Corp.
 
6,800
116,706
Megmilk Snow Brand Co. Ltd.
 
18,200
198,285
Meidensha Corp.
 
12,200
162,535
Meiji Holdings Co. Ltd.
 
36,900
1,518,733
Meiko Electronics Co. Ltd.
 
9,300
165,304
Meitec Corp.
 
31,600
533,202
Menicon Co. Ltd.
 
22,300
381,977
Mercari, Inc. (a)
 
35,400
589,226
Milbon Co. Ltd.
 
10,100
417,055
Minebea Mitsumi, Inc.
 
121,695
1,803,798
Mirai Corp.
 
774
249,333
Mirait One Corp.
 
37,400
359,424
Misumi Group, Inc.
 
96,405
2,061,723
Mitsubishi Chemical Holdings Corp.
 
422,957
1,911,762
Mitsubishi Corp.
 
424,151
11,498,387
Mitsubishi Electric Corp.
 
650,692
5,725,187
Mitsubishi Estate Co. Ltd.
 
392,771
4,939,213
Mitsubishi Estate Logistics REIT Investment Corp.
 
142
420,189
Mitsubishi Gas Chemical Co., Inc.
 
54,245
690,215
Mitsubishi Heavy Industries Ltd.
 
107,666
3,707,253
Mitsubishi Logistics Corp.
 
22,600
496,244
Mitsubishi Materials Corp.
 
51,600
675,299
Mitsubishi Motors Corp. of Japan (a)
 
227,734
765,776
Mitsubishi Pencil Co. Ltd.
 
18,300
178,329
Mitsubishi Research Institute, Inc.
 
5,600
195,837
Mitsubishi Shokuhin Co. Ltd.
 
9,100
184,209
Mitsubishi UFJ Financial Group, Inc.
 
3,996,939
18,880,944
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
212,280
910,822
Mitsuboshi Belting Ltd.
 
7,800
166,024
Mitsui & Co. Ltd.
 
469,582
10,399,365
Mitsui Chemicals, Inc.
 
61,800
1,145,022
Mitsui Fudosan Co. Ltd.
 
301,940
5,786,193
Mitsui Fudosan Logistics Park, Inc.
 
178
590,161
Mitsui High-Tec, Inc.
 
6,600
341,773
Mitsui Mining & Smelting Co. Ltd.
 
18,600
376,516
Mitsui OSK Lines Ltd.
 
115,600
2,294,197
Miura Co. Ltd.
 
30,455
621,614
mixi, Inc.
 
13,200
207,017
Mizuho Financial Group, Inc.
 
796,868
8,606,678
Mizuho Leasing Co. Ltd.
 
10,400
226,612
Mochida Pharmaceutical Co. Ltd.
 
9,700
223,427
Monex Group, Inc.
 
68,200
237,584
Money Forward, Inc. (a)
 
14,700
419,167
MonotaRO Co. Ltd.
 
84,900
1,294,954
Mori Hills REIT Investment Corp.
 
516
564,600
MORI TRUST Sogo (REIT), Inc.
 
373
372,009
Morinaga & Co. Ltd.
 
13,900
347,745
Morinaga Milk Industry Co. Ltd.
 
13,200
374,619
Morita Holdings Corp.
 
24,600
211,266
MOS Food Services, Inc.
 
9,800
207,936
MS&AD Insurance Group Holdings, Inc.
 
149,297
3,953,564
Murata Manufacturing Co. Ltd.
 
192,402
9,108,204
Musashi Seimitsu Industry Co. Ltd.
 
19,000
219,395
Nabtesco Corp.
 
38,800
825,865
Nachi-Fujikoshi Corp.
 
5,900
154,746
Nagaileben Co. Ltd.
 
16,800
230,711
Nagase & Co. Ltd.
 
33,700
459,623
Nagawa Co. Ltd.
 
3,400
169,891
Nagoya Railroad Co. Ltd.
 
64,116
982,254
Nakanishi, Inc.
 
26,300
480,385
Nankai Electric Railway Co. Ltd.
 
36,200
732,789
NEC Corp.
 
81,800
2,709,338
NEC Networks & System Integration Corp.
 
23,700
254,062
Net One Systems Co. Ltd.
 
27,400
563,866
Nexon Co. Ltd.
 
166,300
2,792,637
Nextage Co. Ltd.
 
16,700
322,331
NGK Insulators Ltd.
 
76,000
887,804
NGK Spark Plug Co. Ltd.
 
51,300
934,954
NH Foods Ltd.
 
27,013
644,010
NHK Spring Co. Ltd.
 
67,287
372,874
Nichias Corp.
 
21,500
331,982
Nichiha Corp.
 
12,400
234,999
Nichirei Corp.
 
37,110
577,508
Nidec Corp.
 
150,890
8,296,538
Nifco, Inc.
 
28,200
655,241
Nihon Kohden Corp.
 
29,900
670,611
Nihon M&A Center Holdings, Inc.
 
104,800
1,186,176
Nihon Parkerizing Co. Ltd.
 
42,500
276,674
Nikkiso Co. Ltd.
 
18,400
122,753
Nikkon Holdings Co. Ltd.
 
20,100
314,284
Nikon Corp.
 
100,900
976,463
Nintendo Co. Ltd.
 
371,380
15,077,693
Nippn Corp.
 
20,200
212,603
Nippon Accommodations Fund, Inc.
 
163
693,897
Nippon Building Fund, Inc.
 
497
2,209,335
Nippon Carbon Co. Ltd.
 
9,200
260,789
Nippon Ceramic Co. Ltd.
 
10,700
186,087
Nippon Densetsu Kogyo Co. Ltd.
 
18,800
210,511
Nippon Electric Glass Co. Ltd.
 
26,500
459,444
Nippon Express Holdings, Inc.
 
27,066
1,359,716
Nippon Gas Co. Ltd.
 
36,600
531,912
Nippon Kayaku Co. Ltd.
 
50,200
399,048
Nippon Light Metal Holding Co. Ltd.
 
24,240
236,539
Nippon Paint Holdings Co. Ltd.
 
281,385
1,797,745
Nippon Paper Industries Co. Ltd.
 
32,945
191,872
Nippon Prologis REIT, Inc.
 
698
1,462,235
Nippon REIT Investment Corp.
 
160
394,902
Nippon Sanso Holdings Corp.
 
58,600
934,794
Nippon Seiki Co. Ltd.
 
19,900
101,176
Nippon Shinyaku Co. Ltd.
 
17,000
942,063
Nippon Shokubai Co. Ltd.
 
11,000
395,037
Nippon Signal Co. Ltd.
 
24,900
168,964
Nippon Soda Co. Ltd.
 
8,300
247,557
Nippon Steel & Sumikin Bussan Corp.
 
7,500
258,247
Nippon Steel & Sumitomo Metal Corp.
 
270,883
3,720,895
Nippon Suisan Kaisha Co. Ltd.
 
102,900
366,771
Nippon Telegraph & Telephone Corp.
 
401,264
11,067,145
Nippon Television Network Corp.
 
15,600
116,453
Nippon Yusen KK
 
162,800
2,949,036
Nipro Corp.
 
68,138
514,145
Nishi-Nippon Financial Holdings, Inc.
 
47,800
243,669
Nishi-Nippon Railroad Co. Ltd.
 
24,100
473,102
Nishimatsu Construction Co. Ltd.
 
14,800
360,308
Nishimatsuya Chain Co. Ltd.
 
18,200
167,074
Nissan Chemical Corp.
 
43,300
1,951,041
Nissan Motor Co. Ltd.
 
756,648
2,411,667
Nissha Co. Ltd.
 
14,500
170,944
Nisshin Oillio Group Ltd.
 
9,900
212,388
Nisshin Seifun Group, Inc.
 
66,800
722,381
Nisshinbo Holdings, Inc.
 
49,900
346,325
Nissin Electric Co. Ltd.
 
22,200
206,331
Nissin Food Holdings Co. Ltd.
 
21,200
1,372,985
Nitori Holdings Co. Ltd.
 
27,200
2,464,785
Nitta Corp.
 
8,000
155,432
Nitto Boseki Co. Ltd.
 
10,100
150,045
Nitto Denko Corp.
 
47,842
2,519,270
Noevir Holdings Co. Ltd.
 
6,800
251,522
NOF Corp.
 
23,400
805,730
Nojima Co. Ltd.
 
23,400
195,138
NOK Corp.
 
36,500
298,490
NOMURA Co. Ltd.
 
59,200
433,564
Nomura Holdings, Inc.
 
949,354
3,072,071
Nomura Real Estate Holdings, Inc.
 
39,900
902,946
Nomura Real Estate Master Fund, Inc.
 
1,389
1,583,345
Nomura Research Institute Ltd.
 
112,610
2,502,949
North Pacific Bank Ltd.
 
130,300
206,805
NS Solutions Corp.
 
12,200
281,011
NSD Co. Ltd.
 
26,400
451,674
NSK Ltd.
 
125,600
663,920
NTN Corp.
 
184,900
329,524
NTT Data Corp.
 
211,400
3,066,612
Ntt Ud (REIT) Investment Corp.
 
472
462,176
Obayashi Corp.
 
219,200
1,407,821
OBIC Business Consultants Ltd.
 
10,300
296,473
OBIC Co. Ltd.
 
23,241
3,496,427
Odakyu Electric Railway Co. Ltd.
 
100,500
1,195,632
Ogaki Kyoritsu Bank Ltd.
 
14,200
167,598
Ohsho Food Service Corp.
 
5,200
221,716
Oisix Ra Daichi, Inc. (a)
 
10,500
118,844
Oji Holdings Corp.
 
262,200
909,884
Okamoto Industries, Inc.
 
6,500
162,178
Okasan Securities Group, Inc.
 
74,434
177,206
Oki Electric Industry Co. Ltd.
 
34,500
170,998
Okinawa Financial Group, Inc.
 
11,300
156,701
Okuma Corp.
 
9,300
312,095
Okumura Corp.
 
12,100
228,825
Olympus Corp.
 
417,100
8,807,922
OMRON Corp.
 
62,700
2,933,126
One (REIT), Inc.
 
109
181,722
Ono Pharmaceutical Co. Ltd.
 
122,080
2,870,249
Open House Group Co. Ltd.
 
27,700
987,323
Optex Group Co. Ltd.
 
15,700
216,344
Optorun Co. Ltd.
 
13,200
187,842
Oracle Corp. Japan
 
12,700
678,153
Orient Corp.
 
28,650
232,175
Oriental Land Co. Ltd.
 
67,434
9,047,435
ORIX Corp.
 
396,120
5,820,789
ORIX JREIT, Inc.
 
866
1,161,888
Osaka Gas Co. Ltd.
 
122,300
1,811,121
OSG Corp.
 
31,900
406,111
Otsuka Corp.
 
38,500
1,215,626
Otsuka Holdings Co. Ltd.
 
130,518
4,183,691
Outsourcing, Inc.
 
44,300
347,083
Pacific Industrial Co. Ltd.
 
24,500
172,511
PALTAC Corp.
 
12,900
366,973
Pan Pacific International Holdings Ltd.
 
128,792
2,114,269
Panasonic Holdings Corp.
 
727,589
5,182,336
Paramount Bed Holdings Co. Ltd.
 
21,800
388,220
Park24 Co. Ltd. (a)
 
49,040
654,658
Penta-Ocean Construction Co. Ltd.
 
103,100
513,091
PeptiDream, Inc. (a)
 
34,600
379,985
Persol Holdings Co. Ltd.
 
62,200
1,249,062
Pigeon Corp.
 
41,200
539,746
Pilot Corp.
 
11,900
463,371
Piolax, Inc.
 
12,700
158,008
Pola Orbis Holdings, Inc.
 
36,289
401,462
Prestige International, Inc.
 
42,800
207,243
Raito Kogyo Co. Ltd.
 
17,800
242,888
Raksul, Inc. (a)
 
8,800
173,875
Rakus Co. Ltd.
 
30,800
344,466
Rakuten Group, Inc.
 
287,995
1,285,716
Recruit Holdings Co. Ltd.
 
486,754
14,977,990
Relia, Inc.
 
22,100
148,329
Relo Group, Inc.
 
39,600
559,798
Renesas Electronics Corp. (a)
 
393,755
3,294,057
Rengo Co. Ltd.
 
75,700
420,004
RENOVA, Inc. (a)
 
13,800
303,480
Resona Holdings, Inc.
 
724,746
2,728,003
Resorttrust, Inc.
 
29,300
451,239
Ricoh Co. Ltd.
 
196,900
1,443,364
Riken Keiki Co. Ltd.
 
5,700
157,167
Ringer Hut Co. Ltd. (c)
 
11,100
163,557
Rinnai Corp.
 
12,661
863,395
Riso Kyoiku Co. Ltd.
 
71,800
148,723
ROHM Co. Ltd.
 
29,500
2,077,171
Rohto Pharmaceutical Co. Ltd.
 
32,600
1,013,988
Roland Corp.
 
6,200
176,374
Rorze Corp.
 
3,900
196,449
Round One Corp.
 
70,700
300,972
Royal Holdings Co. Ltd.
 
12,300
196,707
Ryohin Keikaku Co. Ltd.
 
85,930
809,630
S Foods, Inc.
 
9,200
168,600
S-Pool, Inc.
 
34,500
221,114
Saizeriya Co. Ltd.
 
12,100
225,896
Sakai Moving Service Co. Ltd.
 
4,600
145,708
Sakata Seed Corp.
 
10,200
336,124
San-A Co. Ltd.
 
10,400
303,198
San-Ai Obbli Co. Ltd.
 
26,600
220,034
Sangetsu Corp.
 
16,100
170,642
Sanken Electric Co. Ltd.
 
8,700
298,981
Sankyo Co. Ltd. (Gunma)
 
13,800
456,148
Sankyu, Inc.
 
18,700
559,007
Sanrio Co. Ltd.
 
18,800
501,308
Sansan, Inc. (a)
 
27,700
276,637
Santen Pharmaceutical Co. Ltd.
 
124,360
851,397
Sanwa Holdings Corp.
 
63,300
545,752
Sanyo Chemical Industries Ltd.
 
5,600
158,741
Sapporo Holdings Ltd.
 
24,400
538,229
Sato Holding Corp.
 
17,500
216,198
Sawai Group Holdings Co. Ltd.
 
14,400
414,970
SBI Holdings, Inc. Japan
 
80,900
1,462,451
Screen Holdings Co. Ltd.
 
12,400
682,982
SCSK Corp.
 
53,000
783,086
Secom Co. Ltd.
 
70,633
4,023,997
Sega Sammy Holdings, Inc.
 
53,419
684,375
Seibu Holdings, Inc.
 
80,100
717,531
Seiko Epson Corp.
 
95,173
1,296,752
Seiko Group Corp.
 
13,300
281,751
Seino Holdings Co. Ltd.
 
46,500
357,752
Seiren Co. Ltd.
 
17,000
266,727
Sekisui Chemical Co. Ltd.
 
120,700
1,509,815
Sekisui House (REIT), Inc.
 
1,364
734,768
Sekisui House Ltd.
 
202,780
3,375,235
Sekisui Jushi Corp.
 
18,100
207,421
SENKO Co. Ltd.
 
41,100
274,746
Seria Co. Ltd.
 
17,200
281,317
Seven & i Holdings Co. Ltd.
 
254,029
9,482,490
Seven Bank Ltd.
 
196,400
353,981
SG Holdings Co. Ltd.
 
99,700
1,322,226
Sharp Corp.
 
81,600
489,444
SHIFT, Inc. (a)
 
4,300
674,085
Shiga Bank Ltd.
 
14,200
240,367
Shikoku Electric Power Co., Inc.
 
56,100
270,134
Shima Seiki Manufacturing Ltd.
 
10,500
146,666
Shimadzu Corp.
 
79,900
2,109,066
Shimamura Co. Ltd.
 
7,800
631,050
SHIMANO, Inc.
 
24,565
3,801,269
SHIMIZU Corp.
 
189,500
946,895
Shin-Etsu Chemical Co. Ltd.
 
126,335
13,129,991
Shinko Electric Industries Co. Ltd.
 
23,200
559,346
Shinmaywa Industries Ltd.
 
24,200
165,028
Shinsei Bank Ltd. (c)
 
26,500
393,860
Shionogi & Co. Ltd.
 
89,400
4,151,490
Ship Healthcare Holdings, Inc.
 
28,000
536,857
Shiseido Co. Ltd.
 
135,755
4,706,392
Shizuoka Financial Group
 
152,600
962,634
Shizuoka Gas Co. Ltd.
 
31,400
230,176
SHO-BOND Holdings Co. Ltd.
 
14,700
636,659
Shochiku Co. Ltd. (a)
 
3,300
262,100
Shoei Co. Ltd.
 
8,800
324,907
Showa Denko K.K.
 
60,082
877,623
Siix Corp.
 
19,700
152,226
SKY Perfect JSAT Holdings, Inc.
 
54,700
191,659
Skylark Holdings Co. Ltd.
 
77,900
831,415
SMC Corp.
 
19,267
7,733,818
SMS Co., Ltd.
 
25,800
593,403
Snow Peak, Inc. (c)
 
9,800
129,309
SoftBank Corp.
 
952,900
9,399,776
SoftBank Group Corp.
 
406,912
17,467,195
Sohgo Security Services Co., Ltd.
 
27,300
681,146
Sojitz Corp.
 
77,040
1,136,728
Sompo Holdings, Inc.
 
105,619
4,398,927
Sony Group Corp.
 
424,405
28,619,607
Sosei Group Corp. (a)
 
31,312
428,107
SOSiLA Logistics REIT, Inc.
 
247
236,709
Sotetsu Holdings, Inc.
 
28,400
430,312
Square Enix Holdings Co. Ltd.
 
29,000
1,295,000
Stanley Electric Co. Ltd.
 
45,039
765,719
Star Asia Investment Corp.
 
680
259,296
Star Micronics Co. Ltd.
 
12,400
142,184
Starts Corp., Inc.
 
10,700
189,253
Subaru Corp.
 
204,125
3,178,664
Sugi Holdings Co. Ltd.
 
12,900
517,926
Sumco Corp.
 
114,300
1,452,051
Sumitomo Bakelite Co. Ltd.
 
13,300
360,463
Sumitomo Chemical Co. Ltd.
 
494,000
1,664,441
Sumitomo Corp.
 
375,300
4,771,477
Sumitomo Dainippon Pharma Co., Ltd.
 
63,100
440,060
Sumitomo Electric Industries Ltd.
 
234,400
2,449,696
Sumitomo Forestry Co. Ltd.
 
50,423
790,111
Sumitomo Heavy Industries Ltd.
 
35,547
674,866
Sumitomo Metal Mining Co. Ltd.
 
83,600
2,343,379
Sumitomo Mitsui Construction Co. Ltd.
 
70,660
207,663
Sumitomo Mitsui Financial Group, Inc.
 
432,233
12,137,780
Sumitomo Mitsui Trust Holdings, Inc.
 
112,400
3,233,639
Sumitomo Osaka Cement Co. Ltd.
 
11,503
244,843
Sumitomo Realty & Development Co. Ltd.
 
102,687
2,358,358
Sumitomo Rubber Industries Ltd.
 
59,800
513,163
Sundrug Co. Ltd.
 
26,141
608,278
Suntory Beverage & Food Ltd.
 
47,600
1,594,189
Suruga Bank Ltd.
 
72,400
191,840
Suzuken Co. Ltd.
 
23,400
520,892
Suzuki Motor Corp.
 
121,540
4,103,237
Sysmex Corp.
 
57,000
3,077,414
Systena Corp.
 
102,400
287,170
T Hasegawa Co. Ltd.
 
13,500
287,804
T&D Holdings, Inc.
 
180,400
1,779,796
T-Gaia Corp.
 
14,100
156,935
Tadano Ltd.
 
36,000
220,317
Taiheiyo Cement Corp.
 
43,991
597,907
Taikisha Ltd.
 
12,800
302,149
Taisei Corp.
 
61,200
1,668,960
Taisho Pharmaceutical Holdings Co. Ltd.
 
13,400
483,029
Taiyo Holdings Co. Ltd.
 
14,300
252,350
Taiyo Yuden Co. Ltd.
 
39,300
1,071,734
Takara Bio, Inc.
 
19,100
223,890
Takara Holdings, Inc.
 
58,969
410,854
Takasago International Corp.
 
9,800
184,407
Takasago Thermal Engineering Co. Ltd.
 
20,700
251,972
Takashimaya Co. Ltd.
 
48,500
599,502
Takeda Pharmaceutical Co. Ltd.
 
503,770
13,304,062
Takeuchi Manufacturing Co. Ltd.
 
12,600
254,212
Takuma Co. Ltd.
 
24,400
202,821
Tbs Holdings, Inc.
 
14,400
149,234
TDK Corp.
 
131,143
4,105,522
Techmatrix Corp.
 
18,600
211,900
TechnoPro Holdings, Inc.
 
39,400
945,220
Teijin Ltd.
 
61,100
554,726
Terumo Corp.
 
218,300
6,641,711
The Awa Bank Ltd.
 
15,000
188,540
The Hachijuni Bank Ltd.
 
120,700
384,759
The Hyakugo Bank Ltd.
 
96,800
214,178
The Keiyo Bank Ltd.
 
45,000
157,974
The Kiyo Bank Ltd.
 
24,200
233,220
The Nanto Bank Ltd.
 
12,500
179,142
The Okinawa Electric Power Co., Inc.
 
19,201
133,391
The San-In Godo Bank Ltd.
 
58,200
277,115
The Sumitomo Warehouse Co. Ltd.
 
21,600
293,288
THK Co. Ltd.
 
38,700
676,167
TIS, Inc.
 
75,900
2,049,420
TKC Corp.
 
13,200
337,335
Toagosei Co. Ltd.
 
43,700
335,916
Tobu Railway Co. Ltd.
 
63,700
1,473,674
Tocalo Co. Ltd.
 
24,400
195,272
Toda Corp.
 
85,000
424,728
Toei Animation Co. Ltd.
 
2,900
298,591
Toei Co. Ltd.
 
2,100
258,590
Toho Co. Ltd.
 
37,500
1,336,629
Toho Gas Co. Ltd.
 
25,500
475,890
Toho Holdings Co. Ltd.
 
20,700
281,485
Toho Titanium Co. Ltd.
 
11,800
178,315
Tohoku Electric Power Co., Inc.
 
152,800
642,254
Tokai Carbon Co. Ltd.
 
74,600
487,149
TOKAI Holdings Corp.
 
42,900
256,197
Tokai Rika Co. Ltd.
 
21,400
223,362
Tokai Tokyo Financial Holdings
 
74,400
170,620
Tokio Marine Holdings, Inc.
 
619,179
11,205,560
Tokuyama Corp.
 
23,735
276,944
Tokyo Century Corp.
 
13,200
450,076
Tokyo Electric Power Co., Inc. (a)
 
515,428
1,681,177
Tokyo Electron Ltd.
 
50,323
13,239,811
Tokyo Gas Co. Ltd.
 
131,035
2,341,437
Tokyo Ohka Kogyo Co. Ltd.
 
11,700
505,155
Tokyo Seimitsu Co. Ltd.
 
13,100
395,128
Tokyo Steel Manufacturing Co. Ltd.
 
26,000
223,114
Tokyo Tatemono Co. Ltd.
 
61,300
844,707
Tokyotokeiba Co. Ltd.
 
7,600
211,856
Tokyu Construction Co. Ltd.
 
37,800
158,628
Tokyu Corp.
 
179,100
2,066,886
Tokyu Fudosan Holdings Corp.
 
208,100
1,056,629
Tokyu REIT, Inc.
 
300
427,116
TOMONY Holdings, Inc.
 
109,400
237,642
Tomy Co. Ltd.
 
32,100
281,937
Topcon Corp.
 
35,360
387,855
Toppan, Inc.
 
89,300
1,332,639
Toray Industries, Inc.
 
465,200
2,266,636
TORIDOLL Holdings Corp.
 
18,000
349,844
Toshiba Corp.
 
130,952
4,562,778
Toshiba Tec Corp.
 
11,600
300,736
Tosoh Corp.
 
87,700
954,883
Totetsu Kogyo Co. Ltd.
 
12,900
214,198
Toto Ltd.
 
48,500
1,386,227
Towa Pharmaceutical Co. Ltd.
 
12,200
183,375
Toyo Gosei Co. Ltd. (c)
 
2,300
118,484
Toyo Ink South Carolina Holdings Co. Ltd.
 
24,349
313,584
Toyo Seikan Group Holdings Ltd.
 
47,900
547,953
Toyo Suisan Kaisha Ltd.
 
30,536
1,145,909
Toyo Tire Corp.
 
37,100
434,886
Toyobo Co. Ltd.
 
36,200
253,189
Toyoda Gosei Co. Ltd.
 
23,500
375,507
Toyota Boshoku Corp.
 
26,000
331,175
Toyota Industries Corp.
 
48,300
2,488,167
Toyota Motor Corp.
 
3,541,160
49,132,220
Toyota Tsusho Corp.
 
71,149
2,392,448
Trancom Co. Ltd.
 
3,700
189,858
Transcosmos, Inc.
 
9,100
209,607
TRE Holdings Corp.
 
18,600
200,892
Trend Micro, Inc.
 
44,900
2,267,723
Tri Chemical Laboratories, Inc.
 
9,600
143,908
Trusco Nakayama Corp.
 
19,000
254,918
TS tech Co. Ltd.
 
30,900
323,141
Tsubakimoto Chain Co.
 
9,000
192,777
Tsugami Corp.
 
18,000
135,216
Tsumura & Co.
 
21,784
454,886
Tsuruha Holdings, Inc.
 
14,000
814,419
Uacj Corp.
 
13,500
192,565
Ube Corp.
 
37,400
482,167
Ulvac, Inc.
 
15,959
631,083
Unicharm Corp.
 
135,900
4,130,196
United Super Markets Holdings, Inc.
 
28,900
203,687
United Urban Investment Corp.
 
990
1,046,626
Universal Entertainment Corp. (a)
 
9,700
131,121
USEN-NEXT HOLDINGS Co. Ltd.
 
8,600
132,156
Ushio, Inc.
 
44,100
458,513
USS Co. Ltd.
 
74,900
1,131,849
UT Group Co. Ltd.
 
11,600
189,803
Valor Holdings Co. Ltd.
 
22,800
263,734
ValueCommerce Co. Ltd.
 
6,700
97,913
Visional, Inc. (a)
 
5,800
395,521
Wacoal Holdings Corp.
 
27,900
449,380
Wacom Co. Ltd.
 
56,400
245,407
WealthNavi, Inc. (a)(c)
 
10,900
101,966
Welcia Holdings Co. Ltd.
 
33,800
706,937
West Holdings Corp.
 
8,649
259,130
West Japan Railway Co.
 
73,156
2,903,215
Workman Co. Ltd.
 
8,700
297,811
Yakult Honsha Co. Ltd.
 
43,300
2,399,489
Yamada Holdings Co. Ltd.
 
252,110
812,137
Yamaguchi Financial Group, Inc.
 
68,400
359,722
Yamaha Corp.
 
47,100
1,780,167
Yamaha Motor Co. Ltd.
 
97,007
2,002,835
Yamato Holdings Co. Ltd.
 
102,800
1,523,731
Yamato Kogyo Co. Ltd.
 
15,700
456,128
Yamazaki Baking Co. Ltd.
 
42,800
436,074
Yamazen Co. Ltd.
 
29,400
182,891
Yaoko Co. Ltd.
 
8,100
352,446
Yaskawa Electric Corp.
 
80,600
2,238,663
Yokogawa Bridge Holdings Corp.
 
17,800
236,543
Yokogawa Electric Corp.
 
77,312
1,295,163
Yokohama Rubber Co. Ltd.
 
45,800
717,054
YONEX Co. Ltd.
 
23,300
216,711
Yoshinoya Holdings Co. Ltd.
 
23,000
361,640
Yuasa Trading Co. Ltd.
 
7,100
176,909
Z Holdings Corp.
 
898,865
2,319,755
Zenkoku Hosho Co. Ltd.
 
19,500
643,902
Zensho Holdings Co. Ltd.
 
32,200
803,403
Zeon Corp.
 
47,500
400,585
ZERIA Pharmaceutical Co. Ltd.
 
12,200
181,899
Zojirushi Thermos
 
12,800
129,209
ZOZO, Inc.
 
41,100
874,821
TOTAL JAPAN
 
 
1,191,047,995
Korea (South) - 3.1%
 
 
 
ABL Bio, Inc. (a)
 
13,287
186,647
Ace Technologies Corp. (a)
 
23,131
79,733
Advanced Nano Products Co. Ltd.
 
2,928
190,780
AfreecaTV Co. Ltd.
 
3,288
183,368
AhnLab, Inc.
 
2,059
89,872
Alteogen, Inc.
 
11,937
306,930
AMOREPACIFIC Corp.
 
10,230
664,407
AMOREPACIFIC Group, Inc.
 
12,875
222,804
Ananti, Inc. (a)
 
29,739
110,220
AptaBio Therapeutics, Inc. (a)
 
7,371
72,816
BGF Retail Co. Ltd.
 
3,057
399,441
Bioneer Corp. (a)
 
9,149
170,824
BNC Korea Co. Ltd. (a)
 
19,633
73,040
BNK Financial Group, Inc.
 
99,473
446,727
Bukwang Pharmaceutical Co. Ltd.
 
26,648
140,958
Celltrion Healthcare Co. Ltd.
 
29,668
1,444,614
Celltrion Pharm, Inc.
 
6,630
314,936
Celltrion, Inc.
 
33,370
4,488,860
CHA Biotech Co. Ltd. (a)
 
17,263
159,650
Cheil Worldwide, Inc.
 
29,151
499,357
Chong Kun Dang Pharmaceutical Corp.
 
3,542
208,452
Chunbo Co. Ltd.
 
1,798
275,371
CJ CGV Co. Ltd. (a)
 
19,941
188,608
CJ CheilJedang Corp.
 
2,942
853,339
CJ Corp.
 
6,325
318,173
CJ ENM Co. Ltd.
 
3,873
199,169
CJ Logistics Corp. (a)
 
3,515
216,468
Com2uS Corp.
 
3,114
155,120
Cosmax, Inc.
 
3,830
122,897
Cosmo AM&T Co. Ltd. (a)
 
7,929
372,752
Coway Co. Ltd.
 
19,237
745,317
Creative & Innovative System (a)
 
17,006
155,486
CS Wind Corp.
 
10,680
439,974
Daeduck Electronics Co. Ltd.
 
13,745
236,896
Daejoo Electronic Materials Co. Ltd.
 
3,910
246,272
Daesang Corp.
 
10,122
148,569
Daewoo Engineering & Construction Co. Ltd. (a)
 
79,585
234,464
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a)
 
19,836
254,322
Daewoong Co. Ltd.
 
9,139
132,220
Daewoong Pharmaceutical Co. Ltd.
 
2,334
264,090
Daou Technology, Inc.
 
11,054
140,177
Dawonsys Co. Ltd.
 
13,461
161,269
DB HiTek Co. Ltd.
 
14,580
452,011
Db Insurance Co. Ltd.
 
16,146
636,872
DGB Financial Group Co. Ltd.
 
58,048
276,144
DL E&C Co. Ltd.
 
11,505
277,686
DL Holdings Co. Ltd.
 
6,268
270,074
Dong-A St. Co. Ltd.
 
3,614
137,995
Dongjin Semichem Co. Ltd.
 
12,058
254,285
DongKook Pharmaceutical Co. Ltd.
 
14,602
160,617
Dongkuk Steel Mill Co. Ltd.
 
24,219
194,285
Dongsuh Co., Inc.
 
15,594
222,878
Doosan Bobcat, Inc.
 
17,610
413,317
Doosan Co. Ltd.
 
2,763
149,831
Doosan Fuel Cell Co. Ltd. (a)
 
15,427
294,528
Doosan Heavy Industries & Construction Co. Ltd. (a)
 
139,720
1,297,039
Douzone Bizon Co. Ltd.
 
7,315
156,312
E-Mart, Inc.
 
7,570
448,688
Ecopro BM Co. Ltd.
 
16,583
1,337,264
Ecopro Co. Ltd.
 
6,393
636,021
Ecopro HN Co. Ltd.
 
4,456
161,404
Enchem Co. Ltd.
 
3,231
168,644
EO Technics Co. Ltd.
 
3,940
179,979
ESR Kendall Square Co. Ltd. (REIT)
 
79,032
197,397
Eubiologics Co. Ltd. (a)
 
12,222
89,054
Eugene Technology Co. Ltd.
 
7,492
113,116
F&F Co. Ltd.
 
5,981
609,699
Fila Holdings Corp.
 
19,919
456,346
Foosung Co. Ltd.
 
18,817
163,475
GC Cell Corp. (a)
 
4,879
154,507
GemVax & Kael Co. Ltd. (a)
 
17,423
151,364
GeneOne Life Science, Inc.
 
27,607
142,936
Genexine Co. Ltd. (a)
 
9,106
142,907
Golfzon Co. Ltd.
 
1,752
141,528
Grand Korea Leisure Co. Ltd. (a)
 
16,280
161,965
Green Cross Corp.
 
2,358
210,636
Green Cross Holdings Corp.
 
15,908
193,372
GS Engineering & Construction Corp.
 
23,284
353,994
GS Holdings Corp.
 
16,136
520,035
GS Retail Co. Ltd.
 
18,138
322,776
HAESUNG DS Co. Ltd.
 
4,375
116,477
Hana Financial Group, Inc.
 
100,252
2,897,315
Hana Micron, Inc.
 
17,893
117,212
Hana Tour Service, Inc. (a)
 
6,830
238,542
HanAll BioPharma Co. Ltd. (a)
 
18,902
188,051
Handsome Co. Ltd.
 
6,327
111,263
Hankook Tire Co. Ltd.
 
28,104
719,671
Hanmi Pharm Co. Ltd.
 
2,735
484,793
Hanmi Semiconductor Co. Ltd.
 
17,356
143,486
Hanon Systems
 
79,203
432,828
Hansol Chemical Co. Ltd.
 
3,282
426,541
Hanssem Co. Ltd.
 
3,605
94,588
Hanwha Aerospace Co. Ltd.
 
12,826
595,777
Hanwha Corp.
 
16,913
300,977
Hanwha Life Insurance Co. Ltd. (a)
 
125,521
192,153
Hanwha Solutions Corp. (a)
 
39,162
1,295,047
Hanwha Systems Co. Ltd.
 
25,566
199,718
HD Hyundai Co. Ltd.
 
19,129
816,184
HDC Hyundai Development Co.
 
18,160
127,231
Helixmith Co., Ltd.
 
14,559
127,503
Hite Jinro Co. Ltd.
 
13,394
240,700
HL Holdings Corp.
 
5,854
129,194
HL Mando Co. Ltd.
 
11,785
408,295
HLB Life Science Co. Ltd. (a)
 
28,112
239,302
HLB, Inc. (a)
 
32,576
924,339
HLB, Inc. rights 12/2/22 (a)
 
2,917
20,028
HMM Co. Ltd.
 
92,613
1,239,321
Hotel Shilla Co.
 
12,488
568,702
HUGEL, Inc. (a)
 
2,723
213,289
HYBE Co. Ltd. (a)
 
6,363
539,419
Hyosung Advanced Materials Co.
 
1,051
234,894
Hyosung Corp.
 
3,764
180,642
Hyosung TNC Co. Ltd.
 
1,114
204,096
Hyundai Autoever Corp.
 
2,895
240,351
Hyundai Bioscience Co. Ltd. (a)
 
12,490
187,264
Hyundai Construction Equipment Co. Ltd.
 
6,841
206,095
Hyundai Department Store Co. Ltd.
 
5,261
199,409
Hyundai Doosan Infracore Co. Lt (a)
 
49,630
192,982
Hyundai Electric & Energy System Co. Ltd. (a)
 
9,898
238,206
Hyundai Elevator Co. Ltd.
 
12,047
212,695
Hyundai Engineering & Construction Co. Ltd.
 
27,351
668,771
Hyundai Fire & Marine Insurance Co. Ltd.
 
21,126
492,879
Hyundai Glovis Co. Ltd.
 
6,823
831,770
Hyundai Greenfood Co. Ltd.
 
34,930
159,316
Hyundai Heavy Industries Co. Ltd. (a)
 
6,072
463,700
Hyundai Mipo Dockyard Co. Ltd. (a)
 
8,162
524,950
Hyundai Mobis
 
20,512
3,147,247
Hyundai Motor Co.
 
43,963
5,066,778
Hyundai Rotem Co. Ltd. (a)
 
27,251
464,901
Hyundai Steel Co.
 
30,382
598,138
Hyundai Wia Corp.
 
6,180
264,550
Il Dong Pharmaceutical Co. Ltd. (a)
 
5,453
105,062
Iljin Materials Co. Ltd.
 
8,215
348,786
Industrial Bank of Korea
 
86,890
636,158
Innox Advanced Materials Co. Ltd.
 
6,390
122,444
JB Financial Group Co. Ltd.
 
48,096
241,942
JR Global (REIT)
 
57,230
169,005
Jusung Engineering Co. Ltd.
 
14,816
118,854
JW Pharmaceutical Corp.
 
8,397
110,307
JYP Entertainment Corp.
 
11,769
457,627
Kakao Corp.
 
104,919
3,726,840
Kakao Games Corp. (a)
 
12,075
334,589
KakaoBank Corp. (a)
 
40,832
489,188
Kangwon Land, Inc. (a)
 
33,581
541,128
KB Financial Group, Inc.
 
132,056
4,434,627
KCC Corp.
 
1,683
287,708
KEPCO E&C
 
4,815
167,492
KEPCO Plant Service & Engineering Co. Ltd.
 
10,745
240,146
Kia Corp.
 
87,212
4,051,058
Kiwoom Securities Co. Ltd.
 
5,825
329,751
KMW Co. Ltd. (a)
 
10,257
169,954
Koh Young Technology, Inc.
 
22,090
184,945
Kolmar Korea Co. Ltd.
 
10,879
261,053
Kolon Industries, Inc.
 
7,285
222,023
Komipharm International Co. Ltd. (a)
 
26,625
133,935
Korea Aerospace Industries Ltd.
 
24,575
815,253
Korea Electric Power Corp. (a)
 
86,241
1,009,271
Korea Investment Holdings Co. Ltd.
 
14,218
493,584
Korea Line Corp. (a)
 
82,128
113,354
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)
 
14,474
737,228
Korea Zinc Co. Ltd.
 
3,064
1,373,876
Korean Air Lines Co. Ltd. (a)
 
58,595
948,312
Korean Reinsurance Co.
 
35,693
183,802
KRAFTON, Inc. (a)
 
8,285
1,030,314
KT&G Corp.
 
36,362
2,438,026
Kumho Petro Chemical Co. Ltd.
 
6,445
591,525
Kumho Tire Co., Inc. (a)
 
52,370
113,192
L&C Bio Co. Ltd.
 
7,471
117,510
L&F Co. Ltd. (a)
 
7,962
1,255,114
Leeno Industrial, Inc.
 
3,611
346,093
LegoChem Biosciences, Inc. (a)
 
8,271
197,022
LG Chemical Ltd.
 
15,827
6,941,472
LG Corp.
 
32,003
1,775,802
LG Display Co. Ltd.
 
79,004
703,637
LG Electronics, Inc.
 
35,322
2,019,362
LG Energy Solution (a)
 
7,936
2,935,717
LG H & H Co. Ltd.
 
3,013
1,076,584
LG Innotek Co. Ltd.
 
4,822
1,001,684
LG Uplus Corp.
 
78,917
633,074
LIG Nex1 Co. Ltd.
 
4,305
306,138
Lotte Chemical Corp.
 
6,327
656,052
Lotte Fine Chemical Co. Ltd.
 
6,413
252,059
Lotte REIT Co. Ltd.
 
64,151
161,353
Lotte Shopping Co. Ltd.
 
4,761
291,533
Lotte Tour Development Co. Ltd. (a)
 
24,273
153,564
LS Corp.
 
7,194
335,174
LS Electric Co. Ltd.
 
8,786
338,558
LX Hausys Ltd.
 
4,577
103,256
LX International Corp.
 
10,201
290,524
Lx Semicon Co. Ltd.
 
4,308
250,212
MedPacto, Inc. (a)
 
7,107
115,021
MegaStudyEdu Co. Ltd.
 
4,722
283,852
Meritz Financial Holdings Co.
 
12,364
187,974
Meritz Fire & Marine Insurance Co. Ltd.
 
13,578
299,182
Meritz Securities Co. Ltd.
 
107,402
278,415
Mirae Asset Securities Co. Ltd.
 
96,754
430,449
Naturecell Co. Ltd. (a)
 
17,754
215,189
NAVER Corp.
 
44,218
5,251,066
NCSOFT Corp.
 
5,574
1,523,036
Neowiz (a)
 
8,181
206,915
Netmarble Corp. (d)
 
7,629
238,386
Nexon Games Co. Ltd. (a)
 
8,449
86,720
NH Investment & Securities Co. Ltd.
 
51,269
322,200
NHN Corp.
 
8,348
134,228
NICE Information Service Co. Ltd.
 
18,196
165,729
NKMax Co. Ltd. (a)
 
14,518
136,298
NongShim Co. Ltd.
 
1,218
257,711
Oci Co. Ltd.
 
6,710
479,514
Orion Corp./Republic of Korea
 
8,404
597,628
Oscotec, Inc. (a)
 
12,729
162,310
Oscotec, Inc. rights 11/8/22 (a)
 
2,176
5,260
Ottogi Corp.
 
642
198,584
Pan Ocean Co., Ltd. (Korea)
 
102,375
308,419
Paradise Co. Ltd. (a)
 
19,108
190,100
Pearl Abyss Corp. (a)
 
9,939
289,677
People & Technology, Inc.
 
6,900
223,100
Pharmicell Co. Ltd. (a)
 
22,473
160,598
PI Advanced Materials Co. Ltd.
 
6,522
135,483
POSCO
 
26,465
4,603,331
POSCO Chemtech Co. Ltd.
 
9,404
1,314,420
Posco International Corp.
 
17,953
259,738
RFHIC Corp.
 
10,728
158,216
S&S Tech Corp.
 
8,821
153,576
S-Oil Corp.
 
15,216
921,071
S.M. Entertainment Co. Ltd.
 
6,180
307,848
S1 Corp.
 
6,950
303,842
Sam Chun Dang Pharm Co. Ltd. (a)
 
8,538
182,745
SamKang M&T Co. Ltd. (a)
 
10,142
143,889
Samsung Biologics Co. Ltd. (a)(d)
 
6,038
3,709,978
Samsung C&T Corp.
 
28,459
2,362,744
Samsung Electro-Mechanics Co. Ltd.
 
18,904
1,602,573
Samsung Electronics Co. Ltd.
 
1,603,916
66,749,300
Samsung Engineering Co. Ltd. (a)
 
54,837
916,306
Samsung Fire & Marine Insurance Co. Ltd.
 
10,547
1,477,875
Samsung Heavy Industries Co. Ltd. (a)
 
209,434
755,672
Samsung Life Insurance Co. Ltd.
 
27,773
1,311,479
Samsung SDI Co. Ltd.
 
18,608
9,608,284
Samsung SDS Co. Ltd.
 
11,584
1,014,489
Samsung Securities Co. Ltd.
 
22,460
499,611
Sangsangin Co. Ltd.
 
19,291
87,581
SD Biosensor, Inc.
 
13,245
274,213
Seegene, Inc.
 
13,364
268,718
Seojin System Co. Ltd.
 
12,164
125,277
Seoul Semiconductor Co. Ltd.
 
27,892
204,209
SFA Engineering Corp.
 
9,713
259,613
Shin Poong Pharmaceutical Co. (a)
 
12,549
190,347
Shinhan Financial Group Co. Ltd.
 
155,886
3,954,118
Shinsegae Co. Ltd.
 
2,742
408,230
Shinsegae International Co. Ltd.
 
7,222
119,159
SIMMTECH Co. Ltd.
 
8,806
218,096
SK Biopharmaceuticals Co. Ltd. (a)
 
11,258
458,264
SK Bioscience Co. Ltd. (a)
 
7,885
417,640
SK Chemicals Co. Ltd.
 
4,231
262,044
SK Hynix, Inc.
 
183,891
10,654,784
SK IE Technology Co. Ltd. (a)(d)
 
9,062
330,146
SK Innovation Co., Ltd.
 
18,790
2,277,464
SK Networks Co. Ltd.
 
55,232
155,946
SK Square Co. Ltd. (a)
 
33,796
874,900
SK, Inc.
 
12,705
1,904,878
SKC Co. Ltd.
 
7,578
549,507
SOLUM Co. Ltd. (a)
 
25,347
306,333
Solus Advanced Materials Co. Lt
 
8,364
196,894
Soulbrain Co. Ltd.
 
1,880
269,621
ST Pharm Co. Ltd.
 
4,307
251,361
Taihan Electric Wire Co. Ltd. (a)
 
210,542
221,263
Tokai Carbon Korea Co. Ltd.
 
2,366
168,252
UniTest, Inc. (a)
 
9,956
88,935
Vaxcell-Bio Therapeutics Co. Ltd. (a)
 
3,892
98,846
Vidente Co. Ltd. (a)
 
18,924
47,266
Webzen, Inc. (a)
 
12,597
131,943
WeMade Entertainment Co. Ltd.
 
6,402
198,924
WONIK IPS Co. Ltd.
 
12,292
236,828
Woori Financial Group, Inc.
 
185,356
1,525,890
Wysiwyg Studios Co. Ltd. (a)
 
8,992
95,444
YG Entertainment, Inc.
 
6,278
188,034
Youngone Corp.
 
8,523
282,444
Yuhan Corp.
 
18,284
766,039
YUNGJIN Pharmaceutical Co. Ltd. (a)
 
60,303
114,918
Zinus, Inc.
 
4,275
93,747
TOTAL KOREA (SOUTH)
 
 
247,885,950
Kuwait - 0.3%
 
 
 
Agility Public Warehousing Co. KSC
 
509,169
1,288,328
Al Ahli Bank of Kuwait KSCP
 
269,008
287,370
Boubyan Bank KSC
 
433,196
1,152,020
Boubyan Petrochemicals Co. KSCP
 
168,773
434,120
Boursa Kuwait Securities Co. KPSC
 
35,102
257,388
Commercial Real Estate Co.
 
719,887
231,172
Gulf Bank
 
580,611
642,729
Gulf Cable & Electrical Industries Co. KSCP
 
39,326
152,938
Human Soft Holding Co. KSCC
 
32,194
349,318
Jazeera Airways Co. KSCP
 
36,421
196,416
Kuwait Finance House KSCP
 
2,467,728
6,451,056
Mabanee Co. SAKC
 
245,773
691,670
Mobile Telecommunication Co.
 
716,449
1,385,035
National Bank of Kuwait
 
2,391,301
8,319,582
National Industries Group Holding SAK
 
739,802
558,702
National Investments Co. KSCC
 
132,923
102,529
Qurain Petrochemical Industries Co.
 
287,856
234,112
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC
 
276,147
172,007
Warba Bank KSCP (a)
 
594,942
462,743
TOTAL KUWAIT
 
 
23,369,235
Luxembourg - 0.2%
 
 
 
Allegro.eu SA (a)(d)
 
124,449
604,767
Aperam SA
 
19,429
507,859
ArcelorMittal SA (Netherlands)
 
177,211
3,967,542
Aroundtown SA
 
326,445
647,799
B&M European Value Retail SA
 
322,436
1,192,877
Eurofins Scientific SA
 
45,740
2,928,222
Grand City Properties SA
 
33,783
328,853
InPost SA (a)
 
81,589
521,033
Millicom International Cellular SA:
 
 
 
 unit (a)
 
22,820
250,107
 (depository receipt) (a)
 
58,728
637,215
Reinet Investments SCA
 
47,827
768,461
SES SA (France) (depositary receipt)
 
142,746
1,012,591
Shurgard Self Storage Europe SARL
 
8,636
375,946
Solutions 30 SE (a)
 
37,277
71,983
Subsea 7 SA (c)
 
84,579
846,103
Tenaris SA
 
159,938
2,503,215
TOTAL LUXEMBOURG
 
 
17,164,573
Malaysia - 0.5%
 
 
 
Alliance Bank Malaysia Bhd
 
413,500
323,593
AMMB Holdings Bhd
 
685,300
592,825
Axiata Group Bhd
 
1,036,558
624,829
Axis (REIT)
 
609,263
240,973
British American Tobacco (Malaysia) Bhd
 
80,700
179,561
Bursa Malaysia Bhd
 
337,000
459,740
Carlsberg Brewery Bhd
 
84,600
399,023
CIMB Group Holdings Bhd
 
2,383,848
2,783,173
Dagang Nexchange Bhd
 
1,060,000
170,389
Dialog Group Bhd
 
1,310,600
571,031
DiGi.com Bhd
 
1,139,200
913,191
DRB-Hicom Bhd
 
341,600
96,816
Fraser & Neave Holdings Bhd
 
62,900
273,258
Frontken Corp. Bhd
 
428,900
222,251
Gamuda Bhd
 
723,319
588,997
Genting Bhd
 
756,000
709,949
Genting Malaysia Bhd
 
1,131,200
655,560
Hap Seng Consolidated Bhd
 
248,800
338,364
Hartalega Holdings Bhd
 
662,200
302,528
Heineken Malaysia Bhd
 
74,100
362,037
Hibiscus Petroleum Bhd
 
688,700
141,294
Hong Leong Bank Bhd
 
225,500
1,009,217
Hong Leong Credit Bhd
 
94,100
379,744
IGB (REIT)
 
738,500
245,229
IHH Healthcare Bhd
 
614,800
773,701
IJM Corp. Bhd
 
1,151,100
396,847
Inari Amertron Bhd
 
1,022,550
538,526
IOI Corp. Bhd
 
1,008,400
870,193
Kossan Rubber Industries Bhd
 
594,400
157,149
KPJ Healthcare Bhd
 
1,106,400
191,888
Kuala Lumpur Kepong Bhd
 
154,027
706,283
Malayan Banking Bhd
 
1,611,218
2,927,319
Malaysia Airports Holdings Bhd (a)
 
348,900
441,291
Malaysian Pacific Industries Bhd
 
37,100
188,325
Maxis Bhd
 
885,000
720,654
MISC Bhd
 
488,700
747,314
MR DIY Group M Sdn Bhd (d)
 
912,500
389,858
My E.G.Services Bhd
 
2,094,275
392,012
Nestle (Malaysia) Bhd
 
25,600
720,135
Petronas Chemicals Group Bhd
 
838,200
1,545,919
Petronas Dagangan Bhd
 
107,900
494,770
Petronas Gas Bhd
 
264,900
958,077
PPB Group Bhd
 
228,440
806,884
Press Metal Bhd
 
1,297,300
1,193,582
Public Bank Bhd
 
4,914,500
4,646,323
QL Resources Bhd
 
428,975
464,541
RHB Bank Bhd
 
529,368
640,437
Sime Darby Bhd
 
1,079,989
513,954
Sime Darby Plantation Bhd
 
741,871
690,404
SP Setia Bhd
 
654,161
66,412
Sunway (REIT)
 
773,700
229,099
Supermax Corp. Bhd
 
833,688
170,158
Telekom Malaysia Bhd
 
432,615
508,744
Tenaga Nasional Bhd
 
899,000
1,601,011
TIME dotCom Bhd
 
489,300
470,879
Top Glove Corp. Bhd
 
2,017,400
339,220
V.S. Industry Bhd
 
1,312,000
234,484
Yinson Holdings Bhd
 
533,100
239,038
TOTAL MALAYSIA
 
 
38,559,003
Malta - 0.0%
 
 
 
Kambi Group PLC (a)(c)
 
12,823
202,776
Kindred Group PLC (depositary receipt)
 
79,069
687,482
TOTAL MALTA
 
 
890,258
Marshall Islands - 0.0%
 
 
 
Atlas Corp.
 
34,687
513,021
Mauritius - 0.0%
 
 
 
Golden Agri-Resources Ltd.
 
2,220,100
454,810
Mexico - 0.7%
 
 
 
Alfa SA de CV Series A
 
1,076,100
714,214
Alsea S.A.B. de CV (a)
 
236,111
452,726
America Movil S.A.B. de CV Series L
 
9,378,596
8,875,419
Arca Continental S.A.B. de CV
 
145,900
1,195,080
Banco del Bajio SA (d)
 
272,400
768,269
Bolsa Mexicana de Valores S.A.B. de CV
 
188,300
342,899
CEMEX S.A.B. de CV unit (a)
 
5,149,832
2,001,398
Coca-Cola FEMSA S.A.B. de CV unit
 
178,450
1,124,128
Concentradora Fibra Danhos SA de CV (c)
 
101,245
125,196
Controladora Vuela Compania de Aviacion S.A.B. de CV (a)
 
289,600
246,145
Corporacion Inmobiliaria Vesta S.A.B. de CV
 
193,600
420,755
FIBRA Macquarie Mexican (REIT) (d)
 
248,978
331,125
Fibra Uno Administracion SA de CV
 
1,015,635
1,185,155
Fomento Economico Mexicano S.A.B. de CV unit
 
654,491
4,698,342
GCC S.A.B. de CV
 
65,100
404,209
Genomma Lab Internacional SA de CV
 
279,000
215,027
Gentera S.A.B. de CV
 
390,700
401,487
Gruma S.A.B. de CV Series B
 
70,150
813,737
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
119,796
1,855,620
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
62,725
1,468,005
Grupo Aeroportuario Norte S.A.B. de CV
 
100,600
801,429
Grupo Bimbo S.A.B. de CV Series A
 
448,477
1,736,369
Grupo Carso SA de CV Series A1
 
152,027
612,620
Grupo Comercial Chedraui S.A.B. de CV
 
79,400
320,037
Grupo Financiero Banorte S.A.B. de CV Series O
 
876,319
7,123,160
Grupo Financiero Inbursa S.A.B. de CV Series O (a)
 
731,000
1,349,249
Grupo Herdez S.A.B. de CV
 
95,700
193,110
Grupo Mexico SA de CV Series B
 
1,045,517
3,790,415
Grupo Televisa SA de CV
 
787,270
835,230
Industrias Penoles SA de CV
 
47,780
542,020
Kimberly-Clark de Mexico SA de CV Series A
 
513,867
810,755
La Comer S.A.B. de CV
 
185,700
344,913
Nemak S.A.B. de CV (a)(d)
 
961,075
263,880
Operadora de Sites Mexicanos, SA de CV
 
452,663
492,576
Orbia Advance Corp. S.A.B. de CV
 
333,528
563,090
Prologis Property Mexico SA (c)
 
254,931
654,666
Promotora y Operadora de Infraestructura S.A.B. de CV
 
74,980
564,025
Qualitas Controladora S.A.B. de CV
 
72,200
283,691
Regional S.A.B. de CV
 
86,800
606,588
Sitios Latinoamerica S.A.B. de CV (a)
 
452,545
132,020
Terrafina (c)
 
249,471
349,534
Wal-Mart de Mexico SA de CV Series V
 
1,759,330
6,795,615
TOTAL MEXICO
 
 
56,803,928
Multi-National - 0.1%
 
 
 
HK Electric Investments & HK Electric Investments Ltd. unit
 
926,500
588,973
HKT Trust/HKT Ltd. unit
 
1,290,000
1,457,683
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a)
 
39,270
1,858,155
TOTAL MULTI-NATIONAL
 
 
3,904,811
Netherlands - 3.2%
 
 
 
Aalberts Industries NV
 
33,135
1,151,992
ABN AMRO Bank NV GDR (d)
 
139,546
1,372,995
Adyen BV (a)(d)
 
7,307
10,431,470
AEGON NV
 
596,916
2,763,221
AerCap Holdings NV (a)
 
45,608
2,435,923
Airbus Group NV
 
199,119
21,545,428
Akzo Nobel NV
 
61,145
3,774,815
Alfen Beheer BV (a)(d)
 
7,540
801,399
AMG Advanced Metallurgical Group NV
 
11,563
361,783
Arcadis NV
 
26,075
885,925
Argenx SE (a)
 
18,610
7,225,344
Ariston Holding NV
 
32,494
277,128
ASM International NV (Netherlands)
 
15,772
3,503,885
ASML Holding NV (Netherlands)
 
137,044
64,285,581
ASR Nederland NV
 
46,098
2,031,358
Basic-Fit NV (a)(c)(d)
 
17,941
452,120
BE Semiconductor Industries NV
 
24,678
1,261,349
CNH Industrial NV
 
341,287
4,420,014
Corbion NV
 
21,049
560,813
COSMO Pharmaceuticals NV
 
5,173
302,213
CureVac NV (a)
 
21,048
153,363
Davide Campari Milano NV
 
181,270
1,629,100
Eurocommercial Properties NV
 
14,994
329,845
Euronext NV (d)
 
28,636
1,819,660
EXOR NV
 
35,119
2,360,032
Ferrari NV (Italy)
 
41,916
8,263,986
Flow Traders BV (d)
 
12,359
297,528
Fugro NV (Certificaten Van Aandelen) (a)
 
35,173
457,090
Heineken Holding NV
 
33,770
2,306,088
Heineken NV (Bearer)
 
86,565
7,237,349
IMCD NV
 
19,107
2,479,271
ING Groep NV (Certificaten Van Aandelen)
 
1,312,922
12,918,620
Intertrust NV (a)(d)
 
30,029
592,336
JDE Peet's BV
 
33,200
950,831
Just Eat Takeaway.com NV (a)(d)
 
60,682
1,041,309
Koninklijke Ahold Delhaize NV
 
351,320
9,797,716
Koninklijke BAM Groep NV (a)
 
109,234
238,571
Koninklijke DSM NV
 
58,891
6,927,372
Koninklijke KPN NV
 
1,092,167
3,054,907
Koninklijke Philips Electronics NV
 
298,235
3,783,079
Koninklijke Vopak NV
 
24,395
499,043
MFE-MediaForEurope NV
 
72,020
35,943
MFE-MediaForEurope NV Class A
 
303,500
106,357
NEPI Rockcastle PLC
 
180,913
911,028
NN Group NV
 
93,050
3,940,343
NSI NV
 
7,465
178,530
OCI NV
 
36,064
1,379,990
Pharming Group NV (a)
 
331,772
343,612
PostNL NV (c)
 
138,448
217,135
Prosus NV
 
278,815
12,056,434
QIAGEN NV (Germany) (a)
 
76,278
3,294,182
Randstad NV
 
40,926
2,040,052
RHI Magnesita NV
 
10,946
232,479
SBM Offshore NV
 
46,871
634,588
Signify NV (d)
 
43,901
1,217,388
Steinhoff International Holdings NV (South Africa) (a)
 
1,475,366
151,804
Stellantis NV (Italy)
 
726,073
9,801,619
STMicroelectronics NV (France)
 
230,319
7,161,528
Technip Energies NV
 
47,635
615,039
TKH Group NV (depositary receipt)
 
16,525
585,624
TomTom Group BV (a)
 
24,546
192,241
Universal Music Group NV
 
242,749
4,766,487
Van Lanschot Kempen NV (Bearer)
 
14,614
315,564
Wereldhave NV
 
12,130
148,645
Wolters Kluwer NV
 
88,361
9,391,563
X5 Retail Group NV GDR (b)
 
33,857
11,978
Yandex NV Class A (a)(b)
 
90,012
503,951
TOTAL NETHERLANDS
 
 
257,215,956
New Zealand - 0.2%
 
 
 
Air New Zealand Ltd. (a)
 
581,772
263,829
Argosy Property Ltd.
 
298,019
205,323
Auckland International Airport Ltd. (a)
 
398,444
1,783,746
Chorus Ltd.
 
181,750
878,113
Contact Energy Ltd.
 
261,090
1,146,073
Fisher & Paykel Healthcare Corp.
 
197,315
2,246,197
Fletcher Building Ltd.
 
323,800
967,643
Genesis Energy Ltd.
 
190,270
313,063
Goodman Property Trust
 
321,198
386,561
Infratil Ltd.
 
280,747
1,426,598
Kiwi Property Group Ltd.
 
507,408
266,981
Mercury Nz Ltd.
 
237,878
804,919
Meridian Energy Ltd.
 
447,794
1,270,495
Precinct Properties New Zealand Ltd.
 
472,103
338,984
Pushpay Holdings Ltd. (a)
 
372,417
270,654
Ryman Healthcare Ltd.
 
141,267
688,271
SKYCITY Entertainment Group Ltd. (a)
 
265,614
447,841
Spark New Zealand Ltd.
 
632,550
1,882,955
Summerset Group Holdings Ltd.
 
77,339
435,260
The a2 Milk Co. Ltd. (a)
 
277,276
935,008
Xero Ltd. (a)
 
45,147
2,254,527
TOTAL NEW ZEALAND
 
 
19,213,041
Norway - 0.6%
 
 
 
Adevinta ASA Class B (a)
 
98,237
672,795
Aker ASA (A Shares)
 
7,658
539,573
Aker BP ASA
 
106,664
3,400,148
Aker Carbon Capture A/S (a)
 
123,644
138,913
Aker Solutions ASA
 
88,595
339,172
Atea ASA
 
33,144
368,545
Austevoll Seafood ASA
 
35,030
259,116
Bonheur A/S
 
9,951
282,847
Borregaard ASA
 
32,477
436,728
Crayon Group Holding A/S (a)(c)(d)
 
25,078
207,814
DNB Bank ASA
 
308,117
5,449,629
DNO ASA (A Shares)
 
166,175
216,747
Elkem ASA (d)
 
120,152
399,653
Entra ASA (d)
 
20,056
182,404
Equinor ASA
 
329,104
11,990,484
Europris ASA (d)
 
58,033
345,536
Gjensidige Forsikring ASA
 
66,785
1,219,920
Grieg Seafood ASA
 
16,278
112,736
Kahoot! A/S (a)
 
96,745
206,311
Kongsberg Gruppen ASA
 
30,567
1,095,527
Leroy Seafood Group ASA
 
89,588
411,913
Mowi ASA
 
138,617
2,067,358
MPC Container Ships ASA
 
115,557
182,292
NEL ASA (a)(c)
 
535,490
654,415
Nordic VLSI ASA (a)
 
55,955
790,657
Norsk Hydro ASA
 
454,817
2,886,414
Norwegian Air Shuttle A/S (a)(c)
 
332,053
265,805
Nykode Therapeutics A/S (a)
 
39,217
94,080
Orkla ASA
 
246,125
1,660,152
Protector Forsikring ASA
 
24,438
291,014
REC Silicon ASA (a)
 
105,508
202,772
Salmar ASA
 
19,516
661,162
Scatec Solar AS (d)
 
43,930
311,004
Schibsted ASA:
 
 
 
 (A Shares)
 
22,837
351,688
 (B Shares)
 
34,191
507,464
Sparebank 1 Sr Bank ASA (primary capital certificate)
 
58,756
597,951
Sparebanken Midt-Norge
 
42,782
461,723
Sparebanken Nord-Norge
 
32,931
273,365
Storebrand ASA (A Shares)
 
159,675
1,241,011
Telenor ASA
 
234,616
2,132,159
TGS ASA
 
42,135
575,518
Tomra Systems ASA
 
80,012
1,293,134
Veidekke ASA
 
53,869
448,211
Wallenius Wilhelmsen ASA
 
38,582
274,442
Yara International ASA
 
56,002
2,499,476
TOTAL NORWAY
 
 
48,999,778
Panama - 0.0%
 
 
 
Intercorp Financial Services, Inc. (c)
 
12,411
305,311
Peru - 0.0%
 
 
 
Compania de Minas Buenaventura SAA sponsored ADR (c)
 
77,718
539,363
Philippines - 0.2%
 
 
 
Aboitiz Equity Ventures, Inc.
 
621,840
609,320
ACEN Corp.
 
3,181,405
344,887
Alliance Global Group, Inc.
 
1,151,800
179,128
Ayala Corp.
 
88,095
1,019,247
Ayala Land, Inc.
 
2,546,700
1,126,797
Bank of the Philippine Islands (BPI)
 
636,414
1,055,211
BDO Unibank, Inc.
 
687,703
1,515,513
Bloomberry Resorts Corp. (a)
 
1,727,200
209,379
Converge ICT Solutions, Inc. (a)
 
850,100
181,525
D&L Industries, Inc.
 
1,516,400
205,381
Globe Telecom, Inc.
 
11,338
455,720
GT Capital Holdings, Inc.
 
38,260
272,736
International Container Terminal Services, Inc.
 
358,790
1,072,296
JG Summit Holdings, Inc.
 
1,066,150
795,689
Jollibee Food Corp.
 
167,020
667,954
Manila Electric Co.
 
83,070
431,814
Megaworld Corp.
 
3,899,000
140,238
Metro Pacific Investments Corp.
 
4,880,600
307,869
Metropolitan Bank & Trust Co.
 
684,698
612,858
Monde Nissin Corp. (d)
 
2,226,400
449,979
PLDT, Inc.
 
31,120
874,940
PUREGOLD Price Club, Inc.
 
479,900
248,253
Robinsons Land Corp.
 
751,756
192,843
Security Bank Corp.
 
204,490
305,269
SM Investments Corp.
 
85,045
1,208,443
SM Prime Holdings, Inc.
 
3,900,100
2,123,522
Universal Robina Corp.
 
312,880
659,933
Wilcon Depot, Inc.
 
724,400
367,055
TOTAL PHILIPPINES
 
 
17,633,799
Poland - 0.2%
 
 
 
Alior Bank SA (a)
 
36,069
222,121
Asseco Poland SA
 
20,530
295,645
Bank Millennium SA (a)
 
267,572
244,363
Bank Polska Kasa Opieki SA
 
64,420
1,058,441
Budimex SA (c)
 
5,149
258,847
CCC SA (a)
 
18,432
142,272
CD Projekt RED SA (c)
 
23,139
616,025
Cyfrowy Polsat SA
 
91,205
341,964
Dino Polska SA (a)(d)
 
17,006
1,112,099
ENEA SA (a)
 
94,099
102,789
Grupa Azoty SA (a)
 
21,133
145,192
Jastrzebska Spolka Weglowa SA (a)(c)
 
20,106
174,945
KGHM Polska Miedz SA (Bearer)
 
48,943
980,685
Kruk SA
 
6,342
369,832
LPP SA
 
386
670,271
mBank SA (a)
 
5,927
332,223
Orange Polska SA
 
264,253
333,880
PGE Polska Grupa Energetyczna SA (a)
 
316,794
361,645
Polski Koncern Naftowy Orlen SA
 
139,588
1,605,784
Polskie Gornictwo Naftowe i Gazownictwo SA (a)
 
608,077
647,052
Powszechna Kasa Oszczednosci Bank SA
 
300,978
1,643,555
Powszechny Zaklad Ubezpieczen SA
 
213,186
1,196,746
Santander Bank Polska SA
 
13,378
712,320
Tauron Polska Energia SA (a)
 
401,387
163,023
TOTAL POLAND
 
 
13,731,719
Portugal - 0.1%
 
 
 
Banco Comercial Portugues SA (Reg.)
 
2,901,415
414,042
Energias de Portugal SA
 
922,678
4,034,877
Galp Energia SGPS SA Class B
 
171,076
1,736,952
Jeronimo Martins SGPS SA
 
96,540
2,001,611
NOS SGPS
 
91,127
356,983
REN - Redes Energeticas Nacionais SGPS SA
 
140,975
365,015
Sonae SGPS SA
 
435,270
418,756
The Navigator Co. SA
 
82,119
313,093
TOTAL PORTUGAL
 
 
9,641,329
Qatar - 0.3%
 
 
 
Barwa Real Estate Co. (a)
 
681,167
635,949
Doha Bank (a)
 
578,596
350,486
Gulf International Services QSC (a)
 
365,214
182,720
Gulf Warehousing Co. (a)
 
174,951
205,421
Industries Qatar QSC (a)
 
520,010
2,251,818
Masraf al Rayan
 
1,918,137
2,020,977
Medicare Group
 
74,966
143,273
Mesaieed Petrochemical Holding Co. (a)
 
1,588,510
990,161
Ooredoo QSC
 
298,947
802,008
Qatar Aluminum Manufacturing Co. (a)
 
1,040,550
463,737
Qatar Electricity & Water Co. (a)
 
165,399
840,223
Qatar Fuel Co. (a)
 
175,923
921,703
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
873,598
983,525
Qatar Insurance Co. SAQ (a)
 
664,914
394,375
Qatar International Islamic Bank QSC (a)
 
265,444
843,327
Qatar Islamic Bank (a)
 
565,107
3,784,708
Qatar National Bank SAQ (a)
 
1,566,547
8,577,455
Qatar National Cement Co. QSC (a)
 
192,372
240,614
Qatar Navigation QPSC
 
228,232
641,751
The Commercial Bank of Qatar (a)
 
1,124,419
1,943,322
United Development Co. (a)
 
737,213
290,088
Vodafone Qatar QSC (a)
 
790,707
363,464
TOTAL QATAR
 
 
27,871,105
Russia - 0.0%
 
 
 
Aeroflot Pjsc (a)(b)
 
402,869
43,007
Alrosa Co. Ltd. (b)
 
739,283
184,434
Credit Bank of Moscow (a)(b)
 
4,537,000
67,873
Detsky Mir PJSC (b)(d)
 
227,830
56,574
Gazprom OAO (b)
 
3,442,771
540,225
Inter Rao Ues JSC (b)
 
11,220,073
92,762
LUKOIL PJSC (b)
 
120,075
55,733
Magnit OJSC GDR (Reg. S) (b)
 
100,509
489
MMC Norilsk Nickel PJSC (b)
 
18,318
182,686
Mobile TeleSystems OJSC sponsored ADR (b)
 
173,383
172,688
Moscow Exchange MICEX-RTS OAO (a)(b)
 
449,874
129,681
Novatek PJSC GDR (Reg. S) (b)
 
26,560
6,785
Novolipetsk Steel OJSC (b)
 
409,801
5,900
PhosAgro PJSC:
 
 
 
 GDR (b)
 
277
6
 GDR (Reg. S) (b)
 
43,237
887
Polyus PJSC (b)
 
10,038
35,398
Rosneft Oil Co. OJSC (b)
 
315,946
79,235
Rostelecom PJSC (b)
 
298,140
99,815
Sberbank of Russia (a)(b)
 
3,156,853
29,106
Segezha Group PJSC (b)(d)
 
1,842,700
41,374
Severstal PAO (b)
 
63,766
2,135
Sistema JSFC sponsored GDR (a)(b)
 
40,315
71,280
Surgutneftegas OJSC (b)
 
2,091,286
38,374
Tatneft PAO (b)
 
399,435
74,501
Unipro PJSC (b)
 
8,778,000
41,990
United Co. RUSAL International PJSC (b)
 
983,490
177,741
VTB Bank OJSC (a)(b)
 
963,847,980
55,221
TOTAL RUSSIA
 
 
2,285,900
Saudi Arabia - 1.3%
 
 
 
Abdullah Al Othaim Markets Co.
 
17,262
521,873
ACWA Power Co.
 
28,024
1,297,701
Advanced Polypropylene Co.
 
49,045
578,221
Al Hammadi Co. for Development and Investment
 
37,447
447,963
Al Rajhi Bank
 
663,308
15,040,077
Al Rajhi Co. for Co-operative Insurance (a)
 
8,763
238,808
Aldrees Petroleum and Transport Services Co.
 
15,657
302,510
Alinma Bank
 
337,354
3,366,762
Almarai Co. Ltd.
 
89,367
1,339,001
Alujain Corp.
 
15,033
188,435
Arab National Bank
 
207,935
1,784,648
Bank Al-Jazira
 
146,429
911,102
Bank Albilad
 
169,632
2,288,816
Banque Saudi Fransi
 
202,548
2,328,665
Bupa Arabia for Cooperative Insurance Co.
 
21,443
1,101,382
Dallah Healthcare Co.
 
13,492
575,938
Dar Al Arkan Real Estate Development Co. (a)
 
195,786
699,245
Dr Sulaiman Al Habib Medical Services Group Co.
 
30,463
1,837,079
Elm Co.
 
8,424
742,064
Emaar The Economic City (a)
 
153,132
390,823
Etihad Etisalat Co.
 
135,133
1,316,248
Jadwa (REIT) Saudi Fund
 
80,634
281,115
Jarir Marketing Co.
 
20,787
907,258
Leejam Sports Co. JSC
 
12,894
271,431
Mobile Telecommunications Co. Saudi Arabia (a)
 
168,674
582,664
Mouwasat Medical Services Co.
 
17,402
1,014,235
National Industrialization Co. (a)
 
131,211
467,220
Qassim Cement Co.
 
20,179
404,917
Rabigh Refining & Petrochemical Co. (a)
 
145,859
529,472
Riyad Bank
 
460,152
4,402,460
Sabic Agriculture-Nutrients Co.
 
73,382
3,105,145
Sahara International Petrochemical Co.
 
125,163
1,350,710
Saudi Airlines Catering Co. (a)
 
17,558
362,136
Saudi Arabian Mining Co.
 
292,743
6,520,895
Saudi Arabian Oil Co. (d)
 
808,806
7,512,163
Saudi Basic Industries Corp.
 
305,237
7,180,996
Saudi Cement Co.
 
35,015
496,680
Saudi Dairy & Foodstuffs Co.
 
7,297
456,360
Saudi Electricity Co.
 
286,808
2,060,868
Saudi Ground Services Co. (a)
 
39,214
271,337
Saudi Industrial Investment Group
 
135,634
811,447
Saudi Investment Bank/The
 
174,545
842,636
Saudi Kayan Petrochemical Co. (a)
 
264,002
924,609
Saudi Pharmaceutical Industries & Medical Appliances Corp.
 
27,964
197,215
Saudi Real Estate Co. (a)
 
77,781
260,405
Saudi Research & Marketing Group (a)
 
12,810
686,600
Saudi Tadawul Group Holding Co.
 
13,264
766,707
Saudi Telecom Co.
 
509,767
5,480,855
Seera Group Holding (a)
 
63,802
323,972
Southern Province Cement Co.
 
33,175
483,823
The Co. for Cooperative Insurance (a)
 
23,594
531,839
The National Agriculture Development Co. (a)
 
27,406
190,363
The Saudi British Bank
 
316,123
3,659,659
The Saudi National Bank
 
742,154
11,732,099
The Savola Group
 
95,189
742,249
United Electronics Co.
 
15,906
323,830
Yamama Cement Co. (a)
 
48,620
380,415
Yanbu Cement Co.
 
39,791
441,587
Yanbu National Petrochemical Co.
 
93,283
1,109,699
TOTAL SAUDI ARABIA
 
 
105,365,432
Singapore - 0.9%
 
 
 
AEM Holdings Ltd.
 
95,000
215,421
Best World International Ltd. (a)(b)
 
12,300
11,278
BOC Aviation Ltd. Class A (d)
 
72,700
486,695
CapitaLand Ascendas REIT
 
1,098,041
2,032,260
Capitaland Ascott Trust unit
 
656,924
443,178
Capitaland India Trust
 
398,800
315,524
CapitaLand Investment Ltd.
 
863,925
1,836,970
CapitaMall Trust
 
1,748,837
2,322,558
CapitaRetail China Trust
 
520,374
356,572
CDL Hospitality Trusts unit
 
330,424
270,763
China XLX Fertiliser Ltd.
 
272,000
103,954
City Developments Ltd.
 
159,900
861,852
ComfortDelgro Corp. Ltd.
 
722,800
648,457
Cromwell European (REIT)
 
137,562
213,435
DBS Group Holdings Ltd.
 
606,275
14,647,220
Digital Core (REIT)
 
341,700
170,850
ESR-LOGOS (REIT)
 
1,863,197
447,504
Ezion Holdings Ltd. warrants 4/16/23 (a)(b)
 
30,780
34
First Resources Ltd.
 
213,300
224,510
Frasers Centrepoint Trust
 
340,783
500,727
Frasers Logistics & Industrial Trust
 
1,107,465
860,562
Genting Singapore Ltd.
 
2,363,800
1,344,207
Hutchison Port Holdings Trust
 
1,810,000
295,030
iFast Corp. Ltd.
 
59,300
169,656
Kenon Holdings Ltd.
 
7,993
306,505
Keppel (REIT)
 
612,494
387,244
Keppel Corp. Ltd.
 
492,200
2,423,449
Keppel DC (REIT)
 
471,374
586,054
Keppel Infrastructure Trust
 
1,049,843
393,061
Keppel Pacific Oak U.S. (REIT)
 
429,900
232,146
Lendlease Global Commercial (REIT)
 
844,700
417,696
Manulife U.S. REIT
 
633,249
231,136
Mapletree Industrial (REIT)
 
652,486
1,014,036
Mapletree Logistics Trust (REIT)
 
1,087,170
1,167,348
Mapletree Pan Asia Commercial
 
778,615
874,539
Maxeon Solar Technologies Ltd. (a)(c)
 
8,825
152,496
Nanofilm Technologies International Ltd.
 
122,600
150,695
NetLink NBN Trust
 
1,049,269
633,742
Olam Group Ltd.
 
421,700
399,179
OUE Commercial (REIT)
 
774,085
177,718
Oversea-Chinese Banking Corp. Ltd.
 
1,122,978
9,622,579
Parkway Life REIT
 
134,000
378,638
Raffles Medical Group Ltd.
 
314,655
295,628
SATS Ltd. (a)
 
217,700
419,837
Sembcorp Industries Ltd.
 
329,800
677,958
Sembcorp Marine Ltd. (a)
 
5,916,600
530,805
Sheng Siong Group Ltd.
 
317,500
349,887
SIA Engineering Co. Ltd. (a)
 
118,400
180,661
Singapore Airlines Ltd.
 
416,150
1,546,305
Singapore Exchange Ltd.
 
284,300
1,691,019
Singapore Post Ltd.
 
686,000
261,684
Singapore Technologies Engineering Ltd.
 
515,200
1,201,017
Singapore Telecommunications Ltd.
 
2,769,300
4,890,682
SPH REIT
 
640,700
368,869
Starhill Global (REIT)
 
725,783
264,042
StarHub Ltd.
 
280,800
212,246
Suntec (REIT)
 
740,000
674,343
The Hour Glass Ltd.
 
119,700
164,888
United Overseas Bank Ltd.
 
390,814
7,663,886
UOL Group Ltd.
 
194,531
850,627
Venture Corp. Ltd.
 
92,300
1,038,668
Wilmar International Ltd.
 
618,900
1,696,335
Yangzijiang Financial Holding Ltd. (a)
 
907,700
198,776
Yangzijiang Shipbuilding Holdings Ltd.
 
926,000
784,968
Yanlord Land Group Ltd.
 
237,700
145,246
TOTAL SINGAPORE
 
 
74,435,855
South Africa - 1.0%
 
 
 
Absa Group Ltd.
 
279,717
3,041,615
Aeci Ltd.
 
52,276
262,678
African Rainbow Minerals Ltd.
 
39,290
553,263
Anglo American Platinum Ltd.
 
18,030
1,434,175
AngloGold Ashanti Ltd.
 
141,933
1,853,605
Aspen Pharmacare Holdings Ltd.
 
128,934
1,061,725
Astral Foods Ltd.
 
15,219
145,870
AVI Ltd.
 
130,650
522,564
Barloworld Ltd.
 
62,309
349,219
Bid Corp. Ltd.
 
112,437
1,809,153
Bidvest Group Ltd./The
 
93,658
1,083,386
Capitec Bank Holdings Ltd.
 
29,297
3,031,290
Clicks Group Ltd.
 
81,828
1,386,538
Coronation Fund Managers Ltd.
 
86,487
154,529
DataTec Ltd.
 
82,668
185,149
Dis-Chem Pharmacies Ltd. (d)
 
153,452
281,028
Discovery Ltd. (a)
 
167,921
1,099,011
Distell Group Holdings Ltd. (a)
 
49,379
466,753
Equites Property Fund Ltd.
 
274,200
234,362
Exxaro Resources Ltd.
 
80,945
901,252
FirstRand Ltd.
 
1,656,412
5,802,796
Fortress (REIT) Ltd. Class A (a)
 
560,043
314,950
Foschini Group Ltd./The
 
111,251
695,957
Gold Fields Ltd.
 
301,314
2,413,767
Grindrod Ltd.
 
54,805
30,910
Growthpoint Properties Ltd.
 
1,059,468
746,927
Harmony Gold Mining Co. Ltd.
 
195,101
540,341
Hyprop Investments Ltd.
 
131,200
264,489
Impala Platinum Holdings Ltd.
 
287,290
2,941,466
Investec Ltd.
 
87,418
429,981
Investec Property Fund Ltd.
 
410,712
228,065
JSE Ltd.
 
34,577
191,325
KAP Industrial Holdings Ltd.
 
924,173
232,443
Kumba Iron Ore Ltd.
 
21,991
414,218
Life Healthcare Group Holdings Ltd.
 
506,903
545,020
Momentum Metropolitan Holdings
 
406,475
380,170
Motus Holdings Ltd.
 
50,004
316,051
Mr Price Group Ltd.
 
84,293
811,507
MTN Group Ltd.
 
568,281
4,016,909
MultiChoice Group Ltd.
 
121,046
790,971
Naspers Ltd. Class N
 
73,234
7,549,098
Nedbank Group Ltd.
 
149,817
1,774,437
Netcare Ltd.
 
363,177
308,039
Ninety One Ltd.
 
74,565
175,363
Northam Platinum Holdings Ltd. (a)
 
115,504
1,083,938
Old Mutual Ltd.
 
1,559,073
886,109
Omnia Holdings Ltd.
 
68,481
268,462
Pepkor Holdings Ltd. (d)
 
550,190
679,023
Pick 'n Pay Stores Ltd.
 
133,787
430,012
PSG Konsult Ltd.
 
210,639
125,796
Rand Merchant Insurance Holdings Ltd.
 
267,214
414,886
Redefine Properties Ltd.
 
2,168,276
481,610
Remgro Ltd.
 
178,470
1,328,269
Resilient Property Income Fund Ltd.
 
98,449
274,465
Royal Bafokeng Holdings (Pty) Ltd.
 
31,012
249,312
Sanlam Ltd.
 
588,131
1,711,043
Santam Ltd.
 
18,018
249,493
Sappi Ltd. (a)
 
195,412
602,765
Sasol Ltd.
 
190,247
3,198,063
Shoprite Holdings Ltd.
 
169,150
2,153,886
Sibanye-Stillwater Ltd.
 
958,869
2,245,886
Spar Group Ltd./The
 
66,911
567,343
Standard Bank Group Ltd.
 
442,769
4,137,532
Super Group Ltd./South Africa
 
137,814
194,918
Telkom SA Ltd. (a)
 
118,772
236,073
Thungela Resources Ltd.
 
43,717
686,882
Tiger Brands Ltd.
 
57,435
581,674
Transaction Capital Ltd.
 
186,965
418,232
Truworths International Ltd.
 
133,669
380,295
Vodacom Group Ltd.
 
198,913
1,356,967
Vukile Property Fund Ltd.
 
343,462
251,490
Woolworths Holdings Ltd.
 
338,537
1,162,752
TOTAL SOUTH AFRICA
 
 
78,129,541
Spain - 1.5%
 
 
 
Acciona SA
 
8,245
1,483,773
Acerinox SA
 
70,740
619,532
ACS Actividades de Construccion y Servicios SA
 
77,255
1,981,211
Aena SME SA (a)(d)
 
24,323
2,858,720
Almirall SA
 
27,611
257,449
Amadeus IT Holding SA Class A (a)
 
150,926
7,871,591
Applus Services SA
 
52,362
309,963
Atresmedia Corporacion de Medios de Comunicacion SA (c)
 
49,558
143,009
Banco Bilbao Vizcaya Argentaria SA
 
2,241,976
11,565,893
Banco de Sabadell SA
 
1,894,795
1,489,786
Banco Santander SA (Spain)
 
5,736,881
14,865,357
Bankinter SA
 
230,581
1,393,663
CaixaBank SA
 
1,491,647
4,946,369
Cellnex Telecom SA (d)
 
183,113
5,993,336
Cie Automotive SA
 
20,870
530,882
Compania de Distribucion Integral Logista Holdings SA
 
28,229
584,170
Construcciones y Auxiliar de Ferrocarriles
 
6,907
180,202
Corporacion Financiera Alba SA
 
5,603
249,172
Ebro Foods SA
 
25,773
401,919
EDP Renovaveis SA
 
99,643
2,098,442
Enagas SA
 
76,472
1,241,439
Ence Energia y Celulosa SA
 
54,760
187,460
Endesa SA
 
100,797
1,681,959
Faes Farma SA
 
110,392
416,197
Ferrovial SA
 
160,887
3,928,805
Fluidra SA
 
34,347
466,043
Gestamp Automocion SA (d)
 
67,319
236,574
Global Dominion Access SA (d)
 
69,151
253,536
Grifols SA (a)
 
100,846
857,683
Grupo Catalana Occidente SA
 
18,214
495,000
Iberdrola SA
 
1,992,777
20,265,107
Indra Sistemas SA
 
48,910
437,435
Industria de Diseno Textil SA
 
366,626
8,311,578
Inmobiliaria Colonial SA
 
105,278
555,059
Laboratorios Farmaceuticos ROVI SA
 
6,947
315,944
Lar Espana Real Estate Socimi SA
 
35,719
139,256
Linea Directa Aseguradora SA Compania de Seguros y Reaseguros
 
263,563
247,052
MAPFRE SA (Reg.)
 
304,308
521,771
Melia Hotels International SA (a)
 
64,887
301,386
Merlin Properties Socimi SA
 
109,996
931,589
Miquel y Costas & Miquel SA
 
10,456
110,771
Naturgy Energy Group SA
 
44,518
1,142,108
Neinor Homes SLU (d)
 
16,736
133,473
Pharma Mar SA
 
5,314
318,350
Prosegur Compania de Seguridad SA (Reg.)
 
93,697
174,729
Red Electrica Corporacion SA
 
133,556
2,160,364
Repsol SA
 
487,929
6,638,020
Sacyr SA
 
147,377
361,492
Siemens Gamesa Renewable Energy SA (a)
 
78,565
1,394,448
Solaria Energia y Medio Ambiente SA (a)
 
26,521
419,350
Tecnicas Reunidas SA (a)(c)
 
15,628
111,586
Telefonica SA
 
1,747,454
6,023,819
Unicaja Banco SA (d)
 
503,760
446,065
Viscofan Envolturas Celulosicas SA
 
13,263
789,706
TOTAL SPAIN
 
 
121,839,593
Sweden - 2.2%
 
 
 
AAK AB
 
61,462
896,223
AcadeMedia AB (d)
 
36,957
158,188
Addlife AB
 
41,856
391,220
AddTech AB (B Shares)
 
88,461
1,070,390
AFRY AB (B Shares)
 
35,872
481,815
Alfa Laval AB
 
97,043
2,391,534
Alimak Group AB (d)
 
15,908
99,846
Alleima AB (a)
 
75,662
257,798
Arjo AB
 
79,221
316,132
ASSA ABLOY AB (B Shares)
 
335,682
6,778,118
Atlas Copco AB:
 
 
 
 (A Shares)
 
839,356
8,958,660
 (B Shares)
 
593,249
5,737,407
Atrium Ljungberg AB (B Shares)
 
25,355
339,178
Avanza Bank Holding AB (c)
 
43,912
876,951
Axfood AB
 
36,440
902,320
Beijer Alma AB (B Shares)
 
22,292
311,731
Beijer Ref AB (B Shares)
 
85,071
1,319,844
Betsson AB (B Shares)
 
51,843
377,511
BHG Group AB (a)
 
36,294
60,878
Bilia AB (A Shares)
 
29,965
317,529
Billerud AB
 
85,778
1,107,845
BioArctic AB (a)(d)
 
11,655
243,208
BioGaia AB
 
33,095
262,273
Biotage AB (A Shares)
 
25,829
423,886
Boliden AB
 
92,885
2,705,486
Boozt AB (a)(c)(d)
 
20,975
153,116
Bravida Holding AB (d)
 
84,327
790,480
Bufab AB
 
12,462
235,330
Bure Equity AB
 
19,749
381,701
Camurus AB (a)
 
11,315
262,553
Castellum AB
 
85,057
972,965
Catena AB
 
11,246
382,363
Cellavision AB
 
6,730
126,174
Cibus Nordic Real Estate AB
 
15,246
208,298
Cint Group AB (a)(c)
 
54,950
290,148
Clas Ohlson AB (B Shares)
 
15,964
106,632
Cloetta AB
 
83,904
153,351
Coor Service Management Holding AB (d)
 
37,299
198,129
Corem Property Group AB
 
200,916
125,195
Creades AB (A Shares) (c)
 
28,441
191,003
Dios Fastigheter AB
 
28,715
188,682
Dometic Group AB (d)
 
109,999
630,234
Dustin Group AB (d)
 
26,972
112,371
Electrolux AB (B Shares) (c)
 
71,869
886,939
Electrolux Professional AB
 
82,820
312,792
Elekta AB (B Shares)
 
130,709
664,128
Embracer Group AB (a)(c)
 
225,526
1,086,043
Epiroc AB:
 
 
 
 (A Shares)
 
197,895
3,029,467
 (B Shares)
 
155,413
2,088,135
EQT AB
 
100,567
1,981,975
Ericsson (B Shares)
 
977,160
5,432,370
Essity AB (B Shares)
 
204,974
4,332,947
Evolution AB (d)
 
61,774
5,762,446
Fabege AB
 
86,830
630,550
Fastighets AB Balder (a)
 
208,500
783,584
Fortnox AB
 
166,207
707,583
Garo AB
 
17,106
172,591
Getinge AB (B Shares)
 
77,938
1,583,297
Granges AB
 
38,219
258,400
H&M Hennes & Mauritz AB (B Shares) (c)
 
246,533
2,483,120
Hemnet Group AB
 
19,444
241,615
Hexagon AB (B Shares)
 
650,911
6,434,839
Hexatronic Group AB
 
54,860
743,809
HEXPOL AB (B Shares)
 
92,187
910,081
HMS Networks AB
 
11,486
295,649
Holmen AB (B Shares)
 
31,424
1,140,135
Hufvudstaden AB (A Shares)
 
36,312
432,803
Humble Group AB (a)
 
83,843
63,977
Husqvarna AB (B Shares)
 
141,482
840,000
Industrivarden AB:
 
 
 
 (A Shares)
 
42,819
970,303
 (C Shares)
 
50,364
1,131,698
Indutrade AB
 
91,693
1,605,699
Instalco AB
 
68,404
273,927
Intrum AB
 
27,213
342,837
Investment AB Latour (B Shares)
 
50,598
855,811
Investment AB Oresund
 
13,550
140,640
Investor AB:
 
 
 
 (A Shares)
 
221,398
3,767,768
 (B Shares)
 
538,785
8,801,150
INVISIO AB
 
15,404
228,803
Inwido AB
 
22,018
197,821
JM AB (B Shares)
 
22,520
339,395
Kinnevik AB (B Shares) (a)
 
81,850
1,011,894
Know IT AB
 
9,765
194,394
L E Lundbergforetagen AB
 
26,568
1,049,611
Lifco AB
 
79,778
1,152,826
Lindab International AB
 
28,282
300,976
Loomis AB (B Shares)
 
26,732
747,156
Meko AB
 
16,588
156,698
MIPS AB
 
9,129
295,503
Modern Times Group MTG AB (B Shares)
 
38,735
290,165
Munters Group AB (d)
 
48,031
374,766
Mycronic AB
 
27,094
425,997
NCC AB (B Shares)
 
30,436
253,744
New Wave Group AB (B Shares)
 
17,802
247,492
Nibe Industrier AB (B Shares)
 
510,877
4,076,392
Nobia AB
 
44,603
74,371
Nolato AB (B Shares)
 
77,630
327,642
Nordnet AB
 
48,600
603,032
Nordnet AB (B Shares) (a)(b)
 
492
0
Nyfosa AB
 
57,584
343,954
OX2 AB (a)
 
29,935
206,594
Pandox AB (a)
 
34,712
425,050
Paradox Interactive AB
 
11,400
196,794
Peab AB
 
71,144
369,213
Platzer Fastigheter Holding AB
 
33,183
205,869
PowerCell Sweden AB (a)(c)
 
16,766
184,497
Ratos AB (B Shares)
 
85,456
320,193
Resurs Holding AB (d)
 
70,340
152,896
Saab AB (B Shares)
 
24,928
880,965
Sagax AB
 
63,315
1,167,530
Samhallsbyggnadsbolaget I Norden AB:
 
 
 
 (B Shares) (c)
 
291,657
400,985
 (D Shares) (c)
 
87,026
143,136
Sandvik AB
 
356,414
5,569,592
Scandic Hotels Group AB (a)(c)(d)
 
84,462
267,969
Sdiptech AB (a)
 
12,059
232,635
Sectra AB (B Shares)
 
43,992
583,309
Securitas AB (B Shares)
 
233,379
1,909,526
Sinch AB (a)(c)(d)
 
183,371
431,722
Skandinaviska Enskilda Banken AB (A Shares)
 
546,020
5,761,270
Skanska AB (B Shares)
 
116,472
1,812,293
SKF AB (B Shares)
 
128,502
1,860,147
SkiStar AB
 
21,575
206,543
SSAB AB:
 
 
 
 (A Shares)
 
83,861
403,613
 (B Shares)
 
213,612
993,265
Stillfront Group AB (a)
 
160,341
312,370
Storskogen Group AB
 
469,852
344,095
Storytel AB (a)(c)
 
18,546
65,509
Surgical Science Sweden AB (a)
 
16,499
238,044
Svenska Cellulosa AB SCA (B Shares)
 
201,783
2,381,292
Svenska Handelsbanken AB (A Shares)
 
488,843
4,541,857
Sweco AB (B Shares)
 
78,576
590,679
Swedbank AB (A Shares)
 
303,478
4,524,265
Swedencare AB
 
31,335
107,986
Swedish Match Co. AB
 
510,318
5,248,566
Swedish Orphan Biovitrum AB (a)
 
57,779
1,063,876
Tele2 AB (B Shares)
 
190,519
1,561,948
Telia Co. AB
 
882,002
2,337,099
Thule Group AB (d)
 
35,635
702,295
Trelleborg AB (B Shares)
 
80,770
1,779,819
Troax Group AB
 
14,697
218,301
Vestum AB (a)(c)
 
67,928
94,966
Viaplay Group AB (B Shares) (a)
 
25,463
464,926
Vimian Group AB (a)(c)
 
49,331
161,917
Vitec Software Group AB
 
9,905
363,862
Vitrolife AB
 
20,992
339,562
Volvo AB:
 
 
 
 (A Shares)
 
123,775
2,114,260
 (B Shares)
 
441,216
7,221,354
Volvo Car AB
 
193,067
819,921
Wallenstam AB (B Shares)
 
116,989
413,020
Wihlborgs Fastigheter AB
 
92,424
606,048
Xvivo Perfusion AB (a)
 
9,143
131,499
TOTAL SWEDEN
 
 
179,611,378
Switzerland - 6.2%
 
 
 
ABB Ltd. (Reg.)
 
552,989
15,356,672
Accelleron Industries Ltd. (a)
 
27,400
464,625
Adecco SA (Reg.)
 
56,065
1,754,608
Alcon, Inc. (Switzerland)
 
168,730
10,268,544
Allreal Holding AG
 
4,930
706,009
ALSO Holding AG
 
2,674
420,320
ams-OSRAM AG (a)
 
95,475
541,186
APG SGA SA
 
936
152,830
Arbonia AG
 
22,831
278,163
Aryzta AG (a)
 
347,091
355,635
Autoneum Holding AG (c)
 
1,533
146,510
Bachem Holding AG (B Shares)
 
11,745
842,741
Baloise Holdings AG
 
15,632
2,135,575
Banque Cantonale Vaudoise
 
10,317
918,005
Barry Callebaut AG
 
1,189
2,248,930
Basilea Pharmaceutica AG (a)
 
6,409
294,737
Belimo Holding AG (Reg.)
 
3,421
1,393,886
Bell Food Group AG
 
899
219,060
BKW AG
 
7,392
862,222
Bobst Group SA
 
2,961
181,856
Bossard Holding AG
 
2,204
437,564
Bucher Industries AG
 
2,382
802,603
Burckhardt Compression Holding AG
 
1,161
502,035
Bystronic AG
 
505
289,984
Cembra Money Bank AG
 
11,661
845,447
Clariant AG (Reg.)
 
74,689
1,201,618
Coca-Cola HBC AG
 
69,371
1,513,527
Comet Holding AG
 
2,847
454,337
Compagnie Financiere Richemont SA Series A
 
175,968
17,197,979
Credit Suisse Group AG (c)
 
895,033
3,707,642
Daetwyler Holdings AG
 
2,868
509,243
DKSH Holding AG
 
13,144
947,061
Dorma Kaba Holding AG
 
1,160
368,383
Dottikon ES Holding AG (a)
 
1,166
270,147
Dufry AG (a)
 
25,102
828,053
EFG International
 
35,765
292,878
Emmi AG
 
804
641,530
Ems-Chemie Holding AG
 
2,449
1,539,567
Flughafen Zuerich AG (a)
 
6,626
1,028,292
Forbo Holding AG (Reg.)
 
345
417,576
Galenica AG (d)
 
17,261
1,239,393
Geberit AG (Reg.)
 
12,158
5,406,658
Georg Fischer AG (Reg.)
 
28,300
1,567,119
Givaudan SA
 
3,115
9,301,293
Gurit-Heberlein AG (Bearer) (c)
 
1,606
148,355
Helvetia Holding AG (Reg.)
 
12,875
1,278,050
Holcim AG
 
187,521
8,519,519
Huber+Suhner AG
 
6,603
588,194
Idorsia Ltd. (a)(c)
 
40,329
624,257
INFICON Holding AG
 
656
521,472
Interroll Holding AG
 
230
484,646
Intershop Holding AG
 
414
251,786
Julius Baer Group Ltd.
 
74,515
3,575,146
Kardex AG
 
2,366
361,510
Komax Holding AG (Reg.)
 
1,359
318,934
Kuehne & Nagel International AG
 
18,449
3,931,709
Landis+Gyr Group AG
 
8,264
476,190
LEM Holding SA
 
215
358,137
Leonteq AG
 
4,296
173,324
Lindt & Spruengli AG
 
35
3,400,909
Lindt & Spruengli AG (participation certificate)
 
375
3,595,147
Logitech International SA (Reg.)
 
59,322
2,953,215
Lonza Group AG
 
25,211
12,978,225
Medacta Group SA (d)
 
3,104
279,293
Medartis Holding AG (a)(d)
 
2,076
161,710
Medmix AG (d)
 
10,399
183,191
Meyer Burger Technology AG (a)(c)
 
826,809
396,333
Mobilezone Holding AG
 
24,040
381,241
Mobimo Holding AG
 
2,473
576,667
Nestle SA (Reg. S)
 
948,290
103,229,706
Novartis AG
 
726,618
58,776,686
OC Oerlikon Corp. AG (Reg.)
 
77,128
497,960
Orior AG
 
3,359
234,142
Partners Group Holding AG
 
7,665
6,884,607
PolyPeptide Group AG (d)
 
5,583
162,358
PSP Swiss Property AG
 
15,059
1,609,141
Roche Holding AG:
 
 
 
 (Bearer)
 
18,545
7,522,823
 (participation certificate)
 
224,560
74,508,601
Schindler Holding AG:
 
 
 
 (participation certificate)
 
11,866
1,934,513
 (Reg.)
 
9,617
1,513,596
Schweiter Technologies AG
 
388
259,997
Sensirion Holding AG (a)(d)
 
4,020
366,130
SFS Group AG
 
7,002
632,827
SGS SA (Reg.)
 
2,158
4,757,336
Siegfried Holding AG
 
1,452
864,225
Sig Group AG
 
104,398
2,005,910
Sika AG
 
49,383
11,134,673
Softwareone Holding AG
 
35,175
395,888
Sonova Holding AG
 
18,183
4,298,114
St.Galler Kantonalbank AG
 
1,144
538,669
Stadler Rail AG (c)
 
17,652
520,032
Straumann Holding AG
 
37,945
3,611,277
Sulzer AG (Reg.)
 
7,099
473,219
Swatch Group AG (Bearer)
 
8,933
2,007,330
Swatch Group AG (Bearer) (Reg.)
 
21,837
912,428
Swiss Life Holding AG
 
10,566
5,116,546
Swiss Prime Site AG
 
25,348
2,045,357
Swiss Re Ltd.
 
101,390
7,531,734
Swisscom AG
 
8,638
4,264,007
Swissquote Group Holding SA
 
4,859
575,500
Tecan Group AG
 
4,416
1,620,251
Temenos Group AG
 
21,424
1,277,288
u-blox Holding AG
 
2,312
236,891
UBS Group AG
 
1,184,979
18,803,931
Valiant Holding AG
 
6,010
588,786
VAT Group AG (d)
 
9,175
2,096,410
Vetropack Holding AG
 
6,769
216,316
Vontobel Holdings AG
 
10,091
568,365
Ypsomed Holding AG
 
1,656
266,587
Zehnder Group AG
 
4,875
262,895
Zur Rose Group AG (a)(c)
 
3,631
98,122
Zurich Insurance Group Ltd.
 
50,547
21,541,815
TOTAL SWITZERLAND
 
 
494,132,192
Taiwan - 3.8%
 
 
 
Accton Technology Corp.
 
173,000
1,303,373
Acer, Inc.
 
1,079,000
739,316
ADATA Technology Co. Ltd.
 
125,000
208,889
Adimmune Corp.
 
149,000
151,753
Advanced Ceramic X Corp.
 
21,000
99,941
Advantech Co. Ltd.
 
147,741
1,342,101
Allied Supreme Corp.
 
19,341
155,908
Amazing Microelectronic Corp.
 
37,000
94,639
Andes Technology Corp.
 
16,000
185,031
AP Memory Technology Corp.
 
35,000
163,856
Arcadyan Technology Corp.
 
70,000
195,759
ASE Technology Holding Co. Ltd.
 
1,111,718
2,742,318
Asia Cement Corp.
 
836,000
966,789
Asia Optical Co., Inc.
 
119,000
211,406
Asia Pacific Telecom Co. Ltd. (a)
 
952,723
186,976
Asia Vital Components Co. Ltd.
 
105,000
332,052
ASMedia Technology, Inc.
 
10,000
180,443
ASPEED Tech, Inc.
 
10,000
520,866
ASUSTeK Computer, Inc.
 
242,000
1,770,695
AUO Corp.
 
2,774,800
1,453,901
Bank of Kaohsiung Co. Ltd.
 
680,191
259,390
Brighton-Best International Taiwan, Inc.
 
195,000
202,533
Capital Securities Corp.
 
923,490
286,318
Catcher Technology Co. Ltd.
 
232,000
1,219,198
Cathay Financial Holding Co. Ltd.
 
2,670,216
3,129,353
Center Laboratories, Inc.
 
204,044
275,504
Century Iron & Steel Industrial Co. Ltd.
 
70,000
167,111
Chang Hwa Commercial Bank
 
1,646,501
847,396
Cheng Loong Corp.
 
397,000
322,484
Cheng Shin Rubber Industry Co. Ltd.
 
652,000
652,930
Cheng Uei Precision Industries Co. Ltd.
 
206,000
214,597
Chicony Electronics Co. Ltd.
 
226,125
561,562
Chin-Poon Industrial Co. Ltd.
 
215,000
183,311
China Airlines Ltd.
 
983,000
516,582
China Bills Finance Corp.
 
340,000
149,687
China Development Financial Ho
 
5,364,957
1,954,432
China Motor Co. Ltd.
 
104,800
135,654
China Petrochemical Development Corp.
 
1,407,532
409,770
China Steel Chemical Corp.
 
74,000
236,312
China Steel Corp.
 
4,007,000
3,335,647
Chipbond Technology Corp.
 
240,000
404,787
ChipMOS TECHNOLOGIES, Inc.
 
243,000
239,203
Chroma ATE, Inc.
 
127,000
694,968
Chung Hsin Electric & Machinery Manufacturing Corp.
 
202,000
309,382
Chung Hung Steel Co. Ltd.
 
347,000
211,940
Chunghwa Telecom Co. Ltd.
 
1,279,000
4,405,578
Clevo Co. Ltd.
 
228,000
217,368
Compal Electronics, Inc.
 
1,440,000
942,023
Compeq Manufacturing Co. Ltd.
 
350,000
474,205
Coretronic Corp.
 
124,000
192,224
CTBC Financial Holding Co. Ltd.
 
5,928,960
3,749,947
CTCI Corp.
 
230,000
334,439
Delta Electronics, Inc.
 
659,000
5,261,130
E Ink Holdings, Inc.
 
291,000
1,854,049
E.SUN Financial Holdings Co. Ltd.
 
4,327,035
3,112,396
ECLAT Textile Co. Ltd.
 
66,060
869,426
EirGenix, Inc. (a)
 
102,000
320,983
Elan Microelectronics Corp.
 
106,500
268,116
Elite Material Co. Ltd.
 
103,000
467,833
Elite Semiconductor Memory Technology, Inc.
 
96,000
185,726
eMemory Technology, Inc.
 
22,000
733,242
Ennoconn Corp.
 
29,920
171,613
ENNOSTAR, Inc.
 
252,000
321,114
Episil Technologies, Inc.
 
90,398
243,834
Eternal Materials Co. Ltd.
 
356,426
330,413
Etron Technology, Inc.
 
114,389
123,418
EVA Airways Corp.
 
851,040
617,422
Evergreen International Storage & Transport Corp.
 
200,000
161,220
Evergreen Marine Corp. (Taiwan)
 
345,151
1,471,392
Everlight Electronics Co. Ltd.
 
207,000
219,810
Far Eastern Department Stores Co. Ltd.
 
286,000
159,608
Far Eastern New Century Corp.
 
1,132,000
1,128,350
Far EasTone Telecommunications Co. Ltd.
 
552,000
1,209,971
Faraday Technology Corp.
 
73,000
321,386
Feng Hsin Iron & Steel Co.
 
173,000
301,975
Feng Tay Enterprise Co. Ltd.
 
154,758
770,095
First Financial Holding Co. Ltd.
 
3,653,332
2,803,372
Fitipower Integrated Technology, Inc.
 
49,159
158,509
FLEXium Interconnect, Inc.
 
143,940
408,784
FocalTech Systems Co. Ltd.
 
84,000
178,396
Formosa Chemicals & Fibre Corp.
 
1,200,000
2,585,726
Formosa Petrochemical Corp.
 
382,000
983,010
Formosa Plastics Corp.
 
1,397,000
3,599,265
Formosa Sumco Technology Corp.
 
33,000
148,865
Formosa Taffeta Co. Ltd.
 
322,000
256,071
Foxconn Technology Co. Ltd.
 
338,010
473,679
Fubon Financial Holding Co. Ltd.
 
2,513,070
3,973,664
Fusheng Precision Co. Ltd.
 
44,000
247,597
Genesys Logic, Inc.
 
33,000
85,329
Genius Electronic Optical Co. Ltd.
 
36,792
342,779
Getac Holdings Corp.
 
191,000
230,652
Giant Manufacturing Co. Ltd.
 
103,000
656,244
Gigabyte Technology Co. Ltd.
 
187,000
536,290
Global Unichip Corp.
 
31,000
468,547
GlobalWafers Co. Ltd.
 
75,000
833,618
Gold Circuit Electronics Ltd.
 
131,400
348,727
Goldsun Development & Construction Co. Ltd.
 
447,101
313,972
Grand Pacific Petrochemical Corp.
 
447,000
241,142
Grape King Bio Ltd.
 
60,000
226,018
Great Tree Pharmacy Co. Ltd.
 
20,000
167,731
Great Wall Enterprise Co. Ltd.
 
249,025
310,374
Greatek Electronics, Inc.
 
166,000
239,319
Gudeng Precision Industrial Co. Ltd.
 
22,000
147,672
HannStar Display Corp.
 
867,000
307,780
Highwealth Construction Corp.
 
314,034
403,569
HIWIN Technologies Corp.
 
100,218
515,787
Holy Stone Enterprise Co. Ltd.
 
79,000
213,825
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
4,197,600
13,339,555
Hota Industrial Manufacturing Co. Ltd.
 
85,014
197,155
Hotai Motor Co. Ltd.
 
103,000
1,864,947
HTC Corp. (a)
 
227,000
355,413
Hua Nan Financial Holdings Co. Ltd.
 
3,106,806
2,027,602
Huaku Development Co. Ltd.
 
97,000
258,935
IBF Financial Holdings Co. Ltd.
 
895,775
308,275
Innolux Corp.
 
3,401,740
1,249,787
International CSRC Investment Holdings Co.
 
387,579
227,111
International Games Systems Co. Ltd.
 
44,000
479,506
Inventec Corp.
 
900,000
680,846
ITEQ Corp.
 
91,931
156,192
Jentech Precision Industrial Co. Ltd.
 
29,699
323,196
Kenda Rubber Industrial Co. Ltd.
 
224,622
212,755
King Slide Works Co. Ltd.
 
24,000
311,775
King Yuan Electronics Co. Ltd.
 
441,000
447,098
Kings Town Bank Co. Ltd.
 
318,000
302,679
Kinik Co.
 
38,000
120,171
Kinpo Electronics, Inc.
 
434,000
190,398
Kinsus Interconnect Technology Corp.
 
104,000
336,950
LandMark Optoelectronics Corp.
 
41,000
117,837
Largan Precision Co. Ltd.
 
34,000
1,950,146
Lien Hwa Industrial Corp.
 
309,415
446,558
Lite-On Technology Corp.
 
691,009
1,371,135
Lotes Co. Ltd.
 
28,444
684,335
Lotus Pharmaceutical Co. Ltd.
 
57,000
273,036
Macronix International Co. Ltd.
 
680,380
628,614
Makalot Industrial Co. Ltd.
 
80,701
500,409
Marketech International Corp.
 
44,000
133,552
MediaTek, Inc.
 
513,000
9,383,952
Medigen Vaccine Biologics Corp.
 
91,933
183,558
Mega Financial Holding Co. Ltd.
 
3,757,875
3,483,613
Merida Industry Co. Ltd.
 
74,000
403,795
Merry Electronics Co. Ltd.
 
86,006
209,855
Micro-Star International Co. Ltd.
 
238,000
807,993
Microbio Co. Ltd.
 
164,349
276,174
MiTAC Holdings Corp.
 
353,483
296,998
momo.com, Inc.
 
22,440
335,689
Nan Ya Plastics Corp.
 
1,613,000
3,415,635
Nan Ya Printed Circuit Board Corp.
 
80,000
524,586
Nankang Rubber Tire Co. Ltd. (a)
 
185,000
195,875
Nantex Industry Co. Ltd.
 
158,000
166,063
Nanya Technology Corp.
 
461,000
778,958
Nien Made Enterprise Co. Ltd.
 
63,000
486,358
Novatek Microelectronics Corp.
 
198,000
1,479,444
Nuvoton Technology Corp.
 
68,000
216,097
OBI Pharma, Inc. (a)
 
71,723
145,207
Oneness Biotech Co. Ltd. (a)
 
80,000
565,511
Pan Jit International, Inc.
 
120,000
204,998
Pegatron Corp.
 
686,000
1,254,852
Phison Electronics Corp.
 
58,000
531,376
PixArt Imaging, Inc.
 
71,000
177,643
Pou Chen Corp.
 
880,000
743,474
Powerchip Semiconductor Manufacturing Corp.
 
1,026,629
980,349
Powertech Technology, Inc.
 
283,000
654,548
Poya International Co. Ltd.
 
20,816
264,605
President Chain Store Corp.
 
197,000
1,636,882
Primax Electronics Ltd.
 
161,000
270,047
Qisda Corp.
 
553,000
420,914
Quanta Computer, Inc.
 
915,000
1,940,410
Radiant Opto-Electronics Corp.
 
159,000
485,075
Raydium Semiconductor Corp.
 
24,445
176,588
RDC Semiconductor Co. Ltd. (a)
 
20,000
86,501
Realtek Semiconductor Corp.
 
158,000
1,249,147
RichWave Technology Corp.
 
33,302
98,500
Ruentex Development Co. Ltd.
 
596,550
732,417
Ruentex Industries Ltd.
 
272,824
466,915
SDI Corp.
 
52,000
143,970
SerComm Corp.
 
96,000
225,014
Shin Kong Financial Holding Co. Ltd.
 
4,623,410
1,146,750
Shin Zu Shing Co. Ltd.
 
89,279
215,627
Shinkong Synthetic Fiber Co.
 
592,000
296,422
Shiny Chemical Industrial Co. Ltd.
 
46,250
144,110
Simplo Technology Co. Ltd.
 
63,000
501,008
SINBON Electronics Co. Ltd.
 
81,000
629,085
Sino-American Silicon Products, Inc.
 
171,000
657,407
Sinopac Financial Holdings Co.
 
3,513,019
1,753,569
Sitronix Technology Corp.
 
47,000
241,164
St. Shine Optical Co. Ltd.
 
31,000
202,797
Standard Foods Corp.
 
193,714
232,128
Synnex Technology International Corp.
 
465,100
758,488
Systex Corp.
 
76,000
155,987
Ta Chen Stainless Pipe Co. Ltd.
 
690,465
808,118
Taichung Commercial Bank Co. Ltd.
 
1,525,566
593,596
TaiDoc Technology Corp.
 
25,000
131,767
TaiMed Biologics, Inc. (a)
 
73,000
127,423
Tainan Spinning Co. Ltd.
 
505,000
253,643
Taishin Financial Holdings Co. Ltd.
 
4,092,614
1,681,253
Taiwan Business Bank
 
2,128,270
788,517
Taiwan Cement Corp.
 
2,078,387
1,949,253
Taiwan Cooperative Financial Holding Co. Ltd.
 
3,326,682
2,578,503
Taiwan Fertilizer Co. Ltd.
 
287,000
465,372
Taiwan Glass Industry Corp.
 
471,000
297,898
Taiwan High Speed Rail Corp.
 
658,000
573,256
Taiwan Hon Chuan Enterprise Co. Ltd.
 
134,000
346,487
Taiwan Mask Corp.
 
84,000
153,655
Taiwan Mobile Co. Ltd.
 
583,000
1,718,959
Taiwan Paiho Ltd.
 
127,000
192,150
Taiwan Secom Co.
 
108,000
309,394
Taiwan Semiconductor Co. Ltd.
 
108,000
251,132
Taiwan Semiconductor Manufacturing Co. Ltd.
 
8,310,000
99,806,989
Taiwan Surface Mounting Technology Co. Ltd.
 
96,000
243,765
Taiwan Union Technology Corp.
 
105,000
142,750
Tatung Co. Ltd. (a)
 
639,000
620,100
TCI Co. Ltd.
 
38,557
128,507
TECO Electric & Machinery Co. Ltd.
 
620,000
547,839
The Shanghai Commercial & Savings Bank Ltd.
 
1,235,842
1,777,859
The Shanghai Commercial & Savings Bank Ltd. rights (a)
 
90,595
26,403
Tong Hsing Electronics Industries Ltd.
 
56,286
301,900
Tong Yang Industry Co. Ltd.
 
168,000
235,692
Topco Scientific Co. Ltd.
 
76,304
353,675
Transcend Information, Inc.
 
118,000
235,605
Tripod Technology Corp.
 
168,000
464,612
TSEC Corp. (a)
 
196,673
204,271
TSRC Corp.
 
330,000
270,618
TTY Biopharm Co. Ltd.
 
158,000
366,906
Tung Ho Steel Enterprise Corp.
 
207,040
317,101
Tung Thih Electronic Co. Ltd.
 
29,000
120,481
TXC Corp.
 
123,000
290,969
U-Ming Marine Transport Corp.
 
198,000
216,085
Uni-President Enterprises Corp.
 
1,629,000
3,308,101
Unimicron Technology Corp.
 
426,000
1,644,354
Union Bank of Taiwan
 
878,419
412,601
United Integrated Services Co.
 
71,000
319,185
United Microelectronics Corp.
 
4,025,000
4,835,179
United Renewable Energy Co. Ltd. (a)
 
581,796
378,797
UPI Semiconductor Corp.
 
17,049
122,632
USI Corp.
 
329,000
206,556
Vanguard International Semiconductor Corp.
 
321,000
660,830
Via Technologies, Inc.
 
83,000
164,950
Visual Photonics Epitaxy Co. Ltd.
 
71,000
127,234
Voltronic Power Technology Corp.
 
23,075
937,194
Wafer Works Corp.
 
207,511
256,703
Walsin Lihwa Corp.
 
882,457
978,106
Walsin Technology Corp.
 
129,875
318,104
Wan Hai Lines Ltd.
 
253,305
531,678
Win Semiconductors Corp.
 
118,389
447,804
Winbond Electronics Corp.
 
1,101,363
665,858
Wistron Corp.
 
1,000,829
808,321
Wistron NeWeb Corp.
 
117,460
304,812
Wiwynn Corp.
 
32,000
718,299
WPG Holding Co. Ltd.
 
549,760
749,115
WT Microelectronics Co. Ltd.
 
148,235
267,939
XinTec, Inc.
 
66,000
195,827
Yageo Corp.
 
118,061
1,343,349
Yang Ming Marine Transport Corp.
 
600,000
1,119,861
YFY, Inc.
 
429,000
339,832
Yieh Phui Enterprise Co.
 
505,996
224,336
Yuanta Financial Holding Co. Ltd.
 
3,548,987
2,167,639
Yulon Finance Corp.
 
71,130
301,025
Yulon Motor Co. Ltd.
 
194,364
274,788
TOTAL TAIWAN
 
 
300,826,290
Thailand - 0.7%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
207,800
1,043,233
Advanced Information Service PCL NVDR
 
219,500
1,101,971
Airports of Thailand PCL NVDR (a)
 
1,480,400
2,879,474
Amata Corp. PCL NVDR
 
693,500
355,454
AP Thailand PCL NVDR
 
1,361,000
350,580
Asset World Corp. PCL (For. Reg.)
 
2,400,600
384,904
B. Grimm Power PCL (For. Reg.)
 
232,200
205,986
Bangchak Corp. PCL (For. Reg.)
 
266,300
213,488
Bangkok Chain Hospital PCL (For. Reg.)
 
273,800
133,140
Bangkok Commercial Asset Management PCL (For. Reg.)
 
444,400
178,718
Bangkok Dusit Medical Services PCL:
 
 
 
 (For. Reg.)
 
1,755,900
1,361,521
 NVDR
 
1,864,400
1,445,651
Bangkok Expressway and Metro PCL (For. Reg.)
 
2,773,700
685,314
Bangkok Life Assurance PCL NVDR
 
268,400
231,045
Banpu PCL:
 
 
 
 (For. Reg.)
 
844,800
277,566
 NVDR
 
1,317,300
432,810
BEC World PCL NVDR
 
531,800
134,889
Berli Jucker PCL (For. Reg.)
 
296,700
267,104
BTS Group Holdings PCL:
 
 
 
 (For. Reg.)
 
1,410,700
307,762
 NVDR
 
1,890,200
412,371
Bumrungrad Hospital PCL:
 
 
 
 NVDR
 
88,500
528,046
 (For. Reg.)
 
112,800
673,035
Carabao Group PCL NVDR
 
161,000
381,923
Central Pattana PCL:
 
 
 
 (For. Reg.)
 
494,900
894,319
 NVDR
 
222,400
401,893
Central Plaza Hotel PCL unit (a)
 
262,600
350,294
Central Retail Corp. PCL (For. Reg.)
 
570,683
630,009
CH. Karnchang PCL (For. Reg.)
 
388,600
236,970
Charoen Pokphand Foods PCL:
 
 
 
 (For. Reg.)
 
726,960
482,474
 (NVDR)
 
752,100
499,160
Chularat Hospital PCL (For. Reg.)
 
1,771,600
164,843
Com7 PCL (For. Reg.)
 
395,700
314,625
CP ALL PCL:
 
 
 
 (For. Reg.)
 
1,189,800
1,876,410
 NVDR
 
859,200
1,355,027
Delta Electronics PCL:
 
 
 
 (For. Reg.)
 
71,300
1,086,976
 NVDR
 
43,000
655,539
Dhipaya Group Holdings PCL NVDR
 
154,400
220,166
Dohome PCL NVDR unit
 
511,700
173,503
Dynasty Ceramic PCL (For. Reg.)
 
1,960,860
139,159
Electricity Generating PCL (For. Reg.)
 
81,000
363,004
Energy Absolute PCL:
 
 
 
 (For. Reg.)
 
372,400
944,581
 NVDR
 
268,900
682,057
Energy Earth PCL (For. Reg.) (a)(b)
 
7,600
0
Global Power Synergy Public Co. Ltd. (For. Reg.)
 
180,500
294,152
Gulf Energy Development PCL:
 
 
 
 (For. Reg.)
 
211,600
280,873
 NVDR
 
867,300
1,151,233
Gunkul Engineering PCL (For. Reg.)
 
1,929,339
261,167
Hana Microelectronics PCL (For. Reg.)
 
154,400
141,028
Home Product Center PCL (For. Reg.)
 
1,427,700
547,889
Indorama Ventures PCL:
 
 
 
 (For. Reg.)
 
476,600
526,145
 NVDR
 
251,600
277,755
Intouch Holdings PCL (For. Reg.)
 
287,200
543,525
IRPC PCL (For. Reg.)
 
2,406,200
198,593
Jay Mart PCL unit
 
226,000
268,800
JMT Network Services PCL:
 
 
 
 (For. Reg.)
 
188,038
321,264
 NVDR
 
86,900
148,469
 warrants (a)
 
9,695
2,854
Kasikornbank PCL NVDR
 
235,500
903,746
KCE Electronics PCL (For. Reg.)
 
228,200
251,923
Krung Thai Bank PCL:
 
 
 
 (For. Reg.)
 
599,200
275,621
 NVDR
 
779,800
358,694
Krungthai Card PCL (For. Reg.)
 
264,900
396,880
Land & House PCL (For. Reg.)
 
1,812,800
438,369
Major Cineplex Group PCL (For. Reg.)
 
300,500
143,753
Mega Lifesciences PCL NVDR unit
 
175,900
204,589
Minor International PCL:
 
 
 
 unit (a)
 
818,900
608,067
 (For. Reg.) (a)
 
375,749
279,009
Muangthai Leasing PCL (For. Reg.)
 
195,300
186,086
Ngern Tid Lor PCL NVDR
 
486,769
332,659
Osotspa PCL NVDR
 
661,000
460,415
Plan B Media PCL unit (a)
 
1,484,300
275,051
Precious Shipping PCL unit
 
521,200
179,464
PTG Energy PCL (For. Reg.)
 
341,200
124,660
PTT Exploration and Production PCL:
 
 
 
 (For. Reg.)
 
321,100
1,531,861
 NVDR
 
167,700
800,041
PTT Global Chemical PCL:
 
 
 
 (For. Reg.)
 
441,700
505,032
 NVDR
 
430,800
492,569
PTT Oil & Retail Business PCL (For. Reg.)
 
650,800
412,256
PTT PCL:
 
 
 
 (For. Reg.)
 
2,469,500
2,336,759
 NVDR
 
969,700
917,577
Quality Houses PCL (For. Reg.)
 
2,204,300
125,149
Ratch Group PCL:
 
 
 
 unit
 
329,700
355,308
 (For. Reg.)
 
130,200
140,313
Regional Container Lines PCL NVDR
 
232,100
161,668
RS PCL NVDR
 
512,400
211,452
SCB X PCL:
 
 
 
 (For. Reg.)
 
119,800
333,784
 NVDR unit
 
148,200
412,911
SCG Packaging PCL NVDR
 
510,700
698,026
Siam Cement PCL:
 
 
 
 (For. Reg.)
 
177,000
1,507,373
 NVDR
 
100,900
859,288
Siam Commercial Bank PCL (For. Reg.)
 
74,700
172,892
Singer Thailand PCL:
 
 
 
 NVDR
 
159,700
152,165
 rights (a)(b)
 
111,475
5,247
Sino-Thai Engineering & Construction PCL (For. Reg.)
 
521,300
160,316
Sri Trang Agro-Industry PCL (For. Reg.)
 
263,160
132,808
Sri Trang Gloves Thailand PCL (For. Reg.)
 
279,400
81,518
Srisawad Corp. PCL (For. Reg.)
 
187,130
201,665
Star Petroleum Refining PCL (For. Reg.)
 
469,800
146,948
STARK Corp. PCL unit (a)
 
2,083,400
175,237
Supalai PCL (For. Reg.)
 
381,875
210,787
Thai Airways International PCL (For. Reg.) (a)(b)
 
126,000
10,995
Thai Oil PCL:
 
 
 
 (For. Reg.)
 
284,697
407,832
 NVDR
 
212,300
304,123
Thai Union Frozen Products PCL:
 
 
 
 (For. Reg.)
 
817,400
386,732
 rights (a)(b)
 
23,178
10,726
Thai Vegetable Oil PCL
 
155,980
116,847
Thonburi Healthcare Group PCL NVDR
 
142,200
252,293
Thoresen Thai Agencies PCL NVDR
 
849,600
167,486
TQM Alpha PCL (For. Reg.)
 
174,000
171,507
True Corp. PCL:
 
 
 
 (For. Reg.)
 
2,301,300
300,025
 NVDR
 
2,352,000
306,635
TTW PCL (For. Reg.)
 
454,400
103,911
VGI PCL:
 
 
 
 (For. Reg.)
 
2,099,130
200,837
 warrants (For. Reg.) (a)
 
513,930
2,296
Vibhavadi Medical Center PCL NVDR unit
 
3,553,800
267,154
WHA Corp. PCL (For. Reg.)
 
1,819,200
188,399
TOTAL THAILAND
 
 
52,278,475
Turkey - 0.2%
 
 
 
Akbank TAS
 
1,106,482
869,053
Aksa Akrilik Kimya Sanayii
 
67,557
252,782
Aksa Enerji Uretim A/S
 
164,063
364,893
Anadolu Efes Biracilik Ve Malt Sanayii A/S
 
115,435
297,421
Aselsan A/S
 
254,595
440,687
Bim Birlesik Magazalar A/S JSC
 
181,586
1,307,199
Coca-Cola Icecek Sanayi A/S
 
44,085
407,356
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S
 
1,009,940
239,270
Eregli Demir ve Celik Fabrikalari T.A.S.
 
548,114
874,544
Ford Otomotiv Sanayi A/S
 
28,470
555,199
Haci Omer Sabanci Holding A/S
 
446,686
804,859
Hektas Ticaret A/S (a)
 
420,732
647,341
Is Gayrimenkul Yatirim Ortakligi A/S (a)
 
165,114
67,592
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D
 
384,922
247,526
Koc Holding A/S
 
258,317
771,582
Petkim Petrokimya Holding A/S (a)
 
653,396
471,770
TAV Havalimanlari Holding A/S (a)
 
83,235
350,571
Tekfen Holding A/S
 
93,195
165,019
Turk Hava Yollari AO (a)
 
215,639
1,173,522
Turk Sise ve Cam Fabrikalari A/S
 
526,747
940,061
Turkcell Iletisim Hizmet A/S
 
433,832
597,577
Turkiye Is Bankasi A/S Series C
 
1,374,149
688,025
Turkiye Petrol Rafinerileri A/S (a)
 
42,697
869,343
TOTAL TURKEY
 
 
13,403,192
United Arab Emirates - 0.4%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
943,859
2,428,321
Abu Dhabi Islamic Bank
 
496,146
1,283,218
Abu Dhabi National Oil Co. for Distribution PJSC
 
1,077,552
1,323,068
Air Arabia PJSC (a)
 
858,937
477,044
Al Yah Satellite Communications Co. PJSC (Yahsat)
 
450,464
336,030
Aldar Properties PJSC
 
1,274,216
1,498,629
Aramex Co.
 
319,813
316,060
Dana Gas PJSC
 
1,508,561
386,063
Dubai Investments Ltd.
 
797,950
473,587
Dubai Islamic Bank Pakistan Ltd.
 
973,213
1,542,049
Emaar Properties PJSC (a)
 
1,333,649
2,200,298
Emirates NBD Bank PJSC
 
639,448
2,306,685
Emirates Telecommunications Corp.
 
1,175,975
8,260,095
First Abu Dhabi Bank PJSC
 
1,484,565
7,234,683
TOTAL UNITED ARAB EMIRATES
 
 
30,065,830
United Kingdom - 9.2%
 
 
 
3i Group PLC
 
326,980
4,354,844
A.G. Barr PLC
 
46,358
238,703
Abcam PLC (a)
 
75,037
1,161,525
Abrdn PLC (c)
 
733,993
1,338,372
Admiral Group PLC
 
60,985
1,410,641
Advanced Medical Solutions Group PLC
 
84,043
263,119
Airtel Africa PLC (d)
 
320,765
416,042
AJ Bell PLC
 
113,269
421,905
Alpha FX Group PLC
 
11,696
254,846
Alphawave IP Group PLC (a)
 
102,089
132,061
Anglo American PLC (United Kingdom)
 
428,650
12,839,875
Antofagasta PLC
 
133,605
1,801,080
Ascential PLC (a)
 
167,046
367,811
Ashmore Group PLC
 
177,093
419,178
Ashtead Group PLC
 
149,404
7,795,811
ASOS PLC (a)(c)
 
23,502
151,875
Associated British Foods PLC
 
119,425
1,851,003
Assura PLC
 
968,577
621,473
Aston Martin Lagonda Global Holdings PLC (a)(d)
 
176,461
213,698
AstraZeneca PLC (United Kingdom)
 
522,480
61,303,724
Auction Technology Group PLC (a)
 
29,363
251,541
Auto Trader Group PLC (d)
 
319,601
1,913,062
Avacta Group PLC (a)(c)
 
89,523
129,358
Avacta Group PLC rights (a)
 
734
261
Aveva Group PLC
 
40,623
1,453,497
Aviva PLC
 
952,586
4,569,201
Avon Protection PLC
 
12,054
143,765
Babcock International Group PLC (a)
 
93,012
293,972
BAE Systems PLC
 
1,064,684
9,958,596
Balfour Beatty PLC
 
235,869
807,697
Bank of Georgia Group PLC
 
14,643
356,843
Barclays PLC
 
5,589,186
9,497,446
Barratt Developments PLC
 
342,136
1,475,664
Beazley PLC
 
207,077
1,483,037
Bellway PLC
 
41,496
882,750
Berkeley Group Holdings PLC
 
37,263
1,483,270
Biffa PLC (d)
 
115,789
546,285
Big Yellow Group PLC
 
57,877
747,364
Bodycote PLC
 
70,348
399,826
BP PLC
 
6,510,366
36,019,304
Bridgepoint Group Holdings Ltd. (d)
 
228,107
521,355
British American Tobacco PLC (United Kingdom)
 
719,978
28,434,431
British Land Co. PLC
 
289,680
1,215,538
Britvic PLC
 
99,830
832,879
BT Group PLC
 
2,339,596
3,482,597
Bunzl PLC
 
112,599
3,668,542
Burberry Group PLC
 
133,935
2,787,779
Bytes Technology Group PLC
 
83,696
344,769
Capita Group PLC (a)
 
733,065
204,285
Capital & Counties Properties PLC
 
259,204
318,360
Capricorn Energy PLC (a)
 
113,801
323,135
Carnival PLC (a)(c)
 
50,155
398,499
Central Asia Metals PLC
 
99,540
244,857
Centrica PLC
 
1,983,764
1,743,090
Ceres Power Holdings PLC (a)(c)
 
44,550
167,473
Chemring Group PLC
 
112,078
388,164
Civitas Social Housing PLC
 
229,221
156,671
Clarkson PLC
 
11,419
362,085
Close Brothers Group PLC
 
54,053
608,722
Coats Group PLC
 
505,350
350,619
Compass Group PLC
 
598,736
12,610,474
Computacenter PLC
 
28,463
590,809
ContourGlobal PLC (d)
 
72,106
209,209
ConvaTec Group PLC (d)
 
561,040
1,402,613
Countryside Partnerships PLC (a)(d)
 
163,218
397,941
Craneware PLC
 
10,056
213,346
Cranswick PLC
 
18,332
625,228
Crest Nicholson Holdings PLC
 
91,112
211,064
Croda International PLC
 
47,333
3,669,428
Currys PLC
 
420,308
314,270
Custodian (REIT) PLC
 
176,590
179,224
CVS Group PLC
 
28,279
613,258
Darktrace PLC (a)(c)
 
72,741
298,224
Dechra Pharmaceuticals PLC
 
36,898
1,108,643
Deliveroo PLC Class A (a)(d)
 
364,838
364,674
Derwent London PLC
 
33,650
835,084
Diageo PLC
 
769,490
31,666,449
Diploma PLC
 
43,037
1,226,961
Direct Line Insurance Group PLC
 
449,533
1,040,328
Diversified Gas & Oil PLC
 
306,360
441,978
Domino's Pizza UK & IRL PLC
 
143,548
372,372
Dr. Martens Ltd.
 
209,042
596,447
Drax Group PLC
 
136,388
814,895
DS Smith PLC
 
480,766
1,599,996
Dunelm Group PLC
 
44,750
444,938
easyJet PLC (a)
 
98,150
392,154
Elementis PLC (a)
 
238,315
252,802
EMIS Group PLC
 
19,237
409,893
Empiric Student Property PLC
 
222,673
209,396
Energean PLC
 
43,885
720,184
EnQuest PLC (a)
 
559,342
173,192
Ergomed PLC (a)
 
16,701
234,812
Essentra PLC
 
121,631
313,844
Euromoney Institutional Invest
 
36,401
604,463
FD Technologies PLC (a)
 
8,620
132,860
Ferrexpo PLC
 
111,827
130,936
Fever-Tree Drinks PLC
 
37,731
413,444
Firstgroup PLC
 
261,194
315,113
Forterra PLC (d)
 
97,535
244,399
Frasers Group PLC (a)
 
59,175
439,406
Frontier Developments PLC (a)(c)
 
11,742
178,556
Future PLC
 
39,346
549,586
Games Workshop Group PLC
 
11,482
842,724
Gamma Communications PLC
 
30,771
375,466
GB Group PLC
 
82,434
359,423
Genuit Group PLC
 
92,438
270,850
Genus PLC
 
22,867
669,758
Grainger Trust PLC
 
275,790
717,946
Great Portland Estates PLC
 
75,983
447,886
Greatland Gold PLC (a)
 
1,574,632
142,296
Greggs PLC
 
38,011
879,667
GSK PLC
 
1,372,423
22,481,796
Haleon PLC (a)
 
1,717,945
5,279,973
Halfords Group PLC
 
91,018
184,021
Halma PLC
 
128,500
3,116,744
Hammerson PLC
 
1,404,461
308,034
Harbour Energy PLC
 
157,018
680,478
Hargreaves Lansdown PLC
 
122,506
1,072,219
Hays PLC
 
634,382
799,533
Helical PLC
 
38,661
146,310
Helios Towers PLC (a)
 
271,674
391,002
Hikma Pharmaceuticals PLC
 
57,039
817,000
Hill & Smith Holdings PLC
 
31,599
358,029
Hochschild Mining PLC
 
142,669
87,287
Home (REIT) PLC
 
393,171
379,197
HomeServe PLC
 
100,584
1,368,048
Howden Joinery Group PLC
 
195,511
1,152,450
HSBC Holdings PLC (United Kingdom)
 
6,768,868
34,738,193
Hunting PLC
 
53,748
164,882
Ibstock PLC (d)
 
164,143
292,712
IG Group Holdings PLC
 
138,115
1,259,995
IMI PLC
 
90,885
1,279,907
Impax Asset Management Group PLC
 
33,185
254,979
Imperial Brands PLC
 
299,525
7,296,159
Inchcape PLC
 
126,812
1,081,984
Indivior PLC (a)
 
48,582
924,293
Informa PLC
 
489,415
3,118,367
IntegraFin Holdings PLC
 
106,810
308,674
InterContinental Hotel Group PLC
 
61,838
3,322,602
Intermediate Capital Group PLC
 
98,820
1,203,530
International Distributions Services PLC
 
268,489
622,888
Intertek Group PLC
 
54,847
2,298,313
Investec PLC
 
236,328
1,188,427
IP Group PLC
 
381,769
258,309
ITM Power PLC (a)(c)
 
158,930
150,657
ITV PLC
 
1,230,908
945,776
J Sainsbury PLC
 
598,935
1,335,082
J.D. Wetherspoon PLC (a)
 
38,204
197,594
JD Sports Fashion PLC
 
876,554
979,498
Jet2 PLC (a)
 
53,025
516,755
John Wood Group PLC (a)
 
242,809
389,556
Johnson Matthey PLC
 
62,274
1,381,539
Johnson Service Group PLC
 
188,319
200,199
Jupiter Fund Management PLC
 
239,030
284,536
Just Group PLC
 
391,667
260,515
Kainos Group PLC
 
28,673
406,753
Keller Group PLC
 
31,287
225,326
Keywords Studios PLC
 
25,080
693,158
Kingfisher PLC
 
679,014
1,705,978
Land Securities Group PLC
 
233,100
1,524,788
Learning Technologies Group PLC
 
203,256
250,809
Legal & General Group PLC
 
2,007,248
5,369,915
Liontrust Asset Management PLC
 
27,203
266,417
Lloyds Banking Group PLC
 
23,302,231
11,191,315
London Stock Exchange Group PLC
 
110,440
9,573,165
Londonmetric Properity PLC
 
330,139
707,610
LXI REIT PLC
 
622,258
869,171
M&G PLC
 
867,575
1,743,126
Marks & Spencer Group PLC (a)
 
679,707
822,360
Marlowe PLC (a)
 
30,093
276,085
Marshalls PLC
 
85,386
247,152
Marston's PLC (a)
 
428,747
172,385
Mediclinic International PLC (London)
 
131,974
750,685
Melrose Industries PLC
 
1,474,670
1,976,956
Micro Focus International PLC
 
113,874
678,989
Mitchells & Butlers PLC (a)
 
99,019
131,951
Mitie Group PLC
 
590,018
483,116
Mondi PLC
 
164,056
2,751,539
Moneysupermarket.com Group PLC
 
198,400
417,281
Moonpig Group PLC (a)
 
76,715
121,144
Morgan Advanced Materials PLC
 
108,347
305,661
Morgan Sindall PLC
 
17,201
303,782
National Express Group PLC Class L (a)
 
183,651
356,354
National Grid PLC
 
1,215,686
13,245,053
NatWest Group PLC
 
1,782,432
4,799,530
NCC Group Ltd.
 
116,431
265,711
Network International Holdings PLC (a)(d)
 
205,150
764,615
Next Fifteen Communications Group PLC
 
29,754
299,590
Next PLC
 
43,811
2,476,451
Ninety One PLC
 
148,065
345,715
NMC Health PLC (a)
 
17,953
359
Ocado Group PLC (a)
 
196,329
1,064,358
OSB Group PLC
 
150,570
716,250
Oxford Nanopore Technologies Ltd.
 
117,893
354,899
Pagegroup PLC
 
123,858
599,694
Pan African Resources PLC
 
881,934
171,129
Pantheon Resources PLC (a)(c)
 
252,378
289,717
Paragon Banking Group PLC
 
103,143
506,257
Pearson PLC
 
224,070
2,476,673
Pennon Group PLC
 
91,850
882,169
Persimmon PLC
 
106,778
1,598,012
Pets At Home Group PLC
 
174,470
575,837
Phoenix Group Holdings PLC
 
251,638
1,565,250
Premier Foods PLC
 
233,902
277,895
Primary Health Properties PLC
 
461,427
587,902
Provident Financial PLC
 
90,630
169,725
Prudential PLC
 
928,680
8,627,132
PZ Cussons PLC Class L
 
109,733
251,684
QinetiQ Group PLC
 
202,915
836,334
Quilter PLC (d)
 
461,551
511,628
Rathbone Brothers PLC
 
22,276
478,734
Reach PLC
 
121,788
128,284
Reckitt Benckiser Group PLC
 
240,300
15,947,274
Redde Northgate PLC
 
89,139
340,408
Redrow PLC
 
119,061
571,553
RELX PLC (London Stock Exchange)
 
645,905
17,349,328
Renewi PLC (a)
 
35,482
215,254
Renishaw PLC
 
14,002
562,333
Rentokil Initial PLC
 
843,169
5,261,468
Restore PLC
 
50,039
206,585
Rightmove PLC
 
283,960
1,599,034
Rio Tinto PLC
 
379,137
19,814,326
Rolls-Royce Holdings PLC (a)
 
2,838,894
2,546,101
Rotork PLC
 
301,253
885,112
RS GROUP PLC
 
162,059
1,781,365
RWS Holdings PLC
 
107,068
375,969
S4 Capital PLC (a)
 
100,305
202,107
Sabre Insurance Group PLC (d)
 
101,037
104,051
Safestore Holdings PLC
 
71,199
737,717
Sage Group PLC
 
332,696
2,773,002
Savills PLC
 
48,716
461,186
Schroders PLC
 
243,826
1,095,270
Segro PLC
 
404,514
3,641,589
Senior Engineering Group PLC
 
166,722
248,556
Serco Group PLC
 
410,964
770,094
Serica Energy PLC
 
71,053
244,451
Severn Trent PLC
 
84,306
2,419,953
Shaftesbury PLC
 
65,984
278,165
Shell PLC (London)
 
2,505,788
69,414,356
Smart Metering Systems PLC
 
45,791
384,396
Smith & Nephew PLC
 
295,099
3,487,160
Smiths Group PLC
 
128,430
2,298,359
Softcat PLC
 
44,975
577,666
Spectris PLC
 
36,810
1,274,854
Spirax-Sarco Engineering PLC
 
24,908
3,070,683
Spire Healthcare Group PLC (a)(d)
 
137,683
342,632
Spirent Communications PLC
 
212,500
633,607
SSE PLC
 
358,622
6,408,893
SSP Group PLC (a)
 
278,789
646,784
St. James's Place PLC
 
184,044
2,247,807
Standard Chartered PLC (United Kingdom)
 
848,619
5,062,567
SThree PLC
 
56,708
241,922
Supermarket Income (REIT) PLC
 
411,666
483,901
Synthomer PLC
 
134,387
173,379
Tate & Lyle PLC
 
132,235
1,063,046
Taylor Wimpey PLC
 
1,192,854
1,282,878
TBC Bank Group PLC
 
13,946
301,313
Team17 Group PLC (a)
 
40,289
190,589
Telecom Plus PLC
 
21,864
532,815
Tesco PLC
 
2,542,576
6,279,869
The Restaurant Group PLC (a)
 
308,699
112,577
The Weir Group PLC
 
88,375
1,543,030
THG PLC (a)
 
228,436
139,368
TI Fluid Systems PLC (d)
 
144,328
229,735
TORM PLC
 
10,104
270,627
Trainline PLC (a)(d)
 
166,157
633,956
Travis Perkins PLC
 
72,949
688,337
Tritax Big Box REIT PLC
 
620,482
998,331
Tullow Oil PLC (a)
 
438,102
203,478
Tyman PLC
 
90,868
200,287
Unilever PLC
 
859,890
39,085,749
Unite Group PLC
 
113,481
1,159,547
United Utilities Group PLC
 
229,051
2,468,300
Urban Logistics REIT PLC
 
167,435
252,499
Vesuvius PLC
 
79,348
308,659
Victoria PLC (a)(c)
 
23,616
136,497
Victrex PLC
 
31,978
606,194
Virgin Money UK PLC
 
435,577
679,846
Vistry Group PLC
 
73,829
510,543
Vodafone Group PLC
 
8,972,004
10,473,941
Volution Group PLC
 
78,011
276,441
Warehouse (REIT) PLC
 
247,006
339,920
WH Smith PLC (a)
 
46,066
621,791
Whitbread PLC
 
68,255
2,008,888
Wickes Group PLC
 
112,155
163,089
Workspace Group PLC
 
61,232
287,484
YouGov PLC
 
36,770
376,980
TOTAL UNITED KINGDOM
 
 
734,268,505
United States of America - 0.2%
 
 
 
360 DigiTech, Inc. ADR
 
38,088
386,974
5E Advanced Materials, Inc. unit (a)
 
93,949
120,790
Coca-Cola European Partners PLC
 
69,618
3,275,527
Coronado Global Resources, Inc. unit (d)
 
275,456
327,724
Dada Nexus Ltd. ADR (a)
 
26,232
81,057
Fiverr International Ltd. (a)
 
10,866
336,303
Legend Biotech Corp. ADR (a)
 
17,499
871,800
Li Auto, Inc. ADR (a)
 
183,504
2,499,324
Nano-X Imaging Ltd. (a)(c)
 
14,961
212,446
Resolute Forest Products, Inc. (a)
 
17,064
355,102
Southern Copper Corp.
 
28,813
1,353,347
Yum China Holdings, Inc.
 
143,209
5,921,692
TOTAL UNITED STATES OF AMERICA
 
 
15,742,086
 
TOTAL COMMON STOCKS
  (Cost $9,156,421,704)
 
 
 
7,849,026,423
 
 
 
 
Nonconvertible Preferred Stocks - 1.0%
 
 
Shares
Value ($)
 
Brazil - 0.5%
 
 
 
Alpargatas SA (PN)
 
77,400
329,049
Azul SA (a)
 
101,900
318,197
Banco ABC Brasil SA Series A
 
52,789
211,136
Banco Bradesco SA (PN)
 
1,693,152
6,509,728
Banco do Estado Rio Grande do Sul SA Class B
 
92,900
209,882
Banco Pan SA
 
188,900
282,683
Bradespar SA (PN)
 
112,056
520,853
Braskem SA Class A
 
65,600
428,105
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)
 
102,911
1,062,281
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
473,494
1,042,228
Companhia Paranaense de Energia-COPEL (PN-B)
 
467,200
669,302
Gerdau SA
 
391,103
1,949,647
Gol Linhas Aereas Inteligentes SA (PN) (a)
 
92,946
172,919
Itau Unibanco Holding SA
 
1,633,860
9,615,593
Itausa-Investimentos Itau SA (PN)
 
1,559,063
3,241,571
Metalurgica Gerdau SA (PN)
 
260,200
566,692
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
1,707,686
9,855,023
Unipar Carbocloro SA
 
17,790
367,785
TOTAL BRAZIL
 
 
37,352,674
Chile - 0.0%
 
 
 
Embotelladora Andina SA Class B
 
156,427
273,561
Sociedad Quimica y Minera de Chile SA (PN-B)
 
48,284
4,595,552
TOTAL CHILE
 
 
4,869,113
Colombia - 0.0%
 
 
 
Bancolombia SA (PN)
 
130,824
827,790
Germany - 0.3%
 
 
 
Bayerische Motoren Werke AG (BMW) (non-vtg.)
 
39,187
2,892,874
Dr. Ing. h.c. F. Porsche AG Series F (a)
 
37,948
3,881,469
Draegerwerk AG & Co. KGaA (non-vtg.)
 
4,111
165,555
Einhell Germany AG
 
1,402
192,311
Fuchs Petrolub AG
 
24,402
699,343
Henkel AG & Co. KGaA
 
48,639
3,064,190
Jungheinrich AG
 
17,747
441,619
Porsche Automobil Holding SE (Germany)
 
50,642
2,829,485
Sartorius AG (non-vtg.)
 
8,223
2,901,930
Sixt SE Preference Shares
 
3,271
190,721
Sto SE & Co. KGaA
 
1,245
160,440
Volkswagen AG
 
59,312
7,592,021
TOTAL GERMANY
 
 
25,011,958
Italy - 0.0%
 
 
 
Danieli & C. Officine Meccaniche SpA
 
21,782
299,212
Korea (South) - 0.2%
 
 
 
Daishin Securities Co. Ltd.
 
17,082
157,976
Hyundai Motor Co.
 
5,432
298,370
Hyundai Motor Co. Series 2
 
18,520
1,035,434
LG Chemical Ltd.
 
4,504
911,958
LG H & H Co. Ltd.
 
1,118
219,712
Samsung Electronics Co. Ltd.
 
284,458
10,622,433
TOTAL KOREA (SOUTH)
 
 
13,245,883
Russia - 0.0%
 
 
 
Surgutneftegas OJSC (b)
 
1,961,555
51,177
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $91,795,136)
 
 
 
81,657,807
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (f)
  (Cost $11,167,505)
 
11,200,000
11,093,312
 
 
 
 
Money Market Funds - 1.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (g)
 
50,469,204
50,479,298
Fidelity Securities Lending Cash Central Fund 3.10% (g)(h)
 
54,398,562
54,404,001
 
TOTAL MONEY MARKET FUNDS
  (Cost $104,883,299)
 
 
104,883,299
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
  (Cost $9,364,267,644)
 
 
 
8,046,660,841
NET OTHER ASSETS (LIABILITIES) - (0.3)%  
(27,811,520)
NET ASSETS - 100.0%
8,018,849,321
 
 
 
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)
628
Dec 2022
55,135,260
2,641,569
2,641,569
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
554
Dec 2022
23,644,720
(266,360)
(266,360)
TME S&P/TSX 60 Index Contracts (Canada)
42
Dec 2022
7,260,865
363,069
363,069
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
2,738,278
The notional amount of futures purchased as a percentage of Net Assets is 1.1%
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $204,132,831 or 2.5% of net assets.
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,232,297.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
-
2,065,181,007
2,014,701,709
1,978,293
-
-
50,479,298
0.1%
Fidelity Securities Lending Cash Central Fund 3.10%
53,637,748
327,436,017
326,669,764
1,461,660
-
-
54,404,001
0.2%
Total
53,637,748
2,392,617,024
2,341,371,473
3,439,953
-
-
104,883,299
 
 
 
 
 
 
 
 
 
 
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, 2022, 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
430,309,612
198,763,456
230,678,547
867,609
Consumer Discretionary
854,679,959
441,983,885
412,579,630
116,444
Consumer Staples
687,421,484
340,228,499
347,154,729
38,256
Energy
502,396,052
304,593,554
196,956,304
846,194
Financials
1,551,465,818
1,052,903,907
498,210,154
351,757
Health Care
759,187,819
303,306,078
455,771,893
109,848
Industrials
1,073,029,741
707,781,832
365,189,084
58,825
Information Technology
858,249,239
528,619,901
329,629,338
-
Materials
685,918,473
488,381,197
196,449,427
1,087,849
Real Estate
260,066,035
235,092,275
24,870,062
103,698
Utilities
267,959,998
174,350,590
93,474,656
134,752
 Government Obligations
11,093,312
-
11,093,312
-
  Money Market Funds
104,883,299
104,883,299
-
-
 Total Investments in Securities:
8,046,660,841
4,880,888,473
3,162,057,136
3,715,232
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
3,004,638
3,004,638
-
-
  Total Assets
3,004,638
3,004,638
-
-
 Liabilities
 
 
 
 
Futures Contracts
(266,360)
(266,360)
-
-
  Total Liabilities
(266,360)
(266,360)
-
-
 Total Derivative Instruments:
2,738,278
2,738,278
-
-
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
2,895,481
 
  Net Realized Gain (Loss) on Investment Securities
 
(864,591)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(92,066,596)
 
  Cost of Purchases
 
10,310,579
 
  Proceeds of Sales
 
(3,801,560)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
87,393,057
 
  Transfers out of Level 3
 
(151,138)
 
  Ending Balance
$
3,715,232
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(92,296,716)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
 
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, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
3,004,638
(266,360)
Total Equity Risk
3,004,638
(266,360)
Total Value of Derivatives
3,004,638
(266,360)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $47,227,196) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $9,259,384,345)
 
$7,941,777,542
 
 
Fidelity Central Funds (cost $104,883,299)
 
104,883,299
 
 
 
 
 
 
 
Total Investment in Securities (cost $9,364,267,644)
 
 
$
8,046,660,841
Foreign currency held at value (cost $5,128,463)
 
 
 
5,045,706
Receivable for investments sold
 
 
 
1,063,402
Receivable for fund shares sold
 
 
 
8,978,232
Dividends receivable
 
 
 
16,100,814
Reclaims receivable
 
 
 
11,844,025
Distributions receivable from Fidelity Central Funds
 
 
 
471,132
Other receivables
 
 
 
40,287
  Total assets
 
 
 
8,090,204,439
Liabilities
 
 
 
 
Payable for investments purchased
 
$21,247
 
 
Payable for fund shares redeemed
 
5,305,109
 
 
Accrued management fee
 
397,770
 
 
Payable for daily variation margin on futures contracts
 
537,353
 
 
Other payables and accrued expenses
 
10,688,355
 
 
Collateral on securities loaned
 
54,405,284
 
 
  Total Liabilities
 
 
 
71,355,118
Net Assets  
 
 
$
8,018,849,321
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
9,348,438,411
Total accumulated earnings (loss)
 
 
 
(1,329,589,090)
Net Assets
 
 
$
8,018,849,321
Net Asset Value , offering price and redemption price per share ($8,018,849,321 ÷ 740,834,308 shares)
 
 
$
10.82
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
268,849,327
Non-Cash dividends
 
 
 
17,175,004
Interest  
 
 
105,085
Income from Fidelity Central Funds (including $1,461,660 from security lending)
 
 
 
3,439,953
 Income before foreign taxes withheld
 
 
 
289,569,369
Less foreign taxes withheld
 
 
 
(26,574,415)
 Total Income
 
 
 
262,994,954
Expenses
 
 
 
 
Management fee
$
5,099,754
 
 
Independent trustees' fees and expenses
 
27,910
 
 
Interest
 
249
 
 
 Total expenses before reductions
 
5,127,913
 
 
 Expense reductions
 
(1,667)
 
 
 Total expenses after reductions
 
 
 
5,126,246
Net Investment income (loss)
 
 
 
257,868,708
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $150,914)
 
(23,834,679)
 
 
 Foreign currency transactions
 
(3,535,431)
 
 
 Futures contracts
 
(54,396,111)
 
 
Total net realized gain (loss)
 
 
 
(81,766,221)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,664,700)  
 
(2,622,760,828)
 
 
 Assets and liabilities in foreign currencies
 
(1,764,217)
 
 
 Futures contracts
 
2,735,041
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(2,621,790,004)
Net gain (loss)
 
 
 
(2,703,556,225)
Net increase (decrease) in net assets resulting from operations
 
 
$
(2,445,687,517)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
257,868,708
$
177,250,777
Net realized gain (loss)
 
(81,766,221)
 
 
(9,815,269)
 
Change in net unrealized appreciation (depreciation)
 
(2,621,790,004)
 
1,329,118,103
 
Net increase (decrease) in net assets resulting from operations
 
(2,445,687,517)
 
 
1,496,553,611
 
Distributions to shareholders
 
(217,671,505)
 
 
(90,362,587)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
3,856,408,422
 
4,282,334,390
  Reinvestment of distributions
 
206,193,841
 
 
85,865,324
 
Cost of shares redeemed
 
(1,938,049,642)
 
(1,873,000,573)
  Net increase (decrease) in net assets resulting from share transactions
 
2,124,552,621
 
 
2,495,199,141
 
Total increase (decrease) in net assets
 
(538,806,401)
 
 
3,901,390,165
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
8,557,655,722
 
4,656,265,557
 
End of period
$
8,018,849,321
$
8,557,655,722
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
300,730,591
 
299,302,742
  Issued in reinvestment of distributions
 
14,892,066
 
 
6,485,296
 
Redeemed
 
(152,548,294)
 
(131,651,107)
Net increase (decrease)
 
163,074,363
 
174,136,931
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Total International Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.81
$
11.54
$
12.09
$
11.14
$
12.39
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.38
 
.35
 
.27
 
.37
 
.34
     Net realized and unrealized gain (loss)
 
(4.00)
 
3.14
 
(.50)
 
.81
 
(1.36)
  Total from investment operations
 
(3.62)  
 
3.49  
 
(.23)  
 
1.18  
 
(1.02)
  Distributions from net investment income
 
(.37)
 
(.22)
 
(.32)
 
(.23)
 
(.17)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.06)
     Total distributions
 
(.37)
 
(.22)
 
(.32)
 
(.23)
 
(.23)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
10.82
$
14.81
$
11.54
$
12.09
$
11.14
 Total Return   D
 
(25.01)%
 
30.47%
 
(1.97)%
 
10.88%
 
(8.42)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.06%
 
.06%
 
.06%
 
.06%
 
.06%
    Expenses net of fee waivers, if any
 
.06%
 
.06%
 
.06%
 
.06%
 
.06%
    Expenses net of all reductions
 
.06%
 
.06%
 
.06%
 
.06%
 
.06%
    Net investment income (loss)
 
3.04%
 
2.47%
 
2.41%
 
3.25%
 
2.81%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
8,018,849
$
8,557,656
$
4,656,266
$
3,254,707
$
589,295
    Portfolio turnover rate G
 
3% H
 
5%
 
4%
 
4%
 
3%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Amount represents less than $.005 per share.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Fees and expenses of any underlying 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.
 
F 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.
 
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
H Portfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Total International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind,   partnerships, capital loss carryforwards and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$745,314,277
Gross unrealized depreciation
(2,124,744,767)
Net unrealized appreciation (depreciation)
$(1,379,430,490)
Tax Cost
$9,426,454,399
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$185,862,882
Capital loss carryforward
$(123,525,260)
Net unrealized appreciation (depreciation) on securities and other investments
$(1,381,238,348)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(44,289,716)
Long-term
(79,235,544)
Total capital loss carryforward
$(123,525,260)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$217,671,505
$ 90,362,587
Total
$217,671,505
$ 90,362,587
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
 
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Total International Index Fund
2,442,347,329
274,908,293
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Total International Index Fund
13,066,155
51,582,020
176,131,768
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .06% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Total International Index Fund
Borrower
$14,441,000
.31%
$249
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
 
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Total International Index Fund
$153,741
$705
$-
 
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,667.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
Report of Independent Registered Public Accounting Firm
 
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity Total International Index Fund
 
Opinion on the Financial Statements
 
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Total International Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
 
Basis for Opinion
 
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
 
Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
 
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2022
 
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
 
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 293 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function.   Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as a member of the Board of McKesson Corporation (healthcare service, 2002-2021). In addition, Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity ® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Laura M. Bishop (1961)
Year of Election or Appointment: 2022
Member of the Advisory Board
Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).    
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.     
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). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke 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).     
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).     
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
President and 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: 2016
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).     
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), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-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: 2013
Assistant 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).     
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.     
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.     
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: 2013
Assistant 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: 2021
Deputy 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).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® Total International Index Fund
 
 
 
.06%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 860.10
 
$ .28
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.90
 
$ .31
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
 
The fund designates 71% and 75% of the dividends distributed in December during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
Pay Date
Income
Taxes
Fidelity Total International Index Fund
12/06/21
$0.3890
$0.0350
Fidelity Total International Index Fund
12/29/21
$0.0056
$0.0000
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity Total International Index Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.  
 
Nature, Extent, and Quality of Services Provided . The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity and Geode had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.  
 
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
 
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
 
Resources Dedicated to Investment Management and Support Services . The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.  
 
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.  
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one-, three-, and five-year periods. No performance peer group information was considered by the Board as Fidelity advised the Board that the peer group, which is created by a third-party provider, includes a number of actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.  
 
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.  
 
At its September 2022 meeting, the Board also approved an amendment to the fund's sub-advisory agreement with Geode (effective October 1, 2022) that reduced the sub-advisory fee rate that FMR pays to Geode.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  
 
Total Expense Ratio . In its review of the fund's total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.
 
The Board noted that the fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for 2021.  
 
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.   
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
The Board also considered information regarding the profitability of Geode's relationship with the fund.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.  
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.
 
1.9879613.106
TI1-I-ANN-1222
Fidelity® SAI International Value Index Fund
 
 
Annual Report
October 31, 2022
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ®   SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts 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 Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Life of
Fund A
Fidelity® SAI International Value Index Fund
-16.93%
-2.24%
 
A     From December 19, 2017
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Value Index Fund on December 19, 2017, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity International Value Focus Index℠ and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year, the fund returned -16.93%, roughly in line with the -16.53% result of the benchmark, the Fidelity International Value Focus Index. (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) By region, Europe ex U.K. returned -21% and detracted most, followed by Japan (-15%). By sector, stocks in consumer discretionary returned -29% and detracted most, followed by financials, which returned about -17%. Industrials returned -17%, hampered by the capital goods industry (-17%), and information technology (-31%) also detracted. Health care (-14%) and materials (-14%) hampered the fund's result. Other notable detractors included the communication services (-14%) and real estate (-34%) sectors, alongside utilities (-16%) and consumer staples (-3%). In contrast, energy gained about 12% and contributed. Turning to individual stocks, the biggest individual detractor was BNP Paribas (-26%), from the banks industry, followed by Koninklijke Philips (-60%), which is in the health care equipment & services category. Within banks, Barclays returned roughly -36% and hurt. Other detractors were Mercedes-Benz (-24%), a stock in the automobiles & components segment, and Ericsson (-48%), from the technology hardware & equipment group. Conversely, the biggest individual contributor was BHP (+9%), from the materials sector. British American Tobacco, within the food, beverage & tobacco segment, advanced roughly 21% and lifted the fund. In energy, TotalEnergies (+13%) and Shell (+24%) helped. Another notable contributor was Bayer (+17%), a stock in the pharmaceuticals, biotechnology & life sciences category.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Novartis AG  (Switzerland, Pharmaceuticals)
3.4
 
Sanofi SA  (France, Pharmaceuticals)
2.8
 
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco)
2.7
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
2.1
 
Shell PLC (London)  (United Kingdom, Oil, Gas & Consumable Fuels)
1.9
 
BNP Paribas SA  (France, Banks)
1.9
 
Rio Tinto PLC  (United Kingdom, Metals & Mining)
1.8
 
Anheuser-Busch InBev SA NV  (Belgium, Beverages)
1.7
 
Bayer AG  (Germany, Pharmaceuticals)
1.6
 
BHP Group Ltd.  (Australia, Metals & Mining)
1.6
 
 
21.5
 
 
Market Sectors (% of Fund's net assets)
 
Financials
19.4
 
Industrials
14.4
 
Health Care
11.5
 
Consumer Discretionary
10.4
 
Materials
8.9
 
Consumer Staples
8.7
 
Energy
7.3
 
Communication Services
6.7
 
Information Technology
5.5
 
Utilities
3.2
 
Real Estate
3.1
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 99.1%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 99.1%
 
 
Shares
Value ($)
 
Australia - 4.3%
 
 
 
AGL Energy Ltd.
 
882,032
3,842,146
Aurizon Holdings Ltd.
 
2,711,607
6,278,815
Bendigo & Adelaide Bank Ltd.
 
832,345
4,797,009
BHP Group Ltd.
 
2,825,704
67,526,764
BlueScope Steel Ltd.
 
693,261
6,975,380
Fortescue Metals Group Ltd.
 
1,802,237
16,978,884
New Hope Corp. Ltd.
 
735,705
2,658,854
Rio Tinto Ltd.
 
546,852
30,851,820
Sonic Healthcare Ltd.
 
707,242
14,824,733
South32 Ltd.
 
6,818,308
15,643,035
Whitehaven Coal Ltd.
 
1,408,718
8,136,811
TOTAL AUSTRALIA
 
 
178,514,251
Austria - 0.5%
 
 
 
Erste Group Bank AG
 
508,532
12,532,744
OMV AG
 
212,132
9,777,584
TOTAL AUSTRIA
 
 
22,310,328
Belgium - 1.8%
 
 
 
Anheuser-Busch InBev SA NV
 
1,404,851
70,271,226
Sofina SA
 
23,209
4,529,918
TOTAL BELGIUM
 
 
74,801,144
Bermuda - 0.4%
 
 
 
Jardine Matheson Holdings Ltd.
 
358,133
16,481,281
Cayman Islands - 0.9%
 
 
 
CK Asset Holdings Ltd.
 
2,898,500
16,025,543
CK Hutchison Holdings Ltd.
 
3,954,000
19,682,354
TOTAL CAYMAN ISLANDS
 
 
35,707,897
Denmark - 1.2%
 
 
 
A.P. Moller - Maersk A/S Series B
 
12,378
25,859,781
Danske Bank A/S
 
998,572
16,116,475
Pandora A/S
 
140,684
7,414,838
TOTAL DENMARK
 
 
49,391,094
Finland - 1.2%
 
 
 
Fortum Corp.
 
641,203
9,026,613
Kojamo OYJ
 
262,135
3,411,753
Nokia Corp.
 
7,971,796
35,426,010
TietoEVRY Oyj
 
155,263
3,704,009
TOTAL FINLAND
 
 
51,568,385
France - 13.2%
 
 
 
BNP Paribas SA
 
1,672,871
78,447,480
Bouygues SA
 
309,915
8,842,240
Carrefour SA
 
863,705
13,901,725
Compagnie de St. Gobain
 
766,122
31,319,811
Compagnie Generale des Etablissements Michelin SCA Series B
 
1,051,995
26,809,106
Credit Agricole SA
 
2,005,904
18,200,894
Dassault Aviation SA
 
34,438
5,118,616
Eiffage SA
 
115,494
10,448,096
Elis SA
 
289,082
3,316,806
Engie SA
 
2,726,504
35,426,464
Eurazeo SA
 
77,028
4,399,905
Orange SA
 
2,782,223
26,508,785
Publicis Groupe SA
 
347,781
19,477,265
Renault SA (a)
 
304,947
9,393,512
Rexel SA
 
361,676
6,471,203
Sanofi SA
 
1,362,049
117,215,027
SCOR SE
 
240,444
3,617,746
Societe Generale Series A
 
1,164,355
26,706,858
TotalEnergies SE
 
1,586,167
86,530,750
Valeo SA
 
339,479
5,599,330
Vivendi SA
 
1,192,134
9,757,594
TOTAL FRANCE
 
 
547,509,213
Germany - 12.1%
 
 
 
Bayer AG
 
1,292,192
67,944,844
Bayerische Motoren Werke AG (BMW)
 
552,819
43,391,837
Continental AG
 
159,103
8,240,850
Covestro AG (b)
 
284,610
9,661,381
Daimler Truck Holding AG (a)
 
763,762
20,379,271
Deutsche Bank AG
 
3,044,638
29,065,622
Deutsche Post AG
 
1,460,242
51,619,304
Deutsche Telekom AG
 
3,263,022
61,591,169
E.ON SE
 
3,307,367
27,695,871
Fresenius Medical Care AG & Co. KGaA
 
293,535
8,119,355
Fresenius SE & Co. KGaA
 
600,607
13,821,868
HeidelbergCement AG
 
213,338
9,810,732
K+S AG
 
281,958
6,230,502
LEG Immobilien AG
 
109,173
7,133,701
Mercedes-Benz Group AG (Germany)
 
1,150,491
66,592,250
RWE AG
 
991,380
38,199,723
Siemens Energy AG
 
588,746
6,874,301
Vonovia SE
 
1,172,395
25,922,376
TOTAL GERMANY
 
 
502,294,957
Hong Kong - 1.2%
 
 
 
BOC Hong Kong (Holdings) Ltd.
 
5,295,500
16,460,632
Henderson Land Development Co. Ltd.
 
1,925,930
4,715,178
New World Development Co. Ltd.
 
2,039,000
4,171,694
Sun Hung Kai Properties Ltd.
 
2,220,000
23,856,835
TOTAL HONG KONG
 
 
49,204,339
Ireland - 0.2%
 
 
 
DCC PLC (United Kingdom)
 
146,121
8,110,464
Israel - 0.2%
 
 
 
Tower Semiconductor Ltd. (a)
 
152,490
6,525,021
Italy - 2.3%
 
 
 
Banco BPM SpA
 
2,232,068
6,752,080
Eni SpA
 
3,718,071
48,832,157
Leonardo SpA
 
596,185
4,791,210
Telecom Italia SpA (a)
 
23,458,918
4,589,568
UniCredit SpA
 
2,564,514
31,803,244
TOTAL ITALY
 
 
96,768,259
Japan - 23.7%
 
 
 
AGC, Inc.
 
335,100
10,513,074
Aisin Seiki Co. Ltd.
 
269,100
6,904,176
Alfresa Holdings Corp.
 
298,800
3,438,225
Amada Co. Ltd.
 
529,000
3,724,826
Brother Industries Ltd.
 
386,300
6,575,374
Canon, Inc.
 
1,525,200
32,330,407
Cosmo Energy Holdings Co. Ltd.
 
118,600
3,050,842
Dai Nippon Printing Co. Ltd.
 
397,200
7,968,308
Electric Power Development Co. Ltd.
 
256,200
3,563,143
ENEOS Holdings, Inc.
 
4,668,200
15,377,009
FUJIFILM Holdings Corp.
 
588,500
26,988,006
Haseko Corp.
 
332,300
3,423,677
Honda Motor Co. Ltd.
 
2,508,400
57,197,730
IHI Corp.
 
227,900
5,088,456
Iida Group Holdings Co. Ltd.
 
259,100
3,599,991
INPEX Corp.
 
1,552,500
15,668,447
Isuzu Motors Ltd.
 
916,200
10,745,841
Itochu Corp.
 
2,171,300
56,204,537
Japan Post Holdings Co. Ltd.
 
3,556,400
23,907,848
Japan Post Insurance Co. Ltd.
 
294,400
4,349,822
Japan Tobacco, Inc.
 
1,620,400
27,137,546
JFE Holdings, Inc.
 
850,800
7,798,785
Kajima Corp.
 
700,900
6,603,860
Kawasaki Kisen Kaisha Ltd.
 
347,500
5,283,954
Kyocera Corp.
 
350,000
17,514,711
Marubeni Corp.
 
2,530,200
22,171,900
Mazda Motor Corp.
 
884,200
5,953,286
Mebuki Financial Group, Inc.
 
1,604,300
3,118,079
Medipal Holdings Corp.
 
309,800
3,843,983
Mitsubishi Corp.
 
2,188,700
59,333,869
Mitsui & Co. Ltd.
 
2,419,400
53,580,041
Mitsui OSK Lines Ltd.
 
533,200
10,581,884
Mizuho Financial Group, Inc.
 
3,740,700
40,401,925
NEC Corp.
 
401,900
13,311,527
NGK Spark Plug Co. Ltd.
 
252,700
4,605,515
Nippon Steel & Sumitomo Metal Corp.
 
1,399,900
19,229,266
Nippon Yusen KK
 
751,500
13,613,026
Nissan Motor Co. Ltd.
 
3,481,920
11,097,939
Panasonic Holdings Corp.
 
3,434,400
24,461,909
Renesas Electronics Corp. (a)
 
2,071,400
17,328,819
Ricoh Co. Ltd.
 
939,100
6,884,018
SBI Holdings, Inc. Japan
 
401,000
7,248,986
Screen Holdings Co. Ltd.
 
68,800
3,789,448
Seiko Epson Corp.
 
471,000
6,417,472
SoftBank Group Corp.
 
1,442,300
61,912,490
Sojitz Corp.
 
306,000
4,515,041
Subaru Corp.
 
906,500
14,116,149
Sumitomo Chemical Co. Ltd.
 
2,373,600
7,997,401
Sumitomo Corp.
 
1,843,500
23,437,831
Sumitomo Forestry Co. Ltd.
 
281,600
4,412,576
Sumitomo Heavy Industries Ltd.
 
181,100
3,438,214
Sumitomo Metal Mining Co. Ltd.
 
402,700
11,288,024
Sumitomo Mitsui Financial Group, Inc.
 
2,025,100
56,867,980
Taisei Corp.
 
295,800
8,066,640
Takeda Pharmaceutical Co. Ltd.
 
2,330,900
61,556,741
Tokyo Electric Power Co., Inc. (a)
 
1,183,700
3,860,886
Toppan, Inc.
 
515,200
7,688,415
Tosoh Corp.
 
478,900
5,214,292
Yamada Holdings Co. Ltd.
 
1,096,600
3,532,542
Yamaha Motor Co. Ltd.
 
515,900
10,651,421
Yokohama Rubber Co. Ltd.
 
197,300
3,088,970
TOTAL JAPAN
 
 
983,577,100
Luxembourg - 0.6%
 
 
 
ArcelorMittal SA (Netherlands)
 
840,537
18,818,618
SES SA (France) (depositary receipt)
 
564,886
4,007,108
TOTAL LUXEMBOURG
 
 
22,825,726
Netherlands - 4.4%
 
 
 
AEGON NV
 
2,085,284
9,653,118
Heineken Holding NV
 
161,237
11,010,564
Koninklijke Ahold Delhaize NV
 
1,540,495
42,961,781
Koninklijke Philips Electronics NV
 
1,310,081
16,618,236
NN Group NV
 
456,672
19,338,467
Randstad NV
 
184,278
9,185,766
Signify NV (b)
 
189,068
5,242,911
Stellantis NV (Italy)
 
3,186,428
43,015,169
STMicroelectronics NV (Italy)
 
864,929
26,896,189
TOTAL NETHERLANDS
 
 
183,922,201
New Zealand - 0.1%
 
 
 
Fletcher Building Ltd.
 
1,153,530
3,447,204
Singapore - 2.3%
 
 
 
Jardine Cycle & Carriage Ltd.
 
145,553
3,057,888
Oversea-Chinese Banking Corp. Ltd.
 
5,964,986
51,112,800
United Overseas Bank Ltd.
 
2,036,482
39,935,533
TOTAL SINGAPORE
 
 
94,106,221
Spain - 3.4%
 
 
 
Banco Bilbao Vizcaya Argentaria SA
 
4,108,649
21,195,674
Banco Santander SA (Spain)
 
24,740,430
64,107,192
Repsol SA
 
2,087,773
28,403,063
Telefonica SA
 
8,308,150
28,639,833
TOTAL SPAIN
 
 
142,345,762
Sweden - 4.3%
 
 
 
Castellum AB
 
422,727
4,835,563
Electrolux AB (B Shares) (c)
 
332,053
4,097,883
Ericsson (B Shares)
 
4,526,056
25,161,908
Fastighets AB Balder (a)
 
929,513
3,493,293
H&M Hennes & Mauritz AB (B Shares) (c)
 
1,054,366
10,619,745
Industrivarden AB (A Shares)
 
518,282
11,744,571
Investor AB (B Shares)
 
3,550,539
57,998,697
Kinnevik AB (B Shares) (a)
 
357,506
4,419,770
Securitas AB (B Shares) (c)
 
740,968
6,062,661
Skanska AB (B Shares)
 
589,609
9,174,259
SSAB AB (A Shares)
 
1,214,585
5,845,655
Volvo AB (B Shares)
 
1,975,387
32,331,032
Volvo Car AB
 
790,064
3,355,260
TOTAL SWEDEN
 
 
179,140,297
Switzerland - 3.8%
 
 
 
Adecco SA (Reg.)
 
248,116
7,765,029
Nestle SA (Reg. S)
 
67,797
7,380,300
Novartis AG
 
1,753,340
141,829,022
TOTAL SWITZERLAND
 
 
156,974,351
United Kingdom - 17.0%
 
 
 
3i Group PLC
 
1,433,763
19,095,400
Abrdn PLC
 
3,212,501
5,857,713
Anglo American PLC (United Kingdom)
 
1,785,315
53,477,712
Associated British Foods PLC
 
524,809
8,134,167
Barclays PLC
 
23,468,290
39,878,584
Barratt Developments PLC
 
1,506,333
6,496,952
Bellway PLC
 
181,904
3,869,669
British American Tobacco PLC (United Kingdom)
 
2,841,391
112,216,398
British Land Co. PLC
 
1,381,754
5,798,035
BT Group PLC
 
10,279,084
15,300,893
Centrica PLC
 
8,702,479
7,646,678
GSK PLC
 
1,519,087
24,884,314
Hikma Pharmaceuticals PLC
 
261,642
3,747,638
Imperial Brands PLC
 
1,413,628
34,434,704
J Sainsbury PLC
 
2,589,917
5,773,168
Kingfisher PLC
 
2,970,876
7,464,132
Land Securities Group PLC
 
1,106,790
7,239,898
Lloyds Banking Group PLC
 
104,648,878
50,259,503
Marks & Spencer Group PLC (a)
 
2,893,280
3,500,504
Micro Focus International PLC
 
537,076
3,202,387
Persimmon PLC
 
470,399
7,039,869
Rio Tinto PLC
 
1,464,844
76,555,169
Segro PLC
 
1,781,159
16,034,670
Shell PLC (London)
 
2,920,918
80,914,124
Standard Chartered PLC (United Kingdom)
 
3,655,324
21,806,397
Taylor Wimpey PLC
 
5,374,870
5,780,506
Tesco PLC
 
11,032,813
27,249,774
Tritax Big Box REIT PLC
 
2,753,036
4,429,526
Vodafone Group PLC
 
39,479,530
46,088,509
TOTAL UNITED KINGDOM
 
 
704,176,993
 
TOTAL COMMON STOCKS
  (Cost $4,635,637,259)
 
 
 
4,109,702,488
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (d)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (e)
  (Cost $2,891,586)
 
2,900,000
2,872,376
 
 
 
 
Money Market Funds - 0.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (f)
 
1,842,158
1,842,526
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
16,039,068
16,040,672
 
TOTAL MONEY MARKET FUNDS
  (Cost $17,883,198)
 
 
17,883,198
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.6%
  (Cost $4,656,412,043)
 
 
 
4,130,458,062
NET OTHER ASSETS (LIABILITIES) - 0.4%  
18,260,014
NET ASSETS - 100.0%
4,148,718,076
 
 
 
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)
443
Dec 2022
38,893,185
1,756,524
1,756,524
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.9%
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $14,904,292 or 0.4% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,118,625.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
45,610,810
1,000,079,147
1,043,847,431
101,304
-
-
1,842,526
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
-
663,501,837
647,461,165
967,893
-
-
16,040,672
0.0%
Total
45,610,810
1,663,580,984
1,691,308,596
1,069,197
-
-
17,883,198
 
 
 
 
 
 
 
 
 
 
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, 2022, 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
277,873,214
19,308,001
258,565,213
-
Consumer Discretionary
422,972,630
154,646,894
268,325,736
-
Consumer Staples
363,971,857
14,511,068
349,460,789
-
Energy
299,349,641
39,001,100
260,348,541
-
Financials
805,728,666
441,087,187
364,641,479
-
Health Care
477,843,986
25,854,579
451,989,407
-
Industrials
603,674,179
389,203,771
214,470,408
-
Information Technology
232,055,306
91,709,586
140,345,720
-
Materials
369,903,420
176,488,483
193,414,937
-
Real Estate
127,068,065
72,573,676
54,494,389
-
Utilities
129,261,524
66,139,189
63,122,335
-
 Government Obligations
2,872,376
-
2,872,376
-
  Money Market Funds
17,883,198
17,883,198
-
-
 Total Investments in Securities:
4,130,458,062
1,508,406,732
2,622,051,330
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
1,756,524
1,756,524
-
-
  Total Assets
1,756,524
1,756,524
-
-
 Total Derivative Instruments:
1,756,524
1,756,524
-
-
 
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, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
1,756,524
0
Total Equity Risk
1,756,524
0
Total Value of Derivatives
1,756,524
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $14,898,741) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $4,638,528,845)
 
$4,112,574,864
 
 
Fidelity Central Funds (cost $17,883,198)
 
17,883,198
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,656,412,043)
 
 
$
4,130,458,062
Receivable for investments sold
 
 
 
918,457
Receivable for fund shares sold
 
 
 
68,465
Dividends receivable
 
 
 
22,046,025
Reclaims receivable
 
 
 
13,326,748
Interest receivable
 
 
 
807
Distributions receivable from Fidelity Central Funds
 
 
 
34,816
Prepaid expenses
 
 
 
6,715
  Total assets
 
 
 
4,166,860,095
Liabilities
 
 
 
 
Payable to custodian bank
 
$937,633
 
 
Payable for fund shares redeemed
 
159,100
 
 
Accrued management fee
 
506,924
 
 
Payable for daily variation margin on futures contracts
 
342,073
 
 
Other payables and accrued expenses
 
155,617
 
 
Collateral on securities loaned
 
16,040,672
 
 
  Total Liabilities
 
 
 
18,142,019
Net Assets  
 
 
$
4,148,718,076
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,990,432,875
Total accumulated earnings (loss)
 
 
 
(841,714,799)
Net Assets
 
 
$
4,148,718,076
Net Asset Value , offering price and redemption price per share ($4,148,718,076 ÷ 541,969,875 shares)
 
 
$
7.65
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Unaffiliated issuers
 
 
$
276,646,406
Non-Cash dividends
 
 
 
15,261,007
Interest  
 
 
25,730
Income from Fidelity Central Funds (including $967,893 from security lending)
 
 
 
1,069,197
 Income before foreign taxes withheld
 
 
 
293,002,340
Less foreign taxes withheld
 
 
 
(21,251,592)
 Total Income
 
 
 
271,750,748
Expenses
 
 
 
 
Management fee
$
8,202,005
 
 
Custodian fees and expenses
 
500,289
 
 
Independent trustees' fees and expenses
 
18,358
 
 
Registration fees
 
(3,448)
 
 
Audit
 
52,093
 
 
Legal
 
6,221
 
 
Interest
 
137,564
 
 
Miscellaneous
 
23,465
 
 
 Total Expenses
 
 
 
8,936,547
Net Investment income (loss)
 
 
 
262,814,201
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(414,703,176)
 
 
 Foreign currency transactions
 
(3,454,187)
 
 
 Futures contracts
 
(13,794,499)
 
 
Total net realized gain (loss)
 
 
 
(431,951,862)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(833,759,671)
 
 
 Assets and liabilities in foreign currencies
 
(2,149,738)
 
 
 Futures contracts
 
1,022,370
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(834,887,039)
Net gain (loss)
 
 
 
(1,266,838,901)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,004,024,700)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
262,814,201
$
184,240,516
Net realized gain (loss)
 
(431,951,862)
 
 
300,862,195
 
Change in net unrealized appreciation (depreciation)
 
(834,887,039)
 
591,438,016
 
Net increase (decrease) in net assets resulting from operations
 
(1,004,024,700)
 
 
1,076,540,727
 
Distributions to shareholders
 
(449,845,102)
 
 
(51,993,306)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,108,617,933
 
2,803,272,597
  Reinvestment of distributions
 
447,410,521
 
 
51,615,891
 
Cost of shares redeemed
 
(1,938,490,026)
 
(152,783,351)
  Net increase (decrease) in net assets resulting from share transactions
 
(382,461,572)
 
 
2,702,105,137
 
Total increase (decrease) in net assets
 
(1,836,331,374)
 
 
3,726,652,558
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,985,049,450
 
2,258,396,892
 
End of period
$
4,148,718,076
$
5,985,049,450
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
118,980,904
 
291,393,514
  Issued in reinvestment of distributions
 
49,328,613
 
 
5,908,191
 
Redeemed
 
(222,929,982)
 
(16,184,874)
Net increase (decrease)
 
(54,620,465)
 
281,116,831
 
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI International Value Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.03
$
7.16
$
9.19
$
8.93
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.42
 
.38
 
.24
 
.37
 
.28
     Net realized and unrealized gain (loss)
 
(1.99)
 
2.63
 
(1.95)
 
.07
 
(1.34)
  Total from investment operations
 
(1.57)  
 
3.01  
 
(1.71)  
 
.44  
 
(1.06)
  Distributions from net investment income
 
(.46)
 
(.14)
 
(.32)
 
(.18)
 
(.01)
  Distributions from net realized gain
 
(.35)
 
-
 
-
 
- D
 
-
     Total distributions
 
(.81)
 
(.14)
 
(.32)
 
(.18)
 
(.01)
  Net asset value, end of period
$
7.65
$
10.03
$
7.16
$
9.19
$
8.93
 Total Return   E,F
 
(16.93)%
 
42.33%
 
(19.36)%
 
5.12%
 
(10.64)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.16%
 
.17%
 
.18%
 
.26%
 
.37% I
    Expenses net of fee waivers, if any
 
.16%
 
.17%
 
.18%
 
.20%
 
.20% I
    Expenses net of all reductions
 
.16%
 
.17%
 
.18%
 
.20%
 
.20% I
    Net investment income (loss)
 
4.82%
 
3.84%
 
3.04%
 
4.22%
 
3.32% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,148,718
$
5,985,049
$
2,258,397
$
1,036,532
$
475,509
    Portfolio turnover rate J
 
79%
 
60%
 
57%
 
59%
 
54% I
 
A For the period December 19, 2017 (commencement of operations) through October 31, 2018.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
D Amount represents less than $.005 per share.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees and expenses of any underlying 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.
 
H 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.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity SAI International Value Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.  
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$189,223,644
Gross unrealized depreciation
(777,762,926)
Net unrealized appreciation (depreciation)
$(588,539,282)
Tax Cost
$4,718,997,344
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$183,160,955
Capital loss carryforward
$(433,866,188)
Net unrealized appreciation (depreciation) on securities and other investments
$(591,009,567)
 
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(321,591,098)
  Long-term
(112,275,090)
Total capital loss carryforward
$(433,866,188)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$449,845,102
$51,993,306
 
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI International Value Index Fund
4,217,452,817
4,770,615,485
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI International Value Index Fund  
Borrower
$   31,907,159
1.78%
$129,160
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
Amount
Fidelity SAI International Value Index Fund
$9,640
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity SAI International Value Index Fund
$101,519
$-
$-
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI International Value Index Fund
$13,567,273
2.03%
$8,404
 
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Strategic Advisers International Fund
Fidelity SAI International Value Index Fund
81%
13%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity SAI International Value Index Fund
94%
 
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
 
 
 
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Value Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Value Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2022 and for the period December 19, 2017 (commencement of operations) through October 31, 2018 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the four years in the period ended October 31, 2022 and for the period December 19, 2017 (commencement of operations) through October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 15, 2022
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 293 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function.   Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as a member of the Board of McKesson Corporation (healthcare service, 2002-2021). In addition, Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity ® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Laura M. Bishop (1961)
Year of Election or Appointment: 2022
Member of the Advisory Board
Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).    
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.     
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). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke 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).     
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).     
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
President and 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: 2016
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).     
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), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-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: 2013
Assistant 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).     
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.     
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.     
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: 2013
Assistant 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: 2021
Deputy 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).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International Value Index Fund
 
 
 
.16%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 883.40
 
$ .76
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.40
 
$ .82
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund designates 50% of the dividend distributed in December during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.4106 and $0.0349 for the dividend paid December 13, 2021.
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity SAI International Value Index Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.  
 
Nature, Extent, and Quality of Services Provided . The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity and Geode had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.  
 
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
 
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
 
Resources Dedicated to Investment Management and Support Services . The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.  
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one- and three-year periods. No performance peer group information was considered by the Board as Fidelity advised the Board that the peer group, which is created by a third-party provider, includes a number of actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.  
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
 
The Board noted that the fund's management fee rate ranked equal to the median of its Total Mapped Group and equal to the median of its ASPG for 2021.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  
 
Total Expense Ratio . In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.
 
The Board noted that the fund's total net expense ratio ranked below the similar sales load structure group competitive median for 2021 and above the ASPG competitive median for 2021. The Board considered that, when compared to a subset of the ASPG that excludes funds in a fund complex with a unique at-cost service model, the fund would not be above the ASPG competitive median for 2021.
 
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.20% through February 28, 2023.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.  
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
The Board also considered information regarding the profitability of Geode's relationship with the fund.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.
 
1.9885501.104
IIV-ANN-1222
Fidelity® U.S. Sustainability Index Fund
 
 
Annual Report
October 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts 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 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® U.S. Sustainability Index Fund
-18.58%
10.37%
11.15%
 
A     From May 09, 2017
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® U.S. Sustainability Index Fund, on May 09, 2017, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI USA ESG Leaders Index performed over the same period.
 
 
Market Recap:
U.S. equities returned -14.61% for the 12 months ending October 31, 2022, according to the S&P 500 ® index, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more "hawkish" (restrictive) policy stance and proceeded to hike its benchmark rate five times, by a total of 3%, between March and September - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500 ® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500 shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. For the full 12 months, the growth-oriented communication services (-41%) and consumer discretionary (-29%) sectors lagged most. In sharp contrast, energy (+65%) had a strong run, followed by consumer staples (+5%).
 
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2022, the fund returned -18.58%, roughly in line with the -18.50% result of the benchmark MSCI USA ESG Leaders Index. By sector, information technology, the fund's largest weighting, returned roughly -28% and detracted most from performance, followed by communication services, which returned roughly -34%, primarily due to holdings in the media & entertainment industry (-35%). The consumer discretionary sector returned -27% and financials -14%. Other notable performance detractors included the industrials (-12%), real estate (-25%) and materials (-15%) sectors. Conversely, energy advanced 45% and contributed most. Health care stocks also helped (+2%), benefiting from the pharmaceuticals, biotechnology & life sciences industry (+8%). The consumer staples sector rose 4%, boosted by the food, beverage & tobacco industry (+14%), and utilities (+4%) also aided the fund's result. Turning to individual stocks, the biggest individual detractor was Microsoft (-29%), from the software & services category, followed by Alphabet (-36%), in the media & entertainment segment. Within automobiles & components, Tesla returned about -39%. Microsoft, Alphabet and Tesla are, in order, the three largest positions in the fund. Other detractors included Nvidia (-47%), a stock in the semiconductors & semiconductor equipment industry, and Adobe (-51%), from the software & services group. On the other hand, the biggest individual contributor was Eli Lilly (+44%), from the pharmaceuticals, biotechnology & life sciences category; within the same sub-sector, Bristol-Myers Squibb (+37%), Johnson & Johnson (+10%), Merck (+19%) and Amgen (+35%) all benefited the fund.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
9.7
 
Tesla, Inc.
3.5
 
Alphabet, Inc. Class A
3.4
 
Alphabet, Inc. Class C
3.1
 
Johnson & Johnson
2.7
 
Visa, Inc. Class A
2.0
 
NVIDIA Corp.
2.0
 
Procter & Gamble Co.
1.9
 
The Home Depot, Inc.
1.8
 
Eli Lilly & Co.
1.7
 
 
31.8
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
26.8
 
Health Care
16.1
 
Financials
11.5
 
Consumer Discretionary
11.1
 
Communication Services
9.3
 
Industrials
8.5
 
Consumer Staples
7.1
 
Materials
2.9
 
Energy
2.7
 
Real Estate
2.6
 
Utilities
1.1
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 4.8%
 
Showing Percentage of Net Assets  
Common Stocks - 99.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 9.3%
 
 
 
Diversified Telecommunication Services - 1.0%
 
 
 
Lumen Technologies, Inc. (a)
 
119,297
878,026
Verizon Communications, Inc.
 
540,300
20,191,011
 
 
 
21,069,037
Entertainment - 1.6%
 
 
 
Electronic Arts, Inc.
 
36,010
4,535,820
Take-Two Interactive Software, Inc. (b)
 
20,860
2,471,493
The Walt Disney Co. (b)
 
234,344
24,967,010
Warner Bros Discovery, Inc. (b)
 
296,643
3,856,359
 
 
 
35,830,682
Interactive Media & Services - 6.6%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (b)
 
773,822
73,133,917
 Class C (b)
 
725,686
68,693,437
Zoominfo Technologies, Inc. (b)
 
33,746
1,502,709
 
 
 
143,330,063
Media - 0.1%
 
 
 
Cable One, Inc.
 
683
586,991
Interpublic Group of Companies, Inc.
 
50,726
1,511,128
Sirius XM Holdings, Inc. (a)
 
101,487
612,981
 
 
 
2,711,100
TOTAL COMMUNICATION SERVICES
 
 
202,940,882
CONSUMER DISCRETIONARY - 11.1%
 
 
 
Auto Components - 0.2%
 
 
 
Aptiv PLC (b)
 
34,858
3,174,518
BorgWarner, Inc.
 
30,855
1,157,988
Lear Corp.
 
7,697
1,067,651
 
 
 
5,400,157
Automobiles - 3.6%
 
 
 
Rivian Automotive, Inc.
 
40,204
1,405,934
Tesla, Inc. (b)
 
339,862
77,332,199
 
 
 
78,738,133
Distributors - 0.3%
 
 
 
Genuine Parts Co.
 
18,221
3,240,787
LKQ Corp.
 
34,597
1,924,977
Pool Corp.
 
5,143
1,564,655
 
 
 
6,730,419
Hotels, Restaurants & Leisure - 1.5%
 
 
 
Hilton Worldwide Holdings, Inc.
 
35,820
4,845,013
McDonald's Corp.
 
95,141
25,941,145
Vail Resorts, Inc.
 
5,191
1,137,504
 
 
 
31,923,662
Household Durables - 0.0%
 
 
 
Newell Brands, Inc.
 
50,586
698,593
Internet & Direct Marketing Retail - 0.4%
 
 
 
eBay, Inc.
 
72,035
2,869,874
MercadoLibre, Inc. (b)
 
5,833
5,259,149
 
 
 
8,129,023
Leisure Products - 0.1%
 
 
 
Hasbro, Inc.
 
17,056
1,112,904
Multiline Retail - 0.4%
 
 
 
Target Corp.
 
59,656
9,798,498
Specialty Retail - 3.6%
 
 
 
Advance Auto Parts, Inc.
 
7,810
1,483,275
Best Buy Co., Inc.
 
25,983
1,777,497
Burlington Stores, Inc. (b)
 
8,507
1,216,161
CarMax, Inc. (a)(b)
 
20,539
1,294,162
Lowe's Companies, Inc.
 
82,229
16,030,544
The Home Depot, Inc.
 
132,219
39,154,012
TJX Companies, Inc.
 
150,742
10,868,498
Tractor Supply Co.
 
14,399
3,164,468
Ulta Beauty, Inc. (b)
 
6,668
2,796,359
 
 
 
77,784,976
Textiles, Apparel & Luxury Goods - 1.0%
 
 
 
lululemon athletica, Inc. (b)
 
15,011
4,939,219
NIKE, Inc. Class B
 
163,221
15,127,322
VF Corp.
 
42,482
1,200,117
 
 
 
21,266,658
TOTAL CONSUMER DISCRETIONARY
 
 
241,583,023
CONSUMER STAPLES - 7.1%
 
 
 
Beverages - 3.1%
 
 
 
Keurig Dr. Pepper, Inc.
 
100,388
3,899,070
PepsiCo, Inc.
 
177,873
32,298,179
The Coca-Cola Co.
 
529,792
31,708,051
 
 
 
67,905,300
Food & Staples Retailing - 0.2%
 
 
 
Kroger Co.
 
88,959
4,206,871
Food Products - 0.9%
 
 
 
Bunge Ltd.
 
19,462
1,920,899
Campbell Soup Co.
 
27,204
1,439,364
Conagra Brands, Inc.
 
61,770
2,266,959
General Mills, Inc.
 
77,477
6,320,574
Hormel Foods Corp.
 
38,556
1,790,926
Kellogg Co.
 
32,590
2,503,564
McCormick & Co., Inc. (non-vtg.)
 
32,199
2,532,129
 
 
 
18,774,415
Household Products - 2.6%
 
 
 
Colgate-Palmolive Co.
 
102,410
7,561,954
Kimberly-Clark Corp.
 
43,347
5,394,968
Procter & Gamble Co.
 
308,655
41,566,569
The Clorox Co.
 
15,840
2,313,274
 
 
 
56,836,765
Personal Products - 0.3%
 
 
 
Estee Lauder Companies, Inc. Class A
 
29,822
5,979,013
TOTAL CONSUMER STAPLES
 
 
153,702,364
ENERGY - 2.7%
 
 
 
Energy Equipment & Services - 0.8%
 
 
 
Baker Hughes Co. Class A
 
126,662
3,503,471
Halliburton Co.
 
116,044
4,226,322
Schlumberger Ltd.
 
181,834
9,460,823
 
 
 
17,190,616
Oil, Gas & Consumable Fuels - 1.9%
 
 
 
Cheniere Energy, Inc.
 
29,426
5,191,041
Kinder Morgan, Inc.
 
262,511
4,756,699
Marathon Petroleum Corp.
 
69,599
7,907,838
ONEOK, Inc.
 
57,455
3,408,231
Phillips 66 Co.
 
61,894
6,454,925
Targa Resources Corp.
 
27,880
1,906,156
The Williams Companies, Inc.
 
156,685
5,128,300
Valero Energy Corp.
 
52,503
6,591,752
 
 
 
41,344,942
TOTAL ENERGY
 
 
58,535,558
FINANCIALS - 11.5%
 
 
 
Banks - 1.8%
 
 
 
Citizens Financial Group, Inc.
 
63,746
2,607,211
First Republic Bank
 
23,111
2,775,631
Huntington Bancshares, Inc.
 
185,185
2,811,108
KeyCorp
 
120,081
2,145,847
PNC Financial Services Group, Inc.
 
53,198
8,609,032
Regions Financial Corp.
 
120,232
2,639,092
SVB Financial Group (b)
 
7,572
1,748,829
Truist Financial Corp.
 
171,260
7,670,735
U.S. Bancorp
 
181,561
7,707,264
Webster Financial Corp.
 
22,935
1,244,453
 
 
 
39,959,202
Capital Markets - 5.0%
 
 
 
Ameriprise Financial, Inc.
 
14,140
4,370,957
Bank of New York Mellon Corp.
 
98,717
4,156,973
BlackRock, Inc. Class A
 
19,490
12,588,786
Carlyle Group LP
 
25,624
724,647
Cboe Global Markets, Inc.
 
13,635
1,697,558
Charles Schwab Corp.
 
187,006
14,898,768
CME Group, Inc.
 
46,236
8,012,699
FactSet Research Systems, Inc.
 
4,871
2,072,562
Franklin Resources, Inc. (a)
 
38,621
905,662
Intercontinental Exchange, Inc.
 
71,819
6,863,742
Invesco Ltd.
 
43,992
673,957
LPL Financial
 
10,289
2,630,383
MarketAxess Holdings, Inc.
 
4,852
1,184,082
Moody's Corp.
 
21,361
5,657,888
Morgan Stanley
 
168,774
13,868,160
NASDAQ, Inc.
 
44,485
2,768,746
Northern Trust Corp.
 
25,467
2,148,141
Raymond James Financial, Inc.
 
25,008
2,954,445
S&P Global, Inc.
 
44,653
14,344,776
State Street Corp.
 
47,232
3,495,168
T. Rowe Price Group, Inc.
 
29,245
3,104,649
 
 
 
109,122,749
Consumer Finance - 0.9%
 
 
 
Ally Financial, Inc.
 
41,562
1,145,449
American Express Co.
 
82,348
12,224,561
Discover Financial Services
 
36,155
3,776,751
Synchrony Financial
 
64,430
2,291,131
 
 
 
19,437,892
Diversified Financial Services - 0.1%
 
 
 
Equitable Holdings, Inc.
 
49,050
1,501,911
Insurance - 3.6%
 
 
 
AFLAC, Inc.
 
78,713
5,125,003
Allstate Corp.
 
35,378
4,466,473
American International Group, Inc.
 
101,930
5,810,010
Arch Capital Group Ltd. (b)
 
48,314
2,778,055
Arthur J. Gallagher & Co.
 
27,023
5,055,463
Assurant, Inc.
 
6,967
946,537
Chubb Ltd.
 
54,827
11,781,774
Hartford Financial Services Group, Inc.
 
42,315
3,064,029
Lincoln National Corp.
 
21,001
1,131,324
Loews Corp.
 
26,931
1,535,606
Marsh & McLennan Companies, Inc.
 
64,565
10,426,602
Principal Financial Group, Inc. (a)
 
32,523
2,866,252
Progressive Corp.
 
75,242
9,661,073
Prudential Financial, Inc.
 
48,238
5,074,155
The Travelers Companies, Inc.
 
30,871
5,694,465
Willis Towers Watson PLC
 
14,344
3,130,004
 
 
 
78,546,825
Mortgage Real Estate Investment Trusts - 0.1%
 
 
 
Annaly Capital Management, Inc.
 
55,515
1,029,803
TOTAL FINANCIALS
 
 
249,598,382
HEALTH CARE - 16.1%
 
 
 
Biotechnology - 2.2%
 
 
 
Amgen, Inc.
 
68,723
18,579,263
Biogen, Inc. (b)
 
18,842
5,340,576
BioMarin Pharmaceutical, Inc. (b)
 
23,778
2,059,888
Gilead Sciences, Inc.
 
161,367
12,660,855
Vertex Pharmaceuticals, Inc. (b)
 
32,904
10,266,048
 
 
 
48,906,630
Health Care Equipment & Supplies - 1.7%
 
 
 
Abiomed, Inc. (b)
 
5,854
1,475,676
Align Technology, Inc. (b)
 
9,625
1,870,138
Baxter International, Inc.
 
64,793
3,521,500
Dentsply Sirona, Inc.
 
27,759
855,532
DexCom, Inc. (b)
 
50,502
6,099,632
Edwards Lifesciences Corp. (b)
 
79,995
5,794,038
Hologic, Inc. (b)
 
32,030
2,171,634
IDEXX Laboratories, Inc. (b)
 
10,809
3,887,781
Insulet Corp. (b)
 
8,918
2,308,068
Novocure Ltd. (a)(b)
 
12,115
856,046
ResMed, Inc.
 
18,821
4,210,069
STERIS PLC
 
12,886
2,223,866
Teleflex, Inc.
 
6,040
1,295,942
 
 
 
36,569,922
Health Care Providers & Services - 2.6%
 
 
 
AmerisourceBergen Corp.
 
20,212
3,177,731
Cardinal Health, Inc.
 
35,055
2,660,675
Cigna Corp.
 
40,818
13,186,663
DaVita HealthCare Partners, Inc. (b)
 
7,317
534,214
Elevance Health, Inc.
 
31,015
16,958,072
HCA Holdings, Inc.
 
30,414
6,614,133
Humana, Inc.
 
16,274
9,082,194
Laboratory Corp. of America Holdings
 
11,929
2,646,568
Quest Diagnostics, Inc.
 
15,066
2,164,231
 
 
 
57,024,481
Health Care Technology - 0.0%
 
 
 
Teladoc Health, Inc. (a)(b)
 
20,764
615,445
Life Sciences Tools & Services - 2.1%
 
 
 
Agilent Technologies, Inc.
 
38,468
5,322,048
Bio-Techne Corp.
 
5,051
1,496,409
Illumina, Inc. (b)
 
20,212
4,624,910
Mettler-Toledo International, Inc. (b)
 
2,918
3,691,066
Thermo Fisher Scientific, Inc.
 
50,360
25,883,529
Waters Corp. (b)
 
7,750
2,318,568
West Pharmaceutical Services, Inc.
 
9,531
2,193,083
 
 
 
45,529,613
Pharmaceuticals - 7.5%
 
 
 
Bristol-Myers Squibb Co.
 
273,900
21,219,033
Catalent, Inc. (b)
 
21,894
1,439,093
Elanco Animal Health, Inc. (b)
 
54,953
724,830
Eli Lilly & Co.
 
103,899
37,620,789
Jazz Pharmaceuticals PLC (b)
 
8,008
1,151,470
Johnson & Johnson
 
338,517
58,891,802
Merck & Co., Inc.
 
325,321
32,922,485
Zoetis, Inc. Class A
 
60,548
9,129,427
 
 
 
163,098,929
TOTAL HEALTH CARE
 
 
351,745,020
INDUSTRIALS - 8.5%
 
 
 
Air Freight & Logistics - 0.9%
 
 
 
C.H. Robinson Worldwide, Inc. (a)
 
16,317
1,594,497
Expeditors International of Washington, Inc.
 
21,602
2,113,756
United Parcel Service, Inc. Class B
 
94,488
15,852,252
 
 
 
19,560,505
Airlines - 0.0%
 
 
 
Delta Air Lines, Inc. (b)
 
20,660
700,994
Building Products - 1.0%
 
 
 
A.O. Smith Corp.
 
16,767
918,496
Allegion PLC
 
11,181
1,171,433
Carrier Global Corp.
 
109,151
4,339,844
Fortune Brands Home & Security, Inc.
 
16,875
1,017,900
Johnson Controls International PLC
 
89,516
5,177,605
Lennox International, Inc.
 
4,165
972,819
Masco Corp.
 
30,339
1,403,786
Owens Corning
 
12,468
1,067,385
Trane Technologies PLC
 
30,093
4,803,746
 
 
 
20,873,014
Commercial Services & Supplies - 0.4%
 
 
 
Copart, Inc. (b)
 
27,525
3,165,926
Republic Services, Inc.
 
28,447
3,772,641
Rollins, Inc.
 
28,516
1,199,953
 
 
 
8,138,520
Construction & Engineering - 0.1%
 
 
 
Quanta Services, Inc.
 
18,492
2,626,604
Electrical Equipment - 0.6%
 
 
 
Eaton Corp. PLC
 
51,341
7,704,744
Generac Holdings, Inc. (b)
 
8,187
948,955
Plug Power, Inc. (a)(b)
 
66,796
1,067,400
Rockwell Automation, Inc.
 
14,963
3,820,054
 
 
 
13,541,153
Industrial Conglomerates - 0.4%
 
 
 
3M Co.
 
71,167
8,952,097
Machinery - 2.8%
 
 
 
Caterpillar, Inc.
 
68,618
14,853,052
Cummins, Inc.
 
18,153
4,438,590
Deere & Co.
 
37,353
14,785,064
Dover Corp.
 
18,551
2,424,430
Fortive Corp.
 
43,807
2,799,267
IDEX Corp.
 
9,783
2,174,859
Illinois Tool Works, Inc.
 
40,063
8,554,652
Ingersoll Rand, Inc.
 
52,240
2,638,120
Otis Worldwide Corp.
 
54,394
3,842,392
Pentair PLC
 
21,310
915,265
Snap-On, Inc.
 
6,870
1,525,484
Xylem, Inc.
 
23,168
2,373,098
 
 
 
61,324,273
Professional Services - 0.1%
 
 
 
Robert Half International, Inc.
 
14,203
1,085,961
Road & Rail - 1.7%
 
 
 
AMERCO
 
1,262
725,890
CSX Corp.
 
279,715
8,128,518
J.B. Hunt Transport Services, Inc.
 
10,786
1,845,161
Knight-Swift Transportation Holdings, Inc. Class A
 
20,012
961,176
Norfolk Southern Corp.
 
30,660
6,992,626
Old Dominion Freight Lines, Inc.
 
12,397
3,404,216
Union Pacific Corp.
 
80,837
15,936,206
 
 
 
37,993,793
Trading Companies & Distributors - 0.5%
 
 
 
Fastenal Co.
 
74,056
3,579,126
United Rentals, Inc. (b)
 
9,216
2,909,583
W.W. Grainger, Inc.
 
5,917
3,457,599
 
 
 
9,946,308
TOTAL INDUSTRIALS
 
 
184,743,222
INFORMATION TECHNOLOGY - 26.8%
 
 
 
Communications Equipment - 1.3%
 
 
 
Cisco Systems, Inc.
 
532,728
24,201,833
Motorola Solutions, Inc.
 
21,524
5,374,758
 
 
 
29,576,591
Electronic Equipment & Components - 0.4%
 
 
 
Cognex Corp.
 
22,315
1,031,622
Keysight Technologies, Inc. (b)
 
23,418
4,078,245
Trimble, Inc. (b)
 
32,169
1,935,287
Zebra Technologies Corp. Class A (b)
 
6,742
1,909,469
 
 
 
8,954,623
IT Services - 6.1%
 
 
 
Accenture PLC Class A
 
81,484
23,133,308
Automatic Data Processing, Inc.
 
54,037
13,060,743
IBM Corp.
 
115,709
16,001,398
MasterCard, Inc. Class A
 
111,719
36,663,941
The Western Union Co. (a)
 
49,756
672,204
Visa, Inc. Class A
 
211,714
43,858,672
 
 
 
133,390,266
Semiconductors & Semiconductor Equipment - 4.6%
 
 
 
Applied Materials, Inc.
 
111,920
9,881,417
Intel Corp.
 
526,037
14,955,232
Lam Research Corp.
 
17,846
7,223,704
NVIDIA Corp.
 
322,136
43,478,696
NXP Semiconductors NV
 
33,780
4,934,582
Texas Instruments, Inc.
 
118,626
19,054,894
 
 
 
99,528,525
Software - 14.1%
 
 
 
Adobe, Inc. (b)
 
60,787
19,360,660
ANSYS, Inc. (b)
 
11,195
2,475,886
Autodesk, Inc. (b)
 
27,987
5,997,614
Cadence Design Systems, Inc. (b)
 
35,478
5,371,014
Guidewire Software, Inc. (b)
 
10,195
605,685
HubSpot, Inc. (b)
 
5,841
1,732,207
Intuit, Inc.
 
34,475
14,738,063
Microsoft Corp.
 
914,041
212,176,341
NortonLifeLock, Inc.
 
77,053
1,736,004
Roper Technologies, Inc.
 
13,626
5,648,522
Salesforce.com, Inc. (b)
 
127,867
20,789,896
ServiceNow, Inc. (b)
 
25,790
10,850,885
Splunk, Inc. (b)
 
20,706
1,720,876
VMware, Inc. Class A
 
27,106
3,050,238
Zendesk, Inc. (b)
 
15,770
1,209,401
 
 
 
307,463,292
Technology Hardware, Storage & Peripherals - 0.3%
 
 
 
Hewlett Packard Enterprise Co.
 
167,285
2,387,157
HP, Inc.
 
135,531
3,743,366
 
 
 
6,130,523
TOTAL INFORMATION TECHNOLOGY
 
 
585,043,820
MATERIALS - 2.9%
 
 
 
Chemicals - 2.0%
 
 
 
Celanese Corp. Class A
 
13,869
1,333,088
Ecolab, Inc.
 
33,078
5,195,561
International Flavors & Fragrances, Inc.
 
32,790
3,200,632
Linde PLC
 
64,675
19,231,111
PPG Industries, Inc.
 
30,387
3,469,588
Sherwin-Williams Co.
 
31,794
7,154,604
The Mosaic Co.
 
46,579
2,503,621
 
 
 
42,088,205
Construction Materials - 0.1%
 
 
 
Martin Marietta Materials, Inc.
 
8,027
2,696,911
Containers & Packaging - 0.3%
 
 
 
Amcor PLC
 
193,190
2,237,140
Ball Corp.
 
41,141
2,031,954
International Paper Co.
 
45,323
1,523,306
WestRock Co.
 
32,808
1,117,440
 
 
 
6,909,840
Metals & Mining - 0.5%
 
 
 
Newmont Corp.
 
102,125
4,321,930
Nucor Corp.
 
34,238
4,498,188
Steel Dynamics, Inc.
 
24,211
2,277,045
 
 
 
11,097,163
TOTAL MATERIALS
 
 
62,792,119
REAL ESTATE - 2.6%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 2.5%
 
 
 
American Tower Corp.
 
58,698
12,161,639
Boston Properties, Inc.
 
19,171
1,393,732
Crown Castle International Corp.
 
55,705
7,423,248
Equinix, Inc.
 
11,710
6,633,012
Healthpeak Properties, Inc.
 
69,464
1,648,381
Prologis (REIT), Inc.
 
118,725
13,148,794
SBA Communications Corp. Class A
 
13,872
3,744,053
Ventas, Inc.
 
51,414
2,011,830
Welltower Op
 
58,396
3,564,492
Weyerhaeuser Co.
 
95,783
2,962,568
 
 
 
54,691,749
Real Estate Management & Development - 0.1%
 
 
 
CBRE Group, Inc. (b)
 
42,061
2,983,807
TOTAL REAL ESTATE
 
 
57,675,556
UTILITIES - 1.1%
 
 
 
Electric Utilities - 0.3%
 
 
 
Edison International
 
49,048
2,944,842
Eversource Energy
 
44,371
3,384,620
 
 
 
6,329,462
Gas Utilities - 0.1%
 
 
 
Atmos Energy Corp.
 
17,871
1,904,155
UGI Corp.
 
27,040
955,323
 
 
 
2,859,478
Multi-Utilities - 0.5%
 
 
 
Consolidated Edison, Inc.
 
45,572
4,008,513
Sempra Energy
 
40,433
6,102,957
 
 
 
10,111,470
Water Utilities - 0.2%
 
 
 
American Water Works Co., Inc.
 
23,378
3,397,759
Essential Utilities, Inc.
 
32,038
1,416,720
 
 
 
4,814,479
TOTAL UTILITIES
 
 
24,114,889
 
TOTAL COMMON STOCKS
  (Cost $2,260,578,206)
 
 
 
2,172,474,835
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (d)
 
  (Cost $398,839)
 
 
400,000
396,190
 
 
 
 
Money Market Funds - 0.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (e)
 
4,030,822
4,031,628
Fidelity Securities Lending Cash Central Fund 3.10% (e)(f)
 
8,383,957
8,384,795
 
TOTAL MONEY MARKET FUNDS
  (Cost $12,416,423)
 
 
12,416,423
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
  (Cost $2,273,393,468)
 
 
 
2,185,287,448
NET OTHER ASSETS (LIABILITIES) - (0.3)%  
(5,886,838)
NET ASSETS - 100.0%
2,179,400,610
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
37
Dec 2022
7,183,550
441,349
441,349
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
 
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $396,190.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
15,023,399
629,976,193
640,967,964
62,906
-
-
4,031,628
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
2,463,470
132,258,344
126,337,019
50,087
-
-
8,384,795
0.0%
Total
17,486,869
762,234,537
767,304,983
112,993
-
-
12,416,423
 
 
 
 
 
 
 
 
 
 
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, 2022, 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
202,940,882
202,940,882
-
-
Consumer Discretionary
241,583,023
241,583,023
-
-
Consumer Staples
153,702,364
153,702,364
-
-
Energy
58,535,558
58,535,558
-
-
Financials
249,598,382
249,598,382
-
-
Health Care
351,745,020
351,745,020
-
-
Industrials
184,743,222
184,743,222
-
-
Information Technology
585,043,820
585,043,820
-
-
Materials
62,792,119
62,792,119
-
-
Real Estate
57,675,556
57,675,556
-
-
Utilities
24,114,889
24,114,889
-
-
 U.S. Government and Government Agency Obligations
396,190
-
396,190
-
  Money Market Funds
12,416,423
12,416,423
-
-
 Total Investments in Securities:
2,185,287,448
2,184,891,258
396,190
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
441,349
441,349
-
-
  Total Assets
441,349
441,349
-
-
 Total Derivative Instruments:
441,349
441,349
-
-
 
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, 2022. 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)  
441,349
0
Total Equity Risk
441,349
0
Total Value of Derivatives
441,349
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $8,118,472) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,260,977,045)
 
$2,172,871,025
 
 
Fidelity Central Funds (cost $12,416,423)
 
12,416,423
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,273,393,468)
 
 
$
2,185,287,448
Segregated cash with brokers for derivative instruments
 
 
 
37,842
Receivable for fund shares sold
 
 
 
1,589,363
Dividends receivable
 
 
 
2,024,106
Distributions receivable from Fidelity Central Funds
 
 
 
14,557
  Total assets
 
 
 
2,188,953,316
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
$915,869
 
 
Accrued management fee
 
191,704
 
 
Payable for daily variation margin on futures contracts
 
60,399
 
 
Other payables and accrued expenses
 
9
 
 
Collateral on securities loaned
 
8,384,725
 
 
  Total Liabilities
 
 
 
9,552,706
Net Assets  
 
 
$
2,179,400,610
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,264,722,910
Total accumulated earnings (loss)
 
 
 
(85,322,300)
Net Assets
 
 
$
2,179,400,610
Net Asset Value , offering price and redemption price per share ($2,179,400,610 ÷ 129,354,424 shares)
 
 
$
16.85
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
33,333,484
Interest  
 
 
3,543
Income from Fidelity Central Funds (including $50,087 from security lending)
 
 
 
112,993
 Total Income
 
 
 
33,450,020
Expenses
 
 
 
 
Management fee
$
2,484,660
 
 
Independent trustees' fees and expenses
 
7,207
 
 
 Total expenses before reductions
 
2,491,867
 
 
 Expense reductions
 
(389)
 
 
 Total expenses after reductions
 
 
 
2,491,478
Net Investment income (loss)
 
 
 
30,958,542
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(13,961,440)
 
 
 Futures contracts
 
(2,326,415)
 
 
Total net realized gain (loss)
 
 
 
(16,287,855)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(499,358,939)
 
 
 Futures contracts
 
155,219
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(499,203,720)
Net gain (loss)
 
 
 
(515,491,575)
Net increase (decrease) in net assets resulting from operations
 
 
$
(484,533,033)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
30,958,542
$
14,040,418
Net realized gain (loss)
 
(16,287,855)
 
 
3,187,164
 
Change in net unrealized appreciation (depreciation)
 
(499,203,720)
 
364,587,836
 
Net increase (decrease) in net assets resulting from operations
 
(484,533,033)
 
 
381,815,418
 
Distributions to shareholders
 
(20,452,876)
 
 
(5,983,382)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,362,470,513
 
1,187,275,553
  Reinvestment of distributions
 
19,223,799
 
 
5,525,267
 
Cost of shares redeemed
 
(565,764,704)
 
(188,928,085)
  Net increase (decrease) in net assets resulting from share transactions
 
815,929,608
 
 
1,003,872,735
 
Total increase (decrease) in net assets
 
310,943,699
 
 
1,379,704,771
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,868,456,911
 
488,752,140
 
End of period
$
2,179,400,610
$
1,868,456,911
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
69,593,522
 
65,208,424
  Issued in reinvestment of distributions
 
949,791
 
 
345,545
 
Redeemed
 
(30,563,531)
 
(10,378,452)
Net increase (decrease)
 
39,979,782
 
55,175,517
 
 
 
 
 
 
 
Financial Highlights
Fidelity® U.S. Sustainability Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.91
$
14.29
$
13.18
$
11.43
$
10.90
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.25
 
.23
 
.23
 
.23
 
.21
     Net realized and unrealized gain (loss)
 
(4.10)
 
6.56
 
1.08
 
1.69
 
.41
  Total from investment operations
 
(3.85)  
 
6.79  
 
1.31  
 
1.92  
 
.62
  Distributions from net investment income
 
(.17)
 
(.17)
 
(.18)
 
(.15)
 
(.08)
  Distributions from net realized gain
 
(.04)
 
-
 
(.02)
 
(.02)
 
(.01)
     Total distributions
 
(.21)
 
(.17)
 
(.20)
 
(.17)
 
(.09)
  Net asset value, end of period
$
16.85
$
20.91
$
14.29
$
13.18
$
11.43
 Total Return   C
 
(18.58)%
 
47.84%
 
9.99%
 
17.06%
 
5.67%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.11%
 
.11%
 
.11%
 
.11%
 
.11%
    Expenses net of fee waivers, if any
 
.11%
 
.11%
 
.11%
 
.11%
 
.11%
    Expenses net of all reductions
 
.11%
 
.11%
 
.11%
 
.11%
 
.11%
    Net investment income (loss)
 
1.37%
 
1.28%
 
1.68%
 
1.84%
 
1.82%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,179,401
$
1,868,457
$
488,752
$
206,094
$
6,125
    Portfolio turnover rate F
 
9%
 
12%
 
10%
 
12%
 
15%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
D Fees and expenses of any underlying 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.
 
E 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.
 
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity U.S. Sustainability Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$234,758,044
Gross unrealized depreciation
(333,617,158)
Net unrealized appreciation (depreciation)
$(98,859,114)
Tax Cost
$2,284,146,562
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$24,138,792
Capital loss carryforward
$(10,601,978)
Net unrealized appreciation (depreciation) on securities and other investments
$(98,859,114)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(10,565,707)
Long-term
$(36,271)
Total capital loss carryforward
$(10,601,978)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$18,202,081
$5,983,382
Long-term Capital Gains
2,250,795
-
Total
$20,452,876
$5,983,382
 
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
 
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity U.S. Sustainability Index Fund
1,049,363,159
210,729,313
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .11% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
 
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity U.S. Sustainability Index Fund
$5,176
$43
$-
 
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $389.
 
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity U.S. Sustainability Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity U.S. Sustainability Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2022
 
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 293 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function.   Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as a member of the Board of McKesson Corporation (healthcare service, 2002-2021). In addition, Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity ® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Laura M. Bishop (1961)
Year of Election or Appointment: 2022
Member of the Advisory Board
Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).    
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.     
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). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke 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).     
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).     
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
President and 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: 2016
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).     
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), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-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: 2013
Assistant 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).     
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.     
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.     
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: 2013
Assistant 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: 2021
Deputy 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).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® U.S. Sustainability Index Fund
 
 
 
.11%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 924.30
 
$ .53
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.65
 
$ .56
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund designates 95.12% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
The fund designates 92% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 96% of the dividends distributed in December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund designates 3% of the dividend distributed during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity U.S. Sustainability Index Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts
throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.  
 
Nature, Extent, and Quality of Services Provided . The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity and Geode had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
 
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
 
Resources Dedicated to Investment Management and Support Services . The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one- and three-year periods. No performance peer group information was considered by the Board as Fidelity advised the Board that the peer group, which is created by a third-party provider, includes a number of actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
 
The Board considered that effective August 1, 2019, the fund's management fee rate was increased from 0.08% to 0.11%, but the fund no longer paid operating expenses under separate agreements. The Board considered that the chart below reflects the fund's higher management fee rate for 2019, as if the higher fee rate were in effect for the entire year.
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.  
 
At its September 2022 meeting, the Board also approved an amendment to the fund's sub-advisory agreement with Geode (effective October 1, 2022) that reduced the sub-advisory fee rate that FMR pays to Geode.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  
 
Total Expense Ratio . In its review of the fund's total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.  
 
The Board noted that the fund's total net expense ratio ranked equal to the similar sales load structure group competitive median for 2021 and below the ASPG competitive median for 2021.   
 
Fees Charged to Other Clients . The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
The Board also considered information regarding the profitability of Geode's relationship with the fund.  
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.  
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.
 
1.9883815.105
USY-ANN-1222
Fidelity® SAI International Momentum Index Fund
 
 
Annual Report
October 31, 2022
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ®   SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts 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 Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Life of
Fund A
Fidelity® SAI International Momentum Index Fund
-27.34%
2.64%
 
A     From May 12, 2020
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Momentum Index Fund on May 12, 2020, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity International Momentum Focus Index℠ and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year, the fund returned -27.34%, roughly in line with the -26.93% result of the benchmark, the Fidelity International Momentum Focus Index. ( The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) By region, Europe ex U.K. returned -28% and detracted most, followed by Japan (-30%). By sector, stocks in industrials returned approximately -30% and detracted most, followed by information technology, which returned roughly -43%, hampered by the semiconductors & semiconductor equipment industry (-43%). Financials (-22%) and consumer discretionary (-31%) also detracted, the latter held back by the consumer durables & apparel industry (-31%). Health care returned about -29%, hampered by the health care equipment & services industry (-37%). Consumer staples returned -26%, with the food, beverage & tobacco industry (-21%) hurting most. Other notable detractors included the materials (-14%), real estate (-52%), communication services (-32%) and utilities (-28%) sectors. In contrast, energy gained about 11% and contributed. Turning to individual stocks, the biggest individual detractor was Sony (-41%), from the consumer durables & apparel category. In semiconductors & semiconductor equipment, ASML Holding (-39%) and Tokyo Electron (-43%) hurt. Recruit Holdings, within the commercial & professional services segment, returned -37% and hindered the fund. Another detractor was L'oreal (-30%), a stock in the household & personal products group. Conversely, the biggest individual contributor was Glencore (+22%), from the materials sector. In energy, Equinor (+41%) and TotalEnergies (+11%) helped. Daiichi Sankyo, within the pharmaceuticals, biotechnology & life sciences industry, advanced roughly 9% and lifted the fund. Another notable contributor was Pilbara Minerals (+96%), a stock in the materials sector.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.3
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.8
 
Diageo PLC  (United Kingdom, Beverages)
2.6
 
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco)
2.4
 
L'Oreal SA  (France, Personal Products)
2.4
 
National Australia Bank Ltd.  (Australia, Banks)
2.3
 
Shell PLC (London)  (United Kingdom, Oil, Gas & Consumable Fuels)
2.3
 
Daiichi Sankyo Kabushiki Kaisha  (Japan, Pharmaceuticals)
2.2
 
Glencore PLC  (Bailiwick of Jersey, Metals & Mining)
2.2
 
Sony Group Corp.  (Japan, Household Durables)
1.9
 
 
24.4
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
17.7
 
Financials
17.2
 
Health Care
13.6
 
Consumer Discretionary
12.4
 
Consumer Staples
11.3
 
Materials
7.6
 
Energy
7.2
 
Information Technology
5.7
 
Communication Services
3.2
 
Utilities
2.6
 
Real Estate
0.7
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 99.2%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 99.2%
 
 
Shares
Value ($)
 
Australia - 7.5%
 
 
 
Allkem Ltd. (a)
 
118,734
1,096,692
Altium Ltd.
 
25,101
568,538
Ampol Ltd.
 
46,378
807,797
BHP Group Ltd.
 
143,273
3,423,841
Brambles Ltd.
 
284,248
2,123,649
Computershare Ltd.
 
117,544
1,899,976
IGO Ltd.
 
134,941
1,319,757
Iluka Resources Ltd.
 
84,940
469,971
Incitec Pivot Ltd.
 
388,869
932,775
Macquarie Group Ltd.
 
60,553
6,565,197
Mineral Resources Ltd.
 
33,919
1,586,650
National Australia Bank Ltd.
 
643,197
13,360,518
New Hope Corp. Ltd.
 
56,772
205,175
NIB Holdings Ltd.
 
94,103
401,487
Orica Ltd.
 
53,940
478,898
Pilbara Minerals Ltd. (a)
 
519,789
1,692,339
Santos Ltd.
 
147,229
718,722
Sonic Healthcare Ltd.
 
96,123
2,014,866
Steadfast Group Ltd.
 
195,732
633,512
Whitehaven Coal Ltd.
 
195,852
1,131,249
WiseTech Global Ltd.
 
35,437
1,318,329
TOTAL AUSTRALIA
 
 
42,749,938
Austria - 0.2%
 
 
 
BAWAG Group AG (b)
 
13,921
673,013
Verbund AG
 
6,639
519,959
TOTAL AUSTRIA
 
 
1,192,972
Bailiwick of Jersey - 3.1%
 
 
 
Ferguson PLC
 
40,697
4,438,442
Glencore PLC
 
2,188,885
12,549,039
Man Group PLC
 
294,943
732,967
TOTAL BAILIWICK OF JERSEY
 
 
17,720,448
Belgium - 0.2%
 
 
 
ELIA GROUP SA/NV
 
7,371
931,674
Bermuda - 0.1%
 
 
 
CK Infrastructure Holdings Ltd.
 
116,000
551,209
Denmark - 5.0%
 
 
 
A.P. Moller - Maersk A/S Series B
 
1,722
3,597,556
Bavarian Nordic A/S (a)
 
14,445
460,136
DSV A/S
 
39,342
5,326,154
Novo Nordisk A/S Series B
 
172,142
18,717,218
Ringkjoebing Landbobank A/S
 
5,682
618,404
TOTAL DENMARK
 
 
28,719,468
Finland - 1.3%
 
 
 
Nordea Bank ABP
 
667,245
6,376,815
Orion Oyj (B Shares)
 
21,851
1,005,212
TOTAL FINLAND
 
 
7,382,027
France - 16.6%
 
 
 
Aeroports de Paris SA (a)
 
5,687
770,245
Air Liquide SA
 
70,773
9,258,083
ALTEN
 
1,532
179,106
Bollore SA
 
182,941
915,709
Bureau Veritas SA
 
57,966
1,436,132
Compagnie de St. Gobain
 
104,836
4,285,797
Dassault Aviation SA
 
4,681
695,750
Edenred SA
 
51,162
2,627,142
EssilorLuxottica SA
 
42,027
6,659,846
Getlink SE
 
82,238
1,302,785
Hermes International SCA
 
6,971
9,028,153
Ipsen SA
 
7,867
808,555
L'Oreal SA
 
42,947
13,485,547
LVMH Moet Hennessy Louis Vuitton SE
 
24,978
15,760,990
Pernod Ricard SA
 
40,362
7,088,053
Publicis Groupe SA
 
47,174
2,641,951
Remy Cointreau SA
 
4,711
722,091
Renault SA (a)
 
42,399
1,306,048
Sartorius Stedim Biotech
 
4,791
1,520,787
Societe Generale Series A
 
155,735
3,572,100
Teleperformance
 
11,752
3,150,855
TotalEnergies SE
 
138,349
7,547,404
TOTAL FRANCE
 
 
94,763,129
Germany - 6.2%
 
 
 
Aixtron AG
 
23,222
571,204
Bayer AG
 
200,319
10,532,988
Commerzbank AG (a)
 
153,747
1,230,110
Deutsche Bank AG
 
413,542
3,947,877
Encavis AG
 
24,800
461,987
K+S AG
 
38,322
846,812
Mercedes-Benz Group AG (Germany)
 
157,282
9,103,732
Merck KGaA
 
13,059
2,128,162
Rheinmetall AG
 
8,721
1,417,748
RWE AG
 
138,595
5,340,324
TOTAL GERMANY
 
 
35,580,944
Hong Kong - 0.4%
 
 
 
Power Assets Holdings Ltd.
 
273,500
1,308,329
Sino Land Ltd.
 
648,000
692,607
TOTAL HONG KONG
 
 
2,000,936
Ireland - 0.2%
 
 
 
Bank of Ireland Group PLC
 
184,297
1,328,832
Israel - 1.6%
 
 
 
Bank Hapoalim BM (Reg.)
 
237,887
2,295,693
Bank Leumi le-Israel BM
 
290,635
2,775,942
Bezeq The Israel Telecommunication Corp. Ltd.
 
409,739
725,657
Icl Group Ltd.
 
141,808
1,281,010
Israel Discount Bank Ltd. (Class A)
 
239,496
1,363,688
Nova Ltd. (a)
 
5,373
394,587
TOTAL ISRAEL
 
 
8,836,577
Italy - 2.0%
 
 
 
Atlantia SpA
 
103,249
2,303,969
Banco BPM SpA
 
303,367
917,695
Eni SpA
 
504,977
6,632,234
FinecoBank SpA
 
89,150
1,201,718
Interpump Group SpA
 
12,935
500,838
TOTAL ITALY
 
 
11,556,454
Japan - 25.6%
 
 
 
Ajinomoto Co., Inc.
 
107,600
2,963,984
Asics Corp.
 
38,000
583,691
Bridgestone Corp.
 
121,400
4,390,607
Brother Industries Ltd.
 
32,300
549,792
Chugai Pharmaceutical Co. Ltd.
 
100,600
2,331,089
Daiichi Sankyo Kabushiki Kaisha
 
399,100
12,775,497
Dentsu Group, Inc.
 
49,100
1,530,505
Electric Power Development Co. Ltd.
 
35,700
496,504
Fast Retailing Co. Ltd.
 
12,800
7,143,966
Hirose Electric Co. Ltd.
 
6,400
831,124
Hitachi Ltd.
 
55,100
2,504,967
Hitachi Transport System Ltd.
 
7,700
460,358
IHI Corp.
 
31,500
703,319
INPEX Corp.
 
205,300
2,071,969
Isetan Mitsukoshi Holdings Ltd.
 
81,300
721,719
Itochu Corp.
 
298,100
7,716,378
JGC Holdings Corp.
 
53,200
641,141
Kawasaki Kisen Kaisha Ltd.
 
47,700
725,308
Keyence Corp.
 
7,100
2,689,209
Kintetsu Group Holdings Co. Ltd.
 
39,100
1,322,660
Marubeni Corp.
 
347,800
3,047,738
Mazda Motor Corp.
 
122,900
827,481
Mitsubishi Corp.
 
297,300
8,059,560
Mitsubishi Heavy Industries Ltd.
 
68,800
2,368,983
Mitsubishi Motors Corp. of Japan (a)
 
140,500
472,444
Mitsui & Co. Ltd.
 
328,600
7,277,177
Mitsui OSK Lines Ltd.
 
72,400
1,436,850
NGK Spark Plug Co. Ltd.
 
35,200
641,528
Nikon Corp.
 
71,300
690,008
Nintendo Co. Ltd.
 
5,600
227,355
Nippon Telegraph & Telephone Corp.
 
239,300
6,600,063
Nippon Yusen KK
 
102,100
1,849,488
Nomura Research Institute Ltd.
 
79,000
1,755,910
Olympus Corp.
 
263,600
5,566,455
Ono Pharmaceutical Co. Ltd.
 
97,600
2,294,695
Open House Group Co. Ltd.
 
14,900
531,087
ORIX Corp.
 
239,200
3,514,927
Renesas Electronics Corp. (a)
 
280,600
2,347,430
Rohto Pharmaceutical Co. Ltd.
 
22,300
693,618
Screen Holdings Co. Ltd.
 
9,300
512,236
Sega Sammy Holdings, Inc.
 
33,200
425,340
Seibu Holdings, Inc.
 
54,400
487,312
Seiko Epson Corp.
 
65,600
893,814
SHIMANO, Inc.
 
16,600
2,568,738
Shin-Etsu Chemical Co. Ltd.
 
59,300
6,163,046
Sojitz Corp.
 
42,600
628,565
Sony Group Corp.
 
162,600
10,964,876
Subaru Corp.
 
126,000
1,962,090
Sumitomo Corp.
 
171,500
2,180,411
TDK Corp.
 
79,700
2,495,064
TIS, Inc.
 
46,900
1,266,374
Tokio Marine Holdings, Inc.
 
416,000
7,528,538
Tokyo Electric Power Co., Inc. (a)
 
164,700
537,204
Tokyo Tatemono Co. Ltd.
 
42,900
591,157
Toyo Suisan Kaisha Ltd.
 
20,900
784,303
USS Co. Ltd.
 
44,300
669,438
Yakult Honsha Co. Ltd.
 
32,600
1,806,544
Zensho Holdings Co. Ltd.
 
18,400
459,087
TOTAL JAPAN
 
 
146,280,721
Luxembourg - 0.3%
 
 
 
SES SA (France) (depositary receipt)
 
76,775
544,616
Tenaris SA
 
92,182
1,442,755
TOTAL LUXEMBOURG
 
 
1,987,371
Netherlands - 4.3%
 
 
 
Alfen Beheer BV (a)(b)
 
4,458
473,824
Argenx SE (a)
 
11,287
4,382,185
ASM International NV (Netherlands)
 
7,688
1,707,955
ASML Holding NV (Netherlands)
 
9,028
4,234,919
IMCD NV
 
11,410
1,480,530
OCI NV
 
16,435
628,886
Stellantis NV (Italy)
 
130,893
1,766,989
STMicroelectronics NV (Italy)
 
134,464
4,181,348
Wolters Kluwer NV
 
52,531
5,583,325
TOTAL NETHERLANDS
 
 
24,439,961
New Zealand - 0.1%
 
 
 
Infratil Ltd.
 
144,955
736,580
Norway - 1.5%
 
 
 
Equinor ASA
 
214,762
7,824,579
Gjensidige Forsikring ASA
 
35,770
653,388
TOTAL NORWAY
 
 
8,477,967
Portugal - 0.2%
 
 
 
Jeronimo Martins SGPS SA
 
55,438
1,149,423
Singapore - 2.1%
 
 
 
City Developments Ltd.
 
104,300
562,171
DBS Group Holdings Ltd.
 
360,000
8,697,372
Keppel Corp. Ltd.
 
282,728
1,392,070
Singapore Airlines Ltd.
 
267,800
995,075
Suntec (REIT)
 
436,800
398,045
TOTAL SINGAPORE
 
 
12,044,733
Spain - 0.3%
 
 
 
Corp. ACCIONA Energias Renovables SA
 
11,473
450,807
Naturgy Energy Group SA
 
37,812
970,066
TOTAL SPAIN
 
 
1,420,873
Sweden - 3.1%
 
 
 
AddTech AB (B Shares)
 
52,038
629,667
Epiroc AB (A Shares)
 
192,514
2,947,092
Holmen AB (B Shares)
 
18,548
672,964
Investor AB (B Shares)
 
490,310
8,009,303
Nibe Industrier AB (B Shares)
 
212,035
1,691,871
Sagax AB
 
36,237
668,211
SSAB AB (A Shares)
 
163,540
787,099
Swedish Match Co. AB
 
234,794
2,414,831
TOTAL SWEDEN
 
 
17,821,038
Switzerland - 2.8%
 
 
 
Kuehne & Nagel International AG
 
10,154
2,163,942
Lindt & Spruengli AG
 
42
4,081,091
Lonza Group AG
 
4,707
2,423,089
Nestle SA (Reg. S)
 
14,181
1,543,727
Swiss Life Holding AG
 
6,313
3,057,047
Swisscom AG
 
5,086
2,510,620
TOTAL SWITZERLAND
 
 
15,779,516
United Kingdom - 14.5%
 
 
 
Auto Trader Group PLC (b)
 
113,454
679,111
BAE Systems PLC
 
657,508
6,150,047
Beazley PLC
 
124,955
894,898
British American Tobacco PLC (United Kingdom)
 
346,629
13,689,583
Bunzl PLC
 
58,867
1,917,921
Centrica PLC
 
1,210,850
1,063,947
Diageo PLC
 
360,185
14,822,519
Drax Group PLC
 
83,817
500,792
GSK PLC
 
173,370
2,839,991
Halma PLC
 
72,040
1,747,317
HSBC Holdings PLC (United Kingdom)
 
1,017,800
5,223,404
IG Group Holdings PLC
 
78,330
714,588
Inchcape PLC
 
76,866
655,835
Indivior PLC (a)
 
28,128
535,147
Investec PLC
 
139,369
700,847
Lloyds Banking Group PLC
 
14,212,818
6,825,961
NatWest Group PLC
 
1,036,730
2,791,589
Pearson PLC
 
127,278
1,406,820
QinetiQ Group PLC
 
118,628
488,937
Segro PLC
 
101,146
910,555
Serco Group PLC
 
249,655
467,821
Shell PLC (London)
 
465,022
12,881,857
Spirax-Sarco Engineering PLC
 
14,718
1,814,450
Standard Chartered PLC (United Kingdom)
 
495,301
2,954,794
TOTAL UNITED KINGDOM
 
 
82,678,731
 
TOTAL COMMON STOCKS
  (Cost $607,041,315)
 
 
 
566,131,522
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (c)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (d)
  (Cost $398,839)
 
400,000
396,190
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.3%
  (Cost $607,440,154)
 
 
 
566,527,712
NET OTHER ASSETS (LIABILITIES) - 0.7%  
4,033,710
NET ASSETS - 100.0%
570,561,422
 
 
 
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)
50
Dec 2022
4,389,750
120,338
120,338
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.8%
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,825,948 or 0.3% of net assets.
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $337,752.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
8,855,470
459,929,882
468,785,352
29,516
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
-
52,215,348
52,215,348
68,433
-
-
-
0.0%
Total
8,855,470
512,145,230
521,000,700
97,949
-
-
-
 
 
 
 
 
 
 
 
 
 
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, 2022, 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
17,782,407
6,227,107
11,555,300
-
Consumer Discretionary
70,673,847
27,057,423
43,616,424
-
Consumer Staples
65,245,314
19,289,107
45,956,207
-
Energy
41,263,741
2,144,221
39,119,520
-
Financials
99,562,224
70,580,241
28,981,983
-
Health Care
76,995,918
20,865,699
56,130,219
-
Industrials
100,956,707
79,946,316
21,010,391
-
Information Technology
32,771,374
22,007,677
10,763,697
-
Materials
43,187,862
15,217,694
27,970,168
-
Real Estate
3,822,746
3,822,746
-
-
Utilities
13,869,382
13,869,382
-
-
  Government Obligations
396,190
-
396,190
-
 Total Investments in Securities:
566,527,712
281,027,613
285,500,099
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
120,338
120,338
-
-
  Total Assets
120,338
120,338
-
-
 Total Derivative Instruments:
120,338
120,338
-
-
 
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, 2022. 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)  
120,338
0
Total Equity Risk
120,338
0
Total Value of Derivatives
120,338
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value - See accompanying schedule
 
Unaffiliated issuers (cost $607,440,154):
 
 
 
$
566,527,712
Foreign currency held at value (cost $726,426)
 
 
 
725,070
Receivable for investments sold
 
 
 
518,539
Receivable for fund shares sold
 
 
 
55,711
Dividends receivable
 
 
 
2,394,680
Reclaims receivable
 
 
 
1,491,220
Distributions receivable from Fidelity Central Funds
 
 
 
21,608
Prepaid expenses
 
 
 
1,291
  Total assets
 
 
 
571,735,831
Liabilities
 
 
 
 
Payable to custodian bank
 
$227,818
 
 
Payable for investments purchased
 
581,298
 
 
Payable for fund shares redeemed
 
121,142
 
 
Accrued management fee
 
71,562
 
 
Notes payable
 
52,304
 
 
Payable for daily variation margin on futures contracts
 
36,961
 
 
Other payables and accrued expenses
 
83,324
 
 
  Total Liabilities
 
 
 
1,174,409
Net Assets  
 
 
$
570,561,422
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
844,854,417
Total accumulated earnings (loss)
 
 
 
(274,292,995)
Net Assets
 
 
$
570,561,422
Net Asset Value , offering price and redemption price per share ($570,561,422 ÷ 55,485,532 shares)
 
 
$
10.28
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
31,985,529
Income from Fidelity Central Funds (including $68,433 from security lending)
 
 
 
97,949
 Income before foreign taxes withheld
 
 
 
32,083,478
Less foreign taxes withheld
 
 
 
(2,975,369)
 Total Income
 
 
 
29,108,109
Expenses
 
 
 
 
Management fee
$
1,653,797
 
 
Custodian fees and expenses
 
200,581
 
 
Independent trustees' fees and expenses
 
3,658
 
 
Registration fees
 
22,097
 
 
Audit
 
46,634
 
 
Legal
 
1,705
 
 
Interest
 
73,436
 
 
Miscellaneous
 
3,821
 
 
 Total Expenses
 
 
 
2,005,729
Net Investment income (loss)
 
 
 
27,102,380
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(233,196,463)
 
 
 Foreign currency transactions
 
(1,228,483)
 
 
 Futures contracts
 
(3,246,450)
 
 
Total net realized gain (loss)
 
 
 
(237,671,396)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(165,920,569)
 
 
 Assets and liabilities in foreign currencies
 
(207,479)
 
 
 Futures contracts
 
(45,884)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(166,173,932)
Net gain (loss)
 
 
 
(403,845,328)
Net increase (decrease) in net assets resulting from operations
 
 
$
(376,742,948)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
27,102,380
$
12,228,902
Net realized gain (loss)
 
(237,671,396)
 
 
10,707,226
 
Change in net unrealized appreciation (depreciation)
 
(166,173,932)
 
105,045,569
 
Net increase (decrease) in net assets resulting from operations
 
(376,742,948)
 
 
127,981,697
 
Distributions to shareholders
 
(37,303,193)
 
 
(4,606,186)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
594,269,522
 
654,139,459
  Reinvestment of distributions
 
37,266,455
 
 
4,604,063
 
Cost of shares redeemed
 
(682,501,019)
 
(119,284,291)
  Net increase (decrease) in net assets resulting from share transactions
 
(50,965,042)
 
 
539,459,231
 
Total increase (decrease) in net assets
 
(465,011,183)
 
 
662,834,742
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,035,572,605
 
372,737,863
 
End of period
$
570,561,422
$
1,035,572,605
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
41,133,495
 
47,007,361
  Issued in reinvestment of distributions
 
2,617,027
 
 
366,566
 
Redeemed
 
(59,628,242)
 
(8,899,729)
Net increase (decrease)
 
(15,877,720)
 
38,474,198
 
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI International Momentum Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020   A
  Selected Per-Share Data  
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.51
$
11.33
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.30
 
.28
 
.08
     Net realized and unrealized gain (loss)
 
(4.17)
 
3.05
 
1.25
  Total from investment operations
 
(3.87)  
 
3.33  
 
1.33  
  Distributions from net investment income
 
(.27) D
 
(.09)
 
-
  Distributions from net realized gain
 
(.10) D
 
(.05)
 
-
     Total distributions
 
(.36) E
 
(.15) E
 
-
  Net asset value, end of period
$
10.28
$
14.51
$
11.33
 Total Return   F,G
 
(27.34)%
 
29.56%
 
13.30%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
    Expenses before reductions
 
.18%
 
.19%
 
.24% J,K
    Expenses net of fee waivers, if any
 
.18%
 
.19%
 
.20% J
    Expenses net of all reductions
 
.18%
 
.19%
 
.20% J
    Net investment income (loss)
 
2.47%
 
2.03%
 
1.55% J
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
570,561
$
1,035,573
$
372,738
    Portfolio turnover rate L
 
113%
 
73%
 
29% M
 
A For the period May 12, 2020 (commencement of operations) through October 31, 2020.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
E Total distributions per share do not sum due to rounding.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying 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.
 
I 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.
 
J Annualized.
 
K Audit fees are not annualized.
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
M Amount not annualized.
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity SAI International Momentum Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 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 reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, 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. These differences resulted in distribution reclassifications. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$   31,449,171
Gross unrealized depreciation
(76,304,768)
Net unrealized appreciation (depreciation)
$(44,855,597)
Tax Cost
$611,383,309
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$       11,988,284
Capital loss carryforward
$   (241,189,616)
Net unrealized appreciation (depreciation) on securities and other investments
$(45,091,664)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(218,422,010)
  Long-term
(22,767,606)
Total capital loss carryforward
$(241,189,616)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$   27,992,929
$   4,479,989
Long-term Capital Gains
9,310,264
126,197
Total
$37,303,193
$4,606,186
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
 
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI International Momentum Index Fund
1,213,299,960
1,271,081,997
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI International Momentum Index Fund  
Borrower
$   18,666,923
1.73%
$35,075
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity SAI International Momentum Index Fund
$1,888
 
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity SAI International Momentum Index Fund
$7,244
$-
$-
 
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI International Momentum Index Fund
$11,618,375
2.97%
$38,361
 
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Strategic Advisers International Fund
Fidelity SAI International Momentum Index Fund
43%
18%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity SAI International Momentum Index Fund
61%
 
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Momentum Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Momentum Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the two years in the period ended October 31, 2022 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the two years in the period ended October 31, 2022 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 15, 2022
 
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 293 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function.   Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as a member of the Board of McKesson Corporation (healthcare service, 2002-2021). In addition, Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity ® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Laura M. Bishop (1961)
Year of Election or Appointment: 2022
Member of the Advisory Board
Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).    
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.     
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). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke 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).     
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).     
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
President and 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: 2016
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).     
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), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-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: 2013
Assistant 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).     
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.     
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.     
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: 2013
Assistant 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: 2021
Deputy 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).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International Momentum Index Fund
 
 
 
.19%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 867.50
 
$ .89
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.25
 
$ .97
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
 
The fund designates 83% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.1636 and $0.0139 for the dividend paid December 13, 2021.
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity SAI International Momentum Index Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.  
 
Nature, Extent, and Quality of Services Provided . The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity and Geode had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.  
 
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
 
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
 
Resources Dedicated to Investment Management and Support Services . The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.   
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools.  The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.   
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.  
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net calendar year total return information for the fund and its benchmark index for the most recent one-year period. No performance peer group information was considered by the Board as Fidelity advised the Board that the peer group, which is created by a third-party provider, includes a number of actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.  
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.  
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.  
 
The Board noted that the fund's management fee rate ranked equal to the median of its Total Mapped Group and equal to the median of its ASPG for 2021.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  
 
Total Expense Ratio . In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.
 
The Board noted that the fund's total net expense ratio ranked equal to the similar sales load structure group competitive median for 2021 and below the ASPG competitive median for 2021.  
 
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.20% through February 28, 2023.
 
Fees Charged to Other Clients . The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.   
 
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
The Board also considered information regarding the profitability of Geode's relationship with the fund.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.
 
1.9900587.102
IMI-ANN-1222
Fidelity Flex® Funds
 
Fidelity Flex® International Index Fund
 
 
Annual Report
October 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts 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 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity Flex® International Index Fund
-24.60%
-0.58%
2.43%
 
A     From March 09, 2017
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity Flex® International Index Fund, on March 09, 2017, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year, the fund returned -24.60%, roughly in line with the -24.61% result of the benchmark, the MSCI All Country World ex US Index. (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) By region, emerging markets returned -30% and detracted most, followed by Europe ex U.K. (-26%). By sector, stocks in information technology returned approximately -37% and detracted most, followed by consumer discretionary, which returned roughly -37%. Financials returned about -18% and industrials returned roughly -25%, with the capital goods industry (-26%) hurting most. Communication services returned -34%, hampered by the media & entertainment industry (-51%). Health care returned roughly -20%, held back by the pharmaceuticals, biotechnology & life sciences industry (-15%). Consumer staples (-18%) detracted, hampered by the food, beverage & tobacco industry (-16%). The materials sector (-19%) also detracted. Real estate (-33%) and utilities (-16%) also hurt. In contrast, energy gained 5% and contributed. Turning to individual stocks, the biggest individual detractor was Taiwan Semiconductor (-42%), from the semiconductors & semiconductor equipment category, followed by Tencent Holdings (-56%), which is in the media & entertainment industry. Within retailing, Alibaba Group Holding returned roughly -63% and hurt. Other noteworthy detractors were ASML Holding (-41%), a stock in the semiconductors & semiconductor equipment segment, and Shopify (-77%), from the software & services group. Conversely, the biggest individual contributor was Shell (+24%), from the energy sector. In energy, Petroleo Brasileiro-Petrobras (+101%), Canadian National Resources (+49%), BP (+20%), and TotalEnergies (+14%) all boosted the fund.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
1.4
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
1.4
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
1.1
 
Shell PLC (London)  (United Kingdom, Oil, Gas & Consumable Fuels)
1.0
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
1.0
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
0.9
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
0.9
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
0.9
 
Novartis AG  (Switzerland, Pharmaceuticals)
0.8
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
0.8
 
 
10.2
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.4
 
Industrials
10.6
 
Information Technology
10.3
 
Health Care
9.9
 
Consumer Discretionary
9.3
 
Consumer Staples
8.9
 
Materials
7.6
 
Energy
6.7
 
Communication Services
5.2
 
Utilities
2.9
 
Real Estate
1.6
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 95.6%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 94.4%
 
 
Shares
Value ($)
 
Australia - 4.8%
 
 
 
Ampol Ltd.
 
13,902
242,140
APA Group unit
 
68,915
463,296
Aristocrat Leisure Ltd.
 
36,098
855,949
ASX Ltd.
 
11,756
509,085
Aurizon Holdings Ltd.
 
113,298
262,345
Australia & New Zealand Banking Group Ltd.
 
179,580
2,942,192
BHP Group Ltd.
 
305,436
7,299,103
BlueScope Steel Ltd.
 
27,713
278,840
Brambles Ltd.
 
86,916
649,359
Cochlear Ltd.
 
3,995
510,339
Coles Group Ltd.
 
80,907
845,113
Commonwealth Bank of Australia
 
102,802
6,883,474
Computershare Ltd.
 
32,430
524,197
CSL Ltd.
 
29,111
5,222,776
Dexus unit
 
66,256
328,874
Dominos Pizza Enterprises Ltd.
 
3,438
140,194
Endeavour Group Ltd.
 
80,625
368,738
Evolution Mining Ltd.
 
116,815
155,419
Fortescue Metals Group Ltd.
 
102,399
964,702
Goodman Group unit
 
102,657
1,116,297
IDP Education Ltd.
 
12,297
232,748
Insurance Australia Group Ltd.
 
147,707
462,956
Lendlease Group unit
 
40,453
224,860
Macquarie Group Ltd.
 
21,998
2,385,038
Magellan Financial Group Ltd. warrants 4/16/27 (a)
 
50
10
Medibank Private Ltd.
 
165,696
297,825
Mineral Resources Ltd.
 
10,377
485,411
Mirvac Group unit
 
253,737
335,967
National Australia Bank Ltd.
 
193,340
4,016,068
Newcrest Mining Ltd.
 
54,497
603,570
Northern Star Resources Ltd.
 
71,333
398,790
Orica Ltd.
 
26,302
233,518
Origin Energy Ltd.
 
102,899
366,614
Qantas Airways Ltd. (a)
 
57,463
214,656
QBE Insurance Group Ltd.
 
90,009
704,709
Ramsay Health Care Ltd.
 
10,887
407,874
REA Group Ltd.
 
3,108
241,725
Reece Ltd.
 
12,760
126,755
Rio Tinto Ltd.
 
22,435
1,265,718
Santos Ltd.
 
191,774
936,175
Scentre Group unit
 
324,033
601,076
SEEK Ltd.
 
20,392
281,614
Sonic Healthcare Ltd.
 
27,755
581,782
South32 Ltd.
 
282,663
648,505
Stockland Corp. Ltd. unit
 
152,545
351,271
Suncorp Group Ltd.
 
77,360
564,605
Telstra Group Ltd.
 
246,685
618,545
The GPT Group unit
 
110,732
305,276
The Lottery Corp. Ltd. (a)
 
136,154
373,620
Transurban Group unit
 
185,909
1,576,835
Treasury Wine Estates Ltd.
 
44,628
369,675
Vicinity Centres unit
 
243,084
302,425
Washington H. Soul Pattinson & Co. Ltd.
 
13,403
239,536
Wesfarmers Ltd.
 
68,530
1,988,675
Westpac Banking Corp.
 
210,869
3,252,014
WiseTech Global Ltd.
 
8,601
319,975
Woodside Energy Group Ltd.
 
114,830
2,642,767
Woolworths Group Ltd.
 
73,341
1,549,053
TOTAL AUSTRALIA
 
 
61,070,668
Austria - 0.1%
 
 
 
Erste Group Bank AG
 
21,017
517,963
OMV AG
 
8,646
398,511
Verbund AG
 
4,133
323,692
Voestalpine AG
 
7,398
160,697
TOTAL AUSTRIA
 
 
1,400,863
Bailiwick of Jersey - 0.6%
 
 
 
Experian PLC
 
55,707
1,776,233
Ferguson PLC
 
12,955
1,412,881
Glencore PLC
 
594,951
3,410,898
WPP PLC
 
67,353
592,717
TOTAL BAILIWICK OF JERSEY
 
 
7,192,729
Belgium - 0.5%
 
 
 
Ageas
 
9,512
329,290
Anheuser-Busch InBev SA NV
 
52,428
2,622,470
D'ieteren Group
 
1,526
253,808
ELIA GROUP SA/NV
 
1,939
245,084
Groupe Bruxelles Lambert SA
 
6,300
464,458
KBC Group NV
 
15,193
761,409
Proximus
 
8,731
91,547
Sofina SA
 
972
189,714
Solvay SA Class A
 
4,599
414,682
UCB SA
 
7,528
567,786
Umicore SA
 
12,838
423,216
Warehouses de Pauw
 
9,755
250,457
TOTAL BELGIUM
 
 
6,613,921
Bermuda - 0.2%
 
 
 
Alibaba Health Information Technology Ltd. (a)
 
298,000
126,039
Alibaba Pictures Group Ltd. (a)
 
650,000
24,014
Beijing Enterprises Water Group Ltd.
 
220,000
46,244
China Gas Holdings Ltd.
 
184,000
163,146
China Resource Gas Group Ltd.
 
55,100
141,090
China Ruyi Holdings Ltd. (a)
 
288,000
45,128
CK Infrastructure Holdings Ltd.
 
37,000
175,817
Cosco Shipping Ports Ltd.
 
115,757
57,070
Credicorp Ltd. (United States)
 
4,349
636,520
Hongkong Land Holdings Ltd.
 
69,709
268,380
Hopson Development Holdings Ltd.
 
41,800
33,548
Jardine Matheson Holdings Ltd.
 
9,735
448,005
Kunlun Energy Co. Ltd.
 
224,000
133,835
Nine Dragons Paper (Holdings) Ltd.
 
102,000
60,423
Orient Overseas International Ltd.
 
7,500
109,591
Shenzhen International Holdings Ltd.
 
69,479
46,734
TOTAL BERMUDA
 
 
2,515,584
Brazil - 1.3%
 
 
 
Ambev SA
 
290,000
898,267
Americanas SA
 
38,076
114,549
Atacadao SA
 
29,700
111,889
B3 SA - Brasil Bolsa Balcao
 
373,000
1,086,036
Banco Bradesco SA
 
107,168
345,228
Banco BTG Pactual SA unit
 
70,500
394,980
Banco do Brasil SA
 
50,300
360,489
Banco Santander SA (Brasil) unit
 
22,100
127,410
BB Seguridade Participacoes SA
 
43,400
249,452
BRF SA (a)
 
35,604
86,572
CCR SA
 
72,100
180,896
Centrais Eletricas Brasileiras SA (Electrobras)
 
61,200
590,259
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
21,300
247,823
Companhia Siderurgica Nacional SA (CSN)
 
37,300
88,674
Cosan SA
 
70,608
230,462
CPFL Energia SA
 
14,000
95,998
Energisa SA unit
 
11,000
103,260
ENGIE Brasil Energia SA
 
13,250
103,168
Equatorial Energia SA
 
60,300
350,558
Hapvida Participacoes e Investimentos SA (b)
 
283,673
428,351
Hypera SA
 
25,400
249,845
JBS SA
 
45,500
219,859
Klabin SA unit
 
47,600
199,228
Localiza Rent a Car SA
 
44,763
611,283
Localiza Rent a Car SA
 
137
1,871
Lojas Renner SA
 
58,173
347,991
Magazine Luiza SA
 
180,332
156,052
Natura & Co. Holding SA (a)
 
52,793
152,794
Petro Rio SA (a)
 
45,000
308,305
Petroleo Brasileiro SA - Petrobras (ON)
 
230,044
1,481,224
Raia Drogasil SA
 
67,300
342,786
Rede D'Oregon Sao Luiz SA (b)
 
24,000
149,469
Rumo SA
 
75,900
325,317
Suzano Papel e Celulose SA
 
43,722
450,297
Telefonica Brasil SA
 
29,200
233,521
TIM SA
 
49,100
125,471
Totvs SA
 
32,900
211,202
Ultrapar Participacoes SA
 
41,600
107,997
Vale SA
 
241,926
3,144,031
Vibra Energia SA
 
69,078
244,056
Weg SA
 
102,860
802,091
TOTAL BRAZIL
 
 
16,059,011
British Virgin Islands - 0.0%
 
 
 
VK Co. Ltd. unit (a)(c)
 
6,898
3,073
Canada - 8.1%
 
 
 
Agnico Eagle Mines Ltd. (Canada)
 
27,712
1,219,055
Air Canada (a)
 
10,796
155,400
Algonquin Power & Utilities Corp.
 
39,315
435,182
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
50,114
2,243,883
AltaGas Ltd.
 
16,909
304,954
ARC Resources Ltd.
 
41,826
588,852
Bank of Montreal
 
40,513
3,731,770
Bank of Nova Scotia
 
72,218
3,490,700
Barrick Gold Corp. (Canada)
 
107,997
1,624,295
Bausch Health Cos., Inc. (Canada) (a)
 
15,207
98,898
BCE, Inc.
 
4,675
210,870
BlackBerry Ltd. (a)(d)
 
32,520
151,100
Brookfield Asset Management, Inc. (Canada) Class A
 
85,129
3,371,167
Brookfield Renewable Corp.
 
7,755
240,958
BRP, Inc.
 
2,237
149,571
CAE, Inc. (a)
 
18,534
353,715
Cameco Corp.
 
26,203
621,440
Canadian Apartment Properties (REIT) unit
 
5,339
165,341
Canadian Imperial Bank of Commerce
 
54,540
2,476,889
Canadian National Railway Co.
 
35,399
4,193,782
Canadian Natural Resources Ltd.
 
70,033
4,200,386
Canadian Pacific Railway Ltd.
 
56,082
4,180,782
Canadian Tire Ltd. Class A (non-vtg.)
 
3,288
368,514
Canadian Utilities Ltd. Class A (non-vtg.)
 
7,476
198,925
CCL Industries, Inc. Class B
 
9,263
435,154
Cenovus Energy, Inc. (Canada)
 
84,276
1,703,645
CGI, Inc. Class A (sub. vtg.) (a)
 
13,169
1,060,789
Constellation Software, Inc.
 
1,217
1,759,721
Dollarama, Inc.
 
16,756
995,631
Emera, Inc.
 
16,256
602,463
Empire Co. Ltd. Class A (non-vtg.)
 
9,680
248,688
Enbridge, Inc.
 
122,439
4,770,479
Fairfax Financial Holdings Ltd. (sub. vtg.)
 
1,400
687,581
First Quantum Minerals Ltd.
 
35,776
631,040
FirstService Corp.
 
2,422
302,779
Fortis, Inc.
 
28,995
1,131,196
Franco-Nevada Corp.
 
11,591
1,432,167
George Weston Ltd.
 
4,476
492,661
GFL Environmental, Inc.
 
10,625
286,770
Gildan Activewear, Inc.
 
11,720
369,834
Great-West Lifeco, Inc.
 
16,695
386,509
Hydro One Ltd. (b)
 
20,017
501,913
iA Financial Corp, Inc.
 
6,295
350,341
IGM Financial, Inc.
 
4,766
127,585
Imperial Oil Ltd.
 
14,475
787,420
Intact Financial Corp.
 
10,611
1,612,349
Ivanhoe Mines Ltd. (a)
 
37,580
260,675
Keyera Corp.
 
13,666
292,911
Kinross Gold Corp.
 
76,627
277,856
Lightspeed Commerce, Inc. (Canada) (a)
 
7,862
150,678
Loblaw Companies Ltd.
 
10,098
827,349
Lundin Mining Corp.
 
39,315
206,048
Magna International, Inc. Class A (sub. vtg.)
 
16,753
933,598
Manulife Financial Corp.
 
116,402
1,929,282
Metro, Inc.
 
14,388
753,750
National Bank of Canada
 
20,464
1,393,358
Northland Power, Inc.
 
14,222
413,814
Nutrien Ltd.
 
33,313
2,814,739
Nuvei Corp. (a)(b)
 
3,678
110,690
Onex Corp. (sub. vtg.)
 
4,313
217,083
Open Text Corp.
 
16,684
483,246
Pan American Silver Corp.
 
12,417
198,424
Parkland Corp.
 
8,865
179,207
Pembina Pipeline Corp.
 
32,873
1,085,351
Power Corp. of Canada (sub. vtg.)
 
34,001
844,316
Quebecor, Inc. Class B (sub. vtg.)
 
9,439
177,923
Restaurant Brands International, Inc.
 
14,250
846,726
Restaurant Brands International, Inc.
 
3,193
189,600
RioCan (REIT)
 
8,892
126,688
Ritchie Bros. Auctioneers, Inc.
 
6,768
442,142
Rogers Communications, Inc. Class B (non-vtg.)
 
21,207
882,775
Royal Bank of Canada (d)
 
85,416
7,903,026
Saputo, Inc.
 
15,394
374,694
Shaw Communications, Inc. Class B
 
28,713
737,452
Shopify, Inc. Class A (a)
 
69,133
2,370,318
Sun Life Financial, Inc.
 
35,662
1,514,591
Suncor Energy, Inc.
 
87,170
2,998,338
TC Energy Corp.
 
59,453
2,611,420
Teck Resources Ltd. Class B (sub. vtg.)
 
28,598
870,525
TELUS Corp.
 
28,443
593,976
TFI International, Inc. (Canada)
 
5,050
459,684
The Toronto-Dominion Bank
 
109,628
7,016,160
Thomson Reuters Corp.
 
10,218
1,086,715
TMX Group Ltd.
 
3,421
328,904
Toromont Industries Ltd.
 
5,157
396,328
Tourmaline Oil Corp.
 
19,385
1,092,225
West Fraser Timber Co. Ltd.
 
3,574
268,348
Wheaton Precious Metals Corp.
 
27,586
902,491
WSP Global, Inc.
 
7,420
911,957
TOTAL CANADA
 
 
103,928,525
Cayman Islands - 4.0%
 
 
 
3SBio, Inc. (b)
 
92,500
65,283
AAC Technology Holdings, Inc. (a)
 
42,000
76,935
Airtac International Group
 
8,278
189,921
Alibaba Group Holding Ltd. (a)
 
917,144
7,130,709
Anta Sports Products Ltd.
 
73,400
645,201
Autohome, Inc. ADR Class A
 
4,499
117,514
Baidu, Inc. Class A (a)
 
134,042
1,285,061
BeiGene Ltd. ADR (a)(d)
 
2,929
494,679
Bilibili, Inc. Class Z (a)
 
10,766
95,940
Bosideng International Holdings Ltd.
 
190,000
82,055
Budweiser Brewing Co. APAC Ltd. (b)
 
100,700
211,928
Chailease Holding Co. Ltd.
 
82,054
379,055
China Aoyuan Group Ltd. (a)(c)
 
2,000
301
China Conch Venture Holdings Ltd.
 
103,000
151,948
China Feihe Ltd. (b)
 
207,000
119,195
China Hongqiao Group Ltd.
 
130,000
92,246
China Liansu Group Holdings Ltd.
 
66,000
53,559
China Literature Ltd. (a)(b)
 
23,400
63,049
China Medical System Holdings Ltd.
 
81,000
88,433
China Meidong Auto Holding Ltd.
 
32,000
42,071
China Mengniu Dairy Co. Ltd.
 
189,000
605,549
China Overseas Property Holdings Ltd.
 
75,000
47,200
China Resources Cement Holdings Ltd.
 
144,000
52,099
China Resources Land Ltd.
 
198,000
620,512
China Resources Microelectronics Ltd. (A Shares)
 
4,411
30,599
China Resources Mixc Lifestyle Services Ltd. (b)
 
42,600
124,821
China State Construction International Holdings Ltd.
 
128,000
115,124
ChinaSoft International Ltd.
 
162,000
107,317
Chow Tai Fook Jewellery Group Ltd.
 
119,000
203,749
CIFI Ever Sunshine Services Group Ltd.
 
2,000
441
CIFI Holdings Group Co. Ltd. (c)
 
226,361
14,995
CK Asset Holdings Ltd.
 
119,245
659,295
CK Hutchison Holdings Ltd.
 
160,500
798,942
Country Garden Holdings Co. Ltd.
 
481,784
61,990
Country Garden Services Holdings Co. Ltd.
 
118,000
103,123
Dali Foods Group Co. Ltd. (b)
 
121,000
49,789
Daqo New Energy Corp. ADR (a)
 
3,478
152,997
Dongyue Group Co. Ltd.
 
81,000
70,375
ENN Energy Holdings Ltd.
 
47,000
467,327
ESR Group Ltd. (b)
 
117,800
201,094
Futu Holdings Ltd. ADR (a)
 
3,811
129,040
GDS Holdings Ltd. Class A (a)
 
50,300
56,142
Geely Automobile Holdings Ltd.
 
358,000
384,924
Genscript Biotech Corp. (a)
 
72,000
181,980
Grab Holdings Ltd. (a)
 
75,568
196,477
Greentown China Holdings Ltd.
 
48,500
46,154
Greentown Service Group Co. Ltd.
 
92,000
37,739
H World Group Ltd. ADR
 
12,099
327,641
Haidilao International Holding Ltd. (a)(b)
 
64,000
95,067
Haitian International Holdings Ltd.
 
35,000
70,092
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
68,000
104,993
Hengan International Group Co. Ltd.
 
37,500
145,468
HUTCHMED China Ltd. sponsored ADR (a)(d)
 
4,873
43,077
Hygeia Healthcare Holdings Co. (a)(b)
 
19,000
82,297
Innovent Biologics, Inc. (a)(b)
 
60,000
212,494
Inter & Co., Inc. unit
 
564
1,697
iQIYI, Inc. ADR (a)(d)
 
19,202
38,788
JD Health International, Inc. (a)(b)
 
68,900
377,870
JD.com, Inc. Class A
 
130,473
2,375,981
Jinxin Fertility Group Ltd. (b)
 
93,500
46,097
Jiumaojiu International Holdings Ltd. (b)
 
42,000
65,919
JOYY, Inc. ADR
 
2,749
69,357
Kaisa Group Holdings Ltd. (a)(c)
 
4,285
459
Kanzhun Ltd. ADR (a)
 
10,616
116,033
KE Holdings, Inc. ADR (a)
 
40,614
413,451
Kingboard Chemical Holdings Ltd.
 
37,500
92,488
Kingboard Laminates Holdings Ltd.
 
54,500
43,533
Kingdee International Software Group Co. Ltd. (a)
 
159,000
260,083
Kingsoft Corp. Ltd.
 
54,600
165,198
Kuaishou Technology Class B (a)(b)
 
104,700
430,823
Li Ning Co. Ltd.
 
143,500
742,211
Longfor Properties Co. Ltd. (b)
 
107,000
136,312
Lufax Holding Ltd. ADR
 
40,107
63,770
Meituan Class B (a)(b)
 
266,300
4,263,608
Microport Scientific Corp. (a)
 
38,000
80,263
Ming Yuan Cloud Group Holdings Ltd.
 
37,000
17,016
Minth Group Ltd.
 
50,000
98,731
NetEase, Inc.
 
125,790
1,395,672
New Oriental Education & Technology Group, Inc. (a)
 
88,590
207,447
NIO, Inc. sponsored ADR (a)
 
83,206
804,602
Parade Technologies Ltd.
 
5,000
94,407
Pinduoduo, Inc. ADR (a)
 
30,602
1,677,908
Ping An Healthcare and Technology Co. Ltd. (a)(b)
 
30,600
56,447
Pop Mart International Group Ltd. (b)
 
33,600
43,489
RLX Technology, Inc. ADR (a)(d)
 
28,531
35,664
Sands China Ltd. (a)
 
148,800
259,701
Sany Heavy Equipment International Holdings Co. Ltd.
 
61,000
50,046
Sea Ltd. ADR (a)
 
21,931
1,089,532
Seazen Group Ltd. (a)
 
110,000
17,657
Shenzhou International Group Holdings Ltd.
 
51,400
356,870
Silergy Corp.
 
20,000
231,909
Sino Biopharmaceutical Ltd.
 
613,250
297,654
SITC International Holdings Co. Ltd.
 
79,000
129,425
Smoore International Holdings Ltd. (b)
 
106,000
112,757
Sunny Optical Technology Group Co. Ltd.
 
43,900
380,577
TAL Education Group ADR (a)
 
26,385
124,273
Tencent Holdings Ltd.
 
377,600
9,922,117
Tencent Music Entertainment Group ADR (a)
 
44,116
159,259
Tingyi (Cayman Islands) Holding Corp.
 
116,000
181,471
Tongcheng Travel Holdings Ltd. (a)
 
70,400
109,775
Topsports International Holdings Ltd. (b)
 
107,000
53,979
Trip.com Group Ltd. ADR (a)
 
32,701
740,024
Uni-President China Holdings Ltd.
 
80,000
59,111
Vinda International Holdings Ltd.
 
26,000
48,756
Vipshop Holdings Ltd. ADR (a)
 
25,551
178,090
Want Want China Holdings Ltd.
 
280,000
184,059
Weibo Corp. sponsored ADR (a)
 
4,266
48,291
WH Group Ltd. (b)
 
526,266
266,162
Wharf Real Estate Investment Co. Ltd.
 
103,000
406,114
Wuxi Biologics (Cayman), Inc. (a)(b)
 
217,500
978,672
Xiaomi Corp. Class B (a)(b)
 
938,200
1,052,982
Xinyi Glass Holdings Ltd.
 
113,000
145,395
Xinyi Solar Holdings Ltd.
 
302,968
300,666
XPeng, Inc. ADR (a)
 
26,201
173,451
XTEP International Holdings Ltd.
 
79,500
72,920
Yadea Group Holdings Ltd. (b)
 
70,000
106,833
Yihai International Holding Ltd.
 
27,000
44,440
Zai Lab Ltd. ADR (a)
 
5,348
119,153
Zhen Ding Technology Holding Ltd.
 
38,000
124,884
Zhongsheng Group Holdings Ltd. Class H
 
34,500
130,974
ZTO Express, Inc. sponsored ADR
 
25,148
424,750
TOTAL CAYMAN ISLANDS
 
 
51,284,059
Chile - 0.1%
 
 
 
Banco de Chile
 
2,668,155
244,022
Banco de Credito e Inversiones
 
3,726
103,823
Banco Santander Chile
 
3,866,067
138,498
Cencosud SA
 
81,478
109,674
Compania Cervecerias Unidas SA
 
6,607
36,239
Compania Sud Americana de Vapores SA
 
912,743
63,365
Empresas CMPC SA
 
65,144
103,360
Empresas COPEC SA
 
22,834
157,357
Enel Americas SA
 
1,276,885
126,511
Enel Chile SA
 
1,465,532
51,569
Falabella SA
 
45,236
88,449
TOTAL CHILE
 
 
1,222,867
China - 3.0%
 
 
 
360 Security Technology, Inc. (A Shares)
 
27,700
26,855
37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares)
 
8,800
17,460
A-Living Smart City Services C (H Shares) (b)
 
58,750
33,306
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (a)
 
2,277
34,606
AECC Aero-Engine Control Co. Ltd. (A Shares)
 
4,200
17,253
AECC Aviation Power Co. Ltd.
 
8,700
57,945
Agricultural Bank of China Ltd.:
 
 
 
 (A Shares)
 
367,800
139,003
 (H Shares)
 
1,696,000
484,095
Aier Eye Hospital Group Co. Ltd. (A Shares)
 
23,734
80,274
Air China Ltd.:
 
 
 
 (A Shares) (a)
 
46,700
61,837
 (H Shares) (a)
 
68,000
47,299
Aluminum Corp. of China Ltd.:
 
 
 
 (A shares)
 
88,000
46,513
 (H Shares)
 
152,000
43,332
Amlogic Shanghai Co. Ltd. (A Shares) (a)
 
1,229
9,653
Angel Yeast Co. Ltd. (A Shares)
 
2,400
11,890
Anhui Conch Cement Co. Ltd.:
 
 
 
 (A Shares)
 
8,200
27,263
 (H Shares)
 
91,500
235,463
Anhui Gujing Distillery Co. Ltd. (B Shares)
 
13,200
155,599
Anhui Honglu Steel Construction Group Co. Ltd.
 
2,990
13,953
Anhui Kouzi Distillery Co. Ltd. (A Shares)
 
2,300
12,755
Anhui Yingjia Distillery Co. Ltd. (A Shares)
 
2,500
16,124
Anjoy Foods Group Co. Ltd. (A Shares)
 
1,000
18,394
Apeloa Pharmaceutical Co. Ltd. A Shares
 
3,600
10,263
Asia - Potash International Investment Guangzhou Co. Ltd. (A Shares) (a)
 
2,600
9,079
Asymchem Laboratories Tianjin Co. Ltd. (A Shares)
 
1,260
24,705
Avary Holding Shenzhen Co. Ltd. (A Shares)
 
7,400
30,146
AVIC Capital Co. Ltd. (A Shares)
 
32,600
13,526
AVIC Electromechanical Systems Co. Ltd. (A Shares)
 
10,900
17,463
AviChina Industry & Technology Co. Ltd. (H Shares)
 
148,000
64,859
Avicopter PLC (A Shares)
 
1,800
10,820
Bank of Beijing Co. Ltd. (A Shares)
 
75,200
41,601
Bank of Changsha Co. Ltd. (A Shares)
 
20,100
17,725
Bank of Chengdu Co. Ltd. (A Shares)
 
10,400
19,396
Bank of China Ltd.:
 
 
 
 (A Shares)
 
514,800
212,183
 (H Shares)
 
4,318,000
1,390,730
Bank of Communications Co. Ltd.:
 
 
 
 (A Shares)
 
22,600
13,771
 (H Shares)
 
690,000
336,665
Bank of Hangzhou Co. Ltd. (A Shares)
 
18,900
31,341
Bank of Jiangsu Co. Ltd. (A Shares)
 
46,960
44,498
Bank of Nanjing Co. Ltd. (A Shares)
 
38,600
54,547
Bank of Ningbo Co. Ltd. (A Shares)
 
24,080
78,344
Bank of Shanghai Co. Ltd. (A Shares)
 
51,018
38,982
Baoshan Iron & Steel Co. Ltd. (A Shares)
 
85,200
56,116
BBMG Corp. (A Shares)
 
27,500
8,774
Beijing Capital International Airport Co. Ltd. (H Shares) (a)
 
118,000
63,888
Beijing Dabeinong Technology Group Co. Ltd. (A Shares) (a)
 
13,400
16,808
Beijing Easpring Material Technology Co. Ltd. (A Shares)
 
1,900
15,347
Beijing Enlight Media Co. Ltd. (A Shares)
 
13,000
11,980
Beijing Kingsoft Office Software, Inc. (A Shares)
 
1,625
64,694
Beijing New Building Materials PLC (A Shares)
 
6,500
17,650
Beijing Originwater Technology Co. Ltd. (A Shares)
 
7,000
4,515
Beijing Roborock Technology Co. Ltd. (A Shares)
 
273
8,786
Beijing Shiji Information Technology Co. Ltd. (A Shares)
 
8,092
14,006
Beijing Shunxin Agriculture Co. Ltd.
 
2,200
6,164
Beijing Sinnet Technology Co. Ltd. (A Shares)
 
6,900
8,182
Beijing Tiantan Biological Products Corp. Ltd. (A Shares)
 
5,040
14,265
Beijing Tongrentang Co. Ltd. (A Shares)
 
5,100
34,045
Beijing United Information Technology Co. Ltd. (A Shares)
 
1,450
24,620
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares)
 
2,040
35,063
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. (A Shares)
 
900
14,150
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares)
 
142,600
87,088
Betta Pharmaceuticals Co. Ltd. (A Shares)
 
1,200
7,511
BGI Genomics Co. Ltd.
 
1,300
9,874
Bloomage Biotechnology Corp. Ltd. (A Shares)
 
1,099
15,950
BOC International China Co. Ltd.
 
9,900
14,248
BOE Technology Group Co. Ltd. (A Shares)
 
138,100
63,160
BTG Hotels Group Co. Ltd.
 
4,200
12,497
By-Health Co. Ltd. (A Shares)
 
5,100
12,235
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
6,000
202,662
 (H Shares)
 
51,000
1,141,541
Caitong Securities Co. Ltd.
 
14,300
14,001
CanSino Biologics, Inc.:
 
 
 
 (A Shares)
 
814
21,139
 (H Shares) (b)
 
3,800
35,339
CECEP Solar Energy Co. Ltd. (A Shares)
 
16,700
15,459
CECEP Wind-Power Corp. (A Shares)
 
13,500
7,912
CGN Power Co. Ltd. (H Shares) (b)
 
803,000
162,653
Chacha Food Co. Ltd. (A Shares)
 
1,400
8,470
Changchun High & New Technology Industry Group, Inc. (A Shares)
 
1,400
31,037
Changjiang Securities Co. Ltd. (A Shares)
 
16,200
11,557
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares)
 
1,000
16,766
Chaozhou Three-Circle Group Co. (A Shares)
 
6,300
24,500
Chengtun Mining Group Co. Ltd. (A Shares)
 
7,000
5,310
Chengxin Lithium Group Co. Ltd. (A Shares)
 
3,200
18,938
Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a)
 
4,500
11,597
China Baoan Group Co. Ltd. (A Shares)
 
7,400
11,714
China Cinda Asset Management Co. Ltd. (H Shares)
 
621,000
57,752
China CITIC Bank Corp. Ltd.:
 
 
 
 (A Shares)
 
34,400
20,396
 (H Shares)
 
471,000
177,608
China Coal Energy Co. Ltd. (H Shares)
 
114,000
83,943
China Communications Services Corp. Ltd. (H Shares)
 
134,000
37,385
China Construction Bank Corp.:
 
 
 
 (A Shares)
 
291,400
213,076
 (H Shares)
 
5,512,000
2,925,155
China CSSC Holdings Ltd. (A Shares)
 
15,000
54,472
China Eastern Airlines Corp. Ltd. (A Shares) (a)
 
34,300
22,544
China Energy Engineering Corp. Ltd. (A Shares)
 
101,000
31,671
China Everbright Bank Co. Ltd.:
 
 
 
 (A Shares)
 
77,100
28,716
 (H Shares)
 
294,000
76,031
China Galaxy Securities Co. Ltd.:
 
 
 
 (A Shares)
 
10,400
12,831
 (H Shares)
 
225,000
84,271
China Great Wall Securities Co. Ltd. (A Shares)
 
14,800
16,375
China Greatwall Technology Group Co. Ltd. (A Shares)
 
12,600
19,238
China International Capital Corp. Ltd. (H Shares) (b)
 
113,200
157,478
China Jushi Co. Ltd. (A Shares)
 
13,715
21,973
China Life Insurance Co. Ltd.:
 
 
 
 (A Shares)
 
4,500
16,391
 (H Shares)
 
475,000
517,967
China Longyuan Power Grid Corp. Ltd. (H Shares)
 
196,000
223,974
China Meheco Co. Ltd. (A Shares)
 
5,180
8,951
China Merchants Bank Co. Ltd.:
 
 
 
 (A Shares)
 
30,400
111,644
 (H Shares)
 
284,500
935,086
China Merchants Energy Shipping Co. Ltd. (A Shares)
 
29,900
28,537
China Merchants Securities Co. Ltd. (A Shares)
 
28,350
48,525
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
25,900
46,495
China Minmetals Rare Earth Co. Ltd. (A Shares) (a)
 
2,600
10,268
China Minsheng Banking Corp. Ltd.:
 
 
 
 (A Shares)
 
26,000
11,749
 (H Shares)
 
627,400
182,234
China National Building Materials Co. Ltd. (H Shares)
 
229,000
133,030
China National Chemical Engineering Co. Ltd. (A Shares)
 
21,700
21,008
China National Nuclear Power Co. Ltd. (A Shares)
 
69,900
57,716
China Northern Rare Earth Group High-Tech Co. Ltd.
 
13,800
45,730
China Oilfield Services Ltd. (H Shares)
 
110,000
123,878
China Pacific Insurance (Group) Co. Ltd.
 
23,600
61,497
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
157,400
253,856
China Petroleum & Chemical Corp.:
 
 
 
 (A Shares)
 
183,700
102,378
 (H Shares)
 
1,442,000
571,503
China Railway Group Ltd.:
 
 
 
 (A Shares)
 
89,500
61,154
 (H Shares)
 
224,000
97,309
China Railway Signal & Communications Corp. (A Shares)
 
29,107
18,055
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares)
 
3,000
22,405
China Shenhua Energy Co. Ltd.:
 
 
 
 (A Shares)
 
14,800
56,805
 (H Shares)
 
215,000
565,598
China Southern Airlines Ltd.:
 
 
 
 (A Shares) (a)
 
61,500
54,402
 (H Shares) (a)
 
56,000
28,893
China State Construction Engineering Corp. Ltd. (A Shares)
 
152,100
98,930
China Suntien Green Energy Corp. Ltd. (H Shares)
 
107,000
40,621
China Three Gorges Renewables Group Co. Ltd. (A Shares)
 
106,300
81,076
China Tourism Group Duty Free Corp. Ltd. (A Shares)
 
7,400
162,492
China Tower Corp. Ltd. (H Shares) (b)
 
2,606,000
235,712
China United Network Communications Ltd. (A Shares)
 
158,100
72,740
China Vanke Co. Ltd.:
 
 
 
 (A Shares)
 
7,300
13,515
 (H Shares)
 
152,700
196,087
China Yangtze Power Co. Ltd. (A Shares)
 
78,300
217,223
China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares)
 
1,700
31,391
China Zheshang Bank Co. Ltd. (a)
 
64,000
24,188
Chongqing Brewery Co. Ltd. (A Shares)
 
1,700
20,350
Chongqing Changan Automobile Co. Ltd. (A Shares)
 
26,988
41,722
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares)
 
2,900
8,939
Chongqing Rural Commercial Bank Co. Ltd. (H Shares)
 
51,000
15,463
Chongqing Zhifei Biological Products Co. Ltd. (A Shares)
 
5,600
65,486
CITIC Securities Co. Ltd.:
 
 
 
 (A Shares)
 
27,925
65,808
 (H Shares)
 
170,225
254,590
Cmoc Group Ltd.:
 
 
 
 (A Shares)
 
48,200
27,390
 (H Shares)
 
240,000
77,354
CNGR Advanced Material Co. Ltd.
 
1,300
12,840
CNNC Hua Yuan Titanium Dioxide Co. Ltd. (A Shares)
 
7,540
6,897
Contemporary Amperex Technology Co. Ltd.
 
8,100
413,579
COSCO Shipping Development Co. Ltd. (A Shares)
 
37,900
12,663
COSCO Shipping Energy Transportation Co. Ltd. (A Shares) (a)
 
10,400
24,081
COSCO SHIPPING Holdings Co. Ltd.:
 
 
 
 (A Shares)
 
46,470
71,459
 (H Shares)
 
185,550
200,214
CRRC Corp. Ltd.:
 
 
 
 (A Shares)
 
86,000
55,937
 (H Shares)
 
252,000
76,406
CSC Financial Co. Ltd. (A Shares)
 
14,100
45,585
Daan Gene Co. Ltd.
 
6,636
16,247
Daqin Railway Co. Ltd. (A Shares)
 
53,000
46,520
DaShenLin Pharmaceutical Group Co. Ltd.
 
4,360
21,761
DHC Software Co. Ltd. (A Shares)
 
13,100
11,068
Do-Fluoride New Materials Co. Ltd. (A Shares)
 
3,200
13,649
Dong-E-E-Jiao Co. Ltd. (A Shares)
 
2,200
11,309
Dongfang Electric Corp. Ltd. (A Shares)
 
11,400
36,231
Dongfeng Motor Group Co. Ltd. (H Shares)
 
162,000
73,264
Dongxing Securities Co. Ltd. (A Shares)
 
7,700
8,193
East Money Information Co. Ltd. (A Shares)
 
47,950
102,493
Ecovacs Robotics Co. Ltd. Class A
 
2,300
18,361
ENN Natural Gas Co. Ltd. (A Shares)
 
9,300
19,713
Eve Energy Co. Ltd. (A shares)
 
6,471
73,581
Everbright Securities Co. Ltd. (A Shares)
 
15,000
28,797
Fangda Carbon New Material Co. Ltd. (A Shares) (a)
 
11,940
9,826
FAW Jiefang Group Co. Ltd. (A Shares)
 
7,300
6,957
Fiberhome Telecommunication Technologies Co. Ltd. (A Shares)
 
3,600
6,793
First Capital Securities Co. Ltd. (A Shares)
 
14,400
10,944
Flat Glass Group Co. Ltd.
 
9,000
21,074
Flat Glass Group Co. Ltd. (A Shares) (a)
 
14,400
67,633
Focus Media Information Technology Co. Ltd. (A Shares)
 
49,200
30,182
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares)
 
15,094
123,350
Founder Securities Co. Ltd. (A Shares)
 
33,900
29,384
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
36,800
41,321
Fujian Sunner Development Co. Ltd. A Shares
 
3,700
11,126
Fuyao Glass Industries Group Co. Ltd.:
 
 
 
 (A Shares)
 
2,500
11,444
 (H Shares) (b)
 
46,000
164,963
G-bits Network Technology Xiamen Co. Ltd. (A Shares)
 
200
6,974
Ganfeng Lithium Group Co. Ltd. (A Shares)
 
11,060
119,673
GCL System Integration Technology Co. Ltd. (a)
 
16,400
7,343
GD Power Development Co. Ltd. (A Shares) (a)
 
61,500
36,801
GEM Co. Ltd. (A Shares)
 
13,600
13,855
Gemdale Corp. (A Shares)
 
16,900
18,097
GF Securities Co. Ltd.:
 
 
 
 (A Shares)
 
17,700
33,035
 (H Shares)
 
74,400
75,730
Giant Network Group Co. Ltd. (A Shares)
 
4,100
4,345
Gigadevice Semiconductor Beijing, Inc. (A Shares)
 
2,140
24,108
Ginlong Technologies Co. Ltd. (A Shares)
 
1,350
34,531
GoerTek, Inc. (A Shares)
 
12,500
37,109
Gotion High-tech Co. Ltd. (A Shares)
 
5,400
22,220
Great Wall Motor Co. Ltd.:
 
 
 
 (A Shares)
 
8,300
33,141
 (H Shares)
 
182,500
199,248
Gree Electric Appliances, Inc. of Zhuhai (A Shares)
 
9,200
36,118
GRG Banking Equipment Co. Ltd. (A Shares)
 
10,900
14,060
Guangdong Haid Group Co. Ltd. (A Shares)
 
5,400
42,702
Guangdong Kinlong Hardware Products Co. Ltd. (A Shares)
 
900
9,763
Guanghui Energy Co. Ltd. (A Shares)
 
22,400
31,532
Guangzhou Automobile Group Co. Ltd.
 
29,400
45,612
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
134,000
81,599
Guangzhou Baiyunshan Pharma Health (A Shares)
 
5,100
18,849
Guangzhou Haige Communications Group (A Shares)
 
11,300
13,075
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
1,300
13,451
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares)
 
1,900
16,927
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares)
 
6,560
38,177
Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares)
 
13,776
10,507
Guolian Securities Co. Ltd.
 
6,400
8,194
Guosen Securities Co. Ltd. (A Shares)
 
26,300
31,043
Guotai Junan Securities Co. Ltd.:
 
 
 
 (A Shares)
 
19,300
34,938
 (H Shares) (b)
 
19,800
20,003
Guoyuan Securities Co. Ltd. (A Shares)
 
14,510
12,418
Haier Smart Home Co. Ltd.
 
145,000
362,793
Haier Smart Home Co. Ltd. (A Shares)
 
21,800
62,090
Haitong Securities Co. Ltd.:
 
 
 
 (A Shares)
 
16,400
18,954
 (H Shares)
 
218,000
106,644
Hangzhou First Applied Material Co. Ltd. (A Shares)
 
4,312
37,824
Hangzhou Lion Electronics Co. Ltd. (A Shares)
 
2,100
12,313
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares)
 
3,800
21,901
Hangzhou Robam Appliances Co. Ltd. (A Shares)
 
3,100
8,702
Hangzhou Silan Microelectronics Co. Ltd. (A Shares)
 
4,600
19,778
Hangzhou Tigermed Consulting Co. Ltd.:
 
 
 
 (A Shares)
 
1,700
19,403
 (H Shares) (b)
 
6,400
43,497
Heilongjiang Agriculture Co. Ltd. (A Shares)
 
5,300
10,015
Henan Shenhuo Coal & Power Co. Ltd. (A Shares)
 
7,500
14,409
Henan Shuanghui Investment & Development Co. Ltd. (A Shares)
 
11,300
35,248
Hengli Petrochemical Co. Ltd. (A Shares)
 
18,800
39,490
Hengtong Optic-electric Co. Ltd. (A Shares)
 
9,100
24,236
Hengyi Petrochemical Co. Ltd. (A Shares)
 
10,900
10,000
Hesteel Co. Ltd. (A Shares)
 
30,300
9,003
Hithink RoyalFlush Information Network Co. Ltd. (A Shares)
 
2,000
23,295
Hongfa Technology Co. Ltd. (A Shares)
 
4,060
19,074
Hoshine Silicon Industry Co. Ltd. (A Shares)
 
1,700
22,277
Huadian Power International Corp. Ltd.:
 
 
 
 (A Shares)
 
14,900
11,079
 (H Shares)
 
26,000
7,817
Huadong Medicine Co. Ltd. (A Shares)
 
6,200
34,749
Huafon Chemical Co. Ltd. (A Shares)
 
13,300
12,129
Huagong Tech Co. Ltd. (A Shares)
 
2,800
6,430
Huaibei Mining Holdings Co. Ltd. (A Shares)
 
8,100
14,452
Hualan Biological Engineer, Inc. (A Shares)
 
7,410
17,990
Huaneng Power International, Inc.:
 
 
 
 (A Shares) (a)
 
41,000
37,615
 (H Shares) (a)
 
216,000
77,323
Huatai Securities Co. Ltd.:
 
 
 
 (A Shares)
 
16,700
27,373
 (H Shares) (b)
 
136,600
133,822
HUAXI Securities Co. Ltd.
 
9,900
9,950
Huaxia Bank Co. Ltd. (A Shares)
 
50,000
32,795
Huaxin Cement Co. Ltd. (A Shares)
 
4,000
7,351
Huayu Automotive Systems Co. Ltd. (A Shares)
 
10,300
23,652
Hubei Xingfa Chemicals Group Co. Ltd. (A Shares)
 
4,300
16,646
Huizhou Desay SV Automotive Co. Ltd.
 
1,800
25,535
Humanwell Healthcare Group Co. Ltd. (A Shares)
 
5,400
14,811
Hunan Valin Steel Co. Ltd. (A Shares)
 
20,300
11,119
Hundsun Technologies, Inc. (A Shares)
 
6,008
34,290
iFlytek Co. Ltd. (A Shares)
 
7,400
35,496
IMEIK Technology Development Co. Ltd. (A Shares)
 
600
34,589
Industrial & Commercial Bank of China Ltd.:
 
 
 
 (A Shares)
 
452,900
257,368
 (H Shares)
 
3,118,000
1,353,728
Industrial Bank Co. Ltd. (A Shares)
 
74,000
152,298
Industrial Securities Co. Ltd. (A Shares) (a)
 
23,270
17,366
Ingenic Semiconductor Co. Ltd. (A Shares)
 
1,300
12,098
Inner Mongoli Yili Industries Co. Ltd. (A Shares)
 
23,400
80,874
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares)
 
147,800
35,620
Inner Mongolia Dian Tou Energy Corp. Ltd.
 
6,200
10,485
Inner Mongolia Eerduosi Resourses Co. Ltd. (A Shares)
 
3,780
7,205
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares)
 
25,400
13,495
Inner Mongolia Yitai Coal Co. Ltd. (B Shares)
 
81,200
114,817
Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares)
 
14,600
12,895
Inspur Electronic Information Industry Co. Ltd. (A Shares)
 
4,045
12,751
Intco Medical Technology Co. Ltd. (A Shares)
 
2,100
6,131
JA Solar Technology Co. Ltd. (A Shares)
 
8,340
71,376
Jafron Biomedical Co. Ltd. (A Shares)
 
2,400
10,411
Jason Furniture Hangzhou Co. Ltd. (A Shares)
 
3,120
12,860
JCET Group Co. Ltd. (A Shares)
 
5,100
16,816
Jiangsu Eastern Shenghong Co. Ltd.
 
12,800
21,453
Jiangsu Expressway Co. Ltd. (H Shares)
 
72,000
50,723
Jiangsu Hengli Hydraulic Co. Ltd.
 
4,576
34,570
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)
 
22,932
126,233
Jiangsu King's Luck Brewery JSC Ltd. (A Shares)
 
5,100
26,104
Jiangsu Yanghe Brewery JSC Ltd. (A Shares)
 
5,400
96,607
Jiangsu Yangnong Chemical Co. Ltd. (A Shares)
 
1,100
13,916
Jiangsu Yoke Technology Co. Ltd. (A Shares)
 
1,200
9,662
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares)
 
2,500
11,143
Jiangsu Zhongtian Technology Co. Ltd. (A Shares)
 
11,200
33,694
Jiangxi Copper Co. Ltd.:
 
 
 
 (A Shares)
 
9,800
20,666
 (H Shares)
 
68,000
74,327
Jiangxi Special Electric Motor Co. Ltd. (A Shares) (a)
 
5,700
14,892
Jiangxi Zhengbang Technology Co. Ltd. (A Shares) (a)
 
9,700
4,649
Jinke Properties Group Co. Ltd. (A Shares) (a)
 
24,300
5,890
JiuGui Liquor Co. Ltd. (A Shares)
 
1,200
16,769
Jizhong Energy Resources Co. Ltd. (A Shares)
 
11,700
9,741
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares)
 
6,300
10,085
Joinn Laboratories China Co. Ltd. (A Shares)
 
1,400
10,964
Jointown Pharmaceutical Group (A Shares)
 
7,200
12,383
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares)
 
2,700
10,019
Juewei Food Co. Ltd.
 
1,800
11,676
Kangmei Pharmaceutical Co. Ltd. rights (a)(c)
 
809
0
Keda Industrial Group Co. Ltd.
 
6,400
13,645
Kingfa Sci & Tech Co. Ltd. (A Shares)
 
6,900
9,146
Kuang-Chi Technologies Co. Ltd. (A Shares) (a)
 
5,800
13,740
Kunlun Tech Co. Ltd. (A Shares)
 
5,700
10,154
Kweichow Moutai Co. Ltd. (A Shares)
 
4,500
827,984
Lb Group Co. Ltd. (A Shares)
 
8,900
18,731
Lens Technology Co. Ltd. (A Shares)
 
20,300
27,686
Lepu Medical Technology Beijing Co. Ltd. (A Shares)
 
5,000
17,315
Liaoning Port Co. Ltd. (A Shares)
 
69,500
15,132
Lingyi iTech Guangdong Co. (A Shares) (a)
 
30,900
20,014
Livzon Pharmaceutical Group, Inc. (A Shares)
 
2,000
9,676
LONGi Green Energy Technology Co. Ltd.
 
26,552
174,446
Luoyang Xinqianglian Slewing Bearing Co. Ltd. (A Shares)
 
1,280
12,238
Luxi Chemical Group Co. Ltd.
 
6,400
9,956
Luxshare Precision Industry Co. Ltd. (A Shares)
 
25,193
98,317
Luzhou Laojiao Co. Ltd. (A Shares)
 
5,600
119,892
Maanshan Iron & Steel Co. Ltd. (A Shares)
 
18,700
6,453
Mango Excellent Media Co. Ltd. (A Shares)
 
7,000
21,020
Maxscend Microelectronics Co. Ltd. (A Shares)
 
1,824
23,068
Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a)
 
16,500
9,648
Metallurgical Corp. China Ltd. (A Shares)
 
62,000
24,451
Ming Yang Smart Energy Group Ltd. (A Shares)
 
7,300
24,890
Montage Technology Co. Ltd. (A Shares)
 
3,394
26,370
Muyuan Foodstuff Co. Ltd. (A Shares)
 
18,940
121,323
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd.
 
6,501
14,483
Nanjing Securities Co. Ltd. (A Shares)
 
11,300
12,255
NARI Technology Co. Ltd. (A Shares)
 
22,200
74,173
National Silicon Industry Group Co. Ltd. (A Shares) (a)
 
10,643
29,599
NAURA Technology Group Co. Ltd.
 
1,800
65,489
NavInfo Co. Ltd. (A Shares)
 
7,300
11,855
New China Life Insurance Co. Ltd.
 
18,200
58,242
New China Life Insurance Co. Ltd. (H Shares)
 
32,000
50,795
New Hope Liuhe Co. Ltd. (A Shares) (a)
 
16,100
28,417
Ninestar Corp. (A Shares)
 
4,500
35,191
Ningbo Deye Technology Co. Ltd. (A Shares)
 
900
40,320
Ningbo Joyson Electronic Corp. (A shares) (a)
 
3,600
7,567
Ningbo Orient Wires & Cables Co. Ltd. (A Shares)
 
2,300
24,251
Ningbo Ronbay New Energy Technology Co. Ltd. (A Shares)
 
1,425
15,280
Ningbo Shanshan Co. Ltd. (A Shares)
 
7,100
17,480
Ningbo Tuopu Group Co. Ltd. (A Shares)
 
3,700
32,831
Ningxia Baofeng Energy Group Co. Ltd.
 
20,100
31,569
Nongfu Spring Co. Ltd. (H Shares) (b)
 
109,200
548,807
North Industries Group Red Arrow Co. Ltd. (A Shares)
 
5,900
16,602
Northeast Securities Co. Ltd. (A Shares)
 
7,600
6,598
Offshore Oil Enginering Co. Ltd. (A Shares)
 
15,000
9,654
OFILM Group Co. Ltd. (A Shares) (a)
 
8,100
5,191
Oppein Home Group, Inc. (A Shares)
 
1,760
19,622
Orient Securities Co. Ltd. (A Shares)
 
26,240
27,882
Ovctek China, Inc. (A Shares)
 
2,420
9,848
Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a)
 
33,400
20,718
People's Insurance Co. of China Group Ltd.:
 
 
 
 (A Shares)
 
50,800
33,737
 (H Shares)
 
495,000
136,841
Perfect World Co. Ltd. (A Shares)
 
8,250
12,867
PetroChina Co. Ltd.:
 
 
 
 (A Shares)
 
67,300
44,142
 (H Shares)
 
1,274,000
486,901
Pharmaron Beijing Co. Ltd.:
 
 
 
 (A Shares)
 
3,550
25,278
 (H Shares) (b)
 
12,600
42,376
PICC Property & Casualty Co. Ltd. (H Shares)
 
414,000
381,846
Ping An Bank Co. Ltd. (A Shares)
 
69,800
98,828
Ping An Insurance Group Co. of China Ltd.:
 
 
 
 (A Shares)
 
50,100
247,999
 (H Shares)
 
373,500
1,495,266
Pingdingshan Tianan Coal Mining Co. Ltd. A Shares
 
7,700
11,619
Poly Developments & Holdings (A Shares)
 
40,600
76,720
Postal Savings Bank of China Co. Ltd.
 
120,000
63,755
Postal Savings Bank of China Co. Ltd. (H Shares) (b)
 
482,000
223,511
Power Construction Corp. of China Ltd. (A Shares)
 
49,700
47,911
Proya Cosmetics Co. Ltd. (A Shares)
 
700
16,022
Pylon Technologies Co. Ltd. (Series A)
 
565
23,868
Qingdao Rural Commercial Bank Corp. (A Shares)
 
8,100
3,072
Qinghai Salt Lake Potash Co. Ltd. Class A (a)
 
19,800
58,319
Raytron Technology Co. Ltd. (A Shares)
 
908
5,912
Riyue Heavy Industry Co. Ltd. (A Shares)
 
3,000
9,074
Rongsheng Petrochemical Co. Ltd. (A Shares)
 
34,350
50,329
SAIC Motor Corp. Ltd. (A Shares)
 
29,100
54,790
Sailun Group Co. Ltd. A Shares
 
9,500
11,304
Sangfor Technologies, Inc.
 
1,300
22,429
Sany Heavy Industry Co. Ltd. (A Shares)
 
27,600
51,021
Satellite Chemical Co. Ltd. (A Shares)
 
11,909
20,221
SDIC Power Holdings Co. Ltd. (A Shares)
 
24,200
33,469
Sealand Securities Co. Ltd. (A Shares)
 
17,400
7,744
Seazen Holdings Co. Ltd. (A Shares) (a)
 
8,200
14,810
SF Holding Co. Ltd. (A Shares)
 
17,500
115,646
SG Micro Corp. (A Shares)
 
1,275
26,129
Shaanxi Coal Industry Co. Ltd. (A Shares)
 
32,800
89,199
Shan Xi Hua Yang Group New Energy Co. Ltd.
 
7,800
18,040
Shandong Buchang Pharmaceuticals Co. Ltd. (A Shares)
 
4,200
11,031
Shandong Gold Mining Co. Ltd.:
 
 
 
 (A Shares)
 
17,740
42,025
 (H Shares) (b)
 
32,500
51,754
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares)
 
7,260
26,026
Shandong Linglong Tyre Co. Ltd. (A Shares)
 
4,000
8,966
Shandong Nanshan Aluminum Co. Ltd. (A Shares)
 
55,000
23,196
Shandong Sun Paper Industry JSC Ltd. (A Shares)
 
8,700
12,497
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
160,000
220,545
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares)
 
2,744
11,460
Shanghai Baosight Software Co. Ltd.
 
50,472
152,072
Shanghai Baosight Software Co. Ltd. (A Shares)
 
3,042
17,628
Shanghai Construction Group Co. Ltd. (A Shares)
 
23,498
8,269
Shanghai Electric Group Co. Ltd. (A Shares) (a)
 
51,500
27,362
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:
 
 
 
 (A Shares)
 
3,100
14,021
 (H Shares)
 
38,500
97,211
Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares)
 
617
17,403
Shanghai International Airport Co. Ltd. (A Shares) (a)
 
3,800
27,776
Shanghai International Port Group Co. Ltd. (A Shares)
 
34,200
24,211
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares)
 
3,300
24,618
Shanghai Junshi Biosciences Co. Ltd. (A Shares) (a)
 
2,376
23,119
Shanghai Lingang Holdings Corp. Ltd. (A Shares)
 
10,480
16,474
Shanghai Lujiazui Finance Trust Ltd. (B Shares)
 
126,318
93,728
Shanghai M&G Stationery, Inc. (A Shares)
 
3,400
18,762
Shanghai Medicilon, Inc. (A Shares)
 
236
7,161
Shanghai Pharmaceuticals Holding Co. Ltd.:
 
 
 
 (A Shares)
 
10,800
25,998
 (H Shares)
 
48,200
65,334
Shanghai Pudong Development Bank Co. Ltd. (A Shares)
 
90,600
82,376
Shanghai Putailai New Energy Technology Co. Ltd.
 
4,680
31,984
Shanghai RAAS Blood Products Co. Ltd. (A Shares)
 
26,800
19,964
Shanghai Yuyuan Tourist Mart Group Co. Ltd.
 
11,700
10,045
Shanghai Zhangjiang High Ltd. (A Shares)
 
3,500
5,392
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares)
 
11,000
25,290
Shanxi Meijin Energy Co. Ltd. (A Shares)
 
18,700
22,431
Shanxi Securities Co. Ltd. (A Shares)
 
11,070
7,807
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares)
 
17,300
9,405
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares)
 
4,560
145,100
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares)
 
15,030
23,442
Shenghe Resources Holding Co. Ltd. (A Shares)
 
5,500
10,062
Shengyi Technology Co. Ltd.
 
6,200
11,775
Shennan Circuits Co. Ltd. (A Shares)
 
1,740
17,886
Shenwan Hongyuan Group Co. Ltd. (A Shares)
 
73,400
39,098
Shenzhen Capchem Technology Co. Ltd. (A Shares)
 
3,180
15,750
Shenzhen Dynanonic Co. Ltd. (A Shares)
 
700
24,730
Shenzhen Energy Group Co. Ltd. (A Shares)
 
13,140
10,256
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
9,650
88,137
Shenzhen Kangtai Biological Products Co. Ltd.
 
4,320
18,409
Shenzhen Kedali Industry Co. Ltd.
 
600
7,530
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
4,300
191,621
Shenzhen New Industries Biomedical Engineering Co. Ltd.
 
3,600
28,458
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares)
 
27,100
15,586
Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares)
 
3,300
14,008
Shenzhen SC New Energy Technology Corp. (A Shares)
 
1,300
24,163
Shenzhen Senior Technology Material Co. Ltd. (A Shares)
 
3,146
7,965
Shenzhen Sunlord Electronics Co. Ltd. (A Shares)
 
3,300
9,670
Shenzhen Transsion Holdings Co. Ltd. (A Shares)
 
2,362
20,095
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares)
 
5,940
24,792
Sichuan Chuantou Energy Co. Ltd. (A Shares)
 
15,600
23,604
Sichuan Hebang Biotechnology Co. Ltd. (A Shares)
 
23,300
9,221
Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares)
 
4,400
14,942
Sichuan New Energy Power Co. Ltd. (A Shares) (a)
 
6,000
15,471
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares)
 
18,300
28,191
Sichuan Swellfun Co. Ltd. (A Shares)
 
1,300
10,072
Sichuan Yahua Industrial Group Co. Ltd. (A Shares)
 
3,100
11,355
Sieyuan Electric Co. Ltd. (A Shares)
 
2,100
9,619
Sinolink Securities Co. Ltd. (A Shares)
 
18,000
19,447
Sinoma Science & Technology Co. Ltd. (A Shares)
 
6,700
16,431
Sinomine Resource Group Co. Ltd. (A Shares)
 
1,540
18,979
Sinopec Shanghai Petrochemical Co. Ltd.:
 
 
 
 (A Shares)
 
29,900
12,569
 (H Shares)
 
30,000
3,936
Sinopharm Group Co. Ltd. (H Shares)
 
80,800
153,990
Sinotrans Ltd.
 
5,900
2,868
Sinotrans Ltd. (H Shares)
 
10,000
2,433
SKSHU Paint Co. Ltd. (A Shares) (a)
 
1,140
13,565
Songcheng Performance Development Co. Ltd. (A Shares)
 
10,220
16,122
Soochow Securities Co. Ltd. (A Shares)
 
16,770
15,041
Southwest Securities Co. Ltd. (A Shares)
 
20,800
10,538
StarPower Semiconductor Ltd. (A Shares)
 
700
35,724
Sungrow Power Supply Co. Ltd. (A Shares)
 
5,200
92,787
Sunwoda Electronic Co. Ltd. (A Shares)
 
6,600
21,057
Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares)
 
6,700
23,184
Suzhou Maxwell Technologies Co. Ltd. (A Shares)
 
580
37,923
Suzhou TA&A Ultra Clean Technology Co. Ltd. (A Shares)
 
2,400
20,326
Tangshan Jidong Cement Co. Ltd. A Shares
 
8,100
8,418
TBEA Co. Ltd. (A Shares)
 
12,400
34,655
TCL Technology Group Corp. (A Shares)
 
48,400
25,914
TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares)
 
11,000
59,497
Thunder Software Technology Co. Ltd. (A Shares)
 
1,700
22,985
Tianjin 712 Communication & Broadcasting Co. Ltd.
 
1,900
10,248
Tianma Microelectronics Co. Ltd. (A Shares)
 
13,200
15,978
Tianqi Lithium Corp. (A Shares) (a)
 
5,300
69,344
Tianshan Aluminum Group Co. Ltd.
 
12,200
10,424
Tianshui Huatian Technology Co. Ltd. (A Shares)
 
14,800
17,875
Tibet Summit Industrial Co. Ltd. (A Shares) (a)
 
2,500
7,172
Titan Wind Energy Suzhou Co. Ltd. (A Shares)
 
4,900
7,877
Toly Bread Co. Ltd.
 
4,368
6,735
TongFu Microelectronics Co. Ltd. (A Shares) (a)
 
3,400
8,767
Tongkun Group Co. Ltd. (A Shares)
 
9,400
15,575
Tongling Nonferrous Metals Group Co. Ltd. (A Shares)
 
33,000
11,387
Tongwei Co. Ltd. (A Shares)
 
15,200
90,539
Topchoice Medical Corp. (a)
 
1,300
21,762
Transfar Zhilian Co. Ltd.
 
8,400
5,671
TravelSky Technology Ltd. (H Shares)
 
51,000
74,067
Trina Solar Co. Ltd. (A Shares)
 
7,157
65,103
Tsingtao Brewery Co. Ltd.:
 
 
 
 (A Shares)
 
500
5,601
 (H Shares)
 
40,000
280,267
Unigroup Guoxin Microelectronics Co. Ltd.
 
2,799
62,899
Unisplendour Corp. Ltd. (A Shares)
 
10,220
24,000
Walvax Biotechnology Co. Ltd. (A Shares)
 
5,400
28,431
Wanhua Chemical Group Co. Ltd. (A Shares)
 
11,300
124,343
Weichai Power Co. Ltd.:
 
 
 
 (A Shares)
 
22,700
28,224
 (H Shares)
 
118,000
113,045
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
2,200
23,377
Wens Foodstuffs Group Co. Ltd. (A Shares) (a)
 
23,060
56,522
Western Mining Co. Ltd. (A Shares)
 
7,900
10,244
Western Securities Co. Ltd. (A Shares)
 
13,000
10,627
Western Superconducting Technologies Co. Ltd. (A Shares)
 
1,645
26,278
Westone Information Industry, Inc. (A Shares)
 
2,200
10,941
Will Semiconductor Ltd.
 
4,050
40,689
Wingtech Technology Co. Ltd. (A Shares)
 
4,100
26,881
Winning Health Technology Group Co. Ltd. (A Shares)
 
10,090
13,374
Wuchan Zhongda Group Co. Ltd.
 
14,500
8,280
Wuhan Guide Infrared Co. Ltd. (A Shares)
 
13,531
21,511
Wuliangye Yibin Co. Ltd. (A Shares)
 
13,700
250,442
WUS Printed Circuit Kunshan Co. Ltd. (A Shares)
 
5,140
7,665
WuXi AppTec Co. Ltd.
 
7,860
82,228
WuXi AppTec Co. Ltd. (H Shares) (b)
 
22,964
184,013
Wuxi Shangji Automation Co. Ltd. (A Shares)
 
1,620
27,170
XCMG Construction Machinery Co. Ltd. (A Shares)
 
21,600
13,694
Xiamen C&D, Inc. (A Shares)
 
8,700
14,284
Xiamen Faratronic Co. Ltd. (A Shares)
 
900
21,827
Xiamen Intretech, Inc.
 
1,620
3,820
Xiamen Tungsten Co. Ltd. (A Shares)
 
6,000
16,498
Xinjiang Goldwind Science & Technology Co. Ltd.:
 
 
 
 (A Shares)
 
7,536
10,784
 (H Shares)
 
61,616
53,455
Xinjiang Zhongtai Chemical Co. Ltd. (A Shares)
 
6,800
5,475
Yangzhou Yangjie Electronic Technology Co. Ltd. (A Shares)
 
1,600
11,257
Yankuang Energy Group Co. Ltd.:
 
 
 
 (A Shares)
 
12,100
67,269
 (H Shares)
 
84,000
236,495
Yantai Jereh Oilfield Services (A Shares)
 
3,100
12,760
Yealink Network Technology Corp. Ltd.
 
2,950
27,824
Yifeng Pharmacy Chain Co. Ltd.
 
2,100
16,143
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares)
 
5,000
26,188
Yintai Gold Co. Ltd. (A Shares)
 
8,120
15,878
YongXing Special Materials Technology Co. Ltd. (A Shares)
 
1,500
23,923
Yonyou Network Technology Co. Ltd. (A Shares)
 
13,020
43,573
Youngor Group Co. Ltd. (A Shares)
 
20,800
17,032
Youngy Co. Ltd. (A Shares) (a)
 
700
10,562
YTO Express Group Co. Ltd. (A Shares)
 
11,100
28,666
Yuan Longping High-tech Agriculture Co. Ltd. (A Shares) (a)
 
3,500
6,959
Yunda Holding Co. Ltd. (A Shares)
 
10,180
18,372
Yunnan Aluminium Co. Ltd. (A Shares)
 
12,100
15,194
Yunnan Baiyao Group Co. Ltd. (A Shares)
 
5,800
43,332
Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares)
 
900
17,623
Yunnan Energy New Material Co. Ltd.
 
3,000
60,814
Yunnan Tin Co. Ltd. (A Shares)
 
4,300
6,718
Yunnan Yuntianhua Co. Ltd. (Series A) (a)
 
7,000
19,324
Zangge Mining Co. Ltd. (Series A)
 
6,100
22,678
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares)
 
2,200
68,685
Zhaojin Mining Industry Co. Ltd. (H Shares) (a)
 
71,500
59,024
Zhefu Holding Group Co. Ltd. (A Shares)
 
15,500
8,299
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a)
 
21,840
11,035
Zhejiang China Commodities City Group Co. Ltd. (A Shares)
 
23,100
13,254
Zhejiang Chint Electric Co. Ltd. (A Shares)
 
7,000
24,346
Zhejiang Dahua Technology Co. Ltd. (A Shares)
 
13,200
20,931
Zhejiang Dingli Machinery Co. Ltd. (A Shares)
 
1,600
9,844
Zhejiang Expressway Co. Ltd. (H Shares)
 
78,000
48,392
Zhejiang HangKe Technology, Inc. Co. (A Shares)
 
1,109
7,600
Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares)
 
5,290
14,531
Zhejiang Huayou Cobalt Co. Ltd. (A Shares)
 
5,840
43,567
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares)
 
4,300
41,958
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares)
 
2,500
12,160
Zhejiang Juhua Co. Ltd. (A Shares)
 
11,400
24,477
Zhejiang NHU Co. Ltd. (A Shares)
 
10,632
26,089
Zhejiang Orient Gene Biotech Co. Ltd. (A Shares)
 
574
6,492
Zhejiang Semir Garment Co. Ltd. (A Shares)
 
8,300
5,092
Zhejiang Supor Cookware Co. Ltd.
 
1,700
9,314
Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares)
 
6,240
16,175
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares)
 
5,900
14,057
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd.
 
2,300
14,802
Zhejiang Yongtai Technology Co. Ltd. (A Shares)
 
2,400
7,171
Zheshang Securities Co. Ltd.
 
16,700
23,256
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(b)
 
42,700
79,529
Zhongji Innolight Co. Ltd. (A Shares)
 
1,900
7,618
Zhongtai Securities Co. Ltd. (A Shares)
 
15,500
13,499
Zhuzhou CRRC Times Electric Co. Ltd.:
 
 
 
 (A Shares)
 
2,148
18,465
 (H Shares)
 
31,900
138,375
Zhuzhou Hongda Electronics Corp. Ltd. (A Shares)
 
1,700
10,324
Zhuzhou Kibing Group Co. Ltd. (A Shares)
 
8,200
8,814
Zibo Qixiang Tengda Chemical Co. Ltd. (A Shares) (a)
 
7,300
6,777
Zijin Mining Group Co. Ltd.:
 
 
 
 (A Shares)
 
72,100
78,193
 (H Shares)
 
358,000
342,053
Zoomlion Heavy Industry Science and Technology Co. Ltd.:
 
 
 
 (A Shares)
 
25,800
18,901
 (H Shares)
 
98,400
31,715
ZTE Corp. (H Shares)
 
65,600
116,999
TOTAL CHINA
 
 
38,046,056
Colombia - 0.0%
 
 
 
Bancolombia SA
 
15,748
113,197
Ecopetrol SA
 
280,740
139,269
Interconexion Electrica SA ESP
 
25,037
97,689
TOTAL COLOMBIA
 
 
350,155
Cyprus - 0.0%
 
 
 
Galaxy Cosmos Mezz PLC (a)
 
4,640
749
Ozon Holdings PLC ADR (a)(c)
 
2,304
7,238
TCS Group Holding PLC unit (a)(c)
 
6,170
11,782
TOTAL CYPRUS
 
 
19,769
Czech Republic - 0.0%
 
 
 
CEZ A/S
 
9,744
318,663
Komercni Banka A/S
 
4,501
129,117
MONETA Money Bank A/S (b)
 
19,849
57,941
TOTAL CZECH REPUBLIC
 
 
505,721
Denmark - 1.7%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
190
380,287
 Series B
 
304
635,109
Carlsberg A/S Series B
 
5,849
688,695
Chr. Hansen Holding A/S
 
6,375
354,074
Coloplast A/S Series B
 
7,116
793,222
Danske Bank A/S
 
40,975
661,317
Demant A/S (a)
 
5,763
157,493
DSV A/S
 
11,285
1,527,773
Genmab A/S (a)
 
4,003
1,541,987
GN Store Nord A/S
 
7,517
159,832
Novo Nordisk A/S Series B
 
99,874
10,859,426
Novozymes A/S Series B
 
12,356
648,935
ORSTED A/S (b)
 
11,453
944,938
Pandora A/S
 
5,631
296,785
Rockwool International A/S Series B
 
531
105,717
Tryg A/S
 
21,099
456,604
Vestas Wind Systems A/S
 
61,111
1,204,722
TOTAL DENMARK
 
 
21,416,916
Egypt - 0.0%
 
 
 
Commercial International Bank SAE
 
162,292
217,508
Commercial International Bank SAE sponsored GDR
 
1,083
1,375
Eastern Co. SAE
 
53,960
26,539
EFG-Hermes Holding SAE
 
49,089
27,210
TOTAL EGYPT
 
 
272,632
Finland - 0.8%
 
 
 
Elisa Corp. (A Shares)
 
8,713
421,146
Fortum Corp.
 
27,427
386,107
Kesko Oyj
 
16,783
326,740
Kone OYJ (B Shares)
 
20,385
834,680
Neste OYJ
 
25,587
1,121,197
Nokia Corp.
 
326,511
1,450,988
Nordea Bank ABP
 
205,347
1,962,487
Orion Oyj (B Shares)
 
6,280
288,899
Sampo Oyj (A Shares)
 
28,615
1,308,742
Stora Enso Oyj (R Shares)
 
33,669
438,876
UPM-Kymmene Corp.
 
32,157
1,077,631
Wartsila Corp.
 
27,943
190,541
TOTAL FINLAND
 
 
9,808,034
France - 6.6%
 
 
 
Accor SA (a)
 
9,811
235,086
Aeroports de Paris SA (a)
 
1,738
235,394
Air Liquide SA
 
31,483
4,118,410
Alstom SA
 
19,122
393,555
Amundi SA (b)
 
3,624
171,120
Arkema SA
 
3,620
286,627
AXA SA
 
112,495
2,778,054
bioMerieux SA
 
2,466
218,211
BNP Paribas SA
 
67,001
3,141,940
Bollore SA
 
51,644
258,503
Bouygues SA
 
14,020
400,007
Bureau Veritas SA
 
18,013
446,280
Capgemini SA
 
9,902
1,622,847
Carrefour SA
 
36,268
583,750
Compagnie de St. Gobain
 
30,414
1,243,354
Compagnie Generale des Etablissements Michelin SCA Series B
 
40,524
1,032,716
Covivio
 
2,730
146,227
Credit Agricole SA
 
72,744
660,054
Danone SA
 
38,766
1,926,652
Dassault Aviation SA
 
1,643
244,204
Dassault Systemes SA
 
40,218
1,348,058
Edenred SA
 
14,993
769,883
Eiffage SA
 
5,131
464,173
Electricite de France SA
 
33,681
397,759
Engie SA
 
110,081
1,430,323
EssilorLuxottica SA
 
17,330
2,746,214
Eurazeo SA
 
2,501
142,859
Gecina SA
 
2,886
257,401
Getlink SE
 
27,440
434,695
Hermes International SCA
 
1,909
2,472,349
Ipsen SA
 
2,317
238,137
Kering SA
 
4,514
2,067,237
Klepierre SA
 
12,606
253,518
L'Oreal SA
 
14,579
4,577,870
La Francaise des Jeux SAEM (b)
 
5,955
194,206
Legrand SA
 
16,353
1,246,176
LVMH Moet Hennessy Louis Vuitton SE
 
16,706
10,541,401
Orange SA
 
120,943
1,152,335
Pernod Ricard SA
 
12,646
2,220,790
Publicis Groupe SA
 
14,010
784,622
Remy Cointreau SA
 
1,439
220,566
Renault SA (a)
 
11,910
366,873
Safran SA
 
20,821
2,318,834
Sanofi SA
 
68,745
5,916,048
Sartorius Stedim Biotech
 
1,675
531,688
Schneider Electric SA
 
32,794
4,147,012
SEB SA
 
1,477
96,191
Societe Generale Series A
 
48,184
1,105,198
Sodexo SA
 
5,495
487,327
Teleperformance
 
3,500
938,393
Thales SA
 
6,411
815,084
TotalEnergies SE
 
149,776
8,170,785
Ubisoft Entertainment SA (a)
 
5,779
158,597
Valeo SA
 
12,148
200,368
Veolia Environnement SA
 
39,885
890,075
VINCI SA
 
32,117
2,955,953
Vivendi SA
 
44,550
364,641
Wendel SA
 
1,562
122,411
Worldline SA (a)(b)
 
14,517
633,616
TOTAL FRANCE
 
 
84,322,657
Germany - 4.5%
 
 
 
adidas AG
 
10,539
1,028,766
Allianz SE
 
24,601
4,425,831
BASF AG
 
55,710
2,499,745
Bayer AG
 
59,427
3,124,736
Bayerische Motoren Werke AG (BMW)
 
19,272
1,512,697
Bechtle AG
 
4,802
166,095
Beiersdorf AG
 
6,141
589,507
Brenntag SE
 
9,485
575,515
Carl Zeiss Meditec AG
 
2,449
296,598
Commerzbank AG (a)
 
64,819
518,609
Continental AG
 
6,901
357,442
Covestro AG (b)
 
11,690
396,829
Daimler Truck Holding AG (a)
 
27,482
733,295
Delivery Hero AG (a)(b)
 
9,952
327,510
Deutsche Bank AG
 
125,310
1,196,271
Deutsche Borse AG
 
11,435
1,859,557
Deutsche Lufthansa AG (a)
 
34,537
236,130
Deutsche Post AG
 
60,111
2,124,914
Deutsche Telekom AG
 
195,488
3,689,934
E.ON SE
 
136,259
1,141,032
Evonik Industries AG
 
13,441
247,796
Fresenius Medical Care AG & Co. KGaA
 
12,509
346,006
Fresenius SE & Co. KGaA
 
24,830
571,417
GEA Group AG
 
9,225
322,728
Hannover Reuck SE
 
3,657
595,592
HeidelbergCement AG
 
8,688
399,533
HelloFresh AG (a)
 
9,656
193,332
Henkel AG & Co. KGaA
 
6,116
359,040
Infineon Technologies AG
 
79,241
1,922,821
KION Group AG
 
4,262
94,490
Knorr-Bremse AG
 
4,507
202,909
LEG Immobilien AG
 
4,391
286,922
Mercedes-Benz Group AG (Germany)
 
48,616
2,813,971
Merck KGaA
 
7,827
1,275,528
MTU Aero Engines AG
 
3,369
603,456
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
8,449
2,230,334
Nemetschek SE
 
3,408
162,874
Puma AG
 
6,341
280,802
Rational AG
 
301
169,852
Rheinmetall AG
 
2,667
433,567
RWE AG
 
38,865
1,497,541
SAP SE
 
62,908
6,055,076
Scout24 AG (b)
 
4,694
240,663
Siemens AG
 
46,274
5,053,539
Siemens Energy AG
 
27,325
319,051
Siemens Healthineers AG (b)
 
17,018
779,638
Symrise AG
 
7,957
812,191
Telefonica Deutschland Holding AG
 
59,176
129,008
Uniper SE
 
5,030
15,072
United Internet AG
 
5,557
103,931
Volkswagen AG
 
1,799
307,507
Vonovia SE
 
42,600
941,912
Zalando SE (a)(b)
 
13,101
301,954
TOTAL GERMANY
 
 
56,871,066
Greece - 0.1%
 
 
 
Alpha Bank SA (a)
 
125,291
116,142
Eurobank Ergasias Services and Holdings SA (a)
 
158,535
156,672
Ff Group (a)(c)
 
256
304
Hellenic Telecommunications Organization SA
 
11,428
179,570
Jumbo SA
 
7,698
109,473
Mytilineos SA
 
5,062
84,943
National Bank of Greece SA (a)
 
28,506
103,388
OPAP SA
 
11,927
146,157
Public Power Corp. of Greece (a)
 
13,614
85,971
TOTAL GREECE
 
 
982,620
Hong Kong - 1.5%
 
 
 
AIA Group Ltd.
 
727,600
5,511,420
Beijing Enterprises Holdings Ltd.
 
33,000
83,744
BOC Hong Kong (Holdings) Ltd.
 
222,000
690,069
BYD Electronic International Co. Ltd.
 
38,500
111,827
China Everbright International Ltd.
 
214,888
71,450
China Jinmao Holdings Group Ltd.
 
324,000
42,927
China Merchants Holdings International Co. Ltd.
 
74,257
87,031
China Overseas Land and Investment Ltd.
 
228,000
435,107
China Power International Development Ltd.
 
305,805
88,434
China Resources Beer Holdings Co. Ltd.
 
98,000
461,931
China Resources Power Holdings Co. Ltd.
 
114,000
165,852
China Taiping Insurance Group Ltd.
 
78,400
54,333
China Traditional Chinese Medicine Holdings Co. Ltd.
 
172,000
74,281
CITIC Pacific Ltd.
 
369,000
330,470
CLP Holdings Ltd.
 
98,500
661,113
CSPC Pharmaceutical Group Ltd.
 
563,760
579,073
Far East Horizon Ltd.
 
110,000
84,921
Fosun International Ltd.
 
149,000
91,112
Galaxy Entertainment Group Ltd.
 
132,000
602,855
Ganfeng Lithium Group Co. Ltd. (H Shares) (b)
 
12,460
84,287
Guangdong Investment Ltd.
 
176,000
110,986
Hang Lung Properties Ltd.
 
117,000
147,182
Hang Seng Bank Ltd.
 
46,500
654,617
Henderson Land Development Co. Ltd.
 
85,010
208,127
Hong Kong & China Gas Co. Ltd.
 
687,865
530,186
Hong Kong Exchanges and Clearing Ltd.
 
72,949
1,936,330
Hua Hong Semiconductor Ltd. (a)(b)
 
33,000
77,270
Lenovo Group Ltd.
 
424,000
339,215
Link (REIT)
 
130,069
768,850
MMG Ltd. (a)
 
164,000
32,384
MTR Corp. Ltd.
 
93,445
411,295
New World Development Co. Ltd.
 
88,267
180,590
Power Assets Holdings Ltd.
 
85,000
406,610
Sino Land Ltd.
 
202,824
216,786
Sinotruk Hong Kong Ltd.
 
43,500
38,792
Sun Hung Kai Properties Ltd.
 
88,500
951,050
Swire Pacific Ltd. (A Shares)
 
31,000
205,162
Swire Properties Ltd.
 
66,400
127,561
Techtronic Industries Co. Ltd.
 
83,500
790,642
Wharf Holdings Ltd.
 
76,000
217,360
Yuexiu Property Co. Ltd.
 
84,800
72,380
TOTAL HONG KONG
 
 
18,735,612
Hungary - 0.0%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
24,271
145,532
OTP Bank PLC
 
13,667
297,906
Richter Gedeon PLC
 
8,057
159,091
TOTAL HUNGARY
 
 
602,529
India - 4.3%
 
 
 
ACC Ltd.
 
4,475
129,217
Adani Enterprises Ltd.
 
17,342
701,274
Adani Green Energy Ltd. (a)
 
19,209
487,975
Adani Ports & Special Economic Zone Ltd.
 
31,218
310,577
Adani Power Ltd. (a)
 
47,234
191,093
Adani Total Gas Ltd.
 
16,534
719,612
Adani Transmissions Ltd. (a)
 
16,720
676,374
Ambuja Cements Ltd.
 
37,614
242,165
Apollo Hospitals Enterprise Ltd.
 
6,035
329,344
Asian Paints Ltd.
 
22,914
860,230
AU Small Finance Bank Ltd. (b)
 
10,166
72,401
Aurobindo Pharma Ltd.
 
15,801
102,722
Avenue Supermarts Ltd. (a)(b)
 
9,924
518,007
Axis Bank Ltd.
 
139,003
1,521,342
Bajaj Auto Ltd.
 
4,328
191,976
Bajaj Finance Ltd.
 
16,582
1,431,064
Bajaj Finserv Ltd.
 
23,581
480,707
Balkrishna Industries Ltd.
 
4,421
104,824
Bandhan Bank Ltd. (a)(b)
 
36,520
105,241
Berger Paints India Ltd.
 
14,521
102,759
Bharat Electronics Ltd.
 
211,455
272,940
Bharat Forge Ltd.
 
16,296
164,220
Bharat Petroleum Corp. Ltd.
 
49,121
180,184
Bharti Airtel Ltd.
 
134,784
1,354,679
Biocon Ltd.
 
24,910
81,203
Britannia Industries Ltd.
 
6,378
290,204
Cholamandalam Investment and Finance Co. Ltd.
 
24,258
207,869
Cipla Ltd./India
 
28,946
408,209
Coal India Ltd.
 
90,372
268,507
Colgate-Palmolive Ltd.
 
6,843
134,888
Container Corp. of India Ltd.
 
16,273
156,872
Dabur India Ltd.
 
35,817
240,006
Divi's Laboratories Ltd.
 
8,097
352,999
DLF Ltd.
 
38,327
178,486
Dr. Reddy's Laboratories Ltd.
 
7,023
378,014
Eicher Motors Ltd.
 
8,058
374,812
GAIL India Ltd.
 
184,413
203,393
Godrej Consumer Products Ltd. (a)
 
23,651
236,939
Godrej Properties Ltd. (a)
 
7,362
112,324
Grasim Industries Ltd.
 
15,419
320,692
Havells India Ltd.
 
14,630
214,961
HCL Technologies Ltd.
 
66,642
838,177
HDFC Standard Life Insurance Co. Ltd. (b)
 
55,853
364,650
Hero Motocorp Ltd.
 
6,460
208,896
Hindalco Industries Ltd.
 
80,506
394,507
Hindustan Petroleum Corp. Ltd.
 
35,791
92,461
Hindustan Unilever Ltd.
 
50,164
1,545,703
Housing Development Finance Corp. Ltd.
 
104,525
3,118,577
ICICI Bank Ltd.
 
311,670
3,426,817
ICICI Lombard General Insurance Co. Ltd. (b)
 
13,685
193,413
ICICI Prudential Life Insurance Co. Ltd. (b)
 
20,303
124,484
Indian Oil Corp. Ltd.
 
163,600
134,884
Indian Railway Catering & Tourism Corp. Ltd.
 
14,494
129,777
Indraprastha Gas Ltd.
 
20,882
108,030
Indus Towers Ltd.
 
39,045
87,495
Info Edge India Ltd.
 
4,201
199,022
Infosys Ltd.
 
203,743
3,784,555
InterGlobe Aviation Ltd. (a)(b)
 
5,368
115,537
ITC Ltd.
 
180,810
761,639
Jindal Steel & Power Ltd.
 
25,991
144,382
JSW Steel Ltd. (a)
 
42,406
345,247
Jubilant Foodworks Ltd.
 
23,259
171,380
Kotak Mahindra Bank Ltd.
 
34,047
782,263
Larsen & Toubro Infotech Ltd. (b)
 
2,988
171,088
Larsen & Toubro Ltd.
 
41,177
1,006,344
Lupin Ltd.
 
12,568
106,125
Mahindra & Mahindra Ltd.
 
52,302
852,071
Marico Ltd.
 
30,791
195,113
Maruti Suzuki India Ltd.
 
7,259
835,478
MindTree Consulting Ltd.
 
3,435
141,240
Mphasis BFL Ltd.
 
5,423
129,614
MRF Ltd.
 
116
127,192
Muthoot Finance Ltd.
 
6,791
85,601
Nestle India Ltd.
 
1,976
486,085
NTPC Ltd.
 
241,698
505,411
Oil & Natural Gas Corp. Ltd.
 
147,706
239,188
Page Industries Ltd.
 
355
213,432
Petronet LNG Ltd.
 
42,943
106,631
PI Industries Ltd.
 
4,270
167,228
Pidilite Industries Ltd.
 
9,397
293,375
Piramal Enterprises Ltd.
 
7,069
72,535
Piramal Pharma Ltd. (a)
 
26,572
52,932
Power Grid Corp. of India Ltd.
 
186,026
512,706
Reliance Industries Ltd.
 
183,941
5,665,329
Samvardhana Motherson International Ltd.
 
123,787
96,452
SBI Cards & Payment Services Ltd.
 
13,606
135,871
SBI Life Insurance Co. Ltd. (b)
 
26,919
411,671
Shree Cement Ltd.
 
652
179,111
Shriram Transport Finance Co. Ltd.
 
10,813
160,556
Siemens Ltd.
 
4,298
151,899
SRF Ltd.
 
8,765
270,918
State Bank of India
 
109,402
758,334
Sun Pharmaceutical Industries Ltd.
 
57,015
700,393
Tata Consultancy Services Ltd.
 
55,414
2,137,536
Tata Consumer Products Ltd.
 
35,483
330,119
Tata Elxsi Ltd.
 
2,099
177,389
Tata Motors Ltd. (a)
 
97,395
487,627
Tata Power Co. Ltd./The
 
87,579
239,102
Tata Steel Ltd.
 
449,658
551,616
Tech Mahindra Ltd.
 
34,805
447,108
Titan Co. Ltd.
 
21,757
725,803
Torrent Pharmaceuticals Ltd.
 
6,058
120,750
Trent Ltd.
 
10,274
189,631
Ultratech Cement Ltd.
 
5,999
486,627
United Spirits Ltd. (a)
 
16,970
183,753
UPL Ltd.
 
29,635
261,409
Vedanta Ltd.
 
42,770
145,081
Wipro Ltd.
 
80,507
376,717
Yes Bank Ltd. (a)
 
640,315
120,281
Zomato Ltd. (a)
 
133,334
101,635
TOTAL INDIA
 
 
54,395,308
Indonesia - 0.6%
 
 
 
PT Adaro Energy Tbk
 
876,400
223,630
PT Adaro Minerals Indonesia Tbk
 
448,300
49,723
PT Aneka Tambang Tbk
 
468,600
55,430
PT Astra International Tbk
 
1,240,600
528,930
PT Bank Central Asia Tbk
 
3,360,800
1,896,140
PT Bank Jago Tbk (a)
 
233,600
76,381
PT Bank Mandiri (Persero) Tbk
 
1,137,100
769,124
PT Bank Negara Indonesia (Persero) Tbk
 
465,300
280,418
PT Bank Rakyat Indonesia (Persero) Tbk
 
4,145,510
1,235,879
PT Barito Pacific Tbk
 
1,619,400
85,655
PT Charoen Pokphand Indonesia Tbk
 
440,600
157,483
PT Gudang Garam Tbk
 
36,500
56,397
PT Indah Kiat Pulp & Paper Tbk
 
165,100
101,616
PT Indofood CBP Sukses Makmur Tbk
 
138,300
86,230
PT Indofood Sukses Makmur Tbk
 
244,500
101,108
PT Kalbe Farma Tbk
 
1,240,600
163,054
PT Merdeka Copper Gold Tbk (a)
 
716,561
173,197
PT Sarana Menara Nusantara Tbk
 
1,370,700
101,501
PT Semen Indonesia (Persero) Tbk
 
166,700
84,967
PT Sumber Alfaria Trijaya Tbk
 
1,048,400
189,549
PT Telkom Indonesia Persero Tbk
 
3,036,500
852,804
PT Tower Bersama Infrastructure Tbk
 
283,820
44,763
PT Unilever Indonesia Tbk
 
453,800
134,998
PT United Tractors Tbk
 
98,600
204,185
PT Vale Indonesia Tbk (a)
 
152,100
63,385
TOTAL INDONESIA
 
 
7,716,547
Ireland - 0.5%
 
 
 
CRH PLC
 
42,931
1,546,283
CRH PLC sponsored ADR
 
3,255
117,864
DCC PLC (United Kingdom)
 
5,796
321,708
Flutter Entertainment PLC (a)
 
1,649
218,986
Flutter Entertainment PLC (Ireland) (a)
 
8,543
1,130,467
James Hardie Industries PLC CDI
 
27,290
595,822
Kerry Group PLC Class A
 
9,489
825,220
Kingspan Group PLC (Ireland)
 
9,171
463,132
Smurfit Kappa Group PLC
 
15,104
500,486
TOTAL IRELAND
 
 
5,719,968
Isle of Man - 0.0%
 
 
 
Entain PLC
 
36,596
529,419
Israel - 0.5%
 
 
 
Azrieli Group
 
2,487
184,472
Bank Hapoalim BM (Reg.)
 
76,143
734,807
Bank Leumi le-Israel BM
 
92,517
883,658
Bezeq The Israel Telecommunication Corp. Ltd.
 
120,045
212,603
Check Point Software Technologies Ltd. (a)
 
6,150
794,765
CyberArk Software Ltd. (a)
 
2,515
394,629
Elbit Systems Ltd. (Israel)
 
1,558
315,343
Icl Group Ltd.
 
43,132
389,629
Israel Discount Bank Ltd. (Class A)
 
75,236
428,393
Kornit Digital Ltd. (a)
 
52
1,389
Mizrahi Tefahot Bank Ltd.
 
9,321
352,682
NICE Ltd. (a)
 
3,572
677,088
Teva Pharmaceutical Industries Ltd. sponsored ADR (a)
 
67,589
602,894
Tower Semiconductor Ltd. (a)
 
6,583
281,685
Wix.com Ltd. (a)
 
3,534
297,209
ZIM Integrated Shipping Services Ltd. (d)
 
5,311
124,755
TOTAL ISRAEL
 
 
6,676,001
Italy - 1.1%
 
 
 
Amplifon SpA
 
7,721
191,825
Assicurazioni Generali SpA
 
67,686
1,015,772
Atlantia SpA
 
29,778
664,487
DiaSorin SpA
 
1,586
207,362
Enel SpA
 
492,998
2,202,394
Eni SpA
 
153,815
2,020,165
FinecoBank SpA
 
37,590
506,703
Infrastrutture Wireless Italiane SpA (b)
 
21,795
192,386
Intesa Sanpaolo SpA
 
1,003,101
1,912,443
Mediobanca SpA
 
38,044
344,840
Moncler SpA
 
12,580
543,162
Nexi SpA (a)(b)
 
32,448
281,225
Poste Italiane SpA (b)
 
33,830
294,875
Prysmian SpA
 
15,731
512,868
Recordati SpA
 
6,557
246,433
Snam SpA
 
122,136
543,080
Telecom Italia SpA (a)
 
572,552
112,016
Terna - Rete Elettrica Nazionale
 
85,165
564,574
UniCredit SpA
 
125,841
1,560,589
TOTAL ITALY
 
 
13,917,199
Japan - 13.4%
 
 
 
Advantest Corp.
 
11,500
607,889
AEON Co. Ltd. (d)
 
39,800
743,164
AGC, Inc.
 
11,300
354,514
Aisin Seiki Co. Ltd.
 
9,200
236,040
Ajinomoto Co., Inc.
 
27,300
752,015
Ana Holdings, Inc. (a)
 
9,500
184,704
Asahi Group Holdings
 
27,300
764,499
ASAHI INTECC Co. Ltd.
 
13,500
230,062
Asahi Kasei Corp.
 
76,800
492,435
Astellas Pharma, Inc.
 
111,500
1,538,498
Azbil Corp.
 
7,300
198,584
Bandai Namco Holdings, Inc.
 
12,000
794,270
Bridgestone Corp.
 
34,400
1,244,126
Brother Industries Ltd.
 
13,700
233,193
Canon, Inc.
 
60,300
1,278,208
Capcom Co. Ltd.
 
10,300
287,121
Central Japan Railway Co.
 
8,700
1,007,256
Chiba Bank Ltd.
 
31,200
170,588
Chubu Electric Power Co., Inc.
 
37,600
306,221
Chugai Pharmaceutical Co. Ltd.
 
40,900
947,729
Concordia Financial Group Ltd.
 
63,800
194,367
CyberAgent, Inc.
 
24,900
204,967
Dai Nippon Printing Co. Ltd.
 
12,900
258,789
Dai-ichi Mutual Life Insurance Co.
 
59,500
943,349
Daifuku Co. Ltd.
 
6,200
284,367
Daiichi Sankyo Kabushiki Kaisha
 
105,900
3,389,940
Daikin Industries Ltd.
 
15,100
2,261,786
Daito Trust Construction Co. Ltd.
 
3,700
366,031
Daiwa House Industry Co. Ltd.
 
36,000
725,304
Daiwa House REIT Investment Corp.
 
130
262,282
Daiwa Securities Group, Inc.
 
77,900
303,857
DENSO Corp.
 
26,200
1,299,937
Dentsu Group, Inc.
 
12,600
392,757
Disco Corp.
 
1,800
432,160
East Japan Railway Co.
 
18,300
975,123
Eisai Co. Ltd.
 
15,700
947,522
ENEOS Holdings, Inc.
 
188,500
620,917
FANUC Corp.
 
11,600
1,517,879
Fast Retailing Co. Ltd.
 
3,500
1,953,428
Fuji Electric Co. Ltd.
 
7,700
298,275
FUJIFILM Holdings Corp.
 
21,900
1,004,312
Fujitsu Ltd.
 
11,900
1,369,197
GLP J-REIT
 
250
259,087
GMO Payment Gateway, Inc.
 
2,600
187,619
Hakuhodo DY Holdings, Inc.
 
14,900
125,858
Hamamatsu Photonics K.K.
 
8,700
394,351
Hankyu Hanshin Holdings, Inc.
 
13,900
412,714
Hikari Tsushin, Inc.
 
1,300
157,107
Hirose Electric Co. Ltd.
 
1,810
235,052
Hitachi Construction Machinery Co. Ltd.
 
6,200
121,502
Hitachi Ltd.
 
58,500
2,659,538
Honda Motor Co. Ltd.
 
98,700
2,250,604
Hoshizaki Corp.
 
6,300
180,702
Hoya Corp.
 
22,100
2,062,191
Hulic Co. Ltd.
 
23,000
167,053
Ibiden Co. Ltd.
 
6,600
223,262
Idemitsu Kosan Co. Ltd.
 
12,166
265,910
Iida Group Holdings Co. Ltd.
 
8,500
118,101
INPEX Corp.
 
63,500
640,867
Isuzu Motors Ltd.
 
34,900
409,332
ITO EN Ltd.
 
3,200
112,983
Itochu Corp.
 
71,800
1,858,557
ITOCHU Techno-Solutions Corp.
 
5,700
132,251
Japan Airlines Co. Ltd. (a)
 
8,600
160,496
Japan Exchange Group, Inc.
 
30,800
404,767
Japan Post Bank Co. Ltd.
 
24,300
161,788
Japan Post Holdings Co. Ltd.
 
142,100
955,265
Japan Post Insurance Co. Ltd.
 
11,700
172,870
Japan Real Estate Investment Corp.
 
73
305,854
Japan Retail Fund Investment Corp.
 
410
301,927
Japan Tobacco, Inc.
 
72,400
1,212,514
JFE Holdings, Inc.
 
28,900
264,909
JSR Corp.
 
11,200
213,462
Kajima Corp.
 
24,400
229,896
Kakaku.com, Inc.
 
7,500
127,156
Kansai Electric Power Co., Inc.
 
43,300
328,183
Kao Corp.
 
29,100
1,086,942
KDDI Corp.
 
97,400
2,878,849
Keio Corp.
 
6,500
228,185
Keisei Electric Railway Co.
 
8,100
215,172
Keyence Corp.
 
11,700
4,431,514
Kikkoman Corp.
 
8,900
483,621
Kintetsu Group Holdings Co. Ltd.
 
10,600
358,573
Kirin Holdings Co. Ltd.
 
49,300
725,931
Kobayashi Pharmaceutical Co. Ltd.
 
3,200
170,012
Kobe Bussan Co. Ltd.
 
8,800
191,452
Koei Tecmo Holdings Co. Ltd.
 
6,580
99,478
Koito Manufacturing Co. Ltd.
 
12,400
176,291
Komatsu Ltd.
 
55,800
1,093,133
Konami Group Corp.
 
5,700
250,318
Kose Corp.
 
2,100
210,007
Kubota Corp.
 
61,100
853,251
Kurita Water Industries Ltd.
 
6,500
238,676
Kyocera Corp.
 
19,300
965,811
Kyowa Hakko Kirin Co., Ltd.
 
15,800
372,434
Lasertec Corp.
 
4,500
632,299
LIXIL Group Corp.
 
17,400
263,408
M3, Inc.
 
26,430
790,260
Makita Corp.
 
13,900
254,002
Marubeni Corp.
 
93,700
821,084
Mazda Motor Corp.
 
33,200
223,534
McDonald's Holdings Co. (Japan) Ltd.
 
5,100
176,980
Meiji Holdings Co. Ltd.
 
7,000
288,107
Minebea Mitsumi, Inc.
 
21,400
317,197
Misumi Group, Inc.
 
17,500
374,256
Mitsubishi Chemical Holdings Corp.
 
78,100
353,011
Mitsubishi Corp.
 
76,300
2,068,431
Mitsubishi Electric Corp.
 
117,300
1,032,077
Mitsubishi Estate Co. Ltd.
 
70,500
886,559
Mitsubishi Heavy Industries Ltd.
 
19,500
671,442
Mitsubishi UFJ Financial Group, Inc.
 
720,400
3,403,062
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
38,300
164,332
Mitsui & Co. Ltd.
 
84,400
1,869,123
Mitsui Chemicals, Inc.
 
11,000
203,806
Mitsui Fudosan Co. Ltd.
 
55,200
1,057,819
Mitsui OSK Lines Ltd.
 
21,600
428,673
Mizuho Financial Group, Inc.
 
144,610
1,561,879
MonotaRO Co. Ltd.
 
14,700
224,215
MS&AD Insurance Group Holdings, Inc.
 
26,700
707,048
Murata Manufacturing Co. Ltd.
 
34,700
1,642,679
NEC Corp.
 
14,600
483,574
Nexon Co. Ltd.
 
30,100
505,462
NGK Insulators Ltd.
 
13,600
158,870
Nidec Corp.
 
27,100
1,490,067
Nihon M&A Center Holdings, Inc.
 
17,800
201,469
Nintendo Co. Ltd.
 
65,200
2,647,061
Nippon Building Fund, Inc.
 
95
422,307
Nippon Express Holdings, Inc.
 
4,800
241,138
Nippon Paint Holdings Co. Ltd.
 
50,900
325,196
Nippon Prologis REIT, Inc.
 
132
276,526
Nippon Sanso Holdings Corp.
 
10,100
161,116
Nippon Shinyaku Co. Ltd.
 
2,800
155,163
Nippon Steel & Sumitomo Metal Corp.
 
49,000
673,072
Nippon Telegraph & Telephone Corp.
 
72,000
1,985,811
Nippon Yusen KK
 
29,100
527,131
Nissan Chemical Corp.
 
7,500
337,940
Nissan Motor Co. Ltd.
 
143,700
458,016
Nisshin Seifun Group, Inc.
 
11,500
124,362
Nissin Food Holdings Co. Ltd.
 
3,900
252,577
Nitori Holdings Co. Ltd.
 
5,000
453,085
Nitto Denko Corp.
 
8,740
460,232
Nomura Holdings, Inc.
 
176,800
572,118
Nomura Real Estate Holdings, Inc.
 
7,100
160,675
Nomura Real Estate Master Fund, Inc.
 
249
283,839
Nomura Research Institute Ltd.
 
20,000
444,534
NTT Data Corp.
 
37,500
543,983
Obayashi Corp.
 
41,000
263,324
OBIC Co. Ltd.
 
4,200
631,857
Odakyu Electric Railway Co. Ltd.
 
17,200
204,626
Oji Holdings Corp.
 
45,900
159,282
Olympus Corp.
 
74,600
1,575,332
OMRON Corp.
 
11,400
533,296
Ono Pharmaceutical Co. Ltd.
 
22,200
521,949
Open House Group Co. Ltd.
 
4,900
174,653
Oracle Corp. Japan
 
2,400
128,155
Oriental Land Co. Ltd.
 
12,100
1,623,424
ORIX Corp.
 
72,900
1,071,230
Osaka Gas Co. Ltd.
 
22,600
334,680
Otsuka Corp.
 
6,700
211,550
Otsuka Holdings Co. Ltd.
 
23,500
753,281
Pan Pacific International Holdings Ltd.
 
22,690
372,483
Panasonic Holdings Corp.
 
131,700
938,048
Persol Holdings Co. Ltd.
 
11,000
220,895
Rakuten Group, Inc.
 
51,300
229,022
Recruit Holdings Co. Ltd.
 
87,200
2,683,246
Renesas Electronics Corp. (a)
 
71,100
594,805
Resona Holdings, Inc.
 
131,800
496,106
Ricoh Co. Ltd.
 
36,000
263,896
ROHM Co. Ltd.
 
5,400
380,228
SBI Holdings, Inc. Japan
 
14,000
253,082
SCSK Corp.
 
9,300
137,409
Secom Co. Ltd.
 
12,700
723,525
Seiko Epson Corp.
 
17,400
237,079
Sekisui Chemical Co. Ltd.
 
21,500
268,940
Sekisui House Ltd.
 
37,800
629,174
Seven & i Holdings Co. Ltd.
 
45,500
1,698,441
SG Holdings Co. Ltd.
 
17,800
236,064
Sharp Corp.
 
14,200
85,173
Shimadzu Corp.
 
14,600
385,386
SHIMANO, Inc.
 
4,400
680,870
SHIMIZU Corp.
 
31,800
158,898
Shin-Etsu Chemical Co. Ltd.
 
22,700
2,359,210
Shionogi & Co. Ltd.
 
15,900
738,352
Shiseido Co. Ltd.
 
23,900
828,572
Shizuoka Financial Group
 
25,100
158,336
SMC Corp.
 
3,500
1,404,908
SoftBank Corp.
 
173,600
1,712,458
SoftBank Group Corp.
 
73,000
3,133,614
Sompo Holdings, Inc.
 
19,000
791,331
Sony Group Corp.
 
76,200
5,138,521
Square Enix Holdings Co. Ltd.
 
5,300
236,672
Subaru Corp.
 
37,500
583,955
Sumco Corp.
 
20,600
261,699
Sumitomo Chemical Co. Ltd.
 
92,000
309,977
Sumitomo Corp.
 
67,300
855,637
Sumitomo Electric Industries Ltd.
 
42,600
445,209
Sumitomo Metal Mining Co. Ltd.
 
15,000
420,463
Sumitomo Mitsui Financial Group, Inc.
 
78,400
2,201,595
Sumitomo Mitsui Trust Holdings, Inc.
 
20,400
586,888
Sumitomo Realty & Development Co. Ltd.
 
18,100
415,693
Suntory Beverage & Food Ltd.
 
8,200
274,629
Suzuki Motor Corp.
 
22,100
746,104
Sysmex Corp.
 
10,200
550,695
T&D Holdings, Inc.
 
31,000
305,841
Taisei Corp.
 
10,900
297,249
Takeda Pharmaceutical Co. Ltd.
 
90,877
2,399,971
TDK Corp.
 
23,276
728,671
Terumo Corp.
 
39,200
1,192,648
TIS, Inc.
 
13,800
372,622
Tobu Railway Co. Ltd.
 
11,000
254,481
Toho Co. Ltd.
 
6,600
235,247
Tokio Marine Holdings, Inc.
 
109,400
1,979,861
Tokyo Electric Power Co., Inc. (a)
 
92,800
302,687
Tokyo Electron Ltd.
 
9,000
2,367,870
Tokyo Gas Co. Ltd.
 
23,200
414,556
Tokyu Corp.
 
32,700
377,371
Toppan, Inc.
 
15,300
228,324
Toray Industries, Inc.
 
84,900
413,666
Toshiba Corp.
 
23,300
811,845
Tosoh Corp.
 
16,100
175,298
Toto Ltd.
 
8,700
248,663
Toyota Industries Corp.
 
8,800
453,331
Toyota Motor Corp.
 
639,700
8,875,589
Toyota Tsusho Corp.
 
13,200
443,862
Trend Micro, Inc.
 
8,100
409,099
Unicharm Corp.
 
24,200
735,473
USS Co. Ltd.
 
12,900
194,938
Welcia Holdings Co. Ltd.
 
5,500
115,034
West Japan Railway Co.
 
13,500
535,751
Yakult Honsha Co. Ltd.
 
7,800
432,240
Yamaha Corp.
 
8,300
313,703
Yamaha Motor Co. Ltd.
 
17,400
359,245
Yamato Holdings Co. Ltd.
 
17,900
265,319
Yaskawa Electric Corp.
 
14,400
399,960
Yokogawa Electric Corp.
 
13,400
224,482
Z Holdings Corp.
 
163,300
421,438
ZOZO, Inc.
 
7,900
168,153
TOTAL JAPAN
 
 
171,450,062
Korea (South) - 3.0%
 
 
 
Alteogen, Inc.
 
2,005
51,554
AMOREPACIFIC Corp.
 
1,562
101,447
AMOREPACIFIC Group, Inc.
 
1,593
27,567
BGF Retail Co. Ltd.
 
449
58,668
Celltrion Healthcare Co. Ltd.
 
5,096
248,138
Celltrion Pharm, Inc.
 
800
38,001
Celltrion, Inc.
 
5,911
795,135
Cheil Worldwide, Inc.
 
3,890
66,636
CJ CheilJedang Corp.
 
495
143,577
CJ Corp.
 
1,017
51,159
CJ ENM Co. Ltd.
 
711
36,563
CJ Logistics Corp. (a)
 
578
35,596
Coway Co. Ltd.
 
3,224
124,910
Db Insurance Co. Ltd.
 
2,752
108,551
Doosan Bobcat, Inc.
 
2,772
65,060
Doosan Heavy Industries & Construction Co. Ltd. (a)
 
24,883
230,992
E-Mart, Inc.
 
1,144
67,807
Ecopro BM Co. Ltd.
 
3,021
243,615
F&F Co. Ltd.
 
960
97,862
Green Cross Corp.
 
377
33,677
GS Engineering & Construction Corp.
 
4,408
67,016
GS Holdings Corp.
 
2,573
82,923
Hana Financial Group, Inc.
 
17,367
501,912
Hankook Tire Co. Ltd.
 
4,228
108,268
Hanmi Pharm Co. Ltd.
 
412
73,029
Hanon Systems
 
11,205
61,233
Hanwha Solutions Corp. (a)
 
6,974
230,623
HD Hyundai Co. Ltd.
 
2,816
120,151
HLB, Inc. (a)
 
5,606
159,069
HLB, Inc. rights 12/2/22 (a)
 
502
3,447
HMM Co. Ltd.
 
15,816
211,645
Hotel Shilla Co.
 
1,862
84,795
HYBE Co. Ltd. (a)
 
1,105
93,676
Hyundai Engineering & Construction Co. Ltd.
 
4,675
114,310
Hyundai Glovis Co. Ltd.
 
1,126
137,267
Hyundai Heavy Industries Co. Ltd. (a)
 
1,049
80,109
Hyundai Mobis
 
3,810
584,585
Hyundai Motor Co.
 
8,258
951,742
Hyundai Steel Co.
 
5,608
110,406
Iljin Materials Co. Ltd.
 
1,295
54,982
Industrial Bank of Korea
 
15,888
116,323
Kakao Corp.
 
18,609
661,012
Kakao Games Corp. (a)
 
2,160
59,852
KakaoBank Corp. (a)
 
7,718
92,465
Kangwon Land, Inc. (a)
 
5,722
92,205
KB Financial Group, Inc.
 
24,149
810,958
Kia Corp.
 
15,744
731,320
Korea Aerospace Industries Ltd.
 
4,178
138,601
Korea Electric Power Corp. (a)
 
15,076
176,433
Korea Investment Holdings Co. Ltd.
 
2,344
81,373
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)
 
2,508
127,744
Korea Zinc Co. Ltd.
 
555
248,858
Korean Air Lines Co. Ltd. (a)
 
10,766
174,239
KRAFTON, Inc. (a)
 
1,441
179,201
KT&G Corp.
 
6,432
431,257
Kumho Petro Chemical Co. Ltd.
 
1,209
110,963
L&F Co. Ltd. (a)
 
1,364
215,018
LG Chemical Ltd.
 
2,893
1,268,824
LG Corp.
 
6,024
334,263
LG Display Co. Ltd.
 
13,786
122,783
LG Electronics, Inc.
 
6,342
362,573
LG Energy Solution (a)
 
1,441
533,061
LG H & H Co. Ltd.
 
536
191,520
LG Innotek Co. Ltd.
 
883
183,427
LG Uplus Corp.
 
12,020
96,425
Lotte Chemical Corp.
 
1,041
107,942
Lotte Shopping Co. Ltd.
 
712
43,598
Meritz Financial Holdings Co.
 
1,855
28,202
Meritz Fire & Marine Insurance Co. Ltd.
 
2,110
46,492
Meritz Securities Co. Ltd.
 
14,153
36,688
Mirae Asset Securities Co. Ltd.
 
18,991
84,489
NAVER Corp.
 
8,089
960,601
NCSOFT Corp.
 
972
265,589
Netmarble Corp. (b)
 
1,298
40,559
NH Investment & Securities Co. Ltd.
 
8,755
55,021
Orion Corp./Republic of Korea
 
1,321
93,939
Pan Ocean Co., Ltd. (Korea)
 
14,306
43,099
Pearl Abyss Corp. (a)
 
1,612
46,983
POSCO
 
4,819
838,219
POSCO Chemtech Co. Ltd.
 
1,562
218,325
S-Oil Corp.
 
2,799
169,432
S1 Corp.
 
1,067
46,647
Samsung Biologics Co. Ltd. (a)(b)
 
1,078
662,364
Samsung C&T Corp.
 
5,243
435,288
Samsung Electro-Mechanics Co. Ltd.
 
3,298
279,586
Samsung Electronics Co. Ltd.
 
288,377
12,001,229
Samsung Engineering Co. Ltd. (a)
 
9,851
164,607
Samsung Fire & Marine Insurance Co. Ltd.
 
1,810
253,622
Samsung Heavy Industries Co. Ltd. (a)
 
36,625
132,149
Samsung Life Insurance Co. Ltd.
 
5,089
240,310
Samsung SDI Co. Ltd.
 
3,341
1,725,133
Samsung SDS Co. Ltd.
 
2,072
181,459
Samsung Securities Co. Ltd.
 
3,566
79,324
SD Biosensor, Inc.
 
2,263
46,851
Seegene, Inc.
 
1,955
39,310
Shinhan Financial Group Co. Ltd.
 
27,664
701,710
SK Biopharmaceuticals Co. Ltd. (a)
 
1,932
78,643
SK Bioscience Co. Ltd. (a)
 
1,360
72,034
SK Chemicals Co. Ltd.
 
853
52,830
SK Hynix, Inc.
 
33,098
1,917,723
SK IE Technology Co. Ltd. (a)(b)
 
1,463
53,300
SK Innovation Co., Ltd.
 
3,238
392,466
SK Square Co. Ltd. (a)
 
5,594
144,816
SK Telecom Co. Ltd.
 
90
3,159
SK, Inc.
 
2,439
365,683
SKC Co. Ltd.
 
1,252
90,787
Woori Financial Group, Inc.
 
32,152
264,682
Yuhan Corp.
 
2,962
124,098
TOTAL KOREA (SOUTH)
 
 
37,627,389
Kuwait - 0.3%
 
 
 
Agility Public Warehousing Co. KSC
 
86,992
220,112
Boubyan Bank KSC
 
77,155
205,182
Gulf Bank
 
103,716
114,812
Kuwait Finance House KSCP
 
445,885
1,165,618
Mabanee Co. SAKC
 
36,370
102,355
Mobile Telecommunication Co.
 
125,675
242,954
National Bank of Kuwait
 
437,453
1,521,944
TOTAL KUWAIT
 
 
3,572,977
Luxembourg - 0.2%
 
 
 
Allegro.eu SA (a)(b)
 
24,311
118,141
ArcelorMittal SA (Netherlands)
 
31,952
715,367
Aroundtown SA
 
57,813
114,724
Eurofins Scientific SA
 
8,160
522,394
Reinet Investments SCA
 
8,159
131,095
Tenaris SA
 
29,533
462,226
TOTAL LUXEMBOURG
 
 
2,063,947
Malaysia - 0.4%
 
 
 
AMMB Holdings Bhd
 
103,300
89,361
Axiata Group Bhd
 
165,460
99,738
CIMB Group Holdings Bhd
 
422,043
492,741
Dialog Group Bhd
 
209,100
91,105
DiGi.com Bhd
 
182,800
146,534
Genting Bhd
 
118,900
111,657
Genting Malaysia Bhd
 
170,900
99,041
Hap Seng Consolidated Bhd
 
37,700
51,271
Hartalega Holdings Bhd
 
96,000
43,858
Hong Leong Bank Bhd
 
37,000
165,592
Hong Leong Credit Bhd
 
13,100
52,865
IHH Healthcare Bhd
 
101,000
127,104
Inari Amertron Bhd
 
167,900
88,424
IOI Corp. Bhd
 
141,800
122,365
Kuala Lumpur Kepong Bhd
 
26,000
119,222
Malayan Banking Bhd
 
287,498
522,337
Malaysia Airports Holdings Bhd (a)
 
49,100
62,102
Maxis Bhd
 
132,400
107,813
MISC Bhd
 
79,300
121,265
MR DIY Group M Sdn Bhd (b)
 
131,200
56,054
Nestle (Malaysia) Bhd
 
4,500
126,586
Petronas Chemicals Group Bhd
 
141,000
260,051
Petronas Dagangan Bhd
 
17,100
78,411
Petronas Gas Bhd
 
46,500
168,179
PPB Group Bhd
 
37,440
132,244
Press Metal Bhd
 
218,100
200,663
Public Bank Bhd
 
906,100
856,655
QL Resources Bhd
 
65,500
70,931
RHB Bank Bhd
 
80,735
97,674
Sime Darby Bhd
 
161,900
77,046
Sime Darby Plantation Bhd
 
123,316
114,761
Telekom Malaysia Bhd
 
68,521
80,579
Tenaga Nasional Bhd
 
151,200
269,269
Top Glove Corp. Bhd
 
290,500
48,847
TOTAL MALAYSIA
 
 
5,352,345
Mexico - 0.7%
 
 
 
Alfa SA de CV Series A
 
166,800
110,706
America Movil S.A.B. de CV Series L
 
1,705,800
1,614,281
Arca Continental S.A.B. de CV
 
28,800
235,903
CEMEX S.A.B. de CV unit (a)
 
884,880
343,894
Coca-Cola FEMSA S.A.B. de CV unit
 
31,240
196,793
Fibra Uno Administracion SA de CV
 
198,300
231,398
Fomento Economico Mexicano S.A.B. de CV unit
 
116,900
839,181
Gruma S.A.B. de CV Series B
 
11,870
137,692
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
23,200
359,364
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
11,175
261,538
Grupo Bimbo S.A.B. de CV Series A
 
77,900
301,605
Grupo Carso SA de CV Series A1
 
25,400
102,354
Grupo Financiero Banorte S.A.B. de CV Series O
 
158,200
1,285,929
Grupo Financiero Inbursa S.A.B. de CV Series O (a)
 
126,900
234,227
Grupo Mexico SA de CV Series B
 
190,100
689,188
Grupo Televisa SA de CV
 
138,800
147,256
Industrias Penoles SA de CV
 
7,920
89,845
Kimberly-Clark de Mexico SA de CV Series A
 
90,200
142,313
Operadora de Sites Mexicanos, SA de CV
 
75,500
82,157
Orbia Advance Corp. S.A.B. de CV
 
56,900
96,063
Promotora y Operadora de Infraestructura S.A.B. de CV
 
15,030
113,061
Sitios Latinoamerica S.A.B. de CV (a)
 
83,035
24,224
Wal-Mart de Mexico SA de CV Series V
 
318,900
1,231,788
TOTAL MEXICO
 
 
8,870,760
Multi-National - 0.1%
 
 
 
HK Electric Investments & HK Electric Investments Ltd. unit
 
168,000
106,797
HKT Trust/HKT Ltd. unit
 
237,000
267,807
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a)
 
7,133
337,515
TOTAL MULTI-NATIONAL
 
 
712,119
Netherlands - 3.4%
 
 
 
ABN AMRO Bank NV GDR (b)
 
25,975
255,568
Adyen BV (a)(b)
 
1,313
1,874,438
AEGON NV
 
108,786
503,588
AerCap Holdings NV (a)
 
7,893
421,565
Airbus Group NV
 
35,812
3,874,994
Akzo Nobel NV
 
11,072
683,535
Argenx SE (a)
 
3,343
1,297,922
ASM International NV (Netherlands)
 
2,814
625,154
ASML Holding NV (Netherlands)
 
24,529
11,506,239
CNH Industrial NV
 
62,363
807,664
Davide Campari Milano NV
 
33,515
301,204
Euronext NV (b)
 
5,213
331,257
EXOR NV
 
8,427
566,303
Ferrari NV (Italy)
 
7,621
1,502,525
Heineken Holding NV
 
6,162
420,791
Heineken NV (Bearer)
 
15,603
1,304,504
IMCD NV
 
3,325
431,443
ING Groep NV (Certificaten Van Aandelen)
 
236,101
2,323,138
JDE Peet's BV
 
6,186
177,164
Just Eat Takeaway.com NV (a)(b)
 
10,698
183,579
Koninklijke Ahold Delhaize NV
 
63,024
1,757,632
Koninklijke DSM NV
 
10,599
1,246,765
Koninklijke KPN NV
 
199,453
557,891
Koninklijke Philips Electronics NV
 
52,886
670,853
NEPI Rockcastle PLC
 
26,774
134,827
NN Group NV
 
16,828
712,607
OCI NV
 
6,145
235,139
Prosus NV
 
50,051
2,164,290
QIAGEN NV (Germany) (a)
 
13,691
591,267
Randstad NV
 
7,416
369,668
Stellantis NV (Italy)
 
133,260
1,798,943
STMicroelectronics NV (France)
 
41,353
1,285,828
Universal Music Group NV
 
43,448
853,121
Wolters Kluwer NV
 
15,784
1,677,623
X5 Retail Group NV GDR (c)
 
5,899
2,087
Yandex NV Class A (a)(c)
 
15,310
85,716
TOTAL NETHERLANDS
 
 
43,536,832
New Zealand - 0.1%
 
 
 
Auckland International Airport Ltd. (a)
 
73,983
331,206
Fisher & Paykel Healthcare Corp.
 
35,819
407,757
Mercury Nz Ltd.
 
40,241
136,165
Meridian Energy Ltd.
 
79,747
226,261
Spark New Zealand Ltd.
 
110,963
330,311
Xero Ltd. (a)
 
8,234
411,185
TOTAL NEW ZEALAND
 
 
1,842,885
Norway - 0.5%
 
 
 
Adevinta ASA Class B (a)
 
16,742
114,661
Aker BP ASA
 
19,105
609,014
DNB Bank ASA
 
55,650
984,275
Equinor ASA
 
59,078
2,152,431
Gjensidige Forsikring ASA
 
11,772
215,032
Kongsberg Gruppen ASA
 
5,580
199,988
Mowi ASA
 
25,388
378,641
Norsk Hydro ASA
 
81,683
518,386
Orkla ASA
 
44,968
303,316
Salmar ASA
 
3,435
116,371
Telenor ASA
 
42,973
390,533
Yara International ASA
 
10,081
449,934
TOTAL NORWAY
 
 
6,432,582
Peru - 0.0%
 
 
 
Compania de Minas Buenaventura SAA sponsored ADR
 
12,595
87,409
Philippines - 0.2%
 
 
 
Aboitiz Equity Ventures, Inc.
 
98,590
96,605
ACEN Corp.
 
444,200
48,154
Ayala Corp.
 
14,230
164,639
Ayala Land, Inc.
 
431,600
190,963
Bank of the Philippine Islands (BPI)
 
107,190
177,727
BDO Unibank, Inc.
 
116,450
256,625
Converge ICT Solutions, Inc. (a)
 
140,400
29,980
Globe Telecom, Inc.
 
1,763
70,862
GT Capital Holdings, Inc.
 
5,417
38,615
International Container Terminal Services, Inc.
 
63,150
188,733
JG Summit Holdings, Inc.
 
175,601
131,055
Jollibee Food Corp.
 
25,790
103,141
Manila Electric Co.
 
13,390
69,604
Metro Pacific Investments Corp.
 
543,200
34,265
Metropolitan Bank & Trust Co.
 
103,883
92,983
Monde Nissin Corp. (b)
 
414,800
83,835
PLDT, Inc.
 
5,000
140,575
SM Investments Corp.
 
13,745
195,309
SM Prime Holdings, Inc.
 
689,500
375,418
Universal Robina Corp.
 
52,860
111,493
TOTAL PHILIPPINES
 
 
2,600,581
Poland - 0.2%
 
 
 
Bank Polska Kasa Opieki SA
 
10,442
171,565
CD Projekt RED SA
 
3,577
95,230
Cyfrowy Polsat SA
 
18,168
68,119
Dino Polska SA (a)(b)
 
2,892
189,121
KGHM Polska Miedz SA (Bearer)
 
8,928
178,893
LPP SA
 
66
114,606
mBank SA (a)
 
885
49,606
Orange Polska SA
 
44,954
56,799
PGE Polska Grupa Energetyczna SA (a)
 
54,683
62,425
Polski Koncern Naftowy Orlen SA
 
24,027
276,400
Polskie Gornictwo Naftowe i Gazownictwo SA (a)
 
104,107
110,780
Powszechna Kasa Oszczednosci Bank SA
 
54,246
296,222
Powszechny Zaklad Ubezpieczen SA
 
37,692
211,589
Santander Bank Polska SA
 
2,150
114,478
TOTAL POLAND
 
 
1,995,833
Portugal - 0.1%
 
 
 
Energias de Portugal SA
 
167,998
734,656
Galp Energia SGPS SA Class B
 
29,279
297,273
Jeronimo Martins SGPS SA
 
17,019
352,863
TOTAL PORTUGAL
 
 
1,384,792
Qatar - 0.3%
 
 
 
Barwa Real Estate Co. (a)
 
116,183
108,470
Industries Qatar QSC (a)
 
90,759
393,017
Masraf al Rayan
 
354,264
373,258
Mesaieed Petrochemical Holding Co. (a)
 
256,615
159,955
Ooredoo QSC
 
45,175
121,194
Qatar Electricity & Water Co. (a)
 
26,239
133,293
Qatar Fuel Co. (a)
 
27,802
145,661
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
144,727
162,938
Qatar International Islamic Bank QSC (a)
 
43,427
137,969
Qatar Islamic Bank (a)
 
98,677
660,872
Qatar National Bank SAQ (a)
 
283,369
1,551,556
The Commercial Bank of Qatar (a)
 
190,514
329,263
TOTAL QATAR
 
 
4,277,446
Russia - 0.0%
 
 
 
Alrosa Co. Ltd. (c)
 
120,680
30,107
Gazprom OAO (c)
 
601,730
94,421
Inter Rao Ues JSC (c)
 
1,756,400
14,521
LUKOIL PJSC (c)
 
21,149
9,816
Magnit OJSC GDR (Reg. S) (c)
 
18,175
89
MMC Norilsk Nickel PJSC (c)
 
2,499
24,923
MMC Norilsk Nickel PJSC sponsored ADR (c)
 
6,705
4,979
Mobile TeleSystems OJSC sponsored ADR (c)
 
21,752
21,665
Moscow Exchange MICEX-RTS OAO (a)(c)
 
72,930
21,023
Novatek PJSC GDR (Reg. S) (c)
 
4,511
1,152
Novolipetsk Steel OJSC (c)
 
71,070
1,023
PhosAgro PJSC:
 
 
 
 GDR (c)
 
42
1
 GDR (Reg. S) (c)
 
6,442
132
Polyus PJSC (c)
 
1,749
6,168
Rosneft Oil Co. OJSC (c)
 
55,210
13,846
Sberbank of Russia (a)(c)
 
551,355
5,083
Severstal PAO (c)
 
7,553
253
Severstal PAO GDR (Reg. S) (c)
 
2,375
56
Surgutneftegas OJSC (c)
 
351,800
6,455
Tatneft PAO (c)
 
71,609
13,356
United Co. RUSAL International PJSC (c)
 
141,950
25,654
VTB Bank OJSC (a)(c)
 
152,910,000
8,761
TOTAL RUSSIA
 
 
303,484
Saudi Arabia - 1.3%
 
 
 
ACWA Power Co.
 
4,994
231,256
Advanced Polypropylene Co.
 
7,512
88,563
Al Rajhi Bank
 
118,690
2,691,218
Alinma Bank
 
60,241
601,200
Almarai Co. Ltd.
 
14,914
223,459
Arab National Bank
 
35,185
301,983
Bank Al-Jazira
 
23,491
146,164
Bank Albilad
 
30,115
406,337
Banque Saudi Fransi
 
34,555
397,274
Bupa Arabia for Cooperative Insurance Co.
 
3,550
182,340
Dar Al Arkan Real Estate Development Co. (a)
 
31,488
112,459
Dr Sulaiman Al Habib Medical Services Group Co.
 
5,118
308,642
Elm Co.
 
1,425
125,527
Emaar The Economic City (a)
 
28,278
72,171
Etihad Etisalat Co.
 
21,539
209,798
Jarir Marketing Co.
 
3,439
150,097
Mobile Telecommunications Co. Saudi Arabia (a)
 
24,727
85,416
Mouwasat Medical Services Co.
 
3,034
176,830
National Industrialization Co. (a)
 
20,242
72,078
Rabigh Refining & Petrochemical Co. (a)
 
24,589
89,259
Riyad Bank
 
82,377
788,134
Sabic Agriculture-Nutrients Co.
 
13,149
556,397
Sahara International Petrochemical Co.
 
21,166
228,415
Saudi Arabian Mining Co.
 
51,385
1,144,609
Saudi Arabian Oil Co. (b)
 
146,380
1,359,573
Saudi Basic Industries Corp.
 
54,911
1,291,834
Saudi Electricity Co.
 
48,704
349,964
Saudi Industrial Investment Group
 
22,059
131,971
Saudi Investment Bank/The
 
31,191
150,578
Saudi Kayan Petrochemical Co. (a)
 
46,298
162,149
Saudi Research & Marketing Group (a)
 
2,159
115,720
Saudi Tadawul Group Holding Co.
 
2,320
134,104
Saudi Telecom Co.
 
91,634
985,220
The Saudi British Bank
 
54,951
636,151
The Saudi National Bank
 
132,804
2,099,389
The Savola Group
 
14,988
116,871
Yanbu National Petrochemical Co.
 
15,239
181,284
TOTAL SAUDI ARABIA
 
 
17,104,434
Singapore - 0.8%
 
 
 
BOC Aviation Ltd. Class A (b)
 
12,400
83,013
CapitaLand Ascendas REIT
 
197,258
365,086
CapitaLand Investment Ltd.
 
151,445
322,019
CapitaMall Trust
 
318,123
422,486
City Developments Ltd.
 
24,100
129,898
DBS Group Holdings Ltd.
 
109,326
2,641,247
Genting Singapore Ltd.
 
359,200
204,264
Keppel Corp. Ltd.
 
91,900
452,489
Mapletree Logistics Trust (REIT)
 
190,227
204,256
Mapletree Pan Asia Commercial
 
140,600
157,922
Oversea-Chinese Banking Corp. Ltd.
 
204,652
1,753,623
Singapore Airlines Ltd.
 
77,300
287,227
Singapore Exchange Ltd.
 
52,800
314,055
Singapore Technologies Engineering Ltd.
 
92,200
214,934
Singapore Telecommunications Ltd.
 
507,900
896,969
United Overseas Bank Ltd.
 
71,603
1,404,139
UOL Group Ltd.
 
26,900
117,626
Venture Corp. Ltd.
 
18,100
203,683
Wilmar International Ltd.
 
113,000
309,720
TOTAL SINGAPORE
 
 
10,484,656
South Africa - 0.9%
 
 
 
Absa Group Ltd.
 
51,508
560,093
African Rainbow Minerals Ltd.
 
6,408
90,234
Anglo American Platinum Ltd.
 
3,267
259,870
AngloGold Ashanti Ltd.
 
24,445
319,245
Aspen Pharmacare Holdings Ltd.
 
21,989
181,071
Bid Corp. Ltd.
 
20,881
335,983
Bidvest Group Ltd./The
 
16,551
191,453
Capitec Bank Holdings Ltd.
 
5,275
545,791
Clicks Group Ltd.
 
14,330
242,815
Discovery Ltd. (a)
 
29,520
193,203
Exxaro Resources Ltd.
 
14,146
157,503
FirstRand Ltd.
 
307,604
1,077,608
Foschini Group Ltd./The
 
21,099
131,990
Gold Fields Ltd.
 
54,231
434,434
Growthpoint Properties Ltd.
 
202,891
143,039
Harmony Gold Mining Co. Ltd.
 
33,464
92,680
Impala Platinum Holdings Ltd.
 
50,634
518,425
Kumba Iron Ore Ltd.
 
3,618
68,148
Mr Price Group Ltd.
 
15,306
147,354
MTN Group Ltd.
 
104,040
735,410
MultiChoice Group Ltd.
 
23,718
154,985
Naspers Ltd. Class N
 
13,156
1,356,145
Nedbank Group Ltd.
 
28,436
336,797
Northam Platinum Holdings Ltd. (a)
 
21,274
199,644
Old Mutual Ltd.
 
268,503
152,605
Pepkor Holdings Ltd. (b)
 
99,812
123,184
Remgro Ltd.
 
31,180
232,058
Sanlam Ltd.
 
104,710
304,632
Sasol Ltd.
 
34,557
580,905
Shoprite Holdings Ltd.
 
31,011
394,881
Sibanye-Stillwater Ltd.
 
173,404
406,151
Spar Group Ltd./The
 
11,895
100,859
Standard Bank Group Ltd.
 
80,906
756,040
Vodacom Group Ltd.
 
37,469
255,610
Woolworths Holdings Ltd.
 
61,512
211,271
TOTAL SOUTH AFRICA
 
 
11,992,116
Spain - 1.5%
 
 
 
Acciona SA
 
1,449
260,763
ACS Actividades de Construccion y Servicios SA
 
14,474
371,187
Aena SME SA (a)(b)
 
4,446
522,545
Amadeus IT Holding SA Class A (a)
 
27,302
1,423,944
Banco Bilbao Vizcaya Argentaria SA
 
403,015
2,079,071
Banco Santander SA (Spain)
 
1,032,746
2,676,043
CaixaBank SA
 
266,182
882,672
Cellnex Telecom SA (b)
 
33,088
1,082,979
EDP Renovaveis SA
 
17,622
371,112
Enagas SA
 
14,706
238,736
Endesa SA
 
19,048
317,846
Ferrovial SA
 
29,027
708,829
Grifols SA (a)
 
17,377
147,789
Iberdrola SA
 
359,203
3,652,836
Industria de Diseno Textil SA
 
66,375
1,504,751
Naturgy Energy Group SA
 
8,299
212,911
Red Electrica Corporacion SA
 
23,705
383,445
Repsol SA
 
88,552
1,204,704
Siemens Gamesa Renewable Energy SA (a)
 
14,591
258,975
Telefonica SA
 
318,708
1,098,649
TOTAL SPAIN
 
 
19,399,787
Sweden - 2.0%
 
 
 
Alfa Laval AB
 
17,578
433,193
ASSA ABLOY AB (B Shares)
 
60,846
1,228,607
Atlas Copco AB:
 
 
 
 (A Shares) (d)
 
161,542
1,724,179
 (B Shares)
 
94,808
916,904
Boliden AB
 
16,636
484,561
Electrolux AB (B Shares)
 
13,102
161,692
Embracer Group AB (a)(d)
 
39,176
188,656
Epiroc AB:
 
 
 
 (A Shares)
 
38,806
594,060
 (B Shares)
 
23,998
322,438
EQT AB
 
17,442
343,747
Ericsson (B Shares)
 
176,188
979,490
Essity AB (B Shares)
 
36,553
772,694
Evolution AB (b)
 
10,938
1,020,326
Fastighets AB Balder (a)
 
39,094
146,923
Getinge AB (B Shares)
 
13,959
283,575
H&M Hennes & Mauritz AB (B Shares) (d)
 
45,593
459,220
Hexagon AB (B Shares)
 
117,706
1,163,629
Holmen AB (B Shares)
 
5,364
194,618
Husqvarna AB (B Shares)
 
26,562
157,703
Industrivarden AB:
 
 
 
 (A Shares)
 
7,399
167,666
 (C Shares)
 
10,709
240,635
Indutrade AB
 
16,983
297,401
Investment AB Latour (B Shares)
 
8,685
146,897
Investor AB:
 
 
 
 (A Shares)
 
35,410
602,610
 (B Shares)
 
104,467
1,706,487
Kinnevik AB (B Shares) (a)
 
13,807
170,693
L E Lundbergforetagen AB
 
4,575
180,743
Lifco AB
 
14,377
207,754
Nibe Industrier AB (B Shares)
 
92,072
734,661
Sagax AB
 
11,634
214,531
Sandvik AB
 
63,754
996,268
Securitas AB (B Shares)
 
41,133
336,554
Sinch AB (a)(b)
 
1,122
2,642
Skandinaviska Enskilda Banken AB (A Shares)
 
97,111
1,024,656
Skanska AB (B Shares)
 
19,912
309,829
SKF AB (B Shares)
 
22,518
325,962
Svenska Cellulosa AB SCA (B Shares)
 
36,178
426,946
Svenska Handelsbanken AB (A Shares)
 
88,032
817,908
Swedbank AB (A Shares)
 
54,750
816,216
Swedish Match Co. AB
 
91,694
943,063
Swedish Orphan Biovitrum AB (a)
 
9,854
181,440
Tele2 AB (B Shares)
 
33,160
271,858
Telia Co. AB
 
162,016
429,305
Volvo AB:
 
 
 
 (A Shares)
 
16,481
281,520
 (B Shares)
 
86,151
1,410,028
Volvo Car AB
 
37,116
157,625
TOTAL SWEDEN
 
 
24,978,113
Switzerland - 6.4%
 
 
 
ABB Ltd. (Reg.)
 
99,459
2,762,006
Accelleron Industries Ltd. (a)
 
249
4,222
Adecco SA (Reg.)
 
10,301
322,380
Alcon, Inc. (Switzerland)
 
30,193
1,837,481
Bachem Holding AG (B Shares)
 
1,978
141,928
Baloise Holdings AG
 
2,842
388,261
Barry Callebaut AG
 
221
418,010
Clariant AG (Reg.)
 
12,399
199,479
Coca-Cola HBC AG
 
11,756
256,491
Compagnie Financiere Richemont SA Series A
 
31,530
3,081,539
Credit Suisse Group AG
 
159,287
659,841
Ems-Chemie Holding AG
 
412
259,004
Geberit AG (Reg.)
 
2,146
954,325
Givaudan SA
 
559
1,669,157
Holcim AG
 
33,589
1,526,027
Julius Baer Group Ltd.
 
13,534
649,346
Kuehne & Nagel International AG
 
3,270
696,877
Lindt & Spruengli AG
 
7
680,182
Lindt & Spruengli AG (participation certificate)
 
65
623,159
Logitech International SA (Reg.)
 
10,854
540,342
Lonza Group AG
 
4,503
2,318,073
Nestle SA (Reg. S)
 
169,764
18,480,321
Novartis AG
 
130,422
10,549,935
Partners Group Holding AG
 
1,381
1,240,397
Roche Holding AG:
 
 
 
 (Bearer)
 
1,697
688,392
 (participation certificate)
 
42,290
14,031,745
Schindler Holding AG:
 
 
 
 (participation certificate)
 
2,569
418,824
 (Reg.)
 
1,338
210,585
SGS SA (Reg.)
 
381
839,919
Sig Group AG
 
18,575
356,901
Sika AG
 
8,873
2,000,647
Sonova Holding AG
 
3,213
759,492
Straumann Holding AG
 
6,805
647,641
Swatch Group AG (Bearer)
 
1,725
387,624
Swatch Group AG (Bearer) (Reg.)
 
3,441
143,777
Swiss Life Holding AG
 
1,911
925,395
Swiss Prime Site AG
 
4,444
358,591
Swiss Re Ltd.
 
18,262
1,356,589
Swisscom AG
 
1,592
785,865
Temenos Group AG
 
3,715
221,486
UBS Group AG
 
212,549
3,372,850
VAT Group AG (b)
 
1,653
377,697
Zurich Insurance Group Ltd.
 
9,055
3,859,005
TOTAL SWITZERLAND
 
 
82,001,808
Taiwan - 3.5%
 
 
 
Accton Technology Corp.
 
31,000
233,552
Acer, Inc.
 
161,000
110,315
Advantech Co. Ltd.
 
24,798
225,269
ASE Technology Holding Co. Ltd.
 
194,500
479,781
Asia Cement Corp.
 
134,000
154,964
ASMedia Technology, Inc.
 
2,000
36,089
ASUSTeK Computer, Inc.
 
45,000
329,261
AUO Corp.
 
385,600
202,041
Catcher Technology Co. Ltd.
 
40,000
210,206
Cathay Financial Holding Co. Ltd.
 
467,436
547,811
Chang Hwa Commercial Bank
 
297,054
152,883
Cheng Shin Rubber Industry Co. Ltd.
 
106,000
106,151
China Airlines Ltd.
 
186,000
97,746
China Development Financial Ho
 
986,313
359,310
China Steel Corp.
 
723,000
601,865
Chunghwa Telecom Co. Ltd.
 
227,000
781,913
Compal Electronics, Inc.
 
249,000
162,891
CTBC Financial Holding Co. Ltd.
 
1,079,000
682,446
Delta Electronics, Inc.
 
118,000
942,054
E Ink Holdings, Inc.
 
52,000
331,308
E.SUN Financial Holdings Co. Ltd.
 
773,925
556,677
ECLAT Textile Co. Ltd.
 
11,000
144,773
eMemory Technology, Inc.
 
4,000
133,317
EVA Airways Corp.
 
150,000
108,824
Evergreen Marine Corp. (Taiwan)
 
59,343
252,981
Far Eastern New Century Corp.
 
200,000
199,355
Far EasTone Telecommunications Co. Ltd.
 
93,000
203,854
Feng Tay Enterprise Co. Ltd.
 
26,200
130,375
First Financial Holding Co. Ltd.
 
651,893
500,228
Formosa Chemicals & Fibre Corp.
 
222,000
478,359
Formosa Petrochemical Corp.
 
66,000
169,839
Formosa Plastics Corp.
 
249,000
641,530
Fubon Financial Holding Co. Ltd.
 
456,921
722,483
Giant Manufacturing Co. Ltd.
 
19,000
121,055
GlobalWafers Co. Ltd.
 
14,000
155,609
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
754,800
2,398,679
Hotai Motor Co. Ltd.
 
18,000
325,913
Hua Nan Financial Holdings Co. Ltd.
 
520,281
339,552
Innolux Corp.
 
537,570
197,501
Inventec Corp.
 
140,000
105,909
Largan Precision Co. Ltd.
 
6,000
344,143
Lite-On Technology Corp.
 
122,000
242,079
MediaTek, Inc.
 
92,000
1,682,892
Mega Financial Holding Co. Ltd.
 
671,200
622,214
Micro-Star International Co. Ltd.
 
43,000
145,982
momo.com, Inc.
 
3,600
53,854
Nan Ya Plastics Corp.
 
293,000
620,447
Nan Ya Printed Circuit Board Corp.
 
13,000
85,245
Nanya Technology Corp.
 
71,000
119,970
Nien Made Enterprise Co. Ltd.
 
10,000
77,200
Novatek Microelectronics Corp.
 
34,000
254,046
Pegatron Corp.
 
122,000
223,166
Pou Chen Corp.
 
139,000
117,435
Powerchip Semiconductor Manufacturing Corp.
 
174,725
166,848
President Chain Store Corp.
 
36,000
299,126
Quanta Computer, Inc.
 
168,000
356,272
Realtek Semiconductor Corp.
 
27,000
213,462
Ruentex Development Co. Ltd.
 
111,750
137,202
Shin Kong Financial Holding Co. Ltd.
 
813,393
201,747
Sinopac Financial Holdings Co.
 
605,651
302,319
Synnex Technology International Corp.
 
75,000
122,310
Taishin Financial Holdings Co. Ltd.
 
635,354
261,005
Taiwan Cement Corp.
 
381,667
357,953
Taiwan Cooperative Financial Holding Co. Ltd.
 
581,376
450,623
Taiwan High Speed Rail Corp.
 
119,000
103,674
Taiwan Mobile Co. Ltd.
 
101,000
297,796
Taiwan Semiconductor Manufacturing Co. Ltd.
 
1,487,000
17,859,566
The Shanghai Commercial & Savings Bank Ltd.
 
223,899
322,097
The Shanghai Commercial & Savings Bank Ltd. rights (a)
 
16,413
4,783
Uni-President Enterprises Corp.
 
287,000
582,827
Unimicron Technology Corp.
 
78,000
301,079
United Microelectronics Corp.
 
711,000
854,115
Vanguard International Semiconductor Corp.
 
51,000
104,992
Voltronic Power Technology Corp.
 
4,000
162,460
Walsin Lihwa Corp.
 
158,162
175,305
Wan Hai Lines Ltd.
 
49,145
103,154
Win Semiconductors Corp.
 
20,000
75,650
Winbond Electronics Corp.
 
172,000
103,987
Wiwynn Corp.
 
5,629
126,353
WPG Holding Co. Ltd.
 
89,400
121,818
Yageo Corp.
 
20,213
229,992
Yang Ming Marine Transport Corp.
 
103,000
192,243
Yuanta Financial Holding Co. Ltd.
 
589,372
359,975
TOTAL TAIWAN
 
 
44,174,075
Thailand - 0.6%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
27,500
138,060
Advanced Information Service PCL NVDR
 
44,600
223,909
Airports of Thailand PCL:
 
 
 
 (For. Reg.) (a)
 
171,900
334,357
 NVDR (a)
 
76,700
149,186
Asset World Corp. PCL:
 
 
 
 (For. Reg.)
 
326,600
52,366
 NVDR
 
246,700
39,555
B. Grimm Power PCL:
 
 
 
 (For. Reg.)
 
25,000
22,178
 NVDR
 
14,900
13,218
Bangkok Commercial Asset Management PCL:
 
 
 
 (For. Reg.)
 
50,700
20,389
 NVDR
 
49,900
20,068
Bangkok Dusit Medical Services PCL:
 
 
 
 (For. Reg.)
 
292,100
226,494
 NVDR
 
346,100
268,365
Bangkok Expressway and Metro PCL:
 
 
 
 (For. Reg.)
 
154,900
38,272
 NVDR
 
271,800
67,155
Berli Jucker PCL:
 
 
 
 unit
 
50,900
45,823
 (For. Reg.)
 
16,000
14,404
BTS Group Holdings PCL:
 
 
 
 (For. Reg.)
 
53,600
11,694
 NVDR
 
421,400
91,934
Bumrungrad Hospital PCL:
 
 
 
 NVDR
 
16,100
96,063
 (For. Reg.)
 
10,800
64,439
Carabao Group PCL NVDR
 
16,900
40,090
Central Pattana PCL:
 
 
 
 (For. Reg.)
 
74,500
134,627
 NVDR
 
55,700
100,654
Central Retail Corp. PCL:
 
 
 
 (For. Reg.)
 
96,317
106,330
 NVDR
 
7,300
8,059
Charoen Pokphand Foods PCL:
 
 
 
 (For. Reg.)
 
110,100
73,072
 (NVDR)
 
109,900
72,939
CP ALL PCL:
 
 
 
 (For. Reg.)
 
143,900
226,942
 NVDR
 
215,200
339,388
Delta Electronics PCL:
 
 
 
 (For. Reg.)
 
1,600
24,392
 NVDR
 
18,600
283,559
Electricity Generating PCL:
 
 
 
 (For. Reg.)
 
6,900
30,923
 NVDR
 
10,500
47,056
Energy Absolute PCL:
 
 
 
 (For. Reg.)
 
54,700
138,745
 NVDR
 
51,400
130,375
Global Power Synergy Public Co. Ltd.:
 
 
 
 (For. Reg.)
 
24,100
39,275
 NVDR
 
19,400
31,615
Gulf Energy Development PCL:
 
 
 
 (For. Reg.)
 
68,700
91,191
 NVDR
 
115,700
153,577
Home Product Center PCL:
 
 
 
 (For. Reg.)
 
208,400
79,975
 NVDR
 
149,000
57,180
Indorama Ventures PCL:
 
 
 
 (For. Reg.)
 
15,800
17,443
 NVDR
 
111,400
122,981
Intouch Holdings PCL:
 
 
 
 (For. Reg.)
 
22,700
42,960
 NVDR
 
45,000
85,162
JMT Network Services PCL NVDR
 
39,100
66,802
Kasikornbank PCL NVDR
 
35,000
134,315
Krung Thai Bank PCL:
 
 
 
 (For. Reg.)
 
95,600
43,974
 NVDR
 
114,400
52,622
Krungthai Card PCL:
 
 
 
 (For. Reg.)
 
27,500
41,201
 NVDR
 
27,100
40,602
Land & House PCL:
 
 
 
 NVDR
 
268,500
64,928
 (For. Reg.)
 
249,000
60,213
Minor International PCL:
 
 
 
 unit (a)
 
86,641
64,335
 warrants 2/15/24 (a)
 
671
53
 (For. Reg.) (a)
 
98,681
73,275
Muangthai Leasing PCL:
 
 
 
 (For. Reg.)
 
19,800
18,866
 NVDR
 
24,500
23,344
Osotspa PCL:
 
 
 
 (For. Reg.)
 
17,500
12,190
 NVDR
 
66,800
46,529
PTT Exploration and Production PCL:
 
 
 
 (For. Reg.)
 
33,000
157,432
 NVDR
 
49,200
234,717
PTT Global Chemical PCL:
 
 
 
 (For. Reg.)
 
29,000
33,158
 NVDR
 
105,300
120,398
PTT Oil & Retail Business PCL NVDR
 
171,200
108,448
PTT PCL:
 
 
 
 (For. Reg.)
 
314,700
297,784
 NVDR
 
286,400
271,005
Ratch Group PCL:
 
 
 
 unit
 
45,900
49,465
 (For. Reg.)
 
15,300
16,488
SCB X PCL:
 
 
 
 (For. Reg.)
 
15,800
44,022
 NVDR unit
 
24,100
67,147
SCG Packaging PCL NVDR
 
76,000
103,877
Siam Cement PCL:
 
 
 
 (For. Reg.)
 
25,900
220,570
 NVDR
 
20,800
177,138
Siam Commercial Bank PCL (For. Reg.)
 
15,800
36,569
Srisawad Corp. PCL:
 
 
 
 warrants 8/29/25 (a)
 
712
61
 (For. Reg.)
 
23,500
25,325
 NVDR
 
18,400
19,829
Thai Oil PCL:
 
 
 
 (For. Reg.)
 
22,133
31,706
 NVDR
 
59,766
85,616
Thai Union Frozen Products PCL:
 
 
 
 (For. Reg.)
 
95,300
45,089
 NVDR
 
102,200
48,353
 rights (a)(c)
 
2,897
1,341
 rights (a)(c)
 
2,702
1,250
True Corp. PCL:
 
 
 
 (For. Reg.)
 
174,800
22,789
 NVDR
 
591,800
77,154
TOTAL THAILAND
 
 
7,456,419
Turkey - 0.1%
 
 
 
Akbank TAS
 
186,001
146,089
Aselsan A/S
 
42,453
73,483
Bim Birlesik Magazalar A/S JSC
 
26,487
190,674
Eregli Demir ve Celik Fabrikalari T.A.S.
 
87,509
139,625
Ford Otomotiv Sanayi A/S
 
4,199
81,885
Haci Omer Sabanci Holding A/S
 
60,851
109,644
Koc Holding A/S
 
44,865
134,010
Turk Hava Yollari AO (a)
 
32,946
179,294
Turk Sise ve Cam Fabrikalari A/S
 
88,899
158,654
Turkcell Iletisim Hizmet A/S
 
72,920
100,443
Turkiye Is Bankasi A/S Series C
 
214,897
107,597
Turkiye Petrol Rafinerileri A/S (a)
 
7,269
148,002
TOTAL TURKEY
 
 
1,569,400
United Arab Emirates - 0.4%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
162,876
419,041
Abu Dhabi Islamic Bank
 
84,530
218,626
Abu Dhabi National Oil Co. for Distribution PJSC
 
179,268
220,113
Aldar Properties PJSC
 
224,673
264,242
Dubai Islamic Bank Pakistan Ltd.
 
167,910
266,052
Emaar Properties PJSC (a)
 
233,980
386,028
Emirates NBD Bank PJSC
 
111,181
401,064
Emirates Telecommunications Corp.
 
214,109
1,503,910
First Abu Dhabi Bank PJSC
 
271,783
1,324,471
TOTAL UNITED ARAB EMIRATES
 
 
5,003,547
United Kingdom - 8.9%
 
 
 
3i Group PLC
 
58,271
776,075
Abrdn PLC
 
129,668
236,438
Admiral Group PLC
 
10,571
244,517
Anglo American PLC (United Kingdom)
 
76,709
2,297,758
Antofagasta PLC
 
23,812
321,001
Ashtead Group PLC
 
26,895
1,403,365
Associated British Foods PLC
 
20,832
322,881
AstraZeneca PLC (United Kingdom)
 
93,517
10,972,555
Auto Trader Group PLC (b)
 
59,273
354,795
Aveva Group PLC
 
7,036
251,749
Aviva PLC
 
169,322
812,175
BAE Systems PLC
 
191,305
1,789,385
Barclays PLC
 
1,012,144
1,719,890
Barratt Developments PLC
 
60,145
259,411
Berkeley Group Holdings PLC
 
6,435
256,148
BP PLC
 
1,142,987
6,323,699
BP PLC sponsored ADR
 
3,945
131,290
British American Tobacco PLC (United Kingdom)
 
129,687
5,121,790
British Land Co. PLC
 
51,475
215,996
BT Group PLC
 
418,691
623,241
Bunzl PLC
 
20,290
661,060
Burberry Group PLC
 
24,169
503,064
Compass Group PLC
 
108,138
2,277,584
Croda International PLC
 
8,497
658,719
Diageo PLC
 
137,737
5,668,224
GSK PLC
 
245,672
4,024,377
Haleon PLC (a)
 
308,505
948,167
Halma PLC
 
22,701
550,609
Hargreaves Lansdown PLC
 
20,985
183,669
Hikma Pharmaceuticals PLC
 
9,491
135,945
HSBC Holdings PLC (United Kingdom)
 
1,211,656
6,218,283
Imperial Brands PLC
 
54,193
1,320,093
Informa PLC
 
90,969
579,620
InterContinental Hotel Group PLC
 
11,597
623,115
Intertek Group PLC
 
9,882
414,096
J Sainsbury PLC
 
102,589
228,681
JD Sports Fashion PLC
 
149,635
167,208
Johnson Matthey PLC
 
11,275
250,134
Kingfisher PLC
 
118,472
297,653
Land Securities Group PLC
 
40,730
266,429
Legal & General Group PLC
 
363,004
971,131
Lloyds Banking Group PLC
 
4,200,024
2,017,137
London Stock Exchange Group PLC
 
19,815
1,717,605
M&G PLC
 
160,761
323,000
Melrose Industries PLC
 
254,398
341,048
Mondi PLC
 
26,775
449,069
Mondi PLC
 
3,073
52,571
National Grid PLC
 
219,567
2,392,210
NatWest Group PLC
 
322,851
869,337
Next PLC
 
7,858
444,180
NMC Health PLC (a)
 
2,259
45
Ocado Group PLC (a)
 
34,890
189,149
Pearson PLC
 
40,884
451,896
Persimmon PLC
 
18,672
279,440
Phoenix Group Holdings PLC
 
46,487
289,160
Prudential PLC
 
166,480
1,546,544
Reckitt Benckiser Group PLC
 
43,117
2,861,417
RELX PLC (London Stock Exchange)
 
115,553
3,103,811
Rentokil Initial PLC
 
151,528
945,551
Rio Tinto PLC
 
67,808
3,543,758
Rolls-Royce Holdings PLC (a)
 
519,976
466,348
Sage Group PLC
 
61,893
515,875
Schroders PLC
 
42,911
192,757
Segro PLC
 
74,413
669,894
Severn Trent PLC
 
14,544
417,477
Shell PLC (London)
 
448,816
12,432,925
Smith & Nephew PLC
 
52,962
625,847
Smiths Group PLC
 
23,351
417,885
Spirax-Sarco Engineering PLC
 
4,505
555,381
SSE PLC
 
65,296
1,166,897
St. James's Place PLC
 
33,860
413,546
Standard Chartered PLC (United Kingdom)
 
152,435
909,374
Taylor Wimpey PLC
 
203,827
219,210
Tesco PLC
 
457,570
1,130,145
Unilever PLC
 
153,985
6,999,289
United Utilities Group PLC
 
41,461
446,792
Vodafone Group PLC
 
1,481,977
1,730,064
Vodafone Group PLC sponsored ADR
 
13,592
160,522
Whitbread PLC
 
12,416
365,429
TOTAL UNITED KINGDOM
 
 
113,034,605
United States of America - 0.2%
 
 
 
360 DigiTech, Inc. ADR
 
6,415
65,176
Coca-Cola European Partners PLC
 
12,564
591,136
Legend Biotech Corp. ADR (a)
 
2,754
137,204
Li Auto, Inc. ADR (a)
 
32,701
445,388
NICE Ltd. sponsored ADR (a)
 
278
52,789
Southern Copper Corp.
 
5,011
235,367
Yum China Holdings, Inc.
 
25,919
1,071,751
TOTAL UNITED STATES OF AMERICA
 
 
2,598,811
 
TOTAL COMMON STOCKS
  (Cost $1,435,345,055)
 
 
 
1,204,088,723
 
 
 
 
Nonconvertible Preferred Stocks - 1.0%
 
 
Shares
Value ($)
 
Brazil - 0.5%
 
 
 
Banco Bradesco SA (PN)
 
318,095
1,222,992
Braskem SA Class A
 
11,600
75,701
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)
 
16,055
165,725
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
86,120
189,562
Gerdau SA
 
67,100
334,493
Itau Unibanco Holding SA
 
295,550
1,739,371
Itausa-Investimentos Itau SA (PN)
 
274,574
570,889
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
282,800
1,632,033
TOTAL BRAZIL
 
 
5,930,766
Chile - 0.0%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B)
 
8,540
812,816
Colombia - 0.0%
 
 
 
Bancolombia SA (PN)
 
25,820
163,376
Germany - 0.3%
 
 
 
Bayerische Motoren Werke AG (BMW) (non-vtg.)
 
4,406
325,261
Dr. Ing. h.c. F. Porsche AG Series F (a)
 
6,877
703,406
Henkel AG & Co. KGaA
 
10,682
672,951
Porsche Automobil Holding SE (Germany)
 
9,116
509,332
Sartorius AG (non-vtg.)
 
1,476
520,886
Volkswagen AG
 
11,257
1,440,912
TOTAL GERMANY
 
 
4,172,748
Korea (South) - 0.2%
 
 
 
AMOREPACIFIC Corp.
 
450
11,602
Hyundai Motor Co.
 
1,106
60,751
Hyundai Motor Co. Series 2
 
2,956
165,267
LG Chemical Ltd.
 
716
144,974
LG H & H Co. Ltd.
 
149
29,282
Samsung Electronics Co. Ltd.
 
49,749
1,857,763
TOTAL KOREA (SOUTH)
 
 
2,269,639
Russia - 0.0%
 
 
 
Surgutneftegas OJSC (c)
 
352,900
9,207
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $15,258,676)
 
 
 
13,358,552
 
 
 
 
Government Obligations - 0.4%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.4%
 
 
 
U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (f)
  (Cost $4,885,784)
 
4,900,000
4,853,324
 
 
 
 
Money Market Funds - 4.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (g)
 
47,486,913
47,496,410
Fidelity Securities Lending Cash Central Fund 3.10% (g)(h)
 
11,110,689
11,111,800
 
TOTAL MONEY MARKET FUNDS
  (Cost $58,608,210)
 
 
58,608,210
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
  (Cost $1,514,097,725)
 
 
 
1,280,908,809
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(5,101,030)
NET ASSETS - 100.0%
1,275,807,779
 
 
 
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)
428
Dec 2022
37,576,260
252,413
252,413
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
376
Dec 2022
16,047,680
(1,053,084)
(1,053,084)
TME S&P/TSX 60 Index Contracts (Canada)
28
Dec 2022
4,840,577
97,997
97,997
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(702,674)
The notional amount of futures purchased as a percentage of Net Assets is 4.6%
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $28,459,066 or 2.2% of net assets.
 
(c)
Level 3 security
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,023,918.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
35,973,953
355,604,810
344,082,353
388,789
-
-
47,496,410
0.1%
Fidelity Securities Lending Cash Central Fund 3.10%
6,771,783
67,184,295
62,844,278
47,501
-
-
11,111,800
0.0%
Total
42,745,736
422,789,105
406,926,631
436,290
-
-
58,608,210
 
 
 
 
 
 
 
 
 
 
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, 2022, 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
69,110,724
28,000,617
40,999,653
110,454
Consumer Discretionary
130,365,276
56,081,839
74,275,895
7,542
Consumer Staples
110,354,284
48,073,883
62,275,634
4,767
Energy
80,648,147
45,287,141
35,212,753
148,253
Financials
254,836,061
165,464,296
89,325,116
46,649
Health Care
121,573,824
39,523,338
82,050,486
-
Industrials
151,928,567
86,274,475
65,654,092
-
Information Technology
132,441,542
73,463,471
58,978,071
-
Materials
98,897,016
63,707,567
35,096,153
93,296
Real Estate
26,643,887
22,201,617
4,426,515
15,755
Utilities
40,647,947
23,715,178
16,918,248
14,521
 Government Obligations
4,853,324
-
4,853,324
-
  Money Market Funds
58,608,210
58,608,210
-
-
 Total Investments in Securities:
1,280,908,809
710,401,632
570,065,940
441,237
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
350,410
350,410
-
-
  Total Assets
350,410
350,410
-
-
 Liabilities
 
 
 
 
Futures Contracts
(1,053,084)
(1,053,084)
-
-
  Total Liabilities
(1,053,084)
(1,053,084)
-
-
 Total Derivative Instruments:
(702,674)
(702,674)
-
-
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
128,262
 
  Net Realized Gain (Loss) on Investment Securities
 
(162,456)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(15,312,421)
 
  Cost of Purchases
 
1,640,657
 
  Proceeds of Sales
 
(189,463)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
14,431,782
 
  Transfers out of Level 3
 
(95,124)
 
  Ending Balance
$
441,237
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(15,333,239)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
 
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, 2022. 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)  
350,410
(1,053,084)
Total Equity Risk
350,410
(1,053,084)
Total Value of Derivatives
350,410
(1,053,084)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $10,581,560) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,455,489,515)
 
$1,222,300,599
 
 
Fidelity Central Funds (cost $58,608,210)
 
58,608,210
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,514,097,725)
 
 
$
1,280,908,809
Foreign currency held at value (cost $2,268,418)
 
 
 
2,215,744
Receivable for investments sold
 
 
 
192,117
Receivable for fund shares sold
 
 
 
2,374,119
Dividends receivable
 
 
 
2,415,406
Reclaims receivable
 
 
 
1,762,463
Distributions receivable from Fidelity Central Funds
 
 
 
110,517
  Total assets
 
 
 
1,289,979,175
Liabilities
 
 
 
 
Payable for investments purchased
 
$1,306
 
 
Payable for fund shares redeemed
 
1,284,151
 
 
Payable for daily variation margin on futures contracts
 
389,645
 
 
Deferred taxes
 
1,384,688
 
 
Other payables and accrued expenses
 
47
 
 
Collateral on securities loaned
 
11,111,559
 
 
  Total Liabilities
 
 
 
14,171,396
Net Assets  
 
 
$
1,275,807,779
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,526,568,846
Total accumulated earnings (loss)
 
 
 
(250,761,067)
Net Assets
 
 
$
1,275,807,779
Net Asset Value , offering price and redemption price per share ($1,275,807,779 ÷ 123,131,598 shares)
 
 
$
10.36
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
41,540,238
Non-Cash dividends
 
 
 
2,831,647
Interest  
 
 
30,412
Income from Fidelity Central Funds (including $47,501 from security lending)
 
 
 
436,290
 Income before foreign taxes withheld
 
 
 
44,838,587
Less foreign taxes withheld
 
 
 
(4,095,874)
 Total Income
 
 
 
40,742,713
Expenses
 
 
 
 
Independent trustees' fees and expenses
 
4,283
 
 
 Total expenses before reductions
 
4,283
 
 
 Expense reductions
 
(63)
 
 
 Total expenses after reductions
 
 
 
4,220
Net Investment income (loss)
 
 
 
40,738,493
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $63,589)
 
(19,442,702)
 
 
 Foreign currency transactions
 
(525,304)
 
 
 Futures contracts
 
(11,861,291)
 
 
Total net realized gain (loss)
 
 
 
(31,829,297)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $139,893)  
 
(379,349,969)
 
 
 Assets and liabilities in foreign currencies
 
(263,279)
 
 
 Futures contracts
 
(1,516,777)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(381,130,025)
Net gain (loss)
 
 
 
(412,959,322)
Net increase (decrease) in net assets resulting from operations
 
 
$
(372,220,829)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
40,738,493
$
24,595,144
Net realized gain (loss)
 
(31,829,297)
 
 
(4,206,679)
 
Change in net unrealized appreciation (depreciation)
 
(381,130,025)
 
160,024,832
 
Net increase (decrease) in net assets resulting from operations
 
(372,220,829)
 
 
180,413,297
 
Distributions to shareholders
 
(29,150,134)
 
 
(10,454,288)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
735,487,480
 
773,112,753
  Reinvestment of distributions
 
19,695,566
 
 
7,447,910
 
Cost of shares redeemed
 
(350,156,302)
 
(253,488,031)
  Net increase (decrease) in net assets resulting from share transactions
 
405,026,744
 
 
527,072,632
 
Total increase (decrease) in net assets
 
3,655,781
 
 
697,031,641
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,272,151,998
 
575,120,357
 
End of period
$
1,275,807,779
$
1,272,151,998
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
60,059,205
 
56,476,027
  Issued in reinvestment of distributions
 
1,491,705
 
 
587,374
 
Redeemed
 
(28,896,363)
 
(18,694,973)
Net increase (decrease)
 
32,654,547
 
38,368,428
 
 
 
 
 
 
 
Financial Highlights
Fidelity Flex® International Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.06
$
11.04
$
11.59
$
10.60
$
11.79
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.37
 
.35
 
.27
 
.37
 
.36
     Net realized and unrealized gain (loss)
 
(3.76)
 
2.87
 
(.52)
 
.81
 
(1.35)
  Total from investment operations
 
(3.39)  
 
3.22  
 
(.25)  
 
1.18  
 
(.99)
  Distributions from net investment income
 
(.31)
 
(.20)
 
(.30)
 
(.19)
 
(.15)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.05)
     Total distributions
 
(.31)
 
(.20)
 
(.30)
 
(.19)
 
(.20)
  Net asset value, end of period
$
10.36
$
14.06
$
11.04
$
11.59
$
10.60
 Total Return   C
 
(24.60)%
 
29.31%
 
(2.24)%
 
11.40%
 
(8.53)%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions F
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of fee waivers, if any F
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions F
 
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
3.10%
 
2.56%
 
2.46%
 
3.35%
 
3.13%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,275,808
$
1,272,152
$
575,120
$
378,587
$
244,871
    Portfolio turnover rate G
 
4%
 
5%
 
4%
 
4%
 
4% H
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
D Fees and expenses of any underlying 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.
 
E 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.
 
F Amount represents less than .005%.
 
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
H Portfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Flex International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards, partnerships and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$94,882,136
Gross unrealized depreciation
(338,490,606)
Net unrealized appreciation (depreciation)
$(243,608,470)
Tax Cost
$1,524,615,276
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$30,272,081
Capital loss carryforward
$(35,768,547)
Net unrealized appreciation (depreciation) on securities and other investments
$(243,879,914)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(11,746,000)
  Long-term
(24,022,547)
Total capital loss carryforward
$(35,768,547)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$29,150,134
$10,454,288
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Flex International Index Fund
436,770,833
51,874,692
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.
 
 
 
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Flex International Index Fund
$-
$-
 
 
 
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $63.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
 
 
 
To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Flex International Index Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Flex International Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2022
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 293 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function.   Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as a member of the Board of McKesson Corporation (healthcare service, 2002-2021). In addition, Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity ® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Laura M. Bishop (1961)
Year of Election or Appointment: 2022
Member of the Advisory Board
Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).    
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.     
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). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke 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).     
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).     
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
President and 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: 2016
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).     
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), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-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: 2013
Assistant 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).     
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.     
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.     
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: 2013
Assistant 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: 2021
Deputy 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).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity Flex® International Index Fund
 
 
 
-%- D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 862.60
 
$- E
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,025.21
 
$- E
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D   Amount represents less than .005%.
 
E   Amount represents less than $.005.
 
 
 
 
Distributions   (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund designates 73% and 75% of the dividends distributed on December 3, 2021 and December 28, 2021, respectively, during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3255 and $0.0283 for the dividend paid December 6, 2021.
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
 
Fidelity Flex International Index Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
 
Nature, Extent, and Quality of Services Provided . The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
 
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
 
Resources Dedicated to Investment Management and Support Services . The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. The Board did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
 
At its September 2022 meeting, the Board also approved an amendment to the fund's sub-advisory agreement with Geode (effective October 1, 2022) that reduced the sub-advisory fee rate that FMR pays to Geode.
 
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.
 
The Board also considered information regarding the profitability of Geode's relationship with the fund.
 
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.  
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
 
1.9881635.105
ZEI-ANN-1222
Fidelity® SAI Emerging Markets Index Fund
 
 
Annual Report
October 31, 2022
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ®   SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts 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. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® SAI Emerging Markets Index Fund
-30.89%
-3.34%
3.59%
 
A     From January 05, 2016
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI Emerging Markets Index Fund, on January 05, 2016, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2022, the fund returned -30.89%, roughly in line with the -31.01% result of the benchmark MSCI Emerging Markets (Net MA) index. (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, as well as by required local capital gains tax.) By sector, stocks in the consumer discretionary sector returned roughly -47% and detracted most, followed by information technology, which returned -35%. Communication services returned roughly -46%, hampered by the media & entertainment industry (-58%). Financials detracted -14%, especially in the banks industry (-9%). Materials (-22%) and health care (-37%), especially in the pharmaceuticals, biotechnology & life sciences industry (-41%), hampered results. Consumer staples detracted about -21%, hurt by the food, beverage & tobacco industry (-22%). The energy sector (-18%) also detracted. Industrials (-17%) real estate (-40%), and utilities (-5%) also hurt. Turning to individual stocks, the biggest individual detractor was Taiwan Semiconductor (-42%), from the semiconductors & semiconductor equipment category. In retailing, Alibaba Group Holding (-63%) and Meituan (-54%) hurt. Tencent Holdings, within the media & entertainment group, returned approximately -56% and hindered the fund. Another detractor was Samsung Electronics (-29%), a stock in the technology hardware & equipment segment. Conversely, the biggest individual contributor was Petroleo Brasileiro (+101%), also known as Petrobras, from the energy sector. In materials, Saudi Arabian Mining Company (+105%) and Vale (+12%) helped. Itau Unibanco Holding, within the banks industry, advanced about 46% and lifted the fund. Another contributor was Adani Total Gas (+127%), a stock in the utilities sector.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
5.3
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
3.6
 
Tencent Holdings Ltd.  (Cayman Islands, Interactive Media & Services)
2.9
 
Alibaba Group Holding Ltd.  (Cayman Islands, Internet & Direct Marketing Retail)
2.1
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
1.7
 
Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail)
1.3
 
Infosys Ltd.  (India, IT Services)
1.1
 
ICICI Bank Ltd.  (India, Banks)
1.0
 
Vale SA  (Brazil, Metals & Mining)
0.9
 
Housing Development Finance Corp. Ltd.  (India, Diversified Financial Services)
0.9
 
 
20.8
 
 
Market Sectors (% of Fund's net assets)
 
Financials
23.8
 
Information Technology
18.5
 
Consumer Discretionary
12.0
 
Materials
8.5
 
Communication Services
8.3
 
Consumer Staples
7.2
 
Industrials
6.1
 
Energy
6.1
 
Health Care
4.0
 
Utilities
3.5
 
Real Estate
1.6
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 99%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 96.9%
 
 
Shares
Value ($)
 
Bermuda - 0.5%
 
 
 
Alibaba Health Information Technology Ltd. (a)
 
2,499,000
1,056,949
Alibaba Pictures Group Ltd. (a)
 
6,450,000
238,291
Beijing Enterprises Water Group Ltd.
 
2,132,000
448,147
China Gas Holdings Ltd.
 
1,576,500
1,397,825
China Resource Gas Group Ltd.
 
485,200
1,242,415
China Ruyi Holdings Ltd. (a)
 
2,456,000
384,843
Cosco Shipping Ports Ltd.
 
970,473
478,458
Credicorp Ltd. (United States)
 
37,869
5,542,507
Hopson Development Holdings Ltd.
 
412,100
330,745
Kunlun Energy Co. Ltd.
 
2,051,000
1,225,429
Nine Dragons Paper (Holdings) Ltd.
 
852,000
504,710
Orient Overseas International Ltd.
 
70,000
1,022,848
Shenzhen International Holdings Ltd.
 
637,019
428,485
TOTAL BERMUDA
 
 
14,301,652
Brazil - 4.7%
 
 
 
Ambev SA
 
2,491,798
7,718,279
Americanas SA
 
335,746
1,010,065
Atacadao SA
 
257,900
971,587
B3 SA - Brasil Bolsa Balcao
 
3,222,540
9,382,829
Banco Bradesco SA
 
837,712
2,698,582
Banco BTG Pactual SA unit
 
624,700
3,499,916
Banco do Brasil SA
 
456,805
3,273,821
Banco Santander SA (Brasil) unit
 
200,800
1,157,647
BB Seguridade Participacoes SA
 
370,958
2,132,174
BRF SA (a)
 
316,050
768,481
CCR SA
 
652,812
1,637,875
Centrais Eletricas Brasileiras SA (Electrobras)
 
562,397
5,424,183
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
180,400
2,098,933
Companhia Siderurgica Nacional SA (CSN)
 
352,800
838,715
Cosan SA
 
646,824
2,111,209
CPFL Energia SA
 
122,900
842,729
Energisa SA unit
 
103,600
972,522
ENGIE Brasil Energia SA
 
104,120
810,707
Equatorial Energia SA
 
536,000
3,116,074
Hapvida Participacoes e Investimentos SA (b)
 
2,454,443
3,706,254
Hypera SA
 
217,900
2,143,355
JBS SA
 
414,500
2,002,888
Klabin SA unit
 
402,500
1,684,648
Localiza Rent a Car SA
 
1,224
16,715
Localiza Rent a Car SA
 
391,376
5,344,626
Lojas Renner SA
 
520,101
3,111,242
Magazine Luiza SA
 
1,601,708
1,386,049
Natura & Co. Holding SA (a)
 
474,526
1,373,374
Petro Rio SA (a)
 
371,800
2,547,285
Petroleo Brasileiro SA - Petrobras (ON)
 
2,009,308
12,937,680
Raia Drogasil SA
 
563,600
2,870,645
Rede D'Oregon Sao Luiz SA (b)
 
214,300
1,334,630
Rumo SA
 
685,600
2,938,570
Suzano Papel e Celulose SA
 
398,312
4,102,255
Telefonica Brasil SA
 
264,600
2,116,083
TIM SA
 
442,500
1,130,771
Totvs SA
 
278,100
1,785,267
Ultrapar Participacoes SA
 
386,438
1,003,220
Vale SA
 
2,114,173
27,475,449
Vibra Energia SA
 
614,249
2,170,176
Weg SA
 
884,580
6,897,857
TOTAL BRAZIL
 
 
140,545,367
British Virgin Islands - 0.0%
 
 
 
VK Co. Ltd. unit (a)(c)
 
41,654
18,557
Cayman Islands - 13.8%
 
 
 
3SBio, Inc. (b)
 
741,000
522,971
AAC Technology Holdings, Inc. (a)
 
378,133
692,657
Airtac International Group
 
73,926
1,696,076
Alibaba Group Holding Ltd. (a)
 
8,026,216
62,403,081
Anta Sports Products Ltd.
 
644,600
5,666,163
Autohome, Inc. ADR Class A
 
39,725
1,037,617
Baidu, Inc. Class A (a)
 
1,165,474
11,173,404
BeiGene Ltd. ADR (a)(d)
 
24,898
4,205,023
Bilibili, Inc. Class Z (a)
 
97,441
868,335
Bosideng International Holdings Ltd.
 
1,698,000
733,309
Chailease Holding Co. Ltd.
 
726,078
3,354,177
China Conch Venture Holdings Ltd.
 
869,600
1,282,856
China Feihe Ltd. (b)
 
1,868,000
1,075,635
China Hongqiao Group Ltd.
 
1,212,200
860,160
China Huishan Dairy Holdings Co. Ltd. (a)(c)
 
2,302,000
3
China Liansu Group Holdings Ltd.
 
575,000
466,613
China Literature Ltd. (a)(b)
 
216,100
582,257
China Medical System Holdings Ltd.
 
704,000
768,605
China Meidong Auto Holding Ltd.
 
296,000
389,154
China Mengniu Dairy Co. Ltd.
 
1,669,000
5,347,417
China Overseas Property Holdings Ltd.
 
690,000
434,236
China Resources Cement Holdings Ltd.
 
1,274,000
460,933
China Resources Land Ltd.
 
1,696,812
5,317,635
China Resources Microelectronics Ltd. (A Shares)
 
36,146
250,744
China Resources Mixc Lifestyle Services Ltd. (b)
 
361,600
1,059,512
China State Construction International Holdings Ltd.
 
1,059,500
952,918
ChinaSoft International Ltd.
 
1,450,000
960,552
CIFI Holdings Group Co. Ltd. (c)(d)
 
2,190,446
145,106
Country Garden Holdings Co. Ltd.
 
4,298,662
553,101
Country Garden Services Holdings Co. Ltd.
 
1,069,000
934,225
Dali Foods Group Co. Ltd. (b)
 
1,025,300
421,894
Daqo New Energy Corp. ADR (a)
 
31,389
1,380,802
Dongyue Group Co. Ltd.
 
763,000
662,916
ENN Energy Holdings Ltd.
 
417,543
4,151,680
GDS Holdings Ltd. Class A (a)
 
463,752
517,617
Geely Automobile Holdings Ltd.
 
3,177,517
3,416,489
Genscript Biotech Corp. (a)
 
606,000
1,531,666
Greentown China Holdings Ltd.
 
463,500
441,083
Greentown Service Group Co. Ltd.
 
766,000
314,220
H World Group Ltd. ADR
 
101,925
2,760,129
Haidilao International Holding Ltd. (a)(b)(d)
 
587,000
871,940
Haitian International Holdings Ltd.
 
332,000
664,876
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
622,000
960,379
Hengan International Group Co. Ltd.
 
331,900
1,287,491
HUTCHMED China Ltd. sponsored ADR (a)(d)
 
45,554
402,697
Hygeia Healthcare Holdings Co. (a)(b)
 
177,800
770,124
Innovent Biologics, Inc. (a)(b)
 
541,000
1,915,984
iQIYI, Inc. ADR (a)(d)
 
180,440
364,489
JD Health International, Inc. (a)(b)
 
590,050
3,236,024
JD.com, Inc. Class A
 
1,140,200
20,763,635
Jinxin Fertility Group Ltd. (b)
 
777,500
383,320
Jiumaojiu International Holdings Ltd. (b)(d)
 
381,000
597,978
JOYY, Inc. ADR
 
24,561
619,674
Kanzhun Ltd. ADR (a)
 
96,311
1,052,679
KE Holdings, Inc. ADR (a)
 
352,178
3,585,172
Kingboard Chemical Holdings Ltd.
 
351,400
866,676
Kingboard Laminates Holdings Ltd.
 
488,500
390,195
Kingdee International Software Group Co. Ltd. (a)
 
1,377,000
2,252,416
Kingsoft Corp. Ltd.
 
506,200
1,531,565
Kuaishou Technology Class B (a)(b)
 
923,900
3,801,694
Li Ning Co. Ltd.
 
1,243,500
6,431,637
Longfor Properties Co. Ltd. (b)
 
964,700
1,228,972
Lufax Holding Ltd. ADR
 
363,417
577,833
Meituan Class B (a)(b)
 
2,328,500
37,280,556
Microport Scientific Corp. (a)(d)
 
334,700
706,952
Ming Yuan Cloud Group Holdings Ltd.
 
365,000
167,861
Minth Group Ltd.
 
400,000
789,844
NetEase, Inc.
 
1,095,820
12,158,401
New Oriental Education & Technology Group, Inc. (a)
 
804,010
1,882,710
NIO, Inc. sponsored ADR (a)
 
723,964
7,000,732
Parade Technologies Ltd.
 
41,000
774,137
Pinduoduo, Inc. ADR (a)
 
267,383
14,660,610
Ping An Healthcare and Technology Co. Ltd. (a)(b)(d)
 
266,100
490,866
Pop Mart International Group Ltd. (b)(d)
 
293,800
380,273
RLX Technology, Inc. ADR (a)(d)
 
249,572
311,965
Sany Heavy Equipment International Holdings Co. Ltd.
 
550,000
451,230
Seazen Group Ltd. (a)
 
1,050,000
168,543
Shenzhou International Group Holdings Ltd.
 
436,200
3,028,538
Silergy Corp.
 
170,000
1,971,228
Sino Biopharmaceutical Ltd.
 
5,439,750
2,640,302
Smoore International Holdings Ltd. (b)(d)
 
952,000
1,012,682
Sunny Optical Technology Group Co. Ltd.
 
376,500
3,263,945
TAL Education Group ADR (a)
 
238,745
1,124,489
Tencent Holdings Ltd.
 
3,302,600
86,781,740
Tencent Music Entertainment Group ADR (a)
 
376,532
1,359,281
Tingyi (Cayman Islands) Holding Corp.
 
1,031,000
1,612,897
Tongcheng Travel Holdings Ltd. (a)
 
637,200
993,589
Topsports International Holdings Ltd. (b)
 
953,000
480,770
Trip.com Group Ltd. ADR (a)
 
288,093
6,519,545
Uni-President China Holdings Ltd.
 
657,000
485,448
Vinda International Holdings Ltd.
 
187,000
350,670
Vipshop Holdings Ltd. ADR (a)
 
229,538
1,599,880
Want Want China Holdings Ltd.
 
2,492,418
1,638,401
Weibo Corp. sponsored ADR (a)
 
37,421
423,606
Wuxi Biologics (Cayman), Inc. (a)(b)
 
1,894,000
8,522,323
Xiaomi Corp. Class B (a)(b)
 
8,069,800
9,057,084
Xinyi Solar Holdings Ltd.
 
2,575,538
2,555,966
XPeng, Inc. ADR (a)(d)
 
223,615
1,480,331
XTEP International Holdings Ltd.
 
689,500
632,436
Yadea Group Holdings Ltd. (b)
 
642,000
979,809
Yihai International Holding Ltd.
 
246,000
404,900
Zai Lab Ltd. ADR (a)
 
46,501
1,036,042
Zhen Ding Technology Holding Ltd.
 
353,000
1,160,104
Zhongsheng Group Holdings Ltd. Class H
 
315,100
1,196,229
ZTO Express, Inc. sponsored ADR
 
222,548
3,758,836
TOTAL CAYMAN ISLANDS
 
 
407,646,172
Chile - 0.4%
 
 
 
Banco de Chile
 
24,227,778
2,215,808
Banco de Credito e Inversiones
 
29,210
813,917
Banco Santander Chile
 
35,251,821
1,262,863
Cencosud SA
 
746,665
1,005,050
Compania Cervecerias Unidas SA
 
67,880
372,315
Compania Sud Americana de Vapores SA
 
8,194,487
568,881
Empresas CMPC SA
 
604,526
959,168
Empresas COPEC SA
 
208,746
1,438,544
Enel Americas SA
 
11,395,904
1,129,082
Enel Chile SA
 
14,942,235
525,789
Falabella SA
 
401,422
784,890
TOTAL CHILE
 
 
11,076,307
China - 11.3%
 
 
 
360 Security Technology, Inc. (A Shares)
 
247,800
240,237
37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares)
 
73,800
146,430
A-Living Smart City Services C (H Shares) (b)
 
340,500
193,031
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (a)
 
19,979
303,642
AECC Aero-Engine Control Co. Ltd. (A Shares)
 
45,300
186,090
AECC Aviation Power Co. Ltd.
 
88,000
586,112
Agricultural Bank of China Ltd.:
 
 
 
 (A Shares)
 
1,571,500
593,920
 (H Shares)
 
16,955,297
4,839,610
Aier Eye Hospital Group Co. Ltd. (A Shares)
 
230,031
778,015
Air China Ltd.:
 
 
 
 (A Shares) (a)
 
199,600
264,297
 (H Shares) (a)
 
978,000
680,270
Aluminum Corp. of China Ltd.:
 
 
 
 (A shares)
 
332,300
175,640
 (H Shares)
 
2,118,000
603,803
Amlogic Shanghai Co. Ltd. (A Shares) (a)
 
13,375
105,053
Angel Yeast Co. Ltd. (A Shares)
 
26,600
131,782
Anhui Conch Cement Co. Ltd.:
 
 
 
 (A Shares)
 
159,100
528,961
 (H Shares)
 
592,900
1,525,747
Anhui Gujing Distillery Co. Ltd.:
 
 
 
 (A Shares)
 
17,200
464,121
 (B Shares)
 
28,657
337,803
Anhui Honglu Steel Construction Group Co. Ltd.
 
21,190
98,886
Anhui Kouzi Distillery Co. Ltd. (A Shares)
 
19,100
105,924
Anhui Yingjia Distillery Co. Ltd. (A Shares)
 
21,500
138,664
Anjoy Foods Group Co. Ltd. (A Shares)
 
10,000
183,941
Apeloa Pharmaceutical Co. Ltd. A Shares
 
40,200
114,607
Asia - Potash International Investment Guangzhou Co. Ltd. (A Shares) (a)
 
20,700
72,280
Asymchem Laboratories Tianjin Co. Ltd. (A Shares)
 
11,360
222,739
Avary Holding Shenzhen Co. Ltd. (A Shares)
 
63,700
259,496
AVIC Capital Co. Ltd. (A Shares)
 
335,900
139,366
AVIC Electromechanical Systems Co. Ltd. (A Shares)
 
134,200
215,002
AviChina Industry & Technology Co. Ltd. (H Shares)
 
1,266,000
554,807
Avicopter PLC (A Shares)
 
20,400
122,631
Bank of Beijing Co. Ltd. (A Shares)
 
732,425
405,181
Bank of Changsha Co. Ltd. (A Shares)
 
121,900
107,496
Bank of Chengdu Co. Ltd. (A Shares)
 
115,700
215,782
Bank of China Ltd. (H Shares)
 
43,461,464
13,997,957
Bank of Communications Co. Ltd.:
 
 
 
 (A Shares)
 
947,800
577,539
 (H Shares)
 
4,951,176
2,415,777
Bank of Hangzhou Co. Ltd. (A Shares)
 
200,200
331,981
Bank of Jiangsu Co. Ltd. (A Shares)
 
498,343
472,214
Bank of Nanjing Co. Ltd. (A Shares)
 
347,100
490,500
Bank of Ningbo Co. Ltd. (A Shares)
 
218,420
710,630
Bank of Shanghai Co. Ltd. (A Shares)
 
510,980
390,430
Baoshan Iron & Steel Co. Ltd. (A Shares)
 
754,500
496,946
BBMG Corp. (A Shares)
 
263,000
83,911
Beijing Capital International Airport Co. Ltd. (H Shares) (a)
 
987,000
534,387
Beijing Dabeinong Technology Group Co. Ltd. (A Shares) (a)
 
134,600
168,828
Beijing Easpring Material Technology Co. Ltd. (A Shares)
 
16,700
134,896
Beijing Enlight Media Co. Ltd. (A Shares)
 
93,800
86,442
Beijing Kingsoft Office Software, Inc. (A Shares)
 
15,256
607,365
Beijing New Building Materials PLC (A Shares)
 
58,700
159,392
Beijing Originwater Technology Co. Ltd. (A Shares)
 
146,000
94,163
Beijing Roborock Technology Co. Ltd. (A Shares)
 
3,042
97,897
Beijing Shiji Information Technology Co. Ltd. (A Shares)
 
45,416
78,607
Beijing Shunxin Agriculture Co. Ltd.
 
23,500
65,838
Beijing Sinnet Technology Co. Ltd. (A Shares)
 
56,800
67,355
Beijing Tiantan Biological Products Corp. Ltd. (A Shares)
 
52,488
148,561
Beijing Tongrentang Co. Ltd. (A Shares)
 
45,700
305,067
Beijing United Information Technology Co. Ltd. (A Shares)
 
16,510
280,332
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares)
 
19,880
341,691
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. (A Shares)
 
7,400
116,347
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares)
 
1,356,400
828,376
Betta Pharmaceuticals Co. Ltd. (A Shares)
 
13,600
85,125
BGI Genomics Co. Ltd.
 
14,300
108,617
Bloomage Biotechnology Corp. Ltd. (A Shares)
 
10,559
153,247
BOC International China Co. Ltd.
 
83,900
120,745
BOE Technology Group Co. Ltd. (A Shares)
 
1,225,200
560,348
BTG Hotels Group Co. Ltd.
 
36,100
107,417
By-Health Co. Ltd. (A Shares)
 
67,800
162,655
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
57,700
1,948,932
 (H Shares)
 
434,300
9,721,008
Caitong Securities Co. Ltd.
 
149,600
146,468
CanSino Biologics, Inc.:
 
 
 
 (A Shares)
 
7,445
193,340
 (H Shares) (b)(d)
 
30,800
286,433
CECEP Solar Energy Co. Ltd. (A Shares)
 
118,600
109,783
CECEP Wind-Power Corp. (A Shares)
 
179,000
104,906
CGN Power Co. Ltd. (H Shares) (b)
 
5,179,447
1,049,132
Chacha Food Co. Ltd. (A Shares)
 
9,700
58,682
Changchun High & New Technology Industry Group, Inc. (A Shares)
 
13,200
292,634
Changjiang Securities Co. Ltd. (A Shares)
 
217,600
155,239
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares)
 
9,600
160,953
Chaozhou Three-Circle Group Co. (A Shares)
 
63,700
247,721
Chengtun Mining Group Co. Ltd. (A Shares)
 
87,400
66,302
Chengxin Lithium Group Co. Ltd. (A Shares)
 
28,000
165,710
Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a)
 
54,700
140,965
China Baoan Group Co. Ltd. (A Shares)
 
84,100
133,125
China Cinda Asset Management Co. Ltd. (H Shares)
 
4,403,000
409,469
China CITIC Bank Corp. Ltd. (H Shares)
 
4,644,051
1,751,211
China Coal Energy Co. Ltd. (H Shares)
 
1,072,000
789,355
China Communications Services Corp. Ltd. (H Shares)
 
1,220,000
340,372
China Construction Bank Corp. (H Shares)
 
51,183,000
27,162,227
China CSSC Holdings Ltd. (A Shares)
 
147,500
535,637
China Eastern Airlines Corp. Ltd. (A Shares) (a)
 
330,800
217,426
China Energy Engineering Corp. Ltd. (A Shares)
 
1,160,600
363,934
China Everbright Bank Co. Ltd.:
 
 
 
 (A Shares)
 
1,598,300
595,294
 (H Shares)
 
1,084,000
280,334
China Galaxy Securities Co. Ltd.:
 
 
 
 (A Shares)
 
84,200
103,882
 (H Shares)
 
1,910,000
715,369
China Great Wall Securities Co. Ltd. (A Shares)
 
117,000
129,450
China Greatwall Technology Group Co. Ltd. (A Shares)
 
107,100
163,519
China International Capital Corp. Ltd.
 
61,100
289,817
China International Capital Corp. Ltd. (H Shares) (b)
 
690,200
960,168
China Jushi Co. Ltd. (A Shares)
 
132,814
212,782
China Life Insurance Co. Ltd.:
 
 
 
 (A Shares)
 
109,000
397,020
 (H Shares)
 
3,839,747
4,187,082
China Longyuan Power Grid Corp. Ltd. (H Shares)
 
1,751,000
2,000,913
China Meheco Co. Ltd. (A Shares)
 
45,000
77,764
China Merchants Bank Co. Ltd.:
 
 
 
 (A Shares)
 
571,000
2,097,005
 (H Shares)
 
2,145,421
7,051,507
China Merchants Energy Shipping Co. Ltd. (A Shares)
 
267,800
255,592
China Merchants Securities Co. Ltd. (A Shares)
 
249,650
427,313
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
260,000
466,746
China Minmetals Rare Earth Co. Ltd. (A Shares) (a)
 
31,500
124,397
China Minsheng Banking Corp. Ltd.:
 
 
 
 (A Shares)
 
1,192,400
538,816
 (H Shares)
 
3,122,561
906,975
China National Building Materials Co. Ltd. (H Shares)
 
2,042,000
1,186,234
China National Chemical Engineering Co. Ltd. (A Shares)
 
198,108
191,790
China National Nuclear Power Co. Ltd. (A Shares)
 
615,000
507,805
China Northern Rare Earth Group High-Tech Co. Ltd.
 
118,800
393,674
China Oilfield Services Ltd. (H Shares)
 
940,000
1,058,595
China Pacific Insurance (Group) Co. Ltd.
 
113,200
294,978
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
1,537,828
2,480,226
China Petroleum & Chemical Corp.:
 
 
 
 (A Shares)
 
1,042,900
581,222
 (H Shares)
 
13,376,704
5,301,542
China Railway Group Ltd.:
 
 
 
 (A Shares)
 
692,500
473,178
 (H Shares)
 
2,132,000
926,171
China Railway Signal & Communications Corp. (A Shares)
 
265,870
164,920
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares)
 
30,200
225,542
China Shenhua Energy Co. Ltd.:
 
 
 
 (A Shares)
 
226,285
868,527
 (H Shares)
 
1,752,202
4,609,501
China Southern Airlines Ltd.:
 
 
 
 (A Shares) (a)
 
429,200
379,662
 (H Shares) (a)
 
788,000
406,566
China State Construction Engineering Corp. Ltd. (A Shares)
 
1,380,340
897,810
China Suntien Green Energy Corp. Ltd. (H Shares)
 
901,000
342,051
China Three Gorges Renewables Group Co. Ltd. (A Shares)
 
960,600
732,660
China Tourism Group Duty Free Corp. Ltd. (A Shares)
 
63,600
1,396,554
China Tower Corp. Ltd. (H Shares) (b)
 
23,157,000
2,094,548
China United Network Communications Ltd. (A Shares)
 
1,062,300
488,755
China Vanke Co. Ltd.:
 
 
 
 (A Shares)
 
361,000
668,326
 (H Shares)
 
824,300
1,058,511
China Yangtze Power Co. Ltd. (A Shares)
 
742,200
2,059,041
China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares)
 
17,100
315,756
China Zheshang Bank Co. Ltd. (a)
 
619,500
234,129
Chongqing Brewery Co. Ltd. (A Shares)
 
16,100
192,726
Chongqing Changan Automobile Co. Ltd. (A Shares)
 
271,474
419,688
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares)
 
27,200
83,840
Chongqing Rural Commercial Bank Co. Ltd. (A Shares)
 
355,500
169,891
Chongqing Zhifei Biological Products Co. Ltd. (A Shares)
 
52,300
611,595
CITIC Securities Co. Ltd.:
 
 
 
 (A Shares)
 
359,700
847,668
 (H Shares)
 
1,119,590
1,674,468
Cmoc Group Ltd.:
 
 
 
 (A Shares)
 
598,400
340,051
 (H Shares)
 
1,750,000
564,038
CNGR Advanced Material Co. Ltd.
 
13,600
134,326
CNNC Hua Yuan Titanium Dioxide Co. Ltd. (A Shares)
 
95,990
87,803
Contemporary Amperex Technology Co. Ltd.
 
75,500
3,854,967
COSCO Shipping Development Co. Ltd. (A Shares)
 
309,600
103,442
COSCO Shipping Energy Transportation Co. Ltd. (A Shares) (a)
 
114,000
263,969
COSCO SHIPPING Holdings Co. Ltd.:
 
 
 
 (A Shares)
 
384,420
591,140
 (H Shares)
 
1,683,800
1,816,869
CRRC Corp. Ltd.:
 
 
 
 (A Shares)
 
916,900
596,376
 (H Shares)
 
1,807,000
547,879
CSC Financial Co. Ltd. (A Shares)
 
142,800
461,667
Daan Gene Co. Ltd.
 
47,468
116,218
Daqin Railway Co. Ltd. (A Shares)
 
497,000
436,234
DaShenLin Pharmaceutical Group Co. Ltd.
 
30,528
152,370
DHC Software Co. Ltd. (A Shares)
 
101,700
85,923
Do-Fluoride New Materials Co. Ltd. (A Shares)
 
24,900
106,209
Dong-E-E-Jiao Co. Ltd. (A Shares)
 
21,000
107,949
Dongfang Electric Corp. Ltd. (A Shares)
 
90,400
287,308
Dongfeng Motor Group Co. Ltd. (H Shares)
 
1,455,000
658,023
Dongxing Securities Co. Ltd. (A Shares)
 
101,500
107,992
East Money Information Co. Ltd. (A Shares)
 
429,440
917,931
Ecovacs Robotics Co. Ltd. Class A
 
18,400
146,890
ENN Natural Gas Co. Ltd. (A Shares)
 
82,000
173,816
Eve Energy Co. Ltd. (A shares)
 
61,874
703,558
Everbright Securities Co. Ltd. (A Shares)
 
127,858
245,460
Fangda Carbon New Material Co. Ltd. (A Shares) (a)
 
148,448
122,167
FAW Jiefang Group Co. Ltd. (A Shares)
 
96,100
91,588
Fiberhome Telecommunication Technologies Co. Ltd. (A Shares)
 
32,900
62,080
First Capital Securities Co. Ltd. (A Shares)
 
140,500
106,776
Flat Glass Group Co. Ltd.
 
224,000
524,497
Flat Glass Group Co. Ltd. (A Shares) (a)
 
53,600
251,747
Focus Media Information Technology Co. Ltd. (A Shares)
 
493,040
302,458
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares)
 
126,864
1,036,745
Founder Securities Co. Ltd. (A Shares)
 
283,100
245,385
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
333,097
374,015
Fujian Sunner Development Co. Ltd. A Shares
 
38,000
114,267
Fuyao Glass Industries Group Co. Ltd.:
 
 
 
 (A Shares)
 
52,300
239,410
 (H Shares) (b)
 
329,600
1,181,994
G-bits Network Technology Xiamen Co. Ltd. (A Shares)
 
2,300
80,200
Ganfeng Lithium Group Co. Ltd. (A Shares)
 
60,440
653,983
GCL System Integration Technology Co. Ltd. (a)
 
166,200
74,419
GD Power Development Co. Ltd. (A Shares) (a)
 
595,700
356,462
GEM Co. Ltd. (A Shares)
 
153,300
156,178
Gemdale Corp. (A Shares)
 
150,900
161,585
GF Securities Co. Ltd.:
 
 
 
 (A Shares)
 
249,400
465,476
 (H Shares)
 
434,628
442,399
Giant Network Group Co. Ltd. (A Shares)
 
69,800
73,978
Gigadevice Semiconductor Beijing, Inc. (A Shares)
 
21,560
242,882
Ginlong Technologies Co. Ltd. (A Shares)
 
12,100
309,504
GoerTek, Inc. (A Shares)
 
111,500
331,008
Gotion High-tech Co. Ltd. (A Shares)
 
55,000
226,314
Great Wall Motor Co. Ltd.:
 
 
 
 (A Shares)
 
103,700
414,067
 (H Shares)
 
1,534,500
1,675,319
Gree Electric Appliances, Inc. of Zhuhai (A Shares)
 
96,000
376,880
GRG Banking Equipment Co. Ltd. (A Shares)
 
78,900
101,773
Guangdong Haid Group Co. Ltd. (A Shares)
 
55,300
437,302
Guangdong Kinlong Hardware Products Co. Ltd. (A Shares)
 
10,500
113,901
Guanghui Energy Co. Ltd. (A Shares)
 
213,600
300,676
Guangzhou Automobile Group Co. Ltd.
 
190,400
295,394
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
1,454,200
885,527
Guangzhou Baiyunshan Pharma Health (A Shares)
 
52,400
193,660
Guangzhou Haige Communications Group (A Shares)
 
70,200
81,227
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
14,900
154,164
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares)
 
23,700
211,138
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares)
 
63,200
367,799
Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares)
 
129,431
98,718
Guolian Securities Co. Ltd.
 
80,900
103,577
Guosen Securities Co. Ltd. (A Shares)
 
226,400
267,232
Guotai Junan Securities Co. Ltd. (A Shares)
 
257,000
465,232
Guoyuan Securities Co. Ltd. (A Shares)
 
143,970
123,213
Haier Smart Home Co. Ltd.
 
1,267,600
3,171,564
Haier Smart Home Co. Ltd. (A Shares)
 
144,700
412,132
Haitong Securities Co. Ltd.:
 
 
 
 (A Shares)
 
353,900
409,004
 (H Shares)
 
1,340,800
655,911
Hangzhou First Applied Material Co. Ltd. (A Shares)
 
43,652
382,909
Hangzhou Lion Electronics Co. Ltd. (A Shares)
 
22,100
129,582
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares)
 
33,500
193,076
Hangzhou Robam Appliances Co. Ltd. (A Shares)
 
34,400
96,564
Hangzhou Silan Microelectronics Co. Ltd. (A Shares)
 
45,700
196,495
Hangzhou Tigermed Consulting Co. Ltd.:
 
 
 
 (A Shares)
 
18,000
205,439
 (H Shares) (b)
 
50,100
340,504
Heilongjiang Agriculture Co. Ltd. (A Shares)
 
54,200
102,420
Henan Shenhuo Coal & Power Co. Ltd. (A Shares)
 
73,200
140,629
Henan Shuanghui Investment & Development Co. Ltd. (A Shares)
 
117,300
365,895
Hengli Petrochemical Co. Ltd. (A Shares)
 
195,220
410,067
Hengtong Optic-electric Co. Ltd. (A Shares)
 
77,400
206,141
Hengyi Petrochemical Co. Ltd. (A Shares)
 
120,280
110,350
Hesteel Co. Ltd. (A Shares)
 
355,500
105,634
Hithink RoyalFlush Information Network Co. Ltd. (A Shares)
 
17,900
208,489
Hongfa Technology Co. Ltd. (A Shares)
 
35,880
168,569
Hoshine Silicon Industry Co. Ltd. (A Shares)
 
16,000
209,670
Huadian Power International Corp. Ltd. (A Shares)
 
277,200
206,109
Huadong Medicine Co. Ltd. (A Shares)
 
58,900
330,112
Huafon Chemical Co. Ltd. (A Shares)
 
186,900
170,447
Huagong Tech Co. Ltd. (A Shares)
 
32,800
75,320
Huaibei Mining Holdings Co. Ltd. (A Shares)
 
82,100
146,485
Hualan Biological Engineer, Inc. (A Shares)
 
61,070
148,266
Huaneng Power International, Inc.:
 
 
 
 (A Shares) (a)
 
286,000
262,389
 (H Shares) (a)
 
2,100,186
751,820
Huatai Securities Co. Ltd.:
 
 
 
 (A Shares)
 
148,000
242,583
 (H Shares) (b)
 
892,200
874,054
HUAXI Securities Co. Ltd.
 
80,700
81,110
Huaxia Bank Co. Ltd. (A Shares)
 
463,058
303,722
Huaxin Cement Co. Ltd. (A Shares)
 
51,900
95,373
Huayu Automotive Systems Co. Ltd. (A Shares)
 
107,800
247,546
Hubei Xingfa Chemicals Group Co. Ltd. (A Shares)
 
36,400
140,907
Huizhou Desay SV Automotive Co. Ltd.
 
18,100
256,769
Humanwell Healthcare Group Co. Ltd. (A Shares)
 
52,500
143,994
Hunan Valin Steel Co. Ltd. (A Shares)
 
221,600
121,376
Hundsun Technologies, Inc. (A Shares)
 
63,419
361,953
iFlytek Co. Ltd. (A Shares)
 
76,900
368,868
IMEIK Technology Development Co. Ltd. (A Shares)
 
5,900
340,125
Industrial & Commercial Bank of China Ltd.:
 
 
 
 (A Shares)
 
468,200
266,063
 (H Shares)
 
31,803,000
13,807,764
Industrial Bank Co. Ltd. (A Shares)
 
683,000
1,405,673
Industrial Securities Co. Ltd. (A Shares) (a)
 
233,870
174,532
Ingenic Semiconductor Co. Ltd. (A Shares)
 
15,800
147,033
Inner Mongoli Yili Industries Co. Ltd. (A Shares)
 
210,900
728,904
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares)
 
1,503,100
362,247
Inner Mongolia Dian Tou Energy Corp. Ltd.
 
64,000
108,231
Inner Mongolia Eerduosi Resourses Co. Ltd. (A Shares)
 
38,500
73,385
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares)
 
273,200
145,150
Inner Mongolia Yitai Coal Co. Ltd. (B Shares)
 
452,390
639,679
Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares)
 
114,700
101,304
Inspur Electronic Information Industry Co. Ltd. (A Shares)
 
46,072
145,227
Intco Medical Technology Co. Ltd. (A Shares)
 
23,080
67,379
JA Solar Technology Co. Ltd. (A Shares)
 
76,860
657,787
Jafron Biomedical Co. Ltd. (A Shares)
 
25,740
111,660
Jason Furniture Hangzhou Co. Ltd. (A Shares)
 
26,520
109,306
JCET Group Co. Ltd. (A Shares)
 
57,900
190,915
Jiangsu Eastern Shenghong Co. Ltd.
 
130,700
219,059
Jiangsu Expressway Co. Ltd. (H Shares)
 
552,000
388,878
Jiangsu Hengli Hydraulic Co. Ltd.
 
44,476
335,995
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)
 
209,658
1,154,097
Jiangsu King's Luck Brewery JSC Ltd. (A Shares)
 
43,000
220,096
Jiangsu Yanghe Brewery JSC Ltd. (A Shares)
 
49,600
887,352
Jiangsu Yangnong Chemical Co. Ltd. (A Shares)
 
9,900
125,246
Jiangsu Yoke Technology Co. Ltd. (A Shares)
 
15,000
120,774
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares)
 
35,000
156,000
Jiangsu Zhongtian Technology Co. Ltd. (A Shares)
 
112,500
338,444
Jiangxi Copper Co. Ltd.:
 
 
 
 (A Shares)
 
43,300
91,309
 (H Shares)
 
582,000
636,151
Jiangxi Special Electric Motor Co. Ltd. (A Shares) (a)
 
56,200
146,832
Jiangxi Zhengbang Technology Co. Ltd. (A Shares) (a)
 
102,100
48,933
Jinke Properties Group Co. Ltd. (A Shares) (a)
 
177,100
42,924
JiuGui Liquor Co. Ltd. (A Shares)
 
11,000
153,713
Jizhong Energy Resources Co. Ltd. (A Shares)
 
119,100
99,156
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares)
 
56,200
89,961
Joinn Laboratories China Co. Ltd. (A Shares)
 
15,296
119,785
Jointown Pharmaceutical Group (A Shares)
 
56,600
97,344
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares)
 
25,700
95,369
Juewei Food Co. Ltd.
 
19,600
127,135
Kangmei Pharmaceutical Co. Ltd. rights (a)(c)
 
18,271
0
Keda Industrial Group Co. Ltd.
 
63,200
134,744
Kingfa Sci & Tech Co. Ltd. (A Shares)
 
83,000
110,017
Kuang-Chi Technologies Co. Ltd. (A Shares) (a)
 
71,800
170,089
Kunlun Tech Co. Ltd. (A Shares)
 
39,600
70,547
Kweichow Moutai Co. Ltd. (A Shares)
 
40,700
7,488,654
Lb Group Co. Ltd. (A Shares)
 
81,900
172,370
Lens Technology Co. Ltd. (A Shares)
 
164,700
224,625
Lepu Medical Technology Beijing Co. Ltd. (A Shares)
 
63,700
220,594
Liaoning Port Co. Ltd. (A Shares)
 
718,900
156,520
Lingyi iTech Guangdong Co. (A Shares) (a)
 
234,200
151,689
Livzon Pharmaceutical Group, Inc. (A Shares)
 
18,200
88,048
LONGi Green Energy Technology Co. Ltd.
 
245,599
1,613,584
Luoyang Xinqianglian Slewing Bearing Co. Ltd. (A Shares)
 
11,050
105,644
Luxi Chemical Group Co. Ltd.
 
61,500
95,666
Luxshare Precision Industry Co. Ltd. (A Shares)
 
230,424
899,243
Luzhou Laojiao Co. Ltd. (A Shares)
 
47,900
1,025,506
Maanshan Iron & Steel Co. Ltd. (A Shares)
 
196,400
67,771
Mango Excellent Media Co. Ltd. (A Shares)
 
61,770
185,490
Maxscend Microelectronics Co. Ltd. (A Shares)
 
17,728
224,207
Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a)
 
122,888
71,853
Metallurgical Corp. China Ltd. (A Shares)
 
630,200
248,528
Ming Yang Smart Energy Group Ltd. (A Shares)
 
68,900
234,922
Montage Technology Co. Ltd. (A Shares)
 
37,056
287,907
Muyuan Foodstuff Co. Ltd. (A Shares)
 
173,354
1,110,449
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd.
 
50,653
112,849
Nanjing Securities Co. Ltd. (A Shares)
 
123,700
134,153
NARI Technology Co. Ltd. (A Shares)
 
219,196
732,364
National Silicon Industry Group Co. Ltd. (A Shares) (a)
 
84,729
235,639
NAURA Technology Group Co. Ltd.
 
17,100
622,146
NavInfo Co. Ltd. (A Shares)
 
78,100
126,835
New China Life Insurance Co. Ltd.
 
10,100
32,321
New China Life Insurance Co. Ltd. (H Shares)
 
566,200
898,747
New Hope Liuhe Co. Ltd. (A Shares) (a)
 
150,100
264,934
Ninestar Corp. (A Shares)
 
47,300
369,895
Ningbo Deye Technology Co. Ltd. (A Shares)
 
6,500
291,200
Ningbo Joyson Electronic Corp. (A shares) (a)
 
44,000
92,484
Ningbo Orient Wires & Cables Co. Ltd. (A Shares)
 
23,300
245,670
Ningbo Ronbay New Energy Technology Co. Ltd. (A Shares)
 
14,798
158,681
Ningbo Shanshan Co. Ltd. (A Shares)
 
71,300
175,543
Ningbo Tuopu Group Co. Ltd. (A Shares)
 
35,900
318,547
Ningxia Baofeng Energy Group Co. Ltd.
 
203,500
319,619
Nongfu Spring Co. Ltd. (H Shares) (b)
 
921,600
4,631,687
North Industries Group Red Arrow Co. Ltd. (A Shares)
 
45,900
129,160
Northeast Securities Co. Ltd. (A Shares)
 
71,700
62,246
Offshore Oil Enginering Co. Ltd. (A Shares)
 
141,600
91,131
OFILM Group Co. Ltd. (A Shares) (a)
 
103,300
66,199
Oppein Home Group, Inc. (A Shares)
 
17,180
191,540
Orient Securities Co. Ltd. (A Shares)
 
258,339
274,509
Ovctek China, Inc. (A Shares)
 
28,289
115,125
Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a)
 
275,700
171,017
People's Insurance Co. of China Group Ltd.:
 
 
 
 (A Shares)
 
368,800
244,927
 (H Shares)
 
3,890,552
1,075,525
Perfect World Co. Ltd. (A Shares)
 
64,400
100,442
PetroChina Co. Ltd.:
 
 
 
 (A Shares)
 
612,700
401,872
 (H Shares)
 
11,225,790
4,290,302
Pharmaron Beijing Co. Ltd.:
 
 
 
 (A Shares)
 
35,200
250,640
 (H Shares) (b)
 
95,250
320,345
PICC Property & Casualty Co. Ltd. (H Shares)
 
3,627,568
3,345,830
Ping An Bank Co. Ltd. (A Shares)
 
637,700
902,904
Ping An Insurance Group Co. of China Ltd.:
 
 
 
 (A Shares)
 
268,196
1,327,594
 (H Shares)
 
3,432,641
13,742,202
Pingdingshan Tianan Coal Mining Co. Ltd. A Shares
 
76,200
114,985
Poly Developments & Holdings (A Shares)
 
391,500
739,802
Postal Savings Bank of China Co. Ltd.
 
830,500
441,241
Postal Savings Bank of China Co. Ltd. (H Shares) (b)
 
4,133,000
1,916,534
Power Construction Corp. of China Ltd. (A Shares)
 
502,400
484,314
Proya Cosmetics Co. Ltd. (A Shares)
 
5,000
114,441
Pylon Technologies Co. Ltd. (Series A)
 
5,062
213,837
Qingdao Rural Commercial Bank Corp. (A Shares)
 
135,800
51,509
Qinghai Salt Lake Potash Co. Ltd. Class A (a)
 
178,200
524,871
Raytron Technology Co. Ltd. (A Shares)
 
14,486
94,320
Riyue Heavy Industry Co. Ltd. (A Shares)
 
31,700
95,887
Rongsheng Petrochemical Co. Ltd. (A Shares)
 
335,600
491,712
SAIC Motor Corp. Ltd. (A Shares)
 
265,800
500,452
Sailun Group Co. Ltd. A Shares
 
99,600
118,518
Sangfor Technologies, Inc.
 
14,300
246,724
Sany Heavy Industry Co. Ltd. (A Shares)
 
280,400
518,342
Satellite Chemical Co. Ltd. (A Shares)
 
112,030
190,222
SDIC Power Holdings Co. Ltd. (A Shares)
 
264,200
365,392
Sealand Securities Co. Ltd. (A Shares)
 
208,550
92,811
Seazen Holdings Co. Ltd. (A Shares) (a)
 
77,600
140,156
SF Holding Co. Ltd. (A Shares)
 
159,500
1,054,029
SG Micro Corp. (A Shares)
 
11,625
238,234
Shaanxi Coal Industry Co. Ltd. (A Shares)
 
317,200
862,615
Shan Xi Hua Yang Group New Energy Co. Ltd.
 
79,400
183,635
Shandong Buchang Pharmaceuticals Co. Ltd. (A Shares)
 
34,788
91,366
Shandong Gold Mining Co. Ltd.:
 
 
 
 (A Shares)
 
161,544
382,685
 (H Shares) (b)
 
281,750
448,667
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares)
 
72,500
259,904
Shandong Linglong Tyre Co. Ltd. (A Shares)
 
44,700
100,198
Shandong Nanshan Aluminum Co. Ltd. (A Shares)
 
412,800
174,099
Shandong Sun Paper Industry JSC Ltd. (A Shares)
 
89,100
127,985
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
1,300,800
1,793,030
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares)
 
34,160
142,667
Shanghai Baosight Software Co. Ltd.
 
109,273
329,240
Shanghai Baosight Software Co. Ltd. (A Shares)
 
75,124
435,340
Shanghai Construction Group Co. Ltd. (A Shares)
 
273,294
96,176
Shanghai Electric Group Co. Ltd. (A Shares) (a)
 
441,500
234,567
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:
 
 
 
 (A Shares)
 
84,700
383,086
 (H Shares)
 
227,500
574,427
Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares)
 
5,048
142,380
Shanghai International Airport Co. Ltd. (A Shares) (a)
 
32,800
239,749
Shanghai International Port Group Co. Ltd. (A Shares)
 
324,843
229,969
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares)
 
31,400
234,246
Shanghai Junshi Biosciences Co. Ltd. (A Shares) (a)
 
23,008
223,877
Shanghai Lingang Holdings Corp. Ltd. (A Shares)
 
91,200
143,364
Shanghai M&G Stationery, Inc. (A Shares)
 
32,800
181,002
Shanghai Medicilon, Inc. (A Shares)
 
2,613
79,286
Shanghai Pharmaceuticals Holding Co. Ltd.:
 
 
 
 (A Shares)
 
170,900
411,401
 (H Shares)
 
247,409
335,357
Shanghai Pudong Development Bank Co. Ltd. (A Shares)
 
930,709
846,227
Shanghai Putailai New Energy Technology Co. Ltd.
 
46,124
315,224
Shanghai RAAS Blood Products Co. Ltd. (A Shares)
 
214,200
159,560
Shanghai Yuyuan Tourist Mart Group Co. Ltd.
 
116,900
100,366
Shanghai Zhangjiang High Ltd. (A Shares)
 
44,000
67,781
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares)
 
98,500
226,460
Shanxi Meijin Energy Co. Ltd. (A Shares)
 
144,700
173,571
Shanxi Securities Co. Ltd. (A Shares)
 
104,760
73,877
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares)
 
183,800
99,917
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares)
 
39,660
1,261,991
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares)
 
132,990
207,418
Shenghe Resources Holding Co. Ltd. (A Shares)
 
53,800
98,422
Shengyi Technology Co. Ltd.
 
74,500
141,494
Shennan Circuits Co. Ltd. (A Shares)
 
17,240
177,218
Shenwan Hongyuan Group Co. Ltd. (A Shares)
 
779,800
415,372
Shenzhen Capchem Technology Co. Ltd. (A Shares)
 
24,120
119,462
Shenzhen Dynanonic Co. Ltd. (A Shares)
 
5,700
201,372
Shenzhen Energy Group Co. Ltd. (A Shares)
 
191,960
149,827
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
87,200
796,429
Shenzhen Kangtai Biological Products Co. Ltd.
 
37,720
160,737
Shenzhen Kedali Industry Co. Ltd.
 
7,900
99,143
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
39,500
1,760,243
Shenzhen New Industries Biomedical Engineering Co. Ltd.
 
27,000
213,437
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares)
 
288,000
165,633
Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares)
 
35,900
152,392
Shenzhen SC New Energy Technology Corp. (A Shares)
 
11,100
206,317
Shenzhen Senior Technology Material Co. Ltd. (A Shares)
 
43,158
109,270
Shenzhen Sunlord Electronics Co. Ltd. (A Shares)
 
24,800
72,673
Shenzhen Transsion Holdings Co. Ltd. (A Shares)
 
22,403
190,595
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares)
 
54,860
228,968
Sichuan Chuantou Energy Co. Ltd. (A Shares)
 
121,100
183,236
Sichuan Hebang Biotechnology Co. Ltd. (A Shares)
 
286,600
113,417
Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares)
 
44,100
149,760
Sichuan New Energy Power Co. Ltd. (A Shares) (a)
 
50,700
130,726
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares)
 
154,600
238,159
Sichuan Swellfun Co. Ltd. (A Shares)
 
16,900
130,935
Sichuan Yahua Industrial Group Co. Ltd. (A Shares)
 
37,200
136,261
Sieyuan Electric Co. Ltd. (A Shares)
 
23,600
108,097
Sinolink Securities Co. Ltd. (A Shares)
 
134,800
145,637
Sinoma Science & Technology Co. Ltd. (A Shares)
 
54,100
132,678
Sinomine Resource Group Co. Ltd. (A Shares)
 
15,680
193,238
Sinopec Shanghai Petrochemical Co. Ltd. (A Shares)
 
311,800
131,075
Sinopharm Group Co. Ltd. (H Shares)
 
700,200
1,334,453
Sinotrans Ltd.
 
128,600
62,514
SKSHU Paint Co. Ltd. (A Shares) (a)
 
12,320
146,600
Songcheng Performance Development Co. Ltd. (A Shares)
 
94,960
149,795
Soochow Securities Co. Ltd. (A Shares)
 
184,960
165,891
Southwest Securities Co. Ltd. (A Shares)
 
253,700
128,537
StarPower Semiconductor Ltd. (A Shares)
 
5,500
280,690
Sungrow Power Supply Co. Ltd. (A Shares)
 
48,200
860,060
Sunwoda Electronic Co. Ltd. (A Shares)
 
57,400
183,135
Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares)
 
55,300
191,353
Suzhou Maxwell Technologies Co. Ltd. (A Shares)
 
5,700
372,694
Suzhou TA&A Ultra Clean Technology Co. Ltd. (A Shares)
 
19,400
164,303
Tangshan Jidong Cement Co. Ltd. A Shares
 
84,900
88,238
TBEA Co. Ltd. (A Shares)
 
124,800
348,789
TCL Technology Group Corp. (A Shares)
 
461,500
247,089
TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares)
 
104,500
565,221
Thunder Software Technology Co. Ltd. (A Shares)
 
14,000
189,289
Tianjin 712 Communication & Broadcasting Co. Ltd.
 
24,300
131,068
Tianma Microelectronics Co. Ltd. (A Shares)
 
75,400
91,270
Tianqi Lithium Corp. (A Shares) (a)
 
48,200
630,641
Tianshan Aluminum Group Co. Ltd.
 
128,400
109,712
Tianshui Huatian Technology Co. Ltd. (A Shares)
 
103,800
125,363
Tibet Summit Industrial Co. Ltd. (A Shares) (a)
 
28,700
82,332
Titan Wind Energy Suzhou Co. Ltd. (A Shares)
 
55,300
88,899
Toly Bread Co. Ltd.
 
41,748
64,369
TongFu Microelectronics Co. Ltd. (A Shares) (a)
 
39,100
100,817
Tongkun Group Co. Ltd. (A Shares)
 
79,300
131,390
Tongling Nonferrous Metals Group Co. Ltd. (A Shares)
 
339,300
117,082
Tongwei Co. Ltd. (A Shares)
 
146,400
872,037
Topchoice Medical Corp. (a)
 
10,900
182,465
Transfar Zhilian Co. Ltd.
 
91,200
61,567
TravelSky Technology Ltd. (H Shares)
 
484,000
702,910
Trina Solar Co. Ltd. (A Shares)
 
70,446
640,804
Tsingtao Brewery Co. Ltd.:
 
 
 
 (A Shares)
 
12,000
134,412
 (H Shares)
 
342,000
2,396,285
Unigroup Guoxin Microelectronics Co. Ltd.
 
27,739
623,348
Unisplendour Corp. Ltd. (A Shares)
 
98,110
230,400
Walvax Biotechnology Co. Ltd. (A Shares)
 
53,200
280,100
Wanhua Chemical Group Co. Ltd. (A Shares)
 
102,800
1,131,196
Weichai Power Co. Ltd.:
 
 
 
 (A Shares)
 
172,100
213,979
 (H Shares)
 
1,057,000
1,012,611
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
16,700
177,453
Wens Foodstuffs Group Co. Ltd. (A Shares) (a)
 
210,500
515,953
Western Mining Co. Ltd. (A Shares)
 
78,200
101,405
Western Securities Co. Ltd. (A Shares)
 
139,500
114,039
Western Superconducting Technologies Co. Ltd. (A Shares)
 
15,473
247,173
Westone Information Industry, Inc. (A Shares)
 
27,600
137,265
Will Semiconductor Ltd.
 
38,430
386,094
Wingtech Technology Co. Ltd. (A Shares)
 
40,700
266,841
Winning Health Technology Group Co. Ltd. (A Shares)
 
78,630
104,224
Wuchan Zhongda Group Co. Ltd.
 
168,600
96,272
Wuhan Guide Infrared Co. Ltd. (A Shares)
 
108,360
172,269
Wuliangye Yibin Co. Ltd. (A Shares)
 
126,200
2,306,988
WUS Printed Circuit Kunshan Co. Ltd. (A Shares)
 
59,860
89,263
WuXi AppTec Co. Ltd.
 
99,884
1,044,946
WuXi AppTec Co. Ltd. (H Shares) (b)
 
156,968
1,257,800
Wuxi Shangji Automation Co. Ltd. (A Shares)
 
12,600
211,320
XCMG Construction Machinery Co. Ltd. (A Shares)
 
258,500
163,888
Xiamen C&D, Inc. (A Shares)
 
99,925
164,058
Xiamen Faratronic Co. Ltd. (A Shares)
 
7,300
177,040
Xiamen Intretech, Inc.
 
28,910
68,169
Xiamen Tungsten Co. Ltd. (A Shares)
 
43,200
118,782
Xinjiang Goldwind Science & Technology Co. Ltd.:
 
 
 
 (A Shares)
 
155,600
222,654
 (H Shares)
 
315,964
274,116
Xinjiang Zhongtai Chemical Co. Ltd. (A Shares)
 
79,600
64,091
Yangzhou Yangjie Electronic Technology Co. Ltd. (A Shares)
 
17,100
120,308
Yankuang Energy Group Co. Ltd.:
 
 
 
 (A Shares)
 
115,300
641,003
 (H Shares)
 
738,000
2,077,774
Yantai Jereh Oilfield Services (A Shares)
 
35,100
144,478
Yealink Network Technology Corp. Ltd.
 
30,250
285,314
Yifeng Pharmacy Chain Co. Ltd.
 
23,050
177,194
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares)
 
49,500
259,263
Yintai Gold Co. Ltd. (A Shares)
 
89,880
175,750
YongXing Special Materials Technology Co. Ltd. (A Shares)
 
13,300
212,115
Yonyou Network Technology Co. Ltd. (A Shares)
 
114,220
382,250
Youngor Group Co. Ltd. (A Shares)
 
147,687
120,934
Youngy Co. Ltd. (A Shares) (a)
 
8,800
132,779
YTO Express Group Co. Ltd. (A Shares)
 
111,300
287,436
Yuan Longping High-tech Agriculture Co. Ltd. (A Shares) (a)
 
41,300
82,115
Yunda Holding Co. Ltd. (A Shares)
 
95,960
173,185
Yunnan Aluminium Co. Ltd. (A Shares)
 
114,600
143,899
Yunnan Baiyao Group Co. Ltd. (A Shares)
 
60,960
455,432
Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares)
 
9,500
186,022
Yunnan Energy New Material Co. Ltd.
 
29,200
591,925
Yunnan Tin Co. Ltd. (A Shares)
 
56,200
87,806
Yunnan Yuntianhua Co. Ltd. (Series A) (a)
 
60,400
166,737
Zangge Mining Co. Ltd. (Series A)
 
53,000
197,038
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares)
 
20,100
627,532
Zhaojin Mining Industry Co. Ltd. (H Shares) (a)
 
602,500
497,372
Zhefu Holding Group Co. Ltd. (A Shares)
 
178,300
95,462
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a)
 
249,110
125,870
Zhejiang China Commodities City Group Co. Ltd. (A Shares)
 
196,700
112,856
Zhejiang Chint Electric Co. Ltd. (A Shares)
 
71,300
247,986
Zhejiang Dahua Technology Co. Ltd. (A Shares)
 
93,000
147,467
Zhejiang Dingli Machinery Co. Ltd. (A Shares)
 
15,740
96,838
Zhejiang Expressway Co. Ltd. (H Shares)
 
684,000
424,360
Zhejiang HangKe Technology, Inc. Co. (A Shares)
 
13,047
89,417
Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares)
 
46,090
126,603
Zhejiang Huayou Cobalt Co. Ltd. (A Shares)
 
51,815
386,543
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares)
 
41,900
408,850
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares)
 
26,700
129,864
Zhejiang Juhua Co. Ltd. (A Shares)
 
91,500
196,459
Zhejiang NHU Co. Ltd. (A Shares)
 
102,236
250,869
Zhejiang Orient Gene Biotech Co. Ltd. (A Shares)
 
5,663
64,052
Zhejiang Semir Garment Co. Ltd. (A Shares)
 
81,000
49,690
Zhejiang Supor Cookware Co. Ltd.
 
16,400
89,850
Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares)
 
52,130
135,127
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares)
 
56,700
135,094
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd.
 
15,000
96,537
Zhejiang Yongtai Technology Co. Ltd. (A Shares)
 
28,400
84,855
Zheshang Securities Co. Ltd.
 
123,600
172,125
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(b)
 
372,100
693,038
Zhongji Innolight Co. Ltd. (A Shares)
 
25,200
101,036
Zhongtai Securities Co. Ltd. (A Shares)
 
207,000
180,274
Zhuzhou CRRC Times Electric Co. Ltd.:
 
 
 
 (A Shares)
 
25,206
216,686
 (H Shares)
 
275,827
1,196,475
Zhuzhou Hongda Electronics Corp. Ltd. (A Shares)
 
12,800
77,734
Zhuzhou Kibing Group Co. Ltd. (A Shares)
 
91,600
98,462
Zibo Qixiang Tengda Chemical Co. Ltd. (A Shares) (a)
 
91,600
85,041
Zijin Mining Group Co. Ltd.:
 
 
 
 (A Shares)
 
507,100
549,950
 (H Shares)
 
3,160,000
3,019,243
Zoomlion Heavy Industry Science and Technology Co. Ltd.:
 
 
 
 (A Shares)
 
108,800
79,705
 (H Shares)
 
843,000
271,705
ZTE Corp.:
 
 
 
 (A Shares)
 
158,600
481,475
 (H Shares)
 
334,000
595,695
TOTAL CHINA
 
 
335,277,218
Colombia - 0.1%
 
 
 
Bancolombia SA
 
130,474
937,854
Ecopetrol SA
 
2,612,624
1,296,063
Interconexion Electrica SA ESP
 
234,047
913,204
TOTAL COLOMBIA
 
 
3,147,121
Cyprus - 0.0%
 
 
 
Galaxy Cosmos Mezz PLC (a)
 
44,689
7,216
Ozon Holdings PLC ADR (a)(c)
 
28,218
88,651
TCS Group Holding PLC unit (a)(c)
 
64,541
123,242
TOTAL CYPRUS
 
 
219,109
Czech Republic - 0.1%
 
 
 
CEZ A/S (d)
 
85,254
2,788,103
Komercni Banka A/S
 
39,877
1,143,920
MONETA Money Bank A/S (b)
 
174,151
508,362
TOTAL CZECH REPUBLIC
 
 
4,440,385
Egypt - 0.1%
 
 
 
Commercial International Bank SAE
 
1,318,697
1,767,354
Eastern Co. SAE
 
520,507
256,001
EFG-Hermes Holding SAE
 
378,806
209,969
TOTAL EGYPT
 
 
2,233,324
Greece - 0.3%
 
 
 
Alpha Bank SA (a)
 
1,206,617
1,118,508
Eurobank Ergasias Services and Holdings SA (a)
 
1,385,986
1,369,701
Ff Group (a)(c)
 
1,944
2,305
Hellenic Telecommunications Organization SA
 
106,082
1,666,885
Jumbo SA
 
60,872
865,656
Mytilineos SA
 
52,963
888,745
National Bank of Greece SA (a)
 
295,820
1,072,903
OPAP SA
 
103,023
1,262,475
Public Power Corp. of Greece (a)
 
113,896
719,244
TOTAL GREECE
 
 
8,966,422
Hong Kong - 1.1%
 
 
 
Beijing Enterprises Holdings Ltd.
 
266,927
677,379
BYD Electronic International Co. Ltd.
 
355,500
1,032,581
China Everbright International Ltd.
 
1,941,814
645,651
China Jinmao Holdings Group Ltd.
 
3,042,000
403,035
China Merchants Holdings International Co. Ltd.
 
693,036
812,257
China Overseas Land and Investment Ltd.
 
2,026,702
3,867,688
China Power International Development Ltd.
 
2,844,619
822,621
China Resources Beer Holdings Co. Ltd.
 
852,144
4,016,654
China Resources Power Holdings Co. Ltd.
 
1,008,940
1,467,848
China Taiping Insurance Group Ltd.
 
696,255
482,522
China Traditional Chinese Medicine Holdings Co. Ltd.
 
1,452,000
627,070
CITIC Pacific Ltd.
 
3,057,941
2,738,635
CSPC Pharmaceutical Group Ltd.
 
4,707,608
4,835,476
Far East Horizon Ltd.
 
760,000
586,727
Fosun International Ltd.
 
1,311,454
801,944
Ganfeng Lithium Group Co. Ltd. (H Shares) (b)
 
173,120
1,171,093
Guangdong Investment Ltd.
 
1,533,126
966,791
Hua Hong Semiconductor Ltd. (a)(b)
 
305,000
714,159
Lenovo Group Ltd.
 
3,787,000
3,029,735
MMG Ltd. (a)
 
1,620,000
319,887
Sinotruk Hong Kong Ltd.
 
357,500
318,804
Wharf Holdings Ltd.
 
652,000
1,864,720
Yuexiu Property Co. Ltd.
 
724,600
618,476
TOTAL HONG KONG
 
 
32,821,753
Hungary - 0.2%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
218,831
1,312,138
OTP Bank PLC
 
119,097
2,596,017
Richter Gedeon PLC
 
74,338
1,467,855
TOTAL HUNGARY
 
 
5,376,010
India - 16.1%
 
 
 
ACC Ltd.
 
38,806
1,120,536
Adani Enterprises Ltd.
 
150,805
6,098,239
Adani Green Energy Ltd. (a)
 
167,460
4,254,067
Adani Ports & Special Economic Zone Ltd.
 
280,940
2,794,976
Adani Power Ltd. (a)
 
407,769
1,649,696
Adani Total Gas Ltd.
 
145,553
6,334,931
Adani Transmissions Ltd. (a)
 
147,623
5,971,794
Ambuja Cements Ltd.
 
311,442
2,005,110
Apollo Hospitals Enterprise Ltd.
 
53,258
2,906,415
Asian Paints Ltd.
 
202,572
7,604,893
AU Small Finance Bank Ltd. (b)
 
87,964
626,470
Aurobindo Pharma Ltd.
 
139,824
908,991
Avenue Supermarts Ltd. (a)(b)
 
85,328
4,453,899
Axis Bank Ltd.
 
1,201,974
13,155,212
Bajaj Auto Ltd.
 
36,988
1,640,667
Bajaj Finance Ltd.
 
144,069
12,433,478
Bajaj Finserv Ltd.
 
202,011
4,118,067
Balkrishna Industries Ltd.
 
41,333
980,024
Bandhan Bank Ltd. (a)(b)
 
340,764
981,991
Berger Paints India Ltd.
 
127,462
901,996
Bharat Electronics Ltd.
 
1,924,728
2,484,383
Bharat Forge Ltd.
 
137,096
1,381,559
Bharat Petroleum Corp. Ltd.
 
461,178
1,691,673
Bharti Airtel Ltd.
 
1,159,729
11,656,131
Biocon Ltd.
 
219,132
714,336
Britannia Industries Ltd.
 
57,328
2,608,466
Cholamandalam Investment and Finance Co. Ltd.
 
218,726
1,874,285
Cipla Ltd./India
 
255,386
3,601,566
Coal India Ltd.
 
815,243
2,422,192
Colgate-Palmolive Ltd.
 
63,638
1,254,425
Container Corp. of India Ltd.
 
143,617
1,384,469
Dabur India Ltd.
 
324,937
2,177,368
Divi's Laboratories Ltd.
 
69,795
3,042,802
DLF Ltd.
 
334,640
1,558,392
Dr. Reddy's Laboratories Ltd.
 
61,593
3,315,250
Eicher Motors Ltd.
 
72,375
3,366,469
GAIL India Ltd.
 
1,250,488
1,379,192
Godrej Consumer Products Ltd. (a)
 
215,657
2,160,478
Godrej Properties Ltd. (a)
 
67,569
1,030,921
Grasim Industries Ltd.
 
138,567
2,881,986
Havells India Ltd.
 
130,414
1,916,194
HCL Technologies Ltd.
 
574,026
7,219,705
HDFC Standard Life Insurance Co. Ltd. (b)
 
502,629
3,281,540
Hero Motocorp Ltd.
 
58,379
1,887,797
Hindalco Industries Ltd.
 
712,678
3,492,363
Hindustan Petroleum Corp. Ltd.
 
339,995
878,327
Hindustan Unilever Ltd.
 
434,170
13,378,079
Housing Development Finance Corp. Ltd.
 
911,466
27,194,234
ICICI Bank Ltd.
 
2,720,638
29,913,465
ICICI Lombard General Insurance Co. Ltd. (b)
 
127,188
1,797,579
ICICI Prudential Life Insurance Co. Ltd. (b)
 
190,458
1,167,757
Indian Oil Corp. Ltd.
 
1,511,922
1,246,541
Indian Railway Catering & Tourism Corp. Ltd.
 
126,383
1,131,615
Indraprastha Gas Ltd.
 
167,378
865,905
Indus Towers Ltd.
 
354,987
795,483
Info Edge India Ltd.
 
37,622
1,782,341
Infosys Ltd.
 
1,779,672
33,057,655
InterGlobe Aviation Ltd. (a)(b)
 
52,154
1,122,527
ITC Ltd.
 
1,574,037
6,630,426
Jindal Steel & Power Ltd.
 
215,582
1,197,577
JSW Steel Ltd. (a)
 
382,723
3,115,924
Jubilant Foodworks Ltd.
 
208,972
1,539,774
Kotak Mahindra Bank Ltd.
 
294,220
6,759,987
Larsen & Toubro Infotech Ltd. (b)
 
27,845
1,594,360
Larsen & Toubro Ltd.
 
364,918
8,918,405
Lupin Ltd.
 
108,010
912,044
Mahindra & Mahindra Ltd.
 
461,750
7,522,542
Marico Ltd.
 
272,300
1,725,477
Maruti Suzuki India Ltd.
 
63,996
7,365,647
MindTree Consulting Ltd.
 
30,507
1,254,388
Mphasis BFL Ltd.
 
44,905
1,073,261
MRF Ltd.
 
1,015
1,112,932
Muthoot Finance Ltd.
 
64,238
809,726
Nestle India Ltd.
 
17,811
4,381,403
NTPC Ltd.
 
2,045,078
4,276,432
Oil & Natural Gas Corp. Ltd.
 
1,334,154
2,160,466
Page Industries Ltd.
 
3,238
1,946,737
Petronet LNG Ltd.
 
398,451
989,389
PI Industries Ltd.
 
39,889
1,562,191
Pidilite Industries Ltd.
 
80,224
2,504,601
Piramal Pharma Ltd. (a)
 
255,972
509,903
Power Grid Corp. of India Ltd.
 
1,663,845
4,585,724
Reliance Industries Ltd.
 
1,609,624
49,575,953
Samvardhana Motherson International Ltd.
 
1,100,049
857,129
SBI Cards & Payment Services Ltd.
 
125,454
1,252,797
SBI Life Insurance Co. Ltd. (b)
 
238,279
3,643,988
Shree Cement Ltd.
 
5,676
1,559,254
Shriram Transport Finance Co. Ltd.
 
101,042
1,500,311
Siemens Ltd.
 
37,396
1,321,645
SRF Ltd.
 
78,164
2,415,974
State Bank of India
 
945,400
6,553,159
Sun Pharmaceutical Industries Ltd.
 
507,076
6,229,108
Tata Consultancy Services Ltd.
 
483,725
18,659,175
Tata Consumer Products Ltd.
 
291,960
2,716,272
Tata Elxsi Ltd.
 
18,141
1,533,121
Tata Motors Ltd. (a)
 
884,011
4,425,972
Tata Power Co. Ltd./The
 
762,705
2,082,282
Tata Steel Ltd.
 
3,879,317
4,758,935
Tech Mahindra Ltd.
 
308,601
3,964,319
Titan Co. Ltd.
 
188,160
6,276,925
Torrent Pharmaceuticals Ltd.
 
53,891
1,074,174
Trent Ltd.
 
95,684
1,766,074
Ultratech Cement Ltd.
 
53,254
4,319,859
United Spirits Ltd. (a)
 
151,978
1,645,633
UPL Ltd.
 
257,900
2,274,928
Vedanta Ltd.
 
393,226
1,333,871
Wipro Ltd.
 
723,677
3,386,309
Yes Bank Ltd. (a)
 
5,969,348
1,121,326
Zomato Ltd. (a)
 
1,251,176
953,723
TOTAL INDIA
 
 
476,708,434
Indonesia - 2.3%
 
 
 
PT Adaro Energy Tbk
 
7,583,800
1,935,151
PT Adaro Minerals Indonesia Tbk
 
4,297,400
476,647
PT Aneka Tambang Tbk
 
4,394,800
519,853
PT Astra International Tbk
 
10,713,759
4,567,815
PT Bank Central Asia Tbk
 
29,300,050
16,530,883
PT Bank Jago Tbk (a)
 
2,200,300
719,444
PT Bank Mandiri (Persero) Tbk
 
9,856,798
6,667,044
PT Bank Negara Indonesia (Persero) Tbk
 
3,930,300
2,368,637
PT Bank Rakyat Indonesia (Persero) Tbk
 
36,031,527
10,741,888
PT Barito Pacific Tbk
 
14,878,900
786,991
PT Charoen Pokphand Indonesia Tbk
 
3,899,400
1,393,759
PT Gudang Garam Tbk
 
261,100
403,431
PT Indah Kiat Pulp & Paper Tbk
 
1,459,500
898,298
PT Indofood CBP Sukses Makmur Tbk
 
1,236,400
770,892
PT Indofood Sukses Makmur Tbk
 
2,336,900
966,373
PT Kalbe Farma Tbk
 
11,035,300
1,450,384
PT Merdeka Copper Gold Tbk (a)
 
6,366,886
1,538,911
PT Sarana Menara Nusantara Tbk
 
12,123,600
897,757
PT Semen Indonesia (Persero) Tbk
 
1,540,148
785,009
PT Sumber Alfaria Trijaya Tbk
 
8,663,600
1,566,363
PT Telkom Indonesia Persero Tbk
 
26,123,165
7,336,715
PT Tower Bersama Infrastructure Tbk
 
2,361,310
372,420
PT Unilever Indonesia Tbk
 
4,030,995
1,199,155
PT United Tractors Tbk
 
884,300
1,831,248
PT Vale Indonesia Tbk (a)
 
1,297,600
540,753
TOTAL INDONESIA
 
 
67,265,821
Korea (South) - 11.2%
 
 
 
Alteogen, Inc.
 
17,425
448,041
AMOREPACIFIC Corp.
 
15,379
998,818
AMOREPACIFIC Group, Inc.
 
15,247
263,852
BGF Retail Co. Ltd.
 
3,959
517,301
Celltrion Healthcare Co. Ltd.
 
45,828
2,231,487
Celltrion Pharm, Inc.
 
8,978
426,469
Celltrion, Inc.
 
52,022
6,997,887
Cheil Worldwide, Inc.
 
36,349
622,659
CJ CheilJedang Corp.
 
4,370
1,267,536
CJ Corp.
 
7,831
393,931
CJ ENM Co. Ltd.
 
5,869
301,814
CJ Logistics Corp. (a)
 
4,812
296,342
Coway Co. Ltd.
 
29,255
1,133,454
Db Insurance Co. Ltd.
 
24,380
961,658
Doosan Bobcat, Inc.
 
26,787
628,706
Doosan Heavy Industries & Construction Co. Ltd. (a)
 
215,857
2,003,829
E-Mart, Inc.
 
11,095
657,622
Ecopro BM Co. Ltd.
 
25,439
2,051,417
F&F Co. Ltd.
 
9,091
926,730
Green Cross Corp.
 
3,078
274,952
GS Engineering & Construction Corp.
 
34,473
524,104
GS Holdings Corp.
 
25,146
810,411
Hana Financial Group, Inc.
 
156,965
4,536,338
Hankook Tire Co. Ltd.
 
39,690
1,016,359
Hanmi Pharm Co. Ltd.
 
3,606
639,183
Hanon Systems
 
100,544
549,452
Hanwha Solutions Corp. (a)
 
60,506
2,000,871
HD Hyundai Co. Ltd.
 
25,304
1,079,655
HLB, Inc. (a)
 
50,704
1,438,719
HLB, Inc. rights 12/2/22 (a)
 
4,540
31,172
HMM Co. Ltd.
 
141,777
1,897,220
Hotel Shilla Co.
 
16,062
731,462
HYBE Co. Ltd. (a)
 
9,892
838,587
Hyundai Engineering & Construction Co. Ltd.
 
41,186
1,007,056
Hyundai Glovis Co. Ltd.
 
9,814
1,196,393
Hyundai Heavy Industries Co. Ltd. (a)
 
9,400
717,849
Hyundai Mobis
 
32,602
5,002,269
Hyundai Motor Co.
 
75,400
8,689,922
Hyundai Steel Co.
 
46,581
917,052
Iljin Materials Co. Ltd.
 
12,203
518,105
Industrial Bank of Korea
 
140,603
1,029,413
Kakao Corp.
 
164,386
5,839,174
Kakao Games Corp. (a)
 
18,825
521,627
KakaoBank Corp. (a)
 
63,092
755,873
Kangwon Land, Inc. (a)
 
50,199
808,913
KB Financial Group, Inc.
 
207,698
6,974,792
Kia Corp.
 
139,551
6,482,240
Korea Aerospace Industries Ltd.
 
38,383
1,273,320
Korea Electric Power Corp. (a)
 
136,889
1,602,001
Korea Investment Holdings Co. Ltd.
 
22,485
780,576
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)
 
22,593
1,150,766
Korea Zinc Co. Ltd.
 
4,592
2,059,020
Korean Air Lines Co. Ltd. (a)
 
93,521
1,513,560
KRAFTON, Inc. (a)
 
12,991
1,615,547
KT&G Corp.
 
58,248
3,905,455
Kumho Petro Chemical Co. Ltd.
 
9,612
882,193
L&F Co. Ltd. (a)
 
12,338
1,944,939
LG Chemical Ltd.
 
26,189
11,486,082
LG Corp.
 
49,742
2,760,114
LG Display Co. Ltd.
 
125,471
1,117,489
LG Electronics, Inc.
 
56,438
3,226,565
LG Energy Solution (a)
 
12,309
4,553,395
LG H & H Co. Ltd.
 
5,030
1,797,284
LG Innotek Co. Ltd.
 
7,482
1,554,251
LG Uplus Corp.
 
111,833
897,127
Lotte Chemical Corp.
 
9,123
945,971
Lotte Shopping Co. Ltd.
 
6,146
376,342
Meritz Financial Holdings Co.
 
17,809
270,756
Meritz Fire & Marine Insurance Co. Ltd.
 
19,334
426,011
Meritz Securities Co. Ltd.
 
142,812
370,207
Mirae Asset Securities Co. Ltd.
 
149,039
663,059
NAVER Corp.
 
69,420
8,243,905
NCSOFT Corp.
 
8,729
2,385,106
Netmarble Corp. (b)
 
11,610
362,782
NH Investment & Securities Co. Ltd.
 
78,883
495,741
Orion Corp./Republic of Korea
 
12,435
884,281
Pan Ocean Co., Ltd. (Korea)
 
139,028
418,841
Pearl Abyss Corp. (a)
 
15,393
448,637
POSCO
 
41,573
7,231,222
POSCO Chemtech Co. Ltd.
 
14,269
1,994,413
S-Oil Corp.
 
23,898
1,446,618
S1 Corp.
 
8,617
376,721
Samsung Biologics Co. Ltd. (a)(b)
 
9,373
5,759,130
Samsung C&T Corp.
 
44,376
3,684,217
Samsung Electro-Mechanics Co. Ltd.
 
29,582
2,507,792
Samsung Electronics Co. Ltd.
 
2,525,151
105,087,836
Samsung Engineering Co. Ltd. (a)
 
82,215
1,373,783
Samsung Fire & Marine Insurance Co. Ltd.
 
16,273
2,280,217
Samsung Heavy Industries Co. Ltd. (a)
 
325,169
1,173,262
Samsung Life Insurance Co. Ltd.
 
42,400
2,002,186
Samsung SDI Co. Ltd.
 
29,080
15,015,526
Samsung SDS Co. Ltd.
 
18,313
1,603,792
Samsung Securities Co. Ltd.
 
33,602
747,459
SD Biosensor, Inc.
 
19,055
394,498
Seegene, Inc.
 
19,170
385,463
Shinhan Financial Group Co. Ltd.
 
244,542
6,202,917
SK Biopharmaceuticals Co. Ltd. (a)
 
16,550
673,679
SK Bioscience Co. Ltd. (a)
 
12,130
642,482
SK Chemicals Co. Ltd.
 
5,481
339,462
SK Hynix, Inc.
 
288,569
16,719,906
SK IE Technology Co. Ltd. (a)(b)
 
13,178
480,100
SK Innovation Co., Ltd.
 
29,375
3,560,431
SK Square Co. Ltd. (a)
 
52,224
1,351,958
SK, Inc.
 
19,690
2,952,148
SKC Co. Ltd.
 
10,999
797,576
Woori Financial Group, Inc.
 
290,773
2,393,705
Yuhan Corp.
 
26,560
1,112,776
TOTAL KOREA (SOUTH)
 
 
330,661,314
Kuwait - 1.0%
 
 
 
Agility Public Warehousing Co. KSC
 
781,881
1,978,360
Boubyan Bank KSC
 
694,971
1,848,172
Gulf Bank
 
853,646
944,975
Kuwait Finance House KSCP
 
3,905,139
10,208,690
Mabanee Co. SAKC
 
332,421
935,521
Mobile Telecommunication Co.
 
1,138,823
2,201,565
National Bank of Kuwait
 
3,797,456
13,211,740
TOTAL KUWAIT
 
 
31,329,023
Luxembourg - 0.1%
 
 
 
Allegro.eu SA (a)(b)
 
195,802
951,511
Reinet Investments SCA
 
72,069
1,157,969
TOTAL LUXEMBOURG
 
 
2,109,480
Malaysia - 1.6%
 
 
 
AMMB Holdings Bhd
 
965,300
835,042
Axiata Group Bhd
 
1,454,498
876,760
CIMB Group Holdings Bhd
 
3,679,731
4,296,133
Dialog Group Bhd
 
1,948,165
848,820
DiGi.com Bhd
 
1,637,300
1,312,472
Genting Bhd
 
1,138,000
1,068,680
Genting Malaysia Bhd
 
1,581,340
916,428
Hap Seng Consolidated Bhd
 
332,700
452,466
Hartalega Holdings Bhd
 
905,100
413,497
Hong Leong Bank Bhd
 
339,600
1,519,868
Hong Leong Credit Bhd
 
121,900
491,931
IHH Healthcare Bhd
 
934,987
1,176,644
Inari Amertron Bhd
 
1,451,800
764,590
IOI Corp. Bhd
 
1,332,600
1,149,959
Kuala Lumpur Kepong Bhd
 
231,128
1,059,826
Malayan Banking Bhd
 
2,545,397
4,624,569
Malaysia Airports Holdings Bhd (a)
 
364,200
460,642
Maxis Bhd
 
1,231,900
1,003,133
MISC Bhd
 
698,000
1,067,373
MR DIY Group M Sdn Bhd (b)
 
1,226,950
524,205
Nestle (Malaysia) Bhd
 
36,900
1,038,008
Petronas Chemicals Group Bhd
 
1,259,800
2,323,489
Petronas Dagangan Bhd
 
157,026
720,035
Petronas Gas Bhd
 
422,100
1,526,631
PPB Group Bhd
 
338,540
1,195,774
Press Metal Bhd
 
1,962,800
1,805,876
Public Bank Bhd
 
7,692,285
7,272,528
QL Resources Bhd
 
574,700
622,349
RHB Bank Bhd
 
763,343
923,503
Sime Darby Bhd
 
1,431,749
681,353
Sime Darby Plantation Bhd
 
1,101,496
1,025,081
Telekom Malaysia Bhd
 
597,747
702,934
Tenaga Nasional Bhd
 
1,368,072
2,436,372
Top Glove Corp. Bhd
 
2,801,300
471,031
TOTAL MALAYSIA
 
 
47,608,002
Mexico - 2.6%
 
 
 
Alfa SA de CV Series A
 
1,537,000
1,020,116
America Movil S.A.B. de CV Series L
 
14,743,047
13,952,058
Arca Continental S.A.B. de CV
 
227,400
1,862,653
CEMEX S.A.B. de CV unit (a)
 
7,996,286
3,107,626
Coca-Cola FEMSA S.A.B. de CV unit
 
276,814
1,743,762
Fibra Uno Administracion SA de CV
 
1,610,783
1,879,640
Fomento Economico Mexicano S.A.B. de CV unit
 
1,025,791
7,363,764
Gruma S.A.B. de CV Series B
 
108,545
1,259,118
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
191,827
2,971,368
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
102,510
2,399,126
Grupo Bimbo S.A.B. de CV Series A
 
705,370
2,730,981
Grupo Carso SA de CV Series A1
 
234,400
944,556
Grupo Financiero Banorte S.A.B. de CV Series O
 
1,371,381
11,147,273
Grupo Financiero Inbursa S.A.B. de CV Series O (a)
 
1,138,600
2,101,580
Grupo Mexico SA de CV Series B
 
1,645,454
5,965,425
Grupo Televisa SA de CV
 
1,286,693
1,365,078
Industrias Penoles SA de CV (d)
 
73,320
831,747
Kimberly-Clark de Mexico SA de CV Series A
 
808,727
1,275,971
Operadora de Sites Mexicanos, SA de CV
 
686,500
747,032
Orbia Advance Corp. S.A.B. de CV
 
531,220
896,851
Promotora y Operadora de Infraestructura S.A.B. de CV
 
121,100
910,955
Sitios Latinoamerica S.A.B. de CV (a)
 
737,237
215,072
Wal-Mart de Mexico SA de CV Series V
 
2,760,256
10,661,807
TOTAL MEXICO
 
 
77,353,559
Netherlands - 0.1%
 
 
 
NEPI Rockcastle PLC
 
237,384
1,195,401
X5 Retail Group NV GDR (c)
 
66,442
23,506
Yandex NV Class A (a)(c)
 
158,365
886,640
TOTAL NETHERLANDS
 
 
2,105,547
Peru - 0.0%
 
 
 
Compania de Minas Buenaventura SAA sponsored ADR (d)
 
113,500
787,690
Philippines - 0.8%
 
 
 
Aboitiz Equity Ventures, Inc.
 
893,620
875,628
ACEN Corp.
 
4,047,618
438,790
Ayala Corp.
 
131,166
1,517,573
Ayala Land, Inc.
 
3,952,413
1,748,759
Bank of the Philippine Islands (BPI)
 
947,778
1,571,470
BDO Unibank, Inc.
 
1,042,651
2,297,723
Converge ICT Solutions, Inc. (a)
 
1,135,700
242,510
Globe Telecom, Inc.
 
15,262
613,442
GT Capital Holdings, Inc.
 
46,417
330,883
International Container Terminal Services, Inc.
 
541,070
1,617,066
JG Summit Holdings, Inc.
 
1,596,413
1,191,435
Jollibee Food Corp.
 
232,393
929,397
Manila Electric Co.
 
118,340
615,155
Metro Pacific Investments Corp.
 
5,588,200
352,504
Metropolitan Bank & Trust Co.
 
948,612
849,082
Monde Nissin Corp. (b)
 
3,321,000
671,209
PLDT, Inc.
 
45,395
1,276,282
SM Investments Corp.
 
127,210
1,807,585
SM Prime Holdings, Inc.
 
6,133,900
3,339,779
Universal Robina Corp.
 
460,318
970,912
TOTAL PHILIPPINES
 
 
23,257,184
Poland - 0.6%
 
 
 
Bank Polska Kasa Opieki SA
 
96,360
1,583,226
CD Projekt RED SA (d)
 
34,248
911,778
Cyfrowy Polsat SA
 
138,161
518,021
Dino Polska SA (a)(b)
 
25,632
1,676,192
KGHM Polska Miedz SA (Bearer)
 
73,742
1,477,589
LPP SA
 
586
1,017,561
mBank SA (a)
 
7,850
440,012
Orange Polska SA
 
337,136
425,966
PGE Polska Grupa Energetyczna SA (a)
 
477,634
545,256
Polski Koncern Naftowy Orlen SA
 
215,613
2,480,356
Polskie Gornictwo Naftowe i Gazownictwo SA (a)
 
917,349
976,147
Powszechna Kasa Oszczednosci Bank SA
 
460,715
2,515,833
Powszechny Zaklad Ubezpieczen SA
 
317,188
1,780,574
Santander Bank Polska SA
 
18,670
994,096
TOTAL POLAND
 
 
17,342,607
Qatar - 1.3%
 
 
 
Barwa Real Estate Co. (a)
 
1,026,288
958,160
Industries Qatar QSC (a)
 
793,191
3,434,783
Masraf al Rayan
 
2,939,055
3,096,630
Mesaieed Petrochemical Holding Co. (a)
 
2,277,586
1,419,680
Ooredoo QSC
 
411,354
1,103,571
Qatar Electricity & Water Co. (a)
 
233,799
1,187,693
Qatar Fuel Co. (a)
 
252,437
1,322,578
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
1,307,447
1,471,966
Qatar International Islamic Bank QSC (a)
 
386,614
1,228,290
Qatar Islamic Bank (a)
 
872,121
5,840,882
Qatar National Bank SAQ (a)
 
2,437,873
13,348,304
The Commercial Bank of Qatar (a)
 
1,703,913
2,944,856
TOTAL QATAR
 
 
37,357,393
Russia - 0.1%
 
 
 
Alrosa Co. Ltd. (c)
 
1,399,461
349,132
Gazprom OAO (c)
 
6,384,126
1,001,770
Inter Rao Ues JSC (c)
 
20,040,158
165,683
LUKOIL PJSC (c)
 
224,329
104,123
Magnit OJSC GDR (Reg. S) (c)
 
193,190
941
MMC Norilsk Nickel PJSC (c)
 
34,221
341,288
Mobile TeleSystems OJSC sponsored ADR (c)
 
247,296
246,304
Moscow Exchange MICEX-RTS OAO (a)(c)
 
808,717
233,122
Novatek PJSC GDR (Reg. S) (c)
 
49,200
12,569
Novolipetsk Steel OJSC (c)
 
812,466
11,697
PhosAgro PJSC:
 
 
 
 GDR (c)
 
472
10
 GDR (Reg. S) (c)
 
73,324
1,504
Polyus PJSC (c)
 
18,462
65,105
Rosneft Oil Co. OJSC (c)
 
635,841
159,461
Sberbank of Russia (a)(c)
 
5,823,145
53,689
Severstal PAO (c)
 
113,908
3,814
Surgutneftegas OJSC (c)
 
4,033,562
74,014
Tatneft PAO (c)
 
770,244
143,662
United Co. RUSAL International PJSC (c)
 
1,646,280
297,524
VTB Bank OJSC (a)(c)
 
1,801,039,946
103,186
TOTAL RUSSIA
 
 
3,368,598
Saudi Arabia - 5.1%
 
 
 
ACWA Power Co.
 
42,371
1,962,064
Advanced Polypropylene Co.
 
67,166
791,860
Al Rajhi Bank
 
1,036,315
23,497,768
Alinma Bank
 
517,982
5,169,412
Almarai Co. Ltd.
 
132,572
1,986,348
Arab National Bank
 
317,306
2,723,349
Bank Al-Jazira
 
212,393
1,321,539
Bank Albilad
 
259,070
3,495,589
Banque Saudi Fransi
 
313,038
3,598,952
Bupa Arabia for Cooperative Insurance Co.
 
31,699
1,628,164
Dar Al Arkan Real Estate Development Co. (a)
 
280,078
1,000,292
Dr Sulaiman Al Habib Medical Services Group Co.
 
46,202
2,786,223
Elm Co.
 
12,677
1,116,708
Emaar The Economic City (a)
 
216,839
553,415
Etihad Etisalat Co.
 
199,046
1,938,786
Jarir Marketing Co.
 
30,923
1,349,649
Mobile Telecommunications Co. Saudi Arabia (a)
 
229,603
793,136
Mouwasat Medical Services Co.
 
26,001
1,515,407
National Industrialization Co. (a)
 
174,285
620,599
Rabigh Refining & Petrochemical Co. (a)
 
221,996
805,851
Riyad Bank
 
714,127
6,832,342
Sabic Agriculture-Nutrients Co.
 
113,178
4,789,105
Sahara International Petrochemical Co.
 
190,226
2,052,844
Saudi Arabian Mining Co.
 
455,570
10,147,891
Saudi Arabian Oil Co. (b)
 
1,280,613
11,894,291
Saudi Basic Industries Corp.
 
475,937
11,196,879
Saudi Electricity Co.
 
443,295
3,185,311
Saudi Industrial Investment Group
 
195,072
1,167,042
Saudi Investment Bank/The
 
260,497
1,257,579
Saudi Kayan Petrochemical Co. (a)
 
389,808
1,365,218
Saudi Research & Marketing Group (a)
 
19,170
1,027,488
Saudi Tadawul Group Holding Co.
 
19,022
1,099,541
Saudi Telecom Co.
 
791,758
8,512,734
The Saudi British Bank
 
489,000
5,661,003
The Saudi National Bank
 
1,160,412
18,343,994
The Savola Group
 
139,723
1,089,509
Yanbu National Petrochemical Co.
 
133,459
1,587,635
TOTAL SAUDI ARABIA
 
 
149,865,517
Singapore - 0.0%
 
 
 
BOC Aviation Ltd. Class A (b)
 
111,700
747,783
South Africa - 3.5%
 
 
 
Absa Group Ltd.
 
449,087
4,883,328
African Rainbow Minerals Ltd.
 
58,977
830,486
Anglo American Platinum Ltd.
 
28,002
2,227,385
AngloGold Ashanti Ltd.
 
220,849
2,884,225
Aspen Pharmacare Holdings Ltd.
 
202,484
1,667,382
Bid Corp. Ltd.
 
176,428
2,838,792
Bidvest Group Ltd./The
 
153,660
1,777,458
Capitec Bank Holdings Ltd.
 
46,087
4,768,510
Clicks Group Ltd.
 
127,387
2,158,514
Discovery Ltd. (a)
 
265,693
1,738,911
Exxaro Resources Ltd.
 
129,457
1,441,391
FirstRand Ltd.
 
2,672,029
9,360,739
Foschini Group Ltd./The
 
174,778
1,093,365
Gold Fields Ltd.
 
470,534
3,769,354
Growthpoint Properties Ltd. (d)
 
1,856,577
1,308,890
Harmony Gold Mining Co. Ltd.
 
291,052
806,081
Impala Platinum Holdings Ltd.
 
449,309
4,600,325
Kumba Iron Ore Ltd.
 
33,960
639,664
Mr Price Group Ltd.
 
135,062
1,300,272
MTN Group Ltd.
 
896,323
6,335,683
MultiChoice Group Ltd.
 
201,576
1,317,192
Naspers Ltd. Class N
 
115,206
11,875,650
Nedbank Group Ltd.
 
244,842
2,899,916
Northam Platinum Holdings Ltd. (a)
 
178,179
1,672,106
Old Mutual Ltd.
 
2,506,335
1,424,492
Pepkor Holdings Ltd. (b)
 
872,260
1,076,510
Remgro Ltd.
 
281,288
2,093,495
Sanlam Ltd.
 
945,528
2,750,814
Sasol Ltd.
 
299,660
5,037,302
Shoprite Holdings Ltd.
 
264,312
3,365,639
Sibanye-Stillwater Ltd.
 
1,494,764
3,501,072
Spar Group Ltd./The
 
100,587
852,885
Standard Bank Group Ltd.
 
711,375
6,647,568
Vodacom Group Ltd.
 
338,627
2,310,084
Woolworths Holdings Ltd.
 
525,716
1,805,644
TOTAL SOUTH AFRICA
 
 
105,061,124
Taiwan - 13.1%
 
 
 
Accton Technology Corp.
 
267,000
2,011,564
Acer, Inc.
 
1,526,000
1,045,594
Advantech Co. Ltd.
 
225,066
2,044,532
ASE Technology Holding Co. Ltd.
 
1,730,592
4,268,919
Asia Cement Corp.
 
1,216,000
1,406,238
ASMedia Technology, Inc.
 
14,000
252,620
ASUSTeK Computer, Inc.
 
374,502
2,740,202
AUO Corp.
 
3,528,800
1,848,971
Catcher Technology Co. Ltd.
 
349,095
1,834,551
Cathay Financial Holding Co. Ltd.
 
4,193,809
4,914,925
Chang Hwa Commercial Bank
 
2,525,959
1,300,022
Cheng Shin Rubber Industry Co. Ltd.
 
957,000
958,365
China Airlines Ltd.
 
1,523,000
800,361
China Development Financial Ho
 
8,237,624
3,000,933
China Steel Corp.
 
6,250,289
5,203,084
Chunghwa Telecom Co. Ltd.
 
2,003,129
6,899,876
Compal Electronics, Inc.
 
2,226,000
1,456,210
CTBC Financial Holding Co. Ltd.
 
9,301,778
5,883,186
Delta Electronics, Inc.
 
1,029,717
8,220,752
E Ink Holdings, Inc.
 
452,000
2,879,829
E.SUN Financial Holdings Co. Ltd.
 
6,785,733
4,880,914
ECLAT Textile Co. Ltd.
 
101,129
1,330,975
eMemory Technology, Inc.
 
34,000
1,133,193
EVA Airways Corp.
 
1,350,000
979,413
Evergreen Marine Corp. (Taiwan)
 
535,494
2,282,831
Far Eastern New Century Corp.
 
1,703,000
1,697,509
Far EasTone Telecommunications Co. Ltd.
 
840,348
1,842,023
Feng Tay Enterprise Co. Ltd.
 
233,390
1,161,378
First Financial Holding Co. Ltd.
 
5,597,251
4,295,032
Formosa Chemicals & Fibre Corp.
 
1,854,149
3,995,267
Formosa Petrochemical Corp.
 
603,347
1,552,607
Formosa Plastics Corp.
 
2,185,085
5,629,707
Fubon Financial Holding Co. Ltd.
 
3,944,713
6,237,377
Giant Manufacturing Co. Ltd.
 
161,000
1,025,780
GlobalWafers Co. Ltd.
 
116,000
1,289,328
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
6,605,465
20,991,510
Hotai Motor Co. Ltd.
 
159,000
2,878,899
Hua Nan Financial Holdings Co. Ltd.
 
4,695,379
3,064,356
Innolux Corp.
 
4,883,380
1,794,136
Inventec Corp.
 
1,327,000
1,003,869
Largan Precision Co. Ltd.
 
53,451
3,065,801
Lite-On Technology Corp.
 
1,055,044
2,093,471
MediaTek, Inc.
 
802,615
14,681,678
Mega Financial Holding Co. Ltd.
 
5,910,446
5,479,083
Micro-Star International Co. Ltd.
 
356,000
1,208,594
momo.com, Inc.
 
35,200
526,570
Nan Ya Plastics Corp.
 
2,514,358
5,324,321
Nan Ya Printed Circuit Board Corp.
 
119,000
780,322
Nanya Technology Corp.
 
653,000
1,103,383
Nien Made Enterprise Co. Ltd.
 
94,000
725,677
Novatek Microelectronics Corp.
 
305,000
2,278,942
Pegatron Corp.
 
1,063,000
1,944,472
Pou Chen Corp.
 
1,197,391
1,011,624
Powerchip Semiconductor Manufacturing Corp.
 
1,556,933
1,486,747
President Chain Store Corp.
 
300,000
2,492,714
Quanta Computer, Inc.
 
1,432,000
3,036,795
Realtek Semiconductor Corp.
 
243,000
1,921,157
Ruentex Development Co. Ltd.
 
931,440
1,143,580
Shin Kong Financial Holding Co. Ltd.
 
6,995,732
1,735,160
Sinopac Financial Holdings Co.
 
5,426,535
2,708,725
Synnex Technology International Corp.
 
713,700
1,163,906
Taishin Financial Holdings Co. Ltd.
 
5,731,194
2,354,385
Taiwan Cement Corp.
 
3,204,354
3,005,262
Taiwan Cooperative Financial Holding Co. Ltd.
 
5,191,516
4,023,932
Taiwan High Speed Rail Corp.
 
1,064,000
926,967
Taiwan Mobile Co. Ltd.
 
906,000
2,671,315
Taiwan Semiconductor Manufacturing Co. Ltd.
 
13,023,740
156,421,205
The Shanghai Commercial & Savings Bank Ltd.
 
1,896,420
2,728,154
The Shanghai Commercial & Savings Bank Ltd. rights (a)
 
139,019
40,515
Uni-President Enterprises Corp.
 
2,553,332
5,185,194
Unimicron Technology Corp.
 
662,000
2,555,311
United Microelectronics Corp.
 
6,269,000
7,530,867
Vanguard International Semiconductor Corp.
 
474,000
975,805
Voltronic Power Technology Corp.
 
34,000
1,380,914
Walsin Lihwa Corp.
 
1,350,779
1,497,189
Wan Hai Lines Ltd.
 
369,415
775,389
Win Semiconductors Corp.
 
180,000
680,846
Winbond Electronics Corp.
 
1,583,000
957,044
Wiwynn Corp.
 
45,629
1,024,226
WPG Holding Co. Ltd.
 
858,880
1,170,329
Yageo Corp.
 
184,114
2,094,929
Yang Ming Marine Transport Corp.
 
918,000
1,713,387
Yuanta Financial Holding Co. Ltd.
 
5,299,141
3,236,593
TOTAL TAIWAN
 
 
386,899,318
Thailand - 2.2%
 
 
 
Advanced Information Service PCL NVDR
 
629,900
3,162,331
Airports of Thailand PCL NVDR (a)
 
2,314,900
4,502,631
Asset World Corp. PCL NVDR
 
4,376,900
701,777
B. Grimm Power PCL:
 
 
 
 (For. Reg.)
 
70,900
62,896
 NVDR
 
353,400
313,504
Bangkok Commercial Asset Management PCL:
 
 
 
 (For. Reg.)
 
66,700
26,824
 NVDR
 
859,200
345,532
Bangkok Dusit Medical Services PCL:
 
 
 
 (For. Reg.)
 
47,900
37,142
 NVDR
 
5,400,200
4,187,302
Bangkok Expressway and Metro PCL NVDR
 
4,068,000
1,005,104
Berli Jucker PCL unit
 
656,600
591,104
BTS Group Holdings PCL NVDR
 
4,317,900
942,005
Bumrungrad Hospital PCL:
 
 
 
 NVDR
 
302,500
1,804,902
 (For. Reg.)
 
8,200
48,926
Carabao Group PCL NVDR
 
166,200
394,258
Central Pattana PCL:
 
 
 
 (For. Reg.)
 
449,000
811,375
 NVDR
 
626,900
1,132,853
Central Retail Corp. PCL:
 
 
 
 (For. Reg.)
 
217,424
240,026
 NVDR
 
727,300
802,907
Charoen Pokphand Foods PCL:
 
 
 
 (For. Reg.)
 
1,700
1,128
 (NVDR)
 
2,060,600
1,367,595
CP ALL PCL NVDR
 
3,080,100
4,857,563
Delta Electronics PCL NVDR
 
164,600
2,509,344
Electricity Generating PCL:
 
 
 
 (For. Reg.)
 
5,400
24,200
 NVDR
 
127,100
569,603
Energy Absolute PCL NVDR
 
882,600
2,238,688
Global Power Synergy Public Co. Ltd.:
 
 
 
 (For. Reg.)
 
600
978
 NVDR
 
354,700
578,037
Gulf Energy Development PCL:
 
 
 
 (For. Reg.)
 
46,100
61,192
 NVDR
 
1,486,500
1,973,144
Home Product Center PCL NVDR
 
3,189,800
1,224,105
Indorama Ventures PCL NVDR
 
898,200
991,573
Intouch Holdings PCL NVDR
 
602,300
1,139,850
JMT Network Services PCL NVDR
 
332,500
568,077
Kasikornbank PCL NVDR
 
313,000
1,201,157
Krung Thai Bank PCL:
 
 
 
 (For. Reg.)
 
553,800
254,738
 NVDR
 
1,288,400
592,640
Krungthai Card PCL:
 
 
 
 (For. Reg.)
 
142,000
212,748
 NVDR
 
323,200
484,227
Land & House PCL:
 
 
 
 NVDR
 
4,284,800
1,036,146
 (For. Reg.)
 
217,100
52,499
Minor International PCL:
 
 
 
 unit (a)
 
1,549,300
1,150,420
 (For. Reg.) (a)
 
127,526
94,693
Muangthai Leasing PCL:
 
 
 
 (For. Reg.)
 
4,001
3,812
 NVDR
 
390,400
371,981
Osotspa PCL NVDR
 
790,200
550,409
PTT Exploration and Production PCL:
 
 
 
 (For. Reg.)
 
29,800
142,166
 NVDR
 
702,600
3,351,870
PTT Global Chemical PCL NVDR
 
1,220,300
1,395,270
PTT Oil & Retail Business PCL NVDR
 
1,618,700
1,025,382
PTT PCL NVDR
 
5,398,300
5,108,130
Ratch Group PCL unit
 
576,100
620,846
Robinsons Department Store PCL (For. Reg.) (a)
 
55,100
96,309
SCB X PCL:
 
 
 
 (For. Reg.)
 
184,500
514,049
 NVDR unit
 
179,200
499,282
SCG Packaging PCL NVDR
 
695,300
950,338
Siam Cement PCL:
 
 
 
 (For. Reg.)
 
18,200
154,995
 NVDR
 
392,100
3,339,214
Siam Commercial Bank PCL (For. Reg.)
 
204,200
472,618
Srisawad Corp. PCL:
 
 
 
 warrants 8/29/25 (a)
 
16,016
1,364
 NVDR
 
364,700
393,027
Thai Oil PCL NVDR
 
663,121
949,930
Thai Union Frozen Products PCL:
 
 
 
 (For. Reg.)
 
100
47
 NVDR
 
1,500,500
709,922
 rights (a)(c)
 
42,547
19,689
 rights (a)(c)
 
2
1
True Corp. PCL NVDR
 
6,130,400
799,232
TOTAL THAILAND
 
 
65,767,627
Turkey - 0.5%
 
 
 
Akbank TAS
 
1,653,546
1,298,728
Aselsan A/S
 
352,673
610,453
Bim Birlesik Magazalar A/S JSC
 
237,777
1,711,706
Eregli Demir ve Celik Fabrikalari T.A.S.
 
736,030
1,174,374
Ford Otomotiv Sanayi A/S
 
37,772
736,599
Haci Omer Sabanci Holding A/S
 
539,363
971,849
Koc Holding A/S
 
401,160
1,198,248
Turk Hava Yollari AO (a)
 
292,858
1,593,753
Turk Sise ve Cam Fabrikalari A/S
 
720,133
1,285,188
Turkcell Iletisim Hizmet A/S
 
634,616
874,145
Turkiye Is Bankasi A/S Series C
 
1,851,485
927,023
Turkiye Petrol Rafinerileri A/S (a)
 
65,825
1,340,246
TOTAL TURKEY
 
 
13,722,312
United Arab Emirates - 1.5%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
1,474,128
3,792,576
Abu Dhabi Islamic Bank
 
767,598
1,985,293
Abu Dhabi National Oil Co. for Distribution PJSC
 
1,644,030
2,018,615
Aldar Properties PJSC
 
2,061,304
2,424,337
Dubai Islamic Bank Pakistan Ltd.
 
1,535,713
2,433,326
Emaar Properties PJSC (a)
 
2,138,074
3,527,464
Emirates NBD Bank PJSC
 
1,003,817
3,621,076
Emirates Telecommunications Corp.
 
1,837,718
12,908,204
First Abu Dhabi Bank PJSC
 
2,337,675
11,392,116
TOTAL UNITED ARAB EMIRATES
 
 
44,103,007
United States of America - 0.6%
 
 
 
360 DigiTech, Inc. ADR
 
57,026
579,384
Legend Biotech Corp. ADR (a)
 
25,379
1,264,382
Li Auto, Inc. ADR (a)
 
288,827
3,933,824
Southern Copper Corp.
 
45,049
2,115,952
Yum China Holdings, Inc.
 
222,359
9,194,545
TOTAL UNITED STATES OF AMERICA
 
 
17,088,087
 
TOTAL COMMON STOCKS
  (Cost $2,799,982,977)
 
 
 
2,866,578,824
 
 
 
 
Nonconvertible Preferred Stocks - 2.7%
 
 
Shares
Value ($)
 
Brazil - 1.8%
 
 
 
Banco Bradesco SA (PN)
 
2,828,288
10,874,030
Braskem SA Class A
 
101,900
664,998
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)
 
128,505
1,326,471
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
737,060
1,622,374
Gerdau SA
 
606,400
3,022,902
Itau Unibanco Holding SA
 
2,562,771
15,082,420
Itausa-Investimentos Itau SA (PN)
 
2,449,012
5,091,935
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
2,472,100
14,266,441
TOTAL BRAZIL
 
 
51,951,571
Chile - 0.2%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B)
 
75,478
7,183,810
Colombia - 0.1%
 
 
 
Bancolombia SA (PN)
 
244,933
1,549,817
Korea (South) - 0.6%
 
 
 
Hyundai Motor Co.
 
10,549
579,437
Hyundai Motor Co. Series 2
 
17,174
960,181
LG Chemical Ltd.
 
3,892
788,042
LG H & H Co. Ltd.
 
910
178,835
Samsung Electronics Co. Ltd.
 
434,401
16,221,712
TOTAL KOREA (SOUTH)
 
 
18,728,207
Russia - 0.0%
 
 
 
Surgutneftegas OJSC (c)
 
3,570,022
93,142
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $59,143,019)
 
 
 
79,506,547
 
 
 
 
Government Obligations - 0.5%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.5%
 
 
 
U.S. Treasury Bills, yield at date of purchase 1.15% 1/26/23 (f)
  (Cost $14,959,168)
 
15,000,000
14,857,115
 
 
 
 
Money Market Funds - 0.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (g)
 
3,463,651
3,464,344
Fidelity Securities Lending Cash Central Fund 3.10% (g)(h)
 
16,507,890
16,509,541
 
TOTAL MONEY MARKET FUNDS
  (Cost $19,973,885)
 
 
19,973,885
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.8%
  (Cost $2,894,059,049)
 
 
 
2,980,916,371
NET OTHER ASSETS (LIABILITIES) - (0.8)%  
(24,823,935)
NET ASSETS - 100.0%
2,956,092,436
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
248
Dec 2022
10,584,640
(394,271)
(394,271)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.4%
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $142,129,304 or 4.8% of net assets.
 
(c)
Level 3 security
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $782,475.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
90,704,884
1,831,193,158
1,918,433,698
460,608
-
-
3,464,344
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
31,019,879
190,371,277
204,881,615
286,718
-
-
16,509,541
0.0%
Total
121,724,763
2,021,564,435
2,123,315,313
747,326
-
-
19,973,885
 
 
 
 
 
 
 
 
 
 
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, 2022, 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
257,115,841
128,613,635
127,350,705
1,151,501
Consumer Discretionary
360,554,963
217,843,296
142,620,711
90,956
Consumer Staples
191,443,597
189,757,336
1,642,121
44,140
Energy
166,185,118
159,294,835
5,301,542
1,588,741
Financials
696,153,110
569,227,943
126,411,928
513,239
Health Care
120,100,014
103,426,965
16,673,049
-
Industrials
179,749,472
172,409,302
7,340,170
-
Information Technology
558,822,820
384,887,757
173,935,063
-
Materials
269,929,619
240,426,161
28,433,384
1,070,074
Real Estate
50,819,909
45,586,265
5,088,538
145,106
Utilities
95,210,908
92,389,279
2,655,946
165,683
 Government Obligations
14,857,115
-
14,857,115
-
  Money Market Funds
19,973,885
19,973,885
-
-
 Total Investments in Securities:
2,980,916,371
2,323,836,659
652,310,272
4,769,440
  Derivative Instruments:
 
 
 
 
 Liabilities
 
 
 
 
Futures Contracts
(394,271)
(394,271)
-
-
  Total Liabilities
(394,271)
(394,271)
-
-
 Total Derivative Instruments:
(394,271)
(394,271)
-
-
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
Energy
 
 
 
  Beginning Balance
$
43
 
  Net Realized Gain (Loss) on Investment Securities
 
(62,666)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(79,578,044)
 
  Cost of Purchases
 
10,797,960
 
  Proceeds of Sales
 
(667,017)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
71,098,465
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
1,588,741
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(79,578,000)
 
Financials
 
 
 
  Beginning Balance
$
594,787
 
  Net Realized Gain (Loss) on Investment Securities
 
(711,901)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(37,475,118)
 
  Cost of Purchases
 
4,635,618
 
  Proceeds of Sales
 
(576,004)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
34,045,857
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
513,239
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(37,800,475)
 
Other Investments in Securities
 
 
 
  Beginning Balance
$
1,103,079
 
  Net Realized Gain (Loss) on Investment Securities
 
(823,780)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(47,514,619)
 
  Cost of Purchases
 
9,659,917
 
  Proceeds of Sales
 
(2,743,884)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
42,986,747
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
2,667,460
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(47,266,929)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
 
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, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
0
(394,271)
Total Equity Risk
0
(394,271)
Total Value of Derivatives
0
(394,271)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $14,296,237) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,874,085,164)
 
$2,960,942,486
 
 
Fidelity Central Funds (cost $19,973,885)
 
19,973,885
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,894,059,049)
 
 
$
2,980,916,371
Foreign currency held at value (cost $3,014,284)
 
 
 
2,890,369
Receivable for fund shares sold
 
 
 
1,454,451
Dividends receivable
 
 
 
2,534,871
Distributions receivable from Fidelity Central Funds
 
 
 
27,771
Prepaid expenses
 
 
 
5,185
Receivable from investment adviser for expense reductions
 
 
 
92,095
  Total assets
 
 
 
2,987,921,113
Liabilities
 
 
 
 
Payable for investments purchased
 
$11,957
 
 
Payable for fund shares redeemed
 
1,276,612
 
 
Accrued management fee
 
190,872
 
 
Payable for daily variation margin on futures contracts
 
33,338
 
 
Deferred taxes
 
13,166,390
 
 
Other payables and accrued expenses
 
628,714
 
 
Collateral on securities loaned
 
16,520,794
 
 
  Total Liabilities
 
 
 
31,828,677
Net Assets  
 
 
$
2,956,092,436
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,499,056,036
Total accumulated earnings (loss)
 
 
 
(542,963,600)
Net Assets
 
 
$
2,956,092,436
Net Asset Value , offering price and redemption price per share ($2,956,092,436 ÷ 267,030,184 shares)
 
 
$
11.07
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
123,692,667
Non-Cash dividends
 
 
 
8,243,914
Interest  
 
 
107,831
Income from Fidelity Central Funds (including $286,718 from security lending)
 
 
 
747,326
 Income before foreign taxes withheld
 
 
 
132,791,738
Less foreign taxes withheld
 
 
 
(14,175,373)
 Total Income
 
 
 
118,616,365
Expenses
 
 
 
 
Management fee
$
2,938,191
 
 
Custodian fees and expenses
 
2,605,456
 
 
Independent trustees' fees and expenses
 
12,998
 
 
Registration fees
 
74,955
 
 
Audit
 
61,562
 
 
Legal
 
6,431
 
 
Interest
 
67,387
 
 
Miscellaneous
 
16,896
 
 
 Total expenses before reductions
 
5,783,876
 
 
 Expense reductions
 
(2,817,391)
 
 
 Total expenses after reductions
 
 
 
2,966,485
Net Investment income (loss)
 
 
 
115,649,880
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $6,067,387)
 
(245,079,130)
 
 
 Foreign currency transactions
 
(3,408,409)
 
 
 Futures contracts
 
(67,959,180)
 
 
Total net realized gain (loss)
 
 
 
(316,446,719)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $5,904,131)  
 
(1,204,488,023)
 
 
 Assets and liabilities in foreign currencies
 
84,358
 
 
 Futures contracts
 
686,411
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(1,203,717,254)
Net gain (loss)
 
 
 
(1,520,163,973)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,404,514,093)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
115,649,880
$
81,878,413
Net realized gain (loss)
 
(316,446,719)
 
 
138,277,121
 
Change in net unrealized appreciation (depreciation)
 
(1,203,717,254)
 
391,718,795
 
Net increase (decrease) in net assets resulting from operations
 
(1,404,514,093)
 
 
611,874,329
 
Distributions to shareholders
 
(108,921,064)
 
 
(61,451,040)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,927,174,410
 
904,679,177
  Reinvestment of distributions
 
106,410,044
 
 
59,925,572
 
Cost of shares redeemed
 
(1,370,213,430)
 
(1,273,280,123)
  Net increase (decrease) in net assets resulting from share transactions
 
663,371,024
 
 
(308,675,374)
 
Total increase (decrease) in net assets
 
(850,064,133)
 
 
241,747,915
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,806,156,569
 
3,564,408,654
 
End of period
$
2,956,092,436
$
3,806,156,569
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
132,184,146
 
53,294,459
  Issued in reinvestment of distributions
 
6,895,296
 
 
3,717,467
 
Redeemed
 
(102,830,412)
 
(72,956,690)
Net increase (decrease)
 
36,249,030
 
(15,944,764)
 
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI Emerging Markets Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.49
$
14.45
$
13.71
$
12.62
$
14.80
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.41
 
.36
 
.30
 
.42 C
 
.36
     Net realized and unrealized gain (loss)
 
(5.38)
 
1.93
 
.80
 
.99
 
(2.18)
  Total from investment operations
 
(4.97)  
 
2.29  
 
1.10  
 
1.41  
 
(1.82)
  Distributions from net investment income
 
(.45)
 
(.25)
 
(.36)
 
(.32)
 
(.27)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.09)
     Total distributions
 
(.45)
 
(.25)
 
(.36)
 
(.32)
 
(.36)
  Net asset value, end of period
$
11.07
$
16.49
$
14.45
$
13.71
$
12.62
 Total Return   D
 
(30.89)%
 
15.87%
 
8.19%
 
11.44%
 
(12.61)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.15%
 
.13%
 
.14%
 
.16%
 
.17%
    Expenses net of fee waivers, if any
 
.08%
 
.08%
 
.08%
 
.08%
 
.08%
    Expenses net of all reductions
 
.08%
 
.08%
 
.08%
 
.08%
 
.08%
    Net investment income (loss)
 
2.95%
 
2.10%
 
2.21%
 
3.12% C
 
2.48%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,956,092
$
3,806,157
$
3,564,409
$
3,840,772
$
4,257,694
    Portfolio turnover rate G
 
30%
 
16%
 
38%
 
22%
 
3%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.51%.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Fees and expenses of any underlying 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.
 
F 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.
 
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity SAI Emerging Markets Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.  
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
 
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$679,288,768
Gross unrealized depreciation
(691,494,218)
Net unrealized appreciation (depreciation)
$(12,205,450)
Tax Cost
$2,993,121,821
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$70,157,788
Capital loss carryforward
$(587,626,215)
Net unrealized appreciation (depreciation) on securities and other investments
$(12,328,785)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(387,599,592)
  Long-term
(200,026,623)
Total capital loss carryforward
$(587,626,215)
 
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$    108,921,064
$      61,451,040
 
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI Emerging Markets Index Fund
1,824,575,067
1,137,327,650
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .075% of the Fund's average net assets.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI Emerging Markets Index Fund  
Borrower
$   26,280,744
2.02%
$63,477
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity SAI Emerging Markets Index Fund
$6,800
 
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity SAI Emerging Markets Index Fund
$30,155
$13
$-
 
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI Emerging Markets Index Fund
$   4,692,900
2.00%
$   3,910
 
10. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .075% of average net assets.   This reimbursement will remain in place through February 29, 2024. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $2,765,137.
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $52,254.
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity Emerging Markets Fund
Fidelity SAI Emerging Markets Index Fund
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 Emerging Markets Index Fund
22%
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI Emerging Markets Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI Emerging Markets Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 15, 2022
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 293 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function.   Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as a member of the Board of McKesson Corporation (healthcare service, 2002-2021). In addition, Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity ® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Laura M. Bishop (1961)
Year of Election or Appointment: 2022
Member of the Advisory Board
Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).    
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.     
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). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke 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).     
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).     
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
President and 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: 2016
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).     
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), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-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: 2013
Assistant 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).     
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.     
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.     
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: 2013
Assistant 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: 2021
Deputy 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).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Emerging Markets Index Fund
 
 
 
.08%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 812.20
 
$ .37
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.80
 
$ .41
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund designates 41% and 56% of the dividends distributed on December 6, 2021, and December 29, 2021, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
Pay Date
Income
Taxes
 
 
 
12/06/21
$0.4956
$0.0466
12/29/21
$0.0023
$0.0000
 
 
 
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity SAI Emerging Markets Index Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided . The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity and Geode had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
 
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
 
Resources Dedicated to Investment Management and Support Services . The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.   
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools.  The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.   
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.  
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one-, three, and five-year periods. No performance peer group information was considered by the Board as Fidelity advised the Board that the peer group, which is created by a third-party provider, includes a number of actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.  
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.  
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.  
 
The Board considered that, effective August 1, 2019, the fund's management fee rate was reduced from 0.09% to 0.075%. The Board considered that the chart below reflects the fund's lower management fee rate for 2019 as if the lower fee rate were in effect for the entire period.  
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  
 
Total Expense Ratio . In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.
 
The Board noted that the fund's total net expense ratio ranked below the similar sales load structure group competitive median for 2021 and below the ASPG competitive median for 2021.
 
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.075% through February 28, 2023.
 
Fees Charged to Other Clients . The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.  
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.  
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
The Board also considered information regarding the profitability of Geode's relationship with the fund.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.  
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.
 
1.9879600.106
SV6-ANN-1222
Fidelity® Emerging Markets Index Fund
Fidelity® Global ex U.S. Index Fund
 
 
Annual Report
October 31, 2022

Contents

Fidelity® Emerging Markets Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Global ex U.S. Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts 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 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Emerging Markets Index Fund
-30.81%
-3.27%
0.76%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Markets Index Fund on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
Fidelity® Emerging Markets Index Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2022, the fund returned -30.81%, compared with the -31.01% result of the benchmark MSCI Emerging Markets (Net MA) index . (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, as well as by required local capital gains tax.) By region, Emerging Asia returned -34.38% and detracted most, followed by Emerging Europe. By sector, stocks in the consumer discretionary sector returned -47% and detracted most, followed by information technology, which returned -35%. Communication services returned about -46% and financials detracted -14%, especially in the banks industry (-9%). Materials (-22%) and health care (-37%) hampered results. Other notable detractors included the consumer staples (-21%) and energy (-18%) sectors. Industrials (-17%), real estate (-40%), and utilities (-5%) also hurt. In contrast, Latin America gained 18% and contributed most, followed by the Middle East (+4%). Turning to individual stocks, the biggest individual detractor was Taiwan Semiconductor (-42%), from the semiconductors & semiconductor equipment industry. Tencent Holdings, within the media & entertainment group, returned -56% and hindered the fund. In retailing, Alibaba Group Holding (-63%) and Meituan (-54%) hurt. Another detractor was Samsung Electronics (-29%), a stock in the technology hardware & equipment segment. In contrast, the biggest individual contributor was Petroleo Brasileiro (+101%), also known as Petrobras, from the energy sector. In materials, Saudi Arabian Mining Company (+105%) and Vale (+12%) helped. Itau Unibanco Holding, within the banks category, advanced roughly 47% and lifted the fund. Another contributor was Adani Total Gas (+127%), a stock in the utilities sector.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Emerging Markets Index Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
5.2
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
3.5
 
Tencent Holdings Ltd.  (Cayman Islands, Interactive Media & Services)
2.9
 
Alibaba Group Holding Ltd.  (Cayman Islands, Internet & Direct Marketing Retail)
2.1
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
1.6
 
Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail)
1.2
 
Infosys Ltd.  (India, IT Services)
1.1
 
ICICI Bank Ltd.  (India, Banks)
1.0
 
Vale SA  (Brazil, Metals & Mining)
0.9
 
Housing Development Finance Corp. Ltd.  (India, Diversified Financial Services)
0.9
 
 
20.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
23.7
 
Information Technology
18.3
 
Consumer Discretionary
11.6
 
Materials
8.5
 
Communication Services
8.1
 
Consumer Staples
6.9
 
Energy
6.0
 
Industrials
5.7
 
Health Care
3.9
 
Utilities
3.3
 
Real Estate
1.5
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 96.9%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Emerging Markets Index Fund
Showing Percentage of Net Assets     
Common Stocks - 94.9%
 
 
Shares
Value ($)
 
Bermuda - 0.5%
 
 
 
Alibaba Health Information Technology Ltd. (a)
 
4,346,000
1,838,135
Alibaba Pictures Group Ltd. (a)
 
11,450,000
423,012
Beijing Enterprises Water Group Ltd.
 
3,844,000
808,011
China Gas Holdings Ltd.
 
2,740,000
2,429,459
China Resource Gas Group Ltd.
 
845,300
2,164,495
China Ruyi Holdings Ltd. (a)
 
4,424,000
693,218
Cosco Shipping Ports Ltd.
 
1,780,977
878,049
Credicorp Ltd.
 
5,134
748,537
Credicorp Ltd. (United States)
 
60,633
8,874,246
Hopson Development Holdings Ltd.
 
736,452
591,064
Kunlun Energy Co. Ltd.
 
3,576,000
2,136,584
Nine Dragons Paper (Holdings) Ltd.
 
1,547,000
916,417
Orient Overseas International Ltd.
 
120,500
1,760,760
Shenzhen International Holdings Ltd.
 
1,105,336
743,495
TOTAL BERMUDA
 
 
25,005,482
Brazil - 4.6%
 
 
 
Ambev SA
 
4,292,300
13,295,286
Americanas SA
 
581,011
1,747,926
Atacadao SA
 
441,000
1,661,380
B3 SA - Brasil Bolsa Balcao
 
5,577,542
16,239,712
Banco Bradesco SA
 
1,454,780
4,686,388
Banco BTG Pactual SA unit
 
1,087,200
6,091,098
Banco do Brasil SA
 
792,700
5,681,106
Banco Santander SA (Brasil) unit
 
345,300
1,990,714
BB Seguridade Participacoes SA
 
644,200
3,702,700
BRF SA (a)
 
562,736
1,368,302
CCR SA
 
1,150,200
2,885,798
Centrais Eletricas Brasileiras SA (Electrobras)
 
989,265
9,541,222
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
312,200
3,632,411
Companhia Siderurgica Nacional SA (CSN)
 
604,800
1,437,798
Cosan SA
 
1,126,996
3,678,473
CPFL Energia SA
 
217,700
1,492,776
Energisa SA unit
 
186,900
1,754,483
ENGIE Brasil Energia SA
 
178,150
1,387,125
Equatorial Energia SA
 
930,200
5,407,784
Hapvida Participacoes e Investimentos SA (b)
 
4,247,344
6,413,568
Hypera SA
 
380,000
3,737,838
Itausa-Investimentos Itau SA
 
41,542
87,017
JBS SA
 
718,500
3,471,834
Klabin SA unit
 
688,600
2,882,109
Localiza Rent a Car SA
 
2,087
28,500
Localiza Rent a Car SA
 
680,342
9,290,741
Lojas Renner SA
 
894,698
5,352,080
Magazine Luiza SA
 
2,758,524
2,387,107
Natura & Co. Holding SA (a)
 
816,490
2,363,087
Petro Rio SA (a)
 
646,200
4,427,261
Petroleo Brasileiro SA - Petrobras (ON)
 
3,319,297
21,372,533
Raia Drogasil SA
 
967,000
4,925,326
Rede D'Oregon Sao Luiz SA (b)
 
369,400
2,300,571
Rumo SA
 
1,189,800
5,099,636
Suzano Papel e Celulose SA
 
692,317
7,130,242
Telefonica Brasil SA
 
456,400
3,649,963
TIM SA
 
761,600
1,946,205
Totvs SA
 
481,800
3,092,922
Ultrapar Participacoes SA
 
682,300
1,771,299
Vale SA
 
3,661,107
47,579,153
Vibra Energia SA
 
1,056,091
3,731,228
Weg SA
 
1,524,864
11,890,722
TOTAL BRAZIL
 
 
242,613,424
British Virgin Islands - 0.0%
 
 
 
Tianhe Chemicals Group Ltd. (a)(c)
 
376,000
0
VK Co. Ltd. unit (a)(c)
 
100,000
44,550
TOTAL BRITISH VIRGIN ISLANDS
 
 
44,550
Cayman Islands - 13.5%
 
 
 
3SBio, Inc. (b)
 
1,272,500
898,085
AAC Technology Holdings, Inc. (a)
 
679,000
1,243,779
Airtac International Group
 
128,551
2,949,332
Alibaba Group Holding Ltd. (a)
 
13,901,940
108,086,287
Anta Sports Products Ltd.
 
1,115,800
9,808,106
Autohome, Inc. ADR Class A
 
68,531
1,790,030
Baidu, Inc. Class A (a)
 
2,018,152
19,348,031
BeiGene Ltd. ADR (a)(d)
 
43,010
7,263,959
Bilibili, Inc. Class Z (a)
 
168,532
1,501,855
Bosideng International Holdings Ltd.
 
2,926,000
1,263,641
Chailease Holding Co. Ltd.
 
1,257,102
5,807,286
China Conch Venture Holdings Ltd.
 
1,497,500
2,209,149
China Feihe Ltd. (b)
 
3,204,000
1,844,933
China Hongqiao Group Ltd.
 
2,102,500
1,491,904
China Huishan Dairy Holdings Co. Ltd. (a)(c)
 
888,000
1
China Liansu Group Holdings Ltd.
 
1,020,000
827,731
China Literature Ltd. (a)(b)
 
385,200
1,037,878
China Medical System Holdings Ltd.
 
1,214,000
1,325,407
China Meidong Auto Holding Ltd.
 
500,000
657,354
China Mengniu Dairy Co. Ltd.
 
2,890,000
9,259,457
China Overseas Property Holdings Ltd.
 
1,230,000
774,073
China Resources Cement Holdings Ltd.
 
2,146,000
776,422
China Resources Land Ltd.
 
2,938,744
9,209,723
China Resources Microelectronics Ltd. (A Shares)
 
62,086
430,689
China Resources Mixc Lifestyle Services Ltd. (b)
 
618,800
1,813,125
China State Construction International Holdings Ltd.
 
1,845,000
1,659,399
ChinaSoft International Ltd.
 
2,492,000
1,650,825
CIFI Holdings Group Co. Ltd. (c)
 
3,886,485
257,460
Country Garden Holdings Co. Ltd.
 
7,414,958
954,069
Country Garden Services Holdings Co. Ltd.
 
1,858,000
1,623,751
Dali Foods Group Co. Ltd. (b)
 
1,799,000
740,258
Daqo New Energy Corp. ADR (a)
 
54,975
2,418,350
Dongyue Group Co. Ltd.
 
1,311,000
1,139,034
ENN Energy Holdings Ltd.
 
723,700
7,195,835
GDS Holdings Ltd. Class A (a)
 
799,792
892,689
Geely Automobile Holdings Ltd.
 
5,502,000
5,915,790
Genscript Biotech Corp. (a)
 
1,054,000
2,663,986
Greentown China Holdings Ltd.
 
802,000
763,211
Greentown Service Group Co. Ltd.
 
1,292,000
529,991
H World Group Ltd. ADR
 
176,124
4,769,438
Haidilao International Holding Ltd. (a)(b)(d)
 
1,011,000
1,501,756
Haitian International Holdings Ltd.
 
574,000
1,149,514
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
1,068,000
1,649,011
Hengan International Group Co. Ltd.
 
575,500
2,232,453
HUTCHMED China Ltd. sponsored ADR (a)(d)
 
80,514
711,744
Hygeia Healthcare Holdings Co. (a)(b)
 
306,400
1,327,142
Innovent Biologics, Inc. (a)(b)
 
939,000
3,325,524
iQIYI, Inc. ADR (a)(d)
 
322,810
652,076
JD Health International, Inc. (a)(b)
 
1,024,450
5,618,413
JD.com, Inc. Class A
 
1,975,457
35,974,099
Jinxin Fertility Group Ltd. (b)
 
1,409,000
694,659
Jiumaojiu International Holdings Ltd. (b)(d)
 
655,000
1,028,020
JOYY, Inc. ADR
 
43,781
1,104,595
Kanzhun Ltd. ADR (a)
 
168,113
1,837,475
KE Holdings, Inc. ADR (a)
 
609,305
6,202,725
Kingboard Chemical Holdings Ltd.
 
610,500
1,505,708
Kingboard Laminates Holdings Ltd.
 
880,000
702,910
Kingdee International Software Group Co. Ltd. (a)
 
2,398,000
3,922,509
Kingsoft Corp. Ltd.
 
876,000
2,650,437
Kuaishou Technology Class B (a)(b)
 
1,599,500
6,581,676
Li Ning Co. Ltd.
 
2,152,500
11,133,172
Longfor Properties Co. Ltd. (b)
 
1,681,000
2,141,497
Lufax Holding Ltd. ADR
 
627,439
997,628
Meituan Class B (a)(b)
 
4,033,600
64,580,138
Microport Scientific Corp. (a)
 
572,400
1,209,021
Ming Yuan Cloud Group Holdings Ltd.
 
644,000
296,171
Minth Group Ltd.
 
686,000
1,354,583
NetEase, Inc.
 
1,898,450
21,063,784
New Oriental Education & Technology Group, Inc. (a)
 
1,407,510
3,295,896
NIO, Inc. sponsored ADR (a)
 
1,253,696
12,123,240
Parade Technologies Ltd.
 
69,000
1,302,815
Pinduoduo, Inc. ADR (a)
 
463,095
25,391,499
Ping An Healthcare and Technology Co. Ltd. (a)(b)(d)
 
473,200
872,897
Pop Mart International Group Ltd. (b)(d)
 
501,400
648,975
RLX Technology, Inc. ADR (a)(d)
 
436,045
545,056
Sany Heavy Equipment International Holdings Co. Ltd.
 
960,000
787,602
Seazen Group Ltd. (a)
 
1,830,000
293,746
Shenzhou International Group Holdings Ltd.
 
754,500
5,238,496
Silergy Corp.
 
294,000
3,409,066
Sino Biopharmaceutical Ltd.
 
9,497,000
4,609,578
Smoore International Holdings Ltd. (b)
 
1,697,000
1,805,170
Sunny Optical Technology Group Co. Ltd.
 
651,300
5,646,235
TAL Education Group ADR (a)
 
413,189
1,946,120
Tencent Holdings Ltd.
 
5,720,100
150,305,889
Tencent Music Entertainment Group ADR (a)
 
649,730
2,345,525
Tingyi (Cayman Islands) Holding Corp.
 
1,804,000
2,822,179
Tongcheng Travel Holdings Ltd. (a)
 
1,090,800
1,700,890
Topsports International Holdings Ltd. (b)
 
1,649,000
831,889
Trip.com Group Ltd. ADR (a)
 
498,495
11,280,942
Uni-President China Holdings Ltd.
 
1,132,000
836,419
Vinda International Holdings Ltd.
 
340,000
637,583
Vipshop Holdings Ltd. ADR (a)
 
400,025
2,788,174
Want Want China Holdings Ltd.
 
4,370,000
2,872,638
Weibo Corp. sponsored ADR (a)
 
67,012
758,576
Wuxi Biologics (Cayman), Inc. (a)(b)
 
3,277,500
14,747,578
Xiaomi Corp. Class B (a)(b)
 
13,960,800
15,668,807
Xinyi Solar Holdings Ltd.
 
4,461,498
4,427,595
XPeng, Inc. ADR (a)(d)
 
386,976
2,561,781
XTEP International Holdings Ltd.
 
1,191,500
1,092,889
Yadea Group Holdings Ltd. (b)
 
1,118,000
1,706,272
Yihai International Holding Ltd.
 
420,000
691,292
Zai Lab Ltd. ADR (a)
 
81,156
1,808,156
Zhen Ding Technology Holding Ltd.
 
626,000
2,057,295
Zhongsheng Group Holdings Ltd. Class H
 
544,000
2,065,213
ZTO Express, Inc. sponsored ADR
 
385,021
6,503,005
TOTAL CAYMAN ISLANDS
 
 
706,367,741
Chile - 0.4%
 
 
 
Banco de Chile
 
42,068,389
3,847,463
Banco de Credito e Inversiones
 
51,705
1,440,725
Banco Santander Chile
 
60,527,382
2,168,337
Cencosud SA
 
1,266,356
1,704,581
Compania Cervecerias Unidas SA
 
109,094
598,369
Compania Sud Americana de Vapores SA
 
14,564,732
1,011,118
Empresas CMPC SA
 
1,059,270
1,680,686
Empresas COPEC SA
 
367,389
2,531,811
Enel Americas SA
 
19,848,074
1,966,506
Enel Chile SA
 
26,168,411
920,817
Falabella SA
 
710,721
1,389,654
TOTAL CHILE
 
 
19,260,067
China - 11.1%
 
 
 
360 Security Technology, Inc. (A Shares)
 
412,800
400,200
37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares)
 
123,000
244,050
A-Living Smart City Services C (H Shares) (b)
 
599,000
339,576
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (a)
 
35,037
532,495
AECC Aero-Engine Control Co. Ltd. (A Shares)
 
76,100
312,616
AECC Aviation Power Co. Ltd.
 
151,800
1,011,044
Agricultural Bank of China Ltd.:
 
 
 
 (A Shares)
 
5,390,700
2,037,318
 (H Shares)
 
25,770,000
7,355,621
Aier Eye Hospital Group Co. Ltd. (A Shares)
 
397,857
1,345,639
Air China Ltd.:
 
 
 
 (A Shares) (a)
 
192,000
254,233
 (H Shares) (a)
 
1,950,000
1,356,366
Aluminum Corp. of China Ltd.:
 
 
 
 (A shares)
 
912,000
482,044
 (H Shares)
 
3,104,000
884,894
Amlogic Shanghai Co. Ltd. (A Shares) (a)
 
23,243
182,560
Angel Yeast Co. Ltd. (A Shares)
 
45,600
225,911
Anhui Conch Cement Co. Ltd.:
 
 
 
 (A Shares)
 
273,300
908,642
 (H Shares)
 
1,019,000
2,622,257
Anhui Gujing Distillery Co. Ltd.:
 
 
 
 (A Shares)
 
18,900
509,994
 (B Shares)
 
97,000
1,143,415
Anhui Honglu Steel Construction Group Co. Ltd.
 
38,910
181,579
Anhui Kouzi Distillery Co. Ltd. (A Shares)
 
32,700
181,346
Anhui Yingjia Distillery Co. Ltd. (A Shares)
 
38,400
247,661
Anjoy Foods Group Co. Ltd. (A Shares)
 
16,700
307,181
Apeloa Pharmaceutical Co. Ltd. A Shares
 
63,400
180,748
Asia - Potash International Investment Guangzhou Co. Ltd. (A Shares) (a)
 
52,400
182,968
Asymchem Laboratories Tianjin Co. Ltd. (A Shares)
 
19,140
375,283
Avary Holding Shenzhen Co. Ltd. (A Shares)
 
107,800
439,147
AVIC Capital Co. Ltd. (A Shares)
 
479,100
198,780
AVIC Electromechanical Systems Co. Ltd. (A Shares)
 
221,100
354,225
AviChina Industry & Technology Co. Ltd. (H Shares)
 
2,143,000
939,140
Avicopter PLC (A Shares)
 
34,000
204,385
Bank of Beijing Co. Ltd. (A Shares)
 
1,208,380
668,482
Bank of Changsha Co. Ltd. (A Shares)
 
238,800
210,584
Bank of Chengdu Co. Ltd. (A Shares)
 
208,300
388,482
Bank of China Ltd.:
 
 
 
 (A Shares)
 
2,434,600
1,003,457
 (H Shares)
 
72,199,000
23,253,668
Bank of Communications Co. Ltd.:
 
 
 
 (A Shares)
 
2,292,700
1,397,050
 (H Shares)
 
7,909,000
3,858,958
Bank of Hangzhou Co. Ltd. (A Shares)
 
339,020
562,178
Bank of Jiangsu Co. Ltd. (A Shares)
 
825,700
782,408
Bank of Nanjing Co. Ltd. (A Shares)
 
585,200
826,968
Bank of Ningbo Co. Ltd. (A Shares)
 
371,980
1,210,238
Bank of Shanghai Co. Ltd. (A Shares)
 
815,377
623,013
Baoshan Iron & Steel Co. Ltd. (A Shares)
 
1,265,600
833,578
BBMG Corp.:
 
 
 
 (A Shares)
 
438,700
139,968
 (H Shares)
 
129,000
13,311
Beijing Capital International Airport Co. Ltd. (H Shares) (a)
 
1,760,000
952,909
Beijing Dabeinong Technology Group Co. Ltd. (A Shares) (a)
 
232,300
291,373
Beijing Easpring Material Technology Co. Ltd. (A Shares)
 
27,700
223,750
Beijing Enlight Media Co. Ltd. (A Shares)
 
167,700
154,544
Beijing Kingsoft Office Software, Inc. (A Shares)
 
26,219
1,043,820
Beijing New Building Materials PLC (A Shares)
 
91,600
248,727
Beijing Originwater Technology Co. Ltd. (A Shares)
 
196,700
126,862
Beijing Roborock Technology Co. Ltd. (A Shares)
 
5,210
167,667
Beijing Shiji Information Technology Co. Ltd. (A Shares)
 
101,920
176,405
Beijing Shunxin Agriculture Co. Ltd.
 
39,900
111,785
Beijing Sinnet Technology Co. Ltd. (A Shares)
 
96,400
114,314
Beijing Tiantan Biological Products Corp. Ltd. (A Shares)
 
91,740
259,659
Beijing Tongrentang Co. Ltd. (A Shares)
 
78,300
522,686
Beijing United Information Technology Co. Ltd. (A Shares)
 
27,535
467,532
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares)
 
34,605
594,780
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. (A Shares)
 
13,300
209,110
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares)
 
2,324,600
1,419,671
Betta Pharmaceuticals Co. Ltd. (A Shares)
 
22,000
137,701
BGI Genomics Co. Ltd.
 
22,100
167,863
Bloomage Biotechnology Corp. Ltd. (A Shares)
 
17,713
257,076
BOC International China Co. Ltd.
 
160,000
230,265
BOE Technology Group Co. Ltd. (A Shares)
 
2,121,300
970,182
BTG Hotels Group Co. Ltd.
 
62,300
185,376
By-Health Co. Ltd. (A Shares)
 
90,900
218,073
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
104,800
3,539,829
 (H Shares)
 
746,500
16,709,032
Caitong Securities Co. Ltd.
 
249,990
244,756
CanSino Biologics, Inc.:
 
 
 
 (A Shares)
 
9,667
251,044
 (H Shares) (b)(d)
 
65,400
608,205
CECEP Solar Energy Co. Ltd. (A Shares)
 
232,900
215,586
CECEP Wind-Power Corp. (A Shares)
 
282,700
165,682
CGN Power Co. Ltd. (H Shares) (b)
 
8,886,000
1,799,920
Chacha Food Co. Ltd. (A Shares)
 
15,100
91,350
Changchun High & New Technology Industry Group, Inc. (A Shares)
 
22,800
505,459
Changjiang Securities Co. Ltd. (A Shares)
 
299,000
213,311
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares)
 
15,800
264,902
Chaozhou Three-Circle Group Co. (A Shares)
 
108,700
422,720
Chengtun Mining Group Co. Ltd. (A Shares)
 
186,600
141,555
Chengxin Lithium Group Co. Ltd. (A Shares)
 
47,700
282,298
Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a)
 
91,900
236,832
China Baoan Group Co. Ltd. (A Shares)
 
139,700
221,136
China Cinda Asset Management Co. Ltd. (H Shares)
 
8,339,000
775,508
China CITIC Bank Corp. Ltd.:
 
 
 
 (A Shares)
 
74,600
44,231
 (H Shares)
 
8,085,000
3,048,747
China Coal Energy Co. Ltd. (H Shares)
 
1,864,000
1,372,535
China Communications Services Corp. Ltd. (H Shares)
 
2,088,000
582,538
China Construction Bank Corp.:
 
 
 
 (A Shares)
 
954,700
698,092
 (H Shares)
 
87,560,000
46,467,081
China CSSC Holdings Ltd. (A Shares)
 
251,400
912,943
China Eastern Airlines Corp. Ltd. (A Shares) (a)
 
526,100
345,791
China Energy Engineering Corp. Ltd. (A Shares)
 
1,859,400
583,060
China Everbright Bank Co. Ltd.:
 
 
 
 (A Shares)
 
2,206,400
821,784
 (H Shares)
 
2,924,000
756,176
China Galaxy Securities Co. Ltd.:
 
 
 
 (A Shares)
 
154,700
190,862
 (H Shares)
 
3,387,000
1,268,564
China Great Wall Securities Co. Ltd. (A Shares)
 
195,000
215,750
China Greatwall Technology Group Co. Ltd. (A Shares)
 
186,200
284,288
China International Capital Corp. Ltd.
 
69,800
331,084
China International Capital Corp. Ltd. (H Shares) (b)
 
1,366,400
1,900,860
China Jushi Co. Ltd. (A Shares)
 
231,404
370,733
China Life Insurance Co. Ltd.:
 
 
 
 (A Shares)
 
124,700
454,206
 (H Shares)
 
6,881,000
7,503,439
China Longyuan Power Grid Corp. Ltd. (H Shares)
 
3,051,000
3,486,457
China Meheco Co. Ltd. (A Shares)
 
79,760
137,832
China Merchants Bank Co. Ltd.:
 
 
 
 (A Shares)
 
1,035,000
3,801,052
 (H Shares)
 
3,658,846
12,025,788
China Merchants Energy Shipping Co. Ltd. (A Shares)
 
459,100
438,172
China Merchants Securities Co. Ltd. (A Shares)
 
418,600
716,496
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
450,000
807,830
China Minmetals Rare Earth Co. Ltd. (A Shares) (a)
 
58,200
229,839
China Minsheng Banking Corp. Ltd.:
 
 
 
 (A Shares)
 
2,498,800
1,129,146
 (H Shares)
 
4,549,040
1,321,309
China National Building Materials Co. Ltd. (H Shares)
 
3,566,000
2,071,552
China National Chemical Engineering Co. Ltd. (A Shares)
 
346,900
335,837
China National Nuclear Power Co. Ltd. (A Shares)
 
1,083,200
894,398
China Northern Rare Earth Group High-Tech Co. Ltd.
 
207,400
687,272
China Oilfield Services Ltd. (H Shares)
 
1,616,000
1,819,882
China Pacific Insurance (Group) Co. Ltd.
 
286,000
745,263
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
2,514,600
4,055,574
China Petroleum & Chemical Corp.:
 
 
 
 (A Shares)
 
2,981,800
1,661,795
 (H Shares)
 
21,635,000
8,574,523
China Railway Group Ltd.:
 
 
 
 (A Shares)
 
1,028,200
702,559
 (H Shares)
 
3,997,000
1,736,354
China Railway Signal & Communications Corp. (A Shares)
 
393,289
243,958
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares)
 
55,800
416,729
China Shenhua Energy Co. Ltd.:
 
 
 
 (A Shares)
 
377,100
1,447,386
 (H Shares)
 
3,066,000
8,065,697
China Southern Airlines Ltd.:
 
 
 
 (A Shares) (a)
 
327,100
289,346
 (H Shares) (a)
 
2,142,000
1,105,158
China State Construction Engineering Corp. Ltd. (A Shares)
 
2,378,380
1,546,961
China Suntien Green Energy Corp. Ltd. (H Shares)
 
1,649,000
626,018
China Three Gorges Renewables Group Co. Ltd. (A Shares)
 
1,625,300
1,239,634
China Tourism Group Duty Free Corp. Ltd. (A Shares)
 
110,800
2,432,991
China Tower Corp. Ltd. (H Shares) (b)
 
40,184,000
3,634,638
China United Network Communications Ltd. (A Shares)
 
1,789,100
823,149
China Vanke Co. Ltd.:
 
 
 
 (A Shares)
 
610,900
1,130,971
 (H Shares)
 
1,457,800
1,872,010
China Yangtze Power Co. Ltd. (A Shares)
 
1,294,600
3,591,532
China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares)
 
29,500
544,725
China Zheshang Bank Co. Ltd. (a)
 
961,500
363,382
Chongqing Brewery Co. Ltd. (A Shares)
 
27,800
332,782
Chongqing Changan Automobile Co. Ltd. (A Shares)
 
468,876
724,864
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares)
 
47,300
145,795
Chongqing Rural Commercial Bank Co. Ltd.:
 
 
 
 (A Shares)
 
186,800
89,270
 (H Shares)
 
151,000
45,783
Chongqing Zhifei Biological Products Co. Ltd. (A Shares)
 
89,900
1,051,289
CITIC Securities Co. Ltd.:
 
 
 
 (A Shares)
 
797,195
1,878,668
 (H Shares)
 
1,724,925
2,579,812
Cmoc Group Ltd.:
 
 
 
 (A Shares)
 
707,700
402,163
 (H Shares)
 
3,612,000
1,164,174
CNGR Advanced Material Co. Ltd.
 
22,500
222,230
CNNC Hua Yuan Titanium Dioxide Co. Ltd. (A Shares)
 
160,620
146,920
Contemporary Amperex Technology Co. Ltd.
 
132,100
6,744,916
COSCO Shipping Development Co. Ltd. (A Shares)
 
568,000
189,777
COSCO Shipping Energy Transportation Co. Ltd.:
 
 
 
 (A Shares) (a)
 
95,800
221,827
 (H Shares) (a)
 
324,000
236,097
COSCO SHIPPING Holdings Co. Ltd.:
 
 
 
 (A Shares)
 
577,110
887,448
 (H Shares)
 
3,026,050
3,265,196
CRRC Corp. Ltd.:
 
 
 
 (A Shares)
 
1,304,500
848,481
 (H Shares)
 
3,907,000
1,184,595
CSC Financial Co. Ltd. (A Shares)
 
246,100
795,632
Daan Gene Co. Ltd.
 
83,796
205,161
Daqin Railway Co. Ltd. (A Shares)
 
841,600
738,701
DaShenLin Pharmaceutical Group Co. Ltd.
 
54,356
271,300
DHC Software Co. Ltd. (A Shares)
 
185,700
156,892
Do-Fluoride New Materials Co. Ltd. (A Shares)
 
42,300
180,428
Dong-E-E-Jiao Co. Ltd. (A Shares)
 
38,900
199,962
Dongfang Electric Corp. Ltd. (A Shares)
 
157,400
500,247
Dongfeng Motor Group Co. Ltd. (H Shares)
 
2,700,000
1,221,074
Dongxing Securities Co. Ltd. (A Shares)
 
175,700
186,938
East Money Information Co. Ltd. (A Shares)
 
753,098
1,609,752
Ecovacs Robotics Co. Ltd. Class A
 
32,900
262,645
ENN Natural Gas Co. Ltd. (A Shares)
 
132,900
281,709
Eve Energy Co. Ltd. (A shares)
 
107,755
1,225,263
Everbright Securities Co. Ltd. (A Shares)
 
223,100
428,304
Fangda Carbon New Material Co. Ltd. (A Shares) (a)
 
229,581
188,936
FAW Jiefang Group Co. Ltd. (A Shares)
 
177,500
169,166
Fiberhome Telecommunication Technologies Co. Ltd. (A Shares)
 
62,500
117,933
First Capital Securities Co. Ltd. (A Shares)
 
228,500
173,654
Flat Glass Group Co. Ltd.
 
255,000
597,084
Flat Glass Group Co. Ltd. (A Shares) (a)
 
161,000
756,179
Focus Media Information Technology Co. Ltd. (A Shares)
 
826,220
506,849
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares)
 
219,364
1,792,664
Founder Securities Co. Ltd. (A Shares)
 
470,300
407,646
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
554,696
622,836
Fujian Sunner Development Co. Ltd. A Shares
 
68,700
206,583
Fuyao Glass Industries Group Co. Ltd.:
 
 
 
 (A Shares)
 
171,100
783,233
 (H Shares) (b)
 
475,600
1,705,572
G-bits Network Technology Xiamen Co. Ltd. (A Shares)
 
3,900
135,992
Ganfeng Lithium Group Co. Ltd. (A Shares)
 
119,100
1,288,705
GCL System Integration Technology Co. Ltd. (a)
 
338,600
151,614
GD Power Development Co. Ltd. (A Shares) (a)
 
1,025,400
613,592
GEM Co. Ltd. (A Shares)
 
277,600
282,811
Gemdale Corp. (A Shares)
 
251,800
269,629
GF Securities Co. Ltd.:
 
 
 
 (A Shares)
 
238,600
445,319
 (H Shares)
 
1,169,600
1,190,512
Giant Network Group Co. Ltd. (A Shares)
 
120,600
127,818
Gigadevice Semiconductor Beijing, Inc. (A Shares)
 
38,184
430,158
Ginlong Technologies Co. Ltd. (A Shares)
 
21,050
538,435
GoerTek, Inc. (A Shares)
 
192,300
570,878
Gotion High-tech Co. Ltd. (A Shares)
 
95,400
392,552
Great Wall Motor Co. Ltd.:
 
 
 
 (A Shares)
 
139,600
557,414
 (H Shares)
 
2,844,500
3,105,535
Gree Electric Appliances, Inc. of Zhuhai (A Shares)
 
161,100
632,452
GRG Banking Equipment Co. Ltd. (A Shares)
 
148,100
191,034
Guangdong Haid Group Co. Ltd. (A Shares)
 
94,400
746,498
Guangdong Kinlong Hardware Products Co. Ltd. (A Shares)
 
18,300
198,514
Guanghui Energy Co. Ltd. (A Shares)
 
371,200
522,523
Guangzhou Automobile Group Co. Ltd.
 
362,400
562,241
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
2,448,000
1,490,696
Guangzhou Baiyunshan Pharma Health (A Shares)
 
82,400
304,533
Guangzhou Haige Communications Group (A Shares)
 
121,300
140,353
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
27,300
282,461
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares)
 
35,800
318,935
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares)
 
109,500
637,247
Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares)
 
225,717
172,157
Guolian Securities Co. Ltd.
 
127,900
163,752
Guosen Securities Co. Ltd. (A Shares)
 
364,900
430,711
Guotai Junan Securities Co. Ltd. (A Shares)
 
429,600
777,679
Guoyuan Securities Co. Ltd. (A Shares)
 
234,910
201,042
Haier Smart Home Co. Ltd.
 
2,174,800
5,441,398
Haier Smart Home Co. Ltd. (A Shares)
 
271,600
773,567
Haitong Securities Co. Ltd.:
 
 
 
 (A Shares)
 
326,300
377,107
 (H Shares)
 
3,072,400
1,502,999
Hanergy Mobile Energy Holding (a)(c)
 
1,618,000
2
Hangzhou First Applied Material Co. Ltd. (A Shares)
 
75,560
662,802
Hangzhou Lion Electronics Co. Ltd. (A Shares)
 
38,700
226,915
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares)
 
53,800
310,074
Hangzhou Robam Appliances Co. Ltd. (A Shares)
 
52,000
145,969
Hangzhou Silan Microelectronics Co. Ltd. (A Shares)
 
80,800
347,413
Hangzhou Tigermed Consulting Co. Ltd.:
 
 
 
 (A Shares)
 
30,000
342,398
 (H Shares) (b)
 
88,100
598,770
Heilongjiang Agriculture Co. Ltd. (A Shares)
 
98,900
186,887
Henan Shenhuo Coal & Power Co. Ltd. (A Shares)
 
127,500
244,947
Henan Shuanghui Investment & Development Co. Ltd. (A Shares)
 
194,523
606,777
Hengli Petrochemical Co. Ltd. (A Shares)
 
332,840
699,142
Hengtong Optic-electric Co. Ltd. (A Shares)
 
130,600
347,830
Hengyi Petrochemical Co. Ltd. (A Shares)
 
207,120
190,021
Hesteel Co. Ltd. (A Shares)
 
613,100
182,178
Hithink RoyalFlush Information Network Co. Ltd. (A Shares)
 
31,100
362,235
Hongfa Technology Co. Ltd. (A Shares)
 
58,640
275,499
Hoshine Silicon Industry Co. Ltd. (A Shares)
 
28,400
372,164
Huadian Power International Corp. Ltd. (A Shares)
 
468,500
348,349
Huadong Medicine Co. Ltd. (A Shares)
 
100,280
562,032
Huafon Chemical Co. Ltd. (A Shares)
 
267,400
243,860
Huagong Tech Co. Ltd. (A Shares)
 
54,300
124,692
Huaibei Mining Holdings Co. Ltd. (A Shares)
 
140,000
249,791
Hualan Biological Engineer, Inc. (A Shares)
 
100,160
243,169
Huaneng Power International, Inc.:
 
 
 
 (A Shares) (a)
 
436,600
400,556
 (H Shares) (a)
 
3,802,000
1,361,031
Huatai Securities Co. Ltd.:
 
 
 
 (A Shares)
 
228,600
374,693
 (H Shares) (b)
 
1,648,800
1,615,266
HUAXI Securities Co. Ltd.
 
141,700
142,420
Huaxia Bank Co. Ltd. (A Shares)
 
729,700
478,613
Huaxin Cement Co. Ltd. (A Shares)
 
72,300
132,860
Huayu Automotive Systems Co. Ltd. (A Shares)
 
181,700
417,246
Hubei Xingfa Chemicals Group Co. Ltd. (A Shares)
 
63,300
245,038
Huizhou Desay SV Automotive Co. Ltd.
 
31,400
445,445
Humanwell Healthcare Group Co. Ltd. (A Shares)
 
93,600
256,721
Hunan Valin Steel Co. Ltd. (A Shares)
 
395,300
216,517
Hundsun Technologies, Inc. (A Shares)
 
106,652
608,697
iFlytek Co. Ltd. (A Shares)
 
133,200
638,924
IMEIK Technology Development Co. Ltd. (A Shares)
 
10,100
582,248
Industrial & Commercial Bank of China Ltd.:
 
 
 
 (A Shares)
 
4,398,700
2,499,638
 (H Shares)
 
50,438,000
21,898,436
Industrial Bank Co. Ltd. (A Shares)
 
1,187,300
2,443,566
Industrial Securities Co. Ltd. (A Shares) (a)
 
392,510
292,922
Ingenic Semiconductor Co. Ltd. (A Shares)
 
27,700
257,773
Inner Mongoli Yili Industries Co. Ltd. (A Shares)
 
364,500
1,259,771
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares)
 
2,596,900
625,853
Inner Mongolia Dian Tou Energy Corp. Ltd.
 
104,200
176,214
Inner Mongolia Eerduosi Resourses Co. Ltd. (A Shares)
 
67,600
128,852
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares)
 
476,300
253,056
Inner Mongolia Yitai Coal Co. Ltd. (B Shares)
 
512,404
724,539
Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares)
 
208,000
183,708
Inspur Electronic Information Industry Co. Ltd. (A Shares)
 
85,996
271,074
Intco Medical Technology Co. Ltd. (A Shares)
 
38,660
112,864
JA Solar Technology Co. Ltd. (A Shares)
 
133,280
1,140,643
Jafron Biomedical Co. Ltd. (A Shares)
 
45,890
199,071
Jason Furniture Hangzhou Co. Ltd. (A Shares)
 
45,810
188,813
JCET Group Co. Ltd. (A Shares)
 
101,900
335,997
Jiangsu Eastern Shenghong Co. Ltd.
 
224,100
375,602
Jiangsu Expressway Co. Ltd. (H Shares)
 
1,118,000
787,620
Jiangsu Hengli Hydraulic Co. Ltd.
 
72,276
546,011
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)
 
360,275
1,983,192
Jiangsu King's Luck Brewery JSC Ltd. (A Shares)
 
72,000
368,533
Jiangsu Yanghe Brewery JSC Ltd. (A Shares)
 
85,600
1,531,397
Jiangsu Yangnong Chemical Co. Ltd. (A Shares)
 
17,200
217,600
Jiangsu Yoke Technology Co. Ltd. (A Shares)
 
25,100
202,095
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares)
 
57,900
258,068
Jiangsu Zhongtian Technology Co. Ltd. (A Shares)
 
196,500
591,149
Jiangxi Copper Co. Ltd.:
 
 
 
 (A Shares)
 
144,100
303,871
 (H Shares)
 
890,000
972,808
Jiangxi Special Electric Motor Co. Ltd. (A Shares) (a)
 
99,100
258,915
Jiangxi Zhengbang Technology Co. Ltd. (A Shares) (a)
 
168,700
80,851
Jinke Properties Group Co. Ltd. (A Shares) (a)
 
289,200
70,093
JiuGui Liquor Co. Ltd. (A Shares)
 
18,800
262,709
Jizhong Energy Resources Co. Ltd. (A Shares)
 
199,900
166,426
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares)
 
113,900
182,324
Joinn Laboratories China Co. Ltd. (A Shares)
 
25,376
198,723
Jointown Pharmaceutical Group (A Shares)
 
105,300
181,102
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares)
 
42,600
158,082
Juewei Food Co. Ltd.
 
35,800
232,215
Kangmei Pharmaceutical Co. Ltd. rights (a)(c)
 
10,350
0
Keda Industrial Group Co. Ltd.
 
108,300
230,899
Kingfa Sci & Tech Co. Ltd. (A Shares)
 
146,200
193,788
Kuang-Chi Technologies Co. Ltd. (A Shares) (a)
 
126,600
299,906
Kunlun Tech Co. Ltd. (A Shares)
 
71,600
127,554
Kweichow Moutai Co. Ltd. (A Shares)
 
71,200
13,100,544
Lb Group Co. Ltd. (A Shares)
 
129,873
273,336
Lens Technology Co. Ltd. (A Shares)
 
283,500
386,649
Lepu Medical Technology Beijing Co. Ltd. (A Shares)
 
103,500
358,421
Liaoning Port Co. Ltd. (A Shares)
 
1,155,500
251,577
Lingyi iTech Guangdong Co. (A Shares) (a)
 
404,300
261,860
Livzon Pharmaceutical Group, Inc. (A Shares)
 
34,300
165,937
LONGi Green Energy Technology Co. Ltd.
 
430,348
2,827,383
Luoyang Xinqianglian Slewing Bearing Co. Ltd. (A Shares)
 
18,340
175,341
Luxi Chemical Group Co. Ltd.
 
108,700
169,088
Luxshare Precision Industry Co. Ltd. (A Shares)
 
399,728
1,559,962
Luzhou Laojiao Co. Ltd. (A Shares)
 
83,600
1,789,818
Maanshan Iron & Steel Co. Ltd. (A Shares)
 
347,000
119,739
Mango Excellent Media Co. Ltd. (A Shares)
 
104,707
314,426
Maxscend Microelectronics Co. Ltd. (A Shares)
 
30,476
385,431
Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a)
 
217,060
126,915
Metallurgical Corp. China Ltd. (A Shares)
 
1,018,500
401,660
Ming Yang Smart Energy Group Ltd. (A Shares)
 
119,200
406,425
Montage Technology Co. Ltd. (A Shares)
 
64,432
500,605
Muyuan Foodstuff Co. Ltd. (A Shares)
 
302,040
1,934,770
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd.
 
89,535
199,473
Nanjing Securities Co. Ltd. (A Shares)
 
198,300
215,056
NARI Technology Co. Ltd. (A Shares)
 
380,412
1,271,009
National Silicon Industry Group Co. Ltd. (A Shares) (a)
 
154,732
430,323
NAURA Technology Group Co. Ltd.
 
30,000
1,091,484
NavInfo Co. Ltd. (A Shares)
 
137,000
222,490
New China Life Insurance Co. Ltd.
 
78,400
250,888
New China Life Insurance Co. Ltd. (H Shares)
 
856,300
1,359,232
New Hope Liuhe Co. Ltd. (A Shares) (a)
 
259,500
458,031
Ninestar Corp. (A Shares)
 
80,500
629,525
Ningbo Deye Technology Co. Ltd. (A Shares)
 
11,300
506,240
Ningbo Joyson Electronic Corp. (A shares) (a)
 
78,000
163,949
Ningbo Orient Wires & Cables Co. Ltd. (A Shares)
 
39,600
417,533
Ningbo Ronbay New Energy Technology Co. Ltd. (A Shares)
 
24,867
266,652
Ningbo Shanshan Co. Ltd. (A Shares)
 
119,300
293,721
Ningbo Tuopu Group Co. Ltd. (A Shares)
 
62,700
556,349
Ningxia Baofeng Energy Group Co. Ltd.
 
345,000
541,860
Nongfu Spring Co. Ltd. (H Shares) (b)
 
1,596,200
8,022,025
North Industries Group Red Arrow Co. Ltd. (A Shares)
 
79,700
224,272
Northeast Securities Co. Ltd. (A Shares)
 
127,100
110,342
Offshore Oil Enginering Co. Ltd. (A Shares)
 
231,900
149,246
OFILM Group Co. Ltd. (A Shares) (a)
 
188,900
121,055
Oppein Home Group, Inc. (A Shares)
 
28,660
319,530
Orient Securities Co. Ltd. (A Shares)
 
430,808
457,773
Ovctek China, Inc. (A Shares)
 
48,820
198,679
Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a)
 
490,900
304,506
People's Insurance Co. of China Group Ltd.:
 
 
 
 (A Shares)
 
212,200
140,926
 (H Shares)
 
7,896,000
2,182,813
Perfect World Co. Ltd. (A Shares)
 
103,900
162,048
PetroChina Co. Ltd.:
 
 
 
 (A Shares)
 
1,579,300
1,035,869
 (H Shares)
 
18,612,000
7,113,183
Pharmaron Beijing Co. Ltd.:
 
 
 
 (A Shares)
 
45,350
322,913
 (H Shares) (b)
 
187,550
630,770
PICC Property & Casualty Co. Ltd. (H Shares)
 
6,295,840
5,806,868
Ping An Bank Co. Ltd. (A Shares)
 
1,097,800
1,554,349
Ping An Insurance Group Co. of China Ltd.:
 
 
 
 (A Shares)
 
566,194
2,802,710
 (H Shares)
 
5,820,500
23,301,734
Pingdingshan Tianan Coal Mining Co. Ltd. A Shares
 
130,300
196,621
Poly Developments & Holdings (A Shares)
 
680,300
1,285,536
Postal Savings Bank of China Co. Ltd.
 
1,272,300
675,968
Postal Savings Bank of China Co. Ltd. (H Shares) (b)
 
7,382,000
3,423,144
Power Construction Corp. of China Ltd. (A Shares)
 
868,900
837,620
Proya Cosmetics Co. Ltd. (A Shares)
 
8,160
186,767
Pylon Technologies Co. Ltd. (Series A)
 
8,800
371,743
Qingdao Rural Commercial Bank Corp. (A Shares)
 
303,100
114,966
Qinghai Salt Lake Potash Co. Ltd. Class A (a)
 
308,400
908,363
Raytron Technology Co. Ltd. (A Shares)
 
24,210
157,634
Riyue Heavy Industry Co. Ltd. (A Shares)
 
52,200
157,896
Rongsheng Petrochemical Co. Ltd. (A Shares)
 
574,500
841,741
SAIC Motor Corp. Ltd. (A Shares)
 
442,700
833,522
Sailun Group Co. Ltd. A Shares
 
173,300
206,216
Sangfor Technologies, Inc.
 
23,500
405,455
Sany Heavy Industry Co. Ltd. (A Shares)
 
476,100
880,109
Satellite Chemical Co. Ltd. (A Shares)
 
191,356
324,914
SDIC Power Holdings Co. Ltd. (A Shares)
 
432,600
598,291
Sealand Securities Co. Ltd. (A Shares)
 
296,200
131,818
Seazen Holdings Co. Ltd. (A Shares) (a)
 
124,800
225,405
SF Holding Co. Ltd. (A Shares)
 
277,200
1,831,830
SG Micro Corp. (A Shares)
 
20,150
412,939
Shaanxi Coal Industry Co. Ltd. (A Shares)
 
547,900
1,489,996
Shan Xi Hua Yang Group New Energy Co. Ltd.
 
137,000
316,851
Shandong Buchang Pharmaceuticals Co. Ltd. (A Shares)
 
62,243
163,472
Shandong Gold Mining Co. Ltd.:
 
 
 
 (A Shares)
 
382,784
906,785
 (H Shares) (b)
 
368,500
586,810
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares)
 
116,420
417,351
Shandong Linglong Tyre Co. Ltd. (A Shares)
 
83,400
186,947
Shandong Nanshan Aluminum Co. Ltd. (A Shares)
 
689,400
290,755
Shandong Sun Paper Industry JSC Ltd. (A Shares)
 
143,700
206,413
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
2,256,800
3,110,785
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares)
 
61,140
255,347
Shanghai Baosight Software Co. Ltd.
 
266,037
801,569
Shanghai Baosight Software Co. Ltd. (A Shares)
 
82,540
478,316
Shanghai Construction Group Co. Ltd. (A Shares)
 
512,300
180,286
Shanghai Electric Group Co. Ltd. (A Shares) (a)
 
726,000
385,721
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:
 
 
 
 (A Shares)
 
104,800
473,996
 (H Shares)
 
471,000
1,189,253
Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares)
 
8,312
234,442
Shanghai International Airport Co. Ltd. (A Shares) (a)
 
55,800
407,866
Shanghai International Port Group Co. Ltd. (A Shares)
 
536,800
380,021
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares)
 
52,600
392,399
Shanghai Junshi Biosciences Co. Ltd. (A Shares) (a)
 
38,637
375,953
Shanghai Lingang Holdings Corp. Ltd. (A Shares)
 
128,060
201,308
Shanghai Lujiazui Finance Trust Ltd. (B Shares)
 
995,203
738,441
Shanghai M&G Stationery, Inc. (A Shares)
 
53,200
293,577
Shanghai Medicilon, Inc. (A Shares)
 
4,952
150,257
Shanghai Pharmaceuticals Holding Co. Ltd.:
 
 
 
 (A Shares)
 
151,500
364,700
 (H Shares)
 
697,400
945,308
Shanghai Pudong Development Bank Co. Ltd. (A Shares)
 
1,666,100
1,514,865
Shanghai Putailai New Energy Technology Co. Ltd.
 
77,924
532,554
Shanghai RAAS Blood Products Co. Ltd. (A Shares)
 
384,400
286,343
Shanghai Yuyuan Tourist Mart Group Co. Ltd.
 
224,200
192,490
Shanghai Zhangjiang High Ltd. (A Shares)
 
84,400
130,017
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares)
 
165,500
380,499
Shanxi Meijin Energy Co. Ltd. (A Shares)
 
246,900
296,162
Shanxi Securities Co. Ltd. (A Shares)
 
194,830
137,394
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares)
 
326,200
177,329
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares)
 
69,340
2,206,415
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares)
 
229,260
357,566
Shenghe Resources Holding Co. Ltd. (A Shares)
 
99,300
181,660
Shengyi Technology Co. Ltd.
 
120,300
228,479
Shennan Circuits Co. Ltd. (A Shares)
 
27,540
283,097
Shenwan Hongyuan Group Co. Ltd. (A Shares)
 
1,282,500
683,143
Shenzhen Capchem Technology Co. Ltd. (A Shares)
 
42,580
210,891
Shenzhen Dynanonic Co. Ltd. (A Shares)
 
9,900
349,751
Shenzhen Energy Group Co. Ltd. (A Shares)
 
271,760
212,112
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
150,050
1,370,460
Shenzhen Kangtai Biological Products Co. Ltd.
 
64,900
276,560
Shenzhen Kedali Industry Co. Ltd.
 
13,200
165,657
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
68,800
3,065,943
Shenzhen New Industries Biomedical Engineering Co. Ltd.
 
45,300
358,100
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares)
 
471,200
270,994
Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares)
 
65,100
276,342
Shenzhen SC New Energy Technology Corp. (A Shares)
 
19,800
368,025
Shenzhen Senior Technology Material Co. Ltd. (A Shares)
 
73,338
185,682
Shenzhen Sunlord Electronics Co. Ltd. (A Shares)
 
42,400
124,247
Shenzhen Transsion Holdings Co. Ltd. (A Shares)
 
38,021
323,467
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares)
 
93,160
388,820
Sichuan Chuantou Energy Co. Ltd. (A Shares)
 
214,100
323,954
Sichuan Hebang Biotechnology Co. Ltd. (A Shares)
 
506,700
200,518
Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares)
 
78,200
265,560
Sichuan New Energy Power Co. Ltd. (A Shares) (a)
 
83,500
215,299
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares)
 
273,200
420,860
Sichuan Swellfun Co. Ltd. (A Shares)
 
28,300
219,257
Sichuan Yahua Industrial Group Co. Ltd. (A Shares)
 
63,100
231,131
Sieyuan Electric Co. Ltd. (A Shares)
 
43,600
199,704
Sinolink Securities Co. Ltd. (A Shares)
 
200,300
216,403
Sinoma Science & Technology Co. Ltd. (A Shares)
 
92,400
226,606
Sinomine Resource Group Co. Ltd. (A Shares)
 
26,000
320,421
Sinopec Shanghai Petrochemical Co. Ltd. (A Shares)
 
402,300
169,119
Sinopharm Group Co. Ltd. (H Shares)
 
1,197,200
2,281,645
Sinotrans Ltd.
 
96,000
46,666
Sinotrans Ltd. (H Shares)
 
51,000
12,409
SKSHU Paint Co. Ltd. (A Shares) (a)
 
20,380
242,509
Songcheng Performance Development Co. Ltd. (A Shares)
 
143,480
226,333
Soochow Securities Co. Ltd. (A Shares)
 
269,145
241,397
Southwest Securities Co. Ltd. (A Shares)
 
360,400
182,596
StarPower Semiconductor Ltd. (A Shares)
 
9,700
495,035
Sungrow Power Supply Co. Ltd. (A Shares)
 
84,300
1,504,212
Sunwoda Electronic Co. Ltd. (A Shares)
 
95,800
305,651
Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares)
 
97,500
337,376
Suzhou Maxwell Technologies Co. Ltd. (A Shares)
 
9,740
636,850
Suzhou TA&A Ultra Clean Technology Co. Ltd. (A Shares)
 
32,200
272,709
Tangshan Jidong Cement Co. Ltd. A Shares
 
140,100
145,608
TBEA Co. Ltd. (A Shares)
 
217,000
606,467
TCL Technology Group Corp. (A Shares)
 
803,700
430,304
TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares)
 
183,500
992,517
Thunder Software Technology Co. Ltd. (A Shares)
 
23,900
323,144
Tianjin 712 Communication & Broadcasting Co. Ltd.
 
40,800
220,065
Tianma Microelectronics Co. Ltd. (A Shares)
 
136,500
165,230
Tianqi Lithium Corp. (A Shares) (a)
 
83,800
1,096,426
Tianshan Aluminum Group Co. Ltd.
 
221,200
189,005
Tianshui Huatian Technology Co. Ltd. (A Shares)
 
183,300
221,379
Tibet Summit Industrial Co. Ltd. (A Shares) (a)
 
52,500
150,608
Titan Wind Energy Suzhou Co. Ltd. (A Shares)
 
102,500
164,777
Toly Bread Co. Ltd.
 
71,252
109,860
TongFu Microelectronics Co. Ltd. (A Shares) (a)
 
75,500
194,671
Tongkun Group Co. Ltd. (A Shares)
 
135,800
225,004
Tongling Nonferrous Metals Group Co. Ltd. (A Shares)
 
617,300
213,011
Tongwei Co. Ltd. (A Shares)
 
255,800
1,523,682
Topchoice Medical Corp. (a)
 
18,800
314,711
Transfar Zhilian Co. Ltd.
 
160,100
108,079
TravelSky Technology Ltd. (H Shares)
 
832,000
1,208,309
Trina Solar Co. Ltd. (A Shares)
 
123,035
1,119,174
Tsingtao Brewery Co. Ltd.:
 
 
 
 (A Shares)
 
55,300
619,417
 (H Shares)
 
540,000
3,783,608
Unigroup Guoxin Microelectronics Co. Ltd.
 
48,119
1,081,325
Unisplendour Corp. Ltd. (A Shares)
 
156,903
368,468
Walvax Biotechnology Co. Ltd. (A Shares)
 
92,000
484,383
Wanhua Chemical Group Co. Ltd. (A Shares)
 
177,400
1,952,083
Weichai Power Co. Ltd.:
 
 
 
 (A Shares)
 
310,600
386,182
 (H Shares)
 
1,828,200
1,751,424
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
29,600
314,527
Wens Foodstuffs Group Co. Ltd. (A Shares) (a)
 
366,680
898,762
Western Mining Co. Ltd. (A Shares)
 
140,300
181,933
Western Securities Co. Ltd. (A Shares)
 
241,700
197,586
Western Superconducting Technologies Co. Ltd. (A Shares)
 
26,441
422,381
Westone Information Industry, Inc. (A Shares)
 
46,600
231,759
Will Semiconductor Ltd.
 
67,335
676,494
Wingtech Technology Co. Ltd. (A Shares)
 
69,000
452,385
Winning Health Technology Group Co. Ltd. (A Shares)
 
113,180
150,020
Wuchan Zhongda Group Co. Ltd.
 
278,300
158,911
Wuhan Guide Infrared Co. Ltd. (A Shares)
 
187,130
297,495
Wuliangye Yibin Co. Ltd. (A Shares)
 
220,300
4,027,174
WUS Printed Circuit Kunshan Co. Ltd. (A Shares)
 
100,690
150,148
WuXi AppTec Co. Ltd.
 
147,244
1,540,407
WuXi AppTec Co. Ltd. (H Shares) (b)
 
304,422
2,439,363
Wuxi Shangji Automation Co. Ltd. (A Shares)
 
21,440
359,579
XCMG Construction Machinery Co. Ltd. (A Shares)
 
444,200
281,620
Xiamen C&D, Inc. (A Shares)
 
169,800
278,780
Xiamen Faratronic Co. Ltd. (A Shares)
 
12,400
300,725
Xiamen Intretech, Inc.
 
44,430
104,764
Xiamen Tungsten Co. Ltd. (A Shares)
 
81,300
223,542
Xinjiang Goldwind Science & Technology Co. Ltd.:
 
 
 
 (A Shares)
 
176,900
253,133
 (H Shares)
 
673,210
584,046
Xinjiang Zhongtai Chemical Co. Ltd. (A Shares)
 
148,000
119,164
Yangzhou Yangjie Electronic Technology Co. Ltd. (A Shares)
 
29,500
207,549
Yankuang Energy Group Co. Ltd.:
 
 
 
 (A Shares)
 
171,500
953,443
 (H Shares)
 
1,334,000
3,755,760
Yantai Jereh Oilfield Services (A Shares)
 
58,100
239,150
Yealink Network Technology Corp. Ltd.
 
50,150
473,008
Yifeng Pharmacy Chain Co. Ltd.
 
40,918
314,551
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares)
 
82,100
430,011
Yintai Gold Co. Ltd. (A Shares)
 
159,780
312,432
YongXing Special Materials Technology Co. Ltd. (A Shares)
 
23,000
366,815
Yonyou Network Technology Co. Ltd. (A Shares)
 
196,338
657,068
Youngor Group Co. Ltd. (A Shares)
 
274,789
225,012
Youngy Co. Ltd. (A Shares) (a)
 
14,800
223,310
YTO Express Group Co. Ltd. (A Shares)
 
194,600
502,561
Yuan Longping High-tech Agriculture Co. Ltd. (A Shares) (a)
 
73,400
145,938
Yunda Holding Co. Ltd. (A Shares)
 
164,590
297,046
Yunnan Aluminium Co. Ltd. (A Shares)
 
197,300
247,743
Yunnan Baiyao Group Co. Ltd. (A Shares)
 
102,700
767,272
Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares)
 
15,500
303,510
Yunnan Energy New Material Co. Ltd.
 
50,600
1,025,733
Yunnan Tin Co. Ltd. (A Shares)
 
97,000
151,552
Yunnan Yuntianhua Co. Ltd. (Series A) (a)
 
104,300
287,925
Zangge Mining Co. Ltd. (Series A)
 
90,000
334,593
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares)
 
34,400
1,073,984
Zhaojin Mining Industry Co. Ltd. (H Shares) (a)
 
1,113,000
918,798
Zhefu Holding Group Co. Ltd. (A Shares)
 
291,000
155,802
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a)
 
423,397
213,934
Zhejiang China Commodities City Group Co. Ltd. (A Shares)
 
303,500
174,132
Zhejiang Chint Electric Co. Ltd. (A Shares)
 
122,600
426,411
Zhejiang Dahua Technology Co. Ltd. (A Shares)
 
158,300
251,012
Zhejiang Dingli Machinery Co. Ltd. (A Shares)
 
26,060
160,330
Zhejiang Expressway Co. Ltd. (H Shares)
 
1,194,000
740,769
Zhejiang HangKe Technology, Inc. Co. (A Shares)
 
22,844
156,560
Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares)
 
83,820
230,241
Zhejiang Huayou Cobalt Co. Ltd. (A Shares)
 
90,350
674,016
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares)
 
73,000
712,317
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares)
 
46,100
224,222
Zhejiang Juhua Co. Ltd. (A Shares)
 
150,500
323,137
Zhejiang NHU Co. Ltd. (A Shares)
 
175,328
430,223
Zhejiang Orient Gene Biotech Co. Ltd. (A Shares)
 
9,259
104,725
Zhejiang Semir Garment Co. Ltd. (A Shares)
 
158,900
97,478
Zhejiang Supor Cookware Co. Ltd.
 
31,600
173,125
Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares)
 
96,490
250,114
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares)
 
84,300
200,854
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd.
 
27,700
178,272
Zhejiang Yongtai Technology Co. Ltd. (A Shares)
 
48,600
145,210
Zheshang Securities Co. Ltd.
 
224,200
312,220
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(b)
 
642,100
1,195,913
Zhongji Innolight Co. Ltd. (A Shares)
 
47,500
190,445
Zhongtai Securities Co. Ltd. (A Shares)
 
334,100
290,963
Zhuzhou CRRC Times Electric Co. Ltd.:
 
 
 
 (A Shares)
 
24,959
214,562
 (H Shares)
 
514,900
2,233,519
Zhuzhou Hongda Electronics Corp. Ltd. (A Shares)
 
21,700
131,783
Zhuzhou Kibing Group Co. Ltd. (A Shares)
 
154,400
165,967
Zibo Qixiang Tengda Chemical Co. Ltd. (A Shares) (a)
 
160,200
148,729
Zijin Mining Group Co. Ltd.:
 
 
 
 (A Shares)
 
1,107,100
1,200,651
 (H Shares)
 
5,228,000
4,995,127
Zoomlion Heavy Industry Science and Technology Co. Ltd.:
 
 
 
 (A Shares)
 
633,700
464,240
 (H Shares)
 
642,800
207,179
ZTE Corp.:
 
 
 
 (A Shares)
 
147,600
448,081
 (H Shares)
 
790,880
1,410,550
TOTAL CHINA
 
 
580,997,918
Colombia - 0.1%
 
 
 
Bancolombia SA
 
205,496
1,477,116
Bancolombia SA sponsored ADR
 
9,406
238,630
Ecopetrol SA
 
4,497,467
2,231,090
Interconexion Electrica SA ESP
 
408,500
1,593,884
TOTAL COLOMBIA
 
 
5,540,720
Cyprus - 0.0%
 
 
 
Galaxy Cosmos Mezz PLC (a)
 
77,843
12,570
Ozon Holdings PLC ADR (a)(c)
 
40,002
125,673
TCS Group Holding PLC unit (a)(c)
 
103,050
196,776
TOTAL CYPRUS
 
 
335,019
Czech Republic - 0.1%
 
 
 
CEZ A/S
 
147,546
4,825,269
Komercni Banka A/S
 
68,033
1,951,609
MONETA Money Bank A/S (b)
 
294,104
858,516
TOTAL CZECH REPUBLIC
 
 
7,635,394
Egypt - 0.1%
 
 
 
Commercial International Bank SAE
 
2,216,642
2,970,805
Eastern Co. SAE
 
950,750
467,608
EFG-Hermes Holding SAE
 
591,192
327,693
TOTAL EGYPT
 
 
3,766,106
Greece - 0.3%
 
 
 
Alpha Bank SA (a)
 
2,101,784
1,948,309
Eurobank Ergasias Services and Holdings SA (a)
 
2,448,474
2,419,704
Ff Group (a)(c)
 
1,035
1,227
Hellenic Telecommunications Organization SA
 
182,726
2,871,206
Jumbo SA
 
103,984
1,478,748
Mytilineos SA
 
94,076
1,578,641
National Bank of Greece SA (a)
 
516,714
1,874,058
OPAP SA
 
183,360
2,246,948
Public Power Corp. of Greece (a)
 
198,044
1,250,632
TOTAL GREECE
 
 
15,669,473
Hong Kong - 1.1%
 
 
 
Beijing Enterprises Holdings Ltd.
 
478,500
1,214,286
BYD Electronic International Co. Ltd.
 
613,500
1,781,965
China Everbright International Ltd.
 
3,479,333
1,156,874
China Jinmao Holdings Group Ltd.
 
5,382,000
713,061
China Merchants Holdings International Co. Ltd.
 
1,202,126
1,408,924
China Overseas Land and Investment Ltd.
 
3,512,000
6,702,179
China Power International Development Ltd.
 
4,951,563
1,431,917
China Resources Beer Holdings Co. Ltd.
 
1,470,878
6,933,110
China Resources Power Holdings Co. Ltd.
 
1,753,691
2,551,343
China Taiping Insurance Group Ltd.
 
1,209,777
838,405
China Traditional Chinese Medicine Holdings Co. Ltd.
 
2,622,000
1,132,354
CITIC Pacific Ltd.
 
5,329,000
4,772,553
CSPC Pharmaceutical Group Ltd.
 
8,139,840
8,360,935
Far East Horizon Ltd.
 
1,435,000
1,107,833
Fosun International Ltd.
 
2,356,000
1,440,676
Ganfeng Lithium Group Co. Ltd. (H Shares) (b)
 
279,440
1,890,309
Guangdong Investment Ltd.
 
2,630,000
1,658,482
Hua Hong Semiconductor Ltd. (a)(b)
 
529,000
1,238,657
Lenovo Group Ltd.
 
6,552,000
5,241,834
MMG Ltd. (a)
 
2,848,000
562,369
Sinotruk Hong Kong Ltd.
 
652,000
581,427
Wharf Holdings Ltd.
 
1,127,000
3,223,220
Yuexiu Property Co. Ltd.
 
1,320,400
1,127,016
TOTAL HONG KONG
 
 
57,069,729
Hungary - 0.2%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
386,843
2,319,558
OTP Bank PLC
 
206,139
4,493,315
Richter Gedeon PLC
 
129,107
2,549,306
TOTAL HUNGARY
 
 
9,362,179
India - 15.8%
 
 
 
ACC Ltd.
 
64,895
1,873,865
Adani Enterprises Ltd.
 
262,066
10,597,401
Adani Green Energy Ltd. (a)
 
290,043
7,368,101
Adani Ports & Special Economic Zone Ltd.
 
490,217
4,877,002
Adani Power Ltd. (a)
 
714,656
2,891,257
Adani Total Gas Ltd.
 
252,606
10,994,220
Adani Transmissions Ltd. (a)
 
256,096
10,359,854
Ambuja Cements Ltd.
 
532,707
3,429,647
Apollo Hospitals Enterprise Ltd.
 
92,348
5,039,648
Asian Paints Ltd.
 
351,026
13,178,105
AU Small Finance Bank Ltd. (b)
 
150,332
1,070,648
Aurobindo Pharma Ltd.
 
240,617
1,564,243
Avenue Supermarts Ltd. (a)(b)
 
146,856
7,665,500
Axis Bank Ltd.
 
2,078,376
22,747,145
Bajaj Auto Ltd.
 
64,224
2,848,767
Bajaj Finance Ltd.
 
249,416
21,525,161
Bajaj Finserv Ltd.
 
349,797
7,130,737
Balkrishna Industries Ltd.
 
73,151
1,734,442
Bandhan Bank Ltd. (a)(b)
 
584,778
1,685,175
Berger Paints India Ltd.
 
225,969
1,599,090
Bharat Electronics Ltd.
 
3,370,052
4,349,964
Bharat Forge Ltd.
 
235,363
2,371,827
Bharat Petroleum Corp. Ltd.
 
798,824
2,930,212
Bharti Airtel Ltd.
 
2,008,561
20,187,518
Biocon Ltd.
 
374,584
1,221,086
Britannia Industries Ltd.
 
99,620
4,532,782
Cholamandalam Investment and Finance Co. Ltd.
 
377,961
3,238,785
Cipla Ltd./India
 
442,417
6,239,159
Coal India Ltd.
 
1,428,809
4,245,175
Colgate-Palmolive Ltd.
 
109,215
2,152,834
Container Corp. of India Ltd.
 
247,583
2,386,703
Dabur India Ltd.
 
555,264
3,720,765
Divi's Laboratories Ltd.
 
119,938
5,228,851
DLF Ltd.
 
571,788
2,662,772
Dr. Reddy's Laboratories Ltd.
 
106,575
5,736,412
Eicher Motors Ltd.
 
126,369
5,877,960
GAIL India Ltd.
 
2,208,201
2,435,477
Godrej Consumer Products Ltd. (a)
 
373,905
3,745,825
Godrej Properties Ltd. (a)
 
117,974
1,799,966
Grasim Industries Ltd.
 
236,184
4,912,273
Havells India Ltd.
 
221,958
3,261,265
HCL Technologies Ltd.
 
992,982
12,489,046
HDFC Standard Life Insurance Co. Ltd. (b)
 
866,817
5,659,232
Hero Motocorp Ltd.
 
101,833
3,292,965
Hindalco Industries Ltd.
 
1,230,593
6,030,322
Hindustan Petroleum Corp. Ltd.
 
601,722
1,554,461
Hindustan Unilever Ltd.
 
750,838
23,135,570
Housing Development Finance Corp. Ltd.
 
1,579,448
47,123,951
ICICI Bank Ltd.
 
4,710,283
51,789,649
ICICI Lombard General Insurance Co. Ltd. (b)
 
220,369
3,114,529
ICICI Prudential Life Insurance Co. Ltd. (b)
 
327,068
2,005,356
Indian Oil Corp. Ltd.
 
2,558,013
2,109,017
Indian Railway Catering & Tourism Corp. Ltd.
 
215,234
1,927,174
Indraprastha Gas Ltd.
 
294,589
1,524,012
Indus Towers Ltd.
 
609,127
1,364,980
Info Edge India Ltd.
 
64,805
3,070,135
Infosys Ltd.
 
3,081,361
57,236,709
InterGlobe Aviation Ltd. (a)(b)
 
91,104
1,960,860
ITC Ltd.
 
2,762,279
11,635,742
Jindal Steel & Power Ltd.
 
371,663
2,064,620
JSW Steel Ltd. (a)
 
663,734
5,403,763
Jubilant Foodworks Ltd.
 
360,075
2,653,150
Kotak Mahindra Bank Ltd.
 
508,381
11,680,542
Larsen & Toubro Infotech Ltd. (b)
 
47,714
2,732,027
Larsen & Toubro Ltd.
 
632,211
15,450,907
Lupin Ltd.
 
186,189
1,572,193
Mahindra & Mahindra Ltd.
 
803,774
13,094,583
Marico Ltd.
 
470,955
2,984,289
Maruti Suzuki India Ltd.
 
111,139
12,791,591
MindTree Consulting Ltd.
 
52,142
2,143,976
Mphasis BFL Ltd.
 
76,473
1,827,758
MRF Ltd.
 
1,801
1,974,769
Muthoot Finance Ltd.
 
108,087
1,362,447
Nestle India Ltd.
 
30,852
7,589,413
NTPC Ltd.
 
3,525,188
7,371,467
Oil & Natural Gas Corp. Ltd.
 
2,314,483
3,747,964
Page Industries Ltd.
 
5,671
3,409,495
Petronet LNG Ltd.
 
673,329
1,671,935
PI Industries Ltd.
 
68,948
2,700,241
Pidilite Industries Ltd.
 
139,497
4,355,111
Piramal Pharma Ltd. (a)
 
427,928
852,444
Power Grid Corp. of India Ltd.
 
2,892,511
7,972,051
Reliance Industries Ltd.
 
2,788,090
85,872,364
Samvardhana Motherson International Ltd.
 
1,920,726
1,496,579
SBI Cards & Payment Services Ltd.
 
215,667
2,153,674
SBI Life Insurance Co. Ltd. (b)
 
412,482
6,308,065
Shree Cement Ltd.
 
9,608
2,639,414
Shriram Transport Finance Co. Ltd.
 
173,110
2,570,405
Siemens Ltd.
 
65,050
2,298,989
SRF Ltd.
 
136,342
4,214,200
State Bank of India
 
1,632,604
11,316,600
Sun Pharmaceutical Industries Ltd.
 
877,927
10,784,779
Tata Consultancy Services Ltd.
 
837,677
32,312,495
Tata Consumer Products Ltd.
 
505,082
4,699,069
Tata Elxsi Ltd.
 
31,786
2,686,278
Tata Motors Ltd. (a)
 
1,538,936
7,704,981
Tata Power Co. Ltd./The
 
1,329,170
3,628,804
Tata Steel Ltd.
 
6,716,995
8,240,044
Tech Mahindra Ltd.
 
532,824
6,844,709
Titan Co. Ltd.
 
326,412
10,888,943
Torrent Pharmaceuticals Ltd.
 
92,805
1,849,822
Trent Ltd.
 
168,260
3,105,635
Ultratech Cement Ltd.
 
91,263
7,403,074
United Spirits Ltd. (a)
 
262,280
2,839,994
UPL Ltd.
 
449,696
3,966,755
Vedanta Ltd.
 
678,761
2,302,441
Wipro Ltd.
 
1,249,540
5,846,985
Yes Bank Ltd. (a)
 
10,320,394
1,938,658
Zomato Ltd. (a)
 
2,164,707
1,650,073
TOTAL INDIA
 
 
825,411,894
Indonesia - 2.2%
 
 
 
PT Adaro Energy Tbk
 
13,251,200
3,381,297
PT Adaro Minerals Indonesia Tbk
 
7,761,900
860,913
PT Aneka Tambang Tbk
 
7,364,000
871,074
PT Astra International Tbk
 
18,594,200
7,927,644
PT Bank Central Asia Tbk
 
50,686,800
28,597,137
PT Bank Jago Tbk (a)
 
3,777,700
1,235,215
PT Bank Mandiri (Persero) Tbk
 
17,045,100
11,529,143
PT Bank Negara Indonesia (Persero) Tbk
 
6,775,400
4,083,267
PT Bank Rakyat Indonesia (Persero) Tbk
 
62,325,285
18,580,707
PT Barito Pacific Tbk
 
25,521,600
1,349,916
PT Charoen Pokphand Indonesia Tbk
 
6,715,100
2,400,172
PT Gudang Garam Tbk
 
412,900
637,980
PT Indah Kiat Pulp & Paper Tbk
 
2,566,100
1,579,392
PT Indofood CBP Sukses Makmur Tbk
 
2,114,600
1,318,448
PT Indofood Sukses Makmur Tbk
 
3,900,500
1,612,965
PT Kalbe Farma Tbk
 
19,174,800
2,520,169
PT Merdeka Copper Gold Tbk (a)
 
11,088,196
2,680,077
PT Sarana Menara Nusantara Tbk
 
20,864,400
1,545,016
PT Semen Indonesia (Persero) Tbk
 
2,583,100
1,316,598
PT Sumber Alfaria Trijaya Tbk
 
14,839,400
2,682,937
PT Telkom Indonesia Persero Tbk
 
45,166,600
12,685,081
PT Tower Bersama Infrastructure Tbk
 
4,037,860
636,842
PT Unilever Indonesia Tbk
 
6,990,400
2,079,529
PT United Tractors Tbk
 
1,538,600
3,186,202
PT Vale Indonesia Tbk (a)
 
2,208,600
920,398
TOTAL INDONESIA
 
 
116,218,119
Korea (South) - 11.0%
 
 
 
Alteogen, Inc.
 
31,681
814,598
AMOREPACIFIC Corp.
 
26,275
1,706,480
AMOREPACIFIC Group, Inc.
 
26,566
459,729
BGF Retail Co. Ltd.
 
6,861
896,489
Celltrion Healthcare Co. Ltd.
 
79,158
3,854,413
Celltrion Pharm, Inc.
 
16,118
765,631
Celltrion, Inc.
 
89,969
12,102,435
Cheil Worldwide, Inc.
 
65,598
1,123,694
CJ CheilJedang Corp.
 
7,590
2,201,511
CJ Corp.
 
13,881
698,271
CJ ENM Co. Ltd.
 
10,214
525,255
CJ Logistics Corp. (a)
 
8,606
529,991
Coway Co. Ltd.
 
50,420
1,953,469
Db Insurance Co. Ltd.
 
41,972
1,655,567
Doosan Bobcat, Inc.
 
47,173
1,107,177
Doosan Heavy Industries & Construction Co. Ltd. (a)
 
371,647
3,450,048
E-Mart, Inc.
 
18,061
1,070,510
Ecopro BM Co. Ltd.
 
43,779
3,530,367
F&F Co. Ltd.
 
15,592
1,589,438
Green Cross Corp.
 
5,490
490,412
GS Engineering & Construction Corp.
 
61,014
927,615
GS Holdings Corp.
 
43,705
1,408,535
Hana Financial Group, Inc.
 
273,409
7,901,607
Hankook Tire Co. Ltd.
 
70,062
1,794,108
Hanmi Pharm Co. Ltd.
 
6,429
1,139,574
Hanon Systems
 
176,067
962,169
Hanwha Solutions Corp. (a)
 
105,768
3,497,639
HD Hyundai Co. Ltd.
 
42,849
1,828,254
HLB, Inc. (a)
 
87,707
2,488,674
HLB, Inc. rights 12/2/22 (a)
 
7,854
53,926
HMM Co. Ltd.
 
242,922
3,250,715
Hotel Shilla Co.
 
26,890
1,224,568
HYBE Co. Ltd. (a)
 
17,597
1,491,773
Hyundai Engineering & Construction Co. Ltd.
 
70,560
1,725,292
Hyundai Glovis Co. Ltd.
 
16,897
2,059,859
Hyundai Heavy Industries Co. Ltd. (a)
 
16,750
1,279,146
Hyundai Mobis
 
56,684
8,697,276
Hyundai Motor Co.
 
130,370
15,025,268
Hyundai Steel Co.
 
81,828
1,610,968
Iljin Materials Co. Ltd.
 
21,667
919,920
Industrial Bank of Korea
 
238,098
1,743,214
Kakao Corp.
 
284,043
10,089,524
Kakao Games Corp. (a)
 
33,321
923,301
KakaoBank Corp. (a)
 
106,786
1,279,349
Kangwon Land, Inc. (a)
 
86,557
1,394,790
KB Financial Group, Inc.
 
359,416
12,069,697
Kia Corp.
 
242,368
11,258,161
Korea Aerospace Industries Ltd.
 
66,513
2,206,506
Korea Electric Power Corp. (a)
 
238,663
2,793,054
Korea Investment Holdings Co. Ltd.
 
39,620
1,375,425
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)
 
39,053
1,989,150
Korea Zinc Co. Ltd.
 
8,011
3,592,075
Korean Air Lines Co. Ltd. (a)
 
164,731
2,666,036
KRAFTON, Inc. (a)
 
22,522
2,800,812
KT&G Corp.
 
102,307
6,859,555
Kumho Petro Chemical Co. Ltd.
 
17,093
1,568,802
L&F Co. Ltd. (a)
 
21,517
3,391,899
LG Chemical Ltd.
 
45,330
19,881,022
LG Corp.
 
85,610
4,750,380
LG Display Co. Ltd.
 
219,348
1,953,591
LG Electronics, Inc.
 
99,029
5,661,496
LG Energy Solution (a)
 
21,217
7,848,679
LG H & H Co. Ltd.
 
8,818
3,150,786
LG Innotek Co. Ltd.
 
13,069
2,714,849
LG Uplus Corp.
 
191,744
1,538,176
Lotte Chemical Corp.
 
16,128
1,672,326
Lotte Shopping Co. Ltd.
 
9,696
593,721
Meritz Financial Holdings Co.
 
30,860
469,174
Meritz Fire & Marine Insurance Co. Ltd.
 
34,345
756,768
Meritz Securities Co. Ltd.
 
248,977
645,416
Mirae Asset Securities Co. Ltd.
 
261,366
1,162,790
NAVER Corp.
 
120,110
14,263,546
NCSOFT Corp.
 
15,134
4,135,204
Netmarble Corp. (b)
 
20,391
637,165
NH Investment & Securities Co. Ltd.
 
141,110
886,807
Orion Corp./Republic of Korea
 
21,314
1,515,687
Pan Ocean Co., Ltd. (Korea)
 
232,156
699,402
Pearl Abyss Corp. (a)
 
27,348
797,072
POSCO
 
72,022
12,527,532
POSCO Chemtech Co. Ltd.
 
24,809
3,467,614
S-Oil Corp.
 
41,388
2,505,341
S1 Corp.
 
14,394
629,281
Samsung Biologics Co. Ltd. (a)(b)
 
16,160
9,929,322
Samsung C&T Corp.
 
76,511
6,352,152
Samsung Electro-Mechanics Co. Ltd.
 
51,240
4,343,833
Samsung Electronics Co. Ltd.
 
4,405,424
183,338,134
Samsung Engineering Co. Ltd. (a)
 
141,171
2,358,916
Samsung Fire & Marine Insurance Co. Ltd.
 
28,140
3,943,054
Samsung Heavy Industries Co. Ltd. (a)
 
562,112
2,028,190
Samsung Life Insurance Co. Ltd.
 
73,217
3,457,407
Samsung SDI Co. Ltd.
 
50,298
25,971,489
Samsung SDS Co. Ltd.
 
31,460
2,755,164
Samsung Securities Co. Ltd.
 
59,193
1,316,718
SD Biosensor, Inc.
 
34,300
710,118
Seegene, Inc.
 
34,320
690,093
Shinhan Financial Group Co. Ltd.
 
423,196
10,734,556
SK Biopharmaceuticals Co. Ltd. (a)
 
27,808
1,131,943
SK Bioscience Co. Ltd. (a)
 
20,740
1,098,523
SK Chemicals Co. Ltd.
 
9,371
580,386
SK Hynix, Inc.
 
499,924
28,965,975
SK IE Technology Co. Ltd. (a)(b)
 
23,562
858,409
SK Innovation Co., Ltd.
 
50,791
6,156,183
SK Square Co. Ltd. (a)
 
89,899
2,327,276
SK, Inc.
 
33,902
5,082,972
SKC Co. Ltd.
 
19,691
1,427,864
Woori Financial Group, Inc.
 
503,011
4,140,893
Yuhan Corp.
 
44,944
1,883,005
TOTAL KOREA (SOUTH)
 
 
574,260,121
Kuwait - 1.0%
 
 
 
Agility Public Warehousing Co. KSC
 
1,359,205
3,439,137
Boubyan Bank KSC
 
1,205,344
3,205,433
Gulf Bank
 
1,501,009
1,661,598
Kuwait Finance House KSCP
 
6,778,395
17,719,864
Mabanee Co. SAKC
 
590,903
1,662,958
Mobile Telecommunication Co.
 
1,941,172
3,752,661
National Bank of Kuwait
 
6,604,576
22,977,999
TOTAL KUWAIT
 
 
54,419,650
Luxembourg - 0.1%
 
 
 
Allegro.eu SA (a)(b)
 
337,588
1,640,527
Reinet Investments SCA
 
123,427
1,983,164
TOTAL LUXEMBOURG
 
 
3,623,691
Malaysia - 1.6%
 
 
 
AMMB Holdings Bhd
 
1,646,200
1,424,060
Axiata Group Bhd
 
2,487,041
1,499,168
CIMB Group Holdings Bhd
 
6,339,820
7,401,820
Dialog Group Bhd
 
3,423,700
1,491,714
DiGi.com Bhd
 
2,845,100
2,280,653
Genting Bhd
 
2,015,800
1,893,010
Genting Malaysia Bhd
 
2,794,400
1,619,428
Hap Seng Consolidated Bhd
 
588,500
800,350
Hartalega Holdings Bhd
 
1,626,900
743,254
Hong Leong Bank Bhd
 
583,700
2,612,329
Hong Leong Credit Bhd
 
218,300
880,957
IHH Healthcare Bhd
 
1,569,800
1,975,531
Inari Amertron Bhd
 
2,441,800
1,285,973
IOI Corp. Bhd
 
2,371,700
2,046,645
Kuala Lumpur Kepong Bhd
 
407,947
1,870,620
Malayan Banking Bhd
 
4,407,581
8,007,851
Malaysia Airports Holdings Bhd (a)
 
642,006
812,013
Maxis Bhd
 
2,149,700
1,750,496
MISC Bhd
 
1,210,600
1,851,235
MR DIY Group M Sdn Bhd (b)
 
2,201,150
940,424
Nestle (Malaysia) Bhd
 
63,300
1,780,647
Petronas Chemicals Group Bhd
 
2,187,300
4,034,107
Petronas Dagangan Bhd
 
278,400
1,276,589
Petronas Gas Bhd
 
744,530
2,692,780
PPB Group Bhd
 
580,820
2,051,543
Press Metal Bhd
 
3,369,300
3,099,927
Public Bank Bhd
 
13,290,400
12,565,162
QL Resources Bhd
 
1,036,050
1,121,949
RHB Bank Bhd
 
1,297,676
1,569,946
Sime Darby Bhd
 
2,566,749
1,221,486
Sime Darby Plantation Bhd
 
1,959,356
1,823,428
Telekom Malaysia Bhd
 
1,011,193
1,189,136
Tenaga Nasional Bhd
 
2,360,400
4,203,589
Top Glove Corp. Bhd
 
5,046,800
848,605
TOTAL MALAYSIA
 
 
82,666,425
Mexico - 2.5%
 
 
 
Alfa SA de CV Series A
 
2,627,600
1,743,953
America Movil S.A.B. de CV Series L
 
25,501,500
24,133,303
Arca Continental S.A.B. de CV
 
385,400
3,156,845
CEMEX S.A.B. de CV unit (a)
 
13,686,318
5,318,965
Coca-Cola FEMSA S.A.B. de CV unit
 
482,395
3,038,799
Fibra Uno Administracion SA de CV
 
2,768,000
3,230,009
Fomento Economico Mexicano S.A.B. de CV unit
 
1,768,300
12,693,954
Gruma S.A.B. de CV Series B
 
187,120
2,170,584
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
334,600
5,182,897
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
177,690
4,158,626
Grupo Bimbo S.A.B. de CV Series A
 
1,222,100
4,731,605
Grupo Carso SA de CV Series A1
 
402,500
1,621,945
Grupo Financiero Banorte S.A.B. de CV Series O
 
2,370,800
19,271,051
Grupo Financiero Inbursa S.A.B. de CV Series O (a)
 
1,961,400
3,620,269
Grupo Mexico SA de CV Series B
 
2,845,707
10,316,819
Grupo Televisa SA de CV
 
2,206,900
2,341,343
Industrias Penoles SA de CV (d)
 
125,620
1,425,042
Kimberly-Clark de Mexico SA de CV Series A
 
1,436,100
2,265,810
Operadora de Sites Mexicanos, SA de CV (d)
 
1,183,300
1,287,637
Orbia Advance Corp. S.A.B. de CV
 
947,055
1,598,899
Promotora y Operadora de Infraestructura S.A.B. de CV
 
203,305
1,529,328
Sitios Latinoamerica S.A.B. de CV (a)(d)
 
1,319,175
384,840
Wal-Mart de Mexico SA de CV Series V
 
4,757,100
18,374,848
TOTAL MEXICO
 
 
133,597,371
Netherlands - 0.1%
 
 
 
NEPI Rockcastle PLC
 
384,050
1,933,971
X5 Retail Group NV:
 
 
 
 GDR (c)
 
102,956
36,424
 GDR (Reg. S) (c)
 
4,876
1,018
Yandex NV Class A (a)(c)
 
261,431
1,463,677
TOTAL NETHERLANDS
 
 
3,435,090
Peru - 0.0%
 
 
 
Compania de Minas Buenaventura SAA
 
1,294
8,980
Compania de Minas Buenaventura SAA sponsored ADR (d)
 
193,704
1,344,306
TOTAL PERU
 
 
1,353,286
Philippines - 0.8%
 
 
 
Aboitiz Equity Ventures, Inc.
 
1,539,210
1,508,220
ACEN Corp.
 
6,687,995
725,026
Ayala Corp.
 
223,685
2,588,006
Ayala Land, Inc.
 
6,782,540
3,000,959
Bank of the Philippine Islands (BPI)
 
1,640,997
2,720,867
BDO Unibank, Inc.
 
1,800,356
3,967,501
Converge ICT Solutions, Inc. (a)
 
2,062,900
440,498
Globe Telecom, Inc.
 
27,141
1,090,907
GT Capital Holdings, Inc.
 
80,904
576,723
International Container Terminal Services, Inc.
 
942,880
2,817,932
JG Summit Holdings, Inc.
 
2,768,446
2,066,148
Jollibee Food Corp.
 
396,850
1,587,101
Manila Electric Co.
 
213,800
1,111,374
Metro Pacific Investments Corp.
 
9,080,500
572,799
Metropolitan Bank & Trust Co.
 
1,614,227
1,444,860
Monde Nissin Corp. (b)
 
5,934,900
1,199,505
PLDT, Inc.
 
77,900
2,190,162
SM Investments Corp.
 
216,630
3,078,195
SM Prime Holdings, Inc.
 
10,626,700
5,786,013
Universal Robina Corp.
 
794,990
1,676,809
TOTAL PHILIPPINES
 
 
40,149,605
Poland - 0.6%
 
 
 
Bank Polska Kasa Opieki SA
 
165,261
2,715,291
CD Projekt RED SA (d)
 
58,791
1,565,182
Cyfrowy Polsat SA
 
240,760
902,705
Dino Polska SA (a)(b)
 
43,783
2,863,168
KGHM Polska Miedz SA (Bearer)
 
126,688
2,538,484
LPP SA
 
1,009
1,752,081
mBank SA (a)
 
14,008
785,183
Orange Polska SA
 
560,278
707,902
PGE Polska Grupa Energetyczna SA (a)
 
851,699
972,280
Polski Koncern Naftowy Orlen SA
 
374,224
4,304,975
Polskie Gornictwo Naftowe i Gazownictwo SA (a)
 
1,574,286
1,675,191
Powszechna Kasa Oszczednosci Bank SA
 
793,302
4,331,996
Powszechny Zaklad Ubezpieczen SA
 
546,962
3,070,439
Santander Bank Polska SA
 
31,007
1,650,988
TOTAL POLAND
 
 
29,835,865
Qatar - 1.2%
 
 
 
Barwa Real Estate Co. (a)
 
1,649,159
1,539,683
Industries Qatar QSC (a)
 
1,363,770
5,905,582
Masraf al Rayan
 
5,061,531
5,332,902
Mesaieed Petrochemical Holding Co. (a)
 
3,903,353
2,433,064
Ooredoo QSC
 
704,627
1,890,357
Qatar Electricity & Water Co. (a)
 
415,784
2,112,172
Qatar Fuel Co. (a)
 
435,532
2,281,856
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
2,234,423
2,515,586
Qatar International Islamic Bank QSC (a)
 
659,408
2,094,968
Qatar Islamic Bank (a)
 
1,506,852
10,091,884
Qatar National Bank SAQ (a)
 
4,211,414
23,059,132
The Commercial Bank of Qatar (a)
 
2,938,908
5,079,285
TOTAL QATAR
 
 
64,336,471
Russia - 0.1%
 
 
 
Alrosa Co. Ltd. (c)
 
2,234,923
557,560
Gazprom OAO (c)
 
8,473,436
1,329,616
Gazprom OAO sponsored ADR (Reg. S) (a)(c)
 
863,533
197,265
Inter Rao Ues JSC (c)
 
31,187,844
257,846
LUKOIL PJSC (c)
 
334,533
155,274
LUKOIL PJSC sponsored ADR (c)
 
22,773
6,442
Magnit OJSC GDR (Reg. S) (c)
 
305,795
1,489
MMC Norilsk Nickel PJSC (c)
 
48,442
483,115
MMC Norilsk Nickel PJSC sponsored ADR (c)
 
59,247
43,996
Mobile TeleSystems OJSC sponsored ADR (c)
 
396,417
394,827
Moscow Exchange MICEX-RTS OAO (a)(c)
 
1,311,841
378,153
Novatek PJSC GDR (Reg. S) (c)
 
78,382
20,024
Novolipetsk Steel OJSC (c)
 
1,258,902
18,124
Novolipetsk Steel OJSC GDR (Reg. S) (c)
 
3,783
470
PhosAgro PJSC:
 
 
 
 GDR (c)
 
749
15
 GDR (Reg. S) (c)
 
116,446
2,388
Polyus PJSC (c)
 
26,742
94,304
Polyus PJSC unit (c)
 
5,226
8,008
Rosneft Oil Co. OJSC (c)
 
857,494
215,048
Rosneft Oil Co. OJSC GDR (Reg. S) (c)
 
150,200
35,515
Sberbank of Russia (a)(c)
 
9,313,306
85,868
Severstal PAO (c)
 
155,372
5,202
Severstal PAO GDR (Reg. S) (c)
 
26,165
618
Surgutneftegas OJSC (c)
 
5,613,549
103,006
Surgutneftegas OJSC sponsored ADR (a)(c)
 
73,333
13,542
Tatneft PAO (c)
 
1,103,564
205,832
Tatneft PAO sponsored ADR (c)
 
18,698
17,264
United Co. RUSAL International PJSC (c)
 
2,596,470
469,248
VTB Bank OJSC (a)(c)
 
2,380,815,800
136,403
VTB Bank OJSC sponsored GDR (Reg. S) (a)(c)
 
221,738
37,021
TOTAL RUSSIA
 
 
5,273,483
Saudi Arabia - 4.9%
 
 
 
ACWA Power Co.
 
74,380
3,444,297
Advanced Polypropylene Co.
 
119,748
1,411,781
Al Rajhi Bank
 
1,793,475
40,665,878
Alinma Bank
 
896,373
8,945,719
Almarai Co. Ltd.
 
229,598
3,440,105
Arab National Bank
 
554,174
4,756,320
Bank Al-Jazira
 
365,129
2,271,884
Bank Albilad
 
447,785
6,041,889
Banque Saudi Fransi
 
541,239
6,222,545
Bupa Arabia for Cooperative Insurance Co.
 
54,682
2,808,646
Dar Al Arkan Real Estate Development Co. (a)
 
484,672
1,730,994
Dr Sulaiman Al Habib Medical Services Group Co.
 
80,191
4,835,938
Elm Co.
 
22,118
1,948,359
Emaar The Economic City (a)
 
375,831
959,194
Etihad Etisalat Co.
 
343,761
3,348,366
Jarir Marketing Co.
 
53,879
2,351,574
Mobile Telecommunications Co. Saudi Arabia (a)
 
387,908
1,339,981
Mouwasat Medical Services Co.
 
44,989
2,622,078
National Industrialization Co. (a)
 
309,170
1,100,902
Rabigh Refining & Petrochemical Co. (a)
 
393,017
1,426,661
Riyad Bank
 
1,235,713
11,822,566
Sabic Agriculture-Nutrients Co.
 
195,753
8,283,250
Sahara International Petrochemical Co.
 
329,070
3,551,194
Saudi Arabian Mining Co.
 
789,033
17,575,831
Saudi Arabian Oil Co. (b)
 
2,222,053
20,638,355
Saudi Basic Industries Corp.
 
824,262
19,391,561
Saudi Electricity Co.
 
776,603
5,580,307
Saudi Industrial Investment Group
 
334,636
2,002,001
Saudi Investment Bank/The
 
452,273
2,183,399
Saudi Kayan Petrochemical Co. (a)
 
675,246
2,364,902
Saudi Research & Marketing Group (a)
 
33,979
1,821,232
Saudi Tadawul Group Holding Co.
 
33,075
1,911,855
Saudi Telecom Co.
 
1,368,635
14,715,135
The Saudi British Bank
 
846,810
9,803,259
The Saudi National Bank
 
2,009,309
31,763,504
The Savola Group
 
247,258
1,928,027
Yanbu National Petrochemical Co.
 
229,201
2,726,586
TOTAL SAUDI ARABIA
 
 
259,736,075
Singapore - 0.0%
 
 
 
BOC Aviation Ltd. Class A (b)
 
196,500
1,315,482
South Africa - 3.5%
 
 
 
Absa Group Ltd.
 
781,862
8,501,891
African Rainbow Minerals Ltd.
 
102,066
1,437,245
Anglo American Platinum Ltd.
 
48,427
3,852,067
AngloGold Ashanti Ltd.
 
384,774
5,025,039
Aspen Pharmacare Holdings Ltd.
 
350,181
2,883,614
Bid Corp. Ltd.
 
301,950
4,858,487
Bidvest Group Ltd./The
 
273,247
3,160,777
Capitec Bank Holdings Ltd.
 
79,719
8,248,332
Clicks Group Ltd.
 
220,675
3,739,236
Discovery Ltd. (a)
 
457,969
2,997,321
Exxaro Resources Ltd.
 
230,301
2,564,201
FirstRand Ltd.
 
4,643,500
16,267,260
Foschini Group Ltd./The
 
302,595
1,892,954
Gold Fields Ltd.
 
814,875
6,527,802
Growthpoint Properties Ltd. (d)
 
3,058,935
2,156,554
Harmony Gold Mining Co. Ltd.
 
498,605
1,380,908
Impala Platinum Holdings Ltd.
 
777,374
7,959,273
Kumba Iron Ore Ltd.
 
58,496
1,101,819
Mr Price Group Ltd.
 
228,961
2,204,258
MTN Group Ltd.
 
1,551,379
10,965,964
MultiChoice Group Ltd.
 
355,723
2,324,460
Naspers Ltd. Class N
 
199,689
20,584,316
Nedbank Group Ltd.
 
426,327
5,049,429
Northam Platinum Holdings Ltd. (a)
 
307,482
2,885,539
Old Mutual Ltd.
 
4,341,376
2,467,450
Pepkor Holdings Ltd. (b)
 
1,492,260
1,841,690
Remgro Ltd.
 
499,203
3,715,334
Sanlam Ltd.
 
1,638,223
4,766,064
Sasol Ltd.
 
520,541
8,750,325
Shoprite Holdings Ltd.
 
456,410
5,811,735
Sibanye-Stillwater Ltd.
 
2,586,063
6,057,139
Spar Group Ltd./The
 
165,832
1,406,102
Standard Bank Group Ltd.
 
1,232,907
11,521,115
Vodacom Group Ltd.
 
586,691
4,002,355
Woolworths Holdings Ltd.
 
914,064
3,139,479
TOTAL SOUTH AFRICA
 
 
182,047,534
Taiwan - 12.8%
 
 
 
Accton Technology Corp.
 
465,000
3,503,286
Acer, Inc.
 
2,570,994
1,761,610
Advantech Co. Ltd.
 
389,681
3,539,919
ASE Technology Holding Co. Ltd.
 
2,995,927
7,390,171
Asia Cement Corp.
 
2,034,153
2,352,388
ASMedia Technology, Inc.
 
26,000
469,151
ASUSTeK Computer, Inc.
 
648,000
4,741,365
AUO Corp.
 
6,018,400
3,153,437
Catcher Technology Co. Ltd.
 
603,000
3,168,863
Cathay Financial Holding Co. Ltd.
 
7,239,832
8,484,704
Chang Hwa Commercial Bank
 
4,247,840
2,186,214
Cheng Shin Rubber Industry Co. Ltd.
 
1,681,937
1,684,336
China Airlines Ltd.
 
2,703,000
1,420,470
China Development Financial Ho
 
14,265,648
5,196,917
China Steel Corp.
 
10,809,204
8,998,175
Chunghwa Telecom Co. Ltd.
 
3,464,000
11,931,918
Compal Electronics, Inc.
 
3,865,000
2,528,415
CTBC Financial Holding Co. Ltd.
 
16,060,826
10,158,146
Delta Electronics, Inc.
 
1,781,381
14,221,666
E Ink Holdings, Inc.
 
784,000
4,995,101
E.SUN Financial Holdings Co. Ltd.
 
11,734,684
8,440,648
ECLAT Textile Co. Ltd.
 
174,613
2,298,109
eMemory Technology, Inc.
 
59,000
1,966,423
EVA Airways Corp.
 
2,406,000
1,745,532
Evergreen Marine Corp. (Taiwan)
 
920,363
3,923,542
Far Eastern New Century Corp.
 
2,950,705
2,941,191
Far EasTone Telecommunications Co. Ltd.
 
1,466,000
3,213,437
Feng Tay Enterprise Co. Ltd.
 
400,686
1,993,864
First Financial Holding Co. Ltd.
 
9,673,107
7,422,627
Formosa Chemicals & Fibre Corp.
 
3,216,760
6,931,383
Formosa Petrochemical Corp.
 
1,043,000
2,683,977
Formosa Plastics Corp.
 
3,787,520
9,758,260
Fubon Financial Holding Co. Ltd.
 
6,813,530
10,773,548
Giant Manufacturing Co. Ltd.
 
274,000
1,745,737
GlobalWafers Co. Ltd.
 
199,000
2,211,865
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
11,441,869
36,361,120
Hotai Motor Co. Ltd.
 
276,000
4,997,334
Hua Nan Financial Holdings Co. Ltd.
 
8,101,032
5,286,995
Innolux Corp.
 
8,561,614
3,145,505
Inventec Corp.
 
2,287,865
1,730,759
Largan Precision Co. Ltd.
 
92,000
5,276,865
Lite-On Technology Corp.
 
1,836,279
3,643,637
MediaTek, Inc.
 
1,390,292
25,431,645
Mega Financial Holding Co. Ltd.
 
10,218,123
9,472,372
Micro-Star International Co. Ltd.
 
611,000
2,074,301
momo.com, Inc.
 
61,800
924,490
Nan Ya Plastics Corp.
 
4,358,860
9,230,177
Nan Ya Printed Circuit Board Corp.
 
203,000
1,331,137
Nanya Technology Corp.
 
1,122,000
1,895,858
Nien Made Enterprise Co. Ltd.
 
166,000
1,281,515
Novatek Microelectronics Corp.
 
531,000
3,967,601
Pegatron Corp.
 
1,844,000
3,373,101
Pou Chen Corp.
 
2,078,000
1,755,612
Powerchip Semiconductor Manufacturing Corp.
 
2,680,294
2,559,467
President Chain Store Corp.
 
516,000
4,287,468
Quanta Computer, Inc.
 
2,482,000
5,263,496
Realtek Semiconductor Corp.
 
423,401
3,347,407
Ruentex Development Co. Ltd.
 
1,642,062
2,016,049
Shin Kong Financial Holding Co. Ltd.
 
11,977,127
2,970,702
Sinopac Financial Holdings Co.
 
9,358,866
4,671,599
Synnex Technology International Corp.
 
1,257,500
2,050,738
Taishin Financial Holdings Co. Ltd.
 
9,936,191
4,081,805
Taiwan Cement Corp.
 
5,537,730
5,193,661
Taiwan Cooperative Financial Holding Co. Ltd.
 
8,971,018
6,953,415
Taiwan High Speed Rail Corp.
 
1,740,000
1,515,905
Taiwan Mobile Co. Ltd.
 
1,567,900
4,622,908
Taiwan Semiconductor Manufacturing Co. Ltd.
 
22,555,000
270,896,102
The Shanghai Commercial & Savings Bank Ltd.
 
3,265,246
4,697,322
The Shanghai Commercial & Savings Bank Ltd. rights (a)
 
239,363
69,759
Uni-President Enterprises Corp.
 
4,437,983
9,012,460
Unimicron Technology Corp.
 
1,157,000
4,466,004
United Microelectronics Corp.
 
10,837,000
13,018,345
Vanguard International Semiconductor Corp.
 
808,000
1,663,397
Voltronic Power Technology Corp.
 
60,000
2,436,907
Walsin Lihwa Corp.
 
2,368,526
2,625,250
Wan Hai Lines Ltd.
 
623,950
1,309,649
Win Semiconductors Corp.
 
320,000
1,210,393
Winbond Electronics Corp.
 
2,715,000
1,641,424
Wiwynn Corp.
 
79,756
1,790,269
WPG Holding Co. Ltd.
 
1,503,200
2,048,293
Yageo Corp.
 
316,845
3,605,200
Yang Ming Marine Transport Corp.
 
1,592,000
2,971,365
Yuanta Financial Holding Co. Ltd.
 
9,163,592
5,596,911
TOTAL TAIWAN
 
 
669,710,089
Thailand - 2.2%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
1,072,700
5,385,352
Airports of Thailand PCL (For. Reg.) (a)
 
3,817,300
7,424,897
Asset World Corp. PCL (For. Reg.)
 
10,557,900
1,692,816
B. Grimm Power PCL (For. Reg.)
 
512,800
454,909
Bangkok Commercial Asset Management PCL (For. Reg.)
 
1,458,600
586,584
Bangkok Dusit Medical Services PCL (For. Reg.)
 
9,705,500
7,525,621
Bangkok Expressway and Metro PCL (For. Reg.)
 
6,885,900
1,701,339
Berli Jucker PCL (For. Reg.)
 
1,115,700
1,004,409
BTS Group Holdings PCL (For. Reg.)
 
7,574,000
1,652,364
Bumrungrad Hospital PCL:
 
 
 
 NVDR
 
48,700
290,574
 (For. Reg.)
 
440,200
2,626,505
Carabao Group PCL (For. Reg.)
 
220,100
522,119
Central Pattana PCL (For. Reg.)
 
1,901,200
3,435,603
Central Retail Corp. PCL (For. Reg.)
 
1,664,716
1,837,773
Charoen Pokphand Foods PCL (For. Reg.)
 
3,632,320
2,410,726
CP ALL PCL (For. Reg.)
 
5,383,300
8,489,894
Delta Electronics PCL (For. Reg.)
 
313,500
4,779,340
Electricity Generating PCL (For. Reg.)
 
239,900
1,075,120
Energy Absolute PCL (For. Reg.)
 
1,527,300
3,873,951
Global Power Synergy Public Co. Ltd. (For. Reg.)
 
620,500
1,011,197
Gulf Energy Development PCL (For. Reg.)
 
2,654,200
3,523,120
Home Product Center PCL (For. Reg.)
 
5,651,806
2,168,915
Indorama Ventures PCL (For. Reg.)
 
1,954,200
2,157,351
Intouch Holdings PCL (For. Reg.)
 
950,000
1,797,871
JMT Network Services PCL (For. Reg.)
 
489,400
836,141
Kasikornbank PCL:
 
 
 
 NVDR
 
2,200
8,443
 (For. Reg.)
 
554,400
2,127,544
Krung Thai Bank PCL (For. Reg.)
 
3,301,270
1,518,523
Krungthai Card PCL (For. Reg.)
 
824,600
1,235,437
Land & House PCL (For. Reg.)
 
8,223,200
1,988,525
Minor International PCL (For. Reg.) (a)
 
2,983,632
2,215,471
Muangthai Leasing PCL (For. Reg.)
 
701,300
668,212
Osotspa PCL (For. Reg.)
 
955,400
665,478
PTT Exploration and Production PCL (For. Reg.)
 
1,291,339
6,160,547
PTT Global Chemical PCL (For. Reg.)
 
2,166,539
2,477,184
PTT Oil & Retail Business PCL:
 
 
 
 (For. Reg.)
 
918,600
581,897
 NVDR
 
1,777,700
1,126,103
PTT PCL (For. Reg.)
 
9,210,000
8,714,943
Ratch Group PCL (For. Reg.)
 
779,000
839,506
SCB X PCL (For. Reg.)
 
677,200
1,886,797
SCG Packaging PCL (For. Reg.)
 
1,464,300
2,001,409
Siam Cement PCL (For. Reg.)
 
748,750
6,376,528
Siam Commercial Bank PCL (For. Reg.)
 
385,900
893,160
Srisawad Corp. PCL:
 
 
 
 warrants 8/29/25 (a)
 
14,528
1,237
 (For. Reg.)
 
644,900
694,990
Thai Oil PCL (For. Reg.)
 
1,248,614
1,788,657
Thai Union Frozen Products PCL:
 
 
 
 (For. Reg.)
 
2,810,920
1,329,914
 rights (a)(c)
 
79,705
36,884
True Corp. PCL (For. Reg.)
 
10,668,919
1,390,928
TOTAL THAILAND
 
 
114,992,808
Turkey - 0.4%
 
 
 
Akbank TAS
 
2,858,504
2,245,126
Aselsan A/S
 
600,017
1,038,589
Bim Birlesik Magazalar A/S JSC
 
406,892
2,929,128
Eregli Demir ve Celik Fabrikalari T.A.S.
 
1,271,145
2,028,178
Ford Otomotiv Sanayi A/S
 
66,133
1,289,672
Haci Omer Sabanci Holding A/S
 
930,961
1,677,448
Koc Holding A/S
 
693,175
2,070,485
Turk Hava Yollari AO (a)
 
509,052
2,770,295
Turk Sise ve Cam Fabrikalari A/S
 
1,241,681
2,215,971
Turkcell Iletisim Hizmet A/S
 
1,086,837
1,497,052
Turkiye Is Bankasi A/S Series C
 
3,171,990
1,588,189
Turkiye Petrol Rafinerileri A/S (a)
 
114,308
2,327,396
TOTAL TURKEY
 
 
23,677,529
United Arab Emirates - 1.5%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
2,574,395
6,623,297
Abu Dhabi Islamic Bank
 
1,350,168
3,492,036
Abu Dhabi National Oil Co. for Distribution PJSC
 
2,870,091
3,524,029
Aldar Properties PJSC
 
3,583,710
4,214,867
Dubai Islamic Bank Pakistan Ltd.
 
2,687,509
4,258,338
Emaar Properties PJSC (a)
 
3,721,356
6,139,614
Emirates NBD Bank PJSC
 
1,740,254
6,277,631
Emirates Telecommunications Corp.
 
3,179,324
22,331,698
First Abu Dhabi Bank PJSC
 
4,052,138
19,747,154
TOTAL UNITED ARAB EMIRATES
 
 
76,608,664
United States of America - 0.6%
 
 
 
360 DigiTech, Inc. ADR
 
97,828
993,932
Legend Biotech Corp. ADR (a)
 
43,040
2,144,253
Li Auto, Inc. ADR (a)
 
500,174
6,812,370
Southern Copper Corp.
 
77,860
3,657,084
Yum China Holdings, Inc.
 
384,538
15,900,646
TOTAL UNITED STATES OF AMERICA
 
 
29,508,285
 
TOTAL COMMON STOCKS
  (Cost $6,186,692,254)
 
 
 
4,965,845,339
 
 
 
 
Nonconvertible Preferred Stocks - 2.6%
 
 
Shares
Value ($)
 
Brazil - 1.7%
 
 
 
Banco Bradesco SA (PN)
 
4,895,204
18,820,782
Braskem SA Class A
 
179,000
1,168,152
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)
 
210,206
2,169,816
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
1,281,280
2,820,279
Gerdau SA
 
1,049,900
5,233,748
Itau Unibanco Holding SA
 
4,440,131
26,131,058
Itausa-Investimentos Itau SA (PN)
 
4,182,139
8,695,416
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
4,467,400
25,781,278
TOTAL BRAZIL
 
 
90,820,529
Chile - 0.2%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B)
 
130,827
12,451,791
Colombia - 0.1%
 
 
 
Bancolombia SA (PN)
 
407,608
2,579,145
Korea (South) - 0.6%
 
 
 
Hyundai Motor Co.
 
20,026
1,099,990
Hyundai Motor Co. Series 2
 
29,477
1,648,029
LG Chemical Ltd.
 
6,753
1,367,330
LG H & H Co. Ltd.
 
1,155
226,983
Samsung Electronics Co. Ltd.
 
715,971
26,736,299
TOTAL KOREA (SOUTH)
 
 
31,078,631
Russia - 0.0%
 
 
 
Surgutneftegas OJSC (c)
 
5,794,540
151,180
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $143,113,764)
 
 
 
137,081,276
 
 
 
 
Nonconvertible Bonds - 0.0%
 
 
Principal
Amount (e)
 
Value ($)
 
India - 0.0%
 
 
 
NTPC Ltd. 8.49% 3/25/25
  (Cost $52,909)
INR
264,162
42,632
 
 
 
 
Government Obligations - 0.3%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.3%
 
 
 
U.S. Treasury Bills, yield at date of purchase 1.15% 1/26/23 (f)
  (Cost $14,959,168)
 
15,000,000
14,857,115
 
 
 
 
Money Market Funds - 1.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (g)
 
62,320,151
62,332,615
Fidelity Securities Lending Cash Central Fund 3.10% (g)(h)
 
20,630,344
20,632,407
 
TOTAL MONEY MARKET FUNDS
  (Cost $82,965,022)
 
 
82,965,022
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.4%
  (Cost $6,427,783,117)
 
 
 
5,200,791,384
NET OTHER ASSETS (LIABILITIES) - 0.6%  
33,852,908
NET ASSETS - 100.0%
5,234,644,292
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
3,081
Dec 2022
131,497,080
(848,260)
(848,260)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 2.5%
 
 
 
Currency Abbreviations
         INR
-
Indian rupee
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security 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 $246,331,595 or 4.7% of net assets.
 
(c)
Level 3 security
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,406,620.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
150,494,987
2,257,314,675
2,345,477,047
1,481,014
-
-
62,332,615
0.1%
Fidelity Securities Lending Cash Central Fund 3.10%
46,844,807
312,522,864
338,735,264
536,172
-
-
20,632,407
0.1%
Total
197,339,794
2,569,837,539
2,684,212,311
2,017,186
-
-
82,965,022
 
 
 
 
 
 
 
 
 
 
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, 2022, 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
444,820,188
222,359,009
220,558,125
1,903,054
Consumer Discretionary
625,486,809
378,254,669
247,105,240
126,900
Consumer Staples
331,216,148
328,264,018
2,876,314
75,816
Energy
287,644,182
276,619,651
8,574,523
2,450,008
Financials
1,205,067,497
990,190,449
214,042,827
834,221
Health Care
207,724,196
178,879,271
28,844,925
-
Industrials
310,909,823
298,274,599
12,635,224
-
Information Technology
968,058,770
666,817,108
301,241,662
-
Materials
468,249,408
417,453,448
49,112,912
1,683,048
Real Estate
88,647,602
79,603,170
8,786,972
257,460
Utilities
165,101,992
160,214,690
4,629,454
257,848
 Corporate Bonds
42,632
-
42,632
-
 Government Obligations
14,857,115
-
14,857,115
-
  Money Market Funds
82,965,022
82,965,022
-
-
 Total Investments in Securities:
5,200,791,384
4,079,895,104
1,113,307,925
7,588,355
  Derivative Instruments:
 
 
 
 
 Liabilities
 
 
 
 
Futures Contracts
(848,260)
(848,260)
-
-
  Total Liabilities
(848,260)
(848,260)
-
-
 Total Derivative Instruments:
(848,260)
(848,260)
-
-
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
Energy
 
 
 
  Beginning Balance
$
68
 
  Net Realized Gain (Loss) on Investment Securities
 
4,373
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(127,237,495)
 
  Cost of Purchases
 
17,026,346
 
  Proceeds of Sales
 
(82,151)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
112,738,867
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
2,450,008
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(127,237,425)
 
Financials
 
 
 
  Beginning Balance
$
873,237
 
  Net Realized Gain (Loss) on Investment Securities
 
(1,323,641)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(60,154,400)
 
  Cost of Purchases
 
8,058,740
 
  Proceeds of Sales
 
(348,712)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
53,728,997
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
834,221
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(60,953,517)
 
Other Investments in Securities
 
 
 
  Beginning Balance
$
1,685,472
 
  Net Realized Gain (Loss) on Investment Securities
 
(1,699,975)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(76,514,113)
 
  Cost of Purchases
 
16,203,167
 
  Proceeds of Sales
 
(3,595,121)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
68,224,696
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
4,304,126
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(76,166,175)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
 
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, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
0
(848,260)
Total Equity Risk
0
(848,260)
Total Value of Derivatives
0
(848,260)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® Emerging Markets Index Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $18,456,366) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,344,818,095)
 
$5,117,826,362
 
 
Fidelity Central Funds (cost $82,965,022)
 
82,965,022
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,427,783,117)
 
 
$
5,200,791,384
Foreign currency held at value (cost $21,699,789)
 
 
 
21,372,138
Receivable for fund shares sold
 
 
 
60,058,978
Dividends receivable
 
 
 
4,263,584
Interest receivable
 
 
 
244
Distributions receivable from Fidelity Central Funds
 
 
 
102,853
Other receivables
 
 
 
46,050
  Total assets
 
 
 
5,286,635,231
Liabilities
 
 
 
 
Payable for investments purchased
 
$20,345
 
 
Payable for fund shares redeemed
 
8,195,859
 
 
Accrued management fee
 
333,146
 
 
Payable for daily variation margin on futures contracts
 
180,931
 
 
Other payables and accrued expenses
 
22,631,733
 
 
Collateral on securities loaned
 
20,628,925
 
 
  Total Liabilities
 
 
 
51,990,939
Net Assets  
 
 
$
5,234,644,292
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,952,911,805
Total accumulated earnings (loss)
 
 
 
(1,718,267,513)
Net Assets
 
 
$
5,234,644,292
Net Asset Value , offering price and redemption price per share ($5,234,644,292 ÷ 611,594,762 shares)
 
 
$
8.56
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
197,913,449
Non-Cash dividends
 
 
 
13,296,373
Interest  
 
 
116,337
Income from Fidelity Central Funds (including $536,172 from security lending)
 
 
 
2,017,186
 Income before foreign taxes withheld
 
 
 
213,343,345
Less foreign taxes withheld
 
 
 
(22,834,108)
 Total Income
 
 
 
190,509,237
Expenses
 
 
 
 
Management fee
$
4,672,725
 
 
Independent trustees' fees and expenses
 
20,609
 
 
 Total expenses before reductions
 
4,693,334
 
 
 Expense reductions
 
(102,851)
 
 
 Total expenses after reductions
 
 
 
4,590,483
Net Investment income (loss)
 
 
 
185,918,754
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $744,641)
 
(252,159,696)
 
 
 Foreign currency transactions
 
(4,150,165)
 
 
 Futures contracts
 
(32,564,871)
 
 
Total net realized gain (loss)
 
 
 
(288,874,732)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,884,802)  
 
(2,124,245,229)
 
 
 Assets and liabilities in foreign currencies
 
(229,426)
 
 
 Futures contracts
 
(783,987)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(2,125,258,642)
Net gain (loss)
 
 
 
(2,414,133,374)
Net increase (decrease) in net assets resulting from operations
 
 
$
(2,228,214,620)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
185,918,754
$
113,950,572
Net realized gain (loss)
 
(288,874,732)
 
 
(33,717,915)
 
Change in net unrealized appreciation (depreciation)
 
(2,125,258,642)
 
382,072,849
 
Net increase (decrease) in net assets resulting from operations
 
(2,228,214,620)
 
 
462,305,506
 
Distributions to shareholders
 
(141,768,973)
 
 
(60,657,681)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
4,848,475,063
 
4,030,141,535
  Reinvestment of distributions
 
111,740,080
 
 
45,982,262
 
Cost of shares redeemed
 
(3,797,103,742)
 
(1,437,019,718)
  Net increase (decrease) in net assets resulting from share transactions
 
1,163,111,401
 
 
2,639,104,079
 
Total increase (decrease) in net assets
 
(1,206,872,192)
 
 
3,040,751,904
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
6,441,516,484
 
3,400,764,580
 
End of period
$
5,234,644,292
$
6,441,516,484
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
456,938,763
 
309,586,290
  Issued in reinvestment of distributions
 
9,382,039
 
 
3,723,260
 
Redeemed
 
(364,529,607)
 
(110,589,949)
Net increase (decrease)
 
101,791,195
 
202,719,601
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Emerging Markets Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.64
$
11.07
$
10.48
$
9.62
$
11.23
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.32
 
.28
 
.22
 
.35 C
 
.27
     Net realized and unrealized gain (loss)
 
(4.14)
 
1.48
 
.65
 
.72
 
(1.66)
  Total from investment operations
 
(3.82)  
 
1.76  
 
.87  
 
1.07  
 
(1.39)
  Distributions from net investment income
 
(.26)
 
(.19)
 
(.28)
 
(.21)
 
(.20)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.01)
     Total distributions
 
(.26)
 
(.19)
 
(.28)
 
(.21)
 
(.22) D
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
8.56
$
12.64
$
11.07
$
10.48
$
9.62
 Total Return   F
 
(30.81)%
 
15.95%
 
8.54%
 
11.33%
 
(12.65)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.08%
 
.07% I
 
.08%
 
.08%
 
.08%
    Expenses net of fee waivers, if any
 
.08%
 
.07% I
 
.08%
 
.08%
 
.08%
    Expenses net of all reductions
 
.07%
 
.07% I
 
.07%
 
.08%
 
.08%
    Net investment income (loss)
 
2.97%
 
2.17%
 
2.20%
 
3.40% C
 
2.46%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,234,644
$
6,441,516
$
3,400,765
$
2,938,021
$
593,466
    Portfolio turnover rate J
 
8%
 
5%
 
10%
 
3%
 
4%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.66%.
 
D Total distributions per share do not sum due to rounding.
 
E Amount represents less than $.005 per share.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees and expenses of any underlying 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.
 
H 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.
 
I The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Global ex U.S. Index Fund
-24.56%
-0.59%
3.28%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Global ex U.S. Index Fund on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Fidelity® Global ex U.S. Index Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from the Geode Capital Management, LLC, passive equity index team :
For the fiscal year ending October 31, 2022, the fund returned -24.56%, roughly in line with the -24.61% result of the benchmark MSCI All Country World ex US Index (Net MA). (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, as well as by required local capital gains tax.) By region, emerging markets, returned -29.80% and detracted most, followed by Europe ex U.K. (-25.44%). By sector, stocks in the information technology sector returned -37% and detracted most, followed by consumer discretionary, which returned roughly -37%, hampered by the retailing industry (-49%). Financials returned about -18%, hampered by the banks industry (-13%). Industrials detracted -25%, especially in the capital goods industry (-26%). Communication services returned approximately -34%, hampered by the media & entertainment industry (-51%). Health care returned -20%, especially in the pharmaceuticals, biotechnology & life sciences industry (-15%). Consumer staples detracted -18%, hampered by the food, beverage & tobacco industry (-16%). The materials sector (-19%) also detracted, while real estate (-33%) and utilities (-16%) also hurt. From a sector standpoint, energy gained roughly 5% and contributed most. Turning to individual stocks, the biggest individual detractor was Taiwan Semiconductor (-42%), from the semiconductors & semiconductor equipment group, followed by Tencent Holdings (-56%), which is in the media & entertainment category. Within retailing, Alibaba Group Holding returned about -63% and hurt. Other detractors were ASML Holding (-41%), a stock in the semiconductors & semiconductor equipment segment, and Shopify (-76%), from the software & services industry. Conversely, the biggest individual contributor was Shell (+24%), from the energy sector. In energy, Petroleo Brasileiro (+101%), also known as Petrobras; Canadian National Resources (+49%); BP (+20%); and TotalEnergies (+14%) all benefited the fund.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Global ex U.S. Index Fund
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
1.5
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
1.5
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
1.1
 
Shell PLC (London)  (United Kingdom, Oil, Gas & Consumable Fuels)
1.0
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
1.0
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
0.9
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
0.9
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
0.9
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
0.9
 
Novartis AG  (Switzerland, Pharmaceuticals)
0.9
 
 
10.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
23.0
 
Industrials
10.8
 
Information Technology
10.6
 
Health Care
10.2
 
Consumer Discretionary
9.5
 
Consumer Staples
9.1
 
Materials
7.7
 
Energy
6.8
 
Communication Services
5.6
 
Utilities
3.0
 
Real Estate
1.6
 
 
Asset Allocation (% of Fund's net assets)
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%*
Foreign investments - 97.9%
*Short-Term Investments and Net Other Assets (Liabilities) are not available in the pie chart.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Global ex U.S. Index Fund
Showing Percentage of Net Assets     
Common Stocks - 96.8%
 
 
Shares
Value ($)
 
Australia - 4.9%
 
 
 
Ampol Ltd.
 
85,941
1,496,892
APA Group unit
 
423,347
2,846,044
Aristocrat Leisure Ltd.
 
216,671
5,137,665
ASX Ltd.
 
71,090
3,078,503
Aurizon Holdings Ltd.
 
661,762
1,532,332
Australia & New Zealand Banking Group Ltd.
 
1,080,382
17,700,696
BHP Group Ltd.
 
1,836,137
43,878,761
BlueScope Steel Ltd.
 
184,109
1,852,449
Brambles Ltd.
 
514,102
3,840,914
Cochlear Ltd.
 
24,229
3,095,122
Coles Group Ltd.
 
487,686
5,094,117
Commonwealth Bank of Australia
 
618,305
41,400,814
Computershare Ltd.
 
194,676
3,146,734
CSL Ltd.
 
174,907
31,379,896
Dexus unit
 
387,896
1,925,393
Dominos Pizza Enterprises Ltd.
 
20,637
841,529
Endeavour Group Ltd.
 
493,973
2,259,184
Evolution Mining Ltd.
 
625,482
832,186
Fortescue Metals Group Ltd.
 
615,883
5,802,237
Goodman Group unit
 
618,826
6,729,145
IDP Education Ltd.
 
76,447
1,446,931
Insurance Australia Group Ltd.
 
886,736
2,779,283
Lendlease Group unit
 
247,662
1,376,644
Macquarie Group Ltd.
 
132,624
14,379,184
Medibank Private Ltd.
 
986,674
1,773,464
Mineral Resources Ltd.
 
61,439
2,873,969
Mirvac Group unit
 
1,435,599
1,900,841
National Australia Bank Ltd.
 
1,163,167
24,161,360
Newcrest Mining Ltd.
 
321,398
3,559,573
Northern Star Resources Ltd.
 
421,151
2,354,462
Orica Ltd.
 
162,005
1,438,336
Origin Energy Ltd.
 
634,451
2,260,454
Qantas Airways Ltd. (a)
 
346,490
1,294,333
QBE Insurance Group Ltd.
 
541,842
4,242,252
Ramsay Health Care Ltd.
 
65,547
2,455,673
REA Group Ltd.
 
19,282
1,499,658
Reece Ltd.
 
76,999
764,890
Rio Tinto Ltd.
 
135,140
7,624,211
Santos Ltd.
 
1,175,282
5,737,326
Scentre Group unit
 
1,910,605
3,544,144
SEEK Ltd.
 
123,768
1,709,241
Sonic Healthcare Ltd.
 
167,690
3,515,006
South32 Ltd.
 
1,669,433
3,830,129
Stockland Corp. Ltd. unit
 
859,711
1,979,691
Suncorp Group Ltd.
 
452,966
3,305,930
Telstra Group Ltd.
 
1,489,378
3,734,508
The GPT Group unit
 
697,789
1,923,729
The Lottery Corp. Ltd. (a)
 
805,776
2,211,129
Transurban Group unit
 
1,117,158
9,475,465
Treasury Wine Estates Ltd.
 
261,565
2,166,665
Vicinity Centres unit
 
1,393,265
1,733,388
Washington H. Soul Pattinson & Co. Ltd.
 
77,726
1,389,105
Wesfarmers Ltd.
 
412,065
11,957,734
Westpac Banking Corp.
 
1,268,729
19,566,290
WiseTech Global Ltd.
 
52,849
1,966,091
Woodside Energy Group Ltd.
 
689,353
15,865,188
Woolworths Group Ltd.
 
441,366
9,322,199
TOTAL AUSTRALIA
 
 
366,989,089
Austria - 0.1%
 
 
 
Erste Group Bank AG
 
124,421
3,066,349
OMV AG
 
53,310
2,457,163
Verbund AG
 
24,485
1,917,636
Voestalpine AG
 
39,684
862,005
TOTAL AUSTRIA
 
 
8,303,153
Bailiwick of Jersey - 0.6%
 
 
 
Experian PLC
 
334,928
10,679,272
Ferguson PLC
 
77,723
8,476,523
Glencore PLC
 
3,578,579
20,516,257
WPP PLC
 
405,462
3,568,127
TOTAL BAILIWICK OF JERSEY
 
 
43,240,179
Belgium - 0.5%
 
 
 
Ageas
 
58,450
2,023,445
Anheuser-Busch InBev SA NV
 
314,160
15,714,413
D'ieteren Group
 
8,956
1,489,584
ELIA GROUP SA/NV
 
11,933
1,508,298
Groupe Bruxelles Lambert SA
 
36,716
2,706,830
KBC Group NV
 
91,466
4,583,888
Proximus
 
51,970
544,923
Sofina SA
 
5,886
1,148,826
Solvay SA Class A
 
27,069
2,440,756
UCB SA
 
46,215
3,485,685
Umicore SA
 
75,694
2,495,322
Warehouses de Pauw
 
58,621
1,505,079
TOTAL BELGIUM
 
 
39,647,049
Bermuda - 0.2%
 
 
 
Alibaba Health Information Technology Ltd. (a)
 
1,636,000
691,944
Alibaba Pictures Group Ltd. (a)
 
4,160,000
153,688
Beijing Enterprises Water Group Ltd.
 
1,398,000
293,860
China Gas Holdings Ltd.
 
1,136,000
1,007,250
China Oriental Group Co. Ltd. (H Shares)
 
107
15
China Resource Gas Group Ltd.
 
360,000
921,825
China Ruyi Holdings Ltd. (a)(b)
 
1,624,000
254,472
CK Infrastructure Holdings Ltd.
 
229,136
1,088,809
Cosco Shipping Ports Ltd.
 
648,344
319,644
Credicorp Ltd. (United States)
 
25,501
3,732,326
Hongkong Land Holdings Ltd.
 
407,167
1,567,593
Hopson Development Holdings Ltd.
 
269,250
216,096
Jardine Matheson Holdings Ltd.
 
58,219
2,679,238
Kunlun Energy Co. Ltd.
 
1,514,000
904,583
Nine Dragons Paper (Holdings) Ltd.
 
574,000
340,028
Orient Overseas International Ltd.
 
49,500
723,300
Shenzhen International Holdings Ltd.
 
433,597
291,655
TOTAL BERMUDA
 
 
15,186,326
Brazil - 1.3%
 
 
 
Ambev SA
 
1,735,900
5,376,904
Americanas SA
 
222,649
669,822
Atacadao SA
 
169,400
638,181
B3 SA - Brasil Bolsa Balcao
 
2,245,498
6,538,049
Banco Bradesco SA
 
588,115
1,894,538
Banco BTG Pactual SA unit
 
426,600
2,390,050
Banco do Brasil SA
 
310,900
2,228,152
Banco Santander SA (Brasil) unit
 
126,200
727,565
BB Seguridade Participacoes SA
 
251,200
1,443,835
BRF SA (a)
 
206,161
501,284
CCR SA
 
414,300
1,039,459
Centrais Eletricas Brasileiras SA (Electrobras)
 
384,680
3,710,146
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
124,600
1,449,707
Companhia Siderurgica Nacional SA (CSN)
 
236,800
562,947
Cosan SA
 
441,064
1,439,617
CPFL Energia SA
 
76,500
524,563
Energisa SA unit
 
67,600
634,580
ENGIE Brasil Energia SA
 
69,650
542,314
Equatorial Energia SA
 
374,800
2,178,926
Hapvida Participacoes e Investimentos SA (c)
 
1,674,855
2,529,062
Hypera SA
 
153,000
1,504,971
JBS SA
 
282,700
1,366,023
Klabin SA unit
 
258,800
1,083,197
Localiza Rent a Car SA
 
821
11,212
Localiza Rent a Car SA
 
267,695
3,655,639
Lojas Renner SA
 
366,222
2,190,739
Magazine Luiza SA
 
1,055,252
913,169
Natura & Co. Holding SA (a)
 
311,903
902,710
Petro Rio SA (a)
 
259,300
1,776,523
Petroleo Brasileiro SA - Petrobras (ON)
 
1,366,709
8,800,066
Raia Drogasil SA
 
392,600
1,999,672
Rede D'Oregon Sao Luiz SA (c)
 
137,200
854,462
Rumo SA
 
470,400
2,016,195
Suzano Papel e Celulose SA
 
270,438
2,785,268
Telefonica Brasil SA
 
184,300
1,473,900
TIM SA
 
287,200
733,915
Totvs SA
 
204,000
1,309,581
Ultrapar Participacoes SA
 
243,200
631,364
Vale SA
 
1,453,986
18,895,766
Vibra Energia SA
 
437,351
1,545,186
Weg SA
 
617,500
4,815,197
TOTAL BRAZIL
 
 
96,284,456
British Virgin Islands - 0.0%
 
 
 
VK Co. Ltd. unit (a)(d)
 
38,348
17,084
Canada - 8.4%
 
 
 
Agnico Eagle Mines Ltd. (Canada)
 
166,181
7,310,329
Air Canada (a)
 
73,613
1,059,604
Algonquin Power & Utilities Corp.
 
239,151
2,647,188
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
300,808
13,468,850
AltaGas Ltd.
 
102,035
1,840,203
ARC Resources Ltd.
 
249,995
3,519,583
Bank of Montreal
 
243,338
22,414,567
Bank of Nova Scotia
 
433,772
20,966,628
Barrick Gold Corp. (Canada)
 
647,557
9,739,379
Bausch Health Cos., Inc. (Canada) (a)
 
94,535
614,805
BCE, Inc.
 
26,943
1,215,288
BlackBerry Ltd. (a)
 
213,979
994,228
Brookfield Asset Management, Inc. (Canada) Class A
 
511,594
20,259,475
Brookfield Renewable Corp.
 
47,989
1,491,081
BRP, Inc.
 
14,590
975,523
CAE, Inc. (a)
 
114,922
2,193,248
Cameco Corp.
 
157,456
3,734,285
Canadian Apartment Properties (REIT) unit
 
36,571
1,132,551
Canadian Imperial Bank of Commerce
 
327,327
14,865,285
Canadian National Railway Co.
 
212,657
25,193,849
Canadian Natural Resources Ltd.
 
419,557
25,163,873
Canadian Pacific Railway Ltd.
 
337,048
25,126,139
Canadian Tire Ltd. Class A (non-vtg.)
 
20,551
2,303,323
Canadian Utilities Ltd. Class A (non-vtg.)
 
45,634
1,214,249
CCL Industries, Inc. Class B
 
54,350
2,553,235
Cenovus Energy, Inc. (Canada)
 
505,094
10,210,510
CGI, Inc. Class A (sub. vtg.) (a)
 
78,943
6,359,016
Constellation Software, Inc.
 
7,317
10,580,016
Dollarama, Inc.
 
100,454
5,968,915
Emera, Inc.
 
95,066
3,523,237
Empire Co. Ltd. Class A (non-vtg.)
 
61,067
1,568,866
Enbridge, Inc.
 
733,600
28,582,587
Fairfax Financial Holdings Ltd. (sub. vtg.)
 
8,264
4,058,693
First Quantum Minerals Ltd.
 
211,434
3,729,408
FirstService Corp.
 
14,551
1,819,049
Fortis, Inc.
 
173,624
6,773,675
Franco-Nevada Corp.
 
69,479
8,584,725
George Weston Ltd.
 
26,746
2,943,856
GFL Environmental, Inc.
 
66,086
1,783,670
Gildan Activewear, Inc.
 
68,532
2,162,580
Great-West Lifeco, Inc.
 
100,056
2,316,414
Hydro One Ltd. (c)
 
117,403
2,943,800
iA Financial Corp, Inc.
 
38,997
2,170,333
IGM Financial, Inc.
 
28,748
769,582
Imperial Oil Ltd.
 
85,991
4,677,794
Intact Financial Corp.
 
63,612
9,665,886
Ivanhoe Mines Ltd. (a)
 
221,907
1,539,268
Keyera Corp.
 
81,169
1,739,740
Kinross Gold Corp.
 
480,995
1,744,130
Lightspeed Commerce, Inc. (Canada) (a)
 
46,329
887,914
Loblaw Companies Ltd.
 
60,542
4,960,324
Lundin Mining Corp.
 
247,447
1,296,856
Magna International, Inc. Class A (sub. vtg.)
 
101,171
5,637,980
Manulife Financial Corp.
 
698,515
11,577,398
Metro, Inc.
 
87,105
4,563,206
National Bank of Canada
 
122,535
8,343,191
Northland Power, Inc.
 
84,468
2,457,747
Nutrien Ltd.
 
200,162
16,912,429
Nuvei Corp. (a)(c)
 
22,739
684,331
Onex Corp. (sub. vtg.)
 
29,091
1,464,212
Open Text Corp.
 
97,565
2,825,937
Pan American Silver Corp.
 
79,241
1,266,271
Parkland Corp.
 
57,178
1,155,857
Pembina Pipeline Corp.
 
197,074
6,506,690
Power Corp. of Canada (sub. vtg.)
 
203,005
5,041,039
Quebecor, Inc. Class B (sub. vtg.)
 
55,240
1,041,262
Restaurant Brands International, Inc.
 
100,849
5,992,386
Restaurant Brands International, Inc.
 
6,344
376,707
RioCan (REIT)
 
51,889
739,285
Ritchie Bros. Auctioneers, Inc.
 
39,916
2,607,644
Rogers Communications, Inc. Class B (non-vtg.)
 
130,005
5,411,666
Royal Bank of Canada
 
513,267
47,489,489
Saputo, Inc.
 
90,572
2,204,549
Shaw Communications, Inc. Class B
 
174,912
4,492,363
Shopify, Inc. Class A (a)
 
415,153
14,234,078
Sun Life Financial, Inc.
 
213,088
9,050,003
Suncor Energy, Inc.
 
522,606
17,975,790
TC Energy Corp.
 
356,104
15,641,548
Teck Resources Ltd. Class B (sub. vtg.)
 
172,125
5,239,493
TELUS Corp.
 
168,418
3,517,079
TFI International, Inc. (Canada)
 
29,708
2,704,216
The Toronto-Dominion Bank
 
658,506
42,144,191
Thomson Reuters Corp.
 
61,308
6,520,289
TMX Group Ltd.
 
20,151
1,937,371
Toromont Industries Ltd.
 
29,931
2,300,272
Tourmaline Oil Corp.
 
115,880
6,529,122
West Fraser Timber Co. Ltd.
 
22,079
1,657,769
Wheaton Precious Metals Corp.
 
163,104
5,336,034
WSP Global, Inc.
 
45,322
5,570,313
TOTAL CANADA
 
 
624,506,819
Cayman Islands - 4.1%
 
 
 
3SBio, Inc. (c)
 
515,500
363,821
AAC Technology Holdings, Inc. (a)
 
250,500
458,861
Airtac International Group
 
53,043
1,216,960
Alibaba Group Holding Ltd. (a)
 
5,509,912
42,839,052
Anta Sports Products Ltd.
 
442,400
3,888,785
Autohome, Inc. ADR Class A
 
26,083
681,288
Baidu, Inc. Class A (a)
 
804,444
7,712,208
BeiGene Ltd. ADR (a)(b)
 
17,162
2,898,490
Bilibili, Inc. Class Z (a)
 
65,231
581,299
Bosideng International Holdings Ltd.
 
1,122,000
484,554
Budweiser Brewing Co. APAC Ltd. (c)
 
630,393
1,326,695
Chailease Holding Co. Ltd.
 
508,693
2,349,949
China Conch Venture Holdings Ltd.
 
566,000
834,977
China Feihe Ltd. (c)
 
1,383,000
796,362
China Hongqiao Group Ltd.
 
785,500
557,380
China Huishan Dairy Holdings Co. Ltd. (a)(d)
 
397,000
1
China Liansu Group Holdings Ltd.
 
372,000
301,878
China Literature Ltd. (a)(c)
 
142,600
384,220
China Medical System Holdings Ltd.
 
464,000
506,581
China Meidong Auto Holding Ltd.
 
198,000
260,312
China Mengniu Dairy Co. Ltd.
 
1,154,000
3,697,375
China Overseas Property Holdings Ltd.
 
455,000
286,344
China Resources Cement Holdings Ltd.
 
844,000
305,359
China Resources Land Ltd.
 
1,188,634
3,725,057
China Resources Microelectronics Ltd. (A Shares)
 
17,743
123,083
China Resources Mixc Lifestyle Services Ltd. (c)
 
272,600
798,736
China State Construction International Holdings Ltd.
 
691,250
621,712
ChinaSoft International Ltd.
 
954,000
631,977
Chow Tai Fook Jewellery Group Ltd.
 
777,000
1,330,363
CIFI Holdings Group Co. Ltd. (d)
 
1,438,803
95,313
CK Asset Holdings Ltd.
 
717,471
3,966,832
CK Hutchison Holdings Ltd.
 
966,893
4,813,033
Country Garden Holdings Co. Ltd.
 
2,813,517
362,010
Country Garden Services Holdings Co. Ltd.
 
752,000
657,191
Dali Foods Group Co. Ltd. (c)
 
722,000
297,091
Daqo New Energy Corp. ADR (a)
 
22,160
974,818
Dongyue Group Co. Ltd.
 
503,000
437,021
ENN Energy Holdings Ltd.
 
286,100
2,844,726
ESR Group Ltd. (c)
 
744,459
1,270,853
Futu Holdings Ltd. ADR (a)
 
20,526
695,010
GDS Holdings Ltd. Class A (a)
 
309,800
345,784
Geely Automobile Holdings Ltd.
 
2,175,000
2,338,576
Genscript Biotech Corp. (a)
 
448,000
1,132,321
Grab Holdings Ltd. (a)
 
477,266
1,240,892
Greentown China Holdings Ltd.
 
300,000
285,490
Greentown Service Group Co. Ltd.
 
504,000
206,746
H World Group Ltd. ADR
 
70,264
1,902,749
Haidilao International Holding Ltd. (a)(b)(c)
 
388,000
576,342
Haitian International Holdings Ltd.
 
221,000
442,583
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
406,000
626,871
Hengan International Group Co. Ltd.
 
255,500
991,124
HUTCHMED China Ltd. sponsored ADR (a)(b)
 
30,204
267,003
Hygeia Healthcare Holdings Co. (a)(c)
 
116,400
504,175
Innovent Biologics, Inc. (a)(c)
 
389,000
1,377,667
iQIYI, Inc. ADR (a)(b)
 
119,588
241,568
JD Health International, Inc. (a)(c)
 
405,100
2,221,698
JD.com, Inc. Class A
 
783,967
14,276,447
Jinxin Fertility Group Ltd. (c)
 
518,500
255,629
Jiumaojiu International Holdings Ltd. (c)
 
254,000
398,652
JOYY, Inc. ADR
 
17,048
430,121
Kanzhun Ltd. ADR (a)
 
67,708
740,048
KE Holdings, Inc. ADR (a)
 
239,636
2,439,494
Kingboard Chemical Holdings Ltd.
 
229,000
564,795
Kingboard Laminates Holdings Ltd.
 
323,000
258,000
Kingdee International Software Group Co. Ltd. (a)
 
956,000
1,563,769
Kingsoft Corp. Ltd.
 
331,200
1,002,083
Kuaishou Technology Class B (a)(c)
 
631,400
2,598,106
Li Ning Co. Ltd.
 
850,000
4,396,374
Longfor Properties Co. Ltd. (c)
 
663,000
844,624
Lufax Holding Ltd. ADR
 
244,399
388,594
Meituan Class B (a)(c)
 
1,599,800
25,613,671
Microport Scientific Corp. (a)
 
222,000
468,908
Ming Yuan Cloud Group Holdings Ltd.
 
248,000
114,053
Minth Group Ltd.
 
258,000
509,449
NetEase, Inc.
 
755,695
8,384,628
New Oriental Education & Technology Group, Inc. (a)
 
535,110
1,253,040
NIO, Inc. sponsored ADR (a)
 
499,313
4,828,357
Parade Technologies Ltd.
 
26,000
490,916
Pinduoduo, Inc. ADR (a)
 
183,810
10,078,302
Ping An Healthcare and Technology Co. Ltd. (a)(b)(c)
 
175,100
323,001
Pop Mart International Group Ltd. (b)(c)
 
196,000
253,688
RLX Technology, Inc. ADR (a)(b)
 
169,239
211,549
Sands China Ltd. (a)
 
881,587
1,538,634
Sany Heavy Equipment International Holdings Co. Ltd.
 
388,000
318,322
Sea Ltd. ADR (a)
 
131,783
6,546,979
Seazen Group Ltd. (a)
 
686,000
110,114
Shenzhou International Group Holdings Ltd.
 
302,500
2,100,258
Silergy Corp.
 
118,000
1,368,264
Sino Biopharmaceutical Ltd.
 
3,945,250
1,914,914
SITC International Holdings Co. Ltd.
 
523,000
856,825
Smoore International Holdings Ltd. (b)(c)
 
622,000
661,647
Sunny Optical Technology Group Co. Ltd.
 
258,300
2,239,248
TAL Education Group ADR (a)
 
157,373
741,227
Tencent Holdings Ltd.
 
2,268,600
59,611,535
Tencent Music Entertainment Group ADR (a)
 
247,420
893,186
Tingyi (Cayman Islands) Holding Corp.
 
752,000
1,176,430
Tongcheng Travel Holdings Ltd. (a)
 
421,600
657,403
Topsports International Holdings Ltd. (c)
 
638,000
321,859
Trip.com Group Ltd. ADR (a)
 
196,756
4,452,588
Uni-President China Holdings Ltd.
 
559,000
413,038
Vinda International Holdings Ltd.
 
125,000
234,405
Vipshop Holdings Ltd. ADR (a)
 
153,892
1,072,627
Want Want China Holdings Ltd.
 
1,817,000
1,194,412
Weibo Corp. sponsored ADR (a)
 
24,467
276,966
WH Group Ltd. (c)
 
3,075,946
1,555,675
Wharf Real Estate Investment Co. Ltd.
 
604,654
2,384,061
Wuxi Biologics (Cayman), Inc. (a)(c)
 
1,306,500
5,878,783
Xiaomi Corp. Class B (a)(c)
 
5,534,800
6,211,944
Xinyi Glass Holdings Ltd.
 
669,793
861,810
Xinyi Solar Holdings Ltd.
 
1,785,446
1,771,878
XPeng, Inc. ADR (a)(b)
 
156,806
1,038,056
XTEP International Holdings Ltd.
 
453,000
415,509
Yadea Group Holdings Ltd. (c)
 
476,000
726,463
Yihai International Holding Ltd.
 
161,000
264,995
Zai Lab Ltd. ADR (a)
 
32,673
727,954
Zhen Ding Technology Holding Ltd.
 
227,302
747,009
Zhongsheng Group Holdings Ltd. Class H
 
240,500
913,022
ZTO Express, Inc. sponsored ADR
 
153,029
2,584,660
TOTAL CAYMAN ISLANDS
 
 
308,548,164
Chile - 0.1%
 
 
 
Banco de Chile
 
17,332,073
1,585,145
Banco de Credito e Inversiones
 
20,000
557,287
Banco Santander Chile
 
22,381,910
801,811
Cencosud SA
 
481,632
648,302
Compania Cervecerias Unidas SA
 
43,595
239,114
Compania Sud Americana de Vapores SA
 
5,280,824
366,607
Empresas CMPC SA
 
381,728
605,667
Empresas COPEC SA
 
145,804
1,004,788
Enel Americas SA
 
7,335,583
726,794
Enel Chile SA
 
9,911,147
348,755
Falabella SA
 
254,488
497,593
Itau CorpBanca SA
 
1
0
TOTAL CHILE
 
 
7,381,863
China - 3.1%
 
 
 
360 Security Technology, Inc. (A Shares)
 
155,900
151,142
37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares)
 
48,200
95,636
A-Living Smart City Services C (H Shares) (c)
 
361,500
204,936
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (a)
 
11,853
180,143
AECC Aero-Engine Control Co. Ltd. (A Shares)
 
27,900
114,612
AECC Aviation Power Co. Ltd.
 
55,500
369,650
Agricultural Bank of China Ltd.:
 
 
 
 (A Shares)
 
2,154,700
814,330
 (H Shares)
 
10,184,000
2,906,855
Aier Eye Hospital Group Co. Ltd. (A Shares)
 
145,156
490,949
Air China Ltd.:
 
 
 
 (A Shares) (a)
 
184,500
244,302
 (H Shares) (a)
 
556,000
386,738
Aluminum Corp. of China Ltd.:
 
 
 
 (A shares)
 
542,000
286,478
 (H Shares)
 
844,000
240,609
Amlogic Shanghai Co. Ltd. (A Shares) (a)
 
8,978
70,517
Angel Yeast Co. Ltd. (A Shares)
 
16,600
82,240
Anhui Conch Cement Co. Ltd.:
 
 
 
 (A Shares)
 
32,800
109,050
 (H Shares)
 
526,000
1,353,589
Anhui Gujing Distillery Co. Ltd. (B Shares)
 
62,902
741,475
Anhui Honglu Steel Construction Group Co. Ltd.
 
14,950
69,766
Anhui Kouzi Distillery Co. Ltd. (A Shares)
 
11,500
63,776
Anhui Yingjia Distillery Co. Ltd. (A Shares)
 
14,800
95,452
Anjoy Foods Group Co. Ltd. (A Shares)
 
5,900
108,525
Apeloa Pharmaceutical Co. Ltd. A Shares
 
27,200
77,545
Asia - Potash International Investment Guangzhou Co. Ltd. (A Shares) (a)
 
19,000
66,344
Asymchem Laboratories Tianjin Co. Ltd. (A Shares)
 
6,860
134,506
Avary Holding Shenzhen Co. Ltd. (A Shares)
 
37,000
150,728
AVIC Capital Co. Ltd. (A Shares)
 
141,000
58,501
AVIC Electromechanical Systems Co. Ltd. (A Shares)
 
82,700
132,494
AviChina Industry & Technology Co. Ltd. (H Shares)
 
871,000
381,704
Avicopter PLC (A Shares)
 
13,700
82,355
Bank of Beijing Co. Ltd. (A Shares)
 
471,716
260,956
Bank of Changsha Co. Ltd. (A Shares)
 
104,200
91,888
Bank of Chengdu Co. Ltd. (A Shares)
 
64,200
119,734
Bank of China Ltd.:
 
 
 
 (A Shares)
 
1,027,200
423,376
 (H Shares)
 
28,520,000
9,185,648
Bank of Communications Co. Ltd.:
 
 
 
 (A Shares)
 
730,700
445,250
 (H Shares)
 
3,407,000
1,662,343
Bank of Hangzhou Co. Ltd. (A Shares)
 
102,780
170,434
Bank of Jiangsu Co. Ltd. (A Shares)
 
314,230
297,755
Bank of Nanjing Co. Ltd. (A Shares)
 
211,900
299,444
Bank of Ningbo Co. Ltd. (A Shares)
 
138,740
451,391
Bank of Shanghai Co. Ltd. (A Shares)
 
209,320
159,937
Baoshan Iron & Steel Co. Ltd. (A Shares)
 
413,800
272,546
BBMG Corp. (H Shares)
 
513,000
52,936
Beijing Capital International Airport Co. Ltd. (H Shares) (a)
 
666,000
360,589
Beijing Dabeinong Technology Group Co. Ltd. (A Shares) (a)
 
88,700
111,256
Beijing Easpring Material Technology Co. Ltd. (A Shares)
 
10,900
88,046
Beijing Enlight Media Co. Ltd. (A Shares)
 
63,600
58,611
Beijing Kingsoft Office Software, Inc. (A Shares)
 
9,091
361,927
Beijing New Building Materials PLC (A Shares)
 
33,900
92,051
Beijing Originwater Technology Co. Ltd. (A Shares)
 
69,500
44,824
Beijing Roborock Technology Co. Ltd. (A Shares)
 
1,849
59,504
Beijing Shiji Information Technology Co. Ltd. (A Shares)
 
31,164
53,939
Beijing Shunxin Agriculture Co. Ltd.
 
17,100
47,908
Beijing Sinnet Technology Co. Ltd. (A Shares)
 
35,500
42,097
Beijing Tiantan Biological Products Corp. Ltd. (A Shares)
 
33,064
93,584
Beijing Tongrentang Co. Ltd. (A Shares)
 
25,900
172,894
Beijing United Information Technology Co. Ltd. (A Shares)
 
11,190
190,001
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares)
 
11,890
204,362
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. (A Shares)
 
5,400
84,902
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares)
 
856,200
522,895
Betta Pharmaceuticals Co. Ltd. (A Shares)
 
8,800
55,081
BGI Genomics Co. Ltd.
 
8,300
63,044
Bloomage Biotechnology Corp. Ltd. (A Shares)
 
6,845
99,344
BOC International China Co. Ltd.
 
54,800
78,866
BOE Technology Group Co. Ltd. (A Shares)
 
730,900
334,279
BTG Hotels Group Co. Ltd.
 
29,700
88,373
By-Health Co. Ltd. (A Shares)
 
30,700
73,651
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
37,500
1,266,637
 (H Shares)
 
303,500
6,793,290
Caitong Securities Co. Ltd.
 
85,670
83,876
CanSino Biologics, Inc.:
 
 
 
 (A Shares)
 
3,817
99,124
 (H Shares) (b)(c)
 
28,000
260,394
CECEP Solar Energy Co. Ltd. (A Shares)
 
84,900
78,589
CECEP Wind-Power Corp. (A Shares)
 
120,500
70,621
CGN Power Co. Ltd. (H Shares) (c)
 
4,597,000
931,154
Chacha Food Co. Ltd. (A Shares)
 
9,000
54,447
Changchun High & New Technology Industry Group, Inc. (A Shares)
 
8,300
184,005
Changjiang Securities Co. Ltd. (A Shares)
 
101,100
72,126
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares)
 
6,100
102,272
Chaozhou Three-Circle Group Co. (A Shares)
 
41,300
160,610
Chengtun Mining Group Co. Ltd. (A Shares)
 
63,700
48,323
Chengxin Lithium Group Co. Ltd. (A Shares)
 
18,200
107,711
Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a)
 
33,000
85,043
China Baoan Group Co. Ltd. (A Shares)
 
56,600
89,594
China Cinda Asset Management Co. Ltd. (H Shares)
 
2,914,000
270,996
China CITIC Bank Corp. Ltd.:
 
 
 
 (A Shares)
 
111,700
66,229
 (H Shares)
 
3,242,000
1,222,516
China Coal Energy Co. Ltd. (H Shares)
 
706,000
519,855
China Communications Services Corp. Ltd. (H Shares)
 
828,000
231,006
China Construction Bank Corp.:
 
 
 
 (A Shares)
 
676,442
494,625
 (H Shares)
 
34,388,000
18,249,315
China CSSC Holdings Ltd. (A Shares)
 
89,200
323,924
China Eastern Airlines Corp. Ltd. (A Shares) (a)
 
194,600
127,905
China Energy Engineering Corp. Ltd. (A Shares)
 
648,100
203,227
China Everbright Bank Co. Ltd.:
 
 
 
 (A Shares)
 
324,600
120,899
 (H Shares)
 
1,935,000
500,411
China Galaxy Securities Co. Ltd. (H Shares)
 
1,469,500
550,385
China Great Wall Securities Co. Ltd. (A Shares)
 
68,600
75,900
China Greatwall Technology Group Co. Ltd. (A Shares)
 
64,400
98,325
China International Capital Corp. Ltd.
 
11,400
54,074
China International Capital Corp. Ltd. (H Shares) (c)
 
579,600
806,308
China Jushi Co. Ltd. (A Shares)
 
65,722
105,293
China Life Insurance Co. Ltd.:
 
 
 
 (A Shares)
 
31,100
113,278
 (H Shares)
 
2,808,000
3,062,005
China Longyuan Power Grid Corp. Ltd. (H Shares)
 
1,234,000
1,410,124
China Meheco Co. Ltd. (A Shares)
 
33,180
57,338
China Merchants Bank Co. Ltd.:
 
 
 
 (A Shares)
 
345,400
1,268,486
 (H Shares)
 
1,518,251
4,990,143
China Merchants Energy Shipping Co. Ltd. (A Shares)
 
170,000
162,251
China Merchants Securities Co. Ltd. (A Shares)
 
156,930
268,609
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
165,900
297,820
China Minmetals Rare Earth Co. Ltd. (A Shares) (a)
 
22,700
89,645
China Minsheng Banking Corp. Ltd.:
 
 
 
 (A Shares)
 
801,300
362,088
 (H Shares)
 
2,041,800
593,059
China National Building Materials Co. Ltd. (H Shares)
 
1,469,000
853,368
China National Chemical Engineering Co. Ltd. (A Shares)
 
115,600
111,913
China National Nuclear Power Co. Ltd. (A Shares)
 
383,300
316,491
China Northern Rare Earth Group High-Tech Co. Ltd.
 
72,300
239,584
China Oilfield Services Ltd. (H Shares)
 
622,000
700,475
China Pacific Insurance (Group) Co. Ltd.
 
60,500
157,652
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
1,181,400
1,905,375
China Petroleum & Chemical Corp.:
 
 
 
 (A Shares)
 
896,400
499,575
 (H Shares)
 
8,940,000
3,543,158
China Railway Group Ltd.:
 
 
 
 (A Shares)
 
665,000
454,388
 (H Shares)
 
1,336,000
580,377
China Railway Signal & Communications Corp. (A Shares)
 
163,929
101,685
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares)
 
20,500
153,099
China Shenhua Energy Co. Ltd.:
 
 
 
 (A Shares)
 
135,500
520,076
 (H Shares)
 
1,231,500
3,239,695
China Southern Airlines Ltd.:
 
 
 
 (A Shares) (a)
 
280,800
248,390
 (H Shares) (a)
 
572,000
295,121
China State Construction Engineering Corp. Ltd. (A Shares)
 
870,760
566,365
China Suntien Green Energy Corp. Ltd. (H Shares)
 
594,000
225,503
China Three Gorges Renewables Group Co. Ltd. (A Shares)
 
544,300
415,143
China Tourism Group Duty Free Corp. Ltd. (A Shares)
 
40,100
880,532
China Tower Corp. Ltd. (H Shares) (c)
 
16,756,000
1,515,578
China United Network Communications Ltd. (A Shares)
 
694,400
319,487
China Vanke Co. Ltd.:
 
 
 
 (A Shares)
 
139,600
258,444
 (H Shares)
 
750,600
963,871
China Yangtze Power Co. Ltd. (A Shares)
 
568,330
1,576,684
China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares)
 
11,100
204,964
China Zheshang Bank Co. Ltd. (a)
 
391,500
147,960
Chongqing Brewery Co. Ltd. (A Shares)
 
9,400
112,524
Chongqing Changan Automobile Co. Ltd. (A Shares)
 
170,390
263,416
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares)
 
17,800
54,866
Chongqing Rural Commercial Bank Co. Ltd. (A Shares)
 
232,300
111,014
Chongqing Zhifei Biological Products Co. Ltd. (A Shares)
 
33,000
385,901
CITIC Securities Co. Ltd.:
 
 
 
 (A Shares)
 
204,630
482,231
 (H Shares)
 
969,175
1,449,506
Cmoc Group Ltd.:
 
 
 
 (A Shares)
 
278,300
158,149
 (H Shares)
 
1,665,000
536,642
CNGR Advanced Material Co. Ltd.
 
8,400
82,966
CNNC Hua Yuan Titanium Dioxide Co. Ltd. (A Shares)
 
62,975
57,604
Contemporary Amperex Technology Co. Ltd.
 
51,700
2,639,759
COSCO Shipping Development Co. Ltd. (A Shares)
 
174,000
58,136
COSCO Shipping Energy Transportation Co. Ltd. (A Shares) (a)
 
73,900
171,117
COSCO SHIPPING Holdings Co. Ltd.:
 
 
 
 (A Shares)
 
392,320
603,288
 (H Shares)
 
1,077,150
1,162,276
CRRC Corp. Ltd.:
 
 
 
 (A Shares)
 
1,230,600
800,415
 (H Shares)
 
243,000
73,677
CSC Financial Co. Ltd. (A Shares)
 
85,000
274,802
Daan Gene Co. Ltd.
 
27,900
68,309
Daqin Railway Co. Ltd. (A Shares)
 
322,100
282,718
DaShenLin Pharmaceutical Group Co. Ltd.
 
18,792
93,794
DHC Software Co. Ltd. (A Shares)
 
48,700
41,145
Do-Fluoride New Materials Co. Ltd. (A Shares)
 
16,700
71,233
Dong-E-E-Jiao Co. Ltd. (A Shares)
 
13,300
68,368
Dongfang Electric Corp. Ltd. (A Shares)
 
58,000
184,335
Dongfeng Motor Group Co. Ltd. (H Shares)
 
990,000
447,727
Dongxing Securities Co. Ltd. (A Shares)
 
57,200
60,859
East Money Information Co. Ltd. (A Shares)
 
275,608
589,114
Ecovacs Robotics Co. Ltd. Class A
 
11,100
88,613
ENN Natural Gas Co. Ltd. (A Shares)
 
45,100
95,599
Eve Energy Co. Ltd. (A shares)
 
39,124
444,872
Everbright Securities Co. Ltd. (A Shares)
 
81,200
155,887
Fangda Carbon New Material Co. Ltd. (A Shares) (a)
 
75,600
62,216
FAW Jiefang Group Co. Ltd. (A Shares)
 
49,800
47,462
Fiberhome Telecommunication Technologies Co. Ltd. (A Shares)
 
20,100
37,927
First Capital Securities Co. Ltd. (A Shares)
 
70,800
53,806
Flat Glass Group Co. Ltd.
 
41,000
96,002
Flat Glass Group Co. Ltd. (A Shares) (a)
 
100,500
472,025
Focus Media Information Technology Co. Ltd. (A Shares)
 
289,240
177,436
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares)
 
80,148
654,977
Founder Securities Co. Ltd. (A Shares)
 
171,700
148,826
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
628,996
706,263
Fujian Sunner Development Co. Ltd. A Shares
 
24,200
72,770
Fuyao Glass Industries Group Co. Ltd.:
 
 
 
 (A Shares)
 
90,600
414,734
 (H Shares) (c)
 
180,800
648,375
G-bits Network Technology Xiamen Co. Ltd. (A Shares)
 
1,400
48,818
Ganfeng Lithium Group Co. Ltd. (A Shares)
 
81,620
883,158
GCL System Integration Technology Co. Ltd. (a)
 
123,500
55,299
GD Power Development Co. Ltd. (A Shares) (a)
 
390,100
233,433
GEM Co. Ltd. (A Shares)
 
97,200
99,025
Gemdale Corp. (A Shares)
 
96,300
103,119
GF Securities Co. Ltd.:
 
 
 
 (A Shares)
 
231,600
432,254
 (H Shares)
 
185,800
189,122
Giant Network Group Co. Ltd. (A Shares)
 
48,200
51,085
Gigadevice Semiconductor Beijing, Inc. (A Shares)
 
12,784
144,017
Ginlong Technologies Co. Ltd. (A Shares)
 
7,700
196,957
GoerTek, Inc. (A Shares)
 
69,000
204,839
Gotion High-tech Co. Ltd. (A Shares)
 
34,600
142,372
Great Wall Motor Co. Ltd.:
 
 
 
 (A Shares)
 
48,100
192,060
 (H Shares)
 
1,152,000
1,257,717
Gree Electric Appliances, Inc. of Zhuhai (A Shares)
 
62,200
244,187
GRG Banking Equipment Co. Ltd. (A Shares)
 
26,300
33,924
Guangdong Haid Group Co. Ltd. (A Shares)
 
32,700
258,586
Guangdong Kinlong Hardware Products Co. Ltd. (A Shares)
 
6,700
72,680
Guanghui Energy Co. Ltd. (A Shares)
 
138,300
194,679
Guangzhou Automobile Group Co. Ltd.
 
166,700
258,625
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
992,000
604,073
Guangzhou Baiyunshan Pharma Health (A Shares)
 
30,200
111,613
Guangzhou Haige Communications Group (A Shares)
 
36,400
42,118
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
8,200
84,842
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares)
 
11,000
97,997
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares)
 
39,620
230,573
Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares)
 
69,604
53,088
Guolian Securities Co. Ltd.
 
45,900
58,766
Guosen Securities Co. Ltd. (A Shares)
 
151,000
178,233
Guotai Junan Securities Co. Ltd.:
 
 
 
 (A Shares)
 
43,000
77,840
 (H Shares) (c)
 
228,600
230,940
Guoyuan Securities Co. Ltd. (A Shares)
 
91,900
78,650
Haier Smart Home Co. Ltd.
 
817,600
2,045,654
Haier Smart Home Co. Ltd. (A Shares)
 
141,229
402,246
Haitong Securities Co. Ltd.:
 
 
 
 (A Shares)
 
114,700
132,559
 (H Shares)
 
1,228,000
600,730
Hanergy Mobile Energy Holding (a)(d)
 
576,000
1
Hangzhou First Applied Material Co. Ltd. (A Shares)
 
26,180
229,647
Hangzhou Lion Electronics Co. Ltd. (A Shares)
 
14,900
87,365
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares)
 
21,100
121,609
Hangzhou Robam Appliances Co. Ltd. (A Shares)
 
18,900
53,054
Hangzhou Silan Microelectronics Co. Ltd. (A Shares)
 
27,000
116,091
Hangzhou Tigermed Consulting Co. Ltd.:
 
 
 
 (A Shares)
 
29,600
337,833
 (H Shares) (c)
 
10,000
67,965
Heilongjiang Agriculture Co. Ltd. (A Shares)
 
32,100
60,658
Henan Shenhuo Coal & Power Co. Ltd. (A Shares)
 
51,300
98,555
Henan Shuanghui Investment & Development Co. Ltd. (A Shares)
 
66,100
206,186
Hengli Petrochemical Co. Ltd. (A Shares)
 
114,800
241,141
Hengtong Optic-electric Co. Ltd. (A Shares)
 
52,300
139,292
Hengyi Petrochemical Co. Ltd. (A Shares)
 
73,630
67,551
Hesteel Co. Ltd. (A Shares)
 
237,700
70,631
Hithink RoyalFlush Information Network Co. Ltd. (A Shares)
 
10,200
118,804
Hongfa Technology Co. Ltd. (A Shares)
 
20,820
97,815
Hoshine Silicon Industry Co. Ltd. (A Shares)
 
10,400
136,286
Huadian Power International Corp. Ltd.:
 
 
 
 (A Shares)
 
21,700
16,135
 (H Shares)
 
518,000
155,737
Huadong Medicine Co. Ltd. (A Shares)
 
34,560
193,696
Huafon Chemical Co. Ltd. (A Shares)
 
94,500
86,181
Huagong Tech Co. Ltd. (A Shares)
 
26,200
60,164
Huaibei Mining Holdings Co. Ltd. (A Shares)
 
55,500
99,024
Hualan Biological Engineer, Inc. (A Shares)
 
38,250
92,863
Huaneng Power International, Inc.:
 
 
 
 (A Shares) (a)
 
191,800
175,966
 (H Shares) (a)
 
1,386,000
496,157
Huatai Securities Co. Ltd.:
 
 
 
 (A Shares)
 
71,000
116,374
 (H Shares) (c)
 
663,000
649,516
HUAXI Securities Co. Ltd.
 
51,000
51,259
Huaxia Bank Co. Ltd. (A Shares)
 
192,800
126,458
Huaxin Cement Co. Ltd. (A Shares)
 
21,900
40,244
Huayu Automotive Systems Co. Ltd. (A Shares)
 
67,031
153,927
Hubei Xingfa Chemicals Group Co. Ltd. (A Shares)
 
24,300
94,067
Huizhou Desay SV Automotive Co. Ltd.
 
11,100
157,466
Humanwell Healthcare Group Co. Ltd. (A Shares)
 
35,400
97,093
Hunan Valin Steel Co. Ltd. (A Shares)
 
127,200
69,671
Hundsun Technologies, Inc. (A Shares)
 
37,677
215,035
iFlytek Co. Ltd. (A Shares)
 
47,000
225,446
IMEIK Technology Development Co. Ltd. (A Shares)
 
3,800
219,064
Industrial & Commercial Bank of China Ltd.:
 
 
 
 (A Shares)
 
1,311,300
745,169
 (H Shares)
 
20,537,000
8,916,456
Industrial Bank Co. Ltd. (A Shares)
 
432,700
890,534
Industrial Securities Co. Ltd. (A Shares) (a)
 
158,340
118,166
Ingenic Semiconductor Co. Ltd. (A Shares)
 
9,000
83,753
Inner Mongoli Yili Industries Co. Ltd. (A Shares)
 
137,500
475,222
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares)
 
900,600
217,045
Inner Mongolia Dian Tou Energy Corp. Ltd.
 
46,800
79,144
Inner Mongolia Eerduosi Resourses Co. Ltd. (A Shares)
 
26,880
51,236
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares)
 
147,700
78,472
Inner Mongolia Yitai Coal Co. Ltd. (B Shares)
 
496,700
702,334
Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares)
 
71,300
62,973
Inspur Electronic Information Industry Co. Ltd. (A Shares)
 
27,512
86,723
Intco Medical Technology Co. Ltd. (A Shares)
 
13,560
39,587
JA Solar Technology Co. Ltd. (A Shares)
 
46,540
398,301
Jafron Biomedical Co. Ltd. (A Shares)
 
13,740
59,604
Jason Furniture Hangzhou Co. Ltd. (A Shares)
 
18,020
74,272
JCET Group Co. Ltd. (A Shares)
 
34,900
115,076
Jiangsu Eastern Shenghong Co. Ltd.
 
82,100
137,603
Jiangsu Expressway Co. Ltd. (H Shares)
 
414,000
291,659
Jiangsu Hengli Hydraulic Co. Ltd.
 
25,472
192,429
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)
 
132,048
726,880
Jiangsu King's Luck Brewery JSC Ltd. (A Shares)
 
22,000
112,607
Jiangsu Yanghe Brewery JSC Ltd. (A Shares)
 
31,300
559,962
Jiangsu Yangnong Chemical Co. Ltd. (A Shares)
 
6,000
75,907
Jiangsu Yoke Technology Co. Ltd. (A Shares)
 
10,300
82,931
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares)
 
17,200
76,663
Jiangsu Zhongtian Technology Co. Ltd. (A Shares)
 
69,200
208,181
Jiangxi Copper Co. Ltd.:
 
 
 
 (A Shares)
 
30,000
63,263
 (H Shares)
 
423,000
462,357
Jiangxi Special Electric Motor Co. Ltd. (A Shares) (a)
 
35,600
93,011
Jiangxi Zhengbang Technology Co. Ltd. (A Shares) (a)
 
71,800
34,411
Jinke Properties Group Co. Ltd. (A Shares) (a)
 
127,300
30,854
JiuGui Liquor Co. Ltd. (A Shares)
 
6,400
89,433
Jizhong Energy Resources Co. Ltd. (A Shares)
 
75,000
62,441
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares)
 
30,000
48,022
Joinn Laboratories China Co. Ltd. (A Shares)
 
9,788
76,651
Jointown Pharmaceutical Group (A Shares)
 
31,800
54,692
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares)
 
16,700
61,971
Juewei Food Co. Ltd.
 
12,400
80,432
Kangmei Pharmaceutical Co. Ltd. rights (a)(d)
 
3,087
0
Keda Industrial Group Co. Ltd.
 
40,500
86,347
Kingfa Sci & Tech Co. Ltd. (A Shares)
 
56,600
75,023
Kuang-Chi Technologies Co. Ltd. (A Shares) (a)
 
45,500
107,786
Kunlun Tech Co. Ltd. (A Shares)
 
25,800
45,962
Kweichow Moutai Co. Ltd. (A Shares)
 
28,500
5,243,898
Lb Group Co. Ltd. (A Shares)
 
45,500
95,761
Lens Technology Co. Ltd. (A Shares)
 
100,600
137,202
Lepu Medical Technology Beijing Co. Ltd. (A Shares)
 
37,400
129,516
Liaoning Port Co. Ltd. (A Shares)
 
390,600
85,042
Lingyi iTech Guangdong Co. (A Shares) (a)
 
150,800
97,671
Livzon Pharmaceutical Group, Inc. (A Shares)
 
14,900
72,083
LONGi Green Energy Technology Co. Ltd.
 
156,368
1,027,337
Luoyang Xinqianglian Slewing Bearing Co. Ltd. (A Shares)
 
6,800
65,012
Luxi Chemical Group Co. Ltd.
 
42,500
66,111
Luxshare Precision Industry Co. Ltd. (A Shares)
 
146,247
570,738
Luzhou Laojiao Co. Ltd. (A Shares)
 
30,400
650,843
Maanshan Iron & Steel Co. Ltd. (A Shares)
 
130,400
44,997
Mango Excellent Media Co. Ltd. (A Shares)
 
37,800
113,510
Maxscend Microelectronics Co. Ltd. (A Shares)
 
10,752
135,981
Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a)
 
72,264
42,253
Metallurgical Corp. China Ltd. (H Shares)
 
920,000
146,503
Ming Yang Smart Energy Group Ltd. (A Shares)
 
44,800
152,750
Montage Technology Co. Ltd. (A Shares)
 
21,515
167,161
Muyuan Foodstuff Co. Ltd. (A Shares)
 
108,640
695,912
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd.
 
35,293
78,629
Nanjing Securities Co. Ltd. (A Shares)
 
73,200
79,385
NARI Technology Co. Ltd. (A Shares)
 
138,688
463,376
National Silicon Industry Group Co. Ltd. (A Shares) (a)
 
45,898
127,646
NAURA Technology Group Co. Ltd.
 
10,900
396,573
NavInfo Co. Ltd. (A Shares)
 
52,300
84,936
New China Life Insurance Co. Ltd.
 
13,900
44,481
New China Life Insurance Co. Ltd. (H Shares)
 
424,400
673,664
New Hope Liuhe Co. Ltd. (A Shares) (a)
 
96,000
169,445
Ninestar Corp. (A Shares)
 
27,300
213,491
Ningbo Deye Technology Co. Ltd. (A Shares)
 
4,100
183,680
Ningbo Joyson Electronic Corp. (A shares) (a)
 
29,500
62,006
Ningbo Orient Wires & Cables Co. Ltd. (A Shares)
 
14,500
152,884
Ningbo Ronbay New Energy Technology Co. Ltd. (A Shares)
 
9,354
100,304
Ningbo Shanshan Co. Ltd. (A Shares)
 
44,500
109,561
Ningbo Tuopu Group Co. Ltd. (A Shares)
 
22,900
203,196
Ningxia Baofeng Energy Group Co. Ltd.
 
119,200
187,217
Nongfu Spring Co. Ltd. (H Shares) (c)
 
648,800
3,260,675
North Industries Group Red Arrow Co. Ltd. (A Shares)
 
29,900
84,137
Northeast Securities Co. Ltd. (A Shares)
 
57,700
50,092
Offshore Oil Enginering Co. Ltd. (A Shares)
 
63,300
40,739
OFILM Group Co. Ltd. (A Shares) (a)
 
74,700
47,871
Oppein Home Group, Inc. (A Shares)
 
10,760
119,963
Orient Securities Co. Ltd. (A Shares)
 
135,808
144,308
Ovctek China, Inc. (A Shares)
 
17,420
70,893
Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a)
 
179,600
111,406
People's Insurance Co. of China Group Ltd.:
 
 
 
 (A Shares)
 
140,700
93,442
 (H Shares)
 
3,307,000
914,205
Perfect World Co. Ltd. (A Shares)
 
42,950
66,987
PetroChina Co. Ltd.:
 
 
 
 (A Shares)
 
525,000
344,350
 (H Shares)
 
7,560,000
2,889,301
Pharmaron Beijing Co. Ltd.:
 
 
 
 (A Shares)
 
18,000
128,168
 (H Shares) (c)
 
72,600
244,169
PICC Property & Casualty Co. Ltd. (H Shares)
 
2,542,933
2,345,434
Ping An Bank Co. Ltd. (A Shares)
 
407,700
577,253
Ping An Insurance Group Co. of China Ltd.:
 
 
 
 (A Shares)
 
253,892
1,256,788
 (H Shares)
 
2,298,000
9,199,791
Pingdingshan Tianan Coal Mining Co. Ltd. A Shares
 
52,600
79,373
Poly Developments & Holdings (A Shares)
 
245,200
463,345
Postal Savings Bank of China Co. Ltd.
 
332,900
176,868
Postal Savings Bank of China Co. Ltd. (H Shares) (c)
 
3,304,000
1,532,114
Power Construction Corp. of China Ltd. (A Shares)
 
305,600
294,599
Proya Cosmetics Co. Ltd. (A Shares)
 
3,240
74,158
Pylon Technologies Co. Ltd. (Series A)
 
3,234
136,615
Qingdao Rural Commercial Bank Corp. (A Shares)
 
57,000
21,620
Qinghai Salt Lake Potash Co. Ltd. Class A (a)
 
107,800
317,515
Raytron Technology Co. Ltd. (A Shares)
 
9,121
59,388
Riyue Heavy Industry Co. Ltd. (A Shares)
 
22,600
68,361
Rongsheng Petrochemical Co. Ltd. (A Shares)
 
210,550
308,492
SAIC Motor Corp. Ltd. (A Shares)
 
164,000
308,781
Sailun Group Co. Ltd. A Shares
 
66,900
79,607
Sangfor Technologies, Inc.
 
8,200
141,478
Sany Heavy Industry Co. Ltd. (A Shares)
 
178,400
329,787
Satellite Chemical Co. Ltd. (A Shares)
 
72,399
122,930
SDIC Power Holdings Co. Ltd. (A Shares)
 
139,000
192,239
Sealand Securities Co. Ltd. (A Shares)
 
114,180
50,813
Seazen Holdings Co. Ltd. (A Shares) (a)
 
48,200
87,056
SF Holding Co. Ltd. (A Shares)
 
101,400
670,085
SG Micro Corp. (A Shares)
 
7,575
155,236
Shaanxi Coal Industry Co. Ltd. (A Shares)
 
200,900
546,341
Shan Xi Hua Yang Group New Energy Co. Ltd.
 
50,800
117,489
Shandong Buchang Pharmaceuticals Co. Ltd. (A Shares)
 
24,010
63,059
Shandong Gold Mining Co. Ltd.:
 
 
 
 (A Shares)
 
89,232
211,384
 (H Shares) (c)
 
234,000
372,628
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares)
 
39,520
141,674
Shandong Linglong Tyre Co. Ltd. (A Shares)
 
30,400
68,144
Shandong Nanshan Aluminum Co. Ltd. (A Shares)
 
237,000
99,955
Shandong Sun Paper Industry JSC Ltd. (A Shares)
 
41,600
59,755
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
955,200
1,316,653
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares)
 
20,580
85,951
Shanghai Baosight Software Co. Ltd.
 
305,610
920,803
Shanghai Baosight Software Co. Ltd. (A Shares)
 
9,460
54,820
Shanghai Construction Group Co. Ltd. (A Shares)
 
168,300
59,227
Shanghai Electric Group Co. Ltd. (A Shares) (a)
 
265,500
141,059
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:
 
 
 
 (A Shares)
 
30,400
137,495
 (H Shares)
 
199,500
503,728
Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares)
 
3,050
86,026
Shanghai International Airport Co. Ltd. (A Shares) (a)
 
19,600
143,265
Shanghai International Port Group Co. Ltd. (A Shares)
 
205,500
145,481
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares)
 
19,600
146,217
Shanghai Junshi Biosciences Co. Ltd. (A Shares) (a)
 
14,382
139,942
Shanghai Lingang Holdings Corp. Ltd. (A Shares)
 
56,280
88,471
Shanghai Lujiazui Finance Trust Ltd. (B Shares)
 
405,171
300,637
Shanghai M&G Stationery, Inc. (A Shares)
 
15,700
86,638
Shanghai Medicilon, Inc. (A Shares)
 
1,840
55,831
Shanghai Pharmaceuticals Holding Co. Ltd.:
 
 
 
 (A Shares)
 
96,900
233,264
 (H Shares)
 
191,700
259,844
Shanghai Pudong Development Bank Co. Ltd. (A Shares)
 
623,200
566,631
Shanghai Putailai New Energy Technology Co. Ltd.
 
27,928
190,868
Shanghai RAAS Blood Products Co. Ltd. (A Shares)
 
153,600
114,418
Shanghai Yuyuan Tourist Mart Group Co. Ltd.
 
65,400
56,150
Shanghai Zhangjiang High Ltd. (A Shares)
 
33,300
51,298
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares)
 
64,300
147,831
Shanxi Meijin Energy Co. Ltd. (A Shares)
 
82,700
99,201
Shanxi Securities Co. Ltd. (A Shares)
 
59,350
41,854
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares)
 
116,400
63,277
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares)
 
25,120
799,324
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares)
 
88,270
137,671
Shenghe Resources Holding Co. Ltd. (A Shares)
 
36,000
65,859
Shengyi Technology Co. Ltd.
 
38,700
73,501
Shennan Circuits Co. Ltd. (A Shares)
 
8,600
88,404
Shenwan Hongyuan Group Co. Ltd. (A Shares)
 
1,443,000
768,636
Shenzhen Capchem Technology Co. Ltd. (A Shares)
 
15,700
77,759
Shenzhen Dynanonic Co. Ltd. (A Shares)
 
3,600
127,182
Shenzhen Energy Group Co. Ltd. (A Shares)
 
69,720
54,417
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
55,050
502,791
Shenzhen Kangtai Biological Products Co. Ltd.
 
24,060
102,527
Shenzhen Kedali Industry Co. Ltd.
 
4,900
61,494
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
25,100
1,118,534
Shenzhen New Industries Biomedical Engineering Co. Ltd.
 
14,600
115,414
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares)
 
182,400
104,901
Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares)
 
19,900
84,473
Shenzhen SC New Energy Technology Corp. (A Shares)
 
7,200
133,827
Shenzhen Senior Technology Material Co. Ltd. (A Shares)
 
27,217
68,910
Shenzhen Sunlord Electronics Co. Ltd. (A Shares)
 
18,700
54,797
Shenzhen Transsion Holdings Co. Ltd. (A Shares)
 
14,131
120,221
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares)
 
35,860
149,668
Sichuan Chuantou Energy Co. Ltd. (A Shares)
 
82,836
125,339
Sichuan Hebang Biotechnology Co. Ltd. (A Shares)
 
172,200
68,145
Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares)
 
29,900
101,538
Sichuan New Energy Power Co. Ltd. (A Shares) (a)
 
31,500
81,220
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares)
 
106,600
164,216
Sichuan Swellfun Co. Ltd. (A Shares)
 
9,200
71,278
Sichuan Yahua Industrial Group Co. Ltd. (A Shares)
 
25,200
92,306
Sieyuan Electric Co. Ltd. (A Shares)
 
16,900
77,408
Sinolink Securities Co. Ltd. (A Shares)
 
57,100
61,690
Sinoma Science & Technology Co. Ltd. (A Shares)
 
36,000
88,288
Sinomine Resource Group Co. Ltd. (A Shares)
 
9,940
122,499
Sinopec Shanghai Petrochemical Co. Ltd. (A Shares)
 
111,300
46,788
Sinopharm Group Co. Ltd. (H Shares)
 
464,400
885,062
Sinotrans Ltd.
 
81,000
39,375
SKSHU Paint Co. Ltd. (A Shares) (a)
 
7,560
89,959
Songcheng Performance Development Co. Ltd. (A Shares)
 
60,860
96,004
Soochow Securities Co. Ltd. (A Shares)
 
76,349
68,478
Southwest Securities Co. Ltd. (A Shares)
 
114,400
57,961
StarPower Semiconductor Ltd. (A Shares)
 
3,300
168,414
Sungrow Power Supply Co. Ltd. (A Shares)
 
30,900
551,366
Sunwoda Electronic Co. Ltd. (A Shares)
 
36,300
115,816
Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares)
 
35,500
122,840
Suzhou Maxwell Technologies Co. Ltd. (A Shares)
 
3,460
226,232
Suzhou TA&A Ultra Clean Technology Co. Ltd. (A Shares)
 
12,100
102,478
Tangshan Jidong Cement Co. Ltd. A Shares
 
68,000
70,673
TBEA Co. Ltd. (A Shares)
 
75,800
211,844
TCL Technology Group Corp. (A Shares)
 
272,800
146,058
TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares)
 
67,500
365,095
Thunder Software Technology Co. Ltd. (A Shares)
 
8,900
120,334
Tianjin 712 Communication & Broadcasting Co. Ltd.
 
14,700
79,288
Tianma Microelectronics Co. Ltd. (A Shares)
 
41,400
50,114
Tianqi Lithium Corp. (A Shares) (a)
 
30,700
401,674
Tianshan Aluminum Group Co. Ltd.
 
86,000
73,483
Tianshui Huatian Technology Co. Ltd. (A Shares)
 
53,100
64,131
Tibet Summit Industrial Co. Ltd. (A Shares) (a)
 
18,800
53,932
Titan Wind Energy Suzhou Co. Ltd. (A Shares)
 
38,500
61,892
Toly Bread Co. Ltd.
 
24,308
37,479
TongFu Microelectronics Co. Ltd. (A Shares) (a)
 
26,600
68,586
Tongkun Group Co. Ltd. (A Shares)
 
49,100
81,353
Tongling Nonferrous Metals Group Co. Ltd. (A Shares)
 
217,300
74,983
Tongwei Co. Ltd. (A Shares)
 
93,300
555,745
Topchoice Medical Corp. (a)
 
6,600
110,484
Transfar Zhilian Co. Ltd.
 
71,100
47,998
TravelSky Technology Ltd. (H Shares)
 
320,000
464,734
Trina Solar Co. Ltd. (A Shares)
 
44,714
406,736
Tsingtao Brewery Co. Ltd.:
 
 
 
 (A Shares)
 
32,300
361,793
 (H Shares)
 
202,000
1,415,350
Unigroup Guoxin Microelectronics Co. Ltd.
 
17,779
399,528
Unisplendour Corp. Ltd. (A Shares)
 
46,620
109,482
Walvax Biotechnology Co. Ltd. (A Shares)
 
33,000
173,746
Wanhua Chemical Group Co. Ltd. (A Shares)
 
65,700
722,953
Weichai Power Co. Ltd.:
 
 
 
 (A Shares)
 
88,600
110,160
 (H Shares)
 
736,600
705,666
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
10,200
108,384
Wens Foodstuffs Group Co. Ltd. (A Shares) (a)
 
131,600
322,562
Western Mining Co. Ltd. (A Shares)
 
57,100
74,044
Western Securities Co. Ltd. (A Shares)
 
67,600
55,262
Western Superconducting Technologies Co. Ltd. (A Shares)
 
9,909
158,291
Westone Information Industry, Inc. (A Shares)
 
18,900
93,997
Will Semiconductor Ltd.
 
23,750
238,609
Wingtech Technology Co. Ltd. (A Shares)
 
25,500
167,186
Winning Health Technology Group Co. Ltd. (A Shares)
 
54,820
72,664
Wuchan Zhongda Group Co. Ltd.
 
106,200
60,641
Wuhan Guide Infrared Co. Ltd. (A Shares)
 
63,880
101,555
Wuliangye Yibin Co. Ltd. (A Shares)
 
95,900
1,753,091
WUS Printed Circuit Kunshan Co. Ltd. (A Shares)
 
38,930
58,052
WuXi AppTec Co. Ltd.
 
50,348
526,721
WuXi AppTec Co. Ltd. (H Shares) (c)
 
138,300
1,108,211
Wuxi Shangji Automation Co. Ltd. (A Shares)
 
8,200
137,526
XCMG Construction Machinery Co. Ltd. (A Shares)
 
142,700
90,471
Xiamen C&D, Inc. (A Shares)
 
65,100
106,882
Xiamen Faratronic Co. Ltd. (A Shares)
 
4,800
116,410
Xiamen Intretech, Inc.
 
16,730
39,449
Xiamen Tungsten Co. Ltd. (A Shares)
 
29,300
80,563
Xinjiang Goldwind Science & Technology Co. Ltd.:
 
 
 
 (A Shares)
 
192,182
275,001
 (H Shares)
 
140,452
121,850
Xinjiang Zhongtai Chemical Co. Ltd. (A Shares)
 
44,700
35,991
Yangzhou Yangjie Electronic Technology Co. Ltd. (A Shares)
 
11,600
81,613
Yankuang Energy Group Co. Ltd.:
 
 
 
 (A Shares)
 
77,500
430,856
 (H Shares)
 
514,000
1,447,122
Yantai Jereh Oilfield Services (A Shares)
 
19,800
81,500
Yealink Network Technology Corp. Ltd.
 
19,400
182,978
Yifeng Pharmacy Chain Co. Ltd.
 
14,014
107,731
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares)
 
25,200
131,989
Yintai Gold Co. Ltd. (A Shares)
 
54,940
107,429
YongXing Special Materials Technology Co. Ltd. (A Shares)
 
8,500
135,562
Yonyou Network Technology Co. Ltd. (A Shares)
 
70,030
234,364
Youngor Group Co. Ltd. (A Shares)
 
97,993
80,242
Youngy Co. Ltd. (A Shares) (a)
 
5,500
82,987
YTO Express Group Co. Ltd. (A Shares)
 
65,800
169,931
Yuan Longping High-tech Agriculture Co. Ltd. (A Shares) (a)
 
34,000
67,601
Yunda Holding Co. Ltd. (A Shares)
 
57,120
103,088
Yunnan Aluminium Co. Ltd. (A Shares)
 
69,900
87,771
Yunnan Baiyao Group Co. Ltd. (A Shares)
 
38,080
284,496
Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares)
 
5,800
113,571
Yunnan Energy New Material Co. Ltd.
 
18,400
372,994
Yunnan Tin Co. Ltd. (A Shares)
 
30,600
47,809
Yunnan Yuntianhua Co. Ltd. (Series A) (a)
 
38,600
106,557
Zangge Mining Co. Ltd. (Series A)
 
30,700
114,133
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares)
 
12,898
402,682
Zhaojin Mining Industry Co. Ltd. (H Shares) (a)
 
411,000
339,286
Zhefu Holding Group Co. Ltd. (A Shares)
 
130,200
69,710
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a)
 
167,966
84,870
Zhejiang China Commodities City Group Co. Ltd. (A Shares)
 
125,300
71,890
Zhejiang Chint Electric Co. Ltd. (A Shares)
 
44,300
154,079
Zhejiang Dahua Technology Co. Ltd. (A Shares)
 
48,900
77,539
Zhejiang Dingli Machinery Co. Ltd. (A Shares)
 
8,900
54,756
Zhejiang Expressway Co. Ltd. (H Shares)
 
476,000
295,315
Zhejiang HangKe Technology, Inc. Co. (A Shares)
 
8,227
56,383
Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares)
 
30,460
83,669
Zhejiang Huayou Cobalt Co. Ltd. (A Shares)
 
32,910
245,510
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares)
 
24,900
242,968
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares)
 
18,000
87,549
Zhejiang Juhua Co. Ltd. (A Shares)
 
57,500
123,458
Zhejiang NHU Co. Ltd. (A Shares)
 
60,380
148,162
Zhejiang Orient Gene Biotech Co. Ltd. (A Shares)
 
3,858
43,636
Zhejiang Semir Garment Co. Ltd. (A Shares)
 
22,600
13,864
Zhejiang Supor Cookware Co. Ltd.
 
8,500
46,568
Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares)
 
35,600
92,280
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares)
 
30,400
72,432
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd.
 
11,500
74,012
Zhejiang Yongtai Technology Co. Ltd. (A Shares)
 
19,600
58,562
Zheshang Securities Co. Ltd.
 
76,900
107,091
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(c)
 
243,300
453,147
Zhongji Innolight Co. Ltd. (A Shares)
 
15,200
60,942
Zhongtai Securities Co. Ltd. (A Shares)
 
121,000
105,377
Zhuzhou CRRC Times Electric Co. Ltd.:
 
 
 
 (A Shares)
 
14,039
120,687
 (H Shares)
 
186,100
807,260
Zhuzhou Hongda Electronics Corp. Ltd. (A Shares)
 
9,700
58,907
Zhuzhou Kibing Group Co. Ltd. (A Shares)
 
55,400
59,550
Zibo Qixiang Tengda Chemical Co. Ltd. (A Shares) (a)
 
51,700
47,998
Zijin Mining Group Co. Ltd. (H Shares)
 
2,714,000
2,593,109
Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares)
 
434,100
318,015
ZTE Corp.:
 
 
 
 (A Shares)
 
30,600
92,895
 (H Shares)
 
351,680
627,228
TOTAL CHINA
 
 
228,278,475
Colombia - 0.0%
 
 
 
Bancolombia SA
 
89,720
644,912
Ecopetrol SA
 
1,674,242
830,553
Interconexion Electrica SA ESP
 
156,495
610,612
TOTAL COLOMBIA
 
 
2,086,077
Cyprus - 0.0%
 
 
 
Galaxy Cosmos Mezz PLC (a)
 
28,113
4,540
Ozon Holdings PLC ADR (a)(d)
 
15,142
47,571
TCS Group Holding PLC unit (a)(d)
 
40,237
76,833
TOTAL CYPRUS
 
 
128,944
Czech Republic - 0.0%
 
 
 
CEZ A/S
 
58,549
1,914,757
Komercni Banka A/S
 
25,975
745,124
MONETA Money Bank A/S (c)
 
114,231
333,450
TOTAL CZECH REPUBLIC
 
 
2,993,331
Denmark - 1.7%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
1,152
2,305,743
 Series B
 
1,802
3,764,689
Carlsberg A/S Series B
 
35,067
4,128,989
Chr. Hansen Holding A/S
 
37,805
2,099,730
Coloplast A/S Series B
 
43,264
4,822,646
Danske Bank A/S
 
251,100
4,052,634
Demant A/S (a)
 
32,702
893,692
DSV A/S
 
68,258
9,240,827
Genmab A/S (a)
 
24,024
9,254,231
GN Store Nord A/S
 
44,755
951,615
Novo Nordisk A/S Series B
 
600,112
65,250,934
Novozymes A/S Series B
 
74,613
3,918,661
ORSTED A/S (c)
 
68,919
5,686,214
Pandora A/S
 
32,240
1,699,229
Rockwool International A/S Series B
 
3,042
605,630
Tryg A/S
 
126,211
2,731,336
Vestas Wind Systems A/S
 
367,591
7,246,566
TOTAL DENMARK
 
 
128,653,366
Egypt - 0.0%
 
 
 
Commercial International Bank SAE
 
942,144
1,262,687
Eastern Co. SAE
 
357,323
175,742
EFG-Hermes Holding SAE
 
274,121
151,943
TOTAL EGYPT
 
 
1,590,372
Finland - 0.8%
 
 
 
Elisa Corp. (A Shares)
 
52,509
2,538,039
Fortum Corp.
 
161,040
2,267,060
Kesko Oyj
 
101,522
1,976,484
Kone OYJ (B Shares)
 
123,897
5,073,062
Neste OYJ
 
153,408
6,722,186
Nokia Corp.
 
1,963,013
8,723,469
Nordea Bank ABP
 
1,234,348
11,796,580
Orion Oyj (B Shares)
 
38,779
1,783,952
Sampo Oyj (A Shares)
 
172,429
7,886,249
Stora Enso Oyj (R Shares)
 
202,186
2,635,498
UPM-Kymmene Corp.
 
193,010
6,468,066
Wartsila Corp.
 
174,670
1,191,062
TOTAL FINLAND
 
 
59,061,707
France - 6.8%
 
 
 
Accor SA (a)
 
62,696
1,502,288
Aeroports de Paris SA (a)
 
10,809
1,463,967
Air Liquide SA
 
180,852
23,657,931
Alstom SA
 
114,631
2,359,249
Amundi SA (c)
 
20,821
983,138
Arkema SA
 
21,656
1,714,692
AXA SA
 
676,737
16,711,958
bioMerieux SA
 
15,087
1,335,017
BNP Paribas SA
 
403,341
18,914,241
Bollore SA
 
322,725
1,615,396
Bouygues SA
 
82,125
2,343,123
Bureau Veritas SA
 
104,535
2,589,899
Capgemini SA
 
59,625
9,771,992
Carrefour SA
 
216,394
3,482,960
Compagnie de St. Gobain
 
182,811
7,473,491
Compagnie Generale des Etablissements Michelin SCA Series B
 
247,678
6,311,842
Covivio
 
16,096
862,152
Credit Agricole SA
 
443,399
4,023,253
Danone SA
 
232,789
11,569,501
Dassault Aviation SA
 
9,587
1,424,943
Dassault Systemes SA
 
242,225
8,119,086
Edenred SA
 
90,826
4,663,867
Eiffage SA
 
29,933
2,707,871
Electricite de France SA (a)
 
5,248
61,977
Electricite de France SA
 
200,376
2,366,358
Engie SA
 
663,191
8,617,083
EssilorLuxottica SA
 
104,246
16,519,435
Eurazeo SA
 
18,043
1,030,632
Gecina SA
 
16,739
1,492,944
Getlink SE
 
158,714
2,514,291
Hermes International SCA
 
11,479
14,866,472
Ipsen SA
 
13,659
1,403,845
Kering SA
 
27,162
12,439,145
Klepierre SA
 
77,835
1,565,331
L'Oreal SA (a)
 
4,395
1,380,049
L'Oreal SA
 
83,035
26,073,355
La Francaise des Jeux SAEM (c)
 
40,143
1,309,154
Legrand SA
 
98,253
7,487,341
LVMH Moet Hennessy Louis Vuitton SE
 
100,469
63,395,426
Orange SA
 
727,174
6,928,452
Pernod Ricard SA
 
75,723
13,297,869
Publicis Groupe SA
 
84,363
4,724,699
Remy Cointreau SA
 
8,384
1,285,079
Renault SA (a)
 
69,483
2,140,337
Safran SA
 
124,683
13,885,944
Sanofi SA
 
412,985
35,540,607
Sartorius Stedim Biotech
 
9,917
3,147,913
Schneider Electric SA
 
197,050
24,918,237
SEB SA
 
8,470
551,614
Societe Generale Series A
 
290,354
6,659,861
Sodexo SA (a)
 
2,224
197,237
Sodexo SA
 
29,701
2,634,050
Teleperformance
 
21,480
5,759,051
Thales SA
 
38,394
4,881,350
TotalEnergies SE
 
899,286
49,059,079
Ubisoft Entertainment SA (a)
 
33,732
925,731
Valeo SA
 
75,288
1,241,792
Veolia Environnement SA
 
238,113
5,313,735
VINCI SA
 
193,399
17,799,868
Vivendi SA
 
261,680
2,141,846
Wendel SA
 
11,341
888,774
Worldline SA (a)(c)
 
85,702
3,740,592
TOTAL FRANCE
 
 
505,788,412
Germany - 4.6%
 
 
 
adidas AG
 
63,464
6,195,046
Allianz SE
 
147,944
26,615,794
BASF AG
 
335,108
15,036,523
Bayer AG
 
356,916
18,767,027
Bayerische Motoren Werke AG (BMW)
 
119,386
9,370,839
Bechtle AG
 
31,457
1,088,058
Beiersdorf AG
 
36,468
3,500,754
Brenntag SE
 
56,730
3,442,170
Carl Zeiss Meditec AG
 
14,607
1,769,054
Commerzbank AG (a)
 
383,607
3,069,191
Continental AG
 
40,142
2,079,183
Covestro AG (c)
 
71,311
2,420,726
Daimler Truck Holding AG (a)
 
162,337
4,331,598
Delivery Hero AG (a)(c)
 
58,724
1,932,544
Deutsche Bank AG
 
754,836
7,206,038
Deutsche Borse AG
 
68,817
11,191,005
Deutsche Lufthansa AG (a)
 
225,102
1,539,025
Deutsche Post AG
 
362,560
12,816,434
Deutsche Telekom AG
 
1,174,858
22,176,031
E.ON SE
 
819,867
6,865,561
Evonik Industries AG
 
78,167
1,441,071
Fresenius Medical Care AG & Co. KGaA
 
73,759
2,040,218
Fresenius SE & Co. KGaA
 
150,782
3,469,971
GEA Group AG
 
56,352
1,971,421
Hannover Reuck SE
 
21,966
3,577,462
HeidelbergCement AG
 
51,865
2,385,105
HelloFresh AG (a)
 
59,887
1,199,054
Henkel AG & Co. KGaA
 
37,408
2,196,041
Infineon Technologies AG
 
475,877
11,547,385
KION Group AG
 
24,592
545,212
Knorr-Bremse AG
 
26,476
1,191,970
LEG Immobilien AG
 
26,351
1,721,856
Mercedes-Benz Group AG (Germany)
 
291,887
16,894,884
Merck KGaA
 
46,989
7,657,569
MTU Aero Engines AG
 
19,268
3,451,290
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
50,757
13,398,633
Nemetschek SE
 
21,025
1,004,822
Puma AG
 
38,911
1,723,115
Rational AG
 
1,987
1,121,246
Rheinmetall AG
 
15,709
2,553,767
RWE AG
 
233,355
8,991,604
SAP SE
 
378,624
36,443,650
Scout24 AG (c)
 
29,282
1,501,300
Siemens AG
 
278,195
30,381,407
Siemens Energy AG
 
155,008
1,809,900
Siemens Healthineers AG (c)
 
103,083
4,722,498
Symrise AG
 
48,503
4,950,825
Telefonica Deutschland Holding AG
 
400,051
872,143
Uniper SE (b)
 
31,161
93,370
United Internet AG
 
33,039
617,916
Volkswagen AG
 
11,157
1,907,088
Vonovia SE
 
257,025
5,682,981
Zalando SE (a)(c)
 
80,776
1,861,741
TOTAL GERMANY
 
 
342,341,116
Greece - 0.1%
 
 
 
Alpha Bank SA (a)
 
759,078
703,649
Eurobank Ergasias Services and Holdings SA (a)
 
887,021
876,599
Ff Group (a)(d)
 
5,453
6,467
Hellenic Telecommunications Organization SA
 
68,752
1,080,312
Jumbo SA
 
39,440
560,873
Mytilineos SA
 
33,722
565,872
National Bank of Greece SA (a)
 
186,604
676,790
OPAP SA
 
66,226
811,553
Public Power Corp. of Greece (a)
 
68,974
435,565
TOTAL GREECE
 
 
5,717,680
Hong Kong - 1.5%
 
 
 
AIA Group Ltd.
 
4,372,495
33,120,749
Beijing Enterprises Holdings Ltd.
 
173,500
440,290
BOC Hong Kong (Holdings) Ltd.
 
1,345,649
4,182,841
BYD Electronic International Co. Ltd.
 
231,500
672,412
China Everbright International Ltd.
 
1,270,481
422,434
China Jinmao Holdings Group Ltd.
 
1,954,000
258,885
China Merchants Holdings International Co. Ltd.
 
456,392
534,904
China Overseas Land and Investment Ltd.
 
1,412,000
2,694,612
China Power International Development Ltd.
 
1,877,248
542,872
China Resources Beer Holdings Co. Ltd.
 
595,162
2,805,347
China Resources Power Holdings Co. Ltd.
 
730,523
1,062,796
China Taiping Insurance Group Ltd.
 
500,177
346,635
China Traditional Chinese Medicine Holdings Co. Ltd.
 
944,000
407,682
CITIC Pacific Ltd.
 
2,160,000
1,934,456
CLP Holdings Ltd.
 
590,108
3,960,691
CSPC Pharmaceutical Group Ltd.
 
3,360,640
3,451,922
Far East Horizon Ltd.
 
526,000
406,077
Fosun International Ltd.
 
843,500
515,794
Galaxy Entertainment Group Ltd.
 
801,136
3,658,854
Ganfeng Lithium Group Co. Ltd. (H Shares) (c)
 
66,740
451,472
Guangdong Investment Ltd.
 
1,008,000
635,646
Hang Lung Properties Ltd.
 
784,998
987,499
Hang Seng Bank Ltd.
 
275,050
3,872,097
Henderson Land Development Co. Ltd.
 
532,059
1,302,619
Hong Kong & China Gas Co. Ltd.
 
3,948,468
3,043,360
Hong Kong Exchanges and Clearing Ltd.
 
438,602
11,642,084
Hua Hong Semiconductor Ltd. (a)(c)
 
202,000
472,984
Jinmao Property Services Co. Ltd. (a)
 
316
97
Lenovo Group Ltd.
 
2,710,000
2,168,097
Link (REIT)
 
783,995
4,634,266
MMG Ltd. (a)
 
1,016,000
200,620
MTR Corp. Ltd.
 
549,898
2,420,360
New World Development Co. Ltd.
 
559,090
1,143,871
Power Assets Holdings Ltd.
 
493,354
2,360,034
Sino Land Ltd.
 
1,269,819
1,357,230
Sinotruk Hong Kong Ltd.
 
221,000
197,079
Sun Hung Kai Properties Ltd.
 
517,562
5,561,888
Swire Pacific Ltd. (A Shares)
 
183,004
1,211,144
Swire Properties Ltd.
 
397,555
763,745
Techtronic Industries Co. Ltd.
 
494,347
4,680,857
Wharf Holdings Ltd.
 
443,000
1,266,980
Yuexiu Property Co. Ltd.
 
470,400
401,506
TOTAL HONG KONG
 
 
112,195,788
Hungary - 0.0%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
140,780
844,134
OTP Bank PLC
 
82,056
1,788,616
Richter Gedeon PLC
 
47,652
940,921
TOTAL HUNGARY
 
 
3,573,671
India - 4.4%
 
 
 
ACC Ltd.
 
29,607
854,912
Adani Enterprises Ltd.
 
102,304
4,136,960
Adani Green Energy Ltd. (a)
 
113,477
2,882,711
Adani Ports & Special Economic Zone Ltd.
 
194,040
1,930,438
Adani Power Ltd. (a)
 
282,497
1,142,888
Adani Total Gas Ltd.
 
98,504
4,287,209
Adani Transmissions Ltd. (a)
 
101,453
4,104,079
Ambuja Cements Ltd.
 
221,908
1,428,677
Apollo Hospitals Enterprise Ltd.
 
36,758
2,005,971
Asian Paints Ltd.
 
139,655
5,242,883
AU Small Finance Bank Ltd. (c)
 
53,793
383,108
Aurobindo Pharma Ltd.
 
89,984
584,983
Avenue Supermarts Ltd. (a)(c)
 
59,249
3,092,643
Axis Bank Ltd.
 
830,370
9,088,128
Bajaj Auto Ltd.
 
24,773
1,098,849
Bajaj Finance Ltd.
 
99,279
8,568,001
Bajaj Finserv Ltd.
 
138,120
2,815,626
Balkrishna Industries Ltd.
 
26,349
624,746
Bandhan Bank Ltd. (a)(c)
 
219,728
633,198
Berger Paints India Ltd.
 
83,179
588,624
Bharat Electronics Ltd.
 
1,350,273
1,742,893
Bharat Forge Ltd.
 
87,545
882,218
Bharat Petroleum Corp. Ltd.
 
315,855
1,158,606
Bharti Airtel Ltd.
 
790,891
7,949,037
Biocon Ltd.
 
144,134
469,855
Britannia Industries Ltd.
 
39,749
1,808,608
Cholamandalam Investment and Finance Co. Ltd.
 
150,327
1,288,167
Cipla Ltd./India
 
178,324
2,514,804
Coal India Ltd.
 
557,016
1,654,966
Colgate-Palmolive Ltd.
 
49,016
966,198
Container Corp. of India Ltd.
 
105,014
1,012,336
Dabur India Ltd.
 
233,189
1,562,575
Divi's Laboratories Ltd.
 
47,763
2,082,289
DLF Ltd.
 
210,480
980,189
Dr. Reddy's Laboratories Ltd.
 
42,626
2,294,349
Eicher Motors Ltd.
 
49,678
2,310,735
GAIL India Ltd.
 
791,982
873,495
Godrej Consumer Products Ltd. (a)
 
151,014
1,512,876
Godrej Properties Ltd. (a)
 
42,528
648,863
Grasim Industries Ltd.
 
96,208
2,000,982
Havells India Ltd.
 
92,403
1,357,692
HCL Technologies Ltd.
 
397,928
5,004,865
HDFC Standard Life Insurance Co. Ltd. (c)
 
344,207
2,247,242
Hero Motocorp Ltd.
 
39,878
1,289,532
Hindalco Industries Ltd.
 
487,929
2,391,017
Hindustan Petroleum Corp. Ltd.
 
217,047
560,709
Hindustan Unilever Ltd.
 
299,061
9,214,966
Housing Development Finance Corp. Ltd.
 
627,262
18,714,807
ICICI Bank Ltd.
 
1,867,248
20,530,427
ICICI Lombard General Insurance Co. Ltd. (c)
 
87,990
1,243,584
ICICI Prudential Life Insurance Co. Ltd. (c)
 
122,502
751,098
Indian Oil Corp. Ltd.
 
956,610
788,701
Indian Railway Catering & Tourism Corp. Ltd.
 
81,941
733,688
Indraprastha Gas Ltd.
 
107,169
554,423
Indus Towers Ltd.
 
229,332
513,905
Info Edge India Ltd.
 
26,180
1,240,277
Infosys Ltd.
 
1,214,341
22,556,553
Infosys Ltd. sponsored ADR
 
8,891
166,528
InterGlobe Aviation Ltd. (a)(c)
 
33,326
717,286
ITC Ltd.
 
1,062,302
4,474,809
Jindal Steel & Power Ltd.
 
138,503
769,396
JSW Steel Ltd. (a)
 
260,252
2,118,831
Jubilant Foodworks Ltd.
 
137,067
1,009,954
Kotak Mahindra Bank Ltd.
 
199,709
4,588,506
Larsen & Toubro Infotech Ltd. (c)
 
19,967
1,143,278
Larsen & Toubro Ltd.
 
252,059
6,160,190
Lupin Ltd.
 
69,539
587,192
Mahindra & Mahindra Ltd.
 
312,214
5,086,395
Marico Ltd.
 
196,518
1,245,271
Maruti Suzuki India Ltd.
 
43,938
5,057,063
MindTree Consulting Ltd.
 
22,050
906,652
Mphasis BFL Ltd.
 
28,686
685,616
MRF Ltd.
 
654
717,101
Muthoot Finance Ltd.
 
40,573
511,427
Nestle India Ltd.
 
12,213
3,004,327
NTPC Ltd.
 
1,414,424
2,957,681
Oil & Natural Gas Corp. Ltd.
 
906,653
1,468,191
Page Industries Ltd.
 
2,248
1,351,533
Petronet LNG Ltd.
 
253,959
630,602
PI Industries Ltd.
 
29,273
1,146,432
Pidilite Industries Ltd.
 
55,443
1,730,936
Piramal Pharma Ltd. (a)
 
161,640
321,991
Power Grid Corp. of India Ltd.
 
1,130,644
3,116,169
Reliance Industries Ltd.
 
1,103,912
34,000,170
Samvardhana Motherson International Ltd.
 
768,949
599,145
SBI Cards & Payment Services Ltd.
 
92,121
919,930
SBI Life Insurance Co. Ltd. (c)
 
162,322
2,482,381
Shree Cement Ltd.
 
4,123
1,132,630
Shriram Transport Finance Co. Ltd.
 
69,917
1,038,155
Siemens Ltd.
 
24,354
860,716
SRF Ltd.
 
54,156
1,673,910
State Bank of India
 
639,786
4,434,757
Sun Pharmaceutical Industries Ltd.
 
351,465
4,317,525
Tata Consultancy Services Ltd.
 
332,211
12,814,684
Tata Consumer Products Ltd.
 
205,225
1,909,326
Tata Elxsi Ltd.
 
12,684
1,071,942
Tata Motors Ltd. (a)
 
596,437
2,986,177
Tata Power Co. Ltd./The
 
527,853
1,441,106
Tata Steel Ltd.
 
2,692,577
3,303,107
Tech Mahindra Ltd.
 
211,768
2,720,393
Titan Co. Ltd.
 
129,703
4,326,828
Torrent Pharmaceuticals Ltd.
 
34,647
690,596
Trent Ltd.
 
69,906
1,290,280
Ultratech Cement Ltd.
 
36,648
2,972,813
United Spirits Ltd. (a)
 
109,899
1,189,997
UPL Ltd.
 
187,633
1,655,105
Vedanta Ltd.
 
277,767
942,220
Wipro Ltd.
 
495,965
2,320,774
Yes Bank Ltd. (a)
 
3,852,181
723,622
Zomato Ltd. (a)
 
823,314
627,581
TOTAL INDIA
 
 
327,021,388
Indonesia - 0.6%
 
 
 
PT Adaro Energy Tbk
 
5,270,100
1,344,767
PT Adaro Minerals Indonesia Tbk
 
2,784,300
308,821
PT Aneka Tambang Tbk
 
2,884,200
341,167
PT Astra International Tbk
 
7,438,600
3,171,450
PT Bank Central Asia Tbk
 
20,210,700
11,402,735
PT Bank Jago Tbk (a)
 
1,431,900
468,196
PT Bank Mandiri (Persero) Tbk
 
6,743,000
4,560,901
PT Bank Negara Indonesia (Persero) Tbk
 
2,745,000
1,654,304
PT Bank Rakyat Indonesia (Persero) Tbk
 
24,918,654
7,428,866
PT Barito Pacific Tbk
 
9,593,200
507,414
PT Charoen Pokphand Indonesia Tbk
 
2,838,600
1,014,598
PT Gudang Garam Tbk
 
147,900
228,523
PT Indah Kiat Pulp & Paper Tbk
 
922,300
567,660
PT Indofood CBP Sukses Makmur Tbk
 
793,800
494,932
PT Indofood Sukses Makmur Tbk
 
1,500,100
620,333
PT Kalbe Farma Tbk
 
8,292,200
1,089,855
PT Merdeka Copper Gold Tbk (a)
 
4,425,195
1,069,594
PT Sarana Menara Nusantara Tbk
 
7,826,200
579,533
PT Semen Indonesia (Persero) Tbk
 
1,010,300
514,947
PT Sumber Alfaria Trijaya Tbk
 
6,251,000
1,130,170
PT Surya Citra Media Tbk
 
20
0
PT Telkom Indonesia Persero Tbk
 
17,943,600
5,039,476
PT Tower Bersama Infrastructure Tbk
 
1,980,170
312,308
PT Unilever Indonesia Tbk
 
2,596,400
772,386
PT United Tractors Tbk
 
616,200
1,276,055
PT Vale Indonesia Tbk (a)
 
855,100
356,349
TOTAL INDONESIA
 
 
46,255,340
Ireland - 0.5%
 
 
 
CRH PLC
 
259,919
9,361,726
CRH PLC sponsored ADR
 
17,336
627,737
DCC PLC (United Kingdom)
 
35,620
1,977,092
Flutter Entertainment PLC (a)
 
14,275
1,895,712
Flutter Entertainment PLC (Ireland) (a)
 
46,904
6,206,650
James Hardie Industries PLC CDI
 
163,683
3,573,688
Kerry Group PLC Class A
 
56,978
4,955,149
Kingspan Group PLC (Ireland)
 
55,661
2,810,857
Smurfit Kappa Group PLC
 
89,074
2,951,558
TOTAL IRELAND
 
 
34,360,169
Isle of Man - 0.0%
 
 
 
Entain PLC
 
218,142
3,155,769
Israel - 0.5%
 
 
 
Azrieli Group
 
14,964
1,109,950
Bank Hapoalim BM (Reg.)
 
466,077
4,497,807
Bank Leumi le-Israel BM
 
564,681
5,393,438
Bezeq The Israel Telecommunication Corp. Ltd.
 
755,141
1,337,372
Check Point Software Technologies Ltd. (a)
 
37,530
4,850,002
CyberArk Software Ltd. (a)
 
14,877
2,334,350
Elbit Systems Ltd. (Israel)
 
9,563
1,935,577
Icl Group Ltd.
 
253,142
2,286,735
Israel Discount Bank Ltd. (Class A)
 
440,442
2,507,873
Mizrahi Tefahot Bank Ltd.
 
54,718
2,070,382
NICE Ltd. (a)
 
21,242
4,026,515
Teva Pharmaceutical Industries Ltd. sponsored ADR (a)
 
398,245
3,552,345
Tower Semiconductor Ltd. (a)
 
38,672
1,654,768
Wix.com Ltd. (a)
 
21,384
1,798,394
ZIM Integrated Shipping Services Ltd. (b)
 
29,047
682,314
TOTAL ISRAEL
 
 
40,037,822
Italy - 1.1%
 
 
 
Amplifon SpA
 
45,255
1,124,343
Assicurazioni Generali SpA
 
411,716
6,178,670
Atlantia SpA
 
178,813
3,990,156
DiaSorin SpA
 
9,135
1,194,360
Enel SpA
 
2,975,650
13,293,268
Eni SpA
 
922,946
12,121,728
FinecoBank SpA
 
226,584
3,054,291
Infrastrutture Wireless Italiane SpA (c)
 
134,185
1,184,458
Intesa Sanpaolo SpA
 
6,059,794
11,553,182
Mediobanca SpA
 
234,971
2,129,831
Moncler SpA
 
76,189
3,289,585
Nexi SpA (a)(c)
 
189,321
1,640,836
Poste Italiane SpA (c)
 
210,450
1,834,359
Prysmian SpA
 
95,562
3,115,547
Recordati SpA
 
37,998
1,428,084
Snam SpA
 
746,964
3,321,386
Telecom Italia SpA (a)
 
1,638,386
320,538
Telecom Italia SpA (Risparmio Shares) (a)
 
1,892,894
361,971
Terna - Rete Elettrica Nazionale
 
526,012
3,487,029
UniCredit SpA
 
756,869
9,386,141
TOTAL ITALY
 
 
84,009,763
Japan - 13.8%
 
 
 
Advantest Corp.
 
68,437
3,617,572
AEON Co. Ltd.
 
238,642
4,456,031
AGC, Inc.
 
69,573
2,182,710
Aisin Seiki Co. Ltd.
 
52,662
1,351,125
Ajinomoto Co., Inc.
 
163,861
4,513,767
Ana Holdings, Inc. (a)
 
61,456
1,194,857
Asahi Group Holdings
 
166,449
4,661,176
ASAHI INTECC Co. Ltd.
 
78,992
1,346,150
Asahi Kasei Corp.
 
460,030
2,949,674
Astellas Pharma, Inc.
 
667,930
9,216,222
Azbil Corp.
 
43,322
1,178,503
Bandai Namco Holdings, Inc.
 
71,798
4,752,251
Bridgestone Corp.
 
207,220
7,494,412
Brother Industries Ltd.
 
85,921
1,462,497
Canon, Inc.
 
362,483
7,683,729
Capcom Co. Ltd.
 
63,374
1,766,604
Central Japan Railway Co.
 
52,442
6,071,554
Chiba Bank Ltd.
 
197,832
1,081,660
Chubu Electric Power Co., Inc.
 
231,444
1,884,923
Chugai Pharmaceutical Co. Ltd.
 
244,460
5,664,594
Concordia Financial Group Ltd.
 
396,215
1,207,071
CyberAgent, Inc.
 
161,200
1,326,936
Dai Nippon Printing Co. Ltd.
 
79,938
1,603,652
Dai-ichi Mutual Life Insurance Co.
 
356,965
5,659,538
Daifuku Co. Ltd.
 
36,701
1,683,317
Daiichi Sankyo Kabushiki Kaisha
 
636,173
20,364,385
Daikin Industries Ltd.
 
90,446
13,547,651
Daito Trust Construction Co. Ltd.
 
22,365
2,212,510
Daiwa House Industry Co. Ltd.
 
220,659
4,445,691
Daiwa House REIT Investment Corp.
 
799
1,612,025
Daiwa Securities Group, Inc.
 
478,644
1,867,000
DENSO Corp.
 
157,725
7,825,672
Dentsu Group, Inc.
 
78,814
2,456,726
Disco Corp.
 
10,529
2,527,895
East Japan Railway Co.
 
109,995
5,861,126
Eisai Co. Ltd.
 
93,248
5,627,678
ENEOS Holdings, Inc.
 
1,098,105
3,617,148
FANUC Corp.
 
69,690
9,119,050
Fast Retailing Co. Ltd.
 
21,158
11,808,752
Fuji Electric Co. Ltd.
 
46,325
1,794,492
FUJIFILM Holdings Corp.
 
131,353
6,023,714
Fujitsu Ltd.
 
71,594
8,237,501
GLP J-REIT
 
1,532
1,587,688
GMO Payment Gateway, Inc.
 
15,841
1,143,105
Hakuhodo DY Holdings, Inc.
 
79,524
671,725
Hamamatsu Photonics K.K.
 
50,642
2,295,485
Hankyu Hanshin Holdings, Inc.
 
83,421
2,476,907
Hikari Tsushin, Inc.
 
7,822
945,300
Hirose Electric Co. Ltd.
 
10,515
1,365,511
Hitachi Construction Machinery Co. Ltd.
 
36,609
717,433
Hitachi Ltd.
 
351,656
15,987,051
Honda Motor Co. Ltd.
 
591,109
13,478,749
Hoshizaki Corp.
 
40,900
1,173,130
Hoya Corp.
 
133,070
12,417,003
Hulic Co. Ltd.
 
129,994
944,171
Ibiden Co. Ltd.
 
42,205
1,427,695
Idemitsu Kosan Co. Ltd.
 
75,185
1,643,305
Iida Group Holdings Co. Ltd.
 
50,040
695,266
INPEX Corp.
 
373,606
3,770,580
Isuzu Motors Ltd.
 
209,245
2,454,173
ITO EN Ltd.
 
18,253
644,462
Itochu Corp.
 
430,322
11,138,972
ITOCHU Techno-Solutions Corp.
 
36,098
837,541
Japan Airlines Co. Ltd. (a)
 
56,540
1,055,170
Japan Exchange Group, Inc.
 
180,808
2,376,140
Japan Post Bank Co. Ltd.
 
141,290
940,698
Japan Post Holdings Co. Ltd.
 
850,230
5,715,659
Japan Post Insurance Co. Ltd.
 
74,316
1,098,035
Japan Real Estate Investment Corp.
 
443
1,856,075
Japan Retail Fund Investment Corp.
 
2,509
1,847,645
Japan Tobacco, Inc.
 
433,981
7,268,069
JFE Holdings, Inc.
 
178,842
1,639,340
JSR Corp.
 
65,701
1,252,205
Kajima Corp.
 
153,644
1,447,629
Kakaku.com, Inc.
 
51,033
865,222
Kansai Electric Power Co., Inc.
 
253,094
1,918,269
Kao Corp.
 
173,105
6,465,808
KDDI Corp.
 
584,187
17,266,799
Keio Corp.
 
37,402
1,313,013
Keisei Electric Railway Co.
 
46,830
1,244,013
Keyence Corp.
 
70,620
26,748,165
Kikkoman Corp.
 
53,173
2,889,390
Kintetsu Group Holdings Co. Ltd.
 
61,670
2,086,150
Kirin Holdings Co. Ltd.
 
298,808
4,399,880
Kobayashi Pharmaceutical Co. Ltd.
 
20,048
1,065,128
Kobe Bussan Co. Ltd.
 
54,721
1,190,507
Koei Tecmo Holdings Co. Ltd.
 
40,076
605,877
Koito Manufacturing Co. Ltd.
 
76,404
1,086,237
Komatsu Ltd.
 
335,763
6,577,663
Konami Group Corp.
 
33,592
1,475,206
Kose Corp.
 
12,434
1,243,442
Kubota Corp.
 
366,025
5,111,476
Kurita Water Industries Ltd.
 
38,198
1,402,610
Kyocera Corp.
 
115,717
5,790,714
Kyowa Hakko Kirin Co., Ltd.
 
98,763
2,328,016
Lasertec Corp.
 
27,174
3,818,244
LIXIL Group Corp.
 
107,361
1,625,271
M3, Inc.
 
158,534
4,740,187
Makita Corp.
 
81,620
1,491,484
Marubeni Corp.
 
561,529
4,920,625
Mazda Motor Corp.
 
205,472
1,383,435
McDonald's Holdings Co. (Japan) Ltd.
 
30,968
1,074,649
Meiji Holdings Co. Ltd.
 
41,213
1,696,248
Minebea Mitsumi, Inc.
 
132,260
1,960,396
Misumi Group, Inc.
 
102,775
2,197,952
Mitsubishi Chemical Holdings Corp.
 
462,462
2,090,324
Mitsubishi Corp.
 
457,614
12,405,542
Mitsubishi Electric Corp.
 
702,896
6,184,510
Mitsubishi Estate Co. Ltd.
 
431,067
5,420,796
Mitsubishi Heavy Industries Ltd.
 
115,501
3,977,034
Mitsubishi UFJ Financial Group, Inc.
 
4,328,657
20,447,930
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
250,699
1,075,665
Mitsui & Co. Ltd.
 
506,504
11,217,039
Mitsui Chemicals, Inc.
 
68,343
1,266,249
Mitsui Fudosan Co. Ltd.
 
330,506
6,333,615
Mitsui OSK Lines Ltd.
 
127,400
2,528,380
Mizuho Financial Group, Inc.
 
867,314
9,367,539
MonotaRO Co. Ltd.
 
90,350
1,378,081
MS&AD Insurance Group Holdings, Inc.
 
161,537
4,277,694
Murata Manufacturing Co. Ltd.
 
208,166
9,854,463
NEC Corp.
 
88,456
2,929,795
Nexon Co. Ltd.
 
177,279
2,977,004
NGK Insulators Ltd.
 
89,860
1,049,711
Nidec Corp.
 
162,841
8,953,652
Nihon M&A Center Holdings, Inc.
 
110,494
1,250,623
Nintendo Co. Ltd.
 
394,710
16,024,869
Nippon Building Fund, Inc.
 
576
2,560,516
Nippon Express Holdings, Inc.
 
28,073
1,410,305
Nippon Paint Holdings Co. Ltd.
 
299,010
1,910,350
Nippon Prologis REIT, Inc.
 
763
1,598,403
Nippon Sanso Holdings Corp.
 
65,247
1,040,828
Nippon Shinyaku Co. Ltd.
 
18,445
1,022,138
Nippon Steel & Sumitomo Metal Corp.
 
289,924
3,982,446
Nippon Telegraph & Telephone Corp.
 
432,561
11,930,338
Nippon Yusen KK
 
175,653
3,181,862
Nissan Chemical Corp.
 
46,222
2,082,702
Nissan Motor Co. Ltd.
 
832,971
2,654,932
Nisshin Seifun Group, Inc.
 
67,384
728,696
Nissin Food Holdings Co. Ltd.
 
22,863
1,480,687
Nitori Holdings Co. Ltd.
 
29,780
2,698,577
Nitto Denko Corp.
 
52,555
2,767,448
Nomura Holdings, Inc.
 
1,065,206
3,446,964
Nomura Real Estate Holdings, Inc.
 
40,314
912,315
Nomura Real Estate Master Fund, Inc.
 
1,519
1,731,534
Nomura Research Institute Ltd.
 
120,424
2,676,629
NTT Data Corp.
 
225,615
3,272,817
Obayashi Corp.
 
234,443
1,505,720
OBIC Co. Ltd.
 
24,969
3,756,391
Odakyu Electric Railway Co. Ltd.
 
106,690
1,269,273
Oji Holdings Corp.
 
293,056
1,016,960
Olympus Corp.
 
448,748
9,476,235
OMRON Corp.
 
68,484
3,203,704
Ono Pharmaceutical Co. Ltd.
 
130,765
3,074,444
Open House Group Co. Ltd.
 
31,300
1,115,639
Oracle Corp. Japan
 
13,038
696,202
Oriental Land Co. Ltd.
 
72,697
9,753,557
ORIX Corp.
 
437,996
6,436,136
Osaka Gas Co. Ltd.
 
135,275
2,003,265
Otsuka Corp.
 
41,204
1,301,004
Otsuka Holdings Co. Ltd.
 
142,785
4,576,904
Pan Pacific International Holdings Ltd.
 
137,008
2,249,144
Panasonic Holdings Corp.
 
790,680
5,631,709
Persol Holdings Co. Ltd.
 
64,377
1,292,779
Rakuten Group, Inc.
 
318,250
1,420,785
Recruit Holdings Co. Ltd.
 
524,036
16,125,200
Renesas Electronics Corp. (a)
 
419,467
3,509,157
Resona Holdings, Inc.
 
774,343
2,914,690
Ricoh Co. Ltd.
 
208,662
1,529,585
ROHM Co. Ltd.
 
32,087
2,259,329
SBI Holdings, Inc. Japan
 
89,164
1,611,842
SCSK Corp.
 
60,356
891,773
Secom Co. Ltd.
 
76,206
4,341,494
Seiko Epson Corp.
 
101,362
1,381,078
Sekisui Chemical Co. Ltd.
 
139,852
1,749,384
Sekisui House Ltd.
 
225,208
3,748,544
Seven & i Holdings Co. Ltd.
 
273,240
10,199,605
SG Holdings Co. Ltd.
 
103,816
1,376,813
Sharp Corp.
 
83,313
499,718
Shimadzu Corp.
 
85,221
2,249,520
SHIMANO, Inc.
 
26,174
4,050,251
SHIMIZU Corp.
 
214,243
1,070,531
Shin-Etsu Chemical Co. Ltd.
 
136,149
14,149,960
Shionogi & Co. Ltd.
 
95,360
4,428,256
Shiseido Co. Ltd.
 
144,394
5,005,892
Shizuoka Financial Group
 
151,412
955,139
SMC Corp.
 
20,857
8,372,047
SoftBank Corp.
 
1,036,229
10,221,765
SoftBank Group Corp.
 
438,542
18,824,951
Sompo Holdings, Inc.
 
113,579
4,730,453
Sony Group Corp.
 
457,742
30,867,677
Square Enix Holdings Co. Ltd.
 
30,992
1,383,953
Subaru Corp.
 
224,105
3,489,795
Sumco Corp.
 
129,464
1,644,692
Sumitomo Chemical Co. Ltd.
 
538,085
1,812,977
Sumitomo Corp.
 
409,061
5,200,707
Sumitomo Electric Industries Ltd.
 
261,832
2,736,386
Sumitomo Metal Mining Co. Ltd.
 
89,328
2,503,940
Sumitomo Mitsui Financial Group, Inc.
 
470,585
13,214,764
Sumitomo Mitsui Trust Holdings, Inc.
 
122,827
3,533,613
Sumitomo Realty & Development Co. Ltd.
 
111,208
2,554,056
Suntory Beverage & Food Ltd.
 
49,937
1,672,459
Suzuki Motor Corp.
 
133,864
4,519,300
Sysmex Corp.
 
60,265
3,253,690
T&D Holdings, Inc.
 
191,927
1,893,520
Taisei Corp.
 
64,587
1,761,325
Takeda Pharmaceutical Co. Ltd.
 
544,846
14,388,839
TDK Corp.
 
141,584
4,432,385
Terumo Corp.
 
235,935
7,178,250
TIS, Inc.
 
81,320
2,195,769
Tobu Railway Co. Ltd.
 
67,786
1,568,202
Toho Co. Ltd.
 
41,413
1,476,101
Tokio Marine Holdings, Inc.
 
659,463
11,934,597
Tokyo Electric Power Co., Inc. (a)
 
551,166
1,797,744
Tokyo Electron Ltd.
 
54,248
14,272,465
Tokyo Gas Co. Ltd.
 
143,062
2,556,345
Tokyu Corp.
 
189,681
2,188,995
Toppan, Inc.
 
94,558
1,411,105
Toray Industries, Inc.
 
499,653
2,434,504
Toshiba Corp.
 
141,479
4,929,572
Tosoh Corp.
 
94,951
1,033,832
Toto Ltd.
 
51,339
1,467,371
Toyota Industries Corp.
 
52,542
2,706,693
Toyota Motor Corp.
 
3,840,865
53,290,510
Toyota Tsusho Corp.
 
76,711
2,579,475
Trend Micro, Inc.
 
48,030
2,425,807
Unicharm Corp.
 
144,497
4,391,471
USS Co. Ltd.
 
80,617
1,218,241
Welcia Holdings Co. Ltd.
 
36,092
754,875
West Japan Railway Co.
 
78,759
3,125,572
Yakult Honsha Co. Ltd.
 
46,127
2,556,148
Yamaha Corp.
 
51,532
1,947,677
Yamaha Motor Co. Ltd.
 
107,278
2,214,893
Yamato Holdings Co. Ltd.
 
105,302
1,560,816
Yaskawa Electric Corp.
 
86,935
2,414,618
Yokogawa Electric Corp.
 
82,423
1,380,784
Z Holdings Corp.
 
978,796
2,526,037
ZOZO, Inc.
 
46,307
985,653
TOTAL JAPAN
 
 
1,030,719,564
Korea (South) - 3.0%
 
 
 
Alteogen, Inc.
 
11,652
299,602
AMOREPACIFIC Corp.
 
11,942
775,596
AMOREPACIFIC Group, Inc.
 
9,744
168,621
BGF Retail Co. Ltd.
 
2,656
347,045
Celltrion Healthcare Co. Ltd.
 
31,917
1,554,123
Celltrion Pharm, Inc.
 
5,641
267,957
Celltrion, Inc.
 
35,570
4,784,799
Cheil Worldwide, Inc.
 
23,604
404,337
CJ CheilJedang Corp.
 
2,824
819,113
CJ Corp.
 
5,012
252,124
CJ ENM Co. Ltd.
 
3,673
188,884
CJ Logistics Corp. (a)
 
3,129
192,696
Coway Co. Ltd.
 
18,912
732,725
Db Insurance Co. Ltd.
 
15,671
618,136
Doosan Bobcat, Inc.
 
16,751
393,155
Doosan Heavy Industries & Construction Co. Ltd. (a)
 
150,881
1,400,648
E-Mart, Inc.
 
7,123
422,194
Ecopro BM Co. Ltd.
 
18,288
1,474,756
F&F Co. Ltd.
 
5,874
598,791
Green Cross Corp.
 
2,016
180,086
GS Engineering & Construction Corp.
 
21,899
332,937
GS Holdings Corp.
 
15,723
506,724
Hana Financial Group, Inc.
 
108,983
3,149,643
Hankook Tire Co. Ltd.
 
25,277
647,279
Hanmi Pharm Co. Ltd.
 
2,311
409,637
Hanon Systems
 
63,505
347,041
Hanwha Solutions Corp. (a)
 
43,209
1,428,877
HD Hyundai Co. Ltd.
 
16,067
685,537
HLB, Inc. (a)
 
33,329
945,706
HLB, Inc. rights 12/2/22 (a)
 
2,984
20,488
HMM Co. Ltd.
 
101,560
1,359,048
Hotel Shilla Co.
 
10,758
489,918
HYBE Co. Ltd. (a)
 
6,465
548,066
Hyundai Engineering & Construction Co. Ltd.
 
26,526
648,598
Hyundai Glovis Co. Ltd.
 
6,402
780,447
Hyundai Heavy Industries Co. Ltd. (a)
 
6,022
459,881
Hyundai Mobis
 
21,986
3,373,409
Hyundai Motor Co.
 
50,532
5,823,862
Hyundai Steel Co.
 
29,458
579,947
Iljin Materials Co. Ltd.
 
7,899
335,369
Industrial Bank of Korea
 
87,519
640,763
Kakao Corp.
 
112,827
4,007,741
Kakao Games Corp. (a)
 
12,227
338,801
KakaoBank Corp. (a)
 
40,528
485,546
Kangwon Land, Inc. (a)
 
32,763
527,947
KB Financial Group, Inc.
 
147,297
4,946,441
Kia Corp.
 
94,765
4,401,900
Korea Aerospace Industries Ltd.
 
25,437
843,849
Korea Electric Power Corp. (a)
 
94,705
1,108,325
Korea Investment Holdings Co. Ltd.
 
14,326
497,333
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)
 
14,452
736,107
Korea Zinc Co. Ltd.
 
3,380
1,515,568
Korean Air Lines Co. Ltd. (a)
 
59,644
965,289
KRAFTON, Inc. (a)
 
8,985
1,117,365
KT&G Corp.
 
40,166
2,693,079
Kumho Petro Chemical Co. Ltd.
 
6,188
567,937
L&F Co. Ltd. (a)
 
8,871
1,398,408
LG Chemical Ltd.
 
17,826
7,818,202
LG Corp.
 
35,162
1,951,090
LG Display Co. Ltd.
 
79,479
707,868
LG Electronics, Inc.
 
39,308
2,247,242
LG Energy Solution (a)
 
8,458
3,128,818
LG H & H Co. Ltd.
 
3,505
1,252,382
LG Innotek Co. Ltd.
 
5,296
1,100,149
LG Uplus Corp.
 
72,903
584,830
Lotte Chemical Corp.
 
5,827
604,206
Lotte Shopping Co. Ltd.
 
3,801
232,749
Meritz Financial Holdings Co.
 
11,627
176,769
Meritz Fire & Marine Insurance Co. Ltd.
 
12,317
271,397
Meritz Securities Co. Ltd.
 
92,437
239,622
Mirae Asset Securities Co. Ltd.
 
93,777
417,204
NAVER Corp.
 
47,501
5,640,935
NCSOFT Corp.
 
6,097
1,665,940
Netmarble Corp. (c)
 
7,307
228,325
NH Investment & Securities Co. Ltd.
 
50,861
319,636
Orion Corp./Republic of Korea
 
8,102
576,152
Pan Ocean Co., Ltd. (Korea)
 
90,744
273,379
Pearl Abyss Corp. (a)
 
10,135
295,390
POSCO
 
29,318
5,099,583
POSCO Chemtech Co. Ltd.
 
10,308
1,440,774
S-Oil Corp.
 
16,714
1,011,749
S1 Corp.
 
5,842
255,402
Samsung Biologics Co. Ltd. (a)(c)
 
6,395
3,929,333
Samsung C&T Corp.
 
30,710
2,549,628
Samsung Electro-Mechanics Co. Ltd.
 
20,955
1,776,445
Samsung Electronics Co. Ltd.
 
1,725,402
71,805,116
Samsung Engineering Co. Ltd. (a)
 
62,384
1,042,414
Samsung Fire & Marine Insurance Co. Ltd.
 
11,300
1,583,387
Samsung Heavy Industries Co. Ltd. (a)
 
209,969
757,602
Samsung Life Insurance Co. Ltd.
 
29,838
1,408,991
Samsung SDI Co. Ltd.
 
20,154
10,406,565
Samsung SDS Co. Ltd.
 
11,848
1,037,609
Samsung Securities Co. Ltd.
 
21,480
477,812
SD Biosensor, Inc.
 
12,373
256,160
Seegene, Inc.
 
13,028
261,962
Shinhan Financial Group Co. Ltd.
 
165,454
4,196,815
SK Biopharmaceuticals Co. Ltd. (a)
 
10,659
433,882
SK Bioscience Co. Ltd. (a)
 
7,991
423,254
SK Chemicals Co. Ltd.
 
3,921
242,844
SK Hynix, Inc.
 
199,862
11,580,155
SK IE Technology Co. Ltd. (a)(c)
 
8,521
310,436
SK Innovation Co., Ltd.
 
20,163
2,443,880
SK Square Co. Ltd. (a)
 
33,854
876,401
SK, Inc.
 
13,930
2,088,544
SKC Co. Ltd.
 
7,107
515,354
Woori Financial Group, Inc.
 
202,567
1,667,574
Yuhan Corp.
 
17,560
735,706
TOTAL KOREA (SOUTH)
 
 
225,887,863
Kuwait - 0.3%
 
 
 
Agility Public Warehousing Co. KSC
 
537,919
1,361,073
Boubyan Bank KSC
 
476,438
1,267,016
Gulf Bank
 
546,195
604,631
Kuwait Finance House KSCP
 
2,679,339
7,004,243
Mabanee Co. SAKC
 
212,028
596,703
Mobile Telecommunication Co.
 
803,442
1,553,209
National Bank of Kuwait
 
2,613,089
9,091,205
TOTAL KUWAIT
 
 
21,478,080
Luxembourg - 0.2%
 
 
 
Allegro.eu SA (a)(c)
 
127,048
617,397
ArcelorMittal SA (Netherlands)
 
189,231
4,236,656
Aroundtown SA
 
339,253
673,216
Eurofins Scientific SA
 
48,264
3,089,805
Reinet Investments SCA
 
46,790
751,799
Tenaris SA
 
176,607
2,764,104
TOTAL LUXEMBOURG
 
 
12,132,977
Malaysia - 0.4%
 
 
 
AMMB Holdings Bhd
 
622,400
538,413
Axiata Group Bhd
 
939,434
566,283
CIMB Group Holdings Bhd
 
2,578,311
3,010,211
Dialog Group Bhd
 
1,276,322
556,096
DiGi.com Bhd
 
1,063,000
852,109
Genting Bhd
 
724,300
680,180
Genting Malaysia Bhd
 
1,012,700
586,886
Hap Seng Consolidated Bhd
 
212,900
289,540
Hartalega Holdings Bhd
 
610,900
279,091
Hong Leong Bank Bhd
 
222,300
994,896
Hong Leong Credit Bhd
 
78,500
316,789
IHH Healthcare Bhd
 
606,300
763,004
Inari Amertron Bhd
 
954,500
502,687
IOI Corp. Bhd
 
860,500
742,563
IOI Properties Group Bhd
 
30
7
Kuala Lumpur Kepong Bhd
 
147,641
677,000
Malayan Banking Bhd
 
1,709,707
3,106,257
Malaysia Airports Holdings Bhd (a)
 
234,802
296,979
Maxis Bhd
 
804,300
654,940
MISC Bhd
 
456,200
697,615
MR DIY Group M Sdn Bhd (c)
 
779,050
332,843
Nestle (Malaysia) Bhd
 
24,200
680,753
Petronas Chemicals Group Bhd
 
912,000
1,682,030
Petronas Dagangan Bhd
 
101,400
464,964
Petronas Gas Bhd
 
270,100
976,885
PPB Group Bhd
 
219,180
774,176
Press Metal Bhd
 
1,388,600
1,277,582
Public Bank Bhd
 
5,444,200
5,147,118
QL Resources Bhd
 
377,250
408,528
RHB Bank Bhd
 
496,056
600,135
Sime Darby Bhd
 
892,285
424,628
Sime Darby Plantation Bhd
 
710,640
661,340
Sime Darby Property Bhd
 
10
1
SP Setia Bhd
 
13
1
Telekom Malaysia Bhd
 
395,497
465,094
Tenaga Nasional Bhd
 
981,200
1,747,399
Top Glove Corp. Bhd
 
1,847,500
310,652
TOTAL MALAYSIA
 
 
32,065,675
Mexico - 0.7%
 
 
 
Alfa SA de CV Series A
 
1,003,700
666,161
America Movil S.A.B. de CV Series L
 
10,222,200
9,673,762
Arca Continental S.A.B. de CV
 
169,300
1,386,751
CEMEX S.A.B. de CV unit (a)
 
5,548,494
2,156,332
Coca-Cola FEMSA S.A.B. de CV unit
 
196,980
1,240,856
Fibra Uno Administracion SA de CV
 
1,077,200
1,256,996
Fomento Economico Mexicano S.A.B. de CV unit
 
719,100
5,162,146
Gruma S.A.B. de CV Series B
 
71,020
823,829
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
133,500
2,067,892
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
72,730
1,702,160
Grupo Bimbo S.A.B. de CV Series A
 
484,400
1,875,452
Grupo Carso SA de CV Series A1
 
153,900
620,167
Grupo Financiero Banorte S.A.B. de CV Series O
 
949,700
7,719,638
Grupo Financiero Inbursa S.A.B. de CV Series O (a)
 
786,400
1,451,504
Grupo Mexico SA de CV Series B
 
1,119,824
4,059,807
Grupo Televisa SA de CV
 
819,000
868,893
Industrias Penoles SA de CV
 
47,410
537,822
Kimberly-Clark de Mexico SA de CV Series A
 
520,000
820,431
Operadora de Sites Mexicanos, SA de CV
 
448,200
487,720
Orbia Advance Corp. S.A.B. de CV
 
343,037
579,144
Promotora y Operadora de Infraestructura S.A.B. de CV
 
77,780
585,087
Sitios Latinoamerica S.A.B. de CV (a)
 
501,950
146,433
Wal-Mart de Mexico SA de CV Series V
 
1,914,800
7,396,136
TOTAL MEXICO
 
 
53,285,119
Multi-National - 0.1%
 
 
 
HK Electric Investments & HK Electric Investments Ltd. unit
 
911,000
579,120
HKT Trust/HKT Ltd. unit
 
1,404,557
1,587,131
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a)
 
42,740
2,022,346
TOTAL MULTI-NATIONAL
 
 
4,188,597
Netherlands - 3.5%
 
 
 
ABN AMRO Bank NV GDR (c)
 
152,855
1,503,943
Adyen BV (a)(c)
 
7,894
11,269,470
AEGON NV
 
643,447
2,978,621
AerCap Holdings NV (a)(b)
 
48,794
2,606,088
Airbus Group NV
 
214,891
23,252,018
Akzo Nobel NV
 
67,006
4,136,647
Argenx SE (a)
 
20,060
7,788,307
ASM International NV (Netherlands)
 
16,832
3,739,374
ASML Holding NV (Netherlands)
 
147,419
69,152,360
CNH Industrial NV
 
378,629
4,903,630
Davide Campari Milano NV
 
202,262
1,817,758
Euronext NV (c)
 
30,711
1,951,514
EXOR NV
 
41,310
2,776,073
Ferrari NV (Italy)
 
45,809
9,031,514
Heineken Holding NV
 
35,954
2,455,229
Heineken NV (Bearer)
 
93,401
7,808,879
IMCD NV
 
20,574
2,669,625
ING Groep NV (Certificaten Van Aandelen)
 
1,421,382
13,985,822
JDE Peet's BV
 
36,388
1,042,134
Just Eat Takeaway.com NV (a)(c)
 
63,259
1,085,531
Koninklijke Ahold Delhaize NV
 
379,338
10,579,091
Koninklijke DSM NV
 
63,806
7,505,525
Koninklijke KPN NV
 
1,186,038
3,317,474
Koninklijke Philips Electronics NV
 
324,071
4,110,806
NEPI Rockcastle PLC
 
181,673
914,856
NN Group NV
 
101,487
4,297,621
OCI NV
 
37,968
1,452,847
Prosus NV
 
300,916
13,012,118
QIAGEN NV (Germany) (a)
 
84,402
3,645,029
Randstad NV
 
43,248
2,155,797
Stellantis NV (Italy)
 
800,169
10,801,877
STMicroelectronics NV (France)
 
248,204
7,717,643
Universal Music Group NV
 
260,576
5,116,529
Wolters Kluwer NV
 
94,946
10,091,458
X5 Retail Group NV GDR (d)
 
41,220
14,583
Yandex NV Class A (a)(d)
 
102,848
575,816
TOTAL NETHERLANDS
 
 
261,263,607
New Zealand - 0.1%
 
 
 
Auckland International Airport Ltd. (a)
 
463,871
2,076,648
Fisher & Paykel Healthcare Corp.
 
209,102
2,380,378
Mercury Nz Ltd.
 
237,344
803,112
Meridian Energy Ltd.
 
473,533
1,343,523
Spark New Zealand Ltd.
 
695,869
2,071,441
Xero Ltd. (a)
 
48,406
2,417,273
TOTAL NEW ZEALAND
 
 
11,092,375
Norway - 0.5%
 
 
 
Adevinta ASA Class B (a)
 
100,301
686,930
Aker BP ASA
 
116,195
3,703,970
DNB Bank ASA
 
338,068
5,979,369
Equinor ASA
 
354,627
12,920,382
Gjensidige Forsikring ASA
 
70,990
1,296,730
Kongsberg Gruppen ASA
 
33,447
1,198,747
Mowi ASA
 
149,273
2,226,284
Norsk Hydro ASA
 
483,096
3,065,882
Orkla ASA
 
268,415
1,810,502
Salmar ASA
 
21,395
724,818
Telenor ASA
 
252,826
2,297,649
Yara International ASA
 
59,599
2,660,017
TOTAL NORWAY
 
 
38,571,280
Peru - 0.0%
 
 
 
Compania de Minas Buenaventura SAA sponsored ADR (b)
 
73,763
511,915
Philippines - 0.2%
 
 
 
Aboitiz Equity Ventures, Inc.
 
577,750
566,118
ACEN Corp.
 
2,623,120
284,365
Altus Property Ventures, Inc. (a)
 
7
1
Ayala Corp.
 
97,730
1,130,723
Ayala Land, Inc.
 
2,557,100
1,131,398
Bank of the Philippine Islands (BPI)
 
700,056
1,160,733
BDO Unibank, Inc.
 
739,934
1,630,616
Converge ICT Solutions, Inc. (a)
 
774,000
165,275
DMCI Holdings, Inc.
 
4
1
Globe Telecom, Inc.
 
12,517
503,109
GT Capital Holdings, Inc.
 
29,421
209,727
International Container Terminal Services, Inc.
 
353,060
1,055,171
JG Summit Holdings, Inc.
 
1,025,736
765,528
Jollibee Food Corp.
 
151,870
607,365
Manila Electric Co.
 
76,990
400,209
Metro Pacific Investments Corp.
 
3,630,200
228,993
Metropolitan Bank & Trust Co.
 
613,771
549,373
Monde Nissin Corp. (c)
 
2,146,200
433,769
PLDT, Inc.
 
29,540
830,518
SM Investments Corp.
 
93,183
1,324,080
SM Prime Holdings, Inc.
 
4,205,300
2,289,697
Universal Robina Corp.
 
299,920
632,597
TOTAL PHILIPPINES
 
 
15,899,366
Poland - 0.2%
 
 
 
Bank Polska Kasa Opieki SA
 
72,278
1,187,551
CD Projekt RED SA (b)
 
22,953
611,074
Cyfrowy Polsat SA
 
87,993
329,921
Dino Polska SA (a)(c)
 
18,043
1,179,913
KGHM Polska Miedz SA (Bearer)
 
48,236
966,518
LPP SA
 
384
666,798
mBank SA (a)
 
5,075
284,466
Orange Polska SA
 
221,350
279,672
PGE Polska Grupa Energetyczna SA (a)
 
305,466
348,713
Polski Koncern Naftowy Orlen SA
 
150,006
1,725,630
Polskie Gornictwo Naftowe i Gazownictwo SA (a)
 
589,981
627,796
Powszechna Kasa Oszczednosci Bank SA
 
329,671
1,800,239
Powszechny Zaklad Ubezpieczen SA
 
238,237
1,337,373
Santander Bank Polska SA
 
12,263
652,951
TOTAL POLAND
 
 
11,998,615
Portugal - 0.1%
 
 
 
Banco Espirito Santo SA (Reg.) (a)(d)
 
82,039
1
Energias de Portugal SA
 
1,005,027
4,394,989
Galp Energia SGPS SA Class B
 
180,456
1,832,188
Jeronimo Martins SGPS SA
 
102,155
2,118,029
TOTAL PORTUGAL
 
 
8,345,207
Qatar - 0.4%
 
 
 
Barwa Real Estate Co. (a)
 
649,882
606,741
Industries Qatar QSC (a)
 
543,208
2,352,273
Masraf al Rayan
 
2,001,052
2,108,337
Mesaieed Petrochemical Holding Co. (a)
 
1,730,679
1,078,778
Ooredoo QSC
 
328,076
880,154
Qatar Electricity & Water Co. (a)
 
150,248
763,256
Qatar Fuel Co. (a)
 
185,536
972,068
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
937,838
1,055,848
Qatar International Islamic Bank QSC (a)
 
288,287
915,900
Qatar Islamic Bank (a)
 
608,477
4,075,171
Qatar National Bank SAQ (a)
 
1,672,028
9,155,005
The Commercial Bank of Qatar (a)
 
1,217,379
2,103,984
TOTAL QATAR
 
 
26,067,515
Russia - 0.0%
 
 
 
Alrosa Co. Ltd. (d)
 
846,411
211,159
Gazprom OAO (d)
 
3,422,762
537,086
Gazprom OAO sponsored ADR (Reg. S) (a)(d)
 
266,976
60,988
Inter Rao Ues JSC (d)
 
12,405,200
102,560
LUKOIL PJSC (d)
 
135,807
63,035
LUKOIL PJSC sponsored ADR (d)
 
3,670
1,038
Magnit OJSC GDR (Reg. S) (d)
 
122,013
594
MMC Norilsk Nickel PJSC (d)
 
18,102
180,532
MMC Norilsk Nickel PJSC sponsored ADR (d)
 
27,948
20,754
Mobile TeleSystems OJSC sponsored ADR (d)
 
145,706
145,122
Moscow Exchange MICEX-RTS OAO (a)(d)
 
524,685
151,246
Novatek PJSC GDR (Reg. S) (d)
 
30,578
7,812
Novolipetsk Steel OJSC (d)
 
477,930
6,881
PhosAgro PJSC:
 
 
 
 GDR (d)
 
300
6
 GDR (Reg. S) (d)
 
46,691
958
Polyus PJSC (d)
 
11,075
39,055
Rosneft Oil Co. OJSC (d)
 
322,313
80,832
Rosneft Oil Co. OJSC GDR (Reg. S) (d)
 
56,929
13,461
Sberbank of Russia (a)(d)
 
3,621,326
33,389
Severstal PAO (d)
 
60,348
2,021
Severstal PAO GDR (Reg. S) (d)
 
9,813
232
Surgutneftegas OJSC (d)
 
1,105,600
20,287
Surgutneftegas OJSC sponsored ADR (a)(d)
 
71,885
13,275
Tatneft PAO (d)
 
446,514
83,282
Tatneft PAO sponsored ADR (d)
 
5,142
4,748
United Co. RUSAL International PJSC (d)
 
1,020,580
184,445
VTB Bank OJSC (a)(d)
 
1,160,850,350
66,508
TOTAL RUSSIA
 
 
2,031,306
Saudi Arabia - 1.4%
 
 
 
ACWA Power Co.
 
29,075
1,346,369
Advanced Polypropylene Co.
 
42,963
506,516
Al Rajhi Bank
 
714,214
16,194,337
Alinma Bank
 
363,416
3,626,858
Almarai Co. Ltd.
 
94,440
1,415,010
Arab National Bank
 
217,970
1,870,776
Bank Al-Jazira
 
137,078
852,918
Bank Albilad
 
177,692
2,397,569
Banque Saudi Fransi
 
213,852
2,458,625
Bupa Arabia for Cooperative Insurance Co.
 
22,948
1,178,684
Dar Al Arkan Real Estate Development Co. (a)
 
184,871
660,262
Dr Sulaiman Al Habib Medical Services Group Co.
 
31,853
1,920,903
Elm Co.
 
8,191
721,540
Emaar The Economic City (a)
 
132,855
339,072
Etihad Etisalat Co.
 
139,367
1,357,489
Jarir Marketing Co.
 
20,045
874,873
Mobile Telecommunications Co. Saudi Arabia (a)
 
150,783
520,862
Mouwasat Medical Services Co.
 
16,750
976,235
National Industrialization Co. (a)
 
112,329
399,985
Rabigh Refining & Petrochemical Co. (a)
 
144,248
523,624
Riyad Bank
 
486,046
4,650,199
Sabic Agriculture-Nutrients Co.
 
79,197
3,351,206
Sahara International Petrochemical Co.
 
132,177
1,426,402
Saudi Arabian Mining Co.
 
314,670
7,009,322
Saudi Arabian Oil Co. (c)
 
878,123
8,155,977
Saudi Basic Industries Corp.
 
323,391
7,608,086
Saudi Electricity Co.
 
301,274
2,164,814
Saudi Industrial Investment Group
 
126,012
753,882
Saudi Investment Bank/The
 
166,834
805,410
Saudi Kayan Petrochemical Co. (a)
 
250,713
878,068
Saudi Research & Marketing Group (a)
 
12,451
667,358
Saudi Tadawul Group Holding Co.
 
12,262
708,788
Saudi Telecom Co.
 
541,768
5,824,920
The Saudi British Bank
 
332,648
3,850,964
The Saudi National Bank
 
799,239
12,634,508
The Savola Group
 
89,174
695,346
Yanbu National Petrochemical Co.
 
96,753
1,150,978
TOTAL SAUDI ARABIA
 
 
102,478,735
Singapore - 0.8%
 
 
 
BOC Aviation Ltd. Class A (c)
 
71,000
475,314
CapitaLand Ascendas REIT
 
1,222,754
2,263,080
CapitaLand Investment Ltd.
 
939,071
1,996,753
CapitaMall Trust
 
1,920,248
2,550,202
City Developments Ltd.
 
139,352
751,099
DBS Group Holdings Ltd.
 
656,200
15,853,377
Genting Singapore Ltd.
 
2,348,213
1,335,343
Keppel Corp. Ltd.
 
529,120
2,605,232
Mapletree Logistics Trust (REIT)
 
1,214,466
1,304,032
Mapletree Pan Asia Commercial
 
804,743
903,886
Oversea-Chinese Banking Corp. Ltd.
 
1,223,151
10,480,942
Singapore Airlines Ltd.
 
494,968
1,839,172
Singapore Exchange Ltd.
 
309,717
1,842,199
Singapore Technologies Engineering Ltd.
 
594,124
1,385,002
Singapore Telecommunications Ltd.
 
3,037,169
5,363,749
United Overseas Bank Ltd.
 
428,109
8,395,243
UOL Group Ltd.
 
157,315
687,892
Venture Corp. Ltd.
 
96,269
1,083,332
Wilmar International Ltd.
 
706,793
1,937,240
TOTAL SINGAPORE
 
 
63,053,089
South Africa - 1.0%
 
 
 
Absa Group Ltd.
 
306,525
3,333,123
African Rainbow Minerals Ltd.
 
38,257
538,717
Anglo American Platinum Ltd.
 
19,234
1,529,945
AngloGold Ashanti Ltd.
 
151,113
1,973,493
Aspen Pharmacare Holdings Ltd.
 
132,102
1,087,812
Bid Corp. Ltd.
 
122,266
1,967,305
Bidvest Group Ltd./The
 
107,487
1,243,353
Capitec Bank Holdings Ltd.
 
31,872
3,297,719
Clicks Group Ltd.
 
89,287
1,512,927
Discovery Ltd. (a)
 
182,608
1,195,135
Exxaro Resources Ltd.
 
92,380
1,028,571
FirstRand Ltd.
 
1,865,540
6,535,420
Foschini Group Ltd./The
 
112,971
706,716
Gold Fields Ltd.
 
320,183
2,564,922
Growthpoint Properties Ltd.
 
1,166,794
822,592
Harmony Gold Mining Co. Ltd.
 
189,185
523,956
Impala Platinum Holdings Ltd.
 
305,600
3,128,936
Kumba Iron Ore Ltd.
 
21,938
413,220
Mr Price Group Ltd.
 
87,612
843,460
MTN Group Ltd.
 
624,844
4,416,727
MultiChoice Group Ltd.
 
128,026
836,582
Naspers Ltd. Class N
 
79,132
8,157,075
Nedbank Group Ltd.
 
167,634
1,985,462
Northam Platinum Holdings Ltd. (a)
 
128,324
1,204,246
Old Mutual Ltd.
 
1,596,936
907,629
Pepkor Holdings Ltd. (c)
 
566,924
699,676
Remgro Ltd.
 
195,834
1,457,501
Sanlam Ltd.
 
646,256
1,880,145
Sasol Ltd.
 
208,777
3,509,554
Shoprite Holdings Ltd.
 
182,370
2,322,224
Sibanye-Stillwater Ltd.
 
1,020,255
2,389,666
Spar Group Ltd./The
 
65,962
559,297
Standard Bank Group Ltd.
 
480,894
4,493,798
Vodacom Group Ltd.
 
235,282
1,605,073
Woolworths Holdings Ltd.
 
367,337
1,261,669
TOTAL SOUTH AFRICA
 
 
71,933,646
Spain - 1.6%
 
 
 
Acciona SA
 
8,918
1,604,886
ACS Actividades de Construccion y Servicios SA
 
85,946
2,204,093
Aena SME SA (a)(c)
 
27,069
3,181,461
Amadeus IT Holding SA Class A (a)
 
164,241
8,566,039
Banco Bilbao Vizcaya Argentaria SA
 
2,421,106
12,489,987
Banco Santander SA (Spain)
 
6,207,730
16,085,417
CaixaBank SA
 
1,610,772
5,341,393
Cellnex Telecom SA (c)
 
198,356
6,492,243
EDP Renovaveis SA
 
104,312
2,196,770
Enagas SA
 
90,746
1,473,162
Endesa SA
 
112,974
1,885,152
Ferrovial SA
 
175,926
4,296,053
Grifols SA (a)
 
109,180
928,563
Iberdrola SA
 
2,155,054
21,915,347
Industria de Diseno Textil SA
 
397,360
9,008,332
Naturgy Energy Group SA
 
51,943
1,332,596
Red Electrica Corporacion SA
 
145,566
2,354,635
Repsol SA
 
528,412
7,188,770
Siemens Gamesa Renewable Energy SA (a)
 
84,028
1,491,410
Telefonica SA
 
1,909,084
6,580,989
TOTAL SPAIN
 
 
116,617,298
Sweden - 2.0%
 
 
 
Alfa Laval AB
 
103,759
2,557,043
ASSA ABLOY AB (B Shares)
 
364,148
7,352,906
Atlas Copco AB:
 
 
 
 (A Shares)
 
975,930
10,416,349
 (B Shares)
 
565,427
5,468,336
Boliden AB
 
100,228
2,919,368
Electrolux AB (B Shares) (b)
 
77,195
952,667
Embracer Group AB (a)(b)
 
241,153
1,161,296
Epiroc AB:
 
 
 
 (A Shares)
 
234,304
3,586,833
 (B Shares)
 
148,750
1,998,611
EQT AB
 
107,280
2,114,275
Ericsson (B Shares)
 
1,058,640
5,885,345
Essity AB (B Shares)
 
217,842
4,604,963
Evolution AB (c)
 
66,595
6,212,162
Fastighets AB Balder (a)
 
230,169
865,020
Getinge AB (B Shares)
 
82,486
1,675,688
H&M Hennes & Mauritz AB (B Shares) (b)
 
271,753
2,737,140
Hexagon AB (B Shares)
 
707,333
6,992,621
Holmen AB (B Shares)
 
33,929
1,231,022
Husqvarna AB (B Shares)
 
142,939
848,651
Industrivarden AB:
 
 
 
 (A Shares)
 
49,625
1,124,531
 (C Shares)
 
53,723
1,207,176
Indutrade AB
 
98,918
1,732,221
Investment AB Latour (B Shares)
 
50,418
852,766
Investor AB:
 
 
 
 (A Shares)
 
184,414
3,138,372
 (B Shares)
 
658,052
10,749,399
Kinnevik AB (B Shares) (a)
 
88,766
1,097,395
L E Lundbergforetagen AB
 
29,763
1,175,834
Lifco AB
 
85,543
1,236,132
Nibe Industrier AB (B Shares)
 
551,918
4,403,867
Sagax AB
 
68,907
1,270,647
Sandvik AB
 
382,001
5,969,434
Securitas AB (B Shares) (b)
 
182,864
1,496,208
Skandinaviska Enskilda Banken AB (A Shares)
 
590,304
6,228,527
Skanska AB (B Shares)
 
123,632
1,923,702
SKF AB (B Shares)
 
138,730
2,008,203
Svenska Cellulosa AB SCA (B Shares)
 
217,180
2,562,996
Svenska Handelsbanken AB (A Shares)
 
528,718
4,912,337
Swedbank AB (A Shares)
 
328,448
4,896,519
Swedish Match Co. AB
 
551,453
5,671,636
Swedish Orphan Biovitrum AB (a)
 
61,985
1,141,321
Tele2 AB (B Shares)
 
204,865
1,679,562
Telia Co. AB
 
970,925
2,572,724
Volvo AB:
 
 
 
 (A Shares)
 
76,651
1,309,312
 (B Shares)
 
539,745
8,833,972
Volvo Car AB
 
213,349
906,055
TOTAL SWEDEN
 
 
149,681,144
Switzerland - 6.6%
 
 
 
ABB Ltd. (Reg.)
 
597,452
16,591,422
Accelleron Industries Ltd. (a)
 
1,494
25,334
Adecco SA (Reg.)
 
59,008
1,846,712
Alcon, Inc. (Switzerland)
 
181,777
11,062,556
Bachem Holding AG (B Shares)
 
12,302
882,707
Baloise Holdings AG
 
16,465
2,249,375
Barry Callebaut AG
 
1,322
2,500,492
Clariant AG (Reg.)
 
79,728
1,282,686
Coca-Cola HBC AG
 
72,704
1,586,246
Compagnie Financiere Richemont SA Series A
 
189,582
18,528,523
Credit Suisse Group AG (b)
 
957,126
3,964,860
Ems-Chemie Holding AG
 
2,549
1,602,432
Geberit AG (Reg.)
 
12,951
5,759,305
Givaudan SA
 
3,367
10,053,757
Holcim AG
 
201,551
9,156,935
Julius Baer Group Ltd.
 
81,507
3,910,614
Kuehne & Nagel International AG
 
19,624
4,182,116
Lindt & Spruengli AG
 
39
3,789,584
Lindt & Spruengli AG (participation certificate)
 
398
3,815,649
Logitech International SA (Reg.)
 
65,081
3,239,914
Lonza Group AG
 
27,200
14,002,130
Nestle SA (Reg. S)
 
1,020,134
111,050,558
Novartis AG
 
783,635
63,388,835
Partners Group Holding AG
 
8,325
7,477,411
Roche Holding AG:
 
 
 
 (Bearer)
 
10,838
4,396,460
 (participation certificate)
 
253,299
84,044,149
Schindler Holding AG:
 
 
 
 (participation certificate)
 
14,144
2,305,895
 (Reg.)
 
9,509
1,496,598
SGS SA (Reg.)
 
2,349
5,178,398
Sig Group AG
 
110,211
2,117,601
Sika AG
 
53,410
12,042,664
Sonova Holding AG
 
19,635
4,641,339
Straumann Holding AG
 
40,142
3,820,368
Swatch Group AG (Bearer)
 
11,076
2,488,882
Swatch Group AG (Bearer) (Reg.)
 
17,057
712,703
Swiss Life Holding AG
 
11,488
5,563,021
Swiss Prime Site AG
 
27,482
2,217,552
Swiss Re Ltd.
 
109,612
8,142,504
Swisscom AG
 
9,361
4,620,904
Temenos Group AG
 
22,984
1,370,295
UBS Group AG
 
1,278,127
20,282,057
VAT Group AG (c)
 
9,842
2,248,814
Zurich Insurance Group Ltd.
 
54,424
23,194,092
TOTAL SWITZERLAND
 
 
492,834,449
Taiwan - 3.6%
 
 
 
Accton Technology Corp.
 
183,000
1,378,713
Acer, Inc.
 
995,288
681,958
Advantech Co. Ltd.
 
156,937
1,425,638
ASE Technology Holding Co. Ltd.
 
1,206,840
2,976,960
Asia Cement Corp.
 
906,466
1,048,279
ASMedia Technology, Inc.
 
9,000
162,398
ASUSTeK Computer, Inc.
 
259,000
1,895,083
AUO Corp.
 
2,400,000
1,257,518
Catcher Technology Co. Ltd.
 
235,000
1,234,963
Cathay Financial Holding Co. Ltd.
 
2,915,879
3,417,258
Chang Hwa Commercial Bank
 
1,615,297
831,337
Cheng Shin Rubber Industry Co. Ltd.
 
605,899
606,763
China Airlines Ltd.
 
967,490
508,432
China Development Financial Ho
 
5,672,405
2,066,434
China Steel Corp.
 
4,345,426
3,617,371
Chunghwa Telecom Co. Ltd.
 
1,371,000
4,722,477
Compal Electronics, Inc.
 
1,432,000
936,789
CTBC Financial Holding Co. Ltd.
 
6,469,579
4,091,877
Delta Electronics, Inc.
 
699,621
5,585,428
E Ink Holdings, Inc.
 
309,000
1,968,733
E.SUN Financial Holdings Co. Ltd.
 
4,624,516
3,326,371
ECLAT Textile Co. Ltd.
 
65,941
867,860
eMemory Technology, Inc.
 
25,000
833,230
EVA Airways Corp.
 
872,000
632,629
Evergreen Marine Corp. (Taiwan)
 
359,248
1,531,488
Far Eastern New Century Corp.
 
1,251,664
1,247,628
Far EasTone Telecommunications Co. Ltd.
 
590,000
1,293,266
Feng Tay Enterprise Co. Ltd.
 
171,254
852,182
First Financial Holding Co. Ltd.
 
3,894,531
2,988,455
Formosa Chemicals & Fibre Corp.
 
1,275,590
2,748,605
Formosa Petrochemical Corp.
 
427,000
1,098,809
Formosa Plastics Corp.
 
1,486,480
3,829,804
Fubon Financial Holding Co. Ltd.
 
2,681,000
4,239,195
Giant Manufacturing Co. Ltd.
 
102,000
649,873
GlobalWafers Co. Ltd.
 
86,000
955,881
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
4,531,990
14,402,213
Hotai Motor Co. Ltd.
 
111,000
2,009,797
Hua Nan Financial Holdings Co. Ltd.
 
3,212,423
2,096,531
Innolux Corp.
 
3,366,986
1,237,018
Inventec Corp.
 
862,280
652,311
Largan Precision Co. Ltd.
 
36,000
2,064,860
Lite-On Technology Corp.
 
734,910
1,458,245
MediaTek, Inc.
 
552,970
10,115,096
Mega Financial Holding Co. Ltd.
 
4,024,802
3,731,059
Micro-Star International Co. Ltd.
 
265,000
899,656
momo.com, Inc.
 
22,800
341,074
Nan Ya Plastics Corp.
 
1,759,780
3,726,452
Nan Ya Printed Circuit Board Corp.
 
78,000
511,471
Nanya Technology Corp.
 
423,000
714,749
Nien Made Enterprise Co. Ltd.
 
60,000
463,198
Novatek Microelectronics Corp.
 
215,000
1,606,467
Pegatron Corp.
 
753,000
1,377,411
Pou Chen Corp.
 
751,000
634,487
Powerchip Semiconductor Manufacturing Corp.
 
1,129,044
1,078,147
President Chain Store Corp.
 
209,000
1,736,591
Quanta Computer, Inc.
 
983,000
2,084,616
Realtek Semiconductor Corp.
 
171,090
1,352,637
Ruentex Development Co. Ltd.
 
591,835
726,628
Shin Kong Financial Holding Co. Ltd.
 
4,876,475
1,209,518
Sinopac Financial Holdings Co.
 
3,795,827
1,894,736
Synnex Technology International Corp.
 
459,500
749,355
Taishin Financial Holdings Co. Ltd.
 
3,980,507
1,635,199
Taiwan Cement Corp.
 
2,168,612
2,033,872
Taiwan Cooperative Financial Holding Co. Ltd.
 
3,605,742
2,794,802
Taiwan High Speed Rail Corp.
 
669,000
582,839
Taiwan Mobile Co. Ltd.
 
635,600
1,874,048
Taiwan Semiconductor Manufacturing Co. Ltd.
 
8,935,000
107,313,532
The Shanghai Commercial & Savings Bank Ltd.
 
1,315,616
1,892,621
The Shanghai Commercial & Savings Bank Ltd. rights (a)
 
96,443
28,107
Uni-President Enterprises Corp.
 
1,729,080
3,511,339
Unimicron Technology Corp.
 
457,000
1,764,014
United Microelectronics Corp.
 
4,304,000
5,170,339
Vanguard International Semiconductor Corp.
 
309,000
636,126
Voltronic Power Technology Corp.
 
24,000
974,763
Walsin Lihwa Corp.
 
952,312
1,055,533
Wan Hai Lines Ltd.
 
238,360
500,309
Win Semiconductors Corp.
 
116,000
438,767
Winbond Electronics Corp.
 
1,021,000
617,272
Wiwynn Corp.
 
30,000
673,405
WPG Holding Co. Ltd.
 
545,320
743,065
Yageo Corp.
 
129,352
1,471,823
Yang Ming Marine Transport Corp.
 
653,000
1,218,782
Yuanta Financial Holding Co. Ltd.
 
3,682,281
2,249,052
TOTAL TAIWAN
 
 
265,563,617
Thailand - 0.6%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
259,300
1,301,782
Advanced Information Service PCL NVDR
 
172,800
867,520
Airports of Thailand PCL:
 
 
 
 (For. Reg.) (a)
 
931,300
1,811,439
 NVDR (a)
 
560,500
1,090,209
Asset World Corp. PCL:
 
 
 
 (For. Reg.)
 
2,621,000
420,242
 NVDR
 
1,431,700
229,554
B. Grimm Power PCL (For. Reg.)
 
222,000
196,938
Bangkok Commercial Asset Management PCL NVDR
 
637,400
256,334
Bangkok Dusit Medical Services PCL:
 
 
 
 (For. Reg.)
 
2,030,000
1,574,057
 NVDR
 
1,814,100
1,406,649
Bangkok Expressway and Metro PCL:
 
 
 
 (For. Reg.)
 
1,674,400
413,704
 NVDR
 
971,100
239,935
Berli Jucker PCL:
 
 
 
 unit
 
104,700
94,256
 (For. Reg.)
 
308,300
277,547
BTS Group Holdings PCL:
 
 
 
 (For. Reg.)
 
1,613,500
352,006
 NVDR
 
1,314,100
286,688
Bumrungrad Hospital PCL:
 
 
 
 NVDR
 
105,400
628,882
 (For. Reg.)
 
104,400
622,915
Carabao Group PCL NVDR
 
109,400
259,518
Central Pattana PCL:
 
 
 
 (For. Reg.)
 
540,000
975,818
 NVDR
 
156,200
282,264
Central Retail Corp. PCL:
 
 
 
 (For. Reg.)
 
273,766
302,226
 NVDR
 
345,800
381,748
Charoen Pokphand Foods PCL:
 
 
 
 (For. Reg.)
 
706,700
469,028
 (NVDR)
 
648,200
430,202
CP ALL PCL:
 
 
 
 (For. Reg.)
 
1,219,200
1,922,776
 NVDR
 
893,500
1,409,121
Delta Electronics PCL NVDR
 
114,200
1,740,991
Electricity Generating PCL:
 
 
 
 (For. Reg.)
 
38,400
172,091
 NVDR
 
55,800
250,070
Energy Absolute PCL:
 
 
 
 (For. Reg.)
 
281,900
715,031
 NVDR
 
344,500
873,814
Global Power Synergy Public Co. Ltd. (For. Reg.)
 
214,300
349,234
Gulf Energy Development PCL:
 
 
 
 (For. Reg.)
 
350,400
465,112
 NVDR
 
729,700
968,586
Home Product Center PCL:
 
 
 
 (For. Reg.)
 
1,346,367
516,677
 NVDR
 
719,100
275,959
Indorama Ventures PCL NVDR
 
585,000
645,814
Intouch Holdings PCL:
 
 
 
 (For. Reg.)
 
291,300
551,284
 NVDR
 
201,000
380,392
JMT Network Services PCL NVDR
 
218,800
373,820
Kasikornbank PCL NVDR
 
217,200
833,518
Krung Thai Bank PCL:
 
 
 
 (For. Reg.)
 
788,655
362,767
 NVDR
 
429,500
197,562
Krungthai Card PCL:
 
 
 
 (For. Reg.)
 
150,000
224,734
 NVDR
 
167,900
251,552
Land & House PCL:
 
 
 
 NVDR
 
1,568,000
379,172
 (For. Reg.)
 
2,392,000
578,431
Minor International PCL:
 
 
 
 unit (a)
 
184,200
136,776
 (For. Reg.) (a)
 
1,019,598
757,094
Muangthai Leasing PCL:
 
 
 
 (For. Reg.)
 
145,909
139,025
 NVDR
 
118,600
113,004
Osotspa PCL:
 
 
 
 (For. Reg.)
 
123,400
85,953
 NVDR
 
388,800
270,816
PTT Exploration and Production PCL:
 
 
 
 (For. Reg.)
 
377,644
1,801,614
 NVDR
 
136,000
648,811
PTT Global Chemical PCL:
 
 
 
 (For. Reg.)
 
584,939
668,809
 NVDR
 
210,800
241,025
PTT Oil & Retail Business PCL NVDR
 
1,048,200
663,993
PTT PCL:
 
 
 
 (For. Reg.)
 
2,630,500
2,489,105
 NVDR
 
1,062,400
1,005,294
Ratch Group PCL:
 
 
 
 unit
 
264,200
284,721
 (For. Reg.)
 
98,200
105,827
SCB X PCL:
 
 
 
 (For. Reg.)
 
94,050
262,040
 NVDR unit
 
155,500
433,250
SCG Packaging PCL NVDR
 
446,900
610,824
Siam Cement PCL:
 
 
 
 (For. Reg.)
 
169,400
1,442,649
 NVDR
 
123,300
1,050,051
Siam Commercial Bank PCL (For. Reg.)
 
76,350
176,711
Srisawad Corp. PCL:
 
 
 
 warrants 8/29/25 (a)
 
7,244
617
 (For. Reg.)
 
22,000
23,709
 NVDR
 
227,600
245,278
Thai Oil PCL:
 
 
 
 (For. Reg.)
 
321,912
461,143
 NVDR
 
127,810
183,090
Thai Union Frozen Products PCL:
 
 
 
 (For. Reg.)
 
828,700
392,078
 NVDR
 
379,300
179,456
 rights (a)(d)
 
10,755
4,977
 rights (a)(d)
 
23,498
10,874
True Corp. PCL:
 
 
 
 (For. Reg.)
 
2,418,912
315,358
 NVDR
 
1,614,300
210,459
TOTAL THAILAND
 
 
45,024,400
Turkey - 0.1%
 
 
 
Akbank TAS
 
1,078,164
846,811
Aselsan A/S
 
234,956
406,693
Bim Birlesik Magazalar A/S JSC
 
175,968
1,266,756
Eregli Demir ve Celik Fabrikalari T.A.S.
 
551,413
879,808
Ford Otomotiv Sanayi A/S
 
23,877
465,630
Haci Omer Sabanci Holding A/S
 
346,549
624,428
Koc Holding A/S
 
260,305
777,520
Turk Hava Yollari AO (a)
 
193,209
1,051,456
Turk Sise ve Cam Fabrikalari A/S
 
566,186
1,010,446
Turkcell Iletisim Hizmet A/S
 
418,075
575,873
Turkiye Is Bankasi A/S Series C
 
1,182,563
592,099
Turkiye Petrol Rafinerileri A/S (a)
 
43,201
879,605
TOTAL TURKEY
 
 
9,377,125
United Arab Emirates - 0.4%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
1,008,460
2,594,524
Abu Dhabi Islamic Bank
 
532,055
1,376,092
Abu Dhabi National Oil Co. for Distribution PJSC
 
1,071,143
1,315,198
Aldar Properties PJSC
 
1,405,271
1,652,765
Dubai Islamic Bank Pakistan Ltd.
 
1,065,413
1,688,139
Emaar Properties PJSC (a)
 
1,458,794
2,406,766
Emirates NBD Bank PJSC
 
685,313
2,472,135
Emirates Telecommunications Corp.
 
1,250,433
8,783,091
First Abu Dhabi Bank PJSC
 
1,618,884
7,889,255
TOTAL UNITED ARAB EMIRATES
 
 
30,177,965
United Kingdom - 9.1%
 
 
 
3i Group PLC
 
354,920
4,726,959
Abrdn PLC
 
810,284
1,477,482
Admiral Group PLC
 
64,751
1,497,753
Anglo American PLC (United Kingdom)
 
461,526
13,824,650
Antofagasta PLC
 
142,300
1,918,294
Ashtead Group PLC
 
161,608
8,432,608
Associated British Foods PLC
 
128,503
1,991,705
AstraZeneca PLC (United Kingdom)
 
561,890
65,927,785
Auto Trader Group PLC (c)
 
336,430
2,013,797
Aveva Group PLC
 
43,368
1,551,714
Aviva PLC
 
1,030,492
4,942,887
BAE Systems PLC
 
1,146,093
10,720,061
Barclays PLC
 
6,090,225
10,348,839
Barratt Developments PLC
 
374,142
1,613,709
Berkeley Group Holdings PLC
 
40,872
1,626,927
BP PLC
 
6,931,864
38,351,288
BP PLC sponsored ADR
 
11,803
392,804
British American Tobacco PLC (United Kingdom)
 
779,944
30,802,697
British Land Co. PLC
 
319,674
1,341,397
BT Group PLC
 
2,496,057
3,715,497
Bunzl PLC
 
122,631
3,995,390
Burberry Group PLC
 
141,468
2,944,574
Compass Group PLC
 
647,638
13,640,439
Croda International PLC
 
51,156
3,965,801
Diageo PLC
 
827,065
34,035,806
GSK PLC
 
1,475,843
24,175,930
Haleon PLC (a)
 
1,848,643
5,681,664
Halma PLC
 
139,047
3,372,560
Hargreaves Lansdown PLC
 
129,850
1,136,496
Hikma Pharmaceuticals PLC
 
59,209
848,082
HSBC Holdings PLC (United Kingdom)
 
7,282,803
37,375,734
Imperial Brands PLC
 
326,437
7,951,711
Informa PLC
 
549,599
3,501,836
InterContinental Hotel Group PLC
 
66,618
3,579,435
Intertek Group PLC
 
57,543
2,411,286
J Sainsbury PLC
 
636,213
1,418,178
JD Sports Fashion PLC
 
945,758
1,056,830
Johnson Matthey PLC
 
68,054
1,509,768
Kingfisher PLC
 
737,955
1,854,064
Land Securities Group PLC
 
255,513
1,671,399
Legal & General Group PLC
 
2,186,552
5,849,601
Lloyds Banking Group PLC
 
25,267,573
12,135,206
London Stock Exchange Group PLC
 
119,376
10,347,756
M&G PLC
 
930,701
1,869,958
Melrose Industries PLC
 
1,570,876
2,105,931
Mondi PLC
 
153,647
2,576,960
Mondi PLC
 
21,440
366,781
National Grid PLC
 
1,323,950
14,424,603
NatWest Group PLC
 
1,945,571
5,238,813
Next PLC
 
46,862
2,648,911
NMC Health PLC (a)
 
30,958
619
Ocado Group PLC (a)
 
208,823
1,132,092
Pearson PLC
 
241,382
2,668,025
Persimmon PLC
 
116,074
1,737,133
Phoenix Group Holdings PLC
 
268,017
1,667,131
Prudential PLC
 
1,000,018
9,289,838
Reckitt Benckiser Group PLC
 
259,323
17,209,716
RELX PLC (London Stock Exchange)
 
695,382
18,678,304
Rentokil Initial PLC
 
910,533
5,681,827
Rio Tinto PLC
 
407,822
21,313,452
Rolls-Royce Holdings PLC (a)
 
3,022,330
2,710,618
Sage Group PLC
 
375,358
3,128,587
Schroders PLC
 
266,576
1,197,464
Segro PLC
 
432,106
3,889,982
Severn Trent PLC
 
88,703
2,546,167
Shell PLC (London)
 
2,694,948
74,654,392
Smith & Nephew PLC
 
312,852
3,696,945
Smiths Group PLC
 
137,471
2,460,155
Spirax-Sarco Engineering PLC
 
27,146
3,346,586
SSE PLC
 
395,049
7,059,875
St. James's Place PLC
 
197,477
2,411,870
Standard Chartered PLC (United Kingdom)
 
916,200
5,465,732
Taylor Wimpey PLC
 
1,244,960
1,338,916
Tesco PLC
 
2,754,075
6,802,247
Unilever PLC
 
924,489
42,022,055
United Utilities Group PLC
 
241,577
2,603,282
Vodafone Group PLC
 
9,434,254
11,013,573
Vodafone Group PLC sponsored ADR
 
27,565
325,543
Whitbread PLC
 
74,733
2,199,550
TOTAL UNITED KINGDOM
 
 
679,162,032
United States of America - 0.2%
 
 
 
360 DigiTech, Inc. ADR
 
37,586
381,874
Coca-Cola European Partners PLC
 
73,903
3,477,136
Legend Biotech Corp. ADR (a)
 
18,994
946,281
Li Auto, Inc. ADR (a)
 
196,610
2,677,828
NICE Ltd. sponsored ADR (a)
 
1,402
266,226
Southern Copper Corp.
 
31,754
1,491,485
Yum China Holdings, Inc.
 
152,245
6,295,331
TOTAL UNITED STATES OF AMERICA
 
 
15,536,161
 
TOTAL COMMON STOCKS
  (Cost $8,304,512,715)
 
 
 
7,234,332,094
 
 
 
 
Nonconvertible Preferred Stocks - 1.1%
 
 
Shares
Value ($)
 
Brazil - 0.5%
 
 
 
Banco Bradesco SA (PN)
 
1,962,844
7,546,623
Braskem SA Class A
 
63,600
415,053
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)
 
84,407
871,277
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
475,805
1,047,314
Gerdau SA
 
420,800
2,097,687
Itau Unibanco Holding SA
 
1,777,821
10,462,832
Itausa-Investimentos Itau SA (PN)
 
1,676,037
3,484,781
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
1,714,200
9,892,615
TOTAL BRAZIL
 
 
35,818,182
Chile - 0.1%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B)
 
51,538
4,905,260
Colombia - 0.0%
 
 
 
Bancolombia SA (PN)
 
163,190
1,032,587
France - 0.0%
 
 
 
Air Liquide SA (a)
 
8,637
1,129,838
Germany - 0.3%
 
 
 
Bayerische Motoren Werke AG (BMW) (non-vtg.)
 
22,474
1,659,082
Dr. Ing. h.c. F. Porsche AG Series F (a)
 
41,324
4,226,779
Henkel AG & Co. KGaA
 
63,755
4,016,477
Porsche Automobil Holding SE (Germany)
 
55,111
3,079,178
Sartorius AG (non-vtg.)
 
8,736
3,082,970
Volkswagen AG
 
67,069
8,584,928
TOTAL GERMANY
 
 
24,649,414
Korea (South) - 0.2%
 
 
 
Hyundai Motor Co.
 
8,912
489,519
Hyundai Motor Co. Series 2
 
14,147
790,944
LG Chemical Ltd.
 
3,500
708,671
LG H & H Co. Ltd.
 
694
136,386
Samsung Electronics Co. Ltd.
 
310,324
11,588,340
TOTAL KOREA (SOUTH)
 
 
13,713,860
Russia - 0.0%
 
 
 
Surgutneftegas OJSC (d)
 
2,913,333
76,009
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $86,712,145)
 
 
 
81,325,150
 
 
 
 
Nonconvertible Bonds - 0.0%
 
 
Principal
Amount (e)
 
Value ($)
 
India - 0.0%
 
 
 
NTPC Ltd. 8.49% 3/25/25
  (Cost $13,959)
INR
69,696
11,248
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 1.15% 1/26/23 (f)
  (Cost $9,972,779)
 
10,000,000
9,904,743
 
 
 
 
Money Market Funds - 1.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (g)
 
122,707,689
122,732,231
Fidelity Securities Lending Cash Central Fund 3.10% (g)(h)
 
17,458,093
17,459,839
 
TOTAL MONEY MARKET FUNDS
  (Cost $140,191,435)
 
 
140,192,070
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
  (Cost $8,541,403,033)
 
 
 
7,465,765,305
NET OTHER ASSETS (LIABILITIES) - 0.1%  
8,017,253
NET ASSETS - 100.0%
7,473,782,558
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE E-mini MSCI EAFE Index Contracts (United States)
1,155
Dec 2022
101,403,225
1,040,867
1,040,867
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
1,016
Dec 2022
43,362,880
(2,506,039)
(2,506,039)
TME S&P/TSX 60 Index Contracts (Canada)
79
Dec 2022
13,657,342
337,572
337,572
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(1,127,600)
The notional amount of futures purchased as a percentage of Net Assets is 2.2%
 
 
 
Currency Abbreviations
         INR
-
Indian rupee
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $170,577,240 or 2.3% of net assets.
 
(d)
Level 3 security
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $9,730,420.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
154,057,509
1,842,172,834
1,873,498,113
2,023,004
-
1
122,732,231
0.2%
Fidelity Securities Lending Cash Central Fund 3.10%
35,881,913
332,578,045
351,000,119
590,267
-
-
17,459,839
0.0%
Total
189,939,422
2,174,750,879
2,224,498,232
2,613,271
-
1
140,192,070
 
 
 
 
 
 
 
 
 
 
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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
415,291,413
168,275,411
246,277,980
738,022
Consumer Discretionary
783,598,046
336,774,820
446,769,188
54,038
Consumer Staples
663,513,353
289,550,472
373,931,852
31,029
Energy
484,891,344
271,986,496
211,942,995
961,853
Financials
1,531,128,495
990,942,228
539,858,290
327,977
Health Care
730,794,605
238,049,395
492,745,210
-
Industrials
912,162,624
517,316,821
394,845,803
-
Information Technology
796,175,732
441,576,403
354,599,329
-
Materials
594,383,851
382,838,150
210,899,658
646,043
Real Estate
159,821,798
132,903,915
26,822,570
95,313
Utilities
243,895,983
142,068,321
101,725,101
102,561
 Corporate Bonds
11,248
-
11,248
-
 Government Obligations
9,904,743
-
9,904,743
-
  Money Market Funds
140,192,070
140,192,070
-
-
 Total Investments in Securities:
7,465,765,305
4,052,474,502
3,410,333,967
2,956,836
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
1,378,439
1,378,439
-
-
  Total Assets
1,378,439
1,378,439
-
-
 Liabilities
 
 
 
 
Futures Contracts
(2,506,039)
(2,506,039)
-
-
  Total Liabilities
(2,506,039)
(2,506,039)
-
-
 Total Derivative Instruments:
(1,127,600)
(1,127,600)
-
-
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
1,149,714
 
  Net Realized Gain (Loss) on Investment Securities
 
(1,384,995)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(103,152,210)
 
  Cost of Purchases
 
4,772,944
 
  Proceeds of Sales
 
(1,890,912)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
103,462,295
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
2,956,836
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(103,593,894)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
 
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, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
1,378,439
(2,506,039)
Total Equity Risk
1,378,439
(2,506,039)
Total Value of Derivatives
1,378,439
(2,506,039)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® Global ex U.S. Index Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $16,124,708) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $8,401,211,598)
 
$7,325,573,235
 
 
Fidelity Central Funds (cost $140,191,435)
 
140,192,070
 
 
 
 
 
 
 
Total Investment in Securities (cost $8,541,403,033)
 
 
$
7,465,765,305
Segregated cash with brokers for derivative instruments
 
 
 
90
Foreign currency held at value (cost $11,037,116)
 
 
 
10,933,878
Receivable for investments sold
 
 
 
1,160,446
Receivable for fund shares sold
 
 
 
7,964,495
Dividends receivable
 
 
 
14,629,341
Reclaims receivable
 
 
 
16,279,408
Interest receivable
 
 
 
43
Distributions receivable from Fidelity Central Funds
 
 
 
327,574
Other receivables
 
 
 
16,545
  Total assets
 
 
 
7,517,077,125
Liabilities
 
 
 
 
Payable for investments purchased
 
18,282
 
 
Payable for fund shares redeemed
 
13,987,538
 
 
Accrued management fee
 
338,181
 
 
Payable for daily variation margin on futures contracts
 
1,107,434
 
 
Other payables and accrued expenses
 
10,384,696
 
 
Collateral on securities loaned
 
17,458,436
 
 
  Total Liabilities
 
 
 
43,294,567
Net Assets  
 
 
$
7,473,782,558
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
8,876,341,526
Total accumulated earnings (loss)
 
 
 
(1,402,558,968)
Net Assets
 
 
$
7,473,782,558
Net Asset Value , offering price and redemption price per share ($7,473,782,558 ÷ 644,453,048 shares)
 
 
$
11.60
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
269,917,552
Non-Cash dividends
 
 
 
18,846,609
Interest  
 
 
86,293
Income from Fidelity Central Funds (including $590,267 from security lending)
 
 
 
2,613,271
 Income before foreign taxes withheld
 
 
 
291,463,725
Less foreign taxes withheld
 
 
 
(25,558,877)
 Total Income
 
 
 
265,904,848
Expenses
 
 
 
 
Management fee
$
4,674,737
 
 
Independent trustees' fees and expenses
 
28,359
 
 
 Total expenses before reductions
 
4,703,096
 
 
 Expense reductions
 
(935)
 
 
 Total expenses after reductions
 
 
 
4,702,161
Net Investment income (loss)
 
 
 
261,202,687
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $794,127)
 
33,157,913
 
 
 Foreign currency transactions
 
(3,940,160)
 
 
 Futures contracts
 
(71,227,493)
 
 
Total net realized gain (loss)
 
 
 
(42,009,740)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,202,494)  
 
(2,575,410,085)
 
 
   Fidelity Central Funds
 
1
 
 
 Assets and liabilities in foreign currencies
 
(2,517,992)
 
 
 Futures contracts
 
(2,526,756)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(2,580,454,832)
Net gain (loss)
 
 
 
(2,622,464,572)
Net increase (decrease) in net assets resulting from operations
 
 
$
(2,361,261,885)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
261,202,687
$
195,437,644
Net realized gain (loss)
 
(42,009,740)
 
 
(26,281,392)
 
Change in net unrealized appreciation (depreciation)
 
(2,580,454,832)
 
1,519,342,124
 
Net increase (decrease) in net assets resulting from operations
 
(2,361,261,885)
 
 
1,688,498,376
 
Distributions to shareholders
 
(232,318,373)
 
 
(113,745,928)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
3,351,217,856
 
3,700,740,156
  Reinvestment of distributions
 
222,581,907
 
 
108,447,495
 
Cost of shares redeemed
 
(2,638,924,650)
 
(1,873,018,145)
  Net increase (decrease) in net assets resulting from share transactions
 
934,875,113
 
 
1,936,169,506
 
Total increase (decrease) in net assets
 
(1,658,705,145)
 
 
3,510,921,954
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
9,132,487,703
 
5,621,565,749
 
End of period
$
7,473,782,558
$
9,132,487,703
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
247,319,236
 
240,549,523
  Issued in reinvestment of distributions
 
15,064,264
 
 
7,610,351
 
Redeemed
 
(196,149,020)
 
(122,263,327)
Net increase (decrease)
 
66,234,480
 
125,896,547
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Global ex U.S. Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.79
$
12.43
$
13.09
$
12.07
$
13.50
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.42
 
.38
 
.29
 
.41
 
.38
     Net realized and unrealized gain (loss)
 
(4.21)
 
3.23
 
(.57)
 
.91
 
(1.50)
  Total from investment operations
 
(3.79)  
 
3.61  
 
(.28)  
 
1.32  
 
(1.12)
  Distributions from net investment income
 
(.40)
 
(.25)
 
(.38)
 
(.30)
 
(.28)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.03)
     Total distributions
 
(.40)
 
(.25)
 
(.38)
 
(.30)
 
(.31)
  Net asset value, end of period
$
11.60
$
15.79
$
12.43
$
13.09
$
12.07
 Total Return   C
 
(24.56)%
 
29.25%
 
(2.25)%
 
11.28%
 
(8.47)%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.06%
 
.05% F
 
.06%
 
.06%
 
.06%
    Expenses net of fee waivers, if any
 
.06%
 
.05% F
 
.06%
 
.06%
 
.06%
    Expenses net of all reductions
 
.06%
 
.05% F
 
.06%
 
.06%
 
.06%
    Net investment income (loss)
 
3.06%
 
2.46%
 
2.37%
 
3.32%
 
2.91%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
7,473,783
$
9,132,488
$
5,621,566
$
5,343,395
$
2,879,110
    Portfolio turnover rate G
 
5% H
 
5% H
 
5%
 
5% H
 
19% H
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
D Fees and expenses of any underlying 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.
 
E 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.
 
F The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
 
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
H Portfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Emerging Markets Index Fund and   Fidelity Global ex U.S. Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value each Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable. Fidelity Global ex U.S. Index Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost
Gross unrealized appreciation
Gross unrealized depreciation
Net unrealized appreciation (depreciation)
Fidelity Emerging Markets Index Fund  
$6,529,461,712
$687,398,725
$(2,016,069,053)
$(1,328,670,328)
Fidelity Global ex U.S. Index Fund
8,640,290,116
789,207,799
(1,963,395,038)
(1,174,187,239)
 
 
The tax-based components of distributable earnings as of period end were as follows for each Fund:
 
 
Undistributed ordinary income
Capital loss carryforward
Net unrealized appreciation (depreciation) on securities and other investments
Fidelity Emerging Markets Index Fund  
$115,773,997
$(482,439,502)
$(1,328,955,716)
Fidelity Global ex U.S. Index Fund
178,852,513
(394,392,523)
(1,176,634,264)
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 
 
Short-term
 
Long-term
Total capital loss carryforward
Fidelity Emerging Markets Index Fund  
$(132,849,320)
$(349,590,182)
$(482,439,502)
Fidelity Global ex U.S. Index Fund
(73,644,327)
(320,748,196)
(394,392,523)
 
The tax character of distributions paid was as follows:
 
October 31, 2022
 
 
 
Ordinary Income
Total
Fidelity Emerging Markets Index Fund  
$141,768,973
$141,768,973
Fidelity Global ex U.S. Index Fund
232,318,373
232,318,373
 
October 31, 2021
 
 
 
Ordinary Income
Total
Fidelity Emerging Markets Index Fund  
$60,657,681
$60,657,681
Fidelity Global ex U.S. Index Fund
113,745,928
113,745,928
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Emerging Markets Index Fund
2,129,712,861
508,329,060
Fidelity Global ex U.S. Index Fund
2,026,305,817
450,657,992
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Global ex U.S. Index Fund
62,225,242
197,626,769
805,816,881
 
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is based on an annual rate of .075% and .055% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund, respectively. The management fee is reduced by an amount equal to the fees and expenses paid by each Fund to the independent Trustees. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.
 
Under the expense contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, as necessary so that the total expenses do not exceed .075%, and .055% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global Ex-U.S. Index Fund, respectively. These expense contracts will remain in place through December 31, 2023.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding is presented in the table below. Interest expense on borrowings is paid by the investment adviser under the Expense Contract.
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Emerging Markets Index Fund  
Borrower
$21,143,350
2.67%
$31,400
 
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.
 
Prior Fiscal Year Affiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds
($)
Fidelity Global ex U.S. Index Fund
1,703,066
26,142,058
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Emerging Markets Index Fund
$56,314
$-
$-
Fidelity Global ex U.S. Index Fund
$62,191
$1
$-
9. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
 
 
Custodian credits
Fidelity Emerging Markets Index Fund  
$102,851
Fidelity Global ex U.S. Index Fund
935
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Fidelity Multi-Asset Index Fund
Fidelity Emerging Markets Index Fund
13%
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund (the "Funds"), each a fund of Fidelity Salem Street Trust, including the schedules of investments, as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 293 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function.   Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as a member of the Board of McKesson Corporation (healthcare service, 2002-2021). In addition, Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity ® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Laura M. Bishop (1961)
Year of Election or Appointment: 2022
Member of the Advisory Board
Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).    
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.     
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). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke 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).     
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).     
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
President and 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: 2016
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).     
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), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-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: 2013
Assistant 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).     
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.     
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.     
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: 2013
Assistant 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: 2021
Deputy 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).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® Emerging Markets Index Fund
 
 
 
.07%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 812.90
 
$ .32
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.85
 
$ .36
 
 
 
 
 
 
 
 
 
 
Fidelity® Global ex U.S. Index Fund
 
 
 
.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 863.70
 
$ .23
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.95
 
$ .26
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
Fidelity Emerging Markets Index Fund
 
December, 2021
45%
Fidelity Global ex U.S. Index Fund
 
December 6, 2021
74%
December 29, 2021
77%
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity Emerging Markets Index Fund
12/06/2021
$0.2813
$0.0259
Fidelity Global ex U.S. Index Fund
12/06/2021
$0.4278
$0.0428
Fidelity Global ex U.S. Index Fund
12/29/2021
$0.0081
$0.0000
 
The funds will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity Emerging Markets Index Fund
Fidelity Global ex U.S. Index Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its September 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.  
 
Nature, Extent, and Quality of Services Provided . The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. The Board also considered the steps Fidelity and Geode had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
 
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
 
Resources Dedicated to Investment Management and Support Services . The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.
 
Investment Performance . The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.  
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers each fund's tracking error versus its benchmark index.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and its benchmark index for the most recent one-, three-, and five-year periods. No performance peer group information was considered by the Board as Fidelity advised the Board that the peer groups, which are created by a third-party provider, include a number of actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered each fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparisons of management fees and total expense ratios by broadening the competitive group used for such comparisons.
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.  
 
Fidelity Emerging Markets Index Fund  
 
The Board considered that (i) effective August 1, 2017, the fund's management fee rate was reduced from 0.09% to 0.08%, and (ii) effective August 1, 2019, the fund's management fee rate was further reduced from 0.08% to 0.075%. The Board considered that the chart below reflects the fund's lower management fee rates for 2017 and 2019 (as well as the 2019 reduction in 2018), as if the lower fee rates were in effect for the entire year.
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.
 
Fidelity Global ex U.S. Index Fund  
 
The Board considered that, effective August 1, 2019, the fund's management fee rate was reduced from 0.06% to 0.055%. The Board considered that the chart below reflects the fund's lower management fee rate for 2019 (as well as the 2019 reduction in 2018), as if the lower fee rate were in effect for the entire year.
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.
 
At its September 2022 meeting, the Board also approved an amendment to the Global ex U.S. Index Fund's sub-advisory agreement with Geode (effective October 1, 2022) that reduced the sub-advisory fee rate that FMR pays to Geode.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio . In its review of each fund's total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of each fund relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.
 
The Board noted that each fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for 2021.  
 
The Board considered that current contractual arrangements for the funds oblige FMR to pay all expenses of each fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.075% for Fidelity Emerging Markets Index Fund and 0.055% for Fidelity Global ex U.S. Index Fund. These contractual arrangements terminate on December 31, 2023 and may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.
 
Fees Charged to Other Clients . The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.  
 
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
 
The Board also considered information regarding the profitability of Geode's relationship with each fund.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to each fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that each fund's Advisory Contracts should be renewed.
 
1.929368.111
EMX-I-GUX-I-ANN-1222
Fidelity® SAI International Index Fund
 
 
Annual Report
October 31, 2022
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ®   SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts 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. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® SAI International Index Fund
-23.00%
-0.04%
3.39%
 
A     From January 05, 2016
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Index Fund, on January 05, 2016, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
 
Comments from the Geode Capital Management, LLC, passive equity index team:
 
For the fiscal year ending October 31, 2022, the fund returned -23.00%, roughly in line with the -22.84% result of the benchmark MSCI EAFE Index (Net MA). (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) By region, Europe ex U.K. returned -25.71% and detracted most, followed by Japan (-24.43%). By sector, stocks in the industrials sector returned -27% and detracted most, followed by consumer discretionary, which returned -31%. Financials returned -20% and information technology detracted -36%. Health care (-17%) and consumer staples (-19%) hampered results. Other notable detractors included the materials (-20%) and communication services (-23%) sectors. Real estate (-31%) and utilities (-21%) also hurt. In contrast, energy gained 16% and contributed most. Turning to individual stocks, the biggest individual detractor was ASML Holding (-41%), from the semiconductors & semiconductor equipment group, followed by Sony (-41%), which is in the consumer durables & apparel category. Within food, beverage & tobacco, Nestle returned -16% and hurt. Other detractors were Sea (-85%), a stock in the media & entertainment industry, and Recruit Holdings (-53%), from the commercial & professional services segment. Conversely, the biggest individual contributor was Shell (+25%), from the energy sector. Also in energy, BP (+20%) and TotalEnergies (+14%) helped. British American Tobacco, within the food, beverage & tobacco group, advanced 21% and lifted the fund. Another contributor was Daiichi (+28%), a stock in the pharmaceuticals, biotechnology & life sciences segment.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
2.3
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
1.8
 
Shell PLC (London)  (United Kingdom, Oil, Gas & Consumable Fuels)
1.6
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.5
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
1.4
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
1.4
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
1.3
 
Novartis AG  (Switzerland, Pharmaceuticals)
1.3
 
Toyota Motor Corp.  (Japan, Automobiles)
1.1
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
1.0
 
 
14.7
 
 
Market Sectors (% of Fund's net assets)
 
Financials
17.2
 
Industrials
14.9
 
Health Care
14.1
 
Consumer Discretionary
10.9
 
Consumer Staples
10.3
 
Information Technology
8.3
 
Materials
7.7
 
Energy
5.1
 
Communication Services
4.5
 
Utilities
3.5
 
Real Estate
1.8
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 98.2%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 97.8%
 
 
Shares
Value ($)
 
Australia - 7.7%
 
 
 
Ampol Ltd.
 
57,382
999,461
APA Group unit
 
284,909
1,915,364
Aristocrat Leisure Ltd.
 
145,615
3,452,797
ASX Ltd.
 
46,721
2,023,220
Aurizon Holdings Ltd.
 
443,148
1,026,124
Australia & New Zealand Banking Group Ltd.
 
720,594
11,806,024
BHP Group Ltd.
 
1,224,495
29,262,154
BlueScope Steel Ltd.
 
113,969
1,146,721
Brambles Ltd.
 
350,831
2,621,098
Cochlear Ltd.
 
15,855
2,025,389
Coles Group Ltd.
 
323,066
3,374,581
Commonwealth Bank of Australia
 
412,810
27,641,164
Computershare Ltd.
 
132,785
2,146,331
CSL Ltd.
 
116,557
20,911,379
Dexus unit
 
258,397
1,282,601
Dominos Pizza Enterprises Ltd.
 
14,436
588,667
Endeavour Group Ltd.
 
327,604
1,498,296
Evolution Mining Ltd.
 
447,056
594,795
Fortescue Metals Group Ltd.
 
409,123
3,854,350
Goodman Group unit
 
406,377
4,418,964
IDP Education Ltd.
 
50,913
963,643
Insurance Australia Group Ltd.
 
595,136
1,865,326
Lendlease Group unit
 
166,379
924,827
Macquarie Group Ltd.
 
88,099
9,551,753
Medibank Private Ltd.
 
671,680
1,207,289
Mineral Resources Ltd.
 
41,617
1,946,744
Mirvac Group unit
 
948,519
1,255,911
National Australia Bank Ltd.
 
776,372
16,126,836
Newcrest Mining Ltd.
 
218,319
2,417,944
Northern Star Resources Ltd.
 
284,165
1,588,636
Orica Ltd.
 
108,328
961,773
Origin Energy Ltd.
 
424,564
1,512,658
Qantas Airways Ltd. (a)
 
225,396
841,979
QBE Insurance Group Ltd.
 
358,337
2,805,534
Ramsay Health Care Ltd.
 
44,741
1,676,190
REA Group Ltd.
 
12,698
987,588
Reece Ltd.
 
55,143
547,778
Rio Tinto Ltd.
 
89,603
5,055,144
Santos Ltd.
 
777,297
3,794,499
Scentre Group unit
 
1,251,710
2,321,903
SEEK Ltd.
 
80,343
1,109,540
Sonic Healthcare Ltd.
 
110,092
2,307,675
South32 Ltd.
 
1,134,081
2,601,887
Stockland Corp. Ltd. unit
 
575,702
1,325,692
Suncorp Group Ltd.
 
304,641
2,223,394
Telstra Group Ltd.
 
992,480
2,488,572
The GPT Group unit
 
460,481
1,269,496
The Lottery Corp. Ltd. (a)
 
537,522
1,475,013
Transurban Group unit
 
742,899
6,301,090
Treasury Wine Estates Ltd.
 
173,697
1,438,813
Vicinity Centres unit
 
943,723
1,174,104
Washington H. Soul Pattinson & Co. Ltd.
 
52,367
935,894
Wesfarmers Ltd.
 
273,770
7,944,544
Westpac Banking Corp.
 
846,805
13,059,394
WiseTech Global Ltd.
 
35,815
1,332,391
Woodside Energy Group Ltd.
 
459,194
10,568,169
Woolworths Group Ltd.
 
293,750
6,204,365
TOTAL AUSTRALIA
 
 
244,703,468
Austria - 0.2%
 
 
 
Erste Group Bank AG
 
82,888
2,042,770
OMV AG
 
35,546
1,638,386
Verbund AG
 
16,460
1,289,128
Voestalpine AG
 
27,657
600,758
TOTAL AUSTRIA
 
 
5,571,042
Bailiwick of Jersey - 0.9%
 
 
 
Experian PLC
 
222,724
7,101,616
Ferguson PLC
 
51,786
5,647,816
Glencore PLC
 
2,383,432
13,664,391
WPP PLC
 
262,754
2,312,275
TOTAL BAILIWICK OF JERSEY
 
 
28,726,098
Belgium - 0.8%
 
 
 
Ageas
 
38,840
1,344,579
Anheuser-Busch InBev SA NV
 
210,202
10,514,391
D'ieteren Group
 
6,007
999,099
ELIA GROUP SA/NV
 
7,987
1,009,534
Groupe Bruxelles Lambert SA
 
23,942
1,765,087
KBC Group NV
 
60,319
3,022,932
Proximus
 
36,130
378,835
Sofina SA
 
3,704
722,944
Solvay SA Class A
 
17,823
1,607,063
UCB SA
 
30,575
2,306,066
Umicore SA
 
50,553
1,666,526
Warehouses de Pauw
 
39,072
1,003,163
TOTAL BELGIUM
 
 
26,340,219
Bermuda - 0.1%
 
 
 
CK Infrastructure Holdings Ltd.
 
153,500
729,402
Hongkong Land Holdings Ltd.
 
272,920
1,050,742
Jardine Matheson Holdings Ltd.
 
38,461
1,769,975
TOTAL BERMUDA
 
 
3,550,119
Cayman Islands - 0.6%
 
 
 
Budweiser Brewing Co. APAC Ltd. (b)
 
419,900
883,702
Chow Tai Fook Jewellery Group Ltd.
 
487,800
835,201
CK Asset Holdings Ltd.
 
484,925
2,681,106
CK Hutchison Holdings Ltd.
 
647,500
3,223,147
ESR Group Ltd. (b)
 
484,000
826,228
Futu Holdings Ltd. ADR (a)
 
14,305
484,367
Grab Holdings Ltd. (a)
 
317,331
825,061
Sands China Ltd. (a)
 
592,000
1,033,218
Sea Ltd. ADR (a)
 
87,257
4,334,928
SITC International Holdings Co. Ltd.
 
327,000
535,721
WH Group Ltd. (b)
 
1,997,500
1,010,246
Wharf Real Estate Investment Co. Ltd.
 
403,000
1,588,969
Xinyi Glass Holdings Ltd.
 
436,000
560,993
TOTAL CAYMAN ISLANDS
 
 
18,822,887
Denmark - 2.7%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
742
1,485,123
 Series B
 
1,224
2,557,147
Carlsberg A/S Series B
 
23,567
2,774,913
Chr. Hansen Holding A/S
 
25,505
1,416,575
Coloplast A/S Series B
 
28,718
3,201,201
Danske Bank A/S
 
166,400
2,685,616
Demant A/S (a)
 
22,115
604,367
DSV A/S
 
45,281
6,130,181
Genmab A/S (a)
 
15,902
6,125,573
GN Store Nord A/S
 
31,193
663,249
Novo Nordisk A/S Series B
 
400,550
43,552,306
Novozymes A/S Series B
 
49,454
2,597,315
ORSTED A/S (b)
 
45,750
3,774,638
Pandora A/S
 
21,778
1,147,823
Rockwool International A/S Series B
 
2,112
420,477
Tryg A/S
 
87,922
1,902,723
Vestas Wind Systems A/S
 
244,114
4,812,382
TOTAL DENMARK
 
 
85,851,609
Finland - 1.2%
 
 
 
Elisa Corp. (A Shares)
 
34,382
1,661,865
Fortum Corp.
 
108,324
1,524,944
Kesko Oyj
 
65,792
1,280,873
Kone OYJ (B Shares)
 
83,073
3,401,491
Neste OYJ
 
102,358
4,485,226
Nokia Corp.
 
1,308,664
5,815,596
Nordea Bank ABP
 
825,117
7,885,587
Orion Oyj (B Shares)
 
25,760
1,185,038
Sampo Oyj (A Shares)
 
115,973
5,304,166
Stora Enso Oyj (R Shares)
 
132,999
1,733,644
UPM-Kymmene Corp.
 
129,122
4,327,079
Wartsila Corp.
 
112,813
769,263
TOTAL FINLAND
 
 
39,374,772
France - 10.7%
 
 
 
Accor SA (a)
 
41,512
994,688
Aeroports de Paris SA (a)
 
7,144
967,581
Air Liquide SA
 
126,543
16,553,566
Alstom SA
 
76,328
1,570,925
Amundi SA (b)
 
14,508
685,047
Arkema SA
 
14,277
1,130,433
AXA SA
 
452,018
11,162,543
bioMerieux SA
 
10,096
893,374
BNP Paribas SA
 
268,490
12,590,549
Bollore SA
 
212,766
1,064,997
Bouygues SA
 
55,974
1,597,004
Bureau Veritas SA
 
71,216
1,764,407
Capgemini SA
 
39,582
6,487,128
Carrefour SA
 
147,508
2,374,208
Compagnie de St. Gobain
 
120,183
4,913,198
Compagnie Generale des Etablissements Michelin SCA Series B
 
163,783
4,173,856
Covivio
 
11,296
605,049
Credit Agricole SA
 
295,794
2,683,935
Danone SA
 
155,314
7,719,031
Dassault Aviation SA
 
5,999
891,648
Dassault Systemes SA
 
161,012
5,396,925
Edenred SA
 
60,335
3,098,170
Eiffage SA
 
20,139
1,821,863
Electricite de France SA
 
136,711
1,614,501
Engie SA
 
441,899
5,741,755
EssilorLuxottica SA
 
69,562
11,023,204
Eurazeo SA
 
10,374
592,572
Gecina SA
 
11,024
983,226
Getlink SE
 
106,011
1,679,389
Hermes International SCA
 
7,662
9,923,069
Ipsen SA
 
9,109
936,205
Kering SA
 
18,096
8,287,268
Klepierre SA
 
52,472
1,055,258
L'Oreal SA
 
58,396
18,336,601
La Francaise des Jeux SAEM (b)
 
25,330
826,068
Legrand SA
 
64,557
4,919,547
LVMH Moet Hennessy Louis Vuitton SE
 
67,182
42,391,499
Orange SA
 
482,342
4,595,714
Pernod Ricard SA
 
50,698
8,903,178
Publicis Groupe SA
 
54,967
3,078,394
Remy Cointreau SA
 
5,539
849,004
Renault SA (a)
 
46,881
1,444,111
Safran SA
 
82,628
9,202,279
Sanofi SA
 
275,506
23,709,458
Sartorius Stedim Biotech
 
6,683
2,121,357
Schneider Electric SA
 
131,204
16,591,588
SEB SA
 
5,978
389,321
Societe Generale Series A
 
194,327
4,457,286
Sodexo SA
 
21,353
1,893,703
Teleperformance
 
14,203
3,807,998
Thales SA
 
25,748
3,273,559
TotalEnergies SE
 
599,695
32,715,381
Ubisoft Entertainment SA (a)
 
22,897
628,378
Valeo SA
 
50,288
829,445
Veolia Environnement SA
 
160,635
3,584,734
VINCI SA
 
129,238
11,894,681
Vivendi SA
 
175,740
1,438,429
Wendel SA
 
6,303
493,955
Worldline SA (a)(b)
 
57,641
2,515,828
TOTAL FRANCE
 
 
337,868,068
Germany - 7.2%
 
 
 
adidas AG
 
41,714
4,071,917
Allianz SE
 
98,815
17,777,265
BASF AG
 
221,927
9,958,015
Bayer AG
 
237,611
12,493,842
Bayerische Motoren Werke AG (BMW)
 
80,183
6,293,719
Bechtle AG
 
19,573
677,006
Beiersdorf AG
 
24,632
2,364,554
Brenntag SE
 
37,231
2,259,041
Carl Zeiss Meditec AG
 
9,689
1,173,435
Commerzbank AG (a)
 
259,624
2,077,218
Continental AG
 
26,829
1,389,627
Covestro AG (b)
 
47,120
1,599,537
Daimler Truck Holding AG (a)
 
109,190
2,913,489
Delivery Hero AG (a)(b)
 
39,899
1,313,033
Deutsche Bank AG
 
505,000
4,820,980
Deutsche Borse AG
 
45,970
7,475,631
Deutsche Lufthansa AG (a)
 
145,785
996,734
Deutsche Post AG
 
239,536
8,467,556
Deutsche Telekom AG
 
784,268
14,803,450
E.ON SE
 
543,108
4,547,983
Evonik Industries AG
 
51,144
942,881
Fresenius Medical Care AG & Co. KGaA
 
50,023
1,383,666
Fresenius SE & Co. KGaA
 
101,132
2,327,367
GEA Group AG
 
36,101
1,262,959
Hannover Reuck SE
 
14,576
2,373,900
HeidelbergCement AG
 
35,320
1,624,254
HelloFresh AG (a)
 
40,302
806,924
Henkel AG & Co. KGaA
 
25,025
1,469,095
Infineon Technologies AG
 
315,686
7,660,273
KION Group AG
 
17,141
380,021
Knorr-Bremse AG
 
17,420
784,262
LEG Immobilien AG
 
17,765
1,160,820
Mercedes-Benz Group AG (Germany)
 
193,846
11,220,115
Merck KGaA
 
31,272
5,096,246
MTU Aero Engines AG
 
12,844
2,300,621
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
33,881
8,943,773
Nemetschek SE
 
13,817
660,339
Puma AG
 
25,749
1,140,255
Rational AG
 
1,248
704,235
Rheinmetall AG
 
10,624
1,727,113
RWE AG
 
155,274
5,982,997
SAP SE
 
252,471
24,301,060
Scout24 AG (b)
 
19,227
985,776
Siemens AG
 
184,981
20,201,596
Siemens Energy AG (c)
 
106,334
1,241,574
Siemens Healthineers AG (b)
 
68,154
3,122,311
Symrise AG
 
32,083
3,274,794
Telefonica Deutschland Holding AG
 
253,914
553,553
Uniper SE (c)
 
21,551
64,575
United Internet AG
 
22,832
427,018
Volkswagen AG
 
6,638
1,134,647
Vonovia SE
 
172,993
3,824,982
Zalando SE (a)(b)
 
54,321
1,252,001
TOTAL GERMANY
 
 
227,810,035
Hong Kong - 1.9%
 
 
 
AIA Group Ltd.
 
2,913,600
22,069,920
BOC Hong Kong (Holdings) Ltd.
 
893,000
2,775,818
CLP Holdings Ltd.
 
397,500
2,667,943
Galaxy Entertainment Group Ltd.
 
532,000
2,429,688
Hang Lung Properties Ltd.
 
487,000
612,628
Hang Seng Bank Ltd.
 
184,500
2,597,353
Henderson Land Development Co. Ltd.
 
351,021
859,391
Hong Kong & China Gas Co. Ltd.
 
2,705,074
2,084,989
Hong Kong Exchanges and Clearing Ltd.
 
291,160
7,728,440
Link (REIT)
 
509,639
3,012,523
MTR Corp. Ltd.
 
375,935
1,654,667
New World Development Co. Ltd.
 
362,845
742,363
Power Assets Holdings Ltd.
 
335,500
1,604,916
Sino Land Ltd.
 
837,080
894,702
Sun Hung Kai Properties Ltd.
 
351,000
3,771,959
Swire Pacific Ltd. (A Shares)
 
121,500
804,103
Swire Properties Ltd.
 
285,400
548,283
Techtronic Industries Co. Ltd.
 
336,000
3,181,506
TOTAL HONG KONG
 
 
60,041,192
Ireland - 0.7%
 
 
 
CRH PLC
 
184,442
6,643,206
DCC PLC (United Kingdom)
 
23,700
1,315,471
Flutter Entertainment PLC (Ireland) (a)
 
40,358
5,340,440
James Hardie Industries PLC CDI
 
107,552
2,348,181
Kerry Group PLC Class A
 
38,503
3,348,452
Kingspan Group PLC (Ireland)
 
37,257
1,881,463
Smurfit Kappa Group PLC
 
59,604
1,975,039
TOTAL IRELAND
 
 
22,852,252
Isle of Man - 0.1%
 
 
 
Entain PLC
 
141,718
2,050,175
Israel - 0.8%
 
 
 
Azrieli Group
 
10,351
767,782
Bank Hapoalim BM (Reg.)
 
306,245
2,955,372
Bank Leumi le-Israel BM
 
372,507
3,557,927
Bezeq The Israel Telecommunication Corp. Ltd.
 
494,584
875,920
Check Point Software Technologies Ltd. (a)
 
25,044
3,236,436
CyberArk Software Ltd. (a)
 
9,954
1,561,882
Elbit Systems Ltd. (Israel)
 
6,406
1,296,592
Icl Group Ltd.
 
172,964
1,562,454
Israel Discount Bank Ltd. (Class A)
 
296,914
1,690,625
Mizrahi Tefahot Bank Ltd.
 
37,013
1,400,472
NICE Ltd. (a)
 
15,309
2,901,889
Teva Pharmaceutical Industries Ltd. sponsored ADR (a)
 
271,303
2,420,023
Tower Semiconductor Ltd. (a)
 
26,388
1,129,138
Wix.com Ltd. (a)
 
13,732
1,154,861
ZIM Integrated Shipping Services Ltd. (c)
 
20,132
472,901
TOTAL ISRAEL
 
 
26,984,274
Italy - 1.7%
 
 
 
Amplifon SpA
 
30,368
754,481
Assicurazioni Generali SpA
 
268,039
4,022,492
Atlantia SpA
 
121,027
2,700,679
DiaSorin SpA
 
6,140
802,777
Enel SpA
 
1,966,886
8,786,767
Eni SpA
 
609,842
8,009,503
FinecoBank SpA
 
146,660
1,976,937
Infrastrutture Wireless Italiane SpA (b)
 
80,759
712,864
Intesa Sanpaolo SpA
 
3,980,941
7,589,785
Mediobanca SpA
 
147,625
1,338,107
Moncler SpA
 
49,485
2,136,596
Nexi SpA (a)(b)
 
127,818
1,107,793
Poste Italiane SpA (b)
 
127,420
1,110,639
Prysmian SpA
 
61,285
1,998,036
Recordati SpA
 
25,235
948,411
Snam SpA
 
487,126
2,166,013
Telecom Italia SpA (a)
 
2,341,868
458,170
Terna - Rete Elettrica Nazionale
 
339,858
2,252,980
UniCredit SpA
 
507,053
6,288,104
TOTAL ITALY
 
 
55,161,134
Japan - 21.7%
 
 
 
Advantest Corp.
 
46,300
2,447,412
AEON Co. Ltd.
 
157,700
2,944,645
AGC, Inc.
 
47,230
1,481,744
Aisin Seiki Co. Ltd.
 
35,990
923,379
Ajinomoto Co., Inc.
 
111,500
3,071,415
Ana Holdings, Inc. (a)
 
39,000
758,257
Asahi Group Holdings
 
110,000
3,080,399
ASAHI INTECC Co. Ltd.
 
53,000
903,205
Asahi Kasei Corp.
 
306,800
1,967,176
Astellas Pharma, Inc.
 
443,300
6,116,736
Azbil Corp.
 
27,400
745,371
Bandai Namco Holdings, Inc.
 
48,000
3,177,081
Bridgestone Corp.
 
139,500
5,045,220
Brother Industries Ltd.
 
56,500
961,710
Canon, Inc.
 
241,800
5,125,552
Capcom Co. Ltd.
 
43,000
1,198,662
Central Japan Railway Co.
 
35,200
4,075,335
Chiba Bank Ltd.
 
129,300
706,957
Chubu Electric Power Co., Inc.
 
157,160
1,279,941
Chugai Pharmaceutical Co. Ltd.
 
162,200
3,758,476
Concordia Financial Group Ltd.
 
258,400
787,217
CyberAgent, Inc.
 
104,800
862,673
Dai Nippon Printing Co. Ltd.
 
54,120
1,085,712
Dai-ichi Mutual Life Insurance Co.
 
236,300
3,746,442
Daifuku Co. Ltd.
 
24,200
1,109,950
Daiichi Sankyo Kabushiki Kaisha
 
423,800
13,566,163
Daikin Industries Ltd.
 
60,200
9,017,188
Daito Trust Construction Co. Ltd.
 
14,900
1,474,017
Daiwa House Industry Co. Ltd.
 
144,700
2,915,319
Daiwa House REIT Investment Corp.
 
530
1,069,303
Daiwa Securities Group, Inc.
 
316,900
1,236,101
DENSO Corp.
 
104,500
5,184,864
Dentsu Group, Inc.
 
52,800
1,645,839
Disco Corp.
 
6,900
1,656,613
East Japan Railway Co.
 
73,900
3,937,790
Eisai Co. Ltd.
 
61,700
3,723,702
ENEOS Holdings, Inc.
 
739,000
2,434,259
FANUC Corp.
 
46,300
6,058,430
Fast Retailing Co. Ltd.
 
14,100
7,869,525
Fuji Electric Co. Ltd.
 
30,300
1,173,731
FUJIFILM Holdings Corp.
 
87,000
3,989,731
Fujitsu Ltd.
 
47,500
5,465,280
GLP J-REIT
 
1,040
1,077,804
GMO Payment Gateway, Inc.
 
10,100
728,827
Hakuhodo DY Holdings, Inc.
 
54,100
456,973
Hamamatsu Photonics K.K.
 
33,500
1,518,477
Hankyu Hanshin Holdings, Inc.
 
54,900
1,630,072
Hikari Tsushin, Inc.
 
5,000
604,257
Hirose Electric Co. Ltd.
 
7,130
925,924
Hitachi Construction Machinery Co. Ltd.
 
25,400
497,768
Hitachi Ltd.
 
234,000
10,638,152
Honda Motor Co. Ltd.
 
393,500
8,972,774
Hoshizaki Corp.
 
25,700
737,150
Hoya Corp.
 
88,300
8,239,433
Hulic Co. Ltd.
 
93,600
679,835
Ibiden Co. Ltd.
 
26,800
906,581
Idemitsu Kosan Co. Ltd.
 
51,023
1,115,201
Iida Group Holdings Co. Ltd.
 
35,900
498,802
INPEX Corp.
 
250,700
2,530,164
Isuzu Motors Ltd.
 
142,500
1,671,341
ITO EN Ltd.
 
12,700
448,401
Itochu Corp.
 
287,100
7,431,641
ITOCHU Techno-Solutions Corp.
 
23,400
542,923
Japan Airlines Co. Ltd. (a)
 
33,400
623,323
Japan Exchange Group, Inc.
 
120,600
1,584,900
Japan Post Bank Co. Ltd.
 
100,600
669,787
Japan Post Holdings Co. Ltd.
 
580,800
3,904,420
Japan Post Insurance Co. Ltd.
 
48,700
719,553
Japan Real Estate Investment Corp.
 
304
1,273,694
Japan Retail Fund Investment Corp.
 
1,705
1,255,573
Japan Tobacco, Inc.
 
293,200
4,910,348
JFE Holdings, Inc.
 
116,500
1,067,887
JSR Corp.
 
44,100
840,508
Kajima Corp.
 
103,200
972,347
Kakaku.com, Inc.
 
32,500
551,010
Kansai Electric Power Co., Inc.
 
171,700
1,301,361
Kao Corp.
 
114,500
4,276,798
KDDI Corp.
 
390,000
11,527,219
Keio Corp.
 
24,600
863,593
Keisei Electric Railway Co.
 
30,800
818,185
Keyence Corp.
 
47,000
17,801,809
Kikkoman Corp.
 
35,500
1,929,049
Kintetsu Group Holdings Co. Ltd.
 
41,000
1,386,933
Kirin Holdings Co. Ltd.
 
198,000
2,915,505
Kobayashi Pharmaceutical Co. Ltd.
 
12,660
672,612
Kobe Bussan Co. Ltd.
 
36,700
798,443
Koei Tecmo Holdings Co. Ltd.
 
28,660
433,287
Koito Manufacturing Co. Ltd.
 
49,700
706,586
Komatsu Ltd.
 
223,000
4,368,613
Konami Group Corp.
 
22,300
979,313
Kose Corp.
 
8,000
800,027
Kubota Corp.
 
245,700
3,431,158
Kurita Water Industries Ltd.
 
25,000
917,986
Kyocera Corp.
 
77,300
3,868,249
Kyowa Hakko Kirin Co., Ltd.
 
64,800
1,527,449
Lasertec Corp.
 
18,400
2,585,401
LIXIL Group Corp.
 
72,600
1,099,046
M3, Inc.
 
107,800
3,223,234
Makita Corp.
 
54,620
998,099
Marubeni Corp.
 
377,700
3,309,749
Mazda Motor Corp.
 
135,600
912,990
McDonald's Holdings Co. (Japan) Ltd.
 
21,100
732,210
Meiji Holdings Co. Ltd.
 
26,600
1,094,805
Minebea Mitsumi, Inc.
 
86,610
1,283,758
Misumi Group, Inc.
 
68,350
1,461,737
Mitsubishi Chemical Holdings Corp.
 
312,300
1,411,593
Mitsubishi Corp.
 
305,200
8,273,723
Mitsubishi Electric Corp.
 
466,600
4,105,433
Mitsubishi Estate Co. Ltd.
 
285,800
3,594,020
Mitsubishi Heavy Industries Ltd.
 
78,300
2,696,096
Mitsubishi UFJ Financial Group, Inc.
 
2,887,200
13,638,702
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
161,000
690,797
Mitsui & Co. Ltd.
 
341,100
7,554,002
Mitsui Chemicals, Inc.
 
43,800
811,520
Mitsui Fudosan Co. Ltd.
 
218,800
4,192,949
Mitsui OSK Lines Ltd.
 
81,900
1,625,387
Mizuho Financial Group, Inc.
 
589,320
6,365,029
MonotaRO Co. Ltd.
 
61,100
931,940
MS&AD Insurance Group Holdings, Inc.
 
107,400
2,844,081
Murata Manufacturing Co. Ltd.
 
138,800
6,570,715
NEC Corp.
 
60,000
1,987,289
Nexon Co. Ltd.
 
119,210
2,001,865
NGK Insulators Ltd.
 
55,600
649,499
Nidec Corp.
 
109,300
6,009,753
Nihon M&A Center Holdings, Inc.
 
73,900
836,435
Nintendo Co. Ltd.
 
266,700
10,827,779
Nippon Building Fund, Inc.
 
369
1,640,331
Nippon Express Holdings, Inc.
 
18,800
944,457
Nippon Paint Holdings Co. Ltd.
 
202,400
1,293,117
Nippon Prologis REIT, Inc.
 
521
1,091,439
Nippon Sanso Holdings Corp.
 
41,500
662,013
Nippon Shinyaku Co. Ltd.
 
11,800
653,902
Nippon Steel & Sumitomo Metal Corp.
 
197,400
2,711,520
Nippon Telegraph & Telephone Corp.
 
289,000
7,970,825
Nippon Yusen KK
 
116,200
2,104,902
Nissan Chemical Corp.
 
30,700
1,383,301
Nissan Motor Co. Ltd.
 
555,300
1,769,910
Nisshin Seifun Group, Inc.
 
46,100
498,529
Nissin Food Holdings Co. Ltd.
 
15,000
971,452
Nitori Holdings Co. Ltd.
 
19,200
1,739,848
Nitto Denko Corp.
 
34,800
1,832,503
Nomura Holdings, Inc.
 
711,300
2,301,738
Nomura Real Estate Holdings, Inc.
 
28,900
654,013
Nomura Real Estate Master Fund, Inc.
 
1,035
1,179,814
Nomura Research Institute Ltd.
 
82,120
1,825,257
NTT Data Corp.
 
154,200
2,236,857
Obayashi Corp.
 
158,400
1,017,331
OBIC Co. Ltd.
 
16,800
2,527,429
Odakyu Electric Railway Co. Ltd.
 
71,900
855,382
Oji Holdings Corp.
 
197,900
686,751
Olympus Corp.
 
298,200
6,297,105
OMRON Corp.
 
45,300
2,119,149
Ono Pharmaceutical Co. Ltd.
 
87,300
2,052,529
Open House Group Co. Ltd.
 
20,000
712,869
Oracle Corp. Japan
 
9,400
501,940
Oriental Land Co. Ltd.
 
48,300
6,480,278
ORIX Corp.
 
287,900
4,230,549
Osaka Gas Co. Ltd.
 
90,130
1,334,720
Otsuka Corp.
 
27,800
877,777
Otsuka Holdings Co. Ltd.
 
94,200
3,019,535
Pan Pacific International Holdings Ltd.
 
93,000
1,526,702
Panasonic Holdings Corp.
 
532,200
3,790,656
Persol Holdings Co. Ltd.
 
43,300
869,524
Rakuten Group, Inc.
 
206,600
922,338
Recruit Holdings Co. Ltd.
 
348,500
10,723,752
Renesas Electronics Corp. (a)
 
285,000
2,384,239
Resona Holdings, Inc.
 
528,220
1,988,263
Ricoh Co. Ltd.
 
137,400
1,007,203
ROHM Co. Ltd.
 
20,900
1,471,623
SBI Holdings, Inc. Japan
 
58,400
1,055,713
SCSK Corp.
 
38,100
562,936
Secom Co. Ltd.
 
50,700
2,888,404
Seiko Epson Corp.
 
68,200
929,239
Sekisui Chemical Co. Ltd.
 
88,800
1,110,784
Sekisui House Ltd.
 
150,600
2,506,708
Seven & i Holdings Co. Ltd.
 
182,000
6,793,764
SG Holdings Co. Ltd.
 
70,300
932,322
Sharp Corp.
 
57,600
345,490
Shimadzu Corp.
 
56,900
1,501,950
SHIMANO, Inc.
 
17,800
2,754,430
SHIMIZU Corp.
 
134,600
672,570
Shin-Etsu Chemical Co. Ltd.
 
90,600
9,416,054
Shionogi & Co. Ltd.
 
64,700
3,004,490
Shiseido Co. Ltd.
 
97,800
3,390,558
Shizuoka Financial Group
 
108,900
686,965
SMC Corp.
 
14,000
5,619,632
SoftBank Corp.
 
694,300
6,848,845
SoftBank Group Corp.
 
291,400
12,508,701
Sompo Holdings, Inc.
 
75,400
3,140,336
Sony Group Corp.
 
305,000
20,567,572
Square Enix Holdings Co. Ltd.
 
20,900
933,293
Subaru Corp.
 
150,400
2,342,051
Sumco Corp.
 
82,700
1,050,609
Sumitomo Chemical Co. Ltd.
 
363,400
1,224,408
Sumitomo Corp.
 
275,200
3,498,829
Sumitomo Electric Industries Ltd.
 
171,000
1,787,108
Sumitomo Metal Mining Co. Ltd.
 
60,330
1,691,101
Sumitomo Mitsui Financial Group, Inc.
 
314,600
8,834,461
Sumitomo Mitsui Trust Holdings, Inc.
 
82,500
2,373,445
Sumitomo Realty & Development Co. Ltd.
 
74,500
1,711,002
Suntory Beverage & Food Ltd.
 
33,900
1,135,358
Suzuki Motor Corp.
 
90,000
3,038,434
Sysmex Corp.
 
41,000
2,213,578
T&D Holdings, Inc.
 
129,300
1,275,652
Taisei Corp.
 
43,400
1,183,544
Takeda Pharmaceutical Co. Ltd.
 
363,203
9,591,828
TDK Corp.
 
95,000
2,974,041
Terumo Corp.
 
155,600
4,734,083
TIS, Inc.
 
54,400
1,468,886
Tobu Railway Co. Ltd.
 
44,800
1,036,430
Toho Co. Ltd.
 
26,770
954,175
Tokio Marine Holdings, Inc.
 
443,600
8,028,028
Tokyo Electric Power Co., Inc. (a)
 
372,300
1,214,335
Tokyo Electron Ltd.
 
36,100
9,497,788
Tokyo Gas Co. Ltd.
 
95,500
1,706,470
Tokyu Corp.
 
127,300
1,469,093
Toppan, Inc.
 
64,000
955,083
Toray Industries, Inc.
 
339,000
1,651,740
Toshiba Corp.
 
94,000
3,275,255
Tosoh Corp.
 
61,290
667,329
Toto Ltd.
 
33,900
968,930
Toyota Industries Corp.
 
35,770
1,842,686
Toyota Motor Corp.
 
2,564,750
35,584,910
Toyota Tsusho Corp.
 
50,740
1,706,177
Trend Micro, Inc.
 
32,700
1,651,548
Unicharm Corp.
 
97,500
2,963,165
USS Co. Ltd.
 
52,400
791,841
Welcia Holdings Co. Ltd.
 
23,000
481,052
West Japan Railway Co.
 
53,600
2,127,130
Yakult Honsha Co. Ltd.
 
31,300
1,734,504
Yamaha Corp.
 
33,500
1,266,149
Yamaha Motor Co. Ltd.
 
72,600
1,498,921
Yamato Holdings Co. Ltd.
 
71,100
1,053,865
Yaskawa Electric Corp.
 
57,400
1,594,284
Yokogawa Electric Corp.
 
54,700
916,357
Z Holdings Corp.
 
650,100
1,677,752
ZOZO, Inc.
 
29,600
630,041
TOTAL JAPAN
 
 
687,755,767
Luxembourg - 0.2%
 
 
 
ArcelorMittal SA (Netherlands)
 
126,854
2,840,109
Aroundtown SA
 
243,665
483,530
Eurofins Scientific SA
 
32,508
2,081,124
Tenaris SA
 
115,169
1,802,528
TOTAL LUXEMBOURG
 
 
7,207,291
Multi-National - 0.1%
 
 
 
HK Electric Investments & HK Electric Investments Ltd. unit
 
640,500
407,164
HKT Trust/HKT Ltd. unit
 
915,000
1,033,938
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a)
 
28,244
1,336,433
TOTAL MULTI-NATIONAL
 
 
2,777,535
Netherlands - 5.5%
 
 
 
ABN AMRO Bank NV GDR (b)
 
103,166
1,015,052
Adyen BV (a)(b)
 
5,239
7,479,194
AEGON NV
 
430,659
1,993,590
AerCap Holdings NV (a)
 
32,997
1,762,370
Airbus Group NV
 
142,947
15,467,405
Akzo Nobel NV
 
43,732
2,699,815
Argenx SE (a)
 
13,304
5,165,286
ASM International NV (Netherlands)
 
11,443
2,542,161
ASML Holding NV (Netherlands)
 
98,330
46,125,341
CNH Industrial NV
 
246,667
3,194,588
Davide Campari Milano NV
 
125,570
1,128,516
Euronext NV (b)
 
20,634
1,311,177
EXOR NV
 
26,126
1,755,693
Ferrari NV (Italy)
 
30,474
6,008,128
Heineken Holding NV
 
24,306
1,659,810
Heineken NV (Bearer)
 
62,684
5,240,755
IMCD NV
 
13,657
1,772,094
ING Groep NV (Certificaten Van Aandelen)
 
943,180
9,280,508
JDE Peet's BV
 
24,521
702,269
Just Eat Takeaway.com NV (a)(b)
 
44,564
764,723
Koninklijke Ahold Delhaize NV
 
252,771
7,049,353
Koninklijke DSM NV
 
42,213
4,965,532
Koninklijke KPN NV
 
796,654
2,228,326
Koninklijke Philips Electronics NV
 
216,019
2,740,178
NN Group NV
 
67,285
2,849,285
OCI NV
 
25,696
983,258
Prosus NV
 
200,527
8,671,128
QIAGEN NV (Germany) (a)
 
54,878
2,369,990
Randstad NV
 
29,163
1,453,698
Stellantis NV (Italy)
 
531,098
7,169,555
STMicroelectronics NV (France)
 
165,222
5,137,405
Universal Music Group NV
 
175,145
3,439,052
Wolters Kluwer NV
 
63,528
6,752,155
TOTAL NETHERLANDS
 
 
172,877,390
New Zealand - 0.2%
 
 
 
Auckland International Airport Ltd. (a)
 
300,613
1,345,778
Fisher & Paykel Healthcare Corp.
 
138,917
1,581,405
Mercury Nz Ltd.
 
166,385
563,005
Meridian Energy Ltd.
 
313,040
888,167
Spark New Zealand Ltd.
 
450,129
1,339,930
Xero Ltd. (a)
 
32,413
1,618,623
TOTAL NEW ZEALAND
 
 
7,336,908
Norway - 0.8%
 
 
 
Adevinta ASA Class B (a)
 
69,983
479,292
Aker BP ASA
 
76,242
2,430,380
DNB Bank ASA
 
224,749
3,975,109
Equinor ASA
 
236,335
8,610,564
Gjensidige Forsikring ASA
 
48,484
885,627
Kongsberg Gruppen ASA
 
21,520
771,281
Mowi ASA
 
101,161
1,508,733
Norsk Hydro ASA
 
323,794
2,054,900
Orkla ASA
 
183,181
1,235,585
Salmar ASA
 
14,365
486,656
Telenor ASA
 
168,878
1,534,741
Yara International ASA
 
40,382
1,802,326
TOTAL NORWAY
 
 
25,775,194
Portugal - 0.2%
 
 
 
Energias de Portugal SA
 
670,711
2,933,023
Galp Energia SGPS SA Class B
 
122,254
1,241,257
Jeronimo Martins SGPS SA
 
68,259
1,415,247
TOTAL PORTUGAL
 
 
5,589,527
Singapore - 1.3%
 
 
 
CapitaLand Ascendas REIT
 
819,089
1,515,974
CapitaLand Investment Ltd.
 
634,465
1,349,067
CapitaMall Trust
 
1,278,827
1,698,357
City Developments Ltd.
 
99,800
537,916
DBS Group Holdings Ltd.
 
437,805
10,577,092
Genting Singapore Ltd.
 
1,442,900
820,525
Keppel Corp. Ltd.
 
350,500
1,725,759
Mapletree Logistics Trust (REIT)
 
798,412
857,295
Mapletree Pan Asia Commercial
 
560,900
630,002
Oversea-Chinese Banking Corp. Ltd.
 
818,164
7,010,688
Singapore Airlines Ltd.
 
326,790
1,214,266
Singapore Exchange Ltd.
 
206,900
1,230,643
Singapore Technologies Engineering Ltd.
 
373,500
870,691
Singapore Telecommunications Ltd.
 
1,992,600
3,519,003
United Overseas Bank Ltd.
 
284,972
5,588,318
UOL Group Ltd.
 
111,691
488,392
Venture Corp. Ltd.
 
66,400
747,211
Wilmar International Ltd.
 
468,500
1,284,106
TOTAL SINGAPORE
 
 
41,665,305
Spain - 2.5%
 
 
 
Acciona SA
 
6,021
1,083,541
ACS Actividades de Construccion y Servicios SA
 
55,316
1,418,584
Aena SME SA (a)(b)
 
18,068
2,123,560
Amadeus IT Holding SA Class A (a)
 
108,783
5,673,610
Banco Bilbao Vizcaya Argentaria SA
 
1,629,104
8,404,212
Banco Santander SA (Spain)
 
4,125,048
10,688,789
CaixaBank SA
 
1,083,193
3,591,917
Cellnex Telecom SA (b)
 
131,284
4,296,959
EDP Renovaveis SA
 
69,672
1,467,265
Enagas SA
 
59,463
965,317
Endesa SA
 
77,466
1,292,644
Ferrovial SA
 
116,628
2,848,016
Grifols SA (a)
 
72,751
618,738
Iberdrola SA
 
1,440,945
14,653,373
Industria de Diseno Textil SA
 
263,469
5,972,962
Naturgy Energy Group SA
 
35,472
910,033
Red Electrica Corporacion SA
 
97,912
1,583,797
Repsol SA
 
350,286
4,765,458
Siemens Gamesa Renewable Energy SA (a)
 
58,144
1,031,996
Telefonica SA
 
1,265,083
4,360,991
TOTAL SPAIN
 
 
77,751,762
Sweden - 3.2%
 
 
 
Alfa Laval AB
 
69,936
1,723,507
ASSA ABLOY AB (B Shares)
 
242,760
4,901,830
Atlas Copco AB:
 
 
 
 (A Shares)
 
646,612
6,901,454
 (B Shares)
 
380,649
3,681,318
Boliden AB
 
65,837
1,917,652
Electrolux AB (B Shares) (c)
 
51,957
641,204
Embracer Group AB (a)(c)
 
161,331
776,906
Epiroc AB:
 
 
 
 (A Shares)
 
158,259
2,422,701
 (B Shares)
 
95,102
1,277,794
EQT AB
 
72,886
1,436,437
Ericsson (B Shares)
 
706,505
3,927,705
Essity AB (B Shares)
 
147,385
3,115,572
Evolution AB (b)
 
44,689
4,168,711
Fastighets AB Balder (a)
 
153,890
578,349
Getinge AB (B Shares)
 
55,787
1,133,303
H&M Hennes & Mauritz AB (B Shares) (c)
 
178,572
1,798,606
Hexagon AB (B Shares)
 
470,893
4,655,199
Holmen AB (B Shares)
 
22,880
830,139
Husqvarna AB (B Shares)
 
99,420
590,272
Industrivarden AB:
 
 
 
 (A Shares)
 
30,831
698,648
 (C Shares)
 
37,631
845,583
Indutrade AB
 
65,603
1,148,819
Investment AB Latour (B Shares)
 
35,426
599,193
Investor AB:
 
 
 
 (A Shares)
 
117,369
1,997,395
 (B Shares)
 
444,205
7,256,169
Kinnevik AB (B Shares) (a)
 
58,161
719,032
L E Lundbergforetagen AB
 
18,204
719,178
Lifco AB
 
55,856
807,143
Nibe Industrier AB (B Shares)
 
366,495
2,924,339
Sagax AB
 
45,888
846,176
Sandvik AB
 
257,380
4,022,012
Securitas AB (B Shares) (c)
 
118,372
968,529
Skandinaviska Enskilda Banken AB (A Shares)
 
393,450
4,151,444
Skanska AB (B Shares)
 
82,002
1,275,943
SKF AB (B Shares)
 
92,090
1,333,060
Svenska Cellulosa AB SCA (B Shares)
 
146,543
1,729,391
Svenska Handelsbanken AB (A Shares)
 
352,487
3,274,969
Swedbank AB (A Shares)
 
221,328
3,299,569
Swedish Match Co. AB
 
369,126
3,796,422
Swedish Orphan Biovitrum AB (a)
 
40,760
750,508
Tele2 AB (B Shares)
 
138,439
1,134,976
Telia Co. AB
 
649,714
1,721,590
Volvo AB:
 
 
 
 (A Shares)
 
48,820
833,918
 (B Shares)
 
364,343
5,963,179
Volvo Car AB
 
145,337
617,220
TOTAL SWEDEN
 
 
99,913,064
Switzerland - 10.4%
 
 
 
ABB Ltd. (Reg.)
 
396,626
11,014,424
Accelleron Industries Ltd. (a)
 
1,003
17,008
Adecco SA (Reg.)
 
38,534
1,205,959
Alcon, Inc. (Switzerland)
 
120,720
7,346,759
Bachem Holding AG (B Shares) (c)
 
7,944
570,007
Baloise Holdings AG
 
10,984
1,500,585
Barry Callebaut AG
 
854
1,615,295
Clariant AG (Reg.)
 
51,514
828,772
Coca-Cola HBC AG
 
48,445
1,056,967
Compagnie Financiere Richemont SA Series A
 
126,204
12,334,366
Credit Suisse Group AG (c)
 
648,003
2,684,329
Ems-Chemie Holding AG
 
1,671
1,050,476
Geberit AG (Reg.)
 
8,620
3,833,311
Givaudan SA
 
2,230
6,658,711
Holcim AG
 
133,912
6,083,936
Julius Baer Group Ltd.
 
53,227
2,553,771
Kuehne & Nagel International AG
 
13,277
2,829,492
Lindt & Spruengli AG
 
26
2,526,389
Lindt & Spruengli AG (participation certificate)
 
261
2,502,222
Logitech International SA (Reg.)
 
41,457
2,063,845
Lonza Group AG
 
17,991
9,261,483
Nestle SA (Reg. S)
 
681,046
74,137,854
Novartis AG
 
523,387
42,337,175
Partners Group Holding AG
 
5,473
4,915,780
Roche Holding AG:
 
 
 
 (Bearer) (c)
 
6,575
2,667,164
 (participation certificate)
 
169,814
56,343,978
Schindler Holding AG:
 
 
 
 (participation certificate)
 
9,931
1,619,050
 (Reg.)
 
5,481
862,641
SGS SA (Reg.)
 
1,557
3,432,425
Sig Group AG
 
73,842
1,418,805
Sika AG
 
35,253
7,948,699
Sonova Holding AG
 
13,119
3,101,081
Straumann Holding AG
 
27,277
2,595,989
Swatch Group AG (Bearer)
 
6,912
1,553,192
Swatch Group AG (Bearer) (Reg.)
 
12,832
536,167
Swiss Life Holding AG
 
7,597
3,678,819
Swiss Prime Site AG
 
18,472
1,490,525
Swiss Re Ltd.
 
72,802
5,408,081
Swisscom AG
 
6,230
3,075,337
Temenos Group AG
 
15,241
908,661
UBS Group AG
 
849,968
13,487,783
VAT Group AG (b)
 
6,465
1,477,198
Zurich Insurance Group Ltd.
 
36,376
15,502,504
TOTAL SWITZERLAND
 
 
328,037,015
United Kingdom - 14.3%
 
 
 
3i Group PLC
 
234,988
3,129,659
Abrdn PLC
 
531,863
969,805
Admiral Group PLC
 
43,971
1,017,091
Anglo American PLC (United Kingdom)
 
307,209
9,202,205
Antofagasta PLC
 
96,177
1,296,527
Ashtead Group PLC
 
106,958
5,581,004
Associated British Foods PLC
 
86,887
1,346,687
AstraZeneca PLC (United Kingdom)
 
374,860
43,983,145
Auto Trader Group PLC (b)
 
225,996
1,352,763
Aveva Group PLC
 
29,416
1,052,509
Aviva PLC
 
683,053
3,276,351
BAE Systems PLC
 
762,739
7,134,333
Barclays PLC
 
4,041,550
6,867,620
Barratt Developments PLC
 
243,834
1,051,678
Berkeley Group Holdings PLC
 
26,541
1,056,476
BP PLC
 
4,673,476
25,856,512
British American Tobacco PLC (United Kingdom)
 
520,726
20,565,278
British Land Co. PLC
 
214,747
901,109
BT Group PLC
 
1,676,825
2,496,032
Bunzl PLC
 
81,393
2,651,832
Burberry Group PLC
 
96,976
2,018,499
Compass Group PLC
 
431,408
9,086,240
Croda International PLC
 
33,660
2,609,447
Diageo PLC
 
553,535
22,779,358
GSK PLC
 
983,874
16,116,937
Haleon PLC (a)
 
1,240,982
3,814,064
Halma PLC
 
91,577
2,221,184
Hargreaves Lansdown PLC
 
86,762
759,374
Hikma Pharmaceuticals PLC
 
39,763
569,547
HSBC Holdings PLC (United Kingdom)
 
4,862,304
24,953,604
Imperial Brands PLC
 
220,541
5,372,180
Informa PLC
 
351,419
2,239,109
InterContinental Hotel Group PLC
 
44,215
2,375,705
Intertek Group PLC
 
39,038
1,635,851
J Sainsbury PLC
 
419,424
934,935
JD Sports Fashion PLC
 
629,014
702,887
Johnson Matthey PLC
 
44,219
980,992
Kingfisher PLC
 
482,995
1,213,493
Land Securities Group PLC
 
171,800
1,123,803
Legal & General Group PLC
 
1,440,749
3,854,382
Lloyds Banking Group PLC
 
16,809,788
8,073,203
London Stock Exchange Group PLC
 
79,722
6,910,466
M&G PLC
 
616,448
1,238,563
Melrose Industries PLC
 
1,066,401
1,429,627
Mondi PLC
 
117,084
1,963,727
National Grid PLC
 
882,352
9,613,337
NatWest Group PLC
 
1,310,000
3,527,419
Next PLC
 
31,877
1,801,872
NMC Health PLC (a)
 
55,366
1,107
Ocado Group PLC (a)
 
140,732
762,950
Pearson PLC
 
163,760
1,810,060
Persimmon PLC
 
77,855
1,165,158
Phoenix Group Holdings PLC
 
182,835
1,137,278
Prudential PLC
 
664,569
6,173,627
Reckitt Benckiser Group PLC
 
172,963
11,478,520
RELX PLC (London Stock Exchange)
 
466,343
12,526,204
Rentokil Initial PLC
 
612,937
3,824,795
Rio Tinto PLC
 
271,828
14,206,181
Rolls-Royce Holdings PLC (a)
 
2,045,406
1,834,450
Sage Group PLC
 
244,086
2,034,443
Schroders PLC
 
178,347
801,138
Segro PLC
 
291,620
2,625,274
Severn Trent PLC
 
61,159
1,755,533
Shell PLC (London)
 
1,799,700
49,854,583
Smith & Nephew PLC
 
213,153
2,518,811
Smiths Group PLC
 
89,716
1,605,541
Spirax-Sarco Engineering PLC
 
17,763
2,189,840
SSE PLC
 
257,926
4,609,366
St. James's Place PLC
 
130,201
1,590,200
Standard Chartered PLC (United Kingdom)
 
616,290
3,676,573
Taylor Wimpey PLC
 
849,755
913,885
Tesco PLC
 
1,843,923
4,554,277
Unilever PLC
 
617,417
28,064,294
United Utilities Group PLC
 
166,587
1,795,175
Vodafone Group PLC
 
6,455,915
7,536,652
Whitbread PLC
 
49,266
1,450,002
TOTAL UNITED KINGDOM
 
 
453,204,338
United States of America - 0.1%
 
 
 
Coca-Cola European Partners PLC
 
50,248
2,364,168
 
TOTAL COMMON STOCKS
  (Cost $2,714,519,863)
 
 
 
3,097,962,608
 
 
 
 
Nonconvertible Preferred Stocks - 0.5%
 
 
Shares
Value ($)
 
Germany - 0.5%
 
 
 
Bayerische Motoren Werke AG (BMW) (non-vtg.)
 
14,103
1,041,116
Dr. Ing. h.c. F. Porsche AG Series F (a)
 
27,545
2,817,409
Henkel AG & Co. KGaA
 
43,298
2,727,714
Porsche Automobil Holding SE (Germany)
 
37,430
2,091,300
Sartorius AG (non-vtg.)
 
5,947
2,098,721
Volkswagen AG
 
45,362
5,806,401
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $17,037,944)
 
 
 
16,582,661
 
 
 
 
Government Obligations - 0.0%
 
 
Principal
Amount (d)
 
Value ($)
 
United States of America - 0.0%
 
 
 
U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23
  (Cost $1,595,358)
 
1,600,000
1,584,759
 
 
 
 
Money Market Funds - 0.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (e)
 
13,898,365
13,901,145
Fidelity Securities Lending Cash Central Fund 3.10% (e)(f)
 
11,417,855
11,418,997
 
TOTAL MONEY MARKET FUNDS
  (Cost $25,320,142)
 
 
25,320,142
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.1%
  (Cost $2,758,473,307)
 
 
 
3,141,450,170
NET OTHER ASSETS (LIABILITIES) - 0.9%  
27,476,028
NET ASSETS - 100.0%
3,168,926,198
 
 
 
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)
550
Dec 2022
48,287,250
1,504,021
1,504,021
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.5%
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $45,715,048 or 1.4% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
-
1,448,086,963
1,434,185,818
263,735
-
-
13,901,145
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
4,060,855
172,843,114
165,484,972
292,412
-
-
11,418,997
0.0%
Total
4,060,855
1,620,930,077
1,599,670,790
556,147
-
-
25,320,142
 
 
 
 
 
 
 
 
 
 
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, 2022, 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
148,650,134
42,321,447
106,328,687
-
Consumer Discretionary
342,479,923
110,006,287
232,473,636
-
Consumer Staples
335,288,232
85,985,957
249,302,275
-
Energy
163,787,425
24,606,976
139,180,449
-
Financials
551,760,615
248,590,179
303,170,436
-
Health Care
432,342,474
111,210,294
321,132,180
-
Industrials
476,236,179
216,394,917
259,841,262
-
Information Technology
250,702,829
93,898,590
156,804,239
-
Materials
228,045,980
100,187,155
127,858,825
-
Real Estate
81,038,090
65,459,791
15,578,299
-
Utilities
104,213,388
37,638,201
66,575,187
-
 Government Obligations
1,584,759
-
1,584,759
-
  Money Market Funds
25,320,142
25,320,142
-
-
 Total Investments in Securities:
3,141,450,170
1,161,619,936
1,979,830,234
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
1,504,021
1,504,021
-
-
  Total Assets
1,504,021
1,504,021
-
-
 Total Derivative Instruments:
1,504,021
1,504,021
-
-
 
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, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
1,504,021
0
Total Equity Risk
1,504,021
0
Total Value of Derivatives
1,504,021
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $10,824,884) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,733,153,165)
 
$3,116,130,028
 
 
Fidelity Central Funds (cost $25,320,142)
 
25,320,142
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,758,473,307)
 
 
$
3,141,450,170
Segregated cash with brokers for derivative instruments
 
 
 
2,566,459
Foreign currency held at value (cost $1,455,588)
 
 
 
1,474,792
Receivable for investments sold
 
 
 
745,115
Receivable for fund shares sold
 
 
 
696,641
Dividends receivable
 
 
 
8,061,368
Reclaims receivable
 
 
 
27,491,555
Distributions receivable from Fidelity Central Funds
 
 
 
50,884
Prepaid expenses
 
 
 
5,691
Receivable from investment adviser for expense reductions
 
 
 
34,967
  Total assets
 
 
 
3,182,577,642
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
$1,518,818
 
 
Accrued management fee
 
90,180
 
 
Payable for daily variation margin on futures contracts
 
446,001
 
 
Other payables and accrued expenses
 
177,448
 
 
Collateral on securities loaned
 
11,418,997
 
 
  Total Liabilities
 
 
 
13,651,444
Net Assets  
 
 
$
3,168,926,198
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,778,564,688
Total accumulated earnings (loss)
 
 
 
(609,638,490)
Net Assets
 
 
$
3,168,926,198
Net Asset Value , offering price and redemption price per share ($3,168,926,198 ÷ 291,190,431 shares)
 
 
$
10.88
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
158,511,319
Non-Cash dividends
 
 
 
14,048,652
Foreign Tax Reclaims
 
 
 
18,373,901
Interest  
 
 
40,470
Income from Fidelity Central Funds (including $292,412 from security lending)
 
 
 
556,147
 Income before foreign taxes withheld
 
 
 
191,530,489
Less foreign taxes withheld
 
 
 
(26,251,243)
 Total Income
 
 
 
165,279,246
Expenses
 
 
 
 
Management fee
$
1,745,577
 
 
Custodian fees and expenses
 
550,465
 
 
Independent trustees' fees and expenses
 
17,095
 
 
Registration fees
 
38,703
 
 
Audit
 
56,388
 
 
Legal
 
7,626
 
 
Interest
 
149,464
 
 
Miscellaneous
 
21,388
 
 
 Total expenses before reductions
 
2,586,706
 
 
 Expense reductions
 
(675,219)
 
 
 Total expenses after reductions
 
 
 
1,911,487
Net Investment income (loss)
 
 
 
163,367,759
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(436,035,420)
 
 
 Foreign currency transactions
 
(1,793,930)
 
 
 Futures contracts
 
(38,480,165)
 
 
Total net realized gain (loss)
 
 
 
(476,309,515)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(935,650,006)
 
 
 Assets and liabilities in foreign currencies
 
(3,328,241)
 
 
 Futures contracts
 
1,181,068
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(937,797,179)
Net gain (loss)
 
 
 
(1,414,106,694)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,250,738,935)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
163,367,759
$
130,014,915
Net realized gain (loss)
 
(476,309,515)
 
 
61,887,202
 
Change in net unrealized appreciation (depreciation)
 
(937,797,179)
 
1,021,443,608
 
Net increase (decrease) in net assets resulting from operations
 
(1,250,738,935)
 
 
1,213,345,725
 
Distributions to shareholders
 
(164,779,160)
 
 
(79,662,707)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,319,237,205
 
2,374,722,124
  Reinvestment of distributions
 
164,400,475
 
 
79,438,628
 
Cost of shares redeemed
 
(3,151,339,963)
 
(993,618,213)
  Net increase (decrease) in net assets resulting from share transactions
 
(1,667,702,283)
 
 
1,460,542,539
 
Total increase (decrease) in net assets
 
(3,083,220,378)
 
 
2,594,225,557
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
6,252,146,576
 
3,657,921,019
 
End of period
$
3,168,926,198
$
6,252,146,576
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
104,093,787
 
166,626,703
  Issued in reinvestment of distributions
 
12,109,857
 
 
6,210,995
 
Redeemed
 
(255,655,639)
 
(73,639,882)
Net increase (decrease)
 
(139,451,995)
 
99,197,816
 
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI International Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.52
$
11.04
$
12.19
$
11.27
$
12.40
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.42
 
.37
 
.28
 
.38
 
.37
     Net realized and unrealized gain (loss)
 
(3.68)
 
3.36
 
(1.04)
 
.85
 
(1.24)
  Total from investment operations
 
(3.26)  
 
3.73  
 
(.76)  
 
1.23  
 
(.87)
  Distributions from net investment income
 
(.38)
 
(.25)
 
(.39)
 
(.31)
 
(.20)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.06)
     Total distributions
 
(.38)
 
(.25)
 
(.39)
 
(.31)
 
(.26)
  Net asset value, end of period
$
10.88
$
14.52
$
11.04
$
12.19
$
11.27
 Total Return   C
 
(23.00)%
 
34.09%
 
(6.51)%
 
11.36%
 
(7.14)%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.05%
 
.05%
 
.05%
 
.11%
 
.13%
    Expenses net of fee waivers, if any
 
.04%
 
.04%
 
.04%
 
.05%
 
.05%
    Expenses net of all reductions
 
.04%
 
.04%
 
.04%
 
.05%
 
.05%
    Net investment income (loss)
 
3.28%
 
2.66%
 
2.51%
 
3.35%
 
2.98%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,168,926
$
6,252,147
$
3,657,921
$
6,490,033
$
7,884,495
    Portfolio turnover rate F
 
20%
 
10%
 
16%
 
4%
 
7%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
D Fees and expenses of any underlying 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.
 
E 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.
 
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity SAI International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   partnerships, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$   696,554,729
Gross unrealized depreciation
(342,358,714)
Net unrealized appreciation (depreciation)
$354,196,015
Tax Cost
$2,787,254,155
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$89,739,734
Capital loss carryforward
$(1,050,854,629)
Net unrealized appreciation (depreciation) on securities and other investments
$351,476,405
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(445,039,676)
Long-term
(605,814,953)
Total capital loss carryforward
$(1,050,854,629)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$164,779,160
$ 79,662,707
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
 
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI International Index Fund
961,330,086
2,667,926,615
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .035% of the Fund's average net assets.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI International Index Fund
Borrower
$33,631,942
1.76%
$141,159
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity SAI International Index Fund
$8,936
 
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity SAI International Index Fund
$31,484
$-
$-
 
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI International Index Fund
$4,881,567
2.04%
$8,305
 
10. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .035% of average net assets. This reimbursement will remain in place through February 29, 2024. 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 $675,212.
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $7.
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Index Fund
 
Opinion on the Financial Statements
 
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
 
Basis for Opinion
 
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
 
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 15, 2022
 
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
 
 
 
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 293 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function.   Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as a member of the Board of McKesson Corporation (healthcare service, 2002-2021). In addition, Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity ® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Laura M. Bishop (1961)
Year of Election or Appointment: 2022
Member of the Advisory Board
Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).    
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.     
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). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke 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).     
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).     
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
President and 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: 2016
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).     
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), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-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: 2013
Assistant 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).     
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.     
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.     
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: 2013
Assistant 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: 2021
Deputy 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).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International Index Fund
 
 
 
.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 882.40
 
$ .19
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,025.00
 
$ .20
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
 
The fund designates 80% and 88% of the dividends distributed December 3, 2021 and December 28, 2021, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3853 and $0.0325 for the dividend paid December 6, 2021.
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity SAI International Index Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.  
 
Nature, Extent, and Quality of Services Provided . The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity and Geode had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
 
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
 
Resources Dedicated to Investment Management and Support Services . The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.  
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one-, three-, and five-year periods. No performance peer group information was considered by the Board as Fidelity advised the Board that the peer group, which is created by a third-party provider, includes a number of actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.  
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.  
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.  
 
The Board considered that effective August 1, 2019, the fund's management fee rate was reduced from 0.05% to 0.035%. The Board considered that the chart below reflects the fund's lower management fee rate for 2019, as if the lower fee rate were in effect for the entire period.  
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.
 
At its September 2022 meeting, the Board also approved an amendment to the fund's sub-advisory agreement with Geode (effective October 1, 2022) that reduced the sub-advisory fee rate that FMR pays to Geode.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  
 
Total Expense Ratio . In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.
 
The Board noted that the fund's total net expense ratio ranked below the similar sales load structure group competitive median for 2021 and below the ASPG competitive median for 2021.
 
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.035% through February 28, 2023.
 
Fees Charged to Other Clients . The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
  
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
The Board also considered information regarding the profitability of Geode's relationship with the fund.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.
 
1.9879602.106
SV7-ANN-1222
Fidelity® SAI Emerging Markets Low Volatility Index Fund
Fidelity® SAI International Low Volatility Index Fund
Fidelity® SAI U.S. Low Volatility Index Fund
 
 
Annual Report
October 31, 2022
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ®   SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

Fidelity® SAI Emerging Markets Low Volatility Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® SAI International Low Volatility Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® SAI U.S. Low Volatility Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts 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 Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Life of
Fund A
Fidelity® SAI Emerging Markets Low Volatility Index Fund
-16.88%
-0.34%
 
A     From January 30, 2019
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI Emerging Markets Low Volatility Index Fund on January 30, 2019, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity Emerging Markets Low Volatility Focus Index℠ and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Fidelity® SAI Emerging Markets Low Volatility Index Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year, the fund returned -16.88%, roughly in line with the -16.56% result of the benchmark, the Fidelity Emerging Markets Low Volatility Focus Index.   (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, as well as by required local capital gains tax.)   By sector, stocks in consumer discretionary returned about -37% and hurt most, followed by information technology, which returned -25%. Communication services (-13%) and utilities (-22%) also detracted, as did materials (-32%) and industrials (-37%). Other notable detractors included the energy (-19%), consumer staples (-7%), health care (-9%) and real estate (-10%) sectors. In contrast, financials returned roughly 0% and contributed, driven by the banks industry (+2%). Turning to individual stocks, the biggest individual detractor was Shenzhou International (-67%), from the consumer durables & apparel segment, followed by Li Ning (-53%), which is in the consumer durables & apparel category. Within materials, PhosAgro returned approximately -99% and hurt. Other detractors were NCSoft (-48%), a stock in the media & entertainment industry, and Wipro (-46%), from the software & services group. Conversely, the biggest individual contributor was Alinma Bank (+51%), from the banks industry. Also in banks, Qatar Islamic Bank (+36%) and National Bank of Kuwait (+15%) helped. Power Grid, within the utilities sector, advanced 18% and lifted the fund. Another contributor was Emirates Telecom Group (+4%), a stock in the telecommunication services segment.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® SAI Emerging Markets Low Volatility Index Fund
Top Holdings (% of Fund's net assets)
 
KT&G Corp.  (Korea (South), Tobacco)
1.8
 
PT Bank Central Asia Tbk  (Indonesia, Banks)
1.8
 
Dr. Reddy's Laboratories Ltd.  (India, Pharmaceuticals)
1.7
 
National Bank of Kuwait  (Kuwait, Banks)
1.6
 
Power Grid Corp. of India Ltd.  (India, Electric Utilities)
1.6
 
Saudi Telecom Co.  (Saudi Arabia, Diversified Telecommunication Services)
1.6
 
Nestle India Ltd.  (India, Food Products)
1.6
 
Alinma Bank  (Saudi Arabia, Banks)
1.6
 
China Shenhua Energy Co. Ltd. (H Shares)  (China, Oil, Gas & Consumable Fuels)
1.5
 
Qatar Islamic Bank  (Qatar, Banks)
1.5
 
 
16.3
 
 
Market Sectors (% of Fund's net assets)
 
Financials
24.6
 
Communication Services
14.8
 
Information Technology
14.7
 
Consumer Staples
10.8
 
Consumer Discretionary
8.6
 
Utilities
7.5
 
Health Care
7.4
 
Energy
4.1
 
Materials
3.7
 
Industrials
1.5
 
Real Estate
0.5
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 97%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® SAI Emerging Markets Low Volatility Index Fund
Showing Percentage of Net Assets     
Common Stocks - 98.2%
 
 
Shares
Value ($)
 
Bailiwick of Jersey - 0.9%
 
 
 
WNS Holdings Ltd. sponsored ADR (a)
 
206,798
17,801,172
Bermuda - 0.6%
 
 
 
China Gas Holdings Ltd.
 
531,400
471,173
China Resource Gas Group Ltd.
 
5,040,300
12,906,312
TOTAL BERMUDA
 
 
13,377,485
Brazil - 0.8%
 
 
 
Telefonica Brasil SA
 
2,172,100
17,370,913
Cayman Islands - 6.1%
 
 
 
Anta Sports Products Ltd.
 
1,651,000
14,512,622
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
4,854,000
7,494,663
Hengan International Group Co. Ltd.
 
3,198,000
12,405,534
JD.com, Inc. sponsored ADR
 
361,487
13,479,850
Kingdee International Software Group Co. Ltd. (a)
 
1,264,000
2,067,578
Li Ning Co. Ltd.
 
3,247,500
16,796,736
Shenzhou International Group Holdings Ltd.
 
1,621,100
11,255,302
Tencent Holdings Ltd.
 
310,000
8,145,806
Want Want China Holdings Ltd.
 
27,740,000
18,235,004
ZTO Express, Inc. sponsored ADR
 
1,270,397
21,457,005
TOTAL CAYMAN ISLANDS
 
 
125,850,100
Chile - 0.7%
 
 
 
Banco de Chile
 
167,966,619
15,361,780
China - 9.7%
 
 
 
Bank of China Ltd. (H Shares)
 
96,820,000
31,183,537
Bank of Communications Co. Ltd. (H Shares)
 
55,590,000
27,123,464
CGN Power Co. Ltd. (H Shares) (b)
 
56,801,000
11,505,429
China Minsheng Banking Corp. Ltd. (H Shares) (c)
 
35,050,000
10,180,581
China Railway Group Ltd. (H Shares)
 
22,121,000
9,609,678
China Shenhua Energy Co. Ltd. (H Shares)
 
12,216,000
32,136,516
China Tower Corp. Ltd. (H Shares) (b)
 
140,102,000
12,672,211
PetroChina Co. Ltd. (H Shares)
 
71,808,000
27,443,771
Postal Savings Bank of China Co. Ltd. (H Shares) (b)
 
39,877,000
18,491,561
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
10,708,800
14,761,068
Sinopharm Group Co. Ltd. (H Shares)
 
3,168,000
6,037,630
TOTAL CHINA
 
 
201,145,446
Hong Kong - 1.1%
 
 
 
China Resources Power Holdings Co. Ltd.
 
8,107,000
11,794,404
Guangdong Investment Ltd.
 
16,090,000
10,146,376
TOTAL HONG KONG
 
 
21,940,780
India - 15.7%
 
 
 
Cipla Ltd./India
 
1,680,422
23,698,051
Dr. Reddy's Laboratories Ltd.
 
638,066
34,343,978
HCL Technologies Ltd.
 
2,383,454
29,977,448
Hindustan Unilever Ltd.
 
1,023,802
31,546,409
Infosys Ltd.
 
1,681,971
31,242,845
Lupin Ltd.
 
1,095,302
9,248,805
MRF Ltd.
 
11,556
12,670,977
Nestle India Ltd.
 
135,672
33,374,525
Power Grid Corp. of India Ltd.
 
12,193,277
33,605,897
Sun Pharmaceutical Industries Ltd.
 
928,091
11,401,012
Tata Consultancy Services Ltd.
 
801,636
30,922,252
Tech Mahindra Ltd.
 
1,873,055
24,061,448
Wipro Ltd.
 
4,318,829
20,209,138
TOTAL INDIA
 
 
326,302,785
Indonesia - 3.3%
 
 
 
PT Bank Central Asia Tbk
 
64,957,800
36,648,735
PT Telkom Indonesia Persero Tbk
 
111,265,000
31,248,876
TOTAL INDONESIA
 
 
67,897,611
Korea (South) - 7.7%
 
 
 
Coway Co. Ltd.
 
251,533
9,745,379
Db Insurance Co. Ltd.
 
204,711
8,074,734
Hankook Tire Co. Ltd.
 
361,107
9,247,023
Hyundai Fire & Marine Insurance Co. Ltd.
 
303,503
7,080,858
Hyundai Mobis
 
116,367
17,854,702
Kangwon Land, Inc. (a)
 
517,905
8,345,581
Korea Electric Power Corp. (a)
 
1,071,785
12,543,013
KT&G Corp.
 
549,950
36,873,450
NCSOFT Corp.
 
89,318
24,405,193
Samsung Electronics Co. Ltd.
 
502,899
20,928,874
Samsung SDS Co. Ltd.
 
15,831
1,386,427
SK Hynix, Inc.
 
44,885
2,600,671
TOTAL KOREA (SOUTH)
 
 
159,085,905
Kuwait - 3.1%
 
 
 
Boubyan Bank KSC
 
4,471,075
11,890,159
Mobile Telecommunication Co.
 
9,948,671
19,232,706
National Bank of Kuwait
 
9,752,508
33,929,978
TOTAL KUWAIT
 
 
65,052,843
Malaysia - 5.3%
 
 
 
Dialog Group Bhd
 
14,535,300
6,333,062
DiGi.com Bhd
 
15,551,200
12,465,958
IHH Healthcare Bhd
 
12,160,400
15,303,380
Malayan Banking Bhd
 
6,008,116
10,915,761
Nestle (Malaysia) Bhd
 
165,000
4,641,497
Petronas Gas Bhd
 
2,060,100
7,450,869
PPB Group Bhd
 
2,450,800
8,656,591
Public Bank Bhd
 
22,708,800
21,469,614
Tenaga Nasional Bhd
 
12,541,000
22,334,014
TOTAL MALAYSIA
 
 
109,570,746
Mexico - 0.5%
 
 
 
Gruma S.A.B. de CV Series B
 
113,455
1,316,073
Kimberly-Clark de Mexico SA de CV Series A
 
5,136,200
8,103,650
TOTAL MEXICO
 
 
9,419,723
Philippines - 2.4%
 
 
 
Bank of the Philippine Islands (BPI)
 
7,275,310
12,062,880
BDO Unibank, Inc.
 
7,831,270
17,258,015
Manila Electric Co.
 
1,106,920
5,753,988
PLDT, Inc.
 
440,605
12,387,629
SM Prime Holdings, Inc.
 
5,071,400
2,761,270
TOTAL PHILIPPINES
 
 
50,223,782
Qatar - 4.0%
 
 
 
Barwa Real Estate Co. (a)
 
7,993,431
7,462,804
Masraf al Rayan
 
2,785,751
2,935,107
Qatar Islamic Bank (a)
 
4,748,104
31,799,617
Qatar National Bank SAQ (a)
 
4,858,088
26,599,924
The Commercial Bank of Qatar (a)
 
7,720,494
13,343,252
TOTAL QATAR
 
 
82,140,704
Russia - 0.0%
 
 
 
PhosAgro PJSC (d)
 
1,400
129
PhosAgro PJSC:
 
 
 
 GDR (d)
 
3,774
77
 GDR (Reg. S) (d)
 
586,072
12,020
TOTAL RUSSIA
 
 
12,226
Saudi Arabia - 9.5%
 
 
 
Advanced Polypropylene Co.
 
712,555
8,400,736
Alinma Bank
 
3,306,461
32,998,174
Almarai Co. Ltd.
 
1,355,500
20,309,683
Jarir Marketing Co.
 
327,888
14,310,823
Mouwasat Medical Services Co.
 
261,475
15,239,458
Sabic Agriculture-Nutrients Co.
 
559,958
23,694,514
Saudi Basic Industries Corp.
 
1,047,607
24,645,968
Saudi Electricity Co.
 
3,436,027
24,689,686
Saudi Telecom Co.
 
3,106,615
33,401,351
The Savola Group
 
11,729
91,458
TOTAL SAUDI ARABIA
 
 
197,781,851
Taiwan - 19.0%
 
 
 
ASUSTeK Computer, Inc.
 
2,583,000
18,899,609
Chang Hwa Commercial Bank
 
28,964,287
14,906,900
Chicony Electronics Co. Ltd.
 
3,687,000
9,156,343
Chunghwa Telecom Co. Ltd.
 
8,440,000
29,071,995
Compal Electronics, Inc.
 
23,063,000
15,087,409
Far EasTone Telecommunications Co. Ltd.
 
8,896,000
19,499,820
Formosa Petrochemical Corp.
 
7,631,000
19,637,037
Formosa Plastics Corp.
 
7,712,000
19,869,387
Inventec Corp.
 
17,394,000
13,158,480
Lite-On Technology Corp.
 
8,903,000
17,665,778
Mega Financial Holding Co. Ltd.
 
27,730,075
25,706,246
Pou Chen Corp.
 
4,865,000
4,110,227
President Chain Store Corp.
 
2,954,000
24,544,925
Quanta Computer, Inc.
 
12,976,000
27,517,778
Sinopac Financial Holdings Co.
 
36,999,870
18,468,962
Synnex Technology International Corp.
 
7,421,000
12,102,207
Taiwan Cooperative Financial Holding Co. Ltd.
 
31,831,594
24,672,594
Taiwan Mobile Co. Ltd.
 
9,221,000
27,187,856
The Shanghai Commercial & Savings Bank Ltd.
 
13,165,000
18,938,922
The Shanghai Commercial & Savings Bank Ltd. rights (a)
 
965,080
281,260
Uni-President Enterprises Corp.
 
10,916,000
22,167,731
WPG Holding Co. Ltd.
 
7,935,000
10,812,403
TOTAL TAIWAN
 
 
393,463,869
Thailand - 2.5%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
5,833,400
29,285,830
Advanced Information Service PCL NVDR
 
217,600
1,092,433
Bangkok Bank PCL:
 
 
 
 (For. Reg.)
 
2,028,000
7,755,921
 NVDR
 
78,200
299,070
Bangkok Dusit Medical Services PCL:
 
 
 
 (For. Reg.)
 
18,183,900
14,099,752
 NVDR
 
114,800
89,016
TOTAL THAILAND
 
 
52,622,022
United Arab Emirates - 4.1%
 
 
 
Abu Dhabi National Oil Co. for Distribution PJSC
 
15,995,893
19,640,488
Dubai Islamic Bank Pakistan Ltd.
 
16,136,608
25,568,337
Emirates Telecommunications Corp.
 
4,428,174
31,103,670
First Abu Dhabi Bank PJSC
 
1,721,397
8,388,829
TOTAL UNITED ARAB EMIRATES
 
 
84,701,324
United States of America - 1.2%
 
 
 
Yum China Holdings, Inc.
 
591,406
24,454,638
 
TOTAL COMMON STOCKS
  (Cost $2,197,866,755)
 
 
 
2,035,577,705
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (f)
  (Cost $1,794,778)
 
1,800,000
1,782,854
 
 
 
 
Money Market Funds - 2.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (g)
 
30,180,080
30,186,116
Fidelity Securities Lending Cash Central Fund 3.10% (g)(h)
 
12,498,750
12,500,000
 
TOTAL MONEY MARKET FUNDS
  (Cost $42,686,116)
 
 
42,686,116
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
  (Cost $2,242,347,649)
 
 
 
2,080,046,675
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(8,093,923)
NET ASSETS - 100.0%
2,071,952,752
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
858
Dec 2022
36,619,440
(1,341,259)
(1,341,259)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.8%
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $50,163,864 or 2.4% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,782,854.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
20,125,016
450,749,312
440,688,212
200,798
-
-
30,186,116
0.1%
Fidelity Securities Lending Cash Central Fund 3.10%
21,000,909
56,448,522
64,949,431
4,774
-
-
12,500,000
0.0%
Total
41,125,925
507,197,834
505,637,643
205,572
-
-
42,686,116
 
 
 
 
 
 
 
 
 
 
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, 2022, 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
308,572,247
227,717,941
80,854,306
-
Consumer Discretionary
176,424,348
165,169,046
11,255,302
-
Consumer Staples
222,266,530
222,266,530
-
-
Energy
85,550,386
85,550,386
-
-
Financials
514,334,772
453,549,080
60,785,692
-
Health Care
151,716,813
117,372,835
34,343,978
-
Industrials
31,066,683
31,066,683
-
-
Information Technology
305,597,860
285,388,722
20,209,138
-
Materials
76,622,831
76,610,605
-
12,226
Real Estate
10,224,074
7,462,804
2,761,270
-
Utilities
153,201,161
134,904,160
18,297,001
-
 Government Obligations
1,782,854
-
1,782,854
-
  Money Market Funds
42,686,116
42,686,116
-
-
 Total Investments in Securities:
2,080,046,675
1,849,744,908
230,289,541
12,226
  Derivative Instruments:
 
 
 
 
 Liabilities
 
 
 
 
Futures Contracts
(1,341,259)
(1,341,259)
-
-
  Total Liabilities
(1,341,259)
(1,341,259)
-
-
 Total Derivative Instruments:
(1,341,259)
(1,341,259)
-
-
 
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, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
0
(1,341,259)
Total Equity Risk
0
(1,341,259)
Total Value of Derivatives
0
(1,341,259)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® SAI Emerging Markets Low Volatility Index Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $7,261,703) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,199,661,533)
 
$2,037,360,559
 
 
Fidelity Central Funds (cost $42,686,116)
 
42,686,116
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,242,347,649)
 
 
$
2,080,046,675
Segregated cash with brokers for derivative instruments
 
 
 
49,056
Cash
 
 
 
11
Foreign currency held at value (cost $9,697,634)
 
 
 
9,618,347
Receivable for fund shares sold
 
 
 
1,534,684
Dividends receivable
 
 
 
1,377,491
Distributions receivable from Fidelity Central Funds
 
 
 
82,691
Prepaid expenses
 
 
 
2,541
Other receivables
 
 
 
133,186
  Total assets
 
 
 
2,092,844,682
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
$532,976
 
 
Accrued management fee
 
266,628
 
 
Payable for daily variation margin on futures contracts
 
108,425
 
 
Deferred taxes
 
6,914,515
 
 
Other payables and accrued expenses
 
569,386
 
 
Collateral on securities loaned
 
12,500,000
 
 
  Total Liabilities
 
 
 
20,891,930
Net Assets  
 
 
$
2,071,952,752
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,235,362,257
Total accumulated earnings (loss)
 
 
 
(163,409,505)
Net Assets
 
 
$
2,071,952,752
Net Asset Value , offering price and redemption price per share ($2,071,952,752 ÷ 222,999,112 shares)
 
 
$
9.29
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
74,614,905
Interest  
 
 
5,854
Income from Fidelity Central Funds (including $4,774 from security lending)
 
 
 
205,572
 Income before foreign taxes withheld
 
 
 
74,826,331
Less foreign taxes withheld
 
 
 
(10,078,518)
 Total Income
 
 
 
64,747,813
Expenses
 
 
 
 
Management fee
$
2,903,473
 
 
Custodian fees and expenses
 
1,886,227
 
 
Independent trustees' fees and expenses
 
6,241
 
 
Registration fees
 
121,230
 
 
Audit
 
60,213
 
 
Legal
 
1,890
 
 
Interest
 
40,681
 
 
Miscellaneous
 
7,823
 
 
 Total expenses before reductions
 
5,027,778
 
 
 Expense reductions
 
(143,808)
 
 
 Total expenses after reductions
 
 
 
4,883,970
Net Investment income (loss)
 
 
 
59,863,843
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $2,601,153)
 
(1,923,123)
 
 
 Foreign currency transactions
 
(1,955,205)
 
 
 Futures contracts
 
(2,290,600)
 
 
Total net realized gain (loss)
 
 
 
(6,168,928)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $4,933,884)  
 
(411,180,313)
 
 
 Assets and liabilities in foreign currencies
 
(41,880)
 
 
 Futures contracts
 
(1,285,078)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(412,507,271)
Net gain (loss)
 
 
 
(418,676,199)
Net increase (decrease) in net assets resulting from operations
 
 
$
(358,812,356)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
59,863,843
$
38,325,535
Net realized gain (loss)
 
(6,168,928)
 
 
13,133,681
 
Change in net unrealized appreciation (depreciation)
 
(412,507,271)
 
248,534,401
 
Net increase (decrease) in net assets resulting from operations
 
(358,812,356)
 
 
299,993,617
 
Distributions to shareholders
 
(41,568,890)
 
 
(24,528,630)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
901,012,848
 
431,880,407
  Reinvestment of distributions
 
41,085,516
 
 
24,269,809
 
Cost of shares redeemed
 
(262,187,253)
 
(198,597,781)
  Net increase (decrease) in net assets resulting from share transactions
 
679,911,111
 
 
257,552,435
 
Total increase (decrease) in net assets
 
279,529,865
 
 
533,017,422
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,792,422,887
 
1,259,405,465
 
End of period
$
2,071,952,752
$
1,792,422,887
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
87,667,616
 
38,702,331
  Issued in reinvestment of distributions
 
3,675,772
 
 
2,367,786
 
Redeemed
 
(25,061,997)
 
(18,195,718)
Net increase (decrease)
 
66,281,391
 
22,874,399
 
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI Emerging Markets Low Volatility Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.44
$
9.41
$
10.11
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.33
 
.27
 
.24
 
.22
     Net realized and unrealized gain (loss)
 
(2.22)
 
1.95
 
(.75)
 
(.11)
  Total from investment operations
 
(1.89)  
 
2.22  
 
(.51)  
 
.11  
  Distributions from net investment income
 
(.26)
 
(.19)
 
(.19)
 
-
     Total distributions
 
(.26)
 
(.19)
 
(.19)
 
-
  Net asset value, end of period
$
9.29
$
11.44
$
9.41
$
10.11
 Total Return   D,E
 
(16.88)%
 
23.79%
 
(5.10)%
 
1.10%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.26%
 
.23%
 
.24%
 
.35% H
    Expenses net of fee waivers, if any
 
.25%
 
.23%
 
.24%
 
.26% H
    Expenses net of all reductions
 
.25%
 
.23%
 
.24%
 
.26% H
    Net investment income (loss)
 
3.09%
 
2.44%
 
2.59%
 
2.90% H
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,071,953
$
1,792,423
$
1,259,405
$
644,085
    Portfolio turnover rate I
 
21%
 
28%
 
30%
 
75% H
 
A For the period January 30, 2019 (commencement of operations) through October 31, 2019.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® SAI International Low Volatility Index Fund
-19.80%
-0.59%
1.22%
 
A     From May 29, 2015
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Low Volatility Index Fund on May 29, 2015, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity International Low Volatility Focus Index℠, Fidelity SAI International Low Volatility Index Fund Linked Index and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Fidelity® SAI International Low Volatility Index Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year, the fund returned -19.80%, roughly in line with the -19.44% result of the benchmark, the Fidelity International Low Volatility Focus Index. (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) By region, Europe ex U.K. returned -20% and detracted most, followed by Japan (-18%). By sector, stocks in health care returned about -19% and detracted most, followed by real estate, which returned roughly -28%. Consumer discretionary returned approximately -32%, hampered by the retailing industry (-40%). Industrials (-15%) detracted, especially in the commercial & professional services industry (-16%). Consumer staples returned roughly -15%, held back by the food, beverage & tobacco industry (-15%). Consumer staples returned -16%, hampered by the household & personal products industry (-21%). Other notable detractors included the utilities (-21%) and information technology (-31%) sectors. Materials (-31%) and communication services (-10%) also hurt. Turning to individual stocks, the biggest detractor was Prosus (-51%), from the retailing group, followed by Fujifilm Holdings (-40%), which is in the technology hardware & equipment category. Within consumer durables & apparel, Shimano returned approximately -43% and hurt. Other noteworthy detractors were Hong Kong & China Gas (-48%), a stock in the utilities sector, and Givaudan (-36%), from the materials sector. Conversely, the top contributor was Deutsche Telekom (+7%), from the telecommunication services industry. In utilities, Tokyo Gas (+6%) was helpful, and NTT Data (-9%), from the software & services segment, also contributed. ICA Gruppen, within the food & staples retailing industry, rose roughly 14% and Kintetsu, within the transportation category, gained about 9% and boosted the fund.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® SAI International Low Volatility Index Fund
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.3
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
2.2
 
Novartis AG  (Switzerland, Pharmaceuticals)
2.1
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.0
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
2.0
 
Sanofi SA  (France, Pharmaceuticals)
1.9
 
RELX PLC (London Stock Exchange)  (United Kingdom, Professional Services)
1.9
 
Diageo PLC  (United Kingdom, Beverages)
1.9
 
Nippon Telegraph & Telephone Corp.  (Japan, Diversified Telecommunication Services)
1.9
 
Wolters Kluwer NV  (Netherlands, Professional Services)
1.8
 
 
20.0
 
 
Market Sectors (% of Fund's net assets)
 
Health Care
17.3
 
Consumer Staples
15.8
 
Industrials
14.9
 
Financials
12.3
 
Communication Services
10.0
 
Utilities
7.5
 
Real Estate
7.3
 
Consumer Discretionary
6.2
 
Materials
4.3
 
Information Technology
3.6
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 99.2%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® SAI International Low Volatility Index Fund
Showing Percentage of Net Assets     
Common Stocks - 99.2%
 
 
Shares
Value ($)
 
Australia - 2.0%
 
 
 
ASX Ltd.
 
1,167,631
50,563,449
CSL Ltd.
 
174,005
31,218,069
Medibank Private Ltd.
 
15,030,670
27,016,374
TOTAL AUSTRALIA
 
 
108,797,892
Bailiwick of Jersey - 1.5%
 
 
 
Experian PLC
 
2,656,255
84,695,424
Belgium - 0.9%
 
 
 
Cofinimmo SA
 
55,215
4,580,835
ELIA GROUP SA/NV (a)
 
202,456
25,589,867
Warehouses de Pauw
 
797,396
20,472,931
TOTAL BELGIUM
 
 
50,643,633
Bermuda - 1.3%
 
 
 
Jardine Matheson Holdings Ltd.
 
1,518,176
69,866,460
Cayman Islands - 0.0%
 
 
 
China Huishan Dairy Holdings Co. Ltd. (b)(c)
 
5,145,000
7
Denmark - 5.8%
 
 
 
Chr. Hansen Holding A/S
 
620,245
34,449,072
Coloplast A/S Series B
 
716,409
79,858,243
Novo Nordisk A/S Series B
 
1,149,305
124,965,380
Novozymes A/S Series B
 
609,002
31,984,669
Tryg A/S
 
2,170,667
46,975,466
TOTAL DENMARK
 
 
318,232,830
Finland - 0.8%
 
 
 
Elisa Corp. (A Shares)
 
908,215
43,898,851
France - 5.6%
 
 
 
Air Liquide SA
 
31,985
4,184,078
Hermes International SCA
 
15,684
20,312,374
L'Oreal SA
 
259,910
81,612,882
Orange SA
 
9,845,030
93,802,611
Sanofi SA
 
1,248,967
107,483,432
TOTAL FRANCE
 
 
307,395,377
Germany - 6.3%
 
 
 
Beiersdorf AG
 
564,263
54,166,549
Deutsche Borse AG
 
593,480
96,511,580
Deutsche Telekom AG
 
3,612,272
68,183,437
Hannover Reuck SE
 
322,646
52,547,289
Symrise AG
 
738,428
75,373,236
TOTAL GERMANY
 
 
346,782,091
Hong Kong - 5.7%
 
 
 
CLP Holdings Ltd.
 
10,057,000
67,500,640
Hang Seng Bank Ltd.
 
4,382,300
61,693,105
Hong Kong & China Gas Co. Ltd.
 
62,187,015
47,931,868
Link (REIT)
 
9,170,353
54,206,796
MTR Corp. Ltd.
 
9,343,871
41,126,769
Power Assets Holdings Ltd.
 
8,241,500
39,424,474
TOTAL HONG KONG
 
 
311,883,652
Ireland - 0.3%
 
 
 
Kerry Group PLC Class A
 
169,478
14,738,824
Israel - 1.3%
 
 
 
Bank Hapoalim BM (Reg.)
 
5,587,227
53,918,705
Mizrahi Tefahot Bank Ltd.
 
501,531
18,976,580
TOTAL ISRAEL
 
 
72,895,285
Italy - 0.4%
 
 
 
Recordati SpA
 
605,578
22,759,527
Japan - 29.5%
 
 
 
Advance Residence Investment Corp.
 
7,960
18,522,210
Ajinomoto Co., Inc.
 
3,152,500
86,839,773
Canon, Inc.
 
2,123,800
45,019,223
Central Japan Railway Co.
 
591,980
68,537,402
Chubu Electric Power Co., Inc.
 
4,313,300
35,128,325
Daiwa House REIT Investment Corp.
 
12,141
24,495,107
FUJIFILM Holdings Corp.
 
1,788,410
82,014,646
Hankyu Hanshin Holdings, Inc.
 
1,386,240
41,159,754
Industrial & Infrastructure Fund Investment Corp.
 
11,882
12,545,640
Japan Post Holdings Co. Ltd.
 
7,263,300
48,827,430
Japan Real Estate Investment Corp.
 
7,945
33,287,838
Kansai Electric Power Co., Inc.
 
4,464,600
33,838,422
KDDI Corp.
 
971,700
28,720,510
Kintetsu Group Holdings Co. Ltd.
 
1,149,700
38,891,631
Kyushu Railway Co.
 
948,500
19,838,159
McDonald's Holdings Co. (Japan) Ltd.
 
448,800
15,574,216
Medipal Holdings Corp.
 
1,268,000
15,733,280
Nagoya Railroad Co. Ltd.
 
1,186,500
18,177,121
Nippon Building Fund, Inc.
 
9,483
42,155,170
Nippon Prologis REIT, Inc.
 
14,818
31,042,113
Nippon Telegraph & Telephone Corp.
 
3,675,696
101,378,297
Oriental Land Co. Ltd.
 
668,500
89,690,810
Osaka Gas Co. Ltd.
 
2,391,260
35,411,779
Otsuka Holdings Co. Ltd.
 
1,029,560
33,002,046
Pan Pacific International Holdings Ltd.
 
3,057,700
50,195,674
Secom Co. Ltd.
 
1,294,270
73,735,211
Sega Sammy Holdings, Inc.
 
608,600
7,797,054
Sekisui House Ltd.
 
1,310,600
21,814,688
Seven & i Holdings Co. Ltd.
 
2,290,800
85,511,840
SHIMANO, Inc.
 
406,200
62,856,721
Skylark Holdings Co. Ltd.
 
1,372,400
14,647,425
SoftBank Corp.
 
8,730,500
86,121,044
Suntory Beverage & Food Ltd.
 
201,900
6,761,909
Tobu Railway Co. Ltd.
 
1,265,200
29,269,901
Tokio Marine Holdings, Inc.
 
5,172,600
93,610,858
Tokyo Gas Co. Ltd.
 
1,439,900
25,729,273
Toyo Suisan Kaisha Ltd.
 
586,180
21,997,272
Toyota Motor Corp.
 
23,600
327,441
Trend Micro, Inc.
 
807,800
40,798,803
TOTAL JAPAN
 
 
1,621,006,016
Netherlands - 4.8%
 
 
 
ASML Holding NV (Netherlands)
 
6,814
3,196,360
Koninklijke Ahold Delhaize NV
 
3,514,702
98,019,051
Prosus NV
 
1,420,971
61,445,197
Wolters Kluwer NV
 
950,782
101,055,089
TOTAL NETHERLANDS
 
 
263,715,697
Norway - 0.5%
 
 
 
Orkla ASA
 
2,268,266
15,299,813
Telenor ASA
 
1,284,754
11,675,675
TOTAL NORWAY
 
 
26,975,488
Singapore - 2.0%
 
 
 
CapitaLand Ascendas REIT
 
20,249,799
37,478,436
CapitaMall Trust
 
18,507,900
24,579,579
Mapletree Industrial (REIT)
 
11,788,821
18,321,140
Singapore Exchange Ltd.
 
4,960,000
29,502,119
TOTAL SINGAPORE
 
 
109,881,274
Spain - 0.6%
 
 
 
Grifols SA (a)(b)
 
1,687,824
14,354,740
Red Electrica Corporacion SA
 
1,036,097
16,759,613
TOTAL SPAIN
 
 
31,114,353
Sweden - 1.5%
 
 
 
Axfood AB
 
608,922
15,078,006
Ericsson (B Shares)
 
5,468,792
30,402,903
Telia Co. AB (a)
 
15,041,417
39,856,239
TOTAL SWEDEN
 
 
85,337,148
Switzerland - 14.3%
 
 
 
Allreal Holding AG
 
91,344
13,081,070
Banque Cantonale Vaudoise
 
171,546
15,264,142
Galenica AG (d)
 
301,928
21,679,356
Givaudan SA
 
29,302
87,494,862
Lindt & Spruengli AG
 
777
75,500,175
Nestle SA (Reg. S)
 
996,790
108,509,365
Novartis AG
 
1,446,349
116,996,278
PSP Swiss Property AG
 
276,865
29,584,616
Roche Holding AG (participation certificate)
 
371,375
123,221,552
SGS SA (Reg.)
 
26,053
57,434,141
Swiss Prime Site AG
 
436,435
35,216,406
Swisscom AG
 
153,269
75,658,727
Zurich Insurance Group Ltd.
 
63,947
27,252,546
TOTAL SWITZERLAND
 
 
786,893,236
United Kingdom - 14.1%
 
 
 
Admiral Group PLC
 
1,645,729
38,067,285
AstraZeneca PLC (United Kingdom)
 
946,335
111,035,560
Bunzl PLC
 
1,935,758
63,068,134
Diageo PLC
 
2,571,407
105,819,867
Direct Line Insurance Group PLC
 
7,721,391
17,869,170
GSK PLC
 
6,117,252
100,207,308
National Grid PLC
 
8,238,978
89,764,711
RELX PLC (London Stock Exchange)
 
3,942,271
105,891,349
Smith & Nephew PLC
 
4,714,603
55,712,062
Unilever PLC
 
1,913,097
86,958,598
TOTAL UNITED KINGDOM
 
 
774,394,044
 
TOTAL COMMON STOCKS
  (Cost $6,142,379,716)
 
 
 
5,451,907,109
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (f)
  (Cost $2,891,586)
 
2,900,000
2,872,376
 
 
 
 
Money Market Funds - 0.9%
 
 
Shares
Value ($)
 
Fidelity Securities Lending Cash Central Fund 3.10% (g)(h)
 
  (Cost $50,539,138)
 
 
50,534,085
50,539,138
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
  (Cost $6,195,810,440)
 
 
 
5,505,318,623
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(10,499,062)
NET ASSETS - 100.0%
5,494,819,561
 
 
 
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)
492
Dec 2022
43,195,140
2,432,661
2,432,661
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.8%
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Level 3 security
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $21,679,356 or 0.4% of net assets.
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,333,557.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
22,539,668
820,336,757
842,876,425
280,754
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
-
325,675,287
275,136,149
514,791
-
-
50,539,138
0.1%
Total
22,539,668
1,146,012,044
1,118,012,574
795,545
-
-
50,539,138
 
 
 
 
 
 
 
 
 
 
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, 2022, 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
549,295,391
119,557,578
429,737,813
-
Consumer Discretionary
344,661,600
220,032,241
124,629,359
-
Consumer Staples
856,813,931
220,915,959
635,897,965
7
Financials
678,596,098
493,138,867
185,457,231
-
Health Care
958,226,833
105,744,972
852,481,861
-
Industrials
812,746,545
422,453,018
390,293,527
-
Information Technology
201,431,935
122,813,449
78,618,486
-
Materials
233,485,917
119,479,531
114,006,386
-
Real Estate
399,569,887
399,569,887
-
-
Utilities
417,078,972
195,122,140
221,956,832
-
 Government Obligations
2,872,376
-
2,872,376
-
  Money Market Funds
50,539,138
50,539,138
-
-
 Total Investments in Securities:
5,505,318,623
2,469,366,780
3,035,951,836
7
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
2,432,661
2,432,661
-
-
  Total Assets
2,432,661
2,432,661
-
-
 Total Derivative Instruments:
2,432,661
2,432,661
-
-
 
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, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
2,432,661
0
Total Equity Risk
2,432,661
0
Total Value of Derivatives
2,432,661
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® SAI International Low Volatility Index Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $43,363,945) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,145,271,302)
 
$5,454,779,485
 
 
Fidelity Central Funds (cost $50,539,138)
 
50,539,138
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,195,810,440)
 
 
$
5,505,318,623
Foreign currency held at value (cost $8,393,312)
 
 
 
8,397,344
Receivable for fund shares sold
 
 
 
4,439,184
Dividends receivable
 
 
 
13,640,764
Reclaims receivable
 
 
 
20,761,717
Interest receivable
 
 
 
223
Distributions receivable from Fidelity Central Funds
 
 
 
120,082
Prepaid expenses
 
 
 
7,523
Other receivables
 
 
 
27
  Total assets
 
 
 
5,552,685,487
Liabilities
 
 
 
 
Payable to custodian bank
 
2,913,512
 
 
Payable for fund shares redeemed
 
3,092,149
 
 
Accrued management fee
 
679,657
 
 
Payable for daily variation margin on futures contracts
 
383,681
 
 
Other payables and accrued expenses
 
257,789
 
 
Collateral on securities loaned
 
50,539,138
 
 
  Total Liabilities
 
 
 
57,865,926
Net Assets  
 
 
$
5,494,819,561
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,211,157,978
Total accumulated earnings (loss)
 
 
 
(716,338,417)
Net Assets
 
 
$
5,494,819,561
Net Asset Value , offering price and redemption price per share ($5,494,819,561 ÷ 602,080,621 shares)
 
 
$
9.13
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
160,656,773
Foreign Tax Reclaims
 
 
 
11,752,665
Interest  
 
 
36,020
Income from Fidelity Central Funds (including $514,791 from security lending)
 
 
 
795,545
 Income before foreign taxes withheld
 
 
 
173,241,003
Less foreign taxes withheld
 
 
 
(24,196,449)
 Total Income
 
 
 
149,044,554
Expenses
 
 
 
 
Management fee
$
8,511,049
 
 
Custodian fees and expenses
 
599,143
 
 
Independent trustees' fees and expenses
 
18,662
 
 
Registration fees
 
317,375
 
 
Audit
 
55,715
 
 
Legal
 
6,195
 
 
Interest
 
49,384
 
 
Miscellaneous
 
23,983
 
 
 Total Expenses
 
 
 
9,581,506
Net Investment income (loss)
 
 
 
139,463,048
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(43,408,094)
 
 
 Foreign currency transactions
 
(6,290,470)
 
 
 Futures contracts
 
(11,748,572)
 
 
Total net realized gain (loss)
 
 
 
(61,447,136)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(1,300,961,852)
 
 
 Assets and liabilities in foreign currencies
 
(3,110,571)
 
 
 Futures contracts
 
1,035,605
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(1,303,036,818)
Net gain (loss)
 
 
 
(1,364,483,954)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,225,020,906)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
139,463,048
$
128,397,656
Net realized gain (loss)
 
(61,447,136)
 
 
14,167,979
 
Change in net unrealized appreciation (depreciation)
 
(1,303,036,818)
 
892,934,603
 
Net increase (decrease) in net assets resulting from operations
 
(1,225,020,906)
 
 
1,035,500,238
 
Distributions to shareholders
 
(141,537,086)
 
 
(67,692,252)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
2,573,305,678
 
1,656,234,854
  Reinvestment of distributions
 
136,529,604
 
 
65,190,425
 
Cost of shares redeemed
 
(1,787,195,386)
 
(1,354,456,288)
  Net increase (decrease) in net assets resulting from share transactions
 
922,639,896
 
 
366,968,991
 
Total increase (decrease) in net assets
 
(443,918,096)
 
 
1,334,776,977
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,938,737,657
 
4,603,960,680
 
End of period
$
5,494,819,561
$
5,938,737,657
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
254,202,230
 
147,014,322
  Issued in reinvestment of distributions
 
12,222,883
 
 
6,126,920
 
Redeemed
 
(173,081,629)
 
(121,900,067)
Net increase (decrease)
 
93,343,484
 
31,241,175
 
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI International Low Volatility Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.67
$
9.64
$
11.54
$
10.49
$
10.83
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.26
 
.27
 
.24
 
.28
 
.27
     Net realized and unrealized gain (loss)
 
(2.52)
 
1.90
 
(1.46)
 
1.04
 
(.42)
  Total from investment operations
 
(2.26)  
 
2.17  
 
(1.22)  
 
1.32  
 
(.15)
  Distributions from net investment income
 
(.28)
 
(.14)
 
(.22)
 
(.24)
 
(.19)
  Distributions from net realized gain
 
-
 
-
 
(.46)
 
(.03)
 
-
     Total distributions
 
(.28)
 
(.14)
 
(.68)
 
(.27)
 
(.19)
  Net asset value, end of period
$
9.13
$
11.67
$
9.64
$
11.54
$
10.49
 Total Return   C
 
(19.80)%
 
22.69%
 
(11.31)%
 
12.89%
 
(1.47)%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.17%
 
.17%
 
.18%
 
.25%
 
.30%
    Expenses net of fee waivers, if any
 
.17%
 
.17%
 
.18%
 
.20%
 
.20%
    Expenses net of all reductions
 
.17%
 
.17%
 
.18%
 
.20%
 
.20%
    Net investment income (loss)
 
2.46%
 
2.37%
 
2.39%
 
2.59%
 
2.49%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,494,820
$
5,938,738
$
4,603,961
$
2,548,056
$
1,536,470
    Portfolio turnover rate F
 
26%
 
26%
 
20%
 
93%
 
43%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
D Fees and expenses of any underlying 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.
 
E 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.
 
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® SAI U.S. Low Volatility Index Fund
-8.39%
9.47%
10.16%
 
A     From May 29, 2015
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI U.S. Low Volatility Index Fund on May 29, 2015, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity U.S. Low Volatility Focus Index℠, Fidelity SAI U.S. Low Volatility Index Fund Linked Index and S&P 500 ® Index performed over the same period.
 
Fidelity® SAI U.S. Low Volatility Index Fund
Market Recap:
U.S. equities returned -14.61% for the 12 months ending October 31, 2022, according to the S&P 500® index, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more "hawkish" (restrictive) policy stance and proceeded to hike its benchmark rate five times, by a total of 3%, between March and September - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500® shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. For the full 12 months, the growth-oriented communication services (-41%) and consumer discretionary (-29%) sectors lagged most. In sharp contrast, energy (+65%) had a strong run, followed by consumer staples (+5%).
 
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year, the fund returned -8.39%, roughly in line with the -8.31% result of the benchmark, the Fidelity U.S. Low Volatility Focus Index. By sector, information technology returned -17% and detracted most, followed by consumer discretionary, which returned approximately -16%, hurt by the consumer durables & apparel industry (-42%). Communication services (-16%) hurt, with the media & entertainment industry returning (-29%). Real estate (-22%) also hurt, as did materials (-14%) and financials (-6%). Other notable detractors included the utilities (-2%) and consumer staples (0%) sectors. In contrast, health care gained about 8% and contributed most, driven by the pharmaceuticals, biotechnology & life sciences industry (+14%). Energy stocks also helped, gaining 30%. The industrials sector rose 3%, boosted by the capital goods industry (+6%). Turning to individual stocks, the biggest individual detractor was Microsoft (-29%), from the software & services group, followed by Intel (-40%), which is in the semiconductors & semiconductor equipment category. Within consumer durables & apparel, Nike returned roughly -43% and hurt. Other noteworthy detractors were Alphabet (-36%), a stock in the media & entertainment segment, and Verizon Communications (-26%), from the telecommunication services industry. In contrast, the biggest individual contributor was Eli Lilly (+44%), from the pharmaceuticals, biotechnology & life sciences category. UnitedHealth Group, within the health care equipment & services industry, advanced roughly 22% and lifted the fund. In capital goods, Lockheed Martin (+51%) and Northrop Grumman (+56%) helped. Another notable contributor was Merck (+19%), a stock in the pharmaceuticals, biotechnology & life sciences segment.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® SAI U.S. Low Volatility Index Fund
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
6.3
 
Apple, Inc.
4.4
 
Johnson & Johnson
3.4
 
Eli Lilly & Co.
3.2
 
Merck & Co., Inc.
3.1
 
UnitedHealth Group, Inc.
3.1
 
Visa, Inc. Class A
2.9
 
The Home Depot, Inc.
2.8
 
Procter & Gamble Co.
2.8
 
McDonald's Corp.
2.7
 
 
34.7
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
24.2
 
Health Care
17.6
 
Consumer Discretionary
9.6
 
Financials
9.4
 
Consumer Staples
8.3
 
Industrials
8.2
 
Communication Services
7.2
 
Utilities
4.5
 
Real Estate
4.5
 
Materials
4.0
 
Energy
2.3
 
 
Asset Allocation (% of Fund's net assets)
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%*
Foreign investments - 5.7%
*Short-Term Investments and Net Other Assets (Liabilities) are not available in the pie chart.
 
Fidelity® SAI U.S. Low Volatility Index Fund
Showing Percentage of Net Assets     
Common Stocks - 99.8%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 7.2%
 
 
 
Diversified Telecommunication Services - 3.8%
 
 
 
AT&T, Inc.
 
7,361,586
134,201,713
Verizon Communications, Inc.
 
4,318,486
161,381,822
 
 
 
295,583,535
Entertainment - 0.7%
 
 
 
Activision Blizzard, Inc.
 
733,628
53,408,118
Interactive Media & Services - 1.2%
 
 
 
Alphabet, Inc. Class A (a)
 
1,011,432
95,590,438
Media - 0.3%
 
 
 
Cable One, Inc. (b)
 
4,858
4,175,111
Omnicom Group, Inc.
 
208,308
15,154,407
 
 
 
19,329,518
Wireless Telecommunication Services - 1.2%
 
 
 
T-Mobile U.S., Inc. (a)
 
605,858
91,823,838
TOTAL COMMUNICATION SERVICES
 
 
555,735,447
CONSUMER DISCRETIONARY - 9.6%
 
 
 
Auto Components - 0.1%
 
 
 
Gentex Corp.
 
241,094
6,386,580
Distributors - 0.1%
 
 
 
Pool Corp.
 
37,828
11,508,412
Diversified Consumer Services - 0.1%
 
 
 
Service Corp. International (b)
 
163,228
9,893,249
Hotels, Restaurants & Leisure - 3.1%
 
 
 
Domino's Pizza, Inc.
 
37,065
12,314,476
McDonald's Corp.
 
760,475
207,351,114
Yum China Holdings, Inc.
 
433,356
17,919,271
Yum! Brands, Inc.
 
41,273
4,880,532
 
 
 
242,465,393
Household Durables - 0.2%
 
 
 
Garmin Ltd.
 
156,886
13,812,243
Internet & Direct Marketing Retail - 0.9%
 
 
 
Amazon.com, Inc. (a)
 
666,701
68,296,850
Multiline Retail - 0.8%
 
 
 
Dollar General Corp.
 
235,259
60,002,808
Specialty Retail - 3.9%
 
 
 
AutoZone, Inc. (a)
 
20,411
51,698,614
The Home Depot, Inc.
 
738,308
218,635,148
TJX Companies, Inc.
 
374,853
27,026,901
 
 
 
297,360,663
Textiles, Apparel & Luxury Goods - 0.4%
 
 
 
NIKE, Inc. Class B
 
348,751
32,322,243
TOTAL CONSUMER DISCRETIONARY
 
 
742,048,441
CONSUMER STAPLES - 8.3%
 
 
 
Beverages - 0.9%
 
 
 
PepsiCo, Inc.
 
397,653
72,205,832
Food & Staples Retailing - 0.6%
 
 
 
Walmart, Inc.
 
325,220
46,288,563
Food Products - 2.1%
 
 
 
Flowers Foods, Inc.
 
204,950
5,884,115
General Mills, Inc.
 
619,254
50,518,741
Hormel Foods Corp.
 
291,419
13,536,413
Kellogg Co.
 
260,576
20,017,448
McCormick & Co., Inc. (non-vtg.)
 
235,071
18,485,983
The Hershey Co.
 
150,122
35,844,630
The J.M. Smucker Co.
 
111,527
16,802,658
 
 
 
161,089,988
Household Products - 4.7%
 
 
 
Church & Dwight Co., Inc.
 
249,641
18,505,887
Colgate-Palmolive Co.
 
861,654
63,624,531
Kimberly-Clark Corp.
 
346,459
43,120,287
Procter & Gamble Co.
 
1,609,967
216,814,256
The Clorox Co.
 
126,563
18,483,261
 
 
 
360,548,222
TOTAL CONSUMER STAPLES
 
 
640,132,605
ENERGY - 2.3%
 
 
 
Oil, Gas & Consumable Fuels - 2.3%
 
 
 
Chesapeake Energy Corp.
 
106,433
10,884,903
Chevron Corp.
 
321,871
58,226,464
Coterra Energy, Inc.
 
828,608
25,794,567
DT Midstream, Inc.
 
99,471
5,938,419
Kinder Morgan, Inc.
 
2,005,209
36,334,387
The Williams Companies, Inc.
 
1,240,773
40,610,500
 
 
 
177,789,240
FINANCIALS - 9.4%
 
 
 
Banks - 0.9%
 
 
 
Commerce Bancshares, Inc. (b)
 
112,977
8,003,291
First Financial Bankshares, Inc.
 
125,661
4,836,692
U.S. Bancorp
 
1,272,715
54,026,752
 
 
 
66,866,735
Capital Markets - 2.7%
 
 
 
Cboe Global Markets, Inc.
 
108,902
13,558,299
CME Group, Inc.
 
369,589
64,049,774
FactSet Research Systems, Inc.
 
38,969
16,580,920
Houlihan Lokey
 
51,266
4,579,079
Intercontinental Exchange, Inc.
 
552,137
52,767,733
MarketAxess Holdings, Inc.
 
37,265
9,094,151
NASDAQ, Inc.
 
344,143
21,419,460
S&P Global, Inc.
 
92,209
29,622,141
 
 
 
211,671,557
Insurance - 5.8%
 
 
 
Allstate Corp.
 
278,922
35,213,903
Arthur J. Gallagher & Co.
 
216,012
40,411,525
Assurant, Inc.
 
55,615
7,555,854
Brown & Brown, Inc.
 
240,916
14,163,452
Chubb Ltd.
 
413,872
88,936,954
Erie Indemnity Co. Class A
 
25,648
6,591,792
Marsh & McLennan Companies, Inc.
 
494,798
79,904,929
Progressive Corp.
 
601,428
77,223,355
RLI Corp.
 
41,007
5,333,780
Selective Insurance Group, Inc.
 
62,061
6,086,943
The Travelers Companies, Inc.
 
246,751
45,515,689
W.R. Berkley Corp.
 
215,431
16,023,758
Willis Towers Watson PLC
 
114,643
25,016,249
 
 
 
447,978,183
TOTAL FINANCIALS
 
 
726,516,475
HEALTH CARE - 17.6%
 
 
 
Biotechnology - 1.3%
 
 
 
Amgen, Inc.
 
363,155
98,178,954
Health Care Equipment & Supplies - 2.4%
 
 
 
Baxter International, Inc.
 
517,778
28,141,234
Medtronic PLC
 
1,267,732
110,723,713
ResMed, Inc.
 
142,809
31,944,945
STERIS PLC
 
98,023
16,916,809
 
 
 
187,726,701
Health Care Providers & Services - 3.2%
 
 
 
Chemed Corp.
 
15,391
7,185,596
UnitedHealth Group, Inc.
 
430,884
239,205,253
 
 
 
246,390,849
Pharmaceuticals - 10.7%
 
 
 
Eli Lilly & Co.
 
690,349
249,968,469
Johnson & Johnson
 
1,481,309
257,703,327
Merck & Co., Inc.
 
2,380,311
240,887,473
Zoetis, Inc. Class A
 
483,947
72,969,529
 
 
 
821,528,798
TOTAL HEALTH CARE
 
 
1,353,825,302
INDUSTRIALS - 8.2%
 
 
 
Aerospace & Defense - 3.2%
 
 
 
General Dynamics Corp.
 
2,470
617,006
L3Harris Technologies, Inc.
 
197,264
48,619,658
Lockheed Martin Corp.
 
243,537
118,524,587
Northrop Grumman Corp.
 
150,253
82,490,400
 
 
 
250,251,651
Air Freight & Logistics - 0.3%
 
 
 
C.H. Robinson Worldwide, Inc.
 
130,867
12,788,323
Expeditors International of Washington, Inc.
 
120,723
11,812,746
 
 
 
24,601,069
Building Products - 0.1%
 
 
 
Lennox International, Inc.
 
32,989
7,705,241
Commercial Services & Supplies - 1.3%
 
 
 
Republic Services, Inc.
 
214,388
28,432,137
Rollins, Inc.
 
232,942
9,802,199
Waste Management, Inc.
 
392,800
62,207,736
 
 
 
100,442,072
Construction & Engineering - 0.1%
 
 
 
MDU Resources Group, Inc.
 
209,106
5,955,339
Industrial Conglomerates - 1.0%
 
 
 
3M Co.
 
583,200
73,360,728
Machinery - 1.1%
 
 
 
Graco, Inc.
 
174,016
12,108,033
Otis Worldwide Corp.
 
434,758
30,711,305
PACCAR, Inc.
 
340,234
32,944,858
Toro Co. (b)
 
107,496
11,333,303
 
 
 
87,097,499
Professional Services - 1.0%
 
 
 
Booz Allen Hamilton Holding Corp. Class A
 
137,029
14,915,607
Exponent, Inc.
 
53,288
5,076,215
FTI Consulting, Inc. (a)(b)
 
35,445
5,516,305
Leidos Holdings, Inc.
 
140,529
14,276,341
Science Applications International Corp. (b)
 
57,399
6,218,608
Verisk Analytics, Inc.
 
157,938
28,875,805
 
 
 
74,878,881
Road & Rail - 0.1%
 
 
 
Landstar System, Inc.
 
36,106
5,640,479
TOTAL INDUSTRIALS
 
 
629,932,959
INFORMATION TECHNOLOGY - 24.2%
 
 
 
IT Services - 7.8%
 
 
 
Accenture PLC Class A
 
142,018
40,318,910
Akamai Technologies, Inc. (a)
 
164,841
14,560,406
Amdocs Ltd.
 
128,148
11,060,454
Automatic Data Processing, Inc.
 
429,568
103,826,586
Broadridge Financial Solutions, Inc.
 
120,544
18,088,833
Concentrix Corp.
 
42,044
5,139,038
Fiserv, Inc. (a)
 
598,217
61,460,815
IBM Corp.
 
40,536
5,605,723
Jack Henry & Associates, Inc.
 
74,924
14,914,371
MasterCard, Inc. Class A
 
113,019
37,090,575
Maximus, Inc.
 
63,151
3,894,522
Paychex, Inc.
 
330,397
39,089,269
VeriSign, Inc. (a)
 
98,001
19,645,280
Visa, Inc. Class A (b)
 
1,095,032
226,846,829
 
 
 
601,541,611
Semiconductors & Semiconductor Equipment - 3.5%
 
 
 
Intel Corp.
 
4,204,711
119,539,934
Texas Instruments, Inc.
 
948,229
152,314,024
 
 
 
271,853,958
Software - 8.5%
 
 
 
Black Knight, Inc. (a)
 
160,379
9,698,118
Check Point Software Technologies Ltd. (a)
 
102,757
13,279,287
Microsoft Corp.
 
2,107,519
489,218,385
Oracle Corp.
 
1,618,760
126,376,593
Tyler Technologies, Inc. (a)
 
42,648
13,789,378
UiPath, Inc. Class A (a)(b)
 
285,298
3,609,020
 
 
 
655,970,781
Technology Hardware, Storage & Peripherals - 4.4%
 
 
 
Apple, Inc.
 
2,188,164
335,533,068
TOTAL INFORMATION TECHNOLOGY
 
 
1,864,899,418
MATERIALS - 4.0%
 
 
 
Chemicals - 3.2%
 
 
 
Air Products & Chemicals, Inc.
 
228,049
57,103,470
Balchem Corp.
 
33,025
4,616,895
Ecolab, Inc.
 
234,788
36,878,151
Linde PLC
 
502,305
149,360,392
 
 
 
247,958,908
Construction Materials - 0.3%
 
 
 
Vulcan Materials Co.
 
135,517
22,184,133
Containers & Packaging - 0.5%
 
 
 
Aptargroup, Inc.
 
67,429
6,685,585
Ball Corp.
 
328,838
16,241,309
Packaging Corp. of America
 
96,352
11,582,474
 
 
 
34,509,368
TOTAL MATERIALS
 
 
304,652,409
REAL ESTATE - 4.5%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 4.5%
 
 
 
Agree Realty Corp.
 
77,301
5,310,579
American Tower Corp.
 
477,847
99,005,120
Crown Castle International Corp.
 
423,559
56,443,472
CubeSmart
 
230,789
9,663,135
Digital Realty Trust, Inc.
 
278,112
27,880,728
Equinix, Inc.
 
93,598
53,017,651
Equity Lifestyle Properties, Inc.
 
177,886
11,377,589
Essex Property Trust, Inc.
 
6,985
1,552,346
Extra Space Storage, Inc.
 
136,729
24,261,194
Mid-America Apartment Communities, Inc.
 
24,580
3,870,121
Public Storage
 
157,032
48,640,662
Realty Income Corp.
 
105,897
6,594,206
 
 
 
347,616,803
UTILITIES - 4.5%
 
 
 
Electric Utilities - 2.9%
 
 
 
Alliant Energy Corp.
 
257,911
13,455,217
American Electric Power Co., Inc.
 
528,076
46,428,442
Duke Energy Corp.
 
791,687
73,769,395
Evergy, Inc.
 
205,455
12,559,464
Eversource Energy
 
354,637
27,051,710
Hawaiian Electric Industries, Inc.
 
112,528
4,280,565
IDACORP, Inc.
 
47,653
4,989,269
Pinnacle West Capital Corp.
 
116,199
7,809,735
Xcel Energy, Inc.
 
560,066
36,465,897
 
 
 
226,809,694
Gas Utilities - 0.2%
 
 
 
Atmos Energy Corp.
 
130,501
13,904,882
Southwest Gas Corp.
 
68,744
5,023,124
 
 
 
18,928,006
Multi-Utilities - 1.3%
 
 
 
Ameren Corp.
 
265,534
21,646,332
CMS Energy Corp.
 
298,339
17,020,240
Consolidated Edison, Inc.
 
364,321
32,045,675
WEC Energy Group, Inc.
 
324,361
29,623,890
 
 
 
100,336,137
Water Utilities - 0.1%
 
 
 
American Water Works Co., Inc.
 
25,847
3,756,603
TOTAL UTILITIES
 
 
349,830,440
 
TOTAL COMMON STOCKS
  (Cost $6,562,352,332)
 
 
 
7,692,979,539
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (d)
 
  (Cost $697,969)
 
 
700,000
693,332
 
 
 
 
Money Market Funds - 3.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (e)
 
17,175,368
17,178,803
Fidelity Securities Lending Cash Central Fund 3.10% (e)(f)
 
246,522,501
246,547,154
 
TOTAL MONEY MARKET FUNDS
  (Cost $263,725,957)
 
 
263,725,957
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.2%
  (Cost $6,826,776,258)
 
 
 
7,957,398,828
NET OTHER ASSETS (LIABILITIES) - (3.2)%  
(245,123,230)
NET ASSETS - 100.0%
7,712,275,598
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
75
Dec 2022
14,561,250
876,245
876,245
CME E-mini S&P MidCap 400 Index Contracts (United States)
20
Dec 2022
4,879,200
364,122
364,122
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
1,240,367
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $693,332.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
15,252,945
1,520,440,730
1,518,514,872
240,903
-
-
17,178,803
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
127,461,306
1,826,372,210
1,707,286,362
283,855
-
-
246,547,154
0.7%
Total
142,714,251
3,346,812,940
3,225,801,234
524,758
-
-
263,725,957
 
 
 
 
 
 
 
 
 
 
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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
555,735,447
555,735,447
-
-
Consumer Discretionary
742,048,441
742,048,441
-
-
Consumer Staples
640,132,605
640,132,605
-
-
Energy
177,789,240
177,789,240
-
-
Financials
726,516,475
726,516,475
-
-
Health Care
1,353,825,302
1,353,825,302
-
-
Industrials
629,932,959
629,932,959
-
-
Information Technology
1,864,899,418
1,864,899,418
-
-
Materials
304,652,409
304,652,409
-
-
Real Estate
347,616,803
347,616,803
-
-
Utilities
349,830,440
349,830,440
-
-
 U.S. Government and Government Agency Obligations
693,332
-
693,332
-
  Money Market Funds
263,725,957
263,725,957
-
-
 Total Investments in Securities:
7,957,398,828
7,956,705,496
693,332
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
1,240,367
1,240,367
-
-
  Total Assets
1,240,367
1,240,367
-
-
 Total Derivative Instruments:
1,240,367
1,240,367
-
-
 
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, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
1,240,367
0
Total Equity Risk
1,240,367
0
Total Value of Derivatives
1,240,367
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® SAI U.S. Low Volatility Index Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $238,970,979) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,563,050,301)
 
$7,693,672,871
 
 
Fidelity Central Funds (cost $263,725,957)
 
263,725,957
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,826,776,258)
 
 
$
7,957,398,828
Segregated cash with brokers for derivative instruments
 
 
 
236,723
Receivable for fund shares sold
 
 
 
4,660,045
Dividends receivable
 
 
 
10,347,109
Distributions receivable from Fidelity Central Funds
 
 
 
53,626
Prepaid expenses
 
 
 
11,118
Other receivables
 
 
 
35
  Total assets
 
 
 
7,972,707,484
Liabilities
 
 
 
 
Payable for investments purchased
 
10,276,688
 
 
Payable for fund shares redeemed
 
2,753,682
 
 
Accrued management fee
 
610,297
 
 
Payable for daily variation margin on futures contracts
 
100,021
 
 
Other payables and accrued expenses
 
147,973
 
 
Collateral on securities loaned
 
246,543,225
 
 
  Total Liabilities
 
 
 
260,431,886
Net Assets  
 
 
$
7,712,275,598
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,363,224,163
Total accumulated earnings (loss)
 
 
 
1,349,051,435
Net Assets
 
 
$
7,712,275,598
Net Asset Value , offering price and redemption price per share ($7,712,275,598 ÷ 453,468,440 shares)
 
 
$
17.01
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
152,186,130
Interest  
 
 
11,305
Income from Fidelity Central Funds (including $283,855 from security lending)
 
 
 
524,758
 Total Income
 
 
 
152,722,193
Expenses
 
 
 
 
Management fee
$
7,780,714
 
 
Custodian fees and expenses
 
95,264
 
 
Independent trustees' fees and expenses
 
25,654
 
 
Registration fees
 
285,044
 
 
Audit
 
46,200
 
 
Legal
 
11,874
 
 
Interest
 
81,489
 
 
Miscellaneous
 
34,063
 
 
 Total expenses before reductions
 
8,360,302
 
 
 Expense reductions
 
(434)
 
 
 Total expenses after reductions
 
 
 
8,359,868
Net Investment income (loss)
 
 
 
144,362,325
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
183,040,028
 
 
 Futures contracts
 
(4,299,206)
 
 
Total net realized gain (loss)
 
 
 
178,740,822
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(1,000,513,793)
 
 
 Futures contracts
 
364,749
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(1,000,149,044)
Net gain (loss)
 
 
 
(821,408,222)
Net increase (decrease) in net assets resulting from operations
 
 
$
(677,045,897)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
144,362,325
$
130,710,189
Net realized gain (loss)
 
178,740,822
 
 
222,765,290
 
Change in net unrealized appreciation (depreciation)
 
(1,000,149,044)
 
1,521,115,853
 
Net increase (decrease) in net assets resulting from operations
 
(677,045,897)
 
 
1,874,591,332
 
Distributions to shareholders
 
(268,770,756)
 
 
(80,110,109)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
3,039,157,235
 
3,501,165,873
  Reinvestment of distributions
 
267,624,606
 
 
79,731,236
 
Cost of shares redeemed
 
(2,464,734,875)
 
(2,803,328,859)
  Net increase (decrease) in net assets resulting from share transactions
 
842,046,966
 
 
777,568,250
 
Total increase (decrease) in net assets
 
(103,769,687)
 
 
2,572,049,473
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
7,816,045,285
 
5,243,995,812
 
End of period
$
7,712,275,598
$
7,816,045,285
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
172,683,980
 
206,459,886
  Issued in reinvestment of distributions
 
14,640,296
 
 
4,912,584
 
Redeemed
 
(139,598,293)
 
(158,169,542)
Net increase (decrease)
 
47,725,983
 
53,202,928
 
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI U.S. Low Volatility Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.26
$
14.87
$
15.12
$
13.18
$
12.60
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.33
 
.31
 
.30
 
.29
 
.26
     Net realized and unrealized gain (loss)
 
(1.90)
 
4.30
 
.03
 
1.98
 
.82
  Total from investment operations
 
(1.57)  
 
4.61  
 
.33  
 
2.27  
 
1.08
  Distributions from net investment income
 
(.34)
 
(.22)
 
(.24)
 
(.20)
 
(.14)
  Distributions from net realized gain
 
(.35)
 
-
 
(.34)
 
(.13)
 
(.37)
     Total distributions
 
(.68) C
 
(.22)
 
(.58)
 
(.33)
 
(.50) C
  Net asset value, end of period
$
17.01
$
19.26
$
14.87
$
15.12
$
13.18
 Total Return   D
 
(8.39)%
 
31.25%
 
2.16%
 
17.62%
 
8.79%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.11%
 
.11%
 
.12%
 
.19%
 
.23%
    Expenses net of fee waivers, if any
 
.11%
 
.11%
 
.12%
 
.15%
 
.15%
    Expenses net of all reductions
 
.11%
 
.11%
 
.12%
 
.15%
 
.15%
    Net investment income (loss)
 
1.85%
 
1.76%
 
2.06%
 
2.05%
 
2.00%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
7,712,276
$
7,816,045
$
5,243,996
$
4,120,541
$
1,979,673
    Portfolio turnover rate G
 
41%
 
44%
 
49%
 
72%
 
39%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Fees and expenses of any underlying 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.
 
F 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.
 
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2022
 
1. Organization.
 
Fidelity SAI Emerging Markets Low Volatility Index Fund,   Fidelity SAI International Low Volatility Index Fund and Fidelity SAI U.S. Low Volatility Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain clients of Fidelity Management & Research Company (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
 
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value each Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends, foreign taxes withheld or foreign tax reclaims, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in   dividends receivable or reclaims receivable, as applicable. Fidelity SAI International Low Volatility Index Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on each applicable Fund's Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   partnerships, futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
 
 
Tax cost
Gross unrealized appreciation
Gross unrealized depreciation
Net unrealized appreciation (depreciation)
Fidelity SAI Emerging Markets Low Volatility Index Fund
$2,255,443,799
$155,830,766
$(331,227,890)
$(175,397,124)
Fidelity SAI International Low Volatility Index Fund
6,217,231,770
250,177,547
(962,090,694)
(711,913,147)
Fidelity SAI U.S. Low Volatility Index Fund
6,877,863,987
1,598,958,038
(519,423,197)
1,079,534,841
 
The tax-based components of distributable earnings as of period end were as follows for each Fund:
 
 
Undistributed ordinary income
Undistributed long-term capital gain
Capital loss carryforward
Net unrealized appreciation (depreciation) on securities and other investments
Fidelity SAI Emerging Markets Low Volatility Index Fund
$43,891,851
$-
$(24,897,305)
$(175,489,538)
Fidelity SAI International Low Volatility Index Fund
89,797,371
-
(91,200,408)
(714,936,030)
Fidelity SAI U.S. Low Volatility Index Fund
120,676,718
148,839,876
-
1,079,534,841
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 
Short-term
Long-term
Total capital loss carryforward
Fidelity SAI Emerging Markets Low Volatility Index Fund
$(24,897,305)
$-
$(24,897,305)
Fidelity SAI International Low Volatility Index Fund
(33,020,130)
(58,180,278)
(91,200,408)
 
The tax character of distributions paid was as follows:
 
October 31, 2022
 
 
 
 
Ordinary Income
Long-term Capital Gains
Total
Fidelity SAI Emerging Markets Low Volatility Index Fund
$41,568,890
$-
$41,568,890
Fidelity SAI International Low Volatility Index Fund
141,537,086
-
141,537,086
Fidelity SAI U.S. Low Volatility Index Fund
159,841,640
108,929,116
268,770,756
 
October 31, 2021
 
 
Ordinary Income
Fidelity SAI Emerging Markets Low Volatility Index Fund
$24,528,630
Fidelity SAI International Low Volatility Index Fund
67,692,252
Fidelity SAI U.S. Low Volatility Index Fund
80,110,109
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
 
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI Emerging Markets Low Volatility Index Fund
1,086,751,263
412,871,174
Fidelity SAI International Low Volatility Index Fund
2,375,577,298
1,444,105,911
Fidelity SAI U.S. Low Volatility Index Fund
3,907,033,711
3,164,499,653
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. Each Fund's management fee is equal to the following annual rate of average net assets:
 
Fidelity SAI Emerging Markets Low Volatility Index Fund
.15%
Fidelity SAI International Low Volatility Index Fund
.15%
Fidelity SAI U.S. Low Volatility Index Fund
.10%
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI Emerging Markets Low Volatility Index Fund
Borrower
$9,665,213
1.50%
$24,554
Fidelity SAI International Low Volatility Index Fund
Borrower
$22,816,500
1.16%
$38,088
Fidelity SAI U.S. Low Volatility Index Fund
Borrower
$59,305,062
1.55%
$81,489
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity SAI Emerging Markets Low Volatility Index Fund
$3,252
Fidelity SAI International Low Volatility Index Fund
9,762
Fidelity SAI U.S. Low Volatility Index Fund
13,342
 
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity SAI Emerging Markets Low Volatility Index Fund
$444
$5
$-
Fidelity SAI International Low Volatility Index Fund
$55,307
$-
$-
Fidelity SAI U.S. Low Volatility Index Fund
$28,838
$3
$-
 
9. Bank Borrowings.
Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI Emerging Markets Low Volatility Index Fund
$9,333,375
1.56%
$16,127
Fidelity SAI International Low Volatility Index Fund
$14,912,103
.94%
$11,296
 
10. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of Fidelity SAI Emerging Markets Low Volatility Index Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 29, 2024. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
 
The following Fund was in reimbursement during the period:
 
 
Expense Limitations
Reimbursement
Fidelity SAI Emerging Markets Low Volatility Index Fund
.25%
$143,808
 
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
 
 
Custodian credits
Transfer Agent credits
Fidelity SAI U.S. Low Volatility Index Fund
$420
$14
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Emerging Markets Fund
Strategic Advisers Fidelity Emerging Markets Fund
Strategic Advisers Fidelity International Fund
Strategic Advisers Fidelity U.S. Total Stock Fund
Strategic Advisers Large Cap Fund
Fidelity SAI Emerging Markets Low Volatility Index Fund
27%
28%
-
-
-
Fidelity SAI International Low Volatility Index Fund
-
-
20%
-
-
Fidelity SAI U.S. Low Volatility Index Fund
-
-
-
34%
12%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity SAI Emerging Markets Low Volatility Index Fund
55%
Fidelity SAI International Low Volatility Index Fund
30%
Fidelity SAI U.S. Low Volatility Index Fund
46%
 
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI International Low Volatility Index Fund and Fidelity SAI U.S. Low Volatility Index Fund
 
Opinions on the Financial Statements
 
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI International Low Volatility Index Fund and Fidelity SAI U.S. Low Volatility Index Fund (three of the funds constituting Fidelity Salem Street Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
 
Basis for Opinions
 
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.   Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers.   We believe that our audits provide a reasonable basis for our opinion.  
 
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2022
 
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
 
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 293 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function.   Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as a member of the Board of McKesson Corporation (healthcare service, 2002-2021). In addition, Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity ® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Laura M. Bishop (1961)
Year of Election or Appointment: 2022
Member of the Advisory Board
Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).    
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.     
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). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke 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).     
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).     
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
President and 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: 2016
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).     
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), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-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: 2013
Assistant 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).     
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.     
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.     
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: 2013
Assistant 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: 2021
Deputy 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).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Emerging Markets Low Volatility Index Fund
 
 
 
.25%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 850.00
 
$ 1.17
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,023.95
 
$ 1.28
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International Low Volatility Index Fund
 
 
 
.17%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 867.00
 
$ .80
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.35
 
$ .87
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI U.S. Low Volatility Index Fund
 
 
 
.11%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 962.60
 
$ .54
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.65
 
$ .56
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2022, or, if subsequently determined to be different, the net capital gain of such year.
 
Fidelity SAI U.S. Low Volatility Index Fund
$207,595,602
 
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
 
 
Fidelity SAI Emerging Markets Low Volatility Index Fund
 
December,2021
1%
Fidelity SAI U.S. Low Volatility Index Fund
 
December, 2021
75%
 
 
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
 
Fidelity SAI Emerging Markets Low Volatility Index Fund
 
December 3, 2021
42%
December 28, 2021
83%
Fidelity SAI International Low Volatility Index Fund
 
December, 2021
78%
Fidelity SAI U.S. Low Volatility Index Fund
 
December, 2021
82%
 
 
 
A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:
Fidelity® SAI U.S. Low Volatility Index Fund
 
December, 2021
4%
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity SAI Emerging Markets Low Volatility Index Fund
 
 
 
 
12/06/2021
$0.3068
$0.0518
 
12/29/2021
$0.0014
$0.0000
Fidelity® SAI International Low Volatility Index Fund
 
 
 
 
12/06/2021
$0.3111
$0.0311
 
 
 
 
 
The funds will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
 
Fidelity SAI Emerging Markets Low Volatility Index Fund
Fidelity SAI International Low Volatility Index Fund
Fidelity SAI U.S. Low Volatility Index Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its September 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.  
 
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. The Board also considered the steps Fidelity and Geode had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
 
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
 
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.  
 
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.
 
Investment Performance . The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers each fund's tracking error versus its benchmark index.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and its benchmark index for the most recent one-, three- and five-year periods (one-year period for Fidelity SAI Emerging Markets Low Volatility Index Fund). No performance peer group information was considered by the Board as Fidelity advised the Board that the peer groups, which are created by a third-party provider, include a number of actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
 
Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparisons of management fees and total expense ratios by broadening the competitive group used for such comparisons.
 
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.
 
Fidelity SAI Emerging Markets Low Volatility Index Fund
 
The Board noted that the fund's management fee rate ranked equal to the median of its Total Mapped Group and equal to the median of its ASPG for 2021.
 
Fidelity SAI International Low Volatility Index Fund
 
The Board noted that the fund's management fee rate ranked equal to the median of its Total Mapped Group and equal to the median of its ASPG for 2021.
 
Fi delity SAI U.S. Low Volatility Index Fund
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.  
 
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio. In its review of each fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of each fund relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.
 
The Board noted that Fidelity SAI International Low Volatility Index Fund and Fidelity SAI U.S. Low Volatility Index Fund's total net expense ratio ranked below the sales load structure group competitive median for 2021 and Fidelity SAI Emerging Markets Low Volatility Index Fund's total net expense ratio ranked above the sales load structure group competitive median for 2021. The Board also noted that each fund's total net expense ratio ranked above the ASPG competitive median for 2021. The Board considered that if funds in a fund complex with a unique at-cost service model were excluded from the ASPGs, each fund would not have been above the competitive median for 2021.
 
The Board further considered that FMR has contractually agreed to reimburse each fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.25% for Fidelity SAI Emerging Markets Low Volatility Index Fund, 0.20% for Fidelity SAI International Low Volatility Index Fund, and 0.15% for Fidelity SAI U.S. Low Volatility Index Fund through February 28, 2023.
 
Fees Charged to Other Clients . The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.  
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
 
The Board also considered information regarding the profitability of Geode's relationship with each fund.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.  
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that each fund's Advisory Contracts should be renewed.
 
1.9867660.107
SV1-SV2-ANN-1222
Fidelity® SAI Emerging Markets Value Index Fund
 
 
Annual Report
October 31, 2022
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ®   SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts 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 Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Life of
Fund A
Fidelity® SAI Emerging Markets Value Index Fund
-25.19%
3.43%
 
A     From May 12, 2020
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI Emerging Markets Value Index Fund on May 12, 2020, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity Emerging Markets Value Focus Index℠ and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
 
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year, the fund returned -25.19%, roughly in line with the -25.34% result of the benchmark, the Fidelity Emerging Markets Value Focus Index. (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, as well as by required local capital gains tax.) By sector, stocks in information technology returned -29% and hurt most, followed by consumer discretionary, which returned about -34%. Financials (-15%) and communication services (-28%) also detracted, as did materials (-23%) and industrials (-24%). Other notable detractors included the energy (-17%), real estate (-45%), consumer staples (-15%), health care (-14%) and utilities (-3%) sectors. Turning to individual stocks, the biggest individual detractor was Alibaba Group Holding (-61%), from the retailing segment, followed by Tencent Holdings (-56%), which is in the media & entertainment industry. Within semiconductors & semiconductor equipment, Taiwan Semiconductor returned -42% and hurt. Other detractors were Gazprom (-61%), a stock in the energy sector, and Samsung Electronics (-29%), from the technology hardware & equipment group. In contrast, the biggest individual contributor was Petrobras (+95%), from the energy sector. Mahindra & Mahindra, within the automobiles & components category, advanced roughly 39% and lifted the fund. In banks, Banco do Brasil (+54%) and Riyad Bank (+25%) helped. Another contributor was ITC (+46%), a stock in the food, beverage & tobacco group.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
3.6
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
3.4
 
Alibaba Group Holding Ltd. sponsored ADR  (Cayman Islands, Internet & Direct Marketing Retail)
2.6
 
Tencent Holdings Ltd.  (Cayman Islands, Interactive Media & Services)
2.2
 
Vale SA  (Brazil, Metals & Mining)
2.1
 
China Construction Bank Corp. (H Shares)  (China, Banks)
2.0
 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)
2.0
 
Infosys Ltd.  (India, IT Services)
1.5
 
Bank of China Ltd. (H Shares) (China, Banks)
1.5
 
Industrial & Commercial Bank of China Ltd. (H Shares)  (China, Banks)
1.5
 
 
22.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.9
 
Information Technology
18.9
 
Consumer Discretionary
13.6
 
Communication Services
9.9
 
Materials
8.9
 
Consumer Staples
5.4
 
Energy
5.3
 
Industrials
5.2
 
Health Care
4.2
 
Utilities
3.2
 
Real Estate
1.7
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 99.1%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 96.6%
 
 
Shares
Value ($)
 
Bermuda - 0.4%
 
 
 
Credicorp Ltd. (United States)
 
28,231
4,131,889
Kunlun Energy Co. Ltd.
 
8,888,000
5,310,392
TOTAL BERMUDA
 
 
9,442,281
Brazil - 3.7%
 
 
 
Banco do Brasil SA
 
2,802,000
20,081,316
Companhia Siderurgica Nacional SA (CSN)
 
1,455,600
3,460,414
JBS SA
 
1,485,400
7,177,540
Vale SA
 
3,931,800
51,097,035
Vibra Energia SA
 
2,389,400
8,441,884
TOTAL BRAZIL
 
 
90,258,189
British Virgin Islands - 0.0%
 
 
 
VK Co. Ltd. GDR (Reg. S) (a)(b)
 
217,763
73,240
Cayman Islands - 7.6%
 
 
 
Alibaba Group Holding Ltd. sponsored ADR (a)
 
988,774
62,866,251
China Conch Venture Holdings Ltd.
 
2,907,000
4,288,479
China Feihe Ltd. (c)
 
6,558,000
3,776,240
China Hongqiao Group Ltd.
 
4,959,000
3,518,836
Country Garden Holdings Co. Ltd. (d)
 
16,534,000
2,127,399
Daqo New Energy Corp. ADR (a)
 
134,726
5,926,597
Hengan International Group Co. Ltd.
 
1,479,000
5,737,269
JD.com, Inc. sponsored ADR
 
36,925
1,376,933
Kingboard Chemical Holdings Ltd.
 
1,485,000
3,662,533
Lufax Holding Ltd. ADR
 
1,209,328
1,922,832
Meituan Class B (a)(c)
 
691,200
11,066,489
TAL Education Group ADR (a)
 
1,112,255
5,238,721
Tencent Holdings Ltd.
 
2,049,400
53,851,662
Tencent Music Entertainment Group ADR (a)
 
1,346,012
4,859,103
Vipshop Holdings Ltd. ADR (a)
 
787,479
5,488,729
WH Group Ltd. (c)
 
17,469,500
8,835,288
TOTAL CAYMAN ISLANDS
 
 
184,543,361
Chile - 0.6%
 
 
 
Cencosud SA
 
3,005,062
4,044,970
Empresas CMPC SA
 
2,456,895
3,898,221
Enel Americas SA
 
21,877,216
2,167,549
Falabella SA
 
1,624,684
3,176,701
TOTAL CHILE
 
 
13,287,441
China - 12.8%
 
 
 
Agricultural Bank of China Ltd. (H Shares)
 
68,637,000
19,591,299
Anhui Conch Cement Co. Ltd. (H Shares)
 
2,639,500
6,792,392
Bank of China Ltd. (H Shares)
 
111,920,000
36,046,906
Bank of Communications Co. Ltd. (H Shares)
 
47,691,000
23,269,385
China CITIC Bank Corp. Ltd. (H Shares)
 
20,274,000
7,645,059
China Coal Energy Co. Ltd. (H Shares)
 
4,676,000
3,443,119
China Construction Bank Corp. (H Shares)
 
90,120,000
47,825,644
China Galaxy Securities Co. Ltd. (H Shares)
 
7,739,000
2,898,557
China Life Insurance Co. Ltd. (H Shares)
 
16,612,000
18,114,683
China Minsheng Banking Corp. Ltd. (H Shares)
 
13,949,500
4,051,755
China National Building Materials Co. Ltd. (H Shares)
 
10,176,000
5,911,418
China Petroleum & Chemical Corp. (H Shares)
 
55,938,000
22,169,709
China Railway Group Ltd. (H Shares)
 
9,394,000
4,080,888
China Tower Corp. Ltd. (H Shares) (c)
 
96,870,000
8,761,881
COSCO SHIPPING Holdings Co. Ltd. (H Shares)
 
7,489,300
8,081,172
CRRC Corp. Ltd. (H Shares)
 
9,760,000
2,959,215
Dongfeng Motor Group Co. Ltd. (H Shares)
 
5,484,000
2,480,136
Great Wall Motor Co. Ltd. (H Shares)
 
6,918,500
7,553,400
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
6,294,000
3,832,696
Haitong Securities Co. Ltd. (H Shares)
 
6,159,600
3,013,238
Industrial & Commercial Bank of China Ltd. (H Shares)
 
82,974,000
36,024,443
New China Life Insurance Co. Ltd. (H Shares)
 
1,730,400
2,746,719
People's Insurance Co. of China Group Ltd. (H Shares)
 
18,313,000
5,062,545
PICC Property & Casualty Co. Ltd. (H Shares)
 
14,036,000
12,945,882
Postal Savings Bank of China Co. Ltd. (H Shares) (c)
 
20,834,000
9,661,037
Sinopharm Group Co. Ltd. (H Shares)
 
2,994,400
5,706,780
TOTAL CHINA
 
 
310,669,958
Czech Republic - 0.1%
 
 
 
CEZ A/S
 
91,745
3,000,382
Egypt - 0.1%
 
 
 
Commercial International Bank SAE
 
1,225,572
1,642,545
Greece - 0.3%
 
 
 
Jumbo SA
 
202,238
2,876,010
National Bank of Greece SA (a)
 
1,225,942
4,446,341
TOTAL GREECE
 
 
7,322,351
Hong Kong - 1.8%
 
 
 
China Merchants Holdings International Co. Ltd.
 
3,042,823
3,566,270
China Overseas Land and Investment Ltd.
 
8,308,000
15,854,699
CITIC Pacific Ltd.
 
14,290,000
12,797,857
Lenovo Group Ltd.
 
15,590,000
12,472,556
TOTAL HONG KONG
 
 
44,691,382
Hungary - 0.2%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
731,624
4,386,907
India - 19.8%
 
 
 
Aurobindo Pharma Ltd.
 
627,677
4,080,507
Bajaj Auto Ltd.
 
155,048
6,877,422
Bank of Baroda
 
2,309,815
4,121,281
Cipla Ltd./India
 
1,134,792
16,003,336
Divi's Laboratories Ltd.
 
200,810
8,754,569
Dr. Reddy's Laboratories Ltd.
 
271,202
14,597,480
GAIL India Ltd.
 
6,093,099
6,720,222
HCL Technologies Ltd.
 
2,423,188
30,477,195
Hero Motocorp Ltd.
 
289,978
9,376,995
Indian Oil Corp. Ltd.
 
8,513,295
7,018,995
Indus Towers Ltd.
 
1,803,751
4,041,989
Infosys Ltd.
 
2,020,247
37,526,369
ITC Ltd.
 
6,603,994
27,818,467
Jindal Steel & Power Ltd.
 
888,220
4,934,138
Lupin Ltd.
 
537,704
4,540,409
Mahindra & Mahindra Ltd.
 
2,083,442
33,942,134
Maruti Suzuki India Ltd.
 
296,745
34,153,994
MRF Ltd.
 
4,641
5,088,785
NTPC Ltd.
 
10,599,831
22,165,146
Oil & Natural Gas Corp. Ltd.
 
8,145,197
13,189,945
Power Finance Corp. Ltd.
 
2,597,827
3,616,810
Power Grid Corp. of India Ltd.
 
5,219,971
14,386,765
REC Ltd.
 
2,767,984
3,429,050
Reliance Industries Ltd.
 
719,318
22,154,786
State Bank of India
 
3,801,320
26,349,329
Sun Pharmaceutical Industries Ltd.
 
2,410,392
29,610,143
Tata Motors Ltd. (a)
 
4,449,006
22,274,811
Tata Steel Ltd.
 
17,709,694
21,725,289
Tech Mahindra Ltd.
 
1,388,612
17,838,246
Vedanta Ltd.
 
2,904,810
9,853,475
Wipro Ltd.
 
3,303,988
15,460,383
TOTAL INDIA
 
 
482,128,465
Indonesia - 2.0%
 
 
 
PT Astra International Tbk
 
45,188,200
19,266,006
PT Indofood Sukses Makmur Tbk
 
9,800,100
4,052,614
PT Telkom Indonesia Persero Tbk
 
88,061,700
24,732,208
TOTAL INDONESIA
 
 
48,050,828
Korea (South) - 12.5%
 
 
 
GS Engineering & Construction Corp.
 
175,625
2,670,083
GS Holdings Corp.
 
207,501
6,687,390
Hana Financial Group, Inc.
 
670,311
19,372,200
Hankook Tire Co. Ltd.
 
177,017
4,532,951
HMM Co. Ltd.
 
818,759
10,956,406
Hyundai Mobis
 
147,795
22,676,838
Hyundai Steel Co.
 
190,724
3,754,830
Industrial Bank of Korea
 
615,344
4,505,188
KB Financial Group, Inc.
 
844,074
28,345,197
Kia Corp.
 
570,886
26,518,049
Korea Investment Holdings Co. Ltd.
 
104,560
3,629,843
Kumho Petro Chemical Co. Ltd.
 
44,045
4,042,468
LG Corp.
 
272,109
15,098,950
LG Display Co. Ltd.
 
495,178
4,410,230
POSCO
 
169,346
29,456,102
Samsung Electronics Co. Ltd.
 
2,082,077
86,648,666
Shinhan Financial Group Co. Ltd.
 
815,255
20,679,308
Woori Financial Group, Inc.
 
1,267,896
10,437,588
TOTAL KOREA (SOUTH)
 
 
304,422,287
Kuwait - 1.0%
 
 
 
Agility Public Warehousing Co. KSC
 
3,525,016
8,919,195
Mobile Telecommunication Co.
 
4,732,297
9,148,446
National Bank of Kuwait
 
965,713
3,359,815
National Industries Group Holding SAK
 
4,391,289
3,316,320
TOTAL KUWAIT
 
 
24,743,776
Luxembourg - 0.1%
 
 
 
Ternium SA sponsored ADR
 
109,543
3,153,743
Malaysia - 1.8%
 
 
 
Axiata Group Bhd
 
10,288,700
6,201,945
IHH Healthcare Bhd
 
7,073,200
8,901,341
Kuala Lumpur Kepong Bhd
 
1,279,500
5,867,081
PPB Group Bhd
 
1,588,000
5,609,052
Sime Darby Plantation Bhd
 
5,867,200
5,460,169
Tenaga Nasional Bhd
 
6,138,800
10,932,465
TOTAL MALAYSIA
 
 
42,972,053
Mexico - 2.1%
 
 
 
Alfa SA de CV Series A
 
6,315,700
4,191,766
America Movil S.A.B. de CV Series L
 
36,395,500
34,442,822
Arca Continental S.A.B. de CV
 
650,000
5,324,206
Fibra Uno Administracion SA de CV
 
6,366,500
7,429,136
Sitios Latinoamerica S.A.B. de CV (a)
 
1,818,265
530,438
TOTAL MEXICO
 
 
51,918,368
Philippines - 0.8%
 
 
 
Aboitiz Equity Ventures, Inc.
 
5,012,380
4,911,461
ACEN Corp.
 
1,474,290
159,823
Ayala Corp.
 
551,710
6,383,212
Metropolitan Bank & Trust Co.
 
3,987,430
3,569,063
PLDT, Inc.
 
173,935
4,890,190
TOTAL PHILIPPINES
 
 
19,913,749
Poland - 0.5%
 
 
 
KGHM Polska Miedz SA (Bearer)
 
223,414
4,476,610
Polski Koncern Naftowy Orlen SA
 
663,055
7,627,612
TOTAL POLAND
 
 
12,104,222
Qatar - 1.4%
 
 
 
Barwa Real Estate Co. (a)
 
4,252,783
3,970,471
Ooredoo QSC
 
1,714,980
4,600,907
Qatar National Bank SAQ (a)
 
4,741,440
25,961,231
TOTAL QATAR
 
 
34,532,609
Russia - 0.2%
 
 
 
Gazprom OAO (b)
 
9,889,350
1,551,796
Inter Rao Ues JSC (b)
 
63,735,100
526,932
Magnit OJSC (b)
 
135,409
4,172
Mobile TeleSystems OJSC sponsored ADR (b)
 
753,517
750,495
Sberbank of Russia (a)(b)
 
440,500
4,061
Surgutneftegas OJSC (b)
 
29,672,400
544,474
VTB Bank OJSC (a)(b)
 
9,075,720,096
519,971
TOTAL RUSSIA
 
 
3,901,901
Saudi Arabia - 4.6%
 
 
 
Almarai Co. Ltd.
 
558,192
8,363,484
Banque Saudi Fransi
 
949,344
10,914,468
Etihad Etisalat Co.
 
842,396
8,205,265
Jarir Marketing Co.
 
131,279
5,729,732
Riyad Bank
 
3,013,969
28,835,860
Saudi Electricity Co.
 
1,766,508
12,693,302
Saudi Telecom Co.
 
3,122,079
33,567,615
The Savola Group
 
584,174
4,555,175
TOTAL SAUDI ARABIA
 
 
112,864,901
Singapore - 0.2%
 
 
 
Yangzijiang Shipbuilding Holdings Ltd.
 
6,028,700
5,110,511
South Africa - 4.2%
 
 
 
Anglo American Platinum Ltd.
 
116,770
9,288,328
Aspen Pharmacare Holdings Ltd.
 
835,539
6,880,361
Foschini Group Ltd./The
 
739,199
4,624,232
Impala Platinum Holdings Ltd.
 
1,897,675
19,429,661
MTN Group Ltd.
 
3,762,608
26,596,095
MultiChoice Group Ltd. (d)
 
908,621
5,937,354
Pepkor Holdings Ltd. (c)
 
2,815,749
3,475,088
Sibanye-Stillwater Ltd.
 
6,001,409
14,056,644
Tiger Brands Ltd.
 
389,616
3,945,846
Woolworths Holdings Ltd.
 
2,349,382
8,069,276
TOTAL SOUTH AFRICA
 
 
102,302,885
Taiwan - 13.8%
 
 
 
Acer, Inc.
 
6,806,000
4,663,378
ASE Technology Holding Co. Ltd.
 
7,588,000
18,717,617
ASUSTeK Computer, Inc.
 
1,559,000
11,407,081
AUO Corp.
 
15,986,200
8,376,226
Catcher Technology Co. Ltd.
 
1,630,000
8,565,914
Cathay Financial Holding Co. Ltd.
 
10,727,000
12,571,483
Evergreen Marine Corp. (Taiwan)
 
2,268,300
9,669,847
Foxconn Technology Co. Ltd.
 
2,367,000
3,317,058
Fubon Financial Holding Co. Ltd.
 
16,196,215
25,609,443
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
10,644,000
33,825,572
Innolux Corp.
 
21,335,040
7,838,415
Macronix International Co. Ltd.
 
4,144,000
3,828,710
Nanya Technology Corp.
 
2,627,000
4,438,876
Novatek Microelectronics Corp.
 
1,263,000
9,437,062
Pegatron Corp.
 
4,708,000
8,612,017
Pou Chen Corp.
 
5,659,000
4,781,043
Powertech Technology, Inc.
 
1,594,000
3,686,749
Radiant Opto-Electronics Corp.
 
1,039,000
3,169,765
Shin Kong Financial Holding Co. Ltd.
 
31,580,309
7,832,904
Simplo Technology Co. Ltd.
 
392,000
3,117,381
Sino-American Silicon Products, Inc.
 
1,243,000
4,778,694
Taiwan Semiconductor Manufacturing Co. Ltd.
 
6,808,000
81,767,266
Uni-President Enterprises Corp.
 
9,959,000
20,224,298
United Microelectronics Corp.
 
20,562,000
24,700,860
Winbond Electronics Corp.
 
6,218,000
3,759,255
Yang Ming Marine Transport Corp.
 
3,898,000
7,275,364
TOTAL TAIWAN
 
 
335,972,278
Thailand - 1.8%
 
 
 
Bangkok Bank PCL:
 
 
 
 (For. Reg.)
 
9,200
35,185
 NVDR
 
1,270,100
4,857,394
Bank of Ayudhya PCL
 
79,200
66,095
Bank of Ayudhya PCL NVDR
 
3,696,300
3,084,703
Charoen Pokphand Foods PCL:
 
 
 
 (For. Reg.)
 
83,100
55,152
 (NVDR)
 
7,608,700
5,049,801
Kasikornbank PCL:
 
 
 
 NVDR
 
2,605,800
9,999,916
 (For. Reg.)
 
12,500
47,970
PTT Global Chemical PCL:
 
 
 
 (For. Reg.)
 
78,100
89,298
 NVDR
 
3,648,400
4,171,518
PTT Oil & Retail Business PCL NVDR
 
5,700,900
3,611,294
SCB X PCL NVDR unit
 
1,892,700
5,273,392
Thai Beverage PCL
 
19,066,900
7,744,750
TOTAL THAILAND
 
 
44,086,468
Turkey - 0.5%
 
 
 
Akbank TAS
 
6,534,513
5,132,336
Koc Holding A/S
 
2,207,910
6,594,936
TOTAL TURKEY
 
 
11,727,272
United Arab Emirates - 1.6%
 
 
 
Emaar Properties PJSC (a)
 
6,599,664
10,888,341
Emirates NBD Bank PJSC
 
5,499,713
19,839,154
Emirates Telecommunications Corp.
 
1,063,058
7,466,962
TOTAL UNITED ARAB EMIRATES
 
 
38,194,457
United States of America - 0.1%
 
 
 
360 DigiTech, Inc. ADR
 
229,611
2,332,848
 
TOTAL COMMON STOCKS
  (Cost $2,958,453,999)
 
 
 
2,349,751,658
 
 
 
 
Nonconvertible Preferred Stocks - 2.6%
 
 
Shares
Value ($)
 
Brazil - 2.5%
 
 
 
Gerdau SA
 
2,558,800
12,755,609
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
8,162,400
47,105,052
TOTAL BRAZIL
 
 
59,860,661
Colombia - 0.1%
 
 
 
Bancolombia SA (PN)
 
463,194
2,930,866
Russia - 0.0%
 
 
 
AK Transneft OAO (b)
 
2,792
1,214,891
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $61,671,874)
 
 
 
64,006,418
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (f)
  (Cost $1,894,488)
 
1,900,000
1,881,901
 
 
 
 
Money Market Funds - 0.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (g)
 
19,451,280
19,455,170
Fidelity Securities Lending Cash Central Fund 3.10% (g)(h)
 
1,612,236
1,612,397
 
TOTAL MONEY MARKET FUNDS
  (Cost $21,067,567)
 
 
21,067,567
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
  (Cost $3,043,087,928)
 
 
 
2,436,707,544
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(3,802,645)
NET ASSETS - 100.0%
2,432,904,899
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
460
Dec 2022
19,632,800
(182,137)
(182,137)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.8%
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(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 $45,576,023 or 1.9% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,058,817.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
20,250,590
923,585,592
924,381,012
407,960
-
-
19,455,170
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
6,606,250
221,712,137
226,705,990
158,955
-
-
1,612,397
0.0%
Total
26,856,840
1,145,297,729
1,151,087,002
566,915
-
-
21,067,567
 
 
 
 
 
 
 
 
 
 
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, 2022, 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
238,658,617
154,360,822
83,474,060
823,735
Consumer Discretionary
329,396,600
296,055,300
33,341,300
-
Consumer Staples
133,645,574
133,641,402
-
4,172
Energy
130,407,286
104,926,416
22,169,709
3,311,161
Financials
558,386,027
347,665,452
210,196,543
524,032
Health Care
99,074,926
84,477,446
14,597,480
-
Industrials
127,559,322
116,264,649
11,294,673
-
Information Technology
462,430,671
317,374,315
145,056,356
-
Materials
215,866,029
152,923,622
62,942,407
-
Real Estate
40,270,046
40,270,046
-
-
Utilities
78,062,978
77,376,223
159,823
526,932
 Government Obligations
1,881,901
-
1,881,901
-
  Money Market Funds
21,067,567
21,067,567
-
-
 Total Investments in Securities:
2,436,707,544
1,846,403,260
585,114,252
5,190,032
  Derivative Instruments:
 
 
 
 
 Liabilities
 
 
 
 
Futures Contracts
(182,137)
(182,137)
-
-
  Total Liabilities
(182,137)
(182,137)
-
-
 Total Derivative Instruments:
(182,137)
(182,137)
-
-
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
Energy
 
 
 
  Beginning Balance
$
-
 
  Net Realized Gain (Loss) on Investment Securities
 
(651,526)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(64,619,935)
 
  Cost of Purchases
 
18,685,572
 
  Proceeds of Sales
 
(4,756,982)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
54,654,032
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
3,311,161
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(64,619,935)
 
Other Investments in Securities
 
 
 
  Beginning Balance
$
-
 
  Net Realized Gain (Loss) on Investment Securities
 
(81,914)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(31,879,961)
 
  Cost of Purchases
 
10,951,382
 
  Proceeds of Sales
 
(389,309)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
23,278,673
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
1,878,871
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(31,879,961)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
 
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, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
0
(182,137)
Total Equity Risk
0
(182,137)
Total Value of Derivatives
0
(182,137)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $981,496) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,022,020,361)
 
$2,415,639,977
 
 
Fidelity Central Funds (cost $21,067,567)
 
21,067,567
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,043,087,928)
 
 
$
2,436,707,544
Foreign currency held at value (cost $1,991,567)
 
 
 
1,978,550
Receivable for fund shares sold
 
 
 
5,551,917
Dividends receivable
 
 
 
2,978,423
Distributions receivable from Fidelity Central Funds
 
 
 
120,554
Prepaid expenses
 
 
 
3,456
Other receivables
 
 
 
4,123
  Total assets
 
 
 
2,447,344,567
Liabilities
 
 
 
 
Payable for investments purchased
 
$612,755
 
 
Payable for fund shares redeemed
 
5,239,003
 
 
Accrued management fee
 
306,643
 
 
Payable for daily variation margin on futures contracts
 
60,046
 
 
Deferred taxes
 
6,054,685
 
 
Other payables and accrued expenses
 
554,139
 
 
Collateral on securities loaned
 
1,612,397
 
 
  Total Liabilities
 
 
 
14,439,668
Net Assets  
 
 
$
2,432,904,899
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,105,475,059
Total accumulated earnings (loss)
 
 
 
(672,570,160)
Net Assets
 
 
$
2,432,904,899
Net Asset Value , offering price and redemption price per share ($2,432,904,899 ÷ 238,405,794 shares)
 
 
$
10.20
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
148,040,880
Interest  
 
 
26,054
Income from Fidelity Central Funds (including $158,955 from security lending)
 
 
 
566,915
 Income before foreign taxes withheld
 
 
 
148,633,849
Less foreign taxes withheld
 
 
 
(16,513,679)
 Total Income
 
 
 
132,120,170
Expenses
 
 
 
 
Management fee
$
3,833,657
 
 
Custodian fees and expenses
 
1,573,036
 
 
Independent trustees' fees and expenses
 
8,188
 
 
Registration fees
 
170,110
 
 
Audit
 
75,470
 
 
Legal
 
2,336
 
 
Interest
 
6,921
 
 
Miscellaneous
 
9,120
 
 
 Total Expenses
 
 
 
5,678,838
Net Investment income (loss)
 
 
 
126,441,332
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $1,574,974)
 
(147,287,075)
 
 
 Foreign currency transactions
 
(3,185,384)
 
 
 Futures contracts
 
(9,590,754)
 
 
Total net realized gain (loss)
 
 
 
(160,063,213)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,358,105)  
 
(723,993,382)
 
 
 Assets and liabilities in foreign currencies
 
(3,419)
 
 
 Futures contracts
 
(14,320)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(724,011,121)
Net gain (loss)
 
 
 
(884,074,334)
Net increase (decrease) in net assets resulting from operations
 
 
$
(757,633,002)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
126,441,332
$
50,228,082
Net realized gain (loss)
 
(160,063,213)
 
 
49,414,723
 
Change in net unrealized appreciation (depreciation)
 
(724,011,121)
 
83,259,274
 
Net increase (decrease) in net assets resulting from operations
 
(757,633,002)
 
 
182,902,079
 
Distributions to shareholders
 
(110,523,013)
 
 
(13,732,853)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,475,059,590
 
949,000,000
  Reinvestment of distributions
 
110,523,013
 
 
13,732,853
 
Cost of shares redeemed
 
(254,572,119)
 
(28)
  Net increase (decrease) in net assets resulting from share transactions
 
1,331,010,484
 
 
962,732,825
 
Total increase (decrease) in net assets
 
462,854,469
 
 
1,131,902,051
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,970,050,430
 
838,148,379
 
End of period
$
2,432,904,899
$
1,970,050,430
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
116,250,779
 
65,341,811
  Issued in reinvestment of distributions
 
8,108,805
 
 
1,030,995
 
Redeemed
 
(23,481,271)
 
(2)
Net increase (decrease)
 
100,878,313
 
66,372,804
 
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI Emerging Markets Value Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020   A
  Selected Per-Share Data  
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.32
$
11.78
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.61
 
.51
 
.19
     Net realized and unrealized gain (loss)
 
(4.04)
 
2.22
 
1.59
  Total from investment operations
 
(3.43)  
 
2.73  
 
1.78  
  Distributions from net investment income
 
(.37)
 
(.17)
 
-
  Distributions from net realized gain
 
(.32)
 
(.02)
 
-
     Total distributions
 
(.69)
 
(.19)
 
-
  Net asset value, end of period
$
10.20
$
14.32
$
11.78
 Total Return   D,E
 
(25.19)%
 
23.32%
 
17.80%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
    Expenses before reductions
 
.22%
 
.22%
 
.27% H,I
    Expenses net of fee waivers, if any
 
.22%
 
.22%
 
.25% I
    Expenses net of all reductions
 
.22%
 
.22%
 
.25% I
    Net investment income (loss)
 
4.95%
 
3.53%
 
3.43% I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,432,905
$
1,970,050
$
838,148
    Portfolio turnover rate J
 
30%
 
33%
 
17% K
 
A For the period May 12, 2020 (commencement of operations) through October 31, 2020.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
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 Audit fees are not annualized.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
K Amount not annualized.
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity SAI Emerging Markets Value Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to, futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$141,283,952
Gross unrealized depreciation
(774,573,163)
Net unrealized appreciation (depreciation)
$(633,289,211)
Tax Cost
$3,069,996,755
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$100,201,121
Capital loss carryforward
$(133,416,706)
Net unrealized appreciation (depreciation) on securities and other investments
$(633,299,890)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(102,356,221)
Long-term
$(31,060,485)
Total capital loss carryforward
$(133,416,706)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$96,324,436
$13,163,616
Long-term Capital Gains
14,198,577
569,237
Total
$110,523,013
$13,732,853
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
 
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI Emerging Markets Value Index Fund
2,073,407,751
741,508,042
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI Emerging Markets Value Index Fund  
Borrower
$18,748,542
.53%
$6,668
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity SAI Emerging Markets Value Index Fund
$4,242
 
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity SAI Emerging Markets Value Index Fund
$16,566
$-
$-
 
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI Emerging Markets Value Index Fund
$2,259,600
.81%
$253
 
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Emerging Markets Fund
Strategic Advisers Fidelity Emerging Markets Fund
Fidelity SAI Emerging Markets Value Index Fund
31%
60%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity SAI Emerging Markets Value Index Fund
91%
 
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI Emerging Markets Value Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI Emerging Markets Value Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the two years in the period ended October 31, 2022 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the two years in the period ended October 31, 2022 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 15, 2022
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 293 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function.   Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as a member of the Board of McKesson Corporation (healthcare service, 2002-2021). In addition, Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity ® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Laura M. Bishop (1961)
Year of Election or Appointment: 2022
Member of the Advisory Board
Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).    
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.     
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). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke 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).     
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).     
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
President and 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: 2016
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).     
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), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-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: 2013
Assistant 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).     
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.     
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.     
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: 2013
Assistant 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: 2021
Deputy 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).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Emerging Markets Value Index Fund
 
 
 
.22%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 818.60
 
$ 1.01
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.10
 
$ 1.12
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates 34% of the dividend distributed in December, during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3723 and $0.0546 for the dividend paid December 13, 2021.
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity SAI Emerging Markets Value Index Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.   
 
Nature, Extent, and Quality of Services Provided . The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity and Geode had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.  
 
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
 
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
 
Resources Dedicated to Investment Management and Support Services . The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools.  The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.  
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.   
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.  
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net calendar year total return information for the fund and its benchmark index for the most recent one-year period. No performance peer group information was considered by the Board as Fidelity advised the Board that the peer group, which is created by a third-party provider, includes a number of actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.  
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.  
 
The Board noted that the fund's management fee rate ranked equal to the median of its Total Mapped Group and equal to the median of its ASPG for 2021.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  
 
Total Expense Ratio . In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.
 
The Board noted that the fund's total net expense ratio ranked above the similar sales load structure group competitive median for 2021 and above the ASPG competitive median for 2021. The Board considered that, when compared to a subset of each group that excludes funds in a fund complex with a unique at-cost service model, the fund would not be above the competitive median for 2021.   
 
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.25% through February 28, 2023.
 
Fees Charged to Other Clients . The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
The Board also considered information regarding the profitability of Geode's relationship with the fund.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.  
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.
 
1.9900583.102
EMV-ANN-1222
Fidelity® SAI International Quality Index Fund
 
 
Annual Report
October 31, 2022
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ®   SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts 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 Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Life of
Fund A
Fidelity® SAI International Quality Index Fund
-23.94%
4.46%
 
A     From May 12, 2020
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Quality Index Fund on May 12, 2020, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity International Quality Focus Index℠ and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year, the fund returned -23.94%, roughly in line with the -23.62% result of the benchmark, the Fidelity International Quality Focus Index. (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) By region, Europe ex U.K. returned -24% and detracted most, followed by Japan (-23%). By sector, stocks in information technology returned -36% and detracted most, followed by industrials, which returned -30%. Health care (-17%) and financials (-28%) also hurt. Consumer discretionary (-28%) and consumer staples (-17%) detracted, with the latter hurt by the household & personal products industry (-30%). Other notable detractors included the real estate (-46%), communication services (-11%), materials (-5%) and utilities (-18%) sectors. In contrast, energy gained 9% and contributed. Turning to individual stocks, the biggest individual detractor was ASML Holding (-41%), from the semiconductors & semiconductor equipment category. In software & services, Adyen (-52%) and SAP (-31%) hurt. Hong Kong Exchanges and Clearing, within the diversified financials industry, returned -55% and hindered the fund. Another noteworthy detractor was Keyence (-37%), a stock in the technology hardware & equipment segment. Conversely, the top contributor was BHP (+2%), from the materials sector. In materials, Fortescue Metals (+27%) was helpful and Lasertec (+25%), from the semiconductors & semiconductor equipment group, also contributed. Imperial Brands, within the food, beverage & tobacco industry, rose about 21% and Zurich Insurance, within the insurance category, gained 5% and boosted the fund.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
3.9
 
Novartis AG  (Switzerland, Pharmaceuticals)
3.4
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.4
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.4
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
3.2
 
SAP SE  (Germany, Software)
2.9
 
BHP Group Ltd.  (Australia, Metals & Mining)
2.6
 
Diageo PLC  (United Kingdom, Beverages)
2.6
 
Keyence Corp.  (Japan, Electronic Equipment & Components)
2.6
 
L'Oreal SA  (France, Personal Products)
2.4
 
 
30.4
 
 
Market Sectors (% of Fund's net assets)
 
Health Care
21.9
 
Information Technology
14.2
 
Industrials
13.9
 
Financials
10.3
 
Materials
9.1
 
Consumer Discretionary
8.8
 
Consumer Staples
8.1
 
Communication Services
7.5
 
Energy
2.1
 
Real Estate
1.4
 
Utilities
1.0
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 98.3%
 
 
Shares
Value ($)
 
Australia - 5.6%
 
 
 
ASX Ltd.
 
21,816
944,727
Aurizon Holdings Ltd.
 
207,336
480,093
BHP Group Ltd.
 
349,180
8,344,468
JB Hi-Fi Ltd.
 
12,319
338,124
Medibank Private Ltd.
 
310,377
557,877
NIB Holdings Ltd.
 
51,677
220,478
REA Group Ltd.
 
5,798
450,940
Rio Tinto Ltd.
 
41,874
2,362,411
SEEK Ltd.
 
39,810
549,778
Sonic Healthcare Ltd.
 
54,138
1,134,805
Telstra Group Ltd.
 
457,397
1,146,890
Whitehaven Coal Ltd.
 
106,525
615,293
WiseTech Global Ltd.
 
18,374
683,550
TOTAL AUSTRALIA
 
 
17,829,434
Bailiwick of Jersey - 1.2%
 
 
 
Experian PLC
 
109,372
3,487,356
Man Group PLC
 
166,154
412,912
TOTAL BAILIWICK OF JERSEY
 
 
3,900,268
Belgium - 0.6%
 
 
 
Sofina SA
 
1,776
346,639
UCB SA
 
14,261
1,075,611
Warehouses de Pauw
 
15,937
409,178
TOTAL BELGIUM
 
 
1,831,428
Bermuda - 0.2%
 
 
 
CK Infrastructure Holdings Ltd.
 
65,000
308,867
Orient Overseas International Ltd.
 
19,500
284,936
TOTAL BERMUDA
 
 
593,803
Denmark - 5.7%
 
 
 
Coloplast A/S Series B
 
13,399
1,493,589
Demant A/S (a)
 
10,901
297,906
Genmab A/S (a)
 
7,411
2,854,775
Novo Nordisk A/S Series B
 
97,601
10,612,280
Novozymes A/S Series B
 
23,585
1,238,680
Pandora A/S
 
10,756
566,902
Ringkjoebing Landbobank A/S
 
3,202
348,492
Royal Unibrew A/S
 
4,677
267,113
SimCorp A/S
 
4,496
268,532
TOTAL DENMARK
 
 
17,948,269
Finland - 1.2%
 
 
 
Elisa Corp. (A Shares)
 
17,013
822,329
Kojamo OYJ
 
17,015
221,455
Kone OYJ (B Shares)
 
45,509
1,863,403
Orion Oyj (B Shares)
 
12,042
553,969
Valmet Corp.
 
18,773
427,262
TOTAL FINLAND
 
 
3,888,418
France - 9.8%
 
 
 
bioMerieux SA
 
5,345
472,968
Edenred SA
 
28,157
1,445,847
Gaztransport et Technigaz SA
 
2,889
336,040
Hermes International SCA
 
3,930
5,089,749
Ipsen SA
 
4,540
466,612
Kering SA
 
8,298
3,800,163
L'Oreal SA
 
24,273
7,621,829
La Francaise des Jeux SAEM (b)
 
14,043
457,974
LVMH Moet Hennessy Louis Vuitton SE
 
16,079
10,145,767
Remy Cointreau SA
 
2,656
407,105
Sartorius Stedim Biotech
 
2,705
858,637
TOTAL FRANCE
 
 
31,102,691
Germany - 4.6%
 
 
 
Beiersdorf AG
 
3,714
356,526
Deutsche Borse AG
 
21,439
3,486,405
Encavis AG
 
13,054
243,177
LEG Immobilien AG
 
8,220
537,120
Nemetschek SE
 
6,235
297,982
Rational AG
 
577
325,596
SAP SE
 
94,654
9,110,720
Vantage Towers AG
 
10,852
305,433
TOTAL GERMANY
 
 
14,662,959
Hong Kong - 1.4%
 
 
 
Hong Kong Exchanges and Clearing Ltd.
 
134,400
3,567,462
Power Assets Holdings Ltd.
 
154,000
736,683
TOTAL HONG KONG
 
 
4,304,145
Israel - 0.4%
 
 
 
NICE Ltd. (a)
 
7,350
1,393,225
Italy - 0.6%
 
 
 
FinecoBank SpA
 
68,822
927,702
Italgas SpA
 
54,111
278,873
Recordati SpA
 
11,326
425,667
Reply SpA
 
2,527
274,954
TOTAL ITALY
 
 
1,907,196
Japan - 24.5%
 
 
 
Astellas Pharma, Inc.
 
206,700
2,852,085
Bandai Namco Holdings, Inc.
 
25,000
1,654,729
BayCurrent Consulting, Inc.
 
16,000
450,856
Capcom Co. Ltd.
 
18,300
510,128
Chugai Pharmaceutical Co. Ltd.
 
72,000
1,668,374
CyberAgent, Inc.
 
46,200
380,301
Daito Trust Construction Co. Ltd.
 
7,800
771,633
Disco Corp.
 
3,300
792,293
Hamamatsu Photonics K.K.
 
16,600
752,440
Hirose Electric Co. Ltd.
 
3,700
480,494
Hoya Corp.
 
41,300
3,853,778
Japan Exchange Group, Inc.
 
59,600
783,251
Japan Tobacco, Inc.
 
124,100
2,078,357
Kakaku.com, Inc.
 
14,600
247,531
KDDI Corp.
 
184,700
5,459,173
Keyence Corp.
 
21,500
8,143,381
Kobayashi Pharmaceutical Co. Ltd.
 
6,600
350,651
Konami Group Corp.
 
11,300
496,244
M3, Inc.
 
48,200
1,441,186
MS&AD Insurance Group Holdings, Inc.
 
52,900
1,400,856
Nabtesco Corp.
 
13,700
291,607
Nexon Co. Ltd.
 
52,800
886,658
Nihon M&A Center Holdings, Inc.
 
33,800
382,564
Nintendo Co. Ltd.
 
131,800
5,350,961
Nippon Shinyaku Co. Ltd.
 
6,900
382,367
Nippon Telegraph & Telephone Corp.
 
134,800
3,717,879
Nissan Chemical Corp.
 
16,000
720,939
NOF Corp.
 
9,200
316,783
OBIC Co. Ltd.
 
7,500
1,128,316
Ono Pharmaceutical Co. Ltd.
 
54,900
1,290,766
Otsuka Holdings Co. Ltd.
 
62,100
1,990,585
Recruit Holdings Co. Ltd.
 
191,300
5,886,525
Shimadzu Corp.
 
31,100
820,925
SHIMANO, Inc.
 
9,400
1,454,587
Shin-Etsu Chemical Co. Ltd.
 
38,600
4,011,696
Shionogi & Co. Ltd.
 
32,000
1,485,992
SMC Corp.
 
6,900
2,769,676
Sompo Holdings, Inc.
 
39,200
1,632,641
Square Enix Holdings Co. Ltd.
 
9,900
442,086
Sysmex Corp.
 
19,100
1,031,203
TechnoPro Holdings, Inc.
 
12,200
292,682
Tokio Marine Holdings, Inc.
 
230,100
4,164,223
Trend Micro, Inc.
 
15,900
803,047
USS Co. Ltd.
 
25,100
379,298
Yakult Honsha Co. Ltd.
 
18,100
1,003,020
ZOZO, Inc.
 
12,600
268,193
TOTAL JAPAN
 
 
77,472,960
Luxembourg - 0.1%
 
 
 
SES SA (France) (depositary receipt)
 
43,156
306,134
Netherlands - 7.1%
 
 
 
Adyen BV (a)(b)
 
3,492
4,985,177
Arcadis NV
 
8,360
284,040
ASML Holding NV (Netherlands)
 
22,591
10,597,148
BE Semiconductor Industries NV
 
8,510
434,966
Ferrari NV (Italy)
 
14,434
2,845,748
Wolters Kluwer NV
 
29,615
3,147,668
TOTAL NETHERLANDS
 
 
22,294,747
New Zealand - 0.3%
 
 
 
Fisher & Paykel Healthcare Corp.
 
65,022
740,198
Ryman Healthcare Ltd.
 
47,295
230,427
TOTAL NEW ZEALAND
 
 
970,625
Norway - 1.9%
 
 
 
Aker BP ASA
 
34,892
1,112,259
Equinor ASA
 
121,229
4,416,824
Gjensidige Forsikring ASA
 
21,375
390,444
TOTAL NORWAY
 
 
5,919,527
Singapore - 0.2%
 
 
 
Singapore Exchange Ltd.
 
92,300
549,001
Spain - 0.4%
 
 
 
Enagas SA (c)
 
28,087
455,962
Red Electrica Corporacion SA
 
48,887
790,782
TOTAL SPAIN
 
 
1,246,744
Sweden - 2.8%
 
 
 
Atlas Copco AB (A Shares)
 
449,590
4,798,588
Epiroc AB (A Shares)
 
109,759
1,680,241
Fastighets AB Balder (a)
 
71,121
267,287
Sagax AB
 
20,337
375,015
Swedish Match Co. AB
 
172,041
1,769,423
TOTAL SWEDEN
 
 
8,890,554
Switzerland - 15.7%
 
 
 
ABB Ltd. (Reg.)
 
144,042
4,000,090
Accelleron Industries Ltd. (a)
 
7,188
121,888
Belimo Holding AG (Reg.)
 
1,110
452,269
Bucher Industries AG
 
750
252,709
Ems-Chemie Holding AG
 
763
479,661
Geberit AG (Reg.)
 
4,048
1,800,144
Kuehne & Nagel International AG
 
5,722
1,219,429
Nestle SA (Reg. S)
 
7,792
848,228
Novartis AG
 
134,884
10,910,870
Partners Group Holding AG
 
2,559
2,298,462
Roche Holding AG (participation certificate)
 
36,800
12,210,168
Schindler Holding AG (participation certificate)
 
6,728
1,096,865
SGS SA (Reg.)
 
684
1,507,886
Sonova Holding AG
 
5,984
1,414,503
Straumann Holding AG
 
12,924
1,229,995
Swisscom AG
 
2,862
1,412,779
Temenos Group AG
 
7,573
451,499
VAT Group AG (b)
 
3,043
695,300
Zurich Insurance Group Ltd.
 
16,972
7,233,024
TOTAL SWITZERLAND
 
 
49,635,769
United Kingdom - 14.0%
 
 
 
3i Group PLC
 
109,777
1,462,052
Admiral Group PLC
 
30,785
712,086
Anglo American PLC (United Kingdom)
 
150,898
4,520,031
Antofagasta PLC
 
38,948
525,044
Auto Trader Group PLC (b)
 
109,262
654,018
Big Yellow Group PLC
 
19,548
252,423
Computacenter PLC
 
10,051
208,629
Diageo PLC
 
201,934
8,310,092
Games Workshop Group PLC
 
3,703
271,782
GSK PLC
 
355,609
5,825,266
Hargreaves Lansdown PLC
 
40,093
350,909
IG Group Holdings PLC
 
48,699
444,271
Imperial Brands PLC
 
107,113
2,609,176
Indivior PLC (a)
 
15,852
301,591
Persimmon PLC
 
36,022
539,096
RELX PLC (London Stock Exchange)
 
223,669
6,007,860
Rightmove PLC
 
98,716
555,889
Rio Tinto PLC
 
119,691
6,255,250
Rotork PLC
 
97,189
285,551
Safestore Holdings PLC
 
23,800
246,600
Sage Group PLC
 
123,804
1,031,899
Schroders PLC
 
80,936
363,566
Segro PLC
 
135,645
1,221,128
St. James's Place PLC
 
60,917
744,005
Tritax Big Box REIT PLC
 
210,802
339,172
Wise PLC (a)
 
47,362
361,193
TOTAL UNITED KINGDOM
 
 
44,398,579
 
TOTAL COMMON STOCKS
  (Cost $329,610,459)
 
 
 
311,046,476
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (d)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (e)
  (Cost $299,130)
 
300,000
297,142
 
 
 
 
Money Market Funds - 1.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (f)
 
3,033,504
3,034,111
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
650,885
650,950
 
TOTAL MONEY MARKET FUNDS
  (Cost $3,685,061)
 
 
3,685,061
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.6%
  (Cost $333,594,650)
 
 
 
315,028,679
NET OTHER ASSETS (LIABILITIES) - 0.4%  
1,261,865
NET ASSETS - 100.0%
316,290,544
 
 
 
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)
60
Dec 2022
5,267,700
228,491
228,491
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.7%
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,792,469 or 2.1% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $297,142.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
6,762,264
84,759,761
88,487,914
22,562
-
-
3,034,111
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
-
27,023,406
26,372,456
18,772
-
-
650,950
0.0%
Total
6,762,264
111,783,167
114,860,370
41,334
-
-
3,685,061
 
 
 
 
 
 
 
 
 
 
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, 2022, 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
23,695,151
7,957,231
15,737,920
-
Consumer Discretionary
27,812,112
12,411,595
15,400,517
-
Consumer Staples
25,621,520
2,027,889
23,593,631
-
Energy
6,480,416
2,063,592
4,416,824
-
Financials
33,341,485
15,408,435
17,933,050
-
Health Care
69,106,173
15,972,194
53,133,979
-
Industrials
44,293,084
11,998,777
32,294,307
-
Information Technology
44,466,217
19,773,172
24,693,045
-
Materials
28,774,963
13,987,986
14,786,977
-
Real Estate
4,641,011
4,641,011
-
-
Utilities
2,814,344
1,567,600
1,246,744
-
 Government Obligations
297,142
-
297,142
-
  Money Market Funds
3,685,061
3,685,061
-
-
 Total Investments in Securities:
315,028,679
111,494,543
203,534,136
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
228,491
228,491
-
-
  Total Assets
228,491
228,491
-
-
 Total Derivative Instruments:
228,491
228,491
-
-
 
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, 2022. 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)  
228,491
0
Total Equity Risk
228,491
0
Total Value of Derivatives
228,491
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $449,672) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $329,909,589)
 
$311,343,618
 
 
Fidelity Central Funds (cost $3,685,061)
 
3,685,061
 
 
 
 
 
 
 
Total Investment in Securities (cost $333,594,650)
 
 
$
315,028,679
Foreign currency held at value (cost $313,306)
 
 
 
316,058
Receivable for fund shares sold
 
 
 
56,411
Dividends receivable
 
 
 
594,586
Reclaims receivable
 
 
 
1,199,074
Distributions receivable from Fidelity Central Funds
 
 
 
4,230
Prepaid expenses
 
 
 
487
  Total assets
 
 
 
317,199,525
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
$112,106
 
 
Accrued management fee
 
38,893
 
 
Payable for daily variation margin on futures contracts
 
48,000
 
 
Other payables and accrued expenses
 
59,032
 
 
Collateral on securities loaned
 
650,950
 
 
  Total Liabilities
 
 
 
908,981
Net Assets  
 
 
$
316,290,544
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
358,825,363
Total accumulated earnings (loss)
 
 
 
(42,534,819)
Net Assets
 
 
$
316,290,544
Net Asset Value , offering price and redemption price per share ($316,290,544 ÷ 31,897,369 shares)
 
 
$
9.92
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
14,462,059
Foreign Tax Reclaims
 
 
 
801,029
Income from Fidelity Central Funds (including $18,772 from security lending)
 
 
 
41,334
 Income before foreign taxes withheld
 
 
 
15,304,422
Less foreign taxes withheld
 
 
 
(1,922,520)
 Total Income
 
 
 
13,381,902
Expenses
 
 
 
 
Management fee
$
696,500
 
 
Custodian fees and expenses
 
84,252
 
 
Independent trustees' fees and expenses
 
1,580
 
 
Registration fees
 
23,821
 
 
Audit
 
46,539
 
 
Legal
 
561
 
 
Interest
 
6,316
 
 
Miscellaneous
 
1,963
 
 
 Total Expenses
 
 
 
861,532
Net Investment income (loss)
 
 
 
12,520,370
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(29,802,098)
 
 
 Foreign currency transactions
 
(423,184)
 
 
 Futures contracts
 
(1,109,626)
 
 
Total net realized gain (loss)
 
 
 
(31,334,908)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(106,016,210)
 
 
 Assets and liabilities in foreign currencies
 
(124,584)
 
 
 Futures contracts
 
83,982
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(106,056,812)
Net gain (loss)
 
 
 
(137,391,720)
Net increase (decrease) in net assets resulting from operations
 
 
$
(124,871,350)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
12,520,370
$
8,838,979
Net realized gain (loss)
 
(31,334,908)
 
 
56,989,236
 
Change in net unrealized appreciation (depreciation)
 
(106,056,812)
 
67,282,760
 
Net increase (decrease) in net assets resulting from operations
 
(124,871,350)
 
 
133,110,975
 
Distributions to shareholders
 
(57,966,562)
 
 
(4,741,796)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
58,623,756
 
211,498,578
  Reinvestment of distributions
 
57,912,763
 
 
4,739,668
 
Cost of shares redeemed
 
(205,609,251)
 
(229,953,190)
  Net increase (decrease) in net assets resulting from share transactions
 
(89,072,732)
 
 
(13,714,944)
 
Total increase (decrease) in net assets
 
(271,910,644)
 
 
114,654,235
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
588,201,188
 
473,546,953
 
End of period
$
316,290,544
$
588,201,188
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
4,925,582
 
14,999,451
  Issued in reinvestment of distributions
 
4,434,362
 
 
379,477
 
Redeemed
 
(18,012,279)
 
(17,607,218)
Net increase (decrease)
 
(8,652,335)
 
(2,228,290)
 
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI International Quality Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020   A
  Selected Per-Share Data  
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.51
$
11.07
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.32
 
.24
 
.08
     Net realized and unrealized gain (loss)
 
(3.44)
 
3.32
 
.99
  Total from investment operations
 
(3.12)  
 
3.56  
 
1.07  
  Distributions from net investment income
 
(.24)
 
(.10)
 
-
  Distributions from net realized gain
 
(1.24)
 
(.02)
 
-
     Total distributions
 
(1.47) D
 
(.12)
 
-
  Net asset value, end of period
$
9.92
$
14.51
$
11.07
 Total Return   E,F
 
(23.94)%
 
32.28%
 
10.70%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
    Expenses before reductions
 
.19%
 
.19%
 
.23% I,J
    Expenses net of fee waivers, if any
 
.19%
 
.19%
 
.20% J
    Expenses net of all reductions
 
.19%
 
.19%
 
.20% J
    Net investment income (loss)
 
2.70%
 
1.78%
 
1.55% J
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
316,291
$
588,201
$
473,547
    Portfolio turnover rate K
 
47%
 
78%
 
30% L
 
A For the period May 12, 2020 (commencement of operations) through October 31, 2020.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
D Total distributions per share do not sum due to rounding.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees and expenses of any underlying 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.
 
H 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.
 
I Audit fees are not annualized.
 
J Annualized.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L Amount not annualized.
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity SAI International Quality Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.   When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price or official closing price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 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 tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, capital loss carryforwards and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$   21,708,565
Gross unrealized depreciation
(42,363,696)
Net unrealized appreciation (depreciation)
$(20,655,131)
Tax Cost
$335,683,810
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$9,673,810
Capital loss carryforward
$(31,419,962)
Net unrealized appreciation (depreciation) on securities and other investments
$(20,788,665)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(31,419,962)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$   45,978,919
$   4,741,796
Long-term Capital Gains
11,987,643
-
Total
$57,966,562
$4,741,796
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
 
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI International Quality Index Fund
217,377,526
348,293,935
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI International Quality Index Fund  
Borrower
$   10,321,444
1.22%
$6,316
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
Amount
Fidelity SAI International Quality Index Fund
$830
 
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity SAI International Quality Index Fund
$1,978
$-
$-
 
 
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Fidelity SAI International Quality Index Fund
29%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity SAI International Quality Index Fund
29%
 
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
 
 
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Quality Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Quality Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the two years in the period ended October 31, 2022 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the two years in the period ended October 31, 2022 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 15, 2022
 
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 293 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function.   Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as a member of the Board of McKesson Corporation (healthcare service, 2002-2021). In addition, Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity ® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Laura M. Bishop (1961)
Year of Election or Appointment: 2022
Member of the Advisory Board
Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).    
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.     
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). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke 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).     
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).     
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
President and 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: 2016
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).     
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), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-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: 2013
Assistant 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).     
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.     
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.     
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: 2013
Assistant 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: 2021
Deputy 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).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International Quality Index Fund
 
 
 
.19%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 870.90
 
$ .90
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.25
 
$ .97
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund designates 22% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.2799 and $0.0268 for the dividend paid December 13, 2021.
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity SAI International Quality Index Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.  
 
Nature, Extent, and Quality of Services Provided . The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity and Geode had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.  
 
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
 
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
 
Resources Dedicated to Investment Management and Support Services . The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.   
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.   
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.  
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net calendar year total return information for the fund and its benchmark index for the most recent one-year period. No performance peer group information was considered by the Board as Fidelity advised the Board that the peer group, which is created by a third-party provider, includes a number of actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.  
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.  
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods
shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.  
 
The Board noted that the fund's management fee rate ranked equal to the median of its Total Mapped Group and equal to the median of its ASPG for 2021.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  
 
Total Expense Ratio . In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.
 
The Board noted that the fund's total net expense ratio ranked equal to the similar sales load structure group competitive median for 2021 and below the ASPG competitive median for 2021.  
 
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.20% through February 28, 2023.
 
Fees Charged to Other Clients . The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.   
 
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
The Board also considered information regarding the profitability of Geode's relationship with the fund.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.
 
1.9900585.102
IQI-ANN-1222
Fidelity® Series Global ex U.S. Index Fund
 
 
Annual Report
October 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts 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 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Series Global ex U.S. Index Fund
-24.57%
-0.57%
3.28%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series Global ex U.S. Index Fund on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from the Geode Capital Management, LLC, passive equity index team :
For the fiscal year ending October 31, 2022, the fund returned -24.57%, roughly in line with the -24.61% result of the benchmark MSCI All Country World ex US Index (Net MA). (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) By region, emerging markets returned -29.84% and detracted most, followed by Europe ex U.K. (-25.44%). By sector, stocks in the information technology sector returned roughly -37% and detracted most, followed by consumer discretionary, which returned roughly -37%, hampered by the retailing industry (-49%). Financials returned about -18% and industrials detracted -25%. Communication services returned -34%, hurt by the media & entertainment industry (-51%). Health care returned -20%, especially in the pharmaceuticals, biotechnology & life sciences industry (-15%). Consumer staples detracted, returning -18%, hampered by the food, beverage & tobacco industry (-16%). The materials sector (-19%) also detracted. Real estate (-33%) and utilities (-16%) also hurt. From a sector standpoint, energy gained approximately 4% and contributed most. Turning to individual stocks, the biggest individual detractor was Taiwan Semiconductor (-42%), from the semiconductors & semiconductor equipment industry, followed by Tencent Holdings (-56%), which is in the media & entertainment category. Within retailing, Alibaba Group Holding returned roughly -63% and hurt. Other detractors were ASML Holding (-41%), a stock in the semiconductors & semiconductor equipment group, and Shopify (-77%), from the software & services segment. Conversely, the biggest individual contributor was Shell (+24%), from the energy sector. In energy, Petroleo Brasileiro, also known as Petrobras (+100%); Canadian National Resources (+49%); BP (+20%); and TotalEnergies (+14%) all benefited the fund.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
1.5
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
1.4
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
1.1
 
Shell PLC (London)  (United Kingdom, Oil, Gas & Consumable Fuels)
1.0
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
1.0
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
0.9
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
0.9
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
0.9
 
Novartis AG  (Switzerland, Pharmaceuticals)
0.8
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
0.9
 
 
10.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.7
 
Industrials
12.1
 
Information Technology
10.6
 
Consumer Discretionary
10.4
 
Health Care
10.2
 
Consumer Staples
9.1
 
Materials
7.7
 
Energy
7.0
 
Communication Services
5.6
 
Utilities
2.8
 
Real Estate
1.6
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 96.9%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 96.0%
 
 
Shares
Value ($)
 
Australia - 4.9%
 
 
 
Ampol Ltd.
 
337,473
5,877,993
APA Group unit
 
1,682,260
11,309,365
Aristocrat Leisure Ltd.
 
868,178
20,586,085
ASX Ltd.
 
280,988
12,167,990
Aurizon Holdings Ltd.
 
2,635,813
6,103,312
Australia & New Zealand Banking Group Ltd.
 
4,291,271
70,307,063
BHP Group Ltd.
 
7,286,064
174,117,432
BlueScope Steel Ltd.
 
701,728
7,060,573
Brambles Ltd.
 
2,055,251
15,355,010
Cochlear Ltd.
 
95,533
12,203,815
Coles Group Ltd.
 
1,933,608
20,197,472
Commonwealth Bank of Australia
 
2,455,748
164,433,355
Computershare Ltd.
 
774,737
12,522,814
CSL Ltd.
 
694,897
124,670,798
Dexus unit
 
1,579,200
7,838,650
Dominos Pizza Enterprises Ltd.
 
90,235
3,679,575
Endeavour Group Ltd.
 
1,962,614
8,976,010
Evolution Mining Ltd.
 
2,675,993
3,560,334
Fortescue Metals Group Ltd.
 
2,436,721
22,956,362
Goodman Group unit
 
2,420,605
26,321,780
IDP Education Ltd.
 
288,560
5,461,645
Insurance Australia Group Ltd.
 
3,563,820
11,170,028
Lendlease Group unit
 
962,618
5,350,768
Macquarie Group Ltd.
 
524,041
56,816,879
Medibank Private Ltd.
 
4,015,399
7,217,344
Mineral Resources Ltd.
 
245,236
11,471,553
Mirvac Group unit
 
5,585,285
7,395,339
National Australia Bank Ltd.
 
4,616,158
95,887,052
Newcrest Mining Ltd.
 
1,284,971
14,231,415
Northern Star Resources Ltd.
 
1,694,120
9,471,047
Orica Ltd.
 
657,803
5,840,200
Origin Energy Ltd.
 
2,493,817
8,885,097
Qantas Airways Ltd. (a)
 
1,295,925
4,841,000
QBE Insurance Group Ltd.
 
2,133,646
16,704,989
Ramsay Health Care Ltd.
 
263,657
9,877,725
REA Group Ltd.
 
75,051
5,837,095
Reece Ltd.
 
332,257
3,300,563
Rio Tinto Ltd.
 
533,139
30,078,172
Santos Ltd.
 
4,646,339
22,681,842
Scentre Group unit
 
7,511,976
13,934,603
SEEK Ltd.
 
490,553
6,774,558
Sonic Healthcare Ltd.
 
655,150
13,732,816
South32 Ltd.
 
6,652,964
15,263,692
Stockland Corp. Ltd. unit
 
3,487,964
8,031,874
Suncorp Group Ltd.
 
1,821,086
13,291,026
Telstra Group Ltd.
 
5,872,066
14,723,783
The GPT Group unit
 
2,713,853
7,481,798
The Lottery Corp. Ltd. (a)
 
3,266,315
8,963,090
Transurban Group unit
 
4,389,079
37,227,110
Treasury Wine Estates Ltd.
 
1,084,754
8,985,525
Vicinity Centres unit
 
5,602,127
6,969,714
Washington H. Soul Pattinson & Co. Ltd.
 
315,693
5,642,009
Wesfarmers Ltd.
 
1,625,124
47,159,549
Westpac Banking Corp.
 
5,038,929
77,710,169
WiseTech Global Ltd.
 
205,528
7,646,062
Woodside Energy Group Ltd.
 
2,734,285
62,928,495
Woolworths Group Ltd.
 
1,757,328
37,116,952
TOTAL AUSTRALIA
 
 
1,456,348,366
Austria - 0.1%
 
 
 
Erste Group Bank AG
 
501,772
12,366,144
OMV AG
 
210,055
9,681,851
Verbund AG
 
98,624
7,724,115
Voestalpine AG
 
170,478
3,703,078
TOTAL AUSTRIA
 
 
33,475,188
Bailiwick of Jersey - 0.6%
 
 
 
Experian PLC
 
1,331,544
42,456,648
Ferguson PLC
 
311,613
33,984,726
Glencore PLC
 
14,204,241
81,433,961
WPP PLC
 
1,575,402
13,863,775
TOTAL BAILIWICK OF JERSEY
 
 
171,739,110
Belgium - 0.5%
 
 
 
Ageas
 
235,248
8,143,909
Anheuser-Busch InBev SA NV
 
1,258,477
62,949,538
D'ieteren Group
 
35,932
5,976,299
ELIA GROUP SA/NV
 
46,408
5,865,840
Groupe Bruxelles Lambert SA
 
143,628
10,588,752
KBC Group NV
 
360,288
18,056,107
Proximus
 
221,367
2,321,107
Sofina SA (b)
 
22,034
4,300,582
Solvay SA Class A
 
107,904
9,729,480
UCB SA
 
181,295
13,673,856
Umicore SA
 
305,281
10,063,868
Warehouses de Pauw
 
230,410
5,915,716
TOTAL BELGIUM
 
 
157,585,054
Bermuda - 0.2%
 
 
 
Alibaba Health Information Technology Ltd. (a)
 
6,308,000
2,667,961
Alibaba Pictures Group Ltd. (a)
 
14,390,000
531,629
Beijing Enterprises Water Group Ltd.
 
6,350,000
1,334,773
China Gas Holdings Ltd.
 
4,165,200
3,693,132
China Resource Gas Group Ltd.
 
1,365,000
3,495,251
China Ruyi Holdings Ltd. (a)(b)
 
6,848,000
1,073,047
CK Infrastructure Holdings Ltd.
 
889,131
4,224,976
Cosco Shipping Ports Ltd.
 
2,234,345
1,101,567
Credicorp Ltd. (United States)
 
103,324
15,122,501
Hongkong Land Holdings Ltd.
 
1,582,345
6,092,028
Hopson Development Holdings Ltd.
 
1,081,872
868,293
Jardine Matheson Holdings Ltd.
 
228,864
10,532,321
Kunlun Energy Co. Ltd.
 
5,794,000
3,461,793
Nine Dragons Paper (Holdings) Ltd.
 
2,092,000
1,239,265
Orient Overseas International Ltd.
 
195,000
2,849,363
Shenzhen International Holdings Ltd.
 
1,789,236
1,203,514
TOTAL BERMUDA
 
 
59,491,414
Brazil - 1.2%
 
 
 
Ambev SA
 
6,347,730
19,661,926
Americanas SA
 
890,295
2,678,382
Atacadao SA
 
737,600
2,778,762
B3 SA - Brasil Bolsa Balcao
 
8,743,775
25,458,596
Banco Bradesco SA
 
516,238
1,662,995
Banco BTG Pactual SA unit
 
1,696,700
9,505,856
Banco do Brasil SA
 
1,233,800
8,842,373
Banco Santander SA (Brasil) unit
 
526,800
3,037,093
BB Seguridade Participacoes SA
 
1,012,600
5,820,171
BRF SA (a)
 
850,691
2,068,469
CCR SA
 
1,601,900
4,019,093
Centrais Eletricas Brasileiras SA (Electrobras)
 
1,528,430
14,741,338
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
494,600
5,754,614
Companhia Siderurgica Nacional SA (CSN)
 
940,600
2,236,099
Cosan SA
 
1,718,432
5,608,898
CPFL Energia SA
 
327,700
2,247,049
Energisa SA unit
 
277,300
2,603,093
ENGIE Brasil Energia SA
 
355,450
2,767,631
Equatorial Energia SA
 
1,476,700
8,584,900
Hapvida Participacoes e Investimentos SA (c)
 
6,713,644
10,137,726
Hypera SA
 
571,400
5,620,527
JBS SA
 
1,106,100
5,344,740
Klabin SA unit
 
1,067,200
4,466,724
Localiza Rent a Car SA
 
3,193
43,604
Localiza Rent a Car SA
 
1,068,076
14,585,632
Lojas Renner SA
 
1,466,909
8,775,044
Magazine Luiza SA
 
4,266,532
3,692,072
Natura & Co. Holding SA (a)
 
1,322,019
3,826,190
Petro Rio SA (a)
 
1,004,200
6,880,000
Petroleo Brasileiro SA - Petrobras (ON)
 
4,465,111
28,750,284
Raia Drogasil SA
 
1,595,600
8,127,042
Rede D'Oregon Sao Luiz SA (c)
 
562,500
3,503,170
Rumo SA
 
1,882,000
8,066,495
Suzano Papel e Celulose SA
 
1,063,795
10,956,131
Telefonica Brasil SA
 
722,140
5,775,163
TIM SA
 
1,335,603
3,413,021
Totvs SA
 
728,200
4,674,690
Ultrapar Participacoes SA
 
1,070,100
2,778,055
Vale SA
 
5,161,147
67,073,429
Vale SA sponsored ADR
 
620,044
8,023,369
Vibra Energia SA
 
1,737,150
6,137,448
Weg SA
 
2,421,632
18,883,620
TOTAL BRAZIL
 
 
369,611,514
British Virgin Islands - 0.0%
 
 
 
VK Co. Ltd. unit (a)(d)
 
120,267
53,579
Canada - 8.3%
 
 
 
Agnico Eagle Mines Ltd. (Canada)
 
658,154
28,952,302
Air Canada (a)
 
254,672
3,665,811
Algonquin Power & Utilities Corp. (b)
 
922,721
10,213,699
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) (b)
 
1,196,718
53,583,733
AltaGas Ltd. (b)
 
392,292
7,074,991
ARC Resources Ltd.
 
974,395
13,718,131
Bank of Montreal (b)
 
967,408
89,110,750
Bank of Nova Scotia
 
1,723,551
83,308,866
Barrick Gold Corp. (Canada)
 
2,570,525
38,661,179
Bausch Health Cos., Inc. (Canada) (a)
 
378,494
2,461,524
BCE, Inc.
 
105,554
4,761,106
BlackBerry Ltd. (a)(b)
 
798,335
3,709,370
Brookfield Asset Management, Inc. (Canada) Class A
 
2,025,850
80,225,058
Brookfield Renewable Corp. (b)
 
196,759
6,113,560
BRP, Inc.
 
53,728
3,592,383
CAE, Inc. (a)
 
458,172
8,744,061
Cameco Corp. (b)
 
618,890
14,677,826
Canadian Apartment Properties (REIT) unit (b)
 
116,516
3,608,331
Canadian Imperial Bank of Commerce (b)
 
1,300,261
59,050,279
Canadian National Railway Co.
 
844,059
99,997,154
Canadian Natural Resources Ltd.
 
1,663,495
99,771,848
Canadian Pacific Railway Ltd. (b)
 
1,336,933
99,665,222
Canadian Tire Ltd. Class A (non-vtg.) (b)
 
80,136
8,981,514
Canadian Utilities Ltd. Class A (non-vtg.)
 
173,629
4,619,996
CCL Industries, Inc. Class B
 
222,414
10,448,487
Cenovus Energy, Inc. (Canada)
 
2,000,492
40,440,085
CGI, Inc. Class A (sub. vtg.) (a)
 
308,152
24,822,256
Constellation Software, Inc.
 
28,885
41,766,266
Dollarama, Inc. (b)
 
395,271
23,486,760
Emera, Inc. (b)
 
379,051
14,047,994
Empire Co. Ltd. Class A (non-vtg.)
 
249,493
6,409,700
Enbridge, Inc.
 
2,918,714
113,719,190
Fairfax Financial Holdings Ltd. (sub. vtg.)
 
32,896
16,156,189
First Quantum Minerals Ltd.
 
841,320
14,839,740
FirstService Corp. (b)
 
57,253
7,157,308
Fortis, Inc.
 
681,292
26,579,565
Franco-Nevada Corp.
 
276,637
34,180,869
George Weston Ltd.
 
107,828
11,868,322
GFL Environmental, Inc.
 
253,538
6,843,023
Gildan Activewear, Inc. (b)
 
269,043
8,489,858
Great-West Lifeco, Inc.
 
413,591
9,575,117
Hydro One Ltd. (c)
 
468,302
11,742,354
iA Financial Corp, Inc.
 
155,620
8,660,850
IGM Financial, Inc.
 
111,051
2,972,826
Imperial Oil Ltd.
 
335,050
18,226,267
Intact Financial Corp. (b)
 
253,506
38,520,407
Ivanhoe Mines Ltd. (a)(b)
 
861,359
5,974,854
Keyera Corp. (b)
 
321,628
6,893,631
Kinross Gold Corp.
 
1,901,584
6,895,310
Lightspeed Commerce, Inc. (Canada) (a)
 
193,756
3,713,414
Loblaw Companies Ltd. (b)
 
241,910
19,820,159
Lundin Mining Corp.
 
952,893
4,994,059
Magna International, Inc. Class A (sub. vtg.)
 
404,422
22,537,320
Manulife Financial Corp. (b)
 
2,775,826
46,007,378
Metro, Inc. (b)
 
355,591
18,628,495
National Bank of Canada
 
487,429
33,188,178
Northland Power, Inc. (b)
 
349,670
10,174,272
Nutrien Ltd.
 
794,127
67,098,733
Nuvei Corp. (a)(c)
 
100,208
3,015,765
Onex Corp. (sub. vtg.)
 
108,203
5,446,089
Open Text Corp.
 
387,158
11,213,899
Pan American Silver Corp.
 
306,598
4,899,435
Parkland Corp. (b)
 
222,578
4,499,430
Pembina Pipeline Corp. (b)
 
799,592
26,399,712
Power Corp. of Canada (sub. vtg.) (b)
 
810,512
20,126,708
Quebecor, Inc. Class B (sub. vtg.)
 
226,488
4,269,249
Restaurant Brands International, Inc.
 
304,188
18,074,664
Restaurant Brands International, Inc. (b)
 
113,857
6,760,829
RioCan (REIT) (b)
 
230,372
3,282,211
Ritchie Bros. Auctioneers, Inc. (b)
 
159,347
10,409,868
Rogers Communications, Inc. Class B (non-vtg.) (b)
 
510,664
21,257,207
Royal Bank of Canada (b)
 
2,040,101
188,758,198
Saputo, Inc. (b)
 
360,133
8,765,743
Shaw Communications, Inc. Class B
 
675,357
17,345,573
Shopify, Inc. Class A (a)
 
1,646,010
56,435,664
Sun Life Financial, Inc.
 
852,174
36,192,452
Suncor Energy, Inc.
 
2,071,821
71,263,282
TC Energy Corp.
 
1,414,504
62,130,818
Teck Resources Ltd. Class B (sub. vtg.)
 
690,802
21,028,046
TELUS Corp.
 
670,375
13,999,463
TFI International, Inc. (Canada)
 
118,696
10,804,486
The Toronto-Dominion Bank
 
2,618,085
167,556,671
Thomson Reuters Corp.
 
245,634
26,123,911
TMX Group Ltd.
 
80,648
7,753,716
Toromont Industries Ltd.
 
118,431
9,101,718
Tourmaline Oil Corp.
 
459,430
25,886,040
West Fraser Timber Co. Ltd.
 
84,913
6,375,565
Wheaton Precious Metals Corp.
 
654,516
21,412,837
WSP Global, Inc. (b)
 
177,850
21,858,703
TOTAL CANADA
 
 
2,477,595,882
Cayman Islands - 4.1%
 
 
 
3SBio, Inc. (c)
 
2,282,000
1,610,553
AAC Technology Holdings, Inc. (a)(b)
 
1,139,500
2,087,315
Airtac International Group
 
201,456
4,621,983
Alibaba Group Holding Ltd. (a)
 
21,859,124
169,952,650
Anta Sports Products Ltd.
 
1,760,200
15,472,512
Autohome, Inc. ADR Class A
 
111,645
2,916,167
Baidu, Inc. Class A (a)
 
3,194,198
30,622,788
BeiGene Ltd. ADR (a)(b)
 
68,821
11,623,179
Bilibili, Inc. Class Z (a)
 
262,184
2,336,425
Bosideng International Holdings Ltd.
 
5,252,000
2,268,162
Budweiser Brewing Co. APAC Ltd. (c)
 
2,643,058
5,562,454
Chailease Holding Co. Ltd.
 
1,925,243
8,893,818
China Conch Venture Holdings Ltd.
 
2,332,500
3,440,962
China Feihe Ltd. (c)
 
5,487,000
3,159,535
China Hongqiao Group Ltd.
 
3,614,500
2,564,798
China Huishan Dairy Holdings Co. Ltd. (a)(d)
 
958,000
1
China Liansu Group Holdings Ltd.
 
1,380,000
1,119,872
China Literature Ltd. (a)(c)
 
614,400
1,655,432
China Medical System Holdings Ltd.
 
1,986,000
2,168,252
China Meidong Auto Holding Ltd.
 
794,000
1,043,878
China Mengniu Dairy Co. Ltd.
 
4,585,000
14,690,177
China Overseas Property Holdings Ltd.
 
1,950,000
1,227,188
China Resources Cement Holdings Ltd.
 
3,592,000
1,299,584
China Resources Land Ltd.
 
4,644,465
14,555,278
China Resources Microelectronics Ltd. (A Shares)
 
85,320
591,862
China Resources Mixc Lifestyle Services Ltd. (c)
 
1,031,800
3,023,243
China State Construction International Holdings Ltd.
 
3,051,750
2,744,754
ChinaSoft International Ltd.
 
4,268,000
2,827,336
Chow Tai Fook Jewellery Group Ltd.
 
2,931,600
5,019,422
CIFI Holdings Group Co. Ltd. (b)(d)
 
5,274,679
349,421
CK Asset Holdings Ltd.
 
2,863,639
15,832,799
CK Hutchison Holdings Ltd.
 
3,892,223
19,374,839
Country Garden Holdings Co. Ltd.
 
11,562,866
1,487,773
Country Garden Services Holdings Co. Ltd.
 
2,823,000
2,467,088
Dali Foods Group Co. Ltd. (c)
 
2,386,500
982,005
Daqo New Energy Corp. ADR (a)
 
87,563
3,851,896
Dongyue Group Co. Ltd.
 
2,041,000
1,773,279
ENN Energy Holdings Ltd.
 
1,138,900
11,324,218
ESR Group Ltd. (c)
 
2,838,791
4,846,050
Futu Holdings Ltd. ADR (a)
 
88,056
2,981,576
GDS Holdings Ltd. Class A (a)
 
1,204,620
1,344,538
Geely Automobile Holdings Ltd.
 
8,784,000
9,444,620
Genscript Biotech Corp. (a)
 
1,774,000
4,483,787
Grab Holdings Ltd. (a)
 
1,878,203
4,883,328
Greentown China Holdings Ltd.
 
1,192,000
1,134,349
Greentown Service Group Co. Ltd.
 
2,078,000
852,415
H World Group Ltd. ADR
 
274,655
7,437,657
Haidilao International Holding Ltd. (a)(b)(c)
 
1,683,000
2,499,956
Haitian International Holdings Ltd.
 
896,000
1,794,363
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
1,754,000
2,708,207
Hengan International Group Co. Ltd.
 
956,500
3,710,411
HUTCHMED China Ltd. sponsored ADR (a)(b)
 
119,954
1,060,393
Hygeia Healthcare Holdings Co. (a)(c)
 
511,400
2,215,080
Innovent Biologics, Inc. (a)(c)
 
1,474,000
5,220,258
Inter & Co., Inc. unit
 
1
3
iQIYI, Inc. ADR (a)(b)
 
466,290
941,906
JD Health International, Inc. (a)(c)
 
1,609,450
8,826,740
JD.com, Inc. Class A
 
3,105,249
56,548,199
Jinxin Fertility Group Ltd. (c)
 
2,110,000
1,040,263
Jiumaojiu International Holdings Ltd. (b)(c)
 
1,046,000
1,641,694
JOYY, Inc. ADR
 
66,473
1,677,114
Kanzhun Ltd. ADR (a)
 
254,227
2,778,701
KE Holdings, Inc. ADR (a)
 
956,113
9,733,230
Kingboard Chemical Holdings Ltd.
 
907,500
2,238,214
Kingboard Laminates Holdings Ltd.
 
1,246,000
995,257
Kingdee International Software Group Co. Ltd. (a)
 
3,717,000
6,080,052
Kingsoft Corp. Ltd.
 
1,422,800
4,304,842
Kuaishou Technology Class B (a)(c)
 
2,526,900
10,397,772
Li Ning Co. Ltd.
 
3,388,500
17,526,017
Longfor Properties Co. Ltd. (c)
 
2,642,500
3,366,392
Lufax Holding Ltd. ADR
 
945,129
1,502,755
Meituan Class B (a)(c)
 
6,341,390
101,529,116
Microport Scientific Corp. (a)(b)
 
873,300
1,844,581
Ming Yuan Cloud Group Holdings Ltd.
 
835,000
384,011
Minth Group Ltd.
 
1,066,000
2,104,935
NetEase, Inc.
 
2,969,235
32,944,415
New Oriental Education & Technology Group, Inc. (a)
 
2,204,230
5,161,535
NIO, Inc. sponsored ADR (a)
 
1,981,559
19,161,676
Parade Technologies Ltd.
 
116,000
2,190,240
Pinduoduo, Inc. ADR (a)
 
728,464
39,941,681
Ping An Healthcare and Technology Co. Ltd. (a)(b)(c)
 
750,800
1,384,977
Pop Mart International Group Ltd. (b)(c)
 
778,800
1,008,020
RLX Technology, Inc. ADR (a)(b)
 
595,818
744,773
Sands China Ltd. (a)
 
3,422,465
5,973,231
Sany Heavy Equipment International Holdings Co. Ltd.
 
1,388,000
1,138,741
Sea Ltd. ADR (a)
 
520,834
25,875,033
Seazen Group Ltd. (a)
 
2,464,000
395,513
Shenzhou International Group Holdings Ltd.
 
1,177,100
8,172,609
Silergy Corp.
 
457,000
5,299,126
Sino Biopharmaceutical Ltd.
 
14,934,000
7,248,545
SITC International Holdings Co. Ltd.
 
1,994,000
3,266,749
Smoore International Holdings Ltd. (b)(c)
 
2,459,000
2,615,741
Sunny Optical Technology Group Co. Ltd.
 
1,041,500
9,028,947
TAL Education Group ADR (a)
 
629,441
2,964,667
Tencent Holdings Ltd.
 
9,009,600
236,743,403
Tencent Music Entertainment Group ADR (a)
 
1,019,953
3,682,030
Tingyi (Cayman Islands) Holding Corp.
 
2,972,000
4,649,400
Tongcheng Travel Holdings Ltd. (a)
 
1,865,600
2,909,040
Topsports International Holdings Ltd. (c)
 
2,839,000
1,432,222
Trip.com Group Ltd. ADR (a)
 
784,464
17,752,420
Uni-President China Holdings Ltd.
 
1,822,000
1,346,251
Vinda International Holdings Ltd.
 
534,000
1,001,380
Vipshop Holdings Ltd. ADR (a)
 
596,310
4,156,281
Want Want China Holdings Ltd.
 
7,030,000
4,621,200
Weibo Corp. sponsored ADR (a)
 
97,242
1,100,779
WH Group Ltd. (c)
 
11,934,743
6,036,056
Wharf Real Estate Investment Co. Ltd.
 
2,406,349
9,487,875
Wuxi Biologics (Cayman), Inc. (a)(c)
 
5,194,500
23,373,393
Xiaomi Corp. Class B (a)(c)
 
22,098,400
24,801,985
Xinyi Glass Holdings Ltd.
 
2,567,467
3,303,512
Xinyi Solar Holdings Ltd.
 
7,143,450
7,089,166
XPeng, Inc. ADR (a)(b)
 
599,883
3,971,225
XTEP International Holdings Ltd.
 
1,817,000
1,666,622
Yadea Group Holdings Ltd. (c)
 
1,854,000
2,829,543
Yihai International Holding Ltd.
 
658,000
1,083,024
Zai Lab Ltd. ADR (a)
 
122,928
2,738,836
Zhen Ding Technology Holding Ltd.
 
893,230
2,935,524
Zhongsheng Group Holdings Ltd. Class H
 
906,500
3,441,389
ZTO Express, Inc. sponsored ADR
 
612,392
10,343,301
TOTAL CAYMAN ISLANDS
 
 
1,225,633,756
Chile - 0.1%
 
 
 
Banco de Chile
 
63,271,730
5,786,664
Banco de Credito e Inversiones
 
75,417
2,101,445
Banco Santander Chile
 
92,084,682
3,298,847
Cencosud SA
 
2,048,633
2,757,566
Compania Cervecerias Unidas SA
 
171,887
942,782
Compania Sud Americana de Vapores SA
 
21,100,968
1,464,879
Empresas CMPC SA
 
1,436,384
2,279,032
Empresas COPEC SA
 
553,603
3,815,079
Enel Americas SA
 
30,558,774
3,027,699
Enel Chile SA
 
40,992,693
1,442,456
Falabella SA
 
1,021,353
1,997,024
TOTAL CHILE
 
 
28,913,473
China - 3.0%
 
 
 
360 Security Technology, Inc. (A Shares)
 
788,800
764,724
37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares)
 
245,200
486,512
A-Living Smart City Services C (H Shares) (c)
 
1,230,000
697,292
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (a)
 
44,288
673,092
AECC Aero-Engine Control Co. Ltd. (A Shares)
 
93,600
384,505
AECC Aviation Power Co. Ltd.
 
210,452
1,401,688
Agricultural Bank of China Ltd.:
 
 
 
 (A Shares)
 
7,033,200
2,658,072
 (H Shares)
 
43,592,000
12,442,617
Aier Eye Hospital Group Co. Ltd. (A Shares)
 
544,219
1,840,667
Air China Ltd.:
 
 
 
 (A Shares) (a)
 
1,259,700
1,668,008
 (H Shares) (a)
 
1,500,000
1,043,359
Aluminum Corp. of China Ltd.:
 
 
 
 (A shares)
 
950,100
502,182
 (H Shares)
 
7,618,000
2,171,754
Amlogic Shanghai Co. Ltd. (A Shares) (a)
 
32,787
257,523
Angel Yeast Co. Ltd. (A Shares)
 
62,600
310,133
Anhui Conch Cement Co. Ltd.:
 
 
 
 (A Shares)
 
254,100
844,808
 (H Shares)
 
2,079,500
5,351,309
Anhui Gujing Distillery Co. Ltd.:
 
 
 
 (A Shares)
 
26,500
715,071
 (B Shares)
 
158,900
1,873,079
Anhui Honglu Steel Construction Group Co. Ltd.
 
48,100
224,465
Anhui Kouzi Distillery Co. Ltd. (A Shares)
 
31,400
174,136
Anhui Yingjia Distillery Co. Ltd. (A Shares)
 
55,900
360,527
Anjoy Foods Group Co. Ltd. (A Shares)
 
25,400
467,209
Apeloa Pharmaceutical Co. Ltd. A Shares
 
82,100
234,061
Asia - Potash International Investment Guangzhou Co. Ltd. (A Shares) (a)
 
71,600
250,010
Asymchem Laboratories Tianjin Co. Ltd. (A Shares)
 
28,000
549,004
Avary Holding Shenzhen Co. Ltd. (A Shares)
 
140,500
572,358
AVIC Capital Co. Ltd. (A Shares)
 
584,900
242,677
AVIC Electromechanical Systems Co. Ltd. (A Shares)
 
261,500
418,950
AviChina Industry & Technology Co. Ltd. (H Shares)
 
3,945,000
1,728,841
Avicopter PLC (A Shares)
 
44,100
265,099
Bank of Beijing Co. Ltd. (A Shares)
 
1,592,200
880,813
Bank of Changsha Co. Ltd. (A Shares)
 
913,500
805,562
Bank of Chengdu Co. Ltd. (A Shares)
 
282,000
525,934
Bank of China Ltd.:
 
 
 
 (A Shares)
 
4,596,600
1,894,558
 (H Shares)
 
113,402,024
36,524,232
Bank of Communications Co. Ltd.:
 
 
 
 (A Shares)
 
753,200
458,960
 (H Shares)
 
16,182,200
7,895,616
Bank of Hangzhou Co. Ltd. (A Shares)
 
550,431
912,750
Bank of Jiangsu Co. Ltd. (A Shares)
 
1,168,460
1,107,196
Bank of Nanjing Co. Ltd. (A Shares)
 
813,800
1,150,011
Bank of Ningbo Co. Ltd. (A Shares)
 
517,910
1,685,021
Bank of Shanghai Co. Ltd. (A Shares)
 
1,062,500
811,835
Baoshan Iron & Steel Co. Ltd. (A Shares)
 
1,730,800
1,139,978
BBMG Corp. (A Shares)
 
647,300
206,522
Beijing Capital International Airport Co. Ltd. (H Shares) (a)
 
2,426,000
1,313,498
Beijing Dabeinong Technology Group Co. Ltd. (A Shares) (a)
 
343,300
430,600
Beijing Easpring Material Technology Co. Ltd. (A Shares)
 
36,400
294,025
Beijing Enlight Media Co. Ltd. (A Shares)
 
320,100
294,989
Beijing Kingsoft Office Software, Inc. (A Shares)
 
35,642
1,418,964
Beijing New Building Materials PLC (A Shares)
 
140,800
382,323
Beijing Originwater Technology Co. Ltd. (A Shares)
 
317,500
204,771
Beijing Roborock Technology Co. Ltd. (A Shares)
 
7,058
227,139
Beijing Shiji Information Technology Co. Ltd. (A Shares)
 
120,652
208,827
Beijing Shunxin Agriculture Co. Ltd.
 
56,300
157,732
Beijing Sinnet Technology Co. Ltd. (A Shares)
 
89,100
105,657
Beijing Tiantan Biological Products Corp. Ltd. (A Shares)
 
130,336
368,901
Beijing Tongrentang Co. Ltd. (A Shares)
 
98,400
656,862
Beijing United Information Technology Co. Ltd. (A Shares)
 
44,080
748,459
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares)
 
45,385
780,063
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. (A Shares)
 
18,400
289,294
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares)
 
3,385,800
2,067,763
Betta Pharmaceuticals Co. Ltd. (A Shares)
 
24,800
155,227
BGI Genomics Co. Ltd.
 
27,800
211,158
Bloomage Biotechnology Corp. Ltd. (A Shares)
 
28,949
420,149
BOC International China Co. Ltd.
 
219,400
315,750
BOE Technology Group Co. Ltd. (A Shares)
 
3,560,100
1,628,221
BTG Hotels Group Co. Ltd.
 
106,500
316,894
By-Health Co. Ltd. (A Shares)
 
80,300
192,643
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
115,300
3,894,487
 (H Shares)
 
1,257,000
28,135,637
Caitong Securities Co. Ltd.
 
377,560
369,655
CanSino Biologics, Inc.:
 
 
 
 (A Shares)
 
20,069
521,175
 (H Shares) (b)(c)
 
133,600
1,242,450
CECEP Solar Energy Co. Ltd. (A Shares)
 
288,800
267,331
CECEP Wind-Power Corp. (A Shares)
 
460,100
269,650
CGN Power Co. Ltd. (H Shares) (c)
 
19,827,000
4,016,094
Chacha Food Co. Ltd. (A Shares)
 
27,900
168,785
Changchun High & New Technology Industry Group, Inc. (A Shares)
 
30,200
669,512
Changjiang Securities Co. Ltd. (A Shares)
 
330,800
235,998
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares)
 
21,800
365,498
Chaozhou Three-Circle Group Co. (A Shares)
 
157,900
614,052
Chengtun Mining Group Co. Ltd. (A Shares)
 
267,800
203,154
Chengxin Lithium Group Co. Ltd. (A Shares)
 
69,300
410,131
Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a)
 
124,100
319,813
China Baoan Group Co. Ltd. (A Shares)
 
225,800
357,426
China Cinda Asset Management Co. Ltd. (H Shares)
 
12,363,000
1,149,732
China CITIC Bank Corp. Ltd.:
 
 
 
 (A Shares)
 
308,300
182,796
 (H Shares)
 
12,822,293
4,835,118
China Coal Energy Co. Ltd. (H Shares)
 
2,871,000
2,114,028
China Communications Services Corp. Ltd. (H Shares)
 
2,958,000
825,262
China Construction Bank Corp.:
 
 
 
 (A Shares)
 
4,020,200
2,939,636
 (H Shares)
 
135,462,649
71,888,464
China CSSC Holdings Ltd. (A Shares)
 
351,900
1,277,902
China Eastern Airlines Corp. Ltd. (A Shares) (a)
 
920,600
605,086
China Energy Engineering Corp. Ltd. (A Shares)
 
2,557,000
801,809
China Everbright Bank Co. Ltd.:
 
 
 
 (A Shares)
 
4,317,300
1,607,999
 (H Shares)
 
2,628,000
679,628
China Galaxy Securities Co. Ltd. (H Shares)
 
6,703,000
2,510,535
China Great Wall Securities Co. Ltd. (A Shares)
 
296,800
328,382
China Greatwall Technology Group Co. Ltd. (A Shares)
 
235,100
358,949
China International Capital Corp. Ltd.
 
179,500
851,426
China International Capital Corp. Ltd. (H Shares) (c)
 
2,045,200
2,845,169
China Jushi Co. Ltd. (A Shares)
 
360,740
577,943
China Life Insurance Co. Ltd.:
 
 
 
 (A Shares)
 
318,500
1,160,101
 (H Shares)
 
10,515,000
11,466,162
China Longyuan Power Grid Corp. Ltd. (H Shares)
 
4,855,000
5,547,935
China Meheco Co. Ltd. (A Shares)
 
116,620
201,529
China Merchants Bank Co. Ltd.:
 
 
 
 (A Shares)
 
716,800
2,632,458
 (H Shares)
 
6,752,691
22,194,547
China Merchants Energy Shipping Co. Ltd. (A Shares)
 
685,000
653,775
China Merchants Securities Co. Ltd. (A Shares)
 
539,200
922,921
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
672,000
1,206,359
China Minmetals Rare Earth Co. Ltd. (A Shares) (a)
 
78,500
310,006
China Minsheng Banking Corp. Ltd.:
 
 
 
 (A Shares)
 
1,905,200
860,913
 (H Shares)
 
11,564,832
3,359,107
China National Building Materials Co. Ltd. (H Shares)
 
5,718,000
3,321,687
China National Chemical Engineering Co. Ltd. (A Shares)
 
500,000
484,054
China National Nuclear Power Co. Ltd. (A Shares)
 
1,311,500
1,082,905
China Northern Rare Earth Group High-Tech Co. Ltd.
 
271,200
898,690
China Oilfield Services Ltd. (H Shares)
 
2,852,000
3,211,822
China Pacific Insurance (Group) Co. Ltd.
 
109,600
285,597
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
4,858,400
7,835,680
China Petroleum & Chemical Corp.:
 
 
 
 (A Shares)
 
3,312,500
1,846,099
 (H Shares)
 
36,009,800
14,271,636
China Railway Group Ltd.:
 
 
 
 (A Shares)
 
2,481,900
1,695,858
 (H Shares)
 
5,686,000
2,470,080
China Railway Signal & Communications Corp. (A Shares)
 
645,958
400,689
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares)
 
79,400
592,980
China Shenhua Energy Co. Ltd.:
 
 
 
 (A Shares)
 
215,300
826,365
 (H Shares)
 
5,380,000
14,153,115
China Southern Airlines Ltd.:
 
 
 
 (A Shares) (a)
 
1,705,500
1,508,651
 (H Shares) (a)
 
1,256,000
648,029
China State Construction Engineering Corp. Ltd. (A Shares)
 
3,265,840
2,124,189
China Suntien Green Energy Corp. Ltd. (H Shares)
 
3,012,000
1,143,460
China Three Gorges Renewables Group Co. Ltd. (A Shares)
 
2,089,600
1,593,760
China Tourism Group Duty Free Corp. Ltd. (A Shares)
 
153,200
3,364,027
China Tower Corp. Ltd. (H Shares) (c)
 
63,984,000
5,787,346
China United Network Communications Ltd. (A Shares)
 
3,229,800
1,486,003
China Vanke Co. Ltd.:
 
 
 
 (A Shares)
 
599,400
1,109,681
 (H Shares)
 
2,744,400
3,524,176
China Yangtze Power Co. Ltd. (A Shares)
 
1,760,400
4,883,773
China Zhenhua (Group) Science & Technology Co. Ltd. (A Shares)
 
41,200
760,769
China Zheshang Bank Co. Ltd. (a)
 
1,543,400
583,300
Chongqing Brewery Co. Ltd. (A Shares)
 
41,600
497,976
Chongqing Changan Automobile Co. Ltd. (A Shares)
 
667,164
1,031,410
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares)
 
50,600
155,966
Chongqing Rural Commercial Bank Co. Ltd.:
 
 
 
 (A Shares)
 
198,300
94,766
 (H Shares)
 
354,000
107,332
Chongqing Zhifei Biological Products Co. Ltd. (A Shares)
 
126,000
1,473,442
CITIC Securities Co. Ltd.:
 
 
 
 (A Shares)
 
410,405
967,160
 (H Shares)
 
4,405,275
6,588,565
Cmoc Group Ltd.:
 
 
 
 (A Shares)
 
384,300
218,385
 (H Shares)
 
7,611,000
2,453,081
CNGR Advanced Material Co. Ltd.
 
32,400
320,012
CNNC Hua Yuan Titanium Dioxide Co. Ltd. (A Shares)
 
303,775
277,865
Contemporary Amperex Technology Co. Ltd.
 
188,600
9,629,759
COSCO Shipping Development Co. Ltd. (A Shares)
 
962,000
321,418
COSCO Shipping Energy Transportation Co. Ltd. (A Shares) (a)
 
331,800
768,289
COSCO SHIPPING Holdings Co. Ltd.:
 
 
 
 (A Shares)
 
634,170
975,192
 (H Shares)
 
5,273,100
5,689,828
CRRC Corp. Ltd.:
 
 
 
 (A Shares)
 
5,254,900
3,417,926
 (H Shares)
 
409,000
124,008
CSC Financial Co. Ltd. (A Shares)
 
347,500
1,123,454
Daan Gene Co. Ltd.
 
79,840
195,476
Daqin Railway Co. Ltd. (A Shares)
 
1,014,000
890,022
DaShenLin Pharmaceutical Group Co. Ltd.
 
64,980
324,326
DHC Software Co. Ltd. (A Shares)
 
423,600
357,887
Do-Fluoride New Materials Co. Ltd. (A Shares)
 
70,000
298,580
Dong-E-E-Jiao Co. Ltd. (A Shares)
 
53,400
274,499
Dongfang Electric Corp. Ltd. (A Shares)
 
234,924
746,633
Dongfeng Motor Group Co. Ltd. (H Shares)
 
3,948,000
1,785,481
Dongxing Securities Co. Ltd. (A Shares)
 
241,600
257,053
East Money Information Co. Ltd. (A Shares)
 
1,030,317
2,202,310
Ecovacs Robotics Co. Ltd. Class A
 
39,000
311,342
ENN Natural Gas Co. Ltd. (A Shares)
 
198,700
421,186
Eve Energy Co. Ltd. (A shares)
 
154,929
1,761,671
Everbright Securities Co. Ltd. (A Shares)
 
327,700
629,114
Fangda Carbon New Material Co. Ltd. (A Shares) (a)
 
224,487
184,744
FAW Jiefang Group Co. Ltd. (A Shares)
 
197,100
187,845
Fiberhome Telecommunication Technologies Co. Ltd. (A Shares)
 
89,200
168,313
First Capital Securities Co. Ltd. (A Shares)
 
329,900
250,715
Flat Glass Group Co. Ltd.
 
119,000
278,639
Flat Glass Group Co. Ltd. (A Shares) (a)
 
402,900
1,892,326
Focus Media Information Technology Co. Ltd. (A Shares)
 
1,281,840
786,351
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares)
 
283,386
2,315,858
Founder Securities Co. Ltd. (A Shares)
 
658,900
571,121
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
607,594
682,232
Fujian Sunner Development Co. Ltd. A Shares
 
99,100
297,996
Fuyao Glass Industries Group Co. Ltd.:
 
 
 
 (A Shares)
 
124,600
570,373
 (H Shares) (c)
 
959,200
3,439,832
G-bits Network Technology Xiamen Co. Ltd. (A Shares)
 
8,100
282,445
Ganfeng Lithium Group Co. Ltd. (A Shares)
 
266,160
2,879,947
GCL System Integration Technology Co. Ltd. (a)
 
431,700
193,301
GD Power Development Co. Ltd. (A Shares) (a)
 
1,884,200
1,127,491
GEM Co. Ltd. (A Shares)
 
320,500
326,517
Gemdale Corp. (A Shares)
 
395,000
422,969
GF Securities Co. Ltd.:
 
 
 
 (A Shares)
 
70,600
131,767
 (H Shares)
 
2,468,000
2,512,127
Giant Network Group Co. Ltd. (A Shares)
 
218,200
231,260
Gigadevice Semiconductor Beijing, Inc. (A Shares)
 
47,384
533,799
Ginlong Technologies Co. Ltd. (A Shares)
 
30,650
783,993
GoerTek, Inc. (A Shares)
 
269,000
798,576
Gotion High-tech Co. Ltd. (A Shares)
 
141,600
582,656
Great Wall Motor Co. Ltd.:
 
 
 
 (A Shares)
 
160,400
640,467
 (H Shares)
 
4,776,000
5,214,286
Gree Electric Appliances, Inc. of Zhuhai (A Shares)
 
229,700
901,765
GRG Banking Equipment Co. Ltd. (A Shares)
 
127,700
164,720
Guangdong Haid Group Co. Ltd. (A Shares)
 
133,400
1,054,903
Guangdong Kinlong Hardware Products Co. Ltd. (A Shares)
 
27,500
298,313
Guanghui Energy Co. Ltd. (A Shares)
 
564,800
795,046
Guangzhou Automobile Group Co. Ltd.
 
400,600
621,506
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
4,541,526
2,765,537
Guangzhou Baiyunshan Pharma Health (A Shares)
 
79,500
293,815
Guangzhou Haige Communications Group (A Shares)
 
113,500
131,328
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
24,900
257,630
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares)
 
33,100
294,881
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares)
 
152,040
884,813
Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares)
 
383,716
292,664
Guolian Securities Co. Ltd.
 
235,800
301,898
Guosen Securities Co. Ltd. (A Shares)
 
542,800
640,696
Guotai Junan Securities Co. Ltd. (A Shares)
 
649,900
1,176,475
Guoyuan Securities Co. Ltd. (A Shares)
 
410,900
351,658
Haier Smart Home Co. Ltd.
 
3,520,000
8,807,119
Haier Smart Home Co. Ltd. (A Shares)
 
369,300
1,051,834
Haitong Securities Co. Ltd.:
 
 
 
 (A Shares)
 
65,000
75,121
 (H Shares)
 
6,476,400
3,168,215
Hanergy Mobile Energy Holding (a)(d)
 
1,902,000
2
Hangzhou First Applied Material Co. Ltd. (A Shares)
 
102,300
897,361
Hangzhou Lion Electronics Co. Ltd. (A Shares)
 
57,500
337,147
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares)
 
77,000
443,787
Hangzhou Robam Appliances Co. Ltd. (A Shares)
 
60,000
168,426
Hangzhou Silan Microelectronics Co. Ltd. (A Shares)
 
116,100
499,191
Hangzhou Tigermed Consulting Co. Ltd.:
 
 
 
 (A Shares)
 
123,207
1,406,195
 (H Shares) (c)
 
17,200
116,899
Heilongjiang Agriculture Co. Ltd. (A Shares)
 
97,800
184,809
Henan Shenhuo Coal & Power Co. Ltd. (A Shares)
 
194,800
374,241
Henan Shuanghui Investment & Development Co. Ltd. (A Shares)
 
278,200
867,792
Hengli Petrochemical Co. Ltd. (A Shares)
 
457,560
961,121
Hengtong Optic-electric Co. Ltd. (A Shares)
 
265,400
706,847
Hengyi Petrochemical Co. Ltd. (A Shares)
 
307,010
281,664
Hesteel Co. Ltd. (A Shares)
 
773,200
229,750
Hithink RoyalFlush Information Network Co. Ltd. (A Shares)
 
34,200
398,342
Hongfa Technology Co. Ltd. (A Shares)
 
80,020
375,945
Hoshine Silicon Industry Co. Ltd. (A Shares)
 
42,000
550,384
Huadian Power International Corp. Ltd. (A Shares)
 
733,000
545,015
Huadong Medicine Co. Ltd. (A Shares)
 
147,160
824,776
Huafon Chemical Co. Ltd. (A Shares)
 
302,200
275,596
Huagong Tech Co. Ltd. (A Shares)
 
79,200
181,871
Huaibei Mining Holdings Co. Ltd. (A Shares)
 
207,400
370,048
Hualan Biological Engineer, Inc. (A Shares)
 
139,050
337,586
Huaneng Power International, Inc.:
 
 
 
 (A Shares) (a)
 
1,038,600
952,857
 (H Shares) (a)
 
5,480,000
1,961,718
Huatai Securities Co. Ltd.:
 
 
 
 (A Shares)
 
246,600
404,196
 (H Shares) (c)
 
2,628,400
2,574,942
HUAXI Securities Co. Ltd.
 
261,200
262,527
Huaxia Bank Co. Ltd. (A Shares)
 
1,436,764
942,379
Huaxin Cement Co. Ltd. (A Shares)
 
72,800
133,779
Huayu Automotive Systems Co. Ltd. (A Shares)
 
273,200
627,362
Hubei Xingfa Chemicals Group Co. Ltd. (A Shares)
 
94,200
364,654
Huizhou Desay SV Automotive Co. Ltd.
 
43,300
614,260
Humanwell Healthcare Group Co. Ltd. (A Shares)
 
139,700
383,162
Hunan Valin Steel Co. Ltd. (A Shares)
 
314,400
172,206
Hundsun Technologies, Inc. (A Shares)
 
189,868
1,083,638
iFlytek Co. Ltd. (A Shares)
 
199,200
955,508
IMEIK Technology Development Co. Ltd. (A Shares)
 
17,600
1,014,611
Industrial & Commercial Bank of China Ltd.:
 
 
 
 (A Shares)
 
3,444,700
1,957,511
 (H Shares)
 
84,554,008
36,710,428
Industrial Bank Co. Ltd. (A Shares)
 
1,609,400
3,312,284
Industrial Securities Co. Ltd. (A Shares) (a)
 
773,370
577,150
Ingenic Semiconductor Co. Ltd. (A Shares)
 
32,500
302,442
Inner Mongoli Yili Industries Co. Ltd. (A Shares)
 
525,700
1,816,904
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares)
 
3,410,100
821,835
Inner Mongolia Dian Tou Energy Corp. Ltd.
 
172,700
292,055
Inner Mongolia Eerduosi Resourses Co. Ltd. (A Shares)
 
98,840
188,398
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares)
 
544,200
289,131
Inner Mongolia Yitai Coal Co. Ltd. (B Shares)
 
3,184,830
4,503,350
Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares)
 
323,600
285,807
Inspur Electronic Information Industry Co. Ltd. (A Shares)
 
78,934
248,814
Intco Medical Technology Co. Ltd. (A Shares)
 
31,680
92,486
JA Solar Technology Co. Ltd. (A Shares)
 
177,740
1,521,142
Jafron Biomedical Co. Ltd. (A Shares)
 
55,300
239,892
Jason Furniture Hangzhou Co. Ltd. (A Shares)
 
61,230
252,369
JCET Group Co. Ltd. (A Shares)
 
123,800
408,208
Jiangsu Eastern Shenghong Co. Ltd.
 
330,100
553,263
Jiangsu Expressway Co. Ltd. (H Shares)
 
1,174,000
827,071
Jiangsu Hengli Hydraulic Co. Ltd.
 
102,432
773,826
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)
 
492,466
2,710,859
Jiangsu King's Luck Brewery JSC Ltd. (A Shares)
 
106,200
543,586
Jiangsu Yanghe Brewery JSC Ltd. (A Shares)
 
115,200
2,060,946
Jiangsu Yangnong Chemical Co. Ltd. (A Shares)
 
18,800
237,841
Jiangsu Yoke Technology Co. Ltd. (A Shares)
 
43,700
351,855
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares)
 
73,500
327,599
Jiangsu Zhongtian Technology Co. Ltd. (A Shares)
 
279,500
840,846
Jiangxi Copper Co. Ltd. (H Shares)
 
2,175,000
2,377,367
Jiangxi Special Electric Motor Co. Ltd. (A Shares) (a)
 
139,500
364,466
Jiangxi Zhengbang Technology Co. Ltd. (A Shares) (a)
 
272,900
130,791
Jinke Properties Group Co. Ltd. (A Shares) (a)
 
528,300
128,044
JiuGui Liquor Co. Ltd. (A Shares)
 
21,500
300,439
Jizhong Energy Resources Co. Ltd. (A Shares)
 
312,500
260,171
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares)
 
132,100
211,457
Joinn Laboratories China Co. Ltd. (A Shares)
 
33,320
260,933
Jointown Pharmaceutical Group (A Shares)
 
111,500
191,765
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares)
 
58,600
217,456
Juewei Food Co. Ltd.
 
36,600
237,405
Kangmei Pharmaceutical Co. Ltd. rights (a)(d)
 
10,730
0
Keda Industrial Group Co. Ltd.
 
162,400
346,242
Kingfa Sci & Tech Co. Ltd. (A Shares)
 
232,600
308,311
Kuang-Chi Technologies Co. Ltd. (A Shares) (a)
 
142,800
338,282
Kunlun Tech Co. Ltd. (A Shares)
 
174,800
311,403
Kweichow Moutai Co. Ltd. (A Shares)
 
99,600
18,326,042
Lb Group Co. Ltd. (A Shares)
 
154,800
325,799
Lens Technology Co. Ltd. (A Shares)
 
380,100
518,396
Lepu Medical Technology Beijing Co. Ltd. (A Shares)
 
128,900
446,382
Liaoning Port Co. Ltd. (A Shares)
 
1,825,800
397,516
Lingyi iTech Guangdong Co. (A Shares) (a)
 
525,400
340,295
Livzon Pharmaceutical Group, Inc. (A Shares)
 
44,700
216,250
LONGi Green Energy Technology Co. Ltd.
 
587,966
3,862,932
Luoyang Xinqianglian Slewing Bearing Co. Ltd. (A Shares)
 
23,970
229,167
Luxi Chemical Group Co. Ltd.
 
137,600
214,043
Luxshare Precision Industry Co. Ltd. (A Shares)
 
572,282
2,233,364
Luzhou Laojiao Co. Ltd. (A Shares)
 
113,700
2,434,238
Maanshan Iron & Steel Co. Ltd. (A Shares)
 
511,400
176,468
Mango Excellent Media Co. Ltd. (A Shares)
 
152,494
457,927
Maxscend Microelectronics Co. Ltd. (A Shares)
 
38,916
492,172
Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a)
 
207,764
121,479
Metallurgical Corp. China Ltd. (A Shares)
 
1,480,200
583,737
Ming Yang Smart Energy Group Ltd. (A Shares)
 
156,800
534,626
Montage Technology Co. Ltd. (A Shares)
 
88,054
684,137
Muyuan Foodstuff Co. Ltd. (A Shares)
 
418,570
2,681,223
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd.
 
161,458
359,709
Nanjing Securities Co. Ltd. (A Shares)
 
319,200
346,173
NARI Technology Co. Ltd. (A Shares)
 
516,684
1,726,313
National Silicon Industry Group Co. Ltd. (A Shares) (a)
 
164,661
457,937
NAURA Technology Group Co. Ltd.
 
41,400
1,506,248
NavInfo Co. Ltd. (A Shares)
 
190,000
308,562
New China Life Insurance Co. Ltd.
 
69,700
223,047
New China Life Insurance Co. Ltd. (H Shares)
 
1,559,800
2,475,920
New Hope Liuhe Co. Ltd. (A Shares) (a)
 
431,900
762,326
Ninestar Corp. (A Shares)
 
114,100
892,283
Ningbo Deye Technology Co. Ltd. (A Shares)
 
16,200
725,760
Ningbo Joyson Electronic Corp. (A shares) (a)
 
107,500
225,955
Ningbo Orient Wires & Cables Co. Ltd. (A Shares)
 
55,700
587,287
Ningbo Ronbay New Energy Technology Co. Ltd. (A Shares)
 
36,112
387,234
Ningbo Shanshan Co. Ltd. (A Shares)
 
172,800
425,440
Ningbo Tuopu Group Co. Ltd. (A Shares)
 
86,600
768,418
Ningxia Baofeng Energy Group Co. Ltd.
 
483,800
759,861
Nongfu Spring Co. Ltd. (H Shares) (c)
 
2,584,400
12,988,424
North Industries Group Red Arrow Co. Ltd. (A Shares)
 
113,800
320,228
Northeast Securities Co. Ltd. (A Shares)
 
234,800
203,841
Offshore Oil Enginering Co. Ltd. (A Shares)
 
236,000
151,885
OFILM Group Co. Ltd. (A Shares) (a)
 
252,200
161,620
Oppein Home Group, Inc. (A Shares)
 
39,600
441,500
Orient Securities Co. Ltd. (A Shares)
 
684,072
726,889
Ovctek China, Inc. (A Shares)
 
66,029
268,713
Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a)
 
674,900
418,642
People's Insurance Co. of China Group Ltd.:
 
 
 
 (A Shares)
 
3,070,700
2,039,312
 (H Shares)
 
6,868,000
1,898,627
Perfect World Co. Ltd. (A Shares)
 
260,250
405,900
PetroChina Co. Ltd.:
 
 
 
 (A Shares)
 
934,500
612,942
 (H Shares)
 
32,056,000
12,251,247
Pharmaron Beijing Co. Ltd.:
 
 
 
 (A Shares)
 
60,150
428,296
 (H Shares) (c)
 
377,300
1,268,938
PICC Property & Casualty Co. Ltd. (H Shares)
 
10,110,001
9,324,799
Ping An Bank Co. Ltd. (A Shares)
 
1,510,300
2,138,397
Ping An Insurance Group Co. of China Ltd.:
 
 
 
 (A Shares)
 
1,336,377
6,615,184
 (H Shares)
 
8,786,500
35,175,791
Pingdingshan Tianan Coal Mining Co. Ltd. A Shares
 
198,700
299,836
Poly Developments & Holdings (A Shares)
 
983,600
1,858,670
Postal Savings Bank of China Co. Ltd.
 
2,355,900
1,251,680
Postal Savings Bank of China Co. Ltd. (H Shares) (c)
 
11,572,000
5,366,109
Power Construction Corp. of China Ltd. (A Shares)
 
1,197,039
1,153,946
Proya Cosmetics Co. Ltd. (A Shares)
 
16,380
374,908
Pylon Technologies Co. Ltd. (Series A)
 
12,829
541,942
Qingdao Rural Commercial Bank Corp. (A Shares)
 
280,900
106,546
Qinghai Salt Lake Potash Co. Ltd. Class A (a)
 
424,200
1,249,441
Raytron Technology Co. Ltd. (A Shares)
 
35,170
228,996
Riyue Heavy Industry Co. Ltd. (A Shares)
 
77,400
234,122
Rongsheng Petrochemical Co. Ltd. (A Shares)
 
804,350
1,178,511
SAIC Motor Corp. Ltd. (A Shares)
 
559,700
1,053,811
Sailun Group Co. Ltd. A Shares
 
252,800
300,816
Sangfor Technologies, Inc.
 
30,500
526,229
Sany Heavy Industry Co. Ltd. (A Shares)
 
675,600
1,248,901
Satellite Chemical Co. Ltd. (A Shares)
 
278,601
473,052
SDIC Power Holdings Co. Ltd. (A Shares)
 
647,700
895,777
Sealand Securities Co. Ltd. (A Shares)
 
393,590
175,159
Seazen Holdings Co. Ltd. (A Shares) (a)
 
191,000
344,971
SF Holding Co. Ltd. (A Shares)
 
375,500
2,481,429
SG Micro Corp. (A Shares)
 
27,975
573,298
Shaanxi Coal Industry Co. Ltd. (A Shares)
 
785,500
2,136,142
Shan Xi Hua Yang Group New Energy Co. Ltd.
 
205,100
474,351
Shandong Buchang Pharmaceuticals Co. Ltd. (A Shares)
 
100,770
264,658
Shandong Gold Mining Co. Ltd.:
 
 
 
 (A Shares)
 
568,823
1,347,497
 (H Shares) (c)
 
821,750
1,308,577
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares)
 
174,100
624,127
Shandong Linglong Tyre Co. Ltd. (A Shares)
 
108,700
243,659
Shandong Nanshan Aluminum Co. Ltd. (A Shares)
 
751,200
316,819
Shandong Sun Paper Industry JSC Ltd. (A Shares)
 
141,300
202,966
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
3,654,400
5,037,245
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares)
 
65,744
274,575
Shanghai Baosight Software Co. Ltd.
 
1,222,513
3,683,432
Shanghai Baosight Software Co. Ltd. (A Shares)
 
77,402
448,541
Shanghai Construction Group Co. Ltd. (A Shares)
 
1,042,233
366,777
Shanghai Electric Group Co. Ltd. (A Shares) (a)
 
810,800
430,775
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:
 
 
 
 (A Shares)
 
58,600
265,040
 (H Shares)
 
1,020,500
2,576,715
Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares)
 
11,481
323,824
Shanghai International Airport Co. Ltd. (A Shares) (a)
 
89,572
654,720
Shanghai International Port Group Co. Ltd. (A Shares)
 
568,400
402,392
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares)
 
78,000
581,884
Shanghai Junshi Biosciences Co. Ltd. (A Shares) (a)
 
54,678
532,038
Shanghai Lingang Holdings Corp. Ltd. (A Shares)
 
224,360
352,689
Shanghai Lujiazui Finance Trust Ltd. (B Shares)
 
1,421,043
1,054,414
Shanghai M&G Stationery, Inc. (A Shares)
 
58,700
323,927
Shanghai Medicilon, Inc. (A Shares)
 
7,088
215,069
Shanghai Pharmaceuticals Holding Co. Ltd.:
 
 
 
 (A Shares)
 
800,800
1,927,736
 (H Shares)
 
251,200
340,495
Shanghai Pudong Development Bank Co. Ltd. (A Shares)
 
2,378,800
2,162,871
Shanghai Putailai New Energy Technology Co. Ltd.
 
108,080
738,648
Shanghai RAAS Blood Products Co. Ltd. (A Shares)
 
658,400
490,448
Shanghai Yuyuan Tourist Mart Group Co. Ltd.
 
353,800
303,760
Shanghai Zhangjiang High Ltd. (A Shares)
 
172,200
265,271
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares)
 
255,900
588,336
Shanxi Meijin Energy Co. Ltd. (A Shares)
 
286,600
343,783
Shanxi Securities Co. Ltd. (A Shares)
 
332,800
234,690
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares)
 
381,000
207,119
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares)
 
95,460
3,037,560
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares)
 
343,480
535,710
Shenghe Resources Holding Co. Ltd. (A Shares)
 
116,700
213,492
Shengyi Technology Co. Ltd.
 
181,700
345,093
Shennan Circuits Co. Ltd. (A Shares)
 
24,640
253,286
Shenwan Hongyuan Group Co. Ltd. (A Shares)
 
1,996,815
1,063,634
Shenzhen Capchem Technology Co. Ltd. (A Shares)
 
58,220
288,354
Shenzhen Dynanonic Co. Ltd. (A Shares)
 
13,700
484,000
Shenzhen Energy Group Co. Ltd. (A Shares)
 
359,498
280,592
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
204,300
1,865,945
Shenzhen Kangtai Biological Products Co. Ltd.
 
89,280
380,451
Shenzhen Kedali Industry Co. Ltd.
 
18,900
237,191
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
96,100
4,282,516
Shenzhen New Industries Biomedical Engineering Co. Ltd.
 
75,100
593,671
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares)
 
612,600
352,315
Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares)
 
66,500
282,285
Shenzhen SC New Energy Technology Corp. (A Shares)
 
27,500
511,146
Shenzhen Senior Technology Material Co. Ltd. (A Shares)
 
99,940
253,035
Shenzhen Sunlord Electronics Co. Ltd. (A Shares)
 
78,600
230,325
Shenzhen Transsion Holdings Co. Ltd. (A Shares)
 
52,337
445,261
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares)
 
127,060
530,308
Sichuan Chuantou Energy Co. Ltd. (A Shares)
 
288,100
435,923
Sichuan Hebang Biotechnology Co. Ltd. (A Shares)
 
784,000
310,255
Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares)
 
99,500
337,893
Sichuan New Energy Power Co. Ltd. (A Shares) (a)
 
118,700
306,059
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares)
 
350,400
539,786
Sichuan Swellfun Co. Ltd. (A Shares)
 
28,000
216,933
Sichuan Yahua Industrial Group Co. Ltd. (A Shares)
 
100,400
367,758
Sieyuan Electric Co. Ltd. (A Shares)
 
73,300
335,741
Sinolink Securities Co. Ltd. (A Shares)
 
284,300
307,156
Sinoma Science & Technology Co. Ltd. (A Shares)
 
126,000
309,009
Sinomine Resource Group Co. Ltd. (A Shares)
 
36,120
445,138
Sinopec Shanghai Petrochemical Co. Ltd. (A Shares)
 
366,600
154,112
Sinopharm Group Co. Ltd. (H Shares)
 
2,055,600
3,917,598
Sinotrans Ltd.
 
436,105
211,994
SKSHU Paint Co. Ltd. (A Shares) (a)
 
29,680
353,174
Songcheng Performance Development Co. Ltd. (A Shares)
 
197,952
312,260
Soochow Securities Co. Ltd. (A Shares)
 
378,625
339,590
Southwest Securities Co. Ltd. (A Shares)
 
497,500
252,057
StarPower Semiconductor Ltd. (A Shares)
 
12,400
632,828
Sungrow Power Supply Co. Ltd. (A Shares)
 
120,800
2,155,502
Sunwoda Electronic Co. Ltd. (A Shares)
 
144,700
461,667
Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares)
 
139,800
483,746
Suzhou Maxwell Technologies Co. Ltd. (A Shares)
 
13,680
894,467
Suzhou TA&A Ultra Clean Technology Co. Ltd. (A Shares)
 
47,300
400,595
Tangshan Jidong Cement Co. Ltd. A Shares
 
264,300
274,690
TBEA Co. Ltd. (A Shares)
 
337,500
943,238
TCL Technology Group Corp. (A Shares)
 
1,091,300
584,286
TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares)
 
250,000
1,352,203
Thunder Software Technology Co. Ltd. (A Shares)
 
42,600
575,980
Tianjin 712 Communication & Broadcasting Co. Ltd.
 
46,900
252,967
Tianma Microelectronics Co. Ltd. (A Shares)
 
100,300
121,411
Tianqi Lithium Corp. (A Shares) (a)
 
120,900
1,581,837
Tianshan Aluminum Group Co. Ltd.
 
459,000
392,195
Tianshui Huatian Technology Co. Ltd. (A Shares)
 
178,800
215,944
Tibet Summit Industrial Co. Ltd. (A Shares) (a)
 
74,100
212,572
Titan Wind Energy Suzhou Co. Ltd. (A Shares)
 
159,500
256,409
Toly Bread Co. Ltd.
 
52,724
81,293
TongFu Microelectronics Co. Ltd. (A Shares) (a)
 
103,200
266,094
Tongkun Group Co. Ltd. (A Shares)
 
229,300
379,922
Tongling Nonferrous Metals Group Co. Ltd. (A Shares)
 
891,600
307,663
Tongwei Co. Ltd. (A Shares)
 
359,900
2,143,758
Topchoice Medical Corp. (a)
 
20,800
348,190
Transfar Zhilian Co. Ltd.
 
267,738
180,743
TravelSky Technology Ltd. (H Shares)
 
1,338,000
1,943,169
Trina Solar Co. Ltd. (A Shares)
 
171,946
1,564,087
Tsingtao Brewery Co. Ltd.:
 
 
 
 (A Shares)
 
52,600
589,174
 (H Shares)
 
948,000
6,642,334
Unigroup Guoxin Microelectronics Co. Ltd.
 
65,559
1,473,235
Unisplendour Corp. Ltd. (A Shares)
 
238,980
561,216
Walvax Biotechnology Co. Ltd. (A Shares)
 
123,500
650,231
Wanhua Chemical Group Co. Ltd. (A Shares)
 
247,800
2,726,753
Weichai Power Co. Ltd.:
 
 
 
 (A Shares)
 
218,900
272,168
 (H Shares)
 
3,788,800
3,629,687
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
38,000
403,785
Wens Foodstuffs Group Co. Ltd. (A Shares) (a)
 
525,620
1,288,337
Western Mining Co. Ltd. (A Shares)
 
210,600
273,095
Western Securities Co. Ltd. (A Shares)
 
269,800
220,557
Western Superconducting Technologies Co. Ltd. (A Shares)
 
41,028
655,401
Westone Information Industry, Inc. (A Shares)
 
66,200
329,237
Will Semiconductor Ltd.
 
87,615
880,241
Wingtech Technology Co. Ltd. (A Shares)
 
95,800
628,094
Winning Health Technology Group Co. Ltd. (A Shares)
 
117,490
155,733
Wuchan Zhongda Group Co. Ltd.
 
299,300
170,902
Wuhan Guide Infrared Co. Ltd. (A Shares)
 
240,872
382,933
Wuliangye Yibin Co. Ltd. (A Shares)
 
300,100
5,485,951
WUS Printed Circuit Kunshan Co. Ltd. (A Shares)
 
141,740
211,361
WuXi AppTec Co. Ltd.
 
151,696
1,586,982
WuXi AppTec Co. Ltd. (H Shares) (c)
 
636,274
5,098,525
Wuxi Shangji Automation Co. Ltd. (A Shares)
 
29,646
497,206
XCMG Construction Machinery Co. Ltd. (A Shares)
 
500,000
316,997
Xiamen C&D, Inc. (A Shares)
 
232,600
381,886
Xiamen Faratronic Co. Ltd. (A Shares)
 
17,900
434,111
Xiamen Intretech, Inc.
 
58,630
138,248
Xiamen Tungsten Co. Ltd. (A Shares)
 
116,200
319,503
Xinjiang Goldwind Science & Technology Co. Ltd.:
 
 
 
 (A Shares)
 
98,100
140,375
 (H Shares)
 
1,711,964
1,485,222
Xinjiang Zhongtai Chemical Co. Ltd. (A Shares)
 
243,400
195,976
Yangzhou Yangjie Electronic Technology Co. Ltd. (A Shares)
 
41,700
293,383
Yankuang Energy Group Co. Ltd.:
 
 
 
 (A Shares)
 
52,600
292,426
 (H Shares)
 
2,496,000
7,027,269
Yantai Jereh Oilfield Services (A Shares)
 
84,600
348,228
Yealink Network Technology Corp. Ltd.
 
64,550
608,827
Yifeng Pharmacy Chain Co. Ltd.
 
50,600
388,980
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares)
 
133,500
699,226
Yintai Gold Co. Ltd. (A Shares)
 
203,080
397,100
YongXing Special Materials Technology Co. Ltd. (A Shares)
 
30,900
492,807
Yonyou Network Technology Co. Ltd. (A Shares)
 
326,920
1,094,076
Youngor Group Co. Ltd. (A Shares)
 
821,377
672,587
Youngy Co. Ltd. (A Shares) (a)
 
21,800
328,930
YTO Express Group Co. Ltd. (A Shares)
 
310,700
802,394
Yuan Longping High-tech Agriculture Co. Ltd. (A Shares) (a)
 
92,300
183,516
Yunda Holding Co. Ltd. (A Shares)
 
252,250
455,251
Yunnan Aluminium Co. Ltd. (A Shares)
 
246,500
309,522
Yunnan Baiyao Group Co. Ltd. (A Shares)
 
147,520
1,102,123
Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares)
 
22,400
438,620
Yunnan Energy New Material Co. Ltd.
 
70,000
1,418,998
Yunnan Tin Co. Ltd. (A Shares)
 
157,100
245,452
Yunnan Yuntianhua Co. Ltd. (Series A) (a)
 
154,300
425,952
Zangge Mining Co. Ltd. (Series A)
 
119,700
445,009
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares)
 
45,000
1,404,921
Zhaojin Mining Industry Co. Ltd. (H Shares) (a)
 
1,658,000
1,368,703
Zhefu Holding Group Co. Ltd. (A Shares)
 
486,000
260,206
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a)
 
927,500
468,646
Zhejiang China Commodities City Group Co. Ltd. (A Shares)
 
608,400
349,066
Zhejiang Chint Electric Co. Ltd. (A Shares)
 
168,000
584,316
Zhejiang Dahua Technology Co. Ltd. (A Shares)
 
166,000
263,221
Zhejiang Dingli Machinery Co. Ltd. (A Shares)
 
25,440
156,516
Zhejiang Expressway Co. Ltd. (H Shares)
 
1,794,000
1,113,015
Zhejiang HangKe Technology, Inc. Co. (A Shares)
 
29,688
203,465
Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares)
 
111,980
307,593
Zhejiang Huayou Cobalt Co. Ltd. (A Shares)
 
125,200
933,998
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares)
 
102,000
995,292
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares)
 
63,700
309,825
Zhejiang Juhua Co. Ltd. (A Shares)
 
207,800
446,166
Zhejiang NHU Co. Ltd. (A Shares)
 
256,508
629,424
Zhejiang Orient Gene Biotech Co. Ltd. (A Shares)
 
13,598
153,801
Zhejiang Semir Garment Co. Ltd. (A Shares)
 
115,500
70,854
Zhejiang Supor Cookware Co. Ltd.
 
24,800
135,870
Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares)
 
208,520
540,509
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares)
 
115,300
274,716
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd.
 
34,200
220,104
Zhejiang Yongtai Technology Co. Ltd. (A Shares)
 
73,500
219,607
Zheshang Securities Co. Ltd.
 
325,800
453,708
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(c)
 
989,700
1,843,320
Zhongji Innolight Co. Ltd. (A Shares)
 
42,100
168,794
Zhongtai Securities Co. Ltd. (A Shares)
 
523,200
455,648
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares)
 
908,100
3,939,132
Zhuzhou Hongda Electronics Corp. Ltd. (A Shares)
 
37,800
229,557
Zhuzhou Kibing Group Co. Ltd. (A Shares)
 
205,100
220,465
Zibo Qixiang Tengda Chemical Co. Ltd. (A Shares) (a)
 
301,000
279,448
Zijin Mining Group Co. Ltd.:
 
 
 
 (A Shares)
 
568,800
616,864
 (H Shares)
 
9,989,000
9,544,056
Zoomlion Heavy Industry Science and Technology Co. Ltd.:
 
 
 
 (A Shares)
 
1,019,000
746,505
 (H Shares)
 
1,173,600
378,260
ZTE Corp.:
 
 
 
 (A Shares)
 
45,300
137,521
 (H Shares)
 
1,508,336
2,690,146
TOTAL CHINA
 
 
898,493,349
Colombia - 0.0%
 
 
 
Bancolombia SA
 
276,393
1,986,728
Ecopetrol SA
 
7,444,699
3,693,144
Interconexion Electrica SA ESP
 
548,359
2,139,586
TOTAL COLOMBIA
 
 
7,819,458
Cyprus - 0.0%
 
 
 
Galaxy Cosmos Mezz PLC (a)
 
110,235
17,801
Ozon Holdings PLC ADR (a)(d)
 
62,559
196,539
TCS Group Holding PLC unit (a)(d)
 
142,667
272,425
TOTAL CYPRUS
 
 
486,765
Czech Republic - 0.0%
 
 
 
CEZ A/S
 
231,642
7,575,501
Komercni Banka A/S
 
111,764
3,206,085
MONETA Money Bank A/S (c)
 
467,815
1,365,594
TOTAL CZECH REPUBLIC
 
 
12,147,180
Denmark - 1.7%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
4,478
8,962,776
 Series B
 
7,284
15,217,535
Carlsberg A/S Series B
 
141,023
16,604,852
Chr. Hansen Holding A/S (b)
 
151,733
8,427,413
Coloplast A/S Series B
 
171,182
19,081,689
Danske Bank A/S
 
974,742
15,731,870
Demant A/S (a)
 
129,089
3,527,790
DSV A/S
 
269,259
36,452,515
Genmab A/S (a)
 
95,157
36,655,213
GN Store Nord A/S
 
184,477
3,922,490
Novo Nordisk A/S Series B
 
2,381,826
258,978,944
Novozymes A/S Series B
 
293,621
15,420,919
ORSTED A/S (c)
 
269,726
22,253,946
Pandora A/S
 
130,513
6,878,769
Rockwool International A/S Series B
 
12,776
2,543,567
Tryg A/S
 
507,723
10,987,648
Vestas Wind Systems A/S
 
1,457,762
28,737,834
TOTAL DENMARK
 
 
510,385,770
Egypt - 0.0%
 
 
 
Commercial International Bank SAE
 
4,093,470
5,486,181
Eastern Co. SAE
 
971,292
477,711
EFG-Hermes Holding SAE
 
1,101,107
610,334
TOTAL EGYPT
 
 
6,574,226
Finland - 0.8%
 
 
 
Elisa Corp. (A Shares)
 
213,162
10,303,251
Fortum Corp.
 
642,787
9,048,912
Kesko Oyj
 
423,837
8,251,481
Kone OYJ (B Shares)
 
493,571
20,209,661
Neste OYJ
 
613,625
26,888,437
Nokia Corp. (b)
 
7,789,836
34,617,395
Nordea Bank ABP
 
4,913,095
46,954,116
Orion Oyj (B Shares)
 
155,127
7,136,313
Sampo Oyj (A Shares)
 
699,519
31,993,348
Stora Enso Oyj (R Shares)
 
794,281
10,353,467
UPM-Kymmene Corp.
 
766,956
25,701,890
Wartsila Corp. (b)
 
686,826
4,683,415
TOTAL FINLAND
 
 
236,141,686
France - 6.7%
 
 
 
Accor SA (a)
 
243,036
5,823,498
Aeroports de Paris SA (a)
 
41,261
5,588,376
Air Liquide SA
 
706,830
92,463,093
Alstom SA (b)
 
459,438
9,455,806
Amundi SA (c)
 
85,789
4,050,835
Arkema SA
 
86,129
6,819,573
AXA SA
 
2,691,440
66,464,862
bioMerieux SA
 
60,738
5,374,578
BNP Paribas SA
 
1,599,641
75,013,439
Bollore SA (b)
 
1,217,843
6,095,896
Bouygues SA
 
335,756
9,579,515
Bureau Veritas SA
 
420,678
10,422,477
Capgemini SA
 
235,768
38,640,218
Carrefour SA (b)
 
879,941
14,163,051
Compagnie de St. Gobain
 
711,525
29,087,833
Compagnie Generale des Etablissements Michelin SCA Series B
 
976,317
24,880,523
Covivio
 
68,789
3,684,556
Credit Agricole SA
 
1,729,238
15,690,521
Danone SA
 
921,604
45,803,274
Dassault Aviation SA
 
36,079
5,362,523
Dassault Systemes SA
 
954,156
31,982,143
Edenred SA
 
358,423
18,404,831
Eiffage SA
 
120,904
10,937,508
Electricite de France SA (b)
 
803,062
9,483,831
Electricite de France SA (a)
 
23,260
274,691
Engie SA
 
2,610,100
33,913,984
EssilorLuxottica SA (b)
 
414,984
65,760,808
Eurazeo SA
 
60,805
3,473,233
Gecina SA
 
64,872
5,785,905
Getlink SE
 
611,321
9,684,332
Hermes International SCA
 
45,561
59,006,125
Ipsen SA
 
54,667
5,618,565
Kering SA
 
107,613
49,282,591
Klepierre SA
 
312,642
6,287,508
L'Oreal SA (a)
 
23,733
7,452,266
L'Oreal SA
 
324,483
101,889,088
La Francaise des Jeux SAEM (c)
 
154,296
5,031,940
Legrand SA
 
391,376
29,824,693
LVMH Moet Hennessy Louis Vuitton SE
 
399,138
251,854,040
Orange SA
 
2,898,409
27,615,795
Pernod Ricard SA
 
303,630
53,321,079
Publicis Groupe SA
 
325,280
18,217,110
Remy Cointreau SA
 
34,508
5,289,303
Renault SA (a)
 
275,281
8,479,688
Safran SA
 
491,815
54,773,430
Sanofi SA
 
1,639,510
141,092,728
Sartorius Stedim Biotech
 
39,974
12,688,783
Schneider Electric SA
 
783,692
99,102,884
SEB SA (b)
 
32,276
2,101,996
Societe Generale Series A
 
1,146,416
26,295,390
Sodexo SA (a)
 
8,142
722,078
Sodexo SA
 
120,911
10,723,059
Teleperformance
 
84,833
22,744,764
Thales SA
 
150,676
19,156,700
TotalEnergies SE
 
3,570,052
194,758,357
Ubisoft Entertainment SA (a)
 
135,299
3,713,106
Valeo SA
 
293,574
4,842,178
Veolia Environnement SA
 
951,466
21,232,936
VINCI SA
 
767,449
70,633,720
Vivendi SA
 
1,023,287
8,375,584
Wendel SA
 
36,388
2,851,663
Worldline SA (a)(c)
 
341,145
14,889,783
TOTAL FRANCE
 
 
2,004,034,643
Germany - 4.5%
 
 
 
adidas AG
 
250,290
24,432,089
Allianz SE
 
589,974
106,138,987
BASF AG
 
1,326,789
59,533,922
Bayer AG
 
1,416,015
74,455,591
Bayerische Motoren Werke AG (BMW)
 
455,907
35,785,026
Bechtle AG
 
117,452
4,062,518
Beiersdorf AG
 
149,304
14,332,470
Brenntag SE
 
223,723
13,574,696
Carl Zeiss Meditec AG
 
60,082
7,276,533
Commerzbank AG (a)
 
1,523,620
12,190,289
Continental AG
 
156,976
8,130,681
Covestro AG (c)
 
283,829
9,634,869
Daimler Truck Holding AG (a)
 
652,495
17,410,361
Delivery Hero AG (a)(c)
 
233,558
7,686,143
Deutsche Bank AG
 
2,983,482
28,481,796
Deutsche Borse AG
 
273,875
44,537,489
Deutsche Lufthansa AG (a)
 
844,697
5,775,202
Deutsche Post AG
 
1,435,595
50,748,036
Deutsche Telekom AG
 
4,683,805
88,409,158
E.ON SE
 
3,213,639
26,910,993
Evonik Industries AG
 
309,325
5,702,655
Fresenius Medical Care AG & Co. KGaA
 
239,746
6,631,519
Fresenius Medical Care AG & Co. KGaA sponsored ADR
 
112,708
1,563,260
Fresenius SE & Co. KGaA
 
605,924
13,944,229
GEA Group AG
 
222,364
7,779,193
Hannover Reuck SE
 
88,000
14,331,997
HeidelbergCement AG
 
210,957
9,701,238
HelloFresh AG (a)
 
242,480
4,854,921
Henkel AG & Co. KGaA
 
143,975
8,452,069
Infineon Technologies AG
 
1,883,470
45,703,308
KION Group AG
 
106,132
2,352,978
Knorr-Bremse AG
 
103,395
4,654,922
LEG Immobilien AG
 
102,227
6,679,828
Mercedes-Benz Group AG (Germany)
 
1,152,690
66,719,531
Merck KGaA
 
186,891
30,456,718
MTU Aero Engines AG
 
77,494
13,880,750
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
202,391
53,426,379
Nemetschek SE
 
81,468
3,893,500
Puma AG
 
156,231
6,918,453
Rational AG
 
7,369
4,158,259
Rheinmetall AG
 
62,814
10,211,491
RWE AG
 
931,666
35,898,831
SAP SE
 
1,501,989
144,570,764
Scout24 AG (c)
 
118,847
6,093,334
Siemens AG
 
1,104,130
120,580,972
Siemens Energy AG
 
653,046
7,625,079
Siemens Healthineers AG (c)
 
409,615
18,765,520
Symrise AG
 
193,135
19,713,784
Telefonica Deutschland Holding AG
 
1,517,593
3,308,473
Uniper SE (b)
 
117,682
352,619
United Internet AG
 
145,787
2,726,601
Volkswagen AG
 
41,423
7,080,517
Vonovia SE
 
1,034,201
22,866,822
Zalando SE (a)(c)
 
315,971
7,282,560
TOTAL GERMANY
 
 
1,358,389,923
Greece - 0.1%
 
 
 
Alpha Bank SA (a)
 
2,976,369
2,759,030
Eurobank Ergasias Services and Holdings SA (a)
 
3,302,560
3,263,755
Ff Group (a)(d)
 
7,962
9,442
Hellenic Telecommunications Organization SA
 
274,062
4,306,384
Jumbo SA
 
145,272
2,065,901
Mytilineos SA
 
121,544
2,039,567
National Bank of Greece SA (a)
 
662,061
2,401,214
OPAP SA
 
256,066
3,137,910
Public Power Corp. of Greece (a)
 
261,984
1,654,407
TOTAL GREECE
 
 
21,637,610
Hong Kong - 1.5%
 
 
 
AIA Group Ltd.
 
17,377,609
131,631,810
Beijing Enterprises Holdings Ltd.
 
689,000
1,748,470
BOC Hong Kong (Holdings) Ltd.
 
5,332,951
16,577,045
BYD Electronic International Co. Ltd.
 
967,000
2,808,737
China Everbright International Ltd.
 
5,206,629
1,731,198
China Jinmao Holdings Group Ltd.
 
8,286,000
1,097,812
China Merchants Holdings International Co. Ltd.
 
1,885,182
2,209,484
China Overseas Land and Investment Ltd.
 
5,540,500
10,573,298
China Power International Development Ltd.
 
8,139,699
2,353,878
China Resources Beer Holdings Co. Ltd.
 
2,368,989
11,166,433
China Resources Power Holdings Co. Ltd.
 
2,897,780
4,215,812
China Taiping Insurance Group Ltd.
 
2,234,265
1,548,400
China Traditional Chinese Medicine Holdings Co. Ltd.
 
4,010,000
1,731,784
CITIC Pacific Ltd.
 
8,421,000
7,541,690
CLP Holdings Ltd.
 
2,366,476
15,883,330
CSPC Pharmaceutical Group Ltd.
 
13,190,800
13,549,090
Far East Horizon Ltd.
 
2,093,000
1,615,815
Fosun International Ltd.
 
3,987,500
2,438,325
Galaxy Entertainment Group Ltd.
 
3,164,239
14,451,341
Ganfeng Lithium Group Co. Ltd. (H Shares) (c)
 
319,920
2,164,141
Guangdong Investment Ltd.
 
4,446,000
2,803,654
Hang Lung Properties Ltd.
 
2,819,125
3,546,355
Hang Seng Bank Ltd.
 
1,109,053
15,613,017
Henderson Land Development Co. Ltd.
 
2,013,869
4,930,475
Hong Kong & China Gas Co. Ltd.
 
15,839,350
12,208,491
Hong Kong Exchanges and Clearing Ltd.
 
1,742,684
46,257,140
Hua Hong Semiconductor Ltd. (a)(c)
 
821,000
1,922,376
Lenovo Group Ltd.
 
10,952,000
8,761,991
Link (REIT)
 
3,077,539
18,191,615
MMG Ltd. (a)
 
3,840,000
758,250
MTR Corp. Ltd.
 
2,301,825
10,131,414
New World Development Co. Ltd.
 
2,155,491
4,410,029
Power Assets Holdings Ltd.
 
2,075,426
9,928,117
Sino Land Ltd.
 
4,892,991
5,229,812
Sinotruk Hong Kong Ltd.
 
1,149,500
1,025,078
Sun Hung Kai Properties Ltd.
 
2,073,422
22,281,661
Swire Pacific Ltd. (A Shares)
 
698,060
4,619,851
Swire Properties Ltd.
 
1,715,520
3,295,694
Techtronic Industries Co. Ltd.
 
1,970,370
18,656,978
Wharf Holdings Ltd.
 
1,697,000
4,853,420
Yuexiu Property Co. Ltd.
 
1,992,400
1,700,596
TOTAL HONG KONG
 
 
448,163,907
Hungary - 0.1%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
573,192
3,436,930
OTP Bank PLC
 
323,632
7,054,368
Richter Gedeon PLC
 
193,255
3,815,953
TOTAL HUNGARY
 
 
14,307,251
India - 4.3%
 
 
 
ACC Ltd.
 
127,155
3,671,643
Adani Enterprises Ltd.
 
405,044
16,379,132
Adani Green Energy Ltd. (a)
 
453,609
11,523,247
Adani Ports & Special Economic Zone Ltd.
 
742,371
7,385,596
Adani Power Ltd. (a)
 
1,073,899
4,344,634
Adani Total Gas Ltd.
 
390,801
17,008,908
Adani Transmissions Ltd. (a)
 
397,767
16,090,872
Ambuja Cements Ltd.
 
872,673
5,618,399
Apollo Hospitals Enterprise Ltd.
 
146,421
7,990,540
Asian Paints Ltd.
 
555,608
20,858,456
AU Small Finance Bank Ltd. (c)
 
258,793
1,843,095
Aurobindo Pharma Ltd.
 
365,483
2,375,993
Avenue Supermarts Ltd. (a)(c)
 
233,973
12,212,780
Axis Bank Ltd.
 
3,283,086
35,932,301
Bajaj Auto Ltd.
 
97,803
4,338,221
Bajaj Finance Ltd.
 
394,197
34,020,087
Bajaj Finserv Ltd.
 
551,007
11,232,475
Balkrishna Industries Ltd.
 
108,891
2,581,853
Bandhan Bank Ltd. (a)(c)
 
965,153
2,781,315
Berger Paints India Ltd.
 
334,030
2,363,793
Bharat Electronics Ltd.
 
5,551,577
7,165,813
Bharat Forge Ltd.
 
368,730
3,715,808
Bharat Petroleum Corp. Ltd.
 
1,245,381
4,568,252
Bharti Airtel Ltd.
 
3,155,693
31,717,040
Biocon Ltd.
 
629,497
2,052,063
Britannia Industries Ltd.
 
153,846
7,000,105
Cholamandalam Investment and Finance Co. Ltd.
 
597,386
5,119,060
Cipla Ltd./India
 
697,623
9,838,187
Coal India Ltd.
 
2,190,069
6,506,976
Colgate-Palmolive Ltd.
 
187,002
3,686,162
Container Corp. of India Ltd.
 
404,288
3,897,340
Dabur India Ltd.
 
917,058
6,145,108
Divi's Laboratories Ltd.
 
193,043
8,415,957
DLF Ltd.
 
836,328
3,894,714
Dr. Reddy's Laboratories Ltd.
 
168,020
9,043,696
Eicher Motors Ltd.
 
196,718
9,150,191
GAIL India Ltd.
 
3,356,010
3,701,422
Godrej Consumer Products Ltd. (a)
 
585,462
5,865,229
Godrej Properties Ltd. (a)
 
189,290
2,888,056
Grasim Industries Ltd.
 
381,513
7,934,899
Havells India Ltd.
 
369,898
5,434,971
HCL Technologies Ltd.
 
1,552,239
19,522,996
HDFC Standard Life Insurance Co. Ltd. (c)
 
1,404,944
9,172,529
Hero Motocorp Ltd.
 
155,982
5,043,977
Hindalco Industries Ltd.
 
1,935,717
9,485,668
Hindustan Petroleum Corp. Ltd.
 
919,631
2,375,732
Hindustan Unilever Ltd.
 
1,193,176
36,765,330
Housing Development Finance Corp. Ltd.
 
2,482,143
74,056,497
ICICI Bank Ltd.
 
7,419,717
81,579,927
ICICI Lombard General Insurance Co. Ltd. (c)
 
344,572
4,869,920
ICICI Prudential Life Insurance Co. Ltd. (c)
 
536,500
3,289,449
Indian Oil Corp. Ltd.
 
4,082,651
3,366,042
Indian Railway Catering & Tourism Corp. Ltd.
 
363,343
3,253,320
Indraprastha Gas Ltd.
 
423,649
2,191,685
Indus Towers Ltd.
 
929,513
2,082,927
Info Edge India Ltd.
 
101,799
4,822,725
Infosys Ltd.
 
4,269,172
79,300,463
Infosys Ltd. sponsored ADR
 
570,216
10,680,146
InterGlobe Aviation Ltd. (a)(c)
 
124,076
2,670,527
ITC Ltd.
 
4,224,348
17,794,517
Jindal Steel & Power Ltd.
 
597,563
3,319,514
JSW Steel Ltd. (a)
 
1,021,028
8,312,658
Jubilant Foodworks Ltd.
 
588,953
4,339,598
Kotak Mahindra Bank Ltd.
 
797,714
18,328,245
Larsen & Toubro Infotech Ltd. (c)
 
76,422
4,375,801
Larsen & Toubro Ltd.
 
986,542
24,110,572
Lupin Ltd.
 
306,457
2,587,744
Mahindra & Mahindra Ltd.
 
1,244,651
20,277,076
Marico Ltd.
 
765,395
4,850,060
Maruti Suzuki India Ltd.
 
173,553
19,975,158
MindTree Consulting Ltd.
 
88,533
3,640,302
Mphasis BFL Ltd.
 
120,902
2,889,643
MRF Ltd.
 
2,618
2,870,597
Muthoot Finance Ltd.
 
176,887
2,229,678
Nestle India Ltd.
 
48,582
11,950,890
NTPC Ltd.
 
5,681,075
11,879,610
Oil & Natural Gas Corp. Ltd.
 
3,525,744
5,709,422
Page Industries Ltd.
 
8,627
5,186,689
Petronet LNG Ltd.
 
1,033,366
2,565,938
PI Industries Ltd.
 
112,083
4,389,556
Pidilite Industries Ltd.
 
216,083
6,746,133
Piramal Pharma Ltd. (a)
 
619,272
1,233,607
Power Grid Corp. of India Ltd.
 
4,498,570
12,398,511
Reliance Industries Ltd.
 
4,385,919
135,085,034
Samvardhana Motherson International Ltd.
 
3,479,031
2,710,770
SBI Cards & Payment Services Ltd.
 
355,228
3,547,345
SBI Life Insurance Co. Ltd. (c)
 
656,989
10,047,297
Shree Cement Ltd.
 
16,455
4,520,354
Shriram Transport Finance Co. Ltd.
 
278,483
4,135,025
Siemens Ltd.
 
106,377
3,759,562
SRF Ltd.
 
209,518
6,475,999
State Bank of India
 
2,551,344
17,684,962
Sun Pharmaceutical Industries Ltd.
 
1,375,486
16,896,976
Tata Consultancy Services Ltd.
 
1,318,340
50,853,556
Tata Consumer Products Ltd.
 
793,315
7,380,666
Tata Elxsi Ltd.
 
47,249
3,993,077
Tata Motors Ltd. (a)
 
2,388,381
11,957,893
Tata Power Co. Ltd./The
 
2,021,974
5,520,248
Tata Steel Ltd.
 
10,500,025
12,880,859
Tech Mahindra Ltd.
 
839,705
10,786,933
Titan Co. Ltd.
 
506,396
16,893,121
Torrent Pharmaceuticals Ltd.
 
141,031
2,811,079
Trent Ltd.
 
257,903
4,760,208
Ultratech Cement Ltd.
 
147,839
11,992,408
United Spirits Ltd. (a)
 
424,621
4,597,838
UPL Ltd.
 
715,235
6,309,067
Vedanta Ltd.
 
1,060,108
3,596,017
Wipro Ltd.
 
1,964,824
9,194,020
Yes Bank Ltd. (a)
 
16,691,511
3,135,455
Zomato Ltd. (a)
 
3,204,560
2,442,712
TOTAL INDIA
 
 
1,298,754,249
Indonesia - 0.6%
 
 
 
PT Adaro Energy Tbk
 
20,604,500
5,257,632
PT Adaro Minerals Indonesia Tbk
 
11,830,100
1,312,138
PT Aneka Tambang Tbk
 
14,170,100
1,676,155
PT Astra International Tbk
 
29,453,100
12,557,340
PT Bank Central Asia Tbk
 
80,664,000
45,510,063
PT Bank Jago Tbk (a)
 
5,757,100
1,882,431
PT Bank Mandiri (Persero) Tbk
 
27,041,900
18,290,883
PT Bank Negara Indonesia (Persero) Tbk
 
11,462,189
6,907,811
PT Bank Rakyat Indonesia (Persero) Tbk
 
98,501,800
29,365,820
PT Barito Pacific Tbk
 
42,261,000
2,235,315
PT Charoen Pokphand Indonesia Tbk
 
10,004,200
3,575,792
PT Gudang Garam Tbk
 
549,500
849,043
PT Indah Kiat Pulp & Paper Tbk
 
3,995,000
2,458,856
PT Indofood CBP Sukses Makmur Tbk
 
3,222,100
2,008,971
PT Indofood Sukses Makmur Tbk
 
6,489,700
2,683,671
PT Kalbe Farma Tbk
 
30,482,500
4,006,355
PT Merdeka Copper Gold Tbk (a)
 
17,040,990
4,118,899
PT Sarana Menara Nusantara Tbk
 
32,839,500
2,431,776
PT Semen Indonesia (Persero) Tbk
 
4,859,600
2,476,924
PT Sumber Alfaria Trijaya Tbk
 
24,225,200
4,379,873
PT Surya Citra Media Tbk
 
35
1
PT Telkom Indonesia Persero Tbk
 
72,109,100
20,251,906
PT Tower Bersama Infrastructure Tbk
 
8,374,270
1,320,770
PT Unilever Indonesia Tbk
 
10,695,500
3,181,736
PT United Tractors Tbk
 
2,427,812
5,027,622
PT Vale Indonesia Tbk (a)
 
3,515,500
1,465,026
TOTAL INDONESIA
 
 
185,232,809
Ireland - 0.5%
 
 
 
CRH PLC
 
843,715
30,388,807
CRH PLC sponsored ADR (b)
 
246,023
8,908,493
DCC PLC (United Kingdom)
 
146,665
8,140,658
Flutter Entertainment PLC (a)
 
84,526
11,225,005
Flutter Entertainment PLC (Ireland) (a)
 
156,171
20,665,589
James Hardie Industries PLC CDI
 
645,908
14,102,098
Kerry Group PLC Class A
 
226,448
19,693,277
Kingspan Group PLC (Ireland)
 
221,048
11,162,830
Smurfit Kappa Group PLC
 
353,731
11,721,238
TOTAL IRELAND
 
 
136,007,995
Isle of Man - 0.0%
 
 
 
Entain PLC
 
860,853
12,453,601
Israel - 0.5%
 
 
 
Azrieli Group
 
57,454
4,261,633
Bank Hapoalim BM (Reg.)
 
1,827,123
17,632,379
Bank Leumi le-Israel BM
 
2,219,475
21,198,874
Bezeq The Israel Telecommunication Corp. Ltd.
 
3,012,131
5,334,555
Check Point Software Technologies Ltd. (a)
 
145,740
18,833,980
CyberArk Software Ltd. (a)
 
59,669
9,362,663
Elbit Systems Ltd. (Israel)
 
37,498
7,589,696
Icl Group Ltd.
 
1,010,533
9,128,557
Israel Discount Bank Ltd. (Class A)
 
1,785,509
10,166,671
Mizrahi Tefahot Bank Ltd.
 
217,535
8,230,938
NICE Ltd. (a)
 
68,694
13,021,251
Teva Pharmaceutical Industries Ltd. sponsored ADR (a)
 
1,585,512
14,142,767
Tower Semiconductor Ltd. (a)
 
155,809
6,667,040
Wix.com Ltd. (a)
 
84,134
7,075,669
ZIM Integrated Shipping Services Ltd. (b)
 
124,842
2,932,539
TOTAL ISRAEL
 
 
155,579,212
Italy - 1.1%
 
 
 
Amplifon SpA
 
179,472
4,458,911
Assicurazioni Generali SpA
 
1,598,427
23,987,780
Atlantia SpA
 
698,887
15,595,443
DiaSorin SpA (b)
 
35,824
4,683,826
Enel SpA
 
11,698,614
52,261,794
Eni SpA
 
3,631,243
47,691,781
FinecoBank SpA
 
877,464
11,827,978
Infrastrutture Wireless Italiane SpA (c)
 
492,504
4,347,357
Intesa Sanpaolo SpA
 
23,758,092
45,295,525
Mediobanca SpA
 
862,479
7,817,707
Moncler SpA
 
293,064
12,653,520
Nexi SpA (a)(c)
 
753,925
6,534,232
Poste Italiane SpA (c)
 
726,255
6,330,304
Prysmian SpA
 
373,889
12,189,667
Recordati SpA
 
146,277
5,497,550
Snam SpA
 
2,831,846
12,591,845
Telecom Italia SpA (a)
 
5,958,305
1,165,699
Telecom Italia SpA (Risparmio Shares) (a)
 
7,564,311
1,446,496
Terna - Rete Elettrica Nazionale
 
1,974,441
13,088,927
UniCredit SpA
 
2,987,068
37,043,453
TOTAL ITALY
 
 
326,509,795
Japan - 13.7%
 
 
 
Advantest Corp.
 
276,082
14,593,662
AEON Co. Ltd.
 
947,978
17,701,072
AGC, Inc.
 
269,496
8,454,883
Aisin Seiki Co. Ltd.
 
212,801
5,459,738
Ajinomoto Co., Inc.
 
653,015
17,988,160
Ana Holdings, Inc. (a)(b)
 
234,351
4,556,365
Asahi Group Holdings
 
662,817
18,561,283
ASAHI INTECC Co. Ltd.
 
316,549
5,394,500
Asahi Kasei Corp.
 
1,812,725
11,623,040
Astellas Pharma, Inc.
 
2,663,065
36,745,466
Azbil Corp.
 
164,082
4,463,578
Bandai Namco Holdings, Inc.
 
289,098
19,135,159
Bridgestone Corp.
 
821,895
29,725,027
Brother Industries Ltd.
 
349,975
5,957,071
Canon, Inc.
 
1,347,028
28,553,608
Canon, Inc. sponsored ADR (b)
 
103,588
2,197,101
Capcom Co. Ltd.
 
252,500
7,038,653
Central Japan Railway Co.
 
206,438
23,900,680
Chiba Bank Ltd.
 
778,094
4,254,282
Chubu Electric Power Co., Inc.
 
913,095
7,436,417
Chugai Pharmaceutical Co. Ltd.
 
975,524
22,604,709
Concordia Financial Group Ltd.
 
1,552,588
4,729,966
CyberAgent, Inc.
 
607,396
4,999,850
Dai Nippon Printing Co. Ltd.
 
325,221
6,524,323
Dai-ichi Mutual Life Insurance Co.
 
1,404,191
22,262,889
Daifuku Co. Ltd.
 
143,409
6,577,554
Daiichi Sankyo Kabushiki Kaisha
 
2,524,796
80,820,655
Daikin Industries Ltd.
 
358,482
53,696,008
Daito Trust Construction Co. Ltd.
 
89,221
8,826,396
Daiwa House Industry Co. Ltd.
 
856,208
17,250,310
Daiwa House REIT Investment Corp.
 
3,137
6,329,063
Daiwa Securities Group, Inc.
 
1,871,351
7,299,395
DENSO Corp.
 
624,825
31,001,271
Dentsu Group, Inc.
 
311,122
9,698,043
Disco Corp.
 
41,629
9,994,656
East Japan Railway Co.
 
433,081
23,076,888
Eisai Co. Ltd.
 
364,297
21,985,953
ENEOS Holdings, Inc.
 
4,365,564
14,380,129
FANUC Corp.
 
276,725
36,209,917
Fast Retailing Co. Ltd.
 
84,163
46,973,250
Fuji Electric Co. Ltd.
 
193,104
7,480,272
FUJIFILM Holdings Corp.
 
523,848
24,023,131
Fujitsu Ltd.
 
283,958
32,671,791
GLP J-REIT
 
6,379
6,610,874
GMO Payment Gateway, Inc.
 
59,728
4,310,040
Hakuhodo DY Holdings, Inc.
 
334,007
2,821,297
Hamamatsu Photonics K.K.
 
202,246
9,167,343
Hankyu Hanshin Holdings, Inc.
 
329,580
9,785,774
Hikari Tsushin, Inc.
 
29,670
3,585,661
Hirose Electric Co. Ltd.
 
41,668
5,411,137
Hitachi Construction Machinery Co. Ltd.
 
152,071
2,980,160
Hitachi Ltd.
 
1,400,709
63,679,295
Hitachi Metals Ltd. (a)
 
9,800
143,149
Honda Motor Co. Ltd.
 
2,334,186
53,225,220
Hoshizaki Corp.
 
155,706
4,466,096
Hoya Corp.
 
529,182
49,378,932
Hulic Co. Ltd.
 
513,972
3,733,076
Ibiden Co. Ltd.
 
165,240
5,589,678
Idemitsu Kosan Co. Ltd.
 
294,427
6,435,238
Iida Group Holdings Co. Ltd.
 
204,978
2,848,008
INPEX Corp.
 
1,484,112
14,978,248
Isuzu Motors Ltd.
 
834,192
9,783,993
ITO EN Ltd.
 
85,625
3,023,177
Itochu Corp.
 
1,708,071
44,213,762
ITOCHU Techno-Solutions Corp.
 
136,885
3,175,986
Japan Airlines Co. Ltd. (a)
 
215,726
4,025,957
Japan Exchange Group, Inc.
 
741,494
9,744,557
Japan Post Bank Co. Ltd.
 
579,940
3,861,196
Japan Post Holdings Co. Ltd.
 
3,418,146
22,978,437
Japan Post Insurance Co. Ltd.
 
281,542
4,159,842
Japan Real Estate Investment Corp.
 
1,870
7,834,897
Japan Retail Fund Investment Corp.
 
9,921
7,305,891
Japan Tobacco, Inc.
 
1,715,526
28,730,663
JFE Holdings, Inc.
 
704,890
6,461,314
JSR Corp.
 
267,621
5,100,628
Kajima Corp.
 
608,378
5,732,120
Kakaku.com, Inc.
 
191,065
3,239,348
Kansai Electric Power Co., Inc.
 
1,017,899
7,714,934
Kao Corp.
 
688,126
25,702,844
KDDI Corp.
 
2,330,307
68,876,821
Keio Corp.
 
143,820
5,048,861
Keisei Electric Railway Co.
 
182,342
4,843,814
Keyence Corp.
 
280,129
106,102,191
Kikkoman Corp.
 
212,148
11,527,999
Kintetsu Group Holdings Co. Ltd.
 
247,264
8,364,356
Kirin Holdings Co. Ltd.
 
1,224,220
18,026,361
Kobayashi Pharmaceutical Co. Ltd.
 
85,787
4,557,768
Kobe Bussan Co. Ltd.
 
228,072
4,961,922
Koei Tecmo Holdings Co. Ltd. (b)
 
163,718
2,475,121
Koito Manufacturing Co. Ltd.
 
299,630
4,259,846
Komatsu Ltd.
 
1,331,264
26,079,721
Konami Group Corp.
 
130,736
5,741,323
Kose Corp.
 
48,068
4,806,962
Kubota Corp.
 
1,458,067
20,361,654
Kurita Water Industries Ltd.
 
147,684
5,422,877
Kyocera Corp.
 
454,956
22,766,923
Kyowa Hakko Kirin Co., Ltd.
 
392,821
9,259,475
Lasertec Corp.
 
109,195
15,343,092
LIXIL Group Corp.
 
418,403
6,333,940
M3, Inc.
 
628,002
18,777,342
Makita Corp.
 
317,168
5,795,772
Marubeni Corp.
 
2,199,645
19,275,278
Mazda Motor Corp.
 
819,409
5,517,050
McDonald's Holdings Co. (Japan) Ltd.
 
136,545
4,738,372
Meiji Holdings Co. Ltd.
 
162,706
6,696,666
Minebea Mitsumi, Inc.
 
508,800
7,541,580
Misumi Group, Inc.
 
410,614
8,781,415
Mitsubishi Chemical Holdings Corp.
 
1,831,584
8,278,742
Mitsubishi Corp.
 
1,814,201
49,181,507
Mitsubishi Electric Corp.
 
2,821,797
24,827,901
Mitsubishi Estate Co. Ltd.
 
1,681,812
21,149,289
Mitsubishi Heavy Industries Ltd.
 
456,928
15,733,356
Mitsubishi UFJ Financial Group, Inc.
 
17,215,318
81,322,594
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
901,016
3,865,955
Mitsui & Co. Ltd.
 
2,004,946
44,401,541
Mitsui Chemicals, Inc.
 
264,471
4,900,081
Mitsui Fudosan Co. Ltd.
 
1,289,610
24,713,297
Mitsui OSK Lines Ltd.
 
502,300
9,968,643
Mizuho Financial Group, Inc.
 
3,474,232
37,523,902
MonotaRO Co. Ltd.
 
352,708
5,379,749
MS&AD Insurance Group Holdings, Inc.
 
637,915
16,892,757
Murata Manufacturing Co. Ltd.
 
826,261
39,114,738
NEC Corp.
 
352,163
11,664,163
Nexon Co. Ltd.
 
706,359
11,861,720
NGK Insulators Ltd.
 
338,995
3,960,014
Nidec Corp.
 
648,256
35,643,719
Nihon M&A Center Holdings, Inc.
 
449,960
5,092,859
Nintendo Co. Ltd.
 
1,587,490
64,450,660
Nippon Building Fund, Inc.
 
2,250
10,002,018
Nippon Express Holdings, Inc.
 
112,785
5,665,987
Nippon Paint Holdings Co. Ltd.
 
1,207,530
7,714,809
Nippon Prologis REIT, Inc.
 
3,194
6,691,086
Nippon Sanso Holdings Corp.
 
249,986
3,987,806
Nippon Shinyaku Co. Ltd.
 
72,055
3,992,960
Nippon Steel & Sumitomo Metal Corp.
 
1,151,199
15,813,067
Nippon Telegraph & Telephone Corp.
 
1,727,571
47,647,631
Nippon Yusen KK
 
702,633
12,727,826
Nissan Chemical Corp.
 
185,584
8,362,170
Nissan Motor Co. Ltd.
 
3,249,125
10,355,950
Nisshin Seifun Group, Inc.
 
304,962
3,297,884
Nissin Food Holdings Co. Ltd.
 
92,205
5,971,513
Nitori Holdings Co. Ltd.
 
117,742
10,669,436
Nitto Denko Corp.
 
211,450
11,134,561
Nomura Holdings, Inc.
 
4,152,665
13,437,856
Nomura Real Estate Holdings, Inc.
 
166,718
3,772,864
Nomura Real Estate Master Fund, Inc.
 
6,276
7,154,121
Nomura Research Institute Ltd.
 
480,580
10,681,710
NTT Data Corp.
 
903,056
13,099,915
Obayashi Corp.
 
982,685
6,311,336
OBIC Co. Ltd.
 
100,052
15,052,041
Odakyu Electric Railway Co. Ltd.
 
420,539
5,003,083
Oji Holdings Corp.
 
1,127,102
3,911,259
Olympus Corp.
 
1,782,663
37,644,587
OMRON Corp.
 
267,577
12,517,338
Ono Pharmaceutical Co. Ltd.
 
518,945
12,201,027
Open House Group Co. Ltd.
 
116,600
4,156,024
Oracle Corp. Japan
 
55,403
2,958,404
Oriental Land Co. Ltd.
 
289,288
38,812,977
ORIX Corp.
 
1,702,354
25,015,256
Osaka Gas Co. Ltd.
 
524,718
7,770,463
Otsuka Corp.
 
164,532
5,195,049
Otsuka Holdings Co. Ltd.
 
560,503
17,966,651
Pan Pacific International Holdings Ltd.
 
543,991
8,930,240
Panasonic Holdings Corp.
 
3,123,093
22,244,589
Persol Holdings Co. Ltd.
 
261,626
5,253,810
Rakuten Group, Inc.
 
1,203,360
5,372,242
Recruit Holdings Co. Ltd.
 
2,080,883
64,031,203
Renesas Electronics Corp. (a)
 
1,673,083
13,996,598
Resona Holdings, Inc.
 
3,107,789
11,697,969
Ricoh Co. Ltd.
 
840,138
6,158,582
ROHM Co. Ltd.
 
127,795
8,998,377
SBI Holdings, Inc. Japan
 
342,465
6,190,833
SCSK Corp.
 
214,233
3,165,338
Secom Co. Ltd.
 
301,959
17,202,756
Seiko Epson Corp.
 
396,909
5,407,967
Sekisui Chemical Co. Ltd.
 
520,239
6,507,580
Sekisui House Ltd.
 
867,603
14,441,087
Seven & i Holdings Co. Ltd.
 
1,091,872
40,757,807
SG Holdings Co. Ltd.
 
428,149
5,678,132
Sharp Corp.
 
342,811
2,056,210
Shimadzu Corp.
 
339,977
8,974,140
SHIMANO, Inc.
 
104,090
16,107,228
SHIMIZU Corp.
 
792,681
3,960,873
Shin-Etsu Chemical Co. Ltd.
 
542,017
56,331,803
Shionogi & Co. Ltd.
 
380,694
17,678,383
Shiseido Co. Ltd.
 
580,975
20,141,404
Shizuoka Financial Group
 
659,518
4,160,381
SMC Corp.
 
82,655
33,177,905
SoftBank Corp.
 
4,173,427
41,168,305
SoftBank Group Corp.
 
1,740,844
74,727,856
Sompo Holdings, Inc.
 
454,054
18,910,901
Sony Group Corp.
 
1,814,720
122,375,028
Square Enix Holdings Co. Ltd.
 
123,138
5,498,748
Subaru Corp.
 
884,878
13,779,448
Sumco Corp.
 
523,229
6,647,026
Sumitomo Chemical Co. Ltd.
 
2,151,181
7,248,002
Sumitomo Corp.
 
1,601,069
20,355,619
Sumitomo Electric Industries Ltd.
 
1,032,303
10,788,519
Sumitomo Metal Mining Co. Ltd.
 
355,132
9,954,653
Sumitomo Mitsui Financial Group, Inc.
 
1,880,372
52,803,791
Sumitomo Mitsui Trust Holdings, Inc.
 
484,157
13,928,726
Sumitomo Realty & Development Co. Ltd.
 
442,579
10,164,480
Suntory Beverage & Food Ltd.
 
211,103
7,070,130
Suzuki Motor Corp.
 
529,532
17,877,203
Sysmex Corp.
 
241,529
13,040,081
T&D Holdings, Inc.
 
779,153
7,686,993
Taisei Corp.
 
263,402
7,183,127
Takeda Pharmaceutical Co. Ltd.
 
2,167,720
57,247,320
TDK Corp.
 
554,487
17,358,600
Terumo Corp.
 
939,524
28,584,731
TIS, Inc.
 
323,867
8,744,921
Tobu Railway Co. Ltd.
 
263,693
6,100,433
Toho Co. Ltd.
 
157,105
5,599,761
Tokio Marine Holdings, Inc.
 
2,647,824
47,918,857
Tokyo Electric Power Co., Inc. (a)
 
2,207,226
7,199,332
Tokyo Electron Ltd.
 
215,486
56,693,638
Tokyo Gas Co. Ltd.
 
569,639
10,178,761
Tokyu Corp.
 
771,375
8,901,977
Toppan, Inc.
 
382,477
5,707,767
Toray Industries, Inc.
 
1,997,519
9,732,691
Toshiba Corp.
 
566,315
19,732,190
Tosoh Corp.
 
370,325
4,032,121
Toto Ltd.
 
205,617
5,876,944
Toyota Industries Corp.
 
209,443
10,789,424
Toyota Motor Corp.
 
15,237,730
211,417,587
Toyota Tsusho Corp.
 
297,095
9,990,080
Trend Micro, Inc.
 
191,345
9,664,084
Unicharm Corp.
 
575,897
17,502,334
USS Co. Ltd.
 
331,546
5,010,147
Welcia Holdings Co. Ltd.
 
141,537
2,960,288
West Japan Railway Co.
 
318,580
12,642,931
Yakult Honsha Co. Ltd.
 
185,818
10,297,188
Yamaha Corp.
 
201,761
7,625,655
Yamaha Motor Co. Ltd.
 
425,839
8,791,995
Yamato Holdings Co. Ltd.
 
430,729
6,384,389
Yaskawa Electric Corp.
 
349,989
9,720,936
Yokogawa Electric Corp.
 
321,100
5,379,200
Z Holdings Corp.
 
3,818,749
9,855,274
ZOZO, Inc.
 
171,163
3,643,235
TOTAL JAPAN
 
 
4,095,120,154
Korea (South) - 3.0%
 
 
 
Alteogen, Inc.
 
50,276
1,292,723
AMOREPACIFIC Corp.
 
45,960
2,984,959
AMOREPACIFIC Group, Inc.
 
37,383
646,919
BGF Retail Co. Ltd.
 
13,197
1,724,379
Celltrion Healthcare Co. Ltd.
 
124,359
6,055,370
Celltrion Pharm, Inc.
 
24,834
1,179,655
Celltrion, Inc.
 
142,136
19,119,827
Cheil Worldwide, Inc.
 
96,330
1,650,133
CJ CheilJedang Corp.
 
11,295
3,276,161
CJ Corp.
 
18,038
907,385
CJ ENM Co. Ltd.
 
13,209
679,273
CJ Logistics Corp. (a)
 
10,778
663,752
Coway Co. Ltd.
 
80,195
3,107,070
Db Insurance Co. Ltd.
 
62,355
2,459,565
Doosan Bobcat, Inc.
 
69,800
1,638,245
Doosan Heavy Industries & Construction Co. Ltd. (a)
 
612,278
5,683,858
E-Mart, Inc.
 
29,731
1,762,214
Ecopro BM Co. Ltd.
 
71,450
5,761,774
EUSU Holdings Co. Ltd.
 
6
29
F&F Co. Ltd.
 
24,976
2,546,036
Green Cross Corp.
 
8,441
754,020
GS Engineering & Construction Corp.
 
92,735
1,409,880
GS Holdings Corp.
 
64,497
2,078,624
Hana Financial Group, Inc.
 
421,362
12,177,495
Hanjin Shipping Co. Ltd. (a)(d)
 
12
0
Hankook Tire Co. Ltd.
 
105,623
2,704,734
Hanmi Pharm Co. Ltd.
 
10,613
1,881,210
Hanon Systems
 
277,185
1,514,757
Hanwha Solutions Corp. (a)
 
167,415
5,536,241
HD Hyundai Co. Ltd.
 
65,222
2,782,852
HLB, Inc. (a)
 
151,783
4,306,821
HLB, Inc. rights 12/2/22 (a)
 
12,168
83,546
HMM Co. Ltd.
 
390,167
5,221,106
Hotel Shilla Co.
 
46,802
2,131,358
HYBE Co. Ltd. (a)
 
26,452
2,242,449
Hyundai Engineering & Construction Co. Ltd.
 
116,450
2,847,368
Hyundai Glovis Co. Ltd.
 
27,037
3,295,994
Hyundai Heavy Industries Co. Ltd. (a)
 
23,479
1,793,018
Hyundai Mobis
 
87,602
13,441,161
Hyundai Motor Co.
 
197,517
22,764,024
Hyundai Steel Co.
 
133,886
2,635,847
Iljin Materials Co. Ltd.
 
31,425
1,334,217
Industrial Bank of Korea
 
376,255
2,754,718
Kakao Corp.
 
453,528
16,109,821
Kakao Games Corp. (a)
 
47,694
1,321,566
KakaoBank Corp. (a)
 
160,424
1,921,959
Kangwon Land, Inc. (a)
 
139,111
2,241,651
KB Financial Group, Inc.
 
569,452
19,123,003
Kia Corp.
 
379,947
17,648,801
Korea Aerospace Industries Ltd.
 
106,538
3,534,298
Korea Electric Power Corp. (a)
 
364,951
4,270,992
Korea Investment Holdings Co. Ltd.
 
50,723
1,760,870
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)
 
58,298
2,969,386
Korea Zinc Co. Ltd.
 
12,730
5,708,040
Korean Air Lines Co. Ltd. (a)
 
260,501
4,215,994
KRAFTON, Inc. (a)
 
34,923
4,342,987
KT&G Corp.
 
153,520
10,293,322
Kumho Petro Chemical Co. Ltd.
 
24,893
2,284,689
L&F Co. Ltd. (a)
 
32,540
5,129,543
LG Chemical Ltd.
 
71,638
31,419,295
LG Corp.
 
141,984
7,878,495
LG Display Co. Ltd.
 
334,812
2,981,954
LG Electronics, Inc.
 
151,255
8,647,261
LG Energy Solution (a)
 
33,996
12,575,938
LG H & H Co. Ltd.
 
14,326
5,118,866
LG Innotek Co. Ltd.
 
20,749
4,310,231
LG Uplus Corp.
 
298,036
2,390,853
Lotte Chemical Corp.
 
23,244
2,410,190
Lotte Shopping Co. Ltd.
 
14,375
880,234
Meritz Financial Holdings Co.
 
41,555
631,774
Meritz Fire & Marine Insurance Co. Ltd.
 
45,133
994,474
Meritz Securities Co. Ltd.
 
343,624
890,766
Mirae Asset Securities Co. Ltd.
 
385,670
1,715,806
NAVER Corp.
 
190,319
22,601,148
NCSOFT Corp.
 
23,547
6,433,967
Netmarble Corp. (c)
 
27,534
860,365
NH Investment & Securities Co. Ltd.
 
172,685
1,085,240
Orion Corp./Republic of Korea
 
33,786
2,402,600
Pan Ocean Co., Ltd. (Korea)
 
429,953
1,295,293
Pearl Abyss Corp. (a)
 
36,526
1,064,570
POSCO
 
113,099
19,672,479
POSCO Chemtech Co. Ltd.
 
40,001
5,591,037
S-Oil Corp.
 
66,673
4,035,919
S1 Corp.
 
24,076
1,052,562
Samsung Biologics Co. Ltd. (a)(c)
 
25,777
15,838,375
Samsung C&T Corp.
 
124,674
10,350,776
Samsung Electro-Mechanics Co. Ltd.
 
82,319
6,978,532
Samsung Electronics Co. Ltd.
 
6,908,111
287,491,098
Samsung Engineering Co. Ltd. (a)
 
223,998
3,742,925
Samsung Fire & Marine Insurance Co. Ltd.
 
44,212
6,195,107
Samsung Heavy Industries Co. Ltd. (a)
 
923,119
3,330,762
Samsung Life Insurance Co. Ltd.
 
118,818
5,610,748
Samsung SDI Co. Ltd.
 
78,791
40,683,916
Samsung SDS Co. Ltd.
 
52,006
4,554,515
Samsung Securities Co. Ltd.
 
86,405
1,922,035
SD Biosensor, Inc.
 
46,082
954,042
Seegene, Inc.
 
54,201
1,089,853
Shinhan Financial Group Co. Ltd.
 
654,199
16,594,051
SK Biopharmaceuticals Co. Ltd. (a)
 
43,048
1,752,297
SK Bioscience Co. Ltd. (a)
 
31,738
1,681,048
SK Chemicals Co. Ltd.
 
14,691
909,876
SK Hynix, Inc.
 
787,015
45,600,244
SK IE Technology Co. Ltd. (a)(c)
 
32,003
1,165,931
SK Innovation Co., Ltd.
 
80,571
9,765,703
SK Square Co. Ltd. (a)
 
149,983
3,882,712
SK, Inc.
 
53,572
8,032,122
SKC Co. Ltd.
 
28,280
2,050,682
Woori Financial Group, Inc.
 
774,070
6,372,308
Yuhan Corp.
 
72,426
3,034,411
TOTAL KOREA (SOUTH)
 
 
900,233,075
Kuwait - 0.3%
 
 
 
Agility Public Warehousing Co. KSC
 
2,158,306
5,461,068
Boubyan Bank KSC
 
1,776,362
4,723,971
Gulf Bank
 
2,123,925
2,351,158
Kuwait Finance House KSCP
 
10,565,054
27,618,828
Mabanee Co. SAKC
 
812,094
2,285,448
Mobile Telecommunication Co.
 
3,080,497
5,955,197
National Bank of Kuwait
 
10,288,407
35,794,426
TOTAL KUWAIT
 
 
84,190,096
Luxembourg - 0.2%
 
 
 
Allegro.eu SA (a)(c)
 
517,232
2,513,517
ArcelorMittal SA (Netherlands)
 
760,927
17,036,245
Aroundtown SA
 
1,342,917
2,664,893
Eurofins Scientific SA
 
194,823
12,472,342
Reinet Investments SCA
 
196,553
3,158,117
Tenaris SA
 
683,908
10,703,951
TOTAL LUXEMBOURG
 
 
48,549,065
Malaysia - 0.4%
 
 
 
AMMB Holdings Bhd
 
2,720,200
2,353,134
Axiata Group Bhd
 
3,306,115
1,992,899
CIMB Group Holdings Bhd
 
10,370,688
12,107,910
Dialog Group Bhd
 
5,149,622
2,243,702
DiGi.com Bhd
 
3,816,900
3,059,655
Genting Bhd
 
3,257,300
3,058,886
Genting Malaysia Bhd
 
4,256,100
2,466,522
Hap Seng Consolidated Bhd
 
689,500
937,708
Hartalega Holdings Bhd
 
2,650,300
1,210,797
Hong Leong Bank Bhd
 
985,400
4,410,124
Hong Leong Credit Bhd
 
256,800
1,036,325
IHH Healthcare Bhd
 
2,698,300
3,395,703
Inari Amertron Bhd
 
4,041,200
2,128,297
IOI Corp. Bhd
 
3,179,100
2,743,386
IOI Properties Group Bhd
 
11
2
Kuala Lumpur Kepong Bhd
 
614,813
2,819,193
Malayan Banking Bhd
 
7,001,668
12,720,882
Malaysia Airports Holdings Bhd (a)
 
918,498
1,161,721
Maxis Bhd
 
2,693,300
2,193,148
MISC Bhd
 
1,738,700
2,658,799
MR DIY Group M Sdn Bhd (c)
 
2,872,950
1,227,445
Nestle (Malaysia) Bhd
 
83,500
2,348,879
Petronas Chemicals Group Bhd
 
3,740,500
6,898,723
Petronas Dagangan Bhd
 
349,700
1,603,531
Petronas Gas Bhd
 
1,021,800
3,695,596
PPB Group Bhd
 
797,420
2,816,606
Press Metal Bhd
 
5,489,200
5,050,343
Public Bank Bhd
 
21,089,100
19,938,299
QL Resources Bhd
 
1,355,700
1,468,102
RHB Bank Bhd
 
2,264,763
2,739,942
Sime Darby Bhd
 
3,983,207
1,895,562
Sime Darby Plantation Bhd
 
2,869,924
2,670,826
Sime Darby Property Bhd
 
15
1
SP Setia Bhd
 
14
1
Telekom Malaysia Bhd
 
1,627,099
1,913,424
Tenaga Nasional Bhd
 
3,762,425
6,700,427
Top Glove Corp. Bhd
 
8,478,000
1,425,552
TOTAL MALAYSIA
 
 
127,092,052
Mexico - 0.7%
 
 
 
Alfa SA de CV Series A
 
4,254,100
2,823,470
America Movil S.A.B. de CV Series L
 
40,141,446
37,987,791
Arca Continental S.A.B. de CV
 
711,262
5,826,009
CEMEX S.A.B. de CV unit (a)
 
22,491,840
8,741,088
Coca-Cola FEMSA S.A.B. de CV unit
 
780,440
4,916,303
Fibra Uno Administracion SA de CV
 
4,298,100
5,015,499
Fomento Economico Mexicano S.A.B. de CV unit
 
2,836,000
20,358,567
Gruma S.A.B. de CV Series B
 
285,995
3,317,530
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
517,800
8,020,634
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
291,985
6,833,566
Grupo Bimbo S.A.B. de CV Series A
 
1,884,700
7,296,994
Grupo Carso SA de CV Series A1
 
565,500
2,278,783
Grupo Financiero Banorte S.A.B. de CV Series O
 
3,754,700
30,520,085
Grupo Financiero Inbursa S.A.B. de CV Series O (a)
 
3,117,500
5,754,150
Grupo Mexico SA de CV Series B
 
4,473,923
16,219,749
Grupo Televisa SA de CV
 
3,395,100
3,601,928
Industrias Penoles SA de CV
 
204,640
2,321,450
Kimberly-Clark de Mexico SA de CV Series A
 
2,253,600
3,555,622
Operadora de Sites Mexicanos, SA de CV (b)
 
1,731,300
1,883,956
Orbia Advance Corp. S.A.B. de CV
 
1,498,116
2,529,247
Promotora y Operadora de Infraestructura S.A.B. de CV
 
313,890
2,361,185
Sitios Latinoamerica S.A.B. de CV (a)
 
1,971,532
575,150
Wal-Mart de Mexico SA de CV Series V
 
7,633,700
29,486,048
TOTAL MEXICO
 
 
212,224,804
Multi-National - 0.1%
 
 
 
HK Electric Investments & HK Electric Investments Ltd. unit
 
3,459,676
2,199,306
HKT Trust/HKT Ltd. unit
 
5,489,479
6,203,038
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a)(b)
 
171,051
8,093,690
TOTAL MULTI-NATIONAL
 
 
16,496,034
Netherlands - 3.5%
 
 
 
ABN AMRO Bank NV GDR (c)
 
591,036
5,815,213
Adyen BV (a)(c)
 
31,220
44,569,656
AEGON NV
 
2,558,043
11,841,596
AerCap Holdings NV (a)
 
192,511
10,282,013
Airbus Group NV
 
850,531
92,030,666
Akzo Nobel NV (b)
 
260,802
16,100,734
Argenx SE (a)
 
79,506
30,868,252
ASM International NV (Netherlands)
 
67,014
14,887,736
ASML Holding NV (Netherlands)
 
585,074
274,450,703
CNH Industrial NV
 
1,451,663
18,800,511
Davide Campari Milano NV
 
783,895
7,044,978
Euronext NV (c)
 
123,138
7,824,740
EXOR NV
 
152,730
10,263,609
Ferrari NV (Italy)
 
180,243
35,535,967
Heineken Holding NV
 
146,498
10,004,066
Heineken NV (Bearer)
 
374,605
31,319,207
IMCD NV
 
81,497
10,574,825
ING Groep NV (Certificaten Van Aandelen)
 
5,622,136
55,319,537
JDE Peet's BV
 
140,922
4,035,934
Just Eat Takeaway.com NV (a)(c)
 
259,642
4,455,482
Koninklijke Ahold Delhaize NV
 
1,508,140
42,059,455
Koninklijke DSM NV
 
252,093
29,653,799
Koninklijke KPN NV
 
4,721,343
13,206,098
Koninklijke Philips Electronics NV
 
1,269,986
16,109,636
NEPI Rockcastle PLC (b)
 
741,848
3,735,744
NN Group NV
 
397,265
16,822,787
OCI NV
 
150,880
5,773,429
Prosus NV
 
1,190,136
51,463,500
QIAGEN NV (Germany) (a)
 
344,043
14,858,022
Randstad NV
 
169,930
8,470,557
Stellantis NV (Italy)
 
3,145,918
42,468,304
STMicroelectronics NV (France)
 
983,104
30,568,588
Universal Music Group NV
 
1,042,446
20,468,903
Wolters Kluwer NV
 
376,455
40,012,005
X5 Retail Group NV GDR (d)
 
152,037
53,788
Yandex NV Class A (a)(d)
 
371,380
2,079,249
TOTAL NETHERLANDS
 
 
1,033,829,289
New Zealand - 0.2%
 
 
 
Auckland International Airport Ltd. (a)
 
1,785,302
7,992,404
Fisher & Paykel Healthcare Corp.
 
844,185
9,610,043
Mercury Nz Ltd.
 
898,581
3,040,572
Meridian Energy Ltd.
 
1,981,549
5,622,114
Spark New Zealand Ltd.
 
2,778,553
8,271,108
Xero Ltd. (a)
 
193,648
9,670,292
TOTAL NEW ZEALAND
 
 
44,206,533
Norway - 0.5%
 
 
 
Adevinta ASA Class B (a)
 
420,467
2,879,648
Aker BP ASA
 
450,411
14,357,835
DNB Bank ASA
 
1,327,487
23,479,105
Equinor ASA
 
1,283,585
46,765,780
Equinor ASA sponsored ADR
 
116,214
4,216,244
Gjensidige Forsikring ASA
 
283,709
5,182,336
Kongsberg Gruppen ASA
 
127,416
4,566,614
Mowi ASA
 
595,136
8,875,962
Norsk Hydro ASA
 
1,919,535
12,181,983
Orkla ASA
 
1,029,488
6,944,060
Salmar ASA
 
81,397
2,757,562
Telenor ASA
 
1,006,354
9,145,613
Yara International ASA
 
234,569
10,469,262
TOTAL NORWAY
 
 
151,822,004
Peru - 0.0%
 
 
 
Compania de Minas Buenaventura SAA sponsored ADR
 
328,850
2,282,219
Philippines - 0.2%
 
 
 
Aboitiz Equity Ventures, Inc.
 
2,135,920
2,092,916
ACEN Corp.
 
10,831,225
1,174,181
Ayala Corp.
 
383,045
4,431,780
Ayala Land, Inc.
 
11,166,070
4,940,468
Bank of the Philippine Islands (BPI)
 
2,381,603
3,948,834
BDO Unibank, Inc.
 
2,981,908
6,571,324
Converge ICT Solutions, Inc. (a)
 
3,169,800
676,858
Globe Telecom, Inc.
 
40,108
1,612,104
GT Capital Holdings, Inc.
 
98,639
703,147
International Container Terminal Services, Inc.
 
1,574,350
4,705,171
JG Summit Holdings, Inc.
 
3,730,975
2,784,502
Jollibee Food Corp.
 
505,500
2,021,619
Manila Electric Co.
 
252,850
1,314,364
Metro Pacific Investments Corp.
 
11,439,700
721,617
Metropolitan Bank & Trust Co.
 
2,539,341
2,272,910
Monde Nissin Corp. (c)
 
7,850,500
1,586,668
PLDT, Inc.
 
106,345
2,989,894
SM Investments Corp.
 
385,685
5,480,375
SM Prime Holdings, Inc.
 
17,267,475
9,401,775
Universal Robina Corp.
 
1,277,960
2,695,500
TOTAL PHILIPPINES
 
 
62,126,007
Poland - 0.2%
 
 
 
Bank Polska Kasa Opieki SA
 
274,248
4,505,983
CD Projekt RED SA
 
95,646
2,546,366
Cyfrowy Polsat SA
 
342,607
1,284,570
Dino Polska SA (a)(c)
 
71,217
4,657,202
KGHM Polska Miedz SA (Bearer)
 
205,137
4,110,388
LPP SA
 
1,627
2,825,209
mBank SA (a)
 
21,514
1,205,912
Orange Polska SA
 
973,980
1,230,608
PGE Polska Grupa Energetyczna SA (a)
 
1,179,648
1,346,658
Polski Koncern Naftowy Orlen SA
 
585,828
6,739,212
Polskie Gornictwo Naftowe i Gazownictwo SA (a)
 
2,455,675
2,613,074
Powszechna Kasa Oszczednosci Bank SA
 
1,303,291
7,116,901
Powszechny Zaklad Ubezpieczen SA
 
920,661
5,168,244
Santander Bank Polska SA
 
52,660
2,803,915
TOTAL POLAND
 
 
48,154,242
Portugal - 0.1%
 
 
 
Banco Espirito Santo SA (Reg.) (a)(d)
 
319,729
3
Energias de Portugal SA
 
3,864,345
16,898,805
Galp Energia SGPS SA Class B (b)
 
701,333
7,120,706
Jeronimo Martins SGPS SA
 
411,406
8,529,880
TOTAL PORTUGAL
 
 
32,549,394
Qatar - 0.4%
 
 
 
Barwa Real Estate Co. (a)
 
2,918,811
2,725,052
Industries Qatar QSC (a)
 
2,307,375
9,991,708
Masraf al Rayan
 
8,460,233
8,913,823
Mesaieed Petrochemical Holding Co. (a)
 
6,857,410
4,274,407
Ooredoo QSC
 
1,268,319
3,402,616
Qatar Electricity & Water Co. (a)
 
545,531
2,771,284
Qatar Fuel Co. (a)
 
743,739
3,896,627
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
3,749,526
4,221,338
Qatar International Islamic Bank QSC (a)
 
1,149,170
3,650,964
Qatar Islamic Bank (a)
 
2,412,328
16,156,156
Qatar National Bank SAQ (a)
 
6,773,950
37,090,015
The Commercial Bank of Qatar (a)
 
4,820,530
8,331,274
TOTAL QATAR
 
 
105,425,264
Russia - 0.0%
 
 
 
Alrosa Co. Ltd. (d)
 
3,102,770
774,067
Gazprom OAO (d)
 
12,146,244
1,905,938
Gazprom OAO sponsored ADR (Reg. S) (a)(d)
 
1,078,053
246,270
Inter Rao Ues JSC (d)
 
42,112,900
348,170
LUKOIL PJSC (d)
 
451,803
209,705
LUKOIL PJSC sponsored ADR (d)
 
52,271
14,787
Magnit OJSC GDR (Reg. S) (d)
 
428,621
2,087
MMC Norilsk Nickel PJSC (d)
 
66,556
663,767
MMC Norilsk Nickel PJSC sponsored ADR (d)
 
85,403
63,419
Mobile TeleSystems OJSC sponsored ADR (d)
 
504,110
502,089
Moscow Exchange MICEX-RTS OAO (a)(d)
 
1,699,470
489,891
Novatek PJSC GDR (Reg. S) (d)
 
110,438
28,214
Novolipetsk Steel OJSC (d)
 
1,805,640
25,995
PhosAgro PJSC:
 
 
 
 GDR (d)
 
1,019
21
 GDR (Reg. S) (d)
 
158,247
3,246
Polyus PJSC (d)
 
41,353
145,829
Rosneft Oil Co. OJSC (d)
 
1,187,356
297,773
Rosneft Oil Co. OJSC GDR (Reg. S) (d)
 
214,392
50,693
Sberbank of Russia (a)(d)
 
13,066,303
120,471
Severstal PAO (d)
 
245,384
8,216
Severstal PAO GDR (Reg. S) (d)
 
10,278
243
Surgutneftegas OJSC (d)
 
6,111,900
112,150
Surgutneftegas OJSC sponsored ADR (a)(d)
 
214,357
39,585
Tatneft PAO (d)
 
1,520,327
283,564
Tatneft PAO sponsored ADR (d)
 
24,387
22,517
United Co. RUSAL International PJSC (d)
 
3,455,150
624,433
VTB Bank OJSC (a)(d)
 
4,133,678,016
236,829
TOTAL RUSSIA
 
 
7,219,969
Saudi Arabia - 1.4%
 
 
 
ACWA Power Co.
 
116,630
5,400,758
Advanced Polypropylene Co.
 
184,348
2,173,389
Al Rajhi Bank
 
2,823,633
64,024,040
Alinma Bank
 
1,412,401
14,095,631
Almarai Co. Ltd.
 
347,487
5,206,456
Arab National Bank
 
852,374
7,315,687
Bank Al-Jazira
 
558,397
3,474,424
Bank Albilad
 
701,421
9,464,157
Banque Saudi Fransi
 
854,956
9,829,303
Bupa Arabia for Cooperative Insurance Co.
 
83,684
4,298,283
Dar Al Arkan Real Estate Development Co. (a)
 
763,442
2,726,615
Dr Sulaiman Al Habib Medical Services Group Co.
 
125,190
7,549,615
Elm Co.
 
32,026
2,821,148
Emaar The Economic City (a)
 
553,239
1,411,974
Etihad Etisalat Co.
 
535,201
5,213,066
Jarir Marketing Co.
 
84,269
3,677,959
Mobile Telecommunications Co. Saudi Arabia (a)
 
682,727
2,358,397
Mouwasat Medical Services Co.
 
71,036
4,140,167
National Industrialization Co. (a)
 
416,590
1,483,407
Rabigh Refining & Petrochemical Co. (a)
 
645,790
2,344,234
Riyad Bank
 
1,929,906
18,464,191
Sabic Agriculture-Nutrients Co.
 
307,072
12,993,692
Sahara International Petrochemical Co.
 
501,787
5,415,088
Saudi Arabian Mining Co.
 
1,239,411
27,608,069
Saudi Arabian Oil Co. (c)
 
3,470,070
32,229,895
Saudi Basic Industries Corp.
 
1,285,997
30,254,324
Saudi Electricity Co.
 
1,195,290
8,588,796
Saudi Industrial Investment Group
 
553,593
3,311,937
Saudi Investment Bank/The
 
672,279
3,245,503
Saudi Kayan Petrochemical Co. (a)
 
1,075,752
3,767,587
Saudi Research & Marketing Group (a)
 
50,303
2,696,178
Saudi Tadawul Group Holding Co.
 
51,758
2,991,800
Saudi Telecom Co.
 
2,152,035
23,138,006
The Saudi British Bank
 
1,322,304
15,307,906
The Saudi National Bank
 
3,159,828
49,951,107
The Savola Group
 
350,386
2,732,182
Yanbu National Petrochemical Co.
 
368,972
4,389,309
TOTAL SAUDI ARABIA
 
 
406,094,280
Singapore - 0.8%
 
 
 
BOC Aviation Ltd. Class A (c)
 
294,100
1,968,872
CapitaLand Ascendas REIT
 
4,862,815
9,000,124
CapitaLand Investment Ltd.
 
3,573,499
7,598,355
CapitaMall Trust
 
7,660,539
10,173,646
City Developments Ltd.
 
520,645
2,806,246
DBS Group Holdings Ltd.
 
2,603,383
62,896,085
Genting Singapore Ltd.
 
9,187,023
5,224,324
Keppel Corp. Ltd.
 
2,018,057
9,936,322
Mapletree Logistics Trust (REIT)
 
4,671,533
5,016,057
Mapletree Pan Asia Commercial
 
3,393,089
3,811,113
Oversea-Chinese Banking Corp. Ltd.
 
4,859,091
41,636,602
Singapore Airlines Ltd.
 
1,807,539
6,716,343
Singapore Exchange Ltd.
 
1,215,990
7,232,718
Singapore Technologies Engineering Ltd.
 
2,422,997
5,648,411
Singapore Telecommunications Ltd.
 
12,021,418
21,230,252
United Overseas Bank Ltd.
 
1,695,615
33,251,111
UOL Group Ltd.
 
552,249
2,414,822
Venture Corp. Ltd.
 
393,770
4,431,164
Wilmar International Ltd.
 
2,695,980
7,389,377
TOTAL SINGAPORE
 
 
248,381,944
South Africa - 1.0%
 
 
 
Absa Group Ltd.
 
1,207,146
13,126,388
African Rainbow Minerals Ltd.
 
168,071
2,366,696
Anglo American Platinum Ltd.
 
75,085
5,972,546
AngloGold Ashanti Ltd.
 
591,295
7,722,145
Aspen Pharmacare Holdings Ltd.
 
533,004
4,389,095
Bid Corp. Ltd.
 
491,578
7,909,672
Bidvest Group Ltd./The
 
402,690
4,658,105
Capitec Bank Holdings Ltd.
 
124,377
12,868,986
Clicks Group Ltd.
 
361,883
6,131,941
Discovery Ltd. (a)
 
706,853
4,626,219
Exxaro Resources Ltd.
 
347,081
3,864,444
FirstRand Ltd. (b)
 
7,186,198
25,174,922
Foschini Group Ltd./The
 
498,147
3,116,275
Gold Fields Ltd.
 
1,286,446
10,305,463
Growthpoint Properties Ltd. (b)
 
4,825,438
3,401,942
Harmony Gold Mining Co. Ltd.
 
803,883
2,226,389
Impala Platinum Holdings Ltd.
 
1,215,718
12,447,331
Kumba Iron Ore Ltd.
 
85,547
1,611,346
Mr Price Group Ltd.
 
395,697
3,809,462
MTN Group Ltd.
 
2,439,981
17,247,071
MultiChoice Group Ltd.
 
530,248
3,464,888
Naspers Ltd. Class N
 
312,286
32,191,026
Nedbank Group Ltd.
 
656,431
7,774,788
Northam Platinum Holdings Ltd. (a)
 
478,613
4,491,504
Old Mutual Ltd.
 
6,506,289
3,697,892
Pepkor Holdings Ltd. (c)
 
2,598,634
3,207,133
Remgro Ltd.
 
738,536
5,496,577
Sanlam Ltd.
 
2,568,726
7,473,166
Sasol Ltd.
 
807,320
13,571,096
Shoprite Holdings Ltd.
 
729,030
9,283,164
Sibanye-Stillwater Ltd.
 
4,044,938
9,474,151
Spar Group Ltd./The
 
274,045
2,323,648
Standard Bank Group Ltd.
 
1,926,981
18,007,011
Thungela Resources Ltd.
 
1
15
Vodacom Group Ltd.
 
917,444
6,258,722
Woolworths Holdings Ltd.
 
1,410,723
4,845,322
TOTAL SOUTH AFRICA
 
 
284,536,541
Spain - 1.5%
 
 
 
Acciona SA (b)
 
35,567
6,400,649
ACS Actividades de Construccion y Servicios SA
 
330,927
8,486,652
Aena SME SA (a)(c)
 
104,761
12,312,721
Amadeus IT Holding SA Class A (a)
 
642,883
33,529,758
Banco Bilbao Vizcaya Argentaria SA
 
9,612,726
49,590,074
Banco Santander SA (Spain) (b)
 
24,553,115
63,621,823
Banco Santander SA (Spain) sponsored ADR
 
58,075
151,576
CaixaBank SA
 
6,373,857
21,135,997
Cellnex Telecom SA (c)
 
779,285
25,506,201
EDP Renovaveis SA
 
427,860
9,010,564
Enagas SA
 
327,846
5,322,222
Endesa SA (b)
 
452,741
7,554,709
Ferrovial SA
 
691,135
16,877,280
Grifols SA (a)
 
422,162
3,590,437
Iberdrola SA
 
8,557,927
87,027,955
Industria de Diseno Textil SA (b)
 
1,579,444
35,806,714
Naturgy Energy Group SA (b)
 
191,841
4,921,675
Red Electrica Corporacion SA
 
583,974
9,446,199
Repsol SA
 
2,071,282
28,178,712
Siemens Gamesa Renewable Energy SA (a)
 
349,420
6,201,845
Telefonica SA
 
7,488,224
25,813,386
TOTAL SPAIN
 
 
460,487,149
Sweden - 2.0%
 
 
 
Alfa Laval AB
 
415,884
10,249,070
ASSA ABLOY AB (B Shares)
 
1,430,798
28,890,789
Atlas Copco AB:
 
 
 
 (A Shares)
 
3,759,551
40,126,642
 (B Shares)
 
2,368,981
22,910,800
Boliden AB
 
393,728
11,468,221
Electrolux AB (B Shares) (b)
 
308,289
3,804,610
Embracer Group AB (a)(b)
 
930,237
4,479,649
Epiroc AB:
 
 
 
 (A Shares)
 
971,663
14,874,662
 (B Shares)
 
530,766
7,131,393
EQT AB
 
433,579
8,544,976
Ericsson (B Shares) (b)
 
4,164,889
23,154,056
Essity AB (B Shares)
 
870,371
18,398,778
Evolution AB (c)
 
262,680
24,503,502
Fastighets AB Balder (a)
 
884,881
3,325,557
Getinge AB (B Shares)
 
334,391
6,793,093
H&M Hennes & Mauritz AB (B Shares) (b)
 
1,073,736
10,814,843
Hexagon AB (B Shares)
 
2,781,410
27,496,731
Holmen AB (B Shares)
 
126,924
4,605,093
Husqvarna AB (B Shares) (b)
 
630,809
3,745,209
Industrivarden AB:
 
 
 
 (A Shares)
 
186,202
4,219,445
 (C Shares)
 
212,539
4,775,833
Indutrade AB
 
385,940
6,758,459
Investment AB Latour (B Shares)
 
210,366
3,558,114
Investor AB:
 
 
 
 (A Shares) (b)
 
778,877
13,254,989
 (B Shares)
 
2,551,957
41,686,679
Kinnevik AB (B Shares) (a)
 
343,292
4,244,046
L E Lundbergforetagen AB
 
107,315
4,239,648
Lifco AB
 
354,551
5,123,412
Nibe Industrier AB (B Shares)
 
2,167,925
17,298,318
Sagax AB
 
266,931
4,922,214
Sandvik AB
 
1,529,204
23,896,486
Securitas AB (B Shares)
 
888,955
7,273,502
Skandinaviska Enskilda Banken AB (A Shares)
 
2,354,268
24,840,798
Skanska AB (B Shares)
 
510,335
7,940,763
SKF AB (B Shares)
 
541,091
7,832,630
Svenska Cellulosa AB SCA (B Shares)
 
844,012
9,960,400
Svenska Handelsbanken AB (A Shares)
 
2,085,995
19,381,052
Swedbank AB (A Shares)
 
1,297,860
19,348,560
Swedish Match Co. AB
 
2,185,687
22,479,559
Swedish Orphan Biovitrum AB (a)
 
240,917
4,435,969
Tele2 AB (B Shares)
 
848,405
6,955,550
Telia Co. AB (b)
 
3,862,739
10,235,355
Volvo AB:
 
 
 
 (A Shares)
 
334,450
5,712,900
 (B Shares)
 
2,123,366
34,752,995
Volvo Car AB (b)
 
856,185
3,636,064
TOTAL SWEDEN
 
 
594,081,414
Switzerland - 6.6%
 
 
 
ABB Ltd. (Reg.) (b)
 
2,393,635
66,471,967
Accelleron Industries Ltd. (a)
 
5,825
98,775
Adecco SA (Reg.)
 
241,324
7,552,467
Alcon, Inc. (Switzerland)
 
723,334
44,020,546
Bachem Holding AG (B Shares) (b)
 
48,337
3,468,331
Baloise Holdings AG
 
67,626
9,238,764
Barry Callebaut AG
 
5,093
9,633,137
Clariant AG (Reg.)
 
311,349
5,009,070
Coca-Cola HBC AG
 
305,811
6,672,145
Compagnie Financiere Richemont SA Series A
 
752,021
73,497,687
Credit Suisse Group AG (b)
 
3,629,302
15,034,252
Credit Suisse Group AG sponsored ADR (b)
 
194,628
801,867
Ems-Chemie Holding AG
 
10,702
6,727,826
Geberit AG (Reg.)
 
52,001
23,124,827
Givaudan SA
 
13,365
39,907,475
Holcim AG
 
804,484
36,549,596
Julius Baer Group Ltd.
 
321,419
15,421,321
Kuehne & Nagel International AG
 
79,438
16,929,215
Lindt & Spruengli AG
 
154
14,963,999
Lindt & Spruengli AG (participation certificate)
 
1,562
14,974,984
Logitech International SA (Reg.) (b)
 
253,783
12,634,027
Lonza Group AG
 
108,156
55,677,001
Nestle SA (Reg. S)
 
4,051,849
441,079,426
Novartis AG
 
3,115,588
252,022,299
Partners Group Holding AG
 
32,652
29,327,617
Roche Holding AG:
 
 
 
 (Bearer) (b)
 
36,620
14,854,990
 (participation certificate)
 
1,014,097
336,475,547
Schindler Holding AG:
 
 
 
 (participation certificate)
 
57,985
9,453,289
 (Reg.)
 
34,441
5,420,584
SGS SA (Reg.)
 
9,236
20,360,869
Sig Group AG
 
435,325
8,364,361
Sika AG
 
211,230
47,627,259
Sonova Holding AG
 
77,226
18,254,750
Straumann Holding AG
 
161,363
15,357,135
Swatch Group AG (Bearer)
 
47,558
10,686,734
Swatch Group AG (Bearer) (Reg.)
 
48,249
2,016,017
Swiss Life Holding AG
 
45,956
22,254,021
Swiss Prime Site AG
 
111,488
8,996,086
Swiss Re Ltd.
 
437,608
32,507,616
Swisscom AG
 
38,133
18,823,730
Temenos Group AG
 
92,082
5,489,884
UBS Group AG
 
4,872,455
77,318,929
UBS Group AG
 
194,394
3,083,089
VAT Group AG (c)
 
38,554
8,809,263
Zurich Insurance Group Ltd.
 
217,303
92,608,880
TOTAL SWITZERLAND
 
 
1,959,601,654
Taiwan - 3.5%
 
 
 
Accton Technology Corp.
 
701,000
5,281,298
Acer, Inc.
 
4,180,060
2,864,120
Advantech Co. Ltd.
 
640,076
5,814,543
ASE Technology Holding Co. Ltd.
 
4,743,943
11,702,070
Asia Cement Corp.
 
3,649,785
4,220,778
ASMedia Technology, Inc.
 
36,000
649,594
ASUSTeK Computer, Inc.
 
1,035,422
7,576,102
AUO Corp.
 
11,751,600
6,157,439
Catcher Technology Co. Ltd.
 
936,000
4,918,832
Cathay Financial Holding Co. Ltd.
 
11,418,332
13,381,688
Chang Hwa Commercial Bank
 
6,959,610
3,581,867
Cheng Shin Rubber Industry Co. Ltd.
 
2,713,513
2,717,383
China Airlines Ltd.
 
4,061,000
2,134,121
China Development Financial Ho
 
22,796,457
8,304,656
China Steel Corp.
 
17,240,421
14,351,873
Chunghwa Picture Tubes, Ltd. (a)(d)
 
551
0
Chunghwa Telecom Co. Ltd.
 
5,490,400
18,911,953
Compal Electronics, Inc.
 
6,323,394
4,136,653
CTBC Financial Holding Co. Ltd.
 
25,348,255
16,032,257
Delta Electronics, Inc.
 
2,782,383
22,213,171
E Ink Holdings, Inc.
 
1,203,000
7,664,677
E.SUN Financial Holdings Co. Ltd.
 
18,481,314
13,293,436
ECLAT Textile Co. Ltd.
 
275,420
3,624,846
eMemory Technology, Inc.
 
94,000
3,132,945
EVA Airways Corp.
 
3,398,000
2,465,220
Evergreen Marine Corp. (Taiwan)
 
1,529,221
6,519,126
Far Eastern New Century Corp.
 
4,714,032
4,698,832
Far EasTone Telecommunications Co. Ltd.
 
2,317,000
5,078,809
Feng Tay Enterprise Co. Ltd.
 
647,563
3,222,356
First Financial Holding Co. Ltd.
 
15,309,378
11,747,600
Formosa Chemicals & Fibre Corp.
 
5,018,620
10,813,979
Formosa Petrochemical Corp.
 
1,636,000
4,209,958
Formosa Plastics Corp.
 
5,947,640
15,323,646
Fubon Financial Holding Co. Ltd.
 
10,708,201
16,931,799
Giant Manufacturing Co. Ltd.
 
420,042
2,676,215
GlobalWafers Co. Ltd.
 
316,000
3,512,309
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
17,967,593
57,099,221
Hotai Motor Co. Ltd.
 
431,000
7,803,807
Hua Nan Financial Holdings Co. Ltd.
 
12,606,634
8,227,496
Innolux Corp.
 
14,460,576
5,312,762
Inventec Corp.
 
3,527,209
2,668,317
Largan Precision Co. Ltd.
 
142,000
8,144,726
Lite-On Technology Corp.
 
2,854,053
5,663,155
MediaTek, Inc.
 
2,193,989
40,133,116
Mega Financial Holding Co. Ltd.
 
16,069,578
14,896,769
Micro-Star International Co. Ltd.
 
1,029,000
3,493,381
momo.com, Inc.
 
81,600
1,220,686
Nan Ya Plastics Corp.
 
6,863,980
14,534,936
Nan Ya Printed Circuit Board Corp.
 
316,000
2,072,115
Nanya Technology Corp.
 
1,889,000
3,191,868
Nien Made Enterprise Co. Ltd.
 
229,000
1,767,874
Novatek Microelectronics Corp.
 
828,000
6,186,768
Pegatron Corp.
 
2,906,652
5,316,936
Pou Chen Corp.
 
3,126,240
2,641,224
Powerchip Semiconductor Manufacturing Corp.
 
4,247,554
4,056,076
President Chain Store Corp.
 
823,000
6,838,346
Quanta Computer, Inc.
 
3,906,000
8,283,326
Realtek Semiconductor Corp.
 
652,744
5,160,592
Ruentex Development Co. Ltd.
 
2,475,735
3,039,595
Shin Kong Financial Holding Co. Ltd.
 
18,917,616
4,692,160
Sinopac Financial Holdings Co.
 
14,710,682
7,343,027
Synnex Technology International Corp.
 
1,892,920
3,086,984
Taishin Financial Holdings Co. Ltd.
 
15,424,842
6,336,552
Taiwan Cement Corp.
 
8,763,302
8,218,822
Taiwan Cooperative Financial Holding Co. Ltd.
 
14,164,852
10,979,144
Taiwan High Speed Rail Corp.
 
2,484,000
2,164,085
Taiwan Mobile Co. Ltd.
 
2,512,400
7,407,740
Taiwan Semiconductor Manufacturing Co. Ltd.
 
35,476,000
426,083,363
The Shanghai Commercial & Savings Bank Ltd.
 
5,101,815
7,339,375
The Shanghai Commercial & Savings Bank Ltd. rights (a)
 
373,996
108,996
Uni-President Enterprises Corp.
 
7,044,620
14,305,903
Unimicron Technology Corp.
 
1,807,000
6,974,995
United Microelectronics Corp.
 
17,065,000
20,499,960
Vanguard International Semiconductor Corp.
 
1,395,000
2,871,830
Voltronic Power Technology Corp.
 
94,000
3,817,821
Walsin Lihwa Corp.
 
3,846,600
4,263,532
Wan Hai Lines Ltd.
 
1,091,050
2,290,075
Win Semiconductors Corp.
 
470,000
1,777,764
Winbond Electronics Corp.
 
4,623,000
2,794,956
Wiwynn Corp.
 
129,000
2,895,641
WPG Holding Co. Ltd.
 
2,222,378
3,028,260
Yageo Corp.
 
492,909
5,608,532
Yang Ming Marine Transport Corp.
 
2,527,000
4,716,482
Yuanta Financial Holding Co. Ltd.
 
14,467,365
8,836,333
TOTAL TAIWAN
 
 
1,056,061,575
Thailand - 0.6%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
894,500
4,490,722
Advanced Information Service PCL NVDR
 
859,100
4,313,000
Airports of Thailand PCL:
 
 
 
 (For. Reg.) (a)
 
2,920,100
5,679,784
 NVDR (a)
 
2,943,100
5,724,521
Asset World Corp. PCL:
 
 
 
 (For. Reg.)
 
8,077,300
1,295,086
 NVDR
 
6,977,600
1,118,764
B. Grimm Power PCL (For. Reg.)
 
794,300
704,629
Bangkok Commercial Asset Management PCL:
 
 
 
 (For. Reg.)
 
259,500
104,359
 NVDR
 
2,181,100
877,141
Bangkok Dusit Medical Services PCL:
 
 
 
 (For. Reg.)
 
8,284,500
6,423,781
 NVDR
 
6,471,000
5,017,598
Bangkok Expressway and Metro PCL:
 
 
 
 (For. Reg.)
 
5,848,100
1,444,924
 NVDR
 
4,958,000
1,225,002
Berli Jucker PCL:
 
 
 
 unit
 
1,135,000
1,021,783
 (For. Reg.)
 
600,400
540,510
BTS Group Holdings PCL:
 
 
 
 (For. Reg.)
 
3,939,900
859,539
 NVDR
 
6,906,300
1,506,697
Bumrungrad Hospital PCL:
 
 
 
 NVDR
 
439,500
2,622,329
 (For. Reg.)
 
333,600
1,990,464
Carabao Group PCL NVDR
 
462,500
1,097,138
Central Pattana PCL:
 
 
 
 (For. Reg.)
 
1,878,700
3,394,943
 NVDR
 
854,500
1,544,142
Central Retail Corp. PCL:
 
 
 
 (For. Reg.)
 
1,222,150
1,349,200
 NVDR
 
1,396,000
1,541,122
Charoen Pokphand Foods PCL:
 
 
 
 (For. Reg.)
 
3,517,640
2,334,615
 (NVDR)
 
2,051,700
1,361,688
CP ALL PCL:
 
 
 
 (For. Reg.)
 
4,617,300
7,281,850
 NVDR
 
3,782,600
5,965,462
Delta Electronics PCL:
 
 
 
 (For. Reg.)
 
273,200
4,164,963
 NVDR
 
209,200
3,189,276
Electricity Generating PCL:
 
 
 
 (For. Reg.)
 
240,100
1,076,017
 NVDR
 
202,800
908,855
Energy Absolute PCL:
 
 
 
 (For. Reg.)
 
1,281,300
3,249,979
 NVDR
 
1,119,000
2,838,310
Global Power Synergy Public Co. Ltd.:
 
 
 
 (For. Reg.)
 
488,700
796,410
 NVDR
 
703,700
1,146,784
Gulf Energy Development PCL:
 
 
 
 (For. Reg.)
 
1,475,300
1,958,277
 NVDR
 
2,935,800
3,896,909
Home Product Center PCL:
 
 
 
 (For. Reg.)
 
5,041,347
1,934,648
 NVDR
 
3,966,500
1,522,168
Indorama Ventures PCL NVDR
 
2,353,300
2,597,939
Intouch Holdings PCL:
 
 
 
 (For. Reg.)
 
1,148,900
2,174,288
 NVDR
 
530,100
1,003,212
JMT Network Services PCL NVDR
 
1,017,000
1,737,548
Kasikornbank PCL NVDR
 
876,500
3,363,622
Krung Thai Bank PCL:
 
 
 
 (For. Reg.)
 
1,971,475
906,842
 NVDR
 
3,089,700
1,421,205
Krungthai Card PCL:
 
 
 
 (For. Reg.)
 
502,900
753,458
 NVDR
 
892,700
1,337,466
Land & House PCL:
 
 
 
 NVDR
 
3,732,600
902,613
 (For. Reg.)
 
7,055,500
1,706,153
Minor International PCL:
 
 
 
 unit (a)
 
2,210,382
1,641,301
 warrants 2/15/24 (a)
 
12,037
949
 (For. Reg.) (a)
 
2,339,241
1,736,984
Muangthai Leasing PCL:
 
 
 
 (For. Reg.)
 
569,191
542,336
 NVDR
 
394,600
375,982
Osotspa PCL:
 
 
 
 (For. Reg.)
 
630,600
439,240
 NVDR
 
1,455,100
1,013,541
PTT Exploration and Production PCL:
 
 
 
 (For. Reg.)
 
1,224,151
5,840,016
 NVDR
 
769,000
3,668,642
PTT Global Chemical PCL:
 
 
 
 (For. Reg.)
 
2,006,886
2,294,639
 NVDR
 
1,222,000
1,397,214
PTT Oil & Retail Business PCL NVDR
 
4,540,300
2,876,100
PTT PCL:
 
 
 
 (For. Reg.)
 
7,683,000
7,270,022
 NVDR
 
6,460,400
6,113,140
Ratch Group PCL:
 
 
 
 unit
 
972,900
1,048,466
 (For. Reg.)
 
514,200
554,139
SCB X PCL:
 
 
 
 (For. Reg.)
 
344,200
959,001
 NVDR unit
 
897,200
2,499,756
SCG Packaging PCL NVDR
 
1,775,700
2,427,031
Siam Cement PCL:
 
 
 
 (For. Reg.)
 
581,550
4,952,614
 NVDR
 
542,800
4,622,610
Siam Commercial Bank PCL (For. Reg.)
 
269,700
624,216
Srisawad Corp. PCL:
 
 
 
 warrants 8/29/25 (a)
 
22,064
1,879
 (For. Reg.)
 
677,100
729,691
 NVDR
 
585,900
631,408
Thai Oil PCL:
 
 
 
 (For. Reg.)
 
1,142,045
1,635,996
 NVDR
 
800,054
1,146,089
Thai Union Frozen Products PCL:
 
 
 
 (For. Reg.)
 
2,880,000
1,362,597
 NVDR
 
1,455,500
688,632
 rights (a)(d)
 
41,271
19,098
 rights (a)(d)
 
81,664
37,791
True Corp. PCL:
 
 
 
 (For. Reg.)
 
6,974,635
909,297
 NVDR
 
9,513,100
1,240,241
TOTAL THAILAND
 
 
178,718,393
Turkey - 0.1%
 
 
 
Akbank TAS
 
4,761,832
3,740,037
Aselsan A/S
 
1,063,371
1,840,623
Bim Birlesik Magazalar A/S JSC
 
679,791
4,893,670
Eregli Demir ve Celik Fabrikalari T.A.S.
 
2,063,723
3,292,777
Ford Otomotiv Sanayi A/S
 
89,616
1,747,619
Haci Omer Sabanci Holding A/S
 
1,430,561
2,577,650
Koc Holding A/S
 
1,130,138
3,375,676
Turk Hava Yollari AO (a)
 
800,029
4,353,812
Turk Sise ve Cam Fabrikalari A/S
 
2,050,761
3,659,899
Turkcell Iletisim Hizmet A/S
 
1,683,080
2,318,341
Turkiye Is Bankasi A/S Series C
 
4,837,100
2,421,896
Turkiye Petrol Rafinerileri A/S (a)
 
183,008
3,726,179
TOTAL TURKEY
 
 
37,948,179
United Arab Emirates - 0.4%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
3,985,366
10,253,385
Abu Dhabi Islamic Bank
 
2,067,341
5,346,911
Abu Dhabi National Oil Co. for Distribution PJSC
 
4,518,145
5,547,585
Aldar Properties PJSC
 
5,455,232
6,415,998
Dubai Islamic Bank Pakistan Ltd.
 
4,177,251
6,618,824
Emaar Properties PJSC (a)
 
5,752,103
9,490,007
Emirates NBD Bank PJSC
 
2,710,439
9,777,386
Emirates Telecommunications Corp.
 
5,032,734
35,350,123
First Abu Dhabi Bank PJSC
 
6,360,817
30,997,965
TOTAL UNITED ARAB EMIRATES
 
 
119,798,184
United Kingdom - 9.0%
 
 
 
3i Group PLC
 
1,395,102
18,580,498
Abrdn PLC
 
3,141,712
5,728,635
Admiral Group PLC
 
262,476
6,071,321
Anglo American PLC (United Kingdom)
 
1,832,542
54,892,360
Antofagasta PLC
 
578,015
7,792,009
Ashtead Group PLC
 
638,779
33,331,105
Associated British Foods PLC
 
522,767
8,102,517
AstraZeneca PLC (United Kingdom)
 
2,231,439
261,819,629
Auto Trader Group PLC (c)
 
1,386,640
8,300,124
Aveva Group PLC
 
173,793
6,218,341
Aviva PLC
 
4,103,317
19,682,086
BAE Systems PLC
 
4,520,044
42,278,548
Barclays PLC
 
24,143,963
41,026,724
Barratt Developments PLC
 
1,487,688
6,416,534
Berkeley Group Holdings PLC
 
161,514
6,429,134
BP PLC
 
22,948,667
126,965,983
BP PLC sponsored ADR
 
794,478
26,440,228
British American Tobacco PLC (United Kingdom)
 
3,088,919
121,992,138
British Land Co. PLC
 
1,273,622
5,344,298
BT Group PLC
 
10,018,524
14,913,038
Bunzl PLC
 
482,873
15,732,286
Burberry Group PLC
 
570,784
11,880,538
Compass Group PLC
 
2,578,347
54,304,697
Croda International PLC
 
201,725
15,638,464
Diageo PLC
 
3,303,646
135,953,344
GSK PLC
 
5,858,619
95,970,615
Haleon PLC (a)
 
7,356,491
22,609,616
Halma PLC
 
545,753
13,237,141
Hargreaves Lansdown PLC
 
509,289
4,457,490
Hikma Pharmaceuticals PLC
 
239,714
3,433,551
HSBC Holdings PLC (United Kingdom)
 
28,941,549
148,529,577
Imperial Brands PLC
 
1,290,474
31,434,784
Informa PLC
 
2,114,963
13,475,742
InterContinental Hotel Group PLC
 
271,040
14,563,182
Intertek Group PLC
 
236,133
9,894,934
J Sainsbury PLC
 
2,713,118
6,047,795
JD Sports Fashion PLC
 
3,702,747
4,137,605
Johnson Matthey PLC
 
271,963
6,033,457
Kingfisher PLC
 
2,911,132
7,314,029
Land Securities Group PLC
 
1,011,303
6,615,284
Legal & General Group PLC
 
8,602,092
23,012,854
Lloyds Banking Group PLC
 
100,535,818
48,284,132
London Stock Exchange Group PLC
 
475,089
41,181,687
M&G PLC
 
3,758,425
7,551,403
Melrose Industries PLC
 
6,381,417
8,554,986
Mondi PLC
 
441,331
7,401,981
Mondi PLC
 
253,585
4,338,159
National Grid PLC
 
5,213,022
56,796,536
NatWest Group PLC
 
7,735,504
20,829,286
Next PLC
 
188,809
10,672,574
NMC Health PLC (a)
 
75,611
1,512
Ocado Group PLC (a)
 
820,644
4,448,955
Pearson PLC
 
633,762
7,005,050
Pearson PLC sponsored ADR
 
327,892
3,646,159
Persimmon PLC
 
451,827
6,761,925
Phoenix Group Holdings PLC
 
1,131,347
7,037,253
Prudential PLC
 
3,972,273
36,901,110
Reckitt Benckiser Group PLC
 
1,027,898
68,215,442
RELX PLC (London Stock Exchange)
 
2,774,800
74,532,500
Rentokil Initial PLC
 
3,619,635
22,586,923
Rio Tinto PLC
 
1,620,192
84,673,912
Rolls-Royce Holdings PLC (a)
 
12,169,412
10,914,303
Sage Group PLC
 
1,462,381
12,188,861
Schroders PLC
 
1,060,938
4,765,750
Segro PLC
 
1,746,999
15,727,149
Severn Trent PLC
 
366,402
10,517,351
Shell PLC (London)
 
10,711,909
296,737,099
Smith & Nephew PLC
 
1,257,162
14,855,776
Smiths Group PLC
 
557,527
9,977,399
Spirax-Sarco Engineering PLC
 
106,387
13,115,496
SSE PLC
 
1,543,383
27,581,620
St. James's Place PLC
 
801,285
9,786,430
Standard Chartered PLC (United Kingdom)
 
3,636,290
21,692,847
Taylor Wimpey PLC
 
5,187,876
5,579,400
Tesco PLC
 
11,017,912
27,212,971
Unilever PLC
 
3,678,284
167,194,041
United Utilities Group PLC
 
995,074
10,723,118
Vodafone Group PLC
 
30,454,745
35,552,951
Vodafone Group PLC sponsored ADR
 
806,369
9,523,218
Whitbread PLC
 
302,837
8,913,131
TOTAL UNITED KINGDOM
 
 
2,700,582,631
United States of America - 0.2%
 
 
 
360 DigiTech, Inc. ADR
 
155,705
1,581,963
Coca-Cola European Partners PLC
 
296,647
13,957,241
Legend Biotech Corp. ADR (a)
 
75,620
3,767,388
Li Auto, Inc. ADR (a)
 
792,237
10,790,268
NICE Ltd. sponsored ADR (a)(b)
 
22,281
4,230,939
Southern Copper Corp. (b)
 
122,741
5,765,145
Yum China Holdings, Inc.
 
608,102
25,145,018
TOTAL UNITED STATES OF AMERICA
 
 
65,237,962
 
TOTAL COMMON STOCKS
  (Cost $32,281,766,728)
 
 
 
28,696,616,872
 
 
 
 
Nonconvertible Preferred Stocks - 1.1%
 
 
Shares
Value ($)
 
Brazil - 0.5%
 
 
 
Ambev SA sponsored ADR
 
491,407
1,493,877
Banco Bradesco SA:
 
 
 
 (PN)
 
7,823,934
30,080,985
 (PN) sponsored ADR
 
1,392,823
5,278,799
Braskem SA Class A
 
273,800
1,786,816
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)
 
350,342
3,616,346
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
2,079,554
4,577,394
Gerdau SA
 
1,666,750
8,308,743
Itau Unibanco Holding SA
 
5,918,961
34,834,269
Itau Unibanco Holding SA sponsored ADR
 
1,038,799
6,045,810
Itausa-Investimentos Itau SA (PN)
 
6,747,362
14,028,975
Petroleo Brasileiro SA - Petrobras:
 
 
 
 (PN) (non-vtg.)
 
5,226,940
30,164,569
 (PN) sponsored ADR (non-vtg.)
 
905,983
10,427,864
 sponsored ADR
 
315,461
4,044,210
TOTAL BRAZIL
 
 
154,688,657
Chile - 0.1%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B)
 
205,118
19,522,625
Colombia - 0.0%
 
 
 
Bancolombia SA (PN)
 
682,954
4,321,400
France - 0.0%
 
 
 
Air Liquide SA (a)
 
46,389
6,068,320
Germany - 0.3%
 
 
 
Bayerische Motoren Werke AG (BMW) (non-vtg.)
 
103,408
7,633,814
Dr. Ing. h.c. F. Porsche AG Series F (a)
 
163,808
16,754,917
Henkel AG & Co. KGaA
 
262,048
16,508,661
Porsche Automobil Holding SE (Germany)
 
220,417
12,315,204
Sartorius AG (non-vtg.)
 
34,975
12,342,820
Volkswagen AG
 
267,555
34,247,422
TOTAL GERMANY
 
 
99,802,838
Korea (South) - 0.2%
 
 
 
AMOREPACIFIC Corp.
 
1
26
Hyundai Motor Co.
 
33,896
1,861,843
Hyundai Motor Co. Series 2
 
56,952
3,184,128
LG Chemical Ltd.
 
9,326
1,888,304
LG H & H Co. Ltd.
 
1,381
271,397
Samsung Electronics Co. Ltd.
 
1,157,107
43,209,514
TOTAL KOREA (SOUTH)
 
 
50,415,212
Russia - 0.0%
 
 
 
Surgutneftegas OJSC (d)
 
8,898,217
232,156
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $362,840,324)
 
 
 
335,051,208
 
 
 
 
Nonconvertible Bonds - 0.0%
 
 
Principal
Amount (e)
 
Value ($)
 
India - 0.0%
 
 
 
NTPC Ltd. 8.49% 3/25/25
  (Cost $46,681)
INR
233,068
37,613
 
 
 
 
U.S. Government and Government Agency Obligations - 0.2%
 
 
Principal
Amount (e)
 
Value ($)
 
U.S. Treasury Obligations - 0.2%
 
 
 
U.S. Treasury Bills, yield at date of purchase 1.15% 1/26/23 (f)
  (Cost $39,891,114)
 
40,000,000
39,618,972
 
 
 
 
Money Market Funds - 3.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (g)
 
397,580,632
397,660,148
Fidelity Securities Lending Cash Central Fund 3.10% (g)(h)
 
772,551,646
772,628,901
 
TOTAL MONEY MARKET FUNDS
  (Cost $1,170,288,641)
 
 
1,170,289,049
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.2%
  (Cost $33,854,833,488)
 
 
 
30,241,613,714
NET OTHER ASSETS (LIABILITIES) - (1.2)%  
(355,133,790)
NET ASSETS - 100.0%
29,886,479,924
 
 
 
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)
6,360
Dec 2022
558,376,200
16,505,520
16,505,520
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
5,630
Dec 2022
240,288,400
(1,916,194)
(1,916,194)
TME S&P/TSX 60 Index Contracts (Canada)
431
Dec 2022
74,510,309
2,191,263
2,191,263
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
16,780,589
The notional amount of futures purchased as a percentage of Net Assets is 2.9%
 
 
 
Currency Abbreviations
         INR
-
Indian rupee
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
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 $677,727,571 or 2.3% of net assets.
 
(d)
Level 3 security
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $29,492,363.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
489,430,157
8,487,387,283
8,579,157,292
8,245,718
-
-
397,660,148
0.8%
Fidelity Securities Lending Cash Central Fund 3.10%
703,170,009
7,357,778,469
7,288,319,577
6,110,549
-
-
772,628,901
2.2%
Total
1,192,600,166
15,845,165,752
15,867,476,869
14,356,267
-
-
1,170,289,049
 
 
 
 
 
 
 
 
 
 
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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
1,649,154,800
679,822,788
966,697,095
2,634,917
Consumer Discretionary
3,108,476,200
1,338,518,892
1,769,751,327
205,981
Consumer Staples
2,637,091,462
1,148,683,125
1,488,295,572
112,765
Energy
1,924,070,384
1,109,772,937
810,854,095
3,443,352
Financials
6,074,798,646
3,932,917,358
2,140,761,669
1,119,619
Health Care
2,904,367,697
946,120,293
1,958,247,404
-
Industrials
3,620,704,739
2,052,911,574
1,567,793,165
-
Information Technology
3,155,802,597
1,751,362,809
1,404,439,788
-
Materials
2,359,777,016
1,526,304,991
831,162,789
2,309,236
Real Estate
632,258,024
525,541,448
106,367,155
349,421
Utilities
965,166,515
563,903,837
400,914,506
348,172
 Corporate Bonds
37,613
-
37,613
-
 U.S. Government and Government Agency Obligations
39,618,972
-
39,618,972
-
  Money Market Funds
1,170,289,049
1,170,289,049
-
-
 Total Investments in Securities:
30,241,613,714
16,746,149,101
13,484,941,150
10,523,463
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
18,696,783
18,696,783
-
-
  Total Assets
18,696,783
18,696,783
-
-
 Liabilities
 
 
 
 
Futures Contracts
(1,916,194)
(1,916,194)
-
-
  Total Liabilities
(1,916,194)
(1,916,194)
-
-
 Total Derivative Instruments:
16,780,589
16,780,589
-
-
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
3,859,727
 
  Net Realized Gain (Loss) on Investment Securities
 
(3,616,698)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(370,795,871)
 
  Cost of Purchases
 
40,336,531
 
  Proceeds of Sales
 
(7,099,120)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
347,838,894
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
10,523,463
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(371,053,752)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
 
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, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
18,696,783
(1,916,194)
Total Equity Risk
18,696,783
(1,916,194)
Total Value of Derivatives
18,696,783
(1,916,194)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $713,180,728) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $32,684,544,847)
 
$29,071,324,665
 
 
Fidelity Central Funds (cost $1,170,288,641)
 
1,170,289,049
 
 
 
 
 
 
 
Total Investment in Securities (cost $33,854,833,488)
 
 
$
30,241,613,714
Cash
 
 
 
942,036
Foreign currency held at value (cost $25,958,016)
 
 
 
25,836,665
Receivable for investments sold
 
 
 
4,608,958
Receivable for fund shares sold
 
 
 
377,796,566
Dividends receivable
 
 
 
55,899,933
Reclaims receivable
 
 
 
32,310,865
Interest receivable
 
 
 
145
Distributions receivable from Fidelity Central Funds
 
 
 
2,123,508
Receivable from investment adviser for expense reductions
 
 
 
101,114
Other receivables
 
 
 
28,342
  Total assets
 
 
 
30,741,261,846
Liabilities
 
 
 
 
Payable for investments purchased
 
$14,288,366
 
 
Payable for fund shares redeemed
 
27,244,632
 
 
Payable for daily variation margin on futures contracts
 
3,416,432
 
 
Other payables and accrued expenses
 
37,183,711
 
 
Collateral on securities loaned
 
772,648,781
 
 
  Total Liabilities
 
 
 
854,781,922
Net Assets  
 
 
$
29,886,479,924
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
33,892,385,789
Total accumulated earnings (loss)
 
 
 
(4,005,905,865)
Net Assets
 
 
$
29,886,479,924
Net Asset Value , offering price and redemption price per share ($29,886,479,924 ÷ 2,615,765,749 shares)
 
 
$
11.43
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
975,535,263
Non-Cash dividends
 
 
 
68,134,114
Interest  
 
 
267,001
Income from Fidelity Central Funds (including $6,110,549 from security lending)
 
 
 
14,356,267
 Income before foreign taxes withheld
 
 
 
1,058,292,645
Less foreign taxes withheld
 
 
 
(94,260,029)
 Total Income
 
 
 
964,032,616
Expenses
 
 
 
 
Custodian fees and expenses
 
5,146,195
 
 
Independent trustees' fees and expenses
 
101,161
 
 
 Total expenses before reductions
 
5,247,356
 
 
 Expense reductions
 
(1,133,095)
 
 
 Total expenses after reductions
 
 
 
4,114,261
Net Investment income (loss)
 
 
 
959,918,355
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $751,471)
 
(411,922,316)
 
 
 Foreign currency transactions
 
(14,079,020)
 
 
 Futures contracts
 
(203,943,600)
 
 
Total net realized gain (loss)
 
 
 
(629,944,936)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,966,037)  
 
(8,939,001,403)
 
 
 Assets and liabilities in foreign currencies
 
(3,684,528)
 
 
 Futures contracts
 
9,925,609
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(8,932,760,322)
Net gain (loss)
 
 
 
(9,562,705,258)
Net increase (decrease) in net assets resulting from operations
 
 
$
(8,602,786,903)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
959,918,355
$
657,103,626
Net realized gain (loss)
 
(629,944,936)
 
 
10,580,928
 
Change in net unrealized appreciation (depreciation)
 
(8,932,760,322)
 
4,801,097,013
 
Net increase (decrease) in net assets resulting from operations
 
(8,602,786,903)
 
 
5,468,781,567
 
Distributions to shareholders
 
(836,166,076)
 
 
(362,237,580)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
10,356,317,960
 
10,518,243,482
  Reinvestment of distributions
 
836,166,076
 
 
362,237,580
 
Cost of shares redeemed
 
(2,731,913,098)
 
(3,299,611,978)
  Net increase (decrease) in net assets resulting from share transactions
 
8,460,570,938
 
 
7,580,869,084
 
Total increase (decrease) in net assets
 
(978,382,041)
 
 
12,687,413,071
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
30,864,861,965
 
18,177,448,894
 
End of period
$
29,886,479,924
$
30,864,861,965
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
773,245,005
 
695,122,777
  Issued in reinvestment of distributions
 
56,080,892
 
 
25,892,608
 
Redeemed
 
(198,646,544)
 
(222,365,668)
Net increase (decrease)
 
630,679,353
 
498,649,717
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Series Global ex U.S. Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.55
$
12.23
$
12.78
$
11.80
$
13.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.42
 
.38
 
.29
 
.40
 
.37
     Net realized and unrealized gain (loss)
 
(4.15)
 
3.18
 
(.56)
 
.90
 
(1.46)
  Total from investment operations
 
(3.73)  
 
3.56  
 
(.27)  
 
1.30  
 
(1.09)
  Distributions from net investment income
 
(.39)
 
(.24)
 
(.26)
 
(.32)
 
(.31)
  Distributions from net realized gain
 
-
 
-
 
(.01)
 
-
 
(.02)
     Total distributions
 
(.39)
 
(.24)
 
(.28) C
 
(.32)
 
(.33)
  Net asset value, end of period
$
11.43
$
15.55
$
12.23
$
12.78
$
11.80
 Total Return   D
 
(24.57)%
 
29.34%
 
(2.27)%
 
11.36%
 
(8.48)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.02%
 
.02%
 
.02%
 
.04%
 
.06%
    Expenses net of fee waivers, if any
 
.01%
 
.01%
 
.01%
 
.04%
 
.06%
    Expenses net of all reductions
 
.01%
 
.01%
 
.01%
 
.04%
 
.06%
    Net investment income (loss)
 
3.11%
 
2.52%
 
2.42%
 
3.27%
 
2.82%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
29,886,480
$
30,864,862
$
18,177,449
$
12,066,585
$
5,946,725
    Portfolio turnover rate G
 
4%
 
5% H
 
5%
 
3% H
 
2%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Fees and expenses of any underlying 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.
 
F 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.
 
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
H Portfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Series Global ex U.S. Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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
$3,110,224,333
Gross unrealized depreciation
(7,044,239,407)
Net unrealized appreciation (depreciation)
$(3,934,015,074)
Tax Cost
$34,177,820,051
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$737,966,437
Capital loss carryforward
$(769,677,049)
Net unrealized appreciation (depreciation) on securities and other investments
$(3,938,187,976)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(202,229,866)            
  Long-term
(567,447,183)
Total capital loss carryforward
$(769,677,049)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$836,166,076
$362,237,580
 
 
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Global ex U.S. Index Fund
  9,502,533,743
  1,095,320,248
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
Prior Fiscal Year Affiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
Shares
Total Proceeds
($)
Fidelity Series Global ex U.S. Index Fund
13,852,005
209,303,799
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Series Global ex U.S. Index Fund
$652,930
$14
$-
 
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .013% of average net assets. This reimbursement will remain in place through February 28, 2026. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $1,132,815.
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $280.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Series Global ex U.S. Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Series Global ex U.S. Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 19, 2022
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 293 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function.   Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as a member of the Board of McKesson Corporation (healthcare service, 2002-2021). In addition, Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity ® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Laura M. Bishop (1961)
Year of Election or Appointment: 2022
Member of the Advisory Board
Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).    
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.     
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). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke 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).     
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).     
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
President and 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: 2016
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).     
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), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-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: 2013
Assistant 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).     
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.     
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.     
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: 2013
Assistant 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: 2021
Deputy 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).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Global ex U.S. Index Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 863.30
 
$ .05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
 
The fund designates 59% of the dividend distributed in December during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity Series Global ex U.S. Index Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to tmie with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
 
Nature, Extent, and Quality of Services Provided . The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
 
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
 
Resources Dedicated to Investment Management and Support Services . The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, collective investment trusts, and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies, collective investment trusts, and 529 plans.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds, collective investment trusts, and 529 plans that invest in the fund. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
 
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2025.
 
At its September 2022 meeting, the Board also approved an amendment to the fund's sub-advisory agreement with Geode (effective October 1, 2022) that reduced the sub-advisory fee rate that FMR pays to Geode.
 
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies.
 
After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.
 
The Board also considered information regarding the profitability of Geode's relationship with the fund.
 
Economies of Scale . The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.
 
1.899279.113
SGX-ANN-1222
Fidelity® International Sustainability Index Fund
 
 
Annual Report
October 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts 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 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® International Sustainability Index Fund
-28.11%
-0.91%
0.85%
 
A     From May 09, 2017
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Sustainability Index Fund on May 09, 2017, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA ESG Leaders Index (net) and the MSCI ACWI (All Country World Index) ex USA ESG Leaders Index (gross) performed over the same period.
Effective April 1, 2022, the fund's benchmark changed from the MSCI ACWI (All Country World Index) ex USA ESG Leaders Index (gross) to the MSCI ACWI (All Country World Index) ex USA ESG Leaders Index (net).
 
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2022, the fund returned -28.11%, roughly in line with the -28.07% result of the benchmark MSCI ACWI (All Country World Index) EX USA ESG Leaders Index (Net). (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) By region, emerging markets returned -34% and detracted the most from the fund's result, followed by Europe ex U.K. (-26%). None of the fund's industry sectors posted a positive return for the period. Stocks in the consumer discretionary sector returned -43% and hurt performance the most, followed by information technology, which returned -40%, hampered by holdings in the semiconductors & semiconductor equipment industry (-41%). Financials returned -19%, while industrials returned roughly -27%, hurt especially by stocks in the capital goods industry (-29%). Communication services (-36%) and materials (-26%) further hampered results. Health care (-19%), consumer staples (-21%), real estate (-32%), energy (-11%), and utilities (-18%) all detracted as well. Turning to individual stocks, the biggest individual detractor was Taiwan Semiconductor (-42%), followed by Tencent Holdings (-56%), which is in the media & entertainment category. Within retailing, Alibaba Group returned about -63%, while ASML Holding (-41%), a stock in the semiconductors & semiconductor equipment industry, and Shopify (-76%), from the software & services group, also hurt the fund's result. Conversely, the biggest individual contributor was TotalEnergies (+14%), from the energy sector; within the sector, Equinor (+48%) and Woodside Energy (+45%) also helped. Nutrien, in the materials group, advanced roughly 24% and lifted performance, as did Daiichi (+21%), a stock in the pharmaceuticals, biotechnology & life sciences industry.
 
Note to Shareholders:
On April 1, 2022, the fund's benchmark was changed to the MSCI ACWI (All Country World Index) ex USA ESG Leaders Index (net).
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.8
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
2.2
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.8
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
1.7
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
1.7
 
Tencent Holdings Ltd.  (Cayman Islands, Interactive Media & Services)
1.6
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
1.3
 
Alibaba Group Holding Ltd.  (Cayman Islands, Internet & Direct Marketing Retail)
1.1
 
The Toronto-Dominion Bank  (Canada, Banks)
1.1
 
Unilever PLC  (United Kingdom, Personal Products)
1.1
 
 
16.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.4
 
Industrials
11.6
 
Health Care
10.9
 
Information Technology
10.5
 
Consumer Discretionary
9.4
 
Materials
7.9
 
Consumer Staples
7.7
 
Communication Services
6.3
 
Energy
5.6
 
Utilities
3.2
 
Real Estate
1.8
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 96%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 95.4%
 
 
Shares
Value ($)
 
Australia - 5.1%
 
 
 
APA Group unit
 
37,422
251,578
Aristocrat Leisure Ltd.
 
18,812
446,067
ASX Ltd.
 
6,093
263,853
Aurizon Holdings Ltd.
 
59,773
138,406
Australia & New Zealand Banking Group Ltd.
 
93,868
1,537,909
BlueScope Steel Ltd.
 
13,940
140,260
Brambles Ltd.
 
45,559
340,376
Cochlear Ltd.
 
2,035
259,960
Coles Group Ltd.
 
41,830
436,935
Commonwealth Bank of Australia
 
53,862
3,606,522
Computershare Ltd.
 
17,090
276,242
Dexus unit
 
33,904
168,289
Dominos Pizza Enterprises Ltd.
 
1,948
79,435
Endeavour Group Ltd.
 
43,454
198,737
Evolution Mining Ltd.
 
59,531
79,204
Fortescue Metals Group Ltd.
 
53,725
506,144
Goodman Group unit
 
53,320
579,804
IDP Education Ltd.
 
6,931
131,185
Lendlease Group unit
 
20,596
114,484
Macquarie Group Ltd.
 
11,431
1,239,357
Mineral Resources Ltd.
 
5,400
252,599
Mirvac Group unit
 
129,375
171,302
Newcrest Mining Ltd.
 
27,556
305,190
Northern Star Resources Ltd.
 
37,110
207,465
Orica Ltd.
 
14,641
129,988
QBE Insurance Group Ltd.
 
47,193
369,489
Ramsay Health Care Ltd.
 
5,745
215,232
REA Group Ltd.
 
1,624
126,307
Santos Ltd.
 
103,062
503,114
Scentre Group unit
 
156,706
290,687
SEEK Ltd.
 
10,461
144,467
Sonic Healthcare Ltd.
 
14,722
308,593
Stockland Corp. Ltd. unit
 
78,398
180,530
Suncorp Group Ltd.
 
39,216
286,214
Telstra Group Ltd.
 
129,598
324,958
The GPT Group unit
 
62,721
172,915
Transurban Group unit
 
97,917
830,508
Vicinity Centres unit
 
126,442
157,309
Woodside Energy Group Ltd.
 
59,809
1,376,481
TOTAL AUSTRALIA
 
 
17,148,095
Austria - 0.1%
 
 
 
OMV AG
 
4,488
206,861
Verbund AG
 
2,142
167,759
Voestalpine AG
 
3,720
80,805
TOTAL AUSTRIA
 
 
455,425
Bailiwick of Jersey - 0.3%
 
 
 
Ferguson PLC
 
6,745
735,614
WPP PLC
 
34,132
300,367
TOTAL BAILIWICK OF JERSEY
 
 
1,035,981
Belgium - 0.3%
 
 
 
D'ieteren Group
 
826
137,382
KBC Group NV
 
7,840
392,908
Solvay SA Class A
 
2,270
204,681
Umicore SA
 
6,521
214,971
TOTAL BELGIUM
 
 
949,942
Bermuda - 0.3%
 
 
 
Alibaba Health Information Technology Ltd. (a)
 
148,000
62,596
Beijing Enterprises Water Group Ltd.
 
132,000
27,746
China Gas Holdings Ltd.
 
101,400
89,908
China Resource Gas Group Ltd.
 
27,000
69,137
China Ruyi Holdings Ltd. (a)
 
160,000
25,071
CK Infrastructure Holdings Ltd.
 
21,500
102,164
Credicorp Ltd. (United States)
 
2,222
325,212
Hopson Development Holdings Ltd.
 
27,489
22,062
Kunlun Energy Co. Ltd.
 
126,000
75,282
Shenzhen International Holdings Ltd.
 
26,823
18,042
TOTAL BERMUDA
 
 
817,220
Brazil - 1.0%
 
 
 
Americanas SA
 
20,991
63,150
Atacadao SA
 
17,100
64,421
Banco Bradesco SA
 
58,410
188,160
Banco Santander SA (Brasil) unit
 
12,900
74,371
CCR SA
 
38,300
96,093
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
9,900
115,185
Cosan SA
 
37,444
122,216
Energisa SA unit
 
6,400
60,079
Equatorial Energia SA
 
29,700
172,663
Hapvida Participacoes e Investimentos SA (b)
 
152,700
230,580
Hypera SA
 
12,700
124,922
Klabin SA unit
 
24,000
100,451
Localiza Rent a Car SA
 
73
997
Localiza Rent a Car SA
 
23,854
325,750
Lojas Renner SA
 
32,965
197,197
Natura & Co. Holding SA (a)
 
29,913
86,574
Petro Rio SA (a)
 
23,100
158,263
Raia Drogasil SA
 
32,000
162,989
Rede D'Oregon Sao Luiz SA (b)
 
12,900
80,339
Rumo SA
 
42,300
181,303
Telefonica Brasil SA
 
14,800
118,360
TIM SA
 
28,400
72,574
Totvs SA
 
18,300
117,477
Ultrapar Participacoes SA
 
24,400
63,344
Weg SA
 
51,380
400,656
TOTAL BRAZIL
 
 
3,378,114
Canada - 8.1%
 
 
 
Agnico Eagle Mines Ltd. (Canada)
 
14,620
643,136
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
26,094
1,168,374
Bank of Montreal
 
21,244
1,956,846
Bank of Nova Scotia
 
37,822
1,828,149
Brookfield Asset Management, Inc. (Canada) Class A
 
44,364
1,756,845
CAE, Inc. (a)
 
10,433
199,110
Cameco Corp.
 
13,714
325,246
Canadian Apartment Properties (REIT) unit
 
2,767
85,690
Canadian National Railway Co.
 
18,550
2,197,651
Canadian Tire Ltd. Class A (non-vtg.)
 
1,805
202,302
Enbridge, Inc.
 
63,905
2,489,872
FirstService Corp.
 
1,315
164,391
Fortis, Inc.
 
14,997
585,085
Gildan Activewear, Inc.
 
5,745
181,288
Hydro One Ltd. (b)
 
9,865
247,358
Intact Financial Corp.
 
5,551
843,478
Ivanhoe Mines Ltd. (a)
 
20,159
139,834
Keyera Corp.
 
6,293
134,881
Kinross Gold Corp.
 
42,510
154,145
Lundin Mining Corp.
 
22,322
116,988
Magna International, Inc. Class A (sub. vtg.)
 
8,747
487,446
Metro, Inc.
 
7,540
395,001
National Bank of Canada
 
10,707
729,021
Northland Power, Inc.
 
7,301
212,436
Nutrien Ltd.
 
17,382
1,468,670
Open Text Corp.
 
8,468
245,273
Parkland Corp.
 
5,283
106,796
Pembina Pipeline Corp.
 
17,003
561,379
Power Corp. of Canada (sub. vtg.)
 
17,405
432,203
Ritchie Bros. Auctioneers, Inc.
 
3,506
229,041
Rogers Communications, Inc. Class B (non-vtg.)
 
11,065
460,598
Shopify, Inc. Class A (a)
 
35,989
1,233,931
TELUS Corp.
 
14,131
295,098
The Toronto-Dominion Bank
 
57,477
3,678,511
Thomson Reuters Corp.
 
5,377
571,860
Toromont Industries Ltd.
 
2,561
196,819
Wheaton Precious Metals Corp.
 
13,918
455,335
TOTAL CANADA
 
 
27,180,087
Cayman Islands - 4.8%
 
 
 
3SBio, Inc. (b)
 
37,000
26,113
AAC Technology Holdings, Inc. (a)(c)
 
22,000
40,299
Airtac International Group
 
4,000
91,772
Alibaba Group Holding Ltd. (a)
 
479,000
3,724,180
Baidu, Inc. sponsored ADR (a)
 
8,714
667,231
Chailease Holding Co. Ltd.
 
42,461
196,152
China Conch Venture Holdings Ltd.
 
52,500
77,449
China Feihe Ltd. (b)
 
113,000
65,068
China Liansu Group Holdings Ltd.
 
38,000
30,837
China Medical System Holdings Ltd.
 
45,000
49,130
China Mengniu Dairy Co. Ltd.
 
101,000
323,600
China Resources Cement Holdings Ltd.
 
60,000
21,708
China Resources Mixc Lifestyle Services Ltd. (b)
 
23,600
69,150
Chow Tai Fook Jewellery Group Ltd.
 
67,400
115,401
CIFI Holdings Group Co. Ltd. (d)
 
130,720
8,660
Country Garden Services Holdings Co. Ltd.
 
65,000
56,805
Dali Foods Group Co. Ltd. (b)
 
75,500
31,067
ENN Energy Holdings Ltd.
 
24,700
245,595
Genscript Biotech Corp. (a)
 
38,000
96,045
Grab Holdings Ltd. (a)
 
42,017
109,244
Greentown Service Group Co. Ltd.
 
42,000
17,229
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
36,000
55,585
Jinxin Fertility Group Ltd. (b)
 
45,500
22,432
Kingdee International Software Group Co. Ltd. (a)
 
84,000
137,402
Longfor Properties Co. Ltd. (b)
 
60,000
76,437
Meituan Class B (a)(b)
 
138,900
2,223,865
Microport Scientific Corp. (a)
 
21,300
44,990
NetEase, Inc.
 
65,200
723,411
Ping An Healthcare and Technology Co. Ltd. (a)(b)
 
17,700
32,651
Pop Mart International Group Ltd. (b)(c)
 
18,600
24,074
Sino Biopharmaceutical Ltd.
 
301,750
146,461
Tencent Holdings Ltd.
 
197,100
5,179,156
Tongcheng Travel Holdings Ltd. (a)
 
37,200
58,006
Uni-President China Holdings Ltd.
 
38,000
28,078
Vinda International Holdings Ltd.
 
11,000
20,628
Vipshop Holdings Ltd. ADR (a)
 
14,330
99,880
Want Want China Holdings Ltd.
 
153,000
100,575
WH Group Ltd. (b)
 
249,000
125,933
Wuxi Biologics (Cayman), Inc. (a)(b)
 
113,000
508,460
Xinyi Solar Holdings Ltd.
 
151,494
150,343
XPeng, Inc. ADR (a)
 
13,158
87,106
Yadea Group Holdings Ltd. (b)
 
42,000
64,100
Yihai International Holding Ltd.
 
16,000
26,335
TOTAL CAYMAN ISLANDS
 
 
15,998,643
Chile - 0.1%
 
 
 
Cencosud SA
 
45,907
61,793
Empresas CMPC SA
 
32,914
52,223
Empresas COPEC SA
 
12,956
89,284
Enel Americas SA
 
740,774
73,394
Falabella SA
 
24,579
48,059
TOTAL CHILE
 
 
324,753
China - 1.6%
 
 
 
37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares)
 
3,600
7,143
A-Living Smart City Services C (H Shares) (b)
 
17,500
9,921
Air China Ltd.:
 
 
 
 (A Shares) (a)
 
29,500
39,062
 (H Shares) (a)
 
26,000
18,085
Angel Yeast Co. Ltd. (A Shares)
 
2,600
12,881
Anjoy Foods Group Co. Ltd. (A Shares)
 
400
7,358
Baoshan Iron & Steel Co. Ltd. (A Shares)
 
65,900
43,405
BBMG Corp. (A Shares)
 
23,600
7,530
Beijing Capital International Airport Co. Ltd. (H Shares) (a)
 
70,000
37,900
Beijing Easpring Material Technology Co. Ltd. (A Shares)
 
900
7,270
By-Health Co. Ltd. (A Shares)
 
3,800
9,116
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
1,200
40,532
 (H Shares)
 
29,000
649,112
CanSino Biologics, Inc.:
 
 
 
 (A Shares)
 
274
7,116
 (H Shares) (b)(c)
 
2,400
22,319
CECEP Solar Energy Co. Ltd. (A Shares)
 
5,500
5,091
CECEP Wind-Power Corp. (A Shares)
 
5,400
3,165
Chengtun Mining Group Co. Ltd. (A Shares)
 
1,800
1,365
Chengxin Lithium Group Co. Ltd. (A Shares)
 
1,500
8,877
China Baoan Group Co. Ltd. (A Shares)
 
4,400
6,965
China Communications Services Corp. Ltd. (H Shares)
 
70,000
19,530
China Construction Bank Corp.:
 
 
 
 (A Shares)
 
81,800
59,814
 (H Shares)
 
2,916,000
1,547,488
China Eastern Airlines Corp. Ltd.:
 
 
 
 (A Shares) (a)
 
10,900
7,164
 (H Shares) (a)
 
6,000
1,980
China Jushi Co. Ltd. (A Shares)
 
5,457
8,743
China Merchants Bank Co. Ltd.:
 
 
 
 (A Shares)
 
36,300
133,312
 (H Shares)
 
123,500
405,916
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares)
 
2,400
17,924
China Southern Airlines Ltd. (A Shares) (a)
 
66,300
58,648
China Suntien Green Energy Corp. Ltd. (H Shares)
 
65,000
24,676
China Three Gorges Renewables Group Co. Ltd. (A Shares)
 
67,000
51,102
China Vanke Co. Ltd.:
 
 
 
 (A Shares)
 
7,300
13,515
 (H Shares)
 
68,900
88,477
Cmoc Group Ltd.:
 
 
 
 (A Shares)
 
20,600
11,706
 (H Shares)
 
132,000
42,545
Contemporary Amperex Technology Co. Ltd.
 
4,700
239,978
ENN Natural Gas Co. Ltd. (A Shares)
 
4,000
8,479
Eve Energy Co. Ltd. (A shares)
 
3,640
41,390
Ganfeng Lithium Group Co. Ltd. (A Shares)
 
1,820
19,693
GEM Co. Ltd. (A Shares)
 
8,600
8,761
Gotion High-tech Co. Ltd. (A Shares)
 
3,000
12,344
Guangzhou Baiyunshan Pharma Health (A Shares)
 
3,600
13,305
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
600
6,208
Henan Shuanghui Investment & Development Co. Ltd. (A Shares)
 
9,100
28,386
Huadong Medicine Co. Ltd. (A Shares)
 
2,800
15,693
Huatai Securities Co. Ltd. (A Shares)
 
62,700
102,770
Huaxin Cement Co. Ltd. (A Shares)
 
800
1,470
Inner Mongoli Yili Industries Co. Ltd. (A Shares)
 
11,600
40,091
Jafron Biomedical Co. Ltd. (A Shares)
 
1,800
7,808
Jiangsu Eastern Shenghong Co. Ltd.
 
7,300
12,235
Jiangsu Zhongtian Technology Co. Ltd. (A Shares)
 
6,100
18,351
Jinke Properties Group Co. Ltd. (A Shares) (a)
 
7,300
1,769
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares)
 
900
3,340
Keda Industrial Group Co. Ltd.
 
3,000
6,396
Kingfa Sci & Tech Co. Ltd. (A Shares)
 
3,400
4,507
Ming Yang Smart Energy Group Ltd. (A Shares)
 
3,900
13,297
Orient Securities Co. Ltd. (A Shares)
 
26,000
27,627
Ovctek China, Inc. (A Shares)
 
1,640
6,674
Pharmaron Beijing Co. Ltd.:
 
 
 
 (A Shares)
 
2,700
19,225
 (H Shares) (b)
 
5,400
18,161
Postal Savings Bank of China Co. Ltd. (H Shares) (b)
 
292,000
135,405
SF Holding Co. Ltd. (A Shares)
 
10,800
71,370
Shandong Nanshan Aluminum Co. Ltd. (A Shares)
 
9,200
3,880
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
84,000
115,786
Shanghai Electric Group Co. Ltd. (A Shares) (a)
 
13,400
7,119
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:
 
 
 
 (A Shares)
 
3,700
16,735
 (H Shares)
 
17,000
42,924
Shanghai M&G Stationery, Inc. (A Shares)
 
1,200
6,622
Shanghai Pharmaceuticals Holding Co. Ltd.:
 
 
 
 (A Shares)
 
1,900
4,574
 (H Shares)
 
31,800
43,104
Shanghai Putailai New Energy Technology Co. Ltd.
 
3,300
22,553
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
4,600
42,013
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
2,600
115,864
Sichuan Yahua Industrial Group Co. Ltd. (A Shares)
 
1,400
5,128
Sinopharm Group Co. Ltd. (H Shares)
 
36,800
70,134
Sinotrans Ltd.
 
5,400
2,625
SKSHU Paint Co. Ltd. (A Shares) (a)
 
620
7,378
Sungrow Power Supply Co. Ltd. (A Shares)
 
2,900
51,746
Suzhou TA&A Ultra Clean Technology Co. Ltd. (A Shares)
 
1,000
8,469
Titan Wind Energy Suzhou Co. Ltd. (A Shares)
 
3,100
4,984
Topchoice Medical Corp. (a)
 
500
8,370
Transfar Zhilian Co. Ltd.
 
4,400
2,970
Unisplendour Corp. Ltd. (A Shares)
 
5,200
12,212
WuXi AppTec Co. Ltd.
 
3,776
39,503
WuXi AppTec Co. Ltd. (H Shares) (b)
 
12,980
104,010
Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares)
 
36,618
31,768
Youngy Co. Ltd. (A Shares) (a)
 
400
6,035
Yunnan Baiyao Group Co. Ltd. (A Shares)
 
2,520
18,827
Yunnan Energy New Material Co. Ltd.
 
2,000
40,543
Zhejiang Chint Electric Co. Ltd. (A Shares)
 
3,900
13,564
Zhejiang Expressway Co. Ltd. (H Shares)
 
48,000
29,780
Zhejiang Huayou Cobalt Co. Ltd. (A Shares)
 
2,958
22,067
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares)
 
2,600
12,646
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares)
 
2,100
5,003
Zhejiang Yongtai Technology Co. Ltd. (A Shares)
 
1,300
3,884
Zoomlion Heavy Industry Science and Technology Co. Ltd.:
 
 
 
 (A Shares)
 
22,800
16,703
 (H Shares)
 
43,000
13,859
TOTAL CHINA
 
 
5,274,868
Colombia - 0.0%
 
 
 
Bancolombia SA
 
4,385
31,520
Interconexion Electrica SA ESP
 
15,655
61,083
TOTAL COLOMBIA
 
 
92,603
Cyprus - 0.0%
 
 
 
Galaxy Cosmos Mezz PLC (a)
 
2,525
408
Czech Republic - 0.0%
 
 
 
Komercni Banka A/S
 
2,594
74,412
MONETA Money Bank A/S (b)
 
7,833
22,865
TOTAL CZECH REPUBLIC
 
 
97,277
Denmark - 2.8%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
1
2,002
 Series B
 
254
530,650
Chr. Hansen Holding A/S
 
3,280
182,175
Coloplast A/S Series B
 
3,742
417,121
Demant A/S (a)
 
2,847
77,804
Genmab A/S (a)
 
2,105
810,862
GN Store Nord A/S
 
4,073
86,603
Novo Nordisk A/S Series B
 
52,275
5,683,927
Novozymes A/S Series B
 
6,473
339,961
ORSTED A/S (b)
 
5,961
491,817
Pandora A/S
 
2,818
148,524
Vestas Wind Systems A/S
 
31,821
627,309
TOTAL DENMARK
 
 
9,398,755
Egypt - 0.0%
 
 
 
Commercial International Bank SAE
 
69,994
93,808
Commercial International Bank SAE sponsored GDR
 
17,516
22,245
TOTAL EGYPT
 
 
116,053
Finland - 1.1%
 
 
 
Elisa Corp. (A Shares)
 
4,560
220,409
Kesko Oyj
 
8,474
164,976
Neste OYJ
 
13,300
582,793
Nordea Bank ABP
 
108,073
1,032,846
Orion Oyj (B Shares)
 
3,415
157,100
Sampo Oyj (A Shares)
 
15,147
692,766
Stora Enso Oyj (R Shares)
 
17,148
223,524
UPM-Kymmene Corp.
 
17,025
570,534
Wartsila Corp.
 
15,299
104,323
TOTAL FINLAND
 
 
3,749,271
France - 6.8%
 
 
 
Accor SA (a)
 
5,232
125,366
Air Liquide SA
 
16,520
2,161,043
Alstom SA
 
9,957
204,927
AXA SA
 
59,046
1,458,136
bioMerieux SA
 
1,328
117,512
BNP Paribas SA
 
35,088
1,645,414
Bouygues SA
 
7,489
213,670
Bureau Veritas SA
 
9,260
229,420
Carrefour SA
 
19,339
311,270
Compagnie Generale des Etablissements Michelin SCA Series B
 
21,357
544,263
Covivio
 
1,618
86,665
Danone SA
 
20,247
1,006,266
Eiffage SA
 
2,672
241,721
EssilorLuxottica SA
 
9,089
1,440,296
Gecina SA
 
1,457
129,949
Kering SA
 
2,364
1,082,621
Klepierre SA
 
6,963
140,032
L'Oreal SA
 
7,614
2,390,829
Orange SA
 
63,064
600,868
Publicis Groupe SA
 
7,164
401,216
Schneider Electric SA
 
17,120
2,164,934
SEB SA
 
878
57,180
Societe Generale Series A
 
25,055
574,688
Teleperformance
 
1,851
496,276
TotalEnergies SE (c)
 
78,196
4,265,855
Valeo SA
 
6,522
107,573
Vivendi SA
 
22,284
182,394
Worldline SA (a)(b)
 
7,558
329,880
TOTAL FRANCE
 
 
22,710,264
Germany - 3.5%
 
 
 
adidas AG
 
5,425
529,562
Allianz SE
 
12,929
2,325,985
Bayerische Motoren Werke AG (BMW)
 
10,263
805,563
Beiersdorf AG
 
3,248
311,792
Brenntag SE
 
4,739
287,545
Carl Zeiss Meditec AG
 
1,308
158,412
Commerzbank AG (a)
 
33,421
267,397
Delivery Hero AG (a)(b)
 
5,103
167,934
Deutsche Borse AG
 
6,003
976,206
Evonik Industries AG
 
6,754
124,515
GEA Group AG
 
4,722
165,195
HeidelbergCement AG
 
4,738
217,885
HelloFresh AG (a)
 
5,438
108,879
Henkel AG & Co. KGaA
 
3,053
179,227
LEG Immobilien AG
 
2,235
146,042
Merck KGaA
 
4,065
662,453
MTU Aero Engines AG
 
1,647
295,011
Puma AG
 
3,245
143,700
SAP SE
 
32,988
3,175,190
Symrise AG
 
4,237
432,481
Telefonica Deutschland Holding AG
 
34,973
76,244
Zalando SE (a)(b)
 
7,380
170,096
TOTAL GERMANY
 
 
11,727,314
Greece - 0.1%
 
 
 
Alpha Bank SA (a)
 
68,202
63,222
Eurobank Ergasias Services and Holdings SA (a)
 
82,010
81,046
Mytilineos SA
 
2,799
46,969
Public Power Corp. of Greece (a)
 
6,322
39,923
TOTAL GREECE
 
 
231,160
Hong Kong - 1.7%
 
 
 
AIA Group Ltd.
 
379,400
2,873,877
BOC Hong Kong (Holdings) Ltd.
 
119,500
371,456
China Everbright International Ltd.
 
131,962
43,877
China Overseas Land and Investment Ltd.
 
122,000
232,821
CITIC Pacific Ltd.
 
175,000
156,727
CSPC Pharmaceutical Group Ltd.
 
279,280
286,866
Far East Horizon Ltd.
 
31,000
23,932
Fosun International Ltd.
 
91,000
55,646
Ganfeng Lithium Group Co. Ltd. (H Shares) (b)
 
13,440
90,917
Hang Seng Bank Ltd.
 
24,600
346,314
Hong Kong & China Gas Co. Ltd.
 
348,356
268,502
Lenovo Group Ltd.
 
216,000
172,808
MTR Corp. Ltd.
 
50,048
220,285
Sino Land Ltd.
 
94,000
100,471
Sinotruk Hong Kong Ltd.
 
22,000
19,619
Swire Pacific Ltd. (A Shares)
 
17,000
112,508
Swire Properties Ltd.
 
38,400
73,770
Wharf Holdings Ltd.
 
41,000
117,260
TOTAL HONG KONG
 
 
5,567,656
Hungary - 0.1%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
13,913
83,424
OTP Bank PLC
 
7,276
158,599
TOTAL HUNGARY
 
 
242,023
India - 4.4%
 
 
 
Adani Green Energy Ltd. (a)
 
9,979
253,501
Adani Total Gas Ltd.
 
8,661
376,954
Asian Paints Ltd.
 
12,129
455,343
Axis Bank Ltd.
 
71,116
778,341
Berger Paints India Ltd.
 
7,942
56,202
Britannia Industries Ltd.
 
3,296
149,970
Colgate-Palmolive Ltd.
 
4,188
82,553
Dabur India Ltd.
 
18,158
121,675
Eicher Motors Ltd.
 
4,207
195,685
GAIL India Ltd.
 
77,032
84,960
Grasim Industries Ltd.
 
8,051
167,449
Havells India Ltd.
 
7,518
110,463
HCL Technologies Ltd.
 
33,866
425,943
Hero Motocorp Ltd.
 
3,618
116,995
Hindalco Industries Ltd.
 
41,067
201,242
Hindustan Unilever Ltd.
 
26,075
803,449
Housing Development Finance Corp. Ltd.
 
54,203
1,617,185
ICICI Prudential Life Insurance Co. Ltd. (b)
 
11,483
70,406
Indraprastha Gas Ltd.
 
8,679
44,900
Info Edge India Ltd.
 
2,166
102,614
Infosys Ltd.
 
106,105
1,970,915
Kotak Mahindra Bank Ltd.
 
17,419
400,218
Lupin Ltd.
 
7,189
60,704
Mahindra & Mahindra Ltd.
 
27,584
449,381
Marico Ltd.
 
16,681
105,702
Nestle India Ltd.
 
1,100
270,594
PI Industries Ltd.
 
2,569
100,611
Piramal Pharma Ltd. (a)
 
15,820
31,514
Reliance Industries Ltd.
 
96,046
2,958,189
Shree Cement Ltd.
 
357
98,072
Shriram Transport Finance Co. Ltd.
 
6,268
93,070
Siemens Ltd.
 
2,387
84,361
State Bank of India
 
56,700
393,023
Tata Consultancy Services Ltd.
 
28,789
1,110,505
UPL Ltd.
 
16,274
143,552
Zomato Ltd. (a)
 
76,887
58,608
TOTAL INDIA
 
 
14,544,849
Indonesia - 0.6%
 
 
 
PT Aneka Tambang Tbk
 
290,000
34,304
PT Bank Central Asia Tbk
 
1,741,100
982,316
PT Bank Negara Indonesia (Persero) Tbk
 
229,800
138,491
PT Barito Pacific Tbk
 
969,000
51,253
PT Indah Kiat Pulp & Paper Tbk
 
98,300
60,502
PT Kalbe Farma Tbk
 
732,600
96,287
PT Merdeka Copper Gold Tbk (a)
 
398,118
96,227
PT Telkom Indonesia Persero Tbk
 
1,541,900
433,044
PT Tower Bersama Infrastructure Tbk
 
165,220
26,058
PT Unilever Indonesia Tbk
 
235,700
70,117
TOTAL INDONESIA
 
 
1,988,599
Ireland - 0.7%
 
 
 
CRH PLC
 
24,042
865,941
DCC PLC (United Kingdom)
 
3,226
179,060
James Hardie Industries PLC CDI
 
14,032
306,360
Kerry Group PLC Class A
 
5,014
436,048
Kingspan Group PLC (Ireland)
 
4,818
243,307
Smurfit Kappa Group PLC
 
7,695
254,982
TOTAL IRELAND
 
 
2,285,698
Israel - 0.1%
 
 
 
Bank Leumi le-Israel BM
 
49,224
470,153
Italy - 0.8%
 
 
 
Amplifon SpA
 
4,245
105,465
Enel SpA
 
255,852
1,142,980
Intesa Sanpaolo SpA
 
519,750
990,919
Nexi SpA (a)(b)
 
16,691
144,660
Prysmian SpA
 
7,929
258,504
TOTAL ITALY
 
 
2,642,528
Japan - 13.8%
 
 
 
AEON Co. Ltd.
 
21,000
392,121
Ajinomoto Co., Inc.
 
14,700
404,931
Ana Holdings, Inc. (a)(c)
 
5,600
108,878
Asahi Kasei Corp.
 
39,500
253,271
Astellas Pharma, Inc.
 
57,700
796,155
Azbil Corp.
 
3,500
95,212
Bridgestone Corp.
 
18,100
654,613
Chugai Pharmaceutical Co. Ltd.
 
21,500
498,195
Dai Nippon Printing Co. Ltd.
 
7,200
144,441
Dai-ichi Mutual Life Insurance Co.
 
31,400
497,834
Daifuku Co. Ltd.
 
3,200
146,770
Daiichi Sankyo Kabushiki Kaisha
 
55,300
1,770,195
Daikin Industries Ltd.
 
7,900
1,183,319
Daiwa House Industry Co. Ltd.
 
18,600
374,740
DENSO Corp.
 
13,700
679,738
Eisai Co. Ltd.
 
7,800
470,743
FANUC Corp.
 
6,000
785,110
Fast Retailing Co. Ltd.
 
1,800
1,004,620
FUJIFILM Holdings Corp.
 
11,400
522,792
Fujitsu Ltd.
 
6,200
713,363
Hankyu Hanshin Holdings, Inc.
 
7,200
213,780
Hikari Tsushin, Inc.
 
700
84,596
Hirose Electric Co. Ltd.
 
1,000
129,863
Hitachi Construction Machinery Co. Ltd.
 
3,500
68,590
Hoshizaki Corp.
 
3,400
97,522
Hoya Corp.
 
11,500
1,073,086
Hulic Co. Ltd.
 
12,200
88,611
Ibiden Co. Ltd.
 
3,400
115,014
INPEX Corp.
 
32,700
330,021
Isuzu Motors Ltd.
 
18,600
218,154
ITO EN Ltd.
 
1,600
56,491
Itochu Corp.
 
37,500
970,695
Japan Real Estate Investment Corp.
 
41
171,781
JFE Holdings, Inc.
 
16,000
146,663
JSR Corp.
 
5,900
112,449
Kajima Corp.
 
13,200
124,370
Kao Corp.
 
14,900
556,544
KDDI Corp.
 
50,900
1,504,450
Keio Corp.
 
3,300
115,848
Kikkoman Corp.
 
4,600
249,961
Komatsu Ltd.
 
29,500
577,911
Kubota Corp.
 
32,000
446,874
Kurita Water Industries Ltd.
 
3,100
113,830
LIXIL Group Corp.
 
9,400
142,301
Marubeni Corp.
 
49,000
429,382
Mazda Motor Corp.
 
17,800
119,847
McDonald's Holdings Co. (Japan) Ltd.
 
2,300
79,814
Meiji Holdings Co. Ltd.
 
3,600
148,169
Mitsubishi Chemical Holdings Corp.
 
42,000
189,840
Mitsubishi Estate Co. Ltd.
 
37,600
472,831
Mitsui & Co. Ltd.
 
44,000
974,424
Mitsui Chemicals, Inc.
 
5,500
101,903
MS&AD Insurance Group Holdings, Inc.
 
14,100
373,385
Murata Manufacturing Co. Ltd.
 
18,100
856,844
Nintendo Co. Ltd.
 
34,990
1,420,562
Nippon Building Fund, Inc.
 
50
222,267
Nippon Express Holdings, Inc.
 
2,500
125,593
Nippon Paint Holdings Co. Ltd.
 
25,800
164,834
Nippon Prologis REIT, Inc.
 
70
146,642
Nippon Steel & Sumitomo Metal Corp.
 
25,100
344,778
Nippon Yusen KK
 
15,000
271,717
Nissin Food Holdings Co. Ltd.
 
2,100
136,003
Nitori Holdings Co. Ltd.
 
2,500
226,543
Nitto Denko Corp.
 
4,500
236,962
Nomura Holdings, Inc.
 
91,300
295,443
Nomura Real Estate Holdings, Inc.
 
3,900
88,258
Nomura Research Institute Ltd.
 
10,600
235,603
NTT Data Corp.
 
20,100
291,575
Obayashi Corp.
 
20,700
132,947
Odakyu Electric Railway Co. Ltd.
 
9,400
111,830
OMRON Corp.
 
5,900
276,004
Open House Group Co. Ltd.
 
2,700
96,237
Oriental Land Co. Ltd.
 
6,300
845,254
ORIX Corp.
 
38,000
558,391
Osaka Gas Co. Ltd.
 
11,700
173,263
Pan Pacific International Holdings Ltd.
 
11,900
195,352
Panasonic Holdings Corp.
 
69,300
493,597
Rakuten Group, Inc.
 
27,600
123,217
Recruit Holdings Co. Ltd.
 
45,400
1,397,011
ROHM Co. Ltd.
 
2,700
190,114
SCSK Corp.
 
4,900
72,399
Sekisui Chemical Co. Ltd.
 
11,500
143,852
Sekisui House Ltd.
 
19,900
331,232
Seven & i Holdings Co. Ltd.
 
23,800
888,415
SG Holdings Co. Ltd.
 
8,600
114,054
Sharp Corp.
 
6,300
37,788
Shimadzu Corp.
 
7,400
195,333
SHIMIZU Corp.
 
17,100
85,445
Shin-Etsu Chemical Co. Ltd.
 
11,800
1,226,373
Shionogi & Co. Ltd.
 
8,500
394,717
SoftBank Corp.
 
91,000
897,659
Sompo Holdings, Inc.
 
9,900
412,325
Sony Group Corp.
 
39,800
2,683,900
Sumitomo Chemical Co. Ltd.
 
46,500
156,673
Sumitomo Electric Industries Ltd.
 
22,500
235,146
Sumitomo Metal Mining Co. Ltd.
 
7,600
213,034
Sumitomo Mitsui Trust Holdings, Inc.
 
10,700
307,829
Sumitomo Realty & Development Co. Ltd.
 
10,000
229,665
Suntory Beverage & Food Ltd.
 
4,400
147,362
Sysmex Corp.
 
5,300
286,145
Taisei Corp.
 
5,700
155,442
TDK Corp.
 
12,500
391,321
Terumo Corp.
 
20,300
617,621
Tobu Railway Co. Ltd.
 
5,900
136,494
Tokyo Electron Ltd.
 
4,700
1,236,554
Tokyo Gas Co. Ltd.
 
12,500
223,360
Tokyu Corp.
 
16,100
185,800
Toray Industries, Inc.
 
45,000
219,258
Tosoh Corp.
 
8,400
91,460
Toto Ltd.
 
4,600
131,477
Unicharm Corp.
 
12,700
385,971
USS Co. Ltd.
 
6,900
104,269
West Japan Railway Co.
 
6,900
273,828
Yamaha Corp.
 
4,300
162,521
Yamaha Motor Co. Ltd.
 
9,700
200,269
Yaskawa Electric Corp.
 
7,500
208,312
Yokogawa Electric Corp.
 
7,300
122,293
Z Holdings Corp.
 
83,800
216,268
ZOZO, Inc.
 
3,900
83,012
TOTAL JAPAN
 
 
45,957,758
Korea (South) - 2.0%
 
 
 
AMOREPACIFIC Corp.
 
970
62,998
AMOREPACIFIC Group, Inc.
 
1,135
19,641
BGF Retail Co. Ltd.
 
270
35,279
Celltrion Healthcare Co. Ltd.
 
2,802
136,437
CJ CheilJedang Corp.
 
276
80,055
CJ Corp.
 
465
23,391
CJ Logistics Corp. (a)
 
296
18,229
Coway Co. Ltd.
 
1,778
68,887
Doosan Bobcat, Inc.
 
1,486
34,877
GS Engineering & Construction Corp.
 
2,181
33,158
Hana Financial Group, Inc.
 
9,190
265,594
Hanwha Solutions Corp. (a)
 
3,811
126,026
HMM Co. Ltd.
 
8,873
118,736
Hyundai Engineering & Construction Co. Ltd.
 
2,492
60,933
Hyundai Glovis Co. Ltd.
 
643
78,386
Kakao Corp.
 
9,657
343,027
KB Financial Group, Inc.
 
12,369
415,369
Korea Zinc Co. Ltd.
 
255
114,340
Korean Air Lines Co. Ltd. (a)
 
5,297
85,728
LG Chemical Ltd.
 
1,568
687,700
LG Corp.
 
2,894
160,584
LG Display Co. Ltd.
 
7,392
65,836
LG Electronics, Inc.
 
3,261
186,432
LG H & H Co. Ltd.
 
294
105,050
Lotte Chemical Corp.
 
521
54,023
NAVER Corp.
 
4,091
485,823
NCSOFT Corp.
 
495
135,253
Netmarble Corp. (b)
 
698
21,811
POSCO Chemtech Co. Ltd.
 
917
128,171
S1 Corp.
 
770
33,663
Samsung Engineering Co. Ltd. (a)
 
5,459
91,218
Samsung Life Insurance Co. Ltd.
 
2,735
129,150
Samsung SDI Co. Ltd.
 
1,720
888,126
Samsung SDS Co. Ltd.
 
1,121
98,174
Samsung Securities Co. Ltd.
 
2,120
47,158
Shinhan Financial Group Co. Ltd.
 
14,468
366,987
SK Biopharmaceuticals Co. Ltd. (a)
 
830
33,786
SK Chemicals Co. Ltd.
 
451
27,932
SK IE Technology Co. Ltd. (a)(b)
 
867
31,586
SK Innovation Co., Ltd.
 
1,697
205,687
SK, Inc.
 
1,076
161,326
SKC Co. Ltd.
 
737
53,442
Woori Financial Group, Inc.
 
17,313
142,524
Yuhan Corp.
 
1,726
72,314
TOTAL KOREA (SOUTH)
 
 
6,534,847
Kuwait - 0.2%
 
 
 
Kuwait Finance House KSCP
 
233,260
609,781
Luxembourg - 0.1%
 
 
 
Tenaris SA
 
14,934
233,734
Malaysia - 0.6%
 
 
 
AMMB Holdings Bhd
 
61,600
53,288
Axiata Group Bhd
 
93,904
56,605
CIMB Group Holdings Bhd
 
222,505
259,777
DiGi.com Bhd
 
93,200
74,710
Hap Seng Consolidated Bhd
 
21,700
29,512
Hartalega Holdings Bhd
 
49,800
22,751
IHH Healthcare Bhd
 
55,400
69,719
Kuala Lumpur Kepong Bhd
 
13,800
63,279
Malayan Banking Bhd
 
154,740
281,137
Malaysia Airports Holdings Bhd (a)
 
10,900
13,786
Maxis Bhd
 
78,300
63,760
MISC Bhd
 
45,700
69,884
Nestle (Malaysia) Bhd
 
2,300
64,700
Petronas Dagangan Bhd
 
9,600
44,020
Petronas Gas Bhd
 
24,800
89,695
PPB Group Bhd
 
21,100
74,528
Press Metal Bhd
 
125,000
115,006
Public Bank Bhd
 
455,400
430,549
QL Resources Bhd
 
30,200
32,704
RHB Bank Bhd
 
42,244
51,107
Sime Darby Bhd
 
81,000
38,547
Telekom Malaysia Bhd
 
30,295
35,626
Top Glove Corp. Bhd
 
172,200
28,955
TOTAL MALAYSIA
 
 
2,063,645
Mexico - 0.6%
 
 
 
Arca Continental S.A.B. de CV
 
14,400
117,952
CEMEX S.A.B. de CV unit (a)
 
468,400
182,036
Coca-Cola FEMSA S.A.B. de CV unit
 
17,480
110,114
Fomento Economico Mexicano S.A.B. de CV unit
 
59,400
426,410
Gruma S.A.B. de CV Series B
 
7,065
81,954
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
6,435
150,604
Grupo Bimbo S.A.B. de CV Series A
 
44,400
171,904
Grupo Financiero Banorte S.A.B. de CV Series O
 
83,300
677,104
Grupo Televisa SA de CV
 
78,300
83,070
Industrias Penoles SA de CV
 
4,310
48,893
Kimberly-Clark de Mexico SA de CV Series A
 
51,500
81,254
TOTAL MEXICO
 
 
2,131,295
Multi-National - 0.1%
 
 
 
HKT Trust/HKT Ltd. unit
 
113,000
127,689
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a)
 
3,697
174,932
TOTAL MULTI-NATIONAL
 
 
302,621
Netherlands - 3.8%
 
 
 
Akzo Nobel NV
 
5,869
362,325
ASML Holding NV (Netherlands)
 
12,835
6,020,734
CNH Industrial NV
 
32,081
415,482
IMCD NV
 
1,777
230,579
ING Groep NV (Certificaten Van Aandelen)
 
123,199
1,212,228
JDE Peet's BV
 
3,116
89,241
Koninklijke Ahold Delhaize NV
 
32,990
920,035
Koninklijke DSM NV
 
5,497
646,614
Koninklijke KPN NV
 
106,721
298,510
NEPI Rockcastle PLC
 
13,700
68,989
NN Group NV
 
8,838
374,258
Prosus NV
 
26,160
1,131,203
Randstad NV
 
3,692
184,036
Wolters Kluwer NV
 
8,301
882,282
TOTAL NETHERLANDS
 
 
12,836,516
New Zealand - 0.3%
 
 
 
Auckland International Airport Ltd. (a)
 
37,740
168,954
Fisher & Paykel Healthcare Corp.
 
17,910
203,884
Mercury Nz Ltd.
 
23,100
78,165
Meridian Energy Ltd.
 
39,601
112,357
Spark New Zealand Ltd.
 
56,293
167,571
Xero Ltd. (a)
 
4,189
209,188
TOTAL NEW ZEALAND
 
 
940,119
Norway - 0.9%
 
 
 
Aker BP ASA
 
10,080
321,322
DNB Bank ASA
 
29,519
522,099
Equinor ASA
 
30,778
1,121,357
Gjensidige Forsikring ASA
 
6,528
119,243
Mowi ASA
 
12,910
192,542
Norsk Hydro ASA
 
41,660
264,388
Orkla ASA
 
23,648
159,510
Salmar ASA
 
1,989
67,383
Telenor ASA
 
21,803
198,143
TOTAL NORWAY
 
 
2,965,987
Philippines - 0.2%
 
 
 
Globe Telecom, Inc.
 
989
39,752
GT Capital Holdings, Inc.
 
3,170
22,597
JG Summit Holdings, Inc.
 
95,813
71,507
Monde Nissin Corp. (b)
 
214,300
43,312
SM Investments Corp.
 
7,805
110,905
SM Prime Holdings, Inc.
 
367,000
199,824
Universal Robina Corp.
 
29,280
61,758
TOTAL PHILIPPINES
 
 
549,655
Poland - 0.2%
 
 
 
Bank Polska Kasa Opieki SA
 
5,871
96,462
CD Projekt RED SA
 
2,318
61,712
KGHM Polska Miedz SA (Bearer)
 
4,676
93,694
Polski Koncern Naftowy Orlen SA
 
13,252
152,448
Polskie Gornictwo Naftowe i Gazownictwo SA (a)
 
60,283
64,147
Powszechna Kasa Oszczednosci Bank SA
 
28,830
157,432
Powszechny Zaklad Ubezpieczen SA
 
17,002
95,443
Santander Bank Polska SA
 
1,242
66,131
TOTAL POLAND
 
 
787,469
Portugal - 0.1%
 
 
 
Galp Energia SGPS SA Class B
 
16,410
166,612
Jeronimo Martins SGPS SA
 
9,005
186,705
TOTAL PORTUGAL
 
 
353,317
Qatar - 0.3%
 
 
 
Qatar Fuel Co. (a)
 
16,336
85,588
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
84,301
94,909
Qatar National Bank SAQ (a)
 
145,018
794,030
The Commercial Bank of Qatar (a)
 
100,940
174,454
TOTAL QATAR
 
 
1,148,981
Russia - 0.0%
 
 
 
Gazprom OAO (d)
 
372,050
58,381
LUKOIL PJSC (d)
 
13,192
6,123
Mobile TeleSystems OJSC sponsored ADR (d)
 
14,384
14,326
Moscow Exchange MICEX-RTS OAO (a)(d)
 
49,350
14,226
Novatek PJSC GDR (Reg. S) (d)
 
2,894
739
Novolipetsk Steel OJSC (d)
 
47,040
677
PhosAgro PJSC:
 
 
 
 GDR (d)
 
26
1
 GDR (Reg. S) (d)
 
4,171
86
Polyus PJSC (d)
 
1,031
3,636
TOTAL RUSSIA
 
 
98,195
Saudi Arabia - 0.6%
 
 
 
ACWA Power Co.
 
2,562
118,638
Bank Albilad
 
15,354
207,169
Dr Sulaiman Al Habib Medical Services Group Co.
 
2,742
165,357
Saudi Arabian Oil Co. (b)
 
76,260
708,300
Saudi Basic Industries Corp.
 
28,220
663,903
Saudi Electricity Co.
 
26,306
189,023
TOTAL SAUDI ARABIA
 
 
2,052,390
Singapore - 0.6%
 
 
 
BOC Aviation Ltd. Class A (b)
 
7,100
47,531
CapitaLand Investment Ltd.
 
85,401
181,589
CapitaMall Trust
 
157,509
209,181
City Developments Ltd.
 
13,600
73,303
Keppel Corp. Ltd.
 
44,500
219,105
Singapore Airlines Ltd.
 
43,100
160,148
Singapore Exchange Ltd.
 
27,100
161,191
United Overseas Bank Ltd.
 
37,700
739,299
UOL Group Ltd.
 
16,700
73,024
TOTAL SINGAPORE
 
 
1,864,371
South Africa - 1.6%
 
 
 
Absa Group Ltd.
 
25,214
274,175
Anglo American Platinum Ltd.
 
1,783
141,827
Aspen Pharmacare Holdings Ltd.
 
12,644
104,119
Bid Corp. Ltd.
 
11,061
177,976
Bidvest Group Ltd./The
 
9,351
108,167
Capitec Bank Holdings Ltd.
 
2,774
287,019
Clicks Group Ltd.
 
6,837
115,850
Discovery Ltd. (a)
 
16,496
107,963
FirstRand Ltd.
 
161,395
565,404
Gold Fields Ltd.
 
27,529
220,529
Growthpoint Properties Ltd.
 
107,074
75,487
Impala Platinum Holdings Ltd.
 
27,403
280,570
Kumba Iron Ore Ltd.
 
2,103
39,612
Mr Price Group Ltd.
 
8,489
81,725
MTN Group Ltd.
 
52,482
370,970
MultiChoice Group Ltd.
 
11,581
75,676
Naspers Ltd. Class N
 
6,854
706,523
Nedbank Group Ltd.
 
14,691
174,001
Northam Platinum Holdings Ltd. (a)
 
10,974
102,985
Old Mutual Ltd.
 
152,050
86,419
Remgro Ltd.
 
18,028
134,174
Sanlam Ltd.
 
52,869
153,811
Sasol Ltd.
 
17,572
295,386
Shoprite Holdings Ltd.
 
14,952
190,393
Spar Group Ltd./The
 
6,264
53,113
Standard Bank Group Ltd.
 
42,630
398,364
Vodacom Group Ltd.
 
20,365
138,928
TOTAL SOUTH AFRICA
 
 
5,461,166
Spain - 1.4%
 
 
 
Banco Bilbao Vizcaya Argentaria SA
 
210,361
1,085,209
Iberdrola SA
 
188,087
1,912,709
Industria de Diseno Textil SA
 
34,281
777,166
Naturgy Energy Group SA
 
4,642
119,090
Red Electrica Corporacion SA
 
12,794
206,952
Repsol SA
 
45,462
618,487
TOTAL SPAIN
 
 
4,719,613
Sweden - 1.9%
 
 
 
Alfa Laval AB
 
9,240
227,711
ASSA ABLOY AB (B Shares)
 
31,713
640,351
Atlas Copco AB:
 
 
 
 (A Shares)
 
84,859
905,722
 (B Shares)
 
49,167
475,502
Boliden AB
 
8,494
247,407
Electrolux AB (B Shares)
 
7,428
91,669
Epiroc AB:
 
 
 
 (A Shares)
 
19,722
301,913
 (B Shares)
 
13,788
185,256
EQT AB
 
9,276
182,811
Ericsson (B Shares)
 
92,152
512,305
Essity AB (B Shares)
 
19,205
405,975
H&M Hennes & Mauritz AB (B Shares)
 
22,764
229,283
Holmen AB (B Shares)
 
2,906
105,436
Husqvarna AB (B Shares)
 
13,341
79,208
Nibe Industrier AB (B Shares)
 
47,591
379,738
Sandvik AB
 
33,610
525,215
SKF AB (B Shares)
 
11,698
169,336
Svenska Cellulosa AB SCA (B Shares)
 
19,043
224,731
Tele2 AB (B Shares)
 
17,440
142,980
Telia Co. AB
 
85,365
226,197
TOTAL SWEDEN
 
 
6,258,746
Switzerland - 5.4%
 
 
 
ABB Ltd. (Reg.)
 
51,694
1,435,558
Accelleron Industries Ltd. (a)
 
129
2,187
Adecco SA (Reg.)
 
5,242
164,053
Clariant AG (Reg.)
 
7,167
115,305
Coca-Cola HBC AG
 
6,766
147,620
Compagnie Financiere Richemont SA Series A
 
16,473
1,609,965
Geberit AG (Reg.)
 
1,116
496,285
Givaudan SA
 
290
865,931
Kuehne & Nagel International AG
 
1,731
368,897
Lindt & Spruengli AG
 
3
291,506
Lindt & Spruengli AG (participation certificate)
 
39
373,895
Lonza Group AG
 
2,344
1,206,654
Roche Holding AG (participation certificate)
 
22,179
7,358,952
SGS SA (Reg.)
 
199
438,698
Sika AG
 
4,582
1,033,130
Sonova Holding AG
 
1,726
407,993
Straumann Holding AG
 
3,490
332,148
Swiss Life Holding AG
 
1,004
486,183
Swiss Re Ltd.
 
9,494
705,260
Temenos Group AG
 
1,973
117,629
TOTAL SWITZERLAND
 
 
17,957,849
Taiwan - 5.1%
 
 
 
Acer, Inc.
 
102,000
69,889
AUO Corp.
 
218,400
114,434
Cathay Financial Holding Co. Ltd.
 
247,547
290,112
China Airlines Ltd.
 
91,000
47,822
China Steel Corp.
 
360,000
299,684
Chunghwa Telecom Co. Ltd.
 
119,000
409,901
CTBC Financial Holding Co. Ltd.
 
551,000
348,496
Delta Electronics, Inc.
 
61,000
486,994
E.SUN Financial Holdings Co. Ltd.
 
405,042
291,343
EVA Airways Corp.
 
85,000
61,667
Evergreen Marine Corp. (Taiwan)
 
33,157
141,350
Far Eastern New Century Corp.
 
94,000
93,697
Far EasTone Telecommunications Co. Ltd.
 
53,000
116,175
First Financial Holding Co. Ltd.
 
330,465
253,581
Fubon Financial Holding Co. Ltd.
 
232,843
368,171
Hotai Motor Co. Ltd.
 
9,000
162,957
Hua Nan Financial Holdings Co. Ltd.
 
279,357
182,317
MediaTek, Inc.
 
48,000
878,031
Mega Financial Holding Co. Ltd.
 
351,100
325,476
momo.com, Inc.
 
2,400
35,903
Nan Ya Plastics Corp.
 
149,000
315,517
President Chain Store Corp.
 
19,000
157,872
Sinopac Financial Holdings Co.
 
283,527
141,526
Taishin Financial Holdings Co. Ltd.
 
335,625
137,875
Taiwan Cement Corp.
 
196,887
184,654
Taiwan Cooperative Financial Holding Co. Ltd.
 
317,240
245,892
Taiwan High Speed Rail Corp.
 
56,000
48,788
Taiwan Mobile Co. Ltd.
 
54,000
159,217
Taiwan Semiconductor Manufacturing Co. Ltd.
 
778,000
9,344,157
The Shanghai Commercial & Savings Bank Ltd.
 
113,000
162,560
The Shanghai Commercial & Savings Bank Ltd. rights (a)
 
8,283
2,414
Uni-President Enterprises Corp.
 
150,000
304,613
United Microelectronics Corp.
 
374,000
449,281
Voltronic Power Technology Corp.
 
2,000
81,230
Wan Hai Lines Ltd.
 
22,460
47,143
Yang Ming Marine Transport Corp.
 
56,000
104,520
TOTAL TAIWAN
 
 
16,865,259
Thailand - 0.8%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
13,300
66,771
Advanced Information Service PCL NVDR
 
23,400
117,477
Airports of Thailand PCL:
 
 
 
 (For. Reg.) (a)
 
33,200
64,576
 NVDR (a)
 
92,700
180,308
Asset World Corp. PCL NVDR
 
247,500
39,683
B. Grimm Power PCL:
 
 
 
 (For. Reg.)
 
13,000
11,532
 NVDR
 
7,400
6,565
Bangkok Dusit Medical Services PCL:
 
 
 
 (For. Reg.)
 
106,700
82,735
 NVDR
 
216,700
168,029
Berli Jucker PCL unit
 
39,900
35,920
BTS Group Holdings PCL:
 
 
 
 (For. Reg.)
 
90,133
19,664
 NVDR
 
155,100
33,837
Bumrungrad Hospital PCL:
 
 
 
 NVDR
 
10,700
63,843
 (For. Reg.)
 
6,200
36,993
Central Pattana PCL:
 
 
 
 (For. Reg.)
 
31,400
56,742
 NVDR
 
37,600
67,946
Charoen Pokphand Foods PCL:
 
 
 
 (For. Reg.)
 
53,600
35,574
 (NVDR)
 
74,000
49,113
CP ALL PCL:
 
 
 
 (For. Reg.)
 
61,000
96,202
 NVDR
 
128,500
202,655
Energy Absolute PCL:
 
 
 
 (For. Reg.)
 
20,900
53,012
 NVDR
 
30,000
76,094
Home Product Center PCL:
 
 
 
 (For. Reg.)
 
78,800
30,240
 NVDR
 
140,600
53,956
Indorama Ventures PCL:
 
 
 
 (For. Reg.)
 
25,100
27,709
 NVDR
 
35,400
39,080
Intouch Holdings PCL:
 
 
 
 (For. Reg.)
 
6,200
11,733
 NVDR
 
28,300
53,558
Krungthai Card PCL NVDR
 
31,900
47,793
Minor International PCL:
 
 
 
 unit (a)
 
47,868
35,544
 warrants 2/15/24 (a)
 
878
69
 (For. Reg.) (a)
 
48,599
36,087
Osotspa PCL NVDR
 
44,600
31,066
PTT Exploration and Production PCL:
 
 
 
 (For. Reg.)
 
20,200
96,367
 NVDR
 
25,000
119,267
PTT Global Chemical PCL:
 
 
 
 (For. Reg.)
 
11,900
13,606
 NVDR
 
53,700
61,400
PTT Oil & Retail Business PCL NVDR
 
102,300
64,803
SCB X PCL:
 
 
 
 (For. Reg.)
 
5,700
15,881
 NVDR unit
 
18,100
50,430
SCG Packaging PCL NVDR
 
45,700
62,463
Siam Cement PCL:
 
 
 
 (For. Reg.)
 
7,000
59,614
 NVDR
 
17,900
152,441
Siam Commercial Bank PCL (For. Reg.)
 
5,700
13,193
Thai Union Frozen Products PCL:
 
 
 
 (For. Reg.)
 
27,600
13,058
 NVDR
 
64,800
30,658
 rights (a)(d)
 
1,837
850
 rights (a)(d)
 
782
362
True Corp. PCL:
 
 
 
 (For. Reg.)
 
156,800
20,442
 NVDR
 
202,100
26,348
TOTAL THAILAND
 
 
2,733,289
Turkey - 0.1%
 
 
 
Koc Holding A/S
 
25,804
77,075
Turk Hava Yollari AO (a)
 
17,803
96,885
Turk Sise ve Cam Fabrikalari A/S
 
45,981
82,060
Turkiye Is Bankasi A/S Series C
 
115,692
57,926
Turkiye Petrol Rafinerileri A/S (a)
 
4,295
87,449
TOTAL TURKEY
 
 
401,395
United Arab Emirates - 0.6%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
85,061
218,841
Abu Dhabi Islamic Bank
 
46,846
121,161
Aldar Properties PJSC
 
114,801
135,020
Emirates NBD Bank PJSC
 
61,920
223,364
Emirates Telecommunications Corp.
 
108,793
764,166
First Abu Dhabi Bank PJSC
 
141,018
687,218
TOTAL UNITED ARAB EMIRATES
 
 
2,149,770
United Kingdom - 9.4%
 
 
 
Abrdn PLC
 
63,343
115,500
Antofagasta PLC
 
13,106
176,677
Ashtead Group PLC
 
14,099
735,677
Associated British Foods PLC
 
10,876
168,570
AstraZeneca PLC (United Kingdom)
 
48,911
5,738,835
Barratt Developments PLC
 
33,606
144,946
Berkeley Group Holdings PLC
 
3,377
134,423
British Land Co. PLC
 
28,831
120,979
BT Group PLC
 
221,935
330,361
Bunzl PLC
 
10,639
346,625
Burberry Group PLC
 
12,630
262,886
Compass Group PLC
 
56,270
1,185,149
Croda International PLC
 
4,334
335,988
GSK PLC
 
128,340
2,102,350
HSBC Holdings PLC (United Kingdom)
 
635,074
3,259,234
Informa PLC
 
45,874
292,292
InterContinental Hotel Group PLC
 
5,920
318,086
Intertek Group PLC
 
5,240
219,577
J Sainsbury PLC
 
58,453
130,297
Johnson Matthey PLC
 
6,071
134,684
Kingfisher PLC
 
66,353
166,708
Land Securities Group PLC
 
20,883
136,603
Legal & General Group PLC
 
187,118
500,590
Lloyds Banking Group PLC
 
2,201,085
1,057,111
Mondi PLC
 
8,889
149,086
Mondi PLC
 
7,068
120,915
National Grid PLC
 
114,990
1,252,831
Next PLC
 
4,025
227,516
NMC Health PLC (a)
 
987
20
Ocado Group PLC (a)
 
18,951
102,739
Pearson PLC
 
21,104
233,265
Persimmon PLC
 
10,581
158,352
Prudential PLC
 
86,434
802,943
Reckitt Benckiser Group PLC
 
22,547
1,496,310
RELX PLC (London Stock Exchange)
 
60,815
1,633,521
Rentokil Initial PLC
 
79,266
494,629
Schroders PLC
 
21,635
97,185
Segro PLC
 
38,074
342,757
Spirax-Sarco Engineering PLC
 
2,298
283,300
St. James's Place PLC
 
17,674
215,860
Taylor Wimpey PLC
 
106,482
114,518
Tesco PLC
 
238,190
588,302
Unilever PLC
 
80,558
3,661,712
Vodafone Group PLC
 
843,077
984,210
Whitbread PLC
 
6,083
179,036
TOTAL UNITED KINGDOM
 
 
31,253,155
United States of America - 0.3%
 
 
 
Coca-Cola European Partners PLC
 
6,439
302,955
Li Auto, Inc. ADR (a)
 
17,165
233,787
Yum China Holdings, Inc.
 
13,196
545,655
TOTAL UNITED STATES OF AMERICA
 
 
1,082,397
 
TOTAL COMMON STOCKS
  (Cost $396,459,707)
 
 
 
318,741,059
 
 
 
 
Nonconvertible Preferred Stocks - 0.9%
 
 
Shares
Value ($)
 
Brazil - 0.5%
 
 
 
Banco Bradesco SA (PN)
 
157,255
604,604
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
45,568
100,302
Gerdau SA
 
37,300
185,940
Itau Unibanco Holding SA
 
150,500
885,723
TOTAL BRAZIL
 
 
1,776,569
Chile - 0.1%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B)
 
4,452
423,730
Colombia - 0.1%
 
 
 
Bancolombia SA (PN)
 
17,257
109,194
Germany - 0.2%
 
 
 
Bayerische Motoren Werke AG (BMW) (non-vtg.)
 
2,037
150,376
Henkel AG & Co. KGaA
 
5,771
363,565
TOTAL GERMANY
 
 
513,941
Korea (South) - 0.0%
 
 
 
AMOREPACIFIC Corp.
 
111
2,862
LG Chemical Ltd.
 
199
40,293
LG H & H Co. Ltd.
 
60
11,791
TOTAL KOREA (SOUTH)
 
 
54,946
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $2,862,399)
 
 
 
2,878,380
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (f)
  (Cost $199,420)
 
200,000
198,095
 
 
 
 
Money Market Funds - 4.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (g)
 
10,181,043
10,183,079
Fidelity Securities Lending Cash Central Fund 3.10% (g)(h)
 
4,676,468
4,676,936
 
TOTAL MONEY MARKET FUNDS
  (Cost $14,860,015)
 
 
14,860,015
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.8%
  (Cost $414,381,541)
 
 
 
336,677,549
NET OTHER ASSETS (LIABILITIES) - (0.8)%  
(2,592,042)
NET ASSETS - 100.0%
334,085,507
 
 
 
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)
91
Dec 2022
7,989,345
(38,952)
(38,952)
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
80
Dec 2022
3,414,400
(161,816)
(161,816)
TME S&P/TSX 60 Index Contracts (Canada)
6
Dec 2022
1,037,266
16,688
16,688
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(184,080)
The notional amount of futures purchased as a percentage of Net Assets is 3.7%
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,514,143 or 1.9% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $198,095.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
10,908,961
134,015,024
134,740,906
74,802
-
-
10,183,079
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
154,910
25,340,221
20,818,195
33,343
-
-
4,676,936
0.0%
Total
11,063,871
159,355,245
155,559,101
108,145
-
-
14,860,015
 
 
 
 
 
 
 
 
 
 
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, 2022, 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
21,274,582
7,010,883
14,249,373
14,326
Consumer Discretionary
31,825,169
11,761,577
20,063,592
-
Consumer Staples
26,068,277
12,340,641
13,726,424
1,212
Energy
18,567,632
11,263,209
7,239,180
65,243
Financials
68,571,500
42,968,136
25,589,138
14,226
Health Care
37,331,409
8,763,519
28,567,890
-
Industrials
40,066,276
24,353,458
15,712,818
-
Information Technology
34,242,142
11,497,699
22,744,443
-
Materials
26,320,923
16,328,713
9,987,810
4,400
Real Estate
7,300,115
6,244,060
1,047,395
8,660
Utilities
10,051,414
4,775,623
5,275,791
-
 Government Obligations
198,095
-
198,095
-
  Money Market Funds
14,860,015
14,860,015
-
-
 Total Investments in Securities:
336,677,549
172,167,533
164,401,949
108,067
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
16,688
16,688
-
-
  Total Assets
16,688
16,688
-
-
 Liabilities
 
 
 
 
Futures Contracts
(200,768)
(200,768)
-
-
  Total Liabilities
(200,768)
(200,768)
-
-
 Total Derivative Instruments:
(184,080)
(184,080)
-
-
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
66,404
 
  Net Realized Gain (Loss) on Investment Securities
 
(25,145)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(4,517,423)
 
  Cost of Purchases
 
723,985
 
  Proceeds of Sales
 
(137,321)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
3,997,567
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
108,067
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(4,501,696)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
 
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, 2022. 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)  
16,688
(200,768)
Total Equity Risk
16,688
(200,768)
Total Value of Derivatives
16,688
(200,768)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $4,434,482) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $399,521,526)
 
$321,817,534
 
 
Fidelity Central Funds (cost $14,860,015)
 
14,860,015
 
 
 
 
 
 
 
Total Investment in Securities (cost $414,381,541)
 
 
$
336,677,549
Segregated cash with brokers for derivative instruments
 
 
 
467,408
Foreign currency held at value (cost $1,012,502)
 
 
 
991,666
Receivable for investments sold
 
 
 
101,207
Receivable for fund shares sold
 
 
 
205,485
Dividends receivable
 
 
 
649,367
Reclaims receivable
 
 
 
491,162
Distributions receivable from Fidelity Central Funds
 
 
 
24,249
Other receivables
 
 
 
334
  Total assets
 
 
 
339,608,427
Liabilities
 
 
 
 
Payable for investments purchased
 
$712
 
 
Payable for fund shares redeemed
 
454,759
 
 
Accrued management fee
 
54,983
 
 
Payable for daily variation margin on futures contracts
 
88,413
 
 
Other payables and accrued expenses
 
247,117
 
 
Collateral on securities loaned
 
4,676,936
 
 
  Total Liabilities
 
 
 
5,522,920
Net Assets  
 
 
$
334,085,507
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
428,500,385
Total accumulated earnings (loss)
 
 
 
(94,414,878)
Net Assets
 
 
$
334,085,507
Net Asset Value , offering price and redemption price per share ($334,085,507 ÷ 34,828,805 shares)
 
 
$
9.59
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
11,991,235
Interest  
 
 
2,391
Income from Fidelity Central Funds (including $33,343 from security lending)
 
 
 
108,145
 Income before foreign taxes withheld
 
 
 
12,101,771
Less foreign taxes withheld
 
 
 
(1,293,880)
 Total Income
 
 
 
10,807,891
Expenses
 
 
 
 
Management fee
$
794,462
 
 
Independent trustees' fees and expenses
 
1,309
 
 
Interest
 
1,308
 
 
 Total expenses before reductions
 
797,079
 
 
 Expense reductions
 
(5)
 
 
 Total expenses after reductions
 
 
 
797,074
Net Investment income (loss)
 
 
 
10,010,817
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $102,975)
 
(19,149,013)
 
 
 Foreign currency transactions
 
(248,927)
 
 
 Futures contracts
 
(2,110,154)
 
 
Total net realized gain (loss)
 
 
 
(21,508,094)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $194,713)  
 
(120,249,093)
 
 
 Assets and liabilities in foreign currencies
 
(69,768)
 
 
 Futures contracts
 
(342,459)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(120,661,320)
Net gain (loss)
 
 
 
(142,169,414)
Net increase (decrease) in net assets resulting from operations
 
 
$
(132,158,597)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
10,010,817
$
7,014,168
Net realized gain (loss)
 
(21,508,094)
 
 
2,636,263
 
Change in net unrealized appreciation (depreciation)
 
(120,661,320)
 
39,595,390
 
Net increase (decrease) in net assets resulting from operations
 
(132,158,597)
 
 
49,245,821
 
Distributions to shareholders
 
(7,834,340)
 
 
(2,202,031)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
188,182,342
 
254,390,236
  Reinvestment of distributions
 
7,154,872
 
 
1,989,394
 
Cost of shares redeemed
 
(125,866,856)
 
(48,683,263)
  Net increase (decrease) in net assets resulting from share transactions
 
69,470,358
 
 
207,696,367
 
Total increase (decrease) in net assets
 
(70,522,579)
 
 
254,740,157
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
404,608,086
 
149,867,929
 
End of period
$
334,085,507
$
404,608,086
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
15,579,977
 
19,388,313
  Issued in reinvestment of distributions
 
546,174
 
 
162,399
 
Redeemed
 
(11,037,382)
 
(3,675,014)
Net increase (decrease)
 
5,088,769
 
15,875,698
 
 
 
 
 
 
 
Financial Highlights
Fidelity® International Sustainability Index Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.60
$
10.81
$
10.89
$
9.87
$
10.96
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.29
 
.30
 
.24
 
.32 C
 
.29
     Net realized and unrealized gain (loss)
 
(4.04)
 
2.63
 
(.08)
 
.91
 
(1.24)
  Total from investment operations
 
(3.75)  
 
2.93  
 
.16  
 
1.23  
 
(.95)
  Distributions from net investment income
 
(.26)
 
(.14)
 
(.24)
 
(.21)
 
(.09)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.05)
     Total distributions
 
(.26)
 
(.14)
 
(.24)
 
(.21)
 
(.14)
  Net asset value, end of period
$
9.59
$
13.60
$
10.81
$
10.89
$
9.87
 Total Return   D
 
(28.11)%
 
27.27%
 
1.48%
 
12.81%
 
(8.77)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.20%
 
.20%
 
.20%
 
.20%
 
.20%
    Expenses net of fee waivers, if any
 
.20%
 
.20%
 
.20%
 
.20%
 
.20%
    Expenses net of all reductions
 
.20%
 
.20%
 
.20%
 
.20%
 
.20%
    Net investment income (loss)
 
2.52%
 
2.28%
 
2.25%
 
3.14% C
 
2.70%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
334,086
$
404,608
$
149,868
$
71,875
$
3,810
    Portfolio turnover rate G
 
23%
 
19%
 
11%
 
17%
 
10%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.73%.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Fees and expenses of any underlying 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.
 
F 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.
 
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity International Sustainability Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Preferred securities and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.
 
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, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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
$20,134,582
Gross unrealized depreciation
(99,650,912)
Net unrealized appreciation (depreciation)
$(79,516,330)
Tax Cost
$416,210,567
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$7,256,625
Capital loss carryforward
$(21,825,453)
Net unrealized appreciation (depreciation) on securities and other investments
$(79,598,938)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(11,497,395)
  Long-term
(10,328,058)
Total capital loss carryforward
$(21,825,453)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$7,834,340
$2,202,031
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
Purchases ($)
Sales ($)
Fidelity International Sustainability Index Fund
163,664,193
90,103,588
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .20% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Sustainability Index Fund  
  Borrower
$7,238,250
1.63%
$1,308
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity International Sustainability Index Fund
$3,581
$-
$-
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $5.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity International Sustainability Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Sustainability Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 15, 2022
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 293 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function.   Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as a member of the Board of McKesson Corporation (healthcare service, 2002-2021). In addition, Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity ® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Laura M. Bishop (1961)
Year of Election or Appointment: 2022
Member of the Advisory Board
Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).    
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.     
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). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke 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).     
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).     
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
President and 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: 2016
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).     
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), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-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: 2013
Assistant 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).     
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.     
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.     
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: 2013
Assistant 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: 2021
Deputy 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).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® International Sustainability Index Fund
 
 
 
.20%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 842.00
 
$ .93
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.20
 
$ 1.02
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund designates 81% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.2843 and $0.0293 for the dividend paid December 13, 2021.
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity International Sustainability Index Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.  
 
Nature, Extent, and Quality of Services Provided . The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity and Geode had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
 
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
 
Resources Dedicated to Investment Management and Support Services . The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.  
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one- and three-year periods. No performance peer group information was considered by the Board as Fidelity advised the Board that the peer group, which is created by a third-party provider, includes a number of actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.  
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
 
The Board considered that effective August 1, 2019, the fund's management fee rate was increased from 0.17% to 0.20%, but that the fund no longer paid operating expenses under separate agreements. The Board considered that the chart below reflects the fund's higher management fee rate for 2019, as if the higher fee rate were in effect for the entire year.
 
The Board noted that the fund's management fee rate ranked above the median of its Total Mapped Group and above the median of its ASPG for 2021. The Board considered that the fund has a unitary fee that covers expenses beyond portfolio management, whereas the majority of funds within this group do not have unitary or all-inclusive fees. The Board further considered that the fund's total net expense ratio ranked below the competitive medians.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  
 
Total Expense Ratio . In its review of the fund's total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.
 
The Board noted that the fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for 2021.  
 
Fees Charged to Other Clients . The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
The Board also considered information regarding the profitability of Geode's relationship with the fund.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.
 
1.9883818.105
ISY-ANN-1222



Item 2.

Code of Ethics



As of the end of the period, October 31, 2022, Fidelity Salem Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.



Item 3.

Audit Committee Financial Expert



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





Item 4.  

Principal Accountant Fees and Services



Fees and Services



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



Services Billed by Deloitte Entities



October 31, 2022 Fees A



Audit Fees

Audit-Related Fees

Tax Fees

All Other  Fees

Fidelity Emerging Markets Index Fund

$46,700

$-

$11,200

$1,100

Fidelity Flex International Index Fund

$48,800

$-

$9,100

$1,100

Fidelity Global ex U.S. Index Fund

$53,000

$-

$9,100

$1,200

Fidelity International Sustainability Index Fund

$35,900

$-

$9,100

$900

Fidelity Series Global ex U.S. Index Fund

$57,500

$-

$9,100

$1,300





October 31, 2021 Fees A



Audit Fees

Audit-Related Fees

Tax Fees

All Other  Fees

Fidelity Emerging Markets Index Fund

$45,100

$-

$11,100

$1,100

Fidelity Flex International Index Fund

$47,300

$-

$9,100

$1,100

Fidelity Global ex U.S. Index Fund

$50,100

$-

$9,100

$1,200

Fidelity International Sustainability Index Fund

$34,700

$-

$9,100

$900

Fidelity Series Global ex U.S. Index Fund

$54,500

$-

$9,100

$1,300





A Amounts may reflect rounding.



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





Services Billed by PwC



October 31, 2022 Fees A



Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI Emerging Markets Index Fund

$38,900

$3,600

$9,900

$1,600

Fidelity SAI Emerging Markets Low Volatility Index Fund

$34,400

$3,200

$10,900

$1,400

Fidelity SAI Emerging Markets Value Index Fund

$36,400

$3,300

$9,500

$1,500

Fidelity SAI International Index Fund

$45,000

$3,600

$9,900

$1,600

Fidelity SAI International Low Volatility Index Fund

$34,500

$3,200

$15,500

$1,400

Fidelity SAI International Momentum Index Fund

$36,400

$3,300

$9,500

$1,500

Fidelity SAI International Quality Index Fund

$36,400

$3,300

$9,500

$1,500

Fidelity SAI International Value Index Fund

$37,300

$3,400

$13,300

$1,500

Fidelity SAI U.S. Low Volatility Index Fund

$35,200

$3,200

$11,300

$1,400

Fidelity Total International Index Fund

$62,200

$5,700

$30,900

$2,500

Fidelity U.S. Sustainability Index Fund

$30,100

$2,700

$6,300

$1,200





October 31, 2021 Fees A



Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI Emerging Markets Index Fund

$37,900

$3,800

$9,600

$1,700

Fidelity SAI Emerging Markets Low Volatility Index Fund

$33,500

$3,400

$10,000

$1,500

Fidelity SAI Emerging Markets Value Index Fund

$35,500

$3,500

$9,200

$1,600

Fidelity SAI International Index Fund

$37,900

$3,800

$10,200

$1,700

Fidelity SAI International Low Volatility Index Fund

$33,500

$3,400

$9,000

$1,500

Fidelity SAI International Momentum Index Fund

$35,500

$3,500

$9,200

$1,600

Fidelity SAI International Quality Index Fund

$35,500

$3,500

$9,200

$1,600

Fidelity International Value Index Fund

$36,300

$3,600

$9,000

$1,600

Fidelity SAI U.S. Low Volatility Index Fund

$34,200

$3,400

$9,000

$1,500

Fidelity Total International Index Fund

$60,500

$6,000

$16,000

$2,700

Fidelity U.S. Sustainability Index Fund

$29,200

$2,800

$6,100

$1,300





A Amounts may reflect rounding.





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





investment adviser) that provide ongoing services to the Fund(s) ( Fund Service Providers ):



Services Billed by Deloitte Entities







October 31, 2022 A

October 31, 2021 A

Audit-Related Fees

 $-

 $-

Tax Fees

$-

$-

All Other Fees

 $-

 $-



A Amounts may reflect rounding.





Services Billed by PwC







October 31, 2022 A

October 31, 2021 A

Audit-Related Fees

$7,914,600

$8,830,600

 

Tax Fees

$1,000

$354,200

 

All Other Fees

$-

$-

 



A Amounts may reflect rounding.





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



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



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



Assurance services must be performed by an independent public accountant.



* * *



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





Billed By

October 31, 2022 A

October 31, 2021 A

Deloitte Entities

$510,800

$574,700

PwC

$13,075,100

$14,653,000





A Amounts may reflect rounding.





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



Audit Committee Pre-Approval Policies and Procedures

 

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



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



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



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



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



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





Item 5.

Audit Committee of Listed Registrants



Not applicable.



Item 6.  

Investments



(a)

Not applicable.



(b)

Not applicable.



Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies



Not applicable.



Item 8.

Portfolio Managers of Closed-End Management Investment Companies



Not applicable.



Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers



Not applicable.



Item 10.

Submission of Matters to a Vote of Security Holders



There were no material changes to the procedures by which shareholders may recommend nominees to the trust s Board of Trustees.



Item 11.

Controls and Procedures



(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trust s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.



(a)(ii)  There was no change in the trust s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust s internal control over financial reporting.



Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies



Not applicable.



Item 13.

Exhibits



(a)

(1)

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

(a)

(2)

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

(a)

(3)

Not applicable.

(b)



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







SIGNATURES



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



Fidelity Salem Street Trust





By:

/s/Laura M. Del Prato



Laura M. Del Prato



President and Treasurer





Date:

December 21, 2022



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





By:

/s/Laura M. Del Prato



Laura M. Del Prato



President and Treasurer





Date:

December 21, 2022





By:

/s/John J. Burke III



John J. Burke III



Chief Financial Officer





Date:

December 21, 2022